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Achmea swings to FY'17 profit from year-ago loss

Achmea BV reported a net profit of €216 million for full year 2017, compared to a net loss of €379 million in the prior year.

The insurer booked an operational profit of €349 million, compared to an operational loss of €319 million in 2016. It booked a €166 million profit from its Dutch nonlife operations, compared to a loss of €185 million in 2016, while its Dutch pension and life operations rose to €342 million from €285 million.

The group's net premium revenues stood at €19.35 billion, compared to the year-ago €19.43 billion. Gross operating expenses declined year over year to €2.14 billion from €2.45 billion.

After payments of dividends, coupons on hybrids and share buyback, the Solvency II ratio stood at 184% at the end of 2017 based on the partial internal model, compared to 181% a year earlier. Before planned dividends, coupons on hybrids and share buyback, the Solvency II ratio came in at 191%.

"The improvement measures at nonlife, lower loss provision for premiums at health and the overall reduction in expenses contributed to the improved result. Nonlife and pension and life have made a substantial contribution to the result," Executive Board Chairman Willem van Duin said.

"Our strategic planning period runs until 2020 and foresees an annual structural gross operational result of about €450 million, excluding the contribution from our healthcare activities."