Pierre Huurman, 15 March 2024


The operating profit before taxes increased by EUR 63 million to EUR 81 million in 2023 compared to 2022. This increase is the result of higher interest margin of EUR 86 million, a lower fair value result of EUR 15 million and higher operating expenses of EUR 10 million. 

The interest margin strengthened in 2023, due to both an increase of our mortgage portfolio and higher margins on newly originated and repriced mortgages. The higher interest rates resulted in a shift of the mortgage market to shorter fixed-interest periods (<=10y) of which Achmea Bank benefits. In addition to the growth of our mortgage portfolio, the interest margin improved due to lower funding costs.

The mortgage origination under the brand Centraal Beheer remained stable at EUR 2.0 billion. Combined with the origination of new mortgages of external platforms (EUR 0.4 billion), acquired portfolio’s from a.s.r. (EUR 0.8 billion) and prepayments (EUR 1.2 billion), Achmea Bank’s mortgage portfolio increased by EUR 2.0 billion to EUR 14.4 billion. In line with its growth and diversification strategy, in 2023 Achmea Bank joined the DMFCO and a.s.r. mortgage platforms to invest EUR 1.5 billion respectively EUR 3.0 billion in mortgages in the next three years.

Furthermore, wealth accumulation for customers through savings and investments is an important pillar of the Bank’s strategy; in 2023 Achmea Bank added retail investments as a new proposition to its clients. On the back of higher interest rates the retail savings market became more attractive to customers. Achmea anticipated on this with an attractive pricing strategy, backed by our strong brand (Centraal Beheer), which resulted in a growth of our savings portfolio of EUR 1.4 billion (+19%).

The negative fair value result of EUR 8 million (2022: EUR 7 million positive) is an accounting result related to the derivatives used for hedging the interest rate risk. This accounting result is compensated in other reporting periods, generally reflecting a pull to par as the underlying derivatives approach maturity. 

The increase in the operating expenses of EUR 10 million relates predominantly to higher fees of outsourced mortgage services and increased internal allocations related to outsourced services. The efficiency ratio improved significantly from 88% in 2022 to 56% in 2023. The number of defaults remained at a low level in line with the inherent low credit risk profile of our mortgage portfolio, which resulted in a limited addition to the loan loss provision. 

The Bank retained its sound liquidity position with liquidity ratios well above internal and external limits. In addition, the Bank has a diversified funding mix, comprising retail funding as well as unsecured and secured wholesale funding with different maturity profiles. In June 2023 the outstanding bonds in the CPTCB programme (EUR 1.5 billion) were transferred to the SBCB programme after noteholders’ approval and the CPTCB programme has been terminated. In 2023 the Bank issued two tranches under the SBCB Programme, in January a EUR 0.5 billion 7 years tenor and in October 2023 a EUR 0.5 billion a 3 years tenor. The total outstanding amount of covered bonds was EUR 3.5 billion at year-end 2023 (2022: EUR 2.5 billion).

The Common Equity Tier 1 Capital Ratio is strong at 16.9% (31 December 2022: 18.2%). The decrease is mainly due to the increase of the mortgage portfolio. In April 2023, Achmea Bank paid a dividend of EUR 15 million to its shareholder Achmea B.V., consisting of 2022 net distributable 2022 profit and EUR 2 million of released other reserves. In September, the bank received the Advanced IRB status from DNB which allows the bank to use advanced internal models to determine credit risk, further strengthening the bank’s credit risk management and data driven strategy. In the medium term, this step may also result in an improvement in capital ratios.

Achmea bank publish a separate ESG Impact Report 2023 including details on our operational emissions and how we plan to reduce our carbon impact.

S&P confirmed the Issuer Credit Rating Outlook per 26 September 2023 of A-/stable, and Fitch confirmed the issuer Default Rating of A/Stable per 19 July 2023.

Achmea Bank is part of the Achmea’s Retirement Services strategy. As part of Achmea’s purpose ‘Sustainable Living Together’, its Retirement Services strategy allows customers to have and generate income for today and tomorrow. Our shared ambition is: making the whole of the Netherlands financially fit and self-reliant.