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NN Group posts higher Q2 net result

NN Group NV reported a 30.7% year-over-year increase in second-quarter net result to €606 million from €463 million.

EPS for the quarter increased to €1.78 from the year-ago €1.34. Net operating return on equity was 8.8%, compared to 11.7% a year earlier.

The operating result declined to €445 million from €508 million a year ago, reflecting lower private equity dividends at Netherlands Life and lower results of the reinsurance business, partly offset by improved results at its European insurance, Dutch nonlife and Japanese life businesses.

Gross premium income declined on a yearly basis to €2.92 billion from €2.95 billion. The second-quarter combined ratio in the Netherlands nonlife segment improved to 95.8% from 97.9%.

For the first half, the group's net result amounted to €1.12 billion, up from €862 million a year earlier. EPS for the period increased year over year to €3.26 from €2.49, while net operating ROE dipped to 9.4% from 9.5%.

NN Group's Solvency II ratio stood at 210% at the end of June, down from 213% at March-end, reflecting movements in credit spreads and the deduction of the 2019 interim dividend, partly offset by operating capital generation.

The group will pay an interim dividend of 76 cents per ordinary share, or a total of around €252 million. The dividend will be paid Sept. 11, with a record date of Aug. 20. The company noted that the dividend will be paid either in cash or ordinary shares from the share premium reserve, depending on the shareholder's choice.

NN Group said as of Aug. 9, shares for a total amount of €279 million were repurchased, representing 41.7% of the total share buyback amount, under the share buyback program announced in February.