Annual Report 2021
Financial statements
Additional information

1. Mergers and Acquisitions

On 26 August 2020, a.s.r. announced the intended acquisition of 50% of the Brand New Day Premiepensioeninstelling N.V. (Brand New Day IORP) shares from Brand New Day Houdstermaatschappij N.V. a.s.r. already held 50% of the shares and is now the sole owner of Brand New Day IORP. The transaction was closed on 1 April 2021.

On 23 December 2021, a.s.r. completed the acquisition of part of the Princess Ariane windpark by acquiring the assets and liabilities of wind farm Wieringermeer. As a result, a.s.r. will be the owner of part of the largest Dutch onshore wind farm. In this way, a.s.r. makes a positive contribution to the energy transition and to preserving a sustainable living environment. The a.s.r. Solvency II ratio is not significantly impacted as a result of the acquisition.

2. Capital Market transactions

a.s.r. did not redeem or issue hybrid or subordinated capital in 2021.

3. Share buyback programme

a.s.r. made additional capital distributions of 75 million per annum in 2020 and 2021 and intends to distribute another 75 million in 2022. a.s.r. has the further intention for the medium term after 2022 to make an additional capital distribution of at least100 million per year, on top of the progressive regular dividend. Any additional capital distribution shall be conditional upon our Solvency II ratio (based on the standard formula) to remain above 175% (lowered from 180%), as a.s.r. aims to maintain a robust balance sheet. The additional distribution will be financed from the available OCC, taking into account the regular dividend, room for potential bolt-on acquisitions and re-risking. If there are opportunities for larger acquisitions, this may have implications for the annual additional capital distribution .a.s.r. will assess the possibility of an additional distribution on an annual basis. a.s.r. decided to buy back 75 million of own shares, starting on 24 February 2022 and to be completed on or before 24 May 2022. Based on a.s.r. reporting policies, the announced share buyback in 2022, is not part of the presented Solvency II ratio per 31 December 2021.

4. Dividend

a.s.r. has proposed a total dividend per share of 2.42 over the full year 2021 (2020: 2.04 per share). Taking into account the interim dividend of 0.82 per share, the final dividend amounts to 1.60 per share. The final dividend amounts to
217.3 million based on the number of shares per 31 December 2021. From 2022 onwards, a.s.r. will apply a progressive dividend.

On 18 December 2020, DNB reiterated the recommendation from the European Systemic Risk Board (ESRB) to take the impact of COVID-19 and the low interest rate environment into account in their prospective analysis as part of the dividend proposals. a.s.r. has taken the recommendation into account in preparing the dividend proposal.

5. Deferred tax asset / liabilities

In accordance with the Delegated Regulation and the recommendations of DNB, netting on de balance sheet is only allowed with same tax authority and with same timing. Based on this netting principles, a.s.r. group contains a DTA and a DTL on the balance sheet. For tiering principles the split in DTA and DTL is not applicable.