About a.s.r. | 1.1 At a glance 9 1.1 At a glance
About a.s.r. | 1.3 Value creation model 15 a.s.r.’s approach Output Impact
In addition to inorganic growth, a.s.r. has identified several potential business growth areas that are close to its core competences and where it intends to expand its existing services to become more relevant for customers.
Operating environment | 2.2 SWOT analysis 23 2.2 SWOT analysis a.s.r. operates in a changing and highly regulated environment and needs to stay on top of trends that impact its business models. It aims to be adaptive so that it can benefit from opportunities as well as mitigate risks to its business models that originate from those trends. Within this environment, a.s.r. has compiled the following non-exhaustive list of its current strengths and weaknesses and opportunities and threats. The overall trends and developments includes technological, environmental, demographic, economic, financial markets, political and regulatory developments.
• Strong solvency position with high-quality of capital • Track record of an attractive return on equity, capital and cash generation • Diversified and resilient Dutch insurer with leading positions in attractive market segments • Excellence in pricing, underwriting and claims handling • Focus on sustainable customer solutions • Proven cost reduction capability and continuous focus on operational efficiency • Profitable LDI Asset Management platform with solid SRI policy • Skilled, experienced management focused on execution and delivery of high performance • Track record of value creating acquisitions and proven integration skills
• With the retreat of government and a shift in pensions, there is potential demand from customers to accumulate capital on an individual basis
Customers Customers expect to obtain value for the premiums they pay. Customers need to be confident that their funds are managed skillfully and in a socially responsible way. Client expectations change continuously and a.s.r. will need to be able to adapt to changes to fulfil customer needs, both now and in the future. a.s.r. is committed to enhance customer service in its product offering to sustain successful customer relationships in the future.
As a fi nancial service provider, it is for a.s.r. of great importance to gain and maintain the confi dence of its stakeholders. In addition to the roles mentioned above other aspects such as data and privacy protection, integrity, paying fair taxes, human rights and reducing a.s.r.’s environmental impact play a major part in being a trusted company. See chapter 3.5 Our role as a trusted company.
Life focused on payment arrangements for customers: • Following the results of a survey, a pilot was started to extend the term of a payment arrangement. The aim is to offer customers more suitable payment arrangements.
a.s.r. strives to fill at least 35% of all vacancies internally. In this way, knowledge of the company is retained and employees are given the opportunity to develop further within the organisation. In 2019, 256 vacancies of the total of 480 were filled internally, which means that 53% of all vacancies were filled by internal candidates.
‘Het Andere Plan’ ‘Het Andere Plan’ is a.s.r.’s social plan. This plan centres on guidance from work to work with an emphasis on the development and sustainable employability of employees. The training and development budgets and the financial safety net employees receive when they have to leave the company due to reorganisations remained unchanged compared to 2018. After 2019, the financial safety net will decrease and the personal budget for sustainable employability will go up. The agreements are in force up to and including 2021.
Climate change and energy transition a.s.r. has integrated climate change and energy transition into its SAA as an explicit theme/driver since 2016, and has also taken measures to implement its commitment across the investment portfolio. a.s.r. has analysed and identified risks for the investment portfolio both bottom-up − taking into account stranded assets and changing business models in the mining and energy sectors – and top-down, in its SAA. In 2019, a.s.r. acquired new data from Ortec Finance to incorporate climate scenarios into the SAA. These scenarios served as input for the reporting on climate risks and opportunities according to the Task Force on Climate-related Financial Disclosures (TCFD) see chapter 4.4 a.s.r.’s approach to addressing climate change.
Sustainable value creation | 3.4 Our role as a sustainable investor 48
Tax rulings In some cases, it is desirable for a.s.r. to obtain certainty from the tax authorities in advance about the application of (often complex) tax legislation and regulations. If that is the case, a.s.r. will ask the tax authorities for a prior tax ruling on a tax position adopted by a.s.r. Any such rulings and other arrangements with the tax authorities are always in line with a.s.r.’s tax strategy. Consulting with the tax 1 Restated for International Accounting Standards (IAS) 12 amendment. 2 The effective tax burden differs from the (nominal) statutory tax rate. This is caused, 9 in particular by applying the participation exemption.
Asset management For a.s.r.’s asset management activities a SRI policy is in place, where human and labor rights are an essential part of. The SRI policy is used in its assessments of countries and companies, both to avoid controversial practices and risks and to identify best practices and opportunities. As a consequence, a.s.r. favours companies that perform well in their policies on and implementation of human rights, for example, conducting on-going human rights due diligence studies, setting targets to promote diversity, respecting the right to privacy or promoting collective bargaining. At the same time, a.s.r. excludes investments in companies if they are complicit in systematic and/or gross violations of human or labor rights, including child labor, forced labor or severe controversies in the supply chain. Also countries that score low in the Freedom of the World Index (civil rights) are excluded. The SRI guidelines follow the standards as defined by Forum Ethibel and SRI research is performed by Vigeo Eiris.
Ethics workshops center around daily dilemmas, providing opportunities for all employees and decision-makers in the company to engage in critical reflection and dialogue. This supports people to practice navigating the ethical playing field, employing insights from different ethical theories to signal moral dimensions and carefully classify relevant stakeholders and their interests. Dilemma sessions are hosted to tackle recurring themes and issues within different departments in order to reflect on these issues and create practical ethical guidance tailored to specific circumstances.
In 2019, 108 cases of alleged lack of integrity were investigated by the Investigations department. 41 disciplinary measures were taken in the case of a proven lack of integrity in the conduct of an employee, intermediary or supplier. With respect to employee conduct, 9 employees were found to have violated the a.s.r. code of conduct. Following investigation, a lack of integrity, e.g. fraud and inappropriate conduct or behaviour, was proven. These employees were disciplined for infringing the company’s principles. This resulted in addressing behaviour, written warning or dismissal. The Investigations department reports quarterly on the number of incidents and measures taken. This report is discussed with the EB and the SB.
a.s.r. provides relevant insight into its activities through selected financial and non-financial disclosures. To that end, it regularly updates the markets on its financial performance, the progress it is making on the execution of its strategy and any other relevant developments through press releases, webcasts, conference calls and other forms of communication.
Public Affairs of a.s.r. supports the operational entities in relation to regulatory and political strategies and monitors regulatory and political subjects within a.s.r. a.s.r. is committed to democracy and wants to play a neutral yet substantive part. a.s.r. therefore does not support political parties financially in any way whatsoever.
a.s.r.’s purpose is to help people by taking on some of their risk and building up capital for future use. Part of a.s.r.’s strategy is to stimulate financial self-reliance and inclusiveness in society. This is not automatically the case for everyone. This is where a.s.r. foundation can assist. a.s.r. contributes to the resolution of social problems, working towards the long term. Besides a.s.r. foundation there is a separate sponsorship and donation policy which is in line with a.s.r.’s strategy to stimulate financial self-reliance and inclusiveness in society.
Profit before tax Profit before tax rose 33.9% to € 1,210 million (2018: € 904 million). The increase was driven by a higher operating result (€ 109 million), higher indirect investment income (€ 180 million) and a positive contribution from incidentals (€ 18 million) compared to 2018.
The increase in indirect investment income is mainly due to realised capital gains on equities and an increase in the unrealised gains on real estate. The contribution of incidentals increased this year, mainly due to the purchase gain on the acquisition of Loyalis (€ 118 million, 1 The integration is already in progress and therefore the result can no longer be precisely determined.
Operating result The operating result rose by 58.5% to € 226 million.
With a market share of 27.3%1 in 20182, measured in GWP, a.s.r. has been a traditional leader in this market. The Dutch disability insurance market measured in GWP amounts to € 3.71 billion in 2018. The COR of Disability (including Loyalis) improved by 2.5%-points to 88.3% (2018: 90.8%) due to the inclusion of Loyalis and an improvement in the sickness leave portfolio.
In addition to the fixed annuity product a.s.r. introduced a new pension product, the variable pension. This product offers customers a sustainable product for the accrual phase of their pension, with a good balance between risk and return.
Market The premium volume in the individual life market has declined in recent years due to low interest rates and tax reforms. The decline is expected to continue in the years to come.
With its own distribution businesses, a.s.r. is well positioned for these developments as well as for supporting the independent intermediary channel.
Impact of supervision, laws and regulations Due to growing political and regulatory pressure, there is a risk that: • a.s.r.’s reputation will suffer if new requirements are not complied with in time; • Available resources will largely be utilised to align the organisation with new legislation, leaving fewer resources to spend on core customer processes; • Processes will become less efficient and pressure on the workforce will increase; • a.s.r. will have administrative fines or sanctions imposed on it for failure to comply with requirements (on time).
Energy transition The transition to a climate-neutral economy was part of a.s.r.’s risk priorities for 2019. The transition entails uncertainties, changes and risks. The extent and impact of the risks depends on, among other things, the pace of energy transition, government policies, technological developments and changing consumer behaviour. An abrupt energy transition could have a major impact on the economy, business models and financial stability.
Climate change is part of the annual group-wide Strategic Risk Analysis (SRA) process conducted by all business lines, support departments and the EB, and is coordinated by GRM. The SRA process is built on a series of workshops and provides a detailed inventory of strategic business risks and translates these into (operational) control measures. All risks in scope (e.g. strategic risk, market risk, counterparty default or liquidity risk) are weighted according to a scale of risk with ‘levels of concern’.
Climate is integrated into the investment process for all asset classes and customer portfolios, for example through the integration of environmental scores and carbon emission data in the portfolio construction and specific portfolio guidelines on carbon emissions, energy transition scores or (environmental) indicators following the SDG framework. All this is supported by internal and external research and data, including qualitative and quantitative analysis and forward-looking indicators.
a.s.r. is a signatory of the Paris Pledge 2015 and commits to a safe and stable climate in which the increase in global average temperature should be limited to well below 2 degrees °C and preferably below 1.5 degrees °C.
a.s.r. is an active participant in developing and implementing the PCAF approach to calculating the climate impact of its investments.
The operating companies Loyalis Leven N.V. and Loyalis Schade N.V. legally merged with ASR Levensverzekering N.V. and ASR Schadeverzekering N.V. respectively on 1 October 2019. Loyalis’ non-life insurance business will remain in Heerlen and continue to offer products under the name Loyalis. On 19 July 2019, ASR Nederland N.V. announced the acquisition of VvAA Levensverzekeringen N.V. The completion of the acquisition was effected on 1 January 2020. In addition, ASR Nederland N.V. announced the acquisition of Veherex Schade N.V. on 23 August 2019. This acquisition was also completed on 1 January 2020 and will be integrated within the Loyalis brand.
Ingrid de Swart studied Dutch language and literature at Utrecht University. At CEDEP in Fontainebleau, she followed the Young Executive Programme and the General Management Programme. In addition to various other leadership, management and intervision programmes, she attended the Advanced Management Programme at Wharton University in Pennsylvania in 2014. Ingrid de Swart previously worked at Aegon Nederland, where she has been a Board Member since 2017 as Chair of Aegon Retail. Between 2014 and 2017, Ingrid de Swart was a member of the EB of Delta Lloyd.
Culture and customer interest Every six months, the SB considers the theme of customer interest based on reports, including the NPS report and the complaints report. These reports provide insight into levels of customer satisfaction. In 2019, the NPS was further improved compared to the previous year. The SB was satisfied that a.s.r. goes to great lengths to deliver a good NPS performance.
The S&AC advises the SB on selection and appointment procedures and the composition of the Boards; it also prepares the (re)appointment of members. The S&AC met eight times in 2019. Its meetings are also attended by the CEO and the Director of Human Resources, who also acts as Secretary of the committee in association with the Company Secretary.
The calculation of annual pension expenditure is based on the total pension rights granted during the term of service at a.s.r. Further changes in the cost of pension benefits are mainly due to the impact of age, terms of service, gender and age differentiated disability, mortality and other actuarial assumptions. The pension costs include pensions based on maximum pensionable salary cap, compensation for the maximum pensionable salary cap (to be used for pensions at the employees’ discretion) amounting to € 285,000 (2018: € 259,000) in total, and VPL. The pension benefits, excluding compensation for the maximum pensionable salary cap, represent post-employment benefits.
Also under the current CLA the a.s.r. employees are given an indexation of their salary of 3% (per 1 March 2019 and per 1 March 2020).This increase would also apply to the EB. For 2020 this means that all members of the EB receive an increase of 3% per 1 March 2020.
In determining the remuneration level, the responsibilities and time spent of a SB of a listed financial institution is taken into account, including: • Revised and expanding legislation and regulations; • Fundamental changes in the nature and complexity of the company and governance; • a.s.r.’s profile, in which organic growth, mergers, acquisitions and collaborations in complex insurance areas will be actively examined and/or pursued.
Financial statements 2019 | 6.2 Consolidated financial statements 135 6.2.2 Consolidated income statement
Financial statements 2019 | 6.2 Consolidated financial statements 138 6.2.4 Consolidated statement of changes in equity
Cost of issue of other equity instruments - - - - - - - - - -
The amendment impacts the presentation of the tax related to interest payments on other equity instruments. The tax impact of the interest payments on these instruments was until 2018 presented as part of equity. As from 2019, the tax impact is presented in the line item income tax (expense) / gain in the consolidated income statement. The comparative figures have been restated accordingly; tax expense was reduced by € 15 million. There is no impact on equity.
See accounting policy AA (chapter 6.3.4) for the lease accounting policy applied by a.s.r.
The general model measures insurance liabilities by taking the fulfilment cash flows, being the present value of future cash flows (PVFCF) including a risk adjustment (RA), and then adding a contractual service margin (CSM). The CSM represents the unearned profits of insurance contracts and will change the recognition of revenue in each reporting period for insurance companies. Under current a.s.r.’s accounting policy, revenue for insurance contracts is recognised when premiums are earned or received. Under IFRS 17, the insurance contract revenue depicts the insurance coverage and other services provided arising from the group of insurance contracts at an amount that reflects the consideration to which a.s.r. expects to be entitled in exchange for those services. Revenue includes the release of the CSM and RA in profit or loss over the coverage period. Insurance service result is a new income statement line item which is effectively a net result on NFR of all insurance contracts. Current economic and non-economic (e.g. actuarial) assumptions are used in remeasuring the fulfilment value at each reporting period.
A financial instrument is quoted in an active market if: • Quoted prices are readily and regularly available (from an exchange, dealer, broker, sector organisation, third party pricing service, or a regulatory body); and • These prices represent actual and regularly occurring transactions on an arm’s length basis.
This category primarily includes: I. Financial instruments: private equity investments (or private equity partners) and real estate equity funds third parties; II. Financial instruments: loans and receivables – mortgage loans, and mortgage equity funds; III. Investment property, real estate equity funds associates and buildings for own use; IV. Financial instruments: asset-backed securities.
When applying the discounted cash flow method for rural valuations, the significant inputs are the discount rate and market lease values. These inputs are verified with the following market observable data (that are adjusted to reflect the state and condition, location, development potential etc. of the specific property): • Market value per acre per region in accordance with the ‘rural land price monitor’; • 10 Year Dutch Government Bond Yield (%) as published by the DNB.
Life insurance contracts Life insurance contracts (in cash) include savings-linked mortgages, annuities, term insurance policies, savings contracts and funeral insurance contracts. In addition to non-participating life insurance contracts, the insurance portfolio also includes: • Individual and group participating contracts; • Individual contracts with DPF (see accounting policy I); • Group contracts with segregated pools with return on investment guarantees.
Deferred taxes in respect of revalued assets and liabilities, whose value adjustments were directly credited or charged to equity, are taken to equity and, upon realisation, included in the income statement together with the value adjustments.
Financial statements 2019 | 6.4 Group structure and segment information 163 6.4 Group structure and segment information 6.4.1 Group structure
Loyalis was the group company of a number of entities, being Loyalis Leven N.V. (Loyalis Life), Loyalis Schade N.V. (Loyalis Non-life), Loyalis Kennis & Consult B.V. and Cordares Advies B.V. Loyalis offers disability insurance, survivors’ insurance and supplementary pensions for employers, employees and self-employed persons. Loyalis has been legally merged into a.s.r. as per 1 August 2019. Furthermore, Loyalis Life and Loyalis Non-life legally merged into a.s.r. leven and ASR Schadeverzekering N.V. (hereafter a.s.r. schade) respectively as per 30 September 2019. In preparation of these mergers, Loyalis Life and Loyalis Non-life were sold to a.s.r. leven and a.s.r. schade respectively.
Financial statements 2019 | 6.4 Group structure and segment information 176
Changes in composition of the group 6 90 32 129 57
Due to this outcome a step 2 impairment test has been performed, which is a more sophisticated analysis (dividend discount model) that better addresses the specific characteristics of the business and market circumstances of the CGU a.s.r. life. The main assumptions used in this internal value-in-use model are: • The future cash flows are based on the specific portfolio characteristics and expected market developments for the life insurance market in which the CGU operates; • To reflect the long-term character of the life insurance business, the expected decrease of the SCR is used to extrapolate cash flow projections up to 40 years; • The lower limit solvency target is used to calculate future dividends, which are discounted with an 5,8% discount rate.
The second step impairment test indicates that there is an excess of recoverable amount over the book value of the CGU (buffer). A deterioration within reasonable limits on one of the underlying assumptions in isolation would not lead to an immediate impairment. For example, an increase in the discount rate will primarily lead to a lower valuation, but this is partially offset by a positive effect on the future cash flows as interest rates are likely to rise in this situation. The current buffer is also expected to be sufficient to absorb a combination of negative factors. However, should circumstances on multiple factors deteriorate significantly, it could lead to a negative outcome, resulting in an insufficient buffer and consequent impairment.
Assumptions used in the step 2 internal model are: • Future cash flows are based on expected market developments and past experience and on the long term characteristics of the markets in which the CGU’s operates; • A steady state growth rate used to extrapolate cash flow projections beyond the budget periods (1.5%) which reflects the market segment in which the CGU’s operates; • The (pre-tax) discount rate used in the estimate of value in use ranges between 6.7% and 6.8%, depending on the
Value of Business Acquired (VOBA) VOBA relates to the acquisition of Amersfoortse Stad Rotterdam and the recent Loyalis acquisition. At year-end 2019, VOBA will be fully amortised in 11 years and the average amortisation for the next 5 years will be € 22 million per year.
Land and buildings for own use Equipment Right-of-use assets Total 2019 Total 2018
Financial statements 2019 | 6.5 Notes to the consolidated balance sheet 188
Total unrealised gains and losses recorded in equity 567 19 586 6.5.12.3 Actuarial gains and losses The balance of actuarial gains and losses related to the pension obligation decreased in 2019 by € 381 million after tax and € 508 million before tax (2018: increased by € 39 million after tax and € 53 million before tax). The decrease is mainly due to a decrease in the discount rate (see chapter 6.5.15).
Basic earnings per ordinary share from continuing operations (in euros) 6.46 4.59
Total life insurance contracts at 31 December 32,218 28,217 166 174
At year-end 2019, the liabilities included a guarantee provision for a carrying amount of € 44 million (2018: € 44 million) and a provision related to unit-linked insurance contracts and pension contracts for a carrying amount of € 51 million (2018: € 45 million). These provisions relate to compensation for the cost of these contracts.
6.5.15.3 Other long-term employee benefits Other long-term employee benefits consist of the employer’s share of liabilities arising from long-term services, such as jubilee benefits.
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 2019, this rate was 25.0% (2018: 25.0%). The enacted tax rate for 2020 will be 25.0%.
Level 2: Fair value based on observable market data - - - -
The property has a relatively fixed return. 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 rates. The following table shows a breakdown of the fair value and vacancy rates of the portfolio of investment property.
Financial statements 2019 | 6.7 Other notes 233 6.7.8 List of principal group companies and associates
List of principal group companies and associates 1 These are companies for which a statement of joint and several liability under section 403, Book 2 of the Dutch Civil Code has been issued. 2 Registered insurance companies 3 Other Wft registered companies 4 Joint Venture
Solvency II sensitivities a.s.r. has assessed the impact of various sensitivities on the solvency ratio. The sensitivities as at 31 December 2018 and 2019, expressed as impact on the group solvency ratio (in percentage points) are as follows: Solvency II sensitivities - insurance risks
Financial statements 2019 | 6.8 Risk management 252 6.8.2.2.3 Managing Health and Non-life insurance risk Health and Non-life insurance risk is managed by monitoring claims frequency, the size of claims, inflation, handling time, benefit and claims handling costs, and biometrical risks (disability, recovery, illness, death). Concentration risk also qualifies as an insurance risk.
Market risk is the risk of potential losses due to adverse movements in financial market variables. Exposure to market risk is measured by the impact of movements in financial variables such as equity prices, interest rates and property prices. The various types of market risk which are discussed in this section, are: • interest rate risk • equity risk • property risk • currency risk • spread risk • concentration risk
Besides this, the real estate exposure also increased due to a change in EIOPA regulation, which made it possible to allow look through for participations which activities are primarily real estate investments. The property investments are diversified across the Netherlands.
The required capital for currency risk is determined by calculating the impact on the available capital due to a change in exchange rates. Both assets and liabilities are taken into account and a look-through approach is applied for investment funds. For each currency the maximum loss due to an upward and a downward shock of 25% is determined except for a small number of currencies where lower shocks are applied (Danish crown; Bulgarian lev).
The total exposure of assets in scope of spread risk is € 31,297 million (2018: € 25,236 million). The increase of the portfolio is mainly due to the acquisition of Loyalis and transactions. The portfolio decomposition is similar to 2018, except: • the relatively amount of non core government bonds increased and the relatively amount of Corporates decreased; • the relatively amount of A decreased and the relatively amount of AA and BBB increased
Counterparty default risk reflects possible losses due to unexpected default or deterioration in the credit standing of counterparties and debtors. Counterparty default risk affects several types of assets: • mortgages • savings-linked mortgage loans (‘Spaarlossen’) • derivatives • reinsurance • receivables • cash and deposits
6.8.4.1 Mortgages Mortgages are granted for the account and risk of third parties and for a.s.r.’s own account. The a.s.r. portfolio consists only of Dutch mortgages with a limited counterparty default risk. The fair value of a.s.r.’s mortgage portfolio was € 8,401 million at year-end 2019 (2018: € 7,546 million).
Financial statements 2019 | 6.8 Risk management 264 6.8.5 Liquidity risk
Financial liabilities payable on demand include the liability recognised for cash collateral received under ISDAs, concluded with counterparties. The related cash collateral received is recognised as cash and cash equivalents, and not part of the liquidity risk exposure table.
The risk policies prescribe specific risk analyses to be performed to identify and analyse the risks. For important IT systems, Information Security Analyses (IVA – Informatie Veiligheids Analyse) have to be performed and for large outsourcing projects a specific risk analysis is required.
(in € millions) (Before profit appropriation) Note 31 December 2019 31 December 2018
Our audit response related to fraud risks In order to identify and assess the risks of material misstatements of the financial statements due to fraud, we obtained an understanding of the entity and its environment, including the entity’s internal control relevant to the audit and in order to design audit procedures that are appropriate in the circumstances. As in all of our audits, we addressed the risk of management override of internal control. We do not audit internal control per se for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
We also inspected lawyers’ letters and correspondence with regulatory authorities and remained alert to any indication of (suspected) non-compliance throughout the audit. Finally we obtained written representations that all known instances of non-compliance with laws and regulations have been disclosed to us. In cases of known instances of non-compliance we assessed whether the company has a process in place to evaluate the impact of non-compliance for its operations and financial reporting and, where relevant, implemented remediation plans.
Following the acquisition of Loyalis N.V on 1 May 2019, a new key audit matter has been defined.
Other information | 7.1 Report on the audit of the financial statements 2019 included in the annual report 290
Market cap as at 31 December (in € million) € 4,695 € 4,876 € 5,043
Associate An entity over which a.s.r. has significant influence and that is neither a subsidiary nor an interest in a joint venture.
• For real estate the most recent figures from a selected set of external data providers are used in the carbon footprint calculation.
When selecting these investments, the output side of an organisation (products, services) is considered, not the input side (ESG policy, initiatives, risk management). In order to qualify as an impact investment, a company or government must always be allowed within the general ESG policy.
Trees for all Trees for All is a foundation and recognised charity with CBF quality mark. The contribution of a.s.r. for CO2 compensation and planting trees invests Trees for all in the construction of new forest and the protection of existing forest. These projects generate extra income for the local population and contribute to the restoration of nature and the environment.
Netherlands M&A Merger and Acquisitions MSCI Morgan Stanley Capital International Index NCSC National Cyber Security Center NFR Non-financial risk NFRC Non-Financial Risk Committee NGOs Non-governmental and nonprofit organisations NLFI NL financial investments NPS Net Promoter Score NVB Dutch Banking Federation OBI Open source Soil Index OCC Organic capital creation OECD Organisation for Economic Cooperation and
Government • Meetings with Board members, senior management and team Public Affairs