NETHERLANDS – Pension common management firm Achmea is undergoing a “commercial vitality project” ahead of its merger with Interpolis.

The move comes amid a widening of losses at Achmea’s section of parent company Eureko.

“A comprehensive commercial vitality project is underway in Achmea (the Netherlands) to improve results,” Eureko said in its first-half earnings release.

Last month it emerged that Achmea was under scrutiny at the €16bn Dutch metals industry pension scheme PME, which is looking at costs and service standards.

The pre-tax loss at Eureko’s ‘holding and other activities’ segment – which includes pension administration and the Achmea Vastgoed asset management business – widened to €78.5m from €50.8m in the prior year period. Total income at the unit slipped 24% to €150.9m.

Eureko added that negotiations regarding Achmea’s planned merger with Rabobank’s Interpolis – announced in April – are ongoing but have not yet been finalised. It said its efforts were “focused” on completing the merger.

Total net profits at Eureko were up 39% at €338m.

Meanwhile, Interpolis posted net profits of €157m, up from €88m in the first half of 2004. Its turnover from services to pension funds rose by €1m to €68m.

But turnover in collective pensions insurance was down by €6m to €122, “due to less incidental value transfers”. The operational result of Interpolis’ pension branch was €15m, a decrease of €1m.

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