Chapters Downloads Search
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 Notes to the consolidated balance sheet
6.5.4
Associates and joint ventures

See accounting policy U.

Associates and joint ventures
​Interest31 December 202131 December 2020
At equity method​​​
Associates and joint venturesranging between 10 % and 50 %102101
​​​​
At fair value through profit or loss​​​
Real estate equity fundsranging between 30 % and 70 %1,8171,735
Mortgage equity fundsranging between 5 % and 20 %781590

The real estate equity funds consists of the ASR Dutch Mobility Office Fund (DMOF), ASR Dutch Prime Retail Fund (DPRF) and the ASR Dutch Core Residential Fund (DCRF). The mortgage equity funds consists of the ASR Mortgage Fund. The interests in these funds are classified and presented as an investment at fair value through profit or loss. For more information, see chapter 6.5.5 and 6.7.1.

Investments in associates and joint ventures generally have a duration of more than one year after the balance sheet date.

Changes in associates and joint ventures at equity method
​20212020
At 1 january10199
Acquisitions62
Disposal-13-3
Share of profit/(loss)94
Dividend-2-1
​​​
At 31 December102101

The disposal relates to the acquisition of the remaining 50% of outstanding shares of Brand New Day IORP. Brand New Day IORP is therefore no longer accounted for as a joint venture. See chapter 6.4.5.

Some participating interests in which a.s.r. has an interest of less than 20% qualify as associates, because a.s.r. has significant influence as a result of contractual agreements. a.s.r. also has interests of 50% or more in associates at fair value through profit or loss. a.s.r. has no control over these entities as the ability to direct the relevant activities is limited by contractual agreements and therefore does not consolidate these entities.

The information disclosed in the tables below is based on the most recent financial information available from the associates and joint ventures. This is primarily based on the investee’s financial statements and their accounting policies. If these policies differ from a.s.r.'s accounting policies, carrying amounts in a.s.r.’s consolidated financial statements have been changed to be in line with a.s.r.’s policies.

Financial information available from the associates and joint ventures
​31 December 202131 December 2020
​Associates and joint ventures at equity methodReal estate equity fundsMortgage equity fundsTotalAssociates and joint ventures at equity methodReal estate equity fundsMortgage equity fundsTotal
Total assets3764,0198,16812,5632,5193,8186,32812,664
Total liabilities1632641005272,237341852,662
Total income197171240607185171164519
Result from continuing operations202662084941599140254
Total comprehensive income202662084941599140254

The decrease in assets and liabilities of the associates and joint ventures at equity method relates mainly to the acquisition of Brand New Day IORP.

The total assets of the real estate equity funds consist primarily of investment property, € 3,766 million (2020: € 3,621 million). The total assets of the mortgage equity funds consist primarily of mortgages, € 7,991 million (2020: € 6,193 million).

The interest in the real estate equity funds are as follows:

Investments
​31 December 202131 December 2020
ASR Dutch Prime Retail Fund625649
ASR Dutch Core Residential Fund1,079976
ASR Dutch Mobility Office Fund113110
​​​
Total1,8171,735
6.5.3 Investment property6.5.5 Investments
werken bij a.s.r.privacyverklaringcookieverklaringdisclaimerfraudebeleidmeldpunt digitale kwetsbaarheden © a.s.r.