Report
Cor Kluis

ASR : Pro forma Solvency and excess capital better, operationally 1H24 in line

>Conclusion: Pro forma Solvency and excess capital better, operationally in line - End 1H24 the pro forma group Solvency 2 ratio was with 196% higher than expected as a result of more benefits from the Knab Aegon bank sale. As a result the excess capital is about € 300m higher which is positive for the for excess capital adjusted FCF yield, which is about 14%. We have a good S2 ratio of 212% for end 2025. In 1H24 the non-life life result was good with above market ave...
Underlying
ASR Nederland NV

ASR Nederland NV is a multiline insurance company based in the Netherlands. The Company operates through six segments: Non-Life, comprising non-life insurances, including motor vehicle, fire, travel and leisure, transport, liability, agricultural, construction motorized vehicles and construction all risk and assistance insurance products, among others; Life, offering insurance policies that involve asset-building, asset protection, term life insurance and funeral expenses for consumers and business owners; Banking and Asset Management, providing banking activities and activities related to asset management, including investment property management; Distribution and Services, including the distribution of insurance contracts and intermediary services; Holding and Other, providing primarily holding activities of the Company, as well as Real Estate Development, specialized in the development of real estate properties. The Company operates in the Netherlands and internationally.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Cor Kluis

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