Changing labour market and fierce competition for talent

A combination of globalisation, economic growth and demographic trends, such as increasing greening and ageing, will further intensify labour market tightness in the coming years. In the Netherlands, vacancies have exceeded the number of available workers for some time. It is also increasingly difficult to recruit and retain qualified staff within the insurance sector.

Health and well-being

The National Institute for Public Health and the Environment (RIVM) expects healthcare costs to rise until 2060, by 2.8% per year on average. This is because people receive more intensive treatment for a longer period, and often with more expensive technology and medication. Another big challenge is a lack of exercise. In the Netherlands, half of the population does not meet exercise guidelines. People who do not exercise enough have a 20% to 30% higher risk of cancer, heart attacks, strokes or diabetes. The increasing ageing population of the Netherlands also plays a role, which may affect a.s.r. in its role as a health and disability insurer.

At the same time, there has been an increase in the number of young people suffering from burnout symptoms. A study by the Ministry of Social Affairs and Employment showed that the number of burnout complaints among young people in 2023 was the highest on record, leading to long-term absenteeism.

Employers increasingly recognise that employee wellbeing has a direct effect on employee performance and a company’s success.

Inclusion and equal opportunities

Transparency on inclusion efforts is becoming increasingly important. Globally, companies openly communicate their statements, challenges and the progress with their goals and challenges. They are increasingly taking responsibility for ensuring an inclusive working environment, through the following initiatives:

• Using ways of communication to create a working environment where employees feel safe regardless of their sexual orientation, religious beliefs, cultural background, gender identity, age, personality and/or neuro-divergent characteristics;

• Including non-binary as a category in administrative and service delivery processes.

Increased financial problems under consumers

Increasing financial pressure is a growing problem for many households in the Netherlands. Rising inflation due to energy prices and daily expenses can lead to greater financial problems. This is no longer limited to low-income households, but affects middle-income households as well. Financial problems result in stress, which in turn can lead to absenteeism and incapacity for work.

Climate change and biodiversity

Climate change and biodiversity are two major topics for the insurance sector. Climate change has a potentially large impact on insurance and investments. Biodiversity loss can have financial and economic consequences for society, e.g. through the degradation of ecosystem services such as crop pollination and water purification. The World Economic Forum (WEF) has identified biodiversity loss as one of the key risks of the next decade. To halt biodiversity loss and achieve recovery, many new regulatory measures are being developed. Both at the European level (EU Biodiversity Strategy) and the international level (UN Montréal Biodiversity Convention), multi-year ambitions and targets have been formulated.

a.s.r.’s response

In a tight labour market, investing in talent development is crucial for a.s.r.  ‘Retention is the new recruitment’: a.s.r. places a strong focus on employee retention, including the facilitation of training and development. In this way, employees increase their own sustainable employability, their value for a.s.r. and in the labour market.

To remain attractive and to differentiate itself from other employers, a.s.r. invests in creating a pleasant corporate culture and distinctive core values. Furthermore, a.s.r. supports employees in achieving an optimal work-life balance by offering flexible working hours, the possibility to work (partly) from home, many opportunities to combine work and (informal) care duties and facilitating special leave arrangements such as paid sabbaticals. a.s.r. also invests in creating a healthy working environment.

To keep healthcare costs insurable, it is important to focus on prevention. One of the ways in which a.s.r. realises its  commitment to prevention is through the a.s.r. Vitality programme, in which participants are encouraged to exercise more because this contributes to their physical and mental health.

a.s.r. believes that mutual differences between employees make the organisation stronger and improve its performance. a.s.r. stands for equal career opportunities for all. a.s.r.'s Diversity, Equity and Inclusion policy (DEI) includes objectives on promoting (cultural) diversity in the composition of the workforce and equal pay for work of equal value.

Finally, a.s.r. invests in training and awareness programmes with the aim of reducing unconscious bias and promoting a positive, supportive working environment in which everyone’s talents can flourish.

Financial self-reliance is an important issue for a.s.r. It is one of the pillars within the sustainability strategy. a.s.r. helps customers stay financially healthy by helping them to make conscious choices regarding finances. a.s.r. also has a social debt collection policy which includes a payment arrears protocol. This in order to prevent customers from sliding (further) into debt. In addition, financial help is provided to people in need through Doenkracht, a foundation that is committed to promote the social inclusion of different target groups including socially vulnerable individuals.

a.s.r. recognises its responsibilities in its role as an employer. Financial wellbeing plays a major role in employee vitality. a.s.r. offers employees various tools to ensure and enhance their financial wellbeing. One example is the Social Fund. This fund helps colleagues who find themselves in financial difficulty in several ways. It can help them to put their finances in order, or  provide loans or donations to employees. In this way, a.s.r. helps to ensure that employees remain financially healthy, and therefore vital.

Climate and biodiversity are two key themes of a.s.r.’s sustainability strategy within the ‘sustainable living’ pillar. a.s.r. puts this into practice by setting clear goals, developing tools and reporting transparently on the progress and results of a.s.r.'s climate efforts. In late 2020, a.s.r. signed the Finance for Biodiversity Pledge, committing a.s.r., along with other financial institutions, to protect and restore biodiversity in its investment portfolio. In 2023, a.s.r. conducted an analysis of biodiversity and ecosystem impacts, dependencies, opportunities and risks. For more information on a.s.r.'s approach towards climate change and biodiversity, please refer to section 6.2.1 and section 6.2.2.