Slides
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NN Group FY25 Results 12 February 2026 Exceeding 2025 targets and enhancing capital return
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David Knibbe, CEO NN Group Our path of future ready growth
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Key takeaways Exceeding our 2025 targets with OCG of EUR 2.1bn and FCF of EUR 1.6bn NN Group Solvency II ratio strongly up to 220% Future ready programme well on track and yielding significant benefits with ~40% of the EUR 200m annual targeted benefits already realised Excellent commercial success in growth segments with VNB up 16% for Insurance Europe and 25% for Japan, as well as 6% premium growth in Non-life 3 Further strengthening our investor proposition by increasing our DPS by 13% to EUR 3.88 and stepping up the annual share buyback to EUR 350m
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Exceeding our 2025 financial targets… OCG beats target driven by strong business performance OCG (EURm) Free cash flow above target FCF (EURm) Supported by a high-quality balance sheet Solvency II ratio (%, 31 December 2025) • Higher quality of capital • Unit-linked issue resolved • Longevity risk reduced 1,584 2,089 1,900 2021 2025 2025 Target +7% CAGR 1,232 1,620 1,600 20211 2025 2025 Target +7% CAGR 220% 1 Adjusted for the exclusion of NNIP (EUR 110m), a catch-up dividend of NN Bank due to Covid-19 and normalisation for Japan Life and segment Other 4
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1.51 1.55 1.66 1.90 2.16 2.33 2.49 2.79 3.20 3.44 3.88 0.57 2014 2016 2018 2020 2022 2024 2026 2028 …and stepping up the capital return… 1 Reflects total dividend amounts on a cash out basis and share buyback amounts based on the year that the programme commences; 2026-2028 dividends and share buybacks in this graph are indicative and in line with our capital return policy of a progressive dividend per share and annual share buyback of at least EUR 350m 2 Dividend per share in EUR based on declared amounts in book year 3 Based on closing share price on 31 December 2025 Dividend per share2 Share buyback Dividend 15 10 EUR 100m incremental step-up in capital return beyond progressive dividend policy… …accelerates continuously compounding capital return Accumulated payout to shareholders1,2 (EURbn) Annual share buyback EUR 350m Up EUR 50m from EUR 300m Dividend per share EUR 3.88 (2025) +13% versus 2024 5
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Engaged customers Above market average NPS-r1 by 2028 …whilst maintaining active engagement with customers, employees and society Talented people Contribution to society Above benchmark Employee engagement score3 by 2028 Gender diversity in senior management positions4 of ≥ 40% women and men by 2028 Investments in climate solutions7 of EUR 13bn by 2030 Reduce GHG5 emissions portfolio by 45% by 2030 Supporting the well-being of 2.5m people8 by 2028 42% women 58% men Above benchmark 56% Corporate investments6 EUR 13.7bn 1.39m people On track 1 Net Promoter Score (NPS-r) is measured for the business lines in the Netherlands and for the 9 International business units based on a four-quarter rolling average; The target score is related to the market average; 2 ‘Intermediair tevredenheidsscore’ from IG&H, comparison with providers that operate in two or more of our main business lines to exclude monoliners and specialised providers; 3 The metric indicates how likely it is that someone will recommend NN as an employer; 4 Includes the Management Board and managerial positions in the two levels below; 5 GHG = Greenhouse Gas; 6 Reductions compared with portfolio financed emissions in tCo2 per EUR million invested at year-end 2021, reflecting underlying emissions of 2019; 7 The amount invested in climate solutions for the proprietary portfolio reflects the nominal value of green bonds and debt investments in certified green buildings and renewable energy, and the market value for direct and equity investments in certified green buildings, renewable energy and other investments; 8 Contributions to communities by supporting financial, physical and/or mental well-being, cumulative starting 2022. Top 3 in market Broker satisfaction score (ITV2) by 2028 Above market average Top 3 On track On trackOn track On track On trackOn track 6
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Future Ready will position NN for greater competitiveness and adaptability in a rapidly evolving landscape 1 Investments and benefits are reflected in 2028 targets 2 APE from tied agent sales, excluding group policies Clear KPIs to measure the success of the Future Ready programme FY25 Target 2028 AI Adoption Data & AI number of AI use cases 236 300 Customer Experience (the Netherlands) Digital customer interactions 77% 80% Business Growth (International) % of sales coming from digital leads2 42% 50% EUR 200m annual benefits1 by 2027 2025: ~40% achieved EUR 450m investments1 (2024-2026) 2025: ~50% spent 7 Increase operational efficiency Enhance customer experience Drive profitable growth
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Selected new use cases STP car damage claims handling Tied agent training using avatars AIReply • Fully automated processing of motor claims where liability assessment is required • Entire process handled automatically: liability assessment, regress to liable insurer, and repair referral • Streamlined system reduces manual work and speeds up service for higher customer satisfaction • AI supported coaching of tied agents • Data indicates that use of standardised scripts increases conversion rates • Engage in practising complex scenarios to enhance the quality of client interactions • Scalable across 9,000 agents in our operations • AIReply drafts email replies using historical data, email response templates and internal knowledge banks • 93% of incoming emails can be addressed using an AI-generated reply. • The solution has the potential to be extended to communication channels beyond email Result: The customer completes the administrative process with NN in just a few minutes, resulting in higher customer satisfaction at lower costs Result: Increased sales conversion, improved agent retention lowering training expenses, and higher customer satisfaction Result: Free up customer service agent’s time, so they can focus on valuable customer interactions 8
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Europe continues to be strong with 16% increase in VNB VNB (EURm) 219 254 295 2023 2024 2025 +16% Excellent and continued commercial success from our growth segments Significant sales recovery of 25% in Japan VNB (EURm) 6% GWP growth in Non-life, surpassing EUR 4bn GWP (EURbn) • Combined ratio at 92.9%, within our target range of 91-93% 2024 2025 53 66 +25% Long-term savings Protection Cash value insurance 2023 2024 2025 3.8 4.0 4.2 +6% 9
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Simple, capital light offering • Capital light business model with limited spread income • Protection portfolio covering term life, credit life, disability and health • Small-ticket size • Increasing awareness of need for protection • Pension portfolio focussed on Pillar 2 and Pillar 3 • Attractive fee-based business • Large addressable market • Contributes to strong brand presence We are growing our capital light European business Focussing on growing protection sales… APE (2015-2025) …at attractive new business margins (in %) Protection Unit-linked Pension Traditional savings +11% Protection Other 9% 3% Multichannel distribution network... APE1 (2025) …in underpenetrated markets2 36% 36% 29% Tied agents Bancassurance Broker and directEUR 972m 1 APE from Life, Non-life and pensions business 2 OECD date 2024 OECD BE SP CZ GR PL HU SK RO 9% 8% 5% 3% 2% 2% 2% 2% 1% 10
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Unlocking growth in Dutch immediate annuity market Decumulation inflows set to grow 10-15% per year DC decum gross inflow (EURbn) • Attractive annuity growth driven by strong conversion, digital distribution, high customer satisfaction and tailwinds from the pension reform • Additional investments in new, digital solutions to capitalise on the growing decumulation market DC decumulation AUM growth accelerates DC decum AUM (EURbn) • Historic AUM growth was limited due to the runoff of a legacy retail portfolio, which will be largely completed by 2030 Total AUM in DC continue upward trajectory DC AUM (EURbn) • Market leader in DC • Retaining existing and attracting new customers • High customer satisfaction • Targeted pricing strategy • ~15-20bps margin on AUM 2020 2025 2030E 0.5 0.8 1.4 2020 2025 2030E 6 7 10 Legacy retail portfolio Current decumulation products 25 43 2020 2025 2030E 65-70 11
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Diversifying growth, future ready and capital return Strong business diversification improving growth profile OCG Becoming future ready Delivering on enhanced capital return commitment 1 Excludes the Asset Management business which was sold in April 2022; Banking OCG for 2020 was based on remittances which were suspended in accordance with the recommendation of the Dutch regulator 2 APE from tied agent sales, excluding group policies EUR 2.2bn 2020 Reported1 2028 Target EUR 0.9bn EUR 350m EUR 3.88 Progressive DPS +13% versus 2024 Annual share buyback Up EUR 50m from EUR 300m 12 NL Life NL Non-life Insurance Europe Japan Life Banking Customer experience (NL) Digital customer interactions in 2028 AI adoption Data & AI use cases in 2028 Business growth Sales coming from digital leads2 in 2028 300 cases 80% 50%
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Annemiek van Melick, CFO NN Group Excellent financial delivery
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Excellent financial delivery 1 As announced with the full year results …and increasing capital distributions to shareholders ...while maintaining a healthy balance sheet and cash position... Operating capital generation (EURm) Continuing our OCG and FCF growth… 1,922 1,902 2024 2023 1,900 Free cash flow (EURm) Solvency II ratio (in %) Cash position at Holding (EURm) 31 Dec 2024 31 Dec 2023 194% 197% Dividend per share (EUR) Share buyback2 (EURm) 3.44 3.20 2024 2023 +8% 300 300 2024 2023 1,271 971 31 Dec 2024 31 Dec 2023 1,620 1,519 2025 2024 1,900 Operating capital generation (EURm) 2,089 1,922 2025 2024 Solvency II ratio (in %) Cash capital position at Holding (EURm) 31 Dec 2025 31 Dec 2024 220% 194% Dividend per share (EUR) Share buyback1 (EURm) 3.88 3.44 2025 2024 +13% 1,843 1,271 31 Dec 2025 31 Dec 2024 350 300 2025 2024 14
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Solvency ratio strong at 220% 1 Reported Solvency II ratio 208% at 30 June 2025. Pro forma ratio is corrected for the untendered grandfathered RT1 notes of EUR 237m that are no longer included in the Solvency ratio as of 31 December 2025; 2 Eligible Own Funds and Solvency Capital Requirement; 3Other includes model and assumption changes, the change of non-available and non-eligible Own Funds and special items related to non-Solvency II regulated entities and the holding company, as well as the change in SCR as a result of asset portfolio changes EOF2 (EURbn) SCR2 (EURbn) 1.0 0.7 0.3 -0.6 17.9 19.9 19.3 30 June 2025 -0.0 Operating capital generation 0.0 Market variance 0.1 Other3 Solvency ratio before capital flows Capital flows 31 Dec 2025 8.7 8.8 8.8 -7% • 2H25 operating capital generation of EUR 1.1bn adds 13%-points to the Solvency II ratio • Positive markets impact, driven mainly by swap curve movements and tighter spreads on government bonds and mortgages, partly offset by negative equity variance • Other reflects a methodology change for non- available own funds calculation, partially offset by model and assumption changes • Capital flows consist of the 2025 final dividend • Netherlands Life also reports a strong Solvency II ratio of 223% at year-end 2025. 220%Solvency ratio 205%1 13% 227% 2%7% 15
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High-quality private debt portfolio with significant oversight capabilities High-quality private debt portfolio (7% of investment portfolio, 31 December 2025) Focus on risk-adjusted returns and capital preservation • Access to attractive investments through diverse funds, managed accounts and mandates • Asset managers have time to put commitments to work; gradual build up avoids adverse incentives • Enhanced monitoring, including credit rating sample testing at loan level and strict limit frameworks Balanced risk profile • Well-diversified portfolio by asset class, sectors, tenors and ratings • Geographical focus on Western Europe • ~60% of exposure investment grade • >50% of exposure collateralised or government guaranteed 47% 26% 18% 9% Corporate Infrastructure Commercial real estate Government Guaranteed EUR 9bn ~60% ≥BBBRating Region Europe US Other 16
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OCG1 by segment (EURm) FY25 FY24 Delta Netherlands Life 1,185 1,049 13% Netherlands Non-life 442 406 9% Insurance Europe 520 461 13% Japan Life 116 108 8% Banking 91 119 -24% Other -265 -221 OCG 2,089 1,922 9% Strong underlying growth supported by one offs OCG at EUR 2.1bn, up 9% versus 2024 • Netherlands Life benefitted from more favourable experience variances and higher investment returns • Netherlands Non-life reflects solid portfolio growth, bolstered by benign weather and lower capital consumption following reinsurance renewals • Insurance Europe’s OCG continues to grow, driven by growth in new business and aided by favourable market conditions for the pension businesses • In Japan the higher new business strain from sales recovery was more than offset by positive claims variance and a reinsurance transaction • Banking OCG decreased reflecting lower interest margin, partially offset by net positive non-recurring items • OCG for segment Other decreased due to higher debt costs and a lower return on cash 1 Operating capital generation is the movement in the solvency surplus (Own Funds before eligibility constraints over SCR at 100%) in the period due to operating items, including the impact of new business, expected investment returns in excess of the unwind of liabilities, release of the risk margin, operating variances, non-life underwriting result, contribution of non-Solvency II entities and holding expenses and debt costs and the change in the SCR. It excludes economic variances, economic assumption changes and non-operating expenses 17
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Operating result benefiting from a higher investment result Operating result (EURm) FY25 FY24 Netherlands Life 1,787 1,368 Netherlands Non-life 393 364 Insurance Europe 639 559 Japan Life 170 203 Banking 117 189 Other -105 -108 Operating result 3,002 2,574 Non-operating items & special items -1,334 -609 Acquisition intangibles and result on divestments -160 -28 Result before tax 1,509 1,936 Taxation & minority interest 320 354 Net result 1,188 1,583 832 31 Dec 24 New business CSM 173 Underlying return on in-force -887 CSM release 505 Other movements 31 Dec 25 7,231 7,854 2% Organic CSM growth 18 • Netherlands Life: Higher investment result, as well as higher profit margin and technical result • Netherlands Non-life: Favourable claims development including benign weather • Insurance Europe: Continued organic business growth and favourable market conditions for the pension business • Japan Life: Lower in-force release not yet compensated by sales recovery • Banking: Lower interest result Below the line items reflect revaluations on derivatives used for hedging purposes, realised losses on government bond sales, costs related to Future Ready and the closing of the sale of the Turkish operations
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FCF: EUR 1,620m1,271 1,606 2,014 217 237 31 December 2024 Remittances from subsidiaries -17 Capital injections -376 Other1 21 Cash divestment proceeds -48 Acquisitions -1,239 Capital flows to shareholders Change in debt and loans 31 December 2025 1,843 …contributing to a strong cash capital position Cash capital at Holding (EURm) Delivered EUR 1.6bn free cash flow in 2025, above target 1 Other includes interest on subordinated loans and debt, holding company expenses and other cash flows Continued yoy FCF growth… FCF (EURbn) 2024 2025 2028 Target 1.5 1.6 >1.8+7% Repayment RT1 notes in January 2026 19
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Progressive dividend per share EUR 3.88 (2025) +13% versus 2024 Annual share buy back EUR 350m Up EUR 50m from EUR 300m • Additional excess capital to be returned unless used for value-creating opportunities • Preference for small incremental steps Strong business performance Becoming future ready Ongoing business diversification Group Solvency II ratio 220% (Dec 25) • Significant tiering headroom and leverage capacity Operating capital generation EUR 2.1bn (2025) EUR 2.2bn (2028 Target) Free cash flow EUR 1.6bn (2025) EUR >1.8bn (2028 Target) Continuing strong business performance… Eyes set on 2028 targets with enhanced capital return …translating to attractive capital return Attractive capital return Healthy balance sheet • Improving competitiveness and adaptability • Expense savings outpacing inflation • Future growth to come from Netherlands Non-life and International • Stable and predictable remittances for Netherlands life until 2040, no cliff edge 20
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…which will fund increased shareholder returns, whilst maintaining flexibility Continuing excess cash build-up, retaining flexibility Projecting to accumulate over EUR 8bn of remittances between 2025 and 2028… 1 Capital returns allocated to the financial year to which they relate, rather than the year of outflow. Additional capital return committed is calculated as the impact of a EUR 50m increase in the annual share buyback to EUR 350m and an additional EUR 50m increase in dividends, compounding over 4 years. 1 Holding costs and debt costs 2 Existing commitments to capital markets 3 Additional EUR >400m committed to shareholders over 4 years1 4 Intention not to refinance EUR 600m of senior debt used to finance the DL acquisition in 2017 5 EUR >500m residual excess cash build-up 1 2 3 4 5 EUR >8bn 21
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Wrap up
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Key takeaways Exceeding our 2025 targets with OCG of EUR 2.1bn and FCF of EUR 1.6bn NN Group Solvency II ratio strongly up to 220% Future ready programme well on track and yielding significant benefits with ~40% of the EUR 200m annual targeted benefits already realised Excellent commercial success in growth segments with VNB up 16% for Insurance Europe and 25% for Japan, as well as 6% premium growth in Non-life 23 Further strengthening our investor proposition by increasing our DPS by 13% to EUR 3.88 and stepping up the annual share buyback to EUR 350m
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Appendices
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Solvency sensitivities 1 Sensitivities are performed for Solvency II entities, NN Life Japan and NN Bank Solvency ratio sensitivities to market shocks on 31 Dec 20251 Δ EOF (EURbn) Δ SCR (EURbn) Δ SII ratio (%-points) Interest rate: Parallel shock +50bps -0.3 -0.2 +3% Interest rate: Parallel shock -50bps 0.2 0.2 -2% Interest rate: 10bps steepening between 20y–30y -0.1 -0.0 -1% Credit spread: Parallel shock for AAA-rated government bonds +50bps -0.4 -0.0 -5% Credit spread: Parallel shock for AA and lower-rated government bonds +50bps -0.5 -0.1 -4% Credit spread: Parallel shock corporate bonds +50bps 0.2 -0.1 5% Credit spread: Parallel shock mortgages +25bps -0.4 -0.0 -4% Equity: Downward shock -25% -0.9 -0.2 -6% Real estate: Downward shock -10% -1.0 -0.1 -10% 25
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Operating capital generation by source 1 Operating capital generation is the movement in the solvency surplus (Own Funds before eligibility constraints over SCR at 100%) in the period due to operating items, including the impact of new business, expected investment returns in excess of the unwind of liabilities, release of the risk margin, operating variances, non-life underwriting result, contribution of non-Solvency II entities and holding expenses and debt costs and the change in the SCR. It excludes economic variances, economic assumption changes and non-operating expenses; 2 Other comprises CEE pension funds as well as broker and service companies 3 Reflecting the impact on Eligible Own Funds only OCG1 by source (EURm) 2H25 2H24 FY25 FY24 Investment return 678 681 1,375 1,351 Life – UFR drag -60 -72 -155 -152 Life – Risk margin release 102 113 201 226 Life – Experience variance -2 -51 29 -63 Life – New business 128 85 264 199 Non-life underwriting 189 195 291 288 Own Funds generation – SII entities 1,036 949 2,006 1,850 Non-Solvency II entities - Japan, Bank, Other2 153 161 342 343 Holding expenses and debt costs -165 -155 -324 -306 Own Funds generation – Total 1,024 956 2,023 1,887 Change in SCR 45 8 66 35 OCG 1,069 964 2,089 1,922 26 OCG sensitivities3 (31 Dec 2025) Δ OCG (EURm) Interest rates: Parallel shock +50 bps 15 Interest rates: Parallel shock -50bps -10 Mortgage spreads: Parallel shock +25bps 40 Equity: Downward shock -25% -55 Real estate: Downward shock -10% -55
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Free cash flow 1 Reflects remittances from subsidiaries, capital injection to subsidiaries, interest on subordinated loans and debt, holding company expenses and other cash flows 2 Refers to Insurance Europe entities’ consolidated totals excluding NN Czech Life insurance business (branch of NN Life) Free cash flow1 (EURm) 2H25 2H24 FY25 FY24 Netherlands Life 531 527 1,058 1,057 Netherlands Non-life 215 166 355 326 Insurance Europe2 72 -11 299 146 Japan Life - - 63 63 Banking 84 25 174 85 Reinsurance business 50 50 50 110 Other -195 -138 -380 -268 Total 757 619 1,620 1,519 27
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Capital movement 2025 1 Eligible Own Funds and Solvency Capital Requirement; 2 Other includes model and assumption changes, the change of non-available and non-eligible Own Funds and special items related to non-Solvency II regulated entities and the holding company, as well as the change in SCR as a result of asset portfolio changes; EOF1 (EURbn) SCR1 (EURbn) 2.0 0.9 0.7 -1.3 17.0 20.6 19.3 31 Dec 2024 0.1 Operating capital generation -0.1 Market variance 0.1 Other2 Solvency ratio before capital flows Capital flows 31 Dec 2025 8.8 8.8 8.8 -15% 220%Solvency ratio 194% 25% 235% 5%12% 28 • 2025 operating capital generation of EUR 2.1bn adds 25%-points to the Solvency II ratio • Positive markets impact, driven mainly by swap curve movements and tighter spreads on government bonds and mortgages, partly offset by negative equity variance • Other reflects a methodology change for non- available own funds calculation, the impact of Basel IV, and the reinsurance transaction at Netherlands Life in 1H25, partially offset by model and assumption changes • Capital flows consist of the 2025 full year dividend and the EUR 300m SBB announced with full year 2024 results
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Strong balance sheet and high-quality investment portfolio Eligible Own Funds and SII headroom (31 December 2025, EURbn) Financial leverage ratio (31 December 2025) Fixed-cost coverage ratio (31 December 2025) Financial Strength Rating S&P Global A+, Stable outlook Fitch2 AA-, Stable outlook High-quality and conservative investment portfolio3 (31 December 2025) 9% 5% 80% 2% 4% Fixed income Fixed income Real estate Equity Other4 Cash4 26% 28% 17% 6% 3% Government Mortgages Corporates Financials Other EUR 129bn 1 Reported financial leverage ratio of 18.0%. Pro forma ratio is corrected for the redemption of the untendered grandfathered RT1 notes of EUR 237m in January 2026 2 Financial Strength Rating for Nationale-Nederlanden Levensverzekering Maatschappij N.V. 3 Excluding banking. Market value, excluding separate account assets; mortgages originated by NN Bank are on amortised cost value 4 Other consists of fixed income mutual funds, (private) equity mutual funds and infrastructure equity mutual funds. Money market mutual funds are in line ‘Cash’ Headroom RT1/T2/T3 T2+T3 headroom EUR 0.7bn RT1 headroom EUR 1.4bn 12.5x 17.4%1 29 Unrestricted Tier 1 1.7Restricted Tier 1 2.4Tier 2 0.8Tier 3 2.1 Non-Solvency II regulated entities Eligible Own Funds 12.3 19.3
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Investment portfolio 1 Market value, excluding separate account assets; mortgages originated by NN Bank are on amortised cost values 2 Mainly Dutch residential mortgages 3 Other consists of fixed income mutual funds, (private) equity mutual funds and infrastructure equity mutual funds. Money market mutual funds are in the line ‘Cash’ Investment portfolio (NN Group excl banking)1 (EURbn) 31 Dec 2025 31 Dec 2024 Change % of total Fixed income (excl. mortgages2) 69.9 73.6 -3.7 54% Mortgages2 33.5 35.4 -1.8 26% Real Estate 11.8 11.9 -0.1 9% Equity 2.3 2.9 -0.5 2% Other (mutual funds3) 4.8 5.5 -0.7 4% Cash3 7.0 6.5 0.5 5% Total general account assets 129.3 135.8 -6.5 100% Decrease in total portfolio driven by fixed income instruments • Fixed income portfolio decreased, mainly due to the revaluation of government bonds due to higher interest rates • Mortgage exposure decreased, mainly reflecting redemptions and disposals • Real estate was relatively stable, with disposals being offset by revaluations • Equity decreased, mainly reflecting disposals and valuation changes • Other decreased, mainly due to disposals of fixed income mutual funds 30
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Details of fixed income portfolio 1 Excluding mortgages; Market value, excluding separate account assets; NN Group excluding NN Bank 2 Bonds and loans 3 EU represents notes issued by the European Commission (rated AAA) Fixed income1 (EURbn) 31 Dec 2025 31 Dec 2024 Change % of total Government2 36.7 39.3 -2.4 29% Corporates2 22.2 23.3 -1.1 17% Financials2 7.6 7.4 0.2 6% ABS 2.2 2.4 -0.3 2% Other loans 1.0 1.1 -0.1 1% Total 69.9 73.6 -3.7 54% Government bonds and loans by country (29% of investment portfolio, 31 December 2025) 10% 10% 9% 8% 13% 28% 10% 6%6% Netherlands France Belgium EU3 Germany Spain Austria Japan Other EUR 37bn Corporate bonds and loans by rating (17% of investment portfolio, 31 December 2025) 34% 38% 16% 4% 8% AAA AA A BBB BB and lower EUR 22bn 31
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Real estate exposure by segment1 (9% of investment portfolio, 31 December 2025) and by geography1 31% 13% 26% 17% 7%6% 40% 17% 19% 9% 10% Well-diversified and high-quality real estate portfolio 1 Breakdown is based on invested capital; Real estate at fair value based on regular appraisals by independent qualified valuers; For more details, please refer to page 260 of NN Group’s 2024 annual report 2 Investment types include joint-ventures, mutual funds and direct holdings • Actively managed portfolio; well- diversified across segments, geographies and investment types2 • Low leverage of ~20%; diversified refinancing risk • Office occupancy rate suppressed due to upcoming refurbishment plans; we expect recovery to previous levels • Portfolio has a core profile and strong occupancy rate >95% • Ability to price in inflation through rental income Occupancy rate by segment (31 December 2025 upper line versus 31 Dec 2024) Inflation indexation through rent • Industrial: mainly logistics, full indexation • Residential: typically capped by the state • Retail: full indexation, revert at renewal • Office: majority, depends on location • Other: mainly healthcare; partly full indexation, partly capped at 4-5% Dutch residential Other residential Industrial Retail Office Other EUR 12bn 97% 95% 96% 87% 98% Residential Industrial Retail Office Other 32 5% EUR 12bn The Netherlands Western Europe Southern Europe UK and Ireland Nordics CEE
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• Very comfortable average loan to value of 481%, with the vast majority reflecting LTV <80% • 71%1,3 of the portfolio has a fixed rate period >10 years • Disciplined underwriting criteria • Mortgage exposure of EUR 34bn in the insurance entities and another EUR 24bn in the banking business on 31 December 2025 • Mortgages1 valued at market rates and reflecting pre-payment behaviour • NN Group mortgage portfolio experienced very limited losses <10bps during and after financial crisis in line with market • Mortgage losses in Dutch market are low • Recourse to all assets and earnings of borrowers • Strong social security and adequate unemployment benefits • As a result, home-owners usually continue paying their mortgages during unemployment • Restrictions for high-risk mortgages tightened past years Well-collateralised Dutch mortgage portfolio 1 Excludes banking, mortgages originated by NN Bank are on amortised cost values 2The National Mortgage Guarantee is referred to in Dutch as ‘NHG’ or ‘Nationale Hypotheek Garantie’; Includes EUR ~0.3bn mortgages that are guaranteed by third-party providers; Note that this number is closer to 30% when including the mortgages that are on the balance sheet of NN Bank 3 Does not include collateralised mortgages 4 A loan is categorized as a non-performing loan if the loan is 90 days past due, or the client was in default the previous month, and the minimum holding period is active or the loan is classified as Unlikely To Pay (UTP) by the problem loans department. A loan is re-categorised as a performing loan again when the amount past due has been paid in full (and the UTP-status is withdrawn); Mortgages1 (EURbn) 31 Dec 2025 31 Dec 2024 % of total NHG and other guaranteed2 7.5 8.1 24% LTV ≤ 80% 24.1 24.1 71% LTV 80%-90% 0.6 1.3 4% LTV 90%-100% 0.1 0.3 1% LTV > 100% 0.0 0.0 0% Subtotal 32.3 33.8 100% Other mortgage funds 1.2 1.9 Total 33.5 35.7 Risk measures1,3 Net loan to indexed MV 48% 51% % Non-performing loans4 0.2% 0.3% 33
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Details of equity and mutual funds 1 Excludes money market mutual funds which are classified as cash 2 Infrastructure equity not included in total equity exposure due to different underlying risks Equity exposure including equity mutual funds (3% of investment portfolio, 31 December 2025) • Concentrated public equity portfolio, geographic focus on Western and Northern Europe • Active portfolio management and strong company engagement • Well-diversified private equity portfolio across funds, investment styles, market segments and vintages with low leverage 53% 45% 2% Direct Public equity Direct Private equity Equity in mutual funds (mainly Private) EUR 4bn Mutual funds1 (EURbn) 31 Dec 2025 31 Dec 2024 Change % of total Equity funds 1.7 1.9 -0.1 1% Fixed income funds 1.5 2.2 -0.6 1% Infrastructure equity funds2 1.5 1.5 0.0 1% Total 4.8 5.5 -0.7 4% 34
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Contractual Service Margin (EURm) NN Group Netherlands Life Netherlands Non-life Insurance Europe Japan Life Other Opening balance CSM, net (31 Dec 2024) 7,231 3,697 518 2,101 907 8 New business added 832 146 106 435 148 -4 Underlying return on in-force 173 5 11 153 4 0 CSM release -887 -274 -65 -414 -134 1 Organic CSM movement 118 -124 52 174 19 -3 Organic CSM growth1 (%) 1.6% -3.3% 9.9% 8.3% 2.1% -43.3% Other movements2 505 509 -16 173 -150 -11 Closing balance CSM, net (31 Dec 2025) 7,854 4,083 554 2,448 776 -7 Sustainable organic CSM growth expected 1 Organic growth of CSM is defined as the sum of new business added and the underlying return on in-force, minus the release of the CSM to P&L 2 Other movements consists mainly of model and assumption changes, as well as experience variances • Organic CSM growth of 1.6%: • Organic growth in new and in-force business more than compensates CSM release • Netherlands Life’s net release of CSM is more than offset by growth across other segments • Japan Life shows organic CSM growth, following sales recovery • CSM growth from Non-life relates to the Disability portfolio 35
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Important legal information NN Group’s Consolidated Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopte d by the European Union (“IFRS-EU”) and with Part 9 of Book 2 of the Dutch Civil Code. In preparing the financial information in this document, the same accounting principles are applied as in the NN Group N.V. 2024 Annual Accounts, unless indicated otherwise in the notes included in the NN Group N.V. 30 June 2025 Condensed consolidated interim financial information. The Annual Accounts for 2025 are in progress an d may be subject to adjustments from subsequent events. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual r esults, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in NN Group’s core mark ets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (4) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (5) the frequency and severity of insured loss events, (6) changes affecting mort ality and morbidity levels and trends, (7) changes affecting persistency levels, (8) changes affecting interest rate levels, (9) changes affecting currency exchange rates, (10) changes in investor, customer and policyh older behaviour, (11) changes in general competitive factors, (12) changes in laws and regulations and the interpretation and application thereof, (13) changes in the policies and actions of governments and/or re gulatory authorities, (14) conclusions with regard to accounting assumptions and methodologies, (15) changes in ownership that could affect the future availability to NN Group of net operating loss, net capita l and built-in loss carry forwards, (16) changes in credit and financial strength ratings, (17) NN Group’s ability to achieve projected operational synergies, (18) catastrophes and terrorist-related events, (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber- attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with whic h we do business, (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, (21) business, operational, regulatory, reputation and other risks and challenges in connection with sustainability matters (please see the link to our sustainability matters definition https://www.nn-group.com/sustainability-society/policies-reports-memberships.htm), (22) the inability to retain key personnel, (23) adverse developments in legal and other proceedings and (24) the other risks and uncertainties contained in recent public disclosures made by NN Group. Any forward-looking statements made by or on behalf of NN Group speak only as of the date they are made, and NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether third-party new information or for any other reason. This publication contains information and data provided by third party data providers. NN Group, nor any of its directors or employees, nor any third-party data provider, can be held directly or indirectly liable or responsible with respect to the information provided. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. 36