J.P.Morgan upgrades NN Group to 'overweight' on stronger growth outlook

ASR Nederland NV

04/06/2025 10:35

** Dutch insurer NN Group NN.AS shares rise 1.3% while peer ASR Nederland ASRNL.AS down 0.6%

** J.P.Morgan upgrades NN from "neutral" to "overweight" , citing strong earnings growth potential and more diversified business mix

** Raises EPS estimates by about 4% to 10% for 2025-2028, reflecting higher projections in Japan and other units

** Expects NN's diversification strategy to make earnings less dependent on its Netherlands Life business

** Anticipates NN progressive share buyback policy from 2026, increasing shareholder returns

** Downgrades ASRNL from "overweight" to "neutral", noting NN offers better earnings and valuation potential

** We think NN's discount and implied higher cost of equity is no longer justified given what we would view as a more diversified business mix - JPM

 (Reporting by Gianluca Lo Nostro)

 ((gianluca.lonostro@thomsonreuters.com;))