Annual Report 2022

Amortised cost

The amount at which a financial asset or financial liability is measured on initial recognition net of principal repayments, plus or minus accumulated amortisation using the effective interest method or any difference between that initial amount and the amount at maturity, and minus any reduction for impairments or collectability.


An entity over which a.s.r. has significant influence and which is neither a subsidiary nor an interest in a joint venture.

Basis point

One-hundredth of one percent (0.01%).

Biodiversity and ecosystem services (material topic)

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

Building Research Establishment Environmental Assessment Methodology (BREEAM)

BREEAM, which was first published by the Building Research Establishment (BRE) in 1990, is the world's longest established method for assessing, rating, and certifying the sustainability of buildings.

Carbon dioxide equivalent (CO2-eq)

Carbon dioxide equivalent (CO2-eq) is calculated from the global warming potential, which is the heat absorbed by any greenhouse gas in the atmosphere. Meaning that for any gas, it is the mass of CO2-eq that would warm the earth as much as the mass of that gas.

Claims ratio

The cost of claims, net of reinsurance in Non-life, excluding the internal costs and exclusively commissions paid of handling non-life claims, less interest accrual on reserves, and a margin of prudence for health, expressed as a percentage of net earned premiums.

Clean fair value

The fair value of an asset or liability, excluding the unrealised portion of accrued interest.

Closed books

Closed books are policies that are no longer sold but are still on the books of a life insurance carrier as premium paying policies.

Contributing to financial self-reliance (material topic)

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. The right to an adequate standard of living (including the right to security in the event of unemployment, sickness, disability, widowhood, old age, etc.) is a fundamental human right that a.s.r. has a direct impact on through its insurance products and services. a.s.r. 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.

Contributing to (sustainable) employability (material topic)

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.


A financial instrument with all three of the following characteristics: (a) Its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided, where a non-financial variable is concerned, the variable is not specific to a party to the contract (sometimes referred to as the underlying); (b) It requires no initial net investment or else an initial net investment which is lower than would be required for other types of contracts that would be expected to have a similar response to changes in market factors and (c) It is settled at a future date.

Developing and promoting sustainable products/services (material topic)

a.s.r. offers various sustainable products and services in all its business segments, 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.

Discounted cash flow method

A valuation technique whereby expected future cash flows are discounted at a rate that expresses the time value of money and a risk premium that reflects the extra return that investors demand as compensation for the risk that the cash flows may not materialise.

Discretionary Participation Feature

A contractual right to receive, as a supplement to guaranteed benefits, additional benefits that are likely to be a significant portion of the total contractual benefits, the amount or timing of which is contractually at the discretion of the issuer, which are contractually based on the performance of a specified pool of contracts or type of contract, realised and/or unrealised investment returns on a specified pool of assets held by the issuer, or the profit or loss of the company, fund or other entity that issues the contract.

Embedded derivative

A component of a hybrid instrument that also includes a non-derivative host. The host contract may be a bond or equity, a lease, an insurance contract or a contract of purchase and sale.

Emission own activities

Scope 1 emissions are direct emissions from company-owned and controlled resources. Scope 2 emissions are indirect emissions from the generation of purchased energy, from a utility provider. Scope 3 emissions are all indirect emissions - not included in scope 2 - that occur in the value chain of the reporting company, including both upstream and downstream emissions.

Employee benefits

All forms of consideration given by an entity in exchange for service rendered by employees.

Employee contribution

a.s.r.'s employee contribution to local society is measured by the volunteering hours of both a.s.r. employees as well as external employees working on behalf of a.s.r. These hours are non-profit and might include activities of the a.s.r. foundation. This contribution can be done in a team or on an individual basis. For some activities the time is estimated based on a standardised table. Activities include improving financial literacy, being a financial buddy, reading aloud to children, etc., as well as team activities for societal organisations. Employees that are involved in an activity within a domain (Financial self-reliance and Helping by doing) more than once per calender year are considered a double count. And as such only included once in the figure reported for number of employees involved. Volunteering hours also include training hours, travel time and the actual execution of the employee contribution.

Employee turnover

The employee turnover is measured through a percentage which is the total outflow of employees divided by the average number of employees. This figure can be split into voluntary and involuntary turnover.

Engagement (dialogues)

Engagement is a constructive dialogue designed to increase the level of sustainability. a.s.r. uses three types of engagement: (1) influencing, (2) monitoring, and (3) public engagement.

Environmental, social and governance (ESG)

ESG refers to the three main areas of concern that have developed as central factors in measuring the sustainability and ethical impact of an investment in a company. These areas cover a broad set of concerns increasingly included in the non-financial factors that feature in the valuation of investments in equities, property, and corporate and fixed-income bonds. ESG is the catch-all term for the criteria used in what has become known as socially responsible investment.

Expense ratio

Expenses, including the internal costs of handling non-life claims, minus internal investment expenses and restructuring provision expenses, expressed as a percentage of net earned premiums.

Fair value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fostering diversity and inclusion (material topic)

a.s.r. is an insurer for people living and working in the Netherlands, and respects the human right to equality and non-discrimination. There is specific attention for insuring (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.

Global Real Estate Survey Benchmark (GRESB)

The GRESB is a benchmark that looks at the sustainability performance of more than 700 institutional investment funds worldwide.


An asset representing the future economic benefits arising from other assets acquired in a business combination which are not individually identified and separately recognised.

Gross written premiums

Total revenues (earned or otherwise) expected to be received for insurance contracts over the life of the contract, including reinsurance premiums.

Hedge accounting

Hedge accounting recognises the offsetting on profit or loss of changes in the fair value of the hedging instrument and the hedged item.

HR related indicators

The definitions of all HR indicators as reported inchapter 3.3 are given below. The scope of the HR indicators is ASR Nederland including contractors and excluding subsidiaries, redundant employees, incapacitated employees and employees employed through the Participation desk (Participatiedesk), unless specified otherwise.

Absenteeism rate

Percentage of working hours that employees called in sick compared to the total amount of workable hours according to contact in the reporting period. Maternity leave and pregnancy-related sickness are excluded.

Average days of training per employee

Average days of training (webinars, events, trainings) per employee. Redundant employees and employees employed through the Participation desk are in scope, contractors are out of scope.

Average years of service

Average years an a.s.r. employee is employed at a.s.r. with an a.s.r. contract.


Boter-bij-de-vis is an extra (financial) reward for employees having delivered an outstanding accomplishment outside of his/her ‘normal’ job routines. Contractors are out of scope, employees employed through the Participation desk are in scope.

Breakdown Gender diversity (%)

The proportion (in %) of female / male employed at a.s.r.

Contracts of indefinite and definite duration

Amount of employees having an a.s.r. contract, split by indefinite (no end date) and definite (end date) duration. Contractors are out of scope.

eMood Monitor

The eMood® score measures how employees feel in terms of happiness at work, vitality and productivity. The average of these scores is called the mood of a.s.r. All weekly scores are consolidated in the average score per year.

Employe compensation (salaries and wages)

Employee compensation (salaries and wages) in million. Total ASR Nederland (including subsidiaries) is in scope.

Employee engagement (Denison)

Employee engagement is measured through the annually performed Denison scan. Employees are asked to fill in a questionnaire on the basis of four drivers of engagement: vision, core values, empowerment and knowledge development. The results are compared with a global benchmark of more than 1,200 large organisations that use the Denison scan.

Employee turnover – voluntary and involuntary

The employee turnover is measured through a percentage which is the total outflow of employees divided by the average number of employees. This figure is split into voluntary and involuntary turnover. Employees employed through the Participation desk are in scope.

Employees covered by CLA (%)

The proportion (in %) of a.s.r. employees that are covered by The Other CLA (“De Andere CAO”). Contractors are out of scope.

Employees employed through the Participation desk

Employees that are employed through the participation desk and qualify for the Dutch Participation Act (Participatiewet). Contractors are out of scope, employees employed through the Participation desk are in scope.


The eNPS is the extent to which employees would actively recommend a.s.r. as an employer. This is also measured via the Employee Mood Monitor. The eNPS provides a.s.r. an insight in the loyalty and perceived attraction of a.s.r. as an employer.

Equivalent working time spent on training

Equivalent working time spent on training expressed in monetary value based on the average hourly wage. Employees employed through the Participation desk are in scope.

FTE per business line and working from Utrecht office

Total number of FTE and number of FTE working from Utrecht office that have an employment contract of definite or indefinite duration with a.s.r. or one of its subsidiaries. Contractors are out of scope.

Grievances relating to labour practices

The amount of total received and admissible labour grievances processed by the grievance committee.

Gross average wage

Gross average wage per hour in €, split by gender and per management layer.

Human capital return on investment

The proportion (in %) of a.s.r.’s investment in human capital reflected into net operating profit, corrected for the investment in human capital. Each invested in human capital results in a certain percentage net operating profit corrected for the investment in human capital. Total ASR Nederland (including subsidiaries) is in scope.

Nil absenteeism rate

Nil absenteeism is the proportion (in %) of employees who have not reported sick during the reporting period.

Parttime and fulltime employees

Fulltime employees are the number of employees that have contract hours of at least 38 hours per week. Parttime employees are the number of employees that have contract hours of less than 38 hours per week.

Pay ratio (incl. highest paid and average)

a.s.r. is transparent concerning the remuneration of the EB. Not only in terms of actual amounts, but also in accordance with the Dutch Corporate Governance Code as compared with the average of the remuneration of the employees at a.s.r. The average pay ratio calculation is the difference expressed in a ratio between the average of the remuneration of the employees at a.s.r. and the highest paid individual at a.s.r.

Pay ratio (incl. highest paid and median)

a.s.r. is transparent concerning the remuneration of the EB. Not only in terms of actual amounts, but also in accordance with the Global Reporting Initiative as compared with the median of the remuneration of the employees at a.s.r. The median pay ratio is the difference expressed in a ratio between the median of the remuneration of the employees at a.s.r. and the highest paid individual at a.s.r. Part-time employees are excluded from the calculation of the ratio because accurate extrapolation to full time employees is not possible through certain loan components.

Total spending on training and development

Total a.s.r. investment in on training and development programmes.

Training spending per FTE

Total a.s.r. investment in on training and development programmes divided by the number of FTE.

Vacancies filled internally and externally

Internally filled vacancies are the number of vacancies filled by internal candidates, in absolute numbers and in percentage by dividing by total filled vacancies. Externally filled vacancies are the number of vacancies filled by external candidates, in absolute numbers and in percentage by dividing by total filled vacancies. Redundant employees, incapacitated employees and employees employed through the Participation desk are in scope.


The amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. The asset's carrying amount is reduced to its fair value and recognised through profit and loss.

Institution for Occupational Retirement Provision (IORP)

IORP is a pension vehicle in the form of a separate legal entity which can operate a DC pension scheme on a separate account basis during the pension accrual phase. When an employee reaches his or her retirement age, the IORP transfers the accrued capital to a pension insurer of the employee's choice to pay the pension benefits. Employers wishing to insure any additional risks (such as survivors' pensions) can do so through an IORP.

Insurance contracts

A contract under which one party (a.s.r.) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder.

Intangible asset

An identifiable, non-monetary asset without physical substance.

Internal FTE

FTE is a unit of account for the size of a job or total workforce. One FTE is a full working week.

International Financial Reporting Standards (IFRS)

As of 1 January 2005, these standards have been the generally accepted international accounting policies that apply to all listed companies in the EU. They make annual results easier to compare and offer a better understanding of a company's financial position and performance.

International Integrated Reporting Council (IIRC)

The IIRC is a global coalition of regulators, investors, companies, standard setters, the accounting profession, academia and NGOs. The coalition promotes communication about value creation as the next step in the evolution of corporate reporting.

Investment contract

A life insurance contract that transfers FR with no significant insurance risk.

Investment property

Property held to earn rentals or for capital appreciation or both.

Joint venture

A contractual arrangement under which two or more parties undertake an economic activity that is subject to joint control.


An aspect is considered material if it is relevant to the stakeholders, has a reasonably estimable economic, environmental, and/or social impact and can have a major impact on the development of a.s.r. The greater the impact of the aspect on both society and a.s.r.'s business operations, results and strategy, the greater its materiality.

Meeting customer needs (material topic)

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).

Mitigating and adapting to the consequences of climate change (material topic)

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.

Net Promoter Score (NPS)

The NPS is a management tool that can be used to gauge the customer satisfaction of an organisation's customers. It is an alternative way to measure customer satisfaction. These are mostly focused on advisors. a.s.r. does use the NPS-c and the NPS-r. The NPS-c is performed after customers had been in contact with an employee of a.s.r. by phone. The analysis of the customer relationship via the NPS-r is an extension of the analysis compared to the methodology of the NPS-c which only measured customer satisfaction during contact moments. The group target for the 2019-2021 is based on NPS-c, the group target for 2022-2024 is based on NPS-r.
The following question is asked: how likely are you to recommend a.s.r. to your family, friends and colleagues based on your experience with the a.s.r. employee?
Calculation of the NPS: With a score of 9 or 10, the customer is seen as a promoter (recommendation). With a score of 7 or 8, the customer gets the predicate passive. He or she will neither recommend nor discourage the brand. With a score of 0 to 6, the customer will discourage the brand. The NPS term for this is detractor (criticaster). The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters. The NPS scores presented reflect the year end scores.

Non-participating life insurance contracts

In non-participating life insurance contracts, all values relating to the policy (death benefits, cash surrender values, premiums) are usually determined at policy issue, for the life of the contract, and cannot usually be altered after issue.

Notional amount

An amount of currency, number of shares, number of units of weight or volume or other units specified in a derivatives contract.

Operating lease

A lease that does not transfer substantially all the risk and rewards incidental to ownership of an asset.

Operating Return on Equity

A measure of financial performance calculated by dividing the operating result (after hybrid costs and net of taxes) by the average adjusted equity attributable to shareholders for the reporting period.


A financial instrument that conveys the right to buy (call option) or sell (put option) a security at a reference price during a specified time frame.

Organic capital creation (OCC)

The sustainable creation of capital from both the change in the EEOF and the change in the SCR on Solvency II basis. To express the change in SCR in EOF-equivalent terms, the change in SCR is multiplied by the Solvency II ratio. The OCC consists of three elements: (1) Business Capital Generation, (2) Release of Capital and (3) Technical Movements. In this definition, sustainable means: generated by the company on its own account, net of external and one-off effects. This results in a view on the Solvency II figures that is comparable with the definition of the operational result on IFRS basis.

Order in Council

An Order in Council is a decision taken by the Dutch government with respect to statutory provisions.

Pay gap

The unadjusted pay gap, in which we do not correct for type of work, age and work experience but look at all men and women as a whole is calculated as follows: (average gross hourly wage for women - average gross hourly wage for men) / average gross hourly wage for men.

In the adjusted pay gap all factors above are included as correction factor in the calculation.

Pension DB

Defined benefit pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.

Pension DC

A defined contribution plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts plus any investment earnings on the money in the account.

Private equity

An asset class consisting of equity securities of companies that are not publicly traded on a stock exchange. The transfer of private equity is strictly regulated. In the absence of a marketplace, any investor looking to sell their stake in a private company personally has to find a buyer.


A liability of uncertain timing or amount. Provisions are recognised as liabilities if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations (assuming that a reliable estimate can be made).

Real estate funds

ASR Real estate includes several funds, where the following abbreviations are applicable:

  • ASR DCRF: Dutch Core Residential Fund

  • ASR DPRF: Dutch Prime Retail Fund

  • ASR DMOF: Dutch Mobility Office Fund

  • ASR DSPF: Dutch Science Park Fund

  • ASR DFLF: Dutch Farmland Fund

Recoverable amount

The recoverable amount of an asset or a cash-generating unit is its fair value less costs to sell or its value in use, whichever is higher.

Return on Equity (ROE)

A measure of financial performance calculated by dividing the net result attributable to holders of equity instruments by the average equity attributable to shareholders for the reporting period.

Robust financial framework (material topic)

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 and Supervisory Board.

Securities lending

This refers to the lending of securities by one party to another, with the latter agreeing to return the securities on a specified future date. The borrower usually provides the lender with collateral. Securities lending allows the owner of the securities to generate extra income.

Shadow accounting

Shadow accounting allows a recognised but unrealised gain or loss on an asset to be transferred to insurance liabilities.

Socially Responsible Investment (SRI)

Investing with due regard for ethical standards, policies and procedures, in line with the interests of a.s.r. stakeholders, where the integration of ESG criteria is key. To achieve this a.s.r. uses multiple ESG approaches such as the exclusion of controversial activities, exclusion of companies and countries due to their ethical performance, the engagement dialogue, the integration of ESG assessments in the portfolio construction and impact investments. A detailed description of a.s.r.'s SRI policy is published on

Socially responsible investments (material topic)

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.

Solvency II

Solvency II is an EU regulatory regime that has been in force in all member states since 1 January 2016. It has introduced a new, harmonised Europe-wide regime for insurance companies and sets regulatory requirements for solvency and risk governance.


Stakeholders are individuals or organisations that have an interest, of whatever nature, in an organisation. They have a link with its activities, share in its earnings, influence its performance and assess its ESG effects. a.s.r.'s main stakeholder groups are customers, employees, investors and the society as a whole.


An entity that is controlled by ASR Nederland N.V. (the parent company) or a subsidiary of ASR Nederland N.V.

Supporting vitality (material topic)

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.

Sustainable repair

The Sustainable repair indicator presents claims for P&C that were repaired as a share of total repairable claims. Research by CE Delft shows that the climate impact of repair is three to six times lower than that of replacement.

Sustainable reputation

Sustainable reputation reflects the brand reputation of a.s.r. in the Netherlands in the areas of sustainability, transparency, and reliability. The score is calculated by determining how much % of the respondents give a top 2 score on a 5-point-scale. E.g. a score of 40 means 40% of the respondents give a top 2 score.

Transaction date

The date at which a.s.r. enters into the contractual terms of an instrument.

Value creation model

In chapter 2.4, a.s.r.'s value creation model is given. This model illustrates how a.s.r. perceives the process of achieving sustainable value for its customers, employees, investors, and society. Different types of resources serve as inputs into the business model of a.s.r. The different business activities of a.s.r. use these inputs to create intended outputs and outcomes, and hence added value to our different key stakeholders.

Value in use

Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit.

Value Of Business Acquired (VOBA)

The present value of future profits embedded in acquired insurance contracts. VOBA is recognised as an intangible asset and amortised over the effective life of the acquired contracts.