Member of the Executive Board · Increase of direct product offerings Online advisory Competitive execution-only propositions The largest direct writer in the Netherlands and still

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Titel dia

Leading the way in customer engagement and innovation Achmea Capital Markets Day │ 24 May 2018

Robert Otto Member of the Executive Board

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Disclaimer

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We are leading the way in customer engagement and innovation

We are at the forefront of digital interaction and innovation and this facilitates our effective distribution via different channels

We are leading in the growing distribution channels of direct and bancassurance distribution

We worked hard on restructuring and improving our IT-infrastructure and it now forms the basis for the efficient multi-brand strategy we employ

Our scalable platforms facilitate growth domestically and internationally

3

Tekst & Beeld 50%/50%

Programme

4

Part II: Brand Strategy

Part III: Our capabilities in international context

Part I: Innovation and customer engagement in the distribution channels 1. Direct

2. Bancassurance

3. Intermediary

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Best in class distribution: serving over 10 million customers in the Netherlands through three distribution channels

5

Direct Bancassurance Intermediary

Omnichannel proposition offered to our customers directly

61% of GWP1

Largest in bancassurance distribution. Interpolis products sold exclusively through Rabobank

26% of GWP1

More complex insurance products offered to our customers by intermediaries serving as expert advisers

13% of GWP1

1 GWP of Achmea’s retail customers

Grafiek & Tekst 60%/40%

We dominate the market via the direct channel

Only large direct writer in the Netherlands and potential for further growth

Through Centraal Beheer, FBTO, Zilveren Kruis and InShared we service both retail customers as well as small and medium enterprises

Changing market composition offers new possibilities. For example; the increased number of self-employed people (ZZP) leads to:

Increase of direct product offerings

Online advisory

Competitive execution-only propositions

The largest direct writer in the Netherlands and still growing

6

Development of the direct channel’s share in retail non-life distribution

Indirect Direct

37%

43%

50%

63%

57%

50%

2013

2016

2020

Market

52%

56%

60%

48%

44%

40%

2013

2016

2020

Achmea

Content 2x

Our approach to the direct channel: consistent, connected, personal and adaptive

7

Front-runner in the market because of our capabilities

We have always been good at listening to our customers and customer engagement

As a result we were able to achieve a first-mover advantage in the direct channel and have built a strong and satisfied customer base

Combined with our digital capabilities and technologically advanced back-office it was easy for us to make the step to omnichannel direct distribution

We use these capabilities to position our power brand Centraal Beheer as a full-service provider

Personalisation increases retention with up to 20% and conversion up to 45%

How we approach the direct channel: focus on customer experience

Consistent

Connected

Personal

To offer a consistent user experience regardless of the channel. Entire experience built on one ecosystem.

Seamless switching between channels facilitates an uninterrupted customer journey

We offer a personalised and contextually determined conversation.

Adaptive We pro-actively enhance the customer experience with new possibilities and adapt our our ecosystems to external developments.

Content 2x

Results in the direct channel: more efficient distribution while improving customer satisfaction

8

Increased cost-efficiency in the direct channel

Sales Centraal Beheer (all product types)

Strong increase in sales with stable costs… (in #1000)

…leads to lower costs per inflow product (in € per policy)

500435417396368324

+54%

2016 2015 2014 2013 2012

404648515567

-40%

2017 2016 2015 2014 2013 2012

Most customer friendly insurance company1

4040

1812

2016 2017

Traditional chat NPS

Chatbot NPS NPS scores for traditional online chat remain superb

Chatbot improving rapidly and contributing to customer satisfaction.

Most digitally dominant insurance company 2017 & 20182

2017

1 Customer First awards| 2 Digital Dominance Benchmark

Alleen titel

Innovation in Centraal Beheer: expanding into financial services through the use of its large customer base, digital capabilities and innovative propositions

Introduction Fund

investments

Campaign “What will your

retirement look like?”

Introduction Home

Mortgage

Introduction “Gemaks-beleggen”

(Convenience Investing)

Funnels Bank saving

completely Exec-Only

Saving in the CB

App

Home Mortgage

Online

Platform for online insights and overview live (MyLater)

Alle financial products visible

in ‘MyCB’

First mortgage campaign

Mortgage Academy

Investing App live

Purchasing service

Mortgages Live

First large-scale

Investing campagne

2016 2017 2018

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Innovation in the direct channel: InShared digital claims handling

10


Aiming at a larger penetration of Rabobank’s customer base

Large upside potential in partnership with Rabobank

Rabobank:

Almost 6.5 million private customers in the Netherlands

About 800,000 business customers in the Netherlands

5.2 million active online banking clients and 3.5 million active users of mobile banking App

Most customer friendly bank in the Netherlands1

Interpolis:

Between 1.5 million and 2 million private customers

About 200,000 business customers

No 1 brand in non-life and term life insurance

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75%

25%

% Rabobank Customers

1 Customer First awards


Our approach to bancassurance: capitalising on our strong partnership with the largest retail bank in the Netherlands

Further intensifying collaboration with Rabobank

The boards of Rabobank and Achmea said “yes” to the ‘Acceleration plan’ in July 2017

Aligning strategies and devising portfolio plans for all segments

Realising omnichannel servicing for business and integration insurances in Banking App

Insurance integration in all customer journeys

Data aggregation (within legal and ethical boundaries)

Knowledge and capability sharing between organisations

In February 2018 the partnership has been strengthened on the strategic, tactical and operational level

12

Ambition for premium growth

(in € million)

>1,925

>10%

GWP

~1,750

2020

2017

Content 2x

Bancassurance channel: putting our plans into practice

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Integration of insurance products in banking propositions Services with a focus on prevention and a safer society

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Innovation in the bancassurance channel: Rabo Banking App offers unique possibility to handle banking and insurance matters in one app

14

Grafiek 4x & Tekst

Our approach becomes more focused in a consolidating market

Consolidating market share while drastically reducing the number of brokers has improved efficiency

We serve ± 350 intermediaries and reach 80% of the market

Close collaboration with top 65 intermediaries improves the partnership and portfolio development

Through the intermediary channel we have the potential to reach a large amount of customers for complex insurance products

Important role for intermediary channel in so-called ‘advice segments’ (commercial customers and mortgages)

Consolidation of the market is taking place

The intermediary channel: large market reach and stable market share

15

Drastic reduction in intermediaries

Intermediaries Achmea

Intermediaries 2009 Market total 9,400

Intermediaries 2017 Market total 5,120

342

4,778

Other intermediaries

2017 2011 2020

Achmea

Other

Gross written premiums in the Dutch intermediary market

(in € billion)

6,500

2,900

3.4 3.9 4.0

17.6 20.1 21.0

24.0 21.0

25.0

Content 2x

Intermediary channel: performance improvements resulting from focused approach

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Taking measures to improve our portfolio

Strong measures taken in intermediary channel based on:

Profitability levels of customer portfolios

Selective partnerships

Profitability of market segments

This results of this approach:

GWP reduced with ~80 million

Structural PBT improvements of ~€15 million

Focusing approach on select number of intermediaries leads to growth in GWP

Top 100 Achmea intermediaries shows increase in premium growth of 7% in 2016

2,4

2,45

2,5

2,55

2,6

2,65

2,7

2015 2016

+7% GWP (in € billion)

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Independer: the leading online aggregator in the Netherlands

1 GfK TOF tracker: multi-client research, 2017 | 2 Percentage of market-wide online sales that is sold through www.independer.nl

Today Tomorrow Yesterday

#1 online insurance aggregator1

56% of customers of non-life insurance buy online:

6.1% of sales via Independer.nl

• #1 online car insurance sales – 13.1%2 • #1 online property sales – 9.1%2 • #1 online health insurance sales – 15.1%2 • #4 intermediary in The Netherlands

Online mortgage proposition

42%

57%

1%

Revenue sources sales fee recurring fee other

17


Programme

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2. Bancassurance

3. Intermediary


House in Order

One IT-environment, skills and competencies, quality, productivity, cost and risk control

Acceleration & innovation

Integrated insurer by rationalisation of products, processes & IT

Basis for Delivering Together: Digital insurer

Standardised and highly automated back offices

Data processing capabilities give insights into consumer demands

Omnichannel platform for a differentiated customer approach

The digital insurance company: the perfect basis for a successful omnichannel and multi-brand strategy

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House in Order

Acceleration & Innovation

Delivering Together

… – 2013

2014 – 2016

2017 – 2020

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Omnichannel platform for a personalised customer approach

20

Simplified IT-landscape as a result of rationalisation of legacy applications.

One common IT-platform for omnichannel customer service

Continuously improving the customer experience using NPS metrics

Employee desktop with integrated customer information from all channels

Next step: giving more control to customers over their product, service and data

Rationalisation of legacy application landscape1

Omnichannel customer engagement The development of the omnichannel platform

Online

My portal App

Call Email

1 All licensed software and applications are included in these numbers. Different modules as part of an application are counted as unique applications.

~1,150

Jan-17

~650

-44%

Jan-14 Jan-20

~250

-59%

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Our brand-strategy gives us wide market coverage and differentiation potential

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Power brands Proposition brands International Brands

Complementary insurance brands and product offerings with high customer satisfaction and recognition

Wide target audience

9.25 million customers combined

Different brands for different target groups

Strong identification with customer groups

3.3 million customers combined

International brands for foreign markets

3 million customers

1 Customers can be insured by multiple Achmea brands. The amount of customers corrected for this fact is approximately 10 million

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Proposition brands

International brands

Number of insured customers per brand

3,384

3,226

2,646

The Netherlands

593

684

576

108

1,326

881

678

247

5

International

1,144

Power brands

22

x1,000

1 Customers can be insured by multiple Achmea brands. The amount of customers corrected for this fact is approximately 10 million

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Continuous evaluation keeps our brand portfolio relevant and helps us identify market opportunities: business model expansions focused on services

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Discontinuing Repositioning Introducing Partnering


Programme

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2. Bancassurance

3. Intermediary

Alleen titel

International: growth based on our core qualities in order to expand and diversify

Australia

Slovakia

Turkey

Greece

Country Business GWP 2017

(in € million)

Turkey Non Life €335

Slovakia Non Life/ Health/Life €385

Greece Non Life/Health /Life €318

Ireland1 Life €151

Australia Non Life €17

Ireland*

Canada

25 1 The sale of Friend’s First has been announced and is expected to be finalised around HY 2018

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Achmea International Smart Long-term Growth Strategy (2025)

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Accelerate growth in existing markets through the improvement of economies of scale while investing in new channels

and/or products

Disrupt large, mature markets which still have a low online insurance penetration

leveraging Achmea’s digital skills, preferably through Joint Ventures

Create new opportunities in fast growing markets with low insurance penetration,

preferably through Joint Ventures to bring local knowledge or customer base

Accelerate Disrupt Create

Non-Life Agro Health Direct Bancassurance

Continuous growth in GWP and profit contributions

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Capitalising on our strengths and exporting them

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Complete value chain

Exported to Cyprus

Buythemile: customer demand

Distribution via leading online bank

Growth market

Exploring opportunities

Onlia: Digital online insurance platform

Zilveren Kruis healthcare procurement strengthened Union

Garanti Bank’s online banking service was named second best in Europe by Forrester, one of the most influential research and advisory firms in the world.

The Turkish bank also earned a best-in-class mention for facilitating daily banking operations, such as viewing recent transactions, checking account

balances or moving money.


Scaling the InShared platform

Digital-only insurer

Service provider: insurance sales by proxy

Partnering with local insurance company

Achmea provides expertise in distribution and online. Partner carries the license and risk

Market potential:

35 million customers and still growing

Distribution primarily via intermediaries

Strong online distribution potential

Next step: Canada

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Tekst 100%

We are leading the way in customer engagement and innovation

We are at the forefront of digital interaction and innovation and this facilitates our effective distribution via different channels

We are leading in the growing distribution channels of direct and bancassurance distribution

We worked hard on restructuring and improving our IT-infrastructure and it now forms the basis for the efficient multi-brand strategy we employ

Our scalable platforms facilitate growth domestically and internationally

29

Member of the Executive Board · Increase of direct product offerings Online advisory Competitive execution-only propositions The largest direct writer in the Netherlands and still

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