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NN N : Presentation annual general meeting NN Group N.V. 2026 (nn group presentation agm 2026)
NN N : Presentation annual general meeting NN Group N.V. 2026 (nn group presentation agm
About this update from Nn Group N.v.
Annual general meeting NN Group N.V. 21 May 2026 Agenda item 1. Opening Issued shares and voting rights On the Record Date, 23 April 2026, the issued capital of NN Group consisted of 263,000,000 ordinary shares No votes can be cast on 1,587,914 ordinary shares as those shares were held by NN Group on Record Date Consequently, a total of 261,412,086 votes are eligible for casting Agenda item 2. 2025 Annual Report Agenda item 4. Corporate Governance The world around us Geopolitical tensions Ukraine/Middle East Climate change Global economy Artificial Intelligence On track to deliver on our strategy Above market average NPS-r 1 by 2028 Engaged customers On track Above market average On track Top 3 Top 3 in market Broker satisfaction score (ITV 2 ) by 2028 Gender diversity in senior management positions 4 of ≥ 40% women and men by 2028 Above benchmark Employee engagement score 3 by 2028 Talented people On track Above benchmark On track 42% women 58% men Supporting the well-being of 2.5m people 8 by 2028 Investments in climate solutions 7 of EUR 13bn by 2030 Reduce GHG 5 emissions portfolio by 45% by 2030 Contribution to society On track 56% Corporate investments 6 On track EUR 13.7 bn On track 1.39 m people 6 1 Net Promoter Score (NPS-r) is measured for the business lines in the Netherlands and for the 9 International business units based on a four-quarter rolling average; The target score is related to the market average; 2 'Intermediair tevredenheidsscore' from IG&H, comparison with providers that operate in two or more of our main business lines to exclude monoliners and specialised providers; 3 The metric indicates how likely it is that someone will recommend NN as an employer; 4 Includes the Management Board and managerial positions in the two levels below; 5 GHG = Greenhouse Gas; 6 Reductions compared with portfolio financed emissions in tCo2 per EUR million invested at year-end 2021, reflecting underlying emissions of 2019; 7 The amount invested in climate solutions for the proprietary portfolio reflects the nominal value of green bonds and debt investments in certified green buildings and renewable energy, and the market value for direct and equity investments in certified green buildings, renewable energy and other investments; 8 Contributions to communities by supporting financial, physical and/or mental well-being, cumulative starting 2022. Future Ready will position NN for greater competitiveness and adaptability in a rapidly evolving landscape Increase operational efficiency Enhance customer experience Drive profitable growth Clear KPIs to measure the success FY25 Target 2028 AI Adoption 236 Data & AI number of AI use cases 300 Customer Experience (the Netherlands) 77% 80% Business Growth (International) 42% 50% of the Future Ready programme EUR 450m investments 1 (2024-2026) 2025: ~50% spent EUR 200m annual benefits 1 by 2027 2025: ~40% achieved Digital customer interactions % of sales coming from digital leads 2 Investments and benefits are reflected in 2028 targets APE from tied agent sales, excluding group policies 7 Excellent financial performance in 2025 Exceeding our 2025 OCG and FCF targets.. ..while maintaining a strong balance sheet and cash position.. ..and increasing distributions to shareholders Operating capital generation (EURm) 2025 2024 2,089 1,922 1,900 +9% Solvency II ratio (in %) 31 Dec 2025 31 Dec 2024 220% 194% Dividend per share (EUR) 2025 2024 3.88 3.44 +13% Free cash flow 1 (EURm) 2025 2024 1,620 1,519 1,600 +7% Cash capital position at Holding (EURm) 31 Dec 2025 31 Dec 2024 1,843 1,271 Share buyback 1 (EURm) 2025 2024 350 300 1. As announced in the year-end results of the respective year 8 On track for 2028 targets with improving growth profile due to ongoing business diversification 2020 Reported 1 2028 Target Growth of Insurance Europe and Netherlands Non-life improves quality of earnings mix… OCG 2 (EURbn) EUR 0.9bn EUR 2.2bn Netherlands Life Netherlands Non-life Insurance Europe Japan Life Banking …and diversifies free cash flow mix FCF 3 (EURbn) EUR 1.1bn EUR >1.8bn Netherlands Life Other segments Excludes the Asset Management business which was sold in April 2022; Banking OCG for 2020 was based on remittances which were suspended in accordance with the recommendation of the Dutch regulator 9 Defined as Own Funds generation (before eligibility) and SCR release (at 100%) FCF adjusted for remittances and capital injections classified as one-off; Chart reflects remittances from subsidiaries and excludes other items such as holding expenses and debt costs Operating capital generation grew by 9% in 2025 OCG by segment (EURm) FY25 FY24 Delta Netherlands Life 1,185 1,049 13% Netherlands Non-life 442 406 9% Insurance Europe 520 461 13% Japan Life 116 108 8% Banking 91 119 -24% Other -265 -221 OCG 2,089 1,922 9% FCF 1,620 1,519 7% IFRS (EURm) FY25 FY24 Delta Operating result 3,002 2,574 17% Net result 1,188 1,583 -25% Operating capital generation 2025 NL Life NL Non-life Insurance Europe Japan Life Banking +7% CAGR 1.6 OCG (EURbn) FCF (EURbn) +7% CAGR 2.1 1.6 1.2 2021 2025 2021 1 2025 Adjusted for the exclusion of NNIP (EUR 110m), a catch-up dividend of NN Bank due to Covid-19 and normalisation for Japan Life and segment Other 10 Strong balance sheet with high-quality investment portfolio Solvency ratio strong at 220% Solvency II ratio 25% 12% 5% 235% 220% 194% -15% 31 Dec 2024 OCG Market Other 1 Solvency Capital variance ratio flows before capital flows 31 dec 2025 Higher quality of capital Unit-linked issue resolved Longevity risk reduced Comfortable cash capital Cash capital position at Holding (31 December 2025) EUR 1.6bn 2 Low financial leverage Financial leverage ratio (31 December 2025) 17.4% 2 Financial Strength Rating S&P Global A+, Stable outlook Fitch 3 AA-, Stable outlook 2% 4% Other 5 Cash 5 Fixed income Government Mortgages Corporates Financials Other EUR 129bn 26% 80% 17% 6% 3% 28% 9% Equity 5% High-quality and conservative investment portfolio 4 (2025) Fixed income Real estate Other includes model and assumption changes, the change of non-available and non-eligible Own Funds and special items related to non-Solvency II regulated entities and the holding company, as well as the change in SCR as a result of asset portfolio changes Reported cash capital position at the Holding is EUR 1.8bn and reported financial leverage ratio of 18.0%. Pro forma ratio is corrected for the redemption of the untendered grandfathered RT1 notesof EUR 237m in 11 January 2026 Financial Strength Rating for Nationale-Nederlanden Levensverzekering Maatschappij N.V. Excluding banking. Market value, excluding separate account assets; mortgages originated by NN Bank are on amortised cost value; Other consists of fixed income mutual funds, (private) equity mutual funds and infrastructure equity mutual funds. Money market mutual funds are in line 'Cash' Highly-diversified private debt portfolio with strong oversight capabilities 5% 29% EUR 9bn 9% 10% Infrastructure Commercial real estate debt Industrials Government loans Healthcare Consumer Cyclicals Consumer Non-Cyclicals 21% Fund Financing Basic Materials Software Financials Technology Other 1 Diversified private debt portfolio (7% of investment portfolio, 31 December 2025) 2% 6% 7% Across diverse strategies (EURbn, 31 December 2025) Investment grade High yield CRE Infra Corporate lending >75% of book is Investment Grade and/or collateralised/government guaranteed 90% of exposure within Europe, <10% US Enhanced monitoring, including credit rating sample testing at loan level and strict limit frameworks 0.5 1.0 2.0 2.6 1.8 1.5 With small ticket sizes for high yield (HY) corporate lending (HY corporate loans, split by size, 31 December 2025) 7% 22% EUR 2bn 38% <5m 5m-10m 10m-30m 30m-60m 33% HY corporate lending exposure is predominantly BB/B 1 Largest sectors in 'Other' are 'Administrative and Support and Waste Management and Remediation Services', 'Education servci es' and 'Accommodation and food services' Attractive investor proposition Continuing strong business performance… Operating capital generation …translating to attractive capital return Strong business performance Ongoing business diversification EUR 2.1bn (2025) EUR 2.2bn (2028 Target) Free cash flow EUR 1.6bn (2025) EUR >1.8bn (2028 Target) Future growth to come from Netherlands Non-life and International Becoming future ready Improving competitiveness and adaptability Expense savings outpacing inflation Stable and predictable remittances for Netherlands Life until 2040, no cliff edge Attractive capital return Healthy balance sheet Group Solvency II ratio 220% (Dec 25) • Significant tiering headroom and leverage capacity Progressive dividend per share EUR 3.88 (2025) +13% versus 2024 Annual share buy back EUR 350m Up EUR 50m from EUR 300m Additional excess capital to be returned unless used for value-creating opportunities Preference for small incremental steps Wrapping up Financial security Agility & adaptability Future Ready Resilience Long-term focus Agenda item 2. 2025 Annual Report Agenda item 4. Corporate Governance Questions Agenda item 3. Sustainability Our sustainability approach Global warming Creating value for customers Electrification Environmental footprint Financial, physical and mental well-being Agenda item 3. Sustainability Questions Represented at today's AGM The present and represented share capital amounts to 72.80 % Agenda item 5. Proposal to give a positive advice on the 2025 Remuneration Report Voting item Remuneration at a glance Agenda item 5. Proposal to give a positive advice on the 2025 Remuneration Report Questions Agenda item 6. A 2025 annual accounts Proposal to adopt the annual accounts for the financial year 2025 Voting item AGM presentation NN Group N.V. 21 May 2026 Materiality Audit of the NN Group N.V. annual accounts 2025 Our reports Annual accounts Unqualified auditor's report on consolidated and parent company annual accounts Sustainability statement Unqualified assurance report limited assurance on sustainability information Communication Regular meetings with finance function, risk function, actuarial function, IT and corporate audit services Frequent communication with management and Supervisory Board Attended all Audit and Risk Committee meetings Key Audit Matters: Valuation of insurance contract liabilities under the General Measurement Model Valuation of illiquid investments No indications and/or reasonable suspicion of fraud or non-compliance that is considered material for our audit Audit of the annual accounts 2025 NN Group N.V. Approach Group audit - 16 component auditors Specialists used in the audit: Actuarial specialist IT specialist Investment valuation specialist Materiality of EUR 200 million (2024: EUR 200 million) 1% of shareholders' equity Misstatements exceeding EUR 10 million are reported to the Audit Committee Risk assessment Fraud risks: presumed risk of management override of controls and presumed risk of revenue recognition Non-compliance with laws and regulations (NOCLAR) risks: no reportable risk of material misstatement related to NOCLAR risks identified Going concern risks: no going concern risks identified Climate risks: we have considered the impact of climate-related risks on the annual accounts and identified no material risks 25 © 2026 KPMG Accountants N.V. a Dutch limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Agenda item 6. A 2025 annual accounts Proposal to adopt the annual accounts for the financial year 2025 Questions Agenda item 6. B Explanation of the dividend policy Agenda item 6. C Proposal to pay out dividend Voting item Agenda item 6. C Key dividend dates NN Group ordinary shares will be quoted ex-dividend on 25 May 2026 Record date for the dividend will be 26 May 2026 Dividend will be payable on 2 June 2026 Agenda item 6. B Explanation of the dividend policy Agenda item 6. C Proposal to pay out dividend Questions Agenda item 7. Release from liability 7. A Proposal to release the members of the Executive Board from liability for their respective duties performed during the financial year 2025 7. B Proposal to release the members of the Supervisory Board from liability for their respective duties performed during the financial year 2025 Voting items