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NN Group
(OTC:NNGRY)
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Rating:65Neutral
Price Target:
$50.00
â–²(10.01% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by uneven financial quality—especially highly volatile revenue and historically weak/negative cash flow—despite solid reported profitability and a manageable balance sheet. Technicals are supportive with a clear uptrend, though overbought signals add near-term risk. Valuation is helped by an attractive dividend yield but tempered by a mid-range P/E, while the latest earnings call was broadly positive on capital generation, solvency, and disciplined capital returns.
Positive Factors
Strong Solvency / Capital Position
A 224% Solvency II ratio provides a durable capital buffer and material flexibility for dividend increases, buybacks, and strategic reinsurance or M&A. Over the next 2–6 months this higher solvency supports consistent capital returns and resilience to market or underwriting shocks.
Negative Factors
Weak Cash Generation
Persistently negative operating and free cash flow limits self‑funding capacity, forcing reliance on capital buffers or asset disposals for dividends and buybacks. Over several quarters this elevates funding risk and reduces strategic optionality if markets or underwriting deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Solvency / Capital Position
A 224% Solvency II ratio provides a durable capital buffer and material flexibility for dividend increases, buybacks, and strategic reinsurance or M&A. Over the next 2–6 months this higher solvency supports consistent capital returns and resilience to market or underwriting shocks.
Read all positive factors
NN Group (NNGRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.80B
Dividend Yield4.92%
Average Volume (3M)1.35K
Price to Earnings (P/E)18.8
Beta (1Y)0.34
Revenue Growth49.17%
EPS Growth55.45%
CountryUS
Employees16,188
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)2.10
Shares Outstanding526,000,000
10 Day Avg. Volume0
30 Day Avg. Volume1,353
Financial Highlights & Ratios
PEG Ratio-0.58
Price to Book (P/B)0.98
Price to Sales (P/S)2.18
P/FCF Ratio-8.29
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.82
Revenue Forecast (FY)$5.67B
NN Group Business Overview & Revenue Model
Company Description
NN Group N.V. is a financial services entity primarily focused on providing life insurance products within the Netherlands and globally. Its operations are structured into several distinct segments: Netherlands Life, Netherlands Non-life, Insuranc...
How the Company Makes Money
NN Group makes money mainly through (1) insurance operations and (2) asset/wealth management-related activities. In insurance, it earns premium income from policyholders across life, pensions/retirement, and non-life lines. It invests the collecte...
NN Group Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call presented multiple strong operational and capital highlights: OCG growth (+5% to EUR 1.1bn), improved solvency (224%) after bank exclusion, clear delivery from the Future Ready AI/efficiency program, robust European commercial momentum (VNB +14% in Europe), strong DC inflows and AUM growth, improved Non-life profitability (combined ratio ~90.5%) and higher shareholder returns (interim dividend +12%). Offsetting these positives are localized but material challenges: weaker sales dynamics and lower CSM release in Japan, an expected drop in bancassurance volumes in Greece, regulatory fee pressure in Czechia, elevated disability claims and provisioning, and market/FX headwinds that reduced solvency by ~5 percentage points. On balance, the strengths—especially diversified, capital-generative growth, effective cost-savings from Future Ready, and strong capital-return discipline—meaningfully outweigh the identified headwinds, though some region-specific risks will require ongoing monitoring.Positive Updates
Operating Capital Generation Growth
OCG reached EUR 1.1 billion in H1'26, a 5% year-on-year increase (vs a strong H1'25) and ahead of prior flat guidance, driven mainly by Insurance Europe and underlying business growth.
Negative Updates
Softening Sales Momentum in Japan and Lower CSM Release
VNB in Japan decreased ~5% in H1'26 vs H1'25 (constant currency) as the market shifted toward short-term COLI products introduced by new entrants; Japan also recorded a negative CSM other movements impact of around EUR 55 million, lowering IFRS CSM release and operating result.
Read all updates
Q2-2026 Updates
Positive
Negative
Operating Capital Generation Growth
OCG reached EUR 1.1 billion in H1'26, a 5% year-on-year increase (vs a strong H1'25) and ahead of prior flat guidance, driven mainly by Insurance Europe and underlying business growth.
Read all positive updates
Company Guidance
NN reiterated that 2026 operating capital generation (OCG) guidance is broadly flat but H1 OCG came in at EUR 1.1 billion (+5% YoY) leaving some upside (H2 expected in line with H1), with Group solvency strengthened to 224% (Netherlands Life 213%) and the 200% reference for excess-capital decisions unchanged. The Future Ready program remains on track: EUR 450 million of total investment, ~70% invested by June and ~65% of the target annual savings delivered toward EUR 200 million of annual benefits by end‑2027 (≈EUR 180 million expense savings), while retail AI straight‑through processing is ~35% (plus 15% from NN Bank) and targeting near 100% in H2; free cash flow was EUR 922 million in H1 (+7% YoY), FY26 expected broadly in line with EUR 1.6 billion (target >EUR 1.8 billion by 2028) and cash capital EUR 1.7 billion. Capital‑return guidance was reiterated (interim dividend EUR 1.55, +12% YoY; annual share buyback program EUR 350 million; >EUR 15 billion total capital return by 2028, versus >EUR 11 billion returned since IPO); commercial/segment targets highlighted include Europe VNB +14% (group VNB +16%), Europe AUM EUR 50 billion, Netherlands DC AUM EUR 48 billion (+13%), Non‑life gross written premium +6% with a combined ratio 90.5% (vs 91–93% guide), Europe OCG target EUR 600 million and Netherlands Non‑life OCG target EUR 475 million by 2028 (with ≥80% free‑cash‑flow conversion), and Japan actions (reinsurance adding ~EUR 240 million local equity) to preserve remittance and solvency under ICS despite Japan VNB down ~5% in H1 (cc).NN Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.57B | 11.02B | 10.81B | -833.00M | 19.01B |
| Gross Profit | 7.67B | 11.66B | 11.40B | -418.00M | 17.70B |
| EBITDA | 2.74B | 3.40B | 2.72B | 1.38B | 4.50B |
| Net Income | 1.19B | 1.58B | 1.17B | 1.63B | 3.28B |
Balance Sheet | |||||
| Total Assets | 204.82B | 210.38B | 208.94B | 217.11B | 251.59B |
| Cash, Cash Equivalents and Short-Term Investments | 6.40B | 112.98B | 8.21B | 88.56B | 114.81B |
| Total Debt | 15.40B | 11.53B | 14.10B | 15.40B | 12.24B |
| Total Liabilities | 183.76B | 188.72B | 187.82B | 199.28B | 216.67B |
| Stockholders Equity | 19.07B | 21.57B | 21.04B | 21.03B | 34.65B |
Cash Flow | |||||
| Free Cash Flow | -2.25B | -401.00M | 62.00M | -8.22B | -2.64B |
| Operating Cash Flow | -2.25B | -401.00M | 62.00M | -8.18B | -2.59B |
| Investing Cash Flow | 1.06B | 2.56B | 4.53B | 6.08B | -1.83B |
| Financing Cash Flow | 762.66M | -3.41B | -2.99B | 1.76B | -741.00M |
NN Group Technical Analysis
Positive
45.45
Price Trends
44.18
Positive
43.26
Positive
40.62
Positive
Market Momentum
0.36
Positive
53.20
Neutral
14.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NNGRY, the sentiment is Positive. The current price of 45.45 is below the 20-day moving average (MA) of 45.84, above the 50-day MA of 44.18, and above the 200-day MA of 40.62, indicating a neutral trend. The MACD of 0.36 indicates Positive momentum. The RSI at 53.20 is Neutral, neither overbought nor oversold. The STOCH value of 14.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NNGRY.
NN Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $37.33B | 8.84 | 22.99% | 1.65% | 5.95% | 39.99% | |
77 Outperform | $24.61B | 16.19 | 13.03% | 2.92% | 3.72% | 41.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $22.80B | 18.84 | 5.56% | 4.93% | 49.17% | 55.45% | |
65 Neutral | $39.76B | 13.91 | 7.27% | 2.34% | -4.19% | 1.09% | |
63 Neutral | $14.42B | -16.24 | 624.66% | 2.31% | -17.70% | -356.46% | |
61 Neutral | $14.08B | 13.27 | 11.63% | 5.08% | 33.06% | 50.47% |
* Financial Sector Average
NNGRY
NN Group
45.61
10.63
30.38%
AEG
Aegon
9.45
2.31
32.33%
AIG
American International Group
76.64
-1.50
-1.92%
HIG
Hartford Insurance
138.02
9.70
7.56%
PFG
Principal Financial
113.98
39.09
52.20%
EQH
Equitable Holdings
53.09
0.60
1.14%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.