Annual Report 2021
Additional information
About this report

Long-term value creation requires companies to steer on the financial- and non-financial aspects of business. Certain non-financial aspects contribute directly or indirectly to financial performance, and often have a greater impact over the medium to long-term. a.s.r. believes that an integrated approach towards performance management is key to ensuring the company creates stakeholder value in the long run. In this integrated Annual Report, a.s.r. provides a transparent overview of its activities and results in 2021. In addition, this report describes the relationship between its mission, strategy, governance and the social and economic context in which it operates. More information about a.s.r. can be found at


The financial information in this Annual Report has been consolidated for a.s.r. and all its group entities. All quantitative and qualitative information relates to a.s.r. as a whole, unless a specific business line is explicitly mentioned. The full list of principal group companies and associates can be found in chapter 6.7.9.

The data in chapter 3 is excluding VKG, Dutch ID (Felison and Boval), Corins, SuperGarant, ANAC and Poliservice, unless specified otherwise. Their combined assets account for approximately 0.4% of the total assets. Together, the chapters 1, 2, 3 and 4 make up the Report of the Management Board.


Relevant topics and boundaries for this report were selected on the basis of a materiality analysis involving both internal and external stakeholders. A dialogue was held in 2020 with stakeholders and senior management, including the EB, to define a.s.r.’s material topics. In 2021 an update was performed of the materiality analysis by holding interviews with approximately 20 internal and external stakeholders. The process is described in chapter 2.6 and 7.9. The information in the Report of the Management Board is based on reports from the business lines and the results of questionnaires and interviews.

The non-financial figures are delivered by various staff departments and business lines. This information usually comes from subject-specific systems such as HR, environment and complaints systems. Virtually all information is consolidated within the functional systems for the entire organisation.

For the preparation of the Annual Report, a Steering Group (SG), a Working Group (WG), and a Review Group (RG) have been set up to guide the process and review the content. The Annual Report SG agrees on the different tasks, roles and responsibilities relating to the preparation of the Annual Report. The SG represents the CEO, the Director Finance, Risk & Performance Management and the Director Corporate Communication. The following disciplines are represented in the WG: Compliance, Finance, Risk & Performance Management, Group Balance Sheet Management, Investor Relations & Ratings, Corporate Communication (including CSR), Human Resources, Group Risk Management, Asset Management and the company secretary.

Before gathering information and writing the Annual Report, the SG and the WG decided on the structure and key messages of the report. The WG then translated these guidelines into drafts, which were reviewed by a committee of members from the WG, SG and RG. During the reporting process, the RG delivered feedback on the draft Annual Report. The RG is represented by directors. The final draft texts of the Annual Report are discussed in the respective meetings of the EB, the SB and the A&RC. Disclosure of the Annual Report is subject to the approval of the EB and the SB.


The consolidated financial statements of a.s.r. have been prepared in accordance with IFRS – including the IAS and Interpretations – as adopted by the EU, and with the financial reporting requirements included in Title 9, Book 2 of the Dutch Civil Code, where applicable.

Pursuant to the options offered by Section 362, Book 2 of the Dutch Civil Code, a.s.r. has prepared its company financial statements in accordance with the same principles as those used for the consolidated financial statements. All amounts quoted in these financial statements are in euros and rounded to the nearest million, unless otherwise indicated. Calculations are made using unrounded figures. As a result rounding differences can occur.

The Solvency II figures in this report are based on the standard formula. In addition to the information in this report, a.s.r. also publishes a separate Solvency and Financial Condition Report (SFCR).

This report has been prepared in accordance with the latest Standards of the Global Reporting Initiative (GRI). These in 2021 revised Universal Standards represent the most significant update since GRI transitioned from providing guidance to setting standards in 2016. The GRI Standards provide relevant and clear requirements for reporting on economic, social and environmental aspects. The GRI Content Index, including additional information not included in the Annual Report itself, can be found in chapter 7.10. In addition, the Integrated Reporting Framework of the Value Reporting Foundation has been used to further integrate the financial and non-financial information into the Management report.

a.s.r. is a UN Global Compact signatory since 2011, and reports annually on its progress of implementing the ten UN Global Compact principles. These principles are related to human rights, labour, environment and anti-corruption. See for more information

As a large listed company in the Netherlands, a.s.r. is required to comply with the EU Directive on the disclosure on non-financial and diversity information. This directive is implemented in Dutch law and applies to Annual Reports published after 1 January 2018. a.s.r. is required to report about non-financial information in relation to environmental, social and personnel matters, in respect of human rights and combatting bribery and corruption. Please find the EU Directive reference table in chapter 7.12. a.s.r. also reported for the first time on the EU Taxonomy Regulation requirements of the EU SFAP regulation, please refer to chapter 4.4 for the implementation of these reporting criteria.

a.s.r. uses the Greenhouse Gas (GHG) Protocol to report its emissions.

a.s.r. recognises that climate change events can have an impact on the company and its business. Since 2019, a.s.r. has externally disclosed that it is aligning its climate action approach to TCFD. a.s.r.’s approach to addressing climate change is described in chapter 4.5, and a.s.r. included a TCFD reference table in chapter 7.11. a.s.r. also published an Climate report 2021, please see


a.s.r. selected the most relevant Sustainable Development Goals (SDGs) out of the total set of 17 SDGs as presented by the UN in 2015. These are the goals to which a.s.r. can contribute the most as a sustainable insurer, employer, investor and as a socially responsible business partner: the SDGs 1, 3, 7, 8, 13 and 15. Please refer to chapter 2.7 for more details.

Presentation of non-financial data

The definitions and calculation methods of indicators are presented in the relevant chapters among which chapter 7.7. In 2021 no restatements have been made.

Audit and assurance of the auditor

The consolidated financial statements have been audited by a.s.r.’s external auditor, KPMG. KPMG’s audit opinion can be found in chapter 7.2 included in the Annual Report. The information included in chapter 4.4 related to the EU Taxonomy Regulation and in chapter 7.12 related to the EU Directive on the disclosure on non-financial and diversity information have been subject to COS 720 procedures performed on all ‘other information’ as disclosed in the audit opinion on the financial statements.

In addition to the financial results, KPMG also performed a review of the non-financial information in this Annual Report. Just like in 2020 the four strategic KPIs (Net Promoter Score, Impact investing, Carbon footprint in % of portfolio for own account and Employee contribution to local society) were audited with a reasonable level of assurance. In 2021, 23 selected HR related indicators were audited for the first time with a reasonable level of assurance, in 2020 these indicators were reviewed with a limited level of assurance. All other non-financial information has as in previous years been reviewed with a limited level of assurance. KPMG’s assurance report can be found in chapter 7.1. The SB, EB and senior management are involved in seeking external assurance for the organisation’s non-financial information.