Commercial growth and strong performance drive operational result to € 567 million

• Operational result up to € 567 million (+31%), driven by strong performance in Non-Life, Health and International 
• Good net result of € 383 million despite challenging market conditions and one-off items, including a provision of € 175 million 
• Premium volume increases strongly to € 24.6 billion (+12%), driven by growth in Non-Life, Health and a large pension buy-out win 
• Assets under management remains stable at over € 260 billion Solvency remains solid and increases to 184% (year-end 2024: 182%) 
• Well on track to meet climate and impact investing targets: 9.1% of invested assets allocated to impact investments (target end 2025: 10%). Extensive update in the ESG presentation 
• Achmea IM introduces new private equity impact fund focusing on climate, biodiversity, nutrition and health. € 225 million in committed investments
   

Bianca Tetteroo, chair Executive Board: “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 € 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. 

Strong results 
The increase in the operational result to € 567 million was driven by growth and higher margins on our Non-Life, Health and International activities. The operational result at Non-Life rose to € 220 million (H1 2024: € 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. We successfully retain customers and grow 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 € 220 million (H1 2024: € 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 € 40 million (H1 2024: € 17 million) thanks to good results from our Turkish and Slovakian insurance activities. At Pension & Life Netherlands, the result decreased to € 131 million (H1 2024: € 157 million), mainly due to lower investment income as a result of interest rate and spread developments. The operational result of Retirement Services was € 11 million (H1 2024: € 41 million), partly due to a lower interest margin at Achmea Bank. 
Despite one-off impacts we achieved a good net result of € 383 million. We provisioned € 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 € 100 million per year in the long term. 
Our solvency remains solid and increased to 184% and our Operational Free Capital Generation (OFCG) is with € 329 million in line with our ambition. 

Growth in premium volume and pension buy-out 
Premium volume increased strongly to € 24.6 billion (+12%) by growth in Non Life, Health and International and an increasing number of customers and premium indexations. Additionally, premium volume increased by a large pension buy-out win. In our International activities, premium volume grew to € 1.1 billion (+6%). Earlier this year, we started offering online car insurance in Spain and Romania. In both countries we welcomed the first customers. 
In May, we announced our first pension buy-out. We took over € 1.5 billion in pension liabilities from FrieslandCampina. Together with our intended partner Sixth Street, we are well positioned for further growth in the buy-out market. We expect to be able to announce the closing of their participation in our pension and life activities in the second half of this year. 

Artificial Intelligence as a growth accelerator 
The application of Artificial Intelligence is an important part of our strategy and supports our growth plans. The next generation of AI technologies offers many opportunities to serve our customers even better and support our colleagues in their work. With the previously initiated rationalisation of the IT systems and the nearly completed migration to the cloud, we are laying the foundation to focus even more on the use of AI and to further improve our customer service. To support this, we make AchmeaGPT and Copilot available to all our employees. 

Invest in the world of tomorrow 
Our institutional clients will be able to invest in a new private equity fund from Achmea Investment Management from the fourth quarter of 2025. This fund invests in companies that combine financial and social returns and that make a positive contribution to climate, biodiversity, nutrition and health. The fund has a targeted volume of € 250 million, with € 225 million already subscribed. 
At 9.1% in the first half of 2025, we are within reach to achieve our target of allocating at least 10% of our own invested assets (approximately € 4 billion) to impact investments. 
We are on track with our climate goals. The updated climate transition plan describes our progress in detail and explains that we are focusing more on climate adaptation and engagement conversations with customers. More information on this can also be found in the ESG presentation that we publish today. 
We are also working on social impact in other ways, often in collaboration with Vereniging Achmea. Zilveren Kruis played a pioneering role in the recently concluded Integral Care Agreement with all parties in the healthcare sector and the Ministry of Health, Welfare and Sport. This agreement is good for our customers and healthcare providers and supports, among other things, faster access to health care and the reduction of waiting lists. 
In March we signed the 'Social Debt Collection' agreement framework, an initiative of SchuldenlabNL and the National Financial Health Coalition. With more than 100 million collections annually, the early identification and prevention of debts is high on our agenda. 
Zilveren Kruis has also started an awareness campaign to increase the mental resilience of young people. We do this together with partners, including the KNVB football association, with whom we have entered into a five-year strategic partnership to make mental health problems on and around the football field a topic of discussion. 

Change of course for Achmea Pension Services 
We have decided to gradually reduce our services to external customers towards 2030 and have made a provision of € 175 million for this purpose. Our market share is too modest to remain relevant in this consolidating market. With Achmea Investment Management, Achmea Pension & Life, Centraal Beheer PPI, Centraal Beheer APF and other business units, we remain strongly positioned in the pension domain and are committed to growth. 

Moving forward with confidence 
We have started the year well. The first six months show that we are strategically on track, know how to adapt, look ahead and achieve good results. I would like to thank my colleagues, customers and partners for their trust in Achmea. I look forward to presenting our growth strategy towards 2030 in the second half of the year and continuing to build a sustainable and successful future together."