NN Group: quarterly profit jumps on strong cost cutting
(CercleFinance.com) - Dutch insurer NN Group has almost doubled its second-quarter net profit, driven by impressive cost cutting and improved P&C performance.
NN Group, an international financial services group that is active in 18 countries, said net result jumped to 463 million euros in the past quarter, from 240 million euros, with the group reporting higher capital gains.
NN also said that the second quarter of 2017 included a provision related to ING Australia Holdings.
The operating result from ongoing business rose to 508 million euros in the past quarter, from 404 million euros a year ago.
The operating result in Property & Casualty (P&C) increased to 5 million euros, from a loss of 63 million euros in the second quarter of 2017.
Even more revealing, total administrative expenses shrunk to 519 million euros in the past quarter, from 582 million euros one year earlier.
NN Group's assets under management amounted to 240 billion euros at the end of the third quarter - the same level as the end of the first quarter.
The shares were up 3.4% in Amsterdam after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
NN Group, an international financial services group that is active in 18 countries, said net result jumped to 463 million euros in the past quarter, from 240 million euros, with the group reporting higher capital gains.
NN also said that the second quarter of 2017 included a provision related to ING Australia Holdings.
The operating result from ongoing business rose to 508 million euros in the past quarter, from 404 million euros a year ago.
The operating result in Property & Casualty (P&C) increased to 5 million euros, from a loss of 63 million euros in the second quarter of 2017.
Even more revealing, total administrative expenses shrunk to 519 million euros in the past quarter, from 582 million euros one year earlier.
NN Group's assets under management amounted to 240 billion euros at the end of the third quarter - the same level as the end of the first quarter.
The shares were up 3.4% in Amsterdam after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.