NN Group: profit down on private equity, reinsurance
(CercleFinance.com) - Dutch insurer NN Group said that its third-quarter operating profit fell to 453 million euros, from 463 million euros a year ago, mainly due to lower private equity earnings and a lower result at its reinsurance business.
Netherlands non-life posted a good result, as did banking, insurance in Europe, and life in Japan, while special dividends at Netherlands life were lower than a year ago, the company said.
The insurer said that it reached further cost reductions of 17 million euros in the third quarter, bringing total cost reductions achieved to date to 323 million euros versus its full-year 2016 cost base.
NN's capital ratio under Europe's Solvency II rules rose to 217%, from 210% a year ago, reflecting the impact of operating capital generation.
Net profit fell to 515 million euros, from 788 million euros last year, mainly reflecting lower non-operating items.
The shares are currently up 1.4% in Amsterdam.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Netherlands non-life posted a good result, as did banking, insurance in Europe, and life in Japan, while special dividends at Netherlands life were lower than a year ago, the company said.
The insurer said that it reached further cost reductions of 17 million euros in the third quarter, bringing total cost reductions achieved to date to 323 million euros versus its full-year 2016 cost base.
NN's capital ratio under Europe's Solvency II rules rose to 217%, from 210% a year ago, reflecting the impact of operating capital generation.
Net profit fell to 515 million euros, from 788 million euros last year, mainly reflecting lower non-operating items.
The shares are currently up 1.4% in Amsterdam.
Copyright (c) 2019 CercleFinance.com. All rights reserved.