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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
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.H1 2025 earnings summary20 Aug, 2025
Executive summary
Operating result increased by 22% year-over-year to €826 million, driven by strong growth across all business segments and realization of cost synergies, with robust profitability and successful integration milestones from the Aegon transaction.
Integration of Aegon NL is in its final phase, with all key milestones achieved, full completion expected by 2026, and €215 million in cost synergies targeted.
Solvency II ratio improved to 203%, reflecting strong capital generation, prudent capital deployment, and positive market movements.
Interim dividend per share up 9% to €1.27, with €262 million to be paid and €125 million share buyback completed in H1 2025.
Strategic focus on value over volume, maintaining profitability despite increased competition, and continued delivery of attractive capital returns to shareholders.
Financial highlights
Operating result: €826 million (+22% YoY); OCC up 9.4% to €721 million, driven by broad-based business performance and higher investment margin.
Solvency II ratio: 203% (+5 percentage points vs FY 2024).
Combined ratio Non-life improved to 91.0% (-0.8 points), outperforming the 92%-94% target range.
Premiums received Non-life: €2.6 billion (+4.1% YoY); DC inflow up 16%, annuities up 8%, and €2.8 billion in pension buy-out deals executed.
Operating return on equity rose to 14.4%, above the >12% target.
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.
Confident in meeting €8 billion cumulative pension buyout target by 2027, with current pipeline supporting further growth.
Expecting mid to high single-digit benefit to solvency ratio from the EIOPA 2020 Solvency II review, with implementation by January 2027.
Combined ratio P&C and Disability expected to remain within 92–94% target range; non-financial targets include NPS up 4 points and carbon footprint reduced by 6.8%.
Confident in delivering medium-term growth targets across all business segments.
Assess Aegon Nederland integration impact on FTEs.
Explain drivers of increased Life segment OIFR.
Elaborate on carbon footprint reduction drivers.
Pension buyout IRR after longevity reinsurance?
Future capital deployment beyond current buybacks?
Sustainability of Non-life combined ratio below 92%?
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Next ASR Nederland earnings date
H2 202518 Feb, 2026
Next ASR Nederland earnings date
H2 202518 Feb, 2026
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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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