ah i t p titachmea investor presentation

A h I t P t tiAchmea Investor Presentation

“The leading Dutch insurance Company with strong brands, multi-channel distribution The leading Dutch insurance Company with strong brands, multi channel distribution strategy, well diversified product range and a conservative investment profile”

March 2013

ContentsContents

Achmea overview

Key investment highlights

• Leading market positions• Leading market positions

• Core country base in one of the strongest Euro-zone countries

• A very strong capitalisation

• Well-diversified investments especially in light of conservative investment portfolio

Results 2012

Well diversified investments, especially in light of conservative investment portfolio

Proposed transaction

Appendix

414807_Roadshow 2013.ppt

Achmea snapshot – strong brands, diversified products, focus on insurance

• A strong and solid insurance group founded GWP by segment 2012g g pover 200 years ago

• Market leader in Dutch insurance: Property & Casualty, Health, Income Protection, Pension and Life insurance

Pension & Life Non-Life

• Distribution mainly through direct & banking channels and well positioned for future market developments

• Strong market position with “power brands” Health• Strong market position with power brands Interpolis, Centraal Beheer Achmea, Zilveren Kruis Achmea and a range of specialty brands

Health

Total: €20.4 billion

Europe

GWP by geography 2012

Greece 32%

Brands

Europe Greece 32%

Turkey 24%

Russia 5%

Slovakia 23%

Netherlands


Ireland 14%

Bulgaria 2%

2 Source: Achmea


Ownership structure – stability through two cornerstone shareholders

ACHMEA ASSOCIATION

65.3%

RABOBANK NETHERLANDS

29.2%

OTHER5.5%

PREFERENCESHAREHOLDERS

ACHMEA TUSSENHOLDING

5.5%

ORDINARY SHARES 94.5%

3 Source: Achmea


Achmea is a sizeable player compared to its European peers- with large operations in its domestic market

15 000

17,500

10 000

12,500

15,000

7,500

10,000

2,500

5,000

0Achmea Allianz Generali Aviva Zurich Ageas Aegon

Total gross premiums written in domestic non-life insurance (€m)

4 Source: 2011 Annual reports and investor presentations


Key milestones achieved in 2011 and 2012

PORTFOLIO MANAGEMENTC l b t d bi t d thi t b t t th fil f th

Key milestones achieved in 2011 and 2012“A GROUP THAT IS MOVING”

• Celebrated our bicentenary and this gave a strong boost to the profile of the group

• Merger with DFZ, acquisition of Independer and the sale of Achmea Vitale

• Sale of Avéro Belgium and Império France

• Commercial position strengthened through acquisition of niche player Friesland Bank Assurantiën and OVO

• Announced sale of life activities in Romania (non-core activities)

OPERATIONAL IMPROVEMENTS• Agis and Achmea Health integrated

• Closed life book managed in separate organizational entity

• Investments in strengthening commercial capabilities and cooperation with Independer.nl

• Increasing scale through consolidation of De Friesland Zorgverzekeraarg g g

STRONG FINANCIAL POSITION MAINTAINED• Maintained Standard & Poor’s A+ rating with a stable outlook for our insurance entities

• Funding of Achmea Bank supported by placement of €1.3 billion of securities, including set up of new unsecured debt issuance programme

• Group liquidity position strengthened with new credit facility of €750 million

• Group Solvency (IGD) stable at 209%

5 Source: Achmea


Long-term strategic choices for the Dutch portfolioLong term strategic choices for the Dutch portfolio

Channel

Directdistribution

Brokerdistribution

Bankingdistribution

Cooperation with social partnersBrands

Core proposition: Strenghten

Product Groups

Increasing scale core proposition

Strengthen partnership

Non-Life

Health

Develop to core propositionPension - Standard

Income Protection

In function of core proposition

Providing entrance

Health Services

Pension Services

Life- Standard

Seperate and manage internal or external

Compl. to insur. products

Compl. to insur. productsBanking products

Lif N t St d d

Pension – Not Standard

Life – Not Standard

66 Source: Achmea


Compass for AchmeaCompass for AchmeaRisk Insurer

We choose Risk Insurer as our compass …

… to be complemented bya future third pillar

Risk insurer plus Pension & Life

• Reinforcement Pension & Life• For example, strengthen DC products,

Basis as risk insurer

p , g p ,asset management, additional focus on SMEs

• Success is scenario-dependent, construction and discontinuation phase are not yet disconnected

• The basis for our future profile is risk insurer from the current situation, complexity, market developments and our relation with Rabobank

are not yet disconnected

Risk insurer plus International

• ’Capital light’ foreign activities• For example, organic growth current

countries, partnerships with Rabobank• Construction with limited deployment of p y

capital (without large takeovers) takes time

Source: Achmea7


Emerging thoughts on Achmea’s long-term future

Recovery – back to our core

Building the platform for the future;

Build-out based on proven capabilitiesto our core for the future;

strengthening the coreproven capabilities

• Cost reduction• Complexity

reductionC ti f

• Enlarge earningscapacity of core businessF d ti f

• Focused investments to 2020

• Strengthening core b i

Direction• Creation of

surplus• Focused preparation for

future growth –creating space, focus and resources

business• Competence based

growth• Leveraging ability to

work effectively with

• Strengthened Careful management

work effectively with partners

Space for

Finan-cials

• Strengthened balance sheet

Careful management of liquidity and capital• Terminate loss-making

operations• Linked to business

Space for stepped-up, focused investments• Free-up tied capital

in Health

202020122008 2016

Time

performance, cost reduction

88 Source: Achmea


Achmea profile in 2020Achmea profile in 2020Dutch Risk Insurer with a significant international portfolio

A strong position in Non-life & Health, h d ti i P i & Lif

International contribution to premiums ill

Property & Casualty 2520 5

however a reduction in Pension & Life will grow

GWP (%)

Health 32

Income Protection 19

Property & Casualty 2520 5

Through autonomous

growth

Life traditional 10 -5

Life Individual 3023 7

Health 32

Other 1 -3

Pension 10 -2

Life traditional 10 -5Reduction

Pension & Life and divestments

Market share NL (%)

403020100

Other 1 -3

Growth profile 2020 vs. current situation

Current situation

Loss profile 2020 vs. current situation

Source: Achmea9


KPIs to help measure / manage implementation of strategyKPIs to help measure / manage implementation of strategy

• We set ambitious objectives for the key performance indicators

Indicator Objective 2012 Status

Combined ratio Non-life <97% 99.6% incl. WGA provision

Group key performance indicators

Combined ratio Basic Health <100% 98.0%

Customer satisfaction Satisfaction of at least 7.5 Average customer satisfaction for all Dutch Achmea insurance labels 7.6

Employee engagement >71% 72%

Market Share Retain market share in core activities; Non-life, Health and Income protection

Leading market position maintained, p

Solvency >190% regulatory solvency ratio for insurance entities (IGD)

209%

1010 Source: Achmea

ContentsContents

Achmea overview


Market leading position• Market-leading position

• Core country base

• Strong capitalisation

• Well-diversified investment portfolio

Results 2012



Appendix



1. Achmea’s dominant market position, market leader in the Netherlands, and strong alliance with Rabobank

• Dominant market position in Non-life (19%) and particularly in Health (33%). 3rd largest individual life insurer

• Strong shareholder support from one of the best banks in Europe – RabobankStrong shareholder support from one of the best banks in Europe Rabobank

2. Core country base

• The Netherlands is one of only three AAA countries remaining in the euro-zone. 5-year CDS is trading lower than France, and Belgium

3. Strong capitalisation in combination with a low risk profile

• Capitalisation is very strong and of high quality

• Solvency Coverage was 2.09 times the minimum as of year end 2012 (Achmea Insurance Group, Solvency I IGD) and over 60% of TAC is derived from core shareholders fundsI IGD), and over 60% of TAC is derived from core shareholders funds

4. Well diversified and low risk investment portfolio

• Well diversified investment portfolio. As of year end 2012 79% of the portfolio was in fixed income instruments, of which >60% AAA-rated Sovereigns and 88% in fixed income securities rated ‘A' or higher. g gOnly 2.0% of the portfolio is in ‘PIIGS’

• Sound risk management using ERM

12

ContentsContents

Achmea overview






Results 2012



Appendix


Leading positions in our core marketsLeading positions in our core markets

ASR INGP&C Delta Lloyd Allianz Other

Achmea19%

#1

MenzisHealthCZ Group

Incl. Delta Lloyd and OHRA

Lloyd

OtherAchmea33%

19%

Coöperatieve VGZPreviously UVIT#1

Income Protection ASR ING

DeltaLloyd OtherAchmea

19%Goudse#2

Individual Life ASRING OtherAchmea

14%Delta Lloyd

SNSReaal

DeltaLloyd#2

Delta Lloyd INGPensions Aegon OtherZwitser

levenAchmea

10%#5

80%70%60%50%40%30%20% 100%90%10%0%

Source: Achmea14


Over half of all Dutch people are customers at Achmea

Retail customers Retail customers

Wholesale customers

1515 Source: Achmea


The strength of Achmea’s brands is clearThe strength of Achmea s brands is clear

NON-LIFE HEALTH PENSION & LIFE

Brand strength

16

g

16 Source: Achmea


High levels of Customer satisfactiong e e s o Custo e sat s act o

Customer rating of Dutch insurers

2011 2012Achmea brands 2011

FBTOAchmea brands 2012

Centraal Interpolis Market average Zilveren Kruis Centraal Interpolis Beheer

Market average Zilveren Kruis

Achmea

17 Source: annual customer engagement report from the ‘Verbond van verzekeraars’


Achmea's strong alliance with Rabobank

• Commercial alliance through the banking

Achmea is the result of a merger of AVCB with Interpolis, Rabobank’s insurance company in 2005

• Commercial alliance through the banking channel. Approximately 98% of insurance products sold via the Rabobank channel are Achmea insurance products

• Strong position through unique “All-in-one-

Interpolis share in Rabobank Distribution of Insurance sales

(31-12-2012)Strong position through unique All in onepolicies”, enabling a > 2.5 x-sell ratio

• Greenfield operation in Australia in cooperation with Rabobank starting in 2013, with a possible extension to other growth markets. Focus is on

Commercial

extension to other growth markets. Focus is on non-life, mainly agricultural sector such as live stock, machinery, crop insurance etc.

Rabobank as a major shareholder has a • Rabobank as a major shareholder has a nomination vote on the supervisory board of Achmea. Furthermore Rabobank and Achmea share two common supervisory board members

• Rabobank has a veto right on major decisions Governance

• Rabobank has a veto right on major decisions concerning acquisitions/divestures as one of the two major shareholders within Achmea

b b k h h ll d h h

WholesalePrivate

• Rabobank has historically supported Achmea with capital, as and when necessary

Capital

1818


Well-diversified distribution network (% total 2012 GWP)

Health Non-Life

Pension and Life

• Well diversified distribution network consisting of banking, intermediary and di h ldirect channel

• Share of “controlled distribution” among product lines is highest in health insurance (~97%)( )

• Banking distribution of insurance products uses Rabobank banking channel in the Netherlands

1919

ContentsContents

Achmea overview






Results 2012



Appendix


The Netherlands - a core European country and a major

Netherlands CDS remains lowGrowth outlook (quarterly GDP, % change yoy)

insurance market

5

10

5

10

400

600

800

(5)

0

(5)

0

0

200

400

(0.5)

0.75

(10)(10)’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 '12E'13E

feb-11 jul-11 dec-11 apr-12 sep-12 jan-13Netherlands Belgium Italy France Germany

European Non-life market (including Health) European Health market

39.440

50

80

100

p ( g )

Total gross written premiums in 2010 (€bn)

Total CEA: €428.2bn

p

Total gross written premiums in 2010 (€bn)

Total CEA: €107.9bn

20

3056.3

40

60

Achmea market share: 19% in NL Achmea market share: 33% in NL

0

10

N th l d G F S it l d S i UK It l

0

20

G F UK N th l d It l S i S it l d

21Netherlands Germany France Switzerland Spain UK ItalyGermany France UK Netherlands Italy Spain Switzerland

Source: UBS

ContentsContents

Achmea overview






Results 2012



Appendix


Strong Solvency I position(2012) vs European peersg y p ( ) p p

Entity Target level 2012

Achmea Group (FCD) n.a. 207%

Achmea Insurance Group (IGD) 190% 209%Achmea Insurance Group (IGD) 190% 209%

Non-life 185% 254%

Basic Health insurance 135% 182%

Supplementary Health insurance 160% 489%

Life insurance 175% 233%

23 Source: Achmea


Robust Solvency II positionRobust Solvency II position

• Solvency II implementation is on track

• Achmea is participating in the pre-application process for internal models

• A partial internal model will be started from 1 J 2014 d i it ill b th 1 January 2014 and priority will be the internal models for Non-Life and Health insurance risk

• Achmea has started with implementing Pillar p gIII reporting requirements

• Current economic capital model will be improved to become Solvency II compliant internal modelinternal model

• Solid capitalization under SII confirmed a 2011 year-end Solvency ratio of 221% by recent parallel run

‘Solvency II’ yratio of 221%

2424 Source: Achmea


High quality of capital with low double leverageQuality of capital

(31 December 2012)Composition of capital (31 December 2012)

Long + short VOBA Other intangiblesLong + shortterm debt (€1.2 bn)

Hybrid capital (€1 3 b )

VOBA(€ 0.2 bn)

g(€0.3 bn)

Goodwill(€1.2 bn)

(€1.3 bn)12%

Tangible equityCore

capital(€8.7 bn)

Tangible equity(€ 8.7 bn)

Allocation of IFRS capital 2012Allocation of IFRS capital 2012

Holding

International

OtherBanking

Net internal cash

International Pension & Life

Non-life


Health

25 • Double leverage as of 31 December 2012 is 104%Source: Achmea


Financial leverage is low especially when compared to Dutch peers

36.4Perpetual loans

External debt

Maximum target level

%

22.422.022.7 21.4

2011201020092008 2012 1

• Low financial leverage of 21.4%

• More than half of the financial leverage is made up of perpetual loans

26 Source: Achmea

Note: Financial leverage = (external debt+ perpetual loans)/ (equity+ preference shares+ perpetual loans – goodwill + external debt)


Credit Ratings

• Achmea was the only Dutch insurer not to be downgraded during the crisis

AA+

AA-downgraded during the crisis

• Current Group S&P rating is A- with a stable outlook, the rating for our insurance entities is A+ also with a stable outlook.

A

A-

A+

BBB+

BBB

BBB-

• “The ratings on the core operating entities of Netherlands-based multiline insurer Achmea Group (Achmea or the group) reflect the group's very strong capitalization, strong competitive position, and strong investments [...].

• We believe that Achmea's competitive position is strong, and a strength for the rating. The group is h k l d h h l d d hthe market leader in the Netherlands, and has

strong positions in each of its three main lines of business.

• We view Achmea's capitalization as being t W ti i t th t it li ti ill very strong. We anticipate that capitalization will

remain very strong, with capital adequacy likely to be at least very strong"

S&P credit rating report- January 14, 2013

27 Source: Achmea, UBS

ContentsContents

Achmea overview






Results 2012



Appendix


Low Risk Profile Maintained

• Key observation points

1 77% ≥ AA

Fixed income by rating

(31 december 2012)

1. 77% ≥ AA

2. 78% Fixed Income

3. 71% Government Bonds, Government guaranteed and sovereignsg g

• We switched 10% or €1.6 billion of our Dutch, German and French government bonds in fixed income portfolio to low risk credits starting in Q1 2012

Total investments portfolio (31december 2012):

(€43.6 billion)

Fixed income by type

(31 december 2012):

(€33 9 billion)( ) (€33.9 billion)

29 Source: Achmea


Achmea has a low asset risk vs. European peersShareholder Exposure to Different Asset Classes (Excluding Unit Linked)

European peersAchmea– 31 December 2012

• Lower percentage of PIIGS exposure (2% vs 6%) compared to European peerspeers

• Limited commercial real estate exposure (2.7%) of total investment portfolio

3030 Source: Achmea, Morgan Stanley research 2013


Sovereign Government exposure

• Total exposure on government bonds is

TOP 5 SOVEREIGN EXPOSURE (IN € MLN) 2012 2011

• Total exposure on government bonds is €18.0 billion

• These government bonds are predominantly Dutch, German and French

l G S €668

The Netherlands 11,415 12,044

Germany 4,119 4,936

France 1 718 2 561 • Total exposure to GIIPS-countries is €668 million or 2.0% of our fixed-income portfolio

• Our exposure to Ireland is entirely related to our Irish business. Nominal value has not h d

France 1,718 2,561

Ireland 515 411

Finland 507 570changed

Total 18,274 20,522

SOVEREIGN EXPOSURE TO

* Excluding deposits

GIIPS COUNTRIES (IN € MLN) 2012 2011

Greece 11 27

Ireland 511 481Ireland 511 481

Italy 51 49

Portugal 48 48

Spain 48 48

Total 668 653

31 2.0% 1.8%Source: Achmea


Real Estate exposure

Real Estate Portfolio (Direct) (IN € MLN) 2012 % Revaluations 2009-2012

Residential 423 36% -61

Offices 349 30% -122

Retail 334 28% -16

Other 66 6% -18

Total 1,172 100% -217

• Syntrus Achmea has €15 billion AuM; over €13 billion for clients such as pension funds and around €2 • Syntrus Achmea has €15 billion AuM; over €13 billion for clients such as pension funds and around €2 billion for Achmea (€1.2 billion in direct real estate)

• On a quarterly basis, Achmea performs a full valuation of 25% of our portfolio and a review of the remaining 75% of the portfolio; since 2009, we have impaired 27% of our offices portfolio

• Value declines are expected to continue to impact the Dutch real estate sector, mainly offices

32 Source: Achmea


ContentsContents

Achmea overview






Results 2012



Appendix


Good results, strong financial position

• Net profit up to €453 million despite ongoing challenging economic environment

• Premiums up to over €20.4 billion of which more than €18 billion is repaid to customers for healthcare costs, damages, pensions and life insurance

• 2% cost reduction as a result of continued focus on cost and complexity reduction At the same time • 2% cost reduction as a result of continued focus on cost and complexity reduction. At the same time investments in innovation and strengthening of commercial capabilities have been increased

PROFIT BEFORE TAX (IN € MLN) 2012 2011

Profit before tax 412 -247

Mergers and divestments 50 -95

Goodwill impairment Life & Pension activities - 279

Impairment Greek Government Bonds - 114

Profit before tax from regular activities 462 51

3434 * Adjusted for M&A activity, restructuring costs, provisions for vacant buildings and other non-recurring items


All three Dutch segments contribute to profit

GWP

(IN € MLN) 2012 2011 Δ

• Good performance of Non-life continues, profit is impacted by higher claims in agricultural sector and from fire and storm damages

• €180 million additional provision for long-term

Non-lifeNetherlands 3,151 3,176 -1%

Health 13 120 12 055 9%disability insurance WGA

• €33 million costs related to the sale of Achmea Vitale

• Result at Health satisfactory; investments in

HealthNetherlands 13,120 12,055 9%

Pension & LifeNetherlands 2,944 3,120 -6%

• Result at Health satisfactory; investments in health care procurement and integration of the Agis and Achmea divisions resulted in higher expenses, which were partly offset by profit contribution from DFZ

PROFIT BEFORE TAX (IN € MLN) 2012 2011 Δ

• Result at Pension & Life significantly higher, positively affected by higher investment income and switch in discount rate

• Banking results positive through combination of

( )

Non-lifeNetherlands 207 329 -37%

Health 286 301 5%Banking results positive through combination of higher fair value results, cost control and improved interest margin

HealthNetherlands 286 301 -5%

Pension & LifeNetherlands 381 -181 N/A

3535 Source: Achmea


Improvements and cost reductions

Cost Overview• Operating expenses ended at €3,024 million,

which is almost stable compared to €3,031 million in 2011

• Adjusted for M&A activity and one-off items

Cost Overview

2%• Adjusted for M&A activity and one-off items such as restructuring charges, gross operating expenses declined by 2%

• At the same time, we increased investments in commercial capabilities and continued investing 2,736

-2%

commercial capabilities and continued investing in complexity reduction

• For the coming period we have set a target for €200 million reduction of gross operating expenses to be achieved by the end of 2015

2,694,

expenses to be achieved by the end of 2015

• FTEs (internal) ended at 18,905 (2011: 19,440)

• A cost reduction of €250 million together with a 2 500 FTE d ti li d i 2009

Gross operatingexpenses 2012*

Gross operatingexpenses 2011*

2,500 FTE reduction realized since 2009

3636* Adjusted for M&A activity, restructuring costs, provisions for vacant buildings and other non-recurring itemsSource: Achmea


Overview of 2012 performance by business line

COMBINED RATIO (%)GROSS WRITTEN PREMIUMS (€ MLN)

3,151P t & C lt

,

Exp

en

se r

ati

o

Property & Casualty Income Protection

89.5% 85.9%

139.5%

26.4%

113.1%

135.9%

26.5%

109.4%

-Lif

e

Cla

ims

rati

oE 26.8%

62.7%

26.4%

59.5%

No

n-

2012 2012 20112012 2011


Achmea market share: 19% in NL


13,120

nse

rati

o

Basic Health Supplementary Health

98.0% 98.9% 95.1% 94.7%

h

ms

rati

oE

xp

en

3.3%

94.7%

2.8%

96.1%

10.5%

84.6%

9.5%

85.2%

Healt

h

Cla

im

2012 20112012 20112012

Achmea market share: 33% in NL

3737 Source: Achmea


Overview of 2012 performance by business line (cont’d)

VNB Margin (%)VNB (€ MLN)GROSS WRITTEN PREMIUMS (€ MLN)

2,944-1,8% -0,7%-19 -7

fen

& L

if

2012 20112012 2011Pen

sio

2012

Achmea market share: 14% in Life and 10% in Pension in NL

3838 Source: Achmea


ContentsContents

Achmea overview






Results 2012



Appendix


Overview of the structural features

Issuer Achmea B.V.

Instrument € [•]m Option B Subordinated Notes (the “Notes”)

Expected Transaction Ratings [BBB], based on an A- Issuer rating (S&P)

Optional Redemption Dates [•] 2023 (the “First Call Date”) and each interest payment date thereafter, subject to regulatory approval

Final Maturity Date [•] 2043 (20 years subsequent to the First Call Date)y [ ] ( y q )

Interest• [•]% p.a. payable [annually] in arrear to [•] 2023• Reset to 3m € LIBOR + [•]bps (100bps over new issue spread) on [•] 2023 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 Status / Subordination

g p p y p g , gwinding up and insolvency related events junior to unsubordinated 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

Redemption DeferralIf the Issuer is or would become insolvent or a breach of capital requirements is occurring or would occur or if a deferral of redemption is required for any other reason under any future solvency regime for European Insurers applying to the Issuer and the DNB has not waived the requirement to do so then such redemption will be deferred until these conditions to redemption are met and DNB consents to redemption

Special Event Redemption / Substitution / Variation

In case of a Tax Event (requirement to gross up for WHT), Capital Disqualification Event (loss of regulatory capital treatment) or a Rating Methodology Event (loss of S&P equity credit – redemption only permitted from year 5), the Issuer may redeem/substitute or vary terms to remedy such event (provided the terms of the resulting notes are not materially less favourable to investors), subject to regulatory approvalRedemption 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

Optional Interest DeferralAny interest payment date other than a Compulsory Interest Payment Date or a Mandatory Interest Deferral Date (interest deferred is cash cumulative and compounding at the prevailing rate of interest – must be settled on resumption of payment on the Notes)

Compulsory Interest Payment Date (Dividend Pusher)

The Issuer cannot exercise its discretion to defer interest on an interest payment date: (i) if in the six months prior to such date, a Compulsory Interest Payment Event has occurred; and (ii) which is not a Mandatory Interest Deferral Date (as defined below)“Compulsory Interest Payment Event” means: (i) any declaration/payment of dividend/distribution on the Issuer’s share capital or other junior or parity ranking instruments that provide for discretionary payments; (ii) any redemption, purchase or acquisition of the Issuer’s h it l th j i it ki i t t t h h d ti h i iti d t d th share capital or other junior or parity ranking instruments except where such redemption, purchase or acquisition was mandatory under the

terms of the relevant instrument

Mandatory Interest Deferral Date

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 (interest deferred is cash cumulative and compounding at the prevailing rate of interest – must be settled on resumption of payment on the Notes) or if the Issuer is insolvent or if following such payment the Issuer would become insolvent

40Governing Law / Listing / Denoms Dutch / Dublin / €100k + €1k


ContentsContents

Achmea overview






Results 2012



Appendix


Contact Details

For further information, please contact Investor Relations

Bastiaan Postma

+31 (0)6 13117581+31 (0)6 13117581

[email protected]

Gül Poslu

+31 (0)6 209 717 58

[email protected]

Email: [email protected]: www achmea comInternet: www.achmea.com

42


Development of Total Equity and interest rate sensitivities

• Total equity increased 6% to €10,374 million

Development of Total Equity 2011-2012

2010-2011million

• Fund for future appropriation (FFA) increased €413 million to almost €3.3 billion following positive investment results that cover obligations towards

2012 2011

Total equity at the start of the year (€mln) 9,775 10,375

Net profit 453 -208

Dividend and coupon payments to holders of equity results that cover obligations towards our policyholders

Dividend and coupon payments to holders of equity instruments -106 -136

Revaluation equity and fixed income portfolio 205 -50

FX reserves 26 78FX reserves 26 -78

Other 21 48

Total equity year-end 10,374 9,775

43 Source: Achmea


DisclaimerDisclaimer

The information and the opinions in this presentation have been prepared by Achmea B.V. (the "Company" or“Achmea") solely for use at a meeting regarding a proposed offering (the "Offering") of Notes of the Company (the"Notes"). This presentation and its contents are strictly confidential, are intended only for use by the recipient fori f ti l d t b d d i f f th di t ib t d t th

This presentation and any materials distributed in connection with this presentation include "forwardlookingstatements". These statements contain the words "anticipate", “will”, "believe", "intend", "estimate", "expect" andwords of similar meaning. All statements other than statements of historical facts included in this presentation,i l di ith t li it ti th di th C ’ fi i l iti t th b iinformation purposes only and may not be reproduced in any form or further distributed to any other person or

published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation ofapplicable securities laws. By attending the meeting where this presentation is made, or by reading the presentationslides, you agree to be bound by the following limitations.This presentation does not constitute or form part of, and should not be construed as, an offer to sell, or thesolicitation or invitation of any offer to buy or subscribe for, Notes in any jurisdiction or an inducement to enter intoinvestment activity in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form thebasis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any

including, without limitation, those regarding the Company’s financial position, prospects, growth, businessstrategy, plans and objectives of management for future operations (including statements relating to, amongothers, expected market growth, future market share, relations with the Company's shareholders, the impact ofregulatory and other related developments, demographic changes, political and economic developments,competition, branch and/or sales network growth, funding plans, interest rates, net interest margin and otherfinancial measures, product development, information technology and potential restructurings andreorganisations) are forwardlooking statements. Such forwardlooking statements involve known and unknownrisks, uncertainties and other important factors, including, without limitation, the risks and uncertainties to be set

purchase of the Notes in the Offering should be made solely on the basis of the Base Prospectus and Final Terms to beprepared in connection with the Offering. This presentation is the sole responsibility of the Company and has notbeen approved by any regulatory authority.The information contained in this presentation has not been independently verified. No representation, warranty orundertaking, expressed or implied, is or will be made by the Company, Deutsche Bank, HSBC, J.P.Morgan, RBS andUBS or any other investment bank involved with the Offering or their respective affiliates, advisors or representativesor any other person as to, and no reliance should be placed on, the truth, fairness, accuracy, completeness orcorrectness of the information or the opinions contained herein (and whether any information has been omitted from

forth in the Prospectus, that could cause the actual results, performance or achievements of the Company to bematerially different from future results, performance or achievements expressed or implied by such forwardlooking statements. Such forwardlooking statements are based on numerous assumptions regarding theCompany's present and future business strategies and the environment in which the Company will operate in thefuture. These forwardlooking statements speak only as at the date of this presentation. The Company cautionsyou that forwardlooking statements are not guarantees of future performance and that its actual financialposition, prospects, growth, business strategy, plans and objectives of management for future operations maydiffer materially from those made in or suggested by the forwardlooking statements contained in thiscorrectness of the information or the opinions contained herein (and whether any information has been omitted from

the presentation). Each of Deutsche Bank, HSBC, J.P.Morgan, RBS and UBS and any other investment bank involvedwith the Offering and, to the extent permitted by law, the Company and each of their respective directors, officers,employees, affiliates, advisors and representatives disclaims all liability whatsoever (in negligence or otherwise) forany loss however arising, directly or indirectly, from any use of this presentation or its contents or otherwise arisingin connection with this presentation.To the extent available, the industry, market and competitive position data contained in this presentation come fromofficial or third party sources. Third party industry publications, studies and surveys generally state that the data

t i d th i h b bt i d f b li d t b li bl b t th t th i t f th

presentation. In addition, even if the Company's financial position, prospects, growth, business strategy, plans andobjectives of management for future operations are consistent with the forwardlooking statements contained inthis presentation, those results or developments may not be indicative of results or developments in futureperiods. The Company does not undertake and expressly disclaims any obligation to review or confirm or torelease publicly any updates or revisions to any forwardlooking statements contained herein to reflect anychange in the Company's expectations with regard thereto or any events that occur or conditions orcircumstances that arise after the date of this presentation. The information and opinions contained in thispresentation are provided as at the date of this presentation and are subject to change without notice.

contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of theaccuracy or completeness of such data. Accordingly, undue reliance should not be placed on any of the industry,market or competitive position data contained in this presentation.This presentation and any materials distributed in connection with this presentation are not directed to, or intendedfor distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, countryor other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulationor which would require any registration or licensing within such jurisdiction.The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), or

p p f p j gThis presentation is made to and is directed only at persons who (i) if in the European Economic Area, are personswho are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive2003/71/EC) (“Qualified Investors”); and (ii) if in the United Kingdom, are (a) persons who have professionalexperience in matters relating to investments who fall within the definition of "investment professionals" inArticle 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FinancialPromotion Order”) or (b) high net worth entities as defined in the Financial Promotion Order or (iii) otherpersons to whom it may otherwise lawfully be communicated falling within Article 49(2)(a) to (e) of the FinancialPromotion Order or Article 43 of the Financial Promotion Order (all such persons in (i) (ii) and (ii) aboveThe Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the Securities Act ), or

under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold withinthe United States, or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the SecuritiesAct, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of theSecurities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the UnitedStates. Achmea does not intend to register any portion of the Offering in the United States or conduct a publicoffering of securities in the United States.The distribution of this presentation and other information in connection with the Offering in certain jurisdictionsmay be restricted by law and persons into whose possession this presentation or any document or other information

Promotion Order or Article 43 of the Financial Promotion Order (all such persons in (i), (ii) and (ii) abovetogether being referred to as “relevant persons”). Any person who is not a relevant person should not act or relyon this presentation or any of its contents. Any investment or investment activity to which this presentationrelates is available only to and will only be engaged in with such persons.Each of Deutsche Bank, HSBC, J.P.Morgan, RBS and UBS, and their respective affiliates are acting for the Companyand no one else in connection with the matters referred to in this presentation and will not regard any otherperson as their respective clients in relation to such matters and will not be responsible to any other person forproviding the protections afforded to their respective clients, or for providing advice in relation to such matters.

may be restricted by law and persons into whose possession this presentation or any document or other informationreferred to herein comes should inform themselves about and observe any such restrictions. Any failure to complywith these restrictionsmay constitute a violation of the securities laws of any such jurisdiction.

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