NN N : Presentation annual general meeting NN Group N.V. 2026 (nn group presentation agm 2026)

NN Group N.V.

21 May 2026

Agenda item 1.

• On the Record Date, 23 April 2026, the issued capital of NN Group consisted of 263,000,000 ordinary shares

• No votes can be cast on 1,587,914 ordinary shares as those shares were held by NN Group on Record Date

  
  
  
  
  

• Consequently, a total of 261,412,086 votes are eligible for casting

  Agenda item 2.

  2025 Annual Report

  Agenda item 4.

  Corporate Governance
  
  The world around us
  
  
  
  
  
  
  
  Geopolitical tensions Ukraine/Middle East Climate change Global economy Artificial Intelligence On track to deliver on our strategy

  Above market average NPS-r1 by 2028

  Engaged customers

  On track

  Above

  market average

  On track

  Top 3

  Top 3 in market Broker satisfaction score (ITV2)

  by 2028

  Gender diversity in senior management positions4 of ≥ 40% women and men by 2028

  Above benchmark

  Employee engagement

  score3 by 2028

  Talented people

  On track

  Above

  benchmark

  On track

  42%

  women

  58%

  men

  Supporting the well-being of

  2.5m people8

  by 2028

  Investments in climate solutions7 of EUR 13bn by 2030

  Reduce GHG5 emissions portfolio by 45% by 2030

  Contribution to society

  On track

  56%

  Corporate investments6

  On track

  EUR

  13.7bn

  On track

  1.39m

  people

  
  
  
  
  
  
  

  6

  1 Net Promoter Score (NPS-r) is measured for the business lines in the Netherlands and for the 9 International business units based on a four-quarter rolling average; The target score is related to the market average; 2 'Intermediair tevredenheidsscore' from IG&H, comparison with providers that operate in two or more of our main business lines to exclude monoliners and specialised providers; 3 The metric indicates how likely it is that someone will recommend NN as an employer; 4 Includes the Management Board and managerial positions in the two levels below; 5 GHG = Greenhouse Gas; 6 Reductions compared with portfolio financed emissions in tCo2 per EUR million invested at year-end 2021, reflecting underlying emissions of 2019; 7 The amount invested in climate solutions for the proprietary portfolio reflects the nominal value of green bonds and debt investments in certified green buildings and renewable energy, and the market value for direct and equity investments in certified green buildings, renewable energy and other investments; 8 Contributions to communities by supporting financial, physical and/or mental well-being, cumulative starting 2022.

  Future Ready will position NN for greater competitiveness and adaptability in a rapidly evolving landscape

  Increase operational efficiency

  Enhance customer experience

  Drive profitable growth

  Clear KPIs to measure the success

  FY25	Target 2028
  AI Adoption 236 Data & AI number of AI use cases	300
  Customer Experience (the Netherlands) 77%	80%
  Business Growth (International) 42%	50%

  of the Future Ready programme

  EUR 450m investments1 (2024-2026)

  2025: ~50% spent

  EUR 200m annual benefits1 by 2027

  2025: ~40% achieved

  Digital customer interactions

  % of sales coming from digital leads2

  
  
  
  
  
  
  

  1. Investments and benefits are reflected in 2028 targets

  2. APE from tied agent sales, excluding group policies 7

Exceeding our 2025 OCG and FCF targets..

..while maintaining a strong balance sheet and cash position..

..and increasing distributions to shareholders

Operating capital generation (EURm)

2025

2024

2,089

1,922

1,900

+9%

Solvency II ratio (in %)

31 Dec 2025

31 Dec 2024

220%

194%

Dividend per share (EUR)

2025

2024

3.88

3.44

+13%

Free cash flow1 (EURm)

2025

2024

1,620

1,519

1,600

+7%

Cash capital position at Holding (EURm)

31 Dec 2025

31 Dec 2024

1,843

1,271

Share buyback1 (EURm)

2025

2024

350

300

1. As announced in the year-end results of the respective year

8

2020 Reported1 2028 Target

Growth of Insurance Europe and Netherlands Non-life improves quality of

earnings mix…

OCG2 (EURbn)

EUR

0.9bn

EUR

2.2bn

Netherlands Life Netherlands Non-life Insurance Europe Japan Life

Banking

…and diversifies

free cash flow mix

FCF3 (EURbn)

EUR

1.1bn

EUR

>1.8bn

Netherlands Life

Other segments

1. Excludes the Asset Management business which was sold in April 2022; Banking OCG for 2020 was based on remittances which were suspended in accordance with the recommendation of the

   
   
   
   
   

   Dutch regulator

   
   
   

   9

2. Defined as Own Funds generation (before eligibility) and SCR release (at 100%)

3. FCF adjusted for remittances and capital injections classified as one-off; Chart reflects remittances from subsidiaries and excludes other items such as holding expenses and debt costs

Operating capital generation

2025

+7% CAGR

1.6

OCG (EURbn) FCF (EURbn)

+7% CAGR

2.1

1.6

1.2

2021 2025 20211 2025

1. Adjusted for the exclusion of NNIP (EUR 110m), a catch-up dividend of NN Bank due to Covid-19 and normalisation for Japan Life and segment Other

10

Solvency ratio strong at 220%

Solvency II ratio

25%

12%

5% 235%

220%

194%

-15%

31 Dec

2024

OCG

Market Other1 Solvency Capital

variance

ratio flows

before capital flows

31 dec

2025

• Higher quality of capital

• Unit-linked issue resolved

• Longevity risk reduced

Comfortable cash capital

Cash capital position at Holding (31 December 2025)

EUR

1.6bn2

Low financial leverage

Financial leverage ratio (31 December 2025)

17.4%2

Financial Strength Rating S&P Global A+, Stable outlook Fitch3 AA-, Stable outlook

4%

Other5

Cash5

Fixed income

Government Mortgages Corporates Financials

Other

EUR

129bn

26%

80%

17%

6%3%

28%

9%

Equity

5%

High-quality and conservative

investment portfolio4

(2025)

Fixed income

Real estate

1. Other includes model and assumption changes, the change of non-available and non-eligible Own Funds and special items related to non-Solvency II regulated entities and the holding company, as well as the change in

   
   
   
   
   

   SCR as a result of asset portfolio changes

   
   
   

2. Reported cash capital position at the Holding is EUR 1.8bn and reported financial leverage ratio of 18.0%. Pro forma ratio is corrected for the redemption of the untendered grandfathered RT1 notesof EUR 237m in

   11

   January 2026

3. Financial Strength Rating for Nationale-Nederlanden Levensverzekering Maatschappij N.V.

4. Excluding banking. Market value, excluding separate account assets; mortgages originated by NN Bank are on amortised cost value;

5. Other consists of fixed income mutual funds, (private) equity mutual funds and infrastructure equity mutual funds. Money market mutual funds are in line 'Cash'

5%

29%

EUR

9bn

9%

10%

Infrastructure

Commercial real estate debt Industrials

Government loans Healthcare Consumer Cyclicals

Consumer Non-Cyclicals

21%

Fund Financing Basic Materials Software Financials Technology

Other1

Diversified private debt portfolio

(7% of investment portfolio, 31 December 2025)

2%

6%

7%

Across diverse strategies

(EURbn, 31 December 2025)

Investment

grade

High yield

CRE

Infra Corporate lending

• >75% of book is Investment Grade and/or collateralised/government guaranteed

• 90% of exposure within Europe, <10% US

• Enhanced monitoring, including credit rating sample testing at loan level and strict limit frameworks

0.5

1.0

2.6

1.8

1.5

With small ticket sizes for high

yield (HY) corporate lending (HY corporate loans, split by size, 31 December 2025)

7%

22%

EUR

2bn

38%

<5m

5m-10m 10m-30m

30m-60m

33%

• HY corporate lending exposure is predominantly BB/B

1 Largest sectors in 'Other' are 'Administrative and Support and Waste Management and Remediation Services', 'Education servci es' and 'Accommodation and food services'

Continuing strong business performance…

Operating capital generation

…translating to attractive capital return

Strong business performance

Ongoing business diversification

EUR 2.1bn (2025) EUR 2.2bn (2028 Target)

Free cash flow

EUR 1.6bn (2025) EUR >1.8bn (2028 Target)

• Future growth to come from Netherlands Non-life and International

  Becoming future ready

  • Improving competitiveness and adaptability

  • Expense savings outpacing inflation

• Stable and predictable remittances for Netherlands Life until 2040, no cliff edge

  Attractive capital return

  Healthy balance sheet

  Group Solvency II ratio

  220% (Dec 25)

  •

  Significant tiering headroom

  and leverage capacity

  Progressive dividend per share

  EUR 3.88 (2025) +13% versus 2024

  Annual share buy back

  EUR 350m Up EUR 50m from EUR 300m

• Additional excess capital to be returned unless used for value-creating opportunities

  
  
  

• Preference for small incremental steps

Agenda item 2.

Agenda item 4.

Questions

Agenda item 3.

Global warming

Creating value for customers Electrification

Environmental footprint

Financial, physical and mental well-being

Agenda item 3.

Questions

• The present and represented share capital amounts to 72.80%

Agenda item 5.

Voting item

Agenda item 5.

Questions

Agenda item 6. A

2025 annual accounts

Voting item

AGM presentation NN Group N.V.

21 May 2026

Audit of the NN Group N.V. annual accounts 2025

Our reports

Annual accounts

• Unqualified auditor's report on consolidated

  and parent company annual accounts

  Sustainability statement

• Unqualified assurance report limited

assurance on sustainability information

• Regular meetings with finance function, risk function,

  actuarial function, IT and corporate audit services

• Frequent communication with management and

  Supervisory Board

• Attended all Audit and Risk Committee meetings

• Key Audit Matters:

  • Valuation of insurance contract liabilities under the General Measurement Model

  • Valuation of illiquid investments

• No indications and/or reasonable suspicion of fraud or

  non-compliance that is considered material for our audit

  Audit of the annual accounts 2025

  NN Group N.V.

  Approach

• Group audit - 16 component auditors

• Specialists used in the audit:

  • Actuarial specialist

  • IT specialist

  • Investment valuation specialist

Materiality of EUR 200 million (2024: EUR 200 million)

• 1% of shareholders' equity

• Misstatements exceeding EUR 10 million are

  reported to the Audit Committee

  Risk assessment

25

© 2026 KPMG Accountants N.V. a Dutch limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Agenda item 6. A

2025 annual accounts

Questions

Agenda item 6. B

Agenda item 6. C

Voting item

Key dividend dates

• NN Group ordinary shares will be quoted ex-dividend on 25 May 2026

• Record date for the dividend will be 26 May 2026

  
  
  
  
  

• Dividend will be payable on 2 June 2026

Agenda item 6. B

Agenda item 6. C

Questions

Agenda item 7.

Release from liability

7. A Proposal to release the members of the Executive Board from liability for their respective duties performed during the financial year 2025

7. B Proposal to release the members of the Supervisory Board from liability for their respective duties performed during the financial year 2025

Voting items