This section does not contain comparative figures because a.s.r. did not have any banking activities prior to the closing of the transaction with Aegon NL on 4 July 2023.

Operating result

The operating result for the Bank segment amounted to € 139 million, which was a result of the inclusion of Knab for the second half-year.

Net interest income

The reported net interest income is mainly driven by interest income on the mortgage loans and deposits. Interest charges for the savings products are also impacted by the change in interest rates but were partly offset by an increase in interest on derivatives.

Capital ratios

The capital position was solid, with a Total Capital Ratio of 23.1% as per 31 December 2023. The leverage ratio was strong at 4.5%.

Customer savings

Despite continuing turbulence in the world, Knab sustained its growth in 2023. The number of paying customers of Knab grew in 2023 to 389,000 in total (2022: 346,000). This customer base consists of 112,000 private customers and 278,000 business customers. The growth was realised primarily through the increase in business account holders (+39,000), while the number of retail customers also showed gradual growth (+4,000). Total savings increased in 2023 by € 202 million, which continues to support Knab’s growth strategy.