2015 Financial Report This report covers NN Group’s financial developments and annual accounts, the report of our Supervisory Board and our approach to risk management, capital management and corporate governance. Target audiences are shareholders, rating agencies and other stakeholders interested in the financials and governance of NN Group.
Consolidated annual accounts 37 − Consolidated balance sheet 38 − Consolidated profit and loss account 39 − Consolidated statement of comprehensive income 41
− Consolidated statement of cash flows 42 − Consolidated statement of changes in equity 44
− Risk management (Note 50) 119 − Capital and liquidity management (Note 51) 141
Delivering on our strategy 24 − Creating value as an insurer and asset manager 24
− Creating value as an investor 28 − Creating value as a listed company 30 − Creating value as an employer 32 − Creating value as a corporate citizen 34
Governance 36 − Governance and compliance 36 − Our Management Board 37
Additional information 38 − Facts and figures 38 − Glossary 41
− Our approach 03 − Our objectives 04 − Governance 05 − Stakeholder engagement 06
Responsibly managing our assets 09 − Engagement topics in 2015 09 − Sustainability of our real estate portfolio 10
− Energy and business travel efficiency 12 − Carbon neutrality in 2015 12
NN Group is an insurance and asset management company with a leading position in the Netherlands and a strong presence in a number of European countries and Japan. NN Group includes NN, NationaleNederlanden and NN Investment Partners. Our roots lie in the Netherlands, with a rich history that stretches back more than 170 years. We are committed to helping people secure their financial futures, offering retirement services, insurance, investments and banking products. On 2 July 2015, we celebrated our first anniversary as a standalone, listed company.
• We successfully rebranded all our businesses from ING to NN, Nationale-Nederlanden or NN Investment Partners.
• We implemented the Living our Values programme Group-wide, and at least 85% of our employees in the Netherlands signed the Financial Sector oath or promise.
We believe it is important to contribute to the well-being of society and to support the communities in which we operate. By understanding the global trends society faces and the impact these developments may have on our customers and on our businesses, we can contribute to a healthy economy as well as a stable society. In doing so, we create value for our stakeholders, and will contribute to improving the lives of people today and for generations to come.
In 2015, we delivered on the targets we set at the time of our IPO in July 2014 to generate capital and improve earnings, while delivering excellent service and products to our customers.
We have a robust Solvency II position based on our Partial Internal Model, and our credit rating was updated by Standard & Poor’s (to A-) and affirmed by Moody’s (at Baa2), both with a stable outlook. Our operating entities have generated a significant amount of cash, with most subsidiaries upstreaming regular dividends. We issued EUR 1.6 billion of debt to the markets after our Initial Public Offering (IPO) to externalise our debt and to increase our financial flexibility. We have delivered on our equity story by returning almost EUR 850 million to shareholders from the date of our listing until 31 December 2015. In that same period, the Total Shareholder Return was 69.1%.
With about 11,500 employees, we aim to deliver high-quality retirement services, insurance, investments and banking products to retail, SME, large corporate and institutional customers.
Products and services • Group life/pension products • Individual life/pension products • Pension administration (AZL) • Individual life closed block
Products and services Property & casualty • Motor insurance • Fire insurance • Liability insurance • Transport insurance
Customers • Small and medium-sized enterprises (SMEs) • Large corporate clients and their employees • Retail customers • Self-employed
Customers • Owners and employees of SMEs, where the company is both the policyholder and the beneficiary of the policy
Products and services • Life insurance (all countries) • Non-life insurance (Belgium, Spain) • Pensions (Bulgaria, the Czech Republic,
Customers • Retail customers • Self-employed • Small and medium-sized enterprises (SMEs)
Products and services • Asset management for NN Group • Institutional investor products and services • Retail investor products and services • Advisory services
Growth potential of NN Bank NN Bank plays a key role within our company in the Netherlands. The Bank generates mortgages with a good return, and with its savings products contributes to our strategy of asset accumulation. Due to the nature of its business, NN Bank colleagues have frequent contact with customers, providing us with relevant customer data and the opportunity for customer acquisition. NN Bank is performing well, with a market share of around 6.4% in mortgages and a net savings inflow of more than EUR 1 billion in 2015.
This segment comprises NN Bank in the Netherlands, the reinsurance business (representing NN Re, excluding the reinsurance of the Japan Closed Block VA portfolio and results from certain reinsurance arrangements regarding the life insurance business of NN Czech Republic and NN Hungary), the holding result and other results. The segment ‘other’ is part of the ongoing business.
The NN brand was developed with the aim of balancing our 170-year heritage and Dutch roots with the components of a modern, international insurance and asset management company. The new brand and logo were first introduced in October 2013. Subsequently, the rebranding of all our businesses from ING to NN, Nationale-Nederlanden or NN Investment Partners in 2015, made us one company with a recognisable identity.
Our brand supports our purpose, values and strategy, and our colleagues bring our brand promise ‘You matter’ to life for our customers every day. With our brand promise ‘You matter’, we define a clear goal. We want our customers and other stakeholders to have an experience with our company that lives up to the promises we make. As such, we carefully monitor how our brand is perceived, both internally and externally.
In 2015, we sponsored running events in nine of our countries, amongst which the internationally renowned Rotterdam Marathon and Naha Marathon in Japan. In the years to come, our objective is to support more running activities in some of our other key markets.
NN NN is the overarching brand for all our businesses. To stay close to our customers in different markets, local descriptors were added, usually directly referring to the nature of our activities.
NN Investment Partners NN Investment Partners became the new name for our asset management business in all markets. NN Investment Partners is positioned as a clear member of NN Group, with an emphasis on its distinct business proposition.
In 2015, we developed the NN Global Brand Health Monitor to monitor how our brand is perceived externally, amongst our customers and society at large. It is a core evaluation of the health of the NN brand. Twice a year, we measure our main brand indicators and provide insight in the development of the brand performance.
Measurement for the insurance businesses is conducted for all business lines covering banking, life insurance and pensions. Our insurance business in Japan is included in a separate study. Luxembourg is excluded from the research as their clients mostly live outside Luxembourg.
Measurement for the asset management businesses is conducted amongst both institutional and retail investors.
7 Poland yes n.a. yes 8 Romania yes n.a. yes 9 Slovak Republic yes n.a. yes 10 Spain yes n.a. yes 11 The Netherlands* n.a. yes yes 12 Turkey yes n.a. yes * Due to product portfolio and organisational set-up, the Dutch Life products are embedded in the Non-life and Pension results.
Our values ‘we care, we are clear, we commit’ are the guiding principles by which we seek to fulfil our purpose to help people secure their financial futures.
We take our values very seriously, as they enable us to build and maintain trust with our stakeholders and bring our brand promise ‘You matter’ to life. In October 2014, we introduced the ‘NN statement of Living our Values’, which explains what NN stands for, both for internal and external stakeholders. This statement helps guide our employees in their day-to-day interactions with stakeholders, and serves as a compass for decision-making. To facilitate the international roll-out, we launched the ‘Living our Values’ programme, focused on making the values a fully integrated part of our culture.
In the Netherlands, NN employees (both internal and external) are required to take the Financial Sector oath or promise, which was fully integrated in the Statement of Living our Values. The accompanying ceremonies include presentations on both the oath and the Statement of Living our Values, a dialogue between manager and employees about the values, and the signatory moment of the values statement or Banking Code. By the end of 2015, at least 85% of our employees in the Netherlands had taken this oath, with still four months to go to have all employees sign off.
Implementation is key Our values are not voluntary suggestions; they apply to each and every employee. In addition to communicating and providing training for our employees, the values were embedded in our organisation and company systems. The NN policy house, the internal policy framework containing all our policy documents, was also aligned with the values. They were incorporated into the product approval processes and became part of the branding guidelines and other tools that guide our businesses in their interactions with customers.
Care We empower people to be their best. We respect each other and the world we live in.
Commit We act with integrity. We do business with the future in mind.
ra is e aw are ness engage em bed evaluate monitor
Monitoring the effectiveness To ensure the effectiveness of the ‘Living our Values’ programme is monitored, the values have been integrated into some of our key monitoring instruments, namely the Pulse and YES surveys, which measure employee engagement; and the Global Brand Health Monitor, which measures the brand awareness per business line per country, and whether customers feel we are living our values. These surveys include a number of questions on how NN is living its values and how these values are demonstrated in all of our markets. If there is a decrease or stagnation in performance, this is reported to the business units so they can take action. More information on these monitoring instruments can be found in the section ‘Our brand’ on page 8, and the chapter ‘Creating value as an employer’ on pages 32–33 of this Annual Review.
Test, adjust, finalise Draft versions of the Code of conduct and Manager annex were discussed in a series of workshops in which all managers from the NN Group Head Office, NN Life and NN Non-life participated. The workshops aimed to raise awareness, gather feedback on the draft texts and to discuss dilemmas they were facing in applying the Code of conduct and Manager annex in daily business. Based on the feedback gathered in the workshops, both documents were adjusted and finalised.
Code of conduct Where our values are our compass for decision-making, our Code of conduct outlines our conduct related red lines with regard to for example conflicts of interest, fraud, corruption and Financial Economic Crime. In 2015, the existing Code of conduct was ‘refreshed’ with the objective to further align with our values. In the process, we reviewed the comprehensibility and completeness of the Code of conduct and made adjustments where necessary.
Manager annex To reflect different expectations we have of various populations within NN, we also developed a Manager annex. This annex aims to raise awareness on standards we have in place that are relevant for all managers to know and act upon, as well as the role they have in ensuring everyone ‘lives’ our values, and continuously lives up to our standards.
In 2015, we grew into an established standalone company delivering on our targets. Going forward, we need to remain responsive, be more agile and accelerate change.
2015 was a good year for NN Group. A year in which we delivered on the targets we set at the time of our Initial Public Offering (IPO) in July 2014: to improve earnings and generate capital as well as deliver an excellent customer experience.
Also, our credit rating was updated by Standard & Poor’s (to A-) and affirmed by Moody’s (at Baa2), both with a stable outlook.
Furthermore, we have delivered on our equity story by paying out almost EUR 850 million to shareholders from the moment of our listing until 31 December 2015. In that same period, we generated a total shareholder return of 69.1%.
Finally, in the Netherlands we realised our EUR 200 million cost reduction programme one year ahead of schedule.
Delivering on our targets Our continued focus on delivering excellent service to our customers, innovating our products and improving our business mix is reflected in a 13.1% increase of the value of new business to EUR 202 million in 2015. Our operating result of the ongoing businesses improved by 32.2% to EUR 1,435 million and our net result improved by 166.1% to EUR 1,565 million. The Assets under Management at NN Investment Partners decreased by 4.2% to EUR 187 billion.
We understand that innovation is not only about digitalisation, apps and online platforms. Developing products to anticipate new demands of our customers and finding other ways to distribute our products are at the core of our strategy.
We have also invested in more efficient and effective operations, and aim to further reduce the expense base in the Netherlands by approximately 15% to EUR 700 million by the end of 2018. We are taking measures to improve the results of our Non-life business through better underwriting performance and a further reduction of expenses. We have already made progress by improving the claims handling processes and fine-tuning premium rates.
2016 onwards NN Group is well positioned in the international insurance and asset management industry, with strong characteristics on which we can build: a robust balance sheet, a well trusted brand and a strong customer-focused culture. Furthermore, we have large and effective multi-distribution platforms, and diversified sources of cash generation.
Our 2015 results were strong, but our work is not complete. As we continue to operate in volatile and fast-paced markets, where change is a constant, we need to remain responsive, become more agile and accelerate change.
To further develop NN Group’s business strategy and to set our priorities, it is important to understand what the most relevant developments and issues are in our sector in general, and specifically with regards to our company. This is an ongoing process and also relevant in our annual reporting. The guidelines from the Global Reporting Initiative (GRI) define material aspects that reflect the organisation’s significant economic, environmental and social impacts, or that substantially influence the assessments and decisions of our stakeholders.
The most material items, indicated in the upper right quarter, and NN Group’s response to them, are further described in the ‘Creating value’ chapters, pages 24–35 of this Annual Review.
Economic environment 7 Trust in financial system 8 Structural unemployment 9 Low interest rates
Environmental and social developments 13 Climate change 14 Natural resource scarcity 15 Human rights
Globalisation 16 Rise of emerging markets 17 Financial system instability 18 Increasing inequality
The world continues to change at a fast pace. As a company, we need to remain both flexible and practical, in order to optimally respond to the trends in our sector. Clearly refining our strategy for the future will help ensure that we continue to deliver on our objectives going forward.
We do not aim to be exhaustive. Globalisation and specific geopolitical developments, for example, are expectedly on every multinational’s agenda. Examples are immigration, terrorism, interstate conflicts or the potential erosion of international relationships that have been a cornerstone of global stability for decades. However, this report does not elaborate explicitly on these topics. Increasingly important global issues such as climate change and human rights, positioned in the upper left quarter, are addressed in the ‘Creating value as an investor’ chapter on pages 28–29 of this Annual Review, and in the Sustainability Supplement on pages 9–11.
Resulting from the materiality assessment and our own analysis, we see a number of key trends in the insurance and asset management industry.
Filling the gap in risk protection We seek an active and ongoing engagement with our customers, which is focused on empowering them, creating financial awareness and supporting them in making the financial decisions that help them improve their well-being. We aim to help our customers by, for example, maintaining a clear overview of their pensions accrued with different employers over time, and giving them guidance on making the right choices. We assembled a simple and more focused range of products and, to make things easier for customers, we further simplified communications. For example, in Turkey customers can now access their pension and life insurance accounts via an app available for tablets and smart phones. The app consists of an environment where customers can securely make most transactions whenever and wherever they want. There is also an option for customers to plan their future by testing different contribution amounts in different future scenarios.
In the Netherlands, growth opportunities are selectively captured, driven by the shift from defined benefit (DB) to defined contribution (DC) pension schemes. We selectively pursue buy-out opportunities as well.
With our core activities in retirement services and asset management, we are well positioned to fill the gap in risk protection that is a result of retracting governments. We have the required expertise and, by combining our asset management, life insurance and retirement service capabilities, we have a solid basis on which to build. It is important, however, that we keep focused on accelerating change within our organisation, with the continuous aim of improving our agility and responsiveness.
Active risk management and maintaining a strong balance sheet We limit our risk exposure to interest rates by matching the cash flows of our assets and liabilities. We take on higher yielding assets in a prudent manner. We can afford to do so given our conservative balance sheet and our strong capital position, which continue under the new Solvency II regime. We changed our product mix to include more protection and capital light products.
Changing customer behaviour points to much quicker decisionmaking, and requires our processes and communication to be continuously adaptable.
Leveraging new technology and digitalisation Digitalisation is a game changer, also for the insurance and asset management industry. Being able to compare products online, for example via social media, has increased competition in the market.
We have also seen a shift from purely transaction-driven customer contact to one that is more relationship-driven. Historically, online communication often meant impersonal interaction, but state-of-the-art technologies now enable us to communicate in personal and relevant ways with our customers.
Forming value-adding partnerships In a rapidly changing world, alignment with new non-traditional companies is essential. We are constantly looking for new opportunities in the market by building relationships and partnerships with new players to add value to both business models. By combining forces and sharing knowledge on new technology and digitalisation, existing products can be improved and new products can be developed that correspond even better to the needs of customers. By actively searching for and initiating relationships with non-traditional companies, we are recognising and leveraging the strengths of both traditional and new models, creating opportunities for both.
For example, NN Investment Partners initiated partnerships with the Dutch independent institute for financial advice and planning (Nibud) and the Dutch Association of Stockholders (VEB) to create investment awareness among retail clients.
Mitigating risks by collaboration with policymakers NN Group believes in clear and sound regulation, as this helps to build and maintain trust in our sector and company. It is important however to achieve the right balance, and prevent regulation from severely disrupting our operations, which in turn increases costs for customers and decreases customer engagement. NN Group strongly supports the close collaboration of policymakers and the industry to mitigate these risks.
Meanwhile, in the Netherlands, the uncertainty concerning the outcome of the legal procedures regarding unit-linked insurance products continues.
Our strategy is to deliver an excellent customer experience, based on strong products and services, and long-term relationships
What has changed, however, is how we do this. Creating awareness among customers of their financial futures is not just a matter of providing people with information and products. It is about engaging them in an ongoing dialogue about their needs, ambitions and dreams, and how we can help them financially plan to fulfil their goals. We consider engaging with our customers to be a privilege and an opportunity, which is reflected in our brand promise: ‘You matter’. We deliver on this promise on the basis of our values: we care, we are clear, we commit.
Strategic focus areas Our strategy to deliver an excellent customer experience is built on the following pillars: Transparent products and services NN Group is committed to delivering products and services that are easy to understand and meet customers’ lifetime 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.
NN Group strategy going forward In the current market environment, NN Group sees opportunities for its businesses. We view the private pension market as a growth driver and will continue to use technology to enhance customer experience and increase efficiency. To leverage these opportunities and to keep progressing, we are building a company that truly matters to our stakeholders. Our role in society and our approach to sustainability is something we take very seriously. We will continue to focus on improving people’s financial well-being and manage the assets entrusted to us by our customers, as well as our own assets, in a responsible way.
At the same time, we aim to deliver an excellent customer experience and drive shareholder value. To realise this, our focus areas going forward can be defined as follows: 1. Focus on our industry growth driver: lifetime savings and risk protection via retirement services and asset management The fundamental need of people to protect themselves against life’s uncertainties will continue to drive growth in the insurance industry over the long term. With the combination of our asset management, life insurance and retirement service capabilities, we believe we differentiate ourselves in the market.
2. Creating a new world of customer experience, realised through innovation For NN Group, innovation is not just about digitalisation; our approach to innovation is of a holistic character. It is about customer satisfaction, intuitive interaction and efficiency at the same time. It is about new products, new ways of distribution, and flawless processes; all anticipating current and future customer needs.
At the same time, we need to improve returns in all our businesses. This also entails a gradual shift of our operating model towards more responsibility for the business units over time.
Netherlands Insurance Digital, personal and relevant In the recent past, efficiency and cost reductions were two of the main priorities in the Netherlands. They will continue to be important in the future as well. In November 2015 we announced a new target cost base of EUR 700 million by 2018, to be realised mainly through simplification and rationalisation of operational processes, conversion to lower-cost platforms and straight-through processing, the sourcing of non-core IT roles and moving our key workplace services to cloud services.
Successfully implementing a digital strategy is critical to firstly meet and progressively beat our customer expectations.
• Improve the productivity of distribution platforms and drive operational improvement through disciplined cost management at NN Investment Partners, while also growing third-party net inflows
• Invest in a responsible manner by integrating environmental, social and governance (ESG) factors into the investment process
• Minimise our environmental footprint by reducing the use of natural resources and seeking green alternatives
• Increase the net operating return on equity (ROE) of the ongoing business in the medium term, measured against pro-forma 7.1% in 2013
Values driven organisation • 11,500 employees 31 MWh (x1,000) electricity used
As such, we offer life insurance products to protect people against the risk of living a long life without sufficient means of support or dying at an early age, non-life products (in some markets) to protect the assets that matter to them, and savings and investment products to ensure their long-term income.
We invest and actively manage the capital from our shareholders and the premiums we receive from our customers, or the assets under management entrusted to us.
To truly matter in the lives of our stakeholders, we fulfil several roles in the world around us. We are an insurer and asset manager, an investor, a listed company, an employer and a corporate citizen. As such, we aim to create value in an integrated way for all our stakeholders: customers, shareholders, employees, business partners and society at large.
Creating value as an investor To pay out claims and benefits to our customers, we invest in different asset classes. When investing our assets, our priority is to provide the best risk adjusted return, consistent with matching our assets and liabilities. We always do this by integrating environmental, social and governance (ESG) factors into our investment and active ownership processes.
The listing of NN Group on Euronext Amsterdam in 2014 increased the visibility of the company. We regularly inform the market of strategic, financial and commercial developments at NN Group. In doing so, we constantly strive to enhance NN Group’s reputation as a solid, transparent and reliable company for all our stakeholders.
How we create value as a listed company is described on pages 30–31 of this Annual Review.
How we create value as an employer is described on pages 32–33 of this Annual Review.
Creating value as a corporate citizen At NN Group, we aim to be a good corporate citizen by using our resources, expertise and reach to help societies achieve long-term sustainable prosperity. We contribute to society at large by purchasing products and services from suppliers, and by paying taxes to the governments of the markets where we operate. Furthermore, we invest in our local communities through donations and volunteering.
How we create value as a corporate citizen is described on pages 34–35 of this Annual Review.
C on sc io us com plete docum ented key objectives ris k ta ki ng
Tr an sp arent, fo cused Role of everyonere levant to manage risk Active Risk management
Active Risk management Our Risk management system is built around four components: risk strategy, risk assessment, risk control and risk monitoring. It operates in the context of our risk philosophy which we call ‘Active Risk management’.
We assess the effectiveness of this philosophy twice a year through Risk Culture Dashboard assessments.
Under this philosophy, every employee has a role in identifying risks in their domain; the role of management is to decide how to manage these risks. It is paramount to know which risks we take and why; have our eyes wide open for both the biggest risks and everyday risks; and ensure an adequate return for the risks we do take.
When assessing and managing risks, we work systematically, aim for completeness and document what we do.
The Risk and Capital management section in the Financial Report provides details regarding the types of risk in our risk taxonomy. In addition, we perform a yearly risk assessment to identify and assess the top risks for NN Group. The 2015 process resulted in the Management Board identifying the following top risks for NN Group (in no particular order).
Financial market exposure relates to adverse market movements and volatility. A well-diversified portfolio, strong asset-liability matching, specific hedging programmes and strong risk governance aims to keep this risk within set limits.
Adapting our longer-term business model to the changing world around us, including low interest rates and technological advances, is managed through NN Group’s strategy process and related Medium Term Planning (MTP) cycle. A Chief Innovation Officer was appointed in the fourth quarter of 2015 to channel and support innovation initiatives.
Longevity risk related to the Dutch pension business, is currently a large risk concentration with exposure to positive changes in life expectancy. We consider, from time to time, options to transfer part of this risk as well as also adjust the business model over time by rebalancing our pension portfolio towards more DC products.
We need the right people to effectively manage our business for sustainable success. Effective talent management is crucial in attracting, retaining and compensating talent. Read more about our talent management approach in the chapter ‘Creating value as an employer’ on pages 32–33 of this Annual Review.
Financial conditions NN Group has a strong capital position, also under the new Solvency II regime. This enables NN Group to pursue its strategy and business objectives without jeopardising its capital position, even under adverse events. For more on Solvency II, refer to the Financial Report.
Each risk analysis performed is communicated in a focused and relevant way. As such, we are clear and transparent throughout the organisation for the benefit of management and stakeholders alike.
We measure how our customers value our products and services using – amongst others – the Net Promoter Score (NPS) methodology. With NPS we collect, evaluate and act on a constant stream of customer feedback. This information drives improvements in our product portfolio and customer service, thereby helping us become a more customer-centric company. We won awards in several countries for our approach of putting the customer at the heart of everything we do. In 2015, the majority of our insurance businesses have maintained or improved their Relationship NPS scores since the rebranding from ING to NN.
We also believe that we need to reach out to people that may not have direct access to insurance and could benefit from additional support. We aim to provide an inclusive and positive experience for many different groups of people. By developing products that offer added social value and anticipating the needs of specific customer groups, we optimise the customer experience while strengthening the sustainability of our businesses. For more information on financial inclusion, refer to the Sustainability Supplement, page 7.
Delivering an excellent customer experience is also a matter of empowering people to improve their own financial decision-making. Therefore, we invest in educating people about finance and raising their financial awareness through campaigns and (online) tools.
New technologies and digitalisation enable us to become more relevant in the lives of our customers, with personalised offerings, based on individual customer profiles. In many countries, we aim to involve and consult our customers in our product development processes.
Our new hospital coverage for children in Slovakia is one such example. Another is the Dutch Nationale-Nederlanden app, developed in direct response to customer requests.
Creating value as an insurer and asset manager – continued 11.3% increase compared to 2014 in our assets under management in sustainable equity and fixed income products 15 million customer policies worldwide
‘ My advisor did a needs-based analysis, explained all the different options I had, and actively listened to me. It was easy, dynamic and quick.’
At least 2/3 of the general public is positive or neutral about the NN brand
In 2015, we introduced or adapted a wide range of products and services, all after careful product approval and review processes (PARP). PARP ensures, in all our markets, that transparency and customer interest remain a top priority.
• NN Non-life further developed usagebased car insurance, promoting and rewarding safe-driving behaviour. This behaviour also tends to lead to lower fuel consumption and lower carbon emissions.
• NN Bank expanded their consumer loans product portfolio by successfully introducing a personal-loan product with a clear schedule so customers repay and do not remain in a continuing debt position.
International Insurance Our international insurance business is providing tailored propositions for local markets. In Europe, we moved our business mix towards protection products, and repositioned our savings and retirement products in response to the low-interest rate environment.
• In Turkey, customers can access their pension and life insurance accounts via a client portal or app and securely make most transactions whenever and where ever they want.
• In Poland, we launched a flexible value proposition, including term life and optional investment and protection riders.
• In Japan, we launched flexible income protection for SME owners to cover their business loans, as well as a term insurance up to the age of 90 to facilitate SMEs’ successful business succession.
• The European Central Bank recognised our expertise by extending its contract for the Asset-Backed Securities Programme.
Given that NN Group operates in several markets, and therefore deals with different market dynamics, we do not follow a singlemarket approach. Our local businesses have marketspecific products, services and campaigns.
We aim to make processes as efficient and effective as possible to deliver value for money for our customers.
We are actively working towards cloud solutions and offshoring application platforms. This enables us to focus on our core competences.
• In the Dutch life insurance market, independent advisors – including actuarial consultancies, insurance advisors and pension specialists – continue to be important partners. By combining their independent advice with our pension solutions and pension communication initiatives, we can respond to changing customer demands and enhance customer satisfaction.
• NN Bank plays a key role in our retail distribution strategy in the Netherlands, becoming a front-end for our Dutch retail customers. This gives us the opportunity for frequent customer contact and more customer acquisition.
This significant distribution ability is one of our distinct strong points and a driver for growth.
• To optimise distribution capabilities, the interactive reporting services for Dutch institutional clients were expanded.
• After Poland and the Netherlands, the third direct execution investment platform was introduced in the Czech Republic.
Asset Management • We upgraded our administrative support with a scalable backoffice platform. It enables us to take on additional assets under management without making additional investments. It will also provide the backbone for developing more efficient processes based on an agile way of working.
As an insurance company, we collect premiums from policyholders and aim to invest the money wisely, so we can pay future claims and benefits. We invest most of these assets, as well as our own capital (together called proprietary assets), through our asset management business, NN Investment Partners (NN IP), which also manages third-party assets. Third-party assets are those we manage for institutional and retail customers through mandates and mutual funds. To pay out claims and benefits to our customers in the best possible way, we invest in different asset classes. We also believe that value can be best achieved when environmental, social and governance (ESG) considerations are integrated into our investment processes.
ESG integration The integration of ESG factors in the investment process is at the core of our approach to responsible investing. This is supported by the belief that it helps us to make more informed decisions and optimise the risk/return profile of the investment portfolio. NN IP’s equity and fixed income analysts carry out ESG analysis as an integral part of the research process. They make use of ESG data from several data and research providers, including Sustainalytics, GMI and Bloomberg, taking into account company characteristics, developments within the sector and materiality of the issues.
To gain new insights into the relationship between ESG factors and investment returns, NN IP is working with the University of Maastricht’s European Centre for Corporate Engagement (ECCE). In 2015, a first study was conducted focusing on the relationships on the equity side. Using the findings, NN IP is enhancing its investment processes.
Amongst others, we ask our managers to participate in the annual Global Real Estate Sustainability Benchmark (GRESB) Survey. We use the results to evaluate the sustainability of our portfolio and set long-term targets.
Active ownership We vote at shareholder meetings because we believe that it is one of the most important rights that come with being a long-term shareholder. By exercising these rights we can support or enhance our investment rationale for a company and promote our responsible investment beliefs and principles. Voting rights are exercised on behalf of: (i) the proprietary portfolio and (ii) the Dutch, Belgian and Luxembourg funds with at least EUR 100 million assets under management. As part of the information barriers (historically known as ‘Chinese Walls’), there are separate voting committees for proprietary and client assets in place.
In 2015, we exercised voting rights at 2,013 shareholder meetings worldwide. We voted on a total of 26,580 agenda items and resolutions, including 532 resolutions put forward by shareholders on environmental, social and governance issues (see chart on page 29). We supported shareholder resolutions that related to environmental and social matters in a large number of cases. We voted ‘against’ (or abstained from voting) when these resolutions sought additional data or policies without providing proportionate benefits to shareholders.
Restrictions NN Group’s Responsible Investment (RI) Policy Framework forms the basis for our responsible investment approach. This framework is based on our values and widely recognised standards, principles and best practices, among which the United Nations Global Compact. These principles are supplemented by criteria for controversial aspects of the weapons or defence industry.
In 2015, NN Group revised and published its Defence policy. NN does not invest in companies that demonstrably have activities in the trade of arms to countries that are sanctioned by a UN, EU or US arms embargo. Companies that develop, produce, maintain or trade ‘controversial weapons’ are also part of our exclusion list. Weapons that we define as controversial include anti-personnel landmines, cluster munitions, depleted uranium ammunition, biological, chemical and nuclear weapons.
In our adjusted policy criteria, we sought a closer alignment to universally accepted standards and treaties, which resulted in the exclusion of additional companies due to their involvement in nuclear weapons.
In 2015, NN IP and Dutch development bank FMO joined forces to develop a sustainable emerging markets loan fund. The fund will enable institutional investors to invest in responsible loans in emerging economies. Reporting on social and environmental outcome, notably job creation and the reduction of greenhouse gas emissions, will be an integral part of this ‘impact investing’ proposition.
Advocacy on responsible investment We work with peers and global organisations such as the International Corporate Governance Network (ICGN) or Eumedion. We also contribute to the integration of ESG aspects in training for investors and students. For example, NN IP helped to develop learning materials that are part of the CFA ESG course, and initiated a masterclass at Nyenrode Business University in the Netherlands for MBA students addressing the benefits of ESG integration. We also promoted responsible investments at client events as well as conferences organised by external parties. For more information on responsible investment, refer to the Sustainability Supplement, pages 9–11.
We constantly strive to enhance NN Group’s reputation as a solid, transparent and reliable company
NN Group became a standalone company on 2 July 2014, following an Initial Public Offering (IPO). Our shares are listed and traded on Euronext Amsterdam under the listing name NN Group – symbol NN.
The listing of NN Group on Euronext Amsterdam in 2014 increased the visibility of the company. We regularly inform the market of strategic, financial and commercial developments at NN Group. In doing so, we constantly strive to enhance NN Group’s reputation as a solid, transparent and reliable company for all our stakeholders, including customers.
Sell-downs by ING ING Group previously announced that it intends to divest its remaining stake in NN Group over time, in line with its strategy to divest all of its insurance and investment management businesses as part of the EC restructuring agreement, ultimately by the end of 2016.
In this context, ING Group sold shares of NN Group through the Initial Public Offering in July 2014 and follow-on offerings in February 2015, May 2015, September 2015 and January 2016. NN Group participated in these follow-on offerings via share buybacks from ING Group for a total amount of EUR 750 million. There was also the exchange of in total three tranches of mandatory exchangeable subordinated notes issued by ING Group to the anchor investors. Since the IPO, ING Group’s stake in NN Group has been reduced to 14.1% (as of 2 February 2016).
NN Group intends to pay dividends either in cash or ordinary shares from the share premium reserve. We intend to neutralise the dilutive effect of the stock dividend on earnings per ordinary share through the repurchase of ordinary shares, which may include a repurchase of part of ING Group’s shareholding in NN Group.
Shareholders with 3% stakes or more Shareholdings in Dutch listed companies of more than 3% must be notified to the Netherlands Authority for the Financial Markets (AFM). According to the AFM register, the following shareholders have an interest of more than 3% in NN Group on the notification date: ING Group (14.09% on 28 January 2016), RRJ Capital II Ltd. (5.91% on 7 July 2014), Temasek Holdings (Private) Limited (4.27% on 2 February 2016), Franklin Mutual Series Fund Inc. (3.87% on 27 May 2015), JP Morgan Asset Management Holdings Inc. (3.08% on 21 September 2015), and BlackRock Inc. (3.05% on 6 January 2016). The stated percentages are the interests reported by the relevant shareholder to the AFM on the indicated dates. It is possible that the stated interests differ from the current interests of the relevant shareholder.
We engage in an active dialogue with all our financial stakeholders, for example by publishing press releases and the annual report and by organising meetings and one-to-one discussions with existing and potential investors.
NN Group has published its policy on investor relations and contacts with (potential) shareholders on www.nn-group.com/investors
Capital Markets Day On 19 November 2015, we held our inaugural Capital Markets Day in The Hague. The theme of this event, which was attended by about 40 analysts and investors and viewed by over 450 people online, was ‘Driving Performance Forward’. The NN Group Management Board gave an update on the strategic outlook of the company, on Solvency II, and a deep-dive into the Netherlands and International businesses.
Having a strong, diversified and professional shareholder base is critical for all stakeholders
United States 32% The Netherlands 19% United Kingdom 14% Rest of Europe 15% Asia 18% Rest of the World 2%
Credit ratings are indicators of the probability of timely and full repayment of interest and the principal amount of fixed-income securities. Credit rating agencies Standard and Poor’s (S&P) and Moody’s periodically review NN Group’s creditworthiness. The current credit ratings are: Baa2 Moody’s: Baa2, stable outlook (affirmed on 17 December 2015)
Leadership and development NN offers a solid professional development curriculum for specific groups, leaders and employees through various academies, at both business and Group levels. We support this with a rich e-learning suite, taking a blended learning approach where applicable. To keep up with our dynamic environment, we constantly align and update our curriculum, taking current and future needs into account.
We offer the security of attractive overall compensation with both fixed and variable components. The latter recognises performance, regarding both the customers’ interests and the company’s performance. In 2015, we paid EUR 1,159 million in salaries and other benefits. For more information on remuneration, we refer to the Financial Report, pages 29–33.
Netherlands Life 18% Netherlands Non-life 7% Insurance Europe 35% Japan 6% Asset Management 10% Other 24%
For more detailed data on our human capital, refer to the Sustainability Supplement, page 14
In addition, the majority of NN Group’s employees are covered by a collective labour agreement (CLA) or locally agreed policies (in compliance with NN policies). In the Netherlands, this figure is 99%. We are currently in the process of co-creating a new CLA, together with our employees, works council and trade unions. The key themes in this new CLA are employability and mobility.
Restructuring The original target to reduce administrative expenses in the Netherlands by EUR 200 million, was realised one year ahead of schedule. NN Group will continue its focus on efficiency in all segments, especially in the Netherlands. To guide our people through these often challenging processes, we provide employees with training, coaching and consulting.
Growing engagement levels The results of the yearly engagement survey (YES) showed a seven-point rise (from 66% to 73%) in engagement compared to the 2014 survey. Perceptions of how we are living our values and brand are encouraging, with 85% of respondents providing positive feedback. Employees rate their own teams and jobs particularly high. NN redesigned its engagement survey so that it provides us with information on how our brand and values are experienced internally, how our leaders live up to the high standards we set and how we fulfil our employee value proposition as an organisation. Of our employees, 84% took part in the survey, providing us with robust and reliable data to analyse and on which to act.
73% Engagement level in 2015, an increase of 7 points compared to 2014
NN Group is committed to creating equal opportunities for employees and ensuring compliance with applicable laws. For job vacancies, we consider all qualified applicants and we strive to keep our workplace free of any discrimination, hostility, and physical and verbal harassment regarding age, race, gender, religion, disability, and sexual orientation. Our main diversity focus is on gender, internationalisation and generation 2020.
At NN Group level, we have a Central Works Council and a European Works Council. Our European Works Council started a new term of office in February 2016. Representatives of the participating countries will be elected by local employee councils. For an overview of our Central and European Works Council members, refer to page 34 of the Financial Report.
We proactively encourage local employee participation. In the Netherlands, works councils are often actively involved at an early stage in different processes, for example with regards to restructuring plans throughout the various businesses. Social policy topics are frequently discussed in meetings with the works councils and management. Our dialogue with the works councils accommodates collective interests and facilitates the sharing of information and indirect participation by all employees.
At NN Group, we aim to be a good corporate citizen by using our resources, expertise and reach to help societies achieve long-term sustainable prosperity.
Sustainable supplier management With an annual spend in 2015 of EUR 964 million, our procurement activities support our business strategy while working with around 8,000 suppliers. A substantial part of this investment goes towards IT, Facility Management, Real Estate and Professional Services. For many of our partners, we are a relevant client and an important source of income. By encouraging suppliers to share our standards and work towards continuous improvement, we believe we can drive different sustainability aspects through our supply chain.
In our dealings with suppliers throughout 2015, our procurement department focused even more on sustainable and professional relationships in the supply chain via contract and vendor management. Our relationship with suppliers is based on cooperation and trust, and we aim to work together in a mutually beneficial way. Proper governance with the supplier, based on a segmentation of suppliers, supports this.
The procurement policy was further implemented and communicated to all relevant stakeholders in the countries where we operate. In addition to including a separate chapter on sustainability, the policy pays more attention to supplier qualification, awareness of conflicts of interest, security measures and risk mitigation. All vendors, including around 400 suppliers with a spend of more than EUR 10,000 a year each, were assessed via the supplier qualification process. In 2015, our risk assessment was further improved to better determine sustainability risks for NN within our segmentation analysis.
Managing our environmental footprint As reflected in our values, we take our responsibility for the environment seriously. ‘We care’ means that we respect each other and the world we live in. That is why NN Group avoids or responsibly manages any negative impact our business activities may have on people or the environment, and seeks positive change in society.
In 2015, we continued to effectively manage our direct environmental footprint by efficient use of natural resources, identifying and implementing green alternatives and ultimately compensating for the remainder of our carbon footprint. Our sustainability initiatives continue to focus on energy and business travel efficiency, and paper use reduction. We also encourage the recycling of materials inside our office buildings.
Tax strategy and policy Tax has become a key focus area for governments, regulators and civil society. Companies are expected to clarify their views on responsible tax behaviour. At NN Group, we believe that a responsible tax approach is an essential part of good corporate citizenship. The planning of our tax position is consistent with our business operations, reflects our corporate strategy and takes into account relevant international guidelines, such as the OECD Guidelines for Multinational Enterprises.
In this role, and besides the corporate income tax we pay, NN Group contributes to many other taxes, such as employee wage tax, social security premiums on employee wages, insurance premium tax and value added taxes (VAT). All these taxes provide revenue for governments to fund public services in the markets where we operate.
Being a responsible taxpayer means that our tax planning takes long-term considerations into account and carefully weighs all stakeholder interests. As such, we believe it is essential to have a set of guiding principles. In 2015, we published the essence of our tax principles on our corporate website.
NN Group also provides information about the income tax charge by country in the company’s financial statements. Although the requirements for country-by-country reporting for our industry are still under development, we provide additional information by country in the Financial Report, Note 33.
Income tax paid in 2015 amounted to EUR 39 million (2014: EUR 89 million). These amounts are reflected in the Consolidated statement of cash flows in the Financial Report.
Community investment At NN Group, we aim to be a positive force in the lives of our customers. We believe this also includes contributing to the well-being of society at large and supporting the communities in which we operate. This ambition is reflected in our community investment programme ‘Future Matters’, launched in 2014 and now fully implemented in the majority of our business units. Through our community investment activities, we connect with our employees, customers and business partners. With our expertise, time, and broad outreach, we aim to address societal needs and positively impact the communities where we live and work.
Creating economic opportunities Alongside building their financial capabilities, we want to help people shape their futures, reach their full potential and grow their opportunities to generate income. In Europe, too many young people drop out of formal education or lack specific skill sets needed in the current economy.
NN aims to help prepare these young people for the job market by donating a variety of our resources – time, human and financial. We aim to teach them valuable skills so that they may increase their employment opportunities in the future.
To provide talented and ambitious students with the financial means to take their future into their own hands, we introduced the NN Future Matters scholarships in 2015. These scholarships enable selected students to follow Master’s Programmes in the Netherlands in the field of finance, risk and/or economics. The students, who are the first in their family to study at an academic level, are coached by our senior managers and receive valuable insight into a variety of business and work environments.
Alleviating financial distress In addition to empowering people to prepare themselves economically and financially, we support them in overcoming adversity when life takes unexpected turns. Formal social support services are sometimes unable to fully reach out to people in financial need. NN helps bridge this gap by raising funds for a number of local charities that focus on families with children that live in challenging financial circumstances.
Next to the community investment themes under the NN Future Matters umbrella, our business units and corporate foundations support a wide range of local initiatives in the areas of, for example, health and the environment. The success of these initiatives is not just measured in cash and in-kind donations, but also in the active involvement of our employees as volunteers.
NN Group N.V. is a public limited liability company (‘naamloze vennootschap’) incorporated under the laws of the Netherlands. It has a two-tier board structure consisting of an Executive Board and a Supervisory Board. The company also has a Management Board. The organisation, duties and working methods of the Executive Board, Management Board and Supervisory Board are detailed in charters of these Boards. The charters are available for download on our corporate website.
24 years average experience in the financial services industry of an NN Group Management Board member
Delfin Rueda was appointed to the Executive Board as Chief Financial Officer on 1 March 2014 and as member of the Management Board on 7 July 2014. Delfin is responsible for NN’s finance departments and investor relations. He brings 22 years of experience in the financial services industry. Prior to joining ING in 2012, he was Chief Financial and Risk Officer and member of the Management Board at Atradius. He also held leadership positions at J.P. Morgan, UBS and Andersen Consulting.
Dorothee van Vredenburch was appointed to the Management Board as Chief Change and Organisation (CCO) on 7 July 2014. Dorothee is responsible for NN’s human resources, communications and sustainability. She joined ING/ NN in 2009 as managing director of Corporate Communications and Affairs of ING Group. She brings 26 years’ experience in the financial services industry starting as an investment banker, and held leadership positions at amongst others Citigate First Financial.
Stan Beckers was appointed to the Management Board as Chief Executive Officer NN Investment Partners on 7 July 2014. Stan is responsible for NN’s asset management business. Over the past 25 years, he also has been a member of the Investment Committees at several pension funds and of the Supervisory Board at KAS Bank, Robeco, Econowealth and St Lawrence Trading Inc. Stan is also a visiting professor at KU Leuven.
Doug Caldwell was appointed to the Management Board as Chief Risk Officer on 7 July 2014. Doug is responsible for NN’s overall risk framework with direct responsibility for the risk management departments. He joined ING/NN in 1999 and brings 24 years’ experience in the financial services industry, most recently with ING Insurance Asia Pacific. He also held leadership positions at NN Re, ING Group and ING Insurance US.
− designated as at fair value through profit or loss 443 492
Consolidated profit and loss account For the year ended 31 December 2015
Assets under Management (end of period, in EUR billion)2 187 195 -4.2% 174
NN Group share price (COB 31 December 2015, in EUR) 32.55 24.85 n.a.
App (AR: p. 12, 15–16, 24, 26; SS: p. 7) An application; typically a small, specialised programme downloaded onto mobile devices to support NN Group’s ability to provide a quick, easy, confidential customer experience across digital channels.
Carbon neutrality (AR: p. 34; SS: p. 12) Achieving net zero carbon emissions by balancing a measured amount of carbon released with an equivalent amount sequestered or offset, or buying enough carbon credits to make up the difference.
Central Works Council (AR: p. 33) The Central Works Council (CWC) is an entity required by the Dutch Works Council Act of 2013. It is a standing works council formed by representatives from eight Dutch work councils. The CWC is informed or consulted about important NN Group developments in the Netherlands and international developments to the extent that Dutch interests are influenced.
Community investment (AR: p. 35; SS: p. 8) Activities that are focused on making a positive contribution to communities, including investments in education programmes and partnerships that aim to bring sustainable developments.
Diversity and inclusion (AR: p. 33) NN Groups approach to diversity includes hiring people of various race, ethnicity, gender, age, sexual orientation, physical abilities and personal philosophies, as well as creating an inclusive culture and diversity of thought – one that welcomes, acknowledges, respects, challenges and benefits from our differences.
Environmental, social and governance (ESG) factors (AR: p. 20, 22, 26, 28, 29; SS: p. 4, 5, 6, 9–11, 18) ESG factors are a subset of non-financial performance indicators which include sustainable, ethical and corporate governance issues such as managing the company’s carbon footprint and ensuring there are systems in place to ensure accountability.
Euronext Amsterdam (AR: p. 22, 30) A conglomerate of the former entities: Amsterdam Stock Exchange, Brussels Stock Exchange and Paris Stock Exchange. Located in Amsterdam, the Netherlands.
Green Star (SS: p. 10) Green Star is a qualification that refers to top-quadrant performance in the scoring matrix of the GRESB Real Estate Assessment. The overall GRESB score is divided into two dimensions: Management & Policy and Implementation & Measurement. Participants with a score that is equal or larger than 50 on both dimensions, are Green Stars.
Information barriers (AR: p. 28) The ethical barriers between different divisions of a financial (or other) institution to avoid conflict of interest. Also historically known as ‘Chinese Walls’.
Initial Public Offering (IPO) (AR: p. 3, 4, 11, 30–31) An Initial Public Offering (IPO) refers to the public offering of a company’s shares for sale for the first time on a stock exchange, or when a parent firm makes a subsidiary public through a (partial) sell-off of its shares. NN Group had its IPO on 2 July 2014.
Entities which pool money to purchase securities, real property and other investment assets or originate loans. Institutional investors include banks, insurance companies, pension funds, hedge funds, investment advisors and endowments.
Integrated reporting (AR: p. 21; SS: p. 3, 10, 16) A process founded on integrated thinking that results in a periodic integrated report by NN Group about value creation over time and related communications regarding aspects of value creation.
KiFiD (AR: p. 17; FR: p. 133) The Dutch institute for consumer complaints about the financial services industry (Klachteninstituut Financiële Dienstverlening). It mediates in disputes between consumers and banks, insurers, brokers and other financial service providers. Mediaton occurs by the public advocate (Ombudsman) or through a (usually) binding advice of the Disputes Committee or the Appeals Committee.
Legacy IT system (AR: p. 16, 23) An IT system that is not up to date or obsolete and often does not comply with the latest industry standards.
Materiality matrix (AR: p. 13, 14; SS: p. 16) The materiality matrix presents the developments and topics which are important to our business and the relevance of these to our external stakeholders.
Net Promoter Score (AR: p. 4, 8, 12, 24) A management tool that can be used to gauge the loyalty of a firm’s customer relationships. It serves as an alternative to traditional customer satisfaction research.
NGO (Non-Governmental Organisation) (AR: p. 1, 13, 44) An organisation that is neither a part of a government nor a conventional for-profit business. Usually set up by citizens, NGOs may be funded by governments, foundations, businesses, or private persons.
NN Group Compliance Charter & Framework (AR: p. 36) A policy set in place by NN Group to help businesses to effectively manage their compliance risks.
Ordinary share (AR: p. 3, 31, 40) An equity instrument that is subordinated to all other classes of equity instruments. Ordinary shares participate in the net profit for the financial year after other types of shares such as preference shares.
A method of calculating the Solvency Capital Requirement (SCR) that combines a standard formula and an approved, internally developed internal model. NN Group’s Partial Internal Model was approved by the Dutch regulator (DNB) in December 2015.
Report of the Executive Board The NN Group N.V. 2015 Report of the Executive Board (Bestuursverslag), as referred to in section 2:391 of the Dutch Civil Code. Specific chapters to be mentioned in this matter are the Annual Review and the following chapters in the Financial Report: the Financial Developments, the Report of the Supervisory Board, Corporate Governance, the Remuneration Report and the Report of the Executive Board on internal control over financial reporting.
Responsible Investment (RI) Policy Framework (AR: p. 19, 28, 29; SS: p. 5, 6, 9–11, 13, 16, 18, 19, 20) The Responsible Investment (RI) Policy Framework sets out NN Group’s vision, approach and key principles on responsible investment. NN Group defines RI as the systematic integration of relevant ESG factors into its investment decision-making and active ownership practices.
Social Innovation Relay (AR: p. 35; SS: p. 8, 14) The Social Innovation Relay is an initiative of Junior Achievement supported by NN Group. It works to inspire secondary school students to develop innovative business concepts that address social challenges.
Socially Responsible Investment (SRI) funds (AR: p. 29; SS: p. 9, 11) Socially Responsible Investment (SRI) funds are specialised sustainable investment products which cater to the increasing demand for products that not only generate good financial returns, but are also good for society and the environment.
Measurement of NN Group’s capital position, calculated as the ratio of Own Funds (OF) to the Solvency Capital Requirement (SCR) based on NN Group’s approved Partial Internal Model.
An individual, group, organisation, member or system who affects or can be affected by and organisation’s actions. In sustainable business models the term includes financial shareholders as well as those affected by environmental or social factors.
Sustainable Assets under Management (AR: p. 4, 21, 40; SS: p. 4, 13, 18, 20) Sustainable Assets under Management are assets that are managed with a specific focus on sustainability. This includes our Socially Responsible Investing (SRI) funds and mandates.
Value creation model (AR: p. 22) An operating model which focuses on how NN Group can create revenue which exceeds expenses which results in a profit, or value, to the stakeholders.
YES (AR: p. 10, 33) The Yearly Engagement Survey (YES) is designed as a questionnaire measuring how NN Group’s brand and values are experienced by our employees, how our leaders live up to the high standards we set and how we fulfil our employee value proposition as an organisation. The results reflect employee engagement expressed as a percentage score.
Contact us NN Group N.V. Schenkkade 65 2595 AS Den Haag P.O. Box 93604, 2509 AV Den Haag The Netherlands www.nn-group.com
We welcome input from our stakeholders. If you would like to provide us with feedback, please feel free to contact us via external.communications@nn-group.com