This white paper contains a comparative analysis of the 2025 International Financial Reporting Standards (IFRS) annual reports of four insurance companies: Achmea, ASR, Athora, and NN Group. Through this analysis, we provide valuable insights for stakeholders and analysts seeking to understand the evolving dynamics of the Dutch life insurance industry under the IFRS standards.
Marking the third year of reporting under IFRS 9 and IFRS 17, the data offers an opportunity to observe the development of the company financial statements and key performance metrics. Milliman has created an internal database containing the financial results of more than 100 international financial institutions, concentrating on insurance activities and the valuation of (re)insurance contracts under IFRS 17. This data source forms an important benchmark for the analysis presented in this paper.
The paper covers the following key topics.
- Balance sheet information: revaluations, CSM, and risk adjustment (RA).
- Risk adjustment: the ratio of RA to present value of future cash flows.
- Key performance indicators: CSM growth, new business CSM, and the gross and net insurance service ratio.
- Ratio for attributable expenses versus total expenses: levels for each of the four insurers.
- Loss component: reporting for year-end and new business.
- Movements of CSM, RA, and stock of future profits: beginning- and end-of-period numbers for each of the metrics, along with other metrics.
- Comprehensive equity: components of the movement analysis and returns.
- Solvency II own funds and solvency ratio: amounts of own funds, solvency capital requirement (SCR), components of the SCR, and the solvency ratios at the end of 2024 and 2025.