Pension and life business helps boost Achmea’s operational result to €845m

Written by Natalie Tuck

17/03/2025

Achmea has credited a strong performance in its pension and life business as one of several business areas that has helped boost its operational result for 2024 to €845m, a 35% increase on 2023.

Achmea's pension and life operational result amounted to €354m in 2024, a 70% increase on the previous year. The company said this is due to better insurance and investment results.

However, for its retirement services segment, the operational result amounted to €32m, €15m lower than last year. Achmea said this was partly caused by investments related to the pension transition.

Despite this, assets under management at retirement services rose to €265bn, a 22% increase, attributed to the acquisition of BSG Asset Management, share price developments and organic growth.

It also reported success for its health business, with an increase of 29% on 2023 to €241m. At international, the result was higher than last year and amounted to €47m.

Commenting, Achmea executive board chair, Bianca Tetteroo, said: “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.”

Tetteroo also referenced its partnership with Sixth Street and Lifetri, which creates additional growth opportunities in the pension buyout market and will provide more than 500,000 new Centraal Beheer customers.

“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 €100m annually. With the acquisition of BSG Asset Management, we welcomed KLM's pension funds as clients and our assets under management grew by €27bn.”

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