Business highlights

• Strong performance in Life new business, NAPI € 224 million (half-year 2014: € 229 million), of which € 121 million originated from new Defined Contribution (DC) contracts
• Gross written premiums (GWP) General Insurance up 2% to € 776 million^[1], Combined ratio (COR) improved 0.4pp to 96.8%^[2] (half-year 2014: 97.2%²)
• Delta Lloyd accepted court ruling in dispute with DNB
• Strategic review is on track for presentation at our Investor Day 2015

Financial highlights

• Gross operational result nearly doubled to € 527 million (half-year 2014: € 269 million^[3])
• IGD group solvency 179%^[4] (year-end 2014: 183%^[5]), mainly impacted by market movements
• Shareholders' funds € 2,190 million (year-end 2014: € 2,468 million), impacted by market movements and strategic disposals
• Interim dividend unchanged at € 0.42 per ordinary share

Hans van der Noordaa, chairman of the Executive Board:

"During the first half of 2015, we delivered a strong commercial performance in Life and General Insurance and we have divested non-core activities in Belgium. Our capital position as well as managing risk and return remain a top priority. The IGD capital ratio has been impacted negatively by the interest and spread developments in the past quarter. Given that we are in a transitional period, our capital management is increasingly geared towards the new Solvency II framework. Next to our focus on capital management we are committed to deliver the best service to our customers and to reduce our cost base. Furthermore, we are on track to present the results of the strategic review in December."

Strategic and business overview

On 31 July 2015, the administrative court in Rotterdam delivered a ruling in the legal dispute between Delta Lloyd and the Dutch Central Bank (DNB). Delta Lloyd accepted the ruling and decided not to lodge an appeal. The DNB fine imposed on Delta Lloyd Leven is set at € 22,680,000, our CFO Emiel Roozen decided to step down and our Supervisory Board chairman Jean Frijns will resign as of 1 October 2015. Delta Lloyd improved the area of risk awareness, compliance and internal governance. In relation to that the Supervisory Board appointed a Chief Risk Officer earlier this year. The Netherlands Authority for the Financial Markets (AFM) imposed a € 750,000 fine on Delta Lloyd Asset Management in its capacity as the competent regulator as published in the press release of Monday 3 August 2015.

Strategic review

Earlier in the year, we initiated a review of our strategy. Long-term trends that will affect the insurance industry, such as client preferences, regulatory changes, developments in distribution,  competition, changing demographics and technology all create both challenges and opportunities for Delta Lloyd.

Delta Lloyd needs to adapt to these new reality. To do so, we will develop a better understanding of our 4.1 million customers and their needs. Together with our business partners we proactively approach them to offer relevant products and services. Jointly, we will offer seamless multi-channel interaction, so customers can determine how they interact with us - at any time, on any device. We will improve our front-office technology and processes, while opening our infrastructure for partners in the distribution value chain. We are confident this will lead to more satisfied customers, more deep and cross-sell opportunities and better results. At the same time, we need a sound financial and capital base to support our business model which brings solid returns.

Customers

Delta Lloyd's commitment to customers was again underlined by our solid rating on the Customer Centric Dashboard issued by the Dutch Financial Markets Authority (Autoriteit Financiële Markten/AFM). For 2014, we scored an average 3.5 out of 5, above the 3.4 sector average.

Since 2011, Delta Lloyd has outperformed the AFM benchmark, which was launched in 2010. Although our latest ranking was slightly below the 3.6 we achieved in 2013, the market average declined slightly. In two areas - 'investment insurance aftercare' and 'customer contact', we significantly surpassed the market average. Our scores in other areas were in line with the market, except in 'expiring life annuities', where we need to improve customer information. All our business lines are paying serious attention to this.

Sustainability

Delta Lloyd's goal is to make a positive sustainable impact with our core business activities, creating value both for society and our business. In the first half of 2015 the Executive Board and Supervisory Board set and approved our new sustainability strategy. The strategy consists of three pillars: responsible insurance, responsible investing and the Delta Lloyd Foundation. We have established an ESG (environment, social and governance) board, chaired by an Executive Board member. The ESG board decides on topics such as fully incorporating ESG factors into our investment decisions.

Presentation of the half-year 2015 results on 11 August 2015
On Tuesday 11 August 2015 at 11.00 am (CET) Delta Lloyd will host a presentation for analysts; the presentation can also be viewed via webcast on our website.

Analyst presentation:   11 August 2015, 11.00 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 2015 interim financial report are available at www.deltalloyd.com. The analyst presentation is also available at www.deltalloyd.com.