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Eureko Presentation WWW.EUREKO.COM EUREKO PRESENTATION May 2010 2 Contents 1. Eureko Group 2. Strategy 3. Financial Review 4. Closing remarks WWW.EUREKO.COM 3 Eureko in 2009 Solid profit supported by a better operational performance, PZU settlement and stabilisation of financial markets Strong financial position as a result of reduced balance sheet risks, solid profit and support from shareholders Announced measures on operational efficiency and cost reduction well on track Business strategy sharpened WWW.EUREKO.COM 4 Stable and supportive shareholder base May 2010 Achmea Other Preference Rabobank Association Shareholders1 Shareholders2 55.2% 39.4% 5.4% Eureko Tussenholding 100.0% Ordinary Shares 94.5% 5.5% Eureko Strong (proven) support from major existing shareholders 1 BCP (2.7%), Gothaer (1.1%), LF Group (0.9%) and Swiss Mobiliar (0.7%) 2 No voting rights WWW.EUREKO.COM 5 Eureko group companies EUREKO Achmea Friends First Interamerican Union Eureko Sigorta A.S. (Benelux) (Ireland) (Greece) (Slovakia) (Turkey) 100% 100% 100% 98% 80% Market share Market share #2 in the market Market share Market share Life: 7% with leading Non-Life: 3% Non-Life: 5% Non-Life: 20% positions in Non- Health: 6% Health: 2% Contributions Health: 29% Life, Health and Life €238 mln Contributions Life: 12% Contributions €250 mln Contributions €216 mln Contributions €439 mln €18,321 mln Main Associates Developing Operations PZU F&C Asset Garanti Emeklilik A.S.1 Interamerican Eureko Asiguari Oranta (Poland) Management (Bulgaria) (Romania) (Russia) 13% (UK) 10% (Turkey) 15% 100% 100% 100% 1 Eureko has the right to acquire another 35% mid 2010 to mid 2012. Garanti Emeklilik ve Hayat A.S. is a Life insurance company. WWW.EUREKO.COM 6 IPO PZU 29 April: pricing and allocation First day of trading after IPO: 14 May 2010 IPO valuation of PZU: PLN 27 billion We sold 20% of our shares of which 10% via Kappa S.A. and 10% direct Estimated cash flow for Eureko approx. €1.6 billion; of which €700 million to H1 2010 profit Group Solvency increased with 25% as a results of the IPO After the planned IPO Eureko will continue to hold 13% in PZU WWW.EUREKO.COM 7 Contents 1. Eureko Group 2. Strategy 3. Financial Review 4. Closing remarks WWW.EUREKO.COM 8 Achmea market positions in the Netherlands Achmea ASR Allianz Delta ING Lloyd ING SNS incl. Achmea ASR Delta AXA/ZL Lloyd CZ Group incl. Fries- Achmea UVIT Menzis Delta Lloyd land Delta Aegon ING SNS incl. Achmea Lloyd AXA/ZL APG + Achmea PGGM ING + MN Cordares AZL Services ASR ING Achmea Aegon Delta Lloyd Maetis Arbo Unie Achmea ArboNed KLM WWW.EUREKO.COM 9 Market expectations in the Netherlands (1) €bln Non-Life Non-Life 25 25% The market for Non-Life products is expected 20 20% Market share to remain fairly stable. Main growth is 15 15% expected in direct channel. 10 10% Due to operational excellence more 5 5% competitive products will be introduced to the Market size 0 0% market. This will allow Achmea to generate 2007 2008 2009 2010 2011 2012 growth above market levels. €bln Health1 50 35% 30% 40 Health 25% 30 20% Market share The market is expected to grow as a result of 20 15% increasing health care expenses, inflation 10% and increased longevity of the population. 10 5% Market size 0 0% Achmea is assumed to be able to sustain its 2007 2008 2009 2010 2011 2012 market share of around 30% (in 2009 some 4.8 mln insured). €bln Income 25 25% Market share Income protection 20 20% Market share The income market is expected to shrink 15 15% from 2009 through 2012 as a result of the 10 10% current economic circumstances. 5 5% Market size Market size Achmea’s market share is expected to be 0 0% around 20%. 2007 2008 2009 2010 2011 2012 1 Market share 2009 adjusted for impact from lower contributions received from the Dutch state (ZvF), mainly related to prior years (-€739 mln) WWW.EUREKO.COM 10 Market expectations in the Netherlands (2) €bln Pension Insurance Pension2 25 25% The Pension market is expected to show 20 20% Market share limited growth from 2009 through to 2012. 15 15% We expect to be able to increase our 10 10% market share through additional focus on 5 5% the SME market. Market size 0 0% 2007 2008 2009 2010 2011 2012 Individual Life insurance €bln Regulatory changes, transparency and Individual Life 25 25% banks as supplier of Life products have 20 20% and will continue to fundamentally change Market share 15 15% the Life market. 10 10% For the years 2010 till 2012 a steady 5 5% decline of the market is expected, due to Market size 0 0% the decline of the mortgage related 2007 2008 2009 2010 2011 2012 products and lower pricing of term insurance products. Achmea is expected to be able to retain a market share of around 11%. 2 Market share 2009 is excluding the impact from the merger of pension funds SPI/SPAP (+€1.1bln) WWW.EUREKO.COM 11 All improvement programmes in the “house of initiatives” Most trusted insurer Short term profitability Mid term improvement Long term strategic improvement initiatives choices Focus on: Focus on: Focus on: Cost cutting program SENS Market segments: Complexity reduction Non-Life in products, processes Health and IT Income Protection Integration back in direct and banking offices channel Strengthen relationship with social partners Development of professional skills The customer is key in “Achmea unburdens” Revitalise cooperative identity WWW.EUREKO.COM 12 Strategic choices for the Dutch portfolio Bank Direct Broker Ind. Life 61% 22% 17% ASR ING Achmea P&C 53% 34% 13% 0% 20% 40% 60% 80% 100% WWW.EUREKO.COM 13 Commercial cooperation with Rabobank The commercial partnership is developing well and will be intensified Interpolis share1 in Rabobank insurance products: ¾ 97% of retail customers ¾ 96% of private banking customers ¾ 84% for SMEs ¾ 59% for large corporate clients Gross written premiums in Non-life went up 3%; more than market average Sale of life products suffers from Banksparen, focus is now on term insurance products Closer cooperation between Rabobank Corporate Clients and Achmea Corporate Clients Both Rabobank and Interpolis invest in forward integration of Interpolis in Rabobank distribution channel (Interpolis 2010) 1Market share of 2009 not available yet. WWW.EUREKO.COM 14 Perspective on Dutch consolidation We expect that the Dutch Government will reduce its position in financial institutions in the coming years. We will follow all developments closely. Eureko is only interested in portfolios if they fit our core proposition, this should however, not result in additional complexity of the Group. WWW.EUREKO.COM 15 Strategic choices for the International portfolio Other aspects international strategy We consider to exercise the call option for 35% of Garanti Emeklilik and we expect Garanti to exercise its put option for Eureko Sigorta in 2010 (20% of the shares). Focus in short term will not be on international expansion but on developing sound operations in our core activities. WWW.EUREKO.COM 16 Contents 1. Eureko Group 2. Strategy 3. Financial Review 4. Closing remarks WWW.EUREKO.COM 17 Solid profit strengthened by PZU settlement Key figures (in € mln) 2009 2008 Change After challenging year, strong Net profit 1,381 -2,118 n.m. recovery of net profit to €1.4 billion. Profit before tax 1,507 -2,620 n.m. Profit before tax €1.5 billion, Gross written premiums 19,645 19,306 +2% including PZU settlement of €1,238 million and the effect of Operational expenses 3,284 3,664 -10% financial markets. Total capital 10,127 7,451 +36% Gross written premiums up Solvency Insurance activities 251% 197% +54%pts slightly. Solvency Group level 216% 150% +66% pts Operating expenses -10%. Solvency insurance activities improved to 251%. WWW.EUREKO.COM 18 Solid profit (in € mln) 2009 2008 Change Impact financial markets Profit before tax 1,507 -2,620 +4,127 considerably lower than in 2008. Impact financial markets -337 -2,697 +2,360 PZU settlement contributes €1.2 PZU settlement 1,238 0 +1,238 billion before tax Adjusted profit before tax 606 77 +529 Profit before tax, adjusted for PZU settlement and impact financial markets, amounts to €606 million Specification of impact 2009 2008 Change financial markets (in € mln) Improvement of result largely Realised gains & losses equity -123 -429 +306 the effect of lower operating portfolio expenses Impairments investment portfolio -161 -1,125 +964 Realised gains & losses on Impairments strategic portfolio -27 -796 +769 equity portfolio mainly the result Negative results from fixed 19 -462 +481 of derisking in first half of 2009 income at fair value through P&L (losses first half Guarantees on segregated -14 -136 +122 €149 million). investments accounts Impairments on investment Fair value Equity hedge -31 251 -282 portfolio mainly relate to real Total -337 -2,697 +2,360 estate. WWW.EUREKO.COM 19 Performance business lines: Gross written premiums in € bln Gross written premiums (GWP) 19.6 19.3 up 2% to €19.6 billion impacted 20 positively by merger of pension funds. GWP down 4% corrected Non-Life Non-Life +6% for merger of pension funds. 4.0 3.8 16 Premiums Health stable excluding Life Life lower government contribution. 5.0 4.2 +18% 12 Life business remains challenging. Premiums increased significantly by merger of pension funds. Health Health Premiums down 8% excluding 8 11.3 10.6 the merger of the pension funds. ‐6% Non-Life shows strong organic 4 growth of 4%. Consolidation of Oranta adds an extra 2%. 0 2009 2008 WWW.EUREKO.COM 20 Performance business lines: Profit before tax Profit before tax 2009 2008 Change All business lines, except banking, (in € mln) performed better.
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