Operational result Achmea increased strongly to € 628 million

• Operational result increases with € 109 million (+21%) due to higher insurance result at Non-life, growth in interest margin Bank and higher investment returns
• Net result of € 814 million, underpinned by higher operational result and favourable development of financial markets
• Growth in all segments; premiums increased to € 22.3 billion. Strong revenue growth in international activities and retirement services revenues (both 21%). Assets under Management rose 12% to € 218 billion 
• Solvency solid at 183%; decrease mainly due to business growth, market developments, model changes and repurchase of capital instruments
• Good NPS scores based on high appreciation for our employees and swift claim handling supported by strategic investments in data and digitisation
• Strong execution and realisation sustainability ambitions; both on our own footprint, as an investor and as a driver of social debate

Bianca Tetteroo, Chair of the Executive Board:
“We are proud of the results we are presenting today. We are seeing significant growth in all segments, are demonstrating a strong execution, are making good progress on our strategy and are strengthening our market leadership in non-life and health. And this in a year in which there were geopolitical tensions, inflation, a global increase in weather-related calamities and higher reinsurance premiums. This had an effect on the markets in which we operate, on our customers, partners and employees. We show a strong increase in operational result and revenues and achieve high customer satisfaction scores. The partnership between Rabobank and Achmea has been further strengthened in various areas. We are well on track to achieve our social, operational and financial goals for 2025.

Strong increase in results
In Non-Life, the operational result rose by 20% to € 309 million, supported by revenue growth, further investments in digitalisation and a favourable development of interest rates and inflation expectations. In addition, last year there were, compared to 2022, no major storm-related claims. However, we do see more weather-related claims due to climate change. We also see a higher traffic intensity which resulted in increased (personal injury) claims. The combined ratio of Non-Life improved to 93.9%. The operational result of Health remained stable at € 187 million. Achmea Pension & Life also delivered a good operational result of € 208 million, partly dampened by the final agreement for unit-linked insurance policies. The result of Retirement Services increased to € 47 million, mainly due to growth and improved returns at Achmea Bank. The operational result of International improved to €6 million, despite floods in Greece and the earthquake in Turkey. 

Successful in attracting new customers
Growth is an important pillar of our strategy. We were successful in attracting new customers and increasing our revenue, supported by our good reputation score that increased from 64 to 70 points. At the beginning of 2024, we welcomed 400,000 new customers at Health and strengthened our market leadership. The premium volume at Non-Life increased to € 4 billion as a result of attracting new customers and premium increases. At International, the total premium volume increased by 21% to € 1.8 billion, also thanks to a combination of new customers and premium increases.

In anticipation of the future pension act (Wtp) in the Netherlands, we have developed new third-pillar (‘derde pijler’) products from Retirement Services, which we are marketing with Centraal Beheer. In addition to all insurance customers, Centraal Beheer now serves more than 450,000 customers (+7%) in the field of retail financial services. This is also reflected in Achmea Bank's savings volumes and mortgage portfolio. The latter grew by € 2.0 billion to € 14.4 billion, thanks in part to collaborations with Munt Hypotheken and a.s.r. Total assets under management for clients of Achmea Investment Management and Achmea Real Estate increased by € 24 billion to € 218 billion, due to both new inflows and developments on the financial markets. This makes us the largest Dutch owned third-party asset manager. At the same time, the growth is taking up additional capital. In combination with a number of one-off impacts, this resulted in a solvency ratio of 183%.

Our 'stormbot' and the launch of Achmea Innovation Hub
Another important pillar of our strategy is 'data & digitalisation'. We focus on excellent digital support for the customer journey. A good example is our new 'stormbot' that was deployed during summerstorm Poly and supports the claims handling process, especially with reporting and registering damage claims. This allows our employees to assist the customer more quickly and with additional time for claims where personal contact is essential. This supports our ambition to further improve our leading position in customer satisfaction in the Dutch insurance market. In order to continue to use the latest technologies in the future and to keep up with changing customer needs, we invest in innovation and technology. For example, we opened the Achmea Innovation Hub at the beginning of 2023. Here, a team of international experts is working on developing operating models of the future.

In the field of healthcare and pensions, we are also working on the future in close collaboration with our partners and customers. In the 11 regions where we are the largest health insurer, we have mapped out the offered healthcare together with all parties involved. This forms the basis for action plans to better match the supply of and demand for healthcare.

On 1 July 2023, the future pension act (Wtp) entered into force. This is an important step in the reform of our current pension system. To properly support this, we have chosen a new IT system for pension administration in 2023. The first pension fund has now been successfully transferred. It is important that we can work with our customers on the transition to the new pension system from the basis of stable regulations.

Wide range of activities to become more sustainable
To limit the impact of climate change, it remains crucial to reduce greenhouse gas emissions, especially carbon dioxide. In the fourth quarter of 2023, we published an updated Climate Transition Plan. For the first time, we have included interim targets for our (non-life) insurance portfolio. We are well on track to realise our sustainability ambitions; both for our own footprint, as well as in the role of investor and driver of the social debate. In addition to mitigating climate risks, we as an insurer and as a society must adapt to climate change. We strive to prevent climate damage as much as possible and keep it insurable.

In 2023, we gave our employees a personal climate budget of € 2,500 net to spend on sustainability. By now, already 72% of our colleagues has spent this budget, for example on solar panels, insulation or heat pumps. This is not only good for the environment, but also for the energy bill. We also help our customers in making their homes more sustainable. We offer private individuals and homeowners' associations not only financing but also complete sustainability solutions, in collaboration with suppliers. With Achmea Investment Management, we actively encourage companies in which we invest to accelerate the transition to a sustainable economy. Of all Dutch asset managers, we supported the most sustainable resolutions at shareholders' meetings last year.

Definitive unit-linked insurance settlement
In February 2024, we reached an agreement with five interest groups on a settlement for their affiliated customers with unit-linked insurance policies. We have also reserved an extra amount for poignant cases (‘schrijnende gevallen’). This is an important milestone and solution for the affected customers. In addition, the ongoing legal proceedings will be discontinued and is good news for all stakeholders.

Exploring options for pension- and life portfolios
In recent years, Achmea has explored the options for the portfolios of Achmea Pension & Life Insurance on a regular basis. Especially for the portfolio of insurance policies that are no longer actively sold (the service book) it is important to continue to look for ways to operate as efficiently as possible. As this portfolio shrinks, it is important that the cost base keeps at pace with this development whilst continuing to serve our customers well. Which we have always done. We are looking at different options, both internally and externally. In the meantime, we will stay the course.

Proud of committed employees and groundbreaking collective labour agreement process
Our good results for 2023 are due to the commitment and expertise of our employees. Last year we once again achieved high employee engagement survey scores. For the first time, all Achmea employees in the Netherlands, not just trade union members, were given the opportunity to cast their votes for a new collective labour agreement. A new process with a great outcome that I am proud of. We strive to remain distinctive in terms of employment conditions, also in view of the shortage in the labour market.

We have had a successful year in which we have fulfilled our social role, in line with our vision of 'Sustainable Living Together'. A big thank you for this achievement goes out to our customers, partners, shareholders and employees. We have a strong foundation to be able to be of sustainable significance for all our stakeholders again in 2024!”