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Annual Report 2021
About a.s.r.Operating environmentSustainable value creationBusiness performanceGovernanceFinancial statementsAdditional information
At a glance
Message from the CEO
Value creation model
The story of a.s.r.
Portfolio and execution of strategy
Key trends impacting a.s.r.'s operations
Strategic targets and performance
Material topics
Contribution to the Sustainable Development Goals
Sustainable value creation
Sustainable insurer
Sustainable investor
Sustainable employer
Trustworthy company
Investor community
Role in society
Group and segment performance
Risk management
Compliance
EU Taxonomy Regulation
Climate change
Statements of the Executive Board
Corporate Governance
Supervisory Board report
Remuneration report
Employee participation
Introduction
Consolidated financial statements
Accounting policies
Group structure and segment information
Notes to the consolidated balance sheet
Notes to the consolidated income statement
Other notes
Risk Management
Capital management
Operating result
Company financial statements
Independent auditor's report
Assurance report of the independent auditor
Provisions of the Articles of Association regarding profit appropriation
Report of the Stichting Continuïteit ASR Nederland
Facts and figures
About this report
Glossary
Abbreviations
Materiality analysis and stakeholder dialogue
GRI Content Index
TCFD recommendations
EU Directive: disclosure on non-financial and diversity information
Contact details
Strategic targets and performance 2019-2021Strategic targets 2022-2024
Sustainable products and servicesProduct Approval & Review ProcessIT and the digital strategyPrevention of payment problemsComplaints management
a.s.r. asset managementa.s.r. real estate
Organisational success and employee engagementEmployee Mood MonitorHR policy and strategyWorking conditionsRemunerationBusiness targets and personal targetsEmployee Share Purchase Plan
Socially responsible taxpayerHuman rightsIntegrityEthical reflectionPrivacyPolitical engagementCarbon footprint own operations
a.s.r. foundation
ASR Nederland N.V.Non-life segmentLife segmentAsset Management segmentDistribution and Services segmentHolding and Other segment (including eliminations)
Risk governanceRisk appetiteRisk descriptions
GeneralExecutive BoardSupervisory BoardCorporate Governance Codes and regulations
Meetings of the Supervisory BoardSupervisory Board Committees
IntroductionRemuneration policyExecutive BoardSupervisory Board
General informationImpact of COVID-19Statement of compliance
Consolidated balance sheetConsolidated income statementConsolidated statement of comprehensive incomeConsolidated statement of changes in equityConsolidated statement of cash flows
Changes in presentationChanges in EU endorsed published IFRS standards and interpretations effective in 2021New standards, interpretations of existing standards or amendments to standards, not yet effective in 2021Key accounting policiesOther accounting policies
Group structureSegmented balance sheetSegmented income statement and operating resultNon-life ratiosAcquisitions
Intangible assetsProperty, plant and equipmentInvestment propertyAssociates and joint venturesInvestmentsInvestments on behalf of policyholdersInvestments related to investment contractsLoans and receivablesDerivativesDeferred taxesOther assetsCash and cash equivalentsEquitySubordinated liabilitiesInsurance liabilitiesLiabilities arising from investment contractsEmployee benefitsProvisionsBorrowingsDue to customersDue to banksOther liabilities
Gross insurance premiumsInvestment incomeRealised gains and lossesFair value gains and lossesFee and commission incomeOther incomeNet insurance claims and benefitsOperating expensesImpairmentsInterest expenseOther expensesIncome tax (expense) / gain
Fair value of assets and liabilitiesOffsetting of financial assets and liabilitiesFair value of financial assets categorised into two groups based on business model and SPPI test resultsRelated party transactionsKey management personnel remunerationEmployee Share Purchase PlanContingent liabilities and assetsEvents after the balance sheet dateList of principal group companies and associatesProfit appropriation
Risk management system including the Own Risk and Solvency Assessment Risk Management SystemInsurance riskMarket riskCounterparty default riskLiquidity riskOperational riskStrategic and operational risk management
Capital management objectivesSolvency ratio and a.s.r. ratingsAdditional information
Company balance sheetCompany income statementNotes to the company financial statements
Financial indicatorsCustomer-related indicatorsHuman Resources indicatorsResponsible investor indicatorsInvestor community indicatorsEnvironmental indicatorsSustainability ratings
ContactPublication
Financial statements
Annual Report 2021 Financial statements Introduction
6.1.3
Statement of compliance

The consolidated financial statements of a.s.r. have been prepared in accordance with the IFRS – including the International Accounting Standards (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.

6.1.2 Impact of COVID-196.2 Consolidated financial statements
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