ASR Nederland (ASRNL) H1 2024 earnings summary

Executive summary

• Operating result rose 47–50% to €677m in H1 2024, driven by robust organic growth and Aegon NL integration.

• Solvency II ratio improved to 180–181%, pro forma 196% after Knab sale and Tier 2 redemption.

• Integration of Aegon NL is progressing as planned, with key milestones and synergy targets on track.

• Interim dividend of €1.16 per share declared, representing 40% of 2023 total dividend.

• Net result turned negative at -€67m, mainly due to investment revaluations and Knab sale-related items.

Financial highlights

• Operating result increased by €217m to €677m year-over-year, with OCC up 59% to €658m.

• Combined ratio for non-life improved to 91.8%, below the 92–94% target.

• Premiums in Non-life up 16.6% to €2.4bn; DC inflow up 80.5% to €1.3bn.

• Net result at -€67m (HY 2023: €341m), reflecting investment losses and Knab impairment.

• Financial leverage decreased to 23.4%, with interest coverage ratio improved to 8x.

Outlook and guidance

• Confident in achieving medium-term OCC target of €1.35bn by 2026.

• Solvency II ratio target above 160%, with operating ROE target above 12%.

• Buyout business expected to be back-end loaded, with €8bn AuM target by 2027.

• Full-year 2024 OCC expected to be at least €1,150m, on track for 2026 target.

• Combined ratio P&C and Disability target: 92–94%; organic premium growth 3–5% annually.