ASR's H1 net profit hit €809M from €126M, with fee-based business up 32% and Non-life combined ratio beating target at 91.6%.
ASR Nederland reported a 9.8% rise in its first-half operating result to €901 million, driven by its completed Aegon Nederland integration and broad-based segment growth.
Net profit attributable to equity holders jumped to €809 million from €126 million a year earlier, helped by positive market moves and real estate revaluations.
The fee-based businesses posted an operating result of €115 million, up 32.1% from €87 million in the same period of 2025. The improvement came across all underlying units and from the acquisition of HumanTotalCare, the insurer said.
Operating return on equity rose to 15.4% from 14.2%, above the insurer's 12% target.
The Non-life segment's operating result increased 4.6% to €268 million, with a combined ratio of 91.6% – better than the 92-94% target range. The property and casualty combined ratio improved to 89.9%, helped by favourable prior-year developments that offset higher weather-related claims.
Disability posted a combined ratio of 93.3%, facing headwinds from Dutch disability agency UWV delays and rising employment absenteeism. Organic premium growth in P&C and disability stood at 6.0%.
The Life segment's operating result rose 11.6% to €689 million, driven by better investment and underwriting results. Defined Contribution assets under management grew 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.
CEO Ingrid de Swart called the results a record for organic capital creation and operating result, driven by all business segments. In the Life segment, she said a higher investment margin was supported by contributions from the pension buy-outs completed last year. In Non-life, profitability and organic growth remained robust despite uncertainty around rising absenteeism and UWV challenges leading to higher disability benefit payments.
The fee-based business result improved from cost synergies and the HumanTotalCare acquisition, de Swart said, adding that the company is on track to meet its 2026 organic capital creation target.
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