See accounting policy T.
7.5.11.1Share capital
| | 31 December 2024 | 31 December 2023 | ||
|---|---|---|---|---|
| | Number of Shares (in millions) | Amounts (in € millions) | Number of Shares (in millions) | (Amount (in € millions) |
| Ordinary shares | | | | |
| - Authorised capital; par value of € 0.16 | 325 | 52 | 325 | 52 |
| - Of which unsubscribed | 114 | 18 | 114 | 18 |
| Subscribed and paid-up capital | 211 | 34 | 211 | 34 |
| | | | | |
| Preference shares | | | | |
| - Authorised capital; par value of € 0.16 | 325 | 52 | 325 | 52 |
| - Of which unsubscribed | 325 | 52 | 325 | 52 |
| Subscribed and paid-up capital | - | - | - | - |
7.5.11.2Share premium reserve
In 2024, there were no changes in share premium reserve.
In 2023, the share premium reserve increased by € 2,537 million due to the issued share capital to finance the business combination of a.s.r. and Aegon NL (€ 2,572 million) and the cancellation of 1.798 thousands treasury shares (€ -35 million), as approved at the AGM in May 2023, see section 7.5.11.5.
7.5.11.3Unrealised gains and losses recorded in equity
| 31 December 2024 | 31 December 2023 | |||||
|---|---|---|---|---|---|---|
| | Investments at FVOCI | Revaluation of property in own use and plants | Total | Investments at FVOCI | Revaluation of property in own use and plants | Total |
| Gross unrealised gains and losses | 476 | 56 | 532 | 414 | 54 | 467 |
| Related tax | -86 | -14 | -100 | -72 | -13 | -85 |
| | | | | | | |
| Total unrealised gains and losses recorded in equity | 390 | 42 | 432 | 342 | 41 | 383 |
7.5.11.4Actuarial gains and losses
The balance of actuarial gains and losses related to the pension obligation increased in 2024 by € 113 million after tax and € 152 million before tax. (2023: decreased by € 120 million after tax and € 162 million before tax). The increase is mainly due to an increase in the discount rate (see section 7.5.15).
7.5.11.5Treasury shares
In January 2024, a.s.r. announced a share buyback programme for the amount of 300 thousand shares related to the employee share purchase plan. The repurchase was completed on February 7, 2024. Therefore, during the period from 22 January 2024 through 7 February 2024, a.s.r. repurchased 300 thousand shared under an open market share buyback programme for an amount of € 13 million (average share price € 43.27).
In November 2024, a.s.r. announced a share buyback programme for an amount of € 100 million from the proceeds from the disposal of Knab. Therefore, during the period from 7 November 2024 through 11 December 2024, a.s.r. repurchased 2,213 thousand shares under an open market share buyback programme for an amount of € 100 million (average share price € 45.18). a.s.r. will seek approval from the General Meeting of Shareholders on 21 May 2025 to cancel the repurchased shares.
As part of the employee share purchase plan a.s.r. sold 268 thousand shares (2023: 159 thousand shares) for an amount of € 9 million (2023: € 5 million), leading to a decrease of € 2 million (2023: € 1 million) in retained earnings. For more information on the employee share purchase plan, see section 7.7.6.
In 2024, no shares are cancelled. In the AGM in May 2023 the resolution was adopted to cancel 1,798 thousand shares which were acquired in 2022. The cancellation was effected in August 2023.
The amount of treasury shares held at year-end of € 109 million (2023: € 7 million) represents 2,425 thousand treasury shares (2023: 179 thousand).
7.5.11.6Other equity instruments
| | 2024 | 2023 | Coupon date | First possible redemption date |
|---|---|---|---|---|
| Hybrid Tier 2 instrument 5% fixed interest | - | 497 | Annually with effect from 30 September 2015 | 30 September 2024 |
| Restricted Tier 1 instrument 4.625% fixed interest | 507 | 507 | Semi-annually with effect from 19 April 2018 | 19 October 2027 |
| Restricted Tier 1 instrument 6.625% fixed interest | 500 | - | Semi-annually with effect from 27 March 2024 | 27 December 2031 |
| | | | | |
| Total other equity instruments | 1,007 | 1,004 | | |
The Tier 1 and Tier 2 instruments bear discretionary interest and have no maturity date, but can be redeemed at the option of a.s.r. on any coupon due date from the above mentioned possible redemption date.
The Tier 1 and Tier 2 instruments have subordination provisions, rank junior to all other liabilities and senior to only shareholder’s equity. The conditions of the securities contain certain provisions for optional and required coupon payment deferral and mandatory coupon payment events.
The coupon payments in respect of the Tier 1 and Tier 2 instruments are deductible for tax purposes.
In March 2024, a.s.r. issued € 500 million perpetual subordinated restricted Tier 1 capital securities priced with a fixed rate coupon of 6.625% per annum. The new issue is first callable on 27 December 2031.
In March 2024, holders of the hybrid Tier 2 instrument 5% fixed interest were offered to tender their notes for cash in accordance with the terms and conditions as set out in the Tender Offer Memorandum. As a result, the carrying value of the hybrid Tier 2 instrument 5% fixed interest decreased by € 382 million. On 30 September 2024, the remaining outstanding notes with a principal amount of € 120 million were redeemed in full at their principal amount.
| | 2024 | 2023 |
|---|---|---|
| Hybrid Tier 2 instrument 5% fixed interest | 15 | 25 |
| Restricted Tier 1 instrument 4.625% fixed interest | 23 | 23 |
| Restricted Tier 1 instrument 6.625% fixed interest | 25 | - |
| | | |
| Total distributed amounts | 63 | 48 |
The Tier 1 and Tier 2 instruments are classified as equity as there is no requirement to settle the obligation in cash or another financial asset or to exchange financial assets or financial liabilities under conditions that are potentially unfavourable for a.s.r.
7.5.11.7Earnings per share
| | 2024 | 2023 (restated) |
|---|---|---|
| Net profit from continuing operations | 1,003 | 956 |
| Net profit from discontinued operations | -121 | 82 |
| Net result attributable to holders of ordinary shares for calculating the earnings per ordinary share | 882 | 1,038 |
| Weighted average number of ordinary shares in issue | 210,798,737 | 178,838,730 |
| | | |
| Basic earnings per ordinary share from continuing operations (in euros) | 4.76 | 5.34 |
| Basic earnings per ordinary share from discontinued operations (in euros) | -0.57 | 0.46 |
| Basic earnings per ordinary share (in euros) | 4.19 | 5.80 |
| | 2024 | 2023 (restated) |
|---|---|---|
| Net profit (loss) attributable to holders of ordinary shares | 1,003 | 956 |
| - effect of Restricted Tier 1 capital instrument | 17 | 17 |
| Adjusted net result from continuing operations | 1,020 | 973 |
| Net profit from discontinued operations | -121 | 82 |
| Adjusted net result attributable to holders of ordinary shares for calculating the diluted earnings per ordinary share | 899 | 1,055 |
| | | |
| Weighted average number of ordinary shares in issue | 210,798,737 | 178,838,730 |
| Weighted average number of ordinary shares resulting from conversion of bonds Restricted Tier 1 | 21,645,022 | 21,645,022 |
| Weighted average number of shares used to calculate the diluted earnings per ordinary share | 232,443,759 | 200,483,751 |
| | | |
| Diluted earnings per ordinary share from continuing operations (in euros) | 4.39 | 4.85 |
| Diluted earnings per ordinary share from discontinued operations (in euros) | -0.52 | 0.41 |
| Diluted earnings per ordinary share (in euros) | 3.87 | 5.26 |
Net result in the table is after tax and non-controlling interests.
For additional information related to net result, see section 7.2.2.