With the introduction of the Corporate Sustainability Reporting Directive (CSRD), new reporting requirements come into effect for a.s.r. with regard to non-financial information from the 2024 financial year.

In early 2023, a.s.r. put in place a project organisation to implement the CSRD legislation. All business units are represented in the project to define and put in place reporting obligations. The steps taken so far include:

• Putting in place the project structure, developing the roadmap and knowledge development;

• Organisation-wide knowledge development related to (the rules on) sustainability reporting including the CSRD;

• First implementation of a Double Materiality Assessment (DMA);

• Data requirements have been identified and a gap analysis has been carried out;

• A system for data collection and the reporting process has been selected.

Double Materiality Assessment

In the first six months, a.s.r. conducted a DMA in line with requirements regarding the approach and methodology based on the CSRD. Stakeholders and internal experts assessed and prioritised impacts, risks and opportunities in relation to sustainability topics. In the second half of the year, an update of the DMA was carried out assessing the impact of the Aegon NL integration.

Analysis of reporting obligations

Based on the outcomes of the DMA, workshops took place to gain insight into the material data points in relation to a.s.r.’s value chain. Based on these data points, it was determined what to report on.

In early 2024, in-depth gap analyses were conducted and action plans are currently being drawn up to close these gaps. Business lines and stakeholders in the value chain are requested to build the central and decentralised administration(s).

Outlook 2024

In 2024, the systems, reporting processes and associated control frameworks will be in place. Also, the outcomes of the DMA will be approved by the MB.

One of the main challenges for 2024 is to bring the level of consolidation for the non-financial information in line with the financial statements, as required by CSRD. This entails that all subsidiaries of a.s.r., including the Aegon NL figures, must be included in the non-financial figures as per reporting year 2024.