In February 2022, the Netherlands was confronted with severe storms and heavy rainfalls which caused significant damage. a.s.r. estimates the impact on result before tax at approximately € 40 million after reinsurance.

Also in February 2022, Russia invaded Ukraine which resulted in geopolitical and economic uncertainties. On the asset side a.s.r. has very limited direct exposure to investments in Russia and Ukraine. A possible side effect of the Russian invasion may be that the inflation will further increase over time. The impact of increasing inflation may be mitigated by increasing interest rates. At this point in time it is too early to fully quantify the impact thereof. For more information on the financial risks of inflation reference is made to chapter 4.2.