ASR Nederlands posts 47% jump in half-year operating result (updated)

ASR Nederland NV

21/08/2024 06:29

(Adds details on results in paragraphs 3-4, background in
paragraphs 5-6, quote on Knab sale in paragraph 7)
       Aug 21 (Reuters) - Dutch insurer ASR Nederland
 ASRNL.AS  reported a 47% jump in its half-year operating result
on Wednesday, with a solvency ratio in line with market
forecasts, driven by growth across its businesses and the
contribution from recently acquired Aegon Nederland.
    Its operating earnings rose to 677 million euros ($753
million) in the first half of 2024, from 460 million in the same
period last year.
    ASR's Solvency II ratio, a measure of insurers' capital
strength under European Union rules, was 181% at the end of
June, matching analysts' expectations in a consensus compiled by
the company.
    Organic capital creation was 658 million euros, ahead of
analysts' forecast of 649 million euros.
    ASR had raised its 2024-2026 financial targets in late June
citing the positive impact from its February sale of Knab and
the successful integration of Aegon's  AEGN.AS  Dutch
businesses, after it concluded the $4.9 billion deal for them
last year.
    Those targets included a Solvency II ratio of more than 160%
and organic capital creation of 1.35 billion euros by 2026.
    "The sale of Knab Bank to BAWAG is on schedule and is
expected to be finalised during the fourth quarter," the group
said in a statement.
($1 = 0.8994 euros)

 (Reporting by Dimitri Rhodes and Olivier Sorgho in Gdansk;
Editing by Milla Nissi)
 ((Dimitri.Rhodes@thomsonreuters.com;
Olivier.Sorgho@thomsonreuters.com;))