- Robust capital position further strengthened; strong sales growth
- Successful IPO of NN Group, and subordinated debt issuances of EUR 2 billion in total
- Operating result ongoing business of EUR 257 million, down 6.2% from 2Q13 on lower operating income at Netherlands Life, partly compensated by a reduction of holding expenses and funding costs; year-to-date operating result ongoing business is up 22.4%
- Net result improved significantly to EUR 252 million from EUR 39 million in 2Q13, driven by positive hedge results at Japan Closed Block VA and higher revaluations
- Capital position further strengthened; IGD ratio at 272% and holding company cash capital increased to EUR 1,156 million
- Cost reductions drive total administrative expenses down; on track to achieve EUR 200 million expense reduction target by 2016
- Strong commercial performance reflected in year-on-year sales growth in Japan Life and Insurance Europe, as well as higher pension contract renewals in Netherlands Life
- Assets under management at Investment Management EUR 177 billion, up 5.4% compared with the end of 1Q14, driven by market performance and net inflows

Statement of Lard Friese, CEO
"Today we announce our first set of results after the successful listing of our company. The IPO of NN Group on 2 July was a major milestone, and represents the final step in our journey to become a standalone company. The success of our IPO reflects investor appetite for our business, a committed management team and an attractive investment proposition with a focus on capital generation and earnings improvement. NN Group delivered a solid performance and will continue to focus on delivering its strategic objectives.

Our cash capital position at the holding company substantially improved over the quarter due to dividend received from operating entities and a pre-IPO capital injection. In addition, the successful issuance of EUR 2 billion of subordinated debt in April and July, together with strong capital generation in the first half of the year, mark important steps in further strengthening our robust capital position.

Strong new sales growth was driven by Japan Life, Insurance Europe and higher pension contract renewals in Netherlands Life. Our continued client focus is increasingly being recognised. Nationale-Nederlanden has received the 'Keurmerk Klantgericht Verzekeren', a quality mark for customer focused insurance in the Netherlands.

At the same time, we have reduced expenses. We have made encouraging progress on the cost reduction programme in the Netherlands as so far this year we have realised EUR 75 million savings of our 2016 EUR 200 million expense reduction target. We are well positioned to achieve our strategic and operational objectives."

NN Group key figures
In EUR million 2Q14 2Q13 Change 1Q14 Chang 6M2014 6M2013 Change
Operating result ongoing business 257 274 -6,2% 295 -12,9% 551 450 22,4%
Net result 252 39 546,2% -215 37 1.132 -96,7%
Net operating ROE ongoing business 8,7% 10,7% 9,9% 9,3% 9,9%
IGD Solvency I ratio 272% 255% 245% 272% 255%
New sales life insurance (APE) 305 266 14,7% 439 -30,5% 744 664 12,0%

Investment Management AuM (end of period, in EUR billion) 176 176 0,6% 168 5,4% 177 176 0,6%