Achmea Investment Management. 26 May 2016 Jacob de Wit Leiden

Transcription

1 Achmea Investment Management 26 May 2016 Jacob de Wit Leiden

2 Key messages Strategic choice of Achmea for Retirement Services with Achmea IM as Asset Manager Centralisation of asset management activities within Achmea Improving quality, service and innovation Delivering synergy, scale and efficiency Achmea IM has a strong base to build on Managing pension fund assets for over 60 years and responsible for more then 100 bn of client assets Diversified client base with strong customer satisfaction The 5th largest Institutional Asset Manager in the Dutch market Focus on markets with volume or strong growth potential using Fiduciary and Asset Management skills We expect strong growth in General Pension Fund (APF ) assets and pillar 3/4 Retail investments away from traditional schemes Our fiduciary heritage with advice, liability driven investments and manager selection expertise is now used across all client groups Complemented by our Euro Government, Investment Grade Credit and Factor investing capabilities Our core capabilities are key to the Retirement Services strategy of Achmea Achmea IM has a strong track record Excellent record with 93% of pension clients outperforming over a 5 year period Solid returns for internally managed portfolios at the heart of our strategy Appointed external managers delivering outperformance over longer periods at asset class level 2

3 Contents Why have we launched Achmea IM? Overview Achmea IM Market approach Track record Outlook 3

4 Achmea IM plays a key role in the Retirement Services strategy of Achmea Trends Strategy Launch Achmea IM Defined Benefit to Defined Contribution Build up of personal pension assets due to shortfall Decrease in tax exemptions fuelling individual savings and investments Inflow into General Pension Funds (APF) from liquidating or subscale Funds All accelerated by low interest rates Strategic choice of Achmea for Retirement Services Launch of Achmea Investment Management (Achmea IM) Centraal Beheer General Pension Fund for 2nd pillar Centraal Beheer for 3 rd and 4 th pillar Centralisation of asset management activities within Achmea Improving quality, service and innovation Delivering synergy, scale and efficiency 4

5 Contents Why Achmea IM has been launched? Overview Achmea IM Market approach Track record Outlook 5

6 Achmea Investment Management has a strong base to build on > 100 BILLION ASSETS UNDER MANAGEMENT OUR CUSTOMERS RATE US ABOVE DUTCH AVERAGE 7.4 FOR OUR SERVICES ON SCALE YEARS EXPERIENCE IN ASSET MANAGEMENT FOR PENSIONS TOP 5 LARGEST INVESTMENT MANAGER OF PENSION ASSETS IN THE NETHERLANDS THE MANAGER BEHIND THE MOST SOCIALLY RESPONSIBLE PENSION FUND 2014 TEAM OF OVER 200 DEDICATED PROFESSIONALS DIVERSE PORTFOLIO OF LONG- TERM RELATIONSHIPS WITH MORE THAN 30 LARGE INSTITUTIONAL CUSTOMERS ACCESS TO WORLDWIDE INVESTMENT PROFESSIONALS 93% OF PENSION CLIENTS OUTPERFORMING OVER A 5 YEAR PERIOD

7 bn Diversified client base with strong growth over the last 5 years AUM by client type 1 AUM by Asset Class % Alternatives % Equities 20% 2% 10% 36% 64 % Fixed Income dec 2011 dec 2012 dec 2013 dec 2014 dec 2015 apr feb 2016 Internally Managed 5% 28% Pension funds Achmea Own Risk Retail 5 th largest institutional asset manager in the Dutch market 2 7 th largest asset manager by total assets 3 Fixed Income largest asset class due to liability matching requirements Assets are managed internally (48%) and externally (52%) 1 Achmea IM Assets under Management april 2016, 2 Source IPE 400 survey, 3 Source: Dutchinvestor Total Institutional Managed Assets

8 Contents Why have we launched Achmea IM? Overview Achmea IM Market approach Track record Outlook 8

9 Our strategy is to focus on markets with volume and or strong growth potential 65 bn 1 NEW 30 bn 6 bn Pension funds Centraal Beheer APF Achmea Own Risk Retail Occupational Funds 861 Company Funds Life 141 Insurers/PPI 117 Savings 359 Investments Market size 2014 ( bln) 2 We expect market growth in Pensions via the APF and Retail distribution. Our ambition is to grow in these market segments 1 Achmea IM Assets under Management april 2016, 2 Sources: CBS, DNB, Achmea 9

10 Our Fiduciary and Asset Management expertise is now used across all client groups 65 bn 1 NEW 30 bn 6 bn Pension funds Centraal Beheer APF Achmea Own Risk Retail Fiduciary Management LDI solutions Euro Government Bonds, Credits, Factor Investing Manager Selection Core capabilities 1 Achmea IM Assets under Management april

11 Contents Why have we launched Achmea IM? Overview Achmea IM Market approach Track record Outlook 11

12 Achmea IM has a strong track record Pension Clients Outperforming 1 Year 88 % 3 Years 93 % 5 Years 93 % Excellent record with 93% of pension clients outperforming over a 5 year period 1 Figures as of December Outperformance is calculated gross of management fees. Figures are based on current pension clients and are equally weighted. 2 Figures for 2014 and earlier periods are based on auditor verified GIPS composites. The figures for 2015 are based on GIPS composites of The compositions of the GIPS composites of 2015 have yet to be approved by the GIPS committee. Changes in the GIPS composites 2015 are to be verified by the auditor Note: Past performance is not an indicator for future results or performance Performance key products Excess return for internally managed assets 2 1 yr 3 yr 5 yr Euro Government Bonds -0,15% -0,03% 0,34% Investment Grade Credit 0,18% 0,30% 0,44% LDI Solutions -0,14% 0,42% Solid returns for internally managed portfolios at the heart of our strategy Excess return for externally managed assets 2 1 yr 3 yr 5 yr Equities 2,78% 1,72% 1,60% Fixed Income 0,53% 0,25% 0,10% Alternatives 7,56% 4,37% 3,34% Real Estate 4,72% 4,66% 1,82% External managers delivering outperformance over longer periods 12

13 Contents Why have we launched Achmea IM? Overview Achmea IM Market approach Track record Outlook 13

14 Assets Under Management to move between client types Assets under Management by client type 2016 Expected in % 11% 30% 64% Pension Funds Achmea Own Risk CB APF Retail 24% 52% Pension Funds Achmea Own Risk CB APF Retail 13% Expected moves from pension funds and own account into CB APF and Retail savings 14

15 Key messages Strategic choice of Achmea for Retirement Services with Achmea IM as Asset Manager Centralisation of asset management activities within Achmea Improving quality, service and innovation Delivering synergy, scale and efficiency Achmea IM has a strong base to build on Managing pension fund assets for over 60 years and responsible for more then 100 bn of client assets Diversified client base with strong customer satisfaction The 5th largest Institutional Asset Manager in the Dutch market Focus on markets with volume or strong growth potential using Fiduciary and Asset Management skills We expect strong growth in General Pension Fund (APF ) assets and pillar 3/4 Retail investments away from traditional schemes Our fiduciary heritage with advice, liability driven investments and manager selection expertise is now used across all client groups Complemented by our Euro Government, Investment Grade Credit and Factor investing capabilities Our core capabilities are key to the Retirement Services strategy of Achmea Achmea IM has a strong track record Excellent record with 93% of pension clients outperforming over a 5 year period Solid returns for internally managed portfolios at the heart of our strategy Appointed external managers delivering outperformance over longer periods at asset class level 15

16 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