NN N : Group Financial Supplement 1H20

NN GROUP FINANCIAL SUPPLEMENT

1H20

NN GROUP FINANCIAL SUPPLEMENT 1H20 INTRODUCTION

• The Financial Supplement includes semi‐annual financial trend data and is published on a semi‐annual basis.
• Figures are calculated at historical foreign exchange rates, unless otherwise stated.
• Operating result and Adjusted allocated equity (as used in the calculation of Net operating ROE) are Alternative Performance Measures. These measures are derived from figures according to IFRS‐EU. The operating result is derived by adjusting the reported result before tax to exclude the impact of result on divestments, the amortisation of acquisition intangibles and special items, gains/losses and impairments, revaluations and market and other impacts. The adjusted allocated equity is derived by adjusting the reported total equity to exclude revaluation reserves, the undated subordinated notes classified as equity as well as the goodwill and intangible assets recognised as a result of the Delta Lloyd acquisition. Alternative Performance Measures are non‐IFRS‐EU measures that have a relevant IFRS‐EU equivalent. For definitions and explanations of the Alternative Performance Measures reference is made to the section 'Alternative Performance measures (Non‐GAAP measures)' in the NN Group N.V. 30 June 2020 Condensed consolidated interim financial information
• The segment 'Other' consists of the reinsurance business, the holding company, Japan Closed Block VA and certain other entities.
• APE represents annualised premium equivalents sold in the period, with single premiums calculated at 1/10th of the single premium amounts.
• The semi‐annual figures of the previous periods, excluding currency effects, are the sum of the monthly figures calculated at the average rate of each individual month of the current half year.
• As of 2020 NN Group changed its external reporting frequency from quarterly reporting to semi‐annual reporting. The reporting frequency impacts the calculation of certain metrics as explained in the Notes
• Rounding could cause some small differences.
• All figures are unaudited.

NN GROUP FINANCIAL SUPPLEMENT 1H20

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TABLE OF CONTENTS

1.1	Consolidated balance sheet	4
1.2	Total equity	6
1.3	Shareholders' equity reconciliation	7
1.4	Capital base ‐ solvency II	8
1.5	Operating capital generation	9
1.6	Cash capital position at the holding company	10
1.7	Investments per asset type	11
1.8	Pro forma development of administrative expenses after Delta Lloyd acquisition	12
1.9	Earnings per ordinary share	13
1.10	New Business	14
	Analysis of Results:
2.1	Total	15
2.2.1	Netherlands Life	18
2.2.2	Netherlands Life ‐ Provisions for life insurance and investment contracts	19
2.3.1	Netherlands Non‐life	20
2.3.2	Netherlands Non‐life ‐ Key figures by line of business	21
2.4.1	Insurance Europe	22
2.4.2	Insurance Europe ‐ Key figures by country	24
2.4.3	Insurance Europe ‐ Provisions for life insurance and investment contracts and Assets under Management pensions	26
2.5.1	Japan Life	28
2.5.2	Japan Life ‐ Provisions for life insurance and investment contracts	29
2.6.1	Asset Management	30
2.6.2	Asset Management ‐ AuM and AuA	31
2.7.1	Banking	32
2.7.2	Banking ‐ Savings and deposits and Mortgages	33
2.8	Other	34
	Notes	35

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.1 CONSOLIDATED BALANCE SHEET: ASSETS

	30 Jun 20	31 Dec 19	30 Jun 19
In EUR million
Cash and cash equivalents	12,388	6,436	11,131
Financial assets at fair value through profit or loss
‐ investments for risk of policyholders	32,288	34,433	32,934
‐ non‐trading derivatives	16,431	10,189	10,026
‐ designated as at fair value through profit or loss	1,344	1,184	1,206
Available‐for‐sale investments
‐ debt securities	108,960	109,566	105,308
‐ equity securities	9,242	8,078	7,272
Loans	64,580	61,768	60,898
Reinsurance contracts	1,173	988	1,024
Associates and joint ventures	5,396	5,457	5,227
Real estate investments	2,561	2,571	2,482
Property and equipment	471	465	399
Intangible assets	1,093	995	1,016
Deferred acquisition costs	1,934	1,913	1,960
Deferred tax assets	82	84	100
Other assets	4,326	4,470	5,149
Total assets	262,269	248,597	246,132

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.1 CONSOLIDATED BALANCE SHEET: EQUITY AND LIABILITIES

	30 Jun 20	31 Dec 19	30 Jun 19
In EUR million
Shareholders' equity (parent)	35,117	30,768	30,385
Minority interests	256	260	255
Undated subordinated notes	1,764	1,764	1,764
Total equity	37,137	32,792	32,404
Subordinated debt	2,396	2,409	2,433
Debt securities issued	1,693	1,992	1,991
Other borrowed funds	7,027	7,614	6,605
Insurance and investment contracts
‐ life insurance liabilities	129,051	126,768	126,686
‐ non‐life insurance liabilities	7,813	6,064	6,416
‐ liabilities for life insurance for risk of policyholders	31,176	33,259	31,824
‐ investment contract liabilities	2,164	2,160	2,106
Customer deposits and other funds on deposit	15,598	15,161	15,047
Financial liabilities at fair value through profit or loss
‐ non‐trading derivatives	4,480	3,232	3,809
Deferred tax liabilities	5,185	4,030	3,794
Other liabilities	18,549	13,116	13,017
Total liabilities	225,132	215,805	213,728
Total equity and liabilities	262,269	248,597	246,132

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.2 TOTAL EQUITY

	30 Jun 20	31 Dec 19	30 Jun 19
In EUR million
Share capital	38	41	41
Share premium	12,575	12,572	12,572
Revaluation reserve available‐for sale investments Debt securities	12,113	11,000	11,803
Revaluation reserve available‐for sale investments Equity securities	1,793	1,855	1,589
Revaluation reserve crediting to life policyholders	‐7,156	‐6,417	‐6,721
Other revaluations	36	33	33
Cashflow hedge reserve	12,547	8,798	8,373
Currency translation reserve	‐3	3	4
Net defined benefit asset/liability remeasurement reserve	‐145	‐144	‐143
Retained earnings and other reserves	3,319	3,027	2,834
Shareholders' equity (parent)	35,117	30,768	30,385
Minority interests	256	260	255
Undated subordinated notes	1,764	1,764	1,764
Total equity	37,137	32,792	32,404
Shares outstanding in the market (in million)	312	322	335

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.3 SHAREHOLDERS' EQUITY RECONCILIATION

At 30 June 2020
	(Allocated)	Less:	Plus:	Adjusted
	Revaluation
In EUR million	Shareholders'	Minority	(allocated)
reserves and other
	equity	interest	equity
	adjustments 1)
Netherlands Life	28,290	17,730	190	10,750
Netherlands Non‐life	1,452	361	55	1,147
Insurance Europe	2,774	500	0	2,275
Japan Life	2,489	686	0	1,803
Asset Management	332	‐1	8	340
Banking	834	7	0	827
Other 2)	‐1,234	485	3	‐1,716
of which reinsurance business	348	69	0	279
of which other	‐1,582	416	3	‐1,995
NN Group excluding Japan Closed Block VA	34,936	19,768	256	15,425
Japan Closed Block VA	181	0	0	180
NN Group	35,117	19,768	256	15,605

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.4 CAPITAL BASE ‐ SOLVENCY II

	30 Jun 20	31 Dec 19	30 Jun 19
In EUR million
Solvency II 3)
IFRS Shareholders' equity	35,117	30,768	30,385
Minority interest	256	260	255
Elimination of deferred acquisition costs and intangible assets	‐1,724	‐1,580	‐1,627
Valuation differences on assets	2,161	2,888	2,516
Valuation differences on liabilities, including insurance and investment contracts	‐22,416	‐18,577	‐17,697
Deferred tax effect on valuation differences	4,653	3,622	3,332
Difference in treatment of non‐solvency II regulated entities	‐1,222	‐1,240	‐1,485
Excess of assets over liabilities	16,825	16,141	15,679
Deduction of participation in Bank	‐992	‐930	‐911
Qualifying subordinated debt	4,495	4,483	4,506
Foreseeable dividends and distributions	‐817	‐203	‐865
Basic Own Funds	19,510	19,491	18,409
Non‐available Own Funds	1,123	1,252	1,164
Non‐eligible Own Funds	0	0	0
Eligible Own Funds (a)	18,388	18,240	17,245
of which Tier 1 Unrestricted	12,235	11,836	10,984
of which Tier 1 Restricted	1,938	1,922	1,946
of which Tier 2	2,470	2,474	2,470
of which Tier 3	500	703	701
of which non‐solvency II regulated entities	1,244	1,305	1,144
Solvency Capital Requirement (b)	8,338	8,154	8,203
of which non‐solvency II regulated entities	486	542	551
NN Group Solvency II ratio (a/b) 27)	221%	224%	210%

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.5 OPERATING CAPITAL GENERATION

In EUR million
	1H20	2H19	1H19	FY19
Operating capital generation 26)
Netherlands Life	376	330	441	770
Netherlands Non‐life	61	83	49	132
Insurance Europe	119	121	130	251
Japan Life	70	103	70	173
Asset Management	50	60	62	122
Banking	0	26	56	82
Other	‐133	‐70	‐111	‐180
Operating capital generation	543	653	697	1,349

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.6 CASH CAPITAL POSITION AT THE HOLDING COMPANY

In EUR million	1H20	2H19	1H19
Cash capital position ‐ beginning of period 8)	1,989	2,220	2,005
Cash divestment proceeds	0	0	4
Remittances from subsidiaries 4)	718	632	827
Capital injections into subsidiaries 5)	‐52	‐67	‐9
Other 6)	‐209	‐108	‐92
Free cash flow to the holding 7)	458	457	729
Acquisition	‐572	‐15	‐102
Capital flows from / (to) shareholders	‐260	‐673	‐412
Increase / (decrease) in debt and loans	‐300	0	0
Cash capital position ‐ end of period	1,315	1,989	2,220

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.7 INVESTMENTS PER ASSET TYPE

At 30 June 2020

		Financial													Invest‐
	Asset‐	institutions	Corporate	Govern‐	Total debt	Public	Real estate	Private	Other	Total equity			Deposits		ments	Total
In EUR million	backed	and	ment	equity	Real estate	Mortgage	and other	Other	for risk of
	securities	Covered	bonds	bonds	securities	equity	equity	equity	securities	securities			Loans		policy‐
		bonds													holders
IFRS classification
Cash and cash equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	12,388	0	12,388
Financial assets at fair value through profit or loss
‐ investments for risk of policyholders	0	0	0	0	0	0	0	0	0	0	0	0	0	0	32,288	32,288
‐ non‐trading derivatives	0	0	0	0	0	0	0	0	0	0	0	0	0	16,431	0	16,431
‐ designated as at fair value through profit or loss	0	0	26	13	39	0	0	0	1,305	1,305	0	0	0	0	0	1,344
Available‐for‐sale investments
‐ debt securities	3,515	12,829	20,977	71,639	108,960	0	0	0	0	0	0	0	0	0	0	108,960
‐ equity securities	0	0	0	0	0	5,313	1,247	202	2,480	9,242	0	0	0	0	0	9,242
Loans	1,133	0	0	0	1,133	0	0	0	0	0	0	49,167	14,280	0	0	64,580
Associates and joint ventures	0	0	0	0	0	0	0	528	0	528	4,664	0	178	26	0	5,396
Real estate investments	0	0	0	0	0	0	0	0	0	0	2,561	0	0	0	0	2,561
Other assets 9)	0	0	0	0	0	0	0	0	0	0	0	0	0	9,080	0	9,080
Total	4,648	12,829	21,003	71,652	110,132	5,313	1,247	730	3,785	11,075	7,225	49,167	14,459	37,925	32,288	262,269

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.8 PRO FORMA DEVELOPMENT OF ADMINISTRATIVE EXPENSES AFTER DELTA LLOYD ACQUISITION

In EUR million	1H20	2H19	1H19	FY19	FY18	FY17	FY16
Pro forma development of administrative expenses after Delta Lloyd acquisition 15)
Netherlands Life 10)	221	232	230	462	494	551	591
Netherlands Non‐life 11)	183	190	191	381	393	450	481
Belgium	58	55	62	117	122	121	137
Asset Management	140	142	141	283	298	328	327
Banking	105	108	102	210	206	232	237
Corporate/holding (including reinsurance business)	83	74	84	158	167	154	196
Total	790	800	810	1,610	1,681	1,837	1,970

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.9 EARNINGS PER ORDINARY SHARE

	1H20	2H19	1H19	FY19
Basic earnings per ordinary share 12)
Net result (in EUR million)	587	844	1,118	1,962
Coupon on undated subordinated notes (in EUR million)	‐29	‐29	‐29	‐59
Basic earnings (in EUR million)	558	815	1,089	1,903
Weighted average number of ordinary shares (in million)	315.7	327.5	333.6	330.5
Basic earnings per ordinary share (in EUR)	1.77	2.49	3.26	5.76
	1H20	2H19	1H19	FY19
Diluted earnings per ordinary share 13)
Basic earnings (in EUR million)	558	815	1,089	1,903
Weighted average number of ordinary shares (in million)	316	328	334	331
Dilutive instruments: Stock option and share plans (in million)	0	1	0	1
Weighted average number of ordinary shares (including dilutive instruments in million)	316.1	328.0	334.1	331.0
Diluted earnings per ordinary share (in EUR)	1.76	2.48	3.26	5.75

NN GROUP FINANCIAL SUPPLEMENT 1H20

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1.10 NEW BUSINESS

In EUR million
	1H20	2H19	1H19	FY19
NN Group
Value of new business	122	122	236	358
Present value of new business premiums	4,263	4,714	7,798	12,513
New business margin 17)	2.9%	2.6%	3.0%	2.9%
Netherlands Life
Value of new business	9	8	1	9
Present value of new business premiums	724	1,441	1,926	3,367
New business margin 17)	1.2%	0.6%	0.0%	0.3%
Insurance Europe
Value of new business	84	96	108	204
Present value of new business premiums	2,627	2,720	2,750	5,470
New business margin 17)	3.2%	3.5%	3.9%	3.7%
Japan Life
Value of new business	29	18	128	146
Present value of new business premiums	911	553	3,122	3,675
New business margin 17)	3.2%	3.2%	4.1%	4.0%

NN GROUP FINANCIAL SUPPLEMENT 1H20

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2.1 ANALYSIS OF RESULTS: TOTAL

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Netherlands Life	494	397	524	922
Netherlands Non‐life	111	119	84	203
Insurance Europe	133	143	140	283
Japan Life	138	100	118	218
Asset Management	74	85	76	161
Banking	80	92	60	152
Other	‐104	‐56	‐88	‐144
Operating result	926	881	914	1,794
Non‐operating items	57	295	593	887
of which gains/losses and impairments	168	241	94	335
of which revaluations	167	254	573	827
of which market and other impacts	‐278	‐200	‐75	‐275
Special items	‐123	‐155	‐108	‐262
Acquisition intangibles and goodwill	‐13	‐16	17	1
Result on divestments	0	0	8	8
Result before tax	846	1,005	1,424	2,429
Taxation	250	148	296	444
Minority interests	9	13	10	23
Net result	587	844	1,118	1,962
Shares outstanding in the market (in million)	312	322	335	322
Basic earnings per ordinary share in EUR 12)	1.77	2.49	3.26	5.76
Diluted earnings per ordinary share in EUR 13)	1.76	2.48	3.26	5.75
New business
Single premiums	795	1,609	922	2,531
Regular premiums	540	392	1,096	1,488
New sales life insurance (APE)	620	553	1,188	1,741
Value of new business	122	122	236	358

NN GROUP FINANCIAL SUPPLEMENT 1H20

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2.1 ANALYSIS OF RESULTS: TOTAL

In EUR million	1H20	2H19	1H19	FY19
Key figures
Gross premium income	7,751	6,689	7,819	14,508
Total administrative expenses	1,043	1,046	1,030	2,076
Combined ratio (Netherlands Non‐life) 14)	94.9%	93.9%	96.8%	95.4%
Asset Management Assets under Management (in EUR billion, end of period)	285	276	268	276
Life general account invested assets (in EUR billion, end of period)	148	143	142	143
Total provisions for insurance and investment contracts (in EUR billion, end of period)	170	168	167	168
of which for risk policyholder (in EUR billion, end of period)	32	34	33	34
NN Life Solvency II ratio 3)	226%	213%	212%	213%
CET1 ratio 24)	16.7%	15.7%	16.0%	15.7%
Solvency II ratio 3) 27)
221%	224%	210%	224%
Total assets (in EUR billion, end of period)	262	249	246	249
Employees (internal FTEs, end of period)	14,884	14,343	14,227	14,343

NN GROUP FINANCIAL SUPPLEMENT 1H20

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2.1 ANALYSIS OF RESULTS: TOTAL ‐ EXCLUDING CURRENCY EFFECTS

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Netherlands Life	494	397	524	922
Netherlands Non‐life	111	119	84	203
Insurance Europe	133	142	138	279
Japan Life	138	101	123	224
Asset Management	74	84	76	160
Banking	80	92	60	152
Other	‐104	‐56	‐89	‐145
Operating result	926	879	916	1,795
Non‐operating items	57	295	592	887
of which gains/losses and impairments	168	241	94	335
of which revaluations	167	254	572	826
of which market and other impacts	‐278	‐200	‐74	‐275
Special items	‐123	‐155	‐107	‐262
Acquisition intangibles and goodwill	‐13	‐16	17	1
Result on divestments	0	0	8	8
Result before tax	846	1,004	1,426	2,430
Taxation	250	148	297	445
Minority interests	9	13	10	23
Net result	587	843	1,119	1,962
Shares outstanding in the market (in million)	312	322	335	322
Basic earnings per ordinary share in EUR 12)	1.77	2.49	3.27	5.76
Diluted earnings per ordinary share in EUR 13)	1.76	2.48	3.26	5.75
New business
New sales life insurance (APE)	620	545	1,206	1,750
Key figures
Gross premium income	7,751	6,675	7,882	14,557
Total administrative expenses	1,043	1,042	1,029	2,071
Total assets (in EUR billion, end of period)	262	248	246	248

NN GROUP FINANCIAL SUPPLEMENT 1H2020

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2.2.1 ANALYSIS OF RESULTS: NETHERLANDS LIFE

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Investment margin	433	362	482	844
Fees and premium‐based revenues	201	202	209	412
Technical margin	98	80	81	161
Operating income non‐modelled business	0	0	0	0
Operating income	731	645	772	1,417
Administrative expenses	221	232	230	462
DAC amortisation and trail commissions	17	16	17	33
Total expenses	237	247	248	495
Operating result	494	397	524	922
Non‐operating items	149	269	564	833
of which gains/losses and impairments	211	191	15	205
of which revaluations	212	251	614	864
of which market and other impacts	‐274	‐172	‐64	‐237
Special items	‐32	‐36	‐20	‐57
Result on divestments	0	0	5	5
Result before tax	612	630	1,073	1,703
Taxation	192	84	224	308
Minority interests	7	4	5	8
Net result	413	542	844	1,386
New business
Single premiums	241	1,056	230	1,286
Regular premiums	153	46	305	351
New sales life insurance (APE) 19)	178	152	328	480
Value of new business	9	8	1	9
Key figures
Gross premium income	1,993	2,252	2,121	4,373
Administrative expenses	221	232	230	462
Operating capital generation 26)	376	330	441	770
Life general account invested assets (in EUR billion, end of period)	113	108	107	108
Assets under Management DC Business Total (in EUR billion, end of period)18)	22	21	20	21
Total provisions for insurance and investment contracts (in EUR billion, end of period)	116	116	115	116
of which for risk policyholder (in EUR billion, end of period)	22	24	23	24
NN Life Solvency II ratio3)	226%	213%	212%	213%
Employees (internal FTEs, end of period)	2,234	2,317	2,375	2,317

NN GROUP FINANCIAL SUPPLEMENT 1H20

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2.2.2 NETHERLANDS LIFE ‐ PROVISIONS FOR LIFE INSURANCE AND INVESTMENT CONTRACTS

In EUR billion	1H20	2H19	1H19	FY19
Provisions for life insurance and investment contracts for risk of company ‐ roll forward
Beginning of period	92.2	92.3	91.2	91.2
Deposits	1.2	1.6	1.4	3.0
Withdrawals / Benefits	‐2.0	‐2.5	‐2.7	‐5.2
Net production	‐0.8	‐0.9	‐1.3	‐2.2
Acquisition / Divestments / Transfers	0.0	0.0	0.0	0.0
Market performance / Interest credited	2.4	0.8	2.4	3.1
FX impact and other	0.0	0.0	0.0	0.0
End of period	93.8	92.2	92.3	92.2
In EUR billion	1H20	2H19	1H19	FY19
Provisions for life insurance and investment contracts for risk of policyholders ‐ roll forward
Beginning of period	23.9	22.8	20.6	20.6
Deposits	0.8	0.7	0.7	1.4
Withdrawals / Benefits	‐1.7	‐0.9	‐0.9	‐1.7
Net production	‐0.9	‐0.2	‐0.1	‐0.3
Acquisition / Divestments / Transfers	0.0	0.0	0.0	0.0
Market performance / Interest credited	‐0.5	1.3	2.4	3.7
FX impact and other	0.0	0.0	0.0	0.0
End of period	22.5	23.9	22.8	23.9

NN GROUP FINANCIAL SUPPLEMENT 1H20

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2.3.1 ANALYSIS OF RESULTS: NETHERLANDS NON‐LIFE

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Earned premiums	1,638	1,464	1,477	2,941
Investment income	50	51	55	106
Other income	‐2	‐4	‐1	‐5
Operating income	1,686	1,511	1,531	3,042
Claims incurred, net of reinsurance	1,137	1,000	1,045	2,045
Acquisition costs	291	254	262	516
Administrative expenses	157	151	154	305
Acquisition costs and administrative expenses	448	405	416	821
Expenditure	1,585	1,405	1,461	2,866
Operating result insurance businesses	101	105	70	176
Operating result non‐insurance businesses		11	13	14	28
Total operating result	111	119	84	203
Non‐operating items	‐36	49	12	61
of which gains/losses and impairments	‐24	40	8	48
of which revaluations	‐16	8	4	12
of which market and other impacts	4	1	0	1
Special items	‐35	‐41	‐26	‐67
Result on divestments	0	0	0	0
Result before tax	40	127	70	197
Taxation	10	26	15	42
Minority interests	0	7	5	13
Net result	30	93	50	143
Key figures
Gross premium income	2,093	1,142	1,956	3,097
Total administrative expenses 11)	202	193	191	385
Combined ratio 14)	94.9%	93.9%	96.8%	95.4%
of which Claims ratio 14)	67.5%	66.2%	68.7%	67.4%
of which Expense ratio 14)	27.4%	27.7%	28.2%	27.9%
Operating capital generation 26)	61	83	49	132
Total insurance provisions (in EUR billion, end of period)	8	6	6	6
Employees (internal FTEs, end of period)	3,309	2,775	2,718	2,775

NN GROUP FINANCIAL SUPPLEMENT 1H20

20

2.3.2 NETHERLANDS NON‐LIFE ‐ KEY FIGURES BY LINE OF BUSINESS

In EUR million	1H20	2H19	1H19	FY19
Gross premium income by line of business
Disability and Accident	788	243	809	1,052
Fire	563	376	489	865
Marine and Aviation	50	29	42	71
Motor	439	326	389	716
Miscellaneous	254	168	225	392
Indirect business	0	‐1	1	0
Property and Casualty	1,305	898	1,147	2,045
Total	2,093	1,142	1,956	3,097
In EUR million	1H20	2H19	1H19	FY19
Operating result by line of business
Disability and Accident	‐20	52	39	92
Fire	60	51	12	63
Marine and Aviation	7	4	3	7
Motor	47	‐8	12	3
Miscellaneous	5	5	5	10
Indirect business	1	0	0	0
Property and Casualty	120	53	31	84
Health business and broker business	11	13	14	28
Total	111	119	84	203
		1H20	2H19	1H19	FY19
Combined ratios Disability and Accident, as well as Property and Casualty 14)
Disability and Accident
Combined ratio	103.1%	90.9%	93.7%	92.3%
of which Claims ratio	83.4%	71.0%	74.5%	72.7%
of which Expense ratio	19.7%	19.9%	19.3%	19.6%
Property and Casualty
Combined ratio	90.8%	95.5%	98.5%	97.0%
of which Claims ratio	59.7%	63.6%	65.6%	64.6%
of which Expense ratio	31.1%	31.9%	33.0%	32.4%
Total
Combined ratio	94.9%	93.9%	96.8%	95.4%
of which Claims ratio	67.5%	66.2%	68.7%	67.4%
of which Expense ratio	27.4%	27.7%	28.2%	27.9%

NN GROUP FINANCIAL SUPPLEMENT 1H20

21

2.4.1 ANALYSIS OF RESULTS: INSURANCE EUROPE

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Investment margin	48	53	49	102
Fees and premium‐based revenues	367	377	360	737
Technical margin	125	119	120	239
Operating income non‐modelled business	1	0	1	1
Operating income Life Insurance	541	550	530	1,080
Administrative expenses	214	212	206	419
DAC amortisation and trail commissions	196	197	189	386
Expenses Life Insurance	410	410	396	805
Operating result Life Insurance	131	140	134	275
Operating result Non‐life	2	3	5	8
Operating result	133	143	140	283
Non‐operating items	‐22	15	36	51
of which gains/losses and impairments	‐1	8	65	73
of which revaluations	‐14	8	‐28	‐20
of which market and other impacts	‐7	‐1	‐1	‐2
Special items	‐13	‐18	‐17	‐35
Acquisition intangibles and goodwill		0	0	33	33
Result on divestments	0	0	0	0
Result before tax	98	140	191	331
Taxation	24	37	36	73
Minority interests	0	0	0	0
Net result	74	103	156	259
New business
Single premiums	554	553	692	1,245
Regular premiums	263	270	279	550
New sales life insurance (APE)	319	326	348	674
Value of new business	84	96	108	204
Key figures
Gross premium income	1,512	1,540	1,533	3,073
Total administrative expenses (Life and Non‐life)	220	218	213	431
Operating capital generation 26)	119	121	130	251
Life general account invested assets (in EUR billion, end of period)	18	18	18	18
Total provisions for insurance and investment contracts (in EUR billion, end of period)	26	27	27	27
of which for risk policyholder (in EUR billion, end of period)	8	8	8	8
Assets under Management Pensions (in EUR billion, end of period) 22)	20	22	21	22
Employees (internal FTEs, end of period)	4,952	4,942	4,834	4,942

NN GROUP FINANCIAL SUPPLEMENT 1H20

22

2.4.1 ANALYSIS OF RESULTS: INSURANCE EUROPE ‐ EXCLUDING CURRENCY EFFECTS

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Investment margin	48	53	49	101
Fees and premium‐based revenues	367	371	353	724
Technical margin	125	118	118	235
Operating income non‐modelled business	1	0	1	1
Operating income Life Insurance	541	541	520	1,062
Administrative expenses	214	209	202	411
DAC amortisation and trail commissions	196	194	186	380
Expenses Life Insurance	410	403	389	791
Operating result Life Insurance	131	139	132	271
Operating result Non‐life	2	3	6	9
Operating result	133	142	138	279
Non‐operating items	‐22	15	36	51
of which gains/losses and impairments	‐1	8	65	73
of which revaluations	‐14	8	‐28	‐20
of which market and other impacts	‐7	‐1	‐1	‐2
Special items	‐13	‐18	‐17	‐35
Acquisition intangibles and goodwill	0	0	33	33
Result on divestments	0	0	0	0
Result before tax	98	139	189	328
Taxation	24	37	35	72
Minority interests	0	0	0	0
Net result	74	102	154	256
New business
New sales life insurance (APE)	319	317	339	656
Key figures
Gross premium income	1,512	1,522	1,514	3,036
Total administrative expenses (Life and Non‐life)	220	214	209	422

NN GROUP FINANCIAL SUPPLEMENT 1H2020

23

2.4.2 INSURANCE EUROPE ‐ KEY FIGURES BY COUNTRY

In EUR million	1H20	2H19	1H19	FY19
Gross premium income by country
Belgium	405	471	502	973
Poland	184	188	181	368
Spain	300	265	279	544
Other	623	615	572	1,188
Insurance Europe	1,512	1,540	1,533	3,073
In EUR million	1H20	2H19	1H19	FY19
Operating result by country
Belgium	19	38	28	66
Poland	44	47	45	92
Spain	14	22	17	39
Other	55	36	50	85
Insurance Europe	133	143	140	283
In EUR million	1H20	2H19	1H19	FY19
New sales (APE) by country
Belgium	40	48	59	107
Poland	55	73	52	125
Spain	54	46	55	101
Other	170	159	182	341
Insurance Europe	319	326	348	674

NN GROUP FINANCIAL SUPPLEMENT 1H20

24

2.4.2 INSURANCE EUROPE ‐ KEY FIGURES BY COUNTRY ‐ EXCLUDING CURRENCY EFFECTS

In EUR million	1H20	2H19	1H19	FY19
Gross premium income by country
Belgium	405	471	502	973
Poland	184	183	175	358
Spain	300	265	279	544
Other	623	602	558	1,161
Insurance Europe	1,512	1,522	1,514	3,036
In EUR million	1H20	2H19	1H19	FY19
Operating result by country
Belgium	19	38	28	66
Poland	44	46	44	90
Spain	14	22	17	39
Other	55	35	49	84
Insurance Europe	133	142	138	279
In EUR million	1H20	2H19	1H19	FY19
New sales (APE) by country
Belgium	40	48	59	107
Poland	55	71	50	121
Spain	54	46	55	101
Other	170	153	175	327
Insurance Europe	319	317	339	656

NN GROUP FINANCIAL SUPPLEMENT 1H2020

25

2.4.3 INSURANCE EUROPE ‐ PROVISIONS FOR LIFE INSURANCE AND INVESTMENT CONTRACTS AND ASSETS UNDER MANAGEMENT PENSIONS

In EUR billion	1H20	2H19	1H19	FY19
Provisions for life insurance and investment contracts for risk of company ‐ roll forward 25)
Beginning of period	18.1	18.4	17.9	17.9
Deposits	0.6	0.8	0.6	1.4
Withdrawals / Benefits	‐1.0	‐1.2	‐1.0	‐2.3
Net production	‐0.4	‐0.5	‐0.4	‐0.9
Acquisition / Divestments / Transfers	0.0	0.0	0.0	0.0
Market performance / Interest credited	0.4	0.2	0.9	1.1
FX impact and other	‐0.1	0.0	0.0	0.0
End of period	18.1	18.1	18.4	18.1
In EUR billion	1H20	2H19	1H19	FY19
Provisions for life insurance and investment contracts for risk of policyholders ‐ roll forward 25)
Beginning of period	8.5	8.1	7.1	7.1
Deposits	0.5	0.7	0.5	1.2
Withdrawals / Benefits	‐0.4	‐0.5	‐0.3	‐0.9
Net production	0.0	0.1	0.2	0.3
Acquisition / Divestments / Transfers	0.0	0.0	0.2	0.2
Market performance / Interest credited	‐0.4	0.3	0.6	0.9
FX impact and other	‐0.1	0.0	0.0	0.0
End of period	8.0	8.5	8.1	8.5
In EUR billion	1H20	2H19	1H19	FY19
Assets under Management pensions ‐ roll forward
Beginning of period	21.9	20.6	18.4	18.4
Deposits	0.8	1.0	1.0	2.0
Withdrawals / Benefits	‐0.4	‐0.4	‐0.4	‐0.8
Net production	0.4	0.6	0.6	1.1
Acquisition / Divestments / Transfers	0.0	0.1	0.7	0.7
Market performance / Interest credited	‐2.1	0.7	0.9	1.6
FX impact and other	‐0.6	‐0.1	0.0	‐0.1
End of period	19.6	21.9	20.6	21.9

NN GROUP FINANCIAL SUPPLEMENT 1H20

26

2.5.1 ANALYSIS OF RESULTS: JAPAN LIFE

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Investment margin	‐8	‐9	‐7	‐16
Fees and premium‐based revenues	364	294	366	659
Technical margin	8	18	7	24
Operating income non‐modelled business	0	0	0	0
Operating income	364	302	365	667
Administrative expenses	71	79	69	148
DAC amortisation and trail commissions	155	123	179	302
Total expenses	226	202	247	449
Operating result	138	100	118	218
Non‐operating items	‐32	‐16	‐18	‐34
of which gains/losses and impairments	‐17	‐2	‐4	‐6
of which revaluations	‐16	‐14	‐14	‐28
of which market and other impacts	0	0	0	0
Special items	‐2	‐2	‐2	‐4
Result on divestments	0	0	0	0
Result before tax	104	82	98	180
Taxation	29	21	28	48
Minority interests	0	0	0	0
Net result	75	61	70	131
New business
Single premiums	0	0	0	0
Regular premiums	123	75	512	587
New sales life insurance (APE)	123	75	512	587
Value of new business	29	18	128	146
Key figures
Gross premium income	2,138	1,744	2,195	3,939
Administrative expenses	71	79	69	148
Operating capital generation 26)	70	103	70	173
Life general account invested assets (in EUR billion, end of period)	18	17	17	17
Total provisions for insurance and investment contracts (in EUR billion, end of period)	18	17	16	17
of which for risk policyholder (in EUR billion, end of period)	0	0	0	0
Employees (internal FTEs, end of period)	848	820	847	820

NN GROUP FINANCIAL SUPPLEMENT 1H20

27

2.5.1 ANALYSIS OF RESULTS: JAPAN LIFE ‐ EXCLUDING CURRENCY EFFECTS

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Investment margin	‐8	‐9	‐8	‐17
Fees and premium‐based revenues	364	295	383	677
Technical margin	8	18	7	25
Operating income non‐modelled business	0	0	0	0
Operating income	364	303	382	685
Administrative expenses	71	80	71	151
DAC amortisation and trail commissions	155	123	187	310
Total expenses	226	203	259	461
Operating result	138	101	123	224
Non‐operating items	‐32	‐16	‐18	‐35
of which gains/losses and impairments	‐17	‐2	‐4	‐6
of which revaluations	‐16	‐14	‐14	‐28
of which market and other impacts	0	0	0	0
Special items	‐2	‐2	‐2	‐4
Result on divestments	0	0	0	0
Result before tax	104	82	102	185
Taxation	29	21	29	50
Minority interests	0	0	0	0
Net result	75	61	73	135
New business
New sales life insurance (APE)	123	76	538	614
Key figures
Gross premium income		2,138	1,749	2,299	4,048
Administrative expenses	71	80	71	151

NN GROUP FINANCIAL SUPPLEMENT 1H2020

28

2.5.2 JAPAN LIFE ‐ PROVISIONS FOR LIFE INSURANCE AND INVESTMENT CONTRACTS

In EUR billion	1H20	2H19	1H19	FY19
Provisions for life insurance and investment contracts for risk of company ‐ roll forward
Beginning of period	16.8	16.2	14.9	14.9
Deposits	1.9	1.6	2.0	3.6
Withdrawals / Benefits	‐1.3	‐1.2	‐1.2	‐2.4
Net production	0.6	0.4	0.8	1.2
Acquisition / Divestments / Transfers	0.0	0.0	0.0	0.0
Market performance / Interest credited	0.1	0.1	0.1	0.2
FX impact and other	0.1	0.1	0.3	0.4
End of period	17.5	16.8	16.2	16.8

NN GROUP FINANCIAL SUPPLEMENT 1H20

29

2.6.1 ANALYSIS OF RESULTS: ASSET MANAGEMENT

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Investment income	‐1	‐1	1	1
Fees	216	228	215	443
Operating income	215	227	217	444
Administrative expenses	141	142	141	283
Operating result	74	85	76	161
Non‐operating items	0	0	0	0
Special items	0	‐9	‐6	‐15
Result on divestments	0	0	0	0
Result before tax	74	76	70	146
Taxation	19	19	16	35
Minority interests	2	2	0	2
Net result	53	55	53	108
Key figures
Administrative expenses	141	142	141	283
Cost/income ratio (Administrative expenses/Operating income)	65.6%	62.7%	64.9%	63.8%
Fees/average Assets under Management (bps) 28)	15	17	17	17
Operating capital generation 26)	50	60	62	122
Net inflow Assets under Management (in EUR billion)	1	3	‐2	2
Assets under Management (in EUR billion, end of period)	285	276	268	276
Net operating result 29)	55	63	57	120
Employees (internal FTEs, end of period)	943	941	942	941

NN GROUP FINANCIAL SUPPLEMENT 1H20

30

2.6.2 ASSET MANAGEMENT ‐ AUM AND AUA

In EUR billion					1H20	2H19	1H19
Assets under Management (AuM) and Assets under Advice and Administration (AuA)
Affiliates					197	187	181
Proprietary (general account assets)					172	165	157
Other affiliates business					26	23	23
Third parties					88	89	87
Institutional customers					48	46	46
Retail customers home markets					27	31	30
Retail customers others					12	12	11
Total Assets under Management					285	276	268
Assets under Advice and Administration					53	53	51
In EUR billion					1H20	2H19	1H19
AuM by investment
Equity					23	25	23
Fixed income					218	213	207
Multi asset					45	39	37
Total					285	276	268
At 30 June 2020					Third		Retail home	Retail
	Affiliates	Proprietary	Other	Parties	Institutional	markets	Others	Total
In EUR billion
AuM roll forward
Beginning of period	187	165	23	89	46	31	12	276
Net inflow	‐2	‐2	0	3	2	1	1	1
Acquisition / Divestments /Transfers	2	2	0	1	1	0	0	3
Market performance (incl. FX Impact) and other	10	8	3	‐5	0	‐5	‐1	5
End of period	197	172	26	88	48	27	12	285
In EUR billion					1H20	2H19	1H19	FY19
AuM roll forward
Beginning of period					276	268	246	246
Net inflow					1	3	‐2	2
Acquisition / Divestments / Transfers					3	0	0	0
Market performance (incl. FX Impact) and other					5	6	23	29
End of period					285	276	268	276

NN GROUP FINANCIAL SUPPLEMENT 1H20

31

2.7.1 ANALYSIS OF RESULTS: BANKING

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Interest result	140	132	127	259
Commission income	18	18	17	35
Total investment and other income	27	47	20	67
Operating income	185	197	164	361
Operating expenses	93	100	92	192
Regulatory levies	12	7	10	17
Addition to loan loss provision	0	‐2	2	‐1
Total expenses	105	105	104	209
Operating result	80	92	60	152
Non‐operating items	1	‐11	‐3	‐14
of which gains/losses and impairments	3	3	4	7
of which revaluations	0	0	0	0
of which market and other impacts	‐2	‐14	‐7	‐21
Special items	‐7	‐6	‐8	‐15
Result before tax	73	74	49	123
Taxation	19	17	13	30
Minority interests	0	0	0	0
Net result	54	58	35	93
Key figures
Total administrative expenses 21)	105	108	102	210
Cost/income ratio (Operating expenses/Operating income)	50.1%	50.8%	56.4%	53.3%
Net Interest Margin (NIM) 16)		1.11%	1.11%	1.15%
Net operating ROE 20)	15.0%	18.1%	11.6%	15.0%
Operating capital generation 26)	0	26	56	82
CET1 ratio 24)	16.7%	15.7%	16.0%	15.7%
Total Capital ratio 24)	18.1%	17.2%	17.5%	17.2%
Risk Weighted Assets (RWA) (in EUR billion, end of period) 24)	6	6	6	6
Savings and deposits (in EUR billion, end of period)	16	15	15	15
Mortgages (in EUR billion, end of period)	20	19	19	19
Total assets (in EUR billion, end of period)	25	25	23	25
Net operating result 29)	60	69	45	114
Adjusted allocated equity (end of period)	827	772	745	772
Employees (internal FTEs, end of period)	875	847	842	847

NN GROUP FINANCIAL SUPPLEMENT 1H20

32

2.7.2 BANKING ‐ SAVINGS AND DEPOSITS AND MORTGAGES

In EUR billion	1H20	2H19	1H19	FY19
Savings and Deposits ‐ roll forward
Beginning of period	15.1	14.9	14.5	14.5
Deposits	2.2	1.9	2.0	3.9
Withdrawals / Benefits	‐1.8	‐1.8	‐1.5	‐3.3
Net production	0.4	0.1	0.5	0.6
Acquisition / Divestments / Transfers	0.0	0.0	0.0	0.0
End of period	15.5	15.1	14.9	15.1
In EUR billion	1H20	2H19	1H19	FY19
Mortgages ‐ roll forward
Beginning of period	19.4	18.6	18.1	18.1
Origination	4.4	4.2	3.7	7.9
Redemptions	‐1.1	‐1.1	‐0.8	‐1.9
Net production	3.3	3.1	2.9	6.0
Acquisition / Divestments / Transfers	‐2.7	‐2.3	‐2.3	‐4.6
End of period	20.0	19.4	18.6	19.4

NN GROUP FINANCIAL SUPPLEMENT 1H20

33

2.8 ANALYSIS OF RESULTS: OTHER

In EUR million	1H20	2H19	1H19	FY19
Analysis of results
Interest on hybrids and debt 23)	‐54	‐54	‐54	‐108
Investment income and fees	55	53	51	105
Holding expenses	‐79	‐64	‐81	‐145
Amortisation of intangible assets	0	0	0	0
Holding result	‐78	‐65	‐83	‐148
Operating result reinsurance business	‐25	0	‐5	‐5
Other results	‐1	10	0	10
Operating result	‐104	‐56	‐88	‐144
Non‐operating items	‐2	‐11	1	‐9
of which gains/losses and impairments	‐5	1	6	8
of which revaluations	1	2	‐3	‐1
of which market and other impacts	1	‐13	‐2	‐16
Special items	‐35	‐42	‐27	‐69
Acquisition intangibles and goodwill	‐13	‐16	‐16	‐32
Result on divestments	0	0	4	4
Result before tax	‐155	‐124	‐126	‐251
Taxation	‐43	‐56	‐36	‐92
Minority interests	0	0	0	0
Net result	‐112	‐68	‐90	‐158
Key figures
Gross premium income	14	12	13	26
Total administrative expenses	83	74	84	158
of which reinsurance business	4	3	3	7
of which corporate/holding	79	71	81	152
Employees (internal FTEs, end of period)	1,722	1,700	1,669	1,700
Operating capital generation 26)	‐133	‐70	‐111	‐180
Total provisions for insurance and investment contracts (in EUR billion, end of period)	3	3	3	3
Key figures Japan Closed Block VA
Account value	1,691	1,865	1,885	1,865
Net Amount at Risk	78	34	92	34
Number of policies	19,105	20,047	22,721	20,047

NN GROUP FINANCIAL SUPPLEMENT 1H20

34

NOTES

1. Revaluation reserves for debt securities, equity securities and property in own use, the cash flow hedge reserve, the related crediting to policyholders, the coupon on undated subordinated notes recognised in equity as well as the goodwill and intangible assets recognised as a result of the Delta Lloyd acquisition.
2. The segment 'Other' comprises the allocated equity of reinsurance business and the cash capital position, other assets and debt of the holding company.
3. The solvency ratios are not final until filed with the regulators. The Solvency II ratios for NN Group and NN Life are based on the partial internal model.
4. Includes interest on subordinated loans provided to subsidiaries by the holding company.
5. Includes the change of subordinated loans provided to subsidiaries by the holding company.
6. Includes interest on subordinated loans and debt, holding company expenses and other cash flows.
7. Free cash flow to the holding company is defined as the change in cash capital position of the holding company over the period, excluding acquisitions, capital transactions with shareholders and debtholders.
8. Cash capital is defined as net current assets available at the holding company.
9. Other assets contain Reinsurance contracts, Property and equipment, Intangible assets, Deferred acquisition costs, Deferred tax assets and Other assets.
10. Including AZL.
11. Including non‐insurance businesses (health business and broker business).
12. Basic earnings per ordinary share is calculated as the net result, adjusted to reflect the deduction of the accrued coupon on undated subordinated notes classified in equity, divided by the weighted average number of ordinary shares outstanding (net of treasury shares).
13. Diluted earnings per share is calculated as if the share plans and warrants outstanding at the end of the period had been exercised at the beginning of the period and assuming that the cash received from exercised share plans and warrants was used to buy own shares against the average market price during the period. The net decrease in the number of shares results from the cancellation of shares following the share buy back programme.
14. Excluding non‐insurance businesses (health business and broker business).
15. The original 2016 cost base of EUR 2,024m and target FY20 cost base of EUR 1,625m have been adjusted for the reclassification of the Fixed Service Fee expenses from Administrative expenses to Fees within Asset Management and the transfer of certain investment administrative activities from Asset Management to segment Other. Furthermore, acquisitions as from 2019 have been excluded.
16. Four‐quarter rolling average.
17. Value of new business as a percentage of Present value of new business premiums.
18. Assets under Management DC Business Total includes both the AuM DC business in accumulation phase and AuM DC business in decumulation phase. For the latter the IFRS insurance liabilities are used as proxy for the AuM.
19. APE excludes the APE for the investment part of the DC business as of 2020
20. Net operating ROE is calculated as the (annualised) net operating result of the segment, divided by (average) adjusted allocated equity. Adjusted allocated equity is an Alternative Performance Measure. It is derived from IFRS equity by excluding revaluation reserves. Reference is made to the section 'Alternative Performance measures (Non‐GAAP measures)' in the NN Group N.V. 30 June 2020 Condensed consolidated interim financial information. As from 2H19, the average adjusted allocated equity is calculated based on the average of the adjusted allocated equity at the beginning and end of the half‐year reporting period. Prior‐period number was calculated on a quarterly basis and have not been restated.
21. Operating expenses plus regulatory levies.
22. The numbers shown under AuM are client balances which exclude IFRS shareholders' equity related to the respective pension businesses and include the assets under administration.
23. Does not include interest costs on subordinated debt treated as equity.
24. The Common Equity Tier 1 (CET1) ratio, Total Capital ratio and Risk Weighted Assets (RWA) are not final until filed with the regulators.
25. The 2019 roll forward of the Provisions for life insurance and investment contracts for risk of company and for risk of policyholders was updated reflecting a reclassification within the flows. The beginning of period and end of period positions did not change.
26. NN Group analyses the change in the excess of Solvency II Own Funds over the Solvency Capital Requirement ('SCR') in the following components: Operating Capital Generation, Market variance, Capital flows and Other. Operating Capital Generation is the

movement in the Solvency II surplus (Own Funds before eligibility over SCR at 100%) in the period due to operating items, including the impact of new business, expected investment returns in excess of the unwind of liabilities, release of the risk margin, operating variances, non‐life underwriting result, contribution of non‐Solvency II entities and holding expenses and debt costs and the change in the SCR. It excludes economic variances, economic assumption changes and non‐operating expenses

1. The year‐end 2019 NN Group Solvency II ratio was restated to reverse the deduction of the proposed 2019 final dividend following the decision to suspend dividend payments in light of the recommendations of EIOPA and the Dutch Central Bank (DNB).
2. Fees/average Assets under Management (bps) is calculated as the (annualised) fees, divided by average AuM at the beginning and end of the half‐year reporting period. The comparative figures have been restated accordingly
3. Net operating result, adjusted to reflect the deduction of the accrued coupon on undated subordinated notes classified in equity

NN GROUP FINANCIAL SUPPLEMENT 1H20

35

IMPORTANT LEGAL INFORMATION

NN Group's Consolidated Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS‐EU") and with Part 9 of Book 2 of the Dutch Civil Code.

All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward‐looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in NN Group's core markets, (2) the effects of the COVID‐19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which NN Group operates, on NN Group's business and operations and on NN Group's employees, customers and counterparties (3) changes in performance of financial markets, including developing markets, (4) consequences of a potential (partial) break‐up of the euro or European Union countries leaving the European Union, (5) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels,

1. changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations and the interpretation and application thereof, (14) changes in the policies and actions of governments and/or regulatory authorities, (15) conclusions with regard to accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to NN Group of net operating loss, net capital and built‐in loss carry forwards, (17) changes in credit and financial strength ratings, (18) NN Group's ability to achieve projected operational synergies, (19) catastrophes and terrorist‐related events, (20) adverse developments in legal and other proceedings and (21) the other risks and uncertainties contained in recent public disclosures made by NN Group.

Any forward‐looking statements made by or on behalf of NN Group speak only as of the date they are made, and, NN Group assumes no obligation to publicly update or revise any forward‐looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.

NN GROUP FINANCIAL SUPPLEMENT 1H20

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