Aegon Ltd. · EURONEXT:AGN
Aegon — Debt Investor Presentation (March 2014)
91 slides from Aegon's debt investor presentation, March 2014
Slide 1: SAECURE 14 NHG: An Update on the Residential Mortgage Business
SAECURE 14 NHG An Update on the Residential Mortgage Business March 2014 Information for investors
Slide 2: Disclaimer
Disclaimer This material has been prepared solely on the basis of information provided by Aegon Levensverzekering N.V. (“Aegon Leven”) and Aegon Hypotheken B.V. (“Aegon Hypotheken”, and together with Aegon Leven, “Aegon” or the “Company”). This material is distributed upon the express understanding
Slide 3: Disclaimer
Disclaimer This material contains “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance of the Securities, the Company or the Dutch residential mortgage loan industry t
Slide 4: Content
Content Page Executive Summary 5 Transaction Overview 8 The Dutch Economy and Housing Market 14 The Dutch Residential Mortgage Market 20 The Dutch RMBS Market in Perspective 35 Aegon‟s Residential Mortgage Loan Origination, Underwriting & Servicing 46 Aegon Highlights 60 Appendix: Po
Slide 5: Executive summary
Executive summary 5
Slide 6: Highlights of SAECURE 14 NHG
Highlights of SAECURE 14 NHG Aegon is pleased to announce the proposed issuance of securities by SAECURE 14 NHG B.V. as Issuer The intention is to offer notes under the SAECURE 14 NHG transaction which will comprise notes denominated in EUR The issue is collateralised by prime Dutch residential
Slide 7: Preliminary capital structure and transaction features
Preliminary capital structure and transaction features Proposed Note Structure Credit Series Currency Note Size1 Fitch / S&P WAL2 FORD Coupon until FORD Coupon after FORD Status enhancement 3 Class A1 EUR 22.8 % [AAAsf / AAA(sf)] [2.0]yrs 30th Jan 2019 3m Euribor+ []bps 3m Euribor+ []bps [10]% Off
Slide 8: Transaction overview
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Slide 9: SAECURE 14 NHG structure overview
SAECURE 14 NHG structure overview SAECURE 14 NHG transaction structure is typical for Dutch RMBS issues Dutch Special Purpose Vehicle (“SPV”) owned by an independent foundation („Stichting‟) Legal title transfer of mortgage loan receivables through silent assignment („stille cessie‟) at closing
Slide 10: Structural Features
Structural Features Principal Priority of Payments The Notes of each Class rank pari passu without any preference or priority among Notes of the same Class. Payments of principal on the Class A2 Notes are (time) subordinated to, inter alia, payments of principal on the Class A1 Notes. Reserve Acco
Slide 11: Hedging Arrangements
Hedging Arrangements Interest Rate Swap To hedge the risk of a difference between the rate of interest to be received by the Issuer on the Mortgage Receivables and the rate of interest payable by the Issuer on the Class A Notes (which float over 3-month Euribor), the Issuer will enter into an inte
Slide 12: SAECURE 14 NHG portfolio highlights
SAECURE 14 NHG portfolio highlights Selected eligibility criteria Borrowers were at the time of origination, residents of the Key Portfolio Characteristics (Provisional Portfolio1) Netherlands and not employed by a Seller or any of its group companies Characteristic Value First and sequentially
Slide 13: WAL and CPR Analysis
WAL and CPR Analysis Overview CPR The WAL of the Class A1 and Class A2 Notes, assuming1 Source: Moody‟s Dutch Prime and NHG RMBS Indices and Aegon a CPR of [5.0]% and an Issuer call on the FORD (NPD Investor Reports falling in Jan 20192), is [2.0] years and [5.0] years, SAECURE Series Actual Annua
Slide 14: The Dutch Economy and Housing Market
The Dutch Economy and Housing Market 14
Slide 15: The Dutch economy
The Dutch economy Highlights of the Dutch economy Unemployment rate comparison Source: Eurostat, CPB Source: Eurostat 14% Netherlands UK Eurozone US One of the most stable and open economies in Europe with one of the highest GDP per capita 12% 12.0% ► Y-o-Y real GDP growth rate is forecasted to be
Slide 16: The Dutch economy (cont'd)
The Dutch economy (cont’d) Sovereign debt (% of GDP) Deficit (% of GDP) Source: Bloomberg, IMF1 Source: Bloomberg Netherlands UK Germany France US Netherlands UK Germany France US 115 108.1% 15 105 92.7% 6.7% 95 92.6% 10 6.3% 85 80,4% 4.8% 75 74.5% 5 65 4.1% 55 0 -0.2% 45 35 25 -5 1991 1993 1995 199
Slide 17: Dutch household financials
Dutch household financials Overview Source: Eurostat, Dutch Central Bank The vast majority of household debt in the Netherlands is residential mortgage debt (EUR 645 bn as at Q3 2013) vs. remaining consumer credit (EUR 25 bn as at Q3 2013) The incentive for consumers to maximise their mortgage d
Slide 18: The Dutch housing market: Houseprice Index comparison
The Dutch housing market: Houseprice Index comparison House price development (2000 values rebased at 100) Source: ECB, S&P/Case-Shiller, Nationwide 300 Netherlands UK Ireland Spain US 250 205 200 157 150 151 127 114 100 50 0 2000 2001 2002 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Slide 19: The Dutch housing market: Supply
The Dutch housing market: Supply Supply dynamics Building permits and newly built homes Source: CBS, Ministry of Housing, VROM Source: CBS Supply in the Dutch housing market is relatively inelastic x 1000 ► Limited land available for housing 120 Building permit Completed homes ► Regulations and pl
Slide 20: The Dutch Residential Mortgage Market
The Dutch Residential Mortgage Market 20
Slide 21: Overview of the Dutch mortgage market
Overview of the Dutch mortgage market Mortgage debt outstanding Mortgage lending market share in the Netherlands Source: Dutch Central Bank (Q4 2013); Source: Land Registry (Kadaster) total mortgage debt outstanding (LHS) EUR bn EUR bn 700 year-on-year change (RHS) 60 Rabobank 19,9% ING Thousands Th
Slide 22: Key characteristics of the Dutch residential mortgage market
Key characteristics of the Dutch residential mortgage market Predominantly prime, owner occupied Products Very little buy-to-let, non-conforming and sub-prime Mostly fixed rate mortgage loans Mortgage loans are provided predominantly on the basis of income (LTVs are a less significant basis
Slide 23: Main mortgage products
Main mortgage products Interest-only Interest-only mortgage loans – borrowers do not mortgage make any principal repayments until maturity loans Savings mortgage loans – borrowers do not make any principal repayments but instead make Prior to January 1st 2013 payments into a savings account with
Slide 24: Mortgage loan structure
Mortgage loan structure Costs @ 4% = 4 Transfer Tax @ 2% = 2 Savings Mortgag e Loan Taxes and other costs Part related to the = 56 Additional property purchase can protection also be funded by the through mortgage loan Required for Annuity The total disability / property Annuity Mortgage mortgage lo
Slide 25: Code of Conduct: Industry self-regulation
Code of Conduct: Industry self-regulation Overview of the Code of Conduct Selected Code of Conduct guidelines The Code of Conduct is endorsed by Aegon as well as Detailed affordability calculations almost all banks, savings banks, mortgage banks, ► Regardless of product type, calculates monthly
Slide 26: Affordability calculation based on the Code of Conduct
Affordability calculation based on the Code of Conduct Affordability tables provided by NIBUD For borrowers below 65 years of age Mortgage lenders closely follow the affordability recommendations provided by Nationaal Instituut Percentage of gross income that can be used for mortgage loan payments
Slide 27: Detailed income underwriting is typical for Aegon and the Dutch market
Detailed income underwriting is typical for Aegon and the Dutch market Underwriting Process: Stage 1 “Pre-approval” Aegon key documentation requirements (similar to market practice) Application tested against Aegon‟s standard criteria, databases for credit history and fraud and, where Customer d
Slide 28: Detailed income underwriting typical for the Dutch market (cont'd)
Detailed income underwriting typical for the Dutch market (cont’d) Overview of the national credit register (“BKR”) Source: BKR as of November 2012 BKR is a non-profit organization which was founded in 1965 by the Dutch finance industry to administer the Central Credit Information System (“CKI”) ►
Slide 29: The social security infrastructure in the Netherlands
The social security infrastructure in the Netherlands as of 1 February 2014 Unemployment Insurance Act All employees under the age of 65 who meet past service requirements and lose their (WW) job receive unemployment benefits Payable from the first day of unemployment Sickness Benefits Act (ZW)
Slide 30: Tax incentives are the main reason behind higher LTVs
Tax incentives are the main reason behind higher LTVs Double tax incentive for mortgage loan borrowers 1 Rational borrower behaviour in the Netherlands: Maximise amount of the mortgage loan secured on prime residence Mortgage loan Savings Take out non-amortizing mortgage loans with long maturiti
Slide 31: Recent policy developments impacting the housing
Recent policy developments impacting the housing Tax deductibility ► New mortgages originated after January 1st 2013 only benefit from tax deductibility if they are fully amortizing ► For existing and new mortgage loans from 2014 the maximum deduction rate will be reduced from 52% to 42%, in steps o
Slide 32: Mortgage loan foreclosures in the Netherlands
Mortgage loan foreclosures in the Netherlands In the fourth quarter of 2013 the number of foreclosures amounted to 554 compared to 669 in the same period in 2012 There were 1,863 forced sales in 2013 (≈ 0.046% of total dwellings) compared to 2,488 forced sales in 2012 (≈ 0.061% of total dwelling
Slide 33: The NHG mortgage loan guarantee
The NHG mortgage loan guarantee NHG (Nationale Hypotheek Garantie) refers to the public mortgage loan insurance scheme supporting home ownership in the Netherlands Every person in the Netherlands can obtain a guarantee from the Stichting WEW, a Dutch state guaranteed non-profit organization, for
Slide 34: NHG triggers, requirements and foreclosure process
NHG triggers, requirements and foreclosure process NHG Guarantee Triggers: Income test run Compare maximum -Unemployment Gather recent (according to NHG cost of living with -Divorce income data Conditions) current cost of living -Disability for work Decision NHG Borrower can stay in current house an
Slide 35: The Dutch RMBS Market in Perspective
The Dutch RMBS Market in Perspective 35
Slide 36: The Dutch RMBS market
The Dutch RMBS market Overview Source: Moody’s, AFME and JP Morgan One of the main primary issuance investment opportunities within the European securitization market AAA rated Dutch RMBS spreads have shown a fair degree of stability between July 2010 and December 2012, but have been tightening
Slide 37: Performance comparison of Dutch RMBS
Performance comparison of Dutch RMBS 60+ day Delinquencies Moody’s Outlook for Dutch RMBS* Source: Moody‟s, Dutch Prime and NHG RMBS Indices, Source: Moody‟s, Dutch Prime and NHG RMBS Indices, September 2013, Moody‟s, UK Prime RMBS Indices, August September 2013 2013 and Moody‟s, Jumbo Mortgage Cred
Slide 38: Prime RMBS Cumulative Losses
Prime RMBS Cumulative Losses Cumulative Losses (bps) Dutch Prime UK Prime US Prime Typical annual excess spread p.a. in Dutch RMBS 225 200 200 175 150 125 100 75 50 50 43 25 9 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Aegon; Moody’s, Dutch Prime and NHG RMBS Indices, September 2013
Slide 39: Prepayment rates
Prepayment rates Dutch prepayments are relatively insensitive to interest rates Prepayment rates due to high prepayment penalties: Source: Moody‟s, Dutch Prime and NHG RMBS Indices, September ► Annual partial prepayments are typically only possible up to 10% 2013, Moody‟s, UK Prime RMBS Indices, A
Slide 40: Transactions comparison: Selected publicly placed Dutch and UK RMBS
Transactions comparison: Selected publicly placed Dutch and UK RMBS Item Dutch RMBS UK RMBS SAECURE SAECURE SAECURE SAECURE Storm Dolphin Storm Storm Dutch Brass 3 Albion 2 Lanark Deal name 14 13 12 11 2014–I 2013-2 2013-IV 2013-III MBS XVIII 2013-1 Closing date [Mar-14] Mar-13 Dec-12 May-12 Feb-14
Slide 41: Selected Dutch RMBS – Spreads at issuance – WAL ~2 years
Selected Dutch RMBS – Spreads at issuance – WAL ~ 2 years Spreads at issuance – Transactions with WAL ~ 2 years Source: Prospectuses 130 Arena 2011-II Dutch MBS BV XVI STORM 2011-IV STORM 2012-1 110Arena BV 2011-1 STORM 2012-2 Orange Lion 2011-6 SAECURE 10 Phedina 2011-1 STORM 2012-3 90 STORM BV 201
Slide 42: Selected Dutch RMBS – Spreads at issuance – WAL ~5 years
Selected Dutch RMBS – Spreads at issuance – WAL ~ 5 years Spreads at issuance – Transactions with WAL ~ 5 years Source: Prospectuses 190 170 Dutch MBS BV XVI Arena 2011-II STORM 2012-3 STORM 2011-IV 150 STORM 2012-1 Orange Lion 2011-6 DMPL X STORM 2012-2 Dutch MPL IX SAECURE 10 SAECURE 11 130 Phedin
Slide 43: Outstanding net balance of SAECURE RMBS transactions
Outstanding net balance of SAECURE RMBS transactions 10 SAECURE 1* SAECURE 2* SAECURE 3* SAECURE 4* SAECURE 5* SAECURE 6* SAECURE 7 SAECURE 8 NHG SAECURE 9 SAECURE 10 9 SAECURE 11 SAECURE 12 SAECURE 13 NHG 8 7 EUR (Billions) 6 5 4 3 2 1 0 2006 2007 2008 2009 2010 2011 2012 2013 * Repaid at FORD Note
Slide 44: Performance of SAECURE RMBS transactions
Performance of SAECURE RMBS transactions Overview Arrears (>=2months) across all SAECURE transactions Source: Investor Reports, (bps of curr. balance) (2006 – 2013) Current arrears performance of outstanding SAECURE 3,0 2 <= 3 monthly payments 3 <= 4 monthly payments transactions is very strong 4
Slide 45: Performance of SAECURE RMBS transactions (cont'd)
Performance of SAECURE RMBS transactions (cont’d) No. of defaulted loans across all SAECURE transactions Recovery Source: Investor Reports (2006 – 2013) Recovery Rate on NHG RMBS (SAECURE 6, 8 and 70 13) improved from 93% at the end of 2012 to 96% 60 at the end of 20131 50 39 Recovery Rate on ot
Slide 46: Aegon's Residential Mortgage Loan Origination, Underwriting & Servicing
Aegon’s Residential Mortgage Loan Origination, Underwriting & Servicing 46
Slide 47: Aegon NL organization
Aegon NL organization Aegon NL consists of Business Lines: Business Line Life & Mortgages, Business Line Pension and Business Line Non-Life. Aegon Business Line Life Insurance, the servicer of the mortgage loans, has a team of 140 people (121 FTE) located in Leeuwarden (91 front office and 30 ba
Slide 48: Aegon NL mortgage lending organization
Aegon NL mortgage lending organization Marketing NL Sales BL Life Financial Services Product development Distribution and Sales Application processing Distribution partners Marketing department Sales department Accepting and monitoring Credit assessment and new brokers and processing department dist
Slide 49: Aegon NL mortgage lending organization (cont'd)
Aegon NL mortgage lending organization (cont’d) Aegon NL has two entities for its mortgage lending business, Aegon Hypotheken and Aegon Leven, which offer its mortgage loans under the “Aegon” brand name mainly to Dutch citizens with collateral only in the Netherlands ► As of the 1st of April 2011
Slide 50: Aegon NL mortgage lending organization (cont'd)
Aegon NL mortgage lending organization (cont’d) The mortgage loans are widely distributed over the whole of the Netherlands and are also well diversified by borrower age ► Aegon has defined the following as its key target groups for the sale of mortgage loans: young customers buying their first ho
Slide 51: Successful Dutch mortgage loan operation
Successful Dutch mortgage loan operation The mortgage lending business offers Aegon substantial Mortgage loan portfolio cross-selling opportunities and synergies Source: Aegon (2006 – 2013) ► Cross-selling of life-insurance products ► Natural investment for the life insurance book of Aegon Non NHG
Slide 52: Residential mortgage loan production
Residential mortgage loan production Aegon‟s customers are increasingly switching to (longer Aegon mortgage loan part production – term) fixed interest rates (especially 10-year interest reset by interest reset period terms) due to the low absolute long term interest rates and Source: Aegon (%) Ja
Slide 53: Aegon underwriting process
Aegon underwriting process Aegon has a robust underwriting process that allows it to make lending decisions on a timely basis Integrated and efficient approach from proposal to disbursement of the mortgage loan, including origination and administration of supplementary insurance products The u
Slide 54: Underwriting criteria & credit process
Underwriting criteria & credit process Borrower Underwriting criteria based on Code of Conduct criteria Credit searches with BKR (National Credit Register) and SFH (Fraud Register) Owner occupied properties Collateral Mandatory valuation of the property Mandatory damage and fire insurance
Slide 55: Underwriting criteria
Underwriting criteria Before 1 April 2011 all mortgage loan origination was done out of Aegon Leven. As of 1 April 2011 all origination is done by Aegon Hypotheken B.V., a 100% subsidiary of Aegon NL All borrowers must meet Aegon‟s lending criteria which largely focus on collateral and income
Slide 56: Changes in Aegon underwriting criteria
Changes in Aegon underwriting criteria 2008 - Discontinued Aegon KredietHypotheek (Credit mortgage loan) 2009 - LTV cannot exceed 109% 2010 - Discontinued Aegon BeleggingsHypotheek (Investment mortgage loan) 2011 - LTV cannot exceed 106% (entire market) - Introduction Aegon BankspaarHypotheek (Bank
Slide 57: Focus on foreclosure in the Netherlands
Focus on foreclosure in the Netherlands 1 Foreclosure Further recourse to other wealth including salary A mortgage loan lender can repossess and Full recourse to the borrower sell a property by public auction without ► After foreclosure, any remaining debt remains enforceable until discharged co
Slide 58: Repossession & sale process in the Netherlands
Repossession & sale process in the Netherlands Continued from previous page Stage 5c Stage 6 Stage 7 Action to receive payment Sale process Up to 1 Year¹ Post-sale Letter of lien of salary Third party guarantor Yes Successful Bailiff appointed Joint voluntary sale to collect any remaining debts² Bor
Slide 59: Set-off risk in the Dutch market
Set-off risk in the Dutch market Savings and insurance vehicles: general remark A Dutch mortgage loan lender can access the linked savings, investment or insurance products in case a borrower defaults ► No discretion on the part of the borrower to divert funds Potential set-off by the borrower & m
Slide 60: Aegon Highlights
Aegon Highlights 60
Slide 61: Aegon
Aegon Underlying earnings before tax by geography* Aegon is an international life insurance, pensions and asset Source: Aegon management company based in The Hague Aegon has businesses in over 20 markets in the Americas, Europe and Asia Aegon companies employ over 26,500 people and have millio
Slide 62: Aegon at a glance
Aegon at a glance Over 26,500 Life PENSIONS ASSET MANAGEMENT EMPLOYEES1 insurance +20 markets THROUGHOUT THE AMERICAS, EUROPE AND ASIA Underlying earnings Revenue-generating before tax in 2013 investments EUR EUR 1.9 billion 475 billion1 1) As per December 31, 2013 62
Slide 63: Aegon Netherlands N.V. ("Aegon NL")
Aegon Netherlands N.V. (“Aegon NL”) Underlying earnings before tax Aegon NL is wholly owned by Aegon N.V. and a core member of the Source: Aegon Aegon group Aegon NL offers a wide range of financial products and services to EUR millions 2013 its clients, including pensions, insurance (life and n
Slide 64: Appendix: Provisional Stratification Tables
Appendix: Provisional Stratification Tables 64
Slide 65: Portfolio stratification
Portfolio stratification Key Characteristics Notes 1. All totals and balances included in the stratification tables are based on net principal balance (i.e. net As per reporting date of value of saving deposits). Principal balance 1,574,318,425 2. The weighted average coupon is based on current inte
Slide 66: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Redemption type Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loanparts Total Coupon Maturity CLTOMV Annuity 55,934,216 3.7% 596 3.8% 4.62 28.2 95.7% Bank Savings 496,136,531 33.0% 4,372 28.0%
Slide 67: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Origination year Seasoning Aggregate Weighted Weighted Weighted Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Cou
Slide 68: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Legal maturity Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV < 2015 17,596 - 2 0.0% 2.49 0.7 95.6% 2015 2020 266,060 0.0% 11 0.1% 4.59 5.3 75.
Slide 69: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Remaining tenor Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV < 1 year 17,596 - 2 0.0% 2.49 0.7 95.6% 1 year 2 years - - - - - - - 2 years 3 y
Slide 70: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Original loan to original foreclosure value Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV Unknown 0% - - - - - - - < 10% - - - - - - - 10% 20% 55,
Slide 71: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Current loan to original foreclosure value Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV Unknown 0% - - - - - - - < 10% - - - - - - - 10% 20% 232,
Slide 72: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Current loan to indexed(1) foreclosure value Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV Unknown 0% - - - - - - - < 10% - - - - - - - 10% 20% -
Slide 73: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Original loan to original market value Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV Unknown 0% - - - - - - - < 10% - - - - - - - 10% 20% 277,018
Slide 74: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Current loan to original market value Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV Unknown 0% - - - - - - - < 10% - - - - - - - 10% 20% 667,227 0
Slide 75: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Current loan to indexed(1) market value Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV Unknown 0% - - - - - - - < 10% - - - - - - - 10% 20% 51,658
Slide 76: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Loanpart coupon (interest rate bucket) Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV Unknown 0.00% - - - - - - - < 0.50% - - - - - - - 0.50% 1
Slide 77: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Remaining interest rate fixed period Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( >= ) Until ( < ) Not. Amount Total Loanparts Total Coupon Maturity CLTOMV < 1 year 52,785,233 3.5% 724 4.6% 2.43 40.5 85.7% 1 year 2
Slide 78: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Interest payment type Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loanparts Total Coupon Maturity CLTOMV Fixed 1,452,771,302 96.7% 14,973 95.8% 4.90 35.3 95.5% Floating 48,929,212 3.3% 664 4.
Slide 79: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Geographical distribution (by province) Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Province Not. Amount Total Loans Total Coupon Maturity CLTOMV Brabant 216,474,304 14.4% 1,091 13.6% 4.81 35.2 93.9% Drenthe 38,197,044 2.
Slide 80: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Geographical distribution (by economic region) Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Economic region Not. Amount Total Loans Total Coupon Maturity CLTOMV NL111 - Oost-Groningen 14,367,245 1.0% 94 1.2% 4.70 36.5 96.3
Slide 81: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Construction deposits (as a percentage of net principal amount) Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Loans Total Coupon Maturity CLTOMV < 5.00% 1,466,319,264 97.6% 7,844 97
Slide 82: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Loan to income Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Borrowers Total Coupon Maturity CLTOMV Unknown - - - - - - - - < 0.5 - - - - - - - 0.5 1.0 499,417 0.0% 7 0.1% 3.97 26.4
Slide 83: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Debt service to income Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average From ( > ) Until ( <= ) Not. Amount Total Borrowers Total Coupon Maturity CLTOMV Unknown - - - - - - - - < 5% 2,664,808 0.2% 27 0.3% 2.78 30.1 46.7% 5.00%
Slide 84: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Employment status borrower Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Description Not. Amount Total Loans Total Coupon Maturity CLTOMV Employed 1,496,806,434 99.7% 7,990 99.5% 4.82 35.6 95.3% Pensioner 4,894,080 0.3% 40
Slide 85: Portfolio stratification (cont'd)
Portfolio stratification (cont’d) Originator Aggregate Weighted Weighted Weighted Outstanding % of Nr of % of Average Average Average Originator Not. Amount Total Loanparts Total Coupon Maturity CLTOMV AEGON Hypotheken B.V. 893,083,110 59.5% 8,920 57.0% 4.78 31.9 96.5% AEGON Levensverzekering N.V. 6
Slide 86: Appendix: Priority of Payments
Appendix: Priority of Payments 86
Slide 87: Simplified interest priority of payments (prior to enforcement)
Simplified interest priority of payments (prior to enforcement)1 Available Revenue Funds Mortgage Loan Interest + Senior Expenses and Servicing Fee Interest on Issuer Accounts Proceeds credit insurance (interest) + + = Cash Advance Facility Interest Rate Swap Payment Prepayment penalties Interest on
Slide 88: Simplified principal priority of payments (prior to enforcement)
Simplified principal priority of payments (prior to enforcement)1 Available Principal Funds Mortgage Loan Principal repayments and prepayments Purchase of Further Advance + Receivables2 Credit insurance proceeds (principal) Net foreclosure proceeds of mortgage + = Principal on Class A1 Notes until f
Slide 89: Selected sources
Selected sources: • Central Bureau of Statistics (Centraal Bureau voor de Statistiek, CBS) • Centraal Planbureau (CPB) • Debt Restructuring Act (Wet Schuldsanering Natuurlijke Personen, Wsnp (www.wsnp.rvr.org) • Dutch Banking Association (Nederlandse Vereniging van Banken, NVB) • Dutch Central Bank
Slide 90: For questions relating to SAECURE please contact
For questions relating to SAECURE please contact: Ed Beije Sibylla Bantema Senior Vice President of Corporate Treasury Director Mortgage Operations T: +31 70 344 8407 T: +31 58 244 3131 E: ed.beije@Aegon.nl E: sbantema@Aegon.nl Sander Maatman Niels Roek Bas Warmerdam Director Capital Management & Po
Slide 91: Thank you
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