Nn Group N.v. · EURONEXT:NN
Nn — Nn Group Nv Ord — 1H26 Earnings Presentation
31 slides from Nn's earnings presentation, Aug 6, 2026
Slide 1: NN Group 1H26 Results
NN Group 1H26 Results Continued strong progress towards 2028 targets David Knibbe, CEO Annemiek van Melick, CFO 6 August 2026
Slide 2: Key takeaways
Key takeaways Strong OCG of EUR 1.1bn in 1H26, up 5% building on an outstanding 1H25, led by business growth in Europe NN Group Solvency II ratio of 224% well above comfort zone and increased due to the exclusion of NN Bank from the ratio Future Ready programme halfway through, firmly on track with
Slide 3: Active engagement with customers, employees and society
Active engagement with customers, employees and society… Engaged customers Talented people Contribution to society Reduce GHG5 On track On track On track Above market Above benchmark emissions portfolio 56% average NPS-r1 Above Employee engagement Above by 45% by 2030 Corporate by 2028 market score3
Slide 4: Diversifying growth, future readiness and attractive capital return
…while continuing our journey of diversifying growth, future readiness and attractive capital return Strong business diversification Becoming future ready Delivering on capital return improving growth (30 June 2026) On track commitment OCG AI adoption 2020 2028 Data & AI 273 Progressive DPS Reported
Slide 5: Future Ready including AI is delivering; 65% of targeted benefits achieved
Future Ready including AI is delivering; 65% of targeted benefits achieved Turning AI opportunity into tangible benefits 65% of annual targeted benefits reached driven by productivity improvements (30 June 2026) Favourable Service-based, data-rich and complex decision- On track Investments1 operatin
Slide 6: Continuing strong growth momentum in Europe
Continuing strong growth momentum in Europe …dominated by protection …supported by increasing Ongoing business growth… products with attractive margins… digital leads… VNB (EURm) VNB (EURm, 1H26) Sales coming from digital leads1 (31 Dec 2025 versus 30 June 2026) 295 2H Protection 254 25% Pensions 42
Slide 7: Japan COLI market shifts back to short-term savings
Japan COLI market shifts back to short-term savings, NN remains well-positioned to reclaim leadership COLI market has recently shifted Competitive advantage through Increased financial strength back to short-term savings SME focus… through reinsurance transaction NBAPE COLI Agency Market1 • Dedicate
Slide 8: Strong performance in Dutch Non-life despite weather
Strong performance in Dutch Non-life despite weather Platform migration to accelerate GWP up 6% versus last year Strong combined ratio agentic AI deployment GWP (EURbn) Combined ratio • Expanded underwriting and claims 4.2 2H handling processes from simple windshield 1.6 1H 91-93% target damage to m
Slide 9: Continued strong growth in Dutch defined contribution
Continued strong growth in Dutch defined contribution Decumulation inflows set DC AUM grew strongly with 13% Sustained top broker satisfaction to grow 10-15% per year DC AUM (EURbn) DC decumulation gross inflow (EURbn) 1.4 48.2 42.6 1.7 3.9 6.7 0.8 6.7 0.5 35.9 41.5 0.5 1 1 1 1 31 Dec 25 Inflows Mar
Slide 10: Confident in sustaining our track record of compounding capital returns
Confident in sustaining our track record of compounding capital returns EUR >11bn returned to shareholders since IPO 2014 Dividend per share Accumulated payout to shareholders1,2 (EURbn) DPS (EUR) 3.88 3.88 15 3.44 3.44 3.20 3.20 2.79 2.50 2.49 10 2.16 2.33 2.08 2.16 1.90 1.51 1.55 1.66 1.38 1.55 1.
Slide 11: Continued financial delivery
Continued financial delivery Continuing our OCG and FCF ...while maintaining a healthy …and delivering attractive capital growth… balance sheet and cash position... distributions to shareholders Operating capital generation (EURm) Solvency II ratio (in %) Dividend per share (EUR) 1H26 2025 1,073 2,0
Slide 12: Solvency ratio at 224%, increasing due to the exclusion of NN Bank
Solvency ratio at 224%, increasing due to the exclusion of NN Bank 13% 5% • 1H26 operating capital generation of EUR 1.1bn adds Solvency ratio 220% 233% 224% 13%-points to the Solvency II ratio -5% -9% • Negative markets impact, driven mainly by spread widening 1.0 19.3 19.3 18.6 • Other mainly refl
Slide 13: OCG continues to grow versus strong 1H25 base
OCG continues to grow versus strong 1H25 base OCG1 by segment (EURm) 1H26 1H25 Delta Underlying business growth in Europe drives 5% increase in OCG Netherlands Life 605 595 2% • Netherlands Life OCG was flattish, with a higher SCR release partially offset by a lower positive experience variance Neth
Slide 14: Operating result increased by 4% to EUR 1.5bn
Operating result increased by 4% to EUR 1.5bn • Netherlands Life reflects a lower investment result Operating result (EURm) 1H26 1H25 • Netherlands Non-life increased mainly due to a higher insurance result, driven by an Netherlands Life 801 829 improved combined ratio of 90.5% versus 91.2% in 1H25,
Slide 15: Comfortable cash capital, with positive outlook
Comfortable cash capital, with positive outlook Cash capital at Holding of EUR 1.7bn Additional excess cash build over time Cash capital at Holding (EURm) • Net cash build after existing capital return commitments EUR c.300-400m per annum -21 -172 • Of which EUR 600m intended to be used to redeem 1,
Slide 16: Attractive investor proposition
Attractive investor proposition Continuing strong business performance… …translating to attractive capital return Operating capital generation Group Solvency II ratio Strong business EUR 1,073m (1H26) EUR 2.2bn (2028 Target) Healthy balance 224% (30 June 2026) performance Free cash flow sheet • Sign
Slide 17: Key takeaways
Key takeaways Strong OCG of EUR 1.1bn in 1H26, up 5% building on an outstanding 1H25, led by business growth in Europe NN Group Solvency II ratio of 224% well above comfort zone and increased due to the exclusion of NN Bank from the ratio Future Ready programme halfway through, firmly on track with
Slide 18: Appendices
Appendices
Slide 19: Solvency sensitivities
Solvency sensitivities Solvency ratio sensitivities to market shocks on 30 June 20261 Δ EOF Δ SCR Δ SII ratio (EURbn) (EURbn) (%-points) Interest rate: Parallel shock +50bps -0.1 -0.1 3% Interest rate: Parallel shock -50bps 0.2 0.2 -3% Interest rate: 10bps steepening between 20y–30y -0.2 0.0 -2% Cre
Slide 20: Operating capital generation by source
Operating capital generation by source OCG by source (EURm) 1H26 1H25 OCG sensitivities2 Δ OCG (30 June 2026) (EURm) Investment return 674 697 Interest rates: Parallel shock +50 bps 15 Life – UFR drag -43 -94 Interest rates: Parallel shock -50bps -5 Life – Risk margin release 104 99 Mortgage spreads
Slide 21: Free cash flow
Free cash flow Free cash flow1 (EURm) 1H26 1H25 FY25 FY24 Netherlands Life 521 527 1,058 1,057 Netherlands Non-life 187 140 355 326 Insurance Europe2 254 228 299 146 Japan Life 72 63 63 63 Banking 65 90 174 85 Reinsurance business - - 50 110 Other -176 -185 -380 -268 Total 922 863 1,620 1,519 1 Refl
Slide 22: 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 (30 June 2026) headroom (30 June 2026, EURbn) investment portfolio2 Unrestricted (30 June 2026) 13.4 17.3% Fixed income Tier 1 6% Real estate Restricted RT1 he
Slide 23: Investment portfolio
Investment portfolio Investment portfolio (NN 30 June 31 Dec % of Asset portfolio broadly stable over 1H26 Change Group excl banking)1 (EURbn) 2026 2025 total • Fixed income portfolio remained stable, with an underlying shift Fixed income (excl. mortgages2) 69.9 69.9 0.0 56% from financials towards
Slide 24: Details of fixed income portfolio
Details of fixed income portfolio 30 June 31 Dec % of Government bonds and loans by country Fixed income1 (EURbn) 2026 2025 Change total (31% of investment portfolio, 30 June 2026) Government2 38.7 36.9 1.8 31% EU3 Germany Finland 19% 11% Corporates2 23.0 22.2 0.9 18% 10% Netherlands Spain Italy EUR
Slide 25: Highly-diversified private debt portfolio with strong oversight capabilities
Highly-diversified private debt portfolio with strong oversight capabilities Diversified private debt portfolio Across diverse strategies With small ticket sizes for high (7%1 of investment portfolio, 30 June 2026) (EURbn, 30 June 2026) yield (HY) corporate lending (HY corporate loans, split by size
Slide 26: 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, 30 June 2026) (30 June 2026 upper line versus 31 December 2025) diversified across segments, geographies 7% Dutch reside
Slide 27: Well-collateralised Dutch mortgage portfolio
Well-collateralised Dutch mortgage portfolio 30 June 31 Dec % of • Very comfortable average loan to • NN Group mortgage portfolio Mortgages1 (EURbn) 2026 2025 total value of 471%, with the vast majority experienced very limited annual NHG and other guaranteed2 6.3 6.5 22% reflecting LTV <80% losses
Slide 28: Details of equity and mutual funds
Details of equity and mutual funds Equity exposure including equity mutual funds 30 June 31 Dec % of Mutual funds1 (EURbn) 2026 2025 Change total (3% of investment portfolio, 30 June 2026) 3% Equity in mutual funds Equity funds 2.0 1.7 0.2 2% (mainly Private) Fixed income funds 1.2 1.5 -0.4 1% EUR D
Slide 29: Continued organic CSM growth
Continued organic CSM growth Netherlands Netherlands Insurance Contractual Service Margin (EURm) NN Group Life Non-life Europe Japan Life Other Opening balance CSM, net (31 Dec 2025) 7,854 4,083 554 2,448 776 -7 New business added 504 81 112 247 63 1 Underlying return on in-force 82 -5 5 79 2 0 CSM
Slide 30: 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
Slide 31: Slide 31