Athora Netherlands Interim Results 2026

17 September 2026 | 08:00

Strong Operating Capital Generation and Continued Business Growth

Financial Results

• Solvency II Operating Capital Generation (OCG) increased 6% to € 292 million (HY2025: € 276 million) reflecting higher business volumes and solid investment performance.
• Gross Inflows decreased by 34% from € 2,555 in HY2025 to € 1,690 million in HY2026, due to lower buy-out volumes in the first half of 2026. Excluding buy-outs, gross inflows increased by 6% due to higher annuities and Defined Contribution inflows.
• Operating Result (before taxation) of € 315 million (HY2025: € 329 million) decreased, primarily as a result of a lower interest accrual and a higher UFR drag.
• Net Result IFRS of € 255 million (HY2025: € 67 million), with Operating Result supplemented by the positive impact from lower long-term interest rates in HY2026.

Solvency

• Strong Solvency II ratio at 193% (FY2025: 197%) for Athora Netherlands N.V.
• The positive contributions included higher OCG and the temporary benefit of the refinancing of external debt, more than offset by the negative market impact, deployment of investments and shareholder capital distributions.

Strategic Progress

• Successful closure of AT&T pension fund buy-out of € 169 million. Three further pension buy-outs totalling € 5.5 billion have been approved by DNB and are expected to close and transfer in the second half of 2026.
• Solid pipeline in an active and competitive market. 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. We are in exclusivity with a pension fund for a buy-out of around € 80 million.
• A cooperation agreement was signed with Stichting Shell Pensioenfonds to offer their pensioners the opportunity to chose a guaranteed pension after transitioning to FPR pursuant to new pension legislation (Wtp). This partnership is an example of new market opportunities related to the introduction of the new pension regime.
• Capital distributions to the shareholder increased to € 170 million in first half of 2026 (€ 160 million in H1 2025).
• Moving to a new target operating model and the introduction of a Chief Operating Officer role covering the full business value chain to prepare for accelerated growth in the next phase of Horizon 2030.
• Continued communication and engagement with advisors and employers to support the transition from existing pension contracts to Wtp-proof contracts.

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

"We delivered a strong performance in the first half of the year. Operating Capital Generation increased by 6%, supported by strong investment performance and growing business volumes. This enables us to continue offering attractive rates to our annuity customers and pension participants, while maintaining the strong returns on capital that underpin our business model.

Our Solvency II ratio remained strong at 193%. Positive capital generation during the period supported business growth, investment deployment and shareholder distributions of € 170 million, while financial market movements had a negative impact.

Commercial momentum remained strong, supported by the transfer of a pension fund and continued growth defined contribution (DC) pensions thanks to high retention and new business. The increase in DC capitals is a rapidly growing source for the annuity business.

We are seeing increasing demand from pension funds seeking secure and future-proof pension solutions. As a specialised pension insurer, Zwitserleven combines deep pension expertise with attractive and guaranteed indexation opportunities that help preserve participants’ purchasing power.

During the first half of 2026, we received DNB approval for four pension fund buy-outs with a combined value of € 5.7 billion. One transaction of € 0.2 billion was completed during the period and we expect the remaining three to be executed later this year. Over the past two years, Zwitserleven has reached agreements with ten pension funds covering approximately € 8 billion in pension liabilities, further strengthening our position as a leading pension solutions provider in the Netherlands.

We are proud to have been selected by Stichting Shell Pensioenfonds (SSPF) as their partner to provide SSPF's pensioners the option to choose for a guaranteed pension after the transition to the new pension regime. We believe this option under the FPR ("Flexible Pension Scheme") offers a valuable alternative for certain pensioners.

We continue to work closely with advisors and employers to support their preparations for the transition to Wtp-compliant pension contracts. Early action is essential to ensure a smooth conversion process across the market and avoid capacity constraints as the industry approaches key implementation milestones. More than 40% of group pension contracts have already been converted and we remain confident that all contracts will transition within the required timeline.

Operationally, we continue to perform strongly. Recurring expenses remained stable, customer satisfaction stayed at consistently high levels, and we successfully integrated new buy-outs while advancing the implementation of AI across our operations.

We will further strengthen our target operating model to support the next phase of Horizon 2030 and we will introduce the role of a Chief Operating Officer in the Executive Committee covering the full business value chain. I am delighted that Pauline Derkman will take on this role from 1 November and would like to thank Annemieke Visser-Brons for her valuable contribution to Athora Netherlands’ commercial success over the past years.

I am proud of what we have achieved together and grateful for the continued trust of our customers and business partners. My sincere thanks also go to our employees for their commitment and dedication. Together, we will continue building Athora Netherlands as a leading provider of pension solutions in the Netherlands."

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