Daphne de Kluis will be appointed a member of the Supervisory Board of Achmea Bank with effect from 12 October 2021. She succeeds Robert Otto, a member of Achmea’s Executive Board, who has held this position since January 2020.
Daphne de Kluis (formerly of ABN AMRO) will be a member of Achmea’s Executive Board from 12 October 2021, where her responsibilities will include Achmea Bank. Her portfolio will also cover Achmea Pension & Life Insurance, Achmea Pension Services, Achmea Investment Management and Syntrus Achmea Real Estate & Finance.
From 12 October 2021, the Supervisory Board of Achmea Bank will consist of Huub Arendse (chair), Henny te Beest, Miriam van Dongen and Daphne de Kluis.
Achmea Bank N.V. has issued an inaugural €500 million covered bond under its new €5 billion Soft Bullet Covered Bond Programme. The bank already has an outstanding
amount of €1.5 billion under its Conditional Pass-Through Covered Bond Programme, bringing the total outstanding covered bond volume issued by Achmea Bank to €2 billion.
The transaction has been well-received in the capital markets with broad interest among European
institutional investors. About 40 investors participated and the total subscribed volume was approx. €1.1 billion. The bonds have a tenor of 15 years, a maturity date of 29 September 2036 and were issued at 8 basis points over mid-swap (coupon 0.25%). Achmea Bank will use the proceeds to
(re)finance parts of its Dutch mortgage portfolio.
The operating profit increased from EUR 26 million in the first half-year of 2020 to EUR 33 million in the first half-year of 2021.
The interest margin in 2021 decreased by EUR 9 million. The net impact of lower funding costs and lower gross margin on the mortgage portfolio resulted in a decrease of the interest margin by EUR 7 million. Both the mortgage production and the margins on new production decreased compared to last year as a consequence of increased competition and appetite for mortgages by non-banks. The mortgage production for its own balance sheet amounts to EUR 0.4 billion in the first half of 2021 (EUR 0.2 billion in first half of 2020). Combined with prepayments of EUR 0.9 billion, the mortgage portfolio of Achmea Bank decreased from EUR 11.6 billion to EUR 11.1 billion
The releases of the loan loss provision in 2021 amounts to EUR 11 million (2020 EUR 4 million loss). The lower level of the loan loss provision as per June 2021, is related to implementation of a second generation of IFRS9 risk model combined with improvement of the macro-economic outlook in 2021, the positive development of housing prices and inherent low credit risk profile of the mortgage portfolio of Achmea Bank.
As of 1 October 2020, Achmea's operational mortgage activities have largely been centralised within Syntrus Achmea Real Estate & Finance (SAREF), as part of the strategy of Achmea to increase its market share in the mortgage market in the coming years. This transfer includes the production of new mortgages for Achmea Pensioen- en Levensverzekeringen N.V. which resulted in a decrease of the fee income for Achmea Bank and lower cost allocation by Achmea B.V.
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Achmea Bank is part of Achmea, the largest insurer in the Netherlands. We provide mortgages and savings products to private individuals under the brand names Centraal Beheer and Woonfonds. We complement Achmea's insurance propositions with savings and mortgage products. In doing so, we strive for the full trust of all our stakeholders: customers, distribution partners, employees, regulators, investors and the shareholder.