Achmea Investor Presentation

Achmea Investor Presentation The leading Dutch insurance company with strong brands, multi-channel distribution strategy, well-diversified product range and conservative investment profile November 2013

CONTENTS Introduction Achmea overview Strategic agenda Key investment considerations Recent results Wrap-up Appendices 2

Introduction Achmea Overview ACHMEA OVERVIEW - 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) Earned premiums by segment in H1 2013 31/12/2012 - Total: 22.4 billion Pension & Life Non-life 13% 16% 13% 6% 1% 29% Turkey Greece Slovakia International Health 66% 5% 22% 29% Ireland Russia Other 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 1811 1956 1995 1999 2005 2008 2011 1909 1992 2001 2007 2010 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 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 customers with Interpolis products 30/06/2013 25% Governance Rabobank has a nomination vote on the supervisory board of Achmea. Furthermore Rabobank and Achmea share two common supervisory board members 22% Capital Rabobank has historically supported Achmea with capital, as and when necessary Private Wholesale Source: Achmea data June 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

In billion Key investment considerations Dominant player in major insurance market THE NETHERLANDS major insurance market within Eurozone 100 90 80 70 60 50 40 30 20 10 0 6 4 2 European Non-life market (incl. health) 31/12/2011 DE FR UK NL IT ES CH Growth outlook (% change yoy) European Pension and Life assets 31/12/2011 Netherlands CDS remains low 0 (2) (4) (1,25) 0,75 (6) 02 03 04 05 06 07 08 09 10 11 12 '13E 14E Source: Bloomberg, Life and Non-life market: Insurance Europe, Pension market: Towers Watson Global Pension Assets Study 2013 *Pension market Netherlands per 31-12-2013: DNB 10

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) 11

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 12

Key investment considerations Well positioned with strong brands WELL DIVERSIFIED DISTRIBUTION NETWORK OF ACHMEA Non-life 31/12/2011 Well diversified distribution network consisting of banking, direct and intermediary channel Share of controlled distribution (direct and banking channel) among product lines is highest in health insurance (~97%) Banking distribution of insurance products uses Rabobank channel in the Netherlands Health Pension & Life 31/12/2011 31/12/2011 13

Key investment considerations Well positioned with strong brands AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS Retail customers Wholesale customers 14 14

Brand loyalty Key investment considerations Well positioned with strong brands BRAND POWER Property & Casualty Health Individual life 130 130 130 120 120 120 110 110 110 100 100 100 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) 15

Key investment considerations Well positioned with strong brands HIGH CUSTOMER SATISFACTION P&C Retail P&C Wholesale Income Protection Centraal Beheer Achmea 7,8 Aegon 7,8 ABN Amro 7,8 Interpolis 7,7 Centraal Beheer Achmea Interpolis Avéro Achmea 7,5 7,4 7,3 Centraal Beheer Achmea Generali 7,2 7,2 FBTO 7,7 ASR 7,7 ASR 7,3 De Goudse 7,2 Generali 7,7 Generali 7,3 Avéro Achmea 7,1 Delta Lloyd 7,6 SNS Reaal 7,6 Avéro Achmea 7,5 Nationale Nederlanden 7,3 Aegon De Goudse ABN Amro 7,3 7,2 7,1 De Amersfoortse Interpolis 7,1 7,0 Ø 7,7 Ø 7,3 Ø 7,1 Health Individual Life Pensions Pro Life OZF Achmea Univé FBTO 8,1 7,9 7,8 7,7 Centraal Beheer Achmea Interpolis Cardiff Delta Lloyd FBTO 7,4 7,4 7,3 7,3 7,3 Centraal Beheer Achmea Interpolis Delta Lloyd 7,2 7,0 6,5 Agis Avéro Achmea 7,6 7,6 De Amersfoortse 7,6 Interpolis 7,5 VGZ 7,5 Zilveren Kruis Achmea 7,4 Generali Avéro Achmea ABN Amro 7,1 6,9 6,9 Nationale Nederlanden 6,5 SNS Reaal 6,5 Allianz 6,4 Aegon 6,2 Avéro Achmea ASR Aegon Generali 6,4 6,4 6,4 6,0 Ø 7,7 Ø 7,1 Ø 6,5 Source: Verbond van Verzekeraars, Customer Satisfaction Research 2012 16

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 17

Key investment considerations Robust capital and solvency position HIGH QUALITY OF CAPITAL AND LOW LEVERAGE Composition of equity 30/06/2013 - Total: 9.8 billion Debt leverage 45% 40% 35% Maximum level 30% 25% 20% 15% 10% 5% 22% 23% 22% 21% 21% 22% 27% 0% Dec 11 Mar 12 Jun 12 Sep 12 dec-12 mrt-13 jun-13 Capital structure 30/06/2013 - Total: 11.1 billion Capital allocation 30/06/2013 - Total: 11.1 billion 12% 13% 75% Core capital Hybrid capital Debt 18

Key investment considerations Robust capital and solvency position SOLID SOLVENCY I POSITION Solvency I 19

Key investment considerations Robust capital and solvency position STRONG SOLVENCY POSITION COMPARED TO EUROPEAN PEERS Solvency I (IGD) at 30/06/2013 ING EurAsia 257% Achmea excl. Health Aegon (NL) Axa Achmea 234% 220% 218% 204% Delta Lloyd Aviva Allianz SNS Reaal 184% 180% 177% 172% Generali 139% CNP Assurances 116% 0% 50% 100% 150% 200% 250% 300% 20

Key investment considerations Robust capital and solvency position STRONG SOLVENCY POSITION UNDER ALL REGIMES Solvency I (IGD) Solvency II* (Partial Internal Model) 30/06/2013 - in billion 31/12/2012 - in billion 204% 183% Available capital 8.2 Surplus 4.2 Required capital 4.0 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 21

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 - 50 bps Equity dampener +5% T.b.d. 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. 22 22

Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Key investment considerations Robust capital and solvency position STABLE CREDIT RATING Credit rating insurance entities AA AA- A+ A A- BBB+ BBB BBB- AEGON NL Delta Lloyd ING Insurance* Achmea 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. 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. In our opinion the group has very strong capital and earnings. S&P credit rating report May 27, 2013 * Counterparty credit rating / ING-V core subsidiaries rated A+ 23

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 24

Key investment considerations Conservative investment profile CONSERVATIVE INVESTMENT PORTFOLIO Total investment portfolio 30/06/2013 - Total: 42.6 billion Fixed-income Deposits Derivatives Equities Alternatives Real estate 7% 5% 3% 2% 3% 80% Total government bond* exposure 19.5 billion, which is 58% of our fixed-income portfolio Shift of 2,8 billion (since 2012) from Dutch, German and French government bonds to investment-grade corporate bonds Exposure to GIIPS countries 615 million (1.8% of fixed-income portfolio) Fixed-income by type 30/06/2013 - Total: 33.8 billion Government* Loans and mortgages 23% 1% 1% Asset-backed bonds Covered bonds Corporate bonds Convertible bonds 6% 2% 9% 58% Fixed-income funds * Including government related and government guaranteed bonds 25

Key investment considerations Conservative investment profile ACHMEA HAS A HIGH QUALITY (AA/AAA) INVESTMENT PORTFOLIO Achmea International peers 30/06/2013 31/12/2012 Investments by type 5% 5% 6% 7% 10% 32% 8% 27% 30/06/2013 31/12/2012 Fixed-income by rating 14% 22% 6%1% 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 26

Key investment considerations Conservative investment profile SOVEREIGN GOVERNMENT EXPOSURE Total governments bonds (including government related and government guaranteed bonds) amounts to 19.5 billion Predominantly Dutch and German. Due to low interest rates on these bonds, part is shifted to conservative credits Very low exposure to GIIPS countries Government bonds 30/06/2013 - Total: 19.5 billion Top 5 sovereign exposure Specification of GIIPS exposure Country mln Country mln The Netherlands 10,169 Germany 3,544 France 1,525 European Gov. Institutions 868 Ireland* 524 Greece* 10 Ireland* 524 Italy 31 Portugal 24 Spain 26 * Our exposure to Greece and Ireland relates exclusively to our business activities there 27

CONTENTS Introduction Key investment considerations Recent results Group Segments Wrap-up Appendices 28

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 Operational improvements 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 Strong financial position maintained 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, successful cash tender offer for 133 million 5.125 percent capital securities and early redemption of 225 million 8.375 percent capital securities in first half of 2013 Funding of Achmea Bank supported by placement of 1.3 billion of securities, including set up of new unsecured debt issuance programme June 2013 Solvency (IGD) stable at 204% Successful placement of Mortgage Securitisation (DMPL XI) at the end of July 2013 29

Recent results Group 2009-2012: KEY PERFORMANCE TRENDS Profit Gross written premiums Solvency ratio (IGD) Gross operating expenses 30

Recent results Group H1 2013: ACHMEA POSTS NET PROFIT OF 123 MILLION KEY FIGURES (IN MLN) H1 2013 H1 2012 Net profit 123 210 Profit before tax 79 169 Gross written premiums* 17,615 18,138 Gross operating expenses 1,347 1,346 Result realised in challenging economic and insurance market conditions All insurance segments contributed to profit Gross written premiums down 3%, mainly in Health Netherlands and Pension & Life Netherlands KEY FIGURES (IN MLN) 30/06/2013 31/12/2012 Total equity 9,763 10,483 Gross operating expenses stable despite increased pension charges, investments in compliance with new regulations and ongoing complexity reduction Solvency insurance entities (IGD) S&P rating insurance entities 204% 212% A+ (stable) A+ (stable) Robust capital position maintained, solid solvency (IGD) of 204% * Comparative figures H1 2012 adjusted according to changes in presentation of gross written premiums Health 31

Claims ratio Expense ratio Recent results Segments NON-LIFE NETHERLANDS Solid performance with a combined ratio of 97.0% Property & Casualty performed well, despite three major fire claims ( 44 million) Various actions taken in Income Protection (WGA) resulted in improved claims ratio Profit before tax Property & Casualty Income Protection From 82 million to 177 million 93.1% 90.2% 111.5% 132.0% Gross written premiums From 2,014 million to 2,026 million 32

Claims ratio Expense ratio Recent results Segments HEALTH NETHERLANDS Stable operational performance, lower profit contribution to the Group Healthcare premiums for customers kept stable despite rising healthcare costs Customers consciously selecting higher own risk levels (Basic Health) and reducing supplementary health coverage Profit before tax From 197 million to 152 million Basic Health Supplementary Health 98.8% 97.6% 95.4% 92.2% Of which Basic Health From 135 million to 118 million Gross written premiums From 13,607 million to 13,249 million 33

Recent results Segments PENSION & LIFE NETHERLANDS Profitability decreased, primarily due to fair value changes related to guarantees and lower investment income Gross operating expenses decreased due to continued focus on cost reductions Rapidly changing market with customers increasingly opting for bank savings products in preference to life insurance for asset accumulation and transition in pension products Separated closed life book organization further streamlined Profit before tax Value of New Business (VNB) New business (APE) From 138 million to 62 million From -7 million to -10 million From 42 million to 40 million 34

Recent results Segments INTERNATIONAL AND NON-INSURANCE ACTIVITIES International Focus on improving operational performance and cost savings resulted in profit of 3 million In Turkey, Eureko Sigorta underwrote biggest insurance contract ever for motorway project In Greece, continuing success of Anytime contributed significantly to growth of market share Banking Netherlands Other Banking profit of 1 million impacted by one-off expenses Strong Tier 1 ratios at Achmea Bank (14.8%) and Staalbankiers (15.9%) Achmea Hypotheekbank successfully issued 800 million Senior Unsecured Notes and 781 million of Mortgage Securitisation (DMPL XI) Assets under Management at Syntrus Achmea increased further to 67 billion (year-end 2012: 64 billion) 35

CONTENTS Introduction Investment highlights Recent results Wrap-up Summary investment highlights Appendices 36

Wrap-up Summary investment highlights SUMMARY INVESTMENT HIGHLIGHTS Dominant player in major insurance market Largest Dutch insurer: high market shares in all segments The Netherlands is a core European country and a major insurance market 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 204% (IGD) Strong and stable credit rating (during the crisis) Conservative investment profile Majority (80%) is invested in fixed-income, of which 77% is rated AA or higher Low asset risk compared to peers 37

CONTENTS Introduction Key investment considerations Recent results Wrap-up Appendices 38

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 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 39

Appendices Real estate exposure REAL ESTATE EXPOSURE Total real estate portfolio amounts to 1.4 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 30/06/2013 - Total: 1.4 billion Specification of direct real estate 30/06/2013 - Total: 1.1 billion Type mln % Residential 397 36 Offices 339 31 Retail 315 28 Other 60 5 Total 1,111 100 40

Key investment considerations Robust capital and solvency position SENSITIVITIES Interest rate shocks In million 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% 31-12-2012 9,046 58 26-25 -48 31-12-2011 8,437-125 -41 33 76 Equity and property risk In million 31-12-2012 Asset class Effect -10% change of market value on total equity Effect -10% change of market value on solvency Equities -2% -4% Real estate -1% -3% 41 41

Appendices Development of equity H1 2013 DEVELOPMENT OF EQUITY H1 2013 10,483 123 123-237 -358 9,763-154 -45-49 Total equity 31/12/2012 Net profit Dividends and coupons to holders of equity instruments Redemption and repurchase of equity instruments Revaluation of equity and fixedincome portfolio FX reserves Post-employment benefits Total equity 30/06/2013 42

Interest rate percentage Appendices Development curves DEVELOPMENTS CURVES 31-12-2012 Swap excl UFR ECB AAA incl UFR Achmea curve (Swap+UFR+25bp) Full Year Run 43 Duration 43

CONSERVATIVE INVESTMENT PROFILE COMPARED TO PEERS Investments by type Fixed-income by type Source: BNP Paribas Insurance Review H1 2013 44

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 45 45

Disclaimer DISCLAIMER The information and the opinions in this presentation have been prepared by Achmea B.V. (the "Company" or Achmea") solely for use at a meeting regarding a proposed offering (the "Offering") of Notes of the Company (the "Notes"). This presentation and its contents are strictly confidential, are intended only for use by the recipient for information purposes only and may not be reproduced in any form or further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. 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