• Life: New business (NAPI^[1]) remains stable at € 101 million
  • Supporting clients in ongoing shift from defined benefit to defined contribution pension plans
• General Insurance: Gross Written Premiums (GWP) remain stable at € 434 million
  • COR^[2] developed positively to 96.6% (Q1 2014: 97.5%)
• Improvement of IGD group solvency from 183%^[3] to 208%^[4]; supported by successful equity offering and strong capital generation  
• Shareholders' funds up 25% to € 3.1 billion (year-end 2014: € 2.5 billion), underpinned by equity offering and strong IFRS result
• Application for Solvency II Internal Model submitted to Dutch central bank

Hans van der Noordaa, chairman of the Executive Board: "Today's commercial update illustrates Delta Lloyd's resilience. We are operating in a challenging environment with low interest rates and volatile markets. However, despite the challenging market we remained focused on supporting our customers, resulting in a solid commercial performance in the first three months of this year. Delta Lloyd's approach is driven by our customers' preferences, for example supporting them in an ongoing shift from defined benefit to defined contribution pension plans."

"Our successful equity offering in March was an important step in strengthening our capital position, anticipating the new Solvency II regime. DELTA LLOYD continuously looks for ways to optimise our capital structure and strengthen our balance sheet, through our product mix, earnings, asset optimisation and capital market transactions, such as a longevity swap. We are currently sharpening our strategy. Meanwhile, we remain committed to our key priorities for 2015: customer centricity, prudent capital management and improving efficiency."

Important developments

Customers
IG&H, a specialised consulting firm, conducts an annual performance survey among independent financial advisors, who are our primary channel in terms of premium income. Delta Lloyd obtained a number one position for the performance towards underwriting agents in general insurance and, once again, was considered best performing pension insurer. All labels (Delta Lloyd, OHRA, ABN AMRO Insurance and Erasmus Life) retained the quality hallmark awarded by Stichting Toetsing Verzekeraars.

Solvency II: submission Internal Model application
We recently submitted the application for the usage of an Internal Model for our insurance entities in the Netherlands and Belgium to the Dutch regulator DNB. The outcome of the application process remains subject to significant uncertainties, including the final interpretations of the Solvency II regulations and the regulatory approval process.

Equity offering raised € 339 million
Delta Lloyd successfully completed an equity offering of ordinary shares on 16 March 2015. The shares were sold at € 17.00 per share (closing price on 16 March: € 17.05) raising a total of € 339 million. The transaction was several times oversubscribed within 2.5 hours.

Legal proceedings with DNB
As disclosed in our press releases of 22 and 23 December 2014, Delta Lloyd asked an independent legal decision of measures taken by the Dutch regulator DNB. Given the legal proceedings, Delta Lloyd will not make any further comments on the case at this time, but expects to be able to update the market during the summer. We maintain a good relationship with our regulators and continue to work with them in a constructive and professional way.

Delta Lloyd Bank Belgium and Delta Lloyd Deutschland
In December 2014 and January 2015, we reached an agreement to sell Delta Lloyd Bank Belgium and Delta Lloyd Deutschland. Both transactions are subject to regulatory approval and are expected to close in the second quarter and the second half of this year, respectively.

Conference call for analysts
On 19 May 2015, at 09.30 am (CET), Hans van der Noordaa (Chairman Executive Board) and Emiel Roozen (CFO) will host a conference call for analysts and investors (in English). The number for this call is +31 (20) 531 5871. A live audiocast will also be available at www.deltalloyd.com.

This press release is 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, Pei Lin Pan
ir@deltalloyd.nl

Important information

• 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'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 2014 for a description of certain important factors, risks and uncertainties that may affect Delta Lloyd's businesses.