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Capital Markets Day Capital Markets Day 10 October 2018 Today’s presenters Jos Baeten Chris Figee Michel Verwoest Karin Bergstein CEO CFO COO COO Philippe Wits Jack Julicher Dick Gort Patrick Klijnsmit Chief Innovation Officer CEO a.s.r asset CEO a.s.r real estate Director Group Accounting, management Reporting & Control 2 Excel and expand Jos Baeten Chief Executive Officer Two exciting years since our IPO Inaugural Cost variabilisation “textbook IPO” EUR Standard model RT1 issue Consolidation “Abroad is “Up to 12%” for holidays” SII 194% AEX index holding cash Generali NL Cost of equity? “it’s 10%” Value over volume Funeral insurance Largest private landowner NLFI COR Ambitious Bolt-on Financial flexibility targets Consistent target delivery Organic capital Conservative creation assumptions reinsurance Mass lapse Mass Craftsmanship Shadow accounting Shadow methodology 5 Helping our customers is the reason we are in business 6 Proud of all our employees who make a difference for customers Helping by doing I’m helpful I think ahead and I act decisively These values drive our behaviour 7 a.s.r. at a glance Business mix (GWP) 3,800 36% EUR 4.0 employees (fte) #3 billion 2017 64% founded in leading market multi-brand “helping by doing” 1720; deeply positions and #3 and multi- rooted in Dutch channel overall Non-life society distribution; focus on Life +40 intermediaries net promotor score value over helping volume customers 2008 2016 2017 to mitigate risks and nationalised; key strategic principle accumulate wealth no state aid received successful IPO privatisation completed 8 Macro trends Technological Environmental & demographic • Ease of use & internet of things • Increased workforce flexibility and • Customer data & data analytics more self-employed individuals • Robotics • Ageing population & increasing life expectancy • Artificial intelligence & machine learning • Corporate social responsibility • Climate change Economic & financial markets Political & regulatory • Volatile financial markets • Withdrawing government • Low(er) interest rates for longer • From collective to individual arrangements • Reduced risk premiums • Higher capital requirements • Value chain integration • Rising retirement age 9 Strong and unique investment proposition still intact Skilled and experienced management focused Strong solvency with high-quality capital on execution and delivery 8 1 Profitable LDI asset management platform Track record of attractive return on equity, with outstanding track record 7 2 capital generation and growing dividends Proven cost reduction capabilities and Diversified and resilient Dutch insurer with continuing focus on operational efficiency 6 3 leadership in attractive market segments Excellence in pricing, underwriting and 5 4 Differentiated distribution underpinned by highly claims management reputable brands 10 Our strategic principles drive performance Value over volume Excellence in pricing, Meeting customer Solid financial underwriting and Cost effectiveness needs framework claims management 11 Consistently delivering on IPO promises and ambitious targets Solvency II Operating return on equity S&P Rating (Standard formula, %) (%) 189 196 194 15.6 180 14.4 14.6 14.7 > 160% Up to 12% Single medium-term target medium-term target 194% 14.7% ✓ ✓ ✓ ✓ A 2015 2016 2017 1H18 2015 2016 2017 1H18 2015 2016 2017 1H18 Combined ratio Operating expense reduction Financial leverage (%) (EUR million) (%) 97.1 95.6 < 97% EUR 50 million 25.1 25.2 25.3 25.4 <30% 95.1 medium-term target >50 medium-term target medium-term target 95.0 18 97.1% 23 25.4% 2015 2016 2017 1H18 2016 2017 2018 Total 2015 2016 2017 1H18 12 Generating attractive capital returns to shareholders Ordinary dividend Dividend per share (EUR) • Ambition to offer a stable to growing dividend per share 1.63 1.27 • Pay-out ratio 45% - 55% of net operating result (after hybrid 1.13 1 expenses) 0.65 Interim • Interim dividend 40% of last year’s total ordinary dividend dividend 2015 2 2016 3 20173 1H183 Capital returned Capital return to shareholders (EUR million) • EUR 764 million of capital has been returned to shareholders since IPO (June 2016) 442 322 SBB 255 Interim • In total, 9 million shares were bought back 92 dividend 170 (EUR 255 million) to support the government’s exit 139 187 230 2015 2016 2017 1H18 1 In general, a.s.r. expects not to pay cash dividends if the Solvency II ratio (calculated in accordance with the standard formula) falls below 140% 2 Number of shares for 2015 restated to 150 million shares 3 Number of shares for 2016 is 147 million shares. Number of shares for 2017 is 141 million shares. Treasury shares are not eligible for dividend 13 Ambitious group targets, positioned for profitable growth Targets for the period 2019 - 20211 Solvency II Operating return on equity Dividend pay-out ratio (Standard formula) (%) (% of net operating result after hybrid expenses2) >160% 12-14% 45-55% Substantial capital for Per annum Ambition to offer a stable to growing entrepreneurship dividend per share Organic capital creation Financial leverage Rating (EUR million) (%) (S&P) > € 430m < 35% Single A To be realised in 2021 At least 1 Targets are based on the assumption of normal market, environmental and economic conditions and no material regulatory changes and on stand-alone basis 2 In general, a.s.r. expects not to pay cash dividends if the Solvency II ratio (calculated in accordance with the standard formula) falls below 140% 14 Ambitious business targets Targets for the period 2019 - 20211 Non-life Life operating result Fee based businesses, operating result2 (%, excluding Health) (EUR million) (EUR million) Combined ratio 94-96% Stable € 40 million Compared to 5% growth EUR 633 million in 2017 per annum thereafter Non-life Life operating expenses (%, excluding Health) (bps) GWP growth (organic) 3-5% 45-55 bps Per annum On basic life provision 1 Targets are based on the assumption of normal market, environmental and economic conditions and no material regulatory changes and on stand-alone basis 2 Asset management and Distribution & services 15 Creating value for all stakeholders, our non-financial objectives Targets for the period 2019 - 20211 Meeting customer needs Sustainable investments Employee contribution to local society (Net promoter score) (in no. of hours) Carbon footprint: % measured of investment portfolio 95% >44 +5% Impact by 2021 investments Per annum by 2021 € 1.2bn 1 Targets are based on the assumption of normal market, environmental and economic conditions and no material regulatory changes and on stand-alone basis 16 Our plan to deliver on the targets Maintaining Managing Pursuing our financial the value from profitable growth discipline existing businesses in selective areas 17 Maintaining our financial discipline Continued focus on value over volume Maintaining our strong cost discipline Financial discipline in M&A, focussing on SME, 12% ROI hurdle Maintaining strong balance sheet and robust solvency (SF), SII ratio > 160% Rational allocation of capital: deploy or return 18 Rational approach to capital deployment and return Solvency ladder Are we in the on standard formula entrepreneurial Deploying capital in growth zone? Invest in organic growth Inorganic Yes growth in domestic market >160%: entrepreneurial level >140% cash dividend payment level Invest in 120% risk appetite level market risk 100% SCR 19 Optimising our business mix to manage value and pursue growth Business domains in Non-life with growth potential Asset management related growth businesses Distribution Asset P&C Disability Health Pensions DC & services management Robust and predictable service books Non-core businesses Individual Leidsche Pensions DB Funeral Bank Life Rijn Centrum 20 Non-life: Managing the value and pursuit of selective (in)organic growth Our foundation Our current focus Growth opportunity • Craftsmanship: P&C P&C 2017 • underwriting leadership • Maintaining superior COR + Add volume / scale on existing platform • claims management • Optimising portfolio of Generali NL 66% • Finalising IT migration + Selective inorganic growth GWP • cost effectiveness EUR 2,579 million • Proprietary disability platform Disability • Focusing on sustainable Disability • Leader in broker channel employability + Focus on platform and • Sustained profitable COR • Unlocking prevention / vitality proposition extension 26% services potential Operating + Acquisitions and partnerships result Health EUR 188 million • Continue supporting Disability 21 Life: Managing the value and pursuit of selective inorganic growth Our foundation Our current focus Growth opportunity • Restored customer satisfaction • Maintaining a low cost operation Initiate traditional Individual life 2017 through focus on client services by cost reductions and cost + closed book consolidation variabilisation • Simplified and aligned processes 37% and products • Excel in product rationalisation and GWP migration of administrations + Finalise Funeral consolidation EUR 1,453 • Low cost operation with convincing million migration and consolidation track • Optimising investment returns record • Optimisation of Solvency II capital Operating result EUR 633 million 87% 22 Asset management: Pursuit of selective (in)organic growth Our foundation Our current focus Growth opportunity Continue buy and build 2017 • Long experience with LDI • Leverage niche expertise in selected + approach higher margin propositions • Differentiation in quality and Own sustainability • Pensions DC supports fee-based rd + Capture pensions assets (DC)
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