7.4.6Discontinued operations

See accounting policy I.

On 1 February 2024, a.s.r. reached an agreement to sell Knab to the BAWAG Group AG. Closing of the transaction took place on 1 November 2024.

a.s.r. has presented in a single amount (after tax) the result from discontinued operations in relation to Knab, including the loss as a result of the sale. The result from discontinued operations of €- 121 million is recognised in segment Holding and Other (see section 7.4.3).

The result of discontinued operations can be specified as follows:

Result of discontinued operations
Income statementJanuary - October 2024July - December 2023
Total income721481
Total expenses-560-370
Result from operating activities161111
Income tax (expense) / gain-42-29
Result on sale after tax-240-
Result for the period-12182
Statement of comprehensive income
Items that may be reclassified subsequently to profit or loss
Unrealised change in value of debt instruments designated at FVOCI-119
Realised gain/(loss) on debt instruments at FVOCI reclassified to profit or loss-1-
Income tax on items that may be reclassified5-2
Other comprehensive income for the period from discontinued operations-77
Total comprehensive income / (loss) from discontinued operations-12889
Attributable to shareholders of the parent-12889
Cash flows from discontinued operations
20242023
Cash and cash equivalents as at 1 January2,538-
Knab cash and cash equivalents acquired through the acquisition of Aegon as at 4 July 20232,071
Cash flows from operating activities-29467
Cash flows from investing activities
Cash flows from financing activities
Sale of Knab as at 1 November 2024-2,509
Cash and cash equivalents as at 31 December-2,538
Effect of disposal on the financial position of the Group
1 November 2024
Property, plant and equipment4
Investments13,067
Derivatives521
Deferred tax assets11
Other assets67
Cash and cash equivalents2,509
Total assets16,180
Provisions1
Borrowings2,820
Derivatives18
Savings deposits11,969
Due to banks511
Other liabilities30
Total liabilities15,349
Net assets and liabilities831
Consideration received611
Book loss on sale-221
Impairment loss on intangible assets-19
Result on sale of discontinued operations-240
Cash flows
Consideration received611
Cash and cash equivalents disposed of-2,509
Net cash outflows-1,898