Slides
Page 1
NN Group 1H26 Results Continued strong progress towards 2028 targets David Knibbe , CEO Annemiek van Melick , CFO 6 August 2026
Page 2
Key takeaways Strong OCG of EUR 1.1bn in 1H26, up 5% building on an outstanding 1H25, led by business growth in Europe NN Group Solvency II ratio of 224% well above comfort zone and increased due to the exclusion of NN Bank from the ratio Future Ready programme halfway through, firmly on track with 65% of the targeted EUR 200m annual benefits already achieved Strong commercial momentum with Europe VNB up 14%1, Non-life GWP up 6%1 and DC AUM up 13%2 1 Compared with 1H25 2 Compared with FY25 2 Continued delivery on attractive and compounding capital return for shareholders, interim DPS up 12% to EUR 1.55
Page 3
3 columns: left 3 columns: center 3 columns: right Preferred height Foot note Foot note Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Extra space Engaged customers Above market average NPS-r1 by 2028 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 43% women 57% men Above benchmark 56% Corporate investments6 EUR 14.3bn 1.66m 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 2025 figure; 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 3
Page 4
3 columns: left 3 columns: center 3 columns: right Preferred height Foot note Foot note Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Extra space …while continuing our journey of diversifying growth, future readiness and attractive capital return Strong business diversification improving growth OCG Becoming future ready (30 June 2026) Delivering on 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 350m EUR 1.55 Progressive DPS +12% versus interim 2025 Annual share buyback 4 Customer experience (NL) 80% digital customer interactions in 2028 AI adoption Data & AI 300 use cases in 2028 Business growth 50% sales coming from digital leads2 in 2028 273 cases 76% 46% 2020 Reported1 2028 Target EUR 2.2bn EUR 0.9bn NL Life NL Non-life Insurance Europe Japan Life Banking On track On track On track On track
Page 5
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Future Ready including AI is delivering; 65% of targeted benefits achieved Turning AI opportunity into tangible benefits 1 Investments and benefits are reflected in 2028 targets 65% of annual targeted benefits reached driven by productivity improvements (30 June 2026) Favourable operating environment Service-based, data-rich and complex decision- making industry provides strong potential of AI productivity gains Focused on scalable value Selective prioritisation, focused on scalable AI initiatives with visible business benefits Tangible efficiency benefits ~90% of targeted benefits from productivity improvements Efficiency gains more than offsetting token costs Annual benefits1 EUR 200m by 2027 Investments1 EUR 450m (2024-2027) ~70% ~65% On track On track 5
Page 6
3 columns: left 3 columns: center 3 columns: right Preferred height Foot note Foot note Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Extra space Continuing strong growth momentum in Europe VNB (EURm) 1 APE from tied agent sales, excluding group policies 2 AIO Rank (Artificial Intelligence Optimization rank) measures how well NN performs versus peers in terms of citations in Google's AI Overviews. Average across Insurance Europe Business units, excluding Belgium Sales coming from digital leads1 (31 Dec 2025 versus 30 June 2026) …and improved LLM visibility Google AIO Rank2 (Dec 2025 versus May 2026) Ongoing business growth… …supported by increasing digital leads… …dominated by protection products with attractive margins… VNB (EURm, 1H26) 137 153 174 117 143 2024 2025 2026 254 295 6 2H 1H +14% 45% 30% 25% EUR 174m Protection Pensions Savings 42% 46% 3rd12th
Page 7
3 columns: left 3 columns: center 3 columns: right Preferred height Foot note Foot note Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Extra space Japan COLI market shifts back to short-term savings, NN remains well-positioned to reclaim leadership • Entering into attractive reinsurance agreement • Enhanced risk profile with lower lapse risk and interest rate sensitivities • Significant increase in local equity of EUR ~240m COLI market has recently shifted back to short-term savings Increased financial strength through reinsurance transaction Competitive advantage through SME focus… • Dedicated products for SME • Diversified distribution with best COLI sales support • Specialised services …in attractive COLI market • Sizeable • Profitable with double-digit IRRs 7 Short- term COLI Long-term savings Other ~+20% 1 New business annual premium equivalent; market data based on NN internal estimates NBAPE COLI Agency Market1 (2021-2026 Jan-May JPYbn)
Page 8
3 columns: left 3 columns: center 3 columns: right Preferred height Foot note Foot note Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Extra space 91-93% target Combined ratio • Favourable claims experience in 1H26, despite adverse weather in June • Strong performance in Building insurance • Margin improvements in Motor • Expanded underwriting and claims handling processes from simple windshield damage to multiple car collisions • Scaling the target platform across other retail distribution channels will double AI backed STP rate • Higher STP rates will improve both efficiency and customer satisfaction Strong performance in Dutch Non-life despite weather GWP (EURbn) • Premium increase driven by indexations and selective growth • Combined ratio outperforms 91-93% target range at 90.5% GWP up 6% versus last year Strong combined ratio Platform migration to accelerate agentic AI deployment 1.6 2.6 2025 2.7 2026 4.2 2H 1H 92.6% 2023 93.1% 2024 92.9% 2025 90.5% 1H26 8
Page 9
3 columns: left 3 columns: center 3 columns: right Preferred height Foot note Foot note Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Extra space Continued strong growth in Dutch defined contribution DC AUM grew strongly with 13% Decumulation inflows set to grow 10-15% per year Sustained top broker satisfaction • Independently collected broker satisfaction scores1 are key to broker-led group pension distribution • Brokers value NN’s digital services and the quality of its core processes and back office DC decumulation gross inflow (EURbn) • Growth in attractive immediate annuities with strong conversion, digital distribution, high satisfaction and tailwinds from pension reform • Investing in digital solutions to capture growth of decumulation market DC AUM (EURbn) • Market leader in DC group pensions • ~15-20bps margin on AUM • On track to achieve targeted EUR 55bn AUM in DC by 2028 2020 2025 1H26 2030E 0.5 0.8 0.5 1.4 Series 1 Series 2 Series Series 32023 2024 2025 2026 35.9 41.5 6.7 31 Dec 25 1.7 Inflows 3.9 Markets 6.7 30 Jun 26 42.6 48.2 1 Source: IG&H (2023-2026) DecumulationAccumulation 9 1 1 1 1
Page 10
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue 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 Confident in sustaining our track record of compounding capital returns 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 30 June 2026 Dividend per share2 Share buyback Dividend 15 10 EUR >11bn returned to shareholders since IPO 2014 Accumulated payout to shareholders1,2 (EURbn) 10 Dividend per share DPS (EUR) 1.12 1.28 1.38 1.55 2.08 2.16 2.50 2023 2024 2025 1H26 3.20 3.44 3.88 Interim DPS Final DPS
Page 11
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Continued financial delivery 1 In January 2026, the remaining EUR 237m of grandfathered RT1 notes was redeemed 2 Per 31 July 2026 …and delivering attractive capital distributions to shareholders ...while maintaining a healthy balance sheet and cash position... Operating capital generation (EURm) Continuing our OCG and FCF growth… 2,089 1,922 2025 2024 1,900 Free cash flow (EURm) Solvency II ratio (in %) Cash position at Holding (EURm) 31 Dec 2025 31 Dec 2024 220% 194% Dividend per share (EUR) Share buyback2 (EURm) 3.88 3.44 2025 2024 +13% 350 300 2025 2024 1,843 1,271 31 Dec 2025 31 Dec 2024 922 863 1H26 1H25 1,900 Operating capital generation (EURm) 1,073 1,020 1H26 1H25 Solvency II ratio (in %) Cash capital position at Holding (EURm) 30 June 2026 31 Dec 2025 224% 220% Dividend per share (EUR) Share buyback (EURm) EUR 350m ~46%2 completed 1.55 1.38 1H26 1H25 +12% 1,843 30 June 2026 31 Dec 2025 1,7381 11
Page 12
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Solvency ratio at 224%, increasing due to the exclusion of NN Bank 1 Eligible Own Funds and Solvency Capital Requirement; 2Other 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) 1.0 -0.1 -0.9 -0.8 19.3 19.3 18.6 31 Dec 2025 -0.0 Operating capital generation 0.1 Market variance -0.6 Other2 Solvency ratio before capital flows Capital flows 30 Jun 2026 8.8 8.3 8.3 -9% • 1H26 operating capital generation of EUR 1.1bn adds 13%-points to the Solvency II ratio • Negative markets impact, driven mainly by spread widening • Other mainly reflects the impact of the exclusion of NN Bank from the group SII ratio, partially offset by the impact of a pension fund transaction and model and assumption changes • Capital flows consist of the 2026 interim dividend, as well as the regular EUR 350m share buyback programme announced with the full year results • Netherlands Life Solvency II ratio remains robust at 213% at the end of June 2026 224%Solvency ratio 220% 13% 233% 5% -5% 12
Page 13
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue OCG1 by segment (EURm) 1H26 1H25 Delta Netherlands Life 605 595 2% Netherlands Non-life 168 175 -4% Insurance Europe 299 251 19% Japan Life 61 59 3% Banking 65 66 -2% Other -126 -126 OCG 1,073 1,020 5% OCG continues to grow versus strong 1H25 base Underlying business growth in Europe drives 5% increase in OCG • Netherlands Life OCG was flattish, with a higher SCR release partially offset by a lower positive experience variance • Netherlands Non-life was impacted by adverse weather and higher group income claims, partially offset by growing P&C portfolio and margin improvements in the motor line • Insurance Europe’s increased OCG reflects continued growth in new business and higher pension AUMs • In Japan favourable effectsfrom higher interest rates and move to Solvency II (from the second quarter of 2026) more than offset lower sales and negative FX rates. • NN Bank 1H26 OCG based on revised methodology following exclusion from solvency, reflecting net remittances to the group • Other OCG remained stable versus 1H25 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 13
Page 14
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Operating result increased by 4% to EUR 1.5bn Operating result (EURm) 1H26 1H25 Netherlands Life 801 829 Netherlands Non-life 249 231 Insurance Europe 345 277 Japan Life 80 82 Banking 77 76 Other -46 -51 Operating result 1,507 1,443 Non-operating items & special items -142 -770 Acquisition intangibles and result on divestments -14 -145 Result before tax 1,351 528 Taxation & minority interest 285 137 Net result 1,066 391 504 31 Dec 25 New business CSM 82 Underlying return on in-force -432 CSM release -88 Other movements 30 June 26 7,854 7,921 2% Organic CSM growth 14 • Netherlands Life reflects a lower investment result • Netherlands Non-life increased mainly due to a higher insurance result, driven by an improved combined ratio of 90.5% versus 91.2% in 1H25, despite adverse weather • Insurance Europe increased largely from continued strong business growth and favourable claims experience • Japan slightly lower driven by adverse FX rates and to a lesser extent the run-off of the in-force portfolio, partially offset by a positive mortality result • Lower negative impact from non-operating items due to positive revaluations in 1H26, a negative divestment result in 1H25 and lower costs related to the Future Ready programme CSM balance (EURm)
Page 15
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Cash capital at Holding of EUR 1.7bn Cash capital at Holding (EURm) Free Cash Flow: EUR 922m 1,606 1,738 237 1,115 31 December 2025 Remittances from subsidiaries -21 Capital injections -172 Other1 -790 Capital flows to shareholders -237 Change in debt and loans 30 June 2026 1,843 Comfortable cash capital, with positive outlook 1 Other includes interest on subordinated loans and debt, holding company expenses and other cash flows 15 Additional excess cash build over time • Net cash build after existing capital return commitments EUR c.300-400m per annum • Of which EUR 600m intended to be used to redeem senior notes in 2027 (originally used to finance the DL acquisition in 2017) Redemption of the untendered grandfathered RT1 notes in January
Page 16
Progressive dividend per share EUR 1.55 (Interim 2026) +12% vs. interim 2025 Annual share buy back EUR 350m ongoing • 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 224% (30 June 2026) • Significant tiering headroom and leverage capacity Operating capital generation EUR 1,073m (1H26) EUR 2.2bn (2028 Target) Free cash flow EUR 922m (1H26) EUR >1.8bn (2028 Target) Continuing strong business performance… Attractive investor proposition …translating to attractive capital return Attractive capital return Healthy balance sheet • Improving competitiveness and adaptability • Expense savings outpacing inflation • Future growth mainly to come from Netherlands Non-life and International • Stable and predictable remittances for Netherlands Life until 2040, no cliff edge 16
Page 17
Key takeaways Strong OCG of EUR 1.1bn in 1H26, up 5% building on an outstanding 1H25, led by business growth in Europe NN Group Solvency II ratio of 224% well above comfort zone and increased due to the exclusion of NN Bank from the ratio Future Ready programme halfway through, firmly on track with 65% of the targeted EUR 200m annual benefits already achieved Strong commercial momentum with Europe VNB up 14%1, Non-life GWP up 6%1 and DC AUM up 13%2 1 Compared with 1H25 2 Compared with FY25 17 Continued delivery on attractive and compounding capital return for shareholders, interim DPS up 12% to EUR 1.55
Page 18
Appendices
Page 19
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Solvency sensitivities 1 NN Japan and non-SII entities are excluded from the sensitivity calculation Solvency ratio sensitivities to market shocks on 30 June 20261 Δ EOF (EURbn) Δ SCR (EURbn) Δ SII ratio (%-points) Interest rate: Parallel shock +50bps -0.1 -0.1 3% Interest rate: Parallel shock -50bps 0.2 0.2 -3% Interest rate: 10bps steepening between 20y–30y -0.2 0.0 -2% Credit spread: Parallel shock for AAA-rated government bonds +50bps -0.5 0.0 -6% Credit spread: Parallel shock for AA and lower-rated government bonds +50bps -0.6 -0.0 -6% Credit spread: Parallel shock corporate bonds +50bps 0.4 -0.1 6% Credit spread: Parallel shock mortgages +25bps -0.4 0.0 -5% Equity: Downward shock -25% -1.1 -0.3 -6% Real estate: Downward shock -10% -1.0 -0.1 -10% 19
Page 20
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Operating capital generation by source 1 Japan OCG for 1Q26 and 1H25 is presented in line ‘Non-Solvency II entities’, from 2Q26 onwards the result is attributed to underlying drivers, following transition to PIM. Other comprises CEE pension funds as well as broker and service companies 2 Reflecting the impact on Eligible Own Funds only, excludes Japan and Banking OCG by source (EURm) 1H26 1H25 Investment return 674 697 Life – UFR drag -43 -94 Life – Risk margin release 104 99 Life – Experience variance 1 31 Life – New business 164 136 Non-life underwriting 121 102 Own Funds generation – SII entities 1,021 970 Non-Solvency II entities - Japan, Bank, Other1 178 190 Holding expenses and debt costs -155 -160 Own Funds generation – Total 1,044 1,000 Change in SCR 28 20 OCG 1,073 1,020 20 OCG sensitivities2 (30 June 2026) Δ OCG (EURm) Interest rates: Parallel shock +50 bps 15 Interest rates: Parallel shock -50bps -5 Mortgage spreads: Parallel shock +25bps 40 Equity: Downward shock -25% -55 Real estate: Downward shock -10% -55
Page 21
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue 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) 1H26 1H25 FY25 FY24 Netherlands Life 521 527 1,058 1,057 Netherlands Non-life 187 140 355 326 Insurance Europe2 254 228 299 146 Japan Life 72 63 63 63 Banking 65 90 174 85 Reinsurance business - - 50 110 Other -176 -185 -380 -268 Total 922 863 1,620 1,519 21
Page 22
3 columns: left 3 columns: center 3 columns: right Preferred height Foot note Foot note Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Extra space Eligible Own Funds and SII headroom (30 June 2026, EURbn) Unrestricted Tier 1 1.7Restricted Tier 1 2.4Tier 2 0.7Tier 3 0.4 Non-Solvency II regulated entities Eligible Own Funds 13.4 18.6 Strong balance sheet and high-quality investment portfolio Financial leverage ratio (30 June 2026) Fixed-cost coverage ratio (30 June 2026) Financial Strength Rating S&P Global A+, Stable outlook Fitch1 AA-, Stable outlook High-quality and conservative investment portfolio2 (30 June 2026) 9% 6% 80% 2% 4% Fixed income Fixed income Real estate Equity Other3 Cash3 24% 31% 18% 4% 2% Government Mortgages Corporates Financials Other EUR 126bn 1 Financial Strength Rating for Nationale-Nederlanden Levensverzekering Maatschappij N.V. 2 Excluding banking. Market value, excluding separate account assets 3 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 1.0bn RT1 headroom EUR 1.6bn 13.5x 17.3% 22
Page 23
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Investment portfolio 1 Market value, excluding separate account assets 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) 30 June 2026 31 Dec 2025 Change % of total Fixed income (excl. mortgages2) 69.9 69.9 0.0 56% Mortgages2 30.2 30.4 -0.2 24% Real Estate 11.7 11.8 -0.1 9% Equity 2.0 2.3 -0.4 2% Other (mutual funds3) 4.8 4.8 0.0 4% Cash3 7.1 7.0 0.1 6% Total general account assets 125.5 126.2 -0.7 100% Asset portfolio broadly stable over 1H26 • Fixed income portfolio remained stable, with an underlying shift from financials towards government and corporate bonds • Mortgage exposure was unchanged during the period • Real estate was relatively stable, with disposals being offset by revaluations • Equity exposure decreased, mainly reflecting disposals • Other was broadly stable, with higher (infrastructure) equity funds offset by lower fixed income funds 23
Page 24
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue 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) 30 June 2026 31 Dec 2025 Change % of total Government2 38.7 36.9 1.8 31% Corporates2 23.0 22.2 0.9 18% Financials2 5.1 7.6 -2.5 4% ABS 2.0 2.2 -0.1 2% Other loans 1.1 1.0 0.0 1% Total 69.9 69.9 0.0 56% Government bonds and loans by country (31% of investment portfolio, 30 June 2026) 11% 9% 9% 9%7% 11% 19% 10% 6% EU3 Netherlands Belgium France Germany Spain Austria Ireland Finland Italy Japan Other EUR 39bn Corporate bonds and loans by rating (18% of investment portfolio, 30 June 2026) 34% 35% 20% 4% 8% AAA AA A BBB BB and lower EUR 23bn 24
Page 25
Highly-diversified private debt portfolio with strong oversight capabilities 1 Excludes EUR 650m investment grade corporate lending with the Japanese business 2 Largest sectors in ‘other’ are ‘Administrative and Support and Waste Management and Remediation Services’, ‘Education services’ and ‘Accommodation and food services’ Diversified private debt portfolio (7%1 of investment portfolio, 30 June 2026) Across diverse strategies (EURbn, 30 June 2026) • ~75% of book is Investment Grade and/or collateralised/government guaranteed • ~90% of exposure within Europe, ~10% US • Enhanced monitoring, including credit rating sample testing at loan level and strict limit frameworks 25 With small ticket sizes for high yield (HY) corporate lending (HY corporate loans, split by size, 30 June 2026) • HY corporate lending exposure is predominantly BB/B 39% 31% 24% 6% EUR 2.3bn <5m 5m-10m 10m-30m 30m-60m 1.2 0.7 CRE 1.7 0.9 Infra 2.51 2.3 Corporate lending Investment grade High yield 29% 20% 9% 9% 8% 5% 5% 3% Infrastructure Commercial real estate debt Government loans Industrials Healthcare Consumer Non-Cyclicals Fund Financing Consumer Cyclicals Technology Basic Materials Other2 Software Financials EUR 9bn
Page 26
Real estate exposure by segment1 (9% of investment portfolio, 30 June 2026) and by geography1 32% 13%26% 16% 7%6% 41% 17% 19% 9% 10% 4% 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 176 of NN Group’s 2025 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 (30 June 2026 upper line versus 31 December 2025) 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 96% 96% 96% 87% 97% Residential Industrial Retail Office Other 26 EUR 12bn The Netherlands Western Europe Southern Europe UK and Ireland Nordics CEE
Page 27
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue • Very comfortable average loan to value of 471%, with the vast majority reflecting LTV <80% • 68%1,3 of the portfolio has a fixed rate period >10 years • Disciplined underwriting criteria • Mortgage exposure of EUR 30bn in the insurance entities and another EUR 22bn5 in the banking business on 30 June 2026 • Mortgages1 valued at market rates and reflecting pre-payment behaviour • NN Group mortgage portfolio experienced very limited annual 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 Market value; Excludes banking 2The National Mortgage Guarantee is referred to in Dutch as ‘NHG’ or ‘Nationale Hypotheek Garantie’; Includes EUR ~0.2bn 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). 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); 5 EUR 25bn on amortised cost value Mortgages1 (EURbn) 30 June 2026 31 Dec 2025 % of total NHG and other guaranteed2 6.3 6.5 22% LTV ≤ 80% 21.8 21.8 76% LTV 80%-90% 0.5 0.5 2% LTV 90%-100% 0.1 0.1 0% LTV > 100% 0.0 0.0 0% Subtotal 28.7 28.9 100% Other mortgage funds 1.4 1.4 Total 30.2 30.4 Risk measures1,3 Net loan to indexed MV 47% 48% % Non-performing loans4 0.2% 0.2% 27
Page 28
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue 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, 30 June 2026) • Well-diversified private equity portfolio across funds, investment styles, market segments and vintages with low leverage • Concentrated public equity portfolio, geographic focus on Western and Northern Europe • Active portfolio management and strong company engagement 53%44% 3% Equity in mutual funds (mainly Private) Direct Public equity Direct Private equity EUR 4bn Mutual funds1 (EURbn) 30 June 2026 31 Dec 2025 Change % of total Equity funds 2.0 1.7 0.2 2% Fixed income funds 1.2 1.5 -0.4 1% Infrastructure equity funds2 1.6 1.5 0.1 1% Total 4.8 4.8 0.0 4% 28
Page 29
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Contractual Service Margin (EURm) NN Group Netherlands Life Netherlands Non-life Insurance Europe Japan Life Other Opening balance CSM, net (31 Dec 2025) 7,854 4,083 554 2,448 776 -7 New business added 504 81 112 247 63 1 Underlying return on in-force 82 -5 5 79 2 0 CSM release -432 -121 -32 -222 -55 -1 Organic CSM movement 155 -44 85 104 10 0 Organic CSM growth1 (%) 2.0% -1.1% 15.3% 4.3% 1.3% 4.7% Other movements2 -88 -71 -80 149 -90 4 Closing balance CSM, net (30 June 2026) 7,921 3,968 559 2,701 696 -3 Continued organic CSM growth 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 2% • 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 • CSM growth in Japan depends on sales recovery • Non-life CSM benefits from seasonality in 1H26, Group disability new business recognised in first half year 29
Page 30
2 columns: left 2 columns: right Preferred height Foot note Foot note Extra space Title: Calibri 40 points Header bold, medium orange • Regular text: Calibri 18 points, 0.4cm indentation before text, hanging 0.4cm Units of measure in black, 12 points Charts First column medium orange, middle columns light grey, last column medium blue Important legal information NN Group’s Consolidated Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted 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. 2025 Annual Accounts, unless indicated otherwise in the notes included in the Condensed consolidated interim financial information for the period ended 30 June 2026. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Some statements are not facts relating to past events, including, without limitation, statements about 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 results, 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 markets, (2) changes in performance of financial markets, including developing markets, (3 consequences of a potential (partial) break-up of the European Union (EU), of EU member countries leaving the Union, and/or the (partial) cessation of the euro as a currency (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 mortality 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 policyholder behaviour, (11) changes in general competitive factors, (12) changes in laws and regulations and in their interpretation and application, (13) changes in the po licies and actions of governments and/or regulatory authorities, (14) conclusions with regard to accounting assumptions and methodologies, (15) changes in ownership that could affect the future availability of net operating loss, net capital and built-in loss carry forwards for NN Group, (16) changes in credit and financial strength ratings, (17) NN Group’s ability to achieve projected operational synergies, (18) catastroph es 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 also in respect of third parties with which we do business, (20) risks and challenges related to cybercrime including the effects of cyber-attacks and changes in legislation and regulation related to cybersecurity and data privacy, (21) business, operational, regulatory, reputation and other risks and challenges associated 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. NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This publication contains information and data provided by third-party data providers. Neither 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. 30