Net result at € 212 million, solvency further increased, dividend at € 71 million
a.s.r. reported a net result of € 212 million for 2011. Despite turbulent financial markets, solvency increased further. a.s.r. will pay € 71 million in dividends.
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%)
ASR to pay € 71 million (40%) in dividend on ordinary shares
Gross insurance premiums down to € 4,511 million (2010: € 4,738 million), primarily due to cautious approach in single premium market
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
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)
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
Key figures
ASR Key Figures (€ million) | 2011 | 2010 | Change |
|---|---|---|---|
Net result (1) | 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 equity (2) | 3.228 | 3.493 | -8% |
DNB solvency | 230% | 221% | 9%-p |
Buffer capital ratio (IFRS) | 291% | 262% | 29%-p |
Return on equity (3) | 9% | 17% | -8%-p |
Total workforce in FTE (4) | 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.