Investor Presentaiton

SOLVENCY 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

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