NN Group N.V.

Investor Presentation • May 27, 2025

27 May 2025

Press release

NN Group Capital Markets Day: Future ready growth

Today, NN Group is hosting a Capital Markets Day in The Hague to address the analyst and investor community. During this event, CEO David Knibbe and CFO Annemiek van Melick, and other members of the company's management, will give an update on the next phase of NN Group's strategy.

New ambitious financial targets for 2028

• Operating capital generation (OCG) target of EUR 2.2 billion in 2028, versus the EUR 1.9 billion target for 2025
• Free cash flow (FCF) target of above EUR 1.8 billion in 2028, versus the EUR 1.6 billion target for 2025
• New OCG and FCF targets represent a Compound Annual Growth Rate (CAGR) per share of 7-8%, driven by Insurance Europe, Netherlands Non-life and Japan

Continuing roadmap for society at large

• Above market average customer satisfaction and top 3 broker satisfaction in the Netherlands by 2028
• Above market average employee satisfaction and ≥40% women in senior management by 2028
• EUR 13 billion investments in climate solutions and 45% reduction of GHG emissions of corporate investments by 2030
• Supporting well-being of 2.5 million people by 2028

Accelerating digital transformation

• Future Ready programme to support IT simplification, digital and frictionless customer journeys, and profitable growth
• Investment of EUR ~450 million for 2024-2027 period; annual benefits gradually building up to EUR ~200 million by 2027
• New business transformation targets, including goal to achieve 300 data & AI use cases by 2028

Strong capital position and continuing attractive capital returns

• Resilient balance sheet and strong capital position; pro-forma Group Solvency II ratio stable at 195%¹ by end-April 2025
• Committed to capital return policy; progressive dividend per share and annual share buyback of at least EUR 300 million

Statement of David Knibbe, CEO

'Today, we are announcing ambitious new plans for the future, building on our proven track record of consistent strategy execution and business growth. We expect to achieve operating capital generation (OCG) of EUR 2.2 billion by 2028, from EUR 1.9 billion targeted in 2025. We also set a new free cash flow target (FCF) of above EUR 1.8 billion by 2028, up from EUR 1.6 billion for 2025. The new OCG and FCF targets represent a Compound Annual Growth Rate (CAGR) per share of 7-8% versus the 2025 targets.

The growth will be driven by increased contributions from our European businesses, Netherlands Non-life and Japan. In our European businesses, where we have leading positions in the protection and pension markets, we see continued strong growth due to high customer demand, our unique distribution network, and GDP growth above the EU average. For Netherlands Non-Life we expect growth to continue, while we expect our Japanese business to show a gradual recovery positively impacted by growth of the long-term savings market for SMEs. Together with NN Bank, these businesses are expected to make up over 55% of Group OCG by 2028, further enhancing our business diversification and improving our future growth prospects. Supported by strong new business and renewals in the past few years, as well as higher interest rates, we expect a slower paced run-off of our Dutch Life & Pension books whilst our number one position in the Defined Contribution pension market will enable us to grow our fee income.

Our strategy remains focused on customers, colleagues and society. We are committed to achieving customer and employee satisfaction scores that beat the competition, and we are introducing a new target to enhance broker satisfaction in the Netherlands. Our commitment to society remains unchanged, as reflected by our continued focus to reduce greenhouse gas emissions, and contribute to the well-being of our communities. To support our strategic ambitions in a rapidly evolving market, we have launched the Future Ready programme. This initiative carries an investment of around EUR 450 million until

2027, of which a large part was already absorbed in capital in 2024. It aims to accelerate our digital transformation by simplifying our IT infrastructure and by expanding the use of artificial intelligence. By doing so, we will further improve customer experiences, drive growth, and gradually build up around EUR 200 million in annual benefits by 2027.

With our talented colleagues, our robust business model, and resilient balance sheet, we are confident we will deliver on our 2028 targets, enabling us to continue to create sustainable long-term value for our stakeholders.'

The Capital Markets Day is scheduled to begin at 09:00 CET. The morning session will be available for viewing through a live webcast on the NN Group website, while the afternoon session will include interactive break-out sessions that require physical attendance. The presentations are also available for download from the NN Group website.

¹As per 1 January 2026, EUR 237 million of grandfathered Tier 1 capital will no longer qualify for Solvency II purposes, which is reflected in our pro-forma Solvency II ratio at the end of April

NN Group profile

_______________________

NN Group is an international financial services company, active in 10 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services, pensions, insurance, banking and investments to approximately 19 million customers. NN Group includes Nationale-Nederlanden, NN, ABN AMRO Insurance, Movir, AZL, BeFrank, OHRA and Woonnu. NN Group is listed on Euronext Amsterdam (NN).

Important legal information

Elements of this press release 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).

All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein 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) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (4) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (5) the frequency and severity of insured loss events, (6) changes affecting mortality and morbidity levels and trends, (7) changes affecting persistency levels, (8) changes affecting interest rate levels, (9) changes affecting currency exchange rates, (10) changes in investor, customer and policyholder behaviour, (11) changes in general competitive factors, (12) changes in laws and regulations and the interpretation and application thereof, (13) changes in the policies and actions of governments and/or regulatory authorities, (14) conclusions with regard to accounting assumptions and methodologies, (15) changes in ownership that could affect the future availability to NN Group of net operating loss, net capital and built-in loss carry forwards, (16) changes in credit and financial strength ratings, (17) NN Group's ability to achieve projected operational synergies, (18) catastrophes and terrorist-related events, (19) 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, (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, (21) business, operational, regulatory, reputation and other risks and challenges in connection with Sustainability Matters (please see the link to our sustainability matters definition www.nn-group.com/sustainability/policies-reports-andmemberships/policy-and-reportlibrary.htm) (22) the inability to retain key personnel, (23) adverse developments in legal and other proceedings and (24) the other risks and uncertainties contained in recent public disclosures made by NN Group.

Any forward-looking statements made by or on behalf of NN Group 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 publication contains information and data provided by third party data providers. NN Group, nor any of its directors or employees, nor any third party data provider, can be held directly or indirectly liable or responsible with respect to the information provided.

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