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
Turkey 13% 1% 6% Pension & Life Greece 13% 29% Non-life 16% Slovakia Ireland International 22% 66% 5% Russia Health 29% 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
Focus: Expansion optimization and innovation
A group of Dutch mutual Centraal Beheer and Achmea acquires 80% insurers form the Achmea acquires Achmea creates Avéro Insurance merge of Eureko Sigorta; Coöperatieve Vereniging Interamerican Greece InShared to AVCB Achmea and Agis merge Centraal Beheer
1811 1956 1995 1999 2005 2008 2011
1909 1992 2001 2007 2010
Achmea merges with The history of Achmea* Achmea merges with The first Dutch direct Achmea founded out of Interpolis; Rabobank Achmea acquires Oranta begins in Achlum, the DFZ and acquires writer FBTO is founded AVCB and Zilveren Kruis becomes second largest in Russia Netherlands Independer.nl shareholder
2010-2013: Divestment Eureko acquired first operating companies international activities 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 Rabobank Preference Other shareholders Association Netherlands 5.5% 65.3% 29.2% 100%
Ordinary Achmea shares subholding 94.5% 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 alliance through the banking channel. Approximately 98% of insurance products sold via the Rabobank channel are Achmea insurance products Rabobank customers with Interpolis products • Exclusive distribution of Interpolis products 30/06/2013 Commercial 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.
25%
• Rabobank has a nomination vote on the supervisory board of Achmea. Furthermore 22% Governance Rabobank and Achmea share two common supervisory board members
Private Wholesale • Rabobank has historically supported Capital Achmea with capital, as and when necessary
Source: Achmea data June 2013 7 Introduction | Strategic agenda
CLEAR LONG-TERM STRATEGIC CHOICES FOR DUTCH PORTFOLIO
Channel Banking Direct Broker distribution distribution distribution
Brand
Product Group
Property & Casualty Core proposition: Health strengthen Increase scale to Income Protection core proposition
Pension - standardised Develop to core proposition Life - standardised
Banking products Complementary to insurance products
Pension – not standardised Separate and manage Life – not standardised 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
THE NETHERLANDS – major insurance market within Eurozone
European Non-life market (incl. health) European Pension and Life assets 31/12/2011 31/12/2011 100
90 billion
80 €
In 70 60 50 40 30 20 10 0 DE FR UK NL IT ES CH Growth outlook (% change yoy) Netherlands CDS remains low 6
4
2
0,75 0 (1,25)
(2)
(4)
(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 10 *Pension market Netherlands per 31-12-2013: DNB
Key investment considerations | Dominant player in major insurance market
LEADING POSITIONS IN OUR CORE MARKETS
Market share per 31-12-2012*
Property & Delta SNS #1 a.s.r. Atradius ING Other Casualty Lloyd Reaal
Health #1 VGZ CZ Menzis Other
Income De Delta #2 a.s.r. ING Aegon Other Protection Goudse Lloyd
SNS Delta ING Aegon a.s.r. Other Pensions #4 Reaal Lloyd
Delta ING SNS a.s.r. Aegon Other Individual Life #2 Reaal Lloyd
*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 • Well diversified distribution 31/12/2011 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 Key investment considerations | Well positioned with strong brands
BRAND POWER
Property & Casualty Health Individual life
130 130 130
120 120 120 Brand loyalty Brand 110 110 110
100 100 100
90 90 90
80 80 80
70 70 70
60 60 60 40 60 80 100 120 140 40 60 80 100 120 140 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 Centraal Beheer Achmea 7,5 Centraal Beheer Achmea 7,2 Aegon 7,8 ABN Amro Interpolis 7,4 7,8 Generali 7,2 Interpolis 7,7 Avéro Achmea 7,3 7,7 FBTO ASR 7,3 De Goudse 7,2 ASR 7,7 Generali 7,7 Generali 7,3 Avéro Achmea 7,1 Delta Lloyd 7,6 Aegon 7,3 SNS Reaal 7,6 De Amersfoortse 7,1 De Goudse 7,2 Avéro Achmea 7,5 Interpolis 7,0 Nationale Nederlanden 7,3 ABN Amro 7,1
Ø 7,7 Ø 7,3 Ø 7,1 Health Individual Life Pensions
Pro Life Centraal Beheer Achmea 7,4 8,1 Centraal Beheer Achmea 7,2 7,4 OZF Achmea 7,9 Interpolis Cardiff 7,3 Univé 7,8 Interpolis 7,0 Delta Lloyd 7,3 FBTO 7,7 FBTO 7,3 Delta Lloyd 6,5 Agis 7,6 Generali 7,1 Avéro Achmea 6,4 Avéro Achmea 7,6 Avéro Achmea 6,9 ABN Amro 6,9 De Amersfoortse 7,6 ASR 6,4 Nationale Nederlanden 6,5 Interpolis 7,5 SNS Reaal 6,5 Aegon 6,4 VGZ 7,5 Allianz 6,4 Zilveren Kruis Achmea Generali 6,0 7,4 Aegon 6,2
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 Debt leverage 30/06/2013 - Total: € 9.8 billion
45%
40% Maximum level 35%
30%
25%
20%
15% 27% 22% 23% 10% 22% 21% 21% 22%
5%
0% Dec 11 Mar 12 Jun 12 Sep 12 dec-12 mrt-13 jun-13
Capital structure Capital allocation
30/06/2013 - Total: € 11.1 billion 30/06/2013 - Total: € 11.1 billion
12%
Core capital 13% Hybrid capital Debt 75%
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 234%
Aegon (NL) 220%
Axa 218%
Achmea 204%
Delta Lloyd 184%
Aviva 180%
Allianz 177%
SNS Reaal 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 Surplus Free capital surplus 4.2 3.5 Available 8.2 Capital 4.2 SCR level Required 7.7 2.8 capital MCR
level 4.0
• 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 Full-year run 2013 Assumptions 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
Key investment considerations | Robust capital and solvency position
STABLE CREDIT RATING
Credit rating insurance entities “The ratings predominantly reflect AA AEGON NL our view of the group's strong AA- business risk profile and very A+ Delta Lloyd strong financial risk profile, A based on its leading Dutch A- ING Insurance* insurance franchise and very strong BBB+ capital and earnings. BBB Achmea BBB- The Achmea group has a strong
competitive position, in our view,
Jun-11 Jun-08 Jun-09 Jun-10 Jun-12 Jun-13
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-07 stemming from its leadership within the Dutch insurance market.
• Achmea was the only Dutch insurer not to be In our opinion the group has very downgraded during the crisis strong capital and earnings.” • Current Group S&P rating is A- with a stable
outlook, the rating for our insurance entities is A+
also with a stable outlook. 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 • Total government bond* exposure 3% Fixed-income 3% € 19.5 billion, which is 58% of our fixed-income 2% portfolio Deposits 5% 7% Derivatives • Shift of € 2,8 billion (since 2012) from Dutch, German and French government bonds to investment-grade Equities corporate bonds Alternatives • Exposure to GIIPS countries € 615 million (1.8% of Real estate 80% fixed-income portfolio)
Fixed-income by type 30/06/2013 - Total: € 33.8 billion 1% Government* 1% Loans and mortgages 23% Asset-backed bonds Covered bonds 6% 58% Corporate bonds 2% Convertible bonds 9% 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
10% 5% 32% Investments 5% by type 6% 7%
8% 27%
31/12/2012 30/06/2013
6%1% 14% Fixed-income 41% by rating 22%
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
Government bonds
• Total governments bonds (including government 30/06/2013 - Total: € 19.5 billion 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
Top 5 sovereign exposure Specification of GIIPS exposure
Country € mln Country € mln The Netherlands 10,169 Greece* 10 Germany 3,544 Ireland* 524 France 1,525 Italy 31 European Gov. Institutions 868 Portugal 24 Ireland* 524 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 • Merger with De Friesland Zorgverzekeraar, acquisition of Independer and the sale of management 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 • Agis and Achmea Health integrated • Closed life book managed in separate organizational entity improvements • 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
• Maintained Standard & Poor’s A+ rating with a stable outlook for our insurance entities Strong financial • Group capital structure further strengthened with issue of €500 million subordinated position notes, successful cash tender offer for €133 million 5.125 percent capital securities maintained 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 • Result realised in challenging economic and (IN € MLN) H1 2013 H1 2012 insurance market conditions Net profit 123 210 • All insurance segments contributed Profit before tax 79 169 to profit
Gross written premiums* 17,615 18,138 Gross operating • Gross written premiums down 3%, mainly in Health 1,347 1,346 expenses Netherlands and Pension & Life Netherlands
• Gross operating expenses stable despite increased pension charges, KEY FIGURES (IN € MLN) 30/06/2013 31/12/2012 investments in compliance with new regulations and ongoing complexity reduction Total equity 9,763 10,483
Solvency 204% 212% • Robust capital position maintained, solid solvency insurance entities (IGD) (IGD) of 204% S&P rating A+ (stable) A+ (stable) insurance entities
* Comparative figures H1 2012 adjusted according to changes in presentation of gross written premiums Health 31 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
93.1% 90.2% 111.5% 132.0% From € 82 million to
€ 177 million
Expense ratio Expense
Gross written premiums
From € 2,014 million to € 2,026 million ratioClaims
32 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 Basic Health Supplementary Health From € 197 million to 98.8% 97.6% 95.4% 92.2% € 152 million
Of which Basic Health From € 135 million to ratio Expense
€ 118 million
Gross written premiums From € 13,607 million to € 13,249 million ratio Claims
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 From € -7 million to From € 42 million to € 62 million € -10 million € 40 million
34 Recent results | Segments
INTERNATIONAL AND NON-INSURANCE ACTIVITIES
• Focus on improving operational performance and cost savings resulted in International 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 • 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 Other 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
Real estate portfolio • Total real estate portfolio amounts to € 1.4 billion, of 30/06/2013 - Total: € 1.4 billion 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.
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 Effect interest rate Effect interest rate Effect interest rate shock -1% shock -0.4% shock 0.4% 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 Effect -10% change of market value on total equity market value on solvency Equities -2% -4%
Real estate -1% -3%
41 41 Appendices | Development of equity H1 2013
DEVELOPMENT OF EQUITY H1 2013
123 123 10,483
-237
9,763 -358 -154 -45 -49
Total equity Net profit Dividends and Redemption and Revaluation of FX reserves Post-employment Total equity 31/12/2012 coupons to repurchase of equity and fixed- benefits 30/06/2013 holders of equity equity instruments income portfolio instruments
42 Appendices | Development curves
DEVELOPMENTS CURVES
31-12-2012
Interest rate percentage rate Interest
Swap excl UFR ECB AAA incl UFR Achmea curve (Swap+UFR+25bp) Full Year Run
Duration 43 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 [email protected]
Bastiaan Postma Manager Investor Relations +31 (0)6 13117581 [email protected]
Email: [email protected] Internet: www.achmea.com
45 45 Disclaimer
DISCLAIMER
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Any person who is not a under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the relevant person should not act or rely on this presentation or any of its contents. Any investment or registration requirements of the Securities Act and in compliance with any applicable securities laws of any investment activity to which this presentation relates is available only to and will only be engaged in with state or other jurisdiction of the United States. Achmea does not intend to register any portion of the Offering such persons. in the United States or conduct a public offering of securities in the United States. Each of Barclays, Citibank, HSBC, Rabobank and Unicredit, and their respective affiliates are acting for the The distribution of this presentation and other information in connection with the Offering in certain Company and no one else in connection with the matters referred to in this presentation and will not regard jurisdictions may be restricted by law and persons into whose possession this presentation or any document or any other person as their respective clients in relation to such matters and will not be responsible to any other information referred to herein comes should inform themselves about and observe any such restrictions. other person for providing the protections afforded to their respective clients, or for providing advice in Any failure to comply with these restrictions may constitute a violation of the securities laws of any such relation to such matters. jurisdiction.
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