May 26, 2016 / 5:36 AM / a year ago

NN Group's solvency increases in Q1; Co to buy back shares worth $559 mln

AMSTERDAM, May 26 (Reuters) - Dutch insurer NN Group said on Thursday its financial position improved in the first quarter, and that it would buy back shares worth 500 million euros ($559.20 million) over the coming year.

NN Group's operating result from ongoing business improved to 305 million euros from 304 million euros in the same period a year earlier, while its solvency under Europe's new Solvency II rules was 241 percent, compared with 239 percent at the year-end, and far above that of most peers.

CEO Lard Friese said in a statement that the company was trying to find the right balance between returning excess capital to shareholders and retaining flexibility for acquisitions. ($1 = 0.8941 euros) (Reporting by Toby Sterling; Editing by Subhranshu Sahu)

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