Achmea Investor Presentation

Achmea Investor Presentation

April 2014

“The leading Dutch insurance company with strong brands,

multi-channel distribution strategy, well-diversified product range

and conservative investment profile”

CONTENTS

Introduction

Strategic agenda

Achmea overview

Key investment considerations

Recent results

Wrap-up

Appendices

2

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

Introduction | Achmea Overview

3

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.

COOPERATIVE IDENTITY

44


5

The history of Achmea* begins in Achlum, the

Netherlands

The first Dutch direct writer FBTO is founded

Achmea founded out of AVCB and Zilveren Kruis

Achmea merges with Interpolis; Rabobank

becomes second largest shareholder

A group of Dutch mutual insurers form the

Coöperatieve Vereniging Centraal Beheer

Achmea acquires Interamerican Greece

Achmea acquires 80% of Eureko Sigorta;

Achmea and Agis merge

Achmea creates InShared

ACHMEA HISTORY

Achmea acquires Oranta in Russia

Achmea merges with DFZ and acquires

Independer.nl

Centraal Beheer and Avéro Insurance merge

to AVCB

1811 2008

2007

2005

2001

1995

1992

1956

2010

2011

1909

2010-2013: Divestment operating companies

Belgium, France, Poland, Romania

Bulgaria

ExpansionFocus:

optimization and innovation

* Eureko was the former name of the parent company of Achmea and its European subsidiaries.


Eureko acquired first international activities

1999

Achmea announced 4000 FTE reduction and

€450 million cost reduction by end 2016

2013

OWNERSHIP STRUCTURE - stability through two major cooperative shareholders

Ordinary shares94.5%

Achmea subholding

5.5%

Rabobank Netherlands

29.2%

Preference shareholders

100%

Other5.5%

Achmea Association

65.3%


• The mission of Achmea Association is to support the continuity of Achmea and to look after the collective interests of customers

6

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

• Exclusive distribution of Interpolis products 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.

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

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

Commercial

Governance

Capital


25%

22%

WholesalePrivate

Rabobank customers with Interpolis products

31/12/2013

Source: Achmea data December 2013

7

CLEAR LONG-TERM STRATEGIC CHOICES FOR DUTCH PORTFOLIO

Bankingdistribution

Directdistribution

Brokerdistribution

Property & Casualty

Health

Income Protection

Pension - standardised

Life - standardised

Banking products

Pension – not standardised

Life – not standardised

Core proposition: strengthen

Develop to core proposition

Separate and manage

internally or externally

Complementary to insurance products

Increase scale to core proposition

Product Group

Brand

Channel

Introduction | Strategic agenda

8

• Our international strategy is based on these strategic choices

CONTENTS

Introduction

Well positioned with strong brands

Dominant player in major insurance market

Robust capital and solvency position


Recent results

Wrap-up

Conservative investment profile

Appendices

9

LEADING POSITIONS IN OUR CORE MARKETS

Key investment considerations | Dominant player in major insurance market

*Pensions based on % recurring premiums, all other segments based on % GWPSource: DNB October 2013 (Property & Casualty, Income Protection, Individual life), Achmea (Pensions, Health)

Property &Casualty

Individual Life

Pensions

Income Protection

Health #1

#1

#2

#4

#2

Delta Lloyd

Delta Lloyd

Delta Lloyd

a.s.r.

a.s.r.

a.s.r.

ING

ING

Atradius ING Other

Other

Other

Other

OtherVGZ CZ Menzis

AegonSNS Reaal

SNS Reaal

Market share per 31-12-2012*

10

a.s.r. ING

SNSReaal

De Goudse

Delta Lloyd

Aegon

Aegon

CONTENTS

Introduction





Recent results

Wrap-up


Appendices

1111

12

AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS

Key investment considerations | Well positioned with strong brands

12

60

70

80

90

100

110

120

130

40 60 80 100 120 140

60

70

80

90

100

110

120

130

40 60 80 100 120 14060

70

80

90

100

110

120

130

40 60 80 100 120 140

Property & Casualty Health Individual life

BRAND POWER

Source: Achmea brandpower research, Property & Casualty (July 2013), Health (Dec 2012), Individual Life (Dec 2012)

Brand strength

Bra

nd lo

yalty

Achmea Competitor


13

HIGH CUSTOMER SATISFACTION

Ø 7,7

Nationale Nederlanden 7,4ASR

7,5SNS Reaal

7,6

Generali

7,8

Aegon

7,6

FBTO

7,8

Interpolis

7,8

Avéro Achmea

7,7

Centraal Beheer Achmea

8,4

P&C Retail

Ø 7,3

7,1

7,2

Avéro Achmea

7,3

7,3

7,3

7,3

De Goudse

7,4

ABN Amro

7,5

Generali

ASR

Aegon

Interpolis


P&C Wholesale* Income Protection*

Ø 7,1

De Amersfoortse

7,0

Avéro Achmea

7,1

7,1

Interpolis

7,2

7,2

7,2Centraal Beheer Achmea

Generali

De Goudse


Source: Verbond van Verzekeraars, Customer Satisfaction Research 2013* Source: Verbond van Verzekeraars, Customer Satisfaction Research 2012

Pensions*

Ø 6,5

6,0

6,4

6,4ASR

6,4

6,5

Aegon

7,0

Generali

7,2

Avéro Achmea

Delta Lloyd

Interpolis


Individual Life

Ø 6,9

6,4

6,4

Nationale Nederlanden

6,4

6,4

6,6

SNS Reaal

6,7

6,8

Allianz

7,3

Aegon

7,5

Avéro Achmea

Generali

FBTO

Interpolis


Health

Ø 7,5

7,4

7,5

Avéro Achmea

7,5

7,6

7,6

De Amersfoortse

VGZ

Univé

Interpolis

14

London

Allianz

ZLM

VvAA 7,8

Europeesche

7,5

Goudse 7,5

7,5

IZA

IZZ

7,6

7,6

CONTENTS

Introduction





Recent results

Wrap-up


Appendices

1515

HIGH QUALITY OF CAPITAL AND LOW LEVERAGE

Capital structure

Debt leverageComposition of equity

Capital allocation

31/12/2013 - Total: € 11.2 billion

31/12/2013 - Total: € 9.7 billion

31/12/2013 - Total: € 11.2 billion

Key investment considerations | Robust capital and solvency position

16

40%

30%

20%

10%

0

22,4%

dec-13

23,4%

dec-12

21,1%

dec-11

SOLID SOLVENCY I POSITION

Solvency I


17

STRONG SOLVENCY POSITION COMPARED TO EUROPEAN PEERS

Solvency I (IGD) at 31/12/2013


18

Available capital

7.95

Requiredcapital

3.95

Surplus

4.0

STRONG SOLVENCY POSITION UNDER ALL REGIMES

Solvency I (IGD)

202%

SCRlevel

Available Capital

7.7 2.8

Free surplus

3.5

MCRlevel

4.2

Solvency II* (Partial Internal Model)

183%


*excl. D&A: banks, IORP’s, Non-EEA

• 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

31/12/2013 - in € billion 31/12/2012 - in € billion

19

SOLVENCY II FRAMEWORK IS EVOLVING

20

• 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.

Full-year run 2012

Assumptions

Full-year run 2013

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%

20


20

STABLE CREDIT RATING

AA

AA-

A

A-

BBB+

A+

BBB

BBB-

“The ratings predominantly reflect our view of the group's strong business risk profile and very strong financial risk profile, based on its leading Dutch insurance franchise and very strong capital and earnings.

The Achmea group has a strong competitive position, in our view, stemming from its leadership within the Dutch insurance market.

In our opinion the group has very strong capital and earnings.”

S&P credit rating report May 27, 2013

• Achmea was the only Dutch insurer not to be 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.

Credit rating insurance entities


21

CONTENTS

Introduction





Recent results

Wrap-up


Appendices

2222

CONSERVATIVE INVESTMENT PORTFOLIO

23

• Total government bond* exposure€ 20.7 billion, which is 56% of our fixed-income portfolio

• Shift of € 2.8 billion (since 2012) from Dutch, German and French government bonds to investment-grade corporate bonds

* Including government related and government guaranteed bonds

82%

6%4%

3%2%

3%Fixed-income

Deposits

Derivatives

Equities

Alternatives

Real estate

Government*

Loans and mortgages

Asset-backed bonds

Covered bonds

Corporate bonds

Convertible bonds

Fixed-income funds

56%

8%2%

10%

22%

1%

1%

Total investment portfolio

Fixed-income by type31/12/2013 - Total: € 36.7 billion

31/12/2013 - Total: € 44.8 billion

Key investment considerations | Conservative investment profile

23

41%

16%

22%

14%

6%1%

ACHMEA HAS A HIGH QUALITY (AA/AAA) INVESTMENT PORTFOLIO

61%11%

6%

3%

7%

2% 10%Government bonds

Corporate bonds

Equities

Loans and mortgages

Property

Funds

Other (incl. cash)

Source: Achmea, Insurance Collateral Survey, BNY Mellon/Insurance Risk/Ernst & Young, December 2012

Achmea International peers

32%

27%

8%

7%

6%

5%

15%

• 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

31/12/2013 31/12/2012

Key investment considerations | Conservative investment profile

Fixed-income by rating

24

31/12/201231/12/2013

Investments by type

Our investment portfolio

Government bonds

Top 5 sovereign exposure

Country € mln

The Netherlands 10,729

Germany 3,322

France 1,797

Ireland* 568

Austria 526

• Total governments bonds (including government 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

* Our exposure to Greece and Ireland relates exclusively to our business activities there

31/12/2013 - Total: € 18.3 billion

Key investment considerations | Conservative Investment Portfolio

25

CONTENTS

Introduction

Group


Recent results

Wrap-up

Segments

Appendices

26

KEY MILESTONE IN RECENT YEARS – focus: optimization and innovation

• Merger with De Friesland Zorgverzekeraar, acquisition of Independer and the sale of Achmea Vitale

• 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

• 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 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• Group capital structure further strengthened with issue of €500 million subordinated

notes and € 750 million Senior Unsecured Notes, successful cash tender offer for €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

Active portfolio management

Operational improvements

Strong financial position

maintained

Recent results | Group

27

2009 - 2013: KEY PERFORMANCE TRENDS


Profit Gross written premiums

Gross operating expensesSolvency ratio (IGD)

28

20,233

202%

2,660

2013: ACHMEA POSTS NET PROFIT OF €344 MILLION

29

KEY FIGURES(IN € MLN) 2013 2012

Net profit 344 469

Profit before tax 275 433

PBT from regular activities

536 513

Gross written premiums 20,233 20,445

Gross operating expenses

2,660 2,787

KEY FIGURES (IN € MLN) 31/12/2013 31/12/2012

Total equity 9,702 10,483

Solvency insurance entities (IGD)

202% 212%

S&P rating insurance entities

A+ (stable) A+ (stable)

• Net profit of €344 million despite goodwill impairments of €232 million on pension services and health insurance

• Operational result up 4% to €536 million due to around €130 million reduction in operating expenses

• Written premiums stable, growth in core health and non-life insurance activities despite shrinking market

• Gross operating expenses down 5% due to complexity reduction, standardisation of processes and lower IT expenses. Cost reductions create room for future investments in innovation of products and processes

• Financial position remains strong, with a solvency ratio of 202% including effects of downgrading of France and UFR (Ultimate Forward Rate) method


29

Profit before tax

From € 200 million to

€ 265 million

Gross written premiums

From € 3,151 million to

€ 3,172 million

30

• 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)

NON-LIFE NETHERLANDS

Property & Casualty Income Protection

Cla

ims r

ati

oE

xp

en

se r

ati

o

Recent results | Segments

30

109.5%

139.5%95.1%89.5%

2013 2012 2013 2012

Gross written premiums

From € 13,120 million to

€ 13,253 million

31

• 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

HEALTH NETHERLANDS

Structural Profit before tax


€ 321 million

Basic Health Supplementary Health

Of which Basic Health


€ 259 million


31

Cla

ims r

ati

oE

xp

en

se r

ati

o99.1% 98.3%

94.5%95.5%

2013 2012 2013 2012

32

• 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

PENSION & LIFE NETHERLANDS

Profit before tax


€ 245 million

Value of New Business (VNB)

From € -19 million to

€ -25 million

New business (APE)


€ 81 million


32

• 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)

INTERNATIONAL AND NON-INSURANCE ACTIVITIES

33

• 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%

• 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

International

Banking Netherlands

Other


33

CONTENTS

Introduction

Investment highlights

Recent results

Wrap-up

Appendices

Summary investment highlights

34

SUMMARY INVESTMENT HIGHLIGHTS





• High quality of capital and low leverage

• Strong and stable Solvency I position of 202% (IGD)

• Strong and stable credit rating (during the crisis)

• Largest Dutch insurer: high market shares in all segments

• Majority (82%) is invested in fixed-income, of which 72% is rated AA or higher

• Low asset risk compared to peers

• Strong brands, high customer satisfaction

• Well diversified distribution network

Wrap-up | Summary investment highlights

35

CONTENTS

Introduction


Recent results

Wrap-up

Appendices

36

GOOD ACCES TO CAPITAL MARKETS

37

Achmea outstanding securities


37

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

REAL ESTATE EXPOSURE

38

Type € mln %

Residential 428 36%

Retail 368 31%

Offices 351 29%

Other 53 4%

Total 1,200 100%

Specification of direct real estate

Real estate portfolio

• Total real estate portfolio amounts to € 1.5 billion, of 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.

31/12/2013 - Total: € 1.5 billion

Appendices | Real estate exposure

38

31/12/2013 - Total: € 1.2 billion

39


SENSITIVITIES

39

Date Available capital Effect interest rateshock -1%

Effect interest rateshock -0.4%

Effect interest rateshock 0.4%

Effect interest rateshock 1%

31-12-2013 8,792 -191 -67 57 149

31-12-2012 9,155 58 26 -25 -48

Asset class Effect -10% change of market value on total equity

Effect -10% change of market value on solvency

Equities -2% -5%

Real estate -1% -3%

Interest rate shocks

Equity and property risk

In € million (31-12-2013)

In € million (31-12-2013)

DEVELOPMENT OF EQUITY 2013

Appendices | Development of equity H1 2013

40

FX movements

IAS19Purchase of hybrids

RevaluationNet result Dividend

344 -273-358

-97 -108 -2919,702

31/12/2012 31/12/2013

41

Investments by type

Source: BNP Paribas Insurance Review 2013

Fixed-incomeby rating

CONSERVATIVE INVESTMENT PROFILE COMPARED TO PEERS

42

CONTACT DETAILS

Gül PosluManager Investor Relations +31 (0)6 [email protected]

Bastiaan Postma Manager Investor Relations

+31 (0)6 [email protected]

Email: [email protected]

Internet: www.achmea.com

For further information, please contact Achmea Investor Relations

42

www.achmea.com

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 therecipient for information purposes only and may not be reproduced in any form or further distributed to anyother person or published, in whole or in part, for any purpose. Failure to comply with this restriction mayconstitute a violation of applicable securities laws. By attending the meeting where this presentation is made,or by reading the presentation slides, 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 toenter into investment activity in any jurisdiction. No part of this presentation, nor the fact of its distribution,should form the basis of, or be relied on in connection with, any contract or commitment or investmentdecision whatsoever. Any purchase of the Notes in the Offering should be made solely on the basis of the BaseProspectus and Final Terms to be prepared in connection with the Offering. This presentation is the soleresponsibility of the Company and has not been approved by any regulatory authority.

The information contained in this presentation has not been independently verified. No representation,warranty or undertaking, expressed or implied, is or will be made by the Company, Barclays, Citibank, HSBC,Rabobank and Unicredit or any other investment bank involved with the Offering or their respective affiliates,advisors or representatives or any other person as to, and no reliance should be placed on, the truth, fairness,accuracy, completeness or correctness of the information or the opinions contained herein (and whether anyinformation has been omitted from the presentation). Each of Barclays, Citibank, HSBC, Rabobank andUnicredit and any other investment bank involved with the Offering and, to the extent permitted by law, theCompany and each of their respective directors, officers, employees, affiliates, advisors and representativesdisclaims all liability whatsoever (in negligence or otherwise) for any loss however arising, directly orindirectly, from any use of this presentation or its contents or otherwise arising in connection with thispresentation.

To the extent available, the industry, market and competitive position data contained in this presentationcome from official or third party sources. Third party industry publications, studies and surveys generally statethat the data contained therein have been obtained from sources believed to be reliable, but that there is noguarantee of the accuracy or completeness of such data. Accordingly, undue reliance should not be placed onany 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, orintended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality,state, country or other jurisdiction where such distribution, publication, availability or use would be contraryto law or regulation or 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 under the securities laws of any state or other jurisdiction of the United States, and may not be offered orsold within the United States, or to, or for the account or benefit of, U.S. persons as defined in Regulation Sunder the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, theregistration requirements of the Securities Act and in compliance with any applicable securities laws of anystate or other jurisdiction of the United States. Achmea does not intend to register any portion of the Offeringin the United States or conduct a public offering of securities in the United States.

The distribution of this presentation and other information in connection with the Offering in certainjurisdictions may be restricted by law and persons into whose possession this presentation or any document orother information referred to herein comes should inform themselves about and observe any such restrictions.Any failure to comply with these restrictions may constitute a violation of the securities laws of any suchjurisdiction.

This presentation and any materials distributed in connection with this presentation include "forward-looking statements". These statements contain the words "anticipate", “will”, "believe", "intend", "estimate","expect" and words of similar meaning. All statements other than statements of historical facts included inthis presentation, including, without limitation, those regarding the Company’s financial position,prospects, growth, business strategy, plans and objectives of management for future operations (includingstatements relating to, among others, expected market growth, future market share, relations with theCompany's shareholders, the impact of regulatory 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 other financial measures, product development, informationtechnology and potential restructurings and reorganisations) are forward-looking statements. Suchforward-looking statements involve known and unknown risks, uncertainties and other important factors,including, without limitation, the risks and uncertainties to be set forth in the Prospectus, that could causethe actual results, performance or achievements of the Company to be materially different from futureresults, performance or achievements expressed or implied by such forward-looking statements. Suchforward-looking statements are based on numerous assumptions regarding the Company's present andfuture business strategies and the environment in which the Company will operate in the future. Theseforward-looking statements speak only as at the date of this presentation. The Company cautions you thatforward-looking statements are not guarantees of future performance and that its actual financial position,prospects, growth, business strategy, plans and objectives of management for future operations may differmaterially from those made in or suggested by the forward-looking statements contained in thispresentation. In addition, even if the Company's financial position, prospects, growth, business strategy,plans and objectives of management for future operations are consistent with the forward-lookingstatements contained in this presentation, those results or developments may not be indicative of results ordevelopments in future periods. The Company does not undertake and expressly disclaims any obligation toreview or confirm or to release publicly any updates or revisions to any forward-looking statementscontained herein to reflect any change in the Company's expectations with regard thereto or any eventsthat occur or conditions or circumstances that arise after the date of this presentation. The information andopinions contained in this presentation are provided as at the date of this presentation and are subject tochange without notice.

This presentation is made to and is directed only at persons who (i) if in the European Economic Area, arepersons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive(Directive 2003/71/EC) (“Qualified Investors”); and (ii) if in the United Kingdom, are (a) persons who haveprofessional experience in matters relating to investments who fall within the definition of "investmentprofessionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order2005 (the “Financial Promotion Order”) or (b) high net worth entities as defined in the Financial PromotionOrder or (iii) other persons to whom it may otherwise lawfully be communicated falling within Article49(2)(a) to (e) of the Financial Promotion Order or Article 43 of the Financial Promotion Order (all suchpersons in (i), (ii) and (ii) above together being referred to as “relevant persons”). Any person who is not arelevant person should not act or rely on this presentation or any of its contents. Any investment orinvestment activity to which this presentation relates is available only to and will only be engaged in withsuch persons.

Each of Barclays, Citibank, HSBC, Rabobank and Unicredit, and their respective affiliates are acting for theCompany and no one else in connection with the matters referred to in this presentation and will not regardany other person as their respective clients in relation to such matters and will not be responsible to anyother person for providing the protections afforded to their respective clients, or for providing advice inrelation to such matters.

DISCLAIMER

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Documents

Achmea Investor Presentation