Asr Nederland N.v. · EURONEXT:ASRNL
Asr Nederland — Investor Day (June 2024)
26 slides from Asr Nederland's investor day presentation, Jun 27, 2024
Slide 1: Creating a leading insurer in The Netherlands: Break-out segment Asset management
Creating a leading . insurer in The Netherlands Ss Break-out segment Asset management re Ewout Hollegien (CFO) Patrick Klijnsmit (Director Asset management Matthijs Hofstede (Director Mortgages) Dick Gort (Director Real estate) >
Slide 2: Asset management fee-based business target
Asset management Fee-based business target¹ Pension reform brings growth opportunities in all areas of expertise Growth ambition in asset management for Dutch pension funds Investing responsibly to contribute to a better world € 140m Mortgages Operating result, in 2026 Leading insurer in the low-ris
Slide 3: Asset management
Creating a leading insurer in The Netherlands aa? Segment Asset management 4 Asset management
Slide 4: Our foundation, market & trends, portfolio mix
Our foundation Market & trends • Dedicated asset manager, experienced in comprising every possible • Pension reform brings growth opportunities in all areas of expertise economic and geopolitical scenario • Increasing focus on ESG and climate change • Safeguarding assets of a.s.r., policyholders and
Slide 5: Facilitating investment process with knowledge & skills
Facilitating • Direct market access provides an information advantage. It enables an effective tactical optimisation investment process and allows for swift pre-emptive actions in volatile markets with knowledge • Efficient and effective balance sheet management (optimisation of SII risk – return) &
Slide 6: General account, affiliated and 3rd party business growth
General account Affiliated business 3rd party business • Growth in Non-life • Growth in affiliated business following • Ambition to become active in AM • Growth in (predominantly closed) from the pension reform market for Dutch Pension funds pension DB book from pension • DC proposition development
Slide 7: SAA process and objective
• Strategic Asset Allocation (SAA) process is a 3-step approach that is run periodically (at least yearly): ALM study Asset-only study Portfolio optimization SAA Process • Within asset classes across • Within subcategories • Across asset classes subcategories • Using Monte Carlo analysis (2000 • Opt
Slide 8: Targeting a balanced asset allocation
Targeting a balanced asset allocation Investment portfolio (per FY 2023) • The target asset mix is re-evaluated at least annually. Potential OCC impact Execution is done patiently and based on an 9% economical and rational approach Liquid fixed income 35% Illiquid fixed income • Re-risking focuses o
Slide 9: Responsible investing: reduce harm, drive change, create impact
Reduce harm • by having clear red lines and defining minimum standards that investments must meet, and by only investing our clients’ money in activities that are compatible with our view of a sustainable world1 Drive change • by engaging with companies and countries to highlight how they can become
Slide 10: Carbon footprint reduction and impact investments
Carbon footprint reduction CO2 footprint reduction • Achieved a 69% reduction in carbon footprint in 2023 versus 2015 for general account assets internally managed1 -69% -25% -25% CO2 reduction • • New target is to further reduce carbon footprint with 25% in 2030 vs 2023 for general account assets i
Slide 11: Mortgages
Creating a leading insurer in The Netherlands aa? Segment Asset management 4 Mortgages
Slide 12: Our foundation, market & trends, portfolio mix
Our foundation Market & trends • Top 5 mortgage originator in the Netherlands since 2009 • Traditionally long-term interest rate reset periods in the Dutch mortgage market limits the impact of short-term interest rate movements • Hybrid business model combining spread based earnings (originate-to- r
Slide 13: Sustainable growth by maintaining top 5 market position
• Top 5 mortgage originator in the Netherlands since 2009 Sustainable growth • Growth facilitated by strong and durable intermediary relationship from continuous market presence by maintaining top 5 market position • Strong fee business growth since inception of mortgage funds starting in 2013 (€ +4
Slide 14: Disciplined risk taking while securing growth through partnerships
Focus on disciplined risk taking while Disciplined risk taking Mortgage advice securing growth opportunities through partnerships • All product management and underwriting • Strong distribution network: a.s.r. is the decisions are taken in-house largest originator through the intermediary channel •
Slide 15: Origination and funding
Origination Funding • Originate-to-distribute and originate-to-retain (skin in the game) • Two sources of funding to facilitate a stable sustainable growth allows efficiently managing origination volume levels and of the mortgage business, via hybrid business model: continuous market presence 1. Ori
Slide 16: AuM by type of funding and mortgage investment offerings
AuM by type of funding Mortgage investment offerings Main characteristics (in €bn, FY 2023) General account² • Life: long-dated assets as a good match for liabilities • Non-life: supports investment income 37.1 • Bank: offering products to customers on both sides 23.4 of the balance sheet 10.2 9.0 4
Slide 17: Mortgage portfolio size, types and loan-to-value
• Growing market size due to increasing housing prices and Size of portfolio¹ Mortgage types Loan-to-value increasing share of home (AuM in €bn) (as % of total portfolio) (as % of total portfolio) ownership (to 70% in 2023) 100% 100% • Dutch mortgage market is highly 75 regulated with reduced intere
Slide 18: Reduce, adapt, strengthen, improve
Reduce Adapt Strengthen Improve energy intensity & to transitional and physical financial self-reliance inclusion in the Dutch GHG emissions climate risks of clients housing market Focus on reducing energy Include climate related risks Highly valued and pro-active First-time buyer mortgage intensity
Slide 19: CMD 2024 Break-out session Real estate
CMD 2024 Break-out session Real estate 19
Slide 20: Our foundation, market & trends, portfolio mix
Our foundation Market & trends • 130 years of experience in investing in real estate, resulting in a high- • Rebalancing investment portfolio and repricing real estate assets mostly quality € 8.8bn a.s.r. general account portfolio completed after volatile market circumstances over the past years • a
Slide 21: Expanding investor base and focus on ESG and impact investing
• AuM of real assets investment platform expected to increase by ~20% over the next 3 years to more Expanding than € 9bn by FY 2026, mostly through 3rd party investments investor base • Launching Renewables Fund (ASR DGEF I) for 3rd party investors in 2024 • Focus on ESG investing through strategic
Slide 22: Exposure to real estate
Exposure to real estate (AuM in €bn) 17.3 14.1 a.s.r. 3rd party Investment partners (AuA) 6.5 6.7 7.4 € 8.8bn 5.0 5.8 3.8 4.0 3.8 4.0 4.2 4.6 General account exposure 2011 2013 2016 2016 2019 2020 2021 2022 2023 2024 Launch of Launch of Launch of Launch of Launch of Launch of Launch of Acquisition M
Slide 23: Real estate fund platform overview
ASR Dutch Prime ASR Dutch Core ASR Dutch Mobility ASR Dutch ASR Dutch ASR Green Energy Retail Fund Residential Fund Office Fund Science Park Fund Farmland Fund Fund I • Prime retail properties in • Sustainable, high-quality • Core office portfolio at • Commercial real estate • The largest privately
Slide 24: Fund platform AuM and fee development
• Income driven core AuM development fund platform1 2016 - 2023 (in €m) Asset funds and portfolio (FY 2023 in %) funds, with inflow from (new) 3rd party investors 7,000 12% • Development of new 6,000 27% investment (fund) 5,000 DFLF 53% 50% 67% initiatives to secure future 4,000 DSPF growth (e.g. la
Slide 25: Real estate ESG vision
• At a.s.r. real estate, we recognise the substantial responsibility for contributing towards liveable and sustainable buildings, cities and communities • We strive to contribute to a sustainable and resilient living environment – now and for future generations • Our ESG vision encompasses four stra
Slide 26: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements 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 morbi