7.7.4Related party transactions

A related party is a person or entity that has significant influence over another entity, or has the ability to affect the financial and operating policies of the other party. Parties related to a.s.r. include associates, joint ventures, key management personnel, close family members of any person referred to above, entities controlled or significantly influenced by any person referred to above and any other affiliated entity.

The Group regularly enters into transactions with related parties during the conduct of its business. These transactions mainly involve loans, deposits and commissions, and are conducted on terms equivalent to those that prevail in at arm’s length transactions.

Positions and transactions between a.s.r., associates, joint ventures and other related parties

The table below shows the financial scope of a.s.r.’s related party transactions:

  • Associates;

  • Joint ventures;

  • Aegon Ltd. and its group companies (since Aegon Ltd. has significant influence over a.s.r.).

Financial scope of a.s.r.’s related party transactions current year
AssociatesJoint venturesAegon Ltd. GroupTotal
2024
Balance sheet items with related parties as at 31 December
Loans and receivables461855
Transactions in the income statement for the financial year
Interest income1--1
Fee income39-2261
Operating and other expenses2-7880
Financial scope of a.s.r.’s related party transactions prior year
AssociatesJoint venturesAegon Ltd. GroupTotal
2023
Balance sheet items with related parties as at 31 December
Loans and receivables441449
Other liabilities140--140
Transactions in the income statement for the financial year
Fee income75-1287
Operating and other expenses1-3536

No provisions for impairments have been recognised on the loans and receivables for the years 2024 and 2023.

Aegon Ltd. group

Aegon Ltd. has an exclusive right until 4 July 2028 to nominate up to two members of the Supervisory Board (if Aegon Ltd. holds more than 20% of the shares it may nominate two members, if it holds 20% or less but more than 10% of the shares it may nominate one member). In addition, Aegon Ltd. has the right to designate its nominees for the Audit and Risk Committee and the ESG Committee if certain conditions are met. Furthermore, in case the incumbent CEO of a.s.r. does not serve the full term due to earlier resignation or dismissal, the appointment of the successor requires the unanimous vote of all Supervisory Directors in office.

Transitional service agreements (TSAs) safeguard the availability of services between a.s.r. and Aegon Ltd. group (including its subsidiaries), during the integration of the Aegon entities obtained with the business combination of 2023, such as IT infrastructure and asset management services. Prices are determined on an at arm’s length basis. To ensure full disentanglement from the Aegon Ltd. group over the integration period, strict timelines and a strong governance have been put in place. The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received.

The DB obligation of former Aegon NL classifies as multiple-employer contract. For more information, see section 7.5.15.1.

In 2024, a.s.r. paid 188 million dividend to Aegon Ltd. (2023: 68 million).

Key management personnel

The remuneration of the key management personnel is disclosed in section 7.7.5.

At 4 July 2023 the Management Board (MB) was introduced and replaced the Business Executive Committee (BEC). The three members of the Executive Board (EB) are also members of the MB. The members of the MB have mortgage loans with a.s.r. amounting to 2,282 thousand (2023: 2,413 thousand). The mortgages have been issued subject to normal employee conditions. The employee conditions include limits and thresholds to the amounts that qualify for a personnel interest-rate discount. For mortgage loans higher than 340 thousand arm’s length condition apply. The average interest on the mortgage loans for MB-members is 2.44% (2023: 2.45%). In 2024, the mortgage loans of MB-members were settled for an amount of 131 thousand (2023: 89 thousand). The Supervisory Board (SB) has no mortgage loans.