Insurance
Strategy and targets
Core activities
Rabobank Group's insurance operations saw
considerable changes in 2005. Without question,
the biggest change was the merger between
Interpolis and Achmea. Since Rabobank Group
has a 37% interest in Eureko and no longer has a
direct stake in Interpolis, its financial reporting no
longer includes the Insurance business unit.
In addition, the distribution policy of the local
Rabobanks for insurance products was adjusted.
Collaboration with Eureko extended
Distribution of insurance products
47 Rabobank Group Annual Report 2005
In the year under review, a new step was made in the collaboration with
Eureko. By way of a merger of Interpolis and Achmea, Rabobank Group
increased its existing 5% holding in Eureko to 37% in 2005. This merger
created the largest insurance company in the Netherlands. Eureko is
strong in life and non-life insurance and particularly in healthcare
insurance, which is a market segment that Rabobank has wanted to
strengthen its focus on for some time.
In the Netherlands, Rabobank Group aims at market leadership in
all-finance. In this context, the merger between Interpolis and Achmea
would not at first sight seem the most logical step. Nothing is further
from the truth, however. As a result of the merger between Interpolis
met Achmea, Rabobank is no longer a producer of insurance products
but will instead specialise further as a distributor. The new and powerful
Achmea/Interpolis combination will be responsible for the development
of innovative insurance products, subsequently to be distributed by the
local Rabobanks. In this way, Rabobank can further strengthen its position
as one of the largest insurance brokers. In addition, opportunities will be
investigated for intensifying the collaboration with Eureko in coming
years, including the possibility of enlarging Rabobank's stake in Eureko.
With their closely-knit network, the local Rabobanks service half of the
Dutch private individuals and corporate clients. The local Rabobanks are
therefore an excellent platform for efficient distribution of a multitude
of innovative insurance products. There are significant developments in
the market for these products, partly as a result of the decrease in
government involvement and greater individual responsibility for old-age
pensions. Due to these developments, strong growth can be expected in
this sector in the next few years, with Interpolis and Achmea operating
as preferred suppliers. In addition, products from other insurers will be
included in the product range.
In 2005, the local Rabobanks, together with Interpolis, introduced their
first health insurance policy. This introduction was highly successful.
During the first year, 50,000 insurance policies were sold, corresponding
to 110,000 insured clients. The local Rabobanks, together with Achmea,
also introduced a collective health insurance policy especially for
members, offering them an attractive discount.
Intensifying the collaboration with
Strengthen our market share as an
Eureko/Achmea.
insurance broker
Efficient distribution of insurance
Raising the percentage of clients
products for both the private
with more than one insurance policy
individuals and the corporate markets.
in their packages
