Asr Nederland N.v. · EURONEXT:ASRNL
Asr Nederland — FY 2025 Earnings Presentation
44 slides from Asr Nederland's earnings presentation, Feb 18, 2026
Slide 1: Full-year results 2025: Delivering on growth and return
a.s.f. 2025 Full-year results Delivering on growth and return Jos Baeten, CEO Ewout Hollegien, CFO Analyst conference call 18 February 2026
Slide 2: Significant progress in executing our CMD plans
Significant progress in executing our CMD plans • All major integration milestones have been achieved Completion of • Partial internal model implemented for a.s.r. Life as planned integration activities • Fully on track to achieve run-rate cost synergies target of € 215m in 2026 Creating a • Strong
Slide 3: Strong results driven by disciplined strategy execution
Strong results driven by disciplined strategy execution Organic capital creation Solvency II ratio • OCC increased more than 10%, driven by a higher finance result, strong performance of fee-based businesses and the realisation of cost synergies Solvency II € 1,315m 218% • Solvency ratio strengthene
Slide 4: Value creation for all stakeholders and compelling ESG credentials
Value creation for all stakeholders and compelling ESG credentials Non-financial targets1 Sustainable reputation Employee engagement2 Gender diversity Carbon footprint Impact investments Customer satisfaction Public recognition in management3 reduction % of investment portfolio Net Promotor Score (N
Slide 5: Aegon NL successfully integrated – all major milestones achieved
Aegon NL successfully integrated – all major milestones achieved Milestones of integration in 2025 Run-rate cost synergies ► Policy migration and integration of Mortgages and Individual life ► Implementation of the Partial Internal Model € 215m (PIM) for a.s.r. Life After final decommissioning in H1
Slide 6: Demonstrated ability to execute strategy successfully
Demonstrated ability to execute strategy successfully Balance sheet strengthening Unit-linked settlement Rational capital deployment Completion integration activities Delivering on all € Increased shareholder returns CMD promises € Completion integration Unit-linked settlement Balance sheet Rational
Slide 7: Solid Non-life performance on both profitability and growth
Solid Non-life performance on both profitability and growth Premiums received (in €m) Combined ratio P&C and Disability (in %) Organic premium growth of 3% within target range of 3-5%, mostly driven by price increases • Future growth is bolstered by the acquisition of Bovemij +3.0% +1.3%-p (expected
Slide 8: Strong commercial performance in Pensions continued
Strong commercial performance in Pensions continued DC (accumulation) Annuities (decumulation) Pension buy-outs DC accumulation inflow (in €m) Annuities inflow (in €m) Pension buy-outs inflow (in €m) € 8bn € 1.8bn € 8bn +8.8% € 5.8bn +11.2% € 1.2bn 2,768 3,011 581 646 2,810 € 2.9bn 69 FY 2024 FY 202
Slide 9: Fee-based businesses show strong growth with attractive margins
Fee-based businesses show strong growth with attractive margins Fee income Fee income increased by 15.5%, primarily € 812m Operating result (in €m) +15.5% driven by the D&S segment vs FY24 • HTC is included in the D&S segment as per +24.4% 1 October 2025 186 • Full contribution of HTC and real estat
Slide 10: Significant long-term value creation drives attractive capital returns
Significant long-term value creation drives attractive capital returns Profitable growth and capital accretion leads to increased capital returns; 75% of FY25 OCC returned to shareholders Total capital return since IPO € 4.9bn Cumulative dividends: € 3.9bn Progressive dividend policy; FY25 dividend
Slide 11: Financial and capital position
Financial and capital position Ewout Hollegien, CFO
Slide 12: Putting the balance sheet to work
Putting the balance sheet to work Robust balance Strong balance sheet with sheet Solvency II ratio growing to a robust level of 218% per FY25 Rational capital deployment in organic growth, pension buy-outs and acquisitions Increased CAPITAL Deployment shareholder € WHEEL of capital return 10% higher
Slide 13: Robust Solvency, well-positioned in entrepreneurial zone
Robust Solvency, well-positioned in entrepreneurial zone Solvency II ratio (in %) Solvency II ratio at strong level of 218% supported by the implementation of the PIM for a.s.r. Life (+12%-p) • Capital deployment (-6%-p) for the acquisition of the OCC: remaining shares of HTC and pension buy-outs 21
Slide 14: Substantial uplifts from Solvency catalysts
Substantial uplifts from Solvency catalysts CMD catalysts Based on markets as per FY25 To be expected Solvency movements • Capital deployment related to the Bovemij 218% c. +10%-p acquisition (H2 2026) and potential pension buy-outs +12%-p • EIOPA 2020 review expected to be implemented as of January
Slide 15: The Partial Internal Model keeps the capital wheel spinning
The Partial Internal Model keeps the capital wheel spinning Underwriting risk Market risk Solvency impact ►Partial Internal Model reflects a more accurate view of a.s.r.’s risks and risk interdependencies +12%-p +11%-p +1%-p SCR +8%-p ►Release of € 600m fungible capital1, strengthening the balance s
Slide 16: Group Solvency II ratio sensitivities with a.s.r. Life on PIM
Group Solvency II ratio sensitivities with a.s.r. Life on PIM Interest rates Spreads Equities & Real estate HY25 FY25 HY25 FY25 HY25 FY25 reported reported reported +4% +1% +1% 0% 0% -1% 0% -1% 0% -1% -1% -2% -4% -3% -4% -4% -4% -4% -8% -10% Parallel Parallel Steepening 20-30y VA Governments Corpora
Slide 17: Higher OCC driven by solid business performance
Higher OCC driven by solid business performance OCC (in €m) OCC increased to € 1,315m, mainly reflecting improved business capital generation in the Non-life segment and higher finance capital generation +10.2% in the Life segment 1,315 • FCG reflects a higher investment margin from re-risking (main
Slide 18: Double-digit growth of the operating result
Double-digit growth of the operating result Operating result (in €m) Operating result increased by nearly 12% to € 1,637m, driven by business growth and higher operating investment and finance result +11.9% • Operating investment and finance result benefits from the same dynamics as 1,637 OCC FCG; h
Slide 19: Investment portfolio – strong revaluations in real estate
Investment portfolio – strong revaluations in real estate Revaluations of real estate portfolio (FY 2025 in %) % mix Average1 5.7% 8% 6% 24% Residential 7.1% 49% 5% Rural 8.8% 21% 11% 12% Retail 0.2% 7% Fixed Total Income: Offices2 0.7% 6% investments: 44% € 82.2bn 7% Other 1.9% 17% 5% 32% 33% Histo
Slide 20: Solid balance sheet provides ample financial flexibility
Solid balance sheet provides ample financial flexibility Eligible own funds and SII headroom (in €m) S&P Insurer Financial Strength Rating Based on operating entities RT1 headroom: T2+T3 headroom: Headroom € 1,023m € 1,455m 1,460 69 1,477 13,007 10,002 Stable Outlook Unrestricted Tier 1 Restricted T
Slide 21: Strong solvency position of entities supports growth and remittances
Strong solvency position of entities supports growth and remittances HoldCo liquidity (in €m) HoldCo liquidity stands at € 956m, remittances fund the coupon payments and capital return • Updated holding liquidity policy to further -904 optimise capital position; as per FY25 a part of 1,258 the undra
Slide 22: Wrap-up
Wrap-up Jos Baeten, CEO
Slide 23: Key messages
Key messages ► Aegon NL successfully integrated; realisation of € 215m run-rate cost synergy target on track and 12%-p Solvency benefit from the application of PIM to a.s.r. Life ► Solid performance in all business segments supported by increased investment returns; OCC on track to achieve medium-te
Slide 24: Investor relations a.s.r.
Investor relations a.s.r. Ce Financial calendar Contact Investor relations 25 March 2026 Publication annual report 2025 aaa 25766 00 20 May 2026 Annual General Meeting 22 May 2026 Ex-dividend date 25 May 2026 Dividend record date 27 May 2026 Payment final dividend 2025 19 August 2026 Publication HY
Slide 25: Appendix
Appendix
Slide 26: Appendix
Appendix A. Financial ratios J. IFRS comprehensive equity and Solvency II EOF B. Breakdown of OCC K. Sensitivities Solvency II ratio C. Breakdown of operating result L. Investment portfolio D. Bridging OCC to operating result M. Details of fixed income portfolio E. Segment Non-life: Combined ratio p
Slide 27: A. Financial ratios
A. Financial ratios1 OCC (in €m) Solvency II ratio Combined ratio Non-life Financial leverage excl. Health 1,193 1,315 198% 218% 90.9% 92.2% 21.7% 21.6% FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Operating result (in €m) IFRS equity (in €m) Interest coverage ratio Double leverag
Slide 28: B. Breakdown of OCC
B. Breakdown of OCC OCC sensitivity1 (annualised, in €m) OCC per segment (in €m) FY 2024 FY 2025 delta Business capital generation 212 258 47 35 Finance capital generation 142 157 15 Net SCR impact -81 -114 -34 Non-life 273 302 28 -35 Interest rates Interest rates Business capital generation 156 113
Slide 29: C. Breakdown of operating result
C. Breakdown of operating result Operating result per segment (in €m) FY 2024 FY 2025 delta Operating Insurance & Service result 376 327 -49 Operating Investment & Finance result 142 153 11 Other result -13 -6 7 Non-life 505 474 -31 Operating Insurance & Service result 428 454 26 Operating Investmen
Slide 30: D. Bridging OCC to the operating result
D. Bridging OCC to the operating result Bridge OCC to operating result (in €m) Business capital generation (BCG)1 • Timing differences in insurance profit recognition: • In OCC, (future) insurance profits are added directly to the own funds at inception date, while in operating result the (future) p
Slide 31: E. Segment Non-life: Combined ratio per product line
E. Segment Non-life: Combined ratio per product line FY 20241 FY 2025 H1 2025 H2 2025 Net insurance contract revenue (in €m) 1,983 2,058 1,018 1,040 Claims ratio 55.6% 55.9% 57.0% 54.9% Property & Casualty (P&C) Expense ratio 8.9% 8.1% 8.2% 8.1% Commission ratio 26.2% 26.3% 26.1% 26.4% Combined rati
Slide 32: F. Segment Life: Operating result & technical provisions
F. Segment Life: Operating result & technical provisions Operating result segment Life (in €m) FY 2024 FY 2025 delta IFRS 17 technical provision Life € 98bn (FY 2024: € 100bn) Release of CSM 308 355 47 Release of RA 150 129 -21 5% Experience variance -4 9 12 9% Pension DB Losses on new business -27
Slide 33: G. CSM overview
G. CSM overview CSM development Life (in €m) CSM Life Annualised run-off: • Pension buy-outs added to CSM as new business (c. €50m). The remainder of Total CSM 5-6% new business largely reflects annuities and indexation within the funeral accretion: € 253m portfolio 527 -355 5,733 • CSM increased ma
Slide 34: H. Calculation of operating ROE
H. Calculation of operating ROE Calculation of operating ROE (in €m) FY 20231 FY 20241 FY 2025 Operating result (pre-tax) 1,463 1,637 Minus: Tax effect 368 415 Operating result (post-tax) 1,095 1,222 Equity attributable to shareholder 8,381 8,833 8,604 Minus: Unrealised gains and losses reserve 55 -
Slide 35: I. IFRS profit per segment
I. IFRS profit per segment FY 20241 FY 2025 Operating Investment Non-investment IFRS Operating Investment Non-investment IFRS result related related profit result related related profit (pre-tax) adjustments adjustments (pre-tax) (pre-tax) adjustments adjustments (pre-tax) Non-life 505 48 -49 504 47
Slide 36: J. IFRS comprehensive equity and Solvency II EOF
J. IFRS comprehensive equity and Solvency II EOF IFRS comprehensive equity (in €m) Solvency II eligible own funds (in €m) +583 +686 +818 +743 14,558 13,007 13,975 13 12,321 69 13,157 47 1,507 0 35 1,007 11,578 1,004 529 2,937 2,964 4,087 4,433 2,907 3,737 10,002 9,356 8,381 8,833 8,604 8,142 FY 2023
Slide 37: K. Sensitivities Solvency II ratio
K. Sensitivities Solvency II ratio Total impact expressed as % of group solvency ratio +1% +1% 0% -1% -1% -2% -2% -3% -4% -4% -10% Interest Interest Interest UFR VA Government Corporate Mortgage Equities Equities Real estate +50bps -50bps steepening -15bps -10bps spread credit spread spread -20% +20
Slide 38: L. Investment portfolio
L. Investment portfolio Assets1 (in €bn, fair value) FY 2024 FY 2025 Delta % of total Fixed income 38.3 36.3 -2.0 44% Mortgages 27.4 27.3 -0.1 33% Real estate 9.4 10.0 0.6 12% Equities 3.8 4.0 0.3 5% Derivatives 3.1 0.5 -2.6 1% Cash (equivalents) 4.5 4.1 -0.4 5% Total investments 86.5 82.2 -4.3 100%
Slide 39: M. Details of fixed income portfolio
M. Details of fixed income portfolio Delta % of total Fixed income Fixed income1 (in €m) FY 2024 FY 2025 Governments 18,894 19,365 471 53% • Fixed income exposure decreased due to market revaluation from higher interest rates partly offset by the addition of pension buy-outs. The exposure Financials
Slide 40: N. Details of fixed income portfolio – Credits
N. Details of fixed income portfolio – Credits Credits Credits1 (in €m) FY 2024 FY 2025 Delta % of total Automotive 315 309 -6 7% • 97% of the corporates and financials portfolio is rated investment grade (BBB or higher) Basic Industry 318 382 65 9% • In 2025, the portfolio observed more rating upgr
Slide 41: O. Details of fixed income portfolio – Alternatives
O. Details of fixed income portfolio – Alternatives Alternatives Alternatives1 (in €m) FY 2024 FY 2025 Delta % of total • Asset-based financing is a well-diversified portfolio focused on financing Asset based financing 2,209 2,073 -136 30% structures secured by underlying assets Private debt 2,397 2
Slide 42: P. Details of mortgage portfolio
P. Details of mortgage portfolio a.s.r. mortgages General account mortgage portfolio1 AuA a.s.r. mortgages (in €bn) Mortgage production (in €bn) General account portfolio (in €bn) Portfolio by interest reset date Based on nominal value Based on nominal value Based on market value Based on market val
Slide 43: Q. Details of real estate and equities portfolio
Q. Details of real estate and equities portfolio Real estate1 (in €m) FY 2024 FY 2025 Delta Equity1 (in €m) FY 2024 FY 2025 Delta Residential 4,524 4,849 325 Listed Equity 3,139 3,325 186 Rural 1,968 2,148 180 Unlisted Equity 644 721 77 Retail 730 648 -82 Total 3,783 4,046 263 Offices 519 543 24 Off
Slide 44: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements 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) Cautionary note regarding forward-looking state