Insurance giant Achmea saw profit fall 27% in 2013 to €344m, following a €232m write-off on pensions and health insurance, the company reports on Tuesday.

Operating profit rose 4% to €536m while turnover in premiums fell from €20,455m to €20,233m.

Results were particularly bad in the pension and life insurance market – down from €383m in 2012 to €245m last year – and in additional healthcare insurance – down from €92m to €62m.

Despite the storm damage in October and December (€72m) and four large industry fires (€45m), profit rose in damage insurance from €65m in 2012 to €265m.

Achmea is shedding 4,000 jobs over the next few years.