ING cuts NN Group on looming headwinds, shares slip

NN

09/09/2026 09:07

** ING cuts Dutch insurer NN Group NN.AS to "hold" from "buy" as it faces several headwinds
** ING points to regulatory setbacks in Japan and the looming expiry of its bancassurance agreement with Greece's Piraeus Bank at end-2027
** The broker says Japan's financial regulator has resumed approving short-term, tax-incentivised products for local insurers, potentially complicating NN's shift toward longer-term protection products after a business improvement order
** ING says NN may struggle to materially exceed its 2028 targets despite solid capital levels
** It also points out a lack of evidence that operating capital generation can consistently beat expectations
** "The share price has outperformed and is thus more vulnerable to setbacks," ING says
** ING shares slip 2.2% and will see their worst day since March if losses persist
** Up to the previous session's close, NN shares gained 20.6% YTD
     
     
     
($1 = 0.8593 euros)

(Reporting by Jerome Terroy)
((jerome.terroy@thomsonreuters.com))