Dia 1

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Eureko 2006 Interim Results Strong financial
performance sustained New organisation and
management team in place Gerard van
Olphen Chief Financial Officer 17 August 2006
2
Disclaimer

• This document contains certain forward-looking
  statements with respect to certain of the plans
  and objectives of the Company and its
  subsidiaries (together the Group) and to the
  Groups current expectations relating to its
  future financial condition and performance. The
  Group may also make forward-looking statements in
  other written materials. In addition, the Groups
  senior management may make forward-looking
  statements orally to analysts, investors,
  representatives of the media and others. In
  particular, among other statements, certain
  statements with regard to management objectives,
  trends in results of operations and revenues are
  forward-looking in nature. These forward looking
  statements are based on managements current
  views, estimates and assumptions about these
  future events. By their nature, forward-looking
  statements are subject to certain risks and
  uncertainty that may cause the Groups actual
  results to differ materially from those set forth
  in the Groups forward-looking statements.
• The Company undertakes no obligation to update
  the forward-looking statement contained in this
  presentation or any other forward-looking
  statement made in any form by the Group.
• The information contained herein is not an offer
  of securities for sale in the United States of
  America or any other country. Eureko B.V. has not
  registered and will not register any securities
  under the U.S. Securities Act of 1933, as
  amended, and securities may not be offered, sold
  or delivered in the United States of America
  absent registration or an exemption from
  registration.

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Agenda

• Main developments
• Financial highlights per business line
• New organisation and management team in place
• Summary and Outlook
• Appendix

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Development of key financial indicators, June 2006

• Net profit almost doubled to 669 million, from
  338 million at June 2005
• Profit before tax increased 119 to 849 million
  from 387 million
• Gross written premiums up to 7,910 million,
  from 3,471 million, (128)
• Total equity remained stable at 8.5 billion,
  compared to December 2005
• Debt leverage slightly increased to 10.9 from
  9.6 at December 2005
• Return on adjusted equity satisfactory at 17.7
  from 19.2 at June 2005
• Earnings per ordinary share increased by 36 to
  2.28 from 1.68 at June 2005
• Proposed interim dividend per ordinary share at
  0.31

Notes All financials are statutory Interpolis
is included in the Balance Sheet for 2005 and
2006 and included in the Income Statement for
2006. Return on adjusted equity is measured
excluding goodwill, hybrid capital and
preference shares
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Profit before tax improved 119 from 387
million to 849 million
million
Pro forma profit before tax includes Interpolis
557
Life Non-Life Health Banking Associates Hold./Other Total
2006 H1 348 304 152 5 150 -110 849
2005 H1 48 164 82 12 160 -79 387
Delta 2006 - 2005 300 140 70 -7 -10 -31 462
6
Total equity remained stable at 8.5 billion
million
355
7
Gross written premiums increased by 128
from 3,471 million to 7,910 million
million
7
7,371
203
H1 2006
100
H1 2005
16
68
3,189
2,638
0
1
1,544
Pro forma 2005 includes GWP for Interpolis for
Life, Non-Life and Health and the former Public
Health Funds for Health
8
Agenda

• Main developments
• Financial highlights per business line
• New organisation and management team in place
• Summary and Outlook
• Appendix

9
Life insurance continues recovery positive VNB
million
Pro forma GWP includes Interpolis
Gross written premiums increased in all
countries, but mainly in the Dutch market because
of the inclusion of Interpolis. Excluding the
contribution from Interpolis, premium growth in
The Netherlands remained stable. Achmea
re-entered, this Summer, the market for annuities
with a value adding product. Besides growth of
GWP, Friends First, grew in investment-only
contracts, which, under IFRS, do not contribute
to the premium collection. Interamerican showed a
2 growth in a competitive market
2,638
100
Technical results strongly increased resulting
from the merger with Interpolis and the release
of a provision for low interest rates of 65
million. Excluding the one-off effects, growth
was at 103 from 56 million to 115 million
New business margin increased as a result of the
acquisition of Interpolis, selling more
profitable products at Achmea a lower expense
ratio at Achmea and Interamerican lower
acquisition costs and more new value creating
product launches by Friends First. Improvements
also experienced as a result of the adoption of
the European Embedded Value Principles
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Non-Life performance remains very strong
million
Pro forma GWP includes Interpolis
1,544
Gross written premiums strongly increased in the
Dutch market, at Achmea, as a result of the
inclusion of Interpolis, a strong commercial
campaign, innovative products and a strong
product range, despite pricing pressure
experienced
68
42
Technical results improved as a result of the
inclusion of Interpolis, but also because of a
lower combined ratio and increased investment
results
85.7
87.2
The combined ratio further decreased as a result
of lower claims (e.g. increased congestion, more
roundabouts), whilst the expense ratio increased
due to commissions paid by Interpolis and higher
allocated expenses.
Expense Ratio
Claims Ratio
11
Health strong growth in premiums modest
profitability
million
Gross written premiums increased by the inclusion
of the public health insurance funds per 1
January 2006 (new Dutch health insurance system)
from 1,003 million to 3,292 million for
Health insurance. The number of insured increased
by 569,000 to 3.5 million across all our
distribution channels, mainly brokers, group
contracts and the Rabobank channel Occupational
health insurance grew strongly 87 from 224
million to 420 million by the inclusion of
Interpolis, which gives Achmea a very strong
position in this market
Pro forma GWP incl. Interpolis, and Public Health
Funds
3,712
3,189
203
The technical result increased by 8 million
compared to the first six months of 2005. The
inclusion of Interpolis and positive run-off
results from the Occupational Health business are
largely offset by the investments in the new
basic health insurance both in the Netherlands
and Slovakia
13
96.9
100.5
The combined ratio increased by additional
provisioning for the new basic health insurance.
With the introduction of the new basic health
system, the claims ratio has become less
important due to equalisation of claims between
insurance companies, as acceptance of insured is
legally required. Main drivers for results are
expenses per insured and procurement efficiency
for health expenses, the claims on supplementary
health insurance and occupational health
Expense Ratio
Claims Ratio
12
Health Services fierce price competition and low
absenteeism
million
17
Revenues increased by inclusion of Interpolis.
Fierce price competition and lower absenteeism in
The Netherlands, have a negative impact on the
revenues
Strong decline of profit before tax as a result
of fierce price competition and lower absenteeism
(due to low sickness of clients employees).
Following the completed restructuring at Achmea,
last year, Interpolis subsidiary Commit will
start a restructuring programme to improve
efficiency. The Interamerican Health Clinics in
Greece are all profitable in 2006
13
Banking experiences pressure on margins
million
-14
Net interest margin declined due to smaller
portfolio at Achmea Mortgage Bank and pricing
pressure on interest margins
The profit before tax of Achmea Mortgage Bank
decreased from 18 million to 16 million, as a
result of lower production and declining margins.
The main decline in profit before tax comes from
Staalbankiers due to strong competition. Friends
First Finance continues to grow, supported by the
economic development within Ireland
-58
16,459
16,350
-1
The banking credit portfolio slightly decreased
by a decrease at the Achmea Mortgage Bank. The
mortgage portfolio at the Achmea mortgage bank
decreased by -4. Growth was established at
Staalbankiers (15), Achmea Retailbank (29)
and Friends First Finance (14)
Other
Staalbankiers
Achmea Hypotheekbank
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Associate Companies and Strategic Investments
million 2005 H1 2006 H1 delta
PZU 133 116 -13
Other Associates 27 34 26
Total 160 150 -6
PZU Figures has been based upon Eureko
expectation as limited information has been
received from PZU Other The other associates
include contribution from MillenniumBCP and FC
and the sale of Friends Provident and Bank
Millennium shares
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Agenda

• Main developments
• Financial highlights per business line
• New organisation and management team in place
• Summary and Outlook
• Appendix

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Merger Achmea Interpolis is progressing fast

• 21 September 2005 Signing of merger Achmea
  Interpolis
• 31 October 2005 Economic closing of the merger
• 15 November 2005 Legal closing of the merger
• 8 December 2005 Combined strategy memo approved
• 16 January 2006 Assignments of managers for
  Holding Service units
• 13 February 2006 Assignments of Dutch Division
  managers
• 22 February 2006 Press release on expected FTE
  reduction
• 20 March 2006 New Division structure approved
• May 2006 Union and Workers Council approval
• 1 July 2006 Appointment of full management teams
  for Dutch Divisions
• 17 July 2006 Announcement on reducing the
  Executive Board per 1 October 2006

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Management Team in place per 1 October

• On 18 July, Eureko announced the resignation of
  Kick van der Pol (Vice-Chairman), Gert van Arkel
  and Margriet Tiemstra from the Eureko Executive
  Board, as from 1 October 2006
• From 1 October 2006, the Executive Board will
  consist of
• - Maarten Dijkshoorn (Chairman and CEO)
• - Ernst Jansen (Vice-Chairman)
• - Willem van Duin
• - Huub Hannen
• - Gerard van Olphen (CFO)
• - Roel Wijmenga

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Agenda

• Main developments
• Financial highlights per business line
• New organisation and management team in place
• Summary and Outlook
• Appendix

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Summary and Outlook
SUMMARY

• Strong sustained financial performance
• Life insurance continues recovery with a positive
  Value of New Business
• Non-Life insurance performance remains strong
• Health insurance shows strong premium growth with
  modest profitability
• Banking experiences pressure on margins
• Associates and strategic investments continue to
  make an important contribution
• New organisation and management team in place

OUTLOOK

• We have no reason to re-state or qualify earlier
  assessments, but
• Pricing pressure is expected to impact Gross
  Written Premiums in the second half of 2006
• Health experiences an uncertain market
  environment
• Integration of Achmea and Interpolis is expected
  to lead to cost reductions

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Agenda

• Main developments
• Financial highlights per business line
• New organisation and management team in place
• Summary and Outlook
• Appendix

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New organisational structure as per 1 July
Eureko
Achmea
Division Occupational Health
Division Europe
Division Broker
Division Direct
Division Bank
Division Health
Division Pensions
Development and distribution of
specific service concepts via independent brokers,
networks authorised agencies
Business partner for all Rabobank group units in
non-life, pensions, occupational health and health
Direct writing of insurance and banking products
Insurance solutions and services in the areas
of absenteeism prevention, health
and re-integration
Group and individual products that provide
financial security for the future
Increase the emphasis on international expansion
and development outside The Netherlands
Solutions and expertise in the areas of work,
health and income protection
Product Divisions
Channel Divisions