Operating result increased to EUR 468 million from EUR 313 million in 1Q18, which reflected the negative impact of a storm in January 2018, while the current quarter benefited from a dividend from an indirect stake in the former ING Life Korea
Net result of EUR 512 million, up from EUR 399 million in 1Q18
Further cost reductions of EUR 20 million in 1Q19; total cost reductions achieved to date of EUR 310 million versus the full-year 2016 administrative expense base
Total new sales (APE) of EUR 945 million, up 72% from 1Q18 at constant currencies, reflecting higher sales in Japan and a higher volume of group pension contracts in the Netherlands
Solvency II ratio of 213% reflects unfavourable movements in credit spreads and interest rates, the deduction of the EUR 500 million share buyback as well as a reduction of the UFR, partly offset by operating capital generation and positive equity revaluations
Holding company cash capital at EUR 2,048 million

Statement of Lard Friese, CEO
‘The year 2019 started off well with NN Group reporting an operating result for the first quarter of EUR 468 million.
Netherlands Life, Netherlands Non-life and Japan Life posted solid results, while we saw some pressure on the results
of Insurance Europe, Asset Management and Banking. We continued to make progress towards our expense
reduction target of EUR 400 million by the end of 2020. This quarter we reduced administrative expenses by
EUR 20 million through further realisation of efficiencies bringing our total expense reduction to EUR 310 million by
the end of the first quarter of 2019.
Our commercial momentum was strong as demonstrated by a 72% increase in new sales versus the same quarter
last year. All segments contributed to this increase, especially in Japan where higher sales were the result of strong
sales efforts as well as customer expectations of a revision of tax rules for COLI (corporate-owned life insurance)
products. In addition, NN Investment Partners reported positive net flows, in total as well as in third party business.
We operate in a heavily regulated environment and often have to navigate changes in local markets. In April, the
Japanese National Tax Agency published a proposal for a revision of the tax treatment of certain COLI products, and
changes are anticipated for the pension systems in Romania and Poland. We are experienced in coping with such
developments given our in-depth knowledge of the local markets and by differentiating ourselves with continuous
product innovation, sales support and high-quality training programmes for distribution partners.
Our capital position remains strong with a Solvency II ratio of 213% and a cash capital position of EUR 2,048 million
at the end of the first quarter.
We continued to integrate ESG (environmental, social, and governance) factors into our investment decisions, and
actively engage with a variety of companies in our portfolios. To strengthen our engagement efforts with palm oil
companies, we joined forces with other asset managers in the Netherlands and became a member of the Roundtable
on Sustainable Palm Oil in the first quarter. NN Investment Partners continued to actively raise the issue of climate
change with various parties, including oil and gas companies.
Going forward, our focus remains on the integration process of the various Delta Lloyd and NN businesses in the
Netherlands and Belgium, as well as on further driving growth and improving the customer experience through
innovation and our client centric approach. We plan to organise a capital markets update for NN Group in the
Netherlands on 4 December 2019.’

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