June 24, 2020 / 5:29 AM / 11 days ago

Insurer NN Group sees 100 mln euros hit from COVID-19 on annual profit

AMSTERDAM, June 24 (Reuters) - Dutch insurer NN Group said on Wednesday it expects an impact of about 100 million euros ($113.14 million) on its operating profit due to the fallout from the COVID-19 outbreak, but solvency remains strong at 227% as of May-end.

In an update ahead of an investor day, Chief Executive Officer David Knibbe said the company is targeting cash generation of 1.5 billion euros in 2023.

Earlier this month, activist shareholder Elliott Advisors, which holds a 3% stake in NN Group, had proposed a series of actions the insurer should take to raise its share price, including “operational improvements, reinsurance transactions and outright business sales”.

NN Group, which reports earnings twice every year, had posted a core profit of 1.8 billion euros in 2019.

$1 = 0.8839 euros Reporting by Toby Sterling, Editing by Sherry Jacob-Phillips

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