NN Group N.V. (NN) AI Stock Analysis

• Market Cap: €16.59B
• Dividend Yield: 5.4%
• Average Volume (3M): 591.04K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: -15.54%
• EPS Growth: 10.53%
• Country: NL
• Employees: 13,497
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Diversified
• EPS (TTM): 2.87
• Shares Outstanding: 263,000,000
• 10 Day Avg. Volume: 595,943
• 30 Day Avg. Volume: 591,038
• PEG Ratio: -0.62
• Price to Book (P/B): 0.98
• Price to Sales (P/S): 6.24
• P/FCF Ratio: -7.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €73.02
• Price Target Upside: 11.14% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 8.13
• Revenue Forecast (FY): €15.25B

• Rating: 53 Neutral
• Price Target: €68.00 ▲(3.50% Upside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is primarily constrained by weak and inconsistent cash flow and highly volatile revenue, despite improved reported profitability and a still-supported (but increasingly leveraged) balance sheet. Technical indicators also point to weak momentum and a near-term downtrend. These risks are partially offset by a supportive valuation, led by a high dividend yield and a reasonable P/E.

Positive Factors

Diversified business model

NN's dual revenue engines—insurance (life, pensions, non-life) and asset management—create structural diversification. Premiums, investment income on float, and recurring management fees reduce reliance on a single product or market, supporting more resilient cash flows across economic cycles.

Sizeable equity capital base

A substantial equity buffer (~€19.1B) provides meaningful solvency support and capacity to absorb underwriting or market shocks. This capital base underpins regulatory ratios and allows continued underwriting and investment activity even as leverage has risen, preserving franchise value long term.

Improved reported profitability

A pronounced uptick in net margin to ~40% demonstrates the company's ability to generate earnings when conditions align. Sustained margin improvement—if driven by underwriting discipline, expense control, or investment returns—strengthens internal capital generation and the ability to support dividends and reinvestment.

Negative Factors

Extreme revenue volatility

The dramatic top-line swings and a ~-78% reported revenue drop in 2025 signal unstable underlying business volumes or one-off accounting impacts. Persistent volatility undermines long-term planning, pricing, and capital allocation, making earnings and cash-flow durability difficult to rely upon.

Weak cash generation

Recurring negative operating and free cash flows reduce liquidity and increase dependence on balance-sheet resources. Over time this constrains the company's ability to self-fund claims, growth initiatives, and shareholder distributions without asset sales or external financing, weakening resilience.

Rising leverage trend

Debt-to-equity rising materially to ~0.81 tightens financial flexibility and raises sensitivity to market or interest-rate shocks. Higher leverage can constrain underwriting capacity, increase funding costs, and elevate regulatory or rating risks, reducing strategic optionality over the medium term.

NN Group N.V. Business Overview & Revenue Model

Company Description

NN Group N.V., a financial services company, primarily provides life insurance products in the Netherlands and internationally. The company operates through Netherlands Life, Netherlands Non-life, Insurance Europe, Japan Life, Banking, and Other segments. It offers group and individual life insurance, and pension products; non-life insurance products, including motor, fire, liability, transport, travel, and disability and accident insurance; employee benefits, and health insurance products; corporate-owned life insurance products; and single premium variable annuity individual life insurance products. The company also provides banking services, including mortgage loans, online savings accounts, bank annuities, consumer lending, and retail investment products, as well as administration and management services; reinsurance services; and retirement products and services. It offers its products to individuals, small and medium-sized enterprises, retail customers, and institutional customers directly, as well as through tied agents, bancassurance partners, brokers, and direct channels. The company was formerly known as ING Insurance Topholding N.V. and changed its name to NN Group N.V. in March 2014. NN Group N.V. was founded in 1845 and is headquartered in the Hague, the Netherlands.

How the Company Makes Money

NN makes money mainly through (1) insurance operations and (2) asset management fees. 1) Insurance (life, pensions, and non-life) - Premium income: Customers (individuals and businesses) pay premiums for coverage (e.g., term life, pensions/annuities, disability/income protection, motor, property, liability). Premiums are recognized as revenue in accordance with applicable accounting rules and product type. - Investment income on the insurance float: NN invests premiums received before claims and benefits are paid (the insurance “float”) in portfolios such as bonds, equities, and other investments. Investment returns support profitability and the ability to meet future policyholder obligations. - Underwriting and risk margins: NN profits when pricing and risk selection (underwriting) lead to claims, benefits, and expenses being lower than the premiums and expected liabilities (after allowing for reserves). In non-life, underwriting result depends heavily on claim frequency/severity and expense control. - Fees and charges within certain insurance products: Some life and pension products include explicit charges (e.g., policy/administration fees, investment management charges on unit-linked or similar products, surrender/transaction-related charges) that contribute to earnings. - Release of contractual/service margins and experience variances: For long-duration contracts, profit emergence depends on how expected future profits are recognized over time and on deviations between actual and expected mortality, longevity, lapses, expenses, and investment performance. - Reinsurance: NN may cede parts of insurance risk to reinsurers in exchange for a premium, reducing volatility and capital strain. Reinsurance can affect net premiums, claims, and profitability. 2) Asset Management - Management fees: NN earns recurring fees for managing investment portfolios, including assets backing its own insurance liabilities and assets managed for external (third-party) clients, depending on mandates and the level of assets under management (AUM). - Performance fees (where applicable): Some mandates or funds may pay additional fees if performance exceeds agreed benchmarks or hurdles. Other important earnings factors - Distribution and partnerships: NN sells through a mix of channels such as tied agents, brokers, banks/partners, and direct channels. Distribution agreements can expand reach but also involve commissions and revenue-sharing that affect margins. - Scale and expense efficiency: Profitability is influenced by operating cost discipline (claims handling, policy administration, IT, and acquisition costs). - Market and macro conditions: Interest rates, credit spreads, equity markets, and inflation materially affect investment income, product attractiveness, claim costs (especially in non-life), and the valuation of insurance liabilities. Significant partnerships or specific counterparties contributing to earnings: null

NN Group N.V. Financial Statement Overview

Summary

Profitability improved sharply in 2025 (net margin ~40%), but results are undermined by extreme revenue volatility (2025 annual revenue collapse ~-78%) and persistently weak cash generation (operating cash flow and free cash flow negative in most recent years). Balance sheet equity remains sizeable, but leverage has trended up meaningfully (debt-to-equity rising to ~0.81 in 2025).

Income Statement

Profitability looks solid on paper, with net margin improving sharply in 2025 (annual) to ~40% versus ~13% in 2024 and ~9% in 2023, and EBIT also stepping up in 2025. However, the top line is highly unstable: revenue declines in 2024 and collapses in 2025 (annual) (reported growth of about -78%), following a history of large swings (strong 2023 rebound after a weak 2022). Overall, earnings power appears positive, but revenue/earnings volatility reduces confidence in durability.

Balance Sheet

Leverage is moderate-to-elevated for the period, with debt-to-equity moving from ~0.31–0.35 (2020–2021) up to ~0.81 in 2025 (annual), indicating a clear tightening in capital structure flexibility. Equity remains sizeable (~€19.1B in 2025) versus debt (~€15.4B), and returns on equity are steady but not high (~6–9% range across years, ~6.2% in 2025). Net-net: balance sheet is still supported by meaningful equity, but the rising leverage trend is a key watch item.

Cash Flow

Cash generation is the weakest pillar: operating cash flow is negative in most years (2021, 2022, 2024, 2025), including very large outflows in 2022 and again in 2025, and free cash flow mirrors this pattern. While 2020 showed strong positive operating and free cash flow, the overall trajectory is inconsistent and deteriorates into deeply negative levels recently, which increases reliance on balance sheet resources and reduces financial flexibility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.94B	3.00B	12.62B	13.18B	8.51B	19.08B
Gross Profit	13.94B	3.00B	12.62B	13.18B	8.51B	19.08B
EBITDA	0.00	2.85B	0.00	0.00	0.00	0.00
Net Income	1.33B	1.19B	1.58B	1.17B	1.63B	3.28B
Balance Sheet
Total Assets	206.11B	204.91B	210.38B	208.94B	217.11B	251.59B
Cash, Cash Equivalents and Short-Term Investments	0.00	6.40B	112.98B	118.31B	88.56B	114.81B
Total Debt	13.08B	13.69B	11.53B	14.10B	15.40B	12.24B
Total Liabilities	184.38B	183.76B	188.72B	187.82B	199.28B	216.67B
Stockholders Equity	21.64B	19.08B	21.57B	19.62B	17.77B	34.65B
Cash Flow
Free Cash Flow	249.00M	-2.35B	-401.00M	62.00M	-8.22B	-2.64B
Operating Cash Flow	249.00M	-2.35B	-401.00M	62.00M	-8.18B	-2.59B
Investing Cash Flow	1.10B	1.10B	2.56B	4.53B	6.08B	-1.83B
Financing Cash Flow	-393.00M	794.00M	-3.41B	-2.99B	1.76B	-741.00M

NN Group N.V. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 65.70
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:NN, the sentiment is Negative. The current price of 65.7 is below the 20-day moving average (MA) of 67.44, below the 50-day MA of 67.32, and above the 200-day MA of 61.49, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 43.01 is Neutral, neither overbought nor oversold. The STOCH value of 52.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:NN.

NN Group N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HAL	81 Outperform	€15.23B	2.67	11.85%	2.07%	2.01%	79.48%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ASRNL	66 Neutral	€12.01B	6.94	6.31%	5.32%	16.35%	67.44%
AGN	61 Neutral	€8.99B	4.30	14.36%	5.79%	-6.64%	―
INGA	60 Neutral	€62.62B	12.40	12.05%	5.10%	0.12%	-2.71%
ABN	57 Neutral	€22.12B	14.95	9.85%	4.36%	-12.70%	-12.34%
NN	53 Neutral	€16.59B	―	6.47%	5.40%	-15.54%	10.53%