Kepler Cheuvreux ups NN Group on hopes for higher buybacks

NN

11/08/2025 08:59

** Kepler Cheuvreux upgrades Dutch insurer and asset manager NN Group NN.AS to "hold" from "reduce", saying the company's capital position could allow for gradually increasing share buybacks in the coming years

** "We expect a 350 million euro ($408 million) buyback in 2026, in line with consensus," Kepler analysts say, adding that the management may consider a larger "step-up" to 450 million and 500 million euros in 2027 and 2028, respectively

** They say that given NN's "limited appetite" for pension buyouts, its capital position in the form of Solvency II ratio could reach 214% at the end of 2026, compared with a 209% consensus forecast

** "We expect total distribution to rise to 1.7 billion euro in 2028," Kepler adds

** Out of 16 analysts that cover NN Group, ten rate it "strong buy" or "buy", ​four "hold" and two​ "strong sell" or "sell" - LSEG data

** Up to Friday's close, the shares were up 48.5%​ YTD

($1 = 0.8585 euros)

(Reporting by Mateusz Rabiega)

((Mateusz.rabiega@thomsonreuters.com))