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A H I T P T Ti Achmea Investor Presentation

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A H I T P T Ti Achmea Investor Presentation 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 strong boost to the profile 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 Zorg verzekeraar 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 StdStandard 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 redtiduction 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
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