See accounting policies J, K, P and W.

6.5.15.1 Liabilities arising from insurance contracts

In 2020, changes in the composition of the group relates to the acquisition of Veherex (see chapter 6.4.5).

The insurance liabilities are deemed to be adequate following the performance of the LAT taking into account the UFR of 3.60% for 2021 (2020: 3.75%). The future UFR used under Solvency II and therefore also used for the LAT is subject to developments in the real interest rate and based on the EIOPA UFR methodology published in 2017. This methodology has resulted in an UFR of 3.45% in 2022 with future decreases expected in the coming years. a.s.r. performed a sensitivity analysis on the impact of the development of the UFR as if the UFR would have been 3.45% and concluded that it still has a limited surplus of the insurance liabilities over the IFRS-LAT.

In 2021, the technical result increased by € 30 million, mainly driven by further optimisation of the investment portfolio, resulting in higher investment income and less adverse COVID-19 effects on investment income. This more than offset a lower result on disability cover in pensions as well as the regular run-off of the Individual life portfolio.

6.5.15.2 Claims development table, Non-life

The table below is a ten-year summary of movements in gross cumulative claims in connection with the Non-life portfolio for the period from 2012 to 2021.

For the acquired entities gross claims in the claims development table includes claims from the original date of the claim.

6.5.15.3 Liabilities arising from insurance contracts on behalf of policyholders

At year-end 2021, the liabilities included a guarantee provision for a carrying amount of € 46 million (2020: € 49 million) and a provision related to unit-linked insurance contracts and pension contracts for a carrying amount of € 43 million (2020: € 45 million). These provisions relate to compensation for the cost of these contracts.

An amount of € 89 million of the liabilities arising from insurance contracts on behalf of policyholders is related to the a.s.r. DC pension plans.

Other changes relates to the transfer of insurance contracts to insurance contracts on behalf of policyholders due to new product features provided. .

Liabilities arising from insurance contracts on behalf of policyholders also include liabilities where conversions and switches have occurred in the insurance contract administration. The insurance contract still meets the definition of and continues to be classified as an insurance contract on behalf of policyholders and therefore continues to be included in the insurance contracts on behalf of policyholders administration. However, as a result of the conversion and switches, liabilities arising from insurance contracts on behalf of policyholders amounting to € 2,919 million (2020: € 2,913 million) are, in the classification and subsequent presentation, not backed directly with investments on behalf of policyholders. The related investments are included and presented in investments (available for sale) and loans and receivables.