Financial information

Again, we look back on a dynamic and volatile year. The market continued to be hard due to inflation rates and increasing interest rates which in its turn had effect on the financial markets. This has resulted in substantial higher retentions, higher reinsurance spend and tighter conditions.
Despite the market circumstances, Achmea Reinsurance Company N.V. has been able to sustain a solid capital position, under Solvency II, evidenced by a Solvency II ratio of 184% per year end.

The IFRS 17 result before income taxes of Achmea Reinsurance Company N.V. increased to € 23.9 million in 2023 (2022: € 35.4 million negative). This increase is mainly driven by higher premiums as a result of market developments, higher investment returns and lower impact of catastrophe events.

The 2023 non-life portfolio result has increased by € 8.8 million compared to 2022. This increase is due to a better Insurance service result of € 13.5 million, a lower Net financial result from (re)insurance activities of € 5.7 million and an increase in Other expenses of € 1 million. The decrease of the Net financial result from (re)insurance activities is due to a declining yield curve.
The 2023 Life portfolio result is € 2.5 million and decreased by € 0.5 million compared to 2022. This decrease was mainly because of a claim related to the mortality per risk portfolio.

To make a proper comparison, the 2022 figures are also presented on an IFRS17 basis.

(X € 1,000)	2023	2022	▲2023 – 2022
Total assets	3	-8	11
Net financial result from insurance and reinsurance contracts	27	-21	48
Other income and expenses	-6	-6	0
Results before taxes	24	-35

 

(X € 1,000)	2023	2022	▲2023 – 2022
Total assets	881	835	46
Total equity	305	293	12

 

(X € 1,000)	2023	2022	▲2023 – 2022
Eligible own funds Solvency II	309	291	19
Solvency Capital Requirement	168	193	-26
Surplus	141	97	44
Ratio	184%	150%	34%