Dutch retirement services provider Athora Netherlands has reported an IFRS net loss of €153m in 2025, compared with a €507m profit in 2024, despite a positive operating result.

Its full-year results for 2025, covering both its Zwitserleven and Reaal brands, revealed that its €580m operating result, down on 2024’s €625m, was offset by the impact of higher long-term interest rates and reserving for increased future profits via the contractual service margin.

Despite this, its gross inflows increased by 12 per cent during the year to €3,960m, up from €3,531m in 2024, driven by two pension buyouts, as well as an increase in annuities and defined contribution (DC) inflows.

In 2025, the pension funds of Nedlloyd and Trespa transferred their asset and liabilities to Zwitserleven, adding €1,125m of inflows compared to €893m from pension buyouts in 2024.

Zwitserleven has also signed exclusivity agreements with the pension funds of BP, AT&T, Campina and Delta Lloyd for a buyout. Collectively, these schemes represent €5.7bn, with the transactions expected to close in 2026.

Last year also saw the firm step up its communication efforts towards advisers and employers in preparation for the conversion of current pension contracts towards Future Pensions Act (Wtp) proof contracts.

Athora Netherlands CEO and chair of the Executive Committee, Jan de Pooter, described 2025 as a year with “strong financial and commercial results”, marking a promising start to its Horizon 2030 strategy.

“Our operating capital generation improved by 9 per cent year-on-year thanks to strong investment performance and expanding business volumes. Our investment returns allow us to offer attractive rates to our annuities customers and participants of pension funds, while simultaneously driving our market-leading returns on capital,” he said.

In regard to the Wtp, he said Athora is supporting pension funds and employers through the transition, including the provision of client education on the reforms.

De Pooter, added: “As a pure pension and life insurance specialist, Athora Netherlands is well positioned to support pension funds and their participants. Our strong track record in buyout execution, the benefits offered to the participants and our bespoke risk mitigation strategies are important drivers for our success in this evolving market.”

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