NN Group to implement DNB requirements to reflect NN Bank in Group Solvency II ratio
NN Group to implement DNB requirements to reflect NN Bank in Group Solvency II ratio
NN Group has taken note of the Q&A published by the Dutch Central Bank (DNB) today in which DNB revises the required approach to calculating the Solvency II ratio for an insurance-led Financial Conglomerate (FICO) such as NN Group. Under the new approach, NN Group will be required to include NN Bank in the calculation of its Solvency II ratio, as from 31 December 2020.
In 2016, DNB designated NN Group as a Financial Conglomerate and, as such, requested NN Group to exclude NN Bank from the NN Group Solvency II ratio. Accordingly, NN Group currently excludes NN Bank from both Group Own Funds and the Group Solvency Capital Requirement.
Including NN Bank in the Group Solvency II calculation under the new requirements is expected to negatively impact NN Group’s Solvency II ratio of approximately 227% at the end of May 2020 by an estimated 11%-points.
This regulatory amendment has no impact on NN Group’s disclosures and targets as presented at its Capital Markets Day on 24 June 2020.
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