• Increased Solvency II Operating Capital Generation (OCG) of € 522 million (FY2023: € 457 million) due to repositioning towards higher return investments.
• Gross inflows increased by 32%, reaching € 3,531 million compared to € 2,682 million in FY 2023, driven by multiple pension buy-outs, higher immediate annuity sales and increase in DC inflows.
• Operating Result (before taxation) of € 625 million (FY2023: € 559 million) supported by increased investment income.
• Net Result IFRS of € 507 million (FY2023: € 863 million) largely driven by the positive Operating Result.
Solvency
• Strong Solvency II ratio at 201% (YE2023: 206%) for Athora Netherlands N.V.
• The positive contribution of OCG and management actions were offset by shareholder capital distributions of € 310 million, investment deployment, market impacts and regulatory changes.
Strategic Progress
• Most of our Ambition 2025 strategic goals have been reached one year ahead of time. Focus will now shift to further optimisation to position ourselves for Horizon 2030.
• Successful closure of three pension buy-outs with further potential transactions in progress.
• Management actions supported an 11% increase in the Solvency II ratio. These included the benefits of changes to the Athora Netherlands capital structure undertaken in June 2024.
• Start of quarterly capital distributions in March 2024 with total remittances of € 310 million in 2024.
• On 30 June 2024, with retrospective effect as per 1 January 2024, the entities SRLEV N.V. and Proteq Levensverzekeringen N.V. merged, further simplifying the legal structure of Athora Netherlands.
• A new brand campaign for Zwitserleven was launched in March 2024. This has been well received, supporting strong commercial momentum during the year.
• Successful execution of our digital strategy: launch of new rebranded website and new client portals.
Jan de Pooter, CEO and Chair of the Executive Committee of Athora Netherlands:
We delivered a strong set of commercial and financial results over 2024. Commercially, we saw increased business volumes, up 32% supported by three new pension buy-outs, an increased market share in annuities and continued growth in number of employers and participants.
With the new pension law (Wtp) in force, we observe increased activity among pension funds that are considering a transfer of their existing liabilities to an insurance company. We assist them in understanding the consequences in a clear and client centric way. As a pure pension and life insurance specialist, Athora Netherlands is very well positioned to capture the opportunities in this market. In 2024, the pension funds of Yara, Koopvaardij and Pensura decided to transfer all or part of their pension liabilities to Zwitserleven thereby providing a good solution for their participants.
We have also put great effort in informing and encouraging advisors and employers to start preparing for the conversion of current pension contracts towards Wtp proof contracts. Further delay in the conversion towards the ultimate implementation date could create capacity issues for the industry. We are supportive to delay the implementation date by one year to 2028 to alleviate capacity constraints and ensure a smooth transition.
The new brand campaign for Zwitserleven was highly successful and we have continued to invest in our portals to provide customers with a seamless experience and rebranded the website. We also successfully integrated WTW's PPI into the Zwitserleven PPI creating a strong and scalable platform for further growth.
One of the key elements of our strategy is to increase recurring investment income through the repositioning of part of our investment portfolio towards assets, offering better risk-return characteristics. This allows us to offer attractive rates to our customers and has led to a further improvement of Operating Capital Generation (OCG) to € 522 million in 2024.
Our Solvency II ratio of 201% remained strong and stable compared to end of 2023, with a positive contribution from OCG and management actions during the year. This permitted us to deploy investments to support future increase in OCG and to make four shareholder capital distributions in 2024, totalling € 310 million. Our strong capital position provides comfort to our customers and forms a solid platform to further develop our business.
As an institutional investor we continue to make a real world impact by making investments that are important for the transition to a sustainable society and economy. As an example, we participated in the capital raise of a fund that focuses on deep-tech investments in the Netherlands. End 2024, total impact investments amounted to € 5.7 billion.
Considerable effort is put into further increasing transparency on sustainability matters to customers and other stakeholders. Next to the implementation of CSRD regulation, we launched a sustainability dashboard allowing our customers to monitor the sustainability profile of their savings in our portals.
Three years after launching our Ambition 2025 strategy, we already achieved most of our targets one year ahead of schedule. The three value levers Growth, Operating Efficiency and Capital & Investments were strong drivers for our substantially improved performance since 2021 and have created a strong foundation to further build on.
Growth opportunities arising from the new pension law are numerous in the coming years. Besides the buy-outs of various pension funds, participants in pension funds that opt for the transition towards a flexible contract will have the right to shop for a guaranteed insured pension scheme at retirement. It is also expected that certain companies will use the moment of transition to start offering an insured pension.
To remain successful we will step-up our efforts on customer experience, simplification of processes and optimal use of new technology such as Artificial Intelligence, with the support of our outstanding teams. This way, we will ensure that we will remain fit for the future.
I am very pleased with our performance in 2024 and would like to thank our customers and business partners for their continued trust. Special thanks go to our valued employees for their relentless support in realising our company's transformation and the Works Council for their constructive cooperation.
I look forward to working with the teams to continue building Athora Netherlands into the leading pension solutions provider in the Netherlands.
Download press release:
https://www.athora.nl/494f1f/siteassets/press-releases/2025/pr-20250320-athora-netherlands-annual-results-2024.pdf
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