Dutch insurer NN Group beats top line estimates in H1 (updated)

NN

15/08/2024 06:11

(Adds CEO quote in paragraph 3, rivals in paragraph 4, solvency
in paragraph 5 and background in paragraph 6)
       Aug 15 (Reuters) - Dutch insurer NN Group  NN.AS  posted
half-year operating capital generation that beat expectations on
Thursday, driven by its life insurance business in the
Netherlands and growing European markets.
    The Netherlands' largest insurer said its operating capital
generation declined 3.9% from a year earlier to 959 million
euros ($1.06 billion), ahead of the consensus of 899 million
euros provided by the company.
    "We continue to see high demand for our products and
services as reflected by the higher value of new business ...
supported by higher pension volumes at Netherlands Life and
solid sales of protection and pension products across our
European markets," CEO David Knibbe said in a press release.
    Rivals Generali  GASI.MI  and Allianz  ALVG.DE  also beat
expectations in their life insurance segments in the first half
of the year. 
    NN's Solvency II ratio - a measure of insurers' capital
strength under European Union rules - was 192% at the end of
June, versus 189% expected by analysts.
    It had earlier said that risks to its balance sheet had
decreased thanks to a recent 360 million euro settlement over
investment-linked products and longevity risk transactions for
its pension business.
($1 = 0.9083 euros)

 (Reporting by Alban Kacher and Dagmarah Mackos in Gdansk;
editing by Milla Nissi and Kim Coghill)
 ((dagmarah.mackos@tr.com))