Achmea Investor Presentation The leading Dutch insurance company with strong brands, multi-channel distribution strategy, well-diversified product range and conservative investment profile April 2014
CONTENTS Introduction Achmea overview Strategic agenda Key investment considerations Recent results Wrap-up Appendices 2
Introduction Achmea Overview ACHMEAOVERVIEW - strong brands, diversified products, focus on insurance Largest Dutch insurer A strong and solid insurance group with mutual roots Market leader in Dutch insurance: Property & Casualty, Income Protection, Health, Pension & Life insurance Distribution mainly through direct & banking channels and well positioned for future market developments Strong market position with power brands Interpolis, Centraal Beheer Achmea and Zilveren Kruis Achmea A+ IFSR, A- senior unsecured debt (S&P) Gross written premiums by segment 31/12/2013 - Total: 22.2 billion 3
Introduction Achmea Overview COOPERATIVE IDENTITY The strength of our identity and our story We continue to build on our foundation of unity. Insurance stands for solidarity in society. We want our customers to continue to experience that we are a cooperative insurer. 4
Introduction Achmea Overview ACHMEA HISTORY Expansion Focus: optimization and innovation A group of Dutch mutual insurers form the Coöperatieve Vereniging Centraal Beheer Centraal Beheer and Avéro Insurance merge to AVCB Achmea acquires Interamerican Greece Achmea acquires 80% of Eureko Sigorta; Achmea and Agis merge Achmea creates InShared Achmea announced 4000 FTE reduction and 450 million cost reduction by end 2016 1811 1956 1995 1999 2005 2008 2011 1909 1992 2001 2007 2010 2013 The history of Achmea* begins in Achlum, the Netherlands The first Dutch direct writer FBTO is founded Achmea founded out of AVCB and Zilveren Kruis Achmea merges with Interpolis; Rabobank becomes second largest shareholder Achmea acquires Oranta in Russia Achmea merges with DFZ and acquires Independer.nl Eureko acquired first international activities 2010-2013: Divestment operating companies Belgium, France, Poland, Romania Bulgaria * Eureko was the former name of the parent company of Achmea and its European subsidiaries. 5
Introduction Achmea Overview OWNERSHIP STRUCTURE - stability through two major cooperative shareholders Achmea Association 65.3% Rabobank Netherlands 29.2% Other 5.5% Preference shareholders 100% Ordinary shares 94.5% Achmea subholding 5.5% The mission of Achmea Association is to support the continuity of Achmea and to look after the collective interests of customers 6
Introduction Achmea Overview ACHMEA S STRONG ALLIANCE WITH RABOBANK Commercial Governance Commercial alliance through the banking channel. Approximately 98% of insurance products sold via the Rabobank channel are Achmea insurance products Exclusive distribution of Interpolis products through Rabobank branches Greenfield operation in Australia in cooperation with Rabobank started in 2013, with a possible extension to other growth markets. Focus is on non-life, mainly agricultural sector such as live stock, machinery, crop insurance etc. Rabobank has a nomination vote on the supervisory board of Achmea. Furthermore Rabobank and Achmea share two common supervisory board members Rabobank customers with Interpolis products 25% 31/12/2013 22% Capital Rabobank has historically supported Achmea with capital, as and when necessary Private Wholesale Source: Achmea data December 2013 7
Introduction Strategic agenda CLEAR LONG-TERM STRATEGIC CHOICES FOR DUTCH PORTFOLIO Channel Banking distribution Direct distribution Broker distribution Brand Product Group Property & Casualty Health Income Protection Pension - standardised Life - standardised Core proposition: strengthen Develop to core proposition Increase scale to core proposition Banking products Pension not standardised Life not standardised Complementary to insurance products Separate and manage internally or externally Our international strategy is based on these strategic choices 8
CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 9
Key investment considerations Dominant player in major insurance market LEADING POSITIONS IN OUR CORE MARKETS Market share per 31-12-2012* Property & Casualty #1 Delta Lloyd a.s.r. Atradius SNS ING Other Reaal Health #1 VGZ CZ Menzis Other Income Protection #2 a.s.r. ING De Goudse Delta Lloyd Aegon Other Pensions #4 ING Aegon SNS Reaal Delta Lloyd a.s.r. Other Individual Life #2 ING SNS Reaal a.s.r. Delta Lloyd Aegon Other *Pensions based on % recurring premiums, all other segments based on % GWP Source: DNB October 2013 (Property & Casualty, Income Protection, Individual life), Achmea (Pensions, Health) 10
CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 11
Key investment considerations Well positioned with strong brands AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS 12 12
Key investment considerations Well positioned with strong brands BRAND POWER Property & Casualty Health Individual life Brand loyalty 130 120 130 120 130 120 110 110 110 100 100 100 90 90 90 80 80 80 70 70 70 60 40 60 80 100 120 140 60 40 60 80 100 120 140 60 40 60 80 100 120 140 Brand strength Achmea Competitor Source: Achmea brandpower research, Property & Casualty (July 2013), Health (Dec 2012), Individual Life (Dec 2012) 13
Key investment considerations Well positioned with strong brands HIGH CUSTOMER SATISFACTION P&C Retail P&C Wholesale* Income Protection* ZLM 8,4 Centraal Beheer Achmea 7,8 FBTO 7,8 Generali 7,8 VvAA 7,8 London 7,7 Interpolis 7,6 Allianz Aegon 7,6 Avéro Achmea 7,5 Europeesche Goudse 7,5 SNS Reaal 7,5 ASR 7,5 Nationale Nederlanden 7,4 Centraal Beheer Achmea Interpolis Avéro Achmea ASR Generali Aegon De Goudse ABN Amro 7,5 7,4 7,3 7,3 7,3 7,3 7,2 7,1 Centraal Beheer Achmea Generali De Goudse Avéro Achmea De Amersfoortse Interpolis 7,2 7,2 7,2 7,1 7,1 7,0 Ø 7,7 Health Ø 7,3 Individual Life Ø 7,1 Pensions* Avéro Achmea Interpolis IZA 7,6 7,6 7,6 FBTO Interpolis Generali Centraal Beheer Achmea 7,5 7,3 6,8 6,7 Centraal Beheer Achmea Interpolis Delta Lloyd 7,2 7,0 6,5 IZZ De Amersfoortse Univé VGZ 7,6 7,5 7,5 7,4 Nationale Nederlanden Avéro Achmea SNS Reaal Allianz Aegon 6,6 6,4 6,4 6,4 6,4 Avéro Achmea ASR Aegon Generali 6,4 6,4 6,4 6,0 Ø 7,5 Source: Verbond van Verzekeraars, Customer Satisfaction Research 2013 * Source: Verbond van Verzekeraars, Customer Satisfaction Research 2012 Ø 6,9 Ø 6,5 14
CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 15
Key investment considerations Robust capital and solvency position HIGH QUALITY OF CAPITAL AND LOW LEVERAGE Composition of equity Debt leverage 31/12/2013 - Total: 9.7 billion 40% 30% 20% 10% 22,4% 21,1% 23,4% 0 dec-11 dec-12 dec-13 Capital structure 31/12/2013 - Total: 11.2 billion Capital allocation 31/12/2013 - Total: 11.2 billion 16
Key investment considerations Robust capital and solvency position SOLID SOLVENCY I POSITION Solvency I 17
Key investment considerations Robust capital and solvency position STRONG SOLVENCY POSITION COMPARED TO EUROPEAN PEERS Solvency I (IGD) at 31/12/2013 18
Key investment considerations Robust capital and solvency position STRONG SOLVENCY POSITION UNDER ALL REGIMES Solvency I (IGD) Solvency II* (Partial Internal Model) 31/12/2013 - in billion 31/12/2012 - in billion 202% 183% Available capital 7.95 Surplus 4.0 Required capital 3.95 Available Capital Free surplus 3.5 SCR level 7.7 2.8 MCR level 4.2 Solvency II framework is still evolving; parameter changes (e.g. interest rate assumptions) make yearly comparison of full year run outcomes difficult Assumptions in our 2012 model are set conservative. Most recent proposals on the treatment of long-term guarantees will result in a significant increase in solvency levels for the life entities compared to the current full year run outcomes *excl. D&A: banks, IORP s, Non-EEA 19
Key investment considerations Robust capital and solvency position SOLVENCY II FRAMEWORK IS EVOLVING Full-year run 2012 Assumptions Full-year run 2013 Assumptions based on most recent proposals Adjustment discount rate for credit risk 35 bps 10 bps Discount rate: last liquid point 30 years 20 years Convergence period to UFR 40 years 40 years Countercyclical premium (CCP) 50 bps - Volatility adjustment - 30 bps Equity dampener +5% +5% Parameter changes give mere indication of outcomes of 2012 impact studies Based on the outcomes of the long-term guarantee assessment (LTGA) proposals have been drafted for the handling of long term guarantees in 2013, which supports finalising the Omnibus II directive in December Due to the delayed introduction of Solvency II, the Dutch government decided to implement additional regulation for Life insurers per 1 January 2014. The Theoretic Solvency Criterion (TSC) requires Dutch Life insures to test the effect of Solvency II shocks on the Solvency I balance sheet ( Solvency 1.5 ). This could have an impact on dividend payouts, if available capital is below TSC. 20 20
Key investment considerations Robust capital and solvency position STABLE CREDIT RATING Credit rating insurance entities A+ A A- BBB+ BBB AA AA- BBB- Achmea was the only Dutch insurer not to be downgraded during the crisis Current Group S&P rating is A- with a stable outlook, the rating for our insurance entities is A+ also with a stable outlook. The ratings predominantly reflect our view of the group's strong business risk profile and very strong financial risk profile, based on its leading Dutch insurance franchise and very strong capital and earnings. The Achmea group has a strong competitive position, in our view, stemming from its leadership within the Dutch insurance market. In our opinion the group has very strong capital and earnings. S&P credit rating report May 27, 2013 21
CONTENTS Introduction Key investment considerations Dominant player in major insurance market Well positioned with strong brands Robust capital and solvency position Conservative investment profile Recent results Wrap-up Appendices 22
Key investment considerations Conservative investment profile CONSERVATIVE INVESTMENT PORTFOLIO Total investment portfolio 31/12/2013 - Total: 44.8 billion Fixed-income Deposits Derivatives Equities Alternatives Real estate 6% 4% 3% 2% 3% 82% Total government bond* exposure 20.7 billion, which is 56% of our fixed-income portfolio Shift of 2.8 billion (since 2012) from Dutch, German and French government bonds to investment-grade corporate bonds Fixed-income by type 31/12/2013 - Total: 36.7 billion Government* Loans and mortgages Asset-backed bonds 22% 1% 1% Covered bonds Corporate bonds Convertible bonds Fixed-income funds 10% 2% 8% 56% * Including government related and government guaranteed bonds 23
Key investment considerations Conservative investment profile ACHMEA HAS A HIGH QUALITY (AA/AAA) INVESTMENT PORTFOLIO Achmea International peers 31/12/2013 31/12/2012 Investments by type 7% 3% 6% 11% 2% 10% 61% Government bonds Corporate bonds Equities Loans and mortgages Property Funds Other (incl. cash) 15% 5% 6% 7% 8% 27% 32% 31/12/2013 31/12/2012 6%1% Fixed-income by rating 14% 22% 41% 16% Compared with international peers Achmea invests more in fixed-income and less in real-estate. Achmea invests more than half of the portfolio in government bonds with a very high quality (AA or AAA) Achmea has shifted to more conservative credits or corporate bonds with high seniority and short maturities compared to opportunistic credit of competitors Source: Achmea, Insurance Collateral Survey, BNY Mellon/Insurance Risk/Ernst & Young, December 2012 24
Key investment considerations Conservative Investment Portfolio Our investment portfolio Government bonds Total governments bonds (including government related and government guaranteed bonds) amounts to 20.7 billion Predominantly Dutch and German. Due to low interest rates on these bonds, part is shifted to conservative credits 31/12/2013 - Total: 18.3 billion Top 5 sovereign exposure Country mln The Netherlands 10,729 Germany 3,322 France 1,797 Ireland* 568 Austria 526 * Our exposure to Greece and Ireland relates exclusively to our business activities there 25
CONTENTS Introduction Key investment considerations Recent results Group Segments Wrap-up Appendices 26
Recent results Group KEY MILESTONE IN RECENT YEARS focus: optimization and innovation Active portfolio management Merger with De Friesland Zorgverzekeraar, acquisition of Independer and the sale of Achmea Vitale Commercial position strengthened through acquisition of niche player Friesland Bank Assurantiën and Onderlinge Verzekeringen Overheid Sale of Avéro Belgium, Império France, Eureko Romania and Interamerican Bulgaria, Finance portfolio Ireland Operational improvements Strong financial position maintained Agis and Achmea Health integrated Closed life book managed in separate organizational entity Investments in strengthening commercial capabilities and cooperation with Independer.nl Increasing scale through consolidation (of De Friesland Zorgverzekeraar) Cost reduction by improved efficiencies and streamlining the organization Achmea announced 4000 FTE reduction and 450 million cost reduction by end 2016 Maintained Standard & Poor s A+ rating with a stable outlook for our insurance entities Group capital structure further strengthened with issue of 500 million subordinated notes and 750 million Senior Unsecured Notes, successful cash tender offer for 133 million 5.125 percent capital securities and early redemption of 225 million 8.375 percent capital securities Funding of Achmea Bank supported by placement of 1.3 billion of securities, including set up of new unsecured debt issuance programme December 2013 Solvency (IGD) stable at 202% Successful placement of Mortgage Securitisation (DMPL XI) at the end of July 2013 27
Recent results Group 2009-2013: KEY PERFORMANCE TRENDS Profit Gross written premiums 20,233 Solvency ratio (IGD) Gross operating expenses 202% 2,660 28
Recent results Group 2013: ACHMEA POSTS NET PROFIT OF 344 MILLION KEY FIGURES (IN MLN) 2013 2012 Net profit 344 469 Profit before tax 275 433 PBT from regular activities 536 513 Gross written premiums 20,233 20,445 Gross operating expenses 2,660 2,787 KEY FIGURES (IN MLN) 31/12/2013 31/12/2012 Total equity 9,702 10,483 Solvency insurance entities (IGD) S&P rating insurance entities 202% 212% A+ (stable) A+ (stable) Net profit of 344 million despite goodwill impairments of 232 million on pension services and health insurance Operational result up 4% to 536 million due to around 130 million reduction in operating expenses Written premiums stable, growth in core health and non-life insurance activities despite shrinking market Gross operating expenses down 5% due to complexity reduction, standardisation of processes and lower IT expenses. Cost reductions create room for future investments in innovation of products and processes Financial position remains strong, with a solvency ratio of 202% including effects of downgrading of France and UFR (Ultimate Forward Rate) method 29
Recent results Segments NON-LIFE NETHERLANDS Consistently strong operating performance results in further reduction in cost ratio Successful action on WGA (group occupational disability) portfolio to restore profitability Large losses suffered by business customers reimbursed after four serious industrial fires ( 45 million) and October and December storms ( 74 million) Profit before tax Property & Casualty Income Protection From 200 million to 265 million Gross written premiums From 3,151 million to 3,172 million Claims ratio Expense ratio 95.1% 89.5% 109.5% 139.5% 2013 2012 2013 2012 30
Recent results Segments HEALTH NETHERLANDS Structural result was stable over 2013; premiums remained unchanged despite higher healthcare expenditure Healthcare premiums for customers kept stable despite rising healthcare costs 90 million goodwill impairment following lower profit expectations Structural Profit before tax From 352 million to 321 million Of which Basic Health From 260 million to 259 million Gross written premiums From 13,120 million to 13,253 million Claims ratio Expense ratio Basic Health 99.1% 98.3% Supplementary Health 95.5% 94.5% 2013 2012 2013 2012 31
Recent results Segments PENSION & LIFE NETHERLANDS Lower written premiums due to stalling housing and mortgage markets, competition from bank saving products and lower pension indexations Result adversely affected by interest rate movements, including convergence of UFR curve and zero swap curve Gross operating expenses 15% lower due to sustained focus on efficiency; operating expenses down 3% Administration costs further reduced for separate closed life insurance portfolio, while maintaining high quality of service Profit before tax Value of New Business (VNB) New business (APE) From 383 million to 245 million From -19 million to -25 million From 140 million to 81 million 32
Recent results Segments INTERNATIONAL AND NON-INSURANCE ACTIVITIES International In Turkey, Eureko Sigorta underwrote biggest insurance contract ever for motorway project; gross written premiums up 1% In Greece, continuing success of Anytime contributed significantly to growth of market share Improvement of operational performance; operating expenses down by 14% Banking Netherlands Banking profit impacted by non-recurring expenses and additional loan loss provision Strong Tier 1 ratios at Achmea Bank (15.9%) and Staalbankiers (17.0%) Achmea Hypotheekbank successfully issued 800 million Senior Unsecured Notes and 781 million of Mortgage Securitisation (DMPL XI) Other Assets under Management at Syntrus Achmea increased further by 6.3 billion to 70 billion (year-end 2012: 64 billion) Impact of central cost management visible in reduction in project portfolio 33
CONTENTS Introduction Investment highlights Recent results Wrap-up Summary investment highlights Appendices 34
Wrap-up Summary investment highlights SUMMARY INVESTMENT HIGHLIGHTS Dominant player in major insurance market Largest Dutch insurer: high market shares in all segments Well positioned with strong brands Strong brands, high customer satisfaction Well diversified distribution network Robust capital and solvency position High quality of capital and low leverage Strong and stable Solvency I position of 202% (IGD) Strong and stable credit rating (during the crisis) Conservative investment profile Majority (82%) is invested in fixed-income, of which 72% is rated AA or higher Low asset risk compared to peers 35
CONTENTS Introduction Key investment considerations Recent results Wrap-up Appendices 36
Key investment considerations Robust capital and solvency position GOOD ACCES TO CAPITAL MARKETS Achmea outstanding securities Issuer Date issued Type Coupon (%) Coupon Type Maturity Currency Amt outst. (mln) Achmea BV 12/11/2013 Senior 2.5 FIXED 12/11/2019 EUR 750 Achmea BV 24/06/2005 Subordinated 5.125 FLOATING Perp NC Jun 15 EUR 367 Achmea BV 01/11/2006 Subordinated 6.000 FIXED Perp NC Nov 14 EUR 600 Achmea BV 16/06/2009 Senior 7.375 FIXED 16/06/2014 EUR 750 Achmea BV 19/06/2013 Senior 1.500 FIXED 19/06/2019 CHF 200 Achmea BV 04/04/2013 Subordinated 6.000 FLOATING 04/04/2043 EUR 500 Achmea Mortgage Bank 26/02/2007 Covered 4.250 FIXED 26/02/2014 EUR 1500 Achmea Mortgage Bank 22/08/2007 Covered 3.500 FIXED 22/08/2017 CHF 200 Achmea Mortgage Bank 03/11/2009 GGB 3.200 FIXED 03/11/2014 USD 950 Achmea Mortgage Bank 03/11/2009 GGB 0.623 FLOATING 03/11/2014 USD 500 Achmea Mortgage Bank 08/11/2012 Senior 2.375 FIXED 08/02/2016 EUR 500 Achmea Mortgage Bank 23/01/2013 Senior 0.858 FLOATING 23/01/2015 EUR 300 Achmea Mortgage Bank 23/01/2013 Senior 2.000 FIXED 23/01/2018 EUR 500 37
Appendices Real estate exposure REAL ESTATE EXPOSURE Total real estate portfolio amounts to 1.5 billion, of which 0.3 billion in indirect real estate Well-diversified portfolio with stakes in residential, office, retail and other real estate assets With the Dutch real estate market, and in particular the office market, under sustained pressure, we perform frequent valuations to give us a clear view of the value of our portfolio in these turbulent market conditions. Real estate portfolio 31/12/2013 - Total: 1.5 billion Specification of direct real estate 31/12/2013 - Total: 1.2 billion Type mln % Residential 428 36% Retail 368 31% Offices 351 29% Other 53 4% Total 1,200 100% 38
Key investment considerations Robust capital and solvency position SENSITIVITIES Interest rate shocks In million (31-12-2013) Date Available capital Effect interest rate shock -1% Effect interest rate shock -0.4% Effect interest rate shock 0.4% Effect interest rate shock 1% 31-12-2013 8,792-191 -67 57 149 31-12-2012 9,155 58 26-25 -48 Equity and property risk In million (31-12-2013) Asset class Effect -10% change of market value on total equity Effect -10% change of market value on solvency Equities -2% -5% Real estate -1% -3% 39 39
Appendices Development of equity H1 2013 DEVELOPMENT OF EQUITY 2013 344-273 -358-97 -108-291 9,702 31/12/2012 Net result Dividend Purchase Revaluation FX IAS19 31/12/2013 of hybrids movements 40
CONSERVATIVE INVESTMENT PROFILE COMPARED TO PEERS Investments by type Fixed-income by rating Source: BNP Paribas Insurance Review 2013 41
CONTACT DETAILS For further information, please contact Achmea Investor Relations Gül Poslu Manager Investor Relations +31 (0)6 20971758 gul.poslu@achmea.com Bastiaan Postma Manager Investor Relations +31 (0)6 13117581 bastiaan.postma@achmea.nl Email: investors@achmea.com Internet: www.achmea.com 42 42
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