...The Netherlands-based international insurer NN Group and its subsidiaries (together, the group, or NN) have a leading market position in the Dutch and Belgian insurance sectors, and healthy positions in other European markets and Japan. We think the integration of Delta Lloyd will further enhance the group's market position, which we see as one of NN's key strengths. Another important rating driver is our expectation that the group's capitalization--measured by our risk-based capital model--will improve further following the acquisition of Delta Lloyd, mainly via earnings retention and prudent risk taking. The group's recent sound third quarter (Q3) results and its ongoing focus on cost efficiency support our expectations for improving capitalization. Outlook The stable outlook reflects our expectation that, during the next two years, the consolidated NN group will gradually rebuild its capital adequacy on the back of earnings retention after ordinary dividends, and maintain its risk profile...
