The operational result at Non-Life rose to EUR 220 million (1H2024: EUR 118 million) due to premium growth and lower cost of claims, partly due to the absence of large weather-related claims. Customer satisfaction in this segment remained high. Achmea successfully retains customers and grows further, among others due to the growth in Rabobank's banking distribution channel and strong digital customer service. The same applies to Health Netherlands which serves 5.4 million customers. The operational result at Health rose to EUR 220 million (1H2024: EUR 167 million) due to premium growth, a higher contribution from the Health Insurance Equalisation Fund and lower than expected healthcare costs.
At International, the result increased to EUR 40 million (1H2024: EUR 17 million) thanks to good results from the Turkish and Slovakian insurance activities. At Pension & Life Netherlands, the result decreased to EUR 131 million (1H2024: EUR 157 million), mainly due to lower investment income as a result of interest rate and spread developments. The operational result of Retirement Services was EUR 11 million (1H2024: EUR 41 million), partly due to a lower interest margin at Achmea Bank.
Despite one-off impacts the company achieved a good net result of EUR 383 million, and provisioned EUR 175 million for the phasing out of pension administration for external customers at Achmea Pension Services. Additionally, there is a one-off impact related to the previously announced pension buy-out. This is the result of the accounting treatment of the transaction under IFRS reporting standards. This first buy-out aligns with the announced strategic partnership with Sixth Street, which aims to achieve an increase of the capital generation at Pension & Life of EUR 100 million per year in the long term.
According to the press release, Achmea’s solvency remains solid and increased to 184% and its Operational Free Capital Generation (OFCG) is with EUR 329 million in line with its ambition.
“We have started 2025 well. Customer satisfaction with our products and customer service remains high, we continue to grow and achieve good financial results. The operational result amounted to EUR 567 million, up by 31% compared to the same period last year. Underlying developments in the financial markets were less favourable than in the first half of 2024. However, the impact of this on our position and investment income remained limited. We are on track to achieve our 2025 strategic and financial targets. In the fourth quarter, we will present our new objectives for 2030”, commented Bianca Tetteroo, chair Executive Board.
The full report can be found here.
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