NN Group
NN Group N.V. | |
---|---|
Quick Facts | |
Type | Public |
sector | Financial Services |
Headquarters (Benelux Organization) | Den Haag, Netherlands |
Year of Origin | 1845 |
Emissions (All Scopes) | 14,7 Megatons of CO2 (2020) |
Total Revenue | 19,960 billion EUR (2020) |
Stock Exchange | Bijv. Amsterdam |
Key People |
|
Number of Employees | 15138 |
Subsidiaries | NN Group has 33 subsidiaries. For each country NN is active, there is one or more subsidiaries. Most subsidiaries are located in the Netherlands (6). [1] |
Nationale Nederlanden, stylized as NN Group,was founded in 1845. NN Group is a financial services company, active in several European countries and Japan. [2] NN had 15118 employees in 2020, serving 18 million customers. [3] NN is active in portfolio’s ‘life’, ‘non-life’, insurance, asset management and banking. [4] NN’s balance sheet value was 263,738 billion in 2020. [5] NN’s net income was 19,960 billion and the result was 1,904 billion in 2020. [6] Total assets under management are 218,75 billion, of which 175 billion is assesed for its carbon footprint. [7] The effective tax rate of NN was 18 percent. [8] NN Group is headquartered in The Hague, Netherlands. [9]
Company Structure
NN Group N.V. (NN Group) is a public limited company (naamloze vennootschap) incorporated under the laws of the Netherlands. [10]
The authorised share capital of NN Group N.V. consists of ordinary shares and preference shares. Currently, only ordinary shares are issued, while a call option to acquire preference shares has been granted to the NN Group Continuity Foundation (Stichting Continuïteit NN Group). [11] No legal or natural person holds more than 10 percent of the shares. [12]
NN Group is a Dutch company by origin and therefore has its headquarter in The Netherlands. NN Group has 33 subsidiaries. For each country NN is active, there is one or more subsidiaries. Most subsidiaries are located in the Netherlands (6). [13]
Board of Directors
Name | Function | Remuneration x1000 EUR |
---|---|---|
David Knibbe | Chief Executive Officer | 2050 |
Delfin Rueda | Chief Finanacial Officer | 1669 |
Management Board
The management Board exists of the executive board and other members appointed by the executive board and supervisory board. Besides the executive board, members of the management board are: [15]
Name | Function |
---|---|
Satish Bapat | CEO NN Investment Partners |
Tjeerd Bosklopper | CEO Netherlands Non-life, Banking & Technology |
Bernhard Kaufmann | Chief Risk Officer |
Dailah Nihot | Chief Organisation & Corporate Relations |
Leon van Riet | CEO Netherlands Life & Pensions |
Fabian Rupprecht | CEO International Insurance |
Janet Stuijt | General Council |
There is no information available on the individual remuneration of the management Board.
Supervisory Board
The Supervisory Board is responsible for supervising the management of the Executive Board and the general course of affairs of NN Group and the businesses affiliated with it. The supervisory board exists of: [16]
Name | Function | Remuneration x1000 EUR |
---|---|---|
David Cole | Chair | 189,721 |
Helene Vletter-van Dort | Vice-chair | 140,521 |
Heijo Hauser | Member | 134,041 |
Robert Jenkins | Member | 122,254 |
Hans Schoen | Member | 138,152 |
Clara Streit | Member | 122,254 |
Accountant
The external accountant of NN Group is KPMG. [17] It has been so since the financial year of 2015. [18]
Main Activities
NN is a financial services company active in 19 countries. NN provides retirement services, pensions, insurance, investments and banking to approximately 18 million customers. [19] NN is active in portfolio’s ‘life’, ‘non-life’, insurance, asset management and banking. [20] NN is mainly active in European countries and Japan. [21]
Government
NN Group has not received royal status. [22] NN Group did not receive NOW support during Corona times. [23]
Paris Agreement to Today
In July 2019, NN signed the commitment of the financial sector to the Dutch Climate Agreement and thereby commits to contribute to the financing of energy transition, to disclose the carbon footprint of our relevant investments and publish an action plan in 2022. [24]
NN has published an analysis on the carbon footprint of their proprietary assets every year since 2019, extending the scope every year so far. [25]
Financial Situation
The table below shows the financial position of NN-Group since 2015. As is visible, there are plenty of resources available within NN-Group.
Year | Revenue | Profit | (Comprehensive) income attributable to shareholders | Dividend |
---|---|---|---|---|
2015 [26] | 13,995 billion EUR | 1,595 billion EUR | 973 million EUR | 271 million EUR |
2016 [27] | 14,321 billion EUR | 1,190 billion EUR | 3,085 billion EUR [28] | 298 million EUR |
2017 [29] | 17,816 billion EUR | 2,132 billion EUR | 345 million EUR | 370 million EUR [30] |
2018 [31] | 20,050 billion EUR | 1,133 billion EUR | 833 million EUR | 421 million EUR |
2019 [32] | 20,458 billion EUR | 1,985 billion EUR | 9,081 billion EUR [33] | 411 million EUR |
2020 [34] | 19,960 billion EUR | 1,926 billion EUR | 7,032 billion EUR | 400 million EUR |
2021 (not yet disclosed) | XXX Billion EUR | XXX EUR | XXX EUR | XXX EUR |
Scandals and Controversies
Any dirt on the companies can be added here.
Current Emissions
In order to achieve its target of net-zero emissions in 2050, NN plans to build on existing climate initiatives, such as phasing out thermal coal-exposed investments from its investment portfolio by 2030 and NN IP’s active dialogues with investee companies on climate-related matters. [35]
For the third year in a row, NN has disclosed the carbon footprint of its proprietary assets, currently covering 80% of its total portfolio. [36]
Fixed Income | Equity | Residential Mortgages | Real Estate Investments | |
---|---|---|---|---|
Assessed Assets (billion) | 113 | 6 | 49 | 7 |
Carbon Footprint (tonnes CO2/EUR million invested) | 97 | 112 | 19 | 6 |
Total Emission (in megatonnes CO2) | 10,961 | 0,672 | 0,931 | 0,042 |
The different categories total emissions of 12,6 megatonnes of CO2 eq.
Weighted average Carbon Intensity in tonnes per million euro’s of revenu is 106. Total revenue is 19,96 billion. [38] This amounts to an extra calculated emission of 2,11576 megatonnes CO2 eq.
Total scope 3 emissions reported in 2020 therefore amount up to 14,72 megatonnes of CO2 Eq. [39] This however is 80 percent of the assets and covering only scope 1 and 2 emissions. This calculation has been done for every year since 2015 where data was available.
Year | Scope 1 | Scope 2 | Scope 3 | Total |
---|---|---|---|---|
2015 | 0,021 (1&2) [40] | Unknown | Unknown | Unknown |
2016 | 0,022 (1&2) [41] | Unknown | 28,408 | 28,430 |
2017 | 0,025 (1&2) [42] | Unknown | 32,118 | 32, 143 |
2018 | 0,023 (1&2)[43] | Unknown | 17,788 | 17,801 |
2019 | 0,020 (1&2) [44] | Unknown | 14,221 | 14,241 |
2020 | 0,013 (1&2) [45] | Unknown | 14,722 | 14,735 |
2021 (No annual report published yet) | XXX | XXX | XXX | XXX |
Calculations for scope 3 are based on the data in the annual report of the respective year and calculated in the same fashion as the table with the calculation of scope 3 emissions over 2020.
Climate Policy and Plans
NN committed to achieve a net-zero carbon proprietary investment portfolio by 2050. [46] Their approach has two dimensions: decarbonisation of the investment portfolio, and increasing investment in climate solutions. [47] Going forward, NN aims to set a science-based target to commit to reducing our absolute scope 1 and 2 CO2 emissions. [48] NN-Group will phase out coal in their portfolio by 2030. [49] Financed emissions associated with the NN mortgage portfolio have remained stable in 2020 compared to 2019. [50]
NN's 2020 target is to reduce CO2 emissions from direct operations by 3% per FTE per year. Going forward, NN aims to set a science-based target to commit to reducing its absolute scope 1 and 2 CO2 emissions. [51] It must be noted that scope 1 and 2 emissions amount to only a faction of NN's total emissions. The majority of emissions is in scope 3.
NN has published a set of interim targets to steer and monitor the transition of the investment portfolio to achieve net-zero GHG emissions by 2050. [52]
- Transitioning investment portfolio with asset-class specific strategies
- Decarbonise corporate investment portfolio
- Invest in frontrunners of the transition journey
- More than double investments in climate solutions by 2030
- Sharpening targets for business operations [53]
By 2025, NN aims to reduce GHG emissions of its corporate investment portfolio by 25%, and by 2030 by 45% compared to 2019. [54]
Due Diligence
Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.
Conclusion
NN is a service provider generating a massive profit of 1,9 billion euro’s annually. NN has an enormous amount of money under management (of which most is public money) , creating great opportunities and responsibilities. NN is internationally active and is therefore morally obliged to make a difference internationally as well. NN has made steps towards disclosure of their environmental impact, and every year broadens the scope of this disclosure. Currently, the carbon footprint of over 80 percent of NN’s portfolio is disclosed. Information on scope 3 is not yet available. NN has clear goals towards 2030 and 2050 that seem to be in line with current international laws and agreements. The interim goals and means to get to these longterm goals are however not concrete enough. Supporting calculations and numerical, measurable goals increase the trustworthiness of the policy and long-term goals. Clear and measurable goals might make it easier for policymakers within NN to confidently steer the investment portfolio towards climate neutrality.
References
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 104
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 4
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 5
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 5
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 65
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 4
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 68
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 109
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 208
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 57
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 37
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 35
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p 104
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 42
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 27
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 44
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 73
- ↑ https://www.nn-group.com/investors/financial-reports-1.htm p. 34
- ↑ https://www.nn-group.com/home.htm
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 5
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 4
- ↑ https://www.koninklijkhuis.nl/onderwerpen/onderscheidingen/predicaat-koninklijk/overzicht-predicaat-koninklijk
- ↑ https://www.uwv.nl/overuwv/Images/uwv-register-now-vijfde-aanvraagperiode.pdf
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 50
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p.5
- ↑ https://www.nn-group.com/nn-group/file?uuid=9a662f40-c8ab-4ab8-9b72-070d8396325e&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=7499
- ↑ https://www.nn-group.com/nn-group/file?uuid=ec426108-1d24-439e-8e85-7e16e121faed&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=6885
- ↑ https://www.nn-group.com/nn-group/file?uuid=ec426108-1d24-439e-8e85-7e16e121faed&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=6885 p. 36
- ↑ https://www.nn-group.com/nn-group/file?uuid=d0f5d2d3-0da6-48f9-abe8-3443a4a694e0&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=7000
- ↑ https://www.nn-group.com/nn-group/file?uuid=d0f5d2d3-0da6-48f9-abe8-3443a4a694e0&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=7000 p. 44
- ↑ https://www.nn-group.com/nn-group/file?uuid=39c16aeb-6ed8-4e9c-b020-1ffbba35fa5d&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=10513
- ↑ https://www.nn-group.com/nn-group/file?uuid=55caeb72-5699-4d50-b540-d191328f5880&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=10852
- ↑ https://www.nn-group.com/nn-group/file?uuid=55caeb72-5699-4d50-b540-d191328f5880&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=10852 p. 45
- ↑ https://www.nn-group.com/nn-group/file?uuid=4b4f7dd6-3c0d-4ce3-8d99-d02926f416a0&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=11412
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 50
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 50
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 51
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 66
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 68
- ↑ 21 kilotonnes (no scope specification) https://www.nn-group.com/nn-group/file?uuid=2f2a9259-2191-4852-a42f-18787c142431&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=7124 p. 16
- ↑ https://www.nn-group.com/nn-group/file?uuid=a6608eef-1684-4b11-ba51-1d8eeb80b314&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=7304 p. 58
- ↑ https://www.nn-group.com/nn-group/file?uuid=f3b14c17-0233-4d2c-96bb-a7b21a6d278d&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=7270 p. 71
- ↑ https://www.nn-group.com/nn-group/file?uuid=39c16aeb-6ed8-4e9c-b020-1ffbba35fa5d&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=10513 p. 76
- ↑ https://www.nn-group.com/nn-group/file?uuid=55caeb72-5699-4d50-b540-d191328f5880&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=10852 p. 66
- ↑ https://www.nn-group.com/nn-group/file?uuid=53bca1d1-ad69-4ac2-9bf6-bdeb2b27a289&owner=84c25534-c28a-4a64-9c78-5cc1388e4766&contentid=11411 p. 71
- ↑ https://www.nn-group.com/sustainability/facts-figures.htm
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 53
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 41
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 53
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 7
- ↑ https://www.nn-group.com/sustainability/responsible-investment/proprietary-assets.htm p. 41
- ↑ https://www.nn-group.com/article/interim-targets-to-underpin-our-net-zero-emissions-ambition-.htm
- ↑ https://www.nn-group.com/article/interim-targets-to-underpin-our-net-zero-emissions-ambition-.htm
- ↑ https://www.nn-group.com/article/interim-targets-to-underpin-our-net-zero-emissions-ambition-.htm