June 24, 2020 / 5:28 AM / 10 days ago

BRIEF-NN Group Sees COVID-19 Net Impact Of EUR -100 Mln On Operating Result And OCG

June 24 (Reuters) - NN GROUP NV:

* ESTIMATED NET IMPACT OF COVID-19 OF EUR -100 MILLION ON 2020 OPERATING RESULT AND OCG; MITIGATING ACTIONS TAKEN TO OFFSET EARNINGS PRESSURE

* COMPANY IS WELL CAPITALISED WITH AN ESTIMATED SOLVENCY II RATIO OF APPROXIMATELY 227% AT END OF MAY 2020

* ACCELERATING MANAGEMENT ACTIONS TO GROW OPERATING CAPITAL GENERATION (OCG) TO EUR 1.5 BILLION IN 2023

* FREE CASH FLOW (FCF) TO BE IN A RANGE AROUND OCG OVER TIME

* OUR CAPITAL RETURN POLICY OF PROGRESSIVE DIVIDEND PER SHARE AND ANNUAL SHARE BUYBACK OF AT LEAST EUR 250 MILLION PROVIDES CLARITY ON ANNUAL CAPITAL RETURN THAT SHAREHOLDERS CAN EXPECT Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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