Strong market position in the Netherlands and Belgium, with a strong brand name, reinforced through the Delta Lloyd acquisition. High Geographic diversification, with leading positions in a number of other markets in Europe and Japan. Improved business diversification and further flexibility for the combined group in tough market following the Delta Lloyd acquisition. Earning pressure in the Dutch market from competition. Lower capital buffer post Delta Lloyd acquisition, although we expect the company will build up its capital with earnings retention and contained risk-taking. Remaining execution risk from Delta Lloyd acquisition, which might delay some of the synergies expected from the transaction. Our ratings on international insurer NN Group and its core operating subsidiaries reflect the group's leading market position
