'Surprisingly strong' solvency lifts NN's shares to almost 3-yr highs

NN

20/02/2025 08:36

** Shares in NN group  NN.AS  jump 6.5% after the Dutch
insurer posted higher-than-expected solvency ratio and operating
capital generation (OCG) in 2024, dwarfing a weaker development
in its life unit
    ** NN's end-December Solvency II ratio comes in at 194%,
above a company-compiled poll consensus of 185%
    ** The group records OCG at 1.92 billion euros ($2.00
billion) in 2024, also beating expectation of 1.89 billion euros
    ** The strong performance of the group's Netherlands
Non-Life and Insurance Europe businesses offset a weaker
Netherlands life unit, KBC analyst Thomas Couvreur says,
pointing to a beat in OCG and a "surprisingly strong" Solvency
II ratio
    ** "Markets took their toll as expected but management
actions... positively offset those effects," KBW analysts say
    ** The shares, which touch their highest price since
mid-April 2022, are on track for a best day since in about a
yeah, if gains hold
    
($1 = 0.9583 euros)

 (Reporting by Alban Kacher)
 ((Alban.kacher@thomsonreuters.com))