Our strategy will continue to focus on selective profitable growth, and our strong financial discipline and value-overvolume principle will continue to guide all our activities, as before. At the same time, we will give considerable attention to social developments and to concern about the climate. The associated risks of climate change for our customers and for a.s.r. itself will be increasingly felt in the years to come. We are acutely aware of this and it is very much top of mind. This is also why a.s.r. has set itself a new medium-term goal of investing € 1.2 billion up to 2021 for impact investing and for carefully analysing the carbon footprint of our investments in order to evaluate its impact and ways to mitigate it. We will do all this in the full conviction that a.s.r. is a company with added value for society, to which it can and must make an active contribution. After all, it is our purpose to help people’.
Asset Management • Fixed income • Interest overlay • Liability Driven Investing (LDI), equities • Mandates • Portfolios
The internet of things, where devices are constantly online and send or receive relevant information, could improve prevention of damage, resulting in a reduction of claims. Smartphones and tablets are increasingly used in customer interfaces to improve ease of use and require simple and straightforward digital services.
The results of the dialogue with stakeholders were compiled with a view to determining reporting topics and mapping out stakeholders’ interests and expectations, which serves in turn as relevant input for policy design and implementation.
The solvency position reflects the extent to which a.s.r. can fulfil its short- and long-term obligations and commitments to all its stakeholders.
The financial results for 2018 reflect the continued strong performance and delivery on ambitious financial targets.
The Product Approval & Review Process (PARP) is one of the internal tools for assessing the relevance of products and services. The focus is on customers and customer interests. The PARP is followed for new products and on a regular basis for existing products and applies continuous improvement on the basis of comments from customers and consultants and, for example, changes in legislation and regulations. The PARP applies to products that are actively offered while inactive products and services are also reviewed on a regular basis. The PARP tests, among other things, Cost Efficiency, Usefulness, Safety and Comprehensibility (Dutch abbreviation: KNVB). This KNVB test includes AFM issues and a.s.r.’s own policies. For example, the usefulness of a product and/or service for the customer is assessed: to what extent is the product a response to an actual need of the target group and does it have any added value? The comprehensibility test examines whether the target group can properly assess the usefulness of a product on the basis of the information the customer receives from a.s.r. This includes tests for comparability, completeness of the information provided, and whether the product characteristics are clearly defined.
1 Source: Bloomberg in Dutch listed companies to the AFM if the holdings exceed 3% of total outstanding share capital (and at certain higher thresholds). As per the AFM register, the following shareholders hold a position in a.s.r. of between 3 and 5% as at 31 December 2018: Acadian Asset Management, BlackRock, JPMorgan, Norges Bank and Standard Life.
Introduction price as at 10 june 2016 NA NA € 19.50
By paying attention to health, involvement and development, a.s.r. contributes to the physical and mental fitness of its employees. For employees who work at a location with no fitness facilities, external fitness facilities are made available. The company restaurant offers a wide range of products to the preparation of nutritious, healthy, well-balanced meals. Fresh fruit is also offered free of charge in all departments.
The fundamental principles of a.s.r.’s diversity policy are: • A balanced workforce composition based on age, gender, cultural or ethnic origin, physical and mental capacity, beliefs and working styles; • Promotion of a balanced composition of management through a policy of positive discrimination; • Equal development opportunities for all employees; • Participation of people with limited labour market potential.
Total employees made use of ‘Het Andere Plan’ 154 101 NA
(see chapter 4.6 Sustainable investor); • Direct footprint, due to its own operations which will be explained in the text below.
Despite a.s.r.’s active policy of stimulating the use of alternatives, the majority of employees use their cars for commuter travel.
The tax strategy has been established by the Executive Board. In compliance with the Dutch Corporate Governance Code, a.s.r.’s Audit & Risk Committee supervises and discusses the tax policy pursued. The tax policy and tax risks were discussed in the Audit and Risk Committee. Every quarter, the Tax department informs management on a.s.r.’s tax status.
a.s.r. is an active member of Platform Living Wages Financials (PLWF). Together with other institutional investors, a.s.r. engages companies in the garment, retail and agri-food sector to address the (non-) payment of living wages in their supply chain. Members of the platform use a joint methodology to measure the investee companies’ performance on living wages and their progress. More details on the criteria and the way in which a.s.r. pursues human and labour rights policies can be found on www.asrnl.com.
Gas-drilling and farmland In another context, a.s.r.’s investment policies in the area of real estate came into hot water when plans emerged to drill for gas in one of a.s.r.’s parcels of almost 40,000 hectares of farmland portfolio. This dilemma forced a.s.r. to decide whether to exercise its full ownership rights and thus allow the energy company to execute its assignment that was approved by a.s.r. and ultimately the Dutch government, or to dissolve the contract and try to disallow the drillings, which directly oppose a.s.r.’s mission to support the transition to sustainable energy sources. As a result of this dilemma, that was followed by an in-depth discussion with a group of stakeholders, senior management decided to change their policies moving forward, prohibiting any future parties from drilling for fossil fuels on the parcels in a.s.r.’s portfolio, while honouring its current contract as a direct expression of a.s.r.’s core value to be a reliable business partner.
For additional information, please see the annual review of a.s.r. foundation on www.asrnl.com/foundation.
Social Cultural Foundation of De Amersfoortse For years now, De Amersfoortse has had a social and cultural fund by the name of Stichting Sociaal Cultureel Fonds, which is referred to as the A Fund. The A Fund aims to promote social and cultural activities in general and in the greater Amersfoort area in particular. The fund, which was dubbed A Fund in 1982, has its roots in Stichting Het Wit-Blauwe Kruis, which was established in 1938. Applications for a financial contribution to a social or cultural activity are accepted only if they are submitted by a foundation, association or such like; in principle, individuals cannot apply. The A Fund allows De Amersfoortse, which operates nation-wide, to make a contribution to the local community in the greater Amersfoort area.
Active engagement dialogues: at least seven engagement projects per calendar year In 2018, a.s.r. increased its engagement efforts significantly to promote higher sustainability practices in an active way.
In total, a.s.r. engaged actively with 21 companies. The list of engaged companies is published on the a.s.r. website www.asrnl.com, including the reason and status of the engagement.
Active engagement dialogues > 7 engagement projects per calendar year a.s.r. participated in 21 engagement projects for influencing purposes a.s.r. participated in 11 engagement projects for influencing purposes a.s.r. participated in 12 engagement projects for influencing purposes
Certificates (GBC) including BREEAM, DGBC Woonmerk and Well for their buildings and complexes. This certification means that the properties, their surroundings and the development process as a whole are assessed on a broad range of sustainability criteria. The results of the first certifications will serve as a baseline for further improvement.
Board consisted of 40% female members. Senior management 29%, management 19% and employees
Gross written premiums for basic coverage are increasing across the board due to rising health care costs. These expenses account for more than 96% of health insurers’ overall costs. Between 2016 and 2018, the GWP of the market as a whole rose by more than 11%¹.
Outlook for 2019 For De Amersfoortse, a.s.r. is looking into possibilities for further improving the unique proposition of Doorgaan (combination of health care insurance and disability insurance). In particular, a.s.r. wants to provide a more attractive proposition for employees when employers contract Doorgaan for them. a.s.r. also wishes to introduce a digital service to improve the health of its customers.
Profit/(loss) for the year attributable to holders of equity instruments 569 731 -22.0%
Operating result rose € 31 million to € 664 million (up 4.9%) mostly due to a higher investment margin (€ +37 million) from the acquired Generali Nederland business. Excluding Generali Nederland, direct investment returns remained stable, while required interest decreased (€ 6 million), mostly in the individual life book. This was offset by a decrease of the release from the capital gains reserve (€ -8 million).
Digitisation and innovation In 2018,Pensions improved its digital customer service by investing in more user-friendly client portals and a more fully integrated online environment for its existing portfolio and the WerknemersPensioen portfolio and by taking further steps to introduce robotics into its day-to-day operations.
Products a.s.r. is active in the residential mortgage market. Mortgage loans are issued by Life, which is a component of the Life segment. Part of the mortgages originated
Market The Dutch economy and real estate markets underwent substantial growth last year, in particular as regards capital growth. User demands and occupancy are broadly increasing. This is pushing up rents and market valuations, and growing interest in Dutch real estate investments by (inter)national investors is resulting in declining yields. Competition for good investment products in prime locations is fierce, which is why other investors are shifting their focus slightly from traditional core areas to non-core regions. The Dutch real estate market had a very good year in 2018, with a high volume in both domestic and foreign investments. The total investment volume was more than € 20.3 billion, breaking the previous record of € 19 billion in 2017.
SuperGarant SuperGarant operates as an intermediary and underwriting agent. As an ISO-9001 and Arbo-certified service provider, it constitutes a unique advisory centre offering integrated disability propositions consisting of prevention, reintegration and disability insurance products aimed at the retail sector. SuperGarant also sells P&C products to its customers. SuperGarant works in close collaboration with SME trade associations and has a direct line of contact with franchise and purchasing organisations.
In accordance with best practice 1.4.3 of the Dutch Corporate Governance Code of December 2016 and based on the evaluation carried out, the Executive Board declares that, to the best of its knowledge: I. The report provides sufficient insight into any failings in the effectiveness of the internal risk management and control systems (see chapter 5.2 Risk management); II. The aforementioned systems provide reasonable assurance that the financial reporting does not contain any material inaccuracies (see chapter 5.2 Risk management, 5.3 Compliance and 7.8 Risk management); III. Based on the current state of affairs, the preparation of the financial reports on a going concern basis is justified (see chapter 3. Strategy and 7. Financial statements); and
To: the Shareholders and the Supervisory Board of ASR Nederland N.V.
The sustainability information consists of the following chapters and annexes of the annual report: • 1. About a.s.r. • 2. Operating environment • 3. Strategy • 4. Long term value creation • 5.1 Group and segment information • Annex A – Facts and figures • Annex B – About this report • Annex C – Glossary • Annex F – GRI content index
Appointment of the members of the Executive Board Karin Bergstein and Michel Verwoest stood down from the Executive Board on 1 February 2019.
The performance of the members of the Executive Board was also assessed by the Supervisory Board as part of the scope of the annual assessment process. In this context, interviews are held twice a year with the individual members of the Executive Board (by two Supervisory Board members each time) in which the results of the aforementioned 360-feedback were included.
Composition of the Supervisory Board In line with a.s.r.’s articles of association, the Supervisory Board should consist of at least three members. In 2018, there was one change in the composition of the Supervisory Board. The proposed Board member Sonja Barendregt was appointed as a new member of the Supervisory Board at the General Meeting of Shareholders on 31 May 2018. The Supervisory Board currently consists of five members: Kick van der Pol (Chairman), Annet Aris, Cor van den Bos, Herman Hintzen and Sonja Barendregt. The composition of the Supervisory Board of ASR Levensverzekering N.V. and ASR Schadeverzekering N.V. is the same as that of ASR Nederland N.V.
Diversity The Supervisory Board has drawn up a projected profile for its size and composition, taking into account the nature of a.s.r.’s business, its activities and the desired expertise and background of its members. The Supervisory Board profile can be viewed on the a.s.r. website : www.asrnl.com. In 2017, the Supervisory Board adopted a formal diversity policy. One of the objectives of the policy is to achieve a Supervisory Board consisting of at least 30% women and at least 30% men. In 2018, the composition of the Supervisory Board met this gender balance, with 40% women and 60% men.
Dutch Corporate Governance Code Since being listed on Euronext Amsterdam, a.s.r. has been required to abide by the Dutch Corporate Governance Code. a.s.r. has complied with all the principles and best practices of the Dutch Corporate Governance Code, apart from those that do not apply to it. In the Corporate Governance section of its website, a.s.r. also publishes a detailed ‘comply or explain’ list which states which principles and best practices do not apply to it.
In 2018, Supervisory Board discussions included the following topics: • Strategy, including a.s.r.’s long-term value creation in various areas of business, such as Asset Management, Disability, P&C, Individual Life, Mortgages, Funeral and Distribution; • Several M&A files; • Executive Board and senior management succession planning; • Executive Board remuneration including the evaluation of the remuneration policy; • Corporate governance, composition of the Executive and Supervisory Boards and the management structure; • HR & culture; reports on employee surveys, sustainable employability and compliance with the a.s.r. code of conduct ; • Innovation and technology developments; • NPS reports; • Financial and enterprise risk management, including cybersecurity, the Risk Appetite Statement and the Own Risk Self-Assessment; • Annual and quarterly results, dividends, capital generation and Solvency II capital position; • Investor relations; • Multi-year budget, capital & dividend policy, interest risk policy and funding plan; • Medium-term targets, as announced during the
The main items are: 1. The internal control measures for the Generali non-life portfolio must be strengthened up to the moment before this portfolio is converted to the a.s.r. systems and becoming part of a.s.r.’s established control environment. This is recognised by the management and is being given the highest priority. The internal controls in the Generali non-life environment were not up to a.s.r.’s standard, as EY’s findings during their interim audit procedures in the second half of 2018 showed.
Specific topics discussed in the Committee included cyber risks and IT security. a.s.r. researched the risk of business discontinuity and concluded that cyber threats and requests for continuous improvements were increasing but that at this point the organisation was relatively well-protected against external cyber risks. At the same time, cyber risk is a business opportunity for the non-life insurance business, and the potential for this was also discussed. a.s.r. adopts a prudent stance in this emerging market. Fraud issues (both from external clients – e.g. inappropriate claims behaviour - or from employees) are investigated and appropriate actions are undertaken by the Compliance department. Part of the quarterly Compliance report is an overview of all known fraud issues, When deemed necessary, the fraud is reported to the police for further action.
The fees for Supervisory Board members were also evaluated. These fees have remained unchanged since 2009. The Dutch Corporate Governance Code states that the remuneration of the Supervisory Board should reflect the time spent on and the responsibility of each function. In recent years, the responsibilities of the Supervisory Board have increased due to changes in governance and legislation and regulations. A benchmark study was conducted as part of the periodical evaluation. The peer group is the same as the one used for the remuneration of Executive Board members. The benchmark showed that the remuneration paid was well below the benchmark median. Based on this, the Supervisory Board will propose an adjustment of the remuneration of the Supervisory Board to the shareholders at the AGM in May 2019, given that it does not currently accurately reflect the time spent on, and the increased responsibility of, their duties.
Liabilities arising from insurance contracts on behalf of policyholders 7.5.14 10,222 9,804
Realised gains/(losses) on available for sale assets reclassified to profit or loss -235 -395
The following changes relevant to a.s.r. in the EU-endorsed IFRS standards and IFRIC interpretations are effective from 1 January 2018: • IFRS 15: Revenue from Contracts with Customers; • Amendments to IFRS 4: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.
Transfers between levels The hierarchical level per individual instrument, or group of instruments, is reassessed at every reporting period. If the instrument, or group of instruments, no longer complies with the criteria of the level in question, it is transferred to the hierarchical level that does meet the criteria. A transfer can for instance be when the market becomes less liquid or when quoted market prices for the instrument are no longer available.
Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include: • Derivatives that do not qualify for hedge accounting (see accounting policy B and H); and • Financial assets, designated by a.s.r. as carried at fair value through profit or loss. This option is available whenever: - It eliminates or significantly reduces a measurement inconsistency that would otherwise arise from measuring assets or liabilities on different bases (accounting mismatch); or - a.s.r. manages a group of financial instruments (assets, liabilities or both) on the basis of fair value in accordance with a documented risk management or investment strategy; - The financial assets contain one or more embedded derivatives and a.s.r. does not separate the derivative from the host contract; • Associates for which a.s.r. uses the fair value option under IAS 28.
Life insurance contracts with a discretionary participation features (DPF) Under DPF life insurance contracts, policyholders are assigned, in addition to their entitlement to a guaranteed element, an entitlement to potentially significant additional benefits whose amount or timing is contractually at the discretion of a.s.r. These additional benefits are based on the performance of a specified pool of investment contracts, specific investments held by a.s.r. or on the issuer’s operational result.
For the LAT relating to the liabilities arising from insurance contracts on behalf of policyholders see accounting policy I.
Actuarial assumptions may differ from actual results due to changes in market conditions, economic trends, mortality trends and other assumptions. Any change in these assumptions can have a significant impact on the defined benefit obligation and future pension costs.
Other long-term employee benefits Plans that offer benefits for long-service leave, but do not qualify as a post-employment benefit plan, such as jubilee benefits, are measured at present value using the projected unit credit method and changes are recognised directly in the income statement.
Property developments which are sold can have guarantees (such as rent guarantees or construction guarantees), which may give rise to a separate performance obligation.
The combined ratio increased to 96.5% (2017: 95.1%) mainly due to a higher claims ratio at Property & Casualty as a result of a large January storm. The impact of the storm is € 30 million, resulting in a 1.0%-point increase in non-life segment combined ratio.
In October 2018, the Executive Board of a.s.r. decided to look for a strategic buyer for ASR Bank N.V. (hereafter a.s.r. bank) and enter into a program to sell a.s.r. bank. As a result a.s.r. bank has been classified as ‘held for sale’ and subsequently a.s.r. has presented the assets of a.s.r. bank in the balance sheet on the line item ‘assets held for sale’, and the liabilities on the line item ‘Liabilities relating to assets held for sale’. In line with IFRS accounting requirements the comparative figures in the consolidated balance sheet have not been restated.
The real estate equity funds consists of the ASR DMOF, ASR DPRF and the ASR DCRF. The mortgage equity funds consist of ASR Mortgage Fund. The interests in these funds are classified and presented as an investment at fair value through profit or loss. For more information, please see chapter 7.5.5 and 7.7.1.
The increase in investments at fair value through profit or loss is primally related to additional investments in the mortgage equity funds and a.s.r. real estate funds.
Unrealised gains and losses related to segregated investment pools -100 - -100
Total unrealised gains and losses recorded in equity 856 13 869 7.5.12.3 Actuarial gains and losses The actuarial gains and losses related to the pension obligation increased in 2018 by € 39 million after tax and € 54 million before tax (2017: increased by € 81 million after tax and € 108 million before tax). The increase is mainly due to a decrease in the indexation rates (see chapter 7.5.15).
Weighted average number of ordinary shares resulting from conversion of bonds Restricted
Provision for unearned premiums as at 31 December 353 303 37 3
Changes in the composition of the group 2,555 - 4 -
Gross claims in the claims development table include the Generali Nederland claims from the original date of the claim.
Liabilities arising from insurance contracts on behalf of policyholders also include liabilities where conversions and switches have occurred in the insurance contract administration. The insurance contract still meets the definition of and continues to be classified as an insurance contracts on behalf of policyholders and therefore continues to be included in the insurance contracts on behalf of policyholders administration. However, as a result of the conversion and switches, liabilities arising from insurance contracts on behalf of policyholder amounting to € 2,419 million (2017: € 2,086 million) are - in the classification and subsequent presentation - not backed directly with investments on behalf of policyholders. The related investments are included and presented in investments (available for sale) and loans and receivables.
The change in other assumptions amounts to € -117 million (2017: € -17 million) due to a change in indexation percentage of former employees and mortality rates.
Experience adjustments are actuarial gains and losses that have arisen due to differences between actuarial assumptions. The following table provides information about experience adjustments with respect to qualifying plan assets and the defined benefit obligation: Experienced adjustments to defined benefit obligation
An amount of € 15 million of the provisions is expected to fall due within one year (2017: € 25 million).
Real estate equity funds 1,677 DCF 82,604,365 - 4.4% -5% - 3 198
Land and buildings for own use (chapter 7.5.2) - - 151 151
Legal proceedings a.s.r. is subject to a number of legal proceedings initiated by individual unit-linked policyholders, in most cases represented by claims organisations. While to date fewer than 15 cases are pending before Dutch courts and courts of appeal and fewer than 125 cases are pending before the Financial Services Complaints Board ('FSCB') (the Dispute Committee as well as the Committee of Appeal of the FSCB), there is no assurance that further proceedings will not be brought against a.s.r. in the future. Future legal proceedings regarding unit-linked life insurance policies might be brought upon a.s.r. by consumers individually, by consumer organisations acting on their behalf or in the form of a collective action. Furthermore, there is an ongoing lobby by consumer protection organisations, such as the Consumentenbond and Stichting Geldbelangen, to continuously gain media attention for unit-linked life insurance
Risk profile and contingent liability unit-linked life insurance products The prolonged political, regulatory and public attention focused on unit-linked life insurance policies continues. Elements of unit-linked life insurance policies of a.s.r. are being challenged on multiple legal grounds in current, and may be challenged in future, legal proceedings. There is a risk that one or more of the current and/or future claims and/or allegations will succeed. To date, a number of rulings regarding unit-linked life insurance products in specific cases have been issued by the FSCB and courts (of appeal) in the Netherlands against a.s.r. and other insurers. In these proceedings, different (legal) approaches have been taken to come to a ruling. The outcomes of these rulings are diverse. Because the book of policies of a.s.r. dates back many years, contains of a variety of products with different features and conditions and because of the fact that rulings are diverse, no reliable estimation can be made regarding the timing and the outcome of the current and future legal proceedings brought against a.s.r. and other insurance companies.
7.7.6.3 Obligations and guarantees Investment obligations for an amount of € 20 million (2017: € 82 million) have been assumed / issued for investment property.
Total expected minimum future rental income on non-cancellable investment property lease 574 549
Enterprise Risk Management Enterprise Risk Management is responsible for second-line operational (including IT) risk management and the enhancement of the risk awareness for a.s.r. and its subsidiaries. The responsibilities with regards to enterprise risk management include the development of risk policies, the annual review and update of the risk strategy (risk appetite), the coordination of the SRA process leading to the risk priorities and ORSA scenarios and the monitoring of the non-financial strategic risk profile. For the management of operational risks, a.s.r. has a solid Risk-Control framework in place that contributes to its long-term solidity. The RMF monitors and reviews the non-financial operational risk profile. The quality of the framework is continuously enhanced by the analysis of operational incidents, periodic assessments and monitoring by the RMF. Enterprise Risk Management actively promotes risk awareness at all levels to contribute to the vision of staying a socially relevant insurer.
Insurance risk is the risk that future insurance claims and benefits cannot be covered by premium and/or investment income, or that insurance liabilities are not sufficient, because future expenses, claims and benefits differ from the assumptions used in determining the best estimate liability. Insurance risk manifests itself in both the Non-life and the Life portfolio. The Non-life portfolio covers the property and casualty, disability and healthcare sectors. The Life portfolio consists of funeral, individual life and group-pension business.
The table above shows that the SCR sensitivities in 2018 are (almost) similar to the sensitivities of 2017. The impact on the ratio is the opposite if a reversed scenario is taken into account. These shocks had no impact on the 2018 and 2017
The following life insurance risks are involved: Mortality risk Mortality risk is associated with (re)insurance obligations, such as endowment or term assurance policies, where a payment or payments are made in case of the policyholder’s death during the contract term. The increase in mortality rates is applied to (re) insurance obligations which are contingent on mortality risk. The required capital for this risk is calculated as the change in own funds of a permanent increase of mortality rates by 15% for all ages and each policy.
Equity risk Measured as the impact of a 20% downward movement in equity prices.
The sensitivities to interest rates changed mainly due to a lower shadow accounting percentage. A small impact on profit is due to put options.
In case the transitional measure would not be used, SCR equity risk would increase to € 674 million.
Total EOF: Total EOF: O p e ra tin g e n viro n m e n t
N.V. acquisition and the note on the Held for Sale and Discontinued Operation of ASR Bank N.V. We involved several EY specialists to assist the audit team, including specialists from our tax, valuations, actuarial and F&IS (Forensic & Integrity Services) departments.
(Solvency II) of accounting compared to an IFRS basis. The determination of the Solvency II ratio involves judgment in respect of methodologies used and setting best estimate assumptions.
Key observations Based on our audit procedures performed we consider that the classification and the presentation of
35.2 The Executive Board may resolve to make interim distributions, provided that it appears from interim accounts to be prepared in accordance with Section 2:105(4) of the Dutch Civil Code that the requirement referred to in Article 35.1 has been met and, if it concerns an interim distribution of profits, taking into account the order of priority described in Article 37.1.
Note: The numbers of the Executive Board are including CEO’s compensation. Excluding CEO’s compensation Male average hourly wage of the Executive Board would be € 195.
Engagement dialogues Participating in number of engagement dialogues via Robeco 9 11 11
Carbon footprint An organisation’s carbon footprint is determined by converting its consumption of natural gas, electricity and fossil fuels into carbon emissions. The carbon footprint gives the organisation an idea of the greenhouse gas emissions caused by its operations and products. The direct footprint of a.s.r. head office consists of waste, fuel, heat, electricity, cooling, commuter travel and business travel. a.s.r.’s carbon footprint is determined annually by an external agency using Carbon Manager based on Green deal carbon emission factors.
Note: 1 kg of CO2- equivalents is a unit of account for comparing the contribution of greenhouse gases to the greenhouse effect. The calculation is based on the principles of the Greenhouse Gas Protocol. Most of the emission factors are from www.CO2-emissiefactoren.nl and are specific to Sita waste (CE Delft).
Return on equity (ROE) A measure of financial performance calculated by dividing the net result attributable to holders of equity instruments by the average equity attributable to shareholders for the reporting period. For the calculation of the ROE see www.asrnl.com
Solvency II Solvency II is an EU regulatory regime that has been in force in all member states since 1 January 2016. It has introduced a new, harmonised Europe-wide regime for insurance companies and sets regulatory requirements for solvency and risk governance.
Stakeholders Stakeholders are persons or organisations that have an interest of whatever nature in an organisation. They have a link with its activities, share in its earnings, influence its performance and assess its economic, social and environmental effects. a.s.r.’s main stakeholder groups are customers, employees, investors and the society as a whole.
Management Approach 2018 Disclosure on management approach Ch. 2.3, 4.6 (p.30, 69-72)
Management Approach 2018 Disclosure on management approach Ch. 4.4 (p. 62-63)
Annexes | EU Directive: disclosure on non-financial information and diversity information 324