Capital Markets Day. 5 June 2014 Leiden the Netherlands

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1 Capital Markets Day 5 June 2014 Leiden the Netherlands

2 Contents Achmea non- life insurance Robert van de Graaf, CFO of Non- life division Achmea health insurance Norbert Hoogers, Chairman of Health division Achmea pension & life insurance Bianca TeVeroo, Chairwoman of Pension & Life division Miranda Hendriks, CFO of Pension & Life division ImplementaNon of Solvency II Gert Madorf, SII expert Mathieu Filippo, SII expert

3 Achmea non- life insurance 5 June 2014 Robert van de Graaf Leiden

4 Key messages We are the leading non- life insurance company in the Netherlands #1 in Property & Casualty #2 in Income Protec_on In the next period we will con_nue to capitalize on our compe ve advantages Big data / Geo Data Pricing desk / Dynamic Pricing Advanced value management

5 Contents Introduc_on Achmea non- life insurance Current developments Dutch non- life insurance market Current ini_a_ves Accelera_on & Innova_on program

6 Achmea has over 3 billion of 16 billion Dutch non- life GWP Dutch non- life market in billion GWP * ,3 12,8 12,9 12,3 12, Gross wri^en premiums ** (Achmea: 20.2 billion) Life 13% Health 65% 6% Interna_onal 16% Non- life Gross wri^en premiums ** (Non- life Netherlands: 3.2 billion) IP 19% P&C 81% Income Protec_on Property & Casualty Banking distribunon Direct distribunon Broker distribunon ** source: CVS Verzekerd van Cijfers 2013 ** Figures relate to full year 2013

7 Achmea non- life insurance results 2013 Property & Casualty Higher wriven premiums in shrinking market translates into larger market share. Large losses suffered by business customers reimbursed aier four serious industrial fires ( 45 million) and October and December storms ( 74 million). Consistently strong opera_ng performance results in further reduc_on in cost ra_o. Income ProtecNon Successful ac_on on WGA (group occupa_onal disability) porlolio to restore profitability. Limited addi_onal increase in provision, due mainly to statutory increase in state re_rement age. Gross wri^en premiums P&C Income protec_on 3,172 3, , , Combined rano P&C (%) Claims ra_o Cost ra_o Profit before tax Combined rano Inc. protecnon (%) Claims ra_o Cost ra_o

8 Achmea is the overall market leader in Dutch Property & Casualty insurance Retail * ** (GWP: ~ 6.2 billion) Commercial * ** (GWP: ~ 6.5 billion) New entrants Others Amlin ARAG DAS Allianz Delta Lloyd NN ASR Achmea Motor 1. Achmea is market leader in Retail Fire Liability Motor 2. New entrants gaining market share and exis_ng players use new internet based labels 3. In specific segments (legal, transport) niche- players have strong posi_ons; no new entrants ** source: CVS, TOF/GfK ** Figures relate to full year 2012 Fire Liability Transport 3

9 Achmea is second- largest in Dutch Income ProtecNon insurance Income ProtecNon consists of three different types of insurance AOV: insurance offering disability coverage for the self- employed Verzuim: insurance offering employee absence coverage. The first two years of employee absence are paid for by the employer, who can either take out private or public insurance or no insurance at all WIA: insurance offering coverage for par_ally or temporarily incapacitated employees. If aier two years an employee is s_ll unable to work due to illness or injury, the employee will convert to the WIA. The next ten years of absence of par_ally or temporarily incapacitated employees are also paid for by the employer, who can choose between public or private insurance (WGA) of this risk Dutch income protecnon market with three major players * ** (GWP: ~ 4. billion) 100% Market share (% of GWP) 0% 30% 2% 3% 5% 19% 22% Others De Goudse Delta Lloyd AEGON ING ASR 16% 21% 24% 19% Achmea AOV Verzuim WIA ** source: CVS, TOF/GfK ** Figures relate to full year 2012

10 Achmea is very well posinoned due to its compennve advantages Assets CooperaNve mindset strongly rooted in society CriNcal mass as largest property & casualty insurer in the Netherlands and second- largest in the income protec_on market Stable poriolio in size, composi_on and profitability Excellent claims handling and claims management leading to above average client sa_sfac_on MulNchannel and muln- label distribu_on Enormous volumes of data Achmea is Property & Casualty market leader (19%) number 2 in Income ProtecNon (18%) and has very strong market posinons in both the direct and banking channel

11 Current developments in the non- life market CHANGING CUSTOMER BEHAVIOUR CHANGING DISTRIBUTION AND NEW ENTRANTS CAPITALIZING ON BIG DATA / GEO GIS DATA Customers are becoming more demanding, seeking simplicity and transparency, comparing offers, wan_ng assurance of con+nuity rather than insurance against risk Compe on is fierce, also from new entrants into the market, with price and distribu_on power as key differen_ators; distribu_on con_nues to shii to internet- based channel The volume and detail of informa_on available keeps increasing, driven by the rise of mul_media and social media; using these large data sets will become a key basis of compe on

12 Changing customer behavior is bound to have impact on insurance proposinons Customers are becoming more demanding, seeking simplicity and transparency, comparing offers, wan_ng assurance of con+nuity rather than insurance against risk We are seeing more and more customers assuming risks themselves and our business customers in par_cular want a different approach (e.g. customizes products and co- crea_on) Average insured value is falling due to changes in insurance needs Changing aotudes towards solidarity, resul_ng in new opportunis_c groupings

13 Changing distribunon and new entrants, especially in retail segment Retail * ** (GWP: ~ 6.2 billion) 1. Growth in direct distribu_on at the expense of Broker distribu_on 2. Growth of authorised agents within the broker channel 3. Transforma_on from separate channel focus to mul_/omni- channel ** source: CVS, TOF/GfK ** Figures relate to full year Commercial * ** (GWP: ~ 6.5 billion) Others Banking Direct Broker Strong growth of aggregators (Retail) Aggregators offer online price comparison and act as broker; aggregators market share in Motor is expected to be ~45% within 5 years Biggest players are Independer, Verzekeringssite, Consumentenbond and ANWB Independer has highest conversion rate (35%), followed by ANWB (27%) and Univé (21%) Achmea has majority stake in Independer (78%), but independence c.q. objec_vity has been assured Through Independer, Achmea receives valuable informa_on about customer behavior and preferences

14 Tekst & Beeld (75%/25%) AFBE 9, B 165 6, B 131 7, B 002 3, B 135 7, B 162 5, B 034 Capitalizing on big data & Geo GIS data Big data: our ambinon To be a data driven organizanon, using predicnve analyncs, decision support tools and standardizanon to fully capitalize on the biggest P&C database in the Netherlands 1, B 076 3, B 003 3, B 075 ooruit erug pt.) 20 pt.) Wheel of claims: by combining knowledge, expecta_ons, predic_ons and external data with current data, we enhance our capabili_es on accepta_on, preven_on and claims handling. Wheel of underwri_ng: focused on predic_ng customer behavior and impact as well as to influence behavior and impact. Capitalizing on Geo GIS data through underwrinng, accumulanon, claims processing and prevennon 1 Klik o nieuw voeg 2 Zoek gewe Klik o

15 Current ininanves: AcceleraNon & InnovaNon PRICING DESK CLAIMS MANAGEMENT FOCUS ON COST & VALUE MANAGEMENT Analysis of Independer data shows many opportuni_es for op_miza_on of pricing both in terms of return and volume. The pricing desk aims at further implementa_on of dynamic pricing to help achieve this We are puong a lot of effort in accelera_ng improvements in our claims management to lower claims paid; examples are the use of big data, strong focus on preven_on of damages and improvements in fraud detec_on We combine capital analyses with market data to op_mize the risk / return profile of our porlolios and we employ cost benchmarks as a tool to iden_fy poten_al improvements

16 Pricing desk ImplementaNon of Dynamic Pricing Regular adjustments of rates with a short _me to market taking into account our best es_mate of the risks compe_tor premiums Price elas_city e.g. customers behavior to price changes More commercial power because of acquisinon of Independer More dynamic pricing Design products on customer and risk infomanon Quick adjustments of rates Be^er view on customers behaviour

17 Tekst & Beeld (25%/75%) AFBE 9, B 165 6, B 131 7, B 002 Wide array of claims management ininanves 1 Klik o nieuw voeg 3, B 135 We put a lot of effort in improving our claims management to lower claims paid 7, B 162 Investments in preven_on of damages 5, B 034 Improvements in fraud detec_on and preven_on 1, B 076 Seeking recourse for claims paid 2 3, B 003 More and bever use of big data 3, B 075 Calibra_on of risk profiles Zoek gewe Klik o ooruit erug pt.) 20 pt.) Lowering claims vola_lity

18 Tekst & Beeld (25%/75%) AFBE 9, B 165 6, B 131 7, B 002 3, B 135 7, B 162 Focus on Value Management to opnmize risk/return profile and (cost) benchmarking to idennfy potennal improvements Capital analysis combined with market analysis to opnmize Cost Benchmarks as a tool to idennfy risk/return profile of the book potennal improvements 5, B , B 076 Capital levels are calculated each year, based on par_al internal models which reflect the risks of division Non- Life 3, B 003 3, B ooruit 3 erug pt.) 20 pt.) 4 Capital levels and Risk Appe_te requirements are translated into target combined ra_o s leading to insights on gap between target return and actual return for products and labels leading to management ac_ons (PMC) to op_mize the use of capital 1 Klik o nieuw voeg 2 Zoek gewe Klik o

19 Wrap- up We are the leading non- life insurance company in the Netherlands #1 in Property & Casualty #`2 in Income Protec_on In the next period we will con_nue to capitalize on our compe ve advantages Big data / Geo Data Pricing desk / Dynamic Pricing Advanced value management

20 Achmea health insurance 5 June 2014 Norbert Hoogers Leiden

21 Key messages With the integra_on of Zilveren Kruis Achmea and Agis we are very well posi_oned as the largest health insurer in the Dutch market In the coming years we con_nue to build on our strengths by focusing on the AcceleraNon & InnovaNon ininanves Health procurement Value management Innova_on in products & services

22 Contents Introduc_on Achmea health insurance Current developments Dutch health insurance market Current ini_a_ves Accelera_on & Innova_on program

23 Dutch healthcare system: 4 components Cure (insurance market) Care (not an insurance market) COMPONENT 1 Compulsory basic insurance Risk equalisa_on & mandatory enrolment 2 Op_onal supplementary insurance Op_on to risk selec_on 3 General Act on Excep_onal Health Expenses (AWBZ) 4 Social Support Act (Wmo) DESCRIPTION Hospital care Pharmaceu_cals Specialists and general prac oners Dental care Supplementary cover Alterna_ve medicine Vitality Long- term care Care for mentally and physically disabled Home care (nursing) Social care and support COSTS 37 billion (92% of cure costs) 3 billion (8% of cure costs) 28 billion (48% of care costs) 28 billion (52% of care costs)

24 Dutch healthcare system: 5 stakeholders and mulnple cash flows Government / tax authority Healthcare provider Pa_ent market Consumer Provider market Insurance market Employees / Self- employed Insurance company Income compensa_on Employer / self - employed Govern- ment (Healthcare allowance) Consumer Income- related premium (50%) Government contribu_on (5%) Nominal premiums (45%) Risk equalisa_on fund Reimbursement of costs less deduc_ble 55% Insurance company Healthcare provider Consumers: insured are basically free in their choice of insurer and healthcare provider Insurance companies: compete on premium, quality and service level Healthcare providers: compete for contracts with insurers on price & quality of care Insurance companies receive 55% of their GWP through the risk equalisa_on fund (government) Consumers annually pay about (nominal) premium to their health insurer (45% of the total income of an insurer) In addi_on, they pay a contribu_on for some treatments and they have a legally required excess (deductable) of 360 (2014)

25 We serve over 5 million customers with strong and differennated brands Our Dutch Health brands Number of customers* (Total: 5,284,600) OZF TakeCareNow! ProLife Interpolis FBTO Avéro De Friesland Zorgverzekeraar Agis Zilveren Kruis Agis and TakeCareNow! will be converted to Zilveren Kruis Achmea per 2015 ** Figures relate to Q1 2014

26 We are the #1 player in a concentrated market with moderate switch rate Small regionals Market leader in collecnve employers, alliances and individual market * Mid- sized The big three Premium level Lower premiums lead to lower switch rate in % +9.5% +2.3% - 1.1% % 7,2% 5,6% 6,0% 5,7% 3,9% ENO DSW ONVZ ASR Z&Z 13% Menzis 20% 25% 32% CZ VGZ Switch rate : increase in premium and switch rate expected ** Figures relate to full year 2013

27 Health insurance is at the core of the Achmea Group Gross wri^en premiums* (Achmea: 20.2 billion) Capital allocanon* (Achmea: 11.2 billion) Basic health - direct premiums Basic Health - sevlement fund 7.0 bn 35% 5.0 bn 25% Health (NL) Pension & Life (NL) 9% 15% 24% Supplementary Health - direct premiums Non- life (NL) Other Achmea business 1.4 bn 7% 6.8 bn 33% Interna_onal Other Achmea business 17% 35% ** Figures relate to full year 2013

28 Health insurance results 2013 Basic health insurance WriVen premiums lower due to customers op_ng for higher voluntary deduc_bles and a fall in the number of policyholders; reduc_on compensated by contribu_on from the health expenses sevlement fund Structural result stable; premiums remained unchanged despite higher healthcare expenditure Supplementary health insurance WriVen premiums lower as customers took less supplementary cover, especially for physiotherapy and dental care Gross wri^en premiums Basic Supplementary 13,235 13,105 1,410 11, ,534 11, Combined rano basic health * (%) Claims ra_o Cost ra_o Structural result Combined rano suppl. health * (%) Claims ra_o Cost ra_o Goodwill impairment of 90 million Higher incidental result of 208 million enabling us to reduce basic health insurance premiums for customers by an average of 100 per policy in ** Based on structural result

29 Current developments in the Dutch health insurance market INCREASING COST OF HEALTHCARE CHANGING CUSTOMER DEMANDS DIGITIZATION The cost of healthcare is s_ll increasing due to increasing prosperity, ageing popula_on, changes in society, technological breakthroughs and higher costs in real terms Consumers expect the best healthcare. They want transparent insurance products at a compe ve premium. Digi_za_on offers various opportuni_es, such as online comparison of insurance proposi_ons, quality review of health care providers and apps for claiming health expenses or ordering drugs

30 Increasing cost of healthcare Measures taken by insurers, health suppliers and government to slow down growth Healthcare Agreement (cure): puts pressure on accelera_on in contrac_ng cycle and requires consumer informa_on on treatment and care costs on invoices Changes in risk equalisanon pool: let health insurers bear more risk with effect from 2015 System change in General Act on ExepNonal Health Costs (in Dutch: AWBZ ): reform of long- term care and support. Focus on quality of life, self- reliance, support networks, living inde- pendently for longer and par_cipa_on Achmea Health Development average healthcare costs per insured * In 2013 Achmea realised 1.4% lower growth of healthcare costs compared to the expected average healthcare cost of Associa+on of Dutch Health Insurers - 0.7% +0.6% In 2014 expected growth Achmea health costs is +0.7% +4.5% +5,9% Associa_on of Dutch Health Insurers +0.7% +5.3% ** Health costs also include the transi_on form AWBZ (Care) to the health insurers (Cure)

31 Changing customer demands Consumers expect the best healthcare Business to Business Group schemes increasingly admiong two or more insurers Integrated proposi_ons: health insurance with occupa_onal health & safety and/or income protec_on Business to Consumer Calcula_ng behavior results in lower penetra_on of op_onal supplementary (dental) insurance Increasing focus on selec_ve products versus free choice of provider Switch triggers are a.o. premiums and coverage

32 DigiNzaNon DigiNzaNon offers opportunines OrientaNon: most consumers start orienta_on process online. Nearly 1 in 5 close sale through Independer Customer service: strong growth in use of online customer environment, even in B2B. Also increase in customer contact through social media with our webcare team Self management: online health checks and adop_on of apps for claiming health expenses or ordering drugs Quality review health care providers ( Zorgkaart Nederland )

33 Current ininanves: AcceleraNon & InnovaNon HEALTH CARE PROCUREMENT VALUE MANAGEMENT INNOVATIVE PRODUCTS & SERVICES It is our strong ambi_on to let health care expenses per insured increase by a maximum of up to the infla_on percentage every year, except for system changes or other regulatory changes We improve the value of our porlolio through customer reten_on, supplementary coverage adjustments, claims management and further reduc_on of organiza_on and management costs Customers can choose from a state- of- the art range of products suited to their changing needs. The largest corporate customers gain insight into the effec_veness of work- related care

34 Health care procurement It is our ambinon to raise health care expenses per insured by a maximum of up to the inflanon percentage every year Lower growth than agreed in the na_onal Health Care Agreement Improvement of the rela_ve posi_on per procurement segment versus the benchmark Increasing the difference between the in- kind policy and reimbursement policy Ensure that the contracted and preferred care will be the best The best health care Achmea offers consumers access to the best health care Good quality and service Enough freedom of choice Based on vitality and quality of life and the best suitable health infrastructure Regional fit between supply and demand Right care and cure in the right place The best suitable infrastructure The lowest health costs that leads to lower costs and lower premiums Efficient usage of cure Balance between price and results Low cost per care path Sustainable basic insurance package executed by an effecnve and efficient buying organizanon Focus on lower organiza_on and IT costs Adequate systems and IT support First _me right Lower organiza+on costs

35 Value management We improve the value and quality of our health poriolio Our commercial challenge is to execute a sustainable value approach Target is to maintain our market share in B2C and B2B, with a fair share in all segments Focus on excellent claims management and also on further lowering IT and organizanon costs Market share Maintain ~30% market share in B2C and B2B Compe ve premium Mul_ label strategy New distribu_on channels Value adding proposi_ons Cross buying and at a compennve cost rano Further cost reduc_ons through digi_za_on en restructuring organiza_on Long term target = best in class Compe++ve cost ra+o PorLolio quality with a fair share in all segments Based on solidarity and the risk equalisa_on system, Achmea aims at a fair share of al risk segments, such as low income groups and chronically ill Excellent claims management... Improving data warehouse, fraud tooling and people & organiza_on Claims management

36 InnovaNve products & services Customers can choose from a range of state- of- the- art products suited to their changing needs New supplementary insurance, for example a no- claim on dental insurance Healthy Enterprise : introducing proven effec_ve interven_ons related to occupa_onal healthcare (o.a. vitality programs) Living and Caring for Tomorrow: Integrated products and services in health, pensions and housing to support people to enjoy their old age as long as possible in their preferred environment Be^er care management: matching demand and supply of care (offered in select number of regions) to improve quality and lower health costs

37 Wrap- up With the integra_on of Zilveren Kruis Achmea and Agis we are very well posi_oned as the largest health insurer in the Dutch market In the coming years we con_nue to build on our strengths by focusing on the AcceleraNon & InnovaNon ininanves Health procurement Value management Innova_on in products & services

38 Achmea pension & life insurance 5 June 2014 Bianca TeVeroo Miranda Hendriks Leiden

39 Key messages Achmea is well posi_oned as an important player in the term life and pension market and develops this posi_on further to being a leading player in total re_rement provision Previous years and coming year our focus is on no- regret moves such as speeding up migra_ons and cost reduc_ons In addi_on, we have build and implemented simple, innova_ve DC proposi_ons and portals Volume is key to our future posi_on; from 2016 on we want to increase volumes significantly by improving our products even further and by increasing our sales effec_veness In individual life focus remains on profitable growth with innova_ve, low- cost and simple term life insurance products to grow our market share

40 Contents Introduc_on Achmea pension & life insurance Current developments Dutch pension & life insurance market Current ini_a_ves Accelera_on & Innova_on program

41 Our Dutch pension & life business is a sizeable part of the Achmea Group Total insurance liabilines* (Achmea: 59.0 billion) Gross wri^en premiums* (Achmea: 20.2 billion) 14.8 bn 25% 2.6 bn 13% 44.2 bn 75% 17.6 bn 87% Pension & Life Other Achmea Pension & Life Other Achmea ** Figures relate to full year 2013

42 Our power brands offer both individual and group life contracts Main product labels Gross wri^en premiums composinon * ( 2.6 billion) Individual life - tradi_onal products Individual life - unit- linked products Pension - tradi_onal products 20% 13% 25% Pension - unit- linked products 12% 30% Achmea reinsurance company ** Figures relate to full year 2013

43 Achmea pension & life insurance results 2013 Lower wriven premiums due to stalling housing and mortgage markets, compe on from bank saving products and lower pension indexa_ons. Result adversely affected by interest rate movements, including convergence of UFR curve and zero swap curve. Gross opera_ng expenses 15% lower due to sustained focus on efficiency; opera_ng expenses down 3%. Administra_on costs further reduced for separate closed life insurance porlolio, while maintaining high quality of service. Investments in implementa_on of new legisla_on and regula_ons. VNB margin adversely affected by strong price compe on on individual life market Gross wri^en premiums Pension Life 2,593 1,463 1, ,944 1,767 1, Value of New Business * Profit before tax VNB margin ** Value of new business, not including mortgage produc_on (part of banking ac_vi_es)

44 Current developments in the Dutch pension & life market NEW GENERATIONS CONNECT DIFFERENTLY INDIVIDUALISATION AND NEW COLLECTIVES FINANCING WELFARE STATE UNDER PRESSURE Customers are higher educated, bever informed and more choice- conscious than previous genera_ons; in addi_on, the bond between employee and employer is weaker Individualiza_on takes on new forms. People want authen_c products and services that are personally relevant to them; simplicity, convenience, transparency and sustainability have become a license to operate Challenges such as a shrinking labor force, a growing number of re_rees, a labor shortage by 2020 and an increased life expectancy are making the current system unsustainable

45 New generanons connect differently The bond between employer and employee is decreasing Employees want to make their own choices Alterna_ve and short term employment contracts emerge leading to more mobility on the labor market Employer dilemma: good employer vs budgeted pension scheme expenses Dutch popula_on mainly consists of genera_on X and Y Higher educated and literally wiser Well informed Cri_cally, want to make their own choices

46 IndividualizaNon and new forms of collecnvity Individualiza_on has carried through People search for new forms of collec_vity to be connected, not only via their employer People want authen_c products and services that are personally relevant to them We live in a digital world: 24/7 connected Simplicity, convenience, transparency and sustainability are license to operate

47 Financing of the welfare state is under pressure Shrinking labor force, growing number of re_rees, labor shortage by 2020 Increased life expectancy is not sufficiently accounted for 1960: 40 years of employment vs 12 years of re_rement 2015: 40 years of employment vs 20 years of re_rement Dutch regula_on and decreasing fiscal advantages cause a decreasing second pillar Development number of working people to 1 retired person 1960: 7 to : 4 to : 2 to 1 Increased life expectancy is not sufficiently accounted for: It increases faster than expected We are getting older. For 40% of girls born today, life expectancy is 100 years Every year lived longer than expected would require 2.5% premium increase

48 The Dutch pension system changes we anncipated are materializing; we see confirmanon of our strategic choices Expected developments Risks shiw to employees (from DB to DC) Illusion of 100% guaranteed pension en_tlements is broken and replaced with acceptable investment risks Ongoing tax exemp_on (1,875% and capping at income > euro 100K) causes shii from 2nd to 3rd pillar and outside the pillars Increasing cost pressures requires increasing scale (low administra_ve cost per policy) Intensifying poli_cal debate about average premium AND solidarity may cause the mandatory par_cipa_on of employers in BPF pension schemes to expire (Par_cipa_on in a pension scheme (of own choice) likely to remain mandatory for employees) Possible long- term low interest rates cause that hard guarantees to be at the expense of a good pension Life expectancy con_nues to increase rapidly; employees will only work marginally longer Ongoing individualizanon; employees make their own choices supported by modern technology We posi_on ourselves as a coopera_ve and most trusted player in the market of 1 re_rement products Achmea has a dis_nc_ve employer approach and we do business with the top 500 organiza_ons in the Netherlands. 2 Our ambi_on is to offer good DC pension schemes through innova_ve life cycles, 3 including guarantees We reduce the size and costs of our organiza_on substan_ally 4 Our focus is on volume and we serve the en_re market; free market, (s_ll) mandatory OPF/BPF market and Pensioner 5 6 We realize opinion leadership by focusing our free publicity efforts and marke_ng spend; posi_oning one brand for pension We offer simple modular products Our strategic choices We offer insight and overview to help customers make their op_mal choice in re_rement products; coopera_ve and personal We tailor our customer ac_vi_es and communica_on to important customer contact moments, centered around life events

49 Current ininanves: AcceleraNon & InnovaNon REDUCTION OF COSTS AND COMPLEXITY A NEW GENERATION DC PRODUCT INNOVATIVE COMMUNICATION Focus on migra_ons, digitaliza_on to achieve a low cost, flexible organiza_on Core product is modular, simple, transparent and offers investment and risk op_miza_on through 'life cycle' asset alloca_on We offer insight and overview by accelera_ng on innova_ve customer communica_on

50 Pension & life took on a huge challenge; next to running the business, we work on complexity / cost reducnons and on our strategic perspecnve Legacy business: no- regret moves Complexity and cost reduc_on: Closed book organiza_on Migra_on to target products and systems: DB products to the target system Iris DC products to the target system Ibsen Term life to the target system SAP Op_mizing: SAP for term life, finish Ibsen (DC) and improving straight through processing (STP) and generic services 1 Process, 1 System, 1 Loca_on Digitaliza_on of processes From our strategic vision 2020: new perspecnve Posi_oning as a trusted player in the market of re_rement products: Formatable DC player, with a simple product (Modulair), good DC pension schemes through innova_ve life cycles, including guarantees For the _me being offering DB (Marktrente product) to support customers currently in DB schemes to make the switch to DC schemes Combined proposi_ons pension 2 nd and 3 rd pillar Bank / Life / Housing / Care Added value by a coopera_ve customer approach, powerbrand Centraal Beheer Achmea, a dis_nc_ve employer approach and doing business with the top 500 organiza_ons in the Netherlands

51 Complexity and cost reducnon by commercial migranon; we are achieving our goals Development and introduc_on of DC proposi_on Modulair Pensioen Crea_on of strategic vision 2020 (which has been confirmed over _me) Implementa_on of re_rement age 67 for DB and DC businessline Breakthrough of new Solidair 2.0 product (possible to administrate in target system Iris) Accelera_on of migra_on strategy DC (20% of ac_ve porlolio has been offered) All ac_ve clients have been transferred to the target system Iris as of the first of January 2014 Achieving migra_on DC: 20% of ac_ve DC porlolio has been accepted and administrated (Q1) 80% of ac_ve DC porlolio has been offered Implementa_on of WiVeveen kader for DB and DC businessline 1 process, 1 system, 1 loca_on is being implemented Achieving migra_on DC: 80% of ac_ve DC porlolio has been accepted and administrated Migra_on inac_ve DB porlolio Migra_on inac_ve DC porlolio Comple_on of 1 process, 1 system, 1 loca_on Works council approval for moving to 1 process, 1 system, 1 loca_on

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