NN N : Group reports strong results, continued growth and commercial momentum

Statement of David Knibbe, CEO

'The strong results we report today show that, amid a globally volatile first half year of 2025, we continue to deliver on our strategy. With these results, we are creating a foundation for future growth, as announced during our Capital Markets Day on 27 May 2025. Operating capital generation increased 6% to EUR 1,020 million in the first half of 2025, compared with EUR 959 million in the first half of 2024, driven by higher OCG from Netherlands Life and continued business growth of Insurance Europe as well as Netherlands Non-life, partially offset by Banking due to lower interest margins, Japan and the segment Other. Our capital position increased with a Solvency II ratio of 208%, or 205% on a pro-forma^1,2 basis, from 194% at the end of 2024, reflecting favourable market conditions, strong organic capital generation and a new longevity reinsurance agreement.

We saw continued strong commercial results, across markets. Value of new business in Europe and Japan increased with respectively 11% and 25%, highlighting the strength of our diverse businesses and customer dedication. Customer satisfaction continued its positive trajectory, particularly in international markets. We rank overall number 1 in Dutch broker satisfaction. Improved distribution and higher demand drove stronger sales across Europe, notably in Greece, Poland, and Slovakia. NN Japan recorded significant sales growth due to launch of a long-term savings product. In the Netherlands, the Non-life activities achieved a combined ratio of 91.2%. Our pension administrator AZL achieved a major milestone by transitioning the first pension fund to its new platform consistent with the new Dutch pension legislation. We expect more customers to follow soon.

To enhance our digital presence and operational efficiency, while maintaining a strong emphasis on customer experience and growth, targets were introduced. We launched our Future Ready programme, designed to transform NN Group by emphasising AI, standardisation, automation, and re-use. This transformation aims to improve customer experiences, drive growth, and generate approximately EUR 200 million in annual benefits by 2027. Early adoption of AI provided a foundation for measurable outcomes. We are making significant progress towards our goal of generating 50% of new sales from digital leads in Insurance Europe by 2028, having reached 40% in the first half of 2025, up from 36% in 2024. Furthermore, we currently have 191 AI use cases in production compared with 148 cases at the end of 2024, with all business units reporting strong progress.

Our focus remains firmly on our customers, people and our contribution to society. In addition to maintaining net-zero targets across investments, own operations, and insurance underwriting, we reinforced our dedication to supporting a more sustainable economy and society by publishing our new Biodiversity Plan in January and updating both our Climate Action Plan and Active Ownership Report in April. Total investments in climate solutions increased to EUR 14.3 billion as of 30 June 2025. We are also pleased to note that our employee engagement scores remain high.

In line with our attractive dividend policy, we will pay an interim dividend of EUR 1.38 per share.'