Earnings release
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NNN 1H26 results , 6 August 2026 1 6 August 2026 Press release Continued strong commercial performance in the first half of 2026 , resulting in 5 % growth in operating capital generation • Strong operating capital generation and free cash flow performance ; well on track to deliver 2028 targets Operating capital generation ¹ ) increased 5 % to EUR 1,073 million , building on a strong prior - year base , supported by business growth in Europe . Well on track to achieve 2028 OCG target of EUR 2.2 billion • NN Group Solvency II ratio increased to 224 % ² ) , supported by net capital build and the exclusion of NN Bank from the NN Group Solvency II ratio , which more than offset unfavourable markets , as well as model and assumption changes • • Free cash flow increased 7 % to EUR 922 million ; remaining on track to achieve the 2028 target of over EUR 1.8 billion Operating result³ ) increased to EUR 1,507 million from EUR 1,443 million in the first half of 2025 ; net result increased to EUR 1,066 million • Continued delivery of attractive and compounding capital return to shareholders , with a 2026 interim dividend of EUR 1.55 per ordinary share , up 12 % compared with the 2025 interim dividend Continued strong commercial performance • Value of new business increased 16 % to EUR 275 million , driven by growth in Insurance Europe and a pension transaction at Netherlands Life • Netherlands Non - life showed 6 % gross written premiums growth . The combined ratio for the first half year was 90.5 % , ahead of the 91-93 % guidance range • Dutch pensions business ranked number one in broker satisfaction for the fourth consecutive year . Assets under management of the defined contribution pension business grew by 13 % to EUR 48 billion , benefitting from high net inflows and markets • Future Ready programme on track to deliver EUR 200 million in annual benefits by 2027 , with 65 % already achieved by June 2026 Statement of David Knibbe , CEO ' Today , we are pleased to report a strong set of results . Our performance during the first half of 2026 demonstrates our ability to successfully execute our strategy and positions us well to meet our 2028 targets . Operating capital generation , our key performance indicator , amounted to EUR 1.1 billion . This was largely driven by strong business growth in our European businesses , highlighting the benefits of our strategy to diversify our earnings . Our Solvency II ratio increased to 224 % , driven by net capital build and the exclusion of NN Bank from NN Group's Solvency II ratio . This was partly offset by unfavourable markets , as well as model and assumption changes . Value of new business ( VNB ) increased to EUR 275 million . In Europe , our businesses delivered a 14 % increase in VNB , mainly driven by higher sales volumes in risk protection products , which was supported by our strong distribution capabilities . Assets under management of pensions services across Europe surpassed the EUR 50 billion mark for the first time . This more than offset lower VNB from Japan , where demand shifted towards shorter - duration products , moderating sales growth . In the Netherlands , our Non - life business delivered a 6 % increase in gross written premiums . The business achieved a combined ratio of 90.5 % , ahead of our target range of 91-93 % . Our Dutch Life & Pensions business recorded net inflows of EUR 1.7 billion in defined contribution pension assets , increasing related assets under management to EUR 48 billion . At the same time , our Future Ready programme remains firmly on track and continues to deliver tangible results . By the end of June , we had completed around 70 % of investments related to the programme and delivered cumulative annual benefits of EUR 130 million . As a result , we remain on course to achieve our target of EUR 200 million in annual benefits . The programme is also helping us generate growth : for example , our use of Al is driving higher sales in Europe through our Agent Digital Office , an
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1H26 results, 6 August 2026 2 innovative platform that connects agents with potential customers. We remain focused on using AI efficiently and are carefull y managing token-related costs. We also continue to deliver strong progress against our other strategic priorities that focus on customers, our colleagues an d society. Customer satisfaction remains strong across our markets. Eight of our nine international units continue to outperform their local market, while customer satisfaction in the Netherlands is also above the market average. In addition, we have achieved the highest level of broker satisfaction for pensions in the Netherlands for the fourth consecutive year. We are pleased that we continue to achieve high employee engagement scores, remaining above benchmark levels as we work to transform the company. Alongside this, we increased the volume of our investments in climate solutions to EUR 14.3 billion , demonst rating our commitment to supporting the transition to a more sustainable economy. Our performance during the first half of 2026 enables us to continue delivering attractive, compounding capital returns to shareholders, reflected in a 2026 interim dividend per share of EUR 1.55, up 12% year on year. Looking ahead to the rest of 2026 and beyond, these results provide a strong platform for future growth and position us well to continue to deliver sustainable long-term value for our stakeholders. We thank our customers and shareholders for their continued trust, and our colleagues for their dedication and hard work.’ NN Group key figures In EUR million 1H26 1H25 Change Operating capital generation1) 1,073 1,020 5.2% Free cash flow 922 863 6.9% Value of new business 275 237 16.1% Operating result3) 1,507 1,443 4.4% Net result 1,066 391 172.5% 30 Jun 26 31 Dec 25 Solvency II ratio2) 224% 220% 30 Jun 26 31 Dec 25 Strategic key figures4) NPS-r NN Group above market average above market average Broker satisfaction Netherlands (ITV) 7.8 7.8 Employee engagement 8.0 8.0 Gender diversity 43% women/57% men 42% women/58% men Investments in climate solutions (in EUR billion) 14.3 13.7 Contribution to our communities (Cumulative number of people supported since 2022, x1,000) 1,658 1,390 Press enquiries Media Relations mediarelations@nn-group.com Investor enquiries Investor Relations investor.relations@nn-group.com Analyst presentation David Knibbe (CEO), Annemiek van Melick (CFO) and Wilbert Ouburg (CRO) will host an analyst and investor conference call to discuss the 1H26 results at 09:00 CET on Thursday, 6 August 2026. A live audio webcast will be available on www.nn-group.com.
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1H26 results, 6 August 2026 3 Consolidated business results • Operating capital generation (OCG) increased 5% to EUR 1,073 million building on a strong prior-year base, mainly reflecting the continued strong business performance of Insurance Europe. On track to deliver the OCG target of EUR 2.2 billion for 2028 • Value of new business (VNB) grew 16% compared with the first half of 2025, supported by growth at Insurance Europe and a pension transaction at Netherlands Life. Netherlands Non-life gross written premiums grew 6% • Operating result increased to EUR 1,507 million from EUR 1,443 million in the first half of 2025, mainly driven by strong performances from Insurance Europe and Netherlands Non-life • Result before tax increased to EUR 1,351 million from EUR 528 million in the first half of 2025, mainly due to positive revaluations and the negative result on divestments in 1H25. Net result increased to EUR 1,066 million compared with EUR 391 million in the first half of 2025 Insurance Europe continues to grow across the region, supported by its strong market positions and multichannel distribution network. Most notably, VNB growth was visible in Poland, Greece and Slovakia. Fees from our pension businesses benefited from favourable markets, translating into performance fees. Netherlands Non-life continued its growth trajectory, with gross written premiums up 6%. The combined ratio for the first half year was 90.5%, below the 91%-93% guidance range. The pension reform in the Netherlands creates new business opportunities for NN Life & Pensions. Inflows into defined contribution products increased, particularly in the attractive decumulation segment, where gross inflows reached EUR 0.5 billion. In addition, a large corporate client decided to transfer its separate account pension fund to the general account. Japan Life saw demand shift towards shorter-duration products, slowing the recovery in sales. The business remains well positioned to regain market leadership in the COLI market, supported by its competitive advantages. The exclusion of NN Bank from the NN Group Solvency II ratio creates a more level playing field and provides greater flexibility to allocate capital to the bank. Operating capital generation In EUR million 1H26 1H25 Change Operating capital generation1) Netherlands Life 605 595 1.7% Netherlands Non-life 168 175 -4.4% Insurance Europe 299 251 18.9% Japan Life 61 59 4.4% Banking 65 5) 66 -1.3% Other -126 -126 Operating capital generation 1,073 1,020 5.2% NN Group’s OCG increased 5% to EUR 1,073 million, driven by business growth at Insurance Europe. Insurance Europe reported 19% higher OCG, supported by new business growth and higher pension fees from increased assets under management and performance fees. Growth was mainly driven by Romania, Poland and Slovakia, while Greece also contributed through strong bancassurance sales, although these are expected to soften significantly in 2027. Netherlands Non-life’s OCG decreased by 4% to EUR 168 million compared with the first half of 2025, as adverse weather, higher claims in Group Income and lower broker results were partly offset by growth in the P&C portfolio and margin improvements in Motor. Netherlands Life’s OCG increased by 2% to EUR 605 million, mainly reflecting a higher SCR release partially offset by a lower positive experience variance. Japan Life’s OCG grew 4% to EUR 61 million, as benefits from higher interest rates and the move to Solvency II from the second quarter of 2026 more than offset portfolio effects and adverse exchange rates. As of this reporting period, Banking OCG is based on remittances to the Group following the exclusion of NN Bank from the NN Group Solvency II ratio, amounting to EUR 65 million in the first half of 2026. OCG of the Other segment was broadly in line with the first half of 2025.
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1H26 results, 6 August 2026 4 Operating result and net result In EUR million 1H26 1H25 Change Analysis of results Netherlands Life 801 829 -3.3% Netherlands Non-life 249 231 8.0% Insurance Europe 345 277 24.3% Japan Life 80 82 -1.9% Banking 77 76 1.4% Other -46 -51 Operating result3) 1,507 1,443 4.4% Non-operating items -97 -678 of which gains/losses and impairments -294 -238 of which revaluations 269 -429 of which market and other impacts -72 -11 Special items -45 -91 Acquisition intangibles and goodwill -14 -14 Result on divestments 0 -131 Result before tax 1,351 528 155.9% Taxation 277 132 Net result from discontinued operations 0 0 Minority interests 8 5 78.8% Net result 1,066 391 172.5% Basic earnings per ordinary share in EUR 3.93 1.31 199.1% Operating result The operating result of NN Group increased 4% to EUR 1,507 million. Netherlands Life’s operating result decreased to EUR 801 million from EUR 829 million in 1H25, mainly due to lower investment results reflecting lower private investment results and a lower public equity portfolio. Netherlands Non-life’s operating result increased to EUR 249 million from EUR 231 million in the first half of 2025. The combined ratio for the first half year was 90.5%, ahead of the 91-93% guidance range, compared with 91.2% in the same period last year, driven by favourable claims experience despite adverse weather in June. The operating result of Insurance Europe increased to EUR 345 million from EUR 277 million in the first half of 2025, largely from continued strong business growth and favourable claims experience. Japan Life’s operating result decreased slightly to EUR 80 million, as adverse exchange rates and the run-off of the short-term portfolio were partly offset by a more favourable mortality result. The operating result for Banking was broadly stable at EUR 77 million. The operating result of the segment Other was EUR -46 million compared with EUR -51 million in the first half of 2025. Result before tax The result before tax increased to EUR 1,351 million from EUR 528 million in the first half of 2025, due to positive revaluations and the higher operating result for the current half- year, the negative divestment result in 1H25, as well as lower costs related to the ‘Future Ready’ strategic programme. Gains/losses and impairments were EUR -294 million compared with EUR -238 million in the first half of 2025, primarily reflecting accounting losses on government bond sales. Revaluations amounted to EUR 269 million compared with EUR -429 million in the first half of 2025, mainly due to positive revaluations on real estate and private equity, partly offset by derivatives used for hedging purposes. Market and other impacts amounted to EUR -72 million compared with EUR -11 million in the first half of 2025. Special items amounted to EUR -45 million compared with EUR -91 million in the same period last year, mainly reflecting costs related to the ‘Future Ready’ strategic programme partly offset by a provision release. Net result The net result increased to EUR 1,066 million compared with EUR 391 million in the first half of 2025. The effective tax rate was 20.5%.
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1H26 results, 6 August 2026 5 Consolidated balance sheet In EUR million 30 Jun 26 31 Dec 25 30 Jun 26 31 Dec 25 Assets Equity and liabilities Cash and cash equivalents 7,265 6,404 Shareholders' equity (parent) 19,254 19,078 Investments at fair value through other comprehensive income 98,084 99,469 Minority interests 100 93 Investments at cost 22,900 22,374 Undated subordinated notes 1,750 1,984 Investments at fair value through profit or loss 59,674 56,570 Total equity 21,105 21,155 Investments in real estate 2,082 2,234 Insurance, investment and reinsurance contracts 148,866 144,998 Investments in associates and joint ventures 8,592 8,074 Debt instruments issued 1,197 1,197 Derivatives 1,130 1,330 Subordinated debt 2,348 2,348 Insurance and reinsurance contracts 1,309 1,032 Other borrowed funds 9,300 9,875 Property and equipment 312 313 Customer deposits 18,197 17,915 Intangible assets 1,158 1,189 Derivatives 2,703 4,360 Deferred tax assets 93 201 Deferred tax liabilities 636 616 Other assets 4,434 5,722 Other liabilities 2,681 2,448 Total liabilities 185,929 183,757 Total assets 207,033 204,912 Total equity and liabilities 207,033 204,912 Total assets of NN Group increased by EUR 2.1 billion in the first half of 2026 to EUR 207 billion, driven by market value changes on investments at fair value through profit or loss. Total equity remained broadly stable at EUR 21.1 billion. The contractual service margin (net of reinsurance) remained broadly stable at EUR 7.9 billion. Organic growth was 2%, reflecting business growth in Insurance Europe and Netherlands Non-life. Sales and value of new business In EUR million 1H26 1H25 Change Key figures Gross written premiums 7,449 7,462 -0.2% New sales life insurance (APE) 917 750 22.3% Value of new business 275 237 16.1% 30 Jun 26 31 Dec 25 Change Assets under management DC (in EUR billion) 48.2 42.6 13.1% New sales life insurance (APE) increased 22%, mainly reflecting the transfer of a separate account pension fund to the general account at Netherlands Life. Insurance Europe reported strong new sales around the region, resulting in 10% APE growth. Japan Life saw demand shift towards shorter-duration products, slowing the recovery in sales. APE declined 22%, or 11% on a constant currency basis. Gross written premiums for Netherlands Non-life increased 6%. VNB increased 16% to EUR 275 million in the first half of 2026. Netherlands Life VNB growth was largely driven by a pension fund transaction. VNB of Insurance Europe increased 14% from higher sales and a favourable product mix. VNB in Japan declined 16%, or 5% on a constant-currency basis, mainly due to lower volumes, partly offset by higher interest rates. Assets under management of the defined contribution pension business grew to EUR 48.2 billion, with EUR 1.7 billion net inflows and EUR 3.9 billion market impacts in the first half of 2026.
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1H26 results, 6 August 2026 6 Capital Management • Solvency II ratio of NN Group increased to 224% from 220% at the end of 2025, mainly driven by the exclusion of NN Bank from the NN Group Solvency II ratio and operating capital generation net of capital flows, partly offset by negative market impacts, as well as model and assumption changes • Cash capital position decreased to EUR 1.7 billion, mainly reflecting capital flows to shareholders, repayment of undated subordinated notes, as well as holding company expenses and interest on loans and debt, partly offset by remittances from subsidiaries • Free cash flow in the first half of 2026 grew 7% to EUR 922 million • Announcing a 2026 interim dividend of EUR 1.55 per ordinary share, or approximately EUR 403 million Solvency II In EUR million 30 Jun 26 31 Dec 25 Basic Own Funds 18,783 19,648 Non-available Own Funds 203 377 Non-eligible Own Funds 0 0 Eligible Own Funds (a) 18,580 19,271 of which Tier 1 Unrestricted 13,418 12,344 of which Tier 1 Restricted 1,737 1,741 of which Tier 2 2,372 2,364 of which Tier 3 669 751 of which non-solvency II regulated entities 6,7) 385 2,071 Solvency Capital Requirements (b) 8,292 8,758 of which non-solvency II regulated entities 6,7) 263 1,307 NN Group Solvency II ratio (a/b)2) 224% 220% NN Life Solvency II ratio2) 213% 223% The NN Group Solvency II ratio increased to 224% from 220% at the end of 2025. Operating capital generation added 13%-points to the solvency ratio, which is 4%-points higher than the capital flows we have offered to shareholders in the form of dividend and share buyback. Market variances had a -5%-points impact, mainly reflecting widening of spreads on government bonds and mortgages. Other had a 5%-points impact. The positive impact of the exclusion of NN Bank from the NN Group Solvency II ratio was partly offset by model and assumption changes, as well as the impact of a pension fund transaction. The NN Life Solvency II ratio decreased to 213% from 223% at the end of 2025, mainly due to the same negative market impacts, model and assumption changes, as well as the impact of the pension fund transaction. NN Life’s operating capital generation net of the dividend payments to the holding company contributed 4%-points.
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1H26 results, 6 August 2026 7 Cash capital position at the holding company In EUR million 1H26 1H25 FY25 Beginning of period 8) 1,843 1,271 1,271 Remittances from subsidiaries 8) 1,115 1,055 2,014 Capital injections into subsidiaries 8) -21 -7 -17 Other 8) -172 -185 -376 Free cash flow to the holding 8) 922 863 1,620 Cash divestment proceeds 0 21 21 Acquisitions 0 -35 -48 Capital flows to shareholders -790 -713 -1,239 Increase / (decrease) in debt and loans -237 217 217 End of period 1,738 1,625 1,843 The cash capital position at the holding company decreased to EUR 1,738 million from EUR 1,843 million at the end of 2025. This reflects capital flows to shareholders, the repayment of EUR 237 million of undated subordinated notes, as well as other movements including holding company expenses, interest on loans and debt and other holding company cash flows, partly offset by remittances from subsidiaries. Free cash flow for the first half of 2026 was 7% higher than in the same period last year. This is mainly due to higher remittances from segments Netherlands Non-life and Insurance Europe. Capital flows to shareholders comprise the 2025 final cash dividend of EUR 653 million and the repurchase of EUR 137 million of own shares as part of the share buyback programme for an amount of EUR 350 million announced in February 2026. Financial leverage In EUR million 30 Jun 26 31 Dec 25 Shareholders' equity 19,254 19,078 Contractual service margin after tax 5,993 5,934 Minority interests 100 93 Capital base for financial leverage (a) 25,348 25,105 Undated subordinated notes 1,750 1,984 Subordinated debt 2,348 2,348 Total subordinated debt 4,098 4,332 Debt securities issued 1,197 1,197 Financial leverage (b) 5,296 5,529 Financial leverage ratio (b/(a+b)) 17.3% 18.0% Fixed-cost coverage ratio 13.5x 12.5x The financial leverage ratio of NN Group decreased to 17.3% from 18.0% at the end 2025. This mainly reflects the repayment of EUR 237 million of undated subordinated notes in the first half of 2026. The fixed-cost coverage ratio (on the basis of the last 12 months) increased to 13.5x from 12.5x at the end of 2025. This mainly reflects positive equity revaluations.
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1H26 results, 6 August 2026 8 Credit ratings Credit ratings of NN Group on 5 August 2026 Financial Strength Rating NN Group N.V. Counterparty Credit Rating S&P Global A+ A- Stable Stable Fitch Ratings AA-9) A+ Stable Stable On 4 May 2026, S&P Global affirmed NN Group’s ‘A+’ financial strength rating and ‘A-’ credit rating with a stable outlook. On 20 October 2025, Fitch Ratings affirmed NN Group’s ‘A+’ credit rating and ‘AA-’ financial strength rating9) with a stable outlook. Share capital The total number of NN Group shares outstanding (net of 2,961,621 treasury shares) on 31 July 2026 was 260,038,379. Dividend and share buyback Dividend NN Group announced today that it will pay an interim dividend of EUR 1.55 per ordinary share, or approximately EUR 403 million in total based on the current number of outstanding shares (net of treasury shares), calculated as 40% of the 2025 full-year dividend per ordinary share in accordance with the NN Group dividend policy. The interim dividend will be paid fully in cash, after deduction of withholding tax if applicable. NN Group ordinary shares will be quoted ex-dividend on 10 August 2026. The record date for the dividend will be 11 August 2026. The dividend will be payable on 18 August 2026. More information is available at www.nn-group.com. Share buyback On 12 February 2026, NN Group announced that it will execute an open market share buyback programme for an amount of EUR 350 million within 10 months, commencing on 2 March 2026. Up to Friday 31 July 2026, shares for a total amount of EUR 161 million were repurchased under this programme, representing 46% of the total share buyback amount. The share buyback programme will be executed within the limitations of the existing authority granted by the General Meeting on 21 May 2026. The shares will be repurchased at a price that does not exceed the last independent trade or the highest current independent bid on the relevant trading platform. The programme will be executed by financial intermediaries and will be performed in compliance with the safe harbour provisions for share buybacks. NN Group reports on the progress of the share buyback programmes on www.nn-group.com on a weekly basis.
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1H26 results, 6 August 2026 9 NN Group profile NN Group is an international financial services company, active in 10 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services, pensions, insurance, banking and investments to approximately 18 million customers. NN Group includes Nationale-Nederlanden, NN, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN). Financial calendar • Publication FY26 results 10 February 2027 • Annual General Meeting 13 May 2027 Additional information on www.nn-group.com • 1H26 Financial Supplement • 1H26 Analyst Presentation • 30 June 2026 Condensed consolidated interim financial information • Company Profile • ESG presentation Footnote references 1. Operating capital generation is an Alternative Performance Measure, which is not derived from IFRS-EU. NN Group analyses the change in the excess of Solvency II Own Funds over the Solvency Capital Requirement (SCR) in the following components: Operating Capital Generation, Market variance, Capital flows and Other. 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. The solvency ratios are not final until filed with the regulators. The Solvency II ratios for NN Group and NN Life are based on the partial internal model. 3. Operating result is an Alternative Performance Measure. This measure is derived from figures according to IFRS-EU. The operating result is derived by adjusting the reported result before tax to exclude the impact of result on divestments, amortisation of acquisition intangibles, discontinued operations and special items, changes to losses from onerous contracts due to assumption changes, gains/losses and impairments, revaluations and market and other impacts. Alternative Performance Measures are non-IFRS-EU measures that have a relevant IFRS-EU equivalent. For definitions and explanations of the Alternative Performance Measures reference is made to the section 'Alternative Performance Measures (Non-GAAP measures)' in the NN Group N.V. 30 June 2026 Condensed consolidated interim financial information. 4. For definitions of the strategic indicators, refer to the NN Group ESG presentation dated August 2026. 5. As of this reporting period, Banking OCG is based on remittances to the Group following the exclusion of NN Bank from the NN Group Solvency II ratio. 6. As of this reporting period, NN Bank is excluded from the NN Group Solvency II ratio. 7. As of this reporting period, Japan Life is included on the Solvency II basis and therefore removed from non -Solvency II entities 8. See the NN Group Financial Supplement 1H26 for definitions 9. Financial Strength rating for Nationale-Nederlanden Levensverzekering Maatschappij N.V.
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1H26 results, 6 August 2026 10 Important legal information Elements of this press release contain or may contain information about NN Group N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/ 2014 (Market Abuse Regulation). 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 policies 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) 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 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.