a.s.r. recognises the critical importance of biodiversity and ecosystems to the overall well-being of humankind and a.s.r.'s long-term success. a.s.r. aims to avoid and reduce loss of biodiversity and ecosystems and where feasible, to restore and regenerate biodiversity and ecosystem services by 2030. a.s.r. does this by identifying where its activities have a high impact or dependency on biodiversity and ecosystems and by setting up policies addressing these, by taking concrete actions and by formulating targets.

a.s.r. is an adopter of the Taskforce for Nature related Financial Disclosures (TNFD) framework. See the reference table in section 8.3.3. to understand which of the disclosures below also meet the disclosure requirements of the TNFD. Additionally, a.s.r. has signed the Finance for Biodiversity pledge. See the reference table in section 8.3.4. to understand which of the disclosures below also meet the disclosure requirements of the Finance for Biodiversity Pledge.

The following table presents an overview of the material impacts, risks and opportunities identified, along with the corresponding policies, actions and targets. The purpose of this table is to highlight the linkages and dependencies among these elements.

6.2.3.1Managing impacts, risks, dependencies and opportunities

Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks, dependencies and opportunities

a.s.r. has identified and assessed several biodiversity and ecosystem-related impacts, risks, dependencies and opportunities. During the assessment, the LEAP approach was applied. This approach encompasses four steps (Locate, Evaluate, Assess and Prepare).

Impacts

a.s.r.'s product lines and entities have assessed actual and potential nature-related impacts in expert sessions and by using various tools. This resulted in the identification of actual and potential biodiversity and ecosystem-related impacts in the value chains of Asset Management, Real Estate and P&C.

See section 6.1.4.3 for more information about the process to assess material impacts and about the consolidation process.

Asset Management

Asset Management has used a biodiversity impact score, which is accumulated by scores on the five main drivers of biodiversity loss and a score based on location-specific information such as the vicinity of a biodiversity-sensitive area to a production site or asset, to identify and assess actual and potential material biodiversity and ecosystem-related impacts of assets in their investment portfolio.

Real Estate

Real Estate has used the Encore database to identify the extent of actual and potential biodiversity and ecosystem-related impacts of urban and rural property in its value chain and on which ecosystem service they have an impact. If an urban or rural property is classified as having a high to very high impact on an ecosystem service, is located within one km of a Nature 2000 (N2000) area providing that ecosystem service, this is assessed a material impact. In addition, Real Estate used the Encore database to identify actual and potential biodiversity and ecosystem-related impacts related to activities in its value chain. If an activity is related to a sector that has an impact on an ecosystem service, this is assessed a material impact.

P&C

P&C has used the Encore database to identify the extent of actual and potential biodiversity and ecosystem-related impacts of key actors (e.g. repairers and customers) in its value chain by sector and production process and on which ecosystem service they have an impact. If a key actor is classified as having a high to very high impact on an ecosystem service, is located within one km of a N2000 area providing that ecosystem service, this is assessed a material impact.

Dependencies

a.s.r.'s product lines and entities have assessed nature-related dependencies in expert sessions and by using various tools. This resulted in the identification of biodiversity and ecosystem-related dependencies in the value chains of Asset Management, Real Estate and P&C.

See section 6.1.4.3 for more information about the process to assess material impacts and about the consolidation process.

Asset Management

Based on research sources (Encore and UNEP-WCMC), a classification of dependency level of sub-sector in the investment portfolio has led to the identification of sub-sectors that are 'highly dependent' on biodiversity. Assets in these sectors are deemed to have a material dependency on biodiversity.

Real Estate

Real Estate has used the Encore database to identify the extent of the actual and potential dependencies of properties and activities in its value chain and on which ecosystem service they have this dependency. If a property with a high to very high dependency on an ecosystem service is located within one km of a N2000 area providing that ecosystem service or when an activity is deemed to have a material dependency by sector, they are assessed as having a material dependency.

P&C

P&C used the Encore database to identify the extent of actual and potential dependencies on nature that key value chain actors (e.g. commercial customers) by sector and production process have on which ecosystem service. Key actors with a high to very high dependency on an ecosystem service who are located within one km of a N2000 area providing that ecosystem service, are assessed as having a material dependency.

Transition and physical risks and opportunities

Although a.s.r. does not know whether the above mentioned ecosystem services are disrupted or likely to be, the product lines have identified transition and physical risks and opportunities resulting from the identified material impacts and dependencies in their value chains during expert sessions. Systemic risks were not considered yet. a.s.r. has not conducted any consultations with affected communities on sustainability assessments of shared biological resources and ecosystems.

Specific disclosures

While a.s.r. has biodiversity-sensitive areas in its value chain, it does not have material own sites located in or near biodiversity-sensitive areas. Therefore, it has no activities related to such sites negatively affecting these areas by leading to the deterioration of natural habitats and the habitats of species and to the disturbance of the species for which a protected area has been designated. a.s.r. has not concluded yet that it is necessary to implement biodiversity mitigation measures such as those identified in European directives and national provisions or international standards.

6.2.3.2Consideration of biodiversity and ecosystems in strategy and business model

Consideration of biodiversity and ecosystems in strategy and business model

With regard to the resilience of its strategy and business model in relation to biodiversity and ecosystems the following applies.

Asset Management

Asset Management has assessed its investment portfolio by evaluating the types of (potential) financial risks following from the identified high to very high dependencies and impacts in its value chain. This has also given a qualitative insight in the physical and transition risks in its value chain. A quantitative assessment of the extent of related financial risks and as such, a full assessment of the resilience of the business model and strategy has not yet been done.

The scope of this qualitative resilience analysis regards the downstream value chain of the Asset Management strategy and business model, more specifically its corporate bonds and listed equity portfolio.

Asset Management has determined the type of (potential) financial risks in its investment portfolio and as such, the resilience of its business model and strategy, on the assumption that investees run certain types of transition and/or physical risks following their (potential) impact and/or dependencies on nature.

The qualitative resilience analysis of Asset Management resulted in the identification of financial risks such as investment risks (e.g. lower returns on and even stranded assets due to declining biodiversity and ecosystem conditions) as well as transition risks (e.g. increased litigation costs for companies causing biodiversity loss) and reputational risks (when companies receive negative attention or loss of customers due to them causing damage to nature).

Asset Management aims to make its strategy and business model more resilient to these financial risks by a combination of top-down and bottom-up approaches such as excluding high risk activities, engaging with companies in high risk sectors, investing in impact solutions and by using biodiversity criteria when screening and selecting companies to invest in. Risks are also mitigated by spreading investments across geographical areas and asset classes.

Real Estate

Real Estate has assessed the resilience of its strategy and business model by evaluating the type of (potential) financial risks following from the identified high to very high impacts/dependencies in its value chain. This has also given a qualitative insight into the physical and transition risks in its value chain. A quantitative assessment of the impact to the extent of financial risks and as such, the resilience of the business model and strategy has not yet been done.

The scope of this resilience analysis regards the strategy and business model of Real Estate, in particular for its real estate property, farmland, renewable energy and rural estates in its portfolio.

Real Estate has not made any key assumptions in their resilience analysis.

The resilience analysis of a.s.r. real estate has resulted in the identification of financial risks such as operational risks (e.g. an increase in material costs due to the decrease of availability of natural resources) and investment risks (e.g. lower farmland and real estate property values due to declining biodiversity and ecosystem conditions).

As a result of the resilience analysis, to mitigate its financial risks and to make its business model and strategy more resilient, Real Estate takes nature related risks into consideration when acquiring, renovating and managing real estate property. The funds under management of Real Estate also invest in ecological features (bird, bat and insect boxes) and vegetated surface area (green roofs, facades and plot area) on, in and around its real estate property. Within the farmland portfolio, a.s.r. Real Estate invests in landscape elements, contributing to local biodiversity and ecosystems. In the coming years, Real Estate will further examine where within the property portfolio there is the greatest potential for these initiatives.

P&C

P&C has performed an assessment of the type of (potential) financial risks in its insurance portfolio following from the identified transition and physical risks in its value chain. This has led to a first insight into the resilience of its current business model and strategy. A quantitative assessment of the extent of the (potential) financial risks in its insurance portfolio in different biodiversity and ecosystem loss scenarios and as such, a full assessment of the resilience of the business and strategy for its insurance portfolio has not yet been completed.

The scope of this first resilience analysis regards the strategy and business model of P&C, in particular for its commercial customers portfolio.

P&C has determined the types of (potential) financial risks in their portfolio and such, the resilience of its business model and strategy for its insurance portfolio, on the assumption that insured companies run certain types of transition and/or physical risks following their (potential) impact and/or dependencies on nature, based on the sector they are active in. P&C has not taken into account the individual situation and risk mitigation actions of these insured companies as this is currently unknown.

The resilience analysis of P&C has resulted in the identification of financial risks such as underwriting risks (e.g. an increase in claims in relation to physical risks such as damage due to flooding when the flood retention ecosystem service has declined), business risks (e.g. companies going out of business temporarily or even permanently in relation to transition risks such as regulation on limiting water use to protect fresh water supply ecosystem services) and reputational risks (e.g. companies not wanting to be insured with a.s.r. when a.s.r. insures companies that have a very high negative impact on nature).

As a result of its resilience analysis, P&C's strategy and business model have been made (more) resilient to nature-related financial risks by various measures such as short-term contracts only, spreading customers across different sectors, reinsuring the biggest risks and adjusting the underwriting policy when necessary.

Information that applies to all the product lines which have assessed the resilience of their strategy and business model

Time horizons used for the resilience analyses are medium- to long-term horizons. a.s.r. has involved several internal stakeholders in its resilience analyses.

6.2.3.3Policies and actions

Policies

Policies related to biodiversity and ecosystems

In order to manage impacts, risks, dependencies and opportunities that are related to biodiversity and ecosystems, the following policy documents are relevant:

• The Policy on Responsible Investments;

• The Real Estate Biodiversity Framework;

• The Policy on Sustainable Insurance.

The Policy on Responsible Investments 3.24.1

The Policy on Responsible Investments is centred around three key policy goals that underline its commitment to contributing to a better world: reducing harm, driving change and creating positive impact. These goals, along with its focus themes, guide Asset Management's implementation of the Policy on Responsible Investments. Biodiversity and natural resources is one of the four focus themes: Asset Management aims to contribute to the protection and restoration of the planet’s biodiversity and promote the sustainable use of its natural resources. Asset Management makes use of a variety of tools to help us reduce harm and drive change. There is no reliance on biodiversity offsets as a tool. The tools that are leveraged include exclusions, ESG integration, active ownership (engagement and voting) and impact investing.

As part of the active ownership strategy, for review and monitoring processes Asset Management maintains contact with companies it has bilateral or collaborative engagements with. In such engagements time-bound engagement objectives are set at the beginning of the engagement process. When during these engagements insufficient progress is achieved, a number of tools as defined in the Policy on Responsible Investments can be used. These tools collectively form the engagement escalation framework. The engagement service provider Hermes EOS engages companies on behalf of Asset Management, making a substantial contribution to Asset Management’s engagement activities. In these third-party engagements, Hermes EOS is responsible for the engagement strategy and monitoring progress.

The Policy on Responsible Investments applies to all investments managed by Asset Management.

In the materiality assessment Asset Management identified that it contributes to direct impact drivers and that it has impacts and dependencies on ecosystem services in its investment portfolio. Therefore, biodiversity and natural resources have become one of the four focus themes of the Policy on Responsible Investments. The Policy aims to contribute to the protection and restoration of the planet's biodiversity and to promote sustainable use of its natural resources a.o. by providing a framework for the exclusion of companies with severe and repeated controversies related to the environment and for active ownership.

The biodiversity and ecosystem-related policy of Asset Management, which is part of its Policy on Responsible Investments, addresses the potential material impacts on biodiversity loss and the loss of ecosystem services by setting out a framework for analysing the listed portfolio companies, identifying drivers of biodiversity loss in its portfolio and by defining the relevant actions to address these impacts. These policy actions are based on the drivers for biodiversity loss and the sectors with the highest impact.

The policy also addresses material dependencies and physical and transition risks by setting out a framework for diversification across geographic areas and asset classes and by defining a set of biodiversity criteria for screening and selecting investee companies and by providing an active ownership framework.

The policy supports the traceability of products, components and raw materials with significant actual or potential impacts on biodiversity and ecosystems along the value chain and addresses deforestation as:

• a.s.r. excludes companies producing or distributing palm oil where <95% is certified to the most stringent RSPO standards. Traceability is an important element of certification.

• a.s.r. excludes companies managing forests with <60% FSC certification coverage (or an equivalent certification). Traceability is an important element of certification.

Furthermore, the policy addresses production, sourcing or consumption from ecosystems that are managed to maintain or enhance conditions for biodiversity. In addition to the exclusions related to palm oil and forest management mentioned earlier, a.s.r. screens all companies in its investable universe biannually on multiple other criteria. These screening criteria include adherence to international guidelines such as the UN Global Compact, EU regulations and UNESCO biosphere reserves, CITES convention and UN CBD.

With regard to whether and how the policy addresses social consequences of biodiversity and ecosystem-related impacts, a.s.r. screens all companies in its investable universe biannually on multiple criteria. These screening criteria include the UN Global Compact, Equator Principles and UNGPs. a.s.r. excludes companies with severe Global Compact violations on the environment.

Asset Management has not adopted a policy covering operational sites owned, leased or managed in or near a protected area or a biodiversity-sensitive area outside protected areas as Asset Management does not have such sites.

As to whether Asset Management has adopted sustainable land or agriculture practices or policies, Asset Management screens all companies in its investable universe biannually on multiple criteria. These screening criteria include adherence to international certification schemes, minimizing the use of external inputs such as fertilizers and soil management measures.

Asset Management included sustainable oceans or seas practices and policies in the screening of all companies in its investable universe. It screens these companies bi-annually on multiple criteria, including adherence to Marine Stewardship Council and its Chain of Custody standards and aquaculture Stewardship Council certification. As described above, the policy also addresses deforestation.

The Real Estate Biodiversity Framework 3.13.23.34.24.3

Climate change poses a significant threat to nature and is one of the major drivers of biodiversity loss. To address the interconnected challenges of biodiversity loss and climate change, Real Estate has a policy which strives to reduce the GHG emissions of the assets under management in line with the Paris Agreement targets. In addition, Real Estate's policy is tailored to the different activities and sectors in which it operates.

Real estate property

The Real Estate Biodiversity Framework, developed in collaboration with an external ecologist, includes quantitative and qualitative guidelines to increase natural variation on and around real estate property. This framework is integrated into day-to-day operations, ensuring that biodiversity is considered in relevant aspects of asset and property management.

Farmland

The conversion of natural areas into agricultural land, along with the use of pesticides, fertilisers and the employment of intensive farming practices, can lead to a decline in biodiversity and soil quality. To counter these impacts, the Biodiversity Framework sets out a framework for farmers who lease farmland managed by a.s.r. real estate to actively encourage them to implement sustainable farming practices, such as the use of crop rotation and nitrogen-fixing plants. To make room for sustainability efforts, the Framework also aims to contribute financially and reward farmers for the transition they are making.

Renewable energy

Although Real Estate is not involved in the actual planning, development and construction of solar and wind farms, an environmental impact assessment is required by the Dutch government to understand the potential impacts on local nature and define measures to manage those impacts. An example of such measures is a bat protection system that is installed at wind parks, which automatically switches off wind turbines when the risk of bat collision is high. Compliance with laws and regulations (including biodiversity regulations) is part of Real Estate's due diligence process when acquiring renewable energy assets. The Biodiversity Framework does not yet apply to renewable energy, but this will be revised in 2025.

Rural estates

In addition to its real estate, farmland and renewable energy portfolios, Real Estate manages 16 rural estates, of which nine have the status of estate (Landgoed). The Biodiversity Framework sets out a framework for ‘connecting green’ which is a basis for developing sustainable landscape visions in collaboration with all stakeholders of the estates.

All assets directly managed by Real Estate are in scope of the policy.

In the materiality assessment Real Estate identified that it contributes to direct impact drivers and that it has impacts and dependencies on ecosystem services in its portfolio. The Real Estate Biodiversity Framework therefore aims to minimise its negative impact on biodiversity and contribute where possible to conserving and enhancing biodiversity.

Both the real estate and agricultural sector are identified as sectors that have an actual or potential material biodiversity and ecosystem-related impact through impact drivers. The Real Estate Biodiversity Framework therefore aims to minimise its negative impact on biodiversity in those sectors and contribute where possible to conserve and enhance the biodiversity on and around its properties. The Biodiversity Framework also addresses material dependencies, transition and physical risks and opportunities by setting out a framework for using nature-based solutions, such as rainwater runoff and heat regulation, to mitigate the impact of extreme weather events by vegetation.

Real Estate’s policy supports the traceability of products, components and raw materials with significant actual or potential impacts on biodiversity and ecosystems along the value chain by actively promoting the use of sustainable and preferably bio-based materials in construction and renovation projects. This thereby reduces the negative impact, or preferably enhances biodiversity, in areas where these raw materials are sourced. Only certified wood is used within construction and renovation projects to limit the impact on deforestation.

Real Estate's policy addresses production, sourcing or consumption from ecosystems that are managed to maintain or enhance conditions for biodiversity by working on healthy ecosystems to limit the consequences of climate change, such as flooding and heat stress, and mitigate climate risks at the level of individual buildings and urban areas. In rural areas, Real Estate emphasises healthy soil and landscape elements, making the countryside more robust and valuable.

Social consequences are not the focus of the Real Estate Biodiversity Framework, as environmental aspects are deemed most material. Real Estate has not adopted a policy covering operational sites owned, leased or managed in or near a protected area or a biodiversity-sensitive area outside protected areas as Real Estate does not have any such sites.

The conversion of natural areas into agricultural land, along with the use of pesticides, fertilisers, and the employment of intensive farming practices, can lead to a decline in biodiversity and soil quality. To counter these impacts, the Biodiversity Framework sets out a framework for farmers who lease agricultural land managed by a.s.r. real estate to actively encourage them to implement sustainable farming practices such as the use of crop rotation and nitrogen-fixing plants. To make room for sustainability efforts, the Framework sets out rules to contribute financially and reward farmers for the transition they are making. In addition, the Framework sets out rules to invest in landscape elements such as forests, pond habitats, hedgerows and flower meadows. These elements play a crucial role in promoting biodiversity due to key benefits such as resilient ecosystems, preservation of native species, attracting pollinating insects, healthy soil and clean water. Real Estate promotes and preserves landscape elements. As there are no activities in oceans and forestation, there is no policy related to these subjects.

The Policy on Sustainable Insurance 3.24.14.3

The objective of a.s.r.’s Policy on Sustainable Insurance is a.o. to reduce negative impact and manage risks. Key contents of the policy are rules on sustainable underwriting, insuring the transition and frameworks for sustainable product development and sustainable claims adjustment.

The scope of the Policy on Sustainable Insurance is Non-life and Life insurance products and services. The most relevant parts for P&C are highlighted below.

In the materiality assessment P&C identified that it contributes to direct impact drivers and that it has impacts and dependencies on ecosystem services, in its value chain. The Policy on Sustainable Insurance addresses this contribution to direct impact drivers a.o. by setting out a framework for sustainable claims adjustment with a focus on repair instead of replacing damaged items by certified sustainable repair network companies. Certification entails a.o. limitations on the use of toxic car paint, a known impact driver of biodiversity loss. In addition, the policy stimulates the insurability of new sustainable business operations and production processes through the sustainability desk, thus aiming to help high impact/dependency customers who run material transition/physical risks to transit to such new business operations and production processes and reduce their impact/dependency on ecosystem services.

The Policy on Sustainable Insurance addresses material biodiversity and ecosystem related impacts leading to financial risks through a set of exclusion rules. These exclusions aim to avoid insuring companies with a significant impact on climate change and thus on biodiversity and ecosystem loss, such as producers of thermal coal and unconventional gas and oil. Producers of conventional energy products are required to commit to the Paris Agreement target and to have a transition plan. For other companies with a substantial volume operating in the chain for the fossil fuel industry or in a sensitive sector, an ESG risk assessment needs to be carried out. The Policy on Sustainable Insurance also addresses material dependencies and transition and physical risks, by providing a framework to stimulate product development to insure emerging nature-related risks customers are faced with.

The policy supports the traceability of products, components and raw materials with significant actual or potential impacts on biodiversity and ecosystems along the value chain by setting out a framework for working with certified sustainable repair network companies only. Certification includes limitations on the use of raw materials.

The Policy on Sustainable Insurance does not address production, sourcing or consumption from ecosystems that are managed to maintain or enhance conditions for biodiversity nor does it address social consequences, as the focus is on other topics that are currently deemed more important.

P&C has not adopted a nature protection policy covering operational sites owned, leased or managed in or near a protected area or biodiversity-sensitive area outside protected areas as it has no such material sites. P&C also does not have a sustainable land or agriculture policy, sustainable oceans or seas policy or a no-deforestation policy.

Information that applies to all the product lines which have policies in place

The management teams of the involved product lines are accountable for the implementation of the policies, including the monitoring of the effectiveness of the policy.

Through implementing the Policy on Responsible Investments and the Real Estate Biodiversity Framework, a.s.r. commits to respecting the Finance for Biodiversity pledge. Also, the TNFD framework is respected through the implementation of a.s.r.’s nature-related policies. Reference tables which disclose how the CSRD disclosures reference to the disclosures as required by the Finance for Biodiversity pledge as well as the TNFD framework are to be found in section 8.3.3 and section 8.3.4 .

Actions

Actions and resources related to biodiversity and ecosystems

The product lines have taken several key actions that contribute to the achievement of biodiversity and ecosystems-related policy objectives and targets.

Key actions of Asset Management 3.24.1

Reducing harm, driving change and creating positive impact is the main focus of Asset Management’s Policy on Responsible Investments. Through the key action of engaging and voting, a.s.r. aims to improve investees’ policy and implementation of mitigating negative biodiversity impact. Where possible a.s.r. collaborates within sector initiatives to drive change. Asset Management invests in solutions and new technologies for improving biodiversity in line with its impact investing framework to create positive change.

The scope of Asset Management's key actions engaging and voting is all applicable investments under management. Separate engagement activities have their own timelines. But the focus on active ownership is ongoing. Asset Management discloses progress on its active ownership in prior periods on its website through voting dashboards and engagement reports.

Key actions of Real Estate 3.13.23.34.24.3

Real Estate takes various actions to contribute to the achievement of the objectives of the Real Estate Biodiversity Framework.

Real estate property

In addition to the integration of the Biodiversity Framework into day-to-day operations, a.s.r. real estate identified ‘Land artificialisation’ as a quantitative metric to gain additional insight into the share of non-vegetated surface area compared to the total surface area of the plots of all assets. A baseline analysis has been conducted in 2024 for the real estate funds under management of a.s.r. real estate. The insights obtained from this analysis are used to formulate a strategic action plan and to identify prospective assets to enhance the potential ecological value in the portfolio. The company has set an annual target to develop ecological plans for promising assets. Recommended ecological features (bird, bat and insect boxes) and vegetated surface area (green roofs, facades and plot area) will be installed where feasible, taking into consideration project-specific budget and technical constraints.

To counter the impact of natural resources exploitation, the company actively promotes the use of sustainable and preferably bio-based materials in construction and renovation projects, thereby reducing the negative impact or preferably enhancing biodiversity in areas where these raw materials are sourced. Only certified wood is used within construction and renovation projects to limit the impact on deforestation. 

Farmland

Through its investments in landscape elements, the company will continue to contribute to local biodiversity restoration. It does so by partnering with tenants through the realisation of forests, pond habitats, hedgerows and flower meadows. By promoting and preserving landscape elements, the company can increase biodiversity, enhance agricultural productivity, and produce healthy food in a manner that respects and protects the environment.

Alongside the realisation of these landscape element projects, the company will continue to partner with different stakeholders to broaden knowledge regarding biodiversity restoration. These partnerships range from cooperation with strategic partners to gain insight into the quantification of efforts for reporting purposes (such as the Task Force on Nature-related Financial Disclosures (TNFD), to a longitudinal collaboration with the HAS Green Academy to examine the actual effects of wooden landscape elements on soil and water systems and local biodiversity.

Green lease products will be made available to all clients, with both new and existing contracts, and provide a discount (5-10% on the annual rent) if a farmer commits to a set of sustainable farming criteria. One of these criteria is the implementation of biodiversity measures in line with the Nature and Landscape management framework of the Dutch government or when there is cultivation of 'leguminous or biobased crops' in the cropping plan.

Renewable energy

There are no formal actions for renewable energy yet.

Rural estates

To protect nature on these properties, the company undertakes biodiversity and ecosystem restoration projects in the country estates it manages, demonstrating a clear commitment to preserving and enhancing natural habitats. Estates also offer visitors the opportunity to both enjoy recreation in a natural environment and to engage with the farmers working on the estate. It is important that the connection between people and nature is maintained and strengthened. This connection is reflected in the company’s plans for the estates through the mission 'connecting green.' This mission serves as a basis for developing sustainable landscape visions in collaboration with all stakeholders of the estates. As these estates themselves are often part of N2000 areas, farmers on these grounds have an intricate relationship with local biodiversity and must comply with strict laws and regulations.

The ambition is to create an integrated climate plan for forest and nature management for all relevant estates. Landgoed 'De Utrecht' plays a leading role and has, together with 'De Bosgroep', developed a climate (action) plan. The implementation of this plan will be further conducted during the upcoming period. At Landgoed 'Junne', a design plan for N2000 was implemented in 2022 and further nature restoration measures will be undertaken during the upcoming period. Additionally, similar to the agricultural landscape element projects, rural estates managed by a.s.r. real estate (financially and technically) support clients to participate in landscape elements projects. a.s.r. real estate continuously strives for an appropriate entrepreneurial climate as a foundation for the estate model, where the functions of economy, ecology and heritage are substantially combined.

The green leases that are provided within the agricultural portfolio are also employed within the rural estates managed by a.s.r. real estate. Doing so allows farmers that are active on these rural estates to enjoy the financial means and the security to invest in sustainable farming practices.

The scope of the key actions described above are all the assets under management of Real Estate, assigned to the main sectors (real estate property, farmland, renewable energy, rural estates) in which a.s.r. real estate invests in (on behalf of institutional investors).

The key actions will be completed within the time horizon of the business plan of the funds under management of a.s.r. real estate, which is three years. The time horizon for assets directly managed on behalf of a.s.r. (separate account) is also three years.

Key actions of P&C 3.24.14.3

P&C takes various actions to contribute to the achievement of the objectives of the Policy on Sustainable Insurance.

a.s.r. collaborates with industry peers and civil society in sector initiatives to drive change. For example, P&C actively participates in the PSI working group for nature. The working group is a multistakeholder platform that aims to advance risk management and insurance strategies, approaches, practices, products, services and solutions that address nature-related dependencies, impacts, risks and opportunities in order to value, conserve, restore and wisely use biodiversity and ecosystem services. It also aims to actively contribute to achieving the mission of the Kunming-Montreal Global Biodiversity Framework to halt and reverse nature loss by 2030, and its vision of a world living in harmony with nature by 2050. In 2024, the working group has published the 'Insuring a resilient nature-positive future - global guidance for insurers on setting priority actions for nature' to align with the Global Biodiversity Framework.

P&C also engages with stakeholders to stimulate them to prevent (further) nature loss and mitigate risks due to the degradation ecosystem services through:

Sustainable living platform:

On this platform, a.s.r. helps visitors by sharing other people's experiences and practical tips about sustainable living, such as installing a green roof.

'Kennis Natuurlijk!'

Together with ASN bank, a.s.r. is involved in Kennis Natuurlijk! – a project created in collaboration with the Naturalis Biodiversity Center. In Kennis Natuurlijk! young researchers, together with experts from Naturalis, address the question of how to make the living environment nature-inclusive. The outcomes of the various research assignments can be found on the Kennis Natuurlijk! platform. They are also shared via a.s.r.’s sustainable living platform and through the organisation’s social media channels, in order to reach a wide audience.

Both the sustainable living platform and the Kennis Natuurlijk! programme aim to engage with the general public, which includes a.s.r. customers. New content is placed on the sustainable living platform regularly throughout the year. The Kennis Natuurlijk! programme is dependent on the number of research requests that are assigned in a year. Research assignments usually take three months to complete.

Information that applies to all product lines which have adopted key actions

The product lines have not used biodiversity offsets in their action plans and they have not incorporated local and indigenous knowledge and nature-based solutions into biodiversity and ecosystems-related actions.

6.2.3.4Targets and metrics

Targets

Targets related to biodiversity and ecosystems

The product lines have adopted several targets to support the biodiversity and ecosystem policies and address the material related impacts, dependencies, risks and opportunities.

Asset Management 3.24.1

Through its Policy on Responsible Investments a.s.r. aims to reduce harm, drive change and create positive impact in order to halt further nature loss and if possible, improve the state of nature. Asset Management has set targets on engagement with portfolio companies in high-impact sectors on biodiversity action plans, identification of portfolio companies with the highest plastic footprint, and reduction of carbon footprint within the investment portfolio. See section 6.2.1.4 for a full description of the GHG emission reduction target in the investment portfolio.

The level of target to be achieved is engagement with all relevant high-impact companies on having a biodiversity action plan and identification of all companies with the highest plastic footprint. Asset Management's targets on engagement with portfolio companies in high-impact sectors is measured in percentage of engaged portfolio companies and identification of portfolio companies with the highest plastic footprint is measured in percentage of identified portfolio companies. The Asset Management targets on high-impact sectors and plastic footprint are measured in relative values.

The targets for engaging with high-impact companies and the identification of companies with the highest plastic footprint apply to the equity and credit portfolios.

The baseline values for the engagement of high-impact companies and the identification of companies with the highest plastic footprint targets are both 0%. For the engagement with portfolio companies in high-impact sectors and the identification of portfolio companies with the highest footprint, Asset Management has identified 2024 as the base year. Asset Management is planning to reach the high-impact sector engagement target and the target on identification of portfolio companies with highest plastic footprint by 2026.

At this point, there is no scientific agreement on target setting frameworks for nature. a.s.r. has taken into account scientific evidence on the status and issues related to biodiversity loss in analysing impacts and setting the targets. Asset Management has involved both internal and external stakeholders in its target setting, to determine materiality of the targets and the alignment with standards such as the Finance for Biodiversity Pledge. 

No changes in target, metrics, measurement methodologies or assumptions have been made. Considering that the base line values for the engagement with high-impact companies and the identification of companies with the highest plastic footprint have been measured and targets have been set in 2024 and implementation will start in 2025, no performance can be disclosed yet.

To define the target on engaging with high impact companies, Asset Management has used data from MSCI ESG. With regards to the target for identification of companies with the highest plastic footprint, a plastic footprint calculation methodology is in development.

Ecological thresholds (biodiversity sensitive areas) and allocation of impacts (proximity of more than three assets within 1.5 kilometres of such biodiversity sensitive area) were applied to the target on engaging with high-impact companies. Biodiversity sensitive areas were identified as healthy forests (based on the Forest Landscape Integrity Index), intact biodiversity areas (based on Mean Species Abundance value), prime areas for conservation (based on the Global Safety Net) and deforestation fronts (based on WWF Terra-i). No entity-specific thresholds were determined and there has been no specific allocation of the responsibility for respecting the identified ecological thresholds.

The biodiversity specific targets (engagement with high-impact companies and the identification of companies with the highest footprint) set by Asset Management are informed by the Kunming-Montreal Global Biodiversity Framework and support the EU Biodiversity Strategy for 2030.

Asset Management has assessed the nature-related impact, dependencies and risks and opportunities for its investment portfolios. The assessment had led to an approach towards biodiversity including investment exclusions, active ownership of focus themes and impact investments. The biodiversity specific targets underline these actions by either focusing on those investments that are at risk of having a high negative biodiversity impact or to increase insight in this impact.

The targets for Asset Management have a global geographical scope, in line with its investments. Asset Management does not make use of biodiversity offsets. The target on high-impact companies and plastic footprint can be allocated to the 'avoidance' layer of the mitigation hierarchy.

Real Estate 3.13.23.34.24.3

As the Biodiversity Framework aims to halt and reverse further biodiversity loss by 2030 and sets several frameworks in order to achieve this, Real Estate has set a target for its funds to set ambitious biodiversity-related portfolio targets, such as ecological plans for promising assets, green leases, landscape elements projects and the promotion of climate-positive crops. The general carbon reduction target for the investment portfolio supports the aim to halt further nature biodiversity loss as well. See section 6.2.1.4 for a full description of the carbon footprint reduction target in the real estate portfolio.

The level of target to be achieved for the fund target to set quantitative portfolio targets is that all funds in scope set quantitative portfolio targets. Real Estate’s target for the funds to set quantitative portfolio targets is measured in percentage of funds that have set quantitative targets. Real Estate's fund target is measured in relative values.

The fund target to set quantitative portfolio targets applies to all funds of Real Estate that are managed on behalf of institutional investors (including a.s.r.) and the direct investments of a.s.r. that are managed by Real Estate. 

The baseline value for the fund target to set quantitative portfolio targets is 0% and the base year is 2024. The fund target of a.s.r. real estate is planned to be achieved by 2027.

Real Estate’s fund target to set quantitative portfolio targets is not based on conclusive scientific evidence. Real Estate has involved stakeholders in setting its targets by partnering with various stakeholders to broaden its knowledge.

Measurement methodologies and assumptions used to define the quantitative portfolio targets per fund will need to be determined by the funds themselves. No changes in target, metrics, measurement methodologies, assumptions etc have been made yet. Considering that the base line values of the fund target to set quantitative portfolio targets have been measured and the target has been set in 2024 and implementation will start in 2025, no performance can be disclosed yet.

Real Estate has not taken ecological thresholds into account when setting its fund target. The fund target to set quantitative portfolio targets aligns with the Kunming-Montreal Global Biodiversity Framework as it aims to halt and reverse biodiversity loss by 2030.

Through Real Estate's fund target to set quantitative portfolio targets, its funds under management are stimulated and supported to set ambitious portfolio targets that aim to reduce the fund's impact and dependencies on ecosystem services, mitigate financial risks where feasible and to seize nature-related opportunities.

The geographical scope of the fund target to set quantitative portfolio targets is all funds located in the Netherlands. Biodiversity offsets were not used in setting the fund targets to set quantitative portfolio targets. The fund target to set quantitative portfolio targets can be allocated to the 'restoration' layer of the mitigation hierarchy.

P&C 3.24.14.3

As climate change and biodiversity are so strongly connected, P&C has focused its efforts on its climate-related targets as reaching these targets will also have a positive effect on biodiversity as well. See section 6.2.1.4 for a full description of the carbon footprint reduction target in the P&C portfolio.

Additionally, P&C aims to further develop its insights in biodiversity effects in connection to its underwriting activities and will therefore keep refining the LEAP assessment on a yearly basis. In 2025, P&C will evaluate whether it will revise its sustainability targets and where relevant formulate specific biodiversity targets.

P&C has not yet set specific biodiversity targets but it does track the effectiveness of some of its actions. The effectiveness of the Sustainable Living Platform is tracked by a central team on a continuous basis by making use of engagement measurement methods. Effectiveness of the Kennis Natuurlijk! programme is tracked by indicators such as number of downloads of, the reactions to and media attention for the outputs of the various projects.

The defined level of ambition of the Sustainable Living Platform and the Kennis Natuurlijk! programme is that general public takes action to abate nature loss. The progress of the achieved engagements through the sustainable living platform is measured from 2022 onwards. The downloads of, reactions to and media attention for the outputs of the various projects Kennis Natuurlijk! is monitored on a quarterly basis, and has started in 2022.

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