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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.
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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