Bianca Tetteroo, chair Executive Board:
“In 2024, we were successful with our growth strategy and achieved strong financial results. Additionally, we made significant strides in further developing our digital operating model, which is highly valued by our customers. The customer satisfaction and reputation scores of our brands remain consistently high, as does the engagement of our employees.

The environment in which we operate remains dynamic. Geopolitical tensions and international conflicts are an ongoing concern. The associated uncertainty also increases the risk of volatility in financial markets. However, these markets developed favourably last year, which was positive for investment returns. The ECB cut interest rates several times in 2024, a signal that inflation in Europe is getting better under control. In the Netherlands, however, inflation remained relatively high, also in the second half of the year. This resulted, among other things, in higher costs for health care and damage repair.

Good operational results
Our strategy translates into good operational results. In the Non-Life segment, the operating result was approximately the same as last year at € 300 million. At Achmea Pension & Life, the operational result increased to € 354 million (+70%), thanks to a better insurance result and better investment results. At € 241 million, the result at Health was also better than last year (+29%). In the Retirement Services segment, the operational result amounted to € 32 million, € 15 million lower than last year. This was partly caused by investments related to the pension transition. At International, the result was higher than last year and amounted to € 47 million.

Growth across the board
Customers appreciate our services. As a result, we know how to reach and retain large groups of customers. The premium volume in the insurance business grew by 12% to € 25 billion, mainly due to Health, Non-Life and International. Assets under management at Retirement Services rose to € 265 billion (+22%), thanks to the acquisition of BSG Asset Management, share price developments and organic growth. As part of this, mortgages under management amounted to € 33 billion (+10%). At Achmea Bank, the number of customers purchasing private financial services through Centraal Beheer increased to 600,000. The volume of savings increased to more than € 10 billion (+17%).

Acceleration of strategy through targeted acquisitions and investments in new markets
Growth and profitability are essential to be able to continue to invest in our strategic agenda. We are pleased that costs (+6%) grew less rapidly than premium income. We continue to focus on growth and digitisation. And we are alert to acquisition opportunities. In 2024, we announced two major transactions. Thanks to the announced partnership with Sixth Street and Lifetri, we will welcome more than 500,000 new private customers at Centraal Beheer after closing. In addition, we create growth opportunities, for example in the pension buy-out market. In addition, from 2028 onwards, Achmea Pension & Life's capital generation is expected to improve by € 100 million annually. With the acquisition of BSG Asset Management, we welcomed KLM's pension funds as clients and our assets under management grew by € 27 billion. We also continue to grow internationally and enter new markets. We recently announced that we will start offering online P&C insurance in both Spain and Romania in 2025.

Digital and personal customer service
Customers expect an increasingly digital ánd personal service. Digitalisation is an important pillar of our strategy. In 2024, we have further optimised the application process for private P&C policies. Currently 93% of these applications are submitted online, of which more than 90% is processed fully digitally. At Health, we processed about half a billion claims completely digitally, as a result of which these were paid out to our customers within 24 hours. In addition, we use AI successfully and responsibly, including in our call centers. Based on incoming customer questions, employees receive real-time response options during chat contact that allow them to help customers faster and more effectively.

Investing in homes for the elderly and sustainability
Strategically, we are on track. We are growing across the board, are successful in digital customer service and create, together with our partners, value for both customers and society. We do this based on our vision 'Sustainable Living. Together’. Last year, we also made agreements with parties in the healthcare sector to organise the care provision per region as good as possible. Within our non-life business, we gain experience in insuring new technologies, such as large-scale energy storage systems. In the interest of the energy transition, we want to learn from this and stimulate innovation. We invested € 100 million in senior housing from Buurtzorg, which is important in view of the ageing population. And we recently announced that we will invest € 50 million in making rental housing more sustainable. This is done through an investment fund that can grow to € 1 billion with external investors. Together with our pension fund clients, we are working at full speed on the transition to the new pension system.

Impact investing is an integral part of the investment mix
Our goal is to allocate at least 10% of Achmea's own investments to impact investments (approximately € 4 billion) by the end of 2025. We have this objective within reach. We invest, for example, in companies and projects that generate sustainable energy or in sustainable healthcare real estate. Impact investing is an integral part of our investment mix. Especially now that sustainable investing is being criticised internationally, we point out to our clients the opportunities that we create with Achmea Investment Management and Achmea Real Estate to combine financial and social returns.

Building a sustainable future together
I look back on a successful year with excellent results. I would like to thank all colleagues for their commitment and dedication over the past year. Many thanks also to our customers and partners for their trust in Achmea. I look forward to working together to continue to build a sustainable and successful future for our customers, society and Achmea.”