Annual Report 2021
Operating environment
Material topics

a.s.r.’s strategy is aimed at sustainable long-term value creation for all stakeholders. The determination of the material topics is based on a consultation of main stakeholders and on the definitions of materiality drawn up by GRI and IIRC. The main stakeholders of a.s.r., customers, employees, investors and society, as well as the consultation method, are described in chapter 7.9, with an explanation of how stakeholders are included in the determination of material topics for this Annual Report. The material topics for a.s.r. are presented in the table below, with a brief explanation of how a.s.r. has an impact on these topics, as well as their impact on a.s.r. (based on the double materiality perspective). All material topics included are deemed relevant based on the results of the materiality analysis, the topics are therefore not prioritised. The key perfomance indicators (KPIs), targets and results linked to the topic are also shown with a reference to the relevant Sustainable Development Goals (SDGs (for more information on the impact of a.s.r. on the SDGs, see chapter 2.7). The Executive Board (EB) and Supervisory Board (SB) are informed regularly on the progress on material topics, KPIs and targets, for more information see chapter 5.1.2.

Material topicMeeting customer needs
Customer satisfaction has an impact on customer relations and winning new customers and thereby on the financial performance of a.s.r. a.s.r. therefore aims for continual improvement of its products, services and processes in order to serve customers even better. a.s.r. does this in several ways, including making information and products accessible and transparent assessing the quality and suitability of a product in the PARP review process. a.s.r. is also investing in easily accessible IT platforms. In order to monitor a.s.r.’s performance and improve this where necessary, a.s.r. measures the NPS and uses the Customer Interests Dashboard of the Authority for the Financial Markets (AFM).
KPIs and targets 2021NPS-c: > 44
Result: 49
Medium and long-term targetsNPS-r: > market average in the period 2022-2024
The target for 2023 is to have 90% of customers digitally activated
Chapter reference2.5, 3.1 and 4.1
Material topicDeveloping and promoting sustainable products / services
a.s.r. offers various sustainable products and services in all its business lines, such as sustainable repair and the sustainability mortgage (Verduurzamingshypotheek). Offering sustainable products and services enables a.s.r. to contribute towards a sustainable, future-proof society. Furthermore, sustainable products and services increase the appeal of a.s.r. for the growing group of customers that regard sustainability as important. The Sustainable Insurance Policy states that sustainability considerations (such as potential impact on ESG topics) are integrated into the different phases of the product policy.
KPIs and targets 2021Increase of the percentage of sustainable repair to vehicles and fire damage of property to 60% and 20% respectively, of all repairs
Result: A monitoring dashboard was developed to measure progress on the target on sustainable repair. The first data was available in the fourth quarter. It is not possible yet to report 2021 percentages.
18% of new mortgage customers opt for a sustainability mortgage
Result: 13%
Medium and long-term targetsIncrease of the percentage of sustainable repair to vehicles and fire damage to property to 85% and 50% respectively, of all repairs in 2025
SDGs1, 3, 7, 8, 13 and 15
Chapter reference3.1, 3.2, 3.6 and 4.1
Material topicSocially responsible investments
Through its investment policy, an insurer has an impact on sustainability caused by companies in the investment portfolio. a.s.r. already decided in 2007 to invest in companies, industries and countries that contribute towards sustainability, on the basis of ethical and sustainability criteria. a.s.r.'s SRI policy includes a strict exclusion policy for controversial activities. As a result of this policy, a.s.r. is recognised as a sustainable investor by various benchmarks and analysts, leading to a greater appeal for ESG-oriented investors and customers that regard sustainability as important.
KPIs and targets 2021100% compliant with a.s.r. SRI policy
Result: 100%
1.2 billion impact investments (for own account)
Result: 2.5 billion
Medium and long-term targets100% compliant with a.s.r. SRI policy
4.5 billion impact investments (for own account) by 2024
SDGs1, 7, 13 and 15
Chapter reference2.5 and 3.2
Material topicMitigating and adapting to the consequences of climate change
Financial institutions such as a.s.r. must increasingly take account of risks associated as a result of climate change, transition policy, technological developments and the transition to a climate-neutral economy. Via its investment portfolio, a.s.r. has a position in companies with a negative impact on climate change and has therefore set an ambitious reduction target. a.s.r. also has a role as a (co-)driver of the transition by making investments that enable the energy transition. a.s.r. also has a role to play in the energy transition as an insurer, by including sustainable elements in products and services of Non-life.
KPIs and targets 2021Carbon footprint: 95% of investment and mortgages portfolio (for own account) measured
Result: 96%
1.2 billion impact investments (for own account)
Result: 2.5 billion
Medium and long-term targetsCarbon footprint: 65% reduction own account investments in 2030 (compared to 2015) Investment portfolio AVB and underwriting portfolio net zero in 2050 4.5 billion impact investments (for own account) by 2024
Make 100% of P&C’s insurance products as far as they are influenced by climate risks and opportunities, more resilient and enhance them with (more) sustainable covers in 2025
SDGs7 and 13
Chapter reference2.5, 2.7, 3.1, 3.2 and 4.5
Material topicRobust financial framework
Customers must be able to rely on a.s.r. being able to always meet its financial commitments. Financial solidity is essential and therefore has the highest priority. The financial position, including solvency, is continually monitored and reports on this are presented to the Executive Board (EB) and Supervisory Board (SB).
KPIs and targets 2021Solvency II ratio: safely above 160%
Result: 196%
Operating ROE: 12-14% per annum
Result: 16.3%
Dividend pay-out ratio: 45-55%
Result: 45%
OCC: > 500 million
Result: 594 million
Financial leverage: < 35%
Result: 24.8%
Rating S&P: Single A
Result: A
Medium and long-term targetsTargets for the period 2022-2024
Solvency II ratio: > 160%
OCC: 1.7-1.8 billion cumulative for this period
Operating ROE: 12-14%
Dividend: progressive
SBB: ≥ 100 million
Chapter reference2.5, 4.1 and 6
Material topicContributing to financial self-reliance
a.s.r. contributes to solidarity and makes risks manageable for customers. This provides peace of mind and gives them the confidence to take new steps in life. a.s.r. also aims to keep or make vulnerable target groups or specific risks insurable. a.s.r. encourages people to make conscious financial choices and a.s.r. thus actively contribute to preventing and resolving financial problems. a.s.r. does this by proactively offering a solution to customers with payment arrears, and by making an active contribution to financial fitness in society. This has a positive impact on both the customers of a.s.r. and on a.s.r. itself, for example through higher customer retention.
KPIs and targets 2021+5% employee contribution to local society per annum (base year 2018)
Result: -45%
Medium and long-term targets8,750 hours of voluntary employee contribution to local society in 2022
25,000 households supported with their current and / or future financial situation in 2025
Chapter reference2.5.1, 2.7 and 3.6
Material topicSupporting vitality
Growing attention to health and vitality is partly driven by social trends and issues such as rising health care costs and the increase in the retirement age. COVID-19 has underscored the importance of a health care system that functions well. This has a direct impact on a.s.r. as a disability and health insurance provider. a.s.r. focuses on preventing illness, absenteeism or disability among customers and employees. a.s.r. achieves this, e.g. by offering a.s.r. Vitality and various health programmes aimed at exercise, sleeping well and stress prevention.
KPIs and targets 2021Number of a.s.r. Vitality subscribers: at least 75,000
Result: 79,462
Absenteeism rate: below 3.5%
Result: 3.7%
Nil absenteeism: up to 58% of total work force
Result: 63%
Number of new health programmes: 3
Result: 7 new programmes
Number of customers participating in health programmes: 10,000
Result: 18,980 participants
Medium and long-term targets-
Chapter reference2.7, 3.1, 3.3 and 4.1.2
Material topicContributing to (sustainable) employability
a.s.r. offers disability insurance for individuals and employers and aims for sustainable employability in order to avoid employee churn. Sustainable employability is the capacity of an employee to provide added value for an organisation, now and in the future, and thus to also experience added value themselves. Sustainable employability is also important for a.s.r. as an employer, and the target is therefore to fill as many vacancies as possible internally.
KPIs and targets 2021Number of a.s.r. Vitality subscribers: at least 75,000
Vacancies filled internally: at least 40%
Result: 50%
Medium and long-term targets-
SDGs3 and 8
Chapter reference2.7, 3.1, 3.3 and 4.1.2
Material topicFostering diversity and inclusion
a.s.r. is an insurer for people living and working in the Netherlands, with specific attention for (vulnerable) groups, within the limits of its risk appetite and financial targets. a.s.r. also has an impact on this topic as an employer. Via the Diversity policy, a.s.r. aims for a balanced composition of its workforce on the basis of gender, age, religious conviction, physical and mental abilities, background and orientation. Diversity among employees has a positive impact on a.s.r., because a.s.r. believes that differences make the company stronger and better.
KPIs and targets 2021At least one-third (33%) of the Supervisory Board, Executive Board and senior management (SM) to be female or male
Result: SB 40 / 60%, EB 33 / 67% and SM 25 / 75%
Medium and long-term targetsTop 25% in the Diversity and Inclusion module of Denison until 2024
Number of employees through the Participation desk: 70 in 2026
Chapter reference2.7, 3.3, 3.6and 5.1
Material topicBiodiversity and ecosystem services
a.s.r. is dependent on biodiversity, partly because it invests in companies with a high or very high dependence on biodiversity. However, biodiversity is diminishing as a result of human actions, caused partly by companies in which a.s.r. invests, that are a.s.r. customer or to which a.s.r. leases land. Loss of species can also lead to a loss of ecosystem services, such as clean water supply, fertile soils and carbon storage, which a.s.r.'s customers and the companies in its investment portfolios use. a.s.r. has therefore signed the Finance for Biodiversity Pledge and is currently working to define the impact of the activities on biodiversity. The method for this is still in development. a.s.r. will determine the relevant KPIs and targets after assessing the impact.
KPIs and targets 2021-
Medium and long-term targetsIn signing the Pledge, a.s.r. has set itself the goal of making an active contribution to:
- cooperation and sharing knowledge
- engaging with companies
- impact assessment
- formulating objectives
- reporting publicly on this no later than 2024
Chapter reference2.7, 3.2, 4.2 and 4.5