Achmea Pensioen & Levensverzekeringen (Achmea Pension & Life) is to expand its existing pension services to Dutch multinational dairy cooperative FrieslandCampina through a buyout deal worth approximately €1.5bn.

The deal concerns a segregated investment account that holds the invested pension assets of approximately 8,000 (former) employees of Friesland Foods and FrieslandCampina, it was announced. Both parties have agreed to dissolve this account.

The assets, which were accrued before 2015 and have until now been managed by FrieslandCampina, will be transferred to Achmea Pension & Life.

Hans Janssen, chief financial officer of Koninklijke FrieslandCampina, said: “This step contributes to a solid and reliable future for the participants’ pensions. We are confident that this is in the best interest of their financial security. All participants will be fully informed in the near future about this change and what it means for them.”

Achmea’s growth ambitions for buyout market
Achmea Pension & Life announced a partnership with Sixth Street back in November 2024. Apart from new customers and economies of scale, this partnership, which is expected to start in the second half of this year, will provide additional growth opportunities in the market for pension buyouts, the firm said.

The plan is to acquire a market share of approximately 20%, and the FrieslandCampina transaction is an “excellent initial step towards achieving this objective”, it added.

Daphne de Kluis, member of the executive board of Achmea BV and responsible for the pension business, said: “The transaction enables us to take over full responsibility for this pension scheme from FrieslandCampina. It’s a good fit with the long-term and close relationship we have built up together.”

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