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    NN   NL0010773842

NN GROUP N.V.

(NN)
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NN N : Group completes acquisition of majority stake in Dutch insurance broker Heinenoord

10/15/2021 | 02:12am EST

Today NN Group announces the completion of its acquisition of a 70% stake in Dutch insurance broker and service provider Heinenoord, as per 14 October. The completion of the transaction follows the fulfilment of customary closing conditions, including receipt of all necessary regulatory approvals.

The acquisition, which was announced on 8 July 2021, is funded from existing cash resources and will strengthen our distribution capabilities, and reinforce our leading position in the Dutch non-life market. The transaction, including the option on the remaining shares, has a negative impact on the NN Group Solvency II ratio of approximately 4%-points.

  • NN Group profile

    NN Group is an international financial services company, active in 19 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services, pensions, insurance, investments and banking to approximately 18 million customers. NN Group includes Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).

  • Important legal information

    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, (9) 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.

Disclaimer

NN Group NV published this content on 15 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 October 2021 06:11:08 UTC.


ę Publicnow 2021
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Financials
Sales 2021 14 247 M 16 125 M 16 125 M
Net income 2021 1 853 M 2 097 M 2 097 M
Net cash 2021 322 M 364 M 364 M
P/E ratio 2021 7,17x
Yield 2021 5,53%
Capitalization 13 470 M 15 243 M 15 245 M
EV / Sales 2021 0,92x
EV / Sales 2022 0,92x
Nbr of Employees 13 002
Free-Float 87,6%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 43,60 €
Average target price 47,68 €
Spread / Average Target 9,35%
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Managers and Directors
David Knibbe Chief Executive Officer
Delfin Rueda Arroyo Chief Financial Officer & Investor Relations
David Cole Chairman-Supervisory Board
Heijo Hauser Member-Supervisory Board
Hans Schoen Member-Supervisory Board