ASR Nederland (ASRNL) H1 2024 earnings summary

Executive summary

• Operating result rose 47% to €677m, driven by all segments and Aegon NL integration.

• OCC increased by €244m to €658m, reflecting robust underlying business and Aegon NL contribution.

• Solvency II ratio improved to 181% (196% pro forma), supported by Knab sale and Tier 2 redemption.

• Integration activities progressing well, with key milestones achieved and major IT/product rationalization expected by end-2024.

• Interim dividend set at €1.16 per share, up 7% and representing 40% of total 2023 dividend.

Financial highlights

• Operating result rose by €217m to €677m year-over-year; net result at -€67m due to investment losses and Knab sale-related items.

• OCC increased 58.9% to €658m (HY 2023: €414m).

• Combined ratio Non-life improved to 91.8% (HY 2023: 92.4%), ahead of target range.

• Premiums received in Non-life up 16.6% to €2.4bn; DC inflow up 80.5% to €1.3bn.

• Financial leverage decreased to 23.4% (FY 2023: 23.7%); interest coverage ratio improved to 8x.

Outlook and guidance

• On track to achieve medium-term OCC target of €1.35bn by 2026.

• Combined ratio P&C and Disability target: 92–94%; organic premium growth 3–5% annually.

• Expect continued premium growth in P&C due to ongoing tariff adjustments and organic expansion.

• Pension DC and annuity inflows ramping up, supporting long-term growth targets.

• Integration synergies and cost savings expected to continue, with at least €250m targeted.