The Individual life and Funeral business unit combines the management of a.s.r.'s Individual life and Funeral insurance portfolios.

In 2024, preparations for the integration of Aegon NL Life with a.s.r. life were central. The conversion of the Aegon NL Life insurance portfolio to the a.s.r. target platform is planned for 2025. The implementation of the settlement agreement between a.s.r. and the representatives of Unit Linked insurance policies was also an important activity (see section 5.4.3.4.7 for more information). Both topics required a lot of capacity. The main objectives for 2024 were achieved, both financially and in terms of employee and customer satisfaction (NPS-c).

Market & product – Individual life

In 2024, a lot of media attention was paid to the importance of a financial safety net in the event of death, for homeowners, renters and self-employed individuals. The Dutch Association of Insurers (Verbond van Verzekeraars) encourages this awareness.

Term individual life insurance is the only individual life product that a.s.r. actively sells. Per Q3 2024 the market share of a.s.r. of the individual life insurance market was 1.13%. In 2024, production of our policies sold has increased by 46% compared to the previous year, and the goal is to grow profitable to a market share of 10% by 2027.

Market & product(s) – Funeral

a.s.r. sells funeral capital insurance policies, allowing customers to plan their own funeral with the amount paid out to their beneficiaries.

The market share for funeral insurance dropped to 14.3% (2023: 16.6%), partly due to fierce competition online. After the brand transition from Ardanta to a.s.r. Funeral Insurance in 2023, online production initially declined because a.s.r. was not directly associated with funeral products. In 2024, the first brand campaigns were launched on television and online to increase name and brand recognition. The intermediary channel brought in most of the new production in 2024.

Strategy and achievements

In financial terms, the combined Individual life and Funeral business also made a stable contribution to a.s.r.'s results in 2024. The scalability of the organisation ensures that costs move in line with portfolio movements. For a.s.r. Individual life and Funeral, customer service is provided through alignment with the digital agenda and with the support of a flexible workforce (temporary workers).

Since Q3 2024, a.s.r.'s individual term life insurance has been included in the Mortgage Data Network (HDN). This platform enables advisors and providers to allow consumers to easily and securely purchase their mortgage and mortgage-related products.

Customer satisfaction for Individual life (NPS-c of 47, 2023: 53) and Funeral (NPS-c of 53, 2023: 48) is above the a.s.r. target of +44. The decrease of the NPS-c score for Individual life is partially due to the onboarding of new colleagues, who are less experienced. The increase of the NPS-c score of Funeral is in line with the continues attention to improves customer satisfaction. Within the Funeral domain, intermediaries give their collaboration with a.s.r. a score of 8.1. The first AI initiatives, such as speech-to-text and Copilot, were implemented in Individual life in 2024, with Funeral to follow.

Outlook for 2025

a.s.r. reached a settlement agreement with the representatives of interest groups with a unit-linked insurance policy from Aegon NL and a.s.r. One of the conditions of the agreement is that 90% of the affiliated customers of these interest groups must agree on this final settlement. On 19 February 2025 it was announced that the unit-linked settlement agreement that was reached in November 2023 with the five customer protection groups is final. More than 90% of the affiliated customers have accepted a personal offer. As a result the collective actions that these consumer protection organisations have initiated in the past, will be cancelled.  a.s.r. will proceed with the implementation of an arrangement for unaffiliate customers that have not previously received compensation.

The conversion of the Aegon NL Life portfolio will be completed per the end of 2025. Also, in 2024, the Internal Model Approval Process for a.s.r. life has started. This process will be continued during 2025.

a.s.r. remains vigilant for acquisition opportunities to extend or at least maintain the portfolios for both Individual life and Funeral.