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Achmea will keep on incurring costs in the coming years stemming from its decision in 2016 to cease its administrative services to mandatory industry-wide pension funds.The Dutch insurer’s new subsidiary Achmea Pensioenservices (APS) lost €29m last year, an increase of €13m relative to 2017.Publishing its annual results for 2018, Achmea attributed the increased loss to its strategic choice to stop providing services to industry-wide schemes. A spokesman for the company said the costs of phasing out old IT systems would continue to affect profits in the coming years.“As a consequence, APS will also make a loss this year,” he said. Syntrus Achmea’s IT upgrade couldn’t support mandatory industry-wide schemesNovember 2016: Syntrus Achmea announces that it will be forced to stop providing administration services to 22 Dutch industry-wide pension funds after an IT upgrade proved unable to support the wide range of offerings.Several pension funds voiced concerns about the capacity of the Netherlands’ pension administrators to absorb 22 pension funds in a short space of time.March 2017: IT firm Centric enters into talks with Syntrus Achmea to take on eight schemes. One month later, six schemes agreed to transfer, with Centric taking on several Syntrus Achmea staff.July 2017: Wonen, the pension scheme for the furnishing sector, selects TKP Pensioen as its replacement administrator – the last of Syntrus Achmea’s clients to find a new provider.January 2018: Achmea rebrands its administration business after admitting the Syntrus brand had been ‘dented’.A better year for Achmea groupCentraal Beheer – a ‘general pension fund’, or APF – added 548 employers last year, and also welcomed the €162m pension fund Cindu. Two more employers, Yarden and ATM, joined from the now-liquidated Delta Lloyd APF.The company said 2018 was a very successful year on the employer market. Centraal Beheer now manages €1.3bn of pension assets for 21,500 participants in total.Assets under management at Achmea Investment Management increased by €9bn to €129bn last year, as a result of adding new clients. These included the occupational pension fund for general practitioners (SPH), which moved its €10bn fiduciary mandate from PGGM to Achmea.However, market losses since September negatively affected Achmea IM’s assets, a spokesman said.Assets under management at Syntrus Achmea Real Estate & Finance – Achmea’s specialist property investment subsidiary – grew from €19.7bn to €21.5bn through new institutional mandates and higher valuations. It reported a strong growth of residential property investments and residential mortgages. Last year, APS replaced Syntrus Achmea Pensioendiensten (SAP), the name of which disappeared after it had completed the disposal of the industry-wide pension funds.SAP had incurred annual losses since 2008 ranging from €10m to €40m, largely due to its administrative services to the mandatory sector pension funds. In 2016 it lost €22.5m, according to Achmea, mainly due to the cost of setting up the Centraal Beheer consolidation vehicle.In August 2017, Willem van Duin, Achmea’s chairman, said he expected SAP to become profitable soon.APS focuses on providing services to Achmea’s remaining pension fund clients, which include company schemes, occupational pension funds, non-mandatory sector schemes and Centraal Beheer.Timeline: Syntrus Achmea’s IT woes
AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersSparks general manager Penny Toler said during a 50-minute question-and-answer session at the Luxe City Center Hotel that she and Fisher have known each other about 20 years, and that he used to attend Sparks games when he played for the Lakers.“What came to mind with Derek,” Toler said, “is here’s a guy who I’ve known and has been with us forever. … From time to time, Derek and I would have conversations to talk about the (Sparks) and I would tease him, ‘Come and coach.’“It’s all about timing,” she added. “When Brian (Agler) wanted to resign, I thought, ‘Here’s a guy who has some experience. Good or bad, it’s still experience.’”The Sparks, winners of three WNBA championships, are among the three surviving franchises from the league’s original eight in 1997. They boast a veteran roster that includes Parker, the 2008 and 2013 WNBA MVP, as well as 2016 WNBA MVP Nneka Ogwumike. Last season, they went 19-15 and placed third in the West before losing in the conference semifinals.Fisher, who played 18 NBA seasons, replaces Agler, a decorated women’s basketball coach who led the Sparks to the 2016 title, the second of his two WNBA championships. LOS ANGELES — Sparks forward Candace Parker wore her 2016 WNBA championship ring to Friday’s introductory news conference, where she sat beside her new head coach, Derek Fisher – a five-time NBA champion for the Lakers.“I want more,” Parker said, referencing her ring, and Fisher said he understood his star player’s mandate.“I’m thankful and I’m grateful and I’m going to do the best job I can possibly do to win a championship as soon as possible,” Fisher said.The Sparks job is Fisher’s second head coaching position, following a short-lived tenure with the New York Knicks, who were 17-65 in Fisher’s first season and started 23-31 in his second before he was let go by then-Knicks president and former Lakers coach Phil Jackson. Newsroom GuidelinesNews TipsContact UsReport an Error Toler said his resignation “wasn’t a force-out or anything; when he wanted to resign, I accepted the resignation.” She added she didn’t ask why, because Michael Cooper – the former Lakers star and Sparks coach – used to say to “only want people who want to be here.”The Sparks announced Agler’s resignation Nov. 30 and news of Fisher’s hiring broke Wednesday, via a tweet from NBA insider Adrian Wojnarowski.Toler indicated she’d had several discussions with Fisher – who asked “about 2,000 questions” – as well as members of the Sparks’ front office and Parker before she hired the 44-year-old former point guard.“All coaches get hired and fired,” Fisher said with regard to his time in New York. “What Penny said about learning through adversity, evolving and growing – the book is not finished yet. If you open a book and it’s 300 pages long, you can’t assume how it’s going to end on page 57. You’ve got to read the whole book. This is a good opportunity for me to write my coaching book.”Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.He said his stint in New York taught him lessons he’ll employ in L.A., including that he needs to emphasize communication. He also said his playing experience with the Lakers will help lead a team in an increasingly fluid, position-less style of game.“The championship teams I played on here in L.A. in ’09-10, even ’08, we had Lamar Odom at the four and Pau Gasol at center and (Trevor) Ariza and Kobe (Bryant) and myself,” Fisher said. “There was a versatility to the game, five players that all could make good decisions with the basketball, who all could shoot, all could defend. This roster has the framework in a very similar way.”Fisher said he had conversations with representatives of college programs and other professional teams prior to accepting the Sparks’ offer, but he said he doesn’t view his new position as a stepping stone to another NBA coaching job.“I’m here,” said Fisher, adding he and Toler have yet to begin filling out a staff that he hopes will help the team increase its pace of play. “There isn’t a future outside of what we’re here to talk about today. I’m the coach of the L.A. Sparks and that’s what it is. And I’m happy about it.”Parker said she was a proponent of Fisher’s hiring because she’s excited about his championship pedigree.“He’s won championships,” she said. “And until I won a championship with L.A., I didn’t realize how much it matters to have that experience and knowledge.”