Eureko announces 2010 Full Year Results
Eureko can look back on 2010 with satisfaction. Profit before tax from regular activities increased 38% to €504 million (2009: €365 million), this is excluding the proceeds of the subsequent sale of our remaining stake in Polish insurer PZU and the IPO of PZU (€835 million), divestments and an additional provision for unit-linked products. Including these contributions, we ended the year with a net profit of €1.2 billion. Furthermore, we were able to increase total equity to €10.4 billion, up from €10.1 billion in the previous year even though we paid out over €1 billion in dividends to shareholders.
Besides these gratifying results we have made satisfactory progress of a number of issues. These include the unit-linked settlement in the Netherlands and a reduction in both organisational and structural complexity. Through 2010, we made progress on many strategic components. For example, we have been successful in reducing structural costs by €268 million in the past two years. We are confident that we will meet the target of €300 million end 2011. SENS, our customer-oriented improvement programme, has now been implemented in all business units in the Netherlands.
In 2011, we aim to further build on what we have already achieved. The aim is an efficient customer-oriented, lean organisation with clear propositions for our customers. By reinforcing our cooperative identity and the membership policy in cooperation with major shareholder Vereniging Achmea, we will firmly put our customers at the centre of everything we do.