a.s.r. goes to Supreme Court on ruling in collective proceeding on three Aegon Nederland products
a.s.r. is appealing to the Dutch Supreme Court following the ruling of the Court of Appeal of The Hague, in a case concerning Vermogensplan, Koersplan and Fundplan, three investment insurance products offered by Aegon Nederland.
On 26 September 2023, the Court of Appeal of The Hague ruled in the collective proceeding of Vereniging Woekerpolis.nl, concerning three investment insurance products offered by Aegon Nederland between 1989 and 2004. The ruling is a declaratory judgment, with which the court has established an assessment framework. The court did not rule on the possible compensation of customers.
The court case specifically addressed whether Aegon Nederland provided sufficient information in certain time periods about the costs and risk premium of an investment insurance. The court ruled that there was no agreement, and/or that insufficient information was provided on (the amount) of certain types of costs and the amount of the risk premium. The court also found that the products did not contain unfair terms, that sufficient warning of the risks was given and that the products did not contain deficiencies.
Customers of both Aegon Nederland and a.s.r. were compensated in recent years, costs were adjusted and transparency was increased. Compensation agreements were reached with various foundations. Customers were given the option to change or terminate their product, or to switch to another product, free of charge. As a result, in a.s.r.’s opinion all costs and premiums were brought to a reasonable level and major steps have been taken to bring this matter to a conclusion. The court did not address this and the ruling is not in line with earlier judgements of courts in first and second instances.
After analysing the ruling, a.s.r. has come to the conclusion that it disagrees with the ruling on fundamental points and will therefore lodge an appeal in cassation with the Dutch Supreme Court. Also, from the court’s ruling no conclusions can be drawn regarding other investment insurance products of Aegon Nederland and a.s.r., as each product has specific characteristics and its own product information.
In the Dutch insurance world, discussions regarding investment insurance products have been ongoing for years, involving several insurers and many customers. The court’s 26 September ruling is one of the many court proceedings on this topic.
a.s.r. realises that it cannot rule out the possibility that the matters on which the court has now ruled may have a material impact. However, the ruling has no consequences for the strategy and policy of a.s.r., or on the business combination of a.s.r. and Aegon Nederland as announced in October 2022. The discussions regarding investment insurance products are well known in the Dutch insurance market and a.s.r. is familiar with the risks involved.
-
12 Sep 2024S&P revises a.s.r.’s outlook to positive on expected capital and earning improvement – A ratings affirmedCredit rating agency Standard & Poor’s (S&P) is positive about the long-term outlook in its annual assessment of a.s.r.’s creditworthiness and its components. The current ratings have been reaffirmed, and the outlook has been changed from stable to positive. This means that if a.s.r. continues to perform at the current level, there is a possibility that the ratings of a.s.r. will be upgraded by one notch at a next assessment.
-
21 Aug 2024a.s.r. commits to Science Based Targets initiative (SBTi)a.s.r. has joined the international Science Based Targets initiative (SBTi). In doing so, a.s.r. commits to setting science-based emission reduction targets in line with the Paris Climate Agreement. This step fits the ambition of a.s.r. to belong to the leading group of European sustainable insurers. After signing, a.s.r. has 2 years to submit the climate goals to SBTi.
-
21 Aug 2024a.s.r. reports strong half-year 2024 resultsJos Baeten, Chairman of the Executive Board and CEO: ‘We are showing good results over the first six months of 2024. These are in line with or exceeding the targets that we presented at our recent capital markets day. We can see growth in P&C, Disability and Pensions, and we maintain our strong position in the mortgage market. Alongside this, the operating result, the organic capital creation, and the solvency are developing favorably. The financial results show a significant rise across all business segments, through autonomous growth as well as the addition of activities of Aegon Nederland. Since the closing of the Aegon Nederland transaction we have already taken many steps, each contributing to the integration going to plan. The progress of the integration, where we also appreciate the joining of two cultures, remains the priority. When we look at the future, our stakeholders can expect us to, through our ambition to be the best financial service provider in the Netherlands, also continue to focus on sustainable growth. Lastly, a.s.r. continues to commit to a sustainable society and world, with product and services that are not only good for now, but also for the long term, with future generations in mind.’