See accounting policies J, K, P and W.

6.5.15.1 Liabilities arising from insurance contracts

In accordance with a.s.r.’s accounting policy, the LAT is performed and the shadow accounting adjustments related to instruments with a revaluation reserve amount below cost that are made to the level that the LAT will not get triggered (i.e. shows a positive margin). The insurance liabilities are deemed to be adequate following the performance of the LAT taking into account the UFR of 3.45% for 2022 (2021: 3.60%). The changes in shadow accounting through equity in the amount of € -1,600 million include a reversal of shadow accounting related to instruments with a revaluation reserve amount below cost for an amount of € 1,433 million. See accounting policy A.

In 2022, technical result increased, reflecting a positive impact of further optimisation of the strategic asset mix in the investment portfolio including renewable energy investments. Furthermore, mortality results increased compared to 2021, partly due to excess mortality in some portfolios. Disability result in pensions also improved, partly due to an improved estimation of claims. This was partly offset by a sharp decline in equity markets and considerably higher interest rates, resulting in strengthened provisions for unit linked liabilities with guarantees by € 39 million.

6.5.15.2 Claims development table, Non-life

The table below is a ten-year summary of movements in gross cumulative claims in connection with the Non-life portfolio for the period from 2013 to 2022.

For the acquired entities gross claims in the claims development table includes claims from the original date of the claim.

6.5.15.3 Liabilities arising from insurance contracts on behalf of policyholders

At year-end 2022, the liabilities included a guarantee provision for a carrying amount of € 84 million (2021: € 46 million) and a provision related to unit-linked insurance contracts and pension contracts for a carrying amount of € 42 million (2021: € 43 million). These provisions relate to compensation for the cost of these contracts.

An amount of € 119 million (2021: € 89 million) of the liabilities arising from insurance contracts on behalf of policyholders is related to the a.s.r. DC pension plans.

Other changes relates to the transfer of insurance contracts to insurance contracts on behalf of policyholders due to new product features provided.

Liabilities arising from insurance contracts on behalf of policyholders also include liabilities where conversions and switches have occurred in the insurance contract administration. The insurance contract still meets the definition of and continues to be classified as an insurance contract on behalf of policyholders and therefore continues to be included in the insurance contracts on behalf of policyholders administration. However, as a result of the conversion and switches, liabilities arising from insurance contracts on behalf of policyholders amounting to € 2,999 million (2021: € 2,919 million) are, in the classification and subsequent presentation, not backed directly with investments on behalf of policyholders. The related investments are included and presented in investments (available for sale) and loans and receivables.