Achmea issues profit warning
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Add as a favourite source on Google Add DutchNews as a favourite source on GoogleInsurance giant Achmea on Tuesday issued a profit warning for 2011. The net loss is expected to be between €199m and €239m, the company said.
This is due to a one-off depreciation of €279m in its life insurance activities. The Dutch life insurance market has shrunk in recent years and Achmea sees this as a structural decline.
The underlying cause is growing consumer demand for bank savings products which now carry the same tax benefits previously restricted to life insurance.
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