BofA sees Dutch insurers as 'attractive', ups ASR, NN to 'buy'

ASR Nederland NV

07/10/2025 12:40

** BofA Global Research upgrades ASR Nederland ASRNL.AS and NN Group NN.AS to "buy" from "neutral", saying that Dutch insurers offer attractive value

** "We think Life insurers are coming back into vogue," the broker says, adding that Dutch insurers offer attractive value thanks to strong fundamentals, improving growth and an appealing capital return profiles and valuation

** It adds the normalising yield curve in Europe is set to provide a supportive backdrop for the companies while higher yields for longer maturities is also helpful

** BofA says ASR benefits from a strong capital position and higher buyback potential, while NN Group' shift toward diversified growth from non-Dutch units should reduce the cost of equity

** It adds, on peer Aegon AEGN.AS, that a potential relocation to the US could unlock value but that they continue to like the group's capital return profile until then

COMPANY
RATING
OLD RATING
PT
OLD PT
Aegon
BUY
EUR 7.3
NN Group
BUY
NEUTRAL
EUR 66
EUR 65
ASR Nederland
BUY
NEUTRAL
EUR 64
EUR 64

 (Reporting by Mathias de Rozario in Gdansk)

 ((mathias.derozario@tr.com))