Sunday 26 March 2023

Three Dutch financials report upbeat 2017 earnings

The three Dutch financial institutions reporting 2017 earnings on Friday were all upbeat about their results.

Rabobank reported a 33% surge in net earnings propelled by all its operations in the Netherlands and abroad. Aegon restored its flagging Dutch operations with a €1bn cash injection from its US unit and NN said it had started to integrate its Delta-Lloyd acquisition successfully into its existing businesses.

Utrecht-based Rabobank reported net profit soared by more than 32% to €2.7bn in 2017 as costs declined significantly. The co-op said both its Dutch and international operations contributed to the strong growth in earnings.

Positive economic developments in the Netherlands, flourishing food and agrarian markets and lower taxes also played a role, it said. Staffing costs were reduced because of reorganisations in Dutch unit. Rabo also increased its share of the Dutch mortgage market to 22% from 21% in 2016.


A lower US tax burden in the US helped boost Aegon’s earnings in the final quarter of 2017, the Hague-based insurer said. Aegon’s solvency ratio, the measure by which the company’s ability to pay future obligations, rose to 201%.

As a result, Aegon closed the year favourably, especially since its Dutch unit had had problems earlier in the year. This was cured by a €1bn capital injection from Aegon’s US operations, the company said. Aegon also said it is proposing to restore dividend payments.

Nationale Nederlanden

The consolidation of insurer Delta-Lloyd’s businesses into NN’s operations benefited its 2017 results. Full-year 2017 operating profit jumped by 29.3% to €1.576bn while net profit soared to €700m from €148m, mainly driven by higher capital gains.

The net result increased to €700m from €148m in 4Q 2016, mainly driven by higher capital gains and revaluations and the higher operating result. Full-year 2017 net revenues were up by 77.5% to €2bn.

NN CEO Lard Friese said in a statement: ‘2017 was a memorable year for the NN Group in which we successfully completed the acquisition of Delta Lloyd. We have started the integration in the Netherlands and Belgium, creating a leading insurance and pension company.’

Thank you for donating to

The team would like to thank all the generous readers who have made a donation. has been free for 16 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.

If you have not yet made a donation, but would like to, you can do so via Ideal, credit card or Paypal.