Operating result

The operating result decreased by € 91 million to € -200 million. This was mainly due to higher interest charges and operating expenses. The increase of € 69 million in interest charges to € 160 million (2022: € 91 million) for debt instruments was primarily due to the € 1 billion Tier 2 bond issue in 2022 to finance the business combination with Aegon NL. This was partly offset by non-recurring higher investment income.

Operating expenses

Operating expenses increased by € 18 million to € -24 million due to strengthening of provisions related to employee benefits, centralisation of activities and brand rationalisation.

Result before tax

The result before tax increased by € 1,276 million to € -87 million, primarily as a result of the negative revaluation of a.s.r.'s own pension scheme in 2022 due to the rising interest rate environment.