investor presentation november

Achmea Investor Presentation

November 2013

“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)

Earned premiums by segment in H1 2013 31/12/2012 - Total: € 22.4 billion

Introduction | Achmea Overview

3

13%

16%

5%66%

Pension & Life

Non-life

International

Health

29%

29%

22%

6%

13%

1%Turkey

Greece

Slovakia

Ireland

Russia

Other

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

4 4


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

Expansion

Focus:

optimization

and innovation

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


Eureko acquired first

international activities

1999

OWNERSHIP STRUCTURE - stability through two major cooperative shareholders

Ordinary

shares

94.5%

Achmea

subholding

5.5%

Rabobank

Netherlands

29.2%

Preference

shareholders

100%

Other

5.5%

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%

Wholesale Private

Rabobank customers with

Interpolis products

30/06/2013

Source: Achmea data June 2013

7

CLEAR LONG-TERM STRATEGIC CHOICES FOR DUTCH PORTFOLIO

Banking distribution

Direct distribution

Broker distribution

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

0,75

(1,25)

THE NETHERLANDS – major insurance market within Eurozone

Netherlands CDS remains low

European Non-life market (incl. health)

0

10

20

30

40

50

60

70

80

90

100

DE FR UK NL IT ES CH

In €

bill

ion

(6)

(4)

(2)

0

2

4

6

’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 '13E 14E

Growth outlook (% change yoy)

Source: Bloomberg, Life and Non-life market: Insurance Europe, Pension market: Towers Watson Global Pension Assets Study 2013

*Pension market Netherlands per 31-12-2013: DNB

Key investment considerations | Dominant player in major insurance market

31/12/2011

10

31/12/2011

European Pension and Life assets

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 % GWP

Source: 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

Other VGZ CZ Menzis

Aegon SNS

Reaal

SNS

Reaal

Market share per 31-12-2012*

11

a.s.r. ING

SNS

Reaal

De

Goudse Delta

Lloyd Aegon

Aegon

CONTENTS

Introduction





Recent results

Wrap-up


Appendices

12 12

WELL DIVERSIFIED DISTRIBUTION NETWORK OF ACHMEA

• Well diversified distribution

network consisting of banking,

direct and intermediary channel

• Share of controlled distribution

(direct and banking channel)

among product lines is highest

in health insurance (~97%)

• Banking distribution of

insurance products uses

Rabobank channel in the

Netherlands

Non-life

Health Pension & Life

Key investment considerations | Well positioned with strong brands

13

31/12/2011

31/12/2011 31/12/2011

14

Retail customers

Wholesale customers

AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS


14

60

70

80

90

100

110

120

130

40 60 80 100 120 140

60

70

80

90

100

110

120

130

40 60 80 100 120 140

60

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

ya

lty

Achmea Competitor


15

HIGH CUSTOMER SATISFACTION

Ø 7,7

Nationale Nederlanden 7,3

Avéro Achmea 7,5

SNS Reaal 7,6

Delta Lloyd 7,6

Generali 7,7

ASR 7,7

FBTO 7,7

Interpolis 7,7

ABN Amro 7,8

Aegon 7,8

Centraal Beheer Achmea 7,8

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

Centraal Beheer Achmea

P&C Wholesale Income Protection

Ø 7,1

De Amersfoortse

7,0

Avéro Achmea

7,1

7,1

Interpolis

7,2

7,2

7,2 Centraal Beheer Achmea

Generali

De Goudse


Source: Verbond van Verzekeraars, Customer Satisfaction Research 2012

Pensions

Ø 6,5

6,0

6,4

6,4 ASR

6,4

6,5

Aegon

7,0

Generali

7,2

Avéro Achmea

Delta Lloyd

Interpolis


Individual Life

Ø 7,1

6,2

6,4

6,5

Nationale Nederlanden 6,5

6,9

6,9

7,1

SNS Reaal

7,3

7,3

7,3

Allianz

7,4

Aegon

7,4

Avéro Achmea

ABN Amro

Generali

FBTO

Delta Lloyd

Cardiff

Interpolis


Health

Ø 7,7

7,4

7,5

7,6

Agis

Avéro Achmea 7,6

7,6

7,7

7,8

De Amersfoortse

7,9

VGZ

8,1

Zilveren Kruis Achmea

FBTO

Univé

OZF Achmea

Pro Life

Interpolis

7,5

16

CONTENTS

Introduction





Recent results

Wrap-up


Appendices

17 17

HIGH QUALITY OF CAPITAL AND LOW LEVERAGE

75%

13%

12%

Core capital

Hybrid capital

Debt

22% 23% 22% 21% 21% 22%

27%

Maximum level

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Dec 11 Mar 12 Jun 12 Sep 12 dec-12 mrt-13 jun-13

Capital structure

Debt leverage Composition of equity

Capital allocation

30/06/2013 - Total: € 11.1 billion

30/06/2013 - Total: € 9.8 billion

30/06/2013 - Total: € 11.1 billion

Key investment considerations | Robust capital and solvency position

18

SOLID SOLVENCY I POSITION

Solvency I


19

STRONG SOLVENCY POSITION COMPARED TO EUROPEAN PEERS

257%

234%

220%

218%

204%

184%

180%

177%

172%

139%

116%

0% 50% 100% 150% 200% 250% 300%

ING EurAsia

Achmea excl. Health

Aegon (NL)

Axa

Achmea

Delta Lloyd

Aviva

Allianz

SNS Reaal

Generali

CNP Assurances

Solvency I (IGD) at 30/06/2013


20

Available capital

8.2

Required capital

4.0

Surplus

4.2

STRONG SOLVENCY POSITION UNDER ALL REGIMES

Solvency I (IGD)

204%

SCR level

Available Capital

7.7 2.8

Free surplus

3.5

MCR level

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

30/06/2013 - in € billion 31/12/2012 - in € billion

21

SOLVENCY II FRAMEWORK IS EVOLVING

22

• 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 - 50 bps

Equity dampener +5% T.b.d.

22


22

STABLE CREDIT RATING D

ec-

07

Jun

-08

De

c-08

Jun

-09

De

c-09

Jun

-10

De

c-10

Jun

-11

De

c-11

Jun

-12

De

c-12

Jun

-13

AEGON NL

Delta Lloyd

ING Insurance*

Achmea

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


23

* Counterparty credit rating / ING-V core subsidiaries rated A+

CONTENTS

Introduction





Recent results

Wrap-up


Appendices

24 24

CONSERVATIVE INVESTMENT PORTFOLIO

25

• Total government bond* exposure

€ 19.5 billion, which is 58% of our fixed-income

portfolio

• Shift of € 2,8 billion (since 2012) from Dutch, German

and French government bonds to investment-grade

corporate bonds

• Exposure to GIIPS countries € 615 million (1.8% of

fixed-income portfolio)

* Including government related and government guaranteed bonds

80%

7%5%

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

58%

9%

2%6%

23%

1%

1%

Total investment portfolio

Fixed-income by type 30/06/2013 - Total: € 33.8 billion

30/06/2013 - Total: € 42.6 billion

Key investment considerations | Conservative investment profile

25

41%

16%

22%

14%

6%1%

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

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

Achmea International peers

32%

27%8%

7%

6%

5%

5%

10%

• 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

30/06/2013 31/12/2012


Fixed-income

by rating

26

31/12/2012 30/06/2013

Investments

by type

SOVEREIGN GOVERNMENT EXPOSURE

Government bonds

Specification of GIIPS exposure

Country € mln

Greece* 10

Ireland* 524

Italy 31

Portugal 24

Spain 26

Top 5 sovereign exposure

Country € mln

The Netherlands 10,169

Germany 3,544

France 1,525

European Gov. Institutions 868

Ireland* 524

• Total governments bonds (including government

related and government guaranteed bonds)

amounts to € 19.5 billion

• Predominantly Dutch and German. Due to low

interest rates on these bonds, part is shifted to

conservative credits

• Very low exposure to GIIPS countries

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

30/06/2013 - Total: € 19.5 billion


27

CONTENTS

Introduction

Group


Recent results

Wrap-up

Segments

Appendices

28

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

• 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

• 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, successful cash tender offer for €133 million 5.125 percent capital securities

and early redemption of €225 million 8.375 percent capital securities in first half of

2013

• Funding of Achmea Bank supported by placement of €1.3 billion of securities,

including set up of new unsecured debt issuance programme

• June 2013 Solvency (IGD) stable at 204%

• 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

29

2009 - 2012: KEY PERFORMANCE TRENDS


Profit Gross written premiums

Gross operating expenses Solvency ratio (IGD)

30

H1 2013: ACHMEA POSTS NET PROFIT OF €123 MILLION

31

KEY FIGURES (IN € MLN) H1 2013 H1 2012

Net profit 123 210

Profit before tax 79 169

Gross written premiums* 17,615 18,138

Gross operating

expenses 1,347 1,346

KEY FIGURES (IN € MLN) 30/06/2013 31/12/2012

Total equity 9,763 10,483

Solvency

insurance entities (IGD) 204% 212%

S&P rating

insurance entities A+ (stable) A+ (stable)

• Result realised in challenging economic and

insurance market conditions

• All insurance segments contributed

to profit

• Gross written premiums down 3%, mainly in Health

Netherlands and Pension & Life Netherlands

• Gross operating expenses

stable despite increased pension charges,

investments in compliance with new regulations

and ongoing complexity reduction

• Robust capital position maintained, solid solvency

(IGD) of 204%

* Comparative figures H1 2012 adjusted according to changes in presentation of gross written premiums Health


31

Profit before tax

From € 82 million to

€ 177 million

Gross written premiums

From € 2,014 million to

€ 2,026 million

32

• Solid performance with a combined ratio of 97.0%

• Property & Casualty performed well, despite three major fire claims (€ 44 million)

• Various actions taken in Income Protection (WGA) resulted in improved claims ratio

NON-LIFE NETHERLANDS

Property & Casualty Income Protection

Cla

ims

ra

tio

E

xp

en

se

ra

tio

Recent results | Segments

32

93.1% 90.2% 132.0% 111.5%

Gross written premiums

From € 13,607 million to

€ 13,249 million

33

• Stable operational performance, lower profit contribution to the Group

• Healthcare premiums for customers kept stable despite rising healthcare costs

• Customers consciously selecting higher ‘own risk’ levels (Basic Health) and reducing supplementary health coverage

HEALTH NETHERLANDS

Profit before tax


€ 152 million

Basic Health Supplementary Health

Of which Basic Health


€ 118 million


33

Cla

ims

ra

tio

E

xp

en

se

ra

tio

98.8% 97.6% 92.2% 95.4%

34

• Profitability decreased, primarily due to fair value changes related to guarantees and lower investment income

• Gross operating expenses decreased due to continued focus on cost reductions

• Rapidly changing market with customers increasingly opting for bank savings products in preference to life insurance for

asset accumulation and transition in pension products

• Separated closed life book organization further streamlined

PENSION & LIFE NETHERLANDS

Profit before tax


€ 62 million

Value of New Business (VNB)

From € -7 million to

€ -10 million

New business (APE)


€ 40 million


34

• Banking profit of € 1 million impacted by one-off expenses

• Strong Tier 1 ratios at Achmea Bank (14.8%) and Staalbankiers (15.9%)

• Achmea Hypotheekbank successfully issued € 800 million Senior Unsecured

Notes and € 781 million of Mortgage Securitisation (DMPL XI)

INTERNATIONAL AND NON-INSURANCE ACTIVITIES

35

• Focus on improving operational performance and cost savings resulted in

profit of € 3 million

• In Turkey, Eureko Sigorta underwrote biggest insurance contract ever for

motorway project

• In Greece, continuing success of Anytime contributed significantly to growth

of market share

• Assets under Management at Syntrus Achmea increased further to € 67

billion (year-end 2012: € 64 billion)

International

Banking Netherlands

Other


35

CONTENTS

Introduction

Investment highlights

Recent results

Wrap-up

Appendices

Summary investment highlights

36

SUMMARY INVESTMENT HIGHLIGHTS





• High quality of capital and low leverage

• Strong and stable Solvency I position of 204% (IGD)

• Strong and stable credit rating (during the crisis)

• Largest Dutch insurer: high market shares in all segments

• The Netherlands is a core European country and a major insurance market

• Majority (80%) is invested in fixed-income, of which 77% 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

37

CONTENTS

Introduction


Recent results

Wrap-up

Appendices

38

GOOD ACCES TO CAPITAL MARKETS

39

Achmea outstanding securities


39

Issuer Date issued Type Coupon (%) Coupon Type Maturity Currency Amt outst. (mln)

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

40

Type € mln %

Residential 397 36

Offices 339 31

Retail 315 28

Other 60 5

Total 1,111 100

Specification of direct real estate

Real estate portfolio

• Total real estate portfolio amounts to € 1.4 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.

30/06/2013 - Total: € 1.4 billion

Appendices | Real estate exposure

40

30/06/2013 - Total: € 1.1 billion

41


SENSITIVITIES

41

Date Available capital Effect interest rate

shock -1%

Effect interest rate

shock -0.4%


shock 0.4%


shock 1%

31-12-2012

9,046 58 26 -25 -48

31-12-2011

8,437 -125 -41 33 76

Asset class Effect -10% change of

market value on total equity

Effect -10% change of

market value on solvency

Equities -2% -4%

Real estate

-1% -3%

Interest rate shocks

Equity and property risk

In € million

In € million – 31-12-2012

123

DEVELOPMENT OF EQUITY H1 2013

Net profit Total equity 31/12/2012

10,483

Total equity 30/06/2013

9,763

Post-employment benefits

-49

FX reserves

-45

Revaluation of equity and fixed-income portfolio

-154

Redemption and repurchase of

equity instruments

-358

Dividends and coupons to

holders of equity instruments

-237

Appendices | Development of equity H1 2013

42

123

DEVELOPMENTS CURVES

43

Full Year Run

ECB AAA incl UFR

Achmea curve (Swap+UFR+25bp)

Swap excl UFR

Inte

rest

rat

e p

erc

en

tage

Duration

43

Appendices | Development curves

31-12-2012

43

44

Investments

by type

Source: BNP Paribas Insurance Review H1 2013

Fixed-income

by type

CONSERVATIVE INVESTMENT PROFILE COMPARED TO PEERS

45

CONTACT DETAILS

Gül Poslu Manager Investor Relations +31 (0)6 20971758 [email protected]

Bastiaan Postma Manager Investor Relations

+31 (0)6 13117581 [email protected]

Email: [email protected]

Internet: www.achmea.com

For further information, please contact Achmea Investor Relations

45

mailto:[email protected]



http://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 the recipient for information 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 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 the solicitation or invitation of any offer to buy or subscribe for, Notes in any jurisdiction or an inducement to enter 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 investment decision whatsoever. Any purchase of the Notes in the Offering should be made solely on the basis of the Base Prospectus and Final Terms to be prepared in connection with the Offering. This presentation is the sole responsibility 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 any information has been omitted from the presentation). Each of Barclays, Citibank, HSBC, Rabobank and Unicredit and any other investment bank involved with 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) for any loss however arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection with this presentation.

To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy 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 intended 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 contrary to 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 or sold within the United States, or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. Achmea does not intend to register any portion of the Offering in 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 certain jurisdictions may be restricted by law and persons into whose possession this presentation or any document or other 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 such jurisdiction.

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 in this presentation, including, without limitation, those regarding the Company’s financial position, prospects, growth, business strategy, plans and objectives of management for future operations (including statements relating to, among others, expected market growth, future market share, relations with the Company'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, information technology and potential restructurings and reorganisations) are forward-looking statements. Such forward-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 cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company cautions you that forward-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 differ materially from those made in or suggested by the forward-looking statements contained in this presentation. 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-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake and expressly disclaims any obligation to review or confirm or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any events that occur or conditions or circumstances that arise after the date of this presentation. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

This presentation is made to and is directed only at persons who (i) if in the European Economic Area, are persons 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 have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”) or (b) high net worth entities as defined in the Financial Promotion Order or (iii) other persons to whom it may otherwise lawfully be communicated falling within Article 49(2)(a) to (e) of the Financial Promotion Order or Article 43 of the Financial Promotion Order (all such persons in (i), (ii) and (ii) above together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Any investment or investment activity to which this presentation relates is available only to and will only be engaged in with such persons.

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

DISCLAIMER

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