Mortality, longevity and catastrophe risk Mortality risk occurs when claims are higher due to higher mortality experience (for instance in relation to term insurance). Longevity risk is the risk that insured persons live longer than expected due to mortality improvements. Mortality risk and longevity risk can be subdivided into: • Volatility: random fluctuations in annual mortality rates in relation to the modelled trend; • Trend uncertainty: structural decline in the insured’s life expectancy.
The longevity risk is partially offset by the opposite risk (i.e. mortality risk) in other parts of the life insurance portfolio (unitlinked, funeral, term insurance). Changes in mortality tables impact the future expected benefits to be paid and the present value of these future impacts is reflected directly in measures. Longevity risk exposes a.s.r. primarily to mortality improvements and the present value impact is larger when interest rates are low.
Lapse risk Lapse risk is the risk that policyholders use options available in the insurance contracts in a way that is different from that expected by a.s.r. Depending on the terms and conditions of the insurance policy and the laws and regulations applicable to the policy, policyholders could have the option to surrender or to make the policy paid up. If a policyholder has the right to surrender their contract, an amount is paid to the policyholder (the surrender value) and the contract is cancelled. A contract can also be terminated if the policyholder decides to cease to pay any further premiums. The contract is then converted into a paid-up contract. Lapse therefore affects the profitability of the insurance contracts.
Expense risk A part of the administrative expenses is variable, depending on the size of the business and sales volumes, and part are fixed and cannot immediately be adjusted to reflect changes in the size of the business. Expense risk relates primarily to the fixed part of a.s.r.’s expenses, and is the risk that actual per policy expenses in the future exceed the assumed per policy expenses.
Product features ensure that there is no risk on commission fees. Expense risk is therefore restricted to maintenance expenses. Projections are made of future maintenance expenses and the expected future income from contracts to cover those maintenance expenses. This prospective analysis of maintenance expenses are the basis for managing and controlling expense risk. In 2015 a.s.r. again carried out extensive analysis of the cost allocation process and the modeling of costs in the products in the segment Life. The impact of any (methodology) change in the costs modelling or parameter setting is quantified by sensitivity analysis. The sensitivity analysis gives insight in the expense risk as well.
Managing life insurance risk Life insurance risk is mitigated by pricing ,underwriting policies and reinsurance.
Reinsurance The group enters into reinsurance contracts to minimize insurance risks. Reinsurance may be in place for a separate contract or for all or part of the portfolio. In order to optimise its balance sheet risks, ASR Levensverzekering N.V. entered into a reinsurance agreement with Legal and General Re (via Hannover Re as fronting reinsurer) in 2015. The agreement entailed the transfer of € 201 million of pension obligations to Legal and General Re.
Reinsurance and other risk-mitigating measures are used to reduce and contain the volatility of results or to decrease the possible negative impact on value as an alternative for the capital requirement. Reinsurance arrangements have been set up to mitigate the effects of catastrophes on earnings.
ASR Levensverzekering N.V. is the insurer of the majority of the post-employment benefit plan and as such the asset liability management and risk management is performed in accordance with the relevant insurance risks as disclosed in chapter 5.3.6.2. The non-qualifying assets managed by group companies are used to fund the liability and are not deducted from the defined benefit obligation.
As discussed in chapter 5.3.4.1 interest rate risk is managed on a legal entity basis and for the group all interest rate sensitive balance sheet items are in scope, including the post employee benefit obligations of the group. As a result the mitigating measure taken through the use of the overlay portfolio of interest rate swaps and swaptions are not allocated to specific sub portfolios. The unrealized fair value gains and losses of the derivatives, included in the overlay portfolio of interest rate swaps and swaptions, are recognized through shadow accounting in the liabilities arising from insurance contract. Hereby a.s.r. ensures that the insurance contract liability is sufficient to meet its commitments towards its policyholders.
Strategic and operational risks are mitigated at different levels in the organization.
Information security Because of the importance of information security in an increasingly digital community with cyber threats, a.s.r. devotes special attention to the efficiency, effectiveness and integrity of ICT. The logical access control for key applications used in the financial reporting process remains a high priority in order to enhance the integrity of applications and data. The logical access control procedure also prevents fraud by improving segregation of duties and by conducting regular checks of actual access levels within the applications. Proper understanding of information, security and cyber risks is essential, and this is why actions are carried out to create awareness among employees and business lines.
cases, hedge accounting is applied to mitigate the accounting mismatch and volatility. For details on the notional amounts and the fair values of the derivatives for hedging purposes, see chapter 5.11.
Solvency II is the regulatory framework for European insurance companies that is has come into force at 1 January 2016 after many years of preparation. The Solvency II regime contains requirements that insurance companies need to comply with. The introduction of the new regime is intended to harmonize the European insurance market, increase protection of policyholders and improve risk awareness in both the governance and management of insurance companies. Solvency II sets more sophisticated solvency requirements and will form an integral part of the risk management of insurance companies.
The European Commission and EIOPA have announced to review the Solvency II regulatory framework after the implementation. In this review, that will take place in 2018, adjustments will be proposed to improve the quality of the framework. One of the items for which the review already started is the methodology to derive the ultimate forward rates. EIOPA intends to decide on the outcome of the review in September 2016. Adjustment to the ultimate forward rates in an environment of low interest rates could have a major impact on the insurance industry.
Until 2015 Solvency I is the supervisory regime, from 1 January 2016 it will be Solvency II. The group has done its preparations for the Solvency II capital requirements. In 2015, a.s.r. has implemented a process to report the Solvency Capital Requirement as defined by Solvency II using the latest standard Solvency II model, as defined in the Delegated Act, and additional guidance received from DNB during 2015 to quantify the risks. The implementation of Solvency II will be finalized in 2016.
In addition, a.s.r. uses an Economic Capital (ECAP) method that in a.s.r.’s view reflects its own risk profile more accurately. The ECAP method will continuously be refined further, reflecting changes in our portfolio and increasing understanding of our risk profile. Both SCR and ECAP are reported on a quarterly basis and proxies are made on a monthly basis. Per year-end 2015 a.s.r. has sufficient capital to meet the solvency limits included in a.s.r. risk appetite and the solvency targets.
The regulatory solvency capital (Solvency I) of a.s.r.: December 2015 December 2014 December 2013
In 2015 the accounting treatment for real estate was adjusted, revaluations are now recognized in IFRS equity. With the consent of DNB, the margin on insurance liabilities (DNB LAT margin) has been taken into account in determining regulatory solvency. For a description of the LAT, see chapter 5.2.1. Besides monitoring at group level, a.s.r. also monitors and manages the regulatory solvency of its registered insurance companies. DNB approval is required, prior to dividend payments or other repayments of equity by ASR Nederland N.V. and any of its registered insurance companies.
The a.s.r. post-employee benefit plans are insured by ASR Levensverzekering N.V., a registered insurance company. The post employee benefit provision in excess of the insurance provisions is eliminated in determining the regulatory solvency available and the regulatory solvency required. As of 2014 the elimination of post-employment benefit plan also includes the separate account of ASR Levensverzekering N.V. related to the funding of future inflation indexation as mentioned in paragraph 5.17.1.
ASR Nederland N.V. CCR BBB+ Stable 7 July 2015 ASR Levensverzekering N.V. CCR A Stable 7 July 2015 ASR Levensverzekering N.V. FSR A Stable 7 July 2015 ASR Schadeverzekering N.V. CCR A Stable 7 July 2015 ASR Schadeverzekering N.V. FSR A Stable 7 July 2015
The a.s.r. group comprises a number of operating and holding companies. The legal structure of the most significant a.s.r. group entities as per 31 December 2015 is as follows: N.V. Amersfoortse
Segment information With effect from 1 January 2015 a.s.r. has made changes to its identified segments. The non-insurance activities are presented as the Banking and Asset Management segment, Distribution and Services segment, Holding and Other segment and Real Estate Development segment. The insurance activities remained unchanged and are presented into two segments being the Non-life segment and the Life segment.
Insurance activities The Non-life segment consists of non-life insurance entities and their subsidiaries. These non-life insurance entities offer non-life insurance contracts. Insurance entities are entities that accept the transfer of insurance risks from policyholders. The Life segment comprises all life insurance entities and their subsidiaries. These life insurance entities offer financial products such as life insurance contracts and life insurance contracts on behalf of policyholders. The Non-life and Life segments have different levels of profitability and growth opportunities, as well as a different outlook and risk profile. See chapter 5.39 for a list of principal group companies and associates in the relevant segments. De Eendragt Pensioen N.V. and Axent Nabestaanden Zorg N.V. are included in the Life segment as of 17 July 2015 and 25 August 2015 respectively.
Non-insurance activities The non-insurance activities consist of: • The Banking and Asset Management segment consists of banking activities, asset management activities including investment property management. These activities include ASR Bank N.V., ASR Vastgoed Vermogensbeheer B.V., ASR Nederland Beleggingsbeheer N.V. and ASR Hypotheken B.V.; • The Distribution and Services segment includes the
The eliminations applied in the reconciliation of the segment information to the consolidated balance sheet and the consolidated income statement are separately presented in chapter 5.5.2 and 5.5.3.
Intersegment transactions are conducted at arm’s length conditions. In general, cost related to centralized services are allocated to the segments based on the utilization of these services.
5.5.2 Segmented balance sheet As at 31 December 2015 Insurance Non Insurance
Investments on behalf of policyholders - 7,957 - - - - - 7,957
Equity attributable to holders of equity instruments 1,214 3,159 43 12 -719 22 -2 3,729
Liabilities relating to assets held for sale - - - - - - - -
5.5.2 Segmented balance sheet (continued) As at 31 December 2013 Insurance Non Insurance
Liabilities arising from insurance contracts 4,240 21,642 - - - - -1,989 23,893 Liabilities arising from insurance contracts on behalf of policyholders - 8,992 - - - - - 8,992
Profit after tax from continuing operations 169 556 8 3 -15 -91 - 630
Discontinued operations Profit (loss) from discontinued operations net of tax - - - -7 - -19 - -26
Fair value gains and losses 4 562 - - -2 - 1 565 Result on investments on behalf of policyholders - 841 - - - - - 841
Profit after tax from continuing operations 153 300 4 1 -27 -9 4 426
Profit attributable to non-controlling interests - -1 - - - 2 1 2
Profit attributable to holders of equity instruments 153 299 4 2 -27 -13 5 423
Property, plant and equipment Impairment - - - - - - - -
Associates and joint ventures Impairment - - - - - - Investments available for sale Impairment -6 -28 - - - - - -34
Change in provision for unearned premiums 1 - - - - - - 1
Insurance claims and benefits recovered from reinsurers 96 14 - - - - - 110 Net insurance claims and benefits -1,827 -3,358 - - - - 182 -5,003
Profit after tax from continuing operations -11 350 2 1 -35 -64 - 243
Discontinued operations Profit (loss) from discontinued operations net of tax - - - 1 - -2 - -1
Profit attributable to non-controlling interests - - - - - 5 - 5
Profit attributable to holders of equity instruments -11 350 2 2 -35 -61 - 247
Net insurance claims and benefits -1,632 -1,574 -1,604 Change in liabilities arising from insurance contracts -34 -85 -223 Fee and commission expense -336 -344 -360 Technical result (underwriting) 233 222 55
Allocated gain (loss) on investments - to technical result 97 110 101 Allocated gains or losses – to technical result 24 42 -4 Allocated other income and expense – to technical result -11 -26 -3
The gross premiums written remained stable at € 2,350 million. Growth was realized in premiums of P&C and Health. Premiums in Disability were lower in 2015 due to a one-off single premium in 2014. The operating expenses decreased compared to 2014 due to cost savings. The profit before tax increased to the amount of € 217 million. This is mainly caused by the loss in 2013 due to the effect of occupational disability insurance claims amounting to € 183 million, primarily relating to the product WGA-ER. The increase in 2015 was mainly related to a higher income of investments amounting to € 18 million.
Net insurance claims and benefits -2,489 -2,254 -2,911 Change in liabilities arising from insurance contracts -1,237 -1,350 -447 Fee and commission expense -18 -23 -32 Technical result (underwriting) -2,128 -2,094 -1,737
Allocated gain (loss) on investments - to technical result 1,372 1,717 1,662 Allocated gains or losses - to technical result 1,259 813 605 Allocated other income and expense – to technical result -13 -89 -2
Restructuring provision expense -11 -12 -10 Technical result - before proceeds (loss) from sales of investments 287 171 319
The non-technical result increased mainly as a result of the change in risk appetite, i.e. the de-risking on equity and the (re) valuation on property.Profit before tax increased to € 709 million
After the decrease in operating expenses in 2014 compared to 2013, operating expenses increased in 2015 due to the acquisitions and one-off pension related transition- and outsourcing costs.
Gross premiums written Net earned premiums Net insurance claims and benefits1
In 2015, the combined ratio remained stable at 95.0% (2014: 94.9%; 2013: 104.8%).
The claims, commission and expense ratios can be calculated based on the following information: Net insurance premiums Non-life 2,235 2,225 2,242
Fair value not based on observable market data 31 December 2015 Level 1 Level 2 Level 3 Total fair value
Investments at fair value through profit and loss Unlisted equities - - 59 59
Fair value not based on observable market data 31 December 2014 Level 1 Level 2 Level 3 Total fair value
Investments on behalf of policyholders Government bonds 1,373 - - 1,373
Investments at fair value through profit and loss Unlisted equities - - 64 64
Investments on behalf of policyholders Government bonds 936 - - 936
Changes in value of investments, realized/unrealized gains and losses: - Fair value gains and losses (see chapter 5.24.3) -2 1 -16
Transfer between investments on behalf of policyholders and investment property -27 31 -3
Reclassification of investments from/to Level 3 valuation technique -8 - 8
The main non-observable market input for the private equity investments is the net asset value as published by the investee. An increase or decrease in the net asset value of equities classified as level 3 will have a direct proportional impact on the fair value of the investment.
The sensitivities of the investment property held on behalf of the policyholders have been included in the sensitivities related to investment property included in chapter 5.6.3.
The breakdown of the fair values of financial assets and liabilities not measured at fair value (non-recurring basis) in accordance with the level of fair value hierarchy, as explained in accounting policy C, is as follows: Fair value based on quoted prices in an active market
The accrued interest included in other liabilities follows the classification of the underlying assets.
Investments on behalf of policyholders: Investment property (chapter 5.11.2) - - 205 205
Investments on behalf of policyholders: Investment property (chapter 5.11.2) - - 216 216
The property has a relatively fixed return with low vacancy levels as indicated in chapter 5.9.1. The property portfolio is well diversified and consists of residential, retail, offices and rural property, throughout the Netherlands. The retail portfolio focusses on high street locations with relative low vacancy levels. Investment property on behalf of policyholders primarily consist of retail property.
Land and buildings for own use 155 DCF 13,217,401 mean 8.7% -5% - 8 16
Changes in the composition of the group 148 - 1 149 - 8
Goodwill For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGU) of the relevant operating segment. As a result of acquisitions during 2015, disclosed as changes in the composition of the group (please see chapter 5.35) the amount of goodwill increased by € 148 million (2014: nil; 2013: nil).
Assumptions used in the step 2 internal model are: • A steady state growth rate used to extrapolate cash flow projections beyond the budget periods (1%) which reflects the market segment in which the CGU’s operate; • Premiums written and operating costs based on expected future market developments and past experience and on the long term characteristics of the markets in which the CGU’s operate; • The (pre-tax) discount rate used in the estimate of value in use is 13%.
In 2015 the renovation of the Archimedeslaan 10 has progressed with an amount of € 35 million (2014: € 52 million) being invested in the buildings for own use. Depreciation of property, plant and equipment is recorded in the operating expenses (see chapter 5.28). The reversal of impairments at the beginning of 2015 amounting to € 14 million and the impact of the voluntary change in accounting policy of buildings for own use
(€ -9 million) is presented in profit and loss as impairment (€ 5 million). Please refer to chapter 5.2 for more information on the change in accounting policy. The changes in the composition of the group relate to the acquisitions during 2015. The fair value of land and buildings for own use based on external valuations is disclosed in chapter 5.6.3.
Real estate development joint ventures ranging between 11% and 50% 1 27 27 Associates and joint ventures ranging between 10% and 55% 19 15 15
The information disclosed in the tables below is based on the most recent financial information available from the associates and joint ventures. These are primarily based on the investee’s financial statements and their accounting policies.
The real estate development joint ventures consist of numerous contractual agreement with other developers and property owners, whereby the parties agree to develop real estate projects. Various guarantees for the real estate development projects have been issued by a.s.r. (see chapter 5.37).
Available for sale assets increased in 2015 by € 2,081 million which can be attributed primarily to the acquisitions of Axent and De Eendragt. The net derivative balances have decreased in 2015 by € 1,229 million as a result of € 1,239 million decrease in the derivatives with a positive value and an increase of € 10 million of derivatives with a negative value. This decrease can be attributed primarily to the increase of the long term yields and restructuring of the interest rate derivatives portfolio as a result of risk mitigating measures.
Fixed-interest securities 21,781 2,604 24,385 Loans and receivables 10,486 - 10,486
Fixed-interest securities 20,576 2,822 23,398 Loans and receivables 9,607 - 9,607
Investments available for sale can be broken down as follows: Mortgage-backed securities 260 375 367 Other asset-backed securities 110 156 236
Realized gains through profit and loss 714 452 379 Revaluation recognized in equity -877 1,643 -502 (Reversals of) Impairments 14 7 32
Investments at fair value through profit and loss can be broken down as follows: Investments Investments on behalf of
Total investments at fair value through profit and loss 133 7,924 8,057
Total investments at fair value through profit and loss 114 7,957 8,071
Total investments at fair value through profit and loss 117 7,705 7,822
Due from policyholders 194 293 286 Due from intermediaries 96 160 174
The savings-linked mortgage loans amounting to € 2,800 million (2014: € 2,702 million; 2013: € 2,520 million) are included in the financial assets.
Impairment of loans and receivables The following table breaks down the changes in impairments of loans and receivables: Increase in impairments through profit and loss -49 -34 -57 Release of impairments through profit and loss 58 16 15 Reversal of impairments due to disposal 5 16 8 Changes in the composition of the group 3 - -
The fair value of the loans and receivables is included in the fair value hierarchy tables (see chapter 5.6.2).
Derivatives at fair value through profit and loss concerns all derivatives that do not qualify for hedge accounting. Changes in the fair value of derivatives at fair value through profit and loss are recorded in investment income (under ‘fair value gains and losses’, see chapter 5.24).
Notional amounts are used for measuring derivatives. They are not recognized as assets or liabilities in the balance sheet.
OIS discounting: under this method the cash flows of the contracts are estimated using the underlying yield curve of the instrument. In practice, these are Euribor curves with 3-monthly or 6-monthly interest rate resets. Subsequently, the cash flows are discounted using Eonia for EUR instruments and the US Federal Funds rate for USD instruments.
All cash and cash equivalents are freely available, except cash related to cash collateral which is managed separately from other cash equivalents. The cash components include € 1,803 million (2014: € 3,027 million; 2013: € 677 million) related to cash collateral received on derivative instruments and securities lending. The cash components related to cash collateral given amount to € 6 million (2014: nil; 2013 € 168 million).
Debt related to cash collateral on derivative instruments is included in the amount due to banks (chapter 5.21).
Interest expenses on cash collateral is standardized in the ISDA/ CSA’s and based on EONIA.
5.13 Other assets The table below shows the composition of other assets: Deferred investment and interest income 455 483 516
The increase in the deferred tax assets is primarily as a result of the net changes, as a result of acquisitions and value increased in the fair value of the derivatives and the related shadow accounting in the liabilities arising from insurance contracts, amounting to € 333 million. The deferred tax on the postemployment benefit plans decreased with € 64 million.
Other changes relate primarily to changes in the composition of the group and to tax relating to interest on other equity instruments.
Interest expenses incurred related to property developments were nil in 2015 and capitalized in previous years (2014: € 1 million; 2013: € 2 million) and included in property developments.
Subscribed and paid-up capital: - Ordinary shares; 200,000 at a par value of EUR 500 100 100 100
Tax related to shadow accounting 516 - - - - 516 Unrealized gains and losses related to segregated investment pools -84 - - - - -84 Tax related to segregated investment pools 21 - - - - 21
Gross unrealized gains and losses 1,398 - 6 -1 2 1,405
Hybrid Tier 1 instrument variable interest (3-month Euribor + 2.3%) - - 84 Per quarter with effect from 26 October 2009 Hybrid Tier 1 instrument 6.25% fixed interest - - 12 Per quarter with effect from 30 September 2009 Hybrid Tier 1 instrument 10% fixed interest 187 187 382 Annually with effect from 26 October 2010 Hybrid Tier 1 instrument 7.25% fixed interest 17 17 37 Annually with effect from 30 September 2010 Hybrid Tier 2 instrument 5% fixed interest 497 497 - Annually with effect from 30 September 2015
The following amounts were distributed to holders of equity instruments as discretionary interest: Amounts in € thousand 31 December 2015 31 December 2014 31 December 2013
Net profit from continuing operations 593 347 215 Net profit from discontinued operations -26 -5 -1 Net profit (loss) attributable to holders of ordinary shares for calculating the earnings per ordinary share 567 342 214
These notes are subordinated and ranking equally without any preference amongst themselves and (a) junior to the claims of all senior creditors of a.s.r., (b) equally with any parity obligations and (c) in priority to claims in respect of (i) any equity securities and (ii) any junior obligations.
Provision for unearned premiums as at 31 December 403 419 414 4 10 5
Provision for claims (including IBNR) as at 31 December 4,110 4,152 3,826 406 409 402
Non-life insurance contracts as at 31 December 4,513 4,571 4,240 410 419 407
Write-down recognized in profit and loss 17 20 24 - - -
Total life insurance contracts at year-end 26,060 23,655 19,653 201 - -
The realized gains and losses amounting to € 1,178 million relate to the realized gains and losses of the investments in fixed interest securities (chapter 5.24.2) and the realized gains and losses on derivatives (chapter 5.24.3).
At year-end 2015, the liabilities included guarantee provisions directly attributable for a carrying amount of € 117 million (2014: € 123 million; 2013: € 139 million). The increase in total life insurance contracts mainly results from the acquisition of AXENT and De Eendracht (presented as changes in the composition of the group) amounting to € 3,168 million, and an increase in the pension portfolio (single premium of € 370 million). Other changes include the effect of the conversion of some insurance contracts amounting to € -128 million (2014: € -318 million; 2013: € -128 million) which are included in the liabilities arising from insurance contracts on behalf of policyholders.
reinsured sum involved is € 201 million. Gains and losses on buying reinsurance are deferred and amortized. The amount of amortization for 2015 is nil (2014: nil; 2013: nil), and the amount unamortized at the end of 2015 is € 4 million (2014: nil; 2013: nil).
At year-end 2015, the liabilities included a guarantee provision for a carrying amount of € 29 million (2014: € 26 million; 2013: € 47 million) and a provision related to unit-linked insurance contracts and pension contracts for a carrying amount of € 163 million (2014: € 197 million; 2013: € 218 million). These provisions relate to compensation for the cost of these contracts. Other changes primarily includes the effect of the conversion of some insurance contracts amounting to € 128 million (2014: € 318 million; 2013: € 128 million) which were previously included in the liabilities arising from insurance contracts.
At year-end: Gross outstanding claims liabilities (including IBNR) 40 79 96 125 193 285 351 380 511 1,092 3,152 Claim liabilities prior years 508 Other claim liabilities 75 Shadow accounting 91
5.17 Employee benefits Employee benefits can be broken down as follows: Post-employment benefits pensions (chapter 5.17.1) 2,922 3,087 2,405 Post-employment benefits other than pensions (chapter 5.17.2) 28 29 15 Post-employment benefit obligation 2,950 3,116 2,420
The costs of post-employment and other long-term employee benefits are as follows: Post-employment benefits pensions -97 -48 -108 Post-employment benefits other than pensions - -18 -1
The costs relate to all members of the a.s.r. post-employment benefit plan and included the other income as a result of the amendments to the post-employment benefit plans is not applicable for 2015 (2014: € 78 million; 2013: € 27 million).
been included in 2014: • the accrual rate for old age pensions was changed to 1.875% (2014: 1.9%); • retirement age changed to 67 years (2014: 67 years); • maximum pensionable salary capped at € 100,000; • minimum franchise has changed. As a result of the above mentioned amendments a past service cost is accounted for in 2014 amounting to € 78 million which has been recognized in the Other income in 2014 (see chapter 5.26).
Other group companies employees The other group companies which have been acquired in 2015, have defined benefit plans which consist of primarily of indexed average salary pension plans, taking into account a franchise and primarily based on the following conditions: • the accrual rate for old age pensions ranging between 1.75% and 1.875%; • retirement age 67 years; • maximum pensionable salary capped at € 100,000.
Net defined benefit liability The table below shows movements in the defined benefit obligation: Defined benefit obligation at 1 January 3,087 2,405 2,517
Defined benefit obligation at 31 December 2,922 3,087 2,405 Specified as follows: Other group companies 16 - -
At 31 December Defined benefit obligation 2,943 3,087 2,405 Fair value of plan assets -21 - Net defined benefit liability 2,922 3,087 2,405
The discount rate has increased by 0.5% point to 2.5% at 31 December 2015 (2014: 2.0%; 2013: 3.9%), resulting in a € 301 million decrease in the DBO.
In the calculation of the defined benefit obligation the: • discount rate is determined based on the return (zero coupon rate) of high-quality corporate bonds (AA rating) and the duration of the pension obligation. The discount rate methodology is based on the IBoxx € Corporates AA 10+ curve; • most recent mortality table ‘AG Prognosetafel 2014’ is used, including the CVS 2005-2014 table; • The period of indexation is based on the expected duration of the separate account to fund the future inflation indexation.
Under IFRS, assets managed by insurance companies that form part of the group do not qualify as qualifying assets. Investment income from these assets has therefore not been included in the above figures. Actual investment returns for 2015 amounted to € 108 million (2014: € 98 million; 2013: € 97 million). These returns have been recognized in investment income (chapter 5.24).
The sensitivity of the above actuarial assumptions to feasible possible changes at the reporting date to one of the relevant actuarial assumptions whilst other assumption remain constant, would have affected the defined benefit obligation by the amounts of € -1 million increase or € 1 million decrease as a result of a movement of the discount rate by 1%.
An amount of € 37 million of the provisions is expected to fall due within one year (2014: € 18 million; 2013: € 15 million).
The average interest rate payable for the cash collateral received in 2015 is -0.11% (EONIA) (2014: 0.09%; 2013: 0.09%). There are no specific terms and conditions, because these depend on the development of the value of the underlying instrument.
5.20 Due to customers Amounts owed to customers can be broken down as follows: Debts to policyholders, agents and intermediaries 561 909 458 Debts to reinsurers 29 12 19
All carrying amounts reflect the fair value as at the balance sheet date (see chapter 5.6.2).
The decrease of ‘debts to policyholders, agents and intermediaries’ is related to a pre-payment received in 2014, as a result of the buy-out of Stichting Chevron Pensioenfonds (the Chevron pension fund) amounting to € 370 million.
5.21 Due to banks The decrease in amounts due to banks € 1,804 million (2014: € 3,277 million; 2013: € 677 million) is primarily the result of cash collateral received under ISDAs concluded with counterparties. There is no significant difference between the carrying amount of € 1,804 million (2014: € 3,277 million; 2013: € 677 million) due to banks and the fair value of these liabilities (see chapter 5.6.2).
5.22 Other liabilities Other liabilities can be broken down as follows: Short-term employee benefits 50 58 63
There is no difference between the carrying value of other liabilities and their fair value (see chapter 5.6.2).
Gross premiums written 2,350 2,359 2,392 Changes in provisions for unearned premiums 16 -4 1
Non-recurring and regular insurance premiums can be broken down as follows: Retained exposure Group Non-recurring premiums written 440 62 73 Periodic premiums written 181 188 250
Total life insurance contract premiums include the elimination of € 53 million in premiums related to the a.s.r. post-employment benefit plans (2014: € 82 million; 2013: € 91 million) and the elimination of investment fees amounting to € 34 million (2014: € 33 million; 2013: € 44 million). The Non-recurring premiums written increased to € 440 million in 2015, mainly resulting from the increase in the pension portfolio (single premium of € 370 million).
The table below shows a breakdown of investment income per category: The effective interest method has been applied to an amount of € 893 million of the interest income from financial assets not classified at fair value through profit and loss (2014: € 904 million; 2013: € 920 million).
Dividend on equities 45 39 43 Rentals from investment property 124 133 138 Other investment income 66 60 59
5.25 Fee and commission income Total fee and commission income amounts to € 52 million (2014: € 35 million; 2013: € 45 million) of which reinsured commission income amounts to € 26 million (2014: € 23 million; 2013: € 35 million).
5.26 Other income Other income can be broken down as follows: Proceeds from property developments 49 102 132
Net insurance claims and benefits, Life -3,584 -3,438 -3,176 5.28 Operating expenses Operating expenses can be broken down as follows: Salaries and wages -213 -219 -225 Social security contributions -28 -30 -28 Employee benefit charges -46 -34 -36
Operating expenses 2015 increased to € 575 million (2014: € 524 million; 2013: € 529 million), primarily due to acquisitions (see chapter 5.35), acquisition costs for these activities, regulatory changes (i.e. Solvency II) and costs incurred for the preparation of the potential privatization.
Other operating expenses include travel and subsistence, telephone and personnel training expenses. The segmentation of a.s.r.’s workforce was as follows at 31 December: Banking and Asset Management 212 174 171 Distribution and Services 517 218 224 Holding and Other 1,610 1,826 1,919 Real Estate Development 29 42 55
As a result of new activities the total work force increased by 4.00 % to 4,248 FTE (2014: 4,085 FTE; 2013: 4,164 FTE). The 'total work force' consists of the number of internal and external FTEs. The number of internal FTE increased by 3.9 % to 3,650 FTE (2014: 3,513 FTE; 2013: 3,789 FTE) due to acquisitions (+ 344 FTE), offset by a decrease of 207 FTE as a result of continuing cost-cutting programmes. The number of external
FTE increased to 598 FTE (2014: 572 FTE; 2013: 375 FTE) due to several strategic projects in 2015.
In 2014 an additional amortization has been recognized of € 93 million relating to the Amersfoortse Stad Rotterdam unit linked portfolio (see also chapter 5.7).
Costs associated with sale of development property -134 -105 -189 Operation and depreciation of investment property -28 -26 -25
The costs associated with sale of development property include an amount of € 91 million (2014: € 19 million, 2013: € 64 million)
related to provisions recognized for possible future loss related to land and property development projects held as other assets.
5.32 Income tax expense The income tax expense can be broken down as follows: Current tax for financial year -453 -209 -252 Current taxes referring to previous periods 32 19 -79 Total current tax -421 -190 -331
The table below shows a reconciliation of the expected income tax expense with the actual income tax expense. The expected income tax expense is determined by applying the tax rate in the Netherlands to the profit before tax in 2015, this rate was 25.0% (2014: 25.0%; 2013: 25.0%). The enacted tax rate for 2016 will be 25.0%.
Effects of: Tax-exempt interest 6 6 5 Tax-exempt dividends 4 4 8 Tax-exempt capital gains 22 15 5 Changes in impairments -1 -5 -16 Adjustments for taxes due on previous financial years 36 7 4
Positions and transactions between a.s.r., associates, joint ventures and other related parties. The table below shows the financial scope of a.s.r.’s related party transactions: • associates; • joint ventures (and real estate development joint ventures); • other related parties.
Provisions for impairment amounting to € 1 million (2014: € 1 million; 2013: € 5 million) have been recognized on the loans and receivables.
In addition to the dividend paid and the discretionary interest to holders of equity instruments amounting to € 139 million (2014: € 99 million; 2013: € 88 million) and € 45 million (2014: € 108 million; 2013: € 44 million) respectively a.s.r. incurred expenses on behalf of NLFI amounting to € 2 million (2014: € 5 million; 2013: € 4 million) including for strategic expenses related to the possible privatization.
5.34 Remuneration of Supervisory Board and Executive Board The remuneration policy of the Executive and Supervisory Board members is determined in accordance with the current Articles of Association of ASR Nederland N.V.
* Term of service ended on 31 August 2014. The termination benefit has been determined in 2014 in accordance with the Dutch Corporate
Governance Code (article II.2.8) and contractual obligations and amounts to 8.5 months’ salary.
The remuneration of current and former Executive Board members is in accordance with the remuneration policy. This policy was approved by the shareholder.
In accordance with the remuneration law ‘Wet aansprakelijkheidsbeperking DNB en AFM en bonusverbod staatsgesteunde ondernemingen’, issued by the Dutch government, no variable remuneration has been disbursed to the Executive Board members for the period as from the 2011 a.s.r. financial year until and including the current 2015 a.s.r. financial year. In 2015 the fixed employee benefits of board members only increased with the annual CBA (CAO-index).
5.35 Acquisitions In 2015 a.s.r. concluded several acquisitions, which are in line with a.s.r.’s strategic focus in strengthening its position in the pension market, the funeral insurance market and the distribution and services market.
De Eendragt Pensioen N.V. In July 2015, ASR Nederland N.V. acquired 100% of the shares of De Eendragt Pensioen N.V. (De Eendragt). ASR Nederland N.V. plans to fully integrate the portfolio and activities of De Eendragt in due course. De Eendragt is a pension insurance company.
Axent Nabestaanden Zorg N.V. In August 2015, ASR Levensverzekering N.V. acquired 100% of the shares of Axent Nabestaanden Zorg N.V. and its subsidiaries (AXENT). ASR Levensverzekering N.V. plans to fully integrate the portfolio and activities of AXENT into the operations of Ardanta, an a.s.r. business line, in due course. AXENT is a Dutch insurance company focusing on funeral insurance with a portfolio of 2.2 million term insurance policies.
The total assets and total income for the year ending 31 December 2014 of AXENT as published in its consolidated financial statements amounted to € 1,815 million and € 55 million respectively. AXENT is consolidated within the Life segment as of 25 August 2015.
Liabilities arising from insurance contracts 3,071 3,170 Liabilities arising from insurance contracts on behalf of policyholders 74 74 Employee benefits - 14 Deferred tax liabilities 118 -9 Due to customers 28 28 Other liabilities 21 22 Total liabilities 3,312 3,299
The total assets and total income for the year ending 31 December 2014 of VKG as published in its consolidated financial statements amounted to € 22 million and € 17 million respectively. VKG is consolidated within Distribution and Services segment as of 22 January 2015.
Dutch ID B.V. In November 2015 ASR Deelnemingen N.V. acquired 100% of the shares of Dutch ID B.V. and its subsidiaries (Dutch ID). Dutch ID is the holding company of Boval Group and Felison Assuradeuren. Boval is an independent consultancy and financial services broker and Felison Assuradeuren is a service provider.
Dutch ID is consolidated within the Distribution and Services segment as of 19 November 2015.
The balance sheet for the Distribution and Services segment is as follows: Acquired date
Intangible assets 40 40 Property, plant and equipment 5 4 Investment property 1 1 Loans and receivables 13 13 Other assets 1 1 Cash and cash equivalents 6 6 Total assets 66 65
Employee benefits 0 2 Deferred tax liabilities -0 -1 Due to customers 5 5 Due to banks 1 1 Other liabilities 9 12 Total liabilities 15 19
Consideration paid -123 Deferred consideration -3 Acquired cash and cash equivalents 7 Increase/(decrease) in cash and cash equivalents through acquisition -119
The acquisitions contributed revenue of € 59 million and loss of € 5 million to a.s.r.’s results from the respective acquisition date. If the acquisitions for the Life segment had occurred on 1 January 2015, management estimates that consolidated revenue would have been € 95 million. For the Distribution and Service segment, if the acquisitions had occurred on 1 January 2015, the consolidated profit would have been € 22 million. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2015.
As a result the impact of both acquisitions on the Distribution and Services segment balance sheet and income statement for the period ended 31 December 2015 is € 69 million and € 2 million profit respectively.
The loss of the discontinued operations increased from € 1 million in 2013 to € 26 million in 2015. As a result of the classification as ‘held for sale’, a.s.r. reduced the measurement of the assets by € 38 million to their net realizable value. In addition, the real estate development business formed provisions for specific projects.
Cash flows from operating activities -7 Cash flows from investing activities -2 Cash flows from financing activities -
As for other claims and legal proceedings, including related to employee-benefits, against a.s.r. known to management (and for which, in accordance with the defined principles, no provision has been formed), management feels, after having sought expert advice, that these claims have no chance of success, or that a.s.r. can successfully mount a defence against them, or that the outcome of the proceedings is unlikely to result in a significant loss for a.s.r.
Annual lease costs 2015 2014 2013 5.37.2 Investment obligations and guarantees
Investment obligations for an amount of € 133 million (2014: € 87 million; 2013: € 261 million) and guarantees to third parties for a total amount of € 330 million (2014: € 330 million; 2013: € 330 million) have been assumed/issued for investment property. These guarantees expire on 30 june 2016.
5.38 General information ASR Nederland N.V. is a public limited company under Dutch law having its registered office located at Archimedeslaan 10, 3584 BA in Utrecht, the Netherlands. ASR Nederland N.V. and its group companies (‘a.s.r.’ or ‘the group’) have a total of 3,650 FTE’s internal employees (2014: 3,513; 2013: 3,789) and is a leading insurance company in the Netherlands.
ASR Aanvullende Ziektekostenverzekeringen N.V.¹,² 100.00 100.00 Amersfoort Non-life ASR Basis Ziektekostenverzekeringen N.V.¹,² 100.00 100.00 Amersfoort Non-life ASR Schadeverzekering N.V.¹,² 100.00 100.00 Utrecht Non-life ASR Ziektekostenverzekeringen N.V.¹ 100.00 100.00 Amersfoort Non-life ASR Wlz-uitvoerder B.V. ² 100.00 100.00 Utrecht Non-life Europeesche Verzekering Maatschappij N.V.² 100.00 100.00 Amsterdam Non-life N.V. Amersfoortse Algemene Verzekering Maatschappij¹,² 100.00 100.00 Amersfoort Non-life ASR Nederland Vastgoed Maatschappij N.V.¹ 100.00 100.00 Utrecht Life / Non-life ASR Levensverzekering N.V.¹,² 100.00 100.00 Utrecht Life Axent NabestaandenZorg.N.V.² 100.00 100.00 Groningen Life Deltafort Beleggingen I B.V. 50.00 50.00 Amsterdam Life De Eendragt Pensioen N.V.² 100.00 100.00 Amsterdam Life Sycamore 5 B.V.¹ 100.00 100.00 Utrecht Life Sycamore 6 B.V.¹ 100.00 100.00 Utrecht Life ASR Bank N.V.³ 100.00 100.00 Utrecht Banking and Asset Management ASR Hypotheken B.V.¹ 100.00 100.00 Utrecht Banking and Asset Management ASR Nederland Beleggingsbeheer N.V.³ 100.00 100.00 Utrecht Banking and Asset Management ASR Vastgoed Vermogensbeheer B.V.¹,³ 100.00 100.00 Utrecht Banking and Asset Management B.V. Nederlandse Hulpverleningsorganisatie-SOS International4 100.00 100.00 Amsterdam Distribution and Services Dutch ID B.V. 100.00 100.00 Amsterdam Distribution and Services Felison Assuradeuren B.V.³ 100.00 100.00 Velsen Distribution and Services Boval Assurantiën B.V.³ 100.00 100.00 Badhoevedorp Distribution and Services Boval Flexis Pensioen B.V.³ 50.00 50.00 Zoetermeer Distribution and Services Het AssuradeurenHuys B.V.³ 100.00 100.00 Haarlem Distribution and Services PoliService B.V.³ 100.00 100.00 Zeist Distribution and Services Van Kampen Groep Holding B.V.³ 100.00 100.00 Purmerend Distribution and Services Brand New Day Premiepensioeninstelling N.V.³,7 55.00 55.00 Amsterdam Holding and Other ASAM N.V.¹ 100.00 100.00 Utrecht Holding and Other ASR Deelnemingen N.V.¹ 100.00 100.00 Rotterdam Holding and Other ASR Nederland N.V. 100.00 100.00 Utrecht Holding and Other ASR Pension Fund Services N.V.¹ 100.00 100.00 Utrecht Holding and Other ASR Service Maatschappij N.V.¹ 100.00 100.00 Rotterdam Holding and Other ASR Betalingscentrum B.V.¹ 100.00 100.00 Utrecht Holding and Other Administratie- en Adviesbureau voor Belegging en Krediet (A.B.K.) B.V.¹ 100.00 100.00 Amersfoort Holding and Other ASR Vastgoed Projecten B.V.5 100.00 100.00 Utrecht Real Estate Development ASR Vastgoed Ontwikkeling N.V.6 100.00 100.00 Utrecht Real Estate Development
For notes to equity interests in associates and joint ventures, see chapter 5.10. The list of equity interests which are required under Sections 379 and 414, Book 2 of the Netherlands Civil Code has been filed with the Trade Register of the Chamber of Commerce in Utrecht.
Debts to group companies 5.40.3.14 20 29 182 Total long-term liabilities 517 29 212
Profit for the year 601 423 247 5.40.3 Notes to the company financial statements 5.40.3.1 Accounting policies The company financial statements are prepared in accordance with Title 9, Book 2 of the Netherlands Civil Code. The consolidated financial statements of a.s.r. for 2015 have been prepared in accordance with IFRS – including the International Accounting Standards (IAS) and Interpretations – as accepted within the European Union and with part 9 of the book of the Netherland Civil Code. In accordance with Section 362(8), Book 2 of the Netherlands Civil Code, the ASR Nederland N.V. Executive Board has decided to apply the same accounting policies to the company financial statements as applied to the consolidated financial statements. This has been the practice since 2005.
5.40.3.2 Intangible fixed assets The goodwill amounting to € 4 million as at 31 December 2015 relates to the 2015 acquisition of De Eendragt Pensioen N.V.
Interest income on loans to group companies amount to € 0.7 million (2014: € 2.5 million; 2013: € 4 million).
5.40.3.5 Loans and deposits 5.40.3.6 Deferred tax assets The deferred tax assets relate primarily to employee benefits (including the asset resulting from the insurance contracts which is administered by ASR Levensverzekering N.V. amounting to € 106 million (2014: € 157 million; 2013: € 42 million) off set by the equalization reserve of € 39 million (2014: € 30 million; 2013: € 18 million).
Remeasurement of the employee benefit obligation - - 117 - - 117 - 117
Discretionary interest on other equity instruments - - - - -44 -44 - -44 Change in reserves required by law - - - -139 139 - - Tax relating to interest on other equity instruments - - - - 11 11 - 11
The statutory reserve relates to the revaluation of investments in group companies. In 2015 no expected claims for additional benefits under insurance contracts with DPF are included in the Other reserves (2014: nil; 2013: € 2 million). For a breakdown of the Share capital, see chapter 5.14.1.
Other equity instruments The other equity instruments relate to three (2014: three; 2013: four) different hybrid Tier 1 and Tier 2 instruments classified as equity (see chapter 5.14.4). Of the three different equity instruments that were issued, two instrument ( issue date 2009) are guaranteed by ASR Levensverzekering N.V. The third instrument (issue date 2014) does not contain guarantees from operating entities.
5.40.3.10 Employee benefits Employee benefits can be broken down as follows (see chapter 5.17 for further details): Post-employment benefits pensions 2,905 3,087 2,405 Post-employment benefits other than pensions 28 29 15 Other long-term employee benefits 12 7 6
Provisions primarily relate to provisions for: • staff restructuring; and; • retained disability risk.
Debts to group companies - - 135 Deposits due to group companies 20 29 47
In the above mentioned years no fees were paid for tax-related advisory services to KPMG Accountants N.V. and no fees were paid to other KPMG networks, other than KPMG Accountants N.V.
Joint and several liability ASR Nederland N.V. forms a fiscal unity for corporate income tax and VAT with nearly all of its subsidiaries. The company and its subsidiaries that form part of the fiscal unity are jointly and separately liable for taxation payable by the fiscal entity.
Commitments to group companies ASR Nederland N.V has committed to a capital increase of ASR Bank N.V. amounting to € 34 million for the period until 2017. The amount will be paid in tranches when required by ASR Bank N.V. depending on its required solvency. As a consequence of the growing business, capital tranches amounting to € 5.8 million have already been made until end of 2015.
Independent auditor’s report To: the General Meeting and the Supervisory Board of ASR Nederland N.V.
Opinion In our opinion:  the consolidated financial statements give a true and fair view of the financial position of ASR Nederland N.V. as at 31 December 2015, and of its result and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Netherlands Civil Code;  the company financial statements give a true and fair view of the financial position of ASR Nederland N.V. as at 31 December 2015, and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code.
What we have audited We have audited the financial statements 2015 of ASR Nederland N.V., based in Utrecht. The financial statements include the consolidated financial statements and the company financial statements.
Materiality Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.
We agreed with the Supervisory Board that misstatements in excess of EUR 1.5 million, which are identified during the audit, would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds.
Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the group audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities.
 performed audit procedures ourselves at group level and at other group entities. We performed for the remaining entities, amongst others, analytical procedures to corroborate our assessment that there are no significant risks of material misstatement.
Our response We tested the internal controls regarding the determination of the Liabilities arising from insurance contracts and the LAT. Furthermore we challenged the assumptions used for the Liabilities arising from insurance contracts and the LAT, based on market observable data and actuarial analysis of the technical results during the year. We discussed the outcome of the internally prepared analysis with the internal actuaries and the external (certifying) actuaries, making use of our own actuarial experts. Furthermore we checked the adequacy of disclosure of the Liabilities arising from insurance contracts and the related risks and assumptions.
Our observation We found that shadow accounting is consistently applied by the company and that the shadow accounting methodology contributes to the cautious provisioning for the Liabilities arising from insurance contracts.
Our response We tested the internal controls over valuation, independent price verification and model approval. We performed additional procedures for areas of higher risk and estimation with the assistance of our valuation specialists. This included, where relevant, comparison of judgements made to current market practice and re-performance of valuations on a sample basis. We also assessed the impact of other sources of fair value information including gains or losses on disposal. Finally, we tested the controls over related disclosures including the Risk management disclosures (in note 5.3.4 and 5.3.5) and fair value hierarchy in note 5.6.1.
Our observation We found that the assumptions and models used resulted in a balanced valuation of investments. We found that the disclosures regarding the change in accounting principles as disclosed in note 5.2.1 are in conformity with IAS8.
the Executive Board determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to errors or fraud.
Report on the Report of the Executive Board and the other information Pursuant to legal requirements of Part 9 of Book 2 of the Netherlands Civil Code (concerning our obligation to report about the Report of the Executive Board and other information):  We have no deficiencies to report as a result of our examination whether the Report of the Executive Board, to the extent we can assess, has been prepared in accordance with Part 9 of Book 2 of the Netherlands Civil Code, and whether the information as required by Part 9 of Book 2 of the Netherlands Civil Code has been annexed.
2015 annual report Other information 6.2 Events after the balance sheet date In January 2016, a.s.r. announced the acquisition of 100% of the shares in BNG Vermogensbeheer B.V. (BNG). BNG is a leading asset manager in the (semi) public sector, with a portfolio valued at nearly € 5 billion. BNG has a diverse customer portfolio chiefly comprising lower-tier authorities, health care and educational institutions, universities, network companies, housing associations, charitable trusts and capital funds, industrial pension funds and medical insurers. BNG manages customized portfolios and specialist investment funds on behalf of these clients, using its own techniques and models. The acquisition will strengthen a.s.r.’s position on the Dutch market for external asset management, in particular in the (semi) public and pensions sector. The approval of the DNB for the acquisition has yet to be obtained.
a.s.r. has made a change in accounting estimate in relation to the Liability Adequacy Test (LAT) of its insurance liabilities as of 1 January 2016. Until 2015 a.s.r.’s accounting policy was to use the DNB-LAT (Solvency I) for assessing whether its insurance liabilities were adequate (with exception in respect of surrender value floor). As of 1 January 2016 the Solvency II regime applies to a.s.r. The DNB-LAT test is therefore no longer required. Under Solvency II the insurance liabilities are determined based on a best estimate and a risk margin using the Euro Swap curve, including a credit risk adjustment, with Ultimate Forward Rate (UFR) and a volatility adjustment. This valuation of the insurance liability consistent with Solvency II is therefore used in the LAT. The calculations under Solvency II to determine the insurance liability correspond in substance with the Solvency I test. The transition to using Solvency II as the basis for the IFRS-LAT will enhance the comparability between the Solvency II reporting and IFRS reporting as from 2016 onwards. This change in estimate has no impact on net profit or total equity of a.s.r., as the outcome of the IFRS-LAT test shows a surplus value of the book value of the insurance liabilities over the best estimate.
3. The AGM shall determine annually, either on the recommendation of the Executive Board and subject to the approval of the Supervisory Board or on its own initiative, which part of the profit is to be retained or distributed.
6.5 Profit appropriation The Executive Board will propose to the Annual General Meeting of Shareholders to distribute € 170 million in dividend on ordinary shares for 2015.
a.s.r. has defined five priorities in its sustainability policy: insurance, people, investments, planet and society; each of these priorities come with their own Key Performance Indicators (KPIs).
This chapter describes the results achieved on these KPIs in 2015 for each of these priorities.
The CEO is responsible for sustainability issues. The Director of Business Support coordinates the implementation of the sustainability policy; she is assisted by a Sustainability Steering
Group, whose members are the Directors of Corporate Communications, a.s.r. Real Estate Investment Management, Financial Markets, Human Resources (HR), Procurement and Marketing. The coordinating director reports to the portfolioholder. The Steering Group manages a Sustainability Working Group staffed by officers from the same departments. This Working Group reports to the Steering Group. The Working Group reports regularly on results achieved and discusses the status of the sustainability policy with the Steering Group. This is used as a basis for determining the sustainability policy for the next year.
Planet a.s.r. is committed to conserving nature and the environment by reducing its climate footprint to a minimum. a.s.r. is efficient about its consumption of water, energy and other resources. a.s.r. is committed to waste reduction, lowering carbon emissions and mobility.
Employer of choice thanks to flexibility, diversity, outsourcing, development of personal and professional skills
Ethical, efficient and sustainable investment procedures and building a robust financial position
Insurance • Improvement in NPS • All new propositions pass the PARP test • Customer surveys result in product improvements • a.s.r. labels meet criteria of CustomerOriented Insurance Quality Mark • Improvements in complaints handling to provide better customer service
People • Nearly 400 employee participants in talent development programme • Nearly 90% of employees nearly or fully engaged • More than 450 employees involved in sustainable ‘On the move’ courses • About 70% of employees took the oath in 2015
Each of the five priorities of the a.s.r. sustainability policy comes with its own Key Performance Indicators (KPIs).
3 a.s.r. uses an apportionment key to determine the carbon emissions of various modes of transport used for commuting to and from work. This apportionment key has been determined based on measuring data for 2012.
4 March 2016. The emission factors have been aligned to the most recent scientific insights. The carbon footprint for 2015 and the footprint for previous years have been redefined based on recent insights.
Net Promoter Score NPS of -10 for interactions awarded to a.s.r. as a group
NPS was -5 at 31 December 2015 2 Insurance Transparent products
At least 7/10 a.s.r. REIM tenant satisfaction rating in 2015: residential tenants: 7.1 office tenants: 7.2 retail tenants: 7.3 (land) lessees: 7.5 7 Investments Ethical, efficient and sustainable investments
% compliance with own policy/no major findings 100% compliance with own policy/no significant variances identified in relation to implementation of policy or responsible investments a.s.r. investment policy is 100% compliant with own investment policy 1 8 Planet Energy consumption
Energy consumption in 2015 no more than 50% of that in 2005
• The 50% energy reduction on 2005 was achieved in 2015 9 Planet Carbon emissions
Carbon emissions in 2015 amounted to 7,000.36 tonnes of carbon equivalents 3,4, a 10.31% carbon reduction on 2014
2015 annual report Sustainability 7.1.3 Stakeholders a.s.r. is engaged in a dialogue with all its stakeholders about the priorities, objectives and further policy-making of its sustainability policy. To this end, in addition to maintaining internal contacts, a.s.r. keeps in close contact with a broad group of external stakeholders, including customers, suppliers, financial market players, government bodies and public interest groups (see Appendix F, Identified stakeholders, for a detailed list of stakeholders).
Interaction with stakeholders a.s.r. keeps in close contact with all its stakeholders. Based on the stakeholder model, a.s.r. engages in a dialogue with its customers, employees and suppliers, and with financial market players, politicians, public interest organizations and shareholders, and keeps close track of trends and developments in society, also entailing changes in the more distant future. a.s.r. regularly consults with customers through such tools as customer journeys and customer panels. a.s.r. engages in a dialogue with its employees through the Works Council, in periodic sessions with the trade unions, via the intranet and during employee meetings. To this end, ten ‘dialogue sessions’ were held in 2015, in which process members of the Executive Board meet with an ever-changing group of about 50 employees. In addition, employee sessions were held in each department as well as four plenary meetings between the Executive Board and all a.s.r. managers.
2015 annual report Sustainability 7.1.4 Audit a.s.r. Audit provides a professional and independent assessment of the governance, risk management and internal control processes with the aim of aiding management in achieving the company’s objectives. In doing so, Audit evaluates the effectiveness of governance, risk management and internal control processes, and gives practical advice on process optimization. Audit performed the following sustainability audits in 2015: Public interest 1. ASR Nederland N.V. - Dutch Code of Conduct for Insurers 2. a.s.r. Bank - Segregation of assets 3. HR - Sound remuneration policy
Customer centricity 1. ASR Nederland N.V. - Legal framework 2. ASR Nederland N.V. - Compliance management 3. ASR Nederland N.V.
5. ASR Nederland N.V. - Marketing management 6. Health insurance - Customer contracts 7. Pensions - Pension Insurance Advance Levy
Sustainability 1. a.s.r. Real Estate - Process of purchase, sale and lease of rural real estate 2. a.s.r. Real Estate - Fund management of Dutch Core
a.s.r. attaches great value to offering the most transparent products and services. That is why a.s.r. is open and honest about its rating in the AFM’s Customer Centricity Dashboard. This annual survey by the regulator benchmarks the extent to which Dutch financial institutions focus on customer interests in their products, services and processes. a.s.r. achieved a score of 3.4 out of 5 on the Dashboard for 2014/2015. Although this corresponds with the average score for the financial sector, it is 0.2 lower than last year when a.s.r. scored 3.6.
Given that a.s.r. wants to provide easy access to every customer, it offers its financial services through a multitude of channels. To be able to do so, a.s.r. works with more than 5,500 independent financial advisors located throughout the Netherlands. The a.s.r. website offers customers the option of choosing the financial advisor closest to them. Ditzo’s products and services are offered exclusively online. Customers can access the Ditzo website from any location and at any given time. The website is responsive, which makes it suitable for viewing on smartphones and tablets as well. In addition, no-threshold guidelines are followed to keep the websites as accessible as possible and make continuous improvements.
In addition, a.s.r. improves its processes based on customer feedback (e.g. from the Net Promoter Score (NPS) measurement, closed-loop customer feedback (CLF), customer satisfaction surveys and surveys among intermediaries). Closedloop customer feedback is important because it enables employees to solicit feedback from customers on a continuous basis, translate it into ideas for improvement and implement targeted improvements. The NPS and CLF measurements for customer interaction have been implemented in all a.s.r. labels and departments. These measurements serve as a basis for the improvement programme for service and customer perception. Another key instrument that contributed to process improvements in 2015 is that of customer journeys. By engaging with customers about how a.s.r. handled their claim, a.s.r. identified and implemented concrete improvements. a.s.r. will further intensify these customer journeys in 2016. a.s.r. has already developed a number of new products that tie in perfectly with this aim.
The PARP Board, which is chaired by the Marketing Director, meets every six weeks. People with the knowledge and skills required in a product development process have specific responsibility for the various sub-steps. Customer centricity is key in every step of the process, and Risk Management,
In 2015, eight new propositions, 30 product adjustments and 30 reviews of existing products (a three-yearly agenda item) were submitted to the PARP Board for approval. In most cases, the reviews led to adjustments to the product offering to benefit customers; a small number of products were discontinued.
NPS closed-loop feedback Evaluate customer perceptions Throughout the year Concrete improvements for business lines, teams, employees and processes
Evaluate customer perceptions of their relationship with and processes at a.s.r. Pensions
Findability test Improve findability of terms and conditions governing household contents insurance
Readability tests Write clearer and more readable messages. In 2015, this was applied to email messages about Ditzo car insurance, the conversion to New Generation Life and indexation at Ardanta
A flexible occupational disability policy was introduced in 2015 as well. This flexible policy allows business owners to change their coverage, including the insured sum, policy excess, contract term, benefit payment threshold, age limit and indexation of benefits, at any given time.
Ardanta – Surrender New funeral insurance policies have been surrenderable, in accordance with the relevant policy conditions, since 1 July 2015. The surrender option offers a comparable, yet better product, without the drawbacks of switching.
a.s.r. has measured the NPS for all a.s.r. brands since mid-2009. Research has shown that brand enthusiasm and customer loyalty are correlated to the extent to which they would recommend a brand to others. A positive NPS means that there are more customers who would recommend the brand to others than customers who would not. Conversely, a negative NPS means that there are more customers who would not recommend the brand to others than customers who would.
The measurement at brand level is performed by an external research agency. In winter 2015-2016, a.s.r.’s NPS stood at -33. This marks a significant improvement on the winter measurement of 2014/2015; it is also the highest score a.s.r. has achieved since the baseline measurement in 2009. It is a.s.r.’s ambition to achieve the best NPS in the market.
2015 annual report Sustainability 7.2.4 Customer privacy a.s.r. has implemented certain policies and procedures to address data protection and privacy matters with respect to customer data. a.s.r. maintains online privacy (asrnl.com) and cookie statements. The privacy statements describe, amongst others, the categories of data a.s.r. collects, the purposes of such data collection and how customers may access such data, and to the extent necessary correct any inaccuracies. Customers can contact a.s.r. with requests related to that data in writing, to further enhance its ability to comply with the various data privacy laws and regulations (such as the Dutch Data Protection Act (Wet bescherming persoonsgegevens)). a.s.r. also has a policy with respect to data leakage to comply with new legislation in this respect. Furthermore, a.s.r. has appointed a Data Privacy Officer. a.s.r. regularly reviews its policies.
The key objectives of complaints management are as follows: • a.s.r. is open to complaints, which is why it is easy for customers to file a complaint; • a.s.r. communicates clearly about its view and about the resolution of the complaint.
Complaints help a.s.r. to learn from mistakes and to understand customers better. Every customer who filed a complaint about a.s.r. in 2015 was assigned a dedicated complaints handler. a.s.r. regards handling complaints as a specialist skill, which requires professionalism, competence and the right mentality. a.s.r. only has professional complaints handlers. They have the power, knowledge and skills to handle complaints in accordance with the complaints handling procedure.
More focus was placed on learning and improving from complaints and customer signals in 2015. Besides identifying root causes, a.s.r. also asks customers to offer feedback on complaints handling. Once the complaints handler – in dialogue with the customer – closes the ticket, a.s.r. sends the customer an e-mail asking them to participate in a customer satisfaction survey. a.s.r. uses the customer feedback to tweak its complaints handling procedures. Examples of what a.s.r. has learned and improved were posted on asr.nl for the first time in 2015.
Having a talented, qualified and healthy workforce is key for a.s.r. in achieving its business objectives. That is why a.s.r. is committed to attracting, retaining and inspiring the best people, offering them extensive scope for training and development, and facilitating a sound work/life balance.
To confirm that they will observe and apply the a.s.r. Code of Conduct, all employees swear an oath or make a solemn affirmation that they will perform their duties with due care and integrity. The deadline for all employees having taken an oath or solemn affirmation is 1 April 2016. At year-end 2015, 70% of all employees had done so.
Fraud, including corruption and unethical conduct, undermines public trust in a.s.r. and in the financial sector as a whole. a.s.r. attaches great value to its integrity and good reputation as a financial services provider, as well as to preventing fraud and unethical conduct. a.s.r. actively looks to prevent, recognize and investigate fraud and/or unethical conduct, and to address it uniformly and adequately. a.s.r.’s fraud prevention policy is based on the sector-wide policy that financial institutions use to fight fraud. This policy promotes compliance with relevant laws, regulations, ethical standards and the related internal procedures. a.s.r. has in place an incident policy and desk for reporting incidents and data leaks. Under the whistleblowing procedures, a.s.r. employees can report instances of malpractice (or suspected malpractice) freely and without feeling threatened.
The engagement scan is a key indicator of how employees feel about a.s.r. in these dynamic times. Committed employees are an essential condition if a.s.r. will be an insurer that is trusted by our customers. The results of the engagement scan are used to review the past period, but also and more particularly to determine how employee engagement can be strengthened going forward.
The upward trend that was initiated in 2010 and fell slightly in 2014 was back in 2015. Trust in the business was already firm last year and continued to rise in 2015. What is more, a growing number of employees now feel proud of a.s.r. In addition, a large number of employees appreciate the option of taking ownership. Another positive and crucial aspect is that employees have said that they need to focus even more on what the customer wants.
The theme of health and vitality is highlighted by a.s.r.’s participation in the Week of Stress at Work and outdoor walking lunches.
The Mindfree course has visibly resulted in a drop in absenteeism of employees who regularly interact with customers. It has also made young people with an occupational impairment more effective in their work.
In 2015, 289 employees received sustainable employment counselling and 97 availed themselves of mobility services (redundancy programmes). The goal for 2016 is to raise the percentage of employees who find a new job after having been made redundant. a.s.r. wants to create more awareness of sustainable employability in 2016. In concrete terms, a.s.r. wants at least 10% of all employees to make use of counselling and/ or take one or more sustainable employability workshops every year.
This is a new HR programme that allows colleagues to take charge of their future, whether it concerns talent development, mobility (sustainable employability within or outside a.s.r.) or redundancy. The goal is to spur employees into action, to facilitate their development and to increase their chances on the labour market (at a.s.r. or elsewhere). During 2015, 462 employees participated in this programme. HR’s aim here is to prevent redundancies (in the long term), since the employees have taken ownership of their own careers long before the redundancy issue will even arise.
Starting 1 January 2017, a set group of front-office staff are required to meet the requirements of the new professional competence framework of the Dutch Financial Supervision Act, meaning that they need to earn professional qualifications and demonstrate that they are taking continuing education courses. Contrary to the statutory deadline, a.s.r. endeavours to have all its front-office staff meet these provisions by 1 January 2016. To make this happen, HR started an active campaign in 2015. The employees in question were informed, facilitated and held accountable, and their managers were involved and mentored. This approach proved to be successful. On 31 December 2015, 154 of the 185 front-office staff in question met the relevant criteria of the Dutch Financial Supervision Act. The other employees will follow suit in 2016.
The new website also uses a new pre-selection tool by the name of a.s.r. Talent Pitch. This online assessment is used specifically for front-office roles. This tool helps to narrow down the selection and allows a.s.r. recruiters to identify people who have the right skills and qualifications for the job.
• We are proactive We actively pursue information and knowledge from our support base and from outside a.s.r. We challenge each other to develop ideas. We offer the executive solicited and unsolicited advice based on our ideas.
The employee representation bodies (i.e. the Works Council and/or its subcommittees) held various consultative meetings with executives in 2015. In addition, 11 scheduled meetings took place between the Executive Committee of the Works Council, the CEO, the HR Director and the Company Secretary. Ad hoc meetings are held when the situation so warrants. In addition, tripartite meetings between the Executive Committee of the Works Council the CEO, the HR Director and two members of the Supervisory Board take place two or three times a year. In 2015, the Work Council received 11 requests for a formal opinion.
By the end of 2015, 158 of the screened companies had been excluded due to their involvement in human rights violations (14), labour rights violations (11), arms (92), tobacco (14), gambling (22) and nuclear activities (5).
Screening process Vigeo (www.vigeo.com/csr-rating-agency), an external and independent screening agency accredited by Arista, screens companies for their SRI policy. The Arista Standard sets guidelines and rules to assess evidence of transparency, quality, accountability and verifiability of the processes involved in responsible investing research. In addition, Forum Ethibel (www.forumethibel.org/content/home.html) carries out independent and external certification, including an audit of SRI principles in a.s.r.’s investment portfolio and the engagement process on a semi-annual basis.
Best-in-class investing is part of the a.s.r. selection process of companies based on best practices and best products according to environmental, social and governance (ESG) criteria. We favour companies that excel in the area of ESG policy and implementation. They are classified as pioneering, best-in-class and sustainable companies using a relative, sectorbased ranking for six domains of analysis: Human Resources, Environment, Market Ethics, Good Governance, Social Impact, and Human Rights.
a.s.r. invests more in companies that perform better on the ESG criteria within their respective sectors. This is why the a.s.r. investment portfolio has a more sustainable profile than the relevant investment benchmark. A detailed description of these criteria has been posted on the a.s.r. corporate website (www.asrnl.com).
2015 annual report Sustainability 7.4.3 Engagement a.s.r. believes in engagement through constructive dialogue with the companies a.s.r. (potentially) invests in. The aim is to increase both shareholder value and social benefit in the long term. As (potential) owners, a.s.r. wants the companies it invests in to address ESG threats as well as opportunities.
For a.s.r., there are three types of engagement: • Engagement for the purposes of monitoring In 2015, a.s.r. engaged in a dialogue with around 20 companies, i.e. mostly our largest holdings. These companies represent nearly 30% of the internally managed equities portfolio. During each company meeting, a.s.r. puts the corporate social responsibility policy of these businesses on the executive agenda and addresses potentially controversial activities. a.s.r. was also invited by a number of companies it invests in to elaborate on its views and requirements in the area of sustainability.
• Engagement for the purposes of influence A dialogue with a company identified in the a.s.r. ESG
In the investment process, a.s.r. devotes special attention to impact investing. Impact investments are investments in companies, organizations and/or funds that are designed to generate a beneficial impact on society and the environment at an acceptable financial return. Through these investments, a.s.r. makes a sustainable contribution to society, for instance by processing or recycling waste, using renewable energy (solar and wind), reducing its environmental impact or energy consumption, and making a contribution to the circular economy. Examples of these investments include the Robeco Clean Tech Fund, the Glenmont Clean Energy Fund and the Life Science Partners Funds. In 2015, a.s.r. spent another € 10 million on impact investing via private equity exposure and invested € 13 million in private loans/bonds to support the Dutch SME market. The exposure to non-listed impact investments by the end of 2015 amounted to nearly € 44 million. a.s.r. also invests in listed vehicles, both in the equity and fixed-income portfolio, such as green bonds or listed equity funds, addressing specific environmental or societal needs.
7.4.6 External recognition a.s.r. seeks to play a prominent role in sustainable business practices in the financial sector. This objective has been confirmed by our rankings in various external surveys analysing the sustainability of the investment policy and implementation of the Dutch and international financial sector. For the fifth consecutive year, a.s.r. was ranked third in the annual survey conducted by the Dutch Association of Investors for Sustainable Development (VDBO) among 30 insurers in the Netherlands. This assessment includes policy, implementation, transparency of investments and governance (management and supervision of the investments).
a.s.r. REIM invests for its clients in retail properties, residential units, offices, agricultural land and country estates.
Making real estate more sustainable a.s.r. REIM seeks to make the assets in its portfolio ever more sustainable, in terms of both energy efficiency and ecological impact. Wherever possible, a.s.r. strives to achieve this at residential and commercial properties at a natural time, i.e. when major repairs are scheduled and when it is financially expedient. Within the portfolios green solutions are used as far as possible, such as LED lighting, high-efficiency boilers, watersaving plumbing and sedum roofs. Staff always try to ensure that sustainable materials are used and are extra alert to the risks of asbestos and soil contamination.
The portfolio is made up of leased and leasehold agricultural land, country estates and wooded areas spread across the Netherlands. The expansion in surface area is the result of the increasing interest among agricultural business owners in alternative land financing, in which process a.s.r. REIM owns the land and leases it to them on a long-term basis. They use the land to produce soil-bound food and green resources.
a.s.r. REIM’s forestry management complies with the principles of sustainable forestry, diversifying between wood production, nature and landscape conservation, and recreation. a.s.r. REIM’s country estates and wooded areas have been opened up to the public.
a.s.r. REIM endorses and manages its forest land and natural areas in accordance with the codes of conduct for nature and forestry management. These codes are written by Bosschap, the product board of land and nature owners in the Netherlands, in partnership with Federatie Particulier Grondbezit, the federation of private land owners, SBNL, an organization for private and agricultural nature management, the Society for the Preservation of Nature in the Netherlands, 12 Landschappen, an organization for landscape management, and others.
Sustainability priorities a.s.r. REIM interprets the sustainability priorities identified by a.s.r. (insurance, people, investment, planet and society) as follows: Insurance
People a.s.r. REIM periodically measures the satisfaction of the employees by reference to such factors as credibility, respect, honesty, pride and fellowship. At 80%, the aim for 2015 to achieve a satisfaction rating of 75% was amply met. As part of knowledge and education, a master class with a different sustainability theme is taught every year. The technical staff is in any event offered a periodic course on how to increase the sustainability of property.
Planet a.s.r. REIM tries to ensure that the goods and services it procures and insources are as sustainable as possible. Since 2011, the shared spaces in the buildings in portfolio have been powered with green energy, which has substantially reduced carbon emissions. Energy consumption is closely monitored and suggestions for reducing the use of energy are welcomed. A key aim for 2016 and beyond is to review whether greater savings can be achieved on waste and water consumption. All waste that a.s.r. REIM collects for its tenants is processed in a carbonneutral manner.
a.s.r. REIM participates in two institutions for general public advancement (foundations): Stichting Ambachtsheerlijkheid Cromstrijen and Stichting Kasteel Bleijenbeek. Both institutions aim to protect and manage the natural and scenic value and the cultural and social heritage of the estate in the broadest sense of the words for future generations to enjoy.
2 In 2015, electricity was offset based on Norwegian hydropower, using emission factor zero.
The results of the carbon footprint in 2015 of the Archimedeslaan office in Utrecht are equivalent to 7,000.36 tonnes of carbon dioxide in total. Of this amount, 32.98% involved business travel and 59.97% commuter travel. In 2014, the carbon footprint was equivalent to 7,805.32 tonnes of carbon dioxide (33.75% business travel and 53.14% commuter travel). The total reduction of 10.31% was mainly attributable to: 1. a significant drop in natural gas consumption (i.e. carbon emissions) as a result of the renovation. 2. a considerable fall in emissions thanks to mobility initiatives
7.5.1 Housing a.s.r. is continuously working to improve the efficiency of its organization. To improve customer service and keep costs under control, the Executive Board has decided to concentrate the activities in a single location. As a result, the offices at Stadsring 15 (Amersfoort) and Pythagoraslaan 2 (Utrecht) were closed in 2015.
The a.s.r. building at Archimedeslaan 10 in Utrecht underwent a sustainable renovation between 2013 and 2015. The new building has been fully adapted to The New World of Work and meets a.s.r.’s strictest sustainability requirements. It is costefficient and – after completion – will consume 50% less energy. As a result, its energy efficiency rating will improve from G to A.
The design of the renovated building at Archimedeslaan was awarded the BREEAM ‘Excellent’ certificate. a.s.r. also seeks to be awarded the BREEAM ‘Excellent’ certificate for the building itself, with energy efficiency rating A. After the completion of the renovation in 2015, certification will follow early in 2016.
Facts and figures: Waste • The demolition of the building produced 23,000 tonnes of rubble, most of which (98%) was reused.
• The building waste was separated into no fewer than nine different categories. Material that could be reused went straight back into the renovated part of the building.
• Garden and green waste is processed in a.s.r.’s own environmentally friendly composting station to create a soil improver for gardens. Composting waste on the premises saves on costs for transport to and from the wasteprocessing facility, and reduces energy consumption and carbon emissions.
• There are wooden tables dotted around the office, made from timber from our own estate, Landgoed De Utrecht. The tables were put together in a sheltered work facility run by Reinaerde, one of a.s.r.’s social partners.
Energy in 2015 a.s.r.’s key measure for achieving a 30% reduction in energy consumption in accordance with the MYA3 covenant (see chapter 7.7) is to concentrate its operations in a single building. Another measure was the fitting of 592 of the envisaged 1,184 solar panels. The remaining panels will be installed in 2016. In 2016, a.s.r. will formulate new targets in this area. It also has the ambition to improve the effectiveness of all installations in the renovated building in 2016.
265a.s.r. 2015 annual report Sustainability the cardboard cups results in cost savings, since fewer cups are used and waste-processing is less time-consuming.
The commuter mileage to Archimedeslaan (Utrecht) totalled 25,487,491 kilometres in 2015 compared with 25,187,235 kilometres in 2014. This is a 1.19% increase. The number of kilometres clocked up in air travel fell by about 3.94% in 2015 (676,388) compared to the figure for 2014 (704,106).
Other initiatives to encourage mobility in 2015 included: • 14 new charging stations for electric cars, bringing the total to 43 charging stations; • Extra charging points for e-bikes in the bike shed.
In 2016, another 19 charging stations for electric cars will be installed and at least two initiatives will be undertaken to encourage the use of regular and electric bikes and electric cars.
In its purchasing process, a.s.r. makes allowance for the impact on society. This impact can be of a social, environmental or economic nature. The implementation of the socially responsible procurement policy focuses on the following aspects: • a.s.r. informs suppliers in advance that environmental and social weighting factors form part of the selection process; • a.s.r. has adopted a set of environmental and social criteria that are used (these are category-specific); • a.s.r. challenges its suppliers to come up with alternatives that constitute a better match for today’s environmental and social criteria; • a.s.r. considers it important for international human rights to be observed throughout the production process of the goods and services it purchases. a.s.r. assesses whether its main suppliers respect human rights and what action is or has been taken to ensure that they do.
Supply chain a.s.r. has a total of 2,300 suppliers and the number of suppliers in the supply chain is estimated at 5,000. About 90% of these suppliers are located in the Netherlands. The other (no more than) 10% of these suppliers are EU or US-based. The key activities that are outsourced are IT&C and Facility Servicesrelated products and services, including different BPO activities (where an entire process is outsourced) or consulting services. The estimated value of payments to suppliers by a.s.r. Group Procurement was € 287 million, excluding the primary costs of surveyors, crash repair companies and benefits paid by the a.s.r. product lines, such as occupational disability, P&C and pensions.
a.s.r. RED uses the GPR label (municipal practice guideline for residential buildings) for residential developments. Apart from energy efficiency, the GPR label also addresses environmental impact, health issues in the home and ergonomics. One example is the Het Pakhuis development. In 2015, a.s.r. RED completed climate-neutral residential units in Het Pakhuis in Amsterdam. a.s.r. RED received both a municipal and a European subsidy for this development.
7.6.1 a.s.r. Foundation a.s.r. Foundation plays an important role in sharing knowledge and raising enthusiasm and in making it possible for colleagues to increase their social responsibility. Increasing financial selfreliance in the Netherlands is one of a.s.r. Foundation’s key priorities.
The objectives of a.s.r. Foundation are: • To encourage financial self-reliance and awareness by developing activities in collaboration with various public interest groups; • To actively contribute to projects stemming from the social partnerships of a.s.r. Foundation, for instance with Feyenoord football club; • To encourage a.s.r. employees to take part in community initiatives, both during and outside working hours. The Stimulansplan incentive plan has been created to facilitate employees’ volunteering activities in their spare time.
The a.s.r. Foundation’s activities can be broken down into three main groups: • Social teambuilding This involves departments raising money for charity. The focus lies on organizations that truly need a helping hand. • Stimulansplan incentive plan To encourage volunteering in a private setting, employees can apply for an individual incentive once a year. No financial donations are made if an application involves sponsorship only.
• Projects The a.s.r. Foundation initiated and funded various projects throughout the year; these projects were carried out with the help of a.s.r. employees.
• LEF (Life & Finance) This is an innovative platform for the financial education of youngsters between the ages of 15 and 22. LEF helps them to understand their financial situation and teaches them what they need to do to make a wish come true or reach a goal. It also tells them about potential pitfalls and challenges. LEF focuses primarily on the 500,000 young people who attend junior college. LEF is supported by a great many financial institutions, including a.s.r. The initiative is driven by enthusiastic financial advisors who are keen to share their experience and professional practice in the classroom. The goal is to have each student take at least one LEF course, which consists of four 1.5-hour classes. LEF can already count on broad support in the financial sector, but more guest teachers from the financial world are needed.
In 2015, 23 colleagues were trained to teach guest classes. As a result, the goal that was defined in 2014, i.e. to have 20 guest teachers in our ranks, has been achieved. The aim for 2016 is that the guest teachers teach at least one class consisting of four sessions.
• Reading proficiency activities The a.s.r. Foundation has set up a number of activities that involve employees reading to pupils, for instance in primary schools or day-care centres. On 21 January 2015, National Reading Breakfast Day, 16 colleagues read to primary school children. a.s.r. offered them a healthy breakfast while they were being read to. In partnership with Feyenoord football club, a.s.r. put together a reading
2015 annual report Sustainability book that was presented during a breakfast session put on by a.s.r. for 140 primary school children from RotterdamZuid. The goal for 2016 is to have at least 20 colleagues take part in the national Reading Breakfast Day.
In 2015, more than 21 teams, varying in size, combined a team-building exercise with giving back to the community. They donated their time and got to work for all manner of organizations, including Sherpa, a care institution, Intermezzo Zonnehuizen, a youth care facility, the Dutch Society for the Prevention of Cruelty to Animals and various care farms. There were also projects that employees could sign up to individually. Bicycle enthusiasts were given the opportunity to take part in the Grand Départ, a ride in preparation for the Tour de France organized by the Province of Utrecht. Other charities that were supported in this context were Wilhelmina Children’s Hospital and the Youth Sport Fund.
• Stichting Stad Rotterdam anno 1720 Stichting Stad Rotterdam anno 1720 is a foundation that supports projects in the greater Rotterdam area in the fields of education, social and cultural learning, or care.
• Stichting Woudsend anno 1816 Stichting Woudsend anno 1816 is a foundation that makes donations to non-profit organizations and institutions undertaking social projects in the areas of care and wellbeing, nature and the environment, and art and culture.
• Stichting Carel Nengerman Fonds Carel Nengerman Fonds is a fund focusing on the Province and city of Utrecht. The fund supports cultural and naturerelated projects in the local area.
Under this motto, the a.s.r. Foundation undertook activities that allow employees to actively contribute to the community. Within this context, employees took part in sports events, not only as athletes, but also as organizers and volunteers. These events are often linked to a charity, such as taking part in city runs or organized bicycle rides. Where possible, a.s.r. also supports commendable initiatives or develops its own projects to help individuals or groups of people. Examples include: • Doorgaan.nl This platform, which was launched by De Amersfoortse in 2014, invested € 820,000 in 20 successful projects in its first year. In 2015, 60 projects were ultimately initiated, 33 of which were funded. This year, the website attracted more than 355,000 unique visitors and 4,957 investors came forward. Since the start of Doorgaan, nearly € 1.8 million raised from crowd funding and by De Amersfoortse has been invested in businesses. The Doorgaan.nl website attracts an average of 7,000 visitors per week and more than one million people visited the platform; the Facebook page has been liked more than 13,000 time and the crowd funding videos have been viewed on Facebook over 10 million times.
• De Andere Tour a.s.r. bicycle event De Andere Tour (The Other Tour) was a summer event for the over-60s; the event was organized by Marketing and the pension business during the Tour de France. During The Other Tour, the 42-strong a.s.r. bicycle team completed all 21 stages of the Tour de France on a single tandem bicycle. The team rode the same stages as the professional cyclists, only a day earlier. They too started in Utrecht, climbed the Alpe d’Huez and sprinted towards the finish line on the Champs-Elysées. The team was in the capable hands of Thomas Dekker, a former professional cyclist.
• De Hartstocht It has now become something of a tradition that at the end of each year Ditzo gives part of its marketing and TV budget for health insurance to a campaign to improve medical care. This year, Ditzo decided to fight cardiovascular disease, the leading cause of death in women. A blue velvet toy heart was sent on a trip around the Netherlands to cover as many kilometres as possible and raise funds for research into this fatal disease in women. In total, the campaign raised € 307,650, which was donated to the Cardiovascular Centre of the Utrecht University Hospital.
The funds raised in 2015 were used to buy a passenger van for the National Fund for the Elderly, to launch the ‘sport as a drug’ project and to open a music studio for children in Almere. Most of the donations, i.e. 60%, went towards projects for the elderly. 23% was donated to causes for young people and 17% to families.
2015 annual report Sustainability 7.7 Standards, covenants and memberships a.s.r. has undertaken a public commitment to act as a responsible insurer and investor. In evidence of this, it has signed the following national and international standards and covenants: • United Nations Environment Programme Finance Initiative (UNEP FI)
This covenant was signed by a.s.r. in August 2013. This is a public-private partnership between UNEP and the financial sector. The goal is to promote the integration of sustainability principles at all operational levels of financial institutions. This is achieved by integrating environmental, social and governance factors into an institution’s risk assessment procedures (www.unepfi.org).
As part of the UN Global Compact, a.s.r. signed the Call to Action: Anti-Corruption and the Global Development Agenda in 2014 (www.unglobalcompact.org). Through this initiative, the private sector calls upon governments to promote anti-corruption measures and to implement good governance practices.
• Paris Pledge for Action a.s.r. signed the Paris Pledge for Action on 11 December 2015. In it, the signatories express their firm support for the new climate agreement that was signed during the Paris COP21. The Paris Pledge for Action is an initiative of the French presidency of the COP21, which calls upon all organizations, enterprises, regions, cities and investors to subscribe to the Paris Pledge for Action. Through this pledge, the organizations, including a.s.r., confirm their commitment to a safe and stable climate, in which the increase in temperature is limited to well below 2 degrees Centigrade (www.parispledgeforaction.org).
• UN Principles for Responsible Investment (PRI) a.s.r. signed the UN PRI in 2011. The 1,400 companies worldwide that endorse these principles together manage investments worth € 59 trillion. By applying the six UN principles for responsible investment, a.s.r. contributes to the development of a more sustainable financial system. a.s.r. gives a status update on its progress in meeting the Principles for Responsible Investment every year. This report is posted on www.unpri.org.
• Dutch Manifesto for Socially Responsible Purchasing and Business Practices (MVOI)
In 2012, a.s.r. undertook to observe the Manifesto for Socially Responsible Purchasing and Business Practices (MVIO), an initiative by large businesses in the Netherlands supported by NEVI, the Dutch Association for Purchasing Management (www.nevi.nl/mvi).
• Circle Economy a.s.r. has been a member of Circle Economy since July 2013; Circle Economy is a cooperative that joins forces with its corporate and public members to create a circular economy. With this membership, a.s.r. has undertaken to initiate at least one circular project per year and share the results with the network.
Dutch Association of Insurers, which came into effect on 1 January 2012. The Code stipulates that the investment policies of members of the Association must take account of environmental, social and corporate governance (ESG) aspects at the entities in which they invest.
• ISAE 3402 and ISAE 3000 type II assurance certification To demonstrate that a.s.r. is in control of its processes,
• Dutch Association of Institutional Property Investors (IVBN) This organization looks after the shared interests of large pension funds, insurance companies, asset managers and property funds (whether listed or not).
INREV is an umbrella organization that seeks to create more transparency, accessibility and professionalism, and share best practices.
• Fair Insurance Guide The Fair Insurance Guide is a joint initiative of Amnesty
• Global Reporting Initiative (GRI) The guidelines of the Global Reporting Initiative governing transparent reporting on (quantifiable) economic, ecological and social performance. The GRI G4 benchmark helps to present non-financial information in as structured, measurable and comparable a way as possible. The benchmark was established to compare the non-financial performance wherever possible.
• Social partner of Feyenoord football club As part of the sponsorship and partner agreement with
Feyenoord, the a.s.r. Foundation undertakes various community activities in collaboration with the Rotterdambased football club under the name Feyenoord in Society. These initiatives often centre around financial education.
This report is intended for a.s.r. stakeholders and other interested parties. It covers all a.s.r. brands and operations. The quantitative and qualitative information that is provided concerns a.s.r. as a whole, except where stated that information applies to one specific business line or a division of the organization.
This annual report has also been prepared in accordance with Section 391, Part 9, Book 2 of the Dutch Civil Code and the Dutch Code of Conduct for Insurers issued by the Dutch Association of Insurers.
The CSR working group and Corporate Communications bear primary responsibility for collecting and validating the disclosures. The disclosures are submitted by the different business lines. All disclosures have been measured, unless indicated otherwise. No uncertainties and inherent limitations have been found in the data as a result of measuring, estimating and calculating disclosures. Data have not been estimated, unless indicated otherwise. Any changes in definitions and measuring methods have been explained in the notes to the disclosures. Corporate Communications requests to receive information once a year by means of targeted questionnaires.
Ernst & Young Accountants LLP has issued a limited assurance report on the results included in the table listing the Key Performance Indicators on page 245. For the assurance report, see page 274.
a.s.r. welcomes any feedback you may have about how to change its approach. Please contact a.s.r. if you have any questions about the report. For our contact details, see page 297 of this report.
We have reviewed the selected sustainability KPIs for 2015 (hereinafter: KPIs in scope) included in the table on page 245 of the annual report 2015 of (hereinafter: the Report) ASR Nederland N.V. (hereafter ‘a.s.r.’). We do not provide assurance regarding the corresponding sustainability information for the years 2014 and earlier.
Carbon footprint quantification is inherently subject to uncertainty due to the use of variables such as emissions factors that are used in mathematical models to calculate CO2 emissions, and the inability of those models to precisely characterize under all circumstances the relationships between various inputs and the resultant emissions because of incomplete scientific knowledge on this topic.
Management of a.s.r. is responsible for the preparation of the KPIs in scope in accordance with the reporting policies and criteria developed by a.s.r. as disclosed on page 272 of the Report.
Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the KPIs in scope that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express a conclusion on the KPIs in scope based on the review procedures we have performed and the evidence we have obtained. We conducted our assurance engagement in accordance with Dutch law, including the Dutch Standards on Auditing of which specifically the Dutch Standard 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information. This requires that we comply with ethical requirements and plan and perform review procedures to obtain limited assurance whether the KPIs in scope are free from material misstatement. A review is focused on obtaining limited assurance. The procedures performed in obtaining limited assurance are aimed on the plausibility of information which does not require exhaustive gathering of evidence as in engagements focused on reasonable assurance. The performed procedures consisted primarily of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. Consequently a review engagement provides less assurance than an audit.
Based on our procedures performed, and with due consideration of the limitations described in the paragraph ‘Limitations in our scope’, nothing has come to our attention that causes us to conclude that the KPIs 2015 in scope, in all material respects, are not correctly presented in accordance with the reporting policies and criteria developed by a.s.r. as disclosed on page 272 of the Report.
Building Research Establishment Environmental Assessment Methodology (BREEAM) BREEAM, which was first published by the Building Research Establishment (BRE) in 1990, is the world’s longest established method of assessing, rating, and certifying the sustainability of buildings.
Circular economy Also referred to as cradle-to-cradle. A circular economy is an economic and industrial system that does not exhaust any final natural resources and that feeds back any residual materials into the system. The energy used in a pure circular economy must be generated from renewal sources, solar and wind energy being the main resources.
Clean fair value The fair value of an asset or liability (see below), exclusive of the unrealized portion of accrued interest.
Customer-Oriented Insurance Quality Mark The Customer-Oriented Insurance Quality Mark is a quality mark that is awarded for an insurance company’s quality of service provision and customer focus. For more information, please visit www.keurmerkverzekeraars.nl (in Dutch only).
Derivative A financial instrument with all three of the following characteristics: (a) its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided, where a non-financial variable is concerned, that the variable is not specific to a party to the contract (sometimes referred to as the ‘underlying’); (b) it requires no initial net investment or an initial net investment that is lower than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and
Discounted cash flow method A valuation technique whereby expected future cash flows are discounted at a rate that expresses the time value of money and a risk premium that reflects the extra return that investors demand in order to be compensated for the risk that the cash flows may not materialize.
Discretionary Participation Feature (DPF) A contractual right to receive, as a supplement to guaranteed benefits, additional benefits that are likely to be a significant portion of the total contractual benefits, the amount or timing of which is contractually at the discretion of the issuer, that are contractually based on the performance of a specified pool of contracts or type of contract, realized and/or unrealized investment returns on a specified pool of assets held by the issuer, or the profit or loss of the company, fund or other entity that issues the contract.
Employee benefits All forms of consideration given by an entity in exchange for service rendered by employees.
Expense ratio Expenses, including internal costs of handling non-life claims, less internal investment expenses and less restructuring provision expenses, expressed as a percentage of net earned premiums.
Finance lease A lease that transfers substantially all the risks and rewards incidental to ownership of an asset. The title to the asset may or may not eventually be transferred.
Fraud Wrongful conduct or abuse of facilities and/or resources with deceit as the main component, resulting in enrichment or another gain for the perpetrator, for another party or for a.s.r.
Industrial accident An industrial accident is an accident that happens in the course or as a result of work performed for a.s.r., causing injury to an employee and resulting in absenteeism, permanent disability or death. Accidents happening during an employee’s travel to or from work do not qualify as industrial accidents, although
Long-Term Energy Storage (LTES) Long-Term Energy Storage is a system capturing energy from the earth. The underground storage of energy is used to heat and cool office buildings. In summer, ground water with a temperature of 10 to 12 degrees Centigrade is pumped up from a 50-metre deep cold well. In the heat exchanger in the building, the air for the air conditioning system meets the cold water and the air loses its heat to the groundwater, which warms up. The reverse applies in winter.
Net Promoter Score A management tool that can be used to gauge the loyalty of an organization’s customers.
The PSI were launched in 2012. For more information, please visit www.unepfi.org/psi.
Committee IFRS International Financial Reporting Standards IFSR Insurer Financial Strength Rating (Standard &
Real Estate Vehicles IORP Institution of Occupational Retirement Provision ISDA International Swaps and Derivatives Association IVBN Dutch Association of Institutional Property
Investors KKV Dutch label for a customer oriented insurance KPI Key Performance Indicator LAT Liability Adequacy Test LTEO Long-Term Energy Storage LTGA Long-Term Guarantee Assessment MVI Socially Responsible Procurement and Business
Practices MYP3 Multi-Year Energy Efficiency Plan 3 NEPROM Association of Dutch Property Developers NPS Net Promoter Score NRW Dutch Council of Shopping Centres OIS Overnight Index Swap ORSA Own Risk and Solvency Assessment OTC Over The Counter PARP Product Approval and Review Process P&C Property and Casualty QIS Quantitative Impact Studies (Solvency II) RICS Royal Institution of Chartered Surveyors SaaS Software as a Service SCR Solvency Capital Requirement SME Small and Medium-sized Enterprises SRI Socially Responsible Investment TVOG Time Value of Financial Options and Guarantees UCITS Undertakings for Collective Investment in
Transferable Securities UFR Ultimate Forward Rate USD United States Dollar VOBA Value Of Business Acquired VPL Early retirement and life cycle ‘VUT (Vervroegd
Other customer information For more information about customer surveys within the context of the Customer-Oriented Insurance Quality Mark, please visit the websites of the different labels.
Other employee information The information disclosed below does not include the employees of PoliService, SOS International, Assuradeurenhuys,
The a.s.r. policy addresses: 1. Initial accident report 2. Incident report 3. Report to Labour Inspectorate 4. Insurance • Liability insurance • Group accident insurance
Internal emergency number 77777 or physical report yes yes yes yes
The average absenteeism rate for 2015 at a.s.r. was 3.5%, representing a slight increase on 2014 (3.3%); this is a little lower than the national average in the Netherlands (3.8%). At 1.0%, a.s.r.’s reporting frequency (average absenteeism frequency per month multiplied by 12) was stable.
The reporting frequency is the average absenteeism frequency per month multiplied by 12.
The steps in the process of illness and recovery have been outlined below. An Absenteeism Manual has been put together for managers; they can use this manual to educate themselves about the absenteeism process.
Inappropriate behaviour a.s.r. has in place a Complaints Procedure for Inappropriate Behaviour, which governs all employees who have an employment contract with ASR Nederland N.V. as well as interns, holiday workers, temporary staff and other outside staff who work for ASR Nederland N.V. If an employee is confronted with inappropriate behaviour during their work for
ASR Nederland N.V., he or she can file an individual complaint with the Complaints Committee for Inappropriate Behaviour instituted by ASR Nederland N.V. This Committee advises the Executive Board on the validity of the complaint in accordance with the complaints procedure that has been adopted in dialogue with the Works Council. a.s.r. has also appointed two external confidential counsellors. Employees are free to avail themselves of the option to engage these counsellors.
a.s.r. qualifies the following as inappropriate behaviour: any form of behaviour that is sexual and/or otherwise hurtful, intimidating or offensive in nature. In concrete terms, this would include asking for sexual favours, making offensive oral statements or displaying physical conduct of a sexual nature.
This specifically includes: • inappropriate sexual advances • requests for sexual favours • any other type of verbal or physical conduct of a sexual or otherwise hurtful or offensive nature where: • subjection to the conduct in question is an implicit or explicit condition for the job or the appointment; • a person uses subjection to or rejection of that conduct as a basis for their decision-making with respect to the job or the appointment; • such conduct is meant to create an intimidating, hostile, hurtful or offensive climate, or results in such a climate.
Three formal complaints were filed in 2015. One of the three complaints was declared invalid, which is why it was not handled. The second complaint was ultimately not handled because the two parties involved came to an understanding. The third complaint was handled by the General Complaints Committee on 10 December 2015. On 24 December 2015, the Committee submitted its recommendation to the Director of the business unit in question, after which the Director sent the final decision to the person who filed the complaint on 4 January 2016. No complaints dating back to 2014 were resolved in 2015.
Male Female Male Female Male Female 1 Employees who work less than a full-time equivalent (FTE).
Europeesche Verzekeringen Risk Management Committee • Member – Jerphaas Campagne, Managing Director of
Group Risk Management Coordination Committee of Verzekeraars Versterken, an initiative to strengthen insurance companies • Member – Frank Romijn, Managing Director of occupational disability business PKMM, a forum for small and medium-sized companies • Member – Gerard ten Brincke, Managing Director of
Director of non-life business Working Group Internal Audit • Member – Arnoud Daan, Managing Director of Audit Sector Board, Income Protection • Chair – Frank Romijn, Managing Director of occupational disability business Investment Policy Committee • Chair – Jack Julicher, CIO Financial Markets Sector Board, Pay-and-Benefits • Member – Jolanda Sappelli, Managing Director of Human
Director of occupational disability business Netherlands Institute of Chartered Accountants (NBA) Sector Committee for Insurance Companies and Pension Funds • Member – Arnoud Daan, Managing Director of Audit Netspar, Network for Studies on Pensions, Aging and Retirement • Member of Foundation Board – Fleur Rieter, Managing
Director of pension business Schadegarant/Glasgarant, an association of car and windshield damage repair companies • Board Member – Robert van der Schaaf, Managing Director of non-life business Skydoo, a digital platform for facilitating the acceptance process between intermediaries and lenders • Member of the Board – Mario Menheere, COO of a.s.r. bank Social Fund a.s.r. • Chair – Gerard ten Brincke, Managing Director of
Managing Director of Europeesche Verzekeringen (until 1 March 2015) StiVAD, a real estate data foundation • Member of the Supervisory Board – Dick Gort, Managing
Carbon emissions are reported based on Scopes 1, 2 and 3 of the Greenhouse Gas Protocol. Scope 1 covers all direct emissions (fuel consumed by company vehicles and lease cars), Scope 2 encompasses carbon emissions from consumption of purchased electricity (emitted by the electricity company rather than by a.s.r. itself) and Scope 3 relates to indirect carbon emissions in the corporate value chain (caused, for instance, by commuters without lease cars and external services providers (e.g. airlines).
Scope 3 Business travel (air travel, expense claims for mileage clocked up by private car, train and bus) 172.1 2.5
Location kg CO2 per FTE kg CO2 per m² Emissions (tonnes of carbon dioxide equivalents)
In addition to energy from green sources, a.s.r. purchases hydropower via CertiQ certificates and compensates its residual carbon emissions by buying efficient cook stoves in Ghana that reduce carbon emissions locally.
Residual waste The residual waste collected in 2015 was processed in a waste power plant. This residual waste was converted into (partially green) energy and heat.
The office garden at Archimedeslaan borders on the Ecological Network of the province of Utrecht and provides a habitat for several species of fauna, including bats, hedgehogs, salamanders, insects, storks and grass snakes. a.s.r. has taken the following measures to promote biodiversity.
a.s.r. is committed to conserving this species; to help do so, it has fitted 40 nesting boxes for house sparrows on the facade of its headquarters. All these nesting boxes were installed in 2015.
Suppliers 1 • Segmented by location: - 10% EU and US-based • Segmented by products and services: - IT&C - Facility • Segmented by activities: - BPO (entire process outsourced) - consultancy services
• Analysts • Investors • Banks • Standard & Poor’s (S&P) rating agency • AFM • DNB
Government • NLFI • Dutch Finance Ministry • Cabinet • Parliament • Political parties – financial spokespersons • Dutch Insurance Commission • City of Utrecht • City of Rotterdam • Local authorities • Province of Utrecht • Rijnsweerd Industry Park
(VNG) • Fair Insurance Guide • Dutch Banking Association (NVB) • Dutch Association of Institutional
Reference in annual report GRI aspect and indicator 1 Customer satisfaction and service
Social – Product Responsibility – Product and Service Labelling: G4-PR3 3 Transparent products Customers Chapter 1.5.5 Materiality matrix
Social – Product Responsibility – Customer Privacy: G4-PR8 5 Regulatory requirements Financial market players
Social – Society – Compliance: indicator G4-SO7 Social – Product Responsibility – Compliance: G4-PR9 6 Anti-corruption and fraud Customers Chapter 7.3 Employer
Social – Labour Practices & Decent Work – Labour/ Management Relations: G4-LA4
Social – Product Responsibility – Customer Health and Safety: G4-PR1, PR2 13 Employee health and safety Suppliers Chapter 7.3 Employer
Social – Labour Practices & Decent Work – Occupational Health and Safety: G4-LA5, LA6, LA7, LA8 14 Supplier human rights assessment
Social – Human Rights – Child Labour: G4-HR5 16 Non-discrimination Financial market players
Social – Human Rights – Non-discrimination: G4-HR5 17 Forced or compulsory labour
Social – Human Rights – Investment: G4-HR2 19 Energy Government Chapter 7.5.2 Energy
Government Sustainable contribution to society Sustainable financial products (19) Respect (1)
Employees Vitality and financial security Healthy and inspiring work environment (13) Respect (1)
Weekly Delivery of product or service and follow-up appointments if required/ requested
Information provision on developments at a.s.r., policies and specific issues/ projects
Performance of duties Daily Follow-up appointments if required/requested 1 For more information about the stakeholders, see the a.s.r. Annual Magazine.
Contact The a.s.r. annual report 2015 is published in the English language only. a.s.r. also only publishes the annual report digitally. This reduces the a.s.r. paper consumption, which is one of our sustainability goals. The report can be downloaded as a pdf.
We welcome feedback or questions on our report. You can contact us as follows: ASR Nederland N.V.