Konterman joined the Executive Board in 2013 and was appointed vice-chairman of the Executive Board in 2015. Within the Executive Board, his responsibilities include the division Zilveren Kruis (Health), including the former division De Friesland Zorgverzekeraar, as well as the Information Management & Information Technology (IM & IT) division. In addition to that, Konterman is a member of the Supervisory Board of the health insurers of Achmea and of the Supervisory Board of Independer.

Willem van Duin, chairman of the Executive Board, on the departure of Konterman: “Roelof has been of vital importance in recent years for both the growth and the streamlining of our health insurance activities and of our international activities. Under his supervision of IT, among other things, Achmea has secured its leading position in the insurance sector with online and mobile services. We regret his decision to focus more on supervisory positions but, of course, respect it. We wish him every success for the future.”

Aad Veenman, chairman of the Achmea Supervisory Board: “Roelof has proved himself to be a very capable executive over the past few years. Both as a member and as vice-chairman of the Executive Board he has worked diligently for Achmea and for society. It is good to see that he will continue to make use of his qualities, albeit from a different position. We thank Roelof for his efforts in recent years.”

When more is known about Roelof Konterman’s succession, additional information will be provided.

In Canada, Onlia will operate on the fully online IT-platform of InShared, the digital property and casualty insurer of Achmea. In addition to this unique IT platform, Onlia will benefit from Achmea’s strong digital insurance experience in the Netherlands, and other European markets, where other similar digital non-life insurance propositions are offered.

Willem van Duin, Chairman of the Executive Board of Achmea, said: “Starting in Canada fits well with the international strategy of Achmea, which, among other things, focuses on growth via the core competencies of the group, online and direct distribution. The Canadian market is attractive, given its population of over 35 million, expected growth and the continuing shift in personal lines to direct and online distribution

“We are very excited to become partners with Achmea,” said Prem Watsa, Chairman and Chief Executive Officer of Fairfax. “Achmea has an excellent long-term track record and tremendous experience as one of the leading digital insurers in Europe. We look forward to working with Achmea and to growing Onlia with the team led by Pieter Louter over the long-term in Canada.”

For more information on Onlia, visit: www.onlia.ca or @OnliaCA

Customers buy their policies more and more online and prefer arranging their insurance data in this way. InShared is a 100% online insurer and offers its customers ‘a digital policy folder’ where they can easily arrange their own insurance settings and coverage. Under the name ‘OutShared’ the underlying platform is available to other insurance companies as well. In doing so, Achmea facilitates the digitalisation of operations and customer services of others too, raising both efficiency and customer satisfaction.

Robert Otto, member of the Achmea Executive Board: “Our online insurer InShared is known for its efficient service to customers and high customer satisfaction ratings. It’s good that the underlying technology is also made available to other insurers. Part of Achmea’s strategy is a shift towards offering services in addition to our insurance propositions. Partnering with Zurich fits well with this.”

Zurich’s Insurance Mobile Solutions CEO, Theo Bouts, said, “Like many industries today, ours is experiencing a shift towards more physical and digital services. We are and will continue to be fast-adopters of new technologies designed to simplify and improve the customer experience. InShared has proven that its innovations lead to higher client satisfaction and this is why we’ve chosen the OutShared platform as one of the assets to accelerate our Mobile Solutions business.”

The agreement with Aviva was announced in November 2017 and is in line with Achmea’s international growth strategy. It has resulted in an improvement of both Achmea’s solvency and liquidity positions.

As a result Achmea realizes total net cash proceeds of approximately 225 million euros consisting of direct proceeds of the sale and dividend payments collected prior to the transaction. The IFRS results of the transaction have been accounted for in 2017.

RECORDINGS OF THE PRESENTATIONS ARE AVAILABLE HERE 

The three presentation, will illustrate that Achmea is well on track with the realization of its strategy and financial ambitions until 2020. Central to our strategy are continued investments in the service to customers, innovation and the development of services in addition to our insurance propositions. With our multi-brand-strategy we are active across all distribution channels and we are market leader in the growing channels of bancassurance, direct and online. Our efficient and scalable IT-infrastructure also offers us opportunities for further international growth. With the execution of our strategy we contribute to a healthy, safe and future proof society.

As a cooperative insurer our solid financial position forms the foundation of all our activities. Both our operational result as well as our free capital generation develop positively, also as a result of earlier implemented improvement measures. In the interest of all our stakeholders, we aim to maintain our robust solvency position and expect to realize further growth of our results in all our segments.

The documents of all presentations are available at the column on the right side of this page.

Van den Berg is a seasoned executive in the financial sector and has extensive international experience, having worked at Nationale-Nederlanden, AXA and Prudential Financial. From 2007 through 2017 he has been active in Asia, most recently as President Asia at Prudential Financial, where he now still is active as Senior Advisor.

With the appointment of Van den Berg the Supervisory Board of Achmea once again consists of nine members: Aad Veenman (chairman), Anton Vermeer (vice-chairman), Jan van den Berg, Petri Hofsté, Mijntje Lückerath - Rovers, Joke van Lonkhuijzen - Hoekstra, Lineke Sneller, Wim de Weijer en Roel Wijmenga.

The recently announced agreement on the sale of Friends First Life Assurance Company results in an improvement of the group’s solvency and liquidity position, part of which Achmea will use for the benefit of its shareholders.

The buyback of the shares is expected to be finalized by the end of March.

As a result of the sale, Achmea expects to realize total net cash proceeds of approximately 220 million euros, consisting of direct proceeds of the sale of 130 million euros paid by Aviva, dividend payments collected prior to the transaction and a variable completion consideration adjustment amount linked to Friends First’s Net Asset Value, which Achmea expects to receive on finalization of the transaction. The transaction is expected to result in a net IFRS loss on disposal of about 35 million euros for the group, which will be accounted for in 2017.
In addition, Achmea expects to also realise a net cash remittance of an additional 20 million euros as a result of the liquidation of the remaining Irish legal entities.

Willem van Duin, chairman of the Executive Board of Achmea: “Achmea has had for some time a strategic focus on non-life and health insurance distributed through the growing direct, online and banking channels. Friends First is a healthy and growing life and pension insurance activity in Ireland, but its activities no longer matched those of the core competencies of our group. We’re very pleased to have found a suitable new parent company for Friends First and its employees, after a careful selection process where we weighed the interests of all stakeholders involved, such as customers, brokers and especially those of the employees at Friends First.

Tom Browne, Chief Executive Officer at Friends First Life: “While Friends First has enjoyed strong business growth in the last few years, we believe joining Aviva is a really positive step for our company, given Aviva’s own strong life business growth in Ireland and its objective to become a market leader. We are now looking forward to working with the Aviva Ireland team in creating a market leading life & pensions business in the Irish market, with Friends First’s expertise in the areas of investment funds, income protection and group risk enabling Aviva Ireland to offer a truly comprehensive product range. I would like to thank all staff at Friends First for their continued efforts to deliver the best service and products to our brokers and policyholders.”

Van Haaften has extensive knowledge of the international finance and insurance sector and was until recently active as CFO of Graydon Holding N.V. Before that Van Haaften worked among others for Aviva in France for four years and before that he was active for three years for Aviva in the United Kingdom. He also worked for Delta Lloyd in Belgium for over six years.

Uco Vegter, managing director of Achmea International, is pleased with the appointment of Van Haaften. “Caspar has a robust financial background and has already worked in Turkey, among others for the British insurer Aviva. He is accustomed with Turkish culture and is also known as someone who fosters innovation in the financial sector. He has a good fit with our ambitions and with those of our Turkish colleagues. I wish Caspar lots of success in his role as the new CFO van Eureko Sigorta.”

As of October 1st the Executive Team of Eureko Sigorta consists of Can Akın Çağlar (General Manager), Caspar van Haaften (Chief Financial Officer), İbrahim Süha Çele, İsmet Güngör and İlker Arabacı.

Achmea has appointed René Scholten as Chief Financial Officer (CFO) of its Slovakian insurance company Union, pending regulatory approval. On May 1st 2017, Scholten will succeed Ryan Florijn, who held the position of CFO at Union for three years.  Until recently, Scholten was a member of the board and CFO at NN Hellas, insurer NN Group’s Greek insurance operation. Before his assignment to NN Hellas in 2012, Scholten held several leadership roles in finance. In The Netherlands he was active at NN for over five years and before that he worked for more than eleven years at Swiss Life’s Dutch life insurance company Zwitserleven.

Uco Vegter, managing director of Achmea International, is pleased to announce René Scholten as the new CFO for Union. “René has an extensive financial background and I am looking forward to seeing him further strengthening Union. Ryan contributed much to getting Union through a challenging period and I am grateful for his valued contribution. I wish René lots of success in his role as the new CFO of Union.”

As of May 1st 2017 the board of management of Union will consist of Michal Špaňár (Chief Executive Officer), René Scholten (Chief Financial Officer), Elena Májeková, Tomáš Kalivoda and Jozef Koma.

Uco Vegter, chairman of the Board of Directors of Interamerican, is pleased to announce Mr. Kantoros as the new CEO for Interamerican Greece. “We are delighted that we are able to appoint someone who has grown within and throughout our business, to this important position. Since Yiannis Kantoros joined Interamerican, he has developed via marketing, sales and operations into this most senior executive role. We are convinced that with his background and experience Mr. Kantoros is the right man to lead the strategy of accelerating the growth of Interamerican. I have the fullest confidence in him and look forward to him leading Interamerican.”

Yiannis Kantoros: "I am grateful for the trust Achmea has placed in me as the new CEO of Interamerican. It is an honor to take over this role from Mr. Kotsalos, who over the years supported my development and gave me the chance to discover Interamerican in different roles and (executive) positions. I am confident that my broad experience in Interamerican and Achmea group will help me to further accelerate Interamerican’s growth from customer, employee and financial perspectives."

About Interamerican

Founded in 1969, Interamerican has been a leader in Greek market for 45 years. It is the largest private insurance company in Greece and the second largest in the Greek market. In 2001 the group became a part of Achmea. Interamerican operates all insurance branches: Life, Health and Property, as well as Assistance Services and is also active as a health services’ provider. It currently has more than one million individual and corporate customers and offers innovative products and services. The company follows a multi-channel distribution model to optimize product availability and service, both for customers and sales networks. The company introduced Anytime, the first fully online insurer, changing the concept of insurance in Greece. More information: http://www.interamerican.gr

About Achmea

Established in 1811, today Achmea is the largest insurance group in the Netherlands. In its home market, Achmea is market leader in non-life and health insurance. Gross written premiums for the group totaled approximately 20 billion euros over 2015. The group also offers income protection insurance, life insurance, pensions services and mortgages. Asset manager Achmea Investment Management, has over 100 billion euros in assets under management. Internationally, Achmea is active in Turkey, Greece, Ireland, Australia and Slovakia. Each insurer has deep understanding of its local market and customers.

Mr. Jack Buckens, Chairman of the Supervisory Board of Union, is pleased to welcome the new CEO for Union and praises Mr. Špaňár’s trackrecord. “In the Czech Republic, Michal Špaňár helped to build ING into a market leader in employee benefits and in four years, transformed the largest Brazilian insurer SulAmerica in a modern financial enterprise. With his background Michal is well placed to lead the strategy of accelerating the growth of Union. I have the confidence that he is the best man for the job and will support him wherever I can.”

Michal Špaňár: "I am thankful for the trust that Achmea showed in selecting me as the new CEO of Union. I am looking forward to working with Union's dedicated team in helping our customers make better informed decisions about securing their health, risks and financial future. I am confident that my extensive international experience will help accelerate Union's growth from customer, employee and financial perspectives."

About Union Insurance Company
Union Insurance Company offers a wide range of products for life, non-life and health insurance for both individual and corporate clients. Established in 1992, Union Insurance Company is considered one of the most experienced insurance companies on the Slovak market. Since 1997 Union Insurance Company is a subsidiary of the largest Dutch insurance group Achmea together with its sister Union Health Insurance Company, which was established in 2006. Union Health Insurance Company provides services to over 450,000 customers.

About Achmea
Active in 5 countries outside the Netherlands, Achmea is the holding company for a group of strong, successful insurance brands in Turkey, Greece, Ireland, Australia and Slovakia. Within its organisational structure, these brands are managed by operating companies. Each operating company has deep understanding of its local market and target audience, and is extremely customer-focused. Achmea provides support by, among other activities, facilitating the exchange of skills and experience across the Group.

The Notes are priced at 355 basis points above the 10-years midswap rate. The coupon on the Notes equals 4.25%. The Notes will be listed on the Irish Stock Exchange in Dublin, Ireland. The Notes are rated BBB by Standard & Poor’s (based on Achmea B.V.’s A- counterparty credit rating) and were placed by a syndicate of banks comprising of Barclays, Deutsche Bank, JP Morgan, Rabobank and Royal Bank of Scotland. Settlement of the Notes is expected at 4 February, 2015.

More information can be found on our website: www.achmea.com

Regardless of whether the crash was caused by terrorism and/or war Achmea has decided that clients with a travel insurance of Interpolis, Centraal Beheer Achmea, FBTO, Avéro Achmea, InShared or Zilveren Kruis Achmea can count on coverage for repatriation of the victims; for travel to the disaster area in the Ukraine and the (early) return to the Netherlands of clients whose family was aboard the MH17.

Achmea’s life insurers (Interpolis, Centraal Beheer, FBTO, Avéro Achmea) have also decided to pay the insured sums of clients with a life insurance, regardless of whether the plane crash was caused by terrorism and/or war.

Clients with a personal accident insurance including coverage for death from Centraal Beheer Achmea, Interpolis, Achmea Avéro or FBTO can also count on payment of the insured sums.

Emergency center Eurocross Assistance, part of Achmea, is involved in this calamity on behalf of all Dutch emergency centers.

Award May 2014
In 2012 The Slovak Republic decided to introduce a ‘unitary system’ featuring a single state-owned health insurance company. The existing private health insurance companies were to be taken over or, when their owners proved unwilling to sell, expropriated. The Slovak parliament approved a ‘roadmap’ with a timetable in November 2012. According to this timetable the ‘unitary’ state-owned health insurance company was to become operational on 1 January 2014 or, in case expropriation were required to get control over the private health insurance companies, 1 July 2014. Relevant legislation was to be enacted as of 1 May 2013. Faced with the imminent threat of expropriation, Achmea sought to protect its legitimate ownership rights by initiating an international arbitration procedure on the basis of the Dutch-Slovak Bilateral Investment Treaty. The (ad hoc) International Arbitration Tribunal presented its award on jurisdiction and admissibility on 20 May 2014. By that time the Slovak plans to take over or expropriate private health insurance companies had been shelved. In the absence of any expropriation act or any form of expropriation the Tribunal could take no other decision than to close the case and to declare that it had no jurisdiction. In the interest of transparency Achmea decided to disclose the award. (See downloads at the right.) 

Constantino Mousinho joined Achmea in 1998 from BCP in Portugal. He started his career with Eureko in Paris, and transferred to the Netherlands in 2002. Since 2006, he has been CFO at Interamerican. Constantino declared: “I have had a rewarding time at Interamerican working on the company’s transformation into one of the most successful insurance companies in Greece. This experience will be useful in my move to Turkey, where I will work jointly with the new CEO to further build out Eureko Sigorta’s edge in bancassurance.”

Martin Hargas started his career at Union in Slovakia in 1998.  After working as a business analyst at BCP in Portugal and at Achmea in The Netherlands, he took on a two year assignment at Império France in Finance. In 2007 he was appointed to the CFO position at Union. Martin stated: “I am glad Achmea provides me with another international career opportunity. Becoming CFO of Interamerican is a great personal and professional challenge.”

Ryan Florijn joined Achmea in 1998 in the Netherlands, working in various positions in the Pension Division as well as M&A. In 2004 he moved to Greece for a four year assignment, developing expertise in health. Ryan declared: “Union is a great company which I have come to know and appreciate over the last years within Division International. I feel privileged to contribute to its further development as a member of the Union management team.”

Can Akın Çağlar has been General Manager of Ziraat Bankasi from 2003 to 2011. From 2011 until now he has been Board Member of the Turkish Banking Regulation and Supervision Authority. In his new role he will lead the executive team of Eureko Sigorta and manage the bancassurance relationship with their exclusive distribution partner Garanti Bank. Turkey is considered one of the main markets for future growth and the appointment of Can Akın Çağlar is a sign of the priority placed by Achmea on developing Eureko Sigorta and continuing its long-term commitment to the relationship with Garanti Bank.  The experience and seniority that Can Akın Çağlar will bring to the business has left Achmea in no doubt that he is the right man for the job.

“We are pleased that Can Akın Çağlar has accepted to fulfill this position,” says Willem van Duin, Chairman of the Achmea Executive Board. “Can Akın Çağlar is a very accomplished and respected professional within Turkey and he will bring great wisdom and value to our international business. Turkey remains one of our core markets for future growth and this appointment is a sign of our commitment to our exclusive partnership with Garanti bank and its 12 million customers. Can Akın Çağlar knows the Turkish financial market well and has a thorough knowledge of the financial sector. He understand its relevance for economic growth in Turkey and how to place customers centrally within a business. We welcome him to the Achmea Group and wish him success in this new role.”

Can Akın Çağlar: “I am thankful for the trust that Achmea showed in selecting me to become the new CEO of Eureko Sigorta. I am confident that my experience will stand me in good stead to bring a fresh view to the business and build on the existing success already achieved. I also look forward to working closely with Garanti Bank and together we will build the future of bancassurance within Turkey. I now look forward to meeting my team and starting my role within Eureko Sigorta and Achmea.”

​The sale, announced on 21 August 2013, concerned the transfer of the Bulgarian insurance activities of Achmea. The transaction was approved by the regulatory authorities.

​AIIL is a 100% daughter of Achmea Reinsurance Company. In line with Achmea's international strategy the Dutch insurer decided early 2011 to end AIIL’s activities and put the company in controlled run off. By the end of 2012 the private insurer CBL showed interest in AIIL leading to the present agreement. With the acquisition of AIIL CBL strengthens its position on the European insurance market.

​Okan Utkueri recently informed the Achmea Executive Board and the Board of Directors of Eureko Sigorta of his decision to step down and pursue new career opportunities. Okan Utkueri: "I have had the pleasure to lead one of the most successful insurance businesses within the Turkish market. Whilst I am proud of the achievements made, I also feel it is the right time for me to explore new opportunities and for a new leader to drive Eureko Sigorta to the next level of development."

​Willem van Duin, Chairman of the Executive Board of Achmea: "This transaction is an outcome of our focused developments and future strategy for Achmea's international business. We intend to invest in companies that have considerable scale and fit with our core competences non-life and health insurance, distributed through the direct channel or through bancassurance. We are confident that with the support of the Euroins Insurance Group, Interamerican can grow further within the expanding Bulgarian insurance market through brokers and continue to support its clients and other stakeholders."

Achmea starts the arbitration in response to the Slovak Republic's decision to seek to expropriate Achmea's investment in Union zdravotna poistovna (UZP). Achmea wishes to retain its investment in UZP and maintains that the expropriation contemplated is not in the public interest, that it is not taken under due process of law and that it is discriminatory. Moreover, the manner in which the Slovak Republic intends to proceed in the expropriation process clearly contravenes the Bilateral Investment Treaty (BIT). By commencing this arbitration Achmea seeks to avert the impending expropriation.

Achmea already appointed an arbitrator. The government of Slovakia now has two months to do the same. Together, these two arbitrators will appoint an independent president.

This new arbitration procedure follows shortly after an International Arbitration Tribunal in December 2012 ruled in Achmea's favour and decided that the Slovak Republic must pay compensation for the damages Achmea incurred when its ownership rights of UZP were violated between 2007 and 2011. In addition, the Tribunal ruled that the Slovak Republic must pay Achmea's legal cost in the arbitration procedure. The most striking difference between the two arbitration cases is that whereas the former was instigated after Slovakiatook away a number of ownership rights from Achmea - the owner of private health insurance company UZP - the new one seeks to avert the outright expropriation of UZP.

According to the Tribunal the Slovak Republic in 2006 and 2007 breached the provisions of the investment treaty between The Netherlands and Slovakia by fundamentally changing Slovak health insurance legislation with the aim of driving out and damaging investors in private health insurance companies like Achmea. In 2011 the Slovak Republic had already withdrawn the illegal legislative measures, after the Slovak Constitutional Court ruled them to violate the Constitution. According to the award of the International Arbitration Tribunal the Slovak Republic now in addition must pay Achmea EUR 22 million as compensation for the damages Achmea suffered during the time the harmful measures were in force. The Slovak Republic also must pay Achmea's legal cost as well as Achmea's part of the cost of the arbitration procedure, in total EUR 3 million. Achmea may enforce payment of these amounts as per today.

As Achmea's CEO Willem van Duin commented: "The rulings of both the Slovak Constitutional Court and the International Arbitration Tribunal clearly demonstrate that any attempt to force through the expropriation of private health insurers will result in failure - at great cost to the Slovak tax payers. This money could better be spent on improving the quality of Slovak health care and Union and Achmea are ready to cooperate on that."

Achmea has entered into a long term investment in the Slovak Republic and remains committed to that. The insurer wants to increase the number of customers that are served by Union Health Insurance substantially. Achmea knows it is evidenced in other countries, including Achmea's home country The Netherlands, that private health insurance companies contribute to the welfare and well-being of the population.

Eureko has undertaken vis-à-vis the Consortium to enter with the Consortium members, following the close of the bookbuilding process, into a 90-day lock-up in relation to its remaining 1,980 shares. In addition, in order to limit the economic probability of the sale by J.P. Morgan Chase Bank, NA during the aforementioned lock-up period of 3,575,488 shares in PZU, which are subject to a swap transaction with Eureko, Eureko has agreed that until the lapse of aforementioned 90-day lock-up period it will not exercise its early termination rights under the swap transaction.

Please note that under the Settlement and Divestment Agreement dated October 1, 2009, the Polish State Treasury has agreed that, except for the sale of its shares in the PZU IPO, which took place in May 2010, it will not dispose of any other shares held in PZU in any manner until January 1, 2012. Eureko and the MST, while setting the rules for the contemplated transaction, have agreed that the MST’s undertaking towards Eureko, under the Settlement and Divestment Agreement, not to dispose shares held in PZU expires after 180 days following the conclusion of the transaction as a result of the bookbuilding process referred to in above.

Bookbuilding has been managed by Deutsche Bank AG, London Branch (“Deutsche Bank”), acting as Bookrunner, and Dom Maklerski PKO Banku Polskiego w Warszawie (“DM PKO BP”), acting as Co- Bookrunner (together the “Consortium”).

Disclaimer
Any investment decision to buy shares in PZU must be made solely on the basis of publicly available information regarding PZU. Such information is not the responsibility of the Consortium or Eureko and has not been independently verified by the Consortium or Eureko.

The Consortium is acting for Eureko and no one else in connection with the transaction and will not be responsible to anyone other than Eureko for providing the protections afforded to clients of the Consortium nor for providing advice in connection with the transaction.

This announcement is not an offer for sale or purchase of any securities of PZU in the United States or any other jurisdiction. Any securities of PZU may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. PZU has not registered and does not intend to register any securities in the United States or to conduct a public offering of any securities in the United States.

This announcement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this announcement in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”) is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

Neither this announcement nor any copy of it may be taken or transmitted in or into the United States, Canada, Japan or Australia or in any other jurisdiction in which such distribution would be prohibited by applicable law. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract. The distribution of this announcement and other information in connection with PZU’s securities may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

“We are pleased that Piotr has accepted this challenge,” said Willem van Duin, Chairman of the Eureko Executive Board. “Eureko is fully committed to Russia . one of our three core markets for future growth. Thanks to his long association with our international activities, Piotr has a deep understanding of our group priorities and strengths, and their relevance for Oranta.s growth in Russia. We wish him success in this new role.”

Piotr, of Polish nationality, has been part of the Eureko group for more than 10 years. He was previously Eureko.s representative in the management board of PZU and played a key role in the acquisition of Oranta in 2008.

For Eureko, the expansion of the business in Turkey fits perfectly within its international strategy in which Turkey is, next to Russia and Greece, one of the three focus countries.

Eureko entered the Turkish market in 2007 with the acquisition of 80% of Eureko Sigorta and 15% of Garanti Emeklilik, partner Garanti Bank's life and pension business. Part of that agreement was a put option for Garanti Bank on the remaining 20% of the shares of Eureko Sigorta. Garanti Bank chose to exercise its right to sell the shares. For Eureko, the expansion of the business in Turkey fits perfectly within our international strategy in which Turkey is, next to Russia and Greece, one of the three focus countries.

Gerard van Olphen, Vice-Chairman of the Executive Board and CFO of Eureko comments: "Since the start of our cooperation, Eureko Sigorta has developed very well. We are proud that Eureko Sigorta, and its employees, are part of our Group. The friendly atmosphere in which the transaction was concluded shows that both Garanti Bank and Eureko are very much aware of their core strengths, which is finance for Garanti Bank and insurance for Eureko. It also shows that both parties realize that these competences are complementary in many ways. Distribution of insurance products via Garanti Bank in Turkey has proven to be an excellent, logical and client friendly way of advising customers on their personal finance. Eureko has a long standing experience with this model in the Netherlands with the sale of insurance products via the Rabobank."

Gökhan Erün, Executive Vice President of Garanti Bank: "Since 2007 when we teamed up with an experienced partner like Eureko, we have achieved extremely competitive operations in terms of price, product quality and diversity. Garanti closed the year 2010 with a 21% market share as the industry leader in bank insurance. With the recent agreement, our collaboration with Eureko, one of Europe's leading insurance companies, will continue at the same pace. We are carrying out extensive projects to further increase the volume of our insurance products that are complementary to banking products. We will maintain and further secure our leadership in bank insurance."

Eureko remains fully committed to Russia as one of the three core markets for future growth of the Eureko Group. On behalf of Eureko, Piotr Kowalczewski, the Deputy Chairman of the Board of Directors, will continue to supervise Oranta.

Eureko is grateful for Reinhard's contribution and efforts to the development of Oranta and the Eureko Executive Board would like to wish Reinhard every success in his future career.

Eureko announced on 21 December 2010 that it signed an agreement leading to the sale of Império. Eureko was advised by PricewaterhouseCoopers Corporate Finance in Paris for the M&A aspects of the transaction.

Eureko and Baloise announced on 20 July 2010 that they signed an agreement leading to the sale and purchase of Avéro Belgium Insurance. The brand name ‘Avéro’ will be used during a short transitional period before being removed from the Belgian market. The office in Brussels will be retained.

Achmea Reinsurance S.A. is an internal reinsurance company, fully owned by Eureko Re N.V., which in turn is a 100% subsidiary of Eureko B.V. It provides reinsurance coverage to Eureko subsidiaries and external clients. As of 2008, no new business has been written by Achmea Reinsurance S.A. A portfolio transfer of all reinsurance treaties was completed before closing. As a result, the sale comprises a clean company with an Equalization Reserve of approximately € 104 million.

Eureko and CMU announced the sale on 17 September 2010. Eureko Asigurari health insurance clients will continue to have access to the medical facilities of the new group. CMU is a top-class Romanian healthcare services provider which operates 18 clinics, an imaging center and in-patient facilities for surgery and maternity. Its ambitious development plans are backed by Advent International, one of the world’s largest private equity groups.

The sale of Império fits within Eureko’s international strategy. Império serves a niche market – the Portuguese community in France - and distributes its products through its partner, Banque BCP, and a network of agents. As a consequence, Império is a typical example of a company which does not entirely fit in Eureko’s international strategy. After the sale, Império will be better positioned to ensure its future development.

SMATBP group comprises two mutual insurance companies: SMABTP, specialized in goods damages and liabilities and SMAvieBTP, dedicated to persons insurance (savings, pensions, health). The company aims to increase its client database. Within the framework of SMAvieBTP, Império will be dedicated to the continuation of its strategy serving the Portuguese community.

Bookbuilding will commence immediately, though the right to close the books at any time is reserved. The price of the shares will be determined after the books have closed, and an announcement will be made in due course.

Eureko has undertaken vis-à-vis the Consortium to enter with the Consortium members, following the close of the bookbuilding process, into a 90-day lock-up in relation to the stake not sold as a result of the accelerated bookbuilding. In addition, in order to limit the economic probability of the sale by J.P. Morgan Chase Bank, NA during the aforementioned lock-up period of 3,575,488 shares in PZU, which are subject to a swap transaction with Eureko, Eureko has agreed that until the lapse of aforementioned 90-day lock-up period it will not exercise its early termination rights under the swap transaction.

Please note that under the Settlement and Divestment Agreement dated October 1, 2009, the Polish State Treasury has agreed that, except for the sale of its shares in the PZU IPO, which took place in May 2010, it will not dispose of any other shares held in PZU in any manner until January 1, 2012. In case the transaction would be successful, as agreed in more details between Eureko and the MST, the parties have agreed that the MST’s undertaking towards Eureko, under the Settlement and Divestment Agreement, not to dispose shares held in PZU expires after 180 days following the conclusion of the transaction as a result of the bookbuilding process referred to in above.

Bookbuilding will be managed by Deutsche Bank AG, London Branch (“Deutsche Bank”), acting as Bookrunner, and Dom Maklerski PKO Banku Polskiego w Warszawie (“DM PKO BP”), acting as Co-Bookrunner (together the “Consortium”).

Disclaimer
Any investment decision to buy shares in PZU must be made solely on the basis of publicly available information regarding PZU. Such information is not the responsibility of the Consortium or Eureko and has not been independently verified by the Consortium or Eureko.
The Consortium is acting for Eureko and no one else in connection with the transaction and will not be responsible to anyone other than Eureko for providing the protections afforded to clients of the Consortium nor for providing advice in connection with the transaction.

This announcement is not an offer for sale or purchase of any securities of PZU in the United States or any other jurisdiction. Any securities of PZU may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. PZU has not registered and does not intend to register any securities in the United States or to conduct a public offering of any securities in the United States.

This announcement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this announcement in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”) is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

Neither this announcement nor any copy of it may be taken or transmitted in or into the United States, Canada, Japan or Australia or in any other jurisdiction in which such distribution would be prohibited by applicable law. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract. The distribution of this announcement and other information in connection with PZU’s securities may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Euroclinic operates a hospital and three medical centers through which it provides high-end medical services. Euroclinic has 350 employees and realised just under 8 million euros revenue in 2009.

CMU is a top-class Romanian healthcare services provider which operates 18 clinics, an imaging center and in-patient facilities for surgery and maternity. Its ambitious development plans are backed by Advent International, one of the world’s largest private equity groups.

Thomas van Rijckevorsel, member of Eureko’s Executive Board and responsible for international operations, notes: “After a strategic review of our Romanian non-insurance activities, we decided to sell our healthcare service providers to a buyer willing to advance a mutually-beneficial long-term partnership with our insurance activities in Romania. Eureko, through Eureko Asigurari, remains committed to its health insurance activities in Romania, and will actively continue to further develop its leadership position in this market.”

Mr Stary has held several senior management positions with Zurich Financial Services Group. He was Deputy CEO of Zurich Insurance in Russia from 2008 to 2009.

Mr Stary replaces Sergey Ustyukov, who will remain a member of the Board of Oranta and act as an advisor to Mr Stary.

“Mr Ustyukov has greatly contributed to Oranta’s achievements and success in Russia during the last 15 years and we thank him for that,” said Eureko Executive Board member Thomas van Rijckevorsel. “To take over this key role for Eureko, we are pleased to appoint someone with Mr Stary’s strong background and track record.”

This year Eureko announced an international strategic focus on its operations in Turkey, Greece and Russia. Oranta Insurance was established in 1995 and joined Eureko in 2008. A regional network is represented by more than 100 company branches and agencies, operating in most regions of Russia. Oranta Insurance has a license for 70 kinds of insurance and reinsurance services. It employs around 1,100 staff.

About Eureko
Eureko is an unlisted leading insurance group that besides its home country The Netherlands, is also active in ten other European countries. Our core business is insurance – life, non-life and health – and services relating to pensions. Building on our cooperative roots, Eureko’s mission is to achieve balanced value creation for all stakeholders: customers, distribution partners, shareholders and employees. Over 2009 Eureko realised gross written premiums of almost 20 billion euros with about 28,000 employees.

For further information, please contact:

Eureko
Marco Simmers
Press Officer
+31 6 5343 8718
marco.simmers@eureko.com

Oranta Insurance
Jacob Minevich
+7 985 924 98 14
jacob.minevich@rim-pn.ru

Baloise is one of Switzerland’s largest insurers and present in 8 countries in Europe: Switzerland, Germany, Belgium, Luxembourg, Austria, Liechtenstein, Croatia and Serbia. Avéro Insurance fits well within the strategy of Baloise, aiming at a more firm position in the Belgian insurance market. For Eureko, the sale of Avéro Insurance fits within the company’s earlier communicated international strategy.

Thomas van Rijckevorsel, member of Eureko’s Executive Board and responsible for international operations: “With the sale of Avéro to Baloise we have created the best perspective for all parties, enabling Avéro Insurance to fully develop its core competences. In combination with Mercator, Baloise’s Belgian subsidiary, Avéro will be able to obtain a more solid market position.”

Further information, please contact:

Media:

Bert Rensen, Press Officer Eureko
Phone: +31 65 163 57 28
Email: bert.rensen@eureko.com

Investor Relations:

Gül Poslu, Investor Relations Officer Eureko
Phone: +31 62 097 17 58
Email: gul.poslu@eureko.com

About Eureko

Eureko is an unlisted leading insurance group that besides its home country The Netherlands, is also active in ten other European countries. Our core business is insurance – life, non-life and health – and services relating to pensions. Building on our cooperative roots, Eureko’s mission is to achieve balanced value creation for all stakeholders: customers, distribution partners, shareholders and employees. Over 2009 Eureko realised gross written premiums of almost 20 billion euros with about 28,000 employees.

About Avéro Insurance
Avéro is active in the nonlife sector and focuses primarily on the property and transport insurance areas. It holds a market share of 13% in the transport sector. It sells its products to more than 100,000 private and corporate customers exclusively via a network of brokers. In 2009, Avéro achieved a premium volume of 124 million euros. It has 177 employees.

Eureko and Rodardo announced on February 12 that they signed an agreement leading to the sale and purchase of 98.9 per cent of shares in the Interlife Insurance Co. Ltd and 100 per cent of the shares in Interamerican Assistance Ltd.

Interlife was Eureko’s operating company in Cyprus. Rodardo is a Cypriot investment company of which the former CEO of Interlife is one of the shareholders. The selling price is not disclosed and has no material impact on Eureko’s financial ratios.

For further information, please contact:

Media
Bert Rensen, Press Officer Eureko
Phone: +31 65 163 57 28
Email: bert.rensen@eureko.com 

Investor Relations
Sandra van Gils, Investor Relations Manager Eureko
Phone: +31 61 362 84 23
Email: sandra.van.gils@eureko.com

About Eureko 
Eureko is an unlisted leading insurance group that besides its home country The Netherlands, is also active in ten other European countries. Our core business is insurance – non-life, health and income protection – and services relating to pensions. Building on our cooperative roots, Eureko has a clear ambition: to be the most trusted insurer. We pursue this ambition by being customer driven and result oriented in all our operations. Over 2009 Eureko realised gross written premiums of almost 20 billion euros with about 28,000 employees.

The first day of trading is expected to be around 14 May 2010. After the settlement of the IPO, Eureko expects to receive a gross amount of EUR 1.6 bln. (before deduction of costs). Eureko expects to add approximately EUR 700 mln. to its 2010 H1 net profit. Group solvency will increase with 25 per cent as a result of the transaction.

Eureko and Ministry of State Treasury of Poland signed a settlement agreement on 1 October 2009. On 26 November 2009 Eureko received a dividend payment of EUR 1.85 bln. as the first part of the agreement. This formally ended the arbitration procedure based on the Treaty on the Encouragement and Reciprocal Protection of Investments between the Republic of Poland and the Kingdom of the Netherlands. The sale of part of the shares through an IPO is the second important step in the Settlement and Divestment Agreement.

After the planned IPO, Eureko will continue to hold a minority stake of 13 per cent in PZU.

For further information, please contact:

Dutch and International media: 

Bert Rensen, Press Officer Eureko,
Phone: +31 65 163 57 28
Email: bert.rensen@eureko.com

Polish Media: 

Agata Strzalkowska, Compress
Phone: +48 60 930 14 35
Email: AStrzalkowska@compress.com.pl

Investor Relations: 

Sandra van Gils, Investor Relations Manager Eureko
Phone: +31 61 362 84 23
Email: sandra.van.gils@eureko.com
 

Rodardo is a Cypriot investment company of which the current CEO of Interlife is one of the shareholders. The managementteam of Interlife will remain unchanged. The selling price is not disclosed and has no material impact on Eureko’s financial ratio’s. Closing of the deal is foreseen by the end of May 2010. The transaction is subject to regulatory approval in Cyprus.

For further information, please contact:

Media
Bert Rensen, Press Officer Eureko
Phone: +31 65 163 57 28
Email: bert.rensen@eureko.com

Investor Relations
Sandra van Gils, Investor Relations Manager Eureko
Phone: +31 61 362 84 23
Email: sandra.van.gils@eureko.com

About Eureko
Eureko is an unlisted leading insurance group that besides its home country The Netherlands, is also active in ten other European countries. Our core business is insurance – life, non-life and health – and services relating to pensions. Building on our cooperative roots, Eureko’s mission is to achieve balanced value creation for all stakeholders: customers, distribution partners, shareholders and employees. Over 2008 Eureko realised gross written premiums of almost 20 billion euros with about 25,000 employees.

This agreement paves the way for a mutually-beneficial relationship in Greece, from which both parties will accrue long-term benefits.

As the distributor, ING will have access to highly competitive individual and group health insurance products for the Greek market, but without any of the risks associated with underwriting health products.

As the provider, Interamerican will gain access to a wider distribution network for products which are one of its core business areas, and for which the risk element is already factored.

The agreement is valid for a period of five years, and heralds an innovative approach between peers to providing the best health insurance products to their respective client bases.

For further information, please contact: 

Eureko Press Officer
Bert Rensen , +31 (0) 6 516 357 28
bert.rensen@eureko.cc