Achmea reports strong 2025 results and is well positioned for further growth

• The operational result increases to € 938 million (+7%) due to strong results in Non-Life, International and Reinsurance. Net result amounts to € 1.2 billion.
• Continued high customer satisfaction with strong NPS scores for Centraal Beheer (27), Interpolis (18) and Zilveren Kruis (17).
• Premium volume grows to € 27.5 billion (+11%), with growth across all segments and a pension buy-out. Assets under management remain stable at € 260 billion.
• Solvency increases to 193% (year-end 2024: 182%). Solvency further rises pro-forma by 11%-points due to the longevity reinsurance transaction announced today.
• Achmea Pension & Life Insurance is making good progress towards its strategic goals: growth with pension buy-out, closing of the partnership with Sixth Street, integration of Lifetri, and reinsurance of longevity risk.
• The target to allocate 10% of our own investments to impact investments by the end of 2025 has been comfortably achieved, reaching 12.2% (roughly € 4.7 billion).
• The strategic period 2021–2025 has been successfully completed, providing a solid foundation for our strategy towards 2030. Further details will be provided during the Investor Update on 14 April 2026.
   

Bianca Tetteroo, chair Executive Board:
“We have had an excellent year. Once again, we have been able to help millions of customers in the Netherlands and abroad, with appreciation of our services reflected in high customer satisfaction. We continue to grow and our strong performance translates into good financial results and social impact.

With the presentation of the 2025 annual results, we conclude the 2021-2025 strategic period. In 2021, we set various (financial) targets for 2025: an operational result of € 650-750 million, free capital generation of € 500 million and the maintaining of a robust solvency ratio (>165%). We have successfully achieved these targets. We are market leader in health and non-life insurance, and created new perspectives and growth opportunities in the area of pension and life insurance. With our expertise and scale, we create financial as well as social impact. For example, we work to keep healthcare affordable and accessible, to support the construction of housing, to keep climate damage insurable, and to promote road safety.

At the end of last year, we presented our strategy towards 2030: Achmea Next Level. We are building on our current trajectory and accelerate our strategy through targeted choices. In doing so, we respond to changes in the world around us. Developments in technology and climate are progressing rapidly, while geopolitical and demographic developments also have a clear impact.

Helping millions of customers
I am proud of the NPS scores of our brands, especially because they serve such a large number of customers every day. Our healthcare business pays out more than half a billion healthcare claims annually. Of every euro in premium for basic health insurance, more than € 0.98 is spent on healthcare costs. Last year, the Non-Life business helped 730,000 individuals and companies with damage repair, which we carry out as sustainably as possible. For customers with income protection insurance, we processed about 50,000 absenteeism declarations. The increasing trend in absenteeism in the Netherlands, especially the higher absenteeism among women, deserves broad attention and effective solutions. Our Eurocross alarm center supported about 600,000 customers last year, who reported emergencies from both within and outside the Netherlands. Abroad, we expanded our activities to Spain and Romania, where we launched the direct-digital propositions of InShared and Anytime, respectively.

Strong financial results
The increase in the operational result to € 938 million was driven by growth and higher margins on our activities in Non-Life, International and Reinsurance. In Non-Life, the operational result rose to € 391 million (+30%) because of premium growth (+4% to € 4.6 billion) and lower claims costs, partially due to the absence of major weather-related damages. The combined ratio amounted to 93%. In International, premium volume increased to € 2.2 billion (+6%) while the operational result doubled to € 98 million.

The operational result at Health Netherlands amounted to € 249 million (+2%). This result is in line with what is needed to ensure that our reserves grow in lockstep with healthcare cost inflation. The operational result of Reinsurance increased to € 84 million (+68%). In Retirement Services, the operational result rose to € 43 million (+34%). Achmea Bank and Achmea Real Estate, both part of the Retirement Services segment, saw the mortgage portfolio grow to € 19 billion (+6%) and assets under management increase to € 13 billion (+8%), respectively. At Achmea Investment Management, assets under management remained at a solid level of € 227 billion. The operational result of Pension & Life Netherlands decreased to € 282 million (-25%), partially due to the harmonisation of provisions for Lifetri.

Our Operational Free Capital Generation (OFCG) of € 504 million is in line with our ambition and our solvency remains solid, rising to 193% at the end of 2025. As a result of the longevity reinsurance transaction announced today, the pro-forma ratio further rises to by 11%-points. This provides a strong foundation for the start of a new strategic period and gives us the opportunity to grow in the market for pension buy-outs.

Investing in the world of tomorrow
In keeping with our cooperative identity, we strengthen the financial resilience and social well-being of our customers. That is of crucial importance, because resilience determines to a meaningful degree whether someone can fully participate in society. In that context, we emphasise the importance of term life insurance for relatives, especially in combination with a mortgage. Recently, we welcomed our 400,000th customer for this insurance product; our market share for this product grew to 23% in 2025. To expand our impact, we form strategic alliances that strengthen people's resilience. For example, last summer Zilveren Kruis started a partnership with the KNVB to enhance the mental resilience of young people. In addition, we became a member of the Netherlands Financial Health Foundation.

In our strategy towards 2030, we explicitly embedded ESG (Environmental, Social, Governance). We remain fully committed to achieving our previously-communicated CO₂ reduction targets. In line with this, we made good progress in reducing CO₂ emissions. By the end of 2025, we had allocated 12.2% (€ 4.7 billion) of our own risk investment portfolio to impact investments, comfortably achieving our target of 10%. Towards 2030, we aim to be managing € 20 billion in impact investments via Achmea Investment Management (own book and clients' funds). Our sustainability performance is confirmed by external benchmarks, including an AAA ESG-rating from MSCI (AA in 2024).

Focused strategic choices towards 2030
Our strong results, leading positions and partnerships with, among others, Rabobank and Sixth Street provide a solid foundation for 2030. We are making four strategic choices to continue building a sustainable future for Achmea and our customers. With data-driven, personalised distribution we will elevate the customer experience to an even higher level. We are implementing a company-wide AI programme and leveraging our IT expertise and experience as a direct writer to fully capitalise on AI. We aim for further international growth, focusing on direct-digital non-life insurance, while strengthening our leading position in the Dutch home market. Achmea Pension & Life Insurance is making concrete strategic progress and is excellently positioned for further growth.

Thank you for your trust and confidence
We look back on a successful period and stand, full of ambition, at the beginning of a new strategic phase towards 2030. I would like to sincerely thank our colleagues for all their good work and the results we achieved. I thank our customers and partners for the trust they place in Achmea. I look forward to continuing to live up to this trust over the coming years, maintaining high customer satisfaction and continuing to fulfill Achmea's important role in society."