Achmea result before tax increases to €566 million

  • Operational result improved to €391 million; gross earned premiums increased by 3%
  • Strong result Pension & Life due to focus on lower expenses
  • Non-Life achieves strong combined ratio of 95.5%
  • Improved operational result Health, basic Health still loss-making
  • Strong growth Achmea Investment Management to €129 billion Assets under Management
  • Further reduction in structural operating expenses
  • Solvency further increased to 203% before payment of dividend

Willem van Duin, Chairman of Achmea’s Executive Board

Achmea is committed to promoting a healthy, safe and future-proof society. Besides property & casualty insurance and income protection, we have been active in the Health and Pension business for many years. From our cooperative identity we contribute to a society in which everyone can participate, even after an accident or setback. Naturally, the customer comes first. Sustainability is also an import topic. A focus on long-term value creation is at the core of our identity. That is why we incorporate the international Sustainable Development Goals (SDG) in our strategy and are one of the initiators behind the Principles for Sustainable Insurance (PSI). Solidarity is the foundation of insurance: together we share the risks that we cannot bear alone.

With our insurances and services we play an important role in the lives of our ten million customers in the Netherlands. Whether it is sharing risks through insurance, prevention or building up a good pension. In addition to insurance and prevention advice, we develop innovative services through which we aid our customers. Centraal Beheer, for example, develops itself into a broad financial service provider with a mortgage proposition, Roadside Assistance, the KlusHulp for retail customers and cyber security advice for our commercial customers. Zilveren Kruis offers retail and corporate customers active support to more vitality and a healthier lifestyle. Interpolis is committed to improve road safety and to create awareness in the Netherlands surrounding the dangers of using mobile devices on the road.

In 2018 we realised an increase of the operational result to €391 million. Including the proceeds from the sale of Independer, result before tax increased to €566 million. Persistently high results at Pension & Life, strong results in Non-Life, lower healthcare costs on older claim years and further cost reductions contributed to the increased result. The limited allocation of capital for healthcare premiums below cost-price in 2019 and a higher contribution from our International activities and Retirement Services also support the increase in result. Our gross earned premiums increased by 3%. Our Solvency is strong and has further increased to 203%, making us a solid partner for our customers.

In the past year we have made significant progress on the realisation of our strategic plans. We welcomed more clients in the Non-Life business and the services we offer through our brands are still highly appreciated by our customers. Investments in earlier years have resulted in a better online service for our customers and contribute to the lowest cost ratios in the market. By continually adapting, we have become a more agile and customer-oriented organisation. Together with Rabobank we expand our service offerings for retail customers and our commercial customers from small and medium-sized enterprises. Within our strategy for Retirement Services we realise growth in pension services to Centraal Beheer APF and company pension funds. In addition, the Assets under Management of Achmea Investment Management increased further.

All the changes and improvements we have achieved are made possible by the dedication and efforts of all our colleagues for which we compliment them. The sound results in 2018 give us confidence that we will also achieve our ambitions in the future.