# ASR Nederland NV (ASRNL.AS)

Canonical: https://gigainvestors.com/s/ASRNL.AS

Analysis as of: 2026-10-16T07:34:59.976Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 72.82 per share; close as of 2026-10-15.

Estimated value: low EUR 49.58 per share, central EUR 61.98 per share, high EUR 82.64 per share. Buy at or below the central value EUR 61.98 per share. Valuation as of 2026-10-16T07:34:59.976Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.23×

Chart: Net income; fiscal year observations.

- FY2016: EUR 625M

- FY2017: EUR 872M

- FY2018: EUR 610M

- FY2019: EUR 912M

- FY2020: EUR 609M

- FY2021: EUR 894M

- FY2022: EUR 685M

- FY2023: EUR 1.0B

- FY2024: EUR 883M

- FY2025: EUR 582M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 11.6%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 9.0%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 13.9%

- FY2017: 16.1%

- FY2018: 11.1%

- FY2019: 15.0%

- FY2020: 9.6%

- FY2021: 12.1%

- FY2022: 11.1%

- FY2023: 12.4%

- FY2024: 9.0%

- FY2025: 6.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.2%

- Book return interval: 10 years

- Starting book value per share: EUR 28.25

- Ending book value per share: EUR 41.46

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 9.7%

- FY2017: 19.0%

- FY2018: 12.0%

- FY2019: 10.5%

- FY2020: 1.7%

- FY2021: 26.4%

- FY2022: 2.1%

- FY2023: -15.4%

- FY2024: 42.5%

- FY2025: -5.7%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 3.2%

- Diluted shares, 5-year annual growth: 4.4%

- Share growth excluding flagged crisis recapitalisations: 3.2%

- Five-year share growth excluding flagged crisis recapitalisations: 4.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.70×

- Book value created per share: EUR 13.21

- Earnings retained per share after dividends and buybacks: EUR 18.78

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 99

- FY2017: 104

- FY2018: 100

- FY2019: 104

- FY2020: 111

- FY2021: 106

- FY2022: 92

- FY2023: 156

- FY2024: 136

- FY2025: 137

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.6% a year forever · net income -34.1%

Story as of 2026-10-16T10:00:03.304Z; price observation 2026-10-15.

The price assumes profits grow 6.6% a year forever

### Net income · FY2025

net income -34.1%; source https://filings.xbrl.org/7245000G0HS48PZWUD53/2025-12-31/ESEF/NL/0/7245000G0HS48PZWUD53-2025-12-31-1-en/reports/7245000G0HS48PZWUD53-2025-12-31-1-en.html; observed 2026-04-07.

- FY2016: EUR 625M 

- FY2017: EUR 872M 

- FY2018: EUR 610M 

- FY2019: EUR 912M 

- FY2020: EUR 609M 

- FY2021: EUR 894M 

- FY2022: EUR 685M 

- FY2023: EUR 1.0B 

- FY2024: EUR 883M 

- FY2025: EUR 582M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are EUR 21.2 billion.

- Source: https://filings.xbrl.org/7245000G0HS48PZWUD53/2025-12-31/ESEF/NL/0/7245000G0HS48PZWUD53-2025-12-31-1-en/reports/7245000G0HS48PZWUD53-2025-12-31-1-en.html (filed 2026-04-07); FY2025: revenue 21230000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASRNL.AS: ASR Nederland N.V. provides insurance, pensions, and mortgages products and services for consumers, businesses, and employers in the Netherlands. The company operates through five segments: Non-Life, Life, Asset Management, Distribution and Services, and Holding and Other. It offers individual and group disability, as well as sickness leave; property and casualty, including motor, fire, liability, legal aid, travel and recreation, pet, and transport insurance; and health insurance, such as basic and supplementary health insurance. The company also provides pension products; Individual term life insurance; and funeral capital insurance. In addition, it is involved in the provision of asset management services, including investment property management, as well as managing of corporate bonds, government bonds, and equities; investment solutions; manages non-listed sector funds, which invest in retail and residential properties, offices, real estate on science parks, agricultural land, and renewable energy sources comprising wind, solar farms, and energy storage; and develops investment strategies. Further, the company operates in the residential mortgage markets under a.s.r. and Aegon brands; and specialised products for first-time buyers, customers who want to finance sustainable home modifications and senior citizens. Additionally, it engages in the provision of distribution and services; involved in the group-related activities, real estate development business, and activities relating to private investments for customers; offers expert guidance, software and advice on creating healthy and safe working environments services under the ArboNed, Mensely, HumanCapitalCare, Focus, and IT&Care brands; and health and reintegration services. The company was formerly known as Fortis Verzekeringen Nederland N.V. and changed its name to ASR Nederland N.V. in October 2008. The company was founded in 1720 and is based in Utrecht, the Netherlands.

### Why customers stay

It earns 11.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on tangible equity observations [[2016,0.13947779513501452],[2017,0.1605006442113013],[2018,0.1113341850702683],[2019,0.14967996061053668],[2020,0.09646760652621575],[2021,0.12136844963345099],[2022,0.11138211382113822],[2023,0.12449028544015352],[2024,0.09023094216227263],[2025,0.06764295676429567]]; median 0.11637528172729461. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 236 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,170000000],[2017,187000000],[2018,321000000],[2019,252000000],[2020,272000000],[2021,285000000],[2022,347000000],[2023,484000000],[2024,626000000],[2025,667000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/7245000G0HS48PZWUD53/2025-12-31/ESEF/NL/0/7245000G0HS48PZWUD53-2025-12-31-1-en/reports/7245000G0HS48PZWUD53-2025-12-31-1-en.html (filed 2026-04-07); FY2025: cash repurchases 236000000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASRNL.AS SharesStats.PercentInsiders = 0.022000000000000002 percentage points; cache date 2026-10-16.

### What could break it

The geolocation data of these clients are combined with applicable sector- and Natura2000 impact and dependency scores.

- Source: https://filings.xbrl.org/7245000G0HS48PZWUD53/2025-12-31/ESEF/NL/0/7245000G0HS48PZWUD53-2025-12-31-1-en/reports/7245000G0HS48PZWUD53-2025-12-31-1-en.html (filed 2026-04-07); In addition, a quantitative assessment was performed, focusing on clients that are located within a 1 kilometre radius of a Natura 2000 area. The geolocation data of these clients are combined with applicable sector- and Natura2000 impact and dependency scores. This resulted in a percentage of a.s.r.’s premium that is exposed to biodiversity risk in relation to total P&C prem

### What the price says

The price assumes profits grow 6.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Price 72.82; FX 1; original perpetual distributable cash 2.4792156232674283; discount 0.1; growth 0.06595419358325422. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 20.19 per share

- 2016-11: EUR 19.74 per share

- 2016-12: EUR 22.60 per share

- 2017-01: EUR 25.43 per share

- 2017-02: EUR 25.20 per share

- 2017-03: EUR 26.73 per share

- 2017-04: EUR 27.16 per share

- 2017-05: EUR 28.57 per share

- 2017-06: EUR 29.53 per share

- 2017-07: EUR 31.95 per share

- 2017-08: EUR 32.56 per share

- 2017-09: EUR 33.85 per share

- 2017-10: EUR 35.20 per share

- 2017-11: EUR 34.25 per share

- 2017-12: EUR 34.31 per share

- 2018-01: EUR 35.20 per share

- 2018-02: EUR 36.94 per share

- 2018-03: EUR 34.72 per share

- 2018-04: EUR 39.16 per share

- 2018-05: EUR 36.20 per share

- 2018-06: EUR 34.98 per share

- 2018-07: EUR 38.30 per share

- 2018-08: EUR 41.10 per share

- 2018-09: EUR 41.06 per share

- 2018-10: EUR 40.16 per share

- 2018-11: EUR 38.10 per share

- 2018-12: EUR 34.58 per share

- 2019-01: EUR 36.86 per share

- 2019-02: EUR 38.74 per share

- 2019-03: EUR 37.10 per share

- 2019-04: EUR 39.60 per share

- 2019-05: EUR 33.96 per share

- 2019-06: EUR 35.76 per share

- 2019-07: EUR 34.03 per share

- 2019-08: EUR 31.81 per share

- 2019-09: EUR 33.87 per share

- 2019-10: EUR 32.81 per share

- 2019-11: EUR 33.73 per share

- 2019-12: EUR 33.36 per share

- 2020-01: EUR 33.64 per share

- 2020-02: EUR 30.12 per share

- 2020-03: EUR 22.96 per share

- 2020-04: EUR 24.55 per share

- 2020-05: EUR 24.70 per share

- 2020-06: EUR 27.34 per share

- 2020-07: EUR 27.33 per share

- 2020-08: EUR 29.05 per share

- 2020-09: EUR 28.70 per share

- 2020-10: EUR 26.10 per share

- 2020-11: EUR 31.28 per share

- 2020-12: EUR 32.85 per share

- 2021-01: EUR 31.92 per share

- 2021-02: EUR 34.60 per share

- 2021-03: EUR 38.21 per share

- 2021-04: EUR 36.41 per share

- 2021-05: EUR 35.21 per share

- 2021-06: EUR 32.59 per share

- 2021-07: EUR 34.65 per share

- 2021-08: EUR 38.72 per share

- 2021-09: EUR 39.52 per share

- 2021-10: EUR 40.46 per share

- 2021-11: EUR 37.73 per share

- 2021-12: EUR 40.50 per share

- 2022-01: EUR 41.19 per share

- 2022-02: EUR 38.53 per share

- 2022-03: EUR 42.23 per share

- 2022-04: EUR 43.34 per share

- 2022-05: EUR 42.50 per share

- 2022-06: EUR 38.57 per share

- 2022-07: EUR 40.70 per share

- 2022-08: EUR 40.67 per share

- 2022-09: EUR 39.57 per share

- 2022-10: EUR 44.59 per share

- 2022-11: EUR 43.49 per share

- 2022-12: EUR 44.35 per share

- 2023-01: EUR 43.38 per share

- 2023-02: EUR 43.06 per share

- 2023-03: EUR 36.74 per share

- 2023-04: EUR 39.84 per share

- 2023-05: EUR 39.80 per share

- 2023-06: EUR 41.24 per share

- 2023-07: EUR 41.29 per share

- 2023-08: EUR 40.37 per share

- 2023-09: EUR 35.52 per share

- 2023-10: EUR 35.20 per share

- 2023-11: EUR 42.27 per share

- 2023-12: EUR 42.70 per share

- 2024-01: EUR 43.71 per share

- 2024-02: EUR 42.63 per share

- 2024-03: EUR 45.39 per share

- 2024-04: EUR 46.97 per share

- 2024-05: EUR 44.40 per share

- 2024-06: EUR 44.51 per share

- 2024-07: EUR 46.37 per share

- 2024-08: EUR 44.25 per share

- 2024-09: EUR 44.00 per share

- 2024-10: EUR 43.57 per share

- 2024-11: EUR 45.30 per share

- 2024-12: EUR 45.78 per share

- 2025-01: EUR 47.65 per share

- 2025-02: EUR 50.82 per share

- 2025-03: EUR 52.98 per share

- 2025-04: EUR 55.40 per share

- 2025-05: EUR 56.48 per share

- 2025-06: EUR 56.38 per share

- 2025-07: EUR 58.36 per share

- 2025-08: EUR 59.28 per share

- 2025-09: EUR 57.78 per share

- 2025-10: EUR 57.90 per share

- 2025-11: EUR 58.16 per share

- 2025-12: EUR 60.62 per share

- 2026-01: EUR 61.18 per share

- 2026-02: EUR 61.44 per share

- 2026-03: EUR 59.18 per share

- 2026-04: EUR 64.56 per share

- 2026-05: EUR 64.30 per share

- 2026-06: EUR 66.04 per share

- 2026-07: EUR 70.88 per share

- 2026-08: EUR 72.52 per share

- 2026-09: EUR 72.16 per share

- 2026-10: EUR 72.80 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 37.11 per share, central EUR 40.83 per share, high EUR 45.36 per share

- FY2017: low EUR 43.31 per share, central EUR 47.64 per share, high EUR 52.93 per share

- FY2018: low EUR 45.49 per share, central EUR 50.03 per share, high EUR 55.59 per share

- FY2019: low EUR 62.53 per share, central EUR 78.16 per share, high EUR 104.21 per share

- FY2020: low EUR 62.20 per share, central EUR 77.75 per share, high EUR 103.67 per share

- FY2021: low EUR 67.45 per share, central EUR 84.31 per share, high EUR 112.41 per share

- FY2022: low EUR 47.32 per share, central EUR 52.06 per share, high EUR 57.84 per share

- FY2023: low EUR 46.94 per share, central EUR 58.67 per share, high EUR 78.23 per share

- FY2024: low EUR 64.05 per share, central EUR 80.06 per share, high EUR 106.74 per share

- FY2025: low EUR 48.16 per share, central EUR 60.20 per share, high EUR 80.27 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/7245000G0HS48PZWUD53/2025-12-31/ESEF/NL/0/7245000G0HS48PZWUD53-2025-12-31-1-en/reports/7245000G0HS48PZWUD53-2025-12-31-1-en.html); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.