NN Group jumps on capital generation beat, guidance hike

NN

29/02/2024 09:27

** Shares in NN Group  NN.AS  are up 7.8%, hitting their
highest in a year, after the company announces
higher-than-expected operating capital generation (OGC) for
2023, hikes 2025 targets
    ** The Dutch insurer published OGC for full year at 1.9
billion euro ($2.06 billion), ahead of its 2025 targets, said
the company in a statement
    ** "OCG of €1.9bn is 5% ahead of JPMe and consensus, driven
by improved OCG in Non-life and Banking, which appears to be
sustainable," says J.P. Morgan in a note
    ** The company raises its OGC guidance, now targeting EUR
1.9 BLN for 2025 (vs EUR 1.8 BLN previously announced in Nov
2022)
    ** JPM flags company's 2025 free cash flow target of EUR 1.6
bln is above broker's estimates (EUR 1.3 bln), and also flags
the increased regular share buyback commitment to EUR 300 mln
from EUR 250 mln
    ** The broker expects an increase in consensus given the
upgraded targets
    ** Stock is among top performers on pan-European STOXX 600
index  .STOXX  and tops Amsterdam AEX index  .AEX 


($1 = 0.9225 euros)

 (Reporting by Clement Martinot)
 ((Clement.martinot@tr.com))