Basis for our opinion We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the section Our responsibility for the audit of the financial statements of our report. We are independent of the Company within the meaning of the Dutch ethical requirements as included in the ‘Verordening op de gedrags- en beroepsregels accountants’ (VGBA) and the ‘Verordening inzake de onafhankelijkheid van accountants’ (ViO) and have fulfilled our other responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The assumptions require significant Executive Board’s judgment. The company has comprehensive procedures and internal controls in place to determine the value of the liabilities arising from insurance contracts. Our audit included, amongst others, comprehensive testing of the Company’s procedures regarding the determination of the assumptions, based on market observable data and actuarial analysis of the technical results during the year compared with the expected outcome based on the used assumptions. We discussed the outcome of the internally prepared analysis with the internal actuaries and the external (certifying) actuaries and we challenged the assumptions used, making use of our own actuarial experts. We furthermore focused on the adequacy of disclosure of the provisions and the related risks and assumptions in notes 2.25 and 16 of the financial statements.
Sensitivities in the calculation of the solvency ratio For the calculation of the solvency ratios as disclosed in note 4.1.2. the surplus from the liability adequacy test (test margin) and the surplus of the investment property value (the difference between the book value and the fair value) are important inputs. Both these inputs are under pressure due to market conditions. The surplus from the liability adequacy test is especially sensitive for changes in interest-rates and cost parameters. The surplus of the investment property value is especially sensitive to market developments.
Our audit procedures include challenging the underlying assumptions used by the Executive Board for the liability adequacy test, making use of market observable data and publications of the Dutch Central Bank. We discussed the outcome of the liability adequacy test with the internal actuaries and the external (certifying) actuaries, making use of our own actuarial experts. As part of our audit we tested the internal procedures regarding the valuation of the investment property portfolio and assessed whether the fair value of investment property was based on valuation reports of independent professional property appraisers. We furthermore focused on the adequacy of disclosure on investment property and assumptions in note 9 of the financial statements.
Responsibilities of the Executive Board, the Supervisory Board and Audit and Risk Committee for the financial statements The Executive Board is responsible for the preparation and fair presentation of these financial statements in accordance with EU-IFRS and with Part 9 of Book 2 of the Netherlands Civil Code, and for the preparation of the Report of the Executive Boards in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the Executive Board is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. The Supervisory Board and the Audit and Risk Committee are responsible for overseeing the Company’s financial reporting process.
Our responsibility for the audit of the financial statements The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Dutch Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Dutch Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Company to express an opinion on the financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We are required to communicate with the Supervisory Board and the Audit and Risk Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We are also required to provide the Supervisory Board and Audit and Risk Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on the Report of the Executive Board and other information
We report that the Report of the Executive Board, to the extent we can assess, is consistent with the financial statements.
6. When calculating the profit, the shares held by the Company on which pursuant to paragraph 5 no dist ribution to the Company is made shall be disregarded.
On 1 July 2013, an amended version of the Dutch Insurance Code came into force. One of the features of the amended Code is the requirement for insurers to account for their compliance per stipulation. These compliance reports are to be included in consolidated/company annual reports and published on the group/company website. Such a compliance report for a.s.r. is given below. The Dutch Insurance Code can be downloaded at www.asr.nl/EN/about-asr (in Dutch).
1.2 Accountability under the Code If an insurer is part of a group, it may apply parts of the Code at either group or consolidated level. a.s.r. has opted for application of the Code’s principles at consolidated level. ASR Bank N.V. accounts for its compliance with the Dutch Banking Code in a separate report.
The Supervisory Board may request any information it deems necessary to the performance of its duties as well as consult external experts. The Supervisory Board performs a self-assessment at least once a year, whereby its composition is included.
2.1.2 The Supervisory Board should have a sufficient number of members to enable the proper performance of the duties of the Board and its committees. What is deemed to be a suitable number also depends on the nature, size and complexity of the insurer.
When the incumbent chair of the Supervisory Board steps down, the Supervisory Board will draft an individual profile in line with the general profile for the entire Supervisory Board as well as covering the requirements concerning financial sector experience and expertise, and knowledge of the socio-economic and political culture and the social environment of the main markets in which the insurer operates.
The incumbent chair of the Supervisory Board possesses wide knowledge and many years’ experience of the financial services sector and of the socio-economic and political culture and the social environment of the main markets in which a.s.r. operates.
In 2013, three CE sessions were organized for the members of the Supervisory Board. The first was devoted to developments in distribution and consumer behaviour, the second to regulatory changes and the third to value management. Members can use the annual self-assessment to indicate whether they require additional training and education in specific topics, which is then organized within the CE framework.
The Supervisory Board takes account of the effectiveness of the CE programme in its annual evaluation and assessment of members’ performance, and discusses whether members have sufficiently enhanced their knowledge of the topics covered in the CE programme.
The Supervisory Board’s regulations stipulate that the Board should conduct an annual assessment of its performance and that this assessment is to take place under the guidance of an external party every three years. Following the assessment under external guidance in 2012, the Supervisory Board conducted a self-assessment in 2013 using feedback questionnaires. The findings were first discussed within the Supervisory Board and subsequently with the Executive Board.
2.2 Duties and procedures 2.2.1 In the conduct of its supervisory duties, the Supervisory Board shall pay particular attention to the insurer’s risk management. Discussions of the insurer’s risk management should always be prepared by a special risk management or similar committee chosen from among the Supervisory Board members.
In 2013, in accordance with the relevant provisions of its regulations, the Supervisory Board adopted the Executive Board’s proposal concerning the risk appetite. The Supervisory Board was advised on this matter by the Audit & Risk Committee (ARC). The Supervisory Board also discussed and adopted the proposals for applying the risk appetite of ASR Nederland N.V. to licensees of ASR Nederland N.V.
The ARC’s regulations have been published as an annex to the Supervisory Board’s regulations on www.asr.nl/EN/about-asr.
This principle is enshrined in the job profiles for the Executive Board members and is assessed by the Supervisory Board (and/or its Selection, Appointment & Remuneration Committee) whenever vacancies in the Executive Board are being filled. Executive Board members are further subject to a suitability check conducted by the Dutch Central Bank, to ensure that the composition of the Executive Board is adequate to the proper discharge of its duties.
The members of the Executive Board have varying backgrounds and expertise in the insurance industry and the financial sector (see their abbreviated CVs on www.asr.nl/EN/about-asr and on page 69 of this report).
The Executive Board’s regulations guarantee that Executive Board members follow a programme of continuing education (CE). The CE programme comprises both individual and group modules on developments in the financial sector, corporate governance in general and that of the financial sector in particular, the duty of care towards customers, integrity, risk management, financial reporting, auditing and consistent, well-balanced decision-making.
In 2013, the members of the Executive Board attended three CE sessions as a group. The first two were devoted to generational management and reputation management, the third focused on value management. Executive Board members also took individual training courses as part of the CE programme.
The implementation of principles 3.1.3 and 3.1.4 is described in this report.
The Executive Board bears collective responsibility for the management of the company and hence for its general risk management policy. It is the responsibility of the Chief Financial Officer (CFO) to prepare the decision-making on risk management, and this responsibility has been included in the CFO’s job profile. In 2013, the CFO prepared all decision-making concerning risk management and risk appetite. The CFO was involved, in a timely manner, in the preparation of decisions that are material to a.s.r.’s risk profile. In the performance of the risk management function, the focus was also on the importance of financial stability and the possible impact of systemic risks on a.s.r.’s risk profile.
3.1.8 The Executive Board member charged with the duty to prepare the Board’s decision-making on risk management shall be able to combine this duty with other areas of responsibility, provided that he or she has no individual commercial responsibility for, and operates independently from, commercial areas of responsibility.
The Executive Board’s regulations stipulate that the members of the Executive Board shall fulfil their duties carefully, expertly and with integrity, while complying with all applicable laws, rules, regulations and codes of conduct.
From its mission, a.s.r. has derived three core values that serve as a ‘moral backbone’: to be individual and authentic, to show a personal touch in contacts with others, and to be accountable for our own conduct and for honouring commitments. These core values are included in the declaration the Executive Board and senior management signed in 2011. The declaration has been posted on www.asr.nl/EN/about-asr.
3.2.4 It is the duty of the Executive Board to ensure that the declaration referred to under principle 3.2.3 is transposed into principles guiding the actions of all the insurer’s employees. On appointment, each new employee shall be explicitly informed of the meaning of these principles by means of a reference in their employment contract with the insurer, and they are expected to abide by them.
All aspects of the moral and ethical declaration are addressed in the codes of conduct and integrity, and employment contracts specifically refer to these codes. a.s.r. provides information and support to employees on questions of how their own conduct and attitude may help to gain and maintain the trust of customers and other stakeholders. Key in this respect is that conduct and attitude should
4 Risk management 4.1 The Executive Board, and within the Executive Board primarily the chair, shall be responsible for the adoption, implementation, monitoring and any necessary adjustments of the insurer’s general risk management policy. The Executive Board shall submit a proposal for the risk appetite to the Supervisory Board at least once a year. Any material changes to the risk appetite proposed in the intervening period shall also be subject to the Supervisory Board’s approval.
The Executive Board bears collective responsibility for the management of the business, and hence for its overall risk management policy; final responsibility rests with the chair of the Executive Board. A division of duties was introduced within the Executive Board, under which the final responsibility for risk management has been assigned to the CFO. The preparation of risk management policy decisions is one of the CFO’s duties. Functional responsibility for the risk management has been assigned to the Chief Risk Officer (CRO). In the line, the CRO reports to the CFO. There is also an independent line of reporting from the CRO to the Audit & Risk Committee (ARC).
4.2 The Supervisory Board shall supervise the risk management policy pursued by the Executive Board. To that end, the Supervisory Board shall discuss the insurer’s risk profile and assess, at strategic level, whether the overall capital allocation and liquidity requirement are in agreement with the approved risk appetite. The Supervisory Board shall be assisted in the discharge of these supervisory duties by a Risk Management Committee formed from among its members.
The Executive Board reports on financial and non-financial risk management on a three-monthly basis. Each year, the Executive Board determines the risk appetite and submits it to the Supervisory Board for approval. This principle is enshrined in the regulations for the Executive Board, the Supervisory Board and the ARC, and forms a regular part of the management cycle.
The Executive Board is provided with a quarterly status update of the management of risk priorities at a.s.r. and with the most important findings of the Financial Risk Committee and the Non-Financial Risk Committee, also on a quarterly basis. The Executive Board is presented with additional reports if between scheduled reporting dates developments take place that require its attention.
Every division is responsible for the meticulous completion of the entire process. The PARP Board is chaired by the Marketing Director. People with the knowledge and skills required in a product development process have been given specific responsibility for the various sub-steps.
Treating customers fairly is central to every step of the process, and Risk Management and Compliance have each been given special responsibility. No product can be launched without the approval of these two corporate functions. The process is further subject to an annual audit by the Audit Department, and safeguards have been put in place to ensure that recommendations made by Audit are implemented. The process is also evaluated by the PARP Board.
All new a.s.r. product propositions go through this process, which ensures that they are developed in such a way as to meet the needs of customers and treat customers fairly in a number of different scenarios. An important element is making sure that a proposition is geared to the target group. The duty of care and the duty to inform are also part of the process. A similar, but different process is in place for existing products, which are evaluated on the basis of a risk assessment. Even products no longer being offered are evaluated using today’s set of standards. In 2013, 10 new propositions and 17 product adjustments were submitted to the PARP Board for approval. The review of 21 existing products was also submitted to the PARP Board for approval.
The Audit Department has an independent position within a.s.r., as set down in the Audit Charter. The head of the Audit Department reports to the chair of the Executive Board and has a reporting line to the chair of the Audit & Risk Committee.
The Audit Department 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. The Audit Department evaluates the effectiveness of governance, risk management and internal control processes, and gives practical advice on process optimization. This statement of duties has been set down in the Audit Charter. The Audit Department reports its findings to the Executive Board and, by means of the quarterly management report, to the ARC.
The Audit Department engages in periodic consultations with the independent external auditor, and as a rule it attends the meetings of the ARC. The Audit Department’s risk assessment consists of the macro and micro plans, and is performed in close consultation with the independent external auditor. These plans are approved by the ARC.
The independent external auditor reports its findings in its Board Report to the Executive and Supervisory Boards.
6 Remuneration policy 6.1 Basis 6.1.1 The insurer shall pursue a careful, restrained and sustainable remuneration policy, in line with its strategy, risk appetite, goals and values and taking account of its long-term interests, the relevant international context and public support. The Supervisory and Executive Boards shall adhere to this principle in carrying out their duties in respect of the remuneration policy.
Improving and maintaining the integrity and robustness of a.s.r. is key to the remuneration policy, and the focus is squarely on the long-term interests of all a.s.r.’s stakeholders. The aim of the remuneration policy is to motivate employees to work for the interests of customers and other stakeholders within the parameters of the duty of care. The remuneration policy is based on the following principles: • The remuneration policy does not restrict a.s.r.’s scope to strengthen its regulatory capital, solvency margin or equity.
• Risk Management: each year, the Risk Management Department examines, and issues an opinion on, the compatibility of a.s.r.’s financial objectives and individual targets of identified employees with a.s.r.’s risk profile.
• The level of remuneration is actually below the median for the peer group. • The total remuneration package should be appealing enough to allow a.s.r. to compete in the relevant segments of the labour market and attract competent people.
The remuneration policy for the Executive Board was adopted by the AGM on 28 May 2010. Since the Regulation on Sound Remuneration Policies 2011 (‘RBB’) came into force, a.s.r. has tightened its remuneration policy of 28 May 2010 to comply with RBB rules. In June 2012, the AGM approved the award of an individual bonus to all members of the Executive Board with the exception of the chair in connection with the Act on the limitation of liability for DNB and AFM, and the bonus prohibition for state-aided enterprises (see 6.3.1 for further details). In 2013, a.s.r. again tightened its remuneration policy by ending the Supervisory Board’s discretionary power to award, in individual cases, a small amount in variable pay even if no profit was posted.
6.2 Governance 6.2.1 The Supervisory Board shall be responsible for implementing and evaluating the remuneration policy for the Executive Board once it has been adopted. The Supervisory Board shall also approve the senior management remuneration policy and monitor its implementation by the Executive Board. Finally, the Supervisory Board shall approve the principles of the remuneration policy for the insurer’s other employees. The insurer’s remuneration policy includes the policy on the award of retention, exit and joining packages.
Human Resources reports, on an annual basis, to the SAR Committee and the Supervisory Board on the highest variable pay, the exit packages granted and the most salient issues regarding pay and benefits. a.s.r. offers no retention or joining packages.
1 Reference is made to the Supervisory Regulation on Sound Remuneration Policies 2011, the Dutch Corporate
Governance Code, the Governance Principles for Insurers, but also to the Minimum Wage and Minimum
a.s.r.’s remuneration policy starts from the principle that the average level of total pay and benefits should be just below the median of that of the peer group. A comparison with the peer group is made to determine the competitiveness of the Executive Board’s total pay and benefits. The peer group comprises Dutch financial institutions and Dutch non-financial, medium-sized companies, both private and public. The SAR Committee periodically assesses whether the composition of the peer group remains adequate or should be revised. At least once every three years, a market comparison (remuneration benchmark) is performed by an external consultancy to check whether the remuneration of the Executive Board needs to be reviewed.
The benchmark was last performed in 2011. The current remuneration of the Executive Board is far below the median of the peer group, which is reinforced by the prohibition of the payment of variable remuneration to Board members according to the Act on the limitation of liability for DNB and AFM, and the bonus prohibition for state-aided enterprises. In order to bring the remuneration level more closely into line with the company’s remuneration policy and to compensate for the loss of pay, the Supervisory Board has acted on a proposal by the SAR Committee and decided in 2012 to take the opportunity offered by the Act to award Board members a personal bonus. The Executive Board members, with the exception of the chair, were awarded a personal bonus of, on average, 16%.
Please note that, in accordance with the Act on the limitation of liability for DNB and AFM, and the bonus prohibition for state-aided enterprises, the members of the Executive Board of a.s.r. are not awarded any variable pay as long as a.s.r. falls under the scope of the Act.
6.3.4 Shares awarded to an Executive Board member for no consideration shall always be held for a period of five years or until termination of the employment contract if this is shorter. Options shall not be exercised within the first three years of having been awarded.
225a.s.r. 2013 annual report Other information 6.4.2 Each insurer shall cap the ratio between fixed and variable pay at a level suitable to their business. The variable pay of an Executive Board member shall not exceed 100% of their fixed income.
The procedure for setting, evaluating and reviewing the targets for the variable pay of sales and back-office staff is contained in the a.s.r. collective bargaining agreement, the job grading and salary structure for sales and back-office staff under the collective bargaining agreement, the assessment procedure and a manual. The procedures for higher and senior management and the Executive Board have been elaborated in the remuneration policy document.
The scores on the agreed performance criteria for variable pay are adjusted to allow for risks and costs. In setting the performance scores, the Supervisory Board is advised by the SAR Committee, which receives input and advice from Risk Management, Compliance, Audit and Human Resources. The Supervisory Board sets the scores. The procedure for target-setting and risk management (ex ante and ex post) is formalized in the remuneration policy document.
Claims ratio The cost of claims, net of reinsurance in non-life, excluding the internal costs of handling non-life claims, less interest accrual on reserves, and margin of prudence for health, expressed as a percentage of net earned premiums.
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, whose amount or timing 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.
Embedded derivative A component of a hybrid instrument that also includes a non-derivative host. The host contract may be a bond or share, a lease, an insurance contract or a contract of purchase and sale.
Fair value The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing partners in an arm’s length transaction.
IFRS Acronym of International Financial Reporting Standards (previously International Accounting Standards, IAS). As of 1 January 2005, these Standards have been the generally accepted international accounting policies that apply to all listed companies in the European Union. They make annual results easier to compare and offer a better understanding of a company’s financial position and performance.
Subordinated debt Loans (or securities) that rank after other debts should the company fall into receivership or be closed.
Subsidiary An entity that is controlled by ASR Nederland N.V. (the parent).
Strategy and Analysis 1.1 Statement from the CEO of the organization.
Part I (a.s.r. at a glance), Section 1.2 (Message from the CEO).
Part II (Report of the Executive Board), Section 2.3 (Risk management).
2.3 Operational structure of the organization, including main divisions, operating companies, subsidiaries, and joint ventures.
Part VI (Financial statements), Section 5.1 (Group structure and segment information).
2.4 Location of organization’s headquarters. Part I (a.s.r. at a glance), Section 1.1 (Profile and key figures).
All ASR Nederland N.V. labels are operated exclusively in the Netherlands, except for a number of funeral portfolios in Germany and Belgium.
2.7 Markets served (including geographic breakdown, sectors served, and types of customers/beneficiaries).
2.8 Scale of the reporting organization. Part I (a.s.r. at a glance), Section 1.1 (Profile and key figures).
Contact details. 242 3.5 Process for defining report content. Introduction. 3 3.6 Boundary of the report (e.g., countries, divisions, subsidiaries, leased facilities, joint ventures, suppliers).
3. 8 Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations, and other entities that can significantly affect comparability from period to period and/or between organizations
Governance, Commitments, and Engagement 4.1 Governance structure of the organization, including committees under the highest governance body responsible for specific tasks, such as setting strategy or organizational oversight.
4.2 Indicate whether the Chair of the highest governance body is also an executive officer.
Part V (Report of the Supervisory Board), Section 5.1.3 (Management and supervision).
4.3 State the number and gender of members of the highest governance body that are independent and/or non-executive members.
a.s.r. considers relevant stakeholders those that can exert influence on its operations and groups on which a.s.r. can exert influence. See GRI Appendix I.
Economic ec1 Direct economic value. Part II (Report of the Executive Board), Section 2.1.1 (ASR Nederland N.V.) and Part VI (Notes to the consolidated financial statements ff.).
lA2 Total number and rate of employee hires and employee turnover by age group, gender.
lA6 Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and advise on occupational health and safety programmes.
Representation is provided for in the Safety, Health, Welfare and Environment Committee of the Works Council, of which seven members represent the Works Council and two represent Human Resources, as well as in the occupational health and safety advisory groups in Utrecht/Amersfoort, and at Europeesche and Ardanta (12 employees). This brings the total number of employees on joint management-worker health committees to 21. As a result, the interests of everyone working at a.s.r. are being looked after.
lA7 Rates of injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities.
The absenteeism rate for 2013 was 3.75%. The absenteeism frequency was 1.2. The in-house emergency services responded to 19 incidents. Our occupational health and safety board reported 22 occupational diseases. There were no work-related fatalities.
lA9 Health and safety topics covered in formal agreements with trade unions.
These agreements are outlined in the occupational health and safety catalogue for the insurance sector (www.gezondverbond.nl, Dutch only) and obligations resulting from collective bargaining provisions for the insurance sector (Section 7, Occupational health and safety) form the parameters for the occupational health and safety policy.
The workshop Sustainable Employability comes under this heading (Part III (Corporate Social Responsibility), section entitled Sustainable employer). In addition, the Career Centre encourages employability and internal mobility by organizing career orientation workshops, career programmes and other initiatives.
In 2013, 100% of women returned to work after their maternity leave. 2.62% of employees left the organization at their own initiative after having taken parental leave.
en11 Location and size of land owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas.
Part III (Corporate Social Responsibility), section entitled Sustainable focus on the environment.
en28 Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with environmental laws and regulations.
So7 Total number of legal actions for anti-competitive behaviour, anti-trust, and monopoly practices and their outcomes.
Product portfolio fS8 Monetary value of products and services designed to deliver a specific environmental benefit for each business line broken down by purpose.
fS11 Percentage of assets subject to positive and negative environmental or social screening.
Customers a.s.r. engaged in dialogue with its customers in 2013 through customer panels and customer arenas. a.s.r. uses the information gained from these initiatives to improve its information provision to customers.
Quote a.s.r. Banking: online savings account – email + attachment/letter 1 a.s.r. Bank Banking Online savings account Email a.s.r. Banking: online savings account – email + attachment/letter 2 a.s.r. Bank Banking Online savings account Email a.s.r. Banking: online savings account – email + attachment/letter 3 a.s.r. Bank Banking Online savings account Email
Letter and brochure introducing new mixed fund: Letter A – negative option a.s.r. Life Unit-linked insurance Letter
Letter and brochure introducing new mixed fund: Letter B – no mixed fund a.s.r. Life Unit-linked insurance Letter
Policy conditions of a.s.r. construction and engineering insurance a.s.r. Non-Life Construction and engineering insurance
Politics a.s.r. stayed in close contact with politicians in 2013. We welcomed Minister Schippers of Health, Welfare and Sports on a working visit to the a.s.r. occupational disability and health insurance business. Both Jos Baeten and Roel Wijmenga met with financial experts of the different parties represented in the Dutch House of Representatives. In 2013, a.s.r. also organized a round-table meeting with representatives of the youth chapters of political parties PvdA (social-democrats), VVD (liberals) and D66 (liberal-democrats) to talk about the future of the pension system with Michel Verwoest, who is the Executive Board member in charge of the Pension business. In addition, there were regular meetings with cabinet ministers and MPs of different political parties.
a.s.r. media attention 2013 a.s.r. was mentioned in 3,173 media messages in total in 2013. Breakdown of media messages: • 70% posted online; • 20% published in newspapers; • 10% published in magazines.
The media were predominantly positive about the renovation of our main office (15%) and Olli (13%); they were negative about unit-linked policies (30%).
Intermediaries Meetings and workshops were organized for intermediaries. Issues addressed during these meetings included the pension proposition, occupational disability insurance, Inkomen Nu (income security), the Voordeelpakket (non-life insurance package), sports and health, and the Dutch Sickness Absence and Occupational Disability among Sickness Benefit Claimants (Restrictions) Act. In total, these meetings were frequented by nearly 2,000 delegates.
Contracts of definite duration 91 114 205 Contracts of indefinite duration 1,352 2,316 3,668
LA2 Total number and rate of employee hires and employee turnover by age group and gender
ALM Asset Liability Management CCR Counterparty Credit rating (Standards and Poor’s) CDO Collateralized debt obligation CDS Credit default swap CRSA Control Risk Self Assessment CoC Cost of Capital) COSO The Committee of Sponsoring Organizations of the Treadway Commission CSA Credit Support Annex DAC Deferred acquisition costs DBO Defined Benefit Obligation DNB The Dutch Central Bank (De Nederlandsche Bank) DNB LAT Dutch DNB (regulatory) liability adequacy test (Toereikendheidstoets) DPF Discretionary Participation Features ECAP Economic Capital Eonia Euro Over Night Index Average ERM Enterprise Risk Management EUR Euro Euribor Euro Interbank Offered Rate FIRM Financial Institutions Risk Analysis Method FTE Full-time equivalent IAS International Accounting Standards IBNR Incurred But Not Reported IFRIC International Financial Reporting Interpretations Committee IFRS International Financial Reporting Standards IFSR Insurer Financial Strength rating (Standards and Poor’s) ISDA International Swaps and Derivatives Association LAT Liability Adequacy Test LTGA Long Term Guarantee Assessment OIS Overnight Index Swap ORSA Own Risk and Solvency Assessment OTC Over The Counter QIS Quantitative Impact Studies (Solvency II) RICS Royal Institution of Chartered Surveyors SCR Solvency Capital. Requirement TVOG Time Value of Financial Options and Guarantees UFR Ultimate Forward rate USD United State Dollar VOBA Value of Business Acquired VPL Early retirement and life cycle ‘VUT (Vervroegd UitTreden), Prepensioen en Levensloop’ WFT The Dutch Act on Financial Supervision which regulates the supervision of financial institutions in the Netherlands (Wet op het financieel toezicht)
Contact The a.s.r. Annual Report 2013 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.
Investor Relations ir@asr.nl Up-to-date information for investors can be found on www.asr.nl/EN/about-asr > Investor relations