Premiums received

Premiums increased by € 84 million to € 5,458 million, reflecting solid organic growth in P&C and Disability and the additional six months’ contribution from Aegon NL, partly offset by a decline in Health. The organic growth in P&C and Disability amounted to 5.1%, at the upper end of the 3-5% target range. In P&C, organic growth was driven by price increases to mitigate claims inflation as well as volume growth. In Disability, organic growth reflects higher premiums due to link with higher wages as well as price increases. In Health, premiums received decreased by 19% due to a decline of 175 thousand customers in the 2024 policy renewal season. The 2025 policy renewal season resulted in a net growth of the customer base of 70 thousand customers.

Operating expenses

Operating expenses increased by € 39 million to € 394 million, mainly driven by the addition of Aegon NL as well as organic growth in P&C and Disability. The expense ratio of the segment, excluding Health, decreased by 0.2%-points to 8.1%, which reflects the realisation of cost synergies.

Operating result

The operating result of the Non-life segment increased by € 91 million to € 469 million. This increase reflects pricing improvements, business growth, favourable weather conditions and the addition of Aegon NL.

The 2024 P&C result benefited from the absence of weather-related calamities, in 2023 the impact of these events was also limited. In addition, large claims were at a lower level compared to last year. Profitability improved as the portfolio is gradually reflecting the premium increases that were introduced over the past 12 months across our retail and commercial portfolios. In Disability, the result for 2024 has improved due to growth of the portfolio and improved pricing. The 2023 Disability result was negatively impacted by one-off strengthening of provisions in Group disability due to alignment of non-economic assumptions between sub portfolios. In Health the operating result decreased in comparison to 2023 due to the decline of the portfolio. The operating investment and finance result within the Non-life segment decreased by € 12 million to € 143 million.

Combined ratio

The combined ratio for the segment excluding Health improved by 1.7%-point to 91.9%, at the lower end of the target range of 92-94%. This is mostly related to favourable developments in P&C. 

In P&C, the combined ratio decreased to 90.7% (2023: 93.6%) which is a result of a lower level of large claims, premium increases that gradually become applicable to a greater share of the portfolio as well as the absence of weather-related calamities versus the low level in 2023. In Disability, the combined ratio improved by 0.5%-point to 93.0%, partly due to one-off strengthening of provisions in 2023 but also due to improved pricing, mainly related to group disability.

The combined ratio of Health increased by 0.3%-points to 99.1% which reflects the deterioration of the average claims profile related to switching customers and the declining customer base in 2024.

Result before tax

Result before tax increased by € 216 million to € 487 million, reflecting a higher operating result as well as a positive impact from incidental items. The investment related incidentals amounted to € 48 million in 2024 (2023: € 29 million), related to positive revaluations following a decrease of swap rates in 2024. Non-investment related incidental items amounted to € -31 million (2023: € -136 million), primarily reflecting the impact of hedging for pre-recognition interest rate movements and restructuring provisions.