Dutch financial services firm Achmea saw its operational result increase by 7 per cent year-on-year to €938m in 2025, despite a decline in its Pension & Life Netherlands business, its annual report has shown.

Achmea Pension & Life Netherlands recorded an operational result of €282m in 2025, representing a 25 per cent decline from the previous year.

The company said the decline was partially due to the harmonisation of provisions for Lifetri, following the finalisation of its strategic partnership with Lifetri to launch Achmea Pensioen & Levensverzekeringen N.V.

Despite this fall, Achmea said its Pension & Life Insurance business was making “good” progress toward its strategic goals.

The report also highlighted that the business continued to deliver on its strategic plan, including a longevity reinsurance transaction that became effective on 1 January 2026, which is expected to have an estimated positive pro-forma impact of 49 percentage points on the Solvency II ratio.

This transaction, which transfers half of the company’s longevity risk exposure related to €8bn of technical provisions, formed an key part of the partnership’s strategy.

The annual report also showed that Achmea’s premiums increased from €648m in 2024 to €2,170m in 2025, primarily due to the acquisition of FrieslandCampina’s pension liabilities.

This transaction aligned with Achmea’s ambition to expand in the pension buyout market. Excluding the impact of the buyout, premiums grew by 17 per cent, driven by 38 per cent growth in the open-book portfolio.

Meanwhile, in Achmea’s Retirement Services segment, the operational result rose to €43m, a 35 per cent increase from 2024, supported by contributions from Achmea Bank, Achmea Investment Management, and Achmea Real Estate.

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

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