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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
Sustainable value creation
Annual Report 2021 Sustainable value creation Sustainable employer
3.3.1
Organisational success and employee engagement

In 2021 a.s.r. carried out the Denison Organisation Success Survey for the fifth time. This annual survey measures the success of an organisation in several areas, including the drivers of engagement. The results are compared with a global benchmark of more than 1,200 large organisations which use the Denison scan.

83% of the workforce completed the scan (2020: 78%). a.s.r.'s score was higher than in 2020 in almost all areas, with a.s.r. ranking in the top 15% of highest-scoring companies that use the Denison scan on almost all levels. Only the scores for customer focus trail the benchmark, despite an improvement in comparison with 2020. This was one of the reasons for the start of an internal programme Wat doen kan doen, aimed at improving the customer focus and realising the Digital Agenda.

Working from home had no negative impact on engagement: the high scores for recent years have continued. The scores for diversity and inclusion have risen overall. For more information on this theme, see chapter 3.3.3. The willingness for digital transformation and innovation was measured for the first time this year. With scores ranging between 3.3 and 3.9 on a scale of 5, a.s.r. employees appear to be moderately positive about these themes.

Engagement

The Denison scan measures the engagement of a.s.r. employees on the basis of four themes: vision, core values, empowerment and knowledge development. The outcome of the calculation of the total engagement score rose in 2021 to 91 (2020: 89).

World-Class Workplace Netherlands

In May 2021, a.s.r. won the title of World-Class Workplace (formerly Best Employer) of the Netherlands. This is the result of a large-scale survey by Effectory. With an employee questionnaire, Effectory assesses employers for factors including organisational focus, pride in work and deployment of talent. The World-Class Workplace certificate is awarded to every organisation that scores above the benchmark, worldwide or in a particular region. Almost half of the employees took part in the survey. They assigned a.s.r. a score of 8.4, which is 1.2 points above the national average. In 2020, a.s.r. won the Best Employer title in the Financial Service Provision category.

3.3 Sustainable employer3.3.2 Employee Mood Monitor
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