Achmea Investor Presentation
“The leading Dutch insurance company with strong brands, multi-channel distribution strategy, well-diversified product range and conservative investment profile”
April 2014 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)
Gross written premiums by segment 31/12/2013 - Total: € 22.2 billion
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 Achmea announced Centraal Beheer and Achmea acquires 80% insurers form the Achmea acquires Achmea creates 4000 FTE reduction and Avéro Insurance merge of Eureko Sigorta; Coöperatieve Vereniging Interamerican Greece InShared €450 million cost to AVCB Achmea and Agis merge Centraal Beheer reduction by end 2016
1811 1956 1995 1999 2005 2008 2011
1909 1992 2001 2007 2010 2013
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 31/12/2013 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 December 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
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) 10 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
11 Key investment considerations | Well positioned with strong brands
AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS
12 12 Key investment considerations | Well positioned with strong brands
BRAND POWER
Property & Casualty Health Individual life
130 y 130 130 t l a y o l 120 d 120 120 n a r B 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) 13 Key investment considerations | Well positioned with strong brands
HIGH CUSTOMER SATISFACTION P&C Retail P&C Wholesale* Income Protection*
ZLM 8,4 Centraal Beheer Achmea 7,5 Centraal Beheer Achmea 7,8 Centraal Beheer Achmea 7,2 FBTO 7,8 Interpolis 7,4 Generali 7,8 Generali 7,2 VvAA 7,8 Avéro Achmea 7,3 London 7,7 Interpolis 7,6 ASR 7,3 De Goudse 7,2 Allianz Aegon 7,6 Generali 7,3 Avéro Achmea 7,1 Avéro Achmea 7,5 Europeesche Aegon 7,3 Goudse 7,5 De Amersfoortse 7,1 SNS Reaal 7,5 De Goudse 7,2 ASR 7,5 ABN Amro 7,1 Interpolis 7,0 Nationale Nederlanden 7,4
Ø 7,7 Ø 7,3 Ø 7,1 Health Individual Life Pensions*
7,5 Avéro Achmea 7,6 FBTO Centraal Beheer Achmea 7,2 Interpolis 7,3 Interpolis 7,6 Interpolis 7,0 Generali 6,8 7,6 IZA Centraal Beheer Achmea 6,7 Delta Lloyd 6,5 IZZ 7,6 Nationale Nederlanden 6,6 Avéro Achmea 6,4 De Amersfoortse Avéro Achmea 6,4 7,5 ASR 6,4 SNS Reaal 6,4 Univé 7,5 Aegon 6,4 Allianz 6,4 VGZ 7,4 Aegon 6,4 Generali 6,0
Ø 7,5 Ø 6,9 Ø 6,5 Source: Verbond van Verzekeraars, Customer Satisfaction Research 2013 14 * Source: Verbond van Verzekeraars, Customer Satisfaction Research 2012 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
15 Key investment considerations | Robust capital and solvency position
HIGH QUALITY OF CAPITAL AND LOW LEVERAGE
Composition of equity Debt leverage
31/12/2013 - Total: € 9.7 billion 40%
30%
20%
10% 22,4% 21,1% 23,4%
0 dec-11 dec-12 dec-13
Capital structure Capital allocation
31/12/2013 - Total: € 11.2 billion 31/12/2013 - Total: € 11.2 billion
16 Key investment considerations | Robust capital and solvency position
SOLID SOLVENCY I POSITION
Solvency I
17 Key investment considerations | Robust capital and solvency position
STRONG SOLVENCY POSITION COMPARED TO EUROPEAN PEERS
Solvency I (IGD) at 31/12/2013
18 Key investment considerations | Robust capital and solvency position
STRONG SOLVENCY POSITION UNDER ALL REGIMES
Solvency I (IGD) Solvency II* (Partial Internal Model) 31/12/2013 - in € billion 31/12/2012 - in € billion
202% 183%
Available Surplus Free capital surplus 4.0 3.5 Available 7.95 Capital 4.2 SCR level Required 7.7 2.8 capital MCR level 3.95
• 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 19 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 - 30 bps
Equity dampener +5% +5%
• 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.
20 20 Key investment considerations | Robust capital and solvency position
STABLE CREDIT RATING
Credit rating insurance entities “The ratings predominantly reflect AA our view of the group's strong AA- business risk profile and very A+ strong financial risk profile, A based on its leading Dutch A- insurance franchise and very strong BBB+ capital and earnings. BBB BBB- The Achmea group has a strong competitive position, in our view, 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
21 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
22 Key investment considerations | Conservative investment profile
CONSERVATIVE INVESTMENT PORTFOLIO
Total investment portfolio
31/12/2013 - Total: € 44.8 billion • Total government bond* exposure 3% 3% € 20.7 billion, which is 56% of our fixed-income Fixed-income 2% 4% portfolio Deposits 6% Derivatives • Shift of € 2.8 billion (since 2012) from Dutch, German and French government bonds to investment-grade Equities corporate bonds Alternatives 82% Real estate
Fixed-income by type 31/12/2013 - Total: € 36.7 billion 1% Government* 1% Loans and mortgages 22% Asset-backed bonds Covered bonds 10% 56% Corporate bonds 2% Convertible bonds 8% Fixed-income funds
* Including government related and government guaranteed bonds
23 Key investment considerations | Conservative investment profile
ACHMEA HAS A HIGH QUALITY (AA/AAA) INVESTMENT PORTFOLIO
Achmea International peers 31/12/2013 31/12/2012 Government bonds 2% 15% 10% Corporate bonds 7% 32% 5% Investments 3% Equities 6% by type 6% Loans and mortgages 61% Property 7% 11% Funds 8% 27% Other (incl. cash)
31/12/2012 31/12/2013
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 24 Key investment considerations | Conservative Investment Portfolio
Our investment portfolio
Government bonds • Total governments bonds (including government 31/12/2013 - Total: € 18.3 billion related and government guaranteed bonds) amounts to € 20.7 billion • Predominantly Dutch and German. Due to low interest rates on these bonds, part is shifted to conservative credits
Top 5 sovereign exposure
Country € mln The Netherlands 10,729 Germany 3,322 France 1,797 Ireland* 568 Austria 526
* Our exposure to Greece and Ireland relates exclusively to our business activities there
25 CONTENTS
Introduction
Key investment considerations
Recent results
Group
Segments
Wrap-up
Appendices
26 Recent results | Group
KEY MILESTONE IN RECENT YEARS – focus: optimization and innovation
• Merger with De Friesland Zorgverzekeraar, acquisition of Independer and the sale of Active portfolio Achmea Vitale management • 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, Finance portfolio Ireland
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 • Achmea announced 4000 FTE reduction and €450 million cost reduction by end 2016
• 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 and € 750 million Senior Unsecured Notes, successful cash tender offer for maintained €133 million 5.125 percent capital securities and early redemption of €225 million 8.375 percent capital securities • Funding of Achmea Bank supported by placement of €1.3 billion of securities, including set up of new unsecured debt issuance programme • December 2013 Solvency (IGD) stable at 202% • Successful placement of Mortgage Securitisation (DMPL XI) at the end of July 2013
27 Recent results | Group
2009 - 2013: KEY PERFORMANCE TRENDS
Profit Gross written premiums
20,233
Solvency ratio (IGD) Gross operating expenses
2,660 202%
28 Recent results | Group
2013: ACHMEA POSTS NET PROFIT OF €344 MILLION
KEY FIGURES • Net profit of €344 million despite goodwill (IN € MLN) 2013 2012 impairments of €232 million on pension services and health insurance Net profit 344 469 • Operational result up 4% to €536 million due to Profit before tax 275 433 around €130 million reduction in operating PBT from regular expenses 536 513 activities • Written premiums stable, growth in core health Gross written premiums 20,233 20,445 and non-life insurance activities despite shrinking market Gross operating 2,660 2,787 expenses • Gross operating expenses down 5% due to complexity reduction, standardisation of processes and lower IT expenses. Cost KEY FIGURES reductions create room for future investments in (IN € MLN) 31/12/2013 31/12/2012 innovation of products and processes
Total equity 9,702 10,483 • Financial position remains strong, with a solvency ratio of 202% including effects of Solvency 202% 212% downgrading of France and UFR (Ultimate insurance entities (IGD) Forward Rate) method S&P rating A+ (stable) A+ (stable) insurance entities
29 Recent results | Segments
NON-LIFE NETHERLANDS
• Consistently strong operating performance results in further reduction in cost ratio • Successful action on WGA (group occupational disability) portfolio to restore profitability • Large losses suffered by business customers reimbursed after four serious industrial fires (€45 million) and October and December storms (€74 million)
Profit before tax Property & Casualty Income Protection o i t
a 139.5% r 95.1% 89.5% From € 200 million to e s
€ 265 million n 109.5% e p x E
Gross written premiums o i t a r
From € 3,151 million to s m i a € 3,172 million l C 2013 2012 2013 2012
30 Recent results | Segments
HEALTH NETHERLANDS
• Structural result was stable over 2013; premiums remained unchanged despite higher healthcare expenditure • Healthcare premiums for customers kept stable despite rising healthcare costs • € 90 million goodwill impairment following lower profit expectations
Structural Profit before tax Basic Health Supplementary Health o i
From € 352 million to t 99.1% 98.3% a r € 321 million 95.5% 94.5% e s n e
Of which Basic Health p x From € 260 million to E € 259 million o i t a r
Gross written premiums s m i a
From € 13,120 million to l € 13,253 million C
2013 2012 2013 2012
31 Recent results | Segments
PENSION & LIFE NETHERLANDS
• Lower written premiums due to stalling housing and mortgage markets, competition from bank saving products and lower pension indexations • Result adversely affected by interest rate movements, including convergence of UFR curve and zero swap curve • Gross operating expenses 15% lower due to sustained focus on efficiency; operating expenses down 3% • Administration costs further reduced for separate closed life insurance portfolio, while maintaining high quality of service
Profit before tax Value of New Business (VNB) New business (APE)
From € 383 million to From € -19 million to From € 140 million to € 245 million € -25 million € 81 million
32 Recent results | Segments
INTERNATIONAL AND NON-INSURANCE ACTIVITIES
International • In Turkey, Eureko Sigorta underwrote biggest insurance contract ever for motorway project; gross written premiums up 1% • In Greece, continuing success of Anytime contributed significantly to growth of market share • Improvement of operational performance; operating expenses down by 14%
Banking Netherlands • Banking profit impacted by non-recurring expenses and additional loan loss provision • Strong Tier 1 ratios at Achmea Bank (15.9%) and Staalbankiers (17.0%) • Achmea Hypotheekbank successfully issued € 800 million Senior Unsecured Notes and € 781 million of Mortgage Securitisation (DMPL XI)
Other • Assets under Management at Syntrus Achmea increased further by € 6.3 billion to €70 billion (year-end 2012: € 64 billion) • Impact of central cost management visible in reduction in project portfolio
33 CONTENTS
Introduction
Investment highlights
Recent results
Wrap-up
Summary investment highlights
Appendices
34 Wrap-up | Summary investment highlights
SUMMARY INVESTMENT HIGHLIGHTS
Dominant player in major insurance market
• Largest Dutch insurer: high market shares in all segments
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 202% (IGD) • Strong and stable credit rating (during the crisis)
Conservative investment profile
• Majority (82%) is invested in fixed-income, of which 72% is rated AA or higher • Low asset risk compared to peers
35 CONTENTS
Introduction
Key investment considerations
Recent results
Wrap-up
Appendices
36 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 12/11/2013 Senior 2.5 FIXED 12/11/2019 EUR 750
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
37 Appendices | Real estate exposure
REAL ESTATE EXPOSURE
Real estate portfolio • Total real estate portfolio amounts to € 1.5 billion, of 31/12/2013 - Total: € 1.5 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 31/12/2013 - Total: € 1.2 billion
Type € mln % Residential 428 36% Retail 368 31% Offices 351 29% Other 53 4% Total 1,200 100%
38 Key investment considerations | Robust capital and solvency position
SENSITIVITIES
Interest rate shocks In € million (31-12-2013)
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%
31-12-2013 8,792 -191 -67 57 149
31-12-2012 9,155 58 26 -25 -48
Equity and property risk In € million (31-12-2013)
Asset class Effect -10% change of Effect -10% change of market value on total equity market value on solvency Equities -2% -5%
Real estate -1% -3%
39 39 Appendices | Development of equity H1 2013
DEVELOPMENT OF EQUITY 2013
344 -273 -358 -97 -291 -108 9,702
31/12/2012 Net result Dividend Purchase Revaluation FX IAS19 31/12/2013 of hybrids movements
40 CONSERVATIVE INVESTMENT PROFILE COMPARED TO PEERS
Investments by type
Fixed-income by rating
Source: BNP Paribas Insurance Review 2013 41 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
42 42 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 "forward- “Achmea") solely for use at a meeting regarding a proposed offering (the "Offering") of Notes of the Company looking statements". These statements contain the words "anticipate", “will”, "believe", "intend", "estimate", (the "Notes"). This presentation and its contents are strictly confidential, are intended only for use by the "expect" and words of similar meaning. All statements other than statements of historical facts included in recipient for information purposes only and may not be reproduced in any form or further distributed to any this presentation, including, without limitation, those regarding the Company’s financial position, other person or published, in whole or in part, for any purpose. 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43