Scope
In this integrated Annual Report, a.s.r. provides a transparent overview of its activities and results for the reporting year starting at 1 January 2024 and lasting up to and including 31 December 2024. The financial information in this Annual Report has been consolidated for a.s.r. and all its group entities. All qualitative information relates to a.s.r. as a whole, unless a specific business line is explicitly mentioned. All non-financial quantitative information for 2024 includes a.s.r. and its group entities, unless stated otherwise. The full list of principal group companies and associates can be found in section 7.4.1.
Standards
The consolidated financial statements of a.s.r. have been prepared in accordance with IFRS – including the IAS and Interpretations – as adopted by the EU, and with the financial reporting requirements included in Title 9, Book 2 of the Dutch Civil Code, where applicable. Pursuant to the options offered by Section 362, Book 2 of the Dutch Civil Code, a.s.r. has prepared its company financial statements in accordance with the same principles as those used for the consolidated financial statements. All amounts quoted in these financial statements are in euros and rounded to the nearest million, unless otherwise indicated. Calculations are made using unrounded figures. As a result, rounding differences can occur. The Group Solvency II ratio in this Annual Report is based on the existing Partial Internal Model for Aegon Life and Spaarkas. The other insurance entities in the group calculate their solvency capital requirement in accordance with the Solvency II Standard Formula. The Group Solvency II ratio includes financial institutions. In addition to the information in this Annual Report, a.s.r. also publishes a separate Solvency and Financial Condition Report.
a.s.r. prepares the management report in accordance with BW 2:391 and the EU Directive 2013/34/EU on the annual financial statements, the sustainability statements in accordance with the CSRD, including the reporting requirements of the ESRS, consolidated financial statements and related reports of certain types of undertakings and the Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting. This report offers an overview of key developments and performance of a.s.r. and shows how a.s.r. deals with key risks, opportunities, and uncertainties. The topics presented are based on a stakeholder dialogue and materiality analysis, conducted with the EB and different a.s.r. stakeholders.
Comparative figures
The comparative income statement and operating result of 2023 do not include the figures of Aegon NL prior to the closing of the Aegon NL transaction which took place on 4 July 2023. Practically this only includes the H2 2023 figures from Aegon NL. For more information, see section 7.3.2.
Process
The information in this Annual Report is delivered by various staff functions and business segments. For the preparation of the Annual Report, a steering group (SG) and a review group (RG) have been set up to guide the process and review the content. The SG represents the CEO, the Director Group Finance, Head of Sustainability & Benchmarks and Reporting, and the Director Corporate Communication. The RG is represented by Board Members, directors and relevant key functions. Before gathering information and writing the Annual Report, the SG decided on the structure and key messages of the report. The reporting specialists then translated the outcomes and decisions into draft reports, which were reviewed by a committee of members from the SG and RG. During the reporting process, the review group delivered feedback on the draft Annual Report. The final draft texts of the Annual Report are discussed in the respective meetings of the EB, the A&RC and the SB. Disclosure of the Annual Report is subject to the approval of the EB and the SB.
Audit and assurance of the auditor
The consolidated financial statements 2024 have been audited by a.s.r.’s external auditor, KPMG. KPMG’s audit opinion can be found in section 8.2.2. In addition to the financial results, KPMG performed a review - with a limited level of assurance - of the Sustainability Statements (section 6) in this Annual Report, including the incorporations by reference in other sections. KPMG’s assurance report can be found in section 8.2.3.