ASRNL.AS

a.s.r. strives to annually pay dividend that creates sustainable long-term value for its shareholders. From 2022 onwards a.s.r.'s dividend policy offers a progressive dividend to shareholders. This dividend is determined discretionally and not tied directly to a single financial performance metric. Following the announcement of the Aegon Nederland transaction in 2022 a.s.r. announced that it intends to pay a progressive dividend that would grow 'mid-to-high' single digit annually until (and including) 2025. At the Capital Markets Day on June 27th 2024 a.s.r. announced that the period will be extended until 2026. After this period it is to be expected that the growth of dividend would 'normalise' to 'low-to-mid' single digit annually from 2027 onwards. a.s.r. intends to pay an interim dividend that is set at 40% of the total dividend for the previous year. When proposing a dividend, a.s.r. will take into account, among other things, its capital position, financial leverage and liquidity position, regulatory requirements and strategic considerations as well as the expected developments thereof. There is no requirement or assurance that a.s.r. will declare and pay any dividends. In general, a.s.r. would not expect to distribute dividend if the Group level Solvency II ratio falls below 140%. To support its ability to pay out the proposed dividend, a.s.r. seeks to maintain a liquidity buffer at the holding company (as at year-end) that is at least equal to or in excess of the dividends paid out in the previous year (representative for one year's dividend) plus the regular holding costs and interest payments for the one-year period. As per 2025 and onwards the holding liquidity buffer may include next to bank accounts and liquid investments the unrestricted part of the committed Revolving Facility available to the Holding, subject to a cap of 25% of the total year-end holding liquidity. In addition, a.s.r. aims to ensure that the liquidity buffer during the year is sufficient to cover regular holding costs and interest payments for at least one year. a.s.r. aims to operate at a Solvency II ratio above a management threshold level. This management threshold level is currently defined at 160% of the SCR. If and when a.s.r. operates above 175% for a prolonged period and a.s.r. cannot invest this capital in value-creating opportunities, a.s.r. may return capital to shareholders. If a.s.r. elects to return capital, it intends to do so in the form that is most efficient for shareholders at that specific point in time, such as additional dividends or share buy-backs.