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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
3.1
Sustainable insurer

a.s.r. has the ambition to be a sustainable insurer, which essentially means creating long-term value. Customers must be able to rely on a.s.r. being able to meet its financial liabilities, now and in the future.

a.s.r. aims to continuously improve its processes in order to provide its customers with an even better service. a.s.r. develops sustainable products and services with long-term value, which offer solutions that align with the needs of its customers and help to solve societal challenges. a.s.r. also supports clients and advisors by actively sharing relevant content and practical guidance for damage prevention.

Customers

(in million)

>2.8

Customers

(in million)

>2.8

a.s.r. helps customers to share risks and accumulate capital for later. a.s.r. serves over 2.8 million customers, via a network of about 5,900 advisors and through its own online channel. These advisors are independent financial advisors who advise their clients in the field of insurance, mortgages and pensions. Their specific knowledge of the local market is valuable for a.s.r. and its customers. Furthermore, a.s.r. has a relation with over 1,500 travel agents who advise clients in the field of travel and cancellation insurance.

Raad van Doen

The Raad van Doen is the client and advisor panel of a.s.r. and currently represents more than 5,000 customers of a.s.r., Ditzo, Ardanta and Loyalis. Both private and business customers, employers and employees. The Raad van Doen is asked for feedback on existing products and services, and is asked to think along with a.s.r. about new initiatives. The Raad van Doen not only contributes to better communication towards customers, but also to more involvement, better service and more motivated employees.

In 2021, the Raad van Doen participated in more than 50 researches about, among other things, a.s.r.'s employee pension portal WAVE, the digital customer environment and a.s.r.'s customer contact strategy. Researches not only take place via online surveys, but also regularly via one-on-one interviews, which means that employees are increasingly in direct contact with customers.

Sustainable value creation3.1.1 Sustainable products and services
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