Notes on the company-only balance sheet and income statement

Significant transactions with related parties are disclosed insofar as they did not apply under normal market conditions. Details related to the nature and scope of the transactions and other information required to provide insight will be provided. With regard to deaths reported to DELA Natura or its subsidiaries, the subsequent arrangements are in principle in the hands of DELA Uitvaartverzorging NV or its subsidiaries. Any costs are charged at regular transfer prices. The subsidiary DELA Crematoria Group BV also rented out crematoriums and funeral centres to DELA Uitvaartverzorging NV for €30 million in 2024. The rent is determined based on the required rate of return. In addition, DELA Natura has a current account relationship with DELA Holding NV.

The historical price consists of the monetary amount or equivalent that was agreed on for the acquisition of the acquired company plus any directly attributable costs. If the historical cost differs from the net amount of fair value of the identifiable assets and liabilities, the difference is considered as goodwill.

The companies included in the consolidation scope will remain in the consolidation until the decisive control is transferred or the company is only being held for sale.

The key estimates relate to:

• the valuation of investments: real estate, real estate funds, infrastructure funds, agricultural and forestry funds and private equity firms (see also section 4.2);
• the applied principle for the technical provisions (see also section 2.12);
• the value of the non-technical provisions (see also section 2.13);
• the valuation of deferred tax assets (see also section 4.3).

The financial statements for 2024 were prepared by the Executive Board on 25 April 2025 and are due at the time of publication to be adopted in the general meeting of 24 May 2025. The financial statements for 2023 were adopted at the general meeting of 25 May 2024.

The valuation and determination of the results are based on historical costs unless indicated otherwise. Revenue and costs are assigned to the year to which they occur. Profits are only recognised insofar as they were realised on the balance sheet date, unless indicated otherwise. Obligations and any losses that originated before the end of the reporting year are recognised insofar as they were known when the financial statements were prepared.

Assets valued in foreign currency at the historical cost are converted at the exchange rate (or the approximate exchange rate) on the transaction date.

Reinsurance premiums, provisions and payments as well as technical provisions for reinsurance contracts are accounted for in the same way as the direct insurance to which the reinsurance applies. The share of reinsurers in the technical provision to which DELA Natura is entitled as a result of its reinsurance contracts is subtracted from the gross technical provision. Short-term receivables from reinsurers are included under Receivables.

The valuation of amounts due from or payable to reinsurers takes place in accordance with the conditions of the reinsurance contracts. Reinsurance obligations primarily consist of premiums payable.

Receivables due to reinsurance contracts are assessed on the balance sheet date for any impairments.

See section 2.8 to determine whether an impairment applies to an intangible fixed asset.

The net asset value method is calculated in accordance with the principles that apply to these financial statements; for participations for which insufficient data is available to change these principles, the valuation principles of the relevant participation are applied.

A participation that is valued as negative in accordance with the net asset value method is valued at nil. If and insofar as DELA Natura is partially or fully responsible for the debts of the participation, a provision will be made. The initial valuation of participations is based on fair value of the identifiable assets and liabilities at the time of acquisition. From then on, the principles related to these financial statements apply, based on the value at initial valuation.

Participations without significant influence are valued at the historical cost. If a sustainable devaluation applies, valuation is at this lower value. Impairment is recognised to the income statement.

The receivables from participations included under financial fixed assets are valued at the fair value of the provided amount, which is normally the nominal value, minus any provisions deemed necessary.

Deferred tax assets are included for any temporary differences between the value of the assets and the liabilities in accordance with the tax regulations on the one hand and the valuation principles used in these financial statements on the other. The deferred tax assets at nominal value are calculated based on the tax rates applicable at the end of the reporting year or the rates that will apply in the coming years, insofar as these have been legally established.

If it is determined that a previously accounted impairment no longer exists or has been reduced, the impairment is reversed to at most the book value that would have been determined if no impairment had been attributed to the asset.

With regard to financial instruments, DELA Natura also assesses whether there are objective indications of impairments of a financial asset or group of financial assets on each balance sheet date. In the event of such indications, the scope of the loss resulting from the impairment is determined and recognised directly in the income statement.

For financial assets that were valued at the redemption value, the scope of the impairment is determined as the difference between the book value of the asset and the best possible estimate of the future cashflows, discounted at the effective interest rate of the financial asset as determined in the initial processing of the instrument. Any reversal  of an impairment loss is limited to at most the amount that is required to value the asset at the amortised cost price. The reversed loss is then recognised in the income statement. An impairment loss on goodwill is not reversed in the future.

The majority of the technical provisions for own-risk funeral insurance as established in the Netherlands are calculated in accordance with the pure net method at an interest of 2.75 percent and based on the GBMV 1995-2000 mortality table as published by the Royal Dutch Actuarial Association, using the principles related to mortality and interest.

For insurance policies with a temporary premium payment, the actuarial interest for the period after the end date of the premium payment is 2 percent.

The technical provisions related to the Yarden portfolio acquired in 2021 are subject to principles that fall under a valuation at fair value at the time of acquisition. The actuarial interest is 1.3 percent on average and the mortality rate is based on the 2020 prognosis table of the Actuarial Society of the Netherlands. Lapses due to other causes than death were also taken into account at the moment of acquisition based on empirical data and the actual cost level. In addition, there are two additional provisions regarding the Yarden portfolio:

• DELA created a provision of €62.4 million to finance the future indexation of the Yarden package policies. Indexation has now been awarded for a number of years. These future indexations are estimated at the moment of acquisition and the fair value of this provision will be the present value of these withdrawals.
• DELA also guaranteed that bereaved will not have to pay inflation deficits for the first ten years after the acquisition. These deficits are estimated and discounted resulting in the fair value of the commitment.

The majority of technical provisions for own risk funeral insurance as established in Belgium are calculated in accordance with the pure net method at the usual interest from the moment of implementation and based on the usual mortality table, using the principles related to mortality and interest. The expected payments are based on the principles of the rate as determined when the policy was signed.

The technical provision for DELA Sorgenfrei Leben is calculated in accordance with the pure net method at an interest of 2 percent. The mortality rate is based on tables produced by the German Actuarial Society.

The technical provisions in the insurance portfolio acquired in Germany in 2022 are subject to principles associated with a valuation at fair value on the acquisition date. The actuarial interest is 2.5 percent on average, and the mortality rate is based on the prognosis for 2022 by the Actuarial Society of the Netherlands.

The DELA Activ Leben technical provision is calculated in accordance with the pure net method at an interest rate of 3 percent plus a provision for unearned premium. The mortality rate is based on mortality tables as produced by the German Actuarial Society.

The provisions are valued as a best estimate of the amounts required to settle the obligations on the balance sheet date. The provisions are valued at present value of the expenses that are expected to be necessary to settle the obligations, unless stated otherwise.

If it is expected that a third party will pay the obligations and it is likely that the payment will be received once the obligation has been settled, the payment is included in the balance sheet as an asset.

The main features of this scheme are:

• The employer pays a monthly premium for each employee to the pension provider; 
• The pensionable salary is 1.1666 times the full-time monthly wage paid in the calendar month, with an annual maximum (2024: €137,800);
• The pension base over which the employer contributes a premium is the pensionable salary minus the franchise (2024: €17,545);
• A pension premium of 22 percent is paid to the pension provider for personnel who were employed from 1 January 2022. The premium for those who joined the company prior to that date is based on an age table with incremental premium percentages;
• Personnel employed from 1 January 2022 pay a contribution of 6 percent of the pension base, while those employed before that date pay 4.5 percent;
• The scheme does not result in any obligation on the balance sheet date, with the exception of obligations resulting from future premiums.

Participants are also insured for a partner pension with a scope of 1.16 percent of the pension base multiplied by the number of years of service from when they started participating in the pension scheme to the pensionable age. The orphan’s pension is 20 percent of the partner pension. Participants are subject to a premium exemption in the event of disability. In addition, there is an additional disability benefit insurance that pays out depending on the level of disability.

Pension schemes in the Netherlands are subject to the conditions of the Dutch Pension Act. DELA Natura pays premiums to insurance companies on a compulsory, contractual or voluntary basis. The premiums are accounted for as personnel costs as soon as they are due. Advance premiums are included as accrued assets if they result in reimbursement or a reduction of future payments. Premiums that have yet to be paid are included in the balance sheet as an obligation.

Employees are also provided with a life insurance policy in which the bereaved receives the insurance capital if the employee dies before the end date. In addition, the insured receives a replacement income in the event of disability due to illness, pregnancy or a personal accident.

The calculation of the deferred tax obligation applies the tax rates applicable at the end of the reporting year or the rates that will be applicable in coming years, insofar as these have been legally determined.

The difference between the determined book value and the eventual payment value is processed as interest costs in the income statements based on the effective interest rate during the estimated term of the liabilities.

As part of the liability adequacy test, impairments to the attributed acquisition costs are assessed annually and a determination made as to whether the future contribution from the insurance products is sufficient to cover the attributed costs.

It is clear that the underwriting risks and market risks are the greatest risks. The gross positions (without taking into account the mitigating effect of profit sharing) and the net positions have increased slightly for both.

Similar to last year, the eligible own funds consists almost entirely of Tier 1 capital. All elements of Tier 1 are fully at DELA’s disposal. The Tier 3 capital concerns a net position of an active deferred tax position with the Belgian tax authorities.

The table below shows the development of the market risk, quantified based on the presented standard model (amounts in € million).

The financial markets continued to recover in 2024 from the downturn in 2022. Interest rates declined slightly over the course of the year compared to 2023 and inflation also fell. The capital requirements for the various market risks changed only marginally in 2024. Overall, the capital requirement for the total market risks increased slightly.

Sustainability-related risk includes the risk of climate change, a risk that DELA Natura faces both directly and indirectly through its investments. The impact of climate risks was further analysed in 2024 as part of the ALM study. The risks associated with climate change have a limited impact on the coverage ratio, premium increases and solvency. Factoring in climate-related risks, we observe that the premium increase is higher than in the baseline scenario. Solvency remains stable across the various climate scenarios.

DELA Natura is exposed to the life insurance risk alone as it only provides life insurance policies. The portfolio largely consists of funeral insurance, with specific rates for the Netherlands, Belgium and Germany. These rates are based on specific characteristics and assumptions (actuarial interest, costs, mortality tables) aligned to each country. An annual review is conducted to assess whether these assumptions align with the developments of the relevant portfolios. The portfolio is large in numbers and size, with a limited chance of fluctuations in the results.

In addition, DELA Natura has a temporary life insurance policy in the Netherlands and Germany. The insured capitals herein are significantly higher than in the funeral insurance. Reinsurance is used to limit any volatility of the results for this portfolio.

Finally, DELA Natura has a savings product in the Netherlands. The mortality risk of this portfolio is limited at 10 percent of the built-up value.

The table below shows the structure of the underwriting risk (amounts in € million).

Underwriting risks also showed limited changes in 2024. Relatively speaking, the cost risk increased the most due primarily to cost inflation. Overall, the capital requirement for total underwriting risks increased slightly.

The standard model does not include the funeral cost inflation risk. Although this risk is borne by policyholders, it remains significant as an increase in funeral costs leads directly to a premium increase. DELA Natura aims to provide excellent services to its members at the lowest possible premium, and specific attention is therefore paid to this aspect in the ORSA. DELA Natura has some influence over the development of funeral cost inflation and closely monitors this trend throughout the year.

DELA Investment Belgium NV was liquidated in 2024.

Subsidiaries DELA Vastgoed BV and DELA Crematoria Groep BV have real estate on the balance sheet. As the valuation of real estate properties includes estimates, a certain degree of uncertainty exists and a bandwidth should always be taken into account. The accuracy of an appraisal of a marketable property is deemed to be within a 10 percent range (+/ -) of the value.

The average balance of these current account relationships is subject to an interest rate of 4.95 percent. No new arrangements were made regarding payment and securities. 

DELA Natura’s investments were restructured in February 2024, with all shares, bonds and loans being administratively sold and repurchased. This means that the original cost prices are no longer available in the systems. The cost prices listed above are based on the market value of the shares, bonds and loans at the time of the restructuring. These are liquid investments and therefore tradable at market prices at any time. Since the valuation is based on market value, the added value of explaining historical cost prices is limited.

The unhedged foreign exchange positions have been determined on a look-through basis as this reflects the actual currency risk. The comparative figures have been adjusted accordingly. The currency risk for 2023 is therefore €585 million higher than reflected in the 2023 financial statements. The increase is mainly due to the foreign exchange positions of the subsidiary DELA US Investments BV, which are now included based on the look-through principle.

Shares and bonds
All shares and bonds are listed on the stock exchange.

The modified duration formula is used to measure interest rate sensitivity. The average modified duration of the bonds and other loans is 4.7.

Derivatives
The valuation of the derivatives (forward exchange contracts) is made based on the ‘mark-to-model’ approach. The average remaining term of these contracts is 10 weeks. As of December 31, 2024, derivatives (currency forward contracts) were also present, but their value was negative, causing them to be classified on the liabilities side under accrued liabilities.

Real estate funds
The real estate funds are not listed on the stock exchange. The valuation of the real estate funds involves the fair value using the DCF method. This valuation is taken from the fund managers and is the valuation model also used in the trading of property. The valuation is in accordance with generally accepted methods and set by an external appraiser/valuer. We receive an ISAE3402 Type II report or equivalent for most funds.

For all real estate funds, an audit opinion from the external auditor on the valuation or financial statements is obtained, or an audit statement is received before the financial statement of DELA Natura is finalised. This provides sufficient confidence in the reliability of the valuations reported by the fund managers. A limited level of estimation uncertainty is inherently present in the investments held by the fund remains. 

Infrastructure funds and agricultural & forestry funds
The infrastructure funds and agricultural & forestry funds are not listed on the stock exchange. Their valuation is based on the fair value provided by fund managers. The valuations are established using the DCF method and local accounting standards, and we have determined that there are only marginal differences between them. The valuation is preferably performed by an external appraiser/valuer. We receive an ISAE3402 Type II report or equivalent for most funds. The audit statement from the external accountant, or, if unavailable, a status update of the audit, with the valuation or annual statement of the funds is only received in some cases after the DELA Natura financial statements have been drawn up.  Analysis has shown that sufficient certainty exists for the reliability of the valuations as accounted for by fund managers, although there is a limited risk of the kind of estimation uncertainty that can naturally occur for investments held by the fund.

Mortgage funds
The mortgage fund is not listed on the stock exchange and comprises investments in non-NHG accredited mortgages. The valuation of these funds involves the fair value, and is taken from the fund managers. The valuations are established via the DCF method. Local accounting standards are applied and these are assessed by DELA for applicability within our valuation principles. The valuation is performed and reviewed internally by the fund’s external accountant and we receive an ISAE3402 Type II report. The audit statement from the external accountant with the annual statement of the fund is only received after the DELA Natura financial statements has been drawn up. Analysis has shown that sufficient certainty exists for the reliability of the valuations as accounted for by fund managers, although there is a limited risk of the kind of estimation uncertainty that can naturally occur for investments held by the fund.

On the balance sheet date, the loan-to-value is 64.6 percent (2023: 70.1 percent).

Other financial investments
The amounts included under this section relate to interests in non-listed private equity firms and a loan fund. At the end of 2024 the value of the loan fund was €73.3 million (2023: 13.2 million).

The market value of the private equity firms is based on the DCF method.

The loan fund is not listed and comprises investments in company loans. The valuation of the loan fund involves the fair value provided by fund managers. The fair valuation of the loan fund applies the standards in line with IFRS and US GAAP. DELA has determined that these standards only deviate marginally from DELA’s principles. The valuation is performed by an external assessor, and the fund provides us with an ISAE3402 Type II report. Before the financial statements of DELA Natura are determined, DELA receives at least an audit statement from the accountant, providing sufficient certainty regarding the reliability of the accounted valuations; a limited level of estimate uncertainty naturally present in the investments made by the fund remains.

Investments in cash and cash equivalents
Investments in cash and cash equivalents relate to receivables and debts directly linked to the investment portfolios with a mandate issued to the asset manager. 

Securities lending
DELA Natura lends shares and bonds. To limit the risk for DELA Natura, borrowers must provide collateral for the loans. Cash collaterals are not allowed and the lending parties must comply with strict requirements. To further limit the risk, the following additional restrictions are applied:

• counterparties must have a S&P rating of at least A-;
• collateral may only involve government bonds from OECD countries with a S&P rating of at least AA- in accordance with S&P;
• the market value of the collateral should be at least 102 percent of the market value of the loaned securities;
• shares on our engagement list are not eligible for lending. Engagement is the process by which active rights as shareholder are being used.

The market value of the loaned securities on 31-12-2024 was €182.3 million (2023: € 408.4 million). The value of the collateral is €188.4 million (2023: €421.8 million).

Due to the size and distribution of the operations of DELA Natura the credit risk based on the receivable from direct insurance is only condensed to a limited extent. In addition to the usual provision for doubtful debts from intermediaries there is therefore no additional provision for credit risk.

The other receivables have a term of less than one year, except for the deferred tax assets.

The deferred tax positions are subjected to offsetting (where possible). The table below shows a specification of the various deferred positions that are presented jointly on the asset side of the balance sheet, which also include negative amounts due to the offsetting applied. This represents a net deferred tax asset with the Dutch tax authorities.

The deferred tax assets are largely of a long-term character. In their valuation the recoverability of the item is assessed using projections of future taxable profits. These future projections involve estimation risks. These risks primarily lie within the estimates of future investment returns and future profit sharing. The deferred tax assets have decreased due to corrections in the tax returns of previous years.

The tangible fixed assets concern equipment and computers. 

Cash and cash equivalents mainly involve bank balances that are freely available.

The accrued receivables consist of accrued interest and rent and amounts paid in advance.

The other change relates to the merger with the sister company DELA Depositary & Asset Management BV as the acquired entity and DELA Natura as the acquiring entity.

It is proposed to add the result after tax of €178,609,000 to the other reserves. In anticipation of confirmation by the general meeting, this result appropriation has already been included in the financial statements.

On 31 December 2024 the registered (145,210 shares) and issued capital (29,498 shares) of the company were €14,521,000 and €2,950,000 respectively.

The premium reserve resulted from the share issuance above the nominal value and therefore involves a free reserve.

A legal reserve has been set at the level of the capitalised expenses of internally developed software systems. At the end of 2024 it amounted to €9.8 million. The rest of the legal reserves come from subsidiaries of DELA Natura.

Almost the entire technical provision can be considered long-term. The modified duration of the technical provision is 35.2.

The share of reinsurers in the technical provision and the payments to which DELA Natura is liable as a result of its reinsurance contracts are deducted from the gross technical provision.

The provisions for life risk are initially based on base tariffs, which are usually mortality rates, a fixed actuarial interest and cost parameters for initial and ongoing costs.

The acquisition costs deducted from the technical provision involves commissions paid in Belgium and Germany.

The liability adequacy test checks that the technical provision is sufficient to provide a high level of certainty regarding the obligations to policyholders. In the test, the balance sheet provision is reduced by the related allocated acquisition costs, and intangible assets are compared to a provision that takes current estimates of all future cashflows and developments into account. These cashflows include profit sharing and premium measures. The current estimates take into account the uncertainty margins prescribed in Guideline 605 of the Dutch Accounting Standards Board.

Should the current estimate be lower than the available technical provision, it can be stated that the available balance sheet provision is able to meet the obligations to policyholders.

The liability adequacy test is performed on the total portfolio of insurance obligations every year. Any shortfalls are charged directly to the income statement, initially by writing them off to future profit margins in acquired portfolios, followed – if necessary – by writing them off to allocated acquisition costs and, finally, by establishing an additional provision if required. Write-offs to allocated acquisition costs or future profit margins in acquired portfolios due to this test are not reversed in later years. No write-offs took place in previous years.

The performed liability adequacy test at fair value shows that the total of the technical provisions has an excess value of €2.1 billion at the end of 2024. This is somewhat lower than last year. The results from the test are at the level of DELA Natura (including the Belgian and German offices).

The provisions are mainly of a long-term nature.

The deferred tax positions are subjected to offsetting (where possible). The table below shows a specification of the various deferred positions that are presented jointly on the liabilities side of the balance sheet, which also include negative amounts due to the offsetting applied. This relates to the deferred tax position with the Belgian tax authorities.

The liabilities to reinsurers are part of an arrangement and are of a long-term nature. The reinsurers are obligated to deposit the reinsured interest in cash to the insurers of DELA Natura. The deposit is subject to an interest of 3 percent to 4.5 percent a year.

A reinsurance contract related to an inactive portfolio was redeemed in 2023. The associated deposit was refunded.

Liabilities from direct insurance occur when policyholders pay premiums in advance.

The existing liabilities are at par value, which means the amortised cost is equal to the nominal value.

The decrease in current account liabilities to group companies is primarily due to a dividend payment of €130 million from DELA Hypotheken BV, which was offset against the outstanding debt. The restructuring of the investments resulted in a debt to DELA Depositofonds BV. This loan was taken out to centrally manage the investments from DELA Natura and the interest rate is EURIBOR plus a margin of 0.85%.

The loans have a term of more than 5 years.

The interest rate on the loan of €2.5 million is 2% per year.

Participation in the Dutch Terrorism Claims Reinsurance Company (NHT) entails a conditional obligation for compensation for acts of terrorism with a value of up to €2.1 million. No terrorist act as meant by this agreement occurred in the book year.

DELA Natura has a credit facility at Northern Trust with a maximum of €100 million or 10 percent of the value of the securities deposited. The collateral comprises the securities in custody with Northern Trust. The interest percentage due is the ESTER interest rate plus 1.25 percent.

In 2024, DELA Natura entered into a new agreement to invest €150 million in infrastructure funds. By the end of the year the remaining investment commitments with various counterparties amounted to €157.3 million and $15.4 million (converted to €14.8 million as of the balance sheet date).

DELA Natura entered into a new agreement in 2024 to invest €150 million in real estate funds. The remaining investment commitments amounted to €63.0 million at the end of 2024.

DELA Natura did not enter into any commitments to invest in agriculture & forestry funds in 2024. As of the end of 2024, the remaining investment commitments stood at €57.7 million and $43.0 million (converted to €41.3 million as of the balance sheet date).

In 2024, DELA Natura entered into a new agreement to invest €100 million in loan funds. The remaining investment commitment at the end of 2024 was €232.2 million.

There was no remaining investment obligation in ASR Hypotheekfonds at the end of 2024.

Fiscal unities have been established in DELA Natura for corporate tax (VPB) and turnover tax (OB). Every company within the fiscal unity is severally liable for the taxes due.

No events have occurred after the balance sheet date that need to be disclosed which are essential for understanding the financial statements or have significant financial implications.

Of the total gross premium income in 2024, €6.7 million consists of single premiums (2023: €7.5 million).

DELA Natura’s investments were restructured on 15 February 2024, with all shares, bonds and other loans being administratively sold and repurchased. As a result of this administrative action, a positive net unrealised result of approximately €265 million was realised for the shares, bonds and other loans. As this amount relates to sales that did not actually take place on the market, the actual cost prices based on market transactions are no longer available in the administration systems. The aforementioned amount of €265 million is therefore included in the realised results. The unrealised results mentioned above are based on the difference between market values at the balance sheet date and market values at the time of the restructuring. The financial investments are liquid investments and are therefore tradable at market prices at any time. Since the valuation is based on market value, the added value of explaining the split between realised and unrealised results is limited. The total investment result is not affected by the restructuring.

Unrealised results indicate changes to the market value of the investments (including currency exchange effects) in the book year as they stand on the balance sheet date. All other investment results are attributed to the realised investment results.

Direct investment results include all received rental, lease and dividend income minus all investment costs. All results – both realised and unrealised – that result from market value changes are attributed to the indirect investment results.

The payments from own account are lower than in 2023, mainly due to fewer expirations and the surrender of DELA CoöperatiespaarPlan policies.

Death claims have increased compared to 2023.

The allocated ‘personnel’ and other’ acquisition costs involve indirect costs that are determined based on internal cost models. The increase in these acquisition costs is largely due to inflation. The increase in the direct acquisition costs is due to the continued growth of the German insurance portfolio. This also caused the growth of the annual depreciation.

The IT costs have been reduced by the capitalisation of software development costs (€12.8 million). The incurred costs are in the cross charges as they are made in DELA Holding NV.

The nominal tax rate in the Netherlands in 2024 was 25.8 percent (2023: 25.8 percent), in Belgium 25 percent (2023: 25 percent), and for Germany the applicable nominal rate of 30 percent (2023: 30 percent) was taken into account. As Germany only determines a limited taxable result, this results in a minimal divergence between the applicable rate and the effective tax burden.

The effective tax burden deviates from the nominal rate. Participation exemptions apply to interests of over 5 percent in investment funds. Taxes over previous years mainly involve a change in how the participation exemption on an investment fund is applied. The fiscal differences are primarily due to the fact that realised and unrealised losses on shares are not tax-deductible in Belgium. The effective tax rate over 2024 is -4,0 percent (2023: 338,3 percent).

DELA dismantled the pooling structure for investments in 2024, transferring the Belgian investment portfolio to the Netherlands. Since this transaction crosses national borders and has tax implications, DELA is preparing a Bilateral Advance Pricing Arrangement (BAPA) process. This will enable DELA, in consultation with the Dutch and Belgian tax authorities, to determine the arm's length nature of the return to be allocated to the Belgian permanent establishment.

At the time of preparing the financial statements, there is no certainty about the outcome of this BAPA. Given the comparable tax rates (25% in the Netherlands / 25.8% in Belgium), any potential profit shift will not lead to a materially uncertain position.

The organic analysis shows the result of the technical account and the result before tax, categorised by profit sources.

The determination of the income from investments for technical or non-technical accounts is based on the equity/debt ratio.

Starting in 2024, remuneration of Management Board members consists solely of a fixed component and is fully paid in cash. The Management Board members do not receive a representation fees, nor do they receive shares or bonds. Up to and including 2023, remuneration of Management Board members also included a variable component. This variable remuneration (up to a maximum of 20 percent) was paid 60 percent unconditionally and 40 percent conditionally. The retention period for the conditional portion is three years, meaning payments of the conditional portion will continue until 2027. This portion is also fully paid in cash. The remuneration of the Management Board members in the book year comprised a fixed component of €914,000 (2023: €743,000), a variable component of €91,000 (2023: €83,000) and a pension contribution of €171,000 (2023: €156,000). The remuneration of Management Board members consists of remuneration of current as well as former members.

The remuneration of the Supervisory Board members (of DELA Coöperatie UA., DELA Holding NV and DELA Natura- en levensverzekeringen NV together) in the book year amounted to €224,000 (2023: €229,000).

The remuneration of both the Management Board members and the Supervisory Board members is paid by DELA Coöperatie UA. and is not recharged to DELA Natura. Also DELA Holding N.V. as a Management Board member is not recharging any remuneration to DELA Natura.

The remuneration complies with the Wet beloningsbeleid financiële ondernemingen.

DELA Natura uses the exemption based on Article 2:382a section 3 BW, which means it does not have to publish the fees.

DELA Natura had an average of 744 (2023: 712) employees over 2024, of which 587 in the Netherlands (2023: 570), 104 in Belgium (2023: 96) and 53 in Germany (2023: 46).

Eindhoven, 7 May 2025

DELA Natura- en levensverzekeringen N.V.