DELTA LLOYD : solid performance in challenging markets

• Due to a technical error this publication was coincidently released ahead of time (after trading on Monday 23 February 2015). For this reason we decided to publish on Monday 23 February 22.15 CET. From 7.30 am CET we will be available for questions.
• Focus on profitable new business and annual premiums in Life (NAPI^{[1]:
  #_ftn1}: € 418 million, IRR: 10%) and strong performance in General insurance (COR: 94.5%)
• Operational result € 377 million (2013: € 426 million), reflecting stable technical results and lower LTIR, due to lower yield curve
• IGD group solvency at 183%^{[2]:
  #_ftn2}, due to impact mortgage valuation and yield curve
• Shareholders' funds declined to € 2.5 billion (2013: € 2.6 billion), IFRS net profit was € 361 million (2013: € 183 million^{[3]:
  #_ftn3})
• Proposed total dividend € 1.03, premium on stock reduced to 2%
• Annemarie Mijer-Nienhuis nominated as chief risk officer

Hans van der Noordaa, chairman of the Executive Board: "Delta Lloyd remains focused on serving our customers in the best possible way and on improving our core businesses. Delta Lloyd has delivered a solid performance in 2014, making good progress in further adapting our business model to a new reality of changing customer preferences, sustained low interest rates and a rapidly changing regulatory framework. In our Life business, we have successfully accelerated the shift to less capital intensive pension schemes, with a clear focus on inflow of annual premiums. Following the restructuring of the portfolio, our General insurance business has performed well, due to strict underwriting, lower costs and improved profitability. The sale of non-core activities in Belgium and Germany will enable management to focus even more on our core business. For 2015, customer centricity, prudent capital management and improving efficiency will be our key priorities."

Key figures
(in millions of euros, unless otherwise stated)	2014	2013	Change
Gross written premiums (GWP)[4]: #_ftn4	3,946	4,709	-16%
NAPI	418	431	-3%
Operational expenses3 (2014 objective: € 750 million)	714	776	-8%
Operational result after tax and non-controlling interests3,5	377	426	-12%
Result (IFRS) after tax and non-controlling interests[5]: #_ftn5	361	183	97%
COR[6]: #_ftn6 (2014 objective: <98%)	94.5%	97.7%	-3.2pp
Internal rate of return of new life sales (2014 objective: > 9%)	10%	10%	-
Shareholders' funds after non-controlling interests	2,468	2,621	-6%
Regulatory (IGD) solvency insurance entities	213%	213%	-
Regulatory (IGD) group solvency2	183%	184%	-1pp
Group European Embedded Value	4,346	4,447	-2%

  Presentation of the 2014 results on 24 February 2015

On Tuesday 24 February 2015 at 11.30 am (CET) Hans van der Noordaa (Executive Board chairman) and Emiel Roozen (CFO) will host a presentation for analysts; the presentation can also be viewed via webcast on our website.

Analyst presentation:   24 February 2015, 11.30 am (CET)
                                               Conference call: +31 20 531 58 71 (English language)
Location:                             Delta Lloyd Auditorium, Spaklerweg 4, 1096 BA Amsterdam

This press release and the financial supplement 2014 are available at www.deltalloyd.com:
http://www.deltalloyd.com/. The analyst presentation is also available at www.deltalloyd.com.

More information about this press release:

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
ir@deltalloyd.nl

Important information

• This press release contains the figures of the full year 2014 for Delta Lloyd NV ('Delta Lloyd'), inclusive of Delta Lloyd Levensverzekering, Delta Lloyd Schadeverzekering, ABN AMRO Verzekeringen, Delta Lloyd Life Belgium, Delta Lloyd Asset Management, Delta Lloyd Bank Netherlands, Delta Lloyd Bank Belgium and Delta Lloyd Deutschland.
• As the German business is in run-off and no commercial activities are undertaken by the German business, Delta Lloyd Deutschland is excluded from the volume based KPI's (Gross Written Premiums and New Business) in this press release. In all other KPI's Delta Lloyd Deutschland is included, as the run-off results of the German operations will be recorded in the books of Delta Lloyd.
• The results and income of the ABN AMRO Verzekeringen joint venture are fully consolidated in the figures. Adjustment for the 49% interest of ABN AMRO Bank Netherlands is included in 'non-controlling interests' in the consolidated income statement.
• The figures in this press release have not been audited. They are partly based on the enclosed financial supplement 2014 and partly on internal management information reports.
• The financial supplement 2014 in the appendix contains the most important financial data from the preliminary consolidated financial statements for 2014. This financial supplement was approved by the Supervisory Board on 23 February 2015. These figures have not been audited nor reviewed by an external auditor. The 2014 financial statements will be adopted at the General Meeting of Shareholders on 21 May 2015.
• Delta Lloyd's 2014 annual report - including the consolidated financial statements - is available online from 23 March 2015 via www.deltalloyd.com. This is an integrated report, comprising both the financial and sustainability report and published in English. A Dutch summary will be available on our website in PDF from 7 April 2015.
• The 2014 Embedded Value report of Delta Lloyd will be available on our website in PDF from 23 March 2015.
• The application of the new IFRS10 standard affected the financial figures of Delta Lloyd (see the financial supplement 2014). Several investment funds now have to be consolidated; this leads to a balance sheet extension for the third party interests amounting to € 3,790.0 million at year-end 2013.
• Certain statements contained in this press release that are not historical facts are "forward-looking statements". Forward-looking statements usually use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans", "seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof. The forward-looking statements in this press release 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 Group'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 or other words of similar meaning and similar expressions or the negatives thereof.
• 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.

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 5,030 (FTE) permanent staff, of which 3,802 in the Netherlands, 1,045 in Belgium and 183 in Germany. In 2014, we achieved a premium income of € 3.9 billion and a net operational result of € 377 million. Our shareholders' funds amount to € 2.5 billion and we manage investments worth € 85 billion. Delta Lloyd is listed on Euronext Amsterdam and Brussels, and included in the DJSI World, DJSI Europe, AEX- and Bel-20 indices.

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