Bianca Tetteroo, chair Executive Board:
“We have had an excellent year. Once again, we have been able to help millions of customers in the Netherlands and abroad, with appreciation of our services reflected in high customer satisfaction. We continue to grow and our strong performance translates into good financial results and social impact.

With the presentation of the 2025 annual results, we conclude the 2021-2025 strategic period. In 2021, we set various (financial) targets for 2025: an operational result of € 650-750 million, free capital generation of € 500 million and the maintaining of a robust solvency ratio (>165%). We have successfully achieved these targets. We are market leader in health and non-life insurance, and created new perspectives and growth opportunities in the area of pension and life insurance. With our expertise and scale, we create financial as well as social impact. For example, we work to keep healthcare affordable and accessible, to support the construction of housing, to keep climate damage insurable, and to promote road safety.

At the end of last year, we presented our strategy towards 2030: Achmea Next Level. We are building on our current trajectory and accelerate our strategy through targeted choices. In doing so, we respond to changes in the world around us. Developments in technology and climate are progressing rapidly, while geopolitical and demographic developments also have a clear impact.

Helping millions of customers
I am proud of the NPS scores of our brands, especially because they serve such a large number of customers every day. Our healthcare business pays out more than half a billion healthcare claims annually. Of every euro in premium for basic health insurance, more than € 0.98 is spent on healthcare costs. Last year, the Non-Life business helped 730,000 individuals and companies with damage repair, which we carry out as sustainably as possible. For customers with income protection insurance, we processed about 50,000 absenteeism declarations. The increasing trend in absenteeism in the Netherlands, especially the higher absenteeism among women, deserves broad attention and effective solutions. Our Eurocross alarm center supported about 600,000 customers last year, who reported emergencies from both within and outside the Netherlands. Abroad, we expanded our activities to Spain and Romania, where we launched the direct-digital propositions of InShared and Anytime, respectively.

Strong financial results
The increase in the operational result to € 938 million was driven by growth and higher margins on our activities in Non-Life, International and Reinsurance. In Non-Life, the operational result rose to € 391 million (+30%) because of premium growth (+4% to € 4.6 billion) and lower claims costs, partially due to the absence of major weather-related damages. The combined ratio amounted to 93%. In International, premium volume increased to € 2.2 billion (+6%) while the operational result doubled to € 98 million.

The operational result at Health Netherlands amounted to € 249 million (+2%). This result is in line with what is needed to ensure that our reserves grow in lockstep with healthcare cost inflation. The operational result of Reinsurance increased to € 84 million (+68%). In Retirement Services, the operational result rose to € 43 million (+34%). Achmea Bank and Achmea Real Estate, both part of the Retirement Services segment, saw the mortgage portfolio grow to € 19 billion (+6%) and assets under management increase to € 13 billion (+8%), respectively. At Achmea Investment Management, assets under management remained at a solid level of € 227 billion. The operational result of Pension & Life Netherlands decreased to € 282 million (-25%), partially due to the harmonisation of provisions for Lifetri.

Our Operational Free Capital Generation (OFCG) of € 504 million is in line with our ambition and our solvency remains solid, rising to 193% at the end of 2025. As a result of the longevity reinsurance transaction announced today, the pro-forma ratio further rises to by 11%-points. This provides a strong foundation for the start of a new strategic period and gives us the opportunity to grow in the market for pension buy-outs.

Investing in the world of tomorrow
In keeping with our cooperative identity, we strengthen the financial resilience and social well-being of our customers. That is of crucial importance, because resilience determines to a meaningful degree whether someone can fully participate in society. In that context, we emphasise the importance of term life insurance for relatives, especially in combination with a mortgage. Recently, we welcomed our 400,000th customer for this insurance product; our market share for this product grew to 23% in 2025. To expand our impact, we form strategic alliances that strengthen people's resilience. For example, last summer Zilveren Kruis started a partnership with the KNVB to enhance the mental resilience of young people. In addition, we became a member of the Netherlands Financial Health Foundation.

In our strategy towards 2030, we explicitly embedded ESG (Environmental, Social, Governance). We remain fully committed to achieving our previously-communicated CO₂ reduction targets. In line with this, we made good progress in reducing CO₂ emissions. By the end of 2025, we had allocated 12.2% (€ 4.7 billion) of our own risk investment portfolio to impact investments, comfortably achieving our target of 10%. Towards 2030, we aim to be managing € 20 billion in impact investments via Achmea Investment Management (own book and clients' funds). Our sustainability performance is confirmed by external benchmarks, including an AAA ESG-rating from MSCI (AA in 2024).

Focused strategic choices towards 2030
Our strong results, leading positions and partnerships with, among others, Rabobank and Sixth Street provide a solid foundation for 2030. We are making four strategic choices to continue building a sustainable future for Achmea and our customers. With data-driven, personalised distribution we will elevate the customer experience to an even higher level. We are implementing a company-wide AI programme and leveraging our IT expertise and experience as a direct writer to fully capitalise on AI. We aim for further international growth, focusing on direct-digital non-life insurance, while strengthening our leading position in the Dutch home market. Achmea Pension & Life Insurance is making concrete strategic progress and is excellently positioned for further growth.

Thank you for your trust and confidence
We look back on a successful period and stand, full of ambition, at the beginning of a new strategic phase towards 2030. I would like to sincerely thank our colleagues for all their good work and the results we achieved. I thank our customers and partners for the trust they place in Achmea. I look forward to continuing to live up to this trust over the coming years, maintaining high customer satisfaction and continuing to fulfill Achmea's important role in society."

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

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

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

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

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

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

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

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

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

This acquisition gives Achmea an entrance into the Premium Pension Institution (PPI) market and enables the financial services provider to respond to the opportunities offered by the Pension Agreement. Achmea’s ambition is to expand the PPI further over the next few years using Achmea’s comprehensive distribution network and by working closely with the professional pensions advisory market. The focus will be on employers who wish to offer their employees a defined contribution (DC) pension scheme. Under the new name Centraal Beheer PPI, services to existing customers will be continued and further optimised. In addition, Achmea expects to attract and retain new employers with its improved offer.

ABN AMRO PPI has been administering DC pension schemes since 2012 and as Centraal Beheer PPI currently has approximately 955 employers and approximately 190,000 members from the SME and major corporate markets as its clients. Assets under management total approximately €3.5 billion. The transaction is expected to deliver a modest book profit for ABN AMRO.

We are helping where we can
For our international colleagues, such as our colleagues at Union in Slovakia, Eureko Sigorta in Turkey and our IT helpdesk in Poland, this serious situation is very close to home. The situation is also very worrying and uncertain for our colleagues from a Ukrainian background or with family and friends in the area. In close contact with our international colleagues, we are looking at what they need and how we can help them. The Achmea Foundation is working with colleagues who want to help. Our colleagues in Slovakia are already involved in campaigns launched by Achmea in the Netherlands. For example they are already working hard on the ground to collect goods and raise funds to assist hospitals and other facilities in Ukraine. On the Voor Elkaar platform, Achmea has launched a special crowdfunding campaign to contribute to these efforts.

We are excluding Russia from our investments
Achmea has limited investments in Russia and Belarus[1]. We have added Russia and Belarus to the country exclusion list. By placing these two countries on the country exclusion list, government bonds and state enterprises (interest of >50%) are excluded. This means that we will no longer make any new investments and will sell our existing investments as soon as we can do so responsibly. This is not possible at the moment because stock markets are closed or because of sanctions, for example.

We are informing our customers
We are informing our customers about potential consequences for their products or services (for example, changes in cover). We are doing this via our various customer channels. Further information is also available from the Dutch Association of Insurers: https://www.verzekeraars.nl/verzekeringsthemas/schade/rampen-terreur/verzekeren-oekra%C3%AFne

 [1] Bonds €15 million in Russia and Belarus. Shares: €14 million in Russia - prices at the end of January 2022)

Achmea is committed to Duurzaam Samen Leven, our vision of living sustainably together. The social, moral and ecological footprint of our products and services is inextricably linked with the business operations of our partners and suppliers. Consequently, Achmea wants to understand and monitor its current and potential suppliers’ sustainability performance and enter into focused discussions with them on this.

First suppliers approached this month 
Some of Achmea’s suppliers already work with EcoVadis. Other suppliers will be approached in the near future with the request that they should also be assessed. Achmea and its suppliers will use the results to see how they can improve their sustainability performance. 

Achmea has previously announced that it is committed to climate-neutral operations by 2030, a climate-neutral investment portfolio by 2040 and a climate-neutral insurance portfolio by 2050 at the latest.

About EcoVadis
EcoVadis helps companies with sustainability benchmarking and monitoring in order to reduce risks and improve their performance. Its methodology encompasses 21 criteria in four themes: environment, labour and human rights, ethics and sustainable procurement. The criteria are built on international sustainability standards. EcoVadis provides organisations with the key indicators and context they need to make decisions, identify new opportunities and improve performance.

The new collective labour agreement, covering some 12,000 employees, runs from 1 December 2021 to 1 December 2023. Innovative elements of the agreement are a one-time climate budget for all employees and an unlimited training budget.

Bianca Tetteroo, chair of the Executive Board of Achmea is pleased with the new collective labour agreement: “We want to create sustainable value for our customers, our employees and our business and for society. This new agreement means that we are again investing in sustainable employment practices for now and the future. We are offering a total package that gives employees important benefits and allows them to use and develop their talents to the maximum extent.”

Important elements of the new collective bargaining agreement are:
·       Salaries will increase by 3% on 1 January 2022 and 1% on 1 January 2023
·       A one-time gross payment of €750 for each employee in January 2023.
·       A one-time net climate budget of €2,500 to be spent from 2023.
·       Pension contributions to be capped at 40% of the pension base.
·       Unlimited training budget for all employees and temporary staff employed for more than three months.
·       Made-to-measure bereavement leave (no maximum).
·       Early retirement scheme (RVU) for employees within three years of the state pension age.

Climate budget 
From 2023 all employees will receive a one-time net climate budget of €2,500. This sum can be spent on products and services that contribute to sustainability and so to improving the climate. Bianca Tetteroo: “Climate change is an important theme in our strategy. Achmea has ambitious climate targets. This means that we not only look at our own footprint, but also encourage customers and employees to become greener. By including a climate budget in our employment conditions, we are shaping our climate ambitions in a contemporary way.”

Unlimited training budget
The unlimited training budget will give all employees the opportunity to follow training courses they select from a broad training catalogue. The manager’s approval is not required and the departmental budget is not a limiting factor. This is part of the ambition to allow employees to use and develop their talents to the maximum extent.

In the coming period, Achmea will work with the trade unions on the exact details of the scheme covering the climate budget and unlimited training budget.

See also: https://news.achmea.nl/achmea-makes-final-offer-for-a-new-two-year-collective-labour-agreement/

Achmea and the unions were able to agree on many substantive points, but in the end the gap on pensions and pay proved too large for a jointly-agreed result to be achieved. Consequently, in order to arrive at a new collective bargaining agreement, Achmea has put a final offer to the unions and they will now present it to their members. The voting will take place between Thursday 23 December 2021 and Friday 14 January 2022.

Sustainable employment practices
Bianca Tetteroo, chair of the Executive Board of Achmea: “Based on Duurzaam Samen Leven, our vision of living sustainably together, we want to create sustainable value for our customers, our employees and our business and for society. We have properly and carefully weighed up these interests for the collective labour agreement. We have done everything we could and regret that we could not achieve a jointly-agreed result. In this final offer for a new collective labour agreement, we are again investing in sustainable employment practices for now and the future. We are offering a package of employment conditions that fits seamlessly with our vision and allows employees to use and develop their talents to the maximum extent.”

The final offer includes the following elements:

• Salaries will increase by 3% on 1 January 2022 and 1% on 1 January 2023.
• A one-time gross payment of €750 for each employee in January 2023.
• A one-time net climate budget of €2,500 to be spent from 2023.
• Pension contributions to be capped at 40% of the pension base.
• Unlimited training budget for all employees and temporary staff employed for more than three months.
• Made-to-measure bereavement leave (no maximum).
• Early retirement scheme (RVU) for employees within three years of the state pension age.

Pensions
The cost of the pension scheme has risen sharply in recent years and so formed a disproportionately large part of the overall scope for employment conditions. Consequently, the final offer includes a cap on contributions of 40% of the total of all pension bases. The pension scheme will continue to be in line with schemes at the upper end of the market. The aim continues to be to safeguard pension accrual as muchr as possible. After the changes there will still be a high-quality pension scheme.

Climate budget
Climate change is an important theme in our strategy. Achmea has ambitious climate targets. This means that we not only look at our own footprint but also encourage customers and employees to become greener.

In 2023 all employees will therefore receive a unique climate budget of €2,500 (net). This sum can be spent on products and services that contribute to sustainability and so to improving the climate. In this way, Achmea is shaping its climate ambitions in a contemporary way as part of its employment conditions. The exact details will be developed during 2022 and Achmea has invited the unions to do this jointly.

Unlimited training budget
All employees will have the opportunity to follow training courses they select from a broad training catalogue. The manager’s approval is not required and the departmental budget is not a limiting factor. This is part of the ambition to allow employees to use and develop their talents to the maximum extent

Voting until 14 January 2022
The three unions will put the final offer to a vote of their members. They have until Friday 14 January 2022 to cast their votes. If the members agree, the agreement will become definitive and the arrangements can be implemented.

left to right: Bianca Tetteroo (Achmea), Jochem Dijckmeester (Pensioenfonds PGB), Cees Krijgsman (InAdmin RiskCo), Manoj Mistry (InAdmin RiskCo)

The case concerned a dispute between Achmea and the Tax and Customs Administration on the fiscal treatment in the Netherlands of part of the proceeds from the sale of the equity stake in Polish insurer PZU for the years 2009 and 2010.

The dispute concerned the degree to which €1.2 billion was subject to tax. In Achmea’s opinion, this sum should be exempt from Dutch corporate income tax. The Court of Justice Arnhem-Leeuwarden had previously ruled in 2018 that some €248 million of the €1.2 billion was exempt from corporate income tax. Achmea lodged an appeal in cassation against this judgment with the Supreme Court on 30 July 2018.

The Supreme Court has reached the same conclusion as the Court of Justice Arnhem-Leeuwarden. Following the earlier judgment of the Court, Achmea formed a provision for the fiscal treatment and so its financial results are unaffected.

The climate is changing and this is causing increasing disruption, suffering and loss for our customers and for society. Achmea’s strategy is to contribute to a healthy, safe and future-proof society, which is why Achmea today signed the Climate Agreement and why it wants to contribute concrete solutions. By signing the agreement, Achmea is supporting the Paris climate goals and the ambitions of the Dutch government.

Willem van Duin, chairman of Achmea’s Executive Board: “As an insurer, we are seeing an increase in the losses suffered by our customers as a result of extreme weather. We want to help our customers protect themselves against losses by offering insight and solutions. This will help customers become more resilient to the impact of climate change. Climate change also affects the investments we manage for our customers. As an investor, we also have an influence on the extent to which the businesses we invest in operate sustainably.”

This also makes climate change an important theme in our responsible investment policy. It also means that we can start the conversation with businesses about their role in energy transition and in reducing CO2 emissions. This week, Achmea announced that it would no longer be investing in companies that generate more than 30% of their revenue from coal or from the extraction of oil from tar sands. These companies will be placed on the exclusion list.

Together with partners, Achmea is working on developing innovations, such as BlueLabel, a service that provides insight into the impact of climate change, such as floods and extreme heat, at street level.

Homies is a system that operates with a social alarm. Once it’s installed, you enter the telephone numbers of your neighbours and family and friends living nearby in the Homies app. If the sensors in your house detect a fire or movement when you are not at home, your friends and neighbours are notified through a temporary WhatsApp group and asked to check the house. This means that people you know are at the door within a few moments to help. After the situation has been dealt with, the temporary WhatsApp group is automatically deleted. With Homies, HEMA is offering an easily accessible solution for people who want to make their homes more secure with the help of friends and neighbours. Homies is simple and affordable and above all improves social cohesion in the neighbourhood. 40% of people say that they have more contact with their neighbours after using Homies. HEMA is offering Homies as an option in combination with HEMA Woonverzekeringen home insurance so that customers are properly insured if something does happen.

Dick Koopman, director of Homies Alarm: ’Homies ensures social safety in the neighbourhood with easy-to-use equipment. The alarm is only raised if something is really happening. The smart equipment alerts your pre-registered network.’

Laura Geerlings, Financial Services Director at HEMA: ’HEMA wants to make day-to-day life more enjoyable, easier and better. Offering an accessible social alarm fits in very well with this. It’s exactly because of our local nature that we, as HEMA, can use Homies to make neighbourhoods safer and more social. Homies means that HEMA is making a smart alarm system accessible to everyone.’

Homies Alarm will be on sale in selected HEMA branches and is also available via hema.nl/homies and homiesalarm.nl/hema.

HEMA Woonverzekeringen home insurance is provided by InShared, an Achmea subsidiary.

Achmea is seeing an increase in the damage and disruption caused by climate change. This is why we are excluding the most polluting coal companies from our investment portfolio. This industry is responsible for a very large share of greenhouse gas emissions worldwide. Investing in these companies is no longer compatible with Achmea’s strategy.

Intensive involvement in transition to sustainability

In addition to actively excluding investments in coal companies and tar-sand processors, Achmea will also continue to exert influence by means of its intensive engagement process. Polluting companies are actively encouraged to make their business operations greener.

Willem van Duin: “Ultimately, we only want to continue investing in companies with a policy aimed at sustainability and those that are actively contributing to the energy transition. We are engaging on this issue, for example, with the remaining mining and utility companies we invest in. We are counting on these companies being able to demonstrate that they have a policy to switch to more sustainable alternatives over a fixed time frame.”

Achmea Investment Management invests the assets of its customers, including pension funds, and is the third largest institutional asset manager in the Netherlands with more than €130 billion in assets under management.