NN Group: quarterly profit falls; Delta Lloyd consolidated.
(CercleFinance.com) - NN Group, the former insurance arm of Dutch banking group ING, has posted a 28.
2% drop in its quarterly net income, impacted by heavy liabilities at its non-life business.
NN Group, which provides insurance and asset management services in 18 countries, announced that its net result was 240 million euros, down from 335 million euros in the second quarter of 2016.
New unit Delta Lloyd, the acquisition of which was complete this month, contributed 21 million euros, the group said.
Excluding Delta Lloyd, net income would have fallen by 115 million euros.
However, NN Group still cites a "strong commercial momentum," with new sales life insurance (APE) up 43.1% at constant currencies to 400 million euros, of which Delta Lloyd contributed 66 million euros.
Its asset management division, NN Investment Partners, saw positive net flows for third party assets for the fourth consecutive quarter, amounting to 3.1 billion euros at the end of the second quarter.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
2% drop in its quarterly net income, impacted by heavy liabilities at its non-life business.
NN Group, which provides insurance and asset management services in 18 countries, announced that its net result was 240 million euros, down from 335 million euros in the second quarter of 2016.
New unit Delta Lloyd, the acquisition of which was complete this month, contributed 21 million euros, the group said.
Excluding Delta Lloyd, net income would have fallen by 115 million euros.
However, NN Group still cites a "strong commercial momentum," with new sales life insurance (APE) up 43.1% at constant currencies to 400 million euros, of which Delta Lloyd contributed 66 million euros.
Its asset management division, NN Investment Partners, saw positive net flows for third party assets for the fourth consecutive quarter, amounting to 3.1 billion euros at the end of the second quarter.
Copyright (c) 2017 CercleFinance.com. All rights reserved.