Nn Group N.v. · EURONEXT:NN
Nn — Nn Group Nv Ord — FY2025 Earnings Presentation
37 slides from Nn's earnings presentation, Feb 12, 2026
Slide 1: NN Group FY25 Results
NN Group FY25 Results Exceeding 2025 targets and enhancing capital return 12 February 2026
Slide 2: Our path of future ready growth
Our path of future ready growth David Knibbe, CEO NN Group
Slide 3: Key takeaways
Key takeaways Exceeding our 2025 targets with OCG of EUR 2.1bn and FCF of EUR 1.6bn NN Group Solvency II ratio strongly up to 220% Future ready programme well on track and yielding significant benefits with ~40% of the EUR 200m annual targeted benefits already realised Excellent commercial success i
Slide 4: Exceeding our 2025 financial targets…
Exceeding our 2025 financial targets… OCG beats target driven by strong Free cash flow above target Supported by a high-quality business performance FCF (EURm) balance sheet OCG (EURm) Solvency II ratio (%, 31 December 2025) +7% CAGR +7% CAGR 2,089 1,900 1,620 1,600 220% 1,584 1,232 • Higher quality
Slide 5: …and stepping up the capital return…
…and stepping up the capital return… EUR 100m incremental step-up in capital …accelerates continuously compounding capital return return beyond progressive dividend policy… Accumulated payout to shareholders1,2 (EURbn) 3.88 15 EUR 3.88 (2025) 3.44 Dividend per 3.20 share 2.79 +13% versus 2024 2.49 1
Slide 6: …whilst maintaining active engagement with customers, employees and society
…whilst maintaining active engagement with customers, employees and society Engaged customers Talented people Contribution to society Reduce GHG5 On track Above market On track Above benchmark On track emissions portfolio 56% average NPS-r1 Above Employee engagement Above by 45% by 2030 Corporate by
Slide 7: Future Ready will position NN for greater competitiveness and adaptability
Future Ready will position NN for greater competitiveness and adaptability in a rapidly evolving landscape Clear KPIs to measure the success of the Future Ready Increase programme operational efficiency Target FY25 2028 AI Adoption Enhance Drive 236 300 Data & AI number of AI use cases customer prof
Slide 8: Selected new use cases
Selected new use cases STP car damage claims handling Tied agent training using avatars AIReply • Fully automated processing of motor claims • AI supported coaching of tied agents • AIReply drafts email replies using historical where liability assessment is required • Data indicates that use of stan
Slide 9: Excellent and continued commercial success from our growth segments
Excellent and continued commercial success from our growth segments Europe continues to be strong Significant sales recovery of 25% 6% GWP growth in Non-life, with 16% increase in VNB in Japan surpassing EUR 4bn VNB (EURm) VNB (EURm) GWP (EURbn) +16% +25% +6% 295 66 4.2 254 219 53 4.0 3.8 2023 2024
Slide 10: We are growing our capital light European business
We are growing our capital light European business Simple, capital light offering Multichannel distribution Focussing on growing protection network... sales… • Capital light business model with limited APE1 (2025) APE (2015-2025) spread income Tied agents +11% • Protection portfolio covering term li
Slide 11: Unlocking growth in Dutch immediate annuity market
Unlocking growth in Dutch immediate annuity market Decumulation inflows set to grow DC decumulation AUM growth Total AUM in DC continue upward 10-15% per year accelerates trajectory DC decum gross inflow (EURbn) 1.4 DC decum AUM (EURbn) DC AUM (EURbn) 10 65-70 0.8 6 7 43 0.5 25 2020 2025 2030E 2020
Slide 12: Diversifying growth, future ready and capital return
Diversifying growth, future ready and capital return Strong business diversification Becoming future ready Delivering on enhanced capital improving growth profile return commitment OCG AI adoption 2020 2028 Data & AI 300 Progressive DPS Reported1 Target use cases in 2028 cases +13% versus 2024 EUR 3
Slide 13: Excellent financial delivery
Excellent financial delivery Annemiek van Melick, CFO NN Group
Slide 14: Excellent financial delivery
Excellent financial delivery Continuing our OCG and FCF ...while maintaining a healthy …and increasing capital growth… balance sheet and cash position... distributions to shareholders Operating capital generation (EURm) Solvency II ratio (in %) Dividend per share (EUR) 2025 2024 2,089 1,922 31 31 De
Slide 15: Solvency ratio strong at 220%
Solvency ratio strong at 220% 13% 7% 2% • 2H25 operating capital generation of EUR 1.1bn adds Solvency ratio 205% 1 227% 220% 13%-points to the Solvency II ratio -7% • Positive markets impact, driven mainly by swap curve movements and tighter spreads on government 0.7 0.3 19.9 19.3 bonds and mortgag
Slide 16: High-quality private debt portfolio with significant oversight capabilities
High-quality private debt portfolio with significant oversight capabilities High-quality private debt portfolio Balanced risk profile Focus on risk-adjusted returns (7% of investment portfolio, 31 December 2025) and capital preservation Rating ~60% ≥BBB • Access to attractive investments through 9%
Slide 17: Strong underlying growth supported by one offs
Strong underlying growth supported by one offs OCG1 by segment (EURm) FY25 FY24 Delta OCG at EUR 2.1bn, up 9% versus 2024 Netherlands Life 1,185 1,049 13% • Netherlands Life benefitted from more favourable experience variances and higher investment returns Netherlands Non-life 442 406 9% • Netherlan
Slide 18: Operating result benefiting from a higher investment result
Operating result benefiting from a higher investment result • Netherlands Life: Higher investment result, as well as higher profit margin and Operating result (EURm) FY25 FY24 technical result Netherlands Life 1,787 1,368 • Netherlands Non-life: Favourable claims development including benign Netherl
Slide 19: Delivered EUR 1.6bn free cash flow in 2025, above target
Delivered EUR 1.6bn free cash flow in 2025, above target Continued yoy FCF growth… …contributing to a strong cash capital position FCF (EURbn) Cash capital at Holding (EURm) -17 -376 21 -48 +7% >1.8 1.6 2,014 1.5 -1,239 1,843 217 237 1,271 FCF: EUR 1,620m 1,606 2024 2025 2028 Target 31 Remittances C
Slide 20: Eyes set on 2028 targets with enhanced capital return
Eyes set on 2028 targets with enhanced capital return Continuing strong business performance… …translating to attractive capital return Operating capital generation Group Solvency II ratio Strong business EUR 2.1bn (2025) EUR 2.2bn (2028 Target) Healthy balance 220% (Dec 25) performance Free cash fl
Slide 21: Continuing excess cash build-up, retaining flexibility
Continuing excess cash build-up, retaining flexibility Projecting to accumulate over EUR 8bn of remittances …which will fund increased shareholder returns, whilst between 2025 and 2028… maintaining flexibility 1 Holding costs and debt costs 5 4 1 3 2 Existing commitments to capital markets EUR >8bn
Slide 22: Wrap up
Wrap up
Slide 23: Key takeaways
Key takeaways Exceeding our 2025 targets with OCG of EUR 2.1bn and FCF of EUR 1.6bn NN Group Solvency II ratio strongly up to 220% Future ready programme well on track and yielding significant benefits with ~40% of the EUR 200m annual targeted benefits already realised Excellent commercial success i
Slide 24: Appendices
Appendices
Slide 25: Solvency sensitivities
Solvency sensitivities Solvency ratio sensitivities to market shocks on 31 Dec 20251 Δ EOF Δ SCR Δ SII ratio (EURbn) (EURbn) (%-points) Interest rate: Parallel shock +50bps -0.3 -0.2 +3% Interest rate: Parallel shock -50bps 0.2 0.2 -2% Interest rate: 10bps steepening between 20y–30y -0.1 -0.0 -1% Cr
Slide 26: Operating capital generation by source
Operating capital generation by source OCG1 by source (EURm) 2H25 2H24 FY25 FY24 OCG sensitivities3 Δ OCG (31 Dec 2025) (EURm) Investment return 678 681 1,375 1,351 Interest rates: Parallel shock +50 bps 15 Life – UFR drag -60 -72 -155 -152 Interest rates: Parallel shock -50bps -10 Life – Risk margi
Slide 27: Free cash flow
Free cash flow Free cash flow1 (EURm) 2H25 2H24 FY25 FY24 Netherlands Life 531 527 1,058 1,057 Netherlands Non-life 215 166 355 326 Insurance Europe2 72 -11 299 146 Japan Life - - 63 63 Banking 84 25 174 85 Reinsurance business 50 50 50 110 Other -195 -138 -380 -268 Total 757 619 1,620 1,519 1 Refle
Slide 28: Capital movement 2025
Capital movement 2025 25% 12% 5% Solvency ratio 194% 235% 220% • 2025 operating capital generation of EUR 2.1bn -15% adds 25%-points to the Solvency II ratio • Positive markets impact, driven mainly by swap 2.0 0.9 0.7 20.6 19.3 17.0 curve movements and tighter spreads on -1.3 government bonds and m
Slide 29: Strong balance sheet and high-quality investment portfolio
Strong balance sheet and high-quality investment portfolio Eligible Own Funds and SII Financial leverage ratio High-quality and conservative headroom (31 December 2025, EURbn) (31 December 2025) investment portfolio3 Unrestricted (31 December 2025) 12.3 17.4%1 Fixed income Tier 1 5% 2% Real estate R
Slide 30: Investment portfolio
Investment portfolio Investment portfolio (NN 31 Dec 31 Dec % of Decrease in total portfolio driven by fixed income Change Group excl banking)1 (EURbn) 2025 2024 total instruments Fixed income (excl. mortgages2) 69.9 73.6 -3.7 54% • Fixed income portfolio decreased, mainly due to the revaluation Mor
Slide 31: Details of fixed income portfolio
Details of fixed income portfolio 31 Dec 31 Dec % of Government bonds and loans by country Fixed income1 (EURbn) 2025 2024 Change total (29% of investment portfolio, 31 December 2025) Government2 36.7 39.3 -2.4 29% 10% 10% Netherlands EU3 Austria Corporates2 22.2 23.3 -1.1 17% 10% France Germany Jap
Slide 32: Well-diversified and high-quality real estate portfolio
Well-diversified and high-quality real estate portfolio Real estate exposure by segment1 Occupancy rate by segment • Actively managed portfolio; well- (9% of investment portfolio, 31 December 2025) (31 December 2025 upper line versus 31 Dec 2024) diversified across segments, geographies 7% Dutch res
Slide 33: Well-collateralised Dutch mortgage portfolio
Well-collateralised Dutch mortgage portfolio 31 Dec 31 Dec % of • Very comfortable average loan to • NN Group mortgage portfolio Mortgages1 (EURbn) 2025 2024 total value of 481%, with the vast majority experienced very limited losses NHG and other guaranteed2 7.5 8.1 24% reflecting LTV <80% <10bps d
Slide 34: Details of equity and mutual funds
Details of equity and mutual funds Equity exposure including equity mutual funds 31 Dec 31 Dec % of Mutual funds1 (EURbn) 2025 2024 Change total (3% of investment portfolio, 31 December 2025) Equity funds 1.7 1.9 -0.1 1% Direct Public equity Fixed income funds 1.5 2.2 -0.6 1% Direct Private equity 4
Slide 35: Sustainable organic CSM growth expected
Sustainable organic CSM growth expected Netherlands Netherlands Insurance Contractual Service Margin (EURm) NN Group Life Non-life Europe Japan Life Other Opening balance CSM, net (31 Dec 2024) 7,231 3,697 518 2,101 907 8 New business added 832 146 106 435 148 -4 Underlying return on in-force 173 5
Slide 36: Important legal information
Important legal information NN Group’s Consolidated Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS-EU”) and with Part 9 of Book 2 of the Dutch Civil Code. In preparing the financial information in this document, the
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