Empowering our people − Focus on values − Learning and development − Equal opportunity and diversity − Vitality and well-being − Employee rights and representation − Employee engagement − Restructuring − Remuneration
Our purpose We help people secure their financial futures. NN Group does this by providing financial services that meet individual customer needs and a customer experience that is straightforward, personal and caring. We believe in engaging our customers in a partnership of equals; providing them with clarity and guidance with regard to their financial well-being.
2014 was a crucial and challenging year in many respects. We managed the company in a context of weak economic environments in the markets where we operate. Interest rates experienced a sharp decline in the second half of 2014 and remain low. We continued to deal with ongoing regulatory reforms across the insurance and investment management industry. We also took a big step forward in preparing for new Solvency II capital and reporting requirements that will come into force in 2016.
Our ultimate goal is to drive the company forward and create value for all of our stakeholders and for the societies we operate in.
Since the end of 2006, Dutch unit-linked products have received negative public attention. In 2008, NN Group offered compensation to customers who purchased certain unit-linked policies that had a cost charge in excess of an agreed maximum. NN Group has initiated comprehensive communications to reach out to customers to carefully assess their policies and take action if necessary. Despite this, there are still legal proceedings pending. For more information about these legal proceedings, see Note 46 in the Consolidated annual accounts.
Transparent products and services NN Group is committed to delivering products and services that are simple and meet customer needs. Products and services are built in a standardised, modular way, with flexible features tailored to the needs of individual customers. We review our product range regularly to ensure that all products and services meet our customer, compliance, risk, capital and profitability requirements.
• Annual growth rate on average of 5–7% of operating result before tax of the ongoing business, in the medium term.
The core of our strategy is to deliver an excellent customer experience. Our strong new sales growth in all regions underscores the dedication of our employees to keeping our customers at the heart of everything we do. At the same time, we continue to strive for efficiency, which has resulted in significantly lower expenses and more effective operations in the Netherlands. With the strong capital generation of our businesses and our solid capital ratios, we are confident in the strength of our balance sheet.
Achieving growth by further improving productivity of existing distribution channels €528m New sales life insurance
For more information about Japan Closed Block VA see Financial Report.
NN Group’s 2014 Sustainability Report is made for the purpose of informing our stakeholders and to give details of NN Group’s commitment and performance regarding sustainability. Nothing in this document is intended to extend or amend NN Group’s existing obligations to our clients, shareholders or other stakeholders. All NN Group policies, procedures, guidelines, statements or anything similar that have been mentioned in the Sustainability Report are intended for internal guidance purposes only and is not intended to be relied upon by any third party.