NN Group rises after unit-linked settlement, dividend hike plans

NN

10/01/2024 09:29

** Shares in NN Group  NN.AS  rise around 4% after the Dutch
insurer has reached a better-than-expected settlement on
unit-linked products, and announced it plans a double digit
percentage increase in dividend for 2023
    ** J.P.Morgan says that the settlement puts an end to
unit-linked litigation risk and the total provision of 360 mln
euros is better than the 450 mln euros it had expected 
    ** "The uncertainty weighing on the stock since the court
ruling in September will now be lifted," says KBC Securities in
a note, with the brokerage having estimated a settlement of "a
few hundred million up to EUR500m"
    ** The planned dividend hike is above consensus expectations
of 7.5% increase, KBC notes
    ** NN also says it reconfirms its commitment of a
progressive dividend per share level and annual share buyback of
at least 250 mln euros
    ** The stock tops Amsterdam's AEX index  .AEX 


($1 = 0.9144 euros)

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