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Interim results 2012

15-08-2012
​​Despite of persistent turbulent market conditions and the low interest rate, ASR succeeded to increase solvency to 285%, to further reduce the costs by 8% and to report a net result of € 105 million in the first half year of 2012.

Solid resultst for ASR in the first half year of 2012

ASR CEO, Jos Baeten: 'That we can once again present positive results in a shrinking market and under persistently difficult financial and economic conditions is a direct result of the course we set out previously. Strong steering on financial solidity and structural reduction of the costs of the insurance business is apparently paying off. Our solvency therefore remains as strong as ever. The market for individual life insurance is characterized by further stagnation, which will have an effect on our premium volume. This is the reason for ASR to focus on the non-life market, occupational disability insurance and pensions in particular. This requires a smaller and decisive organization that combines further structural cost reduction with better service to the customer and intermediaries.'
(Press release interim results 2012)
 

​Interim results 2012

​> Presentation for analysts (pdf)

​english

​> Press release (pdf)

​english

​> Report (pdf)

​english

  

Annual result 2011

29-02-2012
​​Jos Baeten, Chairman of ASR Nederland's Executive Board: 'Our first priority is giving customers peace of mind. The turmoil in the financial markets means that maintaining our financial robustness has once again been leading.

Our strong solvency position of 230%, the net result of € 212 million and our intention of paying € 71 million in dividend, demonstrate that our approach in this has been successful, despite the continuing turbulence in the financial markets. Operationally, the result improved due to lower costs and lower total claims.'
(Press release annual result 2011)

 

​Annual result 2011

> Presentation for analysts (pdf)​

​english

​> Presentation for media (pdf)

​english

​> Press release (pdf)

​english

 

Interim result 2011

19-08-2011
​Net result H1 2011 at €163 million, active approach to customers with unit-linked contracts. 'The first half of 2011 was marked by great turmoil in the financial markets. Also, competition in the Dutch insurance market remained fierce.

​Against this backdrop, ASR achieved a net result of € 163 million in the first half of 2011, which corresponds to about 50% of the net result of € 317 million for the full year 2010. Despite the unrest in the financial markets, ASR's solvency remains strong. DNB solvency increased from 221% to 235% in the first half of 2011.
(Press release interim result 2011)

 

​ ​Interim result 2011

​> Presentation for analysts (pdf)

​english

​> Presentation for media (pdf)

​english

​> Press release (pdf)

​english

​> Report (pdf)

​english

 

Annual result 2010

08-03-2011
​​Jos Baeten, Chairman of ASR Nederland's Executive Board: 'Our financial performance and strong solvency position are the result of the improvements, which have been initiated in 2009. Our risk profile further decreased, we reduced the complexity of our organization and improved efficiency.

​We increased the longevity provisions to account for increased life expectancy. Despite a decrease in premiums of 4% the cost-premium ratio improved from 13.3% to 12.7%. Our expenses decreased by 5%. We invested in the banking organization and in early 2011 introduced tax-driven bank savings products. We took the initiative to offer customers with unit linked insurance contracts the alternative of a modern and transparent product with lower costs. We have reaffirmed our position as a solid financial institution with a strong solvency and a conservative risk profile. With this initiative, we emphasize among others, our focus on acting in the customer's best interest.'
(Press release annual result 2010)

 

​ ​Annual results 2010

​> Presentation for analysts (pdf)

​english

​> Press release (pdf)

​english

 


Interim result 2010

27-08-2010
​​In first half-year ASR Nederland realized a net result of € 226 million in the first half of 2010. This is € 149 million more than in the same period last year.

Recovery of profit ASR Nederland

The premium revenue increased slightly and operational expenses were reduced further. ASR Nederland made progress with executing its strategy, focused on creating a balance between customer and shareholder value, financial solidity and efficiency.
(Press release interim result 2010)

 

​ ​Interim result 2010

​> Presentation for analysts (pdf)

​english

​> Press release (pdf)

​english

​> Report (pdf)

​english

 

Annual result 2009

23-03-2010
​ASR Nederland achieved a net result of EUR 255 million in 2009. Solvency rose to 232%. At the same time, major steps have been taken to realise the strategic priorities: a reduction in balance sheet risks, strengthen our customer focus and lower costs.
(Press release annual result 2009)


​ASR Nederland sees net result recover

 

Annual result 2009 ​

​> Presentation for analysts (pdf)

​english

​> Press release (pdf)

​english

 

​Embedded Value 2009

​> Embedded Value Report 2009 (pdf)

​english

 

Interim result 2009

03-09-2009
​​ASR Nederland realised a net result of EUR 77 million in the first half of 2009. The company has reduced its balance sheet risks further by carrying out financial restructuring. Its financial buffers have grown by 54 percentage points to 287%.

The key objective of ASR Nederland's policy for the second half of the year is to lower its operating costs. This will include reducing the number of offices and merging business lines. ASR Nederland will not give a forecast for the second half of the year.
(Press release interim result 2009)

 

​ ​Interim result 2009

​> Presentation for analysts (pdf)

​english

​> Press release (pdf)

​english

 

Annual result 2008

02-04-2009

​For the first time we are presenting our annual results as an independent company. This fact alone shows the scale of change that we experienced in 2008. We ceased being part of Fortis on 3 October 2008 and adapted our name accordingly.



New reality

The State of the Netherlands has become our new sole shareholder. To date we have not obtained any financial aid from the Dutch State either through a capital injection or a guarantee arrangement. Naturally, we are monitoring our capital position in constructive consultation with our shareholder. Our results depict the developments at our company, as well as the business environment in which we operate. In 2008 this business environment was exceptionally turbulent. The credit crisis, the increasingly noticeable recession, the collapse of Fortis and the effects of new legislation and of media pressure severely hit our sector and our company. Today we find ourselves in a new economic reality.
(Press release annual result 2008, board of directors)

 

Annual result 2009

​> Presentation for analysts (pdf)

​english

​> Press release (pdf)

​english

 

Annual results 2012

06-03-2013
​Net profit over 2012 € 255 million. Dividend € 88 million. The stable profit development and strong solvency position underline how important providing security for customers is to a.s.r. The aim of a.s.r. is to play a useful role in society, by helping consumers and businesses.
In the contracting Dutch insurance market a.s.r. focuses on efficiency in business operations. This caused a 6% drop in operating expenses, amongst others.


Customers benefit from solid financial basis

Jos Baeten, CEO: ‘We are a solid insurance company that independently perseveres as one of the largest insurers in the Netherlands. We consider helping people to be to the core of insuring. That forms the basis of our mentality and positioning. A modest role suits in this respect, which is part of our purpose in society.

The direction that we initiated with a.s.r. in 2008, shows positive results in 2012 as well. Under continually difficult financial-economic conditions, we concluded the year for the fourth time in a row with a solid net result, a sound solvency and structurally lower expenses. We paid a dividend in 2012. We intend to do the same this year.'

(from: press release annual results 2012)

​Annual Results 2012
Presentation for analysts (pdf)
Presentation for press (pdf)
Press release (pdf)

 

Interim results 2013

21-08-2013
The transition of a.s.r. into an insurer that ‘helps people by taking action’ took on concrete form in the first six months of 2013. This refined positioning was, amongst others, reflected in the successful Feyenoord/Blijdorp campaign, and advisors were supported by means of local advertising campaigns. a.s.r. saw its net result grow by 5% to € 110 million, while solvency remained strong. Good investment results, lower operating expenses and measures to improve returns led to a slight rise in profit.

Transition of a.s.r. on track as results improve​

Jos Baeten, CEO: ’The insurance sector is an industry in transition, characterized by a contracting market and changing customer behaviour. a.s.r. is anticipating this transition with our refined positioning, formulated in mid-2012, and by simplifying our product offering and reducing costs.

We achieved positive results in the first half of 2013. Despite the poor state of the economy, during the first six months a.s.r. achieved a higher profit and a further structural reduction in costs. Solvency remained strong, providing vital assurance for our customers.'

(from: press release interim results 2013)

​Interim Results 2013
​Presentation for analysts​ (pdf)
​Interim results report (pdf)
​Press release (pdf)
 

Annual results 2013

26-02-2014
a.s.r. further improved its performance in 2013. Dividend of € 99 million proposed, a 12% increase. Net result for 2013 amounted to € 281 million. In the reporting period, new, easy to understand and low-cost products were introduced to suit customers’ needs. Operating expenses were down 7%. The margin in the Non-Life segment was sound, with a combined ratio of 96.5% (excluding the provision for WGA-ER). Results in the Life segment showed strong improvement. At 268%, the solvency ratio continued to be robust. a.s.r. is ready for the forthcoming privatization.​​​

a.s.r. ready for forthcoming privatization

Jos Baeten, CEO: 'We made significant progress in 2013. Our customers and other stakeholders experience our new direction. We again introduced new, easy to understand products, adjusted existing products in response to customer feedback and took steps to further improve our customer services. As a result, a.s.r. is now in a better position to help customers insure risks that they cannot bear themselves and help them build assets for the future.

Falling consumer spending and an increase in the number of business closures reduced premium income. Nevertheless, we again managed to post a profit in 2013. Due to strict cost discipline we reduced our operating expenses to an even lower level in 2013 (-7%), which allows us to offer customers well-priced products. The deliberate decision of value over volume has led to lower premium income in some market segments, resulting in a 4% drop in premium income in the Non-Life segment and a 12% drop in the Life segment. At 268%, our solvency ratio remained strong, providing assurance to our customers.

(from: press release annual results 2013)

​Annual results 2013
​Presentation for analysts (pdf)​
Presentation for press (pdf)​
​Press release (pdf)
 

Amvest sells agricultural portfolio to ASR

05-07-2012

ASR Real Estate Investment Management acquires all shares in Terra Landelijke Eigendommen Exploitatie B.V. from Amvest Vastgoed. The purchase means that ASR will be expanding its investments in land by almost 2,000 hectares to over 33,000 hectares. As a long term investor, ASR is the largest private land owner in the Netherlands.



​Terra's portfolio comprises an area of 1,957 hectares that for the most part consists of leased or leasehold agricultural lands and 14 farms. In addition, the portfolio comprises 254 hectares of forested lands, a number of homes and recreational lands. Most of the lands are located in the provinces of Friesland and Groningen. A smaller portion is located in the provinces of Noord-Holland and Zuid-Holland. The takeover does not affect the lessees, tenants and leaseholders of these lands. Their contracts will remain unchanged.

Amvest is transferring its agricultural portfolio to ASR so it can further specialise in the development of new residential investment funds, including a healthcare fund, new residential areas and homes in the mid-priced rental segment. To carry out these activities, Amvest will retain a strategic land portfolio of approximately 850 hectares. Amvest's core business consists of managing three residential investment funds valued at a total of € 2.8 billion and developing homes and residential areas.

ASR Real Estate Investment Management in total manages approximately € 4 billion in property investments, of which 21% is invested in rural property. Following the Terra acquisition, ASR will own over 33,000 hectares of land in the Netherlands. This makes ASR the largest private land owner in the Netherlands. ASR offers long-term land financing to agricultural entrepreneurs in the form of leases and leaseholds.
 

Annet Aris new Supervisory Board member ASR Nederland

30-12-2010

​On the recommendation of the Works council ir. A.P. (Annet) Aris has been appointed as member of the ASR Nederland Supervisory Board.



​For over 17 years Annet Aris worked as an organizational advisor for McKinsey, 9 of those years as a partner. The last few years she has acted as supervisory board member for various Dutch and foreign concerns and authorities, including Sanoma Group. She is a member of the OPTA Executive Board, the Independent Post and Telecommunications Authority for the Netherlands. Annet Aris also teaches Strategy as adjunct professor at the international business school INSEAD.

With the appointment of Annet Aris the ASR Nederland Supervisory Board consists of four members. The other members are dr. C. (Kick) van der Pol (chairman), drs. M. A. (Margot) Scheltema and drs. C. H. (Cor) van den Bos.
 
Board members are nominated by the Supervisory Board and appointed by the Annual General Meeting of Shareholders (AGM). Both the AGM and the Works Council have the right to recommend members for appointment to the Supervisory Board.

Net result at € 212 million, solvency further increased, dividend at € 71 million

29-02-2012


View the full press release

Net result at € 212 million (2010: € 317 million)
  • Robust performance despite turbulent financial markets and impact of compensation payments for unit-linked insurance contracts, due to lower costs and capital gains from the ASR Dutch Prime Retail Fund
  • Net result from Life business down to € 135 million (2010: € 276 million), influenced by drop in return on investments and impact of compensation payments for unit-linked insurance contracts
  • Net result from Non-life business up to € 145 million (2010: € 104 million), due in part to increase in premium income and drop in operating expenses
  • Improvement in Non-life combined ratio to 98.9% (2010: 100.3%), largely attributable to cost reductions, lower claims and pricing adjustments
  • Return on equity at 9% (2010: 17%)
Dividend
  • ASR to pay € 71 million (40%) in dividend on ordinary shares
Premium income down due to preference for return over growth
  • Gross insurance premiums down to € 4,511 million (2010: € 4,738 million), primarily due to cautious approach in single premium market
Solvency ratio improved to 230% (2010: 221%)
  • DNB solvency ratio up 9%-points
  • If solvency is calculated at three-month average yield curve, temporarily permitted by DNB, solvency would have increased by 29%-points at year-end 2011
  • Reduction in market risk sensitivity of solvency, thanks to robust risk management
Increased cost efficiency
  • Operating expenses down 6%, dropping to € 633 million (2010: € 672 million), due to ongoing focus on efficiency
  • Cost-premium ratio in insurance business improved to 11.8% (2010: 12.7%)
  • Total workforce down to 4,631 FTE, a decrease of 6% (2010: 4,929 FTE)
Customer interests first
  • In 2011, more than 900,000 customers with 1.1 million unit-linked contracts were informed regarding possible compensation payments. These payments have since been deposited directly into their policies or paid out. In total circa € 300 million
  • More than 80% of these customers have now received a letter offering them an alternative to their current unit-linked contracts
  • Brand New Day and ASR launched a joint Institution for Occupational Retirement Provision (IORP)
  • The number of health insurance policies sold increased by110,000 inQ4 2011, primarily due to the success of the Ditzo marketing campaign
Jos Baeten, CEO of ASR:'Our first priority is giving customers peace of mind. The turmoil in the financial markets means that maintaining our financial robustness has once again been leading. Our strong solvency position of 230%, the net result of € 212 million and our intention of paying € 71 million in dividend, demonstrate that our approach in this has been successful, despite the continuing turbulence in the financial markets. Operationally, the result improved due to lower costs and lower total claims. The net result decreased compared to last year, mainly due to lower investment income and the impact of compensation payments for unit-linked contracts. We compensated unit-linked policyholders by depositing a payment for previous costs into their policies; we also offered them alternatives to their current contracts. We were successful in reducing our cost base, particularly in the insurance business. The continuing decline of the Life business confirms that the focus on efficiency will continue to be a priority in the years ahead. In 2011, we again invested in our processes, new products and distribution channels. The focus on cost control and cost cutting is part of our day-to-day operations. In these difficult financial markets, we have taken measures to mitigate risks in the interests of our solvency. The choice for financial robustness has led to the further streamlining of ASR's risk profile. Conversely, it may potentially result in a lower return on investments in the future. Late in 2011, we successfully introduced the ASR Dutch Prime Retail Fund to the market, and we also saw success in the health insurance market where the number of insured individuals grew by110,000. In2012, we will launch our new marketing strategy 'Bewust ASR' ('More Aware. ASR'). This will highlight that ASR is on its way to becoming a 'different kind of insurer'. Overall, we are generally pleased with our performance in2011 inthe current difficult market.'
 
Key figures
ASR Key Figures (€ million) ​2011 2010​ Change​

​Net result¹

​212 317​ ​-33%

​Gross insurance premiums

​4.511 ​4.738 ​-5%

​New Life production (APE)

​121 ​196 -38%

​Combined ratio non-life

​98,9% ​100,3% -1,4%-p

​Operating expenses

​-633 ​-672 ​-6%

​Cost-premium ratio insurance business

​11,8% ​12,7% ​-0,9%-p

​Total equity²

​3.228 ​3.493 ​-8%

​DNB solvency

​230% ​221% ​9%-p

​Buffer capital ratio (IFRS)

​291% ​262% ​29%-p

​Return on equity3

​9% ​17% ​-8%-p

​Total workforce in FTE4

​4.631 ​4.929 ​-6%
 
 
¹  Net result attributable to holders of equity instruments.
²  Total equity including a net revaluation of the property portfolio of €863 million at 31 December 2011 and €1,042 million at 31 December 2010.
3  Return on equity is calculated as net result attributable to shareholders divided by average total equity (IFRS) attributable to shareholders.
4  The Total workforce includes both internal and external employees, but does not include temporary employees hired for the purpose of handling the compensation issue.
 
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Aon Hewitt takes over pension funds management operations from ASR

30-11-2011

​Utrecht/Rotterdam, 30 November 2011 - ASR and Aon Hewitt have reached an agreement regarding the takeover of the management operations of ASR Pension Fund Services (APFS). The takeover will occur on 1 January 2012.



​With this takeover Aon Hewitt will incorporate the APFS pension administration contracts for circa 20,000 participants. The ASR-employees that manage these contracts will follow the takeover. Other APFS-employees will continue to be employed at ASR.

Marcel van der Meulen, director of Pensions at ASR: 'Managing administrations for pension funds is not a core activity as part of our refined strategy, which is why we have decided to divest APFS' activities.' As part of the refined strategy ASR focuses mainly on servicing the target groups individual customers, the self-employed and enterprises up to 500 FTE.

Next to its HR consulting activities, Aon Hewitt is specialized in worldwide management of pension administrations and expects the integration of APFS to go smoothly. 'Aon Hewitt is an organization with a sharp eye for the modern demands of pension funds. This takeover firmly fits with our growth strategy,' according to Reinoud van den Broek, CEO of Aon Hewitt for the Benelux.