ASR Nederland N : Solid results and strong commercial performance in the first half of 2023, combination Aegon Nederland on track

Utrecht, 30 August 2023, 07.00 a.m. CET

Solid results and strong commercial performance in the first half of 2023, combination Aegon Nederland on track

Solid results in all segments

• Operating result increased to € 460 million in HY 2023 (HY 20221: € 454 million), reflecting solid contribution from all business segments offsetting increased hybrid debt expenses.
• Operating result for the Non-life segment increased by € 10 million (5.4%) to € 189 million (HY 2022: € 180 million).
  A higher investment result more than offset an increase in the combined ratio2 to 94.9% (HY 2022: 93.4%).
• Operating result for the Life segment increased by € 19 million (6.5%) to € 310 million (HY 2022: € 291 million), primarily as a result of higher interest rates.
• Operating result for the fee-based businesses was stable and amounted to € 35 million (HY 2022: € 36 million).
• Operating return on equity amounted to 13.5% (HY 2022: 12.0%).
• Net IFRS result was € 346 million (HY 2022: € -1,512 million). The result in HY 2022 primarily reflected the significant negative revaluations driven mainly by strongly increasing interest rates in HY 2022.
• Interim dividend over 2023 increased to € 1.08 per share (HY 2022: € 0.98), equal to 40% of the dividend for 2022, which is in line with the dividend policy.

Robust solvency and strong organic capital creation

• Solvency II ratio (standard formula) as of 30 June 2023 was 215% (31 December 2022: 221%). Pro-forma Solvency II ratio after closing of the Aegon Nederland transaction is estimated at > 185%.
• Organic capital creation decreased by € 14 million to € 414 million (HY 2022: € 428 million), underlying (excluding the additional hybrid expenses) the OCC showed an improvement. The positive impact of lower UFR drag due to higher interest rates and a higher contribution from P&C was more than offset by higher Tier 2 hybrid expenses and a lower contribution from Disability.
• Unrestricted Tier 1 capital stood at € 5.3 billion, equal to 74% of own funds.

Strong commercial performance driven by organic growth

• Premiums received in the Non-life segment increased by 18.9% to € 2,961 million (HY 2022: € 2,490 million), driven
  by organic growth in all product lines: P&C +6%, Disability +12% and Health +50%.
• Total inflow in the Life segment remained fairly stable at € 1,149 million (HY 2022: € 1,160 million), reflecting higher inflow in Pensions DC offset by less inflow in Pensions DB and Individual life. Total inflow in DC products increased by 7.8% to € 729 million (HY 2022: € 676 million).
• Mortgage origination amounted to € 1.4 billion, a decrease of € 2.3 billion (HY 2022: € 3.7 billion) reflecting the decline in demand in the market for mortgages as a result of higher interest rates. Market share remained stable.
• Assets under management for third parties increased to € 30.8 billion (31 December 2022: € 28.5 billion).

Engaged employees and sustainability profile further strengthened

• Employee engagement remains strong. The annual Denison survey showed a score of 89, exceeding the target (>85).
• Responsible investments: the objective of a 65% reduction of the CO2 footprint in 2030 was achieved well before the target date.
• Impact investments increased to € 3.3 billion (31 December 2022: € 2.9 billion).
• The reputation as a sustainable insurer rose to 38% (FY 2022: 37%). The target is > 40% in 2024.

Combination of a.s.r. and Aegon Nederland is on track

• Appointment of Management Board and senior management of the new business combination.
• Labor Unions' approval of conditions of employment protocol for Aegon Nederland employees.
• Integration plan initiated and on track for employer entity merger in October.

• Due to changes in IFRS standards, the 2022 comparative figures are now based on IFRS 17 / 9 and consequently differ from the IFRS 4 figures and related KPI's reported for 2022.

• Combined ratio of the Non-life segment (including Health).

1

Jos Baeten, Chairman of the Executive Board and CEO: 'We have had a strong first half year. This is reflected in higher sales, a rise in customer satisfaction, high employee engagement and a robust operating result and strong capital creation. It is the first time that we are reporting our results under the new IFRS 17/9 accounting standards.

I would like to give a special thanks to all colleagues who have made great efforts in recent years to get this done on time.

While our service to customers continues unabated, we are working hard to successfully combine the businesses of Aegon Nederland and a.s.r. On July 4, we completed the transaction and Aegon Nederland became part of

ASR Nederland. This also marked the moment when we kicked off further introductions on both sides, something that we were really looking forward to.

The next step is the legal merger of the two entities. This is scheduled for 1 October this year at the earliest. After that, we can start the actual integration of activities. We are also mindful of the aim of bringing the two cultures together

to create one winning culture. With the timely introduction of the Management Board, which will lead this extensive operation, and the appointment of the senior managers, who will lead the integration of the various business units, we have made an energetic start. All work is proceeding according to plan and we are providing further evidence of our execution strength in the area of mergers, integrations and acquisitions. We intend to provide the market with an update on the progress of the combining of businesses of Aegon Nederland and a.s.r. by the end of 2023.

Meanwhile, we have achieved strong results in the first half of the year. Our solvency remained robust and our organic capital creation was strong at € 414 million. Our operating result was also slightly higher than in the first half of 2022, at

• 460 million. Underlying these results, we saw all business units delivering solid performances and a.s.r. making good commercial progress.

In the Non-life segment we saw organic growth in all three product lines: premiums received in P&C increased by

6 percent, in Disability by 12 percent and from Health by 50 percent. In the Life segment, we continued to achieve sales growth of our Pension DC products, the 'Werknemers Pensioen' and 'Doenpensioen'. As the Dutch Senate has now passed the WTP pension reform, we expect pension funds to start to act on this too. This offers new commercial opportunities for a.s.r. With the combined strength of a.s.r. and our new colleagues from Aegon Nederland and TKP, we expect to serve part of that market and remain committed to growth.

In line with our commitment to play a leading role in sustainability, we have made a number of targeted investments over the past six months. To further promote sustainable repair for our customers, we have invested in a sustainable damage repair facility and a digital services platform. As an insurer that has been in operation for more than 300 years, the transition to fully sustainable damage repair, is a journey we are taking together with our intermediaries and customers. As a result of the integration of this knowledge and experience, we can further optimise our services and offer sustainable damage repair as efficiently as possible. a.s.r. also set interim net-zero targets for 2030 for its non-life insurance portfolio today. These targets are part of the commitment signed by a.s.r. as a member of the Net-Zero Insurance Alliance to have our insurance portfolio transformed to zero emissions by 2050.

Ahead of the energy crisis, a.s.r. introduced the "Verduurzamingshypotheek" (Sustainability Mortgage). This remains a popular product for customers. In the first six months of 2023, 30 percent of new mortgage customers also took out a Verduurzamingshypotheek. Our data also shows that the vast majority of these customers will use the extra borrowing capacity to make their homes more sustainable in the foreseeable future. Since June this year, new a.s.r. mortgage customers can also turn to "Energiebespaarders" (Energy savers) for free personalised energy advice and the implementation of energy-saving measures. In this way, a.s.r. helps customers to make their homes more sustainable and contributes to reducing CO2 emissions.

Although we saw few major weather-related events in the first half of this year, mudslides, extreme rainfall, hailstones and forest fires currently dominate the news. In early July, we experienced Poly, the first major summer storm in the Netherlands. This was one of the heaviest summer storms ever to hit our country. The experts and claims handlers of a.s.r. were immediately on standby to deal with the number of damage reports from our clients. The financial impact of this storm for the company's own account is ultimately expected to remain below € 10 million. This will be recognised in the result for the second half of this year. As one of the three largest non-life insurers in the Netherlands, the increase in weather-related claims has already had our attention for some time. There is an urge for the industry and society to think about the impact of these developments and how to deal with it.

2

Despite the fact that a large number of colleagues spent a great deal of time working on the transaction with Aegon Nederland last year, helping customers remains our priority. Over the past six months, we have deployed additional customer teams to better serve customers. This investment translates, among other things, into a continued high NPS-c score and at the same time a decrease in the number of complaints.

For the second half of this year, we remain committed to providing the best possible service to our customers and intermediaries and to create a successful business combination with Aegon Nederland. We are managing a healthy company with the ambition to become the best financial services provider in the Netherlands. We can only achieve this through the continued commitment of all employees and the trust of customers and intermediaries. Finally, we are grateful for the support from our shareholders and all other investors in a.s.r.'

Key figures1

(in € million, unless per share or expressed as a percentage)

P&L key figures

HY 2023

HY 2022

Delta (%)

Operating result2

Net result for the period (on IFRS basis) Premiums received and DC inflow3 Operating expenses

460		454		1.4%
346		-1,512		n.m.1
4,111		3,650		12.6%
-357		-332		7.6%

Balance sheet key figures30 June 2023 31 December 2022Delta (%)

Total equity		6,300		6,136		2.7%
Total equity attributable to shareholders		5,279		5,105		3.4%
Contractual Service Margin		1,972		1,829		7.8%
Liquidity position at holding level		2,655		2,142		23.9%
Solvency II key figures	30 June 2023		31 December 2022		Delta (%)

Solvency II ratio (standard formula)4

Organic Capital Creation (OCC, 2022 & 2023: HY)

Ratio's and per share data

215%		221%		-6%-p
414	428	-3.3%
HY 2023		HY 2022		Delta (%)

Operating result per share		3.11		3.36		-7.3%
OCC per share		2.80		3.17		-11.6%
(Interim) Dividend per share		1.08		0.98		10.2%
Combined ratio Non-life segment (incl. Health)		94.9%		93.4%		1.5%-p
Operating return on equity5		13.5%		12.0%		1.5%-p
Financial leverage		32.1%		32.1%		0.0%-p
Other key figures	30 June 2023		31 December 2022		Delta (%)
Number of FTEs (total workforce)		5,063		4,873		3.9%
Number of FTEs (internal)		4,436		4,313		2.8%
Number of shares issued and outstanding at end of period (m)		147.8		147.9		-0.1%
Weighted average number of issued and outstanding shares (m)		147.8		137.0		7.9%

Explanatory notes to the table

1. Changes in IFRS standards; IFRS 17 Insurance contracts is effective from 1 January 2023 and a.s.r. also applied IFRS 9 Financial instruments from that date. The 2022 comparative figures are now based on IFRS 17 / 9 and consequently differ from the IFRS 4 figures and related KPI's reported for 2022.
2. The definition of operating result has changed due to the introduction of IFRS 17. The operating result is calculated by adjusting the result before tax from continuing operations reported in accordance with IFRS, adjusted for the following: i) investment related: all market related movements resulting in revaluation of assets and liabilities are excluded from operating result. These are replaced by an Operating Investment and Finance Result (part of the

• n.m.: not meaningful.

3

Operating Result) which includes the expected return on the investments in excess of the expected interest accrual on the insurance liabilities; ii) the impact of changes to future services on onerous contracts; iii) the impact of changes in inflation on the Liability of Incurred Claims; iv) other adjustments and incidental items.

For more details on the operating result the reader is referred to chapter 5.1.1 of the Interim Report for the first half year.

1. Premiums received and DC inflow is equal to the premiums received plus the customer funds deposited by the DC-products 'Werknemers Pensioen' and the IORP 'Doenpensioen' which under IFRS are not accounted for as premiums.
2. Solvency II ratio is inclusive of financial institutions.
3. The operating return on equity is calculated by dividing the operating result before tax after deduction of taxes (tax rate 25.8%) by the annual average equity attributable to shareholders after deduction of the reserve for unrealised profits and losses and the equity for real estate development (operating activities in 'run-off').

Important dates

Wednesday 30 August 2023

Wednesday 6 September 2023

Thursday 7 September 2023

Tuesday 12 September 2023

Thursday 30 November 2023

Thursday 29 February 2024

Publication half-year results 2023

Ex-interim dividend date

Dividend record date

Dividend payment date interim H1 2023

Investor update on the Aegon Nederland integration

Publication full-year results 2023

The figures in this press release have not been audited or reviewed by an external independent auditor.

Conference call for financial market parties (in English) at 9.30a.m. CET. For more information, go to www.asrnl.com.

Media Relations	Investor Relations
Rosanne de Boer
T: [phone]	T: [phone]
E: [e-mail]	E: [e-mail]
www.asrnederland.nl	www.asrnl.com

About a.s.r.

ASR Nederland N.V. (a.s.r.) ranks among the top 3 insurers of the Netherlands. a.s.r. offers products and services in the fields of insurance, pensions and mortgages for consumers, self-employed persons and companies. In addition, a.s.r. is active as an asset manager for third parties. a.s.r. is listed on Euronext Amsterdam and is included in the AEX Index. For more information, please visit www.asrnl.com.

This press release contains inside information within the meaning of Article 7 of the Market abuse regulation (Regulation 596/2014).

4

Financial group and business performance HY 2023

ASR Nederland N.V.

Key figures

a.s.r. key figures (in € million, unless stated otherwise)	HY 2023		HY 2022		Delta (%)
Operating result		460		454		1.4%
- Non-life		189		180		5.4%
- Life		310		291		6.5%
- Asset Management		21		19		6.2%
- Distribution and Services		15		17		-12.9%
- Holding and Other (incl. Eliminations)		-75		-53		40.0%
Incidental items (not included in operating result)		-4		-2,500		n.m.1
- Investment related		109		-2,419		n.m.
- Non-investment related		-113		-81		-40.4%
Result before tax		456		-2,046		n.m.
Income tax		-115		535		n.m.
Non-controlling interest		5		-1		n.m.
Result attributable to holders of equity instruments		346		-1,512		n.m.
Operating return on equity		13.5%		12.0%		1.5%-p
Return on equity on IFRS basis		12.4%		-56.1%		n.m.
Premiums received and DC inflow		4,111		3,650		12.6%
- Non-life		2,961		2,490		18.9%
- Life		1,149		1,160		-1.0%
Operating expenses		-357		-332		7.6%
- Non-life		-144		-139		3.8%
- Life		-97		-98		-1.0%
- Asset Management		-60		-56		8.1%
- Distribution and Services		-48		-45		6.7%
- Holding and Other (incl. Eliminations)		-7		7		n.m.
Per share metrics
OCC per share (€)		2.80		3.17		-11.7%
Operating result per share (€)		3.11		3.36		-7.3%
(Interim) Dividend per share (€)	1.08	0.98	10.2%
Other key figures	30 June 2023		31 December 2022		Delta (%)
Solvency II ratio (standard formula)		215%		221%		-6%-p
Organic capital creation (OCC, 2022 & 2023: HY)		414		428		-3.3%
Financial leverage		32.1%		32.1%		0.0%-p
Double leverage		71.6%		75.1%		-3.6%-p
Total equity attributable to holders of equity instruments (IFRS-based)		6,283		6,109		2.8%
Contractual Service Margin		1,972		1,829		7.8%
Number of FTEs (total workforce)		5,063		4,873		3.9%
Number of FTEs (internal)		4,436		4,313		2.8%

• n.m.: not meaningful.

5