Operational result 2022 of € 174 million

• Gross premium volume increased by 5.3% to € 21 billion; growth in Health, Non-Life and International segments 
• In line with development financial markets the investment income decreased by € 453 million resulting in a lower operational result; Underlying result develops well 
• Combined Ratio for Non-Life improved to 93.0% (2021: 93.9%) despite the claims from February’s storm of € 100 million after reinsurance 
• Small loss on basic health insurance; operational result Health € 121 million 
• Solvency position robust at 209% 
• Acquisition ABN AMRO PPI strengthens position in the pension market 
• Achmea Investment Management world number 1 in sustainable voting activity at shareholder meetings

Bianca Tetteroo, Chair of the Executive Board: solid progress in a difficult year

“We have had an eventful year, one that was overshadowed by the war in Ukraine. First and foremost, this sadly led to enormous human suffering. Partly driven by the war, 2022 was an extreme year in many other respects as well with rising energy prices, soaring inflation, higher interest rates and lower equity prices. This had an impact on our operational result, which decreased to € 174 million. Underlying we accomplished our strategic goals. Gross premium income increased by more than 5%, whilst expenses only increased by 2%. Our solvency position remains robust at 209%. Furthermore, our Health business performed well and Non-Life earned a solid insurance result. The latter resulted in an improved Combined Ratio to 93.0%.    

Where higher interest rates are positive for the future, they impact the financial results negatively in the short term. The impact of financial markets caused investment income to decrease by € 453 million versus 2021. This mostly had a downward impact on the results in the Pension & Life and Non-Life segments. Claims in excess of €100 million (after reinsurance) for helping our customers to repair storm damage also had a negative effect on our operational result.

Consolidated market position

Gross premium volume increased in 2022 owing to growth in the Health, Non-Life and International segments. Together with partner Rabobank, for example, Interpolis displayed sound growth in the commercial lines. At our International activities premiums increased strongly with 15%.    

We consolidated our market position through a number of targeted acquisitions. For instance, we anticipated on the opportunities presented by the new pension system by buying ABN AMRO PPI. On top of this, we acquired mortgage portfolios worth € 900 million. Mortgage production at Achmea Bank tripled to more than € 2 billion. In contrast, interest margins and mortgage prepayment compensations at Achmea Bank were under pressure due to the increased interest rates. The higher interest rates also led to assets under management at Achmea IM decreasing to € 166 billion. Nevertheless, revenues at Achmea IM increased further. Revenue was also higher at Achmea Pension Services and Syntrus Achmea Real Estate & Finance (Syntrus Achmea) in 2022. Assets under management in real estate and mortgages increased marginally to € 41 billion. 

Optimal use of digitisation 

Expenses increased slightly over 2022. This is partly due to investments in efficiency and digitisation. Apart from growth, digitisation is another important strategic building block. As one of the biggest direct insurers in Europe we are in direct touch with millions of customers. We took several important steps to further expand the ways that our customers can contact us, making full use of online options while at the same time continuing to offer the option of person-to-person contact. Our digital insurer Inshared developed well in Germany after the introduction in 2021. 

Achmea invests in the society of tomorrow '

With 17,500 employees and over 10 million customers, we stand at the very heart of society. We serve our customers in many markets by offering financial services and advice. In these same markets we work together with our partners on solutions to social challenges based on our ‘Sustainable Living. Together’ vision. Interpolis works on increasing road safety. For example by alerting road users to the risks of using their phones while on the move via the stark message contained in the recent “MisNiks” campaign. Zilveren Kruis is investing in the future of healthcare. An additional € 40 million was invested in healthcare transformation in 2022. For example by working together with hospitals and general practitioners on digitalisation of healthcare., while our Innovation Fund invested in start-ups and scale-ups that introduce ground-breaking healthcare-concepts.    
An additional 450,000 lifetime homes for the elderly are needed in the period up to 2040. We want to contribute to solving this shortage. In 2022 Syntrus Achmea acquired 32 residential care complexes. Moreover, we opened our own development project for a residential care complex, de Nieuwe Sint Jacob in Amsterdam, and put this topic firmly on the public agenda via a national campaign.    
Finally we were closely involved in developing the new pension system. Achmea IM and Achmea Pensionservices are working together to make the Wet Toekomst Pensioenen (“Future Pensions Act”) workable for our clients. The transition to the new system is an important theme in the coming years. 

On track with sustainability ambitions 

Achmea has long term goals to migrate all activities to net zero CO2-emissions. In line with the commitment of the financial sector to the Dutch Climate Agreement in December we published our Climate Transition Plan with our goals and actions.    
Our own business operations realised a 54% emission reduction in 2022 compared to 2019. This puts us on schedule to realise our goal of net zero CO2-emissions in 2030. From 1 January 2023 our employees can spend a climate budget of € 2,500 to improve the sustainability of their own living environment. Over a third of our employees used this budget already.    
Achmea IM signed the Net Zero Asset Managers in 2022, launched the Climate Infrastructure Fund and ranks number one on Shareaction’s ranking of asset managers globally when it comes to sustainable voting activity at shareholder meetings. We also encourage our customers to become more sustainable in other areas. Centraal Beheer offers both its retail and commercial customers advice and services for making their real estate more sustainable. In 2022, Centraal Beheer launched a new service that helps homeowner associations to make their buildings more sustainable. 

Earthquakes in Turkey and Syria 

2023 began with the shocking news on the earthquakes in Turkey and Syria. We have a subsidiary in Turkey and many colleagues have family and friends in the stricken area. From Achmea in the Netherlands we, together with colleagues, raised funds to help. We sympathise greatly.    

Concluding, 2022 was a turbulent year. Despite the difficult circumstances we still managed to accomplish a great deal. 2023 will be challenging as well, but I remain confident about the future. We have set a clear course and taken several important steps on our strategic agenda. I would like to thank my colleagues, our partners and customers for their contribution and for the trust they have placed in Achmea.