November 14, 2019 / 6:59 AM / 23 days ago

Dutch insurer NN Group's third-quarter core profit stable

AMSTERDAM (Reuters) - Dutch insurer NN Group (NN.AS) said on Thursday its third-quarter core profit was roughly stable, as improving results from its casualty and property insurance businesses offset lower dividends from Dutch life insurances.

NN’s operating results dropped 2% in June-September to 453 million euros (£390 million), from 463 million euros last year.

Profit at NN’s biggest operating unit, Dutch life insurance, fell 14%, which the company said was due to a lower investment margin.

But operating results at the Dutch and European non-life insurances and Japanese Life improved 12% to 20% on a yearly basis, while NN managed to further cut its costs.

The solvency of the Netherlands’ largest insurer under Europe’s Solvency II regime improved to 217% from 210% in the same period a year ago, as the company generated more operating capital.

NN earlier this month saw its chief risk officer, Jan-Hendrik Erasmus, move to UK insurer Aviva (AV.L), just three months after Chief Executive Officer Lard Friese stepped down to join U.S.-focused rival Aegon (AEGN.AS).

NN appointed David Knibbe, the former leader of its Dutch activities, as Friese’s successor in September.

Reporting by Bart Meijer; Editing by Shri Navaratnam

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