NN Group increases profits in Q3; reiterates its desire to acquire Delta Lloyd
NN Group's net result and gross premium income increased in the third quarter of 2016. The company has also reiterated its commitment to bringing consolidation to the Dutch insurance market and its proposed acquisition of Delta Lloyd.
NN Group said its third quarter results reflect the resilience of its businesses "in an environment which continues to be characterised by low interest rates and market volatility".
NN Group's net result in the third quarter of 2016 was €436 million, an increase of 32.6 percent from €329 million for the same period in 2015.
NN Group's gross premium income was €2.1 billion in the third quarter of 2016, an increase of 11.1 percent year-on-year.
The gross premium income for NN Group's Netherlands non-life business was €282 million, up 2.9 percent YOY.
The combined ratio for the Netherland non-life business was 101.8 percent, an improvement of 3.8 percentage points.
In light of these results, NN Group stressed it believes it is well positioned to bring consolidation to the Dutch insurance market.
On October 5, it made an offer to acquire all issued and outstanding ordinary shares of Dutch insurer Delta Lloyd.
Lard Friese, the CEO of NN Group, said: "We see strong merit in a combination of Delta Lloyd and the Dutch and Belgian activities of NN Group, and remain open to a constructive and substantive dialogue with Delta Lloyd to come to a recommended transaction. We consider this potential transaction to be financially and strategically compelling and beneficial to both companies’ stakeholder groups."
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