Achmea net profit increases to €386 million
- Acceleration & Innovation in full flow
- Leading position in mobile and online sevices
- Reduction of operating costs on track
- Investment in Centraal Beheer APF and Achmea Investment Management
- Financial position continues to be strong with solvency of 210% (IGD)
- Allocation of €481 million to limit increase in health insurance premiums in 2016
- Storms caused more than €120 million in damages to our customers
Willem van Duin, Chairman of the Executive Board:
“Achmea achieved a net profit of €386 million in 2015. The result improved by lower expenses across the full breath of the company. Postive developments at our Pension and Life, Banking and International activities and higher investment results contributed to a higher result. Our result was strongly influenced by the €481 million allocation of our result to mitigate the premium increase of our health insurance policies for our customers. Major storms caused a great deal of damage to our customers.Compensation for storm damage has reduced our result by more than €120 million. Premiums remain stable around €20 billion. We used our market leadership in non-life and health insurance to make the best possible products for our customers.
Our solvency remained high at 210%, as a result of which our customers can depend on us being able to meet our obligations in the future. We obtained approval for use of a partial internal model for non-life insurance under Solvency II. This provides an even better protection of the interests of our policy holders.
We made great progress at Achmea with our Acceleration & Innovation programme. Many initiatives have had an immediate impact on the customers of our brands, such as improved apps or more extensive online services. Other steps are perhaps less visible, but are also vital to improving our services. With the foundation of the Centraal Beheer General Pension Fund (APF), we continue to position ourselves strongly in the pensions market. In line with this strategy, we have also concentrated the asset management activities to create Achmea Investment Management. With more than €100 billion in managed assets, one of the largest institutional asset manager of The Netherlands was created.
In the third year of our Acceleration & Innovation change programme, Achmea will be moving to the next phase. We are maintaining the course we set, and will be finishing off the current programme this year. At the same time, we are accelerating in specific areas, in order to continually respond to the changing needs of our customers. For instance, we are further streamlining our organisation in line with the market chains Non-life, Health and Pension. This enables us to reduce complexity and increase the commercial strength of our brands.
I would like to thank all our employees and the Central Works Council for their great commitment and dedication. I would also like to thank all our other stakeholders: our business partners – particularly Rabobank – shareholders and customers. Solid cooperation with all our stakeholders is the only way we can remain of value in the future, both to our customers and to society at large.”
(Watch the webcast of the press conference.)