Published by Global Banking & Finance Review®
Posted on February 19, 2025
2 min readLast updated: January 26, 2026
Add as preferred source on Google
ASR Nederland may speed up its €525M share buyback if Aegon sells its stake, focusing on pension buy-outs to become a market leader.
By Mateusz Rabiega and Jakob Van Calster
(Reuters) -Dutch insurer ASR Nederland could speed up its 525 million euro ($548 million) share buyback if Aegon, its largest shareholder, decides to sell down its stake, CEO Jos Baeten told Reuters on Wednesday.
The Netherlands' second-biggest insurer earlier announced a 125 million euro share buyback to run for up to three months from February 20.
"We've also said... we will do (one more buyback) over 2025, for 175 million and a year thereafter, 225 million", Baeten said in an interview, adding this could be fast-forwarded in case Aegon were to divest its almost 30% stake.
He underlined that with this in mind, ASR would prefer to focus on investing in business, especially in pension buy-outs, as the firm aspires to become the "leading player" in the Dutch pension market.
"Pension buy-outs... are a better way to spend capital and to create long-term value. But in case we aren't able to do any buy-outs or spend in terms of growth... then we would definitely consider giving back more to shareholders", he added.
Having already settled a 1.6 billion euro pension buy-out deal, ASR aims to conclude at least 6.4 billion euro more by 2027, following favourable changes to pension law in the country.
ASR also proposed a total dividend of 654 million euros, or 3.12 euros per share, for 2024.
The insurer earlier said its annual operating profit jumped nearly 47% on the year, up to 1.43 billion euros in 2024, supported by growth across all segments, with a significant contribution from its Aegon Nederland business, lifting shares by about 4% to an all-time high.
ING Global Markets Research said: "Overall results are mostly in line... Faster execution of the SBB by May 25, leaves room for options in 2H25. ASR is set for a strong year given its capital position and after pulling the largest buyout in the Dutch market in 2024."
ASR bought peer Aegon's Dutch business in 2022 in a 4.9 billion euro deal, becoming the second-largest insurer in the Netherlands.
($1 = 0.9577 euros)
(Reporting by Mateusz Rabiega and Jakob Van Calster in Gdansk; Editing by Tom Hogue, Sherry Jacob-Phillips, Philippa Fletcher)
ASR Nederland has announced a €525 million share buyback program, which includes an initial €125 million buyback set to run for up to three months from February 20.
The acceleration of ASR's share buyback could occur if Aegon, its largest shareholder, decides to sell down its stake, according to CEO Jos Baeten.
ASR aims to conclude at least €6.4 billion more in pension buy-outs by 2027, following favorable changes to pension law in the Netherlands.
ASR reported an annual operating profit increase of nearly 47% year-on-year, reaching €1.43 billion in 2024, supported by growth across all segments.
ASR proposed a total dividend of €654 million, or €3.12 per share, for the year 2024.
Explore more articles in the Finance category
