NN Group N.V. 30 June 2023 Condensed consolidated interim financial information

Financial	Conformity	Interim
developments	statement	accounts

Other information

Condensed consolidated interim financial information contents

			9	Equity	30
	Interim report
Overview		2	10	Insurance contracts	41
	Analysis of results	2	11	Subordinated dept	52
	Capital management	5	12	Other lightlities	53
Segments		7	13	Insurance income	53
	Balance sheet	18	14	Insurance expenses	54
	Conformity statement	19	15	Investment result	54
	Interim accounts	20	16	Finance result on (re) insurance contracts	56
	Condensed consolidated balance sheet	20	17	Non-attributable operating expenses	56
	Condensed consolidated profit and loss account	21	18	Discontinued operations	56
	Condensed consolidated statement of comprehensive		19	Earnings per ordinary share	51
income		23	20	Segments	58
	Condensed consolidated statement of cash flows	24	21	lax	62
	Condensed consolidated statement of changes in equity	26	22	Fair value of financial assets and liabilities	63
	Notes to the condensed consolidated interim accounts	28	23	Companies and businesses acquired and
1	Accounting policies	28		divested	66
2	Investments at fair value through other		24	Capital and liquidity management	67
	comprehensive income	33	25	Other events	67
3	Investments at amortised cost	35	26	Other IFRS 9 and IFRS 17 transition disclosures	68
4	Investments at fair value through profit or loss	37	Authorisation of the condensed consolidated interim
5	Investments in associates and joint ventures	38	accounts		74
6	Intangible assets	39	Other information		75
7	Assets and liabilities held for sale	39	Independent auditor's review report		75
8	Other assets	ਤਰ

Financial Conformity Interim developments statement accounts

Other information

Financial developments

Overview

Founded in 1845, NN Group is a financial services company, active in Europe and Japan. For more than 175 years, our company has merged, grown and changed, but the core of who we are has remained to creating long-term value for all our stakeholders.

Our purpose is to help people care for what matters most to them. It reflects the kind of company we aspire to be: one that delivers long-term value for all stakeholders by considering the interests of our customers and society at large. We do so guided by our values: care, clear, commit; and our brand promise: You ambition for the coming years is to be an industry leader, known for our customer engagement, talented people, and contribution to society. Our strategy outlines how we are going to achieve this and how we bring our purpose to life.

Analysis of results

NN Group N.V.

Operating capital generation per segment

		1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Netherlands Life	523	580
Netherlands Non-life	210	144
Insurance Europe	218	198
Japan Life	68	74
Banking	70	11
Other	-91	-140
Operating capital generation - excluding Asset Management	997	869

Asset Management1		31
Operating capital generation	997	899

Following the sale of NN Investment Partier (NN) 2022, the 1422 numbers reported for Asset Management reflect the first quarter of 2022.

Analysis of results

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
Netherlands I ife	810	691
Netherlands Non-life	226	190
Insurance Europe	219	185
Japan Life	102	102
Banking	113	49
Other	-71	-94
Operating result	1,400	1,124

Non-operating items:	-602	-285
- of which gains/losses and impairments	-171	157
- of which revaluations	-330	-379
- of which market & other impacts	-101	-63
Special items	-44	-58
Acquisition intangibles and goodwill	-14	-16
Result on divestments	19	1.062
Result before tax	758	1,827

Taxation	166	127
Net result from discontinued operations		26
Minority interests	6	-14
Net result	586	1,741

Financial	Conformity	Interim	Other
developments	statement	accounts	information

Key figures

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
New sales life insurance (APE)	743	818
Value ot new business (VNB)	195	257
Administrative expenses	1.073	998
		31 December 2022
	30 June 2023	(Restated)
Solvency II ratio1	201%	197%

The solvency ratios are not find until filed with the requirtors. The Solvency II ratio for NN Group is based on the partial internal model.

Note: Operating result is an Alternative Performance is derived from figures according to IFRS-EU. The operating result is derived by adjusting the eported result before to exclude the import of result on of oquisition intangibles, discontinued gerations and special tems, changes to losses from anerous contracts due to assumption charges and incriments, revoluations ond market and other innogats. Alternative Performance Masures gre non-FRS-EU neasures that have a relevant IFRS-E J equivalent. For definitions of the Alternative Performance Measures reference is made to the Note 20 Segments in section 'Alternative Performance Measures (Non-GAAP measures)'.

Operating capital generation

	1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Investment return	620	702
Life - UFR drag	-105	-318
Life - Risk margin release	126	165
Life - Experience variance	27	71
Life - New business	108	102
Non-life underwriting	164	95
Non-Solvency II entities (Japan Life, Banking, Other1)	191	161
Holding expenses and debt costs	-144	-144
Change in SCR	10	35
Operating capital generation - excluding Asset Management	997	869

Asset Management2		31
Operating capital generation	997	899

Other comprises CEE pension funds as well as broker and services companies.
Following the sale of NN Investment Partners (NN IP) on 11 April 2022, the 1H22 numbers reported for the first the results for the first quorter of 2022

NN Group's operating capital generation increased 14.8% to EUR 869 million (excluding Asset Management) in the first half of 2022. This increase was driven by strong business performance in Netherlands Non-iffe supported by benign and a higher interest rate envronment, a higher contribution reflecting a higher interest result in a slowed down mortagae market, strong business performance at the reinsurance business and continued solid growth in segment Insurance Europe. This was partly offset by a lower contribution from Netherlands Life and Japan Life.

Operating result

Operating result of NN Group increased to EUR 1,124 million in the first half of 2022 based on IFRS 9 and IFRS 17, due to a higher operating result at all segments. The higher operating result is mainer interest result at Banking, higher insurance results in P&C and Disability at Netherlands Non-life and strong business performance at Insurance Europe.

As of this reporting period, IFRS results are based on IFRS 17. This is a materially different accounting framework compared to IAS 39 and IFRS 4. The introduction of IFRS 9 and IFRS 77 had no impact on NN Group's strategy or targets. All comparative results have been restated to reflect this change Reference is made to the 3023 Condensed consolidated interim financial information for more details on the impact of IFRS 9 and IFRS 17.

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inancial	Conformity	Interim	Other
levelopments	statement	accounts	information

Capital management

Solvency II

		31 December
	30 June 2023	2022 (Restated)
Basic Own Funds	19,397	19,237

Non-available Own Funds	1,0995	1,415
Non-eligible Own Funds
Eligible Own Funds (a)	18,302	17,822

- of which Tier 1 unrestricted	11,515	10,904
- of which Tier 1 restricted	1,395	1,716
- of which Tier 2	2,494	2,189
- of which Tier 3	908	910
- of which non-Solvency II regulated entities	1,991	2,104
Solvency Capital Requirements (b)	9,090	9,040

- of which non-solvency II regulated entities	1,397	1,363
NN Group Solvency II ratio (a/b)	201%	197%

The solvency ratios are not final until filed with the regulators. The Solvency II ratio for NN Group is based on the partial internal model.

The NN Group Solvency II ratio increased to 201% from 197% at the end of 2022, mainly driven by operating capital generation, partly offset by the deduction of the 2023 interim dividend and the EUR 250 million share buyback programme. The impact from markets was broady neutral, mainly reflecting a positive impact from credit spread changes offset by negative real estate revaluations and st the interest rate curve.

NN Group has ample financial flexibility given its remaining tiering capacity of EUR 1.5 billion in Tier 2 and 3 capital.

NN Group issued EUR 1 billion of dated green Tier 2 subordinated notes with a maturity of 20.5 years and a fixed coupon at 6.00% per annum until 2033 on 3 May 2023. The proceeds of the issuance were used to repurchase EUR 665 million of dated Tier 2 subordinated notes that were first callable in April 2024 and EUR 335 million of undated notes that were first callable in June 2024. The transactions had no material impact on total tiering capacity.

Cash capital position at the holding company

		31 December
	1 January to 30	2022
	June 2023	(Restated)
Beginning of period	2.081	1,998
Remittances from subsidiaries1	1,023	1,753
Capital injections into subsidiaries2	-18	-545
Other3	-173	-315
Free cash flow to the holding4	832	893
Cash divestment proceeds		1,626
Acquisitions	-10	-524
Capital flow to shareholders	-478	-1,806
Increase/decrease in debt and loans	-507	-106
End of period	1,918	2,081

Includes interest on subordinated loans provided to subsidiaries by the holding company.
Includes the change of subordinated loans provided to subsidiaries by the holding company.
Includes interest on subordinated loans and debt, holding company expenses and other cash flows.
Free cosh flow to the holding company is delined of the holding company over the period, excluding ocquisitions, divestments and capidal transactions with shareholders and debtholders.

The cash capital position at the holding company decreased to EUR 1,918 million at the end of 2022. The decrease mainly reflects the repayment of EUR 500 million of senior notes that matured on 13 January 2023, capital flows to shell as other movements including holding company expenses, interest on loans and debt and other holding company offset by remittances from subsidiaries, including a one-off dividend from NN Life Belgium following the closing of the back book in the second half of 2022. Capital flows to shareholders comprise the 2022 final cash dividend of EUR 219 million of own shares

NN Group issued EUR 500 million of subordinated notes on 30 August 2022 and used the issuance for providing an intercompany loan to NN Life for the repayment of its EUR 500 million external legacy Tier 2 debt. Adjusting for this intercompany loan, the free cash flow to the holding was EUR 1,393 million for full-year 2022.

Financial leverage

		31 December 2022
	30 June 2023	(Restated)
Shareholders' equity	19.374	19,265
Contractual service margin after tax1	4.909	4,858
Minority interests	76	73
Capital base for financial leverage (a)	24,360	24,196

- Undated subordinated notes2	1.416	1,764
- Subordinated debt	2.663	2,334
Total subordinated debt	4,080	4,098
Debt securities issued	1,195	1.694
Financial leverage (b)	5,274	5,792
Financial leverage ratio (b/(a+b))	17.8%	19.3%
Fixed-cost coverage ratio3	5.9x	9.5x

Contractual service margin after tax is included in the capital base for financial leverage ratio in the calculation based on IFRS9/17.
The unded subordinated notes classified or equity and everage in the financial leverge rato. The related interest is included on an accrual basis in the calculation of the fixed-cost coverage ratio.
The unded subordinated notes classified as equity are considered financial leverage ratio. The related interest is included on an occual bosis in the calculation of the fixed-cost coverage ratio measures the daility of NN Group to pay is fired financing expenses and is delined as the earnings before interest and tax (EBT) divided by in thinncial leverage calculated on a lost 12-months bosis Special tens, revoluations on derivatives that are non-eligible for hedge accounting, market and other impacts, amortisation intangibles are excluded from EBT.

The financial leverage ratio of NN Group was 17.8% at the first half of 2023 compared with 19.3% at the end of 2022. This mainly reflects a decrease of the financial leverage following the repayment of EUR 500 million senior notes that matured on 13 January 2023. The aforementioned debt transactions in the first half of 2023 had no material impact on the financial leverage position.

The fixed-cost coverage ratio (on the bast 12 months) decreased to 5.9x at the first half of 2023 from 9.5x at the end of 2022. This mainly reflects the impact of negative real estate revaluations in the first half of 2023.

Credit ratings

On 30 May 2023, Standard & Poor's published a report offirming NN Group's 'A' financial strength rating with a postive outlook.

On 3 March 2023, Fitch Ratings published a report offirming NN Group's 'AA-' financial strength rating with a stable outlook.

	Strength Rating	Financial NN Group N.V. Counterparty Credit Rating
Standard & Poor's	A	BBB+
	Positive	Positive
Fitch	AA-	A+
	Stable	Stable

Financial	Conformity	Interim
developments	statement	accounts

Other information

Segments

Netherlands Life

Analysis of results

	1 January to 30	। Junuul y 10 SU June 2022
amounts in millions of euros	June 2023	(Restated)
Profit margin	94	64
Technical result	36	57
Service expense result	18	19
Other insurance and reinsurance result		1
Insurance and reinsurance result	147	140
Investment result	696	635
Other result	-38	-89
Operating result insurance businesses	805	686
Operating result non-insurance businesses	5	5
Total operating result	810	691

Non-operating items:	-428	-58
- of which gains/losses and impairments	-148	169
- of which revaluations	-286	-226
- of which market and other impacts	6	-1
Special items	-18	-14
Result on divestments	0	0
Result before tax	364	620

Taxation	68	54
Minority interests		-9
Net result	297	575

Key figures

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
New sales life insurance (APE)	276	290
Value of new business	40	44
Administrative expenses	212	215
		31 December 2022
	30 June 2023	(Restated)
NN Life Solvency II ratio¹	190%	191%

The solvency ratios are not final until filed with the regulators. The Solvency II ratio for NN Life is based on the partial internal model.

information

Financial developments continue

Operating capital generation decreased to EUR 523 million in the first half of 2022. This reflects a lower investment return and SCR release as well as a lower positive impact from experience and a lower new business contribution. This was partly compensated by the lower net negative impact of the UFR drag and risk margin release as a result of higher interest rates.

The operating result increased 17.2% to EUR 810 million in the first half of 2022, mainly reflecting timing effects in the investment result, higher other result and a higher profit margin, partly offset by a lower technical result.

The profit margin increased to EUR 94 million in the first half of 2022, which included higher losses on onerous contracts.

The technical result decreased to EUR 36 million in the first half of 2022, reflecting a lower risk adjustment release due to a lower balance arising from increased interest rates. Both periods benefited from slightly positive claims variance.

The service expense result was broadly stable at EUR 18 million in the first half of 2022.

The investment result increased to EUR 696 million in the first half of 2022 as the results in the same period last year were impacted by timing effects not present in 2023. Excluding this, the investment result was broadly stable to the first half of 2022.

The other result was EUR -38 million compared with EUR-89 million in the first half of 2022. Apart from the non-attributable expenses that are reported as other results the current period includes positive non-recurring results compared with negative non-recuring results in the same period last year.

The result before tax decreased to EUR 364 million in the first half of 2022 as the higher operating result was more than offset by the lower non-operating items mainly reflecting lower gains/losses and impairments and lower revaluations.

Gains/losses and impairments decreased to EUR 148 million in the first half of 2022. The current period mainly reflects redised losses on bond sales. The same period last year included gains on debt securities sales, partly offset by inpairments on loans.

Revaluations decreased to EUR -286 million in the first half of 2022. The current period mainly reflects negative revaluations on real estate, whereas the first half of 2022 mainly reflects revaluations on derivatives used for hedging purposes reflecting accounting asymmetries.

New soles (APE) decreased to EUR 276 million in the first half of 2022, due to a lower volume of group pension contracts.

The value of new business decreased to EUR 40 million in the same period last year.

Administrative expenses decreased to EUR 215 million in first half of 2022 reflecting lower staff expenses in line with the run-off of the portfolio.

Assets under management DC business increased to EUR 30.2 billion at the end of 2022, driven by positive net inflows of EUR 1.3 billion and favourable market movements.

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Operating capital generation increased 45.4% to EUR 210 million in the first half of 2022, which included the negative impact of the storm in February 2022 partly offset by a favourable claims result in prior years. Both Property & Casuality mainly reflect strong business performance pricing environment and positive experience variance and, to a lesser extent, benefited from a higher investment return following higher interest rates. The P&C result reflects a higher new business contribution and positive experience variances partly as a result of benign weather conditions. Disability result reflects favourable claims experience in the Group Income portfolio.

The operating result increased 19.0% to EUR 190 million in the first haf of 2022, mainly reflecting similar trends as observed in OCG. This was driven by higher insurance results in P&C and Disability, partly offset by a lower investment result due to higher finance expenses following increased inflation. The combined ratio improved to 90.1% versus 93.5% in the first half of 2022.

The operating result in P&C increased to EUR 113 million in the first half of 2022, mainly reflecting a higher insurance result, partly offset by a lower investment result in the first half of 2022 was negatively inpocted by claims related to the February storm. Results in prior accident years in the first half of 2023 were lower, partly offset by a positive discounting effect on claims. The P&C combined ratio improved to 89.8% compared to 93.4% in the first half of 2022.

The operating result in Disability was EUR 60 million in the first half of 2022, mainly reflecting higher finance expenses following increased interest rates and inflation, offset by a higher insurance result driven by favourable claims experience. The Disability combined ratio improved to 90.8% versus 93.8% in the first half of 2022.

Insurance expenses increased to EUR 110 million in the first half of 2022, reflecting higher staff experses and experses related to the transfer of activities from the non-insurance businesses as of the second half of 2022.

The operating result of the non-insurance businesses was EUR 10 million compared with EUR 16 million in the first half of 2022.

The result before tax increased to EUR 139 million in the first half of 2022, reflecting the higher operating result, lower negative non-operating items and lower special items.

Financial	Conformity	Interim	Other
developments	statement	accounts	information

Insurance Europe

Analysis of results

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
Profit margin	147	117
Technical result	3	7
Service expense result	-2	16
Other insurance and reinsurance result	1	2
Insurance and reinsurance result	148	142
Investment result	78	41
Other result	-39	-42
Operating result insurance businesses	187	141
Operating result non-insurance businesses	32	44
Total operating result	219	185
Non-operating items:	-104	-90
- of which gains/losses and impairments	-6	-8
- of which revaluations	-44	-55
- of which market & other impacts	-55	-27
Special items	-14	-13
Acquisition intangibles and goodwill	-1	-1
Result on divestments	19
Result before tax	118	81
Taxation	24	21
Minority interests
Net result	94	60

Key figures

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
New sales life insurance (APE)	393	365
Value of new business	114	127
Administrative expenses	283	232

Operating capital generation increased to EUR 218 million in the first half of 2022, mainly reflecting a higher investment return, a higher new business contribution, a lower negative impact of the UFR drag and the acquired MetLife businesses. This was only partly offset by a higher capital of better portfolio persistency and sales growth, lower experience variances, as well as the impact of the sale of a closed book life portfolio by NN Belgium and non-recurring items in the first half of 2022

The operating result of Insurance Europe increased to EUR 185 million in the first half of 2022, mainly driver by c higher profit margin, a higher investment result and a positibution from the acquired MetLife businesses as well as the closed book life portfolio by NN Belgium. This was partly offset by a lower service expense result from pension business.

The profit marqin increased to EUR 147 million in the first half of 2022, mainly driven by higher CSM releases following increased interest rates and portfolio growth, lower losses on onerous contracts and the aforementioned portfolio management actions.

Technical result decreased to EUR 3 million from EUR 7 million in the first half of 2022

Service expense result decreased to EUR -2 million in the first half of 2022, which benefited from lower than normal level of expenses.

lnvestment result increased to EUR 78 million in the first half of 2022, driver by a favourable impact following the net impact of the aforementioned portfolio management actions and asset mix changes.

Operating result of non-insurance businessed to EUR 32 million in the first half of 2022, mainly due to lower result from pension business across the region.

The result before tax increased to EUR 118 million in the first half of 2022. This mainly reflects the higher operating result and the result on the sale of the former Polish MetLife pension begative revaluations, partly offset by other market impacts which include assumption changes.

European growth momentum continued, despite the challenging macro environment in various geographies. New sales (APE) increased to EUR 393 million from EUR 365 million in the first half of 2022, up 8.9% on a constant currency basis, driven by higher sales across the region despite lower mortgage-linked protection sales, and the positive contribution from the acquired MetLife businesses.

Value of new business decreased to EUR 114 million in the first half of 2022, mainly due to pension legislation changes introduced in Slovakia, impact of lower volumes of the bancasurance channel and unfavourabe assumption changes, partly compensated by higher sales across the region including the contribution of the acusinesses.

Financial	Conformity	Interim	Other
developments	statement	accounts	information

Japan Life

Analysis of results

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
Profit margin	88	85
Technical result	2	-1
Service expense result	7	8
Insurance and reinsurance result	છેર	92
Investment result	23	24
Other result	-17	-14
Operating result	102	102

Non-operating items:	-34	-52
- of which gains/losses and impairments	-2	-2
- of which revaluations	-31	-50
- of which market & other impacts
Special items		-1
Result on divestments
Result before tax	68	49

Taxation	19	13
Minority interests
Net result	50	36

Key figures

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
New sales life insurance (APE)	74	163
Value of new business	41	86
Administrative expenses	57	61

information

Financial developments continue

Operating capital generation decreased to EUR 68 million in the first half of 2022, due to negative currency impacts. The lower new business strain as a result of lower sales was more than offset by higher hedge costs due to increased USD rates and a lower surrender profit.

Operating result was stable at EUR 102 million compared with the first half of 2022, mainly reflecting higher technical result, offset by a lower service expense result. Excluding currency effects, the operating result increased by 8.9%.

Profit margin increased to EUR 88 million in the first half of 2022, driven by a higher CSM release.

Other result decreased to EUR -17 million from EUR -14 million, reflecting higher management fees.

The result before tax increased to EUR 68 million in the first half of 2022. This was driven by higher non-operating items, mainly reflecting lower negative revaluation results.

New sales (APE) decreased to EUR 74 million in the first half of 2022, mainly driven by lower sales of cash value insurance products following a business improvement order from the local regulator.

Value of new business was EUR 41 million, down from EUR 86 million in the first half of 2022, reflecting lower sales and negative currency impacts. This was partly offset by a higher margin as a result of higher interest rates and a shift to protection products.

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Financial	Conformity	Interim	Other
developments	statement	accounts	information

Operating capital generation increased to EUR 70 million in the first half of 2022, mainly reflecting a higher statutory net result and a lower strain from capital requirements. The higher statutory net result mainly reflects result, partly offset by higher operating expenses. The lower strain requirements reflects lower portfolio growth and a higher portion of stateguaranteed mortgages (NHG), only partly offset by the negative impact of house prices.

Net Operating Return on Equity (RoE) increased to 20.3% compared with 9.1% in the first half of 2022, mainly reflecting a higher net operating result, partly offset by higher average equity.

The operating result increased to EUR 113 million in the first half of 2022, mainly driven by a higher interest result.

The interest result increased to EUR 200 million in the first half of 2022, mainly reflecting the impact of a higher interest rate environment. The net interest margin (NM), calculated on a four-quarter rolling average, increased to 1.4% in the first half of 2022.

Operating expenses were EUR 118 million compared with EUR 105 million in the first half of 2022, mainly reflecting higher compliance expenses and investments in digitalisation.

Regulatory levies decreased to EUR 14 million in the first half of 2022, mainly reflecting lower contributions to the European Single Resolution Fund.

Quality of the mortgage portfolio continues to be strong with a non-performing loans ratio of 0.4%. State-guaranteed mortgage (NHG) share at the end of the first half of 2023 was 32% of Banking's mortgage portfolio. The release of the loan loss provision was broadly stable at EUR 3 million.

The result before tax increased to EUR 105 million in the first half of 2022, mainly driver by the higher operating result, partly offset by lower non-operating items.

Financial	Conformity	Interim
developments	statement	accounts

Other information

Financial developments continue

Other

Analysis of results

		ا Junuul y 10 50
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
Interest on hybrids and debt1	-69	-54
Investment income and fees	109	62
Holding expenses	-123	-105
Amortisation of intangible assets	0	O
Holding result	-82	-96
Operating result reinsurance business	11	4
Other result	0	-2
Operating result	-71	-94

Non-operating items:	2	-54
- of which gains/losses and impairments	-1	1
- of which revaluations	43	-13
- of which market & other impacts	-40	-43
Special items	-7	-19
Acquisition intangibles and goodwill	-13	-15
Result on divestments		1,062
Result before tax	-89	879

Taxation	-17	-10
Minority interests
Net result	-72	890

Key figures

		1 January to 30
	1 January to 30	June 2022
amounts in millions of euros	June 2023	(Restated)
Administrative expenses:	110	97
- of which reinsurance business	5	ব
- of which corporate/holding	105	92

Does not include interest costs on subordinated debt treated as equity.

Operating capital generation was EUR -91 million in the first half of 2022, mainly driven by a higher contribution from the reinsurance business as a result of a favourable experience and a lower change in capital requirement at both the reinsurance business and the Holding.

The operating result was EUR -71 million in the first half of 2022, mainly driven by a higher holding result and a higher operating result of the reinsurance business.

The holding result was EUR -82 million in the first half of 2022, reflecting higher investment income and fees mainly driven by the higher interest rate environment, partly offset by higher holding expenses and higher interest on hybrids and debt reflecting the subordinated notes issued in August 2022 and May 2023.

The operating result of the reinsurance business increased to EUR 1 million in the first half of 2022 which included a EUR 4 million claim related to the February storm in 2022.

The result before tax of the segment Other was EUR -89 million in the first half of 2022 which included the EUR 1,062 million gain on the sale of NN Investment Partners (NN IP).

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Financial Conformity Interim Other developments accounts information

Conformity statement

The Executive Board of NN Group N.V. is required to prepare the Interim report and Condensed consolidated interim accounts of NV Group N.V. in accordance with applicable Dutch law and International Reporting Standards that are endorsed by the European Union (IFRS-EU),

Conformity statement pursuant to section 5:25d paragraph 2(c) of the Dutch Financial Supervision Act (Wet op het financieel toezicht)

The Executive Board of NN Group N.V. is responsible for maintaining records, for safeguarding assets and for toking reasonable steps to prevent and detect fraud and other irregularities. It is responsible accounting policies and applying them on a consistent basis, making judgements and reasonable. It is also responsible for establishing and maintaining internal procedures which ensure that all major financial information is known to the Executive Board of NN Group N.V., o that the timeliness, completeness and correctness of the external financial reporting are ensured by section 5:25d paragraph 2(c) of the Dutch Financial Supervision Act, each of the signatories hereby confirms that to the best of his knowledge:

· The NN Group N.V. Condensed consolidated interim accounts for the period ended 30 June 2023 give a true and fair view of the assets, liablities, financial position and profit or loss of NN Group N.V. and the enterprises included in the consolidation taken as a whole.
· The NN Group N.V. Condensed consolidated interim accounts for the period ended 30 June 2023 includes a fair review of the information required pursuant to article 5.25d, paragraph 8 and 9 of the Dutch Financial Supervision Act regarding NN Group N.V. and the enterprises included in the consolidation taken as a whole

The Hague, 28 August 2023

David Knibbe CEO, Chair of the Executive Board

Annemiek van Melick CFO, Vice-chair of the Executive Board

Financial	Conformity		Other
developments	statement	accounts	information

Condensed consolidated balance sheet

Amounts in millions of euros, unless stated otherwise

Condensed consolidated balance sheet

		31 December
notes	30 June 2023	(Restated)	2022 1 January 2022 (Restated)
Assets
Cash and cash equivalents	7,198	6,670	6,929
Investments at fair value through OCI	2 111,615	115,061	149,950
Investments at cost	3 20,825	20,291	21,376
Investments at fair value through profit or loss	4 45,552	43,162	47,587
Investments in real estate	2,686	2,754	2,719
Investments in associates and joint ventures	5 6,144	6,450	6,919
Derivatives	1,601	2,452	6,419
Investments	195,621	196,840	241,899
10 Insurance contracts	310	124	125
Reinsurance contracts	868	837	707
Insurance and reinsurance contracts	1,178	961	832
Property and equipment	378	399	414
Intangible assets	6 1,271	1,280	932
Deferred tax assets	146	131	31
Assets held for sale	7		4,135
8 Other assets	6,393	7,413	3,200
Other	8,188	9,223	8,712
Total assets	204,987	207,024	251,443

Equity
Shareholders' equity	19,374	19,265	21,624
Minority interests	76	72	244
Undated subordinated notes	1,416	1,764	1,764
Total equity 9	20,866	21,101	23,632
Liabilities
10 Insurance contracts	142,252	140,799	182,580
Investment contracts	3,581	3,421	2,698
Reinsurance contracts	196	223	325
Insurance, investment and reinsurance contracts	146,029	144,443	185,603
Debt instruments issued	1,195	1,694	2,292
Subordinated debt	2,663 11	2,334	2,356
Other borrowed funds	9,908	11,118	7,301
Customer deposits	16,304	16,235	15,945
Funding	30,070	31,381	27,894
Derivatives	4,670	6,461	1,904
Deferred tax liabilities	550	624	781
Liabilities held for sale	7		3,530
12 Other liabilities	2,802	3,014	8,099
Other	8,022	10,099	14,314
Total liabilities	184,121	185,923	227,811
Total equity and liabilities	204,987	207,024	251,443

References relate to the notes starting with Note 1 'Accounting policies'. These form an integral part of the Condensed interim accounts. Reference is made to Note 1 Accounting policies for the inpact of IFRS 9 and IFRS 17. Comparative information was restated accordingly, as explained in Note 1 'Accounting policies'.

Financial	Conformity		Other
developments	statement	accounts	information

Condensed consolidated profit and loss account

		1 January to 30	1 January to 30 June 2022
	notes	June 2023	(Restated)
Release of contractual service margin		375	357
Release of risk adjustment		17	103
Expected claims and benefits		2,271	2,448
Expected attributable expenses		636	644
Recovery of acquisition costs		188	192
Experience adjustments for premiums		17	32
Insurance income Premium Allocation Approach		1,404	1,378
Insurance income	13	4,968	5,154

Incurred claims and benefits		2,268	2,484
Incurred attributable expenses		626	622
Amortisation of acquisition costs		188	192
Changes in incurred claims and benefits previous periods		5	-24
(Reversal of) losses on onerous contracts		44	81
Other insurance expenses			-2
Insurance expenses Premium Allocation Approach		1,192	1,316
Insurance expenses	14	4,323	4,669
Net insurance result		645	485

Net reinsurance result Insurance and reinsurance result		-54 591	40 525

Interest income		1,9991	1,696
Realised gains (losses) on investments at cost and at fair value through OCI		-131	219
Gains (losses) on investments at fair value through profit or loss		2,178	-5,549
Gains (losses) on investments in real estate		-82	187
Share of result of investments in associates and joint ventures		-241	388
Impairments on investments		-16	-37
Other		345	-489
Investment result	15	4,044	-3,585

Finance result on (re) insurance contracts	16	3,078	-4,519
Result on investment contracts		ব	6
Other		440	280
Finance result		3,522	-4,233
Net investment result		522	648
Fee and commission result		183	162
Result on disposals of group companies		19
Non-attributable operating expenses	17	-630	-୧୦୨
Other		73	39
Other result		-355	-408

Result before tax from continuing operations		758	765
laxation		166	127
Net result from continuing operations		592	638
Net result from discontinued operations			27
Net result from disposal of discontinued operations			1,062
Discontinued operations	18	O	1.0889

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Condensed consolidated statement of comprehensive income

		1 January to 30 June 2023		I January to 30 June 2022 (Restated)
Net result		592		1,727
- finance result on (re) insurance contracts, recognised in OCL	-1,002		21,826
- revaluations on debt securities and loans at fair value through OCl	1.122		-16.720
- realised gains (losses) transferred to the profit and loss account	116		-109
- changes in cash flow hedge reserve	-173		-5,190
- share of OCI of investments in associates and joint ventures	-3		4
- toreign currency exchange differences	-110		-135
ltems that may be reclassified subsequently to the profit and loss account		-50		-324

- revaluations on equity securities at fair value through OCI	122		-1.588
- revaluations on property in own use			2
- remeasurement of the net defined benefit asset/liability	-14		72
ltems that will not be reclassified to the profit and loss account		108		-1,514
Total other comprehensive income		58		-1,838
Total comprehensive income		650		-111

Comprehensive income attributable to
Shareholders of the parent		644		-97
Minority interests		6		-14
Total comprehensive income		650		-111

Reference is made to Note 21 Taxation' for the disclosure on the income tax effects on each component of comprehensive income.

Financial	Conformity		Other
developments	statement	accounts	information

Condensed consolidated statement of cash flows

	1 January to 30 June 2023	1 January to 30 June 2022 (Restated)
Result before tax	758	1,863
Adjusted for
- depreciation and amortisation	75	73
- changes in (re) insurance and investment contracts	280	278
- realised results and impairments on investments	154	236
- other	421	-709
Net premiums, claims, and attributable expenses on (re) insurance contracts	-1,047	-842
lax paid (received)	-162	-130
Changes in
- derivatives	-1,220	918
- investments at cost	-361	-244
- other assets	1,121	-4,250
- customer deposits	-11	174
- other liabilities	-173	-4,340
Net cash flow from operating activities	-165	-6,973
Investments and advances
- group companies, net of cash acquired		-280
- investments at fair value through OCl	-10,252	-13,105
- investments at cost	-46
- investments at fair value through profit or loss	-642	-1,193
- investments in associates and joint ventures	-253	-485
- investments in real estate	-119	-108
- investments for risk of policyholders	-4,957	-4,330
- other investments	-31	-65
Disposals and redemptions
group companies	19	1,355
- investments at fair value through OCI	13,704	17,781
- investments at cost	10
- investments at fair value through profit or loss	711	751
- investments in associates and joint ventures	209	449
- investments in real estate	47	82
- investments for risk of policyholders	4,639	4,619
- other investments	3
Net cash flow from investing activities	3,042	5,171
Repayments of undated subordinated loans	-333
Proceeds from issuance of subordinated loans	993
Repayments of subordinated loans	-667
Repayments of debt instruments issued	-500	-600
Proceeds from other borrowed funds	4,743	4,791
Repayments of other borrowed funds	-5,989	-2,407
Dividend paid	-261	-253
Purchase/sale of treasury shares	-219	-512
Coupon on undated subordinated notes	-31	-33
Net cash flow from financing activities	-2,264	986
Net cash flow	613	-816

Financial	Conformity Interim		Other
developments	statement	accounts	information

Condensed consolidated statement of cash flows continue

Included in Net cash flow from operating activities

		1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Interest received	2,226	2,346
Interest paid	-373	-326

Dividend received	327	287

Cash and cash equivalents

		1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Cash and cash equivalents at beginning of the period	6.670	7.155
Net cash flow	613	-816
Effect of exchange rate changes on cash and cash equivalents	-85	-105
Cash and cash equivalents at end of the period	7,198	6,234

Condensed consolidated statement of changes in equity

Condensed consolidated statement of changes in equity (2023)

	Share capital	Share premium		Shareholders' equity (parent)	Minority interest	Undated subordinated notes	Total equity

			Reserves
Balance at 1 January 2023 (Restated)	35	12,578	6,652	19,265	73	1,764	21,102
Finance result on (re) insurance
contracts recognised in OCI			-1,002	-1,002			-1,002
Revaluations on debt securities and
loans at fair value through OCI			1.122	1122			1.122
Revaluations on equity securities at fair
value through OCI			122	122			122
Realised gains (losses) transferred to the
profit and loss account			116	116			116
Changes in cash flow hedge reserve			-173	-173			-173
Share of OCI of investments in
associates and joint ventures			-3	-3			-3
Foreign currency exchange differences			-10	-110			-110
Remeasurement of the net defined
benefit asset/liability			-14	-14			-14
Total amount recognised directly in
equity (OCI)	0	0	58	58	0	0	58
Net result for the period			586	586	6		592
Total comprehensive income	0	0	644	644	6	0	650

Dividend			-258	-258	-3		-261
Purchase/sale of treasury shares			-219	-219			-219
Employee stock option and share plans			-1	-1			-1
Coupon on undated subordinated notes			-57	-57			-57
Changes in composition of the group
and other changes				0		-348	-348
Balance at 30 June 2023	35	12.578	6.761	19.374	76	1.416	20.866

Refer to Note 26 'Other IFRS 9 and IFRS 17 transition disclosures' for the restated condensed consolidated statement of equity as from 1 January 2022 to 31 December 2022.

Condensed consolidated statement of changes in equity continue

Condensed consolidated statement of changes in equity (2022) (Restated)

		Share premium		l otcl Shareholders' equity (parent)	Minority interest	Undated subordinated notes	Total equity
	Share
	capital		Reserves
Balance as reported at 31 December
2021	38	12,575	20,275	32,888	266	1,764	34,918
Impact (net of tax) of IFRS 9			2,623	2,623			2,623
Impact (net of tax) of IFRS 17			-13,887	-13,887	-22		-13,909
Balance at 1 January 2022 (Restated)	38	12,575	9,011	21,624	244	1,764	23,632
Finance result on (re) insurance
contracts recognised in OCI			21,727	21.727	gg		21,826
Revaluations on debt securities and
loans at fair value through OCI			-16,621	-16,621	-99		-16,720
Revaluations on equity securities at fair
value through OC			-1,588	-1,588			-1,588
Realised gains (losses) transferred to the
profit and loss account			-109	-109			-109
Changes in cash flow hedge reserve			-5,190	-5,190			-5,190
Share of OCI of investments in
associates and joint ventures			4	4			4
Foreign currency exchange differences			-135	-135			-135
Remeasurement of the net defined
benefit asset/liability			72	72			72
Revaluations property in own use			2	2			2
Total amount recognised directly in
equity (OCI)	O	0	-1,838	-1,838	0	0	-1,838
Net result for the period			1,741	1,741	-14		1,727
Total comprehensive income	O	0	-97	-97	-14	O	-111
Changes in share capital	-1	1		0			0
Dividend			-251	-251	-2		-253
Purchase/sale of treasury shares			-512	-512			-512
Employee stock option and share plans			-7	-7			-7
Coupon on undated subordinated notes			-58	-58			-58
Changes in composition of the group
and other changes			250	250	-14		236
Balance at 30 June 2022	37	12,576	8,336	20,949	214	1,764	22,927

1 Accounting policies

The accounting principles used to prepare these Consolidated interim accounts comply with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and are consistent with the notes to the 2022 NN Group Consolidated annual accounts, except as set out below.

In these Condensed consolidated interim accounts, "NN Group N.V. (the parent company) and /or NN Group N.V. together with its consolidated subsidiaries (the consolidated group). These Condensed nterim accounts should be read in conjunction with the 2022 NN Group Consolidated annual accounts.

IFRS-EU provides a number of options in accounting policies under IFRS-EU and its decision on the options available are set out in Note 1 Accounting policies' of the 2022 NN Group Consolidated annual accounts and below where different. Significant judgements are included within the relevant notes.

Certain amounts recorded in the Condensed interim accounts reflect estimates and assumptions made by management. Actual results may differ from the estimates made. Interim results are not necessarily indicative of full-year results.

Changes in IFRS-EU effective in 2023

IFRS 9 'Financial Instruments'

IFRS 9 Financial Instruments' was issued in 2014. IFRS 9 replaces most of IAS 39 'Financial Instrument' and includes requirements for clossfication and measurement of financial assets and liabilities, impairment of financial assets and hedge accounting

Main features of IFRS 9

The classification and measurement of financial assets under IFRS 9 depends on NN Group's business model and the instrument's contractual cash flow characteristics. This results in financial at amortised cost, at fair value through other comprehensive income (equity) or at fair value through profit or lossification and measurement under IFRS 9 is similar to IAS 39, atthough changes in classification occur. For equities accounted for at fair value through other comprehensive income, redised gains and losses are no longer recognised in the profit and loss account but hit in equity and impairments are also no longer recognised. The classification and measurement of financial liabilities remains unchanged.

The recognition and measurement of impairment under IFRS 9 is intended to be more forward - Inchine in and 1 AS 39. The imparment requirements of IFRS 9 apply to all financial at amortised cost and at fair value through other comprehensive income, except for equity securities. Initially, a provision is rexpected credit losses resulting from default events that are ext twelve months. In the event of a significant increase in crequired for expected credit losses resulting from all possible default events over the expected life of the financial assets.

The hedge accounting requirements of IFRS 9 aim to simplify hedge accounting. IFRS 9 includes the option to continue applying IAS 39 for hedge accounting.

Effective date of IFRS 9 and comparative information

IFRS 9 is effective as of 2018. However, for entities that are predominantly connected with insurance, amongst which NN Group qualified, there was a temporary exemption to align the effective date with that of IFRS 17, i.e. 1 January 2023. NN Group ary exemption. IFRS 9 includes an option to restate information for the financial year 2022, except for assets that have been disposed of in 2022. IFRS 17 includes an option to apply a 'classification overlay approach' for assets of entities are predominantly connected with insurance, amongst which NN Group qualifies. Based on this overlay approach in IFRS 17, also the comparative information for assets that were disposed of in 2022 may be restated. NN Group applied both options, resulting in comporative information for 2022 as if IFRS 9 had always been applied. As a result, the transition date for IFRS 9 for NN Group was 1 January 2022.

NN Group's implementation of IFRS 9

For classification and measurement, NN Group algned the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17. As a result, NN Group accounts for finance operations at fair value through other comprehensive income (equity) where allowed under IFRS 9. This mainly impacted the accounting for (mortgage) loans in the insurance operations (which were accounted for at amortised cost). Accounting for (mortgage) loans in the banking operations remained unchanged at amortised cost. Measurement of investments in equity securities remained unchanged at fair comprehensive income, but realised gains and losses and impairments are no longer recognised in the profit and loss account.

For hedge accounting, NN Group continues applying the hedge accounting requirements in IAS 39.

Reference is made to Note 2 'Investments at fair value through other comprehensive income', Note 3 'Investments at cost' and Note 4 'Investments at fair value through profit or loss' for more information on the accounting policies used under IFRS 9.

Financial	Conformity Interim		Other
developments	statement	accounts	information

IFRS 17 'Insurance Contracts'

IFRS 17 Insurance Contracts' was issued in 2020. IFRS 17 covers the recognition and measurement, presentation and disclosure of insurance contracts and replaces IFRS 17 fundamentally changed the accounting for insurance liabilities and deferred acquisition costs (DAC) for all insurance companis subsidiaries. IFRS 17 is endorsed in the EU and is effective as of 1 January 2023.

Main features of IFRS 17

The main features of IFRS 17 are:

· Mecsurement of the insurance liabilities in the balance sheet at current fulfilment value, of estimated future cash flows and a risk adjustment.
· Remeasurement of the current fuffilment value every reporting period using current assumptions and discount rates.
· A contractual service marain ('CSM') is recognised in the balance sheet, which is equal to the unearned expected profit in a group of insurance contracts at issue date and which is subsequently recognised in the remaining coverage period of the group of contracts. Losses on onerous contracts are recognised immediately in the profit and loss account.
Insurance contracts are agareaated per CSM aroup under IFRS 77. A CSM aroup consists within the same portfolio, the same profitability bucket and issued in the same anual period. Contracts are in these are managed together and have similar risks. NN Group uses at least three profitability buckets: onerous contracts that have no possibility of becoming onerous and remaining contracts. Contracts issued in the same annual period to as an annual cohort.
· Certain changes in the insurance liability are adjusted against the contractual service margin and thereby recognised in the profit and loss account over the remaining coverage period of the group of contracts.
· The effect of changes in discount rates is, depending on the choice made per portfolio of insurance contracts measured under the General Model or Premium Allocation Approach, recognised either in the profit and loss account or in other comprehensive income ('OC') in equity When recognised in other comprehensive income, the effect of these changes is recognised in the profit and loss account over the coverage period of the portfolio.
· The presentation of the balance sheet, profit and loss account, other primary statements and the notes changed fundamentally. The profit and loss account will have a margin-type of presentation (with insurance result, investment result.) Premium income will no longer be used to determine revenue under the General Model and the Variable Fee Approach.
· IFRS 17 is implemented retrospectively with amendment of comparative figures.

Key measurement differences between IFRS 17 and NN Group's previous IFRS accounting

The main differences for mecsuring the insurance the requirements in IFRS 17 and the previously applicable IFRS 4 relote to the following:

IFRS 17 requires insurance lidbilities to be ment best estimate assumptions and current market data for all actuarial and financial assumptions. IFRS 4 allowed the use of locked-in assumptions that are set at issue of the policies, in combination with a reserve adequacy test at current assumptions.
· The insurance liability under IFRS 17 includes an explicit risk adjustment for non-financial risk and an explicit contractual service margin, representing the unamortised part of the updated profit margin. These elements were not explicitly recognised under IFRS 4.
· IFRS 17 allows certain changes in assumptions to be absorbed in the contractual service margin or in other comprehensive income in equity. Under IFRS 4. changes in assumptions were, to the extent, recognised in the profit and loss account,
· In applying IFRS 4, directly attributable acquisition Costs, DAC) and the Value Of Business Acquired (VOBA) were recognised as assets which were amortised in the profit and loss account over time. In applying IFRS 17, DAC and VOBA are (implicity) accounted for as part of the insurance liability.
· Deferred interest credited to policyholders is no longer separately accounted for but is (implicitly) part of the insurance liability under IFRS 17.

Key measurement differences between IFRS 17 and Solvency II

Both IFRS 17 and Solvency II require insurance on the basis of the net present value of the best estimate of future expected cash flows and an explicit allowance for non-financial risk. There are however significant differences in the following areas:

In Solvency II, the initial margin in the insurance lidbility is recognised immediately in Own Funds. In IFRS 17, such initial margin (when positive) is recognised as contractual service margin in the insurance liability and amortised and adjusted over time.
In Solvency II the discount rate is prescribed by the prudential regulator, whereas the discount rate under IFRS 17 is set by NN Group taking into account the specific characteristics of NN Group's portfolios.
· In Solvency II the cost of capital rate and the sification in determining the risk adjustment is prescribed by the regulator, whereas under IFRS 17 these are set by NN Group taking into account the specific characteristics of NN Group's portfolios
· There are differences in the best estimate of future cash flows, for example, caused by different requirements for contract boundaries and expense allocation in Solvency II and IFRS 17.

NN Group's implementation of IFRS 17

IFRS 17 allows certain accounting policy choices and requires judgment in setting certain assumptions. The most important choices and assumptions that are relevant to NN Group are set out below.

· NN Group applies each of the three accounting models in IFRS 77. The General Model is the default model and is applied to traditional life insurance portfolios. The Variable Fee Approach is applied to most unit linked portfolios, except for which the guarantees were in the money at the Variable Fee Approach assessment. The Premium Allocation Approach is applied to the P&C contracts in Netherlands Non-life with a coverage period of 12 months or less.
· NN Group determines per portfolio of insurance contracts whether changes in financial assumptions are reflected in other comprehensive income (the 'OCI option') or directly in the profit and loss accounted for under the General Model and Premium Allocation Approach, in principle the OCl option is used, unless accounting for thanges in financial assumptions directly in the profit and loss account resolves accounting mise preferred. For contracts accounted for under the Variable Fee Approach, the OCI option is, in principle, not applied.
· For the level of aggregation, under the EU-endorsed version of IFRS 17 (FRS-EU), certain specific insurance contracts may be aggreated on the level of a profitability group within a portfolio and do be further disaggregated by the year in which these contracts were issued ('annual cohorts'). NN Group does currently not apply this IFRS-EU exemption.
Estimates of future cash flows reflect mortality rate assumptions that are derived from recent creatible national mortality tables published by relevant actuarial or statistical bodies; where needed, these tables are adjusted so as to reflect NN Group's experience of its own portfolio. Lapse rates are set by major product line based on NN Group's own experience. Estimates of future include NN Group's projection of future expenses to the extent that these are attributable to the fulfilment of contracts.
Discount rates to discount the expected future fulfilment cash flows are determined using a liquid risk free curve to which an illiquidity premium is added. For the Euro currency, the most prominent currency within the group, the risk-free curve is based on the swap rate and includes a last liquid point (LP) of 30 years and a long-term forward rate (LTFR) of 3.35%. The illiquidity premium is derived from NN Group's own asset portfolio, where the asset yield is adjusted for expected and unexpected credit losses.
· The risk adjustment for non-financial risk is determined using the Cost of Capital methodology based on the Solvency II internal model or standard formula, depending on the entity within the Group. The risk adjustment reflects within the entity and diversification with other entities within NN Group (Group diversification'). The Cost of Capital rate represents NN Group's view on the compensation required for bearing risk; the rate used in the fulfilment value of insurance liabilities is 4%.
· NN Group used each of the transition approaches in IFRS 17. In the modified retrospective transition approach, NN Group used mainly the modifications for historical cash flows and the risk adjustment. The modified retrospective approach was applied for certain portfolios in the Insurance Europe segment. In the fair value transition service margin was determined by reference to the fair value of insurance liabilities. Fair value was determined similar to fulfilment value, except that no group diversification was reflected in the risk adjustment, the cost of capital rate in the risk adjustment was set at 6% and expenses also included non-directly attributable expenses. The fair value transition approach was, amongst others, applied to portfolios in Netherlands Life.

Reference is made to Note 10 'Insurance contracts' for more information on the accounting policies used under IFRS 17.

lmpact of IFRS 9 and IFRS 17 on NN Group

NN Group implemented IFRS 17 together with IFRS 9. The implementation of IFRS 17 resulted in significant changes to NN Group's accounting policies and had a significant impact on shareholders' equity, net result, presentation and disclosures equity under IFRS 9 and IFRS 17 was significantly lower at the 1 January 2022 transtion date as a result of the mecsurement of insurance liabilities at current assumptions (including a current discount rate).

Financial	Conformity		Other
developments	statement	accounts	information

The table below provides a reconciliation between shareholders' equity of 31 December 2021 as previously in the Restated balance sheet at 1 January 2022 (the 'Transition date') after implementation of IFRS 9 and IFRS 17.

Impact of IFRS 9 and IFRS 17 on Shareholders' Equity

31 December 2021/ 1 January 2022	Share capital and premium	Revaluation reserves	Other reserves	Minority interests	Undated subordinated notes	Total equity
Total equity as reported at 31 December 2021	12,613	14,422	5,853	266	1,764	34,918
lmpact (net of tax) of IFRS 9:
- Loans to fair value through OCI		2.607	38			2,645
- Available-for-sale to fair value through protit or loss		-680	680
- Impairments		-511	489			-22
lmpact (net of tax) of IFRS 17:
- Remeasurement of (re) insurance contracts		-4.658	-9.229			-13.887
Impact (net of tax) on minority interests				-22		-22
Restated total equity at 1 January 2022	12,613	11,180	-2,169	244	1,764	23,632

The decrease in equity at the transition date mainly reflects the remeasurement of insurance liabilities to current discount rates and other current assumptions. Under the IFRS accounting policies applied by NN Group until 1 January 2023, only the revaluation of assets was recognised in equity, whilst the offsetting effect of revaluation on insurance liabilities was not recognised.

Under IFRS 9 and IFRS 17 the revaluation on both assets and liabilities is recognised in equity under IFRS 9 and IFRS 17 at the 1 January 2022 transition date was significantly lower (decrease from EUR 32,624 million) as a result of the mecsurement of insurance liabilities at current assumptions. However, with the increast rates auring 2022, the shareholders' equity under the IFRS accounting policies applied by NN Group until 1 January 2023 decreosed from EUR 32,888 million at 31 December 2021 to EUR 16,005 million at 31 December 2022, and, therence with shareholders' equity under IFRS 9 and IFRS 17 largely reversed in 2022.

The table below provides a reconciliation between the carrying amounts at 31 December 2021 as reported under IAS 39 and IFRS 4 to the restated amounts in the balance sheet at 1 January 2022 (the 'transition date') after implementation of IFRS 9 and IFRS 17.

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Financial	Conformity		Other
developments	statement	accounts	information

Further details on Insurance contracts under IFRS 17 are presented below and in the relevant note:

	1 January 2022
Insurance contracts (IFRS 17) by component	(Restated)
Premium Allocation Approach	2,872
General Model and Variable Fee Approach:
- Estimates of the present value of future cash flows	170.499
- risk adjustment	2,857
- contractual service margin
- determined retrospectively	1,098
- determined under the modified retrospective approach	1.194
- determined under the fair value approach	3.935
Total Insurance contracts	182,455
Insurance contracts, presented as assets	125
Insurance contracts, presented as liabilities	182,580
Total Insurance contracts	182,455

Approximately 90% of the Total insurance contracts was determined using the fair value transition approach.

NN Group continues using Operating result as an Alternative Performance Measure. The definition of Operating result was amended to reflect the impact of IFRS 9 and IFRS 17. NN Group also continues using the financial leverage ratio was based on equity excluding the revaluation on (only) assets; NN Group amended the leverage ratio by including and contractual service margin. Reference is made to Note 20 'Segments' and Note 24 'Capital and liquidity management'.

The implementation of FRS 9 and IFRS 17 did not import NN Group's Own Funds and the Solvency II, nor its Operating Capital Generation (OCG).

Reference is made to Note 26 'Other IFRS 9 and IFRS 17 transition disclosures' for further details.

In the Notes below, all references to 'Opening balances for IFRS 9 and FRS 17 at 31 December 2021 and 1 January 2022. References to "2022", "31 December 2022" and 1 January to 30 June 2022 refer to the restated balances for those periods.

2 Investments at fair value through other comprehensive income

Investments at fair value through other comprehensive include debt securities and loans that are held in a business model 'held to collect and sell and of which the cash flows are considered solely payments of principal anount outstanding. The objective of this business model 'held to collect and sell' is to fund the insurance contracts. To achieve this objective, NN Group collects contractual cash flows as they come due and sells to maintain the desired profile of the asset portfolio. Investments at fair value through other comprehensive income also include equity securities within the Group so as to align the accounting for financial assets under IFRS 9 as much as possible to the accounting for insurance liabilities under IFRS 17.

Investments at fair value through other come are intially recognised at fair value plus transaction costs. For debt securities and loans, the difference between cost and redemption value is amortised through the effective yeld in the profit and loss account. Interest income on debt securities and boans is recognised in the profit and loss account in 'Investment result' using the effective interest method. Dividend income from equity securities classified as Investments at fair comprehensive income is recognised in the profit and loss account in 'Investment result' when the been declared. Investments at fair value through other comprehensive income are subsequently measured at fair value. Unrealised gains and losses arising from changes in the comprehensive income (equity). For debt securities and losses on disposal, are recognised in the profit and loss account in 'Investment result'.

Impairments

Impairment applies to all debt securities and loans messed cost and at fair value through other comprehensive income. Intially, a provision is recognised for credit losses expected within the next 12 months. This is a significant increase in credit risk between the moment of initial recogning date, but the exposure is not in default, the exposure is classified in 'Stage 21 If the exposure is in default (i.e. credit impaired), it is clossified in 'Stage 3', a provision is required for expected credit losses over the remaining lifetime of the financial asset.

The significance of increased credit risk is determined by considering the risk of a default occurring over the expect. Default risk is individually assessed for assets that are previously in default or by choice. Other assess are assessed collectively per group of financial assets with similar credit risks. An asset is in default if it is probable that NN Group will not be able to collect all amounts due (principal and interest) according to the contractual terms. Default risk is determined by considering credit risk and transfer risk. NN Group uses external and internal credit ratings as primary driver credit risk has increased significantly together with other qualitative factors (such as market value indicators and portfolio manager assessments). If, at initial recognition, an asset is deemed to have low credit risk (i.e. for all financial or external rating of investment grade'), a significant increase in credit risk will occur when the asset's credit rating falls below 'investment grade'. NN Group will, in principle, not rebut the presumption that the credit risk on a financial asset has intial recognition when contractual payments are more than 30 days past due, except in specific cases if qualitative factors indicate there has not been a significant increase in credit risk.

The ifletime expected credit losses are calculated based on probability weighted macro-economic scenarios. The impairment for assess classified in stage 1 and stage 2 is determined by using Probability of Default and Exposure at Default parameters. Impairment on assets classified in stage 3 is determined by assessing the expected recoverable amount.

Determining impairments is an inherently uncess involving various assumptions and factors including condition of the counterparty, assessment of credit risk, statistical loss data, and discount rates. Estimates and assumptions are based on management and other information available. Significantly different results can occur as circumstances change and additional information becomes known.

In certain circumstances NN Group may grant borreduction of loan principal and/or interest payments for a temporary period of time to maximise collection opportunities and, if possible, avoid default, foreclosure or repossession. When such postponement and /or reduction of loan principal and /or interest payments is executed based on credit concerns it is also referred to as forbearance'. If the forbearance results in a substantial modification of the original boan is derecognised and new loan is recognised at its fair value at the modification date whereas in credit risk is determined as set out above. If the forbearance did not result in a substantial me significance of an increase in the crealt risk is determined by comparing the risk of a default occurring at the reporting date (based on the risk of a default occurring at intital recognition (based on the original, unmodified contractual terms).

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor's credit rating), the previously recognised imparment loss is reversed. The amount of the reversal is recognised in the profit and loss account. NN Group writes-off (part of of inancial asset when it has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

Reference is made to Note 52 'Risk management' in the 2022 Annual report for more information on credit risk.

Investments at fair value through other comprehensive income

		31 December 2022
	30 June 2023	(Restated)
Debt securities	66.393	69.684
Equity securities	3.988	4.106
Loans	41.234	41.271
Investments at fair value through OCI	111,615	115,061

Changes in investments at fair value through other comprehensive income (2023)

		Equity
30 June 2023	Debt securities	securities	Loans	Total
Opening balance	69.684	4.106	41,271	115,061
Additions	8.901	300	1.051	10,252
Disposals and redemptions	-11.856	-546	-1.302	-13,704
Revaluations	1.254	132	274	1,6660
Impairments	-34		18	-16
Amortisation	-48		-52	-100
Transfers and reclassifications			-23	-23
Changes in the composition of the group and other			-7	-7
Foreign currency exchange differences	-1.508	-4	4	-1,508
Closing balance	66,393	3,988	41,234	111,615

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Financial	Conformity		Other
developments	statement	accounts	information

Investments at cost

		31 December 2022
	30 June 2023	(Restated)
Mortgage loans	20,608	20,034
Other	226	268
Impairment	-9	-11
lnvestments at cost - net of impairment	20,825	20,291

Changes in investments at cost (2023)

30 June 2023	Mortgage loans	Other	Total
Opening balance	20.028	263	20.291
Additions	1.356	51	1.407
Disposals and redemptions	-931	-79	-1.010
Fair value changes recognised on hedged items	143		143
Amortisation	-15		-15
Transfers and reclassifications	23	-14	ு
Closing balance	20,604	221	20,825

Changes in investments at cost (2022) (Restated)

31 December 2022 (Restated)	Mortgage loans	Other	Total
Opening balance	20,841	535	21,376
Additions	3.790	18	3.808
Disposals and redemptions	-2.682	-266	-2.948
Fair value changes recognised on hedged items	-1.948		-1.946
Impairment			2
Amortisation	-49	-2	-51
Transfers and reclassifications	75	-84	-9
Changes in the composition of the group and other		59	59
Closing balance	20,028	263	20,291

lmpairment – investments at cost (2023)

	Stage 1	Stage 2	Stage 3
	12 month	Lifetime	Lifetime
	expected credit expected credit expected credit
30 June 2023	losses	losses	losses	Total
Opening balance	-1	-5	-5	-11
Disposals		3		3
Changes in the composition of the group and other		-
Closing balance	-1	-3	-5	-9

lmpairment – investments at cost (2022) (Restated)

	Stage 1	Stage 2	Stage 3
	12 month	Lifetime	Lifetime
	expected credit expected credit expected credit
31 December 2022 (Restated)	osses	osses	osses	Total
Opening balance	-2	- L	-8	-12
Transfers between stage 1, 2 and 3
Disposals		-3	3
Changes in the composition of the group and other			-	-
Closing balance	1	-5	-5	-11

4 Investments at fair value through profit or loss

Financial assets at fair value through profit or loss

A financial asset is measured at fair value through profit or loss if it is not measured at amortised cost or at fair value through other comprehensive income. Financial assets at fair value through profit or loss include debt securities and loans of which the cash flows are not considered solely payments of principal and interest on the principal amount outstanding, investments held for risk of policyholders.

Transaction costs on initial recognition are expensed as income from debt securities and loans classified as investments at fair value through profit or loss is recognised in the profit and lising the effective interest method. Dividend income from equity securities classified as investments at fair value through profit or loss is recognised in 'Investment result' when the dividend has been declared.

Investments at fair value through profit or loss

		31 December 2022
	30 June 2023	(Restated)
For risk of policyholders
- debt securities	1,784	1,694
- equity securities and investment funds	34,243	31,700
- loans and other	1.017	1,165
Total for risk of policyholders	37,044	34,559

For risk of company
- debt securities	468	899
- equity securities and investment funds	7.687	7.374
- loans and other	353	330
Total for risk of company	8,508	8,603
Investments at fair value through profit or loss	45,552	43,162

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Financial	Conformity Interim		Other
developments	statement	accounts	information

The associates and joint ventures of NN Group are subject to legal and regulatory restrictions regarding that can be paid to NN Group. These restrictions are, for example, dependent on the country of incorporation for declaring dividends or as a result of minimum capital requirements imposed by industry regulators in which the associates and joint ventures operate. In addition, the associates and joint vertures also consider other factors in determining the appropriate levels of equity and limitations include, but are not limited to, rating agency and regulatory views, which can change over time.

6 Intangible assets

Intangible assets

		31 December 2022
	30 June 2023	(Restated)
Goodwill	873	871
Software	84	91
Other	314	319
Total	1,271	1,281

7 Assets and liabilities held for sale

As at 1 January 2022, assets and liabilities held for sale relate to NN Graup's asset management activities executed by NN Investment Partners (NN IP) and a closed book life insurance portfolio in NN Belgium.

8 Other assets

Other assets

		31 December 2022
	30 June 2023	(Restated)
Income tax receivable	274	351
Accrued interest and rents	1,112	1,234
Other accrued assets	310	211
Cash collateral amounts paid	4,047	5,001
Other	650	616
Other assets	6,393	7,413

9 Equity

Total equity

		31 December 2022
	30 June 2023	(Restated)
Share capital	35	35
Share premium	12,578	12,578
Accumulated revaluation investments	-5.950	-7.132
Accumulated revaluation (re)insurance contracts	14.960	15.962
Foreign currency translation reserve	-451	-338
Net defined benefit asset/liability remeasurement reserve	-64	-51
Other reserves	-1.734	-1.789
Shareholders' equity	19,374	19,265

Minority interests	76	72
Undated subordinated notes	1.416	1.764
Total equity	20,866	21,101

Financial	Conformity		Other
developments	statement	accounts	information

Changes in equity (2023)

				Total
				shareholders'
	Share	Share		equity
30 June 2023	capital	premium	Reserves	(parent)
Equity - opening balance	35	12.578	6.652	19.265
Total amount recognised directly in equity (OCI)			58	58
Net result for the period			586	586
Dividend			-258	-258
Purchase/sale of treasury shares			-219	-219
Employee stock option and share plans			-1	-1
Coupon on undated subordinated notes			-57	-57
Equity - closing balance	35	12,578	6,761	19,374

Interim dividend 2023

NN Group will pay an interim dividend of EUR 1.12 per ordinately EUR 309 million in total based on the current number of outstanding shares (net of treasury shares), calculated as 40% of the 2022 full-year dividend per ordinary share in accordance with the NN Group dividend policy. The interim dividend will in cash, after deduction of withholding tox if applicable, or fully in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares will be delivered from NN Group treasury shares or issued at the expense of the share premium reserve. To neutralise the dilutive effect of the stock dividend, NN Group will repurchase ordinary shares for an amount equivalent to the value of the stock dividend.

Purchase/sale of treasury shares (2023)

During 2023, treasury shares for a total amount of EUR 3 million were delivered under Employee shares for a total amount of EUR 219 million were repurchased under the open market share buyback programases to neutralise the dilutive effect of stock dividends. The repurchased shares are held by NN Group and the amount was declucted from Other reserves (Purchase/sale of treasury shares). In 2023, 7,289,612 NN Group shares were delivered for the final dividend 2022.

In the first six months of 2023, no NN Group treasury shares were cancelled.

As at 30 June 2023, 12,694,032 treasury shares were held by NN Group.

Realised gains/losses on investments in equity securities (2023)

In 2023 NN Group sold equity securities with a fair value of EUR 546 million, resulting in a realised gain (after tax) of EUR 8 million, which amount was transferred from the investment revaluation reserves to other reserves

Coupon paid on undated subordinated notes (2023)

The undated subordinated notes have optional annual coupons resulted in a deduction of EUR 57 million (net of tax) from equity.

Undated subordinated notes (2023)

In April 2023 NN Group announced a tender for purchase by NN Group for cash of outstanding subordinated notes. The tender was completed in May 2023 and NN Group accepted the purchase of EUR 1 billion in nominal amount. This includes EUR 665 million of subordinated notes previously classified as liabilities in the balance sheet and EUR 335 million previously classified in equity (also refer to Note 11 'Subordinated debt').

Changes in equity (2022) (Restated)

				lota shareholders'
	Share	Share		equity
31 December 2022 (Restated)	capital	premium	Reserves	(parent)
Equity - opening balance	38	12,575	9.011	21,624
Total amount recognised directly in equity (OCI)			-2,385	-2,385
Net result for the period			1.634	1,634
Changes in share capital	-3	3		0
Dividend			-413	-413
Purchase/sale of treasury shares			-1,391	-1,391
Employee stock option and share plans			-6	-6
Coupon on undated subordinated notes			-58	-58
Changes in the composition of the group and other			260	260
Equity - closing balance	35	12,578	6,652	19,265

Purchase/sale of treasury shares (2022)

In 2022, 32,439,329 ordinary shares for a total anount of EUR 1,391 million were repurchased under an open market share buyback programme, including repurchases to neutralise the dividencs. Treasury shares for an amount of EUR 6 million were delivered under Employee share plans. The repurchased shares are held by NN Group and the amount was deducted from Other reserves (Purchase/sale of treasury shares).

In 2022, 22,878,210 NN Group treasury shares were cancelled.

As at 31 December 2022, 13,608,384 treasury shares were held by NN Group.

Coupon paid on undated subordinated notes (2022)

The undated subordinated notes have optional coupon payments in June and July. The annual coupons resulted in a deduction of EUR 58 million (net of tax) from equity

Final dividend 2022

On 2 June 2023, the General Meeting adopted find dividend of EUR 1.79 per ordinary share, or approximately EUR 504 million in total. Together with the 2022 interim dividend of EUR 1.00 per ordinary share paid in September 2022, NN Group's total dividend for 2022 was EUR 2.79 per ardinary share. The find dividend was part in of withholding tox if applicable, or in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares were delivered from NN Group treasury shares or issued at the expense of the share premium reserve. To neutralise the stock dividend, NN Group repurchases ordinary shares for an amount equivalent to the stock dividend was distributed out of Other reserves.

Minority interests

NN Group owns 51% of the shares of ABN AMRO Verzekeringen). ABN AMRO Verzekeringen). ABN AMRO Verzekeringen's principal place of business is Zwolle, the Netherlands. ABN AMRO Verzekeringen is fully consolidated by NN Group, with a minority interest recognised of 49%

At 30 June 2023, the minority interest relatingen recognised in equity was EUR 69 million (31 December 2022: EUR 64 million).

10 Insurance contracts

Insurance contracts

IFRS 17 allows certain accounting polices and requires wasment in setting certain assumptions. The most important accounting polices and assumptions that are relevant to NN Group are set out below.

Key accounting policies

Accounting models

NN Group applies each of the three accounting model is the default model and is applied to traditional life insurance portfolios. The Variable Fee Applied to most unit-linked portfolios, except for unit linked contracts for which the guarantees were in the money at the Variable Fee Aproach assessment. The Premium Allocation Applied to non-life insurance contracts in Netherlands Non-life with a coverage period of 12 months or less. NN Group's insurance contracts include investment contracts with discretionary participation features.

Finance result on (re) insurance contracts and 'OCI option'

NN Group determines per portfolio of insurance contracts whether the effect of changes in financial assumptions, in discount rates, are reflected either fully in the profit and loss account or partially in other comprehensive income (100) in the profit and loss account based on a systematic allocation of the expected total net finance result over the croup of contracts (the OCl option'). Under the OCI option, amounts recognised in other comprehensive income are recycled through profit or loss so that the amount in other comprehensive income will be nil at the duration of the portfolio of insurance contracts. This recycling is done by accreting interest on the insurance liability through profit or loss using a locked in discount rate contract, which is unlocked for changes in financial assumption after intial recognition is presented in Finance result on (re) insurance contracts.

For contracts accounted for under the General Model and Premium Allocation Approach, in principle the OCl option is used, unless accounting for the impact of changes in financial assumptions directly in the profit and loss accounting mismatches or is otherwise preferred. For contracts accounted for under the Variable Fee Approach, the OCI option is, in principle, not applied.

Level of aggregation

Insurance contracts are aggregated per 'CSM group' under IFRS 17. A CSM group consists within the same profitability bucket and issued in the same anual period. Contracts are in these are managed together and have similar risks. NN Group uses at least three profitability buckets: onerous contracts that have no possibility of becoming onerous and remaining contracts. Groups of contracts issued in the same annual cohort. In certain portfolios additional disaggregation is applied.

Under the EU-endorsed version of IFRS 7 (IFRS-EU), certain specific insurance contracts do not need to be disaggregated by the year in which these contracts were issued (no annual cohorts). NN Group does not apply this IFRS-EU exemption.

If a contract would fallinto a different group only because law or regulation NN Group's practical ability to set a fiferent price or level of benefits for policyholders with different characteristics, NN Group includes those contracts in the same group.

Uncertainty on the settlement of the claim amount

For insurance products where is uncertainty on the settlement of the claim amount, NN Group accounts for the uncertain claim amounts, as part of the liability for incurred claims (mostly for insurance contracts) or as part of the liability for remaining coverage (mostly for Dutch disability and other insurance contracts).

lnvestment components excluded from insurance income and expenses

Insurance income and experses in the profit and loss account exclude any (non-distinct) investment component is the amount that an insurance contract requires NN Group to a policyholder in all circumstances, regardless whether an insured event ocurs. For products containing a surender option for the non-distinct investment component is normally based on the contractual surrender value after deduction of surrender charges.

Financial and non-financial assumptions

Under the General Model, NN Group specifies at inception of the insurance contract the basis on which it commitment under the contract; for example, based on a fixed interest rate, or on returns that vary based on specification is then used to distinguish between the effect of changes in assumptions that relates (that do not adjust the contractual service margin but are recognised as 'Finance contracts' in the profit or loss account or in other comprehensive income) and non-financial variables and discretionary changes to that commitment (that do adjust the contractual service margin).

Under the Variable Fee Aporoach, the effect of chancial and nor-financial assumations on the net present value of future cash flows (not stemming from changes in the policyholders' share of the contractual service margin using current discount rates, Changes in the policyholders' share of the underlying items are included in 'Finance contracts ' in the profit and loss account

Amortisation of acquisition costs

For traditional life insurance contracts, certain types of flexible life insurance contracts with a coverage period of over one year, the amortisation of acquisition costs takes place over the premium to the revenue recognised. For other types of flexible ife insurance contracts, the acquisition costs are amortised over the policies in relation to the emergence of estimated profits. Amortisation is adjusted when or future profits, to be redised from a group of insurance contracts, are revised.

Transition approach

NN Group used each of the transition approaches in IFRS 17. In the modified retrospective transition approach, NN Group used mainly the modifications for historical cash flows and the risk adjustment. The modified retrospective approach is applied to certain portfolios in the Insurance Europe segment. In the fair value transition service margin is determined by reference to the for value of insurance liabilities. Fair value is determined similar to fulfilment value, except that no group diversification is reflected in the risk adjustment, the cost of capital rate in the risk adjustment is set at 6% and expenses also include expenses. The fair value transition approach is applied to, amongst others, portfolios in Netherlands Life.

NN Group uses the OCI option as described above, but set the amount in other comprehensive income at transition date (1-1-2022) to nil under the modified or fair value transition approach for certain portfolios (i.e. for which it was not practicable to deternine the amount in other comprehensive income retrospectively). General account assets are considered to be one pool of assets, backing (part of some and all of other) insurance contracts and NN Group equity. Consequentially, the investment revaluation reserve of those assess can not be ally to insurance contracts for which the comprehensive income was set to nil at the transition date.

Coverage units

Coverage units are determined based on the expected insurance contract services are determined considering the (weighted) quantity of the benefits provided from insurance and the expected duration of the insurance contracts. For insurance services, the quantity of be bosed on the insurance lidbility using assumptions set at infici recognition or the maximum amount a policyholder might valida a certain period. For investment services, the quantity of benefits can, amongst others, be based on the account value of underlying assets. The total amount of coverage contracts is the probability weighted present value of the insurance contract services.

Premium Allocation Approach

In the segment Netherlands Non-life qualifying insurance and reported under the Premium Allocation Approach. When using the Premium Allocation Approach, future cash flows reated to the Liability for Remaining Coverage (i.e. the unearned premium reserve) are not adjusted for time value of money and the effect of financial risk if at initial recognition, it is expected that the time between providing each part of the coverage and the related premium due date is no more than one year. NN Group adjusts future cash flows related to the lichility for incurred claims for the time value of money and the effect of financial risk. NN Group accounts for the profit and loss account when incurred, if the coverage period is no more than one year.

Key assumptions

Mortality and morbidity assumptions

Estimates of future cosh flows reflect mortality assumptions that are internally developed and calibrated to NN Group's own experience, reflecting the characteristics. National mortality tables published by relevant actuarial or statistical bodies are used as benchmarks. Future projected mortality improvements (generation mortality tables) are dso reflected in the assumption tables and are determined internally. Mortality assumptions are country, age, gender and sometimes product group specific.

Expense assumptions

Expenses that are considered directly attributable are allocated to groups of insurance contracts, and estimates of these expected future expense cashflows are included in the insurance liability as a component of the fulfilment value. Non-attributable expensed directly in the profit and loss account when incurred. In principle, expenses that are necessary to serve the policyholder (including expenses to meet regulatory requirements as insurance company) are directly attributable whereas other expenses) are not.

Lapse and surrender rates

Lapse, cancellation and surrender assumptions reflect policyholder behaviour. As such the rates usually depend on issue year, polioy year, major product lines and sales channels. Such granuarity is usually enough to capture how the product terms and conditions as well as regulations can influence the timing and volume of lapse and surrenders. Calendar year based adjustments and dynamic policyholder behaviour are considered when needed in specific circumstances.

Discount rates

Discount rates are determined using a liquid risk-free curve to which an illiquid risk-free curve is set per currency, while the illiquidity premium is determined per entity using an approach that, reflects of the current assets of that entity. In the second half of 2022 the assumption for speads used in the illiquidity premium was updated and spreads are assess using Z-spreads. The total asset spread is adjusted for expected and unexpected credit losses.

For the Euro currency, the risk-free curve is based on the swap rate and includes a last liquid point (LLP) of 30 years and o long-term forward rate (LTFR). At 30 June 2023 and 31 December 2022 the LTFR was 3.25%.

The table below sets out the yield curves used to discount the cash flows of insurance contracts for NN Group's most important segment, Netherlands Life, as at 30 June 2023 and 31 December 2022.

Range of yield curves

	Insurance contracts without direct participation (General
			Direct participating contracts
		Model)		(Variable Fee Approach)
		31 December		31 December
		2022		2022
	30 June 2023	(Restated)	30 June 2023	(Restated)
1 year	46%	3.8%	4.0%	3.2%
5 years	3.8%	3.8%	3.2%	3.1%
10 years	3.5%	3.7%	2.9%	3.1%
20 years	3.3%	3.4%	27%	2.8%
30 years	3.0%	2.9%	2.4%	2.3%
40 years	29%	2.8%	2.4%	2.3%

For the other insurance segments within the group, the same is used, but the illiquidity premium is derived from the asset portfolios of the specific entities, resulting in a (wide) range of yield curves used.

--- - -

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Financial	Conformity		Other
developments	statement	accounts	information

Insurance contracts (2022) (Restated)

31 December 2022 (Restated)	General Model	Variable Fee Approach	l of di Genero Model and Variable Fee Approach	Premium Allocation Approach	Total
Life Insurance contracts for risk of company	98.104	92	98.196	6	98,202
Lite Insurance contracts for risk of policyholders	7,249	29,084	36,333		36,333
Life insurance contracts	105,353	29,176	134,529	6	134,535
Non-life contracts for remaining coverage	3,357		3,357	212	3,569
Non-life contracts for incurred claims and benefits	gg		ರಿಕ	2.472	2,571
Non-life insurance contracts	3,456	0	3,456	2,684	6,140
Insurance contracts	108,809	29,176	137,985	2,690	140,675
- of which presented as assets	124		124		124
- of which presented as liabilities	108.933	29.176	138.109	2.690	140.799
Insurance contracts	108,809	29,176	137,985	2,690	140,675

Financial	Conformity		Other
developments	statement	accounts	information

General Model and Variable Fee Approach

Insurance contracts under General Model and Variable Fee Approach (2023)

the present value of future cash flows	adjustment for non-financial	Contractual	Model and Variable Fee Approach
348	-26	-198	124
129,854	1.603	6,652	138,109
129,506	1,629	6,850	137,985

			20
			0
			37
			57
	-77	-375	-452
-43			-43
-43	-77	-375	-495

			5
			5
3,035	19	32	3,086
1,311	-8		1,303
4,346	11	32	4,389
			5,465
			-303
			-6,386
-1,224	0	0	-1,224

-2	1	41	40
-1,546	-11	-88	-1,645
130,572	1,649	6,891	139,112
			310
			139,422
			139,112
	-451 -50 30 -471 6 6 5.465 -303 -6,386 744 131,316 130,572	risk 40 50 7 97 -1 -1 -69 1,580 1,649	service margin 431 431 0 -365 6,526 6,891

Insurance contracts under General Model and Variable Fee Approach (2022) (Restated)

	Estimates of the present	Risk adjustment for		Total General Model and
	value of future	non-financial	Contractual	Variable Fee
31 December 2022 (Restated)	cash flows	risk	service margin	Approach
- opening balance presented as assets	328	-24	-179	125
- opening balance presented as liabilities	170,826	2,833	6,049	179,708
Net opening balance	170,498	2,857	6,228	179,583
- insurance contracts initially recognised in the period	-870	118	803	51
- changes in estimates that adjust the contractual service margin	-417	-246	663	0
- changes in estimates that do not adjust the contractual service margin	67	-5		62
Changes that relate to future service	-1,220	-133	1,466	113

- release to profit or loss		-181	-771	-952
- experience adjustments not adjusting the contractual service margin	-16			-16
Changes that relate to current service	-16	-181	-771	-968
- changes in incurred claims and benefits previous periods	-51	-2		-53
Changes that relate to past service	-51	-2	0	-53
		6	62
- finance result through profit or loss - finance result recognised in OCI	-4,047 -33,352	-907		-3,979 -34,259
Finance result on insurance contracts	-37,399	-901	62	-38,238

premiums received	10,801			10,801
- acquisition costs paid	-596			-596
- claims, benefits and attributable expenses paid	-12,796			-12,796
- changes in the composition of the group - contracts acquired	1,608			1,608
Cash flows	-983	0	0	-083
Other movements	-33			-33
Foreign currency exchange differences	-1,290	-11	-135	-1,436
Net closing balance	129,506	1,629	6,850	137,985

- closing balance presented as assets	348	-26	-198	124
- closing balance presented as liabilities	129,855	1,602	6,652	138,109
Net closing balance	129.507	1.628	6.850	137.985

Insurance contracts recognised in the period (2023)

30 June 2023	Onerous insurance contracts issued	Other insurance contracts issued	Insurance contracts acquired	Total insurance contracts initially recognised in the period
Estimates of the present value of future cash inflows	-409	-3.638		-4.047

- acquisition costs	29	227		256
- claims, benefits and attributable expenses	397	2.943		3.340
Estimates of the present value of future cash outflows	426	3,170	0	3,596
Risk adjustment	3	37		40
Contractual service margin		431		431
Total insurance contracts initially recognised in the period	20	0	0	20

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Other

Notes to the Condensed consolidated interim accounts continue

12 Other liabilities

Other liabilities

		31 December 2022
	30 June 2023	(Restated)
Income tax payable	27	67
Net defined benefit liability	50	40
Other post-employment benefits	3	ব
Other staff-related liabilities	77	78
Other taxation and social security contributions	105	101
Lease liabilities	255	255
Accrued interest	319	242
Costs payable	343	298
Provisions	175	199
Amounts to be settled	42	461
Cash collateral amounts received	688	681
Other	718	588
Other liabilities	2,802	3,014

13 Insurance income

Insurance income (2023)

	Contracts		Fair value approach	Total
	issued after	Modified retrospective approach
1 January to 30 June 2023	transition and
	retrospective
	approach
Release of contractual service margin	140	83	152	375
Release of risk adjustment	15		55	77
Expected claims and benefits	296	47	1,928	2,271
Expected attributable expenses	218	77	341	636
Recovery of acquisition costs	131	57		188
Experience adjustments for premiums that relate to current or past service	-3		20	17
Insurance income General Model and Variable Fee Approach	797	271	2,496	3,564

Insurance income Premium Allocation Approach				1.404
Total insurance income				4,968

Insurance income (2022) (Restated)

	Contracts	Modified retrospective approach	Fair value approach	Total
1 January to 30 June 2022 (Restated)	issued after transition and retrospective approach
					Release of contractual service margin	તે3	gg	165	357
					Release of risk adjustment	35	8	60	103
					Expected claims and benefits	136	55	2,257	2.448
Expected attributable expenses	174	94	376	644
Recovery of acquisition costs	120	72		192
Experience adjustments for premiums that relate to current or past service	10	-1	23	32
Insurance income General Model and Variable Fee Approach	568	327	2,881	3,776
Insurance income Premium Allocation Approach				1.378
Total insurance income				5,154

Total insurance income

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Financial	Conformity		Other
developments	statement	accounts	information

ln recent periods, the number of transactions in real estate markets has decreased, resulting in larger uncertainties around the inputs to the valuations and, therefore, increased uncertainty in the fair value of real estate investments.

Investment result

		1 January to 30
	1 January to 30 June 2023	June 2022
Interest income from investments in debt securities	858	(Restated) 879
Interest income from mortgage loans	625	544
nterest income from other loans	201	132
Interest income on (hedging) derivatives	221	95
Other interest income	86	46
Interest income	1,991	1,696
Realised gains (losses) on investments at cost and at fair value through other comprehensive income	-131	219
Gains (losses) on investments at fair value through profit or loss	2.178	-5,549
Gains (losses) on investments at cost, at fair value through OCI and at fair value through profit and loss	2,047	-5,330

Income from investments in real estate	57	56
Change in fair value of investments in real estate	-139	131
Gains (losses) on investments in real estate	-82	187
	-241	388
Share of result of investments in associates and joint ventures
Impairments	-63	-76
Reversal of impairments	47	39
Impairments on investments	-16	-37

Result on derivatives and hedging	43	-1,621
Foreign currency exchange result	88	937
Dividend income on equity securities	207	189
Other investment income	7	6
Total Investment result	4,044	-3,585

Gains (losses) on investments at fair value through profit or losses) related to investments held for risk of policyholders for EUR 2,177 million (1 January to 30 June 2022: EUR -5,218 million). These gains (losses) are mostly offset by changes in fair value of underlying items as presented in 'Finance result on (re)insurance contracts'.

lmpairments on investments by segment

		1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Netherlands Life	16	30
Netherlands Non-life
Insurance Europe	-1	8
Japan Life	ന
Banking	-3	-2
Total	16	37

16 Finance result on (re) insurance contracts

Finance result on (re) insurance contracts

		1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Change in fair value of underlying items	2.166	-5.166
Interest accreted	915	649
Changes in value of options and quarantees for which the risk mitiqation solution is used	-3	(
Finance result on (re) insurance contracts	3,078	-4.519

17 Non-attributable operating expenses

Non-attributable operating expenses

		1 January to 30
	1 January to 30 June 2023	June 2022 (Restated)
Salaries	492	441
Variable salaries	20	18
Pension costs	68	60
Social security costs	78	67
Share-based compensation arrangements	3	3
External staff costs	132	136
Fducation	7	6
Other staff costs	35	29
Staff expenses	835	760
Operating expenses	1,237	1,220
Staff and operating expenses	2,072	1,980
Of which attributed to
- incurred acquisition costs	-294	-287
- incurred insurance expenses	-1.148	-1,084
Attributable expenses	-1,442	-1,372
Non-attributable operating expenses	630	609

18 Discontinued operations

As of 2021, NN Group's asset management activities executed by NN Investment Partners (NNP) are classified as discontinued operations. Reference is made to Note 23 'Companies and businesses acquired and divested'. Net result from discontinued operations consists of the net result (after tax) of the businesses classified as discontinued operations and is presented in the profit and loss account for the first half year of 2022. No gain or loss has been recognised in the profit and loss account upon the classification as held for sale and discontinued operations; upon closing of the transaction a gain of EUR 1.1 billion was recognised.

Net result from discontinued operations

		1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Total income		110
Total expenses		74
Net result from disposal of discontinued operations		1.062
Result before tax from discontinued operations	0	1,098
Taxation		ഗ
Net result from discontinued operations	0	1,089

Financial	Conformity		Other
developments	statement	accounts	information

The activities of NN Investment Partners (NN IP) were reported in the segment before these were clossified as discontinued operations and held for sale. The segment ceased to exist in 2021, following the classification as discontinued aperations, as all activities previously included in this segment became discontinued operations. The sale of NN Investment in April 2022. Reference is made to Note 46 °Companies and businesses acquired and divested in the NN Group 2022 Annual report.

Net cash flow from discontinued operations

		1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Operating cash flow		94
Investing cash flow		-2
Net cash flow from discontinued operations	O	92

19 Earnings per ordinary share

Earnings per ordinary shore shows earnings for profit or loss attributable to shareholders of the parent. Earnings per ordinary share is calculated on the basis of the weighted average number of ordinary shares outstanding. In calculating the weigh of ordinary shares outstanding, own shares held by group companies are deducted from the total number of ordinary shares in issue.

Earnings per ordinary share from continuing and discontinued operations

	Weighted average
	Amount number of ordinary shares (in millions of euros) (in millions)		Per ordinary share
					(in euros)
	1 January to 30			1 January to 30		1 January to 30
	1 January to 30	June 2022	1 January to 30	June 2022	1 January to 30	June 2022
	June 2023	(Restated)	June 2023	(Restated)	June 2023	(Restated)
Net result from continuing and discontinued operations	586	1,741
Coupon on undated subordinated notes	-27	-29
Basic earnings from continuing and discontinued
operations	559	1,712	278.7	303-3	2.01	5.64

Dilutive instruments
- Share plans			0.2	0.4
Dilutive instruments			0.2	0.4

Diluted earnings from continuing and discontinued
operations	559	1,712	278.9	303.7	2.00	5.64

Earnings per ordinary share from continuing operations

Amount (in millions of euros)		number of ordinary shares (in millions)		Per ordinary share (in euros)

1 January to 30				1 January to 30	June 2022
June 2023	(Restated)	June 2023	(Restated)	June 2023	(Restated)
587	653
-27	-29
560	624	278.7	303.3	2.01	2.06

		0.2	0.4
		0.2	0.4
560	624	278.9	303.7	2.00	2.05
		1 January to 30	June 2022 1 January to 30		Weighted average June 2022

Earnings per ordinary share from discontinued operations

		weighted average
	Amount (in millions of euros)		number of ordinary shares (in millions)		Per ordinary share (in euros)

		1 January to 30		1 January to 30		1 January to 30
	1 January to 30	June 2022	1 January to 30	June 2022	1 January to 30	June 2022
	June 2023	(Restated)	June 2023	(Restated)	June 2023	(Restated)
Net result from discontinued operations		1.087
Basic earnings from discontinued operations	0	1,087	278.7	303.4		3.59
Dilutive instruments
- Share plans			0.2	0.4
Dilutive instruments			0.2	0.4

Diluted earnings from discontinued operations	0	1,087	278.9	303.8		3.58

Diluted earnings per share is calculated as if the share plans had been exercised at the period and assuming that the cash received from exercised share plans was used to buy own shares against the average market price during the period. The net increase in the number of shares resulting from exercising share plans is a the average number of shares used for the calculation of diluted ecrinings per share.

20 Segments

A segment is a distinguishable component of NN Group, engaged in provides or services, subject to risks and returns that are different from those of other segments. A geographical area is a distinquishable component of NN Group engages or services within a particular economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments. The geographical analysis is based on the business unit from which the transactions are originated.

The reporting segments for NN Group, based on the internal reporting structure, are as follows:

Netherlands Life (Group life and individual life insurance products in the Netherlands)
· Netherlands Non-life (Non-life insurance in the Netherlands including disability and accident, fire, motor and transe)
· Insurance Europe (Life insurance, pension products and to a small extent non-life insurance and retirement services in Central and Rest of Europe)
Japan Life (Life insurance primarily Corporate Owned Life Insurance (COLI) business)
Banking
· Other (Operating segments that have been aggregated due to their respective size; including Japan Closed block single premium variable annuity individual life insurance portfolio the internally reinsured minimum guarantee risk, which has been closed to new business and which is being managed in run-off), reinsurance and items related to capital management and the head office)

The Executive Board and the Management Board set the performance targets and monitor the budgets prepared by the reporting segments. The segments formulate strategic, commercial and financial with the strategy and performance targets set by the Executive Board and the Management Board.

The accounting policies of the same as those described in the relevant notes. Transfer prices for inter-segment transactions are set at arm's length. Corporate expenses are allocated to segments based on time spent by head office number of staff, or on the basis of income and/or assets of the segment Intercompany loans that quality as equity securities under IFRS-EU are presented in the segment reporting as debt; related coupon payments are presented as income and expenses in the respective segments.

Operating result as presented below is an Alternative Performance Measure) and is not a measure of financial performance under IFRS-EU. Because it is not determined in accordance with IFRS-EU, operating result as presented by NN Group may not be comparable to other similarly titled measures of other companies. The net result on transactions between segments is eliminated in the net result of the relevant. Operating result is calculated as explained in the section 'Alternative Performance Measures'

Financial	Conformity Interim		Other
developments	statement	accounts	information

Result by segment (2023)

เครื่องค์ไทย ( บอลเมนเท ( - ขอบ	Netherlands	Netherlands	Insurance
1 January to 30 June 2023	Life	Non-life	Europe	Japan Life	Banking	Other	Total
Profit margin	94		147	88			328
Technical result	36		3	2			40
Service expense result	18		-2	7			23
Other (re) insurance result			1
(Re) insurance result	147	0	148	96	0	0	392

Investment result	696		78	23			798
Other results - insurance businesses	-38		-39	-17			-94
Operating result insurance businesses	805	0	187	102	0	0	1,095
Operating result non-insurance
businesses	5		32				35
Operating result non-life		226					226
Operating result banking					113		113
Operating result other						-71	-71
Total operating result	810	226	219	102	113	-71	1,400
Non-operating items of which:
- gains (losses) and impairments	-148	-14	-6	-2		-1	-171
- revaluations	-286	-12	-44	-31		43	-330
- market and other impacts	6	-5	-55		-8	-40	-101
Special items	-18	-4	-14			-7	-44
Acquisition intangibles and goodwill			-1			-13	-14
Result on divestments			19				19
Result before tax	364	192	118	68	105	-89	758
l axation	68	46	24	19	27	-17	166
Minority interests		6					6
Net result	297	140	94	50	78	-72	586

Special items in 2023 mainly reflect integration and IFRS 9 and IFRS 17 project expenses.

			Result by segment (2022) (Restated)
--	--	--	-------------------------------------

	Netherlands	Netherlands	Insurance
1 January to 30 June 2022 (Restated)	Life	Non-life	Europe	Japan Life	Banking	Other	Total
Profit margin	64		117	85			266
Technical result	57		7	-1			63
Service expense result	19		16	8			43
Other (re) insurance result	1		2				2
(Re) insurance result	140	0	142	92	O	0	374
Investment result	635		41	24			700
Other results - insurance businesses	-89		-42	-14			-144
Operating result insurance businesses	686	0	141	102	O	0	929
Operating result non-insurance
businesses	5		44				50
Operating result non-life		190					190
Operating result banking					49		49
Operating result other						-94	-94
Total operating result	691	190	185	102	49	-94	1,124
Non-operating items of which:
- gains (losses) and impairments	169	-4	-8	-2		1	157
- revaluations	-226	-36	-55	-50		-13	-379
- market and other impacts	-1	-2	-27		10	-43	-63
Special items	-14	-10	-13	-1		-19	-58
Acquisition intangibles and goodwill			-1			-15	-16
Result on divestments						1,062	1,062
Result before tax	620	139	81	49	59	879	1,827
l axation	54	33	21	13	15	-10	127
Minority interests	-9	-5					-14
Net result	575	111	60	36	44	890	1,715

Special items in 2022 mainly reflect integration and IFRS 9 and IFRS 17 project expenses.

Insurance contracts by segment 2023

	General Model	Premium
30 June 2023	and Variable Fee Approach	Allocation Approach	Total
Netherlands Life	101.500		101,500

Netherlands Non-life	3.750	2.762	6.512
Insurance Europe	18,498		18.498
Japan Life	14,121		14.121
Other	1.243	68	1,311
Insurance contracts	139,112	2,830	141,942

Insurance contracts by segment 2022 (Restated)

	General Model	Premium
	and Variable	Allocation
31 December 2022 (Restated)	Fee Approach	Approach	Total
Netherlands Life	100.125		100,125
Netherlands Non-life	3,410	2,615	6,025
Insurance Europe	17.848		17,848
Japan Life	15,276		15.276
()ther	1,326	75	1.401
Insurance contracts	137,985	2,690	140,675

Alternative Performance Measures (Non-GAAP measures)

NN Group uses the following Alternative Performance Measures (APMs, also referred to as Non-GAAP measures) in its external financial reporting: Operating result and Adminion of these Alternative Performance Measures changed as a result of the introduction of IFRS 9 and IFRS 17. Further details are set out below.

Operating result

Operating result (before tax) is used by NN Group to evaluate the financial performance of its segments. The Operating result is to provide a better understanding of the sperformance by eliminating non-operating volatility from the result before tax. The Group operating result is the sum of the operating result in the Group. The result on transactions between segments is eliminated in the result of the relevant segment's operating result is calculated by adjusting the reported result before tax for the following items:

· Non-operating items:

Gains //osses and impairments on financial assets: realised gains and impairments on financial as Investments at amortised cost and Investments at foir value through other comprehensive income. This relates and loans. Revaluations revaluations (changes in fair value through profit or loss that are held in the general account. This relates mainly to private equity and real estate and equity securities accounted for at fair value through profit or loss and derivatives for which no hedge accounting is applied.

Market & other impacts: other items that are not representative of the underlying business performance of this may include (changes in) losses from onerous contracts due to assumption changle assets and specific one-off expenses.

· Special items: items of income or expense before tax that are significant and arise from events or transactions that are clearly distinct from the ordinary business activities and therefore are not expected to recur frequently. This includes restructuring expenses, rebranding costs, results related to early redemption of debt and gains/losses from employee pension plan amendments.
· Result on divestments: realised gains/losses on the divestment of entities or businesses.
· Acquisition intangibles and goodwill: amortisation and impairment on acquisition related intangible assets and impairment of goodwill.

The operating result for the insurance business is analysis, which includes the insurance and reinsurance result, investment result and other result. The insurance result represents the sum of the profit margin (including release of the CSM), the technical result (including release of the risk adjustment), service result, and other insurance result. The investment result reflects that difference between the investment income (on operating basis) and the finance result (on operating basis).

Operating result as presented above is an Alternative Performance Measure) and is not a measure of financial performance under IFRS-EU. Because it is not determined in accordance with IFRS-EU, operating result as presented by NN Group may not be comparable to other similarly titled measures of performance of other companies.

Administrative expenses

NN Group monitors the level of expenses through the expenses. Administrative expenses are colculated as the total of IFRS Staff and Other operating expenses excluding non-operating items, claims handling expenses related to investment and insurance commissions and fees.

Administrative expenses

	1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Staff expenses	835	760
Other operating expenses	1.237	1.22
Total IFRS operating expenses (before attribution)	2,072	1,981

Presented in Insurance expenses and commissions	644	650
Presented in Insurance acquisition expenses	276	276
Presented in non-operating items (including special items)	53	62
Other adjustments	26	-5
Administrative expenses continuing operations	1,073	998

Administrative expenses as presented above is an Alternative Performance Measure and is not a measure of financial performance under IFRS-EU. Because it is not determined in accordance with IFRS-EU, administrative experses as presented by NN Group may not be comparable to other similarly titled measures of other companies.

Interim Financial Conformity developments statement accounts

Other information

Notes to the Condensed consolidated interim accounts continue

Other metrics

In addition, NN Group discloses a number of other in IFRS and for not defined in regulatory capital legislation). As these are not derived from comparable metrics under IFRS, these cannot be reconciled to an IFRS equivalent. These include the following:

· Operating Capital Generation (OCG): NN Group andyses the change in the excess of Solvency Capital Requirement (SCR) in the following components: Operation, Market variance, Capital flows and Other. Operating Capital Generation is the movement in the Solvency II surplus (Own Funds before eligibility over SCR at 100%) in the period due to operating items, including the impact of new business, expected investment returns in excess of the risk margin, operating variances, non-life underwriting result, contribution of non-Solvency II entities and holding expenses and the change in the SCR. It excludes economic variances, economic assumption changes and non-operating expenses.
Gross premiums written in the reporting period. Premiums written plus or minus the change in premiums receivables equals premiums received as recorded in the cash flow sections on insurance contracts.
New sales (Annual Premium Equivalents annualised premium equivalents sold in the period, with single premiums calculated at 1/10th of the single premium amounts.
Combined ratio: the sum of the daims incurred, net of reinsurance, excluding unwind of interest accrual, divided by net earned premiums) and the expense ratio (sum of acquisition costs and administrative expenses, divided by net earned premiums).
· Financial leverage ratio: the percentage of financial leverage in the total of financial leverage and equity.
· Fixed cost coverage ratio the ability of Earnings Before Interest and Tax (EBT) to cover funding costs on financial leverage; calculated on a last 12-months basis.
Free cash flow: the change in the cash capital position at the holding company over the period, excluding and capital transactions with shareholders and debtholders.
· Cash capital position at the holding company: net current assets available at the holding company.
· Net interest margin (NM); interest result of the banking operations divided by the average total interest bearing assets of the banking operations.

Gross premium

Premiums written (2023)

1 January to 30 June 2023	Life	Non-life	Total
Gross premiums written	4.800	2.444	7.244
Reinsurance ceded	-642	-90	-732
Premiums written net of reinsurance	4.158	2.354	6.512

Premiums written (2022) (Restated)

1 January to 30 June 2022 (Restated)	Life	Non-life	Total
Gross premiums written	5.153	2.364	7.517
Reinsurance ceded	-616	-78	-694
Premiums written net of reinsurance	4.537	2.286	6.823

21 Taxation

Taxation on components of other comprehensive income

	1 January to 30
	1 January to 30	June 2022
	June 2023	(Restated)
Finance result on (re) insurance contracts recognised in other comprehensive income	347	-7.544
Revaluations investments at fair value through other comprehensive income	-332	5.810
Realised gains (losses) transferred to the profit and loss account	-40	38
Changes in cash flow hedge reserve	57	1.801
Remeasurement of the net defined benefit asset/liability	5	-24
Foreign currency exchange differences	-1
Income tax	36	80

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Changes in Level 3 financial assets (2023)

30 June 2023	Investments of through other comprehensive income	fair value Investments at fair value through profit or oss	Total
Level 3 Financial assets - opening balance	40.748	5.613	46,361
Amounts recognised in the profit and loss account	-35	-39	-74
Revaluations recognised in other comprehensive income (equity)	242		242
Purchase	1.081	383	1,464
Sale	-155	-96	-251
Maturity/settlement	-1.205	-5	-1,210
Transfers out of Level 3	-3	-15	-18
Foreign currency exchange differences	5	4	9
Level 3 Financial assets - closing balance	40,678	5,845	46,523

Changes in Level 3 financial assets (2022) Restated

	Investments at
	fair value	Investments at
	through other
	comprehensive	through profit
31 December 2022 (Restated)	income	or oss	Total
Level 3 Financial assets - opening balance	48.107	4.260	52,367
Amounts recognised in the profit and loss account	-199	-101	-300
Revaluations recognised in other comprehensive income (equity)	-8.800		-8.800
Purchase	5.309	1.563	6.872
Sale	-318	-213	-531
Maturity/settlement	-3,638	-2	-3,640
Other transfers and reclassifications	-19	130	111
Transfers into Level 3	319		319
Changes in the composition of the group	-18		-17
Foreign currency exchange differences	5	-25	-20
Level 3 Financial assets - closing balance	40,748	5,613	46,361

Changes in Level 3 financial liabilities

		31 December
		2022
	30 June 2023	(Restated)
Level 3 Financial liabilities - opening balance	19	23
Amounts recognised in the profit and loss account	-2	ণ
Level 3 Financial liabilities - closing balance	17	19

Level 3 – Amounts recognised in the profit and loss account during the year (2023)

		Derecognised
	Held at balance	during the
30 June 2023	sheet date	period	Total
Financial assets
lnvestments at fair value through other comprehensive income	-48	13	-35
Investments at fair value through profit or loss	-39		-39
Level 3 Amounts recognised in the profit and loss account during the year	-87	13	-74
Financial liabilities
Derivatives	-2		-2
Level 3 Amounts recognised in the profit and loss account during the year	-2	0	-2

Financial	Conformity		Other
developments	statement	accounts	information

Level 3 - Amounts recognised in the profit and loss account during the year (2022) (Restated)

	Derecognised
	Held at balance	during the
31 December 2022 (Restated)	sheet date	period	Tota
Financial assets
Investments at fair value through other comprehensive income	-199		-199
lnvestments at fair value through profit or loss	-101		-101
Financial assets	-300	O	-300
Financial liabilities
Derivatives	-4		-4
Financial liabilities	-4	0	-4

23 Companies and businesses acquired and divested

Acquisitions (2022)

MetLife's businesses in Poland and Greece

In July 2021, NN Group announced it had reached agreement to acquire 100% of MetLife's businesses in Poland and Greece as part of the strategy to strengthen NN Group's position in these growth markets. The acquisition was completed in the first half of 2022: Greee in January 2022 and Poland in April 2022. The amount of revenue and poland since acquisition date and if the acquisition acte had been at the start of 2022 are not significant.

MetLife's businesses in Poland and Greece

		MetLife Greece MetLife Poland	Total
Consideration paid	-123	-427	-550
Fair value of net assets acquired	73	208	281
Goodwill	50	219	269

ABN AMRO Levensverzekering

In February 2022 NN Group, ABN AMRO Bank and their joint venture ABN AMRO Verzekeringen announced that they had reached an agreement to sell the insurance subsidiary of ABN AMRO Verzekeringen to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life). This transaction was completed in July 2022. ABN AMRO Verzekeringen is a joint venture between NN Group (51%) and ABN AMRO Bank (49%). The insurance subsidiary of ABN AMRO Verzekeringen was already consolidated by NN Group and, therefore, this transaction did not have significant impact on NN Group.

Divestments (2022)

NN Investment Partners (NN IP)

In August 2021, NN Group announced that it had reached an agreement activities executed by NN Investment Partners (NN IP) to Goldman Sachs for total cash proceeds of EUR 1.7 billion closed in April 2022 resulting in a qain of EUR 1,062 million.

Following the announced disposal, the asset management activities were classified as Held for sale in 2021. Reference is made to Note 7 Assets and liabilities held for sale'. The results from NN Investment result are presented as Result from discontinued operations. Reference is made to Note 18 'Discontinued operations'.

Closed book portfolio NN Belgium

In November 2021, NN Group's subsidiary NN Insurance Belgium sold a closed book life portfolio to Athora Belgium. The closed book portfolio, comprising life insurance policies that are no longer being sold, reflected approximately EUR 3.3 billion of assets and lidblities. The transaction was completed on 4 October 2022.

Following the announced disposal, the closed book life portfolio was classified as Held for sale. The closed book life portfolio were presented in 'Assets held for sale' in the balance sheet as at 30 June 2022.

Financial	Conformity Interim		Other
developments	statement	accounts	information

24 Capital and liquidity management

Eligible Own Funds and Solvency Capital Requirements

		2022
	30 June 2023	(Restated)
Basic Own Funds	19,397	19,237

Non-available Own Funds	1.0995	1,415
Non-eligible Own Funds
Eligible Own Funds (a)	18,302	17,822

- of which Tier 1 unrestricted	11,515	10,904
- of which Tier 1 restricted	1,395	1,716
- of which Tier 2	2,494	2,189
- of which Tier 3	908	910
- of which non-Solvency II regulated entities	1,991	2,104

Solvency Capital Requirements (b)	9,090	9,040
- of which non-solvency II regulated entities	1,397	1,363
NN Group Solvency II ratio (a/b)	201%	197%

The solvency ratios are not final until filed with the regulators. The Solvency II ratio for NN Group is based on the partial internal model.

25 Other events

Unit-linked products in the Netherlands

Reference is made to Note 45 "Legal proceedings" of the 2022 NN Group Annual Accounts for a description of legal proceedings with respect to unit-linked products in the Netherlands. With respect to the collective proceedings initiationale-Nederlancen, it is noted that a judgment in appeal is now expected late September 2023.

Financial	Conformity		Other
developments	statement	accounts	information

26 Other IFRS 9 and IFRS 17 transition disclosures

Reconciliation condensed consolidated balance sheet 31 December 2022 Balance sheet item

Balance sheet item				Restated balance sheet item
	Reported		Adjusted
- as reported under IAS 39 and IFRS 4	amount	Adjustment	amount	- with IFRS 9 and IFRS 17
Cash and cash equivalents	6,670		6.670	Cash and cash equivalents
Available-for-sale investments	81,610	33,451	115,061	Investments at fair value through OCI
Loans	68,044	-47,753	20,291	Investments at cost
Financial assets designated at fair value
through profit or loss	681	42,481	43,162	Investments at fair value through profit or loss
Real estate investments	2.754		2.754	Investments in real estate
Associates and joint ventures	6,556	-106	6,450	Investment in associates and joint ventures
Investments for risk of policyholders	34,562	-34,562
		124	124	Insurance contracts
Reinsurance contracts	1.019	-182	837	Reinsurance contracts
Non-trading derivatives	2,452		2.452	Derivatives
Property and equipment	399		399	Property and equipment
Intangible assets	1.624	-344	1.280	Intangible assets
Deferred acquisition costs	1.858	-1.858
Deferred tax assets	904	-773	131	Deferred tax assets
Other assets	7,977	-564	7,413	Other assets
Total assets	217,110	-10,086	207,024	Total assets
Insurance and investment contracts	156.378	-15.579	140.799	Insurance contracts
		223	223	Reinsurance contracts
		3,421	3,421	Investment contracts
Debt securities issued	1.694		1,694	Debt instruments issued
Subordinated debt	2,334		2,334	Subordinated debt
Other borrowed funds	11,118		11.118	Other borrowed funds
Customer deposits and other funds on deposit	16,235		16,235	Customer deposits
Non-trading derivatives	6.462		6.462	Derivatives
Deferred tax liabilities	423	201	624	Deferred tax liabilities
Other liabilities	4,634	-1,621	3,013	Other liabilities
Total liabilities	199,278	-13,355	185,923	Total liabilities
Total equity	17.832	3.269	21.101	Total equity

Financial	Conformity Interim		Other
developments	statement	accounts	information

Reconciliation of Condensed consolidated profit and loss account 1 January 2022 to 30 June 2022

Main profit and ioss accounts item				Restated prom and foss account frem
	Reported		Adjusted
- as reported under IAS 39 and IFRS 4	amount	Adjustment	amount	- with IFRS 9 and IFRS 17

Total income	10,077	-10.077
l otal expenses	8,928	-8,928
		525	525	Insurance and reinsurance result
		648	648	Net investment result
		-408	-408	Other result
Result before tax from continuing operations	1,149	-384		765 Result before tax from continuing operations
Taxation	225	-98	127	Taxation
Net result from continuing operations	924	-286	638	Net result from continuing operations
Net result from discontinued operations	27		27	Net result from discontinued operations
Net result from disposal of discontinued				Net result from disposal of discontinued
operations	1.062		1.062	operations
Net result from discontinued operations	1,089		1,089	Net result from discontinued operations
Net result from continuing and discontinued				Net result from continuing and discontinued
operations	2.013	-286	1.727	operations

The ine items as included above represent the line items in the condensed consolidated statement of profit and loss for which it was practicable to make a reconciliation between amounts as published and the restated amounts after implementation of IFRS 97.

Financial	Conformity		Other
developments	statement	accounts	information

Reconciliation of Condensed consolidated statement of comprehensive income 1 January to 30 June 2022 Comprehensive income item Restated Comprehensive income item

- as reported under IAS 39 and IFRS 4	Reported amount	Adjustment	Adjusted amount	- with IFRS 9 and IFRS 17

Net result from continuing and discontinued				Net result from continuing and discontinued
operations	2,013	-286	1.727	operations
				- finance result on (re)insurance contracts
		21,826	21,826	recognised in OCI
- unrealised revaluations available-for-sale				- revaluations on Investments at fair value
investments and other	-12,114	-4,606	-16,120	through OCI
- realised gains/losses transferred to the profit				- realised gains/losses transferred to the profit
and loss account	-292	183	-109	and loss account
- changes in cash flow hedge reserve	-5,189	-1	-5,190	- changes in cash flow hedge reserve
- deferred interest credited to policyholders	3,488	-3,488
- share of OCI of associates and joint ventures	4		4	- share of OCI of associates and joint ventures
- exchange rate differences	-173	38	-135	- foreign currency exchange differences
Items that may be reclassified subsequently				Items that may be reclassified subsequently
to the profit and loss account:	-14,276	13,952	-324	to the profit and loss account:

				- revaluations on equity securities at fair value
		-1.588	-1,588	through OCl
- unrealised revaluations property in own use	2		2	- unrealised revaluations property in own use
- remeasurement of the net defined benefit				- remeasurement of the net defined benefit
asset/liability	72		72	asset/liability
Items that will not be reclassified to the				Items that will not be reclassified to the
profit and loss account:	74	-1,588	-1,514	profit and loss account:

Total other comprehensive income	-14,202	12,364	-1,838	Total other comprehensive income
Total comprehensive income	-12,189	12,078	-111	Total comprehensive income

Comprehensive income attributable to:				Comprehensive income attributable to:
Shareholders of the parent	-12,140	12,043	-97	Shareholders of the parent
Minority interests	-49	35	-14	Minority interests
Total comprehensive income	-12,189	12,078	-111	Total comprehensive income

Financial	Conformity		Other
developments	statement	accounts	information

Reconciliation of Condensed consolidated statement of cash flows 1 January to 30 June 2022 Statement of cash flows item

A CALLARI PER SEMARE I INVESTICAL I	Reported		Adjusted
- as reported under IAS 39 and IFRS 4	amount	Adjustment	amount	- with IFRS 9 and IFRS 17
Result before tax	2,248	-385	1,863	Result before tax
Adjusted for:				Adjusted for:
- depreciation and amortisation	73		73	- depreciation and amortisation
- deferred acquisition costs and value of
business acquired	-52	52
- underwriting expenditure (change in insurance				- change in insurance contracts and investment
liabilities)	-384	662	278	contracts
- realised results and impairments of available-				- realised results and impairments on
for-sale investments	-302	538	236	investments
- other	-1,342	633	-709	- other
				- net premiums, claims and attributable expenses
		-842	-842	on (re) insurance contracts
lax paid (received)	-130		-130	l ax paid (received)
Changes in:				Changes in:
- loans	498	-742	-244	- investments at cost (retail mortgages)
- other financial assets at fair value through
profit or loss	306	-306		- investments at fair value through profit or loss
- non-trading derivatives	-357	1,275	918	- derivatives
- other assets	-4,316	66	-4,250	- other assets
- customer deposits and other funds on deposit	174		174	- customer deposits
-financial liabilities at tair value through profit or
oss	420	-420
- other liabilities	-3,826	-514	-4,340	- other lightlities
Net cash flow from operating activities	-6,990	17	-6,973	Net cash flow from operating activities

Investments and advances:				Investments and advances:
group companies, net of cash acquired	-580		-280	- group companies, net of cash acquired
				- investments at fair value through
- available-for-sale investments	-10,757	-2,348	-13,105	comprehensive income
- loans	-3,509	3,509		- investments at cost
	-485	-1,193	-1,193 -485	investments at fair value through profit or loss
- associates and joint ventures - real estate investments	-108		-108	- investments in associates and joint ventures - investments in real estate
	-29	29		- property and equipment
- property and equipment - investments for risk of policyholders	-4,331	1	-4,330	- investments for risk of policyholders
- other investments	-44	-21	-65	- other investments
Disposals and redemptions:				Disposals and redemptions:
group companies	1,355		1,355	- group companies
				– investments at fair value through
- available-for-sale investments	15,980	1,801	17.781	comprehensive income
- loans	2,531	-2,531		- investments at amortised cost
		751	751	- investments at fair value through profit or loss
- associates and joint ventures	449		449	- investments in associates and joint ventures
- real estate investments	82		82	- investments in real estate
- property and equipment	8	-8		- property and equipment
- investments for risk of policyholders	4,626	-7	4,619	- investments for risk of policyholders
Net cash flow from investing activities	5,188	-17	5,171	Net cash flow from investing activities
Repayments of debt instruments issued	-600		-600	Repayments of debt instruments issued
Proceeds from other borrowed funds	4,791		4,791	Proceeds from other borrowed funds
Repayments of other borrowed funds	-2,407		-2,407	Repayments of other borrowed funds
Dividend paid	-253		-253	Dividend paid
Purchase/sale of treasury shares	-512		-512	Purchase/sale of treasury shares
Coupon on undated subordinated notes	-33		-33	Coupon on undated subordinated notes
Net cash flow from financing activities	986		986	Net cash flow from financing activities
Net cash flow	-816		-816	Net cash flow

NN Group N.V. Condensed consolidated interim financial information for the period ended 30 June 2023 Unaudited

Financial	Conformity		Other
developments	statement	accounts	information

Reconciliation of condensed consolidated statement of changes in equity 1 January to 30 June 2022

Statement of changes in equity item				Restated changes in equity item
- as reported under IAS 39 and IFRS 4	Reported amount	Adjustment	Adjusted amount	- with IFRS 9 and IFRS 17

Balance at 1 January 2022	34,918	-11,292	23,626	Balance at 1 January 2022

				Finance result on (re) insurance contracts
		21,826	21,826	recognised in OCI
Unrealised revaluations available-for-sale investments and other				Revaluations on debt securities at fair value
	-12.114	-4,606	-16,720	through OCI
		-1,588	-1,588	Revaluations on loans at fair value through OCI
Realised gains/losses transferred to the profit				Realised gains/losses transferred to the profit
and loss account	-292	183	-109	and loss account
Changes in cash flow hedge reserve	-5,189	-1	-5,190	Changes in cash flow hedge reserve
Deferred interest credited to policyholders	3,488	-3,488
				Share of OCI of investments in associates and
Share of OCI of associates and joint ventures	4		4	joint ventures
Exchange rate differences	-173	38	-135	Foreign currency exchange difference
Remeasurement of the net defined benefit.				Remeasurement of the net defined benefit
asset/liability	72		72	asset/liability
Unrealised revaluations property in own use	2		2	Unrealised revaluations property in own use
Total amount recognised directly in equity				Total amount recognised directly in equity
(OCI)	-14,202	12,364	-1,838	(OCI)
Net result from continuing and discontinued
operations	2,013	-286	1.727	Net result for the period
Total comprehensive income	-12,189	12,078	-111	Total comprehensive income

Dividend	-253		-253	Dividend
Purchase/sale of treasury shares	-512		-512	Purchase/sale of treasury shares
Employee stock option and share plans	-7		-7	Employee stock option and share plans
Coupon on undated subordinated notes	-58		-58	Coupon on undated subordinated notes
				Changes in the composition of the group and
		236	236	other changes
Balance at 30 June 2022	21,899	1,028	22,927	Balance at 30 June 2022



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Authorisation of the Condensed consolidated interim accounts

The Hague, 28 August 2023

The Supervisory Board

D.A. (David) Cole, chair P.F.M. (Pauline) van der Meer Mohr, vice-chair I.K. (Inga) Beale R.W. (Robert) Jenkins R.J.W. (Rob) Lelieveld C.G. (Cecilia) Reyes J.W. (Hans) Schoen

The Executive Board

D.E. (David) Knibbe, CEO, chair A.T.J. (Annemiek) van Melick, CFO, vice-chair

Financial Conformity developments statement Interim accounts

Other information

Independent auditor's review report

Auditors review

Independent auditor's review report

To: the Shareholders and the Supervisory Board of NN Group N.V.

Our conclusion

We have reviewed the accompanying condensed consolidated interim accounts as at 30 June 2023 of NN Group N.V. (or hereafter: the "Company") based in The Hague, as included on pages 20 to 74 of the NN Group N.V. 30 June 2023 condensed consolidated interim financial information. Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim accounts are not prepared, in all material respects, in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union.

The condensed consolidated interim accounts comprise:

1 the condensed consolidated balance sheet as at 30 June 2023;
2 the condensed consolidated profit and loss account, statement of comprehensive income, statement of cash flows and statement of changes in equity for the six-month period ended 30 June 2023: and
3 the notes to the condensed consolidated interim accounts.

Basis for our conclusion

We conducted our review in accordance with Dutch law, including the Dutch Standard 2410, 'Het beoordelen van tussentijdse financiële informatie door de accountant van de entiteit' (Review of interim financial information performed by the independent auditor of the entity). A review of interim financial information in accordance with the Dutch Standard 2410 is a limited assurance engagement. Our responsibilities under this standard are further described in the 'Our responsibilities for the review of the interim accounts' section of our report.

We are independent of NN Group N.V. in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).

We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Responsibilities of the Executive Board and the Supervisory Board for the condensed consolidated interim accounts

The Executive Board is responsible for the preparation and presentation of the condensed consolidated interim accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union. Furthermore, the Executive Board is responsible for such internal control as it determines is necessary to enable the preparation of the condensed consolidated interim accounts that are free from material misstatement, whether due to fraud or error.

The Supervisory Board is responsible for overseeing the Company's financial reporting process.

Independent auditor's review report continue

Our responsibilities for the review of the condensed consolidated interim accounts

Our responsibility is to plan and perform the review in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion.

The level of assurance obtained in a limited assurance engagement is substantially less than the level of assurance obtained in an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do not express an audit opinion.

We have exercised professional judgement and have maintained professional scepticism throughout the review, in accordance with Dutch Standard 2410.

Our review included among others:

updating our understanding of the entity and its environment, including its internal control, and the applicable financial reporting framework, in order to identify areas in the condensed consolidated interim accounts where material misstatements are likely to arise due to fraud or error, designing and performing procedures to address those areas, and obtaining assurance evidence that is sufficient and appropriate to provide a basis for our conclusion;
obtaining an understanding of internal control, as it relates to the preparation of the condensed consolidated interim accounts;
making inquiries of management and others within the entity;
applying analytical procedures with respect to information included in the condensed consolidated interim accounts;
obtaining assurance evidence that the condensed consolidated interim accounts agrees with, or reconciles to the entity's underlying accounting records;
evaluating the assurance evidence obtained;
considering whether there have been any changes in accounting principles or in the methods of applying them and whether any new transactions have necessitated the application of a new accounting principle;
considering whether management has identified all events that may require adjustment to or disclosure in the condensed consolidated interim accounts; and
considering whether the condensed consolidated interim accounts have been prepared in accordance with the applicable financial reporting framework and represents the underlying transactions free from material misstatement.

Amstelveen, 28 August 2023

KPMG Accountants N.V.

D. Korf RA

Prepared by

NN Group Corporate Relations

Design

Radley Yeldar | ry.com

Contact us

NN Group N.V. Schenkkade 65 2595 AS The Hague The Netherlands P.O. Box 90504, 2509 LM The Hague The Netherlands www.nn-group.com

Commercial register no. 52387534

For further information on NN Group, please visit our corporate website or contact us via [email protected]

For further information on NN Group's sustainability strategy, policies and performance, please visit www.nn-group.com/insociety.htm or contact us via sustainability(@nn-qroup.com

Disclaimer

Elements of this Condensed consolidated interim financial information contain or may contain information about NN Group N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596 / 2014 (Market Abuse Regulation).

NN Group's Consolidated Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS-EU') and with Part 9 of Book 2 of the Dutch Civil Code. In preparing the financial information in this document, the same accounting principles are applied as in the NN Group N.V. 2022 Annual Accounts, unless indicated otherwise in the notes included in this Condensed consolidated financial information for the period ended 30 June 2023

Small differences are possible in the tables due to rounding.

Certain of the statements in this report are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.

Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in NN Group's core markets, (2) the effects of the Covid-19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which NN Group operates, on NN Group's business and operations and on NN Group's employees, customers and counterparties (3) changes in performance of financial markets, including developing markets, (4) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (5) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations and the interpretation and application thereof, (14) changes in the policies and actions of governments and/or regulatory authorities, (15) conclusions with regard to accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to NN Group of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit and financial strength ratings, (18) NN Group's ability to achieve projected operational synergies, (19) catastrophes and terrorist-related events, ((20) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business, (21) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, (22) business, operational, regulatory, reputation and other risks and challenges in connection with ESG related matters and/or driven by ESG factors including climate change, (23) the inability to retain key personnel, (24) adverse developments in legal and other proceedings and (25) the other risks and uncertainties contained in recent public disclosures made by NN Group.

Anv forward-looking statements made by or on behalf of NN Group in this report speak only as of the date they are made, and NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.

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NN Group N.V.

3866_ir_2023-08-29-071822_9b528c35-997a-4a91-8045-058dcdd315c1.pdf

Condensed consolidated interim financial information contents

Financial developments

Overview

Analysis of results

Operating capital generation per segment

Analysis of results

Key figures

Operating capital generation

Operating result

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Capital management

Cash capital position at the holding company

Financial leverage

Credit ratings

Segments

Netherlands Life

Key figures

information

Financial developments continue

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Analysis of results

Key figures

Japan Life

Analysis of results

Key figures

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Financial Conformity Interim Other developments accounts information

Conformity statement

Conformity statement

Conformity statement pursuant to section 5:25d paragraph 2(c) of the Dutch Financial Supervision Act (Wet op het financieel toezicht)

Condensed consolidated balance sheet

Condensed consolidated balance sheet

Condensed consolidated profit and loss account

Condensed consolidated profit and loss account

---

^ -- _ - - -

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Condensed consolidated statement of comprehensive income

Condensed consolidated statement of comprehensive income

Condensed consolidated statement of cash flows

Condensed consolidated statement of cash flows

Included in Net cash flow from operating activities

Cash and cash equivalents

Condensed consolidated statement of changes in equity

Condensed consolidated statement of changes in equity (2023)

Condensed consolidated statement of changes in equity (2022) (Restated)

1 Accounting policies

Changes in IFRS-EU effective in 2023

IFRS 9 'Financial Instruments'

.-- . -