NN Group has a strong market position in the Benelux region, supported by the strength of its brand. This position has been reinforced by the acquisition of Delta Lloyd. The group has strength and diversity in its distribution and operates across a number of markets in Europe and also in Japan, although the Dutch business dominates. NN Group's ongoing focus on expense efficiencies and integration of Delta Lloyd's operations should enable it to mitigate some earnings pressures in the Dutch life market. Following the predominantly cash acquisition of Delta Lloyd, we assess capital and earnings as strong. We assume the group's dividend and plans to integrate Delta Lloyd will support the recovery of balance sheet solidity. Our strong financial flexibility
