2024 was a very successful year for a.s.r. I am pleased with the execution of our strategy and the strong financial and non-financial results achieved in 2024. Our business activities are performing well in all segments, with profitable growth in P&C, Disability, Pensions, and Mortgages. Organic capital creation and solvency are strong, and the operational return on equity of 13.1% is above target. Additionally, we offer our shareholders an attractive return with a proposed dividend for 2024 that increases by 8%. The integration of Aegon NL is more than halfway and is proceeding according to plan.

The integration of Aegon NL is more than halfway and is proceeding according to plan. We realised a 5.1% organic growth in non-life business and achieved a better-than-expected combined ratio, indicating effective cost control and disciplined pricing. The pension business reached significant milestones, including the announcement of our first buy-outs and growth in the Defined Contribution business and annuities. The successful completion of the sale of Knab, on 1 November 2024, allows us to focus on our core activities and to invest in growth opportunities. We used € 100 million of the proceeds for an additional share buyback programme that was completed in December. On 19 February 2025 we announced the repurchase of € 125 million of own shares in 2025. This underscores a.s.r.'s commitment to rational capital allocation.

a.s.r. made progress on sustainability in 2024. For example, a 5% reduction of the carbon footprint and an increase of impact investments to 8.7% of our portfolio. Through our employee volunteering programme Doenkracht colleagues donated 14,000 hours to charities. For customers, the focus in 2024 was on promoting a vital and healthy lifestyle. Since January 2025 our a.s.r. Vitality programme is available to all insured workers and self-employed individuals with an a.s.r. disability, health or pensions product. This programme helps customers to increase their employability and enjoy a prolonged, healthy life.

In 2024, a.s.r. continued its digital strategy to contribute to enhancing the customer experience, achieve its digital ambition, and to increase its innovative strength. These developments are necessary to remain competitive, control costs and stay distinctive. AI plays a crucial role in this. Within a.s.r., AI is already being used to optimise productivity and better serve customers. The results are promising and offer opportunities for the coming years. a.s.r. is determined to continue applying AI to contribute to its strategic goals. Management and employees are being trained for the expected changes in their work.

And I am pleased we were able to announce that we settled one of the longest-running cases in the Dutch insurance sector. By the end of 2023, we reached an agreement with five interest groups for Aegon and a.s.r. unit-linked insurance policyholders. Over 90% of affiliated customers have accepted their individual offer, which was the remaining condition for the agreement to take effect. a.s.r. will also implement a scheme for hardship cases and non-affiliated customers who did not receive previous compensation. This settlement provides clarity for all customers involved and reduces our risk profile.

In 2024, geopolitical tensions increased further. With the outcome of the US elections, global relationships are on the brink of significant changes. The new US government seems to be approaching its post-World War II relationship with Europe differently. This has led to a growing realisation that Europe must chart its own course in terms of economy and security. This paradigm shift presents a unique opportunity and necessity for Europe to move towards greater unity. The recent steps towards deregulation and strengthening defence could be seen as a first positive step to strengthen the competitive position of Europe, both economically and in terms of security. Also in the Netherlands, the challenges are significant. The structural shortage of affordable housing, the necessary investments in security, and the issues in the implementation of social security require decisive action from the government. a.s.r. is, like other financial institutions, willing to contribute ideas and invest in solutions.

Nonetheless, the results of 2024 provide a solid foundation for the future and confidence in sustainable growth and long-term value creation for all our stakeholders in 2025 and the years to come. I thank our customers, employees, intermediaries and shareholders for their continued support and trust in a.s.r.