The result before taxes was €13 million negative in 2018 (2017: €0 million). The decrease in the result was primarily caused by €30 million in net claim costs generated by the severe storm that passed over the Netherlands and other parts of northwest Europe on 18 January 2018. Investment income was higher than in 2017. The external reinsurance portfolio earned a positive result of €4 million, despite a number of global catastrophes. Over 2017 this was a loss of €17 million due to a record number of global natural disasters.
At a glance:
- Gross written premium € 205 million;
- Total equity € 248 million;
- Net profit -/- € 9,6 million.
Compared to year-end 2017 the Eligible Own Funds decreased with € 14.7 million to € 250 million (year-end 2017: € 264 million). This decrease was caused by:
- the loss caused by storm Friederike;
- the new group reinsurance programme (renewal per 1 July 2018);
- the negative market developments during Q4, the investments decreased.
The Solvency Capital Requirement decreased by an amount of € 3.6 million to € 135 million (year-end 2017: € 138 million). This decrease is caused by:
- de-risking elements in the new reinsurance programme (renewal per 1 July 2018), which led to a significant drop in the Non-Life underwriting risk;
- the implementation of the Internal Model Market Risk;
- the implementation of the Internal Model Market Risk a Loss Absorbing Capacity Expected Profits (LACEP) was introduced within the SCR of Achmea Reinsurance;
- finally the signing down on a Health Catastrophe contract compared to last year.