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Committed to Sustainable Value Creation Committed to sustainable value creation NN Group N.V. Financial Report 2020 Financial developments The 2020 Annual Report consists of the 2020 Annual Review and the 2020 Financial Report. It provides an NN Group ����������������������������������������������������������������������������������� 1 integrated review of the performance of NN Group. Netherlands Life ������������������������������������������������������������������ 3 Netherlands Non-life ������������������������������������������������������� 4 The Annual Report aligns relevant information about our governance, Insurance Europe ��������������������������������������������������������������� 5 strategy, performance and future prospects in a way that reflects Japan Life ��������������������������������������������������������������������������������� 6 the economic, environmental and social contexts in which we Asset Management ���������������������������������������������������������� 7 operate� It is prepared in accordance with Dutch law and relevant Banking �������������������������������������������������������������������������������������� 8 reporting standards� Other �������������������������������������������������������������������������������������������� 9 Together with this report, NN Group publishes a Solvency and Financial Condition Report, a Total Tax Contribution Report, and a Carbon Report of the Footprint Report� Next to that, NN Investment Partners launches a Responsible Investing Report� All these reports are published on Supervisory Board NN Group’s corporate website in the Investors/Financial Report section� Report of the Supervisory Board ����������������������� 10 Read more on our approach to reporting on pages 61-62 of the Annual Review� Corporate governance Visit our website for further information Corporate governance ����������������������������������������������� 23 www.nn-group.com Remuneration report ���������������������������������������������������� 33 Works Councils ����������������������������������������������������������������� 43 Statements Dutch Financial Supervision Act and Dutch Corporate Governance Code ������������������������������� 44 Annual accounts Consolidated annual accounts ���������������������������� 45 Consolidated balance sheet ��������������������������������� 46 Consolidated profit and loss account ������������ 47 Consolidated statement of comprehensive income ��������������������������������������� 48 Consolidated statement of cash flows ��������� 49 Consolidated statement of changes in equity ������������������������������������������������������� 51 Notes to the Consolidated annual accounts ������������������������������������������������������������� 53 Risk management (Note 51) ��������������������������������� 137 Capital and liquidity management (Note 52) ������������������������������������������� 166 Authorisation of the Consolidated annual accounts ������������������������� 175 Parent company annual accounts Parent company balance sheet ������������������������ 176 Parent company profit and loss account ����������������������������������������������������������� 177 Parent company statement of changes in equity ���������������������������������������������������� 178 Notes to the Parent company annual accounts ����������������������������������� 180 Authorisation of the Parent company annual accounts ����������������������������������� 186 Other information Independent auditor’s report ������������������������������� 187 Appropriation of result �������������������������������������������� 204 Contact and legal information �������������������������� IBC Financial Report of the Corporate Annual developments Supervisory Board governance accounts Founded in 1845, NN Group is a financial services company, active in several European countries and Japan. For 175 years, we have been dedicated to meeting and exceeding our customers’ expectations. Our purpose is to help people care for what matters most to them. What we do centres around people, professionalism, and trust. In our day- to-day activities we pursue the creation of long-term value for all stakeholders. What matters to you, matters to us. NN Group N.V. 1 2020 Financial Report Financial Report of the Corporate Annual developments Supervisory Board governance accounts Financial developments This Financial developments section includes the analysis of results Key figures and key figures of NN Group and its reporting segments� The results amounts in millions of euros 2020 2019 presented in this section are derived from the 2020 annual accounts New sales life insurance (APE) 1,127 1,741 where relevant� In explaining the financial results, NN Group uses Value of new business 266 358 Operating result, Administrative expenses and Adjusted allocated Total administrative expenses 2,121 2,076 equity (as used in the calculation of Net operating ROE for the Segment Banking only)� These are Alternative Performance Measures (APMs)� Operating capital generation 993 1,349 Alternative performance measures are non-IFRS-EU measures that Solvency II ratio 210% 224% have a relevant IFRS-EU equivalent from which these are derived� For definitions of the Alternative Performance Measures and explanation of their use reference is made to Note 32 ‘Segments’ in the section Operating result ‘Alternative Performance Measures (Non-GAAP measures)’ in the The full-year 2020 operating result increased to EUR 1,889 million from annual accounts� That section also includes a reconciliation between EUR 1,794 million in 2019, which included a total of EUR 121 million of the Alternative Performance Measures and their IFRS equivalent� non-recurring benefits, versus a total of EUR 24 million of non-recurring Furthermore, it includes definitions of other financial metrics used in this benefits in 2020� Excluding these items, the increase mainly reflects Financial developments section, including Operating Capital Generation� the higher investment margin at Netherlands Life driven by the shift to higher yielding assets, partly offset by the negative impact of Covid-19 The Solvency II ratios presented below are not final until filed with the of around EUR 53 million� regulators� The Solvency II ratios for NN Group and NN Life are based on the Partial Internal Model� The year-end 2019 NN Group Solvency II Result before tax ratio was adjusted to reverse the deduction of the proposed 2019 final The full-year 2020 result before tax decreased to EUR 2,349 million dividend following the decision to suspend dividend payments in light from EUR 2,429 million in 2019, reflecting lower non-operating results, of the recommendations of EIOPA and the Dutch Central Bank (DNB)� partly compensated by the higher operating result and a higher result NN Bank is included in the calculation of the NN Group Solvency II ratio on divestments� as of the end of 2020� Net result NN Group The full-year 2020 net result was EUR 1,904 million compared with Analysis of result EUR 1,962 million in 2019� The effective tax rate for the full-year 2020 amounts in millions of euros 2020 2019 was 18�0%� Netherlands Life 994 922 Netherlands Non-life 215 203 Sales and Value of New Business The full-year 2020 total new sales (APE) were EUR 1,127 million, down Insurance Europe 285 283 34�6% at constant currencies, mainly due to lower sales at Japan Japan Life 240 218 Life following the revised tax regulations of COLI products, as well as Asset Management 152 161 Covid-19 restrictions, and at Netherlands Life where the 2019 sales Banking 154 152 benefited from a higher volume of group pension contracts� Other -151 -144 Value of new business for full-year 2020 amounted to EUR 266 million, Operating result 1,889 1,794 down 25�7% on 2019, reflecting lower sales at Japan Life, partly compensated by an improved product mix, as well as lower sales at Non-operating items: 662 887 Insurance Europe due to Covid-19 restrictions and lower interest rates� – of which gains/losses and impairments 640 335 – of which revaluations 337 827 Operating capital generation – of which market and other impacts -315 -275 Full-year 2020 operating capital generation decreased to EUR Special items -278 -262 993 million from EUR 1,349 million in 2019� The decrease reflects the negative impact of lower interest rates, the suspension of dividend Acquisition intangibles and goodwill -24 1 payments from NN Bank and unfavourable developments in the D&A Result on divestments 100 8 portfolio of Netherlands Non-life� This was partly compensated by a Result before tax 2,349 2,429 higher investment return mainly in Netherlands life reflecting the shift to higher-yielding assets� Taxation 422 444 Minority interests 22 23 Net result 1,904 1,962 NN Group N.V. 2 2020 Financial Report Financial Report of the Corporate Annual developments Supervisory Board governance accounts Financial developments continued Netherlands Life The full-year 2020 operating result increased to EUR 994 million from Analysis of result EUR 922 million in 2019� The increase is driven by a higher investment amounts in millions of euros 2020 2019 margin, higher technical margin and lower administrative expenses, Investment margin 890 844 partly offset by lower fees and premium-based revenues� The investment Fees and premium-based revenues 392 412 margin in 2020 includes private equity and special dividends for a total amount of EUR 9 million, whereas 2019 included EUR 83 million of such Technical margin 184 161 items� Excluding these items, the investment margin increased as a Operating income 1,467
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