2023 Annual figures for Athora Netherlands

Strong capital generation of €457 million and commercial success strengthened by targeted acquisitions

Athora Netherlands, the parent company of Zwitserleven, has published its financial results for 2023. We are pleased with the positive results. For example, our capital generation rose sharply to € 457 million (in 2022: € 271 million), mainly due to higher investment income and higher interest rates.

• Solvency II capital generation (Operating Capital Generation) rose sharply to € 457 million (2022: € 271 million) mainly due to higher investment income and higher interest rates.
• Gross inflow was 29% higher than in 2022 at € 2.682 million (2022: € 2.083 million). The increase was due to:
  • higher premiums and deposit payments and pensions;
  • a new, innovative pension buyout of Aon Pension Fund;
  • the acquisition of Onderlinge ’s-Gravenhage’s 2nd pillar pension portfolio;
  • and the acquisition of Willis Towers Watson’s (WTW) IORP in Q2 of 2023.
• Athora Netherlands reached a settlement agreement with the interest groups on unit-linked insurance policies that includes a provision of € 95 million.
• Operating profit (before tax) doubled to € 559 million (2022: € 278 million), driven mainly by higher investment income due to repositioning to assets with a higher return.
• The IFRS net result of € 863 million (2022: € -619 million) was mainly due to the positive operating result. In 2022, the net result was heavily influenced by the change in market value of investments due to higher interest rates and wider spreads.

Solvency

• The Solvency II ratio remained relatively stable at 206% (year-end 2022: 205%). The impact of the repositioning of the investments, market movements and the settlement agreement were more than offset by the strong capital generation and management actions.
• SRLEV N.V. The Solvency II ratio increased to 210% (year-end 2022: 207%).

Strategic progress

• Strong progress in implementation of the Ambition 2025 strategy.
• Continued focus on a leading position in the pensions category.
• Customer satisfaction has risen in all segments.
• Legal merger of Zwitserleven PPI and WTW’s IORP. The focus will now be on operational integration in order to realise the commercial benefits and cost savings.
• Successful acquisition of the second pillar pension portfolio of Onderlinge ’s-Gravenhage.
• Development of an innovative buy-out solution, in close cooperation with the Aon Pension
• Fund Board.
  Transfer of administrative tasks from the individual life portfolio to Tata Consultancy Services (TCS).
• Second consecutive title of most sustainable investor in the insurance sector, awarded by the Dutch Association of Investors for Sustainable Development (VBDO).

Our CEO Jan de Pooter elaborates on the annual figures in the press release.

The main points: in 2023, we achieved strong financial results and record business volumes despite challenging market conditions. We are well positioned in the Dutch pensions market and are seeing growth in customer satisfaction and business volumes. Strategic acquisitions have been successfully completed. We continue to invest in sustainability and customer service, while our capital position is very solid.

View the summary of the 2023 annual results 

(only available in Dutch)