Athora Netherlands Annual Results 2025

19 March 2026 | 08:00

Strong Operating Capital Generation and Continued Commercial successes

Financial Results

• • Solvency II Operating Capital Generation (OCG) increased 9% to € 569 million (FY2024: € 522 million) reflecting a strong investment performance and higher gross inflows.
• • Gross Inflows increased by 12% to € 3,960 million from € 3,531 million in FY2024, driven by two pension buy-outs, as well as an increase in annuities and Defined Contribution inflows.
• • Operating Result (before taxation) of € 580 million (FY2024: € 625 million) decreased, primarily as a result of a lower interest accrual reflecting the impact of the lower shortterm interest rates.
• • Net Result IFRS of € -153 million (FY2024: € 507 million), with the positive Operating Result offset by the negative impact from higher long-term interest rates in 2025 and reserving for increased future profits via the Contractual Service Margin.

Solvency

• • Strong Solvency II ratio at 197% (YE2024: 201%) for Athora Netherlands N.V.
• • The positive contribution from higher OCG and one-time items were offset by market impacts and shareholder capital distributions of € 330 million.

Strategic Progress

• • Promising start of our new strategic cycle Horizon 2030 with continued commercial successes and a wide range of initiatives to further enhance quality and efficiency to remain Future Fit.
• • Successful closure of two pension buy-outs totalling € 1,125 million with a strong pipeline in an increasingly active and competitive market.
• • Signing of exclusivity agreements with four additional pension funds for a buy-out with a total volume of € 5.7 billion, underpinning our leading position in this dynamic market. Closing of these transactions is expected in 2026. Our strong track record in buy-out execution, the benefits offered to the participants and our bespoke risk mitigation strategies are important drivers for our success in this evolving market.
• • Capital distributions to the shareholder increased to € 330 million in 2025 (€ 310 million in 2024).
• • Major communication efforts and progress towards advisors and employers in preparation for the conversion of current pension contracts towards Wtp proof contracts.
• • Improvement of Zwitserleven portals includes an interface between its portals and the National Pension Register to strengthen customer experience.
• • In 2025 we developed our Climate Transition Plan, detailing how we aim to achieve our long-term objective of a net-zero investment portfolio.

Jan de Pooter, CEO and Chair of the Executive Committee of Athora Netherlands:

"2025 has been another year with strong financial and commercial results marking a promising start to our Horizon 2030 strategy. The turnaround achieved in the past four years continues to gain momentum.

Our Operating Capital Generation improved by 9% 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.

Our Solvency II ratio remained robust at 197%, with a positive contribution from OCG during the period supporting business growth, offset by investment deployment and four shareholder capital distributions totalling € 330 million.

Commercially, we saw strong retail and corporate new business volumes - across DC pension volumes and annuities - supported by two pension fund buy-outs.

With the new pension law ('Wtp') in force, we are supporting pension funds and employers with the transition to the new pension system, including providing client education on the consequences of Wtp. 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 buy-out execution, the benefits offered to the participants and our bespoke risk mitigation strategies are important drivers for our success in this evolving market.

In the first half of 2025, the pension funds of Nedlloyd and Trespa decided to transfer their pension liabilities to Zwitserleven, via a pension buy-out, providing an excellent solution for their participants. Athora Group provided capital to back the pension buy-outs and will remain supportive of funding our ongoing disciplined growth in the Dutch pension market.

In the past months, exclusivity agreements with four additional pension funds were signed for buy-outs with a total volume of € 5.7 billion, underpinning our leading position in this dynamic market. These exclusivity agreements are expected to close in 2026 (subject to the requisite regulatory approvals).

We are also continuing to dedicate significant efforts to inform and encourage both advisors and employers to prepare for the conversion of current pension contracts towards Wtp proof contracts to avoid capacity issues for the industry towards the end of the transition period.

Operationally, we are performing strongly with a decrease in cost ratios, alongside seamless integration of the new buy-outs and the ongoing ramp-up of AI implementation. We will continue investing in our people, systems and processes to remain 'Future Fit'. Customer satisfaction remains at high levels and employee engagement scores strongly improved.

I am very pleased with our performance in 2025 and would like to thank our customers and business partners for their continued trust and our employees for their ongoing dedication. I look forward to working with the teams to continue building Athora Netherlands into a leading pension solutions provider in the Netherlands.”

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