a.s.r. decided to use the ‘look through’ approach on a group level when calculating the CSM, representing all income and expenses of the group related to insurance contracts. As a result the services of a.s.r. asset management related to insurance contracts measured under the variable fee approach are reflected in the insurance service result of the Life segment, as well as the segment Asset management, and subsequently reversed in ‘other income and other expenses’ within the segment Life. a.s.r. considers this to be a true and fair view. It reflects the measure reported to the Executive Board, as chief operating decision maker, for the purpose of making decisions about allocating resources to the segment and assessing its performance.

In 2023, adjustments related to the insurance service result (€ -75 million) mainly consist of the non-economic assumption update for inflation in the liability of incurred claims of Disability (€ -87 million) in the segment Non-life.

Adjustments related to the investment and finance result (€ 579 million) were mainly related to fair value revaluations driven by decreasing interest rates in 2023.

Adjustments related to the other result (€ -231 million) consists on the one hand of provisions made following the agreement with claim organisations on Unit Linked-life insurance transparency (see chapter 7.7.6.2). In the Life segment a provision is made of in total € 300 million which includes an additional provision of € 50 million to facilitate individual claims of customers in distressing situations. On the other hand in the Asset Management segment an adjustment was made for the net positive impact from the Aegon transaction and the exchange of investment portfolios. In the Distribution and Services segment an impairment of goodwill (€ -13 million) and amortisations of other intangible assets were adjusted for. In the Holding and Other segment the positive adjustment for the purchase gain on the Aegon transaction was partially set off by expenses for integration of the Aegon business lines and expenses for innovation projects.

For more information including an explanation of the new definition, see chapter 7.10.

The increase in the market interest rates in 2022 resulted in a decrease of the employee benefits of € 1.2 billion. The corresponding asset in segment Holding and Other (related to the insurance contract in Life segment based on IFRS 17 valuation) decreased accordingly with € 0.9 billion. This decrease in the employee benefits is accounted for directly in OCI (remeasurements of post-employment benefit obligation), whilst the related decrease of the corresponding asset is accounted for in the income statement as part of the investment and finance result (net fair value gains and (losses) and other finance expenses). The negative 2022 result in segment Holding and Other is mainly caused by this accounting mismatch, which is subsequently eliminated in the Eliminations (since it is related to the insurance contract in Life segment).

Adjustments related to the insurance service result (€ -390 million) mainly consist of future services on onerous contracts (€ -289 million) and strengthening of Disability provisions reflecting the 10% increase of the legal minimum wage as of 1 January 2023 (€ -93 million).

In 2022, adjustments related to the investment and finance result (€ -2,694 million) were mainly related to significant revaluations driven mainly by sharply rising interest rates in 2022.

Adjustments related to the other result (€ -44 million) consist of regulatory project implementation costs (IFRS 17 and IFRS 9), amortisation of intangibles identified in business combinations, M&A costs related to the business combination of a.s.r. and Aegon NL and start-up costs for innovations.

Operating result is an alternative performance measure; for more information see chapter 7.10.