Bianca Tetteroo, chair Executive Board:
"We have made a strong start to the year. We helped many customers, welcomed new customers and realised strong financial results. Thanks to the dedication and commitment of our colleagues, we are successfully delivering on our Next Level strategy towards 2030. With a sharp focus on execution, we are achieving tangible results and are well on track. I would like to explicitly thank our colleagues for their contribution.

With our strategy, we respond to a world that is changing constantly. Guided by our vision 'Sustainable Living. Together' and our cooperative roots, Achmea stands at the heart of society. Together, we work each day on solutions that support people, both now and in the future.

This was clearly demonstrated during the severe thunder and hailstorms at the end of June, which caused damage to more than 12,500 customers. We immediately scaled up our capacity to ensure that they received prompt and effective support. We also help our customers reduce the future risks associated with extreme weather. For example, Centraal Beheer customers gained access to a ‘Climate Compass’ in the app, providing insight into climate-related risks and measures they can take for their homes and local environment.
 

On track with strategy 2030
During the first half year, we continued to make important progress on this strategy and further strengthened our market position:
 

• As of January, we reinsured half of the longevity risk. This transaction covered approximately € 8 billion of pension liabilities. By doing so, we free up capital to support pension funds with buy-outs and further optimise the investment portfolio.
• In May, we announced the establishment of a new distribution organisation. By bringing our activities together and placing a strong emphasis on data-driven and personalised customer contact, we are strengthening our commercial capabilities and taking customer service to an even higher level.
• We are accelerating the use of AI technology across all our core processes, creating tangible value for customers, such as faster claims handling. The decommissioning of the mainframe in June marks an important next step in modernising our IT landscape and supports the further scaling-up of AI. We are investing significantly in our colleagues' AI expertise, enabling us to fully harness the power of AI for our customers, employees and Achmea.
• We further strengthened our market leadership in the Netherlands and continued to build out our international business, with a focus on direct digital non-life insurance. In Romania, the commercial roll-out of Anytime, which started last year, is progressing successfully. In Slovakia, we announced the sale of our health activities. This creates opportunities to further accelerate the growth of our international non-life portfolios.
   

Strong result
We achieved an operational result of € 492 million (-13%). Lower results at Non-Life and Health were partially offset by higher results in the International, Retirement Services and Pension & Life segments.

At Non-Life, the operational result declined to € 165 million (-25%), partially due to damage claims resulting from the thunder and hailstorms at the end of June. Premium income increased further to € 3 billion (+4%), supporting our market-leading position.

At Pension & Life, the operational result increased to € 151 million (+15%), primarily driven by increased scale and the combination with Lifetri. In addition, we realised growth of 7% in annuities and term life insurance.

In International, the operational result more than doubled to € 99 million, driven by strong commercial growth and improved margins. Premium volume increased to € 1.3 billion (+7%).

Retirement Services reported an increase in the operational result to € 39 million, partially due to a higher contribution from Achmea Bank and the loss provision for Achmea Pension Services from 2025. Revenue increased to € 295 million (+8%) and assets under management rose to € 275 billion (+6%).

At Health, the operational result declined to € 99 million (-55%) as a result of increasing healthcare costs. Premium income increased slightly to € 19 billion (+2%), despite a decline in the number of policyholders. We maintained our position as market leader.

Net result for the first six months increased significantly to € 688 million (+80%), supported by the strong operational result and favourable developments on the financial markets.

Our Operational Free Capital Generation (OFCG) amounted to € 1,036 million, significantly higher than last year (+215%). This increase resulted from strong results, the longevity reinsurance at Pension & Life and the new internal capital model at Achmea Bank. As a result, our solvency increased to 217%.
 

Sustainable Living. Together
Through our investments, we contribute to addressing societal challenges such as climate change and the energy transition. As such, we increased our ambition for impact investments, where financial and societal returns go hand in hand, from 10% to 15% of our own investment portfolio by 2030. The share of impact investments now stands at 12.5% of the portfolio (€ 5.2 billion), with which we are on track.

Achmea Real Estate acquired two residential rental complexes that will be made more sustainable. Residents will benefit from lower energy costs and increased living comfort. In addition, with more than € 500 million of committed investments on behalf of our clients, we are contributing to reducing the housing shortage.

Another way in which we create societal impact is through the campaign by Zilveren Kruis and the KNVB, which encourages dialogue about mental health challenges among young people. Absenteeism in the Netherlands continues to increase, partially due to mental health issues. It is therefore essential that we continue working together on solutions.
 

Closing remarks
At the beginning of July, our highly valued Supervisory Board member Tjahny Bercx passed away. Since his appointment in 2021, he served Achmea with great commitment and dedication. We are deeply grateful for his contribution and will remember him with great appreciation.

Further, I would like to express my heartfelt gratitude to Michiel Delfos for his commitment and valuable contribution to Achmea. As he prepares for his forthcoming departure, we wish him all the best for the future. At the same time, we look forward to welcoming his successor, Rogier Peters, as Chief Risk Officer and member of our Executive Board.

I am proud of the results we achieved in the first six months of the year. As highlighted earlier, these results would not have been possible without the dedication and commitment of our colleagues. Our ability to create impact is further strengthened through the close collaboration with our partners and shareholders Rabobank and Vereniging Achmea. Finally, I would like to thank our customers for the trust they place in Achmea and our brands. Together, we continue to create value and make a meaningful impact on society.”