Achmea Bank update Strategy for growth. 26 May 2016 Ronald Buwalda Leiden

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1 Achmea Bank update Strategy for growth 26 May 2016 Ronald Buwalda Leiden

2 Key messages A solid pillar of the retirement services strategy and a good investment opportunity Achmea Bank is strategically anchored within Achmea Group Banking products are key to fulfil Achmea s ambition to provide clients with products that ensure financial security after retirement Achmea Bank has a strong balance sheet, capital ratios, funding mix and liquidity position High quality mortgage portfolio with low arrears and write-offs A strong capital position and a robust savings portfolio Well diversified funding mix and calender Achmea Bank s strategy aims to improve net interest margin and reduce costs Well positioned for growth, by means of power brand Centraal Beheer Well positioned for further improvement of interest margin and lowering of Cost-to-Income (C/I) ratio 2

3 Contents Achmea Bank at a glance Achmea Bank within the group Characteristics mortgage and savings portfolio Capital and Funding Sound financial strategy Achmea bank: a good investment 3

4 Achmea Bank at a glance: Strongly capitalised and well positioned for growth KEY FIGURES (IN EUR MILLION) Achmea Bank NV FY 2015 FY 2014 Total assets 1 16,072 15,125 Mortgages² 11,523 11,160 Savings 5,092 4,681 Capital base Risk Weighted Assets 4,594 3,513 Operating result before tax 6 35 Liquidity Coverage Ratio ³ 1,027.0% 67.0% Leverage Ratio 4.8% 4.0% Common Equity Tier 1 Ratio 16.7% 17.0% Total Capital Ratio 16.9% 17.2% 1 Increase of total assets in 2015 mainly consists of the acquired Staalbankiers portfolio ( 1.1 billion), ² Excluding Staalbankiers portfolio ( 1.1 billion), ³ At the end of 2015, the Liquidity Coverage Ratio (LCR) was relatively high at 1,027% due to the receipt of government bonds, as a consequence of the so-called asset switch with Achmea Pensioen & Leven (AP&L). Strategically important and complementary to the insurance propositions Well established originator of mortgages with over 40 year s experience with label Woonfonds Low Risk: High quality mortgage portfolio with low arrears and write-off s Strong capital base Strong liquidity position: diversified funding base through retail savings and wholesale funding Ratings: Fitch: A/F1 (neg outlook) S&P : A/A-1(neg outlook) 4

5 Contents Achmea Bank at a glance Achmea Bank within the group Characteristics mortgage and savings portfolio Capital and Funding Sound financial strategy Achmea bank: a good investment 5

6 Alignment with Retirement Services Strategy: Anticipating on a shift to more individualized need for retirement benefits Achmea strategy is to become and remain a leading actor in retirement benefits in the Netherlands; Centraal Beheer is the main brand Leading in Health, Non-life and Retirement benefits Centraal Beheer s integral vision with respect to retirement benefits; banking is key for pillar III & IV Total solution Centraal Beheer retirement benefits 4 th pillar Complementary individual Savings and Mortgages (home equity) ZZP / DGA Propositions Markets Health Non-life Retirement benefits Brands 3 rd pillar Complementary individual Bank Savings (fiscally attractive) ZZP / DGA Propositions Proposition, brands & Labels multiple multiple 2 nd pillar Collective retirement arrangements Centraal Beheer APF DC and DB Collective through employers ZZP Collectivity (tbd) employees Self-employed 6

7 Contents Achmea Bank at a glance Achmea Bank within the group Characteristics mortgage and savings portfolio Capital and Funding Sound financial strategy Achmea bank: a good investment 7

8 Characteristics mortgage portfolio (1): High quality portfolio; well seasoned and low LTVs Mortgage size (remaining principal amount) (in %) <150k 150k- 200k- 200k 250k 250k- 300k 300k- 400k 400k- 500k 500k- 750k >750k 30% 25% 20% 15% 10% 5% 0% <= 1y Remaining legal maturity (in %) 1-5y 5-10y 10-15y 15-20y 20-25y 25-30y Total core mortgage portfolio 11.5bln (Q4 2015) Well seasoned portfolio (>55% remaining legal maturity <20 yrs) Average indexed Loan to Market Value of the mortgage portfolio is 81% Loan to market value indexed (in %) NHG Non NHG 0-60% 60-80% 80-90% % % >103% 60% 50% 40% 30% 20% 10% 0% Interest only Type of mortgages (in %) Savings Annuity Linear Other LTMV cap for new mortgage originations will be scaled back to 100% as of 2018 (2015: 103%) Due to developments on tax deductibility in the Netherlands, amortising mortgages will comprise a higher percentage of the mortgage portfolio going forward 8

9 Characteristics mortgage portfolio (2): Excellent performance; low arrears and write-offs 1,4% 1,2% 1,0% 0,8% 0,6% 0,4% 0,2% Arrears rate (in %) feb-15 feb-16 1,00 0, Delinquincy Rates for Prime RMBS (in %) 3,00 Arena DMPL Dutch MBS HERMES Saecure Storm Index 2,00 Mortgage portfolio in arrears (> 1 day) 1.23% (FY 2015), a decrease of 0.30% compared to FY 2014 Decreasing number of files in special servicing (0.66% FY 2015 vs 1.01% FY 2014) 0,0% months 3-6 months 6-9 months 9-12 months >12 months Number of files in default management 0.09% Write-offs (in %) Write offs remain limited at 8.5bps in % 0.07% 0.06% 0.05% 0.04% Increase in write-offs due to acceleration in sales of long term case files % % Default figures of Achmea Bank remain strong compared to market averages 9

10 Characteristics Savings portfolio: Steady growth in savings portfolio 78% Portfolio development: Savings¹ (in %) 3.7 bn 4.3 bn 4.7 bn 6% 10% 6% 13% 7% 10% 6% 21% 62% 36% 5.1 bn 18% 3% 38% 45% 41% Introduction of the long term deposit in August 2012 The long term deposit grew from EUR 225 million in 2012 to EUR 1.9 billion at the end of 2015 In 2015 total savings at Achmea Bank increased by EUR 300 million Achmea Bank is well positioned to realise an increase in savings Bank Savings Spaarloon and levensloop Long Term Deposist Savings available on demand ¹ Excluding savings pledged to mortgages ( 0.8 billion in 2015) 10

11 Contents Achmea Bank at a glance Achmea Bank within the group Characteristics mortgage and savings portfolio Capital and Funding Sound financial strategy Achmea bank: a good investment 11

12 Capital and funding strategy: Strongly capitalised and solid liquidity position KEY FIGURES (IN MILLION) Achmea Bank NV FY 2015 FY 2014 IFRS Equity and Reserves Deductions and regulatory adjustments -8-5 Common Equity Tier Tier Total Capital Base Risk Weighted Assets 4,594 3,513 The total risk exposure amount and capital ratio calculation is based on the Standardised Approach Head room available for AT1 and T2 issuance Liquidity ratios well above >100% BASEL III RATIOS (FULLY LOADED) Achmea Bank NV FY 2015 FY 2014 Leverage Ratio 4.8% 4.0% Common Equity Tier 1 Ratio 16.7% 17.0% Total Capital Ratio 16.9% 17.2% LCR 1,027% 67% NSFR 117% n.a. 12

13 Capital ratio compared to European Banks 16.7%¹ 15.5% 14.9% 14.9% 13.5% Regulatory capital ratios (fully-loaded) as of FY 2015 CET1 Ratio 13.2% 12.7% 12.1% 11.9%² 11.4% 11.1% 10.9% 10.9% 10.9% 10.7% 10.1% Source: Company FY2015 financial reports, ¹Standardized approach for credit risk, ² Phased-in 13

14 Funding mix and strategy: Further diversification and shift to retail/ unsecured funding 6% 4% 9% Funding mix development 4% 3% 5% 2% 6% 23% Funding & liquidity strategy Diversification: shift in funding mix from secured wholesale funding to savings and unsecured wholesale funding Further diversification in maturities Liquidity: Survival period of at least six months 41% 5% 29% % 36% 2015 Results Shift in funding mix Improved maturity profile Lower asset encumbrance and overcollateralisation Central bank funding State Guaranteed funding Other Funding Equity Derivatives & FV Secured wholesale Unsecured wholesale Savings 14

15 Funding maturity profile: Smoothening of maturity profile Wholesale funding redemption profile (Run off wholesale funding (x 1 million) Funding mix FY2015 (in billion) Deposits Intercompany funding Private loans Subordinated loans Commercial paper MTN & Private Placements Covered bond RMBS (Cash) Retail funding 5.9 Savings 5.1 Other entrusted funds 0.8 Wholesale funding 8.1 Secured wholesale 3.7 Unsecured wholesale 4.4 Equity 0.8 Other liabilities 1.3 Total liabilities H H H H Significantly smoothened future refinancing peaks A well balanced funding mix : Retail funding at least 35% (FY 2015: 37%) Unsecured funding (including retail funding) at least 50% (FY 2015: 64%) 15

16 Contents Achmea Bank at a glance Achmea Bank within the group Characteristics mortgage and savings portfolio Capital and Funding Sound financial strategy Achmea bank: a good investment 16

17 Sound Financial Strategy (1) Profitability improvement: growth and increase of efficiency KEY FIGURES (IN EUR MILLION) Achmea Bank NV FY 2015 FY 2014 Interest Income Interest expenses Interest margin Changes in faire value of financial instruments (2) 9 Interest margin and changes in fair value of financial instruments Other income 2 4 Operating income Impairment of financial instruments and other assets 5 7 Operating expenses Operating profit before taxes 6 35 Income tax expenses 1 11 Net profit 5 24 In 2015 net profit decreased Interest margin excl. one-offs increased by +17bps to 83bps Improvement of net profit and Return on Equity has management priority: Increase income by: Repricing mortgage and funding Growth of mortgage book (as part of Retirement Services strategy) Optimise liquidity costs New fee business Decrease costs, by: Outsourcing of mortgage servicing (Quion) Reducing operational costs savings portfolio 17

18 Sound Financial Strategy (2): Continous increase of interest margin 100 Interest margin development¹ ( ) 0.99% % NIM (%) NIM ( million) 0.85% % 0.83% 0.8% 0.65% 0.67% Interest margin (excluding one off transaction results) increased between 2011 and 2015 Expected to increase to 1% in the next years % 0.53% 0.6% 0.4% % % ¹Adjusted for fair value results 18

19 Sound Financial Strategy (3): key ambitions Criterion Ambition ratio FY 2015 Ambition Capital Total Capital Ratio Leverage Ratio 17% 4.8% 15.5% >4% Liquidity Survival period Liquidity coverage ratio (LCR) Net stable funding ratio 9.4 (months) 1,027% 117% > 6 months >100% >100% Funding profile Retail funding Unsecured + Retail funding Asset encumbrance 37% 64% 30% 40% 60-70% 30-40% Profitability Return on Equity (RoE) Cost/Income ratio (CIR) Interest margin 1% 86% 0.83% 5-6% 55-65% 1% 19

20 Contents Achmea Bank at a glance Achmea Bank within the group Characteristics mortgage and savings portfolio Capital and Funding Sound financial strategy Achmea bank: a good investment 20

21 Key messages A solid pillar of the retirement services strategy and a good investment opportunity Achmea Bank is strategically anchored within Achmea Group Banking products are key to fulfil Achmea s ambition to provide clients with products that ensure financial security after retirement Achmea Bank has a strong balance sheet, capital ratio s, funding mix and liquidity position High quality mortgage portfolio with low arrears and write-offs A strong capital position and a robust savings portfolio Well diversified funding mix and calender Achmea Bank s strategy aims to improve net interest margin and reduce costs Well positioned for growth, by means of power brand Centraal Beheer Well positioned for further improvement of interest margin and lowering of Cost-to-Income (C/I) ratio 21

22 Disclaimer This presentation (the Presentation ) is provided on a strictly private and confidential basis for information purposes only. By attending or reading this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below. Without the express prior written consent of Achmea B.V.. (the Company ), the Presentation and any information contained within it may not be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for any purpose other than your evaluation of the Company or (iv) provided to any other person, except your employees and advisors with a need to know who are advised of the confidentiality of the information. This Presentation does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for securities nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does not constitute either advice or a recommendation regarding any securities. The communication of this Presentation is restricted by law; it is not intended for distribution to or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. To the fullest extent permitted by law in no circumstances will the Company, or any of its respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The information contained in this Presentation has not been independently verified. Recipients of this Presentation are not to construe its contents, or any prior or subsequent communications from or with the Company or its representatives as investment, legal or tax advice. In addition, this Presentation does not purport to be allinclusive or to contain all of the information that may be required to make a full analysis of the Company. Recipients of this Presentation should each make their own evaluation of the Company and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This Presentation might contain illustrative returns, projections, estimates and beliefs and similar information ( Forward Looking Information ). Forward Looking Information is subject to inherent uncertainties and qualifications and is based on numerous assumptions, in each case whether or not identified in the Presentation. Forward Looking Information is provided for illustrative purposes only and is not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Nothing in this Presentation should be construed as a profit forecast. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. Some important factors that could cause actual results to differ materially from those in any Forward Looking Information could include changes in domestic and foreign business, market, financial, political and legal conditions. There can be no assurance that any particular Forward Looking Information will be realised, and the performance of the Company may be materially and adversely different from the Forward Looking Information. The Forward Looking Information speaks only as of the date of this Presentation. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to any Forward Looking Information to reflect any change in the Company s expectations with regard thereto or any changes in events, conditions or circumstances on which any Forward Looking Information is based. Accordingly, undue reliance should not be placed upon the Forward Looking Information

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