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DELIVERING TOGETHER: BUILDING ON IMPROVED FUNDAMENTALS

Michel Lamie Chief Financial Officer Finance & Solvency II

Capital Markets Day June 1, 2017

Tekst 100%

KEY MESSAGES

Operational result 2016 at approximately €230 million net of exceptional items

We changed the fundamentals of Achmea for improved returns

Our strategic plan “Delivering Together” will further improve performance and lead to:

Operational result of €600 million in 2020 with a Free Capital Generation of €400 million

Solvency II ratio remaining solid with a resilient capital base under several scenarios

Key ratios in line with requirements for S&P IFS rating “A”

2

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PROGRAMME

3

Part I: Operational result 2016

Part II: Fundamentals improved

Part III: Ambition 2020

Part IV: Free Capital Generation, Solvency II and Liquidity

Free Capital Generation

Solvency II

Liquidity

Financial ratios

Tekst & Tabel 25%/75%

OPERATIONAL RESULT 2016 AT APPROXIMATELY €230 MILLION NET OF EXCEPTIONAL ITEMS

Operational result 2016 strongly influenced by several exceptional items:

Exceptional weather such as the hail calamity in June

Reserve strengthening personal injury

Reorganisation provision for reduction 2,000 FTE and number of office locations

High income from investments as a result of:

Realisations in Non-Life due to change in investment mandate

Strong recovery of commodities and real estate prices in Pension & Life

Result in basic health, expected to be at a break-even level, was impacted by:

Loss provision premium setting 2017

Higher than expected health care expenses

Changes in portfolio composition

Operational result excluding Health is approximately €230 million

4

-323

-196

-127 170

178

100 90

~230

2016 (reported) Result Health 2016(ex-Health)

Exceptionalweather

Personal Injury Reorganisation Investmentresult

2016(Ex-health,

normalised)

Operational result 2016 Excluding health and exceptional items

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PROGRAMME

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Solvency II

Liquidity

Financial ratios

Tekst 50% & Grafiek 4x

WE MAINTAINED MARKET LEADERSHIP IN HEALTH AND NON-LIFE AND REDUCED EXPENSES SIGNIFICANTLY

General

In fiercly competitive markets we managed to maintain market leadership in Health and Non-life with respectively 30% and 21% market share

We reduced FTE and expenses through digitisation and other measures as a result of Acceleration & Innovation

Health

Our market share provides us scale to differentiate ourselves through procurement of health care and health related services

Non-Life

With a cost ratio around 28% and market average around 33% our cost ratio is best-in-class

6

11,8 12,2 11,9 11,8

1,3 1,3 1,4 1,4 33% 31% 31% 30%

0

5

10

15

2013 2014 2015 2016

Health Gross written premiums, in € billion

4,2 3,6 3,2 3,0

2013 2014 2015 2016

Basic Health Cost ratio, in %

2,6 2,5 2,6 2,6

0,6 0,6 0,6 0,6

20% 21% 21%

0

1

2

3

4

2013 2014 2015 2016

Non-Life Gross written premiums, in € billion

19,6 18,4 17,2 16,9

11,2 11,4 11,3 11,2

0

10

20

30

40

2013 2014 2015 2016

Non-Life Cost ratio, in %

Basic Supplemental Mkt share Expense Acquisition

Basic Supplemental Mkt share

13.1 13.5 13.3 13.2

3.2 3.1 3.2 3.2 30.8 29.8 28.1 28.5

Tekst & Grafiek 25%/75%

…AND IMPROVED OUR COMBINED RATIO, ESPECIALLY IN PROPERTY & CASUALTY… THROUGH PREMIUM INCREASES AND CLAIMS MANAGEMENT

Excluding impact severe weather events, our combined ratio based on underwriting year improved steadily since 2013

Based on book year, our combined ratio was impacted as we increased our provisions on older years due to negative claims experience

Actions have been taken to compensate for these negative claims experience such as:

Premium increases

Exiting unprofitable business lines

Lowering cost levels

This will result in convergence of our combined ratio based on underwriting year and book year in 2017 and further

7

90

95

100

105

110

115

2012 2013 2014 2015 2016

Property & Casualty

(Combined ratio in %)

Combined ratio book year

Combined ratio underwriting year

Combined ratio underwriting year (excl. severe weather)

100


OUR TRADITIONAL PENSION & LIFE ACTIVITIES TURNED INTO A CLOSED-BOOK LEADING TO SIGNIFICANT FTE AND COST REDUCTIONS

In 2013 we established a closed-book for our Life activities

This has accelerated the reduction of expenses by:

Simplifying our IT-landscape

Lowering product development costs

Reducing the number of FTE

Mid 2016, we have taken the strategic decision to also establish a closed-book for Pensions following the establishment of the Centraal Beheer Pension Fund (CB APF)

This has directly led to reduction in sales expenses and product investments

Closed-Book Pensions and Life focuses on further efficiency improvements and other value enhancements

At the same time we have invested and will continue to invest in Retirement Services

8

1.140 1.123

937

662

2013 2014 2015 2016

FTE Pensions & Life

0,88 0,91

0,55 0,53

2013 2014 2015 2016

Expenses to Liabilities Pensions & Life


OUR CHANGE PROGRAM SUCCESSFULLY REDUCED OUR EXPENSES WITH €390 MILLION

As a result of our Acceleration & Innovation programme operating expenses have been lowered by €390 million or nearly 15% in three years’ time

The lower expenses are a result of efficiency improvements and changes in our business portfolio in the Netherlands:

Improved project management and lowering of our IT run-cost

Restructuring of distribition divisions and reduction in marketing spend

Digitisation of customer contact

9

2.700

2,3101

140

85

65

45 35

20

2013 IT spend Reduction insupport staff

Organisationredesign

Migration todigital

Employee benefits Other 2016

Operational expenses (In € million)

-390


WE MADE TOUGH PORTFOLIO DECISIONS DIVESTING UPROFITABLE BUSINESSES…… WHILE INVESTING IN OUR DIGITAL CAPABILITIES AND NEW BUSINESS MODELS SECURING FUTURE RETURNS

Portfolio decisions

We divested and stopped structurally loss-making activities with annual losses of around €70 million

Investments

We continued to invest in our businesses to improve the foundation and profitability

In total we invested approximately €75 million on top of our regular change budget:

Bancassurance 2.0

Income Protection

Retirement Services Strategy

Strategic decision to stop pension management services to mandatory sectoral pension funds

IT investments Pension & Life, Achmea Bank, Achmea IM and Achmea Pension Management

Establishment of CB APF

10

15

20

35

70

Sectoral pension funds Oranta Staalbankiers &Achmea Health Centers

Total portfolio decisions

Major portfolio decisions 2013-2016

50

15

10

75

Retirement Services Strategy Bancassurance 2.0 Income Protection Total investments

Total investments 2013-2016


WE OPTIMISED OUR INVESTMENT PORTFOLIO TO PARTLY OFF-SET THE IMPACT OF LOW INTEREST RATES

We optimised our matching portfolio to deal with the low interest rate environment while continuing to properly match our liability profile:

Investments in mortgages (2013: nil and 2016: €6.2 billion) with long durations financed through the sale of low yielding government bonds, corporate and covered bonds

Investments in higher yielding government related securities (e.g. WSW-loans) financed through the sale of sovereign debt

We also optimised our return portfolio:

Increase in equities

Higher allocations to emerging market debt, senior secured loans and senior real estate debt

11

Total Investment portfolio 2013 & 2016

Fixed Income

Derivatives

Equities & Real Estate

Other Other & cash

Derivatives 3.5%

4.1%

8.6%

2.2% Other & cash

Derivatives

Strategically decreased Strategically increased

3.2%

2.2%

2.6% Equities Alternatives

Investment property 3.0%

2.5%

3.2% Equities Alternatives

Investment Property

Other fixed income

ABS

Covered bonds

Corporate bonds

Government (incl. related) 46.3%

20.0%

7.8%

1.5%

8.7%

38.6%

17.7%

1.2%

2.0%

8.6% Other fixed income

ABS

Covered bonds

Corporate bonds

Government (incl. related)

Mortgages 12.3%

2013 2016

€44.9 bn €47.4 bn

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PROGRAMME

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Solvency II

Liquidity

Financial ratios

Grafiek 100%

OPERATIONAL RESULT 2020 AT APPROXIMATELY €600 MILLION

13

230

106

68 30

15

~450

~150

~600

2016 (ex-Health,normalised)

Non-Life Retirement Services Closed Book International Ambition 2020(ex-Health)

Health Ambition 2020

Ambition operational result 2016-2020, in € million


HIGHER PROFITABILITY NON-LIFE AS A RESULT OF: PREMIUM INCREASES, COST REDUCTIONS AND FOCUS ON CLAIMS MANAGEMENT

Non-Life

Overall cost reductions through standardisation, lower number of FTE and reduction in number of locations

Lower investment returns as a result of the low interest rate environment

Property & Casualty

Realised premium increases fully visible at renewal

Further premium adjustments on non-profitable business lines and for weather related insurance products

Claims management actions such as fraud prevention, re-integration and prevention

Income Protection

Increase in premiums disability portfolio as a result of low interest rates

Continuous focus on re-integration and prevention

14

94

-189

328

45 61

78 33

~200

2016(reported)

Exceptionalweather &personal

injury

Investmentmandatechange

2016(normalised)

Premiums &pricing

Claims mgt. &cost

reductions

Investmentresults

Ambition 2020



PROFITABILITY RETIREMENT SERVICES WILL IMPROVE AS A RESULT OF: AN INCREASE IN MORTGAGES AND SAVINGS AT ACHMEA BANK AND INFLOW OF AUM AT ACHMEA IM

Background

Our investments in retirement service strategy will generate higher profitability in 2020

Achmea Bank

Increase in mortgage and savings portfolio and lower funding costs drive higher net interest margin

Cost reductions through outsourcing back-office mortgage activities and implementation new savings system

Achmea IM

Operational result increases through higher AuM:

Increase in internally managed funds (Achmea Own risk)

Increase in AuM CB APF as first clients RBS and Bavaria are fully integrated and new clients are attracted

Achmea Pension Management

Strategic decision to stop loss-making services to mandatory sectoral pension funds

15

-18

43

12

13

~50

2016 (reported) Achmea Bank Achmea IM Achmea PensionManagement

Ambition 2020



INCREASE IN RESULT PENSIONS & LIFE RESULTING FROM INTEGRATION OF CLOSED-BOOKS

Closed-book

Closed-book life and pensions focuses on further reducing expenses and FTE

Further value enhancements will be explored

Impact of expense reduction more than compensating for the financial impact of the decline in the Pension & Life portfolios

Transition of clients towards APF strengthens result retirement services

Investment Income

Increase as a result of portfolio optimisation

Open-book

Market leadership maintained in term life with 25% market share

Strong increase in number of term life policies to 480,000 on the back of solid housing market and banking distribution

16

285

45

240

63 61 28

~270

2016 (reported) Incidentalinvestment

result

2016(normalised)

Cost reductions Portfolio decline Investmentresult

Ambition 2020



HIGHER RESULT INTERNATIONAL AS A RESULT OF: INVESTMENTS IN OUR INTERNATIONAL GROWTH STRATEGY

Background

Our international activities benefit from investments in previous years which will drive growth in all countries

Greece

Current investments in direct health and Anytime Cyprus will result in higher operational result at the end of planning period

Turkey

Higher underwriting result is compensated by investments in IT and expected currency effects

Ireland

Higher profitability as a result of cost reductions, optimisation investment portfolio and growth income protection

17

25

4 1

7

5

~41

2016 (reported) Greece Turkey Ireland Other Ambition 2020



STABLE RESULT SEGMENT OTHER AS LOWER HOLDING EXPENSES BENEFIT OTHER SEGMENTS

Holding

Lower holding expenses through lower IT expenses, housing expenses and reduction in employee benefits

Positive impact is transferred to business segments

Strategic entities

Stable result at Achmea Reinsurance, Independer and Syntrus Achmea Real Estate & Finance

18

-110

-230

20

-100

~-110

2016 (reported) Hail calamity(Achmea Re)

Reorganisation 2016 (normalised) Ambition 2020



OPERATIONAL RESULT HEALTH NORMALISES AS: MARKET DYNAMICS WILL DRIVE PREMIUM LEVELS TO A LEVEL SLIGHTLY ABOVE COST PRICE

Basic Health

Health market assumed to normalise with premium levels slightly above costs leading to:

A claims ratio of 96%

A cost ratio at or below 3.0%

A profit margin of 1.0%

With a 1% profit margin and premiums in basic health at around €12 billion, we realise an operational result of €125 million

Supplemental Health

Supplemental health is expected to operate at a COR of 98% resulting in a profit of €25 million

19

Basic health

Supplemental health

Claims ratio

Cost ratio

Profit margin

2016

Operational Result 2016 2020

2020 Combined ratio Basic Health

-215

19

125

25

Total -196 150

99.7%

3.0%

96.0%

1.0%

≤3.0%

102.7% 99.0%

Ambition Operational result 2016-2020, in € million

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Solvency II

Liquidity

Financial ratios


FREE CAPITAL GENERATION IMPROVES TOWARDS €400 MILLION

Free Capital Generation 2016 impacted by:

Negative operational result 2016

Equity transitional

Adjustment in assumptions Pensions & Life (e.g. cost assumptions, mortalitity assumptions)

Free Capital Generation improves towards a level of €400 million in line with higher operational result in all business segments

In 2020 FCG is temporarily impacted by 0.15% decline of UFR to 3.75% (third step)

Impact of equity transitional limited in 2020 and will disappear after 2021

21

98

~400

-216 314

302

104

38

~250

2016 Exceptionalitems

2016(normalised)

Improvements Ambition 2020

UFR to 3.75% Equitytransitional

Ambition 2020(normalised)

Free Capital Generation 2016-2020

Grafiek 50%%/50%

CLOSED-BOOK PENSIONS & LIFE CONTRIBUTES SIGNIFICANTLY TO FREE CAPITAL GENERATION

22

29

84

65

31

209

52

157

FixedIncome

Mortgages Equity Property Expectedreturn

Tax (25%) Netexpected

return

1 Excluding derivatives, 2 Based on the EIOPA curve. Effective yield for Equity and Property

Investment Margin Pension & Life (Ambition 2020, in € million)

Long-term asset mix (€bn)

Excess return (bps)

18.8 7.0 1.8 1.0 28.6 28.6

162 1192 370 300 73 55 -18

Operational Result

Investment margin

Unwind UFR

Unwind of risk margin

Unwind SCR

Financing expenses

Free Capital Generation (Ambition 2020, in € million)

Only Pensions & Life

Free Capital Generation (Segments)

Free Capital Generation (Group)

Description FCG

~500

~400

Excess return on investments

Amortisation of UFR benefit (excl. impact UFR to 3.75% in 2020)

Release of SII risk margin in technical provisions as value in-force runs off

Release of SCR (excl. impact of equity transitional) as value in-force runs off

Technical result legal entities (ex-Health)

Financing charges on debt & hybrids

157

-59

80

147

170

-100

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Solvency II

Liquidity

Financial ratios

Grafiek 4x

SOLVENCY II CAPITAL REMAINS SOLID AT GROUP IMPACT DRAFT LEGISLATION ON THE BAN OF PROFIT DISTRIBUTION OF HEALTH CAPITAL 0-25%-PT

24

8,345 4,623

8,345 4,750

EOF SCR EOF SCR

Solvency II ratio 2016, in € million

Excluding Q&A LACDT1 Including Q&A LAC DT1

181% 176%

¹ Preliminary interpretation of Q&A Dutch legislator 2 Refers to the Solvency II PIM (approved) ratio of Achmea Schadeverzekeringen NV (Non-Life), Achmea Zorgverzekeringen NV (Health) and Achmea Pensioen- en Levensverzekering NV (Pensions & Life).

65% 11%

16%

8% Tiering of Capital 2016

Unrestricted Tier 1

Restricted Tier 1

Tier 2

Tier 3

Total EOF 8,345

FY 2016

137% 156% 130%

Non-life Health Pension & Life

Solvency II PIM Legal entities2, 2016

911 1.356

693

485

247

Restricted Tier 1 Tier 2 Tier 3

Available Headroom 2016


RESILIENT CAPITAL BASE UNDER SEVERAL SCENARIOS, INTEREST RATE SENSITIVITY ADDRESSED BY CAPITAL HEDGE IMPLEMENTED IN 2017

Interest rate sensitivity

Interest rate sensitivity does not reflect the full implementation of the capital hedge as we started to hedge UFR and risk margin in autumn 2016 and focused on hedging non-parallel shocks first

Spread sensitivity

Due to the 65% application factor in the VA, asset values will decrease more than the liabilities upon spread widening

Equity sensitivity

The impact of the chock is linear as we do not make use of equity derivatives to reduce the impact of developments in equity prices

UFR sensitivity

UFR sensitivity is limited due to the business mix. The decrease of the UFR to 4.05% per 1 January 2018 will reduce Group solvency levels by 2%.

25

Solvency II PIM sensitivities 2016

Interest rate

All spreads

Equity

Property

UFR

Scenario EOF (in € million)

SCR (in € million)

SII PIM (in %)

Δ SII PIM (in %-pt)

BASE 8,345 4,623 181 ---

-100bps

+100bps

+100bps

No VA

-20%

-40%

No eq.trans.

-20%

3.7%

No UFR

9,527

7,419

7,718

7,885

7,638

6,932

8,385

7,941

8,091

6,664

4,873

4,455

4,525

4,698

4,505

4,394

4,886

4,569

4,626

5,121

196

167

171

168

170

158

172

175

175

130

+ 15

- 14

-10

- 13

- 11

- 23

- 9

-6

- 6

- 51

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Solvency II

Liquidity

Financial ratios


AVAILABLE LIQUIDITY AT HOLDING LEVEL €869 MILLION

Holding cash position declined over 2016 mainly as a result of:

Dividend payments in 2016 over fiscal 2015

Buy-out of minorities Independer and InShared

Incidental investments due to transfer private banking mortgage portfolio and restructuring pension administration business

Relative low remittances from businesses due to exceptional items

Operational result improvements will result in higher remittances from businesses

Higher projected cash position during plan period

27

470

135 131

167

119

49 20

119

750

869

Openingposition

Remittancesfrom

business

Investmentsin business

entities

Dividendpayments

Interestexpenses

Taxsettlements

Holding &other

expenses

Closingposition

Creditfacility

Totalliquidity

Holding cash position Analysis of change 2016

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Solvency II

Liquidity

Financial ratios

3x Grafiek

OUR OPERATIONAL IMPROVEMENTS WILL POSITIVELY IMPACT FINANCIAL RATIOS

29

26,4 <30

2016 Ambition 2020

Debt leverage ratio (in %)

35

2016

S&P Capital

AA

Maximum level

Fixed charge coverage ratio impacted by negative operational result 2016. Ambition

2020: FCCR above 5.0x

Ambition to maintain debt leverage ratio below 30%

Maintain S&P IFS rating at single A level

-0.9

>5.0

2016 2020

Fixed Charge Coverage (in x)

4.0

2.7 (normalised)

Tekst 100%

KEY MESSAGES

Operational result 2016 at approximately €230 million net of exceptional items

We changed the fundamentals of Achmea for improved returns

Our strategic plan “Delivering Together” will further improve performance and lead to:

Operational result of €600 million in 2020 with a Free Capital Generation of €400 million

Solvency II ratio remaining solid with a resilient capital base under several scenarios

Key ratios in line with requirements for S&P IFS rating “A”

30

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R 179 , G 143, B 075

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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

subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit

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 all-

inclusive 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

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based. Accordingly, undue reliance should not be placed upon the Forward Looking Information

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