NN Group (NNGRY)
OTHER OTC:NNGRY
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NN Group
(OTC:NNGRY)
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Rating:58Neutral
Price Target:
$39.00
▲(1.19% Upside)
Action:ReiteratedDate:03/10/26
The score is held back primarily by weak and inconsistent cash generation and highly volatile revenues, despite solid profitability. The latest earnings call was constructive with strong solvency and stepped-up shareholder returns, while technicals remain bearish and valuation is supported by a moderate P/E and high dividend yield.
Positive Factors
Strong Solvency Capital
A very strong Solvency II ratio (≈220%) and elevated NL Life solvency (233%) give durable regulatory headroom. This capital strength supports sustained underwriting capacity, enables steady capital returns and strategic flexibility to invest or absorb shocks without immediate balance-sheet strain.
Negative Factors
Weak and Inconsistent Cash Generation
Persistently negative operating and free cash flow reduces self-funding ability and raises reliance on capital markets or balance-sheet measures to finance growth and returns. Over time this constrains reinvestment, increases refinancing risk and lowers the buffer against cyclical insurance or market shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Solvency Capital
A very strong Solvency II ratio (≈220%) and elevated NL Life solvency (233%) give durable regulatory headroom. This capital strength supports sustained underwriting capacity, enables steady capital returns and strategic flexibility to invest or absorb shocks without immediate balance-sheet strain.
Read all positive factors
NN Group (NNGRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.72B
Dividend Yield5.25%
Average Volume (3M)1.35K
Price to Earnings (P/E)16.4
Beta (1Y)0.39
Revenue Growth-15.10%
EPS Growth10.94%
CountryUS
Employees13,497
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)1.71
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)6.48
P/FCF Ratio-8.29
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue1.85
Enterprise Value/Gross Profit1.85
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.77
Revenue Forecast (FY)$17.94B
NN Group 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 s...
How the Company Makes Money
NN Group generates revenue through multiple key streams. Primarily, it earns income from premiums collected on its life and non-life insurance products, which include health, property, and casualty insurance. The company also generates revenue fro...
NN Group Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call showed strong commercial execution and financial delivery in 2025 with multiple measurable wins: OCG and free cash flow outperformance, a very robust Solvency II ratio, tangible AI/digital progress, and an enhanced, recurring shareholder return program. Key growth segments (Insurance Europe, Japan, Netherlands Non-life and DC inflows) delivered meaningful expansion in volumes and margins. Offsetting factors include a material disability reserve strengthening and repricing actions, some bank margin pressure, non-recurring tailwinds in 2025 that may not repeat, and non-operational IFRS volatility from certain bond and derivative revaluations. On balance, the positive operational and capital developments materially outweigh the challenges, though management flagged areas of transitory risk and one-off items that may temper near-term comparables.Positive Updates
Exceeded 2025 Financial Targets
Operating Capital Generation (OCG) of EUR 2.1 billion, up 9% versus 2024, and Free Cash Flow slightly above the EUR 1.6 billion target, up 7% year-on-year, outperforming stated 2025 objectives.
Negative Updates
Disability (D&A) Deterioration and Reserve Strengthening
Deterioration in disability in H2 2025 (linked to long COVID and increased mental-health claims) led to reserve strengthening and repricing actions (more frequent repricing cycles). Disability was a notable weak point within an otherwise within-target combined ratio.
Read all updates
Q4-2025 Updates
Positive
Negative
Exceeded 2025 Financial Targets
Operating Capital Generation (OCG) of EUR 2.1 billion, up 9% versus 2024, and Free Cash Flow slightly above the EUR 1.6 billion target, up 7% year-on-year, outperforming stated 2025 objectives.
Read all positive updates
Company Guidance
Guidance highlights: management expects flat reported OCG in 2026 after strong 2025 results (OCG €2.1bn, +9% y/y vs a €1.9bn target) and free cash flow slightly above the €1.6bn target (+7% y/y), while reiterating 2028 targets of OCG €2.2bn and free cash flow >€1.8bn; solvency remains robust (group Solvency II ~220%, NN Life ~233%), holding cash was ~€1.8bn at year‑end (pro‑forma ~€1.6bn after RT1 repayment) with a preferred holding range of €0.5–1.5bn, and operating capital generation in H2 was ~€1.1bn (adding ~13pp to solvency) while market variance added ~7pp; capital returns are being stepped up by €100m (split €50m extra dividend raising DPS to €3.88, +13%, and €50m higher buyback to €350m), >€11bn returned since IPO, management won’t refinance a €600m 2027 senior note and expects ~€1.5bn excess cash potential over 2025–28 (with ~€400m+ allocated to shareholders and ~€500m residual for value‑creating opportunities); growth and operational metrics include 236 AI use cases and 42% of sales from digital leads (40% of the €200m/yr 2027 run‑rate benefits realized by end‑2025), Insurance Europe VNB +16% y/y (decade avg ~12% annual new business growth), Japan VNB +25% (≈+30% FX‑adj) targeting recovery to 2022 VNB (JPY20bn) by 2028, Netherlands Non‑life GWP +6% to >€4bn with combined ratio 92.9% (P&C 90.3%), Netherlands Life DC inflows €2.6bn and immediate annuity gross inflow ~€0.8bn in 2025 (CAGR 10–15% to ~€1.4bn by 2030; annuity AUM target ~€10bn and >€65bn total AUM with a 15–20bp OCG margin by 2028).NN Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.94B | 2.88B | 11.02B | 10.81B | -833.00M | 19.01B |
| Gross Profit | 13.94B | 2.88B | 11.66B | 11.40B | -418.00M | 17.70B |
| EBITDA | 0.00 | 1.45B | 3.40B | 2.72B | 1.38B | 4.50B |
| Net Income | 1.33B | 1.14B | 1.58B | 1.17B | 1.63B | 3.28B |
Balance Sheet | ||||||
| Total Assets | 206.11B | 204.82B | 210.38B | 208.94B | 217.11B | 251.59B |
| Cash, Cash Equivalents and Short-Term Investments | 110.64B | 6.40B | 112.98B | 8.21B | 88.56B | 114.81B |
| Total Debt | 13.31B | 15.40B | 11.53B | 14.10B | 15.40B | 12.24B |
| Total Liabilities | 184.38B | 185.66B | 188.72B | 187.82B | 199.28B | 216.67B |
| Stockholders Equity | 21.64B | 19.07B | 21.57B | 21.04B | 21.03B | 34.65B |
Cash Flow | ||||||
| Free Cash Flow | 249.00M | -2.25B | -401.00M | 62.00M | -8.22B | -2.64B |
| Operating Cash Flow | 249.00M | -2.25B | -401.00M | 62.00M | -8.18B | -2.59B |
| Investing Cash Flow | 1.10B | 1.06B | 2.56B | 4.53B | 6.08B | -1.83B |
| Financing Cash Flow | -393.00M | 762.66M | -3.41B | -2.99B | 1.76B | -741.00M |
NN Group Technical Analysis
Positive
38.54
Price Trends
39.55
Positive
38.41
Positive
36.24
Positive
Market Momentum
0.15
Negative
59.47
Neutral
96.84
Negative
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 38.54 is below the 20-day moving average (MA) of 38.70, below the 50-day MA of 39.55, and above the 200-day MA of 36.24, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 59.47 is Neutral, neither overbought nor oversold. The STOCH value of 96.84 is Negative, 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 | $38.32B | 10.14 | 21.37% | 1.55% | 7.11% | 22.52% | |
73 Outperform | $20.43B | 9.49 | 10.26% | 3.44% | 12.33% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $41.55B | 15.62 | 7.50% | 2.02% | -23.02% | 52.43% | |
65 Neutral | $11.60B | 10.92 | 11.63% | 5.77% | -6.19% | ― | |
58 Neutral | $20.72B | 16.35 | 4.00% | 5.25% | -15.10% | 10.94% | |
50 Neutral | $10.89B | 15.82 | -152.32% | 2.15% | 7.70% | -155.12% |
* Financial Sector Average
NNGRY
NN Group
41.25
17.44
73.29%
AEG
Aegon
7.78
2.08
36.52%
AIG
American International Group
77.43
-3.57
-4.41%
HIG
Hartford Insurance
138.90
24.45
21.36%
PFG
Principal Financial
94.20
19.81
26.63%
EQH
Equitable Holdings
38.84
-9.62
-19.84%
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.