(Reuters) - NN Group, one of the top insurers in the Netherlands, gave new 2025 targets on Thursday and said it was on track to achieve its 2023 goals ahead of schedule.
The company targets operating capital generation (OCG) of 1.8 billion euros ($1.87 billion) in 2025, compared with the 1.5 billion euro target for 2023.
Operating capital generation measures the creation of surplus capital under the European Union's Solvency II regulatory framework and is according to J.P.Morgan analysts a good proxy for NN Group's free cash flow potential.
NN added it was well-positioned to achieve mid-single-digit OCG growth in the long term, and was also targeting mid-single-digit growth for free cash flow.
"In the Netherlands, we are building on our solid brand and market positions, generating strong cash flows, while our presence in international markets is driving growth," Chief Executive David Knibbe said in a statement ahead of an investor event.
The company left its capital return policy unchanged, saying it was committed to progressive dividends per share and yearly share buybacks of at least 250 million euros.
($1 = 0.9636 euros)