Athora Netherlands half-year figures 2024

Athora Netherlands has published its financial results for the first half of 2024, and they are once again encouraging. The figures show significant growth, especially compared to the same period last year.

Financial Results

• Increase in Solvency II Operating Capital Generation (OCG) to €230 million (first half of 2023: €193 million) due to repositioning towards higher-yield investments.
• Gross contributions were 17% higher at €1,437 million (first half of 2023: €1,228 million) thanks to higher sales of immediate annuities and the inclusion of the Willis Towers Watson (WTW) PPI from the second quarter of 2023.
• Operating profit (before taxes) rose to €312 million (first half of 2023: €217 million), largely driven by higher investment returns.
• IFRS net result of €64 million (first half of 2023: €115 million), mainly driven by the positive Operational Result, partially offset by the negative impact of higher interest rates in the first half of 2024.

Solvency

• Solvency II ratio is strong at 201% (year-end 2023: 206%) for Athora Netherlands V.
• The positive contribution of OCG and management actions was offset by capital distributions to shareholders of €150 million, capital requirements of investments, market influences, and regulatory changes.

Strategic Progress

• In the first half of 2024, management actions led to an 11% increase in the Solvency II ratio. This includes the benefits of changes in Athora Netherlands' capital structure implemented in June 2024.
• On June 12, 2024, Athora Group issued €750 million in subordinated fixed-rate bonds. €284 million of this was allocated to Athora Netherlands to repurchase Tier 2 bonds, benefiting Tier 3 capital.
• An initial capital distribution of €75 million to the shareholder was made in March 2024. A second capital distribution of €75 million followed in June.
• On June 30, 2024, retroactively effective from January 1, 2024, the entities SRLEV N.V. and Proteq Levensverzekeringen N.V. merged, further simplifying the legal structure of Athora Netherlands.
• In March 2024, a new Zwitserleven brand campaign was launched. It was well-received and contributed to the commercial momentum.
• Successful execution of our digital strategy: launch of the new Zwitserleven website.

In the press release, Athora Netherlands’ CEO Jan de Pooter provides an explanation of the half-year figures. He also highlights the key factors that contributed to the strong financial and commercial results and discusses the progress made in executing the strategy.