News

Achmea reports strong results and is well on track with its strategy 2030

Thu, 13 Aug 2026 07:30:00 +0200

Operational result decreased slightly to € 492 million, including the impact of severe thunder and hailstorms at the end of June.
Net result increased significantly to € 688 million, supported in part by favourable developments on the financial markets.
Solvency increased to 217%, driven by high OFCG of € 1.0 billion, supported by strong business performance, the reinsurance of longevity risk at Pension & Life and the new internal capital model at Achmea Bank.
Premium volume excluding pension buy-outs was slightly higher at € 23.7 billion, assets under management increased to € 275 billion.
Strategy 2030 well on track, supported by the announcement of a new structure of our distribution organisation, the reinsurance of longevity risk, the scaling of AI across Achmea and a successful start with direct car insurance in Romania.
Continued high customer satisfaction with strong NPS scores for Centraal Beheer (+26),
Interpolis (+20) and Zilveren Kruis (+18).
Ambition for impact investments increased to 15% by 2030; the share of impact investments within the portfolio now stands at 12.5%.

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.”

Achmea mourns the loss of Supervisory Board member Tjahny Bercx

Mon, 06 Jul 2026 17:45:00 +0200

The Supervisory Board and the Executive Board of Achmea B.V. are deeply saddened by the passing of Tjahny Bercx. After a short illness, he passed away in Amsterdam on 2 July at the age of 63.

Since October 2021, Tjahny Bercx served as a valued member of Achmea's Supervisory Board. He also served on the Supervisory Boards of Achmea Schadeverzekeringen N.V. and Hagelunie N.V.

We will greatly miss Tjahny’s warm presence on our Supervisory Board. We are profoundly grateful for his significant contribution to our organisation. Through his strong commitment and positive spirit, Tjahny left a lasting impression.

Our thoughts are with his wife, children, and all those who were dear to him. We wish them strength to bear this immense loss.

On behalf of the Supervisory Board, the Executive Board and all employees of Achmea,

Jan van den Berg,
Chair of the Supervisory Board Achmea B.V.

Bianca Tetteroo,
Chair of the Executive Board Achmea B.V.

Achmea Pension & Life Insurance assumes pension liabilities of Kring ES Nederland from Centraal Beheer APF

Thu, 25 Jun 2026 17:45:00 +0200

Achmea Pension & Life Insurance has entered into an agreement with Centraal Beheer Algemeen Pensioenfonds for a collective value transfer in connection with the buy-out of the pension liabilities of the Kring ES Nederland and the associated assets. The transaction concerns the pension liabilities of approximately 500 members and related assets of € 270 million. This step is in line with Achmea’s ambition to expand its position in the pension buy-out market.

Kring ES Nederland was transferred to Centraal Beheer APF in November 2021. Within this scheme, pension benefits are accrued for employees of the affiliated employers, Enterprise Services Nederland and DXC Finance (IT services), who joined the companies before 2014.

The affiliated employers have decided to align future pension accrual with their other pension arrangements. As a result, the current scheme will become a less suitable administration structure. In consultations with the social partners, an alternative administration structure has therefore been selected that is better aligned with the future design of the scheme. The intention is to transfer all accrued and pension-in-payment entitlements built up to 1 October 2026 to an insurer through a collective value transfer. Employees will subsequently have the option to make an individual transfer of their pension rights to the provider of the defined contribution (DC) scheme.

Following a thorough assessment of the available options, service quality and costs, Centraal Beheer APF selected Achmea Pension & Life Insurance as the new pension provider. Pension benefits will see a one-time uplift by a percentage of the catch-up indexation and will subsequently be indexed annually in line with the European Harmonised Index of Consumer Prices excluding tobacco (HICPxT). Final certainty regarding both the one-time catch-up indexation and future annual indexation will only be available once the transfer has been completed. Pension benefits provided by Achmea Pension & Life Insurance are guaranteed.

Arthur van der Wal, Chairman of the Executive Board of Achmea Pension & Life Insurance: “I am delighted with this pension buy-out, which fits perfectly with our ambition to grow our presence in this market. We thank Centraal Beheer APF for the confidence they have placed in us. We warmly welcome the members of the Kring ES Nederland and will ensure a smooth and carefully managed transition."

Hans Klopper, Managing Director of Enterprise Services Netherlands: “We are pleased that, together with Centraal Beheer APF, we have achieved a sustainable and future-proof pension solution for the members.”

Janwillem Bouma, Chairman of Centraal Beheer APF, said: “As a pension fund, we place the interests of all our members at the heart of our decision-making. Through the buy-out with Achmea Pension & Life Insurance, we have found a sustainable and future-proof alternative for the members of the Kring ES Nederland.”

The transfer to Achmea Pension & Life Insurance requires a carefully managed process that will be undertaken jointly by all parties involved. Part of this process is the assessment by De Nederlandsche Bank of the proposed collective transfer of pension rights and obligations.

Peter Langenbach appointed new Division Chair of Zilveren Kruis

Thu, 28 May 2026 10:30:00 +0200

Peter Langenbach will be appointed Division Chair of Zilveren Kruis, Achmea's health insurer, with effect from 15 June 2026. He succeeds Georgette Fijneman, who will become CEO of PGGM Pensioenservices.

Peter Langenbach has served as Director of Healthcare Purchasing at Zilveren Kruis since July 2022. Prior to this, he was Chair of the Board of Directors of Maasstad Hospital in Rotterdam and a board member of Spijkenisse Medical Center. In addition, Peter is Associate Professor of Finance in Healthcare at TIAS Business School.

Bianca Tetteroo, Chair of the Executive Board of Achmea: "I am delighted that we have found a suitable internal successor for Georgette Fijneman so quickly. Over the past four years, Peter has made a significant contribution to the positioning of Zilveren Kruis and the further development of our healthcare purchasing strategy. He has extensive knowledge and experience in the healthcare sector and an innovative vision for how healthcare should be organised. This firmly safeguards Zilveren Kruis's strategic course. On behalf of the Executive Board, I wish Peter every success and fulfilment in his new role."

Achmea publishes ambitious Climate and Nature Transition Plan 2026

Wed, 22 Apr 2026 08:30:00 +0200

Today marks Earth Day, an annual day in April when attention is drawn globally to the environment, nature and sustainability. For Achmea, it is the appropriate moment to share an update on our Climate Transition Plan. In this update, we broaden our focus beyond climate alone to also encompass nature and biodiversity. We set out how we are making concrete, action-oriented contributions to these important societal themes.

The Climate and Nature Transition Plan 2026 sets out how we are delivering on the first pillar of our sustainability ambitions: accelerating the transition to net zero and strengthening nature’s resilience. The plan also underlines our continued commitment to our ambitions. This is closely aligned with our vision of Sustainable Living Together and our cooperative identity, in which societal impact and long-term value creation are central.

Bianca Tetteroo, Chair of the Executive Board, said: “Climate and nature are not separate issues, but are closely interconnected. They increasingly determine the scale of risks, the frequency of damages, and what remains insurable over time. Climate change affects nature, while healthy ecosystems help to mitigate and absorb its impacts. That is why Achmea brings these themes together in a single transition plan. We focus on solutions that contribute to both climate mitigation and adaptation, within our role as insurer, investor and employer.”

Influence through investments
For our investments in companies, we have sharpened our climate target. We aim to reduce CO₂ emissions by 32.6% by 2030 (compared with 2023) and achieve net zero emissions by 2040. We have also expanded the scope of our real estate investment targets to include the indirect portfolio. In addition, we have raised the ambition for our own impact investments to 15% by 2030. We are also intensifying our engagement with companies on topics such as deforestation, climate change and a just transition. In this way, we use our influence as an investor to accelerate sustainable change.

Insuring the energy transition
Through our insurance activities, we support the energy transition. We provide insurance cover for new technologies deployed in areas such as renewable energy generation, energy storage, hydrogen and carbon capture. In doing so, we offer developers and financiers greater certainty, help to reduce emissions and contribute to a safer and more future-proof energy system.

Preparing customers for climate change
Climate change has a direct impact on our customers. With the Climate Compass in the Centraal Beheer app, they gain insight into their personal climate risks. In addition, we offer practical solutions, for example through the Climate Store or by financially supporting sustainability measures within their mortgage. In this way, we help customers to better prepare for the future.

Sustainable across own operations
Within our own operations, we are taking concrete steps. We are working on the world’s largest circular solar carport on our campus in Apeldoorn, enhance biodiversity across our own sites, and invest an additional € 4 million in large-scale reforestation through Land Life Company. In doing so, we capture CO₂, strengthen nature, and are able to offset residual emissions from its international operations after 2030.

Steadfast long-term direction
Bianca Tetteroo concluded: “Publishing this update today aligns with the spirit of Earth Day: taking action. In times of uncertainty, we remain steadfast in our climate and nature commitments. The long term requires clarity, consistency and responsibility. With our transition plan, we bring greater focus and coherence, building step by step towards a future-proof economy and society, taking into account both risks and solutions.”

Achmea Mortgages becomes part of Achmea Investment Management

Wed, 22 Apr 2026 08:00:00 +0200

Achmea intends to provide its institutional clients with a single, integrated touchpoint for investment advisory, asset management services, and investment opportunities in Dutch residential mortgages. This will offer clients greater clarity, simplifies governance and creates synergies and growth opportunities. In practice, this means that Achmea Mortgage Funds will be legally merged with Achmea Investment Management.

Achmea Investment Management serves more than fifty large institutional clients in the areas of asset management and investment advisory. Achmea Mortgage Funds (trading name: Achmea Mortgages) also serves more than fifty institutional clients and offers this client base a broad range of investment opportunities in Dutch residential mortgages.

Following the legal merger, the activities of Achmea Mortgages (39 employees) will form part of Achmea Investment Management, where Achmea Mortgages’ expertise will be deployed to serve clients more broadly with alternative fixed income solutions. The legal entity Achmea Mortgage Funds will cease to exist.

Maureen Schlejen, divisional chair of Achmea Investment Management: “The integration of Achmea Mortgages into Achmea Investment Management aligns with Achmea IM’s broader platform strategy. By combining expertise, we are creating a scalable platform for alternative fixed income solutions. In doing so, we are capitalizing on the growing demand from institutional clients for stable, transparent and high-quality solutions within fixed income, while creating targeted growth opportunities within this segment.”

The legal merger is expected to take place in the second half of 2026 and remains subject to regulatory approval and a positive opinion from the works council.

Achmea consolidates pension expertise: consultancy services move to investment management

Thu, 19 Mar 2026 08:30:00 +0100

Achmea takes a significant step in its support for pension funds by transferring three consultancy services – actuarial advice, management advice and legal advice – from Achmea Pension Services (APS) to Achmea Investment Management (Achmea IM). This enables pension funds to purchase multiple types of services from a single provider.

Complete solution for a changing market
The pension sector is changing significantly, due to the Future Pensions Act (Wtp): the number of players offering services in this market is expected to decrease over the coming years. This will leave a small number of large parties active. Pension funds face various strategic decisions, in the areas of governance, asset management and administration. By combining a number of consultancy services with investment management, Achmea offers a solution that responds to these developments and strengthens the position of Achmea Investment Management as a strategic partner for pension funds.

Maureen Schlejen, Chair of the Achmea Investment Management Board: “Specifically during this challenging period for the pension sector, we aim to play an important role. By combining consultancy services and fiduciary management, we broaden our service offering and enhance our relevance for customers seeking such an integrated approach. By integrating colleagues with valuable expertise, we strengthen Achmea IM, enabling us to provide our customers with even greater insight and service quality. This aligns with our ambition to be a leader in integrated pension solutions and to set the standard for modern fiduciary management in the Netherlands.”

Achmea Pension Services
Achmea Pension Services announced last year that its pension administration services for external customers would be phased out over time. Through the transition of the three consultancy teams, around 50 colleagues will move from APS to Achmea IM on 1 April.

About Achmea Investment Management
Achmea Investment Management manages €227 billion in assets (as of 31 December 2025) and offers innovative solutions for pension funds and institutional investors.

Achmea Pension & Life Insurance reinsures half of its longevity risk

Wed, 11 Mar 2026 07:25:00 +0100

Today, Achmea and Achmea Pension & Life Insurance, the joint venture between Achmea and Sixth Street established on 1 October 2025, announce the completion of two longevity reinsurance transactions by Achmea Pension & Life Insurance. Together, the transactions cover an amount of approximately € 8 billion in pension liabilities and roughly half of Achmea Pension & Life Insurance’s longevity risk exposure. As a significant strategic milestone, the transactions materially strengthen Achmea Pension & Life Insurance’s capital position and provide additional financial capacity to accelerate growth in pension buyouts and further optimise its investment portfolio.

The agreements have been entered into with Munich Re and Pacific Life Re, two leading global reinsurers. The risk transfer is effective as of 1 January 2026, with the agreements remaining in force until the portfolio has fully run off. Services and guarantees provided by Achmea Pension & Life Insurance to its policyholders are unaffected by the transaction.

Arthur van der Wal, Chief Executive Officer of Achmea Pension & Life Insurance: “Transferring roughly half of our longevity risk exposure is a deliberate and significant next step in executing our long-term strategy. The associated capital benefit will support our strategic growth ambitions in the area of pension buyouts, as well as the further optimisation of our investment portfolio. This will be done in close collaboration with Sixth Street and Achmea Investment Management.”

At year-end 2025, Achmea Pension & Life Insurance’s Solvency II ratio was 187%. Based on the capital position per year-end 2025, the longevity reinsurance transactions announced today are expected to lead to an increase in the Solvency II ratio of about 49%-points. Directly related to this, Achmea’s Solvency II ratio, which stood at 193% at year-end 2025, is expected to increase by about 11%-points.

Further details will be shared during Achmea’s online Investor Update on 14 April 2026.

Aon acted as advisor on the transactions, with Hogan Lovells providing legal advice to Achmea Pension & Life Insurance.

More than 90% of customers consent: unit-linked policies agreement is now final

Mon, 02 Mar 2026 08:30:00 +0100

Achmea announces today the finalisation of the unit-linked policies agreement with interest groups. More than 90% of the affiliated policyholders have accepted their individual compensation offer. This now gives the affected customers clarity and a suitable resolution.

In February 2024, Achmea reached an agreement with interest groups Consumentenclaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis and the Dutch Consumers’ Association regarding compensation for unit-linked policies that were sold in the Netherlands by Avéro Achmea, Centraal Beheer, FBTO, Interpolis and their legal predecessors. This agreement depended on a 90% acceptance rate among the affiliated policyholders who received an individual compensation proposal in recent months. Now that this acceptance rate has been reached, the agreement is final. As a consequence, the collective legal proceeding initiated by the interest groups against Achmea will be terminated. The interest groups will also no longer initiate any new lawsuits.

The cost of the agreement will be covered by a provision that was established earlier. Additionally, an extra provision was created at that time for special cases involving individuals who are not affiliated with any of the interest groups and who have not previously received compensation. These individuals can apply until 1 April 2026, after which the applications will be assessed.

For more information about the 2024 agreement, please visit: https://news.achmea.nl/achmea-reaches-final-agreement-on-unit-linked-insurance-policies-with-interest-groups/

Achmea Bank receives DNB approval for use of A-IRB model in capital calculations

Thu, 19 Feb 2026 17:45:00 +0100

After De Nederlandsche Bank (DNB) granted Achmea Bank the Advanced Internal Rating-Based (A‑IRB) status in September 2023, it has now also approved the bank’s calculation of required capital. This approval follows from an extensive assessment by DNB.

The new model will be implemented in March 2026 and has a positive effect on both the Common Equity Tier 1 ratio (CET1 ratio) and the Total Capital Ratio (TCR) of Achmea Bank. Based on the figures as at 30 June 2025, the pro forma ratios increase by 3.7 and 4.3%-points respectively, to 21.1% and 24.6%. This calculation takes into account the previously announced dividend payment of € 75 million in November 2025. The pro forma impact on Achmea’s group solvency amounts to 3%-points as at 30 June 2025.

Georgette Fijneman to step down as Division Chair of Zilveren Kruis

Tue, 10 Feb 2026 10:30:00 +0100

Georgette Fijneman has decided to step down as Division Chair of Zilveren Kruis in the summer of 2026. After eight and a half years in this role, she has decided to explore options for taking her career in a new direction.

Georgette Fijneman joined Achmea in March 2016 as Director of Income Protection insurance and member of the board of the Non-Life division. She was appointed Division Chair of Zilveren Kruis as of 1 August 2017.

Bianca Tetteroo, Chair of the Executive Board of Achmea: “Georgette has made a major contribution to realising Achmea’s strategy and to the social domain of ‘Bringing healthcare closer’. With great dedication and a clear vision, she has left her mark on the growth and innovation of our health insurance business. Furthermore, she has actively committed herself to improving healthcare in the Netherlands, including by contributing to the national healthcare agreements. She has likewise focused on important themes such as skin cancer prevention, mental health and the role of employers in the health of their employees. In doing so, she has shaped the role of Zilveren Kruis as market leader: by engaging in these themes and speaking out on relevant issues.”

Robert Otto, member of the Executive Board and responsible for Health Netherlands: “Georgette has consistently proven to be a skilled and committed leader. We are especially grateful for her commitment to Achmea and Zilveren Kruis and for her commitment to healthcare in the Netherlands. We regret her departure but respect her decision. We look forward to continuing our collaboration in the coming months and wish her every success and all the best for the future.”

Georgette Fijneman: “After careful consideration, I have decided to channel my energy into preparing for the next phase of my career. It was not an easy decision, because I know I will greatly miss Achmea and all the dedicated, professional colleagues around me. I look back with great appreciation on my time working in the health sector, a time full of both successes and challenges we faced together. I look forward with confidence to the next phase of my career in which I will explore new opportunities. Until then, I remain wholeheartedly committed to Achmea, Zilveren Kruis and healthcare in the Netherlands.”

Michiel Delfos to step down from Executive Board in 2026

Tue, 25 Nov 2025 07:30:00 +0100

Chief Risk Officer Michiel Delfos has decided to step down as a member of Achmea’s Executive Board in 2026. After twelve years with the company, including four years as a member of the Executive Board, he has chosen not to pursue a second term. He looks forward to the next phase of his life, focusing his time and energy on new opportunities on both a business and personal level.

Michiel has enjoyed a distinguished career at Achmea over the years. Starting as director of Property & Casualty insurance in early 2014, he went on to be appointed Chair of the Non-life division in October 2015. In April 2022, he joined the Executive Board.

Bianca Tetteroo, Chair of the Executive Board: "With his strong commitment and clear vision, Michiel has made a lasting impact on the development of risk management at Achmea. In addition, he has led the development and implementation of our sustainability ambitions with great passion. While we are sad to see Michiel leave, we respect his decision. We look forward to continuing to work together in the period ahead.”

Jan van den Berg, Chair of the Supervisory Board: “Michiel has always shown himself to be an able and committed executive. We are extremely grateful for his valuable contribution to the development of Achmea and wish him every success and all the very best for the future.”

Michiel Delfos: "After careful consideration, I have decided not to seek a second four-year term. It was not an easy decision, as I am certain I will miss Achmea and the wonderful people around me. I look back with pride and gratitude on the many memorable moments and numerous achievements we shared over the past twelve years. At the same time, I look forward with confidence to a future full of new opportunities. Over the coming months, I will continue to dedicate myself fully to Achmea and ensure a smooth transition for my successor.”

The process to appoint Michiel’s successor is now underway. Michiel's exact departure date in 2026 will depend on the start date of the successor. We will provide further information as soon as it is available.

Achmea presents strategic choices and financial goals towards 2030

Tue, 18 Nov 2025 07:30:00 +0100

Today, Achmea announces its strategic choices and financial goals towards 2030. The current goals, which were set in 2021, will remain in effect until the end of 2025. We are well on track to accomplish these goals by the end of the year, establishing a strong foundation for future growth.

Next Level, building on our strengths
Bianca Tetteroo, Chair of the Executive Board: “With a solid financial position, strong brands, high degree of customer satisfaction and our cooperative identity, we are setting ambitious goals for 2030. We remain fully committed to what we stand for: Sustainable Living. Together. Our strategy, titled Achmea Next Level, builds on the successful course we are already pursuing. We proactively respond to the rapidly changing world around us and continue to innovate and invest in solutions that help our customers move forward. As such, we are strengthening both our market position and our social impact.”

Four defining strategic choices
The Next Level strategy is anchored by four important strategic choices that will determine our future profile:

Data-driven and personalised distribution to elevate the customer experience to an even higher level.
Rollout of a company-wide AI programme to further strengthen our digital leadership and position AI as a catalyst for transformation and growth.
Continued international growth with a focus on direct/digital Non-Life, while maintaining a leading position in the Dutch home market.
Enhancing and strengthening the position of Pension & Life through the execution of our strategic partnership with Sixth Street.

Thanks to these strategic choices, we are strengthening our market leadership in Health and Non-life insurance in the Netherlands. Together with our partner Sixth Street, we are firmly committed to growth in Pension & Life, including in the market for pension buy-outs. This further consolidates our position in pension and asset management, with the strategic partnership with Sixth Street increasing the number of customers and driving the expanded use of our platforms. We are accelerating our growth in online, direct insurance and continue to build scalable, digital non-life propositions for retail customers internationally. In this way, we are gradually evolving from a Dutch player with international activities into a European player with the Netherlands as its home market.

Bianca Tetteroo: “As was the case four years ago, our strategic choices are guided by our vision of Sustainable Living. Together. Our organisation has a cooperative identity, and ESG (environmental, social and governance) ambitions form an important cornerstone of our strategy.”

Clear priorities
Our strategy is aimed at creating lasting value for customers, employees, partners, investors, shareholders and society. With sustainability at the heart of our approach, we are committed to promoting action on current, urgent challenges, from achieving net zero, to fostering financial resilience and social well-being.

Our investments in innovation, strategic partnerships and talent development will consolidate our position as a world-class employer and a recognised sustainability leader in the financial services industry. Together, we are creating a resilient, future-proof Achmea that creates value and makes a positive impact.

Objectives towards 2030
Since 2021, both our operational result and Operational Free Capital Generation (OFCG) have increased significantly, while our solvency remains consistently strong. This has provided us with a solid foundation and we are well on track to accomplish our goals for 2025. Towards 2030 we aim for a further increase in the operational result. Investments in growth, innovation, digitalisation and efficiency will contribute actively to this goal.

We have defined the following clear objectives:

An operational result of € 1 billion in 2030 (target 2025: € 700 million)¹.
Growth to an OFCG of € 750 million in 2030 (target 2025: € 500 million)¹.
We maintain a robust capital position and our strong ratings.
Towards 2030, we have the ambition to grow our assets under management invested in impact investments (own book and customers) to € 20 billion.
Continued commitment to the previously communicated carbon reduction goals: climate-neutral business operations by 2030, a climate-neutral investment portfolio (equities and corporate bonds) by 2040 and a climate-neutral insurance portfolio by 2050 at the latest.

During our Online Investor Update in April 2026, we will elaborate on our strategy, plans and financial goals.

Significant dates
Wednesday 11 March 2026: Presentation of Achmea annual results 2025
Tuesday 14 April 2026: Online Investor Update 2026

¹ Target includes Sixth Street’s minority interest in Achmea Pension & Life.

Achmea reserves € 99 million to limit the increase in healthcare premiums in 2026

Thu, 13 Nov 2025 07:30:00 +0100

Achmea is allocating € 99 million to limit the increase in the basic healthcare premium for 2026. This measure contributes to the affordability of healthcare premiums for customers of Zilveren Kruis, De Friesland, Interpolis, FBTO, and De christelijke zorgverzekeraar. These brands announced their premiums for 2026 yesterday. The stated amount will be recognized in the 2025 financial year, in accordance with the IFRS 17 reporting standards.

The healthcare premium will increase in 2026 due to rising healthcare costs, partly because people are using healthcare services more frequently and for longer periods.

In line with its cooperative identity, Achmea seeks a responsible balance between an affordable healthcare premium for customers and a healthy financial position for the company.

Achmea announces indicative results of its Offers

Tue, 28 Oct 2025 11:45:00 +0100

Achmea B.V. (the “Offeror”) announces today the indicative results of its invitation to holders (the “Holders”) of its outstanding: (i) € 250 million Tier 2 Subordinated Fixed Rate Reset Notes due 24 September 2039 issued on 24 September 2019 (ISIN: XS2056491660) (the “2019 Notes”); and (ii) € 750 million Tier 2 Subordinated Fixed Rate Reset Notes due 2 November 2044 issued on 2 May 2024 (ISIN: XS2809859536) (the “2024 Notes” and, together with the 2019 Notes, the “Notes”) to tender their Notes for purchase by the Offeror for cash up to the Maximum Acceptance Amount subject to, among other things, the satisfaction (or waiver) of the New Financing Condition (such invitation, an “Offer” and together the “Offers”).

The Offers were announced on 20 October 2025 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 20 October 2025 (the “Tender Offer Memorandum”) including, without limitation, the satisfaction (or waiver) of the New Financing Condition.

The Expiration Deadline for the Offers was 5.00 p.m. (Central European Time) on 27 October 2025.

Expected Series Acceptance Amounts and Expected Scaling Factor
As at the Expiration Deadline, the Offeror had received valid tenders for purchase pursuant to the Offers of: (i) € 135,015,000 in aggregate principal amount of 2019 Notes; and (ii) € 477,964,000 in aggregate principal amount of 2024 Notes.

If the Offeror decides to accept Notes validly tendered pursuant to the Offers, and the New Financing Condition is satisfied (or waived), the Offeror expects that the Final Acceptance Amount will be € 300 million and each Series Acceptance Amount will be set as follows:

Series Expected Series Acceptance Amount Expected Scaling Factor

2019 Notes € 50,001,000 38.4950 per cent.

2024 Notes € 249,999,000 51.2307 per cent.

Holders should note that this is a non-binding indication of the level at which the Offeror expects to set each Series Acceptance Amount and the applicable Scaling Factor.

Pricing for the Offers will take at place around 12 noon (Central European Time) today (the “Pricing Time”). As soon as reasonably practicable after the Pricing Time, the Offeror will announce whether (subject to the satisfaction (or waiver) of the New Financing Condition on or prior to the Settlement Date) it will accept for purchase Notes validly tendered in the Offers and, if so, the Final Acceptance Amount, each Series Acceptance Amount, each Purchase Yield, each Interpolated Mid-Swap Rate, each Purchase Price and any Scaling Factor that will be applied to valid tenders of either Series and the aggregate principal amount of each Series that will remain outstanding after the Settlement Date.

Subject to the satisfaction (or waiver) of the New Financing Condition, the Settlement Date in respect of the Notes accepted for purchase pursuant to the Offers is expected to be 29 October 2025.

Notes purchased by the Offeror pursuant to the Offers will be cancelled by the Offeror and will not be re-issued or re-sold. Notes which have not been validly submitted or validly submitted but not accepted for purchase pursuant to the Offers will remain outstanding.

Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Any requests for information in relation to the Offers should be directed to the Dealer Managers or the Tender Agent whose contact details are listed below.

Dealer Managers
Banco Santander, S.A., Barclays Bank Ireland PLC, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe, ING Bank N.V. and NatWest Markets N.V.

Tender Agent
Kroll Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Jacek Kusion; E-mail: achmea@is.kroll.com; Website: https://deals.is.kroll.com/achmea).

Achmea announces maximum acceptance amount of its Offers

Tue, 21 Oct 2025 14:00:00 +0200

Achmea B.V. (the “Offeror”) announced that it is inviting holders (the “Holders”) of outstanding € 250 million Tier 2 Subordinated Fixed Rate Reset Notes due 24 September 2039 issued on 24 September 2019 (ISIN: XS2056491660) (the "2019 Notes") and € 750 million Tier 2 Subordinated Fixed Rate Reset Notes due 2 November 2044 issued on 2 May 2024 (ISIN: XS2809859536) (the "2024" Notes and together with the 2019 Notes, the “Notes”) to tender their Notes for purchase by the Offeror for cash up to the Maximum Acceptance Amount (as stated below) subject to, among other things, the satisfaction (or waiver) of the New Financing Condition (such invitation, each an “Offer” and together the “Offers”). Following the pricing of the New Securities to be issued by the Offeror, the Offeror announces the Maximum Acceptance Amount in respect of the Offers will be € 300 million.

The Offeror reserves the right to accept significantly less than the Maximum Acceptance Amount in its sole and absolute discretion.

The Offers were announced on 20 October 2025 and are made on the terms and subject to the conditions contained in the tender offer memorandum dated 20 October 2025 (the “Tender Offer Memorandum”) including, without limitation, the satisfaction (or waiver) of the New Financing Condition.

Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

For detailed terms of the Offers please refer to the Tender Offer Memorandum which (subject to the offer and distribution restrictions set out therein) can be obtained from the Tender Agent referred to below.

Dealer Managers
Banco Santander, S.A., Barclays Bank Ireland PLC, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe, ING Bank N.V. and NatWest Markets N.V.

Tender Agent
Kroll Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Jacek Kusion; Email: achmea@is.kroll.com; Website: https://deals.is.kroll.com/achmea

Achmea issues € 300 million Restricted Tier 1 Securities

Mon, 20 Oct 2025 17:30:00 +0200

Achmea has today successfully priced € 300 million of perpetual Restricted Tier 1 securities (Securities), callable after 10.25 years on 27 January 2036 (subject to redemption conditions).

The Securities were priced with a coupon of 5.75% until the first reset date on 27 July 2036, which represents a credit spread of 320.9 bps over the interpolated 10.75-year Euro mid-swap rate.

The transaction was well received, with a final book of over 3.7 billion from over 255 global fixed income investors, representing an oversubscription of almost 13 times, which allowed the final pricing to be reduced by 50 bps from the Initial Pricing.

The Securities are expected to be rated BB+ by S&P and BBB by Fitch. Achmea has submitted an application to Euronext Dublin for the Securities to be admitted to the Official List and trading on the Global Exchange Market which is the exchange regulated market of Euronext Dublin on or around 27 October 2025.

The Securities have been placed by Barclays Bank Ireland PLC and HSBC Continental Europe who acted as Joint Global Coordinators and Banco Santander, S.A., Barclays Bank Ireland PLC, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe, ING Bank N.V. and NatWest Markets N.V. who acted as Joint Bookrunners on the transaction. The Offering Memorandum will be published on or around 23 October 2025 at www.achmea.nl/en/investors/debtinformation

Achmea announces intention to issue Restricted Tier 1 Notes, concurrently with Tender Offers for existing Subordinated Notes

Mon, 20 Oct 2025 09:44:00 +0200

Achmea B.V. has mandated Barclays Bank Ireland PLC and HSBC Continental Europe to act as Joint Global Coordinators and Banco Santander, S.A., Barclays Bank Ireland PLC, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe, ING Bank N.V. and NatWest Markets N.V. as Joint Lead Managers for an intended issuance of € 300 million No Grow Perpetual Restricted Tier 1 Temporary Write-Down notes (the “New Securities”), subject to market conditions.

The expected ratings of the New Securities are BB+ by S&P and BBB by Fitch. The intended issuance is expected in the near future, dependent on market conditions.

The target market is MiFID II professionals and Eligible Counterparties only (all distribution channels). No EU/UK PRIIPs key information document (KID) has been prepared as these instruments are not available to retail in the EEA and UK. The New Securities should not be offered or sold to retail clients (as defined in COBS 3.4) in the UK.

At the same time, Achmea announces its invitation to holders of its outstanding € 250 million Tier 2 Subordinated Fixed Rate Reset Notes due 24 September 2039 (ISIN: XS2056491660) (the 2019 Notes) and € 750 million Tier 2 Subordinated Fixed Rate Reset Notes due 2 November 2044 (ISIN: XS2809859536) (the 2024 Notes and together with the 2019 Notes, the " Notes”), to tender their Notes for purchase by Achmea for cash up to the Maximum Acceptance Amount (as defined below) subject to, among other things, the satisfaction (or waiver) of the New Financing Condition (as defined below) (such invitation, each and “Offer” and together the "Offers"). The Offers are made subject to the terms and conditions set out in the Tender Offer Memorandum dated 20 October 2025 (the "Tender Offer Memorandum") as prepared by Achmea, and is subject to the offer restrictions as described in the Tender Offer Memorandum.

For the full press release, please refer to “Downloads”

Achmea and Sixth Street launch top three player in pension and life insurance

Thu, 02 Oct 2025 07:30:00 +0200

Achmea, Lifetri and Sixth Street have finalised their strategic partnership in pension and life insurance. The partnership, which was announced in November 2024, has been approved by the regulators, and the Works Councils have issued a positive recommendation. The joint venture, Achmea Pension & Life Insurance N.V., will operate from today onwards as a top three player, concentrating on sustainable growth, customer focus and reinforcing its position in a dynamic pensions landscape.

Broadly speaking, the partnership entails the following:

Achmea and Lifetri are consolidating their pension and life insurance portfolios, with more than 2.1 million customers, in the joint venture Achmea Pension & Life Insurance.
Sixth Street (which owns Lifetri), will receive 20.45% of the shares in the joint venture by contributing Lifetri and making a payment of € 461 million to Achmea.
The joint venture is well positioned to benefit further from growth opportunities in the pension buyout market and aims for a market share of 20%.
Lifetri’s more than 500,000 customers will continue to receive services under the Centraal Beheer brand. Lifetri’s employees will transfer to Achmea.
Thanks to the partnership, the capital generation of Achmea Pension & Life Insurance is expected to increase by approximately € 100 million from 2028 onwards.
The impact of this transaction on Achmea’s capital position is limited.

Executive appointments
Arthur van der Wal has been appointed Chief Executive Officer of the joint venture, effective from 1 October 2025. He was Chair of Achmea’s Pension Division until 31 December 2024, and has been responsible since January 2025 for the preparations for the joint venture. The management team also includes Mohamed Ahmadan (Chief Financial Officer), Theo de Ruijter (Chief Risk Officer) and Hanneke Scherjon (Chief Operating Officer).

Supervisory Board
The Supervisory Board of the joint venture consists of Daphne de Kluis (Chair), Michel Lamie, Rohan Singhal, Else Bos, Delfin Rueda Arroyo and Mike Nawas.

Market developments boost demand for insured solutions
Pension reforms in the Netherlands are expected to lead to further consolidation among pension funds and an increased demand for insured solutions. The pension buyout market in particular offers significant opportunities for growth. In the coming years, €20 to €30 billion is expected to become available in this segment. Thanks to its strong profile in risk and capital management, asset management and customer-focused solutions, the joint venture presents pension funds with an attractive alternative by means of a buyout. The ambition is to achieve a market share of 20%. Achmea announced its first buyout in May 2025, acquiring € 1.5 billion in pension obligations from FrieslandCampina.

Excellent customer service
Lifetri has more than 500,000 customers with funeral, life and/or pension insurance. At Centraal Beheer, these customers will benefit from excellent service and a digital platform providing a comprehensive range of insurance, savings and investment products.

Financial and social return on investment
Achmea and Sixth Street will also collaborate in the area of investments on behalf of the joint venture. This offers additional opportunities for value creation and growth in the pension and annuities market. Achmea Investment Management, a leader in impact investments in the Netherlands, will shape the ambition of the joint venture to align financial returns with social impact and climate goals, embedding these values in its polices and operations.

Achmea announces redemption of € 500 million Senior Green Notes

Fri, 22 Aug 2025 08:30:00 +0200

Achmea B.V. announces the redemption of the outstanding € 500 million Senior Green Notes due 29 November 2025 (ISIN: XS2560411543; Common Code: 256041154) (the "Notes"). The redemption will take place on 22 September 2025, which is an Optional Redemption Date.

The Notes will be redeemed in full at their principal amount together with interest accrued up to and including 22 September 2025. Trading in the Notes will be suspended as of 18 September 2025.

The Notes have been issued under the Achmea B.V. € 5 billion Debt Issuance Programme prospectus, dated 21 October 2022 and the supplemental base prospectus dated 15 November 2022: EUR 500 million Senior Green Notes | Achmea

Commercial growth and strong performance drive operational result to € 567 million

Thu, 14 Aug 2025 07:30:00 +0200

Operational result up to € 567 million (+31%), driven by strong performance in Non-Life, Health and International
Good net result of € 383 million despite challenging market conditions and one-off items, including a provision of € 175 million
Premium volume increases strongly to € 24.6 billion (+12%), driven by growth in Non-Life, Health and a large pension buy-out win
Assets under management remains stable at over € 260 billion Solvency remains solid and increases to 184% (year-end 2024: 182%)
Well on track to meet climate and impact investing targets: 9.1% of invested assets allocated to impact investments (target end 2025: 10%). Extensive update in the ESG presentation
Achmea IM introduces new private equity impact fund focusing on climate, biodiversity, nutrition and health. € 225 million in committed investments

Bianca Tetteroo, chair Executive Board: “We have started 2025 well. Customer satisfaction with our products and customer service remains high, we continue to grow and achieve good financial results. The operational result amounted to € 567 million, up by 31% compared to the same period last year. Underlying developments in the financial markets were less favourable than in the first half of 2024. However, the impact of this on our position and investment income remained limited. We are on track to achieve our 2025 strategic and financial targets. In the fourth quarter, we will present our new objectives for 2030.

Strong results
The increase in the operational result to € 567 million was driven by growth and higher margins on our Non-Life, Health and International activities. The operational result at Non-Life rose to € 220 million (H1 2024: € 118 million) due to premium growth and lower cost of claims, partly due to the absence of large weather-related claims. Customer satisfaction in this segment remained high. We successfully retain customers and grow further, among others due to the growth in Rabobank's banking distribution channel and strong digital customer service. The same applies to Health Netherlands which serves 5.4 million customers. The operational result at Health rose to € 220 million (H1 2024: € 167 million) due to premium growth, a higher contribution from the Health Insurance Equalisation Fund and lower than expected healthcare costs. At International, the result increased to € 40 million (H1 2024: € 17 million) thanks to good results from our Turkish and Slovakian insurance activities. At Pension & Life Netherlands, the result decreased to € 131 million (H1 2024: € 157 million), mainly due to lower investment income as a result of interest rate and spread developments. The operational result of Retirement Services was € 11 million (H1 2024: € 41 million), partly due to a lower interest margin at Achmea Bank.
Despite one-off impacts we achieved a good net result of € 383 million. We provisioned € 175 million for the phasing out of pension administration for external customers at Achmea Pension Services. Additionally, there is a one off impact related to the previously announced pension buy-out. This is the result of the accounting treatment of the transaction under IFRS reporting standards. This first buy-out aligns with the announced strategic partnership with Sixth Street, which aims to achieve an increase of the capital generation at Pension & Life of € 100 million per year in the long term.
Our solvency remains solid and increased to 184% and our Operational Free Capital Generation (OFCG) is with € 329 million in line with our ambition.

Growth in premium volume and pension buy-out
Premium volume increased strongly to € 24.6 billion (+12%) by growth in Non Life, Health and International and an increasing number of customers and premium indexations. Additionally, premium volume increased by a large pension buy-out win. In our International activities, premium volume grew to € 1.1 billion (+6%). Earlier this year, we started offering online car insurance in Spain and Romania. In both countries we welcomed the first customers.
In May, we announced our first pension buy-out. We took over € 1.5 billion in pension liabilities from FrieslandCampina. Together with our intended partner Sixth Street, we are well positioned for further growth in the buy-out market. We expect to be able to announce the closing of their participation in our pension and life activities in the second half of this year.

Artificial Intelligence as a growth accelerator
The application of Artificial Intelligence is an important part of our strategy and supports our growth plans. The next generation of AI technologies offers many opportunities to serve our customers even better and support our colleagues in their work. With the previously initiated rationalisation of the IT systems and the nearly completed migration to the cloud, we are laying the foundation to focus even more on the use of AI and to further improve our customer service. To support this, we make AchmeaGPT and Copilot available to all our employees.

Invest in the world of tomorrow
Our institutional clients will be able to invest in a new private equity fund from Achmea Investment Management from the fourth quarter of 2025. This fund invests in companies that combine financial and social returns and that make a positive contribution to climate, biodiversity, nutrition and health. The fund has a targeted volume of € 250 million, with € 225 million already subscribed.
At 9.1% in the first half of 2025, we are within reach to achieve our target of allocating at least 10% of our own invested assets (approximately € 4 billion) to impact investments.
We are on track with our climate goals. The updated climate transition plan describes our progress in detail and explains that we are focusing more on climate adaptation and engagement conversations with customers. More information on this can also be found in the ESG presentation that we publish today.
We are also working on social impact in other ways, often in collaboration with Vereniging Achmea. Zilveren Kruis played a pioneering role in the recently concluded Integral Care Agreement with all parties in the healthcare sector and the Ministry of Health, Welfare and Sport. This agreement is good for our customers and healthcare providers and supports, among other things, faster access to health care and the reduction of waiting lists.
In March we signed the 'Social Debt Collection' agreement framework, an initiative of SchuldenlabNL and the National Financial Health Coalition. With more than 100 million collections annually, the early identification and prevention of debts is high on our agenda.
Zilveren Kruis has also started an awareness campaign to increase the mental resilience of young people. We do this together with partners, including the KNVB football association, with whom we have entered into a five-year strategic partnership to make mental health problems on and around the football field a topic of discussion.

Change of course for Achmea Pension Services
We have decided to gradually reduce our services to external customers towards 2030 and have made a provision of € 175 million for this purpose. Our market share is too modest to remain relevant in this consolidating market. With Achmea Investment Management, Achmea Pension & Life, Centraal Beheer PPI, Centraal Beheer APF and other business units, we remain strongly positioned in the pension domain and are committed to growth.

Moving forward with confidence
We have started the year well. The first six months show that we are strategically on track, know how to adapt, look ahead and achieve good results. I would like to thank my colleagues, customers and partners for their trust in Achmea. I look forward to presenting our growth strategy towards 2030 in the second half of the year and continuing to build a sustainable and successful future together."

Achmea IM launches new private equity impact fund

Thu, 14 Aug 2025 07:23:37 +0200

Achmea IM launches a new impact fund focusing on healthy people in a healthy society.
The fund will invest in companies that contribute positively to solving global challenges related to climate change, biodiversity loss, healthy nutrition and good health.
Target size of € 250 million, with the participation of Dutch institutional investors.
Combination of positive social and environmental impact whilst pursuing market rate investment returns.

Achmea Investment Management introduces a new investment fund under the name Achmea IM PE Partnership Fund – Healthy People & Planet 2025. The fund provides Dutch pension funds and other institutional investors cost-efficient access to private equity investments that work towards the goal of healthy people in a healthy society. The fund’s central impact themes are climate, biodiversity, healthy nutrition and good health. Companies that make an intentional and measurable positive contribution to these themes and offer attractive risk/return characteristics will be eligible for investment by the fund. Achmea IM has appointed Neuberger Berman Private Markets, an experienced private equity impact investor, as the investment partner for the fund.

The fund has been developed for and in close collaboration with the Dutch institutional market. The target size is € 250 million. It is a closed-end fund with an expected term of ten to twelve years. The fund’s investment strategy is aimed at co-investments, with a focus on the buy-out and growth segments of the private equity market. Several pension funds have already expressed their intention of participating in the first close of the fund and have made capital commitments of € 225 million in total.

Maureen Schlejen, Chair of the Achmea IM Board, says: “There is enormous interest in impact investing among our clients and we’re proud to have set up this impact fund with them. Collaboration is key as far as we’re concerned: it accelerates impact and increases scale. This fund offers pension funds and other institutional investors the opportunity to contribute to the goal of healthy people in a healthy society at a return that is in keeping with market rates.”

The fund is still open to other interested institutional investors. The first investments are expected to be made in the fourth quarter of 2025.

Achmea acquires pension assets of FrieslandCampina via a buy-out

Thu, 22 May 2025 08:30:00 +0200

Achmea Pensioen & Levensverzekeringen N.V. (Achmea Pension & Life) is to expand its existing pension services to FrieslandCampina by means of a buy-out. This step is aligned with Achmea’s previously announced ambition of growing in the pension buy-out market.

The buy-out concerns the so-called segregated investment account, which holds the invested pension assets of approximately 8,000 (former) employees of Friesland Foods and FrieslandCampina. Both parties have agreed to dissolve this account. The assets, which were accrued before 2015 and have until now been managed by FrieslandCampina, will be transferred to Achmea Pensioen & Leven. In total, the transaction involves approximately € 1.5 billion in invested pension assets.

Hans Janssen, Chief Financial Officer of Koninklijke FrieslandCampina N.V.: “FrieslandCampina is pleased to have reached an agreement with Achmea Pensioen & Leven. This step contributes to a solid and reliable future for the participants’ pensions. We are confident that this is in the best interest of their financial security. All participants will be fully informed in the near future about this change and what it means for them.”

Growth ambitions in the buy-out market
Achmea Pension & Life announced a partnership with Sixth Street in November 2024. Apart from new customers and economies of scale, this partnership, which is expected to start in the second half of this year, will provide additional growth opportunities in the market for pension buy-outs. The ambition here is to acquire a market share of approximately 20%. This transaction is an excellent initial step towards achieving this objective.

Daphne de Kluis, member of the Executive Board of Achmea B.V. and responsible for the pension business: “I’m very pleased with this buy-out. The transaction enables us to take over full responsibility for this pension scheme from FrieslandCampina. It’s a good fit with the long-term and close relationship we have built up together. The participants will remain our customers and be able to rely on excellent service and professional asset management, just as they did before. Furthermore, this agreement aligns seamlessly with our ambition to grow in the pension buy-out market.”

Buy-out market on the rise due to new pension system
In a pension buy-out, a pension fund decides to transfer its liabilities and associated risks to another party, such as an insurer. This is an important growth area for Achmea Pension & Life. In the run-up to the introduction of the new pension system in the Netherlands, pension funds are currently considering whether to invest in the transition to the new system or, for example, to opt for a buy-out instead.

Improved capital generation
As announced in November 2024, the goal is to increase Achmea Pension & Life’s capital generation by € 100 million starting from 2028 through the partnership with Sixth Street. This buy-out will contribute to this goal. The initial impact on Achmea Group’s solvency ratio will be about -5 percentage points.

AFM fines successor to Syntrus Achmea Real Estate & Finance for violating the Wwft

Tue, 29 Apr 2025 08:35:00 +0200

The Dutch Authority for the Financial Markets (AFM) has imposed two administrative fines of € 850,000 (a total of € 1.7 million) on Achmea Real Estate B.V., the successor to Syntrus Achmea Real Estate & Finance B.V. (SAREF).

An investigation by the AFM has revealed that between 2018 and 2022, SAREF failed to report eleven unusual mortgage transactions across three customer files to the Financial Intelligence Unit (FIU) in a timely manner. In addition, insufficient control measures were applied in the three files. These instances constitute violations of the Dutch Money Laundering and Terrorist Financing (Prevention) Act (Wwft).

Achmea regrets these errors. They should not have occurred, and they do not reflect the company’s values and professional standards. At the time, Achmea proactively informed the AFM and immediately initiated an improvement process to address the identified shortcomings. Solid measures are now in place to ensure that the reporting of unusual transactions and the execution of customer due diligence are fully compliant with the applicable laws and regulations.

The AFM and Achmea have reached a settlement in this case. As part of the settlement, Achmea acknowledges the violations and accepts the fines.

Achmea publishes Annual Report 2024

Tue, 15 Apr 2025 17:44:00 +0200

Achmea's Annual General Meeting today adopted the financial statements for 2024 and approved a dividend payment of € 335 million.

Annual Report and Solvency and Financial Condition Report
Achmea today publishes its Annual Report 2024. This is the first year in which we report on the material sustainability aspects of our business operations, in accordance with the Corporate Sustainability Reporting Directive (CSRD).

In 2024, we successfully executed our growth strategy and achieved strong financial and non-financial results. At the same time, we are taking important steps in the development of our digital operating model and are on track to achieve our sustainability ambitions. Customer satisfaction, the reputation of the brands and the involvement of employees remain as high as ever.

Bianca Tetteroo, Chair of the Executive Board: “Based on our cooperative identity and our vision 'Sustainable Living, Together', we work on solutions for customers and social issues. The introduction of the CSRD is a positive development, as it provides more transparency about how companies create value, both financially and socially. In addition, this development enables us, and other companies, to focus even more specifically on increasing social impact. I thank all colleagues, customers and partners for their contribution over the past year and look forward to a sustainable and successful future with confidence.”

Achmea also publishes the Solvency and Financial Condition Report for 2024 today. This report explains our financial position based on the Solvency II guidelines. The Annual Report and the Solvency and Financial Condition Report can be downloaded from Publications | Achmea

Dividend payment
The General Meeting approved the proposal to pay a dividend of € 335 million. The dividend is paid as an optional dividend. This means that shareholders can opt for a (partial or full) distribution in cash or in ordinary shares of Achmea (stock dividend).

Of the total amount of € 335 million for 2024, € 257 million will be paid out as a stock dividend in the form of newly issued shares (77%) and € 78 million in cash (23%). Vereniging Achmea has opted to receive its dividend of € 228 million entirely in shares, in line with the statutory objective of this major shareholder. Bianca Tetteroo is pleased with this decision: "Thanks to the choice of Vereniging Achmea for stock dividend, our company can invest even more in customer service and innovation."

Else Bos appointed as member of Achmea's Supervisory Board

Tue, 15 Apr 2025 17:42:00 +0200

Else Bos was appointed as a member of Achmea's Supervisory Board at today's Annual General Meeting. Petri Hofsté and Roel Wijmenga have stepped down from the Supervisory Board, as their terms of appointment have come to an end. Both had been part of the Supervisory Board since 2015.

Else Bos is an experienced director in the financial sector. She has held leadership positions at prominent organisations, such as ABN AMRO, PGGM and De Nederlandsche Bank (DNB). In addition to her role at Achmea, she is a member of the Supervisory Board of Ortec Finance, IFM Investors and Van Lanschot Kempen. Else Bos studied econometrics at Erasmus University Rotterdam and has gained extensive experience in asset management, pensions and financial supervision over the course of her career. Her appointment is for a period of four years and has been approved by the Dutch Central Bank.

Jan van den Berg, Chairman of the Supervisory Board of Achmea: “Else has extensive experience in the financial sector and possesses strong managerial and supervisory expertise. This makes her a valuable addition to Achmea's Supervisory Board. We look forward to her insights and contributions. We thank Petri and Roel for their dedication and valuable contribution over the past ten years, during which they have helped guide Achmea on a solid course. We wish them every success in the future.”

At the General Meeting, Tjahny Bercx – a member of Achmea’s Supervisory Board since 2021 – was also reappointed for a term of four years.

Achmea's Supervisory Board now consists of: Jan van den Berg (Chairman), Wim de Weijer (Vice-Chairman), Tjahny Bercx, Else Bos, Antonio Cano, Miriam van Dongen, Lex Kloosterman and Nienke Meijer. Else Bos will also join the Supervisory Board of Achmea Pensioen- en Levensverzekeringen N.V. and Achmea Schadeverzekeringen N.V.

Reappointment of the Executive Board
The Supervisory Board has reappointed Daphne de Kluis – a member of Achmea's Executive Board since 2021 – for a term of four years.

Achmea issues € 300 million Restricted Tier 1 Securities

Tue, 21 Jan 2025 18:54:30 +0100

Achmea has today successfully priced € 300 million of perpetual Restricted Tier 1 securities (Securities), callable after 10 years on 28 January 2035 (subject to redemption conditions).

The Securities were priced with a coupon of 6.125% until the first reset date on 28 July 2035, which represents a credit spread of 373.5 bps over the interpolated 10.5-year Euro mid-swap rate.

The transaction was extremely well received, with a final book of >€ 5 billion from over 330 global fixed income investors, representing an oversubscription of 16.6 times, which allowed the final pricing to be reduced by 62.5 bps from the Initial Pricing Thoughts.

The Securities are expected to be rated BB+ by S&P and BBB by Fitch. Achmea has submitted an application to Euronext Dublin for the Securities to be admitted to the Official List and trading on the Global Exchange Market which is the exchange regulated market of Euronext Dublin on or around 28 January 2025.

The Securities have been placed by HSBC Continental Europe as Sole Global Coordinator and ABN AMRO Bank N.V., Banco Bilbao Vizcaya Argentaria S.A., Barclays Bank Ireland PLC, BNP Paribas, Deutsche Bank Aktiengesellschaft and HSBC Continental Europe, who acted as Joint Bookrunners on the transaction. The Offering Memorandum will be published on or around 24 January 2025 at www.achmea.nl/en/investors/debtinformation

Achmea announces intention to issue Restricted Tier 1 Securities

Mon, 20 Jan 2025 11:00:00 +0100

Achmea B.V. has mandated ABN AMRO Bank N.V., Banco Bilbao Vizcaya Argentaria S.A., Barclays Bank Ireland PLC, BNP Paribas, Deutsche Bank Aktiengesellschaft and HSBC Continental Europe, as Joint Bookrunners for an intended issuance of € 300 million perpetual non-call 10yr Restricted Tier 1 securities (Securities), subject to market conditions.

The expected ratings of the forthcoming Securities are BB+ by S&P and BBB by Fitch. The intended issuance is expected in the near future, dependent on market conditions.

Relevant stabilization regulations, including FCA/ICMA stabilization apply. The target market is MiFID II professionals and Eligible Counterparties only (all distribution channels). No EU/UK PRIIPs key information document (KID) has been prepared as these instruments are not available to retail in the EEA and UK. The Securities should not be offered or sold to retail clients (as defined in COBS 3.4) in the UK.

Not for release, publication or distribution in or into or to any person located or resident in the United States of America, its territories and possessions, any state of the United States of America or the district of Columbia (the United States) or in or into any other jurisdiction or to any other person where or to whom it is unlawful to release, publish or distribute this announcement (see "offer and distribution restrictions" below)

Achmea, Lifetri and Sixth Street join forces in the Dutch pension and life market

Thu, 28 Nov 2024 08:15:00 +0100

Achmea and Lifetri are merging their pension and life portfolios into Achmea Pension & Life Insurance N.V. to create a top three player, serving over 2.1 million customers.
Sixth Street, the principal shareholder of Lifetri, will acquire 20% of the shares of Achmea Pension & Life Insurance by contributing Lifetri and paying € 445 million to Achmea. Achmea will hold 80% of the shares.
The joint venture will be well positioned to seize growth opportunities in the pension buy-out market and is targeting a 20% market share.
Customer services for the more than 500,000 Lifetri customers will continue under the Centraal Beheer brand which offers a digital platform with an integrated range of insurance, savings and investment products.
Thanks to the partnership, Achmea Pension & Life Insurance expects to increase its capital generation by approximately € 100 million starting from 2028.

Achmea, Lifetri, and Sixth Street have reached an agreement on a strategic partnership in the field of pension and life insurance. The joint venture, which will operate under the name Achmea Pension & Life Insurance, will rank among the top three Dutch pension and life insurance providers in terms of customer base.

Lifetri, which has over 500,000 customers with funeral-, term life- and/or pension insurance in its portfolio, has a balance sheet of approximately € 2 billion. Since its initial investment in Lifetri in 2018, Sixth Street has been a long-term strategic partner committed to the Dutch market and now extends that commitment to the joint venture.

Excellent customer service and growth opportunities
Clients will benefit from the excellent service at Centraal Beheer and a digital platform with an integrated range of insurance-, savings- and investment products. Furthermore, there will be strong growth opportunities in the pension buy-out market, in which a volume of € 20- € 30 billion is expected to become available over the next few years. The joint venture targets a 20% share of this market, leveraging the complementary strengths of Achmea and Sixth Street.

Market developments drive demand for insured solutions
The pension reforms in the Netherlands are expected to drive further consolidation in the market of pension funds and increase demand for insured solutions, particularly in the pension buy-out market. With assets exceeding €1.7 trillion, the Dutch pension market is one of the largest globally. The joint venture, with a strong profile in the field of risk and capital management, asset management, and customer-focused solutions, will provide an extra alternative for funds considering a pension buy-out.

Seizing opportunities together
Bianca Tetteroo, Chair of Achmea's Executive Board, is delighted with the partnership: 'This is a great outcome of the strategic exploration that we have carried out over the past year. We will add more than half a million Lifetri customers, whom will receive a warm welcome from Centraal Beheer. Like us, Sixth Street is committed to long-term value creation and has extensive knowledge of the pension and life sector. In that respect, we are a good match and we complement each other in terms of what we bring to the joint venture. We can benefit from economies of scale and synergy that are important for our service books. There are also various concrete growth opportunities. I am looking forward to seizing these opportunities together.’

Rutger Zomer, CEO of Lifetri adds: ‘This setup brings together the best of both worlds. A customer-centric approach, combined with capital strength and asset origination capabilities, creates good value for our customers. This is a positive outcome of the strategic reassessment we announced earlier this year.’

Michael Muscolino, Co-founder and Partner at Sixth Street comments: ‘This is a significant development for Lifetri’s policyholders and also opens up new opportunities for collaboration between Sixth Street and Achmea. We are incredibly excited about the opportunity to partner with the Achmea team, whose values and culture align closely with what we have built at Sixth Street. The joint venture has all the expertise necessary to successfully provide solutions to the Dutch pension and life market, where we continue to see significant opportunities for growth.’

Financial and social investment returns
Achmea and Sixth Street will also collaborate on the investments for the joint venture, generating additional opportunities for value creation and growth in the pension and annuity market. Achmea Investment Management, leader in impact investing in the Netherlands, will shape the ambition of the joint venture to align financial returns with social impact and climate goals, embedding these values in its polices and operations.

The transaction is subject to completing the works councils advisory process and regulatory approval(s), which are expected in the second half of 2025. After closing of the transaction, the employees of Lifetri will join Achmea. At that time, the transfer of the customers can also begin. The initial impact of this transaction on Achmea’s capital position is limited.

Achmea Innovation Fund invests in German agritech start-up Klim

Wed, 13 Nov 2024 10:54:14 +0100

The Achmea Innovation Fund has made an investment in the German agritech startup Klim. Klim was founded in 2020 to support the agriculture and food industry in the transition to regenerative agriculture. This sustainable way of farming improves soil health, increases biodiversity, and ensures that more carbon is stored in the soil.

Traditional agriculture accounts for a substantial share of global greenhouse gas emissions. This has a negative impact on food security, soil and natural ecosystems. Klim wants to change this by supporting farmers and food companies in making their agricultural practices more sustainable.

Digital platform for transition assistance and financing
Through a digital platform, Klim provides farmers with the necessary tools to plan, adapt their way of working and find funding for the transition to regenerative agriculture. This helps them store more carbon in the soil, improve soil quality, and reduce their carbon footprint.

Removing barriers and partnering with food companies
A key part of Klim's approach is to generate carbon credits for the extra carbon stored. Klim measures this storage and sells the associated carbon credits to companies, such as food producers, that want to reduce their own emissions, or to other industries that want to offset their emissions. This helps companies achieve their environmental goals, but also provides additional income for farmers. This is important as the transition to regenerative agriculture often results in losses for the farmer in the first few years. By removing barriers such as funding for this transition and a lack of advice around regenerative agriculture, and partnering with large food companies, Klim ensures that the transition to more sustainable agriculture happens faster and on a larger scale.

Currently, more than 3,500 farmers in Germany and Poland are already using the platform. Together, they cultivate more than 700,000 hectares of land, representing 5% of Germany's agricultural land. Klim's solution has already attracted the attention of key players in the food industry, with global companies such as Nestlé, Kaufland and Aryzta among its customers.

Creating more resilient systems
Henrieke Hoftijzer, investment director of Achmea Innovation Fund: "With our investment in Klim, we want to contribute to accelerating the transition to regenerative agriculture. We believe that this transition comes from a contribution from everyone in the agricultural ecosystem and that together we can create more resilient systems that ultimately benefit farmers, the environment and society as a whole. By being involved in this development, Achmea can learn how these regenerative farming methods work and what impact they have. This enables Achmea to be prepared and provide relevant solutions in a timely manner when regenerative agriculture takes place on a larger scale."

Expansion of international presence and improvement of the platform
Achmea Innovation Fund's investment is part of a Series A financing round, led by BNP Paribas. Other prominent investors such as Rabobank, Earthshot Ventures, Norinchukin Bank and Elevator Ventures also participated in the round. The new funding will enable Klim to expand its international presence and further enhance and expand its platform with a new financial services layer.

Achmea invests € 92 million to limit the increase in healthcare premiums in 2025

Wed, 13 Nov 2024 08:30:00 +0100

Achmea is investing € 92 million to limit the increase in the basic healthcare premium for 2025. This measure contributes to the affordability of healthcare premiums for customers of Zilveren Kruis, De Friesland, Interpolis, FBTO, and De christelijke zorgverzekeraar. These brands announced their premiums for 2025 yesterday. The amount involved will be charged to Achmea’s financial results for the 2024 fiscal year.

The healthcare premium will increase in 2025 due to rising healthcare costs, partly because people are using healthcare services more frequently and for longer periods, as well as due to inflation.

In line with its cooperative identity, Achmea seeks a responsible balance between an affordable healthcare premium for customers and a healthy financial position for the company.

Antonio Cano new member of Achmea’s Supervisory Board

Thu, 05 Sep 2024 17:45:00 +0200

Today, Antonio Cano has been appointed as a member of the Supervisory Board of Achmea B.V. during the Extraordinary General Meeting.

Antonio Cano has extensive managerial and supervisory experience in the international insurance market. For the past 35 years, he has held executive positions at AMEV, Fortis, Caifor, AG Insurance and Ageas, among others.

Jan van den Berg, Chairman of the Supervisory Board of Achmea: "With Antonio Cano, we welcome a highly experienced international insurance professional to our Supervisory Board. His extensive knowledge of the industry and his experience in risk management make him a valuable addition to our Board.”

Achmea’s Supervisory Board now consists of: Jan van den Berg (chair), Wim de Weijer (vice-chair), Tjahny Bercx, Antonio Cano, Miriam van Dongen, Petri Hofsté, Lex Kloosterman, Nienke Meijer and Roel Wijmenga.

Antonio Cano will also be a member of the Supervisory Board of Achmea Schadeverzekeringen N.V. and Achmea Pensioen- en Levensverzekeringen N.V.

Achmea splits mortgage and real estate activities of Syntrus Achmea Real Estate & Finance

Tue, 27 Aug 2024 08:30:00 +0200

As of 1 October 2024, Achmea will split the mortgage and real estate activities of Syntrus Achmea Real Estate & Finance B.V. The Dutch regulators, DNB and AFM, as well as the works council, have given their approval. This organisational change is important for the further growth of Achmea in mortgages and real estate.

The activities will be restructured as follows:

Syntrus Achmea Hypotheekdiensten B.V. will continue its activities (origination and management of mortgages) as a subsidiary of Achmea Bank N.V. Her two subsidiaries, Achmea Hypotheken B.V. and Attens Hypotheken B.V., will therefore also be transferred to Achmea Bank.
Achmea Mortgage Funds B.V. (trade name Achmea Mortgages) will take over the management of mortgage funds and investment portfolios from Syntrus Achmea Real Estate & Finance. Achmea Mortgage Funds will also become the manager of the Achmea Mortgage Investment Platform.
In addition to the trade name, Achmea Real Estate will become the legal name of the real estate company, which is responsible for asset management of real estate funds and separate accounts.

Achmea Bank, Achmea Mortgage Funds and Achmea Real Estate will each have their own management board and organisational structure. Composition of the statutory boards of the above-mentioned entities is as follows:

Achmea Bank and Syntrus Achmea Hypotheekdiensten:
Pierre Huurman (CEO) and Mark Geubbels (director Finance & Risk);
Achmea Mortgage Funds:
Hikmet Sevdican (chair statutory board) and Johan Dijkstra (director Finance);
Achmea Real Estate:
Toon Sweens (co-chair, director Operations), Boris van der Gijp (co-chair, director Investments) and Mascha Hendrickx (director Finance).

Achmea realises operational result of € 419 million

Thu, 15 Aug 2024 07:30:00 +0200

Higher Operational result (+3%) due to increased results in Retirement Services, Health Netherlands, International and higher investment results
Increase in Net result to € 493 million (+31%) due to higher operational and investment result
Premium income increases to € 22 billion (+11%) and Assets under Management to € 223 billion (+2%)
Announced acquisition of Blue Sky Group Asset Management leads to € 25 billion in additional Assets under Management and strengthens our position in asset management
Solvency remains solid and increases to 188%
Continued high customer satisfaction scores for Centraal Beheer, Interpolis and Zilveren Kruis with NPS scores of +16 or higher
Update climate transition plan: target to allocate at least 10% of our own investments (approximately € 4 billion) to impact investments, using expertise of Achmea IM and Achmea Real Estate

Bianca Tetteroo, chair Executive Board:
“We look back on a good first half year. Our customer satisfaction scores remain high, a clear recognition of the work of all our colleagues. It is also a testimony that our strategic investments in customer service and digitisation are bearing fruit. These results have been made possible with amongst others partners, such as Rabobank. Operational result increased, our solvency position is solid and turnover grew further. Premium income increased by 11% and income from Retirement Services grew by 19%, while costs increased by 6%. In addition, partly thanks to continuous focus on optimisation of our investment portfolio, we achieved a strong return on our investments.

We are on track financially and are also making good progress in the realisation of our strategy. An example of this is the recently announced acquisition of Blue Sky Group Vermogensbeheer by Achmea Investment Management. This is part of our growth strategy in retirement services and strengthens our position in asset management. The acquisition takes place at a strategically important moment, when many parties in pension and asset management are making key future choices related to the transition to the new pension system.

The economic and social context in which we operate continues to evolve. Financial markets developed favourably in the first six months. The labour market is and will remain tight. Inflation leads, among other things, to higher costs for damage repair. At the end of June the ECB cut interest rates for the first time in five years, a signal of more grip on inflation. However, partly due to geopolitical tensions, there remains greater uncertainty and the risk of volatility.

Operational result improves further
Our operational result for the first half of the year increased to € 419 million. With an operational result of € 145 million, Pension & Life Netherlands contributed significantly. The increase in operational result was mainly driven by higher investment results supported by continuous focus on optimisation of our investment portfolio. Operational result of Health Netherlands increased to € 167 million due to a larger number of insured persons, a better insurance result and higher investment income. The result of Retirement Services increased to € 41 million due to portfolio growth and improved returns at Achmea Bank. Operational result of International activities increased to € 14 million due to portfolio growth, lower claims expenses and higher investment income. At Non-Life Netherlands, operational result fell to € 118 million due to higher insurance liabilities in income protection, caused by the increase in long-term absenteeism, higher WIA inflows and adjusted short term inflation expectations in property and casualty insurance.

Growth and digitisation
At Achmea, growth and digitisation go hand in hand. A good example of this can be seen in Health Netherlands. Here, we welcomed approximately 450,000 new customers and strengthened our position as market leader. Thanks to our investments in digitalisation and scalability, we were able to welcome and serve these customers with virtually no additional employees. In addition, this year we have already digitally processed more than 225 million healthcare claims. Customers benefit from this. Within one day, the money is transferred to their banking account.

Revenue at Retirement Services increased by 19%, partly due to an increase in Assets under Management at Achmea Investment Management to € 194 billion. At Achmea Bank, we are growing in the retail market in savings (+10%) and mortgages (+6%) via the Centraal Beheer platform. We also strengthened our position as market leader in Non-Life Netherlands. The premium volume increased by 9%. In our growth segment International activities, premium volume increased by 19%, partly due to an increase in the number of customers at our companies in Greece and Turkey. For the coming years, we are committed to further business growth in Europe. We do this, among other things, using the fully digital claims platforms off InShared and Anytime.

At Pension & Life Netherlands, our new business market share in term life insurance increased to 14%. The portfolio continued to progress in line with expectations. For our pension and life portfolio, it is important that we proceed to operate as efficiently as possible. Earlier this year, we announced that we are exploring various strategic options for this. Continuing the current strategy is one of the options. We expect to complete this exploration in the second half of the year.

AchmeaGPT
As part of our innovation strategy, we continuously invest in new technologies to improve our services for customers. In addition to the further development of our existing applications in the field of Artificial Intelligence (AI), we have set up our own AchmeaGPT platform. Various projects are currently underway to explore within a safe environment how Generative AI can contribute to additional benefits for our customers and our organisation by developing and implementing various use cases.

Customer satisfaction rates remain high
Our brands Centraal Beheer, Interpolis and Zilveren Kruis continued to score high in terms of customer satisfaction with NPS scores of +16 or higher. Achmea's reputation score also remains strong at 71. Despite the tight labour market, we remain attractive as an employer. We successfully fill our vacancies with excellent candidates, partly thanks to the social relevance of our work. This provides a strong foundation for the future.

Climate transition plan update
Today, we publish an update of our climate transition plan. We are on track to achieve our interim targets related to our corporate investments and real estate portfolio. In addition, we have a new target to allocate 10% of Achmea’s own risk investments to impact investments by 2025 (approximately € 4 billion). We will invest more in companies and projects that generate sustainable energy, such as wind and solar energy, and in sustainable healthcare real estate. To achieve this, we leverage on the expertise of Achmea Investment Management and Achmea Real Estate, specialists in offering investment solutions that deliver both financial and social returns.

I am proud to say that we are well on track with the realisation of our ambitions and strategy. I would like to thank our customers, partners and colleagues for their trust in Achmea and its brands.”

Achmea closes new credit facility

Tue, 09 Jul 2024 17:00:00 +0200

Achmea has successfully concluded a committed €1 billion multi-currency credit facility with a syndicate of twelve international banks.

This facility will run for five years and may be extended twice for a further one year. This means that the facility can run until 2031 at the latest. The new credit facility replaces the 2019 credit facility terminated today, which also had a ceiling of €1 billion.

This credit facility is part of Achmea's liquidity management and is currently unused.

Achmea announces final result of tender offer

Thu, 02 May 2024 10:30:00 +0200

Achmea B.V. (“Achmea”) today announces the final result of its invitation made to holders of its € 750 million Fixed to Floating Undated (Perpetual) Subordinated Option B Notes (ISIN: XS1180651587, the "Existing Subordinated Notes”), to offer all of their Existing Subordinated Notes for purchase by Achmea in cash (such invitation, the "Offer").

The Offer was made subject to the terms and conditions set out in the tender offer memorandum of 23 April 2024 (the "Tender Offer Memorandum") with an Expiration Deadline of 1 May 2024 at 17.00 CET.

Achmea hereby announces that the aggregate nominal amount of the Existing Subordinated Notes validly accepted for purchase subject to the terms and conditions (including the New Issue Condition) set out in the Tender Offer Memorandum is € 356,507,000.

Subject to the satisfaction or waiver of the New Issue Condition on or prior to such date, settlement is expected to take place on 3 May 2024.

ABN AMRO Bank N.V., Barclays Bank Ireland Plc, BNP Paribas, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe and NatWest Markets N.V. are acting as dealer managers for the Offer. Kroll Issuer Services Limited is acting as Tender Agent (Tel: +44 20 7704 0880; Attention: Alessandro Zorza; E-mail: achmea@is.kroll.com; Site: https://deals.is.kroll.com/achmea).

Achmea announces maximum acceptance amount of its Offer

Thu, 25 Apr 2024 15:28:19 +0200

Achmea B.V. (the “Offeror”) announced that it is inviting holders (the “Holders”) of its outstanding € 750,000,000 Fixed to Floating Undated (Perpetual) Subordinated Option B Notes issued on 4 February 2015 (ISIN: XS1180651587) (the “Notes”) to tender their Notes for purchase by the Offeror for cash up to the Maximum Acceptance Amount (as stated below) subject to, among other things, the satisfaction (or waiver) of the New Issue Condition (such invitation, the “Offer”). Following the pricing of the New Notes to be issued by the Offeror, the Offeror announces the Maximum Acceptance Amount in respect of the Offer will be € 750,000,000.

The Offeror reserves the right to accept significantly less than the Maximum Acceptance Amount in its sole and absolute discretion.

The Offer was announced on 23 April 2024 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 23 April 2024 (the “Tender Offer Memorandum”) including, without limitation, the satisfaction (or waiver) of the New Issue Condition.

Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

For detailed terms of the Offer please refer to the Tender Offer Memorandum which (subject to the offer and distribution restrictions set out therein) can be obtained from the Tender Agent referred to below.

Dealer Managers
ABN AMRO Bank N.V., Barclays Bank Ireland Plc, BNP Paribas, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe and NatWest Markets N.V.

Tender Agent
Kroll Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Alessandro Zorza; Email: achmea@is.kroll.com; Website: https://deals.is.kroll.com/achmea).

Achmea prices € 750 million of Tier 2 Notes

Wed, 24 Apr 2024 17:45:00 +0200

Achmea has today successfully priced € 750 million of new Tier 2 notes with a maturity of 20.5 years, callable after 10.5 years on 2nd May 2034 (subject to redemption conditions).

The Tier 2 notes were priced at a reoffer spread of 285bps over mid-swaps with a coupon of 5.625% until the first reset note reset date on 2nd November 2034.

The transaction was extremely well received, with a final book of over € 3 billion from global fixed income investors, representing an oversubscription of 4x, which allowed the spread to be tightened by 25bps from Initial Pricing Thoughts (“IPTs”) to reoffer.

The Tier 2 Notes are expected to be rated BBB- by S&P and BBB by Fitch and are expected to be listed on Euronext Dublin on 2nd May 2024.

The Tier 2 Notes have been placed by ABN AMRO Bank N.V., Barclays Bank Ireland Plc, BNP Paribas, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe and NatWest Markets N.V. who acted as Joint Bookrunners on the transaction. The Tier 2 Notes have been issued under the Achmea B.V. € 5 billion Debt Issuance Programme (more information on https://www.achmea.nl/en/investors/debt-information).

Achmea announces intention to issue Tier 2 Notes, including Tender Offer for existing Subordinated Notes

Tue, 23 Apr 2024 10:30:00 +0200

Achmea B.V. has mandated ABN AMRO Bank N.V., Barclays Bank Ireland Plc, BNP Paribas, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe and NatWest Markets N.V. as Joint Lead Managers for an intended issuance of € Benchmark 20.5 non-call 10.5yr Tier 2 notes (the “New Notes”), subject to market conditions.

The intended issuance will take place under Achmea B.V.’s € 5 billion Debt Issuance Programme (more information on https://www.achmea.nl/en/investors/debt-information ).

The expected ratings of the New Notes are BBB- by S&P and BBB by Fitch. The intended issuance is expected in the near future, dependent on market conditions.

Relevant stabilization regulations, including FCA/ICMA stabilization apply. The target market is MiFID II professionals and Eligible Counterparties only (all distribution channels). No EU/UK PRIIPs key information document (KID) has been prepared as these instruments are not available to retail in the EEA and UK.

At the same time, Achmea announces its invitation to holders of its € 750 million Fixed to Floating Undated (Perpetual) Subordinated Option B Notes (ISIN: XS1180651587, the "Existing Subordinated Notes”), to offer all of their Existing Subordinated Notes for purchase by Achmea in cash (such invitation, the "Offer"). The Offer is made subject to the terms and conditions set out in the Tender Offer Announcement of 23 April 2024 (the "Tender Offer Memorandum") as prepared by Achmea, and is subject to the offer restrictions as described in the Tender Offer Memorandum.

Copies of the Tender Offer Memorandum are (subject to distribution restrictions) available from the Tender Agent as set forth below.

Rationale for the Offer
The purpose of the Offer is to provide liquidity for noteholders and to proactively manage the refinancing of the Existing Subordinated Notes in conjunction with the issue of the New Notes. The Offer also offers the noteholders the opportunity to sell their current interests in the Existing Subordinated Notes and to apply for priority in the allocation of the New Notes, as described in more detail in the Tender Offer Memorandum.

Offer Details
A summary of certain of the terms and conditions of the Offer:

Description of the Existing Subordinated Notes: € 750 million Fixed to Floating Undated (Perpetual) Subordinated Option B Notes
First Call Date: 4 February 2025
Current coupon: 4.25 per cent
ISIN/Common Code: XS1180651587/118065158
Outstanding nominal amount: € 750,000,000
Purchase price: 100.00 per cent. of the nominal amount of the Existing Subordinated accepted for purchase
Amount subject to the Offer: an aggregate principal amount to be determined by Achmea, which is expected to be at least equal to the aggregate principal amount of the New Notes, subject to the right of Achmea to accept significantly more or significantly less than such amount, and to be announced as soon as reasonably practicable after the pricing of the New Notes.

In addition to the purchase price, Achmea will pay the accrued interest in respect of all Existing Subordinated Notes accepted for purchase on the basis of the Offer.

Transaction terms and allotment of New Notes
Whether Achmea will accept the Existing Subordinated Notes validly offered for purchase in the Offer and complete the Offer is subject to, but not limited to, the successful completion (at Achmea's sole discretion) of the issuance of the New Notes (the "New Issue Condition"). When considering the allocation of the New Notes, Achmea intends to give preference to those noteholders who, prior to such allotment, have validly tendered their Existing Subordinated Notes (or have given a clear indication to Achmea or a dealer manager that they intend to tender) pursuant to the Offer.

Please refer to the Tender Offer Memorandum for further information regarding the allocation of the New Notes.

Expected schedule of events
The Offer starts today and the Expiration Deadline is 1 May 2024 at 17:00 CET. The result of the Offer will be announced as soon as reasonably practicable on 2 May 2024, with the Settlement Date expected to be on or about 3 May 2024 (subject to satisfaction or waiver of the New Issue Condition on or prior to that date). The pricing of the issuance of the New Notes is expected to take place prior to the Expiration Deadline of the Offer.

ABN AMRO Bank N.V., Barclays Bank Ireland Plc, BNP Paribas, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe and NatWest Markets N.V. are acting as dealer managers for the Offer and Kroll Issuer Services Limited is acting as Tender Agent for the Offer (Telephone: +44 20 7704 0880; Attention: Alessandro Zorza; E-mail: achmea@is.kroll.com; Website: https://deals.is.kroll.com/achmea).

Achmea publishes its 2023 annual report

Tue, 09 Apr 2024 17:45:00 +0200

General Meeting approves dividend proposal and reappointments

Achmea’s General Meeting today adopted the 2023 financial statements and approved the proposal for a dividend payment of €267 million on ordinary shares. The agenda also included reappointments to the Executive Board and the Supervisory Board.

Annual Report and SFCR
Today we present our 2023 annual report. This annual report provides insight into our company’s vision, strategy and objectives, and highlights the way we create value for our stakeholders, and the trends and challenges involved in this. The report also covers our financial, social and sustainability performance.

Bianca Tetteroo, Chair of Achmea’s Executive Board: ‘We are pleased with the results we achieved in 2023. All segments experienced significant growth, we made good progress on our strategy, and strengthened our market leadership in Non-Life and Health. We managed to accomplish all of this despite the challenges of geopolitical tensions, inflation, a global increase in weather-related catastrophes, and higher reinsurance premiums. These factors influenced both the markets in which we operate and our customers, partners and employees.

Last year, we realised a significant increase in result and revenues, and achieved high customer satisfaction scores. Achmea’s partnership with Rabobank was strengthened in various areas. We are well on track to accomplish our social, operational and financial goals for 2025.

Last year, we successfully fulfilled our social role in line with our ‘Sustainable Living. Together’ vision, and were able to do so thanks to our customers, partners, shareholders and employees. This lays a solid foundation for us to be able to continue to be of sustainable significance for all our stakeholders in 2024.’

Achmea is also publishing its 2023 Solvency and Financial Condition Report (SFCR) today. This report explains our financial position based on the Solvency II guidelines. Along with the Annual Report, this document is available for download from Achmea - Investors - Publications | Achmea

Dividend payment
The General Meeting approved the proposed dividend payment of €267 million on ordinary shares. This amount is based on a market-based annual dividend yield of 7% of Achmea’s calculated value. This year, the dividend will be offered for the first time in the form of an optional dividend. This means that shareholders could choose between a (partial or full) dividend in cash, or in the form of Achmea ordinary shares.

Of the total amount of € 267 million for 2023, € 203 million will be paid out as a stock dividend and € 64 million in cash. Vereniging Achmea has chosen to receive the dividend in full in the form of shares, which is in line with the statutory objective of this major shareholder (66,94%). This involves an amount of almost € 179 million. Bianca Tetteroo is pleased with this decision: "Vereniging Achmea’s choice for stock dividend enables our company to invest even more in customer service and innovation.”

Reappointments
The Supervisory Board reappointed Mr Michel Lamie, Deputy Chair of the Executive Board and Chief Financial Officer, for a four-year term. The reappointment is subject to regulatory approval and will take effect on 1 January 2025.

The General Meeting reappointed Wim de Weijer (Deputy Chair), Miriam van Dongen and Lex Kloosterman as members of the Supervisory Board. Wim de Weijer has been reappointed for a term of two years, after two terms of four years. The reappointments of Miriam van Dongen and Lex Kloosterman are for a term of four years, ending on the date of the General Meeting in 2028.

Achmea Innovation Fund invests in embedded bicycle insurer Laka

Mon, 08 Apr 2024 11:00:00 +0200

Achmea Innovation Fund has made an investment in the European micromobility insurer Laka. This startup provides a range of insurance and circular economy services to e-bike riders, cyclists, and businesses. This investment is in line with Achmea's ambitions in the field of smart and sustainable mobility and its interest in innovative mobility solutions.

Laka is a mobility insurtech, founded in London in 2017 and now active in multiple European countries, including the Netherlands, and insures more than €140 million worth of bicycles and e-bikes.

Laka’s main offering is collective-driven insurance for bikes, e-bikes and e-cargo bikes. The collective is a group of cyclists, connected by a common interest; their bicycles. Each month’s claims are shared amongst Laka’s collective of cyclists, so the monthly bill varies up to a guaranteed cap. Now cyclists only pay for what's needed. The fewer claims there are, the lower the monthly premium.

As well as offering insurance directly to consumers, Laka is working with retailers and brands to embed insurance at point of sale. The most recent partnerships are with the Dutch bicycle manufacturer Gazelle and cargo bike brand Urban Arrow from Pon. Other partners include sports retailer Decathlon and e-bike brand Riese & Müller. This allows Laka to reach cyclists in the most efficient way.

Exploiting the opportunities of embedded insurance
Katharina Maas, Fund Manager Achmea Innovation Fund: “In a world where the demand for green and healthy transport options continues to rise but electric bicycles are also becoming increasingly expensive, Laka is at the forefront with innovative solutions. Their innovative 'embedded' insurance model ensures that bicycles are insured directly from the manufacturer. But Laka does more; They also offer services to recover stolen bikes, and they help cyclists get back on the road quickly after theft or damage. Achmea invests in Laka because of the attractive possibilities of embedded insurance and the synergy with our business activities. Moreover, Laka's model is directly in line with our cooperative values and our mission to optimally insure customers and provide them with the right services.”

Tobias Taupitz, CEO and co-founder Laka: “We're excited to welcome leading Dutch insurer Achmea to join Laka's ride. Their investment is testament to the strength of our embedded proposition and will support Laka’s growth across Europe in Green mobility. We look forward to working with the Achmea Innovation Fund team and the broader organisation to create outstanding customer value. In addition, we welcome Henrieke Hoftijzer to join our board.”

Next growth phase
Achmea Innovation Fund's investment follows the extension of the latest investment round led by impact investor Shift4Good alongside existing investors Autotech Ventures, Porsche Ventures, Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures and Elkstone Partners. This will allow Laka to enter the next phase of growth, which is aimed at further expansion in Europe.

Operational result Achmea increased strongly to € 628 million

Thu, 14 Mar 2024 07:30:00 +0100

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!”

Introduction of new dividend policy and withdrawal of preference shares completed

Tue, 02 Jan 2024 07:30:00 +0100

In line with the proposals of the Executive Board and after approval by the General Meeting, Achmea has finalised the following resolutions:
- the Introduction of a new dividend policy starting from the financial year 2023;
- the withdrawal of all outstanding preference shares on 31 December 2023.

Implementation new dividend policy
In the new dividend policy, the proposed dividend will be based on a market-based annual dividend yield of 7% of the calculated value of Achmea. The Executive Board may offer Achmea's shareholders a choice between a (partial or whole) cash dividend or in the form of ordinary shares of Achmea. The new policy offers our shareholders a more stable dividend and increases Achmea’s financial flexibility.

The new dividend policy applies to the financial years 2023, 2024 and 2025. After this period, the dividend policy will be reassessed by Achmea.

Withdrawal preference shares
The withdrawal of the preference shares will be accompanied by a repayment of € 356 million and a dividend payment of € 20 million (both sums rounded) to the holders of preference shares in January 2024. These are held indirectly by various banks and other institutional investors.

The pro forma impact of the withdrawal on the solvency as of 30 June is 6 percentage points. The impact on the relative shareholdings is limited.

Achmea announces proposal to adopt a new dividend policy

Tue, 05 Dec 2023 07:30:00 +0100

Achmea B.V. ("Achmea") will submit a proposal to the general meeting to adopt a new dividend policy, also as a result of the transition to IFRS 9/17. We will ask to adopt this proposal at the extraordinary general meeting which is planned for 21 December 2023.

According to Achmea’s current dividend policy, the Executive Board could propose to distribute a dividend of 35%-45% of the net result, excluding the net result of the Dutch health insurance entities and after deduction of coupon payments on hybrid capital. This is subject to the condition that the dividend distribution is in line with the prudential financial policy of the Group.

In the new dividend policy, the proposed dividend will be based on a market-based annual dividend yield of 7.0% of the calculated value of Achmea. The Executive Board may offer Achmea's shareholders a choice between a (partial or whole) cash dividend or in the form of ordinary shares of Achmea. The new dividend policy will offer our shareholders a more stable dividend and increases Achmea’s financial flexibility. The option for a stock dividend, when used, will lead to lower cash outflows for Achmea.

In line with the current dividend policy, a dividend payout is at any time subject to legal, regulatory and prudent financial policy requirements. The proposed new dividend policy applies to the financial years 2023, 2024 and 2025. After this period, the dividend policy will be reassessed by Achmea.

Achmea announces proposal to withdraw preference shares

Wed, 08 Nov 2023 17:45:00 +0100

Achmea B.V. ("Achmea") will submit a proposal to the General Meeting to withdraw all the outstanding preference shares in its capital on 31 December 2023. This will be accompanied by a repayment of € 356 million and a dividend payment of € 20 million (both sums rounded) to the holders of preference shares. These are held indirectly by various banks and other institutional investors. The General Meeting to decide on the withdrawal is planned for 21 December 2023.

The Executive Board makes regular assessments of Achmea’s capital structure. On this basis, the Executive Board, with the approval of the Supervisory Board, has decided to propose the withdrawal. A factor in this is that the preference shares will no longer qualify as equity under Solvency II after 1 January 2026.

The pro forma impact of the withdrawal on the solvency as of 30 June is 6 percentage points. The Solvency at 30 June 2023 has been positively impacted by the issue of € 300 million of subordinated notes (Tier 2) at the end of June. There is a limited impact on the relative shareholdings.

Achmea Bank acquires mortgages from a.s.r. up to an amount of €1 billion annually

Mon, 02 Oct 2023 08:30:00 +0200

Achmea Bank and a.s.r. reached an agreement to continue their cooperation in the mortgage field for three years. Each month during this period, Achmea Bank will acquire newly originated mortgages with a short-term fixed-interest period from a.s.r., up to an amount of €1 billion annually. In the new agreement, Aegon Asset Management will be acting as the relationship manager for Achmea Bank.

The acquisition will not affect customers in the portfolio; a.s.r. remains their point of contact and the agreement and terms and conditions will not change.

Pierre Huurman, chairman at Achmea Bank’s Executive Board: “Achmea Bank and a.s.r. have been working together in the mortgage field for quite some time now. The two organisations reinforce each other and so we are pleased to continue our strategic alliance. This extension underlines our growth ambitions in financial services.”

Patrick Klijnsmit, chief executive at a.s.r. asset management: “We have found in Achmea, for several years now, a suitable partner with a long-term vision and proven knowledge of mortgages. Today we announce the continuation of our three-year agreement from 2021. However, the true origin of our partnership in mortgages dates back from 2019, when Achmea Bank acquired the largest part of the then banking operations of a.s.r. bank. This turned out to be the start of a fruitful partnership in which we also confine a lot of trust in the future.”

Bas NieuweWeme, global chief executive at Aegon AM: “We are excited to play a part in this successful mortgage agreement. Our involvement follows our long-term strategic partnership with a.s.r. This partnership was created after combining Aegon’s Dutch insurance, pension, banking and mortgage activities with that of a.s.r. early 2023.”

Achmea Bank and a.s.r. entered into a three-year alliance at the end of 2021. Since then, Achmea Bank has acquired the target volume of some €2 billion of mortgages from a.s.r. This was done mainly through portfolio transactions and also with newly-originated mortgages with a fixed-interest period of up to five years.

Maureen Schlejen new chair of the board of Achmea Investment Management

Thu, 14 Sep 2023 16:30:00 +0200

Maureen Schlejen has been appointed as divisional chair of Achmea Investment Management as of today. She succeeds Jacob de Wit, who will hand over his duties to Maureen in the fourth quarter.

Maureen Schlejen has extensive experience in fiduciary management, investment management and asset management and in-depth knowledge of the industry. Until recently, she was Chief Commercial Officer (CCO) and a partner at Actiam. Prior to that, she held various management positions at NN Investment Partners and Robeco.

Daphne de Kluis, member of Achmea’s Executive Board: “Jacob started at Achmea IM in February 2016, just after it had been set up. Since then, he has made a significant contribution to the successful growth of this business unit. We are very grateful to him for this. We are very pleased with Maureen’s appointment. In her previous positions, she has successfully implemented major transitions and change processes, due in part to her engagement skills and customer-focused and innovative approach. We welcome Maureen to Achmea and wish her every success and pleasure in her new position.”

Jacob de Wit commented on his decision to step down: “I look back on a great period of almost eight years during which I have been fully committed to Achmea IM and our customers. The approaching implementation of the new operating model and the Future Pensions Act make this a natural moment for me to pass the baton to Maureen. I will miss this job enormously but, on the other hand, I am aiming very consciously for a different work-life balance for the coming period.”

Operational result increases to € 405 million

Thu, 24 Aug 2023 07:30:00 +0200

Operational result increased by € 165 million due to higher insurance service
result at Non-Life, improved investment results and growth in interest margin at Retirement Services
Premium growth in all segments; increase of € 1.5 billion (8%) to € 19.9 billion. Assets under Management increased with 6% to € 206 billion
Solvency robust at 195%; decrease due to higher healthcare costs and impact of reinsurance programme renewal
Customer satisfaction remains high. Excellent NPS scores for our brands supported by investments in customer service and digitisation
Expenses increased (+11%) due to inflation, business growth, strategic investments, legislation and higher personnel costs
Financial reporting for the first time in accordance with new accounting standards (IFRS 9/17)
impacts presentation of results; no change to underlying earning capacity and financial ambitions

Bianca Tetteroo, Chair of Achmea’s Executive Board: “Today we present the results over the first half of 2023 and show strong growth in both premium income and result. Financial markets were less volatile than in 2022, which led to an improvement in the return on our investments. The social and economic context in which we operate nevertheless remains dynamic and uncertain, partly because of the high rate of inflation and increasingly frequent extreme weather conditions. We have recently seen many examples of this in Europe. There are also challenges in the field of healthcare, pensions and the housing market that we are working on based on our purpose 'Sustainable Living Together'. Together with healthcare providers and local governments, we are working to further improve regional healthcare on the basis of the Integral Care Agreement (“Integraal Zorgakkoord”). Extremely important, in this way we keep healthcare accessible and affordable. By building more lifetime homes, we respond to the changing housing needs as a result of an ageing society. This also relieves some of the burden on the healthcare system. And on 1 July, the Future Pensions Act came into force. Together with our customers, we started with the implementation.

Increase in operational result

The operational result over the first six months is € 405 million. This is € 165 million (+69%) higher than last year. The operational result at Non-Life increased by € 61 million. The total cost of claims was lower than last year as the first six months of 2023 saw no major natural catastrophy events in the Netherlands, in contrast to February’s storm in 2022. However, we do see a substantial growth in the number of claims due to increased traffic intensity. The cost of repairing damage is also increasing as a result of inflation. The combined ratio remains strong at 91.3%. The operational result of the Health business improved by € 67 million. The result of Retirement Services improved to € 10 million. Interest income improved at Achmea Bank, which forms part of Retirement Services. Mortgage margins increased and the mortgage portfolio grew in the first six months. Underlying trends at Pension & Life are in line with our expectations. The operational result decreased to € 134 million, partly due to the higher indexation on pension contracts from the service book. The operational result at International improved versus last year with € 34 million and, supported by further premium growth, came out at break-even. Finally, there was also an improvement in the operational result on our reinsurance activities of € 37 million owing to the absence of large calamities in the first six months.

Revenue growth

Premiums grew by € 1.5 billion (+8%) to € 19.9 billion. Premiums at Non-Life increased by 4%, mainly due to growth in the commercial segment. At Health, premiums increased by 7% due to higher premiums and a higher equalisation fund contribution. At International, there was the strongest premium growth (+41%) as a result of inflation and customer growth. At Retirement Services, assets under management increased by 6% to € 206 billion driven by inflow of new clients and market value developments. Achmea Bank's mortgage volume grew by € 1 billion. In light of our growth strategy on mortgages, we announced a partnership with Munt Hypotheken in April. We expect to provide approximately € 1.5 billion in additional mortgages with Munt over the next three years. A concerning development is that fewer and fewer people take out term life insurance when initiating or renewing a mortgage. In the longer term, this can lead to distressing situations.

High customer satisfaction and focus on efficiency

The NPS scores for our brands remain high. Customers value our (digital) services in which we continue to invest. This includes investment in a new IT platform that provides a solid basis for transitioning to the new pension system together with our customers.

Expenses increased significantly by 11% compared to last year. On the one hand this was caused by inflation and business growth. On the other hand, there are strategic investments, higher personnel costs and costs to comply with legislation. Also in the past six months we invested in our Customer Due Diligence programme. On the back of the increasing expenses a focus on efficiency and cost control remains key.

Solvency robust

The solvency ratio stood at 195% at the end of June. This is still robust, yet lower than it was six months ago (year-end 2022: 209%). The decrease is caused by a sharp increase in healthcare costs and a higher net retention on our own reinsurance.
Our reinsurance cover was renewed as of 1 July this year. We are seeing higher premiums and altered terms and conditions, partly in response to the global increase in climate-related claims and inflation. This does not only impact the net retention in our reinsurance cover but also has an impact on the cost of our insurance products.

Working together on sustainability

At Achmea we look at three aspects when it comes to climate change: prevention, adaptation and insurability. For these three aspects we work on solutions together with our customers, the Dutch Association of Insurers (“Verbond van Verzekeraars”) and the government. Our employees made their own pleasant contribution to sustainability in the first six months of the year. Since 1 January 2023, all our employees have a climate budget of € 2,500 for making their own living environment more sustainable. More than half of the 12,000 Achmea employees in the Netherlands already used this budget in the first half of this year. We are also making it easier for our customers to improve the sustainability of their homes. From May this year, for example, Centraal Beheer customers receive a discount on their mortgage rate for a green loan component used for making their home more sustainable. At group level, in February Achmea invested € 55 million in two wind farms via the newly-launched Climate Infrastructure Fund.

Realising sufficient lifetime homes

In June, we presented the strategic ambitions and new name of Achmea Real Estate. We have solid growth plans and the development of lifetime homes plays a key role in this ambition. The ageing population means that in the long term the Netherlands requires an additional 450,000 homes of this type. Our goal is for 10% of these to be achieved by Achmea.

Thank you to our customers, partners and employees

We succeeded in moving in the right direction in the first six months of the year and did so together with our customers, partners and employees who I want to thank for their contribution and trust in Achmea."

Group results

Achmea publishes 2022 comparative figures based on IFRS 9 and IFRS 17 accounting policies and introduces revised financial indicators

Wed, 09 Aug 2023 17:45:00 +0200

Achmea B.V. will announce its results for the first half of 2023 on 24 August 2023. For the first time, these will be prepared in accordance with the new financial reporting standards IFRS 9 and IFRS 17. For the comparability of these figures, Achmea publishes the comparative figures for 2022 in accordance with IFRS 9/17 today.

Comparative figures based on IFRS 9 and IFRS 17
The net result for 2022 is considerably lower under IFRS 9/17 than under IFRS 4/IAS 39. Exceptional market conditions, including sharply higher interest rates, spreads and lower equity prices, had a large adverse effect on the 2022 result under IFRS 9/17. Under IFRS 9/IFRS 17 accounting principles, gains and losses on both investments and liabilities as a result of changes in, for example, interest rates and equity and real estate prices are recognised in the income statement. Under IFRS 4/IAS 39, this impact was largely reflected in equity and therefore had a smaller effect on net result.

These comparative figures for 2022 are part of Rabobank’s figures, in light of Rabobank’s share in Achmea.

Revised financial indicators
Movements in financial markets can lead to greater volatility in results under IFRS 9/IFRS 17. To maintain focus and aid steering on the underlying developments of the financial results, the definition of operational result has been amended. It is important that volatility arising from market movements is recognised in non-operational results and the expected investment income in the operational result. In addition, the operational result will be normalised for any restructuring costs and transaction results arising from mergers and acquisitions. These changes result in operational result being a good reflection of the underlying financial performance of our company.

The operational result under the new definition was higher in 2022 than under the old definition. The exceptional market conditions in 2022 are not visible in the operational result for 2022, but they are part of the net result.

The introduction of IFRS 9/17 also affects some other financial indicators. The definitions of the fixed-charge coverage ratio, the debt ratio and the combined ratio have been adjusted. The calculations use figures prepared in accordance with IFRS 9/17, leading to different outcomes for these indicators. The adjusted accounting policies have no effect on the Free Capital Generation and solvency.

Financial targets unchanged
With the revised financial indicators, the results will be comparable ‘through the cycle’ and so we are maintaining our ambitions for 2025 in full.

Results for the first half of 2023
We will publish our half-year figures for 2023 on Thursday, 24 August. Supported in part by the stable development in the financial markets, both the operational result and the overall result for the first half of 2023 will be significantly better than 2022. This keeps Achmea on track towards its previously announced financial targets.

Background information
Background information on the changes under IFRS 9/17, the comparative figures for 2022 and the new definitions of the operational result and other financial indicators are set out in an Investor Update available on https://www.achmea.nl/en/investors

Nienke Meijer new member of Achmea’s Supervisory Board

Tue, 25 Jul 2023 17:45:00 +0200

Today’s Extraordinary General Meeting appointed Nienke Meijer as a member of Achmea’s Supervisory Board for a period of four years. The appointment has been approved by the Dutch central bank (“De Nederlandsche Bank”). Nienke Meijer fills the vacancy that arose when Lineke Sneller stood down in April.

Nienke Meijer is amongst others co-founder and partner of Stichting De Buitenboordmotor, a member of the supervisory boards of PostNL and Deloitte and chair of the board of Stichting De Volkskrant. Previously she served as chair of the board of Fontys Hogescholen and held several commercial and managerial roles at the publishers Wegener and VNU. Nienke Meijer studied Psychology & Marketing at Utrecht University and has completed various international training courses.

Jan van den Berg, chair of Achmea’s Supervisory Board: “Nienke Meijer has a broad background as a manager in the public and private sectors and has strong managerial and supervisory competences. She also has extensive experience with digitalisation and platforms, new earnings models and partnerships. All this makes her a valuable addition to Achmea’s Supervisory Board.”

Achmea’s Supervisory Board now consists of: Jan van den Berg (chair), Wim de Weijer (vice-chair), Tjahny Bercx, Miriam van Dongen, Petri Hofsté, Lex Kloosterman, Nienke Meijer and Roel Wijmenga. Nienke Meijer will also be a member of the Supervisory Board of Achmea Pensioen- en Levensverzekeringen N.V. and Achmea Schadeverzekeringen N.V.