Asr Nederland N.v. · EURONEXT:ASRNL
Asr Nederland — Shareholder Meeting (May 2023)
73 slides from Asr Nederland's shareholder meeting presentation, May 31, 2023
Slide 1: Annual General Meeting 2023
Annual General Meeting 2023 31 May 2023
Slide 2: 1. Welcome & opening
1. Welcome & opening Joop Wijn Chair of the Supervisory Board AGM ASR Nederland N.V. 31 May 2023 2
Slide 3: Presence Supervisory & Executive Board
Presence Supervisory & Executive Board Joop Wijn Sonja Barendregt Herman Hintzen (not present) Gisella van Vollenhoven Gerard van Olphen Chair of the Supervisory Board Member Supervisory Board Member Supervisory Board Member Supervisory Board Member Supervisory Board Chair Audit & Risk Committee Vic
Slide 4: For vote
For vote 2. Remuneration report 2022 (advisory vote) 3 Remuneration Policy 4. 2022 Financial Statements and dividend 5. Discharge members of the Executive Board and the Supervisory Board 6. Extension of the authorities of the Executive Board 7. Cancellation of shares 9. Composition of the Supervisor
Slide 5: Announcements
Announcements Order of the meeting Webcast service (Dutch and English) AGM ASR Nederland N.V. 31 May 2023 5
Slide 6: 2a. Annual Report 2022 (for discussion)
2a. Annual Report 2022 (for discussion) Jos Baeten CEO and Chair of the Executive Board AGM ASR Nederland N.V. 31 May 2023 6
Slide 7: Sustainable value creation for all stakeholders is key to a.s.r.
Sustainable value creation for all stakeholders is key to a.s.r. Customers – Becoming the best financial service provider Employees – Creating a vital and futureproof workforce • Products and services that meet sustainability needs of clients • Reliable employer with long-term continuity • Products
Slide 8: Strong performance: achieved or outperformed medium term targets
Strong performance: achieved or outperformed medium term targets Operating result Solvency II (SF) Dividend per share Organic capital Combined ratio Operating ROE creation € 1,039m 222% € 2.70 12.8% € 653m 91.7% +3.0% +26%-pts +11.6% Target 12-14% +9.9% Target 93-95% (2021: € 1,009m) (2021: 196%) (2
Slide 9: Non-life: strong organic growth while maintaining robust COR
Non-life: strong organic growth while maintaining robust COR Operating result (in €m) GWP - P&C & Disability (in €m) Combined ratio P&C & Disability (in %) Disability +1.0% +9.1% P&C 2,892 3,156 -0.1%-p 325 1.487 91.7 1.290 91.8 322 1.603 1.668 2021 2022 2021 2022 GWP - Health (in €m) Combined ratio
Slide 10: Life: higher operating result driven by investment margin
Life: higher operating result driven by investment margin Operating result (in €m) Gross Written Premiums (in €m) Investment margin (in €m) Amortised realised gains +3.1% -1.2% +1.9% 673 665 1,952 299 256 1,893 1.075 1.103 768 -701 -694 754 2021 2022 Life operating expenses (in bps of basic Life pro
Slide 11: Fee-based business: stable development of operating result
Fee-based business: stable development of operating result Operating result fee-based businesses Operating result Holding & Other (in €m) (in €m) Asset Management Distribution and Services +1% 36 39 -119 -130 28 25 2021 2022 2021 2022 AGM ASR Nederland N.V. 31 May 2023 11
Slide 12: Capital return to shareholders in 2022 and dividend policy
Capital return to shareholders in 2022 and dividend policy € 2.70 DPS € 75m SBB • 11.6% increase compared to 2021 • Started on 24 February 2022 and • 2021 dividend as base for ended on 24 May 2022 progressive dividend going forward AGM ASR Nederland N.V. 31 May 2023 12
Slide 13: Business Combination with Aegon Nederland
Business Combination with Aegon Nederland Clear progress and on track for 1 July 2023 closing at the earliest • a.s.r. and Aegon are working closely together to fulfil conditions for the completion of the transaction • Transaction financing largely secured with issue of new shares and launch of new
Slide 14: Key take-aways 2022
Key take-aways 2022 Ongoing strong performance with higher operational results in most business segments Combination of a.s.r. and Aegon NL will create a leading insurer, expected to deliver € 185m run-rate cost synergies Well on track for closing transaction 1 July 2023 at the earliest Continued gr
Slide 15: 2a. Q&A Annual Report 2022 (for discussion)
2a. Q&A Annual Report 2022 (for discussion) AGM ASR Nederland N.V. 31 May 2023 15
Slide 16: 2b. Report of the Supervisory Board (for discussion)
2b. Report of the Supervisory Board (for discussion) Section 5.2 Annual Report 2022 AGM ASR Nederland N.V. 31 May 2023 16
Slide 17: 2c. Corporate Governance (for discussion)
2c. Corporate Governance (for discussion) Chapter 5 Annual Report 2022 AGM ASR Nederland N.V. 31 May 2023 17
Slide 18: 2d. Remuneration report (for advisory vote)
2d. Remuneration report (for advisory vote) Gisella van Vollenhoven Chair of the Remuneration Committee AGM ASR Nederland N.V. 31 May 2023 18
Slide 19: 2d. Remuneration report (for advisory vote)
2d. Remuneration report (for advisory vote) Advisory vote to adopt the 2022 remuneration report • Questions AGM ASR Nederland N.V. 31 May 2023 19
Slide 20: Test voting
Test voting Is tomorrow 1 June 2023? • For • Against • Abstain AGM ASR Nederland N.V. 31 May 2023 20
Slide 21: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 21
Slide 22: 2d. Remuneration report (for advisory vote)
2d. Remuneration report (for advisory vote) Advisory vote to adopt the 2022 remuneration report • Voting AGM ASR Nederland N.V. 31 May 2023 22
Slide 23: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 23
Slide 24: 3. Remuneration Policy
3. Remuneration Policy AGM ASR Nederland N.V. 31 May 2023 24
Slide 25: 3. Remuneration Policy (for vote)
3. Remuneration Policy (for vote) Gisella van Vollenhoven Chair of the Remuneration Committee AGM ASR Nederland N.V. 31 May 2023 25
Slide 26: 3a. Proposal to amend EB Remuneration Policy (for vote)
3a. Proposal to amend EB Remuneration Policy (for vote) The most important elements of the policy will not change: • Fixed remuneration only, no variable remuneration component for EB members • Use of salary scales for EB; application of CLA for salary indexation • Pay ratio below 1:20 (will be arou
Slide 27: Proposed policy change: recalibration reference group
Proposed policy change: recalibration reference group • At least half of reference group to consist of Dutch financial institutions • For non-financial institutions, alignment of market capitalisation parameter: • Range for market capitalisation parameter to change from 0.25 – 4.0 to 0.4 – 2.5 • Ran
Slide 28: Proposed policy change: remuneration structure
Proposed policy change: remuneration structure • Part of fixed remuneration to be paid in a.s.r. shares • Remuneration in shares to be 20% of fixed remuneration in cash • Temporary exception for CEO: 30% of fixed remuneration in cash (see agenda item 3b) • Shares must be retained: • for minimum peri
Slide 29: Conclusions
Conclusions • The proposal remains aligned with the four perspectives underlying the a.s.r. remuneration policy • The premise that employees are entitled to a maximum remuneration around the median for the relevant reference group, should also apply to EB members • Pay ratio remains below 1:20 and a
Slide 30: 3b. Proposal for conditional remuneration of CEO (for vote)
3b. Proposal for conditional remuneration of CEO (for vote) • Proposal to grant CEO 30% of fixed cash remuneration in shares each year (instead of 20%) • Duration: from closing Aegon transaction up to 2026 AGM • If Aegon transaction does not go ahead, the regular remuneration policy and current tenu
Slide 31: 3c. Proposal to change SB remuneration (for vote)
3c. Proposal to change SB remuneration (for vote) Proposal to change the remuneration of the Supervisory Board as of 1 July 2023 and 1 July 2024: • No change to remuneration policy for SB • SB remuneration to be at most around the median, same reference group as EB • Proposed remuneration: Current r
Slide 32: 3. Remuneration Policy - Questions
3. Remuneration Policy - Questions • 3a. Proposal to amend the remuneration policy for the Executive Board as of 1 July 2023 • 3b. Proposal for conditional remuneration of the chairman of the Executive Board • 3c. Proposal to change the remuneration of the Supervisory Board as of 1 July 2023, and 1
Slide 33: 3a. Remuneration Policy (for vote)
3a. Remuneration Policy (for vote) Proposal to amend the remuneration policy for the Executive Board as of 1 July 2023 • Voting AGM ASR Nederland N.V. 31 May 2023 33
Slide 34: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 34
Slide 35: 3b. Remuneration Policy (for vote)
3b. Remuneration Policy (for vote) Proposal for conditional remuneration of the chairman of the Executive Board • Voting AGM ASR Nederland N.V. 31 May 2023 35
Slide 36: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 36
Slide 37: 3c. Remuneration Policy (for vote)
3c. Remuneration Policy (for vote) Proposal to change the remuneration of the Supervisory Board as of 1 July 2023, and 1 July 2024 • Voting AGM ASR Nederland N.V. 31 May 2023 37
Slide 38: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 38
Slide 39: 4. 2022 Financial Statements & dividend (for vote)
4. 2022 Financial Statements & dividend (for vote) Sonja Barendregt Chair of the Audit & Risk Committee AGM ASR Nederland N.V. 31 May 2023 39
Slide 40: 4. 2022 Financial Statements & dividend (for vote)
4. 2022 Financial Statements & dividend (for vote) Ton Reijns Partner at KPMG AGM ASR Nederland N.V. 31 May 2023 40
Slide 41: KPMG Accountants
© 2021 KPMG Accountants N.V. All rights reserved.
Slide 42: KPMG Accountants
© 2021 KPMG Accountants N.V. All rights reserved.
Slide 43: KPMG Accountants
© 2021 KPMG Accountants N.V. All rights reserved.
Slide 44: 4a. 2022 Financial Statements & dividend (for vote)
4a. 2022 Financial Statements & dividend (for vote) Proposal to adopt the financial statements for the financial year 2022 • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 44
Slide 45: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 45
Slide 46: 4b. and c. 2022 Financial Statements & dividend (for vote)
4b. and c. 2022 Financial Statements & dividend (for vote) 4b. Explanatory notes on the reserve and dividend policy (for discussion) • Questions 4c. Proposal to pay dividend (for vote) • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 46
Slide 47: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 47
Slide 48: 5a. Discharge Executive Board (for vote)
5a. Discharge Executive Board (for vote) Proposal to grant discharge to the members of the Executive Board for the 2022 financial year • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 48
Slide 49: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 49
Slide 50: 5b. Discharge Supervisory Board (for vote)
5b. Discharge Supervisory Board (for vote) Proposal to grant discharge to the members of the Supervisory Board for the 2022 financial year • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 50
Slide 51: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 51
Slide 52: 6. Extension of the authorities of the Executive Board (for vote)
6. Extension of the authorities of the Executive Board (for vote) AGM ASR Nederland N.V. 31 May 2023 52
Slide 53: 6a. Extension of the authorities of the Executive Board (for vote)
6a. Extension of the authorities of the Executive Board (for vote) Proposal to extend the authorisation of the Executive Board to issue ordinary shares and/or grant the right to subscribe for ordinary shares • For a period of 18 months • Subject to approval of the Supervisory Board • Up to a maximum
Slide 54: 6a. Extension of the authorities of the Executive Board (for vote)
6a. Extension of the authorities of the Executive Board (for vote) Proposal to extend the authorisation of the Executive Board to issue ordinary shares and/or grant the right to subscribe for ordinary shares • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 54
Slide 55: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 55
Slide 56: 6b. Extension of the authorities of the Executive Board (for vote)
6b. Extension of the authorities of the Executive Board (for vote) Proposal to extend the authorisation of the Executive Board to restrict or exclude statutory pre-emption rights • In connection with the issue authorisation granted under agenda item 6a • For a period of 18 months • Subject to approv
Slide 57: 6b. Extension of the authorities of the Executive Board (for vote)
6b. Extension of the authorities of the Executive Board (for vote) Proposal to extend the authorisation of the Executive Board to restrict or exclude statutory pre-emption rights • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 57
Slide 58: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 58
Slide 59: 6c. Extension of the authorities of the Executive Board (for vote)
6c. Extension of the authorities of the Executive Board (for vote) Proposal to authorise the Executive Board to acquire the company’s own shares • For a period of 18 months • Subject to approval of the Supervisory Board • Up to a maximum of 10% of the share capital • At a price between the nominal s
Slide 60: 6c. Extension of the authorities of the Executive Board (for vote)
6c. Extension of the authorities of the Executive Board (for vote) Proposal to authorise the Executive Board to acquire the company’s own shares • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 60
Slide 61: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 61
Slide 62: 7a. Cancellation of shares (for vote)
7a. Cancellation of shares (for vote) Proposal to cancel shares held by a.s.r. • a.s.r. acquired 1,798,472 shares in its own capital between 24 February 2022 and 24 May 2022 • It is proposed to cancel these 1,798,472 shares • This will reduce the issued share capital from 149,827,056 shares to 148,0
Slide 63: 7a. Cancellation of shares (for vote)
7a. Cancellation of shares (for vote) Proposal to cancel shares held by a.s.r. • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 63
Slide 64: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 64
Slide 65: 8a. Composition of the Executive Board (for discussion)
8a. Composition of the Executive Board (for discussion) Intention to reappoint Ingrid de Swart as member of the Executive Board • Questions AGM ASR Nederland N.V. 31 May 2023 65
Slide 66: 9. Composition of the Supervisory Board (for vote)
9. Composition of the Supervisory Board (for vote) AGM ASR Nederland N.V. 31 May 2023 66
Slide 67: 9a. Composition of the Supervisory Board (for vote)
9a. Composition of the Supervisory Board (for vote) Proposal to reappoint Gisella van Vollenhoven as member of the Supervisory Board • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 67
Slide 68: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 68
Slide 69: 9b. Composition of the Supervisory Board (for vote)
9b. Composition of the Supervisory Board (for vote) Proposal to reappoint Gerard van Olphen as member of the Supervisory Board • Questions • Voting AGM ASR Nederland N.V. 31 May 2023 69
Slide 70: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 70
Slide 71: 10. Questions
10. Questions AGM ASR Nederland N.V. 31 May 2023 71
Slide 72: 11. Closing
11. Closing AGM ASR Nederland N.V. 31 May 2023 72
Slide 73: AGM ASR Nederland N.V. 31 May 2023
AGM ASR Nederland N.V. 31 May 2023 73