Strategy update
26 May 2016 │ Willem van Duin│ Leiden
1
Achmea: financially solid, low risk and ready for the future
 Achmea is leading in its core markets, with high customer satisfaction and a diversified product portfolio
 Our long term continuity is key and as an insurer we maintain a relevant role for society
 We have the right (digital) capabilities in a changing environment
 We will:
 stay on course by further strengthen our core competencies
 complete the targets of the Acceleration & Innovation program
 accelerate with investing in our strategic initiatives
 Additionally: growth in pensions (APF) and with our international activities
 Our financial ambitions reflect a solid performance in line with our company profile
2
Contents
 Our profile and capabilities
 Our main business lines and
market dynamics
 Our strategy and execution
 Our financial ambition
3
Our strategic compass is unchanged…
As a cooperative insurer, we have a clear focus on our customers
We create value for four stakeholders: customers come
first, next to employees, partners and capital providers.
We know all about risk and advice our customers on
prevention to keep premiums affordable.
All our brands have Customer Councils. Members are
also represented in the Vereniging Achmea Members
Council, of our largest shareholder.
 We focus primarily on P&C, income
protection and health insurance…
 ...delivered through the direct
and bank-distribution channels
 We aim to diversify our earnings
capacity by investing in…
 …capital light pension products,
asset accumulation and our
international activities…
 …while maintaining a prudent
risk appetite in line with our
cooperative background
4
We steers along six perspectives, with currently four focus areas standing out:
Most trusted insurer
Customer
perspective
Customers feel strongly connected with
our brands
Society
perspective
Employee
perspective
Partner
perspective
We listen closely and continuously
to our customers and they have a
voice in our organization
Our propositions have a
demonstrable added value
Our employees excel in customer
service, professionalism and
continuous improvement
We facilitate the solidarity
our customers want
Executives translate and
implement our strategy
We are successful in achieving selected
(distribution) partnerships
Customers know they are well
insured with our propositions
Employability is
everyone’s responsibility
We make insurance
successful for Rabobank
Process
perspective
Our processes contribute
to achieving the highest
Net Promotor Score
We work based on standards
We use technology and information
as the differentiating factors
Financial
perspective
We realize competitive
cost levels in our value chains
We make a responsible return and focus
on selective growth
We ensure a robust balance
sheet and effective capital and
investment management
5
Achmea has four competitive advantages:
Strong brands with leading positions
in customer satisfaction ratings
Best in class distribution mainly via
direct and bancassurance channel
Leading position in mobile
and online services
A solid customer base with leading
positions in our core markets
6
Strong brands with leading positions in customer satisfaction ratings
P&C Wholesale Ø 7.3
P&C Retail Ø 7.7
Interpolis
7.9
FBTO
7.9
Centraal Beheer
7.5
Pensions Ø 6.3
Health Ø 7.0
De Friesland
8,3
Pro Life
Generali
OZF Achmea
7.7
Generali
7.7
Interpolis
7.4
Interpolis
7.2
Allianz
7.6
Avéro
7.4
CZ
7.2
ASR
7.6
Aegon
7.5
NN Group
7.3
ASR
6.7
7.5
Centraal Beheer
Aegon
Centraal Beheer
7.7
7.4
Zilveren Kruis
6.8
VGZ
6.8
Menzis
6.8
Aegon
Generali
6.4
6.3
7.2
7.0
ASR
6.0
Direct brand Centraal Beheer voted “Most customer orientated insurer”
5th Customer Centric DNA Award survey (april 2016)
Direct brand FBTO voted “Most customer friendly insurance company” over 2015
9th SAMR and Beeckestijn Business School survey (april 2016)
¹ Source: the Dutch Association of Insurers customer satisfaction research. Health: Research by Zorgkiezer.nl 2015
7
Best in class distribution, 93% via the direct and bancassurance channels
Direct access to customers and present in growth channels
7%
14%
70%
3%
6%
79%
Direct (total)
Bancassurance
Broker
Direct Health
Direct Non-Life
Direct Pension & Life
8
Leading position in mobile and online services
Centraal Beheer App
offers customers an
up to date overview
InterAmerican offers car
insurance per kilometer
with ‘Buy-the-Mile’
in Greece.
Fully online insurance
company Onlia breaks
through in the Slovakian
motor insurance market
Introduction of Road
Guard, roadside
assistance in a few clicks
Interpolis advises on
protection against
cybercrime
9
A solid customer base with leading positions in our core markets
Property & Casualty¹ #1
Health² #1
Achmea 21%
Income Protection¹ #2
Individual Life¹ #2
ASR
NN Group
NN
NN Group
Group
Vivat
Vivat
Achmea 31%
Pension Insurance¹,³ #5
Asset Management⁴ #5
NN Group
APG
Aegon
PGGM
Delta Lloyd
Blackrock NL
Delta
Lloyd
Vivat
Delta
Lloyd
MN
Achmea 11%
Achmea 6%
ASR
Delta Lloyd
NN Group
VGZ
Allianz
Achmea 19%
Goudse
CZ Group
Delta Lloyd
Achmea 15%
Delta Lloyd
Aegon
Aegon
Other
ASR
Menzis
Other
Other
Other
ASR
Other
Other
¹ Publication of DNB stating 2014 figures, ² Based on own analyses, figures 2015, ³ Excluding single premiums
⁴Dutchinvestor Total Institutional Managed Assets 2014.
10
Contents
 Our profile and capabilities
 Our main business lines and
market dynamics
 Our strategy and execution
 Our financial ambition
11
Non-life: Well positioned for changing environment
Market trends
Our strategy
 Online distribution continues to grow; we grow
the business despite the shrinking market
 Investments in online distribution and innovation
 Online claims handling, ‘straight through
processing’ and technological developments
will reduce expense ratios
 Shift in business model to usage-based
insurance from ownership (UBI)
 Aggregating sites have become a stable,
relevant distribution channel
 New technologies offer enormous opportunities,
if well implemented: peer-to-peer, fin tech, big
data, blockchain, robo-advice and 'internet of
things‘…
 Bancassurance with Rabobank: retail and
SME online; wholesale customers more service
 Growth potential for bancassurance: now 1 in 4 of
Rabobank’s customers is insured via Achmea.
We aim to increase this number significantly.
 Omni channel client interaction online,
via apps, tablets, smartphone…
 Shift to fully online claims handling
 Two projects started for car insurance
based on usage and behaviour
 Market leading aggregator Independer
complementary to the group’s business
12
Health: short term challenges, long term a stable business
Market trends
Our strategy
 Basic health insurance is a fully private activity,
but it is strongly publicly regulated
 Offering clear added value to customers
and a focus on costs on two levels:
 Health insurers are urged by public sentiment
and politicians to “return” perceived overreserves to customers, impacting solvency levels
 The reform of long-term care involves shifting
responsibilities from the Exceptional Medical
Expenses Act (AWBZ) to municipalities and the
general health insurance system.
 More risk is shifted from the government to
health insurers and consumers
 curbing the rise in healthcare costs (macro)
 Lower own cost levels to meet the benchmark
 First mover in the market with innovative
consumer insurance propositions
 Besides cure and care, more focus on prevention
 Through time, about 96% of premiums are
returned to customers, 3% are operational costs
and 1% is added to reserves
13
Health: a stable marketshare, following sharp premium setting
 Growing pressure on solvency and premium levels
 Sentiment in society of ‘over-capitalisation’. Pressure on
premiums results in capital deployments since 2014
Capital deployment per health insurer and solvency II
Solvency II¹ %
 All key insurers indicate that 2018 will be
the last year in which capital can be deployed
 As the allocation of capital comes to an end
and health care costs and capital demands
continue to grow, a rise in premiums is inevitable
 Premiums for customers will become more volatile
as buffers to absorb unexpected costs, will be lower
 Achmea pursues a strategy that gradually
increases premiums in the period 2016-2017
 Thus far, the release of provisions from
previous years prevented key market players
to report losses
FY14
Achmea
# insured
€ million
# million
FY15
133
162
VGZ
137
156
Menzis
151
151
163
169
CZ
Deployment of capital
481
335
411
FY15
FY14
5.2
5.3
FY15
4.2
4.1
FY14
193
FY15
296
203
FY14
576
413
FY15
FY14
2.1
2.1
3.4
3.5
¹Standard formula
Long term, health insurance will prove to be a stable, profitable business, with lower solvency levels
14
Retirement Services: new opportunities as the Dutch pension system changes
Market trends
Our strategy
 The government raises the legal pension age and
reduces tax benefits
 We position ourselves strongly with the
Centraal Beheer General Pension Fund (APF)
 Employers are no longer able or willing to invest
in pension guarantees due to increasing life
expectancy and low interest rates
 The APF is an independent foundation, utilizing
Centraal Beheer’s distribution power
 Growing trend of individualization of pensions
 Further restrictions of annual tax free pension
build up by employers
 We have concentrated our asset management
activities into Achmea Investment Management,
with €102 billion in Assets under Management.
 Strengthened role for Achmea Bank within the
retirement strategy with more retail savings
 We continue to offer term insurance
 By setting apart the existing pension portfolio,
we are creating a ‘closed-book Pensions’, next to
the existing ‘closed-book Life’ insurance.
Achmea remains a key player in the Dutch pension market
15
International: Growth based on our core capabilities in order to gain diversification
Ireland
Country
Business
GWP (‘m 2015)
Turkey
Non Life
€331
Slovakia
Non Life/ Health/Life
€318
Greece
Non Life/Health /Life
€312
Ireland
Life
€156
Australia
Non Life
€6
Slovakia
Australia
Turkey
Greece
16
International strategy based on both scale and core competencies
Our position
Our strategy
 Present in a limited number of growing economies
 International strategy aligned with group strategy
 Our international activities are structurally
profitable and we aim to accelerate their growth
 International expansion based on organic growth
and greenfield operations
 3-10% market share in existing markets offers room
for growth
 Exporting our proven, online, direct distribution
capabilities in the Netherlands to countries
where use of online direct distribution is low
 New stand-alone online channels implemented
in Greece and Slovakia
 Planning new online channels for Greece
(Health), Turkey and Ireland
Our international activities will form a sustainable contributor to the group’s results
17
Contents
 Our profile and capabilities
 Our main business lines and market
dynamics
 Our strategy and execution
 Our financial ambition
18
Our strategy is clear and remains unchanged:
Stay on course:
Stay on Course
•
•
•
•
Further strengthening of our core competencies in Non-life and Health
Combined with a strong position in pensions and internationally
Invest in further innovative solutions for our customers
Continuation of strong financial position, now and in the long-term
Complete:
Complete
• Achieving the cost and FTE reduction targets of Acceleration & Innovation
• Migration to Digital Customer Services and Digital Business Case of IT.
Accelerate:
Accelerate
• Additional measures implemented to create financial scope for innovation
• New strategic initiatives to respond to continued changes in market conditions
19
Acceleration & Innovation since 2014: accelerated customer focus
Background
▪ Acceleration in customer focus and cost savings
▪ Innovation of processes and online services
▪ These changes are in response to customers’ fastchanging wishes
Ambitions with Acceleration & Innovation
Customer-driven
▪ Providing new solutions to our customers
Medewerkers
▪ Maintaining high level of customer satisfaction
▪ Maintaining long-term financial health
Employees
Objectives
Responsible
returns
Competitive
costs
▪ €450 million cost reduction
▪ Reduction of approximately 4,000 jobs
20
Our Acceleration & Innovation program delivered good results:
 Achmea has become a more digital and customer focused organization
 We strengthened our earnings model and we divested less profitable businesses
 Our employees have become better equipped for digital work environment.
 We lowered our cost level:
 Expenses reduced with €300 million and the number of employees were reduced with 2,500 FTE
 Target of €450 million cost reduction at year end 2016 in sight; new initiatives are upcoming
 Many initiated programs will continue in coming years
21
Contents
 Our profile and capabilities
 Our main business lines and market
dynamics
 Our strategy and execution
 Our financial ambition
22
Our plans lead to a solid performance in line with our company profile
Operational result
(€ million)
Solvency II ratio (PIM)¹
(in %)
Fixed Charge Coverage
(in x)
S&P Capital Target
Medium term target ROE 6% - 8%
201
4,3
176
388
368
2014
2015
Our plans will result in an
increase of our profitability.
Achmea targets a ROE level of
6% - 8%
2014
4,1
4x
2015
Our solvency II position
is strong
2014
2015
Our fixed charge coverage is
strong above our target of 4x
AA Level
Available capital Target capital
Achmea has a stable capital
position with a S&P capital
surplus on AA-level
¹Including CRD IV entities
23
Achmea: financially solid, low risk and ready for the future
 Achmea is leading in its core markets, with high customer satisfaction and a diversified product portfolio
 Our long term continuity is key and as an insurer we maintain a relevant role for society
 We have the right (digital) capabilities in a changing environment
 We will:
 stay on course by further strengthen our core competencies
 complete the targets of the Acceleration & Innovation program
 accelerate with investing in our strategic initiatives
 Additionally: growth in pensions (APF) and with our international activities
 Our financial ambitions reflect a solid performance in line with our company profile
24
Strategy update
26 May 2016 │ Willem van Duin│ Leiden
25
Strategy update
26 May 2016 │ Willem van Duin│ Leiden
26
Key messages
Achmea: financially solid, low risk and ready for the future
 Achmea is leading in its core markets, with high customer satisfaction and a diversified product portfolio
 Our long term continuity is key and as an insurer we maintain a relevant role for society
 We have the right (digital) capabilities in a changing environment
 We will:
 stay on course by further strengthen our core competencies
 complete the targets of the Acceleration & Innovation program
 accelerate with investing in our strategic initiatives
 Additionally: growth in pensions (APF) and with our international activities
 Our financial ambitions reflect a solid performance in line with our company profile
27
Contents
 Our profile and capabilities
 Our main business lines and
market dynamics
 Our strategy and execution
 Our financial ambition
28
Our strategic compass is unchanged…
As a cooperative insurer, we have a clear focus on our customers
We create value for four stakeholders: customers come
first, next to employees, partners and capital providers.
We know all about risk and advice our customers on
prevention to keep premiums affordable.
All our brands have Customer Councils. Members are
also represented in the Vereniging Achmea Members
Council, of our largest shareholder.
 We focus primarily on P&C, income
protection and health insurance…
 ...delivered through the direct
and bank-distribution channels
 We aim to diversify our earnings
capacity by investing in…
 …capital light pension products,
asset accumulation and our
international activities…
 …while maintaining a prudent
risk appetite in line with our
cooperative background
29
We steers along six perspectives, with currently four focus areas standing out:
Most trusted insurer
Customer
perspective
Customers feel strongly connected with
our brands
Society
perspective
Employee
perspective
Partner
perspective
We listen closely and continuously
to our customers and they have a
voice in our organization
Our propositions have a
demonstrable added value
Our employees excel in customer
service, professionalism and
continuous improvement
We facilitate the solidarity
our customers want
Executives translate and
implement our strategy
We are successful in achieving selected
(distribution) partnerships
Customers know they are well
insured with our propositions
Employability is
everyone’s responsibility
We make insurance
successful for Rabobank
Process
perspective
Our processes contribute
to achieving the highest
Net Promotor Score
We work based on standards
We use technology and information
as the differentiating factors
Financial
perspective
We realize competitive
cost levels in our value chains
We make a responsible return and focus
on selective growth
We ensure a robust balance
sheet and effective capital and
investment management
30
Achmea has four competitive advantages:
Strong brands with leading positions
in customer satisfaction ratings
Best in class distribution mainly via
direct and bancassurance channel
Leading position in mobile
and online services
A solid customer base with leading
positions in our core markets
31
Strong brands with leading positions in customer satisfaction ratings
P&C Wholesale Ø 7.3
P&C Retail Ø 7.7
Interpolis
7.9
FBTO
7.9
Centraal Beheer
7.5
Pensions Ø 6.3
Health Ø 7.0
De Friesland
8,3
Pro Life
Generali
OZF Achmea
7.7
Generali
7.7
Interpolis
7.4
Interpolis
7.2
Allianz
7.6
Avéro
7.4
CZ
7.2
ASR
7.6
Aegon
7.5
NN Group
7.3
ASR
6.7
7.5
Centraal Beheer
Aegon
Centraal Beheer
7.7
7.4
Zilveren Kruis
6.8
VGZ
6.8
Menzis
6.8
Aegon
Generali
6.4
6.3
7.2
7.0
ASR
6.0
Direct brand Centraal Beheer voted “Most customer orientated insurer”
5th Customer Centric DNA Award survey (april 2016)
Direct brand FBTO voted “Most customer friendly insurance company” over 2015
9th SAMR and Beeckestijn Business School survey (april 2016)
¹ Source: the Dutch Association of Insurers customer satisfaction research. Health: Research by Zorgkiezer.nl 2015
32
Best in class distribution, 93% via the direct and bancassurance channels
Direct access to customers and present in growth channels
7%
14%
70%
3%
6%
79%
Direct (total)
Bancassurance
Broker
Direct Health
Direct Non-Life
Direct Pension & Life
33
Leading position in mobile and online services
Centraal Beheer App
offers customers an
up to date overview
InterAmerican offers car
insurance per kilometer
with ‘Buy-the-Mile’
in Greece.
Fully online insurance
company Onlia breaks
through in the Slovakian
motor insurance market
Interpolis advises on
protection against
cybercrime
Introduction of Road
Guard, roadside
assistance in a few clicks
34
A solid customer base with leading positions in our core markets
Property & Casualty¹ #1
Health² #1
Achmea 21%
Income Protection¹ #2
Individual Life¹ #2
ASR
NN Group
NN
NN Group
Group
Vivat
Vivat
Achmea 31%
Pension Insurance¹,³ #5
Asset Management⁴ #5
NN Group
APG
Aegon
PGGM
Delta Lloyd
Blackrock NL
Delta
Lloyd
Vivat
Delta
Lloyd
MN
Achmea 11%
Achmea 6%
ASR
Delta Lloyd
NN Group
VGZ
Allianz
Achmea 19%
Goudse
CZ Group
Delta Lloyd
Achmea 15%
Delta Lloyd
Aegon
Aegon
Other
ASR
Menzis
Other
Other
Other
ASR
Other
Other
¹ Publication of DNB stating 2014 figures, ² Based on own analyses, figures 2015, ³ Excluding single premiums
⁴Dutchinvestor Total Institutional Managed Assets 2014.
35
Contents
 Our profile and capabilities
 Our main business lines and
market dynamics
 Our strategy and execution
 Our financial ambition
36
Non-life: Well positioned for changing environment
Market trends
Our strategy
 Online distribution continues to grow; we grow
the business despite the shrinking market
 Investments in online distribution and innovation
 Online claims handling, ‘straight through
processing’ and technological developments
will reduce expense ratios
 Shift in business model to usage-based
insurance from ownership (UBI)
 Aggregating sites have become a stable,
relevant distribution channel
 New technologies offer enormous opportunities,
if well implemented: peer-to-peer, fin tech, big
data, blockchain, robo-advice and 'internet of
things‘…
 Bancassurance with Rabobank: retail and
SME online; wholesale customers more service
 Growth potential for bancassurance: now 1 in 4 of
Rabobank’s customers is insured via Achmea.
We aim to increase this number significantly.
 Omni channel client interaction online,
via apps, tablets, smartphone…
 Shift to fully online claims handling
 Two projects started for car insurance
based on usage and behaviour
 Market leading aggregator Independer
complementary to the group’s business
37
Health: short term challenges, long term a stable business
Market trends
Our strategy
 Basic health insurance is a fully private activity,
but it is strongly publicly regulated
 Offering clear added value to customers
and a focus on costs on two levels:
 Health insurers are urged by public sentiment
and politicians to “return” perceived overreserves to customers, impacting solvency levels
 The reform of long-term care involves shifting
responsibilities from the Exceptional Medical
Expenses Act (AWBZ) to municipalities and the
general health insurance system
 More risk is shifted from the government to
health insurers and consumers
 curbing the rise in healthcare costs (macro)
 Lower own cost levels to meet the benchmark
 First mover in the market with innovative
consumer insurance propositions
 Besides cure and care, more focus on prevention
 Through time, about 96% of premiums are
returned to customers, 3% are operational costs
and 1% is added to reserves
38
Health: a stable marketshare, following sharp premium setting
 Growing pressure on solvency and premium levels
 Sentiment in society of ‘over-capitalisation’. Pressure on
premiums results in capital deployments since 2014
Capital deployment per health insurer and solvency II
Solvency II¹ %
 All key insurers indicate that 2018 will be
the last year in which capital can be deployed
 As the allocation of capital comes to an end
and health care costs and capital demands
continue to grow, a rise in premiums is inevitable
 Premiums for customers will become more volatile
as buffers to absorb unexpected costs, will be lower
 Achmea pursues a strategy that gradually
increases premiums in the period 2016-2017
 Thus far, the release of provisions from
previous years prevented key market players
to report losses
FY14
Achmea
# insured
€ million
# million
FY15
153
162
VGZ
137
156
Menzis
151
151
168
169
CZ
Deployment of capital
481
335
411
FY15
FY14
5.2
5.3
FY15
4.2
4.2
FY14
193
FY15
296
208
FY14
576
413
FY15
FY14
2.1
2.3
3.5
3.4
¹Standard formula
Long term, health insurance will prove to be a stable, profitable business, with lower solvency levels
39
Retirement Services: new opportunities as the Dutch pension system changes
Market trends
Our strategy
 The government raises the legal pension age and
reduces tax benefits
 We position ourselves strongly with the
Centraal Beheer General Pension Fund (APF)
 Employers are no longer able or willing to invest
in pension guarantees due to increasing life
expectancy and low interest rates
 The APF is an independent foundation, utilizing
Centraal Beheer’s distribution power
 Growing trend of individualization of pensions
 Further restrictions of annual tax free pension
build up by employers
 We have concentrated our asset management
activities into Achmea Investment Management,
with €102 billion in Assets under Management
 Strengthened role for Achmea Bank within the
retirement strategy with more retail savings
 We continue to offer term insurance
 By setting apart the existing pension portfolio,
we are creating a ‘closed-book Pensions’, next to
the existing ‘closed-book Life’ insurance
Achmea remains a key player in the Dutch pension market
40
International: Growth based on our core capabilities in order to gain diversification
Ireland
Country
Business
GWP (‘m 2015)
Turkey
Non Life
€331
Slovakia
Non Life/ Health/Life
€318
Greece
Non Life/Health /Life
€312
Ireland
Life
€156
Australia
Non Life
€6
Slovakia
Australia
Turkey
Greece
41
International strategy based on both scale and core competencies
Our position
Our strategy
 Present in a limited number of growing economies
 International strategy aligned with group strategy
 Our international activities are structurally
profitable and we aim to accelerate their growth
 International expansion based on organic growth
and greenfield operations
 3-10% market share in existing markets offers room
for growth
 Exporting our proven, online, direct distribution
capabilities in the Netherlands to countries
where use of online direct distribution is low
 New stand-alone online channels implemented
in Greece and Slovakia
 Planning new online channels for Greece
(Health), Turkey and Ireland
Our international activities will form a sustainable contributor to the group’s results
42
Contents
 Our profile and capabilities
 Our main business lines and market
dynamics
 Our strategy and execution
 Our financial ambition
43
Our strategy is clear and remains unchanged:
Stay on course:
Stay on Course
•
•
•
•
Further strengthening of our core competencies in Non-life and Health
Combined with a strong position in pensions and internationally
Invest in further innovative solutions for our customers
Continuation of strong financial position, now and in the long-term
Complete:
Complete
• Achieving the cost and FTE reduction targets of Acceleration & Innovation
• Migration to Digital Customer Services and Digital Business Case of IT
Accelerate:
Accelerate
• Additional measures implemented to create financial scope for innovation
• New strategic initiatives to respond to continued changes in market conditions
44
Acceleration & Innovation since 2014: accelerated customer focus
Background
▪ Acceleration in customer focus and cost savings
▪ Innovation of processes and online services
▪ These changes are in response to customers’ fastchanging wishes
Ambitions with Acceleration & Innovation
Customer-driven
▪ Providing new solutions to our customers
Medewerkers
▪ Maintaining high level of customer satisfaction
▪ Maintaining long-term financial health
Employees
Objectives
Responsible
returns
Competitive
costs
▪ €450 million cost reduction
▪ Reduction of approximately 4,000 jobs
45
Our Acceleration & Innovation program delivered good results:
 Achmea has become a more digital and customer focused organization
 We strengthened our earnings model and we divested less profitable businesses
 Our employees have become better equipped for digital work environment
 We lowered our cost level:
 Expenses reduced with €300 million and the number of employees were reduced with 2,500 FTE
 Target of €450 million cost reduction at year end 2016 in sight; new initiatives are upcoming
 Many initiated programs will continue in coming years
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Contents
 Our profile and capabilities
 Our main business lines and market
dynamics
 Our strategy and execution
 Our financial ambition
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Our plans lead to a solid performance in line with our company profile
Operational result
(€ million)
Solvency II ratio (PIM)¹
(in %)
Fixed Charge Coverage
(in x)
S&P Capital Target
Medium term target ROE 6% - 8%
201
4,3
176
388
368
2014
2015
Our plans will result in an
increase of our profitability.
Achmea targets a ROE level of
6% - 8%
2014
4,1
4x
2015
Our solvency II position
is strong
2014
2015
Our fixed charge coverage is
above our target of 4x
AA Level
Available capital Target capital
Achmea has a stable capital
position with a S&P capital
surplus on AA-level
¹Including CRD IV entities
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Key messages
Achmea: financially solid, low risk and ready for the future
 Achmea is leading in its core markets, with high customer satisfaction and a diversified product portfolio
 Our long term continuity is key and as an insurer we maintain a relevant role for society
 We have the right (digital) capabilities in a changing environment
 We will:
 stay on course by further strengthen our core competencies
 complete the targets of the Acceleration & Innovation program
 accelerate with investing in our strategic initiatives
 Additionally: growth in pensions (APF) and with our international activities
 Our financial ambitions reflect a solid performance in line with our company profile
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Disclaimer
This presentation (the “Presentation”) is provided on a strictly private and confidential basis for information purposes only. By attending or reading this Presentation, you will be deemed to have
agreed to the obligations and restrictions set out below. Without the express prior written consent of Achmea B.V.. (the “Company”), the Presentation and any information contained within it may not
be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for any purpose other than your evaluation of the Company or (iv) provided to any other person, except your employees and
advisors with a need to know who are advised of the confidentiality of the information. This Presentation does not constitute or form part of, and should not be construed as, an offer, invitation or
inducement to purchase or subscribe for securities nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does
not constitute either advice or a recommendation regarding any securities. The communication of this Presentation is restricted by law; it is not intended for distribution to or use by any person in, any
jurisdiction where such distribution or use would be contrary to local law or regulation. To the fullest extent permitted by law in no circumstances will the Company, or any of its respective
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arising from the use of this Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation
thereto or otherwise arising in connection therewith. The information contained in this Presentation has not been independently verified. Recipients of this Presentation are not to construe its
contents, or any prior or subsequent communications from or with the Company or its representatives as investment, legal or tax advice. In addition, this Presentation does not purport to be allinclusive or to contain all of the information that may be required to make a full analysis of the Company. Recipients of this Presentation should each make their own evaluation of the Company and
of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This Presentation might contain illustrative returns, projections, estimates and
beliefs and similar information (“Forward Looking Information”). Forward Looking Information is subject to inherent uncertainties and qualifications and is based on numerous assumptions, in each
case whether or not identified in the Presentation. Forward Looking Information is provided for illustrative purposes only and is not intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Nothing in this Presentation should be construed as a profit forecast. Actual events and circumstances are
difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. Some important factors that could cause actual
results to differ materially from those in any Forward Looking Information could include changes in domestic and foreign business, market, financial, political and legal conditions. There can be no
assurance that any particular Forward Looking Information will be realised, and the performance of the Company may be materially and adversely different from the Forward Looking Information. The
Forward Looking Information speaks only as of the date of this Presentation. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to any Forward
Looking Information to reflect any change in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any Forward Looking Information is
based. Accordingly, undue reliance should not be placed upon the Forward Looking Information
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