Rankings Financial data & insurance broking NN Group
NN Group
76
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−6
- Quality of growth−3
- Profitability−3
Strengths
- Dividend and buybacks+3
- Capital and cash flow+2
- Cost programme+1
How the score is built
From 100 to 76, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 77.50 EUR
- Median analyst target
- 80.50 EUR
- Upside to median
- +3.9%
- Analysts
- 13
- Target range
- 72.00 – 97.50 EUR
- 52-week change
- +30%
- P/E (trailing)
- 11.4
- Forward P/E
- 9.5
- PEG
- 2.38
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−7 of −30
- −3Quality of growthMature business: the Dutch life insurance (over half of revenue) is largely a closed book, and analysts expect only +1.5% EPS in 2026 and +5% in 2027 (3-year EPS growth of 3.8%); operating capital generation grew 5% in H1.
- −3ProfitabilityROE only 8.8% over 12 months and 5.6–8.6% in 2021–2025, clearly below Allianz (19.6%) and ASR (12.2%); capital-heavy life and pension balance sheet with low return per unit of capital.
- −1Business mixJapan Life (slowing new sales) and Insurance Europe with its bancassurance dependence make up a large part of the growth story; the group is a conglomerate of mature life books rather than a focused non-life insurer.
Price
Today's multiples against the company's own history and its peers. · 1 finding−6 of −35
- −6Multiples vs own historyP/B 0.98 vs 0.42–0.82 in 2021–2025 (record high) and forward P/E 9.8 vs 5.8–9.4 in 2022–2025 (12.4 in 2021); dividend yield of 4.9% is below 6.2–10.8% in the same period. The share price is +34% in a year.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−4 of −35
- −2Japan and GreeceNew business sales value in Japan fell 5% because demand is shifting to shorter products from new competitors, and the bancassurance channel in Greece is expected to fall markedly next year after changed partnerships.
- −1Claims developmentElevated disability claims in group insurance (incapacity for work) require continued price increases; the risk of further reserve strengthening has not gone away.
- −1
Plus
Only documented strengths. · 3 findings+6 of +15
- +3Dividend and buybacksDividend EUR 1.14bn + buyback EUR 0.30bn (TTM) = EUR 1.43bn, below net income of EUR 1.78bn; interim dividend raised 12% to EUR 1.55, 8 years of dividend growth and a fixed buyback of EUR 350m a year. Total shareholder return about 7%.
- +2Capital and cash flowSolvency II 224%, free cash flow +7% to 922m in H1 and operating capital generation 1.1bn (above the flat guidance); the 2028 targets (OCG 2.2bn, FCF above 1.8bn) are confirmed.
- +1Cost programmeThe AI and transformation programme 'Future Ready' has already delivered 65% of the targeted EUR 200m of annual savings in 2027; new business value grew 16%, and the P&C combined ratio in the Netherlands was 90.5% despite storms.
Caveats
What the score does not capture, or where the data is weak.
Insurance: stockanalysis' FCF (−2.4bn) is not meaningful because it includes insurance and investment flows; NN's own free cash flow (holding level, H1 922m, target above 1.8bn in 2028) and payouts are measured against net profit. Stockanalysis' revenue forecast (−5%) and EPS history are affected by IFRS 17 and the sale/separation of NN Bank. Solvency II of 224% is lifted by NN Bank being taken out of the group solvency calculation. Interest-rate risk in the Dutch life book and the transition to the new pension system (Wtp) have not been examined separately. The unit-linked mis-selling case has been settled (about EUR 300m) and does not count. One price target (ING, EUR 74) is below the price. Next report 10 Feb 2027.
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