#1ATHORA NETHERLANDS 2022 INTERIM RESULTS 1 Athora Netherlands ATHORA#2KEY FIGURES HY 2022 Premium Income 864 mn EUR HY 2021: 888 mn EUR ATHORA Direct Investment Income Total operating expenses 655 mn EUR HY 2021: 583 mn EUR HY 2021: 100 mn EUR 103 mn EUR Net Underlying Result 215 mn EUR HY 2021: 152 mn EUR Solvency II Athora Netherlands 202% YE 2021: 180% Total Assets 63.7bn EUR YE 2021: 64.3 bn EUR 2 Athora Netherlands#3HIGHLIGHTS HY 2022 (1) Financial Results Net Underlying Result of EUR 215 million (HY21: EUR 152 million) driven primarily by higher investment income, supported by the ongoing repositioning of the asset portfolio Increase in pension premiums of 5%, consistent with our strategy to grow in this market Gross premiums of EUR 864 million (HY21: EUR 888 million) were slightly lower due to the planned runoff of the Dutch individual life book. Zwitserleven PPI continued to grow with deposits increasing by 24% from EUR 123 million to EUR 153 million. Total operating costs of EUR 103 million are marginally higher. Underlying costs, excluding scope changes and strategic & transformation initiatives, came down by 6%. The Net Result IFRS for continuing operations of -/- EUR 828 million (HY21: -/- EUR 98 million) was negatively impacted by the impact on the market value of investments from higher interest rates, spread widening and expense provisions. Solvency Athora Netherlands' Solvency II ratio increased to 202% (YE21: 180%), primarily driven by the impact of market movements and the associated effect of the volatility adjustment, and supported by operating capital generation. The increase in solvency was partially offset by the impact of the continued repositioning of the asset portfolio and the decrease of the UFR from 3.60 % to 3.45%. Solvency II ratio of SRLEV of 211% (YE21: 180%) improved for the same reasons as Athora Netherlands. In May, Fitch upgraded the Insurer Financial Strength rating for SRLEV N.V. from A- to A. The Issuer Default rating of Athora Netherlands N.V. has also been upgraded, from BBB+ to A-. Athora Netherlands issued EUR 500 million of subordinated notes during the second quarter. The vast majority of the proceeds of these new Tier 2 notes were used to fund the repurchasing of subordinated notes that were issued by VIVAT N.V. in 2017. 3 Athora Netherlands#4HIGHLIGHTS HY 2022 (2) Strategic Progress 4 ☐ Athora Netherlands continues to make progress towards its Ambition 2025 strategy which is based upon three key levers: Growth in pensions Enhanced investment returns and capital efficiency measures and A simplified operating model while further building on our strong sustainability credentials. Solid inflows to our pensions supported by a successful buy-out of a pension fund, a lower underlying cost base, higher investment income and a capital position which supports further growth of our business in addition to the continued repositioning of our asset portfolio are evidence of the progress made in the first half of 2022. Appointment of Jan-Hendrik Erasmus as new CFO in the Executive Board | Athora Netherlands#5SOLVENCY POSITION INCREASED TO 202% DUE TO POSITIVE MARKET IMPACTS, PARTLY ATHORA OFFSET BY CONTINUED INVESTMENTS TO FURTHER IMPROVE FUTURE CAPITAL GENERATION 45% 180% 2% 1% 2021 Capital generation 3% 1% 202% -30% Capital effects Market impacts Asset repositioning One-time items Other 1H22 5 - Solvency II ratio increased from 180% to 202% Supported by the continued repositioning of the asset portfolio, the operating capital generation, including organic development of the capital requirement, was positive over first half of 2022 Capital effects includes the additional T2 capital, as a combined effect of the new debt issuance of EUR 500 mn and the repayment of EUR 479 mn on the 88% accepted tender offer Market impacts were positive during HY22, driven by a strong increase of the VA from 3bps to 25bps, which was only partly offset by the negative impact of spread widening. The significant increase in interest rates had limited effect but the flattening of the yield at the long end of the curve had a positive impact on solvency. Other market movements which include inflation and the lower impact of equity shocks on SCR also had a positive impact on the Solvency II ratio Asset portfolio repositioning towards higher yielding investments to ensure higher future capital generation decreased the ratio due to the associated higher SCR consumption One-time items include the step-down in the UFR (-4%-point), the SCR reduction due to the sale of ACTIAM (+2%-point) and the reduction of the SCR currency due to the tender offer of the USD Tier 2 loan (+3%-point) Other includes the positive impact of an increase of LAC DT which was fully offset by tax and tiering restrictions. In addition, the positive impact of several model refinements, parameter updates and miscellaneous movements including portfolio developments are included. | Athora Netherlands#6BREAKDOWN OF ATHORA NL'S SOLVENCY II OWN FUNDS AND SCR FOR HY22 Eligible Own Funds (bn EUR) 0,4 0,8 HY22 HY22 YE21 YE21 Ineligible due to Tiering 0,0 0,3 0,2 0,8 0,3 22 2,2 2,5 0,6 0,5 0,5 3,5 0,1 0,2 4,1 1,6 1,6 SCR (bn EUR) 00 1,0 0,2 -0,3 1,3 -0,6 -0,7 . 0,2 -0,5 1,7 Unresticted Tier 1 Restricted Tier Tier Eligible Own Tier 1 2 3 Funds Market risk Default risk Life Diversi- fication Opera- tional LACDT/ LACTP Total SCR 2,3 Eligible Own Funds decreased compared to 2021 due to the increase and flattening of interest rates, higher investment management expenses, the decrease of the UFR level with 15 bps and the increase of tiering restrictions ■ Total SCR lower in HY22 Market risk SCR is higher due to the continued repositioning of the asset portfolio, partly offset by the increase and flattening of interest rates Lower life-SCR due to the significant increase in interest rates and the organic development of required capital Lower SCR due to the increase of the LACDT, mainly due to the increase of interest rates and higher spreads 6 Athora Netherlands#7SOLVENCY II RATIO SENSITIVITIES 2021 Starting position Volatility Adjustment: -1 bps UFR -15 bps UFR -50 bps 180% -2% -5% -17% 1 Interest rates: +50 bps 1 -1% 1 Interest rate: -50 bps 4% Corporate bond / mortgages spread: + 50 bps Government bond spreads: + 50 bps 7 Athora Netherlands Equities: -10% -1% HY22 202% -2% Solvency II interest rate sensitivities increased due to convexity effects in SCR and tiering effects. Additional -4% interest rate hedges -13% -15% were put in place mid- August to reduce interest rate sensitivity 15% 15% 6% 9% ■ Sensitivities are countercyclical where the Solvency II ratio increases with higher spreads due to the 9% more conservative asset portfolio vs. the -3% Real Estate: -10% -3% -5% Volatility Adjustment Reference Portfolio 1 Interest rate sensitivities have since been reduced#88 GOOD PROGRESS MADE IN POSITIONING TOWARDS NEW SAA Investment Strategy ☐ Total assets under management decreased significantly, mainly due to the impact of higher interest rates In line with our Strategic Asset Allocation (SAA) asset redeployment into Private Credits and Alternatives continued Consistent with the SAA, we expect to further increase our investment into Alternatives, Private Credits and Collateralized Loans which is intended to increase future investment income and capital generation 6% YE21 (EUR 38bn) 3% 1% 14% 18% Amounts x EUR bn SOVEREIGNS + MMF 2021 HY22 56,8% 43,7% Sovereign AAA 22,4% 17,0% Sovereign AA 6,1% 3,1% ALTERNATIVES Real Estate Equity 2021 HY22 3,1% 5,5% 2,0% 3,4% 1,1% 2,1% HY22 (EUR 31bn) Sovereign A / BBB 2,5% 1,2% 6% 1% Other sovereigns 3,4% 2,0% CREDITS 18,4% 25,4% Supranationals Money Market Funds 16,0% 12,5% 6,3% 7,9% Euro Financials Euro Corp 16% 9,7% 12,1% 3,7% 5,2% Asset Backed Securities 1,4% 1,4% COLLATERALIZED LOANS 1,4% 0,9% Covered bonds Credits other 0,2% 0,2% 9% 3,3% 6,5% MORTGAGES 13,8% 15,8% PRIVATE CREDITS 6,4% 8,7% 25% 57% 43%#9DISCLAIMER This presentation has been prepared and issued by Athora Netherlands NV ("Athora Netherlands" or "the Company"). For the purposes of this notice, the presentation that follows ("the Presentation") shall mean and include the slides that follow, the oral presentation of the slides by the Company, the question-and-answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with, that presentation. No reliance may or should be placed for any purposes whatsoever on the information contained in this Presentation or any other material discussed at the Presentation, or on its completeness, accuracy or fairness. The information and opinions contained in this Presentation and any other material discussed at the Presentation are provided as at the date of this Presentation and are subject to change without notice. No person is under any obligation to update, complete, revise or keep current the information contained in the Presentation. This Presentation is released by Athora Netherlands NV and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR). This Presentation exclusively contains factual information and must not be interpreted as an opinion or recommendation with regard to the purchase or sale of securities issued by Athora Netherlands NV and/or one or more of its subsidiaries This Presentation contains certain forward-looking statements that reflect the Company's intentions, beliefs, assumptions or current expectations about and targets for the Company's future result of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates, taking into account all information currently available to the Company, and are not necessarily indicative or guarantees of future performance and results. You should not place undue reliance on the forward-looking statements in this Presentation. The Company does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors, accept any responsibility for the future accuracy of the opinions expressed in this presentation or undertake any obligation to update the statements in this presentation to reflect subsequent events. No responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted in relation to the Presentation by the Company or the Company's subsidiaries or associated companies, or any of their respective directors, officers, employees, advisers or agents. The information contained in the Presentation has not been independently verified. No representation or warranty, express or implied, is made as to the truth, fullness, accuracy, reasonableness or completeness of the information contained herein (or whether any information has been omitted from the Presentation) or any other information relating to the Company, the Company's subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available by the Company or any of their respective directors, officers, employees, advisers or agents. 9 Athora Netherlands#10ATHORA a