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.

Achmea disagrees with the Dutch tax authority on the fiscal treatment in The Netherlands of the compensation received for the divestment of its shareholding in PZU, in the years 2009 en 2010. The agreement with the Polish government at the time resulted in total proceeds for Achmea of 4.2 billion euros. The disagreement with the Dutch tax authority is regarding the tax treatment on the amount received of 1.2 billion euros. Achmea is of the opinion that this amount should be exempted from Dutch corporate tax. The court has ruled that of the amount received of approximately 1.2 billion euros, an amount of 248 million euros is exempted from corporate tax.

Achmea is in the process of analysing the ruling by the Court en will decide at a later moment whether it will file an appeal with the Dutch Supreme Court. The impact of the increase of the provision will be accounted for in the results over the first half of this year.

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 today hosts its annual Capital Markets Day 2017 in Leiden. Chairman of the Executive Board Willem van Duin opens the day with a presentation on the strategy of the group.

Van Duin is followed by a presentation by Michel Lamie, Chief Financial Officer of Achmea, on Finance and Solvency II.

After the two presentations about Achmea as a group, a presentation on our service organisation Pension & Life (closed book) is given by Mr. Frans van der Ent, chairman of the Pension & Life division.

Mr. Van der Ent is followed by a presentation by Mr. Michiel Delfos, divisional chairman of Achmea Non-life.

The presentations are concluded by Ms. Fleur Dujardin, director of the fully online insurer InShared.

View the report of the day

Presentations
Strategy Update - Willem van Duin
Finance & Solvency II - Michel Lamie
Pensions & Life - Frans van der Ent
Achmea Non-Life - Michiel Delfos
Inshared - Fleur Dujardin

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, managing director of Achmea International, is pleased to announce Emma Thomas as the new CEO for Achmea Australia. “We are delighted to appoint Emma Thomas as CEO of our growing Australian insurance operation. Emma Thomas has extensive knowledge of the agricultural insurance market and has a strong financial and sales management background. I am very grateful for the great work Timo van Voorden has done in building the company from the ground up and I have the fullest confidence that with the leadership of Emma Thomas Achmea Australia will continue to be the best insurer for farmers in Australia.”

Emma Thomas: “I’m excited to join the Achmea Australia team and bring my rural insurance experience to the position of CEO. Having seen first-hand the devastating impacts, both commercially and personally of natural disasters and storm events on the farming community, the mutual ethos has a very important role in the Australian insurance industry. I look forward to building from the proud history Achmea has in supporting rural businesses and putting clients first."

The Annual General Meeting of Shareholders, held on 30 March 2017, adopted the financial statements and granted discharge to the Executive Board and Supervisory Board. The AGM also resolved to pay out a dividend on the preference shares of 5.5% of the paid-in amount of these shares.

Annual reporting is an important opportunity for Achmea to reinforce the strong ties with its stakeholders. Stakeholders include our customers, our employees, business and other partners and capital providers. In our annual report we provide a complete overview of our organisation, showing the connections between our strategy, our governance and the social and economic context in which we operate.

The report is structured according to the six dimensions of our strategy map. It thus provides an insight into how our company performs from six different perspectives: as regards our customers, our staff, our business and other partners and society at large and from the perspective of our processes and financial performance. The report is in accordance with the IIRC framework and the core option of GRI G4 of the Global Reporting Initiative (GRI).

Further details regarding Achmea's strategy will be disclosed along with other information at the Capital Markets Day on 1 June 2017.

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.

Since 2005, Michel Lamie has been a member of the Board of De Goudse Verzekeringen, where he was appointed chairman of the Executive Board in 2009. Also since 2009, he has been Chairman of the Supervisory Board of insurance brokerage Van Lanschot Chabot. Between 2002 and 2005, Lamie worked at Achmea, most recently as Group Director Finance & Control. Prior to this, he held various management positions at KPMG and RSA Benelux.

Willem van Duin, chairman of Achmea's Executive Board: "We have got to know Huub Arendse as a very driven and professional Chief Financial Officer. He is a great asset to Achmea and we are very thankful to him. With the appointment of Michel Lamie, we welcome a skilled executive with a great deal of experience in the financial sector."

Aad Veenman, chairman of Achmea's Supervisory Board: "We are very grateful to Huub Arendse for the contribution he has made to our group. Although we will be saddened to see him go on 1 April 2017, we are pleased to have been able to appoint a suitable successor in Michel Lamie in good time.

Following the changes above, Achmea's Executive Board consists of Willem van Duin (chairman), Roelof Konterman (vice-chairman), Michel Lamie (CFO), Robert Otto, Bianca Tetteroo and Henk Timmer (CRO).

Winnock was set up in 1989 under the name Rug AdviesCentrum (and renamed Winnock in 2002). Achmea has been a shareholder since 2000. The company has been a market leader in long-term reintegration and rehabilitation for many years. Winnock provides national coverage with ten offices across the country. Winnock employs approximately 140 employees (100 FTEs), including medical specialists, physiotherapists, occupational therapists and psychologists.

Marius Touwen, director of the Zorg van de Zaak Network, is pleased to welcome Winnock’s staff. "Winnock's activities seem to connect well with the problems staff encounter and the obstacles they face when it comes to employability. Thanks to a multidisciplinary approach with an intensive programme and tailored supervision, employees can reintegrate successfully in the workplace. The employer is closely involved in the reintegration process, leading to a lasting return to employment. This is a valuable addition to our expertise-based businesses that contributes to the happiness employees experience at work."

Willem van Duin, Chairman of Achmea's Executive Board: "Achmea's primary focus is on offering insurance and related products, pension arrangements and asset management. The sale of Winnock will help us implement our strategy of focusing on our core business. For Winnock, the transfer offers the opportunity to continue developing as a business, for example in rehabilitation care. I am confident that our Winnock colleagues will flourish in the new environment."

The proposed transaction is subject to the approval of the relevant regulatory and competition authorities. The Works Council has of course been involved in the process. Parties expect to complete the transaction in the fourth quarter of 2016.

The Annual General Meeting of Shareholders, held on 20 April 2016, adopted the financial statements and granted discharge to the Executive Board and Supervisory Board. The AGM also resolved to declare a dividend on the ordinary shares totalling €146.7 million, equivalent to 45% of the net profit attributable to shareholders, and to pay a dividend on the preference shares of 5.5% of the paid-in amount of these shares.

Annual reporting is an important opportunity for Achmea to reinforce the strong ties with its stakeholders. Stakeholders include our customers, our employees, business and other partners and shareholders. In our annual report we provide a complete overview of our organisation, showing the connections between our strategy, our governance and the social and economic context in which we operate.

Social trends and the dialogue with our stakeholders form the basis for the main topics of Achmea's reporting. In partnership with our internal and external stakeholders in 2015 we have highlighted those themes which they find particularly relevant for Achmea. New developments relating to care and to the work-life balance demand new solutions if we are to continue helping our customers and strengthening society. Our stakeholders see it as a duty of ours to make a contribution to a healthier, safer and more future-proof society.

The report is structured according to the six dimensions of our strategy map. It thus provides an insight into how our company performs from six different perspectives: as regards our customers, our staff, our business and other partners and society at large and from the perspective of our processes and financial performance. The report is in accordance with the IIRC framework and the core option of GRI G4 of the Global Reporting Initiative (GRI).

Further details regarding Achmea's strategy will be disclosed along with other information at the Capital Markets Day on 26 May 2016.

At its own initiative, Achmea contacted the Dutch Tax and Customs Administration regarding this matter in early 2014. The Public Prosecution Service subsequently started an investigation on 19 August of this year into the possibly incorrect processing for tax purposes of lease agreements, as well as an investigation into the officials then responsible and the corporate entities involved. The investigation focuses on the officials Jeroen van Breda Vriesman (then chairman of the Board for the Health division), and Leon de Jong (then director of the Customer Contact Centres & Service Companies, and in this capacity, also responsible for the Health Centres), and on Achmea Health Centres BV and Achmea BV.

Jeroen van Breda Vriesman: “Together with the Executive Board and the Supervisory Board, after careful consideration, I have decided to step down temporarily. I feel that a board member should be beyond all doubt at all times. Given that I bore final responsibility in 2007 for the division in question, this is the only right decision at this time.”

Willem van Duin, Chairman of the Executive Board: “We understand and respect Jeroen’s decision. He is known as an honourable board member who enjoys a good reputation both in and outside of the company. Given the investigation, this is the only right and sound action to take. Leon de Jong, currently group director at Central Services, has also temporarily stepped down for the same reason. Neither the Executive Board nor the Supervisory Board have any reason at present to doubt the integrity of either official.”

Achmea will obviously lend its full cooperation in the investigation. No further announcements on the details of the investigation may be made during the course of the Public Prosecution Service’s investigation.

Achmea has owned and operated a chain of fitness centres in the Netherlands since 2000. However, the Dutch fitness market has radically changed in recent years: the market is saturated and has been facing strong price competition due to the emergence of budget chains. In addition, as part of a growing trend, many Dutch people aspire to improve their health in a variety of ways besides working out in a gym. Coupled with the limited number of locations (achieving national coverage with its own chain of fitness centres has proved to be impossible) and continued financial losses, this prompted Zilveren Kruis Achmea to reconsider its strategy of owning and operating its own fitness centres.

New health policy
In launching its new health policy, Zilveren Kruis Achmea is catering to customers who are committed to improving their vitality in any which way through a wide spectrum of lifestyle modifiers, including nutrition, sports, exercise, relaxation, weight loss and lifestyle, both indoors and outdoors. The company has made quality, accessibility and affordability key elements of the new policy and has already conducted initial negotiations with various partners, suppliers and customers. Feedback from these stakeholders on the company’s new strategy has been positive across the board.

Sale
The organisational change will see the sale of the Achmea Health Centers by shareholder Achmea, with a total of 19 locations set to be sold to Fitland. The parties signed a letter of intent to confirm the transaction today. Following the sale, which marks the natural next step in the partnership Achmea Health Centers and Fitland entered into last year, Fitland will become the largest high-end fitness chain in the Netherlands. The Fitland Group will be adopting Zilveren Kruis Achmea’s new strategy following completion of the sale. No jobs will be affected at any of the Health Centers concerned, while gym patrons will be able to continue using the facilities as before.

Closure
The head office and twelve health centres which have operated at a loss for many years will be closed following the sale, as keeping them in operation was no longer viable. A total of 126 full-time positions will be eliminated as a result, which will affect roughly 450 employees, the majority of whom work on a part-time basis. Gym patrons will be offered an alternative solution in the vicinity of their former gym.

Both the proposed sale and the closure of the facilities are subject to the recommendation of the Representative Advisory Board.

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.) 

Transparency regarding all aspects of our operations is therefore more important than ever. We want to show how we serve our eight million customers in the best possible way, what strategy we pursue with that aim in mind, the progress we make and also what the payback is for us.

This year we are taking a further step towards greater transparency. From now on, we will publish an integrated annual report covering both our financial results and societal achievements and demonstrating how we add value for our customers, our employees, our business partners and our shareholders.

Click here for the annual report.

​As well as help with employment and income issues, the four largest CNV-affiliated trade unions have been providing personal legal assistance for their members for many years. Until now, CNV has provided personal legal assistance via its own insurer. The plan is for these activities to be taken over by Stichting Achmea Rechtsbijstand (Achmea Legal Assistance Foundation), to which the staff of CNV Rechtshulp (CNV Legal Assistance) who are affected by the change will be transferred, together with the active files.

OVO has over 600 members, including provincial and municipal authorities, water control boards, police forces and public-sector institutions. In mid-November, an extraordinary general meeting of members of OVO unanimously approved the transaction. The contract was also approved by the regulators and given a positive recommendation by Achmea's Central Staff Council.

The share transfer is a consequence of Rabobank’s aquisition of Friesland Bank in April 2012, when FBA was owned by a joint venture between Friesland Bank (49%) and Delta Lloyd (51%). Following its acquisition by Rabobank, Friesland Bank purchased Delta Lloyd’s interest in the joint venture. With effect from 31 December 2012, Friesland Bank is transferring all the shares in FBA to Achmea.

Rabobank intends to integrate Friesland Bank’s activities fully into the Rabobank organisation. In parallel with this exercise, FBA’s insurance operations will be transferred to Achmea (more particularly Interpolis) and Rabobank. Customer contact and advisory functions will be provided by local Rabo bank branches.

Friesland Bank Assurantiën was formed in 1970 and is now among the 25 largest insurance intermediaries in the Netherlands. FBA offers a wide range of insurance products for individuals, businesses (including agricultural enterprises), institutions, associations and foundations.

Achmea (17,000 staff) is the largest insurance group in the Netherlands and is known primarily for such strong brands as Interpolis, Centraal Beheer Achmea, Zilveren Kruis Achmea, Avéro Achmea, FBTO and Agis. Achmea was formed in 1811 in the small village of Achlum in Friesland.

De Friesland and Achmea are pleased that the NMa permit procedure has resulted in a positive decision. For the coming five years De Friesland will remain largely autonomous within Achmea.​

Via CEA, the European umbrella organisation of insurance and reinsurance companies, the insurance industry was invited to nominate ten candidates for the EIOPA stakeholder group, which has a total of thirty members. As well as insurers, the group also includes representatives of consumer organisations, users, trade unions and academia. The stakeholder group, which will meet at least four times a year, will advise EIOPA on issues such as the implementation of technical standards and notify EIOPA of any inconsistent application of European Union law or inconsistent supervisory practices in the European member states. Eureko is delighted that EIOPA’s Board of Supervisors has selected Gerard van Olphen out of more than 100 candidates nominated for appointment to this group. His considerable expertise and experience in the field of financial services were undoubtedly a significant factor in the Board’s decision.

Gerard van Olphen is also Chairman of the Commission on Financial Affairs of the Dutch Association of Insurers and Chairman of the ECOFIN Committee of CEA, the European insurance and reinsurance federation.

As a consequence of the permit procedure, the planned merger date of 1 January 2011 has been delayed by a few months. The NMa needs extra time for more extensive research. Achmea and De Friesland Zorgverzekeraar look forward to an affirmative decision of the NMa and have full confidence in a positive outcome. De Nederlandsche Bank (DNB) issued a statement of no objection concerning the proposed merger.

The permit application will be submitted directly in 2011. A final decision is to be expected thirteen weeks later. The extended process has no influence on the intentions of both parties to merge.

The new agreement will replace the existing agreement between Rabobank, Vereniging Achmea and Eureko that was entered into in September 2005. The agreement at that time included the intention to realise a merger between Rabobank and Eureko. Both groups had already previously concluded and communicated that a merger is no longer required in order to achieve the common strategic objectives. A merger is furthermore not desirable in view of the developments in financial markets in recent years.

Rabobank will remain a strategic shareholder in Eureko alongside Vereniging Achmea, the Achmea clients’ representative body. In view of the new capital regulations for banks, Rabobank is reducing its stake in Eureko from 39 percent to approximately 29 percent. This reduction will be realised through the sale of shares to Vereniging Achmea, the dilution of Rabobank’s stake due to the planned merger of Vereniging Achmea and Coöperatie De Friesland Zorgverzekeraar and a proposed share buy-back by Eureko. Vereniging Achmea will hold a stake of approximately 65 percent after the transaction.

Piet Moerland, Chairman of the Executive Board of Rabobank Nederland: ‘The new agreements are in step with the times and confirm our close co-operation. The essential aspect is that they confirm and intensify the commercial partnership between both groups. It is important for us to be able to offer our clients a comprehensive range of financial services, including services in the field of insurance. Rabobank and Eureko are furthermore highly complementary in terms of identity and co-operative background.’

Willem van Duin, Chairman of the Executive Board of Eureko: ‘As a Rabobank house brand, our subsidiary Interpolis plays a key role within the commercial partnership and will continue to do so in the future. We are, for example, currently working on further integration of our processes and Interpolis is developing innovative and accessible products and services for our clients. Both majority shareholders, Vereniging Achmea and Rabobank, will naturally continue to have a voice in important strategic decisions.’

The new agreements between Rabobank, Vereniging Achmea and Eureko are subject to the approval of the supervisory bodies and works council.

De Friesland will occupy an independent position within Achmea as a separate division, which will also be responsible for the operational management of the care portfolio of FBTO (part of Achmea). With this expansion, the number of people whose health insurance is entrusted to Achmea group health insurers increases to more than five million. The merger will not result in any job losses and, for De Friesland staff, it offers greater opportunity for development and wider career prospects.

Continuity
Combining the businesses of De Friesland and Achmea strengthens the position of both companies and therefore enhances the prospects for long-term continuity. The financial risks faced by regional and small health insurers are set to increase rapidly over the next few years as a result of government spending cuts, the expected abolition of equalisation mechanisms and tighter European regulations. Merging with Achmea enables De Friesland to spread those risks.

Strong brand
De Friesland is a sound business with a strong brand in the north of the Netherlands, particularly in Friesland, providing a high standard of service and enjoying the strong confidence of its customers. Earlier this year, with the object of maintaining and building on its established position, the health insurer presented an ambitious strategic plan, with the focus on improving care and relations with the care sector, strengthening its societal role with respect to prevention and quality of life and achieving further growth of De Friesland. This policy, which also includes the strategic care procurement policy presented in August, will be continued.

Savings
The business combination promises efficiency savings for the two companies. Although De Friesland and Achmea will be procuring healthcare services independently, De Friesland will assume responsibility for healthcare procurement on behalf of its own insureds and those of other Achmea business units in the Province of Friesland while Achmea will look after healthcare procurement for De Friesland customers outside Friesland.

The additional scope for investment will enable De Friesland to develop new care concepts more rapidly while keeping costs under control. De Friesland customers will be able to make use of the facilities and services provided by Achmea, such as the Achmea Health Centers. And, as a result of the merger, Achmea will obtain a better insight into the use of healthcare provided under the General Exceptional Medical Expenses Act (AWBZ) for its own customers in Friesland. There will also be the opportunity to sell non-life, life and income protection products to De Friesland customers.

De Friesland CEO Diana Monissen commented, ‘ I expect the ties with our customers and the quality of the service we provide to become even better as a result of the merger. This alliance gives a guarantee of long-term continuity for our organisation and our customers. Achmea makes this possible while allowing us not only to retain our core qualities but actually to build on them, too.’

Willem van Duin, chairman of the Achmea Executive Board, is delighted with the planned alliance: ‘De Friesland brings an extremely strong brand and a very sound business with highly committed employees to our group. At Achmea we value and cherish the loyalty which a business is able to establish with its customers. Within our entire portfolio of strong brands, De Friesland will be the pearl of the North where health insurance is concerned.’

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About De Friesland Zorgverzekeraar
De Friesland Zorgverzekeraar has 500,000 insured of whom approximately 400,000 live in the Province of Friesland, representing a market share of 65 per cent. The business generates revenues of approximately €1.2 billion and employs more than 600 people. De Friesland is also responsible for the administration of healthcare under the General Exceptional Medical Expenses Act (AWBZ) in the Province of Friesland, involving an additional amount of approximately €1 billion annually.

About Achmea
Achmea is the largest insurance company in the Netherlands and is the parent company of strong brands like Avéro Achmea, Centraal Beheer Achmea, FBTO, Interpolis, Zilveren Kruis Achmea and Agis. Achmea is not a listed company, having a mutual-society background. It seeks to strike a balance between the interests of customers, distribution partners, employees and shareholders. Achmea is part of Eureko, which is active in eight other European countries in addition to its home market of the Netherlands.

Jack Buckens began his career with Nationale Nederlanden in 1982. He joined Interpolis in 1990, occupying various management positions in the period prior to 2006. He has been chairman of Achmea’s Occupational Health Division since the merger of Achmea and Interpolis.

Rob Becker worked for McKinsey & Company from 1990 to 2005, with postings in various countries. For the last six years with McKinsey he was a partner in the firm, specialising in the financial sector. In 2006 he joined Achmea Pensions as CFO and was appointed CEO of Achmea Bank in 2008.

Willem van Duin, chairman of the Executive Board van Eureko/Achmea commented, ‘We’re pleased to be able to find a suitable successor to Joop Kanen from among our own ranks. Jack Buckens possesses extensive experience in the insurance world and worked for Interpolis for many years prior to the merger with Achmea. That makes him ideally suited to succeed Joop Kanen. Rob Becker, who takes over from Jack, has also been appointed from within the company. Rob is a versatile manager who has amassed a great deal of experience in the financial world. I wish both gentlemen every success in their new and challenging positions, both personally and on behalf of my colleagues on the Executive Board.’

Turning to the departure of Joop Kanen, Van Duin continued, ‘As Joop Kanen retires we will be saying goodbye to something of an institution in the insurance landscape and a remarkable personality. We are particularly deeply indebted to him for the way in which, as head of the Banking Distribution Division, he has steered and moulded the alliance with the local Rabobank branches, which act as the main distribution partners for Interpolis. We wish him a very happy retirement when he leaves us at the end of December.’

Group Communications & Brand Management
Stefan Kloet
+31 6 12 22 36 57
stefan.kloet@eureko.com

This commercial cooperation has grown in many areas in recent years. For example, Rabobank and Eureko are investing together in offering products via multimedia channels, in order to serve customers in different ways. Both Eureko and Rabobank stress that the intention to merge should be seen separately from the commercial cooperation, under which products and services are offered jointly to customers.

Piet Moerland, Chairman of the Executive Board of Rabobank Nederland: ‘We attach great value to the strategic cooperation between Rabobank and Eureko. Via Interpolis, our customers have access to all the products and services offered by Achmea, the largest insurance company on the Dutch market, which like Rabobank is unlisted.’

Willem van Duin, Chairman of the Executive Board of Eureko: ‘Rabobank and Eureko agree that the priority is to expand our commercial cooperation. The share of Interpolis policies within the total product offering of the local Rabobanks will grow further. Jointly offering financial services to our customers strengthens the excellent position already enjoyed by both Rabobank and Eureko: two distinctive companies with a similar cooperative background and a similar position in society.’

For more information please contact:

Rabobank Groep

Raymond Salet
Press Office
+31 30 216 2832
r.salet@rn.rabobank.nl

Eureko

Stefan Kloet
Group Communications & Brand Management
+31 6 12 22 3657
stefan.kloet@eureko.cc