Steady as she goes.
That’s how you can describe the latest batch of results released by Dutch insurer NN Group. Today the company revealed that its third quarter core profit was roughly stable with lower dividends in its Dutch life insurance operations offset by improved results across its casualty and property arms. Its operating results, however, did drop 2% overall – slipping from 463 million euros to 453 million euros (around £390 million) compared to the same period last year.
Looking at individual business segments, the firm saw its largest operating unit – its life insurance arm in the Netherlands – slip by 14%. The company blamed this on a lower investment margin.
Meanwhile, non-life insurance in the Netherlands and Europe, along with life insurance in Japan, improved by 12-20% year-over-year. The company also reported reduced costs with a Reuters report highlighting that the solvency ratio of the firm improved to 217% from 210% in the same period last year.
The results come shortly after a mild exodus from the firm – CEO Lard Friese recently stepped down to join Aegon, while Jan-Hendrik Erasmus, the firm’s chief risk officer, jumped to Aviva. Friese’s successor is David Knibbe, the former leader of the company’s Dutch activities.