NN Group: says year has 'started off well'
(CercleFinance.com) - 2019 has "started off well" for Dutch financial group NN Group, the company said on Thursday, with higher operating profit.
Operating result increased to 468 million euros in the first quarter, from 313 million euros in the same quarter a year ago, which reflected the negative impact of a storm in January 2018.
NN said that this time it benefited from a dividend from an indirect stake in the former ING Life Korea.
Net income rose to 512 million euros, from 399 million euros in the first three months of 2018, with its life and non-life units in the Netherlands posting solid results, as well as its life business in Japan.
The group said it cut costs by 20 million euros in the past quarter, bringing total cost reductions achieved to date to 310 million euros compared with the full-year 2016 expense base.
As has been the case for many other earnings reports today, NN shares fell after the results (-1.2%) on Euronext Amsterdam.
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