AhAchmea Inves tor Present ttiation
“The leading Dutch insurance Company with strong brands, multi-channel distribution strategy, well diversified product range and a conservative investment profile”
March 2013 Contents
Achmea overview
Key investment highlights
• Leading market positions • Core country base in one of the strongest Euro-zone countries • A very strong capitalisation • Well-diversified investments, especially in lightlight of conservative investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Achmea snapshot – strong brands, diversified products, focus on insurance
GWP by segment 2012 • A strongggp and solid insurance group founded over 200 years ago
• Market leader in Dutch insurance: Property & Pension & Life Non-Life Casualty, Health, Income Protection, Pension and Life insurance • Distribution mainly through direct & banking channels and well positioned for future market developments • Strong market position with “power brands” Health Interpolis, Centraal Beheer Achmea, Zilveren Kruis Achmea and a range of specialty brands Total: €20.4 billion
Brands GWP by geography 2012
Europe Greece 32% Turkey 24% Russia 5% Slovakia 23% Ireland 14%
Bulgaria 2% Netherlands Total: €20.4 billion 2 Source: Achmea 414807_Roadshow 2013.ppt
Ownership structure – stability through two cornerstone shareholders
ACHMEA RABOBANK OTHER PREFERENCE ASSOCIATION NETHERLANDS 5.5% SHAREHOLDERS 65.3% 29.2%
ACHMEA ORDINARY SHARES 94.5% TUSSENHOLDING 5.5%
3 Source: Achmea 414807_Roadshow 2013.ppt
Achmea is a sizeable player compared to its European peers - with large operations in its domestic market
17,500
15, 000
12,500
10, 000
7,500
5,000
2,500
0 Achmea Allianz Generali Aviva Zurich Ageas Aegon
Total gross premiums written in domestic non-life insurance (€m)
4 Source: 2011 Annual reports and investor presentations 414807_Roadshow 2013.ppt
Key milestones achieved in 2011 and 2012 “A GROUP THAT IS MOVING” PORTFOLIO MANAGEMENT • Ce le bra te d our bicen tenary and this gave a st rong boost to the profil e of the group • Merger with DFZ, acquisition of Independer and the sale of Achmea Vitale • Sale of Avéro Belgium and Império France • Commercial position strengthened through acquisition of niche player Friesland Bank Assurantiën and OVO • Announced sale of life activities in Romania (non-core activities)
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 • Increasinggg scale through consolidation of De Friesland Zor gverzekeraar
STRONG FINANCIAL POSITION MAINTAINED • Maintained Standard & Poor’s A+ rating with a stable outlook for our insurance entities • Funding of Achmea Bank supported by placement of €1.3 billion of securities, including set up of new unsecured debt issuance programme • Group liquidity position strengthened with new credit facility of €750 million • Group Solvency (IGD) stable at 209%
5 Source: Achmea 414807_Roadshow 2013.ppt
Long-term strategic choices for the Dutch portfolio
Channel
Banking Direct Broker Cooperation with distribution distribution distribution social partners Brands
Product Groups
Non-Life Core proposition: Increasing scale Strengthen Strenghten core proposition partnership Health
Income Protection
Pension - Standard Develop to core proposition
Life- Standard
Health Services In function of core proposition Providing Pension Services entrance Compl. to insur. Compl. to insur. Banking products products products
Pension – Not Standard Seperate and manage internal or external
Life – NtNot StStdandard
6 Source: Achmea 414807_Roadshow 2013.ppt
Compass for Achmea Risk Insurer
We choose Risk Insurer … to be complemented by as our compass … a future third pillar
Risk insurer plus Pension & Life
• Reinforcement Pension & Life • For exampp,le, streng then DC p roducts, asset management, additional focus on Basis as risk insurer SMEs • Success is scenario-dependent, construction and discontinuation phase are not yet disconnected • The basis for our future profile is risk insurer from the current situation, complexity, market developments and our relation with Risk insurer plus International Rabobank
• ’Capital light’ foreign activities • For example, organic growth current countries, partnerships with Rabobank • Construction with limited deppyloyment of capital (without large takeovers) takes time
7 Source: Achmea 414807_Roadshow 2013.ppt
Emerging thoughts on Achmea’s long-term future
Recovery – back Building the platform Build-out based on to our core for the future; proven capabilities strengthening the core
• Cost reduction • Enlarge earnings • Focused investments • Complexity capacity of core to 2020 reduction business • Strengthening core • CtiCreation of • FdFocused preparation for bibusiness Direction surplus future growth – • Competence based creating growth space, focus and • Leveraging ability to resources work effectively with partners
• Strengthened Careful management Space for balance sheet of liquidity and capital stepped-up, focused • Terminate loss-making investments Finan- operations • Free-up tied capital cials • Linked to business in Health performance, cost reduction Time 20082012 2016 2020 8 Source: Achmea 414807_Roadshow 2013.ppt
Achmea profile in 2020 Dutch Risk Insurer with a significant international portfolio
A strong position in Non-life & Health, International contribution to premiums however a re dtiduction in PiPension & Life will grow
GWP (%)
Property & Casualty 20 5 25
Through Income Protection 19 autonomous growth Health 32
Life Individual23 7 30
Life traditional 10 -5 Reduction Pension 10 -2 Pension & Life and divestments
Other 1 -3
0 10 20 30 40 Market share NL (%)
Current situation Loss profile 2020 vs. current situation Growth profile 2020 vs. current situation
9 Source: Achmea 414807_Roadshow 2013.ppt
KPIs to help measure / manage implementation of strategy
• We set ambitious objectives for the key performance indicators
Group key performance indicators
Indicator Objective 2012 Status
Combined ratio Non-life <97% 99.6% incl. WGA provision
Combined ratio Basic Health <100% 98.0%
Customer satisfaction Satisfaction of at least 7.5 Average customer satisfaction for all Dutch Achmea insurance labels 7.6
Employee engagement >71% 72%
Market Share Retain market share in core activities; Non- Leading market position maintained life,,p Health and Income protection
Solvency >190% regulatory solvency ratio for 209% insurance entities (IGD)
10 Source: Achmea Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Key investment highlights
1. Achmea’s dominant market position, market leader in the Netherlands, and strong alliance with Rabobank • Dominant market position in Non-life (19%) and particularly in Health (33%). 3rd largest individual life insurer • Strong shareholder support from one of the best banks in Europe – Rabobank 2. Core country base • The Netherlands is one of only three AAA countries remaining in the euro-zone. 5-year CDS is trading lower than France, and Belgium 3. Strong capitalisation in combination with a low risk profile • Capitalisation is very strong and of high quality • Solvency Coverage was 2.09 times the minimum as of year end 2012 (Achmea Insurance Group, Solvency I IGD), and over 60% of TAC is deriderivedved from core shareholders funds 4. Well diversified and low risk investment portfolio • Well diversified investment portfolio. As of year end 2012 79% of the portfolio was in fixed income instruments, of which >60% AAA-rated Sovereigggns and 88% in fixed income securities rated ‘A' or higher. Only 2.0% of the portfolio is in ‘PIIGS’ • Sound risk management using ERM
12 Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Leading positions in our core markets
#1 P&C Achmea Delta 19% Lloyd ASR ING Allianz Other
CZ Group Achmea Coöperatieve VGZ #1 Previously UVIT Incl. Delta Lloyd Menzis Other Health 33% and OHRA Income Achmea Delta #2 ASR ING Lloyd Goudse Other Protection 19%
Individual Achmea SNSDelta Delta #2 Other Life ING 14% ReaalLloyd ASR Lloyd
Delta Zwitser Achmea #5 Aegon ING Other Pensions Lloyd leven 10%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
14 Source: Achmea 414807_Roadshow 2013.ppt
Over half of all Dutch people are customers at Achmea
Retail customers
Wholesale customers
15 Source: Achmea 414807_Roadshow 2013.ppt
The strength of Achmea’s brands is clear
NON-LIFE HEALTH PENSION & LIFE
Brand strength 16 Source: Achmea 414807_Roadshow 2013.ppt
HiggeesoCustoesatsactoh levels of Customer satisfaction
Customer rating of Dutch insurers
2011 2012 Achmea brands 2011 FBTO Achmea brands 2012
Centraal Interpolis Market average Zilveren Kruis Beheer Achmea
17 Source: annual customer engagement report from the ‘Verbond van verzekeraars’ 414807_Roadshow 2013.ppt
Achmea's strong alliance with Rabobank
Achmea is the result of a merger of AVCB with Interpolis, Rabobank’s insurance company in 2005
• Commercial alliance through the banking channel. Approximately 98% of insurance products sold via the Rabobank channel are Interpolis share in Rabobank Achmea insurance products Distribution of Insurance sales • Strong position through unique “All -in-one- (31-12-2012) Commercial policies”, enabling a > 2.5 x-sell ratio • Greenfield operation in Australia in cooperation with Rabobank starting 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 as a major shareholder has a nomination vote on the supervisory board of Achmea. Furthermore Rabobank and Achmea Governance share two common supervisory board members • Rabobank has a veto right on major decisions concerning acquisitions/divestures as one of the Private Wholesale two major shareholders within Achmea
• Rabbboban khk has h istoricall y supporte d Ac hmea wit h Capital capital, as and when necessary
18 414807_Roadshow 2013.ppt
Well-diversified distribution network (% total 2012 GWP)
Health Non-Life
Pension and Life • Well diversified distribution network consisting of banking, intermediary and direct channel • Share of “controlled distribution” among product lines is highest in health insurance (()~97%) • Banking distribution of insurance products uses Rabobank banking channel in the Netherlands
19 Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
The Netherlands - a core European country and a major insurance market
Growth outlook (quarterly GDP, % change yoy) Netherlands CDS remains low
800 10 10
600 5 5
0.75 400 0 0 (0.5) 200
(5) (5) 0 feb-11 jul-11 dec-11 apr-12 sep-12 jan-13 (10) (10) Netherlands Belgium Italy France Germany ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 '12E'13E
European Non-life market ((g)including Health) European Health market
Total gross written premiums in 2010 (€bn) Total gross written premiums in 2010 (€bn) 100 50
Total CEA: €428.2bn 39.4 Total CEA: €107.9bn 80 40 Achmea market share: 19% in NL Achmea market share: 33% in NL
60 56.3 30
40 20
20 10
0 0 Germany France UK NthNether lan ds Ita lly SiSpain SitlSwitzerlan d NthlNetherlan ds Germany France SitlSwit zerlan d SiSpain UK Ita lly 21 Source: UBS Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Stronggyp()pp Solvency I position(2012) vs European peers
Entity Target level 2012
Achmea Group (FCD) n.a. 207%
Achmea Insurance Group (IGD) 190% 209%
Non-life 185% 254%
Basic Health insurance 135% 182%
Supplementary Health insurance 160% 489%
Life insurance 175% 233%
23 Source: Achmea 414807_Roadshow 2013.ppt
Robust Solvency II position
• Solvency II implementation is on track • Achmea is participating in the pre- application process for internal models • A partial internal model will be started from 1 January 2014 and pri orit y will be the internal models for Non-Life and Health insurance risk • Achmea has started with imppglementing Pillar III reporting requirements • Current economic capital model will be improved to become Solvency II compliant internal model • Solid capitalization under SII confirmed a 2011 year-end Solvency ratio of 221% by recent parallel run ‘Solvency II’ ratio of 221%
24 Source: Achmea 414807_Roadshow 2013.ppt
High quality of capital with low double leverage Quality of capital Composition of capital (31 December 2012) (31 December 2012)
Long + short VOBA Other intangibles term debt (€1.2 bn) (€ 0.2 bn) (€0.3 bn) Goodwill (€1.2 bn) Hybrid capital (€131.3 bb)n) 12%
Tangible equity Core (€ 8.7 bn) capital (€8.7 bn)
Allocation of IFRS capital 2012 Net internal cash Holding Other Banking International Pension & Life
Non-life
Health Total: €11.2 billion
• Double leverage as of 31 December 2012 is 104% 25 Source: Achmea 414807_Roadshow 2013.ppt
Financial leverage is low especially when compared to Dutch peers
Maximum target level External debt % Perpetual loans 36.4
22.7 22.4 22.0 21.4
20082009 2010 2011 2012 1
• Low financial leverage of 21.4% • More than half of the financial leverage is made up of perpetual loans
26 Source: Achmea Note: Financial leverage = (external debt+ perpetual loans)/ (equity+ preference shares+ perpetual loans – goodwill + external debt) 414807_Roadshow 2013.ppt
Credit Ratings
AA+ AA- • Achmea was the only Dutch insurer not to be downgraded during the crisis A+ • Current Group S&P rating is A- with a stable A outlook, the rating for our insurance entities is A+ A- also with a stable outlook. BBB+ BBB BBB-
• “The ratings on the core operating entities of Netherlands-based multiline insurer Achmea Group (Achmea or the group) reflect the group's very strong capitalization, strong competitive position, and strong investments [...]. • We believe that Achmea's competitive position is strong, and a strength for the rating. The group is thkldhhlddhhe market leader in the Netherlands, and has strong positions in each of its three main lines of business. • We view Achmea's capitalization as being very strong. We an tic ipa te that capit ali za tion w ill remain very strong, with capital adequacy likely to be at least very strong" S&P credit rating report- January 14, 2013
27 Source: Achmea, UBS Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Low Risk Profile Maintained Fixed income by rating (31 december 2012) • Key observation points 1. 77% ≥ AA 2. 78% Fixed Income 3. 71% Government Bonds, Government ggguaranteed and sovereigns • We switched 10% or €1.6 billion of our Dutch, German and French government bonds in fixed income portfolio to low risk credits starting in Q1 2012
Total investments portfolio Fixed income by type (31december 2012): (31 december 2012): (€43.6 billion) (€33. 9 billion)
29 Source: Achmea 414807_Roadshow 2013.ppt
Achmea has a low asset risk vs. European peers Shareholder Exposure to Different Asset Classes (Excluding Unit Linked)
Achmea– 31 December 2012 European peers
• Lower percentage of PIIGS exposure (2% vs 6%) compared to European peers • Limited commercial real estate exposure (2.7%) of total investment portfolio
30 Source: Achmea, Morgan Stanley research 2013 414807_Roadshow 2013.ppt
Sovereign Government exposure
TOP 5 SOVEREIGN EXPOSURE (IN € MLN) 2012 2011 • Total exposure on government bonds is The Netherlands 11,415 12,044 €18.0 billion
Germany 4,119 4,936 • These government bonds are predominantly Dutch, German and French France 1,718 2,561 • TotalGSl exposure to GIIPS-countries is €668 million or 2.0% of our fixed-income portfolio Ireland 515 411 • Our exposure to Ireland is entirely related to Finland 507 570 our Irish business. Nominal value has not chdhanged Total 18,274 20,522
* Excluding deposits
SOVEREIGN EXPOSURE TO GIIPS COUNTRIES (IN € MLN) 2012 2011
Greece 11 27
Ireland 511 481
Italy 51 49
Portugal 48 48
Spain 48 48
Total 668 653
31 Source: Achmea 2.0% 1.8% 414807_Roadshow 2013.ppt
Real Estate exposure
Real Estate Portfolio (Direct) (IN € MLN) 2012 % Revaluations 2009-2012
Residential 423 36% -61
Offices 349 30% -122
Retail 334 28% -16
Other 66 6% -18
Total 1,172 100% -217
• Syntrus Achmea has €15 billion AuM; over €13 billion for clients such as pension funds and around €2 billion for Achmea (€1.2 billion in direct real estate) • On a quarterly basis, Achmea performs a full valuation of 25% of our portfolio and a review of the remaining 75% of the portfolio; since 2009, we have impaired 27% of our offices portfolio • Value declines are expected to continue to impact the Dutch real estate sector, mainly offices
32 Source: Achmea 414807_Roadshow 2013.ppt
Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Good results, strong financial position
• Net profit up to €453 million despite ongoing challenging economic environment • Premiums up to over €20.4 billion of which more than €18 billion is repaid to customers for healthcare costs, damages, pensions and life insurance • 2% cost reduction as a result of continuedcontinued focus on cost and complexitycomplexity reduction. At the same time investments in innovation and strengthening of commercial capabilities have been increased
PROFIT BEFORE TAX (IN € MLN) 2012 2011
Profit before tax 412 -247
Mergers and divestments 50 -95
Goodwill impairment Life & Pension activities - 279
Impairment Greek Government Bonds - 114
Profit before tax from regular activities 462 51
34 * Adjusted for M&A activity, restructuring costs, provisions for vacant buildings and other non-recurring items 414807_Roadshow 2013.ppt
All three Dutch segments contribute to profit
GWP (IN € MLN) 2012 2011 Δ • Good performance of Non-life continues, profit is Non-life impacted by higher claims in agricultural sector 3,151 3,176 -1% Netherlands and from fire and storm damages
• €180 million additional provision for long-term Health 13,120 12,055 9% disability insurance WGA Netherlands • €33 million costs related to the sale of Pension & Life Achmea Vitale 2,944 3,120 -6% Netherlands • Result at Health satisfactory; investments in health care procurement and integration of the Agis and Achmea divisions resulted in higher expenses, which were partly offset by profit PROFIT BEFORE TAX contribution from DFZ (IN € MLN) 2012 2011 Δ • Result at Pension & Life significantly higher, Non-life positively affected by higher investment income 207 329 -37% Netherlands and switch in discount rate • Banking results positive through combination of Health 286 301 -5% higher fair value results, cost control and improved Netherlands interest margin Pension & Life 381 -181 N/A Netherlands
35 Source: Achmea 414807_Roadshow 2013.ppt
Improvements and cost reductions
Cost Overview • Operating expenses ended at €3,024 million, which is almost stable compared to €3,031 million in 2011
• Adjusted for M&A activity and one-off items -2% such as restructuring charges, gross operating expenses declined by 2% • At the same time, we increased investments in commercial capabilities and continued investing 2,736 2,694 in complexity reduction • For the coming period we have set a target for €200 million reduction of gross operating expenses to be achieved by the end of 2015 • FTEs (internal) ended at 18,905 (2011: 19,440) Gross operating Gross operating expenses 2011* expenses 2012* • A cost reduction of €250 million together with a 2,500 FTE red ucti on reali zed si nce 2009
36 Source: Achmea * Adjusted for M&A activity, restructuring costs, provisions for vacant buildings and other non-recurring items 414807_Roadshow 2013.ppt
Overview of 2012 performance by business line
GROSS WRITTEN PREMIUMS (€ MLN) COMBINED RATIO (%) 3,151 PtProperty & CCltasualty Income Protection 139.5% 135.9%
26.4% 26.5% 89.5% 85.9% 113.1% 109.4% Life xpense ratio xpense EE -- 26.8% 26.4% 62.7% 59.5% Non Claims ratio 2012 2012 2011 2012 2011 Achmea market share: 19% in NL
GROSS WRITTEN PREMIUMS (€ MLN) COMBINED RATIO (%) 13,120 Basic Health Supplementary Health
98.0% 98.9% 95.1% 94.7% se ratio nn hh 3.3% 2.8% 10.5% 9.5%
Expe 94.7% 96.1% 84.6% 85.2% Healt s ratio mm Clai 2012 2011 2012 2011 2012 Achmea market share: 33% in NL
37 Source: Achmea 414807_Roadshow 2013.ppt
Overview of 2012 performance by business line (cont’d)
GROSS WRITTEN PREMIUMS (€ MLN) VNB (€ MLN) VNB Margin (%) 2,944 -19 -7 -1,8% -0,7% e ff n & Li
2012 2011 2012 2011 Pensio
2012 Achmea market share: 14% in Life and 10% in Pension in NL
38 Source: Achmea 414807_Roadshow 2013.ppt
Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Overview of the structural features
Issuer Achmea B.V.
Instrument € [•]m Option B Subordinated Notes (the “Notes”)
Expected Transaction Ratings [BBB], based on an A- Issuer rating (S&P)
Optional Redemption Dates [•] 2023 (the “First Call Date”) and each interest payment date thereafter, subject to regulatory approval
Final Maturity Date [[]•] 2043 (20 years subse quent to the First Call Date )
• [•]% p.a. payable [annually] in arrear to [•] 2023 Interest • Reset to 3m € LIBOR + [•]bps (100bps over new issue spread) on [•] 2023 and every 3 months thereafter, payable quarterly in arrear
The Notes constitute subordinated obligations of the Issuer and rank pari passu and without anyyp preference among themselves, ranking in a Status / Subordination winding up and insolvency related events junior to unsubordinated creditors of the Issuer, pari passu with other subordinated obligations that do not rank or are not expressed by their terms to rank junior to the Notes and senior to share capital
If the Issuer is or would become insolvent or a breach of capital requirements is occurring or would occur or if a deferral of redemption is Redemption Deferral required for any other reason under any future solvency regime for European Insurers applying to the Issuer and the DNB has not waived the requirement to do so then such redemption will be deferred until these conditions to redemption are met and DNB consents to redemption
In case of a Tax Event (requirement to gross up for WHT), Capital Disqualification Event (loss of regulatory capital treatment) or a Rating Methodology Event (loss of S&P equity credit – redemption only permitted from year 5), the Issuer may redeem/substitute or vary terms to Special Event Redemption / remedy such event (provided the terms of the resulting notes are not materially less favourable to investors), subject to regulatory approval Substitution / Variation Redemption in each case at par plus accrued interest and arrears of interest (if any) Accrued and arrears of interest (if any) must be settled in case of any substitution or variation
Any interest payment date other than a Compulsory Interest Payment Date or a Mandatory Interest Deferral Date (interest deferred is cash Optional Interest Deferral cumulative and compounding at the prevailing rate of interest – must be settled on resumption of payment on the Notes)
The Issuer cannot exercise its discretion to defer interest on an interest payment date: (i) if in the six months prior to such date, a Compulsory Interest Payment Event has occurred; and (ii) which is not a Mandatory Interest Deferral Date (as defined below) Compulsory Interest Payment Date “Compulsory Interest Payment Event” means: (i) any declaration/payment of dividend/distribution on the Issuer’s share capital or other (Dividend Pusher) junior or parity ranking instruments that provide for discretionary payments; (ii) any redemption, purchase or acquisition of the Issuer’s share capit al or oth er juni or or parit y ranki ng inst rument s except wh ere such red empti on, purch ase or acqui siti on was mand at ory under the terms of the relevant instrument
No interest payment shall be made on an interest payment date in respect of which a breach of minimum capital requirements (SCR under Solvency II) has occurred or would occur if payment is made (interest deferred is cash cumulative and compounding at the prevailing rate of Mandatory Interest Deferral Date interest – must be settled on resumption of payment on the Notes) or if the Issuer is insolvent or if following such payment the Issuer would become insolvent
Governing Law / Listing / Denoms Dutch / Dublin / €100k + €1k 40 414807_Roadshow 2013.ppt
Contents
Achmea overview
Key investment highlights
• Market-leading position • Core country base • Strong capitalisation • Well-diversified investment portfolio
Results 2012
Proposed transaction
Appendix 414807_Roadshow 2013.ppt
Contact Details
For further information, please contact Investor Relations
Bastiaan Postma +31 (0)6 13117581 [email protected]
Gül Poslu +31 (0)6 209 717 58 [email protected]
Email: [email protected] Internet: www.achmea . com
42 414807_Roadshow 2013.ppt
Development of Total Equity and interest rate sensitivities
2011- 2010- • Total equity increased 6% to €10,374 Development of Total Equity million 20122012 20112011 • Fund for future appropriation (FFA) Total equity at the start of the year (€mln) 9,775 10,375 increased €413 million to almost €3.3 Net profit 453 -208 billion following positive investment results that cover obligations towards Dividend and coupon payments to holders of equity -106 -136 our policyholders instruments
Revaluation equity and fixed income portfolio 205 -50
FX reserves 26 -78
Other 21 48
Total equity year-end 10,374 9,775
43 Source: Achmea 414807_Roadshow 2013.ppt
Disclaimer
The information and the opinions in this presentation have been prepared by Achmea B.V. (the "Company" or This presentation and any materials distributed in connection with this presentation include "forwardlooking “Achmea") solely for use at a meeting regarding a proposed offering (the "Offering") of Notes of the Company (the statements". These statements contain the words "anticipate", “will”, "believe", "intend", "estimate", "expect" and "Notes"). This presentation and its contents are strictly confidential, are intended only for use by the recipient for words of similar meaning. All statements other than statements of historical facts included in this presentation, ifinforma tion purposes onlyand may not bereproddduced inanyform or fthfurther dist r ibu te d toanyother person or ildiincluding, withou t limit ati on, those regarding the C’Company’s financ ia l position, prospects, growth, bibusiness published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of strategy, plans and objectives of management for future operations (including statements relating to, among applicable securities laws. 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In addition, even if the Company's financial position, prospects, growth, business strategy, plans and with the Offering and, to the extent permitted by law, the Company and each of their respective directors, officers, objectives of management for future operations are consistent with the forwardlooking statements contained in employees, affiliates, advisors and representatives disclaims all liability whatsoever (in negligence or otherwise) for this presentation, those results or developments may not be indicative of results or developments in future any loss however arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising periods. The Company does not undertake and expressly disclaims any obligation to review or confirm or to in connection with this presentation. release publicly any updates or revisions to any forwardlooking statements contained herein to reflect any change in the Company's expectations with regard thereto or any events that occur or conditions or To the extent available, the industry, market and competitive position data contained in this presentation come from circumstances that arise after the date of this presentation. The information and opinions contained in this official or third party sources. Third party industry publications, studies and surveys generally state that the data presentation are provided as at the date of this presentation and are subject to change without notice. contitaine dthere in have been obta ine d from sources blibelieved to bereliabl e, btbut tha t there isnoguarantee of the accuracy or completeness of such data. Accordingly, undue reliance should not be placed on any of the industry, This presentation is made to and is directed only at persons who (i) if in the European Economic Area, are persons market or competitive position data contained in this presentation. who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) (“Qualified Investors”); and (ii) if in the United Kingdom, are (a) persons who have professional This presentation and any materials distributed in connection with this presentation are not directed to, or intended experience in matters relating to investments who fall within the definition of "investment professionals" in for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation Promotion Order”) or (b) high net worth entities as defined in the Financial Promotion Order or (iii) other or which would require any registration or licensing within such jurisdiction. persons to whom it may otherwise lawfully be communicated falling within Article 49(2)(a) to (e) of the Financial The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act" ), or Promotion Order or Article 43 of the Financial Promotion Order (all such persons in (i), (ii) and (ii) above under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely the United States, or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the Securities on this presentation or any of its contents. Any investment or investment activity to which this presentation Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the relates is available only to and will only be engaged in with such persons. Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United Each of Deutsche Bank, HSBC, J.P.Morgan, RBS and UBS, and their respective affiliates are acting for the Company States. Achmea does not intend to register any portion of the Offering in the United States or conduct a public and no one else in connection with the matters referred to in this presentation and will not regard any other offering of securities in the United States. person as their respective clients in relation to such matters and will not be responsible to any other person for The distribution of this presentation and other information in connection with the Offering in certain jurisdictions providing the protections afforded to their respective clients, or for providing advice in relation to such matters. may be restricted by law and persons into whose possession this presentation or any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
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