Achmea Pensioenservices has incurred another loss last year and ended 2019 with a €26m deficit, according to the annual report for insurer Achmea, its parent company.

Last year’s result was slightly better than 2018’s, when the subsidiary for pensions provision reported a loss of €29m.

At the time, it attributed the negative result to the ongoing costs of ceasing its expensive service provision to large industry-wide pension funds. Also then, it already predicted the loss for 2019.

Achmea Pensioenservices also covers the service provision to Achmea’s consolidation vehicle Centraal Beheer APF.

Both subsidiaries incurred losses last year, Achmea announced, without providing specific financial details. However, it said that turnover had increased in the last six months of 2019.

Achmea said it expected Pensioenservices would become profitable again in the “coming years” as a result of improved efficiency, following the planned replacement of its aged IT system Maia. It added that it expected more clarity on this in May or June.

Achmea’s umbrella organisation Oudedagsvoorzieningen, which also include Achmea IM and Achmea Bank, reported a doubling of its profit to €30m, largely thanks to the performance of the banking operation.

Achmea IM’s profit dropped slightly following costs incurred from accommodating the large pension fund for the transport sector (Vervoer) as a new client.

As a result, its assets under management – already increased to €147bn from €129bn in 2019 – rose by €32bn this year.