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1 Kleuren:
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2 Significant progress in executing our CMD plans € • All major integration milestones have been achieved • Partial internal model implemented for a.s.r. Life as planned • Fully on track to achieve run-rate cost synergies target of € 215m in 2026 • Progressive dividend; dividend per share up 9.3%, supported by share buybacks • Executed share buybacks of € 230m in 2025 and € 175m announced today • OCC 2025 fully allocated to shareholders (75%) and inorganic growth (25%) • Strong balance sheet allows us to be fully entrepreneurial • Successful deals in pension buy-outs and acquisition of Bovemij and HTC • Well on track to achieve OCC target of € 1,350m in 2026 Completion of integration activities Expanding our business through inorganic growth Offering attractive capital return Creating a leading insurer in the Netherlands
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1 Excluding Health 2 2024 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio. 3 Strong results driven by disciplined strategy execution Growth IFRS Solvency II Organic capital creation Solvency II ratio € 1,315m +10.2% (FY 2024: € 1,193m) 218% +20%-p (FY 2024: 198%) Operating result Combined ratio Non-life1 92.2% +1.3%-p (FY 20242 : 90.9%) € 1,637m +11.9% (FY 20242 : € 1,463m) DC inflow Premiums received Non-life1 € 3.0bn +8.8% (FY 2024: € 2.8bn) € 4.1bn +3.0% (FY 2024: € 4.0bn) • OCC increased more than 10%, driven by a higher finance result, strong performance of fee-based businesses and the realisation of cost synergies • Solvency ratio strengthened to 218%, supported by OCC and the uplift from applying the Partial Internal Model to a.s.r. Life • Full-year dividend of € 3.41 per share, an increase of 9% compared with last year • Operating result increased by 12%, driven by the same underlying dynamics as OCC and a higher release of the CSM • Operating RoE of 14.1%; well above the target of >12% • Strong Non-life1 combined ratio, at the lower end of our target range, supported by benign weather as well all the realisation of cost synergies • All business segments delivered profitable growth • Focus on profitable growth demonstrated by disciplined execution in the pension buy-out market and the acquisitions of Bovemij and HTC • Well on track to deliver on the growth targets for the 2024-2026 plan period
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1 Targets are based on the assumption of normal (financial) markets, environmental and economic conditions and no material regulatory changes; more information can be found on https://www.asrnl.com/- /media/files/asrnederland-nl/duurzaam-ondernemen/strategisch-kader/alternative-performance-measures-non-financial-targets-asr.pdf 2 Based on latest measurement in Jan 2026; covers all employees of ASR Nederland N.V., including external employees and interns. Employees of subsidiaries are not in scope of this target; 3 defined as Supervisory Board, Management Board and Management; 4 More information can be found on https://asrnl.com/about-asr/sustainable-business/esg-benchmarks-and-partnerships 34% +2%-p (FY 2024: 32%) Scale: D- - A+World insurance #7 Scale: D- – A B Dutch Fair Insurance Guide #1 World insurance #10 Scale: 0 – 5 4.3 B- (Prime) Non-financial targets1 Value creation for all stakeholders and compelling ESG credentials ESG credentials4 Scale: CCC – AAA AA Impact investments % of investment portfolio Carbon footprint reduction Gender diversity in management3 Employee engagement2 Sustainable reputation Public recognition 38-43% Per annum >85 In 2026 40% female/male In 2026 25% reduction In 2030 vs 2023 10% of portfolio In 2027 Customer satisfaction Net Promotor Score (NPS-i) +4 In 2026 vs 2024 4 Target: Target: Target: Target: Target: Target: 41% +2%-p (FY 2024: 39%) 10.1% +1.4%-p (FY 2024: 8.7%) 8.6% +3.3%-p (FY 2024: 5.3%) +9 (FY 2024: N/A) 77 +4 (FY 2024:73)
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Aegon NL successfully integrated – all major milestones achieved Run-rate cost synergies € 215m After final decommissioning in H1 2026 ► Policy migration and integration of Mortgages and Individual life ► Implementation of the Partial Internal Model (PIM) for a.s.r. Life ► Capitalisation of final cost synergies to Solvency capital ► All product lines disconnected from Aegon systems • Ready for final decommissioning in H1 2026 ► Application for merger of a.s.r. and Aegon Life • Legal merger planned for H2 2026 Milestones of integration in 2025 Partial Internal Model +12%-p Solvency impact Creating a leading insurer in the Netherlands 5
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1 The acquisition is subject to approval by the Netherlands Authority for Consumers and Markets, obtaining a declaration of no objection from De Nederlandsche Bank, and the advisory process of the works councils Increased shareholder returns • Mid-to-high single digit dividend growth (DPS +9%) • Additional share buybacks • 75% of 2025 OCC returned to shareholders Rational capital deployment • Organic growth • 25% of 2025 OCC allocated to pension buyouts & HTC acquisition • Acquisition of Bovemij1 expected in H2 2026 Unit-linked settlement • Resolving long-standing dispute, providing clarity for policyholders; all collective legal claims dropped • a.s.r.'s final settlement solution adopted as industry standard Demonstrated ability to execute strategy successfully Completion integration activities • All product lines disconnected from Aegon systems • On track to deliver on run-rate cost synergy target Balance sheet strengthening • Divestment of banking activities • Capitalised cost synergies • Adoption of PIM to a.s.r. Life Completion integration activities Balance sheet strengthening Unit-linked settlement Increased shareholder returns Rational capital deployment Delivering on all CMD promises 6 € €
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1 2024 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio. Combined ratio P&C and Disability (in %) Combined ratio target range 7 Organic premium growth of 3% within target range of 3-5%, mostly driven by price increases • Future growth is bolstered by the acquisition of Bovemij (expected to close in H2 2026) Non-life combined ratio of 92.2% at lower end of target range • Strong performance supported by a lower expense ratio driven by the realisation of cost synergies • P&C combined ratio remained robust, supported by favourable weather and low large claims, broadly in line with last year • Disability combined ratio slightly above the target range, driven by additional provisioning in Group disability due to elevated incidence rates, particularly related to psychological absenteeism and long COVID • For 2026, pricing in Disability has been adjusted to reflect recent claims experience and to return within the CoR target range Stable Health performance with combined ratio at 99.1% • Following the strong customer growth in 2025 (+77k), the portfolio is expected to remain stable in 2026 after the annual renewal season Solid Non-life performance on both profitability and growth Premiums received (in €m) Organic growth target range FY 20241 FY 2025 90.9% 92.2% +1.3%-p Disability 91.2% 94.2% P&C 90.7% 90.4%2,078 1,890 FY 2024 2,158 1,927 FY 2025 P&C Disability 3,968 4,085 +3.0% 3% 5% 3.0% 92% 94% 92.2%
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Annuities inflow (in €m) • Annuity inflow increased by 11.2%, a result of a higher amount of accumulated DC assets hitting retirement age • On track to achieve target of € 1.8bn annuities inflow over plan period • The majority of new annuities are written with a fixed benefit (2025: ~85%) 8 Strong commercial performance in Pensions continued DC accumulation inflow (in €m) • Well on track to achieve medium-term target driven by recurring premiums • DC accumulation AuM increased to € 30.0bn, driven by net inflows as well as positive revaluations DC accumulation AuM (in €bn) Pension buy-outs inflow (in €m) • In 2025, executed on 3 buy-out deals at attractive margins (IRR > 12%) amounting to € 2.8bn AuM • Strong market activity and rising competition, a.s.r. maintains strict value-over-volume discipline • Execution on longevity re-insurance on the back of € 1.3bn buy-out liability, enhancing capital efficiency on the transaction Pension buy-outsAnnuities (decumulation)DC (accumulation) FY 2024 FY 2025 FY 24-26 cum. target 2,768 3,011 € 8bn +8.8% 581 646 FY 2024 FY 2025 FY 24-26 cum. target € 1.8bn +11.2% 69 FY 2024 FY 2025 FY 24-27 cum. target 2,810 € 8bn € 5.8bn € 1.2bn € 2.9bn FY 2024 FY 2025 26.7 30.0 +12.2%
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Operating result (in €m) 9 Fee-based businesses show strong growth with attractive margins 100 120 50 66 FY 2024 FY 2025 150 186 +24.4% D&S AM Fee income increased by 15.5%, primarily driven by the D&S segment • HTC is included in the D&S segment as per 1 October 2025 • Full contribution of HTC and real estate development activities (Amvest) in 2026 • Robust mortgage origination amounted to € 9.0 billion, during a period of major portfolio migrations Operating result increased to € 186m driven by profitable growth and synergies • The mortgage business realised all integration milestones • Migration of mortgages to Stater platform completed in 2025, full run-rate cost synergy to materialise in 2026 • Transfer of Knab mortgages to BAWAG planned in H1 2026 Fee income Mortgage production Third party AuM Asset management and Real estate € 812m € 9.0bn € 37.3bn +15.5% vs FY24 -2.5% vs FY24 +7.4% vs FY24
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1 Including € 175m share buyback announced today (in line with the medium-term targets as presented at the 2024 Capital Markets Day), which will be executed in H1 2026 Profitable growth and capital accretion leads to increased capital returns; 75% of FY25 OCC returned to shareholders Progressive dividend policy; FY25 dividend per share of € 3.41, up 9.3% compared to last year Announcement of € 175m share buyback based on FY25 results; remaining SBB in plan period of € 225m Additional SBB of € 205m (sale Knab and Aegon selldown), on top of announced programme of € 525m over the plan period Potential acceleration of share buyback programme if/when Aegon Ltd. initiates further selldowns Significant long-term value creation drives attractive capital returns € 4.9bnTotal capital return since IPO 187 245 385 610 2016 2017 2018 2019 2020 2021 2022 2023 2024 20251 485 342 357 404 879 980 Cumulative dividends: € 3.9bn Cumulative share buybacks: € 1.0bn Capital return (in €m) Share buyback Dividend 10 DPS CAGR: 12%
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Putting the balance sheet to work € Strong balance sheet with Solvency II ratio growing to a robust level of 218% per FY25 Rational capital deployment in organic growth, pension buy-outs and acquisitions 10% higher OCC to € 1,315m, confident to deliver on FY26 target of € 1.35bn Attractive capital return with 9% DPS growth supported by share buybacks CAPITAL WHEEL Robust balance sheet Business and OCC growth € Increased shareholder return Deployment of capital 12
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Solvency II ratio (in %) 13 Robust Solvency, well-positioned in entrepreneurial zone Solvency II ratio at strong level of 218% supported by the implementation of the PIM for a.s.r. Life (+12%-p) • Capital deployment (-6%-p) for the acquisition of the remaining shares of HTC and pension buy-outs • Including re-investment of buy-out assets and execution of longevity re-insurance on the back of € 1.3bn buy-out liability • Strong organic capital creation of € 1,315m, adds +21%-p to the Solvency position Market and operational movements had a positive impact (+7%-p) • Positive market developments from interest rate developments and real estate revaluations • Spread tightening offset by the downgrade of France and the impact of adjusted smoothening methodology for mortgage spreads • Solvency benefits from capitalisation of cost synergies and increased LAC DT -6% Capital deployment 7% Business capital generation 13% Finance capital generation 1% Net SCR impact 7% Market & operational movements FY 2025PIM a.s.r. Life 12% Capital return -15% FY 2025 pre capital actions 198% 221% 218% FY 2024 OCC: 21%-p / € 1,315m EOF SCR 12,321 -175 781 0 370 13,739 -930 13,007 6,209 104 0 -45 -46 6,221 0 5,966 198 -255 443 0
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Substantial uplifts from Solvency catalysts +17%-p Sale of Knab +12%-p Capitalised cost synergies1 +12%-p PIM a.s.r. Life FY25 Solvency EIOPA 2020 review 218% CMD catalysts 14 1 of which 3%-p realised in 2023; which was before the CMD 2024 presentation in which we showed an additional expected impact of 9%-p 2 Based on markets as per FY25; The deterministic adjustment (DA) is an Aegon life specific element from the partial internal model that aims to resolve the mismatch of spread movements between own portfolio vs VA portfolio • Capital deployment related to the Bovemij acquisition (H2 2026) and potential pension buy-outs • EIOPA 2020 review expected to be implemented as of January 2027 • Effect of the DA removal is excluded from the indicated impact of the review (c. +10%-p) • DA removal will occur through the legal merger of the life entities (planned for H2 2026; -4%-p impact on Solvency)2 To be expected Solvency movementsBased on markets as per FY25 c. +10%-p
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15 ►Partial Internal Model reflects a more accurate view of a.s.r.’s risks and risk interdependencies ►Release of € 600m fungible capital1, strengthening the balance sheet and creates additional capacity to pursue value creating opportunities ►Enables more efficient and economic pricing and risk-retention decisions, supporting our growth ambitions The Partial Internal Model keeps the capital wheel spinning +12%-p Solvency: •€ 600m additional fungible capital1, by releasing € ~250m of SCR and € ~200m of Risk Margin (post-tax) OCC: • Expected impact on OCC from lower net release of capital (€ -10m p.a.) Solvency impact Market risk: • Better reflection of real estate, diversifying well against other assets • Increase of spread risk due to the inclusion of mortgages (instead of counterparty risk under SF) and a government bond spread charge Market risk Underwriting risk: • Internal model better captures longevity - mortality interactions; • Longevity shock in PIM is lower compared to SF • Enhanced effect from lower risk margin (RM) Underwriting risk +8%-p +3%-p +1%-p SCR RM +11%-p 1 Calculated as additional own funds plus release of SCR times the management level solvency target ratio of 160% for a.s.r. Life
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16 Group Solvency II ratio sensitivities with a.s.r. Life on PIM 0% -1% 0%-1% -2% -1% Parallel +50bps Parallel -50bps Steepening 20-30y +10 bps HY25 reported FY25 • Interest rate hedging policy has the objective to stabilise Solvency II ratio • In 2025, the hedge was adjusted to reflect the impact of the application of the PIM for a.s.r. Life -4% -4% 0% -4%-3% -4% 0% -4% VA -10bps Governments +50bps Corporates +75bps Mortgages +25bp +4% -1% -8% +1% +1% -10% Equities -20% Equities +20% Real estate -10% • Mitigating effect from the deterministic adjustment is included in the individual spread related scenarios, the VA effect is not • Impact of elimination of the DA will be reflected in amended sensitivity analysis in HY analyst presentation • Equity sensitivity continues to reflect the impact of the symmetric adjustment from the Standard Formula, albeit to a lesser extent (e.g. Non-life, unlisted equities and non-rated bonds) • Real estate sensitivity increases because the lower SCR charge under the PIM provides less mitigation of the impact on EOF Interest rates Spreads Equities & Real estate HY25 reported FY25 HY25 reported FY25
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OCC by segment (in €m) OCC (in €m) 17 Higher OCC driven by solid business performance OCC increased to € 1,315m, mainly reflecting improved business capital generation in the Non-life segment and higher finance capital generation in the Life segment • FCG reflects a higher investment margin from re-risking (mainly executed H2 24), wider average government spreads over 2025 vs 2024, positive equity and real estate revaluations, the contribution of buy-outs and interest rate developments (e.g. a reduced UFR drag) • Lower OCC contribution from net SCR impact, mainly due to higher capital strain related to growth and the additional provisioning in Disability • Well on track to meet medium-term target of € 1.35bn OCC per FY 2026, driven by additional synergies, full contribution of pension buy-outs and business growth 140 663 781 390 443 FY 2024 91 FY 2025 1,193 1,315 +10.2% Business capital generation (BCG) Finance capital generation (FCG) Net SCR impact OCC by segment • Life segment OCC increased by € 70m mostly as a result of increased finance capital generation • Non-life segment benefitted from strong underwriting results in P&C and Health. This was offset by higher new business capital strains in Group disability • Strong performance in fee-based businesses driven by growth and costs synergies 302 89 49 Life Non-life Asset Management Distributions & Services Holding & Other Total 1,087 -212 1,315 70 28 15 12 -3 122 delta FY 2024 (in €m)
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Operating result (in €m) 18 Double-digit growth of the operating result Operating result increased by nearly 12% to € 1,637m, driven by business growth and higher operating investment and finance result • Operating investment and finance result benefits from the same dynamics as OCC FCG; higher equity and real estate exposure, higher average government spreads over 2025 vs 2024, the contribution of buy-outs and interest rate developments (e.g. a reduced UFR drag) • The other result increase amongst others due to strong performance in fee- based businesses driven by growth and cost synergies, and non-recurring benefits from associates • Operating RoE increased to 14.1%, exceeding the target of >12% and mainly driven by the increased operating result Operating result by segment (in €m) 183 -31 20 16 -14 174 delta FY 20241 (in €m) Operating result by segment • Life segment operating result increased by € 183m reflecting a higher CSM release and increased OIFR • Continued business growth and solid profitability in Non-life contribute to the operating result of segment Non-life of € 474m. Lower compared to 2024 driven by additional provisioning at Group disability • Temporary allocation of IT infrastructure charges related to the integration and investments into new technology and AI resulted in a lower H&O operating result 474 120 66 Life Non-life Asset Management Distributions & Services Holding & Other Total 1,259 -282 1,637 668 804 766 781 -9 FY 20241 90 FY 2025 1,463 1,637 +11.9% Operating insurance service result (OISR) Operating investment & finance result (OIFR) Other result 1 2024 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio.
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Historical mortgage spread movement (in bps) 1 Calculation is based on weighted average 2 Excludes own office buildings Investment portfolio – strong revaluations in real estate 19 Revaluations of real estate portfolio (FY 2025 in %) Average1 Residential Rural Retail Offices2 Other 5.7% 7.1% 8.8% 0.2% 0.7% 1.9% % mix 49% 21% 7% 6% 17% 32% 11% 5% 8% Fixed Income: 44% Total investments: € 82.2bn 24% 7% 5% 8% 33% 12% 6% Governments Financials Corporates Alternatives Fixed income: Fixed income Mortgages Real Estate Equity Cash & derivatives Smoothened mortgage spread methodology reduces short-term volatility • Non-economical short-term volatility in mortgage valuation led to Solvency volatility • Updated methodology derives mortgage spread based on an averaged interest rate (8 weeks), reducing volatility by approx. 1/3rd • Mortgage spread sensitivity scenario adjusted from +50bps to +25bps to reflect lower volatility • Based on the new methodology, the net OCC spread amounts to 104bps per FY25 Volatility reduction: 33% 0 100 120 140 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Spread (old) Spread (smoothed)
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RT1 headroom: € 1,023m Interest coverage ratio Based on operating result Eligible own funds and SII headroom (in €m) Financial leverage (in %) Debt maturity profile (in €m) S&P Insurer Financial Strength Rating Based on operating entities T2+T3 headroom: € 1,455m 20 Solid balance sheet provides ample financial flexibility Stable Outlook 10,002 Unrestricted Tier 1 1,477 Restricted Tier 1 1,460 Tier 2 69 Tier 3 13,007 Eligible Own Funds Headroom FY 2024 FY 2025 21.7% 21.6% FY 2024 FY 2025 >4x 9x 9x 500 600 500 500 500 2027 2028 2029 2031 2033 2035 1,000RT1 T2 Senior •S&P rating upgraded as per September 2025
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HoldCo liquidity stands at € 956m, remittances fund the coupon payments and capital return • Updated holding liquidity policy to further optimise capital position; as per FY25 a part of the undrawn committed RCF1 is available to meet the year-end buffer target • ‘Other’ mainly relates to HoldCo expenses, the acquisition of HTC and includes a part the committed RCF related to the policy change Increased Solvency ratio for all entities • The solvency of both a.s.r. Life and Aegon Life is supported by OCC and interest rate movements, more than offsetting remittances to the group • Solvency position of a.s.r. Life materially strengthened by the implementation of the Partial Internal Model (+33%-p) • Aegon Life’s solvency position includes -11%-p impact from pension buy-outs • Non-life solvency position supported by retained OCC, partly offset by market & operational developments Solvency II ratio entities HoldCo liquidity (in €m) Remittances (in €m) 21 1 Capped at 25% of end-of-year holding liquidity target 2 Including € 500m remittance for the purpose of the acquisition of Aegon NL (Non-life € 90m and Life € 410m) 3 Lower remittances in 2024 due to proceeds from KNAB sale Strong solvency position of entities supports growth and remittances 893 956 FY 2024 -196 Coupon payments Remittances -904 Capital distributions -95 Other FY 2025 1,258 156% 177% 194% 164% 231% 202% Non-life a.s.r. Life Aegon Life FY 2024 FY 2025 SF: 1,772SCR (in €m) 490 878 487 176 259 126 125 195 107 54 2022 43 20232 20243 1,026 2025 720 1,180 809 1,258 Life Non-life Other entities PIM: 2,151 PIM: 2,283
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23 Key messages ► Aegon NL successfully integrated; realisation of € 215m run-rate cost synergy target on track and 12%-p Solvency benefit from the application of PIM to a.s.r. Life ► Solid performance in all business segments supported by increased investment returns; OCC on track to achieve medium-term target of € 1.35bn in 2026 ► Robust SII ratio of 218%, reflecting strong OCC, favourable market developments and the uplift from expanding the PIM ► Proven execution in pension buy-out market and acquisitions of Bovemij and HTC; confident on delivering on medium-term growth targets Creating a leading insurer in the Netherlands
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26 A. Financial ratios B. Breakdown of OCC C. Breakdown of operating result D. Bridging OCC to operating result E. Segment Non-life: Combined ratio per product line F. Segment Life: Operating result & technical provisions G. CSM overview H. Calculation of operating ROE I. IFRS profit per segment Appendix J. IFRS comprehensive equity and Solvency II EOF K. Sensitivities Solvency II ratio L. Investment portfolio M. Details of fixed income portfolio N. Details of fixed income portfolio - Credits O. Details of fixed income portfolio - Alternatives P. Details of mortgage portfolio Q. Details of real estate and equities portfolio
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27 A. Financial ratios1 OCC (in €m) Solvency II ratio Combined ratio Non-life excl. Health Financial leverage Operating result (in €m) IFRS equity (in €m) Interest coverage ratio Based on operating result Double leverage Net result Operating ROE ROE S&P IFS rating Based on operating entities FY 2024 FY 2025 10.4% 5.3% FY 2024 FY 2025 1,193 1,315 FY 2024 FY 2025 9,888 10,124 FY 2024 FY 2025 9x 9x FY 2024 FY 2025 13.4% 14.1% FY 2024 FY 2025 90.9% 92.2% FY 2024 FY 2025 1,463 1,637 198% 218% FY 2024 FY 2025 958 548 FY 2024 FY 2025 FY 2024 FY 2025 92.7% 94.8% FY 2024 FY 2025 21.7% 21.6% A+ Stable Outlook 1 2024 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio.
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OCC sensitivity1 (annualised, in €m) B. Breakdown of OCC 35 -35 Interest rates -50bps Interest rates +50bps 28 OCC per segment (in €m) FY 2024 FY 2025 delta Business capital generation 212 258 47 Finance capital generation 142 157 15 Net SCR impact -81 -114 -34 Non-life 273 302 28 Business capital generation 156 113 -43 Finance capital generation 641 769 129 Net SCR impact 221 205 -16 Life 1,017 1,087 70 Asset management 74 89 15 Distribution & Services 37 49 12 Holding & Other -209 -212 -3 Total OCC 1,193 1,315 122 • The OCC sensitivity has increased as the actual yield curve has risen and moved closer to the regulatory curve. This reduces interest rate impacts on UFR unwind, resulting in a more dominant effect from SCR release and investment margin (e.g. risk-free accrual of the balance sheet) • Using interest rates as at 31-12-2025, the run-rate annual UFR drag based on Solvency stands at € -11m 1 Sensitivity reflects an annualised OCC impact, ceteris paribus and based on a parallel shock
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C. Breakdown of operating result Operating result per segment (in €m) FY 2024 FY 2025 delta Operating Insurance & Service result 376 327 -49 Operating Investment & Finance result 142 153 11 Other result -13 -6 7 Non-life 505 474 -31 Operating Insurance & Service result 428 454 26 Operating Investment & Finance result 634 781 147 Other result 14 24 10 Life 1,076 1,259 183 Asset management 100 120 20 Distribution & Services 50 66 16 Holding & Other -268 -282 -14 Total operating result 1,463 1,637 174 29
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Bridge OCC to operating result (in €m) D. Bridging OCC to the operating result Business capital generation (BCG)1 • Timing differences in insurance profit recognition: • In OCC, (future) insurance profits are added directly to the own funds at inception date, while in operating result the (future) profits release gradually during the life span of the contract via the CSM • This effect is largest in segment Life, where new business contribution is outweighed by the profit release of the existing book. Hence for business capital generation, the operating result will be higher than OCC Finance capital generation (FCG)2 • Accrual of the balance sheet through the operating result is structurally lower than in OCC. This is driven by the negative impact from i) the accrual of the CSM and ii) higher accrual of liabilities due to higher LIP vs VA • Both effects have a positive impact on CSM level and therefore enhance future operating profit via the release of CSM Net capital release • Net capital release – based on SCR – does not exist under IFRS 222 415 OCC (post-tax) BCG1 FCG2 Net SCR impact Operating result (post-tax) Tax Operating result (pre-tax) -224 -91 1,315 1,222 1,637 - OCC OR 443 781 91 665 557 1 IFRS17 equivalent to business capital generation (BCG) is operating insurance and service result + other result 2 IFRS17 equivalent to finance capital generation (FCG) is operating investment and finance result 30 *OR post-tax figures
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31 E. Segment Non-life: Combined ratio per product line * Under IFRS 17, Insurance Contract Revenue (ICR) serves as the basis for calculating the Combined Ratio. However, this metric is not always comparable to premium growth, particularly for products measured under the General Measurement Model e.g. Disability. In these cases, ICR is primarily composed as the release of the CSM/RA, supplemented by expected claims and expenses. While this typically approximates premium income, deviations can occur under specific circumstances FY 20241 FY 2025 Property & Casualty (P&C) Net insurance contract revenue (in €m) 1,983 2,058 Claims ratio 55.6% 55.9% Expense ratio 8.9% 8.1% Commission ratio 26.2% 26.3% Combined ratio 90.7% 90.4% Disability Net insurance contract revenue (in €m) 2,029 1,940 Claims ratio 75.3% 77.8% Expense ratio 7.3% 7.3% Commission ratio 8.6% 9.0% Combined ratio 91.2% 94.2% P&C & Disability Net insurance contract revenue (in €m) 4,011 3,998 Claims ratio 65.6% 66.6% Expense ratio 8.1% 7.7% Commission ratio 17.3% 17.9% Combined ratio 90.9% 92.2% Health Net insurance contract revenue (in €m) 1,489 1,757 Claims ratio 96.3% 96.5% Expense ratio 2.4% 2.1% Commission ratio 0.5% 0.5% Combined ratio 99.1% 99.1% Non-life segment Net insurance contract revenue (in €m) 5,500 5,755 Claims ratio 73.9% 75.7% Expense ratio 6.5% 6.0% Commission ratio 12.7% 12.6% Combined ratio 93.2% 94.3% H1 2025 H2 2025 1,018 1,040 57.0% 54.9% 8.2% 8.1% 26.1% 26.4% 91.4% 89.4% 1,026 914 72.0% 84.4% 6.2% 8.6% 12.5% 5.2% 90.7% 98.1% 2,044 1,954 64.5% 68.7% 7.2% 8.3% 19.3% 16.5% 91.0% 93.5% 858 900 96.1% 96.9% 2.1% 2.1% 0.5% 0.5% 98.7% 99.5% 2,901 2,854 73.9% 77.6% 5.7% 6.3% 13.7% 11.5% 93.3% 95.4% 1 2024 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio.
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32 F. Segment Life: Operating result & technical provisions IFRS 17 technical provision Life € 98bn (FY 2024: € 100bn)Operating result segment Life (in €m) FY 2024 FY 2025 delta Release of CSM 308 355 47 Release of RA 150 129 -21 Experience variance -4 9 12 Losses on new business -27 -39 -12 Operating insurance service result 428 454 26 Investment margin 816 930 113 UFR drag -62 -20 42 Investment expenses -120 -129 -9 Operating investment & finance result 634 781 147 Other result 14 24 10 Operating result 1,076 1,259 183 45% 31% 11% 9% 5% Pension DB Pension DC Individual life - unit linked Individual life - nominal Funeral
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33 CSM Life • Pension buy-outs added to CSM as new business (c. €50m). The remainder of new business largely reflects annuities and indexation within the funeral portfolio • CSM increased materially from changes in estimates, mainly driven by the introduction of the PIM for a.s.r. Life and the capitalisation of cost synergies • Risk adjustment (RA) decreased due to lower capital charges following a.s.r. Life’s transition to PIM. As CSM equals expected insurance profits minus RA, the lower RA results in a higher CSM • Life CSM release pattern remains in the 5-6% range annually G. CSM overview CSM Non-life • Largest part of Non-life CSM consists of Individual disability with longer contract boundaries • Seasonal Q4 new business in Group disability and Sickness leave is added to the CSM in Q1 • A methodology update for the Individual Disability portfolio recognises all variances through the CSM. Previously, variances in incurred benefits were recognised in the P&L. The update is applied retrospectively, resulting in past variances being restated through the CSM (€ -93m as per FY24), with an offsetting entry in equity (€ +93m) CSM development Life (in €m) CSM development Non-life (in €m) 527 FY 2024 145 New Business 108 Interest accretion Changes in estimates -355 Release to P&L FY 2025 5,308 5,733 200 242 73 68 FY 20241 New Business 9 Interest accretion Changes in estimates -108 Release to P&L FY 2025 Total CSM accretion: € 253m Annualised run-off: 5-6% 1 2024 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio.
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34 H. Calculation of operating ROE Calculation of operating ROE (in €m) FY 20231 FY 20241 FY 2025 Operating result (pre-tax) 1,463 1,637 Minus: Tax effect 368 415 Operating result (post-tax) 1,095 1,222 Equity attributable to shareholder 8,381 8,833 8,604 Minus: Unrealised gains and losses reserve 55 -15 0 Minus: Equity of discontinued operations (Bank) 743 0 0 Minus: Equity of non-core (Real Estate Development) 36 26 52 Adjusted IFRS equity 7,547 8,823 8,553 Average adjusted IFRS equity 8,185 8,688 Operating ROE 13.4% 14.1% 1 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio.
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35 I. IFRS profit per segment FY 20241 FY 2025 Operating result (pre-tax) Investment related adjustments Non-investment related adjustments IFRS profit (pre-tax) Operating result (pre-tax) Investment related adjustments Non-investment related adjustments IFRS profit (pre-tax) Non-life 505 48 -49 504 474 -197 -89 188 Life 1,076 -15 90 1,151 1,259 -255 38 1,042 Asset Management 100 -15 -13 72 120 -15 -27 78 Distribution & Services 50 - -33 16 66 - -8 59 Holding & Other/Eliminations -268 154 -166 -280 -282 -295 -94 -671 Total 1,463 173 -172 1,464 1,637 -762 -179 696 • a.s.r. has opted for FVtPL for majority of portfolio, which implies that e.g. interest rates movements run through P&L. Those movements are excluded from the operating result and shown as investment related adjustments • In 2025, the adjustment of the investment and finance result is mostly driven by revaluations with a negative P&L impact due to interest rate movements (e.g. increase and steepening of the curve), partly offset by positive real estate revaluations • The non-investment related incidentals consist a.o. of project costs (e.g. integration Aegon NL and implementation of Partial Internal Model) and amortisation of intangibles. For Non-life this reflects the impact of changes to future services on onerous contracts, inflation effects on the liability of incurred claims and amortisation of interest rate related hedge developments 1 2024 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio.
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36 J. IFRS comprehensive equity and Solvency II EOF IFRS comprehensive equity (in €m) Solvency II eligible own funds (in €m) 8,142 2,907 529 FY 2023 9,356 2,964 0 FY 2024 10,002 2,937 69 FY 2025 11,578 12,321 13,007 +743 +686 Unrestricted Tier 1 Hybrids Tier 3 / DTA 35 FY 20231 47 FY 20241 13 FY 2025 13,157 13,975 14,558 8,381 3,737 1,004 8,833 4,087 1,007 8,604 4,433 1,507 +818 +583 Equity attributable to shareholders CSM after tax Hybrids Non-Controlling interest 1 comparative figures restated due to accounting policy change regarding the treatment of incurred claims within the Individual disability portfolio.
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37 1 Steepening of the curve of 10bps between 20Y and 30Y 2 Impact on EOF and SCR expressed as %-points of Solvency II ratio 3 Please note that spread widening will lead to a VA increase. At FY 2025, corporate spread widening of 75bps corresponds to c. 18bps of VA increase and 50bps government spread widening corresponds to c. 8 bps of VA increase K. Sensitivities Solvency II ratio • Government and corporate spread sensitivities are stated excluding VA3. Corporate spread sensitivity includes impact of spread widening on IAS19 pension provision • Current solvency level (218%) enables a.s.r. to potentially absorb various financial market scenarios while remaining safely above the cash dividend payment level (>140%) and the entrepreneurial level (>160%) EOF2 SCR2 -1% -2% -1% -2% -3% -4% 0% -4% +1% +1% -10% Interest +50bps Interest -50bps Interest steepening 10 bps UFR -15bps VA -10bps Government spread +50bps Corporate credit spread +75bps Mortgage spread +25bps Equities -20% Equities +20% Real estate -10% Total impact expressed as % of group solvency ratio -9% -14% -3% -6% -10% 11% -12% 6% 11% 3% 2% 12% -9% 2% -3% 1% -1% -1% 2% -3% 0% 0%
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38 1 Asset categories have been subject to reclassification, comparative figures have been adjusted accordingly 2 Other assets amongst others represent: collateral due from credit institutions, saving linked mortgages loans, intangible assets, deferred tax assets and mortgages within the Asset Management segment L. Investment portfolio Assets1 (in €bn, fair value) FY 2024 FY 2025 Delta % of total Fixed income 38.3 36.3 -2.0 44% Mortgages 27.4 27.3 -0.1 33% Real estate 9.4 10.0 0.6 12% Equities 3.8 4.0 0.3 5% Derivatives 3.1 0.5 -2.6 1% Cash (equivalents) 4.5 4.1 -0.4 5% Total investments 86.5 82.2 -4.3 100% Investments related to direct participating contracts 33.0 33.3 0.3 Other assets2 10.4 11.2 0.8 Total balance sheet 129.9 126.7 -3.2
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Governments – maturity Governments – ratings 39 M. Details of fixed income portfolio Fixed income1 (in €m) FY 2024 FY 2025 Delta % of total Governments 18,894 19,365 471 53% Financials 5,798 5,756 -42 16% Corporates 5,298 4,381 -917 12% Alternatives 8,283 6,804 -1,479 19% Total 38,273 36,306 -1,967 100% Governments1 (in €m) FY 2024 FY 2025 Delta % of total The Netherlands 5,958 5,789 -169 30% Supranationals 1,943 2,165 223 11% Germany 1,997 2,017 20 10% France 2,266 1,661 -605 9% Belgium 1,728 1,387 -341 7% Austria 1,132 940 -192 5% Italy 127 566 438 3% Spain 544 537 -6 3% Finland 529 493 -36 3% Other 2,670 3,810 1,139 20% Total 18,894 19,365 471 100% Fixed income • Fixed income exposure decreased due to market revaluation from higher interest rates partly offset by the addition of pension buy-outs. The exposure to alternatives decreased due to repayments in the portfolio • A full letter downgrade (3 notches) of 20% of the corporates, financials and alternatives would result in c. 4%-p impact on our Solvency II ratio2 Governments • Broader diversification to other European countries, moving away from countries with increased risk (e.g. France and Belgium) • Shift in exposure from AA to A rating due to downgrade of France 56% 20% 19% 5% 0% AAA AA A BBB < BBB 9% 14% 31% 46% 0-5 years 5-10 years 10-20 years 20+ years 1 Asset categories have been subject to reclassification, comparative figures have been adjusted accordingly 2 Excluding CLO’s and based on the increase of the required capital for spread risk
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Credits – maturity 40 N. Details of fixed income portfolio – Credits Credits1 (in €m) FY 2024 FY 2025 Delta % of total Automotive 315 309 -6 7% Basic Industry 318 382 65 9% Capital Goods 287 244 -44 6% Consumer Goods 397 454 57 10% Energy 95 91 -3 2% Healthcare 553 400 -153 9% Real Estate 354 300 -54 7% Services 108 102 -6 2% Technology & Electronics 115 130 15 3% Telecommunications 392 401 9 9% Transportation 375 297 -78 7% Utility 764 741 -23 17% Other Corporates2 1,225 530 -695 12% Total Corporates 5,298 4,381 -917 100% Banking 4,184 4,127 -57 72% Financial Services 487 426 -61 7% Insurance 1,127 1,202 76 21% Total Financials 5,798 5,756 -42 100% Credits – ratings Credits • 97% of the corporates and financials portfolio is rated investment grade (BBB or higher) • In 2025, the portfolio observed more rating upgrades than downgrades • The credit portfolio is well diversified across sectors, with a tilt towards financials 1 Asset categories have been subject to reclassification, comparative figures have been adjusted accordingly 2 The decrease in other corporates (FY25) reflects improved underlying sector data 52%45% 3% >= A BBB < BBB 60% 32% 7% 1% 0-5 years 5-10 years 10-20 years 20+ years
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Alternatives - ratings Alternatives - maturity 41 O. Details of fixed income portfolio – Alternatives Alternatives • Asset-based financing is a well-diversified portfolio focused on financing structures secured by underlying assets • The private debt portfolio is primarily composed of investment-grade European debt • CLO focuses on the most senior tranches, more than 97% has an AAA rating. In 2025 CLO’s exposure decreased due to repayments Alternatives1 (in €m) FY 2024 FY 2025 Delta % of total Asset based financing 2,209 2,073 -136 30% Private debt 2,397 2,079 -319 31% CLO 2,767 1,911 -856 28% Other 911 742 -169 11% Total 8,283 6,804 -1,479 100% 75% 17% 8% 1% 0-5 years 5-10 years 10-20 years 20+ years60%22% 11% 7% >= A BBB High Yield Not rated 1 Asset categories have been subject to reclassification, comparative figures have been adjusted accordingly
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AuA a.s.r. mortgages (in €bn) Based on nominal value Mortgage production (in €bn) Based on nominal value General account portfolio (in €bn) Based on market value Portfolio by interest reset date Based on market value Portfolio by type of funding Based on nominal value Payment arrears Credit losses 42 P. Details of mortgage portfolio <0.1% >3 months 43% 23% 17% 10% 7% 1 Excluding mortgages within segment Asset Management, including positions in mortgage funds and securitisations 2 € 11bn of mortgages from Knab, with € 0.8bn in production in 2025, will be transferred to BAWAG in 2026 <0.01% Mortgages (in €m) FY 2024 FY 2025 Delta % of total NHG 7,155 6,745 -410 25% LtMV < 55% 10,400 11,609 1,209 43% LtMV < 65% 3,704 3,257 -446 12% LtMV < 85% 4,072 3,881 -191 14% LtMV < 95% 1,136 827 -309 3% LtMV < 110% 572 566 -6 2% LtMV > 110% 6 3 -3 0% Subtotal 27,044 26,888 -157 99% Other mortgage funds 339 369 30 1% Total 27,384 27,257 -127 100% Funds General Account Whole loan transactions Securitisation Covered Bond a.s.r. mortgages General account mortgage portfolio1 FY 2024 FY 2025 86.6 87.7 FY 2024 FY 2025 27.4 27.3 10% 19% 49% 21% 0-5 years 5-10 years 10-20 years 20+ years FY 2024 FY 2025 9.2 9.0 Knab 2 Knab 2
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Real estate vacancy rates 43 Q. Details of real estate and equities portfolio Real estate1 (in €m) FY 2024 FY 2025 Delta Residential 4,524 4,849 325 Rural 1,968 2,148 180 Retail 730 648 -82 Offices 519 543 24 Offices own use 146 127 -19 Renewables 386 353 -33 Development 214 175 -39 Other funds 963 1,178 215 Total 9,449 10,022 572 Equity1 (in €m) FY 2024 FY 2025 Delta Listed Equity 3,139 3,325 186 Unlisted Equity 644 721 77 Total 3,783 4,046 263 Equity • Equity markets developed favorably in 2025 Real estate • Higher real estate exposure due to positive revaluations in residential dwellings and rural land • Geographical diversification through non-listed European funds (part of Other funds) • Vacancy rates remained stable within residential and decreased within retail • Office vacancies adjusted for the former Aegon building in The Hague, arrangements for sale in July 2026 expected to be finalised in Q1 2026 1 Asset categories have been subject to reclassification, comparative figures have been adjusted accordingly Residential Retail Offices 11.7% 1.8% 1.9% 4.2% 2.6% 11.7% 10.1% FY 2024 FY 2025 AuM 9.9% Former Aegon building The Hague € 4.8bn € 0.6bn € 0.7bn
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44 Cautionary note regarding forward-looking statements Cautionary note regarding forward-looking statements. The terms of this disclaimer ('Disclaimer') apply to this document of ASR Nederland N.V. and all ASR Nederland N.V.’s legal vehicles and businesses operating in the Netherlands ('ASR Nederland'). Please read this Disclaimer carefully. ASR Nederland’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’) and with Part 9 of Book 2 on the Netherlands Civil Code. In preparing the financial information in this document the same accounting principles are applied as in the 2024 ASR Nederland consolidated financial statements. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not (historical) facts but are forward looking statements (‘Statements’). These Statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’, ‘target’ and similar expressions. The Statements can change as a result of possible events or factors. The Statements are based on our beliefs, assumptions and expectations of future performance, taking into account information that was available to ASR Nederland at the moment of drafting of the document. The Statements are based on the assumption of normal (financial) markets, environmental and economic conditions (including current expectation of the forward interest rate term structure) at the moment of drafting of the document and no material regulatory changes. ASR Nederland warns that the Statements could entail certain risks and uncertainties, so that the actual results, business, financial condition, results of operations, liquidity, investments, share price and prospects of ASR Nederland could differ materially from the Statements. Factors which could cause actual results to differ from these Statements may include, without limitation: (1) changes in general economic conditions; (2) changes of conditions in the markets in which ASR Nederland is engaged; (3) changes in the performance of financial markets in general; (4) changes in the sales of insurance and/or other financial products; (5) the behaviour of customers, suppliers, investors, shareholders and competitors; (6) changes in the relationships with principal intermediaries or partnerships or termination of relationships with principal intermediaries or partnerships; (7) the unavailability and/or unaffordability of reinsurance; (8) deteriorations in the financial soundness of customers, suppliers or financial institutions, countries/states and/or other counterparties; (9) technological developments; (10) changes in the implementation and execution of ICT systems or outsourcing; (11) changes in the availability of, and costs associated with, sources of liquidity; (12) consequences of a potential (partial) termination of the European currency: the Euro or the European Union; (13) changes in the frequency and severity of insured loss events; (14) catastrophes and terrorist related events; (15) changes affecting mortality and morbidity levels and trends and changes in longevity; (16) changes in laws and regulations and/or changes in the interpretation thereof, including without limitation Solvency II, IFRS, sustainability regulations and taxes; (17) changes in the policies of governments and/or regulatory-or supervisory authorities; (18) changes in ownership that could affect the future availability of net operating loss, net capital and built-in loss; (19) changes in conclusions with regard to accounting assumptions and methodologies; (20) adverse developments in legal and other proceedings and/or investigations or sanctions taken by supervisory authorities; (21) risks related to mergers, acquisitions, and divestments (22) other financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results and (23) the other risks and uncertainties detailed in the Risk Factors section contained in recent public disclosures made by ASR Nederland. The foregoing list of factors and developments should not exhaustive. Any Statements made by or on behalf of ASR Nederland speak only as of the date they are made and, except as required by applicable law, ASR Nederland disclaims any obligation to publicly update or revise and/or publish any Statements, whether as a result of new information, future events or otherwise. Neither ASR Nederland nor any of its directors, officers, employees do give any statement, warranty or prediction on the anticipated results as included in the document. The Statements in this /document represent, in each case, only one of multiple possible scenarios and should not be viewed as the most likely or standard scenario. ASR Nederland has taken all reasonable care in the reliability and accurateness of this document. Nevertheless, information contained in this document may be incomplete or incorrect. ASR Nederland does not accept liability for any damages resulting from this document in case the information in this document is incorrect or incomplete. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or any other financial instruments. Disclaimer