Annual Report

Dit is de tijd van doen.

ASR Nederland N.V.

Archimedeslaan 10 P.O. Box 2072 3500 HB Utrecht The Netherlands

www.asrnl.com

Annual Report

Contents

1

About a.s.r.

5

6

1.1

At a glance

6

6.1

1.2

Message from the CEO

8

6.2

6.3

2

Operating environment

10

6.4

2.1

Value creation model

11

6.5

2.2

The story of a.s.r.

12

6.6

2.3

Portfolio and execution of strategy

14

6.7

2.4

Key trends impacting a.s.r.'s operations

16

6.8

2.5

Strategic targets and performance

18

6.9

2.6

Material topics

23

6.10

2.7

Contribution to the Sustainable

6.11

Development Goals

27

7

3

Sustainable value creation

29

7.1

3.1

Sustainable insurer

32

7.2

3.2

Sustainable investor

38

7.3

3.3

Sustainable employer

43

3.4

Trustworthy company

51

7.4

3.5

Investor community

60

3.6

Role in society

64

7.5

7.6

4

Business performance

66

7.7

4.1

Group and segment performance

67

7.8

4.2

Risk management

89

7.9

4.3

Compliance

95

7.10

4.4

EU Taxonomy Regulation

97

7.11

4.5

Climate change

102

7.12

4.6

Statements of the Executive Board

106

5

Governance

107

5.1

Corporate Governance

108

5.2

Supervisory Board report

118

5.3

Remuneration report

124

5.4

Employee participation

131

Contact details 340

Financial statements 132

Introduction 135

Consolidated financial statements 137

Accounting policies 144

Group structure and segment information 164

Notes to the consolidated balance sheet 175

Notes to the consolidated income statement 203

Other notes 211

Risk Management 230

Capital management 262

Operating result 267

Company financial statements 269

Additional information 277

Independent auditor's report 278

Assurance report of the independent auditor 295 Provisions of the Articles of Association

regarding profit appropriation 299 Report of the Stichting Continuïteit ASR

Nederland 301

Facts and figures 303

About this report 316

Glossary 318

Abbreviations 323

Materiality analysis and stakeholder dialogue 325

GRI Content Index 328

TCFD recommendations 337 EU Directive: disclosure on non-financial and

diversity information 338

This document is the PDF / printed version of the 2021 Annual Report of a.s.r. and has been prepared for ease of use and does not contain ESEF information as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The 2021 Annual Report was made publicy available pursuant to section 5:25c of the Dutch Financial Supervision Act (Wet op financieel toezicht), and was filed with Netherlands Authority for the Financial Markets in European single electronic reporting format (the ESEF package). The ESEF package is available onwww.asrnl.comand includes a human readable XHMTL version of the 2021 Annual Report. In any case of discrepancies between this PDF version and the ESEF package, the latter prevails.

The financial statements for 2021 as included in this Annual Report are on the agenda for adoption at the Annual General Meeting of shareholders of 25 May 2022.

Annual Report 2021 | Contents

4

1

About a.s.r.

Purpose

a.s.r. helps customers share risks and accumulate capital for later. The sustainable solutions that a.s.r. offers take into account the interests of people, environment, society and future generations.

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Disclaimer

ASR Nederland NV published this content on 23 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2022 14:01:10 UTC.