Tax strategy and principles

NN Group’s relationship with our stakeholders is based on our values: care, clear, commit. Throughout NN Group, these values drive the behaviour that is needed to realise our company’s purpose: to help people secure their financial futures.

Acting on the basis of these values also has an impact on how we look at tax. We believe that paying tax is more than a ‘cost of doing business’. Our tax contributions play an important role for the communities in which we operate. These communities are those in which employees and customers live and where we find a market to offer our products, do our business and realise our strategy.

Being a responsible tax payer means that in our tax planning we take due account of long-term considerations and carefully weigh the interest of all stakeholders of NN. We therefore believe that it is essential to have a set of guiding tax principles we adhere to, but also that we communicate clearly about our approach to tax and our tax position.

Tax principles


We pay our taxes promptly and in accordance with all applicable laws and regulations in the countries in which we operate and are guided by relevant international standards such as the OECD Guidelines. We aim to take account of the letter as well as the spirit of the tax laws and regulations.

Business rationale

We believe that tax is an integrated part of doing business and not merely the domain of the tax function. We believe in the principle that tax should follow business and consequently profits are allocated to the countries in which business value is created. For calculating transfer prices, we apply the arm’s length principle.

Tax is one of the elements we take into account in our commercial and economic activities, while businesses may also respond to available tax incentives and exemptions.

Relationship with tax authorities

Wherever we operate, we seek to establish and maintain an open and constructive dialogue with tax authorities and other government bodies, based on the disclosure of all relevant facts and circumstances. In this dialogue we seek to provide clarity and establish certainty on all relevant local tax components in advance.

Tax planning

We believe that the NN Tax Function may engage in tax planning initiatives and make use of incentives promoted by government authorities. However we also believe that with such planning due consideration needs to be given to NN’s legitimate interests, reputation, brand and corporate social responsibility.

We further believe that our products should not be used by our clients to shelter information from the tax authorities and to avoid taxation.


We are transparent about our approach to tax and our tax position. Disclosures are made in accordance with the relevant domestic regulations, as well as applicable reporting requirements and standards such as IFRS.