Report
Cor Kluis

ASR : Solvency 174% or 180% with normal mortgage spreads, and 196% end 2024

>Conclusion: Solvency 174% or 180% with normal mortgage spreads end 2023 - For end-2H23, we expect a.s.r. to show a Solvency 2 ratio of 174% (from >185% pro forma Aegon transaction at end-1H23) which is a change of -13pp mostly by the -6.6pp from temporary irrelevant ‘mortgage credit spread’ widening. This 174% is actually 180% with a normalised ‘mortgage credit spread’. This S2 ratio excludes the -potential- bank sale, the partial internal model and leverage potentia...
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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