ASR Nederland N.V. ARNNY

FinancialsInsuranceNetherlands

Last close 42.28 USD on Nov 1, 2026, +24.9% year to date

Quant rating

Quant rating B Rank 62 of 304 in Financials

Growth C 153 of 304
Valuation B 101 of 304
Quality C 191 of 304
Revisions A 24 of 304
Momentum B 64 of 304

Wall Street consensus Buy (2.15)Average target 85.64 USD +102.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.1B
Enterprise value: 22.8B
52-week range: 31.92 – 43.86
3-year range: 31.70 – 43.86
Dividend yield: 4.85%
Beta (5 years): –
Shares outstanding: 202M
Next earnings: Nov 19, 2026

About the company

ASR Nederland NV is a multiline insurance company based in the Netherlands. The Company operates through six segments: Non-Life, comprising non-life insurances, including motor vehicle, fire, travel and leisure, transport, liability, agricultural, construction motorized vehicles and construction all risk and assistance insurance products, among others; Life, offering insurance policies that involve asset-building, asset protection, term life insurance and funeral expenses for consumers and business owners; Banking and Asset Management, providing banking activities and activities related to asset management, including investment property management; Distribution and Services, including the distribution of insurance contracts and intermediary services; Holding and Other, providing primarily holding activities of the Company, as well as Real Estate Development, specialized in the development of real estate properties. The Company operates in the Netherlands and internationally.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,763	10,317	9,555	6,160	6,715	–
Revenue growth	23.7%	8.0%	55.1%	−8.3%	3.2%	14.4%
EPS (basic, normalized)	2.50	4.36	6.28	5.30	7.42	–
EPS growth	−42.7%	−30.6%	18.4%	−28.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.1%	8.8%	9.3%	−44.3%	9.3%	−2.6%
ROE	5.7%	12.1%	12.9%	9.7%	14.8%	11.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	12,763	+23.7%	1.8x	48.61	+21.5%	0.9x	2.50	−42.7%	16.9x
2026	7,670	−39.9%	3.0x	53.23	+9.5%	0.8x	7.33	+193.8%	5.8x
2027	8,126	+5.9%	2.8x	56.14	+5.5%	0.8x	7.40	+0.9%	5.7x
2028	8,374	+3.1%	2.7x	59.26	+5.6%	0.7x	7.82	+5.8%	5.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,670	0.0%	+2.5%	+6.1%	7.33	+0.5%	+10.4%	+8.8%
2027	8,126	0.0%	+2.5%	+5.5%	7.40	+0.6%	+5.4%	+2.9%
2028	8,374	0.0%	+2.5%	+5.5%	7.82	+0.6%	+5.8%	+2.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
ARNNY ASR Nederland N.V.	17.1B	5.7%	4.1%	1.46x	5.8x	5.7x	0.8x	0.8x
AGESY Ageas SA/NV	18.1B	19.3%	17.6%	1.54x	7.6x	8.4x	1.4x	1.3x
RGA Reinsurance Group of America, Incorporated	17.3B	13.4%	4.9%	1.26x	9.0x	8.9x	1.3x	1.1x
PZAKY PZU SA	15.9B	19.8%	11.6%	1.81x	9.3x	8.7x	1.5x	1.4x
AMIGY Admiral Group PLC	15.8B	53.0%	14.5%	7.92x	16.3x	14.4x	7.6x	6.4x
CRBD Corebridge Financial Inc	15.5B	19.8%	−2.1%	1.46x	4.5x	3.6x	0.6x	0.6x
Mean		21.8%	8.4%	2.57x	8.7x	8.3x	2.2x	1.9x
Median		19.5%	8.3%	1.50x	8.3x	8.5x	1.3x	1.2x

Technical analysis

1M+1.4%
3M+8.6%
1Y+32.3%
3Y+33.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ASR Nederland N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	12,763	10,317	9,555	6,160	6,715	6,505
Other revenue	820	1,638	1,753	−1,916	4,224	2,538
Total revenue	13,583	11,955	11,307	4,244	10,939	9,043
Losses, benefits and adjustments	11,128	9,017	8,418	5,979	8,348	6,799
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	–	–	–	–	692	725
Depreciation/amortization	–	–	–	–	33.0	29.3
Interest expense (income), operating	433	475	297	71.7	101	230
Other operating expenses	988	763	1,014	271	158	199
Operating income	1,034	1,699	1,578	−2,077	1,607	1,060
Net interest income (expense)	–	–	–	–	−210	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−216	−183	−168	−409	−22.7	−47.6
Net income before taxes	817	1,516	1,410	−2,486	1,374	1,012
Provision for taxes	154	401	303	−649	307	210
Minority interest	−20.0	2.1	0	8.6	3.4	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	644	1,117	1,107	−1,829	1,071	802
Extraordinary items	0	−125	90.5	–	0	−2.4
Net income	644	992	1,197	−1,829	1,071	800
Basic weighted average shares (mil)	206	211	179	137	136	139
Diluted weighted average shares (mil)	228	232	200	137	158	161
Basic EPS, normalized	2.50	4.36	6.28	5.30	7.42	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ASR Nederland N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	796	700	808	727	632	242
Goodwill	419	241	258	250	255	181
Intangibles	526	372	458	94.2	232	241
Insurance receivables	–	–	–	–	940	1,014
Long-term investments	136,807	121,509	139,129	55,364	72,371	76,169
Note receivable	43.5	201	75.0	128	–	–
Other long-term assets	42.3	105	702	340	0	238
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	25,139	16,018	16,227	6,937	8,254	12,665
Total assets	166,956	143,488	166,387	66,245	85,306	94,224
Liabilities
Accounts payable	442	384	56.3	2.1	17.1	15.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	55.2	45.6	30.9	23.5	–	–
Policy liabilities	119,048	106,256	109,680	45,059	61,795	66,739
Short-term debt	4,827	5,746	4,979	2,423	7,127	10,381
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	5,642	5,324	9,258	2,347	1,346	1,276
Minority interest	15.3	48.7	38.6	28.9	20.5	0
Other liabilities	25,051	15,552	32,034	9,780	6,626	8,102
Total liabilities	155,080	133,356	156,077	59,663	76,932	86,514
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	38.8	35.2	37.5	25.7	25.0	28.1
Additional paid-in capital	4,731	4,214	4,492	1,641	1,087	1,192
Retained earnings (accumulated deficit)	5,100	4,688	4,577	3,820	5,753	5,507
Treasury stock	−288	−113	−7.7	−84.5	−94.4	−100
Other equity	2,294	1,308	1,212	1,180	1,603	1,083
Total equity	11,875	10,131	10,310	6,582	8,374	7,710
Total liabilities & shareholders' equity	166,956	143,488	166,387	66,245	85,306	94,224

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ASR Nederland N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	817	1,665	1,533	−2,486	1,374	1,010
Depreciation, depletion & amortization	176	117	86.1	51.4	59.1	58.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	2,126	495	302	1,518	−80.7	353
Changes in working capital	−3,788	−3,000	2,048	−111	−1,128	−989
Cash from operations	−668	−724	3,970	−1,028	225	432
Investing activities
Capital expenditures	−37.6	−31.1	−37.5	−203	−440	−18.3
Other investing cash flows	−47.0	−1,978	2,467	−12.8	−86.4	−39.1
Cash from investing	−84.6	−2,010	2,429	−216	−526	−57.4
Financing activities
Financing cash flow items	−31.7	−569	−58.5	−40.7	−28.4	−392
Cash dividends paid	−786	−651	−534	−371	−324	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−184	107	449	1,594	20.5	−95.3
Cash from financing	−1,002	−1,114	−143	1,182	−332	−487
Foreign exchange effects	10.6	0	−4.4	–	–	–
Net change in cash	−1,744	−3,847	6,251	−63.1	−633	−112
Free cash flow	−706	−755	3,932	−1,232	−215	414

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.