NN Group NV (NN) Fair Value & Analysis
Financial Services · NL · Market cap €20.4B · ISIN NL0010773842
What is NN Group NV really worth?
Below-average quality, and trading another 22% above our fair value of €65.76.
Risks
For context
Fair value as of: Aug 31, 2026
From 6 valuation models · updated 5 days ago
Share price −1.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range €24.77 – €81.60 · fair‑value band €49.32 – €82.20 · the €80.28 price screens above the €65.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.
Analysis
NN Group NV (NN) currently trades at €80.28, while our model-based Fair Value estimate is €65.76, implying the stock looks roughly 22.1% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of €61.14 per share, and 0 of the 6 models we run sit above the €80.28 price. Bear case: the Dividend Discount group reads lowest at €36.07, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Revenue declined 1.5% year over year. It earns a return on equity of 5.6%. Net debt stands at €7.3B. The stock trades on a trailing P/E of 19.3. Fundamentals as of Aug 31, 2026
Our scenario range runs from €49.32 (bear case) to €82.20 (bull case); at €80.28, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 55% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −18%, NN screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.1962 per share, which is 0.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Economic Profit (€61.14) versus Dividend Discount (€36.07). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 85
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NN Group N.V., a financial services company, provides life and non-life insurance products in the Netherlands and internationally. It operates through the Netherlands Life, the Netherlands Non-Life, Insurance Europe, Japan Life, and NN Bank segments.
Full company description
NN Group N.V., a financial services company, provides life and non-life insurance products in the Netherlands and internationally. It operates through the Netherlands Life, the Netherlands Non-Life, Insurance Europe, Japan Life, and NN Bank segments. The company provides insured defined benefit, defined contribution, pensions under the Nationale-Nederlanden brand name; premium pension institution services under the BeFrank brand name; and general pension fund administration and advisory services under AZL brand name, as well as non-life insurance products, including motor, fire, liability, transport, travel, health, and disability and accident insurance products. It also provides long-term protection to cover a variety of risks including disability, critical illness and health; and protection, savings and retirement solutions. In addition, the company offers financial services, such as savings, investments, bancassurance and mortgages under the Woonnu brand name. The company offers its products to individuals, small and medium-sized enterprises, and corporate customers directly through tied agents, advisors, brokers, and direct channels. The company was formerly known as ING Insurance Topholding N.V. and changed its name to NN Group N.V. in March 2014. NN Group N.V. was founded in 1845 and is headquartered in The Hague, the Netherlands.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NN Group NV reported revenue of €3.0B in FY2025 versus €19.1B in FY2021, a compound −37.0%/yr. Reported net income was €1.2B in FY2025, compounding −22.4%/yr from FY2021.
of which total revenue −4.1 % · buybacks/dilution +2.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
NN screens 22% overvalued. Compare with Berkshire Hathaway Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
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Peer Group
Insurance - Diversified · 83 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Insurance - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Berkshire Hathaway Inc BRKB80 | 1.67 THB | 1.48 THB | −11% |
| Allianz SE ALV | €453.00 | €266.04 | −41% |
| Zurich Insurance Group ZURN | CHF 596.00 | CHF 335.07 | −44% |
| AXA SA CS | €43.61 | €39.90 | −9% |
| Assicurazioni Generali S.p.A G | €44.11 | €10.92 | −75% |
| Sun Life Financial Inc SLF | C$108.85 | C$57.05 | −48% |
| American International Group AIG | $76.14 | $80.91 | +6% |
| The Hartford Insurance Group HIG | $137.38 | $133.10 | −3% |
| Arch Capital Group ACGL | $98.76 | $124.45 | +26% |
| Swiss Life Holding SLHN | CHF 919.00 | CHF 425.23 | −54% |
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