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NN Group Q4 core profit rises on cost cuts, new products
February 16, 2017 / 7:30 AM / 10 months ago

NN Group Q4 core profit rises on cost cuts, new products

Feb 16 (Reuters) - NN Group NV, the largest Dutch insurer, reported a rise in fourth-quarter core earnings on Thursday as cost cuts and new products helped offset low interest rates and market volatility.

Its operating profit from ongoing operations rose 12.6 percent to 282 million euros helped by new product launches in Europe and Japan yet fell short of the 318 million euros forecast by analysts.

NN’s capital strength under Europe’s new Solvency II rules rose to 241 percent versus 236 percent at the end of the third quarter. The ratio, however, fell short of forecasts by analysts at Barclays and Kepler Cheuvreux.

NN recently launched a public offer for Dutch peer company Delta Lloyd for a total consideration of 2.5 billion euros. (Reporting by Pawel Lapinski in Gdynia; editing by Jason Neely)

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