Ron van Oijen, Chairman of VIVAT’s Executive Board:
“Our performance in the first half year of 2018 once again emphasised the fact that VIVAT has made the right strategic choices. The net underlying result was up significantly, costs remained stable and commercially we saw growth in the areas VIVAT focuses on. Progress was also made in optimising the investment portfolio.
In June 2018, VIVAT was able to issue EUR 300 million Restricted Tier 1 notes in a challenging market environment. At the same time, the tender offer of EUR 150 million for the publicly outstanding EUR 400 million subordinated notes was successful. Both transactions helped increase VIVAT’s Solvency II ratio, based on the standard model, to 167%.
Following the EUR 375 million single premium pension fund buy-out in 2017, Life Corporate entered into another buy-out in May 2018 representing EUR 211 million of single premium and increased the premium income excluding buy-outs. The product line P&C also increased its premium income despite the competitive market and a change to the composition of the portfolio.
VIVAT continued to invest in innovation. In January 2018, VIVAT and Amsterdam Data Science (ADS) opened an ‘Insurance Lab’ to develop and apply new technologies which enables VIVAT to be even better equipped to offer our customers the best possible service.
Our efforts in the field of sustainability were once again recognised by the Fair Insurance Guide according to our consistently high rankings in different themes in recent surveys. In line with our sustainability policy, we have ended the variable remuneration in our new Collective Labour Agreement (CLA) which became effective as of 1 July 2018. Zwitserleven successfully launched its sustainable investment funds proposition. Our sustainable asset manager, ACTIAM, was rewarded with two Thomson Reuters Lipper fund awards which we believe proves that responsible investment adds value.
Going forward VIVAT will keep executing its strategy by focussing on innovation, further reducing our cost base and optimising the investment portfolio. We will continuously serve the needs of our customers and stakeholders helped by the efforts of our committed employees.”
For the full press release about the Annual Results please download the pdf below.
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