NN Group N.V.: 1H26 Preview: slight reduction in earnings and OCG forecasts - expecting flattish trends in 1H26

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NN Group N.V.: 1H26 Preview: slight reduction in earnings and OCG forecasts - expecting flattish trends in 1H26

J P M O R G A N Europe Equity Research

06 July 2026

NN Group N.V. Overweight

NN.AS, NN NA

1H26 Preview: slight reduction in earnings and OCG Price (03 Jul 26):€75.94

forecasts - expecting flattish trends in 1H26 Price Target (Dec-27):€83.00

Ahead of NN Group’s 1H26 results on 6 August 2025, we are raising our IFRS European Insurance

ACoperating profit forecasts, but also slightly lowering our OCG (Solvency II Farooq Hanif

operational capital generation) forecasts. Figure 1NGroup-sumaryofkeychangestoourestimates summarises key changes to our (44 207) 742-8091

forecasts. farooq.hanif@jpmorgan.com

Bingdi Fan, CFA

• Higher IFRS operating profit forecasts (~2% higher than our previous (44-20) 7742-5336

forecasts over 2026E-28E) mainly reflect our increased investment margin bingdi.fan@jpmorgan.com

estimates for Netherlands Life, where continued higher yields in 2026 to date Kamran M Hossain

could lead to higher investment results than we previously factored-in. (44-20) 3493-3780

kamran.hossain@jpmorgan.com

• This is offset by a reduction to Netherlands Non-life forecasts and Japan Life, Nadia Claressa

with the latter reflecting FX movements.

(44-20) 7134-7613

We have lowered our OCG forecasts (by ~0%-1% over 2026E-28E) to more nadia.claressa@jpmorgan.com

J.P. Morgan Securities plc

closely follow management guidance in NN Group’s 1H26E pre-close statement,

with 2026E OCG likely to be flat on 2025 (at ~€2.1bn) - and a similar trend in 1H26. Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

We are lowering our Solvency II forecasts more materially, by 5ppts in 2026E to European Financials