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1. Company Snapshot

1.a. Company Description

ASR Nederland N.V. provides insurance, pensions, and mortgages products for consumers, self-employed persons, and companies.It operates through five segments: Non-Life, Life, Asset Management, Distribution and Services, and Holding and Other.The company distributes insurance contracts; provides financial intermediary services; and develops real estate properties.


It operates as an asset manager for third parties.ASR Nederland N.V. offers its products under the De Amersfoortse, Loyalis, Ditzo, Europeesche Verzekeringen, and Ardanta brand names.The company was formerly known as Fortis Verzekeringen Nederland N.V. and changed its name to ASR Nederland N.V. in October 2008.


ASR Nederland N.V. was founded in 1720 and is headquartered in Utrecht, the Netherlands.

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1.b. Last Insights on ASRNL

ASR Nederland's recent performance has been impacted by several factors. The company's strong growth across its business, reported in its H1 2025 results, was overshadowed by Aegon's plan to sell approximately 12.5 million shares in ASR via an accelerated placing. This move may lead to increased volatility. Additionally, Aegon's evaluation of relocating to the U.S. may create uncertainty. The recent earnings release showed a significant swing to net profit, but this was largely driven by one-off items, including a comparison to a loss in the prior year.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Assessing ASR Nederland (ENXTAM:ASRNL) Valuation After Recent Subtle Share Price Shifts

Sep -10

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Is There Still Opportunity in ASR Nederland Shares After Recent 26.5% Rally in 2025?

Sep -09

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Aegon to sell approximately 12.5 million shares in a.s.r. via an accelerated placing

Sep -02

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Dutch Insurer Aegon Evaluates Relocation to U.S.

Aug -21

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Financial Services Roundup: Market Talk

Aug -20

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ASR Nederland Swings to Net Profit Boosted by Strong Growth Across Business

Aug -20

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Financial Services Roundup: Market Talk

Jun -27

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Financial Services Roundup: Market Talk

Jun -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.06%)

6. Segments

Life

Expected Growth: 4.83%

ASR Nederland N.V.'s Life segment growth of 4.83% is driven by increasing demand for pension and life insurance products, favorable interest rates, and a strong distribution network. Additionally, the company's focus on digitalization and cost savings initiatives have improved operational efficiency, contributing to the segment's growth.

Non-life

Expected Growth: 7.4%

The 7.4% growth in Non-life segment of ASR Nederland N.V. is driven by increasing demand for insurance products, favorable regulatory environment, and strategic partnerships. Additionally, the company's focus on digitalization, expansion into new markets, and improvement in underwriting practices have contributed to the growth.

Banking

Expected Growth: 5.87%

ASR Nederland N.V.'s 5.87% growth in banking is driven by increasing demand for digital banking services, strategic partnerships, and expansion into new markets. Additionally, the company's focus on cost reduction and operational efficiency has improved profitability. Furthermore, the Dutch economy's stable growth and low interest rates have created a favorable environment for the banking sector.

Eliminations

Expected Growth: 4.65%

ASR Nederland N.V.'s 4.65% growth is driven by increasing demand for insurance products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and cost savings initiatives have improved operational efficiency, contributing to the growth. Furthermore, the Dutch economy's stable growth and favorable regulatory environment have also supported the company's growth momentum.

Asset Management

Expected Growth: 8.37%

ASR Nederland N.V.'s 8.37% growth in Asset Management is driven by increasing demand for sustainable investments, expansion into European markets, and strategic partnerships. Additionally, the company's focus on digitalization, cost savings initiatives, and a strong brand reputation have contributed to its growth momentum.

Distribution and Services

Expected Growth: 7.43%

The 7.43% growth in Distribution and Services from ASR Nederland N.V. is driven by increasing demand for insurance products, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and process automation have improved operational efficiency, leading to cost savings and enhanced customer experience.

Holding and Other

Expected Growth: 5.4%

ASR Nederland N.V.'s 5.4% growth in Holding and Other segment is driven by increasing investment income, robust capital management, and disciplined cost control. Additionally, the company's diversified investment portfolio and strategic acquisitions have contributed to the growth. Furthermore, the company's strong brand reputation and solid financial position have enabled it to capitalize on market opportunities, resulting in sustained growth.

7. Detailed Products

Non-Life Insurance

ASR Nederland N.V. offers a range of non-life insurance products, including motor, home, and liability insurance, providing financial protection to individuals and businesses against unforeseen events.

Life Insurance

ASR Nederland N.V. provides life insurance products, including term life, whole life, and endowment insurance, offering financial security to individuals and their loved ones.

Pensions and Investments

ASR Nederland N.V. offers a range of pension and investment products, including individual and group pensions, as well as investment funds, to help individuals and businesses plan for their financial future.

Health Insurance

ASR Nederland N.V. provides health insurance products, including basic and supplementary health insurance, offering access to medical care and financial protection against healthcare expenses.

Mortgage and Lending

ASR Nederland N.V. offers mortgage and lending products, including residential and commercial mortgages, as well as personal loans, to help individuals and businesses achieve their financial goals.

Asset Management

ASR Nederland N.V. provides asset management services, including investment management and portfolio management, to help individuals and institutions manage their investments.

8. ASR Nederland N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for ASR Nederland N.V. is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for ASR Nederland N.V. is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for ASR Nederland N.V. is medium, as the company has some dependence on suppliers, but it also has some bargaining power due to its size and reputation.

Threat Of New Entrants

The threat of new entrants for ASR Nederland N.V. is low, as there are significant barriers to entry in the industry, and the company has a strong market presence.

Intensity Of Rivalry

The intensity of rivalry for ASR Nederland N.V. is high, as the industry is highly competitive, and there are many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.37%
Debt Cost 8.78%
Equity Weight 37.63%
Equity Cost 8.78%
WACC 8.78%
Leverage 165.71%

11. Quality Control: ASR Nederland N.V. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 6.8

Growth: 6.6

Quality: 7.2

Yield: 8.1

Momentum: 10.0

Volatility: 8.7

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Value: 8.1

Growth: 4.3

Quality: 7.8

Yield: 5.6

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VIG

A-Score: 7.2/10

Value: 6.4

Growth: 4.2

Quality: 6.2

Yield: 7.5

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ASR Nederland

A-Score: 7.1/10

Value: 5.7

Growth: 4.1

Quality: 6.2

Yield: 8.8

Momentum: 8.0

Volatility: 9.7

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A-Score: 7.0/10

Value: 6.6

Growth: 3.7

Quality: 6.6

Yield: 8.8

Momentum: 9.0

Volatility: 7.3

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A-Score: 6.8/10

Value: 4.3

Growth: 3.3

Quality: 7.2

Yield: 8.8

Momentum: 8.0

Volatility: 9.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

59.6$

Current Price

59.6$

Potential

-0.00%

Expected Cash-Flows