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
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
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
Introduction | Achmea Overview
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.
Introduction | Achmea Overview
Eureko acquired first
international activities
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%
Introduction | Achmea Overview
• The mission of Achmea Association is to support the continuity of Achmea and to look after the collective interests of
customers
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
Introduction | Achmea Overview
25%
22%
Wholesale
Private
Rabobank customers with
Interpolis products
30/06/2013
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
Key investment considerations
Recent results
Wrap-up
Conservative investment profile
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
€
b
ill
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
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
OtherOther
Other
VGZ
CZ
Menzis
Aegon
SNS
Reaal
SNS
Reaal
Market share per 31-12-2012*
a.s.r.
ING
SNS
Reaal
De
Goudse
Delta
Lloyd
Aegon
CONTENTS
Introduction
Well positioned with strong brands
Dominant player in major insurance market
Robust capital and solvency position
Key investment considerations
Recent results
Wrap-up
Conservative investment profile
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
31/12/2011
14
Retail customers
Wholesale customers
AROUND HALF OF ALL DUTCH PEOPLE ARE ACHMEA CUSTOMERS
Key investment considerations | Well positioned with strong brands
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
B
ran
d
loy
al
ty
Achmea
Competitor
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
Key investment considerations | Well positioned with strong brands
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
Centraal Beheer Achmea
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
Centraal Beheer Achmea
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
Well positioned with strong brands
Dominant player in major insurance market
Robust capital and solvency position
Key investment considerations
Recent results
Wrap-up
Conservative investment profile
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
SOLID SOLVENCY I POSITION
Solvency I
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
Key investment considerations | Robust capital and solvency position
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%
Key investment considerations | Robust capital and solvency position
*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
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
Key investment considerations | Robust capital and solvency position
STABLE CREDIT RATING
De
c-07
Ju
n
-0
8
De
c-08
Ju
n
-0
9
De
c-09
Ju
n
-1
0
De
c-10
Ju
n
-1
1
De
c-11
Ju
n
-1
2
De
c-12
Ju
n
-1
3
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
Key investment considerations | Robust capital and solvency position
CONTENTS
Introduction
Well positioned with strong brands
Dominant player in major insurance market
Robust capital and solvency position
Key investment considerations
Recent results
Wrap-up
Conservative investment profile
Appendices
24
24
CONSERVATIVE INVESTMENT PORTFOLIO
• 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
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
Key investment considerations | Conservative investment profile
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
CONTENTS
Introduction
Group
Key investment considerations
Recent results
Wrap-up
Segments
Appendices
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
2009 - 2012: KEY PERFORMANCE TRENDS
Recent results | Group
Profit
Gross written premiums
Gross operating expenses
Solvency ratio (IGD)
H1 2013: ACHMEA POSTS NET PROFIT OF €123 MILLION
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
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
Clai
ms
rati
o
Expense
rati
o
Recent results | Segments
32
93.1%
90.2%
111.5%
132.0%
Gross written premiums
From € 13,607 million to
€ 13,249 million
• 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
From € 197 million to
€ 152 million
Basic Health
Supplementary Health
Of which Basic Health
From € 135 million to
€ 118 million
Recent results | Segments
C
lai
ms
rati
o
Exp
en
se
rati
o
98.8%
97.6%
95.4%
92.2%
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
From € 138 million to
€ 62 million
Value of New Business (VNB)
From € -7 million to
€ -10 million
New business (APE)
From € 42 million to
€ 40 million
Recent results | Segments
• 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
• 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
CONTENTS
Introduction
Investment highlights
Recent results
Wrap-up
Appendices
Summary investment highlights
SUMMARY INVESTMENT HIGHLIGHTS
Well positioned with strong brands
Dominant player in major insurance market
Robust capital and solvency position
Conservative investment profile
• 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
CONTENTS
Introduction
Key investment considerations
Recent results
Wrap-up
Appendices
GOOD ACCES TO CAPITAL MARKETS
Achmea outstanding securities
Key investment considerations | Robust capital and solvency position
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
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
41
Key investment considerations | Robust capital and solvency position
SENSITIVITIES
Date
Available capital
Effect interest rate
shock -1%
Effect interest rate
shock -0.4%
Effect interest rate
shock 0.4%
Effect interest rate
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
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
DEVELOPMENTS CURVES
43
Full Year Run
ECB AAA incl UFR
Achmea curve (Swap+UFR+25bp)
Swap excl UFR
In
terest
ra
te
p
e
rc
en
ta
ge
Duration
Appendices | Development curves
44
Investments
by type
Source: BNP Paribas Insurance Review H1 2013
Fixed-income
by type
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
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.
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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.
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