NN Group

What NN Group does

NN Group N.V. is a publicly listed international financial-services company headquartered in The Hague, Netherlands, with origins dating to 1845 and an independent listing on Euronext Amsterdam since 2 July 2014 following its spin-off from ING Group. The company provides retirement services, pensions, life and non-life insurance, banking products, and investments to approximately 18 million customers across 10 countries (Netherlands, Belgium, Czech Republic, Greece, Hungary, Japan, Poland, Romania, Slovakia, Spain). Revenue is generated through recurring insurance premiums, banking interest margins (mortgages, savings, consumer lending), pension-administration fees, and asset-management-related income, distributed through tied agents (5,000+ in Japan), 70+ financial-institution partners, the ABN AMRO Verzekeringen joint venture, and direct brands including OHRA and Movir.

NN Group operates a multi-brand platform architecture. Core brands Nationale-Nederlanden (Netherlands, Poland, Spain) and NN (other international markets and Japan) anchor the offering, supported by specialized sub-brands: AZL (50+ years of pension administration), BeFrank (online pension provider, B Corp certified April 2024), OHRA (direct insurer), Movir (disability insurance), HCS Services (occupational health), NN Bank (Dutch retail bank, A/A-1 rated by S&P), and NN Re (internal reinsurer). Its technology stack is described as 'digital and data-driven' and includes the BeFrank online pension platform, the AZL pension-administration engine, the Human Capital Planner (with CO2, water, and waste tracking), and the company-wide NN Data Literacy Programme launched in 2024.

The business model is subscription- and policy-driven, with monthly billing across life insurance, non-life insurance, and banking products priced on individual and group risk profiles. Customer segments are segmented horizontally across retail, SME, large corporate, and pension funds. FY2025 financial highlights include EUR 2.1B operating capital generation (+9% YoY, above the EUR 1.9B target), EUR 1.6B free cash flow, a Solvency II ratio of 220%, EUR 3.88 per share dividend (+12.8% YoY), and EUR 14.3B in climate-solution investments. The strategic posture combines disciplined capital return with selective M&A (most recently the 2021 MetLife Poland and Greece acquisition for EUR 584M) and portfolio pruning (2024 sale of NN Hayat ve Emeklilik in Turkey; prior divestiture of NN Investment Partners).

Name

NN Group

Legal name

NN Group N.V.

Website

https://nn-group.com

Company type

Public

Founded year

1845

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

NN Group is an international financial-services company offering retirement services, pensions, life and non-life insurance, banking, and investments to approximately 18 million customers across 10 countries, primarily in Europe and Japan, through brands including Nationale-Nederlanden, NN Bank, AZL, BeFrank, and OHRA.

Ownership category

akta.pro rank

Headquarters

HQ city

The Hague

HQ country

Netherlands

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Life Insurance: Netherlands Life has a strong position in the Dutch pension market offering group life and individual life insurance products. Insurance Europe offers life insurance and pension products to retail, self-employed and SME customers. Japan Life offers corporate-owned life insurance (COLI) products.
2. Non-Life Insurance: Netherlands Non-life offers motor, fire, liability, transport, travel, and disability and accident insurance to retail, self-employed, SME and corporate customers. Insurance Europe offers non-life products in Belgium, Spain, Poland and health insurance in Greece, Hungary and Romania.
3. Banking Products: NN Bank provides mortgage loans, (internet) savings, bank annuities, consumer lending and retail investment products to more than one million customers in the Dutch market. Also provides mortgage administration and management services to other NN Group entities.
4. Pension Administration Services: AZL administers dozens of unique pension schemes; BeFrank offers online pension services; NN Bank provides mortgage administration services to various entities.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

NN Group is an international financial services company that provides retirement services, pensions, insurance (life and non-life), banking, and investments to approximately 18 million customers across 10 countries. The company operates a multi-brand portfolio including Nationale-Nederlanden, NN, OHRA, Movir, BeFrank, AZL, and NN Bank, distributing products through tied agents, financial institution partnerships, joint ventures, and direct-to-consumer digital platforms.

Product overview

NN Group is an international financial services company offering a comprehensive portfolio of insurance, pension, banking, and investment products through multiple brands. The company operates a platform-plus-brands architecture with core brands (NN, Nationale-Nederlanden) supported by specialized sub-brands (BeFrank, AZL for pensions; Movir, OHRA for non-life; NN Bank for banking) and strategic ventures (NN Ventures). The product suite covers the full customer lifecycle from pension accumulation and wealth management to protection insurance, banking services, and health support tools like PuntoCare and Platform Vi. NN Group serves approximately 18 million customers across 10 countries (Netherlands, Belgium, Czech Republic, Hungary, Japan, Poland, Romania, Slovakia, Spain, Greece) through diverse distribution channels including tied agents, bank partnerships, and direct-to-consumer platforms.

Differentiator

Problem solved

Functional benefit

Brands

• NN: International insurance brand used in Europe (except Poland and Spain) and Japan
• Nationale-Nederlanden
• ABN AMRO Verzekeringen
• AZL
• BeFrank
• Movir
• OHRA
• HCS Services
• NN Ventures
• NN Bank

Products and services

• Nationale-Nederlanden (Life and Non-life Insurance) One of the largest financial services providers in the Netherlands, offering insurance, pensions, and banking products to retail, self-employed, SME and corporate customers since the 19th century. Includes group life, individual life, motor, fire, liability, transport, travel, and disability insurance.
• Japan Life (Corporate-Owned Life Insurance) Corporate-owned life insurance (COLI) products offered to SME owners and employees in Japan, distributed through more than 5,000 registered independent agents and 70 financial institution partners with sales support offices in 28 cities.
• NN Bank (Retail Banking) Dutch retail bank serving over one million customers with mortgage loans, (internet) savings, bank annuities, consumer lending and retail investment products. Also provides mortgage administration and management services to other NN Group entities and institutional investors.
• BeFrank (Online Pension) Online pension provider in the Netherlands offering tools to actively engage customers in their pensions and make their own choices about future income. Operates alongside traditional insurance companies and pension funds.
• AZL (Pension Administration Services) Pension advisory firm providing advice on legislation, actuarial matters, and pension communication to pension funds for over 50 years, administering dozens of unique pension schemes for pension funds, employers, and employees.
• Movir (Disability Insurance) Specialized independent disability insurance provider for business professionals for over 100 years, offering individual-focused prevention services.
• OHRA (Direct Insurance) Direct insurer offering healthcare, car, residential, pet, and self-employed insurance products to retail customers.
• ABN AMRO Verzekeringen (Insurance Joint Venture) Joint venture with ABN AMRO Bank N.V. selling general insurance and income insurance products to Dutch retail and business markets through ABN AMRO Bank distribution network, serving over a million customers.
• HCS Services (Occupational Health) Dutch employer-service provider specializing in occupational health, absence and reintegration, social security, and sustainable employability.
• NN Re (Internal Reinsurance) NN Group's internal reinsurer providing innovative reinsurance solutions to manage risks, optimise capital, support growth in business units, and safeguard stable and efficient hedging.

Quantifiable outcome

• 18 million customers served across 10 countries
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Macquarie Asset ManagementcoreStrategic or Co-development Partner · 22 September 2024Partnership with Macquarie Asset Management to finance a portfolio of assets focused on climate change mitigation and adaptation, the transition to a circular economy and the broader energy transition.
• Rubio Impact VenturescoreStrategic or Co-development Partner · 19 June 2024Partnership with impact venture fund Rubio Impact Ventures to launch the NN Social Innovation Startup Award, designed to discover and support early-stage people tech startups in Europe and Japan. Winners receive EUR 100,000 grant and mentorship from NN Group and Rubio Impact Ventures.
• Sports Organisation Le ChampionmajorGTM or Marketing Partner · 1 January 2024Four-year agreement starting 2024 for NN Group to become title sponsor of the Dam tot Damloop, a well-known running event in the Netherlands.
• Global Sports CommunicationcoreStrategic or Co-development Partner · 1 January 2017In 2017, NN Group and Global Sports Communication launched the NN Running Team, the first professional running team in the world. From 2026, NN changes its role from title partner to founding partner.
• ABN AMRO Bank N.V.coreStrategic or Co-development PartnerABN AMRO Verzekeringen is a joint venture of NN Group N.V. and ABN AMRO Bank N.V. that caters to Dutch retail and business markets, selling general insurance and income insurance through ABN AMRO Bank distribution network. Serves over a million customers.
• klimaatplein.nlminorStrategic or Co-development PartnerPartnership to develop a climate change prevention scan for SME companies as part of NN's sustainable mobility and business support offerings.
• Rubio Impact VenturescoreStrategic or Co-development PartnerVia the NN Social Innovation Fund, partnership supports social entrepreneurs by providing essential resources. The award is organized during Impact Week Europe.
• Vi PlatformminorStrategic or Co-development PartnerNN invested in platform Vi to support working women through menopause, addressing a significant health and well-being need for approximately 1.8 million working women in the Netherlands.

Scale indicators19 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• AXA: French-headquartered global insurer with strong life, savings, and P&C operations across Europe. A broad incumbent peer competing with NN in Belgium, Spain, and other European markets.
• MetLife: US-headquartered global insurance and employee benefits leader. Sold its Poland and Greece operations to NN for EUR 584M in 2021, evidencing direct competitive overlap and transactional relationship.
• Prudential plc: UK-headquartered international life insurance and retirement services group with strong Asian exposure. Comparable to NN's Japan Life operations and pension/retirement focus, particularly in Asian distribution models.
• Allianz: Global insurance and asset management leader with extensive European presence. Comparable as a broad incumbent offering P&C, life, pensions, and asset management; competes with NN in multiple European markets.
• Zurich Insurance Group: Swiss global insurer with significant life and non-life operations. Acquired NN's Turkish business (NN Hayat ve Emeklilik) in 2024, indicating direct competitive overlap and active M&A positioning in NN's geographies.
• ING Group: Former parent of NN Group (split in 2014 as part of post-crisis restructuring). Dutch banking and financial services giant offering banking, insurance, and investment products; NN Bank operates within this competitive landscape.
• Aviva: British multinational insurer with life, pensions, and general insurance operations. Comparable in product mix and European/UK life-and-pensions focus, though with limited overlap in NN's Dutch and Japanese markets.

Emerging players

• CNP Assurances: French life insurance and personal protection specialist with European footprint. Comparable to NN in life insurance and pension products, particularly in savings and protection insurance segments.

Direct peers

• Aegon: Dutch-headquartered international insurance, pensions and asset management group. Directly comparable to NN Group in life insurance, pensions, and Dutch/European market exposure, with a similar heritage and post-crisis restructuring narrative.
• ASR Nederland: Dutch insurance company offering life, non-life, and pension products with strong Dutch market concentration. A direct peer to NN's Nationale-Nederlanden domestic operations, particularly in group pensions and non-life insurance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/nn_group
• YouTubeyoutube.com/user/officialnngroup
• LinkedInlinkedin.com/company/nn-group

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NN Group