NN Group reports 2024 operating capital generation of €2.1bn

NN Group generated operating capital of more than EUR 1.9 billion in 2024, reaching its 2025 operating capital generation target a year ahead of schedule. The group has now set a higher bar for 2028, targeting EUR 2.2 billion of operating capital generation and more than EUR 1.8 billion of free cash flow.

For 2025, NN Group reported operating capital generation of EUR 1,020 million in the first half, up from EUR 959 million in the first half of 2024. The group also disclosed an operating result of EUR 1,443 million for the first half of 2025, compared with EUR 1,329 million a year earlier. NN Group’s net result for the same period was EUR 391 million.

Capital generation and cash flow trajectory

NN Group stated that operating capital generation increased by 6% year-on-year in the first half of 2025, reaching EUR 1,020 million versus EUR 959 million in the first half of 2024. A separate disclosure rounded this to EUR 1.0 billion of operating capital generation for the period.

The group reported free cash flow of EUR 863 million in the first half of 2025. Management said the company is on track to achieve a full-year 2025 free cash flow target of EUR 1.6 billion.

Looking further ahead, NN Group has set 2028 targets of EUR 2.2 billion of operating capital generation and more than EUR 1.8 billion of free cash flow. The company previously achieved operating capital generation of over EUR 1.9 billion in 2024, which it described as meeting its 2025 operating capital generation target a year early.

Solvency II coverage and capital position

NN Group reported that its Solvency II ratio stood at 194% at the end of 2024. By the first half of 2025, the group said its Solvency II ratio had increased to 208%.

The company also provided a pro-forma Solvency II ratio of 205% for the first half of 2025. NN Group stated that the reported 208% ratio and the 205% pro-forma figure both represented an increase from the 194% level at the end of 2024.

Shareholder distributions

NN Group declared an interim dividend for 2025 of EUR 1.38 per ordinary share. The group said this interim dividend was up 8% compared with the 2024 interim dividend.

Technology and data investment plans

NN Group plans to invest EUR 450 million in its “Future Ready IT” programme through 2027. The group also plans to launch 300 data and AI use cases by 2028.

Management commentary and strategic framing

David Knibbe is CEO of NN Group. Commenting on the recent results, Knibbe stated: “The strong results we report today show that we continue to deliver on our strategy.”

NN Group’s next formally stated milestones are the 2025 free cash flow target of EUR 1.6 billion and the 2028 targets for operating capital generation and free cash flow.

--- Sources: https://www.nn-group.com/investors https://www.nn-group.com/news/nn-group-reports-strong-results-continued-growth-and-commercial-momentum/ https://www.nn-group.com/investors/financial-results