2011 Results

2011 can best be characterised as a year with mixed results. In spite of continuing turmoil on the financial markets, our financial position remained strong in 2011. As a cooperative insurer, we have pursued our prudent financial risk policy in recent years and that is reflected in our solvency ratio, which remains high. We posted a profit from regular activities in 2011 of € 51 million and met our targets for cutting costs and reducing the number of FTEs.

Our Health and Non-Life activities delivered good results, thanks in part to the efficiency-raising measures we have adopted. Our Life results are still under pressure from the growth in bank savings products.

The unstable situation on the financial markets, high income-protection insurance claims and an impairment on the goodwill of our Life insurance activities resulted in a negative result of € 208 million in 2011.

Against the background of continuing economic uncertainty, cutting costs and reducing complexity will again be major priorities for the Executive Board in order to achieve structural improvement of our profitability level.

Gross written premiums declined in the reporting year by 1% to € 19,650 million (2010: € 19,852 million) after years of gradual increases. Group solvency remained robust in the reporting year at 204% (2010: 220%). We are also the only Dutch insurance company (Group level) whose outlook on the credit rating has improved in recent years. In 2010, S&P changed our A- with negative outlook to A- with stable outlook, making us the highest rated insurer (Group level) in the Netherlands.