7.7.5Key management personnel remuneration

Transactions with key management personnel (MB members and SB) are transactions with related parties. Additional information on the remuneration of members of the MB and SB is disclosed in the remuneration report; see section 5.3.

Annual remuneration key management personnel
Amounts in thousandsExecutive boardMB membersSB1Total 2024Executive boardMB members2BEC members3SB4Total 2023
Fixed compensation
Base salary in cash2,9871,3924134,7922,6357171,5102835,145
Base salary in shares713145-85832366--389
Fees--115115---100100
Fringe benefits58277-1596336109208
Other
Extraordinary items6-51-51-----
Pension expense7785342-1,127525120330-976
Total remuneration4,5672,0075277,1013,5479401,9493826,818
  • 1 H. Hintzen left the SB as of 29 May 2024. B. Elfring was appointed as member of the SB of a.s.r. and as a committee member of the SB of a.s.r. on 29 May 2024. The remuneration figures reflect a partial year as member of the SB.
  • 2 J.F. Sappelli was appointed as CHRO and member of the MB of a.s.r. on 4 July 2023. R.E. Dekker was appointed CRO and member of the MB of a.s.r. on 4 July 2023. W. van den Berg was appointed COO Life and member of the MB of a.s.r. on 4 July 2023. The remuneration figures for 2023 reflect a partial year.
  • 3 One director left the BEC in 2023. The remuneration figures reflect a partial year as a member of the BEC.
  • 4 D. Jansen Heijtmajer was appointed as a Member of the SB of a.s.r. and as Member of the N&ESG Committee of the SB of a.s.r. on 4 July 2023. E. Friese was appointed as a Member of the SB of a.s.r. and as Member of the A&RC Committee of the SB of a.s.r. on 4 July 2023. The remuneration figures reflect a partial year as member of the SB.
  • 5 Variations arise as a result of the fiscal treatment of lease vehicles depending on the price and private use of the car, personal allowance and social security.
  • 6 In 2024, based on existing rights before the Aegon NL transaction, a number of Aegon Ltd. shares were settled in cash to MB members (former Aegon Ltd. employees).
  • 7 The annual pension expenditure is based on a premium table. Further changes in the cost of pension benefits are mainly due to the impact of age. The pension costs include DC pensions based on maximum pensionable salary cap, compensation for the maximum pensionable salary cap (to be used for pensions at the employees’ discretion), and VPL. The amount presented is excluding amounts related to the indexation of the defined benefit plan, as they are not expenses in the current year.

In the table above, ‘Executive Board’ refers to the three members of the EB as at 31 December 2024. In 2023, a.s.r. revised the remuneration policy for EB and MB members. The revised remuneration policy is an add-on to the existing policy to acquire a.s.r. shares under the ESPP, resulting from the transaction with Aegon NL.

The number of shares that are allocated (granted) to MB members is 2,004 shares (2023: 1,035 shares). The shares are purchased by the MB at a discount of 18.5%. The average grant price of the share is 36.57 (2023: 32.12), which is equal to the opening stock price on the Euronext Amsterdam stock exchange on the 1st trading day after the salary-payment date in each month in the period January to December 2024 (2023: July to December), taken into consideration the aforementioned discount.

The personnel conditions, e.g. discount on non-life insurance products, that apply to all personnel also apply to key management personnel. No discount is provided on life insurance products.