In this article, we update you on the significant losses in the fourth quarter and a necessary adjustment to the current collective labor agreement. There is also news about the merger process and we have discussed employment conditions at length with Nadine Klokke from Knab.
Quarterly figures
Aegon made the 9 on Thursdaye announced in February that it suffered a substantial loss in the fourth quarter of 2022 due to the write-down of the book value of Aegon Nederland in connection with the sale to ASR. An appointment with CFO Boaz Magid for an explanation of the figures was not possible in the short term, but we still owe that. When we speak to him at the end of March, we will immediately include the 2022 annual accounts (March 16) and the first quarter of 2023 (March 17).
During the Capital Markets Day in June 2023, Lard Frieze will provide an update on the strategy, including his plans to further improve efficiency and commercial results. Do you have questions about the figures, explanation or strategy that you want to share with me? Let me know via app, telephone or email.
High
After establishing and communicating the collective labor agreement, it appeared that the increase in the minimum wage on 1 January 2023 will affect the minimum level of salary scale 3. This has no consequences for other salary scales. HR has aligned the minimum level of salary scale 3 with the statutory minimum wage and adjusted the maximum level and the extension of salary scale 3 on the basis of this higher minimum level. This has no consequences for employees of Aegon Netherlands.
Fusion process
On Tuesday, February 21, 2023, under the guidance of an external process supervisor, we will explore what the process of integration and harmonization of employment conditions could entail. This is where representatives of HR, employee participation and trade unions from both ASR and Aegon come together. A large group and that's why we start with a round of getting acquainted. Then we will talk more about the integration process itself and how both organizations think this could also work out in terms of terms of employment. Depending on the course of the discussion, we will come to any follow-up agreements.
Knab
We recently spoke with Nadine Klokke, CEO of Knab. She told us about Knab's customers, products, services and figures. From startup in 2012 to scale-up ten years later. Focus on the online service of self-employed persons in particular, with a net growth of 50.000 customers per year. Customers give Knab a high NPS score and the bank also wins prizes. Nadine is very proud of the newly opened business lending opportunity at Knab.
In terms of terms of employment, she points out to the social partners that Knab employees make extensive use of sabbatical leave and appreciate the limited amount of work they do from abroad less. They find the pension, transition leave, 1e years of sick pay and the homeworking scheme positive. The lack of arrangements for childcare and sports are a minus, as are the training budgets that are somewhat skewed (mainly an action for herself) and compensation for inflation. With regard to the last point, she herself shares that image less and her people also recognize that there is a very nice collective labor agreement. There are concerns about yet another change in the job classification system with a transition to ASR, and parking is a problem at the Amsterdam location.
To my question about Knab's expectations as part of ASR, Nadine indicated that she will continue with the current strategy, but with a new mother. And that, just like with Aegon, she sees opportunities for Knab as a distribution channel. ASR's value pattern fits in nicely with Knab's focus on sustainability. The staff thinks ASR is an appealing brand. They do not expect any personnel consequences in the transition to ASR. We invite the management of TKP to the next meeting in March and we try to book the asset manager in April.
I also asked HR for an overview of the current and expected reorganization in order to get a picture of the movements that are being made in the run-up to the merger. HR will look into this and come back to it.
Contact
I can be reached by email at emanuel.geurts@unie.nl and by telephone on 06-5252 2074. If you have an individual question or need advice, please contact our Service Center via sc@unie.nl or by phone on 0345-851 963. We are happy to advise you!
