Delivering on our financial targets
Operating capital generation increased to EUR 804 million from EUR 450 million in the second half of 2020, driven by strong business performance and commercial momentum; Full-year 2021 operating capital generation of EUR 1,584 million versus EUR 993 million in 2020

Operating result of EUR 917 million versus EUR 963 million in the second half of 2020; Full-year 2021 operating result of EUR 2,036 million, up 7.8% on 2020

Net result of EUR 1,864 million, up from EUR 1,317 million in the second half of 2020; Full-year 2021 net result of EUR 3,278 million versus EUR 1,904 in 2020

Strong commercial momentum; interim targets defined for our net-zero emissions ambition
Value of new business of EUR 186 million, up 29.2% from the second half of 2020, reflecting higher sales and an improved margin at Japan Life as well as higher sales at Insurance Europe

NN Bank and Woonnu originated record volume of new mortgages of EUR 9.9 billion in 2021

Netherlands Life’s DC Assets under Management increased to EUR 29.9 billion from EUR 27.4 billion at 30 June 2021, driven by market growth and net inflows

Improved customer satisfaction with 5 of our businesses scoring an above market average Net Promoter Score

ESG-integrated Assets under Management increased to 91%; interim targets defined to underpin our net-zero emissions ambition for both our investments as well as our business operations

Robust balance sheet and attractive capital returns to shareholders
NN Group Solvency II ratio of 213% versus 209% at 30 June 2021, mainly reflecting operating capital generation and favourable market impacts, partly offset by the deduction of the proposed 2021 final dividend

Cash capital position at the holding increased to EUR 1,998 million from EUR 1,533 million at 30 June 2021, reflecting free cash flow to the holding and proceeds from the issuance of senior debt, partly offset by capital flows to shareholders and amounts paid for acquisitions

2021 final dividend proposal of EUR 1.56 per ordinary share or approximately EUR 476 million, bringing the total 2021 dividend to EUR 2.49 per ordinary share, up 7% on 2020

New share buyback programmes for a total amount of EUR 1.0 billion

Statement of David Knibbe, CEO
‘In the second half of 2021, we saw a continued strong commercial and financial performance. We remained focused on engaging with our customers to meet their needs and to offer solutions that create long-term value, especially in these uncertain times. The Covid-19 pandemic entered its second year and continued to dominate our daily lives. It is putting pressure on sickness and disability rates, which makes our efforts to support and reintegrate customers even more significant. The global economy rebounded strongly from a severe contraction in 2020, but financial markets were turbulent and inflation has risen in many parts of the world. Extreme weather struck during the summer of 2021, underscoring the real-life impact of climate change. These developments contributed to a higher awareness of risk and vulnerability, which resulted in an increased demand for protection products. This supported the substantial increase in NN Group’s value of new business of 61% over the year. All of our business segments performed better compared with a year earlier, with strong results at Netherlands Non-life, despite the claims resulting from the floods in July, as well as higher sales in Japan.

To support our growth ambition, we assess and optimise our portfolio of businesses. In 2021, this led to a number of acquisitions and divestments. We reached an agreement to acquire MetLife’s business activities in Greece and Poland, which will further strengthen our leading positions in these growth markets. The acquisition of MetLife Greece was completed on 31 January 2022 and we expect Poland to follow in the first half of this year. In addition, we acquired a 70% stake in Heinenoord in the Netherlands, in order to strengthen our distribution capabilities and reinforce our position in the Dutch non-life market. Furthermore, we divested our Bulgaria business and took the decision to sell the closed book life portfolio of NN Belgium. We also reached an agreement on the sale of our asset manager, NN Investment Partners, to Goldman Sachs Group, which is expected to be completed in the coming months. The partnership with Goldman Sachs Asset Management will provide us the optionality to develop a broader range of asset management propositions to our customers.

Contributing to the well-being of people and the planet is one of our key strategic commitments. We aim to support the transition to a low-carbon economy across our business activities and operations, and want to offer products and services that reflect the different needs of the societies in which we operate. For example, we assist our customers in making their houses more energy efficient; the bank’s sustainable mortgage label, Woonnu, continued to be in demand and originated EUR 1.4 billion of mortgages in 2021. In November, we also set interim targets to align with the Paris Agreement on the reduction of greenhouse gas emissions. By 2025 we aim to reduce the emissions of our corporate investments by 25% and of our own operations by 35%, compared with 2019. As part of this, for new investments we focus on companies which we view as frontrunners in the transition to a low-carbon economy, and aim to more than double our investments in climate solutions by 2030. Additionally, today we launched a sustainability bond framework, to enable the future issue of green, social and sustainability bonds.

Thanks to the efforts of our colleagues, who have mostly been working from home since the start of the pandemic, we have been able to further improve our customer satisfaction scores. Using remote working and digital channels we continued serving our customers and other stakeholders, under different and at times challenging circumstances. Therefore, we are pleased to see that the high employee engagement scores remained broadly stable in 2021. All in all, we are well on track to achieve our financial and non-financial targets in 2023.


Operating capital generation in the second half of 2021 was EUR 804 million driven by the strong business performance and commercial momentum. This brings total capital generation for 2021 to almost EUR 1.6 billion, already meeting our EUR 1.5 billion target that we set for 2023. Even after the sale of the asset management unit in the coming months, our 2023 target for operating capital generation remains unchanged given the expected contribution in the coming years from the acquired businesses, as well as ongoing strong performance across the group.

The significant growth in capital generation supports the robust balance sheet and capital position of NN Group. The Solvency II ratio was 213% and holding company cash capital was EUR 2.0 billion at year-end 2021. In the coming months, we expect to receive the proceeds from the sale of our asset manager, while also paying the consideration for the acquisition of the MetLife businesses as well as redeeming the maturing senior debt. This allows us to deliver substantial capital returns to our shareholders. We have announced today a proposed final dividend of EUR 1.56 per share and share buyback programmes for a total amount of EUR 1.0 billion.’

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