DELTA LLOYD : 06 NOVDelta Lloyd: continued focus on profitable and organic growth

6 November 2014

• Life insurance IRR up 2pp to 11% (Q3 2013: 9%), new business margin up 1.1pp to 3.1% (Q3 2013: 2.0%)

• General insurance COR comfortably below target of 98%

• Total gross written premiums (GWP) 17% lower at € 3.0 billion (Q3 2013: € 3.6 billion), largely due to lower Life Insurance GWP

• Life insurance GWP at € 1.9 billion (Q3 2013: € 2.5 billion), due to higher volume of annual premiums and lower single premiums

• General insurance GWP at € 1.0 billion (Q3 2013: € 1.1 billion), due to strict underwriting

• New mortgage origination steady at € 733 million (Q3 2013: € 778 million)

• Net outflow of retail funds and institutional mandates of € 316 million (Q3 2013: net inflow of € 409 million)

• Group embedded value of € 4.6 billion (year-end 2013: € 4.4 billion)

• IGD group solvency 196% (year-end 2013: 184%), operational capital generation on track, however offset by the increase in required capital resulting from adverse interest rate developments

Niek Hoek, chairman of the Executive Board: "We have delivered a satisfactory commercial performance overall, with healthy, profitable new business at both Life and General insurance, and a continued strong position in new annual life premiums. Delta Lloyd is committed to generating organic, profitable growth in our home markets. Meanwhile, our capital position remains robust. Anticipating prolonged low interest rates, we have strengthened our marked-to-market provisions for our customers by an additional € 4.4 billion. Despite this addition, we managed to grow our shareholders' funds by € 113 million. Our IGD solvency ratio is supported by solid capital generation, but was affected by adverse interest rate developments. We aim to increase our IGD group solvency ratio to more than 200% by the end of the year and to decrease the premium on stock dividend to 2% at the 2014 final dividend payment."

Delta Lloyd remains focused on pursuing its existing, strategy of targeting organic growth, combined with state of the art products and services and strong cost discipline. This strategy is preferred over an active participation in the industry consolidation that is taking place in the Dutch market at the moment.

Delta Lloyd terminated exclusive negotiations with a prospective buyer for Delta Lloyd Bank Belgium as they had not resulted in an acceptable agreement on price and conditions. The bank is a healthy, profitable business that is fully capable of operating independently within the group. Delta Lloyd Bank Belgium will continue to develop its expertise in the areas of asset accumulation and wealth creation for the benefit of its customers, while remaining an important distribution channel for the life insurance and pension products of Delta Lloyd Life in Belgium.

On 18 July 2014, Delta Lloyd reached agreement with BinckBank on the acquisition of the remaining 50% of the shares that BinckBank held in the PPI (premium pension institution) BeFrank for € 19.5 million.

The Supervisory Board of Delta Lloyd plans to appoint Hans van der Noordaa (53) as the new chairman of Delta Lloyd's Executive Board from 1 January 2015. The Supervisory Board will present the planned appointment to shareholders at an Extraordinary General Meeting to be held on 12 November 2014. This will be followed by a formal appointment. Hans van der Noordaa will succeed Niek Hoek, who will resign as chairman on 1 January 2015.

Conference call for analystsand investors
On 6 November 2014, at 10.00 am (CET), there will be an analyst and investor call with Niek Hoek (Chairman Executive Board) and Emiel Roozen (CFO). The number for this call for analysts and investors (in English) is +31 (0)20 531 5871. A live audiocast will also be available at www.deltalloydgroep.com.

This press release is available in a Dutch translation at www.deltalloydgroep.com.

Media Relations             +31 (0)20 594 44 88
Martijn Donders, Anneloes Geldermans
mediarelations@deltalloyd.nl

Investor Relations          +31 (0)20 594 96 93
Roeland Haanen, Hans Duine, Marscha Corzilius
ir@deltalloyd.nl

About Delta Lloyd NV
Delta Lloyd has been a trusted partner for insurance, pensions, investing and banking since 1807. It is our goal to offer financial security, now and in the future. We deliver clear, reliable and contemporary products and services that meet our customers' needs and create value for them, our shareholders and our employees. Our primary markets are the Netherlands and Belgium. In the Netherlands, we operate under the Delta Lloyd, OHRA and ABN AMRO Verzekeringen brands, while in Belgium we use the Delta Lloyd brand. We employ 5,085 (FTE) permanent staff, of which 3,825 in the Netherlands, 1,077 in Belgium and 184 in Germany. In 2013, we achieved a premium income of € 4.7 billion and a net operational result of € 430 million. Our shareholders' funds amount to € 2.7 billion and we manage investments worth € 83 billion. Delta Lloyd is listed on Euronext Amsterdam and Brussels, and included in the DJSI, AEX- and Bel-20 indices.

Important information

• Certain statements contained in this press release that are not historical facts are "forward-looking statements". These forward-looking statements are based on management's beliefs and projections and on information currently available to them. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Delta Lloyd's control and all of which are based on management's current beliefs and expectations about future events.
• Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Delta Lloyd undertakes no duty to and will not update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement as a result of risks and uncertainties facing Delta Lloyd and its subsidiaries. Such risks, uncertainties and other important factors include, among others: (i) changes in the financial markets and general economic conditions, (ii) changes in competition from local, national and international companies, new entrants in the market and self-insurance and changes to the competitive landscape in which Delta Lloyd operates, (iii) the adoption of new, or changes to existing, laws and regulations such as Solvency II, (iv) catastrophes and terrorist-related events, (v) default by third parties owing money, securities or other assets on their financial obligations, (vi) equity market losses, (vii) long- and/or short-term interest rate volatility, (viii) illiquidity of certain investment assets, (ix) flaws in underwriting assumptions, pricing and/or claims reserves, (x) the termination of or changes to relationships with principal intermediaries or partnerships, (xi) the unavailability and unaffordability of reinsurance, (xii) flaws in Delta Lloyd's underwriting, operating controls or IT systems, or a failure to prevent fraud, (xiii) a downgrade (or potential downgrade) of Delta Lloyd's credit ratings, and (xiv) the outcome of pending, threatened or future litigation or investigations.
• Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, Delta Lloyd's actual financial condition or results of operations could differ materially from those described herein as anticipated, believed, estimated or expected.
• Please see the Annual Report for the year ended 31 December 2013 for a description of certain important factors, risks and uncertainties that may affect Delta Lloyd's businesses.