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Corporate Template-Set Achmea Titel dia RGB-KLEUREN Financial red R 210 , G 159, B 165 Fuchsia R 193 , G 086, B 131 Yellow R 209 , G 147, B 002 Purple R 082 , G 083, B 135 Blue R 065 , G 127, B 162 Light Green R 134 , G 135, B 034 Dark Green R 074 , G 121, B 076 Orange R 229 , G 123, B 003 Willem van Duin Gold R 179 , G 143, B 075 Chairman of the Executive Board Strategy Update Capital Markets Day June 1, 2017 DELIVERING TOGETHER: BUILDING ON IMPROVED FUNDAMENTALS Tekst 100% DELIVERING TOGETHER: BUILDING ON IMPROVED FUNDAMENTALS Achmea has cooperative roots. We balance the interests of our four stakeholders: customers first, next to employees, partners and capital providers We have four unique competitive advantages: 1. Strong brands with leading positions in customer satisfaction ratings 2. Best in class distribution, mainly via the growing direct and banc assurance channels 3. A large customer base with leading positions in our core markets 4. Leading position in mobile and online services Since 2008 we’ve consistently improved our business fundamentals with successful completion of two change programmes. We lowered costs, boosted innovation, developed new business models and made clear strategic choices. With ‘Delivering Together’ we build on our improved business fundamentals and for 2020 we aim at: . Better products and services, supported by innovations . Lower cost base by €200 million and reduction of 2.000 FTE . Operational result ambition of €600 million . Key ratio’s in line with S&P IFS rating “A” 2 Menu dia PROGRAMME Part 1: Achmea at a glance: A unique insurer in the Dutch market Part 2: Strategy execution to date: Proven change capabilities Part 3: Our strategic approach through 2020: Delivering Together 3 Tekst & Tabel 25%/75% OPERATIONAL RESULT 2016 AT APPROXIMATELY €230 MILLION NET OF EXCEPTIONAL ITEMS Operational result 2016 strongly influenced by several exceptional items: Operational result 2016 . Exceptional weather such as the hail calamity Excluding health and exceptional items in June 100 90 . Reserve strengthening personal injury . Reorganisation provision for reduction 178 2,000 FTE and number of office locations ~230 . High income from investments as a result of: 170 . Realisations in Non-Life due to change in -127 investment mandate . Strong recovery of commodities and real estate prices in -323 Pension & Life -196 Result in basic health, expected to be at a break-even level, was impacted by: . Loss provision premium setting 2017 2016 (reported) Result Health 2016 Exceptional Personal Injury Reorganisation Investment 2016 (ex-Health) weather result (Ex-health, . Higher than expected health care expenses normalised) . Changes in portfolio composition Operational result excluding Health is approximately €230 million 4 Grafiek 100% FIVE KEY INDICATORS DEFINING OUR FINANCIAL AMBITIONS Operational result ~600 Operational expenses Free capital generation (€ million) (€ million) (€ million) ~150 Health ~400 230 2.328 (normalised) ~2.128 98 ~450 (normalised) -323 -216 2016 2020 2016 2020 2016 2020 Fixed Charge Coverage S&P Capital S&P rating (in x) >5.0 2.7 AA (normalised) Maintain S&P IFS rating at “A” -0.9 2016 2020 2016 5 Alleen titel STRATEGIC DIRECTION: CUSTOMER RELEVANT AND TREND SETTING Customer driven Profile Strategic direction We balance the interests of our four We focus on P&C, income protection stakeholders: customers first, next to and health insurance employees, partners and capital We provide more than just providers Delivered through the direct insurance products but also offer and bank-distribution channels services on prevention and advice We service the existing (closed) books pension and life insurance We invest in innovations We set the trend with and grow in term life to improve the (digital) service our expertise for our customers We diversify our earnings We operate as a data- and capacity by investing in capital light technology-driven company pension products, asset management and our international activities Our products and services make society safer, healthier We help our customers to achieve While maintaining a prudent and more future proof long term financial sustainability risk appetite in line with our cooperative background 6 Alleen titel CORE ACTIVITIES: NON-LIFE, HEALTH, PENSION & LIFE AND ASSET MANAGEMENT GWP 2016: €19.5 billion Non-life Pension & Life 6% International €3.2 billion €1.8 billion 17% Non-Life 10% Pension & Life Health Assets under Management 67% Health €13.1 billion €116 billion Achmea serves approximately 13 million customers P&C Retail Ø 7.2¹ P&C Wholesale Ø 7.4² Health Ø 8.0³ Life Retail Ø 6.8¹ Interpolis 7.5 De Friesland 8.2 Centraal Beheer 7.7 Centraal Beheer 7.0 Centraal Beheer 7.5 OZF Achmea 8.2 FBTO 7.3 Pro life 8.1 Interpolis 6.9 Interpolis 7.6 Generali 7.3 FBTO 8,0 NN group 6.5 NN Group 7.2 CZ 8.0 ASR 7.4 Delta Lloyd 7.0 Interpolis 7.9 Aegon 6.4 Aegon 7.0 Zilveren Kruis 7.7 NN Group 7.1 ASR 6.2 ASR 7.0 VGZ 7.7 ¹ Source: the Dutch Association of Insurers 2016 (www. verzekeraarsinbeeld.nl). / ²Dutch Association of Insurers customer satisfaction research 2016. / ³ SAMR research 2016 7 Alleen titel ACHMEA HAS FOUR COMPETITIVE ADVANTAGES Strong brands with leading positions in customer satisfaction ratings Best in class distribution mainly via direct and bancassurance channels 7% 14% 70% 3% 79% 6% Direct (total) Bancassurance Broker Direct Health Leading in mobile, online; proven track record launching new concepts A large customer base with leading positions in our core markets Property & Income Asset Casualty #1 Health #1 Protection #2 Individual Life #2 Management #5 Achmea 21% Achmea 31% NN/Delta Lloyd NN/Delta Lloyd APG NN/Delta Lloyd Blackrock NL ASR ASR VGZ Vivat Allianz Achmea 19% Achmea 14% PGGM Een initiatief CZ Group Goudse Aegon Aegon MN van Other ASR Menzis Achmea 6% Zilveren Kruis Other Other Other Other 8 Menu dia PROGRAMME Part 1: Achmea at a glance: A unique insurer in the Dutch market Part 2: Strategy execution to date: Proven change capabilities Part 3: Our strategic approach through 2020: Delivering Together 9 Alleen titel FROM 2008 ONWARDS: TWO MAJOR CHANGE PROGRAMMES SUCCESSFULLY COMPLETED Change programmes Our ambitions What we realized Customer focus . Customer satisfaction to above market average House of Initiatives . Strong and improving NPS Scores (e.g.)²,³: . CB P&C Retail: 2015: 5 2016: 6 2008 - 2013 . Interpolis P&C Commercial: 2015: -4 2016: -3 . Zilveren Kruis Health 2016: -5 2017: 0 Maintain market leadership . Market leader in Non-life and Health . Number of IT application reduced by ~30% Reduce complexity . Number of offices reduced from 30 to 8 Acceleration & Innovation . Operating expense reduction of 22% since 2009 Lower costs and FTE . Overall reduction of 30% FTE (internal FTE) 2014 - 2016 . Sold off or closed all loss making activities Focus on core activities . Divested over seven international operations Speed up level of innovation . More than 150 innovations launched and new business models . Capital light retirement services strategy implemented Source: ¹ AFM KBC Score ² CB & Interpolis: Metrixlab brandtracer ³ Zilveren Kruis: SAMR Klantenmonitor zorgverzekeringen 10 Alleen titel WE INVEST IN INNOVATIONS TO IMPROVE THE SERVICE FOR OUR CUSTOMERS Ideation Discovery & Scoping Development Test & Validate MVP Commercialization Thuismeester Crossyn FBTO UBI ACTIFY Inshared Neokidney Roadguard Taloride CB Smarthome Homies Gate 1 Gate 2 Gate 3 Gate 4 11 Alleen titel FROM 2008: REDUCED COMPLEXITY, LOWER COST AND GREATER DIGITAL CAPABILITIES Three Phases in Development of IT-structure Number of IT Shared ~1,800 applications high Digital Insurer ~1,400 ~1,250 Coordinated Integrated integration insurer < 800 Replicated process House in order low low process standardisation high 2008 2013 2016 2020 2008 2017 12 Menu dia PROGRAMME Part 1: Achmea at a glance: A unique insurer in the Dutch market Part 2: Strategy execution to date: Proven change capabilities Part 3: Our strategic approach through 2020: Delivering Together 13 Alleen titel ACTIVE IN CHANGING ENVIRONMENTS - FOUR MAIN MARKET TRENDS WITH IMPACT Technology Customer preferences . Data and new technology can drive new services . Insurance as part of broader service offering . New ways of customer interaction . Vitality and lifestyle trending issues . Deeper insights into underwriting risks . More individual responsibility for pension Politics and economy Insurance market . Low interest rate environment . Changing risks: usage, cyber, climate . Societal pressure and political decisions: . New (disruptive) market players . Potential new legislation for health insurers . Consolidation in the market . Revision of pension scheme/legislation Our approach . Launch of retirement service strategy . Dynamic pricing, Big data . Digitization of customer contact . Growth of Inshared, Independer . Creating economies of scale . Optimize investment portfolio . Invest in new services en propositions . Partnering with third parties 14 Tekst 100% OUR STRATEGY FOR THE PLANNING PERIOD TO 2020 DELIVERING TOGETHER Non-life Health Retirement services International Pension & Life (Closed Book) 15 Tekst 100% STRATEGY FOR THE PLANNING PERIOD: 5 BUSINESS LINES WITH OWN ROLES Non-life: Profit pillar and online distribution champion . Build on market leading positions, strong brands and distribution . Back on track with strong profitability after decisive remedial actions Health: mid term a stable result contribution . Balancing volume, profit, solvency and solidarity . Manage short term market and political challenges (for two to three years). Retirement services: Investing in a growing business . Grow in market with integrated capital light proposition . Develop into Centraal Beheer branded full service financial service provider Pension & Life: servicing our closed book and growing term life . Optimize profit and value of Pension & Life as closed book while maintaining high customer satisfaction International: Accelerate, Disrupt and Create . Leverage on the core capabilities (e.g. online) of the group in existing and new countries 16 Tekst & Grafiek 25%/75% NON-LIFE: PROFIT PILLAR AND ONLINE DISTRIBUTION CHAMPION Our position . Market leader P&C Combined Ratio2 Property & Casualty .
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