The books that a.s.r. manages as service books are Individual life, Defined Benefit (DB) pension books and Funeral books. New business has reduced over time, mainly due to changes in the Dutch tax regime and a.s.r.’s value over volume strategic principle. The acquisition of Aegon NL however, has led to a significant increase in in the pensions customer base.

a.s.r.’s profitability in this segment has its origin in low and variable cost operations, migration and conversion skills of books of business and in the optimisation of Solvency II capital and investment returns. The focus is on further rationalisation of products, migration of IT platforms, cost efficiency and generating a stable operating result.

Opportunities within service books are:

• Consolidation of funeral books;

• Benefits that may be achieved by leveraging a.s.r.’s operational efficiency in the segment.

Pensions

a.s.r. is a major provider of defined contribution pensions (pensions DC) in the Netherlands. It provides various options for building up a pension via various propositions. a.s.r. does so by means of:

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

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

• Wealth accumulation to attain financial goals via ASR Vooruit.

a.s.r. helps customers to create financial security for the future. Although the growing DC proposition is now the largest part of new business, the Defined Benefit (DB) product still forms a large part of the existing pension portfolio. a.s.r. manages its DB pension portfolio as a service book, with a focus on the further optimisation of processes, cost-efficiency, and enhanced customer service.

Funeral

a.s.r. is a top three funeral insurer in the Netherlands, based on gross written premiums. a.s.r. continues to focus on capital generation and the further strengthening of its competitive position. Efficient operations, reflected in low costs per policy, form an important driver for this.

Individual life

Most of the products within Individual life are no longer actively sold. Term life insurance is the only Individual life product that a.s.r. actively sells. It guarantees payment of a stated death benefit to the insuree's beneficiaries, if the insuree dies during the specified term. a.s.r.’s term life products are mainly sold in combination with mortgage loans or investment accounts.