Earnings Release • Aug 20, 2025
Earnings Release
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Utrecht, 20 August 2025, 07.00 a.m.
The performance indicator for a.s.r.'s sustainable reputation rose to 40% (2024: 39%), in line with the target range of 38–43%.
1 P&C and Disability combined, excluding Health.
1
Chairman of the Executive Board and CEO, Jos Baeten: 'In the first half of 2025, a.s.r. delivered strong operational and strategic progress. As planned, we reached key milestones in the integration of Aegon Nederland's activities. We are also enthusiastic about the growth achieved through three major pension buy-outs, a strategic investment in occupational health and reintegration services, and an agreement that strengthens our position in the Dutch real estate market. In addition, our financial results are strong.
The operating result amounts to € 826 million, with an operating return on equity of 14.4%, well above our target. The Solvency II ratio increased to 203%. The implementation of the Partial Internal Model (PIM) for a.s.r. Life is progressing according to plan. The formal review period for the PIM by the Dutch Central Bank has started and is on track to receive approval before the end of 2025.
The integration of the business lines P&C, Disability, Asset Management, and various staff departments of a.s.r. and Aegon Nederland has been successfully completed. Significant progress has also been made in Pensions, Life and Mortgages. Two-thirds of Aegon mortgages and over 60% of the individual life insurance policies of Aegon have now been transferred to the platforms used by a.s.r., the remaining migrations will follow later this year. The pension business of Aegon Nederland has been integrated with a.s.r., and with the phase-out of all remaining Aegon IT systems, we are now in the final phase of all integration activities. This will be completed in the first half of 2026 and is expected to deliver substantial cost synergies and provides greater clarity, simplicity, and continuity for advisors and customers.
a.s.r. continues to see significant profitable growth opportunities in the pension market, thanks in part to our efficient platform and in-house asset manager. In the first half of 2025, three successful pension buy-outs were completed, totaling € 2.9 billion thusfar. Through this, a.s.r. provides 15,000 participants with annual indexation and pension security. a.s.r. will continue to deploy capital in this business and expects to meet its target of at least € 8 billion in cumulative buy-outs by 2027, further reinforcing its leading position in the Dutch pension market.
Long-term value creation for all stakeholders remains at the heart of a.s.r.'s strategy. Various initiatives are being implemented to promote vitality and sustainable employability. In addition to the Vitality health program, a.s.r. has partnered with the Royal Dutch Walking Association since this year. Our role in the field of occupational health services and reintegration has also been strengthened through the acquisition of the remaining stake in HumanTotalCare.
a.s.r., like the Dutch Association of Insurers, advocates for effective public-private cooperation to address the growing challenges surrounding occupational disability. Current long waiting times at the UWV ("Dutch Employee Insurance Agency") for assessments and benefits are unsustainable and are at risk of worsening in the coming years. By leveraging the expertise of company doctors, occupational health specialists and reintegration professionals, there are opportunities to support the UWV in executing its tasks more swiftly and effectively. The urgency to resolve this issue is increasing. The Netherlands risks becoming increasingly unhealthy while the labour market continues to tighten. We need everyone. The better we succeed as a society in keeping people employable, the less pressure there will be on the UWV and the lower the social burden. Only through public-private collaboration can it prevent people from getting stuck in the system and employers from facing further increasing costs.
a.s.r.'s societal commitment is widely appreciated. Its sustainable reputation metric rose to 40% in the first half of 2025, well within the target range of 38–43%. Furthermore, a.s.r. was named the best-performing Dutch insurer in the biennial study by the VBDO ("Association of Investors for Sustainable Development").
In the annual Denison survey, we observed a slight decline in employee engagement. The extensive efforts surrounding the integration of Aegon Nederland's activities and the merging of two corporate cultures have had an impact. At the same time, we now see that in areas where the integration has been completed, employee satisfaction is rising again. This is important, as our employees are key to our success. We therefore remain committed to improving employee satisfaction, as well as to strengthening diversity and inclusion within the organisation. We firmly believe that this contributes to the development of a modern, customer-focused insurer that reflects the society of today and tomorrow. We look back on a successful first half of 2025. In doing so, we express our appreciation for the dedication of our employees and for the trust that customers and shareholders place in a.s.r. With their support, we continue to pursue our growth ambitions with conviction.'
The figures in this press release have not been audited or reviewed by an external independent auditor.
Conference call for financial market parties (in English) at 9.00 a.m. CET. For more information, please go to www.asrnl.com.
Rosanne de Boer T: +31 (0)6 2279 0974 T: +31 (0)30 257 8600 E: [email protected] E: [email protected] www.asrnl.com www.asrnl.com
ASR Nederland N.V. (a.s.r.) is the second-largest insurer in the Netherlands. a.s.r. helps its customers share risks and build up capital for the future. We do this with services and products that are good for today, tomorrow and always, in the fields of insurance, pensions and mortgages for consumers, businesses and employers. a.s.r. is also active as an asset manager for third parties. a.s.r. is listed on Euronext Amsterdam and is included in the AEX Index. For more information, please visit www.asrnl.com.
This press release contains information that qualifies as inside information within the meaning of Article 7 (1) of the EU Market Abuse Regulation (596/2014).
| Key figures | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | HY 2025 | HY 2024 | Delta (%) |
| Operating result | 826 | 677 | 22.0% |
| Non-life | 261 | 235 | 11.1% |
| Life | 618 | 492 | 25.6% |
| Asset Management | 58 | 50 | 15.4% |
| Distribution and Services | 29 | 24 | 23.9% |
| Holding and Other (incl. Eliminations) | -140 | -123 | 13.2% |
| Incidental items (not included in operating result) | -658 | -566 | n.m.1 |
| Investment related | -509 | -446 | n.m. |
| Non-investment related | -148 | -120 | n.m. |
| Result before tax from contuining operations | 168 | 111 | 51.8% |
| Income tax | -35 | -24 | 46.8% |
| Discontinued operations | - | -154 | n.m. |
| Net result | 133 | -67 | n.m. |
| Non-controlling interest | -4 | -3 | n.m. |
| Result attributable to holders of equity instruments | 130 | -70 | n.m. |
| Operating return on equity2 | 14.4% | 13.6% | 0.8%-p |
| Return on equity on IFRS basis | 2.1% | -2.4% | 4.5% |
| Combined ratio Non-life segment (excluding Health) | 91.0% | 91.8% | -0.8% |
| Premium and DC inflow3 | 8,717 | 5,445 | 60.1% |
| Non-life | 3,484 | 3,223 | 8.1% |
| Life | 5,323 | 2,248 | 136.7% |
| Eliminations | -90 | -26 | n.m. |
| Operating expenses | 699 | 705 | -0.9% |
| Non-life | 187 | 202 | -7.5% |
| Life | 234 | 242 | -3.3% |
| Asset Management | 122 | 123 | -1.3% |
| Distribution and Services | 169 | 157 | 7.7% |
| Holding and Other (incl. Eliminations) | -12 | -19 | -33.2% |
1 n.m.: not meaningful.
2 The HY 2024 figure is restated to 13.6% (was 13.4%).
3 The revenue concept 'premium and DC inflow' is nearly equal to premiums received plus the customer funds deposited by the DC-product 'Werknemerspensioen' and the IORP, which by definition are not (insurance) premiums. Premium inflow in the Non-Life segment for HY 2024 has been restated by € 52 million.
| (in € million, unless stated otherwise) | HY 2025 | HY 2024 | Delta (%) |
|---|---|---|---|
| Per share metrics | |||
| OCC per share (€) | 3.47 | 3.12 | 11.2% |
| Operating result per share (€) | 3.98 | 3.21 | 23.9% |
| Dividend per share (€) | 1.27 | 1.16 | 9.5% |
| Other key figures | 30 June 2025 | 31 December 20241 | Delta (%) |
| Solvency II ratio | 203% | 198% | 5%-p |
| Organic capital creation (OCC, 2024 per HY) | 721 | 658 | 9.4% |
| Financial leverage | 22.5% | 21.7% | 0.8%-p |
| Double leverage | 93.5% | 93.5% | 0.0%-p |
| Total equity attributable to holders of equity instruments (IFRS-based) | 9,862 | 9,786 | 0.8% |
| Contractual Service Margin (CSM)2 | 5,801 | 5,582 | 3.9% |
| Number of FTEs (total workforce) | 8,110 | 8,167 | -0.7% |
| Number of FTEs (internal) | 7,337 | 7,377 | -0.5% |
The operating result rose by 22.0% to € 826 million, primarily driven by a strong increase in results across all business segments, most notably in Life, reflecting profitable business growth, improved investment margin and the realisation of cost synergies.
The operating result of the Non-life segment increased by 11.1% to € 261 million. The increase reflects improved pricing, the realisation of cost synergies and organic business growth. Additionally, both this half-year and the comparable period benefited from the absence of weather-related calamities. These developments are also reflected in the combined ratio of the Non-life segment (excluding Health), which improved 0.8%-points to 91.0%.
The operating result of the Life segment increased by 25.6% to € 618 million reflecting an increase in both the operating insurance service result (OISR, including other result) and the operating investment and finance result (OIFR). The OISR (including other result) increased by € 60 million to € 243 million, primarily due to less negative experience variance and higher contribution from associates. The OIFR increased by € 66 million to € 375 million, mainly due to a higher investment margin due to favorable government spread developments, increased equity and real estate exposure and a lower UFR drag in line with higher interest rates.
The operating result of the Asset Management segment increased by 15.4% to € 58 million, reflecting favorable developments within Mortgages and Real Estate.
The operating result of the Distribution and Services segment increased by 23.9% to € 29 million, primarily driven by organic growth and realisation of cost synergies.
The operating result in the Holding & Other segment (including Eliminations) decreased by 13.2% to € -140 million, mainly due to higher operating expenses and an increase in interest expenses. Interest expenses increased (€ 3 million) due to the issuance of the € 500 million Perpetual Restricted Tier 1 security in April 2025 in combination with the partial redemption of a Tier 2 security (€ 412 million).
Total premium and Defined Contribution (DC) inflow increased by 60.1% to € 8,717 million, primarily driven by the closing of three pension buy-outs in Life for an amount of € 2.8 billion. Additionally, there was growth in Pension DC (15.9%), P&C and Disability (4.1%) and Health (21.0%).
Operating expenses decreased by 0.9% to € 699 million, driven by realisation of cost synergies, partially offset by wage inflation and inflation on non-staff expenses. The internal number of FTE's decreased 0.5% to 7,337, mainly due to the integration of the Aegon Nederland business.
The expense ratio of P&C and Disability decreased by 0.7%-points to 7.2%, primarily due to realisation of cost synergies as well as economies of scale related to business growth.
Expenses for non-ordinary activities, classified as incidental items and therefore not included in operating expenses, increased by 11.3% to € 118 million. This increase primarily relates to integration costs for the business combination a.s.r. and Aegon Nederland, as well as an adjustment to the duration of the amortisation of other intangible assets, which led to a non-recurring amortisation charge. This increase is partially offset by lower restructuring costs.
The result before tax increased by € 57 million to € 168 million (2024: € 111 million) due to the increased operating result (€ 149 million), partially offset by a larger negative adjustment from investment related incidentals (€ -63 million) and other incidentals (€ -28 million).
In HY 2025, the adjustment of the investment and finance result to normalised investment returns includes market developments as well as a one-off finance charge related to the downward adjustment of the liability illiquidity premium (LIP) on the former a.s.r. portfolio, as part of harmonisation between a.s.r. and Aegon Nederland. In HY 2024, the adjustment was primarily due to revaluations related to higher interest rates.
The larger negative impact of other incidental items (€ -28 million) is related to higher expenses for non-ordinary activities as well as more negative adjustments on the insurance service result. The adjustments to the insurance service result mainly relate to changes of future services on onerous contracts in the Non-life segment, partially offset by a non-recurring adjustment in the other result of HY 2024.
The IFRS result attributable to holders of equity instruments amounted to € 130 million (2024: € -70 million of which € -154 million discontinued operations Knab), with an effective tax rate of 20.7% (2024: 21.4%).
The operating return on equity increased by 0.8%-points to 14.4% (2024: 13.6%), exceeding the target of >12%.
The Solvency II ratio increased to 203% (31 December 2024: 198%), reflecting a strong contribution from the OCC (12%-points), which more than offset the impact of the closing of three pension buy-outs (-4%-points) and capital distributions (-6%-points). Market and operational developments contributed positively (2%-points), driven by favourable movements in interest rates, real estate revaluations, and mortgage spread tightening. These were partially offset by a negative impact from equities, reflecting increased SCR due to an increased symmetric adjustment. Additionally, the Solvency II ratio benefited from a 1%-point impact following the issuance of a € 500 million Perpetual Restricted Tier 1 security in April 2025, in combination with the partial redemption of a Tier 2 security (€ 412 million).
OCC increased by € 63 million to € 721 million (HY 2024: € 658 million), primarily reflecting enhanced finance capital generation. This was driven by a higher investment margin resulting from the re-risking of the investment portfolio, wider fixed income spreads, a reduced drag from the UFR, improved business performance and the realisation of cost synergies.
a.s.r. will pay an interim dividend for 2025 of € 1.27 per share on the first of September 2025. The interim dividend to be distributed is expected to amount to € 262 million in line with the dividend policy, equal to 40% of the dividend over 2024.
The € 125 million share buy-back announced at the full-year results in February 2025 was completed in the first half year of 2025.
The table below shows the medium-term targets for the plan period 2024-2026.
| Medium-term targets 2024-20261 | ||
|---|---|---|
| Group | HY 2025 | Target plan period 2024-2026 |
| Solvency II ratio | 203% | safely above 160% |
| Organic capital creation (OCC) | € 721 million | € 1.35 billion in 2026 |
| Operating return on equity | 14.4% | > 12% |
| Run-rate cost synergies | On track | € 215 million per HY 2026 |
| Progressive dividend | n/a | Mid-to-high single digit percentage |
| Share buyback programme | € 225 million2 | € 525 million cumulatively for the plan period3 |
| Business | HY 2025 | Target plan period 2024-2026 |
| Combined ratio P&C and Disability | 91.0% | 92% - 94% |
| Organic premium growth P&C and Disability | 4.1% | 3% - 5% annually |
| Pension DC inflow | € 4.3 billion | € 8 billion cumulatively for the plan period |
| Annuity inflow | € 0.9 billion | € 1.8 billion cumulatively for the plan period |
| Pension buy-outs | € 2.9 billion | € 8 billion cumulatively up to and including 2027 |
| Operating result fee-based business | € 87 million | € 140 million in 2026 |
| Non-financial targets4 | HY 2025 | Target plan period 2024-2026 |
| Customer satisfaction - Net Promoter Score (NPS-interaction) | +4 points | +4 points in 2026 compared to base year 2024 |
| Carbon footprint reduction (investment portfolio) | 6.8% reduction | Reduction of 25% in 2030 compared to base year 2023 |
| Employee engagement | 71 | >85 in 2026 |
| Sustainable reputation | 40% | 38% - 43% in the plan period |
| Gender diversity within the Supervisory Board, Management Board | 33% female | at least 40% female and |
| and management | and 67% male | at least 40% male in 2026 |
| Impact investments | 8.7% | 10% of the investment portfolio as of 2027 |
1 Targets as presented at the capital markets day 27 June 2024. For more information see https://www.asrnl.com/investor-relations/investor-updates.
2 Reflecting the € 100 million share buyback following the completion of the sale of Knab, executed in 2024 and the share buyback of € 125 million, as announced at FY24 results and executed in the first half of 2025.
3 Solvency II ratio needs to be at least 175% with sufficient OCC to fund capital distributions, no alternative deployment of capital delivering superior returns, and to be decided annually upon discretion by the Executive Board at the time of the full-year results publication. Intention is € 125 million, € 175 million and € 225 million over the years 2024, 2025 and 2026.
4 Further information on the non-financial targets can be found on our website; https://www.asrnl.com/-/media/files/asrnederland-nl/duurzaamondernemen/strategisch-kader/alternative-performance-measures-non-financial-targets-asr.pdf
a.s.r. remains on track to achieve the medium-term group and business targets. The progress on the group and business targets is part of the notes for a.s.r. and the segments in this press release.
| Key figures, Non-life segment1 | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | HY 2025 | HY 2024 | Delta |
| Premiums received | 3,484 | 3,223 | 8.1% |
| of which P&C and Disability organically | 2,555 | 2,4552 | 4.1% |
| Operating expenses | 187 | 202 | -7.5% |
| Operating result | 261 | 235 | 11.1% |
| Incidental items (not included in operating result) | -194 | -68 | n.m.3 |
| Investment related | -131 | -25 | n.m. |
| Non-investment related | -63 | -43 | n.m. |
| Result before tax | 67 | 167 | -59.9% |
| Result attributable to holders of equity instruments | 46 | 126 | -63.4% |
| Combined ratio | HY 2025 | HY 2024 | Delta |
| Combined ratio Non-life (excl. Health) | 91.0% | 91.8% | -0.8%-p |
| Claims ratio | 64.5% | 65.1% | -0.5%-p |
| Commission ratio | 19.3% | 18.8% | 0.5%-p |
| Expense ratio | 7.2% | 7.9% | -0.7%-p |
| Combined ratio | |||
| P&C | 91.4% | 92.2% | -0.8%-p |
| Disability | 90.7% | 91.5% | -0.8%-p |
| Health | 98.7% | 99.3% | -0.6%-p |
Premiums increased by € 261 million to € 3,484 million, reflecting organic growth in P&C and Disability, as well as an increase in Health, driven by growth of the customer base. The organic growth in P&C and Disability amounted to 4.1%, which is in the middle of the 3-5% target range. In P&C, growth was mostly driven by price increases implemented over the past two years to mitigate claims inflation, alongside volume growth. In Disability, growth stemmed mainly from new business of Loyalis as well as price increases introduced last year. In Health, premium volume increased by 21.0%, attributable to an increase of 77 thousand customers during the 2025 policy renewal season.
The operating result of the Non-life segment rose by 11.1% to € 261 million, reflecting improved pricing, the realisation of cost synergies and organic business growth. Both this half-year and the comparable period last year benefited from the absence of weather-related calamities.
In P&C, the operating result improved as a result of the price increases, which were introduced over the past two years, as well as volume growth and a lower cost ratio due to realisation of cost synergies. And as mentioned, both this half-year and the comparable period benefited from the absence of weather-related calamities. In Disability, the operating result for HY 2025 increased due to improved pricing and strong underlying performance. There was an offset between non-recurring benefits from provisioning harmonisation and additional provisioning on group disability portfolios. Group disability has experienced adverse claims development due to elevated incidence rates, especially related to psychological absenteeism and long COVID. In Health, premium volume growth contributed to an increase
in the operating result. The operating investment and finance result within the Non-life segment remained stable at approximately € 70 million.
Operating expenses declined by 7.5% to € 187 million, primarily due to synergies from the integration of the Aegon P&C and Disability portfolios onto the target platforms. The expense ratio of the segment, excluding Health, decreased by 0.7%-points to 7.2%, reflecting these synergies as well as economies of scale resulting portfolio growth.
The combined ratio for the segment excluding Health improved by 0.8%-point to 91.0%, below the target range of 92-94%. This improvement is attributable to the developments outlined in the operating result section.
In P&C, the combined ratio improved to 91.4% (2024: 92.2%) due to premium increases and cost synergies. In Disability, the combined ratio decreased by 0.8%-point to 90.7%, driven by strong underlying performance. The combined ratio for Health decreased by 0.6%-points to 98.7%, primarily due to growth and one-off benefits arising from updated insights into previous claim years provided by the Dutch Health institute.
Result before tax decreased by € 100 million to € 67 million, despite a higher operating result, due to a larger negative impact from incidental items. The investment related incidentals amounted to € -131 million in HY 2025 (2024: € -25 million), driven by market developments and adjustment of the LIP parameter as a result of harmonisation efforts, which increased the market value of the provision. Non-investment related incidental items amounted to € -63 million (2024: € -43 million), primarily reflecting the impact of changes to future services on onerous contracts, inflation effects on the Liability of Incurred Claims and amortisation of the pre-recognition interest rate hedged developments prior to initial CSM recognition.
| (in € million, unless stated otherwise) | HY 2025 | HY 2024 | Delta |
|---|---|---|---|
| Premiums received and DC inflow | 5,323 | 2,248 | 136.7% |
| of which: | |||
| - DC inflow | 1,497 | 1,292 | 15.9% |
| - Annuities | 316 | 292 | 8.0% |
| - Pension buy-outs | 2,810 | - | n.m.2 |
| Operating expenses | 234 | 242 | -3.3% |
| Operating result | 618 | 492 | 25.6% |
| - Insurance Service Result (OISR) and Other result | 243 | 183 | 32.8% |
| - Investment Finance Result (OIFR) | 375 | 309 | 21.3% |
| Incidental items (not included in operating result) | -176 | -329 | n.m. |
| Investment related | -178 | -351 | n.m. |
| Non-investment related | 2 | 22 | n.m. |
| Result before tax | 442 | 162 | 172.1% |
| Result attributable to holders of equity instruments | 332 | 125 | 165.2% |
| Assets under Management DC proposition (€ billion, 2024 per FY) | 27.4 | 26.7 | 2.7% |
Premium and DC inflow in the Life segment increased by 136.7% to € 5.3 billion (HY 2024: € 2.2 billion), primarily driven by three pension buy-outs totalling € 2.8 billion.
Pension DC inflow rose by 15.9% to € 1.5 billion driven by organic growth. The annuity inflow increased 8.0% to € 316 million, reflecting higher DC accumulation.
Including the first pension buy-out of 2024 (€ 69 million) the total amount of pension buy-outs now stands at € 2.9 billion. Combined with the realised DC and annuity inflow, a.s.r. remains well-positioned to achieve the growth targets in the Pension business as outlined during the Capital Markets Day in June 2024.
Assets under Management (AuM) of DC pensions increased to € 27.4 billion (FY 2024: € 26.7 billion) driven by net inflows, partially offset by the impact from higher interest rates.
1 The Life segment comprises the life insurance entities and their subsidiaries. The life insurance entities offer financial products such as life insurance contracts and life insurance contracts on behalf of policyholders. The Life segment also includes ASR Premiepensioeninstelling N.V. (a.s.r. IORP) which offers investment contracts to policyholders that bear no insurance risk and for which the actual return on investments allocated to the contract is passed on to the policyholder. Furthermore, ASR Vooruit B.V., the investment firm that performs activities related to private investing for customers, is included.
2 n.m.: not meaningful.
The operating result increased by 25.6% to € 618 million, reflecting an increase in both the operating insurance service result (OISR, including other result) and the operating investment and finance result (OIFR).
The OISR (including other result) increased by € 60 million to € 243 million, mainly due to less negative experience variance, following a methodology change related to the transfer of collective pension entitlements, and higher contribution from associates.
The OIFR increased by € 66 million to € 375 million, primarily driven by a higher investment margin, supported by favorable government spread developments, increased equity and real estate exposure, and a lower UFR drag consistent with higher interest rates.
Operating expenses decreased by 3.3% to € 234 million (HY 2024: € 242 million), due to realisation of cost synergies.
The IFRS result before tax increased by € 279 million to € 442 million (HY 2024: € 162 million). The operating result is partially offset by investment related incidentals. Investments related incidental items amounted to € -178 million, impacted by market developments and the adjustment of the LIP parameter in HY 2025, as a result of harmonisation efforts, which led to an increase in the market value of the provision. Non-investment related incidental items amounted to € 2 million.
| (in € million, unless stated otherwise) | HY 2025 | HY 2024 | Delta |
|---|---|---|---|
| Fee income | 168 | 167 | 0.4% |
| Operating expenses | 122 | 123 | -1.3% |
| Operating result | 58 | 50 | 15.4% |
| Incidental items (not included in operating result) | -18 | -21 | n.m.2 |
| Investment related | -7 | -11 | n.m. |
| Non-investment related | -11 | -10 | n.m. |
| Result before tax | 40 | 29 | 36.6% |
| Result attributable to holders of equity instruments | 29 | 22 | 36.6% |
| Assets under Management for third parties (€ billion, 2024 per FY) | 34.2 | 34.8 | -1.6% |
| Assets under Administration Mortgages (€ billion, 2024 per FY) | 87.4 | 86.6 | 1.0% |
| Mortgage origination (€ billion) | 4.5 | 4.3 | 4.8% |
The operating result of the Asset Management segment increased by 15.4% to € 58 million, primarily driven by strong business performance and higher internal fees at Real Estate.
Assets under Management for third parties decreased by € 0.6 billion to € 34.2 billion, mainly due to net outflows, including a pension buyout deal that transferred the assets to the general account. This was partially offset by positive revaluations across nearly all of our real estate funds.
Mortgage origination increased by € 0.2 billion to € 4.5 billion, reflecting increased demand in the housing market. Of this, € 0.4 billion of the mortgage origination was related to Knab.
The mortgages under administration amounted to € 87.4 billion (2024: € 86.6 billion), of which € 11.0 billion pertains to Knab. The quality of the mortgage portfolio remains very strong. Payment arrears exceeding two months continue to be less than 0.1% for the total mortgage portfolio and credit losses remain negligible.
Operating expenses remained relatively stable at € 122 million. Increased license fee expenses were offset by realised cost synergies.
The IFRS result before tax increased by € 11 million to € 40 million (2024: € 29 million), reflecting both an improvement in the operating result and a less adverse impact from incidental items compared to the previous year.
1 The Asset Management segment involves all activities relating to asset management including investment property management. These activities include among others ASR Vermogensbeheer N.V., ASR Real Estate B.V. and AEGON Hypotheken B.V.
2 n.m.: not meaningful.
| Key figures, Distribution and Services segment1 | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | HY 2025 | HY 2024 | Delta |
| Fee income | 204 | 181 | 13.1% |
| Operating expenses | 169 | 157 | 7.7% |
| Operating result | 29 | 24 | 23.9% |
| Incidental items (not included in operating result) | -7 | -12 | n.m.2 |
| Investment related | - | - | n.m. |
| Non-investment related | -7 | -12 | n.m. |
| Result before tax | 22 | 11 | 94.3% |
| Result attributable to holders of equity instruments | 15 | 8 | 98.3% |
The operating result of the Distribution and Services segment increased by 23.9% to € 29 million, primarily driven by realised cost synergies and increased fee income.
Fee income increased 13.1% to € 204 million, supported by increased pricing and higher volumes, attributable to organic business growth and a minor acquisition.
Operating expenses rose by 7.7% to € 169 million, reflecting wage inflation, increased holding charges, and the impact of a minor acquisition, partially offset by realised cost synergies.
The incidental items amounted to € -7 million, primarily due to additional investments by TKP in response to regulatory pension reform, and the amortisation of intangible assets.
The IFRS result before tax increased by € 11 million to € 22 million (2024: € 11 million), reflecting a higher operating result and reduced incidental expenses.
1 The Distribution and Services segment includes activities relating to the distribution of insurance contracts and includes among others the financial intermediary business of Van Kampen Groep, Dutch ID, SuperGarant, Poliservice, Nedasco, Robidus and TKP.
2 n.m.: not meaningful.
| Key figures, Holding and Other segment / Eliminations1 | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | HY 2025 | HY 2024 | Delta |
| Operating expenses | -12 | -19 | 33.2% |
| Operating result | -140 | -123 | -13.2% |
| Incidental items (not included in operating result) | -262 | -135 | n.m.2 |
| Investment related | -194 | -59 | n.m. |
| Non-investment related | -68 | -76 | n.m. |
| Result before tax | -402 | -259 | -54.9% |
| Result attributable to holders of equity instruments | -293 | -178 | -64.9% |
The operating result of the Holding & Other segment (including eliminations) decreased by € 16 million to € -140 million, primarily due to higher operating expenses and increased interest expenses.
Interest expenses increased by € 3 million, following the issuance of a € 500 million Perpetual Restricted Tier 1 security in April 2025, carrying a fixed-rate coupon of 6.5%, and the partial redemption (€ 412 million) of a Tier 2 security, with a fixed-rate coupon of 5.125%.
Operating expenses increased by € 7 million to € -12 million (2024: € -19 million), mainly due to higher IT infrastructure charges. These charges will be phased out following integration activities. This increase is partially offset by eliminations related to intercompany investment operating expenses.
Expenses for non-ordinary activities, classified as incidental items and therefore not included in operating expenses, decreased by € 10 million to € 55 million. This decline primarily reflects lower regulatory project expenses, partially offset by increased costs related to the integration of Aegon Nederland.
The result before tax decreased by € 143 million to € -402 million (2024: € -259 million), reflecting a reduction in investment related incidentals. This reduction is mainly attributable to interest rate movements and the adjustment of the LIP parameter, resulting from harmonisation between a.s.r. and Aegon Nederland, impacting a.s.r.'s own pension scheme. Additionally, the lower result before tax reflects the impact of a lower operating result (€ 16 million) and less negative non-investment related incidentals (€ 7 million).
1 The Holding and Other segment consists primarily of the holding activities of a.s.r. (including the group related activities), other holding and intermediate holding companies, the real estate development business (ASR Vastgoed Projecten B.V.), ASR Vitaliteit & Preventieve Diensten B.V (Vitality) and the smaller participations of ASR Deelnemingen N.V.
2 n.m.: not meaningful.
| Solvency II ratio1 | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | 30 June 2025 | 31 December 2024 | Delta |
| Eligible Own Funds | 12,606 | 12,321 | 2% |
| Required capital | 6,199 | 6,209 | 0% |
| Solvency II ratio | 203% | 198% | 5%-p |
The Solvency II ratio increased to 203% (31 December 2024: 198%), reflecting a strong contribution from the OCC (12%-points), which more than offset the impact of the closing of three pension buy-outs (-4%-points) and capital distributions (-6%-points). Market and operational developments contributed positively (2%-points), driven by favourable movements in interest rates, real estate revaluations, and mortgage spread tightening. These were partially offset by a negative impact from equities, reflecting increased SCR due to an increased symmetric adjustment. Additionally, the Solvency II ratio benefited from a 1%-point impact following the issuance of a € 500 million Perpetual Restricted Tier 1 security in April 2025, in combination with the partial redemption of a Tier 2 security (€ 412 million).
Capital distributions amounted to € 387 million, comprising an interim dividend (€ 262 million) and a share buyback (€ 125 million).
OCC increased by € 63 million to € 721 million (HY 2024: € 658 million), primarily reflecting enhanced finance capital generation. This was driven by a higher investment margin resulting from the re-risking of the investment portfolio, wider fixed income spreads, a reduced drag from the UFR, improved business performance and the realisation of cost synergies.
Eligible own funds increased to € 12,606 million (31 December 2024: € 12,321 million), mainly due to OCC growth, positive market and operational developments, and movements in hybrid capital instruments. These were partially offset by the impact of three pension buy-out transactions and capital distributions.
Required capital decreased to € 6,199 million (31 December 2024: € 6,209 million), reflecting the positive impact from OCC and market and operational developments (primarily interest rate movements). This was partially offset by an increase in SCR due to the closing of three pension buy-out transactions.
1 The Group Solvency II capital requirement is based on the existing Partial Internal Model for Aegon life and spaarkas. The other insurance entities in the group calculate their solvency capital requirement in accordance with the Solvency II Standard Formula. The Group Solvency II ratio includes financial institutions.
| Breakdown of total equity | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | 30 June 2025 | 31 December 2024 | Delta |
| Share capital | 34 | 34 | 0.0% |
| Share premium reserve | 4,070 | 4,070 | 0.0% |
| (Un)realised gains and losses | 390 | 432 | -9.7% |
| Actuarial gains and losses (IAS19) | -125 | -175 | -29.0% |
| Retained earnings | 4,223 | 4,528 | -6.7% |
| Treasury shares | -237 | -109 | 117.5% |
| Equity attributable to shareholders | 8,355 | 8,779 | -4.8% |
| Other equity instruments | 1,507 | 1,007 | 49.7% |
| Equity attributable to holders of equity instruments | 9,862 | 9,786 | 0.8% |
| Non-controlling interest | - | 47 | -100.0% |
| Total equity | 9,862 | 9,833 | 0.3% |
| Statement of changes in total equity | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | HY 2025 | FY 2024 | |
| Beginning of reporting period - total equity | 9,833 | 9,377 | |
| Net result for the period | 130 | 946 | |
| (Un)realised gains and losses | -30 | 163 | |
| Actuarial gains and losses (IAS19) | 51 | 113 | |
| Dividend paid | -405 | -627 | |
| Discretionary interest on other equity instruments | -28 | -63 | |
| Issue of other equity instruments | 500 | 500 | |
| Redemptions of other equity instruments | - | -502 | |
| Cost of issue of other equity instruments | -3 | -5 | |
| Treasury shares acquired (-)/sold | -128 | -103 | |
| Increase in capital | - | - | |
| Non-controlling interest | -47 | 13 | |
| Other changes | -10 | 22 | |
| End of reporting period - total equity | 9,862 | 9,833 |
Total equity attributable to holders of equity instruments (IFRS-based) increased by € 76 million to € 9,862 million (31 December 2024: € 9,786 million). This increase primarily reflects the net result for the period of € 130 million and the issuance of a € 500 million Perpetual Restricted Tier 1 instrument. These positive effects were partly offset by the final dividend payment of € 405 million and the repurchase of treasury shares under the share buyback programme.
| Statement of changes in contractual service margin1 | ||
|---|---|---|
| (in € million, unless stated otherwise) | HY 2025 | FY 2024 |
| Beginning of reporting period | 5,582 | 5,094 |
| New business | 207 | 132 |
| Interest accretion | 65 | 131 |
| Changes in estimates | 168 | 667 |
| CSM release | -220 | -441 |
| End of reporting period | 5,801 | 5,582 |
The CSM increased by € 219 million to € 5,801 million (31 December 2024: € 5,582 million), primarily driven by changes in estimates and business growth. The CSM of the Non-life segment (Disability) increased by € 61 million to € 335 million, while the Life segment (Funeral, Pensions and Individual life) increased by € 158 million to € 5,467 million.
Of the total increase, € 207 million was attributable to profitable new business, comprising € 118 million from the Disability segment (FY 2024: € 101 million) and € 89 million from the Life segment (FY 2024: € 31 million). The year-on-year increase reflects the impact of pension buy-outs in the Life segment and improved pricing and business growth in the Non-life segment.
The CSM increase resulting from interest accretion amounted to € 65 million, of which € 59 million related to the Life segment and € 6 million to the Non-life segment.
Changes in estimates totalled € 168 million, reflecting experience developments and updates to assumptions regarding future services. These changes were attributable to the Life segment (€ 164 million) and the Non-life segment (€ 3 million). The HY 2025 changes in estimates were mainly driven by experience developments, whereas the FY 2024 changes were primarily due to updates in cost and mortality assumption updates, which are reviewed annually in the second half of the year.
The release of CSM amounted to € 220 million, based on the services provided during the coverage period. This comprised € 154 million from the Life segment and € 66 million from the Non-life segment.
1 Contractual service margin is presented as net of re-insurance. FY 2024 is restated accordingly.
| Financial leverage | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | 30 June 2025 | 31 December 2024 | Delta |
| Basis for financial leverage (Equity + CSM net of taxes) | 12,660 | 12,9211 | -2.0% |
| Financial liabilities | 3,680 | 3,591 | 2.5% |
| of which hybrid equity instruments | 1,507 | 1,007 | 49.7% |
| of which subordinated liabilities | 1,573 | 1,984 | -20.7% |
| of which senior debt | 600 | 600 | 0.0% |
| Financial leverage (%) | 22.5% | 21.7% | 0.8%-p |
| Interest coverage ratio - Operating based | 9.5x | 8.4x | 1.1x |
| Interest coverage ratio - IFRS based | 2.4x | 8.2x | -5.8x |
The financial leverage is calculated using clean values of the loans (i.e. excluding accrued interest). These are divided by equity attributable to shareholders including the CSM (net of tax) and financial liabilities.
a.s.r.'s financial leverage increased by 0.8%-points to 22.5% (2024: 21.7%), primarily due to an increase in financial liabilities of € 89 million in 2025. This reflects the issuance of a new € 500 million Restricted Tier 1 instrument, partially offset by the € 412 million redemption of the 2015 Tier 2 security (subordinated liability). Movements in shareholder equity (€ -424 million) and the CSM net of tax (€ 163 million) resulted in a net decrease of € 261 million in the basis for calculating financial leverage.
The interest coverage ratio, based on operating result, increased by 1.1x to 9.5x (2024: 8.4x), driven by an increase in operating result while interest expenses remained stable. The interest coverage ratio based on IFRS result amounted to 2.4x, reflecting a lower IFRS result compared to operating result due to negative adjustments from both investment and non-investment related incidentals.
| Double leverage | |||
|---|---|---|---|
| (in € million, unless stated otherwise) | 30 June 2025 | 31 December 2024 | Delta |
| Total value of group companies (including CSM net of taxes) | 14,718 | 14,8742 | -1.1% |
| Equity attributable to shareholders | 8,355 | 8,779 | -4.8% |
| Hybrids and subordinated liabilities | 3,080 | 2,991 | 3.0% |
| Contractual Service Margin (net of taxes) | 4,304 | 4,142 | 3.9% |
| Equity attributable to holders of equity instruments (incl. CSM) | 15,740 | 15,912 | -1.1% |
| Double leverage (%) | 93.5% | 93.5% | 0.0%-p |
Double leverage remained stable at 93.5%. The total value of group companies declined, primarily due to dividend upstreaming. In addition, the equity attributable to holders of equity instruments decreased by € 335 million, while the CSM (net of tax) increased by € 162 million.
1 FY24 is restated. CSM included in the basis for financial leverage is from now on presented as net of reinsurance.
2 FY24 is restated. CSM included in the total value of group companies is from now on presented as net of reinsurance.
Disclaimer
| (in € millions and before profit appropriation) | Note | 30 June 2025 | 31 December 2024 |
|---|---|---|---|
| Intangible assets | 597 | 592 | |
| Property, plant and equipment | 650 | 676 | |
| Investment property | 3,189 | 3,364 | |
| Associates and joint ventures at equity method | 455 | 457 | |
| Investments | 81,415 | 80,593 | |
| Investments related to direct participating insurance contracts | 32,252 | 33,025 | |
| Derivatives | 13,336 | 11,767 | |
| Deferred tax assets | 130 | 101 | |
| Reinsurance contract assets | 471 | 485 | |
| Other assets | 5,027 | 3,342 | |
| Cash and cash equivalents | 3,488 | 4,194 | |
| Total assets | 141,011 | 138,595 | |
| Share capital | 34 | 34 | |
| Share premium reserve | 4,070 | 4,070 | |
| Unrealised gains and losses | 390 | 432 | |
| Actuarial gains and losses | -125 | -175 | |
| Retained earnings | 4,223 | 4,528 | |
| Treasury shares | -237 | -109 | |
| Equity attributable to shareholders | 8,355 | 8,779 | |
| Other equity instruments | 1,507 | 1,007 | |
| Equity attributable to holders of equity instruments | 9,862 | 9,786 | |
| Non-controlling interests | - | 47 | |
| Total equity | 9,862 | 9,833 | |
| Subordinated liabilities | 1,619 | 2,007 | |
| Insurance contract liabilities | 65,669 | 64,267 | |
| Liabilities arising from direct participating insurance contracts | 37,376 | 38,366 | |
| Employee benefits | 4,949 | 5,037 | |
| Provisions | 222 | 413 | |
| Borrowings | 3,549 | 3,135 | |
| Derivatives | 11,690 | 8,666 | |
| Due to banks | 4,354 | 5,550 | |
| Other liabilities | 1,722 | 1,322 | |
| 131,149 | 128,762 | ||
| Total liabilities |
| (in € millions) | Note | HY 2025 | HY 2024 |
|---|---|---|---|
| Continuing operations | |||
| Insurance contract revenue | 4,944 | 4,821 | |
| Incurred claims and benefits | -3,836 | -3,777 | |
| Insurance service operating expenses | -706 | -716 | |
| Insurance service expenses | -4,542 | -4,493 | |
| Insurance service result before reinsurance | 402 | 328 | |
| Net result from reinsurance contracts | -45 | -29 | |
| Insurance service result | 356 | 299 | |
| Direct investment income | 4,368 | 3,114 | |
| Net fair value gains (and losses) | -2,890 | -515 | |
| Net finance result from insurance and reinsurance contracts | 1,551 | -678 | |
| Other finance expenses | -3,065 | -1,946 | |
| Investment operating expenses | -107 | -110 | |
| Investment and finance result | -143 | -136 | |
| Share of result of associates and joint ventures | 25 | 6 | |
| Fee income | 260 | 252 | |
| Other income | 57 | 59 | |
| Total other income | 342 | 318 | |
| Other expenses | -388 | -370 | |
| Total other income and expenses | -46 | -53 | |
| Result before tax | 168 | 111 | |
| Income tax (expense) / gain | -35 | -24 | |
| Result after tax | 133 | 87 | |
| Discontinued operations | |||
| Result after tax from discontinued operations | - | -154 | |
| Net result | 133 | -67 | |
| Attributable to: | |||
| Non-controlling interests | 4 | 3 | |
| - Shareholders of the parent | 102 | -91 | |
| - Holders of other equity instruments | 28 | 21 | |
| Result attributable to holders of equity instruments | 130 | -70 |
| Consolidated interim statement of changes in equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in € millions) | Share capital | Share premium reserve |
Unrealised gains and losses |
actuarial gains and Unrealised losses |
Retained earnings | Treasury shares (-) |
Equity attributable to shareholders |
Other equity instruments |
Non controlling interest |
Total equity |
| At 1 January 2025 | 34 | 4,070 | 432 | -175 | 4,528 | -109 | 8,779 | 1,007 | 47 | 9,833 |
| Net result | - | - | - | - | 130 | - | 130 | - | 4 | 133 |
| Total other comprehensive income | - | - | -42 | 51 | 12 | - | 21 | - | - | 21 |
| Total comprehensive income | - | - | -42 | 51 | 142 | - | 151 | - | 4 | 155 |
| Dividend paid | - | - | - | - | -405 | - | -405 | - | -2 | -407 |
| Discretionary interest on other equity instruments |
- | - | - | - | -28 | - | -28 | - | - | -28 |
| Issue of other equity instruments | - | - | - | - | - | - | - | 500 | - | 500 |
| Cost of issue of other equity instruments | - | - | - | - | -3 | - | -3 | - | - | -3 |
| Treasury shares acquired (-)/sold | - | - | - | - | - | -128 | -128 | - | - | -128 |
| Increase / (decrease) in capital | - | - | - | - | - | - | - | - | 31 | 31 |
| Changes in the composition of the group | - | - | - | - | - | - | - | - | -79 | -79 |
| Other movements | - | - | - | - | -10 | - | -10 | - | - | -10 |
| At 30 June 2025 | 34 | 4,070 | 390 | -125 | 4,223 | -237 | 8,355 | 1,507 | - | 9,862 |
| At 1 January 2024 | 34 | 4,070 | 383 | -288 | 4,148 | -7 | 8,339 | 1,004 | 35 | 9,377 |
| Net result | - | - | - | - | -70 | - | -70 | - | 3 | -67 |
| Total other comprehensive income | - | - | 66 | 117 | 79 | - | 261 | - | - | 261 |
| Total comprehensive income | - | - | 66 | 117 | 8 | - | 191 | - | 3 | 194 |
| Dividend paid | - | - | - | - | -382 | - | -382 | - | -1 | -383 |
| Discretionary interest on other equity | ||||||||||
| instruments | - | - | - | - | -21 | - | -21 | - | - | -21 |
| Issue of other equity instruments | - | - | - | - | - | - | - | 500 | - | 500 |
| Repayment of other equity instruments | - | - | - | - | - | - | - | -382 | - | -382 |
| Cost of issue of other equity instruments | - | - | - | - | -3 | - | -3 | - | - | -3 |
| Treasury shares acquired (-)/sold | - | - | - | - | -1 | -7 | -8 | - | - | -8 |
| Increase / (decrease) in capital | - | - | - | - | - | - | - | - | 7 | 7 |
| Other movements | - | - | - | - | -1 | - | -1 | 4 | - | 3 |
| Segmented interim balance sheet | |||||||
|---|---|---|---|---|---|---|---|
| As at June 2025 | Non-life | Life | Asset Management |
Distribution and Services |
Holding and Other |
Eliminations | Total |
| Intangible assets | 24 | 73 | 118 | 381 | - | - | 597 |
| Property, plant and equipment | - | 561 | - | 41 | 258 | -211 | 650 |
| Investment property | 37 | 3,152 | - | - | - | - | 3,189 |
| Associates and joint ventures at equity | |||||||
| method | - | 360 | - | 7 | 88 | - | 455 |
| Investments | 10,852 | 68,535 | 2,637 | 18 | 452 | -1,079 | 81,415 |
| Investments related to direct | |||||||
| participating insurance contracts | - | 32,255 | - | - | - | -3 | 32,252 |
| Derivatives | 155 | 12,763 | 417 | - | - | - | 13,336 |
| Deferred tax assets | - | 733 | 8 | - | - | -611 | 130 |
| Reinsurance contract assets | 290 | 181 | - | - | - | - | 471 |
| Other assets | 464 | 3,949 | 429 | 254 | 6,230 | -6,297 | 5,027 |
| Cash and cash equivalents | 441 | 1,860 | 369 | 137 | 743 | -62 | 3,488 |
| Total assets | 12,265 | 124,422 | 3,979 | 840 | 7,771 | -8,264 | 141,011 |
| Equity attributable to holders of equity | |||||||
| instruments | 2,964 | 7,042 | 470 | 385 | -956 | -44 | 9,862 |
| Non-controlling interests | - | - | - | 3 | -3 | - | - |
| Total equity | 2,965 | 7,042 | 470 | 388 | -959 | -44 | 9,862 |
| Subordinated liabilities | 93 | - | - | - | 1,619 | -93 | 1,619 |
| Insurance contract liabilities | 8,513 | 59,949 | - | - | - | -2,793 | 65,669 |
| Liabilities arising from direct | |||||||
| participating insurance contracts | - | 40,215 | - | - | - | -2,838 | 37,376 |
| Employee benefits | - | - | - | - | 4,949 | - | 4,949 |
| Provisions | 1 | 153 | - | 6 | 62 | - | 222 |
| Borrowings | 1 | 1,183 | 2,257 | 253 | 1,082 | -1,227 | 3,549 |
| Derivatives | 304 | 10,985 | 401 | - | - | - | 11,690 |
| Deferred tax liabilities | 197 | - | - | 5 | 414 | -616 | - |
| Due to banks | 38 | 3,554 | 699 | - | 62 | - | 4,354 |
| Other liabilities | 153 | 1,342 | 151 | 188 | 542 | -653 | 1,722 |
| Total liabilities | 9,300 | 117,380 | 3,508 | 452 | 8,730 | -8,220 | 131,149 |
| Total equity and liabilities | 12,265 | 124,422 | 3,979 | 840 | 7,771 | -8,264 | 141,011 |
| Addition to | |||||||
| Intangible assets | - | 1 | - | 27 | - | - | 28 |
| Property, plant and equipment | - | - | - | 6 | 12 | -8 | 11 |
| Total additions | - | 1 | - | 33 | 12 | -8 | 38 |
<-- PDF CHUNK SEPARATOR -->
| Asset | Distribution | Holding and | |||||
|---|---|---|---|---|---|---|---|
| As at December 2024 | Non-life | Life | Management | and Services | Other | Eliminations | Total |
| Intangible assets | 32 | 101 | 97 | 362 | - | - | 592 |
| Property, plant and equipment | - | 584 | - | 40 | 257 | -206 | 676 |
| Investment property | 63 | 3,301 | - | - | - | - | 3,364 |
| Associates and joint ventures at equity | |||||||
| method | - | 362 | - | 9 | 86 | - | 457 |
| Investments | 10,284 | 68,295 | 2,633 | 19 | 431 | -1,068 | 80,593 |
| Investments related to direct | |||||||
| participating insurance contracts | - | 33,025 | - | - | - | - | 33,025 |
| Derivatives | 152 | 11,369 | 247 | - | - | - | 11,767 |
| Deferred tax assets | - | 739 | 8 | - | - | -646 | 101 |
| Reinsurance contract assets | 277 | 208 | - | - | - | - | 485 |
| Other assets | 460 | 2,417 | 427 | 226 | 6,428 | -6,615 | 3,342 |
| Cash and cash equivalents | 387 | 2,589 | 329 | 114 | 774 | - | 4,194 |
| Total assets | 11,654 | 122,989 | 3,740 | 770 | 7,977 | -8,536 | 138,595 |
| Equity attributable to holders of equity | |||||||
| instruments | 3,044 | 7,260 | 432 | 373 | -1,303 | -21 | 9,786 |
| Non-controlling interests | 7 | 43 | - | 2 | -6 | - | 47 |
| Total equity | 3,052 | 7,303 | 432 | 376 | -1,308 | -21 | 9,833 |
| Subordinated liabilities | 95 | - | - | - | 2,007 | -95 | 2,007 |
| Insurance contract liabilities | 7,822 | 59,269 | - | - | - | -2,824 | 64,267 |
| Liabilities arising from direct | |||||||
| participating insurance contracts | - | 41,331 | - | - | - | -2,966 | 38,366 |
| Employee benefits | - | - | - | - | 5,036 | - | 5,037 |
| Provisions | 1 | 327 | - | 6 | 79 | - | 413 |
| Borrowings | 8 | 680 | 2,278 | 225 | 1,097 | -1,153 | 3,135 |
| Derivatives | 322 | 8,085 | 259 | - | - | - | 8,666 |
| Deferred tax liabilities | 197 | - | - | 4 | 441 | -642 | - |
| Due to banks | 46 | 4,829 | 674 | - | - | - | 5,550 |
| Other liabilities | 111 | 1,165 | 97 | 160 | 624 | -836 | 1,322 |
| Total liabilities | 8,603 | 115,686 | 3,308 | 395 | 9,285 | -8,515 | 128,762 |
| Total equity and liabilities | 11,654 | 122,989 | 3,740 | 770 | 7,977 | -8,536 | 138,595 |
| Addition to | |||||||
| Intangible assets | - | 1 | - | 16 | - | - | 17 |
| Property, plant and equipment | 1 | - | - | 19 | 6 | - | 26 |
| Total additions | 1 | 1 | - | 34 | 6 | - | 43 |
| Segmented interim income statement | |||||||
|---|---|---|---|---|---|---|---|
| HY 2025 | Non-life | Life | Asset Management |
Distribution and Services |
Holding and Other |
Eliminations | Total |
| Insurance contract revenue | 2,951 | 2,118 | - | - | - | -125 | 4,944 |
| Incurred claims and benefits | -2,227 | -1,716 | - | - | - | 107 | -3,836 |
| Insurance service operating expenses | -564 | -143 | - | - | - | - | -706 |
| Insurance service expenses | -2,791 | -1,858 | - | - | - | 107 | -4,542 |
| Insurance service result before | |||||||
| reinsurance | 160 | 260 | - | - | - | -18 | 402 |
| Net result from reinsurance | |||||||
| contracts | -21 | -24 | - | - | - | - | -45 |
| Insurance service result | 139 | 236 | - | - | - | -18 | 356 |
| Direct investment income | 254 | 3,974 | 147 | 3 | 9 | -20 | 4,368 |
| Net fair value gains (and losses) | -71 | -2,788 | -13 | - | 3 | -21 | -2,890 |
| Net finance result from insurance and | |||||||
| reinsurance contracts | -139 | 1,809 | - | - | - | -120 | 1,551 |
| Other finance expenses | -94 | -2,710 | -123 | -3 | -287 | 152 | -3,065 |
| Investment operating expenses | -10 | -90 | -65 | - | -1 | 59 | -107 |
| Investment and finance result | -59 | 197 | -55 | - | -276 | 50 | -143 |
| Share of result of associates and joint | |||||||
| ventures | - | 22 | - | - | 3 | - | 25 |
| Fee income | 4 | 40 | 168 | 204 | -0 | -156 | 260 |
| Other income | 8 | 40 | - | 1 | 13 | -5 | 57 |
| Total other income | 12 | 102 | 168 | 206 | 15 | -161 | 342 |
| Other expenses | -25 | -93 | -74 | -184 | -119 | 106 | -388 |
| Total other income and expenses | -13 | 9 | 95 | 22 | -103 | -55 | -46 |
| Result before tax | 67 | 442 | 40 | 22 | -379 | -23 | 168 |
| Income tax (expense) / gain | -21 | -109 | -10 | -6 | 105 | 6 | -35 |
| Net result | 46 | 333 | 29 | 16 | -274 | -17 | 133 |
| Attributable to: | |||||||
| Non-controlling interests | - | - | - | 1 | 2 | - | 4 |
| - Shareholders of the parent | 46 | 332 | 29 | 15 | -304 | -17 | 102 |
| - Holders of other equity instruments | - | - | - | - | 28 | - | 28 |
| Result attributable to holders of | |||||||
| equity instruments | 46 | 332 | 29 | 15 | -276 | -17 | 130 |
| Asset | Distribution | Holding and | |||||
|---|---|---|---|---|---|---|---|
| HY 2024 | Non-life | Life | Management | and Services | Other | Eliminations | Total |
| Continuing operations | |||||||
| Insurance contract revenue | 2,803 | 2,141 | - | - | - | -123 | 4,821 |
| Incurred claims and benefits | -2,094 | -1,784 | - | - | - | 102 | -3,777 |
| Insurance service operating expenses | -566 | -152 | - | - | - | 2 | -716 |
| Insurance service expenses | -2,660 | -1,937 | - | - | - | 104 | -4,493 |
| Insurance service result before | |||||||
| reinsurance | 143 | 204 | - | - | - | -19 | 328 |
| Net result from reinsurance | |||||||
| contracts | -3 | -26 | - | - | - | - | -29 |
| Insurance service result | 141 | 178 | - | - | - | -19 | 299 |
| Direct investment income | 244 | 2,773 | 100 | 4 | 36 | -44 | 3,114 |
| Net fair value gains (and losses) | -71 | -436 | -17 | -1 | -3 | 12 | -515 |
| Net finance result from insurance and | |||||||
| reinsurance contracts | -17 | -654 | - | - | - | -7 | -678 |
| Other finance expenses | -103 | -1,643 | -72 | -4 | -159 | 35 | -1,946 |
| Investment operating expenses | -8 | -82 | -70 | - | -1 | 50 | -110 |
| Investment and finance result | 45 | -42 | -59 | - | -126 | 46 | -136 |
| Share of result of associates and joint | |||||||
| ventures | 2 | 2 | - | - | 2 | - | 6 |
| Fee income | 3 | 33 | 167 | 181 | 1 | -134 | 252 |
| Other income | 9 | 41 | - | 7 | 7 | -5 | 59 |
| Total other income | 14 | 76 | 168 | 188 | 11 | -139 | 318 |
| Other expenses | -33 | -49 | -80 | -176 | -111 | 79 | -370 |
| Total other income and expenses | -19 | 27 | 88 | 12 | -100 | -60 | -53 |
| Result before tax | 167 | 162 | 29 | 11 | -226 | -33 | 111 |
| Income tax (expense) / gain | -41 | -37 | -7 | -3 | 61 | 3 | -24 |
| Result after tax | 126 | 125 | 22 | 9 | -165 | -29 | 87 |
| Discontinued operations | |||||||
| Result after tax from discontinued | |||||||
| operations | - | - | - | - | -173 | 19 | -154 |
| Net result | 126 | 125 | 22 | 9 | -338 | -11 | -67 |
| Attributable to: | |||||||
| Non-controlling interests | - | - | - | 1 | 2 | - | 3 |
| - Shareholders of the parent | 126 | 125 | 22 | 8 | -361 | -11 | -91 |
| - Holders of other equity instruments | - | - | - | - | 21 | - | 21 |
| Result attributable to holders of | |||||||
| equity instruments | 126 | 125 | 22 | 8 | -340 | -11 | -70 |
Cautionary note regarding forward-looking statements.
The terms of this disclaimer ('Disclaimer') apply to this document of ASR Nederland N.V. and all ASR Nederland N.V.'s legal vehicles and businesses operating in the Netherlands ('ASR Nederland'). Please read this Disclaimer carefully.
ASR Nederland's consolidated condensed interim financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS-EU') and with Part 9 of Book 2 on the Netherlands Civil Code. In preparing the financial information in this document the same accounting principles are applied as in the 2024 ASR Nederland consolidated financial statements. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not (historical) facts but are forward looking statements ('Statements'). These Statements may be identified by words such as 'expect', 'should', 'could', 'shall', 'target' and similar expressions. The Statements can change as a result of possible events or factors. The Statements are based on our beliefs, assumptions and expectations of future performance, taking into account information that was available to ASR Nederland at the moment of drafting of the document. The Statements are based on the assumption of normal (financial) markets, environmental and economic conditions (including current expectation of the forward interest rate term structure) at the moment of drafting of the document and no material regulatory changes. ASR Nederland warns that the Statements could entail certain risks and uncertainties, so that the actual results, business, financial condition, results of operations, liquidity, investments, share price and prospects of ASR Nederland could differ materially from the Statements.
Factors which could cause actual results to differ from these Statements may include, without limitation: (1) changes in general economic conditions; (2) changes of conditions in the markets in which ASR Nederland is engaged; (3) changes in the performance of financial markets in general; (4) changes in the sales of insurance and/or other financial products; (5) the behavior of customers, suppliers, investors, shareholders and competitors; (6) changes in the relationships with principal intermediaries or partnerships or termination of relationships with principal intermediaries or partnerships; (7) the unavailability and/or unaffordability of reinsurance; (8) deteriorations in the financial soundness of customers, suppliers or financial institutions, countries/states and/or other counterparties; (9) technological developments; (10) changes in the implementation and execution of ICT systems or outsourcing; (11) changes in the availability of, and costs associated with, sources of liquidity; (12) consequences of a potential (partial) termination of the European currency: the Euro or the European Union; (13) changes in the frequency and severity of insured loss events; (14) catastrophes and terrorist related events; (15) changes affecting mortality and morbidity levels and trends and changes in longevity; (16) changes in laws and regulations and/or changes in the interpretation thereof, including without limitation Solvency II, IFRS, sustainability regulations and taxes; (17) changes in the policies of governments and/or regulatory-or supervisory authorities; (18) changes in ownership that could affect the future availability of net operating loss, net capital and built-in loss; (19) changes in conclusions with regard to accounting assumptions and methodologies; (20) adverse developments in legal and other proceedings and/or investigations or sanctions taken by supervisory authorities; (21) risks related to mergers, acquisitions, and divestments (22) other financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results and (23) the other risks and uncertainties detailed in the Risk Factors section contained in recent public disclosures made by ASR Nederland.
The foregoing list of factors and developments should not exhaustive. Any Statements made by or on behalf of ASR Nederland speak only as of the date they are made and, except as required by applicable law, ASR Nederland disclaims any obligation to publicly update or revise and/or publish any Statements, whether as a result of new information, future events or otherwise. Neither ASR Nederland nor any of its directors, officers, employees do give any statement, warranty or prediction on the anticipated results as included in the document. The Statements in this /document represent, in each case, only one of multiple possible scenarios and should not be viewed as the most likely or standard scenario. ASR Nederland has taken all reasonable care in the reliability and accurateness of this document. Nevertheless, information contained in this document may be incomplete or incorrect. ASR Nederland does not accept liability for any damages resulting from this document in case the information in this document is incorrect or incomplete.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or any other financial instruments.
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