Dutch insurer Achmea has reported a €26m year-on-year decline in profit for its Pension & Life business, to €131m in H1 2025 from €157m a year earlier.

It credited this decrease primarily to lower investment income driven by movements in interest rates and spreads.

Within its retirement services, its operational result fell by €30m to €11m in H1 2025, down from €41m in H1 2024, attributed to a narrower interest margin at Achmea Bank.

Despite these one-off impacts, the insurer achieved a strong net result of €383m in H1 2025 and set aside €175m to cover the costs of phasing out its pension administration services for external customers.

The report also noted a one-off financial effect from Achmea’s first pension buyout in May with FrieslandCampina, which saw the company take on €1.5bn in pension liabilities and is part of its strategic partnership with Sixth Street.

The buyout contributed "significantly", along with overall increases in customer numbers and premium adjustments.

Achmea expects to announce the closing of its participation in pension and life activities in H2 2025.

Its total premium volume rose 12 per cent to €24.6bn, fuelled by growth across Non-Life, Health, International, and pensions.

Achmea’s international pension-related activities also grew, reaching €1.1bn, up 6 per cent.

In addition to its key figures, the interim results highlighted Achmea’s efforts to enhance customer service through artificial intelligence (AI). The company is rolling out AchmeaGPT and Copilot to all employees, reflecting a broader trend among Dutch funds, as last month, APG announced it is developing ChatAPG, expected to be fully operational by the end of 2025.

Achmea also remains “on track” with its climate goals. Its updated climate transition plan details progress and emphasises climate adaptation and customer engagement.

In H1 2025, Achmea Investment Management launched a private equity impact fund focusing on climate, biodiversity, nutrition, and health, securing €225m in committed investments.

The company said that with Achmea Investment Management, Achmea Pension & Life, Centraal Beheer PPI, Centraal Beheer APF and other business units, it continues to hold a strong position in the pension domain and remains committed to growth.

Commenting on the update, Achmea executive board chair, Bianca Tetteroo, said: “We have started 2025 well. Customer satisfaction with our products and customer service remains high, and we continue to grow and achieve good financial results. The operational result amounted to €567m, up by 31 per cent compared to the same period last year.”

Tetteroo noted that underlying developments in the financial market were less favourable than in H1 2024, but their impact on Achmea’s position and investment income has 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,” she said.

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