The remuneration of current EB members is in accordance with the Remuneration Policy.
Neither a.s.r. nor any Group company provides any loans, advances or guarantees on behalf of an EB member. The comparative chart below shows the remuneration and company performance over the last five reported financial years. Company performance is expressed in terms of operating result per share. The average remuneration of employees (who are not EB members) is also shown, and this is also used to calculate the pay ratio. Finally, the average EB remuneration (CEO and CFO) is presented.
The full Remuneration Policy can be found at www.asrnl.com.
Pensions
The calculation of annual pension expenses is based on the total pension rights granted during a term of service at a.s.r. Pension expenses include:
Pensions based on a maximum pensionable salary cap (€ 137,800, fiscal maximum);
Compensation for the maximum pensionable salary cap (to be used for pensions at the employee’s discretion);
Pension benefits related to historically awarded pension rights;
VPL (early retirement and life cycle - VUT, Prepensioen en Levensloop).
All components of EB remuneration are included in the basis used for calculating pension benefits. EB members have the same pension scheme as a.s.r. employees.
The indexation of the defined benefit plan granted to EB members in 2024 is as following: Jos Baeten € 286,256 and over 2023 € 253,853, Ewout Hollegien € 6,273 and over 2023 € 4,880 and Ingrid de Swart € 894 and over 2023 € 751. In addition, the indexation granted in 2024 to former EB members who are participants in the defined benefit plan is € 72,599 and over 2023 € 1,256,396.
Remuneration in 2024
Based on the benchmark and in line with the Remuneration Policy, the CEO’s salary scale is currently between € 1,023,840 and € 1,462,628. For the CFO and the COO/CTO, a salary scale of € 793,869 to € 1,134,099 applies. The benchmark is set every two years. The positioning, scale maximum and resulting bandwidth of the scales are then assessed and may be adjusted in relation to the resulting median.
The reference group 2024, which consists of 16 companies and the Europe Control group currently consists of 16 financial companies.
| Organisation | Index |
|---|---|
| Aalberts N.V. | AMX |
| ABN AMRO Bank N.V. | AEX |
| Achmea B.V. | Not listed |
| Aegon Ltd. | AEX |
| ASM International N.V. | AEX |
| Coöperatieve Rabobank U.A. | Not listed |
| De Volksbank N.V. | Not listed |
| IMCD N.V. | AEX |
| ING Groep N.V. | AEX |
| JDE Peet's N.V. | AMX |
| Koninklijke KPN N.V. | AEX |
| Koninklijke Vopak N.V. | AMX |
| NN Group N.V. | AEX |
| OCI N.V. | AMX |
| Signify N.V. | AMX |
| Van Lanschot Kempen N.V. | AMX |
| Organisation |
|---|
| Ageas SA/NV |
| Bâloise Holding AG |
| Beazley plc |
| Direct Line Insurance Group plc |
| Gjensidige Forsikring ASA |
| Grupo Catalana Occidente, S.A. |
| Hannover Rück SE |
| Helvetia Holding AG |
| Hiscox Ltd |
| Phoenix Group Holdings plc |
| SCOR SE |
| Storebrand ASA |
| Tryg A/S |
| Unipol Gruppo S.p.A. |
| UnipolSai Assicurazioni S.p.A. |
| Wüstenrot & Württembergische AG |
2024 was an outstanding year for a.s.r. The results remained robust, and several milestones were achieved. One of the highlights was the successful closing of the Knab transaction. Additionally, significant steps were taken in the integration process, such as the migration of Non-Life and several staff departments, which was completed entirely according to plan, ensuring continuity of service and a warm welcome for customers. In accordance with the recommendation of the Remuneration Committee, the SB has decided to grant a salary increase of 3% to all members of the EB as of 1 January 2025.
Furthermore, under the CLA (applicable from 1 July 2024 until 1 April 2025), a.s.r. employees were given an indexation of their salary of 4.75% from 1 July 2024. This increase also applies to EB members.
Remuneration in a.s.r. shares
As from 1 July 2023, part of the (fixed) remuneration of the EB members is paid in a.s.r. shares, being 20% of the fixed cash remuneration. For the current CEO, an exception applies until the end of his term of appointment (2026 AGM): 30% of his fixed cash remuneration is paid in a.s.r. shares. All shares must be held for at least five years. Furthermore, EB members (as long as they are employed) must hold at least 100% of their fixed gross annual salary in shares before they are allowed to sell any shares. Any sale of shares is subject to the a.s.r. regulations on the handling of private transactions in financial instruments and applicable law. The following table shows how much remuneration for each EB member was paid in a.s.r. shares in 2024.
Participation in a.s.r. shares
Until the amendment of the Remuneration Policy as per 1 July 2023, EB members were committed to purchasing a certain percentage of their remuneration in a.s.r. shares (75% for the CEO and 50% for other EB members) and holding these shares for at least five years. The shares are not variable remuneration, nor a remuneration in shares.
The number of shares that are allocated (granted) to EB members are calculated as a function of (1) the defined percentage of the fixed salary at allocation date and (2) the applicable stock price at Euronext. The applicable stock price is defined as the opening stock price on the 1st trading day after the salary-payment date in each month. The salary payment dates are pre-defined in the salary payment schedule and set by the Human Resources department. The shares are purchased by the EB at a discount of 18.5%. The average grant price of the shares was € 36.57, 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. The shares are in a lock-up period of five years.
The participation of shares of the EB can be found in the table on the next page.
| (in numbers / %) | As at 1 January 2024 | Participation in a.s.r. shares in 2024 | Granted and vested in 2024 | As at 31 December 2024 | In % of gross annual salary1 |
|---|---|---|---|---|---|
| Jos Baeten | 12,684 | - | 4,800 | 17,484 | 46.1 |
| Ewout Hollegien | 2,892 | - | 2,438 | 5,330 | 21.4 |
| Ingrid de Swart | 5,889 | - | 2,613 | 8,502 | 30.1 |
| Total | 21,465 | - | 5,051 | 31,316 | N/A |
- 1 Base salary in cash and shares
| (in € thousands) | Fixed remuneration | Variable remuneration | | | | | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Executive Board member | Base salary in cash | Base salary in shares | Fees | Fringe benefits1 | One-year variable | Multi-year variable | Extraordinary items | Pension expense2 | Total remuneration | Fixed portion of the total remuneration |
| Jos Baeten, CEO | 1,159 | 348 | - | 16 | - | - | - | 449 | 1,971 | 100% |
| Ewout Hollegien, CFO | 882 | 176 | - | 31 | - | - | - | 122 | 1,212 | 100% |
| Ingrid de Swart, COO/CTO | 946 | 189 | - | 35 | - | - | - | 214 | 1,384 | 100% |
| Total | 2,987 | 713 | - | 82 | - | - | - | 785 | 4,567 | 100% |
- 1 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.
- 2 The post-employment defined benefit plan of a.s.r. ended 31 December 2020. A new defined contribution plan started from 1 January 2021. The defined benefit obligation will continue to exist, but no further regular annual premium contributions will be paid to the plan. All members of the Executive Board participate in the defined contribution plan. 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 defined contribution pensions based on maximum pensionable salary cap, compensation for the maximum pensionable salary cap (to be used for pensions at the employees’ discretion in total), 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 € thousands) | Fixed remuneration | Variable remuneration | | | | | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Executive Board member | Base salary in cash | Base salary in shares | Fees | Fringe benefits1 | One-year variable | Multi-year variable | Extraordinary items | Pension expense2 | Total remuneration | Fixed portion of the total remuneration |
| Jos Baeten, CEO | 1,033 | 157 | - | 15 | - | - | - | 264 | 1,469 | 100% |
| Ewout Hollegien, CFO | 756 | 80 | - | 24 | - | - | - | 100 | 960 | 100% |
| Ingrid de Swart, COO/CTO | 846 | 86 | - | 24 | - | - | - | 161 | 1,117 | 100% |
| Total | 2,635 | 323 | - | 63 | - | - | - | 525 | 3,547 | 100% |
- 1 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.
- 2 The post-employment defined benefit plan of a.s.r. ended 31 December 2020. A new defined contribution plan started from 1 January 2021. The defined benefit obligation will continue to exist, but no further regular annual premium contributions will be paid to the plan. All members of the Executive Board participate in the defined contribution plan. 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 defined contribution pensions based on maximum pensionable salary cap, compensation for the maximum pensionable salary cap (to be used for pensions at the employees’ discretion in total), 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.