By Maarten van Tartwijk

AMSTERDAM--Dutch life insurer NN Group NV (NN.AE) on Thursday announced more cost-savings at its operations in the Netherlands.

The company, a former unit of ING Groep NV (ING), said it would bring down administrative expenses in the Netherlands to 700 million euros ($746.2 million) by the end of 2018, compared with a cost base of 818 million euros by the end of September. It also said its capital position remains strong and that its so-called Solvency II ratio was 214% by the end of the third quarter.

NN, which made the announcement ahead of an investor conference, said it made significant progress on its strategy and financial targets after it was floated by ING via an initial public offering last year. It said it will remain focused on generating capital and improving earnings by overhauling its core insurance operations in the Netherlands.

Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com

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(END) Dow Jones Newswires

November 19, 2015 02:13 ET (07:13 GMT)

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