Earnings release
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Strong financial and commercial performance across NN Group for the first half of 2021 ● On track to deliver on financial targets Operating capital generation increased to EUR 780 million from EUR 543 million in the first half of 2020 , mainly reflecting strong business performance at all segments Operating result increased to EUR 1,119 million from EUR 926 million in the first half of 2020 , with almost all segments reporting higher results Net result of EUR 1,414 million compared with EUR 587 million in the first half of 2020 ● NNN Continued commercial momentum ; sustained high employee engagement ; improved ESG - integrated AuM Value of new business of EUR 242 million , up 98 % on the first half of 2020 , mainly driven by improved sales at Japan Life and Insurance Europe NN Bank originated EUR 4.4 billion of new mortgages in the first six months ; Net third - party inflows at NN IP of almost EUR 4 billion ● ● Press Release 12 August 2021 ● Assets under Management DC business increased to EUR 27.4 billion from EUR 24.6 billion at 31 December 2020 Implementing initiatives to enhance customer satisfaction , with 3 of our insurance businesses scoring an above market average Net Promotor Score Employee engagement remains high with an overall score of 7.8 , progressing with hybrid way of working ESG - integrated Assets under Management up at 75 % ; continued progress implementing net - zero ambition Solid balance sheet ; delivering on our commitment to attractive capital returns to shareholders NN Group Solvency II ratio of 209 % versus 210 % at 31 December 2020 , mainly reflecting capital flows to shareholders and a reduction of the UFR , partly offset by operating capital generation and market variance Cash capital position at the holding increased to EUR 1,533 million in the first half 2021 , mainly reflecting remittances from subsidiaries , partly offset by capital flows to shareholders 2021 interim dividend of EUR 0.93 per ordinary share¹ ) or approximately EUR 287 million Statement of David Knibbe , CEO ' We are reporting strong financial and commercial results for the first half of 2021 and we are making good progress in implementing our strategy to achieve resilient and growing long - term capital generation . We saw higher sales at Japan Life and Insurance Europe , with markets recovering as Covid - 19 restrictions are easing and agents and brokers are moving sales online . The impact of the pandemic has also highlighted protection shortfalls that affect people's livelihoods and health . Higher awareness of risk and vulnerability leads to an increased demand for such protection products . This has supported the increase in value of new business that almost doubled compared with the first six months in 2020. Our other units also continued to show commercial momentum . Our asset manager NN Investment Partners ( NN IP ) attracted new mandates , with net third - party inflows of almost EUR 4 billion . In addition , we saw a further growth of NN IP's ESG - integrated , sustainable and impact strategies in the first half of the year . The Dutch housing market is still buoyant , which is driving the high volume of mortgage origination . In the first six months of the year , almost 17 thousand new mortgages for a total amount of EUR 4.4 billion were originated by NN Bank . At the same time , we are optimising our performance in Life and Non - life , for example by shifting to higher - yielding assets . The integration of VIVAT Non - life is well on track . In the first six months we migrated 90 % of the EUR 800 million of VIVAT premiums to NN systems . Our base case is organic growth , however we regularly assess our portfolio with the aim to strengthen market positions . In this context , the acquisition of MetLife's businesses in Poland and Greece , which we announced in July , will reinforce our position in life and pensions in Poland and create the market leading life insurance company in Greece . We also reached an agreement to acquire a 70 % stake in Heinenoord , one of the largest service providers and brokers in the Netherlands , through which we will secure our leading Non - life position by responding to the ongoing broker service consolidation . In February , we divested our company in Bulgaria , as the new owner is better positioned to further develop this pension and life business . For our asset manager NN IP , we are currently reviewing NN Group Press Release - 1H21 , 12 August 2021 1