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	21.4 billion EUR (2021)
Stock Exchange	Bijv. Amsterdam
Key People	David Knibbe (CEO) Delfin Rueda
Number of Employees	15417
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).

Nationale Nederlanden, stylized as NN Group,was founded in 1845. NN Group is a financial services company, active in several European countries and Japan. NN had 15417 employees in 2021, serving 18 million customers. , NN is active in portfolio’s ‘life’, ‘non-life’, insurance, asset management and banking. NN’s balance sheet value was almost 252 billion in 2021. NN’s net income was 21.4 billion and the result was 3.3 billion in 2021. Current total assets under management is 301 billion EUR The effective tax rate of NN is 17,5 percent. NN Group is headquartered in The Hague, Netherlands.

Company Structure

NN Group N.V. (NN Group) is a public limited company (naamloze vennootschap) incorporated under the laws of the Netherlands. Currently, no legal or natural person holds more than 10 percent of the shares of NN Group

NN Group is a Dutch company by origin and therefore has its headquarters 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).

NN Group has a two-tier board structure, where day-to-day management is in the hands of the executive board, assisted by the management board. Their work is overseen and checked by the Supervisory Board.

Board of Directors

Executive Board

Name	Function	Remuneration x1000 EUR
David Knibbe	Chief Executive Officer	2429
Delfin Rueda	Chief Finanacial Officer	1943

Management Board

The Management Board assists the Executive Board in the day-to-day management of NN Group. 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:

Management Board

Name	Function
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

Individual remuneration of the management board is not disclosed in the annual reports.

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:

Supervisory Board

Name	Function	Remuneration x1000 EUR
David Cole	Chair	149.5
Helene Vletter-van Dort	Vice-chair	112
Inga Beale	Member	62
Heijo Hauser	Member	118
Robert Jenkins	Member	101
Rob Lelieveld	Member	41.5
Cecilia Reyes	Member	62
Hans Schoen	Member	118
Clara Streit	Member	101

Accountant

The external accountant of NN Group is KPMG. It has been so since the financial year of 2015.

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. NN is active in portfolio’s ‘life’, ‘non-life’, insurance, asset management and banking. NN is mainly active in European countries and Japan.

Government

NN Group has not received royal status. NN Group did not receive NOW support during the corona pandemic.

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 its relevant investments and to publish an action plan in 2022.

NN has published an analysis on the carbon footprint of their proprietary assets every year since 2019, extending the scope every year so far.

Financial Situation

The table below shows the financial position of NN-Group since 2015.

Financial situation

Year	Revenue	Profit	Dividend
2015	14 billion EUR	1.6 billion EUR	349 million EUR
2016	14.3 billion EUR	1.2 billion EUR	536 million EUR
2017	17.8 billion EUR	2.1 billion EUR	524 million EUR
2018	20 billion EUR	1.1 billion EUR	570 million EUR
2019	20.5 billion EUR	2 billion EUR	665 million EUR
2020	20 billion EUR	1.9 billion EUR	705 million EUR
2021	21.4 billion EUR	3.3 billion EUR	742 million EUR

Scandals and Controversies

Any dirt on the companies can be added here.

Current Emissions

Since 2017, NN discloses their scope 3 emissions through their analysis of proprietary assets. In the annual report over 2021, NN gives an overview of their scope 3 emission numbers of the last three years. These numbers are calculated through the same methodology and therefore to a certain extent comparable. The emissions described in the table below are NN's scope 3 emissions.

Carbon footprint of NN Group's proprietary assets 2019

-	Government Bonds	Corporate Investments	Residential Mortgages	Real estate investments
Assessed Assets (in EUR billion)	76	34	47	n/a
Carbon footprint (tCO2e/EURm invested)	62	175	13	n/a
Total Emissions (in Mt)	4.71 Mt	5.95 Mt	0.61 Mt	n/a

NN's reported emissions in 2019 were 11,27 megatonnnes, based on the values given in their annual report over 2021.

Carbon footprint of NN Group's proprietary assets 2020

-	Government Bonds	Corporate Investments	Residential Mortgages	Real estate investments
Assessed Assets (in EUR billion)	74	37	49	7
Carbon footprint (tCO2e/EURm invested)	64	159	13	4
Total Emissions (in Mt)	4.74 Mt	5.88 Mt	0.64 Mt	0,03 Mt

NN's reported emissions over 2020 were 11,29 megatonnes, based on the values from annual report 2021.

Carbon footprint of NN Group's proprietary assets 2021

-	Government Bonds	Corporate Investments	Residential Mortgages	Real estate investments
Assessed Assets (in EUR billion)	68	34	52	7
Carbon footprint (tCO2e/EURm invested)	60	125	10	3
Total Emissions (in Mt)	3.74 Mt	4.25 Mt	0.52 Mt	0.02 Mt

NN's reported emissions over 2021 were 8,53 megatonnes, based on the values in the annual report over 2021.

The assessed assets represent 80 percent of the asset portfolio on NN's balance sheet. For both governments bonds and corporate investments, the emissions reported are mainly the scope 1 and 2 emissions for these respective institutions. So for NN itself, these emissions count for scope 3, but for the companies and governments invested in, these emissions fall within their scope 1 and 2 emissions.

Climate Policy and Plans

NN committed to achieve a net-zero carbon proprietary investment portfolio by 2050. Their approach has two dimensions: decarbonisation of the investment portfolio, and increasing investment in climate solutions. Going forward, NN aims to set a science-based target to commit to reducing our absolute scope 1 and 2 CO2 emissions. NN-Group will phase out coal in their portfolio by 2030. Financed emissions associated with the NN mortgage portfolio have remained stable in 2020 compared to 2019.

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. 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.

• 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

By 2025, NN aims to reduce GHG emissions of its corporate investment portfolio by 25%, and per 2030 by 45% compared to 2019. NN plans to reduce emissions from its own operations by 35 percent in 2025 in comparison to 2019. In 2030, these emissions should be reduced by 70 percent. Next to these targets, NN wants to increase investments in climate solutions by 6 billion by 2030. for reference, NN's current outstanding investments are more than 150 billion

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. 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.