Achmea Bank is part of Achmea, the largest insurance company in the Netherlands, with a cooperative background. We offer savings and mortgage products through the Centraal Beheer and Woonfonds brands.
23-03-2018
Achmea Bank reported a profit before tax of EUR 24 million (2016 a profit of EUR 17 million) over 2017. This result includes the following exceptional items: release of the Acier loan loss provision of EUR 7 million and a positive fair value result of EUR 2 million. The operating result for 2017, excluding the above mentioned exceptional items, amounts to EUR 15 million (2016: EUR 16 million). Compared to last year, a lower interest margin of EUR 6 million is partly compensated by higher fees of EUR 3 million and lower impairment charges relating to the regular portfolio of EUR 2 million.
Production of new mortgages increased to EUR 1.4 billion (2016: EUR 0.7 billion). As part of the retirement benefit strategy of Achmea, Centraal Beheer was successfully positioned as a mortgage label whereas Woonfonds will focus on niche segments alongside the “mainstream” mortgage market. The production was equally divided between Achmea Bank (2016: EUR 0.4 billion) and Achmea Pensioen & Leven N.V. (2016: EUR 0.3 billion). As the total prepayments stabilized at EUR 1.1 billion, the nominal value of the regular mortgage portfolio of Achmea Bank decreased to EUR 10.4 billion (2016: 10.8 billion).
The savings portfolio remained stable at EUR 6 billion. In November 2017, Achmea Bank set up a EUR 5 billion Conditional Pass Through Covered Bond Programme (“CPTCB”) to replace its existing covered bond programme which was terminated in October 2017. At inception the Bank issued bonds for an amount of EUR 0.5 billion. This transaction enables Achmea Bank to further diversify its funding sources and attract new long-term funding. In 2017 the Bank redeemed EUR 0.5 billion RMBS notes.
Achmea Bank successfully transferred the servicing of its mortgage portfolio and part of its lending process connected to the mortgage portfolio to Quion in May 2017. Furthermore a new administration system for savings products and payments (Europort+ of Able) was implemented on 22 January 2018. Through the strategic partnerships with Quion and Able, Achmea Bank is able to improve customer service, increase flexibility and achieve a structural cost reduction. Achmea Bank has restructured the internal organization to align with these developments and to reposition itself for future growth.
The Total Capital ratio increased to 20.5% (2016: 19.2%). The Common Equity Tier 1 (CET1) Capital ratio increased to 20.4% as per December 2017 (19.1% at the end of 2016). Profit 2016 and the decrease of the mortgage portfolio both contributed this increase.
The estimated impact of IFRS 9 is a decrease of CET 1 ratio with approximately 30 basis points, mainly related to a change in the classification and measurement of a small part of the mortgage portfolio. The new BASEL IV guidelines come into force in 2022, on the basis of a preliminary impact assessment Achmea Bank expects that these guidelines will not have a material impact on the capital ratios.
In line with Achmea Group’s policy to manage excess capital at group level, Achmea Bank has drawn up a dividend policy in 2017 whereby dividend is paid out if the Bank’s Total Capital Ratio exceeds a minimum limit. In accordance with this policy and given its solid capital position, the clear and lower than expected impact of both Basel IV and IFRS 9 and positive developments in the Acier portfolio, Achmea Bank proposes to pay out a total dividend of EUR 50 million. When the final Basel IV regulations are implemented in European legislation without change, our capital position remains strong enough to realize our growth strategy and pay out future dividends.
Since year-end 2016 Achmea Bank has retained its long-term rating of A/stable (Fitch). Standard and Poor’s revised the rating per 31 March 2017 from A-/ Stable to A-/Negative.
As of 1 April 2017 Mr. Pieter Emmen has succeeded Mr. Ronald Buwalda as Director of Finance & Risk of Achmea Bank. As a result of the completion of the operational transformation the position of Director of Operations will no longer be filled in as of April 1, 2018. As of the 1 January 2018, Mrs. Petri Hofsté stepped down as chairman of the Supervisory Board of Achmea Bank and has been replaced by Mr. Huub Arendse, who joined the Supervisory Board as from 1 August 2017. On 1 August 2017 Mrs. Bianca Tetteroo was also appointed as member of the Supervisory Board.
The full press release can be downloaded here:
22-01-2018
TILBURG – Achmea Bank has implemented EuroPort+ as a new system for the administration of savings products and payments. EuroPort+ is an administrative platform for wealth management. The implementation of this new system will enable Achmea Bank to improve customer service levels and achieve structural cost reductions. Able is the developer of the system.
Pierre Huurman (Achmea Bank): “The teams of Achmea bank and Able worked closely together to implement EuropPort+ and connect it to our own IT systems and web portals. This allows us to put even more emphasis on excellent service delivery so that we can serve our customers even better”.
Alex Timmermans (Able BV): “We have invested a lot in online services over the past period. Consequently our technology is at the forefront in connectivity to modern customer portals. This will help banks to compete in the online world. Achmea Bank's choice for EuroPort+ is a confirmation that we have made the right choices in our technological roadmap.
Achmea Bank currently services a savings portfolio of around 5 billion Euro. Further financial details will not be disclosed.
The press release can be downloaded here.
15-12-2017
Tilburg – As per January 1, Huub Arendse (59) has been appointed as chairman of the Supervisory Board of Achmea Bank. Arendse already was a member of the Supervisory Board of Achmea Bank since 1 August 2017
Petri (P.H.M.) Hofsté has been chairman of the Supervisory Board of Achmea Bank from 1 May 2015. She will step down at the end of this year because of her position in the Supervisory Board of Rabobank.
The Executive Board of Achmea, the Executive Board of Achmea Bank and Supervisory Board of Achmea Bank would like to thank Petri Hofsté for her much appreciated contribution to the development of Achmea bank N.V over the past years
As per January 1, the Supervisory Board of Achmea Bank will consist of Huub Arendse (chairman), Jan Molenaar, Henny te Beest and Bianca Tetteroo.
The press release can be downloaded here.
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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.
