• Operating capital generation (OCG) for 2024 reached more than EUR 1.9 billion, reaching our 2025 target a year ahead of plan
• Free cash flow up 8% year-on-year to EUR 1.5 billion, with contribution better diversified between business units
• Dividend per share also up 8% year-on-year, reaching EUR 3.44; annual EUR 300 million share buyback programme announced
• Solvency II ratio remains robust at 194%, mainly due to adverse market impacts and regulatory changes, partly offset by management actions
• Full-year operating result increased to EUR 2.6 billion; the net result increased to EUR 1.6 billion from EUR 1.2 billion in 2023
Strong business performance supported by excellent commercial momentum
• Value of new business increased 20% to EUR 395 million, driven by organic growth and higher margins in Europe and higher defined benefit sales in Netherlands Life. Net inflows in the defined contribution pension business in 2024 were EUR 2.3 billion, boosting assets under management above EUR 39 billion
• Insurance Europe exceeded its OCG target of EUR 450 million one year ahead of schedule, mainly supported by strong pension performance and new business growth
• Netherlands Non-life showed strong performance in 2024 with ~4.5% premium growth on a like-for-like basis driven by premium increases as well as volume growth, and achieved a strong level of OCG at EUR 406 million. The combined ratio was 93.1%
• Customer satisfaction scores continue positive trend with 8 out of 10 countries ranking at or above market average; number 1 broker satisfaction scores at Dutch life and pension businesses as well as P&C commercial lines
• Continued progress in reducing carbon footprint of corporate investment portfolio; total investments in climate solutions increased to EUR 12.8 billion
Statement of David Knibbe, CEO
'Today we are reporting very good results for 2024, highlighting the strength of our diverse businesses and showing we are well on track in the delivery of our strategy focused on customers, our people, and contribution to society. Operating capital generation was EUR 1.9 billion, a slight increase compared to the previous year and a year ahead of the 2025 target. This was supported by continued strong business performances across the group, particularly in Europe and Netherlands Non-life.
Our business in Europe continued to show strong commercial momentum, with higher sales of protection products thanks to our successful distribution mix and new product launches. In the Netherlands, our pension business also reported continued growth, supported by strong inflows in defined contribution, renewals of existing defined benefit pension contracts and pension buyouts. Our Dutch non-life business maintained its robust performance and delivered volume growth.
We remain committed to offering a superior digital experience for customers and agents, as is evidenced by the underlying improvements in customer satisfaction scores, particularly in our European markets. We rank at or above market average in 8 out of 10 countries. Employee satisfaction scores also showed an upward trend. As part of our commitment to contribute to a sustainable future, we further increased our investments in climate solutions, bringing total investments to EUR 12.8 billion by the end of 2024. Since 2022, we have supported 766 thousand people through our community investment programmes.
Our capital position remained robust with a Solvency II ratio of 194%, from 197% at the end of 2023. The slight decrease was mainly caused by adverse market impacts and regulatory changes, which were partly offset by management actions. We propose a final dividend of EUR 2.16 per share, bringing the total dividend for 2024 to EUR 3.44 per share, an increase of 8% compared to 2023. In addition, in line with our policy we again announce an annual share buyback programme of EUR 300 million.
With our leading market positions and robust balance sheet, we are well-positioned to continue to create long-term value for our stakeholders. We will provide an update of our strategy and new medium-term targets at our Capital Markets Day in May.'
Full press release:
https://www.nn-group.com/news/nn-group-reports-continued-strong-business-performance-in-2024/
© 2025 GlobeNewswire (Europe)
