Although ASR’s operating result grew by 3.2% to €885m in 2020 from the previous year, it was offset by lower indirect investment income and impairment of goodwill, both primarily COVID-19 related.
Within the life segment, the impact of the pandemic was estimated at €22m, consisting of a lower direct investment income (-€21m from lower dividends and rental income) and an increase of unit linked provision (-€5m). This was partially offset by a positive mortality result (€4m).
For non-life, result before tax decreased by €31m to €261m. This was mainly due to lower indirect investment income, which was driven by lower realised capital gains (-€30m) compared to 2019, which contained a one-off benefit from the sale of equities, and higher impairments (-€19m), partially offset by a higher operating result (€15m).
Companies:ASR
