ASR Nederland (ASRNL) H2 2025 earnings summary

Executive summary

• Achieved strong financial performance in 2025, with operating result up 11.9% to €1,637 million and OCC up 10.2% to €1,315 million, driven by strategic acquisitions and successful integration of Aegon NL.

• Completed major acquisitions, including HumanTotalCare and Bovemij, strengthening positions in occupational health and P&C insurance.

• Net result declined 40.9% to €548 million, mainly due to negative investment-related adjustments from interest rate movements.

• Capital return policy remains progressive, with 75% of OCC allocated to shareholders and 25% to inorganic growth, including €230 million share buybacks in 2025 and €175 million announced for 2026.

• Enhanced sustainability KPIs, with improved employee engagement, customer satisfaction exceeding targets, and progress on CO2 footprint reduction.

Financial highlights

• OCC increased 10.2% to €1,315 million, operating result up 11.9% to €1,637 million, and operating ROE at 14.1%, above the >12% hurdle.

• Solvency II ratio rose by 20 points to 218%, supported by PIM implementation and OCC.

• Dividend per share increased 9.3% to €3.41, with €230 million share buybacks completed in 2025.

• Combined ratio for Non-life (excl. Health) at 92.2%, at the lower end of the target range.

• Net result for FY 2025 was €548 million.

Outlook and guidance

• On track to achieve OCC target of €1,350 million in 2026, with growth expected from business expansion, buyout contributions, and synergies.

• Dividend growth expected to remain in the mid-to-high single digits, with further capital management updates at the December CMD.

• Customer satisfaction, sustainability, and diversity targets progressing ahead of schedule.