NN Group reports 4Q19 and 2019 results

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Algemeen advies 13/02/2020 07:37
Solvency II ratio 218%, final dividend of EUR 1.40 per share
4Q19 operating result increased to EUR 428 million from EUR 343 million in 4Q18, reflecting improved results at almost all segments; Full-year 2019 operating result of EUR 1,794 million, up 10.3% from 2018
4Q19 net result of EUR 329 million versus EUR -533 million in 4Q18 which included a goodwill impairment; Full-year 2019 net result of EUR 1,962 million versus EUR 1,117 million in 2018
Further cost savings of EUR 36 million in 4Q19, bringing total cost reductions to EUR 360 million versus the full-year 2016 administrative expense base
Full-year 2019 value of new business of EUR 358 million, down 8.3% from 2018, reflecting lower sales in Japan due to a tax change, partly offset by an improved business mix and higher life and pension sales at Insurance Europe
Customer satisfaction improved in 2019; NN Group Net Promoter Score increased to +4 versus -1 in 2018
Solvency II ratio of 218% reflects operating capital generation and positive market impacts, partly offset by the deduction of the proposed 2019 final dividend
Holding company cash capital increased to EUR 1,989 million in the fourth quarter of 2019, reflecting net remittances received from subsidiaries, and cash outflow to repurchase own shares
2019 final dividend proposal of EUR 1.40 per ordinary share (EUR 448 million), bringing the full-year 2019 dividend to EUR 2.16 per ordinary share (EUR 698 million)
Share buyback programme of EUR 250 million to be completed within 12 months, anticipated to commence on 2 March 2020
Updated dividend policy consisting of a progressive dividend per share and a recurring annual share buyback of at least EUR 250 million

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