NN Group follows recommendations of EIOPA and DNB regarding dividend distributions

NN Group (NN) announces today that it will act in accordance with the recommendations of EIOPA and the Dutch Central Bank (DNB) published on 2 April 2020, which urge insurers to temporarily suspend their dividend distributions and share buyback programmes as a consequence of the COVID-19 pandemic.

Although NN is well capitalised and has a strong liquidity position, it will postpone the payment of dividends on its ordinary shares in line with the EIOPA and DNB recommendations. The proposal to pay a 2019 final dividend will not be included on the agenda of the annual general meeting scheduled for 28 May 2020. It is the intention that this distribution to shareholders is made in the second half of 2020, if and at such time that, in the opinion of the Executive and Supervisory Boards of NN, this is appropriate in light of COVID-19 developments. The convocation for the annual general meeting will be available from 15 April 2020.

In addition, the EUR 250 million share buyback programme, which commenced on 2 March 2020, will be temporarily suspended. Up to and including 3 April 2020, shares for a total amount of EUR 183 million have been repurchased under this programme, representing 73% of the total share buyback amount.

David Knibbe, CEO of NN Group: ‘The situation surrounding the COVID-19 pandemic continues to develop rapidly. At NN, we are doing all we can to safeguard the wellbeing of our colleagues, customers, and the wider communities in which we live and work. Despite the fact that so far we have witnessed no major direct impact on our operations and that NN is well capitalised, we decided to comply with the recommendations of the insurance regulators given the extraordinary circumstances of the current crisis. As we also recognise the importance of capital returns to shareholders, it is our intention to make this distribution and resume the share buyback later this year, depending on COVID-19 developments. At the same time, we will continue to support our customers and society in this challenging environment.’