Nn Group N.v. · EURONEXT:NN
Nn — Investor Day (May 2025)
94 slides from Nn's investor day presentation, May 27, 2025
Slide 1: Future ready growth
Future ready growth Capital Markets Day 2025 NN Group 27 May 2025
Slide 2: Webcasted presentations
Capital Markets Day 2025 Webcasted presentations Continuing our growth path David Knibbe Ambitious new targets CEO NN Group Tjerrie Smit Future Ready David Knibbe Chief Analytics Improving competitiveness and adaptability CEO NN Group Officer The long-term business mix Annemiek van Melick Compoundin
Slide 3: Rotating breakout sessions
Capital Markets Day 2025 Rotating breakout sessions Balance sheet management Wilbert Ouburg Maintaining a robust and conservative balance sheet CRO NN Group Insurance Europe Frank Eijsink Unlocking further growth via distribution excellence CEO International Insurance Netherlands Non-life and Bankin
Slide 4: Continuing our growth path
Continuing our growth path Ambitious new targets David Knibbe, CEO NN Group 27 May 2025
Slide 5: What’s new?
Capital Markets Day 2025 What’s new? Accelerating change by building a robust platform for growth Driving efficiency, reducing claims, accelerating growth, and enhancing customer satisfaction Continuing our roadmap on strategic targets Adding tangible strategic business transformation targets New am
Slide 6: Delivering on our targets
Capital Markets Day 2025 Delivering on our targets
Slide 7: Proud to engage customers, attract talented people and make a positive contribution to society…
Capital Markets Day 2025 Proud to engage customers, attract talented people and make a positive contribution to society… Engaged customers Talented people Contribution to society On track Reduce GHG4 Above market average Employee emissions of NPS-r1 for the Netherlands engagement score2 corporate in
Slide 8: …and we will deliver our 2025 financial targets
Capital Markets Day 2025 …and we will deliver our 2025 financial targets Continued strong business momentum visible in OCG …supported by the resilience of our balance sheet with and FCF growth, feeding into progressive capital return… a reduced tail risk At top-end of our Operating capital EUR 1.9bn
Slide 9: Ready for what’s next
Capital Markets Day 2025 Ready for what’s next
Slide 10: How to prepare in a volatile world?
Capital Markets Day 2025 How to prepare in a volatile world? Geopolitical tensions Ukraine/Middle East Market turbulence Global economy Artificial intelligence B.7
Slide 11: We continue our roadmap for society at large…
Capital Markets Day 2025 We continue our roadmap for society at large… Engaged customers Talented people Contribution to society Reduce GHG5 Net promotor Employee emissions 45% score (NPS-r1) Above engagement score3 Above by 2030 Corporate by 2028 Market by 2028 investments6 benchmark average Invest
Slide 12: …and set new ambitious financial targets for 2028
Capital Markets Day 2025 …and set new ambitious financial targets for 2028 Upgraded 2025 target 2028 target2 Per share Financial Operating capital generation EUR 1.9bn EUR 2.2bn CAGR3 7-8% targets NN Group Per share Free cash flow EUR 1.6bn EUR >1.8bn CAGR3 7-8% Netherlands Life EUR 1,150m EUR 1,100
Slide 13: Insurance Europe thrives on risk awareness and unique distribution capabilities…
Capital Markets Day 2025 Insurance Europe thrives on risk awareness and unique distribution capabilities… Large European footprint Benefiting from increased Market leaders with diversified • Active in 8 countries customer awareness distribution capabilities Protection APE (EURm) Market shares2 and A
Slide 14: …Netherlands Non-life pursues a road of selective growth…
Capital Markets Day 2025 …Netherlands Non-life pursues a road of selective growth… Leading position Strong distribution channels… Continuing selective growth Market shares Dutch Non-life1 GWP (2024) • Selective topline growth by Regular brokers 7% • Leveraging on existing broker 7% EUR 42% Mandated
Slide 15: …while Japan recaptures market share
Capital Markets Day 2025 …while Japan recaptures market share Well-positioned to reclaim COLI Focusing on attractive protection VNB expected to rebound to 2022 market leading position, finalising and fast-growing long-term levels post product launch and regulatory improvement plan savings segments f
Slide 16: Our growth profile continues to improve due to ongoing business diversification
Capital Markets Day 2025 Our growth profile continues to improve due to ongoing business diversification 2020 Reported1 2028 New Target Netherlands Life Growth of Insurance Europe Netherlands Non-life and Netherlands Non-life EUR EUR improves quality of Insurance Europe 0.9bn 2.2bn earnings mix… Jap
Slide 17: We deploy capital for sustainable growth…
Capital Markets Day 2025 We deploy capital for sustainable growth… Investments in organic growth Dividends and share buyback Capital • Hurdle rates and pay-back period • Progressive ordinary dividend per share deployed • Market and business position • Annual share buyback of at least EUR 300m first
Slide 18: …and continue to compound returns for shareholders
Capital Markets Day 2025 …and continue to compound returns for shareholders EUR 10bn returned to shareholders since IPO 2014 Accumulated payout to shareholders1,2 (EURbn) ~15 3.44 Total yield3 (2024) 8.4% 3.20 2.79 2.49 10 2.33 FCF yield3 (2025) 11.1% 2.16 1.90 1.66 1.51 1.55 FCF yield3 (2028) >12.5
Slide 19: Key takeaways
Capital Markets Day 2025 Key takeaways Proven track record in disciplined delivery on strategic and financial targets Accelerating digital transformation via IT simplification and scaling up artificial intelligence New ambitious targets for 2028 supported by organic growth Achieving a more diversifi
Slide 20: Future Ready
Future Ready Improving competitiveness and adaptability David Knibbe, CEO NN Group Tjerrie Smit, Chief Analytics Officer NN Group 27 May 2025
Slide 21: Progress in AI technology is rapid and unstoppable
Capital Markets Day 2025 Progress in AI technology is rapid and unstoppable Generative AI has significant potential for insurers • Advancements in technology and AI have raised consumer expectations for personalised and efficient service • Particularly service-oriented industries can benefit from Ge
Slide 22: NN is ahead due to early knowledge gained
Capital Markets Day 2025 NN is ahead due to early knowledge gained NN enters collaboration with NN executing AI at OpenAI and scale Microsoft First AI initiatives Global launch of within NN ChatGPT 2015 2017 2019 2021 2023 2025 • Early adoption of AI meant we faced challenges early on. The lessons l
Slide 23: Becoming Future Ready by standardisation, automation and re-use
Capital Markets Day 2025 Becoming Future Ready by standardisation, automation and re-use without losing focus on customer experience and growth The MIT Future Ready model Strategic objectives of the Future Ready programme • Increase operational efficiency Transformed Increasing customer focus By sta
Slide 24: Future Ready will position NN for greater competitiveness and adaptability
Capital Markets Day 2025 Future Ready will position NN for greater competitiveness and adaptability in a rapidly evolving landscape Future Ready programme Ongoing benefits after Continue to develop a • Running since 2024, expected programme completion standardised data and technology completion in 2
Slide 25: Future Ready programme yields tangible results
Capital Markets Day 2025 Future Ready programme yields tangible results Profitable growth Automation of windshield • Organic growth in existing and new damage claim handling business opportunities • AI agents manage claim processes, • International will focus on agency collect necessary information
Slide 26: Scaling AI applications across NN Group
Capital Markets Day 2025 Scaling AI applications across NN Group Much of the change is still happening below the surface AI adoption increased throughout NN Group • GenAI develops at a record pace and is now exceptionally General GenAI use 9,000 out of 16,500 good at processing unstructured data # o
Slide 27: Our hybrid operating model enhances speed
Capital Markets Day 2025 Our hybrid operating model enhances speed Small central competence centre Decentralised data scientists can and many business data scientists act quickly • AI standards are centrally set • Business data scientists have • Safe and compliant applications, “subject matter exper
Slide 28: Adding more trains on the tracks we have laid
Capital Markets Day 2025 Adding more trains on the tracks we have laid Beyond pilot projects, we are implementing and scaling AI in the core of our processes • We see tangible evidence that AI improves processes, making them faster, better, easier, and cheaper • We have no doubt that AI will generat
Slide 29: Scalable implementations at the core of NN Group
Capital Markets Day 2025 Scalable implementations at the core of NN Group Our employees are knowledge workers. They help customers with complex topics. Personal expert • Personal expert assistants provide ‘grounded’ knowledge at the fingertips of our employees assistant • It's like having the smarte
Slide 30: AI expert assistant
Capital Markets Day 2025 AI expert assistant Scalable AI knowledge platform • The finance industry is knowledge-intensive with frequent updates to policies and regulations • Personal expert assistants provide both novice employees and experts with the right expertise at their fingertips • Already de
Slide 31: AI commercial assistant
Capital Markets Day 2025 AI commercial assistant Training and insight for sales agents • AI analyses sales contacts and provides sales agents concrete advice on improving conversational performance • Advice can be on the call structure, clarity of opening, or effectiveness of closing • Agents gain i
Slide 32: We power our core insurance processes with agentic AI
Capital Markets Day 2025 We power our core insurance processes with agentic AI What is agentic AI? Typical insurance tasks involve • Large Language Models (LLMs) are becoming Collect Collect data Apply Make (unstructured) from systems increasingly capable of handling complex, multi-step business rul
Slide 33: LLM powered chatbots
Capital Markets Day 2025 LLM powered chatbots Agentic chatbots • People don’t like traditional chatbots. The most frequently question is “Can I speak to a human?” • Traditional chatbots score very low on long tail questions • Agentic GenAI powered chatbots are different • They use grounded data and
Slide 34: Future of voice bots
Capital Markets Day 2025 Future of voice bots C.15
Slide 35: Clear KPIs to measure success of the Future Ready programme
Capital Markets Day 2025 Clear KPIs to measure success of the Future Ready programme Transforming the business… …and driving a cultural and behavioural shift in the organisation Target • Agentic AI automates large parts of processes without human Now 2028 intervention AI Adoption • Human staff deplo
Slide 36: Key takeaways
Capital Markets Day 2025 Key takeaways Improving our competitiveness and adaptability Post-investment, NN will be less exposed to inflationary pressures, enhancing bottom-line growth Early knowledge of AI accelerates current scaling of core processes Integrating AI use cases into core processes at s
Slide 37: The long-term business mix
The long-term business mix Compounding shareholder returns, retaining flexibility Annemiek van Melick, CFO NN Group 27 May 2025
Slide 38: What’s new?
Capital Markets Day 2025 What’s new? 2028 Targets: EUR 2.2bn OCG and EUR >1.8bn FCF OCG and FCF 2025-2028 per share CAGRs of 7-8% Long-term business mix shift improves the overall growth profile of the company OCG and FCF growth mainly driven by Insurance Europe, Netherlands Non-life and Japan Life
Slide 39: Proven consistent growth…
Capital Markets Day 2025 Proven consistent growth… Long-term OCG growth... …and sustained free cash flow …turned into strong capital return OCG (EURbn) Dividend per share (EUR) expansion Free cash flow1 (EURbn) On track +7% CAGR +11% CAGR 1.9 1.9 1.9 3.44 +7% CAGR 3.20 1.7 1.6 1.5 1.6 2.79 1.4 2.49
Slide 40: …can be sustained long-term for OCG…
Capital Markets Day 2025 …can be sustained long-term for OCG… Improved business mix profile geared towards growth Illustrative long-term OCG2 development OCG 2020 2028 Reported1 New Target EUR EUR 0.9bn 2.2bn 2024 2040 Netherlands Life Insurance Europe Banking Netherlands Non-life Japan Life 1 Exclu
Slide 41: …as well as FCF, with continuous business mix improvements
Capital Markets Day 2025 …as well as FCF, with continuous business mix improvements Strong track record of growing FCF, with future growth Resulting in a more diversified FCF mix, whilst driven by International units and Netherlands Non-life maintaining stable remittances for Netherlands Life FCF1 (
Slide 42: Insurance Europe thrives on increased customer needs and unique distribution capabilities…
Capital Markets Day 2025 Insurance Europe thrives on increased customer needs and unique distribution capabilities… Operating capital generation Increased protection Consistent growth of Whilst keeping (EURm) sales pensions business expenses flat, despite • Increased awareness of • Increased AUMs fr
Slide 43: …with a capital-light and fee-based product offering
Capital Markets Day 2025 …with a capital-light and fee-based product offering Strong expected VNB growth will …with fee and technical income …Poland, Belgium and Greece benefit OCG in future years… becoming even more dominant… contributing over EUR 100m each VNB and OCG1 OCG (EURm) OCG (EURm) OCG NB
Slide 44: Netherlands Non-life targets selective growth
Capital Markets Day 2025 Netherlands Non-life targets selective growth Operating capital generation Improving efficiency Selective premium Maintaining COR in (EURm) • Further standardising growth 91-93% target range and digitalising • Leveraging existing • Organic growth of the +4% CAGR processes, u
Slide 45: Japan Life is expected to recapture market share
Capital Markets Day 2025 Japan Life is expected to recapture market share Operating capital generation Finalising regulatory Presence in growing VNB largely recognised (EURm) improvement plan long-term savings, in OCG under ICS • IRRs still double-digit focus on protection • OCG is currently based +
Slide 46: Modest OCG growth of Netherlands Life…
Capital Markets Day 2025 Modest OCG growth of Netherlands Life… Operating capital generation Portfolio running off Reducing expenses in Drivers OCG growth (EURm) slower line with portfolio • Further growth in DC • ~2% annual decline of • Keeping unit costs • Balanced risk-taking +1% CAGR AUM, instea
Slide 47: …whilst maintaining current remittances until 2040 and no cliff edge thereafter
Capital Markets Day 2025 …whilst maintaining current remittances until 2040 and no cliff edge thereafter Pension reform increases …no cliff edge as run-off offset by …and gives opportunity for addressable DC market… growing and maturing DC1… pension buyouts DC AUM (EURbn) 55 OCG • Buyouts not reflec
Slide 48: NN Bank becoming solid dividend contributor
Capital Markets Day 2025 NN Bank becoming solid dividend contributor Operating capital generation #5 Dutch retail bank Focused growth Improved efficiency (EURm) • Simple business model: • Increased profitability from • Simplification of IT digital-only offering of cost reductions and infrastructure
Slide 49: Solvency II ratio has been resilient recent years…
Capital Markets Day 2025 Solvency II ratio has been resilient recent years… Strong solvency levels Ample tiering headroom Comfortable cash capital Solvency II ratio (%) (31 December 2024, EURbn) Cash capital at Holding (EURbn) 197% 197% 194% UT1 9.6 RT1 headroom 2.1 RT1 1.8 EUR 0.7bn 2022 2023 2024
Slide 50: …countering sizeable headwinds with capital build and management actions…
Capital Markets Day 2025 …countering sizeable headwinds with capital build and management actions… Significant market and regulatory headwinds absorbed since 2021 • Significant market and regulatory headwinds absorbed since 2021: Solvency II ratio (%-points) • Real estate and equity revaluations and
Slide 51: …with high-quality fixed income exposure representing 80% of investments…
Capital Markets Day 2025 …with high-quality fixed income exposure representing 80% of investments… Diversified investment portfolio1… …with sound characteristics in the …Dutch mortgages are very safe (31 December 2024) corporate/financials portfolio… with low historical loan losses 5% Fixed income C
Slide 52: …our solvency volatility needs to be put into context…
Capital Markets Day 2025 …our solvency volatility needs to be put into context… Δ OCG Δ EOF Δ SII Spread widening does not result Solvency sensitivities to market shocks1,2 ‘flow’ ‘stock’ ratio Stock and flow 31 December 2024 (EURm) (EURbn) (%-pts) interaction in economic loss Base: 1,922 17.0 194%
Slide 53: ..real estate saw the trough, reduced exposure to equity
Capital Markets Day 2025 ..real estate saw the trough, reduced exposure to equity Well-diversified real estate …with valuations trending up… …and low equity exposure portfolio across sectors1… NN Group’s real estate valuation changes (in %) (31 December 2024) (31 December 2024) Public equity Residen
Slide 54: We continue to focus on a progressive capital return policy…
Capital Markets Day 2025 We continue to focus on a progressive capital return policy… 1 2 Solvency Cash capital at holding • In case of a Solvency II ratio sustainably >200%, • Cash capital held at Holding to cover at least opportunity for incremental increases of share 1-in-20 shocks of the underly
Slide 55: …and solvency remains at the top-end of our comfort zone…
Capital Markets Day 2025 …and solvency remains at the top-end of our comfort zone… Pro-forma SII ratio of 195% at end of April 20251 Continued net capital build of ~7-9%-points per year Solvency II ratio (%) OCG (EURbn) 1% 2% 195% 2.2 194% 1.9 1.9 1.7 -1% 0.8 0.7 0.7 1.0 1.1 1.2 31 Dec Net capital M
Slide 56: …whilst retaining ample flexibility on cash
Capital Markets Day 2025 …whilst retaining ample flexibility on cash Established track record of steady build-up of net cash Projecting to accumulate over EUR 8bn of remittances FCF1 (EURbn) over the next 4 years, with over EUR 1.5bn excess cash 1.5 above commitments to shareholders 1.4 1.2 1.3 0.3
Slide 57: Key takeaways
Capital Markets Day 2025 Key takeaways 2028 Targets: EUR 2.2bn OCG and EUR >1.8bn FCF OCG and FCF 2025-2028 per share CAGRs of 7-8% Long-term business mix shift improves the overall growth profile of the company OCG and FCF growth mainly driven by Insurance Europe, Netherlands Non-life and Japan Lif
Slide 58: NN Poland
NN Poland Transformational growth story Pawel Kacprzyk, CEO NN Poland 27 May 2025
Slide 59: A market leader, integrating and transforming in parallel
Capital Markets Day 2025 A market leader, integrating and transforming in parallel Top 3 positions in large Polish Foundations set to become digital Successful acquisition and insurance market1 leaders integration of MetLife Poland #3 Life (10%) • Digital operating model, significantly • >100% of ta
Slide 60: …leading to profitable growth
Capital Markets Day 2025 …leading to profitable growth Increase in customer base… …and focus on profitable ...resulting in step up of OCG Number of customers1 (thousands) protection business… OCG (EURm) APE (EURm, 2015-2024) +150% +77% +13% 1,750 128 Protection Pension Unit-linked Traditional saving
Slide 61: Building on digital foundations for future growth
Capital Markets Day 2025 Building on digital foundations for future growth Deploying digital solutions to increase: Growing across KPIs • Client centricity Number of customers1 (thousands) • Productivity of the TA channel 2024 1,750 • Cost efficiency +14% 2028F 2,000 Further enhancing experience for
Slide 62: NN Romania
NN Romania Leading the next growth wave Kuldeep Kaushik, CEO NN Romania 27 May 2025
Slide 63: Successful channel shift to protection has increased business scale…
Capital Markets Day 2025 Successful channel shift to protection has increased business scale… Market leaders… Our focus has shifted to ...increasing business scale protection products… OCG (EURm) #1 Life (27%) APE2 (EURm, 2015-2024) +195% #1 Pensions PII (34%) +25% #1 Pensions PIII (56%) +12% #4 Hea
Slide 64: …but the market remains under-developed and under-insured
Capital Markets Day 2025 …but the market remains under-developed and under-insured Romania has a large, under-insured population… …but this presents significant opportunities Insurance penetration (%)1 Purchasing power standard vs EU average3 9% EU Average CEE2 ex Romania 1% Romania OECD 2015 2016 2
Slide 65: NN is positioned to lead the next growth wave
Capital Markets Day 2025 NN is positioned to lead the next growth wave We have 3 key pillars to capture the growth in Romania… …to reach more customers and unlock further growth Customers1 (thousands) 2024 448 Grow by attracting new customers with protection +45% 1 2028F 650 value propositions and d
Slide 66: Breakout sessions
Breakout sessions Conversation starters NN Group 27 May 2025
Slide 67: Balance sheet management
Balance sheet management Maintaining a robust and conservative balance sheet Wilbert Ouburg, CRO NN Group 27 May 2025
Slide 68: High-quality fixed income exposure representing 80% of investments
Capital Markets Day 2025 High-quality fixed income exposure representing 80% of investments Diversified investment portfolio1… …with sound characteristics in the …Dutch mortgages are very safe (31 December 2024) corporate/financials portfolio… with low historical loan losses 5% Fixed income Corporat
Slide 69: Gradual investment portfolio optimisation through investments in private debt
Capital Markets Day 2025 Gradual investment portfolio optimisation through investments in private debt Well-diversified private debt Focus on risk-adjusted returns Translating into incremental OCG portfolio and capital preservation uplift by 2027 (6% of investment portfolio, 31 December 2024) • Acce
Slide 70: Putting solvency volatility into context
Capital Markets Day 2025 Putting solvency volatility into context Δ OCG Δ EOF Δ SII Spread widening does not result Solvency sensitivities to market shocks1,2 ‘flow’ ‘stock’ ratio Stock and flow 31 December 2024 (EURm) (EURbn) (%-pts) interaction in economic loss Base: 1,922 17.0 194% • Fixed income
Slide 71: Engaging in attractive longevity reinsurance, further optionality over time
Capital Markets Day 2025 Engaging in attractive longevity reinsurance, further optionality over time Track record of mitigating Longevity risk mainly on Defined Reinsurance deals improve longevity risk Benefit solvency via lower risk margin • Longevity risk significantly reduced by Technical Provisi
Slide 72: Limited exposure to catastrophe risk, mitigated by effective reinsurance programme
Capital Markets Day 2025 Limited exposure to catastrophe risk, mitigated by effective reinsurance programme Catastrophe risk exposure Mitigated by natural catastrophe reinsurance programme Type of catastrophe Exposure for NN • Diversified reinsurance programme split over 6 layers and involving ~45 r
Slide 73: Well-diversified and high-quality real estate portfolio
Capital Markets Day 2025 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 2024) (31 December 2024 upper line versus 31 Dec 2023) diversified across segments,
Slide 74: Insurance Europe
Insurance Europe Unlocking further growth Frank Eijsink, CEO International Insurance 27 May 2025
Slide 75: Insurance Europe thrives on increased customer needs and unique distribution capabilities…
Capital Markets Day 2025 Insurance Europe thrives on increased customer needs and unique distribution capabilities… Operating capital generation Increased protection …consistent growth of …whilst keeping (EURm) sales... pensions business… expenses flat CAGR 7% • Increased awareness • Increased AUMs
Slide 76: We focus on high-margin protection products, distributed via multichannel network
Capital Markets Day 2025 We focus on high-margin protection products, distributed via multichannel network Focus on growing protection Diversified distribution Growing tied agent channel sales… capabilities Number of active agents2 APE (2015-2024) APE1 (2024) +~30% Tied agents +11% 6,857 29% Bancass
Slide 77: Digitalisation & AI is transforming the tied agent channel
Capital Markets Day 2025 Digitalisation & AI is transforming the tied agent channel Increased agent productivity by Digital leads generation driving Data & AI presents further offering digital tools and processes APE growth opportunities to optimise process VNB per active agent (EUR) Tied agent APE1
Slide 78: Significant Pillar 2 and Pillar 3 pensions presence throughout CEE region
Capital Markets Day 2025 Significant Pillar 2 and Pillar 3 pensions presence throughout CEE region Leading players in P2 and P3 Pensions contributed significantly Pension reform presents pensions across geographies1 to strong financial performance opportunities OCG (2024) • Pensions reforms taken pl
Slide 79: Appendix
Appendix
Slide 80: Free cash flow conversion in Europe
Capital Markets Day 2025 Free cash flow conversion in Europe Increasing contribution to group …binding constraints on capital …whilst excess capital can be free cash flow… distribution differ per country… reinvested in self-funded growth • Strong OCG growth feeding into increased Country Binding con
Slide 81: Netherlands Non-life and Banking
Netherlands Non-life and Banking Leveraging efficiency gains for growth Tjeerd Bosklopper, CEO Netherlands Non-life, Banking & Technology 27 May 2025
Slide 82: Strong foundation in consolidated Non-life market
Capital Markets Day 2025 Strong foundation in consolidated Non-life market Leading position… …with favourable product mix… …and strong distribution channels Market shares Non-life1 GWP (2023) GWP (2024) 28% 22% Fire 34% Other 54% Top 3: Motor Regular brokers 66% 19% 23% 7% 7% 20% ASR Other P&C3 Mand
Slide 83: Driving future ready to continue profitable growth
Capital Markets Day 2025 Driving future ready to continue profitable growth Continuing selective premium …maintaining strong …leading to strong OCG growth growth… profitability… OCG (EURm) GWP1 (EURbn) CAGR 4% • Targeting a combined ratio of 91%-93% 475 406 3.7 3.7 3.8 4.0 3.4 • Keeping expenses sta
Slide 84: Strong consistent remittances from NN Bank
Capital Markets Day 2025 Strong consistent remittances from NN Bank #5 digital retail bank with strong Steady growth amidst NIM …leads to solid OCG and net operating return on equity normalisation… consistent strong remittances OCG (EURm) 20% • 2024 benefited from elevated NIM, which 119 110 15% con
Slide 85: Netherlands Life & Pensions
Netherlands Life & Pensions Sustainable remittances without a cliff edge risk Leon van Riet, CEO Netherlands Life & Pensions 27 May 2025
Slide 86: Pole position to benefit from Dutch pension reform
Capital Markets Day 2025 Pole position to benefit from Dutch pension reform 1) Expansion of DC market 2) pension buyouts Targeted EUR 32bn AUM in DC achieved ahead of plan (EURbn) Small and medium sized corporate pension funds expected to seek alternative 39.1 solutions due to high costs and regulat
Slide 87: Sustainable remittances from Netherlands Life until 2040, continued thereafter
Capital Markets Day 2025 Sustainable remittances from Netherlands Life until 2040, continued thereafter Sustainable remittances Active balance sheet management Modest OCG growth Operating capital generation (EURm) • Remittances from Netherlands Life & • Longevity reinsurance provides Pensions can be
Slide 88: Japan Life
Japan Life Well-positioned to reclaim leadership in COLI market Marius Popescu, CEO NN Life Japan 27 May 2025
Slide 89: Well-positioned to reclaim leadership in COLI market
Capital Markets Day 2025 Well-positioned to reclaim leadership in COLI market Competitive advantage through SME focus In attractive COLI market Dedicated products for SMEs • Can use all product approval slots for COLI1 Sizeable • Strong pricing capabilities Larger than Belgian life insurance market
Slide 90: Focus on growth in protection and entering fast-growing long-term savings…
Capital Markets Day 2025 Focus on growth in protection and entering fast- growing long-term savings… VNB expected to rebound to 2022 levels post product launch and finalisation of regulatory improvement plan Product Market characteristics Trend NN strategy VNB (JPY) Long-term Strongly growing Enter
Slide 91: Japan Life is expected to recapture market share
Capital Markets Day 2025 Japan Life is expected to recapture market share Operating capital generation Finalising regulatory Presence in growing VNB largely recognised (EURm) improvement plan long-term savings, in OCG under ICS • IRRs still double-digit focus on protection • OCG is currently based +
Slide 92: IR contact details
Capital Markets Day 2025 IR contact details Email: investor.relations@nn-group.com Tel: +31 (0)88 6706 647
Slide 93: Important legal information
Capital Markets Day 2025 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 informat
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