On 1 February 2024, a.s.r. reached an agreement to sell Knab to the BAWAG Group AG for € 510 million (net asset value per 31 December 2023: € 750 million). Knab is an online bank for the self-employed and represents a.s.r.’s banking sector. Closing of the transaction is expected in the second half of 2024 and is subject to approval from the relevant regulatory authorities and advice from the a.s.r. works council. An agreement was also reached to transfer the management of the servicing of mortgages on Knab’s balance sheet from a.s.r. to the BAWAG Group AG in due time after closing for € 80 million payable to a.s.r.

In March 2024, a.s.r. issued a benchmark Euro denominated perpetual subordinated Restricted Tier 1 capital securities for an amount of € 500 million with a fixed rate coupon of 6.625% per annum. These securities will classify as other equity instruments. The purpose of the issuance of the new securities is, amongst other things, to proactively manage a.s.r.’s expected redemption profile. The offer also provides for a tender whereby noteholders of a.s.r.’s € 500 million fixed to fixed rate undated subordinated notes (ISIN: XS1115800655) can sell their current holdings in the notes and apply for priority in the allocation of the new securities. The aggregated nominal amount of the notes validly accepted for purchase, in accordance with the terms and subject to conditions set out in the tender offer memorandum, is € 380 million.

On 20 March 2024, Aegon hypotheken closed a transaction under the Dutch SAECURE programme to sell Class A mortgage backed securities (RMBS). ‘SAECURE 22’ consisted of a principal amount of € 600 million of class A notes.