Annual Report 2021
Operating environment
The story of a.s.r.

The history of a.s.r. and its legal predecessors dates back to 1720. The needs and interests of customers have taken priority from the very start. a.s.r. is continually committed to offer products and services that are sustainable, clear and transparent and that add value for customers, employees, investors and society. Innovation and business developments are necessary in order to be able to grow along with customer requirements in an environment that is changing fast, e.g. through digitisation. In order to serve customers as well as possible, a.s.r. works closely with independent advisors. They know a.s.r.'s customers needs best and can therefore advise them well and help a.s.r. to continually improve products and services further and adjust them to customers’ evolving needs.

a.s.r. and
its legal
date back to


a.s.r. and
its legal
date back to


Today’s a.s.r. was created after all shares in Fortis Verzekeringen Nederland were acquired by the Dutch State in 2008, following the collapse of the international Fortis group. From that time on, a new, independent business has been built on a foundation of more than 300 years of history and knowledge of insurance. In June 2016, the first a.s.r. shares were sold to the private market via an Initial Public Offering (IPO). By September 2017, a.s.r. was once again entirely in private hands, with shareholders from all over the world. a.s.r. is the third-ranking all-round insurer of the Netherlands. a.s.r. was included in the AEX Index until 20 December 2021 when it became part of the AMX Index.


a.s.r. helps customers share risks and accumulate capital for later. The sustainable solutions a.s.r. offers, take into account the interests of people, environment, society and future generations. The value creation model shows how a.s.r. operates on the basis of this purpose and which elements are necessary for success in this context. In order to be successful, a.s.r. applies core values for employees and an overall principle for the company’s strategy.

Core values

Engaged, professionally skilled employees are essential in order to fulfil the purpose and to attain the business targets. Employees at a.s.r. work on the basis of three core values:

  • I’m helpful
    Employees are approachable, listen attentively and help customers with solutions using their expertise, experience and commitment.

  • I think ahead
    Employees empathise and think ahead to proactively help customers, advisors and colleagues.

  • I act decisively
    Employees keep a close eye on content and process, and come up with solutions. They coordinate, are persistent and stand by their commitments.

These three core values call for leadership by all employees. At a.s.r., leadership means entering into dialogue with each other, sharing dilemmas, setting and requiring clear frameworks and act. a.s.r. does walk the talk. And with that a.s.r. sets an example with attention to diversity, equality and inclusion. This form of leadership is based on mutual understanding, recognition and acknowledgement, respect and appreciation. The core values and leadership form the people-oriented culture of a.s.r., in which everyone tries to bring out the best in each other in order to realise the targets set and to help customers to the best of their ability.

The key strategic principle of a.s.r. is value over volume. This means that what a.s.r. does, must create sustainable long-term value for stakeholders. Based on this key strategic principle and a.s.r.'s commitment to sustainability, a.s.r. has set eight compelling key focus items for the coming years (2022-2024). For more information about these key focus items see chapter 2.4.

Strategic principles

a.s.r.’s strategy has four elements that are relevant for customers, employees, investors and society.

  1. a.s.r. aims to be the best financial service provider for customers
    a.s.r. aims to be the best financial service provider, a high Net Promoter Score (NPS-r) could be considered a relevant indicator. This means that a.s.r. clearly understands customers’ requirements and responds to these in the right way. For example, a growing number of customers prefer digital service commission. a.s.r. therefore increasingly offers its services online, so that customers can arrange matters and can have personal contact if they wish. In the field of distribution, a.s.r. maintains its strong partnership with the advisors.

  2. a.s.r. shows excellence in pricing, underwriting and claims management.
    a.s.r. takes it seriously to develop employees’ expertise and professional skills. This attributes to attractive premiums for sustainable products and services, the ability to assess risks accurately and to fast, clear and simple communications with customers, in order to help them if they call on a.s.r. for assistance with claims.

  3. a.s.r. is cost-effective
    Everyone at a.s.r. continually monitors whether work can be done in smarter, more efficient ways at lower costs. This is embedded in the business operations. Cost savings are not a target in themselves, but dealing responsibly with the available resources is a target. Costs are incurred only if they contribute to realising the targets set.

  4. a.s.r. has a solid financial framework
    a.s.r. is an all-round insurer with a robust solvency and profitable activities that generate capital. The solid capital base enables a.s.r. to meet long-term commitments, offer shareholders prospects of attractive returns and to grow, both organically and via targeted acquisitions.

Sustainable value creation

a.s.r. is among the leaders in sustainability in the Dutch financial sector and aims to play an important role in solving the societal issues on which it can exert the most influence. There are three areas in which a.s.r. believes it has the most impact – and where it can potentially create the most value for its stakeholders:

  1. Financial self-reliance and inclusiveness
    a.s.r. works to help customers gain insight into their financial situation and make conscious financial decisions. Their financial self-reliance and risk awareness improve as a result, and they become better able to take financial decisions. With the Ik denk vooruit platform, a.s.r. offers customers the possibility of gaining insight into their current and future financial situation and plan for realisation of financial targets. a.s.r. operates on the basis of inclusivity and solidarity. Everyone has equal rights to equal opportunities. a.s.r. therefore has suitable products and services for all target groups, such as mortgages for first-time buyers in the housing market and for senior citizens wishing to use the equity in their properties and the extended disability insurance.

  2. Vitality and (sustainable) employability
    There is growing attention for sustainable employability and vitality, prompted partly by social trends and challenges such as a later retirement age, rising healthcare costs and higher life expectancy. a.s.r. contributes towards the prevention of illness, reducing absenteeism and disability and the promotion of sustainable employability. a.s.r. wants employees to remain sustainably employable and encourages employees to take control of their careers and how they perform their work. The focus here lies on personal development, physical and mental health, the balance between work and private life and contributions to society. a.s.r. also offers products and services that contribute to the vitality and sustainable employability of customers, combined disability and health insurance for businesses and the self-employed, and support for reintegration.

  3. Climate change and the energy transition
    a.s.r. contributes to reductions in CO2e emissions and keeping the burden on the environment as low as possible through the sustainable investment of premiums, opting for impact investments that contribute to the energy transition, offering customers sustainable products and services and encouraging them to opt for sustainable solutions in the event of damage. a.s.r. works for this purpose with selected repair companies that use environmentally-friendly resources, work for lower energy consumption, process waste in the correct manner and re-use materials. In its own business operations, a.s.r. makes use of clean energy sources to keep the impact on the climate as low as possible.

Flooding in
South Limburg

In July 2021, prolonged heavy rainfall in Germany, Belgium and the Netherlands caused various rivers to overflow, resulting in severe flooding in various regions, among them South Limburg.

As the signs of a potential disaster became increasingly apparent, a.s.r.’s emergency team took action. Various disciplines, including claims management, product management, mandated brokers and communications, made preparations for the consequences of a likely flood scenario.

Eventually several rivers and streams flooded, causing enormous damage to homes and businesses. Nine experts from a.s.r. worked continuously in the affected area to catalogue the many reports and to provide assistance: ‘Listening to people’s stories and reassuring them was our first priority.’.

Thanks to a.s.r.'s flood coverage, combined with the presence of a.s.r. employees in the affected area, a substantial amount of the damages has already been paid out.