Annual Report 2022
Fee-based business with growth potential

Growth of fee-based business, such as defined contribution (DC) pension, Asset Management, and Distribution and Services business, is a key part of a.s.r.’s strategy. a.s.r. aims to increase its fee-based operating result through organic growth, realising further cost efficiencies and through selective M&A opportunities.

Pension DC

a.s.r. helps customers to create financial security for later in life and provides various options for building up a pension via various propositions. a.s.r. does so by means of:

  • The Werknemerspensioen (employee pension), life-cycle solutions for SMEs and large-cap companies.

  • Pension accrual via the Institutions for Occupational Retirement Provision (IORP).

  • ASR Vooruit, wealth accumulation to attain financial goals.

a.s.r. is well-positioned to take advantage of the growth opportunities. These arise from the new pension reform in the Netherlands, the switch to a new IT system facilitating the transition to the new pension system, and a diversified pension proposition that serves the entire market, including the flexible DC proposition and the fixed and variable Direct Ingaand Pensioen (DIP). a.s.r. also has access to a powerful, intermediary distribution platform and wide experience in activation and helping customers make choices.

Asset Management

As well as managing its investment portolio for own account, a.s.r. offers unique investment propositions for third party clients, in which it has extensive experience and expertise:

  • Growth through affiliated pension business with lifecycle solutions and via best in class Environmental, Social and Governance (ESG)-driven asset management solutions.

  • Illiquid asset classes offered via funds and mandates.

  • Proprietary mortgage production, serviced in a cost-effective manner.

  • Opportunities for institutional investors in commercial, retail, residential and rural properties via real estate funds.

a.s.r. pursues a buy and build strategy in order to add scale, specific knowledge and services to its asset management business for third parties. In May 2022, the acquisition of Sweco Capital Consultants was completed. With the acquisition, a.s.r. strengthens its position in real estate and infrastructure investments. This development reflects the ambition of a.s.r. to grow into a full-service real estate asset manager.

Distribution and Services

With effect from 1 January 2022, a new top holding company Distribution and Services (D&S) is established. Responsibility for the distribution and service entities lies with this holding company. All companies under this top holding are responsible for developing a centralised strategy and promoting cooperation and synergy between the businesses that form part of the holding. These companies will retain their own identities and organisational structure and will continue to operate independently of a.s.r. The participating companies of a.s.r. in the distribution and service market are Van Kampen Groep (VKG), ANAC, Dutch ID (Boval, Felison), Supergarant and PoliService.

a.s.r. will use this centralised strategy to achieve the following:

  • A bigger market share and customer reach, managing value chain and financial benefits, such as exploiting benefits of scale, capital-light profitable growth and expanding and securing the a.s.r. portfolio.

  • Integrated management of the administration and services to generate synergy benefits, guaranteeing focus on local customers and target groups

  • Accelerating inorganic growth in the rapidly consolidating market through dedicated M&A and integration teams;

  • Creating a link between distributors and the insurer based on optimum cooperation, in which the entrepreneurial spirit of the distribution companies is preserved.

Throughout 2022, as part of this new central distribution and services strategy, various acquisitions and participations were concluded, such as Van Helvoort Assuradeuren B.V., Libro B.V. and Correct Verzekerd.