DOCSLIB.ORG

Download Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Download Presentation Achmea Investor Presentation “The leading Dutch insurance company with strong brands, multi-channel distribution strategy, well-diversified product range and conservative investment profile” January 27, 2015 Contents Key investment Introduction considerations Recent results Wrap-up Appendices General outline of the deal Achmea overview Strategic agenda 2 Indicative Undated (Perpetual) Subordinated Option B Notes Term Sheet Issuer Achmea B.V. Instrument € [•]m Undated (Perpetual) Subordinated Option B Notes (the “Notes”) Expected Instrument Rating (S&P) [BBB], based on an A- Issuer rating Interest [•]% p.a. payable annually in arrear to [•] 2025 (10 years from effective date), reset to 3m Euribor + [•]bps (100bps over initial credit spread) on [•] 2025 and every 3 months thereafter, payable quarterly in arrear The Notes constitute subordinated obligations of the Issuer and rank pari passu and without any preference among themselves, ranking in a winding up and insolvency related events junior to unsubordinated Status / Subordination unsecured 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 Optional Redemption Dates [•] 2025 (the “First Call Date”) and each interest payment date thereafter, subject to regulatory approval Final Maturity Date Undated (Perpetual) In case of a tax call (due to gross up for WHT or loss of tax deductibility), Capital Disqualification Event (loss of regulatory capital treatment) or a Rating Methodology Event (loss of S&P equity credit), the Issuer Special Event Redemption / Substitution / may redeem/substitute (from year 5) or vary terms (at any time) to remedy such event, provided the terms of the resulting notes are not materially less favourable to investors. Any redemption, substitution and Variation variation is subject to regulatory approval, if required, and other conditions being satisfied. 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 If the Issuer is or would become insolvent or a breach of capital requirements is occurring or would occur or if consent from the Regulator for redemption is required but not obtained then such redemption will Redemption Deferral be deferred until the conditions to redemption are met 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 or if the Mandatory Interest Deferral Date Issuer is insolvent or if following such payment the Issuer would become insolvent Optional Interest Deferral Any interest payment date other than a Compulsory Interest Payment Date or a Mandatory Interest Deferral Date Arrears of Interest Interest deferred is cash cumulative and compounding at the prevailing rate of interest – must be settled on resumption of payment on the Notes and on certain other events The Issuer cannot exercise its discretion to defer interest on an interest payment date if in the six months prior to such date, a Compulsory Interest Payment Event has occurred (unless such date is a Mandatory Compulsory Interest Payment Date (Dividend Interest Deferral Date in which case the Issuer must defer interest) Pusher) “Compulsory Interest Payment Event” means: (i) any declaration/payment of dividend/distribution on the Issuer’s share capital; (ii) any repurchase of the Issuer’s share capital (subject to exceptions) Governing Law / Listing / Denoms Dutch / Dublin / €100k + €1k 3 Achmea overview Gross written premiums by segment Strong brands, diversified products, 31/12/2013 – Total: €22.2 billion focus on insurance . A strong and solid insurance group with mutual roots . Clear market leader in Dutch insurance: Property & Casualty #1, Income Protection #2, Turkey 25% Health #1, Pension #5 and Life #2 Pension & Life 13% Greece 30% 16% Non-life Slovakia 24% . Interpolis, Centraal Beheer and Zilveren Kruis International 6% are among the most recognised brands in the Health 65% Ireland 13% Netherlands Other 8%* . Distribution mainly through direct & banking channels, well positioned for future market developments . Strong Solvency II position of 196%** . A+ rating on the core insurance subsidiaries and conservative leverage position (24.4%) * Other includes operations in Russia. Russian operations were sold in September 2014. ** Solvency II ratio (partial internal model) as of 31/12/2013. Solvency I ratio 217% (IGD) as of 30/06/2014. 4 Achmea was founded more than 200 years ago Founding of mutual co- Founding of Founding of health insurer Centraal Beheer and Avéro AVCB and Zilveren Kruis operative in Achlum Centraal Beheer Zilveren Kruis merged into AVCB merged into Achmea 1811 1909 1949 1992 1995 Aquisition of Achmea merged with Merger with Agis and Merger with DFZ and A new episode for Interamerican Greece Rabobank subsidiary acquisition of Sigorta acquisition of Independer Achmea: change Interpolis Turkey Celebrating our programme Acceleration bicentenary & Innovation 1999 2005 2007 2011 2013 5 Ownership structure - Stability through two major cooperative shareholders Achmea Association¹ Rabobank Netherlands¹ Other¹ Preference shareholders 65.3% 29.2% 5.5% 100% Ordinary shares² Achmea subholding² 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 ¹ Owners of Capital rights ² Owner of voting rights 6 Strong commercial % Rabobank customers New insurance sales through Rabobank (% Interpolis) alliance with Rabobank . Our insurance products are distributed through the banking channel under our 2% 1% Interpolis label 23% . Preferential distribution of Interpolis products through Rabobank branches; approximately 75% 98% of retail insurance products sold through 98% 99% Rabobank are Achmea insurance products 77% . Currently, only 1 out of every 4 customers of Rabobank is insured through Interpolis; both Achmea and Rabobank aim to increase this 25% Retail Small enterprises* Wholesale . Greenfield operation in Australia in co- operation with Rabobank started in 2013, with a possible extension to other growth markets. Retail Focus is on non-life, mainly agricultural sector * Definition of small enterprises: 5 employees or less such as live stock, machinery, crop insurance etc. 7 Achmea’s omni-channel, multi-brand marketing & distribution strategy Line of Business Market leader/ top-3 Property Income Life & Banking Intention to grow Power Health Pension - & Casualty Protection standard products Defend market Brands Channel share No presence Term life Consumer insurance Phone Business Online 2 Broker Consumer 2 Business Consumer Collective 8 Achmea’s omni-channel, multi-brand marketing & distribution strategy (cont’d) Line of Business Market leader/ top-3 Property Income Life & Banking Intention to grow Focus Health Pension - & Casualty Protection standard products Defend market Brands Channel share No presence Consumer Phone Consumer Online 2 Broker 2 Business Collective Consumer 9 We made significant progress in recent years . With our improvement program `House of Initiatives´ and other measures we reduced our costs by €450 million between 2008 and 2013 . Over the years the number of FTEs has reduced steadily by more than 5,000 . Significant progress in reshaping our business portfolio: divesting operations in Cyprus, Luxembourg, Belgium, France, Romania, Bulgaria and Russia, as well as occupational health services provider Achmea Vitale and Achmea Health Centers . Closed life book managerially separated to control costs while keeping high level of service . Acquisitions to strengthen the Group´s core activities and commercial effectiveness, such as health insurer De Friesland Zorgverzekeraar and online aggregator Independer 10 Acceleration & Innovation starts a new chapter for Achmea Through our strategy in recent years we have streamlined our company. As the market leader with strong brands and high customer satisfaction, we are now taking the next step to the future with a view to increasing our customer focus, cutting costs for customers and investing in online services . Acceleration & Innovation starts a new episode in the history of our Group, reshaping the way we do business . The change in the program aims at improving online customer service while bringing down costs and FTEs . New measures are being put in place. As consumer behavior changes faster than ever and pressure on our earnings model remains . Good starting position to realize goals of Acceleration & Innovation with strong financial and commercial basis combined with a unique identity . Operational improvements and other initiatives will lead to a reduction of staff of 4,000 FTEs and a drop in our operational expenses of €450 million by the end of 2016 . Total restructuring costs in 2014 amount to approximately €230 million 11 Change program Acceleration & Innovation, our management agenda Customer driven Changes for employees . Redesign distribution . Investment in sustainable organisation employability via training and support . Investments in online services of our brands . Flexible employment terms for even better customer service . Customer’s voice a Customer permanent factor in our driven . Good employership is key business operations Responsible return Competitive costs . Greater commercial Medewerkers
Load more

Recommended publications
  • Aegon N.V. Aegon N.V
    Insurance Life Insurance Netherlands Ratings Aegon N.V. Aegon N.V. Long-Term IDR A- And Core Subsidiaries Short-Term IDR F2 Scottish Equitable Plc Insurer Financial Strength Rating A+ Transamerica Financial Life Insurance Company Key Rating Drivers Insurer Financial Strength Rating A+ Short-Term Insurer Financial WD Very Strong Business Profile: Fitch Ratings ranks Aegon N.V.’s business profile as ‘favourable’ Strength Rating compared to other Dutch insurance companies. Geographic diversification is broad; non- Transamerica Life Insurance Company Dutch assets account for about 80% of the group’s assets. Aegon has a substantial life Insurer Financial Strength Rating A+ insurance franchise in the Netherlands focusing on retirement services and savings, where it Short-Term Insurer Financial F1+ has top three market positions. It also has significant life and pension operations in the US and Strength Rating the UK. Transamerica Premier Life Insurance ‘Very Strong’ Capitalisation and Leverage: Aegon’s end-2019 Prism Factor-Based Capital Company Model (Prism FBM) score was unchanged at ‘Very Strong’ and the group’s Solvency II (S2) ratio Insurer Financial Strength Rating A+ was 201%. The S2 ratio improved to 208% in 1Q20 due to the increase of the S2 volatility Short-Term Insurer Financial WD adjuster (VA), although this was partly offset by adverse market movements in the US. The Strength Rating financial leverage ratio (FLR) decreased to 25% in 2019 on the successful issuance of Note: See additional ratings on page 8. restricted Tier 1 (RT1) notes during the year. Good Financial Performance: Aegon’s underlying earnings could weaken in 2020 due to the Outlooks impact of the coronavirus pandemic on US operations, while earnings in Europe are expected Negative to remain more resilient.
    [Show full text]
  • Webversie 2020 08 01.Xlsx
    OVERZICHT BELEGGINGSPRODUCTEN IN AEQUOTE PER 01-08-2020 OVERZICHT LIJFRENTE OPBOUW BELEGGINGSPRODUCTEN IN AEQUOTE PER 01-08-2020 Maatschappij ProductNaam Aegon Beheerd Beleggen Lijfrente Binck Pensioen Brand New Day Pensioenrekening Brand New Day ZZP Pensioenrekening Bright Pensions BrightPensioen DEGIRO Pensioenrekening Dexxi Pensioen Evi van Lanschot Evi Pensioen Leidsche verzekeringen Lijfrenteverzekering Loyalis ZZP Pensioen NNEK Pensioenrekening NNEK Pensioenrekening - Fondsenplatvorm Ostrica Perlas Rabobank Rabo ToekomstBeleggen Scildon Scildon Beleggen Scildon Nova Garant Polis Scildon Nova Polis Scildon Particulier Pensioen Plan OVERZICHT OPBOUW EIGEN WONING BELEGGINGSPRODUCTEN IN AEQUOTE PER 01-08-2020 Maatschappij ProductNaam Brand New Day Hypotheekaflossing Ostrica Perlas Rabobank Rabo OpbouwHypotheek Scildon Scildon Beleggen Scildon Nova Garant Polis Scildon Nova Polis OVERZICHT BELEGGINGSREKENINGEN IN AEQUOTE PER 01-08-2020 Maatschappij ProductNaam ABN AMRO ABN AMRO Vermogensbeheer ABN AMRO ABN AMRO Zelf Beleggen Basis ABN AMRO ABN AMRO Zelf Beleggen Plus ABN AMRO ABN AMRO Begeleid Beleggen Aegon Aegon Beheerd Beleggen Alex Vermogensbank Alex Laten beleggen ASN ASN Beleggingsrekening/Maandbeleggen ASN ASN Doelbeleggen Binck Binck Fondsbeleggen - Alles in 1 Portefeuilles Binck Binck Fondsbeleggen - Duurzaam beleggen Binck Binck Forward Binck Binck Select Binck Binck Zelf Beleggen BLG BLG Doelbeleggen Brand New Day BND Beleggingsrekening Bright Pensions Bright Beleggingsrekening Centraal Beheer Centraal Beheer Fondsbeleggen
    [Show full text]
  • Report Profundo
    Eerlijke Verzekeringswijzer Dutch Fair Insurance Guide A Case Study on Transparency & Accountability A research paper for Amnesty International, Dierenbescherming, FNV, Milieudefensie, Oxfam Novib and PAX Eerlijke Verzekeringswijzer Dutch Fair Insurance Guide A Case Study on Transparency & Accountability A research paper for Amnesty International, Dierenbescherming, FNV, Milieudefensie, Oxfam Novib and PAX Date of publication 5 July 2016 Hester Brink, Retno Kusumaningtyas, Michel Riemersma, Joeri de Wilde Naritaweg 10 1043 BX Amsterdam The Netherlands Tel: +31-20-8208320 E-mail: [email protected] Website: www.profundo.nl Contents Samenvatting ............................................................................................................ i Summary ......................................................................................................... vii Introduction ........................................................................................................... 1 Chapter 1 Background ...................................................................................... 3 1.1 What is at stake? ....................................................................................... 3 1.2 Themes ...................................................................................................... 4 1.2.1 Organisation................................................................................................ 4 1.2.2 Policy .........................................................................................................
    [Show full text]
  • Besluit in Zaak 7051
    Openbare versie Nederlandse Mededingingsautoriteit BESLUIT Besluit van de Raad van Bestuur van de Nederlandse Mededingingsautoriteit als bedoeld in artikel 37, eerste lid, van de Mededingingswet. Nummer 7051 / 197 Betreft zaak: 7051/ Eureko B.V. - Coöperatie De Friesland U.A. I. MELDING 1. Op 15 oktober 2010 heeft de Raad van Bestuur van de Nederlandse Mededingingsautoriteit (hierna: de Raad) een melding ontvangen van een voorgenomen concentratie in de zin van artikel 34 van de Mededingingswet. Hierin is medegedeeld dat Eureko B.V. en Coöperatie De Friesland U.A. voornemens zijn een concentratie aan te gaan in de zin van artikel 27, eerste lid, van de Mededingingswet. 2. Van de melding is mededeling gedaan in Staatscourant nr. 16764 van 22 oktober 2010. Naar aanleiding van de mededeling in de Staatscourant zijn zienswijzen van derden naar voren gebracht. Deze zienswijzen worden, voor zover er overwegingen aan zijn ontleend die dragend zijn voor dit besluit, in het navolgende nader uiteengezet. Ambtshalve zijn vragen gesteld aan verschillende marktpartijen. In onderhavige zaak is een zienswijze ontvangen van de Nederlandse Zorgautoriteit (hierna: NZa); hierop wordt in de punten 54 en 55 ingegaan. II. PARTIJEN 3. Eureko B.V. (hierna: Eureko) is een besloten vennootschap naar Nederlands recht. Zij heeft als belangrijkste aandeelhouders Vereniging Achmea, die via Stichting Administratiekantoor Achmea circa 55% van de aandelen houdt en de Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (hierna: Rabobank) die circa 39% van de aandelen houdt, terwijl de overige aandelen in handen zijn van strategische investeerders. Vereniging Achmea en Rabobank hebben gezamenlijke zeggenschap over Eureko.1 Eureko houdt alle aandelen in Achmea Holding N.V., een naamloze vennootschap naar Nederlands recht, die aan het hoofd staat van de Achmea Groep.
    [Show full text]
  • Achmea Bank N.V. Reports a Positive Result of Eur 37 Million Limited Impact Covid-19 Crisis on Achmea Bank’S Financial Position
    ACHMEA BANK N.V. PRESS RELEASE 2020 ACHMEA BANK N.V. REPORTS A POSITIVE RESULT OF EUR 37 MILLION LIMITED IMPACT COVID-19 CRISIS ON ACHMEA BANK’S FINANCIAL POSITION Tilburg, 15 March 2021 • Achmea Bank N.V. reported for 2020 an operating profit of EUR 37 million, EUR 28 million after tax (2019: EUR 50 million, after tax EUR 37 million) • The Common Equity Tier 1 Capital Ratio remains strong at 20.4% (2019: 19.2%) • Achmea Bank further executed its ambition to grow in mortgages, through the acquisition of a portfolio of Dutch residential mortgages from BinckBank of EUR 0.5 billion • Achmea Bank combined its mortgage activities with Syntrus Achmea Real Estate & Finance to focus on growth in mortgages • The Bank positions itself to become a data driven connected bank optimizing its asset base to support the Achmea strategy Achmea Bank reported a profit before tax of EUR 37 million in 2020 (2019 EUR 50 million). The 2019 result included an one-off accounting result of EUR 18 million related to the a.s.r. transaction. The operating result for 2020, excluding one-off results and fair value result, increased from EUR 34 million in 2019 to EUR 42 million in 2020. The increase in operating result is mainly due to a higher interest margin of EUR 16 million. Impairment charges amounted EUR 3 million (2019 EUR +4 million). 2020 was dominated by the Covid-19 crisis. This crisis affects the social and economic living environment and thereby also our customers. Since March 2020, Achmea Bank offered the possibility of a payment holiday to mortgage customers with payment difficulties directly related to the Covid-19 crisis.
    [Show full text]
  • Bestand Oude Pensioenfondsen
    Bestand oude Pensioenfondsen Oude Naam Nieuwe Naam Aagrunol Delta Lloyd Levensverzekering N.V. Aardappelmeelindustrie en aanverwante Aegon Levensverzekering N.V. bedrijven Aarden, Pensioenfonds, F.J.M. Interpolis BTL N.V. Aarque Aegon Levensverzekering N.V. Aarque Systems B.V., Stichting Aegon Levensverzekering N.V. pensioenfonds voor het personeel van Aarts & Co Delta Lloyd Levensverzekering N.V. Abbe, de Karel I Fabrieken H. J. van Aegon Levensverzekering N.V. Aberson RVS Levensverzekering N.V. ABG AVIA, Stichting Pensioenfonds ABM Ballast Nedam, Stichting Pensioenfonds ABM II Nationale-Nederlanden Levensverzekering Maatschappij N.V. ABN AMRO P ABN Amro Bank N.V., Stichting Pensioenfonds van de ABOP Onderwijsbond, Stichting Pensioenfonds van de Algemene A.B.O.P., Stichting Onderwijsbond, Stichting Pensioenfonds van de Aanvullingspensioenfonds van de Algemene AbvaKabo, Stichting Pensioenfonds Gezondheid, Geestelijke en Maatschappelijke Belangen, Stichting Pensioenfonds voor de Accountantskantoren, Vereenigde RVS Levensverzekering N.V. Accountantsunie ZLM Avéro Pensioenverzekeringen N.V. Accountantsunie ZLM Fortis ASR Levensverzekeringen N.V. Accountantsunie ZLM, Stichting Avéro Pensioenverzekeringen N.V. Toeslagfonds Pensioenen Accountantunie ZLM, Stichting Fortis ASR Levensverzekeringen N.V. Toeslagfonds Pensioenen ACM AGRIFIRM, Stichting Pensioenfonds ACP Pensioenfonds, Stichting Douwe Egberts, Stichting Pensioenfonds Ad. Hopf Delta Lloyd Levensverzekering N.V. Adam N.V., Wormerveer Alex Gamma Holding Nederland, Stichting Pensioenfonds
    [Show full text]
  • The Changing Composition of the Supervisory Boards of the Eight Largest Banks and Insurers During 2008-2014 And
    No. 502 / February 2016 The changing composition of the supervisory boards of the eight largest banks and insurers during 2008-2014 and the impact of the “4+4 suitability screenings” Mijntje Lückerath-Rovers and Margriet Stavast-Groothuis The changing composition of the supervisory boards of the eight largest banks and insurers during 2008-2014 and the impact of the “4+4 suitability screenings” Mijntje Lückerath-Rovers and Margriet Stavast-Groothuis * * Views expressed are those of the authors and do not necessarily reflect official positions of De Nederlandsche Bank. De Nederlandsche Bank NV Working Paper No. 502 P.O. Box 98 1000 AB AMSTERDAM February 2016 The Netherlands The changing composition of the supervisory boards of the eight largest banks and insurers during 2008-2014 and the impact of the “4+4 suitability screenings”* Mijntje Lückerath-Roversa and Margriet Stavast-Groothuisb a Tilburg University/TIAS, the Netherlands b De Nederlandsche Bank, the Netherlands 15 February 2016 Abstract In this article we describe the changes in the composition of management boards and supervisory boards that have taken place in the Dutch financial sector since 2008. In particular, we consider the effects of the introduction of suitability screening for executive directors and supervisory directors at the four largest banks and the four largest insurers in the Netherlands (the “4+4 screenings”). In the summer of 2012, the supervisory directors of these eight institutions were the first group to undergo suitability screening, enabling the impact of screening on the composition of the board to be examined in isolation. This article demonstrates that the composition of the management boards and supervisory boards of these Dutch financial institutions has changed substantially since 2008.
    [Show full text]
  • Achmea Interim Results 2021 12 August 2021 General Overview Bianca Tetteroo, Chair of the Executive Board Well on the Way to Realising Our Strategy ‘The Sum of Us’
    Bianca Tetteroo Chair of the Executive Board Michel Lamie Chief Financial Officer and Vice-Chair of the Executive Board Achmea Interim Results 2021 12 August 2021 General overview Bianca Tetteroo, Chair of the Executive Board Well on the way to realising our strategy ‘The Sum of Us’ Operational result increased to €363 million in the first half year of 2021 . Strong growth in result supported by: . Increased operational result and premium growth Non-Life, driven by strong brands, increased number of customers and high customer ratings; combined ratio 95.8% . Higher result Pension & Life due to higher investment income and further reduction in operational expenses . Higher result Health due to lower expenses for elective care and additional Covid-19-related contributions from the statutory catastrophe scheme . New asset management and pension administration mandates; AuM €225 billion . Further premium growth International; distribution power in Slovakia strengthened with completion of acquisition Poštová poisťovňa . Robust solvency of 211% and sound liquidity position . First estimates of water damage in Limburg are up to €50 million and are part of the result for the second half of 2021 3 Operational result increased to €363 million . Increased result at both Health and Non-Health activities Operational result Net result Gross written premiums (€ million) Health (€ million) (€ million) . Non-Health results driven by higher Non-Health result Pension & Life and contribution 17,675 17,402 Non-Life 363 306 . Higher result on Health activities 147 thanks to lower costs for elective care and additional Covid-19-related 127 108 contributions from the statutory 7 216 120 catastrophe scheme .
    [Show full text]
  • Eurekoannualreport2010 1.Pdf
    EUREKO HAS A CLEAR AMBITION: TO BE THE MOST TRUSTED CONTACT DETAILS INSURER It may be ambitious but the foundations are already in place. We started in a small village called Achlum 200 years ago, 1811, as a cooperative. The clear ambition at that time was to provide mutual insurance at a reasonable premium. After 200 years, we still have the same principles. OPERATING COMPANIES We are still a community of committed people in Eureko Achmea Eureko Sigorta Interamerican Bulgaria which the customer is and feels well insured. That Mailing address Mailing address Büyükdere Caddesi 55 Alexander is our higher goal because we form an integral part P.O.Box 866 P.O.Box 866 Nurol Plaza No:71 Stambolyiski Blvd of, and have a responsibility to, the communities in 3700 AW Zeist 3700 AW Zeist 34398 Maslak, Istanbul Sofi a 1301, Bulgaria which we operate. The Netherlands The Netherlands Turkey T +359 2 801 3700 T +90 212 304 1000 We still work to a stakeholder model – customers, Offi ce address Offi ce address www.interamerican.bg employees, shareholders and business partners, with Handelsweg 2 Handelsweg 2 www.eurekosigorta.com.tr customers first among equals. 3707 NH Zeist 3707 NH Zeist Eureko Romania The Netherlands The Netherlands Friends First Ireland 25-29 Decebal Blvd So we strive always to create innovative, transparent T +31 30 69370 00 T +31 30 69370 00 Cherrywood Business Park 030964 Bucharest 3, solutions that customers understand and that meet Loughlinstown Romania their needs. To do that, we must reduce the complexity www.eureko.com www.achmea.nl Dublin 18, Ireland T +40 21 202 6700 of our business processes and make our products T +353 1 661 06 00 accessible and simple.
    [Show full text]
  • Delta Lloyd Levensverzekering NV Dated Subordinated Notes - Investor Presentation, August 2012 Table of Contents I
    Delta Lloyd Levensverzekering NV Dated Subordinated Notes - Investor Presentation, August 2012 Table of contents I. Delta Lloyd Group II. Delta Lloyd Levensverzekering NV III. Transaction information IV. Appendix 2 Delta Lloyd Group reliable partner since 1807 FY 2011 GWP by Geography1 • A strong Group secured on 200 years Belgium of reliability and trust 15% • An insurance company and financial services provider – Life & Pension insurance, General Insurance, Asset Management and Netherlands 85% Banking Total: € 5,529m • Distribution mainly through three FY 2011 GWP by Segment1 brands: Delta Lloyd, OHRA and ABN General Insurance AMRO 28% • Approx. 6,000 FTE, focus on the Netherlands and Belgium Life & Pensions 72% Total: € 5,529m 1. GWP excluding Germany. 3 Overview of Delta Lloyd Group Simplified Group Structure 1 Free Float 19.8%79.3% Aviva Delta Lloyd NV Issuer DL Levens – DL Schade – Other Subs.2 Verzekering NV Verzekering NV Key Financials H1 (IFRS) €m, Delta Lloyd Group 2012 2011 €m, Levensverzekering3 2012 2011 Net operational profit 218 227 Net operational profit 144 127 Net profit (942) (342) Net profit (773) (218) Total assets 76.8bn 71.4bn Total assets 38.1bn 35.5n⁴ Shareholders’ funds 2,860 4,021 Shareholders’ funds 2,033 2,859⁴ FTE 5,963 6,034 FTE 756 782 GWP 2,877 2,818 GWP 1,402 1,408 Current rating (S&P) BBB+ (stable) Current rating (S&P) A (stable) IGD Group solvency 194% 203% Regulatory solvency 275% 200%⁴ 1. 0.9% of shares are owned by Delta Lloyd. See appendix for further details. 2. Includes, amongst others, Delta Lloyd Bank and Delta Lloyd Asset Management.
    [Show full text]
  • Achmea B.V. (Incorporated with Limited Liability in the Netherlands with Its Statutory Seat in Zeist) €5,000,000,000 Programme for the Issuance of Debt Instruments
    Achmea B.V. (incorporated with limited liability in the Netherlands with its statutory seat in Zeist) €5,000,000,000 Programme for the Issuance of Debt Instruments Under the Programme described in this Base Prospectus (the “Programme”), Achmea B.V. (the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the “Notes”) and capital securities (the “Capital Securities” and, together with the Notes, the “Instruments”). The Notes may be issued as subordinated notes (the “Subordinated Notes”) or senior notes (the “Senior Notes”). The aggregate nominal amount of Instruments outstanding will not at any time exceed €5,000,000,000 (or the equivalent in other currencies). Application has been made to the Irish Stock Exchange for the Instruments issued under the Programme to be admitted to the Official List and trading on its regulated market. References in this Base Prospectus to Instruments being “listed” (and all related references) shall mean that such Instruments have been listed and admitted to trading on the regulated market of the Irish Stock Exchange (or any other stock exchange). The regulated market of the Irish Stock Exchange is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC. However, unlisted Instruments may be issued as well pursuant to the Programme. The relevant Final Terms in respect of the issue of any Instruments will specify whether or not such Instruments will be listed and admitted to trading on the regulated market of the Irish Stock Exchange (or any other stock exchange). This Base Prospectus has been approved by the Central Bank of Ireland, as competent authority under Directive 2003/71/EC, as amended and implemented (the “Prospectus Directive”).
    [Show full text]
  • CRO Forum – October 2013 1
    Environmental, Social and Governance factors in Country Risk Management – a new horizon October 2013 Full Members: Aegon, Allianz, Aviva, AXA, Achmea, Ageas, Generali, Groupama, Hannover Re, ING, Munich Re, Prudential, Swiss Re, Zurich Financial Services Associate Members: Lloyds Banking Group, Manulife Financial, Old Mutual, RSA, Unipol, ACE, Legal and General, Chartis Table of Contents 1 Introduction 2 2 Why ESG country risk management? 3 3 UN Global Compact - ESG on the international stage 6 4 ESG country risk management using ESG factors 7 5 Approaches to ESG country risk management 10 6 ESG country risk management – case studies 12 6.1 A comprehensive ESG risk framework 12 6.2 ESG integration for investing in sovereign bonds 12 7 Conclusion: a common position 14 8 Annex 15 8.1 Selected events worldwide related to ESG factors 15 8.2 Key socio-economic indicators Egypt 2005 - 2011 23 8.3 Principles for Responsible Investments (PRI) 24 8.4 Principles for Responsible Insurance (PSI) 24 8.5 External sources of information 25 9 Glossary of abbreviations 26 10 References 27 CRO Forum – October 2013 1 1 Introduction This paper is the fourth1 blueprint in our series on managing environmental, social and governance (ESG) challenges in business transactions, focusing on the core functions of the insurance industry – risk transfer and investments. Environmental, socio-economic and geopolitical developments shaping country risk profiles have become a focal point for the insurance industry in the past few years. This is because they address one business-critical issue, namely the stability of countries. Stability is a foundation for any business undertaking worldwide.
    [Show full text]