ASR Nederland (ASRNL) H2 2025 earnings summary

Executive summary

• Completed full integration of Aegon NL, achieving major milestones and creating a leading insurer in the Netherlands, with significant cost synergies and strengthened market position.

• Delivered strong financial performance with double-digit growth in OCC and operating result, robust capital returns, and disciplined execution in pension buy-outs and acquisitions (Bovemij, HumanTotalCare).

• Progressive capital return policy, with 75% of OCC allocated to shareholders and 25% to inorganic growth.

• Enhanced ESG profile, improved employee engagement, and exceeded customer satisfaction and sustainability targets.

• Net result declined 40.9% to €548 million, mainly due to negative investment-related adjustments from interest rate movements.

Financial highlights

• OCC increased 10.2% to €1,315 million, operating result rose 11.9% to €1,637 million, and operating ROE reached 14.1%, above the 12% target.

• Solvency II ratio improved by 20 points to 218%, supported by PIM implementation and strong OCC.

• Dividend per share up 9.3% to €3.41; €230 million share buybacks executed in 2025 and €175 million announced for 2026.

• Combined ratio for Non-life (excl. Health) at 92.2%, within the 92-94% target range.

• Premium and DC inflow grew 28.9% to €13,375 million, driven by pension buy-outs and organic growth.

Outlook and guidance

• On track to achieve OCC target of €1,350 million for 2026, supported by business growth, synergy realization, and pension buyouts.

• Progressive dividend policy and cumulative share buyback program of €525 million for 2024-2026.

• Continued organic growth expected in non-life and fee-based businesses, with further capital deployment for M&A and buyouts.