Friends First has been owned by Achmea since 2002. Achmea is the third largest mutual insurer in Europe and one of the largest in the world.
Achmea was founded in the Netherlands in 1811 as a co-operative mutual insurance company owned by its customers.
Today, the main shareholders are:
- Achmea Association: A representative group of Achmea’s customers
- Rabobank: Another mutual organisation and one of Europe’s leading banks
Achmea is still committed to mutual ownership and is not listed on any stock exchange.
Achmea’s financial strength
- Standard & Poors credit rating of A with a stable outlook
- Manages €93 billion in total assets (at Dec 2016)
- Total equity of €9.8 billion (at Dec 2016)
- Income from premiums of €19.5 billion from its domestic and international operations (at Dec 2016)
- Solvency margin* of 181%
*All life companies need a solvency margin – this means they have more assets than they would need to cover the claims made by their customers. The Central Bank of Ireland recommends that life companies have a buffer of 1.5 times the minimum solvency margin required by law.
Achmea and Friends First
Friends First Life Assurance Company has been owned by Achmea since 2002. Before that, it was owned by Eureko, the Pan European Insurance Alliance. Achmea was a founding member and large shareholder of this group.
Achmea around the world
Achmea is active in six countries: The Netherlands, Ireland, Turkey, Greece, Slovakia and Australia and is exploring other market entry possibilities. It employs 17,829 people, of which 2791 work in its international operations.