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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”

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PROGRAMME

Part 1: 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

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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

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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

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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 employees, partners and capital We provide more than just providers Delivered through the direct insurance products but also offer and -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

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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 7.7 Centraal Beheer 7.0 Centraal Beheer 7.5 OZF Achmea 8.2 FBTO 7.3 Pro life 8.1 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 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

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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

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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

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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

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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

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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

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OUR STRATEGY FOR THE PLANNING PERIOD TO 2020

DELIVERING TOGETHER

Non-life

Health Retirement services

International Pension & Life (Closed Book)

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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

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NON-LIFE: PROFIT PILLAR AND ONLINE DISTRIBUTION CHAMPION

Our position . Market leader P&C Combined Ratio2 Property & Casualty . Top 3 position income protection . High customer satisfaction and online capabilities 115 Combined ratio underwriting year (excl. impact severe weather events) Our ambitions Combined ratio underwriting year 110 . Grow market share in retail Property & Casualty Combined ratio book year

. Strengthen combined ratio P&C to less than 96% 105 . Profit contribution in 2020 of €200 million Our actions 100 100 . Property & Casualty 95 . Set profitable premiums as market leader . Lower claims by prevention and better underwriting 90 . Income Protection 2012 2013 2014 2015 2016 . After re-pricing in previous years, focus is on shortening the time of re-integration

¹ GWP including Inshared, 2 Legal entity 17 Tekst & Grafiek 25%/75%

HEALTH: MID TERM A STABLE RESULT CONTRIBUTION

Our position . Market leader with around 30% of market share 25% Healthcare costs . Efficient distribution channel: over 70% online increase faster After gap is closed 20% Financial than premiums . Group benefits: cross sell, cost coverage, buffers built profitability diversification in period will return to 2011-2013 ‘normal’. . Competitive pressure will drive solvency ratios to 15% . 96% health care 130%-140% reimbursement . 3% Our ambitions 10% administrative . Maintain current market share expenses . 1% margin to . Decrease expense levels further 5% support business . Annual result contribution ~€150 million as of 2020 continuity 0% Our actions: 2008 2009 2010 2011 2012 2013 2014 2015

. Balance volume, profit, solvency and solidarity Cumulative % increase/decrease in health care premium (basic insurance) compared to 2008 (base year)

. Use scale to strengthen purchasing capabilities Cumulative % increase/decrease in health care costs (basic insurance) compared to 2008 (base year) . Focus on adding value from services

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PROPOSED LEGISLATION PERMANENTLY BANNING DISTRIBUTION OF HEALTH CAPITAL

The proposed new law . Is unclear on many fronts and leaves much room for interpretations . Is in direct contrast with earlier made agreements . Serves no specific goal and as such is unnecessary

Current political situation and trajectory . The House of Representatives passed the bill on to the Senate for ratification or denial . The bill was passed despite serious objections from the Minister of Health and the Council of State . The Dutch Central Bank and the Healthcare Authority see many issues around the law . Premium increases throughout are seen as probable . It is now up to the Senate to either accept the proposed law, or to send it back

Our expectations . We assume the Senate to conclude that the bill is not good for all insured and the Dutch health care system . We will not speculate on any specific outcome and next steps

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RETIREMENT SERVICES: INVESTING IN A GROWING PENSION BUSINESS

Our position We offer an integrated proposition in 2nd, Corporate pension funds and employers consider APF as 3rd and 4th pension pillar good alternative (survey March 2016) We focus on: Join an APF 53% . Centraal Beheer APF and Enter insurance contract 30% . company pension funds Join sector pension fund 23% Liquidation of fund 13% Achmea Bank and Asset Management are integral parts of our strategy Merge 10% Join a PPI 10% Our ambitions Fund is fit for the future 7% Grow AuM CB APF and sales in 3th and 4th pillar Other 23%

Position Centraal Beheer as a full service provider for 0% 10% 20% 30% 40% 50% 60% individual saving and investment products Profit contribution ~€ 50 million in 2020 . The intention to build-up additional funds for retirement age has grown from 15% to 23% in last two years; growing awareness Our actions . 40% of the boards of company pension funds find it (very) important that their participants can have overall insight in their pension, including the 3rd and 4th pillar Invest in 2nd/3th/4th pillar products Improve profitability of Achmea Bank

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PENSION & LIFE: SERVICING OUR CLOSED BOOKS AND GROWING IN TERM LIFE

Our position Total expenses Pensions & Life Successful management of separate closed book 2015-2021, in € million life since 2013

Proven track record over the last years in cost 350 reduction 296 Achmea stopped selling Pension insurance 300 contracts 250 224 We continue selling term life and annuities 202 insurance 200 175 150 Our ambitions 150 Pension & Life closed book will create value by lowering costs 100 and optimizing its investment portfolio 50 Contribution to our profit ~€270 million in 2020 0 Our actions 2015 2016 2017 2019 2021 We will implement further value enhancement options

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INTERNATIONAL: ‘ACCELERATE, CREATE AND DISRUPT

Our position Our current international presence A presence in a limited number of promising economies Our ambitions Accelerate: Accelerate growth in existing markets Create: Exchange knowledge between the countries, especially digital capabilities Disrupt: Become a disruptor in a limited number of large markets where online insurance penetration is still low A profit contribution in the range of ~€40 million in 2020 Our actions Implement the core capabilities of the group abroad

Focus on countries with (foreseeable) profitable growth and aligning the core capabilities of the group

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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

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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”

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