NN Group (NN) Fair Value & Analysis
Financial Services · NL · Market cap €20.4B
Fair value as of: Jul 18, 2026
From 6 valuation models · updated 23 days ago
Share price +5.7% over the past month.
Below-average quality, and screening another 27% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (€73.84). The favourable scenario is already priced in.
- 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 Jul 18, 2026.
How to read this chart
60‑month range €24.77 – €81.60 · fair‑value band €44.31 – €73.84 · the €80.62 price screens above the €59.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.
Analysis
NN Group (NN) currently trades at €80.62, while our model-based Fair Value estimate is €59.07, implying the stock looks roughly 26.7% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, NN Group generated revenue of €14.3B at a net margin of 8.3%. Revenue declined 1.5% year over year. It earns a return on equity of 5.6%. Net debt stands at €7.3B. Fundamentals as of Jul 18, 2026
Our scenario range runs from €44.31 (bear case) to €73.84 (bull case); at €80.62, the current price sits above 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 56% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -27%, NN screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 6 models by family
Widest divergence: Economic Profit (€61.14) versus Dividend Discount (€36.07). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 81
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.
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 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.
NN screens 27% overvalued. Compare with Berkshire Hathaway Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- NN Group NV (NNGPF) (H1 2026) Earnings Call Highlights: Strong OCG Growth and Strategic ...
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- NNGRY or BWIN: Which Is the Better Value Stock Right Now?
- Assessing NN Group (ENXTAM:NN) Valuation After Mixed Recent Share Performance
Peer Group
Insurance - Diversified · 84 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
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.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Berkshire Hathaway Inc BRKB | 8,562 MXN | 10,844 MXN | +27% |
| Allianz SE ALV | €421.00 | €369.31 | -12% |
| Zurich Insurance Group ZURN | CHF 624.40 | CHF 619.80 | -1% |
| AXA SA AXAN | 888.28 MXN | 1,249 MXN | +41% |
| Assicurazioni Generali S.p.A G | €42.90 | €12.18 | -72% |
| Sun Life Financial Inc SLF | C$114.20 | C$87.83 | -23% |
| BB Seguridade Participações S.A BBSE3 | R$40.71 | R$60.39 | +48% |
| Tryg A/S TRYG | kr 154.00 | kr 116.45 | -24% |
| PT Sinar Mas Multiartha Tbk SMMA | 20,625 IDR | 4,176 IDR | -80% |
| Caixa Seguridade Participações S.A CXSE3 | R$21.77 | R$18.60 | -15% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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