Insurance group Achmea said on Tuesday it had booked net profit of €16m in 2014, as a major reorganisation cut into the group’s earnings.

In total, Achmea plans to reduce its 17,000 workforce by 4,000 by the end of 2016. The company took a €239m hit in the form of reorganisational costs, goodwill impairments totalling €143m,  and earmarked €335m to head off an increase in health insurance premiums in 2015.

In 2013, the company booked net profit of €344m.

Chief executive Willem van Duin said in a statement the reorganisation is proceeding according to schedule. The aim of the ovehaul is not only to cut costs but to improve customer services,  he said.