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Restructure costs push Achmea into the red

Dutch general, life and health insurer Achmea has posted a net loss of €58 million ($83.34 million) for the first half of this year, as costs associated with its restructure reversed the €123 million ($176.73 million) net profit of the corresponding period last year.

The company reports restructure expenses of €45 million ($64.66 million), plus a €143 million ($205.47 million) writedown of goodwill for pension services provider Syntrus Achmea and Russian-based insurance company Oranta.

Achmea made an operating profit of €142 million ($204.03 million) in the half, up 69%, on revenue of €12.8 billion ($18.39 billion), up from €10.8 billion ($15.52 billion).

Gross written premium for the six months was €17 billion ($24.43 billion).

It says this demonstrates the success of its “acceleration and innovation” change program launched late last year, which has included improving online capabilities and integrating its direct and brokerage businesses.

In December Achmea announced it would shed 4000 jobs, about 25% of its global workforce, over three years.

The group has operated in Australia late last year, servicing the agricultural sector through its commercial partnership with rural lender Rabobank.