Dutch insurer ASR Nederland N.V. (a.s.r.) has reported a 9.8% increase in its operating result to €901 million for the first half of 2026, underpinned by broad-based performance across its business segments and the completion of its Aegon Nederland integration.
Net profit attributable to equity holders increased to €809 million from €126 million in H1 2025, supported by positive market developments and real estate revaluations.
Operating result of the fee-based businesses stood at €115 million, up 32.1% from €87 million in H1 2025, driven by improved results across all underlying businesses and the acquisition of HumanTotalCare.
Operating return on equity increased to 15.4%, compared to H1 2025’s 14.2%, comfortably above the target of >12%, the insurer noted.
The operating result for the Non-life segment increased by 4.6% to €268 million, from €256 million in H1 2025, with its combined ratio standing at 91.6%, which was better than the target range of 92-94%.
P&C combined ratio improved to 89.9% driven by favourable prior-year developments, offsetting higher weather-related claims.
Disability posted a 93/3% combined ratio amid headwinds from Dutch disability agency (UWV) delays and rising employment absenteeism. Organic premium growth in P&C and Disability stood at 6.0%.
At €689 million, the life segment’s operating result increased by 11.6%, from €618 million in H1 2025, driven by improved investment and underwriting results.
Defined Contribution assets under management increased to €34.1 million, from €30.0 million at year-end 2025. Total Life inflow fell 49.0% to €2,712 million due to lower pension buy-out activity.
Chairman of the Executive Board and CEO, Ingrid de Swart, commented: “It is with pride that I present a.s.r.’s strong results. Our focus on sustainable value creation and financial discipline proved successful in the first half of this year. We report a record level of organic capital creation (OCC) and operating result, driven by all business segments. In the Life segment, we see a higher investment margin, supported by the contribution of the pension buy-outs we completed last year.
“In the Non-life segment, profitability and organic growth remain robust, despite continued uncertainty around rising absenteeism and the challenges at the Employee Insurance Agency (UWV) leading to higher disability benefit payments. The result of our fee-based business units increased due to the realisation of cost synergies and the acquisition of HumanTotalCare. We are on track to meet our 2026 OCC target.”
She added: “I am pleased to see that our strategy and strong capital position continue to drive profitable growth. These results were achieved thanks to the dedication of our colleagues and the trust placed in us by our customers and intermediaries. I am very grateful for that.”
