Dear reader, before you lies a.s.r.’s Annual Report for 2025. It was, once again, an exceptional year in the long history of a.s.r. It was the year in which we completed the integration of Aegon Nederland’s business units into our organisation. Following the joint announcement in October 2022 of our intention to merge, we successfully achieved this objective within the targeted 2.5 years. By the end of 2025, all major migrations had been completed, resulting in one organisation with one way of working for all customers. This marks one of the largest integrations in the Dutch insurance market, and I am proud of everyone who has contributed to this milestone.
As the integration progressed, our business continued to deliver strong results. We strengthened a.s.r. through several important transactions, including the real estate transaction involving Amvest and the acquisition of the funeral insurance portfolio of the oldest insurer in the Netherlands. We also expanded our position in occupational health services and reintegration by becoming the 100% shareholder of HumanTotalCare. Early in 2026, we announced the intended acquisition of the insurance activities of Bovemij, further reinforcing our position in the Non-life market.
In 2025 we
completed several pension buy-outs, ensuring pension security for many
participants. We also concluded the long-running unit-linked file. More than
90% of affiliated customers accepted the agreement reached with interest
groups. This brought collective proceedings to an end, with the groups agreeing
not to initiate new proceedings. It closed a complex and impactful file
constructively for all stakeholders.These developments all contribute to our
objective of creating long-term value creation for our stakeholders.
Our financial and non-financial results over 2025 are strong and meet or exceed our targets. The significant increase in customer appreciation is a welcome recognition of the dedication of our employees, to whom I am sincerely grateful. Employee satisfaction, measured again in January 2026, shows an upward trend - an outcome that reflects, among other things, the successful execution of the integration.
Every day, we work towards building a more sustainable world. We continued reducing the CO₂ footprint of our investment portfolio and increasing our impact investments. Our CO₂ footprint decreased by 8.6% in 2025, keeping us on track to achieve our 2030 target of 25%. Impact investments reached 10.1% of total investments, enabling us to meet our 2027 target of 10% ahead of schedule.
Our financial results underline a.s.r.’s strong position in the Dutch market. Premiums and DC inflow increased by 28.9%, and the operating result rose by 11.9%. Our capital position remains robust, with organic capital creation up by 10.2%. With the approval of the Partial Internal Model (PIM) for ASR Levensverzekering N.V., we now report under Solvency II based on the PIM for all Life entities. This contributed to the Solvency II ratio increasing to 218%. In 2025, we repurchased € 230 million of our own shares, and upon publishing our annual figures on 18 February 2026, we announced an additional repurchase of € 175 million - fully in line with our strategy to deploy capital to create value and efficiently return capital to shareholders.
As a Dutch insurer, we understand the local market well. At the same time, we remain mindful of shifting geopolitical dynamics that influence decisions related to investments, risk and long-term security. We take responsibility for societal themes where we can genuinely make an impact - such as the housing shortage, climate risks, sustainable employability and income security. We follow developments from the new government closely and are ready to contribute our insights to help build a better Netherlands for today and for future generations.
This is the eighteenth Annual Report of a.s.r. in its current form, and once again I have the privilege of addressing you as CEO and Chair of the Executive Board. Since 2008, a.s.r. has undergone several transitions. In our 2008 Annual Report, I wrote: 'In retrospect, 2008 has been a harsh learning experience for the financial sector. We cannot change the past, but we can change our future.' That was our impetus to return to the core of our company: insuring risks that people are unable or unwilling to bear themselves, and building capital for the future. Our guiding principle has been the Rijnlands model, ensuring that we consider the interests of all stakeholders. With that compass, I have dedicated myself to a.s.r. since then.
I began my career at Stad Rotterdam, then a listed and prominent insurer and one of the legal predecessors of a.s.r., with roots dating back to 1720. Through its incorporation into Fortis, the nationalisation in 2008, and our successful return to the private market through the IPO in 2016, we have built a strong team and a healthy, solid organisation. With a clear growth-oriented strategy, well positioned for the future. This is not the achievement of executives alone. Strategies and plans may set the direction, but real progress is driven by the commitment of colleagues who have contributed over the years. I would therefore like to express my sincere appreciation to all our employees for their dedication. I also thank our shareholders and customers for the trust and confidence they continue to show.
After more than 45 years at a.s.r. and its predecessors, the circle is complete for me. This 2025 report is my last Annual Report as CEO and I recognise that a long and rewarding period at a.s.r. is coming to an end. I am pleased that the Supervisory Board has nominated Ingrid as my successor. She has been a member of the Executive Board for 6.5 years, and during that time I – together with my colleagues in the MB - have worked with her with great pleasure and in a highly constructive manner. She is among the best executives in the Dutch insurance sector. Knowing that a.s.r. will be in excellent hands with her, I pass on the baton with full confidence. I wish her, and all colleagues at a.s.r., every success for the future.
Jos Baeten
CEO and chair of the Executive Board
