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"scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-453": { "value": "79000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-454": { "value": "1416000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "nngr:UndatedSubordinatedNotesMember", "unit": "iso4217:EUR" } }, "fact-455": { "value": "21119000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-456": { "value": "1 Accounting policies 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: \u2219 NN Group disaggregates insurance finance result between profit or loss and in the \u2018Revaluation reserve\u2019 in \u2018Other comprehensive income\u2019 (OCI) in equity. \u2219 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. \u2219 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. \u2219 For hedge accounting NN Group continues to apply the IAS 39 hedge accounting requirements. 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": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "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:
\u2219 NN Group disaggregates insurance finance result between profit or loss and in the \u2018Revaluation reserve\u2019 in
\u2018Other comprehensive income\u2019 (OCI) in equity.
\u2219 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.
\u2219 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.
\u2219 For hedge accounting NN Group continues to apply the IAS 39 hedge accounting requirements.
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": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "NN Group N.V. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "a public limited liability company (naamloze vennootschap)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "Amsterdam, the Netherlands ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "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": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "
Changes in IFRS-EU effective in 2024
The following changes to existing standards became effective in 2024:
\u2219 Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier
Finance Arrangements.
\u2219 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or
Non-current and Non-current Liabilities with Covenants.
\u2219 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback.
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:
\u2219 Amendments to IAS 21 Lack of Exchangeability.
\u2219 Amendments to the classification and measurement of financial instruments - Amendments to IFRS 9 and
IFRS 7.
\u2219 IFRS 18 Presentation and disclosure in financial statements.
\u2219 IFRS 19 Subsidiaries without public accountability: disclosures.
\u2219 Annual improvements volume 11.
These changes are not expected to have a material impact on NN Group\u2019s shareholders\u2019 equity or net result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "Changes in IFRS-EU effective in 2024 The following changes to existing standards became effective in 2024: \u2219 Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. \u2219 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants. \u2219 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. 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: \u2219 Amendments to IAS 21 Lack of Exchangeability. \u2219 Amendments to the classification and measurement of financial instruments - Amendments to IFRS 9 and IFRS 7. \u2219 IFRS 18 Presentation and disclosure in financial statements. \u2219 IFRS 19 Subsidiaries without public accountability: disclosures. \u2219 Annual improvements volume 11. These changes are not expected to have a material impact on NN Group\u2019s shareholders\u2019 equity or net result. 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. Material accounting policies and significant judgements 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. Reference is made to Note 48 \u2018Risk management\u2019 for a sensitivity analysis of certain assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "
Material accounting policies and significant judgements
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.
Reference is made to Note 48 \u2018Risk management\u2019 for a sensitivity analysis of certain assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "Material accounting policies and significant judgements 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. Reference is made to Note 48 \u2018Risk management\u2019 for a sensitivity analysis of certain assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "Material accounting policies and significant judgements 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. Reference is made to Note 48 \u2018Risk management\u2019 for a sensitivity analysis of certain assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "General accounting policies 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 30 \u2018Principal subsidiaries and geographical information\u2019. 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
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:
\u2219 Assets and liabilities included in each balance sheet are translated at the closing rate at the date of that
balance sheet.
\u2219 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).
\u2219 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.
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) .
Maximum credit risk exposure
The maximum credit risk exposure for items on the balance sheet is generally the carrying value for the
relevant financial assets. For the off-balance sheet items, the maximum credit exposure is the maximum
amount that could be required to be paid. Reference is made to Note 40 \u2018Contingent liabilities and
commitments\u2019 for these off-balance sheet items. Collateral received is not taken into account when
determining the maximum credit risk exposure. The manner in which NN Group manages credit risk and
determines credit risk exposures is explained in Note 48 \u2018Risk management\u2019.
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.
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.
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:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "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 30 \u2018Principal subsidiaries and geographical information\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "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. 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. forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk 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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial asset. 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 factors (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 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 investments for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities 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 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 34 \u2018Hedge accounting\u2019 for further information on hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "Maximum credit risk exposure The maximum credit risk exposure for items on the balance sheet is generally the carrying value for the relevant financial assets. For the off-balance sheet items, the maximum credit exposure is the maximum amount that could be required to be paid. Reference is made to Note 40 \u2018Contingent liabilities and commitments\u2019 for these off-balance sheet items. Collateral received is not taken into account when determining the maximum credit risk exposure. The manner in which NN Group manages credit risk and determines credit risk exposures is explained in Note 48 \u2018Risk management\u2019", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "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:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "Changes in Cash and cash equivalents
2024
2023
Changes in Cash and cash equivalents - opening balance
8,207
6,670
Net cash flow
\u22121,247
1,609
Effect of foreign currency exchange differences on cash and cash equivalents
\u221231
\u221272
Changes in Cash and cash equivalents - closing balance
6,929
8,207
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. 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
2024
2023
Cash and bank balances
3,764
3,888
Money market funds
2,759
2,976
Short-term deposits
406
1,343
Cash and cash equivalents
6,929
8,207
As at 31 December 2024, NN Group held EUR 1,975 million (31 December 2023: EUR 2,156 million) at central banks . \u2018 forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk . Investments at fair value through other comprehensive income
2024
2023
Debt securities
65,198
66,131
Equity securities
3,110
3,919
Loans
37,742
40,050
Investments at fair value through other comprehensive income
106,050
110,100
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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial asset. 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 factors (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 Changes in investments at fair value through other comprehensive income (2024)
2024
Debt securities
Equity securities
Loans
Total
Change in Investments at fair value through OCI -
opening balance
66,131
3,919
40,050
110,100
Additions
13,129
173
1,990
15,292
Disposals and redemptions
\u221212,514
\u2212875
\u22125,500
\u221218,889
Revaluations
\u22121,588
\u2212106
1,223
\u2212471
Impairments and reversal of impairments
23
\u221211
12
Amortisation
\u221218
\u221242
\u221260
Changes in the composition of the group and other
changes
14
14
Foreign currency exchange differences
35
\u22121
18
52
Change in Investments at fair value through OCI -
closing balance
65,198
3,110
37,742
106,050
Changes in investments at fair value through other comprehensive income (2023)
2023
Debt securities
Equity securities
Loans
Total
Change in Investments at fair value through OCI -
opening balance
69,684
4,106
41,271
115,061
Additions
15,448
423
1,986
17,857
Disposals and redemptions
\u221219,995
\u2212875
\u22122,744
\u221223,614
Revaluations
2,580
245
952
3,777
Impairments and reversal of impairments
\u221250
4
\u221246
Amortisation
\u221269
\u221255
\u2212124
Transfers and reclassifications
\u22121,351
\u22121,351
Changes in the composition of the group and other
changes
\u221213
\u221213
Foreign currency exchange differences
\u22121,467
20
\u22121,447
Change in Investments at fair value through OCI -
closing balance
66,131
3,919
40,050
110,100
Impairment \u2013 Investments at fair value through other comprehensive income (2024)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2024 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221282
\u221215
\u221267
\u2212164
Transfers between stage 1,2 and 3
2
\u22122
0
Additions
38
\u221213
\u221213
12
Disposals
12
10
22
44
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221230
\u221218
\u221260
\u2212108
Impairment \u2013 Investments at fair value through other comprehensive income (2023)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2023 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221246
\u221222
\u2212128
\u2212196
Transfers between stage 1,2 and 3
2
1
\u22123
0
Additions
\u221238
5
\u221213
\u221246
Disposals
1
77
78
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221282
\u221215
\u221267
\u2212164
The loss allowance for investments at fair value through other comprehensive income of EUR 108 million (2023: EUR 164 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 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
2024
2023
Mortgage loans
22,182
21,390
Other
54
101
Impairments
\u22122
\u22123
Investments at cost - net of impairments
22,234
21,488
Changes in investments at cost (2024)
2024
Mortgage loans
Other
Total
Changes in Investments at cost - opening balance
21,387
101
21,488
Additions
2,540
76
2,616
Disposals and redemptions
\u22121,938
\u2212126
\u22122,064
Fair value changes recognised on hedged items
186
186
Impairments and reversal of impairments
1
1
Amortisation
3
3
Transfers and reclassifications
4
4
Changes in Investments at cost - closing balance
22,179
55
22,234
Changes in investments at cost (2023)
2023
Mortgage loans
Other
Total
Changes in Investments at cost - opening balance
20,028
263
20,291
Additions
2,728
117
2,845
Disposals and redemptions
\u22121,943
\u2212156
\u22122,099
Fair value changes recognised on hedged items
535
535
Impairments and reversal of impairments
3
5
8
Amortisation
\u221227
\u221227
Transfers and reclassifications
64
\u221269
\u22125
Changes in the composition of the group and other changes
\u22121
\u221259
\u221260
Changes in Investments at cost - closing balance
21,387
101
21,488
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 investments 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
2024
2023
For risk of policyholders:
\u2013 debt securities
797
889
\u2013 equity securities and investment funds
41,999
36,789
\u2013 loans and other
2,624
2,611
Total for risk of policyholders
45,420
40,289
For risk of company:
\u2013 debt securities
445
460
\u2013 equity securities and investment funds
8,679
7,821
\u2013 loans and other
424
822
Total for risk of company
9,548
9,103
Investments at fair value through profit or loss
54,968
49,392
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. All real estate investments are appraised externally at least annually. 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. 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 33 \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
2024
2023
Investments in real estate \u2013 opening balance
2,620
2,754
Additions
114
193
Transfers from (to) other assets
\u22123
\u22121
Fair value gains (losses)
\u221213
\u2212276
Disposals
\u2212206
\u221250
Investments in real estate \u2013 closing balance
2,512
2,620
The total amount of rental income recognised in the profit and loss account for the year ended 31 December 2024 is EUR 170 million (2023: EUR 176 million). The real estate investments include properties that are leased (ground lease). At 31 December 2024, the corresponding right of use assets amount to EUR 70 million (2023: EUR 52 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 2024 EUR 61 million (2023: EUR 62 million). Investments in real estate by year of most recent appraisal
2024
2023
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
2024
2023
Investments in real estate
2,512
2,620
Investments at fair value through profit or loss
2,050
2,181
Investments at fair value through OCI
369
348
Investments in associates and joint ventures
4,586
4,384
Property and equipment \u2013 property in own use
91
92
Real estate exposure
9,608
9,625
Furthermore, the exposure is impacted by third-party interests, leverage in funds and off-balance commitments. Reference is made to Note 48 \u2018Risk management\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "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. \u2018 forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk 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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial asset. 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 factors (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 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "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
2024
2023
Cash and bank balances
3,764
3,888
Money market funds
2,759
2,976
Short-term deposits
406
1,343
Cash and cash equivalents
6,929
8,207
As at 31 December 2024, NN Group held EUR 1,975 million (31 December 2023: EUR 2,156 million) at
central banks .
Changes in Cash and cash equivalents
2024
2023
Changes in Cash and cash equivalents - opening balance
8,207
6,670
Net cash flow
\u22121,247
1,609
Effect of foreign currency exchange differences on cash and cash equivalents
\u221231
\u221272
Changes in Cash and cash equivalents - closing balance
6,929
8,207
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "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
2024
2023
Cash and bank balances
3,764
3,888
Money market funds
2,759
2,976
Short-term deposits
406
1,343
Cash and cash equivalents
6,929
8,207
As at 31 December 2024, NN Group held EUR 1,975 million (31 December 2023: EUR 2,156 million) at central banks Changes in Cash and cash equivalents
2024
2023
Changes in Cash and cash equivalents - opening balance
8,207
6,670
Net cash flow
\u22121,247
1,609
Effect of foreign currency exchange differences on cash and cash equivalents
\u221231
\u221272
Changes in Cash and cash equivalents - closing balance
6,929
8,207
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.
\u2018 forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk .
Investments at fair value through other comprehensive income
2024
2023
Debt securities
65,198
66,131
Equity securities
3,110
3,919
Loans
37,742
40,050
Investments at fair value through other comprehensive income
106,050
110,100
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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial
asset.
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 factors (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
Changes in investments at fair value through other comprehensive income (2024)
2024
Debt securities
Equity securities
Loans
Total
Change in Investments at fair value through OCI -
opening balance
66,131
3,919
40,050
110,100
Additions
13,129
173
1,990
15,292
Disposals and redemptions
\u221212,514
\u2212875
\u22125,500
\u221218,889
Revaluations
\u22121,588
\u2212106
1,223
\u2212471
Impairments and reversal of impairments
23
\u221211
12
Amortisation
\u221218
\u221242
\u221260
Changes in the composition of the group and other
changes
14
14
Foreign currency exchange differences
35
\u22121
18
52
Change in Investments at fair value through OCI -
closing balance
65,198
3,110
37,742
106,050
Changes in investments at fair value through other comprehensive income (2023)
2023
Debt securities
Equity securities
Loans
Total
Change in Investments at fair value through OCI -
opening balance
69,684
4,106
41,271
115,061
Additions
15,448
423
1,986
17,857
Disposals and redemptions
\u221219,995
\u2212875
\u22122,744
\u221223,614
Revaluations
2,580
245
952
3,777
Impairments and reversal of impairments
\u221250
4
\u221246
Amortisation
\u221269
\u221255
\u2212124
Transfers and reclassifications
\u22121,351
\u22121,351
Changes in the composition of the group and other
changes
\u221213
\u221213
Foreign currency exchange differences
\u22121,467
20
\u22121,447
Change in Investments at fair value through OCI -
closing balance
66,131
3,919
40,050
110,100
Impairment \u2013 Investments at fair value through other comprehensive income (2024)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2024 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221282
\u221215
\u221267
\u2212164
Transfers between stage 1,2 and 3
2
\u22122
0
Additions
38
\u221213
\u221213
12
Disposals
12
10
22
44
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221230
\u221218
\u221260
\u2212108
Impairment \u2013 Investments at fair value through other comprehensive income (2023)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2023 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221246
\u221222
\u2212128
\u2212196
Transfers between stage 1,2 and 3
2
1
\u22123
0
Additions
\u221238
5
\u221213
\u221246
Disposals
1
77
78
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221282
\u221215
\u221267
\u2212164
The loss allowance for investments at fair value through other comprehensive income of EUR 108 million (2023: EUR 164 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 . 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
2024
2023
Mortgage loans
22,182
21,390
Other
54
101
Impairments
\u22122
\u22123
Investments at cost - net of impairments
22,234
21,488
Changes in investments at cost (2024)
2024
Mortgage loans
Other
Total
Changes in Investments at cost - opening balance
21,387
101
21,488
Additions
2,540
76
2,616
Disposals and redemptions
\u22121,938
\u2212126
\u22122,064
Fair value changes recognised on hedged items
186
186
Impairments and reversal of impairments
1
1
Amortisation
3
3
Transfers and reclassifications
4
4
Changes in Investments at cost - closing balance
22,179
55
22,234
Changes in investments at cost (2023)
2023
Mortgage loans
Other
Total
Changes in Investments at cost - opening balance
20,028
263
20,291
Additions
2,728
117
2,845
Disposals and redemptions
\u22121,943
\u2212156
\u22122,099
Fair value changes recognised on hedged items
535
535
Impairments and reversal of impairments
3
5
8
Amortisation
\u221227
\u221227
Transfers and reclassifications
64
\u221269
\u22125
Changes in the composition of the group and other changes
\u22121
\u221259
\u221260
Changes in Investments at cost - closing balance
21,387
101
21,488
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 investments 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
2024
2023
For risk of policyholders:
\u2013 debt securities
797
889
\u2013 equity securities and investment funds
41,999
36,789
\u2013 loans and other
2,624
2,611
Total for risk of policyholders
45,420
40,289
For risk of company:
\u2013 debt securities
445
460
\u2013 equity securities and investment funds
8,679
7,821
\u2013 loans and other
424
822
Total for risk of company
9,548
9,103
Investments at fair value through profit or loss
54,968
49,392
15 Debt instruments issued 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
Interest rate
Year of Issue
Due date
First call date
Notional amount
Balance sheet value
2024
2023
2024
2023
1.625%
2017
01 June 2027
01 March 2027
600
600
599
598
0.875%
2021
23 November 2031
23 May 2031
600
600
597
597
Debt instruments issued
1,196
1,195
NN Group repaid the outstanding EUR 500 million 0.875% fixed rate unsecured senior notes that matured on 13 January 2023. 16 Subordinated debt Subordinated debt
Interest rate
Year of Issue
Due date
First call date
Notional amount
Balance sheet value
2024
2023
2024
2023
4.625%
2014
08 April 2044
08 April 2024
335
335
4.625%
2017
13 January 2048
13 January 2028
850
850
845
844
5.250%
2022
01 March 2043
30 August 2032
500
500
494
494
6.000%
2023
03 November 2043
03 May 2033
1,000
1,000
1,007
1,007
Subordinated debt
2,346
2,680
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 2024, NN Group redeemed the remaining outstanding amount of EUR 335 million of 4.625% Fixed to Floating Rate Subordinated Notes on their first call date 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 11 \u2018Equity\u2019. 18 Customer deposits
Customer deposits
2024
2023
Savings
7,724
7,451
Bank annuities
9,750
9,009
Customer deposits
17,474
16,460
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
2024
2023
Customer deposits \u2013 opening balance
16,460
16,235
Deposits received
4,694
4,246
Withdrawals
\u22123,661
\u22124,000
Amortisation
\u221219
\u221221
Customer deposits\u2013 closing balance
17,474
16,460
17 Other borrowed funds Other borrowed funds
2024
2023
Credit institutions
1,856
2,881
Other
6,131
7,111
Other borrowed funds
7,987
9,992
Other borrowed funds includes the funding of the consolidated securitisation programmes as disclosed in Note 43 \u2018Structured entities\u2019 and repo transactions used for liquidity management purposes. During 2024, NN Bank redeemed EUR 1,000 million bonds under its Covered Bond Programme. 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.19 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 34 \u2018Hedge accounting\u2019 for further information on hedge accounting.
Derivatives (assets)
2024
2023
Derivatives used in:
\u2013 fair value hedges
4
\u2013 cash flow hedges
630
536
\u2013 hedges of net investments in foreign operations
5
Other derivatives
2,050
1,945
Derivatives (assets)
2,684
2,486
Other derivatives comprises derivatives for which no hedge accounting is applied.
Derivatives (liabilities)
2024
2023
Derivatives used in:
\u2013 fair value hedges
1
39
\u2013 cash flow hedges
1,463
2,006
\u2013 hedges of net investments in foreign operations
2
2
Other derivatives
2,205
2,020
Derivatives (liabilities)
3,671
4,067
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "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. 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. forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk . 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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial asset. 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 factors (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
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 investments 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 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. All real estate investments are appraised externally at least annually. 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. 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 33 \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:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "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.
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.
forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk . 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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial asset. 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 factors (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 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 investments 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial asset. 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 factors (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 forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "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 expected credit losses 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 recognised for expected credit losses over the remaining lifetime of the financial asset. 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 factors (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 forbearance\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 48 \u2018Risk management\u2019 for more information on credit risk 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 2024 and 2023, 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "value": "
Changes in investments at fair value through other comprehensive income (2024)
2024
Debt securities
Equity securities
Loans
Total
Change in Investments at fair value through OCI -
opening balance
66,131
3,919
40,050
110,100
Additions
13,129
173
1,990
15,292
Disposals and redemptions
\u221212,514
\u2212875
\u22125,500
\u221218,889
Revaluations
\u22121,588
\u2212106
1,223
\u2212471
Impairments and reversal of impairments
23
\u221211
12
Amortisation
\u221218
\u221242
\u221260
Changes in the composition of the group and other
changes
14
14
Foreign currency exchange differences
35
\u22121
18
52
Change in Investments at fair value through OCI -
closing balance
65,198
3,110
37,742
106,050
Changes in investments at fair value through other comprehensive income (2023)
2023
Debt securities
Equity securities
Loans
Total
Change in Investments at fair value through OCI -
opening balance
69,684
4,106
41,271
115,061
Additions
15,448
423
1,986
17,857
Disposals and redemptions
\u221219,995
\u2212875
\u22122,744
\u221223,614
Revaluations
2,580
245
952
3,777
Impairments and reversal of impairments
\u221250
4
\u221246
Amortisation
\u221269
\u221255
\u2212124
Transfers and reclassifications
\u22121,351
\u22121,351
Changes in the composition of the group and other
changes
\u221213
\u221213
Foreign currency exchange differences
\u22121,467
20
\u22121,447
Change in Investments at fair value through OCI -
closing balance
66,131
3,919
40,050
110,100
Changes in investments at cost (2024)
2024
Mortgage loans
Other
Total
Changes in Investments at cost - opening balance
21,387
101
21,488
Additions
2,540
76
2,616
Disposals and redemptions
\u22121,938
\u2212126
\u22122,064
Fair value changes recognised on hedged items
186
186
Impairments and reversal of impairments
1
1
Amortisation
3
3
Transfers and reclassifications
4
4
Changes in Investments at cost - closing balance
22,179
55
22,234
Changes in investments at cost (2023)
2023
Mortgage loans
Other
Total
Changes in Investments at cost - opening balance
20,028
263
20,291
Additions
2,728
117
2,845
Disposals and redemptions
\u22121,943
\u2212156
\u22122,099
Fair value changes recognised on hedged items
535
535
Impairments and reversal of impairments
3
5
8
Amortisation
\u221227
\u221227
Transfers and reclassifications
64
\u221269
\u22125
Changes in the composition of the group and other changes
\u22121
\u221259
\u221260
Changes in Investments at cost - closing balance
21,387
101
21,488
Changes in Property in own use
2024
2023
Property in own use \u2013 opening balance
92
97
Additions
3
3
Revaluations
2
\u22122
Disposals
\u22126
Depreciation
\u22122
\u22122
Impairments
\u22126
Changes in the composition of the group and other changes
2
2
Property in own use \u2013 closing balance
91
92
Gross carrying value
150
146
Accumulated depreciation, revaluations and impairments
\u221259
\u221254
Net carrying value
91
92
Revaluation surplus \u2013 opening balance
14
16
Revaluation in year
2
\u22122
Revaluation surplus \u2013 closing balance
16
14
Changes in Equipment
Data processing Fixtures and fittings and
equipment
other equipment
Total
2024
2023
2024
2023
2024
2023
Equipment \u2013 opening balance
33
30
49
70
82
100
Additions
8
20
24
6
32
26
Disposals
\u221218
\u22121
\u221218
\u22121
Depreciation
\u221217
\u221214
\u221220
\u221220
\u221237
\u221234
Changes in the composition of the group and other
changes
\u22123
\u22126
0
\u22129
Equipment \u2013 closing balance
24
33
35
49
59
82
Gross carrying value
204
196
272
266
476
462
Accumulated depreciation
\u2212180
\u2212163
\u2212237
\u2212217
\u2212417
\u2212380
Net carrying value
24
33
35
49
59
82
Changes in Right of use assets
Property
Equipment
Total
2024
2023
2024
2023
2024
2023
Right of use assets \u2013 opening balance
155
183
19
19
174
202
Additions
9
15
17
12
26
27
Disposals
\u22122
\u221211
\u22122
\u22121
\u22124
\u221212
Depreciation
\u221231
\u221235
\u221212
\u221211
\u221243
\u221246
Changes in the composition of the group and other
changes
7
1
1
7
Foreign currency exchange differences
\u22122
\u22124
\u22122
\u22124
Right of use assets \u2013 closing balance
129
155
23
19
152
174
Gross carrying value
355
350
92
76
447
426
Accumulated depreciation
\u2212226
\u2212195
\u221269
\u221257
\u2212295
\u2212252
Net carrying value
129
155
23
19
152
174
Changes in Intangible assets (2024)
2024
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
892
79
299
1,270
Additions
36
3
39
Amortisation
\u221237
\u221238
\u221275
Disposals
\u22126
\u22126
Changes in the composition of the group and other
changes
\u221226
24
\u22122
Foreign currency exchange differences
3
3
Intangible assets \u2013 closing balance
869
72
288
1,229
Gross carrying value
1,842
1,030
871
3,743
Accumulated amortisation
\u2212888
\u2212533
\u22121,421
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
869
72
288
1,229
Changes in Intangible assets (2023)
2023
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
871
91
318
1,280
Additions
12
29
18
59
Amortisation
\u221235
\u221235
\u221270
Disposals
\u22123
\u22123
Impairments
\u22123
\u22122
\u22125
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
\u2212851
\u2212495
\u22121,346
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
892
79
299
1,270
Changes in Customer deposits
2024
2023
Customer deposits \u2013 opening balance
16,460
16,235
Deposits received
4,694
4,246
Withdrawals
\u22123,661
\u22124,000
Amortisation
\u221219
\u221221
Customer deposits\u2013 closing balance
17,474
16,460
Other operating expenses
2024
2023
Depreciation of property and equipment
82
82
Amortisation of software
36
35
Computer costs
310
297
Office expenses
69
69
Travel and accommodation expenses
17
15
Advertising and public relations
85
85
External advisory fees
211
210
Claims handling expenses
234
244
Additions to (releases of) other provisions
7
403
Commissions, fees and other
1,480
1,392
Other operating expenses
2,531
2,832
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "
Impairment \u2013 Investments at fair value through other comprehensive income (2024)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2024 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221282
\u221215
\u221267
\u2212164
Transfers between stage 1,2 and 3
2
\u22122
0
Additions
38
\u221213
\u221213
12
Disposals
12
10
22
44
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221230
\u221218
\u221260
\u2212108
Impairment \u2013 Investments at fair value through other comprehensive income (2023)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2023 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221246
\u221222
\u2212128
\u2212196
Transfers between stage 1,2 and 3
2
1
\u22123
0
Additions
\u221238
5
\u221213
\u221246
Disposals
1
77
78
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221282
\u221215
\u221267
\u2212164
The loss allowance for investments at fair value through other comprehensive income of EUR 108 million
(2023: EUR 164 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 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "Impairment \u2013 Investments at fair value through other comprehensive income (2024)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2024 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221282
\u221215
\u221267
\u2212164
Transfers between stage 1,2 and 3
2
\u22122
0
Additions
38
\u221213
\u221213
12
Disposals
12
10
22
44
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221230
\u221218
\u221260
\u2212108
Impairment \u2013 Investments at fair value through other comprehensive income (2023)
Stage 1
Stage 2
Stage 3
12 month Lifetime Lifetime
expected credit expected credit expected credit
2023 losses losses
losses
Total
Impairments - Debt instruments at fair value through
OCI and loans - opening balance
\u221246
\u221222
\u2212128
\u2212196
Transfers between stage 1,2 and 3
2
1
\u22123
0
Additions
\u221238
5
\u221213
\u221246
Disposals
1
77
78
Impairments - Debt instruments at fair value
through OCI and loans - closing balance
\u221282
\u221215
\u221267
\u2212164
The loss allowance for investments at fair value through other comprehensive income of EUR 108 million (2023: EUR 164 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 . In 2024 and 2023, there was no impairment of goodwill Changes in Intangible assets (2024)
2024
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
892
79
299
1,270
Additions
36
3
39
Amortisation
\u221237
\u221238
\u221275
Disposals
\u22126
\u22126
Changes in the composition of the group and other
changes
\u221226
24
\u22122
Foreign currency exchange differences
3
3
Intangible assets \u2013 closing balance
869
72
288
1,229
Gross carrying value
1,842
1,030
871
3,743
Accumulated amortisation
\u2212888
\u2212533
\u22121,421
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
869
72
288
1,229
Changes in Intangible assets (2023)
2023
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
871
91
318
1,280
Additions
12
29
18
59
Amortisation
\u221235
\u221235
\u221270
Disposals
\u22123
\u22123
Impairments
\u22123
\u22122
\u22125
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
\u2212851
\u2212495
\u22121,346
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
892
79
299
1,270
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "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 investments 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
2024
2023
For risk of policyholders:
\u2013 debt securities
797
889
\u2013 equity securities and investment funds
41,999
36,789
\u2013 loans and other
2,624
2,611
Total for risk of policyholders
45,420
40,289
For risk of company:
\u2013 debt securities
445
460
\u2013 equity securities and investment funds
8,679
7,821
\u2013 loans and other
424
822
Total for risk of company
9,548
9,103
Investments at fair value through profit or loss
54,968
49,392
19 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 34 \u2018Hedge accounting\u2019 for further information on hedge accounting.
Derivatives (assets)
2024
2023
Derivatives used in:
\u2013 fair value hedges
4
\u2013 cash flow hedges
630
536
\u2013 hedges of net investments in foreign operations
5
Other derivatives
2,050
1,945
Derivatives (assets)
2,684
2,486
Other derivatives comprises derivatives for which no hedge accounting is applied.
Derivatives (liabilities)
2024
2023
Derivatives used in:
\u2013 fair value hedges
1
39
\u2013 cash flow hedges
1,463
2,006
\u2013 hedges of net investments in foreign operations
2
2
Other derivatives
2,205
2,020
Derivatives (liabilities)
3,671
4,067
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "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 investments for risk of policyholders are classified at fair value through profit or loss as to align with the accounting for the corresponding insurance liabilities 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 34 \u2018Hedge accounting\u2019 for further information on hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "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. All real estate investments are appraised externally at least annually. 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. 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 33 \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
2024
2023
Investments in real estate \u2013 opening balance
2,620
2,754
Additions
114
193
Transfers from (to) other assets
\u22123
\u22121
Fair value gains (losses)
\u221213
\u2212276
Disposals
\u2212206
\u221250
Investments in real estate \u2013 closing balance
2,512
2,620
The total amount of rental income recognised in the profit and loss account for the year ended 31 December
2024 is EUR 170 million (2023: EUR 176 million). The real estate investments include properties that are
leased (ground lease). At 31 December 2024, the corresponding right of use assets amount to EUR 70 million
(2023: EUR 52 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 2024 EUR 61 million (2023:
EUR 62 million).
Investments in real estate by year of most recent appraisal
2024
2023
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
2024
2023
Investments in real estate
2,512
2,620
Investments at fair value through profit or loss
2,050
2,181
Investments at fair value through OCI
369
348
Investments in associates and joint ventures
4,586
4,384
Property and equipment \u2013 property in own use
91
92
Real estate exposure
9,608
9,625
Furthermore, the exposure is impacted by third-party interests, leverage in funds and off-balance
commitments. Reference is made to Note 48 \u2018Risk management\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "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. All real estate investments are appraised externally at least annually. 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. 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 33 \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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "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:
\u2219 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.
\u2219 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.
\u2219 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 (2024)
Interest Balance Total Total Total Total
2024 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,757
10,050
2,779
1,335
206
Macquarie European Infrastructure Debt Fund
47%
357
756
1
64
2
Rivage Euro Debt infrastructure 3
34%
317
927
55
7
Nestar Residencial S.I.I. S.A.
23%
268
1,762
606
105
67
CBRE Dutch Office Fund FGR
19%
263
2,129
715
79
81
Hayfin Amber GP S.A R.L.
100%
253
347
94
22
3
CBRE Dutch Residential Fund I FGR
8%
250
3,161
140
340
39
CBRE Retail Property Fund Iberica L.P.
50%
225
988
537
109
36
Rivage Hopitaux Publics Euro
34%
207
600
17
6
Ardstone Residential Partners III
29%
203
1,068
363
33
28
NRP Nordic Logistic Fund SA
42%
187
474
30
22
5
Healthcare Activos SOCIMI S.A.
38%
177
883
416
35
26
Rivage Priv. Debt \u2013 Fund for Infrastructure
Climate Solutions
100%
168
169
1
14
2
Dutch Urban Living Venture FGR
49%
160
478
155
66
12
Rivage Euro Debt Infrastructure High return 2
34%
153
454
37
8
Dutch Student and Young Professional Housing
Fund FGR
49%
143
370
81
45
8
CBRE Dutch Retail Fund FGR
22%
126
790
223
11
25
Allee center Kft
50%
116
251
19
20
12
Fiumaranuova s.r.l.
50%
98
202
6
18
8
Macquarie Climate Inv Debt.
58%
95
163
4
1
Bentall Green Oak Europe Secured Lending III
SLP
33%
92
413
129
13
8
Octopus Commercial Real Estate Debt Fund III LP
46%
90
219
21
13
3
Prime Ventures V.C.V.
18%
89
501
0
\u221212
5
DPE Deutschland III (Parallel) GmbH & Co
17%
81
676
201
214
2
CBRE UK Property Fund PAIF
8%
80
1,035
14
16 \u22125
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 474 million (2023: EUR 533 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 82 million (2023: EUR 85 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 (2023)
Interest Balance Total Total Total Total
2023 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,545
8,982
2,590
\u2212481
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
\u2212370
90
Nestar Residencial 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
\u2212269
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
\u221247
21
Dutch Urban Living Venture FGR
49%
138
434
156
\u221239
7
Rivage Hopitaux Publics Euro
34%
133
389
3
Dutch Student and Young Professional Housing
Fund FGR
49%
130
342
78
\u22129
6
Allee center Kft
50%
118
257
20
21
7
CBRE UK Property Fund PAIF
9%
112
1,309
37
21
\u22121
Delta Mainlog Holding GmbH & Co. KG 50% 76 154 3 8 2 Boccaccio - Closed-end Real Estate Mutual Investment Fund 50% 75 199 48 15 4 Hayfin TS Fund 79% 72 97 6 6 1 NL Boompjes Property 5 C.V. 50% 66 132 1 18 1 Parcom Buy-Out Fund V CV 21% 63 359 65 64 5 CBRE Property Fund Central and Eastern Europe FGR 50% 61 181 59 26 9 Parquest Capital II B FPCI 25% 58 267 38 5 4 Dutch Climate Action Fund Equity Vintage 1 C.V. 97% 54 55 1 Other 556 Investments in associates and joint ventures 7,036 Interest Balance Total Total Total Total 024 held sheet value assets liabilities income expense s Changes in investments in associates and joint ventures
2024
2023
Investments in associates and joint ventures \u2013 opening balance
6,231
6,450
Additions
706
507
Transfers from (to) investments at fair value through OCI
\u22123
Share in changes in equity (revaluations)
\u22129
Share of result
579
\u2212237
Dividends received
\u2212250
\u2212244
Disposals
\u2212244
\u2212259
Foreign currency exchange differences
17
23
Investments in associates and joint ventures \u2013 closing balance
7,036
6,231
Rivage Priv. Debt \u2013 Fund for Infrastructure 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 - 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 \u221249 4 NL Boompjes Property 5 C.V. 50% 60 120 1 12 1 Other 618 Investments in associates and joint ventures 6,231 Interest Balance Total Total Total Total 2023 held sheet value assets liabilities income expenses
43 Structured entities
NN 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: \u2219 Consolidated NN Group originated liquidity management securitisation and covered bond programmes. \u2219 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 RMBS issued and held by third
Maturity year
Related mortgage loans
parties
2024
2023
2024
2023
Soft Bullet Covered Bonds
2024-2041
8,535
9,257
7,327
8,322
Total
8,535
9,257
7,327
8,322
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\u2019 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\u2019 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "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: \u2219 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. \u2219 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. \u2219 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 (2024)
Interest Balance Total Total Total Total
2024 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,757
10,050
2,779
1,335
206
Macquarie European Infrastructure Debt Fund
47%
357
756
1
64
2
Rivage Euro Debt infrastructure 3
34%
317
927
55
7
Nestar Residencial S.I.I. S.A.
23%
268
1,762
606
105
67
CBRE Dutch Office Fund FGR
19%
263
2,129
715
79
81
Hayfin Amber GP S.A R.L.
100%
253
347
94
22
3
CBRE Dutch Residential Fund I FGR
8%
250
3,161
140
340
39
CBRE Retail Property Fund Iberica L.P.
50%
225
988
537
109
36
Rivage Hopitaux Publics Euro
34%
207
600
17
6
Ardstone Residential Partners III
29%
203
1,068
363
33
28
NRP Nordic Logistic Fund SA
42%
187
474
30
22
5
Healthcare Activos SOCIMI S.A.
38%
177
883
416
35
26
Rivage Priv. Debt \u2013 Fund for Infrastructure
Climate Solutions
100%
168
169
1
14
2
Dutch Urban Living Venture FGR
49%
160
478
155
66
12
Rivage Euro Debt Infrastructure High return 2
34%
153
454
37
8
Dutch Student and Young Professional Housing
Fund FGR
49%
143
370
81
45
8
CBRE Dutch Retail Fund FGR
22%
126
790
223
11
25
Allee center Kft
50%
116
251
19
20
12
Fiumaranuova s.r.l.
50%
98
202
6
18
8
Macquarie Climate Inv Debt.
58%
95
163
4
1
Bentall Green Oak Europe Secured Lending III
SLP
33%
92
413
129
13
8
Octopus Commercial Real Estate Debt Fund III LP
46%
90
219
21
13
3
Prime Ventures V.C.V.
18%
89
501
0
\u221212
5
DPE Deutschland III (Parallel) GmbH & Co
17%
81
676
201
214
2
CBRE UK Property Fund PAIF
8%
80
1,035
14
16 \u22125
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 474 million (2023: EUR 533 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 82 million (2023: EUR 85 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 (2023)
Interest Balance Total Total Total Total
2023 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,545
8,982
2,590
\u2212481
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
\u2212370
90
Nestar Residencial 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
\u2212269
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
\u221247
21
Dutch Urban Living Venture FGR
49%
138
434
156
\u221239
7
Rivage Hopitaux Publics Euro
34%
133
389
3
Dutch Student and Young Professional Housing
Fund FGR
49%
130
342
78
\u22129
6
Allee center Kft
50%
118
257
20
21
7
CBRE UK Property Fund PAIF
9%
112
1,309
37
21
\u22121
Delta Mainlog Holding GmbH & Co. KG 50% 76 154 3 8 2 Boccaccio - Closed-end Real Estate Mutual Investment Fund 50% 75 199 48 15 4 Hayfin TS Fund 79% 72 97 6 6 1 NL Boompjes Property 5 C.V. 50% 66 132 1 18 1 Parcom Buy-Out Fund V CV 21% 63 359 65 64 5 CBRE Property Fund Central and Eastern Europe FGR 50% 61 181 59 26 9 Parquest Capital II B FPCI 25% 58 267 38 5 4 Dutch Climate Action Fund Equity Vintage 1 C.V. 97% 54 55 1 Other 556 Investments in associates and joint ventures 7,036 Interest Balance Total Total Total Total 2 024 held sheet value assets liabilities income expense Changes in investments in associates and joint ventures
2024
2023
Investments in associates and joint ventures \u2013 opening balance
6,231
6,450
Additions
706
507
Transfers from (to) investments at fair value through OCI
\u22123
Share in changes in equity (revaluations)
\u22129
Share of result
579
\u2212237
Dividends received
\u2212250
\u2212244
Disposals
\u2212244
\u2212259
Foreign currency exchange differences
17
23
Investments in associates and joint ventures \u2013 closing balance
7,036
6,231
Rivage Priv. Debt \u2013 Fund for Infrastructure 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 - 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 \u221249 4 NL Boompjes Property 5 C.V. 50% 60 120 1 12 1 Other 618 Investments in associates and joint ventures 6,231 Interest Balance Total Total Total Total 2023 held sheet value assets liabilities income expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "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: \u2219 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. \u2219 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. \u2219 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 (2024)
Interest Balance Total Total Total Total
2024 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,757
10,050
2,779
1,335
206
Macquarie European Infrastructure Debt Fund
47%
357
756
1
64
2
Rivage Euro Debt infrastructure 3
34%
317
927
55
7
Nestar Residencial S.I.I. S.A.
23%
268
1,762
606
105
67
CBRE Dutch Office Fund FGR
19%
263
2,129
715
79
81
Hayfin Amber GP S.A R.L.
100%
253
347
94
22
3
CBRE Dutch Residential Fund I FGR
8%
250
3,161
140
340
39
CBRE Retail Property Fund Iberica L.P.
50%
225
988
537
109
36
Rivage Hopitaux Publics Euro
34%
207
600
17
6
Ardstone Residential Partners III
29%
203
1,068
363
33
28
NRP Nordic Logistic Fund SA
42%
187
474
30
22
5
Healthcare Activos SOCIMI S.A.
38%
177
883
416
35
26
Rivage Priv. Debt \u2013 Fund for Infrastructure
Climate Solutions
100%
168
169
1
14
2
Dutch Urban Living Venture FGR
49%
160
478
155
66
12
Rivage Euro Debt Infrastructure High return 2
34%
153
454
37
8
Dutch Student and Young Professional Housing
Fund FGR
49%
143
370
81
45
8
CBRE Dutch Retail Fund FGR
22%
126
790
223
11
25
Allee center Kft
50%
116
251
19
20
12
Fiumaranuova s.r.l.
50%
98
202
6
18
8
Macquarie Climate Inv Debt.
58%
95
163
4
1
Bentall Green Oak Europe Secured Lending III
SLP
33%
92
413
129
13
8
Octopus Commercial Real Estate Debt Fund III LP
46%
90
219
21
13
3
Prime Ventures V.C.V.
18%
89
501
0
\u221212
5
DPE Deutschland III (Parallel) GmbH & Co
17%
81
676
201
214
2
CBRE UK Property Fund PAIF
8%
80
1,035
14
16 \u22125
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 474 million (2023: EUR 533 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 82 million (2023: EUR 85 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 (2023)
Interest Balance Total Total Total Total
2023 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,545
8,982
2,590
\u2212481
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
\u2212370
90
Nestar Residencial 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
\u2212269
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
\u221247
21
Dutch Urban Living Venture FGR
49%
138
434
156
\u221239
7
Rivage Hopitaux Publics Euro
34%
133
389
3
Dutch Student and Young Professional Housing
Fund FGR
49%
130
342
78
\u22129
6
Allee center Kft
50%
118
257
20
21
7
CBRE UK Property Fund PAIF
9%
112
1,309
37
21
\u22121
Delta Mainlog Holding GmbH & Co. KG 50% 76 154 3 8 2 Boccaccio - Closed-end Real Estate Mutual Investment Fund 50% 75 199 48 15 4 Hayfin TS Fund 79% 72 97 6 6 1 NL Boompjes Property 5 C.V. 50% 66 132 1 18 1 Parcom Buy-Out Fund V CV 21% 63 359 65 64 5 CBRE Property Fund Central and Eastern Europe FGR 50% 61 181 59 26 9 Parquest Capital II B FPCI 25% 58 267 38 5 4 Dutch Climate Action Fund Equity Vintage 1 C.V. 97% 54 55 1 Other 556 Investments in associates and joint ventures 7,036 Interest Balance Total Total Total Total 024 held sheet value assets liabilities income expense s Changes in investments in associates and joint ventures
2024
2023
Investments in associates and joint ventures \u2013 opening balance
6,231
6,450
Additions
706
507
Transfers from (to) investments at fair value through OCI
\u22123
Share in changes in equity (revaluations)
\u22129
Share of result
579
\u2212237
Dividends received
\u2212250
\u2212244
Disposals
\u2212244
\u2212259
Foreign currency exchange differences
17
23
Investments in associates and joint ventures \u2013 closing balance
7,036
6,231
Rivage Priv. Debt \u2013 Fund for Infrastructure 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 - 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 \u221249 4 NL Boompjes Property 5 C.V. 50% 60 120 1 12 1 Other 618 Investments in associates and joint ventures 6,231 Interest Balance Total Total Total Total 2023 held sheet value assets liabilities income expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "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: \u2219 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. \u2219 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. \u2219 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 (2024)
Interest Balance Total Total Total Total
2024 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,757
10,050
2,779
1,335
206
Macquarie European Infrastructure Debt Fund
47%
357
756
1
64
2
Rivage Euro Debt infrastructure 3
34%
317
927
55
7
Nestar Residencial S.I.I. S.A.
23%
268
1,762
606
105
67
CBRE Dutch Office Fund FGR
19%
263
2,129
715
79
81
Hayfin Amber GP S.A R.L.
100%
253
347
94
22
3
CBRE Dutch Residential Fund I FGR
8%
250
3,161
140
340
39
CBRE Retail Property Fund Iberica L.P.
50%
225
988
537
109
36
Rivage Hopitaux Publics Euro
34%
207
600
17
6
Ardstone Residential Partners III
29%
203
1,068
363
33
28
NRP Nordic Logistic Fund SA
42%
187
474
30
22
5
Healthcare Activos SOCIMI S.A.
38%
177
883
416
35
26
Rivage Priv. Debt \u2013 Fund for Infrastructure
Climate Solutions
100%
168
169
1
14
2
Dutch Urban Living Venture FGR
49%
160
478
155
66
12
Rivage Euro Debt Infrastructure High return 2
34%
153
454
37
8
Dutch Student and Young Professional Housing
Fund FGR
49%
143
370
81
45
8
CBRE Dutch Retail Fund FGR
22%
126
790
223
11
25
Allee center Kft
50%
116
251
19
20
12
Fiumaranuova s.r.l.
50%
98
202
6
18
8
Macquarie Climate Inv Debt.
58%
95
163
4
1
Bentall Green Oak Europe Secured Lending III
SLP
33%
92
413
129
13
8
Octopus Commercial Real Estate Debt Fund III LP
46%
90
219
21
13
3
Prime Ventures V.C.V.
18%
89
501
0
\u221212
5
DPE Deutschland III (Parallel) GmbH & Co
17%
81
676
201
214
2
CBRE UK Property Fund PAIF
8%
80
1,035
14
16 \u22125
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 474 million (2023: EUR 533 million) of associates and joint ventures with an individual balance sheet value of less than EUR 50 million and EUR 82 million (2023: EUR 85 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 (2023)
Interest Balance Total Total Total Total
2023 held sheet value assets liabilities income expenses
Vesteda Residential Fund FGR
24%
1,545
8,982
2,590
\u2212481
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
\u2212370
90
Nestar Residencial 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
\u2212269
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
\u221247
21
Dutch Urban Living Venture FGR
49%
138
434
156
\u221239
7
Rivage Hopitaux Publics Euro
34%
133
389
3
Dutch Student and Young Professional Housing
Fund FGR
49%
130
342
78
\u22129
6
Allee center Kft
50%
118
257
20
21
7
CBRE UK Property Fund PAIF
9%
112
1,309
37
21
\u22121
Delta Mainlog Holding GmbH & Co. KG 50% 76 154 3 8 2 Boccaccio - Closed-end Real Estate Mutual Investment Fund 50% 75 199 48 15 4 Hayfin TS Fund 79% 72 97 6 6 1 NL Boompjes Property 5 C.V. 50% 66 132 1 18 1 Parcom Buy-Out Fund V CV 21% 63 359 65 64 5 CBRE Property Fund Central and Eastern Europe FGR 50% 61 181 59 26 9 Parquest Capital II B FPCI 25% 58 267 38 5 4 Dutch Climate Action Fund Equity Vintage 1 C.V. 97% 54 55 1 Other 556 Investments in associates and joint ventures 7,036 Interest Balance Total Total Total Total 2 024 held sheet value assets liabilities income expense s Changes in investments in associates and joint ventures
2024
2023
Investments in associates and joint ventures \u2013 opening balance
6,231
6,450
Additions
706
507
Transfers from (to) investments at fair value through OCI
\u22123
Share in changes in equity (revaluations)
\u22129
Share of result
579
\u2212237
Dividends received
\u2212250
\u2212244
Disposals
\u2212244
\u2212259
Foreign currency exchange differences
17
23
Investments in associates and joint ventures \u2013 closing balance
7,036
6,231
Rivage Priv. Debt \u2013 Fund for Infrastructure 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 - 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 \u221249 4 NL Boompjes Property 5 C.V. 50% 60 120 1 12 1 Other 618 Investments in associates and joint ventures 6,231 Interest Balance Total Total Total Total 2023 held sheet value assets liabilities income expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "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: \u2219 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. \u2219 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. \u2219 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:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "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: \u2219 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. \u2219 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. \u2219 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "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: \u2219 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. \u2219 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. \u2219 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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "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: \u2219 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. \u2219 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. \u2219 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "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 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
2024
2023
Property in own use
91
92
Equipment
59
82
Property and equipment owned
150
174
Right of use assets
152
174
Property and equipment total
302
348
Changes in Property in own use
2024
2023
Property in own use \u2013 opening balance
92
97
Additions
3
3
Revaluations
2
\u22122
Disposals
\u22126
Depreciation
\u22122
\u22122
Impairments
\u22126
Changes in the composition of the group and other changes
2
2
Property in own use \u2013 closing balance
91
92
Gross carrying value
150
146
Accumulated depreciation, revaluations and impairments
\u221259
\u221254
Net carrying value
91
92
Revaluation surplus \u2013 opening balance
14
16
Revaluation in year
2
\u22122
Revaluation surplus \u2013 closing balance
16
14
Changes in Equipment
Data processing Fixtures and fittings and
equipment
other equipment
Total
2024
2023
2024
2023
2024
2023
Equipment \u2013 opening balance
33
30
49
70
82
100
Additions
8
20
24
6
32
26
Disposals
\u221218
\u22121
\u221218
\u22121
Depreciation
\u221217
\u221214
\u221220
\u221220
\u221237
\u221234
Changes in the composition of the group and other
changes
\u22123
\u22126
0
\u22129
Equipment \u2013 closing balance
24
33
35
49
59
82
Gross carrying value
204
196
272
266
476
462
Accumulated depreciation
\u2212180
\u2212163
\u2212237
\u2212217
\u2212417
\u2212380
Net carrying value
24
33
35
49
59
82
Changes in Right of use assets
Property
Equipment
Total
2024
2023
2024
2023
2024
2023
Right of use assets \u2013 opening balance
155
183
19
19
174
202
Additions
9
15
17
12
26
27
Disposals
\u22122
\u221211
\u22122
\u22121
\u22124
\u221212
Depreciation
\u221231
\u221235
\u221212
\u221211
\u221243
\u221246
Changes in the composition of the group and other
changes
7
1
1
7
Foreign currency exchange differences
\u22122
\u22124
\u22122
\u22124
Right of use assets \u2013 closing balance
129
155
23
19
152
174
Gross carrying value
355
350
92
76
447
426
Accumulated depreciation
\u2212226
\u2212195
\u221269
\u221257
\u2212295
\u2212252
Net carrying value
129
155
23
19
152
174
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "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 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:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "Methods of depreciation 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "
Property and equipment
2024
2023
Property in own use
91
92
Equipment
59
82
Property and equipment owned
150
174
Right of use assets
152
174
Property and equipment total
302
348
Changes in Property in own use
2024
2023
Property in own use \u2013 opening balance
92
97
Additions
3
3
Revaluations
2
\u22122
Disposals
\u22126
Depreciation
\u22122
\u22122
Impairments
\u22126
Changes in the composition of the group and other changes
2
2
Property in own use \u2013 closing balance
91
92
Gross carrying value
150
146
Accumulated depreciation, revaluations and impairments
\u221259
\u221254
Net carrying value
91
92
Revaluation surplus \u2013 opening balance
14
16
Revaluation in year
2
\u22122
Revaluation surplus \u2013 closing balance
16
14
Changes in Right of use assets
Property
Equipment
Total
2024
2023
2024
2023
2024
2023
Right of use assets \u2013 opening balance
155
183
19
19
174
202
Additions
9
15
17
12
26
27
Disposals
\u22122
\u221211
\u22122
\u22121
\u22124
\u221212
Depreciation
\u221231
\u221235
\u221212
\u221211
\u221243
\u221246
Changes in the composition of the group and other
changes
7
1
1
7
Foreign currency exchange differences
\u22122
\u22124
\u22122
\u22124
Right of use assets \u2013 closing balance
129
155
23
19
152
174
Gross carrying value
355
350
92
76
447
426
Accumulated depreciation
\u2212226
\u2212195
\u221269
\u221257
\u2212295
\u2212252
Net carrying value
129
155
23
19
152
174
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "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 2024 and 2023, 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 .
Changes in Intangible assets (2024)
2024
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
892
79
299
1,270
Additions
36
3
39
Amortisation
\u221237
\u221238
\u221275
Disposals
\u22126
\u22126
Changes in the composition of the group and other
changes
\u221226
24
\u22122
Foreign currency exchange differences
3
3
Intangible assets \u2013 closing balance
869
72
288
1,229
Gross carrying value
1,842
1,030
871
3,743
Accumulated amortisation
\u2212888
\u2212533
\u22121,421
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
869
72
288
1,229
Changes in Intangible assets (2023)
2023
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
871
91
318
1,280
Additions
12
29
18
59
Amortisation
\u221235
\u221235
\u221270
Disposals
\u22123
\u22123
Impairments
\u22123
\u22122
\u22125
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
\u2212851
\u2212495
\u22121,346
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
892
79
299
1,270
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:
\u2219 Brand names \u2013 with an average expected remaining useful life at the acquisition date of approximately ten
years.
\u2219 Client relationships \u2013 with an average expected remaining useful life at the acquisition date of
approximately ten years.
\u2219 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)
2024
2023
Netherlands Non-life
434
460
Insurance Europe
373
370
Banking
62
62
Goodwill
869
892
Reference is made to Note 42 \u2018Companies and businesses acquired and divested\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "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 2024 and 2023, 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 . Changes in Intangible assets (2024)
2024
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
892
79
299
1,270
Additions
36
3
39
Amortisation
\u221237
\u221238
\u221275
Disposals
\u22126
\u22126
Changes in the composition of the group and other
changes
\u221226
24
\u22122
Foreign currency exchange differences
3
3
Intangible assets \u2013 closing balance
869
72
288
1,229
Gross carrying value
1,842
1,030
871
3,743
Accumulated amortisation
\u2212888
\u2212533
\u22121,421
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
869
72
288
1,229
Changes in Intangible assets (2023)
2023
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
871
91
318
1,280
Additions
12
29
18
59
Amortisation
\u221235
\u221235
\u221270
Disposals
\u22123
\u22123
Impairments
\u22123
\u22122
\u22125
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
\u2212851
\u2212495
\u22121,346
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
892
79
299
1,270
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: \u2219 Brand names \u2013 with an average expected remaining useful life at the acquisition date of approximately ten years. \u2219 Client relationships \u2013 with an average expected remaining useful life at the acquisition date of approximately ten years. \u2219 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)
2024
2023
Netherlands Non-life
434
460
Insurance Europe
373
370
Banking
62
62
Goodwill
869
892
Reference is made to Note 42 \u2018Companies and businesses acquired and divested\u2019", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "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 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-514": { "value": "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:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "value": "
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 .
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 2024 and 2023, 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 .
Changes in Intangible assets (2024)
2024
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
892
79
299
1,270
Additions
36
3
39
Amortisation
\u221237
\u221238
\u221275
Disposals
\u22126
\u22126
Changes in the composition of the group and other
changes
\u221226
24
\u22122
Foreign currency exchange differences
3
3
Intangible assets \u2013 closing balance
869
72
288
1,229
Gross carrying value
1,842
1,030
871
3,743
Accumulated amortisation
\u2212888
\u2212533
\u22121,421
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
869
72
288
1,229
Changes in Intangible assets (2023)
2023
Goodwill
Software
Other
Total
Intangible assets \u2013 opening balance
871
91
318
1,280
Additions
12
29
18
59
Amortisation
\u221235
\u221235
\u221270
Disposals
\u22123
\u22123
Impairments
\u22123
\u22122
\u22125
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
\u2212851
\u2212495
\u22121,346
Accumulated impairments
\u2212973
\u221270
\u221250
\u22121,093
Net carrying value
892
79
299
1,270
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: \u2219 Brand names \u2013 with an average expected remaining useful life at the acquisition date of approximately ten years. \u2219 Client relationships \u2013 with an average expected remaining useful life at the acquisition date of approximately ten years. \u2219 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)
2024
2023
Netherlands Non-life
434
460
Insurance Europe
373
370
Banking
62
62
Goodwill
869
892
Reference is made to Note 42 \u2018Companies and businesses acquired and divested\u2019.
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 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "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 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "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 2024 and 2023, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "
10 Other assets
Other assets
2024
2023
Income tax receivable
446
251
Accrued interest and rents
1,474
1,414
Other accrued assets
219
228
Cash collateral amounts paid
2,584
3,000
Other
525
672
Other assets
5,248
5,565
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "10 Other assets Other assets
2024
2023
Income tax receivable
446
251
Accrued interest and rents
1,474
1,414
Other accrued assets
219
228
Cash collateral amounts paid
2,584
3,000
Other
525
672
Other assets
5,248
5,565
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "value": "10 Other assets Other assets
2024
2023
Income tax receivable
446
251
Accrued interest and rents
1,474
1,414
Other accrued assets
219
228
Cash collateral amounts paid
2,584
3,000
Other
525
672
Other assets
5,248
5,565
Other liabilities
2024
2023
Income tax payable
26
29
Net defined benefit liability
41
49
Other post-employment benefits
4
4
Other staff-related liabilities
87
82
Other taxation and social security contributions
103
113
Lease liabilities
229
233
Accrued interest
483
516
Costs payable
285
305
Provisions
463
524
Amounts to be settled
29
32
Cash collateral amounts received
1,454
1,595
Other
569
558
Other liabilities
3,773
4,040
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "10 Other assets Other assets
2024
2023
Income tax receivable
446
251
Accrued interest and rents
1,474
1,414
Other accrued assets
219
228
Cash collateral amounts paid
2,584
3,000
Other
525
672
Other assets
5,248
5,565
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "
11 Equity
Total equity
2024
2023
Share capital
32
34
Share premium
12,581
12,579
Accumulated revaluations on investments
\u22123,865
\u22124,116
Accumulated revaluations on (re) insurance contracts
12,901
13,313
Foreign currency translation reserve
\u2212487
\u2212421
Net defined benefit asset/liability remeasurement reserve
\u221255
\u221263
Other reserves
\u22121,276
\u22121,702
Shareholders' equity (parent)
19,831
19,624
Minority interests
85
79
Undated subordinated notes
1,736
1,416
Total equity
21,652
21,119
Changes in Shareholders\u2019 equity (parent) (2024)
Total
shareholders'
Share Share equity
2024 capital
premium
Reserves
 (parent)
Shareholders' equity (parent) \u2013 opening balance
34
12,579
7,011
19,624
Total amount recognised directly in equity (other
comprehensive income)
25
25
Net result for the year
1,583
1,583
Changes in share capital
\u22122
2
0
Dividend
\u2212680
\u2212680
Purchase (sale) of treasury shares
\u2212529
\u2212529
Employee stock option and share plans
1
1
Coupon on undated subordinated notes
\u221262
\u221262
Changes in the composition of the group and other
changes
\u2212131
\u2212131
Shareholders' equity (parent) \u2013 closing balance
32
12,581
7,218
19,831
Purchase/sale of treasury shares (2024)
During 2024, 12,093,872 ordinary shares for a total amount of EUR 529 million were repurchased under the
open market share buyback programme. Treasury shares for a total amount of EUR 1 million were delivered
under Employee share plans. In 2024, 5,524,775 NN Group ordinary shares were delivered for the final
dividend 2023.
In 2024, 16,000,000 NN Group treasury shares were cancelled.
As at 31 December 2024, 1,574,203 treasury shares were held by NN Group.
Coupon paid on undated subordinated notes (2024)
The undated subordinated notes have an optional annual coupon payment in July and optional semi-annual
coupon payments in March and September. The annual coupon resulted in a deduction of EUR 62 million (net
of tax) from equity.
Changes in Shareholders\u2019 equity (parent) (2023)
Total
shareholders'
Share Share equity
2023 capital
premium
Reserves
 (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 year
1,172
1,172
Changes in share capital
\u22121
1
0
Dividend
\u2212422
\u2212422
Purchase (sale) of treasury shares
\u2212632
\u2212632
Employee stock option and share plans
1
1
Coupon on undated subordinated notes
\u221257
\u221257
Changes in the composition of the group and other
changes
\u221215
\u221215
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.
Share capital Ordinary shares
Ordinary shares (in number) (Amounts in millions of euros)
2024
2023
2024
2023
Authorised share capital
700,000,000
700,000,000
84
84
Unissued share capital
431,000,000
415,000,000
52
50
Issued share capital
269,000,000
285,000,000
32
34
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 2024 issued and fully paid ordinary share capital consists of 269,000,000 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 2024, none of the preference shares had been issued. The authorised number of preference shares is 700,000,000 shares. Changes in Share premium
2024
2023
Share premium \u2013 opening balance
12,579
12,578
Issue of ordinary shares
2
1
Share premium \u2013 closing balance
12,581
12,579
Changes in Accumulated revaluations investments (2024)
Property Investment Cash flow
revaluation revaluation hedge
2024 reserve reserve
reserve
Total
Revaluation reserve \u2013 opening balance
10
\u22126,967
2,841
\u22124,116
Revaluations
\u2212303
\u2212303
Realised gains / losses transferred to the profit and loss
account
757
757
Realised gains / losses on equity securities
\u2212244
\u2212244
Changes in cash flow hedge reserve
44
44
Other revaluations
\u22122
\u22122
Revaluation reserve \u2013 closing balance
10
\u22126,759
2,885
\u22123,864
In 2024, NN Group sold equity securities with a fair value of EUR 875 million, resulting in a realised gain (after tax) of EUR 244 million, which was transferred from the accumulated revaluations investments to other reserves
Changes in Accumulated revaluations investments (2023)
Property Investment Cash flow
revaluation revaluation hedge
2023 reserve reserve
reserve
Total
Revaluation reserve \u2013 opening balance
11
\u221210,037
2,894
\u22127,132
Revaluations
\u22121
2,868
2,867
Realised gains / losses transferred to the profit and loss
account
249
249
Realised gains / losses on equity securities
\u221238
\u221238
Changes in cash flow hedge reserve
\u221253
\u221253
Other revaluations
\u22129
\u22129
Revaluation reserve \u2013 closing balance
10
\u22126,967
2,841
\u22124,116
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 (re) insurance contracts
2024
2023
Revaluation reserve \u2013 opening balance
13,313
15,962
Finance result on insurance contracts recognised in other comprehensive income
\u2212447
\u22122,634
Finance result on reinsurance contracts recognised in other comprehensive income
35
\u221215
Revaluation reserve \u2013 closing balance
12,901
13,313
Changes in Foreign currency translation reserve
2024
2023
Foreign currency translation reserve \u2013 opening balance
\u2212421
\u2212338
Unrealised revaluations after taxation
\u221223
\u221224
Foreign currency exchange differences for the year
\u221243
\u221259
Foreign currency translation reserve \u2013 closing balance
\u2212487
\u2212421
Unrealised revaluations relate to changes in the value of hedging instruments that are designated as net investment hedges.
Changes in Other reserves (2024)
Share of
Retained associates
2024 earnings
reserve
Total
Other reserves \u2013 opening balance
\u22123,018
1,316
\u22121,702
Net result for the year
1,583
1,583
Transfers from (to) share of associates reserve
\u2212344
344
0
Realised gains / losses on equity securities
243
243
Dividend
\u2212680
\u2212680
Purchase (sale) of treasury shares
\u2212529
\u2212529
Employee stock option and share plans
1
1
Coupon on subordinated notes
\u221262
\u221262
Changes in the composition of the group and other changes
\u2212131
\u2212131
Other reserves \u2013 closing balance
\u22122,937
1,660
\u22121,277
Changes in Other reserves (2023)
Share of
Retained associates
2023 earnings
reserve
Total
Other reserves \u2013 opening balance
\u22123,601
1,812
\u22121,789
Net result for the year
1,172
1,172
Transfers from (to) share of associates reserve
496
\u2212496
0
Realised gains / losses on equity securities
39
39
Dividend
\u2212422
\u2212422
Purchase (sale) of treasury shares
\u2212632
\u2212632
Employee stock option and share plans
1
1
Coupon on subordinated notes
\u221257
\u221257
Changes in the composition of the group and other changes
\u221214
\u221214
Other reserves \u2013 closing balance
\u22123,018
1,316
\u22121,702
Minority interest
NN Group owns 51% of the shares of Nationale-Nederlanden ABN AMRO Verzekeringen Holding B.V. (ABN
AMRO Verzekeringen). ABN AMRO Verzekeringen\u2019s 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 2024, the minority interest relating to ABN AMRO Verzekeringen recognised in equity was
EUR 78 million (2023: EUR 71 million).
Undated subordinated notes
In March 2024, NN Group announced a tender for purchase by NN Group of the EUR 750 million Fixed to
Floating Rate Undated Subordinated Notes for cash at a price of 100.1% of the nominal amount. The tender
was completed in March 2024 and NN Group accepted the purchase of EUR 287 million in nominal amount. In
June 2024, NN Group additionally redeemed EUR 128 million of the EUR 750 million Fixed to Floating Rate
Undated Subordinated Notes.
In March 2024, NN Group issued 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.
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 16
\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "11 Equity Total equity
2024
2023
Share capital
32
34
Share premium
12,581
12,579
Accumulated revaluations on investments
\u22123,865
\u22124,116
Accumulated revaluations on (re) insurance contracts
12,901
13,313
Foreign currency translation reserve
\u2212487
\u2212421
Net defined benefit asset/liability remeasurement reserve
\u221255
\u221263
Other reserves
\u22121,276
\u22121,702
Shareholders' equity (parent)
19,831
19,624
Minority interests
85
79
Undated subordinated notes
1,736
1,416
Total equity
21,652
21,119
Changes in Shareholders\u2019 equity (parent) (2024)
Total
shareholders'
Share Share equity
2024 capital
premium
Reserves
 (parent)
Shareholders' equity (parent) \u2013 opening balance
34
12,579
7,011
19,624
Total amount recognised directly in equity (other
comprehensive income)
25
25
Net result for the year
1,583
1,583
Changes in share capital
\u22122
2
0
Dividend
\u2212680
\u2212680
Purchase (sale) of treasury shares
\u2212529
\u2212529
Employee stock option and share plans
1
1
Coupon on undated subordinated notes
\u221262
\u221262
Changes in the composition of the group and other
changes
\u2212131
\u2212131
Shareholders' equity (parent) \u2013 closing balance
32
12,581
7,218
19,831
Purchase/sale of treasury shares (2024) During 2024, 12,093,872 ordinary shares for a total amount of EUR 529 million were repurchased under the open market share buyback programme. Treasury shares for a total amount of EUR 1 million were delivered under Employee share plans. In 2024, 5,524,775 NN Group ordinary shares were delivered for the final dividend 2023. In 2024, 16,000,000 NN Group treasury shares were cancelled. As at 31 December 2024, 1,574,203 treasury shares were held by NN Group. Coupon paid on undated subordinated notes (2024) The undated subordinated notes have an optional annual coupon payment in July and optional semi-annual coupon payments in March and September. The annual coupon resulted in a deduction of EUR 62 million (net of tax) from equity. Changes in Shareholders\u2019 equity (parent) (2023)
Total
shareholders'
Share Share equity
2023 capital
premium
Reserves
 (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 year
1,172
1,172
Changes in share capital
\u22121
1
0
Dividend
\u2212422
\u2212422
Purchase (sale) of treasury shares
\u2212632
\u2212632
Employee stock option and share plans
1
1
Coupon on undated subordinated notes
\u221257
\u221257
Changes in the composition of the group and other
changes
\u221215
\u221215
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.
Share capital Ordinary shares
Ordinary shares (in number) (Amounts in millions of euros)
2024
2023
2024
2023
Authorised share capital
700,000,000
700,000,000
84
84
Unissued share capital
431,000,000
415,000,000
52
50
Issued share capital
269,000,000
285,000,000
32
34
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 2024 issued and fully paid ordinary share capital consists of 269,000,000 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 2024, none of the preference shares had been issued. The authorised number of preference shares is 700,000,000 shares. Changes in Share premium
2024
2023
Share premium \u2013 opening balance
12,579
12,578
Issue of ordinary shares
2
1
Share premium \u2013 closing balance
12,581
12,579
Changes in Accumulated revaluations investments (2024)
Property Investment Cash flow
revaluation revaluation hedge
2024 reserve reserve
reserve
Total
Revaluation reserve \u2013 opening balance
10
\u22126,967
2,841
\u22124,116
Revaluations
\u2212303
\u2212303
Realised gains / losses transferred to the profit and loss
account
757
757
Realised gains / losses on equity securities
\u2212244
\u2212244
Changes in cash flow hedge reserve
44
44
Other revaluations
\u22122
\u22122
Revaluation reserve \u2013 closing balance
10
\u22126,759
2,885
\u22123,864
In 2024, NN Group sold equity securities with a fair value of EUR 875 million, resulting in a realised gain (after tax) of EUR 244 million, which was transferred from the accumulated revaluations investments to other reserves
Changes in Accumulated revaluations investments (2023)
Property Investment Cash flow
revaluation revaluation hedge
2023 reserve reserve
reserve
Total
Revaluation reserve \u2013 opening balance
11
\u221210,037
2,894
\u22127,132
Revaluations
\u22121
2,868
2,867
Realised gains / losses transferred to the profit and loss
account
249
249
Realised gains / losses on equity securities
\u221238
\u221238
Changes in cash flow hedge reserve
\u221253
\u221253
Other revaluations
\u22129
\u22129
Revaluation reserve \u2013 closing balance
10
\u22126,967
2,841
\u22124,116
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 (re) insurance contracts
2024
2023
Revaluation reserve \u2013 opening balance
13,313
15,962
Finance result on insurance contracts recognised in other comprehensive income
\u2212447
\u22122,634
Finance result on reinsurance contracts recognised in other comprehensive income
35
\u221215
Revaluation reserve \u2013 closing balance
12,901
13,313
Changes in Foreign currency translation reserve
2024
2023
Foreign currency translation reserve \u2013 opening balance
\u2212421
\u2212338
Unrealised revaluations after taxation
\u221223
\u221224
Foreign currency exchange differences for the year
\u221243
\u221259
Foreign currency translation reserve \u2013 closing balance
\u2212487
\u2212421
Unrealised revaluations relate to changes in the value of hedging instruments that are designated as net
investment hedges.
Changes in Other reserves (2024)
Share of
Retained associates
2024 earnings
reserve
Total
Other reserves \u2013 opening balance
\u22123,018
1,316
\u22121,702
Net result for the year
1,583
1,583
Transfers from (to) share of associates reserve
\u2212344
344
0
Realised gains / losses on equity securities
243
243
Dividend
\u2212680
\u2212680
Purchase (sale) of treasury shares
\u2212529
\u2212529
Employee stock option and share plans
1
1
Coupon on subordinated notes
\u221262
\u221262
Changes in the composition of the group and other changes
\u2212131
\u2212131
Other reserves \u2013 closing balance
\u22122,937
1,660
\u22121,277
Changes in Other reserves (2023)
Share of
Retained associates
2023 earnings
reserve
Total
Other reserves \u2013 opening balance
\u22123,601
1,812
\u22121,789
Net result for the year
1,172
1,172
Transfers from (to) share of associates reserve
496
\u2212496
0
Realised gains / losses on equity securities
39
39
Dividend
\u2212422
\u2212422
Purchase (sale) of treasury shares
\u2212632
\u2212632
Employee stock option and share plans
1
1
Coupon on subordinated notes
\u221257
\u221257
Changes in the composition of the group and other changes
\u221214
\u221214
Other reserves \u2013 closing balance
\u22123,018
1,316
\u22121,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "11 Equity Total equity
2024
2023
Share capital
32
34
Share premium
12,581
12,579
Accumulated revaluations on investments
\u22123,865
\u22124,116
Accumulated revaluations on (re) insurance contracts
12,901
13,313
Foreign currency translation reserve
\u2212487
\u2212421
Net defined benefit asset/liability remeasurement reserve
\u221255
\u221263
Other reserves
\u22121,276
\u22121,702
Shareholders' equity (parent)
19,831
19,624
Minority interests
85
79
Undated subordinated notes
1,736
1,416
Total equity
21,652
21,119
Changes in Shareholders\u2019 equity (parent) (2024)
Total
shareholders'
Share Share equity
2024 capital
premium
Reserves
 (parent)
Shareholders' equity (parent) \u2013 opening balance
34
12,579
7,011
19,624
Total amount recognised directly in equity (other
comprehensive income)
25
25
Net result for the year
1,583
1,583
Changes in share capital
\u22122
2
0
Dividend
\u2212680
\u2212680
Purchase (sale) of treasury shares
\u2212529
\u2212529
Employee stock option and share plans
1
1
Coupon on undated subordinated notes
\u221262
\u221262
Changes in the composition of the group and other
changes
\u2212131
\u2212131
Shareholders' equity (parent) \u2013 closing balance
32
12,581
7,218
19,831
Purchase/sale of treasury shares (2024) During 2024, 12,093,872 ordinary shares for a total amount of EUR 529 million were repurchased under the open market share buyback programme. Treasury shares for a total amount of EUR 1 million were delivered under Employee share plans. In 2024, 5,524,775 NN Group ordinary shares were delivered for the final dividend 2023. In 2024, 16,000,000 NN Group treasury shares were cancelled. As at 31 December 2024, 1,574,203 treasury shares were held by NN Group. Coupon paid on undated subordinated notes (2024) The undated subordinated notes have an optional annual coupon payment in July and optional semi-annual coupon payments in March and September. The annual coupon resulted in a deduction of EUR 62 million (net of tax) from equity. Changes in Shareholders\u2019 equity (parent) (2023)
Total
shareholders'
Share Share equity
2023 capital
premium
Reserves
 (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 year
1,172
1,172
Changes in share capital
\u22121
1
0
Dividend
\u2212422
\u2212422
Purchase (sale) of treasury shares
\u2212632
\u2212632
Employee stock option and share plans
1
1
Coupon on undated subordinated notes
\u221257
\u221257
Changes in the composition of the group and other
changes
\u221215
\u221215
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.
Share capital Ordinary shares
Ordinary shares (in number) (Amounts in millions of euros)
2024
2023
2024
2023
Authorised share capital
700,000,000
700,000,000
84
84
Unissued share capital
431,000,000
415,000,000
52
50
Issued share capital
269,000,000
285,000,000
32
34
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 2024 issued and fully paid ordinary share capital consists of 269,000,000 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 2024, none of the preference shares had been issued. The authorised number of preference shares is 700,000,000 shares. Changes in Share premium
2024
2023
Share premium \u2013 opening balance
12,579
12,578
Issue of ordinary shares
2
1
Share premium \u2013 closing balance
12,581
12,579
Changes in Accumulated revaluations investments (2024)
Property Investment Cash flow
revaluation revaluation hedge
2024 reserve reserve
reserve
Total
Revaluation reserve \u2013 opening balance
10
\u22126,967
2,841
\u22124,116
Revaluations
\u2212303
\u2212303
Realised gains / losses transferred to the profit and loss
account
757
757
Realised gains / losses on equity securities
\u2212244
\u2212244
Changes in cash flow hedge reserve
44
44
Other revaluations
\u22122
\u22122
Revaluation reserve \u2013 closing balance
10
\u22126,759
2,885
\u22123,864
In 2024, NN Group sold equity securities with a fair value of EUR 875 million, resulting in a realised gain (after tax) of EUR 244 million, which was transferred from the accumulated revaluations investments to other reserves .
Changes in Accumulated revaluations investments (2023)
Property Investment Cash flow
revaluation revaluation hedge
2023 reserve reserve
reserve
Total
Revaluation reserve \u2013 opening balance
11
\u221210,037
2,894
\u22127,132
Revaluations
\u22121
2,868
2,867
Realised gains / losses transferred to the profit and loss
account
249
249
Realised gains / losses on equity securities
\u221238
\u221238
Changes in cash flow hedge reserve
\u221253
\u221253
Other revaluations
\u22129
\u22129
Revaluation reserve \u2013 closing balance
10
\u22126,967
2,841
\u22124,116
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 (re) insurance contracts
2024
2023
Revaluation reserve \u2013 opening balance
13,313
15,962
Finance result on insurance contracts recognised in other comprehensive income
\u2212447
\u22122,634
Finance result on reinsurance contracts recognised in other comprehensive income
35
\u221215
Revaluation reserve \u2013 closing balance
12,901
13,313
Changes in Foreign currency translation reserve
2024
2023
Foreign currency translation reserve \u2013 opening balance
\u2212421
\u2212338
Unrealised revaluations after taxation
\u221223
\u221224
Foreign currency exchange differences for the year
\u221243
\u221259
Foreign currency translation reserve \u2013 closing balance
\u2212487
\u2212421
Unrealised revaluations relate to changes in the value of hedging instruments that are designated as net investment hedges.
Changes in Other reserves (2024)
Share of
Retained associates
2024 earnings
reserve
Total
Other reserves \u2013 opening balance
\u22123,018
1,316
\u22121,702
Net result for the year
1,583
1,583
Transfers from (to) share of associates reserve
\u2212344
344
0
Realised gains / losses on equity securities
243
243
Dividend
\u2212680
\u2212680
Purchase (sale) of treasury shares
\u2212529
\u2212529
Employee stock option and share plans
1
1
Coupon on subordinated notes
\u221262
\u221262
Changes in the composition of the group and other changes
\u2212131
\u2212131
Other reserves \u2013 closing balance
\u22122,937
1,660
\u22121,277
Changes in Other reserves (2023)
Share of
Retained associates
2023 earnings
reserve
Total
Other reserves \u2013 opening balance
\u22123,601
1,812
\u22121,789
Net result for the year
1,172
1,172
Transfers from (to) share of associates reserve
496
\u2212496
0
Realised gains / losses on equity securities
39
39
Dividend
\u2212422
\u2212422
Purchase (sale) of treasury shares
\u2212632
\u2212632
Employee stock option and share plans
1
1
Coupon on subordinated notes
\u221257
\u221257
Changes in the composition of the group and other changes
\u221214
\u221214
Other reserves \u2013 closing balance
\u22123,018
1,316
\u22121,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "value": "
Dividends
2024
2023
Dividend paid in cash (interim current year)
347
164
Dividend paid in cash (final previous year)
334
258
Stock dividend (interim current year)
146
Stock dividend (final previous year)
232
236
Total dividend
913
804
Interim dividend 2024
In September 2024, NN Group paid an interim dividend of EUR 1.28 per ordinary share, or approximately
EUR 347 million in total based on the number of shares outstanding at the date of announcement (net of
treasury shares), calculated as 40% of the 2023 full-year dividend per ordinary share in accordance with the
NN Group dividend policy. The interim dividend was paid fully in cash, after deduction of withholding tax if
applicable.
Proposed final dividend 2024
At the Annual General Meeting on 15 May 2025, a final dividend will be proposed of EUR 2.1 6 per ordinary
share, or approximately EUR 578 million in total based on the current number of outstanding shares (net of
treasury shares). The final dividend will be paid in cash, after deduction of withholding tax if applicable. The
final dividend is subject to adoption by the General Meeting at the annual general meeting to be held on
15 May 2025.
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 number of shares outstanding at the date of announcement (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.
Final dividend 2023
On 24 May 2024, the General Meeting adopted the proposed final dividend of EUR 2.08 per ordinary share, or
approximately EUR 570 million in total. Together with the 2023 interim dividend of EUR 1.12 per ordinary
share paid in September 2023, NN Group\u2019s total dividend for 2023 was EUR 3.20 per ordinary share. The
final dividend was 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 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 repurchases 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "2.16", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-527": { "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\u2019s 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 2024, the minority interest relating to ABN AMRO Verzekeringen recognised in equity was EUR 78 million (2023: EUR 71 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "12 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 (OCI) 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\u2019 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 on (re) insurance contracts\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. A loss component is formed for contracts that are or have become onerous. The loss component will change over time due to, amongst others, interest accretion, changes in estimates and a systematic allocation of the release of expected claims, expenses and risk adjustment. Insurance related receivables and payables including policy loans are presented as part of the insurance contracts. NN Group considers premiums receivables from intermediaries and tied agents to be future cash flows within the boundary of an insurance contract. 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. 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. Reinstatement rates are duration dependent. 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 2024 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 cash flows 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 . 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 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. Spreads used in the illiquidity premium 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 2024 the LTFR was 3.20% (31 December 2023: 3.15%). 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. Range of yield curves
General Model
Variable Fee Approach
2024
2023
2024
2023
1 year
3.2%
4.1%
2.3%
3.4%
5 years
3.1%
3.1%
2.2%
2.4%
10 years
3.2%
3.2%
2.3%
2.5%
20 years
3.2%
3.2%
2.3%
2.5%
30 years
2.9%
2.9%
2.1%
2.2%
40 years
2.9%
2.9%
2.1%
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 (Group diversification). The cost of capital rate represents 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 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
One year view
Ultimate view
2024
2023
2024
2023
Life
89%
90%
69%
69%
Non-life
69%
70%
62%
64%
Insurance contracts (2024)
Total General
Model and Premium
Variable Fee Variable Fee Allocation
2024
General Model
Approach Approach
Approach
Total
Life Insurance contracts for risk of
company
95,796
1,953
97,749
1
97,750
Life Insurance contracts for risk of
policyholders
6,239
36,523
42,762
42,762
Life insurance contracts
102,035
38,476
140,511
1
140,512
Non-life contracts for remaining
coverage
3,948
3,948
225
4,173
Non-life contracts for incurred claims
and benefits
111
111
2,336
2,447
Non-life insurance contracts
4,059
0
4,059
2,561
6,620
Total insurance contracts
106,094
38,476
144,570
2,562
147,132
\u2013 of which presented as assets
409
409
409
\u2013 of which presented as liabilities
106,503
38,476
144,979
2,562
147,541
Total insurance contracts
106,094
38,476
144,570
2,562
147,132
Insurance contracts (2023)
Total General
Model and Premium
Variable Fee Variable Fee Allocation
2023
General Model
Approach Approach
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
General Model and Variable Fee Approach Insurance contracts under General Model and Variable Fee Approach (2024)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
2024 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
778
\u221270
\u2212353
355
\u2013 opening balance presented as liabilities
134,158
1,730
6,619
142,507
Net opening balance
133,380
1,800
6,972
142,152
\u2013 insurance contracts initially recognised in the year
\u2212709
101
659
51
\u2013 changes in estimates that adjust the contractual
service margin
\u2212475
\u2212630
1,105
0
\u2013 changes in estimates that do not adjust the
contractual service margin
\u22122
\u221276
\u221278
Changes that relate to future service
\u22121,186
\u2212605
1,764
\u221227
1 Premiums received includes EUR 344 million of investments (non-cash) received. Reference is made to Note 29 \u2018Insurance contracts by segment\u2019 for the insurance contracts under General Model and Variable Fee Approach by segment \u2013 release to profit or loss \u2212134 \u2212857 \u2212991 \u2013 experience adjustments not adjusting the contractual service margin \u221246 \u22121 \u221247 Changes that relate to current service \u221246 \u2212135 \u2212857 \u22121,038 \u2013 changes in incurred claims and benefits previous periods \u221217 \u221217 Changes that relate to past service \u221217 0 0 \u221217 \u2013 finance result through profit or loss 6,578 38 79 6,695 \u2013 finance result recognised in OCI 357 203 1 561 Finance result on insurance contracts 6,935 241 80 7,256 \u2013 premiums received1 11,200 11,200 \u2013 acquisition costs paid \u2212637 \u2212637 \u2013 claims, benefits and attributable expenses paid \u221213,634 \u221213,634 Cash flows \u22123,071 0 0 \u22123,071 Other movements \u22123 47 44 Foreign currency exchange differences \u2212661 \u221212 \u221256 \u2212729 Net closing balance 135,331 1,289 7,950 144,570 \u2013 closing balance presented as assets 1,158 \u221289 \u2212660 409 \u2013 closing balance presented as liabilities 136,489 1,200 7,290 144,979 Net closing balance 135,331 1,289 7,950 144,570 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee 2024 future cash flows risk service margin Approach Insurance contracts under General Model and Variable Fee Approach (2023)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
2023 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
348
\u221226
\u2212198
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 year
\u2212709
73
673
37
\u2013 changes in estimates that adjust the contractual
service margin
\u2212293
102
191
0
\u2013 changes in estimates that do not adjust the
contractual service margin
116
83
199
Changes that relate to future service
\u2212886
258
864
236
\u2013 release to profit or loss
\u2212168
\u2212778
\u2212946
\u2013 experience adjustments not adjusting the contractual
service margin
1
1
Changes that relate to current service
1
\u2212168
\u2212778
\u2212945
\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
\u2212593
\u2212593
\u2013 claims, benefits and attributable expenses paid
\u221212,975
\u221212,975
\u2013 changes in the composition of the group and other
changes
95
1
96
Cash flows
\u22123,127
1
0
\u22123,126
Insurance contracts recognised in the period (2024)
Total Insurance
Onerous Insurance contracts
Insurance Other Insurance contracts initially
2024 contracts issued contracts issued acquired recognised
Estimates of the present value of future cash inflows
\u2212719
\u22126,876
\u22127,595
\u2013 acquisition costs
31
508
539
\u2013 claims, benefits and attributable expenses
732
5,615
6,347
Estimates of the present value of future cash
outflows
763
6,123
0
6,886
Risk adjustment
7
94
101
Contractual service margin
659
659
Total insurance contracts initially recognised in the
year
51
0
0
51
Other movements 48 48 Foreign currency exchange differences \u22121,39 4 \u22129 \u221279 \u22121,482 Net closing balance 133,380 1,800 6,972 142,152 \u2013 closing balance presented as assets 778 \u221270 \u2212353 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 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee 023 future cash flows risk service margin Approach Insurance contracts recognised in the period (2023)
Total Insurance
Onerous Insurance contracts
Insurance Other Insurance contracts initially
2023 contracts issued contracts issued acquired recognised
Estimates of the present value of future cash inflows
\u2212760
\u22125,700
\u22126,460
\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
year
37
0
0
37
Composition of underlying items for insurance contracts
Fair value of underlying items
2024
2023
\u2013 debt securities
766
856
\u2013 equity securities and investment funds
39,534
33,785
\u2013 loans and other
2,462
3,315
Total
42,762
37,956
Contractual service margin Disaggregation of the contractual service margin by transition approach (2024)
Contract issued
after transition Total General
and full Modified Model and
retrospective retrospective Fair value Variable Fee
2024 approach approach approach Approach
Disaggregation of the contractual service margin by
transition approach - opening balance
1,983
824
4,165
6,972
\u2013 insurance contracts initially recognised in the year
659
659
\u2013 changes in estimates that adjust the contractual
service margin
213
69
823
1,105
Changes that relate to future service
872
69
823
1,764
\u2013 release to profit or loss
\u2212365
\u2212138
\u2212354
\u2212857
Changes that relate to current service
\u2212365
\u2212138
\u2212354
\u2212857
Finance result through profit or loss
40
9
31
80
Other movements
16
31
47
Foreign currency exchange differences
\u221238
\u22129
\u22129
\u221256
Disaggregation of the contractual service margin by
transition approach - closing balance
2,508
755
4,687
7,950
Disaggregation of contractual service margin by transition approach (2023)
Contract issued
after transition Total General
and full Modified Model and
retrospective retrospective Fair value Variable Fee
2023 approach approach approach Approach
Disaggregation of the contractual service margin by
transition approach - opening balance
1,707
977
4,166
6,850
\u2013 insurance contracts initially recognised in the year
673
673
\u2013 changes in estimates that adjust the contractual
service margin
\u221250
12
229
191
Changes that relate to future service
623
12
229
864
\u2013 release to profit or loss
\u2212335
\u2212154
\u2212289
\u2212778
Changes that relate to current service
\u2212335
\u2212154
\u2212289
\u2212778
Finance result through profit or loss
27
9
31
67
Other movements
7
41
48
Foreign currency exchange differences
\u221246
\u221220
\u221213
\u221279
Disaggregation of the contractual service margin by
transition approach - closing balance
1,983
824
4,165
6,972
Contractual service margin by remaining term
2024
2023
Less than 1 year
687
698
1-2 years
590
586
2-3 years
529
528
3-4 years
479
479
4-5 years
440
436
5-10 years
1,627
1,638
Over 10 years
3,598
2,607
Total
7,950
6,972
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 (2024) Total General
Liability for Model and
incurred claims Variable Fee
Liability for remaining coverage and benefits Approach
Remaining
2024
coverage
Loss component
\u2013 opening balance presented as assets
391
\u22126
\u221230
355
\u2013 opening balance presented as liabilities
140,190
315
2,002
142,507
Net opening balance
139,799
321
2,032
142,152
\u2013 release of contractual service margin
\u2212857
\u2212857
\u2013 release of risk adjustment
\u2212134
\u2212134
\u2013 expected claims and benefits
\u22125,139
\u22125,139
\u2013 expected attributable expenses
\u22121,280
\u22121,280
\u2013 recovery of acquisition costs
\u2212415
\u2212415
\u2013 experience adjustments for premiums relating to
current or past service
\u221218
\u221218
Insurance income
\u22127,843
0
0
\u22127,843
\u2013 incurred claims and benefits
5,110
5,110
\u2013 incurred attributable expenses
1,298
1,298
\u2013 amortisation of acquisition costs
415
415
\u2013 changes in incurred claims and benefits previous
periods
\u221217
\u221217
\u2013 (reversal of) losses on onerous contracts
\u221245
\u221245
Insurance expenses
415
\u221245
6,391
6,761
Investment components excluded from insurance
expenses and insurance income
\u22126,894
6,894
0
Remaining coverage includes risk adjustment and contractual service margin.
Liabilities for remaining coverage and incurred claims and benefits (2023) Total General
Liability for Model and
incurred claims Variable Fee
Liability for remaining coverage and benefits Approach
Remaining
2023
coverage
Loss component
\u2013 opening balance presented as assets
135
\u22121
\u221210
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
\u2212778
\u2212778
\u2013 release of risk adjustment
\u2212168
\u2212168
\u2013 expected claims and benefits
\u22125,104
\u22125,104
\u2013 expected attributable expenses
\u22121,237
\u22121,237
\u2013 recovery of acquisition costs
\u2212363
\u2212363
\u2013 experience adjustments for premiums relating to
current or past service
\u221212
\u221212
\u2013 other insurance income
3
3
Insurance income
\u22127,659
0
0
\u22127,659
\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
\u22126,738
6,738
0
\u2013 finance result through profit or loss
5,915
1
12
5,928
\u2013 finance result recognised in OCI
3,499
\u22129
3,490
Finance result on insurance contracts
9,414
1
3
9,418
\u2013 finance result through profit or loss 6,678 4 13 6,695 \u2013 finance result recognised in OCI 592 \u221231 561 Finance result on insurance contracts 7,270 4 \u221218 7,256 \u2013 premiums received 11,200 11,200 \u2013 acquisition costs paid \u2212637 \u2212637 \u2013 claims, benefits and attributable expenses paid \u221213,634 \u221213,634 Cash flows 10,563 0 \u221213,634 \u22123,071 Other movements 51 \u22128 1 44 Foreign currency exchange differences \u2212703 \u221226 \u2212729 Net closing balance 142,658 272 1,640 144,570 \u2013 closing balance presented as assets 469 \u22129 \u221251 409 \u2013 closing balance presented as liabilities 143,127 263 1,589 144,979 Net closing balance 142,658 272 1,640 144,570 Total General Liability for Model and incurred claims Variable Fee Liability for remaining coverage and benefits Approach 2024 Remaining coverage Loss component Remaining coverage includes risk adjustment and contractual service margin . Premium Allocation Approach Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2024)
Total Premium
Liability for incurred claims and Allocation
Liability for remaining coverage benefits Approach
Estimates of the
Remaining present value of
2024
coverage
Loss component
future cash flows
Risk adjustment
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
217
2
2,295
43
2,557
Net opening balance
217
2
2,295
43
2,557
Insurance income
\u22122,863
\u22122,863
\u2013 incurred claims and benefits
1,498
4
1,502
\u2013 incurred attributable expenses
922
922
\u2013 amortisation of acquisition costs
5
5
\u2013 changes in incurred claims and benefits
previous periods
55
\u22129
46
\u2013 other insurance expenses
1
1
Insurance expenses
5
0
2,476
\u22125
2,476
\u2013 finance result through profit or loss
30
30
\u2013 finance result recognised in OCI
44
44
Finance result on insurance contracts
0
0
74
0
74
\u2013 premiums received
2,872
2,872
\u2013 acquisition costs paid
\u22125
\u22125
\u2013 claims, benefits and attributable
expenses paid
\u22122,549
\u22122,549
Cash flows
2,867
0
\u22122,549
0
318
Foreign currency exchange differences
\u22121
\u22121
2
0
Net closing balance
225
2
2,295
40
2,562
\u2013 closing balance presented as assets
0
\u2013 closing balance presented as liabilities
225
2
2,295
40
2,562
Net closing balance
225
2
2,295
40
2,562
\u2013 premiums received 10,346 10,346 \u2013 acquisition costs paid \u2212593 \u2212593 \u2013 claims, benefits and attributable expenses paid \u221212,975 \u221212,975 \u2013 changes in the composition of the group and other changes 25 71 96 Cash flows 9,778 0 \u221212,9 04 \u22123,126 Other movements 48 48 Foreign currency exchange differences \u22121,417 \u22121 \u221264 \u22121,482 Net closing balance 139,799 321 2,032 142,152 \u2013 closing balance presented as assets 391 \u22126 \u221230 355 \u2013 closing balance presented as liabilities 140,190 315 2,002 142,507 Net closing balance 139,799 321 2,032 142,152 Total General Liability for Model and incurred claims Variable Fee Liability for remaining coverage and benefits Approach Remaining 2023 coverage Loss component Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2023)
Total Premium
Liability for incurred claims and Allocation
Liability for remaining coverage benefits Approach
Estimates of the
Remaining present value of
2023
coverage
Loss component
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
\u22122,791
\u22122,791
\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
\u22122
\u221227
\u221229
\u2013 (reversal of) losses on onerous
contracts
\u22128
\u22128
\u2013 other insurance expenses
1
1
Insurance expenses
6
\u22128
2,294
\u221223
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
\u22126
\u22126
\u2013 claims, benefits and attributable
expenses paid
\u22122,451
\u22122,451
\u2013 changes in the composition of the group
and other changes
\u221225
\u221270
\u22121
\u221296
Cash flows
2,809
0
\u22122,521
\u22121
287
Other movements 2 2 Foreign currency exchange differences \u22121 \u22121 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 Total Premium Liability for incurred claims and Allocation Liability for remaining coverage benefits Approach 2023 Estimates of the Remaining present value of coverage Loss component future cash flows Risk adjustment
Gross claims development table 2024
Accident year
2018
1
2019
2020
2021
2022
2023
2024
Total
Estimate of cumulative claims
At the end of accident year
1,358
1,217
1,535
1,378
1,556
1,410
1,557
1 year later
1,341
1,324
1,436
1,364
1,515
1,523
2 years later
1,403
1,332
1,440
1,310
1,520
3 years later
1,437
1,338
1,380
1,314
4 years later
1,401
1,323
1,380
5 years later
1,372
1,321
6 years later
1,381
Estimate of cumulative claims
1,381
1,321
1,380
1,314
1,520
1,523
1,557
9,996
Cumulative payments
\u22121,286
\u22121,193
\u22121,226
\u22121,132
\u22121,251
\u22121,135
\u2212757
\u22127,980
95
128
154
182
269
388
800
2,016
Effect of discounting
\u22129
\u221212
\u221215
\u221217
\u221225
\u221236
\u221251
\u2212165
Liabilities recognised
86
116
139
165
244
352
749
1,851
Liabilities relating to accident years prior to 2018 and
liability for incurred expenses
358
LIC expenses
85
Risk adjustment
41
Total liability for incurred claims and benefits
Premium Allocation Approach
2
 2,335
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 these have not been included in this table.
29 Insurance contracts by segment
Insurance contracts by segment (2024)
General Model Premium
and Variable Fee Allocation
2024 Approach
Approach
Total
Netherlands Life
108,114
108,114
Netherlands Non-life
3,907
2,520
6,427
Insurance Europe
19,331
19,331
Japan Life
12,047
12,047
Other
1,171
42
1,213
Insurance contracts
144,570
2,562
147,132
Insurance contracts by segment (2023)
General Model Premium
and Variable Fee Allocation
2023 Approach
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
nsurance contracts segment Netherlands Life
Insurance contracts under General Model and Variable Fee Approach (2024)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Netherlands Life 2024 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
99,719
966
3,627
104,312
Net opening balance
99,719
966
3,627
104,312
\u2013 insurance contracts initially recognised in the year
\u2212170
36
159
25
\u2013 changes in estimates that adjust the contractual
service margin
\u221276
\u2212636
712
0
\u2013 changes in estimates that do not adjust the
contractual service margin
27
\u221219
8
Changes that relate to future service
\u2212219
\u2212619
871
33
\u2013 release to profit or loss
\u221237
\u2212272
\u2212309
\u2013 experience adjustments not adjusting the contractual
service margin
1
1
Changes that relate to current service
1
\u221237
\u2212272
\u2212308
\u2013 changes in incurred claims and benefits previous
periods
\u22126
\u22126
Changes that relate to past service
\u22126
0
0
\u22126
\u2013 finance result through profit or loss
5,051
22
32
5,105
\u2013 finance result recognised in OCI
658
193
851
Finance result on insurance contracts
5,709
215
32
5,956
\u2013 premiums received
4,298
4,298
\u2013 acquisition costs paid
\u221239
\u221239
\u2013 claims, benefits and attributable expenses paid
\u22126,178
\u22126,178
Cash flows
\u22121,919
0
0
\u22121,919
Other movements 46 46 Net closing balance 103,285 525 4,304 108,114 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 103,285 525 4,304 108,114 Net closing balance 103,285 525 4,304 108,114 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee Netherlands Life 2024 future cash flows risk service margin Approach
Insurance contracts under General Model and Variable Fee Approach (2023)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Netherlands Life 2023 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
95,529
1,024
3,573
100,126
Net opening balance
95,529
1,024
3,573
100,126
\u2013 insurance contracts initially recognised in the year
\u221297
15
99
17
\u2013 changes in estimates that adjust the contractual
service margin
\u221287
\u221276
163
0
\u2013 changes in estimates that do not adjust the
contractual service margin
40
5
45
Changes that relate to future service
\u2212144
\u221256
262
62
\u2013 release to profit or loss
\u221266
\u2212233
\u2212299
\u2013 experience adjustments not adjusting the contractual
service margin
25
25
Changes that relate to current service
25
\u221266
\u2212233
\u2212274
\u2013 changes in incurred claims and benefits previous
periods
\u221212
\u221212
Changes that relate to past service
\u221212
0
0
\u221212
\u2013 finance result through profit or loss
4,133
29
24
4,186
\u2013 finance result recognised in OCI
2,856
35
1
2,892
Finance result on insurance contracts
6,989
64
25
7,078
\u2013 premiums received
3,415
3,415
\u2013 acquisition costs paid
\u221239
\u221239
\u2013 claims, benefits and attributable expenses paid
\u22126,044
\u22126,044
Cash flows
\u22122,668
0
0
\u22122,668
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 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee Netherlands Life 2023 future cash flows risk service margin Approach Insurance contracts segment Netherlands Non-life
Insurance contracts under General Model (2024)
Estimates of the Risk adjustment
present value of for non-financial Contractual Total General
Netherlands Non-life 2024 future cash flows risk service margin Model
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
3,173
130
495
3,798
Net opening balance
3,173
130
495
3,798
\u2013 insurance contracts initially recognised in the year
\u221294
12
83
1
\u2013 changes in estimates that adjust the contractual
service margin
\u221219
25
\u22126
0
\u2013 changes in estimates that do not adjust the
contractual service margin
\u22122
\u22122
Changes that relate to future service
\u2212115
37
77
\u22121
\u2013 release to profit or loss
\u221224
\u221262
\u221286
\u2013 experience adjustments not adjusting the contractual
service margin
12
12
Changes that relate to current service
12
\u221224
\u221262
\u221274
\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
68
2
7
77
\u2013 finance result recognised in OCI
63
1
64
Finance result on insurance contracts
131
3
7
141
\u2013 premiums received
1,187
1,187
\u2013 acquisition costs paid
\u221214
\u221214
\u2013 claims, benefits and attributable expenses paid
\u22121,132
\u22121,132
Cash flows
41
0
0
41
Other movements \u22122 1 1 0 Net closing balance 3,242 147 518 3,907 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 3,242 147 518 3,907 Net closing balance 3,242 147 518 3,907 Estimates of the Risk adjustment present value of for non-financial Contractual Total General Netherlands Non-life 2024 future cash flows risk service margin Mode l
Insurance contracts under General Model (2023)
Estimates of the Risk adjustment
present value of for non-financial Contractual Total General
Netherlands Non-life 2023 future cash flows risk service margin 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 year
\u2212160
14
146
0
\u2013 changes in estimates that adjust the contractual
service margin
40
\u221228
\u221212
0
\u2013 changes in estimates that do not adjust the
contractual service margin
1
1
Changes that relate to future service
\u2212119
\u221214
134
1
\u2013 release to profit or loss
\u221223
\u221248
\u221271
\u2013 experience adjustments not adjusting the contractual
service margin
\u221214
\u221214
Changes that relate to current service
\u221214
\u221223
\u221248
\u221285
\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
\u22123
\u22123
\u2013 claims, benefits and attributable expenses paid
\u2212921
\u2212921
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 Estimates of the Risk adjustment present value of for non-financial Contractual Total General Netherlands Non-life 2023 future cash flows risk service margin Model Insurance contracts segment Insurance Europe
Insurance contracts under General Model and Variable Fee Approach (2024)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Insurance Europe 2024 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
777
\u221269
\u2212353
355
\u2013 opening balance presented as liabilities
17,679
372
1,485
19,536
Net opening balance
16,902
441
1,838
19,181
\u2013 insurance contracts initially recognised in the year
\u2212319
38
305
24
\u2013 changes in estimates that adjust the contractual
service margin
\u2212308
\u221233
341
0
\u2013 changes in estimates that do not adjust the
contractual service margin
\u221231
\u221258
\u221289
Changes that relate to future service
\u2212658
\u221253
646
\u221265
\u2013 release to profit or loss
\u221247
\u2212371
\u2212418
\u2013 experience adjustments not adjusting the contractual
service margin
\u221225
\u221225
Changes that relate to current service
\u221225
\u221247
\u2212371
\u2212443
\u2013 changes in incurred claims and benefits previous
periods
\u221213
\u221213
Changes that relate to past service
\u221213
0
0
\u221213
\u2013 finance result through profit or loss
1,188
13
37
1,238
\u2013 finance result recognised in OCI
17
3
20
Finance result on insurance contracts
1,205
16
37
1,258
\u2013 premiums received
3,714
3,714
\u2013 acquisition costs paid
\u2212480
\u2212480
\u2013 claims, benefits and attributable expenses paid
\u22123,750
\u22123,750
Cash flows
\u2212516
0
0
\u2212516
Other movements \u22123 \u22123 Foreign currency exchange differences \u221257 \u221211 \u221268 Net closing balance 16,835 357 2,139 19,331 \u2013 closing balance presented as assets 1,158 \u221289 \u2212660 409 \u2013 closing balance presented as liabilities 17,993 268 1,479 19,740 Net closing balance 16,835 357 2,139 19,331 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee nsurance Europe 2024 future cash flows risk service margin Approach nsurance contracts under General Model and Variable Fee Approach (2023) Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee Insurance Europe 2023 future cash flows risk service margin Approach \u2013 opening balance presented as assets 348 \u221226 \u2212198 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 year \u2212306 34 292 20 \u2013 changes in estimates that adjust the contractual service margin \u2212177 96 81 0 \u2013 changes in estimates that do not adjust the contractual service margin 75 75 150 Changes that relate to future service \u2212408 205 373 170 \u2013 release to profit or loss \u221254 \u2212334 \u2212388 \u2013 experience adjustments not adjusting the contractual service margin 10 10 Changes that relate to current service 10 \u221254 \u2212334 \u2212378 \u2013 changes in incurred claims and benefits previous periods 18 \u22121 17 Changes that relate to past service 18 \u22121 0 17 \u2013 finance result through profit or loss 1,339 6 31 1,376 \u2013 finance result recognised in OCI 318 \u221212 306 Finance result on insurance contracts 1,657 \u22126 31 1,682 \u2013 premiums received 3,423 3,423 \u2013 acquisition costs paid \u2212439 \u2212439 \u2013 claims, benefits and attributable expenses paid \u22123,406 \u22123,406 \u2013 changes in the composition of the group and other changes 95 1 96 Cash flows \u2212327 1 0 \u2212326 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 \u221269 \u2212353 355 \u2013 closing balance presented as liabilities 17,679 372 1,485 19,536 Net closing balance 16,902 441 1,838 19,181 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee Insurance Europe 2023 future cash flows risk service margin Approach Insurance contracts segment Japan Life Insurance contracts under General Model and Variable Fee Approach (2024) Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee Japan Life 2024 future cash flows risk service margin Approach \u2013 opening balance presented as assets 0 \u2013 opening balance presented as liabilities 12,382 258 1,008 13,648 Net opening balance 12,382 258 1,008 13,648 \u2013 insurance contracts initially recognised in the year \u2212127 15 112 0 \u2013 changes in estimates that adjust the contractual service margin \u221268 15 53 0 \u2013 changes in estimates that do not adjust the contractual service margin 2 2 Changes that relate to future service \u2212193 30 165 2 \u2013 release to profit or loss \u221227 \u2212152 \u2212179 \u2013 experience adjustments not adjusting the contractual service margin \u221227 \u221227 Changes that relate to current service \u221227 \u221227 \u2212152 \u2212206 \u2013 finance result through profit or loss 124 1 4 129 \u2013 finance result recognised in OCI \u2212380 7 \u2212373 Finance result on insurance contracts \u2212256 8 4 \u2212244 \u2013 premiums received 1,990 1,990 \u2013 acquisition costs paid \u2212104 \u2212104 \u2013 claims, benefits and attributable expenses paid \u22122,434 \u22122,434 Cash flows \u2212548 0 0 \u2212548 Foreign currency exchange differences \u2212552 \u221210 \u221243 \u2212605 Net closing balance 10,806 259 982 12,047 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 10,806 259 982 12,047 Net closing balance 10,806 259 982
Insurance contracts under General Model and Variable Fee Approach (2023)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Japan Life 2023 future cash flows risk service margin 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 year
\u2212143
11
132
0
\u2013 changes in estimates that adjust the contractual
service margin
\u221275
111
\u221236
0
\u2013 changes in estimates that do not adjust the
contractual service margin
1
1
2
Changes that relate to future service
\u2212217
123
96
2
\u2013 release to profit or loss
\u221227
\u2212161
\u2212188
\u2013 experience adjustments not adjusting the contractual
service margin
\u221218
\u221218
Changes that relate to current service
\u221218
\u221227
\u2212161
\u2212206
\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
\u2212112
\u2212112
\u2013 claims, benefits and attributable expenses paid
\u22122,447
\u22122,447
Cash flows
\u2212118
0
0
\u2212118
Foreign currency exchange differences
\u22121,395
\u221213
\u2212113
\u22121,521
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", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "12 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 (OCI) 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\u2019 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 on (re) insurance contracts\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. A loss component is formed for contracts that are or have become onerous. The loss component will change over time due to, amongst others, interest accretion, changes in estimates and a systematic allocation of the release of expected claims, expenses and risk adjustment. Insurance related receivables and payables including policy loans are presented as part of the insurance contracts. NN Group considers premiums receivables from intermediaries and tied agents to be future cash flows within the boundary of an insurance contract. 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. 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. Reinstatement rates are duration dependent. 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 2024 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 cash flows 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 . 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 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. Spreads used in the illiquidity premium 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 2024 the LTFR was 3.20% (31 December 2023: 3.15%). 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. Range of yield curves
General Model
Variable Fee Approach
2024
2023
2024
2023
1 year
3.2%
4.1%
2.3%
3.4%
5 years
3.1%
3.1%
2.2%
2.4%
10 years
3.2%
3.2%
2.3%
2.5%
20 years
3.2%
3.2%
2.3%
2.5%
30 years
2.9%
2.9%
2.1%
2.2%
40 years
2.9%
2.9%
2.1%
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 (Group diversification). The cost of capital rate represents 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 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
One year view
Ultimate view
2024
2023
2024
2023
Life
89%
90%
69%
69%
Non-life
69%
70%
62%
64%
Insurance contracts (2024)
Total General
Model and Premium
Variable Fee Variable Fee Allocation
2024
General Model
Approach Approach
Approach
Total
Life Insurance contracts for risk of
company
95,796
1,953
97,749
1
97,750
Life Insurance contracts for risk of
policyholders
6,239
36,523
42,762
42,762
Life insurance contracts
102,035
38,476
140,511
1
140,512
Non-life contracts for remaining
coverage
3,948
3,948
225
4,173
Non-life contracts for incurred claims
and benefits
111
111
2,336
2,447
Non-life insurance contracts
4,059
0
4,059
2,561
6,620
Total insurance contracts
106,094
38,476
144,570
2,562
147,132
\u2013 of which presented as assets
409
409
409
\u2013 of which presented as liabilities
106,503
38,476
144,979
2,562
147,541
Total insurance contracts
106,094
38,476
144,570
2,562
147,132
Insurance contracts (2023)
Total General
Model and Premium
Variable Fee Variable Fee Allocation
2023
General Model
Approach Approach
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
General Model and Variable Fee Approach Insurance contracts under General Model and Variable Fee Approach (2024)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
2024 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
778
\u221270
\u2212353
355
\u2013 opening balance presented as liabilities
134,158
1,730
6,619
142,507
Net opening balance
133,380
1,800
6,972
142,152
\u2013 insurance contracts initially recognised in the year
\u2212709
101
659
51
\u2013 changes in estimates that adjust the contractual
service margin
\u2212475
\u2212630
1,105
0
\u2013 changes in estimates that do not adjust the
contractual service margin
\u22122
\u221276
\u221278
Changes that relate to future service
\u22121,186
\u2212605
1,764
\u221227
1 Premiums received includes EUR 344 million of investments (non-cash) received. Reference is made to Note 29 \u2018Insurance contracts by segment\u2019 for the insurance contracts under General Model and Variable Fee Approach by segment \u2013 release to profit or loss \u2212134 \u2212857 \u2212991 \u2013 experience adjustments not adjusting the contractual service margin \u221246 \u22121 \u221247 Changes that relate to current service \u221246 \u2212135 \u2212857 \u22121,038 \u2013 changes in incurred claims and benefits previous periods \u221217 \u221217 Changes that relate to past service \u221217 0 0 \u221217 \u2013 finance result through profit or loss 6,578 38 79 6,695 \u2013 finance result recognised in OCI 357 203 1 561 Finance result on insurance contracts 6,935 241 80 7,256 \u2013 premiums received1 11,200 11,200 \u2013 acquisition costs paid \u2212637 \u2212637 \u2013 claims, benefits and attributable expenses paid \u221213,634 \u221213,634 Cash flows \u22123,071 0 0 \u22123,071 Other movements \u22123 47 44 Foreign currency exchange differences \u2212661 \u221212 \u221256 \u2212729 Net closing balance 135,331 1,289 7,950 144,570 \u2013 closing balance presented as assets 1,158 \u221289 \u2212660 409 \u2013 closing balance presented as liabilities 136,489 1,200 7,290 144,979 Net closing balance 135,331 1,289 7,950 144,570 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee 2024 future cash flows risk service margin Approach Insurance contracts under General Model and Variable Fee Approach (2023)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
2023 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
348
\u221226
\u2212198
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 year
\u2212709
73
673
37
\u2013 changes in estimates that adjust the contractual
service margin
\u2212293
102
191
0
\u2013 changes in estimates that do not adjust the
contractual service margin
116
83
199
Changes that relate to future service
\u2212886
258
864
236
\u2013 release to profit or loss
\u2212168
\u2212778
\u2212946
\u2013 experience adjustments not adjusting the contractual
service margin
1
1
Changes that relate to current service
1
\u2212168
\u2212778
\u2212945
\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
\u2212593
\u2212593
\u2013 claims, benefits and attributable expenses paid
\u221212,975
\u221212,975
\u2013 changes in the composition of the group and other
changes
95
1
96
Cash flows
\u22123,127
1
0
\u22123,126
Insurance contracts recognised in the period (2024)
Total Insurance
Onerous Insurance contracts
Insurance Other Insurance contracts initially
2024 contracts issued contracts issued acquired recognised
Estimates of the present value of future cash inflows
\u2212719
\u22126,876
\u22127,595
\u2013 acquisition costs
31
508
539
\u2013 claims, benefits and attributable expenses
732
5,615
6,347
Estimates of the present value of future cash
outflows
763
6,123
0
6,886
Risk adjustment
7
94
101
Contractual service margin
659
659
Total insurance contracts initially recognised in the
year
51
0
0
51
Other movements 48 48 Foreign currency exchange differences \u22121,39 4 \u22129 \u221279 \u22121,482 Net closing balance 133,380 1,800 6,972 142,152 \u2013 closing balance presented as assets 778 \u221270 \u2212353 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 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee 2 023 future cash flows risk service margin Approach
Insurance contracts recognised in the period (2023)
Total Insurance
Onerous Insurance contracts
Insurance Other Insurance contracts initially
2023 contracts issued contracts issued acquired recognised
Estimates of the present value of future cash inflows
\u2212760
\u22125,700
\u22126,460
\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
year
37
0
0
37
Composition of underlying items for insurance contracts
Fair value of underlying items
2024
2023
\u2013 debt securities
766
856
\u2013 equity securities and investment funds
39,534
33,785
\u2013 loans and other
2,462
3,315
Total
42,762
37,956
Contractual service margin
Disaggregation of the contractual service margin by transition approach (2024)
Contract issued
after transition Total General
and full Modified Model and
retrospective retrospective Fair value Variable Fee
2024 approach approach approach Approach
Disaggregation of the contractual service margin by
transition approach - opening balance
1,983
824
4,165
6,972
\u2013 insurance contracts initially recognised in the year
659
659
\u2013 changes in estimates that adjust the contractual
service margin
213
69
823
1,105
Changes that relate to future service
872
69
823
1,764
\u2013 release to profit or loss
\u2212365
\u2212138
\u2212354
\u2212857
Changes that relate to current service
\u2212365
\u2212138
\u2212354
\u2212857
Finance result through profit or loss
40
9
31
80
Other movements
16
31
47
Foreign currency exchange differences
\u221238
\u22129
\u22129
\u221256
Disaggregation of the contractual service margin by
transition approach - closing balance
2,508
755
4,687
7,950
Disaggregation of contractual service margin by transition approach (2023)
Contract issued
after transition Total General
and full Modified Model and
retrospective retrospective Fair value Variable Fee
2023 approach approach approach Approach
Disaggregation of the contractual service margin by
transition approach - opening balance
1,707
977
4,166
6,850
\u2013 insurance contracts initially recognised in the year
673
673
\u2013 changes in estimates that adjust the contractual
service margin
\u221250
12
229
191
Changes that relate to future service
623
12
229
864
\u2013 release to profit or loss
\u2212335
\u2212154
\u2212289
\u2212778
Changes that relate to current service
\u2212335
\u2212154
\u2212289
\u2212778
Finance result through profit or loss
27
9
31
67
Other movements
7
41
48
Foreign currency exchange differences
\u221246
\u221220
\u221213
\u221279
Disaggregation of the contractual service margin by
transition approach - closing balance
1,983
824
4,165
6,972
Contractual service margin by remaining term
2024
2023
Less than 1 year
687
698
1-2 years
590
586
2-3 years
529
528
3-4 years
479
479
4-5 years
440
436
5-10 years
1,627
1,638
Over 10 years
3,598
2,607
Total
7,950
6,972
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 (2024) Total General
Liability for Model and
incurred claims Variable Fee
Liability for remaining coverage and benefits Approach
Remaining
2024
coverage
Loss component
\u2013 opening balance presented as assets
391
\u22126
\u221230
355
\u2013 opening balance presented as liabilities
140,190
315
2,002
142,507
Net opening balance
139,799
321
2,032
142,152
\u2013 release of contractual service margin
\u2212857
\u2212857
\u2013 release of risk adjustment
\u2212134
\u2212134
\u2013 expected claims and benefits
\u22125,139
\u22125,139
\u2013 expected attributable expenses
\u22121,280
\u22121,280
\u2013 recovery of acquisition costs
\u2212415
\u2212415
\u2013 experience adjustments for premiums relating to
current or past service
\u221218
\u221218
Insurance income
\u22127,843
0
0
\u22127,843
\u2013 incurred claims and benefits
5,110
5,110
\u2013 incurred attributable expenses
1,298
1,298
\u2013 amortisation of acquisition costs
415
415
\u2013 changes in incurred claims and benefits previous
periods
\u221217
\u221217
\u2013 (reversal of) losses on onerous contracts
\u221245
\u221245
Insurance expenses
415
\u221245
6,391
6,761
Investment components excluded from insurance
expenses and insurance income
\u22126,894
6,894
0
\u2013 finance result through profit or loss 6,678 4 13 6,695 \u2013 finance result recognised in OCI 592 \u221231 561 Finance result on insurance contracts 7,270 4 \u221218 7,256 \u2013 premiums received 11,200 11,200 \u2013 acquisition costs paid \u2212637 \u2212637 \u2013 claims, benefits and attributable expenses paid \u221213,634 \u221213,634 Cash flows 10,563 0 \u221213,634 \u22123,071 Other movements 51 \u22128 1 44 Foreign currency exchange differences \u2212703 \u221226 \u2212729 Net closing balance 142,658 272 1,640 144,570 \u2013 closing balance presented as assets 469 \u22129 \u221251 409 \u2013 closing balance presented as liabilities 143,127 263 1,589 144,979 Net closing balance 142,658 272 1,640 144,570
Liabilities for remaining coverage and incurred claims and benefits (2023) Total General
Liability for Model and
incurred claims Variable Fee
Liability for remaining coverage and benefits Approach
Remaining
2023
coverage
Loss component
\u2013 opening balance presented as assets
135
\u22121
\u221210
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
\u2212778
\u2212778
\u2013 release of risk adjustment
\u2212168
\u2212168
\u2013 expected claims and benefits
\u22125,104
\u22125,104
\u2013 expected attributable expenses
\u22121,237
\u22121,237
\u2013 recovery of acquisition costs
\u2212363
\u2212363
\u2013 experience adjustments for premiums relating to
current or past service
\u221212
\u221212
\u2013 other insurance income
3
3
Insurance income
\u22127,659
0
0
\u22127,659
\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
\u22126,738
6,738
0
\u2013 finance result through profit or loss
5,915
1
12
5,928
\u2013 finance result recognised in OCI
3,499
\u22129
3,490
Finance result on insurance contracts
9,414
1
3
9,418
Total General Liability for Model and incurred claims Variable Fee Liability for remaining coverage and benefits Approach Remaining 2024 coverage Loss component Remaining coverage includes risk adjustment and contractual service margin premiums received 10,346 10,346 \u2013 acquisition costs paid \u2212593 \u2212593 \u2013 claims, benefits and attributable expenses paid \u221212,975 \u221212,975 \u2013 changes in the composition of the group and other changes 25 71 96 Cash flows 9,778 0 \u221212,9 04 \u22123,126 Other movements 48 48 Foreign currency exchange differences \u22121,417 \u22121 \u221264 \u22121,482 Net closing balance 139,799 321 2,032 142,152 \u2013 closing balance presented as assets 391 \u22126 \u221230 355 \u2013 closing balance presented as liabilities 140,190 315 2,002 142,507 Net closing balance 139,799 321 2,032 142,152
Premium Allocation Approach
Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2024)
Total Premium
Liability for incurred claims and Allocation
Liability for remaining coverage benefits Approach
Estimates of the
Remaining present value of
2024
coverage
Loss component
future cash flows
Risk adjustment
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
217
2
2,295
43
2,557
Net opening balance
217
2
2,295
43
2,557
Insurance income
\u22122,863
\u22122,863
\u2013 incurred claims and benefits
1,498
4
1,502
\u2013 incurred attributable expenses
922
922
\u2013 amortisation of acquisition costs
5
5
\u2013 changes in incurred claims and benefits
previous periods
55
\u22129
46
\u2013 other insurance expenses
1
1
Insurance expenses
5
0
2,476
\u22125
2,476
\u2013 finance result through profit or loss
30
30
\u2013 finance result recognised in OCI
44
44
Finance result on insurance contracts
0
0
74
0
74
\u2013 premiums received
2,872
2,872
\u2013 acquisition costs paid
\u22125
\u22125
\u2013 claims, benefits and attributable
expenses paid
\u22122,549
\u22122,549
Cash flows
2,867
0
\u22122,549
0
318
Foreign currency exchange differences
\u22121
\u22121
2
0
Net closing balance
225
2
2,295
40
2,562
\u2013 closing balance presented as assets
0
\u2013 closing balance presented as liabilities
225
2
2,295
40
2,562
Net closing balance
225
2
2,295
40
2,562
Total General Liability for Model and incurred claims Variable Fee Liability for remaining coverage and benefits Approach Remaining 2023 coverage Loss component Liabilities for remaining coverage and incurred claims and benefits Premium Allocation Approach (2023)
Total Premium
Liability for incurred claims and Allocation
Liability for remaining coverage benefits Approach
Estimates of the
Remaining present value of
2023
coverage
Loss component
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
\u22122,791
\u22122,791
\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
\u22122
\u221227
\u221229
\u2013 (reversal of) losses on onerous
contracts
\u22128
\u22128
\u2013 other insurance expenses
1
1
Insurance expenses
6
\u22128
2,294
\u221223
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
\u22126
\u22126
\u2013 claims, benefits and attributable
expenses paid
\u22122,451
\u22122,451
\u2013 changes in the composition of the group
and other changes
\u221225
\u221270
\u22121
\u221296
Cash flows
2,809
0
\u22122,521
\u22121
287
Other movements 2 2 Foreign currency exchange differences \u22121 \u22121 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 Total Premium Liability for incurred claims and Allocation Liability for remaining coverage benefits Approach Estimates of the Remaining present value of 2023 coverage Loss component future cash flows Risk adjustment ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "FRS 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 (OCI) 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\u2019 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 on (re) insurance contracts\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. A loss component is formed for contracts that are or have become onerous. The loss component will change over time due to, amongst others, interest accretion, changes in estimates and a systematic allocation of the release of expected claims, expenses and risk adjustment. Insurance related receivables and payables including policy loans are presented as part of the insurance contracts. NN Group considers premiums receivables from intermediaries and tied agents to be future cash flows within the boundary of an insurance contract. 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. 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. Reinstatement rates are duration dependent. 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 2024 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 cash flows 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 .
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
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. Spreads used in the illiquidity
premium 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 2024 the LTFR was 3.20% (31 December 2023:
3.15%).
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.
Range of yield curves
General Model
Variable Fee Approach
2024
2023
2024
2023
1 year
3.2%
4.1%
2.3%
3.4%
5 years
3.1%
3.1%
2.2%
2.4%
10 years
3.2%
3.2%
2.3%
2.5%
20 years
3.2%
3.2%
2.3%
2.5%
30 years
2.9%
2.9%
2.1%
2.2%
40 years
2.9%
2.9%
2.1%
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 (Group diversification). The cost of capital rate represents 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
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
One year view
Ultimate view
2024
2023
2024
2023
Life
89%
90%
69%
69%
Non-life
69%
70%
62%
64%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "Expense assumptions Expenses that are considered directly attributable are allocated to groups of insurance contracts, and estimates of these expected future expense cash flows 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "13 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
2024
2023
Investment contracts \u2013 opening balance
3,621
3,421
Current year liabilities
450
458
Prior years liabilities:
\u2013 payments to contract holders
\u2212462
\u2212463
\u2013 interest accrual
6
7
\u2013 valuation changes investments
250
217
Foreign currency exchange differences
\u22126
\u221219
Investment contracts \u2013 closing balance
3,859
3,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "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 . 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 34 \u2018Hedge accounting\u2019 for further information on hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "14 Reinsurance contracts Accounting for reinsurance contracts held is mostly similar to the accounting for insurance contracts issued, with the following specific considerations: \u2219 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. \u2219 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. \u2219 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. In December 2024, NN Group entered into a reinsurance agreement with Pacific Life Re International (UK branch) transferring the full longevity risk on part of its DC decumulation portfolio, representing approximately EUR 2.5 billion. The transfer date is 31 December 2024, and the reinsurance agreement remains effective until full run-off of reinsured portfolio. Furthermore, the reinsurance agreement will cover the full longevity risk associated to the future new business within the DC decumulation phase for at least 2025. This new business is acquired by NN Group via its own DC accumulation portfolio and via annuities accumulated with other providers.
Reinsurance contracts held (2024)
Premium
Allocation
2024
General Model
Approach
Total
Life reinsurance contracts
391
391
Non-life reinsurance contracts
15
162
177
Total life and non-life reinsurance contracts
406
162
568
- of which presented as assets
514
166
680
- of which presented as liabilities
108
4
112
Total life and non-life reinsurance contracts
406
162
568
Reinsurance contracts held (2023)
Premium
Allocation
2023
General Model
Approach
Total
Life reinsurance contracts
320
320
Non-life reinsurance contracts
26
243
269
Total life and non-life reinsurance contracts
346
243
589
- of which presented as assets
490
243
733
- of which presented as liabilities
144
144
Total life and non-life reinsurance contracts
346
243
589
Reinsurance contracts held under General Model (2024)
Estimates of the
present value of Contractual Total General
2024
future cash flows
Risk adjustment
service margin Model
\u2013 opening balance presented as assets
\u2212266
281
475
490
\u2013 opening balance presented as liabilities
211
\u221210
\u221257
144
Net opening balance
\u2212477
291
532
346
\u2013 reinsurance contracts initially recognised in the year
26
12
\u221238
0
\u2013 changes in estimates that adjust the contractual
service margin
\u2212133
\u2212178
311
0
\u2013 changes in estimates that do not adjust the
contractual service margin
\u22121
\u22121
Changes that relate to future service
\u2212108
\u2212166
273
\u22121
\u2013 release to profit or loss
\u221211
\u221288
\u221299
\u2013 experience adjustments not adjusting the contractual
service margin
\u221216
\u221216
Changes that relate to current service
\u221216
\u221211
\u221288
\u2212115
\u2013 changes in reinsurance recoveries previous periods
6
6
Changes that relate to past service
6
0
0
6
\u2013 finance result through profit or loss
\u221238
5
4
\u221229
\u2013 finance result recognised in OCI
38
25
63
Finance result from reinsurance contracts
0
30
4
34
\u2013 reinsurance recoveries received
\u22121,799
\u22121,799
\u2013 reinsurance premiums paid
1,945
1,945
Cash flows
146
0
0
146
Foreign currency exchange differences
\u22129
\u22121
\u221210
Net closing balance
\u2212458
144
720
406
\u2013 closing balance presented as assets
\u2212262
139
637
514
\u2013 closing balance presented as liabilities
196
\u22125
\u221283
108
Net closing balance
\u2212458
144
720
406
Reinsurance contracts held under General Model (2023)
Estimates of the
present value of Contractual Total General
2023
future cash flows
Risk adjustment
service margin Model
\u2013 opening balance presented as assets
23
138
383
544
\u2013 opening balance presented as liabilities
234
\u22129
\u22122
223
Net opening balance
\u2212211
147
385
321
\u2013 reinsurance contracts initially recognised in the year
\u2212179
168
11
0
\u2013 changes in estimates that adjust the contractual
service margin
\u2212148
\u221225
173
0
\u2013 changes in estimates that do not adjust the
contractual service margin
1
1
Changes that relate to future service
\u2212326
143
184
1
\u2013 release to profit or loss
\u221216
\u221240
\u221256
\u2013 experience adjustments not adjusting the contractual
service margin
\u22122
\u22122
Changes that relate to current service
\u22122
\u221216
\u221240
\u221258
\u2013 changes in reinsurance recoveries previous periods
\u22124
\u22124
Changes that relate to past service
\u22124
0
0
\u22124
\u2013 finance result through profit or loss
31
1
3
35
\u2013 finance result recognised in OCI
\u221248
15
\u221233
Finance result from reinsurance contracts
\u221217
16
3
2
\u2013 reinsurance recoveries received
\u22121,142
\u22121,142
\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
\u221220
\u221220
Net closing balance
\u2212477
291
532
346
\u2013 closing balance presented as assets
\u2212266
281
475
490
\u2013 closing balance presented as liabilities
211
\u221210
\u221257
144
Net closing balance
\u2212477
291
532
346
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "
Accounting for reinsurance contracts held is mostly similar to the accounting for insurance contracts issued,
with the following specific considerations:
\u2219 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.
\u2219 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.
\u2219 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "
15 Debt instruments issued
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
Interest rate
Year of Issue
Due date
First call date
Notional amount
Balance sheet value
2024
2023
2024
2023
1.625%
2017
01 June 2027
01 March 2027
600
600
599
598
0.875%
2021
23 November 2031
23 May 2031
600
600
597
597
Debt instruments issued
1,196
1,195
NN Group repaid the outstanding EUR 500 million 0.875% fixed rate unsecured senior notes that matured on 13 January 2023.
16 Subordinated debt
Subordinated debt
Interest rate
Year of Issue
Due date
First call date
Notional amount
Balance sheet value
2024
2023
2024
2023
4.625%
2014
08 April 2044
08 April 2024
335
335
4.625%
2017
13 January 2048
13 January 2028
850
850
845
844
5.250%
2022
01 March 2043
30 August 2032
500
500
494
494
6.000%
2023
03 November 2043
03 May 2033
1,000
1,000
1,007
1,007
Subordinated debt
2,346
2,680
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 2024, NN Group redeemed the remaining outstanding amount of EUR 335 million of 4.625% Fixed to
Floating Rate Subordinated Notes on their first call date .
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
11 \u2018Equity\u2019.
Other borrowed funds
2024
2023
Credit institutions
1,856
2,881
Other
6,131
7,111
Other borrowed funds
7,987
9,992
Other borrowed funds includes the funding of the consolidated securitisation programmes as disclosed in Note 43 \u2018Structured entities\u2019 and repo transactions used for liquidity management purposes. During 2024, NN Bank redeemed EUR 1,000 million bonds under its Covered Bond Programme. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "15 Debt instruments issued 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
Interest rate
Year of Issue
Due date
First call date
Notional amount
Balance sheet value
2024
2023
2024
2023
1.625%
2017
01 June 2027
01 March 2027
600
600
599
598
0.875%
2021
23 November 2031
23 May 2031
600
600
597
597
Debt instruments issued
1,196
1,195
NN Group repaid the outstanding EUR 500 million 0.875% fixed rate unsecured senior notes that matured on 13 January 2023. 16 Subordinated debt Subordinated debt
Interest rate
Year of Issue
Due date
First call date
Notional amount
Balance sheet value
2024
2023
2024
2023
4.625%
2014
08 April 2044
08 April 2024
335
335
4.625%
2017
13 January 2048
13 January 2028
850
850
845
844
5.250%
2022
01 March 2043
30 August 2032
500
500
494
494
6.000%
2023
03 November 2043
03 May 2033
1,000
1,000
1,007
1,007
Subordinated debt
2,346
2,680
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 2024, NN Group redeemed the remaining outstanding amount of EUR 335 million of 4.625% Fixed to Floating Rate Subordinated Notes on their first call date . 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 11 \u2018Equity\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "16 Subordinated debt Subordinated debt
Interest rate
Year of Issue
Due date
First call date
Notional amount
Balance sheet value
2024
2023
2024
2023
4.625%
2014
08 April 2044
08 April 2024
335
335
4.625%
2017
13 January 2048
13 January 2028
850
850
845
844
5.250%
2022
01 March 2043
30 August 2032
500
500
494
494
6.000%
2023
03 November 2043
03 May 2033
1,000
1,000
1,007
1,007
Subordinated debt
2,346
2,680
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 2024, NN Group redeemed the remaining outstanding amount of EUR 335 million of 4.625% Fixed to Floating Rate Subordinated Notes on their first call date 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 11 \u2018Equity\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "
18 Customer deposits
Customer deposits
2024
2023
Savings
7,724
7,451
Bank annuities
9,750
9,009
Customer deposits
17,474
16,460
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
2024
2023
Customer deposits \u2013 opening balance
16,460
16,235
Deposits received
4,694
4,246
Withdrawals
\u22123,661
\u22124,000
Amortisation
\u221219
\u221221
Customer deposits\u2013 closing balance
17,474
16,460
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "
17 Other borrowed funds
Other borrowed funds
2024
2023
Credit institutions
1,856
2,881
Other
6,131
7,111
Other borrowed funds
7,987
9,992
Other borrowed funds includes the funding of the consolidated securitisation programmes as disclosed in
Note 43 \u2018Structured entities\u2019 and repo transactions used for liquidity management purposes.
During 2024, NN Bank redeemed EUR 1,000 million bonds under its Covered Bond Programme. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "
19 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 34 \u2018Hedge accounting\u2019 for further information on hedge accounting.
Derivatives (assets)
2024
2023
Derivatives used in:
\u2013 fair value hedges
4
\u2013 cash flow hedges
630
536
\u2013 hedges of net investments in foreign operations
5
Other derivatives
2,050
1,945
Derivatives (assets)
2,684
2,486
Other derivatives comprises derivatives for which no hedge accounting is applied.
Derivatives (liabilities)
2024
2023
Derivatives used in:
\u2013 fair value hedges
1
39
\u2013 cash flow hedges
1,463
2,006
\u2013 hedges of net investments in foreign operations
2
2
Other derivatives
2,205
2,020
Derivatives (liabilities)
3,671
4,067
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "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 34 \u2018Hedge accounting\u2019 for further information on hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "
20 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
2024
2023
Income tax payable
26
29
Net defined benefit liability
41
49
Other post-employment benefits
4
4
Other staff-related liabilities
87
82
Other taxation and social security contributions
103
113
Lease liabilities
229
233
Accrued interest
483
516
Costs payable
285
305
Provisions
463
524
Amounts to be settled
29
32
Cash collateral amounts received
1,454
1,595
Other
569
558
Other liabilities
3,773
4,040
Other staff-related liabilities include provisions for vacation leave, variable compensation, jubilee and disability/illness. Cash collateral amounts received relate to collateralised derivatives. Other mainly relates to year-end accruals in the normal course of business . Net defined benefit liability
2024
2023
Fair value of plan assets
71
70
Defined benefit obligation
112
119
Net defined benefit liability recognised in the balance sheet (funded status)
41
49
Changes in Provisions
2024
2023
Provisions \u2013 opening balance
524
199
Additions
32
450
Releases
\u221225
\u221246
Charges
\u221271
\u221265
Changes in the composition of the group and other changes
3
\u221212
Exchange rate differences
\u22122
Provisions \u2013 closing balance
463
524
Additions in 2023 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 41 \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 2024 and 2023 due to additional initiatives announced during the year. During 2024, EUR 31 million was charged to the reorganisation provision for the cost of workforce reductions (2023: EUR 34 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "value": "20 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
2024
2023
Income tax payable
26
29
Net defined benefit liability
41
49
Other post-employment benefits
4
4
Other staff-related liabilities
87
82
Other taxation and social security contributions
103
113
Lease liabilities
229
233
Accrued interest
483
516
Costs payable
285
305
Provisions
463
524
Amounts to be settled
29
32
Cash collateral amounts received
1,454
1,595
Other
569
558
Other liabilities
3,773
4,040
Other staff-related liabilities include provisions for vacation leave, variable compensation, jubilee and disability/illness. Cash collateral amounts received relate to collateralised derivatives. Other mainly relates to year-end accruals in the normal course of business Net defined benefit liability
2024
2023
Fair value of plan assets
71
70
Defined benefit obligation
112
119
Net defined benefit liability recognised in the balance sheet (funded status)
41
49
Changes in Provisions Provisions \u2013 opening balance 524 199 Additions 32 450 Releases \u221225 \u221246 Charges \u221271 \u221265 Changes in the composition of the group and other changes 3 \u221212 Exchange rate differences \u22122 Provisions \u2013 closing balance 463 524 Additions in 2023 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 41 \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 2024 and 2023 due to additional initiatives announced during the year. During 2024, EUR 31 million was charged to the reorganisation provision for the cost of workforce reductions (2023: EUR 34 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "20 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
2024
2023
Income tax payable
26
29
Net defined benefit liability
41
49
Other post-employment benefits
4
4
Other staff-related liabilities
87
82
Other taxation and social security contributions
103
113
Lease liabilities
229
233
Accrued interest
483
516
Costs payable
285
305
Provisions
463
524
Amounts to be settled
29
32
Cash collateral amounts received
1,454
1,595
Other
569
558
Other liabilities
3,773
4,040
Other staff-related liabilities include provisions for vacation leave, variable compensation, jubilee and disability/illness. Cash collateral amounts received relate to collateralised derivatives. Other mainly relates to year-end accruals in the normal course of business . Net defined benefit liability
2024
2023
Fair value of plan assets
71
70
Defined benefit obligation
112
119
Net defined benefit liability recognised in the balance sheet (funded status)
41
49
Changes in Provisions
2024
2023
Provisions \u2013 opening balance
524
199
Additions
32
450
Releases
\u221225
\u221246
Charges
\u221271
\u221265
Changes in the composition of the group and other changes
3
\u221212
Exchange rate differences
\u22122
Provisions \u2013 closing balance
463
524
Additions in 2023 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 41 \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 2024 and 2023 due to additional initiatives announced during the year. During 2024, EUR 31 million was charged to the reorganisation provision for the cost of workforce reductions (2023: EUR 34 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "value": "20 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
2024
2023
Income tax payable
26
29
Net defined benefit liability
41
49
Other post-employment benefits
4
4
Other staff-related liabilities
87
82
Other taxation and social security contributions
103
113
Lease liabilities
229
233
Accrued interest
483
516
Costs payable
285
305
Provisions
463
524
Amounts to be settled
29
32
Cash collateral amounts received
1,454
1,595
Other
569
558
Other liabilities
3,773
4,040
Other staff-related liabilities include provisions for vacation leave, variable compensation, jubilee and
disability/illness.
Cash collateral amounts received relate to collateralised derivatives.
Other mainly relates to year-end accruals in the normal course of business .
Net defined benefit liability
2024
2023
Fair value of plan assets
71
70
Defined benefit obligation
112
119
Net defined benefit liability recognised in the balance sheet (funded status)
41
49
Changes in Provisions
2024
2023
Provisions \u2013 opening balance
524
199
Additions
32
450
Releases
\u221225
\u221246
Charges
\u221271
\u221265
Changes in the composition of the group and other changes
3
\u221212
Exchange rate differences
\u22122
Provisions \u2013 closing balance
463
524
Additions in 2023 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 41 \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 2024 and 2023 due to additional
initiatives announced during the year. During 2024, EUR 31 million was charged to the reorganisation
provision for the cost of workforce reductions (2023: EUR 34 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "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 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "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 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "
21 Insurance income
Insurance income (2024) Contracts issued
after transition
and full Modified
retrospective retrospective Fair value
2024 approach approach
approach
Total
Release of contractual service margin
321
138
398
857
Release of risk adjustment
37
17
80
134
Expected claims and benefits
909
88
4,142
5,139
Expected attributable expenses
574
125
581
1,280
Recovery of acquisition costs
325
89
1
415
Experience adjustments for premiums that relate to
current or past service
15
3
18
Insurance income General Model and Variable Fee
Approach
2,181
457
5,205
7,843
Insurance income Premium Allocation Approach
2,863
Total insurance income
10,706
Insurance income (2023) Contracts issued
after transition
and full Modified
retrospective retrospective Fair value
2023 approach approach
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
23 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, 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
2024
2023
Interest income from investments in debt securities
1,764
1,744
Interest income from mortgage loans
1,378
1,307
Interest income from other loans
367
423
Interest income on (hedging) derivatives
700
538
Other interest income
289
208
Interest income
4,498
4,220
Income from investments in real estate
109
114
Dividend income on equity securities
439
364
Other investment income
5
9
Total other investment income
553
487
Investment income
5,051
4,707
2024 2023 24 Finance result Finance result on (re) insurance contracts
2024
2023
Change in fair value of underlying items
4,862
4,084
Interest accreted
1,892
1,832
Changes in value of options and guarantees for which the risk mitigation solution is used
\u22123
\u22123
Finance result
6,751
5,913
Finance result other
2024
2023
Interest expenses on derivatives
625
482
Other interest expenses
684
551
Finance result other
1,309
1,033
In 2024, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,797 million (2023: EUR 3,682 million) and EUR 684 million (2023: EUR 551 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses
2024
2023
Investment income
4,498
4,220
Interest expenses on derivatives
\u2212625
\u2212482
Other interest expenses
\u2212684
\u2212551
Total interest income and expenses
3,189
3,187
Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,841 million (2023: EUR 4,051 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 59 million of dividend relating to equity securities at fair value through OCI held at 31 December 2024 (31 December 2023: EUR 61 million) and EUR 16 million of dividend relating to equity securities at fair value through OCI derecognised during 2024 (2023: EUR 18 million). Impairments and reversal of impairments on investments by segment
2024
2023
Netherlands Life
\u22122
29
Netherlands Non-life
\u22124
4
Insurance Europe
\u22122
Japan Life
\u22122
8
Banking
\u22122
Other
\u22121
Total
\u221213
41
Results on derivatives and hedging
2024
2023
Change in fair value of derivatives relating to:
\u2013 fair value hedges
\u2212115
\u2212381
\u2013 cash flow hedges (ineffective portion)
1
3
\u2013 other derivatives
\u2212817
729
Net result on derivatives
\u2212931
351
Change in fair value of assets and liabilities (hedged items)
82
341
Result on derivatives and hedging
\u2212849
692
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 \u2018finance result\u2019 in the profit or 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 12 \u2018Insurance contracts\u2019, Note 11 \u2018Equity\u2019 and Note 24 \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 34 \u2018Hedge accounting\u2019. Realised gains (losses) on Investments at cost and at fair value through other comprehensive income \u22121,038 \u2212285 Gains (losses) on investments at fair value through profit or loss 5,087 4,155 Gains (losses) on investments in real estate \u221213 \u2212276 Gains (losses) on Investments at cost, at fair value through OCI and at fair value through profit and loss 4,036 3,594 Share of result of investments in associates and joint ventures 579 \u2212237 Impairments and reversal of impairments on investments 13 \u221241 Result on derivatives and hedging \u2212849 692 Foreign currency exchange result 673 \u221250 Other investment result 416 364 Investment result 9,503 8,665 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "value": "22 Insurance expenses Insurance expenses General Model and Variable Fee Approach
2024
2023
Incurred claims and benefits
5,110
5,126
Incurred attributable expenses
1,298
1,250
Amortisation of acquisition costs
415
363
Changes in incurred claims and benefits previous periods
\u221217
18
(Reversal of) losses on onerous contracts
\u221245
209
Other insurance expenses
2
Insurance expenses General Model and Variable Fee Approach
6,761
6,968
(Reversal of) losses on onerous contracts General Model and Variable Fee Approach
2024
2023
Losses on onerous contracts initially recognised in the year
51
37
Changes in estimates not adjusting the contractual service margin
\u221278
198
Release of risk adjustment attributed to the loss component
\u22121
\u22123
Expected claims and benefits attributed to the loss component
\u22124
\u22125
Expected attributable insurance expenses attributed to the loss component
\u221213
\u221218
(Reversal of) losses on onerous contracts General Model and Variable Fee
Approach
\u221245
209
Insurance expenses Premium Allocation Approach
2024
2023
Incurred claims and benefits
1,502
1,402
Incurred attributable expenses
922
897
Amortisation of acquisition costs
5
6
Changes in incurred claims and benefits previous periods
46
\u221229
(Reversal of) losses on onerous contracts
\u22128
Other insurance expenses
15
19
Insurance expenses Premium Allocation Approach
2,490
2,287
(Reversal of) losses on onerous contracts Premium Allocation Approach
2024
2023
Losses on onerous contracts initially recognised in the year
3
3
Changes in estimates regarding onerous contracts
1
\u22124
Reversal of the loss component
\u22124
\u22127
(Reversal of) losses on onerous contracts Premium Allocation Approach
0
\u22128
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "value": "
Insurance expenses General Model and Variable Fee Approach
2024
2023
Incurred claims and benefits
5,110
5,126
Incurred attributable expenses
1,298
1,250
Amortisation of acquisition costs
415
363
Changes in incurred claims and benefits previous periods
\u221217
18
(Reversal of) losses on onerous contracts
\u221245
209
Other insurance expenses
2
Insurance expenses General Model and Variable Fee Approach
6,761
6,968
(Reversal of) losses on onerous contracts General Model and Variable Fee Approach
2024
2023
Losses on onerous contracts initially recognised in the year
51
37
Changes in estimates not adjusting the contractual service margin
\u221278
198
Release of risk adjustment attributed to the loss component
\u22121
\u22123
Expected claims and benefits attributed to the loss component
\u22124
\u22125
Expected attributable insurance expenses attributed to the loss component
\u221213
\u221218
(Reversal of) losses on onerous contracts General Model and Variable Fee
Approach
\u221245
209
Insurance expenses Premium Allocation Approach
2024
2023
Incurred claims and benefits
1,502
1,402
Incurred attributable expenses
922
897
Amortisation of acquisition costs
5
6
Changes in incurred claims and benefits previous periods
46
\u221229
(Reversal of) losses on onerous contracts
\u22128
Other insurance expenses
15
19
Insurance expenses Premium Allocation Approach
2,490
2,287
(Reversal of) losses on onerous contracts Premium Allocation Approach
2024
2023
Losses on onerous contracts initially recognised in the year
3
3
Changes in estimates regarding onerous contracts
1
\u22124
Reversal of the loss component
\u22124
\u22127
(Reversal of) losses on onerous contracts Premium Allocation Approach
0
\u22128
26 Non-attributable operating expenses Non-attributable operating expenses
2024
2023
Staff expenses
1,698
1,680
Other operating expenses
2,531
2,832
Of which attributed to:
\u2013 incurred acquisition costs
\u2212649
\u2212602
\u2013 incurred insurance expenses
\u22122,255
\u22122,192
Non-attributable operating expenses
1,325
1,718
Staff expenses
2024
2023
Salaries
1,099
1,045
Pension costs
148
138
Social security costs
168
156
Share-based compensation arrangements
5
5
External staff costs
189
255
Education
20
16
Other staff costs
69
65
Staff expenses
1,698
1,680
Pension costs
2024
2023
Current service cost
6
5
Net interest cost
\u22121
\u22122
Defined benefit plans
5
3
Defined contribution plans
143
135
Pension costs
148
138
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 30 \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 45 \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 Weighted average grant date fair
Share awards (in number) value (in euros)
2024
2023
2024
2023
Share awards outstanding \u2013 opening balance
177,349
186,885
38.64
38.41
Granted
144,126
128,844
41.96
35.44
Vested
\u2212131,110
\u2212131,681
40.25
35.19
Forfeited
\u22124,402
\u22126,699
38.75
38.47
Share awards outstanding \u2013 closing balance
185,963
177,349
40.08
38. 6 4
n 2024, 18,306 (2023: 15,099) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2024, 125,820 (2023: 113,745) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2024, the share awards on NN Group shares consist of 179,865 (2023: 170,828) share awards relating to equity-settled share-based payment arrangements and 6,098 (2023: 6,521) 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 2024, total unrecognised compensation costs related to share awards amount to EUR 3 million (2023: EUR 2 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2023: 1.4 years). Other operating expenses
2024
2023
Depreciation of property and equipment
82
82
Amortisation of software
36
35
Computer costs
310
297
Office expenses
69
69
Travel and accommodation expenses
17
15
Advertising and public relations
85
85
External advisory fees
211
210
Claims handling expenses
234
244
Additions to (releases of) other provisions
7
403
Commissions, fees and other
1,480
1,392
Other operating expenses
2,531
2,832
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "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, 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
2024
2023
Interest income from investments in debt securities
1,764
1,744
Interest income from mortgage loans
1,378
1,307
Interest income from other loans
367
423
Interest income on (hedging) derivatives
700
538
Other interest income
289
208
Interest income
4,498
4,220
Income from investments in real estate
109
114
Dividend income on equity securities
439
364
Other investment income
5
9
Total other investment income
553
487
Investment income
5,051
4,707
Gains (losses) on investments at fair value through profit or loss include gains (losses) related to investments held for risk of policyholders for EUR 4,841 million (2023: EUR 4,051 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 59 million of dividend relating to equity securities at fair value through OCI held at 31 December 2024 (31 December 2023: EUR 61 million) and EUR 16 million of dividend relating to equity securities at fair value through OCI derecognised during 2024 (2023: EUR 18 million). Impairments and reversal of impairments on investments by segment
2024
2023
Netherlands Life
\u22122
29
Netherlands Non-life
\u22124
4
Insurance Europe
\u22122
Japan Life
\u22122
8
Banking
\u22122
Other
\u22121
Total
\u221213
41
Results on derivatives and hedging
2024
2023
Change in fair value of derivatives relating to:
\u2013 fair value hedges
\u2212115
\u2212381
\u2013 cash flow hedges (ineffective portion)
1
3
\u2013 other derivatives
\u2212817
729
Net result on derivatives
\u2212931
351
Change in fair value of assets and liabilities (hedged items)
82
341
Result on derivatives and hedging
\u2212849
692
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 \u2018finance result\u2019 in the profit or 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 12 \u2018Insurance contracts\u2019, Note 11 \u2018Equity\u2019 and Note 24 \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 34 \u2018Hedge accounting\u2019. Realised gains (losses) on Investments at cost and at fair value through other comprehensive income \u22121,038 \u2212285 Gains (losses) on investments at fair value through profit or loss 5,087 4,155 Gains (losses) on investments in real estate \u221213 \u2212276 Gains (losses) on Investments at cost, at fair value through OCI and at fair value through profit and loss 4,036 3,594 Share of result of investments in associates and joint ventures 579 \u2212237 Impairments and reversal of impairments on investments 13 \u221241 Result on derivatives and hedging \u2212849 692 Foreign currency exchange result 673 \u221250 Other investment result 416 364 Investment result 9,503 8,665 2024 2023 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "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, 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-568": { "value": "
24 Finance result
Finance result on (re) insurance contracts
2024
2023
Change in fair value of underlying items
4,862
4,084
Interest accreted
1,892
1,832
Changes in value of options and guarantees for which the risk mitigation solution is used
\u22123
\u22123
Finance result
6,751
5,913
Finance result other
2024
2023
Interest expenses on derivatives
625
482
Other interest expenses
684
551
Finance result other
1,309
1,033
In 2024, total interest income and total interest expenses for items not valued at fair value through profit or
loss were EUR 3,797 million (2023: EUR 3,682 million) and EUR 684 million (2023: EUR 551 million)
respectively.
Interest income and expenses are included in the following profit and loss account lines.
Total interest income and expenses
2024
2023
Investment income
4,498
4,220
Interest expenses on derivatives
\u2212625
\u2212482
Other interest expenses
\u2212684
\u2212551
Total interest income and expenses
3,189
3,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-569": { "value": "24 Finance result Finance result on (re) insurance contracts
2024
2023
Change in fair value of underlying items
4,862
4,084
Interest accreted
1,892
1,832
Changes in value of options and guarantees for which the risk mitigation solution is used
\u22123
\u22123
Finance result
6,751
5,913
Finance result other
2024
2023
Interest expenses on derivatives
625
482
Other interest expenses
684
551
Finance result other
1,309
1,033
In 2024, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,797 million (2023: EUR 3,682 million) and EUR 684 million (2023: EUR 551 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses
2024
2023
Investment income
4,498
4,220
Interest expenses on derivatives
\u2212625
\u2212482
Other interest expenses
\u2212684
\u2212551
Total interest income and expenses
3,189
3,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-570": { "value": "24 Finance result Finance result on (re) insurance contracts
2024
2023
Change in fair value of underlying items
4,862
4,084
Interest accreted
1,892
1,832
Changes in value of options and guarantees for which the risk mitigation solution is used
\u22123
\u22123
Finance result
6,751
5,913
Finance result other
2024
2023
Interest expenses on derivatives
625
482
Other interest expenses
684
551
Finance result other
1,309
1,033
In 2024, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,797 million (2023: EUR 3,682 million) and EUR 684 million (2023: EUR 551 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses
2024
2023
Investment income
4,498
4,220
Interest expenses on derivatives
\u2212625
\u2212482
Other interest expenses
\u2212684
\u2212551
Total interest income and expenses
3,189
3,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-571": { "value": "24 Finance result Finance result on (re) insurance contracts
2024
2023
Change in fair value of underlying items
4,862
4,084
Interest accreted
1,892
1,832
Changes in value of options and guarantees for which the risk mitigation solution is used
\u22123
\u22123
Finance result
6,751
5,913
Finance result other
2024
2023
Interest expenses on derivatives
625
482
Other interest expenses
684
551
Finance result other
1,309
1,033
In 2024, total interest income and total interest expenses for items not valued at fair value through profit or loss were EUR 3,797 million (2023: EUR 3,682 million) and EUR 684 million (2023: EUR 551 million) respectively. Interest income and expenses are included in the following profit and loss account lines. Total interest income and expenses
2024
2023
Investment income
4,498
4,220
Interest expenses on derivatives
\u2212625
\u2212482
Other interest expenses
\u2212684
\u2212551
Total interest income and expenses
3,189
3,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-572": { "value": "25 Fee and commission result Fees and commissions are generally recognised as the service is provided. Fee and commission result
2024
2023
Asset management fees
283
251
Insurance brokerage and advisory fees
223
196
Other
103
65
Fee and commission income
609
512
Asset management fees
111
107
Commission expenses and other
58
17
Fee and commission expenses
169
124
Fee and commission result
440
388
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-573": { "value": "25 Fee and commission result Fees and commissions are generally recognised as the service is provided. Fee and commission result
2024
2023
Asset management fees
283
251
Insurance brokerage and advisory fees
223
196
Other
103
65
Fee and commission income
609
512
Asset management fees
111
107
Commission expenses and other
58
17
Fee and commission expenses
169
124
Fee and commission result
440
388
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-574": { "value": "
Fees and commissions are generally recognised as the service is provided.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-575": { "value": "
26 Non-attributable operating expenses
Non-attributable operating expenses
2024
2023
Staff expenses
1,698
1,680
Other operating expenses
2,531
2,832
Of which attributed to:
\u2013 incurred acquisition costs
\u2212649
\u2212602
\u2013 incurred insurance expenses
\u22122,255
\u22122,192
Non-attributable operating expenses
1,325
1,718
Staff expenses
2024
2023
Salaries
1,099
1,045
Pension costs
148
138
Social security costs
168
156
Share-based compensation arrangements
5
5
External staff costs
189
255
Education
20
16
Other staff costs
69
65
Staff expenses
1,698
1,680
Pension costs
2024
2023
Current service cost
6
5
Net interest cost
\u22121
\u22122
Defined benefit plans
5
3
Defined contribution plans
143
135
Pension costs
148
138
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 30 \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 45 \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 Weighted average grant date fair Share awards (in number) value (in euros) 2024 2023 2024 2023 Share awards outstanding \u2013 opening balance 177,349 186,885 38.64 38.41 Granted 144,126 128,844 41.96 35.44 Vested \u2212131,110 \u2212131,681 40.25 35.19 Forfeited \u22124,402 \u22126,699 38.75 38.47 Share awards outstanding \u2013 closing balance 185,963 177,349 40.08 38. 6 In 2024, 18,306 (2023: 15,099) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2024, 125,820 (2023: 113,745) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2024, the share awards on NN Group shares consist of 179,865 (2023: 170,828) share awards relating to equity-settled share-based payment arrangements and 6,098 (2023: 6,521) 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 2024, total unrecognised compensation costs related to share awards amount to EUR 3 million (2023: EUR 2 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2023: 1.4 years)", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-576": { "value": "26 Non-attributable operating expenses Non-attributable operating expenses
2024
2023
Staff expenses
1,698
1,680
Other operating expenses
2,531
2,832
Of which attributed to:
\u2013 incurred acquisition costs
\u2212649
\u2212602
\u2013 incurred insurance expenses
\u22122,255
\u22122,192
Non-attributable operating expenses
1,325
1,718
Staff expenses
2024
2023
Salaries
1,099
1,045
Pension costs
148
138
Social security costs
168
156
Share-based compensation arrangements
5
5
External staff costs
189
255
Education
20
16
Other staff costs
69
65
Staff expenses
1,698
1,680
Pension costs
2024
2023
Current service cost
6
5
Net interest cost
\u22121
\u22122
Defined benefit plans
5
3
Defined contribution plans
143
135
Pension costs
148
138
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 30 \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 45 \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 Weighted average grant date fair
Share awards (in number) value (in euros)
2024
2023
2024
2023
Share awards outstanding \u2013 opening balance
177,349
186,885
38.64
38.41
Granted
144,126
128,844
41.96
35.44
Vested
\u2212131,110
\u2212131,681
40.25
35.19
Forfeited
\u22124,402
\u22126,699
38.75
38.47
Share awards outstanding \u2013 closing balance
185,963
177,349
40.08
38. 6 4
In 2024, 18,306 (2023: 15,099) share awards on NN Group shares were granted to the members of the Executive and Management Board. In 2024, 125,820 (2023: 113,745) share awards on NN Group shares were granted to senior management and other employees. As at 31 December 2024, the share awards on NN Group shares consist of 179,865 (2023: 170,828) share awards relating to equity-settled share-based payment arrangements and 6,098 (2023: 6,521) 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 2024, total unrecognised compensation costs related to share awards amount to EUR 3 million (2023: EUR 2 million). These costs are expected to be recognised over a weighted average period of 1.4 years (2023: 1.4 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-577": { "value": "26 Non-attributable operating expenses Non-attributable operating expenses
2024
2023
Staff expenses
1,698
1,680
Other operating expenses
2,531
2,832
Of which attributed to:
\u2013 incurred acquisition costs
\u2212649
\u2212602
\u2013 incurred insurance expenses
\u22122,255
\u22122,192
Non-attributable operating expenses
1,325
1,718
Staff expenses
2024
2023
Salaries
1,099
1,045
Pension costs
148
138
Social security costs
168
156
Share-based compensation arrangements
5
5
External staff costs
189
255
Education
20
16
Other staff costs
69
65
Staff expenses
1,698
1,680
Pension costs
2024
2023
Current service cost
6
5
Net interest cost
\u22121
\u22122
Defined benefit plans
5
3
Defined contribution plans
143
135
Pension costs
148
138
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 30 \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 45 \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 Weighted average grant date fair Share awards (in number) value (in euros) 2024 2023 2024 2023 Share awards outstanding \u2013 opening balance 177,349 186,885 38.64 38.41 Granted 144,126 128,844 41.96 35.44 Vested \u2212131,110 \u2212131,681 40.25 35.19 Forfeited \u22124,402 \u22126,699 38.75 38.47 Share awards outstanding \u2013 closing balance 185,963 177,349 40.08 38.
In 2024, 18,306 (2023: 15,099) share awards on NN Group shares were granted to the members of the
Executive and Management Board.
In 2024, 125,820 (2023: 113,745) share awards on NN Group shares were granted to senior management
and other employees.
As at 31 December 2024, the share awards on NN Group shares consist of 179,865 (2023: 170,828) share
awards relating to equity-settled share-based payment arrangements and 6,098 (2023: 6,521) 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 2024, total unrecognised compensation costs related to share awards amount to EUR 3
million (2023: EUR 2 million).
These costs are expected to be recognised over a weighted average period of 1.4 years (2023: 1.4 years).
Other operating expenses
2024
2023
Depreciation of property and equipment
82
82
Amortisation of software
36
35
Computer costs
310
297
Office expenses
69
69
Travel and accommodation expenses
17
15
Advertising and public relations
85
85
External advisory fees
211
210
Claims handling expenses
234
244
Additions to (releases of) other provisions
7
403
Commissions, fees and other
1,480
1,392
Other operating expenses
2,531
2,832
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-579": { "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 30 \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 45 \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) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-580": { "value": "Other operating expenses
2024
2023
Depreciation of property and equipment
82
82
Amortisation of software
36
35
Computer costs
310
297
Office expenses
69
69
Travel and accommodation expenses
17
15
Advertising and public relations
85
85
External advisory fees
211
210
Claims handling expenses
234
244
Additions to (releases of) other provisions
7
403
Commissions, fees and other
1,480
1,392
Other operating expenses
2,531
2,832
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-581": { "value": "
27 Earnings per ordinary share
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.
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:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-582": { "value": "27 Earnings per ordinary share 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
Weighted average
Amounts (in millions of number of ordinary Per ordinary share (in
euros) shares (in millions) euros)
2024
2023
2024
2023
2024
2023
Net result
1,583
1,172
Coupon on undated subordinated notes
\u221266
\u221251
Basic earnings per ordinary share
1,517
1,121
271.7
277.3
5.58
4.04
Dilutive instruments:
\u2013 Share plans
0.2
0.2
Dilutive instruments
0.2
0.2
Diluted earnings per ordinary share
1,517
1,121
271.9
277.5
5.58
4.04
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-583": { "value": "
28 Segments
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:
\u2219 Netherlands Life (Group life and individual life insurance products in the Netherlands).
\u2219 Netherlands Non-life (Non-life insurance in the Netherlands including disability and accident, fire, motor
and transport insurance).
\u2219 Insurance Europe (Life insurance, pension products and to a small extent non-life insurance and
retirement services in Central and Rest of Europe).
\u2219 Japan Life (Life insurance primarily Corporate Owned Life Insurance (COLI) business).
\u2219 Banking.
\u2219 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 (2024)
Netherlands Insurance
2024
Netherlands Life
Non-life
Europe
Japan Life
Banking
Other
Total
Profit margin
200
343
142
685
Technical result
38
53
32
124
Service expense result
9
\u22122
19
25
Other (re) insurance result
\u22121
\u22121
(Re) insurance result
246
0
393
194
0
0
833
Investment result
1,240
148
40
1,428
Other results - insurance businesses
\u2212112
\u221296
\u221231
\u2212239
Operating result insurance businesses
1,375
0
445
203
0
0
2,023
Operating result non-insurance businesses
\u22127
113
107
Operating result non-life
364
364
Operating result banking
189
189
Operating result other
\u2212108
\u2212108
Total operating result
1,368
364
559
203
189
\u2212108
2,574
Non-operating items of which:
\u2013 gains (losses) and impairments
\u22121,045
\u22121
9
2
\u22121,036
\u2013 revaluations
514
50
19
\u221257
9
535
\u2013 market and other impacts
\u221229
\u22125
57
\u22121
\u221210
\u221232
\u221220
Special items
\u221225
\u221212
\u221227
\u22122
\u221222
\u221289
Acquisition intangibles and goodwill
\u22122
\u221226
\u221228
Result before tax
783
397
604
153
179
\u2212180
1,936
Taxation
83
99
134
40
46
\u221267
334
Minority interests
20
19
Net result
700
279
470
114
133
\u2212113
1,583
Special items in 2024 mainly relate to non-operating project expenses
Result by segment (2023)
Netherlands Insurance
2023
Netherlands Life
Non-life
Europe
Japan Life
Banking
Other
Total
Profit margin
180
315
156
652
Technical result
60
26
22
107
Service expense result
\u221214
\u22129
7
\u221216
Other (re) insurance result
\u22121
\u22121
(Re) insurance result
225
0
331
185
0
0
742
Investment result
1,278
163
49
1,492
Other results - insurance businesses
\u2212110
\u221288
\u221237
\u2212233
Operating result insurance businesses
1,395
0
407
197
0
0
2,000
Operating result non-insurance businesses
\u22125
61
55
Operating result non-life
364
364
Operating result banking
226
226
Operating result other
\u2212118
\u2212118
Total operating result
1,390
364
468
197
226
\u2212118
2,528
Non-operating items of which:
\u2013 gains (losses) and impairments
\u2212311
\u221214
\u22125
\u221212
\u22124
\u2212345
\u2013 revaluations
225
1
\u221279
\u221273
\u22128
28
94
\u2013 market and other impacts
\u221268
\u22124
\u2212182
17
\u221221
\u221214
\u2212272
Special items
\u2212413
\u22127
\u221223
\u22121
\u22121
\u221217
\u2212462
Acquisition intangibles and goodwill
\u22122
\u221227
\u221229
Result on divestments
19
19
Result before tax
823
340
196
129
196
\u2212151
1,532
Taxation
166
91
37
32
51
\u221230
348
Minority interests
\u22121
14
\u22121
12
Net result
657
235
159
97
146
\u2212121
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.
ncome by segment (2024) Netherlands Insurance Other and 2024 Netherlands Life Non-life Europe Japan Life Banking eliminations Total Insurance income 4,143 3,952 2,055 538 18 10,706 Investment income 6,245 256 1,440 132 1,290 140 9,503
Income by segment (2023)
Netherlands Insurance Other and
2023
Netherlands Life
Non-life
Europe
Japan Life
Banking
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
Interest income and interest expenses by segment (2024)
Netherlands Insurance Other and
2024
Netherlands Life
Non-life
Europe
Japan Life
Banking
eliminations
Total
Interest income
2,425
164
408
153
1,321
27
4,498
Interest expenses
\u2212391
\u221239
\u221221
\u221211
\u2212897
50
\u22121,309
Interest income and interest expenses by segment (2023)
Netherlands Insurance Other and
2023
Netherlands Life
Non-life
Europe
Japan Life
Banking
eliminations
Total
Interest income
2,384
156
394
164
1,096
26
4,220
Interest expenses
\u2212372
\u221236
\u221219
\u22121
\u2212651
46
\u22121,033
Total assets and Total liabilities by segment
Total assets
Total liabilities
Total assets
Total liabilities
2024
2024
2023
2023
Netherlands Life
132,533
118,223
130,428
116,119
Netherlands Non-life
8,781
7,235
8,672
7,069
Insurance Europe
27,725
23,791
26,959
23,238
Japan Life
13,778
12,645
15,562
14,344
Banking
25,331
24,313
25,016
24,097
Other
31,911
10,563
32,659
11,787
Total
240,059
196,770
239,296
196,654
Eliminations
\u221229,684
\u22128,047
\u221230,355
\u22128,832
Total assets and Total liabilities
210,375
188,723
208,941
187,822
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, Operating Capital Generation and Administrative expenses. 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: \u2219 Non-operating items: \u2219 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. \u2219 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. \u2219 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. \u2219 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. \u2219 Result on divestments: realised gains (losses) on the divestment of entities or businesses. \u2219 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. Operating Capital Generation Operating Capital Generation (OCG) is used by NN Group to evaluate the performance of both the consolidated Group and its segments. The objective of OCG is to provide a better understanding of the underlying regulatory capital generated during the reporting period by the business units. Given the importance of regulatory capital and the Solvency II ratio for NN Group and its subsidiaries, NN Group believes that the underlying capital generation measured through OCG is an important metric to evaluate the performance of the Group and its segments. The Group OCG is the sum of the OCG for each segment in the Group. OCG is analysed and disclosed both by segment and by underlying driver . NN Group analyses the change in the excess of Solvency II Own Funds over the Solvency Capital Requirement (SCR) in the following components: \u2219 Operating Capital Generation. \u2219 Market variance. \u2219 Capital flows. \u2219 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. OCG is an alternative measure of performance and is not a measure of financial performance under IFRS-EU. OCG is calculated independent from NN Group\u2019s (accounting policies under) IFRS-EU. The expected investment return is a key assumption in determining OCG. Because OCG is not defined in IFRS-EU or Solvency II, it may not be comparable to other similarly titled measures of performance of other companies. As OCG is not derived from a comparable metrics under IFRS-EU, it cannot be reconciled to an IFRS-EU equivalent. 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
2024
2023
Staff expenses
1,698
1,680
Other operating expenses
2,531
2,832
Total IFRS operating expenses (before attribution)
4,229
4,512
Presented in insurance expenses and commissions
1,292
1,263
Presented in insurance acquisition expenses
537
510
Presented in non-operating items (including special items)
117
479
Other adjustments
53
54
Administrative expenses
2,230
2,206
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: \u2219 Gross written premiums: 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. \u2219 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. \u2219 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). \u2219 Financial leverage ratio: the percentage of financial leverage in the total of financial leverage and equity. \u2219 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. \u2219 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. \u2219 Cash capital position at the holding company: net current assets available at the holding company. \u2219 Net interest margin (NIM): interest result of the banking operations divided by the average total interest- bearing assets of the banking operations.
Written premiums
Written premiums (2024)
2024
Life
Non-life
Total
Gross written premiums
9,776
4,202
13,978
Reinsurance ceded
\u22121,863
132
\u22121,731
Net written premiums
7,913
4,334
12,247
Written premiums (2023)
2023
Life
Non-life
Total
Gross written premiums
9,190
3,997
13,187
Reinsurance ceded
\u22121,259
139
\u22121,120
Net written premiums
7,931
4,136
12,067
29 Insurance contracts by segment
Insurance contracts by segment (2024)
General Model Premium
and Variable Fee Allocation
2024 Approach
Approach
Total
Netherlands Life
108,114
108,114
Netherlands Non-life
3,907
2,520
6,427
Insurance Europe
19,331
19,331
Japan Life
12,047
12,047
Other
1,171
42
1,213
Insurance contracts
144,570
2,562
147,132
Insurance contracts by segment (2023)
General Model Premium
and Variable Fee Allocation
2023 Approach
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 segment Netherlands Life
Insurance contracts under General Model and Variable Fee Approach (2024)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Netherlands Life 2024 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
99,719
966
3,627
104,312
Net opening balance
99,719
966
3,627
104,312
\u2013 insurance contracts initially recognised in the year
\u2212170
36
159
25
\u2013 changes in estimates that adjust the contractual
service margin
\u221276
\u2212636
712
0
\u2013 changes in estimates that do not adjust the
contractual service margin
27
\u221219
8
Changes that relate to future service
\u2212219
\u2212619
871
33
\u2013 release to profit or loss
\u221237
\u2212272
\u2212309
\u2013 experience adjustments not adjusting the contractual
service margin
1
1
Changes that relate to current service
1
\u221237
\u2212272
\u2212308
\u2013 changes in incurred claims and benefits previous
periods
\u22126
\u22126
Changes that relate to past service
\u22126
0
0
\u22126
\u2013 finance result through profit or loss
5,051
22
32
5,105
\u2013 finance result recognised in OCI
658
193
851
Finance result on insurance contracts
5,709
215
32
5,956
\u2013 premiums received
4,298
4,298
\u2013 acquisition costs paid
\u221239
\u221239
\u2013 claims, benefits and attributable expenses paid
\u22126,178
\u22126,178
Cash flows
\u22121,919
0
0
\u22121,919
Other movements 46 46 Net closing balance 103,285 525 4,304 108,114 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 103,285 525 4,304 108,114 Net closing balance 103,285 525 4,304 108,114 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee Netherlands Life 2024 future cash flows risk service margin Approach
Insurance contracts under General Model and Variable Fee Approach (2023)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Netherlands Life 2023 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
95,529
1,024
3,573
100,126
Net opening balance
95,529
1,024
3,573
100,126
\u2013 insurance contracts initially recognised in the year
\u221297
15
99
17
\u2013 changes in estimates that adjust the contractual
service margin
\u221287
\u221276
163
0
\u2013 changes in estimates that do not adjust the
contractual service margin
40
5
45
Changes that relate to future service
\u2212144
\u221256
262
62
\u2013 release to profit or loss
\u221266
\u2212233
\u2212299
\u2013 experience adjustments not adjusting the contractual
service margin
25
25
Changes that relate to current service
25
\u221266
\u2212233
\u2212274
\u2013 changes in incurred claims and benefits previous
periods
\u221212
\u221212
Changes that relate to past service
\u221212
0
0
\u221212
\u2013 finance result through profit or loss
4,133
29
24
4,186
\u2013 finance result recognised in OCI
2,856
35
1
2,892
Finance result on insurance contracts
6,989
64
25
7,078
\u2013 premiums received
3,415
3,415
\u2013 acquisition costs paid
\u221239
\u221239
\u2013 claims, benefits and attributable expenses paid
\u22126,044
\u22126,044
Cash flows
\u22122,668
0
0
\u22122,668
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 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee Netherlands Life 2023 future cash flows risk service margin Approach Insurance contracts segment Netherlands Non-life
Insurance contracts under General Model (2024)
Estimates of the Risk adjustment
present value of for non-financial Contractual Total General
Netherlands Non-life 2024 future cash flows risk service margin Model
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
3,173
130
495
3,798
Net opening balance
3,173
130
495
3,798
\u2013 insurance contracts initially recognised in the year
\u221294
12
83
1
\u2013 changes in estimates that adjust the contractual
service margin
\u221219
25
\u22126
0
\u2013 changes in estimates that do not adjust the
contractual service margin
\u22122
\u22122
Changes that relate to future service
\u2212115
37
77
\u22121
\u2013 release to profit or loss
\u221224
\u221262
\u221286
\u2013 experience adjustments not adjusting the contractual
service margin
12
12
Changes that relate to current service
12
\u221224
\u221262
\u221274
\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
68
2
7
77
\u2013 finance result recognised in OCI
63
1
64
Finance result on insurance contracts
131
3
7
141
\u2013 premiums received
1,187
1,187
\u2013 acquisition costs paid
\u221214
\u221214
\u2013 claims, benefits and attributable expenses paid
\u22121,132
\u22121,132
Cash flows
41
0
0
41
Other movements \u22122 1 1 0 Net closing balance 3,242 147 518 3,907 \u2013 closing balance presented as assets 0 \u2013 closing balance presented as liabilities 3,242 147 518 3,907 Net closing balance 3,242 147 518 3,907 Estimates of the Risk adjustment present value of for non-financial Contractual Total General Netherlands Non-life 2024 future cash flows risk service margin Mode
Insurance contracts under General Model (2023)
Estimates of the Risk adjustment
present value of for non-financial Contractual Total General
Netherlands Non-life 2023 future cash flows risk service margin 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 year
\u2212160
14
146
0
\u2013 changes in estimates that adjust the contractual
service margin
40
\u221228
\u221212
0
\u2013 changes in estimates that do not adjust the
contractual service margin
1
1
Changes that relate to future service
\u2212119
\u221214
134
1
\u2013 release to profit or loss
\u221223
\u221248
\u221271
\u2013 experience adjustments not adjusting the contractual
service margin
\u221214
\u221214
Changes that relate to current service
\u221214
\u221223
\u221248
\u221285
\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
\u22123
\u22123
\u2013 claims, benefits and attributable expenses paid
\u2212921
\u2212921
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 Estimates of the Risk adjustment present value of for non-financial Contractual Total General Netherlands Non-life 2023 future cash flows risk service margin Model Insurance contracts segment Insurance Europe
Insurance contracts under General Model and Variable Fee Approach (2024)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Insurance Europe 2024 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
777
\u221269
\u2212353
355
\u2013 opening balance presented as liabilities
17,679
372
1,485
19,536
Net opening balance
16,902
441
1,838
19,181
\u2013 insurance contracts initially recognised in the year
\u2212319
38
305
24
\u2013 changes in estimates that adjust the contractual
service margin
\u2212308
\u221233
341
0
\u2013 changes in estimates that do not adjust the
contractual service margin
\u221231
\u221258
\u221289
Changes that relate to future service
\u2212658
\u221253
646
\u221265
\u2013 release to profit or loss
\u221247
\u2212371
\u2212418
\u2013 experience adjustments not adjusting the contractual
service margin
\u221225
\u221225
Changes that relate to current service
\u221225
\u221247
\u2212371
\u2212443
\u2013 changes in incurred claims and benefits previous
periods
\u221213
\u221213
Changes that relate to past service
\u221213
0
0
\u221213
\u2013 finance result through profit or loss
1,188
13
37
1,238
\u2013 finance result recognised in OCI
17
3
20
Finance result on insurance contracts
1,205
16
37
1,258
\u2013 premiums received
3,714
3,714
\u2013 acquisition costs paid
\u2212480
\u2212480
\u2013 claims, benefits and attributable expenses paid
\u22123,750
\u22123,750
Cash flows
\u2212516
0
0
\u2212516
Other movements \u22123 \u22123 Foreign currency exchange differences \u221257 \u221211 \u221268 Net closing balance 16,835 357 2,139 19,331 \u2013 closing balance presented as assets 1,158 \u221289 \u2212660 409 \u2013 closing balance presented as liabilities 17,993 268 1,479 19,740 Net closing balance 16,835 357 2,139 19,331 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee nsurance Europe 2024 future cash flows risk service margin Approach
Insurance contracts under General Model and Variable Fee Approach (2023)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Insurance Europe 2023 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
348
\u221226
\u2212198
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 year
\u2212306
34
292
20
\u2013 changes in estimates that adjust the contractual
service margin
\u2212177
96
81
0
\u2013 changes in estimates that do not adjust the
contractual service margin
75
75
150
Changes that relate to future service
\u2212408
205
373
170
\u2013 release to profit or loss
\u221254
\u2212334
\u2212388
\u2013 experience adjustments not adjusting the contractual
service margin
10
10
Changes that relate to current service
10
\u221254
\u2212334
\u2212378
\u2013 changes in incurred claims and benefits previous
periods
18
\u22121
17
Changes that relate to past service
18
\u22121
0
17
\u2013 finance result through profit or loss
1,339
6
31
1,376
\u2013 finance result recognised in OCI
318
\u221212
306
Finance result on insurance contracts
1,657
\u22126
31
1,682
\u2013 premiums received
3,423
3,423
\u2013 acquisition costs paid
\u2212439
\u2212439
\u2013 claims, benefits and attributable expenses paid
\u22123,406
\u22123,406
\u2013 changes in the composition of the group and other
changes
95
1
96
Cash flows
\u2212327
1
0
\u2212326
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 \u221269 \u2212353 355 \u2013 closing balance presented as liabilities 17,679 372 1,485 19,536 Net closing balance 16,902 441 1,838 19,181 Total General Estimates of the Risk adjustment Model and present value of for non-financial Contractual Variable Fee nsurance Europe 2023 future cash flows risk service margin Approach
Insurance contracts segment Japan Life
Insurance contracts under General Model and Variable Fee Approach (2024)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Japan Life 2024 future cash flows risk service margin Approach
\u2013 opening balance presented as assets
0
\u2013 opening balance presented as liabilities
12,382
258
1,008
13,648
Net opening balance
12,382
258
1,008
13,648
\u2013 insurance contracts initially recognised in the year
\u2212127
15
112
0
\u2013 changes in estimates that adjust the contractual
service margin
\u221268
15
53
0
\u2013 changes in estimates that do not adjust the
contractual service margin
2
2
Changes that relate to future service
\u2212193
30
165
2
\u2013 release to profit or loss
\u221227
\u2212152
\u2212179
\u2013 experience adjustments not adjusting the contractual
service margin
\u221227
\u221227
Changes that relate to current service
\u221227
\u221227
\u2212152
\u2212206
\u2013 finance result through profit or loss
124
1
4
129
\u2013 finance result recognised in OCI
\u2212380
7
\u2212373
Finance result on insurance contracts
\u2212256
8
4
\u2212244
\u2013 premiums received
1,990
1,990
\u2013 acquisition costs paid
\u2212104
\u2212104
\u2013 claims, benefits and attributable expenses paid
\u22122,434
\u22122,434
Cash flows
\u2212548
0
0
\u2212548
Foreign currency exchange differences
\u2212552
\u221210
\u221243
\u2212605
Net closing balance
10,806
259
982
12,047
\u2013 closing balance presented as assets
0
\u2013 closing balance presented as liabilities
10,806
259
982
12,047
Net closing balance
10,806
259
982
12,047
Insurance contracts under General Model and Variable Fee Approach (2023)
Total General
Estimates of the Risk adjustment Model and
present value of for non-financial Contractual Variable Fee
Japan Life 2023 future cash flows risk service margin 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 year
\u2212143
11
132
0
\u2013 changes in estimates that adjust the contractual
service margin
\u221275
111
\u221236
0
\u2013 changes in estimates that do not adjust the
contractual service margin
1
1
2
Changes that relate to future service
\u2212217
123
96
2
\u2013 release to profit or loss
\u221227
\u2212161
\u2212188
\u2013 experience adjustments not adjusting the contractual
service margin
\u221218
\u221218
Changes that relate to current service
\u221218
\u221227
\u2212161
\u2212206
\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
\u2212112
\u2212112
\u2013 claims, benefits and attributable expenses paid
\u22122,447
\u22122,447
Cash flows
\u2212118
0
0
\u2212118
Foreign currency exchange differences
\u22121,395
\u221213
\u2212113
\u22121,521
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:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-584": { "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: \u2219 Netherlands Life (Group life and individual life insurance products in the Netherlands). \u2219 Netherlands Non-life (Non-life insurance in the Netherlands including disability and accident, fire, motor and transport insurance). \u2219 Insurance Europe (Life insurance, pension products and to a small extent non-life insurance and retirement services in Central and Rest of Europe). \u2219 Japan Life (Life insurance primarily Corporate Owned Life Insurance (COLI) business). \u2219 Banking. \u2219 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, Operating Capital Generation and Administrative expenses. 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: \u2219 Non-operating items: \u2219 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. \u2219 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. \u2219 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. \u2219 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. \u2219 Result on divestments: realised gains (losses) on the divestment of entities or businesses. \u2219 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. Operating Capital Generation Operating Capital Generation (OCG) is used by NN Group to evaluate the performance of both the consolidated Group and its segments. The objective of OCG is to provide a better understanding of the underlying regulatory capital generated during the reporting period by the business units. Given the importance of regulatory capital and the Solvency II ratio for NN Group and its subsidiaries, NN Group believes that the underlying capital generation measured through OCG is an important metric to evaluate the performance of the Group and its segments. The Group OCG is the sum of the OCG for each segment in the Group. OCG is analysed and disclosed both by segment and by underlying driver NN Group analyses the change in the excess of Solvency II Own Funds over the Solvency Capital Requirement (SCR) in the following components: \u2219 Operating Capital Generation. \u2219 Market variance. \u2219 Capital flows. \u2219 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. OCG is an alternative measure of performance and is not a measure of financial performance under IFRS-EU. OCG is calculated independent from NN Group\u2019s (accounting policies under) IFRS-EU. The expected investment return is a key assumption in determining OCG. Because OCG is not defined in IFRS-EU or Solvency II, it may not be comparable to other similarly titled measures of performance of other companies. As OCG is not derived from a comparable metrics under IFRS-EU, it cannot be reconciled to an IFRS-EU equivalent. 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:
\u2219 Gross written premiums: 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.
\u2219 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.
\u2219 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).
\u2219 Financial leverage ratio: the percentage of financial leverage in the total of financial leverage and equity.
\u2219 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.
\u2219 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.
\u2219 Cash capital position at the holding company: net current assets available at the holding company.
\u2219 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-585": { "value": "Written premiums
Written premiums (2024)
2024
Life
Non-life
Total
Gross written premiums
9,776
4,202
13,978
Reinsurance ceded
\u22121,863
132
\u22121,731
Net written premiums
7,913
4,334
12,247
Written premiums (2023)
2023
Life
Non-life
Total
Gross written premiums
9,190
3,997
13,187
Reinsurance ceded
\u22121,259
139
\u22121,120
Net written premiums
7,931
4,136
12,067
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-587": { "value": "30 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 (2024)
Average number Total Result Income
Country/Name of principal subsidiaries
Main activity
of employees
1
Total revenues
2
Revenues
3
 assets
before tax
Taxation
4
 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
9,215
15,989
12,656
167,455
1,156
153
268
NN Life Insurance Company, Ltd.
Life insurance
Japan
1,005
840
686
13,033
131
36
\u221216
NN Insurance Belgium nv
Life insurance
Belgium
641
758
670
10,473
126
34
1
NN Hellenic Life Insurance Co. S.A.
Life insurance
Greece
567
639
463
4,627
86
21
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
594
669
423
4,577
88
19
2
Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie S.A.
Life insurance
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
Pensions
Poland
5
1,100
655
565
3,484
152
24
13
NN Biztos\u00edt\u00f3 Z\u00e1rtk\u00f6r\u00fben M\u00fbk\u00f6d\u00f5 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Life insurance
Hungary
515
302
121
1,375
15
5
2
NN \u017divotn\u00ed poji\u0161\u0165ovna N.V. (pobo\u010dka pro \u010ceskou republiku)
Life insurance
Czech Republic
710
233
154
1,300
29
7
\u221210
NN Asigurari de Viata S.A.
Life insurance
Romania
6
546
253
211
1,117
43
8
7
1 The average number of employees is on a full-time equivalent basis. 2 Total revenues consists of Insurance income, Investment result and Fee and commission result. 3 Revenues consists of Insurance income, Investment income and Fee and commission result\u2019. The difference between investment income and investment result is realised and unrealised results and impairments. 4 Taxation is the taxation amount charged to the profit or loss account. 5 Poland includes Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie Sp\u00f3\u0142ka Akcyjna, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A., Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 S.A., Nationale-Nederlanden Us\u0142ugi Finansowe Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105 (sp. z o. o), NN Life S.A. w likwidacji, Notus Finanse S.A. 6 Romania includes NN Asigurari de Viata , NN Pensii SAFPAP, NN Asigur\u0103ri de Via\u021b\u0103 \u2013 P3, NN Asigurari and NN Lease NN \u017divotn\u00e1 poist\u2019ovna, a.s. Life insurance Slovak Republic 402 208 157 829 48 14 27 France 27 18 808 20 1 \u22123 Germany 11 18 696 8 4 6 Italy 12 13 265 12 4 2 Denmark 20 9 234 18 4 2 Turkey 182 28 28 47 United Kingdom 4 3 46 4 1 Mexico 1 1 9 2 Total 15,478 20,649 16,195 210,375 1,936 334 304 Average number Total Result Income Country/Name of principal subsidiaries Main activity of employees1 Total revenues2 Revenues3 assets before tax Taxation4 tax paid
Principal subsidiaries and geographical information (2023)
Average number Total Result Income
Country/Name of principal subsidiaries
Main activity
of employees
1
Total revenues
2
Revenues
3
 assets
before tax
Taxation
4
 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
12,254
165,114
1,277
295
147
NN Life Insurance Company, Ltd.
Life insurance
Japan
976
914
754
14,683
116
30
93
NN Insurance Belgium nv
Life insurance
Belgium
639
688
584
10,402
\u221283
\u221218
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
386
4,516
16
2
6
NN Hellenic Life Insurance Co. S.A.
Life insurance
Greece
581
601
432
4,289
20
3
Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie S.A.
Life insurance
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
Pensions
Poland
5
1,169
770
509
3,461
150
33
\u22123
NN Biztos\u00edt\u00f3 Z\u00e1rtk\u00f6r\u00fben M\u00fbk\u00f6d\u00f5 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Life insurance
Hungary
488
205
114
1,313
8
2
2
NN \u017divotn\u00ed poji\u0161\u0165ovna N.V. (pobo\u010dka pro \u010ceskou republiku)
Life insurance
Czech Republic
688
250
133
1,299
25
1
4
NN Asigurari de Viata S.A.
Life insurance
Romania
6
512
265
175
1,082
40
7
4
France
\u221248
19
831
\u221254
\u22127
5
Slovak Republic
392
177
128
786
36
9
7
Germany
\u221222
18
595
\u221222 \u22125 3
1 The average number of employees is on a full-time equivalent basis. 2 Total revenues consists of Insurance income, Investment result and Fee and commission result. 3 Revenues consists of Insurance income, Investment income and Fee and commission result\u2019. The difference between investment income and investment result is realised and unrealised results and impairments. 4 Taxation is the taxation amount charged to the profit or loss account. 5 Poland includes Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie Sp\u00f3\u0142ka Akcyjna, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A., Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 S.A., Nationale-Nederlanden Us\u0142ugi Finansowe Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105 (sp. z o. o), NN Life S.A. w likwidacji, Notus Finanse S.A. 6 Romania includes NN Asigurari de Viata , NN Pensii SAFPAP, NN Asigur\u0103ri de Via\u021b\u0103 \u2013 P3, NN Asigurari and NN Lease. Information on guarantees issued by NN Group N.V. to subsidiaries under article 403 of Book 2 of the Dutch Civil Code is included in the Parent company annual accounts and filed with the Chamber of Commerce . Italy 4 14 268 4 1 Denmark \u221215 9 195 \u221216 \u22124 United Kingdom 3 51 8 Turkey 195 27 23 42 \u22122 Mexico 1 1 14 7 2 Argentina 1 Total 15,349 19,507 15,555 208,941 1,532 348 270 Average number Total Result Income Country/Name of principal subsidiaries Main activity of employees1 Total revenues2 Revenues3 assets before tax Taxation4 tax paid", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-588": { "value": "30 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 (2024)
Average number Total Result Income
Country/Name of principal subsidiaries
Main activity
of employees
1
Total revenues
2
Revenues
3
 assets
before tax
Taxation
4
 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
9,215
15,989
12,656
167,455
1,156
153
268
NN Life Insurance Company, Ltd.
Life insurance
Japan
1,005
840
686
13,033
131
36
\u221216
NN Insurance Belgium nv
Life insurance
Belgium
641
758
670
10,473
126
34
1
NN Hellenic Life Insurance Co. S.A.
Life insurance
Greece
567
639
463
4,627
86
21
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
594
669
423
4,577
88
19
2
Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie S.A.
Life insurance
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
Pensions
Poland
5
1,100
655
565
3,484
152
24
13
NN Biztos\u00edt\u00f3 Z\u00e1rtk\u00f6r\u00fben M\u00fbk\u00f6d\u00f5 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Life insurance
Hungary
515
302
121
1,375
15
5
2
NN \u017divotn\u00ed poji\u0161\u0165ovna N.V. (pobo\u010dka pro \u010ceskou republiku)
Life insurance
Czech Republic
710
233
154
1,300
29
7
\u221210
NN Asigurari de Viata S.A.
Life insurance
Romania
6
546
253
211
1,117
43
8
7
1 The average number of employees is on a full-time equivalent basis. 2 Total revenues consists of Insurance income, Investment result and Fee and commission result. 3 Revenues consists of Insurance income, Investment income and Fee and commission result\u2019. The difference between investment income and investment result is realised and unrealised results and impairments. 4 Taxation is the taxation amount charged to the profit or loss account. 5 Poland includes Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie Sp\u00f3\u0142ka Akcyjna, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A., Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 S.A., Nationale-Nederlanden Us\u0142ugi Finansowe Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105 (sp. z o. o), NN Life S.A. w likwidacji, Notus Finanse S.A. 6 Romania includes NN Asigurari de Viata , NN Pensii SAFPAP, NN Asigur\u0103ri de Via\u021b\u0103 \u2013 P3, NN Asigurari and NN Lease . NN \u017divotn\u00e1 poist\u2019ovna, a.s. Life insurance Slovak Republic 402 208 157 829 48 14 27 France 27 18 808 20 1 \u22123 Germany 11 18 696 8 4 6 Italy 12 13 265 12 4 2 Denmark 20 9 234 18 4 2 Turkey 182 28 28 47 United Kingdom 4 3 46 4 1 Mexico 1 1 9 2 Total 15,478 20,649 16,195 210,375 1,936 334 304 Average number Total Result Income Country/Name of principal subsidiaries Main activity of employees1 Total revenues2 Revenues3 assets before tax Taxation4 tax paid
Principal subsidiaries and geographical information (2023)
Average number Total Result Income
Country/Name of principal subsidiaries
Main activity
of employees
1
Total revenues
2
Revenues
3
 assets
before tax
Taxation
4
 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
12,254
165,114
1,277
295
147
NN Life Insurance Company, Ltd.
Life insurance
Japan
976
914
754
14,683
116
30
93
NN Insurance Belgium nv
Life insurance
Belgium
639
688
584
10,402
\u221283
\u221218
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
386
4,516
16
2
6
NN Hellenic Life Insurance Co. S.A.
Life insurance
Greece
581
601
432
4,289
20
3
Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie S.A.
Life insurance
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
Pensions
Poland
5
1,169
770
509
3,461
150
33
\u22123
NN Biztos\u00edt\u00f3 Z\u00e1rtk\u00f6r\u00fben M\u00fbk\u00f6d\u00f5 R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Life insurance
Hungary
488
205
114
1,313
8
2
2
NN \u017divotn\u00ed poji\u0161\u0165ovna N.V. (pobo\u010dka pro \u010ceskou republiku)
Life insurance
Czech Republic
688
250
133
1,299
25
1
4
NN Asigurari de Viata S.A.
Life insurance
Romania
6
512
265
175
1,082
40
7
4
France
\u221248
19
831
\u221254
\u22127
5
Slovak Republic
392
177
128
786
36
9
7
Germany
\u221222
18
595
\u221222 \u22125 3
1 The average number of employees is on a full-time equivalent basis. 2 Total revenues consists of Insurance income, Investment result and Fee and commission result. 3 Revenues consists of Insurance income, Investment income and Fee and commission result\u2019. The difference between investment income and investment result is realised and unrealised results and impairments. 4 Taxation is the taxation amount charged to the profit or loss account. 5 Poland includes Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 na \u017bycie Sp\u00f3\u0142ka Akcyjna, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A., Nationale-Nederlanden Towarzystwo Ubezpiecze\u0144 S.A., Nationale-Nederlanden Us\u0142ugi Finansowe Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105 (sp. z o. o), NN Life S.A. w likwidacji, Notus Finanse S.A. 6 Romania includes NN Asigurari de Viata , NN Pensii SAFPAP, NN Asigur\u0103ri de Via\u021b\u0103 \u2013 P3, NN Asigurari and NN Lease. Information on guarantees issued by NN Group N.V. to subsidiaries under article 403 of Book 2 of the Dutch Civil Code is included in the Parent company annual accounts and filed with the Chamber of Commerce Italy 4 14 268 4 1 Denmark \u221215 9 195 \u221216 \u22124 United Kingdom 3 51 8 Turkey 195 27 23 42 \u22122 Mexico 1 1 14 7 2 Argentina 1 Total 15,349 19,507 15,555 208,941 1,532 348 270 Average number Total Result Income Country/Name of principal subsidiaries Main activity of employees1 Total revenues2 Revenues3 assets before tax Taxation4 tax paid", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-589": { "value": "
31 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.
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.
NN Group is subject to the requirements of the International Tax Reform \u2013 Pillar Two Model Rules and
assessed the potential impact of the Pillar Two minimum taxation requirements. In 2024, there was no
significant impact in any of the jurisdictions in which it operates and no impact on the NN Group effective tax
rate. NN Group applied the temporary mandatory relief in IFRS for the potential deferred tax impact of Pillar
Two top-up tax.
Deferred tax (2024)
Changes in
the
composition Foreign
Net Changes Changes of the group currency Net
liability through through net and other exchange liability
2023 equity result changes differences 2024
Investments
\u22122,152
151
\u22127
2
\u22122,006
Investments in real estate
1,013
51
\u221218
1,046
Insurance contracts
594
\u2212129
188
\u22128
645
Cash flow hedges
990
16
1,006
Fiscal reserves
36
\u221234
2
Unused tax losses carried forward
\u2212134
11
\u2212123
Other
66
4
\u221215
43
2
100
Deferred tax
413
42
194
25
\u22124
670
Presented in the balance sheet as
Deferred tax liabilities
559
764
Deferred tax assets
146
94
Deferred tax
413
670
Deferred tax (2023)
Changes in
the
composition Foreign
Net Changes Changes of the group currency Net
liability through through net and other exchange liability
2022 equity result changes differences 2023
Investments
\u22123,158
953
\u22123
55
1
\u22122,152
Investments in real estate
1,162
\u2212151
2
1,013
Insurance contracts
1,572
\u2212923
150
\u2212197
\u22128
594
Cash flow hedges
1,005
\u221215
990
Fiscal reserves
36
36
Unused tax losses carried forward
\u2212131
\u22123
\u2212134
Other
43
\u22125
\u221256
84
66
Deferred tax
493
10
\u221227
\u221256
\u22127
413
Presented in the balance sheet as
Deferred tax liabilities
624
559
Deferred tax assets
131
146
Deferred tax
493
413
Deferred tax on unused tax losses carried forward
2024
2023
Total unused tax losses carried forward
741
757
Unused tax losses carried forward not recognised as a deferred tax asset
\u2212217
\u2212186
Unused tax losses carried forward recognised as a deferred tax asset
524
571
Average tax rate
23.4%
23.4%
Deferred tax asset
123
134
Total unused tax losses carried forward analysed by term of expiration
No deferred tax asset recognised
Deferred tax asset recognised
2024
2023
2024
2023
Within 1 year
9
18
7
More than 1 year but less than 5 years
6
32
135
171
More than 5 years but less than 10 years
5
15
Unlimited
202
131
382
385
Total unused tax losses carried forward
217
186
524
571
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.
Taxation on result
2024
2023
Current tax
140
375
Deferred tax
194
\u221227
Taxation on result
334
348
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 30 \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
2024
2023
Result before tax
1,936
1,532
Weighted average statutory tax rate
24.6%
24.7%
Weighted average statutory tax amount
477
378
Participation exemption
\u2212126
\u221249
Other income not subject to tax and other
\u221218
22
Expenses not deductible for tax purposes
8
8
Impact on deferred tax from change in tax rates
2
\u22124
Tax benefit for previously unrecognised amounts
6
\u22122
Adjustments to prior periods
\u221215
\u22125
Effective tax amount
334
348
Effective tax rate
17.3%
22.7%
In 2024, the effective tax rate of 17.3% was lower than the weighted average statutory tax rate of 24.6%.
This was mainly a result of tax exempt investment results.
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.
Taxation on components of other comprehensive income
2024
2023
Finance result on (re) insurance contracts recognised in OCI
118
917
Revaluations on debt securities and loans at fair value through OCI
134
\u2212816
Realised gains (losses) transferred to the profit and loss account
\u2212265
\u221284
Changes in cash flow hedge reserve
\u221216
15
Remeasurement of the net defined benefit asset/liability
\u22123
5
Income tax
\u221232
37
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-590": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-591": { "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. NN Group is subject to the requirements of the International Tax Reform \u2013 Pillar Two Model Rules and assessed the potential impact of the Pillar Two minimum taxation requirements. In 2024, there was no significant impact in any of the jurisdictions in which it operates and no impact on the NN Group effective tax rate. NN Group applied the temporary mandatory relief in IFRS for the potential deferred tax impact of Pillar Two top-up tax. Deferred tax (2024)
Changes in
the
composition Foreign
Net Changes Changes of the group currency Net
liability through through net and other exchange liability
2023 equity result changes differences 2024
Investments
\u22122,152
151
\u22127
2
\u22122,006
Investments in real estate
1,013
51
\u221218
1,046
Insurance contracts
594
\u2212129
188
\u22128
645
Cash flow hedges
990
16
1,006
Fiscal reserves
36
\u221234
2
Unused tax losses carried forward
\u2212134
11
\u2212123
Other
66
4
\u221215
43
2
100
Deferred tax
413
42
194
25
\u22124
670
Presented in the balance sheet as
Deferred tax liabilities
559
764
Deferred tax assets
146
94
Deferred tax
413
670
Deferred tax (2023)
Changes in
the
composition Foreign
Net Changes Changes of the group currency Net
liability through through net and other exchange liability
2022 equity result changes differences 2023
Investments
\u22123,158
953
\u22123
55
1
\u22122,152
Investments in real estate
1,162
\u2212151
2
1,013
Insurance contracts
1,572
\u2212923
150
\u2212197
\u22128
594
Cash flow hedges
1,005
\u221215
990
Fiscal reserves
36
36
Unused tax losses carried forward
\u2212131
\u22123
\u2212134
Other
43
\u22125
\u221256
84
66
Deferred tax
493
10
\u221227
\u221256
\u22127
413
Presented in the balance sheet as
Deferred tax liabilities
624
559
Deferred tax assets
131
146
Deferred tax
493
413
Deferred tax on unused tax losses carried forward
2024
2023
Total unused tax losses carried forward
741
757
Unused tax losses carried forward not recognised as a deferred tax asset
\u2212217
\u2212186
Unused tax losses carried forward recognised as a deferred tax asset
524
571
Average tax rate
23.4%
23.4%
Deferred tax asset
123
134
Total unused tax losses carried forward analysed by term of expiration
No deferred tax asset recognised
Deferred tax asset recognised
2024
2023
2024
2023
Within 1 year
9
18
7
More than 1 year but less than 5 years
6
32
135
171
More than 5 years but less than 10 years
5
15
Unlimited
202
131
382
385
Total unused tax losses carried forward
217
186
524
571
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-592": { "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. NN Group is subject to the requirements of the International Tax Reform \u2013 Pillar Two Model Rules and assessed the potential impact of the Pillar Two minimum taxation requirements. In 2024, there was no significant impact in any of the jurisdictions in which it operates and no impact on the NN Group effective tax rate. NN Group applied the temporary mandatory relief in IFRS for the potential deferred tax impact of Pillar Two top-up tax", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-593": { "value": "
32 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
2024
2023
2024
2023
Financial assets
Cash and cash equivalents
6,929
8,207
6,929
8,207
Investments at fair value through other comprehensive
income
106,050
110,100
106,050
110,100
Investments at cost
21,780
20,651
22,234
21,488
Investments at fair value through profit or loss
54,968
49,392
54,968
49,392
Derivatives
2,684
2,486
2,684
2,486
Financial assets
192,411
190,836
192,865
191,673
Financial liabilities
Investment contracts for risk of company
1,176
1,223
1,201
1,289
Investment contracts for risk of policyholders
2,658
2,332
2,658
2,332
Investment contracts
3,834
3,555
3,859
3,621
Debt instruments issued
1,109
1,098
1,196
1,195
Subordinated debt
2,560
2,784
2,346
2,680
Other borrowed funds
7,630
9,633
7,987
9,992
Customer deposits
17,198
16,069
17,474
16,460
Derivatives
3,671
4,067
3,671
4,067
Financial liabilities
36,002
37,206
36,533
38,015
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 .
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.
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 .
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.
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.
Funding
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.
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 (2024)
2024
Level 1
Level 2
Level 3
Total
Financial assets
Derivatives
65
2,619
2,684
Investments at fair value through OCI
48,451
20,639
36,960
106,050
Investments at fair value through profit or loss
45,035
1,708
8,225
54,968
Financial assets
93,551
24,966
45,185
163,702
Financial liabilities
Investment contracts (for contracts at fair value)
2,658
2,658
Derivatives
3
3,644
24
3,671
Financial liabilities
2,661
3,644
24
6,329
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
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 (2024) Investments at
fair value Investments at
through other fair value
comprehensive through profit or
2024 income
loss
Total
Level 3 Financial assets \u2013 opening balance
39,479
7,547
47,026
Amounts recognised in the profit and loss account
\u2212545
148
\u2212397
Revaluations recognised in other comprehensive income (equity)
1,700
1,700
Purchase
2,086
1,079
3,165
Sale
\u2212101
\u2212534
\u2212635
Maturity/settlement
\u22125,385
\u221224
\u22125,409
Other transfers and reclassifications
\u221248
\u221248
Transfers out of Level 3
\u2212334
\u2212334
Transfers into Level 3
16
16
Changes in the composition of the group and other changes
25
25
Foreign currency exchange differences
19
57
76
Level 3 Financial assets \u2013 closing balance
36,960
8,225
45,185
Changes in Level 3 financial assets (2023) Investments at
fair value Investments at
through other fair value
comprehensive through profit or
2023 income
loss
Total
Level 3 Financial assets \u2013 opening balance
40,748
5,613
46,361
Amounts recognised in the profit and loss account
\u221297
42
\u221255
Revaluations recognised in other comprehensive income (equity)
909
909
Purchase
2,029
900
2,929
Sale
\u2212183
\u2212728
\u2212911
Maturity/settlement
\u22122,634
\u22129
\u22122,643
Other transfers and reclassifications
\u22121,286
1,286
0
Transfers out of Level 3
\u22123
\u221211
\u221214
Changes in the composition of the group and other changes
\u22124
454
450
Level 3 Financial assets \u2013 closing balance
39,479
7,547
47,026
Changes in Level 3 financial liabilities
2024
2023
Level 3 Financial liabilities \u2013 opening balance
20
19
Amounts recognised in the profit and loss account
4
1
Level 3 Financial liabilities \u2013 closing balance
24
20
vel 3 \u2013 Amounts recognised in the profit and loss account during the year (2024)
Held at balance Derecognised
2024 sheet date
during the year
Total
Financial assets
Investments at fair value through other comprehensive income
\u221280
\u2212465
\u2212545
Investments at fair value through profit or loss
147
1
148
Financial assets
67
\u2212464
\u2212397
Financial liabilities
Derivatives
4
4
Financial liabilities
4
0
4
Level 3 \u2013 Amounts recognised in the profit and loss account during the year (2023)
Held at balance Derecognised
2023 sheet date
during the year
Total
Financial assets
Investments at fair value through other comprehensive income
\u2212109
12
\u221297
Investments at fair value through profit or loss
45
\u22123
42
Financial assets
\u221264
9
\u221255
Financial liabilities
Derivatives
1
1
Financial liabilities
1
0
1
Level 3 Financial assets at fair value Financial assets measured at fair value in the balance sheet as at 31 December 2024 of EUR 163,702 million (2023: EUR 161,978 million) include an amount of EUR 45,185 million (28%) that is classified as Level 3 (2023: EUR 47,026 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: \u2219 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. \u2219 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 36,960 million as at 31 December 2024 (2023: EUR 39,479 million). Of these investments, EUR 415 million (2023: 366 million) relates to investments in debt instruments and shares in funds of which the fair value is determined using (unadjusted) quoted prices or prices obtained from external asset managers, but for which there is no active market. EUR 36,545 million (2023: 39,113 million) relates to investments in (mortgage) loans of which the fair value is determined using a discounted cash flow method; the most important drivers of the valuation (interest rate and valuation spread) are derived from observable market inputs; however, certain inputs, such as the prepayment and default assumptions, are not directly observable. A 10% change in valuation of these investments would increase or reduce shareholders\u2019 equity by EUR 3,696 million (2023: 3,948 million), being approximately 19% (before tax) (2023: 20% (before tax)), of shareholders\u2019 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 2,279 million as
at 31 December 2024 (2023: EUR 2,284 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 2024 of EUR 24 million (2023:
EUR 20 million) relates to derivative positions. EUR 23 million (2023: EUR 18 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 (2023: EUR 4 million) and a 5% decrease in
mortality assumptions increases result and equity before tax by EUR 10 million (2023: EUR 6 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 (2024)
2024
Level 1
Level 2
Level 3
Total
Financial assets
Cash and cash equivalents
6,929
6,929
Investments at cost
21,780
21,780
Financial assets
6,929
0
21,780
28,709
Financial liabilities
Subordinated debt
2,560
2,560
Debt instruments issued
1,109
1,109
Other borrowed funds
5,751
1,879
7,630
Investment contracts for risk of company
307
869
1,176
Customer deposits
9,091
8,107
17,198
Financial liabilities
18,818
9,986
869
29,673
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
894
1,223
Customer deposits
9,440
6,629
16,069
Financial liabilities
20,299
9,614
894
30,807
33 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
2024
2023
2024
2023
Investments in real estate
2,512
2,620
2,512
2,620
Property in own use
91
92
91
92
Fair value of non-financial assets
2,603
2,712
2,603
2,712
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 (2024)
2024
Level 1
Level 2
Level 3
Total
Investments in real estate
2,512
2,512
Property in own use
91
91
Non-financial assets
0
0
2,603 2,603
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
Changes in Level 3 non-financial assets (2024)
Real estate Property
2024 investments
in own use
Total
Level 3 non-financial assets \u2013 opening balance
2,620
92
2,712
Amounts recognised in the profit and loss account during the year
\u221213
\u221213
Purchase
114
3
117
Sale
\u2212206
\u22126
\u2212212
Changes in the composition of the group and other changes
\u22123
2
\u22121
Level 3 non-financial assets \u2013 closing balance
2,512
91
2,603
Changes in Level 3 non-financial assets (2023)
Real estate Property
2023 investments
in own use
Total
Level 3 non-financial assets \u2013 opening balance
2,754
97
2,851
Amounts recognised in the profit and loss account during the year
\u2212276
\u22129
\u2212285
Purchase
193
3
196
Revaluation recognised in equity during the year
\u22121
\u22121
Sale
\u221250
\u221250
Changes in the composition of the group and other changes
\u22121
1
0
Foreign currency exchange differences
1
1
Level 3 non-financial assets \u2013 closing balance
2,620
92
2,712
Level 3 \u2013 Amounts recognised in the profit and loss account during the year on non-financial assets (2024)
Held at balance Derecognised
2024 sheet date
during the year
Total
Investments in real estate
\u221211
\u22122
\u221213
Property in own use
\u22121
1
0
Level 3 Amounts recognised in the profit and loss account during
the year on non-financial assets
\u221212
\u22121
\u221213
Level 3 \u2013 Amounts recognised in the profit and loss account during the year on non-financial assets (2023)
Held at balance Derecognised
2023 sheet date
during the year
Total
Investments in real estate
\u2212275
\u22121
\u2212276
Property in own use
\u22128
\u22121
\u22129
Level 3 Amounts recognised in the profit and loss account during
the year on non-financial assets
\u2212283
\u22122
\u2212285
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
2024 Fair value
Valuation
technique
Current
rent/m
2
ERV/m
2
Net initial
yield % Vacancy %
Average lease
term in years
The Netherlands
Retail 10 DCF 123 158 8.10 33.90 8.30
Industrial 213 DCF 58-209 81-210 3.62-5.09 5.50
Office 137 DCF 386-403 434-435 4.57-4.79 1.30 5.50
Residential 120 DCF 246-316 269-329 3.45-4.42 5.50 8.30
Residential 4 Residual Value
Germany
Retail 155 DCF 22-29 19-26 5.69-6.84 8.10 3.90
Industrial 249 DCF 52-108 64-108 4.38-4.9 2.10 5.00
France
Industrial 242 DCF 0-77 60-74 0-5.8 4.30
Residential 212 DCF 242-368 246-360 4.28-5.1 1.60 7.80
Spain
Retail 254 DCF 217-275 205-266 6.37-8.62 5.30 4.10
Italy
Retail 219 DCF 125-534 150-735 2.02-7.62 1.10 4.10
Industrial 32 DCF 57 64 5.60 6.00
Belgium
Retail 90 DCF 186-318 167-308 5.03-7.38 2.70 3.20
Office 7 DCF 236 194 7.10 27.60 0.70
Residential 24 DCF 192 193 4.40 24.40
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 2024, the number of transactions in relevant real estate markets has increased, resulting in lower uncertainties around the inputs to the valuations and, therefore, lower uncertainty in the fair value of real estate investments. Denmark Industrial 72 DCF 177-183 175-187 5.69-6.69 8.60 Residential 124 DCF 301 329 4.00 Poland Income Retail 83 approach 171 177 9.00 3.40 2.80 Real estate under construction and other Residual The Netherlands, Ground positions 3 approach Residual The Netherlands, IPUC 192 approach Total real estate 2,442 Valuation Current Net initial Average lease 2024 Fair value technique rent/m2 ERV/m2 yield % Vacancy %term in years", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-594": { "value": "32 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
2024
2023
2024
2023
Financial assets
Cash and cash equivalents
6,929
8,207
6,929
8,207
Investments at fair value through other comprehensive
income
106,050
110,100
106,050
110,100
Investments at cost
21,780
20,651
22,234
21,488
Investments at fair value through profit or loss
54,968
49,392
54,968
49,392
Derivatives
2,684
2,486
2,684
2,486
Financial assets
192,411
190,836
192,865
191,673
Financial liabilities
Investment contracts for risk of company
1,176
1,223
1,201
1,289
Investment contracts for risk of policyholders
2,658
2,332
2,658
2,332
Investment contracts
3,834
3,555
3,859
3,621
Debt instruments issued
1,109
1,098
1,196
1,195
Subordinated debt
2,560
2,784
2,346
2,680
Other borrowed funds
7,630
9,633
7,987
9,992
Customer deposits
17,198
16,069
17,474
16,460
Derivatives
3,671
4,067
3,671
4,067
Financial liabilities
36,002
37,206
36,533
38,015
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 . 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. 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 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. 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. Funding 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. 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 (2024)
2024
Level 1
Level 2
Level 3
Total
Financial assets
Derivatives
65
2,619
2,684
Investments at fair value through OCI
48,451
20,639
36,960
106,050
Investments at fair value through profit or loss
45,035
1,708
8,225
54,968
Financial assets
93,551
24,966
45,185
163,702
Financial liabilities
Investment contracts (for contracts at fair value)
2,658
2,658
Derivatives
3
3,644
24
3,671
Financial liabilities
2,661
3,644
24
6,329
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
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 (2024) Investments at
fair value Investments at
through other fair value
comprehensive through profit or
2024 income
loss
Total
Level 3 Financial assets \u2013 opening balance
39,479
7,547
47,026
Amounts recognised in the profit and loss account
\u2212545
148
\u2212397
Revaluations recognised in other comprehensive income (equity)
1,700
1,700
Purchase
2,086
1,079
3,165
Sale
\u2212101
\u2212534
\u2212635
Maturity/settlement
\u22125,385
\u221224
\u22125,409
Other transfers and reclassifications
\u221248
\u221248
Transfers out of Level 3
\u2212334
\u2212334
Transfers into Level 3
16
16
Changes in the composition of the group and other changes
25
25
Foreign currency exchange differences
19
57
76
Level 3 Financial assets \u2013 closing balance
36,960
8,225
45,185
Changes in Level 3 financial assets (2023) Investments at
fair value Investments at
through other fair value
comprehensive through profit or
2023 income
loss
Total
Level 3 Financial assets \u2013 opening balance
40,748
5,613
46,361
Amounts recognised in the profit and loss account
\u221297
42
\u221255
Revaluations recognised in other comprehensive income (equity)
909
909
Purchase
2,029
900
2,929
Sale
\u2212183
\u2212728
\u2212911
Maturity/settlement
\u22122,634
\u22129
\u22122,643
Other transfers and reclassifications
\u22121,286
1,286
0
Transfers out of Level 3
\u22123
\u221211
\u221214
Changes in the composition of the group and other changes
\u22124
454
450
Level 3 Financial assets \u2013 closing balance
39,479
7,547
47,026
Changes in Level 3 financial liabilities
2024
2023
Level 3 Financial liabilities \u2013 opening balance
20
19
Amounts recognised in the profit and loss account
4
1
Level 3 Financial liabilities \u2013 closing balance
24
20
Le vel 3 \u2013 Amounts recognised in the profit and loss account during the year (2024)
Held at balance Derecognised
2024 sheet date
during the year
Total
Financial assets
Investments at fair value through other comprehensive income
\u221280
\u2212465
\u2212545
Investments at fair value through profit or loss
147
1
148
Financial assets
67
\u2212464
\u2212397
Financial liabilities
Derivatives
4
4
Financial liabilities
4
0
4
Level 3 \u2013 Amounts recognised in the profit and loss account during the year (2023)
Held at balance Derecognised
2023 sheet date
during the year
Total
Financial assets
Investments at fair value through other comprehensive income
\u2212109
12
\u221297
Investments at fair value through profit or loss
45
\u22123
42
Financial assets
\u221264
9
\u221255
Financial liabilities
Derivatives
1
1
Financial liabilities
1
0
1
Level 3 Financial assets at fair value Financial assets measured at fair value in the balance sheet as at 31 December 2024 of EUR 163,702 million (2023: EUR 161,978 million) include an amount of EUR 45,185 million (28%) that is classified as Level 3 (2023: EUR 47,026 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: \u2219 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. \u2219 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 36,960 million as at 31 December 2024 (2023: EUR 39,479 million). Of these investments, EUR 415 million (2023: 366 million) relates to investments in debt instruments and shares in funds of which the fair value is determined using (unadjusted) quoted prices or prices obtained from external asset managers, but for which there is no active market. EUR 36,545 million (2023: 39,113 million) relates to investments in (mortgage) loans of which the fair value is determined using a discounted cash flow method; the most important drivers of the valuation (interest rate and valuation spread) are derived from observable market inputs; however, certain inputs, such as the prepayment and default assumptions, are not directly observable. A 10% change in valuation of these investments would increase or reduce shareholders\u2019 equity by EUR 3,696 million (2023: 3,948 million), being approximately 19% (before tax) (2023: 20% (before tax)), of shareholders\u2019 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 2,279 million as at 31 December 2024 (2023: EUR 2,284 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 2024 of EUR 24 million (2023: EUR 20 million) relates to derivative positions. EUR 23 million (2023: EUR 18 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 (2023: EUR 4 million) and a 5% decrease in mortality assumptions increases result and equity before tax by EUR 10 million (2023: EUR 6 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 (2024)
2024
Level 1
Level 2
Level 3
Total
Financial assets
Cash and cash equivalents
6,929
6,929
Investments at cost
21,780
21,780
Financial assets
6,929
0
21,780
28,709
Financial liabilities
Subordinated debt
2,560
2,560
Debt instruments issued
1,109
1,109
Other borrowed funds
5,751
1,879
7,630
Investment contracts for risk of company
307
869
1,176
Customer deposits
9,091
8,107
17,198
Financial liabilities
18,818
9,986
869
29,673
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
894
1,223
Customer deposits
9,440
6,629
16,069
Financial liabilities
20,299
9,614
894
30,807
33 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
2024
2023
2024
2023
Investments in real estate
2,512
2,620
2,512
2,620
Property in own use
91
92
91
92
Fair value of non-financial assets
2,603
2,712
2,603
2,712
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 (2024)
2024
Level 1
Level 2
Level 3
Total
Investments in real estate
2,512
2,512
Property in own use
91
91
Non-financial assets
0
0
2,603 2,603
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
Changes in Level 3 non-financial assets (2024)
Real estate Property
2024 investments
in own use
Total
Level 3 non-financial assets \u2013 opening balance
2,620
92
2,712
Amounts recognised in the profit and loss account during the year
\u221213
\u221213
Purchase
114
3
117
Sale
\u2212206
\u22126
\u2212212
Changes in the composition of the group and other changes
\u22123
2
\u22121
Level 3 non-financial assets \u2013 closing balance
2,512
91
2,603
Changes in Level 3 non-financial assets (2023)
Real estate Property
2023 investments
in own use
Total
Level 3 non-financial assets \u2013 opening balance
2,754
97
2,851
Amounts recognised in the profit and loss account during the year
\u2212276
\u22129
\u2212285
Purchase
193
3
196
Revaluation recognised in equity during the year
\u22121
\u22121
Sale
\u221250
\u221250
Changes in the composition of the group and other changes
\u22121
1
0
Foreign currency exchange differences
1
1
Level 3 non-financial assets \u2013 closing balance
2,620
92
2,712
Level 3 \u2013 Amounts recognised in the profit and loss account during the year on non-financial assets (2024)
Held at balance Derecognised
2024 sheet date
during the year
Total
Investments in real estate
\u221211
\u22122
\u221213
Property in own use
\u22121
1
0
Level 3 Amounts recognised in the profit and loss account during
the year on non-financial assets
\u221212
\u22121
\u221213
Level 3 \u2013 Amounts recognised in the profit and loss account during the year on non-financial assets (2023)
Held at balance Derecognised
2023 sheet date
during the year
Total
Investments in real estate
\u2212275
\u22121
\u2212276
Property in own use
\u22128
\u22121
\u22129
Level 3 Amounts recognised in the profit and loss account during
the year on non-financial assets
\u2212283
\u22122
\u2212285
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 2024 Fair value Valuation technique Current rent/m 2 ERV/m 2 Net initial yield % Vacancy % Average lease term in years The Netherlands Retail 10 DCF 123 158 8.10 33.90 8.30 Industrial 213 DCF 58-209 81-210 3.62-5.09 5.50 Office 137 DCF 386-403 434-435 4.57-4.79 1.30 5.50 Residential 120 DCF 246-316 269-329 3.45-4.42 5.50 8.30 Residential 4 Residual Value Germany Retail 155 DCF 22-29 19-26 5.69-6.84 8.10 3.90 Industrial 249 DCF 52-108 64-108 4.38-4.9 2.10 5.00 France Industrial 242 DCF 0-77 60-74 0-5.8 4.30 Residential 212 DCF 242-368 246-360 4.28-5.1 1.60 7.80 Spain Retail 254 DCF 217-275 205-266 6.37-8.62 5.30 4.10 Italy Retail 219 DCF 125-534 150-735 2.02-7.62 1.10 4.10 Industrial 32 DCF 57 64 5.60 6.00 Belgium Retail 90 DCF 186-318 167-308 5.03-7.38 2.70 3.20 Office 7 DCF 236 194 7.10 27.60 0.70 Residential 24 DCF 192 193 4.40 24.40 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 2024, the number of transactions in relevant real estate markets has increased, resulting in lower uncertainties around the inputs to the valuations and, therefore, lower uncertainty in the fair value of real estate investments. Denmark Industrial 72 DCF 177-183 175-187 5.69-6.69 8.60 Residential 124 DCF 301 329 4.00 Poland Income Retail 83 approach 171 177 9.00 3.40 2.80 Real estate under construction and other Residual The Netherlands, Ground positions 3 approach Residual The Netherlands, IPUC 192 approach Total real estate 2,442 Valuation Current Net initial Average lease 2024 Fair value technique rent/m2 ERV/m2 yield % Vacancy %term in years", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-595": { "value": "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. 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. 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. Funding 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. 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 .
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 .
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: \u2219 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. \u2219 Those relating to derivatives are included in \u2018Result on derivatives and hedging\u2019 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-596": { "value": "34 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. For hedge accounting NN Group continues to apply the IAS 39 hedge accounting requirements. 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 2024, NN Group recognised EUR 44 million (2023: EUR -53 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 2024 is EUR 3,893 million (2023: EUR 3,833 million) gross and EUR 2,886 million (2023: EUR 2,842 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 46 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 1 million gain (2023: EUR 3 million loss) which was recognised in the profit and loss account
As at 31 December 2024, the fair value of outstanding derivatives designated under cash flow hedge
accounting was EUR -832 million (2023: EUR -1,470 million), presented in the balance sheet as EUR 631
million (2023: EUR 536 million) positive fair value under assets and EUR 1,463 million (2023: EUR 2,006
million) negative fair value under liabilities. The notional or contractual amount of these instruments amount
to EUR 19,547 million.
As at 31 December 2024, there were nil (2023: nil), 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 129 million (2023: EUR 117 million) and EUR 181 million (2023: EUR 163 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 2024, NN Group recognised EUR -115 million (2023: EUR -381 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 82 million (2023: EUR 342 million) fair value changes recognised on
hedged items. This resulted in EUR 33 million loss (2023: EUR 39 million loss) net accounting ineffectiveness
recognised in the profit and loss account.
As at 31 December 2024, the fair value of outstanding derivatives designated under fair value hedge
accounting was EUR 3 million (2023: EUR -39 million), presented in the balance sheet as EUR 4 million (2023:
nil) positive fair value under assets and EUR 1 million (2023: EUR 39 million) negative fair value under
liabilities. The notional or contractual amount of these instruments amount to EUR 6,042 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-597": { "value": "34 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. For hedge accounting NN Group continues to apply the IAS 39 hedge accounting requirements. 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 2024, NN Group recognised EUR 44 million (2023: EUR -53 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 2024 is EUR 3,893 million (2023: EUR 3,833 million) gross and EUR 2,886 million (2023: EUR 2,842 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 46 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 1 million gain (2023: EUR 3 million loss) which was recognised in the profit and loss account As at 31 December 2024, the fair value of outstanding derivatives designated under cash flow hedge accounting was EUR -832 million (2023: EUR -1,470 million), presented in the balance sheet as EUR 631 million (2023: EUR 536 million) positive fair value under assets and EUR 1,463 million (2023: EUR 2,006 million) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 19,547 million. As at 31 December 2024, there were nil (2023: nil), 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 129 million (2023: EUR 117 million) and EUR 181 million (2023: EUR 163 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 2024, NN Group recognised EUR -115 million (2023: EUR -381 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 82 million (2023: EUR 342 million) fair value changes recognised on hedged items. This resulted in EUR 33 million loss (2023: EUR 39 million loss) net accounting ineffectiveness recognised in the profit and loss account. As at 31 December 2024, the fair value of outstanding derivatives designated under fair value hedge accounting was EUR 3 million (2023: EUR -39 million), presented in the balance sheet as EUR 4 million (2023: nil) positive fair value under assets and EUR 1 million (2023: EUR 39 million) negative fair value under liabilities. The notional or contractual amount of these instruments amount to EUR 6,042 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-598": { "value": "
35 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 (2024)
Maturity not
2024
Less than 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
Over 10 years
applicable
Adjustment
Total
Cash and cash equivalents
6,929
6,929
Investments at fair value through OCI
6,610
5,015
4,436
4,874
5,001
15,239
62,082
2,793
106,050
Investments at cost
447
294
401
425
469
3,113
17,085
22,234
Investments at fair value through profit or loss
1
868
66
69
80
24
81
62
53,718
54,968
Investments in real estate
2,512
2,512
Investments in associates and joint ventures
7,036
7,036
Derivatives
138
14
38
21
12
90
2,371
2,684
Insurance contracts
36
66
58
49
22
104
207
\u2212133
409
Reinsurance contracts
66
67
78
116
62
92
16
183
680
Property and equipment
302
302
Intangible assets
61
51
43
38
39
90
23
884
1,229
Deferred tax assets
5
5
5
5
9
21
18
26
94
Other assets
4,533
93
25
28
37
328
180
24
5,248
Total assets
19,693
5,671
5,153
5,636
5,675
19,158
82,044
67,295
50
210,375
1
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 (2023)
Maturity not
2023
Less than 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
Over 10 years
applicable
Adjustment
Total
Cash and cash equivalents
8,207
8,207
Investments at fair value through OCI
8,671
5,009
4,977
4,147
4,276
15,065
64,504
3,451
110,100
Investments at cost
453
341
399
412
432
2,726
16,725
21,488
Investments at fair value through profit or loss
1
1,076
74
66
63
48
103
64
47,898
49,392
Investments in real estate
2,620
2,620
Investments in associates and joint ventures
6,231
6,231
Derivatives
140
43
6
34
26
97
2,140
2,486
Insurance contracts
51
61
53
47
41
148
110
\u2212156
355
Reinsurance contracts
157
124
117
127
193
263
82
\u2212330
733
Property and equipment
348
348
Intangible assets
54
50
47
37
43
95
35
909
1,270
Deferred tax assets
45
6
7
8
17
58
\u22124
9
146
Other assets
4,984
70
18
20
23
316
113
21
5,565
Total assets
23,838
5,778
5,690
4,895
5,099
18,871
83,769
61,487
\u2212486
208,941
1
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.
36 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 48 \u2018Risk management\u2019 for a description on how
liquidity risk is managed.
Liabilities by maturity (2024)
Maturity not
2024
Less than 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
Over 10 years
applicable
Adjustment
1
Total
Insurance contracts
11,676
11,553
9,877
11,163
8,852
35,885
129,233
\u221270,698
147,541
Investment contracts
77
69
67
64
63
292
263
2,964
3,859
Reinsurance contracts
10
4
3
3
4
19
115
\u221246
112
Debt instruments issued
600
600
\u22124
1,196
Subordinated debt
2
850
1,500
\u22124
2,346
Other borrowed funds
2,799
790
798
987
493
940
1,180
7,987
Customer deposits
11,010
1,214
863
603
562
1,921
1,301
17,474
Derivatives
527
461
584
625
727
2,302
7,228
\u22128,783
3,671
Deferred tax liabilities
191
11
24
39
20
41
\u2212648
1,086
764
Other liabilities
2,973
466
52
36
29
92
60
65
3,773
Total liabilities
29,263
14,568
12,268
14,970
10,750
43,592
138,732
4,115
\u221279,535
188,723
Coupon interest due on financial liabilities
211
356
337
286
260
1,037
1,433
3,920
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 16 \u2018Subordinated debt\u2019.
Liabilities by maturity (2023)
Maturity not
2023
Less than 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
Over 10 years
applicable
Adjustment
1
Total
Insurance contracts
11,232
11,247
11,080
10,025
9,329
39,060
113,466
\u221260,375
145,064
Investment contracts
71
65
64
65
65
324
305
2,662
3,621
Reinsurance contracts
12
3
1
\u22121
3
152
\u22123
\u221223
144
Debt instruments issued
600
600
\u22125
1,195
Subordinated debt
2
335
850
1,500
\u22125
2,680
Other borrowed funds
3,872
1,008
790
796
956
1,407
1,164
\u22121
9,992
Customer deposits
10,942
855
723
510
421
1,732
1,277
16,460
Derivatives
543
316
448
597
482
2,192
7,493
1
\u22128,005
4,067
Deferred tax liabilities
87
\u22126
1
\u221213
17
141
\u2212734
1,066
559
Other liabilities
3,176
464
83
52
33
121
27
84
4,040
Total liabilities
30,270
13,952
13,190
12,632
12,152
47,080
123,150
3,809
\u221268,413
187,822
Coupon interest due on financial liabilities
297
198
291
247
210
900
1,654
0
0
3,797
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 16 \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 (2024)
Total General
Estimates of the Model and Total Premium
present value of Contractual Variable Fee Allocation Total Insurance Total Insurance
2024
future cash flows
Risk adjustment
service margin Approach Approach assets liabilities
Less than 1 year
9,660
174
687
10,521
1,119
36
11,676
1-2 years
10,334
140
590
11,064
423
66
11,553
2-3 years
8,864
110
529
9,503
316
58
9,877
3-4 years
10,280
118
479
10,877
237
49
11,163
4-5 years
8,085
124
440
8,649
181
22
8,852
5-10 years
33,289
458
1,627
35,374
407
104
35,885
Over 10 years
124,382
857
3,598
128,837
189
207
129,233
Adjustments
1
\u221269,563
\u2212692
\u221270,255
\u2212310
\u2212133
\u221270,698
Total
135,331
1,289
7,950
144,570
2,562
409
147,541
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 (2023)
Total General
Estimates of the Model and Total Premium
present value of Contractual Variable Fee Allocation Total Insurance Total Insurance
2023
future cash flows
Risk adjustment
service margin Approach Approach assets liabilities
Less than 1 year
9,242
163
698
10,103
1,078
51
11,232
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
5-10 years
36,350
545
1,638
38,533
379
148
39,060
Over 10 years
109,646
918
2,607
113,171
185
110
113,466
Adjustments
1
\u221259,604
\u2212400
\u221260,004
\u2212215
\u2212156
\u221260,375
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.
Amounts payable on demand were EUR 56,328 million as at 31 December 2024 (EUR 58,763 million as at 31 December 2023).
38 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.
Transfer of financial assets not qualifying for derecognition
2024
2023
Investments at fair value through other comprehensive income
8,720
8,994
Investments at fair value through profit or loss
8
The table above does not include assets transferred to consolidated securitisation entities, as these related
assets are not transferred from a consolidated perspective. Reference is made to Note 43 \u2018Structured
entities\u2019.
37 Assets not freely disposable
The assets not freely disposable of EUR 77 million (2023: EUR 95 million) relates to the mandatory reserve
deposit at De Nederlandsche Bank and cash balances held at BNG Bank.
Assets relating to instruments lending are disclosed in Note 38 \u2018Transferred, but not derecognised financial
assets\u2019. Assets in securitisation programmes originated by NN Bank are disclosed in Note 43 \u2018Structured
entities\u2019.
39 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 (2024) Related amounts not offset in the
2024
balance sheet
Gross financial Cash and
liabilities Net financial financial
Gross financial offset in the assets in the Financial instruments
Balance sheet line item
Financial instrument
 assets balance sheet balance sheet instruments
collateral
Net amount
Derivatives
Derivatives
2,684
2,684
\u22121,257
\u22121,386
41
Other items where offsetting is applied in the balance sheet
Other assets
439
439
\u2212349
\u221286
4
Total financial assets
3,123
0
3,123
\u22121,606
\u22121,472
45
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements (2023) Related amounts not offset in the
2023
balance sheet
Cash and
Net financial financial
Gross financial assets in the Financial instruments
Balance sheet line item
Financial instrument
assets
Net amount
 balance sheet instruments
collateral
Net amount
Derivatives
Derivatives
2,447
2,447
\u22121,172
\u22121,273
2
Other items where offsetting is applied in the balance sheet
Other assets
404
404
\u2212350
\u221253
1
Total financial assets
2,851
0
2,851
\u22121,522
\u22121,326
3
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements (2024) Related amounts not offset in the
2024
balance sheet
Gross financial Cash and
assets Net financial financial
Gross financial offset in the liabilities in the Financial instruments
Balance sheet line item
Financial instrument
 liabilities balance sheet balance sheet instruments
collateral
Net amount
Derivatives
Derivatives
3,518
3,518
\u22121,257
\u22122,211
50
Repo\u2019s and Other items where offsetting is applied in the balance sheet
1,686
1,686
\u2212349
\u22121,336
1
Total financial liabilities
5,204
0
5,204
\u22121,606
\u22123,547
51
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements (2023) Related amounts not offset in the
2023
balance sheet
Gross financial Cash and
assets Net financial financial
Gross financial offset in the liabilities in the Financial instruments
Balance sheet line item
Financial instrument
 liabilities balance sheet balance sheet instruments
collateral
Net amount
Derivatives
Derivatives
3,922
3,922
\u22121,172
\u22122,608
142
Repo\u2019s and Other items where offsetting is applied in the balance sheet
2,980
2,980
\u2212350
\u22122,599
31
Total financial liabilities
6,902
0
6,902
\u22121,522
\u22125,207
173
48 Risk management
This note explains details with regard to the risk profile of NN Group.
Topics described in this section include:
\u2219 Partial Internal Model (PIM) (including assumptions and limitations).
\u2219 Solvency Capital Requirement of NN Group.
\u2219 Risk profile, risk mitigation 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 risk exposure of NN Group. 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 and Non-market 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) 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, the (provisional) Equivalence 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:
\u2219 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. \u2219 The approach used for most significant Non-market risks within the Life businesses such as longevity (trend uncertainty) 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 manner. \u2219 The granularity of the PIM and close alignment of the modelling techniques and parameters to NN Group\u2019s risk management approach also means that it can be used for 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 market 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 Forward 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 simulated market 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 in a wide range of assets, diversification is key to NN Group\u2019s business model. The resulting diversification reflects the fact that all potential worst-case losses are highly unlikely 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.
2.4 Model limitations
NN Group\u2019s Partial Internal Model set-up resulted from managing a balance 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 to 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 a 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.
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 are 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 an independent
model validation function. 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
After a long period of negotiations between the European Commission, the European Council and the
European Parliament, a revised Solvency II directive (Level I) was published in the Official Journal of
8 January 2025. The amended regulation will be effective as of 30 January 2027, wich means that reporting
after this date will reflect the changes from the Solvency II 2020 review. Some key aspects in the agreement
are not detailed out in the Solvency II directive but will be clarified later in the process (part of Level II and
III). This relates for example to the parameterisation of elements that are relevant for the determination of
the risk margin and the Volatility Adjustment. The revised Solvency II directive forms the basis for the
revision of the Level II and III regulation, which 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 2024 and 31 December 2023,
respectively.
Solvency II ratio of NN Group
2024
2023
Eligible Own Funds
17,026
17,691
Solvency Capital Requirement
8,786
8,990
NN Group Solvency II ratio (Eligible Own Funds/SCR)
194%
197%
The SCR is based on NN Group\u2019s PIM. This comprises Internal Model calculations 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 calculations for ABN AMRO Non-life 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 2024 and 31 December 2023, respectively.
Solvency Capital Requirements
2024
2023
Market risk
6,555
6,602
Counterparty default risk
112
129
Non-market risk
4,966
4,773
Total BSCR (before diversification)
11,633
11,504
Diversification
\u22123,085
\u22122,659
Total BSCR (after diversification)
8,548
8,845
Operational risk
567
560
LACDT
\u22121,757
\u22121,780
Other
5
4
Solvency II entities SCR
7,363
7,629
Non Solvency II entities
1,423
1,361
Total SCR
8,786
8,990
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):
\u2219 Lower Market risk SCR, mainly due to portfolio developments, partially offset by model refinements and
market movements.
\u2219 Lower Counterparty default risk SCR, driven by various portfolio developments.
\u2219 Higher Non-market risk SCR, mainly driven by lower interest rates and the impact of model changes mainly
at NN Non-Life, partially offset by the impact of longevity reinsurance at NN Life.
More details on the Market and Non-market risk SCR, as well as explanation on the most important changes
in the risk profile, are presented in the next sections.
SCR for Operational risk is broadly stable. The offsetting effect of Loss Absorbing Capacity of Deferred Taxes
(LACDT) decreased mainly due to a lower tax base. In the above table, \u2018Other\u2019 includes loss-absorbing
capacity of technical provisions (LACTP) and capital requirements 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. Additionally, Solvency II ratio sensitivities are used for external communication to enable
investors to assess the potential volatility of the company\u2019s solvency ratio. 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 Solvency II 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 sections below.
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.
We assess natural catastrophe risks such as windstorm, flood and hail (depended on the business unit's
exposure to these risks) in our current SCR models considering losses over the next one-year horizon under
a 1-in-200 year event. Furthermore, we regularly conduct assessments into the financial materiality of
sustainability risks on our balance sheet. NN has concluded that the calculation of SCR does not require any
adjustments at this point due to risks related to sustainability, as these risks are either covered by the SCR
or not considered material over this time horizon.
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.
In managing our assets, we apply the prudent person principle, which means that we only invest in assets
and instruments whose risks NN Group can properly identify, measure, monitor, manage, control and report
and take into account in the assessment of our overall solvency needs. For new asset classes or asset
classes of growing importance, NN Group continuously improves the relevant processes.
Market risk capital requirements
2024
2023
Interest rate risk
1,163
898
Equity risk
2,186
2,457
Credit spread risk
3,659
3,340
Real estate risk
1,907
2,014
Foreign exchange risk
519
584
Inflation risk
231
216
Basis risk
56
53
Diversification market risk
\u22123,166
\u22122,960
Market risk
6,555
6,602
In 2024, the Market risk SCR decreased from EUR 6,602 million to EUR 6,555 million, mainly driven by
portfolio developments, partially offset by model refinements and market movements.
The table below sets out NN Group\u2019s market value of assets for each asset class as at the end of 2024 and
2023. The values in the table below 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
% of total
Market value
% of total
2024
2024
2023
2023
Fixed income
132,556
82%
136,530
81%
Government bonds and loans
39,492
24%
40,046
24%
Financial bonds and loans
7,918
5%
7,671
5%
Corporate bonds and loans
23,325
14%
23,308
14%
Asset-backed securities
2,423
2%
2,642
2%
Mortgages
1
58,265
36%
61,729
37%
Other retail loans
1,133
1%
1,134
1%
Non-fixed income
20,335
13%
20,448
12%
Common & preferred stock
2
2,770
2%
3,533
2%
Private equity
106
0%
138
0%
Real estate
3
11,932
8%
12,007
7%
Mutual funds (money market funds excluded)
4
5,527
3%
4,770
3%
Money market instruments (money market funds
included)
5
8,471
5%
10,682
6%
Total investments
161,362
100%
167,660
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. The total investment assets have decreased from EUR 167.7 billion at the end of 2023 to EUR 161.4 billion at the end of 2024, a decrease of EUR 6.3 billion. This decrease is primarily due to the run-off of the balance sheet, the reclassification of ABN saving mortgages as \"risk for policy holder\" and the valuation\u2019s decrease of the government bond exposure. The main developments in NN Group's risk profile in 2024 reflect the company's strategy to maintain a relatively conservative investment portfolio to ensure a resilient balance sheet. In 2024, NN Group has reduced exposure towards mortgages and equity following its Strategic Asset Allocation.
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 1,163 million in 2024 from EUR 898 million in 2023.
The increase is mainly driven by portfolio developments.
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 Group 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 2024
2024
Own Funds Solvency II ratio
impact
SCR impact
impact
Interest rate: Parallel shock +50 bps
\u2212407
\u2212226
0%
Interest rate: Parallel shock -50 bps
451
247
-0%
Interest rate: 10 bps steepening between 20y-30y
\u2212129
\u22128
\u22121%
Solvency II ratio sensitivities: interest rate risk at 31 December 2023
2023
Own Funds Solvency II ratio
impact
SCR impact
impact
Interest rate: Parallel shock +50 bps
\u2212343
\u2212224
1%
Interest rate: Parallel shock -50 bps
393
251
\u22121%
Interest rate: 10 bps steepening between 20y-30y
\u2212151
\u22127
\u22122%
Solvency II ratio sensitivities to interest rates decreased as the Own Funds sensitivity has increased
because of asset portfolio changes, while the SCR sensitivity remained stable.
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.
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 a decrease in 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 2024 and
2023, respectively.
Equity assets
2024
2023
Common & preferred stock
2,770
3,533
Private equity
106
138
Mutual funds (money market funds are excluded, fixed income mutual funds are included)
5,527
4,770
Total
8,403
8,441
NN Group is mainly exposed to public listed equity, and to a lesser extent to private equity and equity
exposures through mutual funds. The direct equity exposure is spread mainly across the Netherlands (28%
in 2024 compared with 26% in 2023) and remaining exposure in other countries, predominantly in core EU
countries (49% in 2024 compared with 50% in 2023, 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 40% of the total mutual fund market value. The three main mutual fund investments are in private
equities (EUR 1.6 billion), infrastructure equities (EUR 1.5 billion) and emerging market debt (EUR 1.4 billion).
As shown in the \u2018Market risk capital requirements\u2019 table on p.347, the Equity risk SCR of NN Group decreased
from EUR 2,457 million in 2023 to EUR 2,186 million in 2024 mainly driven by portfolio developments.
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 appropriate derivatives.
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 2024 and 2023, respectively.
Solvency II ratio sensitivities: Equity risk (2024)
2024
Own Funds Solvency II ratio
impact
SCR impact
impact
Equity Downward shock -25%
\u22121,0 81
\u2212160
\u22129%
Solvency II ratio sensitivities: Equity risk (2023)
2023
Own Funds Solvency II ratio
impact
SCR impact
impact
Equity Downward shock -25%
\u22121,604
\u2212299
\u221212%
The Solvency II ratio sensitivity to Equity risk has decreased mainly due to portfolio developments and
reallocation of infrastructure equities from the equity sensitivity to the real estate sensitivity. This
reallocation was performed to account for the specific nature of infrastructure equity investments. These
investments are backed by physical assets and have a more stable valuation than investments in listed or
private equity.
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 premia 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 an appropriate SCR. 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 on p.347, the Credit spread risk SCR of NN Group increased from EUR 3,340 million in 2023 to EUR 3,659 million in 2024, driven by model refinements and partially offset by portfolio developments. 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 2024 and 31 December 2023, respectively.
Fixed-income bonds and loans by type of issuer
Market value
Percentage
2024
2023
2024
2023
Sovereign
39,492
40,046
54%
54%
Finance and Insurance
7,918
7,671
11%
10%
Manufacturing
7,089
6,560
10%
9%
Utilities
2,504
2,585
3%
4%
Asset-backed securities
2,423
2,642
3%
4%
Transportation and Warehousing
1,885
2,114
3%
3%
Information
1,697
1,778
2%
2%
Real Estate and Rental and Leasing
1,589
1,800
2%
2%
Other
8,561
8,471
12%
12%
Total
73,158
73,667
100%
100%
Market value sovereign exposures (2024) 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 2024 and 31 December 2023, respectively.
Market value of government bond and loans in 2024 by number of years to maturity
3
Domestic
2024
Rating
1
exposure
2
0-1
1-2
2-3
3-5
5-10
10-20
20-30
30+
Total 2024
Japan
A+
100%
394
284
321
652
1,391
1,692
1,314
519
6,567
France
AA-
0%
73
80
43
100
204
1,355
347
2,063
4,265
Belgium
AA-
27%
7
58
329
327
1,578
936
618
3,853
Netherlands
AAA
99%
51
9
13
250
320
2,699
267
9
3,618
Germany
AAA
0%
30
99
53
353
926
1,228
413
210
3,312
Spain
A-
30%
114
43
24
262
190
1,591
125
79
2,428
European Union
AAA
0%
5
24
3
3
213
791
1,305
2,344
Austria
AA+
0%
157
233
7
38
512
257
1,098
2,302
United States
AA+
0%
205
1,369
1,574
Finland
AA+
0%
162
3
1
68
1
722
48
54
1,059
Italy
BBB
0%
9
4
103
174
317
111
270
35
1,023
Other
4
- Above Investment Grade
263
317
245
738
1,385
1,552
1,606
82
6,188
Other
4
- Below Investment Grade
4
61
106
644
106
38
959
Total
1,108
1,082
1,100
3,042
5,956
14,142
8,295
4,767
39,492
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 is 99%. 3 Based on legal maturity date. 4 Investment Grade reflects a rating of BBB- or higher; Below Investment Grade reflects a rating below BBB-. Market value sovereign exposures (2023)
Market value of government bond and loans in 2023 by number of years to maturity
4
Domestic
2023
Rating
1
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
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
AAA
0%
208
1,432
1,640
Multilateral
3
AAA
0%
63
11
133
66
327
872
592
22
2,086
Finland
AA+
0%
4
143
3
66
1
712
50
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
3
113
410
125
37
688
Total
1,316
1,098
1,088
2,882
5,959
13,676
7,828
6,198
40,045
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 is 99%. 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-. Out of NN Group\u2019s total sovereign debt exposure, 49% (or EUR 19 billion) is invested in AAA and AA rated eurozone countries in 2024 as compared to 48% in 2023. Of the EUR 19 billion core eurozone government bonds and loans held by NN Group, 78% will mature after year 10 and 35% after year 20 in 2024 while those for 2023 were EUR 20 billion, 81% and 41% 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 (2024)
Market value of non-government bond securities and loans in 2024 by number of years to maturity
2024
0-1
1-2
2-3
3-5
5-10
10-20
20-30
30+
Total 2024
AAA
344
212
196
88
572
783
888
962
4,045
AA
213
277
330
494
589
405
80
84
2,472
A
1,022
1,424
1,191
2,281
3,920
1,420
847
142
12,247
BBB
1,044
1,529
1,140
1,808
3,031
1,518
560
66
10,696
BB
362
190
378
799
509
70
13
2,321
B and below
173
186
115
713
292
54
11
1,544
No rating available
143
84
18
70
25
340
Total
3,301
3,902
3,368
6,253
8,938
4,250
2,386
1,267
33,665
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
2023
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
The table below shows NN Group\u2019s holdings of loans and other debt securities as at 31 December 2024 and 31 December 2023, respectively. Market value all loans and other debt securities (per credit rating)
2024
2023
AAA
13,754
13,259
AA
17,535
18,144
A
23,296
22,860
BBB
13,250
14,200
BB
3,193
3,233
B and below
1,765
1,417
No rating available
263
439
Mortgages
1
58,265
61,729
Other Retail Loans
1,235
1,249
Total
132,556
136,530
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 valuation of mortgages is based on the market interest rate (swap rate) as well as the prevailing mortgage rates for new mortgages. Valuation changes related to changes in the swap rates are reflected as Interest rate risk, while the remaining value movements are assumed to be related to Credit (spread) risk. The required capital for credit spread changes for mortgages within entities using the Partial Internal Model is calculated in the Credit spread risk module. The required capital for credit defaults for mortgages within entities using the Standard Formula is calculated in the Counterparty default risk module. The Loan-to-Value (LTV) for residential mortgages (which is based on the net average loan to property indexed value and are exposure-weighted) decreased for NN Group from 56% at the end of December 2023 to 54% at the end December 2024. The LTV decreased compared to 2023 due to the house price increase of 11.1% in the Netherlands between Q3 2023 and Q3 2024 (Figures of fourth quarter are unavailable per year-end). At NN Life, the Banking business, NN Non-life and NN Belgium the LTV stood at 53%, 54%, 57% and 52% respectively at the end of December 2024 while those were 55%, 57%, 62% and 56% respectively at the end of December 2023. 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. On portfolio level the NHG coverage showed no significant changes compared to prior year. Mortgages with NHG accounted for 23%, 34%, 17% and 26% at NN Life, the Banking business, NN Non-life, and NN Belgium respectively at the end of December 2024 and 23%, 32%, 17% and 27% at NN Life, the Banking business, NN Non-life and NN Belgium respectively at the end of 2023. Loan-to-Value on mortgage loans 1
2024
2023
NHG
27%
27%
LTV <= 80%
68%
66%
LTV 80% - 90%
4%
4%
LTV 90% - 100%
1%
2%
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. The loan is categorised 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 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 total provision decreased by EUR 3.7 million to EUR 3.7 million due the release of the management overlay related to rising interest rates and high inflation, and a decrease of the provision related to unsecured commercial loans. The management overlay was released as interest rates and inflation decreased in combination with increasing wages. The impact of the house price increase on the provision was limited as the portfolio was already well-collateralised. The net exposure decreased after deduction of capped collaterals and guarantees because of an increase in the house price. The NHG guarantee value slightly decreased due to an improvement in the calculation of the NHG guarantee value amount.
redit quality: NN Group mortgage portfolio, outstanding
1,2,5
Life business
Banking
Other
3
Total
2024
2023
2024
2023
2024
2023
2024
2023
Performing mortgage loans that are not past due
25,610
25,915
22,491
21,887
4,807
4,876
52,908
52,678
Performing mortgage loans that are past due
105
119
136
161
23
26
264
306
Non-performing mortgage loans
4
75
79
113
99
15
13
203
192
Total
25,790
26,114
22,740
22,147
4,845
4,915
53,375
53,176
Provisions for performing mortgage loans
1
2
1
2
2
4
Provisions for non-performing mortgage loans
1
2
1
1
2
3
Total
4
2
4
2
3 4 7
1 The total value for Mortgages is different in this table vs. the Investment Assets Table on p.348 because of exclusion of mortgage not originated by NN Bank of EUR 4,890 million in 2024 (2023: EUR 8,554 million). 2 Amounts are excluding partial transfer of mortgages and Dutch Residential Mortgages Fund. 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 The carrying value includes the accrued interest, past due amount, and deduction of construction deposits .
ollateral on mortgage loan
1,2,5
Life business
Banking
Other
3
Total
2024
2023
2024
2023
2024
2023
2024
2023
Carrying value
25,790
26,113
22,740
22,147
4,845
4,915
53,375
53,175
Indexed collateral value of real estate
55,761
55,531
49,913
45,931
10,179
9,487
115,853
110,949
Savings held
6
1,146
1,134
1,563
1,481
80
77
2,789
2,692
NHG guarantee value
4
4,998
5,300
6,081
5,853
966
1,026
12,045
12,179
Total cover value + including NHG guarantee capped at
carrying value
25,784
26,100
22,739
22,138
4,845
4,913
53,368
53,151
Net exposure
6
13
1
9
2 7 24
1 The total value for Mortgages is different in this table vs. the Investment Assets Table on p.347 because of exclusion of mortgage not originated by NN Bank of EUR 4,890 million in 2024 (2023: EUR 8,554 million). 2 Amounts are excluding partial transfer of mortgages and Dutch Residential Mortgage Fund. 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 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. NN Group has ensured a high level of diversification in its fixed income portfolio by investing in a high number of issuers, across a broad range of countries, sectors and asset classes. 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 tables below present 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 2024 2024
Own Funds Solvency II ratio
impact
SCR impact
impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps
\u2212501
\u22129
\u22126%
Credit spread: Parallel shock for AA and lower-rated government bonds
+50 bps
\u2212759
\u221245
\u22128%
Credit spread: Parallel shock spreads corporates +50 bps
391
\u221272
6%
Credit spread: Parallel shock spreads mortgages +25 bps
\u2212551
\u221218
\u22126%
Solvency II ratio sensitivities: Credit spread risk at 31 December 2023
Own Funds Solvency II ratio
2023
impact
SCR impact
impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps
\u2212397
\u22124
\u22124%
Credit spread: Parallel shock for AA and lower-rated government bonds
+50 bps
\u2212738
\u221237
\u22127%
Credit spread: Parallel shock spreads corporates +50 bps
371
\u221263
6%
Credit spread: Parallel shock spreads mortgages +25 bps
-564
-15
-6%
Solvency II ratio sensitivities to credit spread increased as the OF sensitivity has increased because of asset
portfolio changes, while the SCR sensitivity remained relatively stable. 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 three scenarios, a parallel widening of the respective spread curves of +50bps is assumed, while for mortgages it is +25 bps. 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 as the VOLA provides only a partial offset of the losses on the asset side. 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 as a result of negative revaluations, from EUR 12,007 million at the end of 2023 to EUR 11,787 million at the end of 2024. 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 (as reflected in the EUR 11,787 million) 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 largely in line with inflation and occupancy rates in 2024 are high at 95%. Real estate is valued by external independent appraisers. Real Estate valuation often show a prolonged negative movement in case of economic downturn. On average, European real estate markets have bottomed out during 2024 and 2025 is expected to show a modest recovery. The table below sets out NN Group\u2019s real estate exposure per region as at 31 December 2024 and 2023, respectively. Real estate assets per region
2024
2023
Western Europe
56%
56%
Southern Europe
18%
18%
Nordics
10%
10%
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 (42%) and industrial real estate (27%). Retail and office real estate represents respectively 17% and 8% of NN Group's total real estate exposure. As shown in the \u2018Market risk capital requirements\u2019 table on p.347, the Real estate risk SCR of NN Group decreased from EUR 2,014 million in 2023 to EUR 1,907 million in 2024 primarily due to model refinements and portfolio developments. 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 2024 and 2023.
Solvency II ratio sensitivities: Real estate risk
Own Funds impact
SCR impact
Solvency II ratio impact
2024
2023
2024
2023
2024
2023
Real estate Downward
shock -10%
\u22121,334
\u22121,199
\u221290
\u221268
\u221213%
\u221212%
The Solvency II ratio sensitivity to Real estate risk has increased mainly due to portfolio developments and
reallocation of infrastructure equities from the equity sensitivity to the real estate sensitivity. This
reallocation was performed to account for the specific nature of infrastructure equity investments. These
investments are backed by physical assets and have a more stable valuation than investments in listed or
private equity.
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 584 million in 2023 to EUR 519 million in 2024. This
is mainly due to model refinements.
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 with FX forwards and cross currency swaps.
5.6 Inflation risk
Inflation risk is defined as the risk of adverse changes in inflation that result in 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 increased to EUR 231 million from EUR 216 million at the end of 2023 as a result of
portfolio development. Inflation risk is limited and hedged to a large extent with inflation-linked swaps or
bonds.
5.6.2 Risk mitigation
The Inflation risk is managed through the use of inflation-linked swaps and investments in inflation-linked
bonds. The exposure to inflation-linked liabilities is limited.
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 is stable.
5.7.2 Risk mitigation
The Basis risk is mitigated by mapping of the underlying funds to risk factors for which hedge instruments
are available, 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 on NN Group level remained at nil in 2024.
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 (VA), constant proportion portfolio insurance (CPPI) policies 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, the CPPI business and the VA business.
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 slightly decreased to EUR 2.3 billion at 31 December
2024 compared to EUR 2.4 billion at 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, CPPI policies and
variable annuities (VA). 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.
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. The CPPI products sold in Spain and Greece are guaranteed minimum accumulation products.
Risk mitigation
The Market risks of the unit-linked and other separate account business are managed by product design.
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 in place for the guaranteed benefits targeting Equity, Interest
rate, Credit spread, and FX risk as well as Volatility risk. For the CPPI business, NN Group transfers part of
the Market risk to external counterparties via bespoke derivatives.
Risk measurement
NN Group determines Eligible Own Funds for the Market and Credit risks of the separate account business
through modelling the risks in the fee income and the guarantees including the mitigating effects 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.
6.1 Risk profile As shown in the \u2018Solvency Capital Requirements\u2019 table on p.346, the Counterparty default risk SCR of NN Group decreased from EUR 129 million at the end of 2023 to EUR 112 million at the end of 2024, 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: \u2219 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). \u2219 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 tables below outline Counterparty default risk arising from insurance and reinsurance contracts. For more information regarding IFRS 17 see section Our performance and Note 12 \u2018Insurance contracts\u2019.
Counterparty Default Risk exposures
1
arising from insurance and reinsurance contracts at 31 December 2024
Insurance Reinsurance held Reinsurance held Reinsurance
2024
contracts
2
as Assets
3
as Liabilities
3
Total
3
AA
653
\u2212894
\u2212241
A
53
183
\u221267
116
BBB
14
14
No rating available
1,134
32
\u221215
18
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 2023
2023
Insurance
contracts
2
Reinsurance held Reinsurance held Reinsurance
as Assets
3
as Liabilities
3
Total
3
AA
714
\u2212343
371
A
49
221
34
255
BBB
32
\u221227
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.
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. Operational 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 2024, Liquidity risk remains relevant to consider given the volatility in interest rates. 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 Group 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: \u2219 Short-term liquidity (including operational liquidity) management covers the day-to-day cash requirements under normal business conditions. \u2219 Long-term liquidity management considers business conditions, in which Market liquidity risk materialises. \u2219 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: \u2219 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. \u2219 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 uusiness Units applying Standard Formula, Non-market risks are split between:
\u2219 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.
\u2219 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, Poland, Slovakia, Romania, from the yearly
renewable health insurance portfolio of Greece and Hungary.
\u2219 Non-life risk: this covers Non-life portfolio mainly contributed by ABN AMRO Non-life. This risk covers the
Premium 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 2024 and at the end of 2023,
respectively. The main changes in the risk profile are explained in the subsequent section of this document.
Non-market risk capital requirements
2024
2023
Insurance risk (IM entities)
2,641
2,480
Business risk (IM entities)
1,729
1,846
Life risk (SF entities)
1,286
1,190
Health risk (SF entities)
325
289
Non-life risk (SF entities)
100
89
Diversification non-market risk
\u22121,115
\u22121,121
Non-market risk
4,966
4,773
The Non-market risk SCR increased from EUR 4,773 million in 2023 to EUR 4,966 million in 2024.
The increase is predominantly driven by lower interest rates and the impact of model changes mainly at NN
Non-Life, partially offset by the impact of longevity reinsurance at NN Life.
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 2024 and 31 December 2023,
respectively.
Insurance risk capital requirements
2024
2023
Mortality (including longevity) risk
1,969
1,975
Morbidity risk
1,295
981
Property & Casualty risk
816
815
Diversification insurance risk
\u22121,439
\u22121,291
Insurance risk (IM entities)
2,641
2,480
Increase in the Insurance risk SCR is mostly driven by lower interest rates, as well as the impact of model
changes at NN Non-Life related to morbidity risk.
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.
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.
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 'Anticipated financial effects' section of the Sustainability
Statement 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:
\u2219 Retention limits for Life insurance risks are set per insured life and significant mortality events affecting
multiple lives such as pandemics.
\u2219 Retention is used to manage risk levels (such as Non-life reinsurance and morbidity reinsurance in Japan
Life).
\u2219 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 in general 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 2024 and 31 December 2023, respectively.
Business risk capital requirements
2024
2023
Persistency risk
605
632
Premium risk
1
1
Expense risk
1,529
1,564
Diversification business risk
\u2212406
\u2212351
Business risk (IM entities)
1,729
1,846
The Persistency risk SCR decreased from EUR 632 million in 2023 to EUR 605 million in 2024 primarily due to
model refinements.
The SCR for Expense risk decreased from EUR 1,564 million in 2023 to EUR 1,529 million in 2024. The
decrease is due to model refinements that is partially offset by decreased interest rates. This SCR reflects
the risk that future actual expenses exceed the expenses assumed in our best estimate provisions. Expense
risk comprises Expense level and Expense inflation risks, materially driven by NN Life.
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 in line with the number of underlying contracts in place. 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
2024
2023
Mortality risk
104
99
Longevity risk
59
57
Morbidity risk
16
14
Expense risk
356
361
Lapse risk
997
897
Catastrophe risk
118
110
Diversification life risk
\u2212364
\u2212348
Life risk (SF entities)
1,286
1,190
As shown in the table above, the Life risk SCR for the SF business units increased slightly from EUR 1,190
million in 2023 to EUR 1,286 million in 2024 mainly due to portfolio development.
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
2024
2023
SLT
302
268
NSLT
24
22
Catastrophe risk
33
32
Diversification health risk
\u221234
\u221233
Health risk (SF entities)
325
289
As shown in the table above, the Health risk SCR of the business units applying Standard Formula increased
from EUR 289 million in 2023 to EUR 325 million in 2024. The increase is mainly explained by portfolio
development.
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
2024
2023
Premium and reserve risk
83
78
Lapse risk
19
16
Catastrophe risk
35
24
Diversification non-life risk
\u221237
\u221229
Non-life risk (SF entities)
100
89
As shown in the table above, the Non-life risk SCR of the business units applying Standard Formula increased
from EUR 89 million in 2023 to EUR 100 million in 2024 mainly due to portfolio development.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-600": { "value": "37 Assets not freely disposable The assets not freely disposable of EUR 77 million (2023: EUR 95 million) relates to the mandatory reserve deposit at De Nederlandsche Bank and cash balances held at BNG Bank. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-603": { "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. 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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-604": { "value": "40 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 (2024)
Maturity
Less than Over 10 not
2024
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,281
92
22
1,395
Guarantees
18
18
Contingent liabilities and commitments
1,299
92
0
0
0
0
22
0
1,413
Contingent liabilities and commitments (2023)
Maturity
Less than Over 10 not
2023
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,333
160
19
1,512
Guarantees
18
18
Contingent liabilities and commitments
1,351
160
0
0
0
0
19
0
1,530
Additionally, NN Group has committed amounts to investments of EUR 5,649 million (2023: EUR 4,225
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-605": { "value": "40 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 (2024)
Maturity
Less than Over 10 not
2024
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,281
92
22
1,395
Guarantees
18
18
Contingent liabilities and commitments
1,299
92
0
0
0
0
22
0
1,413
Contingent liabilities and commitments (2023)
Maturity
Less than Over 10 not
2023
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,333
160
19
1,512
Guarantees
18
18
Contingent liabilities and commitments
1,351
160
0
0
0
0
19
0
1,530
Additionally, NN Group has committed amounts to investments of EUR 5,649 million (2023: EUR 4,225 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 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-606": { "value": "40 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 (2024)
Maturity
Less than Over 10 not
2024
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,281
92
22
1,395
Guarantees
18
18
Contingent liabilities and commitments
1,299
92
0
0
0
0
22
0
1,413
Contingent liabilities and commitments (2023)
Maturity
Less than Over 10 not
2023
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,333
160
19
1,512
Guarantees
18
18
Contingent liabilities and commitments
1,351
160
0
0
0
0
19
0
1,530
Additionally, NN Group has committed amounts to investments of EUR 5,649 million (2023: EUR 4,225 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 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-607": { "value": "40 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 (2024)
Maturity
Less than Over 10 not
2024
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,281
92
22
1,395
Guarantees
18
18
Contingent liabilities and commitments
1,299
92
0
0
0
0
22
0
1,413
Contingent liabilities and commitments (2023)
Maturity
Less than Over 10 not
2023
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
years
applicable
Total
Commitments
1,333
160
19
1,512
Guarantees
18
18
Contingent liabilities and commitments
1,351
160
0
0
0
0
19
0
1,530
Additionally, NN Group has committed amounts to investments of EUR 5,649 million (2023: EUR 4,225 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 41 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 currently anticipated before end 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 - 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. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-608": { "value": "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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-610": { "value": "42 Companies and businesses acquired and divested Divestments (2024) NN Group\u2019s operations in Turkey In September 2024, NN Group announced that it had reached agreement to sell its Turkish operations (NN Hayat ve Emeklilik, included in the segment Insurance Europe) to Zurich T\u00fcrkiye. The sale relates to assets and liabilities with a book value of EUR 43 million and EUR 31 million respectively at 31 December 2024. The transaction was subject to regulatory and antitrust approval and closed in January 2025. The transaction did not have significant impact on IFRS equity and the solvency ratio. At the moment of closing (i.e. in the first half 2025 results), the unrealised revaluation and foreign currency translation in equity that relate to Turkey are recognised in the profit and loss account as part of the result on divestment; at 31 December these unrealised reserves in equity amounted to EUR 135 million (loss on divestment). As of the announcement, NN Group\u2019s Turkish operations meet the IFRS criteria for \u2018Held for sale\u2019 presentation; based on materiality, NN Group does not present the above-mentioned assets and liabilities in scope of the transaction separately in the balance sheet as Assets/Liabilities Held for sale. Presentation as held for sale would not have had a significant impact on equity or net result.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-611": { "value": "44 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 45 \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 43 \u2018Structured entities\u2019. 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:
2024
2023
Assets
83
85
Income
4
4
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 PPI 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 26 \u2018Non- attributable operating expenses\u2019. Transactions with other related parties Pension entities NN Group operates several pension entities in The Netherlands, including 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", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-612": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-613": { "value": "
45 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.
2024
Executive Board and Management Board (2024)
Executive Management
Amounts in thousands of euros Board
Board
Total
Fixed compensation
\u2013 base salary (cash)
2,733
4,563
7,296
\u2013 base salary (fixed shares)
683
1,141
1,824
\u2013 pension costs
1
58
173
231
\u2013 individual saving allowance
1
732
1,136
1,868
Variable compensation
\u2013 upfront cash
124
167
291
\u2013 upfront shares
124
167
291
\u2013 deferred cash
186
250
436
\u2013 deferred shares
186
250
436
Fixed and variable compensation
4,826
7,847
12,673
Other benefits
149
296
445
Employer cost social security
2
108
215
323
Total compensation
5,083
8,358
13,441
1
The pension costs consist of an amount of employer contribution (EUR 231 thousand) and an individual savings allowance (EUR 1,868 thousand which is
23,3% of the amount of base salary above EUR 137,800).
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
2024. 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 2024,
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 2024.
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 2024: EUR 13.4 million) includes all variable remuneration related to the performance year
2024. 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 2024 and therefore included in \u2018Total expenses\u2019 in 2024, relating to the fixed expenses
of 2024 and the vesting of variable remuneration of 2024 and earlier performance years, is EUR 13.3 million.
As at 31 December 2024, members of the Executive Board and Management Board held a total of 166,511
NN Group N.V. shares.
In 2024, 18,306 share awards on NN Group N.V. (both deferred and upfront) were granted to the Executive
Board and Management Board.
Supervisory Board (2024)
Supervisory
Amounts in thousands of euros Board
Fixed fees
801
Expense allowances
63
Compensation Supervisory Board
864
As at 31 December 2024, members of the Supervisory Board held no NN Group N.V. shares.
Loans and advances to members of the Management Board (2024)
Amount
outstanding Average
Amounts in thousands of euros 31 December
interest rate
Repayments
Management Board members
349
2.34%
3
Loans and advances
349
3
As at 31 December 2024, no loans and advances were provided to members of the Executive Board and
Supervisory Board.
2023
Executive Board and Management Board (2023)
Executive Management
Amounts in thousands of euros Board
Board
2
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)
Supervisory
Amounts in thousands of euros 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)
Amount
outstanding Average
Amounts in thousands of euros 31 December
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-614": { "value": "46 Fees of auditors Fees of auditors NN Group
2024
2023
Audit fees
23
20
Audit related fees
2
5
Fees of auditors NN Group N.V.
25
25
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 in 2023 include mainly fees related to the implementation of IFRS 9 and IFRS 17 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", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-615": { "value": "
47 Subsequent and other events
Turkey
On 10 January 2025, the sale of NN Turkey was completed. Reference is made to Note 42 'Companies and
businesses acquired and divested'.
Share buyback
In February 2025, 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 commenced on 3 March
2025. NN Group intends to cancel any repurchased NN Group shares under the programmes unless used to
cover obligations under share-based remuneration arrangements.
Tender offer for its subordinated notes
In March 2025, NN Group announced a tender for purchase by NN Group of the EUR 1 billion Fixed to Floating
Rate Undated Subordinated Notes for cash at a price of 101.6% of the nominal amount. The tender was
completed in March 2025 and NN Group accepted the purchase of EUR 763 million in nominal amount.
In March 2025, NN Group issued euro-denominated, perpetual, restricted Tier 1, temporary write-down
securities for an amount of EUR 1 billion. The notes are first callable on 11 September 2034. The coupon is
fixed at 5.75% per annum until 11 March 2035 and will be reset every fifth year thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-617": { "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. In managing our assets, we apply the prudent person principle, which means that we only invest in assets and instruments whose risks NN Group can properly identify, measure, monitor, manage, control and report and take into account in the assessment of our overall solvency needs. For new asset classes or asset classes of growing importance, NN Group continuously improves the relevant processes.
Market risk capital requirements
2024
2023
Interest rate risk
1,163
898
Equity risk
2,186
2,457
Credit spread risk
3,659
3,340
Real estate risk
1,907
2,014
Foreign exchange risk
519
584
Inflation risk
231
216
Basis risk
56
53
Diversification market risk
\u22123,166
\u22122,960
Market risk
6,555
6,602
In 2024, the Market risk SCR decreased from EUR 6,602 million to EUR 6,555 million, mainly driven by portfolio developments, partially offset by model refinements and market movements. The table below sets out NN Group\u2019s market value of assets for each asset class as at the end of 2024 and 2023. The values in the table below 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
% of total
Market value
% of total
2024
2024
2023
2023
Fixed income
132,556
82%
136,530
81%
Government bonds and loans
39,492
24%
40,046
24%
Financial bonds and loans
7,918
5%
7,671
5%
Corporate bonds and loans
23,325
14%
23,308
14%
Asset-backed securities
2,423
2%
2,642
2%
Mortgages
1
58,265
36%
61,729
37%
Other retail loans
1,133
1%
1,134
1%
Non-fixed income
20,335
13%
20,448
12%
Common & preferred stock
2
2,770
2%
3,533
2%
Private equity
106
0%
138
0%
Real estate
3
11,932
8%
12,007
7%
Mutual funds (money market funds excluded)
4
5,527
3%
4,770
3%
Money market instruments (money market funds
included)
5
8,471
5%
10,682
6%
Total investments
161,362
100%
167,660
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. The total investment assets have decreased from EUR 167.7 billion at the end of 2023 to EUR 161.4 billion at the end of 2024, a decrease of EUR 6.3 billion. This decrease is primarily due to the run-off of the balance sheet, the reclassification of ABN saving mortgages as \"risk for policy holder\" and the valuation\u2019s decrease of the government bond exposure. The main developments in NN Group's risk profile in 2024 reflect the company's strategy to maintain a relatively conservative investment portfolio to ensure a resilient balance sheet. In 2024, NN Group has reduced exposure towards mortgages and equity following its Strategic Asset Allocation. 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 1,163 million in 2024 from EUR 898 million in 2023. The increase is mainly driven by portfolio developments. 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 Group 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 2024 2024
Own Funds Solvency II ratio
impact
SCR impact
impact
Interest rate: Parallel shock +50 bps
\u2212407
\u2212226
0%
Interest rate: Parallel shock -50 bps
451
247
-0%
Interest rate: 10 bps steepening between 20y-30y
\u2212129
\u22128
\u22121%
Solvency II ratio sensitivities: interest rate risk at 31 December 2023 2023
Own Funds Solvency II ratio
impact
SCR impact
impact
Interest rate: Parallel shock +50 bps
\u2212343
\u2212224
1%
Interest rate: Parallel shock -50 bps
393
251
\u22121%
Interest rate: 10 bps steepening between 20y-30y
\u2212151
\u22127
\u22122%
Solvency II ratio sensitivities to interest rates decreased as the Own Funds sensitivity has increased because of asset portfolio changes, while the SCR sensitivity remained stable. 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. 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 a decrease in 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 2024 and 2023, respectively. Equity assets
2024
2023
Common & preferred stock
2,770
3,533
Private equity
106
138
Mutual funds (money market funds are excluded, fixed income mutual funds are included)
5,527
4,770
Total
8,403
8,441
NN Group is mainly exposed to public listed equity, and to a lesser extent to private equity and equity exposures through mutual funds. The direct equity exposure is spread mainly across the Netherlands (28% in 2024 compared with 26% in 2023) and remaining exposure in other countries, predominantly in core EU countries (49% in 2024 compared with 50% in 2023, 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 40% of the total mutual fund market value. The three main mutual fund investments are in private equities (EUR 1.6 billion), infrastructure equities (EUR 1.5 billion) and emerging market debt (EUR 1.4 billion). As shown in the \u2018Market risk capital requirements\u2019 table on p.347, the Equity risk SCR of NN Group decreased from EUR 2,457 million in 2023 to EUR 2,186 million in 2024 mainly driven by portfolio developments. 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 appropriate derivatives. 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 2024 and 2023, respectively. Solvency II ratio sensitivities: Equity risk (2024) 2024
Own Funds Solvency II ratio
impact
SCR impact
impact
Equity Downward shock -25%
\u22121,0 81
\u2212160
\u22129%
Solvency II ratio sensitivities: Equity risk (2023) 2023
Own Funds Solvency II ratio
impact
SCR impact
impact
Equity Downward shock -25%
\u22121,604
\u2212299
\u221212%
The Solvency II ratio sensitivity to Equity risk has decreased mainly due to portfolio developments and reallocation of infrastructure equities from the equity sensitivity to the real estate sensitivity. This reallocation was performed to account for the specific nature of infrastructure equity investments. These investments are backed by physical assets and have a more stable valuation than investments in listed or private equity. 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 premia 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 an appropriate SCR. 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 on p.347, the Credit spread risk SCR of NN Group increased from EUR 3,340 million in 2023 to EUR 3,659 million in 2024, driven by model refinements and partially offset by portfolio developments. 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 2024 and 31 December 2023, respectively.
Fixed-income bonds and loans by type of issuer
Market value
Percentage
2024
2023
2024
2023
Sovereign
39,492
40,046
54%
54%
Finance and Insurance
7,918
7,671
11%
10%
Manufacturing
7,089
6,560
10%
9%
Utilities
2,504
2,585
3%
4%
Asset-backed securities
2,423
2,642
3%
4%
Transportation and Warehousing
1,885
2,114
3%
3%
Information
1,697
1,778
2%
2%
Real Estate and Rental and Leasing
1,589
1,800
2%
2%
Other
8,561
8,471
12%
12%
Total
73,158
73,667
100%
100%
Market value sovereign exposures (2024) 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 2024 and 31 December 2023, respectively.
Market value of government bond and loans in 2024 by number of years to maturity
3
Domestic
2024
Rating
1
exposure
2
0-1
1-2
2-3
3-5
5-10
10-20
20-30
30+
Total 2024
Japan
A+
100%
394
284
321
652
1,391
1,692
1,314
519
6,567
France
AA-
0%
73
80
43
100
204
1,355
347
2,063
4,265
Belgium
AA-
27%
7
58
329
327
1,578
936
618
3,853
Netherlands
AAA
99%
51
9
13
250
320
2,699
267
9
3,618
Germany
AAA
0%
30
99
53
353
926
1,228
413
210
3,312
Spain
A-
30%
114
43
24
262
190
1,591
125
79
2,428
European Union
AAA
0%
5
24
3
3
213
791
1,305
2,344
Austria
AA+
0%
157
233
7
38
512
257
1,098
2,302
United States
AA+
0%
205
1,369
1,574
Finland
AA+
0%
162
3
1
68
1
722
48
54
1,059
Italy
BBB
0%
9
4
103
174
317
111
270
35
1,023
Other
4
- Above Investment Grade
263
317
245
738
1,385
1,552
1,606
82
6,188
Other
4
- Below Investment Grade
4
61
106
644
106
38
959
Total
1,108
1,082
1,100
3,042
5,956
14,142
8,295
4,767
39,492
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 is 99%. 3 Based on legal maturity date. 4 Investment Grade reflects a rating of BBB- or higher; Below Investment Grade reflects a rating below BBB-. Market value sovereign exposures (2023)
Market value of government bond and loans in 2023 by number of years to maturity
4
Domestic
2023
Rating
1
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
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
AAA
0%
208
1,432
1,640
Multilateral
3
AAA
0%
63
11
133
66
327
872
592
22
2,086
Finland
AA+
0%
4
143
3
66
1
712
50
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
3
113
410
125
37
688
Total
1,316
1,098
1,088
2,882
5,959
13,676
7,828
6,198
40,045
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 is 99%. 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-. Out of NN Group\u2019s total sovereign debt exposure, 49% (or EUR 19 billion) is invested in AAA and AA rated eurozone countries in 2024 as compared to 48% in 2023. Of the EUR 19 billion core eurozone government bonds and loans held by NN Group, 78% will mature after year 10 and 35% after year 20 in 2024 while those for 2023 were EUR 20 billion, 81% and 41% 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 (2024)
Market value of non-government bond securities and loans in 2024 by number of years to maturity
2024
0-1
1-2
2-3
3-5
5-10
10-20
20-30
30+
Total 2024
AAA
344
212
196
88
572
783
888
962
4,045
AA
213
277
330
494
589
405
80
84
2,472
A
1,022
1,424
1,191
2,281
3,920
1,420
847
142
12,247
BBB
1,044
1,529
1,140
1,808
3,031
1,518
560
66
10,696
BB
362
190
378
799
509
70
13
2,321
B and below
173
186
115
713
292
54
11
1,544
No rating available
143
84
18
70
25
340
Total
3,301
3,902
3,368
6,253
8,938
4,250
2,386
1,267
33,665
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
2023
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
The table below shows NN Group\u2019s holdings of loans and other debt securities as at 31 December 2024 and 31 December 2023, respectively. Market value all loans and other debt securities (per credit rating)
2024
2023
AAA
13,754
13,259
AA
17,535
18,144
A
23,296
22,860
BBB
13,250
14,200
BB
3,193
3,233
B and below
1,765
1,417
No rating available
263
439
Mortgages
1
58,265
61,729
Other Retail Loans
1,235
1,249
Total
132,556
136,530
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 valuation of mortgages is based on the market interest rate (swap rate) as well as the prevailing mortgage rates for new mortgages. Valuation changes related to changes in the swap rates are reflected as Interest rate risk, while the remaining value movements are assumed to be related to Credit (spread) risk. The required capital for credit spread changes for mortgages within entities using the Partial Internal Model is calculated in the Credit spread risk module. The required capital for credit defaults for mortgages within entities using the Standard Formula is calculated in the Counterparty default risk module. The Loan-to-Value (LTV) for residential mortgages (which is based on the net average loan to property indexed value and are exposure-weighted) decreased for NN Group from 56% at the end of December 2023 to 54% at the end December 2024. The LTV decreased compared to 2023 due to the house price increase of 11.1% in the Netherlands between Q3 2023 and Q3 2024 (Figures of fourth quarter are unavailable per year-end). At NN Life, the Banking business, NN Non-life and NN Belgium the LTV stood at 53%, 54%, 57% and 52% respectively at the end of December 2024 while those were 55%, 57%, 62% and 56% respectively at the end of December 2023. 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. On portfolio level the NHG coverage showed no significant changes compared to prior year. Mortgages with NHG accounted for 23%, 34%, 17% and 26% at NN Life, the Banking business, NN Non-life, and NN Belgium respectively at the end of December 2024 and 23%, 32%, 17% and 27% at NN Life, the Banking business, NN Non-life and NN Belgium respectively at the end of 2023. Loan-to-Value on mortgage loans 1
2024
2023
NHG
27%
27%
LTV <= 80%
68%
66%
LTV 80% - 90%
4%
4%
LTV 90% - 100%
1%
2%
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. The loan is categorised 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 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 total provision decreased by EUR 3.7 million to EUR 3.7 million due the release of the management overlay related to rising interest rates and high inflation, and a decrease of the provision related to unsecured commercial loans. The management overlay was released as interest rates and inflation decreased in combination with increasing wages. The impact of the house price increase on the provision was limited as the portfolio was already well-collateralised. The net exposure decreased after deduction of capped collaterals and guarantees because of an increase in the house price. The NHG guarantee value slightly decreased due to an improvement in the calculation of the NHG guarantee value amount.
redit quality: NN Group mortgage portfolio, outstanding
1,2,5
Life business
Banking
Other
3
Total
2024
2023
2024
2023
2024
2023
2024
2023
Performing mortgage loans that are not past due
25,610
25,915
22,491
21,887
4,807
4,876
52,908
52,678
Performing mortgage loans that are past due
105
119
136
161
23
26
264
306
Non-performing mortgage loans
4
75
79
113
99
15
13
203
192
Total
25,790
26,114
22,740
22,147
4,845
4,915
53,375
53,176
Provisions for performing mortgage loans
1
2
1
2
2
4
Provisions for non-performing mortgage loans
1
2
1
1
2
3
Total
4
2
4
2
3 4 7
1 The total value for Mortgages is different in this table vs. the Investment Assets Table on p.348 because of exclusion of mortgage not originated by NN Bank of EUR 4,890 million in 2024 (2023: EUR 8,554 million). 2 Amounts are excluding partial transfer of mortgages and Dutch Residential Mortgages Fund. 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 The carrying value includes the accrued interest, past due amount, and deduction of construction deposits
ollateral on mortgage loan
1,2,5
Life business
Banking
Other
3
Total
2024
2023
2024
2023
2024
2023
2024
2023
Carrying value
25,790
26,113
22,740
22,147
4,845
4,915
53,375
53,175
Indexed collateral value of real estate
55,761
55,531
49,913
45,931
10,179
9,487
115,853
110,949
Savings held
6
1,146
1,134
1,563
1,481
80
77
2,789
2,692
NHG guarantee value
4
4,998
5,300
6,081
5,853
966
1,026
12,045
12,179
Total cover value + including NHG guarantee capped at
carrying value
25,784
26,100
22,739
22,138
4,845
4,913
53,368
53,151
Net exposure
6
13
1
9
2 7 24
1 The total value for Mortgages is different in this table vs. the Investment Assets Table on p.347 because of exclusion of mortgage not originated by NN Bank of EUR 4,890 million in 2024 (2023: EUR 8,554 million). 2 Amounts are excluding partial transfer of mortgages and Dutch Residential Mortgage Fund. 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 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. NN Group has ensured a high level of diversification in its fixed income portfolio by investing in a high number of issuers, across a broad range of countries, sectors and asset classes. 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 tables below present the Eligible Own Funds, SCR and Solvency II ratio sensitivities to various changes in credit spreads olvency II ratio sensitivities: Credit spread risk at 31 December 2024 2024
Own Funds Solvency II ratio
impact
SCR impact
impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps
\u2212501
\u22129
\u22126%
Credit spread: Parallel shock for AA and lower-rated government bonds
+50 bps
\u2212759
\u221245
\u22128%
Credit spread: Parallel shock spreads corporates +50 bps
391
\u221272
6%
Credit spread: Parallel shock spreads mortgages +25 bps
\u2212551
\u221218
\u22126%
Solvency II ratio sensitivities: Credit spread risk at 31 December 2023
Own Funds Solvency II ratio
2023
impact
SCR impact
impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps
\u2212397
\u22124
\u22124%
Credit spread: Parallel shock for AA and lower-rated government bonds
+50 bps
\u2212738
\u221237
\u22127%
Credit spread: Parallel shock spreads corporates +50 bps
371
\u221263
6%
Credit spread: Parallel shock spreads mortgages +25 bps
-564
-15
-6%
Solvency II ratio sensitivities to credit spread increased as the OF sensitivity has increased because of asset
portfolio changes, while the SCR sensitivity remained relatively stable. 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 three scenarios, a parallel widening of the respective spread curves of +50bps is assumed, while for mortgages it is +25 bps. 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 as the VOLA provides only a partial offset of the losses on the asset side. 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 as a result of negative revaluations, from EUR 12,007 million at the end of 2023 to EUR 11,787 million at the end of 2024. 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 (as reflected in the EUR 11,787 million) 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 largely in line with inflation and occupancy rates in 2024 are high at 95%. Real estate is valued by external independent appraisers. Real Estate valuation often show a prolonged negative movement in case of economic downturn. On average, European real estate markets have bottomed out during 2024 and 2025 is expected to show a modest recovery. The table below sets out NN Group\u2019s real estate exposure per region as at 31 December 2024 and 2023, respectively. Real estate assets per region
2024
2023
Western Europe
56%
56%
Southern Europe
18%
18%
Nordics
10%
10%
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 (42%) and industrial real estate (27%). Retail and office real estate represents respectively 17% and 8% of NN Group's total real estate exposure. As shown in the \u2018Market risk capital requirements\u2019 table on p.347, the Real estate risk SCR of NN Group decreased from EUR 2,014 million in 2023 to EUR 1,907 million in 2024 primarily due to model refinements and portfolio developments. 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 2024 and 2023. Solvency II ratio sensitivities: Real estate risk
Own Funds impact
SCR impact
Solvency II ratio impact
2024
2023
2024
2023
2024
2023
Real estate Downward
shock -10%
\u22121,334
\u22121,199
\u221290
\u221268
\u221213%
\u221212%
The Solvency II ratio sensitivity to Real estate risk has increased mainly due to portfolio developments and reallocation of infrastructure equities from the equity sensitivity to the real estate sensitivity. This reallocation was performed to account for the specific nature of infrastructure equity investments. These investments are backed by physical assets and have a more stable valuation than investments in listed or private equity. 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 584 million in 2023 to EUR 519 million in 2024. This is mainly due to model refinements. 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 with FX forwards and cross currency swaps. 5.6 Inflation risk Inflation risk is defined as the risk of adverse changes in inflation that result in 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 increased to EUR 231 million from EUR 216 million at the end of 2023 as a result of portfolio development. Inflation risk is limited and hedged to a large extent with inflation-linked swaps or bonds. 5.6.2 Risk mitigation The Inflation risk is managed through the use of inflation-linked swaps and investments in inflation-linked bonds. The exposure to inflation-linked liabilities is limited. 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 is stable. 5.7.2 Risk mitigation The Basis risk is mitigated by mapping of the underlying funds to risk factors for which hedge instruments are available, 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 on NN Group level remained at nil in 2024. 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 (VA), constant proportion portfolio insurance (CPPI) policies 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, the CPPI business and the VA business. 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 slightly decreased to EUR 2.3 billion at 31 December 2024 compared to EUR 2.4 billion at 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, CPPI policies and variable annuities (VA). 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. 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. The CPPI products sold in Spain and Greece are guaranteed minimum accumulation products. Risk mitigation The Market risks of the unit-linked and other separate account business are managed by product design. 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 in place for the guaranteed benefits targeting Equity, Interest rate, Credit spread, and FX risk as well as Volatility risk. For the CPPI business, NN Group transfers part of the Market risk to external counterparties via bespoke derivatives. Risk measurement NN Group determines Eligible Own Funds for the Market and Credit risks of the separate account business through modelling the risks in the fee income and the guarantees including the mitigating effects of the hedge programmes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-618": { "value": "
Market value
% of total
Market value
% of total
2024
2024
2023
2023
Fixed income
132,556
82%
136,530
81%
Government bonds and loans
39,492
24%
40,046
24%
Financial bonds and loans
7,918
5%
7,671
5%
Corporate bonds and loans
23,325
14%
23,308
14%
Asset-backed securities
2,423
2%
2,642
2%
Mortgages
1
58,265
36%
61,729
37%
Other retail loans
1,133
1%
1,134
1%
Non-fixed income
20,335
13%
20,448
12%
Common & preferred stock
2
2,770
2%
3,533
2%
Private equity
106
0%
138
0%
Real estate
3
11,932
8%
12,007
7%
Mutual funds (money market funds excluded)
4
5,527
3%
4,770
3%
Money market instruments (money market funds
included)
5
8,471
5%
10,682
6%
Total investments
161,362
100%
167,660
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", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-619": { "value": "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 premia 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 an appropriate SCR. 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 on p.347, the Credit spread risk SCR of NN Group increased from EUR 3,340 million in 2023 to EUR 3,659 million in 2024, driven by model refinements and partially offset by portfolio developments. 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 2024 and 31 December 2023, respectively.
Fixed-income bonds and loans by type of issuer
Market value
Percentage
2024
2023
2024
2023
Sovereign
39,492
40,046
54%
54%
Finance and Insurance
7,918
7,671
11%
10%
Manufacturing
7,089
6,560
10%
9%
Utilities
2,504
2,585
3%
4%
Asset-backed securities
2,423
2,642
3%
4%
Transportation and Warehousing
1,885
2,114
3%
3%
Information
1,697
1,778
2%
2%
Real Estate and Rental and Leasing
1,589
1,800
2%
2%
Other
8,561
8,471
12%
12%
Total
73,158
73,667
100%
100%
Market value sovereign exposures (2024) 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 2024 and 31 December 2023, respectively.
Market value of government bond and loans in 2024 by number of years to maturity
3
Domestic
2024
Rating
1
exposure
2
0-1
1-2
2-3
3-5
5-10
10-20
20-30
30+
Total 2024
Japan
A+
100%
394
284
321
652
1,391
1,692
1,314
519
6,567
France
AA-
0%
73
80
43
100
204
1,355
347
2,063
4,265
Belgium
AA-
27%
7
58
329
327
1,578
936
618
3,853
Netherlands
AAA
99%
51
9
13
250
320
2,699
267
9
3,618
Germany
AAA
0%
30
99
53
353
926
1,228
413
210
3,312
Spain
A-
30%
114
43
24
262
190
1,591
125
79
2,428
European Union
AAA
0%
5
24
3
3
213
791
1,305
2,344
Austria
AA+
0%
157
233
7
38
512
257
1,098
2,302
United States
AA+
0%
205
1,369
1,574
Finland
AA+
0%
162
3
1
68
1
722
48
54
1,059
Italy
BBB
0%
9
4
103
174
317
111
270
35
1,023
Other
4
- Above Investment Grade
263
317
245
738
1,385
1,552
1,606
82
6,188
Other
4
- Below Investment Grade
4
61
106
644
106
38
959
Total
1,108
1,082
1,100
3,042
5,956
14,142
8,295
4,767
39,492
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 is 99%. 3 Based on legal maturity date. 4 Investment Grade reflects a rating of BBB- or higher; Below Investment Grade reflects a rating below BBB-
Market value sovereign exposures (2023)
Market value of government bond and loans in 2023 by number of years to maturity
4
Domestic
2023
Rating
1
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
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
AAA
0%
208
1,432
1,640
Multilateral
3
AAA
0%
63
11
133
66
327
872
592
22
2,086
Finland
AA+
0%
4
143
3
66
1
712
50
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
3
113
410
125
37
688
Total
1,316
1,098
1,088
2,882
5,959
13,676
7,828
6,198
40,045
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 is 99%.
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-.
Out of NN Group\u2019s total sovereign debt exposure, 49% (or EUR 19 billion) is invested in AAA and AA rated
eurozone countries in 2024 as compared to 48% in 2023. Of the EUR 19 billion core eurozone government
bonds and loans held by NN Group, 78% will mature after year 10 and 35% after year 20 in 2024 while those
for 2023 were EUR 20 billion, 81% and 41% 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 (2024)
Market value of non-government bond securities and loans in 2024 by number of years to maturity
2024
0-1
1-2
2-3
3-5
5-10
10-20
20-30
30+
Total 2024
AAA
344
212
196
88
572
783
888
962
4,045
AA
213
277
330
494
589
405
80
84
2,472
A
1,022
1,424
1,191
2,281
3,920
1,420
847
142
12,247
BBB
1,044
1,529
1,140
1,808
3,031
1,518
560
66
10,696
BB
362
190
378
799
509
70
13
2,321
B and below
173
186
115
713
292
54
11
1,544
No rating available
143
84
18
70
25
340
Total
3,301
3,902
3,368
6,253
8,938
4,250
2,386
1,267
33,665
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
2023
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
The table below shows NN Group\u2019s holdings of loans and other debt securities as at 31 December 2024 and
31 December 2023, respectively.
Market value all loans and other debt securities (per credit rating)
2024
2023
AAA
13,754
13,259
AA
17,535
18,144
A
23,296
22,860
BBB
13,250
14,200
BB
3,193
3,233
B and below
1,765
1,417
No rating available
263
439
Mortgages
1
58,265
61,729
Other Retail Loans
1,235
1,249
Total
132,556
136,530
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 valuation of mortgages is based on the market interest rate (swap rate) as well as the prevailing
mortgage rates for new mortgages. Valuation changes related to changes in the swap rates are reflected as
Interest rate risk, while the remaining value movements are assumed to be related to Credit (spread) risk.
The required capital for credit spread changes for mortgages within entities using the Partial Internal Model
is calculated in the Credit spread risk module. The required capital for credit defaults for mortgages within
entities using the Standard Formula is calculated in the Counterparty default risk module.
The Loan-to-Value (LTV) for residential mortgages (which is based on the net average loan to property
indexed value and are exposure-weighted) decreased for NN Group from 56% at the end of December 2023
to 54% at the end December 2024. The LTV decreased compared to 2023 due to the house price increase of
11.1% in the Netherlands between Q3 2023 and Q3 2024 (Figures of fourth quarter are unavailable per
year-end). At NN Life, the Banking business, NN Non-life and NN Belgium the LTV stood at 53%, 54%, 57%
and 52% respectively at the end of December 2024 while those were 55%, 57%, 62% and 56% respectively
at the end of December 2023.
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. On portfolio level the NHG coverage
showed no significant changes compared to prior year. Mortgages with NHG accounted for 23%, 34%, 17%
and 26% at NN Life, the Banking business, NN Non-life, and NN Belgium respectively at the end of December
2024 and 23%, 32%, 17% and 27% at NN Life, the Banking business, NN Non-life and NN Belgium
respectively at the end of 2023.
Loan-to-Value on mortgage loans
1
2024
2023
NHG
27%
27%
LTV <= 80%
68%
66%
LTV 80% - 90%
4%
4%
LTV 90% - 100%
1%
2%
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. The loan is categorised 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 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 total provision decreased by EUR 3.7 million to EUR 3.7 million due the release of the management
overlay related to rising interest rates and high inflation, and a decrease of the provision related to
unsecured commercial loans. The management overlay was released as interest rates and inflation
decreased in combination with increasing wages. The impact of the house price increase on the provision
was limited as the portfolio was already well-collateralised.
The net exposure decreased after deduction of capped collaterals and guarantees because of an increase in the house price. The NHG guarantee value slightly decreased due to an improvement in the calculation of the NHG guarantee value amount.
redit quality: NN Group mortgage portfolio, outstanding
1,2,5
Life business
Banking
Other
3
Total
2024
2023
2024
2023
2024
2023
2024
2023
Performing mortgage loans that are not past due
25,610
25,915
22,491
21,887
4,807
4,876
52,908
52,678
Performing mortgage loans that are past due
105
119
136
161
23
26
264
306
Non-performing mortgage loans
4
75
79
113
99
15
13
203
192
Total
25,790
26,114
22,740
22,147
4,845
4,915
53,375
53,176
Provisions for performing mortgage loans
1
2
1
2
2
4
Provisions for non-performing mortgage loans
1
2
1
1
2
3
Total
4
2
4
2
3 4 7
1 The total value for Mortgages is different in this table vs. the Investment Assets Table on p.348 because of exclusion of mortgage not originated by NN Bank of EUR 4,890 million in 2024 (2023: EUR 8,554 million). 2 Amounts are excluding partial transfer of mortgages and Dutch Residential Mortgages Fund. 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 The carrying value includes the accrued interest, past due amount, and deduction of construction deposits .
ollateral on mortgage loan
1,2,5
Life business
Banking
Other
3
Total
2024
2023
2024
2023
2024
2023
2024
2023
Carrying value
25,790
26,113
22,740
22,147
4,845
4,915
53,375
53,175
Indexed collateral value of real estate
55,761
55,531
49,913
45,931
10,179
9,487
115,853
110,949
Savings held
6
1,146
1,134
1,563
1,481
80
77
2,789
2,692
NHG guarantee value
4
4,998
5,300
6,081
5,853
966
1,026
12,045
12,179
Total cover value + including NHG guarantee capped at
carrying value
25,784
26,100
22,739
22,138
4,845
4,913
53,368
53,151
Net exposure
6
13
1
9
2 7 24
1 The total value for Mortgages is different in this table vs. the Investment Assets Table on p.347 because of exclusion of mortgage not originated by NN Bank of EUR 4,890 million in 2024 (2023: EUR 8,554 million). 2 Amounts are excluding partial transfer of mortgages and Dutch Residential Mortgage Fund. 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 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. NN Group has ensured a high level of diversification in its fixed income portfolio by investing in a high number of issuers, across a broad range of countries, sectors and asset classes. 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 tables below present 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 2024 2024
Own Funds Solvency II ratio
impact
SCR impact
impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps
\u2212501
\u22129
\u22126%
Credit spread: Parallel shock for AA and lower-rated government bonds
+50 bps
\u2212759
\u221245
\u22128%
Credit spread: Parallel shock spreads corporates +50 bps
391
\u221272
6%
Credit spread: Parallel shock spreads mortgages +25 bps
\u2212551
\u221218
\u22126%
Solvency II ratio sensitivities: Credit spread risk at 31 December 2023
Own Funds Solvency II ratio
2023
impact
SCR impact
impact
Credit spread: Parallel shock for AAA-rated government bonds +50 bps
\u2212397
\u22124
\u22124%
Credit spread: Parallel shock for AA and lower-rated government bonds
+50 bps
\u2212738
\u221237
\u22127%
Credit spread: Parallel shock spreads corporates +50 bps
371
\u221263
6%
Credit spread: Parallel shock spreads mortgages +25 bps
-564
-15
-6%
Solvency II ratio sensitivities to credit spread increased as the OF sensitivity has increased because of asset
portfolio changes, while the SCR sensitivity remained relatively stable. 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 three scenarios, a parallel widening of the respective spread curves of +50bps is assumed, while for mortgages it is +25 bps. 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 as the VOLA provides only a partial offset of the losses on the asset side. 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", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-620": { "value": "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. Operational 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 2024, Liquidity risk remains relevant to consider given the volatility in interest rates. 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 Group 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:
\u2219 Short-term liquidity (including operational liquidity) management covers the day-to-day cash requirements
under normal business conditions.
\u2219 Long-term liquidity management considers business conditions, in which Market liquidity risk materialises.
\u2219 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-621": { "value": "
49 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 our stakeholders, including our customers and
shareholders. The balance sheet is assessed in line with our 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:
\u2219 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 48 \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 2024, all operating entities were capitalised above their local regulatory
requirements.
\u2219 In addition, cash capital is held at the holding company to cover capital needs of the entities after a 1-in-20
year stress event and to cover financial leverage costs and holding company expenses for a period of at
least 12 months. 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 11 \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.
\u2219 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 2024, the liquidity position of all entities
was adequate (reference is made to Note 48 \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. In October 2024 the maturity
of the revolving credit facility was extended with one year to 2028. The facility is available until its maturity
in 2028. In 2023 and 2024, no amounts were drawn under the revolving credit facility.
Significant events of 2024 are listed below in chronological order
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. Reference is made
to Note 41 \u2018Legal Proceedings\u2019 for more information.
On 29 February 2024, NN Group announced an open market share buyback programme for an amount of
EUR 300 million within 9 months, which commenced on 2 April 2024. The share buyback programme was
completed on 12 December 2024.
On 12 March 2024, NN Group issued EUR 750 million of undated subordinated notes. The EUR 750 million
undated subordinated notes are first callable on 12 September 2030. The coupon is fixed at 6.375% per
annum until the first coupon reset date on 12 March 2031 and will be reset every fifth year thereafter. The
undated subordinated notes qualify as restricted Tier 1 regulatory capital.
On 13 March 2024, the tender offer announced by NN Group on 4 March 2024 was settled. NN Group
repurchased EUR 287 million of the outstanding EUR 415 million undated subordinated notes issued in 2014.
On 23 May 2024, NN Group announced the early redemption of the remaining EUR 128 million undated
subordinated notes on the first call date 13 June 2024.
On 20 March 2024, NN Group announced the early redemption of the outstanding EUR 335 million dated
subordinated notes issued in 2014 on the first call date 8 April 2024.
On 20 June 2024, NN Group paid a 2023 final dividend of EUR 2.08 per ordinary share, equivalent to
EUR 566 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 of EUR 232 million. The share buyback
programme was completed on 30 August 2024.
On 27 August 2024, NN Group paid a 2024 interim dividend of EUR 1.28 per ordinary share, equivalent to
EUR 347 million in total. The 2024 interim dividend was fully paid in cash.
On 25 September 2024, NN Group announced it had reached an agreement to sell its Turkish operations to
Zurich T\u00fcrkiye. The transaction was completed on 10 January 2025. The completion of the transaction
followed the fulfilment of the customary closing conditions, including receipt of all necessary regulatory
approvals.
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 2024 are provided in Note 48 \u2018Risk
Management\u2019.
After a long period of negotiations between the European Commission, the European Council and the
European Parliament, a revised Solvency II directive (Level I) was published in the Official Journal of
8 January 2025. The amended regulation will be effective as of 30 January 2027, which means that
reporting after this date will reflect the changes from the Solvency II 2020 review. Some key aspects in the
agreement are not detailed out in the Solvency II directive but will be clarified later in the process (part of
Level II and Level III). This relates for example to the parameterisation of elements that are relevant for the
determination of the risk margin and the Volatility Adjustment. The revised Solvency II directive forms the
basis for the revision of the Level II and III regulation, which can lead to further changes. Based on the Level
I text 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
2024
2023
Shareholders\u2019 equity
19,831
19,624
Minority interest
85
79
Elimination of intangible assets
\u22121,197
\u22121,234
Valuation differences on assets
\u22121,362
\u22121,361
Valuation differences on liabilities, including insurance and investment contracts
\u22124,294
\u22122,998
Deferred tax effect on valuation differences
1,516
1,132
Difference in treatment of non-Solvency II regulated entities
\u221212
\u22123
Excess assets/liabilities
14,567
15,240
Qualifying subordinated debt
4,188
4,127
Foreseeable dividends and distributions
\u2212683
\u2212681
Basic Own Funds
18,072
18,685
Non-available Own Funds
867
896
Non-eligible Own Funds
179
98
Eligible Own Funds (a)
17,026
17,691
\u2013 of which Tier 1 unrestricted
9,578
10,388
\u2013 of which Tier 1 restricted
1,783
1,414
\u2013 of which Tier 2
2,361
2,631
\u2013 of which Tier 3
1,105
1,144
\u2013 of which non-Solvency II regulated entities
2,199
2,113
Solvency Capital Requirements (b)
8,786
8,990
\u2013 of which from solvency II entities
7,363
7,628
\u2013 of which from non-solvency II entities
1,423
1,362
NN Group Solvency II ratio (a/b)1
194%
197%
1
The Solvency ratio is not final until filed with the regulator.
NN Group was adequately capitalised at 31 December 2024 with a Solvency II ratio of 194% based on the
Partial Internal Model.
The NN Group Solvency II ratio decreased to 194% from 197% at the end of 2023, mainly due to capital flows
to shareholders, adverse market impacts and other changes, partly offset by operating capital generation as
well as management actions. Market impacts mainly reflect movements in government bond spreads and
negative equity variance. Other changes mainly consist of regulatory changes, including the impact of the
reduction of the Ultimate Forward Rate, an update of the Volatility Adjustment representative portfolio by
EIOPA and the counter-cyclical buffer step-up of NN Bank, as well as model and assumption changes.
Eligible Own Funds decreased to EUR 17,026 million at 31 December 2024 from EUR 17,691 million at
31 December 2023. The decrease was mainly driven by capital flows to shareholders and the
aforementioned market impacts, regulatory changes and model and assumption changes, partly offset by
operating capital generation.
The SCR of NN Group decreased to EUR 8,786 million at 31 December 2024 from EUR 8,990 million at
31 December 2023. The decrease was mainly driven by management actions, partly offset by regulatory
changes.
Structure, amount and quality of Own Funds
Subordinated liabilities included in NN Group Own Funds
Interest rate
Issue
1
Year of issue
Notional
First call date
Due date
Own Funds tier
Solvency II value
2024
2023
4.500%
NN Group N.V.
2014
1,000
15 January 2026
Perpetual
Tier 1
1,011
994
4.625%
NN Group N.V.
2017
850
13 January 2028
13 January 2048
Tier 2
849
830
5.250%
NN Group N.V.
2022
500
30 August 2032
1 March 2043
Tier 2
510
503
6.000%
NN Group N.V.
2023
1,000
3 May 2033
3 November 2043
Tier 2
1,047
1,037
6.375%
NN Group N.V.
2
2024
750
12 September 2030
Perpetual
Tier 1
771
4.375%
NN Group N.V.
3,4
2014
415
13 June 2024
Perpetual
Tier 1
420
4.625%
NN Group N.V.
5
2014
335
8 April 2024
8 April 2044
Tier 2
334
1
All securities are listed on Euronext Amsterdam, except the EUR 750 million Tier 1 notes issued in 2024, which are listed on Euronext Dublin.
2
These securities possess a principal loss-absorbency mechanism such that, in case of specified trigger events related to non-compliance with the SCR or MCR as specified in Solvency II legislation, (part of) the principal amount of the notes can be (temporarily) written-down to immediately absorb losses.
3
These securities were originally issued by Delta Lloyd N.V. which was merged into NN Group N.V. at the end of 2017.
4
These securities were part of two tender offers announced on 25 April 2023 and 4 March 2024 by NN Group. The notional presented is the remaining notional at year-end 2023.
5
These securities were part of a tender offer announced on 25 April 2023 by NN Group. The notional presented is the remaining notional at year-end 2023.
The undated 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 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 qualify 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 qualify 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 qualify as
Tier 2 capital.
The undated subordinated notes issued in 2024 with a notional amount of EUR 750 million have a coupon of
6.375% and are fully paid in. NN Group N.V. has the right to redeem these notes on the first call date on
12 September 2030 or on any interest payment date thereafter. These subordinated notes qualify as
Restricted Tier 1 capital.
The undated subordinated notes (originally issued by Delta Lloyd N.V. in 2014) with outstanding notional
amount of EUR 128 million (EUR 415 million outstanding notional amount at year-end 2023) were redeemed
on the first call date of 13 June 2024.
The dated subordinated notes issued in 2014 with outstanding notional amount of EUR 335 million were
redeemed on the first call date of 8 April 2024.
Eligible Own Funds
NN Group Own Funds are classified into three tiers as follows:
\u2219 The excess of assets over liabilities on the basis of consolidated accounts excluding net Deferred Tax Asset
is classified as (unrestricted) Tier 1.
\u2219 The proportional share in the Own Funds of BeFrank, BeFrank PPI and pension funds in Central Europe is
classified as (unrestricted) Tier 1.
\u2219 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).
\u2219 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.
\u2219 Undated subordinated notes are classified as (restricted) Tier 1 including those based on the transitional
provisions (grandfathering).
\u2219 Dated subordinated debt is classified as Tier 2.
\u2219 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 2024 and 2023, 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:
\u2219 Restricted Tier 1 capital cannot exceed 20% of the total Tier 1 amount.
\u2219 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.
\u2219 Tier 2 and Tier 3 capital together cannot exceed 50% of the SCR.
\u2219 Tier 3 capital cannot exceed 15% of the Solvency Capital Requirements.
\u2219 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 2024 is reflected in the table below.
Eligible Own Funds to cover the Solvency Capital Requirement
Available Eligible Available Eligible
Own Funds Own Funds Own Funds Own Funds
2024 2024 2023
2023
Eligibility restriction
Tier 1
11,361
11,361
11,802
11,802
More than one third of total EOF
Of which:
\u2013 Unrestricted Tier 1
9,578
9,578
10,388
10,388
Not applicable
\u2013 Restricted Tier 1
1,783
1,783
1,414
1,414
Less than 20% of Tier 1
Tier 2 + Tier 3
3,645
3,465
3,873
3,775
Less than 50% of SCR
Tier 2
2,361
2,361
2,631
2,631
Less than 15% of SCR;
Tier 3
1,284
1,105
1,243
1,144
Less than one third of total EOF
Non-Solvency II regulated entities
2,199
2,199
2,113
2,113
Total Own Funds
17,205
17,026
17,789
17,691
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:
\u2219 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.
\u2219 For NN Life Japan, own fund items according to local rules but which are not part of shareholders\u2019 equity.
\u2219 For NN Bank, own funds covering pillar II guidance issued by regulator.
\u2219 The transitional measures on risk-free interest rates and technical provisions.
\u2219 Legal reserves set up according to local company law.
\u2219 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 2024 excess
non-available own funds amounted to EUR 867 million. On 31 December 2023, this amount was EUR 896
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
2024
2023
Cash capital position at the holding company - opening balance
971
2,081
Remittances from subsidiaries
1
1,877
1,855
Capital injections into subsidiaries
2
\u221291
\u22121,117
Other
3
\u2212267
\u2212267
Free cash flow to the holding
4
1,519
470
Cash divestment proceeds
0
0
Acquisitions
0
\u221220
Capital flow to shareholders
\u22121,213
\u22121,053
Increase/decrease in debt and loans
\u22126
\u2212507
Cash capital position at the holding company - closing balance
1,271
971
1
Includes interest on and repayment/redemption of intragroup subordinated loans provided to subsidiaries by the holding company.
2
Includes 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.
NN Group N.V. Annual Report 2024 | 372 The cash capital position at the holding company increased to EUR 1,271 million from EUR 971 million at the end of 2023. This reflects remittances from subsidiaries, partly offset by capital flows to shareholders as well as other movements including holding company expenses, interest on loans and debt and other holding company cash flows. Capital flows to shareholders comprise the 2023 final and 2024 interim cash dividends of EUR 334 million and EUR 347 million respectively and the repurchase of EUR 532 million of own shares. Financial leverage The financial leverage and fixed-cost coverage ratio are managed in accordance with a single \u2018A\u2019 financial strength rating target.
Financial leverage
2024
2023
Shareholders' equity
19,831
19,624
Contractual service margin after tax
1
5,458
4,861
Minority interest
85
79
Capital base for financial leverage (a)
25,374
24,564
\u2013 Undated subordinated notes
2
1,736
1,416
\u2013 Subordinated debt
2,346
2,680
Total subordinated debt
4,082
4,096
Debt securities issued
1,196
1,195
Financial leverage (b)
5,278
5,291
Financial leverage ratio (b/(a+b))
17.2%
17.7%
Fixed-cost coverage ratio
3
10.2x
8.7x
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 17.2% from 17.7% at the end 2023. This reflects the
increase of the capital base driven by the increase of CSM and the net result, partly offset by capital flows to
shareholders.
The debt transactions in 2024 had no material impact on the financial leverage position. These include the
issuance of EUR 750 million of undated subordinated notes, the repurchase of EUR 287 million and
redemption of EUR 128 million of undated subordinated notes, and the redemption of EUR 335 million of
dated subordinated notes.
The fixed-cost coverage ratio (on the basis of the last 12 months) increased to 10.2x from 8.7x at the end of
2023. This mainly reflects higher revaluations on real estate, partly offset by realised losses on the sale of
debt securities and loans.
Proposed 2024 final dividend
At the annual general meeting on 15 May 2025, a final dividend will be proposed of EUR 2.16 per ordinary
share, or approximately EUR 578 million in total based on the current number of outstanding shares (net of
treasury shares). The final dividend will be paid fully in cash, after deduction of withholding tax. If the
proposed dividend is adopted by the General Meeting, NN Group ordinary shares will be quoted ex-dividend
on 19 May 2025. The record date for the dividend will be 20 May 2025. The dividend will be payable on
27 May 2025. (For more information: https://www.nn-group.com/investors/share-information/dividend-
policy-and-dividend-history.htm).
On 27 August 2024, NN Group paid an interim dividend of EUR 1.28 per ordinary share, equivalent to
EUR 347 million in total. The 2024 interim dividend was fully paid in cash. The proposed 2024 final dividend
of EUR 2.16 per ordinary share plus the 2024 interim dividend of EUR 1.28 per ordinary share gives a total
dividend for 2024 of EUR 3.44 per ordinary share.
On 20 June 2024, NN Group paid the 2023 final dividend of EUR 2.08 per ordinary share, equivalent to
EUR 566 million in total.
Share buyback
On 20 February 2025, 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 ten months and is anticipated to
commence on 3 March 2025. The share buyback will be deducted in full from Solvency II Own Funds in the
first half of 2025 and is estimated to reduce NN Group\u2019s Solvency II ratio by approximately 3%-points.
The share buyback programmes will be executed within the limitations of the existing authority granted by
the General Meeting on 24 May 2024 and such authority to be granted by the General Meeting on 15 May
2025. 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 programme will be executed by
financial intermediaries and will be performed in compliance with the safe harbour provisions for share
buybacks.
On 29 February 2024, NN Group announced an open market share buyback programme for an amount of
EUR 300 million within nine months, commencing on 2 April 2024. The share buyback programme was
completed on 12 December 2024.
NN Group neutralised the dilutive effect of the 2023 final dividend that was paid in the form of ordinary
shares for a total amount of EUR 232 million. This share buyback programme was completed on 30 August
2024.
NN Group reports on the progress of the share buyback programmes on its corporate website on a weekly
basis. (For more information: https://www.nn-group.com/investors/share-information/share-buyback-
programme.htm).
Share capital
On 30 December 2024, 16,000,000 NN Group treasury shares which were repurchased under the share
buyback programmes were cancelled.
In 2024, a total number of 12,093,872 ordinary shares for a total amount of EUR 532 million were
repurchased (reference is made to Note 11 \u2018Equity\u2019 regarding the number of shares repurchased and the
total amount in 2023).
On 7 March 2025, the total number of NN Group shares outstanding (net of 1,952,675 treasury shares) was
267,047,325.
Credit ratings
On 23 May 2024, Standard & Poor\u2019s affirmed NN Group\u2019s financial strength rating of \u2018A+\u2019 with stable outlook
and credit rating of \u2018A-\u2019 with stable outlook.
On 6 November 2024, Fitch Ratings affirmed 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 12 March 2025
Financial NN Group N.V.
Strength Counterparty
Rating Credit Rating
Standard & Poor's
A+
A-
Stable
Stable
Fitch
AA-
1
A+
Stable
Stable
1
Financial Strength Rating for Nationale-Nederlanden Levensverzekering Maatschappij N.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-622": { "value": "Authorisation of the Consolidated annual accounts The Consolidated annual accounts of NN Group N.V. for the year ended 31 December 2024 were authorised for issue in accordance with a resolution of the Executive Board on 12 March 2025. 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, 12 March 2025 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.V. (Koos) Timmermans The Executive Board D.E. (David) Knibbe, CEO, chair A.T.J. (Annemiek) van Melick, CFO, vice-chair", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-623": { "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
2024
2024
2023
2023
Shareholders' equity
19,832
19,624
Share capital
32
34
Non-distributable reserves
3,074
2,934
Total non-distributable part of shareholders' equity:
3,106
2,968
Distributable reserves based on the Dutch Civil Code
16,726
16,656
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
2024
2024
2023
2023
Solvency requirement under the Financial Supervision Act
8,786
8,990
Reserves available for financial supervision purposes
17,026
17,691
Total freely distributable reserves on the basis of
solvency requirements
8,240
8,701
Total freely distributable reserves on the basis of the
Dutch Civil Code
16,
726
16,656
Total freely distributable reserves (lower of the values
above)
8,240
8,701
Reference is made to Note 49 \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 49 \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:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-624": { "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 Commercial register no. 52387534", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500OHYNDT9OY6Q215", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }