Health insurance group VGZ, the second biggest in the country after Achmea, said on Wednesday it had boosted net profit six-fold to €150m in 2012.

The figures are contained in the company’s annual report, news agency ANP reported. The other main health insurers – Menzis, Achmea and CZ – have also announced record increases in net profit.

Health minister Edith Schippers has already said the insurers should use their profits to reduce premiums.

Last year, most companies either froze premiums or reduced them by a few euros a year even though the own-risk element rose by €120 a year.