Dutch P&C underwriting helps boost NN Group Q2 results
Improved underwriting performance of the Dutch non-life business, private equity dividends at Netherlands Life and lower expenses have driven NN Group’s operating result up 25.6 percent year on year in the second quarter of 2018 to €508 million.
The combined ratio of NN Group’s Netherlands non-life business improved to 97.9 percent in the second quarter of 2018 from 107.4 percent in the same period a year ago.
“While this is encouraging, work remains to be done to structurally improve the combined ratio to 97 percent or below,” said CEO Lard Friese.
“The operating results of most segments improved compared with the second quarter of last year, supported by an improved P&C underwriting performance at Netherlands Non-life,” Friese added.
Further group cost cuts of €62 million in the second quarter of 2018 added to total cost reductions achieved to date of €236 million, the company noted.
“This means we are well on our way to achieving our cost reduction target of €400 million by the end of 2020,” Friese noted.
“Our profitable commercial momentum continued with the value of new business increasing at both Insurance Europe and Japan Life. The measures implemented to improve performance at Netherlands Non-life are starting to bear fruit,” he added.
The group’s net result was up 92.7 percent year on year at €463 million in the second quarter, reflecting the higher operating result and higher capital gains, while the second quarter of 2017 included a provision related to ING Australia Holdings.
Friese said that further steps have been taken with regard to the Delta Lloyd integration.
“The application for including the Delta Lloyd entities in the Partial Internal Model has been submitted, we have completed the integration of the asset management businesses as well as the head offices, and we have decommissioned several IT systems. Most Delta Lloyd products have been rebranded to NN. During the migration phase, our efforts have been focused on ensuring the least possible disruption for our customers and business partners, and we are pleased to see that customer satisfaction levels remain high,” Friese noted.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
QBE North America sells personal insurance business to Liberty
Cat losses drop significantly in H1
R&Q partners with three MGAs in Europe
QBE Europe combined ratio jumps in H1 while North America improves
Brit rebuts reports that it is exiting US yacht
NN Group strikes €155m acquisition in Slovakia, Czech Republic
DARAG appoints Halley as group CFO
Insurtech Tremor launches reinsurance platform
NN Group appoints CEO international insurance, board members
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze