olivLaw · European equity research
NN Group N.V. NN.AS
Netherlands · Euronext Amsterdam · ISIN NL0010773842 · Vertical: Listed companies from Netherlands
NN Group is a European insurance and pensions group with operations in several countries and a major position in life and pensions in the Netherlands. The current period is marked by high geopolitical and regulatory uncertainty, which could affect its capital, costs and digital transformation strategy.
At the close of 05 Nov 2026, NN Group N.V. (NN.AS) stock was 80.54 EUR (+0.30% on the day), with market capitalisation 22.9 bn EUR, P/E 19.3 on diluted EPS of 4.17 EUR over the last 12 months, dividend yield 4.09%, beta 0.64, 52-week range 59.60–81.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.7
- strong (55–70)
- Bollinger (20, 2)
- 74.12 – 79.86
- above the upper band · %B 1.12 · band width 7.5%
- SMA 50 / 200
- 77.95 / 74.24
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.44 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.9% | −0.6% | +4.5 pp | — |
| 3 months | −1.2% | −4.2% | +3.0 pp | — |
| 6 months | +6.6% | +4.3% | +2.3 pp | — |
| Year to date | +22.5% | +7.5% | +15.0 pp | — |
| 1 year | +33.6% | +9.9% | +23.6 pp | +0.3% |
| 3 years | +157.6% | +49.8% | +107.8 pp | +2.2% |
| 5 years | +72.4% | +42.8% | +29.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 7.5, median 8.8, max 15.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.2 bn | 1.6 bn | 1.2 bn |
| Net income YoY | unavailable | +35.1% | −25.0% |
| Diluted EPS | 4.04 | 5.58 | 4.17 |
| Diluted EPS YoY | unavailable | +38.1% | −25.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.4 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 21.2 bn EUR
- Total assets
- 204.9 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.6%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 1.5 bn | 1.9 bn | 1.5 bn | esef· 10 Mar 2026verified |
| Income tax | 348.0 m | 334.0 m | 312.0 m | esef· 10 Mar 2026verified |
| Net income | 1.2 bn | 1.6 bn | 1.2 bn | esef· 10 Mar 2026verified |
| Diluted EPS | 4.04 | 5.58 | 4.17 | esef· 10 Mar 2026verified |
| Dividend per share | 1.48 | 2.44 | 3.30 | esef· 10 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.2 bn | 6.9 bn | 6.4 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 348.0 m | 302.0 m | 313.0 m | esef· 10 Mar 2026verified |
| Total assets | 208.9 bn | 210.4 bn | 204.9 bn | esef· 10 Mar 2026verified |
| Total liabilities | 187.8 bn | 188.7 bn | 183.8 bn | esef· 10 Mar 2026verified |
| Equity | 21.1 bn | 21.7 bn | 21.2 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 290.1 m | 283.7 m | 284.9 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 62.0 m | -401.0 m | -2.3 bn | esef· 10 Mar 2026verified |
| Investing cash flow | 4.5 bn | 2.6 bn | 1.1 bn | esef· 10 Mar 2026verified |
| Financing cash flow | -3.0 bn | -3.4 bn | 794.0 m | esef· 10 Mar 2026verified |
| Dividends paid | 428.0 m | 693.0 m | 939.0 m | esef· 10 Mar 2026verified |
| Share repurchases | 632.0 m | 529.0 m | 298.0 m | esef· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 22.9 bn EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 40.47 – 105.79 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E40.47 – 105.79 (Mid 57.78)17 companies used · median multiple 13.9x · quartiles 9.7x – 25.4xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)44.83 – 61.13 (Mid 51.72)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 19.3x | 50 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.4% | 77 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial77/100 · 1/2 factors with a value
- Valuation· partial50/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NN Group N.V. (NN.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 6.1%.
The estimated value range is 42.65–83.46 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 54.75 EUR, the price of 80.54 EUR leaves a potential of -32.0% (value / price − 1) and a margin of safety of -47.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for NN.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NN Group is a European insurance and pensions group with operations in several countries and a major position in life and pensions in the Netherlands. The current period is marked by high geopolitical and regulatory uncertainty, which could affect its capital, costs and digital transformation strategy 1.
SWOT
Strengths
- A strong position in life and pensions in the Netherlands and access to extensive customer data 1.
- A well documented risk management framework with clear risk appetite levels and regularly monitored indicators 1.
- Experience in reinsurance and longevity risk management, with assumptions updated periodically 1.
Weaknesses
- Relatively high costs in some areas, which could reduce competitiveness if not aligned with revenues 1.
- Dependence on legacy IT systems and third-party providers, which complicates modernisation and creates operational risk 1.
- Closed books running off gradually, which limits growth in traditional segments 1.
Opportunities
Threats
- Geopolitical tensions and conflicts that could create volatility in financial markets and fragment the economy 1.
- Regulatory uncertainty around Solvency II and sustainability reporting requirements 1.
- Cyberattacks and critical infrastructure outages that could affect operations and customer confidence 1.
Risks
- Geopolitical tensions and conflictshigh
The risk could lead to volatility in financial markets, fragmented supply chains and pressure on the European economy 1.
- Financial market turmoilhigh
In a crisis scenario, asset valuations could fall and borrowing costs could rise, affecting profitability and solvency 1.
- Regulatory uncertaintymedium
Changes to the Solvency II framework could alter the capital position and create additional compliance costs 1.
- Cyber securitymedium
Cyberattacks could lead to data loss, operational disruption and reputational damage 1.
- Improving life expectancymedium
Medical progress could affect mortality assumptions and the guarantees in the product portfolio 1.
Investment thesis
What would need to be true (bull case)
- If the transformation programme reduces costs and accelerates profitable growth in defined contribution portfolios, margins could improve capital generation 1.
- Access to extensive customer data and the ability to use artificial intelligence could support the company's competitive position 1.
- A solid risk management framework and clearly defined risk appetite could reduce the impact of market shocks on capital 1.
What would break the thesis
- If geopolitical tensions and debt crises intensify, market volatility could affect profitability and capital 1.
- Compliance costs and regulatory uncertainty could limit the company's flexibility and reduce its competitive advantage 1.
- If IT modernisation is delayed, costs could remain high and loss of market share could become a problem 1.
What to watch
- Development of the Solvency II ratio and operating capital generation2026
- Progress of the Future Ready programme and cost reduction2026
- Implementation of the Solvency II review and the level II and III texts2027
- Effects of geopolitical tensions on financial markets and credit risknext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NN Group N.V. runs insurance, pensions and investment management activities, with a major focus on the Dutch life and pensions market 1. The company operates with a structured risk management framework covering strategic, financial and non-financial risks, and a risk appetite statement approved by the Management Board 1. The current strategy emphasises operational efficiency, digitalisation and profitable growth in defined contribution portfolios 1.
Capital is managed against Solvency II requirements, and the Management Board tracks indicators such as the solvency ratio and operating capital generation 1. Liquidity is monitored through a minimum cash buffer and a liquidity coverage ratio 1.
The Future Ready programme, launched in 2024, aims to standardise and automate processes, improve customer experience and build a digitally skilled workforce 1. The company expects these initiatives to gradually reduce future costs, although results depend on execution 1.
Segments
Market context
The market environment is shaped by high geopolitical tensions, United States trade policy and uncertainty about government debt in Europe 1. The company notes that the ReArm Europe Plan could raise military spending by EUR 800 billion over the next four years 1. The ECB inflation target of 2 percent remains a reference point, and inflation pressures could affect liquidity and solvency 1.
The European insurance market faces changing regulation, including the Solvency II review, which takes effect on 30 January 2027, and rules on digitalisation and data access 1. A minority government formed in the Netherlands after the October 2025 elections adds uncertainty about policy direction 1.
Trends
- Geopolitical tensionsheadwind
Geopolitical risk remains elevated, and trade and supply chains could become more fragmented, creating volatility in financial markets 1. The company has no direct business in Ukraine, Russia, China or Israel, but indirect effects depend on how conflicts develop 1.
- Digitalisation and artificial intelligencemixed
Technology and artificial intelligence could lower costs and improve customer experience, but they require continuing investment and new skills 1. Competition from aggregators and technology companies could add pressure 1.
- Solvency II regulationheadwind
A revised Solvency II framework could change the capital position and create additional compliance costs 1. The delay of some level II and III texts adds uncertainty about reporting expectations 1.
- Infrastructure and cyber securitymixed
Reliance on technology infrastructure and third parties raises exposure to outages and cyberattacks, and the DORA regulation requires additional preparedness 1. Investment in security and business continuity could support the company's resilience 1.
Competitive position
The company faces competition from other insurers and pension providers, as well as from digital aggregators and large technology companies with high investment capacity 1. Relative costs compared with competitors are a risk of losing market share if they are not aligned with revenues 1.
The company's advantage lies in its access to extensive customer data, needed to assess underwriting risk, but this advantage depends on its ability to innovate quickly 1.
- Other European life and pensions insurers
Competition in European savings and pensions markets, especially in the Netherlands, where market share and costs are decisive 1.
- Digital aggregators
Platforms that could take over the customer relationship and reduce margins, particularly in insurance distribution 1.
- Large technology companies
Players with large investment resources in data and artificial intelligence that could enter financial services 1.
- Investment product providers
Competition for defined contribution portfolios and voluntary savings 1.
News & filings
In the press
- Bursă. NN Group a vândut acţiuni OMV Petrom şi a ajuns la sub 5% din companie. Pachetul rămas valorează 3,2 miliarde de leiZiarul Financiar · 22 May 2026 · RO
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / NN Group N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.