Annual Report 2021
Additional information

Amortised cost
The amount at which a financial asset or financial liability is measured on initial recognition net of principal repayments, plus or minus accumulated amortisation using the effective interest method or any difference between that initial amount and the amount at maturity, and minus any reduction for impairments or collectability.

An entity over which a.s.r. has significant influence and which is neither a subsidiary nor an interest in a joint venture.

Basis point
One-hundredth of one percent (0.01%).

Building Research Establishment Environmental Assessment Methodology (BREEAM)
BREEAM, which was first published by the Building Research Establishment (BRE) in 1990, is the world's longest established method for assessing, rating, and certifying the sustainability of buildings.

Carbon dioxide equivalent (CO2e)
Carbon dioxide equivalent (CO2e) is calculated from the global warming potential, which is the heat absorbed by any greenhouse gas in the atmosphere. Meaning that for any gas, it is the mass of CO2 that would warm the earth as much as the mass of that gas.

Carbon footprint of portfolio for own account
The non-financial target regarding the carbon footprint coverage shows the percentage of a.s.r.'s internally managed AuM for the own account of ASR Nederland N.V., where a.s.r. has measured at least the carbon emissions scope 1+2. a.s.r.'s activities are divided into three categories, namely Asset Management, Real Estate and Mortgages. The carbon footprints published in this report are all in CO2e. The valuation method for financial amounts, such as totals that are published, are in line with the method applied for the balance sheet in the financial statements unless specified otherwise.

Asset Management
For Asset Management the carbon footprint includes all asset classes, in particular sovereign bonds, corporate bonds, mortgage loans, Interest Rate Swaps, direct real estate, listed equity and cash. For the carbon calculations external sources are used, namely Bloomberg, Vigeo Eiris and Eurostat. This methodology is aligned with PCAF.

Real Estate
For Real Estate the most recent figures from a selected set of external data providers are used in the carbon footprint calculation. Data coverage is calculated by dividing the financial value of objects for which carbon emission data is available by the total financial value of all objects. The carbon emissions data are derived from external sources, namely HAS Hogeschool (via the Geographic Information System (GIS)) and Cushman & Wakefield. This approach is in line with the GRESB benchmark.

For Mortgages the data coverage figure covers all assets under management of the mortgage portfolio. The figure is calculated based on the average energy usage in kWh and use of cubic metres of natural gas per energy label, building year and type of house. The data used for these carbon calculations are derived from external sources, namely RVO, Calcasa and CBS. This methodology is aligned with PCAF.

Claims ratio
The cost of claims, net of reinsurance in Non-life, excluding the internal costs and exclusively commissions paid of handling non-life claims, less interest accrual on reserves, and a margin of prudence for health, expressed as a percentage of net earned premiums.

Clean fair value
The fair value of an asset or liability, excluding the unrealised portion of accrued interest.

Closed books
Closed books are policies that are no longer sold but are still on the books of a life insurance carrier as premium paying policies.

A financial instrument with all three of the following characteristics: (a) Its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided, where a non-financial variable is concerned, the variable is not specific to a party to the contract (sometimes referred to as the underlying); (b) It requires no initial net investment or else an initial net investment which is lower than would be required for other types of contracts that would be expected to have a similar response to changes in market factors and (c) It is settled at a future date.

Discounted cash flow method
A valuation technique whereby expected future cash flows are discounted at a rate that expresses the time value of money and a risk premium that reflects the extra return that investors demand as compensation for the risk that the cash flows may not materialise.

Discretionary Participation Feature
A contractual right to receive, as a supplement to guaranteed benefits, additional benefits that are likely to be a significant portion of the total contractual benefits, the amount or timing of which is contractually at the discretion of the issuer, which are contractually based on the performance of a specified pool of contracts or type of contract, realised and / or unrealised investment returns on a specified pool of assets held by the issuer, or the profit or loss of the company, fund or other entity that issues the contract.

Embedded derivative
A component of a hybrid instrument that also includes a non-derivative host. The host contract may be a bond or equity, a lease, an insurance contract or a contract of purchase and sale.

Employee benefits
All forms of consideration given by an entity in exchange for service rendered by employees.

Employee contribution
a.s.r.'s employee contribution to local society is measured by the volunteering hours of both a.s.r. employees as well as external employees working on behalf of a.s.r. These hours are non-profit and might include activities of the a.s.r. foundation. This contribution can be done in a team or on an individual basis. For some activities the time is estimated based on a standardised table. Activities include improving financial literacy, being a financial buddy, reading aloud to children, etc., as well as team activities for societal organisations. Employees that are involved in an activity within a domain (Financial self-reliance and Helping by doing) more than once per calender year are considered a doublecount. And as such only included once in the figure reported for number of employees involved. Volunteering hours also include training hours, travel time and the actual execution of the employee contribution.

Employee engagement
Employee engagement is measured through the Denison scan that is performed annually. Employees are asked to fill in a questionnaire on the basis of four drivers of engagement: vision, core values, empowerment and knowledge development. The results are compared with a global benchmark of more than 1,200 large organisations which use the Denison scan.

Employee Mood Monitor (eMood®)
The eMood® score measures how employees feel in terms of happiness at work, vitality and productivity. The average of these scores is called the mood of a.s.r. or another organisation using eMood®. All weekly scores are consolidated in the score per year.

Employee Net Promoter Score (eNPS)
The eNPS, the extent to which employees would actively recommend a.s.r. as an employer, is also measured via the Employee Mood Monitor. The eNPS provides a.s.r. with an insight into the loyalty and perceived attraction of a.s.r. as an employer.

Employee turnover
The employee turnover is measured through a percentage which is the total outflow of employees divided by the average number of employees. This figure can be split into voluntary and involuntary turnover.

Engagement is a constructive dialogue designed to increase the level of sustainability. a.s.r. uses three types of engagement: (1) influencing, (2) monitoring, and (3) public engagement.

Environmental, social and governance (ESG)
ESG refers to the three main areas of concern that have developed as central factors in measuring the sustainability and ethical impact of an investment in a company. These areas cover a broad set of concerns increasingly included in the non-financial factors that feature in the valuation of investments in equities, property, and corporate and fixed-income bonds. ESG is the catch-all term for the criteria used in what has become known as socially responsible investment.

Expense ratio
Expenses, including the internal costs of handling non-life claims, minus internal investment expenses and restructuring provision expenses, expressed as a percentage of net earned premiums.

Fair value
The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Global Reporting Initiative (GRI)
The GRI is an international organisation that defines standards for sustainability reporting.

Global Real Estate Survey Benchmark (GRESB)
The GRESB is a benchmark that looks at the sustainability performance of more than 700 institutional investment funds worldwide.

An asset representing the future economic benefits arising from other assets acquired in a business combination which are not individually identified and separately recognised.

Gross written premiums
Total revenues (earned or otherwise) expected to be received for insurance contracts over the life of the contract, including reinsurance premiums.

Hedge accounting
Hedge accounting recognises the offsetting on profit or loss of changes in the fair value of the hedging instrument and the hedged item.

Impact investing
a.s.r. aims to contribute to sustainable development through impact investing within various asset classes: Asset Management, Mortgages and Real Estate. a.s.r.'s impact investments include: listed equity (funds), private equity, green, social & climate bonds, loans, and sustainability improvement mortgages. The valuation method for financial amounts, such as totals that are published, are in line with the method applied for the balance sheet in the financial statements unless specified otherwise.

Asset Management
a.s.r. defines investments in organisations or governments with the intention of generating a positive impact in addition to positive financial returns on a sustainable future for people and the planet as impact investing. When Asset Management selects these investments (e.g. through listed equity (funds), private equity or private debt), the output side of an organisation (products, services) is considered, not the input side (ESG policy, initiatives, risk management). In order to qualify as an impact investment, a company or government must always be allowed within the general SRI policy. a.s.r. also invest in impact bonds, an impact bond meets the following conditions: The bond complies with the Green Bond Principles, Climate Bond Principles or Social Bond Principles and the set-up of the bond and / or the use of proceeds has been reviewed by a third party. For impact companies is it key that over 50% of the company's output comes from products or services (with a theory of change) that contribute to the SDGs as defined in the UN PRI Market map or another theory of change approved by the a.s.r. ESG Committee.

Real Estate
The Global Impact Investing Network defines impact investing as: Investments made into companies, organisations, and funds with the intention to generate positive, measurable social and environmental impact alongside a financial return. This definition is used by a.s.r. to calculate the figure of impact investments for real estate activities.

In 2021, Real Estate established two new impact themes, which means there are now four themes through which a.s.r. real estate has an impact on society. These four themes are: 1. Affordable housing, 2. Dutch Science parks, 3. International non-listed real estate, and 4. Sustainable mobility. The 2021-data include investments in theme 1 and 2. For the coming years investments are expected in theme 3 and 4 as well. Furthermore, a new impact theme, Renewable energy, is expected to be included in 2022 as well.

Theme 1. Affordable housing: ASR DCRF developed an impact investment strategy that focuses on the addition of affordable dwellings to its portfolio. To make a measurable impact, the Fund monitors the addition of assets under management within the affordable range, as defined above. The Fund also has a clear focus on affordability in its standing portfolio. To keep affordable dwellings in the standing portfolio affordable in future, the Fund:

  • Implements moderated (yearly) rental increases.

  • Caps rents in line with the current market rents.

  • Actively lowers living costs by implementing energy-saving measures (PV panels, LED lights and the maintenance programme).

Theme 2. Dutch Science parks: ASR DSPF is dedicated to making a positive and measurable impact on the quality of science park ecosystems in the Netherlands by investing in commercial real estate, which is needed for science park ecosystems to realise their full potential. By providing an ideal setting for companies that work on a wide range of innovative and sustainable products and solutions, the Fund is making a valuable contribution towards an equally diverse range of real world problems. With this in mind, the Fund not only reports on its direct positive impact on science park ecosystems, but also on the impact its tenants make in terms of the SDGs.

a.s.r. defines mortgage loans that make a positive contribution to solving one or more problems in the societal (both social and environmental) field as impact investing. And more specifically, where governments and civil society organisations are not sufficiently able to solve certain (persistent) societal issues on their own. The main target is to generate a measurable positive impact on a sustainable future for people and the planet. These investments are visible in (parts of) concrete products and services. Financial return is important, but not the most important. Currently the Verduurzamingshypotheek, het Energiebespaar Budget (EBB) and the Energiebesparende Voorzieningen (EBV), which can only be used for housing improvements aimed at sustainability, are in line with this definition and are included in a.s.r.'s impact investing figures. Examples of sustainable housing improvements financed through these products include insulation solutions, solar panels and heat pumps.

The amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. The asset's carrying amount is reduced to its fair value and recognised through profit and loss.

Institution for Occupational Retirement Provision (IORP)
IORP is a pension vehicle in the form of a separate legal entity which can operate a DC pension scheme on a separate account basis during the pension accrual phase. When an employee reaches his or her retirement age, the IORP transfers the accrued capital to a pension insurer of the employee's choice to pay the pension benefits. Employers wishing to insure any additional risks (such as survivors' pensions) can do so through an IORP.

Insurance contracts
A contract under which one party (a.s.r.) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder.

Intangible asset
An identifiable, non-monetary asset without physical substance.

Internal FTE
An employee on an employment contract of definite or indefinite duration with a.s.r. or one of its subsidiaries.

International Financial Reporting Standards (IFRS)
As of 1 January 2005, these standards have been the generally accepted international accounting policies that apply to all listed companies in the EU. They make annual results easier to compare and offer a better understanding of a company's financial position and performance.

International Integrated Reporting Council (IIRC)
The IIRC is a global coalition of regulators, investors, companies, standard setters, the accounting profession, academia and NGOs. The coalition promotes communication about value creation as the next step in the evolution of corporate reporting.

Investment contract
A life insurance contract that transfers FR with no significant insurance risk.

Investment property
Property held to earn rentals or for capital appreciation or both.

Joint venture
A contractual arrangement under which two or more parties undertake an economic activity that is subject to joint control.

Living Wage
The United Nations' Universal Declaration of Human Rights (1948) states that everyone who works has the right to just and favourable remuneration ensuring for himself and his family an existence worthy of human dignity. A living wage can be defined as: the remuneration received for a standard work week by a worker in a particular place sufficient to afford a decent standard of living for the worker and her or his family. Elements of a decent standard of living include food, water, housing, education, health care, transport, clothing, and other essential needs including provision for unexpected events. A living wage may therefore differ from one country, region or even city to the next.

An aspect is considered material if it is relevant to the stakeholders, has a reasonably estimable economic, environmental, and / or social impact and can have a major impact on the development of a.s.r. The greater the impact of the aspect on both society and a.s.r.'s business operations, results and strategy, the greater its materiality.

Net Promoter Score (NPS)
The NPS is a management tool that can be used to gauge the customer satisfaction of an organisation's customers. It is an alternative way to measure customer satisfaction. These are mostly focused on advisors. a.s.r. does use the NPS-c and the NPS-r. The NPS-c is performed after customers had been in contact with an employee of a.s.r. by phone. The analysis of the customer relationship via the NPS-r is an extension of the analysis compared to the methodology of the NPS-c which only measured customer satisfaction during contact moments. The group target for the 2019-2021 is based on NPS-c, the group target for 2022-2024 is based on NPS-r.

The following question is asked: how likely are you to recommend a.s.r. to your family, friends and colleagues based on your experience with the a.s.r. employee?

Calculation of the NPS: With a score of 9 or 10, the customer is seen as a promoter (recommendation). With a score of 7 or 8, the customer gets the predicate passive. He or she will neither recommend nor discourage the brand. With a score of 0 to 6, the customer will discourage the brand. The NPS term for this is detractor (criticaster). The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters. The NPS scores presented reflect the year end scores.

Nil absenteeism
Nil absenteeism is the percentage of employees who have not reported sick during the reporting period.

Non-participating life insurance contracts
In non-participating life insurance contracts, all values relating to the policy (death benefits, cash surrender values, premiums) are usually determined at policy issue, for the life of the contract, and cannot usually be altered after issue.

Notional amount
An amount of currency, number of shares, number of units of weight or volume or other units specified in a derivatives contract.

Operating lease
A lease that does not transfer substantially all the risk and rewards incidental to ownership of an asset.

Operating Return on Equity
A measure of financial performance calculated by dividing the operating result (after hybrid costs and net of taxes) by the average adjusted equity attributable to shareholders for the reporting period.

A financial instrument that conveys the right to buy (call option) or sell (put option) a security at a reference price during a specified time frame.

Organic capital creation (OCC)
The sustainable creation of capital from both the change in the EEOF and the change in the SCR on Solvency II basis. To express the change in SCR in EOF-equivalent terms, the change in SCR is multiplied by the Solvency II ratio. The OCC consists of three elements: (1) Business Capital Generation, (2) Release of Capital and (3) Technical Movements. In this definition, sustainable means: generated by the company on its own account, net of external and one-off effects. This results in a view on the Solvency II figures that is comparable with the definition of the operational result on IFRS basis.

Order in Council
An Order in Council is a decision taken by the Dutch government with respect to statutory provisions.

Private equity
An asset class consisting of equity securities of companies that are not publicly traded on a stock exchange. The transfer of private equity is strictly regulated. In the absence of a marketplace, any investor looking to sell their stake in a private company personally has to find a buyer.

A liability of uncertain timing or amount. Provisions are recognised as liabilities if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations (assuming that a reliable estimate can be made).

Recoverable amount
The recoverable amount of an asset or a cash-generating unit is its fair value less costs to sell or its value in use, whichever is higher.

Return on Equity (ROE)
A measure of financial performance calculated by dividing the net result attributable to holders of equity instruments by the average equity attributable to shareholders for the reporting period.

Securities lending
This refers to the lending of securities by one party to another, with the latter agreeing to return the securities on a specified future date. The borrower usually provides the lender with collateral. Securities lending allows the owner of the securities to generate extra income.

Shadow accounting
Shadow accounting allows a recognised but unrealised gain or loss on an asset to be transferred to insurance liabilities.

Socially responsible investment (SRI)
Investing with due regard for ethical standards, policies and procedures, in line with the interests of a.s.r. stakeholders, where the integration of ESG criteria is key. To achieve this a.s.r. uses multiple ESG approaches such as the exclusion of controversial activities, exclusion of companies and countries due to their ethical performance, the engagement dialogue, the integration of ESG assessments in the portfolio construction and impact investing. A detailed description of a.s.r.'s SRI policy is published on

Solvency II
Solvency II is an EU regulatory regime that has been in force in all member states since 1 January 2016. It has introduced a new, harmonised Europe-wide regime for insurance companies and sets regulatory requirements for solvency and risk governance.

Stakeholders are individuals or organisations that have an interest, of whatever nature, in an organisation. They have a link with its activities, share in its earnings, influence its performance and assess its ESG effects. a.s.r.'s main stakeholder groups are customers, employees, investors and the society as a whole.

An entity that is controlled by ASR Nederland N.V. (the parent company) or a subsidiary of ASR Nederland N.V.

Transaction date
The date at which a.s.r. enters into the contractual terms of an instrument.

Trees for All
Trees for All is a foundation and recognised charity with the Dutch Fundraising Regulator (CBF) quality mark. Trees for all invests in the construction of new forests and the protection of existing forest. These projects generate extra income for the local population and contribute to the restoration of nature and the environment.

United Nations Global Compact principles (UNGC)
The UNGC is a non-binding United Nations pact to encourage businesses worldwide to adopt sustainable and socially responsible policies, and to report on their implementation. The UN Global Compact is a principle-based framework for businesses, stating ten principles in the areas of human rights, labour, the environment and anti-corruption.

United Nations Guiding Principles on Business and Human Rights (UNGPs)
The UNGPs is an instrument consisting of 31 principles implementing the United Nations' Protect, Respect and Remedy framework on the issue of human rights and transnational corporations and other business enterprises.

United Nations Principles for Responsible Investments (UN PRI)
The UN PRI is a framework for institutional investors. The principles, which were launched in April 2006, pertain to the integration of ESG aspects into investment policies. For more information, see

Value in use
Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit.

Value Of Business Acquired (VOBA)
The present value of future profits embedded in acquired insurance contracts. VOBA is recognised as an intangible asset and amortised over the effective life of the acquired contracts.