a.s.r.’s shares have been listed on Euronext Amsterdam since 10 June 2016 (symbol: ASRNL, ISIN: NL0011872643). The amount of outstanding shares of a.s.r. is 208,902,381 ordinary shares, of which Aegon Ltd. holds 29.95%. The free float as defined by Euronext Amsterdam was 65% as at 31 December 2024. Each share has one vote.
a.s.r. is included in various indices, including the AEX ESG Index as well as the MSCI World Index.
Shareholders
a.s.r. shares are held by an international and diversified shareholder base. By the end of 2024, based on public filings and company information, institutional investors in Europe, the United States and the United Kingdom, represent approximately 24%, 21% and 15% of the outstanding shares respectively. Circa 4% of outstanding shares by year-end 2024 is held by Dutch investors of which a limited number of shares are held by retail investors.
Major shareholders
Dutch law requires shareholders to report their holdings in Dutch-listed companies to the AFM if it exceeds 3% of total outstanding share capital (and certain higher thresholds). Following the closing of the transaction with Aegon NL on 4 July 2023, Aegon Ltd. became a major a.s.r. shareholder, with almost 30% of outstanding shares. In addition, as at 31 December 2024, Norges Bank Investment Management and Blackrock Inc. had a shareholding in a.s.r. of more than 5%.
| (in numbers) | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Authorised capital | 325,000,000 | 325,000,000 |
| Issued share capital | 211,326,978 | 211,326,978 |
| Own shares held by a.s.r. | 2,424,597 | 178,816 |
| Outstanding shares | 208,902,381 | 211,148,162 |
Shares and share price performance
At the end of 2024, the share price stood at € 45.78 (2023: € 42.70). Total shareholder return amounted to 14.5% in 2024 (including dividend reinvestment in a.s.r. shares). The Euronext AEX Index appreciated by 14.6% in 2024, while the STOXX Europe 600 Insurance Index appreciated by 24.6% in 2024.
a.s.r. is actively covered by research analysts. Seventeen sell-side equity analysts cover a.s.r. and have issued a recommendation and a price target on a.s.r., with an average price target of € 53.84 as at year-end 2024. The recommendations comprise of only buy recommendations.
| (in €) | 2024 | 2023 |
|---|---|---|
| Starting price as at 1 January | 42.70 | 44.35 |
| Highest closing price | 48.76 | 44.92 |
| Lowest closing price | 41.60 | 34.45 |
| Closing price as at 31 December | 45.78 | 42.70 |
| Market cap as at 31 December (€ million) | 9,675 | 9,016 |
| Average daily volume shares (numbers) | 419,134 | 623,604 |
Dividend
a.s.r.’s Dividend policy, offers shareholders a progressive dividend with mid-to-high single digit percentage growth. During the CMD of June 2024, this policy was extended until 2026. The policy includes an interim dividend, which is set at 40% of the total dividend for the previous year and is conditional on achieving adequate financial results and solvency. The operating companies of a.s.r. remit cash to the holding. a.s.r. holds cash at the holding company to cover operating holding costs and hybrid expenses for the next 12 months (rolling forward), and cash to pay dividends.
| (in €) | 2024 | 2023 |
|---|---|---|
| Interim dividend | 1.16 | 1.08 |
| Final dividend | 1.96 | 1.81 |
| Total dividend | 3.12 | 2.89 |
Based on its strong financial performance in 2024, a.s.r. proposes to pay a total dividend of € 3.12 per share, which represents a 8% increase compared with the total dividend over 2023 (€ 2.89 per share). The dividend is paid as an interim dividend of € 1.16 per share (in September 2024) and a final dividend of € 1.96 per share. The 8% increase of dividend per share reflects an increase of the total dividend amount by 7% compared to 2023, which is in line with the medium-term target of a mid to high single digit increase, and the € 100 million share buyback following the completion of the sale of Knab, executed in 2024.
Following approval by the AGM on 21 May 2025, the 2024 final dividend will be payable from 28 May 2025. The a.s.r. shares will trade ex-dividend on 23 May 2025.