Group Interim Financial Information 1H26

Overview 4

Analysis of results 4

Operating capital generation 6

Sales and value of new business 7

Earnings per ordinary share 39

Segments 41

Taxation 46

Fair value of financial assets and liabilities 46

Companies and businesses acquired and divested 49

Capital and liquidity management 50

Independent auditor's review report

Overview

NN Group is an international financial services company, active in 10 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services,

1 January to

30 June 2026

1 January to

30 June 2025

pensions, insurance, banking and investments to approximately 18 million customers. NN Group includes Nationale-Nederlanden, NN, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).

Operating result and net result

1 Operating result is an Alternative Performance Measure. This measure is derived from figures according to IFRS-EU. The operating result is derived by adjusting the reported result before tax to exclude the impact of result on divestments, amortisation of acquisition intangibles, discontinued operations and special items, changes to losses from onerous contracts due to assumption changes, gains/losses and impairments, revaluations and market and other impacts. Alternative Performance Measures are non-IFRS-EU measures that have a relevant IFRS-EU equivalent. For definitions and explanations of the Alternative Performance Measures reference is made to Note 19 'Segments' in section 'Alternative Performance Measures (Non-GAAP measures)'.

In EUR million

1 January to

30 June 2026

1 January to

30 June 2025

Operating result

The operating result of NN Group increased 4% to EUR 1,507 million.

Netherlands Life's operating result decreased to EUR 801 million from EUR 829 million in 1H25, mainly due to lower investment results reflecting lower private investment results and a lower public equity portfolio.

Netherlands Non-life's operating result increased to EUR 249 million from EUR 231 million in the first half of 2025. The combined ratio for the first half year was 90.5%, ahead of the 91-93% guidance range, compared with 91.2% in the same period last year, driven by favourable claims experience despite adverse weather

in June.

The operating result of Insurance Europe increased to EUR 345 million from EUR 277 million in the first half of 2025, largely from continued strong business growth and favourable claims experience.

Japan Life's operating result decreased slightly to EUR 80 million, as adverse exchange rates and the run-off of the short-term portfolio were partly offset by a more favourable mortality result.

The operating result for Banking was broadly stable at EUR 77 million.

The operating result of the segment Other was EUR -46 million compared with EUR -51 million in the first half of 2025.

Result before tax

The result before tax increased to EUR 1,351 million from EUR 528 million in the first half of 2025, due to positive revaluations and the higher operating result for the current half-year, the negative divestment result in 1H25, as well as lower costs related to the 'Future Ready' strategic programme.

Gains/losses and impairments were EUR -294 million compared with EUR -238 million in the first half of 2025, primarily reflecting accounting losses on government bond sales.

Revaluations amounted to EUR 269 million compared with EUR -429 million in the first half of 2025, mainly due to positive revaluations on real estate and private equity, partly offset by derivatives used for hedging purposes.

Market and other impacts amounted to EUR -72 million compared with EUR -11 million in the first half of 2025.

Special items amounted to EUR -45 million compared with EUR -91 million in the same period last year, mainly reflecting costs related to the 'Future Ready' strategic programme partly offset by a provision release.

Net result

The net result increased to EUR 1,066 million compared with EUR 391 million in the first half of 2025. The effective tax rate was 20.5%.

Operating capital generation

Operating capital generation per segment

In EUR million

1 January to

30 June 2026

1 January to

30 June 2025

Japan Life's OCG grew 4% to EUR 61 million, as benefits from higher interest rates and the move to Solvency II from the second quarter of 2026 more than offset portfolio effects and adverse exchange rates.

As of this reporting period, Banking OCG is based on remittances to the Group following the exclusion of NN Bank from the NN Group Solvency II ratio, amounting to EUR 65 million in the first half of 2026.

OCG of the Other segment was broadly in line with the first half of 2025.

1 Operating capital generation is an Alternative Performance Measure, which is not derived from IFRS-EU. NN Group analyses the change in the excess of Solvency II Own Funds over the Solvency Capital Requirement (SCR) in the following components: Operating Capital Generation, Market variance, Capital flows and Other. Operating capital generation is the movement in the solvency surplus (Own Funds before eligibility constraints over SCR at 100%) in the period due to operating items, including the impact of new business, expected investment returns in excess of the unwind of liabilities, release of the risk margin, operating variances, non-life underwriting result, contribution of non-Solvency II entities and holding expenses and debt costs and the change in the SCR. It excludes economic variances, economic assumption changes and non-operating expenses. For definitions and explanations of the Alternative Performance Measures reference is made to the Note 19 'Segments' in section 'Alternative Performance Measures (Non-GAAP measures)'.

NN Group's OCG increased 5% to EUR 1,073 million, driven by business growth at Insurance Europe.

Insurance Europe reported 19% higher OCG, supported by new business growth and higher pension fees from increased assets under management and performance fees. Growth was mainly driven by Romania, Poland and Slovakia, while Greece also contributed through strong bancassurance sales, although these are expected to soften significantly in 2027.

Netherlands Non-life's OCG decreased by 4% to EUR 168 million compared with the first half of 2025, as adverse weather, higher claims in Group Income and lower broker results were partly offset by growth in the P&C portfolio and margin improvements in Motor.

Netherlands Life's OCG increased by 2% to EUR 605 million, mainly reflecting a higher SCR release partially offset by a lower positive experience variance.

Sales and value of new business

Sales and value of new business

In EUR million

1 January to

30 June 2026

1 January to

30 June 2025

Assets under management DC

30 June 2026

31 December

2025

New sales life insurance (APE) increased 22%, mainly reflecting the transfer of a separate account pension fund to the general account at Netherlands Life.

Insurance Europe reported strong new sales around the region, resulting in 10% APE growth.

Japan Life saw demand shift towards shorter-duration products, slowing the recovery in sales. APE declined 22%, or 11% on a constant currency basis.

Gross written premiums for Netherlands Non-life increased 6%. VNB increased 16% to EUR 275 million in the first half of 2026. Netherlands Life VNB growth was largely driven by a pension fund transaction. VNB of

Insurance Europe increased 14% from higher sales and a favourable product mix. VNB in Japan declined 16%, or 5% on a constant-currency basis, mainly due to lower volumes, partly offset by higher interest rates.

Assets under management of the defined contribution pension business grew to EUR 48.2 billion, with EUR 1.7 billion net inflows and EUR 3.9 billion market impacts in the first half of 2026.

Conformity statement

The Executive Board of NN Group N.V. is required to prepare the Interim report and Condensed consolidated interim accounts of NN Group N.V. in accordance with applicable Dutch law and International Financial Reporting Standards that are endorsed by the European Union (IFRS-EU).

Conformity statement pursuant to section 5:25d paragraph 2(c) of the Dutch Financial Supervision Act (Wet op het financieel toezicht)

The Executive Board of NN Group N.V. is responsible for maintaining proper accounting records, for safeguarding assets and for taking reasonable steps to prevent and detect fraud and other irregularities.

It is responsible for selecting suitable accounting policies and applying them on a consistent basis, making judgements and estimates that are prudent and reasonable. It is also responsible for establishing and maintaining internal procedures which ensure that all major financial information is known to the Executive Board of NN Group N.V., so that the timeliness, completeness and correctness of the external financial reporting are ensured. As required by section 5:25d paragraph 2(c) of the Dutch Financial Supervision Act,

each of the signatories hereby confirms that to the best of his knowledge:

• The NN Group N.V. Condensed consolidated interim accounts for the period ended 30 June 2026 give a true and fair view of the assets, liabilities, financial position and profit or loss of NN Group N.V. and the

  enterprises included in the consolidation taken as a whole.

• The NN Group N.V. Interim report for the period ended 30 June 2026 includes a fair review of the information required pursuant to article 5.25d, paragraph 8 and 9 of the Dutch Financial Supervision Act

regarding NN Group N.V. and the enterprises included in the consolidation taken as a whole. The Hague, 5 August 2026

David Knibbe CEO, Chair of the Executive Board

Annemiek van Melick CFO, Vice-chair of the Executive Board

amounts in EUR million, unless stated otherwise

notes 30 June 2026

31 December

2025

notes 30 June 2026

31 December

2025

References relate to the notes starting with Note 1 Accounting policies. These form an integral part of the Condensed consolidated interim accounts.

notes

1 January to

30 June 2026

1 January to

30 June 2025

notes

1 January to

30 June 2026

1 January to

30 June 2025

Amounts in euro per ordinary share notes

1 January to

30 June 2026

1 January to

30 June 2025

1 January to 30 June 2026 1 January to 30 June 2025

1 January to 30 June 2026 1 January to 30 June 2025

Reference is made to Note 20 Taxation for the disclosure on the income tax effects on each component of

comprehensive income.

1 January to

30 June 2026

1 January to

30 June 2025

1 January to

30 June 2026

1 January to

30 June 2025

1 January to

30 June 2026

1 January to

30 June 2025

1 January to

30 June 2026

1 January to

30 June 2025

Share capital Share premium Reserves

Total Shareholders'

equity (parent) Minority interest

Undated subordinated

notes Total equity

Balance at 1 January 2026

Finance result on insurance contracts recognised in OCI Finance result on reinsurance contracts recognised in OCI Revaluations on debt securities at fair value through OCI Revaluations on loans at fair value through OCI

Realised gains (losses) transferred to the profit and loss account Changes in cash flow hedge reserve

Share of OCI of investments in associates and joint ventures Foreign currency exchange differences

Revaluations on equity securities at fair value through OCI Remeasurement of the net defined benefit asset/liability Total amount recognised directly in equity OCI

Net result for the period Total comprehensive income

Issuance (redemption) of undated subordinated notes Dividend

Sale (purchase) of treasury shares Employee stock option and share plans Coupon on undated subordinated notes

Changes in the composition of the group and other changes

Balance at 30 June 2026

32 12,581

0 0

0 0

32 12,581

6,465

-491

12

-194

22

332

283

-4

-20

1

6

-53

1,066

1,013

-654

-135

1

-39

-10

6,641

19,078

-491

12

-194

22

332

283

-4

-20

1

6

-53

1,066

1,013

0

-654

-135

1

-39

-10

19,254

93

0

8

8

-1

1

101

1,984

0

0

-234

1,750

21,155

-491

12

-194

22

332

283

-4

-20

1

6

-53

1,074

1,021

-234

-655

-135

1

-39

-9

21,105

1. ‌Accounting policies

   ‌Basis of preparation

   These Condensed consolidated interim accounts are prepared in accordance with IAS 34. The accounting principles used in these Condensed consolidated interim accounts comply with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and are consistent with those set out in the notes to the 2025 NN Group Consolidated annual accounts, except as set out below.

   In these Condensed consolidated interim accounts, 'NN' refers to NN Group N.V. (the parent company) and/ or NN Group N.V. together with its consolidated subsidiaries (the consolidated group). These Condensed consolidated interim accounts should be read in conjunction with the 2025 NN Group Consolidated

   annual accounts.

   IFRS-EU provides a number of options in accounting policies. NN Group's accounting policies under IFRS-EU and its decision on the options available are set out in Note 1 'Accounting policies' and other applicable notes of the 2025 NN Group Consolidated annual accounts and below where different.

   Certain amounts recorded in the Condensed consolidated interim accounts reflect estimates and assumptions made by management. Actual results may differ from the estimates made. Interim results are not necessarily indicative of full-year results.

   The presentation of, and certain terms used in, the Condensed consolidated balance sheet, Condensed consolidated profit and loss account, Condensed consolidated statement of cash flows, Condensed consolidated statement of changes in equity and the notes was changed to provide additional and more relevant information or (for changes in comparative information) to better align with the current period presentation. The impact of these changes is explained in the respective notes when significant.

   Changes in IFRS-EU effective in 2026

   The following changes to existing standards became effective in 2026:

   • Annual Improvements Volume 11 (issued on 18 July 2024)

   • Contracts Referencing Nature-dependent Electricity -Amendments to IFRS 9 and IFRS 7 (issued on

     18 December 2024)

   • Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024)

   These changes had no material impact on NN's Condensed consolidated interim accounts.

2. Investments at fair value through Other Comprehensive Income

   Investments at fair value through other comprehensive income

   Debt securities			60,732	61,063
   Equity securities			2,183	2,585
   Loans			35,169	35,821
   Investments at fair value through Other Comprehensive Income			98,084	99,469
   Changes in Investments at fair value through Other Comprehensive Income (2026) Equity 30 June 2026 Debt securities securities Loans				Total
   Investments at fair value through OCI - opening balance	61,063	2,585	35,821	99,469
   Additions	6,688	3	1,122	7,813
   Disposals and redemptions	-7,035	-424	-1,792	-9,251
   Revaluations	-126	27	23	-76
   Impairments and reversal of impairments	4		-1	3
   Amortisation	41		-9	32
   Foreign currency exchange differences	97	-8	5	94
   Investments at fair value through OCI -closing balance	60,732	2,183	35,169	98,084

   30 June 2026

   31 December

   2025

   Changes in Investments at fair value through Other Comprehensive Income (2025)

   Equity

   31 December 2025	Debt securities	securities	Loans	Total
   Investments at fair value through OCI - opening balance	65,198	3,110	37,742	106,050
   Additions	14,579	90	2,444	17,113
   Disposals and redemptions	-14,099	-409	-3,887	-18,395
   Revaluations	-2,546	-222	-397	-3,165
   Impairments and reversal of impairments	-19		-7	-26
   Amortisation	50		-47	3
   Foreign currency exchange differences	-2,100	16	-27	-2,111

   Impairment - Investments at fair value through Other Comprehensive Income (2025)

   	Stage 1	Stage 2	Stage 3
   31 December 2025	12 month expected credit losses	Lifetime expected credit losses	Lifetime expected credit losses	Total
   Impairments - Investments at fair value through OCI and
   loans - opening balance	-30	-18	-60	-108
   Transfers between stage 1,2 and 3	-1	6	-5	0
   Additions	-6	-12	-8	-26
   Disposals	7	5	14	26

   Impairments - Investments at fair value through OCI and loans - closing balance -30

   -19

   -59

   -108

   The loss allowance for investments at fair value through Other Comprehensive Income of EUR 76 million (2025: EUR 108 million) does not reduce the carrying amount of these investments (which are measured at fair value) but gives rise to an equal and opposite gain in Other Comprehensive Income and is included in the line 'Revaluations' in the table of Changes in investments at fair value through Other Comprehensive Income.

3. ‌Investments at cost

   Investments at fair value through OCI - closing balance 61,063		2,585	35,821	99,469
   Impairment - Investments at fair value through Other Comprehensive Income (2026) Stage 1 Stage 2 Stage 3 12 month Lifetime Lifetime expected credit expected credit expected credit 30 June 2026 losses losses losses				Total
   Impairments - Investments at fair value through OCI and loans - opening balance	-30	-19	-59	-108
   Additions	4		-1	3
   Disposals	4	2	23	29
   Impairments - Investments at fair value through OCI and loans - closing balance	-22	-17	-37	-76

   Investments at cost

   30 June 2026

   31 December

   2025

   Mortgage loans	22,847	22,323
   Other	57	53
   Impairments	-4	-2
   Investments at cost - net of impairments	22,900	22,374

   ‌Changes in Investments at cost (2026)

   Investments at cost - opening balance	22,320	54	22,374
   Additions	1,597	38	1,635
   Disposals and redemptions	-1,106	-35	-1,141
   Fair value changes recognised on hedged items	43		43
   Impairments and reversal of impairments	-2		-2
   Amortisation	-9		-9
   Investments at cost - closing balance	22,843	57	22,900
   Changes in Investments at cost (2025) 31 December 2025	Mortgage loans	Other	Total
   Investments at cost - opening balance	22,179	55	22,234
   Additions	2,554	82	2,636
   Disposals and redemptions	-2,098	-83	-2,181
   Fair value changes recognised on hedged items	-291		-291
   Amortisation	-24		-24
   Investments at cost - closing balance	22,320	54	22,374

   30 June 2026 Mortgage loans Other Total

4. Investments at fair value through profit or loss

   Investments at fair value through profit or loss

   30 June 2026

   31 December

   2025

   For risk of policyholders:
   - debt securities	597	650
   - equity securities and investment funds	48,124	44,737
   - loans and other	2,511	2,538
   Total for risk of policyholders	51,232	47,925
   For risk of company:
   - debt securities	451	470
   - equity securities and investment funds	7,642	7,761
   - loans and other	349	414
   Total for risk of company	8,442	8,645
   Investments at fair value through profit or loss	59,674	56,570

5. ‌Investments in associates and joint ventures

   30 June 2026 30 June 2026

   Balance sheet

   31 December

   2025

   31 December

   2025

   Balance sheet

   Investments in associates and joint ventures

   30 June 2026 30 June 2026

   Balance sheet

   31 December

   2025

   31 December

   2025

   Balance sheet

   Interest held

   value Interest held

   value

   Interest held

   value Interest held

   value

   Dutch Climate Action Fund Equity Vintage 1 C.V.	97%	114	97%	100
   Hayfin TS Feeder (Parallel) Dutch SCSp	79%	106	79%	97
   Fiumaranuova s.r.l.	50%	100	50%	98
   Delta Mainlog Holding GmbH & Co. KG	50%	85	50%	77
   CRE Senior Debt SCA SICAV-RAIF - CRE Senior 17	40%	76	40%	66
   Boccaccio - Closed-end Real Estate Mutual Investment Fund	50%	76	50%	75
   NL Boompjes Property 5 C.V.	50%	72	50%	69
   Octopus Commercial Real Estate Debt Fund III LP	46%	71	46%	88
   ION Residential Platform NV	48%	64	48%	52
   Crescent ESL Saffron SCSp	100%	63	100%	34
   CBRE Property Fund Central and Eastern Europe FGR	50%	61	50%	64
   Prime Ventures V C.V.	18%	57	18%	62
   17 Capital Credit 2 EUR Feeder (2) SCSP	40%	52	44%	2
   Other		670	605
   Investments in associates and joint ventures		8,592		8,074

   Vesteda Residential Fund FGR, The Netherlands	24%	1,970	24%	1,895
   Hayfin Amber ScSp	100%	561	100%	368
   Macquarie European Infrastructure Debt Fund	44%	395	44%	372
   Nestar Residencial S.I.I. S.A.	27%	309	27%	310
   Rivage Euro Debt infrastructure 3	34%	296	34%	301
   CBRE Dutch Residential Fund I FGR	10%	273	9%	265
   Rivage Priv. Debt - Fund for Infrastructure Climate Solutions	99%	261	100%	237
   CBRE Retail Property Fund Iberica L.P.	50%	251	50%	256
   Rivage Euro Debt Infrastructure High return 2	34%	231	34%	220
   CBRE Dutch Office Fund FGR	19%	215	19%	227
   Ardstone Residential Income Fund	21%	212	21%	208
   Bentall Green Oak Europe Secured Lending III SLP	33%	198	33%	207
   Macquarie Climate Investments Debt Fund	100%	194	100%	189
   Healthcare Activos SOCIMI S.A.	38%	191	38%	185
   Dutch Urban Living Venture FGR	49%	186	49%	173
   NRP Nordic Logistic Fund SA	42%	183	42%	187
   Rivage Hopitaux Publics Euro	34%	183	34%	193
   Dutch Student and Young Professional Housing Fund FGR	49%	162	49%	153
   Macquarie Direct Lending Europe SCSp	56%	147	90%	188
   DPE Deutschland III (Parallel) GmbH & Co	17%	138	17%	90
   AXA CITRUS CRE Enhanced SMA	100%	133	100%	124
   Allee center Kft	50%	121	50%	121
   CBRE Dutch Retail Fund FGR	22%	115	22%	116

   The above investments in associates and joint ventures mainly consist of non-listed investment entities investing in real estate and private equity. Therefore, the assets and liabilities are mainly non-current.

   Significant influence exists for certain associates in which the interest held is below 20%, based on the combination of NN's financial interest for own risk and other arrangements, such as participation in the relevant boards.

   NN holds associates over which it cannot exercise control despite holding more than 50% of the share capital. For this reason, these are classified as associates and are not consolidated.

   ‌Other includes EUR 601 million (2025: EUR 535 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 69 million (2025: EUR 70 million) of receivables from associates and joint ventures.

   The amounts presented in the table above could differ from the individual annual accounts of the associates due to the fact that the individual amounts have been brought in line with NN's accounting principles.

   The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN.

   ‌The associates and joint ventures of NN are subject to legal and regulatory restrictions regarding the amount of dividends that can be paid to NN. These restrictions are, for example, dependent on the laws in the country of incorporation for declaring dividends or as a result of minimum capital requirements imposed by industry regulators in the countries in which the associates and joint ventures operate. In addition, the associates and joint ventures also consider other factors in determining the appropriate levels of equity needed. These factors and limitations include, but are not limited to, rating agency and regulatory views, which can change over time.

6. ‌Intangible assets
7. Other assets

Other assets

30 June 2026

31 December

2025

30 June 2026

31 December

2025

Changes in Shareholders' equity (parent) (2026)

30 June 2026 Share capital Share premium Reserves

Total shareholders' equity (parent)

Coupon paid on Undated subordinated notes (2026)

The Undated subordinated notes have optional semi-annual coupon payments in March and September. The coupon payments are deducted from equity.

Changes in Shareholders' equity (parent) (2025)

31 December 2025 Share capital Share premium Reserves

Total shareholders' equity (parent)

Sale (purchase) of treasury shares (2026)

During 2026, 1,932,189 ordinary shares for a total amount of EUR 135 million were repurchased under the open market share buyback programme. Treasury shares for a total amount of EUR 2 million were delivered under Employee share plans.

In 2026, no NN Group N.V. treasury shares were cancelled.

As at 30 June 2026, 2,650,780 treasury shares were held by NN Group N.V.

Interim dividend (2026)

NN Group announced today that it will pay an interim dividend of EUR 1.55 per ordinary share, or approximately EUR 403 million in total based on the current number of outstanding shares (net of treasury shares), calculated as 40% of the 2025 full-year dividend per ordinary share in accordance with the NN Group dividend policy. The interim dividend will be paid fully in cash, after deduction of withholding tax if applicable.

Redemption undated notes

On 15 January 2026, the first call date, NN called and redeemed the outstanding EUR 237 million of undated subordinated notes, issued in 2014. NN announced the early redemption on 16 December 2025.

Shareholders' equity (parent) - opening balance 32 12,581 7,218 19,831

Total amount recognised directly in equity (Other

Comprehensive Income) -620 -620

Net result for the period 1,188 1,188

Dividend -939 -939

Sale (purchase) of treasury shares -298 -298

Employee stock option and share plans 2 2

Coupon on undated subordinated notes -86 -86

Sale (purchase) of treasury shares (2025)

During 2025, 5,358,132 ordinary shares for a total amount of EUR 298 million were repurchased under the open market share buyback programme. Treasury shares for a total amount of EUR 2 million were delivered under Employee share plans.

In 2025, 6,000,000 NN Group N.V. treasury shares were cancelled.

As at 31 December 2025, 811,127 treasury shares were held by NN Group N.V.

Interim dividend (2025)

NN Group N.V. paid an interim dividend of EUR 1.38 per ordinary share, or EUR 365 million in total, calculated as 40% of the 2024 full-year dividend per ordinary share in accordance with the NN dividend policy. The interim dividend was paid fully in cash, after deduction of withholding tax if applicable.

‌Proposed final dividend (2025)

At the Annual General Meeting on 21 May 2026, a final dividend was proposed of EUR 2.50 per ordinary share, or approximately EUR 655 million in total based on the number of outstanding shares on the date of the announcement (net of treasury shares). The final dividend was paid in cash, after deduction of withholding tax if applicable.

The final dividend was adopted by the General Meeting at the annual general meeting held on 21 May 2026.

Undated subordinated notes (2025)

In March 2025, NN Group N.V. announced a tender for purchase by NN Group N.V. of the EUR 1 billion Fixed to Floating Rate Undated subordinated notes for cash at a price of 101.6% of the nominal amount. The tender was completed in March 2025 and NN Group N.V. accepted the purchase of EUR 763 million in nominal amount.

In March 2025 NN Group N.V. issued euro-denominated, perpetual, restricted Tier 1, temporary write-down securities for an amount of EUR 1 billion. The notes are first callable on 11 September 2034. The coupon is fixed at 5.75% per annum until 11 March 2035 and will be reset every fifth year thereafter.

Coupon paid on Undated subordinated notes (2025)

1. Insurance contracts

   Discount rates

   Discount rates are determined using a liquid risk-free curve to which an illiquidity premium is added. The liquid risk-free curve is set per currency, while the illiquidity premium is determined per entity using an approach that reflects the characteristics of the current assets of that entity. Spreads used in the illiquidity premium

   are derived from fixed income assets using Z-spreads. The total asset spread is adjusted for expected and unexpected credit losses.

   For the Euro currency, the risk-free curve is based on the swap rate and includes a last liquid point (LLP) of 30 years and a long-term forward rate (LTFR). At 30 June 2026 the LTFR was 3.20% (31 December 2025: 3.20%).

   The table below sets out the yield curves used to discount the cash flows of insurance contracts for NN's largest segment, Netherlands Life.

   Range of yield curves

   General Model Variable Fee Approach

   The Undated subordinated notes have an optional annual coupon payment in July and optional semi-annual coupon payments in March and September. The annual coupon resulted in a deduction of EUR 86 million (net of tax) from equity.

   Minority interest

   NN Group N.V. owns 51% of the shares of Nationale-Nederlanden ABN AMRO Verzekeringen Holding B.V. (ABN AMRO Verzekeringen). ABN AMRO Verzekeringen's principal place of business is Zwolle, the Netherlands.

   ABN AMRO Verzekeringen is fully consolidated by NN Group N.V., with a minority interest recognised of 49%. At 30 June 2026, the minority interest relating to ABN AMRO Verzekeringen recognised in equity was

   1 year	3.3%	2.7%	2.7%	2.2%
   5 years	3.3%	3.1%	2.7%	2.5%
   10 years	3.5%	3.5%	2.9%	2.9%
   20 years	3.7%	3.8%	3.1%	3.3%
   30 years	3.6%	3.8%	3.0%	3.2%
   40 years	3.5%	3.7%	3.0%	3.2%

   30 June 2026

   31 December

   2025 30 June 2026

   31 December

   2025

   EUR 94 million (2025: EUR 87 million).

   For the other insurance segments within the group, the same risk-free curve is used, but the illiquidity premium is derived from the asset portfolios for specific entities, resulting in a range of yield curves used.

   Insurance contracts

   Insurance contracts (2026)

   30 June 2026 General Model

   Variable Fee Approach

   Total General Model and Variable Fee Approach

   Premium Allocation

   Approach Total

   Insurance contracts (2025)

   31 December 2025 General Model

   Life insurance contracts for risk

   Variable Fee Approach

   Total General Model and Variable Fee Approach

   Premium Allocation

   Approach Total

   Life insurance contracts for risk of company	86,722	1,933	88,655	1	88,656
   Life insurance contracts for risk of policyholders	4,967	43,173	48,140		48,140
   Life insurance contracts	91,689	45,106	136,795	1	136,796
   Non-life contracts for remaining coverage	4,300		4,300	415	4,715
   Non-life contracts for incurred claims and benefits	92		92	2,495	2,587
   Non-life insurance contracts	4,392	0	4,392	2,910	7,302
   Total insurance contracts	96,081	45,106	141,187	2,911	144,098
   - of which presented as assets	515	4	519		519
   - of which presented as liabilities	96,596	45,110	141,706	2,911	144,617
   Total insurance contracts	96,081	45,106	141,187	2,911	144,098

   of company 86,812 1,775 88,587 88,587

   Life insurance contracts for risk

   of policyholders 6,023 39,030 45,053 45,053

   Life insurance contracts	92,835	40,805	133,640	0	133,640
   Non-life contracts for remaining coverage	4,039		4,039	248	4,287
   Non-life contracts for incurred claims and benefits	85		85	2,448	2,533
   Non-life insurance contracts	4,124	0	4,124	2,696	6,820
   Total insurance contracts	96,959	40,805	137,764	2,696	140,460
   - of which presented as assets	474	6	480		480
   - of which presented as liabilities	97,433	40,811	138,244	2,696	140,940
   Total insurance contracts	96,959	40,805	137,764	2,696	140,460

   General Model and Variable Fee Approach

   Insurance contracts under General Model and Variable Fee Approach (2026)

   30 June 2026 Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach

   - opening balance presented as assets	1,378	-100	-798	480
   - opening balance presented as liabilities	129,089	1,105	8,050	138,244
   Net opening balance	127,711	1,205	8,848	137,764
   - insurance contracts initially recognised in the year	-519	51	484	16
   - changes in estimates that adjust the contractual service margin	-17	-5	22	0
   - changes in estimates that do not adjust the contractual service margin	45	5		50
   Changes that relate to future service	-491	51	506	66
   - release to profit or loss		-66	-523	-589
   - experience adjustments not adjusting the contractual service margin	-29			-29
   Changes that relate to current service	-29	-66	-523	-618
   - changes in incurred claims and benefits previous years	-7			-7
   Changes that relate to past service	-7	0	0	-7
   - finance result through profit or loss	5,066	9	50	5,125
   - finance result recognised in OCI	622	6		628
   Finance result on insurance contracts	5,688	15	50	5,753
   - premiums received	5,431			5,431
   - acquisition costs paid	-353			-353
   - claims, benefits and attributable expenses paid	-6,797			-6,797
   Cash flows	-1,719	0	0	-1,719
   Foreign currency exchange differences	-48	-3	-1	-52
   Net closing balance	131,105	1,202	8,880	141,187
   - closing balance presented as assets	1,470	-107	-844	519
   - closing balance presented as liabilities	132,575	1,095	8,036	141,706
   Net closing balance	131,105	1,202	8,880	141,187

   Insurance contracts under General Model and Variable Fee Approach (2025)

   31 December 2025 Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach

   • opening balance presented as assets 1,158 -89 -660 409

     Net opening balance

     135,331

     1,289

     7,950

     144,570

   • opening balance presented as liabilities 136,489 1,200 7,290 144,979

   • insurance contracts initially recognised in the year -828

   • changes in estimates that adjust the contractual service margin -1,243

   • changes in estimates that do not adjust the contractual service margin 42

     Changes that relate to future service -2,029

   • release to profit or loss

   • experience adjustments not adjusting the contractual service margin -88

     Changes that relate to current service -88

   • changes in incurred claims and benefits previous years 5

     Changes that relate to past service 5

   • finance result through profit or loss 3,977

   • finance result recognised in OCI -4,534

     Finance result on insurance contracts -557

   • premiums received 10,260

   • acquisition costs paid -673

   • claims, benefits and attributable expenses paid -13,382

     Cash flows

     -3,798

     0

     -5

     -3,803

   • changes in the composition of the group and other changes -3

     83

     137

     -9

     211

     -142

     -142

     -1

     -1

     29

     -148

     -119

     788

     1,106

     1,894

     -999

     -999

     0

     92

     92

     -5

     43

     0

     33

     76

     -1,141

     -88

     -1,229

     4

     4

     4,098

     -4,682

     -584

     10,260

     -673

     -13,382

     -8

     Other movements 3 -2 1

     Foreign currency exchange differences -1,156

     -31 -84 -1,271

     Net closing balance

     127,711

     1,205

     8,848

     137,764

   • closing balance presented as assets 1,378

     -100

     -798

     480

   • closing balance presented as liabilities 129,089

     1,105 8,050 138,244

     Net closing balance

     127,711

     1,205

     8,848 137,764

     Insurance contracts recognised in the period (2026)

     Onerous

     Other Insurance

     Insurance

     Total Insurance

     Composition of underlying items for insurance contracts

     31 December

     - debt securities			559	611
     - equity securities and investment funds			45,248	42,073
     - loans and other			2,333	2,369
     Total			48,140	45,053
     Contractual service margin Disaggregation of the contractual service margin by transition approach (2026) Contract issued after transition and full Modified retrospective retrospective Fair value 30 June 2026 approach approach approach				Total General Model and Variable Fee Approach
     Disaggregation of the contractual service margin by transition approach - opening balance	2,975	676	5,197	8,848
     - insurance contracts initially recognised in the year	484			484
     - changes in estimates that adjust the contractual service margin	-109	73	58	22
     Changes that relate to future service	375	73	58	506
     - release to profit or loss	-265	-61	-197	-523
     Changes that relate to current service	-265	-61	-197	-523
     Finance result	27	3	20	50
     Finance result through profit or loss	27	3	20	50
     Foreign currency exchange differences	6	-6	-1	-1
     Disaggregation of the contractual service margin by transition approach - closing balance	3,118	685	5,077	8,880

     Insurance	contracts	contracts	contracts	Fair value of underlying items	30 June 2026	2025
     contracts issued	issued	acquired	initially recognised

     30 June 2026

     Estimates of the present value of future cash inflows	-424	-5,441	0	-5,865
     - acquisition costs	12	300		312
     - claims, benefits and attributable expenses	427	4,607		5,034
     Estimates of the present value of future cash outflows	439	4,907	0	5,346
     Risk adjustment	1	50		51
     Contractual service margin		484		484
     Total insurance contracts initially recognised in the year	16	0	0	16
     Insurance contracts recognised in the period (2025) Onerous Insurance 31 December 2025 contracts issued		Other Insurance contracts issued	Insurance contracts acquired	Total Insurance contracts initially recognised
     Estimates of the present value of future cash inflows	-630	-7,351	0	-7,981
     - acquisition costs	31	556		587
     - claims, benefits and attributable expenses	639	5,927		6,566
     Estimates of the present value of future cash outflows	670	6,483	0	7,153
     Risk adjustment	3	80		83
     Contractual service margin		788		788
     Total insurance contracts initially recognised in the year	43	0	0	43

     Disaggregation of contractual service margin by transition approach (2025)

     Contract issued after

     Total General

     The Contractual Service Margin by remaining term provides the expected maturity of the balance sheet amount of the Contractual Service Margin at the end of the period. The actual release of the Contractual

     31 December 2025

     Disaggregation of the contractual service margin by

     transition and full retrospective

     approach

     Modified retrospective

     approach

     Fair value approach

     Model and Variable Fee Approach

     Service Margin that will be recognised in the profit and loss account in future years will differ as the release in future years will be impacted by the future development of the Contractual Service Margin due to new contracts sold, interest accreted and changes in estimates.

     transition approach - opening balance 2,508 755 4,687 7,950

   • insurance contracts initially recognised in the year 788 788

   • changes in estimates that adjust the contractual

   service margin 116 55 935 1,106

   Changes that relate to future service	904	55	935	1,894
   - release to profit or loss	-430	-124	-445	-999
   Changes that relate to current service	-430	-124	-445	-999
   Finance result	48	8	36	92
   Finance result through profit or loss	48	8	36	92
   Other movements	-5			-5
   Foreign currency exchange differences	-50	-18	-16	-84
   Disaggregation of the contractual service margin by transition approach - closing balance	2,975	676	5,197	8,848
   Contractual service margin by remaining term			30 June 2026	31 December 2025
   Less than 1 year			905	893
   1-2 years			780	760
   2-3 years			700	681
   3-4 years			634	619
   4-5 years			575	561
   5-10 years			2,031	2,023
   Over 10 years			3,255	3,311
   Total			8,880	8,848

   Liabilities for remaining coverage and incurred claims and benefits (2026)

   Liability for remaining coverage Liability for incurred claims and benefits Total General Model and Variable Fee Approach

   30 June 2026 Remaining coverage Loss component

   - opening balance presented as assets	542	-8	-54	480
   - opening balance presented as liabilities	136,533	301	1,410	138,244
   Net opening balance	135,991	309	1,464	137,764
   - release of contractual service margin	-523			-523
   - release of risk adjustment	-66			-66
   - expected claims and benefits	-2,918			-2,918
   - expected attributable expenses	-635			-635
   - recovery of acquisition costs	-225			-225
   - experience adjustments for premiums that relate to current or past service	-24			-24
   Insurance income	-4,391	0	0	-4,391
   - incurred claims and benefits			2,903	2,903
   - incurred attributable expenses			655	655
   - amortisation of acquisition costs	225			225
   - changes in incurred claims and benefits previous years			-7	-7
   - (reversal of) losses on onerous contracts	56			56
   Insurance expenses	225	56	3,551	3,832
   Investment components excluded from insurance expenses and insurance income	-3,345		3,345	0
   - finance result through profit or loss	5,120	2	3	5,125
   - finance result recognised in OCI	613		15	628
   Finance result on insurance contracts	5,733	2	18	5,753
   - premiums received	5,431			5,431
   - acquisition costs paid	-353			-353
   - claims, benefits and attributable expenses paid			-6,797	-6,797
   Cash flows	5,078	0	-6,797	-1,719

   Liability for remaining coverage Liability for incurred claims and benefits Total General Model and Variable Fee Approach

   30 June 2026 Remaining coverage Loss component

   Foreign currency exchange differences	-46 -1	-5	-52
   Net closing balance	139,245 366	1,576	141,187
   - closing balance presented as assets	585 -6	-60	519
   - closing balance presented as liabilities	139,830 360	1,516	141,706
   Net closing balance	139,245 366	1,576	141,187

   Remaining coverage includes risk adjustment and contractual service margin.

   Net opening balance	142,658	272	1,640	144,570
   - release of contractual service margin	-999			-999
   - release of risk adjustment	-142			-142
   - expected claims and benefits	-5,600			-5,600
   - expected attributable expenses	-1,304			-1,304
   - recovery of acquisition costs	-432			-432
   - experience adjustments for premiums that relate to current or past service	-17			-17
   Insurance income	-8,494	0	0	-8,494
   - incurred claims and benefits			5,550	5,550
   - incurred attributable expenses			1,322	1,322
   - amortisation of acquisition costs	432			432
   - changes in incurred claims and benefits previous years			4	4
   - (reversal of) losses on onerous contracts		37		37
   Insurance expenses	432	37	6,876	7,345
   Investment components excluded from insurance expenses and insurance income	-6,397		6,397	0
   - finance result through profit or loss	4,110	3	-15	4,098
   - finance result recognised in OCI	-4,689		7	-4,682
   Finance result on insurance contracts	-579	3	-8	-584
   - premiums received	10,260			10,260
   - acquisition costs paid	-673			-673
   - claims, benefits and attributable expenses paid			-13,382	-13,382
   - changes in the composition of the group and other changes	-5	-2	-1	-8
   Cash flows	9,582	-2	-13,383	-3,803

   Liabilities for remaining coverage and incurred claims and benefits (2025)		Liability for remaining coverage	Liability for incurred claims and benefits	Total General Model and Variable Fee Approach
   31 December 2025	Remaining coverage	Loss component
   - opening balance presented as assets	469	-9	-51	409
   - opening balance presented as liabilities	143,127	263	1,589	144,979

   Net closing balance	135,991	309	1,464	137,764
   - closing balance presented as assets	542	-8	-54	480
   - closing balance presented as liabilities	136,533	301	1,410	138,244
   Net closing balance	135,991	309	1,464	137,764

   		Liability for remaining coverage	Liability for incurred claims and benefits	Total General Model and Variable Fee Approach
   31 December 2025	Remaining coverage	Loss component
   Other movements			1	1
   Foreign currency exchange differences	-1,211	-1	-59	-1,271

   Remaining coverage includes risk adjustment and contractual service margin.

   Premium Allocation Approach

   Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2026)

   Liability for remaining coverage Liability for incurred claims and benefits Total Premium Allocation Approach Estimates of the present value of

   30 June 2026 Remaining coverage Loss component future cash flows Risk adjustment

   - opening balance presented as assets					0
   - opening balance presented as liabilities	247	4	2,344	101	2,696
   Net opening balance	247	4	2,344	101	2,696
   Insurance income	-1,581				-1,581
   - incurred claims and benefits			844	3	847
   - incurred attributable expenses			502		502
   - amortisation of acquisition costs	1				1
   - changes in incurred claims and benefits previous years			-1	-63	-64
   - (reversal of) losses on onerous contracts	-1				-1
   Insurance expenses	1	-1	1,345	-60	1,285
   - finance result through profit or loss			22		22
   - finance result recognised in OCI			-2		-2
   Finance result on insurance contracts	0	0	20	0	20
   - premiums received	1,749				1,749
   - acquisition costs paid	-1				-1
   - claims, benefits and attributable expenses paid			-1,257		-1,257
   Cash flows	1,748	0	-1,257	0	491
   Foreign currency exchange differences	-1		1		0
   Net closing balance	414	3	2,452	42	2,911
   - closing balance presented as assets					0
   - closing balance presented as liabilities	414	3	2,452	42	2,911
   Net closing balance	414	3	2,452	42	2,911

   Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2025)

   Liability for remaining coverage Liability for incurred claims and benefits Total Premium Allocation Approach Estimates of the present value of

   31 December 2025 Remaining coverage Loss component future cash flows Risk adjustment

   • opening balance presented as assets 0

   • opening balance presented as liabilities 225 2 2,295 40 2,562

   Net opening balance	225 2		2,295	40	2,562
   Insurance income	-3,023				-3,023
   - incurred claims and benefits			1,570	5	1,575
   - incurred attributable expenses			944		944
   - amortisation of acquisition costs	4				4
   - changes in incurred claims and benefits previous years			-21	59	38
   - (reversal of) losses on onerous contracts		2			2
   Insurance expenses	4	2	2,493	64	2,563
   - finance result through profit or loss			36		36
   - finance result recognised in OCI			5		5
   Finance result on insurance contracts	0	0	41	0	41
   - premiums received	3,044				3,044
   - acquisition costs paid	-4				-4
   - claims, benefits and attributable expenses paid			-2,486		-2,486
   Cash flows	3,040	0	-2,486	0	554
   Foreign currency exchange differences	1		1	-3	-1
   Net closing balance	247	4	2,344	101	2,696
   - closing balance presented as assets					0
   - closing balance presented as liabilities	247	4	2,344	101	2,696
   Net closing balance	247	4	2,344	101	2,696

2. ‌Subordinated debt‌

   The subordinated debt instruments have been issued to raise hybrid capital. Under IFRS-EU these debt instruments are classified as liabilities. They are considered capital for regulatory purposes. All subordinated debt is euro denominated.

3. ‌Derivatives

   Derivatives (assets)

4. Other liabilities

   Other liabilities

   30 June 2026

   31 December

   2025

   Derivatives used in:
   - fair value hedges		6
   - cash flow hedges	196	94
   - hedges of net investments in foreign operations	4	1
   Other derivatives	930	1,229
   Derivatives (assets)	1,130	1,330
   Other derivatives comprises derivatives for which no hedge accounting is applied. Derivatives (liabilities) 30 June 2026		31 December 2025
   Derivatives used in:
   - fair value hedges	4
   - cash flow hedges	1,674	2,564
   - hedges of net investments in foreign operations	1	2
   Other derivatives	1,024	1,794
   Derivatives (liabilities)	2,703	4,360

   30 June 2026

   31 December

   Income tax payable	140	52
   Net defined benefit liability	69	76
   Other post-employment benefits	3	3
   Other staff-related liabilities	87	85
   Other taxation and social security contributions	108	105
   Lease liabilities	273	269
   Accrued interest	275	351
   Costs payable	326	297
   Provisions	137	382
   Amounts to be settled	26	23
   Cash collateral amounts received	364	208
   Other	873	597
   Other liabilities	2,681	2,448

   2025

5. ‌Insurance income 14 Insurance expenses‌

Insurance income (2026)

1 January to 30 June 2026

Contracts issued after transition and full retrospective approach

Modified retrospective

approach

Fair value

approach Total

Insurance expenses General Model and Variable Fee Approach

1 January to

30 June 2026

1 January to

30 June 2025

Insurance expenses Premium Allocation Approach

1 January to

30 June 2026

1 January to

30 June 2025

Investment result

1 January to

30 June 2026

1 January to

30 June 2025

Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,203 million (1 January to 30 June 2025: EUR -266 million). These

‌gains (losses) are mostly offset by changes in fair value of underlying items as presented in 'Finance result on (re)insurance contracts'.

Dividend income on equity securities includes EUR 34 million of dividend relating to equity securities at fair value through Other Comprehensive Income held at 30 June 2026 (30 June 2025: EUR 62 million) and EUR 8 million of dividend relating to equity securities at fair value through Other Comprehensive Income derecognised during 2026 (1 January to 30 June 2025: EUR 2 million).

Impairments and reversal of impairments on investments by segment

Non-attributable operating expenses

1 January to

30 June 2026

1 January to

30 June 2025

1 January to

30 June 2026

1 January to

30 June 2025

‌Earnings per ordinary share shows earnings per share amounts for profit or loss attributable to shareholders of the parent. Earnings per ordinary share is calculated on the basis of the weighted average number of ordinary shares outstanding. In calculating the weighted average number of ordinary shares outstanding, own shares held by group companies are deducted from the total number of ordinary shares in issue.

Changes in the number of ordinary shares outstanding without a corresponding change in resources are taken into account, including if these changes occurred after the reporting date but before the annual accounts are authorised for issue.

Earnings per ordinary share

Amounts (in millions of euro) Weighted average number of

ordinary shares (in millions)

Per ordinary share (in euro)

1 January to

30 June 2026

1 January to

30 June 2025

1 January to

30 June 2026

1 January to

30 June 2025

1 January to

30 June 2026

1 January to

30 June 2025

Diluted earnings per share is calculated as if the share plans had been exercised at the beginning of the period and assuming that the cash received from exercised share plans was used to buy own shares against the average market price during the period. The net increase in the number of shares resulting from exercising share plans is added to the average number of shares used for the calculation of diluted earnings per share.