Chapter 2 - Report of the Executive Board 2.1 Themes in 2015 28 2.2 Financial Performance 32 2.3 Capital and liquidity management 68 2.4 Risk management 72
Chapter 4 - Report of the Supervisory Board 4.1 Financial statements and profit appropriation 80 4.2 Issues addressed by committees 82 4.3 Management and supervision 84 4.4 Corporate governance 87 4.5 Remuneration policy 89 4.6 Closing remark from the Supervisory Board 91
• At 95.0%, the combined ratio was in line with 2014 (94.8%).
• The ASR Dutch Core Residential Fund and the ASR Dutch Prime Retail Fund welcomed external investors in 2015, allowing a.s.r. to further reduce its participations in the property funds. As a result, a.s.r.’s participation in the two funds has fallen to approximately 80% and 40% respectively.
• In its annual Don’t Bank the Bomb report, PAX for Peace named a.s.r. a positive example in its research on how nuclear weapon products are financed. a.s.r. has explicitly excluded arms producers and traders from its investment universe.
New customers for health insurance business By leveraging its Ditzo and De Amersfoortse brands, a.s.r. shored up its position in the health insurance market early in 2016 by welcoming around 22,000 new customers.
Ditzo received gold SpinAward Ditzo won the gold SpinAward for its #zorgmee campaign in the Content category. The SpinAwards are bestowed upon creative concepts that lift digital thinking to the next level.
Mission a.s.r.’s overall mission is to offer transparent insurance solutions as a trusted partner to its customers while creating sustainable and stable value for its stakeholders. a.s.r. translates this mission into the prioritization of simple and transparent products, clear communication and fair treatment of customers. a.s.r. believes that an ingrained belief in service and employee skill will promote connections between a.s.r.’s employees, independent advisors and clients, and will ensure alignment of interests with a.s.r.’s success and with society as a whole. As part of its mission, a.s.r. has identified the following key roles that intends to play: • An insurer for customers a.s.r. is deeply integrated in Dutch society and is committed to understanding customer needs. It aims to offer its customers peace of mind by offering risk management and wealth accumulation products designed to secure customers’ financial stability and to protect customers from risks they do not want or are not able to bear themselves. a.s.r. considers customers’ trust essential to its business and values the strength of independent third-party advice reflected in its strong position in the intermediary channel. In order to strengthen customer trust, a.s.r. intends to continue its focus on product transparency, clear communication with customers and excellent client service.
1.5.2 Strategy a.s.r.’s strategy is based on four pillars: fulfilling customer needs, pricing discipline and underwriting excellence, cost effectiveness and maintaining a solid financial framework. a.s.r. strives to execute these four strategic pillars within all of its segments.
Cost effectiveness a.s.r. aims to continuously focus on effectively managing its costs. a.s.r. aims to further decrease its operating expenses in the coming years. Furthermore, a.s.r. intends to strive to focus on increasing the variable proportion of its cost base (relative to fixed), with the goal that if the demand for certain services decreases, the cost base will be flexible. a.s.r. plans to invest in activities when such expenditures contribute to foreseeable improvements in respect of increased revenues or to enhance the customer experience.
Brand Type Products Distribution Coverage Platform a.s.r. Generalist Individual life, Pensions, P&C and Banking
Manufacturing a.s.r. offers continuity and security through responsible products that are relevant to customers and meet their wishes and requirements. a.s.r. achieves this by continuously developing new products, simplifying its existing product offering and making information accessible and easy-to-understand.
25a.s.r. 2015 annual report a.s.r. at a glance he joined Achmea as Director of Group Strategy & Performance Management in 2009. He also served as a member of the Achmea Group Committee. Chris Figee’s last position at Achmea was Director of Group Finance.
K.T.V. (Karin) Bergstein Karin Bergstein (1967) has the Dutch nationality. Her areas of responsibility are the product lines Property & Casualty, Individual life, Banking, Funeral, Europeesche Verzekeringen, Van Kampen Groep and Customer Service.
Kick van der Pol (1949) has the Dutch nationality and serves as Chairman of the Board of Directors of Ortec Finance and as Chairman of the Board of the Federation of Dutch Pension. He is also a member of the Bank Council of DNB, a member of the Board of the Confederation of Netherlands Industry and Employers (VNO-NCW) and Chairman of the Executive Boards of VPRO and OVAL. In the past, Kick van der Pol served as the Vice-Chairman of the Executive Board of Eureko/Achmea and as Chairman of the Executive Board of Interpolis.
Market, strategy, business The Executive Board reviews the business with the different business lines every quarter. These reviews are designed to have in-depth discussions about market developments and developments in results (both financial and non-financial), such as budgets, premium income, costs and interest rate developments. Based on its strategy, a.s.r. decided in 2015 to create a general pension fund (Dutch acronym: APF) as well as establishing a fiduciary asset management business. The strategic acquisitions that were made were discussed and approved. In 2015, a.s.r. also shored up its position in the funeral market by acquiring AXENT and submitting a bid for the NIVO portfolio. a.s.r. strengthened its share of the pension market thanks to the acquisition of De Eendragt. a.s.r. acquired two companies in 2015 to bolster its distribution coverage in the P&C and income protection market. The transaction with Van Kampen Groep was completed in early January; in the autumn, the operations of Dutch ID, whose main subsidiaries are Boval and Felison Assuradeuren, were incorporated into the Distribution and Services segment.
The Executive Board had the a.s.r. pay-and-benefits structure benchmarked in 2015. In this context, Hay Group reviewed the salary structure. The outcome was described in a memo, which was discussed in an Executive Board meeting. The survey showed that a.s.r.’s pay-end-benefits package is just at the median of the relevant benchmark group. The outcome was discussed and led to the conclusion that – despite the fact that a.s.r. no longer offers variable pay – overall, the payand -benefits package formed only a limited impediment to attracting and retaining qualified people in 2015.
Solvency II The a.s.r. risk appetite, which is based on Solvency II, ECAP and a prudent approach to risk management, has been transposed into requirements for solvency, liquidity and returns; solvency takes priority over profit and profit takes priority over premium income. For this reason, a.s.r. performs an in-depth Own Risk and Solvency Assessment (ORSA) every year, in which context various scenarios are defined and extrapolated.
The managing and supervisory directors of ASR Levensverzekering N.V., ASR Schadeverzekering N.V., N.V. Amersfoortse Algemene Verzekering Maatschappij, Europeesche Verzekering Maatschappij N.V., De Eendragt Pensioen N.V. and AXENT NabestaandenZorg N.V. are the same as those of ASR Nederland N.V. This is not the case where the other three entities are concerned.
New business, Life (APE) 92 140 New business, Non-life 208 201
Profit/(loss) before tax 217 199 Profit/(loss) for the period attributable to holders of equity instruments 169 153
General a.s.r. was the third largest provider of P&C insurance products in 2014 in the Netherlands measured by GWP with a market share of 9.3%. a.s.r. offers a broad range of P&C insurance products under the brands a.s.r., Europeesche Verzekeringen and Ditzo. P&C had a combined ratio of 95.0% and 98.5% in 2014 and 2015, respectively. In 2015, the combined ratio for the brand a.s.r. amounted to 97.8% (2014: 93.7%; 2013: 98.5), for Europeesche Verzekeringen 100% (2014: 97.6%; 2013: 100.8%) and for Ditzo 116.6% (2014: 121.8%). a.s.r.’s P&C claims ratio increased from 59.9% at 31 December 2013 to 60.6% at 31 December 2015, while it outperformed the market average in each of the periods.
Based on rules set by the Dutch Association of Insurers (Verbond van Verzekeraars) in a code of conduct (Gedragscode geïnformeerde verlenging en contractstermijnen particuliere schade- en inkomensverzekeringen), Dutch property and casualty policies can be entered into for a maximum term of twelve months. In the case of automatic extension for a period of one year, policyholders have the right to terminate upon 30day notice.
• Fire a.s.r.’s fire policies for retail and commercial clients provide coverage for a variety of property risks including fire, storm and burglary. Private coverage is provided on both a singlerisk and multi-risk basis, with multi-risk policies providing coverage either for loss or damage to dwellings and damage to personal goods.
The foundations for the current disability insurance market came into effect as a result of changes in social legislation starting in 1987. a.s.r. was one of the first to respond offering disability insurance solutions under the De Amersfoortse brand, and today a.s.r. offers a broad range of disability products for SMEs, self-employed and individual customers.
In the fourth quarter of 2015, a.s.r. launched a new proposition called ‘Doorgaanverzekering’ proposition, which combines the products offered by the Disability segment with the health insurance products described above, which is offerted to both self-employed and a.s.r. customers via the De Amersfoortse brand.
a.s.r.’s main non-life product groups are: P&C, disability and health insurance products
a.s.r. considers the intermediary channel to be resilient. Customers who choose the intermediary channel tend to be more loyal, which results in high retention rates for these portfolios. a.s.r. believes that these long term relationships put it in an advantageous position relative to competitors with less commitment to this distribution channel. The relative share of the intermediary channel versus direct channel within the P&C market has remained stable over the last five years (excluding disability and health, based on GWP). The primary focus of a.s.r. in distributing P&C products is therefore on the intermediary channel.
45a.s.r. 2015 annual report Report of the Executive Board sub-segment of the P&C market, in particular through sales of commercial insurance products to mid-sized corporates, while continuing to apply underwriting discipline and the a.s.r.’s ‘value over volume’ strategy even in this sub-segment. The first steps that a.s.r. plans to take are the development of underwriting and claims management skills specific to this market. Additionally, a.s.r. may pursue acquisitions in this sub-segment in order to acquire underwriting and claims management skills and to grow market share.
• Introduction of APF: APF was introduced on 1 January 2016 with licensing of APF vehicles expected in the second quarter of 2016. While APFs are independent, they will enable insurers to serve companies who now have a company pension scheme (total € 301 billion AuM). Insurance companies can generate fees by offering services to newly formed APF foundations, such as administrative and asset management services.
The operating result for 2015 came to € 434 million, up from € 349 million for 2014. One of the reasons for the increase was an incidental technical provision formed in 2014. In addition, an incidental provision formed in 2014 was released in the pension business in 2015. 2015 saw a higher release of realized capital gains and lower write-downs on swaptions. This increase was partially offset by a fall in underwriting gains in the pension business due to lower pricing of portfolios after conversion to new contract terms and to the fact that benefits and reservations for mortalities were higher than in 2014.
Since new production volumes in the life market are under pressure, a.s.r. is still pursuing its strategy of cost flexibility and structural cost reductions to allow costs to keep pace with the size of the portfolio. In the individual life business, for instance, the first migration of what will soon be an obsolete product system to a new platform was completed. The pension business has taken a first step towards outsourcing its business processes: in this context, 80 FTEs were transferred from a.s.r. to outsourcing partner Infosys on 1 April 2015.
In 2014, a.s.r.’s Life GWP was € 1.5 billion, which made it the sixth largest participant in the Dutch market with slightly more than one third of the WGP of the largest participant.
a.s.r.’s active individual life insurance offering consists of the following products: • Term life insurance a.s.r.’s most important category of individual life products is term life. Term life insurance offering consists of traditional life insurance policies that pay death benefits without a savings or investment feature. a.s.r.’s term life insurance products are mainly sold in combination with mortgage loans or investment accounts, and generally require recurring premium payments; and
a.s.r. looks to cover its costs through retention, entering into selective new businesses and acquisitions (e.g. De Eendragt) and the pursuit of pension fund buyouts (e.g. Chevron) in order to reduce the cost per policy. Retention, acquisitions and buyouts are planned only to occur if ROE targets are projected to be met. The achievement of these targets is managed and monitored by a multidisciplinary team (Pensions, Risk Management and Financial Markets).
• Standardisation of products and services Financial and market regulators and financial institutions are increasingly focusing their attention to customer suitability when offering new financial products to individuals. Triggered by several cases whereby customers were unaware of the down-side risks associated with a product, there is now an increasing trend towards more easy-to-understand and less tailored products. This standardisation of products will also allow easier straight through processing. Developments in mortgages, savings and investment products are increasingly technology-driven.
• Online channel Increasing demand by customers for direct and online contact, which is being addressed via the online channel and direct customer services.
a.s.r.’s asset management platform has shown a strong performance in a number of asset classes which it currently manages in-house, including euro fixed income, Dutch and euro equities and Dutch real estate, though it does selectively use third party asset managers for other asset classes (for example emerging market debt, emerging market equities and US equities). a.s.r. strives to ensure that all investments products and services, whether managed internally or externally, continue to comply with a.s.r.’s strict sustainable and socially responsible investment policy.
Key figures, Distribution and Services (in € millions) 2015 2014 (restated)
Poliservice B.V. (‘PoliService’) is an intermediary for a.s.r. and its business includes selling different types of insurance, giving mortgage and pension advice directly to its customers and managing portfolios of intermediaries that ceased to operate. PoliService is a pioneer in the field of digital advice through video chat and website solutions for a more efficient customer experience, instead of conventional face-to-face advice. It acts as a tied agent and is also an intermediary for insurance products for a.s.r.’s own employees. It services more than 150,000 unique relations and is strategically aligned with a.s.r.
Property risk Measured by the impact of a 10% drop in the market value of real estate
To mitigate model risk, a.s.r. has validated the majority of Solvency II metrics such as the Solvency Capital Requirement and the technical provisions in accordance with the model validation policy and governance structure. In 2016, a.s.r. will continue to validate self-developed models used for the calculation of a.s.r.´s capital requirements and for internal steering purposes.
• Risk Management uses a set of metrics to monitor a.s.r.’s capital, including the impact of the UFR. Limits and targets are in place for the capital metrics. As a result of this process, solvency increased during 2015 and remained strong. The UFR has a significant impact. Disregarding the UFR, the solvency position is still adequate.
In the matter of unit-linked policies, firm policyholder compensation agreements have been made with the relevant customer associations. At the same time, the risk of new claims still looms. This risk is on the rise because of a growing compensation culture in Dutch society and the new court rulings in the current legal proceedings filed against other insurance companies. Court rulings and decisions by arbitration boards may have an industry-wide impact, as well as trigger widespread media attention, evoking negative sentiments among policyholders. This may increase reputation risk for a.s.r.
At year-end, the Supervisory Board approved the multi-year budget 2016-2020; the supervisory directors qualified the budget for the coming years as ambitious and realistic.
The Supervisory Board received all details of the topics of discussion at the same time as the Committee. The written
87a.s.r. 2015 annual report Report of the Supervisory Board 4.4 Corporate governance
9. No occasional variable remuneration will be awarded except with the consent of the Supervisory Board and with due observance of the legal requirements (Section 1:122 WFT).
The Supervisory Board appreciates the commitment and energy shown by the employees with respect to the developments in 2015, with a.s.r. continuing on the road towards becoming the ‘other insurance company’, as well as the organizational changes, acquisitions and planned disposals and the relocation of De Amersfoortse and the announced relocation of Europeesche Verzekeringen to Utrecht. This was reflected in particular in the improved NPS score and the employees’
The detailed impact of the changes in accounting policy and the reclassifications on the balance sheets as at 1 January 2013, 31 December 2013 and 31 December 2014 and income statement for the year ended 31 December 2013 and 31 December 2014 for the changes which have been applied retrospectively are as follows (amounts in € millions):
Changes in EU endorsed published IFRS Standards and Interpretations effective in 2016 The following changes in the EU-endorsed IFRS standards and IFRIC interpretations are effective from 1 January 2016: • Amendments to IAS 16 and IAS 38: Clarification of
Level 2. Fair value based on observable market data Determining fair value on the basis of Level 2 involves the use of valuation techniques that use inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is derived from prices of identical or similar assets and liabilities). These observable inputs are obtained from a broker or third party pricing service and include: • quoted prices in active markets for similar (not identical)
Some unit-linked contracts include guaranteed benefits at maturity. To cover these guarantees, an additional obligation is recognized in the balance sheet that depends on the current fund value and the level of the guarantee. Actuarial assumptions about future fund developments and mortality are taken into account in the determination this obligation.
M. Discontinued operations and assets and liabilities held for sale Classification as held for sale occurs when the carrying amount were recovered principally through a sale transaction rather than through continuing use. This is only the case when the sale is highly probable: • The disposal group or group of assets is available for immediate sale in its present condition;
Equipment Equipment is recognized at cost, less accumulated depreciation and/or any accumulated impairment losses. Cost corresponds with the cash paid or the fair value of the consideration given to acquire the asset. The accounting policy for equipment is unchanged. Equipment is depreciated over their useful lives, which are determined individually (usually between three and five years). Repair and maintenance costs are charged to the income statement in the period in which they are incurred. Expenses incurred after the acquisition of an asset are capitalized if it is probable that the future economic benefits will flow to a.s.r. and the cost of the asset can be measured reliably.
Market risk • The interest rate hedge was adjusted in order to mitigate the sensitivity of the Solvency II own funds to changes in interest rates. As a result, the solvency ratio excluding UFR is more sensitive to a decrease in the interest rate; • The risks of equities, property and credit bonds have remained fairly stable in 2015.
7 ASR Nederland N.V. has a minimum ECAP-ratio (degree of certainty 99,5%) of 130%.
Interest-rate risk is managed by aligning fixed-income investments to the profile of the liabilities. Among other instruments, swaptions and interest-rate swaps are used for hedging the specific interest-rate risk arising from interestrate guarantees and profit-sharing features in life insurance products.
The next table shows the exposure of the equity portfolio to sectors. External managed funds are excluded for this table, the total value in scope is € 1,538 million (2014: € 1,019 million, 2013: € 1,002 million ). The external funds typically have a representative market index as benchmark with a limited tracking error. The difference between the fund and the general market index therefore will be limited and the funds will have a diversified sector allocation.
In 2015 the reported exposure in foreign currency increased significantly, mainly as a result of applying look-through on the investment funds. As per 31 December 2015, € 819 million of the currency exposure is due to investment funds. For the previous years the look-through information is not available.
Premiums Total gross written premium income in 2015 amounted to € 2,350 million (2014: € 2,359 million; 2013: € 2,392 million). In 2015 the net reinsurance premium amounted to € 86 million (2014: € 136 million; 2013: € 118 million), which represents 3.66% (2014: 5.76%; 2013: 4.95%) of gross premium income.
Illness, disability and recovery are affected by the economic climate, government intervention, progress in medical science and healthcare costs.
Insurance claims and benefits recovered from reinsurers 79 212 - - - - - 291 Net insurance claims and benefits -1,666 -3,726 - - - - 142 -5,250
Changes in value of investments, realized/unrealized gains and losses: - Realized gains and losses (see chapter 5.24.2) 14 5 5 - Recognized in Other comprehensive income (unrealized gains and losses) -7 4 -7
Investment property is leased to third parties and is diversified over the rural, residential, offices and retail sectors in the Netherlands.
Investments on behalf of policyholders At fair value through profit and loss (chapter 5.11.2) 7,924 7,957 7,705
The table below gives a detailed overview of the types of financial assets and derivatives held: Investments Investments on behalf of policyholders
A further breakdown of the investments at fair value through profit and loss and investments on behalf of policyholders is included in the fair value hierarchy tables (see chapters 5.6.1).
Derivatives consist primarily of derivatives to hedge interest rate movement and inflation rate movements and to a limited extent derivatives held for cash flow hedging.
The derivatives can be broken down as follows: Asset Liability Notional amount
Changes in shadow accounting through equity -713 1,172 -518 - - Changes in shadow accounting through income -1,179 2,487 -1,323 - - -
The separate account to fund future inflation indexation is expected to be utilized in ten years to fund the future inflation indexation for the employees and former employees included in the ASR Nederland N.V. post-employment benefit plans. As such this has been included in the assumption used in calculating the defined benefit obligation.
The principal actuarial assumptions and parameters at year-end were as follows: Expected return on plan assets - - Future salary increases (including price inflation and merit) 0.0% 1.2% 1.5% Future pension increases (including price inflation) 0.0% - 0.0%
At year-end 2015, the fair value of borrowings was € 55 million (2014: € 117 million; 2013: € 98 million). See chapter 5.6.2. The average interest rate payable on other borrowings was 2.28% (2014: 2.60%; 2013: 3.30%).
Reversal of impairments on fixed-interest securities as a result of disposal amounts to € 30 million (2014: € 32 million, 2013: € 68 million).
Transactions in the income statement for the financial year 2014 Associates Joint ventures Other related parties
The balance sheet for the Life segment is as follows: Acquired date
Dutch insurers see an increase in insurance policies complaints/ claims based on grounds other than the cost compensation. Current and possible future legal proceedings could have a substantial financial and reputational impact. However it is not possible at this time to make reliable estimates of the number of expected proceedings, possible future precedents and the financial impact of current and possible future proceedings. Currently there are no indications that such a provision would be necessary for a.s.r.
5.40.3.8 Cash and cash equivalents Cash and cash equivalents are stated at face value. They are fully and freely available to the company.
On 22 September 2015, a.s.r. issued € 500 million subordinated liabilities in the form of Tier 2 Notes, first callable on 29 September 2025 and maturing on September 2045. The coupon is fixed at 5.125% and paid annually on 29 September with a step up at the first call date.
Engagement We were appointed before 2003 for the first time as auditor of ASR Nederland N.V. and operated as auditor since then. We were re-appointed by the General Meeting as auditor of ASR Nederland N.V. on 16 April 2015, regarding the audit for year 2015. We will rotate off of the ASR Nederland N.V. audit for purpose of the 2016 annual accounts.
Professional expertise by efficiency, transparent products in readable and easy-to-understand language and standardization of processes and products
Legal and Compliance have each been given a special responsibility. Other departments involved in this process are: Communications, Market Research, Sales, Product Management, Business Actuarial, Complaints Management, IT&C, Control and the Customer Contact Centre.
The chart below shows trend lines in the development of the NPS. The scores mentioned are based on interactions between customers and a.s.r. after a telephone call. a.s.r. performs these measurements itself.
At a.s.r., diversity comes in various shapes and sizes. a.s.r. makes an effort to create jobs for people from vulnerable groups in society.
The compliance function is an independent and centralized function within a.s.r. The mission of the compliance function is to enhance and ensure the integrity and control of operations at a.s.r., and to safeguard a.s.r.’s reputation. a.s.r. sets great store by a spotless reputation. This reputation is largely determined by irreproachable and professional conduct on the part of employees and the manner in which they perform their duties. This conduct must also be in accordance with the a.s.r. principles: a.s.r. is a socially relevant insurance company that helps by taking action.
Talks about a new redundancy plan were initiated between a.s.r. and the trade unions at the end of 2015, the reason being that the current redundancy plan was due to expire on 1 January 2016. In February 2016, a.s.r. and the trade unions negotiated a new redundancy plan. They agreed that the redundancy plan for 2015 would also be in effect for 2016; a new plan, in which job security has been defined as a priority, will be in force for 2017 and 2018. According to a.s.r. and the three unions (FNV, CNV and De Unie), the result achieved was a co-creation that is acceptable to everyone involved. The redundancy plan that will be in effect from 1 January 2016 to 31 December 2018 has been dubbed ‘The Other Plan’. It centres around job security and encourages employees to take ownership of their own careers.
Investments The Global Real Estate Survey Benchmark (GRESB) is a benchmark that looks at the sustainability performance of more than 700 institutional investment funds worldwide. a.s.r. REIM’s goal is to improve the transparency and awareness of sustainability by taking part in the GRESB every year.
So far, the renovation has resulted in a clear reduction in energy consumption. • Electricity: consumption in 2015 was 8,554,298 kWh compared with 10,391,564 kWh in 2014, a reduction of around 17.7%¹.
a.s.r. RED feels a responsibility to society to create a pleasant living environment for people. It achieves this not only by developing sustainable properties, but also by compensating for built-up areas by creating new green spaces (through the ‘Land for Land’ programme) and supporting local community initiatives in the towns and areas where it operates.
Land for Land is an initiative that ties in with a.s.r.’s mission to make urban living an even better experience for people. The Land for Land programme is designed to compensate for every square metre of brick and mortar by creating a square metre of green space. Under the Land for Land programme, a.s.r. RED reserved an amount in 2015, based on achieved development output, for the expansion and bolstering of nature conservation areas (Utrechts Landschap).
• Circular Procurement Green Deal a.s.r. has participated in the Circular Procurement Green
• Dutch Sustainable Investment Code a.s.r. abides by the Sustainable Investment Code of the
The report, which is published annually, gives a.s.r. the opportunity to provide a transparent overview of its activities and objectives and to strengthen ties with its stakeholders: customers, suppliers, financial authorities, government bodies and public interest groups. In this report, a.s.r. wants to provide an overview of its organization and illustrate the interrelationships between its strategy and governance and the social and economic context in which it operates. The annual report breaks down into three sections: the report by the Executive Board, the financial statements and the sustainability report. Because of its structure, the annual report provides an understanding of the company’s performance in various respects.
Embedded value The present value of future profits plus adjusted net asset value.
ISAE 3402 type II assurance report Statutory provisions (Section 4.16 of the Dutch Financial Supervision Act) dictate that financial institutions are required to demonstrate that their outsourced processes are properly managed. As a result, a financial institution will always require a supplier to provide a Service Organization Control (SOC) report before this supplier can provide services to the financial institution. ISAE 3402 is the global standard for SOC reports. The ISAE 3402 report demonstrates that all of the financial institution’s outsourced processes are properly managed.
MYA3 MYA3 refers to multi-year energy efficiency agreements between the public and private sectors, institutions and local authorities. The Dutch Ministries of Economic Affairs, Foreign Affairs and Kingdom Relations and Infrastructure and the Environment support these agreements to encourage a more effective and efficient use of energy.
Europeesche Verzekeringen SOS International • Chair of the Supervisory Board – Gerard ten Brincke,
Material aspects have been determined in a three-step process. First, a list was compiled of all possible aspects for a.s.r. to report on. This list was based on: • GRI G4 guidelines • current strategy and sustainability pillars • annual report 2014 • outcome of stakeholder dialogues conducted in 2015