NN Group: Net profit triples to €1.07 billion in first half 2026
NN Group published its first half 2026 results on August 6, 2026, marked by a significant improvement in net income, driven by a reduction in unfavorable non-operating items.
Beyond the surge in profit, the publication confirms the strength of the Dutch group's capital, with an increased Solvency II ratio and growing operational capital generation.
Net income of €1.07 billion versus €391 million a year earlier
NN Group posted net income of €1,066 million in the first half of 2026, compared to €391 million in the first half of 2025, representing a near threefold increase. Basic earnings per share came in at €3.93, versus €1.31 a year earlier.
Operating income increased to €1,507 million, compared to €1,443 million in the first half of 2025. The most significant variance, however, stems from non-operating items, with the negative balance narrowing to -€97 million, versus -€678 million a semester earlier, notably thanks to positive revaluations of €269 million (versus -€429 million).
By business segment, Netherlands Life reported operating income of €801 million, Insurance Europe €345 million and Netherlands Non-life €249 million. Gross premiums written totaled €7,449 million, compared to €7,462 million a year earlier.
Solvency II ratio increases, capital generation progresses
NN Group's Solvency II ratio reached 224% as of June 30, 2026, compared to 220% at end-2025 and 208% at end-June 2025. The group notes that as of the first half 2026 reporting period, NN Bank is excluded from this ratio calculation.
Operational capital generation stood at €1,073 million for the semester, compared to €1,020 million in the first half of 2025. Netherlands Life contributed €605 million, Insurance Europe €299 million and Netherlands Non-life €168 million.
The holding's cash position totaled €1,738 million at period end, compared to €1,843 million at end-2025. Dividend remittances from subsidiaries totaled €1,115 million for the semester, while cash flows to shareholders represented -€790 million.
The net contractual service margin (CSM) stood at €7,921 million as of June 30, 2026, compared to €7,854 million at the opening of the period, with positive organic movement of €155 million and new business contributing €504 million.
The combined ratio for Netherlands Non-life came in at 90.5%, compared to 91.2% in the first half of 2025, a level below 100% reflecting technically profitable insurance operations.
Basic earnings per share amounted to €3.93 for the semester. Based on analyst consensus for the current fiscal year, the stock trades at approximately 9.9 times expected earnings.
