Insurance giant Achmea booked net profit of €123m in the first six months of 2013, down 41% on the year-earlier period.

Total revenue from life, non-life and health insurance premiums fell 3% to €17.6bn.

In particular clients cut their health insurance premiums by opting for higher own-risk charges and reducing top up coverage, board chairman Willem van Duin said in a statement.

The popularity of life insurance has also been hit, as consumer switch to bank-based saving schemes, Van Duin said.

‘Going forward, we will continue to focus closely on improving efficiency,’ he said. ‘Our goal to reduce our operating expenses by €200m by the end of 2015 is still firmly in place.’