a.s.r. decided to use the ‘look through’ approach on a group level when calculating the CSM, representing all income and expenses of the Group related to insurance contracts. As a result the services of a.s.r. asset management related to insurance contracts measured under the variable fee approach are reflected in the insurance service result of the segment Life, as well as the segment Asset management, and subsequently reversed in ‘other income and other expenses’ within the segment Life. a.s.r. considers this to be a true and fair view. It reflects the measure reported to the Executive Board, as chief operating decision maker, for the purpose of making decisions about allocating resources to the segment and assessing its performance.

The results from discontinued operations in relation to Knab, including the loss as a result of the sale, is recognised in segment Holding and Other. See section 7.4.6 for more details.

In 2024, adjustments related to the insurance service result (€ 5 million) consist of changes to future services on onerous contracts (€ 42 million, mostly reflecting synergies in expense provisioning). This was partly offset by, among others, the amortisation of pre-recognition interest rate hedged developments prior to the initial CSM recognition (€ -18 million) and the non-economic assumption update for inflation in the liability of incurred claims of Disability (€ -8 million).

Adjustments related to the investment and finance result (€ 173 million) were mainly related to revaluations due to market developments to arrive at normalised investment returns in the operating result.

Adjustments related to the other result (€ -158 million) consist of costs for integration of the Aegon NL business lines, charged to the Holding, project costs for the regulatory pension reform and CSRD, project costs for the implementation of a partial internal model and amortisations of intangible assets defined in earlier acquisitions.

For more information including an explanation of the definition, see section 7.10.

In 2023, adjustments related to the insurance service result (€ -75 million) mainly consist of the non-economic assumption update for inflation in the liability of incurred claims of Disability (€ -87 million) in the segment Non-life.

Adjustments related to the investment and finance result (€ 611 million) were mainly related to fair value revaluations driven by decreasing interest rates in 2023.

Adjustments related to the other result (€ -231 million) consists on the one hand of provisions made following the agreement with claim organisations on Unit Linked-life insurance transparency (see section 7.7.7.2). In the Life segment a provision is made of in total € 300 million which includes an additional provision of € 50 million to facilitate individual claims of customers in distressing situations. On the other hand, an adjustment was made in the Asset Management segment for the net positive impact from the Aegon transaction and the exchange of investment portfolios. In the Distribution and Services segment an impairment of goodwill and amortisations of other intangible assets were adjusted for. In the Holding and Other segment the positive adjustment for the purchase gain on the Aegon transaction was partially set off by expenses for integration of the Aegon business lines and expenses for innovation projects.

Operating result is an alternative performance measure; for more information see section 7.10.