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ASR Nederland (ASRNL) investor relations material

ASR Nederland H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary20 Aug, 2025

Executive summary

  • Operating result rose 22% year-over-year to €826 million, driven by strong growth across all segments, cost synergies, and successful integration milestones, especially with Aegon NL.

  • Solvency II ratio improved to 203%, reflecting robust capital generation, prudent capital management, and positive market movements.

  • Interim dividend per share increased by 9% to €1.27, totaling €262 million, with €225 million in share buybacks planned and €125 million completed.

  • Integration of Aegon NL is in its final phase, with all milestones met and cost synergies on track for €215 million by HY 2026.

  • Leadership in the pension buyout market, capturing 40% of transferred entitlements and executing €2.8 billion in buyouts.

Financial highlights

  • Operating result: €826 million (+22% YoY); OCC: €721 million (+9.4% YoY); Net result: €133 million (HY 2024: -€67 million); Operating ROE: 14.4%.

  • Solvency II ratio: 203% (up 5 points year-over-year).

  • Non Life combined ratio improved to 91.0%, outperforming the 92–94% target range, with premiums up 4.1% to €2.6 billion.

  • Fee-based business operating result increased by €13 million to €87 million, with 7% growth in fee income.

  • Premium and DC inflow: €8,717 million (+60.1% YoY), driven by pension buyouts.

Outlook and guidance

  • On track to achieve OCC target of €1.35 billion by 2026, with further contributions expected from synergies, buyouts, and business growth.

  • Combined ratio P&C and Disability expected to remain within 92–94% target range; cumulative pension DC inflow and buyout targets reaffirmed.

  • Expecting a mid to high single-digit benefit to solvency ratio from the Solvency II review, likely implemented by 2027.

  • Non-financial targets: NPS up 4 points, carbon footprint reduced by 6.8%, and gender diversity initiatives progressing.

  • Confident in delivering medium-term growth targets across all business segments.

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Frequently asked questions

ASR Nederland N.V. (a.s.r.) is one of the Netherlands' largest insurance companies. The company is market-leader in life & health insurances and a strong player within non-life insurances. In addition, a.s.r. has built up considerable experience in the field of asset management for institutional investors and private individuals with, amongst others, subsidiaries Robeco, Blue Sky Group, Zwitserleven and ASR Real Estate Investment Management managing their third party assets.

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