REPORT FROM THE SUPERVISORY BOARD   REPORT OF THE MANAGEMENT BOARD

In 2024, the first results of the long-term growth strategy became visible. The number of new policies in the Netherlands, Germany and the United Kingdom grew significantly. With the launch of De Hoop Maatwerkroute, an important step was taken in the Netherlands in insuring people with a medically increased mortality risk.

The financial statements were prepared by the Management Board, submitted to the Supervisory Board (SB) for approval and audited and provided with an unqualified opinion by Deloitte Accountants B.V.

We discussed the financial statements with the Management Board in the presence of the auditor and propose that the General Meeting of Shareholders adopt them. We approve the Management Board's proposal to distribute € 2.4 million as dividend and to add the remaining amount of € 456,000 to the Other Reserve.

We also propose that the General Meeting of Shareholders discharge the Management Board in respect of its management and the Supervisory Board in respect of its supervision.

The task of the Supervisory Board is to supervise and advise on the policies pursued by the Executive Board and, in addition, to supervise the strategy of DH Reinsurance and the general course of business.

As a public interest entity (PIE), DH Reinsurance is required by the Decree on establishing of Audit Committees (BIAC) to have an audit committee. In 2024, the full Supervisory Board served as the audit committee and the duties of the audit committee were carried out in the Supervisory Board.

DH Reinsurance has four supervisory directors, each with specific expertise and background. New supervisory directors are selected and nominated for appointment based on a profile approved by the Supervisory Board.

All supervisory directors have taken the Financial Sector Oath or Pledge as required by the Financial Sector Oath or Pledge Regulations 2015. Written statements of this have been prepared.

The Supervisory Board held four formal meetings during the year under review. The supervisory directors attended almost all meetings. One supervisory director was unable to attend two meetings due to circumstances. The external auditor was present twice, once in combination with the actuary who performs the Actuarial function. In the presence of the Executive Board, discussions during the year under review included the general, commercial and financial course of affairs, the implementation of the long-term strategy, the investments, the results and the 2023 financial statements, market developments, developments in legislation and regulations and the Digital Operational Resilience ACT (DORA) in particular, the social function of DH Reinsurance and the remuneration policy and its implementation.

Reports from the actuarial function, risk management, internal audit and compliance were also discussed in the presence of the relevant key officers. The Own Risk and Solvency Assessment 2024 (ORSA) was discussed. A periodic review of a number of policy documents also took place. The policy documents, revised in parts, received the approval of the Supervisory Board where necessary.

The engagement confirmation audit 2024, the audit plan and the report of the external auditor as well as the report of the actuarial function, were discussed in their presence.

In 2024, the Supervisory Board also considered a number of special issues, the termination of the operational cooperation with Onderlinge 's-Gravenhage, the proposed changes in the Management Board and the composition of the Supervisory Board.

DH Reinsurance has been able to use work done by departments of Onderlinge 's-Gravenhage for many years. OG decided in 2024, in view of the greatly increased burden of such cooperation, to terminate services by the end of 2025 at the latest. The consequences of this and the (approach to) the selection of new suppliers have been discussed in several SB meetings.

As Seada van den Herik has decided to step down as statutory director, the Supervisory Board intends to appoint Henk-Jan Osse, currently still working as Operations Manager, as statutory director as of April 1, 2025. We are very grateful to Seada for her commitment and the important contribution she has made to the strategic development of DH Reinsurance. Her great commitment and drive have taken DH Reinsurance further in achieving its goals over the past years.

In connection with her departure, DH Reinsurance has decided to expand the Supervisory Board so that Onderlinge 's-Gravenhage, like the other shareholders, can nominate a Supervisory Board member. On the nomination of Onderlinge 's-Gravenhage, the Supervisory Board intends to appoint Réseva Engelaer as a member at the General Meeting of Shareholders on March 27, 2025.

In 2024, Sibylla Bantema's third and final term expires. Sibylla was actively involved with DH Reinsurance during the maximum term of 12 years as a supervisory director. Her expertise, commitment and valuable insights into many aspects of the business have been of great value to DH Reinsurance. Working with Sibylla as a supervisory board member has been a great pleasure for her colleagues. DH Reinsurance owes Sibylla many thanks for these years of dedication. Nominated by a.s.r., the Supervisory Board intends to appoint Evelien Greven as a member at the General Meeting of Shareholders on March 27, 2025.

The Supervisory Board also met several times in the absence of the Management Board. Furthermore, the Supervisory Board met with the external auditor without the presence of the Management Board. A delegation of the Supervisory Board also met with key officers without the presence of the Management Board.

ln 2024, the Supervisory Board has once again evaluated its own functioning. The Management Board of DH Reinsurance also provided input into this process. The results of this selfevaluation were discussed within the Board and conclusions to recommendations were formulated.

All Supervisory Board members attended the continuing education program provided by Nyenrode University in cooperation with the Association of Insurers in 2024.

The Supervisory Board expresses its gratitude to the employees and Management Board of DH Reinsurance for their commitment and for the results achieved in the past year.

The Hague, March 27, 2025

Lex Geerdes, president
Martijn Hoogeweegen, vice president
Sibylla Bantema
Marcel Levi