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"value": "Insurance, Banking NN is a financial services company, active in Europe and Japan.We provide retirement services, pensions, insurance, banking and investments to around 19 million customers.",
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"value": "Risk control cycle\u00b9 We manage any risks inherent to our business model and the environment in which we operate within NN Group\u2019s risk appetite and framework. Every employee has a role to play in identifying risks in their area of responsibility and managing Risk Monitoring & Reporting Risk Control Risk Assessment Risk Strategy Risk Culture 1 These disclosures are an integral part of the Consolidated Annual Accounts, and are part of the disclosures to which the audit opinion relates. This includes pages 64-69. them in a proactive way. It is important to know which risks we need to avoid and which we are prepared to take, and why; to be aware of large existing and emerging risks; and to ensure an adequate return for the risks assumed within the business. The risk control cycle ensures that business units and NN Group operate within our risk appetite: 1. Define risk strategy: risk appetite, policies and standards; 2. Identify and assess the risks that need to be managed; 3. Effectively mitigate risks through controls or other mitigation measures; 4. Continuously monitor effectiveness of mitigating measures and report on them. This cycle is underpinned by a sound risk culture. The risk control cycle supports the NN Group strategy, the Business Plan (financial control cycle) and performance management (HR cycle) that enable business units and NN Group to meet their business objectives. Step 1: Risk strategy The risk strategy is determined together with the business strategy. During this strategy-setting process, strategic and emerging risks need to be considered carefully. These risks for example look at sensitivities around assumptions behind a proposed business strategy, or the possibility that a proposed business strategy does not align with NN Group\u2019s values and You matter brand promise outlined on pages 20 and 32\u201333. The risk strategy further clarifies what risks (and to what extent) NN Group is willing to take in pursuit of business objectives. These are expressed through risk appetite statements and further detailed through policies and standards. Risk appetite statements describe how NN Group weighs strategic decisions, and communicates its strategy to key stakeholders and business unit CEOs with respect to the desired level of risk-taking. They thereby define our preferences for or against certain risk types. This helps us avoid unwanted or excessive risk taking, and optimise our use of capital. To the extent necessary, the risk appetite can be further operationalised into risk metrics (see under Risk metrics in this chapter). Furthermore, requirements and/or guidance on how to mitigate risks can be provided through policies and standards. Risk appetite framework We have the following four risk appetite levels: Risk appetite Description Avoid We apply considerable efforts to avoid these risks happening, or even eliminate them. If they happen, we apply a zero-tolerance attitude to address incidents. Limited We do accept these risks, but we still try to limit them with reasonable efforts to manage potential impact. Moderate We accept these risks, but neither avoid nor seek them actively. We use a risk/reward or risk/cost consideration to manage these risks. Actively pursue We are risk-seeking for this type of risk, accepting uncertainty or volatility, as we expect taking the risk will be ultimately rewarded. Embedding a sound risk culture within properly organised and governed business processes and projects is an important part of NN Group\u2019s risk strategy. More information on how risk management responsibilities within NN Group are organised can be found in the Corporate Governance chapter on pages 79-125. The risk appetite is (re-)assessed, documented and communicated during the yearly Own Risk and Solvency Assessment (ORSA) process, in sync with the Business Plan process. The risk appetite is approved by the Supervisory Board. Our risk appetite per type of risk is: Managing Strategy Risk appetite: Moderate We create sustainable long-term value for all our stakeholders and contribute to the well-being of people and planet, so we continuously evaluate and adapt our business model to the external environment (product portfolio, distribution channels, organisation, etc.) to meet evolving customer needs. When doing so, we moderately accept risks from the same, including in attracting and retaining business leaders and (world-class) talents. Solvency Risks Risk appetite: Limited We accept financial risks on our balance sheet so we can offer financial security through products and services for our customers as well as predictable and attractive returns for our investors. We: \u2022 Like to avoid having to raise equity capital after a 1-in-20 year event \u2022 Only accept risks that we understand, can price and effectively manage \u2022 Limit exposure to, or volatility due to, non-rewarding risks (in particular concentration, interest rate, currency and inflation risk) or risks to which we already have a high exposure Liquidity Risks Risk appetite: Limited We want to meet our payment and collateral obligations, even when under severe liquidity stress, while also actively pursuing illiquid assets to back illiquid liabilities on our balance sheet. Sound Business Conduct Risk appetite: Avoid We have no appetite for material breaches of business integrity-related policies and standards. People Conduct Culture Risk appetite: Limited We nurture a culture aligned with our purpose, values and ambitions, which supports continuous learning, collaboration, and diversity of thinking, and limit risks to the same. Product Suitability Risk appetite: Avoid We only market products and services that add value to our customers over their expected lifetime, and can be explained in a simple, transparent manner. Operational Risks & Losses Risk appetite: Moderate We moderately accept human errors and as such failures in processes, and therefore manage to agreed tolerances. Technology Risks Risk appetite: Limited We limit losses arising from technology risks, and therefore we ensure our technology assets are sufficiently resilient and responsibly used. Reliable Reporting Risk appetite: Avoid We have no appetite for material errors in external financial and non-financial reporting, and internal reports used for managerial decision-making. Business Continuity Risk appetite: Limited We avoid, to the extent possible and even under severe circumstances, sustained discontinuation of business (people, offices, systems). In 2023, NN Group combined the risk appetite statements for Managing Strategy and Human Capital Risks, and adjusted the wording to better reflect our strategic commitments. In addition, we made the wording of the risk appetite statements Sound Business Conduct and People Conduct Culture clearer and more concise. We also adjusted the wording of the risk appetite statements for Technology risks to incorporate the latest internal and external developments in technology and artificial intelligence. Managing our risks continued Risk appetite Risk class Description Managing Strategy Strategic risks Emerging Risks External risks that cannot yet be fully assessed or quantified but that could in the future affect the viability of NN Group\u2019s strategy. Strategic Risks Risks, arising in shaping NN\u2019s business, related to making incorrect business decisions, implementing decisions poorly, or being unable to adapt effectively to changes in NN\u2019s operating environment. NN Group has defined and categorised its risk landscape in a risk taxonomy: Risk appetite Risk class Description Solvency Risks Financial risks Market Risks Financial risks related to (the volatility of) financial and real estate markets. Counterparty Default Risks Financial risks related to the failure by counterparties to meet contractual debt obligations. Underwriting & Pricing/ Non-market Risks Financial risks related to insurance liabilities due to inadequate pricing and provisioning assumptions (i.e. product-related risks from an NN perspective). Liquidity Risks Liquidity Risks Financial risks related to being unable to settle financial obligations when due. Sound Business Conduct Non-financial risks Business Conduct Risks Non-financial risks related to unethical or irresponsible behaviour when doing or representing the business (red lines). People Conduct Culture People Conduct Risks Non-financial risks related to the attitude and (perceived) behaviour of our workforce. Product Suitability Product Suitability Risks Product-related risks from a customer perspective. Operational Risks & Losses Business Operating Risks Non-financial risks related to inadequate or failed business processes (internally, or externally performed by business partners). Technology Risks Business Technology Risks Non-financial risks related to inadequate or failed information technology (systems). Reliable Reporting Business Operating Risks Non-financial risks related to inadequate or failed business processes (internally, or externally performed by business partners). Business Continuity Business Continuity Risks Non-financial risks of accidents or external events impacting continuation or security of (people or assets in) our business operations. Note: Sustainability risks are not a separate risk class. They drive strategic, financial and non-financial risks in several areas of our taxonomy. Paragraph Sustainability and climate change risk on pages 73-78 explains in detail how we mitigate or manage these risks Risk metrics Risk monitoring is a regular process to assess and evaluate developments in the risk profile. It determines whether risks are within the risk appetite and in line with policies and standards. Monitoring activities are performed following developments in qualitative and quantitative boundaries (risk metrics) around risk taking, such as: \u2022 Risk limit \u2013 maximum exposure to a risk that management is willing to accept and should not be breached. \u2022 Risk tolerance \u2013 level of exposure of a risk, where management wants to be actively informed. A tolerance is set to function as a trigger for reviewing the exposure regularly and reflects an ambition level within which management wants to act in the medium term. \u2022 Key Risk Indicator (KRI) \u2013 assists management in determining whether specific areas or business objectives are at risk of moving beyond the risk appetite. The KRIs indicate when specific actions might be necessary to stop or reduce increasing risk levels. \u2022 Policies and standards \u2013 define objectives and requirements to ensure that processes and risks are managed consistently throughout NN Group. Strategic & Emerging Risks \u2013 metrics These are monitored through various metrics related to the Business Plan, such as progress on main strategic initiatives, and deviation between actual and planned strategic targets. Solvency Risks \u2013 metrics Relevant metrics: \u2022 Solvency II ratio: the ratio of Eligible Own Funds (OF) to Solvency Capital Requirement (SCR). NN Group aims to capitalise the group and its business units adequately at all times. To ensure adequate capitalisation, business units are managed to their commercial capital levels (based on the Solvency II ratio or local solvency regime) in accordance with the risk associated with the business activities. \u2022 Solvency II ratio sensitivities: show how the NN Group OF and SCR are impacted under various scenarios as decided by NN Group Management Board (e.g. changes in interest rates or other financial market factors). \u2022 Cash capital position: NN Group holds a cash capital position in the holding company to cover stress events, and fund holding company expenses and interest expenses. The cash capital position is defined as net current assets available at the holding company. \u2022 Own Funds at Risk limits: NN Group has implemented limits to monitor the impact of moderate stress events in business units, and monitors the level of capital and financial flexibility this requires at the holding level \u2022 Interest rate risk limits: NN Group has implemented limits and tolerances for interest rate risk exposures at NN Group and business unit level. \u2022 Bank capitalisation: the amount of capital NN Bank is required to hold as part of the Basel III framework, expressed as a capital adequacy ratio of equity that must be held as a percentage of risk-weighted assets. \u2022 Product and underwriting limits: limits designed to manage deviations between expected and realised claims and payments, longevity risks, etc. \u2022 Policies and standards: on investment management, mandates and asset allocation, responsible investments, products, and underwriting. Liquidity Risk \u2013 metrics Relevant metrics: \u2022 Required sales ratio: liquidity risks are monitored by assessing the required sales ratio between liquid assets and liquidity requirements for severe stress scenarios and different time horizons. \u2022 A minimum buffer of immediately available liquidity (cash and committed facilities) to be able to meet collateral calls from derivative exposures. Counterparty Default Risk \u2013 metrics Individual issuer concentration limits: to prevent excessive concentrations to individual issuers, NN Group has concentration limits on corporate and sovereign issuers, asset type and country of risk. NN limits the level of issuer concentration also at consolidated level. Non-Financial Risks \u2013 metrics Relevant metrics are: \u2022 Timeliness and effectiveness of monitoring as performed by management and control functions. \u2022 Incidents: the number of realised losses/accidents that have a financial or reputational impact. \u2022 Overdue issues: the number of issues that are (not) timely solved within agreed remediation period. \u2022 Reporting materiality: potential deficiencies in reporting processes are evaluated, individually and on an aggregate level, against the applicable reporting materiality. \u2022 Restricted list and exclusion list: designed to prevent investments in securities not in line with NN Group\u2019s values and/or applicable laws and regulations, as established in NN\u2019s Responsible Investment Framework. \u2022 Various KRIs to measure whether processes are executed according to target (e.g. number of incidents, customer complaints, outage of primary systems, etc). \u2022 Policies and standards that define objectives and requirements around compliance, IT, operations, security and business continuity. Step 2: Risk Assessment Risk assessments specifically seek to identify and assess risks to the business of NN Group and its business units. The quantitative risk profile for financial risks is mostly measured using NN Group models on predefined confidence intervals (\u2018shocks\u2019), and reported against risk limits. Non-quantifiable risks, and non-financial impact of quantifiable risks, are assessed through control effectiveness in relation to acceptable impact. Tail events (low probability, high impact) are explored through scenario analysis and addressed with (tested) Business Continuity Plans or contingency plans. Below we describe some of these risk assessments in more detail. Managing our risks continued Strategic Risk Assessment (SRA) and Own Risk and Solvency Assessment (ORSA) NN Group, and each of its regulated (re)insurance subsidiaries, prepares an ORSA at least once a year. This also covers our non-Solvency II entities, Japan and Turkey. Similar to an ORSA, NN Bank performs an Internal Capital Adequacy Assessment and Internal Liquidity Adequacy Assessment, in accordance with Basel III requirements. As part of the ORSA, a Strategic Risk Assessment (SRA) is performed at least annually by both the NN Group Management Board and the management of operating units. The outcomes of the SRA are key risks. That is, risks that are potentially solvency-threatening or could have a significant negative impact on the achievement of one or more of the business objectives in NN Group\u2019s strategy or business plan. The ORSA includes a forward-looking overall assessment, using scenario analysis and stress testing, as to whether each entity holds sufficient capital across its business planning period to withstand the potential impact of identified key risks. Impact is mainly assessed on the Solvency II capital position, but also on liquidity or operating capital generation where relevant. The outcome of the SRA is used, among others, in the double materiality assessment (see section Determining our material matters on pages 11\u201315 Risk Assessment Risk class Risks assessed via Emerging & Strategic Risks Business planning; SRA and scenario analysis, including ORSA. Market Risks Asset Liability Management (ALM) studies, Strategic Asset Allocation (SAA) and New Asset Class Assessment (NACA). Counterparty Default Risks Assessment of maximum exposure on asset class, issuer and country basis. Underwriting & Pricing Risks Product approval and review process (PARP). Liquidity Risks SAA, NACA. Non-Financial Risks Risk assessments on processes and projects (including aspects of IT, financial economic crime, fraud, etc.); Systematic Integrity Risk Assessment (SIRA), looking at behavioural and integrity risks; ECF Maturity Reflection, looking at risk maturity and culture NN Group also assesses the appropriateness of its Partial Internal Model (PIM), which is used to calculate the Solvency II ratio. Risk Management also prepares a separate annual report for the Management Board and the Risk Committee of the Supervisory Board on the performance and appropriateness of the Internal Model. Stress testing can also be initiated outside the ORSA, either internally or if requested by external parties, such as the Dutch Central Bank (DNB) or European Insurance and Occupational Pensions Authority (EIOPA). Strategic Asset Allocation (SAA) Regulated (re)insurance entities of NN Group execute a SAA study once every three years, in which the target allocation and bandwidth are set for each asset class. The SAA study is reviewed annually, using updates for the assumptions on return, risk and feasibility, and a review of constraints and objectives. Product approval and review process The PARP has been developed to enable effective design, underwriting and pricing of all insurance products, and ensure these can be managed throughout their lifetime. The process establishes requirements regarding the product risk profile features to ensure products are aligned with NN Group\u2019s strategy. The PARP takes into account customer benefits and product suitability, expected sales volumes, value-oriented pricing metrics, and relevant policies and regulations. It also includes requirements and standards for assessing risks as per the risk categories, as well as the administration and accounting aspects of the product. New Assets Class Assessment (NACA) and investment mandate process NN Group maintains a NACA for approving investments in new asset classes, thereby establishing a global list of asset classes in which NN Group entities may invest. Investments in these asset classes are governed through investment mandates given by the insurance entities to the asset manager(s). Process Risk Assessments Process Risk Assessments are performed periodically on (sub-) processes by the relevant process owners, with particular attention to risks in process handover points, where responsibility for activities moves between departments and/or managers. Owners annually assess what the most important non-financial risks are within their process, looking at for example aspects of IT, data quality, human error, changes to systems and processes, etc. Step 3: Risk Control Through its Preparatory Crisis Plan, NN Group has determined a set of measures for early detection of and potential response to a crisis, should it occur. The aim of the plan is to ensure tools, measures and processes are in place that would enable NN Group to: \u2022 Avoid going into Recovery \u2022 Anticipate in good time any approaching financial distress and/or potential recovery situation \u2022 Quickly recover to an acceptable minimum solvency (and liquidity) level when faced with financial distress and/ or recovery \u2022 In the Risk profile paragraph, we describe mitigating activities per risk type in more detail Risk Control Risk Control refers to activities undertaken to ensure proper mitigating measures are designed, documented and executed such that risks are managed within defined risk limits and tolerances, and in line with policies and standards. Risk class Risks are mitigated/controlled through Emerging Risks \u2022 Scenario analysis and contingency/recovering planning Strategic Risks \u2022 Adjusting the strategic targets/business model to meet the changing environment, implemented through strategic initiatives/programmes \u2022 Business planning, monitoring of strategic execution and scenario analysis Market Risks \u2022 Monitoring based on limits and tolerances and adjusting asset positions if necessary \u2022 Hedging/use of derivatives \u2022 Monitoring investment mandates for external investment managers Counterparty Default Risks \u2022 Monitoring based on limits and tolerances and adjusting asset positions if necessary Underwriting and Pricing Risks \u2022 Hedging with financial instruments (asset-liability management) \u2022 Monitoring based on concentration and exposure limits and tolerances and act in case of breaches \u2022 PARP \u2022 (External) (re)insurance Liquidity Risks \u2022 Monitoring based on limits and tolerances and adjusting asset positions if necessary \u2022 Cash management/treasury techniques Non-Financial Risks \u2022 Controls and control testing \u2022 Incident management and external insurance \u2022 Risk culture, awareness and training \u2022 Project risk logs and monitoring \u2022 Business continuity management Step 4: Risk monitoring & reporting Risk monitoring helps us assess and evaluate developments in the risk profile. It determines whether risks are managed within the applicable risk appetite, related limits and tolerances, and in line with policies and standards. Results of the risk monitoring are reported regularly to the responsible managers of departments, as well as the management and supervisory boards of both NN Group and its entities. This includes information on, for example, strategic projects, financial risk limits and developments, control effectiveness, control deficiencies and incidents, and second line opinions and advice. Action is taken by management when monitoring indicates that risks are being inadequately controlled. The Management Board and Supervisory Board of NN Group receive a quarterly Enterprise Risk Management (ERM) Report and OF/SCR Report. The ERM Report is designed to provide a single consistent, holistic overview of the risks for NN Group. It compares current risk levels to our risk appetite, and aims to encourage a forward-looking risk view. In the report, the different NN Group business units report back on their risk profile in relation to their risk appetite, including a second line opinion from Risk, Legal and Compliance. The OF/ SCR Report aims to give an overview of the quarterly Solvency II capital position, and developments in OF and SCR. It also includes the Solvency II ratio sensitivities.* Risk profile The Management Board of NN Group regularly assesses the key risks that might impact achieving our strategic and financial targets, using a variety of inputs, including: \u2022 External trends and material topics, as identified by our stakeholders \u2022 Macroeconomic reports and publications from analysts, CRO Forum and the World Economic Forum \u2022 Scenario analyses and stress-testing by our investment and risk teams \u2022 Risk self-assessments by the management of NN Group and its businesses Compared with 2022, climate change (2), geopolitical instability (7), and recession (8) risks have increased. Human Talent, IT legacy and change risk, Change agility and capacity overload, and Being outrun by competition were on the 2022 list, but are either no longer considered key risks or have been redefined. Geopolitical instability (7) and climate change (2, 3) are considered emerging risks. Though not necessarily new, and to some extent already materialised, in terms of both their nature and risk level they are still developing, as is our response to mitigate their impact. Cyber (security) risk Risk of cyber-attacks, leading to misuse or loss of information or privacy breaches, discontinuity of operations or financial or reputation loss. Given their pivotal role in the financial infrastructure, and their possession of large amounts of payment data and/or personal information, financial services companies are a target for hackers, and a geopolitical target. Cyber incidents can cause, among other things, loss of data, disruption and shutdown of business activities, criminal theft and reputational damage. Although NN is continuously improving its resilience and cybersecurity, the threats and their levels of sophistication are also increasing. Continuous investments are therefore needed to avoid, for example, unavailable systems affecting our daily business and potentially customer confidence. Group IT\u2019s Enterprise Security and Compliance (ESC) function leads all efforts to further enhance our information security and provide 24/7 protection against cyberthreats. Education and awareness-raising are part of our security strategy. We also have Business Continuity and Disaster Recovery plans, and cyber insurance for all NN\u2019s majority1 First line of defence Executive Board, management boards, other managers \u2022 Make business decisions \u2022 Accountable for financial performance, sales, operations, investments, underwriting \u2022 Sell products that reflect local needs and thus know their customers and are well-positioned to act in both the customers\u2019 and NN Group\u2019s best interest \u2022 Accountable for risk taking 2 Second line of defence Risk, Actuarial, Legal and Compliance teams \u2022 Support management in their decision-making and risk/return trade-offs \u2022 Countervailing power to prevent risk concentrations and unwanted/ excessive risk taking \u2022 Developing policies for their specific risk and control areas \u2022 Encouraging, challenging and monitoring sound risk management throughout NN \u2022 Escalation power in relation to business activities that are judged to present unacceptable risks to NN Group 3 Third line of defence Corporate Audit Services \u2022 Provides independent assurance on the effectiveness of NN Group\u2019s business and support processes, including governance, quality of risk management and quality of internal controls \u2022 Assesses first line of defence activities as well as second line of defence activities covers a mix of developmental evidence assessment, process verification and outcome analysis. The validation cycle determines the maximum period between two model validations, which can be up to five years. This means that each model in scope will be independently validated at least once within the validation cycle. Model Validation can also start validating before the due date, for example following specific portfolio/market developments or regulatory changes. Materiality of a model is determined based on quantitative and qualitative criteria. Quantitative criteria relate to, among others, a percentage of Market Value of Liabilities/Assets, or Solvency Capital Requirement. Qualitative criteria cover model complexity, strategic importance and other factors. Models with a higher materiality are validated more frequently. Depending on the materiality of the model, as well as the severity of findings resulting from a model validation, models receive a validation opinion. Models with severe findings require remediation actions by management, such as further adjustments of the model. Compliance Function and Legal Function Within the Management Board, the General Counsel is entrusted with the responsibility for NN Group\u2019s Legal Function and the Compliance Function. The General Counsel steers an independent compliance and an independent legal organisation which supports and challenges the first line in their decision-making with sufficient countervailing power to prevent excessive risk taking. The General Counsel is responsible for the organisation of Group Legal at Head Office level. At the business unit level, management establishes and maintains a Legal Function and appoints a Head of Legal. The Head of Legal in principle reports hierarchically to the business unit CEO. The Heads of Legal have a functional reporting line to the General Counsel. The General Counsel must ensure that both the Management Board, including the members of the Executive Board, and the Supervisory Board are at all times informed of and understand the material legal and compliance risks to which NN Group is exposed. To effectively manage business conduct risk, NN Group has an independent Compliance Function headed by a Chief Compliance Officer who is the Key Function Holder for Compliance and who has a direct reporting line to the General Counsel and member of the Management Board. The Compliance Function is positioned independently from the business it supervises. This independent position is, among others, warranted by independent reporting, unrestricted access to senior management as well as structural, periodic meetings of the Chief Compliance Officer with the NN Group CEO and the chair of the Risk Committee of the Supervisory Board. NN Group is committed to upholding its reputation and integrity through compliance with applicable laws, regulations and ethical standards in each of the markets in which the company operates. All employees are expected to adhere to these laws, regulations and ethical standards, and management is responsible for ensuring such compliance. Compliance is therefore an essential ingredient of good corporate governance. The purpose of the NN Group Compliance Function Charter is to help businesses effectively manage their compliance risks. This document is available on the NN Group corporate website. Within NN Group\u2019s broader risk framework, the purpose of the Compliance Function is to: \u2022 Understand and advocate rules, regulations and laws for the effective management of risks in scope of the Compliance Function. \u2022 Proactively work with and advise the business to manage business conduct and product suitability risk throughout our products\u2019 life cycle and our business\u2019 activities to meet stakeholder expectations. \u2022 Develop and enhance tools to strengthen the three lines of defence to detect, communicate, manage and to report on business conduct risks. \u2022 Support NN Group\u2019s strategy by establishing clear roles and responsibilities to help embed good compliance practices throughout the business by using a risk-based approach to align business outcomes with NN Group\u2019s risk appetite. \u2022 Deepen the culture of compliance by partnering with the business to increase the culture of trust, accountability, transparency, and integrity in evaluating, managing and in reporting on business conduct risk. \u2022 Develop and maintain a framework to support the first line in adhering to material laws and regulations in scope of the function as described in the Compliance Function Charter, which is aligned with NN Group\u2019s Risk & Control framework. \u2022 Monitor that management and employees act in accordance with NN Group\u2019s policies and standards as well as relevant material laws and regulation, in scope of the function. At the business unit level, management establishes and maintains a Compliance Function and appoints a Head of Compliance. The Head of Compliance in principle reports hierarchically to the business unit CEO. In addition, the Head of Compliance has a functional reporting line to the Chief Compliance Officer. Actuarial Function The Actuarial Function reports hierarchically to the NN Group CRO and has in addition a functional reporting line to the NN Group CFO. This is to ensure consistency with related Finance processes. The primary objective of the Actuarial Function is to ensure that technical provisions (under Solvency II and IFRS) are reliable and adequate, and as such that NN Group is able to meet its obligations towards policyholders and to protect NN Group from loss or reputational damage. The Actuarial Function operates within the context of NN Group\u2019s broader Risk Management System. Within this system, the role of the Actuarial Function is to: \u2022 Understand and advocate the rules, regulations and laws for effective management of the calculation process of technical provisions, Risk governance\u00b9 NN Group\u2019s risk governance follows the three lines of defence concept, which outlines the decision-making, execution and oversight responsibilities for NN Group\u2019s risk management. This structure has been embedded at both Head Office and business unit level. The three lines of defence defines three levels, each with distinct roles, decision authorities, execution responsibilities, and oversight responsibilities. This concept helps to ensure that risks are managed in line with the risk appetite as approved by the Supervisory Board and cascaded throughout NN Group. First line of defence: Executive Board, Management Board, other management The first line of defence are the CEO of NN Group and the CEOs of the business units, as well as their management board members that collectively make business decisions, with primary accountability for the performance, sales, operations, investments, compliance, and related risks. They are also responsible, both on the executive as well as process level of the organisation, for properly managing risks on a daily basis. More information on the Executive Board, Management Board and the Supervisory Board and its committees, including their risk management responsibilities, can be found earlier in this chapter. NN Group gives direction towards business units around risk taking via the risk appetite framework and related policies and standards. NN Group\u2019s policies and standards ensure that risks are managed consistently and that NN Group as a whole aims to operate within the risk appetite and related risk limits and tolerances. The policies and standards focus on risk measurement, risk control and risk governance. Policies and standards have to be approved by the Management Board. Any potential waivers to NN Group policies or standards require delegated approval of the responsible member of the NN Group Management Board. Business units may independently perform all activities that are consistent with the strategy of NN Group and the approved (three-year) business plan, NN Group\u2019s values, in line with the risk appetite and compliant with policies, standards, laws and regulations. Decisions can be made by a business unit CEO, unless decisions require 1 These disclosures are an integral part of the Consolidated Annual Accounts, and are part of the disclosures to which the audit opinion relates. This includes pages 107-110. 2 The Risk Management, Compliance, Actuarial and Internal Audit functions are key functions under Solvency II and apply the regulatory requirements as part of their responsibility approval of e.g. the Management Board, specific Management Board members or the Supervisory Board pursuant to the NN Group Decision Structure. The business unit CEOs are responsible for: \u2022 The profitability, as well as the business and operational activities, and as such the risk and control, in their respective areas \u2022 The execution in their respective areas of any strategies that conform to the strategic framework of NN Group \u2022 Fulfilling their statutory responsibilities \u2022 Implementing and maintaining a sound control framework and operating in accordance with laws and regulations, NN Group policies, standards and internal controls, and NN values \u2022 Sustainability of the corresponding business unit in the long term Regular oversight interaction between Head Office and business units takes place with respect to, amongst others, product approval, mandate approval, risk limit setting, risk reporting, ORSA, policy setting and implementation monitoring, model and assumption review and validation. These interactions cover all types of risks. Ad-hoc interactions also take place when a business unit proposes a material business initiative for which any Management Board member has the right to initiate a risk review. A risk review can also be initiated to investigate a significant incident or unexpected significant adverse business performance. A risk review is an in- depth risk analysis of the object in scope concluded with a risk opinion and advice when and where relevant. Second line of defence: Risk Management, Compliance, Actuarial and Legal Risk Management Function Within the Management Board, the CRO is entrusted with the day-to-day execution of the Risk Management Function, while the Legal Function and Compliance Function fall within the responsibility of the General Counsel. The NN Group CRO steers an independent risk organisation which supports the first line in their decision-making with sufficient countervailing power to prevent excessive risk taking. The NN Group CRO is also responsible for the organisation of Group Risk at Head Office level. The NN Group CRO must ensure that both the Management Board and the Supervisory Board are at all times informed of and understand the material risks to which NN Group is exposed. Responsibilities of the Risk Management Function include: \u2022 Setting of and monitoring compliance with overall policies as issued by the Risk Management Function \u2022 Formulating NN Group\u2019s risk management strategy and ensuring that it is implemented consistently throughout NN Group\u2019s organisation \u2022 Supervising the operation of NN Group\u2019s risk management and business Control systems, including NN Group\u2019s Partial Internal Model (PIM) \u2022 Reporting on NN Group\u2019s risks, as well as the processes and internal controls \u2022 Making risk management decisions with regards to matters which may have an impact on the financial results of NN Group or its reputation, without limiting the responsibility of each individual member of the Management Board in relation to risk management \u2022 The NN Group Internal Model, including all internal model-related activities, such as model development and model validation \u2022 Provide, together with the other control functions, a second line opinion when first line business initiatives can materially impact the risk profile of a business unit or NN Group and/ or provide additional assurance for presented key first line risk- related information Group Risk supports the NN Group CRO in the execution of his duties and responsibilities. To ensure solid understanding, oversight and support to the international business units, the NN Group CRO is supported by four teams: \u2022 CRO International: performing risk oversight activities and contributing to day-to-day risk management across international entities of NN Group. In addition, the team provides support and risk management activities in the area of underwriting & pricing risks. \u2022 Enterprise Risk Management: supporting risk governance and frameworks, internal and external risk reporting, as well as performing risk management activities around strategic, emerging, operational and technology risks. \u2022 Risk Models & Analytics: taking care of the coordination, implementation and operation of NN Group\u2019s PIM, as well as Model Validation. \u2022 ALM & Investment Risk Management: providing support and risk management activities in the areas of market risks, as well as Solvency II risk modelling of market and counterparty default risks. The business unit CROs of NN Life & Pensions, NN Non-life and NN Bank report functionally to the NN Group CRO. The International business unit CROs, as well as CRO NN Re, report functionally to the CRO of International. All business unit CROs report hierarchically to their respective business unit CEOs. Model Validation Model Validation aims to ensure that NN Group\u2019s models are fit for their intended use and is part of the Risk Management Function. For this purpose, Model Validation carries out validations of risk and valuation models related to Solvency II and, among others, IFRS 17 regulation. Models are typically developed within first line teams, or within the second line risk team, separate from Model Validation. Any changes to models that have an impact larger than certain pre-set materiality thresholds require approval from either the NN Group CRO, NN Group CFO or the NN Group Management Board. Model Validation performs validation on reliability of models at different stages during their life cycle: at initiation, prior to approval, when the model has been redeveloped or modified, and on a regular basis (based on a planning discussed and agreed with the Model Development departments). The validation process covering elements such as data quality, assumption setting, models and methods, as well as underwriting and reinsurance arrangements; proactively advise the business to manage the risk of unreliable and inadequate technical provisions. \u2022 Inform management and the Supervisory Board on its opinion on the adequacy and the reliability of the technical provisions, the adequacy of reinsurance arrangements and the underwriting policy at least on an annual basis through the Actuarial Function Report. \u2022 Develop and enhance tools to strengthen the three lines of defence to detect, communicate, manage and to report on risks related to unreliable or inadequate technical provisions. \u2022 Support NN Group\u2019s strategy by establishing clear roles and responsibilities to help embed good (actuarial) practices throughout the organisation by using a risk-based approach aligned with NN Group\u2019s risk appetite. \u2022 Strengthen the culture of professional risk management by challenging management and experts to increase the culture of trust, accountability, transparency, and integrity in evaluating, managing of and reporting on risks to unreliable or inadequate technical provisions. \u2022 Provide a second line opinion when first line business initiatives can materially impact the risk profile of a business unit or NN Group and/or provide additional assurance for presented key first line risk-related information. Third line of defence: Corporate Audit Services Corporate Audit Services (CAS) provides independent assurance on the effectiveness of NN\u2019s business and support processes, including governance, quality of risk management and quality of internal controls. They assess the first line of defence activities as well as the second line of defence activities. CAS supports NN Group in accomplishing its mission and objectives through a systematic, documented approach to examine, evaluate and improve the design and effectiveness of (NN Group\u2019s framework of) governance, risk (management) processes and internal control. CAS keeps in close contact with home and local supervisors and regulators as well as with the external auditor via regular meetings in which current (audit) issues are discussed, as well as internal and external developments and their impact on NN Group and CAS. CAS also provides information like risk assessments and relevant (audit) reports. The General Manager of CAS and all CAS employees are authorised to: \u2022 Obtain without delay, from General Managers within NN Group, information on any significant incident concerning NN Group\u2019s operations including but not limited to security, reputation and/or compliance with regulations and procedures. \u2022 Obtain without delay, from responsible managers within NN Group, a copy of all letters and reports received from external review agencies (e.g. external auditor, supervisors, regulators and other agencies providing assurance- related services). \u2022 Have free, full, unrestricted and unfettered access \u2013 at any time deemed appropriate \u2013 to all NN Group departments, offices, activities, books, accounts, records, files, information. CAS must respect the confidentiality of (personal) information acquired. \u2022 Require all NN Group staff and business management to supply such information and explanations, as may be needed for the performance of assessments, within a reasonable period of time. \u2022 Allocate resources, set frequencies, select subjects, determine scope of work and apply appropriate techniques required to accomplish the CAS\u2019s objectives. \u2022 Obtain the necessary assistance of personnel in various departments/ offices of NN Group where CAS performs audits, as well as other specialised/ professional services where considered necessary from within or outside NN Group. CAS should exercise its authority with the minimum possible disruption to the day-to-day activities of the area being assessed. \u2022 In compliance with the Code, the Executive Board is responsible for the role and functioning of CAS, supervised by the Supervisory Board, supported by the Audit Committee of the Supervisory Board. The General Manager of CAS is accountable to the NN Group CEO and functionally (independent) to the chair of the Audit Committee of the Supervisory Board. On a day-to-day basis the General Manager of CAS reports to the NN Group CEO. System of Governance evaluation in 2023 In 2023, various elements of NN Group\u2019s System of Governance were reviewed, discussed and completed by the Management Board as required under Solvency II. The review was based, for example, on self-assessments by each Key Function on its compliance with requirements and on its operational effectiveness. Where appropriate, improvements were implemented. Special focus during 2023 was on potential organisational conflicts of interest. The outcomes of the System of Governance review were discussed with the Risk Committee of the Supervisory Board. Corporate Governance Statement This chapter also serves as the corporate governance statement referred to in section 2a of the Decree contents of the management report (Besluit inhoud bestuursverslag). This includes parts of this Annual Report incorporated by reference, together with the separate publication \u2018Application of the Dutch Corporate Governance Code by NN Group\u2019, dated 20 March 2024 and available on the NN Group website.37 Assets by contractual maturity Amounts presented in these tables by contractual maturity are the amounts as presented in the balance sheet. Assets by contractual maturity (2023) 2023 Less than 1 month 1 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Adjustment Total Cash and cash equivalents 7,981 225 1 8,207 Investments at fair value through OCI 1,722 2,053 4,895 18,409 79,570 3,451 110,100 Investments at cost 98 85 271 1,584 19,450 21,488 Investments at fair value through profit or loss 2 963 5 108 252 167 47,897 49,392 Investments in real estate 2,620 2,620 Investments in associates and joint ventures 6,231 6,231 Derivatives 40 85 16 108 2,237 2,486 Insurance contracts -9 11 49 202 258 -156 355 Reinsurance contracts 37 -25 145 561 345 -330 733 Property and equipment 348 348 Intangible assets 4 7 43 177 130 909 1,270 Deferred tax assets 38 6 38 54 10 146 Other assets 3,461 711 813 130 429 21 5,565 Total assets 14,297 3,195 6,346 21,461 102,641 61,487 -486 208,941 1 Includes assets on demand. 2 Includes Investments for risk of policyholders. Although individual Investments for risk of policyholders may (or may not) have a maturity depending on their nature, this does not impact the liquidity position of NN Group Assets by contractual maturity (2022) (Restated) 2022 (Restated) Less than 1 month 1 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Adjustment Total Cash and cash equivalents 6,370 300 6,670 Investments at fair value through OCI 2,337 1,586 4,392 20,263 82,807 3,676 115,061 Investments at cost 100 117 255 1,629 18,190 20,291 Investments at fair value through profit or loss 2 663 3 50 797 905 40,744 43,162 Investments in real estate 2,754 2,754 Investments in associates and joint ventures 6,450 6,450 Derivatives 71 242 77 147 1,915 2,452 Insurance contracts 11 5 18 97 74 -81 124 Reinsurance contracts 27 -73 124 474 534 -249 837 Property and equipment 399 399 Intangible assets 4 8 38 143 205 882 1,280 Deferred tax assets 1 50 -16 91 5 131 Other assets 4,110 1,949 809 91 451 3 7,413 Total assets 13,693 4,138 5,813 23,625 105,172 54,913 -330 207,024 1 Includes assets on demand. 2 Includes Investments for risk of policyholders. Although individual Investments for risk of policyholders may (or may not) have a maturity depending on their nature, this does not impact the liquidity position of NN Group 38 Liabilities by maturity
The tables below include all liabilities by maturity based on contractual, undiscounted cash flows. Furthermore, the undiscounted
future coupon interest on financial liabilities payable is included in a separate line and in the relevant maturity bucket.
Derivative liabilities are included on a net basis if cash flows are settled net. For other derivative liabilities the contractual gross
cash flow payable is included.
Reference is made to the Liquidity Risk paragraph in Note 50 \u2018Risk management\u2019 for a description on how liquidity risk is managed.
Liabilities by maturity (2023)
2023
Less than
1 month 1-3 months 3-12 months 1-5 years Over 5 years
Maturity not
applicable Adjustment
1
Total
Insurance contracts 793 2,209 8,230 41,681 152,526 -60,375 145,064
Investment contracts 1 28 42 259 629 2,662 3,621
Reinsurance contracts 1 6 5 3 153 -24 144
Debt instruments issued 600 600 -5 1,195
Subordinated debt
2
335 850 1,500 -5 2,680
Other borrowed funds 810 1,388 1,674 3,549 2,571 9,992
Customer deposits 9,487 205 1,251 2,508 3,009 16,460
Derivatives 58 171 314 1,844 9,685 -8,005 4,067
Deferred tax liabilities -19 92 15 -2 -593 1,066 559
Other liabilities 2,209 637 330 633 148 83 4,040
Total liabilities 13,340 4,736 12,196 51,925 170,228 3,811 -68,414 187,822
Coupon interest due on financial liabilities 29 44 225 946 2,553 3,797
1 This column reconciles the contractual undiscounted cash flow on financial liabilities to the balance sheet values. The adjustments mainly relate to valuation differences, the impact of
discounting and, for derivatives, to the fact that the contractual cash flows are presented on a gross basis (unless the cash flows are actually settled net).
2 Subordinated debt maturities are presented based on the first call date. For the legal date of maturity reference is made to Note 17 \u2018Subordinated debt\u2019.
Liabilities by maturity (2022) (Restated)
2022 (Restated)
Less than
1 month 1-3 months 3-12 months 1-5 years Over 5 years
Maturity not
applicable Adjustment
1
Total
Insurance contracts 1,073 1,917 7,078 40,285 155,201 -64,755 140,799
Investment contracts 82 309 658 2,372 3,421
Reinsurance contracts 2 4 17 51 156 -7 223
Debt instruments issued 500 597 597 1,694
Subordinated debt
2
997 1,337 2,334
Other borrowed funds 1,262 1,807 2,688 2,002 3,359 11,118
Customer deposits 10,427 151 584 2,215 2,857 1 16,235
Derivatives 5 65 133 1,065 6,568 -19 -1,356 6,461
Deferred tax liabilities 45 -23 -59 -89 -262 1,012 624
Other liabilities 1,833 569 33 218 328 33 3,014
Total liabilities 15,147 4,490 10,556 47,650 170,799 3,398 -66,117 185,923
Coupon interest due on financial liabilities 21 34 152 762 2,242 3,211
1 This column reconciles the contractual undiscounted cash flow on financial liabilities to the balance sheet values. The adjustments mainly relate to the impact of discounting and, for
derivatives, to the fact that the contractual cash flows are presented on a gross basis (unless the cash flows are actually settled net).
2 Subordinated debt maturities are presented based on the first call date. For the legal date of maturity reference is made to Note 17 \u2018Subordinated debt\u2019.
Expected maturity of insurance contracts
The table below provides the expected maturity of the cash flows, risk adjustment and contractual service margin remaining at the
end of the reporting period. The maturity is based on contractual, undiscounted cash flows.
Expected maturity of insurance contracts (2023)
2023
Estimates of
the present
value of
future cash
flows
Risk
adjustment
Contractual
service
margin
Total General
Model and
Variable Fee
Approach
Total
Premium
Allocation
Approach
Total
Insurance
assets
Total
Insurance
liabilities
Less than 1 month 486 13 80 579 223 -9 793
1-3 months 1,830 27 116 1,973 225 11 2,209
3-12 months 6,926 123 502 7,551 630 49 8,230
1-2 years 10,015 156 586 10,757 429 61 11,247
2-3 years 10,043 148 528 10,719 308 53 11,080
3-4 years 9,138 138 479 9,755 223 47 10,025
4-5 years 8,551 131 436 9,118 170 41 9,329
5-9 years 29,531 449 1,373 31,353 337 126 31,816
Over 9 years 116,465 1,014 2,872 120,351 227 132 120,710
Adjustments
1
-59,604 -400 -60,004 -215 -156 -60,375
Total 133,381 1,799 6,972 142,152 2,557 355 145,064
1 The adjustments reconciles the contractual undiscounted cash flow on insurance contracts to the balance sheet values. The adjustments mainly relate to the impact of discounting.
Expected maturity of insurance contracts (2022) (Restated)
2022 (Restated)
Estimates of
the present
value of
future cash
flows
Risk
adjustment
Contractual
service
margin
Total General
Model and
Variable Fee
Approach
Total
Premium
Allocation
Approach
Total
Insurance
assets
Total
Insurance
liabilities
Less than 1 month 730 14 66 810 252 11 1,073
1-3 months 1,528 23 124 1,675 237 5 1,917
3-12 months 5,676 101 528 6,305 755 18 7,078
1-2 years 8,244 129 607 8,980 453 26 9,459
2-3 years 10,323 121 529 10,973 320 25 11,318
3-4 years 9,884 115 475 10,474 230 24 10,728
4-5 years 8,044 109 427 8,580 178 22 8,780
5-9 years 30,111 377 1,327 31,815 329 69 32,213
Over 9 years 119,078 962 2,767 122,807 176 5 122,988
Adjustments
1
-64,111 -322 -64,433 -241 -81 -64,755
Total 129,507 1,629 6,850 137,986 2,689 124 140,799
1 The adjustments reconciles the contractual undiscounted cash flow on insurance contracts to the balance sheet values. The adjustments mainly relate to the impact of discounting.
Amounts payable on demand were EUR 58,763 million as at 31 December 2023 (EUR 62,331 million as at 31 December 2022).
41 Offsetting of financial assets and liabilities Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when NN Group has a current legally enforceable right to set off the recognised amounts and intends to either settle on a net basis or to realise the asset and settle the liability at the same time. The following tables include information about rights to offset and the related arrangements. The amounts included consist of all recognised financial instruments that are presented net in the balance sheet under the IFRS-EU offsetting requirements (legal right to offset and intention to settle on a net basis) and amounts presented gross in the balance sheet but subject to enforceable master netting arrangements or similar arrangement Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements (2023)
Related amounts not offset
in the balance sheet
2023
Balance sheet line item Financial instrument
Gross financial
assets
Gross financial
liabilities
offset in the
balance sheet
Net financial
assets in the
balance sheet
Financial
instruments
Cash and
financial
instruments
collateral Net amount
Derivatives Derivatives 2,447 2,447 -1,172 -1,273 2
Derivatives 2,447 0 2,447 -1,172 -1,273 2
Other items where
offsetting is applied in
the balance sheet
Other assets where
netting is applied in the
balance sheet
404 404 -350 -53 1
Other items where
offsetting is applied in the
balance sheet 404 0 404 -350 -53 1
Total financial assets 2,851 0 2,851 -1,522 -1,326 3
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements
(2022) (Restated)
Related amounts not offset
in the balance sheet
2022 (Restated)
Balance sheet line item Financial instrument
Gross financial
assets
Gross financial
liabilities
offset in the
balance sheet
Net financial
assets in the
balance sheet
Financial
instruments
Cash and
financial
instruments
collateral Net amount
Derivatives Derivatives 2,405 2,405 -1,642 -735 28
Derivatives 2,405 0 2,405 -1,642 -735 28
Other items where
offsetting is applied in
the balance sheet
Other assets where
netting is applied in the
balance sheet 158 158 -110 -48 0
Other items where
offsetting is applied in the
balance sheet
158 0 158 -110 -48 0
Total financial assets 2,563 0 2,563 -1,752 -783 28
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements (2023) Related amounts not offset in the balance sheet 2023 Balance sheet line item Financial instrument Gross financial liabilities Gross financial assets offset in the balance sheet Net financial liabilities in the balance sheet Financial instruments Cash and financial instruments collateral Net amount Derivatives Derivatives 3,922 3,922 -1,172 -2,608 142 Derivatives 3,922 0 3,922 -1,172 -2,608 142 Repo's and Other items where offsetting is applied in the balance sheet 2,980 2,980 -350 -2,599 31 Repo's and Other items where offsetting is applied in the balance sheet 2,980 0 2,980 -350 -2,599 31 Total financial liabilities 6,902 0 6,902 -1,522 -5,207 173 Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements (2022) (Restated) Related amounts not offset in the balance sheet 2022 (Restated) Balance sheet line item Financial instrument Gross financial liabilities Gross financial assets offset in the balance sheet Net financial liabilities in the balance sheet Financial instruments Cash and financial instruments collateral Net amount Derivatives Derivatives 6,321 6,321 -1,643 -4,610 68 Derivatives 6,321 0 6,321 -1,643 -4,610 68 Repo's and Other items where offsetting is applied in the balance sheet 4,291 4,291 -110 -4,129 52 Repo's and Other items where offsetting is applied in the balance sheet 4,291 0 4,291 -110 -4,129 52 Total financial liabilities 10,612 0 10,612 -1,753 -8,739 12050 Risk Management
This note explains details with regard to the risk profile of NN Group. For certain disclosures in the chapters \u2018Managing our risks\u2019
and \u2018Corporate Governance\u2019 of this Annual Report it is indicated in a footnote that those disclosures are an integral part of the
Consolidated Annual Accounts and are in addition to the sections below part of the disclosures to which the audit opinion relates.
Topics described in this section include:
\u2022 Partial Internal Model (PIM) (including assumptions and limitations)
\u2022 Solvency Capital Requirement of NN Group
\u2022 Risk profile, risk mitigation of and risk measurement of the main types of risks: Market risk, Counterparty default risk, Liquidity
risk and Non-market risk
1. Partial Internal Model (PIM)
The Solvency Capital Requirement (SCR) is calculated based on the actual NN Group risk exposure. Under Solvency II, the SCR
is the capital required to ensure that the (re) insurance company will be able to meet its obligations over the next 12 months
with a probability of at least 99.5%. The risk-based framework for calculating Solvency Capital Requirements at NN Group is a
combination of an Internal Model (IM) and Standard Formula (SF) components, the so-called Partial Internal Model (PIM). The major
Dutch insurance entities use an internal model for modelling SCR for Market, Counterparty default, Business risks, and Insurance
risks. The determined SCR is used for both, local reporting and group consolidation purposes. For the EU-based international
insurance businesses and smaller insurance undertakings in the Netherlands, NN Group uses the Solvency II Standard Formula
to calculate the SCR for local reporting and for Group consolidation. The capital requirement for Operational risk is based on the
Standard Formula approach across the Group.
The non-insurance businesses (e.g. Pension Funds, NN Bank) and international insurance undertakings not based in the EU (e.g.
Japan, Turkey) are consolidated in the group SCR based on the local applicable (sectoral) capital requirements. The Solvency
II concept of (provisional) Equivalence is granted to capital frameworks that are deemed to have similarity with the Solvency II
framework and/or principles and as such can be relied-upon to assess capital requirements, at NN Group this applies to Japan.
The total group SCR is obtained from the Internal Model and Standard Formula capital requirements using EIOPA\u2019s integration
technique 3 and the capital requirements for non-insurance businesses and international insurance undertakings not based in
the EU.
The choice for a Partial Internal Model is based on the conviction that an Internal Model in general better reflects the risk profile
of the major Dutch (re) insurance entities and has additional benefits for risk management purposes, whilst the Standard Formula
adequately captures the risk profile of the international businesses and smaller Dutch entities:
\u2022 An Internal Model approach can better reflect the specific assets and therefore the Market risk in the portfolio of Dutch
businesses e.g., sovereign and other credit spread risks.
\u2022 The approach used for most significant Non-market risks within the Life businesses such as longevity (trend uncertainty)
and expense risk and within the Non-Life business can be better tailored to NN Group\u2019s specific portfolio characteristics.
Diversifications effects inherent to the business model can be captured in a more adequate way.
\u2022 The granularity of the PIM and close alignment of the modelling techniques and parameters to NN\u2019s risk management approach
also means that it can support a wide range of business decisions.
2. Assumptions and limitations
2.1 Risk-free rate and Volatility Adjustment (VOLA):
The assumptions used to determine the risk-free curve are important, as this curve is used for discounting future cash flows and
to calculate transfer value of liabilities. For determining valuation of liabilities on Solvency II balance sheet, NN Group uses the
methodology prescribed by EIOPA for the risk-free rate including the Credit Risk Adjustment (CRA) and the Ultimate Forwards Rate
(UFR). Where appropriate, the risk-free rate is adjusted with the Volatility Adjustment (VOLA) for the calculation of Own Funds.
2.2 Valuation assumptions \u2013 replicating portfolios:
For SCR calculations, NN Group uses replicating portfolio techniques to represent the insurance product-related cash flows,
options and guarantees by means of standard financial instruments. The replications are used to determine and revalue insurance
liabilities under a large number of Monte Carlo scenarios.
2.3 Diversification and correlation assumptions:
As for any integrated financial services provider offering a variety of products across different business segments and geographic
regions, and investing into wide range of assets, diversification is key to NN Group\u2019s business model. The resulting diversification
reflects the fact that not all potential worst-case losses are likely to materialise at the same time. The Internal Model takes
diversification effects into account when aggregating required capitals for different risk types as well as at Group level.
Diversification benefits result from diversification across regions, Business Units and risk categories.
Where possible, correlation parameters are derived through statistical analysis based on historical data. In case historical data or
other portfolio-specific observations are insufficient or not available, correlations are set by expert judgement via an established,
well-defined and controlled process. Similar to other risk models, correlations and expert judgements are also monitored
for appropriateness given availability of more recent data, and are subject to regular development, validation and regulatory
oversight. Based on these correlations, industry- standard aggregation approaches such as Gaussian copula and VaR\u2013CoVaR
approach are used to determine the dependency structure of quantifiable risks.
2.4 Model limitations
NN Group\u2019s Partial Internal Model (PIM) set-up resulted from managing a balancing between (1) an easy-to-communicate
methodology and (2) efficient calculations with appropriate accuracy and granularity to reflect the underlying risks.
Despite several limitations stemming from this, the PIM is considered to be adequate to assess NN Group\u2019s risk profile, to
determine Solvency Capital Requirements and be used in key decision making processes (use test).
As a result of the granular modelling approach and the wide variety of NN Group\u2019s assets and liabilities, the PIM is more complex
than the Standard Formula.
Inherent model limitations of the PIM are related to the calibration of 1-in-200-year stress event for a full spectrum of Market and
Non-market risks, which are based on sometimes limited historical data. Limitations also relate to the overall aim of determining
forward-looking distributions of risk factors under stress based on historical data as well as the use of modelling assumptions and
expert judgements.
Risks that cannot be directly modelled in the same way as Market risk or Insurance risk, for example Strategic, Reputational and
Model risks, and also Emerging risks are managed through qualitative risk assessments and in respective processes. In addition,
and as part of the ORSA, NN Group holistically assesses its risk exposure to both quantifiable and non-quantifiable risks in order to
outline mitigating actions as required.
The components of NN Group\u2019s PIM for Market and Counterparty default risk and the models for risk aggregation and replication
have been developed and is run centrally, and thus carry an inherent risk that the developed models include aspects which
might be less appropriate for individual entities. On a regular basis the Business Units perform \u2018Fit For Local Use\u2019 assessments.
Models also undergo regular reviews and monitoring, under agreed governance, and in addition, model validations are performed
by independent model validation team. Such reviews can result in additional monitoring and/or locally calculated and further
centrally processed adjustments.
The Risk Management Function informs the Management Board and Supervisory Board on an annual basis on the performance of
the Internal Model.
3. Solvency II 2020 review
On 22 September 2021, the European Commission (EC) published, as part of the Solvency II 2020 Review the proposed Level I
texts (Directive) and insights in the upcoming Level II (Delegated Acts) regulations. In June 2022, the Council reached consensus
on their view on the Solvency II 2020 review. This position is broadly similar to the EC proposals. The economic committee of the
European Parliament (EP) reached consensus in July 2023 and the final vote in the European Parliament took place in September
2023. Compared to the EC, the position of the EP is more leaning to some of the positions of the insurance industry, for example,
with respect to the cost of capital rate used for the valuation of the risk margin and the calibration of the risk correction which is
relevant for the Volatility Adjustment (both in terms of balance sheet valuation and SCR). The EC proposal formed the basis for the
political process, which has led to a compromise position as agreed by the trilogue parties on 13 December 2023.
Actual implementation of the changes is currently not expected before 2026. The details of the agreement are not fully known yet
and some key aspects in the agreement will not be detailed out in Level I, but will be clarified later in the process (part of Level II).
The trilogue compromise position forms the basis for the upcoming legislative process, which can take a long time and can lead to
further changes.
4. Solvency Capital Requirement
4.1 Solvency II ratio of NN Group
The following table shows the NN Group Solvency II ratio as at 31 December 2023 and 31 December 2022, respectively.
Solvency II ratio of NN Group
2023
2022
(Restated)
Eligible Own Funds 17,691 17,822
Solvency Capital Requirement 8,990 9,040
NN Group Solvency II ratio (Eligible Own Funds/SCR) 197% 197%
The SCR is based on NN Group\u2019s PIM. This comprises Internal Model calculation for all risks, except for Operational risk for NN
Life, NN Non-life, NN Re and the main holding companies owned by NN Group N.V. and SF calculation for ABN AMRO Life and
ABN AMRO Non-life, NN Insurance Services and the international insurance entities of NN Group in Europe. SCR for Operational
risk is calculated using the Standard Formula for all Solvency II entities. The capital requirements of non- Solvency II entities, in
particular NN Life Japan, Pension Funds, and NN Bank are calculated using local sectoral rules.
4.2 Solvency Capital Requirement
The following table shows the NN Group SCR as at 31 December 2023 and 31 December 2022, respectively.
Solvency Capital Requirements
2023
2022
(Restated)
Market risk 6,602 6,724
Counterparty default risk 129 163
Non-market risk 4,773 5,070
Total BSCR (before diversification) 11,504 11,957
Diversification -2,659 -3,065
Total BSCR (after diversification) 8,845 8,892
Operational risk 560 560
LACDT -1,780 -1,867
Voluntary Prudency Margin 0 116
Other 4 -24
Solvency II entities SCR 7,629 7,677
Non Solvency II entities 1,361 1,363
Total SCR 8,990 9,040
The Solvency II total Basic Solvency Capital Requirement (total BSCR after diversification) includes both the PIM businesses\u2019 BSCR
and the Standard Formula businesses\u2019 BSCR. This figure also reflects the diversification benefits between the Business Units
using Internal Model and Standard Formula.
The general developments of the Basic SCR (BSCR):
\u2022 Lower Market risk SCR (mainly due to model refinements, partially offset by market movements, mostly interest rates)
\u2022 Lower Counterparty default risk SCR (various portfolio developments)
\u2022 Lower Non-market risk SCR (mainly driven by longevity reinsurance at NN Life, partially offset by model refinements and
decrease in interest rates)
\u2022 Note that the Voluntary Prudency Margin at NN Group level is released along with Non-market risk SCR model refinements)
The breakdown of the Market and Non-market risk SCR in specific risk types and explanations for the most important changes in
the risk profile and Basic Solvency Capital Requirement over the year 2023 are presented in the next sections.
SCR for Operational risk is stable. The offsetting effect of Loss Absorbing Capacity of Deferred Taxes (LACDT) decreased mainly
due to a lower effective tax rate.
In the above table, \u2018Other\u2019 includes loss-absorbing capacity of technical provisions (LACTP) and capital for non-modelled Solvency
II entities.
4.3 Solvency II ratio sensitivities
Along with the SCR, NN Group regularly calculates the sensitivities of the Solvency II ratio under various scenarios, by assessing
the changes for both Eligible Own Funds and SCR. The Solvency II ratio sensitivities are primarily designed to support the NN
Group Management Board and the Risk Management functions in having a forward-looking view on the risks to solvency of
the company, and to analyse the impacts of market or other events. The sensitivities are selected to reflect plausible, realistic
scenarios that could materialise within the foreseeable future and are not calibrated on a pre-defined confidence interval or
time horizon.
The effect on the Solvency II ratio is calculated based on applying an instantaneous stress on the balance sheet, and on ceteris
paribus basis. For all SII insurance entities, NN Life Japan and NN Bank, the after stress Own Funds are calculated for each of
the sensitivity scenarios; the impacts on SCR are recalculated for the BSCR and Operational risk SCR components. LACDT is
recalculated keeping the LACDT percentage fixed. \u2018Other\u2019 SCR components including the LACTP are kept constant.
The Solvency II sensitivities are disclosed for the main Market risks in the below sections.
Main types of risks
In the next sections the main risks associated with NN Group\u2019s business are discussed. Each risk type is analysed through the
risk profile, risk mitigation and risk measurement. For Market and Non-market risks more detailed quantification of risk exposures
are provided.
5. Market risk
Market risk comprises the risks related to the impact of changes in various financial market indicators on NN Group\u2019s balance
sheet. Market risks are taken in pursuit of returns for the benefit of customers and shareholders. Accordingly, risk and return
consideration and optimisation are paramount for both policyholder and shareholder. In general, Market risks are managed
through a well-diversified portfolio under a number of relevant policies within clearly defined and monitored limits. NN Group
reduces downside risk through various hedging programmes, in particular risks for which NN Group has no or only a limited
appetite, such as Interest rate, Inflation, and Foreign exchange risks. NN Group also integrates Environmental, Social, and
Governance (ESG) factors in the investment decision-making framework (see section Facts and Figures). Furthermore, climate
change impact is becoming more relevant over time for so-called Transitional risk, where the value of NN Group\u2019s asset
investments may be impacted. This potential impact is currently in the process of being assessed.
In managing its assets, NN Group applies the prudent person principle, which means that NN Group only invest in assets and
instruments whose risks NN Group properly identify, measure, monitor, manage, control and report and take into account in the
assessment of the overall NN Group\u2019s solvency needs. For new asset classes or asset classes of growing importance, NN Group
continuously improves the relevant processes.
Market risk capital requirements
2023
2022
(Restated)
Interest rate risk 898 440
Equity risk 2,457 2,436
Credit spread risk 3,340 3,332
Real estate risk 2,014 2,098
Foreign exchange risk 584 620
Inflation risk 216 270
Basis risk 53 58
Diversification market risk -2,960 -2,530
Market risk 6,602 6,724
In 2023, the Market risk SCR decreased from EUR 6,724 million to EUR 6,602 million, mainly driven model refinements, partially
offset by market movements, mostly interest rate. The increase of standalone Interest rate risk SCR due to portfolio developments
is largely offset by higher diversification with other Market risks. Diversification within Market risk increased as Interest rate risk
SCR became more dominant.
The table below sets out NN Group\u2019s market value of assets for each asset class as at the end of 2023 and 2022. The values in these tables may differ from those included in the consolidated IFRS balance sheet as derivatives are excluded from this overview and furthermore due to classification and valuation differences to reflect a risk management view. Investment assets (Including NN Bank) Market value 2023 % of total 2023 Market value 2022 (Restated) % of total 2022 (Restated) Fixed income 136,530 82% 139,893 83% Government bonds and loans 40,046 24% 42,276 25% Financial bonds and loans 7,671 4% 8,125 5% Corporate bonds and loans 23,308 14% 23,065 14% Asset-backed securities 2,642 2% 3,225 2% Mortgages 1 61,729 37% 62,066 36% Other retail loans 1,134 1% 1,136 1% Non-fixed income 20,448 12% 20,698 12% Common & preferred stock 2 3,533 2% 3,654 2% Private equity 138 0% 182 0% Real estate 3 12,007 7% 12,887 8% Mutual funds (money market funds excluded) 4 4,770 3% 3,975 2% Money market instruments (money market funds included) 5 10,682 6% 9,295 5% Total investments 167,660 100% 169,886 100% 1 Mortgages originated by NN Bank are on amortised cost value. The mortgage value on the consolidated IFRS balance sheet differs from the value in the current table due to the acquisition premium of mortgages and the inclusion of mortgages underlying the mortgage structure vehicles. 2 All preference shares are included in \u2018common & preferred stock\u2019, even when preference shares are modelled as bonds. 3 The real estate values exclude the real estate forward commitments, since NN Group has no price risk related to them. 4 Fixed income mutual funds are included in mutual funds. 5 Money market mutual funds and commercial papers are included in the money market instruments. Total investment assets have decreased to EUR 167,660 million at the end of 2023 from EUR 169,886 million at the end of 2022. The decrease is mainly due to the disposal of sovereign debt. Main developments in the NN Group risk profile in 2023 reflect the strategy of NN Group to maintain a relatively conservative investment portfolio to ensure a resilient balance sheet. Exposures in high yielding corporate bonds and mortgage loans are currently close to target. 5.1 Interest rate risk Interest rate risk is defined as the possibility of decrease in the Solvency II Own Funds due to adverse changes in the level or shape of the risk-free interest rate curve used for valuation of assets and liability cash flows. Exposure to Interest rate risk arises from asset or liability positions that are sensitive to changes in this risk-free interest rate curve. 5.1.1 Risk profile The Interest rate risk SCR of NN Group increased to EUR 898 million in 2023 from EUR 440 million in 2022. The increase is mainly driven by the portfolio developments. The increase of Interest rate risk SCR is the main driver of the increase of the diversification across Market risks In the interest rate steepening scenario, the EUR asset valuation curve is shocked after the LLP (the LLP for EUR is set at 20 years
under Solvency II). The steepening is applied for interest rate curve tenors between 20 and 30 years (a linear increase from 0 to
10 bps of 1bp per tenor). After the 30 years point, the shift in the interest rate curve remains constant at 10bps. As the EIOPA risk-
free curve is extrapolated after the LLP, the steepening sensitivity only affects the asset discount curve.
5.2 Equity risk
Equity risk is defined as the possibility of decrease Solvency II Own Funds due to adverse changes in the level of equity market
prices. Exposure to Equity risk arises from direct or indirect asset or liability positions, including equity derivatives such as futures
and options, that are sensitive to equity prices.
5.2.1 Risk profile
The table below sets out the market value of NN Group\u2019s equity assets as at the 31 December 2023 and 2022, respectively.
Equity assets
2023
2022
(Restated)
Common & preferred stock 3,533 3,654
Private equity 138 182
Mutual funds (money market funds are excluded, fixed income mutual funds are included) 4,770 3,975
Total 8,441 7,811
NN Group is mainly exposed to public listed equity, and to a lesser extent to private equity funds and equity exposures through
mutual funds. The direct equity exposure is spread mainly across the Netherlands (26% in 2023 compared with 32% in 2022)
and remaining exposure in other countries, predominantly in core EU countries (50% in 2023 compared with 52% in 2022,
including The Netherlands). Note that mutual funds are classified as equity in the table above but include also fixed income funds.
Fixed income mutual funds represent 44% of the total mutual fund market value. Approximately 34% of NN Group\u2019s direct equities
are invested in defensive sectors, which are less sensitive to economic downturn.
As shown in the \u2018Market risk capital requirements\u2019 table above, the Equity risk SCR of NN Group increased from EUR 2,436 million
in 2022 to EUR 2,457 million in 2023 mainly driven by higher equity markets partially offset by sales.
5.2.2 Risk mitigation
Exposure to equities provides additional diversification and upside return potential in the asset portfolio of an insurance company
with long- term illiquid liabilities. The Concentration risk on individual issuers is mitigated by having issuer risk limits in place in
investment mandates as well as at NN Group level. There is no natural hedge for Equity risk on the liability side of the balance
sheet. NN Group has the possibility to protect the downside risk of the equity portfolio by selling equity or buying put options.
5.2.3 Risk measurement
The sensitivity of the Solvency II ratio to changes in the value of equity is monitored on a quarterly basis. This scenario estimates
the impact of an instantaneous shock of -25% applied to the value of direct equity and equity mutual funds. Derivatives like equity
options or equity forwards which have equity as underlying are also revalued using the same shock applied to the underlying
equities or equity indices.
The table below presents the Eligible Own Funds, SCR and Solvency II ratio sensitivity to a downward shock in equity prices at
31 December 2023 and 2022.
Solvency II ratio sensitivities: Equity risk (2023)
Own Funds
impact SCR impact
Solverncy II
ratio impact
Equity Downward shock -25% -1,604 -299 -12%
Solvency II ratio sensitivities: Equity risk (2022) (Restated)
Own Funds
impact SCR impact
Solverncy II
ratio impact
Equity Downward shock -25% -1,464 -326 -9%
Please note that 2023 sensitivities on OF are in general more severe because of eligibility constraints on Tier 3 capital.
5.3 Credit spread risk
Credit spread risk is defined as the possibility of a decrease in Solvency II Own Funds due to adverse movements in the credit
spreads of fixed income assets. The credit spread widening (or narrowing) reflects market supply and demand, rating migration of
the issuer and changes in expectation of default. Changes in liquidity and other risk premiums that are relevant to specific assets
can play a role in the value changes as well.
In the calculation of the SCR for the Partial Internal Model entities, NN Group assumes no change to the VOLA on the liability side
of the balance sheet after a shock-event, but instead reflects the illiquidity of liabilities in the asset shocks to ensure appropriate
Solvency Capital Requirements. This approach ensures appropriate risk incentives and is approved by DNB. NN Group also shocks
all government bonds and its mortgage portfolio in the calculation of Credit spread risk capital requirements for the Partial Internal
Model entities.
The main asset classes in scope of the Credit spread risk module for Partial Internal Model entities are government and corporate
bonds, mortgages and loans.
For the calculation of the SCR for Credit spread risk of the Standard Formula insurance entities, the main asset classes in scope are
corporate bonds and loans.
5.3.1 Risk profile
As shown in the \u2018Market risk capital requirements\u2019 table, the Credit spread risk SCR of NN Group remained stable from
EUR 3,332 million in 2022 to EUR 3,340 million in 2023, driven by market movements mostly interest rates, offset by
portfolio development.
The table below sets out the market value of NN Group\u2019s bonds and loans subject to Credit spread risk SCR by type of issuer as at
31 December 2023 and 31 December 2022, respectively.
Fixed-income bonds and loans by type of issuer
Market value Percentage
2023
2022
(Restated) 2023
2022
(Restated)
Sovereign 40,046 42,275 54% 55%
Manufacturing 6,560 6,432 9% 8%
Finance and Insurance 7,671 8,125 11% 11%
Asset-backed securities 2,642 3,225 4% 4%
Utilities 2,585 2,463 4% 3%
Transportation and Warehousing 2,114 2,261 3% 3%
Information 1,778 1,841 2% 3%
Real Estate and Rental and Leasing 1,800 2,146 2% 2%
Other 8,471 7,923 11% 11%
Total 73,667 76,691 100% 100%
Market value sovereign exposures (2023)
The tables below set out the market value of NN Group\u2019s government bonds and loans subject to Credit spread risk SCR by country
and maturity as at 31 December 2023 and 31 December 2022, respectively.
Market value of government bond and loans in 2023 by number of years to maturity
4
Rating
1
Domestic
exposure
2
0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2023
Japan A+ 100% 413 418 305 681 1,665 1,913 1,594 654 7,643
France AA 0% 55 24 79 46 307 1,413 353 3,135 5,412
Germany AAA 0% 316 18 96 418 501 1,647 607 209 3,812
Belgium AA- 28% 11 11 62 335 135 1,741 1,052 622 3,969
Netherlands AAA 99% 2 95 11 247 328 2,280 158 244 3,365
Austria AA+ 0% 11 0 168 241 1 145 495 1,134 2,195
Spain A- 29% 109 101 46 74 428 1,176 512 76 2,522
United States AA+ 0% 0 0 0 0 0 208 1,432 0 1,640
Multilateral
3
AAA 0% 63 11 133 66 327 872 593 22 2,087
Finland AA+ 0% 4 143 3 66 1 712 50 0 979
Italy BBB 0% 17 9 4 133 395 177 250 33 1,018
Other
5
\u2013 Above
Investment Grade 315 268 178 462 1,461 1,267 696 69 4,716
Other
5
\u2013 Below
Investment Grade 0 0 3 113 410 125 37 0 688
Total 1,316 1,098 1,088 2,882 5,959 13,676 7,829 6,198 40,046
1. NN Group uses the second-best rating across Fitch, Moody\u2019s and S&P to determine the credit rating label of its bonds.
2. Percentage of the bonds held in the local unit, e.g., percentage of Dutch bonds held by entities registered in the Netherlands.
3. Includes EIB, ECB, EFSF, EU and ESM.
4. Based on legal maturity date.
5. Investment Grade reflects a rating of BBB- or higher; Below Investment Grade reflects a rating below BBB- .
Market value sovereign exposures (2022) (Restated)
Market value of government bond and loans in 2022 by number of years to maturity
4
Rating
1
Domestic
exposure
2
0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2022
Japan A+ 100% 790 460 468 727 1,909 2,190 1,626 676 8,846
France AA 0% 76 25 28 123 253 1,886 676 2,926 5,993
Germany AAA 0% 49 326 18 187 1,301 2,043 344 207 4,475
Belgium AA- 25% 31 5 11 71 453 1,951 949 609 4,080
Netherlands AAA 99% 551 142 16 418 2,427 47 9 3,610
Austria AA+ 0% 6 171 512 3 307 582 1,030 2,611
Spain A- 27% 74 104 65 600 1,140 463 60 2,506
United States AAA 0% 1 223 1,498 1,722
Multilateral
3
AAA 0% 18 63 5 156 275 772 315 21 1,625
Finland AA+ 0% 7 146 3 65 611 170 1,002
Italy BBB 0% 71 16 14 131 467 229 40 27 995
Other
5
\u2013 Above
Investment Grade 275 294 300 560 1,467 616 526 45 4,083
Other
5
\u2013 Below
Investment Grade 137 43 64 146 171 145 22 728
Total 2,011 1,477 1,301 2,697 7,382 14,540 7,258 5,610 42,276
1 NN Group uses the second-best rating across Fitch, Moody\u2019s and S&P to determine the credit rating label of its bonds.
2 Percentage of the bonds held in the local unit, e.g., percentage of Dutch bonds held by entities registered in the Netherlands.
3 Includes EIB, ECB, EFSF, EU and ESM.
4 Based on legal maturity date.
5 Investment Grade reflects a rating of BBB or higher; Below Investment Grade reflects a rating below BBB.
48% (or EUR 20 billion) of NN Group total sovereign debt exposure is invested in AAA and AA rated eurozone countries in 2023 as
compared to 52% in 2022. Of the EUR 20 billion core eurozone government bonds and loans held by NN Group, 81% will mature
after year 10 and 41% after year 20 in 2023 while those for 2022 were EUR 22 billion, 76% and 35% respectively. With regard
to Central and Eastern Europe, the government bond exposures are mainly domestically held. In the Partial Internal Model, all
government bonds contribute to Credit spread risk, including those rated AAA. The tables below show the market value of non-
government fixed-income securities (excluding mortgages and derivatives) by rating and maturity.
Market value non-government bond securities and loans (2023) Market value of non-government bond securities and loans in 2023 by number of years to maturity 0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2023 AAA 216 320 219 235 291 922 909 1,320 4,432 AA 108 186 253 508 507 306 114 101 2,083 A 1,014 1,117 1,357 2,033 3,241 1,246 930 159 11,097 BBB 1,834 1,206 1,390 1,838 3,246 1,397 631 69 11,611 BB 264 370 449 881 598 55 25 2,642 B and below 89 121 384 387 213 8 1,202 No rating available 206 41 31 179 82 14 1 554 Total 3,731 3,361 4,083 6,061 8,178 3,948 2,609 1,650 33,621 Market value non-government bond securities and loans (2022) (Restated) Market value of non-government bond securities and loans in 2022 by number of years to maturity 0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2022 AAA 150 231 307 424 279 996 1,070 1,597 5,054 AA 267 115 190 587 449 271 174 128 2,181 A 1,095 1,104 1,294 2,174 3,055 1,051 718 498 10,989 BBB 1,288 2,053 1,176 2,338 2,903 1,481 693 84 12,016 BB 317 192 417 660 937 21 49 2,593 B and below 57 118 198 449 234 12 1,068 No rating available 208 72 5 116 81 3 29 514 Total 3,382 3,885 3,587 6,748 7,938 3,832 2,707 2,336 34,415 The table below shows NN Group\u2019s holdings of loans and other debt securities as at 31 December 2023 and 31 December 2022, respectively. Market value all loans and other debt securities (per credit rating) 2023 2022 (Restated) AAA 13,259 16,054 AA 18,144 17,675 A 22,860 23,430 BBB 14,200 14,547 BB 3,233 3,217 B and below 1,417 1,254 No rating available 439 377 Mortgages 1 61,729 62,066 Other Retail Loans 1,249 1,273 Total 136,530 139,893 1 Mortgages refer to all mortgages using the same criteria and is aligned with the Mortgages figure in Investment assets above. 5.3.2 Mortgages The required capital for mortgages within entities under the Partial Internal Model is calculated in the credit spread risk module while the required capital for mortgages within entities under Standard Formula is calculated in the counterparty default risk module. The credit spread risk module within the Partial Internal Model captures the behaviour of Own Funds when the valuation of mortgages changes with market mortgage rates, while the counterparty default risk module within Standard Formula captures the behaviour of Own Funds as a result of unexpected loss or default of mortgages The Loan-to-Value (LTV) values for NN Bank originated residential mortgages (which is based on the net average loan to property
indexed value and are exposure-weighted) at NN Life, the Banking business, NN Non-life and NN Belgium stood at 55%, 57%,
61%, and 56% respectively at the end of 2023 while those were 53%, 53%, 59% and 54% respectively at the end of December
2022. The migration towards higher LTV buckets is due to the house price decrease between the third quarter of 2022 and the
third quarter of 2023 (4.6% (fourth quarter figures are unavailable at year-end, figures based on CBS)). Although house prices
decreased in 2023, the portfolio remains well-collateralised with an average LTV for NN Group of 57% in 2023 (54% in 2022).
The inherent credit risk of mortgages is backed primarily by means of the underlying property, but also through the inclusion
of mortgages guaranteed by the Nationale Hypotheek Garantie (NHG) and other secondary covers like savings, investments
and life insurance policies. NN Bank originated mortgages with NHG accounted for 23%, 32%, 17% and 27% at NN Life, the
Banking business, NN Non-life, and NN Belgium respectively at the end of 2023 and 24%, 31%, 18% and 28% at NN Life, the
Banking business, NN Non-life and NN Belgium respectively at the end of 2022. On portfolio level the NHG coverage showed no
significant changes.
Loan-to-Value on mortgage loans
1
2023
2022
(Restated)
NHG 27% 27%
LtV <= 80% 66% 69%
LtV 80% - 90% 4% 3%
LtV 90% - 100% 2% 1%
LtV > 100% 1%
Total NN Group 100% 100%
1. Risk figures and parameters do not include third party originated mortgages and collateralised mortgages although they are on the balance sheet of NN Group.
The mortgage portfolio is under regular review to ensure troubled assets are identified early and managed properly. A loan is
classified as a non-performing loan (NPL) if the loan is 90 days past due, or the client was in default the previous month, and the
minimum holding period (MHP) is active or the loan is classified as Unlikely To Pay (UTP) by the problem loans department.
The main criterion for lifting the default status will be that no arrears greater than EUR 250 occurred during the Minimum Holding
Period (MHP). For defaulted clients that are classified as \u2018distressed restructuring\u2019, the MHP is 12 months. For all other defaulted
clients, the MHP is 3 months.
The impact of the recent geopolitical developments and increasing inflation on the creditworthiness of the portfolio were
limited so far, as a result percentage of non-performing loans showed no significant changes in 2023. The provision decreased
by EUR 1.5 million to EUR 7.4 million due to an update in the provisioning model. Secondly, the management overlay related to
increasing interest rates and high inflation decreased by EUR 0.2 million to EUR 2.0 million as inflation and interest rates are
stabilizing. The decrease in provision was partly offset by the house price decrease and the fact that from this year the provision
calculation is based on IFRS9 regulations instead of IAS39. The main change is that a lifetime provision is calculated for past due
and non-performing loans.
The net exposure slightly increased after deduction of capped collaterals and guarantees, because of a decrease in the house
price. The NHG guarantee value remained stable .
5.3.4 Risk measurement The sensitivity of the Solvency II ratio to changes in credit spreads is monitored on a quarterly basis. The table below presents the Eligible Own Funds, SCR and Solvency II ratio sensitivities to various changes in credit spreads. Solvency II ratio sensitivities: Credit spread risk at 31 December 2023 Own Funds impact SCR impact Solvency II ratio impact Credit spread: Parallel shock for AAA-rated government bonds +50 bps -397 -4 -4% Credit spread: Parallel shock for AA and lower-rated government bonds +50 bps -738 -37 -7% Credit spread: Parallel shock spreads corporates +50 bps 371 -63 6% Credit spread: Parallel shock spreads mortgages +50 bps -1,128 -29 -12% Solvency II ratio sensitivities: Credit spread risk at 31 December 2022 (Restated) Own Funds impact SCR impact Solvency II ratio impact Credit spread: Parallel shock for AAA-rated government bonds +50 bps -343 43 -5% Credit spread: Parallel shock for AA and lower-rated government bonds +50 bps -417 64 -6% Credit spread: Parallel shock spreads corporates +50 bps 291 -111 6% Credit spread: Parallel shock spreads mortgages +50 bps -880 22 -10% Please note that 2023 sensitivities on OF are in general more severe because of eligibility constraints on Tier 3 capital. NN Group has exposure to government, corporate and financial debt and is exposed to spread changes for these instruments. Furthermore, the VOLA in the valuation of liabilities introduces an offset to the valuation changes on the asset side (except for mortgages). The Solvency II sensitivities for spread changes cover four possible scenarios \u2013 spread widening for AAA rated government bonds, spread widening for non-AAA rated government bonds, spread widening for corporates and spread widening for mortgages. For all scenarios, a parallel widening of the respective spread curves of +50bps is assumed. There is a corresponding translation of the spread widening on asset valuations on the VOLA according to EIOPA\u2019s reference portfolio in each of the scenarios. Government bond shocks are applied to the following asset classes: government bonds and loans, government-linked instruments (sub- sovereigns and supranational). Corporate spread shocks are applied to the following asset classes: corporate bonds (financials and non-financials), covered bonds, subordinated bonds, asset-backed securities and loans. Mortgages are subject to spread shocks in a separate scenario. NN Group\u2019s sensitivity to credit spread changes is mainly driven by the difference between NN Group\u2019s investment portfolio and the EIOPA reference portfolio. The reference portfolio represents the weights of an average European insurers\u2019 portfolio to different fixed income assets and is used to determine the level of the VOLA to be applied for the valuation of liabilities. Asset spread changes impact the level of the VOLA and therefore also the valuation of liabilities, and thus provide an offset to asset valuation changes. NN Group is exposed to widening in government bond spreads due to a higher exposure to well rated government debt compared with the reference portfolio. At the same time, the exposure to widening of credit spreads on corporate bonds has a positive impact on the ratio due to a lower exposure of NN Group to these asset classes compared with the reference portfolio. Mortgages spread widening has a negative impact on the Solvency II ratio, as mortgages are not part of the reference portfolio. 5.4 Real estate risk Real estate risk is defined as the possibility of decrease in Solvency II Own Funds due to adverse changes in the value of real estate. Exposure to Real estate risk arises mainly from holding direct real estate properties or positions in real estate mutual funds. With the long- term nature of the liabilities of NN Group, illiquid assets such as real estate play an important role in the asset allocation 5.4.1 Risk profile NN Group\u2019s real estate exposure (excluding forward commitments) decreased mainly as a result of negative revaluations, from EUR 12,887 million at the end of 2022 to EUR 12,007 million at the end of 2023. The real estate exposure is mainly present in the portfolios of NN Life, NN Non-life and NN Belgium Life. NN Group has various categories of real estate: investments in real estate funds and joint-ventures, real estate directly owned and investments in buildings occupied by NN Group. Several of the real estate funds, in which NN Group participates, include leverage and therefore the actual real estate exposure is larger than NN Group\u2019s value of participation in real estate funds. The real estate portfolio is held for the long-term and is illiquid. Furthermore, there are no hedge instruments available in the market to effectively reduce the impact of market volatility. Rental income is increasing largely in line with inflation and occupancy rates in 2023 are high at 95%. Indexation of prices has kept up with inflation in a large portion of NN Group\u2019s portfolio, but is capped in some (sub)sectors such as the residential sector. Real estate valuations, because of the evidencing that is required, have a lag to market developments and tend to show prolonged negative movement in case of economic downturn. As such, continued pressure on real estate valuations is expected in 2024. The table below sets out NN Group\u2019s real estate exposure per region as at 31 December 2023 and 2022, respectively. Real estate assets per region 2023 2022 (Restated) Western Europe 56% 58% Southern Europe 18% 18% Nordics 10% 8% Central and Eastern Europe 5% 5% UK and Ireland 11% 11% Total 100% 100% The real estate portfolio is well-diversified across sectors and geographies Real estate exposure is mainly from Western European countries. Main underlying types are residential real estate (43%) and industrial real estate (28%). Retail and office real estate represents respectively 17% and 8% of NN total real estate exposure. As shown in the \u2018Market risk capital requirements\u2019 table, the Real estate risk SCR of NN Group decreased from EUR 2,098 million in 2022 to EUR 2,014 million in 2023 primarily due to real estate revaluations and portfolio development. 5.4.2 Risk mitigation Exposure to real estate provides for additional diversification for the asset portfolio. The Concentration risk on individual assets is limited under the relevant investment mandates. Real estate portfolio is also well diversified across European countries and sectors. 5.4.3 Risk measurement The sensitivity of the Solvency II ratio to changes in the value of real estate is monitored on a quarterly basis. This scenario estimates the impact of an instantaneous shock of -10% to the value of direct real estate exposures and real estate within mutual funds The table below presents the Eligible Own Funds, SCR and Solvency II ratio sensitivity to a downward shock in the value of real
estate at 31 December 2023 and 2022.
Solvency II ratio sensitivities: Real estate risk
Own Funds impact SCR impact Solvency II ratio impact
2023
2022
(Restated) 2023
2022
(Restated) 2023
2022
(Restated)
Real estate Downward shock -10% -1,199 -1,057 -68 -78 -12% -10%
Solvency II ratio sensitivity to changes in the value of real estate increased mainly due to eligibility constraints on Tier 3 capital.
5.5 Foreign exchange risk
Foreign exchange (FX) risk measures the negative impact on Solvency II Own Funds related to changes in currency exchange rates.
5.5.1 Risk profile
FX transaction risk can occur on a local entity level, while FX translation risk can occur when non-Euro entities are consolidated at
the level of NN Group and show a risk in regard to NN Group\u2019s reporting currency, the Euro.
The SCR for Foreign exchange risk decreased from EUR 620 million in 2022 to EUR 584 million in 2023. This is mainly due to
portfolio development.
5.5.2 Risk mitigation
The FX risk at the local entity level is mitigated by limiting investment to the non-local currency assets or by hedging through FX
forwards and cross currency swaps.
5.6 Inflation risk
Inflation risk is defined as the risk of adverse changes in inflation that result into a decrease in Solvency II Own Funds. Inflation risk
is calculated for the Dutch entities applying the Partial Internal Model for the SCR calculation.
5.6.1 Risk profile
The SCR for Inflation risk decreased to EUR 216 million from EUR 270 million at the end of 2022. The decrease is primarily driven by
decrease in inflation. Inflation risk is limited and hedged to a large extent with inflation-linked swaps or bonds, which are exposed
to lower inflation rates.
5.6.2 Risk mitigation
The Inflation risk is managed through the use of inflation swaps and investments in inflation bonds. In particular, the exposure to
inflation linked liabilities is limited and hedged.
5.7 Basis risk
The SCR Basis risk is defined as a risk that the underlying asset or liability behaves differently than the underlying hedge
instrument, which results in the loss in the Solvency II balance sheet.
5.7.1 Risk profile
The SCR for Basis risk decreased from EUR 58 million in 2022 to EUR 53 million in 2023, mostly due to a decrease in the hedge
equity exposure within the separate account business in the Netherlands.
5.7.2 Risk mitigation
The Basis risk is mitigated by fund mapping of the underlying funds to risk factors, and also by constant monitoring of the fund
performance compared to the benchmark.
5.8 Concentration risk
For the Standard Formula entities there is an additional SCR for Concentration risk calculated under Standard Formula, which is
defined as the risk of loss in the Basic Own Funds as a result of the default of an issuer in which NN Group has a concentrated
investment position.
5.8.1 Risk profile
The SCR for Concentration risk remained at nil in 2023.
5.8.2 Risk mitigation This Concentration risk is mitigated by Concentration risk limits aiming to have a well-diversified portfolio with Credit risk concentrations in any particular issuer within the NN Group risk appetite. 5.9 Market risks within separate account businesses The separate account businesses are those in which the policyholder bears the majority of the Market and Credit risk. NN Group\u2019s earnings from the separate account businesses are primarily driven by fee income. However, in the case of variable annuities and the guaranteed separate account pension business in the Netherlands, NN Group retains risk associated with the guarantees provided to its policyholders. Businesses in this separate account category are (i) the group pension business in the Netherlands for which guarantees are provided and (ii) other separate account business, primarily the unit-linked business and variable annuities (VA). 5.9.1 Separate account guaranteed group pension business in NN Life Risk profile In the Dutch separate account guaranteed group pension portfolio, investments are held in separate accounts on behalf of the sponsor employer who concluded their contract with a Business Unit of NN Group. Regardless of actual returns on these investments, pension benefits for the beneficiaries are guaranteed under the contract. The value of the provided guarantee is sensitive to interest rates, movements in the underlying funds and the volatility of those funds. The Assets under management for NN Life\u2019s portfolio remained unchanged at EUR 2.4 billion between 31 December 2022 and 31 December 2023. In general, the materiality of the separate account business within NN Group has reduced in the past few years due to the run-off of the portfolio. Risk mitigation NN Group currently hedges the value of the guarantees it provided under group pension contracts in the Netherlands. For the purpose of hedging, the exposure under such guarantees is discounted at the swap curve without the extrapolation to the UFR. The hedge programme includes interest rate swaps and equity futures. Upon contract renewal, NN Group offers policyholders defined contribution products with investments in portfolios that NN Group can more easily hedge, thus reducing the risk to NN Group. 5.9.2 Other separate account businesses Risk profile The other separate account business primarily consists of unit-linked insurance policies and variable annuity (VA) portfolios. Unit-linked insurance policies provide policyholders with selected fund returns combined with an insurance cover. The Investment risk is borne by the policyholder, although there are some unit-linked products where NN Group has provided guarantees on the performance of specific underlying funds. Unit-linked products without guarantees do not expose NN Group to Market risk, except to the extent that the present value of future fees is affected by market movements of the underlying policyholder funds. The variable annuities in the VA Japan and VA Europe business consist of guaranteed minimum accumulation benefit products, guaranteed minimum death benefit products and guaranteed minimum withdrawal benefit products. Risk mitigation The Market risks of the unit-linked and other separate account business are managed by the design of the product. Currently, NN Group does not hedge the Market risks related to the present value of future fee income derived from this business (except for the Japanese VA business). For the Japanese and European VA business NN Group has hedging programmes for the guaranteed benefits in place targeting Equity, Interest rate, Credit spread, and FX risk as well as Volatility risk. Risk measurement NN Group determines Eligible Own Funds for the Market and Credit risks of the separate account business through modelling the risks of the fee income and the guarantees including the impact of the hedge programmes. 6. Counterparty default risk Counterparty default risk is the risk of loss due to default or deterioration in the credit standing of the counterparties and debtors (including reinsurers) of NN Group. The SCR for Counterparty default risk is primarily based on the issuer\u2019s probability of default (PD) and the loss-given- default (LGD) of each individual position taking into account diversification across these positions. The Counterparty default risk module also covers any Credit risk exposures which are not covered in the Credit spread risk sub-module . 5.1.2 Risk mitigation The Interest rate SCR indicates to what extent interest rate sensitivities of assets and liabilities are matched on a Solvency II basis. The majority of NN Group liability cash flows are predictable and stable, since exposure to policyholder behaviour and profit-sharing mechanisms is very limited. Therefore, the interest rate risk management focuses on matching asset and liability cash flows for the durations for which the markets for fixed income instruments are sufficiently deep and liquid. NN Group manages its interest rate position by investing in long-term bonds and interest rate swaps. While staying overall duration matched, NN has reduced its exposure to normalisation (i.e. rising) of the interest rate curve after the last liquid point according to Solvency II regulation. NN Group has implemented limits and tolerances for Interest rate risk exposures at NN Group level as well as for relevant Business Units to limit interest rate risk. Mitigating solutions for new business and products, such as a development of defined contribution pension products in the Netherlands and a shift towards protection products in general, are continuously monitored and worked on. 5.1.3 Risk measurement For the valuation of EUR-denominated asset cash flows, NN Group uses market swap curves. For the asset cash flows denominated in other currencies, the relevant swap or government curve is used for that specific currency. For the purpose of valuation of the EUR-denominated liability cash flows NN Group uses a swap curve less Credit Risk Adjustment (CRA) plus VOLA in line with definitions under Solvency II. For the liability cash flows denominated in other currencies, the relevant swap or government curve is used where this curve is also lowered by the Credit Risk Adjustment and adding the VOLA specific for each currency. In line with Solvency II regulations, NN Group extrapolates the EUR swap curve starting from the Last Liquid Point (LLP) onwards to the Ultimate Forward Rate for each relevant currency in its portfolio. The LLP used for EUR is 20 years. As such, the SCR for Interest rate risk primarily depends on the level of cash flow matching between assets and liabilities up to the 20-year point, and the difference between the swap curve and the curve extrapolated to the UFR for longer cash flows. The sensitivity of the Solvency II ratio to changes in interest rates is monitored on a quarterly basis. The table below presents the Eligible Own Funds, SCR, and Solvency II ratio sensitivities to various changes in interest rates. Solvency II Ratio sensitivities for interest rate comprise the following set of shocks, each of them is calculated independently as a standalone scenario: a parallel up and a parallel down shifts of the discount curve, and a steepening scenario for the interest rates used to discount asset cash flows after the LLP. Solvency II ratio sensitivities: Interest rate risk at 31 December 2023 Own Funds impact SCR impact Solverncy II ratio impact Interest rate: Parallel shock +50 bps -343 -224 1% Interest rate: Parallel shock -50 bps 393 251 -1% Interest rate: 10 bps steepening between 20y-30y -151 -7 -2% Solvency II ratio sensitivities: Interest rate risk at 31 December 2022 (Restated) Own Funds impact SCR impact Solverncy II ratio impact Interest rate: Parallel shock +50 bps -219 -145 1% Interest rate: Parallel shock -50 bps 290 224 -2% Interest rate: 10 bps steepening between 20y-30y -242 39 -4% Changes in the Solvency II ratio sensitivities to interest rates are primarily driven by decreased interest rate levels in combination with the changes in the Interest rate risk profile. During 2023 NN took management actions to reduce the normalisation risk via several swap transactions. Please note that 2023 sensitivities on OF are in general more severe because of eligibility constraints on Tier 3 capital. Under the parallel shock scenarios, the base risk-free interest rate curves for each currency are shocked by +/-50 bps for all tenors up until the LLP. The other components of the basic risk-free interest rate curve \u2013 namely UFR, Credit Risk Adjustment, VOLA and extrapolation technique towards UFR remain unchanged. The asset interest rate curves are shocked with the parallel shocks for all tenors. Credit quality: NN Group mortgage portfolio, outstanding 1,2,5 Life business Banking Other 4 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Performing mortgage loans that are not past due 25,914 26,316 21,887 21,117 4,876 5,255 Performing mortgage loans that are past due 119 111 161 127 26 18 Non-performing mortgage loans 5 79 85 99 99 13 13 Total 26,112 26,512 22,147 21,343 4,915 5,286 Provisions for performing mortgage loans 2 1 2 2 1 Provisions for non-performing mortgage loans 2 4 1 1 Total 4 5 3 3 1 1 The total value for Mortgages is different in this table vs. Investment Assets Table because of exclusion of mortgage not originated by NN Bank of EUR 8,554 million in 2023 (2022: EUR 7,318 million). 2 Amounts are excluding partial transfer of mortgages and DRMF. 3 \u2018Other\u2019 column includes numbers for the Non-life entities, Belgium business and other small entities. 4 The non-performing loans include \u2018unlikely to pay\u2019 mortgage loans, which may not be past due. 5 From 2022 the carrying value includes the accrued interest, past due amount, and deduction of construction deposits. 6 In 2023 the calculation of provisions is based on IFRS9 regulations. Figures from 2022 remain based on IAS39 regulation. 7 Collateral on mortgage loans 1,5 Life business Banking Other 3 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Carrying value 26,113 26,512 22,147 21,343 4,915 5,286 Indexed collateral value of real estate 55,531 58,286 45,931 47,885 9,487 10,717 Savings held 4 1,134 1,144 1,481 1,462 77 76 NHG guarantee value 5 5,300 5,600 5,853 5,518 1,026 1,117 Total cover value + including NHG guarantee capped at carrying value 6 26,100 26,500 22,138 21,335 4,913 5,285 Net exposure 13 12 9 8 2 1 1 The total value for Mortgages is different in this table vs. Investment Assets Table because of exclusion of mortgage not originated by NN Bank of EUR 8,554 million in 2023 (2022: EUR 7,318 million). 2 Amounts are excluding partial transfer of mortgages and DRMF. 3 \u2018Other\u2019 column includes numbers for the Non-life entities, Belgium business and other small entities. 4 The NHG guarantee value follows an annuity scheme and is corrected for the 10% own risk (on the granted NHG claim). 5 From 2022 the carrying value includes the accrued interest, past due amount, and deduction of construction deposits. 6 Savings held includes life policies. 5.3.3 Risk mitigation NN Group has concentration risk limits for individual issuers which depend on the credit quality of the issuer; for individual asset classes; and country limits which depend on the country\u2019s credit rating and GDP, and whether the country is a member of the European Union. These limits ensure that large risk concentrations are avoided. In order to diversify the credit spread risk further, NN Group has increased its investments in non-listed assets. In addition, NN Group\u2019s mortgages are subject to strict underwriting criteria and are well collateralised 6.1 Risk profile As shown in the \u2018Solvency Capital Requirements\u2019 table above, the Counterparty default risk SCR of NN Group decreased from EUR 163 million at the end of 2022 to EUR 129 million at the end of 2023, driven primarily by portfolio developments. In the Partial Internal Model the mortgages do not get the capital charge under the Counterparty default risk and are under Credit spread risk SCR sub module for these Business Units. 6.2 Risk mitigation NN Group uses different Credit risk mitigation techniques. For over the counter derivatives, the exchange of collateral under the International Swaps and Derivatives Associations contracts accompanied with Credit Support Annexes is an important example of risk mitigation. Other forms of Credit risk mitigation include reinsurance collateral exchange. For cash and money market funds, limits per counterparty are put in place. 6.3 Risk measurement The Counterparty default risk (CDR) module comprises two sub-modules: \u2022 CDR Type I: applicable to exposures which might not be diversified and where the counterparty is likely to be (externally) rated, e.g., reinsurance contracts, derivatives and money market exposures. The underlying model is the Ter Berg model (which was also the basis for Standard Formula calibration under Solvency II). \u2022 CDR Type II: applicable to exposures that are usually (well) diversified and where the counterparty is likely to be unrated, like retail loans, but also other forms of term lending not covered in Type I. The capital charges for CDR Type I and CDR Type II exposures are calculated separately and subsequently aggregated. 6.4 Counterparty default risk in insurance contracts As of 1 January 2023, NN Group implemented IFRS 17 \u2018Insurance Contracts\u2019. IFRS 17 introduces, among others, additional disclosures related to risk management. Whereas most of these are covered in the relevant sections of this Annual Report, the table below outlines counterparty default risk arising from insurance and reinsurance contracts. For more information regarding IFRS 17 see section Our performance and Note 13 \u2018Insurance contracts\u2019. Counterparty Default Risk exposures 1 arising from insurance and reinsurance contracts at 31 December 2023 2023 Insurance contracts 2 Reinsurance held as Assets 3 Reinsurance held as Liabilities 3 Reinsurance Total 3 AA 714 -343 371 A 49 221 34 255 BBB 32 -27 5 No rating available 1,106 27 12 39 1 Maximum exposure given on Solvency II Standard Formula basis. Standard Formula basis is used due to the fact that Standard Formula rating is more conservative. Intercompany exposure is excluded. 2 Insurance contracts exposure is related to receivables from policyholders, brokers, and tied agents as well as policyholder loans. 3 Reinsurance exposure is related to, among others, reinsurance recoverables, receivables from and payables to (external) reinsurers. Counterparty Default Risk exposures 1 arising from insurance and reinsurance contracts at 31 December 2022 (Restated) 2022 (Restated) Insurance contracts 2 Reinsurance held as Assets 3 Reinsurance held as Liabilities 3 Reinsurance Total 3 AA 325 31 356 A 35 263 1 264 BBB 10 10 No rating available 1,140 20 20 1 Maximum exposure given on Solvency II Standard Formula basis. Standard Formula basis is used due to the fact that Standard Formula rating is more conservative. Intercompany exposure is excluded. 2 Insurance contracts exposure is related to receivables from policyholders, brokers, and tied agents as well as policyholder loans. 3 Reinsurance exposure is related to, among others, reinsurance recoverables, receivables from and payables to (external) reinsurers 7. Liquidity risk
Liquidity risk is the risk that one of NN Group\u2019s entities does not have sufficient liquid assets to meet its financial obligations when
they become due and payable, at reasonable cost and in a timely manner. Liquidity in this context is the availability of funds, or
certainty that funds will be available without significant losses, to honour all commitments when due. NN Group manages Liquidity
risk via a Liquidity risk framework, ensuring that \u2013 even after shock \u2013 NN Group\u2019s businesses can meet immediate obligations.
Liquidity stress events can be caused by a market-wide event or an idiosyncratic NN Group specific event. These events can
be short-term or long-term and can both occur on a local, regional or global scale, both through cash flows related to assets
and liabilities.
Subsidiaries that trade derivatives are responsible for maintaining sufficient liquidity levels to meet their collateral requirements.
For this purpose, liquidity buffers are set to ensure sufficient liquidity is available in an adverse scenario and to ensure the liquidity
thresholds are being met.
7.1 Risk profile
Liquidity risk covers three areas of attention. Funding liquidity risk is the risk that liquid funds are unavailable to meet financial
obligations when due. Market liquidity risk, is the risk that an asset cannot be sold on short-term without significant losses.
Funding risk is the risk related to not being able to refinance maturing debt instruments and may lead to higher funding costs.
The connection between Market and Funding liquidity risk stems from the fact that when payments are due and not enough cash
is available, investment positions need to be converted into cash. If market liquidity is low or an adverse market movement took
place in this situation, this could lead to a loss.
In 2023, liquidity risk has increased due to the rise in interest rates, leading to additional collateral requirements on NN Group\u2019s
interest rate derivatives portfolio. In case of a significant increase of interest rates, NN Group is exposed to the risk of having to
sell assets which contribute to capital generation or to the hedging of liability cash flows. NN Group has a robust liquidity risk
management framework in place to manage this risk. A minimum buffer of immediately available liquidity (cash and committed
facilities) is maintained. Repurchase agreements (repos), Group cash capital and the Revolving Credit Facility at Group can further
support the liquidity position if needed.
A liquidity event on the liability side, resulting from e.g. payments related to increased lapses or claims, leads to a liquidity outflow
which may affect the overall liquidity position of NN Group. This outflow typically occurs over a period of time. NN Group\u2019s liquidity
metrics demonstrate that NN has sufficient cash and unencumbered liquid assets which can be liquidated to fulfill stressed
liquidity needs from liabilities in a combined market and liability stress scenario. Selling liquid assets in the case of a lapse event is
considered to be a logical consequence since the balance sheet decreases.
7.2 Risk mitigation
NN Group aims to match day-to-day cash in- and outflows and at the same time wants to be able to have sufficient cash in case
of a liquidity stress event. NN Group holds a minimum buffer of cash which is immediately available in order to be able to meet
collateral calls from derivatives exposures in the case of significant market movements, as well as outflows from liabilities in a
stress situation. Furthermore, NN Group has a wide range of options to generate additional liquidity, if necessary, amongst which
committed repo facilities which are available at all times and a revolving credit facility.
NN Group Liquidity Management Principles defines three levels of Liquidity Management:
\u2022 Short-term liquidity (including operational liquidity) management covers the day-to-day cash requirements under normal
business conditions
\u2022 Long-term liquidity management considers business conditions, in which Market liquidity risk materialises
\u2022 Stress liquidity management looks at the company\u2019s ability to respond to a potential crisis situation
7.3 Risk measurement
NN Group measures liquidity risk as the difference between liquidity needs and liquidity sources available for sale in a stress event
for different time horizons. Liquidity risk is not part of NN Group\u2019s Partial Internal Model.
8. Non-market risk
Within the SCR Partial Internal Model a differentiation is made for the classification of Non-market risks for different NN Group
entities depending on the model applied.
For the Business Units applying Partial Internal Model, Non-market risks are split between:
\u2022 Insurance risk: is the risk related to the events insured by NN Group and comprise Actuarial and Underwriting risks such as
Mortality risk (including Longevity), Morbidity risk, and Property & Casualty risk which result from the pricing and acceptance of
insurance contracts
\u2022 Business risk: is the risk related to the management and development of the insurance portfolio but exclude risks directly connected
to insured events. Business risk includes Expense risk, Persistency risk, and Premium re-rating risk. Business risks can occur because
of internal, industry, regulatory/political or wider market factors. Persistency risk is the risk that policyholders use options available in
the insurance contracts in a way that is different from that expected by NN Group. Depending on the terms and conditions of the
insurance policy, and the laws and regulations applicable to the policy, policyholders could have the option to surrender, change
premiums, change investment fund selections, extend their contracts, take out policy loans, and make choices about how to continue
their annuity and pension savings contracts after the accumulation phase, or even change contract details. Policyholder behaviour
therefore affects the profitability of the insurance contracts. Changes in tax laws and regulations can affect policyholder
behaviour, particularly when the tax treatment of their products affects the attractiveness of these products for customers
For the Business Units applying Standard Formula, Non-market risks are split between:
\u2022 Life risk: the life portfolio is mainly attributed to the individual and group business in the international entities of NN Group
(mainly Belgium, Spain Life, Poland). This risk comprises the Mortality, Longevity, Disability-morbidity, Expense, Lapse, and Life
catastrophe risks
\u2022 Health risk: this covers the Similar to Life Techniques (SLT) Health portfolio risk (comprising mortality, longevity, disability-
morbidity, expense and lapse risks), the Non-SLT (NSLT) Health portfolio risk (comprising premium and reserve risk and lapse
risk), and the Health Catastrophe risk. Within NN Group, the health risk stems from morbidity riders in Belgium, Czech, Poland,
Slovakia, Romania, from the yearly renewable health insurance portfolio of Greece and Hungary
\u2022 Non-life risk: this covers non-life portfolio mainly contributed by ABN AMRO Non-life. This risk covers the Premiums and reserve
risk, Non-life catastrophe risk, and Lapse risk
8.1 Risk profile
The table below presents the Non-market risk SCR composition at the end of 2023 and at the end of 2022, respectively. The main
changes in the risk profile are explained in the subsequent section of this document.
Non-market risk capital requirements
2023
2022
(Restated)
Insurance risk (IM entities) 2,480 3,069
Business risk (IM entities) 1,846 1,698
Life risk (SF entities) 1,190 1,162
Health risk (SF entities) 289 263
Non-life risk (SF entities) 89 121
Diversification non-market risk -1,121 -1,243
Non-market risk 4,773 5,070
The Non-market risk SCR decreased from EUR 5,070 million in 2022 to EUR 4,773 million in 2023.
The decrease is predominantly driven by longevity reinsurance at NN Life, partially offset by decreased interest rates that led to
higher technical provisions and therefore more severe stress scenarios.
8.2 Risk mitigation
Proper pricing, underwriting, claims management and diversification are the main risk mitigating actions for insurance risks.
NN Group Insurance risks are mainly managed on Business Unit level. Insurance liabilities cover multiple geographies, product
benefits, lengths of contract and both Life and Non-life risk, NN Group reduces the likelihood that a single risk event will have
a material impact on NN Group\u2019s financial condition. Risks not sufficiently mitigated by diversification are managed through
concentration and exposure limits and through reinsurance: retention limits for Non-life insurance risks are set by line of business
for catastrophic events and individual risk.
Furthermore, insurance risks are managed through terms and conditions of the insurance policies to ensure that NN Group underwriting is correctly aligned with the intended policyholder benefits to mitigate the risk that unintended benefits are covered. This is achieved through NN Group\u2019s underwriting standards, product design requirements, and product approval and review processes \u2013 as referred to under Risk Management Policies, Standards and Processes. 8.3 Insurance Risk Insurance risk is the risk that the future insurance claims and other contractual benefits cannot be covered by premiums, policy fees and/or investment income or that insurance liabilities are not sufficient because claims and benefits might differ from the assumptions used in determining the best estimate liability. Insurance risk manifests itself in the life as well as in the non-life portfolio of NN Group. 8.3.1 Risk profile The table below presents the Partial Internal Model insurance risk SCR for the Dutch NN insurance entities of NN Group (namely NN Life, NN Non-life and NN Re) as at 31 December 2023 and 31 December 2022, respectively. Insurance risk capital requirements 2023 2022 (Restated) Mortality (including longevity) risk 1,975 2,728 Morbidity risk 981 904 Property & Casualty risk 815 827 Diversification insurance risk -1,291 -1,390 Insurance risk (IM entities) 2,480 3,069 Decrease in the Insurance risk SCR is mostly driven by the longevity reinsurance transactions at NN Life, partially offset by decreased interest rates that led to higher technical provisions and therefore more severe stress scenarios. Mortality risk occurs when claims are higher due to higher mortality experience (for instance in relation to term insurance). Longevity risk is the risk that technical provisions to cover insurance obligations will not be sufficient due to higher than expected life expectancies arising from mortality improvements such as better living conditions, improved health care, and medical breakthroughs. While NN Group is exposed to both Longevity and Mortality risks, these risks do not fully offset one another as the impact of the Longevity risks in the pension business in the Netherlands is significantly larger than the Mortality risk in the other businesses, which is partially due to the size of the business. Changes in mortality tables impact the future expected benefits to be paid and the present value of these future impacts is reflected directly in measures like Own Funds. Morbidity risk is borne primarily by the health insurance portfolio which pays out a fixed amount benefit, reimburses losses (e.g. in the case of loss of income), or pays for expenses of medical treatment related to certain illness or disability events. The main exposures to Morbidity risks within NN Group are the disability insurance policies underwritten in Netherlands Non-life. The Non-life portfolio includes Property & Casualty (P&C) products covering risks such as fire damage, car accidents, personal and professional liability, windstorms, hail, and third-party liabilities. The P&C risk is primarily underwritten by Netherlands Non-life and catastrophic losses are partially mitigated to external reinsurers through NN Re. The additional (physical) impact of climate change on the insurance risk is not quantified yet but is expected to be limited because of the shorter time horizon of one year used to define the Solvency Capital Requirements. NN Group performs qualitative and quantitative risk assessments to assess the physical impact of climate change on various non-life product lines based on the latest IPCC Scenarios and taking into account various time horizons. We refer to the section Sustainability and climate change risk management of this report. 8.3.2 Risk mitigation Insurance risk is mitigated through diversification between NN Group Business Units, between Mortality and Longevity risks within NN Group Business Units, appropriate pricing, underwriting and claims management policies, and risk transfer via reinsurance and index-based hedges, which are used to reduce the Own Funds volatility The risks that are not sufficiently mitigated by diversification are managed through concentration and exposure limits and
through reinsurance:
\u2022 Retention limits for Life insurance risks are set per insured life and significant mortality events affecting multiple lives such
as pandemics
\u2022 Retention is used to manage risk levels (such as non-life reinsurance and morbidity reinsurance in Japan Life)
\u2022 Retention limits for Non-life insurance risks are set by line of business for catastrophic events and individual risks
For NN Non-Life natural catastrophic events are a major risk. One of the main natural catastrophe threatening the Netherlands
is storms causing severe wind damage. NN Non-Life has a reinsurance programme in place, offering protection against severe
storms and other natural perils. In addition, reinsurance contracts per risk group are in place, covering NN Non-Life against large
one-off events such as fires.
The reinsurance programmes are facilitated by NN Re. In addition, reinsurance creates Credit risk which is managed in line with the
Reinsurance Standard of NN Group.
8.4 Business risk
Business risk include risks related to the management and development of the Insurance risk, Persistency risk, and Expense risks.
These risks occur because of internal, industry, regulatory/political, or wider market factors.
8.4.1 Risk profile
The table below presents the Partial Internal Model business risk SCR for the Dutch NN insurance entities of NN Group as at
31 December 2023 and 31 December 2022, respectively.
Business risk capital requirements
2023
2022
(Restated)
Persistency risk 632 698
Premium risk 1 9
Expense risk 1,564 1,388
Diversification Business Risk -351 -397
Business risk (IM entities) 1,846 1,698
The Persistency risk SCR decreased from EUR 698 million in 2022 to EUR 632 million in 2023 primarily due to model improvements
and assumption changes at NN Life and NN RE.
The risk that policyholders maintain their contracts longer than NN Group has assumed is specific to the variable annuity business
when guarantees are higher than the value of the underlying policyholder funds, the pension business in the Netherlands, and the
older, higher interest rate guaranteed savings business in Europe. The risk that policyholders hold their contracts for a shorter
period than NN Group has assumed relates to the life business in Japan and the unit-linked businesses in Central and Eastern
Europe. Within NN Group NN Re reinsures parts of the life business in Japan and Central and Eastern Europe.
The SCR for Expense risk increased from EUR 1,388 million in 2022 to EUR 1,564 million in 2023. The increase due to model
refinements. This risk relates primarily to the variable part of NN Group\u2019s expenses and is the risk that future actual expenses
exceed the expenses assumed. Total administrative expenses for NN Group for 2023 were EUR 2,206 million compared with
EUR 2,280 million in 2022. Parts of these expenses are variable, depending on the size of the business and sales volumes, and
parts are fixed and cannot immediately be adjusted to reflect changes in the size of the business.
Expense risk of NN Group mainly comprises the Expense level and Expense inflation risks in NN Life. A significant portion of it
is incurred in the closed block operations of Netherlands Life, where NN Group is also exposed to the risk that the expenses
will not decrease in line with the gradual decrease of the in-force book, leading to a per policy expense increase. Furthermore,
Expense risk is also driven by the Group pension business in the Netherlands which includes long-term best estimate expense
assumptions, discounted over a long period of time.
8.4.2 Risk mitigation
Persistency and Premium risks are managed through the product development, product approval and review processes and by
ensuring that appropriate advice is given to the customer, not only at the point of sale but also during the lifetime of the product.
The policyholder behaviour experience of in-force policies is assessed at least annually.
As part of its strategy, NN Group has put several programmes in place to improve the customer experience. These programmes
improve the match between customer needs and the benefits and options provided by NN Group\u2019s products. Over time, NN
Group\u2019s understanding and anticipation of the choice policyholders are likely to make, will improve, thereby decreasing the risk of
a mismatch between actual and assumed policyholder behaviour.
Ongoing initiatives are in place to manage Expense risk throughout NN Group, especially in the Netherlands where company
targets are in place to reduce expenses, thus, lowering Expense risk going forward. These initiatives seek to reduce expenses
through the number of underlying contracts in place. This is particularly relevant for the Dutch individual life closed-block business
that can only reduce in number of contracts. Besides the already described mitigating actions, proper pricing, underwriting, claims
management, and diversification are also risk mitigating actions for business risk.
8.5 Life risk
Life risk includes risks arising from the underwriting of life insurances of the Business Units applying Standard Formula and is split
into Mortality risk, Longevity risk, Disability/Morbidity risk, Persistency risk, Expense risk, Revision risk, and Catastrophic risk.
These risks refer to the adverse deviation from the best estimate liabilities due to the perils covered, policyholder behaviour and
the processes used in the conduct of business.
8.5.1 Risk profile
Life risk capital requirements
2023
2022
(Restated)
Mortality risk 99 126
Longevity risk 57 84
Morbidity risk 14 11
Expense risk 361 372
Lapse risk 897 836
Catastrophe risk 110 132
Diversification life risk -348 -399
Life risk (SF entities) 1,190 1,162
As shown in the table above, the Life risk SCR for the SF Business Units increased slightly from EUR 1,162 million in 2022 to
EUR 1,190 million in 2023 mainly due to some model refinements at Spain Life and Belgium Life.
8.5.2 Risk mitigation
The majority of Life risk is comprised of Lapse, Expense and Mortality risks (in Standard Formula entities) mainly from the
international NN Group entities (Belgium, Poland, Spain).
The NN Group Standard Formula entities manage the Expense risk through detailed budgeting and monitoring the costs using
activity-based costing.
Lapse risk management serves an important objective for NN Group entities. When deviations from assumed lapse rates
are observed over a prolonged period of time, a product review and further management actions are taken to address the
underlying reasons.
8.6 Health risk
Health risk arises from issuing health insurance contracts, which is divided in Similar to Life Techniques (SLT) risk, Non-Similar to
Life Techniques (NSLT) risk and Catastrophe risk. SLT risk is associated to health obligations pursued on a similar technical basis to
that of life insurance, while NSLT risk applies to health obligations not pursued on a similar technical basis to that of life insurance.
These risks refer to the adverse deviation from the best estimate liabilities due to the perils covered, policyholder behaviour and
the processes used in the conduct of business.
8.6.1 Risk profile
Health risk capital requirements
2023
2022
(Restated)
SLT 268 245
NSLT 22 20
Catastrophe risk 32 25
Diversification health risk -33 -27
Health risk (SF entities) 289 263
As shown in the table above, the Health risk SCR of the Business Units applying Standard Formula increased from EUR 263 million
in 2022 to EUR 289 million in 2023. The increase is mainly explained by Health Lapse due to lower interest rates. The discounting
curve outweighs the drop from lower future returns.
8.6.2 Risk mitigation
The majority of Health risk originates from international NN Group entities (Belgium, Poland, Slovakia and Romania). They mitigate
the risks by strict acceptance policies and stringent claims-handling procedures. An acceptance policy and internal control
processes are developed for each product line maintained by those entities.
8.7 Non-life risk
Non-life risk involves risks arising from the underwriting of non-life insurance, which includes Premium and Reserve risk,
Persistency risk and Catastrophic risk. These risks refer to the adverse deviation from the best estimate liabilities due to the perils
covered, policyholder behaviour and the processes used in the conduct of business.
8.7.1 Risk profile
Non-life risk capital requirements
2023
2022
(Restated)
Premium and reserve risk 78 96
Lapse risk 16 21
Catastrophe risk 24 50
Diversification non-life risk -29 -46
Non-life risk (SF entities) 89 121
As shown in the table above, the Non-life risk SCR of the Business Units applying Standard Formula decreased from EUR 121 million in
2022 to EUR 89 million in 2023 mainly due to legal merger of NN Insurance Services and NN Non-Life.
8.7.2 Risk mitigation
Non-life risk is mitigated through appropriate pricing and underwriting policies and through risk transfer via reinsurance. Most of
the Non-life risk comes from ABN AMRO Non-life, and they manage the risk using various reinsurance contracts.
Within the NN Group\u2019s non-life business, Weather-related risks are managed through the use of Catastrophe risk modelling in
underwriting and risk assessment. NN Group uses external vendor models to estimate the impact and damage caused by large
natural catastrophes such as windstorms, considered to be the main natural peril for the NN Group portfolio. Reinsurance covers
are placed with strongly capitalised external reinsurers.
Natural catastrophic losses can become more severe and more frequent because of climate change. Although most of the NN
Group\u2019s non-life business is annually renewable, to accurately price the business it is essential to monitor and understand linkages
between natural disasters and climate change. NN Group therefore liaises with the external vendors and participates in industry
initiatives to improve the knowledge, data and models to better prepare for changing weather patterns.
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"fact-543": {
"value": "Basis of preparation NN Group N.V. (NN Group) is a public limited liability company (naamloze vennootschap) incorporated under Dutch law. NN Group has its official seat in Amsterdam, the Netherlands and its office address in The Hague, the Netherlands. NN Group is recorded in the Commercial Register under number 52387534. The principal activities of NN Group are described in the section \u2018About NN\u2019. Amounts in the annual accounts are in millions of euros, unless stated otherwise. NN Group prepares its Consolidated annual accounts in accordance with International Financial Reporting Standards as endorsed by the European Union (IFRS-EU) and Part 9 of Book 2 of the Dutch Civil Code. In the Consolidated annual accounts, the term IFRS- EU is used to refer to these standards, including the decisions NN Group made with regard to the options available under IFRS-EU. IFRS-EU provides a number of options in accounting policies. The key areas, in which IFRS-EU allows accounting policy choices and the related NN Group accounting policy, are summarised as follows: \u2022 NN Group disaggregates insurance finance result between profit or loss and in the \u2018Revaluation reserve\u2019 in \u2018Other comprehensive income\u2019 (OCI) in equity. \u2022 NN Group\u2019s accounting policy for real estate investments is fair value, with changes in the fair value reflected immediately in the Consolidated profit and loss account. \u2022 NN Group\u2019s accounting policy for property in own use is fair value, with changes in the fair value reflected, after tax, in the \u2018Revaluation reserve\u2019 in \u2018Other comprehensive income\u2019 (equity). A net negative revaluation on individual properties is reflected immediately in the Consolidated profit and loss account. NN Group applies fair value hedge accounting to portfolio hedges of interest rate risk (macro hedging) under the EU \u2018carve out\u2019 of IFRS-EU. NN Group currently does not apply the IFRS-EU exemption for aggregation of certain insurance contracts. NN Group\u2019s accounting policies under IFRS-EU, its decision on the options available and significant judgement used are included in the relevant notes ",
"dimensions": {
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
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}
},
"fact-544": {
"value": "Basis of preparation NN Group N.V. (NN Group) is a public limited liability company (naamloze vennootschap) incorporated under Dutch law. NN Group has its official seat in Amsterdam, the Netherlands and its office address in The Hague, the Netherlands. NN Group is recorded in the Commercial Register under number 52387534. The principal activities of NN Group are described in the section \u2018About NN\u2019. Amounts in the annual accounts are in millions of euros, unless stated otherwise. NN Group prepares its Consolidated annual accounts in accordance with International Financial Reporting Standards as endorsed by the European Union (IFRS-EU) and Part 9 of Book 2 of the Dutch Civil Code. In the Consolidated annual accounts, the term IFRS- EU is used to refer to these standards, including the decisions NN Group made with regard to the options available under IFRS-EU. IFRS-EU provides a number of options in accounting policies. The key areas, in which IFRS-EU allows accounting policy choices and the related NN Group accounting policy, are summarised as follows: \u2022 NN Group disaggregates insurance finance result between profit or loss and in the \u2018Revaluation reserve\u2019 in \u2018Other comprehensive income\u2019 (OCI) in equity. \u2022 NN Group\u2019s accounting policy for real estate investments is fair value, with changes in the fair value reflected immediately in the Consolidated profit and loss account. \u2022 NN Group\u2019s accounting policy for property in own use is fair value, with changes in the fair value reflected, after tax, in the \u2018Revaluation reserve\u2019 in \u2018Other comprehensive income\u2019 (equity). A net negative revaluation on individual properties is reflected immediately in the Consolidated profit and loss account. NN Group applies fair value hedge accounting to portfolio hedges of interest rate risk (macro hedging) under the EU \u2018carve out\u2019 of IFRS-EU. NN Group currently does not apply the IFRS-EU exemption for aggregation of certain insurance contracts. NN Group\u2019s accounting policies under IFRS-EU, its decision on the options available and significant judgement used are included in the relevant notes .",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-545": {
"value": "NN Group N.V. ",
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-546": {
"value": "public limited liability company (naamloze vennootschap)",
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-547": {
"value": "Amsterdam",
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-548": {
"value": "the Netherlands ",
"dimensions": {
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-549": {
"value": "NN Group prepares its Consolidated annual accounts in accordance with International Financial Reporting Standards as endorsed by the European Union (IFRS-EU) and Part 9 of Book 2 of the Dutch Civil Code.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-550": {
"value": "Changes in IFRS-EU effective in 2023
IFRS 9 \u2018Financial Instruments\u2019
IFRS 9 \u2018Financial Instruments\u2019 was issued in 2014. IFRS 9 replaces most of IAS 39 \u2018Financial Instruments: Recognition and
Measurement\u2019 and includes requirements for classification and measurement of financial assets and liabilities, impairment of
financial assets and hedge accounting.
Main features of IFRS 9
The classification and measurement of financial assets under IFRS 9 depends on NN Group\u2019s business model and the
instrument\u2019s contractual cash flow characteristics. This results in financial assets being recognised at amortised cost, at fair
value through other comprehensive income (equity) or at fair value through profit or loss. In many instances, the classification and
measurement under IFRS 9 is similar to IAS 39, although changes in classification occur. For equity securities accounted for at fair
value through other comprehensive income, realised gains and losses are no longer recognised in the profit and loss account but
reclassified within equity and impairments are also no longer recognised. The classification and measurement of financial liabilities
remains unchanged.
The recognition and measurement of impairment under IFRS 9 is intended to be more forward-looking than under IAS 39.
The impairment requirements of IFRS 9 apply to all financial assets measured at amortised cost and at fair value through
other comprehensive income, except for equity securities. Initially, a provision is required for expected credit losses resulting
from default events that are expected within the next twelve months. In the event of a significant increase in credit risk, a
provision is required for expected credit losses resulting from all possible default events over the expected life of the financial
assets. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information
on impairments.
The hedge accounting requirements of IFRS 9 aim to simplify hedge accounting. IFRS 9 includes the option to continue applying
IAS 39 for hedge accounting .
Effective date of IFRS 9 and comparative information IFRS 9 is effective as of 2018. However, for entities with activities that are predominantly connected with insurance, amongst which NN Group qualified, there was a temporary exemption to align the effective date with that of IFRS 17, i.e. 1 January 2023. NN Group applied this temporary exemption. IFRS 9 includes an option to restate the comparative information for the financial year 2022, except for assets that have been disposed of in 2022. IFRS 17 includes an option to apply a \u2018classification overlay approach\u2019 for assets of entities of which the activities are predominantly connected with insurance, amongst which NN Group qualifies. Based on this overlay approach in IFRS 17, also the comparative information for assets that were disposed of in 2022 may be restated. NN Group applied both options, resulting in comparative information for 2022 as if IFRS 9 had always been applied. As a result, the transition date for IFRS 9 for NN Group was 1 January 2022. NN Group\u2019s implementation of IFRS 9 For classification and measurement, NN Group aligned the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. As a result, NN Group accounts for financial assets of the insurance operations at fair value through other comprehensive income (equity) where allowed under IFRS 9. This mainly impacted the accounting for (mortgage) loans in the insurance operations (which were accounted for at amortised cost). Accounting for (mortgage) loans in the banking operations remained unchanged at amortised cost. Measurement of investments in equity securities remained unchanged at fair value through other comprehensive income, but realised gains and losses and impairments are no longer recognised in the profit and loss account. For hedge accounting, NN Group continues applying the hedge accounting requirements in IAS 39. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019, Note 4 \u2018Investments at cost\u2019 and Note 5 \u2018Investments at fair value through profit or loss\u2019 for more information on the accounting policies used under IFRS 9. IFRS 17 \u2018Insurance Contracts\u2019 IFRS 17 \u2018Insurance Contracts\u2019 was issued in 2017 and revised in 2020. IFRS 17 covers the recognition and measurement, presentation and disclosure of insurance contracts and replaces IFRS 4. IFRS 17 fundamentally changed the accounting for insurance liabilities and deferred acquisition costs (DAC) for all insurance companies, including NN Group and its subsidiaries. IFRS 17 is endorsed in the EU and is effective as of 1 January 2023. Main features of IFRS 17 The main features of IFRS 17 are: \u2022 Measurement of the insurance liabilities in the balance sheet at current fulfilment value, being the sum of the present value of estimated future cash flows and a risk adjustment. \u2022 Remeasurement of the current fulfilment value every reporting period using current assumptions and discount rates. \u2022 A contractual service margin (\u2018CSM\u2019) is recognised in the balance sheet, which is equal to the unearned expected profit in a group of insurance contracts at issue date and which is subsequently recognised in the profit and loss account over the remaining coverage period of the group of contracts. Losses on onerous contracts are recognised immediately in the profit and loss account. \u2022 Insurance contracts are aggregated per CSM group under IFRS 17. A CSM group consists of contracts within the same portfolio, the same profitability bucket and issued in the same annual period. Contracts are in the same portfolio if these are managed together and have similar risks. NN Group uses at least three profitability buckets: onerous contracts, contracts that have no possibility of becoming onerous and remaining contracts. Contract issued in the same annual period are referred to as an annual cohort. \u2022 Certain changes in the insurance liability are adjusted against the contractual service margin and thereby recognised in the profit and loss account over the remaining coverage period of the group of contracts. \u2022 The effect of changes in discount rates is, depending on the choice made per portfolio of insurance contracts measured under the General Model or Premium Allocation Approach, recognised either in the profit and loss account or in other comprehensive income (\u2018OCI\u2019) in equity. When recognised in other comprehensive income, the effect of these changes is recognised in the profit and loss account over the duration of the portfolio. \u2022 The presentation of the balance sheet, profit and loss account, other primary statements and the disclosures in the notes changed fundamentally. The profit and loss account will have a margin-type of presentation (with insurance result, investment result and other result). Premium income will no longer be used to determine revenue under the General Model and the Variable Fee Approach. \u2022 IFRS 17 is implemented retrospectively with amendment of comparative figures Key measurement differences between IFRS 17 and NN Group\u2019s previous IFRS accounting
The main differences for measuring the insurance liability between the requirements in IFRS 17 and the previously applicable
IFRS 4 relate to the following:
\u2022 IFRS 17 requires insurance liabilities to be measured using current best estimate assumptions and current market data for all
actuarial and financial assumptions. IFRS 4 allowed the use of locked-in assumptions that are set at issue of the policies, in
combination with a reserve adequacy test at current assumptions.
\u2022 The insurance liability under IFRS 17 includes an explicit risk adjustment for non-financial risk and an explicit contractual service
margin, representing the unamortised part of the updated profit margin. These elements were not explicitly recognised under
IFRS 4.
\u2022 IFRS 17 allows certain changes in assumptions to be absorbed in the contractual service margin or in other comprehensive
income in equity. Under IFRS 4, changes in assumptions were, to the extent relevant, recognised in the profit and loss account.
\u2022 In applying IFRS 4, directly attributable acquisition costs (Deferred Acquisition Costs, DAC) and the Value Of Business Acquired
(VOBA) were recognised as assets which were amortised in the profit and loss account over time. In applying IFRS 17, DAC and
VOBA are (implicitly) accounted for as part of the insurance liability.
\u2022 Deferred interest credited to policyholders is no longer separately accounted for but is (implicitly) part of the insurance liability
under IFRS 17.
Key measurement differences between IFRS 17 and Solvency II
Both IFRS 17 and Solvency II require insurance liabilities to be measured on the basis of the net present value of the best estimate
of future expected cash flows and an explicit allowance for non-financial risk. There are however significant differences in the
following areas:
\u2022 In Solvency II, the initial margin in the premium over the insurance liability is recognised immediately in Own Funds. In IFRS
17, such initial margin (when positive) is recognised as contractual service margin in the insurance liability and amortised and
adjusted over time.
\u2022 In Solvency II the discount rate is prescribed by the prudential regulator, whereas the discount rate under IFRS 17 is set by
NN Group taking into account the specific characteristics of NN Group\u2019s portfolios.
\u2022 In Solvency II the cost of capital rate and the level of diversification in determining the risk adjustment is prescribed
by the regulator, whereas under IFRS 17 these are set by NN Group taking into account the specific characteristics of
NN Group\u2019s portfolios.
\u2022 There are differences in the best estimate of future cash flows, for example, caused by different requirements for contract
boundaries and expense allocation in Solvency II and IFRS 17.
NN Group\u2019s implementation of IFRS 17
IFRS 17 allows certain accounting policy choices and requires judgment in setting certain assumptions. The most important
choices and assumptions that are relevant to NN Group are set out below.
\u2022 NN Group applies each of the three accounting models in IFRS 17. The General Model is the default model and is applied to
traditional life insurance portfolios. The Variable Fee Approach is applied to most unit-linked portfolios, except for unit linked
portfolios for which the guarantees were in the money at the date of the Variable Fee Approach assessment. The Premium
Allocation Approach is applied to the P&C contracts in Netherlands Non-life with a coverage period of 12 months or less.
\u2022 NN Group determines per portfolio of insurance contracts whether changes in financial assumptions are reflected in other
comprehensive income (the \u2018OCI option\u2019) or directly in the profit and loss account. For contracts accounted for under the General
Model and Premium Allocation Approach, in principle the OCI option is used, unless accounting for the impact of changes
in financial assumptions directly in the profit and loss account resolves accounting mismatches or is otherwise preferred.
For contracts accounted for under the Variable Fee Approach, the OCI option is, in principle, not applied.
\u2022 For the level of aggregation, under the EU-endorsed version of IFRS 17 (IFRS-EU), certain specific insurance contracts may be
aggregated on the level of a profitability group within a portfolio and do not need to be further disaggregated by the year in which
these contracts were issued (\u2018annual cohorts\u2019). NN Group does currently not apply this IFRS-EU exemption.
\u2022 Estimates of future cash flows reflect mortality rate assumptions that are derived from recent credible national mortality
tables published by relevant actuarial or statistical bodies; where needed, these tables are adjusted so as to reflect NN Group\u2019s
experience of its own portfolio. Lapse rates are set by major product line based on NN Group\u2019s own experience. Estimates of
future cashflows include NN Group\u2019s projection of future expenses to the extent that these are attributable to the fulfilment
of contracts .
\u2022 Discount rates to discount the expected future fulfilment cash flows are determined using a liquid risk-free curve to which an
illiquidity premium is added. For the Euro currency, the most prominent currency within the group, the risk-free curve is based
on the swap rate and includes a last liquid point (LLP) of 30 years and a long-term forward rate (LTFR) of 3.35%. The illiquidity
premium is derived from NN Group\u2019s own asset portfolio, where the asset yield is adjusted for expected and unexpected
credit losses.
\u2022 The risk adjustment for non-financial risk is determined using the Cost of Capital methodology based on the Solvency II internal
model or standard formula, depending on the entity within the Group. The risk adjustment reflects diversification with market
risks within the entity and diversification with other entities within NN Group (\u2018Group diversification\u2019). The Cost of Capital rate
represents NN Group\u2019s view on the compensation required for bearing risk; the rate used in the fulfilment value of insurance
liabilities is 4%.
\u2022 NN Group used each of the transition approaches in IFRS 17. In the modified retrospective transition approach, NN Group used
mainly the modifications for historical cash flows and the historical release of the risk adjustment. The modified retrospective
approach was applied for certain portfolios in the Insurance Europe segment. In the fair value transition approach, the
contractual service margin was determined by reference to the fair value of insurance liabilities. Fair value was determined similar
to fulfilment value, except that no group diversification was reflected in the risk adjustment, the cost of capital rate in the risk
adjustment was set at 6% and expenses also included non-directly attributable expenses. The fair value transition approach
was, amongst others, applied to portfolios in Netherlands Life. Reference is made to Note 13 \u2018Insurance contracts\u2019 for more
information on the accounting policies used under IFRS 17.
Impact of IFRS 9 and IFRS 17 on NN Group
NN Group implemented IFRS 17 together with IFRS 9. The implementation of IFRS 9 and IFRS 17 resulted in significant changes
to NN Group\u2019s accounting policies and had a significant impact on shareholders\u2019 equity, net result, presentation and disclosures.
Shareholders\u2019 equity under IFRS 9 and IFRS 17 was significantly lower at the 1 January 2022 transition date as a result of the
measurement of insurance liabilities at current assumptions (including a current discount rate).
The table below provides a reconciliation between shareholders\u2019 equity at 31 December 2021 as previously reported to
shareholders\u2019 equity in the Restated balance sheet at 1 January 2022 (the \u2018Transition date\u2019) after implementation of IFRS 9 and
IFRS 17.
Impact of IFRS 9 and IFRS 17 on Shareholders\u2019 Equity
31 December 2021/1 January 2022
Share capital
and premium
Revaluation
reserves Other reserves
Minority
interest
Undated
subordinated
notes Total equity
Total equity as reported at 31 December 2021 12,613 14,422 5,853 266 1,764 34,918
Impact (net of tax) of IFRS 9:
\u2013 Loans to fair value through OCI 2,607 38 2,645
\u2013 Available-for-sale to fair value through profit
or loss -680 680
\u2013 Impairments -511 489 -22
Impact (net of tax) of IFRS 17:
\u2013 Remeasurement of (re) insurance contracts -4,658 -9,229 -13,887
Impact (net of tax) on minority interests -22 -22
Restated total equity at 1 January 2022 12,613 11,180 -2,169 244 1,764 23,632
The decrease in equity at the transition date mainly reflects the remeasurement of insurance liabilities to current discount rates and
other current assumptions. Under the IFRS accounting policies applied by NN Group until 1 January 2023, only the revaluation of
assets was recognised in equity, whilst the offsetting effect of revaluation on insurance liabilities was not recognised.
Under IFRS 9 and IFRS 17 the revaluation on both assets and liabilities is recognised in equity. Shareholders\u2019 equity under IFRS 9
and IFRS 17 at the 1 January 2022 transition date was significantly lower (decrease from EUR 32,888 million to EUR 21,624 million)
as a result of the measurement of insurance liabilities at current assumptions. However, with the increase of market interest rates
during 2022, the shareholders\u2019 equity under the IFRS accounting policies applied by NN Group until 1 January 2023 decreased
from EUR 32,888 million at 31 December 2021 to EUR 16,005 million at 31 December 2022, and, therefore, the difference with
shareholders\u2019 equity under IFRS 9 and IFRS 17 largely reversed in 2022.
The table below provides a reconciliation between the carrying amounts at 31 December 2021 as reported under IAS 39 and IFRS 4
to the restated amounts in the balance sheet at 1 January 2022 (the \u2018transition date\u2019) after implementation of IFRS 9 and IFRS 17.
Reconciliation of balance sheet 31 December 2021/ 1 January 2022 (\u2018transition date\u2019)
Balance sheet item
IFRS 9 IFRS 17 Restated balance sheet item
\u2013 IAS 39 and IFRS 4
Reported
amount
1.
Remeasurement
2.
Reclassification
3.
Reclassification
4.
Remeasurement
Adjusted
amount \u2013 with IFRS 9 and IFRS 17
Cash and cash
equivalents 6,929 6,929 Cash and cash equivalents
Available-for-sale
investments 107,883 49,279 -7,212 149,950
Investments at fair value
through OCI
Loans 68,200 -45,880 -944 21,376 Investments at cost
Financial assets
designated at fair value
through profit or loss 991 123 46,473 47,587
Investments at fair value
through profit or loss
Real estate investments 2,719 2,719 Investments in real estate
Associates and joint
ventures 6,919 6,919
Investments in associates
and joint ventures
Investments for risk of
policyholders 39,261 -39,261
125 125 Insurance contracts
Reinsurance contracts 954 -247 707 Reinsurance contracts
Non-trading derivatives 6,419 6,419 Derivatives
Property and equipment 414 414 Property and equipment
Intangible assets 1,129 -197 932 Intangible assets
Deferred acquisition
costs 1,893 -1,893
Deferred tax assets 47 -60 44 31 Deferred tax assets
Assets held for sale 4,121 14 4,135 Assets held for sale
Other assets 3,706 -506 3,200 Other assets
Total assets
251,585 3,462 0 -3,540 -64 251,443
Total assets
Insurance and
investment contracts 168,812 -1,863 15,631 182,580 Insurance contracts
2,698 2,698 Investment contracts
325 325 Reinsurance contracts
Debt securities issued 2,292 2,292 Debt instruments issued
Subordinated debt 2,356 2,356 Subordinated debt
Other borrowed funds 7,301 7,301 Other borrowed funds
Customer deposits and
other funds on deposit 15,945 15,945 Customer deposits
Non-trading derivatives 1,904 1,904 Derivatives
Deferred tax liabilities 4,817 839 -4,875 781 Deferred tax liabilities
Liabilities held for sale 3,464 66 3,530 Liabilities held for sale
Other liabilities 9,776 -1,677 8,099 Other liabilities
Total liabilities 216,667 839 0 -3,540 13,845 227,811 Total liabilities
Total equity 34,918 2,623 0 0 -13,909 23,632 Total equity
The references in the columns above are explained as follows:
1. Loans held by insurance entities within NN Group are remeasured from amortised cost to fair value and mostly presented and
measured as Investments at fair value through other comprehensive income; these are subject to an expected credit loss provision.
2. Available-for-sale investments that do not qualify for measurement at fair value through other comprehensive income are
presented as Investments at fair value through profit or loss. Investments for risk of policyholders are presented as Investments
at fair value through profit or loss.
3. Deferred acquisition costs, value of business acquired, policy loans and insurance receivables and payables are derecognised
and form part of the liability for insurance contracts.
4. Measurement differences on (re) insurance assets and liabilities; Reinsurance and Investment contracts are presented separately .
Further details on Insurance contracts under IFRS 17 are presented below:
Insurance contracts (IFRS 17) by component
1 January 2022
(Restated)
Premium Allocation Approach (PAA) 2,872
General Model and Variable Fee Approach:
\u2013 estimates of the present value of future cash flows 170,499
\u2013 risk adjustment 2,857
\u2013 contractual service margin
\u2013 determined retrospectively 1,098
\u2013 determined under the modified retrospective approach 1,194
\u2013 determined under the fair value approach 3,935
Total Insurance contracts 182,455
Insurance contracts, presented as assets 125
Insurance contracts, presented as liabilities 182,580
Total Insurance contracts 182,455
Approximately 90% of the Total insurance contracts was determined using the fair value transition approach.
NN Group continues using Operating result as an Alternative Performance Measure. The definition of Operating result was amended to
reflect the impact of IFRS 9 and IFRS 17. NN Group also continued using the financial leverage ratio. The leverage ratio was based on
equity excluding the revaluation on (only) assets; NN Group amended the leverage ratio by including net revaluations and contractual
service margin. Reference is made to Note 30 \u2019Segments\u2019 and Note 51 \u2018Capital and liquidity management\u2019.
The implementation of IFRS 9 and IFRS 17 did not impact NN Group\u2019s Own Funds and the Solvency Capital Requirement under
Solvency II, nor its Operating Capital Generation (OCG).
Reference is made to Note 13 \u2018Insurance contracts\u2019 and Note 52 \u2018Other IFRS 9 and IFRS 17 transition disclosures\u2019 for
further details.
In the Notes below, all references to \u2018Opening balance\u2019 refer to the restated balances for IFRS 9 and IFRS 17 at 31 December 2021
and 1 January 2022. References to \u20182022\u2019, \u20182022 Closing balance\u2019 and \u201831 December 2022\u2019 refer to the restated balances for
those periods.
52 Other IFRS 9 and IFRS 17 transition disclosures Reconciliation Consolidated balance sheet 31 December 2022 Balance sheet item Restated balance sheet item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Cash and cash equivalents 6,670 6,670 Cash and cash equivalents Available-for-sale investments 81,610 33,451 115,061 Investments at fair value through OCI Loans 68,044 -47,753 20,291 Investments at cost Financial assets designated as at fair value through profit or loss 681 42,481 43,162 Investments at fair value through profit or loss Real estate investments 2,754 2,754 Investments in real estate Associates and joint ventures 6,556 -106 6,450 Investments in associates and joint ventures Investments for risk of policyholders 34,562 -34,562 124 124 Insurance contracts Reinsurance contracts 1,019 -182 837 Reinsurance contracts Non-trading derivatives 2,452 2,452 Derivatives Property and equipment 399 399 Property and equipment Intangible assets 1,624 -344 1,280 Intangible assets Deferred acquisition costs 1,858 -1,858 Deferred tax assets 904 -773 131 Deferred tax assets Other assets 7,977 -564 7,413 Other assets Total assets 217,110 -10,086 207,024 Total assets Insurance and investment contracts 156,378 -15,579 140,799 Insurance contracts 223 223 Reinsurance contracts 3,421 3,421 Investment contracts Debt securities issued 1,694 1,694 Debt instruments issued Subordinated debt 2,334 2,334 Subordinated debt Other borrowed funds 11,118 11,118 Other borrowed funds Customer deposits and other funds on deposit 16,235 16,235 Customer deposits Non-trading derivatives 6,462 -1 6,461 Derivatives Deferred tax liabilities 423 201 624 Deferred tax liabilities Other liabilities 4,634 -1,620 3,014 Other liabilities Total liabilities 199,278 -13,355 185,923 Total liabilities Total equity 17,832 3,269 21,101 Total equity Notes to the Consolidated annual 52 Other IFRS 9 and IFRS 17 transition disclosures continued Reconciliation of Consolidated profit and loss account 2022 Main profit and loss accounts item Restated profit and loss account item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Total income 17,331 -17,331 Total expenses 16,769 -16,769 1,100 1,100 Insurance and reinsurance result 447 447 Net investment result -899 -899 Other result Result before tax from continuing operations 562 86 648 Result before tax from continuing operations Taxation 85 23 108 Taxation Net result from continuing operations 477 63 540 Net result from continuing operations Net result from discontinued operations 28 -1 27 Net result from discontinued operations Net result from disposal of discontinued operations 1,061 1 1,062 Net result from disposal of discontinued operations Net result from discontinued operations 1,089 0 1,089 Discontinued operations Net result from continuing and discontinued operations 1,566 63 1,629 Net result from continuing and discontinued operations The line items as included above represent the line items in the consolidated statement of profit and loss for which it was practicable to make a reconciliation between amounts as published and the restated amounts after implementation of IFRS 9 and IFRS 17 . 52 Other IFRS 9 and IFRS 17 transition disclosures continued
Reconciliation of Consolidated statement of comprehensive income 2022
Comprehensive income item Restated Comprehensive income item
\u2013 as reported under IAS 39 and IFRS 4
Reported
amount Adjustment
Adjusted
amount \u2013 with IFRS 9 and IFRS 17
Net result from continuing and discontinued
operations 1,566 63 1,629 Net result
\u2013 25,882 25,882
\u2013 finance result on (re) insurance contracts
recognised in OCI
\u2013 unrealised revaluations on available-for-
sale investments and other -15,705 -5,021 -20,726
\u2013 revaluations on Investments at fair value
through OCI
\u2013 realised gains (losses) transferred to the
profit and loss account 112 -133 -21
\u2013 realised gains (losses) transferred to the
profit and loss account
\u2013 changes in cash flow hedge reserve -5,942 -1 -5,943 \u2013 changes in cash flow hedge reserve
\u2013 deferred interest credited to policyholders 4,986 -4,986
\u2013 share of OCI of associates and joint
ventures 9 9
\u2013 share of OCI of investments in associates
and joint ventures
\u2013 exchange rate differences -164 59 -105 \u2013 foreign currency exchange differences
Items that may be reclassified subsequently to
the profit and loss account: -16,704 15,800 -904
Items that may be reclassified subsequently
to the profit and loss account
\u2013 -1,596 -1,596
\u2013 revaluations on equity securities at fair
value through OCI
\u2013 unrealised revaluations on property in own
use 3 -1 2 \u2013 revaluations on property in own use
\u2013 remeasurement of the net defined benefit
asset/liability 68 68
\u2013 remeasurement of the net defined benefit
asset/liability
Items that will not be reclassified to the profit
and loss account: 71 -1,597 -1,526
Items that will not be reclassified to the profit
and loss account:
Total other comprehensive income -16,633 14,203 -2,430 Total other comprehensive income
Total comprehensive income -15,067 -14,266 -801 Total comprehensive income
Comprehensive income attributable to: Comprehensive income attributable to:
Shareholders of the parent -15,014 14,263 -751 Shareholders of the parent
Minority interests -53 3 -50 Minority interests
Total comprehensive income -15,067 14,266 -801 Total comprehensive income
52 Other IFRS 9 and IFRS 17 transition disclosures continued
Reconciliation of Consolidated statement of cash flows 2022
Statement of cash flows item Restated cash flow item
\u2013 as reported under IAS 39 and IFRS 4
Reported
amount Adjustment
Adjusted
amount \u2013 with IFRS 9 and IFRS 17
Result before tax 1,660 87 1,747 Result before tax
Adjusted for: Adjusted for:
\u2013 depreciation and amortisation 146 146 \u2013 depreciation and amortisation
\u2013 deferred acquisition costs and value of
business acquired 7 -7
\u2013 underwriting expenditure (change in
insurance liabilities) -1,555 -3,871 -5,426
\u2013 change in (re) insurance contracts and
investment contracts
\u2013 realised results and impairments of
available-for-sale investments 267 5,908 6,175
\u2013 realised results and impairments on
investments
\u2013 other 54 789 843 \u2013 other
-2,565 -2,565
\u2013 net premiums, claims and attributable
expenses on (re) insurance contracts
Tax paid (received) -145 -145 Tax paid (received)
Changes in: Changes in:
\u2013 loans -889 -31 -920 \u2013 investments at cost
\u2013 other financial assets at fair value through
profit or loss 241 -241
\u2013 investments at fair value through profit or
loss
\u2013 non-trading derivatives 424 343 767 \u2013 derivatives
\u2013 other assets -3,920 11 -3,909 \u2013 other assets
\u2013 customer deposits and other funds on
deposit 200 200 \u2013 customer deposits
\u2013financial liabilities at fair value through
profit or loss - non-trading derivatives 343 -343
\u2013 other liabilities -5,015 -17 -5,032 \u2013 other liabilities
Net cash flow from operating activities -8,182 63 -8,119 Net cash flow from operating activities
Investments and advances: Investments and advances:
\u2013 group companies, net of cash acquired -547 -547 \u2013 group companies, net of cash acquired
\u2013 available-for-sale investments -24,702 -3,473 -28,175 \u2013 investments at fair value through OCI
\u2013 loans -5,339 5,339 \u2013 investments at cost
-11,422 -11,422
\u2013 investments at fair value through profit or
loss
\u2013 associates and joint ventures -766 -766
\u2013 investments in associates and joint
ventures
\u2013 real estate investments -136 -136 \u2013 investments in real estate
\u2013 property and equipment -38 38
\u2013 investments for risk of policyholders -9,270 9,270
\u2013 other investments -69 -38 -107 \u2013 other investments
Disposals and redemptions: Disposals and redemptions:
\u2013 group companies 1,508 1,508 \u2013 group companies
\u2013 available-for-sale investments 30,909 3,262 34,171 \u2013 investments at fair value through OCI
\u2013 loans 4,257 -4,198 59 \u2013 investments at cost
10,352 10,352
\u2013 investments at fair value through profit or
loss
\u2013 associates and joint ventures 971 971
\u2013 investments in associates and joint
ventures
\u2013 real estate investments 100 100 \u2013 investments in real estate
\u2013 property and equipment 4 -4
\u2013 investments for risk of policyholders 9,193 -9,193
\u2013 other investments 4 4 \u2013 other investments
Net cash flow from investing activities 6,075 -63 6,012 Net cash flow from investing activities
52 Other IFRS 9 and IFRS 17 transition disclosures continued Reconciliation of Consolidated statement of cash flows 2022 continued Statement of cash flows item Restated cash flow item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Proceeds from subordinated debt 494 494 Proceeds from issuance of subordinated notes Repayments of subordinated debt -500 -500 Repayments of subordinated notes Repayments of debt securities issued -600 -600 Repayments of debt instruments issued Proceeds from other borrowed funds 10,091 -1 10,090 Proceeds from other borrowed funds Repayments of other borrowed funds -5,716 -5,716 Repayments of other borrowed funds Dividend paid -536 1 -535 Dividend paid Purchase/sale of treasury shares -1,391 -1,391 Purchase (sale) of treasury shares Coupon on undated subordinated notes -78 -78 Coupon on undated subordinated notes Net cash flow from financing activities 1,764 0 1,764 Net cash flow from financing activities Net cash flow -343 0 -343 Net cash flo 52 Other IFRS 9 and IFRS 17 transition disclosures continued
Reconciliation of Consolidated statement of changes in equity 2022
Statement of changes in equity item
Restated changes in equity item
\u2013 as reported under IAS 39 and IFRS 4
Reported
amount Adjustment
Adjusted
amount \u2013 with IFRS 9 and IFRS 17
Balance at 1 January 2022 34,918 -11,286 23,632 Balance at 1 January 2022
\u2013 25,882 25,882
Finance result on (re) insurance contracts
recognised in OCI
Unrealised revaluations on available-for-sale
investments and other -15,705 -5,021 -20,726
Revaluations on debt securities at fair value
through OCI
\u2013 -1,596 -1,596
Revaluations on equity securities at fair
value through OCI
Realised gains (losses) transferred to the
profit and loss account 112 -133 -21
Realised gains (losses) transferred to the
profit and loss account
Changes in cash flow hedge reserve -5,942 -1 -5,943 Changes in cash flow hedge reserve
Deferred interest credited to policyholders 4,986 -4,986 \u2013
Share of OCI of associates and joint ventures 9 9
Share of OCI of investments in associates
and joint ventures
Exchange rate differences -164 59 -105 Foreign currency exchange difference
Remeasurement of the net defined benefit
asset/liability 68 68
Remeasurement of the net defined benefit
asset/liability
Unrealised revaluations on property in own
use 3 -1 2
Unrealised revaluations on property in own
use
Total amount recognised directly in equity (OCI) -16,633 14,203 -2,430 Total amount recognised directly in equity (OCI)
Net result from continuing and discontinued
operations 1,566 63 1,629 Net result for the period
Total comprehensive income -15,067 14,266 -801 Total comprehensive income
Dividend -535 -535 Dividend
Purchase (sale) of treasury shares -1,392 1 -1,391 Purchase (sale) of treasury shares
Employee stock option and share plans -6 -6 Employee stock option and share plans
Coupon on undated subordinated notes -58 -58 Coupon on undated subordinated notes
Changes in the composition of the group and
other changes -28 288 260
Changes in the composition of the group
and other changes
Balance at 31 December 2022 17,832 3,269 21,101 Balance at 31 December 2022
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-551": {
"value": "Changes in IFRS-EU effective in 2023 IFRS 9 \u2018Financial Instruments\u2019 IFRS 9 \u2018Financial Instruments\u2019 was issued in 2014. IFRS 9 replaces most of IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and includes requirements for classification and measurement of financial assets and liabilities, impairment of financial assets and hedge accounting. Main features of IFRS 9 The classification and measurement of financial assets under IFRS 9 depends on NN Group\u2019s business model and the instrument\u2019s contractual cash flow characteristics. This results in financial assets being recognised at amortised cost, at fair value through other comprehensive income (equity) or at fair value through profit or loss. In many instances, the classification and measurement under IFRS 9 is similar to IAS 39, although changes in classification occur. For equity securities accounted for at fair value through other comprehensive income, realised gains and losses are no longer recognised in the profit and loss account but reclassified within equity and impairments are also no longer recognised. The classification and measurement of financial liabilities remains unchanged. The recognition and measurement of impairment under IFRS 9 is intended to be more forward-looking than under IAS 39. The impairment requirements of IFRS 9 apply to all financial assets measured at amortised cost and at fair value through other comprehensive income, except for equity securities. Initially, a provision is required for expected credit losses resulting from default events that are expected within the next twelve months. In the event of a significant increase in credit risk, a provision is required for expected credit losses resulting from all possible default events over the expected life of the financial assets. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairments. The hedge accounting requirements of IFRS 9 aim to simplify hedge accounting. IFRS 9 includes the option to continue applying IAS 39 for hedge accounting Effective date of IFRS 9 and comparative information
IFRS 9 is effective as of 2018. However, for entities with activities that are predominantly connected with insurance, amongst
which NN Group qualified, there was a temporary exemption to align the effective date with that of IFRS 17, i.e. 1 January 2023.
NN Group applied this temporary exemption. IFRS 9 includes an option to restate the comparative information for the financial
year 2022, except for assets that have been disposed of in 2022. IFRS 17 includes an option to apply a \u2018classification overlay
approach\u2019 for assets of entities of which the activities are predominantly connected with insurance, amongst which NN Group
qualifies. Based on this overlay approach in IFRS 17, also the comparative information for assets that were disposed of in
2022 may be restated. NN Group applied both options, resulting in comparative information for 2022 as if IFRS 9 had always been
applied. As a result, the transition date for IFRS 9 for NN Group was 1 January 2022.
NN Group\u2019s implementation of IFRS 9
For classification and measurement, NN Group aligned the accounting for financial assets under IFRS 9 as much as possible
to the accounting for insurance liabilities under IFRS 17. As a result, NN Group accounts for financial assets of the insurance
operations at fair value through other comprehensive income (equity) where allowed under IFRS 9. This mainly impacted the
accounting for (mortgage) loans in the insurance operations (which were accounted for at amortised cost). Accounting for
(mortgage) loans in the banking operations remained unchanged at amortised cost. Measurement of investments in equity
securities remained unchanged at fair value through other comprehensive income, but realised gains and losses and impairments
are no longer recognised in the profit and loss account.
For hedge accounting, NN Group continues applying the hedge accounting requirements in IAS 39.
Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019, Note 4 \u2018Investments at cost\u2019 and
Note 5 \u2018Investments at fair value through profit or loss\u2019 for more information on the accounting policies used under IFRS 9.
IFRS 17 \u2018Insurance Contracts\u2019
IFRS 17 \u2018Insurance Contracts\u2019 was issued in 2017 and revised in 2020. IFRS 17 covers the recognition and measurement,
presentation and disclosure of insurance contracts and replaces IFRS 4. IFRS 17 fundamentally changed the accounting for
insurance liabilities and deferred acquisition costs (DAC) for all insurance companies, including NN Group and its subsidiaries.
IFRS 17 is endorsed in the EU and is effective as of 1 January 2023.
Main features of IFRS 17
The main features of IFRS 17 are:
\u2022 Measurement of the insurance liabilities in the balance sheet at current fulfilment value, being the sum of the present value of
estimated future cash flows and a risk adjustment.
\u2022 Remeasurement of the current fulfilment value every reporting period using current assumptions and discount rates.
\u2022 A contractual service margin (\u2018CSM\u2019) is recognised in the balance sheet, which is equal to the unearned expected profit in
a group of insurance contracts at issue date and which is subsequently recognised in the profit and loss account over the
remaining coverage period of the group of contracts. Losses on onerous contracts are recognised immediately in the profit and
loss account.
\u2022 Insurance contracts are aggregated per CSM group under IFRS 17. A CSM group consists of contracts within the same portfolio,
the same profitability bucket and issued in the same annual period. Contracts are in the same portfolio if these are managed
together and have similar risks. NN Group uses at least three profitability buckets: onerous contracts, contracts that have
no possibility of becoming onerous and remaining contracts. Contract issued in the same annual period are referred to as an
annual cohort.
\u2022 Certain changes in the insurance liability are adjusted against the contractual service margin and thereby recognised in the profit
and loss account over the remaining coverage period of the group of contracts.
\u2022 The effect of changes in discount rates is, depending on the choice made per portfolio of insurance contracts measured under the General Model or Premium Allocation Approach, recognised either in the profit and loss account or in other comprehensive income (\u2018OCI\u2019) in equity. When recognised in other comprehensive income, the effect of these changes is recognised in the profit and loss account over the duration of the portfolio. \u2022 The presentation of the balance sheet, profit and loss account, other primary statements and the disclosures in the notes changed fundamentally. The profit and loss account will have a margin-type of presentation (with insurance result, investment result and other result). Premium income will no longer be used to determine revenue under the General Model and the Variable Fee Approach. \u2022 IFRS 17 is implemented retrospectively with amendment of comparative figures Key measurement differences between IFRS 17 and NN Group\u2019s previous IFRS accounting The main differences for measuring the insurance liability between the requirements in IFRS 17 and the previously applicable IFRS 4 relate to the following: \u2022 IFRS 17 requires insurance liabilities to be measured using current best estimate assumptions and current market data for all actuarial and financial assumptions. IFRS 4 allowed the use of locked-in assumptions that are set at issue of the policies, in combination with a reserve adequacy test at current assumptions. \u2022 The insurance liability under IFRS 17 includes an explicit risk adjustment for non-financial risk and an explicit contractual service margin, representing the unamortised part of the updated profit margin. These elements were not explicitly recognised under IFRS 4. \u2022 IFRS 17 allows certain changes in assumptions to be absorbed in the contractual service margin or in other comprehensive income in equity. Under IFRS 4, changes in assumptions were, to the extent relevant, recognised in the profit and loss account. \u2022 In applying IFRS 4, directly attributable acquisition costs (Deferred Acquisition Costs, DAC) and the Value Of Business Acquired (VOBA) were recognised as assets which were amortised in the profit and loss account over time. In applying IFRS 17, DAC and VOBA are (implicitly) accounted for as part of the insurance liability. \u2022 Deferred interest credited to policyholders is no longer separately accounted for but is (implicitly) part of the insurance liability under IFRS 17. Key measurement differences between IFRS 17 and Solvency II Both IFRS 17 and Solvency II require insurance liabilities to be measured on the basis of the net present value of the best estimate of future expected cash flows and an explicit allowance for non-financial risk. There are however significant differences in the following areas: \u2022 In Solvency II, the initial margin in the premium over the insurance liability is recognised immediately in Own Funds. In IFRS 17, such initial margin (when positive) is recognised as contractual service margin in the insurance liability and amortised and adjusted over time. \u2022 In Solvency II the discount rate is prescribed by the prudential regulator, whereas the discount rate under IFRS 17 is set by NN Group taking into account the specific characteristics of NN Group\u2019s portfolios. \u2022 In Solvency II the cost of capital rate and the level of diversification in determining the risk adjustment is prescribed by the regulator, whereas under IFRS 17 these are set by NN Group taking into account the specific characteristics of NN Group\u2019s portfolios. \u2022 There are differences in the best estimate of future cash flows, for example, caused by different requirements for contract boundaries and expense allocation in Solvency II and IFRS 17. NN Group\u2019s implementation of IFRS 17 IFRS 17 allows certain accounting policy choices and requires judgment in setting certain assumptions. The most important choices and assumptions that are relevant to NN Group are set out below. \u2022 NN Group applies each of the three accounting models in IFRS 17. The General Model is the default model and is applied to traditional life insurance portfolios. The Variable Fee Approach is applied to most unit-linked portfolios, except for unit linked portfolios for which the guarantees were in the money at the date of the Variable Fee Approach assessment. The Premium Allocation Approach is applied to the P&C contracts in Netherlands Non-life with a coverage period of 12 months or less. \u2022 NN Group determines per portfolio of insurance contracts whether changes in financial assumptions are reflected in other comprehensive income (the \u2018OCI option\u2019) or directly in the profit and loss account. For contracts accounted for under the General Model and Premium Allocation Approach, in principle the OCI option is used, unless accounting for the impact of changes in financial assumptions directly in the profit and loss account resolves accounting mismatches or is otherwise preferred. For contracts accounted for under the Variable Fee Approach, the OCI option is, in principle, not applied. \u2022 For the level of aggregation, under the EU-endorsed version of IFRS 17 (IFRS-EU), certain specific insurance contracts may be aggregated on the level of a profitability group within a portfolio and do not need to be further disaggregated by the year in which these contracts were issued (\u2018annual cohorts\u2019). NN Group does currently not apply this IFRS-EU exemption. \u2022 Estimates of future cash flows reflect mortality rate assumptions that are derived from recent credible national mortality tables published by relevant actuarial or statistical bodies; where needed, these tables are adjusted so as to reflect NN Group\u2019s experience of its own portfolio. Lapse rates are set by major product line based on NN Group\u2019s own experience. Estimates of future cashflows include NN Group\u2019s projection of future expenses to the extent that these are attributable to the fulfilment of contracts . Discount rates to discount the expected future fulfilment cash flows are determined using a liquid risk-free curve to which an illiquidity premium is added. For the Euro currency, the most prominent currency within the group, the risk-free curve is based on the swap rate and includes a last liquid point (LLP) of 30 years and a long-term forward rate (LTFR) of 3.35%. The illiquidity premium is derived from NN Group\u2019s own asset portfolio, where the asset yield is adjusted for expected and unexpected credit losses. \u2022 The risk adjustment for non-financial risk is determined using the Cost of Capital methodology based on the Solvency II internal model or standard formula, depending on the entity within the Group. The risk adjustment reflects diversification with market risks within the entity and diversification with other entities within NN Group (\u2018Group diversification\u2019). The Cost of Capital rate represents NN Group\u2019s view on the compensation required for bearing risk; the rate used in the fulfilment value of insurance liabilities is 4%. \u2022 NN Group used each of the transition approaches in IFRS 17. In the modified retrospective transition approach, NN Group used mainly the modifications for historical cash flows and the historical release of the risk adjustment. The modified retrospective approach was applied for certain portfolios in the Insurance Europe segment. In the fair value transition approach, the contractual service margin was determined by reference to the fair value of insurance liabilities. Fair value was determined similar to fulfilment value, except that no group diversification was reflected in the risk adjustment, the cost of capital rate in the risk adjustment was set at 6% and expenses also included non-directly attributable expenses. The fair value transition approach was, amongst others, applied to portfolios in Netherlands Life. Reference is made to Note 13 \u2018Insurance contracts\u2019 for more information on the accounting policies used under IFRS 17. Impact of IFRS 9 and IFRS 17 on NN Group NN Group implemented IFRS 17 together with IFRS 9. The implementation of IFRS 9 and IFRS 17 resulted in significant changes to NN Group\u2019s accounting policies and had a significant impact on shareholders\u2019 equity, net result, presentation and disclosures. Shareholders\u2019 equity under IFRS 9 and IFRS 17 was significantly lower at the 1 January 2022 transition date as a result of the measurement of insurance liabilities at current assumptions (including a current discount rate). The table below provides a reconciliation between shareholders\u2019 equity at 31 December 2021 as previously reported to shareholders\u2019 equity in the Restated balance sheet at 1 January 2022 (the \u2018Transition date\u2019) after implementation of IFRS 9 and IFRS 17. Impact of IFRS 9 and IFRS 17 on Shareholders\u2019 Equity 31 December 2021/1 January 2022 Share capital and premium Revaluation reserves Other reserves Minority interest Undated subordinated notes Total equity Total equity as reported at 31 December 2021 12,613 14,422 5,853 266 1,764 34,918 Impact (net of tax) of IFRS 9: \u2013 Loans to fair value through OCI 2,607 38 2,645 \u2013 Available-for-sale to fair value through profit or loss -680 680 \u2013 Impairments -511 489 -22 Impact (net of tax) of IFRS 17: \u2013 Remeasurement of (re) insurance contracts -4,658 -9,229 -13,887 Impact (net of tax) on minority interests -22 -22 Restated total equity at 1 January 2022 12,613 11,180 -2,169 244 1,764 23,632 The decrease in equity at the transition date mainly reflects the remeasurement of insurance liabilities to current discount rates and other current assumptions. Under the IFRS accounting policies applied by NN Group until 1 January 2023, only the revaluation of assets was recognised in equity, whilst the offsetting effect of revaluation on insurance liabilities was not recognised. Under IFRS 9 and IFRS 17 the revaluation on both assets and liabilities is recognised in equity. Shareholders\u2019 equity under IFRS 9 and IFRS 17 at the 1 January 2022 transition date was significantly lower (decrease from EUR 32,888 million to EUR 21,624 million) as a result of the measurement of insurance liabilities at current assumptions. However, with the increase of market interest rates during 2022, the shareholders\u2019 equity under the IFRS accounting policies applied by NN Group until 1 January 2023 decreased from EUR 32,888 million at 31 December 2021 to EUR 16,005 million at 31 December 2022, and, therefore, the difference with shareholders\u2019 equity under IFRS 9 and IFRS 17 largely reversed in 2022. The table below provides a reconciliation between the carrying amounts at 31 December 2021 as reported under IAS 39 and IFRS 4 to the restated amounts in the balance sheet at 1 January 2022 (the \u2018transition date\u2019) after implementation of IFRS 9 and IFRS 17. Reconciliation of balance sheet 31 December 2021/ 1 January 2022 (\u2018transition date\u2019) Balance sheet item IFRS 9 IFRS 17 Restated balance sheet item \u2013 IAS 39 and IFRS 4 Reported amount 1. Remeasurement 2. Reclassification 3. Reclassification 4. Remeasurement Adjusted amount \u2013 with IFRS 9 and IFRS 17 Cash and cash equivalents 6,929 6,929 Cash and cash equivalents Available-for-sale investments 107,883 49,279 -7,212 149,950 Investments at fair value through OCI Loans 68,200 -45,880 -944 21,376 Investments at cost Financial assets designated at fair value through profit or loss 991 123 46,473 47,587 Investments at fair value through profit or loss Real estate investments 2,719 2,719 Investments in real estate Associates and joint ventures 6,919 6,919 Investments in associates and joint ventures Investments for risk of policyholders 39,261 -39,261 125 125 Insurance contracts Reinsurance contracts 954 -247 707 Reinsurance contracts Non-trading derivatives 6,419 6,419 Derivatives Property and equipment 414 414 Property and equipment Intangible assets 1,129 -197 932 Intangible assets Deferred acquisition costs 1,893 -1,893 Deferred tax assets 47 -60 44 31 Deferred tax assets Assets held for sale 4,121 14 4,135 Assets held for sale Other assets 3,706 -506 3,200 Other assets Total assets 251,585 3,462 0 -3,540 -64 251,443 Total assets Insurance and investment contracts 168,812 -1,863 15,631 182,580 Insurance contracts 2,698 2,698 Investment contracts 325 325 Reinsurance contracts Debt securities issued 2,292 2,292 Debt instruments issued Subordinated debt 2,356 2,356 Subordinated debt Other borrowed funds 7,301 7,301 Other borrowed funds Customer deposits and other funds on deposit 15,945 15,945 Customer deposits Non-trading derivatives 1,904 1,904 Derivatives Deferred tax liabilities 4,817 839 -4,875 781 Deferred tax liabilities Liabilities held for sale 3,464 66 3,530 Liabilities held for sale Other liabilities 9,776 -1,677 8,099 Other liabilities Total liabilities 216,667 839 0 -3,540 13,845 227,811 Total liabilities Total equity 34,918 2,623 0 0 -13,909 23,632 Total equity The references in the columns above are explained as follows: 1. Loans held by insurance entities within NN Group are remeasured from amortised cost to fair value and mostly presented and measured as Investments at fair value through other comprehensive income; these are subject to an expected credit loss provision. 2. Available-for-sale investments that do not qualify for measurement at fair value through other comprehensive income are presented as Investments at fair value through profit or loss. Investments for risk of policyholders are presented as Investments at fair value through profit or loss. 3. Deferred acquisition costs, value of business acquired, policy loans and insurance receivables and payables are derecognised and form part of the liability for insurance contracts. 4. Measurement differences on (re) insurance assets and liabilities; Reinsurance and Investment contracts are presented separately Further details on Insurance contracts under IFRS 17 are presented below: Insurance contracts (IFRS 17) by component 1 January 2022 (Restated) Premium Allocation Approach (PAA) 2,872 General Model and Variable Fee Approach: \u2013 estimates of the present value of future cash flows 170,499 \u2013 risk adjustment 2,857 \u2013 contractual service margin \u2013 determined retrospectively 1,098 \u2013 determined under the modified retrospective approach 1,194 \u2013 determined under the fair value approach 3,935 Total Insurance contracts 182,455 Insurance contracts, presented as assets 125 Insurance contracts, presented as liabilities 182,580 Total Insurance contracts 182,455 Approximately 90% of the Total insurance contracts was determined using the fair value transition approach. NN Group continues using Operating result as an Alternative Performance Measure. The definition of Operating result was amended to reflect the impact of IFRS 9 and IFRS 17. NN Group also continued using the financial leverage ratio. The leverage ratio was based on equity excluding the revaluation on (only) assets; NN Group amended the leverage ratio by including net revaluations and contractual service margin. Reference is made to Note 30 \u2019Segments\u2019 and Note 51 \u2018Capital and liquidity management\u2019. The implementation of IFRS 9 and IFRS 17 did not impact NN Group\u2019s Own Funds and the Solvency Capital Requirement under Solvency II, nor its Operating Capital Generation (OCG). Reference is made to Note 13 \u2018Insurance contracts\u2019 and Note 52 \u2018Other IFRS 9 and IFRS 17 transition disclosures\u2019 for further details. In the Notes below, all references to \u2018Opening balance\u2019 refer to the restated balances for IFRS 9 and IFRS 17 at 31 December 2021 and 1 January 2022. References to \u20182022\u2019, \u20182022 Closing balance\u2019 and \u201831 December 2022\u2019 refer to the restated balances for those periods. IAS 12 \u2018Income Taxes\u2019 In May 2023, \u2018International Tax Reform \u2013 Pillar Two Model Rules\u2019 was issued, which amends IAS 12 \u2018Income Taxes\u2019. NN Group applies this amendment as of 2023. Related disclosures are included in Note 33 \u2018Taxation\u2019. Other changes in accounting standards that became effective In addition to the new accounting standards IFRS 9 and IFRS 17 and the change in IAS 12, the following amendments and revisions to existing standards became effective in 2023: \u2022 IAS 1, Disclosure of Accounting Policies, and IFRS Practice Statement 2, Making Materiality Judgements \u2022 IAS 8, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates \u2022 IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction These changes had no material impact on NN Group\u2019s consolidated annual accounts. Upcoming changes in IFRS-EU
The following amendments and revisions to standards and interpretations have been issued by the IASB but are not yet effective:
\u2022 IAS 1, Classification of Liabilities as Current or Non-current
\u2022 IAS 1, Non-current Liabilities with Covenants
\u2022 IFRS 16, Lease Liability in a Sale and Leaseback
\u2022 IAS 7 and IFRS 7, Supplier Finance Arrangements
\u2022 IAS 21, Lack of exchangeability
These changes are not expected to have a material impact on NN Group\u2019s consolidated annual accounts.
Changes in presentation
The presentation of, and certain terms used in, the Consolidated balance sheet, Consolidated profit and loss account,
Consolidated statement of cash flows, Consolidated statement of changes in equity and the notes was changed to provide
additional and more relevant information or (for changes in comparative information) to better align with the current period
presentation. The impact of these changes is explained in the respective notes when significant.
52 Other IFRS 9 and IFRS 17 transition disclosures Reconciliation Consolidated balance sheet 31 December 2022 Balance sheet item Restated balance sheet item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Cash and cash equivalents 6,670 6,670 Cash and cash equivalents Available-for-sale investments 81,610 33,451 115,061 Investments at fair value through OCI Loans 68,044 -47,753 20,291 Investments at cost Financial assets designated as at fair value through profit or loss 681 42,481 43,162 Investments at fair value through profit or loss Real estate investments 2,754 2,754 Investments in real estate Associates and joint ventures 6,556 -106 6,450 Investments in associates and joint ventures Investments for risk of policyholders 34,562 -34,562 124 124 Insurance contracts Reinsurance contracts 1,019 -182 837 Reinsurance contracts Non-trading derivatives 2,452 2,452 Derivatives Property and equipment 399 399 Property and equipment Intangible assets 1,624 -344 1,280 Intangible assets Deferred acquisition costs 1,858 -1,858 Deferred tax assets 904 -773 131 Deferred tax assets Other assets 7,977 -564 7,413 Other assets Total assets 217,110 -10,086 207,024 Total assets Insurance and investment contracts 156,378 -15,579 140,799 Insurance contracts 223 223 Reinsurance contracts 3,421 3,421 Investment contracts Debt securities issued 1,694 1,694 Debt instruments issued Subordinated debt 2,334 2,334 Subordinated debt Other borrowed funds 11,118 11,118 Other borrowed funds Customer deposits and other funds on deposit 16,235 16,235 Customer deposits Non-trading derivatives 6,462 -1 6,461 Derivatives Deferred tax liabilities 423 201 624 Deferred tax liabilities Other liabilities 4,634 -1,620 3,014 Other liabilities Total liabilities 199,278 -13,355 185,923 Total liabilities Total equity 17,832 3,269 21,101 Total equity Reconciliation of Consolidated profit and loss account 2022 Main profit and loss accounts item Restated profit and loss account item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Total income 17,331 -17,331 Total expenses 16,769 -16,769 1,100 1,100 Insurance and reinsurance result 447 447 Net investment result -899 -899 Other result Result before tax from continuing operations 562 86 648 Result before tax from continuing operations Taxation 85 23 108 Taxation Net result from continuing operations 477 63 540 Net result from continuing operations Net result from discontinued operations 28 -1 27 Net result from discontinued operations Net result from disposal of discontinued operations 1,061 1 1,062 Net result from disposal of discontinued operations Net result from discontinued operations 1,089 0 1,089 Discontinued operations Net result from continuing and discontinued operations 1,566 63 1,629 Net result from continuing and discontinued operations The line items as included above represent the line items in the consolidated statement of profit and loss for which it was practicable to make a reconciliation between amounts as published and the restated amounts after implementation of IFRS 9 and IFRS 17 Reconciliation of Consolidated statement of comprehensive income 2022 Comprehensive income item Restated Comprehensive income item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Net result from continuing and discontinued operations 1,566 63 1,629 Net result \u2013 25,882 25,882 \u2013 finance result on (re) insurance contracts recognised in OCI \u2013 unrealised revaluations on available-for- sale investments and other -15,705 -5,021 -20,726 \u2013 revaluations on Investments at fair value through OCI \u2013 realised gains (losses) transferred to the profit and loss account 112 -133 -21 \u2013 realised gains (losses) transferred to the profit and loss account \u2013 changes in cash flow hedge reserve -5,942 -1 -5,943 \u2013 changes in cash flow hedge reserve \u2013 deferred interest credited to policyholders 4,986 -4,986 \u2013 share of OCI of associates and joint ventures 9 9 \u2013 share of OCI of investments in associates and joint ventures \u2013 exchange rate differences -164 59 -105 \u2013 foreign currency exchange differences Items that may be reclassified subsequently to the profit and loss account: -16,704 15,800 -904 Items that may be reclassified subsequently to the profit and loss account \u2013 -1,596 -1,596 \u2013 revaluations on equity securities at fair value through OCI \u2013 unrealised revaluations on property in own use 3 -1 2 \u2013 revaluations on property in own use \u2013 remeasurement of the net defined benefit asset/liability 68 68 \u2013 remeasurement of the net defined benefit asset/liability Items that will not be reclassified to the profit and loss account: 71 -1,597 -1,526 Items that will not be reclassified to the profit and loss account: Total other comprehensive income -16,633 14,203 -2,430 Total other comprehensive income Total comprehensive income -15,067 -14,266 -801 Total comprehensive income Comprehensive income attributable to: Comprehensive income attributable to: Shareholders of the parent -15,014 14,263 -751 Shareholders of the parent Minority interests -53 3 -50 Minority interests Total comprehensive income -15,067 14,266 -801 Total comprehensive income Reconciliation of Consolidated statement of cash flows 2022 Statement of cash flows item Restated cash flow item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Result before tax 1,660 87 1,747 Result before tax Adjusted for: Adjusted for: \u2013 depreciation and amortisation 146 146 \u2013 depreciation and amortisation \u2013 deferred acquisition costs and value of business acquired 7 -7 \u2013 underwriting expenditure (change in insurance liabilities) -1,555 -3,871 -5,426 \u2013 change in (re) insurance contracts and investment contracts \u2013 realised results and impairments of available-for-sale investments 267 5,908 6,175 \u2013 realised results and impairments on investments \u2013 other 54 789 843 \u2013 other -2,565 -2,565 \u2013 net premiums, claims and attributable expenses on (re) insurance contracts Tax paid (received) -145 -145 Tax paid (received) Changes in: Changes in: \u2013 loans -889 -31 -920 \u2013 investments at cost \u2013 other financial assets at fair value through profit or loss 241 -241 \u2013 investments at fair value through profit or loss \u2013 non-trading derivatives 424 343 767 \u2013 derivatives \u2013 other assets -3,920 11 -3,909 \u2013 other assets \u2013 customer deposits and other funds on deposit 200 200 \u2013 customer deposits \u2013financial liabilities at fair value through profit or loss - non-trading derivatives 343 -343 \u2013 other liabilities -5,015 -17 -5,032 \u2013 other liabilities Net cash flow from operating activities -8,182 63 -8,119 Net cash flow from operating activities Investments and advances: Investments and advances: \u2013 group companies, net of cash acquired -547 -547 \u2013 group companies, net of cash acquired \u2013 available-for-sale investments -24,702 -3,473 -28,175 \u2013 investments at fair value through OCI \u2013 loans -5,339 5,339 \u2013 investments at cost -11,422 -11,422 \u2013 investments at fair value through profit or loss \u2013 associates and joint ventures -766 -766 \u2013 investments in associates and joint ventures \u2013 real estate investments -136 -136 \u2013 investments in real estate \u2013 property and equipment -38 38 \u2013 investments for risk of policyholders -9,270 9,270 \u2013 other investments -69 -38 -107 \u2013 other investments Disposals and redemptions: Disposals and redemptions: \u2013 group companies 1,508 1,508 \u2013 group companies \u2013 available-for-sale investments 30,909 3,262 34,171 \u2013 investments at fair value through OCI \u2013 loans 4,257 -4,198 59 \u2013 investments at cost 10,352 10,352 \u2013 investments at fair value through profit or loss \u2013 associates and joint ventures 971 971 \u2013 investments in associates and joint ventures \u2013 real estate investments 100 100 \u2013 investments in real estate \u2013 property and equipment 4 -4 \u2013 investments for risk of policyholders 9,193 -9,193 \u2013 other investments 4 4 \u2013 other investments Net cash flow from investing activities 6,075 -63 6,012 Net cash flow from investing activities Reconciliation of Consolidated statement of cash flows 2022 continued Statement of cash flows item Restated cash flow item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Proceeds from subordinated debt 494 494 Proceeds from issuance of subordinated notes Repayments of subordinated debt -500 -500 Repayments of subordinated notes Repayments of debt securities issued -600 -600 Repayments of debt instruments issued Proceeds from other borrowed funds 10,091 -1 10,090 Proceeds from other borrowed funds Repayments of other borrowed funds -5,716 -5,716 Repayments of other borrowed funds Dividend paid -536 1 -535 Dividend paid Purchase/sale of treasury shares -1,391 -1,391 Purchase (sale) of treasury shares Coupon on undated subordinated notes -78 -78 Coupon on undated subordinated notes Net cash flow from financing activities 1,764 0 1,764 Net cash flow from financing activities Net cash flow -343 0 -343 Net cash flo w Reconciliation of Consolidated statement of changes in equity 2022 Statement of changes in equity item Restated changes in equity item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Balance at 1 January 2022 34,918 -11,286 23,632 Balance at 1 January 2022 \u2013 25,882 25,882 Finance result on (re) insurance contracts recognised in OCI Unrealised revaluations on available-for-sale investments and other -15,705 -5,021 -20,726 Revaluations on debt securities at fair value through OCI \u2013 -1,596 -1,596 Revaluations on equity securities at fair value through OCI Realised gains (losses) transferred to the profit and loss account 112 -133 -21 Realised gains (losses) transferred to the profit and loss account Changes in cash flow hedge reserve -5,942 -1 -5,943 Changes in cash flow hedge reserve Deferred interest credited to policyholders 4,986 -4,986 \u2013 Share of OCI of associates and joint ventures 9 9 Share of OCI of investments in associates and joint ventures Exchange rate differences -164 59 -105 Foreign currency exchange difference Remeasurement of the net defined benefit asset/liability 68 68 Remeasurement of the net defined benefit asset/liability Unrealised revaluations on property in own use 3 -1 2 Unrealised revaluations on property in own use Total amount recognised directly in equity (OCI) -16,633 14,203 -2,430 Total amount recognised directly in equity (OCI) Net result from continuing and discontinued operations 1,566 63 1,629 Net result for the period Total comprehensive income -15,067 14,266 -801 Total comprehensive income Dividend -535 -535 Dividend Purchase (sale) of treasury shares -1,392 1 -1,391 Purchase (sale) of treasury shares Employee stock option and share plans -6 -6 Employee stock option and share plans Coupon on undated subordinated notes -58 -58 Coupon on undated subordinated notes Changes in the composition of the group and other changes -28 288 260 Changes in the composition of the group and other changes Balance at 31 December 2022 17,832 3,269 21,101 Balance at 31 December 202",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-552": {
"value": "Changes in IFRS-EU effective in 2023 IFRS 9 \u2018Financial Instruments\u2019 IFRS 9 \u2018Financial Instruments\u2019 was issued in 2014. IFRS 9 replaces most of IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and includes requirements for classification and measurement of financial assets and liabilities, impairment of financial assets and hedge accounting. Main features of IFRS 9 The classification and measurement of financial assets under IFRS 9 depends on NN Group\u2019s business model and the instrument\u2019s contractual cash flow characteristics. This results in financial assets being recognised at amortised cost, at fair value through other comprehensive income (equity) or at fair value through profit or loss. In many instances, the classification and measurement under IFRS 9 is similar to IAS 39, although changes in classification occur. For equity securities accounted for at fair value through other comprehensive income, realised gains and losses are no longer recognised in the profit and loss account but reclassified within equity and impairments are also no longer recognised. The classification and measurement of financial liabilities remains unchanged. The recognition and measurement of impairment under IFRS 9 is intended to be more forward-looking than under IAS 39. The impairment requirements of IFRS 9 apply to all financial assets measured at amortised cost and at fair value through other comprehensive income, except for equity securities. Initially, a provision is required for expected credit losses resulting from default events that are expected within the next twelve months. In the event of a significant increase in credit risk, a provision is required for expected credit losses resulting from all possible default events over the expected life of the financial assets. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairments. The hedge accounting requirements of IFRS 9 aim to simplify hedge accounting. IFRS 9 includes the option to continue applying IAS 39 for hedge accounting . Effective date of IFRS 9 and comparative information IFRS 9 is effective as of 2018. However, for entities with activities that are predominantly connected with insurance, amongst which NN Group qualified, there was a temporary exemption to align the effective date with that of IFRS 17, i.e. 1 January 2023. NN Group applied this temporary exemption. IFRS 9 includes an option to restate the comparative information for the financial year 2022, except for assets that have been disposed of in 2022. IFRS 17 includes an option to apply a \u2018classification overlay approach\u2019 for assets of entities of which the activities are predominantly connected with insurance, amongst which NN Group qualifies. Based on this overlay approach in IFRS 17, also the comparative information for assets that were disposed of in 2022 may be restated. NN Group applied both options, resulting in comparative information for 2022 as if IFRS 9 had always been applied. As a result, the transition date for IFRS 9 for NN Group was 1 January 2022. NN Group\u2019s implementation of IFRS 9 For classification and measurement, NN Group aligned the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. As a result, NN Group accounts for financial assets of the insurance operations at fair value through other comprehensive income (equity) where allowed under IFRS 9. This mainly impacted the accounting for (mortgage) loans in the insurance operations (which were accounted for at amortised cost). Accounting for (mortgage) loans in the banking operations remained unchanged at amortised cost. Measurement of investments in equity securities remained unchanged at fair value through other comprehensive income, but realised gains and losses and impairments are no longer recognised in the profit and loss account. For hedge accounting, NN Group continues applying the hedge accounting requirements in IAS 39. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019, Note 4 \u2018Investments at cost\u2019 and Note 5 \u2018Investments at fair value through profit or loss\u2019 for more information on the accounting policies used under IFRS 9. IFRS 17 \u2018Insurance Contracts\u2019 IFRS 17 \u2018Insurance Contracts\u2019 was issued in 2017 and revised in 2020. IFRS 17 covers the recognition and measurement, presentation and disclosure of insurance contracts and replaces IFRS 4. IFRS 17 fundamentally changed the accounting for insurance liabilities and deferred acquisition costs (DAC) for all insurance companies, including NN Group and its subsidiaries. IFRS 17 is endorsed in the EU and is effective as of 1 January 2023. Main features of IFRS 17 The main features of IFRS 17 are: \u2022 Measurement of the insurance liabilities in the balance sheet at current fulfilment value, being the sum of the present value of estimated future cash flows and a risk adjustment. \u2022 Remeasurement of the current fulfilment value every reporting period using current assumptions and discount rates. \u2022 A contractual service margin (\u2018CSM\u2019) is recognised in the balance sheet, which is equal to the unearned expected profit in a group of insurance contracts at issue date and which is subsequently recognised in the profit and loss account over the remaining coverage period of the group of contracts. Losses on onerous contracts are recognised immediately in the profit and loss account. \u2022 Insurance contracts are aggregated per CSM group under IFRS 17. A CSM group consists of contracts within the same portfolio, the same profitability bucket and issued in the same annual period. Contracts are in the same portfolio if these are managed together and have similar risks. NN Group uses at least three profitability buckets: onerous contracts, contracts that have no possibility of becoming onerous and remaining contracts. Contract issued in the same annual period are referred to as an annual cohort. \u2022 Certain changes in the insurance liability are adjusted against the contractual service margin and thereby recognised in the profit and loss account over the remaining coverage period of the group of contracts\u2022 The effect of changes in discount rates is, depending on the choice made per portfolio of insurance contracts measured under
the General Model or Premium Allocation Approach, recognised either in the profit and loss account or in other comprehensive
income (\u2018OCI\u2019) in equity. When recognised in other comprehensive income, the effect of these changes is recognised in the profit
and loss account over the duration of the portfolio.
\u2022 The presentation of the balance sheet, profit and loss account, other primary statements and the disclosures in the notes
changed fundamentally. The profit and loss account will have a margin-type of presentation (with insurance result, investment
result and other result). Premium income will no longer be used to determine revenue under the General Model and the Variable
Fee Approach.
\u2022 IFRS 17 is implemented retrospectively with amendment of comparative figures .
Key measurement differences between IFRS 17 and NN Group\u2019s previous IFRS accounting The main differences for measuring the insurance liability between the requirements in IFRS 17 and the previously applicable IFRS 4 relate to the following: \u2022 IFRS 17 requires insurance liabilities to be measured using current best estimate assumptions and current market data for all actuarial and financial assumptions. IFRS 4 allowed the use of locked-in assumptions that are set at issue of the policies, in combination with a reserve adequacy test at current assumptions. \u2022 The insurance liability under IFRS 17 includes an explicit risk adjustment for non-financial risk and an explicit contractual service margin, representing the unamortised part of the updated profit margin. These elements were not explicitly recognised under IFRS 4. \u2022 IFRS 17 allows certain changes in assumptions to be absorbed in the contractual service margin or in other comprehensive income in equity. Under IFRS 4, changes in assumptions were, to the extent relevant, recognised in the profit and loss account. \u2022 In applying IFRS 4, directly attributable acquisition costs (Deferred Acquisition Costs, DAC) and the Value Of Business Acquired (VOBA) were recognised as assets which were amortised in the profit and loss account over time. In applying IFRS 17, DAC and VOBA are (implicitly) accounted for as part of the insurance liability. \u2022 Deferred interest credited to policyholders is no longer separately accounted for but is (implicitly) part of the insurance liability under IFRS 17. Key measurement differences between IFRS 17 and Solvency II Both IFRS 17 and Solvency II require insurance liabilities to be measured on the basis of the net present value of the best estimate of future expected cash flows and an explicit allowance for non-financial risk. There are however significant differences in the following areas: \u2022 In Solvency II, the initial margin in the premium over the insurance liability is recognised immediately in Own Funds. In IFRS 17, such initial margin (when positive) is recognised as contractual service margin in the insurance liability and amortised and adjusted over time. \u2022 In Solvency II the discount rate is prescribed by the prudential regulator, whereas the discount rate under IFRS 17 is set by NN Group taking into account the specific characteristics of NN Group\u2019s portfolios. \u2022 In Solvency II the cost of capital rate and the level of diversification in determining the risk adjustment is prescribed by the regulator, whereas under IFRS 17 these are set by NN Group taking into account the specific characteristics of NN Group\u2019s portfolios. \u2022 There are differences in the best estimate of future cash flows, for example, caused by different requirements for contract boundaries and expense allocation in Solvency II and IFRS 17. NN Group\u2019s implementation of IFRS 17 IFRS 17 allows certain accounting policy choices and requires judgment in setting certain assumptions. The most important choices and assumptions that are relevant to NN Group are set out below. \u2022 NN Group applies each of the three accounting models in IFRS 17. The General Model is the default model and is applied to traditional life insurance portfolios. The Variable Fee Approach is applied to most unit-linked portfolios, except for unit linked portfolios for which the guarantees were in the money at the date of the Variable Fee Approach assessment. The Premium Allocation Approach is applied to the P&C contracts in Netherlands Non-life with a coverage period of 12 months or less. \u2022 NN Group determines per portfolio of insurance contracts whether changes in financial assumptions are reflected in other comprehensive income (the \u2018OCI option\u2019) or directly in the profit and loss account. For contracts accounted for under the General Model and Premium Allocation Approach, in principle the OCI option is used, unless accounting for the impact of changes in financial assumptions directly in the profit and loss account resolves accounting mismatches or is otherwise preferred. For contracts accounted for under the Variable Fee Approach, the OCI option is, in principle, not applied. \u2022 For the level of aggregation, under the EU-endorsed version of IFRS 17 (IFRS-EU), certain specific insurance contracts may be aggregated on the level of a profitability group within a portfolio and do not need to be further disaggregated by the year in which these contracts were issued (\u2018annual cohorts\u2019). NN Group does currently not apply this IFRS-EU exemption. \u2022 Estimates of future cash flows reflect mortality rate assumptions that are derived from recent credible national mortality tables published by relevant actuarial or statistical bodies; where needed, these tables are adjusted so as to reflect NN Group\u2019s experience of its own portfolio. Lapse rates are set by major product line based on NN Group\u2019s own experience. Estimates of future cashflows include NN Group\u2019s projection of future expenses to the extent that these are attributable to the fulfilment of contracts Discount rates to discount the expected future fulfilment cash flows are determined using a liquid risk-free curve to which an illiquidity premium is added. For the Euro currency, the most prominent currency within the group, the risk-free curve is based on the swap rate and includes a last liquid point (LLP) of 30 years and a long-term forward rate (LTFR) of 3.35%. The illiquidity premium is derived from NN Group\u2019s own asset portfolio, where the asset yield is adjusted for expected and unexpected credit losses. \u2022 The risk adjustment for non-financial risk is determined using the Cost of Capital methodology based on the Solvency II internal model or standard formula, depending on the entity within the Group. The risk adjustment reflects diversification with market risks within the entity and diversification with other entities within NN Group (\u2018Group diversification\u2019). The Cost of Capital rate represents NN Group\u2019s view on the compensation required for bearing risk; the rate used in the fulfilment value of insurance liabilities is 4%. \u2022 NN Group used each of the transition approaches in IFRS 17. In the modified retrospective transition approach, NN Group used mainly the modifications for historical cash flows and the historical release of the risk adjustment. The modified retrospective approach was applied for certain portfolios in the Insurance Europe segment. In the fair value transition approach, the contractual service margin was determined by reference to the fair value of insurance liabilities. Fair value was determined similar to fulfilment value, except that no group diversification was reflected in the risk adjustment, the cost of capital rate in the risk adjustment was set at 6% and expenses also included non-directly attributable expenses. The fair value transition approach was, amongst others, applied to portfolios in Netherlands Life. Reference is made to Note 13 \u2018Insurance contracts\u2019 for more information on the accounting policies used under IFRS 17. Impact of IFRS 9 and IFRS 17 on NN Group NN Group implemented IFRS 17 together with IFRS 9. The implementation of IFRS 9 and IFRS 17 resulted in significant changes to NN Group\u2019s accounting policies and had a significant impact on shareholders\u2019 equity, net result, presentation and disclosures. Shareholders\u2019 equity under IFRS 9 and IFRS 17 was significantly lower at the 1 January 2022 transition date as a result of the measurement of insurance liabilities at current assumptions (including a current discount rate). The table below provides a reconciliation between shareholders\u2019 equity at 31 December 2021 as previously reported to shareholders\u2019 equity in the Restated balance sheet at 1 January 2022 (the \u2018Transition date\u2019) after implementation of IFRS 9 and IFRS 17. Impact of IFRS 9 and IFRS 17 on Shareholders\u2019 Equity 31 December 2021/1 January 2022 Share capital and premium Revaluation reserves Other reserves Minority interest Undated subordinated notes Total equity Total equity as reported at 31 December 2021 12,613 14,422 5,853 266 1,764 34,918 Impact (net of tax) of IFRS 9: \u2013 Loans to fair value through OCI 2,607 38 2,645 \u2013 Available-for-sale to fair value through profit or loss -680 680 \u2013 Impairments -511 489 -22 Impact (net of tax) of IFRS 17: \u2013 Remeasurement of (re) insurance contracts -4,658 -9,229 -13,887 Impact (net of tax) on minority interests -22 -22 Restated total equity at 1 January 2022 12,613 11,180 -2,169 244 1,764 23,632 The decrease in equity at the transition date mainly reflects the remeasurement of insurance liabilities to current discount rates and other current assumptions. Under the IFRS accounting policies applied by NN Group until 1 January 2023, only the revaluation of assets was recognised in equity, whilst the offsetting effect of revaluation on insurance liabilities was not recognised. Under IFRS 9 and IFRS 17 the revaluation on both assets and liabilities is recognised in equity. Shareholders\u2019 equity under IFRS 9 and IFRS 17 at the 1 January 2022 transition date was significantly lower (decrease from EUR 32,888 million to EUR 21,624 million) as a result of the measurement of insurance liabilities at current assumptions. However, with the increase of market interest rates during 2022, the shareholders\u2019 equity under the IFRS accounting policies applied by NN Group until 1 January 2023 decreased from EUR 32,888 million at 31 December 2021 to EUR 16,005 million at 31 December 2022, and, therefore, the difference with shareholders\u2019 equity under IFRS 9 and IFRS 17 largely reversed in 2022. The table below provides a reconciliation between the carrying amounts at 31 December 2021 as reported under IAS 39 and IFRS 4 to the restated amounts in the balance sheet at 1 January 2022 (the \u2018transition date\u2019) after implementation of IFRS 9 and IFRS 17. Reconciliation of balance sheet 31 December 2021/ 1 January 2022 (\u2018transition date\u2019) Balance sheet item IFRS 9 IFRS 17 Restated balance sheet item \u2013 IAS 39 and IFRS 4 Reported amount 1. Remeasurement 2. Reclassification 3. Reclassification 4. Remeasurement Adjusted amount \u2013 with IFRS 9 and IFRS 17 Cash and cash equivalents 6,929 6,929 Cash and cash equivalents Available-for-sale investments 107,883 49,279 -7,212 149,950 Investments at fair value through OCI Loans 68,200 -45,880 -944 21,376 Investments at cost Financial assets designated at fair value through profit or loss 991 123 46,473 47,587 Investments at fair value through profit or loss Real estate investments 2,719 2,719 Investments in real estate Associates and joint ventures 6,919 6,919 Investments in associates and joint ventures Investments for risk of policyholders 39,261 -39,261 125 125 Insurance contracts Reinsurance contracts 954 -247 707 Reinsurance contracts Non-trading derivatives 6,419 6,419 Derivatives Property and equipment 414 414 Property and equipment Intangible assets 1,129 -197 932 Intangible assets Deferred acquisition costs 1,893 -1,893 Deferred tax assets 47 -60 44 31 Deferred tax assets Assets held for sale 4,121 14 4,135 Assets held for sale Other assets 3,706 -506 3,200 Other assets Total assets 251,585 3,462 0 -3,540 -64 251,443 Total assets Insurance and investment contracts 168,812 -1,863 15,631 182,580 Insurance contracts 2,698 2,698 Investment contracts 325 325 Reinsurance contracts Debt securities issued 2,292 2,292 Debt instruments issued Subordinated debt 2,356 2,356 Subordinated debt Other borrowed funds 7,301 7,301 Other borrowed funds Customer deposits and other funds on deposit 15,945 15,945 Customer deposits Non-trading derivatives 1,904 1,904 Derivatives Deferred tax liabilities 4,817 839 -4,875 781 Deferred tax liabilities Liabilities held for sale 3,464 66 3,530 Liabilities held for sale Other liabilities 9,776 -1,677 8,099 Other liabilities Total liabilities 216,667 839 0 -3,540 13,845 227,811 Total liabilities Total equity 34,918 2,623 0 0 -13,909 23,632 Total equity The references in the columns above are explained as follows: 1. Loans held by insurance entities within NN Group are remeasured from amortised cost to fair value and mostly presented and measured as Investments at fair value through other comprehensive income; these are subject to an expected credit loss provision. 2. Available-for-sale investments that do not qualify for measurement at fair value through other comprehensive income are presented as Investments at fair value through profit or loss. Investments for risk of policyholders are presented as Investments at fair value through profit or loss. 3. Deferred acquisition costs, value of business acquired, policy loans and insurance receivables and payables are derecognised and form part of the liability for insurance contracts. 4. Measurement differences on (re) insurance assets and liabilities; Reinsurance and Investment contracts are presented separately Further details on Insurance contracts under IFRS 17 are presented below: Insurance contracts (IFRS 17) by component 1 January 2022 (Restated) Premium Allocation Approach (PAA) 2,872 General Model and Variable Fee Approach: \u2013 estimates of the present value of future cash flows 170,499 \u2013 risk adjustment 2,857 \u2013 contractual service margin \u2013 determined retrospectively 1,098 \u2013 determined under the modified retrospective approach 1,194 \u2013 determined under the fair value approach 3,935 Total Insurance contracts 182,455 Insurance contracts, presented as assets 125 Insurance contracts, presented as liabilities 182,580 Total Insurance contracts 182,455 Approximately 90% of the Total insurance contracts was determined using the fair value transition approach. NN Group continues using Operating result as an Alternative Performance Measure. The definition of Operating result was amended to reflect the impact of IFRS 9 and IFRS 17. NN Group also continued using the financial leverage ratio. The leverage ratio was based on equity excluding the revaluation on (only) assets; NN Group amended the leverage ratio by including net revaluations and contractual service margin. Reference is made to Note 30 \u2019Segments\u2019 and Note 51 \u2018Capital and liquidity management\u2019. The implementation of IFRS 9 and IFRS 17 did not impact NN Group\u2019s Own Funds and the Solvency Capital Requirement under Solvency II, nor its Operating Capital Generation (OCG). Reference is made to Note 13 \u2018Insurance contracts\u2019 and Note 52 \u2018Other IFRS 9 and IFRS 17 transition disclosures\u2019 for further details. In the Notes below, all references to \u2018Opening balance\u2019 refer to the restated balances for IFRS 9 and IFRS 17 at 31 December 2021 and 1 January 2022. References to \u20182022\u2019, \u20182022 Closing balance\u2019 and \u201831 December 2022\u2019 refer to the restated balances for those periods. IAS 12 \u2018Income Taxes\u2019 In May 2023, \u2018International Tax Reform \u2013 Pillar Two Model Rules\u2019 was issued, which amends IAS 12 \u2018Income Taxes\u2019. NN Group applies this amendment as of 2023. Related disclosures are included in Note 33 \u2018Taxation\u2019. Other changes in accounting standards that became effective In addition to the new accounting standards IFRS 9 and IFRS 17 and the change in IAS 12, the following amendments and revisions to existing standards became effective in 2023: \u2022 IAS 1, Disclosure of Accounting Policies, and IFRS Practice Statement 2, Making Materiality Judgements \u2022 IAS 8, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates \u2022 IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction These changes had no material impact on NN Group\u2019s consolidated annual accounts. Upcoming changes in IFRS-EU The following amendments and revisions to standards and interpretations have been issued by the IASB but are not yet effective: \u2022 IAS 1, Classification of Liabilities as Current or Non-current \u2022 IAS 1, Non-current Liabilities with Covenants \u2022 IFRS 16, Lease Liability in a Sale and Leaseback \u2022 IAS 7 and IFRS 7, Supplier Finance Arrangements \u2022 IAS 21, Lack of exchangeability These changes are not expected to have a material impact on NN Group\u2019s consolidated annual accounts. Changes in presentation The presentation of, and certain terms used in, the Consolidated balance sheet, Consolidated profit and loss account, Consolidated statement of cash flows, Consolidated statement of changes in equity and the notes was changed to provide additional and more relevant information or (for changes in comparative information) to better align with the current period presentation. The impact of these changes is explained in the respective notes when significant.52 Other IFRS 9 and IFRS 17 transition disclosures
Reconciliation Consolidated balance sheet 31 December 2022
Balance sheet item Restated balance sheet item
\u2013 as reported under IAS 39 and IFRS 4
Reported
amount Adjustment
Adjusted
amount \u2013 with IFRS 9 and IFRS 17
Cash and cash equivalents 6,670 6,670 Cash and cash equivalents
Available-for-sale investments 81,610 33,451 115,061 Investments at fair value through OCI
Loans 68,044 -47,753 20,291 Investments at cost
Financial assets designated as at fair value
through profit or loss 681 42,481 43,162
Investments at fair value through profit or
loss
Real estate investments 2,754 2,754 Investments in real estate
Associates and joint ventures 6,556 -106 6,450
Investments in associates and joint
ventures
Investments for risk of policyholders 34,562 -34,562
124 124 Insurance contracts
Reinsurance contracts 1,019 -182 837 Reinsurance contracts
Non-trading derivatives 2,452 2,452 Derivatives
Property and equipment 399 399 Property and equipment
Intangible assets 1,624 -344 1,280 Intangible assets
Deferred acquisition costs 1,858 -1,858
Deferred tax assets 904 -773 131 Deferred tax assets
Other assets 7,977 -564 7,413 Other assets
Total assets 217,110 -10,086 207,024 Total assets
Insurance and investment contracts 156,378 -15,579 140,799 Insurance contracts
223 223 Reinsurance contracts
3,421 3,421 Investment contracts
Debt securities issued 1,694 1,694 Debt instruments issued
Subordinated debt 2,334 2,334 Subordinated debt
Other borrowed funds 11,118 11,118 Other borrowed funds
Customer deposits and other funds on
deposit 16,235 16,235 Customer deposits
Non-trading derivatives 6,462 -1 6,461 Derivatives
Deferred tax liabilities 423 201 624 Deferred tax liabilities
Other liabilities 4,634 -1,620 3,014 Other liabilities
Total liabilities 199,278 -13,355 185,923 Total liabilities
Total equity 17,832 3,269 21,101 Total equity
Reconciliation of Consolidated profit and loss account 2022
Main profit and loss accounts item Restated profit and loss account item
\u2013 as reported under IAS 39 and IFRS 4
Reported
amount Adjustment
Adjusted
amount \u2013 with IFRS 9 and IFRS 17
Total income 17,331 -17,331
Total expenses 16,769 -16,769
1,100 1,100 Insurance and reinsurance result
447 447 Net investment result
-899 -899 Other result
Result before tax from continuing operations 562 86 648 Result before tax from continuing operations
Taxation 85 23 108 Taxation
Net result from continuing operations 477 63 540 Net result from continuing operations
Net result from discontinued operations 28 -1 27 Net result from discontinued operations
Net result from disposal of discontinued
operations 1,061 1 1,062
Net result from disposal of discontinued
operations
Net result from discontinued operations 1,089 0 1,089 Discontinued operations
Net result from continuing and discontinued
operations 1,566 63 1,629
Net result from continuing and
discontinued operations
The line items as included above represent the line items in the consolidated statement of profit and loss for which it was
practicable to make a reconciliation between amounts as published and the restated amounts after implementation of IFRS 9 and
IFRS 17 .
Reconciliation of Consolidated statement of comprehensive income 2022 Comprehensive income item Restated Comprehensive income item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Net result from continuing and discontinued operations 1,566 63 1,629 Net result \u2013 25,882 25,882 \u2013 finance result on (re) insurance contracts recognised in OCI \u2013 unrealised revaluations on available-for- sale investments and other -15,705 -5,021 -20,726 \u2013 revaluations on Investments at fair value through OCI \u2013 realised gains (losses) transferred to the profit and loss account 112 -133 -21 \u2013 realised gains (losses) transferred to the profit and loss account \u2013 changes in cash flow hedge reserve -5,942 -1 -5,943 \u2013 changes in cash flow hedge reserve \u2013 deferred interest credited to policyholders 4,986 -4,986 \u2013 share of OCI of associates and joint ventures 9 9 \u2013 share of OCI of investments in associates and joint ventures \u2013 exchange rate differences -164 59 -105 \u2013 foreign currency exchange differences Items that may be reclassified subsequently to the profit and loss account: -16,704 15,800 -904 Items that may be reclassified subsequently to the profit and loss account \u2013 -1,596 -1,596 \u2013 revaluations on equity securities at fair value through OCI \u2013 unrealised revaluations on property in own use 3 -1 2 \u2013 revaluations on property in own use \u2013 remeasurement of the net defined benefit asset/liability 68 68 \u2013 remeasurement of the net defined benefit asset/liability Items that will not be reclassified to the profit and loss account: 71 -1,597 -1,526 Items that will not be reclassified to the profit and loss account: Total other comprehensive income -16,633 14,203 -2,430 Total other comprehensive income Total comprehensive income -15,067 -14,266 -801 Total comprehensive income Comprehensive income attributable to: Comprehensive income attributable to: Shareholders of the parent -15,014 14,263 -751 Shareholders of the parent Minority interests -53 3 -50 Minority interests Total comprehensive income -15,067 14,266 -801 Total comprehensive income Reconciliation of Consolidated statement of cash flows 2022 Statement of cash flows item Restated cash flow item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Result before tax 1,660 87 1,747 Result before tax Adjusted for: Adjusted for: \u2013 depreciation and amortisation 146 146 \u2013 depreciation and amortisation \u2013 deferred acquisition costs and value of business acquired 7 -7 \u2013 underwriting expenditure (change in insurance liabilities) -1,555 -3,871 -5,426 \u2013 change in (re) insurance contracts and investment contracts \u2013 realised results and impairments of available-for-sale investments 267 5,908 6,175 \u2013 realised results and impairments on investments \u2013 other 54 789 843 \u2013 other -2,565 -2,565 \u2013 net premiums, claims and attributable expenses on (re) insurance contracts Tax paid (received) -145 -145 Tax paid (received) Changes in: Changes in: \u2013 loans -889 -31 -920 \u2013 investments at cost \u2013 other financial assets at fair value through profit or loss 241 -241 \u2013 investments at fair value through profit or loss \u2013 non-trading derivatives 424 343 767 \u2013 derivatives \u2013 other assets -3,920 11 -3,909 \u2013 other assets \u2013 customer deposits and other funds on deposit 200 200 \u2013 customer deposits \u2013financial liabilities at fair value through profit or loss - non-trading derivatives 343 -343 \u2013 other liabilities -5,015 -17 -5,032 \u2013 other liabilities Net cash flow from operating activities -8,182 63 -8,119 Net cash flow from operating activities Investments and advances: Investments and advances: \u2013 group companies, net of cash acquired -547 -547 \u2013 group companies, net of cash acquired \u2013 available-for-sale investments -24,702 -3,473 -28,175 \u2013 investments at fair value through OCI \u2013 loans -5,339 5,339 \u2013 investments at cost -11,422 -11,422 \u2013 investments at fair value through profit or loss \u2013 associates and joint ventures -766 -766 \u2013 investments in associates and joint ventures \u2013 real estate investments -136 -136 \u2013 investments in real estate \u2013 property and equipment -38 38 \u2013 investments for risk of policyholders -9,270 9,270 \u2013 other investments -69 -38 -107 \u2013 other investments Disposals and redemptions: Disposals and redemptions: \u2013 group companies 1,508 1,508 \u2013 group companies \u2013 available-for-sale investments 30,909 3,262 34,171 \u2013 investments at fair value through OCI \u2013 loans 4,257 -4,198 59 \u2013 investments at cost 10,352 10,352 \u2013 investments at fair value through profit or loss \u2013 associates and joint ventures 971 971 \u2013 investments in associates and joint ventures \u2013 real estate investments 100 100 \u2013 investments in real estate \u2013 property and equipment 4 -4 \u2013 investments for risk of policyholders 9,193 -9,193 \u2013 other investments 4 4 \u2013 other investments Net cash flow from investing activities 6,075 -63 6,012 Net cash flow from investing activities Reconciliation of Consolidated statement of cash flows 2022 continued
Statement of cash flows item Restated cash flow item
\u2013 as reported under IAS 39 and IFRS 4
Reported
amount Adjustment
Adjusted
amount \u2013 with IFRS 9 and IFRS 17
Proceeds from subordinated debt 494 494
Proceeds from issuance of subordinated
notes
Repayments of subordinated debt -500 -500 Repayments of subordinated notes
Repayments of debt securities issued -600 -600 Repayments of debt instruments issued
Proceeds from other borrowed funds 10,091 -1 10,090 Proceeds from other borrowed funds
Repayments of other borrowed funds -5,716 -5,716 Repayments of other borrowed funds
Dividend paid -536 1 -535 Dividend paid
Purchase/sale of treasury shares -1,391 -1,391 Purchase (sale) of treasury shares
Coupon on undated subordinated notes -78 -78 Coupon on undated subordinated notes
Net cash flow from financing activities 1,764 0 1,764 Net cash flow from financing activities
Net cash flow -343 0 -343 Net cash flo w
Reconciliation of Consolidated statement of changes in equity 2022 Statement of changes in equity item Restated changes in equity item \u2013 as reported under IAS 39 and IFRS 4 Reported amount Adjustment Adjusted amount \u2013 with IFRS 9 and IFRS 17 Balance at 1 January 2022 34,918 -11,286 23,632 Balance at 1 January 2022 \u2013 25,882 25,882 Finance result on (re) insurance contracts recognised in OCI Unrealised revaluations on available-for-sale investments and other -15,705 -5,021 -20,726 Revaluations on debt securities at fair value through OCI \u2013 -1,596 -1,596 Revaluations on equity securities at fair value through OCI Realised gains (losses) transferred to the profit and loss account 112 -133 -21 Realised gains (losses) transferred to the profit and loss account Changes in cash flow hedge reserve -5,942 -1 -5,943 Changes in cash flow hedge reserve Deferred interest credited to policyholders 4,986 -4,986 \u2013 Share of OCI of associates and joint ventures 9 9 Share of OCI of investments in associates and joint ventures Exchange rate differences -164 59 -105 Foreign currency exchange difference Remeasurement of the net defined benefit asset/liability 68 68 Remeasurement of the net defined benefit asset/liability Unrealised revaluations on property in own use 3 -1 2 Unrealised revaluations on property in own use Total amount recognised directly in equity (OCI) -16,633 14,203 -2,430 Total amount recognised directly in equity (OCI) Net result from continuing and discontinued operations 1,566 63 1,629 Net result for the period Total comprehensive income -15,067 14,266 -801 Total comprehensive income Dividend -535 -535 Dividend Purchase (sale) of treasury shares -1,392 1 -1,391 Purchase (sale) of treasury shares Employee stock option and share plans -6 -6 Employee stock option and share plans Coupon on undated subordinated notes -58 -58 Coupon on undated subordinated notes Changes in the composition of the group and other changes -28 288 260 Changes in the composition of the group and other changes Balance at 31 December 2022 17,832 3,269 21,101 Balance at 31 December 202",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-553": {
"value": "NN Group has identified the accounting policies that are most material to its business operations and to the understanding of its results. These material accounting policies are those which involve the most complex or subjective judgements and assumptions and relate to insurance contracts, acquisition accounting, the determination of the fair value of real estate and financial assets and liabilities and impairments. In each case, the determination of these items is fundamental to the financial condition and results of operations and requires management to make complex judgements based on information and financial data that may change in future periods. As a result, determinations regarding these items necessarily involve the use of assumptions and subjective judgements as to future events and are subject to change, as the use of different assumptions or data could produce significantly different results. All valuation techniques used are subject to internal review and approval. For further details on the application of these accounting policies, reference is made to the applicable notes to the Consolidated annual accounts and the information below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-554": {
"value": "NN Group has identified the accounting policies that are most material to its business operations and to the understanding of its results. These material accounting policies are those which involve the most complex or subjective judgements and assumptions and relate to insurance contracts, acquisition accounting, the determination of the fair value of real estate and financial assets and liabilities and impairments. In each case, the determination of these items is fundamental to the financial condition and results of operations and requires management to make complex judgements based on information and financial data that may change in future periods. As a result, determinations regarding these items necessarily involve the use of assumptions and subjective judgements as to future events and are subject to change, as the use of different assumptions or data could produce significantly different results. All valuation techniques used are subject to internal review and approval. For further details on the application of these accounting policies, reference is made to the applicable notes to the Consolidated annual accounts and the information below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-555": {
"value": "NN Group has identified the accounting policies that are most material to its business operations and to the understanding of its results. These material accounting policies are those which involve the most complex or subjective judgements and assumptions and relate to insurance contracts, acquisition accounting, the determination of the fair value of real estate and financial assets and liabilities and impairments. In each case, the determination of these items is fundamental to the financial condition and results of operations and requires management to make complex judgements based on information and financial data that may change in future periods. As a result, determinations regarding these items necessarily involve the use of assumptions and subjective judgements as to future events and are subject to change, as the use of different assumptions or data could produce significantly different results. All valuation techniques used are subject to internal review and approval. For further details on the application of these accounting policies, reference is made to the applicable notes to the Consolidated annual accounts and the information below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-556": {
"value": "Consolidation NN Group comprises NN Group N.V. and all its subsidiaries. The Consolidated annual accounts of NN Group comprise the accounts of NN Group N.V. and all entities over which NN Group has control. NN Group has control over an entity when NN Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The assessment of control is based on the substance of the relationship between NN Group and the entity and considers existing and potential voting rights that are substantive. For a right to be substantive, the holder must have the practical ability to exercise that right. For interests in investment entities, the existence of control is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Financial interests for risk of policyholders are not taken into account when the policyholders decide on the investment allocations of their insurance policies (i.e. the policyholder has the \u2018power\u2019) and assume all risks and benefits of these investments (i.e. the policyholder assumes the variable returns). The results of the operations and the net assets of subsidiaries are included in the profit and loss account and the balance sheet from the date control is obtained until the date control is lost. Minority interests are initially measured at their proportionate share of the subsidiaries\u2019 identifiable net assets at the date of acquisition. On disposal, the difference between the sales proceeds, net of directly attributable transaction costs, and the net assets is included in net result. A subsidiary which NN Group has agreed to sell but is still legally owned by NN Group may still be controlled by NN Group at the balance sheet date and, therefore, still be included in the consolidation. Such a subsidiary may be presented as held for sale if certain conditions are met. All intercompany transactions, balances and unrealised gains and losses on transactions between group companies are eliminated. Where necessary, the accounting policies used by subsidiaries are changed to ensure consistency with NN Group policies. In general, the reporting dates of subsidiaries are the same as the reporting date of NN Group N.V. A list of principal subsidiaries is included in Note 32 \u2018Principal subsidiaries and geographical information\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-557": {
"value": "Foreign currency translation Functional and presentation currency Items included in the annual accounts of each NN Group entity are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The Consolidated annual accounts are presented in euros, which is NN Group\u2019s functional and presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of the transactions. The release of the contractual service margin of insurance contracts is translated similarly. Exchange rate differences resulting from the settlement of transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account, except when deferred in equity as part of qualifying cash flow hedges, qualifying net investment hedges or as result of applying the OCI option on insurance contracts. Exchange rate differences on non-monetary items, measured at fair value through profit or loss, are reported as part of the \u2018fair value gain or loss\u2019. Exchange rate differences on non-monetary items measured at fair value through other comprehensive income (equity) are included in the \u2018revaluation reserve\u2019 in equity. Exchange rate differences in the profit and loss account are generally included in \u2018Foreign currency exchange results\u2019 as part of investment result. Exchange rate differences relating to the disposal of debt and equity securities are considered to be an inherent part of the capital gains and losses. On disposal of group companies, any foreign currency exchange difference deferred in equity is recognised in the profit and loss account in \u2018Result on disposals of group companies\u2019. Group companies The results and financial positions of all group companies that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities included in each balance sheet are translated at the closing rate at the date of that balance sheet \u2022 Income and expenses included in each profit and loss account are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions) \u2022 All resulting exchange rate differences are recognised in a separate component of equity in \u2018Currency translation reserve\u2019 On consolidation, exchange rate differences arising from the translation of a monetary item that forms part of the net investment in a foreign operation and of borrowings and other instruments designated as hedges of such investments are taken to shareholders\u2019 equity. When a foreign operation is sold the corresponding exchange rate differences are recognised in the profit and loss account as part of the gain or loss on sale. Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the exchange rate prevailing at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-558": {
"value": "Functional and presentation currency Items included in the annual accounts of each NN Group entity are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The Consolidated annual accounts are presented in euros, which is NN Group\u2019s functional and presentation currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-559": {
"value": "Recognition and derecognition of financial instruments Financial assets and liabilities are generally (de)recognised at trade date, which is the date on which NN Group commits to purchase or sell the asset. Loans and receivables are recognised at settlement date, which is the date on which NN Group receives or delivers the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or where NN Group has transferred substantially all risks and rewards of ownership. If NN Group neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, it derecognises the financial asset if it no longer has control over the asset. Realised gains and losses on investments are determined as the difference between the sales proceeds and (amortised) cost. For equity securities, the cost is determined using a weighted average per portfolio. For debt securities, the cost is determined by specific identification (generally FIFO). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-560": {
"value": "Recognition and derecognition of financial instruments Financial assets and liabilities are generally (de)recognised at trade date, which is the date on which NN Group commits to purchase or sell the asset. Loans and receivables are recognised at settlement date, which is the date on which NN Group receives or delivers the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or where NN Group has transferred substantially all risks and rewards of ownership. If NN Group neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, it derecognises the financial asset if it no longer has control over the asset. Realised gains and losses on investments are determined as the difference between the sales proceeds and (amortised) cost. For equity securities, the cost is determined using a weighted average per portfolio. For debt securities, the cost is determined by specific identification (generally FIFO). Cash includes short term investments. NN Group invests in several types of money market funds, some qualifying as cash equivalents and some as investments. Short-term investments in money market funds are presented as cash equivalents only if these are highly liquid and quoted in an active market and have low investment risk. 3 Investments at fair value through other comprehensive income Investments at fair value through other comprehensive income include debt securities and loans that are held in a business model \u2018held to collect and sell\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. The objective of this business model \u2018held to collect and sell\u2019 is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities held by insurance entities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. Investments at fair value through other comprehensive income are initially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yield in the profit and loss account. Interest income on debt securities and loans is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as Investments at fair value through other comprehensive income is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the fair value are recognised in other comprehensive income (equity). For debt securities and loans, realised gains and losses on disposal, are recognised in the profit and loss account in \u2018Investment result\u2019 . Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative Investments at cost consist of loans that are held in a business model \u2018held to collect\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. This mainly relates to mortgage loans in the segment Banking. Investments at cost are initially recognised at fair value plus transaction costs. Subsequently, these are carried at amortised cost using the effective interest method less any impairment losses. Interest income is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairment A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Reference is made to Note 50 \u2018Risk management\u2019 for more information on credit risk. Debt instruments issued, subordinated debt, and other borrowed funds are recognised initially at their issue proceeds (fair value of consideration received) net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between proceeds, net of transaction costs and the redemption value is recognised in the profit and loss account over the period of the borrowings using the effective interest method. If NN Group purchases its own debt, it is derecognised from the balance sheet and the difference between the carrying value of the liability and the consideration paid is recognised in the profit and loss account. Financial liabilities include only instruments of which the terms and conditions represent a contractual obligation to pay interest and/or principal. Instruments that are similar in substance, but of which the terms and conditions do not include a contractual obligation to pay interest and principal are classified as equity Derivatives are recognised at fair value. Derivatives are presented as assets when the fair value is positive and as liabilities when the fair value is negative. The method of recognising the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. NN Group designates certain derivatives as hedges of highly probable future cash flows attributable to a recognised asset or liability or a forecast transaction (cash flow hedge), hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedge), or hedges of a net investment in a foreign operation. Hedge accounting is used for derivatives designated in this way provided certain criteria are met. Reference is made to Note 36 \u2018Hedge accounting\u2019 for further information on hedge accounting. Certain derivatives embedded in other contracts are measured as separate derivatives if: \u2022 Their economic characteristics and risks are not closely related to those of the host contract \u2022 The host contract is not carried at fair value through profit or loss \u2022 A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative (unless the embedded derivative meets the definition of an insurance contract) These embedded derivatives are measured at fair value with changes in fair value recognised in the profit and loss account. An assessment is carried out when NN Group first becomes party to the contract. A reassessment is carried out only when there is a change in the terms of the contract that significantly modifies the expected cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-561": {
"value": "Leases The leases entered into by NN Group as a lessee are primarily operating leases. At inception of a contract, NN Group assesses whether a contract is, or contains, a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The net present value of operating lease commitments is recognised on the balance sheet as a \u2018right of use asset\u2019 under Property and equipment or Real estate investments and a lease liability is recognised under Other liabilities. NN Group does not recognise a right of use asset and a lease liability for short-term leases that have a lease term of 12 months or less and for leases of low value assets. The lease payments associated with these leases are recognised as an expense",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-562": {
"value": "Fiduciary activities NN Group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions when conducting asset management activities. The assets and income arising thereon are excluded from these annual accounts, as they are not assets or income of NN Group. Fees received acting as trustee and in other fiduciary capacities are recognised as income",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-563": {
"value": "Statement of cash flows The Consolidated statement of cash flows is prepared in accordance with the indirect method, classifying cash flows as cash flows from operating, investing and financing activities. In the net cash flow from operating activities, the result before tax is adjusted for those items in the profit and loss account and changes in balance sheet items, which do not result in actual cash flows during the year. Cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition. Investments qualify as a cash equivalent if they are readily convertible into a known amount of cash and are not subject to significant risk of changes in value. Cash flows arising from foreign currency transactions are translated into the functional currency using the exchange rates at the date of the cash flows. The difference between the net cash flow in accordance with the statement of cash flows and the change in \u2018Cash and cash equivalents\u2019 in the balance sheet is due to foreign currency exchange differences and is accounted for separately as part of the reconciliation of the net cash flow and the balance sheet change in \u2018Cash and cash equivalents\u2019. Cash flows arising from the issue of mortgage loans held in the banking operations are recognised under Net cash flows from operating activities, whereas cash flows related to mortgage loans held as investment in the insurance operations are recognised under Net cash flow from investing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-564": {
"value": "2 Cash and cash equivalents Cash includes short term investments. NN Group invests in several types of money market funds, some qualifying as cash equivalents and some as investments. Short-term investments in money market funds are presented as cash equivalents only if these are highly liquid and quoted in an active market and have low investment risk. Cash and cash equivalents 2023 2022 (Restated) Cash and bank balances 3,888 4,148 Money market funds 2,976 1,744 Short-term deposits 1,343 778 Cash and cash equivalents at the end of the period 8,207 6,670 As at 31 December 2023, NN Group held EUR 2,156 million (31 December 2022: EUR 2,183 million) at central banks. Changes in Cash and cash equivalents 2023 2022 (Restated) Cash and cash equivalents at the beginning of the year without held for sale 6,670 6,929 Cash and cash equivalents at the beginning of the year classified as assets held for sale 226 Cash and cash equivalents at the beginning of the year 6,670 7,155 Net cash flow 1,609 -343 Effect of foreign currency exchange differences on cash and cash equivalents -72 -142 Cash and cash equivalents at the end of the year 8,207 6,670 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-565": {
"value": "2 Cash and cash equivalents Cash includes short term investments. NN Group invests in several types of money market funds, some qualifying as cash equivalents and some as investments. Short-term investments in money market funds are presented as cash equivalents only if these are highly liquid and quoted in an active market and have low investment risk. Cash and cash equivalents 2023 2022 (Restated) Cash and bank balances 3,888 4,148 Money market funds 2,976 1,744 Short-term deposits 1,343 778 Cash and cash equivalents at the end of the period 8,207 6,670 As at 31 December 2023, NN Group held EUR 2,156 million (31 December 2022: EUR 2,183 million) at central banks. Changes in Cash and cash equivalents 2023 2022 (Restated) Cash and cash equivalents at the beginning of the year without held for sale 6,670 6,929 Cash and cash equivalents at the beginning of the year classified as assets held for sale 226 Cash and cash equivalents at the beginning of the year 6,670 7,155 Net cash flow 1,609 -343 Effect of foreign currency exchange differences on cash and cash equivalents -72 -142 Cash and cash equivalents at the end of the year 8,207 6,670 Notes to the Consolidated annual accounts continued 3 Investments at fair value through other comprehensive income Investments at fair value through other comprehensive income include debt securities and loans that are held in a business model \u2018held to collect and sell\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. The objective of this business model \u2018held to collect and sell\u2019 is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities held by insurance entities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. Investments at fair value through other comprehensive income are initially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yield in the profit and loss account. Interest income on debt securities and loans is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as Investments at fair value through other comprehensive income is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the fair value are recognised in other comprehensive income (equity). For debt securities and loans, realised gains and losses on disposal, are recognised in the profit and loss account in \u2018Investment result\u2019 . Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative 3 Investments at fair value through other comprehensive income continued Changes in investments at fair value through other comprehensive income (2023) 2023 Debt securities Equity securities Loans Total Opening balance 69,684 4,106 41,271 115,061 Additions 15,448 423 1,986 17,857 Disposals and redemptions -19,995 -875 -2,744 -23,614 Revaluations 2,580 245 952 3,777 Impairments -50 4 -46 Amortisation -69 -55 -124 Transfers and reclassifications -1,351 -1,351 Changes in the composition of the group and other changes -13 -13 Foreign currency exchange differences -1,467 20 -1,447 Closing balance 66,131 3,919 40,050 110,100 Changes in investments at fair value through other comprehensive income (2022) (Restated) 2022 (Restated) Debt securities Equity securities Loans Total Opening balance 94,710 5,984 49,256 149,950 Additions 22,302 549 5,324 28,175 Disposals and redemptions -29,208 -1,039 -3,924 -34,171 Revaluations -19,064 -1,344 -9,103 -29,511 Impairments -41 12 -29 Amortisation -206 -130 -336 Transfers and reclassifications -101 -101 Changes in the composition of the group and other changes 1,674 1 -68 1,607 Foreign currency exchange differences -483 -45 5 -523 Closing balance 69,684 4,106 41,271 115,061 Changes in the composition of the group and other changes includes in 2022 the impact of the acquisition of MetLife\u2019s businesses in Poland and Greece. Impairment \u2013 Investments at fair value through other comprehensive income (2023) Stage 1 Stage 2 Stage 3 2023 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -46 -22 -128 -196 Transfers between stage 1,2 and 3 2 1 -3 0 Additions -38 5 -13 -46 Disposals 1 77 78 Closing balance -82 -15 -67 -164 The loss allowance for investments at fair value through other comprehensive income of EUR 164 million (2022: EUR 196 million) does not reduce the carrying amount of these investments (which are measured at fair value) but gives rise to an equal and opposite gain in other comprehensive income and is included in the line \u2018Revaluations\u2019 in the table of Changes in investments at fair value through other comprehensive income. Impairment \u2013 Investments at fair value through other comprehensive income (2022) (Restated) Stage 1 Stage 2 Stage 3 2022 (Restated) 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -23 -30 -121 -174 Transfers between stage 1,2 and 3 1 8 -9 0 Additions -24 -5 -29 Disposals 7 7 Closing balance -46 -22 -128 -196 4 Investments at cost Investments at cost consist of loans that are held in a business model \u2018held to collect\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. This mainly relates to mortgage loans in the segment Banking. Investments at cost are initially recognised at fair value plus transaction costs. Subsequently, these are carried at amortised cost using the effective interest method less any impairment losses. Interest income is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairment . Investments at cost 2023 2022 (Restated) Mortgage loans 21,390 20,034 Other 101 268 Impairments -3 -11 Investments at cost \u2013 net of impairments 21,488 20,291 Changes in investments at cost (2023) 2023 Mortgage loans Other Total Opening balance 20,028 263 20,291 Additions 2,728 117 2,845 Disposals and redemptions -1,943 -156 -2,099 Fair value changes recognised on hedged items 535 535 Impairments 3 5 8 Amortisation -27 -27 Transfers and reclassifications 64 -69 -5 Changes in the composition of the group and other changes -1 -59 -60 Closing balance 21,387 101 21,488 6 Investments in real estate Investments in real estate Real estate investments are initially measured at cost, including transaction cost and are subsequently measured at fair value. Changes in the carrying value resulting from revaluations are recognised in the profit and loss account. On disposal the difference between the sales proceeds and carrying value is recognised in the profit and loss account. The fair value of real estate investments is based on regular appraisals by independent qualified valuers. In principle each reporting period every property is valued. Market transactions and disposals made by NN Group are monitored as part of the validation procedures to test the valuations. Valuations performed earlier in the year are updated if necessary to reflect the situation at the year-end. All real estate investments are appraised externally at least annually. The fair value represents the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and willing seller in an at-arm\u2019s-length transaction after proper marketing wherein the parties each acted knowledgeably, prudently and without compulsion. The fair value is based on regular appraisals by external qualified valuers using valuation methods such as comparable market transactions, capitalisation of income methods or discounted cash flow calculations. The underlying assumption used in the valuation is that the properties are let or sold to third parties based on the actual letting status. The discounted cash flow analysis and capitalisation of income method are based on calculations of the future rental income in accordance with the terms in existing leases and estimations of the rental values for new leases when leases expire and incentives like rent-free periods. The cash flows are discounted using market-based interest rates that appropriately reflect the risk characteristics of real estate. The valuation of real estate investments takes (expected) vacancies into account. Occupancy rates differ significantly from investment to investment. For real estate investments held through (minority shares in) real estate investment funds, the valuations are performed under the responsibility of the funds\u2019 asset manager. Subsequent expenditures are recognised as part of the asset\u2019s carrying value only when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of an item can be measured reliably. All other repairs and maintenance costs are recognised immediately in the profit and loss account. Borrowing costs on real estate investments under construction are capitalised until completion. Real estate investments under construction are included in investments in real estate. Reference is made to Note 35 \u2018Fair value of non-financial assets\u2019 for more disclosure on fair value of real estate investments at the balance sheet date. Changes in investments in real estate 2023 2022 (Restated) Investments in real estate \u2013 opening balance 2,754 2,719 Additions 193 136 Transfers from (to) property in own use 10 Transfers from (to) other assets -1 -3 Fair value gains (losses) -276 -8 Disposals -50 -100 Investments in real estate \u2013 closing balance 2,620 2,754 The total amount of rental income recognised in the profit and loss account for the year ended 31 December 2023 is EUR 176 million (2022: EUR 169 million). The real estate investments include properties that are leased (ground lease). At 31 December 2023, the corresponding right of use assets amount to EUR 52 million (2022: EUR 45 million). The total amount of direct operating expenses (including repairs and maintenance) in relation to real estate investments recognised in rental income for the year ended 31 December 2023 is EUR 62 million (2022: EUR 60 million). Investments in real estate by year of most recent appraisal 2023 2022 (Restated) Most recent appraisal in current year 100% 100% 100% 100% NN Group\u2019s total exposure to real estate is included in the following balance sheet lines: Real estate exposure 2023 2022 (Restated) Investments in real estate 2,620 2,754 Investments at fair value through profit or loss 2,181 2,554 Investments at fair value through OCI 348 355 Investments in associates and joint ventures 4,384 4,915 Property and equipment \u2013 property in own use 92 97 Real estate exposure 9,625 10,675 Furthermore, the exposure is impacted by third-party interests, leverage in funds and off-balance commitments. Reference is made to Note 50 \u2018Risk management\u2019. f actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Reference is made to Note 50 \u2018Risk management\u2019 for more information on credit risk. Investments at fair value through other comprehensive income 2023 2022 (Restated) Debt securities 66,131 69,684 Equity securities 3,919 4,106 Loans 40,050 41,271 Investments at fair value through other comprehensive income 110,100 115,061 Changes in investments at cost (2022) (Restated) 2022 (Restated) Mortgage loans Other Total Opening balance 20,841 535 21,376 Additions 3,790 18 3,808 Disposals and redemptions -2,682 -266 -2,948 Fair value changes recognised on hedged items -1,948 2 -1,946 Impairments 1 1 2 Amortisation -49 -2 -51 Transfers and reclassifications 75 -84 -9 Changes in the composition of the group and other changes 59 59 Closing balance 20,028 263 20,291 A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. Investments at fair value through profit or loss 2023 2022 (Restated) For risk of policyholders: \u2013 debt securities 889 1,694 \u2013 equity securities and investment funds 36,789 31,700 \u2013 loans and other 2,611 1,165 Total for risk of policyholders 40,289 34,559 For risk of company: \u2013 debt securities 460 899 \u2013 equity securities and investment funds 7,821 7,374 \u2013 loans and other 822 330 Total for risk of company 9,103 8,603 Investments at fair value through profit or loss 49,392 43,162",
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"fact-566": {
"value": "2 Cash and cash equivalents Cash includes short term investments. NN Group invests in several types of money market funds, some qualifying as cash equivalents and some as investments. Short-term investments in money market funds are presented as cash equivalents only if these are highly liquid and quoted in an active market and have low investment risk. Cash and cash equivalents 2023 2022 (Restated) Cash and bank balances 3,888 4,148 Money market funds 2,976 1,744 Short-term deposits 1,343 778 Cash and cash equivalents at the end of the period 8,207 6,670 As at 31 December 2023, NN Group held EUR 2,156 million (31 December 2022: EUR 2,183 million) at central banks. Changes in Cash and cash equivalents 2023 2022 (Restated) Cash and cash equivalents at the beginning of the year without held for sale 6,670 6,929 Cash and cash equivalents at the beginning of the year classified as assets held for sale 226 Cash and cash equivalents at the beginning of the year 6,670 7,155 Net cash flow 1,609 -343 Effect of foreign currency exchange differences on cash and cash equivalents -72 -142 Cash and cash equivalents at the end of the year 8,207 6,670 Notes to the Consolidated annual accounts continued 3 Investments at fair value through other comprehensive income Investments at fair value through other comprehensive income include debt securities and loans that are held in a business model \u2018held to collect and sell\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. The objective of this business model \u2018held to collect and sell\u2019 is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities held by insurance entities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. Investments at fair value through other comprehensive income are initially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yield in the profit and loss account. Interest income on debt securities and loans is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as Investments at fair value through other comprehensive income is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the fair value are recognised in other comprehensive income (equity). For debt securities and loans, realised gains and losses on disposal, are recognised in the profit and loss account in \u2018Investment result\u2019 . Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative 3 Investments at fair value through other comprehensive income continued Changes in investments at fair value through other comprehensive income (2023) 2023 Debt securities Equity securities Loans Total Opening balance 69,684 4,106 41,271 115,061 Additions 15,448 423 1,986 17,857 Disposals and redemptions -19,995 -875 -2,744 -23,614 Revaluations 2,580 245 952 3,777 Impairments -50 4 -46 Amortisation -69 -55 -124 Transfers and reclassifications -1,351 -1,351 Changes in the composition of the group and other changes -13 -13 Foreign currency exchange differences -1,467 20 -1,447 Closing balance 66,131 3,919 40,050 110,100 Changes in investments at fair value through other comprehensive income (2022) (Restated) 2022 (Restated) Debt securities Equity securities Loans Total Opening balance 94,710 5,984 49,256 149,950 Additions 22,302 549 5,324 28,175 Disposals and redemptions -29,208 -1,039 -3,924 -34,171 Revaluations -19,064 -1,344 -9,103 -29,511 Impairments -41 12 -29 Amortisation -206 -130 -336 Transfers and reclassifications -101 -101 Changes in the composition of the group and other changes 1,674 1 -68 1,607 Foreign currency exchange differences -483 -45 5 -523 Closing balance 69,684 4,106 41,271 115,061 Changes in the composition of the group and other changes includes in 2022 the impact of the acquisition of MetLife\u2019s businesses in Poland and Greece. Impairment \u2013 Investments at fair value through other comprehensive income (2023) Stage 1 Stage 2 Stage 3 2023 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -46 -22 -128 -196 Transfers between stage 1,2 and 3 2 1 -3 0 Additions -38 5 -13 -46 Disposals 1 77 78 Closing balance -82 -15 -67 -164 The loss allowance for investments at fair value through other comprehensive income of EUR 164 million (2022: EUR 196 million) does not reduce the carrying amount of these investments (which are measured at fair value) but gives rise to an equal and opposite gain in other comprehensive income and is included in the line \u2018Revaluations\u2019 in the table of Changes in investments at fair value through other comprehensive income. 3 Investments at fair value through other comprehensive income continued Impairment \u2013 Investments at fair value through other comprehensive income (2022) (Restated) Stage 1 Stage 2 Stage 3 2022 (Restated) 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -23 -30 -121 -174 Transfers between stage 1,2 and 3 1 8 -9 0 Additions -24 -5 -29 Disposals 7 7 Closing balance -46 -22 -128 -196 4 Investments at cost Investments at cost consist of loans that are held in a business model \u2018held to collect\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. This mainly relates to mortgage loans in the segment Banking. Investments at cost are initially recognised at fair value plus transaction costs. Subsequently, these are carried at amortised cost using the effective interest method less any impairment losses. Interest income is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairment . Investments at cost 2023 2022 (Restated) Mortgage loans 21,390 20,034 Other 101 268 Impairments -3 -11 Investments at cost \u2013 net of impairments 21,488 20,291 Changes in investments at cost (2023) 2023 Mortgage loans Other Total Opening balance 20,028 263 20,291 Additions 2,728 117 2,845 Disposals and redemptions -1,943 -156 -2,099 Fair value changes recognised on hedged items 535 535 Impairments 3 5 8 Amortisation -27 -27 Transfers and reclassifications 64 -69 -5 Changes in the composition of the group and other changes -1 -59 -60 Closing balance 21,387 101 21,488 3 Investments at fair value through other comprehensive income continued f actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Reference is made to Note 50 \u2018Risk management\u2019 for more information on credit risk. Investments at fair value through other comprehensive income 2023 2022 (Restated) Debt securities 66,131 69,684 Equity securities 3,919 4,106 Loans 40,050 41,271 Investments at fair value through other comprehensive income 110,100 115,061 Changes in investments at cost (2022) (Restated) 2022 (Restated) Mortgage loans Other Total Opening balance 20,841 535 21,376 Additions 3,790 18 3,808 Disposals and redemptions -2,682 -266 -2,948 Fair value changes recognised on hedged items -1,948 2 -1,946 Impairments 1 1 2 Amortisation -49 -2 -51 Transfers and reclassifications 75 -84 -9 Changes in the composition of the group and other changes 59 59 Closing balance 20,028 263 20,291 5 Investments at fair value through profit or loss A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. Investments at fair value through profit or loss 2023 2022 (Restated) For risk of policyholders: \u2013 debt securities 889 1,694 \u2013 equity securities and investment funds 36,789 31,700 \u2013 loans and other 2,611 1,165 Total for risk of policyholders 40,289 34,559 For risk of company: \u2013 debt securities 460 899 \u2013 equity securities and investment funds 7,821 7,374 \u2013 loans and other 822 330 Total for risk of company 9,103 8,603 Investments at fair value through profit or loss 49,392 43,162Debt instruments issued, subordinated debt, and other borrowed funds are recognised initially at their issue proceeds (fair value of consideration received) net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between proceeds, net of transaction costs and the redemption value is recognised in the profit and loss account over the period of the borrowings using the effective interest method. If NN Group purchases its own debt, it is derecognised from the balance sheet and the difference between the carrying value of the liability and the consideration paid is recognised in the profit and loss account. Financial liabilities include only instruments of which the terms and conditions represent a contractual obligation to pay interest and/or principal. Instruments that are similar in substance, but of which the terms and conditions do not include a contractual obligation to pay interest and principal are classified as equity . Debt instruments issued Notional amount Balance sheet value Interest rate Year of Issue Due date First call date 2023 2022 (Restated) 2023 2022 (Restated) 0.875% 2017 13 January 2023 13 January 2023 500 500 1.625% 2017 1 June 2027 1 March 2027 600 600 598 597 0.875% 2021 23 November 2031 23 May 2031 600 600 597 597 1,195 1,694 NN Group repaid the outstanding EUR 500 million 0.875% fixed rate unsecured senior notes that matured on 13 January 2023. 17 Subordinated debt Notional amount Balance sheet value Interest rate Year of issue Due date First call date 2023 2022 (Restated) 2023 2022 (Restated) 4.625% 2014 8 April 2044 8 April 2024 335 1,000 335 997 4.625% 2017 13 January 2048 13 January 2028 850 850 844 843 5.250% 2022 1 March 2043 30 August 2032 500 500 494 494 6.000% 2023 3 November 2043 3 May 2033 1,000 1,007 2,680 2,334 The above subordinated debt instruments have been issued to raise hybrid capital. Under IFRS-EU these debt instruments are classified as liabilities. They are considered capital for regulatory purposes. All subordinated debt is euro denominated. In April 2023 NN Group announced the issue of EUR 1 billion subordinated notes issued under NN Group\u2019s Sustainability Bond Framework with a maturity of 20.5 years and which are first callable after 10 years, subject to redemption conditions. The coupon is fixed at 6.00% per annum until the first reset date on 3 November 2033 and will be floating thereafter. The Notes qualify as Tier 2 regulatory capital. Notes to the Consolidated annual accounts continued 2 Our operating environmen t 18 Other borrowed funds Other borrowed funds 2023 2022 (Restated) Credit institutions 2,881 5,078 Other 7,111 6,040 Other borrowed funds 9,992 11,118 Other borrowed funds includes the funding of the consolidated securitisation programmes as disclosed in Note 45 \u2018Structured entities\u2019 and repo transactions used for liquidity management purposes. During 2023, NN Bank issued EUR 1,500 million bonds under its Covered Bond Programme, backed by Dutch prime residential mortgage loans net of redemptions (2022: EUR 500 million). 19 Customer deposits Customer deposits 2023 2022 (Restated) Savings 7,451 7,627 Bank annuities 9,009 8,608 Customer deposits 16,460 16,235 Customers have not entrusted any funds to NN Group on terms other than those prevailing in the normal course of business. All customer deposits are interest-bearing. Changes in Customer deposits 2023 2022 (Restated) Customer deposits \u2013 opening balance 16,235 15,945 Deposits received 4,246 3,841 Withdrawals -4,000 -3,526 Amortisation -21 -25 Customer deposits \u2013 closing balance 16,460 16,235 20 Derivatives Derivatives are recognised at fair value. Derivatives are presented as assets when the fair value is positive and as liabilities when the fair value is negative. The method of recognising the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. NN Group designates certain derivatives as hedges of highly probable future cash flows attributable to a recognised asset or liability or a forecast transaction (cash flow hedge), hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedge), or hedges of a net investment in a foreign operation. Hedge accounting is used for derivatives designated in this way provided certain criteria are met. Reference is made to Note 36 \u2018Hedge accounting\u2019 for further information on hedge accounting. Certain derivatives embedded in other contracts are measured as separate derivatives if: \u2022 Their economic characteristics and risks are not closely related to those of the host contract \u2022 The host contract is not carried at fair value through profit or loss \u2022 A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative (unless the embedded derivative meets the definition of an insurance contract) These embedded derivatives are measured at fair value with changes in fair value recognised in the profit and loss account. An assessment is carried out when NN Group first becomes party to the contract. A reassessment is carried out only when there is a change in the terms of the contract that significantly modifies the expected cash flows. Derivatives (assets) 2023 2022 (Restated) Derivatives used in: \u2013 fair value hedges 62 \u2013 cash flow hedges 536 256 \u2013 hedges of net investments in foreign operations 5 23 Other derivatives 1,945 2,111 Derivatives (assets) 2,486 2,452 Other derivatives includes derivatives for which no hedge accounting is applied. Derivatives (liabilities) 2023 2022 (Restated) Derivatives used in: \u2013 fair value hedges 39 \u2013 cash flow hedges 2,006 3,242 \u2013 hedges of net investments in foreign operations 2 Other derivatives 2,020 3,219 Derivatives (liabilities) 4,067 6,461 In April 2023 NN Group also announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 12 \u2018Equity\u2019. In August 2022, NN Group issued EUR 500 million of subordinated notes. This was the first issuance under NN Group\u2019s Sustainability Bond Framework, which was established in February 2022 with the aim to finance green and social projects and activities in accordance with certain prescribed eligibility criteria as further described in NN Group\u2019s Sustainability Bond Framework. The EUR 500 million subordinated notes have a maturity of 20.5 years and are first callable after 10 years, subject to redemption conditions. The coupon is fixed at 5.25% per annum until the first reset date on 1 March 2033 and will be floating thereafter. The subordinated notes qualify as Tier 2 regulatory capital.",
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"fact-567": {
"value": "Cash includes short term investments. NN Group invests in several types of money market funds, some qualifying as cash equivalents and some as investments. Short-term investments in money market funds are presented as cash equivalents only if these are highly liquid and quoted in an active market and have low investment risk. 3 Investments at fair value through other comprehensive income Investments at fair value through other comprehensive income include debt securities and loans that are held in a business model \u2018held to collect and sell\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. The objective of this business model \u2018held to collect and sell\u2019 is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities held by insurance entities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. Investments at fair value through other comprehensive income are initially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yield in the profit and loss account. Interest income on debt securities and loans is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as Investments at fair value through other comprehensive income is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the fair value are recognised in other comprehensive income (equity). For debt securities and loans, realised gains and losses on disposal, are recognised in the profit and loss account in \u2018Investment result\u2019 . Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative f actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Reference is made to Note 50 \u2018Risk management\u2019 for more information on credit risk. 4 Investments at cost Investments at cost consist of loans that are held in a business model \u2018held to collect\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. This mainly relates to mortgage loans in the segment Banking. Investments at cost are initially recognised at fair value plus transaction costs. Subsequently, these are carried at amortised cost using the effective interest method less any impairment losses. Interest income is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairment . 5 Investments at fair value through profit or loss A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. 6 Investments in real estate Investments in real estate Real estate investments are initially measured at cost, including transaction cost and are subsequently measured at fair value. Changes in the carrying value resulting from revaluations are recognised in the profit and loss account. On disposal the difference between the sales proceeds and carrying value is recognised in the profit and loss account. The fair value of real estate investments is based on regular appraisals by independent qualified valuers. In principle each reporting period every property is valued. Market transactions and disposals made by NN Group are monitored as part of the validation procedures to test the valuations. Valuations performed earlier in the year are updated if necessary to reflect the situation at the year-end. All real estate investments are appraised externally at least annually. The fair value represents the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and willing seller in an at-arm\u2019s-length transaction after proper marketing wherein the parties each acted knowledgeably, prudently and without compulsion. The fair value is based on regular appraisals by external qualified valuers using valuation methods such as comparable market transactions, capitalisation of income methods or discounted cash flow calculations. The underlying assumption used in the valuation is that the properties are let or sold to third parties based on the actual letting status. The discounted cash flow analysis and capitalisation of income method are based on calculations of the future rental income in accordance with the terms in existing leases and estimations of the rental values for new leases when leases expire and incentives like rent-free periods. The cash flows are discounted using market-based interest rates that appropriately reflect the risk characteristics of real estate. The valuation of real estate investments takes (expected) vacancies into account. Occupancy rates differ significantly from investment to investment. For real estate investments held through (minority shares in) real estate investment funds, the valuations are performed under the responsibility of the funds\u2019 asset manager. Subsequent expenditures are recognised as part of the asset\u2019s carrying value only when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of an item can be measured reliably. All other repairs and maintenance costs are recognised immediately in the profit and loss account. Borrowing costs on real estate investments under construction are capitalised until completion. Real estate investments under construction are included in investments in real estate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-568": {
"value": "Cash includes short term investments. NN Group invests in several types of money market funds, some qualifying as cash equivalents and some as investments. Short-term investments in money market funds are presented as cash equivalents only if these are highly liquid and quoted in an active market and have low investment risk. 3 Investments at fair value through other comprehensive income Investments at fair value through other comprehensive income include debt securities and loans that are held in a business model \u2018held to collect and sell\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. The objective of this business model \u2018held to collect and sell\u2019 is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities held by insurance entities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. Investments at fair value through other comprehensive income are initially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yield in the profit and loss account. Interest income on debt securities and loans is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as Investments at fair value through other comprehensive income is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the fair value are recognised in other comprehensive income (equity). For debt securities and loans, realised gains and losses on disposal, are recognised in the profit and loss account in \u2018Investment result\u2019 . Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative Investments at cost consist of loans that are held in a business model \u2018held to collect\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. This mainly relates to mortgage loans in the segment Banking. Investments at cost are initially recognised at fair value plus transaction costs. Subsequently, these are carried at amortised cost using the effective interest method less any impairment losses. Interest income is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairment . A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure . f actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Reference is made to Note 50 \u2018Risk management\u2019 for more information on credit risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-569": {
"value": "Cash includes short term investments. NN Group invests in several types of money market funds, some qualifying as cash equivalents and some as investments. Short-term investments in money market funds are presented as cash equivalents only if these are highly liquid and quoted in an active market and have low investment risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-570": {
"value": "As at 31 December 2023, NN Group held EUR 2,156 million (31 December 2022: EUR 2,183 million) at central banks",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-571": {
"value": "3 Investments at fair value through other comprehensive income Investments at fair value through other comprehensive income include debt securities and loans that are held in a business model \u2018held to collect and sell\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. The objective of this business model \u2018held to collect and sell\u2019 is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities held by insurance entities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. Investments at fair value through other comprehensive income are initially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yield in the profit and loss account. Interest income on debt securities and loans is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as Investments at fair value through other comprehensive income is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the fair value are recognised in other comprehensive income (equity). For debt securities and loans, realised gains and losses on disposal, are recognised in the profit and loss account in \u2018Investment result\u2019 . Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative 3 Investments at fair value through other comprehensive income continued Changes in investments at fair value through other comprehensive income (2023) 2023 Debt securities Equity securities Loans Total Opening balance 69,684 4,106 41,271 115,061 Additions 15,448 423 1,986 17,857 Disposals and redemptions -19,995 -875 -2,744 -23,614 Revaluations 2,580 245 952 3,777 Impairments -50 4 -46 Amortisation -69 -55 -124 Transfers and reclassifications -1,351 -1,351 Changes in the composition of the group and other changes -13 -13 Foreign currency exchange differences -1,467 20 -1,447 Closing balance 66,131 3,919 40,050 110,100 Changes in investments at fair value through other comprehensive income (2022) (Restated) 2022 (Restated) Debt securities Equity securities Loans Total Opening balance 94,710 5,984 49,256 149,950 Additions 22,302 549 5,324 28,175 Disposals and redemptions -29,208 -1,039 -3,924 -34,171 Revaluations -19,064 -1,344 -9,103 -29,511 Impairments -41 12 -29 Amortisation -206 -130 -336 Transfers and reclassifications -101 -101 Changes in the composition of the group and other changes 1,674 1 -68 1,607 Foreign currency exchange differences -483 -45 5 -523 Closing balance 69,684 4,106 41,271 115,061 Changes in the composition of the group and other changes includes in 2022 the impact of the acquisition of MetLife\u2019s businesses in Poland and Greece. Impairment \u2013 Investments at fair value through other comprehensive income (2023) Stage 1 Stage 2 Stage 3 2023 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -46 -22 -128 -196 Transfers between stage 1,2 and 3 2 1 -3 0 Additions -38 5 -13 -46 Disposals 1 77 78 Closing balance -82 -15 -67 -164 The loss allowance for investments at fair value through other comprehensive income of EUR 164 million (2022: EUR 196 million) does not reduce the carrying amount of these investments (which are measured at fair value) but gives rise to an equal and opposite gain in other comprehensive income and is included in the line \u2018Revaluations\u2019 in the table of Changes in investments at fair value through other comprehensive income. 3 Investments at fair value through other comprehensive income continued Impairment \u2013 Investments at fair value through other comprehensive income (2022) (Restated) Stage 1 Stage 2 Stage 3 2022 (Restated) 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -23 -30 -121 -174 Transfers between stage 1,2 and 3 1 8 -9 0 Additions -24 -5 -29 Disposals 7 7 Closing balance -46 -22 -128 -196 4 Investments at cost Investments at cost consist of loans that are held in a business model \u2018held to collect\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. This mainly relates to mortgage loans in the segment Banking. Investments at cost are initially recognised at fair value plus transaction costs. Subsequently, these are carried at amortised cost using the effective interest method less any impairment losses. Interest income is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairment . Investments at cost 2023 2022 (Restated) Mortgage loans 21,390 20,034 Other 101 268 Impairments -3 -11 Investments at cost \u2013 net of impairments 21,488 20,291 Changes in investments at cost (2023) 2023 Mortgage loans Other Total Opening balance 20,028 263 20,291 Additions 2,728 117 2,845 Disposals and redemptions -1,943 -156 -2,099 Fair value changes recognised on hedged items 535 535 Impairments 3 5 8 Amortisation -27 -27 Transfers and reclassifications 64 -69 -5 Changes in the composition of the group and other changes -1 -59 -60 Closing balance 21,387 101 21,488 actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Reference is made to Note 50 \u2018Risk management\u2019 for more information on credit risk. Investments at fair value through other comprehensive income 2023 2022 (Restated) Debt securities 66,131 69,684 Equity securities 3,919 4,106 Loans 40,050 41,271 Investments at fair value through other comprehensive income 110,100 115,061 Changes in investments at cost (2022) (Restated) 2022 (Restated) Mortgage loans Other Total Opening balance 20,841 535 21,376 Additions 3,790 18 3,808 Disposals and redemptions -2,682 -266 -2,948 Fair value changes recognised on hedged items -1,948 2 -1,946 Impairments 1 1 2 Amortisation -49 -2 -51 Transfers and reclassifications 75 -84 -9 Changes in the composition of the group and other changes 59 59 Closing balance 20,028 263 20,291 9 Intangible assets Acquisition accounting, goodwill and other intangible assets Goodwill NN Group\u2019s acquisitions are accounted for using the acquisition method of accounting. Goodwill, being the positive difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, is capitalised as an intangible asset. In case there is a negative difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, this is referred to as negative goodwill and is recognised in profit and loss in the reporting period the acquisition is finalised. Acquisition related costs are recognised in the profit and loss account when incurred and presented in the profit and loss account as \u2018Other operating expenses\u2019. The initial accounting for the fair value of the net assets of the companies acquired during the year may be determined only provisionally as the determination of the fair value can be complex and the time between the acquisition and the preparation of the annual accounts can be limited. The initial accounting shall be completed within a year after acquisition. Where a business combination is achieved in stages, NN Group\u2019s previously held interests in the assets and liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date NN Group obtains control) and the resulting gain or loss, if any, is recognised in the profit and loss account. Amounts arising from interests in the acquiree before the acquisition date that have previously been recognised in other comprehensive income (equity) are reclassified to the profit and loss account, where such treatment would be appropriate if that interest were disposed of. Intangible assets with finite useful lives are amortised on a straight-line basis over the estimated useful lives. Methods of amortisation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortisation is included in \u2018Other operating expenses\u2019. Computer software Computer software that has been purchased or generated internally for own use is stated at cost less amortisation and any impairment losses. The expected useful life of computer software will generally not exceed three years . Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset . Intangible assets (2023) 2023 Goodwill Software Other Total Intangible assets \u2013 opening balance 871 91 318 1,280 Additions 12 29 18 59 Amortisation -35 -35 -70 Disposals -3 -3 Impairments -3 -2 -5 Foreign currency exchange differences 9 9 Intangible assets \u2013 closing balance 892 79 299 1,270 Gross carrying value 1,865 1,000 844 3,709 Accumulated amortisation -851 -495 -1,346 Accumulated impairments -973 -70 -50 -1,093 Net carrying value 892 79 299 1,270 Intangible assets (2022) (Restated) 2022 (Restated) Goodwill Software Other Total Intangible assets \u2013 opening balance 549 75 308 932 Additions 324 42 21 387 Capitalised expenses 6 6 Amortisation -36 -35 -71 Changes in the composition of the group and other changes 6 24 30 Foreign currency exchange differences -2 -2 -4 Intangible assets \u2013 closing balance 871 91 318 1,280 Gross carrying value 1,844 973 826 3,643 Accumulated amortisation -816 -460 -1,276 Accumulated impairments -973 -66 -48 -1,087 Net carrying value 871 91 318 1,280 Additions to Goodwill and Changes in the composition of the group and other changes in 2022 mainly relate to the acquisition of MetLife Poland and Greece. Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019. Other intangible assets include the intangibles recognised upon the acquisition of Met Life Greece, Heinenoord, VIVAT Non-life and the remaining part of the intangibles recognised in 2017 on the acquisition of Delta Lloyd. The acquisition intangibles comprise: \u2022 Brand names \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Client relationships \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Distribution channels/agreements \u2013 with an average expected remaining useful life at the acquisition date of approximately 18 years Goodwill by cash-generating unit (reporting unit) 2023 2022 (Restated) Netherlands Non-life 460 462 Insurance Europe 370 347 Bank 62 62 Goodwill 892 871 Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019 . Changes in Property in own use 2023 2022 (Restated) Property in own use \u2013 opening balance 97 71 Additions 3 1 Transfers from (to) investments in real estate -10 Revaluations -2 5 Disposals -1 Depreciation -2 -2 Impairments -6 Changes in the composition of the group and other changes 2 33 Property in own use \u2013 closing balance 92 97 Gross carrying value 146 142 Accumulated depreciation, revaluations and impairments -54 -45 Net carrying value 92 97 Revaluation surplus \u2013 opening balance 16 11 Revaluation in year -2 5 Revaluation surplus \u2013 closing balance 14 16 ",
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"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-572": {
"value": "3 Investments at fair value through other comprehensive income Investments at fair value through other comprehensive income include debt securities and loans that are held in a business model \u2018held to collect and sell\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. The objective of this business model \u2018held to collect and sell\u2019 is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells financial assets to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities held by insurance entities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. Investments at fair value through other comprehensive income are initially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yield in the profit and loss account. Interest income on debt securities and loans is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as Investments at fair value through other comprehensive income is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the fair value are recognised in other comprehensive income (equity). For debt securities and loans, realised gains and losses on disposal, are recognised in the profit and loss account in \u2018Investment result\u2019 Investments at cost consist of loans that are held in a business model \u2018held to collect\u2019 and of which the cash flows are considered solely payments of principal and interest on the principal amount outstanding. This mainly relates to mortgage loans in the segment Banking. Investments at cost are initially recognised at fair value plus transaction costs. Subsequently, these are carried at amortised cost using the effective interest method less any impairment losses. Interest income is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2019 for more information on impairment A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-574": {
"value": "Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative f actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Reference is made to Note 50 \u2018Risk management\u2019 for more information on credit risk. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-575": {
"value": "Impairments Impairment applies to all debt securities and loans measured at amortised cost and at fair value through other comprehensive income. Initially, a provision is recognised for credit losses expected within the next 12 months. This is referred to as \u2018Stage 1\u2019. If there is a significant increase in credit risk between the moment of initial recognition and the reporting date, but the exposure is not in default, the exposure is classified in \u2018Stage 2\u2019. If the exposure is in default (i.e. credit impaired), it is classified in \u2018Stage 3\u2019. For both \u2018Stage 2\u2019 and \u2018Stage 3\u2019, a provision is required for expected credit losses over the remaining lifetime of the financial asset. The significance of increased credit risk is determined by considering the risk of a default occurring over the expected life of the financial asset. Default risk is individually assessed for assets that are individually significant, were previously in default or by choice. Other assets are assessed collectively per group of financial assets with similar credit risk characteristics. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver in determining whether credit risk has increased significantly together with other qualitative f actors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial assets with an internal or external rating of \u2018investment grade\u2019), a significant increase in credit risk will occur when the asset\u2019s credit rating falls below \u2018investment grade\u2019. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk. The lifetime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assets classified in stage 1 and stage 2 is determined by using Probability of Default, Loss Given Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount. Determining impairments is an inherently uncertain process involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management\u2019s judgement and other information available. Significantly different results can occur as circumstances changes and additional information becomes known. In certain circumstances NN Group may grant borrowers postponement and/or reduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and/or reduction of loan principal and/or interest payments is executed based on credit concerns it is also referred to as \u2018forbearance\u2019. If the forbearance results in a substantial modification of the terms of the loan, the original loan is derecognised and a new loan is recognised at its fair value at the modification date whereas the significance of increases in credit risk is determined as set out above. If the forbearance did not result in a substantial modification, the significance of an increase in the credit risk is determined by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor\u2019s credit rating), the previously recognised impairment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of) the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-576": {
"value": "Changes in investments at fair value through other comprehensive income (2023) 2023 Debt securities Equity securities Loans Total Opening balance 69,684 4,106 41,271 115,061 Additions 15,448 423 1,986 17,857 Disposals and redemptions -19,995 -875 -2,744 -23,614 Revaluations 2,580 245 952 3,777 Impairments -50 4 -46 Amortisation -69 -55 -124 Transfers and reclassifications -1,351 -1,351 Changes in the composition of the group and other changes -13 -13 Foreign currency exchange differences -1,467 20 -1,447 Closing balance 66,131 3,919 40,050 110,100 Changes in investments at fair value through other comprehensive income (2022) (Restated) 2022 (Restated) Debt securities Equity securities Loans Total Opening balance 94,710 5,984 49,256 149,950 Additions 22,302 549 5,324 28,175 Disposals and redemptions -29,208 -1,039 -3,924 -34,171 Revaluations -19,064 -1,344 -9,103 -29,511 Impairments -41 12 -29 Amortisation -206 -130 -336 Transfers and reclassifications -101 -101 Changes in the composition of the group and other changes 1,674 1 -68 1,607 Foreign currency exchange differences -483 -45 5 -523 Closing balance 69,684 4,106 41,271 115,061 Changes in the composition of the group and other changes includes in 2022 the impact of the acquisition of MetLife\u2019s businesses in Poland and Greece. Changes in investments at cost (2023) 2023 Mortgage loans Other Total Opening balance 20,028 263 20,291 Additions 2,728 117 2,845 Disposals and redemptions -1,943 -156 -2,099 Fair value changes recognised on hedged items 535 535 Impairments 3 5 8 Amortisation -27 -27 Transfers and reclassifications 64 -69 -5 Changes in the composition of the group and other changes -1 -59 -60 Closing balance 21,387 101 21,488 Changes in investments at cost (2022) (Restated) 2022 (Restated) Mortgage loans Other Total Opening balance 20,841 535 21,376 Additions 3,790 18 3,808 Disposals and redemptions -2,682 -266 -2,948 Fair value changes recognised on hedged items -1,948 2 -1,946 Impairments 1 1 2 Amortisation -49 -2 -51 Transfers and reclassifications 75 -84 -9 Changes in the composition of the group and other changes 59 59 Closing balance 20,028 263 20,291 Notes to the Consolidated annual accounts continued 8 Property and equipment Land and buildings held for own use are stated at fair value at the balance sheet date. Increases in the carrying value are recognised in other comprehensive income (equity). Decreases in the carrying value that offset previous increases of the same asset are charged against other comprehensive income (equity); all other decreases are recognised in the profit and loss account. Increases that reverse a revaluation decrease on the same asset previously recognised in net result are recognised in the profit and loss account. Depreciation is recognised based on the fair value and the estimated useful life (in general 20-50 years). On disposal, the related revaluation reserve in equity is transferred within equity to \u2018Retained earnings\u2019. The fair value of land and buildings is based on regular appraisals by independent, qualified valuers or internally, similar to appraisals of real estate investments. All significant holdings of land and buildings are appraised at least annually. Subsequent expenditure is included in the asset\u2019s carrying value when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of the item can be measured reliably. Equipment is stated at cost less accumulated depreciation and any impairment losses. The estimated useful lives are generally as follows: two to five years for data processing equipment and four to ten years for fixtures and fittings. Expenditure incurred on maintenance and repairs is recognised in the profit and loss account when incurred. Expenditure incurred on major improvements is capitalised and depreciated. The difference between the proceeds on disposal and net carrying value is recognised in the profit and loss account in \u2018Other, part of Other result\u2019. Methods of depreciation and amortisation Items of property and equipment are depreciated. The carrying values of the assets are depreciated on a straight-line basis over the estimated useful lives. Methods of depreciation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate . Property and equipment 2023 2022 (Restated) Property in own use 92 97 Equipment 82 100 Property and equipment owned 174 197 Right of use assets 174 202 Property and equipment total 348 399 Changes in Property in own use 2023 2022 (Restated) Property in own use \u2013 opening balance 97 71 Additions 3 1 Transfers from (to) investments in real estate -10 Revaluations -2 5 Disposals -1 Depreciation -2 -2 Impairments -6 Changes in the composition of the group and other changes 2 33 Property in own use \u2013 closing balance 92 97 Gross carrying value 146 142 Accumulated depreciation, revaluations and impairments -54 -45 Net carrying value 92 97 Revaluation surplus \u2013 opening balance 16 11 Revaluation in year -2 5 Revaluation surplus \u2013 closing balance 14 16 Changes in Equipment Data processing equipment Fixtures and fittings and other equipment Total 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Equipment \u2013 opening balance 30 33 70 68 100 101 Additions 20 16 6 21 26 37 Disposals -4 -1 -1 -4 Depreciation -14 -15 -20 -19 -34 -34 Changes in the composition of the group and other changes -3 -6 -9 0 Equipment \u2013 closing balance 33 30 49 70 82 100 Gross carrying value 196 179 266 267 462 446 Accumulated depreciation -163 -149 -217 -197 -380 -346 Net carrying value 33 30 49 70 82 100 Changes in Right of use assets Property Equipment Total 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Right of use assets \u2013 opening balance 183 220 19 22 202 242 Additions 15 5 12 11 27 16 Disposals -11 -5 -1 -4 -12 -9 Depreciation -35 -33 -11 -10 -46 -43 Changes in the composition of the group and other changes 7 2 7 2 Foreign currency exchange differences -4 -6 -4 -6 Right of use assets \u2013 closing balance 155 183 19 19 174 202 Gross carrying value 350 343 76 65 426 408 Accumulated depreciation -195 -160 -57 -46 -252 -206 Net carrying value 155 183 19 19 174 202 Intangible assets (2023) 2023 Goodwill Software Other Total Intangible assets \u2013 opening balance 871 91 318 1,280 Additions 12 29 18 59 Amortisation -35 -35 -70 Disposals -3 -3 Impairments -3 -2 -5 Foreign currency exchange differences 9 9 Intangible assets \u2013 closing balance 892 79 299 1,270 Gross carrying value 1,865 1,000 844 3,709 Accumulated amortisation -851 -495 -1,346 Accumulated impairments -973 -70 -50 -1,093 Net carrying value 892 79 299 1,270 Intangible assets (2022) (Restated) 2022 (Restated) Goodwill Software Other Total Intangible assets \u2013 opening balance 549 75 308 932 Additions 324 42 21 387 Capitalised expenses 6 6 Amortisation -36 -35 -71 Changes in the composition of the group and other changes 6 24 30 Foreign currency exchange differences -2 -2 -4 Intangible assets \u2013 closing balance 871 91 318 1,280 Gross carrying value 1,844 973 826 3,643 Accumulated amortisation -816 -460 -1,276 Accumulated impairments -973 -66 -48 -1,087 Net carrying value 871 91 318 1,280 Changes in Customer deposits 2023 2022 (Restated) Customer deposits \u2013 opening balance 16,235 15,945 Deposits received 4,246 3,841 Withdrawals -4,000 -3,526 Amortisation -21 -25 Customer deposits \u2013 closing balance 16,460 16,235 Other operating expenses 2023 2022 (Restated) Depreciation of property and equipment 82 77 Amortisation of software 35 36 Computer costs 297 293 Office expenses 69 72 Travel and accommodation expenses 15 12 Advertising and public relations 85 85 External advisory fees 210 237 Claims handling expenses 244 227 Additions (releases) of Other provisions 403 27 Commissions, fees and other 1,392 1,402 Other operating expenses 2,832 2,468",
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"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-577": {
"value": "Impairment \u2013 Investments at fair value through other comprehensive income (2023) Stage 1 Stage 2 Stage 3 2023 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -46 -22 -128 -196 Transfers between stage 1,2 and 3 2 1 -3 0 Additions -38 5 -13 -46 Disposals 1 77 78 Closing balance -82 -15 -67 -164 The loss allowance for investments at fair value through other comprehensive income of EUR 164 million (2022: EUR 196 million) does not reduce the carrying amount of these investments (which are measured at fair value) but gives rise to an equal and opposite gain in other comprehensive income and is included in the line \u2018Revaluations\u2019 in the table of Changes in investments at fair value through other comprehensive income. Impairment \u2013 Investments at fair value through other comprehensive income (2022) (Restated) Stage 1 Stage 2 Stage 3 2022 (Restated) 12 month expected credit losses Lifetime expected credit losses Lifetime expected credit losses Total Opening balance -23 -30 -121 -174 Transfers between stage 1,2 and 3 1 8 -9 0 Additions -24 -5 -29 Disposals 7 7 Closing balance -46 -22 -128 -196 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-580": {
"value": "6 Investments in real estate Investments in real estate Real estate investments are initially measured at cost, including transaction cost and are subsequently measured at fair value. Changes in the carrying value resulting from revaluations are recognised in the profit and loss account. On disposal the difference between the sales proceeds and carrying value is recognised in the profit and loss account. The fair value of real estate investments is based on regular appraisals by independent qualified valuers. In principle each reporting period every property is valued. Market transactions and disposals made by NN Group are monitored as part of the validation procedures to test the valuations. Valuations performed earlier in the year are updated if necessary to reflect the situation at the year-end. All real estate investments are appraised externally at least annually. The fair value represents the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and willing seller in an at-arm\u2019s-length transaction after proper marketing wherein the parties each acted knowledgeably, prudently and without compulsion. The fair value is based on regular appraisals by external qualified valuers using valuation methods such as comparable market transactions, capitalisation of income methods or discounted cash flow calculations. The underlying assumption used in the valuation is that the properties are let or sold to third parties based on the actual letting status. The discounted cash flow analysis and capitalisation of income method are based on calculations of the future rental income in accordance with the terms in existing leases and estimations of the rental values for new leases when leases expire and incentives like rent-free periods. The cash flows are discounted using market-based interest rates that appropriately reflect the risk characteristics of real estate. The valuation of real estate investments takes (expected) vacancies into account. Occupancy rates differ significantly from investment to investment. For real estate investments held through (minority shares in) real estate investment funds, the valuations are performed under the responsibility of the funds\u2019 asset manager. Subsequent expenditures are recognised as part of the asset\u2019s carrying value only when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of an item can be measured reliably. All other repairs and maintenance costs are recognised immediately in the profit and loss account. Borrowing costs on real estate investments under construction are capitalised until completion. Real estate investments under construction are included in investments in real estate. Reference is made to Note 35 \u2018Fair value of non-financial assets\u2019 for more disclosure on fair value of real estate investments at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-581": {
"value": "6 Investments in real estate Investments in real estate Real estate investments are initially measured at cost, including transaction cost and are subsequently measured at fair value. Changes in the carrying value resulting from revaluations are recognised in the profit and loss account. On disposal the difference between the sales proceeds and carrying value is recognised in the profit and loss account. The fair value of real estate investments is based on regular appraisals by independent qualified valuers. In principle each reporting period every property is valued. Market transactions and disposals made by NN Group are monitored as part of the validation procedures to test the valuations. Valuations performed earlier in the year are updated if necessary to reflect the situation at the year-end. All real estate investments are appraised externally at least annually. The fair value represents the estimated amount for which the property could be exchanged on the date of valuation between a willing buyer and willing seller in an at-arm\u2019s-length transaction after proper marketing wherein the parties each acted knowledgeably, prudently and without compulsion. The fair value is based on regular appraisals by external qualified valuers using valuation methods such as comparable market transactions, capitalisation of income methods or discounted cash flow calculations. The underlying assumption used in the valuation is that the properties are let or sold to third parties based on the actual letting status. The discounted cash flow analysis and capitalisation of income method are based on calculations of the future rental income in accordance with the terms in existing leases and estimations of the rental values for new leases when leases expire and incentives like rent-free periods. The cash flows are discounted using market-based interest rates that appropriately reflect the risk characteristics of real estate. The valuation of real estate investments takes (expected) vacancies into account. Occupancy rates differ significantly from investment to investment. For real estate investments held through (minority shares in) real estate investment funds, the valuations are performed under the responsibility of the funds\u2019 asset manager. Subsequent expenditures are recognised as part of the asset\u2019s carrying value only when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of an item can be measured reliably. All other repairs and maintenance costs are recognised immediately in the profit and loss account. Borrowing costs on real estate investments under construction are capitalised until completion. Real estate investments under construction are included in investments in real estate. Reference is made to Note 35 \u2018Fair value of non-financial assets\u2019 for more disclosure on fair value of real estate investments at the balance sheet date. Changes in investments in real estate 2023 2022 (Restated) Investments in real estate \u2013 opening balance 2,754 2,719 Additions 193 136 Transfers from (to) property in own use 10 Transfers from (to) other assets -1 -3 Fair value gains (losses) -276 -8 Disposals -50 -100 Investments in real estate \u2013 closing balance 2,620 2,754 The total amount of rental income recognised in the profit and loss account for the year ended 31 December 2023 is EUR 176 million (2022: EUR 169 million). The real estate investments include properties that are leased (ground lease). At 31 December 2023, the corresponding right of use assets amount to EUR 52 million (2022: EUR 45 million). The total amount of direct operating expenses (including repairs and maintenance) in relation to real estate investments recognised in rental income for the year ended 31 December 2023 is EUR 62 million (2022: EUR 60 million). Investments in real estate by year of most recent appraisal 2023 2022 (Restated) Most recent appraisal in current year 100% 100% 100% 100% NN Group\u2019s total exposure to real estate is included in the following balance sheet lines: Real estate exposure 2023 2022 (Restated) Investments in real estate 2,620 2,754 Investments at fair value through profit or loss 2,181 2,554 Investments at fair value through OCI 348 355 Investments in associates and joint ventures 4,384 4,915 Property and equipment \u2013 property in own use 92 97 Real estate exposure 9,625 10,675 Furthermore, the exposure is impacted by third-party interests, leverage in funds and off-balance commitments. Reference is made to Note 50 \u2018Risk management\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-582": {
"value": "5 Investments at fair value through profit or loss A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. Investments at fair value through profit or loss 2023 2022 (Restated) For risk of policyholders: \u2013 debt securities 889 1,694 \u2013 equity securities and investment funds 36,789 31,700 \u2013 loans and other 2,611 1,165 Total for risk of policyholders 40,289 34,559 For risk of company: \u2013 debt securities 460 899 \u2013 equity securities and investment funds 7,821 7,374 \u2013 loans and other 822 330 Total for risk of company 9,103 8,603 Investments at fair value through profit or loss 49,392 43,162",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-583": {
"value": "A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments in investment funds, and investments held for risk of policyholders. Transaction costs on initial recognition are expensed when incurred. Interest income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 using the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in the profit and loss account in \u2018Investment result\u2019 when the dividend has been declared. The investment for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-584": {
"value": "7 Investments in associates and joint ventures Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-585": {
"value": "7 Investments in associates and joint ventures Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-586": {
"value": "7 Investments in associates and joint ventures Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure ",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-587": {
"value": "7 Investments in associates and joint ventures Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure Investments in associates and joint ventures (2023) 2023 Interest held Balance sheet value Total assets Total liabilities Total income Total expenses Vesteda Residential Fund FGR 24% 1,545 8,982 2,590 -481 176 Rivage Euro Debt infrastructure 3 34% 313 917 1 Macquarie European Infrastructure Debt Fund 50% 289 583 7 CBRE Dutch Office Fund FGR 19% 273 2,214 745 -370 90 Lazora S.I.I. S.A. 23% 267 1,693 538 87 71 CBRE Retail Property Fund Iberica L.P. 50% 221 971 528 72 37 CBRE Dutch Residential Fund I FGR 7% 209 3,013 136 -269 43 Ardstone Residential Partners III 30% 208 1,031 335 29 20 Hayfin Amber GP S.A R.L. 100% 205 376 171 NRP Nordic Logistic Fund SA 42% 194 493 31 10 5 Healthcare Activos SOCIMI S.A. 38% 177 855 387 33 20 CBRE Dutch Retail Fund FGR 21% 150 996 282 -47 21 Dutch Urban Living Venture FGR 49% 138 434 156 -39 7 Rivage Hopitaux Publics Euro 34% 133 389 3 Dutch Student and Young Professional Housing Fund FGR 49% 130 342 78 -9 6 Allee center Kft 50% 118 257 20 21 7 CBRE UK Property Fund PAIF 9% 112 1,309 37 21 -1 Rivage Priv. Debt \u2013 Fund for Infrastr Climate Solutions 100% 110 111 1 Fiumaranuova s.r.l. 50% 101 208 5 5 8 Rivage Euro Debt Infrastructure High return 2 34% 84 250 1 Prime Ventures V C.V. 20% 83 466 44 4 Parquest Capital II B FPCI 29% 83 324 41 3 Delta Mainlog Holding GmbH & Co. KG 50% 77 155 1 3 2 Octopus Commercial Real Estate Debt Fund III LP 46% 77 168 Boccaccio \u2013 Closed-end Real Estate Mutual Investment Fund 50% 73 194 48 17 3 Parcom Buy-Out Fund V CV 21% 62 358 64 88 4 CBRE Property Fund Central and Eastern Europe FGR 50% 61 171 49 24 9 DPE Deutschland III (Parallel) GmbH & Co 17% 60 426 67 -49 4 NL Boompjes Property 5 C.V. 50% 60 120 1 12 1 Other 618 Investments in associates and joint ventures 6,231 The above investments in associates and joint ventures mainly consist of non-listed investment entities investing in real estate and private equity. Significant influence exists for certain associates in which the interest held is below 20%, based on the combination of NN Group\u2019s
financial interest for own risk and other arrangements, such as participation in the relevant boards.
NN Group holds associates over which it cannot exercise control despite holding more than 50% of the share capital. For this
reason, these are classified as associates and are not consolidated.
Other includes EUR 533 million (2022: EUR 415 million) of associates and joint ventures with an individual balance sheet value of
less than EUR 50 million and EUR 85 million (2022: EUR 82 million) of receivables from associates and joint ventures.
The amounts presented in the table above could differ from the individual annual accounts of the associates due to the fact that
the individual amounts have been brought in line with NN Group\u2019s accounting principles.
The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group.
The associates and joint ventures of NN Group are subject to legal and regulatory restrictions regarding the amount of dividends
that can be paid to NN Group. These restrictions are, for example, dependent on the laws in the country of incorporation for
declaring dividends or as a result of minimum capital requirements imposed by industry regulators in the countries in which the
associates and joint ventures operate. In addition, the associates and joint ventures also consider other factors in determining
the appropriate levels of equity needed. These factors and limitations include, but are not limited to, rating agency and regulatory
views, which can change over time.
Investments in associates and joint ventures (2022) (Restated) 2022 (Restated) Interest held Balance sheet value Total assets Total liabilities Total income Total expenses Vesteda Residential Fund FGR 24% 1,771 9,403 2,100 -7 -1 CBRE Dutch Office Fund FGR 19% 364 2,693 733 -84 83 Macquarie European Infrastructure Debt Fund 48% 322 690 13 Rivage Euro Debt infrastructure 3 34% 247 725 2 Lazora S.I.I. S.A. 22% 241 1,636 545 122 40 CBRE Dutch Residential Fund I FGR 8% 238 3,301 139 125 40 Ardstone Residential Partners III 33% 226 892 203 54 10 CBRE Retail Property Fund Iberica L.P. 50% 221 986 544 63 17 NRP Nordic Logistic Fund SA 42% 201 509 32 10 5 CBRE UK Property Fund PAIF 10% 174 1,697 19 -85 13 CBRE Dutch Retail Fund FGR 20% 170 1,181 342 -8 -43 Healthcare Activos SOCIMI S.A. 38% 164 784 350 42 11 Dutch Student and Young Professional Housing Fund FGR 49% 143 372 82 39 3 Dutch Urban Living Venture FGR 45% 142 469 157 -5 -10 Allee center Kft 50% 117 259 25 24 14 Hayfin Amber GP S.A R.L. 100% 105 197 92 Fiumaranuova s.r.l. 50% 105 130 -79 12 9 Parcom Buy-Out Fund V CV 21% 88 534 114 173 5 The Fizz Student Housing Fund SCS 50% 88 259 82 7 6 Robeco Bedrijfsleningen FGR 26% 80 333 25 12 1 Delta Mainlog Holding GmbH & Co. KG 50% 79 164 7 -21 2 Octopus Commercial Real Estate Debt Fund III LP 46% 78 180 11 DPE Deutschland III (Parallel) GmbH & Co 17% 74 554 110 -11 9 Parquest Capital II B FPCI 29% 71 251 8 7 Prime Ventures V C.V. 20% 69 378 27 8 4 Boccaccio - Closed-end Real Estate Mutual Investment Fund 50% 69 193 55 5 8 NL Boompjes Property 5 C.V. 50% 68 141 4 10 1 Rivage Hopitaux Publics Euro 34% 62 209 30 Rivage Euro Debt Infrastructure High return 2 34% 60 185 6 CBRE Property Fund Central and Eastern Europe FGR 50% 59 163 46 18 8 CBRE Dutch Retail Fund II FGR 10% 57 585 11 -50 -11 Other 497 Investments in associates and joint ventures 6,450 Changes in investments in associates and joint ventures
2023
2022
(Restated)
Investments in associates and joint ventures \u2013 opening balance 6,450 6,919
Additions 507 766
Transfers from (to) investments at fair value through OCI -131
Share in changes in equity (revaluations) -9 11
Share of result -237 163
Dividends received -244 -276
Disposals -259 -971
Foreign currency exchange differences 23 -31
Investments in associates and joint ventures \u2013 closing balance 6,231 6,450
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-588": {
"value": "7 Investments in associates and joint ventures Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure Investments in associates and joint ventures (2023) 2023 Interest held Balance sheet value Total assets Total liabilities Total income Total expenses Vesteda Residential Fund FGR 24% 1,545 8,982 2,590 -481 176 Rivage Euro Debt infrastructure 3 34% 313 917 1 Macquarie European Infrastructure Debt Fund 50% 289 583 7 CBRE Dutch Office Fund FGR 19% 273 2,214 745 -370 90 Lazora S.I.I. S.A. 23% 267 1,693 538 87 71 CBRE Retail Property Fund Iberica L.P. 50% 221 971 528 72 37 CBRE Dutch Residential Fund I FGR 7% 209 3,013 136 -269 43 Ardstone Residential Partners III 30% 208 1,031 335 29 20 Hayfin Amber GP S.A R.L. 100% 205 376 171 NRP Nordic Logistic Fund SA 42% 194 493 31 10 5 Healthcare Activos SOCIMI S.A. 38% 177 855 387 33 20 CBRE Dutch Retail Fund FGR 21% 150 996 282 -47 21 Dutch Urban Living Venture FGR 49% 138 434 156 -39 7 Rivage Hopitaux Publics Euro 34% 133 389 3 Dutch Student and Young Professional Housing Fund FGR 49% 130 342 78 -9 6 Allee center Kft 50% 118 257 20 21 7 CBRE UK Property Fund PAIF 9% 112 1,309 37 21 -1 Rivage Priv. Debt \u2013 Fund for Infrastr Climate Solutions 100% 110 111 1 Fiumaranuova s.r.l. 50% 101 208 5 5 8 Rivage Euro Debt Infrastructure High return 2 34% 84 250 1 Prime Ventures V C.V. 20% 83 466 44 4 Parquest Capital II B FPCI 29% 83 324 41 3 Delta Mainlog Holding GmbH & Co. KG 50% 77 155 1 3 2 Octopus Commercial Real Estate Debt Fund III LP 46% 77 168 Boccaccio \u2013 Closed-end Real Estate Mutual Investment Fund 50% 73 194 48 17 3 Parcom Buy-Out Fund V CV 21% 62 358 64 88 4 CBRE Property Fund Central and Eastern Europe FGR 50% 61 171 49 24 9 DPE Deutschland III (Parallel) GmbH & Co 17% 60 426 67 -49 4 NL Boompjes Property 5 C.V. 50% 60 120 1 12 1 Other 618 Investments in associates and joint ventures 6,231 The above investments in associates and joint ventures mainly consist of non-listed investment entities investing in real estate and private equity. Significant influence exists for certain associates in which the interest held is below 20%, based on the combination of NN Group\u2019s financial interest for own risk and other arrangements, such as participation in the relevant boards. NN Group holds associates over which it cannot exercise control despite holding more than 50% of the share capital. For this reason, these are classified as associates and are not consolidated. Other includes EUR 533 million (2022: EUR 415 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 85 million (2022: EUR 82 million) of receivables from associates and joint ventures. The amounts presented in the table above could differ from the individual annual accounts of the associates due to the fact that the individual amounts have been brought in line with NN Group\u2019s accounting principles. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. The associates and joint ventures of NN Group are subject to legal and regulatory restrictions regarding the amount of dividends that can be paid to NN Group. These restrictions are, for example, dependent on the laws in the country of incorporation for declaring dividends or as a result of minimum capital requirements imposed by industry regulators in the countries in which the associates and joint ventures operate. In addition, the associates and joint ventures also consider other factors in determining the appropriate levels of equity needed. These factors and limitations include, but are not limited to, rating agency and regulatory views, which can change over time. Investments in associates and joint ventures (2022) (Restated) 2022 (Restated) Interest held Balance sheet value Total assets Total liabilities Total income Total expenses Vesteda Residential Fund FGR 24% 1,771 9,403 2,100 -7 -1 CBRE Dutch Office Fund FGR 19% 364 2,693 733 -84 83 Macquarie European Infrastructure Debt Fund 48% 322 690 13 Rivage Euro Debt infrastructure 3 34% 247 725 2 Lazora S.I.I. S.A. 22% 241 1,636 545 122 40 CBRE Dutch Residential Fund I FGR 8% 238 3,301 139 125 40 Ardstone Residential Partners III 33% 226 892 203 54 10 CBRE Retail Property Fund Iberica L.P. 50% 221 986 544 63 17 NRP Nordic Logistic Fund SA 42% 201 509 32 10 5 CBRE UK Property Fund PAIF 10% 174 1,697 19 -85 13 CBRE Dutch Retail Fund FGR 20% 170 1,181 342 -8 -43 Healthcare Activos SOCIMI S.A. 38% 164 784 350 42 11 Dutch Student and Young Professional Housing Fund FGR 49% 143 372 82 39 3 Dutch Urban Living Venture FGR 45% 142 469 157 -5 -10 Allee center Kft 50% 117 259 25 24 14 Hayfin Amber GP S.A R.L. 100% 105 197 92 Fiumaranuova s.r.l. 50% 105 130 -79 12 9 Parcom Buy-Out Fund V CV 21% 88 534 114 173 5 The Fizz Student Housing Fund SCS 50% 88 259 82 7 6 Robeco Bedrijfsleningen FGR 26% 80 333 25 12 1 Delta Mainlog Holding GmbH & Co. KG 50% 79 164 7 -21 2 Octopus Commercial Real Estate Debt Fund III LP 46% 78 180 11 DPE Deutschland III (Parallel) GmbH & Co 17% 74 554 110 -11 9 Parquest Capital II B FPCI 29% 71 251 8 7 Prime Ventures V C.V. 20% 69 378 27 8 4 Boccaccio - Closed-end Real Estate Mutual Investment Fund 50% 69 193 55 5 8 NL Boompjes Property 5 C.V. 50% 68 141 4 10 1 Rivage Hopitaux Publics Euro 34% 62 209 30 Rivage Euro Debt Infrastructure High return 2 34% 60 185 6 CBRE Property Fund Central and Eastern Europe FGR 50% 59 163 46 18 8 CBRE Dutch Retail Fund II FGR 10% 57 585 11 -50 -11 Other 497 Investments in associates and joint ventures 6,450 Changes in investments in associates and joint ventures 2023 2022 (Restated) Investments in associates and joint ventures \u2013 opening balance 6,450 6,919 Additions 507 766 Transfers from (to) investments at fair value through OCI -131 Share in changes in equity (revaluations) -9 11 Share of result -237 163 Dividends received -244 -276 Disposals -259 -971 Foreign currency exchange differences 23 -31 Investments in associates and joint ventures \u2013 closing balance 6,231 6,450",
"dimensions": {
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},
"fact-589": {
"value": "7 Investments in associates and joint ventures Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure Investments in associates and joint ventures (2023) 2023 Interest held Balance sheet value Total assets Total liabilities Total income Total expenses Vesteda Residential Fund FGR 24% 1,545 8,982 2,590 -481 176 Rivage Euro Debt infrastructure 3 34% 313 917 1 Macquarie European Infrastructure Debt Fund 50% 289 583 7 CBRE Dutch Office Fund FGR 19% 273 2,214 745 -370 90 Lazora S.I.I. S.A. 23% 267 1,693 538 87 71 CBRE Retail Property Fund Iberica L.P. 50% 221 971 528 72 37 CBRE Dutch Residential Fund I FGR 7% 209 3,013 136 -269 43 Ardstone Residential Partners III 30% 208 1,031 335 29 20 Hayfin Amber GP S.A R.L. 100% 205 376 171 NRP Nordic Logistic Fund SA 42% 194 493 31 10 5 Healthcare Activos SOCIMI S.A. 38% 177 855 387 33 20 CBRE Dutch Retail Fund FGR 21% 150 996 282 -47 21 Dutch Urban Living Venture FGR 49% 138 434 156 -39 7 Rivage Hopitaux Publics Euro 34% 133 389 3 Dutch Student and Young Professional Housing Fund FGR 49% 130 342 78 -9 6 Allee center Kft 50% 118 257 20 21 7 CBRE UK Property Fund PAIF 9% 112 1,309 37 21 -1 Rivage Priv. Debt \u2013 Fund for Infrastr Climate Solutions 100% 110 111 1 Fiumaranuova s.r.l. 50% 101 208 5 5 8 Rivage Euro Debt Infrastructure High return 2 34% 84 250 1 Prime Ventures V C.V. 20% 83 466 44 4 Parquest Capital II B FPCI 29% 83 324 41 3 Delta Mainlog Holding GmbH & Co. KG 50% 77 155 1 3 2 Octopus Commercial Real Estate Debt Fund III LP 46% 77 168 Boccaccio \u2013 Closed-end Real Estate Mutual Investment Fund 50% 73 194 48 17 3 Parcom Buy-Out Fund V CV 21% 62 358 64 88 4 CBRE Property Fund Central and Eastern Europe FGR 50% 61 171 49 24 9 DPE Deutschland III (Parallel) GmbH & Co 17% 60 426 67 -49 4 NL Boompjes Property 5 C.V. 50% 60 120 1 12 1 Other 618 Investments in associates and joint ventures 6,231 The above investments in associates and joint ventures mainly consist of non-listed investment entities investing in real estate and private equity. Significant influence exists for certain associates in which the interest held is below 20%, based on the combination of NN Group\u2019s financial interest for own risk and other arrangements, such as participation in the relevant boards. NN Group holds associates over which it cannot exercise control despite holding more than 50% of the share capital. For this reason, these are classified as associates and are not consolidated. Other includes EUR 533 million (2022: EUR 415 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 85 million (2022: EUR 82 million) of receivables from associates and joint ventures. The amounts presented in the table above could differ from the individual annual accounts of the associates due to the fact that the individual amounts have been brought in line with NN Group\u2019s accounting principles. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. The associates and joint ventures of NN Group are subject to legal and regulatory restrictions regarding the amount of dividends that can be paid to NN Group. These restrictions are, for example, dependent on the laws in the country of incorporation for declaring dividends or as a result of minimum capital requirements imposed by industry regulators in the countries in which the associates and joint ventures operate. In addition, the associates and joint ventures also consider other factors in determining the appropriate levels of equity needed. These factors and limitations include, but are not limited to, rating agency and regulatory views, which can change over time. Investments in associates and joint ventures (2022) (Restated) 2022 (Restated) Interest held Balance sheet value Total assets Total liabilities Total income Total expenses Vesteda Residential Fund FGR 24% 1,771 9,403 2,100 -7 -1 CBRE Dutch Office Fund FGR 19% 364 2,693 733 -84 83 Macquarie European Infrastructure Debt Fund 48% 322 690 13 Rivage Euro Debt infrastructure 3 34% 247 725 2 Lazora S.I.I. S.A. 22% 241 1,636 545 122 40 CBRE Dutch Residential Fund I FGR 8% 238 3,301 139 125 40 Ardstone Residential Partners III 33% 226 892 203 54 10 CBRE Retail Property Fund Iberica L.P. 50% 221 986 544 63 17 NRP Nordic Logistic Fund SA 42% 201 509 32 10 5 CBRE UK Property Fund PAIF 10% 174 1,697 19 -85 13 CBRE Dutch Retail Fund FGR 20% 170 1,181 342 -8 -43 Healthcare Activos SOCIMI S.A. 38% 164 784 350 42 11 Dutch Student and Young Professional Housing Fund FGR 49% 143 372 82 39 3 Dutch Urban Living Venture FGR 45% 142 469 157 -5 -10 Allee center Kft 50% 117 259 25 24 14 Hayfin Amber GP S.A R.L. 100% 105 197 92 Fiumaranuova s.r.l. 50% 105 130 -79 12 9 Parcom Buy-Out Fund V CV 21% 88 534 114 173 5 The Fizz Student Housing Fund SCS 50% 88 259 82 7 6 Robeco Bedrijfsleningen FGR 26% 80 333 25 12 1 Delta Mainlog Holding GmbH & Co. KG 50% 79 164 7 -21 2 Octopus Commercial Real Estate Debt Fund III LP 46% 78 180 11 DPE Deutschland III (Parallel) GmbH & Co 17% 74 554 110 -11 9 Parquest Capital II B FPCI 29% 71 251 8 7 Prime Ventures V C.V. 20% 69 378 27 8 4 Boccaccio - Closed-end Real Estate Mutual Investment Fund 50% 69 193 55 5 8 NL Boompjes Property 5 C.V. 50% 68 141 4 10 1 Rivage Hopitaux Publics Euro 34% 62 209 30 Rivage Euro Debt Infrastructure High return 2 34% 60 185 6 CBRE Property Fund Central and Eastern Europe FGR 50% 59 163 46 18 8 CBRE Dutch Retail Fund II FGR 10% 57 585 11 -50 -11 Other 497 Investments in associates and joint ventures 6,450 Changes in investments in associates and joint ventures 2023 2022 (Restated) Investments in associates and joint ventures \u2013 opening balance 6,450 6,919 Additions 507 766 Transfers from (to) investments at fair value through OCI -131 Share in changes in equity (revaluations) -9 11 Share of result -237 163 Dividends received -244 -276 Disposals -259 -971 Foreign currency exchange differences 23 -31 Investments in associates and joint ventures \u2013 closing balance 6,231 6,450NN Group\u2019s activities involve transactions with structured entities in the normal course of business. A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed through contractual arrangements. NN Group\u2019s involvement in these entities varies and includes both debt financing and equity financing of these entities as well as other relationships. Based on its accounting policies, as disclosed in Note 1 \u2018Accounting policies\u2019, NN Group establishes whether these involvements result in no significant influence, significant influence, joint control or control over the structured entity. The structured entities over which NN Group can exercise control are consolidated. NN Group may provide support to these consolidated structured entities as and when appropriate, however this is fully reflected in the Consolidated annual accounts of NN Group as all assets and liabilities of these entities are included in the Consolidated balance sheet and off-balance sheet commitments are disclosed. NN Group\u2019s activities involving structured entities are explained below in the following categories: \u2022 Consolidated NN Group originated liquidity management securitisation and covered bond programmes \u2022 Investments \u2013 Third-party managed structured entities Consolidated NN Group originated liquidity management securitisation and covered bond programmes Mortgage loans issued are partly funded by issuing residential mortgage-backed instruments under NN Group\u2019s Dutch residential mortgage-backed instruments programmes and covered bonds. In the second half of 2023, both Hypenn RMBS I and Hypenn RMBS VII were fully redeemed early. The mortgage loans transferred to these securitisation vehicles continue to be recognised in the balance sheet of NN Group. Total amounts of mortgage loans securitised (notes issued) and notes held by third parties as at 31 December is as follows: Mortgage loans securitised Related mortgage loans RMBS issued and held by third parties Maturity year 2023 2022 (Restated) 2023 2022 (Restated) Hypenn RMBS I 2023 1,048 Hypenn RMBS VII 2023 1,302 Soft Bullet Covered Bonds 2024-2041 9,257 5,819 6,322 4,826 Total 9,257 8,169 6,322 4,826 NN Group companies hold the remaining notes. Third-party managed structured entities As part of its investment activities, NN Group invests both in debt and equity instruments of structured entities originated by third parties. Most of the investments in debt instruments of structured entities relate to asset-backed instruments (ABS), classified as Investments at fair value through other comprehensive income. Reference is made to Note 3 \u2018Investments at fair value through other comprehensive income\u2018 where the ABS portfolio is disclosed. The majority of the investments in equity instruments of structured entities relate to interests in investment funds that are not originated or managed by NN Group. Reference is made to Note 5 \u2018Investments at fair value through profit or loss\u2018 in which these investments are reported in the line debt instruments for risk of company NN Group has significant influence for some of its real estate investment funds as disclosed in Note 7 \u2018Investments in associates and joint ventures\u2019. The maximum exposure to loss for NN Group is equal to the reported carrying value of the investment recognised in the balance sheet of NN Group",
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"fact-590": {
"value": "7 Investments in associates and joint ventures Associates are entities over which NN Group has significant influence, but not control. Joint ventures are entities in which NN Group has joint control. Associates and joint ventures are initially recognised at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Subsequently, NN Group\u2019s share of profits or losses is recognised in the profit and loss account and its share of changes in reserves is recognised in other comprehensive income (equity). The cumulative changes are adjusted against the carrying value of the investment. When NN Group\u2019s share of losses in an associate or joint venture equals or exceeds the book value of the associate or joint venture, NN Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between NN Group and its associates and joint ventures are eliminated to the extent of NN Group\u2019s interest. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies of NN Group. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. For interests in investment entities the existence of significant influence is determined taking into account both NN Group\u2019s financial interests for own risk and its role as asset manager. Associates include interests in real estate funds and private equity funds. The underlying assets of both the real estate and the private equity funds are measured at fair value through profit or loss. The fair value of underlying real estate in real estate funds is determined as included in Note 6 \u2018Investments in real estate\u2019. The fair value of underlying private equity investments in private equity funds is generally based on a forward-looking market approach. This approach uses a combination of company financials and quoted market multiples. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and by reference to market valuations for similar entities quoted in an active market. Valuations of private equity investments are mainly based on an \u2018adjusted multiple of earnings\u2019 methodology on the following basis: \u2022 Earnings: reported earnings are adjusted for non-recurring items, such as restructuring expenses, for significant corporate actions and, in exceptional cases, for run-rate adjustments to arrive at maintainable earnings. The most common measure is earnings before interest, tax, depreciation and amortisation (EBITDA). Earnings used are usually management forecasts for the current year, unless data from management accounts for the 12 months preceding the reporting period or the latest audited annual accounts provide a more reliable estimate of maintainable earnings. \u2022 Earnings multiples: earnings multiples are derived from comparable listed companies or relevant market transaction multiples for companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus. Adjustments are made for differences in the relative performance in the group of comparable companies. \u2022 Adjustments: a marketability or liquidity discount is applied based on factors such as alignment with management and other investors and NN Group\u2019s investment rights in the deal structure Investments in associates and joint ventures (2023)
2023
Interest
held
Balance
sheet value
Total
assets
Total
liabilities
Total
income
Total
expenses
Vesteda Residential Fund FGR 24% 1,545 8,982 2,590 -481 176
Rivage Euro Debt infrastructure 3 34% 313 917 1
Macquarie European Infrastructure Debt Fund 50% 289 583 7
CBRE Dutch Office Fund FGR 19% 273 2,214 745 -370 90
Lazora S.I.I. S.A. 23% 267 1,693 538 87 71
CBRE Retail Property Fund Iberica L.P. 50% 221 971 528 72 37
CBRE Dutch Residential Fund I FGR 7% 209 3,013 136 -269 43
Ardstone Residential Partners III 30% 208 1,031 335 29 20
Hayfin Amber GP S.A R.L. 100% 205 376 171
NRP Nordic Logistic Fund SA 42% 194 493 31 10 5
Healthcare Activos SOCIMI S.A. 38% 177 855 387 33 20
CBRE Dutch Retail Fund FGR 21% 150 996 282 -47 21
Dutch Urban Living Venture FGR 49% 138 434 156 -39 7
Rivage Hopitaux Publics Euro 34% 133 389 3
Dutch Student and Young Professional Housing
Fund FGR 49% 130 342 78 -9 6
Allee center Kft 50% 118 257 20 21 7
CBRE UK Property Fund PAIF 9% 112 1,309 37 21 -1
Rivage Priv. Debt \u2013 Fund for Infrastr Climate
Solutions 100% 110 111 1
Fiumaranuova s.r.l. 50% 101 208 5 5 8
Rivage Euro Debt Infrastructure High return 2 34% 84 250 1
Prime Ventures V C.V. 20% 83 466 44 4
Parquest Capital II B FPCI 29% 83 324 41 3
Delta Mainlog Holding GmbH & Co. KG 50% 77 155 1 3 2
Octopus Commercial Real Estate Debt Fund III LP 46% 77 168
Boccaccio \u2013 Closed-end Real Estate Mutual
Investment Fund 50% 73 194 48 17 3
Parcom Buy-Out Fund V CV 21% 62 358 64 88 4
CBRE Property Fund Central and Eastern Europe
FGR 50% 61 171 49 24 9
DPE Deutschland III (Parallel) GmbH & Co 17% 60 426 67 -49 4
NL Boompjes Property 5 C.V. 50% 60 120 1 12 1
Other 618
Investments in associates and joint ventures 6,231
The above investments in associates and joint ventures mainly consist of non-listed investment entities investing in real estate
and private equity.
7 Investments in associates and joint ventures continued Significant influence exists for certain associates in which the interest held is below 20%, based on the combination of NN Group\u2019s financial interest for own risk and other arrangements, such as participation in the relevant boards. NN Group holds associates over which it cannot exercise control despite holding more than 50% of the share capital. For this reason, these are classified as associates and are not consolidated. Other includes EUR 533 million (2022: EUR 415 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 85 million (2022: EUR 82 million) of receivables from associates and joint ventures. The amounts presented in the table above could differ from the individual annual accounts of the associates due to the fact that the individual amounts have been brought in line with NN Group\u2019s accounting principles. The reporting dates of all significant associates and joint ventures are consistent with the reporting date of NN Group. The associates and joint ventures of NN Group are subject to legal and regulatory restrictions regarding the amount of dividends that can be paid to NN Group. These restrictions are, for example, dependent on the laws in the country of incorporation for declaring dividends or as a result of minimum capital requirements imposed by industry regulators in the countries in which the associates and joint ventures operate. In addition, the associates and joint ventures also consider other factors in determining the appropriate levels of equity needed. These factors and limitations include, but are not limited to, rating agency and regulatory views, which can change over time. Investments in associates and joint ventures (2022) (Restated)
2022 (Restated)
Interest
held
Balance
sheet value
Total
assets
Total
liabilities
Total
income
Total
expenses
Vesteda Residential Fund FGR 24% 1,771 9,403 2,100 -7 -1
CBRE Dutch Office Fund FGR 19% 364 2,693 733 -84 83
Macquarie European Infrastructure Debt Fund 48% 322 690 13
Rivage Euro Debt infrastructure 3 34% 247 725 2
Lazora S.I.I. S.A. 22% 241 1,636 545 122 40
CBRE Dutch Residential Fund I FGR 8% 238 3,301 139 125 40
Ardstone Residential Partners III 33% 226 892 203 54 10
CBRE Retail Property Fund Iberica L.P. 50% 221 986 544 63 17
NRP Nordic Logistic Fund SA 42% 201 509 32 10 5
CBRE UK Property Fund PAIF 10% 174 1,697 19 -85 13
CBRE Dutch Retail Fund FGR 20% 170 1,181 342 -8 -43
Healthcare Activos SOCIMI S.A. 38% 164 784 350 42 11
Dutch Student and Young Professional Housing
Fund FGR 49% 143 372 82 39 3
Dutch Urban Living Venture FGR 45% 142 469 157 -5 -10
Allee center Kft 50% 117 259 25 24 14
Hayfin Amber GP S.A R.L. 100% 105 197 92
Fiumaranuova s.r.l. 50% 105 130 -79 12 9
Parcom Buy-Out Fund V CV 21% 88 534 114 173 5
The Fizz Student Housing Fund SCS 50% 88 259 82 7 6
Robeco Bedrijfsleningen FGR 26% 80 333 25 12 1
Delta Mainlog Holding GmbH & Co. KG 50% 79 164 7 -21 2
Octopus Commercial Real Estate Debt Fund III LP 46% 78 180 11
DPE Deutschland III (Parallel) GmbH & Co 17% 74 554 110 -11 9
Parquest Capital II B FPCI 29% 71 251 8 7
Prime Ventures V C.V. 20% 69 378 27 8 4
Boccaccio - Closed-end Real Estate Mutual
Investment Fund 50% 69 193 55 5 8
NL Boompjes Property 5 C.V. 50% 68 141 4 10 1
Rivage Hopitaux Publics Euro 34% 62 209 30
Rivage Euro Debt Infrastructure High return 2 34% 60 185 6
CBRE Property Fund Central and Eastern Europe
FGR 50% 59 163 46 18 8
CBRE Dutch Retail Fund II FGR 10% 57 585 11 -50 -11
Other 497
Investments in associates and joint ventures 6,450
Changes in investments in associates and joint ventures 2023 2022 (Restated) Investments in associates and joint ventures \u2013 opening balance 6,450 6,919 Additions 507 766 Transfers from (to) investments at fair value through OCI -131 Share in changes in equity (revaluations) -9 11 Share of result -237 163 Dividends received -244 -276 Disposals -259 -971 Foreign currency exchange differences 23 -31 Investments in associates and joint ventures \u2013 closing balance 6,231 6,450",
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},
"fact-591": {
"value": "Notes to the Consolidated annual accounts continued 8 Property and equipment Land and buildings held for own use are stated at fair value at the balance sheet date. Increases in the carrying value are recognised in other comprehensive income (equity). Decreases in the carrying value that offset previous increases of the same asset are charged against other comprehensive income (equity); all other decreases are recognised in the profit and loss account. Increases that reverse a revaluation decrease on the same asset previously recognised in net result are recognised in the profit and loss account. Depreciation is recognised based on the fair value and the estimated useful life (in general 20-50 years). On disposal, the related revaluation reserve in equity is transferred within equity to \u2018Retained earnings\u2019. The fair value of land and buildings is based on regular appraisals by independent, qualified valuers or internally, similar to appraisals of real estate investments. All significant holdings of land and buildings are appraised at least annually. Subsequent expenditure is included in the asset\u2019s carrying value when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of the item can be measured reliably. Equipment is stated at cost less accumulated depreciation and any impairment losses. The estimated useful lives are generally as follows: two to five years for data processing equipment and four to ten years for fixtures and fittings. Expenditure incurred on maintenance and repairs is recognised in the profit and loss account when incurred. Expenditure incurred on major improvements is capitalised and depreciated. The difference between the proceeds on disposal and net carrying value is recognised in the profit and loss account in \u2018Other, part of Other result\u2019. Methods of depreciation and amortisation Items of property and equipment are depreciated. The carrying values of the assets are depreciated on a straight-line basis over the estimated useful lives. Methods of depreciation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate . ",
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},
"fact-592": {
"value": "Notes to the Consolidated annual accounts continued 8 Property and equipment Land and buildings held for own use are stated at fair value at the balance sheet date. Increases in the carrying value are recognised in other comprehensive income (equity). Decreases in the carrying value that offset previous increases of the same asset are charged against other comprehensive income (equity); all other decreases are recognised in the profit and loss account. Increases that reverse a revaluation decrease on the same asset previously recognised in net result are recognised in the profit and loss account. Depreciation is recognised based on the fair value and the estimated useful life (in general 20-50 years). On disposal, the related revaluation reserve in equity is transferred within equity to \u2018Retained earnings\u2019. The fair value of land and buildings is based on regular appraisals by independent, qualified valuers or internally, similar to appraisals of real estate investments. All significant holdings of land and buildings are appraised at least annually. Subsequent expenditure is included in the asset\u2019s carrying value when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of the item can be measured reliably. Equipment is stated at cost less accumulated depreciation and any impairment losses. The estimated useful lives are generally as follows: two to five years for data processing equipment and four to ten years for fixtures and fittings. Expenditure incurred on maintenance and repairs is recognised in the profit and loss account when incurred. Expenditure incurred on major improvements is capitalised and depreciated. The difference between the proceeds on disposal and net carrying value is recognised in the profit and loss account in \u2018Other, part of Other result\u2019. Methods of depreciation and amortisation Items of property and equipment are depreciated. The carrying values of the assets are depreciated on a straight-line basis over the estimated useful lives. Methods of depreciation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate . Property and equipment 2023 2022 (Restated) Property in own use 92 97 Equipment 82 100 Property and equipment owned 174 197 Right of use assets 174 202 Property and equipment total 348 399 Changes in Property in own use 2023 2022 (Restated) Property in own use \u2013 opening balance 97 71 Additions 3 1 Transfers from (to) investments in real estate -10 Revaluations -2 5 Disposals -1 Depreciation -2 -2 Impairments -6 Changes in the composition of the group and other changes 2 33 Property in own use \u2013 closing balance 92 97 Gross carrying value 146 142 Accumulated depreciation, revaluations and impairments -54 -45 Net carrying value 92 97 Revaluation surplus \u2013 opening balance 16 11 Revaluation in year -2 5 Revaluation surplus \u2013 closing balance 14 16 Changes in Equipment Data processing equipment Fixtures and fittings and other equipment Total 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Equipment \u2013 opening balance 30 33 70 68 100 101 Additions 20 16 6 21 26 37 Disposals -4 -1 -1 -4 Depreciation -14 -15 -20 -19 -34 -34 Changes in the composition of the group and other changes -3 -6 -9 0 Equipment \u2013 closing balance 33 30 49 70 82 100 Gross carrying value 196 179 266 267 462 446 Accumulated depreciation -163 -149 -217 -197 -380 -346 Net carrying value 33 30 49 70 82 100 Changes in Right of use assets Property Equipment Total 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Right of use assets \u2013 opening balance 183 220 19 22 202 242 Additions 15 5 12 11 27 16 Disposals -11 -5 -1 -4 -12 -9 Depreciation -35 -33 -11 -10 -46 -43 Changes in the composition of the group and other changes 7 2 7 2 Foreign currency exchange differences -4 -6 -4 -6 Right of use assets \u2013 closing balance 155 183 19 19 174 202 Gross carrying value 350 343 76 65 426 408 Accumulated depreciation -195 -160 -57 -46 -252 -206 Net carrying value 155 183 19 19 174 202 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-593": {
"value": "Land and buildings held for own use are stated at fair value at the balance sheet date. Increases in the carrying value are recognised in other comprehensive income (equity). Decreases in the carrying value that offset previous increases of the same asset are charged against other comprehensive income (equity); all other decreases are recognised in the profit and loss account. Increases that reverse a revaluation decrease on the same asset previously recognised in net result are recognised in the profit and loss account. Depreciation is recognised based on the fair value and the estimated useful life (in general 20-50 years). On disposal, the related revaluation reserve in equity is transferred within equity to \u2018Retained earnings\u2019. The fair value of land and buildings is based on regular appraisals by independent, qualified valuers or internally, similar to appraisals of real estate investments. All significant holdings of land and buildings are appraised at least annually. Subsequent expenditure is included in the asset\u2019s carrying value when it is probable that future economic benefits associated with the item will flow to NN Group and the cost of the item can be measured reliably. Equipment is stated at cost less accumulated depreciation and any impairment losses. The estimated useful lives are generally as follows: two to five years for data processing equipment and four to ten years for fixtures and fittings. Expenditure incurred on maintenance and repairs is recognised in the profit and loss account when incurred. Expenditure incurred on major improvements is capitalised and depreciated. The difference between the proceeds on disposal and net carrying value is recognised in the profit and loss account in \u2018Other, part of Other result\u2019. Methods of depreciation and amortisation Items of property and equipment are depreciated. The carrying values of the assets are depreciated on a straight-line basis over the estimated useful lives. Methods of depreciation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-594": {
"value": "9 Intangible assets Acquisition accounting, goodwill and other intangible assets Goodwill NN Group\u2019s acquisitions are accounted for using the acquisition method of accounting. Goodwill, being the positive difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, is capitalised as an intangible asset. In case there is a negative difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, this is referred to as negative goodwill and is recognised in profit and loss in the reporting period the acquisition is finalised. Acquisition related costs are recognised in the profit and loss account when incurred and presented in the profit and loss account as \u2018Other operating expenses\u2019. The initial accounting for the fair value of the net assets of the companies acquired during the year may be determined only provisionally as the determination of the fair value can be complex and the time between the acquisition and the preparation of the annual accounts can be limited. The initial accounting shall be completed within a year after acquisition. Where a business combination is achieved in stages, NN Group\u2019s previously held interests in the assets and liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date NN Group obtains control) and the resulting gain or loss, if any, is recognised in the profit and loss account. Amounts arising from interests in the acquiree before the acquisition date that have previously been recognised in other comprehensive income (equity) are reclassified to the profit and loss account, where such treatment would be appropriate if that interest were disposed of. Intangible assets with finite useful lives are amortised on a straight-line basis over the estimated useful lives. Methods of amortisation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortisation is included in \u2018Other operating expenses\u2019. Computer software Computer software that has been purchased or generated internally for own use is stated at cost less amortisation and any impairment losses. The expected useful life of computer software will generally not exceed three years . Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset . Intangible assets (2023) 2023 Goodwill Software Other Total Intangible assets \u2013 opening balance 871 91 318 1,280 Additions 12 29 18 59 Amortisation -35 -35 -70 Disposals -3 -3 Impairments -3 -2 -5 Foreign currency exchange differences 9 9 Intangible assets \u2013 closing balance 892 79 299 1,270 Gross carrying value 1,865 1,000 844 3,709 Accumulated amortisation -851 -495 -1,346 Accumulated impairments -973 -70 -50 -1,093 Net carrying value 892 79 299 1,270 Intangible assets (2022) (Restated) 2022 (Restated) Goodwill Software Other Total Intangible assets \u2013 opening balance 549 75 308 932 Additions 324 42 21 387 Capitalised expenses 6 6 Amortisation -36 -35 -71 Changes in the composition of the group and other changes 6 24 30 Foreign currency exchange differences -2 -2 -4 Intangible assets \u2013 closing balance 871 91 318 1,280 Gross carrying value 1,844 973 826 3,643 Accumulated amortisation -816 -460 -1,276 Accumulated impairments -973 -66 -48 -1,087 Net carrying value 871 91 318 1,280 Additions to Goodwill and Changes in the composition of the group and other changes in 2022 mainly relate to the acquisition of MetLife Poland and Greece. Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019. Other intangible assets include the intangibles recognised upon the acquisition of Met Life Greece, Heinenoord, VIVAT Non-life and the remaining part of the intangibles recognised in 2017 on the acquisition of Delta Lloyd. The acquisition intangibles comprise: \u2022 Brand names \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Client relationships \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Distribution channels/agreements \u2013 with an average expected remaining useful life at the acquisition date of approximately 18 years Goodwill by cash-generating unit (reporting unit) 2023 2022 (Restated) Netherlands Non-life 460 462 Insurance Europe 370 347 Bank 62 62 Goodwill 892 871 Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-595": {
"value": "9 Intangible assets Acquisition accounting, goodwill and other intangible assets Goodwill NN Group\u2019s acquisitions are accounted for using the acquisition method of accounting. Goodwill, being the positive difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, is capitalised as an intangible asset. In case there is a negative difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, this is referred to as negative goodwill and is recognised in profit and loss in the reporting period the acquisition is finalised. Acquisition related costs are recognised in the profit and loss account when incurred and presented in the profit and loss account as \u2018Other operating expenses\u2019. The initial accounting for the fair value of the net assets of the companies acquired during the year may be determined only provisionally as the determination of the fair value can be complex and the time between the acquisition and the preparation of the annual accounts can be limited. The initial accounting shall be completed within a year after acquisition. Where a business combination is achieved in stages, NN Group\u2019s previously held interests in the assets and liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date NN Group obtains control) and the resulting gain or loss, if any, is recognised in the profit and loss account. Amounts arising from interests in the acquiree before the acquisition date that have previously been recognised in other comprehensive income (equity) are reclassified to the profit and loss account, where such treatment would be appropriate if that interest were disposed of. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill Intangible assets (2023) 2023 Goodwill Software Other Total Intangible assets \u2013 opening balance 871 91 318 1,280 Additions 12 29 18 59 Amortisation -35 -35 -70 Disposals -3 -3 Impairments -3 -2 -5 Foreign currency exchange differences 9 9 Intangible assets \u2013 closing balance 892 79 299 1,270 Gross carrying value 1,865 1,000 844 3,709 Accumulated amortisation -851 -495 -1,346 Accumulated impairments -973 -70 -50 -1,093 Net carrying value 892 79 299 1,270 Intangible assets (2022) (Restated) 2022 (Restated) Goodwill Software Other Total Intangible assets \u2013 opening balance 549 75 308 932 Additions 324 42 21 387 Capitalised expenses 6 6 Amortisation -36 -35 -71 Changes in the composition of the group and other changes 6 24 30 Foreign currency exchange differences -2 -2 -4 Intangible assets \u2013 closing balance 871 91 318 1,280 Gross carrying value 1,844 973 826 3,643 Accumulated amortisation -816 -460 -1,276 Accumulated impairments -973 -66 -48 -1,087 Net carrying value 871 91 318 1,280 Additions to Goodwill and Changes in the composition of the group and other changes in 2022 mainly relate to the acquisition of MetLife Poland and Greece. Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019. Other intangible assets include the intangibles recognised upon the acquisition of Met Life Greece, Heinenoord, VIVAT Non-life and the remaining part of the intangibles recognised in 2017 on the acquisition of Delta Lloyd. The acquisition intangibles comprise: \u2022 Brand names \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Client relationships \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Distribution channels/agreements \u2013 with an average expected remaining useful life at the acquisition date of approximately 18 years Goodwill by cash-generating unit (reporting unit) 2023 2022 (Restated) Netherlands Non-life 460 462 Insurance Europe 370 347 Bank 62 62 Goodwill 892 871 Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-596": {
"value": "9 Intangible assets Acquisition accounting, goodwill and other intangible assets Goodwill NN Group\u2019s acquisitions are accounted for using the acquisition method of accounting. Goodwill, being the positive difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, is capitalised as an intangible asset. In case there is a negative difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, this is referred to as negative goodwill and is recognised in profit and loss in the reporting period the acquisition is finalised. Acquisition related costs are recognised in the profit and loss account when incurred and presented in the profit and loss account as \u2018Other operating expenses\u2019. The initial accounting for the fair value of the net assets of the companies acquired during the year may be determined only provisionally as the determination of the fair value can be complex and the time between the acquisition and the preparation of the annual accounts can be limited. The initial accounting shall be completed within a year after acquisition. Where a business combination is achieved in stages, NN Group\u2019s previously held interests in the assets and liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date NN Group obtains control) and the resulting gain or loss, if any, is recognised in the profit and loss account. Amounts arising from interests in the acquiree before the acquisition date that have previously been recognised in other comprehensive income (equity) are reclassified to the profit and loss account, where such treatment would be appropriate if that interest were disposed of. Intangible assets with finite useful lives are amortised on a straight-line basis over the estimated useful lives. Methods of amortisation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortisation is included in \u2018Other operating expenses\u2019. Computer software Computer software that has been purchased or generated internally for own use is stated at cost less amortisation and any impairment losses. The expected useful life of computer software will generally not exceed three years Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-597": {
"value": "9 Intangible assets Acquisition accounting, goodwill and other intangible assets Goodwill NN Group\u2019s acquisitions are accounted for using the acquisition method of accounting. Goodwill, being the positive difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, is capitalised as an intangible asset. In case there is a negative difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, this is referred to as negative goodwill and is recognised in profit and loss in the reporting period the acquisition is finalised. Acquisition related costs are recognised in the profit and loss account when incurred and presented in the profit and loss account as \u2018Other operating expenses\u2019. The initial accounting for the fair value of the net assets of the companies acquired during the year may be determined only provisionally as the determination of the fair value can be complex and the time between the acquisition and the preparation of the annual accounts can be limited. The initial accounting shall be completed within a year after acquisition. Where a business combination is achieved in stages, NN Group\u2019s previously held interests in the assets and liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date NN Group obtains control) and the resulting gain or loss, if any, is recognised in the profit and loss account. Amounts arising from interests in the acquiree before the acquisition date that have previously been recognised in other comprehensive income (equity) are reclassified to the profit and loss account, where such treatment would be appropriate if that interest were disposed of. Intangible assets with finite useful lives are amortised on a straight-line basis over the estimated useful lives. Methods of amortisation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortisation is included in \u2018Other operating expenses\u2019. Computer software Computer software that has been purchased or generated internally for own use is stated at cost less amortisation and any impairment losses. The expected useful life of computer software will generally not exceed three years . Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset . Intangible assets (2023) 2023 Goodwill Software Other Total Intangible assets \u2013 opening balance 871 91 318 1,280 Additions 12 29 18 59 Amortisation -35 -35 -70 Disposals -3 -3 Impairments -3 -2 -5 Foreign currency exchange differences 9 9 Intangible assets \u2013 closing balance 892 79 299 1,270 Gross carrying value 1,865 1,000 844 3,709 Accumulated amortisation -851 -495 -1,346 Accumulated impairments -973 -70 -50 -1,093 Net carrying value 892 79 299 1,270 Intangible assets (2022) (Restated) 2022 (Restated) Goodwill Software Other Total Intangible assets \u2013 opening balance 549 75 308 932 Additions 324 42 21 387 Capitalised expenses 6 6 Amortisation -36 -35 -71 Changes in the composition of the group and other changes 6 24 30 Foreign currency exchange differences -2 -2 -4 Intangible assets \u2013 closing balance 871 91 318 1,280 Gross carrying value 1,844 973 826 3,643 Accumulated amortisation -816 -460 -1,276 Accumulated impairments -973 -66 -48 -1,087 Net carrying value 871 91 318 1,280 Additions to Goodwill and Changes in the composition of the group and other changes in 2022 mainly relate to the acquisition of MetLife Poland and Greece. Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019. Other intangible assets include the intangibles recognised upon the acquisition of Met Life Greece, Heinenoord, VIVAT Non-life and the remaining part of the intangibles recognised in 2017 on the acquisition of Delta Lloyd. The acquisition intangibles comprise: \u2022 Brand names \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Client relationships \u2013 with an average expected remaining useful life at the acquisition date of approximately 10 years \u2022 Distribution channels/agreements \u2013 with an average expected remaining useful life at the acquisition date of approximately 18 years Goodwill by cash-generating unit (reporting unit) 2023 2022 (Restated) Netherlands Non-life 460 462 Insurance Europe 370 347 Bank 62 62 Goodwill 892 871 Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-598": {
"value": "Acquisition accounting, goodwill and other intangible assets Goodwill NN Group\u2019s acquisitions are accounted for using the acquisition method of accounting. Goodwill, being the positive difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, is capitalised as an intangible asset. In case there is a negative difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, this is referred to as negative goodwill and is recognised in profit and loss in the reporting period the acquisition is finalised. Acquisition related costs are recognised in the profit and loss account when incurred and presented in the profit and loss account as \u2018Other operating expenses\u2019. The initial accounting for the fair value of the net assets of the companies acquired during the year may be determined only provisionally as the determination of the fair value can be complex and the time between the acquisition and the preparation of the annual accounts can be limited. The initial accounting shall be completed within a year after acquisition. Where a business combination is achieved in stages, NN Group\u2019s previously held interests in the assets and liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date NN Group obtains control) and the resulting gain or loss, if any, is recognised in the profit and loss account. Amounts arising from interests in the acquiree before the acquisition date that have previously been recognised in other comprehensive income (equity) are reclassified to the profit and loss account, where such treatment would be appropriate if that interest were disposed of. Intangible assets with finite useful lives are amortised on a straight-line basis over the estimated useful lives. Methods of amortisation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortisation is included in \u2018Other operating expenses\u2019. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-599": {
"value": "Acquisition accounting, goodwill and other intangible assets Goodwill NN Group\u2019s acquisitions are accounted for using the acquisition method of accounting. Goodwill, being the positive difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, is capitalised as an intangible asset. In case there is a negative difference between the cost of the acquisition (including assumed debt) and NN Group\u2019s interest in the fair value of the acquired assets, liabilities and contingent liabilities as at the date of acquisition, this is referred to as negative goodwill and is recognised in profit and loss in the reporting period the acquisition is finalised. Acquisition related costs are recognised in the profit and loss account when incurred and presented in the profit and loss account as \u2018Other operating expenses\u2019. The initial accounting for the fair value of the net assets of the companies acquired during the year may be determined only provisionally as the determination of the fair value can be complex and the time between the acquisition and the preparation of the annual accounts can be limited. The initial accounting shall be completed within a year after acquisition. Where a business combination is achieved in stages, NN Group\u2019s previously held interests in the assets and liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date NN Group obtains control) and the resulting gain or loss, if any, is recognised in the profit and loss account. Amounts arising from interests in the acquiree before the acquisition date that have previously been recognised in other comprehensive income (equity) are reclassified to the profit and loss account, where such treatment would be appropriate if that interest were disposed of. Intangible assets with finite useful lives are amortised on a straight-line basis over the estimated useful lives. Methods of amortisation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortisation is included in \u2018Other operating expenses\u2019. Computer software Computer software that has been purchased or generated internally for own use is stated at cost less amortisation and any impairment losses. The expected useful life of computer software will generally not exceed three years . Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-600": {
"value": "Intangible assets with finite useful lives are amortised on a straight-line basis over the estimated useful lives. Methods of amortisation, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortisation is included in \u2018Other operating expenses\u2019. Computer software Computer software that has been purchased or generated internally for own use is stated at cost less amortisation and any impairment losses. The expected useful life of computer software will generally not exceed three years . Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-601": {
"value": "Changes in Right of use assets Property Equipment Total 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Right of use assets \u2013 opening balance 183 220 19 22 202 242 Additions 15 5 12 11 27 16 Disposals -11 -5 -1 -4 -12 -9 Depreciation -35 -33 -11 -10 -46 -43 Changes in the composition of the group and other changes 7 2 7 2 Foreign currency exchange differences -4 -6 -4 -6 Right of use assets \u2013 closing balance 155 183 19 19 174 202 Gross carrying value 350 343 76 65 426 408 Accumulated depreciation -195 -160 -57 -46 -252 -206 Net carrying value 155 183 19 19 174 202 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-602": {
"value": "9 Intangible assets continued Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . Other intangible assets are tested for impairment by comparing the carrying value with the best estimate of the recoverable amount of the individual intangible asset . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-603": {
"value": "Other intangible assets Other intangible assets include brand names, client relationships and distribution channels. These assets are stated at cost less amortisation and any impairment losses. The estimated useful life is generally between 2 and 18 years. Impairment of intangible assets Impairment reviews with respect to goodwill and intangible assets are performed at least annually and more frequently if events indicate that impairments may have occurred. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. Goodwill is tested for impairment at the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets, i.e. the lowest level at which it is monitored for internal management purposes. This level is defined as the cash-generating unit (reporting unit) as set out below. Goodwill is tested for impairment by comparing the carrying value of the cash-generating unit (reporting unit) to the best estimate of the recoverable amount of that cash-generating unit (reporting unit). The carrying value is determined as the IFRS-EU book value including goodwill and certain acquisition intangibles. The recoverable amount is estimated as the higher of fair value less cost to sell and value in use. Several methodologies are applied to arrive at the best estimate of the recoverable amount. The identification of impairment is an inherently uncertain process involving various assumptions and factors. Estimates and assumptions (including unobservable Level 3 inputs) are based on management\u2019s judgement and other information available. For the goodwill recognised there is a significant excess of recoverable amount over book value for the cash-generating units (reporting units) to which goodwill is allocated. In 2023 and 2022, there was no impairment of goodwill . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-604": {
"value": "12 Equity Total equity 2023 2022 (Restated) Share capital 34 35 Share premium 12,579 12,578 Accumulated revaluations on investments -4,116 -7,132 Accumulated revaluations on (re) insurance contracts 13,313 15,962 Foreign currency translation reserve -421 -338 Net defined benefit asset/liability remeasurement reserve -63 -51 Other reserves -1,702 -1,789 Shareholders' equity (parent) 19,624 19,265 Minority interests 79 72 Undated subordinated notes 1,416 1,764 Total equity 21,119 21,101 Changes in Shareholders\u2019 equity (parent) (2023) 2023 Share capital Share premium Reserves Total shareholders\u2019 equity (parent) Shareholders' equity (parent) \u2013 opening balance 35 12,578 6,652 19,265 Total amount recognised directly in equity (other comprehensive income) 312 312 Net result for the period 1,172 1,172 Changes in share capital -1 1 0 Dividend -422 -422 Purchase (sale) of treasury shares -632 -632 Employee stock option and share plans 1 1 Coupon on undated subordinated notes -57 -57 Changes in the composition of the group and other changes -15 -15 Shareholders' equity (parent) \u2013 closing balance 34 12,579 7,011 19,624 Purchase (sale) of treasury shares (2023) During 2023, 18,988,015 ordinary shares for a total amount of EUR 632 million were repurchased under the open market share buyback programme, including repurchases to neutralise the dilutive effect of stock dividends. Treasury shares for a total amount of EUR 1 million were delivered under Employee share plans. The repurchased shares are held by NN Group and the amount was deducted from Other reserves (Purchase (sale) of treasury shares). In 2023, 7,289,612 NN Group ordinary shares were delivered for the final dividend 2022. In 2023, 10,000,000 NN Group treasury shares were cancelled. As at 31 December 2023, 11,138,500 treasury shares were held by NN Group . Coupon paid on undated subordinated notes (2023) The undated subordinated notes have optional annual coupon payments in June and July. The annual coupons resulted in a deduction of EUR 57 million (net of tax) from equity. Undated subordinated notes (2023) In April 2023 NN Group announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 17 \u2018Subordinated debt\u2019. Changes in Shareholders\u2019 equity (parent) (2022) (Restated) 2022 (Restated) Share capital Share premium Reserves Total shareholders\u2019 equity (parent) Shareholders\u2019 equity (parent) \u2013 opening balance 38 12,575 9,011 21,624 Total amount recognised directly in equity (other comprehensive income) -2,385 -2,385 Net result for the period 1,634 1,634 Changes in share capital -3 3 0 Dividend -413 -413 Purchase (sale) of treasury shares -1,391 -1,391 Employee stock option and share plans -6 -6 Coupon on undated subordinated notes -58 -58 Changes in the composition of the group and other changes 260 260 Shareholders\u2019 equity (parent) \u2013 closing balance 35 12,578 6,652 19,26 5 Purchase (sale) of treasury shares (2022) In 2022, 32,439,329 ordinary shares for a total amount of EUR 1,391 million were repurchased under an open market share buyback programme, including repurchases to neutralise the dilutive effect of stock dividends. Treasury shares for an amount of EUR 6 million were delivered under Employee share plans. The repurchased shares are held by NN Group and the amount was deducted from Other reserves (Purchase (sale) of treasury shares). In 2022, 22,878,210 NN Group treasury shares were cancelled. As at 31 December 2022, 13,608,384 treasury shares were held by NN Group . Coupon paid on undated subordinated notes (2022) The undated subordinated notes have optional annual coupon payments in June and July. The annual coupons resulted in a deduction of EUR 58 million (net of tax) from equity. Shareholders\u2019 equity (parent) Share capital Ordinary shares (in number) Ordinary shares (amounts in millions of euros) 2023 2022 (Restated) 2023 2022 (Restated) Authorised share capital 700,000,000 700,000,000 84 84 Unissued share capital 415,000,000 405,000,000 50 49 Issued share capital 285,000,000 295,000,000 34 35 Ordinary shares The authorised ordinary share capital consists of 700,000,000 ordinary shares with a par value of EUR 0.12 per share. At 31 December 2023 issued and fully paid ordinary share capital consists of 285,000,000 ordinary shares with a par value of EUR 0.12 per share. Distributable reserves Reference is made to Note 6 \u2018Equity\u2019 in the Parent company annual accounts for the determination of the freely distributable reserves. Preference shares As at 31 December 2023, none of the preference shares had been issued. The authorised number of preference shares is 700,000,000 shares . Changes in Share premium 2023 2022 (Restated) Share premium \u2013 opening balance 12,578 12,575 Issue of ordinary shares 1 3 Share premium \u2013 closing balance 12,579 12,57 8 Undated subordinated notes In April 2023 NN Group announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 17 \u2018Subordinated debt\u2019. In July 2014, NN Group N.V. issued fixed to floating rate undated subordinated notes with a par value of EUR 1,000 million. The notes are undated, but are callable after 11.5 years and every quarter thereafter (subject to regulatory approval). The coupon is fixed at 4.5% per annum for the first 11.5 years and will be floating thereafter. As these notes are undated and include optional deferral of interest at the discretion of NN Group, these are classified under IFRS-EU as equity. Coupon payments are distributed out of equity if and when paid or contractually due. The discount to the par value and certain issue costs were deducted from equity at issue, resulting in a balance sheet value equal to the net proceeds of EUR 986 million. In June 2014, fixed to floating rate undated subordinated notes with a par value of EUR 750 million were originally issued by Delta Lloyd which are classified as equity under IFRS-EU. The notes are undated, but are callable as from 13 June 2024 and every quarter thereafter (subject to regulatory approval). The coupon is fixed at 4.375% per annum until 13 June 2024 and will be floating thereafter. Coupon payments are distributed out of equity if and when paid or contractually due. These notes were recognised upon acquisition of Delta Lloyd for an amount of EUR 778 million. Notes to the ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-605": {
"value": "12 Equity Total equity 2023 2022 (Restated) Share capital 34 35 Share premium 12,579 12,578 Accumulated revaluations on investments -4,116 -7,132 Accumulated revaluations on (re) insurance contracts 13,313 15,962 Foreign currency translation reserve -421 -338 Net defined benefit asset/liability remeasurement reserve -63 -51 Other reserves -1,702 -1,789 Shareholders' equity (parent) 19,624 19,265 Minority interests 79 72 Undated subordinated notes 1,416 1,764 Total equity 21,119 21,101 Changes in Shareholders\u2019 equity (parent) (2023) 2023 Share capital Share premium Reserves Total shareholders\u2019 equity (parent) Shareholders' equity (parent) \u2013 opening balance 35 12,578 6,652 19,265 Total amount recognised directly in equity (other comprehensive income) 312 312 Net result for the period 1,172 1,172 Changes in share capital -1 1 0 Dividend -422 -422 Purchase (sale) of treasury shares -632 -632 Employee stock option and share plans 1 1 Coupon on undated subordinated notes -57 -57 Changes in the composition of the group and other changes -15 -15 Shareholders' equity (parent) \u2013 closing balance 34 12,579 7,011 19,624 Purchase (sale) of treasury shares (2023) During 2023, 18,988,015 ordinary shares for a total amount of EUR 632 million were repurchased under the open market share buyback programme, including repurchases to neutralise the dilutive effect of stock dividends. Treasury shares for a total amount of EUR 1 million were delivered under Employee share plans. The repurchased shares are held by NN Group and the amount was deducted from Other reserves (Purchase (sale) of treasury shares). In 2023, 7,289,612 NN Group ordinary shares were delivered for the final dividend 2022. In 2023, 10,000,000 NN Group treasury shares were cancelled. As at 31 December 2023, 11,138,500 treasury shares were held by NN Group . Coupon paid on undated subordinated notes (2023) The undated subordinated notes have optional annual coupon payments in June and July. The annual coupons resulted in a deduction of EUR 57 million (net of tax) from equity. Undated subordinated notes (2023) In April 2023 NN Group announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 17 \u2018Subordinated debt\u2019. Changes in Shareholders\u2019 equity (parent) (2022) (Restated) 2022 (Restated) Share capital Share premium Reserves Total shareholders\u2019 equity (parent) Shareholders\u2019 equity (parent) \u2013 opening balance 38 12,575 9,011 21,624 Total amount recognised directly in equity (other comprehensive income) -2,385 -2,385 Net result for the period 1,634 1,634 Changes in share capital -3 3 0 Dividend -413 -413 Purchase (sale) of treasury shares -1,391 -1,391 Employee stock option and share plans -6 -6 Coupon on undated subordinated notes -58 -58 Changes in the composition of the group and other changes 260 260 Shareholders\u2019 equity (parent) \u2013 closing balance 35 12,578 6,652 19,26 Purchase (sale) of treasury shares (2022) In 2022, 32,439,329 ordinary shares for a total amount of EUR 1,391 million were repurchased under an open market share buyback programme, including repurchases to neutralise the dilutive effect of stock dividends. Treasury shares for an amount of EUR 6 million were delivered under Employee share plans. The repurchased shares are held by NN Group and the amount was deducted from Other reserves (Purchase (sale) of treasury shares). In 2022, 22,878,210 NN Group treasury shares were cancelled. As at 31 December 2022, 13,608,384 treasury shares were held by NN Group . Coupon paid on undated subordinated notes (2022) The undated subordinated notes have optional annual coupon payments in June and July. The annual coupons resulted in a deduction of EUR 58 million (net of tax) from equity. Shareholders\u2019 equity (parent) Share capital Ordinary shares (in number) Ordinary shares (amounts in millions of euros) 2023 2022 (Restated) 2023 2022 (Restated) Authorised share capital 700,000,000 700,000,000 84 84 Unissued share capital 415,000,000 405,000,000 50 49 Issued share capital 285,000,000 295,000,000 34 35 Ordinary shares The authorised ordinary share capital consists of 700,000,000 ordinary shares with a par value of EUR 0.12 per share. At 31 December 2023 issued and fully paid ordinary share capital consists of 285,000,000 ordinary shares with a par value of EUR 0.12 per share. Distributable reserves Reference is made to Note 6 \u2018Equity\u2019 in the Parent company annual accounts for the determination of the freely distributable reserves. Preference shares As at 31 December 2023, none of the preference shares had been issued. The authorised number of preference shares is 700,000,000 shares . Changes in Share premium 2023 2022 (Restated) Share premium \u2013 opening balance 12,578 12,575 Issue of ordinary shares 1 3 Share premium \u2013 closing balance 12,579 12,57 Changes in Accumulated revaluations investments (2023) 2023 Property revaluation reserve Investment revaluation reserve Cash flow hedge reserve Total Revaluation reserve \u2013 opening balance 11 -10,037 2,894 -7,132 Revaluations -1 2,868 2,867 Realised gains / losses transferred to the profit and loss account 249 249 Realised gains / losses on equity securities -38 -38 Changes in cash flow hedge reserve -53 -53 Other revaluations -9 -9 Revaluation reserve \u2013 closing balance 10 -6,967 2,841 -4,116 In 2023, NN Group sold equity securities with a fair value of EUR 875 million, resulting in a realised gain (after tax) of EUR 38 million, which was transferred from the accumulated revaluations investments to other reserves. Changes in Accumulated revaluations investments (2022) (Restated) 2022 (Restated) Property revaluation reserve Investment revaluation reserve Cash flow hedge reserve Total Revaluation reserve \u2013 opening balance 9 12,254 8,837 21,100 Revaluations 2 -22,100 -22,098 Realised gains / losses transferred to the profit and loss account -21 -21 Realised gains / losses on equity securities -254 -254 Changes in cash flow hedge reserve -5,943 -5,943 Changes in the composition of the group and other changes 75 75 Other revaluations 9 9 Revaluation reserve \u2013 closing balance 11 -10,037 2,894 -7,132 In 2022, NN Group sold equity securities with a fair value of EUR 1,037 million, resulting in a realised gain (after tax) of EUR 254 million, which was transferred from the accumulated revaluations investments to other reserves. Changes in Accumulated revaluations (re) insurance contracts 2023 2022 (Restated) Revaluation reserve \u2013 opening balance 15,962 -9,919 Finance result on insurance contracts recognised in other comprehensive income -2,634 26,092 Finance result on reinsurance contracts recognised in other comprehensive income -15 -143 Changes in the composition of the group and other changes -68 Revaluation reserve \u2013 closing balance 13,313 15,96 Changes in Foreign currency translation reserve 2023 2022 (Restated) Foreign currency translation reserve \u2013 opening balance -338 -233 Unrealised revaluations after taxation -24 46 Foreign currency exchange differences for the period -59 -151 Foreign currency translation reserve \u2013 closing balance -421 -338 Unrealised revaluations relate to changes in the value of hedging instruments that are designated as net investment hedges. Changes in Other reserves (2023) 2023 Retained earnings Share of associates reserve Total Other reserves \u2013 opening balance -3,601 1,812 -1,789 Net result for the period 1,173 1,173 Transfers from (to) share of associates reserve 496 -496 0 Realised gains / losses on equity securities 38 38 Dividend -422 -422 Purchase (sale) of treasury shares -632 -632 Employee stock option and share plans 1 1 Coupon on subordinated notes -57 -57 Changes in the composition of the group and other changes -14 -14 Other reserves \u2013 closing balance -3,018 1,316 -1,702 Changes in Other reserves (2022) (Restated) 2022 (Restated) Retained earnings Share of associates reserve Total Other reserves \u2013 opening balance -3,927 2,112 -1,815 Net result for the period 1,634 1,634 Transfers from (to) share of associates reserve 300 -300 0 Realised gains / losses on equity securities 254 254 Dividend -413 -413 Purchase (sale) of treasury shares -1,391 -1,391 Employee stock option and share plans -6 -6 Coupon on subordinated notes -58 -58 Changes in the composition of the group and other changes 6 6 Other reserves \u2013 closing balance -3,601 1,812 -1,78 Minority interest NN Group owns 51% of the shares of Nationale-Nederlanden ABN AMRO Verzekeringen Holding B.V. (ABN AMRO Verzekeringen). ABN AMRO Verzekeringen\u2018s principal place of business is Zwolle, the Netherlands. ABN AMRO Verzekeringen is fully consolidated by NN Group, with a minority interest recognised of 49%. At 31 December 2023, the minority interest relating to ABN AMRO Verzekeringen recognised in equity was EUR 71 million (2022: EUR 65 million). Undated subordinated notes In April 2023 NN Group announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 17 \u2018Subordinated debt\u2019. In July 2014, NN Group N.V. issued fixed to floating rate undated subordinated notes with a par value of EUR 1,000 million. The notes are undated, but are callable after 11.5 years and every quarter thereafter (subject to regulatory approval). The coupon is fixed at 4.5% per annum for the first 11.5 years and will be floating thereafter. As these notes are undated and include optional deferral of interest at the discretion of NN Group, these are classified under IFRS-EU as equity. Coupon payments are distributed out of equity if and when paid or contractually due. The discount to the par value and certain issue costs were deducted from equity at issue, resulting in a balance sheet value equal to the net proceeds of EUR 986 million. In June 2014, fixed to floating rate undated subordinated notes with a par value of EUR 750 million were originally issued by Delta Lloyd which are classified as equity under IFRS-EU. The notes are undated, but are callable as from 13 June 2024 and every quarter thereafter (subject to regulatory approval). The coupon is fixed at 4.375% per annum until 13 June 2024 and will be floating thereafter. Coupon payments are distributed out of equity if and when paid or contractually due. These notes were recognised upon acquisition of Delta Lloyd for an amount of EUR 778 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-606": {
"value": "Total equity 2023 2022 (Restated) Share capital 34 35 Share premium 12,579 12,578 Accumulated revaluations on investments -4,116 -7,132 Accumulated revaluations on (re) insurance contracts 13,313 15,962 Foreign currency translation reserve -421 -338 Net defined benefit asset/liability remeasurement reserve -63 -51 Other reserves -1,702 -1,789 Shareholders' equity (parent) 19,624 19,265 Minority interests 79 72 Undated subordinated notes 1,416 1,764 Total equity 21,119 21,101 Changes in Foreign currency translation reserve 2023 2022 (Restated) Foreign currency translation reserve \u2013 opening balance -338 -233 Unrealised revaluations after taxation -24 46 Foreign currency exchange differences for the period -59 -151 Foreign currency translation reserve \u2013 closing balance -421 -338 Unrealised revaluations relate to changes in the value of hedging instruments that are designated as net investment hedges. Changes in Other reserves (2023) 2023 Retained earnings Share of associates reserve Total Other reserves \u2013 opening balance -3,601 1,812 -1,789 Net result for the period 1,173 1,173 Transfers from (to) share of associates reserve 496 -496 0 Realised gains / losses on equity securities 38 38 Dividend -422 -422 Purchase (sale) of treasury shares -632 -632 Employee stock option and share plans 1 1 Coupon on subordinated notes -57 -57 Changes in the composition of the group and other changes -14 -14 Other reserves \u2013 closing balance -3,018 1,316 -1,702 Changes in Other reserves (2022) (Restated) 2022 (Restated) Retained earnings Share of associates reserve Total Other reserves \u2013 opening balance -3,927 2,112 -1,815 Net result for the period 1,634 1,634 Transfers from (to) share of associates reserve 300 -300 0 Realised gains / losses on equity securities 254 254 Dividend -413 -413 Purchase (sale) of treasury shares -1,391 -1,391 Employee stock option and share plans -6 -6 Coupon on subordinated notes -58 -58 Changes in the composition of the group and other changes 6 6 Other reserves \u2013 closing balance -3,601 1,812 -1,78 Changes in Accumulated revaluations investments (2023) 2023 Property revaluation reserve Investment revaluation reserve Cash flow hedge reserve Total Revaluation reserve \u2013 opening balance 11 -10,037 2,894 -7,132 Revaluations -1 2,868 2,867 Realised gains / losses transferred to the profit and loss account 249 249 Realised gains / losses on equity securities -38 -38 Changes in cash flow hedge reserve -53 -53 Other revaluations -9 -9 Revaluation reserve \u2013 closing balance 10 -6,967 2,841 -4,116 In 2023, NN Group sold equity securities with a fair value of EUR 875 million, resulting in a realised gain (after tax) of EUR 38 million, which was transferred from the accumulated revaluations investments to other reserves. Changes in Accumulated revaluations investments (2022) (Restated) 2022 (Restated) Property revaluation reserve Investment revaluation reserve Cash flow hedge reserve Total Revaluation reserve \u2013 opening balance 9 12,254 8,837 21,100 Revaluations 2 -22,100 -22,098 Realised gains / losses transferred to the profit and loss account -21 -21 Realised gains / losses on equity securities -254 -254 Changes in cash flow hedge reserve -5,943 -5,943 Changes in the composition of the group and other changes 75 75 Other revaluations 9 9 Revaluation reserve \u2013 closing balance 11 -10,037 2,894 -7,132 In 2022, NN Group sold equity securities with a fair value of EUR 1,037 million, resulting in a realised gain (after tax) of EUR 254 million, which was transferred from the accumulated revaluations investments to other reserves. Changes in Accumulated revaluations (re) insurance contracts 2023 2022 (Restated) Revaluation reserve \u2013 opening balance 15,962 -9,919 Finance result on insurance contracts recognised in other comprehensive income -2,634 26,092 Finance result on reinsurance contracts recognised in other comprehensive income -15 -143 Changes in the composition of the group and other changes -68 Revaluation reserve \u2013 closing balance 13,313 15,96 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-607": {
"value": "10 Assets and liabilities held for sale Assets and liabilities of a business are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This is only the case when the sale is highly probable, the business is available for immediate sale in its present condition and management is committed to the sale, which is expected to occur within one year from the date of classification as held for sale. Classification into or out of held for sale does not result in restating comparative amounts in the balance sheet. As at 1 January 2022, assets and liabilities held for sale relate to NN Group\u2019s asset management activities executed by NN Investment Partners (NN IP) and a closed book life insurance portfolio in NN Belgium.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-608": {
"value": "10 Assets and liabilities held for sale Assets and liabilities of a business are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This is only the case when the sale is highly probable, the business is available for immediate sale in its present condition and management is committed to the sale, which is expected to occur within one year from the date of classification as held for sale. Classification into or out of held for sale does not result in restating comparative amounts in the balance sheet. As at 1 January 2022, assets and liabilities held for sale relate to NN Group\u2019s asset management activities executed by NN Investment Partners (NN IP) and a closed book life insurance portfolio in NN Belgium",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-609": {
"value": "11 Other assets Other assets 2023 2022 (Restated) Income tax receivable 251 351 Accrued interest and rents 1,414 1,234 Other accrued assets 228 211 Cash collateral amounts paid 3,000 5,001 Other 672 616 Other assets 5,565 7,413",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-610": {
"value": "11 Other assets Other assets 2023 2022 (Restated) Income tax receivable 251 351 Accrued interest and rents 1,414 1,234 Other accrued assets 228 211 Cash collateral amounts paid 3,000 5,001 Other 672 616 Other assets 5,565 7,413",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-611": {
"value": "11 Other assets Other assets 2023 2022 (Restated) Income tax receivable 251 351 Accrued interest and rents 1,414 1,234 Other accrued assets 228 211 Cash collateral amounts paid 3,000 5,001 Other 672 616 Other assets 5,565 7,413",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-612": {
"value": "11 Other assets Other assets 2023 2022 (Restated) Income tax receivable 251 351 Accrued interest and rents 1,414 1,234 Other accrued assets 228 211 Cash collateral amounts paid 3,000 5,001 Other 672 616 Other assets 5,565 7,413Other liabilities 2023 2022 (Restated) Income tax payable 29 67 Net defined benefit liability 49 40 Other post-employment benefits 4 4 Other staff-related liabilities 82 78 Other taxation and social security contributions 113 101 Lease liabilities 233 255 Accrued interest 516 242 Costs payable 305 298 Provisions 524 199 Amounts to be settled 32 461 Cash collateral amounts received 1,595 681 Other 558 588 Other liabilities 4,040 3,014 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-613": {
"value": "Shareholders' equity (parent) \u2013 opening balance 35 12,578 6,652 19,265 Total amount recognised directly in equity (other comprehensive income) 312 312 Net result for the period 1,172 1,172 Changes in share capital -1 1 0 Dividend -422 -422 Purchase (sale) of treasury shares -632 -632 Employee stock option and share plans 1 1 Coupon on undated subordinated notes -57 -57 Changes in the composition of the group and other changes -15 -15 Shareholders' equity (parent) \u2013 closing balance 34 12,579 7,011 19,624 Purchase (sale) of treasury shares (2023) During 2023, 18,988,015 ordinary shares for a total amount of EUR 632 million were repurchased under the open market share buyback programme, including repurchases to neutralise the dilutive effect of stock dividends. Treasury shares for a total amount of EUR 1 million were delivered under Employee share plans. The repurchased shares are held by NN Group and the amount was deducted from Other reserves (Purchase (sale) of treasury shares). In 2023, 7,289,612 NN Group ordinary shares were delivered for the final dividend 2022. In 2023, 10,000,000 NN Group treasury shares were cancelled. As at 31 December 2023, 11,138,500 treasury shares were held by NN Group Purchase (sale) of treasury shares (2022) In 2022, 32,439,329 ordinary shares for a total amount of EUR 1,391 million were repurchased under an open market share buyback programme, including repurchases to neutralise the dilutive effect of stock dividends. Treasury shares for an amount of EUR 6 million were delivered under Employee share plans. The repurchased shares are held by NN Group and the amount was deducted from Other reserves (Purchase (sale) of treasury shares). In 2022, 22,878,210 NN Group treasury shares were cancelled. As at 31 December 2022, 13,608,384 treasury shares were held by NN Group ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-614": {
"value": "Ordinary shares The authorised ordinary share capital consists of 700,000,000 ordinary shares with a par value of EUR 0.12 per share. At 31 December 2023 issued and fully paid ordinary share capital consists of 285,000,000 ordinary shares with a par value of EUR 0.12 per share. Distributable reserves Reference is made to Note 6 \u2018Equity\u2019 in the Parent company annual accounts for the determination of the freely distributable reserves. Preference shares As at 31 December 2023, none of the preference shares had been issued. The authorised number of preference shares is 700,000,000 shares Undated subordinated notes In April 2023 NN Group announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 17 \u2018Subordinated debt\u2019. In July 2014, NN Group N.V. issued fixed to floating rate undated subordinated notes with a par value of EUR 1,000 million. The notes are undated, but are callable after 11.5 years and every quarter thereafter (subject to regulatory approval). The coupon is fixed at 4.5% per annum for the first 11.5 years and will be floating thereafter. As these notes are undated and include optional deferral of interest at the discretion of NN Group, these are classified under IFRS-EU as equity. Coupon payments are distributed out of equity if and when paid or contractually due. The discount to the par value and certain issue costs were deducted from equity at issue, resulting in a balance sheet value equal to the net proceeds of EUR 986 million. In June 2014, fixed to floating rate undated subordinated notes with a par value of EUR 750 million were originally issued by Delta Lloyd which are classified as equity under IFRS-EU. The notes are undated, but are callable as from 13 June 2024 and every quarter thereafter (subject to regulatory approval). The coupon is fixed at 4.375% per annum until 13 June 2024 and will be floating thereafter. Coupon payments are distributed out of equity if and when paid or contractually due. These notes were recognised upon acquisition of Delta Lloyd for an amount of EUR 778 million. Notes to the The total amount of Equity in the Parent company annual accounts equals Shareholders\u2019 equity (parent) in the Consolidated annual accounts. Certain components within equity are different, as a result of the following presentation differences between the Parent company accounts and Consolidated accounts: \u2022 Unrealised revaluations within consolidated group companies, presented in the \u2018Revaluation reserve\u2019 in the Consolidated annual accounts, are presented in the \u2018Share of associates reserve\u2019 in the Parent company annual accounts \u2022 Foreign currency translation on consolidated group companies, presented in the \u2018Currency translation reserve\u2019 in the Consolidated annual accounts, is presented in the \u2018Share of associates reserve\u2019 in the Parent company annual accounts \u2022 Remeasurement of the net defined benefit asset/liability within consolidated group companies presented in the \u2018Net defined benefit asset/liability remeasurement reserve\u2019 in the Consolidated annual accounts, are presented in the \u2018Share of associates reserve\u2019 in the Parent company annual accounts \u2022 Non-distributable retained earnings of associates presented in \u2018Other reserves\u2019 in the Consolidated annual accounts, are presented in the \u2018Share of associates reserve\u2019 in the Parent company annual accounts \u2022 Revaluations on real estate investments, capitalised software and certain participations recognised in income and consequently presented in \u2018Retained earnings\u2019 in the Consolidated annual accounts, are presented in the \u2018Share of associates reserve\u2019 in the Parent company annual accounts Distributable reserves NN Group N.V. is subject to legal restrictions regarding the amount of dividends it can pay to its shareholders. These restrictions come from two sources: the national civil code and capital requirements from prudential supervision. Total freely distributable reserves are the minimum of freely distributable capital on the basis of solvency requirements (Eligible Own Funds in excess of the Solvency Capital Requirement) and freely distributable equity based on requirements in the Dutch civil code. The Dutch Civil Code contains the restriction that in case of negative balances in individual reserves legally to be retained, no distributions can be made out of retained earnings to the level of these negative amounts. (Non-)distributable reserves are determined per legal entity and cannot be offset between legal entities in the Group. The net position of the accumulated revaluations on investments and the accumulated revaluations on (re) insurance contracts is used for determining (non-)distributable reserves. The accumulated revaluations on insurance contracts consist of accumulated revaluations as recognised in the consolidated balance sheet and estimated revaluations for insurance contracts for which the accumulated amount was set to zero at the first of January 2022. In addition, NN Group\u2019s ability to pay dividends is dependent on the dividend payment ability of its subsidiaries, associates and joint ventures. NN Group is legally required to create a non-distributable reserve insofar profits of its subsidiaries, associates and joint ventures are subject to dividend payment restrictions. Such restrictions may among others be of a similar nature as the restrictions which apply to NN Group. Legally distributable reserves, determined in accordance with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code, from NN Group\u2019s subsidiaries, associates and joint ventures are as follows: Distributable reserves based on the Dutch Civil Code 2023 2023 2022 (Restated) 2022 (Restated) Shareholders\u2019 equity 19,624 19,265 Share capital 34 35 Non-distributable reserves 2,352 2,883 Total non-distributable part of shareholders\u2019 equity: 2,386 2,918 Distributable reserves based on the Dutch Civil Code 17,238 16,347 The Dutch supervisory rules and regulations stemming from the Dutch Financial Supervision Act (Wet op het financieel toezicht) provide a second restriction on the possibility to distribute dividends. Total freely distributable reserves is the minimum of freely distributable capital on the basis of solvency requirements and freely distributable capital on the basis of capital protection. Freely distributable reserves 2023 2023 2022 (Restated) 2022 (Restated) Solvency requirement under the Financial Supervision Act 8,990 9,040 Reserves available for financial supervision purposes 17,691 17,822 Total freely distributable reserves on the basis of solvency requirements 8,701 8,782 Total freely distributable reserves on the basis of the Dutch Civil Code 17,238 16,347 Total freely distributable reserves (lower of the values above) 8,701 8,782 Reference is made to Note 51 \u2018Capital and liquidity management\u2019 in the Consolidated annual accounts for more information on solvency requirements. Other restrictions There are other restrictions to the ability of subsidiaries, associates and joint ventures to distribute reserves to NN Group as a result of minimum capital requirements that are imposed by industry regulators in the countries in which the group companies operate. Reference is made to Note 51 \u2018Capital and liquidity management\u2019 in the Consolidated annual accounts for the minimum capital requirements. In addition to the legal and regulatory restrictions on distributing dividends from subsidiaries, associates and joint ventures to NN Group there are various other considerations and limitations that are taken into account in determining the appropriate levels of equity in the Group\u2019s subsidiaries, associates and joint ventures. These considerations and limitations include, but are not restricted to, rating agency and regulatory views, which can change over time; it is not possible to disclose a reliable quantification of these limitations. Without prejudice to the authority of the Executive Board to allocate profits to reserves and to the fact that the ordinary shares are the most junior securities issued by NN Group, no specific dividend payment restrictions with respect to ordinary shares exist. Furthermore, NN Group is subject to legal restrictions with respect to repayment of capital to holders of ordinary shares. Capital may be repaid to the holders of ordinary shares pursuant to an amendment of NN Group\u2019s Articles of Association whereby the ordinary shares are written down. Pursuant to the Dutch Civil Code, capital may only be repaid if none of NN Group\u2019s creditors opposes such a repayment within two months following the announcement of a resolution to that effect.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-615": {
"value": "Dividends 2023 2022 (Restated) Dividend distributed from Other reserves Dividend paid in cash (interim current year) 164 162 Dividend paid in cash (final previous year) 258 252 Stock dividend (interim current year) 146 131 Stock dividend (final previous year) 236 218 Total dividend 804 763 Interim dividend 2023 In September 2023, NN Group paid an interim dividend of EUR 1.12 per ordinary share, or approximately EUR 309 million in total based on the current number of outstanding shares (net of treasury shares). The interim dividend was paid either in cash, after deduction of withholding tax if applicable, or in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares were delivered from NN Group treasury shares. To neutralise the dilutive effect of the stock dividend, NN Group repurchases ordinary shares for an amount equivalent to the value of the stock dividend. The cash dividend was distributed out of Other reserves. Proposed final dividend 2023 At the Annual General Meeting on 24 May 2024, a final dividend will be proposed of EUR 2.08 per ordinary share, or approximately EUR 570 million in total based on the current number of outstanding shares (net of treasury shares). The final dividend will be paid either fully in cash, after deduction of withholding tax if applicable, or fully in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares will be delivered from NN Group treasury shares or issued at the expense of the share premium reserve. To neutralise the dilutive effect of the stock dividend, NN Group will repurchase ordinary shares for an amount equivalent to the stock dividend. The final dividend is subject to adoption by the General Meeting at the annual general meeting to be held on 24 May 2024. Interim dividend 2022 In September 2022, NN Group paid an interim dividend of EUR 1.00 per ordinary share, or approximately EUR 294 million in total. The interim dividend was paid either in cash, after deduction of withholding tax if applicable, or in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares were delivered from NN Group treasury shares. To neutralise the dilutive effect of the stock dividend, NN Group repurchases ordinary shares for an amount equivalent to the value of the stock dividend. The cash dividend was distributed out of Other reserves. Final dividend 2022 On 2 June 2023, the General Meeting adopted the proposed final dividend of EUR 1.79 per ordinary share, or approximately EUR 504 million in total. Together with the 2022 interim dividend of EUR 1.00 per ordinary share paid in September 2022, NN Group\u2019s total dividend for 2022 was EUR 2.79 per ordinary share. The final dividend was paid in cash, after deduction of withholding tax if applicable, or in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares were delivered from NN Group treasury shares or issued at the expense of the share premium reserve. To neutralise the dilutive effect of the stock dividend, NN Group repurchased ordinary shares for an amount equivalent to the stock dividend. The cash dividend was distributed out of Other reserves",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-616": {
"value": "2.08",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-617": {
"value": "13 Insurance contracts IFRS 17 allows certain accounting policy choices and requires judgment in setting certain assumptions. The most important accounting policies and assumptions that are relevant to NN Group are set out below. Key accounting policies Accounting models NN Group applies each of the three accounting models in IFRS 17. The General Model is the default model and is applied to traditional life insurance portfolios. The Variable Fee Approach is applied to most unit-linked portfolio\u2019s. The Variable Fee Approach is, amongst others, not applied to unit-linked portfolio\u2019s for which the guarantees were in the money at the date of the Variable Fee Approach assessment. The Premium Allocation Approach is applied to non-life insurance contracts in Netherlands Non-life with a coverage period of 12 months or less. NN Group\u2019s insurance contracts include investment contracts with discretionary participation features. Finance result on (re) insurance contracts and \u2018OCI option\u2019 NN Group determines per portfolio of insurance contracts whether the effect of changes in financial assumptions, including changes in discount rates, are reflected either fully in the profit and loss account or partially in other comprehensive income (\u2018OCI\u2019) in equity and partially in the profit and loss account based on a systematic allocation of the expected total net finance result over the duration of the group of contracts (the \u2018OCI option\u2019). Under the OCI option, amounts recognised in other comprehensive income are recycled through profit or loss so that the amount in other comprehensive income will be nil at the end of the duration of the portfolio of insurance contracts. This recycling is done by accreting interest on the insurance liability through profit or loss using a locked-in discount rate at initial recognition of the contract, which is unlocked for changes in financial assumption after initial recognition, if any. This interest accretion is presented in \u2018Finance result on (re) insurance contracts\u2019. For contracts accounted for under the General Model and Premium Allocation Approach, in principle the OCI option is used, unless accounting for the impact of changes in financial assumptions directly in the profit and loss account resolves accounting mismatches or is otherwise preferred. For contracts accounted for under the Variable Fee Approach, the OCI option is, in principle, not applied Level of aggregation Insurance contracts are aggregated per \u2018CSM group\u2019 under IFRS 17. A CSM group consists of contracts within the same portfolio, the same profitability bucket and issued in the same annual period. Contracts are in the same portfolio if these are managed together and have similar risks. NN Group uses at least three profitability buckets: onerous contracts, contracts that have no possibility of becoming onerous and remaining contracts. Groups of contracts issued in the same annual period are referred to as an annual cohort. For certain groups of insurance contracts additional disaggregation is applied. Under the EU-endorsed version of IFRS 17 (IFRS-EU), certain specific insurance contracts do not need to be disaggregated by the year in which these contracts were issued (no annual cohorts). NN Group does not apply this IFRS-EU exemption. If a contract would fall into a different group only because law or regulation specifically constrains NN Group\u2019s practical ability to set a different price or level of benefits for policyholders with different characteristics, NN Group includes those contracts in the same group. Uncertainty on the settlement of the claim amount For insurance products where there is uncertainty on the settlement of the claim amount, NN Group accounts for the uncertain claim amounts, as part of the liability for incurred claims (mostly for property and casualty insurance contracts) or as part of the liability for remaining coverage (mostly for Dutch disability and other insurance contracts). Investment components excluded from insurance income and expenses Insurance income and expenses in the profit and loss account exclude any (non-distinct) investment components. An investment component is the amount that an insurance contract requires NN Group to repay to a policyholder in all circumstances, regardless of whether an insured event occurs. For products containing a surrender option for the client, the non-distinct investment component is normally based on the contractual surrender value after deduction of surrender charges. Generic assumptions Under the General Model, NN Group specifies at inception of the insurance contract the basis on which it expects to determine its commitment under the contract; for example, based on a fixed interest rate, or on returns that vary based on specified asset returns. That specification is then used to distinguish between the effect of changes in assumptions that relate to financial variables (that do not adjust the contractual service margin but are recognised as finance result though profit or loss or in other comprehensive income) and non-financial variables and discretionary changes to that commitment (that do adjust the contractual service margin). Under the Variable Fee Approach, the effect of changes in financial and non-financial assumptions on the net present value of future cash flows (not stemming from changes in the policyholders\u2019 share of the underlying items) adjust the contractual service margin using current discount rates. Changes in the underlying items are included in \u2018Finance result on (re) insurance contracts\u2018 in the profit and loss account. Changes in estimates that adjust the contractual service margin exclude the changes in value of options and guarantees of contracts accounted for under the Variable Fee Approach that are hedged for which the Risk mitigation option is applied. These are reflected in \u2018Finance result\u2019 in the profit and loss account. NN Group applies a year-to-date approach, i.e. NN Group changes the treatment of previous accounting estimates made when reporting over the year. Insurance related receivables and payables including policy loans are presented as part of the insurance contracts. Acquisition costs NN Group recognises an asset for any directly attributable insurance acquisition costs incurred relating to groups of to be recognised insurance contracts or their renewals (with the exception of contracts measured under the Premium Allocation Approach with a coverage period of one year or less where the acquisition costs are expensed immediately in the profit and loss account). The asset for incurred acquisition costs to be attributed to insurance contracts is derecognised when groups of insurance contracts to which the insurance acquisition costs are allocated, are recognised. For traditional life insurance contracts, certain types of flexible life insurance contracts and non-life insurance contracts with a coverage period of over one year, the amortisation of acquisition costs takes place over the premium payment period in proportion to the revenue recognised. For other types of flexible life insurance contracts, the acquisition costs are amortised over the duration of the policies in relation to the emergence of estimated profits. Amortisation is adjusted when estimates of current or future profits, to be realised from a group of insurance contracts, are revised . Transition approach NN Group used each of the transition approaches in IFRS 17. In the modified retrospective transition approach, NN Group used mainly the modifications for historical cash flows, the historical release of the risk adjustment and determining groups of contracts. The modified retrospective approach is applied to certain portfolios in the Insurance Europe and Netherland Non-life segments. In the fair value transition approach, the contractual service margin is determined by reference to the fair value of insurance liabilities. Fair value is determined similar to fulfilment value, except that no group diversification is reflected in the risk adjustment, the cost of capital rate in the risk adjustment is set at 6% and expenses also include non-directly attributable expenses. The fair value transition approach is applied to, amongst others, portfolios in Netherlands Life. NN Group uses the OCI option as described above, but set the amount in other comprehensive income at transition date (1 January 2022) to nil under the modified or fair value transition approach for certain portfolios (i.e. for which it was not practicable to determine the amount in other comprehensive income retrospectively). General account assets are considered to be one pool of assets, backing (part of some and all of other) insurance contracts and NN Group equity. Consequentially, the investment revaluation reserve of those assets cannot be allocated specifically to insurance contracts for which the amount in other comprehensive income was set to nil at the transition date. Coverage units Coverage units are determined based on the expected insurance contract services. The insurance contract services are determined considering the (weighted) quantity of the benefits provided from insurance and investment (return/related) services. For insurance services, the quantity of benefits can, amongst others, be based on the maximum amount a policyholder might validly claim during a certain period. For investment services, the quantity of benefits can, amongst others, be based on the account value of underlying assets. The total amount of coverage units for a group of insurance contracts is the probability weighted present value of the insurance contract services. Expected policies in force are used to determine the expected duration. Premium Allocation Approach In the segment Netherlands Non-life qualifying insurance contracts are measured and reported under the Premium Allocation Approach. When using the Premium Allocation Approach, future cash flows related to the Liability for Remaining Coverage (i.e. the unearned premium reserve) are not adjusted for the time value of money and the effect of financial risk (if at initial recognition, it is expected that the time between providing each part of the coverage and the related premium due date is no more than one year). NN Group adjusts future cash flows related to the liability for incurred claims for the time value of money and the effect of financial risk. NN Group accounts for the acquisition costs directly in the profit and loss account when incurred, if the coverage period is no more than one year. Key assumptions Mortality and morbidity assumptions Estimates of future cash flows reflect mortality and morbidity assumptions that are internally developed and calibrated to NN Group\u2019s own experience, reflecting the characteristics of the relevant portfolio. National mortality tables published by relevant actuarial or statistical bodies are used as benchmarks. Future projected mortality improvements (generation mortality tables) are also reflected in the assumption tables and are determined internally. Mortality and morbidity assumptions are country, age, gender and sometimes product group specific. Mortality and longevity assumptions are most material at Netherlands Life. The approach to developing these assumptions internally at Netherlands Life is as follows. The mortality experience from Netherlands Life\u2019s portfolio is used for setting the baseline assumptions at the level of age, gender and homogenous risk groups. Own experience is used because an insured portfolio has structurally a different mortality experience than the general population. The internal model for future trends of mortality improvements uses a blend of national and EU mortality data and the improvement rates are defined per age and gender. Experience (both for own portfolio and national populations) is monitored through regular studies (at least on annual basis) and reflected in the measurement of insurance contracts. For the baseline assumptions calendar years are used for which the mortality experience is complete and as of 2023 a return to pre-Covid-19 mortality rates expectations is projected in an approach similar to AG 2022 methodology (i.e. exponential reduction over time of the excess mortality generated by Covid-19) . Expense assumptions Expenses that are considered directly attributable are allocated to groups of insurance contracts, and estimates of these expected future expense cashflows are included in the insurance liability as a component of the fulfilment value. Non-attributable expenses are recognised directly in the profit and loss account when incurred. In principle, expenses that are necessary to serve the policyholder (including expenses to meet regulatory requirements as insurance company) are directly attributable whereas other expenses (i.e. corporate expenses) are not. For the projection of attributable expense to the future, expense inflation assumptions are applied. These take into account expected price inflation (derived where possible from observable market inputs), which is adjusted where necessary to take into account portfolio and business specific factors. Inflation regarding expense assumptions is considered a financial assumption if contractually or legally linked to observable market inputs and non-financial if not. Lapse and surrender rates Lapse, cancellation and surrender assumptions reflect the expected policyholder behaviour. As such the rates, which are business unit specific, usually depend on issue year, policy year, major product lines and sales channels. These rates are typically calibrated based on own experience. Such granularity is usually enough to capture how the product terms and conditions as well as regulations can influence the timing and volume of lapse and surrenders. Calendar year based adjustments and dynamic policyholder behaviour are considered when needed in specific circumstances. Other assumptions Assumptions for reinstatement rates and incidence rates are most material at NN Non-life. These assumptions are calibrated based on own experience reflecting the characteristics of the relevant portfolio. These assumptions are country, age, gender and product group specific. Reinstatement rates are duration dependent. NN Group also uses other assumptions that reflect the characteristics of the relevant portfolio of insurance contracts, including expected retirement ages and wage benefit levels. Discount rates Discount rates are determined using a liquid risk-free curve to which an illiquidity premium is added. The liquid risk-free curve is set per currency, while the illiquidity premium is determined per entity using an approach that reflects the characteristics of the current assets of that entity. In the second half of 2022 the assumption for spreads used in the illiquidity premium was updated and spreads are derived from fixed income assets using Z-spreads. The total asset spread is adjusted for expected and unexpected credit losses. For the Euro currency, the risk-free curve is based on the swap rate and includes a last liquid point (LLP) of 30 years and a long- term forward rate (LTFR). At 31 December 2023 the LTFR was 3.15% (31 December 2022 3.25%). The table below sets out the yield curves used to discount the cash flows of insurance contracts for NN Group\u2019s largest segment, Netherlands Life, as at 31 December 2023 and 31 December 2022. Range of yield curves General Model Variable Fee Approach 2023 2022 (Restated) 2023 2022 (Restated) 1 year 4.1% 3.8% 3.4% 3.2% 5 years 3.1% 3.8% 2.4% 3.1% 10 years 3.2% 3.7% 2.5% 3.1% 20 years 3.2% 3.4% 2.5% 2.8% 30 years 2.9% 2.9% 2.2% 2.3% 40 years 2.9% 2.8% 2.3% 2.3% For the other insurance segments within the group, the same risk-free curve is used, but the illiquidity premium is derived from the asset portfolios for the specific entities, resulting in a range of yield curves used. Risk adjustment The risk adjustment for non-financial risk is determined using the cost of capital methodology based on the Solvency II internal model or standard formula for Solvency II entities and an own (internal) model for economic capital for non-Solvency II insurance entities within the Group. The risk adjustment reflects diversification among non-market risks and with market risks within the entity as well as diversification with other entities within NN Group (\u2018Group diversification\u2019). The cost of capital rate represents Insurance contracts under General Model and Variable Fee Approach (2023) 2023 Estimates of the present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 348 -26 -198 124 \u2013 opening balance presented as liabilities 129,854 1,603 6,652 138,109 Net opening balance 129,506 1,629 6,850 137,985 \u2013 insurance contracts initially recognised in the period -709 73 673 37 \u2013 changes in estimates that adjust the contractual service margin -293 102 191 0 \u2013 changes in estimates that do not adjust the contractual service margin 116 83 199 Changes that relate to future service -886 258 864 236 \u2013 release to profit or loss -168 -778 -946 \u2013 experience adjustments not adjusting the contractual service margin 1 1 Changes that relate to current service 1 -168 -778 -945 \u2013 changes in incurred claims and benefits previous periods 18 18 Changes that relate to past service 18 0 0 18 \u2013 finance result through profit or loss 5,823 38 67 5,928 \u2013 finance result recognised in OCI 3,439 51 3,490 Finance result on insurance contracts 9,262 89 67 9,418 \u2013 premiums received 10,346 10,346 \u2013 acquisition costs paid -593 -593 \u2013 claims, benefits and attributable expenses paid -12,975 -12,975 \u2013 changes in the composition of the group and other changes 95 1 96 Cash flows -3,127 1 0 -3,126 Other movements 48 48 Foreign currency exchange differences -1,394 -9 -79 -1,482 Net closing balance 133,380 1,800 6,972 142,152 \u2013 closing balance presented as assets 778 -70 -353 355 \u2013 closing balance presented as liabilities 134,158 1,730 6,619 142,507 Net closing balance 133,380 1,800 6,972 142,152 Reference is made to Note 31 \u2019Insurance contracts by segment\u2019 for the insurance contracts under General Model and Variable Fee Approach by segment. Insurance contracts under General Model and Variable Fee Approach (2022) (Restated) 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 328 -24 -179 125 \u2013 opening balance presented as liabilities 170,826 2,833 6,049 179,708 Net opening balance 170,498 2,857 6,228 179,583 \u2013 insurance contracts initially recognised in the period -870 118 803 51 \u2013 changes in estimates that adjust the contractual service margin -417 -246 663 0 \u2013 changes in estimates that do not adjust the contractual service margin 67 -5 62 Changes that relate to future service -1,220 -133 1,466 113 \u2013 release to profit or loss -181 -771 -952 \u2013 experience adjustments not adjusting the contractual service margin -16 -16 Changes that relate to current service -16 -181 -771 -968 \u2013 changes in incurred claims and benefits previous periods -51 -2 -53 Changes that relate to past service -51 -2 0 -53 \u2013 finance result through profit or loss -4,047 6 62 -3,979 \u2013 finance result recognised in OCI -33,352 -907 -34,259 Finance result on insurance contracts -37,399 -901 62 -38,238 \u2013 premiums received 10,801 10,801 \u2013 acquisition costs paid -596 -596 \u2013 claims, benefits and attributable expenses paid -12,797 -12,797 \u2013 transfers of insurance contracts -30 -30 \u2013 changes in the composition of the group and other changes 1,608 1,608 Cash flows -1,014 0 0 -1,014 Other movements -2 -2 Foreign currency exchange differences -1,290 -11 -135 -1,436 Net closing balance 129,506 1,629 6,850 137,985 \u2013 closing balance presented as assets 348 -26 -198 124 \u2013 closing balance presented as liabilities 129,854 1,603 6,652 138,109 Net closing balance 129,506 1,629 6,850 137,985 Changes in estimate that adjust the contractual service margin in 2022 mainly reflect changes in financial assumptions for contracts accounted for under the Variable Fee Approach. Insurance contracts recognised in the period (2023) 2023 Onerous Insurance contracts issued Other Insurance contracts issued Insurance contracts acquired Total Insurance contracts initially recognised Estimates of the present value of future cash inflows -760 -5,700 -6,460 \u2013 acquisition costs 56 437 493 \u2013 claims, benefits and attributable expenses 735 4,523 5,258 Estimates of the present value of future cash outflows 791 4,960 0 5,751 Risk adjustment 6 67 73 Contractual service margin 673 673 Total insurance contracts initially recognised in the period 37 0 0 37 Insurance contracts recognised in the period (2022) (Restated) 2022 (Restated) Onerous Insurance contracts issued Other Insurance contracts issued Insurance contracts acquired Total Insurance contracts initially recognised Estimates of the present value of future cash inflows -1,015 -6,479 -2,708 -10,202 \u2013 acquisition costs 52 460 512 \u2013 claims, benefits and attributable expenses 1,004 5,213 2,603 8,820 Estimates of the present value of future cash outflows 1,056 5,673 2,603 9,332 Risk adjustment 10 72 36 118 Contractual service margin 734 69 803 Total insurance contracts initially recognised in the period 51 0 0 51 Composition of underlying items for insurance contracts Fair value of underlying items 2023 2022 (Restated) \u2013 debt securities 856 1,632 \u2013 equity securities and investment funds 33,785 29,858 \u2013 loans and other 3,315 1,019 Total 37,956 32,509 Disaggregation of the contractual service margin by transition approach (2023) 2023 Contract issued after transition and retrospective approach Modified retrospective approach Fair value approach Total General Model and Variable Fee Approach Opening balance 1,707 977 4,166 6,850 \u2013 insurance contracts initially recognised in the period 673 673 \u2013 changes in estimates that adjust the contractual service margin -50 12 229 191 Changes that relate to future service 623 12 229 864 \u2013 release to profit or loss -335 -154 -289 -778 Changes that relate to current service -335 -154 -289 -778 Finance result through profit or loss 27 9 31 67 Other movements 7 41 48 Foreign currency exchange differences -46 -20 -13 -79 Closing balance 1,983 824 4,165 6,972 Disaggregation of contractual service margin by transition approach (2022) (Restated) 2022 (Restated) Contract issued after transition and retrospective approach Modified retrospective approach Fair value approach Total General Model and Variable Fee Approach Opening balance 1,099 1,194 3,935 6,228 \u2013 insurance contracts initially recognised in the period 803 803 \u2013 changes in estimates that adjust the contractual service margin 94 569 663 Changes that relate to future service 897 0 569 1,466 \u2013 release to profit or loss -231 -188 -352 -771 Changes that relate to current service -231 -188 -352 -771 Finance result through profit or loss 14 12 36 62 Foreign currency exchange differences -70 -41 -24 -135 Closing balance 1,709 977 4,164 6,850 Contractual service margin by remaining term 2023 2022 (Restated) Less than 1 month 80 66 1-3 months 116 124 3-12 months 502 528 1-2 years 586 607 2-3 years 528 529 3-4 years 479 475 4-5 years 436 427 5-9 years 1,373 1,327 Over 9 years 2,872 2,767 Total 6,972 6,850 The contractual service margin by remaining term provides the expected maturity of the balance sheet amount of the contractual service margin at the end of the period. The actual release of the contractual service margin that will be recognised in the profit and loss account in future years will differ as the release in future years will be impacted by the future development of the contractual service margin due to new contracts sold, interest accreted and changes in estimates. Liabilities for remaining coverage and incurred claims and benefits (2023) Liability for remaining coverage Liability for incurred claims and benefits Total General Model and Variable Fee Approach 2023 Remaining coverage Loss component \u2013 opening balance presented as assets 135 -1 -10 124 \u2013 opening balance presented as liabilities 136,143 111 1,855 138,109 Net opening balance 136,008 112 1,865 137,985 \u2013 release of contractual service margin -778 -778 \u2013 release of risk adjustment -168 -168 \u2013 expected claims and benefits -5,104 -5,104 \u2013 expected attributable expenses -1,237 -1,237 \u2013 recovery of acquisition costs -363 -363 \u2013 experience adjustments for premiums relating to current or past service -12 -12 \u2013 other insurance income 3 3 Insurance income -7,659 0 0 -7,659 \u2013 incurred claims and benefits 5,126 5,126 \u2013 incurred attributable expenses 1,250 1,250 \u2013 amortisation of acquisition costs 363 363 \u2013 changes in incurred claims and benefits previous periods 18 18 \u2013 (reversal of) losses on onerous contracts 209 209 \u2013 other insurance expenses 2 2 Insurance expenses 365 209 6,394 6,968 Investment components excluded from insurance expenses and insurance income -6,738 6,738 0 \u2013 finance result through profit or loss 5,915 1 12 5,928 \u2013 finance result recognised in OCI 3,499 -9 3,490 Finance result on insurance contracts 9,414 1 3 9,418 \u2013 premiums received 10,346 10,346 \u2013 acquisition costs paid -593 -593 \u2013 claims, benefits and attributable expenses paid -12,975 -12,975 \u2013 changes in the composition of the group and other changes 25 71 96 Cash flows 9,778 0 -12,904 -3,126 Other movements 48 48 Foreign currency exchange differences -1,417 -1 -64 -1,482 Net closing balance 139,799 321 2,032 142,152 \u2013 closing balance presented as assets 391 -6 -30 355 \u2013 closing balance presented as liabilities 140,190 315 2,002 142,507 Net closing balance 139,799 321 2,032 142,152 Remaining coverage includes risk adjustment and contractual service margin. Liabilities for remaining coverage and incurred claims and benefits (2022) (Restated) Liability for remaining coverage Liability for incurred claims and benefits Total General Model and Variable Fee Approach 2022 (Restated) Remaining coverage Loss component \u2013 opening balance presented as assets 135 -1 -9 125 \u2013 opening balance presented as liabilities 178,141 21 1,546 179,708 Net opening balance 178,006 22 1,555 179,583 \u2013 release of contractual service margin -771 -771 \u2013 release of risk adjustment -181 -181 \u2013 expected claims and benefits -4,943 -4,943 \u2013 expected attributable expenses -1,179 -1,179 \u2013 recovery of acquisition costs -361 -361 \u2013 experience adjustments for premiums relating to current or past service -21 -21 \u2013 other insurance income 1 1 Insurance income -7,455 0 0 -7,455 \u2013 incurred claims and benefits 4,933 4,933 \u2013 incurred attributable expenses 1,215 1,215 \u2013 amortisation of acquisition costs 362 362 \u2013 changes in incurred claims and benefits previous periods -53 -53 \u2013 (reversal of) losses on onerous contracts 90 90 \u2013 other insurance expenses 2 -2 0 Insurance expenses 364 90 6,093 6,547 Investment components excluded from insurance expenses and insurance income -6,962 6,962 0 \u2013 finance result through profit or loss -3,979 -3,979 \u2013 finance result recognised in OCI -34,342 83 -34,259 Finance result on insurance contracts -38,321 0 83 -38,238 \u2013 premiums received 10,801 10,801 \u2013 acquisition costs paid -596 -596 \u2013 claims, benefits and attributable expenses paid -12,797 -12,797 \u2013 transfers of insurance contracts -30 -30 \u2013 changes in the composition of the group and other changes 1,603 5 1,608 Cash flows 11,778 0 -12,792 -1,014 Other movements -2 -2 Foreign currency exchange differences -1,400 -36 -1,436 Net closing balance 136,008 112 1,865 137,985 \u2013 closing balance presented as assets 135 -1 -10 124 \u2013 closing balance presented as liabilities 136,143 111 1,855 138,109 Net closing balance 136,008 112 1,865 137,985 Remaining coverage includes risk adjustment and contractual service margin. Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2023) Liability for remaining coverage Liability for incurred claims and benefits Total Premium Allocation Approach 2023 Remaining coverage Loss component Estimates of the present value of future cash flows Risk adjustment \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 193 9 2,421 67 2,690 Net opening balance 193 9 2,421 67 2,690 Insurance income -2,791 -2,791 \u2013 incurred claims and benefits 1,398 4 1,402 \u2013 incurred attributable expenses 897 897 \u2013 amortisation of acquisition costs 6 6 \u2013 changes in incurred claims and benefits previous periods -2 -27 -29 \u2013 (reversal of) losses on onerous contracts -8 -8 \u2013 other insurance expenses 1 1 Insurance expenses 6 -8 2,294 -23 2,269 \u2013 finance result through profit or loss 1 23 24 \u2013 finance result recognised in OCI 76 1 77 Finance result on insurance contracts 0 1 99 1 101 \u2013 premiums received 2,840 2,840 \u2013 acquisition costs paid -6 -6 \u2013 claims, benefits and attributable expenses paid -2,451 -2,451 \u2013 changes in the composition of the group and other changes -25 -70 -1 -96 Cash flows 2,809 0 -2,521 -1 287 Other movements 2 2 Foreign currency exchange differences -1 -1 Net closing balance 217 2 2,295 43 2,557 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 217 2 2,295 43 2,557 Net closing balance 217 2 2,295 43 2,557 Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2022) (Restated) Liability for remaining coverage Liability for incurred claims and benefits Total Premium Allocation Approach 2022 (Restated) Remaining coverage Loss component Estimates of the present value of future cash flows Risk adjustment \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 141 3 2,666 62 2,872 Net opening balance 141 3 2,666 62 2,872 Insurance income -2,787 -2,787 \u2013 incurred claims and benefits 1,559 4 1,563 \u2013 incurred attributable expenses 900 900 \u2013 amortisation of acquisition costs 6 6 \u2013 changes in incurred claims and benefits previous periods 39 2 41 \u2013 (reversal of) losses on onerous contracts 6 6 Insurance expenses 6 6 2,498 6 2,516 \u2013 finance result through profit or loss -7 -1 -8 \u2013 finance result recognised in OCI -204 -2 -206 Finance result on insurance contracts 0 0 -211 -3 -214 \u2013 premiums received 2,838 2,838 \u2013 acquisition costs paid -6 -6 \u2013 claims, benefits and attributable expenses paid -2,532 -2,532 Cash flows 2,832 0 -2,532 0 300 Foreign currency exchange differences 1 2 3 Net closing balance 193 9 2,421 67 2,690 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 193 9 2,421 67 2,690 Net closing balance 193 9 2,421 67 2,690 Gross claims development table Accident year 2018 1 2019 2020 2021 2022 2023 Total Estimate of cumulative claims At the end of accident year 1,358 1,217 1,535 1,378 1,556 1,410 1 year later 1,341 1,324 1,436 1,364 1,515 2 years later 1,403 1,332 1,440 1,310 3 years later 1,437 1,338 1,380 4 years later 1,401 1,323 5 years later 1,372 Estimate of cumulative claims 1,372 1,323 1,380 1,310 1,515 1,410 8,310 Cumulative payments -1,253 -1,154 -1,184 -1,064 -1,121 -666 -6,442 119 169 196 246 394 744 1,868 Effect of discounting -12 -17 -20 -25 -35 -48 -157 Liabilities recognised 107 152 176 221 359 696 1,711 Liabilities relating to accident years prior to 2018 and liability for incurred expenses 584 Risk adjustment 43 Total liability for incurred claims and benefits Premium Allocation Approach 2 2,338 1 NN Group does not disclose claims development for years prior to 2018. 2 The claims development table includes the liability for incurred claims related to non-life contracts accounted for under the Premium Allocation Approach. Uncertainty about the amount and timing of the incurred claims for life contracts and non-life contracts accounted for under the General Model is typically resolved within one year, thus there have not been included in this table. NN Group\u2019s view on the compensation required for bearing non-financial risk; the cost of capital rate used in the fulfilment value of insurance liabilities is 4%. Changes in the risk adjustment related to changes in estimates of financial risk are disaggregated to other comprehensive income if the OCI option is applied to the specific portfolio. The risk adjustment used by NN Group corresponds with a range of confidence levels as set out below. In this, the implied confidence levels are determined both for a one-year and an ultimate view, gross of reinsurance, using a normal distribution to translate economic capital to confidence level. Corresponding confidence levels risk adjustment 2023 2022 (Restated) One year view Ultimate view One year view Ultimate view Life 85%-95% 65%-75% 85%-95% 65%-75% Non-life 65%-75% 60%-70% 70%-80% 60%-70% Insurance contracts (2023) 2023 General Model Variable Fee Approach Total General Model and Variable Fee Approach Premium Allocation Approach Total Life Insurance contracts for risk of company 98,489 1,760 100,249 100,249 Life Insurance contracts for risk of policyholders 6,137 31,819 37,956 37,956 Life insurance contracts 104,626 33,579 138,205 0 138,205 Non-life contracts for remaining coverage 3,706 3,706 221 3,927 Non-life contracts for incurred claims and benefits 241 241 2,336 2,577 Non-life insurance contracts 3,947 0 3,947 2,557 6,504 Total insurance contracts 108,573 33,579 142,152 2,557 144,709 \u2013 of which presented as assets 355 355 355 \u2013 of which presented as liabilities 108,928 33,579 142,507 2,557 145,064 Total insurance contracts 108,573 33,579 142,152 2,557 144,709 Insurance contracts (2022) (Restated) 2022 (Restated) General Model Variable Fee Approach Total General Model and Variable Fee Approach Premium Allocation Approach Total Life Insurance contracts for risk of company 98,104 92 98,196 6 98,202 Life Insurance contracts for risk of policyholders 7,249 29,084 36,333 36,333 Life insurance contracts 105,353 29,176 134,529 6 134,535 Non-life contracts for remaining coverage 3,357 3,357 212 3,569 Non-life contracts for incurred claims and benefits 99 99 2,472 2,571 Non-life insurance contracts 3,456 0 3,456 2,684 6,140 Total insurance contracts 108,809 29,176 137,985 2,690 140,675 \u2013 of which presented as assets 124 124 124 \u2013 of which presented as liabilities 108,933 29,176 138,109 2,690 140,799 Total insurance contracts 108,809 29,176 137,985 2,690 140,6731 Insurance contracts by segment Insurance contracts by segment 2023 2023 General Model and Variable Fee Approach Premium Allocation Approach Total Netherlands Life 104,312 104,312 Netherlands Non-life 3,798 2,504 6,302 Insurance Europe 19,181 19,181 Japan Life 13,648 13,648 Other 1,213 53 1,266 Insurance contracts 142,152 2,557 144,709 Insurance contracts by segment 2022 (Restated) 2022 (Restated) General Model and Variable Fee Approach Premium Allocation Approach Total Netherlands Life 100,125 100,125 Netherlands Non-life 3,410 2,615 6,025 Insurance Europe 17,848 17,848 Japan Life 15,276 15,276 Other 1,326 75 1,401 Insurance contracts 137,985 2,690 140,675 Insurance contracts segment Netherlands Life Insurance contracts under General Model and Variable Fee Approach (2023) Netherlands Life 2023 Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 95,526 1,024 3,575 100,125 Net opening balance 95,526 1,024 3,575 100,125 \u2013 insurance contracts initially recognised in the period -97 15 99 17 \u2013 changes in estimates that adjust the contractual service margin -87 -76 163 0 \u2013 changes in estimates that do not adjust the contractual service margin 40 5 45 Changes that relate to future service -144 -56 262 62 \u2013 release to profit or loss -66 -233 -299 \u2013 experience adjustments not adjusting the contractual service margin 25 25 Changes that relate to current service 25 -66 -233 -274 \u2013 changes in incurred claims and benefits previous periods -12 -12 Changes that relate to past service -12 0 0 -12 \u2013 finance result through profit or loss 4,133 29 24 4,186 \u2013 finance result recognised in OCI 2,857 35 2,892 Finance result on insurance contracts 6,990 64 24 7,078 \u2013 premiums received 3,415 3,415 \u2013 acquisition costs paid -39 -39 \u2013 claims, benefits and attributable expenses paid -6,044 -6,044 \u2013 transfers of insurance contracts 2 -1 1 Cash flows -2,666 0 -1 -2,667 Net closing balance 99,719 966 3,627 104,312 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 99,719 966 3,627 104,312 Net closing balance 99,719 966 3,627 104,312 Insurance contracts under General Model and Variable Fee Approach (2022) (Restated) Netherlands Life 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 130,784 2,171 3,110 136,065 Net opening balance 130,784 2,171 3,110 136,065 \u2013 insurance contracts initially recognised in the period -112 21 115 24 \u2013 changes in estimates that adjust the contractual service margin -256 -282 538 0 \u2013 changes in estimates that do not adjust the contractual service margin 22 -3 19 Changes that relate to future service -346 -264 653 43 \u2013 release to profit or loss -98 -213 -311 \u2013 experience adjustments not adjusting the contractual service margin -8 -8 Changes that relate to current service -8 -98 -213 -319 \u2013 changes in incurred claims and benefits previous periods 2 2 Changes that relate to past service 2 0 0 2 \u2013 finance result through profit or loss -3,467 25 -3,442 \u2013 finance result recognised in OCI -28,545 -785 -29,330 Finance result on insurance contracts -32,012 -785 25 -32,772 \u2013 premiums received 3,412 3,412 \u2013 acquisition costs paid -41 -41 \u2013 claims, benefits and attributable expenses paid -6,265 -6,265 Cash flows -2,894 0 0 -2,894 Net closing balance 95,526 1,024 3,575 100,125 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 95,526 1,024 3,575 100,125 Net closing balance 95,526 1,024 3,575 100,125 Insurance contracts under General Model (2022) (Restated) Netherlands Non-life 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 3,546 212 341 4,099 Net opening balance 3,546 212 341 4,099 \u2013 insurance contracts initially recognised in the period -75 18 56 -1 \u2013 changes in estimates that adjust the contractual service margin -51 51 0 \u2013 changes in estimates that do not adjust the contractual service margin 12 12 Changes that relate to future service -114 18 107 11 \u2013 release to profit or loss -25 -95 -120 \u2013 experience adjustments not adjusting the contractual service margin -31 -31 Changes that relate to current service -31 -25 -95 -151 \u2013 finance result through profit or loss 36 2 2 40 \u2013 finance result recognised in OCI -752 -58 -810 Finance result on insurance contracts -716 -56 2 -770 \u2013 premiums received 1,146 1,146 \u2013 acquisition costs paid -4 -4 \u2013 claims, benefits and attributable expenses paid -921 -921 Cash flows 221 0 0 221 Net closing balance 2,906 149 355 3,410 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 2,906 149 355 3,410 Net closing balance 2,906 149 355 3,410 Insurance contracts under General Model and Variable Fee Approach (2022) (Restated) Insurance Europe 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 305 -26 -165 114 \u2013 opening balance presented as liabilities 19,054 306 1,485 20,845 Net opening balance 18,749 332 1,650 20,731 \u2013 insurance contracts initially recognised in the period -402 68 361 27 \u2013 changes in estimates that adjust the contractual service margin -6 -20 26 0 \u2013 changes in estimates that do not adjust the contractual service margin 29 -2 27 Changes that relate to future service -379 46 387 54 \u2013 release to profit or loss -42 -282 -324 \u2013 experience adjustments not adjusting the contractual service margin 30 30 Changes that relate to current service 30 -42 -282 -294 \u2013 changes in incurred claims and benefits previous periods -53 -2 -55 Changes that relate to past service -53 -2 0 -55 \u2013 finance result through profit or loss -628 3 33 -592 \u2013 finance result recognised in OCI -3,013 -44 -3,057 Finance result on insurance contracts -3,641 -41 33 -3,649 \u2013 premiums received 3,199 3,199 \u2013 acquisition costs paid -367 -367 \u2013 claims, benefits and attributable expenses paid -3,246 -3,246 - transfers of insurance contracts -30 -30 \u2013 changes in the composition of the group and other changes 1,608 1,608 Cash flows 1,164 0 0 1,164 Foreign currency exchange differences -47 -1 -55 -103 Net closing balance 15,823 292 1,733 17,848 \u2013 closing balance presented as assets 348 -26 -198 124 \u2013 closing balance presented as liabilities 16,171 266 1,535 17,972 Net closing balance 15,823 292 1,733 17,848 Insurance contracts under General Model and Variable Fee Approach (2022) (Restated) Japan Life 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 15,704 140 1,126 16,970 Net opening balance 15,704 140 1,126 16,970 \u2013 insurance contracts initially recognised in the period -281 10 271 0 \u2013 changes in estimates that adjust the contractual service margin -97 56 42 1 \u2013 changes in estimates that do not adjust the contractual service margin 2 2 Changes that relate to future service -376 66 313 3 \u2013 release to profit or loss -16 -180 -196 \u2013 experience adjustments not adjusting the contractual service margin -11 -11 Changes that relate to current service -11 -16 -180 -207 \u2013 finance result through profit or loss 118 3 121 \u2013 finance result recognised in OCI -1,043 -19 -1,062 Finance result on insurance contracts -925 -19 3 -941 \u2013 premiums received 3,039 3,039 \u2013 acquisition costs paid -184 -184 \u2013 claims, benefits and attributable expenses paid -2,182 -2,182 Cash flows 673 0 0 673 Other movements -3 -3 Foreign currency exchange differences -1,130 -9 -80 -1,219 Net closing balance 13,932 162 1,182 15,276 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 13,932 162 1,182 15,276 Net closing balance 13,932 162 1,182 15,276 Insurance contracts segment Netherlands Non-life Insurance contracts under General Model (2023) Netherlands Non-life 2023 Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 2,906 149 355 3,410 Net opening balance 2,906 149 355 3,410 \u2013 insurance contracts initially recognised in the period -160 14 146 0 \u2013 changes in estimates that adjust the contractual service margin 40 -28 -12 0 \u2013 changes in estimates that do not adjust the contractual service margin 1 1 Changes that relate to future service -119 -14 134 1 \u2013 release to profit or loss -23 -48 -71 \u2013 experience adjustments not adjusting the contractual service margin -14 -14 Changes that relate to current service -14 -23 -48 -85 \u2013 changes in incurred claims and benefits previous periods 5 5 Changes that relate to past service 5 0 0 5 \u2013 finance result through profit or loss 56 2 6 64 \u2013 finance result recognised in OCI 210 16 226 Finance result on insurance contracts 266 18 6 290 \u2013 premiums received 1,053 1,053 \u2013 acquisition costs paid -3 -3 \u2013 claims, benefits and attributable expenses paid -921 -921 Cash flows 129 0 0 129 Other movements 48 48 Net closing balance 3,173 130 495 3,798 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 3,173 130 495 3,798 Net closing balance 3,173 130 495 3,798 Insurance contracts segment Insurance Europe Insurance contracts under General Model and Variable Fee Approach (2023) Insurance Europe 2023 Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 348 -26 -198 124 \u2013 opening balance presented as liabilities 16,171 266 1,535 17,972 Net opening balance 15,823 292 1,733 17,848 \u2013 insurance contracts initially recognised in the period -306 34 292 20 \u2013 changes in estimates that adjust the contractual service margin -177 96 81 0 \u2013 changes in estimates that do not adjust the contractual service margin 75 75 150 Changes that relate to future service -408 205 373 170 \u2013 release to profit or loss -54 -334 -388 \u2013 experience adjustments not adjusting the contractual service margin 10 10 Changes that relate to current service 10 -54 -334 -378 \u2013 changes in incurred claims and benefits previous periods 18 -1 17 Changes that relate to past service 18 -1 0 17 \u2013 finance result through profit or loss 1,339 6 31 1,376 \u2013 finance result recognised in OCI 318 -12 306 Finance result on insurance contracts 1,657 -6 31 1,682 \u2013 premiums received 3,423 3,423 \u2013 acquisition costs paid -439 -439 \u2013 claims, benefits and attributable expenses paid -3,406 -3,406 \u2013 changes in the composition of the group and other changes 95 1 96 Cash flows -327 1 0 -326 Foreign currency exchange differences 129 4 35 168 Net closing balance 16,902 441 1,838 19,181 \u2013 closing balance presented as assets 777 -69 -353 355 \u2013 closing balance presented as liabilities 17,679 372 1,485 19,536 Net closing balance 16,902 441 1,838 19,181 Insurance contracts segment Japan Life Insurance contracts under General Model and Variable Fee Approach (2023) Japan Life 2023 Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 13,932 162 1,182 15,276 Net opening balance 13,932 162 1,182 15,276 \u2013 insurance contracts initially recognised in the period -143 11 132 0 \u2013 changes in estimates that adjust the contractual service margin -75 111 -36 0 \u2013 changes in estimates that do not adjust the contractual service margin 1 1 2 Changes that relate to future service -217 123 96 2 \u2013 release to profit or loss -27 -161 -188 \u2013 experience adjustments not adjusting the contractual service margin -18 -18 Changes that relate to current service -18 -27 -161 -206 \u2013 changes in incurred claims and benefits previous periods 9 9 Changes that relate to past service 9 0 0 9 \u2013 finance result through profit or loss 135 1 4 140 \u2013 finance result recognised in OCI 54 12 66 Finance result on insurance contracts 189 13 4 206 \u2013 premiums received 2,441 2,441 \u2013 acquisition costs paid -112 -112 \u2013 claims, benefits and attributable expenses paid -2,447 -2,447 Cash flows -118 0 0 -118 Foreign currency exchange differences -1,395 -13 -113 -1,521 Net closing balance 12,382 258 1,008 13,648 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 12,382 258 1,008 13,648 Net closing balance 12,382 258 1,008 13,648",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-618": {
"value": "Key accounting policies Accounting models NN Group applies each of the three accounting models in IFRS 17. The General Model is the default model and is applied to traditional life insurance portfolios. The Variable Fee Approach is applied to most unit-linked portfolio\u2019s. The Variable Fee Approach is, amongst others, not applied to unit-linked portfolio\u2019s for which the guarantees were in the money at the date of the Variable Fee Approach assessment. The Premium Allocation Approach is applied to non-life insurance contracts in Netherlands Non-life with a coverage period of 12 months or less. NN Group\u2019s insurance contracts include investment contracts with discretionary participation features. Finance result on (re) insurance contracts and \u2018OCI option\u2019 NN Group determines per portfolio of insurance contracts whether the effect of changes in financial assumptions, including changes in discount rates, are reflected either fully in the profit and loss account or partially in other comprehensive income (\u2018OCI\u2019) in equity and partially in the profit and loss account based on a systematic allocation of the expected total net finance result over the duration of the group of contracts (the \u2018OCI option\u2019). Under the OCI option, amounts recognised in other comprehensive income are recycled through profit or loss so that the amount in other comprehensive income will be nil at the end of the duration of the portfolio of insurance contracts. This recycling is done by accreting interest on the insurance liability through profit or loss using a locked-in discount rate at initial recognition of the contract, which is unlocked for changes in financial assumption after initial recognition, if any. This interest accretion is presented in \u2018Finance result on (re) insurance contracts\u2019. For contracts accounted for under the General Model and Premium Allocation Approach, in principle the OCI option is used, unless accounting for the impact of changes in financial assumptions directly in the profit and loss account resolves accounting mismatches or is otherwise preferred. For contracts accounted for under the Variable Fee Approach, the OCI option is, in principle, not applied Level of aggregation Insurance contracts are aggregated per \u2018CSM group\u2019 under IFRS 17. A CSM group consists of contracts within the same portfolio, the same profitability bucket and issued in the same annual period. Contracts are in the same portfolio if these are managed together and have similar risks. NN Group uses at least three profitability buckets: onerous contracts, contracts that have no possibility of becoming onerous and remaining contracts. Groups of contracts issued in the same annual period are referred to as an annual cohort. For certain groups of insurance contracts additional disaggregation is applied. Under the EU-endorsed version of IFRS 17 (IFRS-EU), certain specific insurance contracts do not need to be disaggregated by the year in which these contracts were issued (no annual cohorts). NN Group does not apply this IFRS-EU exemption. If a contract would fall into a different group only because law or regulation specifically constrains NN Group\u2019s practical ability to set a different price or level of benefits for policyholders with different characteristics, NN Group includes those contracts in the same group. Uncertainty on the settlement of the claim amount For insurance products where there is uncertainty on the settlement of the claim amount, NN Group accounts for the uncertain claim amounts, as part of the liability for incurred claims (mostly for property and casualty insurance contracts) or as part of the liability for remaining coverage (mostly for Dutch disability and other insurance contracts). Investment components excluded from insurance income and expenses Insurance income and expenses in the profit and loss account exclude any (non-distinct) investment components. An investment component is the amount that an insurance contract requires NN Group to repay to a policyholder in all circumstances, regardless of whether an insured event occurs. For products containing a surrender option for the client, the non-distinct investment component is normally based on the contractual surrender value after deduction of surrender charges. Generic assumptions Under the General Model, NN Group specifies at inception of the insurance contract the basis on which it expects to determine its commitment under the contract; for example, based on a fixed interest rate, or on returns that vary based on specified asset returns. That specification is then used to distinguish between the effect of changes in assumptions that relate to financial variables (that do not adjust the contractual service margin but are recognised as finance result though profit or loss or in other comprehensive income) and non-financial variables and discretionary changes to that commitment (that do adjust the contractual service margin). Under the Variable Fee Approach, the effect of changes in financial and non-financial assumptions on the net present value of future cash flows (not stemming from changes in the policyholders\u2019 share of the underlying items) adjust the contractual service margin using current discount rates. Changes in the underlying items are included in \u2018Finance result on (re) insurance contracts\u2018 in the profit and loss account. Changes in estimates that adjust the contractual service margin exclude the changes in value of options and guarantees of contracts accounted for under the Variable Fee Approach that are hedged for which the Risk mitigation option is applied. These are reflected in \u2018Finance result\u2019 in the profit and loss account. NN Group applies a year-to-date approach, i.e. NN Group changes the treatment of previous accounting estimates made when reporting over the year. Insurance related receivables and payables including policy loans are presented as part of the insurance contracts. Acquisition costs NN Group recognises an asset for any directly attributable insurance acquisition costs incurred relating to groups of to be recognised insurance contracts or their renewals (with the exception of contracts measured under the Premium Allocation Approach with a coverage period of one year or less where the acquisition costs are expensed immediately in the profit and loss account). The asset for incurred acquisition costs to be attributed to insurance contracts is derecognised when groups of insurance contracts to which the insurance acquisition costs are allocated, are recognised. For traditional life insurance contracts, certain types of flexible life insurance contracts and non-life insurance contracts with a coverage period of over one year, the amortisation of acquisition costs takes place over the premium payment period in proportion to the revenue recognised. For other types of flexible life insurance contracts, the acquisition costs are amortised over the duration of the policies in relation to the emergence of estimated profits. Amortisation is adjusted when estimates of current or future profits, to be realised from a group of insurance contracts, are revised Transition approach NN Group used each of the transition approaches in IFRS 17. In the modified retrospective transition approach, NN Group used mainly the modifications for historical cash flows, the historical release of the risk adjustment and determining groups of contracts. The modified retrospective approach is applied to certain portfolios in the Insurance Europe and Netherland Non-life segments. In the fair value transition approach, the contractual service margin is determined by reference to the fair value of insurance liabilities. Fair value is determined similar to fulfilment value, except that no group diversification is reflected in the risk adjustment, the cost of capital rate in the risk adjustment is set at 6% and expenses also include non-directly attributable expenses. The fair value transition approach is applied to, amongst others, portfolios in Netherlands Life. NN Group uses the OCI option as described above, but set the amount in other comprehensive income at transition date (1 January 2022) to nil under the modified or fair value transition approach for certain portfolios (i.e. for which it was not practicable to determine the amount in other comprehensive income retrospectively). General account assets are considered to be one pool of assets, backing (part of some and all of other) insurance contracts and NN Group equity. Consequentially, the investment revaluation reserve of those assets cannot be allocated specifically to insurance contracts for which the amount in other comprehensive income was set to nil at the transition date. Coverage units Coverage units are determined based on the expected insurance contract services. The insurance contract services are determined considering the (weighted) quantity of the benefits provided from insurance and investment (return/related) services. For insurance services, the quantity of benefits can, amongst others, be based on the maximum amount a policyholder might validly claim during a certain period. For investment services, the quantity of benefits can, amongst others, be based on the account value of underlying assets. The total amount of coverage units for a group of insurance contracts is the probability weighted present value of the insurance contract services. Expected policies in force are used to determine the expected duration. Premium Allocation Approach In the segment Netherlands Non-life qualifying insurance contracts are measured and reported under the Premium Allocation Approach. When using the Premium Allocation Approach, future cash flows related to the Liability for Remaining Coverage (i.e. the unearned premium reserve) are not adjusted for the time value of money and the effect of financial risk (if at initial recognition, it is expected that the time between providing each part of the coverage and the related premium due date is no more than one year). NN Group adjusts future cash flows related to the liability for incurred claims for the time value of money and the effect of financial risk. NN Group accounts for the acquisition costs directly in the profit and loss account when incurred, if the coverage period is no more than one year. Key assumptions Mortality and morbidity assumptions Estimates of future cash flows reflect mortality and morbidity assumptions that are internally developed and calibrated to NN Group\u2019s own experience, reflecting the characteristics of the relevant portfolio. National mortality tables published by relevant actuarial or statistical bodies are used as benchmarks. Future projected mortality improvements (generation mortality tables) are also reflected in the assumption tables and are determined internally. Mortality and morbidity assumptions are country, age, gender and sometimes product group specific. Mortality and longevity assumptions are most material at Netherlands Life. The approach to developing these assumptions internally at Netherlands Life is as follows. The mortality experience from Netherlands Life\u2019s portfolio is used for setting the baseline assumptions at the level of age, gender and homogenous risk groups. Own experience is used because an insured portfolio has structurally a different mortality experience than the general population. The internal model for future trends of mortality improvements uses a blend of national and EU mortality data and the improvement rates are defined per age and gender. Experience (both for own portfolio and national populations) is monitored through regular studies (at least on annual basis) and reflected in the measurement of insurance contracts. For the baseline assumptions calendar years are used for which the mortality experience is complete and as of 2023 a return to pre-Covid-19 mortality rates expectations is projected in an approach similar to AG 2022 methodology (i.e. exponential reduction over time of the excess mortality generated by Covid-19) Expense assumptions Expenses that are considered directly attributable are allocated to groups of insurance contracts, and estimates of these expected future expense cashflows are included in the insurance liability as a component of the fulfilment value. Non-attributable expenses are recognised directly in the profit and loss account when incurred. In principle, expenses that are necessary to serve the policyholder (including expenses to meet regulatory requirements as insurance company) are directly attributable whereas other expenses (i.e. corporate expenses) are not. For the projection of attributable expense to the future, expense inflation assumptions are applied. These take into account expected price inflation (derived where possible from observable market inputs), which is adjusted where necessary to take into account portfolio and business specific factors. Inflation regarding expense assumptions is considered a financial assumption if contractually or legally linked to observable market inputs and non-financial if not. Lapse and surrender rates Lapse, cancellation and surrender assumptions reflect the expected policyholder behaviour. As such the rates, which are business unit specific, usually depend on issue year, policy year, major product lines and sales channels. These rates are typically calibrated based on own experience. Such granularity is usually enough to capture how the product terms and conditions as well as regulations can influence the timing and volume of lapse and surrenders. Calendar year based adjustments and dynamic policyholder behaviour are considered when needed in specific circumstances. Other assumptions Assumptions for reinstatement rates and incidence rates are most material at NN Non-life. These assumptions are calibrated based on own experience reflecting the characteristics of the relevant portfolio. These assumptions are country, age, gender and product group specific. Reinstatement rates are duration dependent. NN Group also uses other assumptions that reflect the characteristics of the relevant portfolio of insurance contracts, including expected retirement ages and wage benefit levels. Discount rates Discount rates are determined using a liquid risk-free curve to which an illiquidity premium is added. The liquid risk-free curve is set per currency, while the illiquidity premium is determined per entity using an approach that reflects the characteristics of the current assets of that entity. In the second half of 2022 the assumption for spreads used in the illiquidity premium was updated and spreads are derived from fixed income assets using Z-spreads. The total asset spread is adjusted for expected and unexpected credit losses. For the Euro currency, the risk-free curve is based on the swap rate and includes a last liquid point (LLP) of 30 years and a long- term forward rate (LTFR). At 31 December 2023 the LTFR was 3.15% (31 December 2022 3.25%). The table below sets out the yield curves used to discount the cash flows of insurance contracts for NN Group\u2019s largest segment, Netherlands Life, as at 31 December 2023 and 31 December 2022. Range of yield curves General Model Variable Fee Approach 2023 2022 (Restated) 2023 2022 (Restated) 1 year 4.1% 3.8% 3.4% 3.2% 5 years 3.1% 3.8% 2.4% 3.1% 10 years 3.2% 3.7% 2.5% 3.1% 20 years 3.2% 3.4% 2.5% 2.8% 30 years 2.9% 2.9% 2.2% 2.3% 40 years 2.9% 2.8% 2.3% 2.3% For the other insurance segments within the group, the same risk-free curve is used, but the illiquidity premium is derived from the asset portfolios for the specific entities, resulting in a range of yield curves used. Risk adjustment The risk adjustment for non-financial risk is determined using the cost of capital methodology based on the Solvency II internal model or standard formula for Solvency II entities and an own (internal) model for economic capital for non-Solvency II insurance entities within the Group. The risk adjustment reflects diversification among non-market risks and with market risks within the entity as well as diversification with other entities within NN Group (\u2018Group diversification\u2019). The cost of capital rate represents 13 Insurance contracts continued NN Group\u2019s view on the compensation required for bearing non-financial risk; the cost of capital rate used in the fulfilment value of insurance liabilities is 4%. Changes in the risk adjustment related to changes in estimates of financial risk are disaggregated to other comprehensive income if the OCI option is applied to the specific portfolio. The risk adjustment used by NN Group corresponds with a range of confidence levels as set out below. In this, the implied confidence levels are determined both for a one-year and an ultimate view, gross of reinsurance, using a normal distribution to translate economic capital to confidence level. Corresponding confidence levels risk adjustment 2023 2022 (Restated) One year view Ultimate view One year view Ultimate view Life 85%-95% 65%-75% 85%-95% 65%-75% Non-life 65%-75% 60%-70% 70%-80% 60%-70",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-619": {
"value": "Minority interest NN Group owns 51% of the shares of Nationale-Nederlanden ABN AMRO Verzekeringen Holding B.V. (ABN AMRO Verzekeringen). ABN AMRO Verzekeringen\u2018s principal place of business is Zwolle, the Netherlands. ABN AMRO Verzekeringen is fully consolidated by NN Group, with a minority interest recognised of 49%. At 31 December 2023, the minority interest relating to ABN AMRO Verzekeringen recognised in equity was EUR 71 million (2022: EUR 65 million",
"dimensions": {
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-620": {
"value": "Acquisition costs NN Group recognises an asset for any directly attributable insurance acquisition costs incurred relating to groups of to be recognised insurance contracts or their renewals (with the exception of contracts measured under the Premium Allocation Approach with a coverage period of one year or less where the acquisition costs are expensed immediately in the profit and loss account). The asset for incurred acquisition costs to be attributed to insurance contracts is derecognised when groups of insurance contracts to which the insurance acquisition costs are allocated, are recognised. For traditional life insurance contracts, certain types of flexible life insurance contracts and non-life insurance contracts with a coverage period of over one year, the amortisation of acquisition costs takes place over the premium payment period in proportion to the revenue recognised. For other types of flexible life insurance contracts, the acquisition costs are amortised over the duration of the policies in relation to the emergence of estimated profits. Amortisation is adjusted when estimates of current or future profits, to be realised from a group of insurance contracts, are revised . ",
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"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-621": {
"value": "Expense assumptions Expenses that are considered directly attributable are allocated to groups of insurance contracts, and estimates of these expected future expense cashflows are included in the insurance liability as a component of the fulfilment value. Non-attributable expenses are recognised directly in the profit and loss account when incurred. In principle, expenses that are necessary to serve the policyholder (including expenses to meet regulatory requirements as insurance company) are directly attributable whereas other expenses (i.e. corporate expenses) are not. For the projection of attributable expense to the future, expense inflation assumptions are applied. These take into account expected price inflation (derived where possible from observable market inputs), which is adjusted where necessary to take into account portfolio and business specific factors. Inflation regarding expense assumptions is considered a financial assumption if contractually or legally linked to observable market inputs and non-financial if not",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
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"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-622": {
"value": "Insurance contracts under General Model and Variable Fee Approach (2023) 2023 Estimates of the present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 348 -26 -198 124 \u2013 opening balance presented as liabilities 129,854 1,603 6,652 138,109 Net opening balance 129,506 1,629 6,850 137,985 \u2013 insurance contracts initially recognised in the period -709 73 673 37 \u2013 changes in estimates that adjust the contractual service margin -293 102 191 0 \u2013 changes in estimates that do not adjust the contractual service margin 116 83 199 Changes that relate to future service -886 258 864 236 \u2013 release to profit or loss -168 -778 -946 \u2013 experience adjustments not adjusting the contractual service margin 1 1 Changes that relate to current service 1 -168 -778 -945 \u2013 changes in incurred claims and benefits previous periods 18 18 Changes that relate to past service 18 0 0 18 \u2013 finance result through profit or loss 5,823 38 67 5,928 \u2013 finance result recognised in OCI 3,439 51 3,490 Finance result on insurance contracts 9,262 89 67 9,418 \u2013 premiums received 10,346 10,346 \u2013 acquisition costs paid -593 -593 \u2013 claims, benefits and attributable expenses paid -12,975 -12,975 \u2013 changes in the composition of the group and other changes 95 1 96 Cash flows -3,127 1 0 -3,126 Other movements 48 48 Foreign currency exchange differences -1,394 -9 -79 -1,482 Net closing balance 133,380 1,800 6,972 142,152 \u2013 closing balance presented as assets 778 -70 -353 355 \u2013 closing balance presented as liabilities 134,158 1,730 6,619 142,507 Net closing balance 133,380 1,800 6,972 142,152 Reference is made to Note 31 \u2019Insurance contracts by segment\u2019 for the insurance contracts under General Model and Variable Fee Approach by sInsurance contracts under General Model and Variable Fee Approach (2022) (Restated) 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 328 -24 -179 125 \u2013 opening balance presented as liabilities 170,826 2,833 6,049 179,708 Net opening balance 170,498 2,857 6,228 179,583 \u2013 insurance contracts initially recognised in the period -870 118 803 51 \u2013 changes in estimates that adjust the contractual service margin -417 -246 663 0 \u2013 changes in estimates that do not adjust the contractual service margin 67 -5 62 Changes that relate to future service -1,220 -133 1,466 113 \u2013 release to profit or loss -181 -771 -952 \u2013 experience adjustments not adjusting the contractual service margin -16 -16 Changes that relate to current service -16 -181 -771 -968 \u2013 changes in incurred claims and benefits previous periods -51 -2 -53 Changes that relate to past service -51 -2 0 -53 \u2013 finance result through profit or loss -4,047 6 62 -3,979 \u2013 finance result recognised in OCI -33,352 -907 -34,259 Finance result on insurance contracts -37,399 -901 62 -38,238 \u2013 premiums received 10,801 10,801 \u2013 acquisition costs paid -596 -596 \u2013 claims, benefits and attributable expenses paid -12,797 -12,797 \u2013 transfers of insurance contracts -30 -30 \u2013 changes in the composition of the group and other changes 1,608 1,608 Cash flows -1,014 0 0 -1,014 Other movements -2 -2 Foreign currency exchange differences -1,290 -11 -135 -1,436 Net closing balance 129,506 1,629 6,850 137,985 \u2013 closing balance presented as assets 348 -26 -198 124 \u2013 closing balance presented as liabilities 129,854 1,603 6,652 138,109 Net closing balance 129,506 1,629 6,850 137,985 Insurance contracts recognised in the period (2023) 2023 Onerous Insurance contracts issued Other Insurance contracts issued Insurance contracts acquired Total Insurance contracts initially recognised Estimates of the present value of future cash inflows -760 -5,700 -6,460 \u2013 acquisition costs 56 437 493 \u2013 claims, benefits and attributable expenses 735 4,523 5,258 Estimates of the present value of future cash outflows 791 4,960 0 5,751 Risk adjustment 6 67 73 Contractual service margin 673 673 Total insurance contracts initially recognised in the period 37 0 0 37 Insurance contracts recognised in the period (2022) (Restated) 2022 (Restated) Onerous Insurance contracts issued Other Insurance contracts issued Insurance contracts acquired Total Insurance contracts initially recognised Estimates of the present value of future cash inflows -1,015 -6,479 -2,708 -10,202 \u2013 acquisition costs 52 460 512 \u2013 claims, benefits and attributable expenses 1,004 5,213 2,603 8,820 Estimates of the present value of future cash outflows 1,056 5,673 2,603 9,332 Risk adjustment 10 72 36 118 Contractual service margin 734 69 803 Total insurance contracts initially recognised in the period 51 0 0 51 Liabilities for remaining coverage and incurred claims and benefits (2023) Liability for remaining coverage Liability for incurred claims and benefits Total General Model and Variable Fee Approach 2023 Remaining coverage Loss component \u2013 opening balance presented as assets 135 -1 -10 124 \u2013 opening balance presented as liabilities 136,143 111 1,855 138,109 Net opening balance 136,008 112 1,865 137,985 \u2013 release of contractual service margin -778 -778 \u2013 release of risk adjustment -168 -168 \u2013 expected claims and benefits -5,104 -5,104 \u2013 expected attributable expenses -1,237 -1,237 \u2013 recovery of acquisition costs -363 -363 \u2013 experience adjustments for premiums relating to current or past service -12 -12 \u2013 other insurance income 3 3 Insurance income -7,659 0 0 -7,659 \u2013 incurred claims and benefits 5,126 5,126 \u2013 incurred attributable expenses 1,250 1,250 \u2013 amortisation of acquisition costs 363 363 \u2013 changes in incurred claims and benefits previous periods 18 18 \u2013 (reversal of) losses on onerous contracts 209 209 \u2013 other insurance expenses 2 2 Insurance expenses 365 209 6,394 6,968 Investment components excluded from insurance expenses and insurance income -6,738 6,738 0 \u2013 finance result through profit or loss 5,915 1 12 5,928 \u2013 finance result recognised in OCI 3,499 -9 3,490 Finance result on insurance contracts 9,414 1 3 9,418 \u2013 premiums received 10,346 10,346 \u2013 acquisition costs paid -593 -593 \u2013 claims, benefits and attributable expenses paid -12,975 -12,975 \u2013 changes in the composition of the group and other changes 25 71 96 Cash flows 9,778 0 -12,904 -3,126 Other movements 48 48 Foreign currency exchange differences -1,417 -1 -64 -1,482 Net closing balance 139,799 321 2,032 142,152 \u2013 closing balance presented as assets 391 -6 -30 355 \u2013 closing balance presented as liabilities 140,190 315 2,002 142,507 Net closing balance 139,799 321 2,032 1Liabilities for remaining coverage and incurred claims and benefits (2022) (Restated) Liability for remaining coverage Liability for incurred claims and benefits Total General Model and Variable Fee Approach 2022 (Restated) Remaining coverage Loss component \u2013 opening balance presented as assets 135 -1 -9 125 \u2013 opening balance presented as liabilities 178,141 21 1,546 179,708 Net opening balance 178,006 22 1,555 179,583 \u2013 release of contractual service margin -771 -771 \u2013 release of risk adjustment -181 -181 \u2013 expected claims and benefits -4,943 -4,943 \u2013 expected attributable expenses -1,179 -1,179 \u2013 recovery of acquisition costs -361 -361 \u2013 experience adjustments for premiums relating to current or past service -21 -21 \u2013 other insurance income 1 1 Insurance income -7,455 0 0 -7,455 \u2013 incurred claims and benefits 4,933 4,933 \u2013 incurred attributable expenses 1,215 1,215 \u2013 amortisation of acquisition costs 362 362 \u2013 changes in incurred claims and benefits previous periods -53 -53 \u2013 (reversal of) losses on onerous contracts 90 90 \u2013 other insurance expenses 2 -2 0 Insurance expenses 364 90 6,093 6,547 Investment components excluded from insurance expenses and insurance income -6,962 6,962 0 \u2013 finance result through profit or loss -3,979 -3,979 \u2013 finance result recognised in OCI -34,342 83 -34,259 Finance result on insurance contracts -38,321 0 83 -38,238 \u2013 premiums received 10,801 10,801 \u2013 acquisition costs paid -596 -596 \u2013 claims, benefits and attributable expenses paid -12,797 -12,797 \u2013 transfers of insurance contracts -30 -30 \u2013 changes in the composition of the group and other changes 1,603 5 1,608 Cash flows 11,778 0 -12,792 -1,014 Other movements -2 -2 Foreign currency exchange differences -1,400 -36 -1,436 Net closing balance 136,008 112 1,865 137,985 \u2013 closing balance presented as assets 135 -1 -10 124 \u2013 closing balance presented as liabilities 136,143 111 1,855 138,109 Net closing balance 136,008 112 1,865 137,985 Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2023) Liability for remaining coverage Liability for incurred claims and benefits Total Premium Allocation Approach 2023 Remaining coverage Loss component Estimates of the present value of future cash flows Risk adjustment \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 193 9 2,421 67 2,690 Net opening balance 193 9 2,421 67 2,690 Insurance income -2,791 -2,791 \u2013 incurred claims and benefits 1,398 4 1,402 \u2013 incurred attributable expenses 897 897 \u2013 amortisation of acquisition costs 6 6 \u2013 changes in incurred claims and benefits previous periods -2 -27 -29 \u2013 (reversal of) losses on onerous contracts -8 -8 \u2013 other insurance expenses 1 1 Insurance expenses 6 -8 2,294 -23 2,269 \u2013 finance result through profit or loss 1 23 24 \u2013 finance result recognised in OCI 76 1 77 Finance result on insurance contracts 0 1 99 1 101 \u2013 premiums received 2,840 2,840 \u2013 acquisition costs paid -6 -6 \u2013 claims, benefits and attributable expenses paid -2,451 -2,451 \u2013 changes in the composition of the group and other changes -25 -70 -1 -96 Cash flows 2,809 0 -2,521 -1 287 Other movements 2 2 Foreign currency exchange differences -1 -1 Net closing balance 217 2 2,295 43 2,557 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 217 2 2,295 43 2,557 Net closing balance 217 2 2,295 43 2Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2022) (Restated) Liability for remaining coverage Liability for incurred claims and benefits Total Premium Allocation Approach 2022 (Restated) Remaining coverage Loss component Estimates of the present value of future cash flows Risk adjustment \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 141 3 2,666 62 2,872 Net opening balance 141 3 2,666 62 2,872 Insurance income -2,787 -2,787 \u2013 incurred claims and benefits 1,559 4 1,563 \u2013 incurred attributable expenses 900 900 \u2013 amortisation of acquisition costs 6 6 \u2013 changes in incurred claims and benefits previous periods 39 2 41 \u2013 (reversal of) losses on onerous contracts 6 6 Insurance expenses 6 6 2,498 6 2,516 \u2013 finance result through profit or loss -7 -1 -8 \u2013 finance result recognised in OCI -204 -2 -206 Finance result on insurance contracts 0 0 -211 -3 -214 \u2013 premiums received 2,838 2,838 \u2013 acquisition costs paid -6 -6 \u2013 claims, benefits and attributable expenses paid -2,532 -2,532 Cash flows 2,832 0 -2,532 0 300 Foreign currency exchange differences 1 2 3 Net closing balance 193 9 2,421 67 2,690 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 193 9 2,421 67 2,690 Net closing balance 193 9 2,421 67 2,690 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-623": {
"value": "14 Investment contracts Insurance policies without discretionary participation features which do not bear significant insurance risk are presented as Investment contracts. Investment contracts are determined at amortised cost, using the effective interest method, or at fair value. Investment contracts 2023 2022 (Restated) Investment contracts \u2013 opening balance 3,421 2,698 Current year liabilities 458 416 Prior years liabilities: \u2013 payments to contract holders -463 -345 \u2013 interest accrual 7 7 \u2013 valuation changes investments 217 -292 Changes in the composition of the group and other changes 956 Foreign currency exchange differences -19 -19 Investment contracts \u2013 closing balance 3,621 3,421 Changes in composition of the group and other changes in 2022 mainly relate to the acquisition of Metlife Poland and Greece. Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-624": {
"value": "15 Reinsurance contracts Accounting for reinsurance contracts held is mostly similar to the accounting for insurance contracts issued, with the following specific considerations: \u2022 Reinsurance contracts held can be measured applying the General Model or the Premium Allocation Approach. The Variable Fee Approach cannot be applied to reinsurance contracts held. Reinsurance contracts held cannot be onerous. \u2022 Expected reinsurance recoveries include a provision for non-performance risk of the reinsurer. Changes in non-performance risk are accounted for in profit or loss. Non-performance risk includes insolvency risk, risks related to disputes, further negotiations and collateral losses. \u2022 Losses on reinsured insurance contracts may be (partially) offset with a reinsurance loss-recovery component. This applies if the underlying insurance contracts are onerous upon initial recognition or if a change in estimates leads to onerous insurance contracts and the same change in estimates has an offsetting effect on the reinsurance contract held . Longevity reinsurance In May 2020, NN Group entered into three reinsurance agreements to reinsure the full longevity risk associated with in total approximately EUR 13.5 billion of insurance contracts in Netherlands Life. This reinsurance reduced NN Group\u2019s exposure to longevity risk and, consequently, the required capital under Solvency II. The three reinsurance agreements are similar in nature but are agreed with three different assuming reinsurers, Canada Life, Munich Re and Swiss Re. The risk transfer was effective as of 1 January 2020 and will continue until the relevant portfolio has run off. In December 2021, NN Group entered into a fourth reinsurance agreement to reinsure the full longevity risk associated with in total approximately EUR 4 billion of insurance contracts in Netherlands Life. The fourth reinsurance agreement is similar in nature to the first three contracts but is agreed with a different reinsurer, RGA. The risk transfer for the fourth contract is effective as of 31 December 2021. The risk transfer will continue until the relevant portfolio has run off. In December 2023, NN Group completed two transactions to transfer the full longevity risk associated with in total approximately EUR 13 billion of insurance contracts in Netherlands Life. The transactions cover the longevity risk of approximately 300 thousand policies and have been entered into with an insurance subsidiary of Prudential Financial, Inc. and with Swiss Re. The risk transfer became effective as of 31 December 2023, and the reinsurance agreements will continue until the portfolio has run off. Reinsurance contracts held (2023) 2023 General Model Premium Allocation Approach Total Life reinsurance contracts 320 320 Non-life reinsurance contracts 26 243 269 Total life and non-life reinsurance contracts 346 243 589 \u2013 of which presented as assets 490 243 733 \u2013 of which presented as liabilities 144 144 Total life and non-life reinsurance contracts 346 243 589 Reinsurance contracts held (2022) (Restated) 2022 (Restated) General Model Premium Allocation Approach Total Life reinsurance contracts 256 1 257 Non-life reinsurance contracts 65 292 357 Total life and non-life reinsurance contracts 321 293 614 \u2013 of which presented as assets 544 293 837 \u2013 of which presented as liabilities 223 223 Total life and non-life reinsurance contracts 321 293 614 Reinsurance contracts held under General Model (2023) 2023 Estimates of the present value of future cash flows Risk adjustment Contractual service margin Total General Model \u2013 opening balance presented as assets 23 138 383 544 \u2013 opening balance presented as liabilities 234 -9 -2 223 Net opening balance -211 147 385 321 \u2013 reinsurance contracts initially recognised in the period -179 168 11 0 \u2013 changes in estimates that adjust the contractual service margin -148 -25 173 0 \u2013 changes in estimates that do not adjust the contractual service margin 1 1 Changes that relate to future service -326 143 184 1 \u2013 release to profit or loss -16 -40 -56 \u2013 experience adjustments not adjusting the contractual service margin -2 -2 Changes that relate to current service -2 -16 -40 -58 \u2013 changes in reinsurance recoveries previous periods -4 -4 Changes that relate to past service -4 0 0 -4 \u2013 finance result through profit or loss 31 1 3 35 \u2013 finance result recognised in OCI -48 15 -33 Finance result from reinsurance contracts -17 16 3 2 \u2013 reinsurance recoveries received -1,142 -1,142 \u2013 reinsurance premiums paid 1,243 1,243 \u2013 changes in the composition of the group and other changes 2 2 Cash flows 103 0 0 103 Other movements 1 1 Foreign currency exchange differences -20 -20 Net closing balance -477 291 532 346 \u2013 closing balance presented as assets -266 281 475 490 \u2013 closing balance presented as liabilities 211 -10 -57 144 Net closing balance -477 291 532 346 Reinsurance contracts held under General Model (2022) (Restated) 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment Contractual service margin Total General Model \u2013 opening balance presented as assets 291 -32 240 499 \u2013 opening balance presented as liabilities 704 -322 -58 324 Net opening balance -413 290 298 175 \u2013 reinsurance contracts initially recognised in the period -15 1 14 0 \u2013 changes in estimates that adjust the contractual service margin -90 -24 114 0 Changes that relate to future service -105 -23 128 0 \u2013 release to profit or loss -2 -20 -41 -63 \u2013 experience adjustments not adjusting the contractual service margin -1 -1 Changes that relate to current service -3 -20 -41 -64 \u2013 finance result through profit or loss 30 2 2 34 \u2013 finance result recognised in OCI 118 -101 17 Finance result from reinsurance contracts 148 -99 2 51 \u2013 reinsurance recoveries received -1,115 -1,115 \u2013 reinsurance premiums paid 1,288 1,288 \u2013 changes in the composition of the group and other changes -2 -2 Cash flows 171 0 0 171 Foreign currency exchange differences -9 -1 -2 -12 Net closing balance -211 147 385 321 \u2013 closing balance presented as assets 23 138 383 544 \u2013 closing balance presented as liabilities 234 -9 -2 223 Net closing balance -211 147 385 321 Notes to the Consolidated annual accounts continue",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-625": {
"value": "Accounting for reinsurance contracts held is mostly similar to the accounting for insurance contracts issued, with the following specific considerations: \u2022 Reinsurance contracts held can be measured applying the General Model or the Premium Allocation Approach. The Variable Fee Approach cannot be applied to reinsurance contracts held. Reinsurance contracts held cannot be onerous. \u2022 Expected reinsurance recoveries include a provision for non-performance risk of the reinsurer. Changes in non-performance risk are accounted for in profit or loss. Non-performance risk includes insolvency risk, risks related to disputes, further negotiations and collateral losses. \u2022 Losses on reinsured insurance contracts may be (partially) offset with a reinsurance loss-recovery component. This applies if the underlying insurance contracts are onerous upon initial recognition or if a change in estimates leads to onerous insurance contracts and the same change in estimates has an offsetting effect on the reinsurance contract held ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-626": {
"value": "Debt instruments issued, subordinated debt, and other borrowed funds are recognised initially at their issue proceeds (fair value of consideration received) net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between proceeds, net of transaction costs and the redemption value is recognised in the profit and loss account over the period of the borrowings using the effective interest method. If NN Group purchases its own debt, it is derecognised from the balance sheet and the difference between the carrying value of the liability and the consideration paid is recognised in the profit and loss account. Financial liabilities include only instruments of which the terms and conditions represent a contractual obligation to pay interest and/or principal. Instruments that are similar in substance, but of which the terms and conditions do not include a contractual obligation to pay interest and principal are classified as equity . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-628": {
"value": "Debt instruments issued, subordinated debt, and other borrowed funds are recognised initially at their issue proceeds (fair value of consideration received) net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between proceeds, net of transaction costs and the redemption value is recognised in the profit and loss account over the period of the borrowings using the effective interest method. If NN Group purchases its own debt, it is derecognised from the balance sheet and the difference between the carrying value of the liability and the consideration paid is recognised in the profit and loss account. Financial liabilities include only instruments of which the terms and conditions represent a contractual obligation to pay interest and/or principal. Instruments that are similar in substance, but of which the terms and conditions do not include a contractual obligation to pay interest and principal are classified as equity Derivatives are recognised at fair value. Derivatives are presented as assets when the fair value is positive and as liabilities when the fair value is negative. The method of recognising the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. NN Group designates certain derivatives as hedges of highly probable future cash flows attributable to a recognised asset or liability or a forecast transaction (cash flow hedge), hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedge), or hedges of a net investment in a foreign operation. Hedge accounting is used for derivatives designated in this way provided certain criteria are met. Reference is made to Note 36 \u2018Hedge accounting\u2019 for further information on hedge accounting. Certain derivatives embedded in other contracts are measured as separate derivatives if: \u2022 Their economic characteristics and risks are not closely related to those of the host contract \u2022 The host contract is not carried at fair value through profit or loss \u2022 A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative (unless the embedded derivative meets the definition of an insurance contract) These embedded derivatives are measured at fair value with changes in fair value recognised in the profit and loss account. An assessment is carried out when NN Group first becomes party to the contract. A reassessment is carried out only when there is a change in the terms of the contract that significantly modifies the expected cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-630": {
"value": "Debt instruments issued, subordinated debt, and other borrowed funds are recognised initially at their issue proceeds (fair value of consideration received) net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between proceeds, net of transaction costs and the redemption value is recognised in the profit and loss account over the period of the borrowings using the effective interest method. If NN Group purchases its own debt, it is derecognised from the balance sheet and the difference between the carrying value of the liability and the consideration paid is recognised in the profit and loss account. Financial liabilities include only instruments of which the terms and conditions represent a contractual obligation to pay interest and/or principal. Instruments that are similar in substance, but of which the terms and conditions do not include a contractual obligation to pay interest and principal are classified as equity . Debt instruments issued Notional amount Balance sheet value Interest rate Year of Issue Due date First call date 2023 2022 (Restated) 2023 2022 (Restated) 0.875% 2017 13 January 2023 13 January 2023 500 500 1.625% 2017 1 June 2027 1 March 2027 600 600 598 597 0.875% 2021 23 November 2031 23 May 2031 600 600 597 597 1,195 1,694 NN Group repaid the outstanding EUR 500 million 0.875% fixed rate unsecured senior notes that matured on 13 January 2023. 17 Subordinated debt Notional amount Balance sheet value Interest rate Year of issue Due date First call date 2023 2022 (Restated) 2023 2022 (Restated) 4.625% 2014 8 April 2044 8 April 2024 335 1,000 335 997 4.625% 2017 13 January 2048 13 January 2028 850 850 844 843 5.250% 2022 1 March 2043 30 August 2032 500 500 494 494 6.000% 2023 3 November 2043 3 May 2033 1,000 1,007 2,680 2,334 The above subordinated debt instruments have been issued to raise hybrid capital. Under IFRS-EU these debt instruments are classified as liabilities. They are considered capital for regulatory purposes. All subordinated debt is euro denominated. In April 2023 NN Group announced the issue of EUR 1 billion subordinated notes issued under NN Group\u2019s Sustainability Bond Framework with a maturity of 20.5 years and which are first callable after 10 years, subject to redemption conditions. The coupon is fixed at 6.00% per annum until the first reset date on 3 November 2033 and will be floating thereafter. The Notes qualify as Tier 2 regulatory capital. Notes to the Consolidated annual accounts continued 2 Our operating environmen In April 2023 NN Group also announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 12 \u2018Equity\u2019. In August 2022, NN Group issued EUR 500 million of subordinated notes. This was the first issuance under NN Group\u2019s Sustainability Bond Framework, which was established in February 2022 with the aim to finance green and social projects and activities in accordance with certain prescribed eligibility criteria as further described in NN Group\u2019s Sustainability Bond Framework. The EUR 500 million subordinated notes have a maturity of 20.5 years and are first callable after 10 years, subject to redemption conditions. The coupon is fixed at 5.25% per annum until the first reset date on 1 March 2033 and will be floating thereafter. The subordinated notes qualify as Tier 2 regulatory capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-631": {
"value": "17 Subordinated debt Notional amount Balance sheet value Interest rate Year of issue Due date First call date 2023 2022 (Restated) 2023 2022 (Restated) 4.625% 2014 8 April 2044 8 April 2024 335 1,000 335 997 4.625% 2017 13 January 2048 13 January 2028 850 850 844 843 5.250% 2022 1 March 2043 30 August 2032 500 500 494 494 6.000% 2023 3 November 2043 3 May 2033 1,000 1,007 2,680 2,334 The above subordinated debt instruments have been issued to raise hybrid capital. Under IFRS-EU these debt instruments are classified as liabilities. They are considered capital for regulatory purposes. All subordinated debt is euro denominated. In April 2023 NN Group announced the issue of EUR 1 billion subordinated notes issued under NN Group\u2019s Sustainability Bond Framework with a maturity of 20.5 years and which are first callable after 10 years, subject to redemption conditions. The coupon is fixed at 6.00% per annum until the first reset date on 3 November 2033 and will be floating thereafter. The Notes qualify as Tier 2 regulatory capital. In April 2023 NN Group also announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity. Reference is made to Note 12 \u2018Equity\u2019. In August 2022, NN Group issued EUR 500 million of subordinated notes. This was the first issuance under NN Group\u2019s Sustainability Bond Framework, which was established in February 2022 with the aim to finance green and social projects and activities in accordance with certain prescribed eligibility criteria as further described in NN Group\u2019s Sustainability Bond Framework. The EUR 500 million subordinated notes have a maturity of 20.5 years and are first callable after 10 years, subject to redemption conditions. The coupon is fixed at 5.25% per annum until the first reset date on 1 March 2033 and will be floating thereafter. The subordinated notes qualify as Tier 2 regulatory capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-632": {
"value": "Other borrowed funds 2023 2022 (Restated) Credit institutions 2,881 5,078 Other 7,111 6,040 Other borrowed funds 9,992 11,118 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-633": {
"value": "19 Customer deposits Customer deposits 2023 2022 (Restated) Savings 7,451 7,627 Bank annuities 9,009 8,608 Customer deposits 16,460 16,235 Customers have not entrusted any funds to NN Group on terms other than those prevailing in the normal course of business. All customer deposits are interest-bearing. Changes in Customer deposits 2023 2022 (Restated) Customer deposits \u2013 opening balance 16,235 15,945 Deposits received 4,246 3,841 Withdrawals -4,000 -3,526 Amortisation -21 -25 Customer deposits \u2013 closing balance 16,460 16,235 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-635": {
"value": "20 Derivatives Derivatives are recognised at fair value. Derivatives are presented as assets when the fair value is positive and as liabilities when the fair value is negative. The method of recognising the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. NN Group designates certain derivatives as hedges of highly probable future cash flows attributable to a recognised asset or liability or a forecast transaction (cash flow hedge), hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedge), or hedges of a net investment in a foreign operation. Hedge accounting is used for derivatives designated in this way provided certain criteria are met. Reference is made to Note 36 \u2018Hedge accounting\u2019 for further information on hedge accounting. Certain derivatives embedded in other contracts are measured as separate derivatives if: \u2022 Their economic characteristics and risks are not closely related to those of the host contract \u2022 The host contract is not carried at fair value through profit or loss \u2022 A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative (unless the embedded derivative meets the definition of an insurance contract) These embedded derivatives are measured at fair value with changes in fair value recognised in the profit and loss account. An assessment is carried out when NN Group first becomes party to the contract. A reassessment is carried out only when there is a change in the terms of the contract that significantly modifies the expected cash flows. Derivatives (assets) 2023 2022 (Restated) Derivatives used in: \u2013 fair value hedges 62 \u2013 cash flow hedges 536 256 \u2013 hedges of net investments in foreign operations 5 23 Other derivatives 1,945 2,111 Derivatives (assets) 2,486 2,452 Other derivatives includes derivatives for which no hedge accounting is applied. Derivatives (liabilities) 2023 2022 (Restated) Derivatives used in: \u2013 fair value hedges 39 \u2013 cash flow hedges 2,006 3,242 \u2013 hedges of net investments in foreign operations 2 Other derivatives 2,020 3,219 Derivatives (liabilities) 4,067 6,461 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-636": {
"value": "Derivatives are recognised at fair value. Derivatives are presented as assets when the fair value is positive and as liabilities when the fair value is negative. The method of recognising the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. NN Group designates certain derivatives as hedges of highly probable future cash flows attributable to a recognised asset or liability or a forecast transaction (cash flow hedge), hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedge), or hedges of a net investment in a foreign operation. Hedge accounting is used for derivatives designated in this way provided certain criteria are met. Reference is made to Note 36 \u2018Hedge accounting\u2019 for further information on hedge accounting. Certain derivatives embedded in other contracts are measured as separate derivatives if: \u2022 Their economic characteristics and risks are not closely related to those of the host contract \u2022 The host contract is not carried at fair value through profit or loss \u2022 A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative (unless the embedded derivative meets the definition of an insurance contract) These embedded derivatives are measured at fair value with changes in fair value recognised in the profit and loss account. An assessment is carried out when NN Group first becomes party to the contract. A reassessment is carried out only when there is a change in the terms of the contract that significantly modifies the expected cash flows. 36 Hedge accounting Use of derivatives and hedge accounting NN Group uses derivatives for effective portfolio management and the management of its asset and liability portfolios. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified exposure to reduce that exposure. The accounting treatment of hedge transactions varies according to the nature of the instrument hedged and whether the hedge qualifies under the IFRS-EU hedge accounting rules. Derivatives that qualify for hedge accounting under IFRS-EU are classified and reported in accordance with the nature of the hedged item hedged and the type of IFRS-EU hedge model that is applicable. The three models applicable under IFRS-EU are: cash flow hedge accounting, fair value hedge accounting and net investment hedge accounting. To qualify for hedge accounting under IFRS-EU, strict criteria must be met. Certain hedges that are economically effective from a risk management perspective do not qualify for hedge accounting under IFRS-EU. The fair value changes of derivatives relating to such non-qualifying hedges are taken to the profit and loss account. However, in certain cases, NN Group mitigates the profit or loss volatility by designating hedged assets and liabilities at fair value through profit or loss. If hedge accounting is applied under IFRS-EU, it is possible that during the hedge a hedge relationship no longer qualifies for hedge accounting and hedge accounting cannot be continued, even if the hedge remains economically effective. As a result, the volatility arising from undertaking economic hedging in the profit and loss account may be higher than would be expected from an economic point of view. At the inception of the hedge transaction NN Group documents the relationship between hedging instruments and hedged items, its risk management objectives, together with the methods selected to assess hedge effectiveness. In addition, NN Group documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flows of the hedged items. With respect to exchange rate and interest rate derivative contracts, the notional or contractual amount of these instruments is indicative of the nominal value of transactions outstanding at the balance sheet date; however they do not represent amounts at risk. In 2017, NN Group entered into a longevity hedge, based on a general index of Dutch mortality. The maximum pay-out of the hedge amounts to EUR 100 million, payable after twenty years. The hedge is financed by annual premium payments to the counterparty. The longevity hedge is accounted for as derivative. The hedge reduces the impact of longevity trend scenarios implying more improvement in life expectancy. The regulator gave approval to include the effects of this specific hedge on the SCR. The purpose of the hedge is to reduce the longevity risk. Cash flow hedge accounting NN Group\u2019s hedge accounting consists mainly of cash flow hedge accounting. NN Group\u2019s cash flow hedges principally consist of (forward) interest rate swaps and cross-currency interest rate swaps that are used to protect against its exposure to variability in future interest cash flows on assets and liabilities that bear interest at variable rates or are expected to be refunded or reinvested in the future. The amounts and timing of future cash flows, representing both principal and interest flows, are projected for each portfolio of financial assets and liabilities, based on contractual terms and other relevant factors including estimates of prepayments and defaults. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (equity) in \u2018Cash flow hedge reserve\u2019. Interest income and expenses on these derivatives are recognised in the profit and loss account consistent with the manner in which the forecast cash flows affect Net result. The gain or loss relating to the ineffective portion is recognised immediately in the profit and loss account. Amounts accumulated in equity are recycled to the profit and loss account in the periods in which the hedged item affects Net result. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the profit and loss account. When a forecast transaction is no longer expected to occur, the cumulative gain or loss previously reported in equity is transferred immediately to the profit and loss account . For the year ended 31 December 2023, NN Group recognised EUR -53 million (2022: EUR -5,942 million) in equity as effective fair value changes on derivatives under cash flow hedge accounting. The balance of the cash flow hedge reserve in equity as at 31 December 2023 is EUR 3,833 million (2022: EUR 3,901 million) gross and EUR 2,842 million (2022: EUR 2,895 million) after deferred tax. This cash flow hedge reserve will fluctuate with the fair value of the underlying derivatives and will be reflected in the profit and loss account under Interest income/expenses over the remaining term of the underlying hedged items. The cash flow hedge reserve relates to a large number of derivatives and hedged items with varying maturities up to 47 years with the largest concentrations in the range 1 year to 9 years. Accounting ineffectiveness on derivatives designated under cash flow hedge accounting resulted in EUR 3 million gain (2022: EUR 75 million loss) which was recognised in the profit and loss account. As at 31 December 2023, the fair value of outstanding derivatives designated under cash flow hedge accounting was EUR 1,470 million (2022: EUR -2,986 million), presented in the balance sheet as EUR 536 million (2022: EUR 256 million) positive fair value under assets and EUR 2,006 million (2022: EUR 3,242 million) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 20,301 million. As at 31 December 2023 and 2022, there were no non-derivatives designated as hedging instruments for cash flow hedge accounting purposes. Included in \u2018Interest income and Interest expenses on non-trading derivatives\u2019 is EUR 117 million (2022: EUR 137 million) and EUR 163 million (2022: EUR 127 million), respectively, relating to derivatives used in cash flow hedges. Fair value hedge accounting NN Group\u2019s fair value hedges principally consist of interest rate swaps and cross-currency interest rate swaps that are used to protect against changes in the fair value of fixed-rate instruments due to movements in market interest rates. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the profit and loss account, together with the effective portion of the fair value adjustments to the hedged item attributable to the hedged risk. As a result, only the net accounting ineffectiveness has an impact on the net result. If the hedge relationship no longer meets the criteria for hedge accounting, the cumulative adjustment of the hedged item is, in the case of interest-bearing instruments, amortised through the profit and loss account over the remaining term of the original hedge or recognised directly when the hedged item is derecognised. For non-interest-bearing instruments, the cumulative adjustment of the hedged item is recognised in the profit and loss account only when the hedged item is derecognised. For the year ended 31 December 2023, NN Group recognised EUR -381 million (2022: EUR 1,701 million) of fair value changes on derivatives designated under fair value hedge accounting in the profit and loss account. This amount was offset by EUR 342 million (2022: EUR -1,692 million) fair value changes recognised on hedged items. This resulted in EUR 39 million loss (2022: EUR 9 million loss) net accounting ineffectiveness recognised in the profit and loss account. As at 31 December 2023, the fair value of outstanding derivatives designated under fair value hedge accounting was EUR -39 million (2022: EUR 62 million), presented in the balance sheet as nil (2022: EUR 62 million) positive fair value under assets and EUR 39 million (2022: nil) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 6,241 million. NN Group applies fair value hedge accounting for portfolio hedges of interest rate risk (macro hedging) under the EU \u2018carve out\u2019 of IFRS-EU. The EU \u2018carve-out\u2019 for macro hedging enables a group of derivatives (or proportions) to be viewed in combination and jointly designated as the hedging instrument and removes some of the limitations in fair value hedge accounting relating to hedging core deposits and underhedging strategies. Under the IFRS-EU \u2018carve-out\u2019, hedge accounting may be applied to core deposits and ineffectiveness only arises when the revised estimate of the amount of cash flows in scheduled time buckets falls below the designated amount of that bucket. NN Group applies the IFRS-EU \u2018carve-out\u2019 to hedge the interest rate risk of mortgage loans. The hedging activities are designated under a portfolio fair value hedge on the mortgages, under IFRS-EU. Net investment hedge accounting Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income (equity) and the gain or loss relating to the ineffective portion is recognised immediately in the profit and loss account. Gains and losses in equity are included in the profit and loss account when the foreign operation is disposed.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
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"fact-637": {
"value": "Derivatives are recognised at fair value. Derivatives are presented as assets when the fair value is positive and as liabilities when the fair value is negative. The method of recognising the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. NN Group designates certain derivatives as hedges of highly probable future cash flows attributable to a recognised asset or liability or a forecast transaction (cash flow hedge), hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedge), or hedges of a net investment in a foreign operation. Hedge accounting is used for derivatives designated in this way provided certain criteria are met. Reference is made to Note 36 \u2018Hedge accounting\u2019 for further information on hedge accounting. Certain derivatives embedded in other contracts are measured as separate derivatives if: \u2022 Their economic characteristics and risks are not closely related to those of the host contract \u2022 The host contract is not carried at fair value through profit or loss \u2022 A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative (unless the embedded derivative meets the definition of an insurance contract) These embedded derivatives are measured at fair value with changes in fair value recognised in the profit and loss account. An assessment is carried out when NN Group first becomes party to the contract. A reassessment is carried out only when there is a change in the terms of the contract that significantly modifies the expected cash flows. 36 Hedge accounting Use of derivatives and hedge accounting NN Group uses derivatives for effective portfolio management and the management of its asset and liability portfolios. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified exposure to reduce that exposure. The accounting treatment of hedge transactions varies according to the nature of the instrument hedged and whether the hedge qualifies under the IFRS-EU hedge accounting rules. Derivatives that qualify for hedge accounting under IFRS-EU are classified and reported in accordance with the nature of the hedged item hedged and the type of IFRS-EU hedge model that is applicable. The three models applicable under IFRS-EU are: cash flow hedge accounting, fair value hedge accounting and net investment hedge accounting. To qualify for hedge accounting under IFRS-EU, strict criteria must be met. Certain hedges that are economically effective from a risk management perspective do not qualify for hedge accounting under IFRS-EU. The fair value changes of derivatives relating to such non-qualifying hedges are taken to the profit and loss account. However, in certain cases, NN Group mitigates the profit or loss volatility by designating hedged assets and liabilities at fair value through profit or loss. If hedge accounting is applied under IFRS-EU, it is possible that during the hedge a hedge relationship no longer qualifies for hedge accounting and hedge accounting cannot be continued, even if the hedge remains economically effective. As a result, the volatility arising from undertaking economic hedging in the profit and loss account may be higher than would be expected from an economic point of view. At the inception of the hedge transaction NN Group documents the relationship between hedging instruments and hedged items, its risk management objectives, together with the methods selected to assess hedge effectiveness. In addition, NN Group documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flows of the hedged items. With respect to exchange rate and interest rate derivative contracts, the notional or contractual amount of these instruments is indicative of the nominal value of transactions outstanding at the balance sheet date; however they do not represent amounts at risk. In 2017, NN Group entered into a longevity hedge, based on a general index of Dutch mortality. The maximum pay-out of the hedge amounts to EUR 100 million, payable after twenty years. The hedge is financed by annual premium payments to the counterparty. The longevity hedge is accounted for as derivative. The hedge reduces the impact of longevity trend scenarios implying more improvement in life expectancy. The regulator gave approval to include the effects of this specific hedge on the SCR. The purpose of the hedge is to reduce the longevity risk. Cash flow hedge accounting NN Group\u2019s hedge accounting consists mainly of cash flow hedge accounting. NN Group\u2019s cash flow hedges principally consist of (forward) interest rate swaps and cross-currency interest rate swaps that are used to protect against its exposure to variability in future interest cash flows on assets and liabilities that bear interest at variable rates or are expected to be refunded or reinvested in the future. The amounts and timing of future cash flows, representing both principal and interest flows, are projected for each portfolio of financial assets and liabilities, based on contractual terms and other relevant factors including estimates of prepayments and defaults. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (equity) in \u2018Cash flow hedge reserve\u2019. Interest income and expenses on these derivatives are recognised in the profit and loss account consistent with the manner in which the forecast cash flows affect Net result. The gain or loss relating to the ineffective portion is recognised immediately in the profit and loss account. Amounts accumulated in equity are recycled to the profit and loss account in the periods in which the hedged item affects Net result. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the profit and loss account. When a forecast transaction is no longer expected to occur, the cumulative gain or loss previously reported in equity is transferred immediately to the profit and loss account For the year ended 31 December 2023, NN Group recognised EUR -53 million (2022: EUR -5,942 million) in equity as effective fair value changes on derivatives under cash flow hedge accounting. The balance of the cash flow hedge reserve in equity as at 31 December 2023 is EUR 3,833 million (2022: EUR 3,901 million) gross and EUR 2,842 million (2022: EUR 2,895 million) after deferred tax. This cash flow hedge reserve will fluctuate with the fair value of the underlying derivatives and will be reflected in the profit and loss account under Interest income/expenses over the remaining term of the underlying hedged items. The cash flow hedge reserve relates to a large number of derivatives and hedged items with varying maturities up to 47 years with the largest concentrations in the range 1 year to 9 years. Accounting ineffectiveness on derivatives designated under cash flow hedge accounting resulted in EUR 3 million gain (2022: EUR 75 million loss) which was recognised in the profit and loss account. As at 31 December 2023, the fair value of outstanding derivatives designated under cash flow hedge accounting was EUR 1,470 million (2022: EUR -2,986 million), presented in the balance sheet as EUR 536 million (2022: EUR 256 million) positive fair value under assets and EUR 2,006 million (2022: EUR 3,242 million) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 20,301 million. As at 31 December 2023 and 2022, there were no non-derivatives designated as hedging instruments for cash flow hedge accounting purposes. Included in \u2018Interest income and Interest expenses on non-trading derivatives\u2019 is EUR 117 million (2022: EUR 137 million) and EUR 163 million (2022: EUR 127 million), respectively, relating to derivatives used in cash flow hedges. Fair value hedge accounting NN Group\u2019s fair value hedges principally consist of interest rate swaps and cross-currency interest rate swaps that are used to protect against changes in the fair value of fixed-rate instruments due to movements in market interest rates. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the profit and loss account, together with the effective portion of the fair value adjustments to the hedged item attributable to the hedged risk. As a result, only the net accounting ineffectiveness has an impact on the net result. If the hedge relationship no longer meets the criteria for hedge accounting, the cumulative adjustment of the hedged item is, in the case of interest-bearing instruments, amortised through the profit and loss account over the remaining term of the original hedge or recognised directly when the hedged item is derecognised. For non-interest-bearing instruments, the cumulative adjustment of the hedged item is recognised in the profit and loss account only when the hedged item is derecognised. For the year ended 31 December 2023, NN Group recognised EUR -381 million (2022: EUR 1,701 million) of fair value changes on derivatives designated under fair value hedge accounting in the profit and loss account. This amount was offset by EUR 342 million (2022: EUR -1,692 million) fair value changes recognised on hedged items. This resulted in EUR 39 million loss (2022: EUR 9 million loss) net accounting ineffectiveness recognised in the profit and loss account. As at 31 December 2023, the fair value of outstanding derivatives designated under fair value hedge accounting was EUR -39 million (2022: EUR 62 million), presented in the balance sheet as nil (2022: EUR 62 million) positive fair value under assets and EUR 39 million (2022: nil) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 6,241 million. NN Group applies fair value hedge accounting for portfolio hedges of interest rate risk (macro hedging) under the EU \u2018carve out\u2019 of IFRS-EU. The EU \u2018carve-out\u2019 for macro hedging enables a group of derivatives (or proportions) to be viewed in combination and jointly designated as the hedging instrument and removes some of the limitations in fair value hedge accounting relating to hedging core deposits and underhedging strategies. Under the IFRS-EU \u2018carve-out\u2019, hedge accounting may be applied to core deposits and ineffectiveness only arises when the revised estimate of the amount of cash flows in scheduled time buckets falls below the designated amount of that bucket. NN Group applies the IFRS-EU \u2018carve-out\u2019 to hedge the interest rate risk of mortgage loans. The hedging activities are designated under a portfolio fair value hedge on the mortgages, under IFRS-EU. Net investment hedge accounting Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income (equity) and the gain or loss relating to the ineffective portion is recognised immediately in the profit and loss account. Gains and losses in equity are included in the profit and loss account when the foreign operation is disposed.",
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"fact-638": {
"value": "21 Other liabilities Other liabilities include reorganisation provisions, litigation provisions and other provisions (included in the line provisions below). Reorganisation provisions include employee termination benefits when NN Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Provisions are discounted when the effect of the time value of money is significant, using a before tax discount rate. The determination of provisions is an inherently uncertain process involving estimates regarding amounts and timing of cash flows. The net defined benefit asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of the plan assets less the present value of the defined benefit obligation at the balance sheet date. Plan assets are measured at fair value at the balance sheet date. For determining the pension expense, the expected return on plan assets is determined using a high-quality corporate bond rate identical to the discount rate used in determining the defined benefit obligation. For defined contribution plans, NN Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. NN Group has no further payment obligations once the contributions have been paid. The contributions are recognised as staff expenses in the profit and loss account when they are due. Some NN Group companies provide post-employment benefits to certain employees and former employees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Share-based payment expenses are recognised as staff expenses over the vesting period. A corresponding increase in equity is recognised for equity-settled share-based payment transactions. The fair value of equity-settled share-based payment transactions is measured at the grant date. For cash-settled share-based payment transactions, a liability is recognised at fair value; this fair value is remeasured at every balance sheet date. Other liabilities 2023 2022 (Restated) Income tax payable 29 67 Net defined benefit liability 49 40 Other post-employment benefits 4 4 Other staff-related liabilities 82 78 Other taxation and social security contributions 113 101 Lease liabilities 233 255 Accrued interest 516 242 Costs payable 305 298 Provisions 524 199 Amounts to be settled 32 461 Cash collateral amounts received 1,595 681 Other 558 588 Other liabilities 4,040 3,014 Other staff-related liabilities include provisions for vacation leave, variable compensation, jubilee and disability/illness. Cash collateral amounts received relate to collateralised derivatives. The increase is a result of the increase in fair value of outstanding collateralised derivatives following a decrease in market interest rates. Other mainly relates to year-end accruals in the normal course of business. Net defined benefit liability 2023 2022 (Restated) Fair value of plan assets 70 69 Defined benefit obligation 119 109 Net defined benefit liability recognised in the balance sheet (funded status) 49 40 Changes in Provisions 2023 2022 (Restated) Provisions \u2013 opening balance 199 137 Additions 450 61 Releases -46 -22 Charges -65 -38 Changes in the composition of the group and other changes -12 62 Exchange rate differences -2 -1 Provisions \u2013 closing balance 524 199 Provisions relate to reorganisation provisions, litigation provisions and other provisions. Other provisions include a provision for the settlement with five interest groups regarding unit-linked insurance products sold in the Netherlands. The settlement provided a reliable estimate and, therefore, a provision of EUR 360 million was recognised in the fourth quarter of 2023 to cover the settlement costs. This includes EUR 60 million for hardship cases and customers unaffiliated with one of the interest groups who have not previously received compensation. In addition, approximately EUR 20 million is available for these customers through the remainder of a provision recognised as part of the 2008 settlement. Reference is made to Note 43 \u2018Legal proceedings\u2019 for more details. Reorganisation provisions were recognised for operations in the Netherlands for the cost of workforce reductions. Additions to the reorganisation provision were recognised in 2023 and 2022 due to additional initiatives announced during the year. During 2023 EUR 34 million was charged to the reorganisation provision for the cost of workforce reductions (2022: EUR 31 million).",
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"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
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"fact-639": {
"value": "Other liabilities include reorganisation provisions, litigation provisions and other provisions (included in the line provisions below). Reorganisation provisions include employee termination benefits when NN Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Provisions are discounted when the effect of the time value of money is significant, using a before tax discount rate. The determination of provisions is an inherently uncertain process involving estimates regarding amounts and timing of cash flows. ",
"dimensions": {
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"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-640": {
"value": "Other liabilities include reorganisation provisions, litigation provisions and other provisions (included in the line provisions below). Reorganisation provisions include employee termination benefits when NN Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Provisions are discounted when the effect of the time value of money is significant, using a before tax discount rate. The determination of provisions is an inherently uncertain process involving estimates regarding amounts and timing of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-641": {
"value": "Other liabilities include reorganisation provisions, litigation provisions and other provisions (included in the line provisions below). Reorganisation provisions include employee termination benefits when NN Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Provisions are discounted when the effect of the time value of money is significant, using a before tax discount rate. The determination of provisions is an inherently uncertain process involving estimates regarding amounts and timing of cash flows. The net defined benefit asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of the plan assets less the present value of the defined benefit obligation at the balance sheet date. Plan assets are measured at fair value at the balance sheet date. For determining the pension expense, the expected return on plan assets is determined using a high-quality corporate bond rate identical to the discount rate used in determining the defined benefit obligation. For defined contribution plans, NN Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. NN Group has no further payment obligations once the contributions have been paid. The contributions are recognised as staff expenses in the profit and loss account when they are due. Some NN Group companies provide post-employment benefits to certain employees and former employees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Share-based payment expenses are recognised as staff expenses over the vesting period. A corresponding increase in equity is recognised for equity-settled share-based payment transactions. The fair value of equity-settled share-based payment transactions is measured at the grant date. For cash-settled share-based payment transactions, a liability is recognised at fair value; this fair value is remeasured at every balance sheet date. Other liabilities 2023 2022 (Restated) Income tax payable 29 67 Net defined benefit liability 49 40 Other post-employment benefits 4 4 Other staff-related liabilities 82 78 Other taxation and social security contributions 113 101 Lease liabilities 233 255 Accrued interest 516 242 Costs payable 305 298 Provisions 524 199 Amounts to be settled 32 461 Cash collateral amounts received 1,595 681 Other 558 588 Other liabilities 4,040 3,014 Other staff-related liabilities include provisions for vacation leave, variable compensation, jubilee and disability/illness. Cash collateral amounts received relate to collateralised derivatives. The increase is a result of the increase in fair value of outstanding collateralised derivatives following a decrease in market interest rates. Other mainly relates to year-end accruals in the normal course of business. Net defined benefit liability 2023 2022 (Restated) Fair value of plan assets 70 69 Defined benefit obligation 119 109 Net defined benefit liability recognised in the balance sheet (funded status) 49 40 Changes in Provisions 2023 2022 (Restated) Provisions \u2013 opening balance 199 137 Additions 450 61 Releases -46 -22 Charges -65 -38 Changes in the composition of the group and other changes -12 62 Exchange rate differences -2 -1 Provisions \u2013 closing balance 524 199 Provisions relate to reorganisation provisions, litigation provisions and other provisions. Other provisions include a provision for the settlement with five interest groups regarding unit-linked insurance products sold in the Netherlands. The settlement provided a reliable estimate and, therefore, a provision of EUR 360 million was recognised in the fourth quarter of 2023 to cover the settlement costs. This includes EUR 60 million for hardship cases and customers unaffiliated with one of the interest groups who have not previously received compensation. In addition, approximately EUR 20 million is available for these customers through the remainder of a provision recognised as part of the 2008 settlement. Reference is made to Note 43 \u2018Legal proceedings\u2019 for more details. Reorganisation provisions were recognised for operations in the Netherlands for the cost of workforce reductions. Additions to the reorganisation provision were recognised in 2023 and 2022 due to additional initiatives announced during the year. During 2023 EUR 34 million was charged to the reorganisation provision for the cost of workforce reductions (2022: EUR 31 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-642": {
"value": "Other liabilities include reorganisation provisions, litigation provisions and other provisions (included in the line provisions below). Reorganisation provisions include employee termination benefits when NN Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Provisions are discounted when the effect of the time value of money is significant, using a before tax discount rate. The determination of provisions is an inherently uncertain process involving estimates regarding amounts and timing of cash flows. Changes in Provisions 2023 2022 (Restated) Provisions \u2013 opening balance 199 137 Additions 450 61 Releases -46 -22 Charges -65 -38 Changes in the composition of the group and other changes -12 62 Exchange rate differences -2 -1 Provisions \u2013 closing balance 524 199 Provisions relate to reorganisation provisions, litigation provisions and other provisions. Other provisions include a provision for the settlement with five interest groups regarding unit-linked insurance products sold in the Netherlands. The settlement provided a reliable estimate and, therefore, a provision of EUR 360 million was recognised in the fourth quarter of 2023 to cover the settlement costs. This includes EUR 60 million for hardship cases and customers unaffiliated with one of the interest groups who have not previously received compensation. In addition, approximately EUR 20 million is available for these customers through the remainder of a provision recognised as part of the 2008 settlement. Reference is made to Note 43 \u2018Legal proceedings\u2019 for more details. Reorganisation provisions were recognised for operations in the Netherlands for the cost of workforce reductions. Additions to the reorganisation provision were recognised in 2023 and 2022 due to additional initiatives announced during the year. During 2023 EUR 34 million was charged to the reorganisation provision for the cost of workforce reductions (2022: EUR 31 million).Unit-linked products in the Netherlands Since the end of 2006, unit-linked products (commonly referred to in Dutch as \u2018beleggingsverzekeringen\u2019) have received negative attention in the Dutch media, from the Dutch Parliament, the AFM and consumer interest groups. Costs of unit-linked products sold in the past are perceived as too high and Dutch insurers are in general being accused of being less transparent in their offering of such unit-linked products. In 2013 Woekerpolis.nl and in 2017 Consumentenbond and Wakkerpolis, all associations representing the interests of policyholders of Nationale-Nederlanden, individually initiated so-called \u2018collective proceedings\u2019 against Nationale-Nederlanden. These claims have been rejected by Nationale-Nederlanden and Nationale-Nederlanden defends itself in these legal proceedings. On 9 January 2024, NN Group announced a settlement with interest groups ConsumentenClaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis and Consumentenbond regarding unit-linked products sold in the Netherlands by Nationale- Nederlanden, including Delta Lloyd and ABN AMRO Life. The settlement relates to all unit-linked products of policyholders affiliated with the aforementioned interest groups and is subject to a 90% acceptance rate of affiliated policyholders that have received an individual proposal for compensation. As part of the settlement, all pending proceedings with respect to unit-linked products initiated by these interest groups against Nationale-Nederlanden will be discontinued once the settlement is executed, which is anticipated ultimately 30 June 2025. The settlement also includes that no new legal proceedings may be initiated by the aforementioned interest groups or their affiliated persons/parties. To cover the settlement costs, a provision of approximately EUR 360 million was recognised in the fourth quarter of 2023. This includes EUR 60 million for hardship cases, and customers unaffiliated with one of the aforementioned interest groups that have not previously received compensation . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
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"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-644": {
"value": "Other liabilities 2023 2022 (Restated) Income tax payable 29 67 Net defined benefit liability 49 40 Other post-employment benefits 4 4 Other staff-related liabilities 82 78 Other taxation and social security contributions 113 101 Lease liabilities 233 255 Accrued interest 516 242 Costs payable 305 298 Provisions 524 199 Amounts to be settled 32 461 Cash collateral amounts received 1,595 681 Other 558 588 Other liabilities 4,040 3,014 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-645": {
"value": "22 Insurance income Insurance income (2023) 2023 Contracts issued after transition and retrospective approach Modified retrospective approach Fair value approach Total Release of contractual service margin 335 154 289 778 Release of risk adjustment 34 19 115 168 Expected claims and benefits 676 93 4,335 5,104 Expected attributable expenses 449 140 648 1,237 Recovery of acquisition costs 254 109 363 Experience adjustments for premiums that relate to current or past service 9 3 12 Insurance income General Model and Variable Fee Approach 1,757 515 5,390 7,662 Insurance income Premium Allocation Approach 2,791 Total insurance income 10,453 24 Investment result Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. Investment result 2023 2022 (Restated) Interest income from investments in debt securities 1,744 1,752 Interest income from mortgage loans 1,307 1,124 Interest income from other loans 423 272 Interest income on (hedging) derivatives 538 210 Other interest income 208 103 Interest income 4,220 3,461 Realised gains (losses) on Investments at cost and at fair value through other comprehensive income -285 104 Gains (losses) on investments at fair value through profit or loss 4,155 -6,251 Gains (losses) on Investments at cost, at fair value through OCI and at fair value through profit and loss 3,870 -6,147 Income from investments in real estate 114 109 Change in fair value of investments in real estate -276 -9 Gains (losses) on investments in real estate -162 100 Share of result of investments in associates and joint ventures -237 164 Impairments -121 -129 Reversal of impairments 80 101 Impairments on investments -41 -28 Result on derivatives and hedging 692 -1,527 Foreign currency exchange result -50 697 Dividend income on equity securities 364 332 Other investment income 9 12 Other 1,015 -486 Investment result 8,665 -2,936 Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,051 million (2022: EUR -5,560 million). These gains (losses) are mostly offset by changes in fair value of underlying items as presented in \u2018Finance result on (re) insurance contracts\u2019. Dividend income on equity securities includes EUR 61 million of dividend relating to equity securities at fair value through OCI held at 31 December 2023 (31 December 2022: EUR 81 million) and EUR 18 million of dividend relating to equity securities at fair value through OCI derecognised during 2023 (2022: EUR 20 million). Impairments on investments by segment 2023 2022 (Restated) Netherlands Life 29 21 Netherlands Non-life 4 2 Insurance Europe -2 Japan Life 8 7 Total 41 28 Results on derivatives and hedging 2023 2022 (Restated) Change in fair value of derivatives relating to \u2013 fair value hedges -381 1,701 \u2013 cash flow hedges (ineffective portion) 3 -75 \u2013 other derivatives 729 -1,463 Net result on derivatives 351 163 Change in fair value of assets and liabilities (hedged items) 342 -1,690 Result on derivatives and hedging 693 -1,527 Included in \u2018Results on derivatives and hedging\u2019 are the fair value movements on derivatives and other assets accounted for at fair value through profit or loss used to economically hedge exposures, but for which no hedge accounting is applied. These financial assets hedge exposures in insurance contracts. The fair value movements on the financial assets are influenced by changes in the market conditions, such as share prices, interest rates and currency exchange rates. The change in fair value of the financial assets is largely offset by changes in insurance contracts, which are included in \u2019finance result\u2019 in the profit and loss account (when using the risk mitigation option) or in other comprehensive income (for contracts accounted for under the General Model when using the OCI option). Reference is made to Note 13 \u2018Insurance contracts\u2019, Note 12 \u2018Equity\u2019 and Note 25 \u2018Finance result\u2019. Valuation results on derivatives are reflected in the Consolidated statement of cash flows in the section \u2018Result before tax\u2019, in the line item \u2018Adjusted for: other\u2019. Reference is made to Note 36 \u2018Hedge accounting\u2019 . 25 Finance result Finance result on (re) insurance contracts 2023 2022 (Restated) Change in fair value of underlying items 4,084 -5,584 Interest accreted 1,832 1,610 Changes in value of options and guarantees for which the risk mitigation solution is used -3 -6 Finance result on (re) insurance contracts 5,913 -3,980 Other 2023 2022 (Restated) Interest expenses on derivatives 482 274 Other interest expenses 551 315 Other 1,033 589 In 2023, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,682 million (2022: EUR 3,251 million) and EUR 551 million (2022: EUR 315 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses 2023 2022 (Restated) Interest income 4,220 3,461 Interest expenses on derivatives -482 -274 Other interest expenses -551 -315 Total interest income and expenses 3,187 2,872 26 Fee and commission result Fees and commissions are generally recognised as the service is provided. Fee and commission result 2023 2022 (Restated) Asset management fees 251 216 Insurance brokerage and advisory fees 196 183 Other 65 74 Fee and commission income 512 473 Asset management fees 107 97 Commission expenses and other 17 34 Fee and commission expenses 124 131 Fee and commission result 388 342 Insurance income (2022) (Restated) 2022 (Restated) Contracts issued after transition and retrospective approach Modified retrospective approach Fair value approach Total Release of contractual service margin 226 188 360 774 Release of risk adjustment 42 14 125 181 Expected claims and benefits 393 107 4,446 4,946 Expected attributable expenses 342 167 688 1,197 Recovery of acquisition costs 225 137 362 Experience adjustments for premiums that relate to current or past service 2 -1 20 21 Other insurance income -1 1 0 Insurance income General Model and Variable Fee Approach 1,229 612 5,640 7,481 Insurance income Premium Allocation Approach 2,786 Total insurance income 10,267 Insurance income Premium Allocation Approach relates for 35% to contracts issued under the modified retrospective transition approach and 65% to contracts issued after transition date and under the full retrospective transition approach in 2022. This distinction is no longer relevant for 2023. ",
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"value": "Changes in Provisions 2023 2022 (Restated) Provisions \u2013 opening balance 199 137 Additions 450 61 Releases -46 -22 Charges -65 -38 Changes in the composition of the group and other changes -12 62 Exchange rate differences -2 -1 Provisions \u2013 closing balance 524 199 Provisions relate to reorganisation provisions, litigation provisions and other provisions. Other provisions include a provision for the settlement with five interest groups regarding unit-linked insurance products sold in the Netherlands. The settlement provided a reliable estimate and, therefore, a provision of EUR 360 million was recognised in the fourth quarter of 2023 to cover the settlement costs. This includes EUR 60 million for hardship cases and customers unaffiliated with one of the interest groups who have not previously received compensation. In addition, approximately EUR 20 million is available for these customers through the remainder of a provision recognised as part of the 2008 settlement. Reference is made to Note 43 \u2018Legal proceedings\u2019 for more details. Reorganisation provisions were recognised for operations in the Netherlands for the cost of workforce reductions. Additions to the reorganisation provision were recognised in 2023 and 2022 due to additional initiatives announced during the year. During 2023 EUR 34 million was charged to the reorganisation provision for the cost of workforce reductions (2022: EUR 31 million)42 Contingent liabilities and commitments In the normal course of business (excluding investment commitments) NN Group is party to activities whose risks are not reflected in whole or in part in the Consolidated annual accounts. In response to the needs of its customers, NN Group offers financial products related to loans. These products include traditional off-balance sheet credit-related financial instruments. Contingent liabilities and commitments (2023) 2023 Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 364 289 681 160 19 1,513 Guarantees 18 18 Contingent liabilities and commitments 364 289 699 160 19 0 1,531 Contingent liabilities and commitments (2022) (Restated) 2022 (Restated) Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 344 606 1,411 225 16 65 2,667 Guarantees 18 3 21 Contingent liabilities and commitments 344 606 1,429 228 16 65 2,688 Next to this NN Group has committed amounts to investments of EUR 4,225 million (2022: EUR 4,310 million) where it is uncertain when those amounts will be invested. NN Group has issued certain guarantees, other than those included in \u2018Insurance contracts\u2019, which are expected to expire without being drawn on and therefore does not necessarily represent future net cash outflows. In addition to the items included in \u2018Contingent liabilities\u2019, NN Group has issued guarantees as a participant in collective arrangements of national industry bodies and as a participant in government required collective guarantee schemes which apply in different countries . ING Group During 2016, ING Group, NN Group\u2019s former parent company, sold its remaining stake in NN Group. Therefore, ING Group has ceased to be a related party of NN Group in the course of 2016. The following agreements with ING Group are still relevant: Master claim agreement In 2012, ING Groep N.V., Voya Financial Inc. (formerly ING U.S., Inc.) and ING Insurance Eurasia N.V. entered into a master claim agreement to (a) allocate existing claims between these three parties and (b) agree on criteria for how to allocate future claims between the three parties. The master claim agreement contains further details on claim handling, conduct of litigation and dispute resolution. Indemnification and allocation agreement ING Groep N.V. and NN Group N.V. have entered into an indemnification and allocation agreement, in which ING Group has agreed to indemnify NN Group for certain liabilities that relate to the business of or control over certain (former) U.S. and Latin American subsidiaries of NN Group in the period until 30 September 2013 or, if the relevant subsidiary was divested by NN Group after 30 September 2013, such later date of divestment. These liabilities mainly include contingent liabilities that may arise as a result of the initial public offering of ING U.S. (such as prospectus liability), the sales of the Latin American businesses (such as claims under warranties and other buyer protection clauses) and the liabilities for the claims concerning the performance of certain interest-sensitive products that were sold by a former subsidiary of NN Group in Mexico 43 Legal proceedings General NN Group is involved in litigation and arbitration proceedings in the Netherlands and in a number of foreign jurisdictions, involving claims by and against NN Group which arise in the ordinary course of its business, including in connection with its activities as insurer, lender, seller, broker-dealer, underwriter, issuer of instruments and investor and its position as employer and taxpayer. In certain of such proceedings, very large or indeterminate amounts are sought, including punitive and other damages. While it is not feasible to predict or determine the ultimate outcome of all pending or threatened legal and regulatory proceedings, NN Group believes that some of the proceedings set out below may have, or have in the recent past had, a significant effect on the financial condition, profitability or reputation of NN Group. Because of the geographic spread of its business, NN Group may be subject to tax audits in numerous jurisdictions at any point in time. Although NN Group believes that it has adequately provided for its tax positions, the ultimate outcome of these audits may result in liabilities that are different from the amounts recognised. Unit-linked products in the Netherlands Since the end of 2006, unit-linked products (commonly referred to in Dutch as \u2018beleggingsverzekeringen\u2019) have received negative attention in the Dutch media, from the Dutch Parliament, the AFM and consumer interest groups. Costs of unit-linked products sold in the past are perceived as too high and Dutch insurers are in general being accused of being less transparent in their offering of such unit-linked products. In 2013 Woekerpolis.nl and in 2017 Consumentenbond and Wakkerpolis, all associations representing the interests of policyholders of Nationale-Nederlanden, individually initiated so-called \u2018collective proceedings\u2019 against Nationale-Nederlanden. These claims have been rejected by Nationale-Nederlanden and Nationale-Nederlanden defends itself in these legal proceedings. On 9 January 2024, NN Group announced a settlement with interest groups ConsumentenClaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis and Consumentenbond regarding unit-linked products sold in the Netherlands by Nationale- Nederlanden, including Delta Lloyd and ABN AMRO Life. The settlement relates to all unit-linked products of policyholders affiliated with the aforementioned interest groups and is subject to a 90% acceptance rate of affiliated policyholders that have received an individual proposal for compensation. As part of the settlement, all pending proceedings with respect to unit-linked products initiated by these interest groups against Nationale-Nederlanden will be discontinued once the settlement is executed, which is anticipated ultimately 30 June 2025. The settlement also includes that no new legal proceedings may be initiated by the aforementioned interest groups or their affiliated persons/parties. To cover the settlement costs, a provision of approximately EUR 360 million was recognised in the fourth quarter of 2023. This includes EUR 60 million for hardship cases, and customers unaffiliated with one of the aforementioned interest groups that have not previously received compensation Argentina On 10 April 2019, NN Group filed a claim with the International Centre for Settlement of Investment Disputes (ICSID) under the Bilateral Investment Treaty between Argentina and the Netherlands, in order to resolve a dispute with the Argentine Republic. The dispute relates to the nationalisation of Or\u00edgenes \u2013 NN Group\u2019s former pension fund manager in Argentina \u2013 by the Argentine Government in 2008. These proceedings may last for several years. As the case is still pending, it is unclear at this stage whether and to what extent any compensation will be granted to NN Group and therefore no compensation has been recognised",
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"value": "23 Insurance expenses Insurance expenses General Model and Variable Fee Approach 2023 2022 (Restated) Incurred claims and benefits 5,126 4,933 Incurred attributable expenses 1,250 1,235 Amortisation of acquisition costs 363 362 Changes in incurred claims and benefits previous periods 18 -53 (Reversal of) losses on onerous contracts 209 90 Other insurance expenses 2 -1 Insurance expenses General Model and Variable Fee Approach 6,968 6,566 (Reversal of) losses on onerous contracts General Model and Variable Fee Approach 2023 2022 (Restated) Losses on onerous contracts initially recognised in the period 37 51 Changes in estimates not adjusting the contractual service margin 198 61 Release of risk adjustment attributed to the loss component -3 -1 Expected claims and benefits attributed to the loss component -5 -11 Expected attributable insurance expenses attributed to the loss component -18 -10 (Reversal of) losses on onerous contracts General Model and Variable Fee Approach 209 90 Insurance expenses Premium Allocation Approach 2023 2022 (Restated) Incurred claims and benefits 1,402 1,565 Incurred attributable expenses 897 900 Amortisation of acquisition costs 6 6 Changes in incurred claims and benefits previous periods -29 41 (Reversal of) losses on onerous contracts -8 6 Other insurance expenses 19 30 Insurance expenses Premium Allocation Approach 2,287 2,548 (Reversal of) losses on onerous contracts Premium Allocation Approach 2023 2022 (Restated) Losses on onerous contracts initially recognised in the period 3 5 Changes in estimates regarding onerous contracts -4 6 Reversal of the loss component -7 -5 (Reversal of) losses on onerous contracts Premium Allocation Approach -8 6 27 Non-attributable operating expenses Non-attributable operating expenses 2023 2022 (Restated) Staff expenses 1,680 1,558 Other operating expenses 2,832 2,468 Of which attributed to: \u2013 incurred acquisition costs -602 -604 \u2013 incurred insurance expenses -2,192 -2,120 Non-attributable operating expenses 1,718 1,302 Staff expenses 2023 2022 (Restated) Salaries 993 916 Variable salaries 52 38 Pension costs 138 113 Social security costs 156 138 Share-based compensation arrangements 5 5 External staff costs 255 287 Education 16 15 Other staff costs 65 46 Staff expenses 1,680 1,558 Pension costs 2023 2022 (Restated) Current service cost 5 7 Past service cost -8 Net interest cost -2 -8 Defined benefit plans 3 -9 Defined contribution plans 135 122 Pension costs 138 113 Defined contribution plans Certain group companies sponsor defined contribution pension plans. The assets of all NN Group\u2019s defined contribution plans are held in independently administered funds. Contributions are generally determined as a percentage of pay. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in \u2018Other assets\u2019 or \u2018Other liabilities\u2019. Number of employees Reference is made to Note 32 \u2018Principal subsidiaries and geographical information\u2019 for information on the average number of employees. Remuneration of Executive Board, Management Board and Supervisory Board Reference is made to Note 47 \u2018Key management personnel compensation\u2019. Share plans NN Group has granted shares to a number of senior executives (members of the Management Board, general managers and other officers nominated by the Management Board). The purpose of the share schemes is to attract, retain and motivate senior executives and staff. Share awards comprise upfront shares and deferred shares. The entitlement to the deferred shares is granted conditionally. If the participant remains in employment for an uninterrupted period between the grant date and the vesting date, the entitlement becomes unconditional. A retention period applies from the moment of vesting these awards (five years for Management Board and one year for Identified Staff). Share awards Changes in Share awards outstanding Share awards (in number) Weighted average grant date fair value (in euros) 2023 2022 (Restated) 2023 2022 (Restated) Share awards outstanding \u2013 opening balance 186,885 410,383 38.41 33.64 Granted 128,844 132,048 35.44 42.93 Vested -131,681 -348,175 35.19 34.53 Forfeited -6,699 -7,371 38.47 36.46 Share awards outstanding \u2013 closing balance 177,349 186,885 38.64 38.41 In 2023, 15,099 (2022: 13,764) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2023, 113,745 (2022: 118,284) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2023, the share awards on NN Group shares consist of 170,828 (2022: 178,482) share awards relating to equity-settled share-based payment arrangements and 6,521 (2022: 8,403) share awards relating to cash-settled share-based payment arrangements. The fair value of share awards granted is allocated over the vesting period of the share awards as an expense under staff expenses. As at 31 December 2023, total unrecognised compensation costs related to share awards amount to EUR 2 million (2022: EUR 3 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2022: 1.4 years) . Other operating expenses 2023 2022 (Restated) Depreciation of property and equipment 82 77 Amortisation of software 35 36 Computer costs 297 293 Office expenses 69 72 Travel and accommodation expenses 15 12 Advertising and public relations 85 85 External advisory fees 210 237 Claims handling expenses 244 227 Additions (releases) of Other provisions 403 27 Commissions, fees and other 1,392 1,402 Other operating expenses 2,832 2,468",
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"value": "Insurance expenses General Model and Variable Fee Approach 2023 2022 (Restated) Incurred claims and benefits 5,126 4,933 Incurred attributable expenses 1,250 1,235 Amortisation of acquisition costs 363 362 Changes in incurred claims and benefits previous periods 18 -53 (Reversal of) losses on onerous contracts 209 90 Other insurance expenses 2 -1 Insurance expenses General Model and Variable Fee Approach 6,968 6,566 Insurance expenses Premium Allocation Approach 2023 2022 (Restated) Incurred claims and benefits 1,402 1,565 Incurred attributable expenses 897 900 Amortisation of acquisition costs 6 6 Changes in incurred claims and benefits previous periods -29 41 (Reversal of) losses on onerous contracts -8 6 Other insurance expenses 19 30 Insurance expenses Premium Allocation Approach 2,287 2,548 ",
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"value": "24 Investment result Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. Investment result 2023 2022 (Restated) Interest income from investments in debt securities 1,744 1,752 Interest income from mortgage loans 1,307 1,124 Interest income from other loans 423 272 Interest income on (hedging) derivatives 538 210 Other interest income 208 103 Interest income 4,220 3,461 Realised gains (losses) on Investments at cost and at fair value through other comprehensive income -285 104 Gains (losses) on investments at fair value through profit or loss 4,155 -6,251 Gains (losses) on Investments at cost, at fair value through OCI and at fair value through profit and loss 3,870 -6,147 Income from investments in real estate 114 109 Change in fair value of investments in real estate -276 -9 Gains (losses) on investments in real estate -162 100 Share of result of investments in associates and joint ventures -237 164 Impairments -121 -129 Reversal of impairments 80 101 Impairments on investments -41 -28 Result on derivatives and hedging 692 -1,527 Foreign currency exchange result -50 697 Dividend income on equity securities 364 332 Other investment income 9 12 Other 1,015 -486 Investment result 8,665 -2,936 Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,051 million (2022: EUR -5,560 million). These gains (losses) are mostly offset by changes in fair value of underlying items as presented in \u2018Finance result on (re) insurance contracts\u2019. Dividend income on equity securities includes EUR 61 million of dividend relating to equity securities at fair value through OCI held at 31 December 2023 (31 December 2022: EUR 81 million) and EUR 18 million of dividend relating to equity securities at fair value through OCI derecognised during 2023 (2022: EUR 20 million). Impairments on investments by segment 2023 2022 (Restated) Netherlands Life 29 21 Netherlands Non-life 4 2 Insurance Europe -2 Japan Life 8 7 Total 41 28 Results on derivatives and hedging 2023 2022 (Restated) Change in fair value of derivatives relating to \u2013 fair value hedges -381 1,701 \u2013 cash flow hedges (ineffective portion) 3 -75 \u2013 other derivatives 729 -1,463 Net result on derivatives 351 163 Change in fair value of assets and liabilities (hedged items) 342 -1,690 Result on derivatives and hedging 693 -1,527 Included in \u2018Results on derivatives and hedging\u2019 are the fair value movements on derivatives and other assets accounted for at fair value through profit or loss used to economically hedge exposures, but for which no hedge accounting is applied. These financial assets hedge exposures in insurance contracts. The fair value movements on the financial assets are influenced by changes in the market conditions, such as share prices, interest rates and currency exchange rates. The change in fair value of the financial assets is largely offset by changes in insurance contracts, which are included in \u2019finance result\u2019 in the profit and loss account (when using the risk mitigation option) or in other comprehensive income (for contracts accounted for under the General Model when using the OCI option). Reference is made to Note 13 \u2018Insurance contracts\u2019, Note 12 \u2018Equity\u2019 and Note 25 \u2018Finance result\u2019. Valuation results on derivatives are reflected in the Consolidated statement of cash flows in the section \u2018Result before tax\u2019, in the line item \u2018Adjusted for: other\u2019. Reference is made to Note 36 \u2018Hedge accounting\u2019 . 25 Finance result Finance result on (re) insurance contracts 2023 2022 (Restated) Change in fair value of underlying items 4,084 -5,584 Interest accreted 1,832 1,610 Changes in value of options and guarantees for which the risk mitigation solution is used -3 -6 Finance result on (re) insurance contracts 5,913 -3,980 Other 2023 2022 (Restated) Interest expenses on derivatives 482 274 Other interest expenses 551 315 Other 1,033 589 In 2023, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,682 million (2022: EUR 3,251 million) and EUR 551 million (2022: EUR 315 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses 2023 2022 (Restated) Interest income 4,220 3,461 Interest expenses on derivatives -482 -274 Other interest expenses -551 -315 Total interest income and expenses 3,187 2,872 ",
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"value": "24 Investment result Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. Investment result 2023 2022 (Restated) Interest income from investments in debt securities 1,744 1,752 Interest income from mortgage loans 1,307 1,124 Interest income from other loans 423 272 Interest income on (hedging) derivatives 538 210 Other interest income 208 103 Interest income 4,220 3,461 Realised gains (losses) on Investments at cost and at fair value through other comprehensive income -285 104 Gains (losses) on investments at fair value through profit or loss 4,155 -6,251 Gains (losses) on Investments at cost, at fair value through OCI and at fair value through profit and loss 3,870 -6,147 Income from investments in real estate 114 109 Change in fair value of investments in real estate -276 -9 Gains (losses) on investments in real estate -162 100 Share of result of investments in associates and joint ventures -237 164 Impairments -121 -129 Reversal of impairments 80 101 Impairments on investments -41 -28 Result on derivatives and hedging 692 -1,527 Foreign currency exchange result -50 697 Dividend income on equity securities 364 332 Other investment income 9 12 Other 1,015 -486 Investment result 8,665 -2,936 Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,051 million (2022: EUR -5,560 million). These gains (losses) are mostly offset by changes in fair value of underlying items as presented in \u2018Finance result on (re) insurance contracts\u2019",
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"value": "Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. ",
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"value": "Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. Investment result 2023 2022 (Restated) Interest income from investments in debt securities 1,744 1,752 Interest income from mortgage loans 1,307 1,124 Interest income from other loans 423 272 Interest income on (hedging) derivatives 538 210 Other interest income 208 103 Interest income 4,220 3,461 Realised gains (losses) on Investments at cost and at fair value through other comprehensive income -285 104 Gains (losses) on investments at fair value through profit or loss 4,155 -6,251 Gains (losses) on Investments at cost, at fair value through OCI and at fair value through profit and loss 3,870 -6,147 Income from investments in real estate 114 109 Change in fair value of investments in real estate -276 -9 Gains (losses) on investments in real estate -162 100 Share of result of investments in associates and joint ventures -237 164 Impairments -121 -129 Reversal of impairments 80 101 Impairments on investments -41 -28 Result on derivatives and hedging 692 -1,527 Foreign currency exchange result -50 697 Dividend income on equity securities 364 332 Other investment income 9 12 Other 1,015 -486 Investment result 8,665 -2,936 Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,051 million (2022: EUR -5,560 million). These gains (losses) are mostly offset by changes in fair value of underlying items as presented in \u2018Finance result on (re) insurance contracts\u2019. Dividend income on equity securities includes EUR 61 million of dividend relating to equity securities at fair value through OCI held at 31 December 2023 (31 December 2022: EUR 81 million) and EUR 18 million of dividend relating to equity securities at fair value through OCI derecognised during 2023 (2022: EUR 20 million). Impairments on investments by segment 2023 2022 (Restated) Netherlands Life 29 21 Netherlands Non-life 4 2 Insurance Europe -2 Japan Life 8 7 Total 41 28 Results on derivatives and hedging 2023 2022 (Restated) Change in fair value of derivatives relating to \u2013 fair value hedges -381 1,701 \u2013 cash flow hedges (ineffective portion) 3 -75 \u2013 other derivatives 729 -1,463 Net result on derivatives 351 163 Change in fair value of assets and liabilities (hedged items) 342 -1,690 Result on derivatives and hedging 693 -1,527 Included in \u2018Results on derivatives and hedging\u2019 are the fair value movements on derivatives and other assets accounted for at fair value through profit or loss used to economically hedge exposures, but for which no hedge accounting is applied. These financial assets hedge exposures in insurance contracts. The fair value movements on the financial assets are influenced by changes in the market conditions, such as share prices, interest rates and currency exchange rates. The change in fair value of the financial assets is largely offset by changes in insurance contracts, which are included in \u2019finance result\u2019 in the profit and loss account (when using the risk mitigation option) or in other comprehensive income (for contracts accounted for under the General Model when using the OCI option). Reference is made to Note 13 \u2018Insurance contracts\u2019, Note 12 \u2018Equity\u2019 and Note 25 \u2018Finance result\u2019. Valuation results on derivatives are reflected in the Consolidated statement of cash flows in the section \u2018Result before tax\u2019, in the line item \u2018Adjusted for: other\u2019. Reference is made to Note 36 \u2018Hedge accounting\u2019 . 25 Finance result Finance result on (re) insurance contracts 2023 2022 (Restated) Change in fair value of underlying items 4,084 -5,584 Interest accreted 1,832 1,610 Changes in value of options and guarantees for which the risk mitigation solution is used -3 -6 Finance result on (re) insurance contracts 5,913 -3,980 Other 2023 2022 (Restated) Interest expenses on derivatives 482 274 Other interest expenses 551 315 Other 1,033 589 In 2023, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,682 million (2022: EUR 3,251 million) and EUR 551 million (2022: EUR 315 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses 2023 2022 (Restated) Interest income 4,220 3,461 Interest expenses on derivatives -482 -274 Other interest expenses -551 -315 Total interest income and expenses 3,187 2,872 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-653": {
"value": "Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-654": {
"value": "Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. Investment result 2023 2022 (Restated) Interest income from investments in debt securities 1,744 1,752 Interest income from mortgage loans 1,307 1,124 Interest income from other loans 423 272 Interest income on (hedging) derivatives 538 210 Other interest income 208 103 Interest income 4,220 3,461 Realised gains (losses) on Investments at cost and at fair value through other comprehensive income -285 104 Gains (losses) on investments at fair value through profit or loss 4,155 -6,251 Gains (losses) on Investments at cost, at fair value through OCI and at fair value through profit and loss 3,870 -6,147 Income from investments in real estate 114 109 Change in fair value of investments in real estate -276 -9 Gains (losses) on investments in real estate -162 100 Share of result of investments in associates and joint ventures -237 164 Impairments -121 -129 Reversal of impairments 80 101 Impairments on investments -41 -28 Result on derivatives and hedging 692 -1,527 Foreign currency exchange result -50 697 Dividend income on equity securities 364 332 Other investment income 9 12 Other 1,015 -486 Investment result 8,665 -2,936 Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,051 million (2022: EUR -5,560 million). These gains (losses) are mostly offset by changes in fair value of underlying items as presented in \u2018Finance result on (re) insurance contracts\u2019. Dividend income on equity securities includes EUR 61 million of dividend relating to equity securities at fair value through OCI held at 31 December 2023 (31 December 2022: EUR 81 million) and EUR 18 million of dividend relating to equity securities at fair value through OCI derecognised during 2023 (2022: EUR 20 million). Impairments on investments by segment 2023 2022 (Restated) Netherlands Life 29 21 Netherlands Non-life 4 2 Insurance Europe -2 Japan Life 8 7 Total 41 28 Results on derivatives and hedging 2023 2022 (Restated) Change in fair value of derivatives relating to \u2013 fair value hedges -381 1,701 \u2013 cash flow hedges (ineffective portion) 3 -75 \u2013 other derivatives 729 -1,463 Net result on derivatives 351 163 Change in fair value of assets and liabilities (hedged items) 342 -1,690 Result on derivatives and hedging 693 -1,527 Included in \u2018Results on derivatives and hedging\u2019 are the fair value movements on derivatives and other assets accounted for at fair value through profit or loss used to economically hedge exposures, but for which no hedge accounting is applied. These financial assets hedge exposures in insurance contracts. The fair value movements on the financial assets are influenced by changes in the market conditions, such as share prices, interest rates and currency exchange rates. The change in fair value of the financial assets is largely offset by changes in insurance contracts, which are included in \u2019finance result\u2019 in the profit and loss account (when using the risk mitigation option) or in other comprehensive income (for contracts accounted for under the General Model when using the OCI option). Reference is made to Note 13 \u2018Insurance contracts\u2019, Note 12 \u2018Equity\u2019 and Note 25 \u2018Finance result\u2019. Valuation results on derivatives are reflected in the Consolidated statement of cash flows in the section \u2018Result before tax\u2019, in the line item \u2018Adjusted for: other\u2019. Reference is made to Note 36 \u2018Hedge accounting\u2019 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-655": {
"value": "Interest income and expenses Interest income and expenses are recognised in the profit and loss account using the effective interest method. When calculating the effective interest rate, NN Group estimates cash flows considering all contractual terms of the financial instrument (for example prepayment options), but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset, or a group of similar financial assets is in default (Stage 3), interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income and expenses from derivatives are classified as interest income and interest expenses in the profit and loss, except for interest income and expenses on derivatives for which no hedge accounting is applied. The latter is classified in \u2018Result on derivatives and hedging\u2019, together with the changes in the (clean) fair value of these derivatives. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-656": {
"value": "25 Finance result Finance result on (re) insurance contracts 2023 2022 (Restated) Change in fair value of underlying items 4,084 -5,584 Interest accreted 1,832 1,610 Changes in value of options and guarantees for which the risk mitigation solution is used -3 -6 Finance result on (re) insurance contracts 5,913 -3,980 Other 2023 2022 (Restated) Interest expenses on derivatives 482 274 Other interest expenses 551 315 Other 1,033 589 In 2023, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,682 million (2022: EUR 3,251 million) and EUR 551 million (2022: EUR 315 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses 2023 2022 (Restated) Interest income 4,220 3,461 Interest expenses on derivatives -482 -274 Other interest expenses -551 -315 Total interest income and expenses 3,187 2,872 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-657": {
"value": "25 Finance result Finance result on (re) insurance contracts 2023 2022 (Restated) Change in fair value of underlying items 4,084 -5,584 Interest accreted 1,832 1,610 Changes in value of options and guarantees for which the risk mitigation solution is used -3 -6 Finance result on (re) insurance contracts 5,913 -3,980 Other 2023 2022 (Restated) Interest expenses on derivatives 482 274 Other interest expenses 551 315 Other 1,033 589 In 2023, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,682 million (2022: EUR 3,251 million) and EUR 551 million (2022: EUR 315 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses 2023 2022 (Restated) Interest income 4,220 3,461 Interest expenses on derivatives -482 -274 Other interest expenses -551 -315 Total interest income and expenses 3,187 2,872 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-659": {
"value": "26 Fee and commission result Fees and commissions are generally recognised as the service is provided. Fee and commission result 2023 2022 (Restated) Asset management fees 251 216 Insurance brokerage and advisory fees 196 183 Other 65 74 Fee and commission income 512 473 Asset management fees 107 97 Commission expenses and other 17 34 Fee and commission expenses 124 131 Fee and commission result 388 342 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-660": {
"value": "Fees and commissions are generally recognised as the service is provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-661": {
"value": "27 Non-attributable operating expenses Non-attributable operating expenses 2023 2022 (Restated) Staff expenses 1,680 1,558 Other operating expenses 2,832 2,468 Of which attributed to: \u2013 incurred acquisition costs -602 -604 \u2013 incurred insurance expenses -2,192 -2,120 Non-attributable operating expenses 1,718 1,302 Staff expenses 2023 2022 (Restated) Salaries 993 916 Variable salaries 52 38 Pension costs 138 113 Social security costs 156 138 Share-based compensation arrangements 5 5 External staff costs 255 287 Education 16 15 Other staff costs 65 46 Staff expenses 1,680 1,558 Pension costs 2023 2022 (Restated) Current service cost 5 7 Past service cost -8 Net interest cost -2 -8 Defined benefit plans 3 -9 Defined contribution plans 135 122 Pension costs 138 113 Defined contribution plans Certain group companies sponsor defined contribution pension plans. The assets of all NN Group\u2019s defined contribution plans are held in independently administered funds. Contributions are generally determined as a percentage of pay. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in \u2018Other assets\u2019 or \u2018Other liabilities\u2019. Number of employees Reference is made to Note 32 \u2018Principal subsidiaries and geographical information\u2019 for information on the average number of employees. Remuneration of Executive Board, Management Board and Supervisory Board Reference is made to Note 47 \u2018Key management personnel compensation\u2019. Share plans NN Group has granted shares to a number of senior executives (members of the Management Board, general managers and other officers nominated by the Management Board). The purpose of the share schemes is to attract, retain and motivate senior executives and staff. Share awards comprise upfront shares and deferred shares. The entitlement to the deferred shares is granted conditionally. If the participant remains in employment for an uninterrupted period between the grant date and the vesting date, the entitlement becomes unconditional. A retention period applies from the moment of vesting these awards (five years for Management Board and one year for Identified Staff). Share awards Changes in Share awards outstanding Share awards (in number) Weighted average grant date fair value (in euros) 2023 2022 (Restated) 2023 2022 (Restated) Share awards outstanding \u2013 opening balance 186,885 410,383 38.41 33.64 Granted 128,844 132,048 35.44 42.93 Vested -131,681 -348,175 35.19 34.53 Forfeited -6,699 -7,371 38.47 36.46 Share awards outstanding \u2013 closing balance 177,349 186,885 38.64 38.41 In 2023, 15,099 (2022: 13,764) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2023, 113,745 (2022: 118,284) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2023, the share awards on NN Group shares consist of 170,828 (2022: 178,482) share awards relating to equity-settled share-based payment arrangements and 6,521 (2022: 8,403) share awards relating to cash-settled share-based payment arrangements. The fair value of share awards granted is allocated over the vesting period of the share awards as an expense under staff expenses. As at 31 December 2023, total unrecognised compensation costs related to share awards amount to EUR 2 million (2022: EUR 3 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2022: 1.4 years) . Other operating expenses 2023 2022 (Restated) Depreciation of property and equipment 82 77 Amortisation of software 35 36 Computer costs 297 293 Office expenses 69 72 Travel and accommodation expenses 15 12 Advertising and public relations 85 85 External advisory fees 210 237 Claims handling expenses 244 227 Additions (releases) of Other provisions 403 27 Commissions, fees and other 1,392 1,402 Other operating expenses 2,832 2,468",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-662": {
"value": "27 Non-attributable operating expenses Non-attributable operating expenses 2023 2022 (Restated) Staff expenses 1,680 1,558 Other operating expenses 2,832 2,468 Of which attributed to: \u2013 incurred acquisition costs -602 -604 \u2013 incurred insurance expenses -2,192 -2,120 Non-attributable operating expenses 1,718 1,302 Staff expenses 2023 2022 (Restated) Salaries 993 916 Variable salaries 52 38 Pension costs 138 113 Social security costs 156 138 Share-based compensation arrangements 5 5 External staff costs 255 287 Education 16 15 Other staff costs 65 46 Staff expenses 1,680 1,558 Pension costs 2023 2022 (Restated) Current service cost 5 7 Past service cost -8 Net interest cost -2 -8 Defined benefit plans 3 -9 Defined contribution plans 135 122 Pension costs 138 113 Defined contribution plans Certain group companies sponsor defined contribution pension plans. The assets of all NN Group\u2019s defined contribution plans are held in independently administered funds. Contributions are generally determined as a percentage of pay. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in \u2018Other assets\u2019 or \u2018Other liabilities\u2019. Number of employees Reference is made to Note 32 \u2018Principal subsidiaries and geographical information\u2019 for information on the average number of employees. Remuneration of Executive Board, Management Board and Supervisory Board Reference is made to Note 47 \u2018Key management personnel compensation\u2019. Share plans NN Group has granted shares to a number of senior executives (members of the Management Board, general managers and other officers nominated by the Management Board). The purpose of the share schemes is to attract, retain and motivate senior executives and staff. Share awards comprise upfront shares and deferred shares. The entitlement to the deferred shares is granted conditionally. If the participant remains in employment for an uninterrupted period between the grant date and the vesting date, the entitlement becomes unconditional. A retention period applies from the moment of vesting these awards (five years for Management Board and one year for Identified Staff). Share awards Changes in Share awards outstanding Share awards (in number) Weighted average grant date fair value (in euros) 2023 2022 (Restated) 2023 2022 (Restated) Share awards outstanding \u2013 opening balance 186,885 410,383 38.41 33.64 Granted 128,844 132,048 35.44 42.93 Vested -131,681 -348,175 35.19 34.53 Forfeited -6,699 -7,371 38.47 36.46 Share awards outstanding \u2013 closing balance 177,349 186,885 38.64 38.41 In 2023, 15,099 (2022: 13,764) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2023, 113,745 (2022: 118,284) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2023, the share awards on NN Group shares consist of 170,828 (2022: 178,482) share awards relating to equity-settled share-based payment arrangements and 6,521 (2022: 8,403) share awards relating to cash-settled share-based payment arrangements. The fair value of share awards granted is allocated over the vesting period of the share awards as an expense under staff expenses. As at 31 December 2023, total unrecognised compensation costs related to share awards amount to EUR 2 million (2022: EUR 3 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2022: 1.4 years) . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-663": {
"value": "27 Non-attributable operating expenses Non-attributable operating expenses 2023 2022 (Restated) Staff expenses 1,680 1,558 Other operating expenses 2,832 2,468 Of which attributed to: \u2013 incurred acquisition costs -602 -604 \u2013 incurred insurance expenses -2,192 -2,120 Non-attributable operating expenses 1,718 1,302 Staff expenses 2023 2022 (Restated) Salaries 993 916 Variable salaries 52 38 Pension costs 138 113 Social security costs 156 138 Share-based compensation arrangements 5 5 External staff costs 255 287 Education 16 15 Other staff costs 65 46 Staff expenses 1,680 1,558 Pension costs 2023 2022 (Restated) Current service cost 5 7 Past service cost -8 Net interest cost -2 -8 Defined benefit plans 3 -9 Defined contribution plans 135 122 Pension costs 138 113 Defined contribution plans Certain group companies sponsor defined contribution pension plans. The assets of all NN Group\u2019s defined contribution plans are held in independently administered funds. Contributions are generally determined as a percentage of pay. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in \u2018Other assets\u2019 or \u2018Other liabilities\u2019. Number of employees Reference is made to Note 32 \u2018Principal subsidiaries and geographical information\u2019 for information on the average number of employees. Remuneration of Executive Board, Management Board and Supervisory Board Reference is made to Note 47 \u2018Key management personnel compensation\u2019. Share plans NN Group has granted shares to a number of senior executives (members of the Management Board, general managers and other officers nominated by the Management Board). The purpose of the share schemes is to attract, retain and motivate senior executives and staff. Share awards comprise upfront shares and deferred shares. The entitlement to the deferred shares is granted conditionally. If the participant remains in employment for an uninterrupted period between the grant date and the vesting date, the entitlement becomes unconditional. A retention period applies from the moment of vesting these awards (five years for Management Board and one year for Identified Staff). Share awards Changes in Share awards outstanding Share awards (in number) Weighted average grant date fair value (in euros) 2023 2022 (Restated) 2023 2022 (Restated) Share awards outstanding \u2013 opening balance 186,885 410,383 38.41 33.64 Granted 128,844 132,048 35.44 42.93 Vested -131,681 -348,175 35.19 34.53 Forfeited -6,699 -7,371 38.47 36.46 Share awards outstanding \u2013 closing balance 177,349 186,885 38.64 38.41 In 2023, 15,099 (2022: 13,764) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2023, 113,745 (2022: 118,284) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2023, the share awards on NN Group shares consist of 170,828 (2022: 178,482) share awards relating to equity-settled share-based payment arrangements and 6,521 (2022: 8,403) share awards relating to cash-settled share-based payment arrangements. The fair value of share awards granted is allocated over the vesting period of the share awards as an expense under staff expenses. As at 31 December 2023, total unrecognised compensation costs related to share awards amount to EUR 2 million (2022: EUR 3 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2022: 1.4 years) Other operating expenses 2023 2022 (Restated) Depreciation of property and equipment 82 77 Amortisation of software 35 36 Computer costs 297 293 Office expenses 69 72 Travel and accommodation expenses 15 12 Advertising and public relations 85 85 External advisory fees 210 237 Claims handling expenses 244 227 Additions (releases) of Other provisions 403 27 Commissions, fees and other 1,392 1,402 Other operating expenses 2,832 2,468",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-664": {
"value": "Defined contribution plans Certain group companies sponsor defined contribution pension plans. The assets of all NN Group\u2019s defined contribution plans are held in independently administered funds. Contributions are generally determined as a percentage of pay. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in \u2018Other assets\u2019 or \u2018Other liabilities\u2019. Number of employees Reference is made to Note 32 \u2018Principal subsidiaries and geographical information\u2019 for information on the average number of employees. Remuneration of Executive Board, Management Board and Supervisory Board Reference is made to Note 47 \u2018Key management personnel compensation\u2019. Share plans NN Group has granted shares to a number of senior executives (members of the Management Board, general managers and other officers nominated by the Management Board). The purpose of the share schemes is to attract, retain and motivate senior executives and staff. Share awards comprise upfront shares and deferred shares. The entitlement to the deferred shares is granted conditionally. If the participant remains in employment for an uninterrupted period between the grant date and the vesting date, the entitlement becomes unconditional. A retention period applies from the moment of vesting these awards (five years for Management Board and one year for Identified Staff). The fair value of share awards granted is allocated over the vesting period of the share awards as an expense under staff expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-665": {
"value": "Share plans NN Group has granted shares to a number of senior executives (members of the Management Board, general managers and other officers nominated by the Management Board). The purpose of the share schemes is to attract, retain and motivate senior executives and staff. Share awards comprise upfront shares and deferred shares. The entitlement to the deferred shares is granted conditionally. If the participant remains in employment for an uninterrupted period between the grant date and the vesting date, the entitlement becomes unconditional. A retention period applies from the moment of vesting these awards (five years for Management Board and one year for Identified Staff). Share awards Changes in Share awards outstanding Share awards (in number) Weighted average grant date fair value (in euros) 2023 2022 (Restated) 2023 2022 (Restated) Share awards outstanding \u2013 opening balance 186,885 410,383 38.41 33.64 Granted 128,844 132,048 35.44 42.93 Vested -131,681 -348,175 35.19 34.53 Forfeited -6,699 -7,371 38.47 36.46 Share awards outstanding \u2013 closing balance 177,349 186,885 38.64 38.41 In 2023, 15,099 (2022: 13,764) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2023, 113,745 (2022: 118,284) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2023, the share awards on NN Group shares consist of 170,828 (2022: 178,482) share awards relating to equity-settled share-based payment arrangements and 6,521 (2022: 8,403) share awards relating to cash-settled share-based payment arrangements. The fair value of share awards granted is allocated over the vesting period of the share awards as an expense under staff expenses. As at 31 December 2023, total unrecognised compensation costs related to share awards amount to EUR 2 million (2022: EUR 3 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2022: 1.4 years) . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-666": {
"value": "28 Discontinued operations As of 2021, NN Group\u2019s asset management activities executed by NN Investment Partners are classified as discontinued operations. Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019. Net result from discontinued operations consists of the net result (after tax) of the businesses classified as discontinued operations and is presented separately in the profit and loss account for the first half year of 2022. No gain or loss has been recognised in the profit and loss account upon the classification as held for sale and discontinued operations; upon closing of the transaction a gain of EUR 1,062 million was recognised. Net result from discontinued operations 2023 2022 (Restated) Total income 110 Total expenses 74 Net result from disposal of discontinued operations 1,062 Result before tax from discontinued operations 0 1,098 Taxation 9 Net result from discontinued operations 0 1,089 The activities of NN Investment Partners were reported in the segment Asset Management before these were classified as discontinued operations and held for sale. The segment Asset Management ceased to exist in 2021, following the classification as discontinued operations, as all activities previously included in this segment became discontinued operations. The sale of NN Investment Partners was completed in April 2022. Reference is made to Note 44 \u2018Companies and businesses acquired and divested\u2019. Net cash flow from discontinued operations 2023 2022 (Restated) Operating cash flow 94 Investing cash flow -2 Net cash flow from discontinued operations 0 92",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-667": {
"value": "Earnings per ordinary share shows earnings per share amounts for profit or loss attributable to shareholders of the parent. Earnings per ordinary share is calculated on the basis of the weighted average number of ordinary shares outstanding. In calculating the weighted average number of ordinary shares outstanding, own shares held by group companies are deducted from the total number of ordinary shares in issue. Changes in the number of ordinary shares outstanding without a corresponding change in resources are taken into account, including if these changes occurred after the reporting date but before the annual accounts are authorised for issue. Earnings per ordinary share from continuing and discontinued operations Amounts (in millions of euros) Weighted average number of ordinary shares (in millions) Per ordinary share (in euros) 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Net result from continuing and discontinued operations 1,172 1,634 Coupon on undated subordinated notes -51 -58 Basic earnings per ordinary share from continuing and discontinued operations 1,121 1,576 277.3 295.5 4.04 5.33 Dilutive instruments \u2013 Share plans 0.2 0.2 Dilutive instruments 0.2 0.2 Diluted earnings per ordinary share from continuing and discontinued operations 1,121 1,576 277.5 295.7 4.04 5.33 Earnings per ordinary share from continuing operations Amounts (in millions of euros) Weighted average number of ordinary shares (in millions) Per ordinary share (in euros) 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Net result from continuing operations 1,172 547 Coupon on undated subordinated notes -51 -58 Basic earnings per ordinary share from continuing operations 1,121 489 277.3 295.5 4.04 1.66 Dilutive instruments \u2013 Share plans 0.2 0.2 Dilutive instruments 0.2 0.2 Diluted earnings per ordinary share from continuing operations 1,121 489 277.5 295.7 4.04 1.65 Earnings per ordinary share from discontinued operations Amounts (in millions of euros) Weighted average number of ordinary shares (in millions) Per ordinary share (in euros) 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 Net result from discontinued operations 1,087 Basic earnings per ordinary share from discontinued operations 0 1,087 0 295.5 0 3.68 Dilutive instruments \u2013 Share plans 0.2 Dilutive instruments 0.2 Diluted earnings per ordinary share from discontinued operations 0 1,087 0 295.7 0 3.68 Diluted earnings per share is calculated as if the share plans had been exercised at the beginning of the period and assuming that the cash received from exercised share plans was used to buy own shares against the average market price during the period. The net increase in the number of shares resulting from exercising share plans is added to the average number of shares used for the calculation of diluted earnings per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-668": {
"value": "Earnings per ordinary share shows earnings per share amounts for profit or loss attributable to shareholders of the parent. Earnings per ordinary share is calculated on the basis of the weighted average number of ordinary shares outstanding. In calculating the weighted average number of ordinary shares outstanding, own shares held by group companies are deducted from the total number of ordinary shares in issue. Changes in the number of ordinary shares outstanding without a corresponding change in resources are taken into account, including if these changes occurred after the reporting date but before the annual accounts are authorised for issue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-669": {
"value": "A segment is a distinguishable component of NN Group, engaged in providing products or services, subject to risks and returns
that are different from those of other segments. A geographical area is a distinguishable component of NN Group engaged in
providing products or services within a particular economic environment that is subject to risks and returns that are different from
those of segments operating in other economic environments. The geographical analysis is based on the location of the business
unit from which the transactions are originated.
The reporting segments for NN Group, based on the internal reporting structure, are as follows:
\u2022 Netherlands Life (Group life and individual life insurance products in the Netherlands)
\u2022 Netherlands Non-life (Non-life insurance in the Netherlands including disability and accident, fire, motor and transport insurance)
\u2022 Insurance Europe (Life insurance, pension products and to a small extent non-life insurance and retirement services in Central
and Rest of Europe)
\u2022 Japan Life (Life insurance primarily Corporate Owned Life Insurance (COLI) business)
\u2022 Banking
\u2022 Other (Operating segments that have been aggregated due to their respective size; including Japan Closed Block VA (Closed
block single premium variable annuity individual life insurance portfolio in Japan, including the internally reinsured minimum
guarantee risk, which has been closed to new business and which is being managed in run-off), reinsurance and items related to
capital management and the head office)
The Executive Board and the Management Board set the performance targets and approve and monitor the budgets prepared by
the reporting segments. The segments formulate strategic, commercial and financial policies in conformity with the strategy and
performance targets set by the Executive Board and the Management Board.
The accounting policies of the segments are the same as those described in the relevant notes. Transfer prices for inter-segment
transactions are set at arm\u2019s length. Corporate expenses are allocated to segments based on time spent by head office personnel,
the relative number of staff, or on the basis of income and/or assets of the segment. Intercompany loans that qualify as equity
securities under IFRS-EU are presented in the segment reporting as debt; related coupon payments are presented as income and
expenses in the respective segments.
Operating result as presented below is an Alternative Performance Measure (non-GAAP financial measure) and is not a measure
of financial performance under IFRS-EU. The net result on transactions between segments is eliminated in the net result of the
relevant segment. Operating result is calculated as explained in the section \u2018Alternative Performance Measures\u2019.
Alternative Performance Measures (Non-GAAP measures) NN Group uses the following Alternative Performance Measures (APMs, also referred to as Non-GAAP measures) in its external financial reporting: Operating result and Administrative expenses. The definition of these Alternative Performance Measures changed as a result of the introduction of IFRS 9 and IFRS 17. Further details are set out below. Because these measures are not determined in accordance with IFRS-EU, they may not be comparable to other similarly titled measures of performance of other companies Operating result Operating result (before tax) is used by NN Group to evaluate the financial performance of its segments. The objective of the Operating result is to provide a better understanding of the underlying business performance by eliminating non-operating volatility from the result before tax. The Group operating result is the sum of the operating results for each segment in the Group. The result on transactions between segments is eliminated in the result of the relevant segment. Each segment\u2019s operating result is calculated by adjusting the reported result before tax for the following items: \u2022 Non-operating items: \u2013 Gains (losses) and impairments on financial assets: realised gains and impairments on financial assets that are classified as Investments at cost and Investments at fair value through other comprehensive income. This relates mainly to debt securities and loans. \u2013 Revaluations: revaluations (changes in fair value) on Investments at fair value through profit or loss that are held in the general account. This relates mainly to private equity and real estate and loans, debt securities and equity securities accounted for at fair value through profit or loss and derivatives for which no hedge accounting is applied. \u2013 Market & other impacts: other items that are not representative of the underlying business performance of the segment. This may include (changes in) losses from onerous contracts due to assumption changes, impairments on intangible assets and specific one-off expenses. \u2022 Special items: items of income or expense before tax that are significant and arise from events or transactions that are clearly distinct from the ordinary business activities and therefore are not expected to recur frequently or regularly. This includes restructuring expenses, rebranding costs, results related to early redemption of debt and gains (losses) from employee pension plan amendments or curtailments. \u2022 Result on divestments: realised gains (losses) on the divestment of entities or businesses. \u2022 Acquisition intangibles and goodwill: amortisation and impairment on acquisition related intangible assets and impairment of goodwill. The operating result for the life insurance business is analysed through a margin analysis, which includes the insurance and reinsurance result, investment result and other result. The insurance and reinsurance result represents the sum of the profit margin (including release of the CSM), the technical result (including release of the risk adjustment), service expense result, and other insurance and reinsurance result. The investment result reflects that difference between the investment income (on operating basis) and the finance result (on operating basis). Operating result as presented above is an Alternative Performance Measure (non-GAAP financial measure) and is not a measure of financial performance under IFRS-EU. Administrative expenses NN Group monitors the level of expenses through the administrative expenses. Administrative expenses are calculated as the total of IFRS Staff and Other operating expenses excluding non-operating items, claims handling expenses and, expenses related to investment and insurance commissions and fees as presented in insurance (acquisition) expenses, commissions and non- operating items. Other metrics In addition, NN Group discloses a number of other metrics (that are not defined in IFRS and/or not defined in regulatory capital legislation). As these are not derived from comparable metrics under IFRS, these cannot be reconciled to an IFRS equivalent. These include the following: \u2022 Operating Capital Generation (OCG): NN Group analyses the change in the excess of Solvency II Own Funds over the Solvency Capital Requirement (\u2018SCR\u2019) 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. \u2022 Gross premiums written: premiums written in the reporting period. Premiums written plus or minus the change in premiums receivables equals premiums received as recorded in the cash flow sections on insurance contracts. \u2022 New sales (Annual Premium Equivalent, APE) represents annualised premium equivalents sold in the period, with single premiums calculated at 1/10th of the single premium amounts. \u2022 Combined ratio: the sum of the claims ratio (claims incurred, net of reinsurance, excluding unwind of interest accrual, divided by net earned premiums) and the expense ratio (sum of acquisition costs and administrative expenses, divided by net earned premiums). \u2022 Financial leverage ratio: the percentage of financial leverage in the total of financial leverage and equity. \u2022 Fixed cost coverage ratio: the ability of Earnings Before Interest and Tax (EBIT) to cover funding costs on financial leverage; calculated on a last 12-months basis. \u2022 Free cash flow: the change in the cash capital position at the holding company over the period, excluding acquisitions and capital transactions with shareholders and debtholders. \u2022 Cash capital position at the holding company: net current assets available at the holding company. \u2022 Net interest margin (NIM): interest result of the banking operations divided by the average total interest-bearing assets of the banking operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-670": {
"value": "A segment is a distinguishable component of NN Group, engaged in providing products or services, subject to risks and returns that are different from those of other segments. A geographical area is a distinguishable component of NN Group engaged in providing products or services within a particular economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments. The geographical analysis is based on the location of the business unit from which the transactions are originated. The reporting segments for NN Group, based on the internal reporting structure, are as follows: \u2022 Netherlands Life (Group life and individual life insurance products in the Netherlands) \u2022 Netherlands Non-life (Non-life insurance in the Netherlands including disability and accident, fire, motor and transport insurance) \u2022 Insurance Europe (Life insurance, pension products and to a small extent non-life insurance and retirement services in Central and Rest of Europe) \u2022 Japan Life (Life insurance primarily Corporate Owned Life Insurance (COLI) business) \u2022 Banking \u2022 Other (Operating segments that have been aggregated due to their respective size; including Japan Closed Block VA (Closed block single premium variable annuity individual life insurance portfolio in Japan, including the internally reinsured minimum guarantee risk, which has been closed to new business and which is being managed in run-off), reinsurance and items related to capital management and the head office) The Executive Board and the Management Board set the performance targets and approve and monitor the budgets prepared by the reporting segments. The segments formulate strategic, commercial and financial policies in conformity with the strategy and performance targets set by the Executive Board and the Management Board. The accounting policies of the segments are the same as those described in the relevant notes. Transfer prices for inter-segment transactions are set at arm\u2019s length. Corporate expenses are allocated to segments based on time spent by head office personnel, the relative number of staff, or on the basis of income and/or assets of the segment. Intercompany loans that qualify as equity securities under IFRS-EU are presented in the segment reporting as debt; related coupon payments are presented as income and expenses in the respective segments. Operating result as presented below is an Alternative Performance Measure (non-GAAP financial measure) and is not a measure of financial performance under IFRS-EU. The net result on transactions between segments is eliminated in the net result of the relevant segment. Operating result is calculated as explained in the section \u2018Alternative Performance Measures\u2019. Result by segment (2023)
2023
Netherlands
Life
Netherlands
Non-life
Insurance
Europe Japan Life Banking Other Total
Profit margin 180 315 156 652
Technical result 60 26 22 107
Service expense result -14 -9 7 -16
Other (re) insurance result -1 -1
(Re) insurance result 225 0 331 185 0 0 742
Investment result 1,278 163 49 1,491
Other results \u2013 insurance businesses -109 -88 -37 -233
Operating result insurance businesses 1,395 0 407 197 0 0 1,999
Operating result non-insurance
businesses -5 61 56
Operating result non-life 364 364
Operating result banking 226 226
Operating result other -117 -117
Total operating result 1,390 364 468 197 226 -117 2,528
Non-operating items of which:
\u2013 gains (losses) and impairments -311 -14 -5 -12 -4 -345
\u2013 revaluations 225 1 -79 -73 -8 28 94
\u2013 market and other impacts -68 -4 -182 17 -21 -14 -272
Special items -413 -7 -23 -1 -1 -17 -462
Acquisition intangibles and goodwill -2 -27 -29
Result on divestments 19 19
Result before tax 823 340 196 129 196 -152 1,532
Taxation 166 91 38 32 51 -30 348
Minority interests -1 14 -1 12
Net result 657 235 158 97 146 -121 1,172
Special items in 2023 mainly reflect a provision of EUR 360 million related to the final settlement with interest groups on unit-
linked insurance products and project expenses.
Result by segment (2022) (Restated) 2022 (Restated) Netherlands Life Netherlands Non-life Insurance Europe Japan Life Banking Other Total Profit margin 147 245 181 573 Technical result 126 28 9 163 Service expense result -19 13 12 6 Insurance expense result -1 0 Other (re) insurance result 1 1 (Re) insurance result 255 0 286 202 0 0 742 Investment result 1,314 122 49 1,484 Other results \u2013 insurance businesses -143 -80 -33 -256 Operating result insurance businesses 1,425 0 328 217 0 0 1,970 Operating result non-insurance businesses 4 69 73 Operating result non-life 400 400 Operating result banking 96 96 Operating result other -189 -189 Total operating result 1,429 400 397 217 96 -189 2,350 Non-operating items of which: \u2013 gains (losses) and impairments 118 -12 3 -8 -3 99 \u2013 revaluations -1,173 -68 -132 -95 -32 -1,499 \u2013 market and other impacts -13 -8 -33 6 9 -23 -61 Special items -32 -22 -38 -3 -1 -39 -134 Acquisition intangibles and goodwill -2 -28 -29 Result on divestments -78 -78 Result before tax 329 291 118 118 105 -313 648 Taxation 29 69 30 33 27 -80 108 Net result from discontinued operations 1,089 1,089 Minority interests -5 -1 -5 Net result 301 227 87 85 78 857 1,634 Special items in 2022 mainly reflect integration and IFRS 9 and IFRS 17 project expenses Income by segment (2023)
2023
Netherlands
Life
Netherlands
Non-life
Insurance
Europe Japan Life Banking
Other and
eliminations Total
Insurance income 4,164 3,843 1,830 590 26 10,453
Investment income 5,700 174 1,488 107 1,068 128 8,665
Income by segment (2022) (Restated)
2022 (Restated)
Netherlands
Life
Netherlands
Non-life
Insurance
Europe Japan Life Banking
Other and
eliminations Total
Insurance income 4,048 3,837 1,693 648 41 10,267
Investment income -2,942 84 -537 70 623 -234 -2,936
Interest income and interest expenses by segment (2023)
2023
Netherlands
Life
Netherlands
Non-life
Insurance
Europe Japan Life Banking
Other and
eliminations Total
Interest income 2,384 156 394 164 1,096 26 4,220
Interest expenses -372 -36 -19 -1 -651 46 -1,033
Interest income and interest expenses by segment (2022) (Restated)
2022 (Restated)
Netherlands
Life
Netherlands
Non-life
Insurance
Europe Japan Life Banking
Other and
eliminations Total
Interest income 2,214 148 375 178 555 -9 3,461
Interest expenses -269 -29 -14 -2 -303 28 -589
Total assets and Total liabilities by segment
Total assets Total liabilities Total assets Total liabilities
2023 2023
2022
(Restated)
2022
(Restated)
Netherlands Life 130,428 116,120 128,002 114,518
Netherlands Non-life 8,672 7,069 9,025 7,325
Insurance Europe 26,962 23,240 24,828 21,484
Japan Life 15,562 14,344 17,781 16,458
Banking 25,016 24,097 23,967 23,181
Other 32,656 11,784 35,867 15,098
Total 239,296 196,654 239,470 198,064
Eliminations -30,355 -8,832 -32,446 -12,141
Total assets and Total liabilities 208,941 187,822 207,024 185,923
Alternative Performance Measures (Non-GAAP measures)
NN Group uses the following Alternative Performance Measures (APMs, also referred to as Non-GAAP measures) in its external
financial reporting: Operating result and Administrative expenses. The definition of these Alternative Performance Measures
changed as a result of the introduction of IFRS 9 and IFRS 17. Further details are set out below. Because these measures are
not determined in accordance with IFRS-EU, they may not be comparable to other similarly titled measures of performance of
other companies .
Operating result
Operating result (before tax) is used by NN Group to evaluate the financial performance of its segments. The objective of the
Operating result is to provide a better understanding of the underlying business performance by eliminating non-operating
volatility from the result before tax. The Group operating result is the sum of the operating results for each segment in the Group.
The result on transactions between segments is eliminated in the result of the relevant segment. Each segment\u2019s operating result
is calculated by adjusting the reported result before tax for the following items:
\u2022 Non-operating items:
\u2013 Gains (losses) and impairments on financial assets: realised gains and impairments on financial assets that are classified as
Investments at cost and Investments at fair value through other comprehensive income. This relates mainly to debt securities
and loans.
\u2013 Revaluations: revaluations (changes in fair value) on Investments at fair value through profit or loss that are held in the general
account. This relates mainly to private equity and real estate and loans, debt securities and equity securities accounted for at
fair value through profit or loss and derivatives for which no hedge accounting is applied.
\u2013 Market & other impacts: other items that are not representative of the underlying business performance of the segment.
This may include (changes in) losses from onerous contracts due to assumption changes, impairments on intangible assets and
specific one-off expenses.
\u2022 Special items: items of income or expense before tax that are significant and arise from events or transactions that are clearly
distinct from the ordinary business activities and therefore are not expected to recur frequently or regularly. This includes
restructuring expenses, rebranding costs, results related to early redemption of debt and gains (losses) from employee pension
plan amendments or curtailments.
\u2022 Result on divestments: realised gains (losses) on the divestment of entities or businesses.
\u2022 Acquisition intangibles and goodwill: amortisation and impairment on acquisition related intangible assets and impairment
of goodwill.
The operating result for the life insurance business is analysed through a margin analysis, which includes the insurance and
reinsurance result, investment result and other result. The insurance and reinsurance result represents the sum of the profit
margin (including release of the CSM), the technical result (including release of the risk adjustment), service expense result,
and other insurance and reinsurance result. The investment result reflects that difference between the investment income (on
operating basis) and the finance result (on operating basis).
Operating result as presented above is an Alternative Performance Measure (non-GAAP financial measure) and is not a measure of
financial performance under IFRS-EU.
Administrative expenses
NN Group monitors the level of expenses through the administrative expenses. Administrative expenses are calculated as the
total of IFRS Staff and Other operating expenses excluding non-operating items, claims handling expenses and, expenses related
to investment and insurance commissions and fees as presented in insurance (acquisition) expenses, commissions and non-
operating items.
Administrative expenses
2023
2022
(Restated)
Staff expenses 1,680 1,558
Other operating expenses 2,832 2,468
Total IFRS operating expenses (before attribution) 4,512 4,026
Presented in insurance expenses and commissions 1,263 1,242
Presented in insurance acquisition expenses 510 465
Presented in non-operating items (including special items) 479 142
Other adjustments 54 39
Administrative expenses 2,206 2,138
Other metrics In addition, NN Group discloses a number of other metrics (that are not defined in IFRS and/or not defined in regulatory capital legislation). As these are not derived from comparable metrics under IFRS, these cannot be reconciled to an IFRS equivalent. These include the following: \u2022 Operating Capital Generation (OCG): NN Group analyses the change in the excess of Solvency II Own Funds over the Solvency Capital Requirement (\u2018SCR\u2019) 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. \u2022 Gross premiums written: premiums written in the reporting period. Premiums written plus or minus the change in premiums receivables equals premiums received as recorded in the cash flow sections on insurance contracts. \u2022 New sales (Annual Premium Equivalent, APE) represents annualised premium equivalents sold in the period, with single premiums calculated at 1/10th of the single premium amounts. \u2022 Combined ratio: the sum of the claims ratio (claims incurred, net of reinsurance, excluding unwind of interest accrual, divided by net earned premiums) and the expense ratio (sum of acquisition costs and administrative expenses, divided by net earned premiums). \u2022 Financial leverage ratio: the percentage of financial leverage in the total of financial leverage and equity. \u2022 Fixed cost coverage ratio: the ability of Earnings Before Interest and Tax (EBIT) to cover funding costs on financial leverage; calculated on a last 12-months basis. \u2022 Free cash flow: the change in the cash capital position at the holding company over the period, excluding acquisitions and capital transactions with shareholders and debtholders. \u2022 Cash capital position at the holding company: net current assets available at the holding company. \u2022 Net interest margin (NIM): interest result of the banking operations divided by the average total interest-bearing assets of the banking operations. Gross premium Premiums written (2023) 2023 Life Non-life Total Gross premiums written 9,190 3,997 13,187 Reinsurance ceded -1,259 139 -1,120 Premiums written net of reinsurance 7,931 4,136 12,067 Premiums written (2022) (Restated) 2022 (Restated) Life Non-life Total Gross premiums written 9,628 3,850 13,478 Reinsurance ceded -1,255 159 -1,096 Premiums written net of reinsurance 8,373 4,009 12,382 Insurance contracts by segment 2023
2023
General Model
and Variable
Fee Approach
Premium
Allocation
Approach Total
Netherlands Life 104,312 104,312
Netherlands Non-life 3,798 2,504 6,302
Insurance Europe 19,181 19,181
Japan Life 13,648 13,648
Other 1,213 53 1,266
Insurance contracts 142,152 2,557 144,709
Insurance contracts by segment 2022 (Restated)
2022 (Restated)
General Model
and Variable
Fee Approach
Premium
Allocation
Approach Total
Netherlands Life 100,125 100,125
Netherlands Non-life 3,410 2,615 6,025
Insurance Europe 17,848 17,848
Japan Life 15,276 15,276
Other 1,326 75 1,401
Insurance contracts 137,985 2,690 140,675
Insurance contracts segment Netherlands Life
Insurance contracts under General Model and Variable Fee Approach (2023)
Netherlands Life 2023
Estimates of the
present value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual
service margin
Total General
Model and
Variable Fee
Approach
\u2013 opening balance presented as assets 0
\u2013 opening balance presented as liabilities 95,526 1,024 3,575 100,125
Net opening balance 95,526 1,024 3,575 100,125
\u2013 insurance contracts initially recognised in the period -97 15 99 17
\u2013 changes in estimates that adjust the contractual service margin -87 -76 163 0
\u2013 changes in estimates that do not adjust the contractual service margin 40 5 45
Changes that relate to future service -144 -56 262 62
\u2013 release to profit or loss -66 -233 -299
\u2013 experience adjustments not adjusting the contractual service margin 25 25
Changes that relate to current service 25 -66 -233 -274
\u2013 changes in incurred claims and benefits previous periods -12 -12
Changes that relate to past service -12 0 0 -12
\u2013 finance result through profit or loss 4,133 29 24 4,186
\u2013 finance result recognised in OCI 2,857 35 2,892
Finance result on insurance contracts 6,990 64 24 7,078
\u2013 premiums received 3,415 3,415
\u2013 acquisition costs paid -39 -39
\u2013 claims, benefits and attributable expenses paid -6,044 -6,044
\u2013 transfers of insurance contracts 2 -1 1
Cash flows -2,666 0 -1 -2,667
Net closing balance 99,719 966 3,627 104,312
\u2013 closing balance presented as assets 0
\u2013 closing balance presented as liabilities 99,719 966 3,627 104,312
Net closing balance 99,719 966 3,627 104,312
Insurance contracts under General Model and Variable Fee Approach (2022) (Restated)
Netherlands Life 2022 (Restated)
Estimates of the
present value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual
service margin
Total General
Model and
Variable Fee
Approach
\u2013 opening balance presented as assets 0
\u2013 opening balance presented as liabilities 130,784 2,171 3,110 136,065
Net opening balance 130,784 2,171 3,110 136,065
\u2013 insurance contracts initially recognised in the period -112 21 115 24
\u2013 changes in estimates that adjust the contractual service margin -256 -282 538 0
\u2013 changes in estimates that do not adjust the contractual service margin 22 -3 19
Changes that relate to future service -346 -264 653 43
\u2013 release to profit or loss -98 -213 -311
\u2013 experience adjustments not adjusting the contractual service margin -8 -8
Changes that relate to current service -8 -98 -213 -319
\u2013 changes in incurred claims and benefits previous periods 2 2
Changes that relate to past service 2 0 0 2
\u2013 finance result through profit or loss -3,467 25 -3,442
\u2013 finance result recognised in OCI -28,545 -785 -29,330
Finance result on insurance contracts -32,012 -785 25 -32,772
\u2013 premiums received 3,412 3,412
\u2013 acquisition costs paid -41 -41
\u2013 claims, benefits and attributable expenses paid -6,265 -6,265
Cash flows -2,894 0 0 -2,894
Net closing balance 95,526 1,024 3,575 100,125
\u2013 closing balance presented as assets 0
\u2013 closing balance presented as liabilities 95,526 1,024 3,575 100,125
Net closing balance 95,526 1,024 3,575 100,125
Insurance contracts under General Model (2022) (Restated)
Netherlands Non-life 2022 (Restated)
Estimates of the
present value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual
service margin
Total General
Model
\u2013 opening balance presented as assets 0
\u2013 opening balance presented as liabilities 3,546 212 341 4,099
Net opening balance 3,546 212 341 4,099
\u2013 insurance contracts initially recognised in the period -75 18 56 -1
\u2013 changes in estimates that adjust the contractual service margin -51 51 0
\u2013 changes in estimates that do not adjust the contractual service margin 12 12
Changes that relate to future service -114 18 107 11
\u2013 release to profit or loss -25 -95 -120
\u2013 experience adjustments not adjusting the contractual service margin -31 -31
Changes that relate to current service -31 -25 -95 -151
\u2013 finance result through profit or loss 36 2 2 40
\u2013 finance result recognised in OCI -752 -58 -810
Finance result on insurance contracts -716 -56 2 -770
\u2013 premiums received 1,146 1,146
\u2013 acquisition costs paid -4 -4
\u2013 claims, benefits and attributable expenses paid -921 -921
Cash flows 221 0 0 221
Net closing balance 2,906 149 355 3,410
\u2013 closing balance presented as assets 0
\u2013 closing balance presented as liabilities 2,906 149 355 3,410
Net closing balance 2,906 149 355 3,410
Insurance contracts under General Model and Variable Fee Approach (2022) (Restated)
Insurance Europe 2022 (Restated)
Estimates of the
present value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual
service margin
Total General
Model and
Variable Fee
Approach
\u2013 opening balance presented as assets 305 -26 -165 114
\u2013 opening balance presented as liabilities 19,054 306 1,485 20,845
Net opening balance 18,749 332 1,650 20,731
\u2013 insurance contracts initially recognised in the period -402 68 361 27
\u2013 changes in estimates that adjust the contractual service margin -6 -20 26 0
\u2013 changes in estimates that do not adjust the contractual service margin 29 -2 27
Changes that relate to future service -379 46 387 54
\u2013 release to profit or loss -42 -282 -324
\u2013 experience adjustments not adjusting the contractual service margin 30 30
Changes that relate to current service 30 -42 -282 -294
\u2013 changes in incurred claims and benefits previous periods -53 -2 -55
Changes that relate to past service -53 -2 0 -55
\u2013 finance result through profit or loss -628 3 33 -592
\u2013 finance result recognised in OCI -3,013 -44 -3,057
Finance result on insurance contracts -3,641 -41 33 -3,649
\u2013 premiums received 3,199 3,199
\u2013 acquisition costs paid -367 -367
\u2013 claims, benefits and attributable expenses paid -3,246 -3,246
- transfers of insurance contracts -30 -30
\u2013 changes in the composition of the group and other changes 1,608 1,608
Cash flows 1,164 0 0 1,164
Foreign currency exchange differences -47 -1 -55 -103
Net closing balance 15,823 292 1,733 17,848
\u2013 closing balance presented as assets 348 -26 -198 124
\u2013 closing balance presented as liabilities 16,171 266 1,535 17,972
Net closing balance 15,823 292 1,733 17,848
Insurance contracts under General Model and Variable Fee Approach (2022) (Restated)
Japan Life 2022 (Restated)
Estimates of the
present value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual
service margin
Total General
Model and
Variable Fee
Approach
\u2013 opening balance presented as assets 0
\u2013 opening balance presented as liabilities 15,704 140 1,126 16,970
Net opening balance 15,704 140 1,126 16,970
\u2013 insurance contracts initially recognised in the period -281 10 271 0
\u2013 changes in estimates that adjust the contractual service margin -97 56 42 1
\u2013 changes in estimates that do not adjust the contractual service margin 2 2
Changes that relate to future service -376 66 313 3
\u2013 release to profit or loss -16 -180 -196
\u2013 experience adjustments not adjusting the contractual service margin -11 -11
Changes that relate to current service -11 -16 -180 -207
\u2013 finance result through profit or loss 118 3 121
\u2013 finance result recognised in OCI -1,043 -19 -1,062
Finance result on insurance contracts -925 -19 3 -941
\u2013 premiums received 3,039 3,039
\u2013 acquisition costs paid -184 -184
\u2013 claims, benefits and attributable expenses paid -2,182 -2,182
Cash flows 673 0 0 673
Other movements -3 -3
Foreign currency exchange differences -1,130 -9 -80 -1,219
Net closing balance 13,932 162 1,182 15,276
\u2013 closing balance presented as assets 0
\u2013 closing balance presented as liabilities 13,932 162 1,182 15,276
Net closing balance 13,932 162 1,182 15,276
Insurance contracts segment Netherlands Non-life
Insurance contracts under General Model (2023)
Netherlands Non-life 2023
Estimates of the
present value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual
service margin
Total General
Model
\u2013 opening balance presented as assets 0
\u2013 opening balance presented as liabilities 2,906 149 355 3,410
Net opening balance 2,906 149 355 3,410
\u2013 insurance contracts initially recognised in the period -160 14 146 0
\u2013 changes in estimates that adjust the contractual service margin 40 -28 -12 0
\u2013 changes in estimates that do not adjust the contractual service margin 1 1
Changes that relate to future service -119 -14 134 1
\u2013 release to profit or loss -23 -48 -71
\u2013 experience adjustments not adjusting the contractual service margin -14 -14
Changes that relate to current service -14 -23 -48 -85
\u2013 changes in incurred claims and benefits previous periods 5 5
Changes that relate to past service 5 0 0 5
\u2013 finance result through profit or loss 56 2 6 64
\u2013 finance result recognised in OCI 210 16 226
Finance result on insurance contracts 266 18 6 290
\u2013 premiums received 1,053 1,053
\u2013 acquisition costs paid -3 -3
\u2013 claims, benefits and attributable expenses paid -921 -921
Cash flows 129 0 0 129
Other movements 48 48
Net closing balance 3,173 130 495 3,798
\u2013 closing balance presented as assets 0
\u2013 closing balance presented as liabilities 3,173 130 495 3,798
Net closing balance 3,173 130 495 3,798
Insurance contracts segment Insurance Europe Insurance contracts under General Model and Variable Fee Approach (2023) Insurance Europe 2023 Estimates of the present value of future cash flows Risk adjustment for non-financial risk Contractual service margin Total General Model and Variable Fee Approach \u2013 opening balance presented as assets 348 -26 -198 124 \u2013 opening balance presented as liabilities 16,171 266 1,535 17,972 Net opening balance 15,823 292 1,733 17,848 \u2013 insurance contracts initially recognised in the period -306 34 292 20 \u2013 changes in estimates that adjust the contractual service margin -177 96 81 0 \u2013 changes in estimates that do not adjust the contractual service margin 75 75 150 Changes that relate to future service -408 205 373 170 \u2013 release to profit or loss -54 -334 -388 \u2013 experience adjustments not adjusting the contractual service margin 10 10 Changes that relate to current service 10 -54 -334 -378 \u2013 changes in incurred claims and benefits previous periods 18 -1 17 Changes that relate to past service 18 -1 0 17 \u2013 finance result through profit or loss 1,339 6 31 1,376 \u2013 finance result recognised in OCI 318 -12 306 Finance result on insurance contracts 1,657 -6 31 1,682 \u2013 premiums received 3,423 3,423 \u2013 acquisition costs paid -439 -439 \u2013 claims, benefits and attributable expenses paid -3,406 -3,406 \u2013 changes in the composition of the group and other changes 95 1 96 Cash flows -327 1 0 -326 Foreign currency exchange differences 129 4 35 168 Net closing balance 16,902 441 1,838 19,181 \u2013 closing balance presented as assets 777 -69 -353 355 \u2013 closing balance presented as liabilities 17,679 372 1,485 19,536 Net closing balance 16,902 441 1,838 19,181 Insurance contracts segment Japan Life
Insurance contracts under General Model and Variable Fee Approach (2023)
Japan Life 2023
Estimates of the
present value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual
service margin
Total General
Model and
Variable Fee
Approach
\u2013 opening balance presented as assets 0
\u2013 opening balance presented as liabilities 13,932 162 1,182 15,276
Net opening balance 13,932 162 1,182 15,276
\u2013 insurance contracts initially recognised in the period -143 11 132 0
\u2013 changes in estimates that adjust the contractual service margin -75 111 -36 0
\u2013 changes in estimates that do not adjust the contractual service margin 1 1 2
Changes that relate to future service -217 123 96 2
\u2013 release to profit or loss -27 -161 -188
\u2013 experience adjustments not adjusting the contractual service margin -18 -18
Changes that relate to current service -18 -27 -161 -206
\u2013 changes in incurred claims and benefits previous periods 9 9
Changes that relate to past service 9 0 0 9
\u2013 finance result through profit or loss 135 1 4 140
\u2013 finance result recognised in OCI 54 12 66
Finance result on insurance contracts 189 13 4 206
\u2013 premiums received 2,441 2,441
\u2013 acquisition costs paid -112 -112
\u2013 claims, benefits and attributable expenses paid -2,447 -2,447
Cash flows -118 0 0 -118
Foreign currency exchange differences -1,395 -13 -113 -1,521
Net closing balance 12,382 258 1,008 13,648
\u2013 closing balance presented as assets 0
\u2013 closing balance presented as liabilities 12,382 258 1,008 13,648
Net closing balance 12,382 258 1,008 13,648
",
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"fact-672": {
"value": "32 Principal subsidiaries and geographical information The table below provides additional information on principal subsidiaries, the nature of the main activities and employees by country. Principal subsidiaries and geographical information (2023) Country/Name of principal subsidiaries Main activity Average number of employees 1 Total revenues 2 Total assets Result before tax Taxation 3 Income tax paid Nationale-Nederlanden Levensverzekering Maatschappij N.V. Life insurance Nationale-Nederlanden Bank N.V. Banking Nationale-Nederlanden Schadeverzekering Maatschappij N.V. General insurance REI Investment I B.V. Real estate NN Re (Netherlands) N.V. Reinsurance The Netherlands 9,127 15,128 165,114 1,277 295 147 NN Life Insurance Company, Ltd. Life insurance Life insurance Japan 976 914 14,683 116 30 93 NN Insurance Belgium nv Life insurance Belgium 639 688 10,402 -83 -18 1 Nationale Nederlanden Vida, Compania de Seguros y Reaseguros. S.A. Life insurance Nationale Nederlanden Generales, Compania de Seguros y Reaseguros, S.A. General insurance Spain 580 562 4,516 16 2 6 Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie S.A. Life insurance Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. Pensions Poland 1,169 770 3,461 150 33 -3 NN Biztos\u00edt\u00f3 Z\u00e1rtk\u00f6r\u00fben M\u00fbk\u00f6d\u00f5 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g. Life insurance Hungary 488 205 1,313 8 2 2 NN Hellenic Life Insurance Co. S.A. Life insurance Greece 581 601 4,289 20 3 NN \u017divotn\u00ed poji\u0161\u0165ovna N.V. (pobo\u010dka pro \u010ceskou republiku) Life insurance Czech Republic 688 250 1,299 25 1 4 NN Asigurari de Viata S.A. Life insurance Romania 512 265 1,082 40 7 4 NN \u017divotn\u00e1 poist\u2019ovna, a.s. Life insurance Slovak Republic 392 177 786 36 9 7 Turkey 195 27 42 -2 United Kingdom 51 8 Germany -22 595 -22 -5 3 France -48 831 -54 -7 5 Italy 4 268 4 1 Argentina 1 Mexico 1 1 14 7 2 Denmark -15 195 -16 -4 Total 15,349 19,507 208,941 1,532 348 270 1 The average number of employees is on a full-time equivalent basis. 2 Total revenues contains of Insurance income, Investment result and Fee and commission result. 3 Taxation is the taxation amount charged to the profit and loss account Principal subsidiaries and geographical information (2022) (Restated) Country/Name of principal subsidiaries Main activity Average number of employees 1 Total revenues 2 Total assets Result before tax Taxation 3 Income tax paid Nationale-Nederlanden Levensverzekering Maatschappij N.V. Life insurance Nationale-Nederlanden Bank N.V. Banking Nationale-Nederlanden Schadeverzekering Maatschappij N.V. General insurance REI Investment I B.V. Real estate NN Re (Netherlands) N.V. Reinsurance ABN AMRO Levensverzekeringen N.V. Life insurance The Netherlands 8,746 5,651 161,545 422 18 -19 NN Life Insurance Company, Ltd. Life insurance Japan 937 645 17,242 115 33 72 NN Insurance Belgium nv Life insurance Belgium 659 354 10,068 -78 -16 -51 Nationale Nederlanden Vida, Compania de Seguros y Reaseguros. S.A. Life insurance Nationale Nederlanden Generales, Compania de Seguros y Reaseguros, S.A. General insurance Spain 554 85 4,556 8 2 1 Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie S.A. Life insurance Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. Pensions Poland 1,125 346 2,959 98 24 58 NN Biztos\u00edt\u00f3 Z\u00e1rtk\u00f6r\u00fben M\u00fbk\u00f6d\u00f5 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g. Life insurance Hungary 446 18 1,093 14 4 3 NN Hellenic Life Insurance Co. S.A. Life insurance Greece 500 336 3,957 3 NN \u017divotn\u00ed poji\u0161\u0165ovna N.V. (pobo\u010dka pro \u010ceskou republiku) Life insurance Czech Republic 668 32 1,145 6 1 42 NN Asigurari de Viata S.A. Life insurance Romania 488 126 945 40 7 7 Slovak Republic 361 32 726 15 4 15 Turkey 197 20 38 -3 -1 Switzerland 2 United Kingdom 7 -9 606 -19 2 1 Germany 5 -2 541 -2 -3 3 France 4 21 1,116 13 31 12 Italy 3 3 266 3 -1 Uruguay 1 Ireland 1 Singapore 16 Argentina 2 1 Mexico 1 1 5 United States 7 Denmark 15 215 13 3 Total 14,729 7,674 207,024 648 108 145 1 The average number of employees is on a full-time equivalent basis. 2 Total revenues contains of Insurance income, Investment result and Fee and commission result. 3 Taxation is the taxation amount charged to the profit and loss account. Information on guarantees issued by NN Group N.V. to subsidiaries under article 403 of Book 2 of the Dutch Civil Code is filed with the Chamber of Commerce.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-673": {
"value": "33 Taxation Income tax on the result for the year comprises current and deferred tax. Income tax is generally recognised in the profit and loss account, but is recognised directly in equity if the tax relates to items that are recognised directly in equity. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date NN Group will be subject to the requirements of the International Tax Reform \u2013 Pillar Two Model Rules once these become effective. NN Group currently expects the Pillar Two minimum taxation requirements to be applicable to most of its operations, but does not expect significant impact in any of the jurisdictions in which it operates. Also no significant impact on the effective tax rate is currently expected. Taxation on result 2023 2022 (Restated) Current tax 375 -51 Deferred tax -27 159 Taxation on result 348 108 Notes to NN Group N.V., together with certain of its subsidiaries, is a part of a fiscal unity for Dutch income tax purposes. The members of the fiscal unity are jointly and severally liable for any income taxes payable by the Dutch fiscal unity. Reference is made to Note 32 \u2018Principal subsidiaries and geographical information\u2019 for more information on the taxation per country. Reconciliation of the weighted average statutory tax rate to NN Group\u2019s effective tax rate 2023 2022 (Restated) Result before tax 1,532 648 Weighted average statutory tax rate 24.7% 24.2% Weighted average statutory tax amount 378 157 Participation exemption -49 -124 Other income not subject to tax and other 22 -11 Expenses not deductible for tax purposes 8 30 Impact on deferred tax from change in tax rates -4 Deferred tax benefit for previously unrecognised amounts -2 5 Tax for non-recognised losses 2 Write-off (reversal) of deferred tax assets -6 Adjustments to prior periods -5 55 Effective tax amount 348 108 Effective tax rate 22.7% 16.6% In 2023, the effective tax rate of 22.7% was lower than the weighted average statutory tax rate of 24.7%. This was mainly a result of tax exempt investment results. In 2022, the effective tax rate for continuing operations of 16.6% was lower than the weighted average statutory tax rate of 24.2%. This was mainly a result of tax exempt investment results. This was partly offset by a tax expense following a reassessment of prior year tax liabilities. Taxation on components of other comprehensive income 2023 2022 (Restated) Finance result on (re) insurance contracts recognised in OCI 917 -8,921 Revaluations on debt securities and loans at fair value through OCI -816 7,204 Realised gains (losses) transferred to the profit and loss account -84 8 Changes in cash flow hedge reserve 15 2,063 Remeasurement of the net defined benefit asset/liability 5 -24 Income tax 37 330",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-674": {
"value": "Income tax on the result for the year comprises current and deferred tax. Income tax is generally recognised in the profit and loss account, but is recognised directly in equity if the tax relates to items that are recognised directly in equity. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date .",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-675": {
"value": "Deferred tax is provided in full, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying values in the balance sheet. Deferred tax is determined using tax rates (and laws) applicable in the jurisdictions in which NN Group is liable to taxation, that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are not discounted. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses carried forward where it is probable that future taxable profits will be available against which the temporary differences can be used. Unrecognised deferred tax assets are reassessed periodically and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by NN Group and it is probable that the difference will not reverse in the foreseeable future. The tax effects of income tax losses available for carry forward are recognised as an asset where it is probable that future taxable profits will be available against which these losses can be used. Offsetting deferred tax assets with deferred tax liabilities is allowed as long as there is a legally enforceable right to offset current tax assets against current tax liabilities together with the intention to do so and the deferred taxes relate to income taxes levied by the same taxation authority on the same entity or on the same fiscal unity. Deferred tax (2023) Net liability 2022 (Restated) Changes through equity Changes through net result Changes in the composition of the group and other changes Foreign currency exchange differences Net liability 2023 Investments -3,158 953 -3 55 1 -2,152 Investments in real estate 1,162 -151 2 1,013 Fiscal reserves 36 36 Insurance contracts 1,572 -923 150 -197 -8 594 Cash flow hedges 1,005 -15 990 Unused tax losses carried forward -131 -3 -134 Other 43 -5 -56 84 66 Deferred tax 493 10 -27 -56 -7 413 Presented in the balance sheet as Deferred tax liabilities 624 559 Deferred tax assets 131 146 Deferred tax 493 413 Deferred tax (2022) (Restated) Net liability 2021 (Restated) Changes through equity Changes through net result Changes in the composition of the group and other changes Foreign currency exchange differences Net liability 2022 (Restated) Investments 4,103 -7,219 -145 110 -7 -3,158 Investments in real estate 1,172 -10 1,162 Fiscal reserves 91 -91 0 Insurance contracts -7,866 9,004 569 -124 -11 1,572 Cash flow hedges 3,068 -2,063 1,005 Unused tax losses carried forward -88 -48 5 -131 Other 270 -54 -116 -57 43 Deferred tax 750 -332 159 -66 -18 493 Presented in the balance sheet as Deferred tax liabilities 781 624 Deferred tax assets 31 131 Deferred tax 750 493 Deferred tax on unused tax losses carried forward 2023 2022 (Restated) Total unused tax losses carried forward 757 716 Unused tax losses carried forward not recognised as a deferred tax asset -186 -196 Unused tax losses carried forward recognised as a deferred tax asset 571 520 Average tax rate 23.4% 25.1% Deferred tax asset 134 131 Total unused tax losses carried forward analysed by term of expiration No deferred tax asset recognised Deferred tax asset recognised 2023 2022 (Restated) 2023 2022 (Restated) Within 1 year 18 4 More than 1 year but less than 5 years 32 49 171 9 More than 5 years but less than 10 years 5 7 15 Unlimited 131 136 385 511 Total unused tax losses carried forward 186 196 571 520 Deferred tax assets are recognised for temporary deductible differences, for tax losses carried forward and unused tax credits only to the extent that realisation of the related tax benefit is probable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-676": {
"value": "Deferred tax is provided in full, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying values in the balance sheet. Deferred tax is determined using tax rates (and laws) applicable in the jurisdictions in which NN Group is liable to taxation, that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are not discounted. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses carried forward where it is probable that future taxable profits will be available against which the temporary differences can be used. Unrecognised deferred tax assets are reassessed periodically and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by NN Group and it is probable that the difference will not reverse in the foreseeable future. The tax effects of income tax losses available for carry forward are recognised as an asset where it is probable that future taxable profits will be available against which these losses can be used. Offsetting deferred tax assets with deferred tax liabilities is allowed as long as there is a legally enforceable right to offset current tax assets against current tax liabilities together with the intention to do so and the deferred taxes relate to income taxes levied by the same taxation authority on the same entity or on the same fiscal unity",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-677": {
"value": "34 Fair value of financial assets and liabilities The following table presents the estimated fair value of NN Group\u2019s financial assets and liabilities. Certain balance sheet items are not included in the table, as they do not meet the definition of a financial asset or liability or are (re) insurance contracts. The aggregation of the fair value presented below does not represent and should not be construed as representing, the underlying value of NN Group. Fair value of financial assets and liabilities Estimated fair value Balance sheet value 2023 2022 (Restated) 2023 2022 (Restated) Financial assets Cash and cash equivalents 8,207 6,670 8,207 6,670 Investments at fair value through other comprehensive income 110,100 115,061 110,100 115,061 Investments at cost 20,651 19,412 21,488 20,291 Investments at fair value through profit or loss 49,392 43,162 49,392 43,162 Derivatives 2,486 2,452 2,486 2,452 Financial assets 190,836 186,757 191,673 187,636 Financial liabilities Investment contracts for risk of company 1,222 1,020 1,289 1,104 Investment contracts for risk of policyholders 2,333 2,317 2,332 2,317 Investment contracts 3,555 3,337 3,621 3,421 Debt instruments issued 1,098 1,498 1,195 1,694 Subordinated debt 2,784 2,287 2,680 2,334 Other borrowed funds 9,633 10,683 9,992 11,118 Customer deposits 16,069 15,619 16,460 16,235 Derivatives 4,067 6,461 4,067 6,461 Financial liabilities 37,206 39,885 38,015 41,263 The estimated fair value represents the price at which an orderly transaction to sell the financial asset or to transfer the financial liability would take place between market participants at the balance sheet date (exit price). The fair value of financial assets and liabilities is based on unadjusted quoted market prices at the balance sheet date where available. Such quoted market prices are primarily obtained from exchange prices for listed instruments. Where an exchange price is not available, market prices may be obtained from external market vendors, brokers or market makers. In general, positions are valued taking the bid price for a long position and the offer price for a short position and financial liabilities. In some cases, positions are marked at mid-market prices. When markets are less liquid there may be a range of prices for the same security from different price sources; selecting the most appropriate price requires judgement and could result in different estimates of the fair value . For certain financial assets and liabilities quoted market prices are not available, for example for financial instruments that are not traded in an active market. An active market for the financial instrument is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Assessing whether a market is active requires judgement, considering factors specific to the financial instrument. For these financial assets and liabilities, fair value is determined using valuation techniques, based on market conditions existing at each balance sheet date. These valuation techniques range from discounting of cash flows to valuation models, where relevant pricing factors including the market price of underlying reference instruments, market parameters (volatilities, correlations and credit ratings) and customer behaviour are taken into account. Notes to the Consolidated annual accounts continued 2 Our operating environment 3 Our strategy and performance 6 Corporate governance 5 Managing our risks 4 Creating value for our stakeholders 7 Facts and figures 1 About NN 8 Annual ac 34 Fair value of financial assets and liabilities continued Valuation techniques are subjective in nature and significant judgement is involved in establishing the fair value for certain financial assets and liabilities. Valuation techniques involve various assumptions regarding pricing factors. The use of different valuation techniques and assumptions could produce significantly different estimates of the fair value. The following methods and assumptions were used by NN Group to estimate the fair value of the financial instruments: Cash and cash equivalents Cash and cash equivalents are recognised at their nominal value which approximates the fair value. Derivatives Derivative contracts can either be exchange-traded or over the counter (OTC). The fair value of exchange-traded derivatives is determined using quoted market prices in an active market and those derivatives are classified in Level 1 of the fair value hierarchy. For those instruments that are not actively traded, the fair value is estimated based on valuation techniques. OTC derivatives and derivatives trading in an inactive market are valued using valuation techniques because quoted market prices in an active market are not available for such instruments. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instruments. The principal techniques used to value these instruments are based on discounted cash flows, Black-Scholes option models and Monte Carlo simulation. These valuation models calculate the present value of expected future cash flows, based on \u2018no arbitrage\u2019 principles. These models are commonly used in the financial industry. Inputs to valuation models are determined from observable market data where possible. Certain inputs may not be observable in the market directly, but can be determined from observable prices via valuation model calibration procedures. The inputs used include prices available from exchanges, dealers, brokers or providers of pricing, yield curves, credit spreads, default rates, recovery rates, dividend rates, volatility of underlying interest rates, equity prices and foreign currency exchange rates. These inputs are determined with reference to quoted prices, recently executed trades, independent market quotes and consensus data, where available. Investments at fair value through other comprehensive income and profit or loss Equity securities The fair value of publicly traded equity securities is determined using quoted market prices when available. Where no quoted market prices are available, fair value is determined based on quoted prices for similar instruments or other valuation techniques. The fair value of private equity is based on quoted market prices, if available. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and revenue multiples and by reference to market valuations for similar entities quoted in an active market. Debt securities The fair value for debt securities is based on quoted market prices, where available. Quoted market prices may be obtained from an exchange, dealer, broker, industry group, pricing service or regulatory service. If quoted prices in an active market are not available, fair value is based on an analysis of available market inputs, which may include values obtained from one or more pricing services or by a valuation technique that discounts expected future cash flows using market interest rate curves, referenced credit spreads, maturity of the investment and estimated prepayment rates where applicable. Loans For loans and advances that are repriced frequently and have had no significant changes in credit risk, carrying values represent a reasonable estimate of fair value. The fair value of other loans is estimated by discounting expected future cash flows using a discount rate that reflects credit risk, liquidity and other current market conditions. The fair value of mortgage loans is estimated by discounting the cash flows on a loan part-by-loan part basis taking into account the characteristics of the loans by applying a market discount rate. The valuation method takes into account the type of mortgage, remaining period until interest reset date, credit quality (NHG, LTV buckets), prepayment and product-specific characteristics. Loans with similar characteristics are aggregated for calculation purposes. Subordinated debt and debt instruments issued The fair value of subordinated debt and debt instruments issued is estimated using discounted cash flows based on interest rates and credit spreads that apply to similar instruments. Other borrowed funds The fair value of other borrowed funds is generally based on quoted market prices or, if not available, on estimated prices by discounting expected future cash flows using a current market interest rate and credit spreads applicable to the yield, credit quality and maturity. Investment contracts For investment contracts for risk of the company the fair value has been estimated using a discounted cash flow approach based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. For investment contracts for risk of policyholders the fair value generally equals the fair value of the underlying assets. Customer deposits The carrying values of customer deposits with no stated maturity approximate their fair value. The fair values of deposits with stated maturities have been estimated based on discounting future cash flows using a discount rate that reflects credit risk, liquidity and other current market conditions. Financial assets and liabilities at fair value The fair value of the financial instruments carried at fair value was determined as follows: Methods applied in determining the fair value of financial assets and liabilities at fair value (2023) 2023 Level 1 Level 2 Level 3 Total Financial assets Derivatives 1 2,485 2,486 Investments at fair value through OCI 46,113 24,508 39,479 110,100 Investments at fair value through profit or loss 40,251 1,594 7,547 49,392 Financial assets 86,365 28,587 47,026 161,978 Financial liabilities Investment contracts (for contracts at fair value) 2,332 2,332 Derivatives 57 3,990 20 4,067 Financial liabilities 2,389 3,990 20 6,399 Methods applied in determining the fair value of financial assets and liabilities at fair value (2022) (Restated) 2022 (Restated) Level 1 Level 2 Level 3 Total Financial assets Derivatives 131 2,321 2,452 Investments at fair value through OCI 47,409 26,904 40,748 115,061 Investments at fair value through profit or loss 35,870 1,679 5,613 43,162 Financial assets 83,410 30,904 46,361 160,675 Investment contracts (for contracts at fair value) 2,317 2,317 Derivatives 2 6,440 19 6,461 Financial liabilities 2,319 6,440 19 8,778 NN Group has categorised its financial instruments that are either measured in the balance sheet at fair value or for which the fair value is disclosed, into a three level hierarchy based on the priority of the inputs to the valuation. The fair value hierarchy gives the highest priority to (unadjusted) quoted prices in active markets for identical assets or liabilities and the lowest priority to valuation techniques supported by unobservable inputs. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide reliable pricing information on an ongoing basis. The fair value hierarchy consists of three levels, depending on whether the fair value is determined based on (unadjusted) quoted prices in an active market (Level 1), valuation techniques with observable inputs (Level 2) or valuation techniques that incorporate inputs which are unobservable and which have a more than insignificant impact on the fair value of the instrument (Level 3). Financial assets in Level 3 include, for example, illiquid debt instruments, complex OTC and credit derivatives, certain complex loans (for which current market information about similar assets to use as observable, corroborated data for all significant inputs into a valuation model is not available), mortgage loans and consumer lending, private equity securities and investments in real estate funds. Observable inputs reflect market data obtained from independent sources. Unobservable inputs are inputs which are based on NN Group\u2019s own assumptions about the factors that market participants would use in pricing an asset or liability, developed based on the best information available in the circumstances. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates, prepayment rates and certain credit spreads. Transfers into and transfers out of levels in the fair value hierarchy are recognised on the date of the event or change of circumstances that caused the transfer. Level 1 \u2013 (Unadjusted) Quoted prices in active markets This category includes financial instruments whose fair value is determined directly by reference to published quotes in an active market that NN Group can access. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions with sufficient frequency and volume to provide reliable pricing information on an ongoing basis. Level 2 \u2013 Valuation technique supported by observable inputs This category includes financial instruments whose fair value is determined using a valuation technique (e.g. a model), where inputs in the model are taken from an active market or are observable. If certain inputs in the model are unobservable the instrument is still classified in this category, provided that the impact of those unobservable inputs elements on the overall valuation is insignificant. Included in this category are items whose value is derived from quoted prices of similar instruments, but for which the prices are modified based on other market observable external data and items whose value is derived from quoted prices but for which there was insufficient evidence of an active market. Level 3 \u2013 Valuation technique supported by unobservable inputs This category includes financial instruments whose fair value is determined using a valuation technique (e.g. a model) for which more than an insignificant part of the inputs in terms of the overall valuation are not market observable. This category also includes financial assets and liabilities whose fair value is determined by reference to price quotes but for which the market is considered inactive. An instrument is classified in its entirety as Level 3 if a significant portion of the instrument\u2019s fair value is driven by unobservable inputs. Unobservable in this context means that there is little or no current market data available from which the price at which an orderly transaction would likely occur can be derived. Changes in Level 3 financial assets (2023) 2023 Investments at fair value through other comprehensive income Investments at fair value through profit or loss Total Level 3 Financial assets \u2013 opening balance 40,748 5,613 46,361 Amounts recognised in the profit and loss account -97 42 -55 Revaluations recognised in other comprehensive income (equity) 909 909 Purchase 2,029 900 2,929 Sale -183 -728 -911 Maturity/settlement -2,634 -9 -2,643 Other transfers and reclassifications -1,286 1,286 0 Transfers out of Level 3 -3 -11 -14 Changes in the composition of the group and other changes -4 454 450 Level 3 Financial assets \u2013 closing balance 39,479 7,547 47,026 Changes in Level 3 financial assets (2022) Restated 2022 (Restated) Investments at fair value through other comprehensive income Investments at fair value through profit or loss Total Level 3 Financial assets \u2013 opening balance 48,107 4,260 52,367 Amounts recognised in the profit and loss account -199 -101 -300 Revaluations recognised in other comprehensive income (equity) -8,800 -8,800 Purchase 5,309 1,563 6,872 Sale -318 -213 -531 Maturity/settlement -3,638 -2 -3,640 Other transfers and reclassifications -19 130 111 Transfers into Level 3 319 319 Changes in the composition of the group and other changes -18 1 -17 Foreign currency exchange differences 5 -25 -20 Level 3 Financial assets \u2013 closing balance 40,748 5,613 46,361 Notes to the Consolidated annual accounts continued 2 Our operating environment 3 Our strategy and performance 6 Corporate governance 5 Managing our risks 4 Creating value for our stakeholders 7 Facts and figur Changes in Level 3 financial liabilities 2023 2022 (Restated) Level 3 Financial liabilities \u2013 opening balance 19 23 Amounts recognised in the profit and loss account 1 -4 Level 3 Financial liabilities \u2013 closing balance 20 19 Level 3 \u2013 Amounts recognised in the profit and loss account during the year (2023) 2023 Held at balance sheet date Derecognised during the period Total Financial assets Investments at fair value through other comprehensive income -109 12 -97 Investments at fair value through profit or loss 45 -3 42 Financial assets -64 9 -55 Financial liabilities Derivatives 1 1 Financial liabilities 1 0 1 Level 3 \u2013 Amounts recognised in the profit and loss account during the year (2022) (Restated) 2022 (Restated) Held at balance sheet date Derecognised during the period Total Financial assets Investments at fair value through other comprehensive income -199 -199 Investments at fair value through profit or loss -101 -101 Financial assets -300 0 -300 Financial liabilities Derivatives -4 -4 Financial liabilities -4 0 -4 Level 3 Financial assets at fair value Financial assets measured at fair value in the balance sheet as at 31 December 2023 of EUR 161,978 million (2022: EUR 160,675 million) include an amount of EUR 47,026 million (29%) that is classified as Level 3 (2022: EUR 46,361 million (29%)). Changes in Level 3 are disclosed above in the table \u2018Level 3 Financial assets\u2019. Financial assets in Level 3 include both assets for which the fair value was determined using valuation techniques that incorporate unobservable inputs and assets for which the fair value was determined using quoted prices, but for which the market was not actively trading at or around the balance sheet date. Unobservable inputs are inputs which are based on NN Group\u2019s own assumptions about the factors that market participants would use in pricing an asset, developed based on the best information available in the circumstances. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates, prepayment rates and certain credit spreads. Fair values that are determined using valuation techniques using unobservable inputs are sensitive to the inputs used. Fair values that are determined using quoted prices are not sensitive to unobservable inputs, as the valuation is based on unadjusted external price quotes. These are classified in Level 3 as a result of the illiquidity in the relevant market, but are not significantly sensitive to NN Group\u2019s own unobservable inputs. Unrealised gains and losses that relate to \u2018Level 3 Financial assets\u2019 are included in the profit and loss account as follows: \u2022 Those relating to Investments for risk of policyholders and other investments at fair value through profit or loss are included in \u2018Gains (losses) on Investments at fair value through profit or loss\u2019 \u2022 Those relating to derivatives are included in \u2018Result on derivatives and hedging\u2019 Investments at fair value through other comprehensive income The investments at fair value through other comprehensive income classified as \u2018Level 3 Financial assets\u2019 amounted EUR 39,479 million as at 31 December 2023 (2022: EUR 40,748 million) mainly consists of investments in debt instruments and shares in real estate investment funds and private equity investment funds of which the fair value is determined using (unadjusted) quoted prices in inactive markets for the instruments or quoted prices obtained from the asset managers of the funds. It is estimated that a 10% change in valuation of these investments would increase or reduce shareholders\u2019 equity by EUR 3,948 million (2022: EUR 4,075 million), being approximately 20% (before tax) (2022: 21% (before tax)), of total equity. Investments at fair value through profit or loss Investments for risk of policyholders Investments for risk of policyholders classified as \u2018Level 3 Financial assets\u2019 amounted EUR 2,284 million as at 31 December 2023 (2022: EUR 609 million). Net result is unaffected when reasonable possible alternative assumptions would have been used in measuring these investments. Level 3 Financial liabilities at fair value Derivatives The total amount of financial liabilities classified as Level 3 at 31 December 2023 of EUR 20 million (2022: EUR 19 million) relates to derivative positions. EUR 18 million (2022: EUR 19 million) relates to longevity hedges closed by NN Group. It is estimated that a 5% increase in mortality assumptions for these longevity hedges reduces result and equity before tax by EUR 4 million (2022: EUR 5 million) and a 5% decrease in mortality assumptions increases result and equity before tax by EUR 6 million (2022: EUR 7 million). Financial assets and liabilities at cost The fair value of the financial instruments carried at cost in the balance sheet (where fair value is disclosed) was determined as follows: Methods applied in determining the fair value of financial assets and liabilities at cost (2023) 2023 Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 8,207 8,207 Investments at cost 42 17 20,592 20,651 Financial assets 8,249 17 20,592 28,858 Financial liabilities Subordinated debt 2,784 2,784 Debt instruments issued 1,098 1,098 Other borrowed funds 6,648 2,985 9,633 Investment contracts for risk of company 329 893 1,222 Customer deposits 9,440 6,629 16,069 Financial liabilities 20,299 9,614 893 30,806 Methods applied in determining the fair value of financial assets and liabilities at cost (2022) (Restated) 2022 (Restated) Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 6,669 1 6,670 Investments at cost 70 51 19,291 19,412 Financial assets 6,739 51 19,292 26,082 Financial liabilities Subordinated debt 2,287 2,287 Debt instruments issued 1,498 1,498 Other borrowed funds 5,596 5,087 10,683 Investment contracts for risk of company 54 966 1,020 Customer deposits 10,309 5,310 15,619 Financial liabilities 19,744 10,397 966 31,10735 Fair value of non-financial assets The following table presents the estimated fair value of NN Group\u2019s non-financial assets that are measured at fair value in the balance sheet. Reference is made to Note 1 \u2018Accounting policies\u2019 in the sections \u2018Real estate investments\u2019 and \u2018Property and equipment\u2019 for the methods and assumptions used by NN Group to estimate the fair value of the non-financial assets. Fair value of non-financial assets Estimated fair value Balance sheet value 2023 2022 (Restated) 2023 2022 (Restated) Investments in real estate 2,620 2,754 2,620 2,754 Property in own use 92 97 92 97 Fair value of non-financial assets 2,712 2,851 2,712 2,851 The fair value of the non-financial assets were determined as follows: Methods applied in determining the fair value of non-financial assets at fair value (2023) 2023 Level 1 Level 2 Level 3 Total Investments in real estate 2,620 2,620 Property in own use 92 92 Non-financial assets 0 0 2,712 2,712 Methods applied in determining the fair value of non-financial assets at fair value (2022) (Restated) 2022 (Restated) Level 1 Level 2 Level 3 Total Investments in real estate 2,754 2,754 Property in own use 97 97 Non-financial assets 0 0 2,851 2,851 Changes in Level 3 non-financial assets (2023) 2023 Real estate investments Property in own use Level 3 non-financial assets \u2013 opening balance 2,754 97 Amounts recognised in the profit and loss account during the year -276 -9 Purchase 193 3 Revaluation recognised in equity during the year -1 Sale -50 Changes in the composition of the group and other changes -1 1 Foreign currency exchange differences 1 Level 3 non-financial assets \u2013 closing balance 2,620 92 Changes in Level 3 non-financial assets (2022) (Restated) 2022 (Restated) Real estate investments Property in own use Level 3 non-financial assets \u2013 opening balance 2,719 71 Amounts recognised in the profit and loss account during the year -8 -2 Purchase 136 1 Revaluation recognised in equity during the year 3 Sale -100 -1 Changes in the composition of the group and other changes 7 25 Level 3 non-financial assets \u2013 closing balance 2,754 97 Level 3 \u2013 Amounts recognised in the profit and loss account during the year on non-financial assets (2023) 2023 Held at balance sheet date Derecognised during the year Total Investments in real estate -275 -1 -276 Property in own use -8 -1 -9 Level 3 Amounts recognised in the profit and loss account during the year on non-financial assets -283 -2 -285 Level 3 \u2013 Amounts recognised in the profit and loss account during the year on non-financial assets (2022) (Restated) 2022 (Restated) Held at balance sheet date Derecognised during the year Total Investments in real estate -8 -8 Property in own use -2 -2 Level 3 Amounts recognised in the profit and loss account during the year on non-financial assets -8 -2 -10 Real estate investments Key assumptions Key assumptions in the valuation of real estate include the estimated current rental value per square metre, the estimated future rental value per square metre (ERV), the net initial yield and the vacancy rate. These assumptions were in the following ranges: Significant assumptions Fair value Valuation technique Current rent/m 2 ERV/m 2 Net initial yield % Vacancy % Average lease term in years The Netherlands Retail 11 DCF 122 170.8 7.70 35.10 12.50 Industrial 161 DCF 58-109 72-148 3.86-4.26 2.70 Office 138 DCF 376-391 405-435 4.40 1.27 6.40 Residential 63 DCF 231 257.6 4.40 5.00 Residential 4 Residual Value Germany Retail 175 DCF 20-30 19-28 5.63-6.19 10.70 1.80 Industrial 246 DCF 48-102 64-109 4.36-5.04 0.30 5.70 France Industrial 297 DCF 43-73 43-63 3.92-5.70 5.00 Residential 210 DCF 298-443 241-353 4.28-5.08 0.70 Spain Retail 235 DCF 204-275 198-263 6.3-8.69 6.50 3.40 Industrial 94 DCF 3-54 30-44 -1.41-9.23 19.60 3.80 Italy Retail 218 DCF 125-520 150-740 2.61-6.86 1.70 2.50 Industrial 33 DCF 57 48 5.40 5.90 Belgium Retail 112 DCF 65-317 98-390 4.5-9.6 8.10 2.80 Industrial 36 DCF 52 51 5.20 2.70 Office 12 DCF 229 194 6.00 27.60 1.80 Residential 24 DCF 193 189 4.30 25.20 Denmark Industrial 73 DCF 176-81 142-175 5.16-5.59 2.10 Residential 110 DCF 293 329 4.40 Poland Retail 86 Income approach 176 160 4.40 3.10 Real estate under construction and other The Netherlands, Ground positions 2 Residual approach The Netherlands, IPUC 229 Residual approach Total real estate 2,569 Sensitivities Significant increases (decreases) in the estimated rental value and rent growth in isolation would result in a significantly higher (lower) fair value of the real estate investments. Significant increases (decreases) in the long-term vacancy rate and discount rate in isolation would result in a significantly lower (higher) fair value of the real estate investments. During 2023 and 2022, the number of transactions in relevant real estate markets has decreased, resulting in larger uncertainties around the inputs to the valuations and, therefore, increased uncertainty in the fair value of real estate investments.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "The following table presents the estimated fair value of NN Group\u2019s financial assets and liabilities. Certain balance sheet items are not included in the table, as they do not meet the definition of a financial asset or liability or are (re) insurance contracts. The aggregation of the fair value presented below does not represent and should not be construed as representing, the underlying value of NN Group. Fair value of financial assets and liabilities Estimated fair value Balance sheet value 2023 2022 (Restated) 2023 2022 (Restated) Financial assets Cash and cash equivalents 8,207 6,670 8,207 6,670 Investments at fair value through other comprehensive income 110,100 115,061 110,100 115,061 Investments at cost 20,651 19,412 21,488 20,291 Investments at fair value through profit or loss 49,392 43,162 49,392 43,162 Derivatives 2,486 2,452 2,486 2,452 Financial assets 190,836 186,757 191,673 187,636 Financial liabilities Investment contracts for risk of company 1,222 1,020 1,289 1,104 Investment contracts for risk of policyholders 2,333 2,317 2,332 2,317 Investment contracts 3,555 3,337 3,621 3,421 Debt instruments issued 1,098 1,498 1,195 1,694 Subordinated debt 2,784 2,287 2,680 2,334 Other borrowed funds 9,633 10,683 9,992 11,118 Customer deposits 16,069 15,619 16,460 16,235 Derivatives 4,067 6,461 4,067 6,461 Financial liabilities 37,206 39,885 38,015 41,263 The estimated fair value represents the price at which an orderly transaction to sell the financial asset or to transfer the financial liability would take place between market participants at the balance sheet date (exit price). The fair value of financial assets and liabilities is based on unadjusted quoted market prices at the balance sheet date where available. Such quoted market prices are primarily obtained from exchange prices for listed instruments. Where an exchange price is not available, market prices may be obtained from external market vendors, brokers or market makers. In general, positions are valued taking the bid price for a long position and the offer price for a short position and financial liabilities. In some cases, positions are marked at mid-market prices. When markets are less liquid there may be a range of prices for the same security from different price sources; selecting the most appropriate price requires judgement and could result in different estimates of the fair value . For certain financial assets and liabilities quoted market prices are not available, for example for financial instruments that are not traded in an active market. An active market for the financial instrument is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Assessing whether a market is active requires judgement, considering factors specific to the financial instrument. For these financial assets and liabilities, fair value is determined using valuation techniques, based on market conditions existing at each balance sheet date. These valuation techniques range from discounting of cash flows to valuation models, where relevant pricing factors including the market price of underlying reference instruments, market parameters (volatilities, correlations and credit ratings) and customer behaviour are taken into account. 34 Fair value of financial assets and liabilities continued Valuation techniques are subjective in nature and significant judgement is involved in establishing the fair value for certain financial assets and liabilities. Valuation techniques involve various assumptions regarding pricing factors. The use of different valuation techniques and assumptions could produce significantly different estimates of the fair value. The following methods and assumptions were used by NN Group to estimate the fair value of the financial instruments: Cash and cash equivalents Cash and cash equivalents are recognised at their nominal value which approximates the fair value. Derivatives Derivative contracts can either be exchange-traded or over the counter (OTC). The fair value of exchange-traded derivatives is determined using quoted market prices in an active market and those derivatives are classified in Level 1 of the fair value hierarchy. For those instruments that are not actively traded, the fair value is estimated based on valuation techniques. OTC derivatives and derivatives trading in an inactive market are valued using valuation techniques because quoted market prices in an active market are not available for such instruments. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instruments. The principal techniques used to value these instruments are based on discounted cash flows, Black-Scholes option models and Monte Carlo simulation. These valuation models calculate the present value of expected future cash flows, based on \u2018no arbitrage\u2019 principles. These models are commonly used in the financial industry. Inputs to valuation models are determined from observable market data where possible. Certain inputs may not be observable in the market directly, but can be determined from observable prices via valuation model calibration procedures. The inputs used include prices available from exchanges, dealers, brokers or providers of pricing, yield curves, credit spreads, default rates, recovery rates, dividend rates, volatility of underlying interest rates, equity prices and foreign currency exchange rates. These inputs are determined with reference to quoted prices, recently executed trades, independent market quotes and consensus data, where available. Investments at fair value through other comprehensive income and profit or loss Equity securities The fair value of publicly traded equity securities is determined using quoted market prices when available. Where no quoted market prices are available, fair value is determined based on quoted prices for similar instruments or other valuation techniques. The fair value of private equity is based on quoted market prices, if available. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and revenue multiples and by reference to market valuations for similar entities quoted in an active market. Debt securities The fair value for debt securities is based on quoted market prices, where available. Quoted market prices may be obtained from an exchange, dealer, broker, industry group, pricing service or regulatory service. If quoted prices in an active market are not available, fair value is based on an analysis of available market inputs, which may include values obtained from one or more pricing services or by a valuation technique that discounts expected future cash flows using market interest rate curves, referenced credit spreads, maturity of the investment and estimated prepayment rates where applicable. Loans For loans and advances that are repriced frequently and have had no significant changes in credit risk, carrying values represent a reasonable estimate of fair value. The fair value of other loans is estimated by discounting expected future cash flows using a discount rate that reflects credit risk, liquidity and other current market conditions. The fair value of mortgage loans is estimated by discounting the cash flows on a loan part-by-loan part basis taking into account the characteristics of the loans by applying a market discount rate. The valuation method takes into account the type of mortgage, remaining period until interest reset date, credit quality (NHG, LTV buckets), prepayment and product-specific characteristics. Loans with similar characteristics are aggregated for calculation purposes. Subordinated debt and debt instruments issued The fair value of subordinated debt and debt instruments issued is estimated using discounted cash flows based on interest rates and credit spreads that apply to similar instruments. Other borrowed funds The fair value of other borrowed funds is generally based on quoted market prices or, if not available, on estimated prices by discounting expected future cash flows using a current market interest rate and credit spreads applicable to the yield, credit quality and maturity. Investment contracts For investment contracts for risk of the company the fair value has been estimated using a discounted cash flow approach based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. For investment contracts for risk of policyholders the fair value generally equals the fair value of the underlying assets. Customer deposits The carrying values of customer deposits with no stated maturity approximate their fair value. The fair values of deposits with stated maturities have been estimated based on discounting future cash flows using a discount rate that reflects credit risk, liquidity and other current market conditions. Financial assets and liabilities at fair value The fair value of the financial instruments carried at fair value was determined as follows: Methods applied in determining the fair value of financial assets and liabilities at fair value (2023) 2023 Level 1 Level 2 Level 3 Total Financial assets Derivatives 1 2,485 2,486 Investments at fair value through OCI 46,113 24,508 39,479 110,100 Investments at fair value through profit or loss 40,251 1,594 7,547 49,392 Financial assets 86,365 28,587 47,026 161,978 Financial liabilities Investment contracts (for contracts at fair value) 2,332 2,332 Derivatives 57 3,990 20 4,067 Financial liabilities 2,389 3,990 20 6,399 Methods applied in determining the fair value of financial assets and liabilities at fair value (2022) (Restated) 2022 (Restated) Level 1 Level 2 Level 3 Total Financial assets Derivatives 131 2,321 2,452 Investments at fair value through OCI 47,409 26,904 40,748 115,061 Investments at fair value through profit or loss 35,870 1,679 5,613 43,162 Financial assets 83,410 30,904 46,361 160,675 Investment contracts (for contracts at fair value) 2,317 2,317 Derivatives 2 6,440 19 6,461 Financial liabilities 2,319 6,440 19 8,778 NN Group has categorised its financial instruments that are either measured in the balance sheet at fair value or for which the fair value is disclosed, into a three level hierarchy based on the priority of the inputs to the valuation. The fair value hierarchy gives the highest priority to (unadjusted) quoted prices in active markets for identical assets or liabilities and the lowest priority to valuation techniques supported by unobservable inputs. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide reliable pricing information on an ongoing basis. The fair value hierarchy consists of three levels, depending on whether the fair value is determined based on (unadjusted) quoted prices in an active market (Level 1), valuation techniques with observable inputs (Level 2) or valuation techniques that incorporate inputs which are unobservable and which have a more than insignificant impact on the fair value of the instrument (Level 3). Financial assets in Level 3 include, for example, illiquid debt instruments, complex OTC and credit derivatives, certain complex loans (for which current market information about similar assets to use as observable, corroborated data for all significant inputs into a valuation model is not available), mortgage loans and consumer lending, private equity securities and investments in real estate funds. Observable inputs reflect market data obtained from independent sources. Unobservable inputs are inputs which are based on NN Group\u2019s own assumptions about the factors that market participants would use in pricing an asset or liability, developed based on the best information available in the circumstances. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates, prepayment rates and certain credit spreads. Transfers into and transfers out of levels in the fair value hierarchy are recognised on the date of the event or change of circumstances that caused the transfer. Level 1 \u2013 (Unadjusted) Quoted prices in active markets This category includes financial instruments whose fair value is determined directly by reference to published quotes in an active market that NN Group can access. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions with sufficient frequency and volume to provide reliable pricing information on an ongoing basis. Level 2 \u2013 Valuation technique supported by observable inputs This category includes financial instruments whose fair value is determined using a valuation technique (e.g. a model), where inputs in the model are taken from an active market or are observable. If certain inputs in the model are unobservable the instrument is still classified in this category, provided that the impact of those unobservable inputs elements on the overall valuation is insignificant. Included in this category are items whose value is derived from quoted prices of similar instruments, but for which the prices are modified based on other market observable external data and items whose value is derived from quoted prices but for which there was insufficient evidence of an active market. Level 3 \u2013 Valuation technique supported by unobservable inputs This category includes financial instruments whose fair value is determined using a valuation technique (e.g. a model) for which more than an insignificant part of the inputs in terms of the overall valuation are not market observable. This category also includes financial assets and liabilities whose fair value is determined by reference to price quotes but for which the market is considered inactive. An instrument is classified in its entirety as Level 3 if a significant portion of the instrument\u2019s fair value is driven by unobservable inputs. Unobservable in this context means that there is little or no current market data available from which the price at which an orderly transaction would likely occur can be derived. Changes in Level 3 financial assets (2023) 2023 Investments at fair value through other comprehensive income Investments at fair value through profit or loss Total Level 3 Financial assets \u2013 opening balance 40,748 5,613 46,361 Amounts recognised in the profit and loss account -97 42 -55 Revaluations recognised in other comprehensive income (equity) 909 909 Purchase 2,029 900 2,929 Sale -183 -728 -911 Maturity/settlement -2,634 -9 -2,643 Other transfers and reclassifications -1,286 1,286 0 Transfers out of Level 3 -3 -11 -14 Changes in the composition of the group and other changes -4 454 450 Level 3 Financial assets \u2013 closing balance 39,479 7,547 47,026 Changes in Level 3 financial assets (2022) Restated 2022 (Restated) Investments at fair value through other comprehensive income Investments at fair value through profit or loss Total Level 3 Financial assets \u2013 opening balance 48,107 4,260 52,367 Amounts recognised in the profit and loss account -199 -101 -300 Revaluations recognised in other comprehensive income (equity) -8,800 -8,800 Purchase 5,309 1,563 6,872 Sale -318 -213 -531 Maturity/settlement -3,638 -2 -3,640 Other transfers and reclassifications -19 130 111 Transfers into Level 3 319 319 Changes in the composition of the group and other changes -18 1 -17 Foreign currency exchange differences 5 -25 -20 Level 3 Financial assets \u2013 closing balance 40,748 5,613 46,361 Notes to the Consolidated annual accounts continued 2 Our operating environment 3 Our strategy and performance 6 Corporate governance 5 Managing our risks 4 Creating value for our stakeholders 7 Facts and figur es Changes in Level 3 financial liabilities 2023 2022 (Restated) Level 3 Financial liabilities \u2013 opening balance 19 23 Amounts recognised in the profit and loss account 1 -4 Level 3 Financial liabilities \u2013 closing balance 20 19 Level 3 \u2013 Amounts recognised in the profit and loss account during the year (2023) 2023 Held at balance sheet date Derecognised during the period Total Financial assets Investments at fair value through other comprehensive income -109 12 -97 Investments at fair value through profit or loss 45 -3 42 Financial assets -64 9 -55 Financial liabilities Derivatives 1 1 Financial liabilities 1 0 1 Level 3 \u2013 Amounts recognised in the profit and loss account during the year (2022) (Restated) 2022 (Restated) Held at balance sheet date Derecognised during the period Total Financial assets Investments at fair value through other comprehensive income -199 -199 Investments at fair value through profit or loss -101 -101 Financial assets -300 0 -300 Financial liabilities Derivatives -4 -4 Financial liabilities -4 0 -4 Level 3 Financial assets at fair value Financial assets measured at fair value in the balance sheet as at 31 December 2023 of EUR 161,978 million (2022: EUR 160,675 million) include an amount of EUR 47,026 million (29%) that is classified as Level 3 (2022: EUR 46,361 million (29%)). Changes in Level 3 are disclosed above in the table \u2018Level 3 Financial assets\u2019. Financial assets in Level 3 include both assets for which the fair value was determined using valuation techniques that incorporate unobservable inputs and assets for which the fair value was determined using quoted prices, but for which the market was not actively trading at or around the balance sheet date. Unobservable inputs are inputs which are based on NN Group\u2019s own assumptions about the factors that market participants would use in pricing an asset, developed based on the best information available in the circumstances. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates, prepayment rates and certain credit spreads. Fair values that are determined using valuation techniques using unobservable inputs are sensitive to the inputs used. Fair values that are determined using quoted prices are not sensitive to unobservable inputs, as the valuation is based on unadjusted external price quotes. These are classified in Level 3 as a result of the illiquidity in the relevant market, but are not significantly sensitive to NN Group\u2019s own unobservable inputs. Unrealised gains and losses that relate to \u2018Level 3 Financial assets\u2019 are included in the profit and loss account as follows: \u2022 Those relating to Investments for risk of policyholders and other investments at fair value through profit or loss are included in \u2018Gains (losses) on Investments at fair value through profit or loss\u2019 \u2022 Those relating to derivatives are included in \u2018Result on derivatives and hedging\u2019 Investments at fair value through other comprehensive income The investments at fair value through other comprehensive income classified as \u2018Level 3 Financial assets\u2019 amounted EUR 39,479 million as at 31 December 2023 (2022: EUR 40,748 million) mainly consists of investments in debt instruments and shares in real estate investment funds and private equity investment funds of which the fair value is determined using (unadjusted) quoted prices in inactive markets for the instruments or quoted prices obtained from the asset managers of the funds. It is estimated that a 10% change in valuation of these investments would increase or reduce shareholders\u2019 equity by EUR 3,948 million (2022: EUR 4,075 million), being approximately 20% (before tax) (2022: 21% (before tax)), of total equity. Investments at fair value through profit or loss Investments for risk of policyholders Investments for risk of policyholders classified as \u2018Level 3 Financial assets\u2019 amounted EUR 2,284 million as at 31 December 2023 (2022: EUR 609 million). Net result is unaffected when reasonable possible alternative assumptions would have been used in measuring these investments. Level 3 Financial liabilities at fair value Derivatives The total amount of financial liabilities classified as Level 3 at 31 December 2023 of EUR 20 million (2022: EUR 19 million) relates to derivative positions. EUR 18 million (2022: EUR 19 million) relates to longevity hedges closed by NN Group. It is estimated that a 5% increase in mortality assumptions for these longevity hedges reduces result and equity before tax by EUR 4 million (2022: EUR 5 million) and a 5% decrease in mortality assumptions increases result and equity before tax by EUR 6 million (2022: EUR 7 million). Financial assets and liabilities at cost The fair value of the financial instruments carried at cost in the balance sheet (where fair value is disclosed) was determined as follows: Methods applied in determining the fair value of financial assets and liabilities at cost (2023) 2023 Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 8,207 8,207 Investments at cost 42 17 20,592 20,651 Financial assets 8,249 17 20,592 28,858 Financial liabilities Subordinated debt 2,784 2,784 Debt instruments issued 1,098 1,098 Other borrowed funds 6,648 2,985 9,633 Investment contracts for risk of company 329 893 1,222 Customer deposits 9,440 6,629 16,069 Financial liabilities 20,299 9,614 893 30,806 Methods applied in determining the fair value of financial assets and liabilities at cost (2022) (Restated) 2022 (Restated) Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 6,669 1 6,670 Investments at cost 70 51 19,291 19,412 Financial assets 6,739 51 19,292 26,082 Financial liabilities Subordinated debt 2,287 2,287 Debt instruments issued 1,498 1,498 Other borrowed funds 5,596 5,087 10,683 Investment contracts for risk of company 54 966 1,020 Customer deposits 10,309 5,310 15,619 Financial liabilities 19,744 10,397 966 31,107",
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"value": "The fair value of financial assets and liabilities is based on unadjusted quoted market prices at the balance sheet date where available. Such quoted market prices are primarily obtained from exchange prices for listed instruments. Where an exchange price is not available, market prices may be obtained from external market vendors, brokers or market makers. In general, positions are valued taking the bid price for a long position and the offer price for a short position and financial liabilities. In some cases, positions are marked at mid-market prices. When markets are less liquid there may be a range of prices for the same security from different price sources; selecting the most appropriate price requires judgement and could result in different estimates of the fair value For certain financial assets and liabilities quoted market prices are not available, for example for financial instruments that are not traded in an active market. An active market for the financial instrument is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Assessing whether a market is active requires judgement, considering factors specific to the financial instrument. For these financial assets and liabilities, fair value is determined using valuation techniques, based on market conditions existing at each balance sheet date. These valuation techniques range from discounting of cash flows to valuation models, where relevant pricing factors including the market price of underlying reference instruments, market parameters (volatilities, correlations and credit ratings) and customer behaviour are taken into account. Valuation techniques are subjective in nature and significant judgement is involved in establishing the fair value for certain financial assets and liabilities. Valuation techniques involve various assumptions regarding pricing factors. The use of different valuation techniques and assumptions could produce significantly different estimates of the fair value. The following methods and assumptions were used by NN Group to estimate the fair value of the financial instruments: Cash and cash equivalents Cash and cash equivalents are recognised at their nominal value which approximates the fair value. Derivatives Derivative contracts can either be exchange-traded or over the counter (OTC). The fair value of exchange-traded derivatives is determined using quoted market prices in an active market and those derivatives are classified in Level 1 of the fair value hierarchy. For those instruments that are not actively traded, the fair value is estimated based on valuation techniques. OTC derivatives and derivatives trading in an inactive market are valued using valuation techniques because quoted market prices in an active market are not available for such instruments. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instruments. The principal techniques used to value these instruments are based on discounted cash flows, Black-Scholes option models and Monte Carlo simulation. These valuation models calculate the present value of expected future cash flows, based on \u2018no arbitrage\u2019 principles. These models are commonly used in the financial industry. Inputs to valuation models are determined from observable market data where possible. Certain inputs may not be observable in the market directly, but can be determined from observable prices via valuation model calibration procedures. The inputs used include prices available from exchanges, dealers, brokers or providers of pricing, yield curves, credit spreads, default rates, recovery rates, dividend rates, volatility of underlying interest rates, equity prices and foreign currency exchange rates. These inputs are determined with reference to quoted prices, recently executed trades, independent market quotes and consensus data, where available. Investments at fair value through other comprehensive income and profit or loss Equity securities The fair value of publicly traded equity securities is determined using quoted market prices when available. Where no quoted market prices are available, fair value is determined based on quoted prices for similar instruments or other valuation techniques. The fair value of private equity is based on quoted market prices, if available. In the absence of quoted prices in an active market, fair value is estimated on the basis of an analysis of the investee\u2019s financial position and results, risk profile, prospects, price, earnings comparisons and revenue multiples and by reference to market valuations for similar entities quoted in an active market. Debt securities The fair value for debt securities is based on quoted market prices, where available. Quoted market prices may be obtained from an exchange, dealer, broker, industry group, pricing service or regulatory service. If quoted prices in an active market are not available, fair value is based on an analysis of available market inputs, which may include values obtained from one or more pricing services or by a valuation technique that discounts expected future cash flows using market interest rate curves, referenced credit spreads, maturity of the investment and estimated prepayment rates where applicable. Loans For loans and advances that are repriced frequently and have had no significant changes in credit risk, carrying values represent a reasonable estimate of fair value. The fair value of other loans is estimated by discounting expected future cash flows using a discount rate that reflects credit risk, liquidity and other current market conditions. The fair value of mortgage loans is estimated by discounting the cash flows on a loan part-by-loan part basis taking into account the characteristics of the loans by applying a market discount rate. The valuation method takes into account the type of mortgage, remaining period until interest reset date, credit quality (NHG, LTV buckets), prepayment and product-specific characteristics. Loans with similar characteristics are aggregated for calculation purposes. Subordinated debt and debt instruments issued The fair value of subordinated debt and debt instruments issued is estimated using discounted cash flows based on interest rates and credit spreads that apply to similar instruments. Other borrowed funds The fair value of other borrowed funds is generally based on quoted market prices or, if not available, on estimated prices by discounting expected future cash flows using a current market interest rate and credit spreads applicable to the yield, credit quality and maturity. Investment contracts For investment contracts for risk of the company the fair value has been estimated using a discounted cash flow approach based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. For investment contracts for risk of policyholders the fair value generally equals the fair value of the underlying assets. Customer deposits The carrying values of customer deposits with no stated maturity approximate their fair value. The fair values of deposits with stated maturities have been estimated based on discounting future cash flows using a discount rate that reflects credit risk, liquidity and other current market conditions. ",
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"value": "36 Hedge accounting Use of derivatives and hedge accounting NN Group uses derivatives for effective portfolio management and the management of its asset and liability portfolios. The objective of economic hedging is to enter into positions with an opposite risk profile to an identified exposure to reduce that exposure. The accounting treatment of hedge transactions varies according to the nature of the instrument hedged and whether the hedge qualifies under the IFRS-EU hedge accounting rules. Derivatives that qualify for hedge accounting under IFRS-EU are classified and reported in accordance with the nature of the hedged item hedged and the type of IFRS-EU hedge model that is applicable. The three models applicable under IFRS-EU are: cash flow hedge accounting, fair value hedge accounting and net investment hedge accounting. To qualify for hedge accounting under IFRS-EU, strict criteria must be met. Certain hedges that are economically effective from a risk management perspective do not qualify for hedge accounting under IFRS-EU. The fair value changes of derivatives relating to such non-qualifying hedges are taken to the profit and loss account. However, in certain cases, NN Group mitigates the profit or loss volatility by designating hedged assets and liabilities at fair value through profit or loss. If hedge accounting is applied under IFRS-EU, it is possible that during the hedge a hedge relationship no longer qualifies for hedge accounting and hedge accounting cannot be continued, even if the hedge remains economically effective. As a result, the volatility arising from undertaking economic hedging in the profit and loss account may be higher than would be expected from an economic point of view. At the inception of the hedge transaction NN Group documents the relationship between hedging instruments and hedged items, its risk management objectives, together with the methods selected to assess hedge effectiveness. In addition, NN Group documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flows of the hedged items. With respect to exchange rate and interest rate derivative contracts, the notional or contractual amount of these instruments is indicative of the nominal value of transactions outstanding at the balance sheet date; however they do not represent amounts at risk. In 2017, NN Group entered into a longevity hedge, based on a general index of Dutch mortality. The maximum pay-out of the hedge amounts to EUR 100 million, payable after twenty years. The hedge is financed by annual premium payments to the counterparty. The longevity hedge is accounted for as derivative. The hedge reduces the impact of longevity trend scenarios implying more improvement in life expectancy. The regulator gave approval to include the effects of this specific hedge on the SCR. The purpose of the hedge is to reduce the longevity risk. Cash flow hedge accounting NN Group\u2019s hedge accounting consists mainly of cash flow hedge accounting. NN Group\u2019s cash flow hedges principally consist of (forward) interest rate swaps and cross-currency interest rate swaps that are used to protect against its exposure to variability in future interest cash flows on assets and liabilities that bear interest at variable rates or are expected to be refunded or reinvested in the future. The amounts and timing of future cash flows, representing both principal and interest flows, are projected for each portfolio of financial assets and liabilities, based on contractual terms and other relevant factors including estimates of prepayments and defaults. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (equity) in \u2018Cash flow hedge reserve\u2019. Interest income and expenses on these derivatives are recognised in the profit and loss account consistent with the manner in which the forecast cash flows affect Net result. The gain or loss relating to the ineffective portion is recognised immediately in the profit and loss account. Amounts accumulated in equity are recycled to the profit and loss account in the periods in which the hedged item affects Net result. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the profit and loss account. When a forecast transaction is no longer expected to occur, the cumulative gain or loss previously reported in equity is transferred immediately to the profit and loss account . For the year ended 31 December 2023, NN Group recognised EUR -53 million (2022: EUR -5,942 million) in equity as effective fair value changes on derivatives under cash flow hedge accounting. The balance of the cash flow hedge reserve in equity as at 31 December 2023 is EUR 3,833 million (2022: EUR 3,901 million) gross and EUR 2,842 million (2022: EUR 2,895 million) after deferred tax. This cash flow hedge reserve will fluctuate with the fair value of the underlying derivatives and will be reflected in the profit and loss account under Interest income/expenses over the remaining term of the underlying hedged items. The cash flow hedge reserve relates to a large number of derivatives and hedged items with varying maturities up to 47 years with the largest concentrations in the range 1 year to 9 years. Accounting ineffectiveness on derivatives designated under cash flow hedge accounting resulted in EUR 3 million gain (2022: EUR 75 million loss) which was recognised in the profit and loss account. As at 31 December 2023, the fair value of outstanding derivatives designated under cash flow hedge accounting was EUR 1,470 million (2022: EUR -2,986 million), presented in the balance sheet as EUR 536 million (2022: EUR 256 million) positive fair value under assets and EUR 2,006 million (2022: EUR 3,242 million) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 20,301 million. As at 31 December 2023 and 2022, there were no non-derivatives designated as hedging instruments for cash flow hedge accounting purposes. Included in \u2018Interest income and Interest expenses on non-trading derivatives\u2019 is EUR 117 million (2022: EUR 137 million) and EUR 163 million (2022: EUR 127 million), respectively, relating to derivatives used in cash flow hedges. Fair value hedge accounting NN Group\u2019s fair value hedges principally consist of interest rate swaps and cross-currency interest rate swaps that are used to protect against changes in the fair value of fixed-rate instruments due to movements in market interest rates. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the profit and loss account, together with the effective portion of the fair value adjustments to the hedged item attributable to the hedged risk. As a result, only the net accounting ineffectiveness has an impact on the net result. If the hedge relationship no longer meets the criteria for hedge accounting, the cumulative adjustment of the hedged item is, in the case of interest-bearing instruments, amortised through the profit and loss account over the remaining term of the original hedge or recognised directly when the hedged item is derecognised. For non-interest-bearing instruments, the cumulative adjustment of the hedged item is recognised in the profit and loss account only when the hedged item is derecognised. For the year ended 31 December 2023, NN Group recognised EUR -381 million (2022: EUR 1,701 million) of fair value changes on derivatives designated under fair value hedge accounting in the profit and loss account. This amount was offset by EUR 342 million (2022: EUR -1,692 million) fair value changes recognised on hedged items. This resulted in EUR 39 million loss (2022: EUR 9 million loss) net accounting ineffectiveness recognised in the profit and loss account. As at 31 December 2023, the fair value of outstanding derivatives designated under fair value hedge accounting was EUR -39 million (2022: EUR 62 million), presented in the balance sheet as nil (2022: EUR 62 million) positive fair value under assets and EUR 39 million (2022: nil) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 6,241 million. NN Group applies fair value hedge accounting for portfolio hedges of interest rate risk (macro hedging) under the EU \u2018carve out\u2019 of IFRS-EU. The EU \u2018carve-out\u2019 for macro hedging enables a group of derivatives (or proportions) to be viewed in combination and jointly designated as the hedging instrument and removes some of the limitations in fair value hedge accounting relating to hedging core deposits and underhedging strategies. Under the IFRS-EU \u2018carve-out\u2019, hedge accounting may be applied to core deposits and ineffectiveness only arises when the revised estimate of the amount of cash flows in scheduled time buckets falls below the designated amount of that bucket. NN Group applies the IFRS-EU \u2018carve-out\u2019 to hedge the interest rate risk of mortgage loans. The hedging activities are designated under a portfolio fair value hedge on the mortgages, under IFRS-EU. Net investment hedge accounting Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income (equity) and the gain or loss relating to the ineffective portion is recognised immediately in the profit and loss account. Gains and losses in equity are included in the profit and loss account when the foreign operation is disposed.",
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"value": "38 Liabilities by maturity The tables below include all liabilities by maturity based on contractual, undiscounted cash flows. Furthermore, the undiscounted future coupon interest on financial liabilities payable is included in a separate line and in the relevant maturity bucket. Derivative liabilities are included on a net basis if cash flows are settled net. For other derivative liabilities the contractual gross cash flow payable is included. Reference is made to the Liquidity Risk paragraph in Note 50 \u2018Risk management\u2019 for a description on how liquidity risk is managed. Liabilities by maturity (2023) 2023 Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Adjustment 1 Total Insurance contracts 793 2,209 8,230 41,681 152,526 -60,375 145,064 Investment contracts 1 28 42 259 629 2,662 3,621 Reinsurance contracts 1 6 5 3 153 -24 144 Debt instruments issued 600 600 -5 1,195 Subordinated debt 2 335 850 1,500 -5 2,680 Other borrowed funds 810 1,388 1,674 3,549 2,571 9,992 Customer deposits 9,487 205 1,251 2,508 3,009 16,460 Derivatives 58 171 314 1,844 9,685 -8,005 4,067 Deferred tax liabilities -19 92 15 -2 -593 1,066 559 Other liabilities 2,209 637 330 633 148 83 4,040 Total liabilities 13,340 4,736 12,196 51,925 170,228 3,811 -68,414 187,822 Coupon interest due on financial liabilities 29 44 225 946 2,553 3,797 1 This column reconciles the contractual undiscounted cash flow on financial liabilities to the balance sheet values. The adjustments mainly relate to valuation differences, the impact of discounting and, for derivatives, to the fact that the contractual cash flows are presented on a gross basis (unless the cash flows are actually settled net). 2 Subordinated debt maturities are presented based on the first call date. For the legal date of maturity reference is made to Note 17 \u2018Subordinated debt\u2019. Liabilities by maturity (2022) (Restated) 2022 (Restated) Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Adjustment 1 Total Insurance contracts 1,073 1,917 7,078 40,285 155,201 -64,755 140,799 Investment contracts 82 309 658 2,372 3,421 Reinsurance contracts 2 4 17 51 156 -7 223 Debt instruments issued 500 597 597 1,694 Subordinated debt 2 997 1,337 2,334 Other borrowed funds 1,262 1,807 2,688 2,002 3,359 11,118 Customer deposits 10,427 151 584 2,215 2,857 1 16,235 Derivatives 5 65 133 1,065 6,568 -19 -1,356 6,461 Deferred tax liabilities 45 -23 -59 -89 -262 1,012 624 Other liabilities 1,833 569 33 218 328 33 3,014 Total liabilities 15,147 4,490 10,556 47,650 170,799 3,398 -66,117 185,923 Coupon interest due on financial liabilities 21 34 152 762 2,242 3,211 1 This column reconciles the contractual undiscounted cash flow on financial liabilities to the balance sheet values. The adjustments mainly relate to the impact of discounting and, for derivatives, to the fact that the contractual cash flows are presented on a gross basis (unless the cash flows are actually settled net). 2 Subordinated debt maturities are presented based on the first call date. For the legal date of maturity reference is made to Note 17 \u2018Subordinated debt\u2019. Expected maturity of insurance contracts The table below provides the expected maturity of the cash flows, risk adjustment and contractual service margin remaining at the end of the reporting period. The maturity is based on contractual, undiscounted cash flows. Expected maturity of insurance contracts (2023) 2023 Estimates of the present value of future cash flows Risk adjustment Contractual service margin Total General Model and Variable Fee Approach Total Premium Allocation Approach Total Insurance assets Total Insurance liabilities Less than 1 month 486 13 80 579 223 -9 793 1-3 months 1,830 27 116 1,973 225 11 2,209 3-12 months 6,926 123 502 7,551 630 49 8,230 1-2 years 10,015 156 586 10,757 429 61 11,247 2-3 years 10,043 148 528 10,719 308 53 11,080 3-4 years 9,138 138 479 9,755 223 47 10,025 4-5 years 8,551 131 436 9,118 170 41 9,329 5-9 years 29,531 449 1,373 31,353 337 126 31,816 Over 9 years 116,465 1,014 2,872 120,351 227 132 120,710 Adjustments 1 -59,604 -400 -60,004 -215 -156 -60,375 Total 133,381 1,799 6,972 142,152 2,557 355 145,064 1 The adjustments reconciles the contractual undiscounted cash flow on insurance contracts to the balance sheet values. The adjustments mainly relate to the impact of discounting. Expected maturity of insurance contracts (2022) (Restated) 2022 (Restated) Estimates of the present value of future cash flows Risk adjustment Contractual service margin Total General Model and Variable Fee Approach Total Premium Allocation Approach Total Insurance assets Total Insurance liabilities Less than 1 month 730 14 66 810 252 11 1,073 1-3 months 1,528 23 124 1,675 237 5 1,917 3-12 months 5,676 101 528 6,305 755 18 7,078 1-2 years 8,244 129 607 8,980 453 26 9,459 2-3 years 10,323 121 529 10,973 320 25 11,318 3-4 years 9,884 115 475 10,474 230 24 10,728 4-5 years 8,044 109 427 8,580 178 22 8,780 5-9 years 30,111 377 1,327 31,815 329 69 32,213 Over 9 years 119,078 962 2,767 122,807 176 5 122,988 Adjustments 1 -64,111 -322 -64,433 -241 -81 -64,755 Total 129,507 1,629 6,850 137,986 2,689 124 140,799 1 The adjustments reconciles the contractual undiscounted cash flow on insurance contracts to the balance sheet values. The adjustments mainly relate to the impact of discounting. Amounts payable on demand were EUR 58,763 million as at 31 December 2023 (EUR 62,331 million as at 31 December 2022). 7. Liquidity risk Liquidity risk is the risk that one of NN Group\u2019s entities does not have sufficient liquid assets to meet its financial obligations when they become due and payable, at reasonable cost and in a timely manner. Liquidity in this context is the availability of funds, or certainty that funds will be available without significant losses, to honour all commitments when due. NN Group manages Liquidity risk via a Liquidity risk framework, ensuring that \u2013 even after shock \u2013 NN Group\u2019s businesses can meet immediate obligations. Liquidity stress events can be caused by a market-wide event or an idiosyncratic NN Group specific event. These events can be short-term or long-term and can both occur on a local, regional or global scale, both through cash flows related to assets and liabilities. Subsidiaries that trade derivatives are responsible for maintaining sufficient liquidity levels to meet their collateral requirements. For this purpose, liquidity buffers are set to ensure sufficient liquidity is available in an adverse scenario and to ensure the liquidity thresholds are being met. 7.1 Risk profile Liquidity risk covers three areas of attention. Funding liquidity risk is the risk that liquid funds are unavailable to meet financial obligations when due. Market liquidity risk, is the risk that an asset cannot be sold on short-term without significant losses. Funding risk is the risk related to not being able to refinance maturing debt instruments and may lead to higher funding costs. The connection between Market and Funding liquidity risk stems from the fact that when payments are due and not enough cash is available, investment positions need to be converted into cash. If market liquidity is low or an adverse market movement took place in this situation, this could lead to a loss. In 2023, liquidity risk has increased due to the rise in interest rates, leading to additional collateral requirements on NN Group\u2019s interest rate derivatives portfolio. In case of a significant increase of interest rates, NN Group is exposed to the risk of having to sell assets which contribute to capital generation or to the hedging of liability cash flows. NN Group has a robust liquidity risk management framework in place to manage this risk. A minimum buffer of immediately available liquidity (cash and committed facilities) is maintained. Repurchase agreements (repos), Group cash capital and the Revolving Credit Facility at Group can further support the liquidity position if needed. A liquidity event on the liability side, resulting from e.g. payments related to increased lapses or claims, leads to a liquidity outflow which may affect the overall liquidity position of NN Group. This outflow typically occurs over a period of time. NN Group\u2019s liquidity metrics demonstrate that NN has sufficient cash and unencumbered liquid assets which can be liquidated to fulfill stressed liquidity needs from liabilities in a combined market and liability stress scenario. Selling liquid assets in the case of a lapse event is considered to be a logical consequence since the balance sheet decreases. 7.2 Risk mitigation NN Group aims to match day-to-day cash in- and outflows and at the same time wants to be able to have sufficient cash in case of a liquidity stress event. NN Group holds a minimum buffer of cash which is immediately available in order to be able to meet collateral calls from derivatives exposures in the case of significant market movements, as well as outflows from liabilities in a stress situation. Furthermore, NN Group has a wide range of options to generate additional liquidity, if necessary, amongst which committed repo facilities which are available at all times and a revolving credit facility. NN Group Liquidity Management Principles defines three levels of Liquidity Management: \u2022 Short-term liquidity (including operational liquidity) management covers the day-to-day cash requirements under normal business conditions \u2022 Long-term liquidity management considers business conditions, in which Market liquidity risk materialises \u2022 Stress liquidity management looks at the company\u2019s ability to respond to a potential crisis situation 7.3 Risk measurement NN Group measures liquidity risk as the difference between liquidity needs and liquidity sources available for sale in a stress event for different time horizons. Liquidity risk is not part of NN Group\u2019s Partial Internal Model. ",
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"value": "40 Transferred, but not derecognised financial assets The majority of NN Group\u2019s financial assets that have been transferred, but do not qualify for derecognition, are debt instruments used in securities lending. NN Group retains substantially all risks and rewards of those transferred assets. The assets are transferred in return for cash collateral or other financial assets. Non-cash collateral is not recognised in the balance sheet. Cash collateral is recognised as an asset and an offsetting liability is established for the same amount as NN Group is obligated to return this amount upon termination of the lending arrangement.",
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"value": "Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when NN Group has a current legally enforceable right to set off the recognised amounts and intends to either settle on a net basis or to realise the asset and settle the liability at the same time. ",
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"value": "The assets not freely disposable of EUR 95 million (2022: EUR 118 million) relates to the mandatory reserve deposit at De Nederlandsche Bank and cash balances held at BNG Bank.",
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"value": "42 Contingent liabilities and commitments In the normal course of business (excluding investment commitments) NN Group is party to activities whose risks are not reflected in whole or in part in the Consolidated annual accounts. In response to the needs of its customers, NN Group offers financial products related to loans. These products include traditional off-balance sheet credit-related financial instruments. Contingent liabilities and commitments (2023) 2023 Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 364 289 681 160 19 1,513 Guarantees 18 18 Contingent liabilities and commitments 364 289 699 160 19 0 1,531 Contingent liabilities and commitments (2022) (Restated) 2022 (Restated) Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 344 606 1,411 225 16 65 2,667 Guarantees 18 3 21 Contingent liabilities and commitments 344 606 1,429 228 16 65 2,688 Next to this NN Group has committed amounts to investments of EUR 4,225 million (2022: EUR 4,310 million) where it is uncertain when those amounts will be invested. NN Group has issued certain guarantees, other than those included in \u2018Insurance contracts\u2019, which are expected to expire without being drawn on and therefore does not necessarily represent future net cash outflows. In addition to the items included in \u2018Contingent liabilities\u2019, NN Group has issued guarantees as a participant in collective arrangements of national industry bodies and as a participant in government required collective guarantee schemes which apply in different countries . ING Group During 2016, ING Group, NN Group\u2019s former parent company, sold its remaining stake in NN Group. Therefore, ING Group has ceased to be a related party of NN Group in the course of 2016. The following agreements with ING Group are still relevant: Master claim agreement In 2012, ING Groep N.V., Voya Financial Inc. (formerly ING U.S., Inc.) and ING Insurance Eurasia N.V. entered into a master claim agreement to (a) allocate existing claims between these three parties and (b) agree on criteria for how to allocate future claims between the three parties. The master claim agreement contains further details on claim handling, conduct of litigation and dispute resolution. Indemnification and allocation agreement ING Groep N.V. and NN Group N.V. have entered into an indemnification and allocation agreement, in which ING Group has agreed to indemnify NN Group for certain liabilities that relate to the business of or control over certain (former) U.S. and Latin American subsidiaries of NN Group in the period until 30 September 2013 or, if the relevant subsidiary was divested by NN Group after 30 September 2013, such later date of divestment. These liabilities mainly include contingent liabilities that may arise as a result of the initial public offering of ING U.S. (such as prospectus liability), the sales of the Latin American businesses (such as claims under warranties and other buyer protection clauses) and the liabilities for the claims concerning the performance of certain interest-sensitive products that were sold by a former subsidiary of NN Group in Mexico 43 Legal proceedings General NN Group is involved in litigation and arbitration proceedings in the Netherlands and in a number of foreign jurisdictions, involving claims by and against NN Group which arise in the ordinary course of its business, including in connection with its activities as insurer, lender, seller, broker-dealer, underwriter, issuer of instruments and investor and its position as employer and taxpayer. In certain of such proceedings, very large or indeterminate amounts are sought, including punitive and other damages. While it is not feasible to predict or determine the ultimate outcome of all pending or threatened legal and regulatory proceedings, NN Group believes that some of the proceedings set out below may have, or have in the recent past had, a significant effect on the financial condition, profitability or reputation of NN Group. Because of the geographic spread of its business, NN Group may be subject to tax audits in numerous jurisdictions at any point in time. Although NN Group believes that it has adequately provided for its tax positions, the ultimate outcome of these audits may result in liabilities that are different from the amounts recognised. Unit-linked products in the Netherlands Since the end of 2006, unit-linked products (commonly referred to in Dutch as \u2018beleggingsverzekeringen\u2019) have received negative attention in the Dutch media, from the Dutch Parliament, the AFM and consumer interest groups. Costs of unit-linked products sold in the past are perceived as too high and Dutch insurers are in general being accused of being less transparent in their offering of such unit-linked products. In 2013 Woekerpolis.nl and in 2017 Consumentenbond and Wakkerpolis, all associations representing the interests of policyholders of Nationale-Nederlanden, individually initiated so-called \u2018collective proceedings\u2019 against Nationale-Nederlanden. These claims have been rejected by Nationale-Nederlanden and Nationale-Nederlanden defends itself in these legal proceedings. On 9 January 2024, NN Group announced a settlement with interest groups ConsumentenClaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis and Consumentenbond regarding unit-linked products sold in the Netherlands by Nationale- Nederlanden, including Delta Lloyd and ABN AMRO Life. The settlement relates to all unit-linked products of policyholders affiliated with the aforementioned interest groups and is subject to a 90% acceptance rate of affiliated policyholders that have received an individual proposal for compensation. As part of the settlement, all pending proceedings with respect to unit-linked products initiated by these interest groups against Nationale-Nederlanden will be discontinued once the settlement is executed, which is anticipated ultimately 30 June 2025. The settlement also includes that no new legal proceedings may be initiated by the aforementioned interest groups or their affiliated persons/parties. To cover the settlement costs, a provision of approximately EUR 360 million was recognised in the fourth quarter of 2023. This includes EUR 60 million for hardship cases, and customers unaffiliated with one of the aforementioned interest groups that have not previously received compensation Argentina On 10 April 2019, NN Group filed a claim with the International Centre for Settlement of Investment Disputes (ICSID) under the Bilateral Investment Treaty between Argentina and the Netherlands, in order to resolve a dispute with the Argentine Republic. The dispute relates to the nationalisation of Or\u00edgenes \u2013 NN Group\u2019s former pension fund manager in Argentina \u2013 by the Argentine Government in 2008. These proceedings may last for several years. As the case is still pending, it is unclear at this stage whether and to what extent any compensation will be granted to NN Group and therefore no compensation has been recognised.",
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"value": "42 Contingent liabilities and commitments In the normal course of business (excluding investment commitments) NN Group is party to activities whose risks are not reflected in whole or in part in the Consolidated annual accounts. In response to the needs of its customers, NN Group offers financial products related to loans. These products include traditional off-balance sheet credit-related financial instruments. Contingent liabilities and commitments (2023) 2023 Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 364 289 681 160 19 1,513 Guarantees 18 18 Contingent liabilities and commitments 364 289 699 160 19 0 1,531 Contingent liabilities and commitments (2022) (Restated) 2022 (Restated) Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 344 606 1,411 225 16 65 2,667 Guarantees 18 3 21 Contingent liabilities and commitments 344 606 1,429 228 16 65 2,688 Next to this NN Group has committed amounts to investments of EUR 4,225 million (2022: EUR 4,310 million) where it is uncertain when those amounts will be invested. NN Group has issued certain guarantees, other than those included in \u2018Insurance contracts\u2019, which are expected to expire without being drawn on and therefore does not necessarily represent future net cash outflows. In addition to the items included in \u2018Contingent liabilities\u2019, NN Group has issued guarantees as a participant in collective arrangements of national industry bodies and as a participant in government required collective guarantee schemes which apply in different countries . ING Group During 2016, ING Group, NN Group\u2019s former parent company, sold its remaining stake in NN Group. Therefore, ING Group has ceased to be a related party of NN Group in the course of 2016. The following agreements with ING Group are still relevant: Master claim agreement In 2012, ING Groep N.V., Voya Financial Inc. (formerly ING U.S., Inc.) and ING Insurance Eurasia N.V. entered into a master claim agreement to (a) allocate existing claims between these three parties and (b) agree on criteria for how to allocate future claims between the three parties. The master claim agreement contains further details on claim handling, conduct of litigation and dispute resolution. Indemnification and allocation agreement ING Groep N.V. and NN Group N.V. have entered into an indemnification and allocation agreement, in which ING Group has agreed to indemnify NN Group for certain liabilities that relate to the business of or control over certain (former) U.S. and Latin American subsidiaries of NN Group in the period until 30 September 2013 or, if the relevant subsidiary was divested by NN Group after 30 September 2013, such later date of divestment. These liabilities mainly include contingent liabilities that may arise as a result of the initial public offering of ING U.S. (such as prospectus liability), the sales of the Latin American businesses (such as claims under warranties and other buyer protection clauses) and the liabilities for the claims concerning the performance of certain interest-sensitive products that were sold by a former subsidiary of NN Group in Mexico 43 Legal proceedings General NN Group is involved in litigation and arbitration proceedings in the Netherlands and in a number of foreign jurisdictions, involving claims by and against NN Group which arise in the ordinary course of its business, including in connection with its activities as insurer, lender, seller, broker-dealer, underwriter, issuer of instruments and investor and its position as employer and taxpayer. In certain of such proceedings, very large or indeterminate amounts are sought, including punitive and other damages. While it is not feasible to predict or determine the ultimate outcome of all pending or threatened legal and regulatory proceedings, NN Group believes that some of the proceedings set out below may have, or have in the recent past had, a significant effect on the financial condition, profitability or reputation of NN Group. Because of the geographic spread of its business, NN Group may be subject to tax audits in numerous jurisdictions at any point in time. Although NN Group believes that it has adequately provided for its tax positions, the ultimate outcome of these audits may result in liabilities that are different from the amounts recognised. Unit-linked products in the Netherlands Since the end of 2006, unit-linked products (commonly referred to in Dutch as \u2018beleggingsverzekeringen\u2019) have received negative attention in the Dutch media, from the Dutch Parliament, the AFM and consumer interest groups. Costs of unit-linked products sold in the past are perceived as too high and Dutch insurers are in general being accused of being less transparent in their offering of such unit-linked products. In 2013 Woekerpolis.nl and in 2017 Consumentenbond and Wakkerpolis, all associations representing the interests of policyholders of Nationale-Nederlanden, individually initiated so-called \u2018collective proceedings\u2019 against Nationale-Nederlanden. These claims have been rejected by Nationale-Nederlanden and Nationale-Nederlanden defends itself in these legal proceedings. On 9 January 2024, NN Group announced a settlement with interest groups ConsumentenClaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis and Consumentenbond regarding unit-linked products sold in the Netherlands by Nationale- Nederlanden, including Delta Lloyd and ABN AMRO Life. The settlement relates to all unit-linked products of policyholders affiliated with the aforementioned interest groups and is subject to a 90% acceptance rate of affiliated policyholders that have received an individual proposal for compensation. As part of the settlement, all pending proceedings with respect to unit-linked products initiated by these interest groups against Nationale-Nederlanden will be discontinued once the settlement is executed, which is anticipated ultimately 30 June 2025. The settlement also includes that no new legal proceedings may be initiated by the aforementioned interest groups or their affiliated persons/parties. To cover the settlement costs, a provision of approximately EUR 360 million was recognised in the fourth quarter of 2023. This includes EUR 60 million for hardship cases, and customers unaffiliated with one of the aforementioned interest groups that have not previously received compensation . Argentina On 10 April 2019, NN Group filed a claim with the International Centre for Settlement of Investment Disputes (ICSID) under the Bilateral Investment Treaty between Argentina and the Netherlands, in order to resolve a dispute with the Argentine Republic. The dispute relates to the nationalisation of Or\u00edgenes \u2013 NN Group\u2019s former pension fund manager in Argentina \u2013 by the Argentine Government in 2008. These proceedings may last for several years. As the case is still pending, it is unclear at this stage whether and to what extent any compensation will be granted to NN Group and therefore no compensation has been recognised",
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"value": "42 Contingent liabilities and commitments In the normal course of business (excluding investment commitments) NN Group is party to activities whose risks are not reflected in whole or in part in the Consolidated annual accounts. In response to the needs of its customers, NN Group offers financial products related to loans. These products include traditional off-balance sheet credit-related financial instruments. Contingent liabilities and commitments (2023) 2023 Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 364 289 681 160 19 1,513 Guarantees 18 18 Contingent liabilities and commitments 364 289 699 160 19 0 1,531 Contingent liabilities and commitments (2022) (Restated) 2022 (Restated) Less than 1 month 1-3 months 3-12 months 1-5 years Over 5 years Maturity not applicable Total Commitments 344 606 1,411 225 16 65 2,667 Guarantees 18 3 21 Contingent liabilities and commitments 344 606 1,429 228 16 65 2,688 Next to this NN Group has committed amounts to investments of EUR 4,225 million (2022: EUR 4,310 million) where it is uncertain when those amounts will be invested. NN Group has issued certain guarantees, other than those included in \u2018Insurance contracts\u2019, which are expected to expire without being drawn on and therefore does not necessarily represent future net cash outflows. In addition to the items included in \u2018Contingent liabilities\u2019, NN Group has issued guarantees as a participant in collective arrangements of national industry bodies and as a participant in government required collective guarantee schemes which apply in different countries ING Group During 2016, ING Group, NN Group\u2019s former parent company, sold its remaining stake in NN Group. Therefore, ING Group has ceased to be a related party of NN Group in the course of 2016. The following agreements with ING Group are still relevant: Master claim agreement In 2012, ING Groep N.V., Voya Financial Inc. (formerly ING U.S., Inc.) and ING Insurance Eurasia N.V. entered into a master claim agreement to (a) allocate existing claims between these three parties and (b) agree on criteria for how to allocate future claims between the three parties. The master claim agreement contains further details on claim handling, conduct of litigation and dispute resolution. Indemnification and allocation agreement ING Groep N.V. and NN Group N.V. have entered into an indemnification and allocation agreement, in which ING Group has agreed to indemnify NN Group for certain liabilities that relate to the business of or control over certain (former) U.S. and Latin American subsidiaries of NN Group in the period until 30 September 2013 or, if the relevant subsidiary was divested by NN Group after 30 September 2013, such later date of divestment. These liabilities mainly include contingent liabilities that may arise as a result of the initial public offering of ING U.S. (such as prospectus liability), the sales of the Latin American businesses (such as claims under warranties and other buyer protection clauses) and the liabilities for the claims concerning the performance of certain interest-sensitive products that were sold by a former subsidiary of NN Group in Mexico .",
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"fact-696": {
"value": "44 Companies and businesses acquired and divested Acquisitions (2022) MetLife\u2019s businesses in Poland and Greece In July 2021, NN Group announced it had reached agreement to acquire 100% of MetLife\u2019s businesses in Poland and Greece as part of the strategy to strengthen NN Group\u2019s position in these growth markets. The acquisition was completed in the first half of 2022: Greece in January 2022 and Poland in April 2022. MetLife\u2019s businesses in Poland and Greece MetLife Greece MetLife Poland Total Consideration paid -123 -427 -550 Fair value of net assets acquired 73 208 281 Goodwill 50 219 269 ABN AMRO Life In February 2022 NN Group, ABN AMRO Bank and their joint venture ABN AMRO Verzekeringen announced that they had reached an agreement to sell the life insurance subsidiary of ABN AMRO Verzekeringen to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life). This transaction was completed in July 2022. ABN AMRO Verzekeringen is a joint venture between NN Group (51%) and ABN AMRO Bank (49%). The life insurance subsidiary of ABN AMRO Verzekeringen was already consolidated by NN Group and, therefore, this transaction did not have significant impact on NN Group. On 31 March 2023, NN Life and ABN AMRO Levensverzekering N.V. (ABN AMRO Life) entered into a legal merger which became effective as per 1 April 2023. As a result of this legal merger, ABN AMRO Life ceased to exist as per 1 April 2023 and NN Life assumed all assets and liabilities of ABN AMRO Life under universal title of succession (algemene titel) as per that same date. Divestments (2022) NN IP In August 2021, NN Group announced that it had reached an agreement to sell its asset management activities executed by NN Investment Partners (NN IP) to Goldman Sachs for total cash proceeds of EUR 1.7 billion closed in April 2022 resulting in a gain of EUR 1,062 million. The results from NN IP and the divestment result are presented as Result from discontinued operations. Reference is made to Note 28 \u2018Discontinued operations\u2019. Closed book portfolio NN Belgium In November 2021, NN Group's subsidiary NN Insurance Belgium sold a closed book life portfolio to Athora Belgium. The closed book portfolio, comprising life insurance policies that are no longer being sold, reflected approximately EUR 3.3 billion of assets and liabilities. The transaction was completed on 4 October 2022. Notes to the Consolidated ",
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"value": "46 Related parties In the normal course of business, NN Group enters into various transactions with related parties. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Related parties of NN Group include, among others, associates, joint ventures, key management personnel and the defined benefit and defined contribution plans. Transactions between related parties have taken place on an arm\u2019s length basis and include distribution agreements, sourcing and procurement agreements, human resources-related arrangements, and rendering and receiving of services. There are no significant provisions for doubtful debts or individually significant bad debt expenses recognised on outstanding balances with related parties. NN Group identifies the following (groups of) related party transactions: Transactions with key management personnel Transactions with members of NN Group\u2019s Executive Board, Management Board and Supervisory Board are considered to be transactions with key management personnel. Reference is made to Note 47 \u2018Key management personnel compensation\u2019 for more information on these transactions. Transactions with consolidated entities Entities over which NN Group can exercise control are considered to be related parties of NN Group. These entities are consolidated by NN Group. Transactions with or between entities controlled by NN Group are eliminated in the Consolidated annual accounts. More information on the NN Group originated liquidity management securitisation programmes is disclosed in Note 45 \u2018Structured entities'. Transactions with associates and joint ventures Associates and joint ventures of NN Group are related parties of NN Group. The transactions with associates and joint ventures can be summarised as follows: 2023 2022 (Restated) Assets 85 85 Income 4 5 Transactions with post-employment benefit plans Entities administering or executing post-employment benefit plans of the employees of NN Group are considered to be related parties of NN Group. This relates to NN Group\u2019s pensions funds, i.e. the ING Group DB pension fund (joint with ING Bank), the Stichting Pensioensfonds Delta Lloyd, the NN CDC pension fund and BeFrank in the Netherlands and Instelling voor Bedrijfspensioenvoorziening Delta Lloyd Life OFP in Belgium. For more information on the post-employment benefit plans, reference is made to Note 27 \u2018Non-attributable operating expenses\u2019. Transactions with other related parties Pension entities NN Group operates several pension entities in The Netherlands, including the Nationale-Nederlanden Premium Pension Institution B.V., BeFrank PPI N.V., Delta Lloyd Algemeen Pensioenfonds and De Nationale Algemeen Pensioenfonds. For these entities, all asset management and other services are provided by NN Group entities on an arm\u2019s length basis. NN Group has no financial interest in the pension schemes that are executed by these entities. These entities are considered related parties",
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"value": "In the normal course of business, NN Group enters into various transactions with related parties. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Related parties of NN Group include, among others, associates, joint ventures, key management personnel and the defined benefit and defined contribution plans. Transactions between related parties have taken place on an arm\u2019s length basis and include distribution agreements, sourcing and procurement agreements, human resources-related arrangements, and rendering and receiving of services. There are no significant provisions for doubtful debts or individually significant bad debt expenses recognised on outstanding balances with related parties. NN Group identifies the following (groups of) related party transactions: Transactions with key management personnel Transactions with members of NN Group\u2019s Executive Board, Management Board and Supervisory Board are considered to be transactions with key management personnel. Reference is made to Note 47 \u2018Key management personnel compensation\u2019 for more information on these transactions. Transactions with consolidated entities Entities over which NN Group can exercise control are considered to be related parties of NN Group. These entities are consolidated by NN Group. Transactions with or between entities controlled by NN Group are eliminated in the Consolidated annual accounts. More information on the NN Group originated liquidity management securitisation programmes is disclosed in Note 45 \u2018Structured entities'. Transactions with associates and joint ventures Associates and joint ventures of NN Group are related parties of NN Group. The transactions with associates and joint ventures can be summarised as follows: 2023 2022 (Restated) Assets 85 85 Income 4 5 Transactions with post-employment benefit plans Entities administering or executing post-employment benefit plans of the employees of NN Group are considered to be related parties of NN Group. This relates to NN Group\u2019s pensions funds, i.e. the ING Group DB pension fund (joint with ING Bank), the Stichting Pensioensfonds Delta Lloyd, the NN CDC pension fund and BeFrank in the Netherlands and Instelling voor Bedrijfspensioenvoorziening Delta Lloyd Life OFP in Belgium. For more information on the post-employment benefit plans, reference is made to Note 27 \u2018Non-attributable operating expenses\u2019. Transactions with other related parties Pension entities NN Group operates several pension entities in The Netherlands, including the Nationale-Nederlanden Premium Pension Institution B.V., BeFrank PPI N.V., Delta Lloyd Algemeen Pensioenfonds and De Nationale Algemeen Pensioenfonds. For these entities, all asset management and other services are provided by NN Group entities on an arm\u2019s length basis. NN Group has no financial interest in the pension schemes that are executed by these entities. These entities are considered related parties.",
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"value": "47 Key management personnel compensation Transactions with key management personnel (Executive Board, Management Board and Supervisory Board) are transactions with related parties. These transactions are disclosed in more detail as required by Part 9 Book 2 of the Dutch Civil Code in sections II and III in the remuneration report in the financial report. These sections of the remuneration report are therefore part of the annual accounts. 2023 Executive Board and Management Board (2023) Amounts in thousands of euros Executive Board Management Board Total Fixed compensation \u2013 base salary (cash) 2,597 4,131 6,728 \u2013 base salary (fixed shares) 649 1,033 1,682 \u2013 pension costs 1 54 157 211 \u2013 individual saving allowance 1 696 1,029 1,725 Variable compensation \u2013 upfront cash 112 171 283 \u2013 upfront shares 112 171 283 \u2013 deferred cash 168 257 425 \u2013 deferred shares 168 257 425 Fixed and variable compensation 4,556 7,206 11,762 Other benefits 139 282 421 Employer cost social security 2 138 192 330 Total compensation 4,833 7,680 12,513 1 The pension costs consist of an amount of employer contribution (EUR 211 thousand) and an individual savings allowance (EUR 1,724 thousand) which is 23,3% of the amount of base salary above EUR 128,810. 2 The employer cost social security does not impact the overall remuneration received by the Executive Board and Management Board members. In the table above, \u2018Executive Board\u2019 refers to the two members of the Executive Board as at 31 December 2023. The two members of the Executive Board are also members of the Management Board. In the table above, \u2018Management Board\u2019 refers to the six members of the Management Board as at 31 December 2023, i.e. those members that are not also member of the Executive Board. In the table above \u2018Total\u2019 refers to all members of the Management Board during 2023. Remuneration of the members of the Executive Board and the Management Board is recognised in the profit and loss account in \u2018Staff expenses\u2019 as part of \u2018Total expenses\u2019. The total remuneration as disclosed in the table above (for 2023: EUR 12.5 million) includes all variable remuneration related to the performance year 2023. Under IFRS-EU, certain components of variable remuneration are not recognised in the profit and loss account directly, but are allocated over the vesting period of the award. The comparable amount recognised in staff expenses in 2023 and therefore included in \u2018Total expenses\u2019 in 2023, relating to the fixed expenses of 2023 and the vesting of variable remuneration of 2023 and earlier performance years, is EUR 12.5 million. As at 31 December 2023, members of the Executive Board and Management Board held a total of 160,574 NN Group N.V. shares. In 2023, 15,099 share awards on NN Group N.V. (both deferred and upfront) were granted to the Executive Board and Management Board Supervisory Board (2023) Amounts in thousands of euros Supervisory Board Fixed fees 812 Expense allowances 67 Compensation Supervisory Board 879 As at 31 December 2023, members of the Supervisory Board held no NN Group N.V. shares. Loans and advances to members of the Management Board (2023) Amounts in thousands of euros Amount outstanding 31 December Average interest rate Repayments Management Board members 352 2.41% 9 Loans and advances 352 9 As at 31 December 2023, no loans and advances were provided to members of the Executive Board and Supervisory Board. 2022 Executive Board and Management Board (2022) Amounts in thousands of euros Executive Board 2 Management Board Total Fixed compensation \u2013 base salary (cash) 2,555 3,820 6,375 \u2013 base salary (fixed shares) 639 955 1,594 \u2013 pension costs 1 49 151 200 \u2013 individual saving allowance 1 690 950 1,640 Variable compensation \u2013 upfront cash 100 151 251 \u2013 upfront shares 100 151 251 \u2013 deferred cash 150 227 377 \u2013 deferred shares 150 227 377 Fixed and variable compensation 4,433 6,632 11,065 Other benefits 411 294 705 Employer cost social security 3 138 260 398 Total compensation 4,982 7,186 12,168 1 The pension costs consist of an amount of employer contribution (EUR 200 thousand) and an individual savings allowance (EUR 1,640 thousand), which is 23.3% of the amount of base salary above EUR 114,866. 2 Annemiek van Melick was appointed Chief Financial Officer and Member of the Executive Board NN Group on 1 July 2022, succeeding Delfin Rueda, who as he stepped down on 1 July 2022. 3 The employer cost social security does not impact the overall remuneration received by the Executive Board and Management Board members. In the table above, \u2018Executive Board\u2019 refers to the two members of the Executive Board as at 31 December 2022. The two members of the Executive Board are also members of the Management Board. In the table above, \u2018Management Board\u2019 refers to the six members of the Management Board as at 31 December 2022, i.e. those members that are not also member of the Executive Board. In the table above \u2018Total\u2019 refers to all members of the Management Board during 2022 Remuneration of the members of the Executive Board and the Management Board is recognised in the profit and loss account in \u2018Staff expenses\u2019 as part of \u2018Total expenses\u2019. The total remuneration as disclosed in the table above (for 2022: EUR 12.2 million) includes all variable remuneration related to the performance year 2022. Under IFRS-EU, certain components of variable remuneration are not recognised in the profit and loss account directly, but are allocated over the vesting period of the award. The comparable amount recognised in staff expenses in 2022 and therefore included in \u2018Total expenses\u2019 in 2022, relating to the fixed expenses of 2022 and the vesting of variable remuneration of 2022 and earlier performance years, is EUR 12.9 million. As at 31 December 2022, members of the Executive Board and Management Board held a total of 186,891 NN Group N.V. shares. In 2022, 13,764 share awards on NN Group N.V. (both deferred and upfront) were granted to the Executive Board and Management Board. Supervisory Board (2022) Amounts in thousands of euros Supervisory Board Fixed fees 822 Expense allowances 70 Compensation Supervisory Board 892 As at 31 December 2022, members of the Supervisory Board held no NN Group N.V. shares. Loans and advances to members of the Management Board (2022) Amounts in thousands of euros Amount outstanding 31 December Average interest rate Repayments Management Board members 223 1.90% 178 Loans and advances 223 178 As at 31 December 2022, no loans and advances were provided to members of the Executive Board and Supervisory Board",
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"value": "48 Fees of auditors Fees of auditors NN Group 2023 2022 (Restated) Audit fees 20 17 Audit related fees 5 10 Fees of auditors NN Group N.V. 25 27 Fees as disclosed above relate to the network of the NN Group\u2019s auditors and are the amounts related to the respective years, i.e. on an accrual basis (excluding VAT). The audit related fees include mainly fees related to the implementation of IFRS 9 and IFRS 17 and the audit procedures on the 2022 comparatives, as well as services in relation to prospectuses, internal control reports provided to external parties and reporting to regulators. Auditor fees are included in \u2018External advisory fees\u2019 as part of the Other operating expense.",
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"value": "49 Subsequent and other events Share buyback In February 2024, NN Group announced that it will execute an open market share buyback programme for an amount of EUR 300 million. The programme will be executed within nine months and is anticipated to commence on 2 April 2024. NN Group intends to cancel any repurchased NN Group shares under the programmes unless used to cover obligations under share-based remuneration arrangements or to deliver stock dividend. Tender offer subordinated notes and issuance perpetual securities In March 2024, NN Group announced its invitation to holders of its EUR 750 million Fixed to Floating Rate Undated Subordinated Notes to tender their Notes for purchase by NN Group for cash at a price of 100.1% of the nominal amount. The final acceptance amount was EUR 287 million. NN Group issued in March 2024 a series of euro-denominated, perpetual, restricted Tier 1, temporary write-down securities for an amount of EUR 750 million. The notes are first callable as from 12 September 2030. The coupon is fixed at 6.375% per annum until 12 March 2031 and will be reset every fifth year thereafter. These securities are classified as equity under IFRS-EU. Coupon payments are distributed out of equity if and when paid or contractually due.",
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"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500OHYNDT9OY6Q215",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-704": {
"value": "5. Market risk Market risk comprises the risks related to the impact of changes in various financial market indicators on NN Group\u2019s balance sheet. Market risks are taken in pursuit of returns for the benefit of customers and shareholders. Accordingly, risk and return consideration and optimisation are paramount for both policyholder and shareholder. In general, Market risks are managed through a well-diversified portfolio under a number of relevant policies within clearly defined and monitored limits. NN Group reduces downside risk through various hedging programmes, in particular risks for which NN Group has no or only a limited appetite, such as Interest rate, Inflation, and Foreign exchange risks. NN Group also integrates Environmental, Social, and Governance (ESG) factors in the investment decision-making framework (see section Facts and Figures). Furthermore, climate change impact is becoming more relevant over time for so-called Transitional risk, where the value of NN Group\u2019s asset investments may be impacted. This potential impact is currently in the process of being assessed. In managing its assets, NN Group applies the prudent person principle, which means that NN Group only invest in assets and instruments whose risks NN Group properly identify, measure, monitor, manage, control and report and take into account in the assessment of the overall NN Group\u2019s solvency needs. For new asset classes or asset classes of growing importance, NN Group continuously improves the relevant processes. Market risk capital requirements 2023 2022 (Restated) Interest rate risk 898 440 Equity risk 2,457 2,436 Credit spread risk 3,340 3,332 Real estate risk 2,014 2,098 Foreign exchange risk 584 620 Inflation risk 216 270 Basis risk 53 58 Diversification market risk -2,960 -2,530 Market risk 6,602 6,724 In 2023, the Market risk SCR decreased from EUR 6,724 million to EUR 6,602 million, mainly driven model refinements, partially offset by market movements, mostly interest rate. The increase of standalone Interest rate risk SCR due to portfolio developments is largely offset by higher diversification with other Market risks. Diversification within Market risk increased as Interest rate risk SCR became more dominant. The table below sets out NN Group\u2019s market value of assets for each asset class as at the end of 2023 and 2022. The values in
these tables may differ from those included in the consolidated IFRS balance sheet as derivatives are excluded from this overview
and furthermore due to classification and valuation differences to reflect a risk management view.
Investment assets (Including NN Bank)
Market value
2023
% of total
2023
Market value
2022
(Restated)
% of total
2022
(Restated)
Fixed income 136,530 82% 139,893 83%
Government bonds and loans 40,046 24% 42,276 25%
Financial bonds and loans 7,671 4% 8,125 5%
Corporate bonds and loans 23,308 14% 23,065 14%
Asset-backed securities 2,642 2% 3,225 2%
Mortgages
1
61,729 37% 62,066 36%
Other retail loans 1,134 1% 1,136 1%
Non-fixed income 20,448 12% 20,698 12%
Common & preferred stock
2
3,533 2% 3,654 2%
Private equity 138 0% 182 0%
Real estate
3
12,007 7% 12,887 8%
Mutual funds (money market funds excluded)
4
4,770 3% 3,975 2%
Money market instruments (money market funds included)
5
10,682 6% 9,295 5%
Total investments 167,660 100% 169,886 100%
1 Mortgages originated by NN Bank are on amortised cost value. The mortgage value on the consolidated IFRS balance sheet differs from the value in the current table due to the acquisition
premium of mortgages and the inclusion of mortgages underlying the mortgage structure vehicles.
2 All preference shares are included in \u2018common & preferred stock\u2019, even when preference shares are modelled as bonds.
3 The real estate values exclude the real estate forward commitments, since NN Group has no price risk related to them.
4 Fixed income mutual funds are included in mutual funds.
5 Money market mutual funds and commercial papers are included in the money market instruments.
Total investment assets have decreased to EUR 167,660 million at the end of 2023 from EUR 169,886 million at the end of 2022.
The decrease is mainly due to the disposal of sovereign debt. Main developments in the NN Group risk profile in 2023 reflect the
strategy of NN Group to maintain a relatively conservative investment portfolio to ensure a resilient balance sheet. Exposures in
high yielding corporate bonds and mortgage loans are currently close to target.
5.1 Interest rate risk
Interest rate risk is defined as the possibility of decrease in the Solvency II Own Funds due to adverse changes in the level or
shape of the risk-free interest rate curve used for valuation of assets and liability cash flows. Exposure to Interest rate risk arises
from asset or liability positions that are sensitive to changes in this risk-free interest rate curve.
5.1.1 Risk profile
The Interest rate risk SCR of NN Group increased to EUR 898 million in 2023 from EUR 440 million in 2022. The increase is mainly
driven by the portfolio developments. The increase of Interest rate risk SCR is the main driver of the increase of the diversification
across Market risks .
5.1.2 Risk mitigation
The Interest rate SCR indicates to what extent interest rate sensitivities of assets and liabilities are matched on a Solvency II basis.
The majority of NN Group liability cash flows are predictable and stable, since exposure to policyholder behaviour and profit-sharing
mechanisms is very limited. Therefore, the interest rate risk management focuses on matching asset and liability cash flows for the
durations for which the markets for fixed income instruments are sufficiently deep and liquid. NN Group manages its interest rate
position by investing in long-term bonds and interest rate swaps. While staying overall duration matched, NN has reduced its exposure
to normalisation (i.e. rising) of the interest rate curve after the last liquid point according to Solvency II regulation.
NN Group has implemented limits and tolerances for Interest rate risk exposures at NN Group level as well as for relevant Business
Units to limit interest rate risk.
Mitigating solutions for new business and products, such as a development of defined contribution pension products in the
Netherlands and a shift towards protection products in general, are continuously monitored and worked on.
5.1.3 Risk measurement
For the valuation of EUR-denominated asset cash flows, NN Group uses market swap curves. For the asset cash flows
denominated in other currencies, the relevant swap or government curve is used for that specific currency.
For the purpose of valuation of the EUR-denominated liability cash flows NN Group uses a swap curve less Credit Risk Adjustment
(CRA) plus VOLA in line with definitions under Solvency II. For the liability cash flows denominated in other currencies, the relevant
swap or government curve is used where this curve is also lowered by the Credit Risk Adjustment and adding the VOLA specific for
each currency. In line with Solvency II regulations, NN Group extrapolates the EUR swap curve starting from the Last Liquid Point
(LLP) onwards to the Ultimate Forward Rate for each relevant currency in its portfolio. The LLP used for EUR is 20 years. As such,
the SCR for Interest rate risk primarily depends on the level of cash flow matching between assets and liabilities up to the 20-year
point, and the difference between the swap curve and the curve extrapolated to the UFR for longer cash flows.
The sensitivity of the Solvency II ratio to changes in interest rates is monitored on a quarterly basis. The table below presents the
Eligible Own Funds, SCR, and Solvency II ratio sensitivities to various changes in interest rates.
Solvency II Ratio sensitivities for interest rate comprise the following set of shocks, each of them is calculated independently as a
standalone scenario: a parallel up and a parallel down shifts of the discount curve, and a steepening scenario for the interest rates
used to discount asset cash flows after the LLP.
Solvency II ratio sensitivities: Interest rate risk at 31 December 2023
Own Funds
impact SCR impact
Solverncy II
ratio impact
Interest rate: Parallel shock +50 bps -343 -224 1%
Interest rate: Parallel shock -50 bps 393 251 -1%
Interest rate: 10 bps steepening between 20y-30y -151 -7 -2%
Solvency II ratio sensitivities: Interest rate risk at 31 December 2022 (Restated)
Own Funds
impact SCR impact
Solverncy II
ratio impact
Interest rate: Parallel shock +50 bps -219 -145 1%
Interest rate: Parallel shock -50 bps 290 224 -2%
Interest rate: 10 bps steepening between 20y-30y -242 39 -4%
Changes in the Solvency II ratio sensitivities to interest rates are primarily driven by decreased interest rate levels in combination
with the changes in the Interest rate risk profile. During 2023 NN took management actions to reduce the normalisation risk via
several swap transactions. Please note that 2023 sensitivities on OF are in general more severe because of eligibility constraints
on Tier 3 capital.
Under the parallel shock scenarios, the base risk-free interest rate curves for each currency are shocked by +/-50 bps for all tenors
up until the LLP. The other components of the basic risk-free interest rate curve \u2013 namely UFR, Credit Risk Adjustment, VOLA and
extrapolation technique towards UFR remain unchanged. The asset interest rate curves are shocked with the parallel shocks for
all tenors.
50 Risk Management continued In the interest rate steepening scenario, the EUR asset valuation curve is shocked after the LLP (the LLP for EUR is set at 20 years under Solvency II). The steepening is applied for interest rate curve tenors between 20 and 30 years (a linear increase from 0 to 10 bps of 1bp per tenor). After the 30 years point, the shift in the interest rate curve remains constant at 10bps. As the EIOPA risk- free curve is extrapolated after the LLP, the steepening sensitivity only affects the asset discount curve. 5.2 Equity risk Equity risk is defined as the possibility of decrease Solvency II Own Funds due to adverse changes in the level of equity market prices. Exposure to Equity risk arises from direct or indirect asset or liability positions, including equity derivatives such as futures and options, that are sensitive to equity prices. 5.2.1 Risk profile The table below sets out the market value of NN Group\u2019s equity assets as at the 31 December 2023 and 2022, respectively. Equity assets 2023 2022 (Restated) Common & preferred stock 3,533 3,654 Private equity 138 182 Mutual funds (money market funds are excluded, fixed income mutual funds are included) 4,770 3,975 Total 8,441 7,811 NN Group is mainly exposed to public listed equity, and to a lesser extent to private equity funds and equity exposures through mutual funds. The direct equity exposure is spread mainly across the Netherlands (26% in 2023 compared with 32% in 2022) and remaining exposure in other countries, predominantly in core EU countries (50% in 2023 compared with 52% in 2022, including The Netherlands). Note that mutual funds are classified as equity in the table above but include also fixed income funds. Fixed income mutual funds represent 44% of the total mutual fund market value. Approximately 34% of NN Group\u2019s direct equities are invested in defensive sectors, which are less sensitive to economic downturn. As shown in the \u2018Market risk capital requirements\u2019 table above, the Equity risk SCR of NN Group increased from EUR 2,436 million in 2022 to EUR 2,457 million in 2023 mainly driven by higher equity markets partially offset by sales. 5.2.2 Risk mitigation Exposure to equities provides additional diversification and upside return potential in the asset portfolio of an insurance company with long- term illiquid liabilities. The Concentration risk on individual issuers is mitigated by having issuer risk limits in place in investment mandates as well as at NN Group level. There is no natural hedge for Equity risk on the liability side of the balance sheet. NN Group has the possibility to protect the downside risk of the equity portfolio by selling equity or buying put options. 5.2.3 Risk measurement The sensitivity of the Solvency II ratio to changes in the value of equity is monitored on a quarterly basis. This scenario estimates the impact of an instantaneous shock of -25% applied to the value of direct equity and equity mutual funds. Derivatives like equity options or equity forwards which have equity as underlying are also revalued using the same shock applied to the underlying equities or equity indices. The table below presents the Eligible Own Funds, SCR and Solvency II ratio sensitivity to a downward shock in equity prices at 31 December 2023 and 2022. Solvency II ratio sensitivities: Equity risk (2023) Own Funds impact SCR impact Solverncy II ratio impact Equity Downward shock -25% -1,604 -299 -12% Solvency II ratio sensitivities: Equity risk (2022) (Restated) Own Funds impact SCR impact Solverncy II ratio impact Equity Downward shock -25% -1,464 -326 -9% Please note that 2023 sensitivities on OF are in general more severe because of eligibility constraints on Tier 3 capital. 5.3 Credit spread risk Credit spread risk is defined as the possibility of a decrease in Solvency II Own Funds due to adverse movements in the credit spreads of fixed income assets. The credit spread widening (or narrowing) reflects market supply and demand, rating migration of the issuer and changes in expectation of default. Changes in liquidity and other risk premiums that are relevant to specific assets can play a role in the value changes as well. In the calculation of the SCR for the Partial Internal Model entities, NN Group assumes no change to the VOLA on the liability side of the balance sheet after a shock-event, but instead reflects the illiquidity of liabilities in the asset shocks to ensure appropriate Solvency Capital Requirements. This approach ensures appropriate risk incentives and is approved by DNB. NN Group also shocks all government bonds and its mortgage portfolio in the calculation of Credit spread risk capital requirements for the Partial Internal Model entities. The main asset classes in scope of the Credit spread risk module for Partial Internal Model entities are government and corporate bonds, mortgages and loans. For the calculation of the SCR for Credit spread risk of the Standard Formula insurance entities, the main asset classes in scope are corporate bonds and loans. 5.3.1 Risk profile As shown in the \u2018Market risk capital requirements\u2019 table, the Credit spread risk SCR of NN Group remained stable from EUR 3,332 million in 2022 to EUR 3,340 million in 2023, driven by market movements mostly interest rates, offset by portfolio development. The table below sets out the market value of NN Group\u2019s bonds and loans subject to Credit spread risk SCR by type of issuer as at 31 December 2023 and 31 December 2022, respectively. Fixed-income bonds and loans by type of issuer Market value Percentage 2023 2022 (Restated) 2023 2022 (Restated) Sovereign 40,046 42,275 54% 55% Manufacturing 6,560 6,432 9% 8% Finance and Insurance 7,671 8,125 11% 11% Asset-backed securities 2,642 3,225 4% 4% Utilities 2,585 2,463 4% 3% Transportation and Warehousing 2,114 2,261 3% 3% Information 1,778 1,841 2% 3% Real Estate and Rental and Leasing 1,800 2,146 2% 2% Other 8,471 7,923 11% 11% Total 73,667 76,691 100% 100% Market value sovereign exposures (2023) The tables below set out the market value of NN Group\u2019s government bonds and loans subject to Credit spread risk SCR by country and maturity as at 31 December 2023 and 31 December 2022, respectively. Market value of government bond and loans in 2023 by number of years to maturity 4 Rating 1 Domestic exposure 2 0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2023 Japan A+ 100% 413 418 305 681 1,665 1,913 1,594 654 7,643 France AA 0% 55 24 79 46 307 1,413 353 3,135 5,412 Germany AAA 0% 316 18 96 418 501 1,647 607 209 3,812 Belgium AA- 28% 11 11 62 335 135 1,741 1,052 622 3,969 Netherlands AAA 99% 2 95 11 247 328 2,280 158 244 3,365 Austria AA+ 0% 11 0 168 241 1 145 495 1,134 2,195 Spain A- 29% 109 101 46 74 428 1,176 512 76 2,522 United States AA+ 0% 0 0 0 0 0 208 1,432 0 1,640 Multilateral3 AAA 0% 63 11 133 66 327 872 593 22 2,087 Finland AA+ 0% 4 143 3 66 1 712 50 0 979 Italy BBB 0% 17 9 4 133 395 177 250 33 1,018 Other5 \u2013 Above Investment Grade 315 268 178 462 1,461 1,267 696 69 4,716 Other5 \u2013 Below Investment Grade 0 0 3 113 410 125 37 0 688 Total 1,316 1,098 1,088 2,882 5,959 13,676 7,829 6,198 40,046 1. NN Group uses the second-best rating across Fitch, Moody\u2019s and S&P to determine the credit rating label of its bonds. 2. Percentage of the bonds held in the local unit, e.g., percentage of Dutch bonds held by entities registered in the Netherlands. 3. Includes EIB, ECB, EFSF, EU and ESM. 4. Based on legal maturity date. 5. Investment Grade reflects a rating of BBB- or higher; Below Investment Grade reflects a rating below BBB- Market value sovereign exposures (2022) (Restated) Market value of government bond and loans in 2022 by number of years to maturity 4 Rating 1 Domestic exposure 2 0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2022 Japan A+ 100% 790 460 468 727 1,909 2,190 1,626 676 8,846 France AA 0% 76 25 28 123 253 1,886 676 2,926 5,993 Germany AAA 0% 49 326 18 187 1,301 2,043 344 207 4,475 Belgium AA- 25% 31 5 11 71 453 1,951 949 609 4,080 Netherlands AAA 99% 551 142 16 418 2,427 47 9 3,610 Austria AA+ 0% 6 171 512 3 307 582 1,030 2,611 Spain A- 27% 74 104 65 600 1,140 463 60 2,506 United States AAA 0% 1 223 1,498 1,722 Multilateral3 AAA 0% 18 63 5 156 275 772 315 21 1,625 Finland AA+ 0% 7 146 3 65 611 170 1,002 Italy BBB 0% 71 16 14 131 467 229 40 27 995 Other5 \u2013 Above Investment Grade 275 294 300 560 1,467 616 526 45 4,083 Other5 \u2013 Below Investment Grade 137 43 64 146 171 145 22 728 Total 2,011 1,477 1,301 2,697 7,382 14,540 7,258 5,610 42,276 1 NN Group uses the second-best rating across Fitch, Moody\u2019s and S&P to determine the credit rating label of its bonds. 2 Percentage of the bonds held in the local unit, e.g., percentage of Dutch bonds held by entities registered in the Netherlands. 3 Includes EIB, ECB, EFSF, EU and ESM. 4 Based on legal maturity date. 5 Investment Grade reflects a rating of BBB or higher; Below Investment Grade reflects a rating below BBB. 48% (or EUR 20 billion) of NN Group total sovereign debt exposure is invested in AAA and AA rated eurozone countries in 2023 as compared to 52% in 2022. Of the EUR 20 billion core eurozone government bonds and loans held by NN Group, 81% will mature after year 10 and 41% after year 20 in 2023 while those for 2022 were EUR 22 billion, 76% and 35% respectively. With regard to Central and Eastern Europe, the government bond exposures are mainly domestically held. In the Partial Internal Model, all government bonds contribute to Credit spread risk, including those rated AAA. The tables below show the market value of non- government fixed-income securities (excluding mortgages and derivatives) by rating and maturity. Market value non-government bond securities and loans (2023)
Market value of non-government bond securities and loans in 2023 by number of years to maturity
0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2023
AAA 216 320 219 235 291 922 909 1,320 4,432
AA 108 186 253 508 507 306 114 101 2,083
A 1,014 1,117 1,357 2,033 3,241 1,246 930 159 11,097
BBB 1,834 1,206 1,390 1,838 3,246 1,397 631 69 11,611
BB 264 370 449 881 598 55 25 2,642
B and below 89 121 384 387 213 8 1,202
No rating available 206 41 31 179 82 14 1 554
Total 3,731 3,361 4,083 6,061 8,178 3,948 2,609 1,650 33,621
Market value non-government bond securities and loans (2022) (Restated)
Market value of non-government bond securities and loans in 2022 by number of years to maturity
0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total 2022
AAA 150 231 307 424 279 996 1,070 1,597 5,054
AA 267 115 190 587 449 271 174 128 2,181
A 1,095 1,104 1,294 2,174 3,055 1,051 718 498 10,989
BBB 1,288 2,053 1,176 2,338 2,903 1,481 693 84 12,016
BB 317 192 417 660 937 21 49 2,593
B and below 57 118 198 449 234 12 1,068
No rating available 208 72 5 116 81 3 29 514
Total 3,382 3,885 3,587 6,748 7,938 3,832 2,707 2,336 34,415
The table below shows NN Group\u2019s holdings of loans and other debt securities as at 31 December 2023 and 31 December 2022,
respectively.
Market value all loans and other debt securities (per credit rating)
2023
2022
(Restated)
AAA 13,259 16,054
AA 18,144 17,675
A 22,860 23,430
BBB 14,200 14,547
BB 3,233 3,217
B and below 1,417 1,254
No rating available 439 377
Mortgages
1
61,729 62,066
Other Retail Loans 1,249 1,273
Total 136,530 139,893
1 Mortgages refer to all mortgages using the same criteria and is aligned with the Mortgages figure in Investment assets above.
5.3.2 Mortgages
The required capital for mortgages within entities under the Partial Internal Model is calculated in the credit spread risk module
while the required capital for mortgages within entities under Standard Formula is calculated in the counterparty default risk
module. The credit spread risk module within the Partial Internal Model captures the behaviour of Own Funds when the valuation of
mortgages changes with market mortgage rates, while the counterparty default risk module within Standard Formula captures the
behaviour of Own Funds as a result of unexpected loss or default of mortgages .
The Loan-to-Value (LTV) values for NN Bank originated residential mortgages (which is based on the net average loan to property indexed value and are exposure-weighted) at NN Life, the Banking business, NN Non-life and NN Belgium stood at 55%, 57%, 61%, and 56% respectively at the end of 2023 while those were 53%, 53%, 59% and 54% respectively at the end of December 2022. The migration towards higher LTV buckets is due to the house price decrease between the third quarter of 2022 and the third quarter of 2023 (4.6% (fourth quarter figures are unavailable at year-end, figures based on CBS)). Although house prices decreased in 2023, the portfolio remains well-collateralised with an average LTV for NN Group of 57% in 2023 (54% in 2022). The inherent credit risk of mortgages is backed primarily by means of the underlying property, but also through the inclusion of mortgages guaranteed by the Nationale Hypotheek Garantie (NHG) and other secondary covers like savings, investments and life insurance policies. NN Bank originated mortgages with NHG accounted for 23%, 32%, 17% and 27% at NN Life, the Banking business, NN Non-life, and NN Belgium respectively at the end of 2023 and 24%, 31%, 18% and 28% at NN Life, the Banking business, NN Non-life and NN Belgium respectively at the end of 2022. On portfolio level the NHG coverage showed no significant changes. Loan-to-Value on mortgage loans 1 2023 2022 (Restated) NHG 27% 27% LtV <= 80% 66% 69% LtV 80% - 90% 4% 3% LtV 90% - 100% 2% 1% LtV > 100% 1% Total NN Group 100% 100% 1. Risk figures and parameters do not include third party originated mortgages and collateralised mortgages although they are on the balance sheet of NN Group. The mortgage portfolio is under regular review to ensure troubled assets are identified early and managed properly. A loan is classified as a non-performing loan (NPL) if the loan is 90 days past due, or the client was in default the previous month, and the minimum holding period (MHP) is active or the loan is classified as Unlikely To Pay (UTP) by the problem loans department. The main criterion for lifting the default status will be that no arrears greater than EUR 250 occurred during the Minimum Holding Period (MHP). For defaulted clients that are classified as \u2018distressed restructuring\u2019, the MHP is 12 months. For all other defaulted clients, the MHP is 3 months. The impact of the recent geopolitical developments and increasing inflation on the creditworthiness of the portfolio were limited so far, as a result percentage of non-performing loans showed no significant changes in 2023. The provision decreased by EUR 1.5 million to EUR 7.4 million due to an update in the provisioning model. Secondly, the management overlay related to increasing interest rates and high inflation decreased by EUR 0.2 million to EUR 2.0 million as inflation and interest rates are stabilizing. The decrease in provision was partly offset by the house price decrease and the fact that from this year the provision calculation is based on IFRS9 regulations instead of IAS39. The main change is that a lifetime provision is calculated for past due and non-performing loans. The net exposure slightly increased after deduction of capped collaterals and guarantees, because of a decrease in the house price. The NHG guarantee value remained stable Credit quality: NN Group mortgage portfolio, outstanding 1,2,5 Life business Banking Other 4 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Performing mortgage loans that are not past due 25,914 26,316 21,887 21,117 4,876 5,255 Performing mortgage loans that are past due 119 111 161 127 26 18 Non-performing mortgage loans 5 79 85 99 99 13 13 Total 26,112 26,512 22,147 21,343 4,915 5,286 Provisions for performing mortgage loans 2 1 2 2 1 Provisions for non-performing mortgage loans 2 4 1 1 Total 4 5 3 3 1 1 The total value for Mortgages is different in this table vs. Investment Assets Table because of exclusion of mortgage not originated by NN Bank of EUR 8,554 million in 2023 (2022: EUR 7,318 million). 2 Amounts are excluding partial transfer of mortgages and DRMF. 3 \u2018Other\u2019 column includes numbers for the Non-life entities, Belgium business and other small entities. 4 The non-performing loans include \u2018unlikely to pay\u2019 mortgage loans, which may not be past due. 5 From 2022 the carrying value includes the accrued interest, past due amount, and deduction of construction deposits. 6 In 2023 the calculation of provisions is based on IFRS9 regulations. Figures from 2022 remain based on IAS39 regulation. 7 Collateral on mortgage loans 1,5 Life business Banking Other 3 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Carrying value 26,113 26,512 22,147 21,343 4,915 5,286 Indexed collateral value of real estate 55,531 58,286 45,931 47,885 9,487 10,717 Savings held 4 1,134 1,144 1,481 1,462 77 76 NHG guarantee value 5 5,300 5,600 5,853 5,518 1,026 1,117 Total cover value + including NHG guarantee capped at carrying value 6 26,100 26,500 22,138 21,335 4,913 5,285 Net exposure 13 12 9 8 2 1 1 The total value for Mortgages is different in this table vs. Investment Assets Table because of exclusion of mortgage not originated by NN Bank of EUR 8,554 million in 2023 (2022: EUR 7,318 million). 2 Amounts are excluding partial transfer of mortgages and DRMF. 3 \u2018Other\u2019 column includes numbers for the Non-life entities, Belgium business and other small entities. 4 The NHG guarantee value follows an annuity scheme and is corrected for the 10% own risk (on the granted NHG claim). 5 From 2022 the carrying value includes the accrued interest, past due amount, and deduction of construction deposits. 6 Savings held includes life policies. 5.3.3 Risk mitigation NN Group has concentration risk limits for individual issuers which depend on the credit quality of the issuer; for individual asset classes; and country limits which depend on the country\u2019s credit rating and GDP, and whether the country is a member of the European Union. These limits ensure that large risk concentrations are avoided. In order to diversify the credit spread risk further, NN Group has increased its investments in non-listed assets. In addition, NN Group\u2019s mortgages are subject to strict underwriting criteria and are well collateralised . 5.3.4 Risk measurement
The sensitivity of the Solvency II ratio to changes in credit spreads is monitored on a quarterly basis. The table below presents the
Eligible Own Funds, SCR and Solvency II ratio sensitivities to various changes in credit spreads.
Solvency II ratio sensitivities: Credit spread risk at 31 December 2023
Own Funds
impact SCR impact
Solvency II
ratio impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps -397 -4 -4%
Credit spread: Parallel shock for AA and lower-rated government bonds +50 bps -738 -37 -7%
Credit spread: Parallel shock spreads corporates +50 bps 371 -63 6%
Credit spread: Parallel shock spreads mortgages +50 bps -1,128 -29 -12%
Solvency II ratio sensitivities: Credit spread risk at 31 December 2022 (Restated)
Own Funds
impact SCR impact
Solvency II
ratio impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps -343 43 -5%
Credit spread: Parallel shock for AA and lower-rated government bonds +50 bps -417 64 -6%
Credit spread: Parallel shock spreads corporates +50 bps 291 -111 6%
Credit spread: Parallel shock spreads mortgages +50 bps -880 22 -10%
Please note that 2023 sensitivities on OF are in general more severe because of eligibility constraints on Tier 3 capital.
NN Group has exposure to government, corporate and financial debt and is exposed to spread changes for these instruments.
Furthermore, the VOLA in the valuation of liabilities introduces an offset to the valuation changes on the asset side (except
for mortgages).
The Solvency II sensitivities for spread changes cover four possible scenarios \u2013 spread widening for AAA rated government bonds,
spread widening for non-AAA rated government bonds, spread widening for corporates and spread widening for mortgages. For all
scenarios, a parallel widening of the respective spread curves of +50bps is assumed. There is a corresponding translation of the
spread widening on asset valuations on the VOLA according to EIOPA\u2019s reference portfolio in each of the scenarios.
Government bond shocks are applied to the following asset classes: government bonds and loans, government-linked instruments
(sub- sovereigns and supranational). Corporate spread shocks are applied to the following asset classes: corporate bonds
(financials and non-financials), covered bonds, subordinated bonds, asset-backed securities and loans. Mortgages are subject to
spread shocks in a separate scenario.
NN Group\u2019s sensitivity to credit spread changes is mainly driven by the difference between NN Group\u2019s investment portfolio
and the EIOPA reference portfolio. The reference portfolio represents the weights of an average European insurers\u2019 portfolio
to different fixed income assets and is used to determine the level of the VOLA to be applied for the valuation of liabilities.
Asset spread changes impact the level of the VOLA and therefore also the valuation of liabilities, and thus provide an offset
to asset valuation changes. NN Group is exposed to widening in government bond spreads due to a higher exposure to well
rated government debt compared with the reference portfolio. At the same time, the exposure to widening of credit spreads on
corporate bonds has a positive impact on the ratio due to a lower exposure of NN Group to these asset classes compared with the
reference portfolio. Mortgages spread widening has a negative impact on the Solvency II ratio, as mortgages are not part of the
reference portfolio.
5.4 Real estate risk
Real estate risk is defined as the possibility of decrease in Solvency II Own Funds due to adverse changes in the value of real
estate. Exposure to Real estate risk arises mainly from holding direct real estate properties or positions in real estate mutual
funds. With the long- term nature of the liabilities of NN Group, illiquid assets such as real estate play an important role in the
asset allocation .
5.4.1 Risk profile
NN Group\u2019s real estate exposure (excluding forward commitments) decreased mainly as a result of negative revaluations, from
EUR 12,887 million at the end of 2022 to EUR 12,007 million at the end of 2023. The real estate exposure is mainly present in the
portfolios of NN Life, NN Non-life and NN Belgium Life.
NN Group has various categories of real estate: investments in real estate funds and joint-ventures, real estate directly owned and
investments in buildings occupied by NN Group. Several of the real estate funds, in which NN Group participates, include leverage
and therefore the actual real estate exposure is larger than NN Group\u2019s value of participation in real estate funds. The real estate
portfolio is held for the long-term and is illiquid. Furthermore, there are no hedge instruments available in the market to effectively
reduce the impact of market volatility.
Rental income is increasing largely in line with inflation and occupancy rates in 2023 are high at 95%. Indexation of prices has
kept up with inflation in a large portion of NN Group\u2019s portfolio, but is capped in some (sub)sectors such as the residential sector.
Real estate valuations, because of the evidencing that is required, have a lag to market developments and tend to show prolonged
negative movement in case of economic downturn. As such, continued pressure on real estate valuations is expected in 2024.
The table below sets out NN Group\u2019s real estate exposure per region as at 31 December 2023 and 2022, respectively.
Real estate assets per region
2023
2022
(Restated)
Western Europe 56% 58%
Southern Europe 18% 18%
Nordics 10% 8%
Central and Eastern Europe 5% 5%
UK and Ireland 11% 11%
Total 100% 100%
The real estate portfolio is well-diversified across sectors and geographies Real estate exposure is mainly from Western European
countries. Main underlying types are residential real estate (43%) and industrial real estate (28%). Retail and office real estate
represents respectively 17% and 8% of NN total real estate exposure.
As shown in the \u2018Market risk capital requirements\u2019 table, the Real estate risk SCR of NN Group decreased from EUR 2,098 million in
2022 to EUR 2,014 million in 2023 primarily due to real estate revaluations and portfolio development.
5.4.2 Risk mitigation
Exposure to real estate provides for additional diversification for the asset portfolio. The Concentration risk on individual assets
is limited under the relevant investment mandates. Real estate portfolio is also well diversified across European countries
and sectors.
5.4.3 Risk measurement
The sensitivity of the Solvency II ratio to changes in the value of real estate is monitored on a quarterly basis. This scenario
estimates the impact of an instantaneous shock of -10% to the value of direct real estate exposures and real estate within
mutual funds .
The table below presents the Eligible Own Funds, SCR and Solvency II ratio sensitivity to a downward shock in the value of real estate at 31 December 2023 and 2022. Solvency II ratio sensitivities: Real estate risk Own Funds impact SCR impact Solvency II ratio impact 2023 2022 (Restated) 2023 2022 (Restated) 2023 2022 (Restated) Real estate Downward shock -10% -1,199 -1,057 -68 -78 -12% -10% Solvency II ratio sensitivity to changes in the value of real estate increased mainly due to eligibility constraints on Tier 3 capital. 5.5 Foreign exchange risk Foreign exchange (FX) risk measures the negative impact on Solvency II Own Funds related to changes in currency exchange rates. 5.5.1 Risk profile FX transaction risk can occur on a local entity level, while FX translation risk can occur when non-Euro entities are consolidated at the level of NN Group and show a risk in regard to NN Group\u2019s reporting currency, the Euro. The SCR for Foreign exchange risk decreased from EUR 620 million in 2022 to EUR 584 million in 2023. This is mainly due to portfolio development. 5.5.2 Risk mitigation The FX risk at the local entity level is mitigated by limiting investment to the non-local currency assets or by hedging through FX forwards and cross currency swaps. 5.6 Inflation risk Inflation risk is defined as the risk of adverse changes in inflation that result into a decrease in Solvency II Own Funds. Inflation risk is calculated for the Dutch entities applying the Partial Internal Model for the SCR calculation. 5.6.1 Risk profile The SCR for Inflation risk decreased to EUR 216 million from EUR 270 million at the end of 2022. The decrease is primarily driven by decrease in inflation. Inflation risk is limited and hedged to a large extent with inflation-linked swaps or bonds, which are exposed to lower inflation rates. 5.6.2 Risk mitigation The Inflation risk is managed through the use of inflation swaps and investments in inflation bonds. In particular, the exposure to inflation linked liabilities is limited and hedged. 5.7 Basis risk The SCR Basis risk is defined as a risk that the underlying asset or liability behaves differently than the underlying hedge instrument, which results in the loss in the Solvency II balance sheet. 5.7.1 Risk profile The SCR for Basis risk decreased from EUR 58 million in 2022 to EUR 53 million in 2023, mostly due to a decrease in the hedge equity exposure within the separate account business in the Netherlands. 5.7.2 Risk mitigation The Basis risk is mitigated by fund mapping of the underlying funds to risk factors, and also by constant monitoring of the fund performance compared to the benchmark. 5.8 Concentration risk For the Standard Formula entities there is an additional SCR for Concentration risk calculated under Standard Formula, which is defined as the risk of loss in the Basic Own Funds as a result of the default of an issuer in which NN Group has a concentrated investment position. 5.8.1 Risk profile The SCR for Concentration risk remained at nil in 2023. 50 Risk Management continued
5.8.2 Risk mitigation
This Concentration risk is mitigated by Concentration risk limits aiming to have a well-diversified portfolio with Credit risk
concentrations in any particular issuer within the NN Group risk appetite.
5.9 Market risks within separate account businesses
The separate account businesses are those in which the policyholder bears the majority of the Market and Credit risk. NN Group\u2019s
earnings from the separate account businesses are primarily driven by fee income. However, in the case of variable annuities and the
guaranteed separate account pension business in the Netherlands, NN Group retains risk associated with the guarantees provided
to its policyholders. Businesses in this separate account category are (i) the group pension business in the Netherlands for which
guarantees are provided and (ii) other separate account business, primarily the unit-linked business and variable annuities (VA).
5.9.1 Separate account guaranteed group pension business in NN Life
Risk profile
In the Dutch separate account guaranteed group pension portfolio, investments are held in separate accounts on behalf of
the sponsor employer who concluded their contract with a Business Unit of NN Group. Regardless of actual returns on these
investments, pension benefits for the beneficiaries are guaranteed under the contract. The value of the provided guarantee is
sensitive to interest rates, movements in the underlying funds and the volatility of those funds.
The Assets under management for NN Life\u2019s portfolio remained unchanged at EUR 2.4 billion between 31 December 2022 and
31 December 2023. In general, the materiality of the separate account business within NN Group has reduced in the past few
years due to the run-off of the portfolio.
Risk mitigation
NN Group currently hedges the value of the guarantees it provided under group pension contracts in the Netherlands. For the
purpose of hedging, the exposure under such guarantees is discounted at the swap curve without the extrapolation to the UFR.
The hedge programme includes interest rate swaps and equity futures. Upon contract renewal, NN Group offers policyholders defined
contribution products with investments in portfolios that NN Group can more easily hedge, thus reducing the risk to NN Group.
5.9.2 Other separate account businesses
Risk profile
The other separate account business primarily consists of unit-linked insurance policies and variable annuity (VA) portfolios.
Unit-linked insurance policies provide policyholders with selected fund returns combined with an insurance cover. The Investment
risk is borne by the policyholder, although there are some unit-linked products where NN Group has provided guarantees on
the performance of specific underlying funds. Unit-linked products without guarantees do not expose NN Group to Market risk,
except to the extent that the present value of future fees is affected by market movements of the underlying policyholder funds.
The variable annuities in the VA Japan and VA Europe business consist of guaranteed minimum accumulation benefit products,
guaranteed minimum death benefit products and guaranteed minimum withdrawal benefit products.
Risk mitigation
The Market risks of the unit-linked and other separate account business are managed by the design of the product. Currently,
NN Group does not hedge the Market risks related to the present value of future fee income derived from this business (except for
the Japanese VA business). For the Japanese and European VA business NN Group has hedging programmes for the guaranteed
benefits in place targeting Equity, Interest rate, Credit spread, and FX risk as well as Volatility risk.
Risk measurement
NN Group determines Eligible Own Funds for the Market and Credit risks of the separate account business through modelling the
risks of the fee income and the guarantees including the impact of the hedge programmes.
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"value": "Investment assets (Including NN Bank) Market value 2023 % of total 2023 Market value 2022 (Restated) % of total 2022 (Restated) Fixed income 136,530 82% 139,893 83% Government bonds and loans 40,046 24% 42,276 25% Financial bonds and loans 7,671 4% 8,125 5% Corporate bonds and loans 23,308 14% 23,065 14% Asset-backed securities 2,642 2% 3,225 2% Mortgages 1 61,729 37% 62,066 36% Other retail loans 1,134 1% 1,136 1% Non-fixed income 20,448 12% 20,698 12% Common & preferred stock 2 3,533 2% 3,654 2% Private equity 138 0% 182 0% Real estate 3 12,007 7% 12,887 8% Mutual funds (money market funds excluded) 4 4,770 3% 3,975 2% Money market instruments (money market funds included) 5 10,682 6% 9,295 5% Total investments 167,660 100% 169,886 100% 1 Mortgages originated by NN Bank are on amortised cost value. The mortgage value on the consolidated IFRS balance sheet differs from the value in the current table due to the acquisition premium of mortgages and the inclusion of mortgages underlying the mortgage structure vehicles. 2 All preference shares are included in \u2018common & preferred stock\u2019, even when preference shares are modelled as bonds. 3 The real estate values exclude the real estate forward commitments, since NN Group has no price risk related to them. 4 Fixed income mutual funds are included in mutual funds. 5 Money market mutual funds and commercial papers are included in the money market instruments. ",
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"value": "6. Counterparty default risk Counterparty default risk is the risk of loss due to default or deterioration in the credit standing of the counterparties and debtors (including reinsurers) of NN Group. The SCR for Counterparty default risk is primarily based on the issuer\u2019s probability of default (PD) and the loss-given- default (LGD) of each individual position taking into account diversification across these positions. The Counterparty default risk module also covers any Credit risk exposures which are not covered in the Credit spread risk sub-module 6.1 Risk profile As shown in the \u2018Solvency Capital Requirements\u2019 table above, the Counterparty default risk SCR of NN Group decreased from EUR 163 million at the end of 2022 to EUR 129 million at the end of 2023, driven primarily by portfolio developments. In the Partial Internal Model the mortgages do not get the capital charge under the Counterparty default risk and are under Credit spread risk SCR sub module for these Business Units. 6.2 Risk mitigation NN Group uses different Credit risk mitigation techniques. For over the counter derivatives, the exchange of collateral under the International Swaps and Derivatives Associations contracts accompanied with Credit Support Annexes is an important example of risk mitigation. Other forms of Credit risk mitigation include reinsurance collateral exchange. For cash and money market funds, limits per counterparty are put in place. 6.3 Risk measurement The Counterparty default risk (CDR) module comprises two sub-modules: \u2022 CDR Type I: applicable to exposures which might not be diversified and where the counterparty is likely to be (externally) rated, e.g., reinsurance contracts, derivatives and money market exposures. The underlying model is the Ter Berg model (which was also the basis for Standard Formula calibration under Solvency II). \u2022 CDR Type II: applicable to exposures that are usually (well) diversified and where the counterparty is likely to be unrated, like retail loans, but also other forms of term lending not covered in Type I. The capital charges for CDR Type I and CDR Type II exposures are calculated separately and subsequently aggregated. 6.4 Counterparty default risk in insurance contracts As of 1 January 2023, NN Group implemented IFRS 17 \u2018Insurance Contracts\u2019. IFRS 17 introduces, among others, additional disclosures related to risk management. Whereas most of these are covered in the relevant sections of this Annual Report, the table below outlines counterparty default risk arising from insurance and reinsurance contracts. For more information regarding IFRS 17 see section Our performance and Note 13 \u2018Insurance contracts\u2019. Counterparty Default Risk exposures 1 arising from insurance and reinsurance contracts at 31 December 2023 2023 Insurance contracts 2 Reinsurance held as Assets 3 Reinsurance held as Liabilities 3 Reinsurance Total 3 AA 714 -343 371 A 49 221 34 255 BBB 32 -27 5 No rating available 1,106 27 12 39 1 Maximum exposure given on Solvency II Standard Formula basis. Standard Formula basis is used due to the fact that Standard Formula rating is more conservative. Intercompany exposure is excluded. 2 Insurance contracts exposure is related to receivables from policyholders, brokers, and tied agents as well as policyholder loans. 3 Reinsurance exposure is related to, among others, reinsurance recoverables, receivables from and payables to (external) reinsurers. Counterparty Default Risk exposures 1 arising from insurance and reinsurance contracts at 31 December 2022 (Restated) 2022 (Restated) Insurance contracts 2 Reinsurance held as Assets 3 Reinsurance held as Liabilities 3 Reinsurance Total 3 AA 325 31 356 A 35 263 1 264 BBB 10 10 No rating available 1,140 20 20 1 Maximum exposure given on Solvency II Standard Formula basis. Standard Formula basis is used due to the fact that Standard Formula rating is more conservative. Intercompany exposure is excluded. 2 Insurance contracts exposure is related to receivables from policyholders, brokers, and tied agents as well as policyholder loans. 3 Reinsurance exposure is related to, among others, reinsurance recoverables, receivables from and payables to (external) reinsurers ",
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"value": "51 Capital and liquidity management Objectives, policies and processes Objective The goal of NN Group\u2019s capital and liquidity management is to adequately capitalise NN Group and its operating entities at all times to meet the interests of its stakeholders, including customers and shareholders. The balance sheet is assessed in line with NN Group\u2019s capital management framework which is based on regulatory, economic and rating agency requirements. NN Group closely monitors and manages the following metrics: Own Funds/Solvency Capital Requirement (SCR), cash capital at the holding company, financial leverage, fixed cost coverage, capital generation and liquidity. Governance The NN Group Capital Management and Corporate Treasury Department reports to the NN Group CFO. Activities of the department are executed on the basis of established policies, guidelines and procedures. Capital Management is responsible for the sufficient capitalisation of NN Group entities, which involves the management, planning and allocation of capital within NN Group. Corporate Treasury is responsible for the management and execution of debt capital market transactions, term (capital) funding, cash management and risk management transactions. Capital management and framework NN Group manages its capital along a three-pillar framework taking into account the solvency positions at NN Group and its operating entities, cash capital at holding, and financial and debt metrics: \u2022 NN Group defines a comfort zone between 150%-200% Group Solvency ratio where NN Group intends to pay a progressive dividend per share and execute an annual share buyback. In the case of a Group Solvency ratio sustainably above 200%, there is an opportunity to increase the share buyback further. NN Group aims to capitalise its operating entities adequately at all times. Operating entities have to comply with the local statutory capital frameworks that are under supervision of local regulators. To ensure adequate capitalisation, they are managed to commercial capital target levels, which are set in accordance with the risk associated with the business activities, commercial requirements and other relevant factors. The commercial capital target levels are set in local legal entity capital policies and approved by the Management Board of NN Group. Capital adequacy is ensured through the capital planning process which starts with the annual budgeting process in which a capital plan is prepared for NN Group and its operating entities with a time horizon of 5 years. NN Group\u2019s risk appetite statements, as further described in Note 50 \u2018Risk management\u2019, drive the target setting and are cascaded down to the operating entities in line with NN Group\u2019s risk management strategy. Other important factors which are considered in the capital plan are efficient capital allocation, the cost of capital and capital generation. Capital positions of operating entities are closely monitored and, if necessary, measures are taken to ensure capital adequacy. At the end of 2023, all operating entities were capitalised above their local regulatory requirements. \u2022 In addition, cash capital is held at the holding company to cover capital needs of the entities after a stress event and to cover financial leverage costs and holding company expenses for a period of at least 12 months. Stress tests are based on 1-in-20 year scenarios and specific stress scenarios that might change from time to time. The free cash flow to the holding is the cash made available to NN Group and is driven by remittances and capital injections with subsidiaries, financial leverage costs and holding company expenses. This can be distributed to shareholders (reference is made to Note 12 \u2018Equity\u2019 for information on distributable reserves), used to reduce debt or for other corporate purposes. The free cash flow to the holding is closely monitored and forecasted on a regular basis. \u2022 NN Group aims to maintain a financial leverage and fixed-cost coverage ratio consistent with a single \u2018A\u2019 financial strength rating. Financial leverage measures the amount of debt that NN Group issued to capitalise its businesses. Debt used for funding of operating activities or liquidity needs is not considered financial leverage. The fixed-cost coverage ratio measures the ability of NN Group to pay its financing expenses and is defined as the earnings before interest and tax (EBIT) divided by interest before tax on financial leverage. Special items, revaluations on derivatives that are non-eligible for hedge accounting, market and other impacts and amortisation of acquisition intangibles are excluded from EBIT. Liquidity management NN Group monitors and manages its liquidity risk based on certain severe stress scenarios, assessed by operating entities and aggregated at the group level. Liquidity positions are periodically reported and monitored both on an individual entity and on a consolidated basis. NN Group measures liquidity risk as the difference between liquidity needs and liquidity sources available for sale in a stress event for different time horizons. At 31 December 2023, the liquidity position of all entities was adequate (reference is made to Note 50 \u2018Risk management\u2019 for more information on liquidity risk management). For the Banking business, the Dutch Central Bank (DNB) requires an annual internal evaluation of capital adequacy, liquidity position and the risk management framework, including stress testing. This internal evaluation is performed using an Internal Capital and Liquidity Adequacy Assessment Process (ICAAP and ILAAP) and reviewed by DNB in its Supervisory Review & Evaluation Process (SREP). The ICAAP, ILAAP, and SREP show that NN Bank has a robust capital and liquidity position. NN Group has an undrawn syndicated revolving credit facility of EUR 1.9 billion available until its maturity in 2027 (as per year-end 2022 the amount was EUR 1.75 billion). In 2022 and 2023, no amounts were drawn under the revolving credit facility. Significant events of 2023 are listed below in chronological order On 2 January 2023, NN Group announced the completion of the legal mergers of the former MetLife businesses in Poland and Greece. In Greece, the legal merger became effective on 29 December 2022. In Poland, the life insurance companies of Nationale-Nederlanden Poland and the former MetLife Poland were legally merged on 2 January 2023. On 13 January 2023, NN Group repaid EUR 500 million of unsecured senior notes that matured on 13 January 2023. On 16 February 2023, NN Group announced an open market share buyback programme for an amount of EUR 250 million within 12 months, which commenced on 1 March 2023. The share buyback programme was completed on 9 October 2023. On 31 March 2023, NN Life and ABN AMRO Life entered into a legal merger which became effective as per 1 April 2023. As a result of this legal merger, ABN AMRO Life ceased to exist as per 1 April 2023 and NN Life assumed all assets and liabilities of ABN AMRO Life under universal title of succession (algemene titel) as per that same date. On 3 May 2023, NN Group issued EUR 1 billion of subordinated notes due in 2043. It was the second issuance under NN Group\u2019s Sustainability Bond Framework, which was established in February 2022 with the aim to finance green and social projects. The EUR 1 billion subordinated notes have a maturity of 20.5 years and have a first call date after 10 years on 3 May 2033, subject to redemption conditions. The coupon is fixed at 6.00% per annum until the first coupon reset date on 3 November 2033 and will be floating thereafter. The subordinated notes qualify as Tier 2 regulatory capital. On 9 May 2023, the tender offer announced by NN Group on 25 April 2023 was settled. Holders of its EUR 1 billion dated Tier 2 subordinated notes due 2044 and EUR 750 million undated restricted Tier 1 subordinated notes were invited to tender their notes for repurchase by NN Group, for an aggregate maximum nominal amount of EUR 1 billion. The purpose of the tender offer and the issuance of EUR 1 billion of subordinated notes was, amongst other things, to refinance and proactively manage NN Group\u2019s expected redemption profile. Following the tender offer, on 3 May 2023 NN Group announced that the proceeds of the EUR 1 billion issuance were used to repurchase EUR 665 million of the EUR 1 billion dated Tier 2 subordinated notes that are first callable in April 2024, and EUR 335 million of the EUR 750 million undated restricted T1 subordinated notes that are first callable in June 2024. On 29 June 2023, NN Group paid a 2022 final dividend of EUR 1.79 per ordinary share, equivalent to EUR 494 million in total. To neutralise the dilutive effect of the stock dividend on earnings per share, NN Group announced the repurchase of ordinary shares for a total amount of EUR 235 million. The share buyback programme was completed on 25 August 2023. On 25 September 2023, NN Group paid a 2023 interim dividend of EUR 1.12 per ordinary share, equivalent to EUR 309 million in total. To neutralise the dilutive effect of the stock dividend on earnings per share, NN Group announced the repurchase of ordinary shares for a total amount of EUR 146 million. The share buyback programme was completed on 6 October 2023. On 19 December 2023, NN Group announced that its subsidiary NN Life completed two transactions to transfer the full longevity risk associated with in total approximately EUR 13 billion of pension liabilities in the Netherlands. The transactions cover the Notes to the 51 Capital and liquidity management continued longevity risk of approximately 300 thousand policies and have been entered into with an insurance subsidiary of Prudential Financial, Inc. and with Swiss Re. The risk transfer became effective as of 31 December 2023, and the reinsurance agreements will continue until the portfolio has run off. On 9 January 2024, NN Group announced a settlement with interest groups ConsumentenClaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis and Consumentenbond regarding unit-linked products sold in the Netherlands by Nationale- Nederlanden, including Delta Lloyd and ABN AMRO Life. The settlement relates to all unit-linked products of policyholders affiliated with the aforementioned interest groups and is subject to a 90% acceptance rate of affiliated policyholders that have received an individual proposal for compensation. As part of the settlement, all pending proceedings with respect to unit-linked products initiated by these interest groups against Nationale-Nederlanden will be discontinued once the settlement is executed, which is anticipated ultimately 30 June 2025. The settlement also includes that no new legal proceedings may be initiated by the aforementioned interest groups or their affiliated persons/parties. To cover the settlement costs, a provision of approximately EUR 360 million was recognised in the fourth quarter of 2023. This includes EUR 60 million for hardship cases, and customers unaffiliated with one of the aforementioned interest groups that have not previously received compensation. Solvency II Solvency II is the regulatory framework for (re-)insurance undertakings and groups domiciled in the EU. Under the Solvency II regime, required capital (Solvency Capital Requirement) is risk-based and calculated as the post-tax value- at-risk at the confidence interval of 99.5% on a one-year horizon. Available capital (Own Funds) is determined as the excess of assets over liabilities, both based on economic valuations, plus qualifying subordinated debt. The EU Solvency II directive requires that (re-)insurance undertakings and groups hold sufficient Eligible Own Funds to cover the SCR. NN Group is the holding company of licensed insurers and banking businesses. Regulated entities which from local regulatory perspective are not subject to the Solvency II regime (e.g. pension funds in Central Europe, NN Bank, BeFrank and BeFrank PPI) are included in Own Funds based on their local available capital and in SCR based on required capital defined by sectoral supervisory rules. NN Life Japan is included in Own Funds and SCR based on its available and required capital determined according to the local solvency regime recognised by the European Commission as provisionally equivalent. NN Group uses the Partial Internal Model (PIM) to calculate capital requirements under Solvency II. The group capital model is named as such due to the fact that an Internal Model is used to calculate the capital requirements for the Dutch insurance entities (namely NN Life, NN Non-life and NN Re in the Netherlands), while the Standard Formula is used to calculate capital requirements for operational risk (across the group), for the international insurance entities that fall under Solvency II, and for ABN AMRO Non- life. Further details on the NN Group capital requirements at 31 December 2023 are provided in Note 50 \u2018Risk management\u2019. The Solvency II ratios of NN Group and its Dutch insurance entities include a provision following the settlement with interest groups regarding unit-linked products sold by Nationale-Nederlanden, including Delta Lloyd and ABN AMRO Life. Reference is made to Note 43 \u2018Legal proceedings\u2019 for more information. On 22 September 2021, the European Commission (EC) published, as part of the Solvency II 2020 Review the proposed Level I texts (Directive) and insights in the upcoming Level II (Delegated Acts) regulations. In June 2022, the Council reached consensus on their view on the Solvency II 2020 review. This position is broadly similar to the EC proposals. The economic committee of the European Parliament (EP) reached consensus in July 2023 and the final vote in the European Parliament took place in September 2023. Compared to the EC, the position of the EP is more leaning to some of the positions of the insurance industry, for example, with respect to the cost of capital rate used for the valuation of the risk margin and the calibration of the risk correction which is relevant for the Volatility Adjustment (both in terms of balance sheet valuation and SCR). The EC proposal formed the basis for the political process, which has led to a compromise position as agreed by the trilogue parties on 13 December 2023. Actual implementation of the changes is currently not expected before 2026. The details of the agreement are not fully known yet and some key aspects in the agreement will not be detailed out in Level I, but will be clarified later in the process (part of Level II). The trilogue compromise position forms the basis for the upcoming legislative process, which can take a long time and can lead to further changes. Based on the results of the trilogue negotiations and current market conditions, NN Group remains comfortable with its solvency position and does not expect changes to its dividend policy Eligible Own Funds and Solvency Capital Requirement 2023 2022 (Restated) Shareholders\u2019 equity 19,624 19,265 Minority interest 79 73 Elimination of intangible assets -1,234 -1,238 Valuation differences on assets -1,361 -1,042 Valuation differences on liabilities, including insurance and investment contracts -2,998 -2,059 Deferred tax effect on valuation differences 1,132 835 Difference in treatment of non-Solvency II regulated entities -3 42 Excess assets/liabilities 15,240 15,876 Qualifying subordinated debt 4,127 3,985 Foreseeable dividends and distributions -681 -623 Basic Own Funds 18,685 19,237 Non-available Own Funds 896 1,415 Non-eligible Own Funds 98 Eligible Own Funds (a) 17,691 17,822 \u2013 of which Tier 1 unrestricted 10,388 10,904 \u2013 of which Tier 1 restricted 1,414 1,716 \u2013 of which Tier 2 2,631 2,189 \u2013 of which Tier 3 1,144 910 \u2013 of which non-Solvency II regulated entities 2,113 2,104 Solvency Capital Requirements (b) 8,990 9,040 \u2013 of which from solvency II entities 7,628 7,677 \u2013 of which from non-solvency II entities 1,362 1,363 NN Group Solvency II ratio (a/b) 1 197% 197% 1 The Solvency II ratio is not final until filed with the regulator NN Group was adequately capitalised at 31 December 2023 with a Solvency II ratio of 197% based on the Partial Internal Model. The Solvency II ratio of NN Group is 197% at the end of 2023, at the same level as at the end of 2022. The positive impact from operating capital generation and the longevity reinsurance transactions executed by NN Life was largely offset by capital flows to shareholders, adverse market impacts and to a lesser extent the recognition of the provision for the settlement agreement on unit-linked insurance policies. Market impacts mainly reflect negative real estate revaluations, movements in credit spreads and unfavourable changes in interest rates. Eligible Own Funds decreased to EUR 17,691 million at 31 December 2023 from EUR 17,822 million at 31 December 2022. The decrease was mainly driven by capital flows to shareholders, the aforementioned market impacts and the provision for settlement agreement on unit-linked insurance policies, partly offset by operating capital generation and the positive impact of the longevity reinsurance transactions. The SCR of NN Group decreased to EUR 8,990 million at 31 December 2023 from EUR 9,040 million at 31 December 2022. The decrease was mainly driven by the longevity reinsurance transactions, partly offset by the aforementioned market impacts. Structure, amount and quality of Own Funds Subordinated liabilities included in NN Group Own Funds Solvency II Value Interest rate Issue 1 Year of issue Notional First call date Due date Own Funds tier 2023 2022 (Restated) 4.500% NN Group N.V. 2014 1,000 15 January 2026 Perpetual Tier 1 994 969 4.375% NN Group N.V. 2,3 2014 415 13 June 2024 Perpetual Tier 1 420 747 4.625% NN Group N.V. 3 2014 335 8 April 2024 8 April 2044 Tier 2 334 1,012 4.625% NN Group N.V. 2017 850 13 January 2028 13 January 2048 Tier 2 830 793 5.250% NN Group N.V. 2022 500 30 August 2032 1 March 2043 Tier 2 503 464 6.000% NN Group N.V. 2023 1,000 3 May 2033 3 November 2043 Tier 2 1,037 1 All securities are listed on Euronext Amsterdam. 2 These securities were originally issued by Delta Lloyd N.V. which was merged into NN Group N.V. at the end of 2017. 3 These securities were part of a tender offer announced on 25 April 2023 by NN Group, after which part of the notes were repurchased. The notional presented is the remaining notional after the settlement of the tender offer on 9 May 2023. The perpetual subordinated notes issued in 2014 with a notional amount of EUR 1 billion have a coupon of 4.50% and are fully paid in. NN Group N.V. has the right to redeem these notes on the first call date on 15 January 2026 or on any interest payment date thereafter. The subordinated notes are classified as Restricted Tier 1 capital based on the transitional provisions (grandfathering). These subordinated notes are grandfathered for a maximum period of 10 years until 1 January 2026. The perpetual subordinated notes (originally issued by Delta Lloyd N.V. in 2014) with a notional amount of EUR 415 million (original amount of EUR 750 million) have a coupon of 4.375% and are fully paid in. On 3 May 2023, NN Group N.V. announced that as part of the tender offer announced on 25 April 2023 a total amount of EUR 335 million of the perpetual notes was repurchased by NN Group. These notes are grandfathered for a maximum period of 10 years until 1 January 2026. NN Group N.V. has the right to redeem these notes on the first call date on 13 June 2024 or on any interest payment date thereafter. The subordinated notes are classified as Restricted Tier 1 capital based on the transitional provisions (grandfathering). The dated subordinated notes issued in 2014 with a notional amount of EUR 335 million (original amount of EUR 1 billion) have a coupon of 4.625%, maturity date on 8 April 2044, and are fully paid in. On 3 May 2023, NN Group N.V. announced that as part of the tender offer announced on 25 April 2023 a total amount of EUR 665 million of the notes was repurchased by NN Group. The subordinated notes are grandfathered for a maximum period of 10 years until 1 January 2026. NN Group N.V. has the right to redeem these notes on the first call date on 8 April 2024 or on any interest payment date thereafter. These subordinated notes are classified as Tier 2 capital based on the transitional provisions (grandfathering). The dated subordinated notes issued in 2017 with a notional amount of EUR 850 million have a coupon of 4.625%, maturity date
on 13 January 2048, and are fully paid in. NN Group N.V. has the right to redeem these notes on the first call date on 13 January
2028 or on any interest payment date thereafter. These subordinated notes are classified as Tier 2 capital.
The dated subordinated notes issued in 2022 with a notional amount of EUR 500 million have a coupon of 5.25%, maturity date
on 1 March 2043, and are fully paid in. It was the first issuance under NN Group\u2019s Sustainability Bond Framework. NN Group
N.V. has the right to redeem these notes on the first call date of 30 August 2032 or any other interest payment date thereafter.
These subordinated notes are classified as Tier 2 capital.
The dated subordinated notes issued in 2023 with a notional amount of EUR 1 billion have a coupon of 6.00%, maturity date on
3 November 2043, and are fully paid in. It was the second issuance under NN Group\u2019s Sustainability Bond Framework. NN Group
N.V. has the right to redeem these notes on the first call date of 3 May 2033 or any other interest payment date thereafter.
These subordinated notes are classified as Tier 2 capital.
Eligible Own Funds
NN Group Own Funds are classified into three tiers as follows:
\u2022 The excess of assets over liabilities on the basis of consolidated accounts excluding net Deferred Tax Asset is classified as
(unrestricted) Tier 1
\u2022 The proportional share in the Own Funds of BeFrank, BeFrank PPI and pension funds in Central Europe is classified as
(unrestricted) Tier 1
\u2022 The proportional share in the Eligible Own Funds of NN Life Japan is classified as (unrestricted) Tier 1 (European Commission
recognised the solvency regime applied to the insurance undertakings in Japan as provisionally equivalent to Solvency II
according to Commission Delegated Decision (EU) 2016/310 of 26 November 2015)
\u2022 The proportional share in the Own Funds of NN Bank is classified as (unrestricted) Tier 1 with the exception of the subordinated
loans which are classified as Tier 2
\u2022 Perpetual subordinated notes are classified as (restricted) Tier 1 based on the transitional provisions (grandfathering)
\u2022 Dated subordinated debt is classified as Tier 2 including that based on the transitional provisions (grandfathering)
\u2022 The Net Deferred Tax Asset (Deferred tax assets and liabilities are offset only where such assets and liabilities relate to taxes
levied by the same tax authority on the same taxable undertaking) is classified as Tier 3
As at 31 December 2023 and 2022, NN Group had no ancillary Own Funds.
There are a number of regulatory restrictions on the amounts classified as Restricted Tier 1, Tier 2 and Tier 3 capital. The following
restrictions have to be taken into account:
\u2022 Restricted Tier 1 capital cannot exceed 20% of the total Tier 1 amount
\u2022 The proportion of Tier 1 items in the Eligible Own Funds should be higher than one third of the total amount of Eligible Own Funds
\u2022 Tier 2 and Tier 3 capital together cannot exceed 50% of the SCR
\u2022 Tier 3 capital cannot exceed 15% of the Solvency Capital Requirements
\u2022 Tier 3 capital cannot exceed one third of the total amount of Eligible Own Funds
The application of the regulatory restrictions as at 31 December 2023 is reflected in the table below.
Eligible Own Funds to cover the Solvency Capital Requirement
Available Own
Funds 2023
Eligible Own
Funds 2023
Available Own
Funds 2022
(Restated)
Eligible Own
Funds 2022
(Restated) Eligibility restriction
Tier 1 11,802 11,802 12,620 12,620
More than one third of
total EOF
Of which:
\u2013 Unrestricted Tier 1 10,388 10,388 10,904 10,904 Not applicable
\u2013 Restricted Tier 1 1,414 1,414 1,716 1,716
Less than 20% of
Tier 1
Tier 2 + Tier 3 3,873 3,775 3,098 3,098 Less than 50% of SCR
Tier 2 2,631 2,631 2,189 2,189
Tier 3 1,243 1,144 910 910
Less than 15% of
SCR; Less than one
third of total EOF
Non-Solvency II regulated entities 2,113 2,113 2,104 2,104
Total Own Funds 17,789 17,691 17,822 17,822
Transferability and fungibility of Own Funds
NN Group adjusts the group Own Funds taking into account the value of own fund items that cannot effectively be made available
to cover the group SCR. These are the own fund items of related undertakings subject to legal and regulatory constraints that
restrict the ability of those items to absorb all types of loss within the group and/or transferability of assets. Based on NN Group\u2019s
assessment these own fund items mainly include:
\u2022 Differences between valuations of assets and liabilities based on Solvency II principles and according to principles that related
undertakings use to prepare respective local annual accounts
\u2022 For NN Life Japan, own fund items according to local rules but which are not part of shareholders\u2019 equity
\u2022 For NN Bank, own funds covering pillar II guidance issued by regulator
\u2022 The transitional measures on risk-free interest rates and technical provisions
\u2022 Legal reserves set up according to local company law
\u2022 Any minority interest in a related undertaking
These own fund items are included in NN Group Own Funds to the extent they are eligible for covering contribution of the
respective related undertaking to the NN Group\u2019s SCR. On 31 December 2023 excess non-available own funds amounted to
EUR 896 million. On 31 December 2022, this amount was EUR 1,415 million.
Cash capital position at the holding company
NN Group holds a cash capital position at the holding company to cover capital needs of the entities after a stress event and to
cover financial leverage costs and holding company expenses for a period of at least 12 months. Cash capital is defined as net
current assets available at the holding company. NN Group is comfortable with a cash capital position at the holding company
to be in a range of EUR 0.5 billion and EUR 1.5 billion. A related metric is the free cash flow at the holding which is defined as
the change in the cash capital position at the holding company over the period, excluding acquisitions, divestments, and capital
transactions with shareholders and debtholders.
Cash capital position at the holding company
2023
2022
(Restated)
Beginning of period 2,081 1,998
Remittances from subsidiaries
1
1,855 1,753
Capital injections into subsidiaries
2
-1,117 -545
Other
3
-267 -315
Free cash flow to the holding
4
470 893
Cash divestment proceeds 1,626
Acquisitions -20 -524
Capital flow to shareholders -1,053 -1,806
Increase/decrease in debt and loans -507 -106
End of period 971 2,081
1 Includes interest on intragroup subordinated loans provided to subsidiaries by the holding company.
2 Includes the change of subordinated loans provided to subsidiaries by the holding company.
3 Includes interest on subordinated loans and debt with external debtholders, holding company expenses and other cash flows.
4 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, divestment proceeds and capital
transactions with shareholders and debtholders.
The cash capital position at the holding company decreased to EUR 971 million at 31 December 2023 from EUR 2,081 million at
31 December 2022. The decrease is mainly due to EUR 1,117 million of capital injections into subsidiaries, mainly into NN Life
and NN Spain, EUR 1,053 million capital flows to shareholders, the redemption of EUR 500 million of senior debt, as well as other
movements of EUR 267 million that include holding company expenses, interest on loans and debt and other holding company
cash flows. These are partly offset by remittances from subsidiaries of EUR 1,855 million. NN Group injected EUR 1 billion into
NN Life to cover for the provision that was recognised for the cost of the final settlement on unit-linked insurance policies, as well
as to improve the use of capital within the group by deploying the remainder according to NN Life\u2019s strategic asset allocation over
time. Capital flows to shareholders comprise the cash part of the 2022 final dividend and the 2023 interim dividend for a total
amount of EUR 422 million, and the repurchase of EUR 631 million of own shares.
Financial leverage
The financial leverage and fixed-cost coverage ratio are managed in accordance with a single A financial strength rating target.
Financial leverage
2023
2022
(Restated)
Shareholders\u2019 equity 19,624 19,265
Contractual service margin after tax
1
4,861 4,858
Minority interest 79 73
Capital base for financial leverage (a) 24,564 24,196
\u2013 Undated subordinated notes
2
1,416 1,764
\u2013 Subordinated debt 2,680 2,334
Total subordinated debt 4,096 4,098
Debt securities issued 1,195 1,694
Financial leverage (b) 5,291 5,792
Total debt 5,291 5,792
Financial leverage ratio (b/(a+b)) 17.7% 19.3%
Fixed-cost coverage ratio
3
8.7x 9.5x
1 Contractual service margin after tax and net of reinsurance is included in the capital base for financial leverage ratio in the calculation based on IFRS 9/IFRS 17.
2 The undated subordinated notes classified as equity are considered financial leverage in the calculation of the financial leverage ratio. The related interest is included on an accrual basis in
the calculation of the fixed-cost coverage ratio.
3 Measures the ability of earnings before interest and tax (EBIT) to cover funding costs on financial leverage. Special items, revaluations on derivatives that are non-eligible for hedge
accounting, market and other impacts and amortisation of acquisition intangibles are excluded from EBIT.
The financial leverage ratio of NN Group decreased to 17.7% at 31 December 2023 from 19.3% at 31 December 2022, reflecting
the increase of the capital base and the decrease of the financial leverage. The financial leverage decreased mainly driven by
the redemption of EUR 500 million of senior debt on 13 January 2023. The capital base for financial leverage increased with
EUR 368 million mainly due to the 2023 net result of EUR 1,172 million and positive equity revaluations, partly offset by capital
flows to shareholders of EUR 1,053 million.
NN Group issued EUR 1 billion of dated green Tier 2 subordinated notes with a maturity of 20.5 years and a fixed coupon at 6.00%
per annum until 2033 on 3 May 2023. The proceeds of the issuance were used to repurchase EUR 665 million of dated Tier 2
subordinated notes that are first callable in April 2024 and EUR 335 million of undated restricted Tier 1 subordinated notes that
are first callable in June 2024. The transactions had no material impact on the financial leverage position.
The fixed-cost coverage ratio decreased to 8.7x at the end of 2023, from 9.5x at the end of 2022 (on a last 12-months basis),
driven by the decrease of earnings before interest and tax mainly due to negative real estate revaluations.
Proposed 2023 final dividend
At the annual general meeting on 24 May 2024, a final dividend will be proposed of EUR 2.08 per ordinary share, or approximately
EUR 570 million in total based on the current number of outstanding shares (net of treasury shares). The final dividend will be paid
either fully in cash, after deduction of withholding tax if applicable, or fully in ordinary shares, at the election of the shareholders.
Dividends paid in the form of ordinary shares will be delivered from NN Group treasury shares or issued at the expense of the share
premium reserve. To neutralise the dilutive effect of the stock dividend, NN Group will repurchase ordinary shares for an amount
equivalent to the stock dividend. If the proposed dividend is adopted by the General Meeting, NN Group ordinary shares will be
quoted ex-dividend on 28 May 2024. The record date for the dividend will be 29 May 2024. The election period will run from 30 May
2024 up to and including 13 June 2024. The stock fraction for the stock dividend will be based on the volume weighted average price
of NN Group ordinary shares on Euronext Amsterdam for the five trading days from 7 June through 13 June 2024. The dividend
will be payable on 20 June 2024. (For more information: NN Group - Dividend policy and dividend history (nn-group.com).
On 25 September 2023, NN Group paid an interim dividend of EUR 1.12 per ordinary share, equivalent to EUR 309 million in total. The proposed 2023 final dividend of EUR 2.08 per ordinary share plus the 2023 interim dividend of EUR 1.12 per ordinary share gives a total dividend for 2023 of EUR 3.20 per ordinary share. On 29 June 2023, NN Group paid a 2022 final dividend of EUR 1.79 per ordinary share, equivalent to EUR 494 million in total. Share buyback On 29 February 2024, NN Group announced that it will execute an open market share buyback programme for an amount of EUR 300 million. The programme will be executed within nine months and is anticipated to commence on 2 April 2024. The share buyback will be deducted in full from Solvency II Own Funds in the first half of 2024 and is estimated to reduce NN Group\u2019s Solvency II ratio by approximately 3 percentage points. In addition to the announced share buyback programme, NN Group intends to repurchase shares to neutralise the dilutive effect of any stock dividends. NN Group intends to cancel any repurchased NN Group shares under the programmes unless used to cover obligations under share-based remuneration arrangements or to deliver stock dividend. The share buyback programmes will be executed within the limitations of the existing authority granted by the General Meeting on 2 June 2023 and such authority to be granted by the General Meeting on 24 May 2024. The shares will be repurchased at a price that does not exceed the last independent trade or the highest current independent bid on the relevant trading platform. The programmes will be executed by financial intermediaries and will be performed in compliance with the safe harbour provisions for share buybacks. On 16 February 2023, NN Group announced an open market share buyback programme for an amount of EUR 250 million within 12 months, commencing on 1 March 2023. The share buyback programme was completed on 9 October 2023. NN Group neutralised the dilutive effect of the 2022 final dividend that was paid in the form of ordinary shares for a total amount of EUR 235 million and the 2023 interim dividend that was paid in the form of ordinary shares for a total amount of EUR 146 million. These share buyback programmes were completed on 25 August 2023 and 6 October 2023 respectively. NN Group reports on the progress of the share buyback programmes on its corporate website on a weekly basis. (For more information: NN Group \u2013 Share buyback programmes (nn-group.com)). Share capital On 25 August 2023, 10,000,000 NN Group treasury shares which were repurchased under the share buyback programmes were cancelled. In 2023, a total number of 18,988,015 ordinary shares for a total amount of EUR 631 million were repurchased (reference is made to Note 12 \u2018Equity\u2019 regarding the number of shares repurchased and the total amount in 2022). On 15 March 2024, the total number of NN Group shares outstanding (net 11,056,964 of treasury shares) was 273,943,036. Credit ratings On 21 December 2023, Standard & Poor\u2019s upgraded NN Group\u2019s financial strength rating to \u2018A+\u2019 with stable outlook from \u2018A\u2019 with positive outlook and the credit rating to \u2018A-\u2019 with stable outlook from \u2018BBB+\u2019 with positive outlook. On 22 November 2023, Fitch Ratings published a report affirming NN Group\u2019s \u2018AA-\u2019 financial strength rating and \u2018A+\u2019 credit rating with a stable outlook. Credit ratings on NN Group N.V. on 20 March 2024 Financial Strength Rating NN Group N.V. Counterparty Credit Rating Standard & Poor\u2019s A+ A- Stable Stable Fitch AA- 1 A+ Stable Stable 5 Financial Strength Rating for Nationanle-Nederlanden Levensverzekering Maatschappij N.V",
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"value": "Authorisation of the Consolidated annual accounts The Consolidated annual accounts of NN Group N.V. for the year ended 31 December 2023 were authorised for issue in accordance with a resolution of the Executive Board on 20 March 2024. The Executive Board may decide to amend the Consolidated annual accounts as long as these are not adopted by the General Meeting. The General Meeting may decide not to adopt the Consolidated annual accounts, but may not amend these during the meeting. The General Meeting can decide not to adopt the Consolidated annual accounts, propose amendments and then adopt the Consolidated annual accounts after a normal due process. The Hague, 20 March 2024 The Supervisory Board D.A. (David) Cole, chair P.F.M. (Pauline) van der Meer Mohr, vice-chair I.K. (Inga) Beale R.W. (Robert) Jenkins R.J.W. (Rob) Lelieveld C.G. (Cecilia) Reyes J.W. (Hans) Schoen The Executive Board D.E. (David) Knibbe, CEO, chair A.T.J. (Annemiek) van Melick, CFO, vice-chai",
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"value": "Distributable reserves NN Group N.V. is subject to legal restrictions regarding the amount of dividends it can pay to its shareholders. These restrictions come from two sources: the national civil code and capital requirements from prudential supervision. Total freely distributable reserves are the minimum of freely distributable capital on the basis of solvency requirements (Eligible Own Funds in excess of the Solvency Capital Requirement) and freely distributable equity based on requirements in the Dutch civil code. The Dutch Civil Code contains the restriction that in case of negative balances in individual reserves legally to be retained, no distributions can be made out of retained earnings to the level of these negative amounts. (Non-)distributable reserves are determined per legal entity and cannot be offset between legal entities in the Group. The net position of the accumulated revaluations on investments and the accumulated revaluations on (re) insurance contracts is used for determining (non-)distributable reserves. The accumulated revaluations on insurance contracts consist of accumulated revaluations as recognised in the consolidated balance sheet and estimated revaluations for insurance contracts for which the accumulated amount was set to zero at the first of January 2022. In addition, NN Group\u2019s ability to pay dividends is dependent on the dividend payment ability of its subsidiaries, associates and joint ventures. NN Group is legally required to create a non-distributable reserve insofar profits of its subsidiaries, associates and joint ventures are subject to dividend payment restrictions. Such restrictions may among others be of a similar nature as the restrictions which apply to NN Group. Legally distributable reserves, determined in accordance with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code, from NN Group\u2019s subsidiaries, associates and joint ventures are as follows: Distributable reserves based on the Dutch Civil Code 2023 2023 2022 (Restated) 2022 (Restated) Shareholders\u2019 equity 19,624 19,265 Share capital 34 35 Non-distributable reserves 2,352 2,883 Total non-distributable part of shareholders\u2019 equity: 2,386 2,918 Distributable reserves based on the Dutch Civil Code 17,238 16,347 The Dutch supervisory rules and regulations stemming from the Dutch Financial Supervision Act (Wet op het financieel toezicht) provide a second restriction on the possibility to distribute dividends. Total freely distributable reserves is the minimum of freely distributable capital on the basis of solvency requirements and freely distributable capital on the basis of capital protection. Freely distributable reserves 2023 2023 2022 (Restated) 2022 (Restated) Solvency requirement under the Financial Supervision Act 8,990 9,040 Reserves available for financial supervision purposes 17,691 17,822 Total freely distributable reserves on the basis of solvency requirements 8,701 8,782 Total freely distributable reserves on the basis of the Dutch Civil Code 17,238 16,347 Total freely distributable reserves (lower of the values above) 8,701 8,782 Reference is made to Note 51 \u2018Capital and liquidity management\u2019 in the Consolidated annual accounts for more information on solvency requirements. Other restrictions There are other restrictions to the ability of subsidiaries, associates and joint ventures to distribute reserves to NN Group as a result of minimum capital requirements that are imposed by industry regulators in the countries in which the group companies operate. Reference is made to Note 51 \u2018Capital and liquidity management\u2019 in the Consolidated annual accounts for the minimum capital requirements. In addition to the legal and regulatory restrictions on distributing dividends from subsidiaries, associates and joint ventures to NN Group there are various other considerations and limitations that are taken into account in determining the appropriate levels of equity in the Group\u2019s subsidiaries, associates and joint ventures. These considerations and limitations include, but are not restricted to, rating agency and regulatory views, which can change over time; it is not possible to disclose a reliable quantification of these limitations. Without prejudice to the authority of the Executive Board to allocate profits to reserves and to the fact that the ordinary shares are the most junior securities issued by NN Group, no specific dividend payment restrictions with respect to ordinary shares exist. Furthermore, NN Group is subject to legal restrictions with respect to repayment of capital to holders of ordinary shares. Capital may be repaid to the holders of ordinary shares pursuant to an amendment of NN Group\u2019s Articles of Association whereby the ordinary shares are written down. Pursuant to the Dutch Civil Code, capital may only be repaid if none of NN Group\u2019s creditors opposes such a repayment within two months following the announcement of a resolution to that effect.",
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"value": "NN Group N.V. Schenkkade 65 2595 AS The Hague The Netherlands P.O. Box 90504, 2509 LM The Hague The Netherlands www.nn-group.com",
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