ASR Nederland N : Strong results 2022, preparations for a.s.r. – Aegon Nederland business combination on track

Utrecht, 22 February 2023, 07.00am CET

Strong results 2022, preparations for a.s.r. - Aegon Nederland business combination on track

Strong performance in all segments

• Operating result amounted to € 1,039 million (2021: € 1,009 million); the increase of 3.0% is due to improvements in Non-life and Life.
• Operating result of the Non-life segment amounted to € 325 million (2021: € 322 million). Combined ratio1 remained
  stable at 91.7% (2021: 91.8%), outperforming the target range of 93-95%.
• Operating result of the Life segment increased by € 15 million to € 768 million (2021: € 754 million), mainly due to a higher technical result.
• Operating result of fee-based businesses is stable and amounted to € 64 million (2021: € 64 million), despite the impact of lower asset prices on assets under management.
• Operating return on equity is 13.5% excluding the € 0.6 billion share issue (12.8% including the share issue), in line with the target range of 12-14%.
• Net IFRS result is € 733 million (2021: € 942 million). The decrease is mainly due to the lower contribution from indirect investment result and Disability provisioning related to 10% increase of the legal minimum wage.
• Proposed dividend over 2022 amounts to € 2.70 per share. This is an increase of 12% compared to the € 2.42 per share over 2021. The final dividend amounts to € 1.72 per share, taking into account the already distributed interim dividend of € 0.98 per share.

Robust solvency and strong organic capital creation

• Solvency II ratio (SF) as at 31 December 2022 stands at 222% (31 December 2021: 196%) after the deduction of the proposed dividend over 2022. The ratio is excluding the € 1 billion Tier 2 hybrid capital issue and including the share issue (16%-points). Both capital issues are related to the financing of the Aegon Nederland transaction.
• Organic capital creation increased by € 59 million to € 653 million (2021: € 594 million). The stronger underlying business performance and lower UFR drag due to higher interest rates was partly offset by lower net capital release due to increased capital strain from higher new business production.
• Unrestricted Tier 1 capital stands at € 5.5 billion, which is equal to 75% of own funds.

Strong commercial results

• Organic growth of Disability and P&C combined is 9.1%, well above our target range of 3-5%. Total gross written premiums in the Non-life segment increased by 3.7% to € 4,276 million (2021: € 4,124 million).
• Gross written premiums in the Life segment rose by 3.1% to € 1,952 million (2021: € 1,893 million) mainly due to an increase in the pension DC product 'Werknemers Pensioen' (Employee Pension) by 21% to € 768 million.
• Mortgage origination amounted to € 5.3 billion, which is a decrease of € 0.7 billion compared to 2021. Market share of a.s.r. remains stable.
• Assets under management for third parties remained stable despite lower market valuations, at € 27.9 billion (31 December 2021: € 28.0 billion).

Engaged employees and strong progress in sustainability

• Employee engagement is strong. The annual Denison survey shows a score of 88, which exceeds the target (>85).
• Responsible investments: the objective of a 65% reduction of the CO2 footprint in 2030 has been achieved ahead of schedule. In addition to a structural improvement, the reduction also reflects lower economic activity (and emissions) in recent years due to COVID-19, which is expected to have a temporary effect.
• Impact investments, including wind and solar parks, increased to € 2.8 billion (31 December 2021: € 2.5 billion). This increase reflects € 0.7 billion of additional investments, partly offset by lower valuations.
• Customer satisfaction, measured by Net Promotor Score (relation), has decreased to -11 (2021: -7). This decrease is in line with the overall decline in the insurance market in the Netherlands, the relative position of a.s.r. is unchanged.
• Reputation as a sustainable insurer in the Netherlands has risen to 37% (31 December 2021: 36%). The target is > 40% in 2024.

• P&C and Disability.

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Jos Baeten, Chairman of the Executive Board and CEO: '2022 was an eventful year in many ways. Geopolitical tensions, falling stock markets, and rising interest rates and inflation worldwide left their mark on 2022. Under these circumstances, costs are impacted and provisions are strengthened. For example in Disability, provisions are strengthened as a result of a sharp increase in the minimum wage. In addition, wage costs are rising. a.s.r. granted a salary increase of 4% in December as part of the new collective labor agreement and paid all employees a one-off

• 1,000 in July 2022. Also, the triple storms that took place at the beginning of the year with an impact of € -39 million after reinsurance. In these challenging conditions and events, a.s.r. reports a good year. We continue to deliver on our strategy to create long term sustainable value, which over the past years has proven successful. Our financial and commercial results are strong and our capital position is robust, showing the continued stability and strength of a.s.r.

The announcement of the transaction with Aegon, to form a leading insurer in combination with Aegon Nederland, is a memorable event in the 302-year existence of a.s.r., which will add another important milestone to a.s.r.'s rich history. Many colleagues spent much time on this in the second half of 2022. Nonetheless, the interests of our customers were never at stake. Our customer service and cooperation with intermediaries continued unabated.

We keep improving our customers service and encourage customers to create a personal digital account enabling them to manage their own affairs online. More than half of our customers are currently registered, enhancing our efficiency. Our customer service can dedicate more time to one-on-one contact with clients and to answering to the more complex cases. This is also reflected in a continued strong NPS-c score of +50. The focus on upgrading customer service and satisfaction is a priority, which in 2022 led to a sharp drop in the number of complaints. Unfortunately, this has not yet resulted in an increase in the NPS-r, which decreased by 4 points to -11 compared to 2021, in line with the overall decline in the insurance market in the Netherlands. In part, this can be explained by lower consumer confidence as a result of increased insecurity around higher inflation and energy prices.

Customers and intermediaries voiced their appreciation for our products and services in the various awards that we have received this year. In the IG&H Performance Monitor, which measures the satisfaction of intermediaries, a.s.r. received the highest rating from advisors for Disability and Pensions. Our mortgage business was awarded the Green Lotus by In Finance, acknowledging it as the most progressive in the field of home sustainability. a.s.r. also received three nominations in the Adfiz Performance Survey and won in the Sustainable Development category. The jury called a.s.r.'s Platform Duurzaam Wonen (Sustainable Living Platform) an example for other insurers in its development and approach. With the growing interest in our 'Verduurzamingshypotheek' (sustainable mortgage), we contribute to the energy transition.

The financial results for the past year are good. Our operating result showed an increase, as did our organic capital creation. Our solvency also increased, partly due to the issuance of € 0.6 billion in shares to finance the proposed transaction with Aegon. Commercial performance in 2022 was also strong across the various product lines. At Non-life, organic growth in gross written premiums at P&C and Disability was 9.1%, well above our target, and gross written premiums of the Non-life segment increased by 3.7%. Gross written premiums in the Life segment rose by 3.1%, mainly due to strong sales growth of the "Werknemers Pensioen" (Employee Pension) of 21%, our successful DC proposition. With the expected pension reform all pension products will transition to DC solutions, for which we are well positioned. In addition, we see increased momentum in the buy-out market and the proposed business combination with Aegon Nederland will improve our position to service this market. Mortgage production fell by 11.2% compared to 2021, which can be partly explained by a declining interest among homeowners to refinance their mortgage as a result of rising mortgage interest rates. There was also less interest in buying a new house due to the increased interest rates. Fee income in our fee-based businesses increased with 5.6%, mainly related to increased commitments from third party investors in a.s.r. Real Estate funds and growth in Dutch ID in the Distribution & Services segment. a.s.r.

is one of the larger private real estate investors in the middle segment of (rental) homes. We are therefore following the government's plans for the housing market with interest. There is sufficient capital available in the Netherlands to finance the construction of new homes and there is ample willingness amongst investors, but the investment must be financially feasible. Plans to regulate rents in the mid-market segment will discourage this.

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The overarching principle of our strategy is to add sustainable value for all stakeholders. It is a.s.r.'s ambition to remain among the leading group of sustainable insurers in Europe. Part of this is being a good employer. In 2022 a.s.r. was awarded for the most innovative and inspiring HR policy in the Netherlands. a.s.r. has also been, once again, included in both the world index and the European index of the Dow Jones Sustainability Index. With its inclusion in the DJSI World Index, a.s.r. is amongst the 10% most sustainable insurers worldwide. On top of that, Sustainalytics again ranked a.s.r. among the topmost sustainable insurers worldwide, as well as within the 1% most sustainable companies across all industries. a.s.r. is also well on track to achieve its target of €4.5 billion in impact investing by 2024. In addition to investing in wind and solar parks, we now also invest in energy storage solutions. For example, we are announcing today that we are investing in a new project by SemperPower, who is building the largest battery energy storage system in the Netherlands. By doing so, we contribute to a faster integration of sustainable energy in the Dutch electricity market.

Although there is still uncertainty about the geopolitical tensions and the resulting economic developments, we are cautiously optimistic about the prospects for a.s.r. By focusing on the implementation of our strategy, I am confident that we will achieve our goals in 2023. In addition, we are making every effort to, from the closing onward, successfully combine the activities of a.s.r and Aegon Nederland in a disciplined manner, within the timelines set and agreements made. We can only achieve this through the efforts of all employees involved. And I am very grateful for the confidence that our customers, intermediaries and shareholders have in a.s.r.'

Preparation for combination of a.s.r. and Aegon Nederland is on track

• a.s.r. shareholders voted almost unanimously (99.9%) in favour of the transaction with Aegon N.V.
• Request for Declaration of No Objection from Dutch Central Bank (DNB) progressing as planned.
• Request with Netherlands Authority for Consumers & Markets (ACM) filed.
• Successful issue of € 1 billion Tier 2 bond and € 0.6 billion share issue to finance the transaction.

Jos Baeten: 'On 27 October 2022, we announced that we will join forces with Aegon Nederland, to create a leading insurer in the Dutch market. The announcement prompted many positive reactions. There is widespread support for the transaction. At the Extraordinary General Meeting of Shareholders, shareholders of both Aegon Group and a.s.r. overwhelmingly approved the transaction, and thus the combination of the two companies.

The transaction involves a purchase price of € 4.9 billion, part of which will be in cash and part in a 29.99% interest1 in a.s.r. shares. For the cash part of € 2.2 billion, we successfully raised almost € 0.6 billion through a share issuance within one day, a so-called accelerated bookbuilding (ABB) offering. In addition, we issued € 1 billion of Tier 2 hybrid capital in debt securities. The order book for this was oversubscribed more than 6 times by a total of more than 260 investors, reflecting the broad support for a.s.r. and the proposed merger with Aegon Nederland.

a.s.r. has a proven track record of completing acquisitions, integrations and mergers on time, within budget and as agreed. We expect to be able to execute the merger with Aegon Nederland in the same disciplined manner. At the moment, we are actively engaging in working sessions with colleagues from Aegon Group as well as Aegon Nederland, to develop plans for the coming period, the priority being that both before and after the closing our services to customers and intermediaries continue unabated and as normal. We are confident that we will be able to realise

€ 185 million of cost synergies annually within the period set of up to three years after closing.

In the announcement of the proposed business combination with Aegon Nederland, we mentioned that this step allows for the opportunity to introduce a Solvency II partial internal model2 ("PIM") on a.s.r.'s businesses. This allows for further capital synergies. At this moment the exploratory talks for the PIM implementation have started.

We are progressing as planned to obtain a Declaration of No Objection from the Dutch Central Bank (DNB) and European Central Bank (ECB) and submitted a request for approval for the merger to the Netherlands Authority for Consumers & Markets. We are confident to be able to close the transaction at 1 July at the earliest, after which we will then focus on the employer entities merger, which is currently scheduled for 1 October 2023 at the earliest. I look forward to working with colleagues from Aegon Nederland and to start working together in creating a leading insurer in the Dutch market. I have every confidence that we will be successful in doing so.'

• Value of the 29.99% equity interest (approx. 63.3 million of shares to be issued) is based on closing price of the a.s.r. ordinary shares on 26 October 2022.

• Subject to regulatory approval.

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Key figures

(in € million, unless per share or expressed as a percentage)	FY 2022		FY 2021		Delta (%)
Operating result1	1,039	1,009	3.0%
Organic capital creation (OCC)	653	594	9.9%
Operating return on equity2	12.8%	16.1%		-3.3%-p
Net result for the year (on IFRS basis)	733	942	-22.2%
Return on equity	11.3%	15.3%		-4.0%-p
Gross written premiums	6,041	5,859	3.1%
Operating expenses	-779	-725	7.4%
Combined ratio P&C and Disability	91.7%	91.8%		-0.1%-p
Organic growth gross written premium P&C and Disability	9.1%	5.2%		3.9%-p
New business (Life segment (APE))	127	151	-15.4%
		31 December 2022		31 December 2021		Delta (%)
Total equity	6,753	7,385	-8.6%
Total equity attributable to shareholders	5,722	6,363	-10.1%
Solvency II ratio	222%	196%		26%-p
(standard formula3, post proposed dividend)
Financial leverage	34.8%	24.8%		10.0%-p
Liquidity position at holding level	2,142	525	308.0%
Number of FTEs (internal)	4,242	4,155	2.1%
		FY 2022		FY 2021		Delta (%)
Operating result per share4	5.37	5.29	1.5%
Dividend per share	2.70	2.42	11.6%
Number of shares issued and outstanding at end of period (m)	147.9	135.8	8.9%
Weighted average number of issued and outstanding shares (m)	137.0	136.3	0.5%

Explanatory notes to the table

1. Operating result is calculated by adjusting result before tax for continuing operations reported in accordance with IFRS, as adjusted for the changes in accounting policies and for the following: i) investment related: investment income of an incidental nature (including capital gains and losses, impairments and fair value changes) on financial instruments for own account, net of applicable shadow accounting and net of additional provisions recognised for realised gains and losses on financial assets backing the insurance liabilities ('compensation of realised capital gains') impact; ii) Incidental items: 1. model- and methodological changes with a substantial impact; 2. results of non-core operations; and 3. Non-recurring or one-off items related to the ongoing business, for 2022 this includes the impact of the increase of minimum wages due to government intervention as a result of high inflation; 4. other non-recurring or one-off items, that do not relate directly to the core business and/or ongoing business of the group, restructuring costs, regulatory costs not related to business activities, changes in own pension arrangements and expenses related to mergers and acquisitions (M&A) activities and startups. Furthermore, starting from 2022 the inflation linked value changes of bonds are classified as non-operating result. The comparative figures have been adjusted accordingly.
2. The operating return on equity is calculated by dividing the operating result before tax after deduction of interest on hybrid assets and taxes (tax rate 2022: 25.8%, 2021: 25.0%) by the annual average equity attributable
   to shareholders after deduction of the reserve for unrealised profits and losses and the equity for real estate development (operating activities in 'run-off').
3. Exclusive of financial institutions.
4. The operating result per share is calculated by dividing the operating result before tax after deduction of interest on hybrid assets and taxes (tax rate 2022: 25.8%, 2021: 25.0%) by the weighted average number of outstanding shares.

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Important dates 2023

Wednesday 22 March

Wednesday 31 May

Friday 2 June

Monday 5 June

Thursday 8 June

Wednesday 30 August

Wednesday 6 September

Thursday 7 September

Tuesday 12 September

Publication Annual Report 2022

Annual General Meeting

Ex-dividend date

Dividend record date

Dividend payment date

Publication H1 2023 result and interim dividend

Ex-interim dividend date

Dividend record date

Dividend payment date interim H1 2023

The figures in this press release have not been audited or reviewed by an external independent auditor.

Conference call for financial market parties (in English) at 10.30am CET. For more information, go to www.asrnl.com.

Media Relations	Investor Relations
Rosanne de Boer
T: [phone]	T: [phone]
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www.asrnederland.nl	www.asrnl.com
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About a.s.r.

ASR Nederland N.V. (a.s.r.) ranks among the top 3 insurers of the Netherlands. a.s.r. offers products and services in the fields of insurance, pensions and mortgages for consumers, self-employed persons and companies. In addition, a.s.r. is active as an asset manager for third parties. a.s.r. is listed on Euronext Amsterdam and is included in the AMX Index. For more information, please visit www.asrnl.com.

This press release contains inside information within the meaning of Article 7 of the Market abuse regulation (Regulation 596/2014).

Changes in IFRS standards

The 2022 figures are the last time applying IFRS 4 and IAS 39. IFRS 17 ('Insurance contracts') is effective from 1 January 2023 and a.s.r. will also apply IFRS 9 ('Financial instruments') from that date.

IFRS 9 and IFRS 17 will be applied retrospectively with adjustment of the comparative figures. The parallel reporting process for the 2022 figures under IFRS 17 and IFRS 9 is in progress. At this moment it is too early to quantify the impact on IFRS equity and profit for 2022.

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