Athora Netherlands Halfjaarresultaten 2025

Strong Operating Capital Generation and Commercial Growth

Financial Results

• Solvency II Operating Capital Generation (OCG) increased 20% to € 276 million (HY2024: € 230 million) due to strong investment performance and higher business volumes.
• Gross inflows increased with 78% to € 2,555 million from € 1,437 million in HY2024, driven by two pension buy-outs and an increase in DC inflows.
• Operating Result (before taxation) of € 329 million (HY2024: € 312 million) supported by strong investment income, and regular Contractual Service Margin (CSM) release.  
• Net Result IFRS of € 67 million (HY2024: € 64 million) largely driven by the positive Operating Result, partly offset by a negative impact from higher interest rates in HY2025.

Solvency

• Strong Solvency II ratio at 192% (FY2024: 201%) for Athora Netherlands N.V.
• The Operating Capital Generation supported shareholder capital distributions of € 160 million and investment deployment. This, together with the impact of market volatility, more than offset the improved operating capital generation during the period.

Strategic Progress

• Successful closure of two pension buy-outs with a healthy pipeline in an increasingly active and competitive market.
• Capital distributions to the shareholder of € 160 million in the first half of 2025.
• Large efforts put in communication towards advisors and employers to prepare for the conversion of current pension contracts towards Wtp proof contracts.
• Improvement of Zwitserleven portals included an interface between its portals and the National Pension Register to improve customer experience.
• Successful ramp up of AI implementation.

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

"We started the year with a strong set of financial and commercial results providing a promising start to our new Horizon 2030 strategy, having successfully executed on the targets outlined in Ambition 2025 one year ahead of plan.

Our Operating Capital Generation improved by 20% thanks to strong investment performance and expanding business volumes. Our investments result in market leading returns on capital and allow us to offer attractive rates to our annuities customers.

Our Solvency II ratio remained robust at 192%, with a positive contribution from OCG during the period supporting business growth, investment deployment and two shareholder capital distributions totaling € 160 million.

Commercially, we saw strong business volumes in the first six months, up 78% year-on-year, supported by two pension fund buy-outs and continued growth in DC pension volumes.

With the new pension law (Wtp) in force, we are actively 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 very well positioned to support the pension funds and their participants.

In the first half of 2025, the pension funds of Nedlloyd and Trespa decided to transfer their pension liabilities to Zwitserleven 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 growth in the Dutch pension market.

We are also continuing to put large effort into informing and encouraging both advisors and employers to start preparing 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 recurring expenses 4% below last year, alongside seamless integration of the new buy-outs and the ongoing ramp-up of AI implementation. Customer satisfaction remains at high levels.

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