Asr Nederland N.v. · EURONEXT:ASRNL
Asr Nederland — Q2 2025 Earnings Presentation
41 slides from Asr Nederland's earnings presentation, Aug 20, 2025
Slide 1: Half-year results: Delivering on growth and return
2025 Half-year results Delivering on growth and return Analyst conference call 20 August 2025 Jos Baeten, CEO Ewout Hollegien, CFO
Slide 2: Disciplined strategy execution and strong delivery of results
Disciplined strategy execution and strong delivery of results • Integration milestones are being achieved as planned Entering the final • Implementation of partial internal model to a.s.r. Life on track for year-end 20251 phase of integration • Fully on track to deliver cost synergies target of € 21
Slide 3: Strong financial performance and robust solvency position
Strong financial performance and robust solvency position Organic capital creation Solvency II ratio • OCC increased by almost 10% reflecting increased investment margin, Solvency II business growth and the realisation of cost synergies € 721m 203% • Solvency position further strengthened to 203% de
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 Net Promotor Score (NPS-i) 40% 71 33% 6.8% 8.7%
Slide 5: Achieving integration milestones, entering the final phase
Achieving integration milestones, entering the final phase Key milestones Completed Current activities Final phase • Integration of P&C, Disability and • Policy migration and integration for • Legal merger of a.s.r. Life and asset management services Individual life; 60% of policies already Aegon Li
Slide 6: Non-life delivering on both profitability and growth
Non-life delivering on both profitability and growth Premiums received (in €m) Combined ratio P&C and Disability (in %) Premiums received • Organic premium growth of 4.1% within the target range of 3-5% +4.1% -0.8%-p • Besides volume growth in commercial P&C and Group disability, organic growth refl
Slide 7: Maintaining strong commercial momentum in Pensions
Maintaining strong commercial momentum in Pensions DC (accumulation) Annuities (decumulation) Pension buy-outs DC accumulation inflow (in €m) Annuities inflow (in €m) Pension buy-outs AuM inflow (in €m) € 8bn € 1.8bn € 8bn +15.9% +8.0% 2,810 1,292 1,497 292 316 0 HY 2024 HY 2025 FY 24-26 HY 2024 HY
Slide 8: Value enhancing capital deployment in pension buy-outs
Value enhancing capital deployment in pension buy-outs a.s.r. taking leadership position in pension buy-out market given … with all deals meeting our minimum return requirement and potential distinguishing factors… for further value enhancement through use of longevity reinsurance a.s.r. Currently c
Slide 9: Solid performance in fee-based businesses
Solid performance in fee-based businesses Fee income Fee income € 372m +7.0% vs HY24 Operating result (in €m) • Fee income growth of 7% remains strong and is mostly driven by growth of D&S holding and indexation of contracts at TKP +18.1% Mortgage production Operating result 87 • Operating result in
Slide 10: Financial and capital position
Financial and capital position Ewout Hollegien, CFO
Slide 11: 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 203% in H1 2025 Rational capital deployment with successful deal execution in pension buy-out market Increased shareholder CAPITAL Deployment € WHEEL of capital return Incr
Slide 12: Robust Solvency, well-positioned in entrepreneurial zone
Robust Solvency, well-positioned in entrepreneurial zone Solvency II ratio (in %) • Solvency II ratio at a robust level of 203% after a 6%-p deduction for capital distributions (interim dividends and share buyback) OCC: • Strong organic capital creation of € 721m, equal to 12%-p of Solvency 12%-p /
Slide 13: Higher OCC driven by solid business performance
Higher OCC driven by solid business performance OCC (in €m) OCC +9.4% • OCC increased to € 721m reflecting improved business capital generation in the Non-life segment and higher investment margin primarily in the Life 721 segment 658 212 Business capital generation • Lower OCC contribution from net
Slide 14: Bridging the OCC to the operating result
Bridging the 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 the operating result the profi
Slide 15: Operating result
Operating result Operating result (in €m) Operating result +22.0% • Operating result increased by 22% to € 826m, with the same underlying effects as increased OCC, without the offset from higher capital strain in the 826 Non-life segment 677 Operating insurance service result • Operating RoE increas
Slide 16: Diversified and robust investment portfolio
Diversified and robust investment portfolio Revaluations of real estate portfolio High quality fixed income portfolio with US (HY 2025 in %) % mix dollar exposure fully hedged Average1 3.0% Investment grade Residential 4.1% 52% 1% Rating 96% 3% High yield Not rated Rural 2.7% 21% Real Fixed income R
Slide 17: 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 € 892m € 1,524m 1,564 12 1,492 12,606 9,538 Positive Outlook Unrestricted Tier 1 Restricted Ti
Slide 18: Strong solvency position of entities supports growth and remittances
Strong solvency position of entities supports growth and remittances HoldCo liquidity (in €m) HoldCo liquidity • HoldCo liquidity stands at € 881m, remittances fund the coupon payments and capital 668 -532 distributions (payment of dividends and SBB) 893 881 • ‘Other’ mainly relates to intercompany
Slide 19: Wrap-up
Wrap-up Jos Baeten, CEO ‘Ml fe
Slide 20: Key messages
Key messages ► Solid performance in all business segments supported by increased investment returns; OCC on track to achieve medium-term target of € 1.35bn in 2026 ► Proven execution in pension buy-out market and organic growth in all business segments; confident on delivering for medium-term growth
Slide 21: Investor relations a.s.r.
Investor relations a.s.r. Financial calendar 27 August 2025 28 August 2025 1 September 2025 18 February 2026 Ex-dividend date Interim dividend record date Payment of interim dividend over 2025 Publication full-year results 2025 <@ Contact Investor relations IR contact details ir@asr.nl, +31 (0)30 25
Slide 22: s 50) S ® oF o; KL
s 50) S ® oF o; KL
Slide 23: Appendix
Appendix A. Financial ratios B. Breakdown of OCC C. Breakdown of operating result D. Segment Non-life: Combined ratio per product line E. Segment Life: Operating result & technical provisions F. CSM overview G. Calculation of operating ROE H. IFRS profit per segment I. IFRS comprehensive equity and
Slide 24: A. Financial ratios
A. Financial ratios OCC (in €m) Solvency II ratio Combined ratio Non-life Financial leverage excl. Health 658 721 198% 203% 91.8% 91.0% 21.7% 22.5% HY 2024 HY 2025 FY 2024 HY 2025 HY 2024 HY 2025 FY 2024 HY 2025 Operating result (in €m) IFRS equity (in €m) Interest coverage ratio Double leverage2 Ba
Slide 25: B. Breakdown of OCC
B. Breakdown of OCC OCC per segment (in €m) HY 2024 HY 2025 delta OCC sensitivity1 (annualised, in €m) Business capital generation 71 98 26 0 Finance capital generation 69 78 9 Net SCR impact 50 15 -35 Non-life 191 191 0 -10 Interest rates Interest rates Business capital generation 83 82 -1 -50bps +
Slide 26: C. Breakdown of operating result
C. Breakdown of operating result Operating result per segment (in €m) HY 2024 HY 2025 delta Operating Insurance & Service result 172 194 22 Operating Investment & Finance result 70 71 1 Other result -7 -5 3 Non-life 235 261 26 Operating Insurance & Service result 184 213 29 Operating Investment & Fi
Slide 27: D. Segment Non-life: Combined ratio per product line
D. Segment Non-life: Combined ratio per product line HY 2024 HY 2025 FY 2024 Net insurance contract revenue (in €m) 995 1,018 1,983 Claims ratio 57.7% 57.0% 55.6% Property & Casualty (P&C) Expense ratio 8.7% 8.2% 8.9% Commission ratio 25.7% 26.1% 26.2% Combined ratio 92.2% 91.4% 90.7% Net insurance
Slide 28: E. Segment Life: Operating result & technical provisions
E. Segment Life: Operating result & technical provisions Operating result segment Life (in €m) HY 20241 HY 2025 delta IFRS 17 technical provision Life € 100bn (FY 2024: € 100bn) Release of CSM 165 154 -11 Release of RA 71 77 6 5% Experience variance -47 -14 33 9% Pension DB Losses on new business -5
Slide 29: F. CSM overview
F. CSM overview CSM development Life (in €m) Annualised CSM Life run-off: Total CSM accretion: € 148m 5-6% • Addition of pension buy-outs to CSM included as new business (c. € 50m). Remainder of new business consists mostly of annuities and indexation of the 164 -154 5,467 funeral portfolio 59 5,308
Slide 30: G. Calculation of operating ROE
G. Calculation of operating ROE Calculation of operating ROE (in €m) FY 2023 HY 20241 FY 2024 HY 2025 Operating result (pre-tax) 1,354 1,652 Minus: Tax effect 337 418 Operating result (post-tax) 1,017 1,233 Equity attributable to shareholder 8,339 8,115 8,779 8,355 Minus: Unrealised gains and losses
Slide 31: H. IFRS profit per segment
H. IFRS profit per segment H1 2024 H2 2024 HY 2025 Non- Non- Non- Operating Investment IFRS Operating Investment IFRS Operating Investment IFRS investment investment investment result related profit result related profit result related profit related related related (pre-tax) incidentals (pre-tax) (
Slide 32: I. IFRS comprehensive equity and Solvency II EOF
I. IFRS comprehensive equity and Solvency II EOF IFRS comprehensive equity (in €m) Solvency II eligible own funds (in €m) +818 +191 +285 +743 13,975 14,166 12,606 13,157 47 12,321 1,007 1,507 0 12 35 11,578 1,004 529 2,964 3,056 4,142 3,780 4,304 2,907 9,356 9,538 8,339 8,779 8,355 8,142 FY 2023 FY
Slide 33: J. Sensitivities Solvency II ratio
J. Sensitivities Solvency II ratio Total impact expressed as % of group solvency ratio +4% 0% 0% -1% 0% -1% 0% -4% -4% -8% -8% VA Government Corporate Interest Interest Interest Equities Equities Real estate Mortgage Inflation -10bps spread credit spread +50bps -50bps steepening1 -20% +20% -10% spre
Slide 34: K. Sensitivities Solvency II ratio – UFR
K. Sensitivities Solvency II ratio – UFR Solvency II ratio (‘stock’) UFR level Current level: • Current level of the UFR used for the Solvency II ratio calculation 189% 195% 200% 202% 203% is set by EIOPA at 3.30% • EIOPA announced to keep the level of the UFR at 3.30% for 20261 • Lowering the UFR w
Slide 35: L. Investment portfolio
L. Investment portfolio • Increase in fixed income reflects additional assets Assets (in €bn, fair value) FY 2024 HY 2025 Delta % of total from pension buy-outs offset by impact from higher interest rates Fixed income 38.3 38.6 0.3 44% • Decrease in derivatives due to impact from higher Derivatives
Slide 36: M. Details of fixed income portfolio (1/3)
M. Details of fixed income portfolio (1/3) Fixed income (in €m) FY 2024 HY 2025 Delta % of total Fixed income Governments 18,112 19,772 1,661 51% • Fixed income exposure increased due to the addition of pension buy-out, Financials 5,392 5,186 -206 13% partly offset by market revaluation from higher
Slide 37: M. Details of fixed income portfolio (2/3)
M. Details of fixed income portfolio (2/3) Credits1 (in €m) FY 2024 HY 2025 Delta % of total Alternative fixed income (in €m) FY 2024 HY 2025 Delta % of total Automotive 375 314 -61 7% Collateralised loan obligations 2,767 2,462 -305 28% Basic industry 393 317 -76 8% Government guaranteed 487 438 -4
Slide 38: M. Details of fixed income portfolio (3/3)
M. Details of fixed income portfolio (3/3) Market value governments per 0-1 1-2 2-3 3-5 5-10 10-20 20-30 30+ Total ∆ FY24 % of total rating and maturity bucket (in €m) AAA 116 393 244 229 807 4,328 3,960 301 10,377 165 52% AA 192 178 467 149 953 720 2,085 1,718 6,464 -67 33% A 5 128 69 100 360 511 6
Slide 39: N. Details of mortgage portfolio
N. 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 40: O. Details of real estate and equities portfolio
O. Details of real estate and equities portfolio Real estate (in €m) FY 2024 HY 2025 Delta Equity (in €m) FY 2024 HY 2025 Delta Residential 4,802 4,973 171 Equity 3,039 2,915 -123 Rural 1,968 2,022 54 Equity funds 253 332 79 Retail 730 645 -85 Infra equity1 282 355 73 Offices 519 558 39 Private equi
Slide 41: 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