20 09 Annual report Delta Lloyd Group The future secured Contents 1 Delta Lloyd Group in brief . 1 1 .1 Supervisory Board and Executive Board . 3 1 .1 .1 Supervisory Board . 3 1 .1 .2 Executive Board . 4 1 .2 Report to stakeholders . 4 1 .3 Information for shareholders . 5 2 Governance . 11 2 .1 Report of the Supervisory Board . 12 2 .2 Supervisory Board . 17 2 .2 .1 Composition of the Supervisory Board . 18 2 .2 .2 Supervisory Board committees . 22 2 .3 Report of the Remuneration Committee . 23 2 .4 Corporate governance . 35 2 .4 .1 General Meeting of Shareholders . 35 2 .4 .2 Dutch corporate governance code . 36 2 .4 .3 Capital and shares . 37 2 .4 .4 Issue of shares . 38 2 .4 .5 Repurchase of shares . 40 2 .4 .6 Transfer of shares, transfer restrictions and notification . 41 2 .5 Strategic Investment Agreement . 42 2 .6 Fonds NutsOhra . 45 2 .7 Protective measures . 47 2 .8 The Executive Board . 48 2 .9 Delta Lloyd Group in control statement for 2009 . 51 2 .10 Management and Corporate staff . 53 2 .11 Works Councils . 56 3 Report of the Executive Board . 58 3 .1 The segments in outline . 60 3 .1 .1 Stock exchange listing . 62 3 .2 Markets . 64 3 .2 .1 Credit crisis . 64 3 .2 .2 The Netherlands: restoration of trust . 66 3 .2 .3 Market developments in Belgium . 67 3 .2 .4 Post-balance sheet events: the future of Delta Lloyd Germany . 69 3 .3 Key figures . 69 3 .4 Strategy . 72 3 .4 .1 Operational and financial objectives . 73 3 .4 .2 ‘The Future Secured’ strategy . 73 3 .4 .3 Strategic objectives . 74 3 .4 .4 Changing environment . 77 3 .4 .5 SWOT analysis . 78 3 .4 .6 Tightening of the strategy: scenarios for the future . 79 3 .4 .7 Towards a new organisational model . 80 3 .5 Risk management . 82 3 .5 .1 Five elements . 83 3 .5 .2 Three lines of defence . 84 3 .5 .3 Risk management and control systems . 84 Contents 3 .5 .4 Risk taxonomy . 86 3 .5 .5 Delta Lloyd Group risk profile management . 86 3 .6 Capital management . 89 3 .6 .1 Enterprise Risk Management & Solvency II in 2009 . 89 3 .6 .2 Economic capital (ICA) . 90 3 .6 .3 Solvency ratios . 92 3 .6 .4 Rating . 92 3 .7 Relationship with stakeholders . 92 3 .7 .1 Relationship with society . 93 3 .8 Employees . 94 3 .9 Corporate social responsibility . 97 3 .10 Outlook for 2010 . 98 4 Segments . 99 4 .1 Life Insurance . 99 4 .1 .1 Market Consistent Embedded Value . 100 4.1.1.1 Analysis of movement in embedded value. 101 4.1.1.2 Value of new business . 102 4 .1 .2 The Netherlands . 103 4.1.2.1 Brands in the Netherlands. 105 4 .1 .3 Delta Lloyd Life in Belgium . 107 4 .1 .4 Germany . 109 4 .2 General Insurance . 110 4 .2 .1 The Netherlands . 111 4 .2 .2 Belgium . 114 4 .3 Bank . 114 4 .3 .1 The Netherlands . 115 4 .3 .2 Belgium . 116 4 .4 Fund Management . 117 4 .5 Other . 119 4 .5 .1 Amstelhuys . 120 4 .5 .2 Health insurance . 120 5 Financial statements 2009 . 121.