ASR Nederland N : SFCR 2025

About this update from Asr Nederland N.v.

SFCR ASR Nederland N.V. 2025 N.V. ‌SFCR ASR Nederland ‌Contents‌ Introduction 4 Summary 5 A Business and performance 5 B System of governance 5 C Risk profile 5 D Valuation for Solvency purposes 6 E Capital Management 6 Business and performance 8 Business 10 Underwriting performance 12 Investment performance 21 Performance of other activities 23 Any other information 23 System of governance 24 System of governance 24 Fit and Proper requirements 39 Risk management system 39 Internal control system 51 Internal audit function 54 Actuarial function 54 Outsourcing 55 Any other information 55 Risk profile 56 Underwriting risk 61 Market risk 69 Counterparty default risk 75 Liquidity risk 77 Operational risk 78 Other material risks 78 Any other information 78 Valuation for Solvency Purposes 80 Assets 80 Technical provisions 82 Other liabilities 86 Alternative methods for valuation 88 Any other information 88 Capital management 89 Own funds 90 Solvency Capital Requirement and Minimum Capital 92 Requirement Use of standard equity risk sub-module in calculation of 94 Solvency Capital Requirement Differences between Standard Formula and internal 94 models Non-compliance with the Minimum Capital Requirement 95 and non-compliance with the Solvency Capital Requirement Introduction Summary Business and performance System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Introduction‌ The structure of the Solvency and Financial Condition Report (SFCR) has been prepared as described in annex XX of the Solvency II Directive Delegated Regulation. The subjects addressed are based on article 51 to 56 of the Solvency II Directive and act 292 up to and including 298 and act 359 of the Delegated Regulation. Furthermore, the figures presented in this report are in line with the supervisor's reported Quantitative Reporting Templates (QRT). All amounts in this report, including the amounts quoted in the tables, are presented in millions of euros (€ million), being the functional currency of a.s.r. and all its group entities, unless otherwise stated. Introduction Summary Business and performance System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Summary‌ ASR Nederland N.V., hereinafter 'a.s.r.', is the Dutch insurance company for all types of insurance. As part of the Solvency II legislation, a.s.r. discloses the Solvency position, Governance and Risk management practices by means of a Solvency and Financial Condition Report (SFCR). ‌A Business and performance The Solvency II ratio increased to 218% (31 December 2024: 198%) and includes the benefit of the transition to the PIM methodology for a.s.r. life of +12%-points. Capital deployment contributes -6%-points for the acquisition of the remaining shares of HumanTotalCare (-2%-points) and closing of three buy-outs (-4%-points). The operating result increased by € 174 million to € 1,637 million (2024: € 1,463 million) driven by an increase in results across most business segments, mainly in Life, reflecting a higher investment margin and profitable business growth. The operating expenses increased by € 57 million to € 1,471 million (2024: € 1,413 million) pmainly due to the inclusion of HumanTotalCare as of 1 October 2025, as well as higher salary costs following a new collective labour agreement. The internal number of FTEs increased by 1,316 to 8,689 (2024: 7,373), also as a result of the acquisition of the remaining 55% stake in HumanTotalCare (1,428 internal FTEs). ‌The result before tax decreased by € 768 million to € 696 million (2024: € 1,464 million), reflecting an increased operating result (€ 174 million) offset by a more negative result on investment related adjustments (€ -935 million) and other adjustments and incidental items (€ -7 million). Full details on the a.s.r.'s business and performance are described in chapter A Business and performance. ‌B System of governance General ASR Nederland N.V. (hereafter referred to as a.s.r.) is a public limited company which is listed on Euronext Amsterdam and governed by Dutch corporate law. It has a two-tier board governance structure consisting of an Executive Board (EB) and a Supervisory Board (SB). The Management Board (MB) conducts the day-to-day business at a.s.r. and implements and realises the business strategy. The SB has three roles: the supervisory role, the advisory role and the employer's role for the EB. The SB supervises the policy pursued by the EB and MB, as well as the general course of affairs at a.s.r. and its group entities. Risk management It is of great importance to a.s.r. that risks within all business lines are timely and adequately controlled. In order to do so, a.s.r. has a Risk Management framework in place based on internationally recognised and accepted standards (such as COSO ERM and ISO 31000 risk management principles and guidelines). Using this framework, material risks that a.s.r. is, or can be, exposed to, are identified, measured, managed, monitored and evaluated. The framework is applicable to a.s.r. group and the underlying (legal) business entities. Control environment In addition to risk management, a.s.r.'s Solvency II control environment consist of an internal control system, an actuarial function, a compliance function, a risk management function and an internal audit function. The system of internal control includes the management of risks at different levels in the organisation, both operational and strategic. Internal control at an operational level centres around identifying and managing risks within the critical processes that pose a threat to the achievement of the business line's objectives. The Actuarial Function is responsible for expressing an opinion on the adequacy and reliability of reported technical provisions, reinsurance and underwriting. The mission of the Compliance department is to enhance and ensure a controlled and sound business operation. The Audit Department evaluates the effectiveness of governance, risk management and internal control processes, and gives practical advice on process optimisation. The risk management function ensures that risks are consistently managed and considered in decision making across the organisation. Full details on a.s.r.'s system of governance are described in chapter B System of governance. C Risk profile a.s.r. applies an integrated approach in managing risks, ensuring that our strategic goals (customer interests, financial solidity and efficiency of processes) are maintained. This integrated approach ensures that value will be created by identifying the right balance between risk and return, while ensuring that obligations towards our stakeholders are met. Risk management supports a.s.r. in the identification, measurement and management of risks and monitors to ensure adequate and immediate actions are taken in the event of changes in a.s.r.'s risk profile. a.s.r. is exposed to the following types of risks: market risk, counterparty default risk, underwriting risk, operational risk, liquidity risk and strategic risk. The liquidity and strategic risks are not quantified in the SCR. The risk appetite is formulated at both group and legal entity level and establishes a framework that supports an effective selection of risks. a.s.r. uses a Solvency II Partial Internal Model (PIM) to calculate the solvency position of a.s.r. life, Aegon life and Aegon spaarkas. The Internal Models of a.s.r life and Aegon were approved by the College of Supervisors as part of the Internal Model Application Process (IMAP). Introduction Summary A Business and performance B System of governance C Risk profile D Valuation for Solvency purposes E Capital Management Business and performance System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌The SCR is build up as follows: Solvency capital requirement 4,492 226 419 5,074 369 430 Reconciliation Total equity IFRS vs EOF Solvency II 1,541 - 292 6,209 Net revaluation of insurance liabilities due to differences between IFRS 17 and SII, such as the applied yield curve. This is after tax-impact of 25.8%; Other revaluations for example the revaluation of Financial Institutions; The addition of subordinated liabilities and other equity instruments (excluding any discretionary interest); Other EOF items, for example foreseeable dividend and non-available minority interest. The reconciliation from IFRS equity to Solvency EOF is presented below: 5,436 -3,209 Market Market -1,611 -109 322 5,966 5,304 -3,720 Underwriting Counterparty Operational Diversification LAC DT LAC TP Other Capital Requirements SCR Underwriting Counterparty Operational Diversification LAC DT LAC TP Other Capital Requirements SCR 31 December 2025 31 December 2024 31 December 2025 31 December 2024 IFRS equity 10,124 9,833 Adjustments -1,262 -898 Elimination intangible assets -858 -633 Net revaluation insurance liabilities 3,925 2,421 Other revaluations -1,161 -801 Excess of assets over liabilities 10,767 9,922 Subordinated liabilities in OF 2,937 2,964 Other EOF items -697 -566 Eligible own funds to meet SCR 13,007 12,321 The SCR decreased to € 5,966 million (31 December 2024 € 6,209 million), driven by the transition to the PIM methodology for a.s.r. life, the release in the period net of contribution of new business and operational developments. This is partly offset by increases from the capital requirement from ‌the closing of three pension buy-outs and market variances including the impact of the downgrade of France and increased equity dampener. As of 2025, the required capital of the subrisks are calculated excluding the impact of Loss Absorbing Capacity of Technical Provisions (LAC TP), due to changes in the LAC TP model (2024: include LAC TP). Therefore, LAC TP is shown separately as of 2025. Full details on the a.s.r.'s risk profile are described in chapter C Risk profile. ‌D Valuation for Solvency purposes a.s.r. values its Solvency II balance sheet items on a basis that reflects their economic value. Where the IFRS fair value is consistent with Solvency II requirements, a.s.r. follows IFRS for valuing assets and liabilities other than technical provisions. The reconciliation of IFRS equity to Solvency EOF can be summarised as follows: Adjustment of other equity instruments (the other equity instruments excludes any discretionary interest); Elimination of intangible assets, such as goodwill, as this is not recognised under Solvency II; The full details on the valuation for Solvency II purposes are described in chapter D Valuation for solvency purposes. E Capital Management Overall capital management is administered at group level. Capital generated by operating units and future capital releases will be allocated to profitable growth of new business or repatriated to shareholders, beyond the capital that is needed to achieve management's targets. a.s.r. uses the PIM for the Group aggregation and to calculate the required capital of a.s.r. life, Aegon life and Aegon spaarkas. The standard SCR model is used to calculate and report the required capital for the other insurance entities. a.s.r. maintains an internal minimum and management target for the Solvency II ratio. The internal minimum Solvency II ratio for a.s.r. as formulated in the risk appetite statement is 120%. The management threshold level for the Solvency II ratio is above 160%. The lower limit solvency target is 140%. The solvency ratio was 218% at 31 December 2025. The EOF is build up as follows: Introduction Summary A Business and performance B System of governance C Risk profile D Valuation for Solvency purposes E Capital Management Business and performance System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Eligible Own Funds 10,002 1,477 1,460 69 13,007 988 9,356 1,976 - 12,321 Tier 1 capital -unrestricted Tier 1 capital - restricted Tier 2 capital Tier 3 capital Eligible own funds to meet SCR Tier 1 capital -unrestricted Tier 1 capital - restricted Tier 2 capital Tier 3 capital Eligible own funds to meet SCR 31 December 2025 31 December 2024 The EOF increased to € 13,007 million (31 December 2024: € 12,321 million) mainly driven by the transition to the PIM methodology for a.s.r. life, positive impact from excess returns, new business and positive impact from market variances, partly offset by the own funds impact of acquisition of the remaining shares of HumanTotalCare, closing of three pension buy-outs, operational variances, dividend distribution and share buy-backs. Full details on the Capital management of a.s.r. can be found in chapter E Capital management. Introduction Summary A Business and performance B System of governance C Risk profile D Valuation for Solvency purposes E Capital Management Business and performance System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌A Business and performance ‌ Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information Market position #2 Customer base (in million) 2024: #2 5.2 Employees (in FTE) 2024: 4.5 8,689 System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details 2024: 7,373 Carbon footprint reduction (in %) 8.6 Sustainable reputation (in %) 41 Impact investments (in % of total AuM) 2024: 5.3 10.1 Gender diversity (female as % of total management) 2024: 39 34 Employee engagement (in percentile) 2024: 8.7 2024: 73 77 1 NPS-i (-100 to 100) 2024: 32 2024: 18.4 2 25.0 1 Based on the most recent pulse check assessment from January 2026. The annual extensive culture scan, conducted in February 2025 had 71 as a result. 2 Please note the 2024 figure represents the Q4 baseline value. ‌Dividend per share (in €) 3.41 3.12 Market capitalisation (in € billion) 12.7 Operating result 2024: 1,463 1 2024: 956 1 (in € million) Total assets (in € billion) 2024: 9.7 142.2 IFRS net result (in € million) Total equity (in € million) 2024: 138.6 2024: 9,888 1 10,124 Operating return on equity 2024: 13.4 1 (in %) 2024 2025 1,637 565 14.1 Solvency II ratio 2 (in %) 218 198 Organic capital creation (in € million) 1,315 Credit rating (S&P, IFSR) 2024: 1,193 2024: A A + 2024 2025 1 This figure is restated. 2 The Group Solvency II ratio is based on the Partial Internal Model (PIM), applicable to Aegon Life, Aegon Spaarkas and a.s.r. Life. The other insurance entities calculate their solvency capital requirement using the Solvency II Standard Formula. The Group Solvency II ratio includes financial institutions. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌General information‌ ASR Nederland N.V. (a.s.r. or 'the Group') is one of the largest insurers in the Netherlands. a.s.r. helps its customers share risks and build up capital for the future. a.s.r. does this with services and products that are good for 'Nu, later en altijd',in the fields of insurance, pensions, and mortgages for customers, businesses and employers. a.s.r. is also active as an asset manager for third parties. In 2025, a.s.r. sold insurance products under the following labels: a.s.r., Aegon, and Loyalis. a.s.r. is listed on Euronext Amsterdam and is included in the AEX index. a.s.r. has a total of 8,689 internal FTE's (2024: 7,373). a.s.r. is a public limited company under Dutch law having its registered office located at Archimedeslaan 10, 3584 BA inUtrecht, the Netherlands. Country of incorporation is the Netherlands. a.s.r. has chosen the Netherlands as 'country of origin' (land van herkomst) for the issued share capital and some corporate bonds which are listed on Euronext Amsterdam and Euronext Dublin (Ticker: ASRNL). a.s.r. is registered under number 30070695 in the register of the Chamber of Commerce. The SFCR is presented in euros (€), being the functional currency of a.s.r. and all its group entities. All amounts quoted are in euros and rounded to the nearest million, unless otherwise indicated. Calculations are made using unrounded figures. As a result rounding differences can occur. All figures in the SFCR are unaudited. The SFCR for 2025 were authorised for issue by the Executive Board (EB). The financial statements for 2025 were authorised for issue by the EB and approved by the Supervisory Board (SB) on 24 March 2026. The financial statements 2025 will be presented to the Annual General Meeting (AGM) of Shareholders for adoption on 20 May 2026. These statements have been prepared on a going concern basis. Name and contact details of the external auditor Name: KPMG Accountants N.V. Visiting address: Laan van Langerhuize 1, 1186 DS Amstelveen Phone number: +31 20 656 7890 Name and contact details of the supervisory authority Name: De Nederlandsche Bank Visiting adress: Frederiksplein 61, 1017 XL Amsterdam Phone number (general): +31 800 020 1068 Phone number (business purposes):+31 20 524 9111 Email: [email protected] Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Structure Group structure The group comprises a number of operating and holding companies. Except where indicated, a.s.r. is 100% shareholder of these companies. ASR Nederland N.V. ASR Levensverzekering N.V. 2 AEGON Levensverzekering N.V. 2 AEGON Spaarkas N.V. 2 ASR Schadeverzekering ASR Ziektekosten- N.V. 1 verzekeringen N.V. ASR Deelnemingen N.V. ASR Vermogensbeheer N.V. 3 AEGON Hypotheken B.V. 3 D&S Holding B.V. ASR Vooruit B.V. 3 ASR Real Estate B.V. 3 ASR Basis Ziektekosten-verzekeringen N.V. 1 PoliService B.V. 3 Pensioen Gilde B.V. 3 ASR Premiepensioeninstelling N.V. 3 ASR Aanvullende Ziekte-kostenverzekeringen N.V. 1 Corins B.V. 3 ASR Wlz uitvoerder B.V. ASR Vitaliteit & Preven-tieve Diensten B.V. Dutch ID B.V. Felison Assuradeuren B.V.³ Boval Assurantiën B.V.³ Supergarant Verzekeringen B.V. 3 HumanTotalCare B.V. Advies van a.s.r. B.V. 3 Van Kampen Groep Holding B.V. 3 Anac Backoffice B.V. 3 Van Kampen Geld B.V. 3 AEGON Bemiddeling B.V. 3 D&S Participaties B.V. De Regt Adviesgroep Robidus Groep B.V. B.V. 3 (95% participation) GHW assurantiegroep Robidus Risk Consulting B.V. 3 B.V. 3 (95% participation) Bastiaens & Cox B.V. 3 dRA Exploitatie B.V. 3 Van Helvoort Assuradeuren B.V. 3 Van Helvoort Registermakelaars in Assurantiën B.V. 3 ZZP Nederland Verzekeringen B.V. 3 Assurantiekantoor Lodewijk B.V. 3 Registered non-life insurance companies. Registered life insurance companies. Other Wft registered companies. Nedasco B.V. 3 BSB Assurantiën B.V. 3 (85% participation) Segment information The operations of a.s.r. have been divided into five operating segments (2024: five). The main segments are the Non-life and Life segment in which all insurance activities are presented. The other activities are presented as three separate segments being Asset Management, Distribution and Services and Holding and Other. Intersegment transactions or transfers are concluded at arm's length conditions. See section 7.7.9 List of principal group companies in the annual report of a.s.r. for a list of principal group companies and associates in the relevant segments. In January 2025 Aegon Cappital B.V. legally merged with ASR Premiepensioeninstelling N.V., after which the former ceased to exist. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌The a.s.r. segment reporting shows the financial performance of each segment. The purpose is to allocate all items in the balance sheet and income statement to the segments that hold full management responsibility for them. The eliminations applied in the reconciliation of the segment information to the consolidated balance sheet and the consolidated income statement are separately presented in sections 7.4.2 and 7.4.3 of the annual report of a.s.r. The segments are assessed on their operating result as defined in section 7.10. of the annual report of a.s.r. ‌Underwriting performance Financial performance ASR Nederland N.V. The a.s.r. group consists of operating and holding companies. The operations of a.s.r. are divided into six operating segments. The Non-life and Life segments perform all insurance activities. Asset Management, Distribution, Services and Holding and Other perform the other activities. Premiums and DC volume 1 Total premium and Defined Contribution (DC) inflow increased by 28.9% to € 13,375 million (2024: € 10,376 million), primarily driven by the closing of three pension buy-outs in Life for an amount of € 2,810 million. Additionally, there was growth in Pension DC (8.8%), P&C and Disability (3.0%) and Health (18%). Furthermore, premiums received in Funeral increased modestly and the service books (Individual life and Pensions DB) showed an expected decline. Operating expenses The operating expenses increased by € 57 million to € 1,471 million (2024: € 1,413 million) mainly due to the inclusion of HumanTotalCare as of 1 October 2025, as well as higher salary costs following a new collective labour agreement. The internal number of FTEs increased by 1,316 to 8,689 (2024: 7,373), also as a result of the acquisition of the remaining 55% stake in HumanTotalCare (1,428 internal FTEs). The expense ratio of P&C and Disability decreased by 0.3%-points to 7.7% (2024: 8.1%) mainly due to realisation of cost synergies which were partly offset by the higher salary costs. Expenses for non-ordinary activities, classified as adjustments and therefore not included in operating expenses, amounted to € 238 million (2024: € 245 million). These expenses mainly consist of costs for the integration of Aegon NL, amortisations of intangible assets and regulatory project expenses. Operating result The operating result increased by € 174 million to € 1,637 million (2024: € 1,463 million) driven by an increase in results across most business segments, mainly in Life, reflecting a higher investment margin and profitable business growth. Please see section 7.10 of the annual report of a.s.r. for the definition of operating result. Operating result per segment The operating result of the Non-life segment decreased by € 31 million to € 474 million. The positive impact from the absence of weather-related calamities in P&C, similar to last year, was more than offset by non-recurring reserve strengthening in group disability reflecting higher disability rates. The combined ratio of Non-life (excluding Health) amounted to 92.2% (2024: 90.9%), in line with the target range of 92-94%. The operating result of the Life segment increased by € 183 million to € 1,259 million, mainly due to a higher investment margin. The Asset Management segment operating result increased by € 20 million to € 120 million, supported by all business lines, mainly Mortgages. The operating result of the Distribution and Services segment increased by € 16 million to € 66 million driven by acquisitions, organic growth and some non-recurring items. The Holding & Other segment (including eliminations) operating result decreased by € 14 million to € -282 million. The decrease is mainly due to increased interest expenses and lower operating investment and finance result, offset by lower operating expenses and higher other income. Result before tax The result before tax decreased by € 768 million to € 696 million (2024: € 1,464 million), reflecting an increased operating result (€ 174 million) offset by a more negative result on investment related adjustments (€ -935 million) and other adjustments and incidental items (€ -7 million). In 2025, the adjustment of the investment and finance result is mostly driven by revaluations with a negative P&L impact due to interest rate movements (e.g. increase and steepening of the curve), partly offset by positive real estate revaluations. Non-investment related adjustment items of € -179 million (2024: € -172 million) mainly relate to expenses for non-ordinary activities (e.g. integration costs and amortisation of intangibles), negative impact in the Non-life segment related to reserve strengthening on group disability contracts, positive impact in the Life segment related to the implementation of the PIM for ASR Levensverzekering N.V. and gains from real estate development activities in run-off in the Holding & Other segment. The net result attributable to holders of equity instruments amounted to € 548 million (2024: € 958 million), with an effective tax rate of 18.8% (2024: 26.4%). The -7.0%-pt difference to the nominal tax rate of 25.8% is mainly related to the negative tax related to interest charges on other equity instruments that is reflected in the net result whereas the coupon itself is directly charged to equity and tax-exempt items. 1 'Premiums and DC volume' is equal to the premiums received plus the customer funds deposited by the insured DC-products and the IORP-products which, by definition, are not premiums Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Operating return on equity The operating return on equity increased by 0.7%-points to 14.1% (2024: 13.4%), exceeding the target of >12% and reflecting stronger growth of the operating result compared to growth in average shareholder equity. Solvency II ratio and organic capital creation (OCC) The Solvency II ratio increased to 218% (31 December 2024: 198%) with OCC (21%-points) offsetting the deployment of capital (-21%-points), including pension buy-outs, acquisitions and capital distributions. The positive impact of the implementation of the PIM for ASR Levensverzekering N.V. is circa 12%-points on the group Solvency II ratio. Market and operational developments contributed positively (7%-points). OCC increased by € 122 million to € 1,315 million (2024: € 1,193 million), primarily driven by higher finance capital generation, improved business performance and the realisation of cost synergies. The increased finance capital generation reflects a higher investment margin resulting from re-risking of the investment portfolio (mainly executed in second half of 2024), wider government bond spreads, positive equity and real estate revaluations and interest rate developments (e.g. a reduced UFR drag). Dividend and capital distribution a.s.r. proposes a final dividend for 2025 of € 2.14 per share, bringing the total dividend (including interim dividend of € 1.27 per share) to € 3.41 per share, a 9.3% increase versus 2024 (€ 3.12 per share). The total capital distributions will amount to € 930 million and consist of dividend (€ 700 million) and share buybacks (€ 230 million). The total dividend amount increased by 7% compared to 2024, which is in line with the medium-term target of a mid-to-high single-digit increase. The share buybacks refer to the € 125 million share buyback announced with the 2024 annual results in February and € 105 million announced in September as participation in the sell-down of Aegon Ltd., both executed in 2025. The share buyback of € 175 million announced today (in line with the medium-term targets as presented at the 2024 Capital Markets Day) will be executed in the first half of 2026 and deducted from HY 2026 Solvency II ratio. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Financial Performance Non-life segment The Non-life segment consists of non-life insurance entities and their subsidiaries. These non-life insurance entities offer non-life insurance contracts such as disability insurance, property and casualty insurance and health insurance. Premiums volume Premiums increased by € 387 million to € 5,846 million, reflecting organic growth in Property & Casualty (P&C) and Disability and an increase in Health driven by strong commercial season for 2025. The organic growth in P&C and Disability amounted to 3.0%, in line with the 3-5% target range. Growth in P&C and Disability mainly reflects price increases to mitigate claims inflation. In Health, premium volume increased by 18% due to a growth of 77,000 customers in the 2025 policy renewal season. Operating expenses Operating expenses decreased by € 4 million to € 391 million, primarily due to synergies from the integration of the Aegon P&C and Disability portfolios onto the target platforms, partly offset by higher salary costs as a result of a new collective labour agreement. This is also reflected in the 0.3%-points decrease in the expense ratio of the segment, excluding Health, to 7.7%. Operating result The operating result of the Non-life segment decreased by € 31 million to € 474 million. The positive impact from the absence of weather-related calamities in P&C, similar to last year, was more than offset by non-recurring reserve strengthening in group disability reflecting higher disability rates. In P&C, the operating result improved as a result of volume growth and a lower cost ratio due to realisation of cost synergies. And as mentioned, both this year and the comparable period benefited from the absence of weather-related calamities and a low level of large size claims. In Disability, the operating result for 2025 decreased due to reserve strengthening. 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 increased due to growth of the portfolio and better investment returns. adjustments amounted to € -197 million in 2025 (2024: € 48 million), mostly driven by interest rate movements (e.g. increase and steepening of the curve). Non-investment related incidental items amounted to € -89 million (2024: € -49 million), primarily reflecting the impact of changes to future services on onerous contracts, inflation effects on the liability of incurred claims and amortisation of interest rate related hedge developments. P&C a.s.r. provides P&C insurance products to both retail and commercial markets under the brand name a.s.r. and the label 'Ik kies zelf' van a.s.r. The a.s.r. brand serves these markets through intermediaries and authorised agents. The label 'Ik kies zelf' van a.s.r . offers direct, online distribution to individual customers. Travel and recreational insurance is distributed via mandated brokers and advisors. In addition, Corins, a managing general agent, operates independently within the Dutch coinsurance market. Corins represents a panel of well-established international insurers and reinsurers, underwriting commercial and industrial risks. a.s.r. has two strategic partnerships that contribute to more sustainable repair services: Soople and Fixxer. Soople supports customers by fully managing day-to-day property maintenance. This includes initial contact with residents, planning, execution and invoicing. As co-owner of Soople, a.s.r. is able to offer sustainable repair services and aims to expand this offering to include sustainable maintenance and other environmentally responsible services. Fixxer is a joint initiative between a.s.r. and Belfius Insurance, aimed at developing and managing a digital claims service platform. This platform contributes to efficient and customer-centric claims handling. The combined ratio decreased to 90.4% (2024: 90.7%) primarily driven by the impact of a lower level of weather-related calamities. Premium increases were implemented in the retail portfolio and in the commercial portfolio. Combined ratio P&C (in %) Combined ratio The combined ratio for the segment excluding Health at 92.2% is at the lower end of the target range 92-94% and deteriorated by 1.3%-point compared to last year. This movement is attributable to the developments outlined in the operating result section. 2024 2025 90.7 90.4 In P&C, the combined ratio improved 0.3%-points to 90.4% (2024: 90.7%) due to volume growth and cost synergies. Both years benefited from the absence of weather-related calamities and a low level of large size claims. In Disability, the combined ratio deteriorated by 3.0%-point to 94.2% (2024: 91.2%), due to reserve strengthening in group disability. The combined ratio of Health at 99.1% is stable with last year (99.1%). Result before tax Result before tax decreased by € 315 million to € 188 million, due to a lower operating result and a negative impact from investment and non-investment related adjustments. The investment related Market The Dutch P&C insurance market is relatively consolidated. The three largest P&C insurers together account for a market share of 61.3% (2024: 61.2%). a.s.r. is among the top three P&C insurers in the Netherlands, with a market share of 14.7% (2024: 14.7%), based on gross written premiums (GWP). Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Consolidation has also taken place among distribution partners and mandated brokers. Over the past three years, inflation has significantly impacted the P&C market. Rising claims and operating costs have led to increased premium levels. Products a.s.r. offers a wide range of P&C products in the retail and commercial markets. This includes products in the following categories: Motor policies provide third party liability coverage for motor vehicles and commercial fleets, property damage and physical injury as well as coverage against theft, fire and collision damage. Fire policies provide cover against various property risks, including fire, flood, storms and burglary. Private cover is provided on both a single-risk and a multi-risk basis, with multi-risk policies providing cover against loss of, or damage to, dwellings and damage to personal goods. Other P&C insurance products such as liability, legal aid, travel and recreation, pet insurance and transport insurance. Product share P&C (in %) Outlook for 2026 a.s.r. anticipates continued growth of its P&C portfolio, at an annual rate of 3-5%, with the primary growth opportunities situated in the commercial market. Inflation is being closely monitored in relation to claims and product pricing. To reinforce its position within the commercial segment, a.s.r. will enhance and streamline its business proposition. Additional measures will be introduced to further digitalise and apply AI across the value chain, with the aim of improving customer service. The digitalisation and AI integration of the claims handling process will also be expanded. In January 2026, a.s.r. reached an agreement with BOVAG on the full acquisition of all insurance activities of Bovemij N.V. (Bovemij), representing a premium volume of circa € 400 million. Completion of the transaction is expected in the second half of 2026 and is subject to regulatory approvals. Following the closing, Bovemij is expected to contribute to the growth and strengthening of a.s.r.'s P&C activities, particularly in the mobility domain. Disability a.s.r. is the leading insurer in the disability market in the Netherlands and focusses on organic growth. a.s.r. offers an extensive range of products and services for sustainable employability and preventing and reducing absenteeism. The combined ratio decreased by 3.0% compared to 2024, driven by the increased WIA inflow. a.s.r. is seeing a rising trend in long-term absenteeism. Combined ratio Disability 19 49 31 19 50 31 2024 2025 Motor Fire Other Strategy and achievements a.s.r. offers sustainable and competitive propositions and aims to build long-term relationships with its customers and intermediaries. Simplifying and modernising the IT landscape is a key strategic priority. This supports further digitalisation across the value chain, enhances services for customers and advisors, and contributes to cost efficiency. Through digitalisation and artificial intelligence (AI), a.s.r. has expanded the personal online environment Mijn a.s.r. and digitised several processes, including the Smart Claims assistant and straight-through processing for claims reporting. (in %) 2024 2025 Market 91.2 94.2 a.s.r. has a solid track record as a profitable non-life insurer, consistently delivering strong financial results and maintaining high customer satisfaction. Long-term growth in the non-life insurance market is typically linked to the development of the gross domestic product (GDP). a.s.r. is well represented among advisors, mandated brokers and in the co-insurance market through Corins. In the direct channel, revenue from the label Ik kies zelf van a.s.r. remains stable and profitable. Distribution of a.s.r.'s disability (income) insurance products takes place mainly through insurance advisors. With the brands a.s.r. and Loyalis, a.s.r. is well positioned in the distribution channel serving self-employed individuals, SMEs, corporates and (semi) public sectors. a.s.r. is the market leader with a market share of 39.5% in 2025 (2024: 39.8%) in terms of the gross written premiums (GWP). The income insurance market grew slightly in size to € 4.8 billion. Products a.s.r.'s income protection insurance business comprises a range of products, categorised in the following product groups: Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Individual disability: Products designed for self-employed individuals to safeguard against income loss due to illness or disability, up to retirement age; Products for employees to cover fixed expenses and protect income exceeding the statutory maximum daily wage in case of illness or disability. Sickness leave: Products to protect employers during the mandatory continued payment of wages for employees absent due to illness, for a period up to two years. Group disability: Products for employers to mitigate the financial impact of self-insurance status for continued payments of employees absent for more than two and up to twelve years; Products for employees to safeguard against income loss in the event of (partial) disability, in accordance with the rules and guidelines of the Work and Income according to Labour Capacity Act ( Wet Werk en Inkomen naar Arbeidsvermogen - WIA). a.s.r. offers a broad range of prevention and reintegration services for customers with the aim of preventing or reducing absenteeism costs. These services respond to societal developments that contribute to high workloads and the growing need for sustainable employability and vitality among entrepreneurs and employees. Reducing and preventing absenteeism plays an important role in this approach, as it contributes to lower costs and improved continuity for employers. Through its services, training programmes, courses and a.s.r. Vitality, a.s.r. supports business owners and employers in maintaining the employability of themselves and their staff - both now and in the future. a.s.r. continuously adapts its products and services to changes in the social security system and monitors political developments to enable employers to meet government requirements and support the employability of their workforce. By the end of 2025 the Dutch government finalised the draft text for the Mandatory Occupational Disability Insurance for self-employed ( Wet Basisverzekering Arbeidsongeschiktheid Zelfstandigen - BAZ), which introduces a mandatory public disability insurance coverage for self-employed individuals. The advisory opinion of the Dutch Council of State ( Raad van State) contains clear points of attention that must be addressed by the Ministry of Social Affairs and Employment. The bill is subsequently considered by the House of Representatives ( Tweede Kamer ) and the Senate ( Eerste Kamer ). Under specific criteria, entrepreneurs will retain the option to choose a private disability insurance. Although the legislation is not expected to enter into force for several years, a.s.r. has proactively responded by introducing a new product proposition called BasisAOV and launching a new direct distribution channel. Product share Disability (in %) 20 40 40 19 40 41 2024 2025 Individual disability Sickness leave Group disability Strategy and achievements a.s.r. aims to ensure that all its disability customers remain sustainably employable and insured. It strives to provide customers with best-in-class insurance products, prevention and reintegration services, and an excellent level of service. Customers - including self-employed individuals, employees and employers - have a need to stay employable and to retain their employees. If this is temporarily not possible, they want to be assured of an income. Through its prevention and reintegration services, a.s.r. supports customers to achieving optimal employability for themselves and their employees. This contributes to reducing absenteeism among customers and to controlling claims costs, thereby keeping risks affordable and insurable. a.s.r. focuses on further improving its service by digitalising customer processes, reducing paper flows, and offering convenience and personalised customer service. Examples include the Services Store ( Dienstenwinkel ) with prevention and reintegration services, further development of Mijn a.s.r. and the integration of a.s.r.'s back-office with payroll systems to enable uniform and user-friendly participant administration and connectivity with Health & Safety Service agents. To further improve customer satisfaction and increase internal process efficiency, a.s.r. has started using AI, including the implementation of Microsoft Dynamics. Employees are supported through education and training on technological developments, and the introduction and adoption of AI is embedded in a.s.r.'s cultural development programme. Outlook for 2026 a.s.r. continuously monitors market developments to assess their potential impact on its operations and business activities, enabling timely and appropriate responses. In recent years, the Dutch government organisation Employee Insurance Agency ( Uitvoeringsinstituut Werknemersverzekeringen - UWV) has faced considerable operational challenges. These developments may influence political perspectives on the social security system, although the extent and nature of such changes remain uncertain. Temporary measures, such as the simplified WIA assessment for individuals over 60 years old, provide short-term relief but are expected to increase long-term pressure on the system. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌To help reduce the societal costs associated with (long-term) absenteeism, a.s.r. offers practical recommendations to UWV. These aim to alleviate the workload at UWV, while ensuring a fair and high-quality social security system is maintained. Looking ahead, a.s.r. expects further revenue growth (of between 3 to 5%) in the Disability portfolio, by serving customers with best-in-class products and customer service. Uncertain factors include the impact of economic and geopolitical developments on inflation, interest rates, wage development and the economy. a.s.r. intends to maintain its leading position in the market by leveraging its expertise in the social security domain and offering prevention and reintegration services. It does so by delivering high-quality service to customers, advisors and intermediaries, and by integrating processes across the value chain. Health In 2025, a.s.r. was the sixth largest provider in the Dutch health insurance market, measured by the number of customers, with a market share of 3.9% (2024: 3.5%). The four largest insurers held a combined market share of 85% (2024: 85%). a.s.r. offers health insurance under the brand a.s.r. and the label Ik kies zelf van a.s.r. The combined ratio of Health remained stable at 99.1% (2024: 99.1%). Combined ratio Health (in %) In 2025, 7.0% of policyholders switched to a different health insurer, a slight decrease compared to 2024 (7.4%). With an average 6.8% of policyholders who switch to a different health insurer over the last ten years, the percentage of policyholders switched in 2025 is slightly higher than the average number. Unlike basic health insurance, supplementary health cover is not compulsory. The number of insured people who choose supplementary insurance continues to decline. In 2025, 80.6% of policyholders on the Dutch market opted for supplementary health insurance (2024: 81.5%). Within a.s.r., the number of policyholders opting for supplementary health cover remained stable 97.9% in 2025 (2024: 96.2%). Products In 2025, a.s.r. offered two types of health cover under the a.s.r. brand and the label 'Ik kies zelf' van a.s.r. : Basic health insurance, which provides broad coverage of medical costs as prescribed annually by the government. a.s.r. offered two types of basic health cover: Contracted care policy: the insurer pays medical costs directly to contracted healthcare providers. Combination care policy: in which the insurer partly remunerates costs directly to contracted care Supplementary health insurance, which covers specific risks not included under basic health insurance, such as dental care, physiotherapy, orthodontic treatment and medical support abroad. Contracted care policy remains the most chosen form of basic health insurance in the Dutch market. At year-end 2025, 78.5% of policyholders opted for this type of coverage. Among a.s.r. customers, the share was lower, with 68.8% holding a contracted care policy. 2024 2025 Markets 99.1 99.1 Non-contracted care policy as a type of basic health cover, in which the insurer is reimbursed for medical payments, has been phased out as of 2025 from the Dutch market due to issues of affordability and feasibility. Strategy and achievements In 2025, a.s.r. health continued the strategic direction of 2024. a.s.r. health remains committed to promoting future proof healthcare by offering cover that is efficient, affordable and accessible, now and in the future. A key principle in providing future-proof healthcare is the proper fulfilment of the Two types of products are available on the Dutch health insurance market: basic cover and supplementary health insurance. In this highly regulated healthcare market, all Dutch citizens are required to obtain basic health insurance under an annual contract. The government determines the content of the basic cover, although insurers may introduce certain variations to differentiate their offerings. These variations may relate to claims processing and the number of contracted medical providers whose treatments are eligible for reimbursement. Insurers are obliged to accept all individuals who are legally required to obtain basic health insurance as policyholder. A state-managed risk equalisation system protects insurers whose customer base typically shows behaviour that adversely affects health outcomes, resulting in higher costs. This system balances risks across the industry. Compensation paid to insurers is based on the anticipated costs, which are determined by the characteristics of their customer base. This risk equalisation system is subject to ongoing adjustments. duty of care, the core task of a health insurer. In addition, a.s.r. aims to maintain a stable customer base under its current strategic direction. In 2025, this strategy was successfully executed and even slightly exceeded expectations, resulting in modest growth of the customer base. Sustainability is a key strategic priority for a.s.r. In 2025, a.s.r. health updated its sustainability strategy, and defined the focus areas for 2026 and beyond. a.s.r. health is committed to reducing the environmental impact of the healthcare sector and supporting healthcare professionals in remaining vital and sustainably employable. a.s.r. aims to accelerate innovation in sustainable healthcare by starting small and scaling up to achieve large-scale impact. a.s.r. health has developed various initiatives to promote future-proof health care, partly by encouraging policyholders to maintain a healthy lifestyle. The Vitality app motivates policyholders to achieve health-related goals. Once these goals are reached, policyholders can choose from a range of Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌rewards, such as discounts offered by a.s.r.'s partners. In 2024, the Take care of yourself app ( Zorg voor jezelf app ) was developed and launched on 1 January 2025. Through this app, a.s.r. provides access to an online doctor, a dietician, a mental coach, online physiotherapy and healthcare programmes that can contribute to a healthy lifestyle, appropriate for each individual. By combining the strengths of both platforms, a.s.r. health increasingly connects the Vitality ecosystem with the services offered through the Zorg voor jezelf app. Together, these services form a reinforcing proposition that supports customers in improving their well - being and maintaining their health sustainably. A new initiative in the area of vitality and the prevention of healthcare costs is that a.s.r. health customers with supplementary insurance can receive a discount on their membership of the Royal Dutch Walking Association ( Koninklijke Wandelbond Nederland - KWbN), thanks to the new partnership with the association. Customer focus remains a cornerstone of a.s.r.'s strategy and is subject to continuous improvement. In recent years, a.s.r. has invested substantially in AI and automation to further enhance operational efficiency and improve the overall customer experience. Outlook for 2026 The change in premiums for 2026 vary considerably, ranging from significant decreases to significant substantial increases. On average, the adjustments are in line with the projections presented on Budget Day ( Prinsjesdag ), which indicated only a modest rise in premiums. In 2026 only 6.2% of policyholders switched to another health insurer, the second lowest switching rate since 2015. This may be partly attributable to the relatively small differences in premium adjustments. The results of the health insurance transfer season show a slight increase in the number of policyholders who opted for a.s.r. in 2026 compared with 2025. Due to a strong market position in terms of pricing, a.s.r. succeeded in achieving its objective of maintaining stable policyholder numbers. a.s.r. will continue to take steps to ensure health care remains future-proof by focusing on accessibility, partnership and sustainability. a.s.r. supports the agreements laid down in the ' Aanvullend Zorg- en WelzijnsAkkoord' and contributes to their implementation and reinforcement. One of these agreements is that health insurers will be given the opportunity to proactively mediate waiting lists. In 2026 a.s.r. will implement the necessary organisational adjustments to put this into practice. The parliamentary elections held in October 2025 may have a significant impact on the Dutch healthcare system and its market dynamics. Several political parties included proposals in their election manifestos that could place pressure on the current healthcare model. Following the election results, a minority cabinet has been formed. At this stage, it remains unclear what this will mean for the healthcare sector. Policymaking is likely to proceed more slowly and may depend more heavily on support from opposition parties. This could result in increased uncertainty or delays in healthcare reforms. A.2.3 Financial Performance Life segment 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. Premiums and DC volume 1 Premium and DC inflow in the Life segment increased by 54.8% to € 7.6 billion (2024: € 4.9 billion), primarily driven by three pension buy-outs totaling € 2.8 billion. Pension DC inflow rose by 8.8% to € 3.0 billion (2024: € 2.8 billion) driven by organic growth. The annuity inflow increased 11.2% to € 646 million (2024: € 581 million), reflecting higher DC accumulation and increased maturity of DC AuM. Furthermore, premiums received in Funeral increased modestly and the service books (Individual life and Pensions DB) showed an expected decline. Assets under Management (AuM) of DC pensions increased € 3.3 billion to € 30.0 billion (2024: € 26.7 billion) driven by net inflows and positive revaluations. Operating expenses Operating expenses increased by € 16 million to € 483 million (FY 2024: € 467 million) driven by increased investment related operating expense activities which are only partly offset due to lower expenses as a result of the realisation of cost synergies. Operating result The operating result increased by € 183 million to € 1,259 million (2024: € 1,076 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 € 36 million to € 478 million, mainly due to an increased CSM release, positive experience variance and higher contribution from associates, partly offset by a higher loss on new DC business. The OIFR increased by € 147 million to € 781 million, primarily driven by a higher investment margin, supported by favourable government spread developments, increased equity and real estate exposure, and a lower UFR drag consistent with higher interest rates. Result before tax The result before tax decreased by € 109 million to € 1,042 million (2024: € 1,151 million). The increased operating result is offset by non-operating adjustment items. The investment related adjustment items amounted to € -255 million, impacted by market developments, reflecting increased interest rates 1 'Premiums and DC volume' is equal to the premiums invoiced plus the customer funds deposited by the insured DC-products and the IORP-products which, by definition, are not premiums. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌partly offset by positive real estate revaluations. Non-investment related adjustment items amounted to € 38 million, mainly reflecting positive adjustments from changes in future services of the loss component and a.s.r.'s own pension scheme, partly offset by amortisation of intangibles. Update business combination with Aegon NL As part of the integration plans announced in 2022 and 2023, a.s.r. is in the process of preparation for the legal merger of ASR Levensverzekering N.V. with AEGON Levensverzekering N.V. in 2026. This marks the final step in the Aegon NL integration. With the legal merger, all assets and liabilities, including all rights and obligations of Aegon life will be transferred to a.s.r. Life as the acquiring entity. After this, Aegon life will cease to exist and all Aegon life's insurance contracts will be rebranded to the a.s.r. brand. The remaining insurance entity, ASR Levensverzekering N.V., will continue to sell life insurance products under the a.s.r. label. In preparation of the legal merger, a.s.r. filed an application with DNB in December 2025 to apply a single PIM for the combined life insurance activities of the Group. The application for the legal merger is filed with DNB in the first quarter of 2026. The merger is expected to take place in the second half of 2026. Both the application of the single PIM and the execution of the legal merger are subject to approval by DNB. With the legal merger, almost all of a.s.r.'s Individual life & Funeral and Pension insurance activities will be combined into one single life insurer, creating the second largest life insurance entity in the Netherlands. The merger is an important milestone in the integration of Aegon NL within a.s.r., reducing the number of IT systems and models applied by the Group. Pensions a.s.r. is an important player in the changing Dutch pension market, well-positioned to capture the opportunities from the market on the back of new pension legislation. The portfolio consists of Defined Benefit (DB) as well as Defined Contribution (DC) schemes, with an overall market share of 34%. The total customer base consists of some 66,500 schemes with 2.5 million participants. a.s.r. offers a full range of pension products, including various DC options for employers and both fixed and variable pension annuities products for employees at retirement. For employers with DB schemes, a.s.r. provides the option to purchase indexations of these rights. Additionally, a.s.r. offers a pension buy-out product for pension funds that prefer not to transfer their accrued rights to the new system under the Future Pensions Act ( Wet toekomst pensioenen - Wtp) but wish to transfer them to an insurer. Distribution of pensions mostly takes place via independent advisors. a.s.r. maintains an important relationship with the advisory channel. A large number of customers are served by ASR Premiepensioeninstelling N.V., an Institution for Occupational Retirement Provision (IORP). Market Since the Wtp came into effect on 1 July 2023, the pensions market has been in full swing. The main purpose of this act is to enable all pensions to become contribution-based with individual pension capitals. Communications and advice on customer options and choices form important parts of the Wtp. All existing contracts must be adapted to this act before 1 January 2028. New contracts will be subject to the new regulations immediately. Consequently, all DB schemes will be converted into DC schemes in the coming years, but existing DB claims will remain in place. In order to prepare for these changes, a.s.r. has developed a new administration system for all its DC products, with the aim of further digitalisation of communications and guidance on choices, while enabling customers to arrange their financial affairs themselves online. By integrating all DC products in one system in the coming years, a.s.r. can manage its DC business in a way that is cost efficient and future-proof. The DB schemes of Aegon NL administered on a TKP platform, together with a.s.r.'s DB schemes, will be integrated into one DB administration platform in the coming years. This integration will lead to a more efficient and future-proof platform for managing DB schemes. Products Strong capabilities and a full range of products are enabling growth in Pension DC and annuities, as well as taking a fair market share in the buy-out market. a.s.r.'s Pension business products fully support customer needs in both the asset accumulation and payout phases. DC - accumulation phase: a.s.r. provides DC pension solutions, including WerknemersPensioen , DoenPensioen and Cappital Pensioen , enabling participants to build retirement capital through lifecycle-based investment strategies. These propositions are characterised by a clear product structure, prudent investment principles and a strong digital service model, aligned with applicable regulatory requirements. Annuities - payout phase: in the payout phase, a.s.r. offers fixed and variable annuities under the annuities proposition. These products provide lifelong retirement income through a balanced approach to investment risk, supported by transparent product features and disciplined risk management. The offering is focused on long-term financial security for participants. Buy-out market: a.s.r. participates in the buy-out market by taking over pension liabilities from pension funds. Through these transactions, a.s.r. assumes investment and longevity risks, contributing to stability for stakeholders and supporting orderly balance sheet de-risking. This activity is managed within a disciplined capital and risk framework. Strategy and achievements With a strong market position and a wide range of pension solutions, a.s.r. benefits from significant scale advantages, thanks to its size and the extensive experience and expertise it has built up in customer service. Such as its extensive experience in participant activation and option guidance, which are crucial factors in the transition to the Wtp. Furthermore, a.s.r. is well positioned and ready to capture the opportunities that arise from the market for buy-outs of pension funds. The current pensions strategy consists of five focus points: Customer: a.s.r.'s customers, employers and their employees receive uniform customer service and support. Whilst implementing new legislation, transformations and integration work, a.s.r.'s primary focus remains on the customer. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Transformation: a.s.r. is creating a scalable pension company and building a joint culture that puts the participant at the centre. Additionally, a.s.r. is taking the first steps in the use of (generative) AI. Sustainable value creation: a.s.r. creates value for customers, shareholders, employees and society. a.s.r. aims for sustainable returns. Partners: a.s.r. collaborates with its partners with a long-term focus, developing, training and innovating to transform pensions together. In Control: a.s.r. complies with all current legislation and regulations at all times and is in control of performance and processes. In 2025, a.s.r. successfully converted 6,611 schemes to Wtp-proof schemes, resulting in a total of 28,9% Wtp-proof schemes, including new business. Following the migration of the Employees' Pension product to the upgraded landscape in 2024, a.s.r. continued to optimise both the system landscape and the underlying customer processes throughout 2025. The remaining migrations within the DC proposition are scheduled to transition to Plexus, the policy administration system, in the coming years. Furthermore, the benefit payments were migrated as part of the integration of Aegon. In 2025, three successful pension buy-outs were completed, bringing the total buy-outs since 2024 to four. The transfer of these buy-outs will increase the assets and liabilities of a.s.r. by approximately € 2.9 billion. With the completion of these buy-outs, a.s.r. further strengthened its position in the buy-out market and remains well positioned for future opportunities. Outlook for 2026 In 2026, a.s.r. will continue to focus on growing the business and retention of existing customers while working on the integration of legal entities of the a.s.r. and Aegon NL pension businesses. In 2026, a.s.r. will also work on preparing the remaining migrations within the DC proposition to Plexus and the integration of the DB portfolios of a.s.r. and Aegon DB schemes. Furthermore, a.s.r. will support its customers with the transition to the new legislation and work on the conversion of existing pension schemes towards a Wtp-proof scheme. Individual life and Funeral The Individual life & Funeral product line combines the management of a.s.r.'s Individual life & Funeral insurance portfolios. Market & product - Individual life Since 2024, a lot of media attention has been paid to the importance of a financial safety net in the event of death, for homeowners, tenants and self-employed persons. The Dutch Association of Insurers stimulates this awareness. Individual term life insurance is the only active individual life insurance product that a.s.r. actively sells. a.s.r.'s market share in the individual life insurance market was 3.1% (Q3 2024: 1.1%). Premium levels have been increased as of 1 October, and as a result, new production is expected to decrease in 2026. Market & product(s) - Funeral a.s.r. sells funeral insurance, which allows customers to plan their own funeral with the amount paid out to their heirs. a.s.r. realised a growth in market share to 19.2% in 2025 (Q3 2024: 14.3%). This increase was primarily driven by substantial growth in the online channel, which expanded by approximately 70% compared to 2024. Brand campaigns on television and online have made an important contribution to increase brand awareness. Strategy and achievements Individual life & Funeral focuses on making life easier for customers, providing support when it matters and delivering on commitments. The purpose is to serve existing customers in the best possible way while continuing to welcome new customers. Sustainable solutions are pursued to create long - term value for customers, employees, society and shareholders. Smart technology enables efficient processes and helps maintain a low cost base. Together, the product lines are developing an agile organisation that responds effectively to change and benefits from synergy. This is achieved through strong digital accessibility supported by personal contact at the moments that matter most. The long - term ambition is to contribute to a future in which financial security, social relevance and an inclusive culture take centre stage. In financial terms, Individual life & Funeral made a stable contribution to a.s.r.'s results in 2025. The scalability of the organisation ensures that costs move in line with the movements of the portfolio. The migration of the Aegon Individual life & tontines portfolio, comprising approximately 550,000 policies, was fully completed in 2025, with the exception of a small sub - portfolio that was transferred as of 1 January 2026. The implementation of the settlement agreement between a.s.r. and the representatives of unit-linked insurance policyholders was also an important activity (see section 5.4.3.4 of the annual report of a.s.r.). In addition, the financial objectives and the employee and customer satisfaction targets were also achieved in 2025. In July 2025, a.s.r. took over the funeral portfolio of De Onderlinge van 1719 . The funeral policies were successfully migrated to the a.s.r. systems at the beginning of October 2025. As a result, a.s.r. has officially become the oldest insurer in the Netherlands. Outlook for 2026 The year 2026 will be dedicated to further optimising and digitalising the operational processes of Individual life & Funeral. In addition, a pilot will start, offering a.s.r. Vitality for newly issued funeral policies. a.s.r. remains vigilant in identifying opportunities to expand or at least retain the portfolios for Individual life & Funeral. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Investment performance‌ a.s.r.'s investment policy is aimed at striking a balance between generating returns and preventing risks. Protecting the solvency position is an important factor in this context. Revenues and costs of all assets Investments 31 December 2025 31 December 2024 At FVTPL 73,966 75,119 At FVOCI 2,638 2,841 At amortised cost 2,537 2,633 Total investments 79,141 80,593 Investments at FVTPL Investments at FVTPL 31 December 2025 31 December 2024 Financial investments - own risk Real estate equity funds 6,102 5,428 Mortgage equity funds 2,043 2,031 Debt equity funds - 639 Government bonds 16,263 15,774 Corporate bonds 10,696 10,621 Asset-backed securities 2,162 3,023 Other investment funds 2,532 2,068 Equities 913 553 Mortgage loans 24,821 25,398 Private loans 8,433 9,584 Total investments at FVTPL 73,966 75,119 Investments at FVTPL mainly decreased as a result of higher interest rates, exchange rate impacts and redemptions on investments. In 2025, next to the annual update of the parameters used in the mortgage valuation models, a.s.r. processed several updates in the mortgage valuation models, which are considered a change in estimate. The mortgage spread model is updated in line with industry standards that were published in 2025, reducing the volatility of the mortgage spreads used in the valuation. For prepayments, the model is refined and parameters were updated. Total impact of the update on the mortgage valuation model and parameter update is a reduction of the fair value of mortgages of € 165 million, which had a negative impact on earnings before tax of the same amount. For the real estate equity funds for which a.s.r. has significant influence the exemption of IAS 28 was used, thereby measuring the investments at FVTPL and presenting them as a separate category within the investments at FVTPL. For a breakdown of the real estate equity funds, see section 7.5.4 of the annual report of a.s.r. Other investment funds consist amongst others of private debt funds of € 1,136 million (2024: € 629 million) and private equity funds of € 590 million (2024: € 358 million). In 2025, debt equity funds are reclassified to other investment funds following the integration of Aegon life's investments towards a.s.r.'s target system for investments. Private loans consists for € 2,558 million (2024: € 2,199 million) of savings-linked mortgage loans. a.s.r. has bonds amounting to € 3,226 million (2024: € 3,427 million) and shares amounting to nil (2024: € 10 million) that have been transferred, but do not qualify for derecognition. The majority of these investments are part of a securities lending programme whereby the investments are lent in exchange for a fee with collateral obtained as a security. The collateral furnished as security representing a fair value of € 4,451 million (2024: € 4,925 million) consists of mortgage loans and corporate and government bonds. See accounting policy N about securities lending. At year-end 2025 and 2024, debt instruments at FVTPL consisted entirely of investments mandatorily measured as such. Based on their contractual maturity, an amount of € 59,987 million (2024: € 58,171 million) of fixed income investments is expected to be recovered after more than one year after the balance sheet date. For assets without a contractual maturity date, it is expected that they will be recovered after more than one year after the balance sheet date. For more detailed information about the fair value valuation of the investments, see section 7.7.1 of the annual report of a.s.r. Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Investments at FVOCI Direct investment income Investments at FVOCI Direct investment income 31 December 2025 31 December 2024 Equities 2,491 2,696 Preference shares 135 134 Other participating contracts 12 11 Total investments at FVOCI 2,638 2,841 a.s.r. sold equity instruments held at FVOCI for an amount of € 1,086 million (2024: € 1,218 million) in the ordinary course of business. The sales resulted in a gain of € 53 million (2024: € 156 million gain) which is directly recognised in retained earnings. For assets without a contractual maturity date, it is expected that they will be recovered after more than one year after the balance sheet date. Investments at amortised cost 2025 2024 Interest income from investments at FVTPL 2,160 Interest income from derivatives 3,449 Business Interest income from debt instruments at amortised cost 184 Underwriting performance Total interest income 5,793 Investment performance Performance of other activities Dividends received 385 Any other information Investment income related to direct participating insurance contracts 11 Rental income from investment property 144 System of governance Other direct investment income 18 Total dividend and other investment income 558 Risk profile Total direct investment income 6,351 Valuation for Solvency Purposes 2,053 5,837 191 8,080 431 160 137 30 758 8,838 Interest income increased mainly due to lower variable interest rates on receiver swaps compared to last year. Mortgage loans Private loans Total investments at amortised cost 31 December 2025 31 December 2024 2,529 8 2,537 2,624 9 2,633 For equity instruments measured at FVOCI, dividends received during the year amount to € 73 million (2024: € 61 million), of which € 11 million (2024: € 8 million) relates to instruments derecognised during the year. Investments at amortised cost The effective interest method has been applied to an amount of € 191 million (2024: € 184 million) of the interest income from financial instruments measured at amortised cost. Included within interest income is nil (2024: nil) of interest received on impaired fixed-income securities. Certain mortgage loans shown within the category investments at amortised cost are designated in portfolio fair value interest rate hedging relationships, and are fair valued with respect to the hedged interest rate. For 2025, this resulted in a higher carrying value of € 17 million (2024: € 109 million higher). None of the financial assets has been reclassified during the financial year. Based on their contractual maturity, an amount of € 2,459 million (2024: 2,432 million) of debt instruments is expected to be recovered after more than one year after the balance sheet date. For assets without a contractual maturity date, it is expected that they will be recovered after more than one year after the balance sheet date. Introduction Summary Business and performance Capital management Contact details ‌Information about profit and losses in equity‌ A.5 Any other information No other information is applicable. Consolidated statement of comprehensive income for the year ended 31 December (in € millions) Note 2025 2024 (restated) 565 185 5 53 53 -68 228 - 228 793 17 704 73 776 Net result Continuing operations Remeasurements of post-employment benefit obligation 7.5.15.1 Unrealised change in value of property for own use and plant Equity instruments designated as FVOCI 7.5.5.2 Unrealised change in value of equity instruments designated as FVOCI Realised gains/(losses) on equity instruments designated as FVOCI Income tax on items that will not be reclassified to profit or loss 7.5.8 Total items that will not be reclassified to profit or loss Discontinued operations Other comprehensive income after tax from discontinued operations that may be reclassified to profit and loss 7.4.6 Total other comprehensive income after tax Total comprehensive income Attributable to: Non-controlling interests Shareholders of the parent Holders of other equity instruments Total comprehensive income attributable to holders of equity instruments The notes in the table is a reference to the annual report of a.s.r. Information about investments in securities As a.s.r. has no investments in securitisation, no further information is included here. ‌Performance of other activities No other activities are material. 956 152 2 74 156 -102 283 -7 276 1,232 -2 1,171 63 1,234 Introduction Summary Business and performance Business Underwriting performance Investment performance Performance of other activities Any other information System of governance Risk profile Valuation for Solvency Purposes Capital management Contact details ‌B System of governance ‌ ‌System of governance General information on the system of governance ASR Nederland N.V. (hereafter: a.s.r.) is a public limited company, listed on Euronext Amsterdam and is subject to Dutch corporate law. a.s.r. is the parent undertaking of the ASR Group (the 'Group') and has a two-tier board structure. a.s.r. is an insurance holding company in accordance with the Solvency II definition. During the financial year 2025, no material changes have taken place to the system of governance of ASR Group. In order to assess its adequacy, taking into account the nature, scale and complexity of the risks inherent to the business, the system of governance is subject to regular internal review. The most recent internal review was completed in 2025, confirming the overall adequacy of the system of governance. Executive Board and Management Board The EB is the statutory board in accordance with Dutch corporate law and as described in the articles of association. The EB is collectively responsible for the day-to-day conduct of business at a.s.r. and for its strategy, structure and performance. In carrying out its duties, the EB is guided by a.s.r.'s interests, which include the interests of the businesses connected with it, which in turn include the interests of customers, employees, investors and society. The EB is accountable to the SB and the AGM regarding the performance of its duties. Certain resolutions made by the EB require the approval of the SB and/or the AGM. These resolutions are outlined in the articles of association and the rules of procedure of the EB and Management Board (MB). Both documents can be viewed at https://www.asrnl.com . According with Solvency II requirements, the administrative, management or supervisory body (AMSB) of the undertaking has the ultimate responsibility for the compliance, by the undertaking concerned, with the laws, regulations and administrative provisions adopted pursuant to the Solvency II Directive. In accordance with article 1(43) of the Solvency II Delegated Regulation, the EB is considered to be a.s.r.' s AMSB. For certain responsibilities, together with the SB. Composition of the Executive Board The articles of association specify that the EB must consist of a minimum of two members, including at least a Chief Executive Officer (CEO) and a Chief Financial Officer (CFO). Only candidates found to meet the fit and proper test under the Dutch Financial Supervision Act are eligible for appointment. In accordance with Article 2.2 of the Rules of Procedure of the EB and MB and Article 7.1 of the Rules of Procedure of the SB, the SB appoints the members of the EB and may suspend or dismiss an EB member at any time. The SB notifies the AGM of proposed (re)appointments. During 2025, the composition of the EB remained unchanged, consisting of the following three members: Jos Baeten, CEO; Ewout Hollegien, CFO; Ingrid de Swart, COO/CTO. Management Board The MB was established in 2023 to support the EB in the collective responsibility for the execution of the business strategy and the day - to - day management of the company and enhancing the continuity. The MB meets every week. The MB conducts the day-to-day business at a.s.r. and implements and realises the business strategy. Composition of the Management Board Article 2.4 of the Rules of Procedure of the EB and MB specifies that the MB consists of all EB members, the CRO, the CHRO and the COO Life. MB members not being EB members are appointed, suspended and dismissed by the EB, with due observance of the DEI Policy. The SB is involved in the recruitment and selection of MB members, as prior coordination with the SB is required. During 2025, the composition of the MB remained unchanged, consisting of: The members of the EB; Rozan Dekker, CRO; Jolanda Sappelli, CHRO; Willem van den Berg, COO Life. Introduction Summary Business and performance System of governance System of governance Fit and Proper requirements Risk management system Internal control system Internal audit function Actuarial function Outsourcing Any other information Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Executive Board Management Board B System of governance • SFCR 2025 ASR Nederland N.V. 25 Introduction Summary Jos Baeten Ewout Hollegien Ingrid de Swart CEO Male, Dutch, 1958 CFO Male, Dutch, 1985 COO/CTO Female, Dutch, 1969 - DNB) Stichting Topvrouw van het jaar Audit Corporate Communications Legal Services Asset Management Real Estate Group Finance Group Performance Management Group Strategy & Balance Sheet Management P&C Disability Health Mortgages Distribution and Services IT&C Customer Experience & Digital Member of the Supervisory Board of DAF Trucks N.V. Member of the Supervisory Board of Efteling B.V. Chair of the Executive Board of the Dutch Association of Insurers (Verbond van Verzekeraars) Member of Bank Council of the Dutch Central Bank ( De Nederlandsche Bank Member of the Board at VNO-NCW Member of the Advisory Board of the Nyenrode Executive Insurance Program Member of the Supervisory Board of Amvest Vastgoed B.V. 1 Chair of the Financial Economic Affairs committee of the Dutch Association of Insurers (Verbond van Verzekeraars) Member of the CFO Forum Member of the Supervisory Board of Salta Group B.V. Member of the Supervisory Board of HumanTouch Holding B.V. 2 Member of Advisory Board Business and performance System of governance System of governance Jolanda Sappelli CHRO Female, Dutch, 1963 Human Resources Rozan Dekker CRO Female, Dutch, 1972 Group Risk Management Compliance Willem van den Berg COO Life Male, Dutch, 1977 Pensions Individual life Funeral TKP Fit and Proper requirements Risk management system Internal control system Internal audit function Actuarial function Outsourcing Any other information Risk profile Responsible for Valuation for Solvency Purposes Capital management Additional positions Contact details Member of the investment committee of the Erasmus MC Foundation Member of the Supervisory Board of Knab N.V. 3 Member of the Supervisory Board of the Economic Research Foundation Member of the CRO Forum Chair of the Education and Labour Market committee and member of the steering team Social Agenda of the Dutch Association of Insurers (Verbond van Verzekeraars) rmation about the biographies see asr More info nl website Resigned as of 6 January 2026. 2. As of 1 October 2025 a.s.r. is sole shareholder of HumanTotalCare. 3. Resigned as of 1 November 2025. ‌B System of governance • SFCR 2025 ASR Nederland N.V. 26 Supervisory Board The SB has three roles: the supervisory role, the advisory role and the employer's role for the EB. The SB supervises the policy pursued by the EB and MB, as well as the general course of affairs at a.s.r. and its group entities. Specific powers are vested in the SB, including approving certain EB decisions. Composition of the Supervisory Board Article 2.1 of the Rules of Procedure of the SB specifies that the SB must consist of at least three members and no less than the number of members required to give effect to the nomination rights in respect of SB members under the Relationship Agreement. The SB currently consists of seven members: Joop Wijn (Chair), Gerard van Olphen, Sonja Barendregt, Gisella Eikelenboom, Daniëlle Jansen Heijtmajer, Lard Friese and Bob Elfring. In line with the Dutch Corporate Governance Code, SB members are appointed by the AGM for a four-year term. They can be reappointed for a single additional four-year term and subsequently reappointed for a period of two years, which may be extended by two years at most.. All the SB members passed the fit and proper test required under the Dutch Financial Supervision Act. The SB has drawn up a projected profile for its size and composition, taking into account the nature of a.s.r.'s business, its activities and the desired expertise and background of its members. The SB profile can be viewed at https://www.asrnl.com . Due to a combination of experience, expertise and independence of the individual members, the SB has the skills to assess the main aspects of the a.s.r. strategy and policies. The diversity of its members ensures the complementary profile of the SB. a.s.r. will continue to aim for an adequate and balanced composition of the SB in any future appointments by taking into account the DEI Policy and all relevant selection criteria such as executive experience, experience in finance and experience in the political and social environment. Introduction Summary Business and performance System of governance System of governance Fit and Proper requirements Risk management system Internal control system Internal audit function Actuarial function Outsourcing Any other information Risk profile Valuation for Solvency Purposes Capital management Contact details ‌B System of governance • SFCR 2025 ASR Nederland N.V. 27 Supervisory Board Introduction Summary Business and performance B. (Bob) Elfring Male, Dutch, 1959 System of governance J. (Joop) Wijn Male, Dutch, 1969 Chair of the Supervisory Board (SB) Appointments within a.s.r. Chair of the Nomination & ESG Committee (N&ESGC) Member of the Remuneration Committee (RC) Additional positions Member of the SB and member of the Audit Committee, the Risk Policy and Compliance Committee and the Sustainability & Technology Committee at NIBC Bank N.V. Member of the SB of Euronext Amsterdam N.V. Chair of the SB of C&A B.V. Advisor at Blackstone Group G. (Gerard) van Olphen Male, Dutch, 1962 Vice-chair of the SB Member of the Audit & Risk Committee (A&RC) Member of the N&ESGC Chair of the SB of ASN Bank N.V. Chair of the SB of Mollie B.V. Chair of the Belang-hebbenden Orgaan Beroepsreglementering of the Royal Netherlands Institute of Chartered Accountants ( Koninklijke Nederlandse Beroeps-organisatie van Accountants - NBA) S. (Sonja) Barendregt Female, Dutch, 1957 Member of the SB Chair of the A&RC Member of the SB and Chair of the A&RC of Robeco Holding N.V. Member of the SB and Chair of the A&RC of Robeco Institutional Asset Management B.V. Chair of the Oversight Committee of Robeco Indices B.V. G. (Gisella) Eikelenboom Female, Dutch, 1970 Member of the SB Chair of the RC Member of the N&ESGC Vice-chair of the SB and Chair of the RC of Waarborgfonds Sociale Woningbouw 1 Member of the SB of MUFG Bank (Europe) N.V. Member of the SB, Chair of the Risk Committee, and Nomination and Remuneration Committee 2 of Finom Payments B.V. Chair of the SB 100Weeks Foundation (Deputy) council member of the Enterprise Chamber of the Amsterdam Court of Appeal Ambassador of the Chapter Zero Netherlands Foundation Member of the Strategic Audit Committee of the Ministry of Foreign Affairs Member of the Board of Holland Fintech Association 2 D. (Daniëlle) Jansen Heijtmajer Female, Dutch, 1960 Member of the SB Member of the N&ESGC Global Director Finance, Enterprise Risk Management & Shared Services at Koninklijke FrieslandCampina N.V. Member of the Risk Committee and Chair of the Audit Committee of Uber Payments B.V. Member of the EMFC Curatorium of Amsterdam Business School Member of the Advisory Board Economics & Business of the University of Amsterdam E. (Lard) Friese Male, Dutch, 1962 Member of the SB Member of the A&RC CEO and Chairman of the Executive Committee and Executive Member of the Board of Directors of Aegon Ltd. Member of the SB of Pon Holdings B.V. Vice-chair of the Board of Directors of the Geneva Association System of governance Fit and Proper requirements Risk management system Internal control system Internal audit function Actuarial function Outsourcing Member of the SB Member of the A&RC Member of the RC Any other information Risk profile Valuation for Solvency Purposes Capital management Chair of the SB of Vuyk Holding B.V. Vice-chair of the SB and member of the Audit Committee and the RC of Royal Bam Group N.V. Contact details ite As of 1 January 2026. Resigned as of 31 January 2026. about the biographies see asrnl webs More information As of January 2026. hoofdstuktitel • a.s.r. Annual Report 2024 2 ‌B System of governance • SFCR 2025 ASR Nederland N.V. 28 Independence (in %) 86 Female members (in %) 2024: 86 43 Male members (in %) 2024: 43 57 Average age (in years) 2024: 57 62 Introduction Summary Business and performance System of governance Attendance Joop Gerard van Sonja Gisella Daniëlle Jansen Lard Bob System of governance 2024: 61 Fit and Proper requirements Risk management system Internal control system Internal audit function Actuarial function Outsourcing Wijn Olphen Barendregt Eikelenboom Heijtmajer Friese 1 Elfring Any other information Supervisory Board Audit & Risk Committee 13 13 11 12 13 10 13 13 13 13 13 13 11 13 100% 100% 85% 92% 100% 91% 100% 7 6 - 7 7 - - 6 7 7 Risk profile Valuation for Solvency Purposes Capital management Contact details 7 100% 86% 86% 100% Remuneration 6 Committee 6 - - 5 - - 6 6 6 100% 83% 100% Nomination 6 6 & ESG Committee 6 6 5 6 - - - 6 6 100% 100% 83% 100% 1 In total there were thirteen meetings of the SB. In order to prevent (potential) conflicts of interest, Lard Friese has refrained from participation in two meetings. Competencies Joop Wijn Gerard Gisella Daniëlle van Sonja Eikelen- Jansen Lard Olphen Barendregt boom Heijtmajer Friese Bob Elfring General business management strategy Finance (balance, solvency & reporting) Financial markets / Disclosure, communication Audit, risk, compliance, legal & governance Insurance (Life, Non-life and Asset Management) M&A IT / Digital & innovation - - - - - Social / Employment - - Sustainability / Climate change / Policies ‌Supervisory Board Committees The SB operates through three specialised committees, each dedicated to addressing specific issues and preparing agenda items for the full SB's decision-making process. The Chair of each committee presents a summary of key discussion points and recommendations at the subsequent SB meeting. The minutes from these committee meetings are accessible to all SB members. The three committees are: Audit & Risk Committee (A&RC); Remuneration Committee; Nomination & ESG Committee. Audit & Risk Committee The A&RC advises the SB and prepares decision-making on matters such as supervision of the integrity and quality of financial reporting and the effectiveness of internal risk management and control systems. This includes the application of information and communication technology, including cyber security risks. The composition of the A&RC is such as to represent the specific business know-how, financial, accounting and actuarial expertise relating to the activities of a.s.r. Remuneration Committee The Remuneration Committee (RC) advises the SB on matters including the Remuneration Policy for the EB and SB and the terms and conditions of employment of the EB, and the RC reviews the remuneration of senior management. Nomination & ESG Committee The Nomination & ESG Committee (N&ESGC) advises the SB on its duties and prepares the SB's decision-making in this respect. The N&ESGC advises the SB on ESG topics, selection and appointment procedures and the composition of the EB and SB; it also prepares the (re)appointment of its members. Key Functions Group Risk Management (GRM) is responsible for the execution of the RM function (RMF) and the Actuarial Function (AF). The department is led by the RMF holder. GRM consists of the following four sub-departments: Operational Risk Management; Financial Risk Management; Model Validation; Methodology. Operational Risk Management Operational Risk Management (ORM) is responsible for second-line strategic and operational (including IT) Risk Management and the enhancement of the risk awareness for a.s.r. and its subsidiaries. The responsibilities of ORM include the development of risk policies and procedures, the annual review and update of the risk strategy (risk appetite), the coordination of the SRA process leading to the risk priorities and emerging risks and Own Risk and Solvency Assessment ( ORSA) scenarios and the monitoring of the non-financial risk profile. For the management of operational risks, a.s.r. has a solid Risk-Control framework in place that contributes to its long-term solidity. The quality of the framework is continuously enhanced by the analysis of operational incidents, periodic risk assessments and monitoring by the RMF. ORM actively promotes risk awareness at all levels to contribute to the vision of staying a socially relevant insurer. Financial Risk Management Financial Risk Management (FRM) is responsible for the second line financial RM and supports both the AF and RMF. An important task of FRM is to be the countervailing power to the EB and management in managing financial risks for a.s.r. and its subsidiaries. FRM assesses the accuracy and reliability of the market risk, counterparty risk, insurance risk and liquidity risk, risk margin and best estimate liability. As part of the AF, FRM reviews the technical provisions, monitors methodologies, assumptions and models used in these calculations, and assesses the adequacy and quality of data used in the calculations. Furthermore, the AF expresses an opinion on the underwriting policy and determines if risks related to the profitability of new products are sufficiently addressed in the product development process. The AF also expresses an opinion on the adequacy of reinsurance arrangements. Other responsibilities of financial RM are e.g. to support monitoring Solvency II compliance (e.g. changes in Solvency II regulations), updating policies on valuation and risk, activities related to the DNB, assessment of the ORSA (financial parts), assessment of strategic initiatives. Model Validation Model Validation (MV) is responsible for performing validation activities or having them carried out in accordance with the drawn up annual model validation plan. MV is responsible for supervising compliance with the model validation policy, discussing and challenging the (draft) validation reports and advising the Model Committee. The MV is a separate sub-department within GRM. The MV is part of the RMF and operates independent of the AF. Methodology Methodology is responsible for establishing methodologies for Partial Internal Model (hereafter: PIM). The Methodology department is responsible for setting up the internal model, including documentation and maintenance of the documentation. It also handles continuous education by: (1) updating training materials; (2) providing training sessions; (3) assessing the suitability of training levels. Additionally, it analyses the functioning of the internal model, periodically calibrates the internal model parameters, monitors the suitability of the internal model, and conducts annual comparisons of PIM and SF results. Introduction Summary Business and performance System of governance System of governance Fit and Proper requirements Risk management system Internal control system Internal audit function Actuarial function Outsourcing Any other information Risk profile Valuation for Solvency Purposes Capital management Contact details ‌Compliance function The responsibilities of Compliance include the development of compliance policies and procedures, the annual review and update of the compliance risk strategy (risk appetite) and the monitoring of the non-financial risk profile concerning compliance risks. An important task of Compliance is to act as the countervailing power to the EB and other management in managing compliance risks for a.s.r. and its subsidiaries. The mission of the compliance function is to enhance and ensure a controlled and sound business operation. As second line function, Compliance encourages the organisation to comply with relevant rules and regulations, ethical standards and the internal standards derived from them by providing advice and formulating policies. Compliance supports the first line in the identification of compliance risks and assesses the effectiveness of RM on which Compliance reports to the relevant risk committees. In doing so, Compliance uses a compliance risk and monitoring framework. Compliance also creates further awareness to comply with the rules and desired ethical behaviour. The Compliance department is a centralised function within a.s.r., headed by the Compliance key function-holder. Being part of the second line, Compliance is considered a key function in line with the Solvency II requirements. The Compliance key function reports to the CRO, a Member of the MB. The compliance key function holder also has an escalation line to the CEO, the Chair of the AR&C and/or the Chair of the SB in order to safeguard the independent position of the compliance function. To enhance and ensure sound and controlled business operations, Compliance is responsible for: Encouraging compliance with relevant legislation and regulation, self-regulation, ethical standards and the internal standards derived from them (the rules) by providing advice and drafting policies. Creating awareness of the need to comply with the rules and desired ethical behaviour, including monitoring compliance with the rules. Monitoring management of compliance risks by further developing adequate compliance risk management, including, where necessary, advising on business measures and actions where necessary. Interaction with regulators in order to maintain effective and transparent relationships. Actuarial function The Actuarial Function (AF) is part of the second line and operates independently of both the first line (responsible for determining the technical provisions, reinsurance and underwriting), as well as the other three key functions (internal audit, risk management and compliance). The main tasks and responsibilities of the AF are to: coordinate the calculation of technical provisions; ensure the appropriateness of the methodologies, underlying models and the assumptions made in the calculation of technical provisions; assess the sufficiency and quality of the data used in the calculation of technical provisions; compare best estimates against experience; inform the administrative, management or supervisory body of the reliability and adequacy of the calculation of technical provisions; express an opinion on the overall underwriting policy; express an opinion on the adequacy of reinsuran...

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