The Netherlands life business is the biggest division and generates around three-fourths of operating income. Since 2022, assets supporting traditional and defined-contribution savings products are managed by Goldman Sachs. The company maintains a strong balance sheet with shareholders' equity of EUR 19.1bn and a Solvency II ratio of 220% as of December 31, 2025.
Cyborg Score Rationale
NN Group generated EUR 2.1bn in operating capital in 2025 and EUR 1.6bn in free cash flow, with targets of EUR 2.2bn and EUR >1.8bn respectively by 2028. The company demonstrates solid execution with strong capital generation and strategic asset management partnerships, though traditional business model constraints merit caution.
Top Insights
Market capitalization of EUR 17.2bn with 7.9% total capital return yield in 2025
Netherlands life business generates approximately 75% of operating income, providing stable earnings base
Goldman Sachs partnership for asset management since 2022 reduces operational complexity
Strong implied free cash flow yield target of >10.4% by 2028 demonstrates cash generative model
Named Competitors
Aegon — European insurance and pensions competitor
Allianz — Global diversified insurance provider
Zurich Insurance — Multi-line global insurance company
Recent Developments
(February 2026) NN Group reports 9% growth in operating capital generation and exceeds 2025 targets
(February 2026) Annemiek van Melick to be reappointed as CFO
(January 2026) Early redemption of EUR 237m grandfathered RT1 notes
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