a.s.r.’s shares have been listed on Euronext Amsterdam since 10 June 2016 (symbol: ASRNL, ISIN: NL0011872643). a.s.r. is included in the AEX Index. With the issuing of the new share capital, the amount of issued and outstanding shares of a.s.r. is now 211,326,978 ordinary shares, of which Aegon holds 29.99%. The free float as defined by Euronext Amsterdam was 70% as at 31 December 2023. Each share has one vote.

a.s.r. is included in various indices, including the MSCI World Index as per the end of August 2023.

Shareholders

a.s.r. shares are held by an international and diversified shareholder base. By the end of 2023, based on public filings and company information, institutional investors in Europe, North America and the United Kingdom (including Ireland), represent approximately 56%, 24%, and 19% of the outstanding shares respectively. A limited number of shares are held by retail investors in the Netherlands.

Major shareholders

Dutch law requires shareholders to report their holdings in Dutch-listed companies to the AFM if they exceed 3% of total outstanding share capital (and certain higher thresholds). Following the closing of the transaction with Aegon NL on 4 July 2023, Aegon Ltd. became a major shareholder with 29.99% of the issued and outstanding shares. In addition, as at 31 December 2023, Blackrock Inc. had a shareholding in a.s.r. of more than 5%. Norges Bank Investment Management and SAS Rue la Boetie had a shareholding in a.s.r. of more than 3%, but less than 5%.

Shares and share price performance

At the end of 2023, the share price stood at € 42.70 (2022: € 44.35). Total shareholder return amounted to 3.2% in 2023 (including a dividend reinvestment in a.s.r. shares) and to 230% since the IPO in 2016. The Euronext AEX Index appreciated by 14.2% in 2023, while the STOXX Europe 600 Insurance Index appreciated by 8.8% in 2023.

a.s.r. is actively covered by research analysts. 17 equity analysts issued a recommendation and a price target on a.s.r. with an average price target of € 51.19 as at year-end 2023. The recommendations comprise of 17 buy recommendations, zero hold recommendations and zero sell recommendations on a.s.r.

Dividend

a.s.r.’s dividend policy, effective as of 2023, offers shareholders a progressive dividend with mid-to-high single digit envisaged growth until 2025. The policy includes an interim dividend, which is set at 40% of the total dividend for the previous year and is conditional on achieving adequate financial results and solvency. To be able to pay dividends, the operating companies of a.s.r. remit cash to the holding. a.s.r. holds cash at the holding company to cover operating holding costs and hybrid expenses for the next 12 months (rolling forward), and cash to pay the final and interim dividend.

Based on its strong financial performance in 2023, but also reflecting confidence in the financial merits of the transaction with Aegon NL, a.s.r. proposes to pay a total dividend of € 2.89 per share, which is paid as an interim dividend of € 1.08 per share (in September 2023) and a final dividend of € 1.81 per share (to be paid in June 2024). The total dividend of € 2.89 per share represents a 7% increase compared with the total dividend over 2022 (€ 2.70 per share).

Following approval by the AGM on 29 May 2024, the final dividend will be payable from 7 June 2024. The a.s.r. shares will trade ex-dividend on 31 May 2024.