Asr Nederland N.v. · EURONEXT:ASRNL
Asr Nederland — Shareholder Meeting (May 2017)
57 slides from Asr Nederland's shareholder meeting presentation, May 31, 2017
Slide 1: General Meeting of Shareholders
General Meeting of Shareholders ASR Nederland N.V. de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 2: Welcome
Welcome a de nederlandse verzekerings maatschappij voor alle verzekeringen Kick van der Pol Chair of the Supervisory Board
Slide 3: Agenda
Agenda =o SOON OO BRWHN PF de nederlandse verzekerings maatschappij voor alle verzekeringen Opening Annual Report 2016 Execution of the remuneration policy in 2016 Financial Statements 2016 and dividend Discharge members of Supervisory and Executive Boards Extension of the authorities of the Executi
Slide 4: Opening remarks and announcements
1 Opening remarks and announcements Opening English translation Webcast service Order of the meeting de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 5: Annual Report 2016
2 Annual Report 2016 ae\_ de nederlandse verzekerings maatschappij voor alle verzekeringen Jos Baeten Chairman of the Executive Board
Slide 6: 10-06-2016: successful IPO
2 10-06-2016: successful IPO de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 7: Delivering on promises
2 Delivering on promises a6.n\ de nederlandse verzekerings maatschappij voor alle € 599m 189% € 187m +11.5% +9%-pts +10.0% (2015:€ 537m) (post dividend; day-one 180%) (2015:€ 170m) € 569m €475m 14.1% -1.0% 14% on SCR up to 12% target (2015:€ 575m) (post dividend:€ 288m) (2015: 14.4%) € 659m € 301m 9
Slide 8: Clients, employees and sustainability KPIs
2 Number of Clients Employees SRI 3,461 No.1 > 2.5 million 2015: 3,650 Fair Insurance Guide Net Promoter Score Employee Engagement Renovation HQ +4.6 65% -5.8% CO2 2015: -5.4 2015: 53,5% BREEAM Excellent
Slide 9: Overview a.s.r.
Overview a.s.r. a de nederlandse verzekerings maatschappij voor alle verzekeringen Head office | Core values Utrecht Tam helpful The Netherlands I think ahead lact decisively 24.0% 14.7% 10.5% Disability P&C Health Pensions Individual Funeral life
Slide 10: Strong and diversified brands
2 Strong and diversified brands ase \ de nederlandse verzekerings maatschappij voor alle verzekeringen de nederlandse t a eekenean DE ™) AMERSFOORTSE Diizo maatscha Pp ij J IDe Ondernemersverzekeraar voor alle verzekeringen ari europeesche A R D) A N TA verzekeringen
Slide 11: Strategy
2 Strategy Meeting customers’ needs Excellence in pricing underwriting and claims handling Stable cash flows and value-generating businesses Cost effectiveness — Cash-generating business model Our principles drive value in our business portfolio Robust and predictable back books Business enhancement
Slide 12: Strategy: business enhancement opportunities
Strate = SY de nederlandse verzekerings maatschappij High Current profit contribution low voor alle verzekeringen Business enhancement opportunities 3 Robust and predictable back books Divestments High Stable cash flow and value generating business, with relative growth potential Long term growth pr
Slide 13: Executive Board
Executive Board Responsibilities as per 1-3-2017 Jos Baeten Audit Corporate Communications Corporate Social Responsibility Human Resources Integrity Legal Strategy Chris Figee Group Accounting, Reporting & Control Group Asset Management Group Balance Sheet Management Group Risk Management Business F
Slide 14: Operating result (before tax)
Operating result (before tax) (€m) Non-life Life Banking and Asset Management Distribution and Services Holding and Other / Eliminations Total 2015 169 12 -88 537 o vs de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 15: Financial performance 2016 Non-life
Financial performance 2016 Non-life Combined ratio below 100% for all product lines Operating result (€m) 169 16 153 2015 2016 Combined ratio (%) 95.0 95.6 = = 8.9 5. 71.1 72.0 2015 2016 HE Commission GGExpense [1] Claims Gross written premiums (€m) 2,350 2,433 Disability 730 757 rae 1,004 1,083 201
Slide 16: Financial performance 2016 Life
Financial performance 2016 Life Further performance improvement Life liabilities 2016 (€40 billion) Funeral DC Pension Individual DB Pension Gross written premiums (€m) 2,013 1,828 1,256 1,279 2015 2016 HB Single premiums © Recurring premiums de nederlandse verzekerings maatschappij voor alle Operat
Slide 17: Solvency II ratio 2016
2 Total 2016: €6.3 bn. 189% Tier III Tier II 0% 180% 16% >160% 160% Restricted Tier I entrepreneurial level 3% 140% >140% cash dividend payment level 120% 120% a.s.r.’s risk appetite 100 % 100% SCR 81% Unrestricted Tier I 2015 2016
Slide 18: Strong Solvency II ratio
2 Strong Solvency II ratio 2 _ de nederlandse verzekerings maatschappij voor alle verzekeringen 194 Organic capital creation: €301 min 5 “ 4 5 6 189 7 10000 2016 Operational Net release Technical Market& FY2016 before Dividend FY2016 day-one capital of capital movements operational dividend after di
Slide 19: Attractive returns to shareholders
Attractive returns to shareholders Increasing net operating results (ex hybrids) ... Operating result after tax & hybrids pershare(EPS)* 1.87 2.46 369 280 2014 2015 277 415 2016 @.s.r. \___ de nederlandse verzekerings maatschappij voor alle verzekeringen ... and growing dividend Dividend per snare (
Slide 20: Dividend policy
2 Dividend policy = de nederlandse verzekerings maatschappij voor alle verzekeringen =" For 2016 a.s.r. announced at IPO its intention to pay a discretionary cash dividend of € 175 million for 2016. * From 2017 onwards a.s.r. has a dividend policy with a pay-out ratio of 45% to 55% of the net operat
Slide 21: Dividend proposal
2 Dividend proposal = de nederlandse verzekerings maatschappij voor alle verzekeringen " Proposed full year 2016 cash share (OPS) aay a as dividend of € 187 million 187 € 175m 170 IPO guidance =" Exceeding the previous guidance «0 1a of a discretionary dividend for 2016 of € 175 million. " Proposed
Slide 22: Results Q1 2017
2 Results Q1 2017 7 de nederlandse verzekerings maatschappij voor alle verzekeringen €191m 17.3% 188% +38.4% up to 12% target -1%-pts (Q1 2016:€ 138m) (Q1 2016: 13.3%) (full year 2016: 189%) € 1,383m 92.1% € 137m -14.9% Target < 97% 46.2% (Q1 2016: € 1,626m) (Q1 2016: 96.0%) (Q1 2016:€ 129m)
Slide 23: Q&A Annual Report 2016
2 Q&A Annual Report 2016 Annual Report @.s.r.\___ de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 24: Report of the Supervisory Board
2 Report of the Supervisory Board ase \ de nederlandse verzekerings maatschappij voor alle verzekeringen Section 4.2 of the Annual Report 2016 fas Strategy: MYB Risk2 Solvency Acquisitio
Slide 25: Corporate governance
2 Corporate governance Section 4.1 of the Annual Report 2016 Changing interest Dutch State in a.s.r. Two-Tier Regime Stichting Continuiteit ASR Nederland Questions de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 26: Execution of the Remuneration policy
3 Execution of the Remuneration policy Section 4.3 of the Annual Report 2016 Remuneration complies with prevailing legislation and regulations The Executive Board receives no variable remuneration de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 27: Test voting
4 Test voting 2 _ de nederlandse verzekerings maatschappij voor alle verzekeringen The correct writing of our company name is a.s.r.: 1: For 2: Against 3: Abstain
Slide 28: Test voting result
Is the correct writing of our company a.s.r.? For 157,824 Against 671 Abstained 432 For LL 9.58% Against 10.42%
Slide 29: Presentation on the audit of the 2016 financial statements
Annual General Meeting of Shareholders – ASR Nederland N.V. Presentation on the audit of the 2016 financial statements Ernst & Young Accountants LLP Rob Lelieveld May 31, 2017
Slide 30: Agenda
Agenda ► Important aspects of our audit ► Key Audit Matters ► Our conclusions ► Other Remarks AGM ASR Nederland N.V.
Slide 31: Important aspects of our audit
Important aspects of our audit ► Audit consolidated financial statements ► Review Sustainability Information, e.g. ► Customer satisfaction ► Customer focus ► Sustainable investments ► Management report and other information ► Is consistent with the financial statements and does not contain material
Slide 32: Key Audit Matters
Key Audit Matters ► Use of a.s.r.’s internal control environment ► Key Audit Matters ► Adequacy of insurance contract liabilities ► Fair value measurement of investments and related disclosures ► Solvency II ► Reliability and continuity of electronic data processing AGM ASR Nederland N.V.
Slide 33: Our conclusion and other remarks
Our conclusion and other remarks ► Estimates within reasonable range ► Unqualified auditors opinion ► Auditor transition ► Relation with Management and Supervisory Board AGM ASR Nederland N.V.
Slide 34: Ernst & Young Accountants LLP registration notice
Ernst & Young Accountants LLP is a limited liability partnership registered in England and Wales with registered number OC335594. Ernst & Young Accountants LLP has its registered office at 1 Lambeth Palace Road, London SE1 7EU, United Kingdom, its principal place of business at Boompjes 258, 3011 XZ
Slide 35: Financial statements 2016 and dividend
4 Financial statements 2016 and dividend ae.r\__ de nederlandse verzekerings maatschappij voor alle verzekeringen Cor van den Bos Chair of the Audit & Risk Committee
Slide 36: Financial statements 2016 and dividend
4 Financial statements 2016 and dividend ae.r\__ de nederlandse verzekerings maatschappij voor alle verzekeringen a) Proposal to adopt the financial statements for the financial year 2016 . Questions c Voting
Slide 37: 4a Adopt the financial statements: voting result
4a Proposal to adopt the financial statements for the financial year 2016 For 119,672,498 Against il Abstained 67,179 For a 1 00.00% Against 10.00%
Slide 38: Reservation and dividend policy; dividend proposal
4 Financial statements 2016 and dividend ae.r\__ de nederlandse verzekerings maatschappij voor alle verzekeringen b) Notes to the reservation and dividend policy = Questions c) Proposal to adopt a cash dividend for the financial year of 2016 of EUR 187 million (EUR 1,27 per share). = Questions " Vot
Slide 39: 4c Dividend proposal: voting result
4c Dividend proposal For 119,739,797 Against itil Abstained 100 For LL 100.00% Against 10.00%
Slide 40: Discharge of Executive Board
5 Discharge = de nederlandse verzekerings maatschappij voor alle verzekeringen a) Proposal to discharge each member of the Executive Board for execution of their duties in the financial year 2016 = Questions " Voting
Slide 41: 5a Discharge Executive Board: voting result
5a Proposal to discharge the members of the Executive Board For 119,298,129 Against 341,800 Abstained 59,979 For LT 99.71% Against 10.29%
Slide 42: Discharge of Supervisory Board
5 Discharge = de nederlandse verzekerings maatschappij voor alle verzekeringen b) Proposal to discharge each member of the Supervisory Board for execution of their duties in the financial year 2016 = Questions " Voting
Slide 43: 5b Discharge Supervisory Board: voting result
5b Proposal to discharge the members of the Supervisory Board For 119,297,658 Against 342,170 Abstained 100,080 For LL 99.71% Against 10.29%
Slide 44: Extension of authorities: issue shares
6 Extension of the authorities of the a —_ de nederlandse verzekerings Executive Board maatschappij voor alle verzekeringen a) Proposal to extend the authority of the Executive Board to issue shares and/or grant the right to subscribe for shares * Up toa maximum of 10% of the issued share capital "
Slide 45: Authority to issue shares: questions and voting
6 Extension of the authorities of the ton\— de nederlandse verzekerings Executive Board maatschappij voor alle verzekeringen a) Proposal to extend the authority of the Executive Board to issue shares and/or grant the right to subscribe for shares = Questions " Voting
Slide 46: 6a Authority to issue shares: voting result
6a Proposal to extend the authority of the Executive Board to issue shares and/or to grant the right to subscribe for shares For 118,660,448 Against 1,078,729 Abstained Bo For LL 99.10% Against 10.90%
Slide 47: Extension of authorities: pre-emption rights
6 Extension of the authorities of the a —_ de nederlandse verzekerings Executive Board maatschappij voor alle verzekeringen b) Proposal to extend the authority of the Executive Board to limit or exclude statutory pre-emption rights *" In connection with the issue authorization granted under agenda i
Slide 48: Pre-emption rights: questions and voting
6 Extension of the authorities of the a —_ de nederlandse verzekerings Executive Board maatschappij voor alle verzekeringen b) Proposal to extend the authority of the Executive Board to limit or exclude statutory pre-emption rights = Questions «" Voting
Slide 49: 6b Pre-emption rights: voting result
6b Proposal to extend the authority of the Executive Board to limit or exclude statutory pre-emption rights For 118,452,465 Against 1,286,972 Abstained 481 For LL 98.93% Against 11.07%
Slide 50: Extension of authorities: acquire shares
6 Extension of the authorities of the a —_ de nederlandse verzekerings Executive Board maatschappij voor alle verzekeringen c) Proposal to extend the authority of the Executive Board to acquire shares " For a period of 18 months " Subject to approval of the Supervisory Board * Up toa maximum of 10%
Slide 51: Authority to acquire shares: questions and voting
6 Extension of the authorities of the a —_ de nederlandse verzekerings Executive Board maatschappij voor alle verzekeringen c) Proposal to extend the authority of the Executive Board to acquire shares = Questions " Voting
Slide 52: 6c Authority to acquire shares: voting result
6c Proposal to authorise the Executive Board to acquire shares For 119,197,419 Against 410,669 Abstained 131,872 For LL 99.66% Against 10.34%
Slide 53: Proposal to cancel shares held by a.s.r.
Proposal to cancel shares held by a.s.r. a de nederlandse verzekerings maatschappij voor alle verzekeringen " a.s.x. currently owns 3 million shares in its own capital " Acquired on 13 January 2017 " Proposal to cancel these 3 million shares « This will reduce the issued share capital from 150 milli
Slide 54: Cancel shares: questions and voting
7 Proposal to cancel shares held by a.s.r. 7 Questions . Voting de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 55: Cancel shares: voting result
Proposal to cancel shares held by a.s.r. For 119,570,362 Against 169 597 Abstained ala For LLL 9.86% Against 10.14%
Slide 56: Questions
8 Questions de nederlandse verzekerings maatschappij voor alle verzekeringen
Slide 57: Closing
9 Closing = de nederlandse verzekerings maatschappij voor alle verzekeringen " Thank you for your attendance " Please join us for a lunch in the lounge outside this conference room