Annual Report 2022
Financial performance

Assets under Management

Total Assets under Management (AuM) for third parties remained stable at 27.9 billion (2021: 28.0 billion). Negative revaluations due to higher interest rates and lower equity markets were partly offset by higher inflow, in - among others - mortgage funds and mortgage mandates (2.6 billion) and the expansion of managing the AuM of ‘Doenpensioen’ (2.2 billion). The Real estate third-party AuM also increased by 0.2 billion to 2.4 billion (2021: 2.2 billion), primarily driven by inflow in the ASR Dutch Farmland Fund and ASR Dutch Core Residential Fund.

Operating result

The operating result increased by 7.6% (3 million) to 39 million, mainly driven by Real estate, offsetting higher operating expenses.

Mortgage origination amounted to 5.4 billion, 2.4 billion of which was allocated to the ASR Mortgage Fund. In addition, 1.1 billion and 1.0 billion of the mortgage origination was allocated to the ASR Separate Account Mortgage Fund and external investors respectively.

Payment arrears of more than three months on the mortgage portfolio amounted to 0.03 bps (2021: 0.02 bps). Credit losses on mortgages decreased by 0.12 bps to 0.14 bps (2021: 0.26 bps), mainly due to write-offs of irrecoverable debts in 2021. Despite the unfavourable economic conditions, payment arrears and credit losses remain at low levels.

Operating expenses

Operating expenses rose by 13 million to 115 million, mainly driven by higher personnel costs (including the acquisition of a real estate consultancy company), IT costs and project costs.