Annual Report 2022
Informing the investor community

a.s.r. aims to be an attractive company for investors by creating value in both the short and long term. a.s.r. does this by adhering to a disciplined execution of its strategy aimed at delivering a solid performance against an ambitious set of financial and non-financial targets.

a.s.r. attaches great value to maintaining a strong relationship with the investor community in the broadest sense and adheres to high standards relating to transparent communication and fair disclosure. The aim of a.s.r.’s investor relations is to provide all relevant information which can help investors make well-informed investment decisions. a.s.r. makes every possible effort to ensure that the information it discloses is accurate, complete and timely. The Investor Relations team was recognised with the Best IR Company award in the AMX category during the NEVIR Dutch IR Awards.

a.s.r. provides relevant insight into its activities and performance through various financial and non-financial disclosures. To that end, it regularly updates the markets on its financial performance, the progress it is making on the execution of its strategy and any other relevant developments through press releases, webcasts, conference calls and other forms of communication. a.s.r. publishes its financial and non-financial results twice a year in the form of half-year and full-year results.

Developments in 2022

In 2022, a.s.r.’s management continued to actively engage with its existing investor base and potential new investors. As an increasing number of countries relaxed their social distancing restrictions following COVID-19, ‘in person’ meetings with investors were gradually reinitiated. In the first half of 2022, the investment community showed continued interest in a.s.r.’s updated strategy and medium-term financial and non-financial targets for the 2022-2024 period, which were announced at the Investor Update (IU) in December 2021. In June a.s.r. organised an IFRS 17 information session for analysts and investors to provide an early update on the progress realised and possible impacts on certain financial metrics.

In the second half of 2022, a.s.r. announced the strategic and transformational transaction with Aegon N.V. to combine its Dutch businesses to create a leading insurer in the Netherlands. The rationale and merits of the transaction were well received by the investment community, who subsequently provided overwhelming support in the financing of the cash consideration of the acquisition. a.s.r. demonstrated its access to the capital markets with the successful issuance of equity through an accelerated book build (ABB) for 10% of the outstanding shares, equating to 594 million, and the issuing of Solvency II-compliant hybrid capital (Tier 2) for an amount of €1 billion. As an indication of the broad-based support amongst investors, the ABB was almost five times oversubscribed at the strike price of 43.00 which offered investors a discount of 3.2%. Additionally, the Tier 2 hybrid capital was oversubscribed by more than 6 times.

For more information about a.s.r.’s policy on fair disclosure and bilateral dialogue, see

a.s.r. shares

a.s.r.’s shares have been listed on Euronext Amsterdam since 10 June 2016 (symbol: ASRNL, ISIN: NL0011872643). a.s.r. was included in the AEX Index until 20 December 2021 and subsequently became part of the AMX Index. As of 20 March 2023, a.s.r. is part of the AEX Index again, based on the annual review of the index composition by Euronext Amsterdam. The free float as defined by Euronext Amsterdam, was 100% as at 31 December 2022. Each share has one vote.

On 19 February 2022, a.s.r. announced an SBB programme for € 75 million, which was completed on 24 May 2022. A total of 1,798,472 shares were repurchased as part of this programme in 2022.

In October 2022 a.s.r. issued equity in an ABB in line with its mandate provided by the Annual General Meeting (AGM) in May. It placed 13,805,720 shares at a share price of 43.00. As at 31 December 2022, there were 147,924,284 shares outstanding, excluding any ordinary shares to be issued in the context of Aegon Transaction.

(in numbers)31 December 202231 December 2021
Authorised capital325,000,000325,000,000
Issued share capital149,827,056138,057,204
Own shares held by a.s.r.1,902,7722,263,812
Outstanding shares147,924,284135,793,392


a.s.r.’s dividend policy, effective as of 2022, offers shareholders a progressive dividend with low-to-mid-single digit envisaged growth. The policy includes an interim dividend, which is set at 40% of the total dividend for the previous year and is conditional on achieving adequate financial results and solvency. To be able to pay dividends, the operating companies of a.s.r. remit cash to the holding. a.s.r. holds cash at the holding company to cover operating holding costs and hybrid expenses for the next 12 months (rolling forward), and cash to pay the final and interim dividend.

Dividend per share
(in €)20222021
Interim dividend0.980.82
Final dividend1.721.60
Total dividend2.702.42

Based on its strong financial performance in 2022, but also reflecting confidence in the financial merits of the transaction with Aegon Nederland N.V., a.s.r. proposes to pay a total dividend of € 2.70 per share, which is paid as an interim dividend of € 0.98 per share (in September 2022) and a final dividend of € 1.72 per share (to be paid in June 2023). The total dividend of € 2.70 per share represents a 12% step-up compared with the total dividend over 2021 (€ 2.42 per share). In addition, a.s.r. intends to raise its progressive dividend ambition for the 2023 -2025 period to a mid-to-high-single-digit growth per annum.

Proposed dividend

(in €)


Proposed dividend

(in €)


Following approval by the AGM on 31 May 2023, the final dividend will be payable from 8 June 2023. The a.s.r. shares will trade ex-dividend on 2 June 2023. Since the Initial Public Offering (IPO) on 10 June 2016, a total cash amount of € 2.4 billion has been returned to shareholders (including the proposed final dividend over 2022). This includes € 255 million of share buybacks in 2017 during the sell-down process by NL financial investments, the SBB programmes of € 75 million in each of the years in the period 2020-2022, and the interim and final dividend over 2022.


a.s.r. shares are held by an international and diversified shareholder base. By the end of 2022, based on public filing and company information, institutional investors in North America, Europe (excluding the Netherlands) and the United Kingdom including Ireland, represent the majority of a.s.r. shareholders, owning approximately 31.4%, 29.2% and 25.9% of the outstanding shares respectively. The remainder is held mainly by investors based in the Netherlands, Germany, France, Norway, and the rest of Europe. A limited number of shares are held by retail investors in the Netherlands.

Major shareholders

Dutch law requires shareholders to report their holdings in Dutch-listed companies to the AFM if they exceed 3% of total outstanding share capital (and certain higher thresholds). As at 31 December 2022, Amundi Asset Management and BlackRock had a shareholding in a.s.r. of more than 5%. Bank of America, BNP Paribas Asset Management, Citigroup, Dimensional Fund Advisors, Janus Henderson Group, Ninety One, and Norges Bank had a shareholding in a.s.r. of more than 3%, but less than 5%.

Following the closing of the transaction, Aegon N.V. will receive shares equivalent to an interest of 29.99% post-transaction. Based on approximately 148 million outstanding shares on 31 December 2022, and assuming no changes in the number of outstanding shares up to the closing, Aegon N.V. will receive 63.3 million shares, bringing the total number of shares outstanding to approximately 211 million outstanding shares after closing. The closing of the transaction with Aegon N.V. is expected to take place on 1 July 2023 at the earliest.

Shares and share price performance

At the end of 2022 the share price stood at € 44.35 (2021: € 40.50). Total shareholder return amounted to 16.3% in 2022 (including a dividend reinvestment in a.s.r. shares) and to 219.3% since the IPO in 2016. The Euronext AEX Index and Euronext AMX Index depreciated by -11.4% and -11.1% respectively, while the STOXX Europe 600 Insurance Index appreciated and 5.6% respectively in 2022.

Share price performance
(in €)20222021
Starting price as at 1 January40.5032.85
Highest closing price45.9940.98
Lowest closing price34.6531.92
Closing price as at 31 December44.3540.50
Market cap as at 31 December (million)6.5605.500
Average daily volume shares (numbers)497,953463,387


a.s.r. is actively covered by research analysts. 17 equity analysts issued a recommendation and a price target on a.s.r. with an average price target of € 50.74 per year-end 2022. The recommendations comprise 12 buy recommendations and 4 hold recommendations. There is one sell recommendation on a.s.r.


a.s.r. has five debt instruments outstanding for a total nominal amount of 3 billion, one Restricted Tier 1 (RT1) bond for 500 million, three Tier 2 bonds for 500 million each, and the newly-issued Tier 2 bond for 1.0 billion.

Nominal valueCouponFirst call date
Perpetual Tier 2 Capital Securities500 million5.000%30 September 2024
Fixed to fixed Tier 2 Capital Securities500 million5.125%29 September 2025
Perpetual Restricted Tier 1 Capital Securities500 million4.625%19 October 2027
Fixed to fixed Tier 2 Capital Securities500 million3.375%2 May 2029
Fixed to fixed Tier 2 Capital Securities1,000 million7.000%7 December 2033

Credit ratings

a.s.r. is rated by Standard & Poor's (S&P). In 2022, a.s.r. had several conference calls with the rating agency to discuss developments both at a.s.r. itself and in the Dutch insurance market. This resulted in a comprehensive S&P analysis report on a.s.r. on 9 September 2022, which confirmed the ratings and outlook. The ratings and outlook were also confirmed after the announcement on 27 October on the business combination between a.s.r. and Aegon Nederland N.V. The single A rating of the insurance entities has applied since 29 September 2008, and the stable outlook since 23 August 2012.

More information on a.s.r.’s bonds and ratings can be found on

Credit ratings
Standard & Poor'sTypeRatingOutlookSince
ASR Nederland N.V.CCRBBB+Stable15 May 2014
ASR Levensverzekering N.V.CCRAStable23 August 2012
ASR Levensverzekering N.V.IFSRAStable23 August 2012
ASR Schadeverzekering N.V.CCRAStable23 August 2012
ASR Schadeverzekering N.V.IFSRAStable23 August 2012
Perpetual Tier 2 Capital Securities (5.000%)BBB-16 September 2014
Fixed to fixed Tier 2 Capital Securities (5.125%)BBB-29 September 2015
Fixed to fixed Tier 2 Capital Securities (3.375%)BBB-1 May 2019
Perpetual Restricted Tier 1 Capital Securities (4.625%)BB+18 July 2019
Fixed to fixed Tier 2 Capital Securities (7.000%)BBB-14 November 2022

ESG ratings

a.s.r. is rated by various ESG research agencies. These agencies provide a.s.r. with external recognition for sustainability and the realisation of its group targets including non-financial targets. These agencies also benchmark a.s.r. to its peers.

a.s.r. again performed strong in the Dow Jones Sustainability Index (DJSI). With a score of 84 points, it keeps its place in the DJSI World and Europe indices (2021: 86). At Sustainalytics, a.s.r. is climbed to the number 1 spot during the year and closed the year at second place in the group of insurers world-wide (9.1 points). A dedicated a.s.r. team continuously monitors developments regarding the ESG research agencies and methodologies, attention from investors towards the ESG benchmarks, and usesinsights from ESG ratings to further improve and internalise sustainability in a.s.r.'s operations.

More information on a.s.r.’s ESG ratings can be found on

Scores international sustainability ratings and benchmarks
Score lowScore high2022
Dow Jones Sustainability Index1010084 / #10
Sustainalytics ESG Risk Rating10009.1 / #2
Carbon Disclosure ProjectD-AB
Moody's ESG (former: Vigeo Eiris)010065 / #7
ISS OekomD-A+C+ (prime)
Bloomberg Gender Equality Indexincluded
  • 1 DJSI Europe Index: #7, DJSI World Index: #10