Achmea posts operational result of €127 million

• Robust solvency ratio of 204% and sound liquidity position
• Strong Non-Life result; combined ratio improved to 93.7%
• Small loss on basic health insurance due to Covid-19
• Strong growth in Non-Life and international activities via online sales
• Growth in Retirement Services with AuM increase to €211 billion
• Various initiatives aimed at supporting customers, employees and society during the Covid-19 pandemic

Willem van Duin, Chairman of Achmea’s Executive Board

“Covid-19 has had an enormous impact on society and on the lives of many people in the Netherlands. Good health is a precious commodity and the spread of the virus poses a threat to it. In addition to worrying about their health, many people in the Netherlands are affected by concerns relating to their income, social distancing and isolation. As an insurer with a cooperative identity, we have set to work to restrict the impact of Covid-19 on society.

Our company is deeply rooted in society and this motivates us to become a trend-setter in this respect. Organising solidarity between customers and uniting various interests in healthcare are objectives aligned with Achmea’s cooperative identity. This is one way we give substance to our role in society. Together with other institutional investors around the world, for instance, we urged thep harmaceutical industry to collaborate on the hunt for a vaccine or drugs to treat Covid-19. In the Netherlands, health insurer ZilverenKruis and its peers worked together on schemes to guarantee continuity of healthcare services for hospitals and other healthcare providers. We offered colleagues with a background in healthcare the opportunity of helping out in healthcare services while retaining their salaries. As a major travel insurer we recognised the impact on our customers as well and not only did we reimburse cancellations,we also played an active role in repatriating customers stranded abroad. In our capacity as an employer, we enabled all of our 14,000 employees to work problem-free from home and continue serving our customers properly, thereby ensuring continuity of our businessoperations. In doing so we profited greatly from our considerable investment in IT and digital customer services.

During our new strategic period that lasts until 2025 and is called ‘The Sum of Us’ we will invest further in the combined strength of our group. The wide-reaching digitisation of our services will continue. Our mobile and online services mean that we can offer our customers an even better service. This has been rewarded with, among other things, substantial inflow of customers over the reporting period, including at our international entities. Our brands Centraal Beheer, Interpolis, FBTO and InShared welcomed more customers than ever before at this time of year. Moreover, we have further implemented our strategy by taking significant additional stepstowards bundling our mortgage activities and acquiring InAdmin RiskCo, allowing us to make major headway on our ambition to become the trend-setting digital pension provider in the Netherlands.

Although we have made sound strategic progress in the past six months, Covid-19 has had an adverse impact in financial terms. Our operational result decreased to €127 million due to the negative trends on the financial markets and the impact of Covid-19 on our health insurance business. Yet the sound underlying structural growth of our company meant that the underwriting results remained strong and stable. Our gross written premiums increased to €17,675 million and our financial buffers are solid.

The further course and impact of Covid-19 remain uncertain and other challenges may also pose a threat to everyone’s wellbeing. Climate change is high on this list. Our mission is, and will continue to be, to contribute to a healthy, safe and future-proof society. Our strategy, ‘The Sum of Us’, focuses entirely on achieving these aims and on overcoming all of today’s uncertainties as well as many other challenges. As part of this, we are well aware that we need to continue seeking internal and external partnerships with customers and partners in order to achieve these objectives. Ever since our foundation as a cooperative company, this has formed the basis for all ouractions and gives us every confidence that we can continue to add value for our customers and society even in such challenging times.”