9m results 2011

9MPeriodic Financial

Information

109 November 2011 I

Insurance net result affected by financial turmoil**, Intrinsic performance remains solid

Group net loss at EUR 534 mio

Strong balance sheet despite impairments

Highlights 9M 2011*

Excl. negative impact financial turmoil net result at EUR 406 mio, +22%

Incl. turmoil at EUR 209 mio negative (vs.EUR 334 mio) Group combined ratio at 101.2%, vs.104.5% Inflows at EUR 12.9 bn, -6% Funds under management at EUR 70.2 bn, stable

General Account net loss at EUR 325 mio EUR 258 mio legacy related charges Fortis Bank Tier 1 fair value at 80% of par

Insurance solvency ratio resilient at 210%, Group solvency at 270%

Shareholders’ equity at EUR 3.15 per share

* All 9M11 data are compared to the 9M 10 figures unless otherwise stated** Financial turmoil defined as the impact of the impairments on equities and fixed income after tax, non-controlling interests and profit sharing

209 November 2011 I

615

334

(209)

406

9M 10 9M 11

646

312

(325)

334

(209)

(534)

9M 10 9M 11

9M 10 FY 10 H1 11 9M 11

Impairment charges cloud the insurance performanceBalance sheet remains strong & stable

Solid Insurance resultIn EUR bn In EUR mio

Strong Insurance solvency*, not impacted by impairments

S-E exposure further reducedIn EUR bn*

Combined ratio stable on H1 Group : General Account volatile

Insurance General Account

226% 227% 208% 2.89 3.153.19

FY 10 H1 11 9M 11

Shareholders’ equity upIn EUR per share

5.53.6

12.9

FY 09 H1 11 9M 11* at amortized cost, after non-controlling interests

FY 10 H1 11 9M 11

101.2%101.2%107.3%

210%

* Based on regulator’s view

Reported Ins resultAdjusted Insurance resultImpairments Greece & equities

309 November 2011 I

Overview impact impairments on net resultSituation as per 30 September 2011

Greek bonds Equities TotalEUR mio H1 Q3 9M H1 Q3 9M H1 Q3 9M

Belgium Life (117) (332) (449) (19) (67) (86) (136) (399) (535)Non-Life (8) (13) (21) (2) (7) (9) (10) (20) (30)Total (125) (345) (470) (21) (74) (95) (146) (419) (565)

UK LifeNon-LifeTotal

CEU Life (25) (7) (32) (7) (11) (17) (31) (18) (49)Non-Life (0) (0) (1) 0 0 0 (0) (0) (1)Total (25) (8) (33) (7) (11) (17) (32) (18) (50)

Asia LifeNon-LifeTotal

Ageas Life (142) (339) (481) (26) (78) (103) (168) (417) (584)Non-Life (8) (14) (22) (2) (7) (9) (10) (21) (31)Total (150) (353) (503) (28) (85) (112) (177) (438) (615)

Impairments

*

* Consolidated entities

409 November 2011 I

Key financials 9M 2011

* Based on average number of outstanding shares** Adjusted for the reclassification of Fortis Luxembourg Vie and Ageas Deutschland to “Assets & Liabilties Held for Sale”

10/03/2010 I page 4

Eur mio 9M 11 9M 10 Q3 11 Q3 10 Q2 11

Gross inflows (EUR bn) 12.9 13.7 (6%) 3.9 4.1 4.2

Net profit Insurance (209) 334 (163%) (320) 153 (24)Belgium (331) 205 (261%) (354) 117 (59)UK 62 16 299% 31 7 4Continental Europe (12) 27 (143%) (15) 10 (14)Asia 72 86 (16%) 18 19 24

Net profit General Account (325) 312 (204%) (155) 37 118Net profit attributable Group (534) 646 (183%) (475) 191 95

Funds under management (EUR bn)** 70.2 70.1 0% 70.8

Net shareholders' equity 7,930 9,649 (18%) 7,477Belgium 2,730 3,508 (22%) 2,234UK 941 609 55% 859Continental Europe 862 1,004 (14%) 774Asia 1,549 1,515 2% 1,398General Account 1,847 3,013 (39%) 2,213

Net equity per share (EUR) 3.15 3.90 (19%) 2.89

Earnings per share (EUR) * (0.21) 0.26 (181%) *

Net cash (EUR bn) 0.8 2.3 (65%) 2.0

509 November 2011 I

Eur mio 9M 11 9M 10 9M 11 9M 10 9M 11 9M 10

Belgium 75% 3,305 3,824 1,293 1,231 4,598 5,055

United Kingdom 100% 36 19 1,523 821 1,559 840

Continental Europe 1,692 2,790 394 325 2,086 3,115 Consolidated entities 1,692 2,790 328 325 2,020 3,115

Portugal 51% 864 1,364 180 175 1,044 1,539 France 100% 229 290 0 0 229 290 Luxembourg 50% 568 1,051 0 0 568 1,051 Ukraine 100% 0 2 0 0 0 2 Germany 100% 31 32 0 0 31 32 Turkey 100% 0 51 0 0 0 51 Italy 25% 0 0 148 150 148 150

Non-consolidated partnerships 0 0 66 0 66 0 Turkey (Aksigorta) 31% 0 0 66 0 66 0

Asia 4,178 4,340 463 385 4,641 4,725 Consolidated entities 248 237 0 0 248 237

Hong Kong 100% 248 237 0 0 248 237 Non-consolidated partnerships 3,930 4,103 463 385 4,393 4,488

Malaysia 31% 435 577 368 303 803 880 Thailand 31%/13% 701 529 95 82 796 611 China 25% 2,700 2,897 0 0 2,700 2,897 India 26% 94 100 0 0 94 100

Total 9,211 10,973 3,673 2,763 12,884 13,736

Life Non-Life Total

Detailed overview inflows 9M 2011By segment/ country/business

609 November 2011 I

Lower Life inflows, Non-Life up across all segmentsTotal inflows at EUR 12.9 bn, -6%; Non-Life up 33%

Asia* :Life : EUR 4.2 bn, -4% Increased focus on regular premiums Banks across Asia focus on liquidity & growing deposit baseNon-Life : EUR 0.5 bn, +21% +20% growth in Malaysia

Continental Europe* :Life : EUR 1.7 bn, -38% Portugal, -37% due to macro-economic environment Luxembourg, -46%, due to lower benefit FoS regulationNon-Life : EUR 0.4 bn, +21% Portugal : further up in Healthcare driven by strong Médis brand Italy : slightly down continuing focus on profitability Turkey : included since August 11, EUR 66 mio in 2 months

Belgium :Life : EUR 3.3 bn, -14% Strong competition from banks in savings Lower appetite for unit-linked productsNon-Life : EUR 1.3 bn, +5% Growth outperforms the market Mix of portfolio growth & tariff increases

UK :Non-Life : EUR 1.5bn, +86% Tesco Underwriting : EUR 579 mio YTD Ageas Insurance : Inflows +15% Household +29%; Commercial lines +13% Life : EUR 36 mio, +89% Increasing market share of Ageas ProtectOther : EUR 207 mio, +71% Rias, KFFS & Castle Cover drive growth

* incl. Non-controlling interests at 100%

709 November 2011 I

InsuranceLife underlying resilient, Non-Life strongly improved

Net loss of EUR 209 mio (vs. EUR 334 mio positive) Negative impact financial turmoil of EUR 615 mio, impacting mainly

Belgium & Continental Europe, incl. EUR 503 mio impairment charge on Greek bonds (EUR 353 mio in Q3)

Life at EUR 288 mio negative (vs. EUR 283 mio positive) Impairment Greek bonds & equities of EUR 584 mio

Belgium & Continental Europe hit by impairments; Belgium includes EUR 15 mio for newly introduced State contribution;

Non-Life at EUR 57 mio (vs. EUR 41 mio) Impairment Greek bonds & equities of EUR 31 mio hitting mainly

Belgium

Strong performance in UK & Asia : EUR 53 mio net contribution

Total 9M 11 adverse weather related costs of EUR 30 mio of which EUR 12 mio in Q3 11;

Other at EUR 23 mio (vs. EUR 9 mio) KFIS & Castle Cover contribution of EUR 6.6 mio

EUR 7 mio amortisation costs on intangible assets & EUR 1 million acquisition and financing costs Castle Cover earlier this year.

EUR mio 9M 11 9M 10

Gross inflow 8,425 9,248

Operating costs 628 588

Technical result 257 374

Operating margin (316) 360

Profit before tax (340) 583

Net profit after tax & non-controlling interests (209) 333

Life FUM (EUR bn)* 70.2 70.1

* Adjusted for the reclassification of Fortis Luxembourg Vie & Ageas Deutschland to ‘Assets and Liabilities held for sale’

809 November 2011 I

248 244

2,309 2,075

488223

780763

3,8243,305

9M 10 9M 11

359 362

396 420

370 399106 113

1,231 1,293

9M 10 9M 11

(14%)

Life In EUR mio

Non-LifeIn EUR mio

Unit-Linked

Savings

Traditional

Other

Fire

Accident & Health

Motor

+5%

Group Life

BelgiumContinued lower inflows in Life, while Non-Life inflows confirm positive trend

Individual Life YTD down to EUR 2.5 bn vs. EUR 3.0 bn in 2010, due to

lower sales in Unit-Linked and savings products Bank channel at EUR 2.0 bn YTD, well below last year’s

levels (EUR 2.5 bn) due to competition from banking products Broker channel at EUR 0.5 bn YTD, -11%, similar trends bank

channel

Group Life At EUR 0.8 bn YTD, -2%, due to timing differences

Funds under Management Stable at EUR 48.6 bn vs. end of June 2011 Non UL-linked funds up to EUR 42.6 bn; UL funds down to

EUR 6.0 bn, -7%

Property and Casualty (Fire, Motor & others) Inflows up 5%, all product lines contributing well, especially

Fire (+8%) and Motor (+6%) Growth driven by a combination of tariff increases and

portfolio growth

Accident & Health Health Care +1% driven by new production & medical

indexation impact

909 November 2011 I

BelgiumImpairments cloud Life performance; Intrinsic performance Non-Life on track

10/03/2010 I page 9

Net profit at EUR 331 mio negative (vs. EUR 205 mio) 9M 11 impairment charge on Greece & equities of EUR 565

mio of which EUR 419 mio in Q3

9M 11net profit excluding impairments on Greek sovereigns at EUR 139 mio

Positive evolution Non-Life performance confirmed despite adverse weather impact August storms in Fire

Strong IFRS Solvency ratio at 176 %

Life at EUR 329 mio negative (vs. EUR 186 mio) 9M 11 impairment charge on Greece & equities of EUR 535


Life FUM at EUR 48.6 bn, +2% vs. 2010, stable vs. end of June

Non-Life at EUR 2 mio negative (vs. EUR 19 mio) 9M 11 impairment charge on Greece & equities of EUR 30 mio

of which EUR 21 mio in Q3

Net impact adverse weather events of August of EUR 12 mio; 9M 11 impact of EUR 18 mio

Further improvement Motor and strong performance Health; Fire withheld by impact August storms

EUR mio 9M 11 9M 10







Life FUM (EUR bn) 48.6 47.9

1009 November 2011 I

61.6 63.6 64.9 66.5

37.4 36.7 35.9

99.0% 100.3% 100.8% 103.1% 107.4% 105.6% 103.3%

71.0 69.366.3

36.4 36.836.336.8

2006 2007 2008 2009 2010 9M 10 9M 11

Combined ratio AG Insurance FY 06 – 9M 11

Belgium, combined ratio improved on last yearImprovement thanks to sound technical performance in Motor and Liability

Expense ratioClaims ratio

Strong Motor and Health performance Excluding Workmen’s Compensation, Combined Ratio at

100.3% YTD vs.102.5%

Motor segment further improved to 94.9% YTD (Q3 11 at 91.4%)

Fire combined ratio at 111.5% YTD with August storms as main factor explaining a Q3 combined ratio of 119.7%

Solid claims result in Health (combined ratio at 96.1%)

Workmen’s Compensation remains high at 128.0%; Q3 11 at 122.8%. Weak performance still related to exceptional high number of deceased and permanent disability claims.

Corrective set of measures taken Non-Life implements new tariff increases as of 1st January

2012, including a Natural Catastrophe tariff increase representing a premium growth of 6% in the Fire portfolio

Motor : review of material damage offer implemented as from January 2011 is paying off

Workmen's Compensation: on going corrective measures including a new tariff structure and pruning of portfolio


821

1,523840

1,55936

19

9M 10 9M 11

52 56

445

982207

352

118

133

821

1,523

9M 10 9M 11

Motor

United KingdomInflow levels substantially increased

Non-Life

Life

Other

Property

Accident & Health

+85%

+86%

Total In EUR mio

Non-LifeIn EUR mio

* including other income

Life Successful roll out of its proposition across the IFA

market (7.8% market share)

Launch of new distribution partnerships

175,000 customers, up 69% on Q3 2010

Non-Life Up 85%, driven by successful launch of Tesco

Underwriting partnership & organic growth in both Commercial and Personal lines

Within Personal lines, Household +29%; Private car and Travel slightly up (excl. Tesco)

Commercial lines +13%, growth resulting fromexpanding product range via brokers

Partnership with Tesco Bank started underwriting as of mid October 2010; Inflows of EUR 680 mio & 1.4 miocustomers in year 1

Other Insurance (including Retail) YTD total income of EUR 207 mio up 71%;

Acquisition Castle Cover late March 2011 will further strengthen Retail capability & add together with KFIS an extra 1 mio customers


United KingdomBetter overall financial performance despite exceptional claims in Household

10/03/2010 I page 12

Net result at EUR 62 mio (vs. EUR 16 mio) Improved performance overall but especially in private Motor

Robust return from Retail activities

Life at EUR -1.3 mio (vs. EUR -2.8 mio) Continued progress in roll-out of protection business; 7.8% market

share among IFAs end Q3

Non-Life at EUR 40 mio (vs. EUR 9 mio) Improved Motor result through positive impact of management

actions

9M 11 impact adverse weather events of EUR 12 mio, related to adverse weather events end 2010

Other Insurance at EUR 23 mio (vs. EUR 9 mio) Strong commission income and partnership growth

KFFS & Castle Cover contributed EUR 6.6 mio, including EUR 7 mioamortisation of intangible assets & acquisition and financing costs Castle Cover earlier this year

EUR mio 9M 11 9M 10

Gross inflow 1,559 840


Technical result 43 (1)

Operating margin 48 2

Profit before tax 90 19

Net profit after tax & non-controlling interests 62 16


UK, continued improvement confirmedContinental Europe and Asia remain below 100%

Expense ratioClaims ratio

Combined ratio UK FY 06 – 9M 11UK : continued positive impact from corrective measures Improved overall combined ratio at 99.9% including Tesco

Underwriting

Motor : Selected tariff increases in 2010 in line with underlying risk led to an improved combined ratio (98.2% vs 106.9% at 9M 10)

Household : combined ratio at 100.4%, PY loss ratio of 5.8%; continued improvement quarter on quarter (Q1 11 121.9%; H1 11 104.4%; 9M 10 98.9%).

Travel : combined ratio for 9M 11 (106.3%) improved from 9M10 (122.0%) due to management actions over the last 12 months and Volcanic ash event in 2010

Continental Europe: 97.5% vs. 99.0% (9M10) Portugal : combined ratio at 93.3% vs 90.5% in 9M10

Italy : first impact of implemented corrective measures noticeable

Asia : 93.0% vs 96.2% (9M10)

70.279.7 73.1

28.227.7

28.827.7 28.0

29.5 26.4

98.4%107.4%

101.9%108.1% 109.5% 104.9%

99.9%

73.580.4 75.481.5

2006 2007 2008 2009 2010 9M 10 9M 11


174 185

77107

455730

44326394

9M 10 9M 11

194 162

1,086

276

1,418

1,161

93

92

2,791

1,691

9M 10 9M 11

Life Portugal, -37% : Difficult economic environment continues,

inflow level evolution in line with Portuguese market. Remains domestic market leader based on FuM with 26% share

Luxembourg, -46% : related to lower sales of FOS (Freedom of Services) product benefiting less from European Savings Directive but also in line with market

France, -21% : decrease due to disappearance distribution network Fortis Banque France & worsening market

Unit-linked business sales EUR 1.2 bn, Savings products at EUR 0.3 bn

Funds under Management At EUR 14.1 bn vs. EUR 23.1 bn end 10; Luxembourg &

Germany reclassified into ‘Held for Sale’

FuM down 7%, following lower inflows & negative market value adjustment

Non-Life GWP up 23% year-to-date, thanks to first time inclusion

Turkey (EUR 66 mio)

Portugal : +3% thanks to strong performance Healthcare (Médis), in a stagnating market amidst economic uncertainty

Italy :almost unchanged with last year, focus on increasing profitability in Motor remains;

+23%

Accident & Health

Motor

Unit-LinkedSavingsTraditional

Group

(-38%)

OtherFire

Life In EUR mio

Non-LifeIn EUR mio

Continental EuropeInflows impacted by adverse evolution financial markets


Continental EuropeNet profit impacted by impairments; underlying performance remains strong, particularly in Non-Life

10/03/2010 I page 15

Net result at EUR 12 mio negative (vs. EUR 27 miopositive)

Life at EUR 17 mio negative (vs. EUR 22 mio) 9M11 impairment charge on Greek bonds & equities of EUR 50


Additional losses realized on sale equities & fixed income

Operating costs further down on continued streamlining insuranceportfolio

Non-Life at EUR 6 mio (vs. EUR 5 mio) Operating margin +46% driven by better technical performance &

higher financial income

Operating costs +8%

Net result Turkey (AKsigorta) : EUR 1.2 mio (2 months contribution)

EUR mio 9M 11 9M 10



Technical result (4) 76




Life FUM (EUR bn)* 14.1 23.2

* Adjusted for the reclassification of Fortis Luxembourg Vie and Ageas Deutschland to “Assets & Liabilities Held for Sale”

1609 November 2011 I ** MAT: Marine Aviation & Transport

AsiaStable commercial performance, very close to last year’s record first quarter

Life Hong Kong, +5%, Solid growth of 23% in new business on APE

basis, following improved productivity in agency channel and growth in emerging IFA channel.

China, -7%, Because of new banca regulations and monetary tightening, last year’s single premium campaign was not repeated this year. Good persistency resulted in strongly increased renewal premiums, compensating for the shortfall in single premiums. Regular premium up 29% vs 9M 2010.

Malaysia, -25%, Lower single premiums in wake of monetary tightening. Regular premiums up+4%

Thailand, +33%, Continued strong growth in both bank and agency channel

India, -6%, New business down 29% following regulatory changes. Renewals up 35%

Funds under Management Hong Kong : EUR 1.4 bn,+2% vs. end 10 Incl. partnerships (at 100%): EUR 18.5 bn, +9% vs. end 10

Non-Life Malaysia, +22%, driven by Motor and Corporate MAT** lines. Thailand, +17%, across all lines and distribution channels.

179

3,8253,969

217173 13318 3

Q3 10 Q3 11

251288

134176

Q3 10 Q3 11

(4%)

Non-Motor*

Motor

SavingsGroup

Traditional

* Non-motor includes Fire, MAT, Accident & Health and other lines

Life

Non-LifeIn EUR mio

In EUR mio

4,340 4,178

+21%385

464

Unit-Linked


10/03/2010 I page 17

EUR mio 9M 11 9M 10

Gross inflow* 248 237



Operating margin 22 54

Profit before tax* 74 87

Net profit after tax & non-controlling interests* 72 86

Life FUM (EUR bn)** 1.4 1.3

Net profit of EUR 72 mio (vs. EUR 86 mio) 9M10 net profit included EUR 35 mio capital gains on sale of Fortis

Centre in Hong Kong; 9M11 net profit includes EUR 10 mio capital gains on disposal of Taiping Pension

Hong Kong : Net profit slightly down on a comparable basis

Non-consolidated partnerships : EUR 61 mio vs. EUR 39 mio, driven by organic growth and non-recurring items

Life net profit at EUR 59 mio (vs. EUR 78 mio) Hong Kong : EUR 19 mio vs. EUR 56 mio;

Excl. last year’s EUR 35 mio capital gain on sale of Fortis Centre, net result is -6%, due to strong new business growth and impacted by adverse markets and currency rates

Non-consolidated partnerships : EUR 49 mio vs. EUR 30 mio;

+60%, driven by EUR 10 mio capital gains from disposal Taiping Pension & organic growth.

Regional costs : stable at EUR 8 mio.

Non-Life net profit at EUR 13 mio (vs. EUR 8 mio) Relates to operations in Malaysia and Thailand.

Both the intrinsic operational performance and technical resultsremained strong, plus tax recoveries in Malaysia (EUR 3 mio).

AsiaNet profit significantly up on a comparable basis

* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively**** Including partnerships, FUM increased to EUR 18.5 bn


Investment portfolio at fair value on 30 September 11 Equity investments down, other asset classes fairly stable

Investment portfolio (EUR 59.5 bn) Fixed Income

No major shifts in composition

90% portfolio rated A or higher, 94% investment grade

Gross unrealized gains amounted to EUR 1.4 bnvs. EUR -0.6 bn end of June

Equities

Down to EUR 1.7 bn (vs. EUR 2.6 bn end of June) following divestments and lower fair value

Gross unrealized loss of EUR 24 mio (pre-tax)

Real Estate

Gross unrealized gains slightly up to EUR 1.2 bnSovereign bonds55%

Real Estate7%

Equities3%

Corporate bonds

34%

Structured Credit Inst1%

Gross unrealized gains on total investmentportfolio of EUR 2.6 bn

As at 30 September 2011


Government bonds EUR 33.0 bn Corporate bonds EUR 20.1 bn

Investment portfolio : Fixed Income at EUR 53.5 bn at fair valueSituation as per 30 September 2011

Gross unrealized gains before tax and shadow accounting (UCG) of EUR 0.9 bn vs EUR (0.5) bn end 2010

Disposal of S-E government bonds mainly reinvested in Belgium & The Netherlands

Gross unrealized gains of EUR 0.5 bn

Quality of corporate bond portfolio remains high with 95% investment grade, 84% rated A and 62% rated AA or AAA

Banking/ Other financials : 80% single A or higher; 57% ratedAA or higher; no single position > EUR 0.3 bn

Hybrid securities: down to below EUR 0.6 bn* Classified partly as ‘Available for Sale’ and partly as ‘Held to Maturity’

Austria2.5

Banking5.0

Othercorporates4.9

Other financials1.7

Government related8.5

Greece0.6

Belgium14.0

Spain1.1

Italy 2.0

Germany2.7

The Netherlands

1.6

Portugal*1.0

France4.3

Ireland0.5

Others2.7


3.2

6.2

2.62.5

1.7

1.4

1.31.2

0.8

2.1

0.80.7

0.6

(0.8)(0.2)

1.41.31.3

FY 09 H1 10 H1 11 9M 11

Impairment Greece Italy Spain Portugal

Exposure on Southern European sovereigns further reduced…Exposure at amortized cost and after non-controlling interests of EUR 3.6 bn

Exposure on S-E souvereigns at amortized cost ,after impairments and non-controlling interests further reduced to EUR 3.6 bn

Additional reduction of primarily Italian & Spanish sovereigns since end June 11 of EUR 1.3 bn

Net exposure (after non-controlling interests) at fairvalue of EUR 3.2 bn

Additional gross impairment on Greek sovereigns of EUR 754 mio based on fair value in Q3 on entire portfolio

Q3 11 net impact of EUR 353 mio (after profit sharing, tax and non-controlling interests)

9M 11 net impact of EUR 503 mio

Net of impairments, Greek bonds held at 38% of historical/amortized cost.

12.9

5.5

3.6

6.1

In EUR bn


10/03/2010 I page 21

Equity funds0.1

Equities0.8

Mixed funds & others0.2

Real Estate funds0.6

Investment portfolio : Equities at EUR 1.7 bn at fair value Situation as per 30 September 2011

Equity investments at amortized cost down to EUR 2.0 bn vs. EUR 2.6 bn end of June (vs. EUR 2.3 bn end 10) due to divestments and lower fair value of equities and equity funds

Limited unrealized loss (EUR 24 mio) vs. EUR 108 mio unrealized gains end of June (vs. EUR 139 mio gain end 10)

Net impairment charge of EUR 112 mio taken in Q3 following declining equity markets

Ageas’ impairment policy of equities

If fair value <75% of average purchase price of the particular equity

OR

If fair value is consistently below the purchase price during 4 quarters

Equity portfolio (EUR 1.7 bn)


General AccountNegative net result driven by EUR 258 mio legacy related charges

Net loss of EUR 325 mio driven by legacy issues

RPN(i) liability at EUR 145 mio EUR 320 mio positive impact on 9M fair value RPN(I) liability,

driven by decreased market price CASHES (from 50% to 33%)

Positive quarterly impact of EUR 438 mio

Equity value RPI at EUR 850 mio, down EUR 83 mio Net 9M result EUR 315 mio negative (EUR 140 mio Ageas’s

share)

Revaluation interest rate swaps lead to a EUR 128 mio positive result at RPI at 100%, accounted via equity (EUR 57 mio for Ageas)

Call option BNP Paribas shares valued at EUR 361 mio Down EUR 248 mio vs. FY 10 ( down EUR 333 mio vs. end

June) mainly due to lower BNP Paribas share price (EUR 30.05 vs. EUR 47.68)

Additional fair value adjustment of EUR 150 mioon Fortis Tier 1 Debt Securities 9M11 impact of EUR 190 mio; Securities valued @ 80% of par

accounted under “Loans & receivables”

Other items Net interest margin of EUR 9 mio negative

Operating expenses slightly down to EUR 38 mio

EUR mio 9M 11 9M 10

Net interest income (9) (10)

Capital gains (130) (224)

Result of associates (139) 183Change in impairments & provisions (0) 1

Total expenses (38) (40)

Profit before tax (326) (97)Net profit after tax & non-controlling interests (325) 312

Balance sheet items 9M 11 FY 10

RPI 850 933

Call option BNP Paribas 361 609

RPN(I) (145) (465)

Tier 1 760 -

Net cash/deposits 827 2,210


General AccountComposition of the net result remains very diverse and volatile

Net profit

Q3 11 : EUR (155) mioIn EUR mio

(83) (140)(150)

(190)

(333)(248)

438320

(27) (67)

9M 11 : EUR (325) mioIn EUR mio

Other items

RPN(i)

Tier 1 provision

Call option BNPP

RPISum of legacy issues:

EUR (128) mio

Sum of legacy issues:

EUR (258) mio


Balance sheet valueIn EUR bn

Net result impactIn EUR mio

Valuation Call option BNP Paribas shares at 30 September 2011Value down mainly due to lower BNP Paribas share price

-6.8%-10.4%Dividend yield +1%

+3.75% +11.9% Dividend yield -1%

-24.6%-26.3%Implied volatility -5%

+25.8%+26.7%Implied volatility +5%

9M 11H1 11Sensitivities

Valuation

EUR 66.672

5.29%

33%

EUR 47.69

FY 10

Strike price/share

Dividend yield

Volatility

BNP share price

Model parameters(Black & Scholes)

EUR 66.672

4.95%

30%

EUR 53.23

H1 11

EUR 66.672

8.76%

49%

EUR 30.05

9M 11

85

(248)(271)

FY 10 H1 11 9M 11

694

361

609

FY 10 H1 11 9M 11


(118)

273

320

(149)

2720

FY 10 H1 11 9M 11

Net result impact

Balance sheet valueIn EUR bn

In EUR mio

Valuation RPN(I) as at 30 September 2011Fair valuation liability down on lower market price CASHES

Valuation

57.8%

410 bps

41%

4.3%

EUR 1.87

H1 11

33.2%

685 bps

69%

6.1%

EUR 1.31

9M 11

Price CASHES (% of par)

Discount rate

Share price volatility

Dividend yield

Ageas’s Share price

Assumptions

Detailed sensitivity analysis

- EUR 97 mioPrice CASHES from 33% 23%

+ EUR 88 mioPrice CASHES from 33% 43%

9M 11Sensitivities

Guarantee Belgian State Value RPN(i)

See IFS Q3 2011

Variance Cashes priceHigher spreads

Other

(501)

(127)

(66)

(82)(465)(583)

(399)

(18)(145)

FY 10 H1 11 9M 11


Ageas’s equity Value Net book value assets RPI*In EUR bn

In EUR bn

In EUR bn In EUR bn

Principal & interest collections In EUR mio

Fair value - IFRS

Valuation items Royal Park Investments as at 30 September 2011Equity value down on lower marked-to-market value

Net result impact – part AgeasIn EUR mio

Commercial paper Other Senior + Super Senior

Principal collections Interest collections* Net book value = Economic recovery value as of 31 December 31 under B-GAAP, 2010minus Redemptions until September 30, 2011

(57)

(140)

131

FY 10 H1 11 9M 116.6

6.4

7.0

FY 10 H1 11 9M 11

581919

169

71

1,709

6521,540112

1,031

FY 10 H1 11 9M 11

4.3 4.6

2.51.8

7.16.1

4.6

1.6

6.2

FY 10 H1 11 9M 11

8.8

9.1

10.0

FY 10 H1 11 9M 11

899

850

933

FY 10 H1 11 9M 11

Outstanding debt


Financial implications at 30 September 2011

Discretionary capital

Solvency

Net cash General Account

Net result

Ageas acquired Fortis Bank Tier1 Debt Securities95% of outstanding debt acquired at par, fair value at 80%

Background In 2001, Fortis Bank SA/NV issued a EUR

1 bn subordinated Tier 1 securities* with a support agreement granted by Fortis parents (now Ageas)

Tier 1 securities included incentives to call at first call date (year 10): a 100 bps step-up feature and, via the support agreement, holders could exchange par amount for stock ( ageas shares) if not called

Events in 2011 27/28 April: Ageas AGM does not grant authorized shares for the support, only exchange in cash possible

27 May : Non-call Fortis Bank SA/NV

18 August : NBB grants consent to exchange securities for cash

H1 11 : Ageas records EUR 40 mio provision for difference par value versus fair value

26 September : Ageas acquires EUR 953 mio Tier 1 securities which yield at 3m-EURIBOR + 237 bps after first call date; call possible at every quarterly coupon

30 September : Ageas records EUR 150 mio additional charge to reflect estimated fair value

Financial instrument accounted at fair value

Fair value estimated at +/- 80% of nominal value (incl. illiquidity premium (8%))

Total charge of EUR 190 mio at 30 September

95% of outstanding debt acquired at par, cash out EUR 953 mio

Besides P&L charge, not affected

Concept replaced by net cash position as of Q3

* 6.5% Redeemable Perpetual Cumulative Coupon Debt Securities


0.08.28.0Liabilities held for sale0.08.48.2Assets held for sale

17.1

2.21.30.60.5

2.41.6

0.3H1 11

17.10.40.70.9

0.3

2.41.60.02.4

H1 11

9.5

2.51.30.60.7

2.41.7

0.5Q4 10

9.50.50.60.9

0.7

2.41.70.02.7

Q4 10

In EUR bn

0.2RPN(I)

15.9

1.91.3

0.2

2.41.6

0.39M 11

15.90.40.40.9

0.1

2.41.60.81.1

9M 11

Tier 1 debt securities

Net equityFRESH

Other

Provision Dutch StateNITSH I, II & Hybrone

ST (EMTN )Liabilities

Loan to operating ciesBalance sheet total

Call option on BNP P sharesRoyal Park Investments

Other

Claim ABN AMRO BankDue from Fortis Bank & AG Ins

Cash & Deposits at banksAssets

Cash position of the General AccountAs per Q3 11, discretionary capital concept abandoned

9M 11 evolutions:Net cash at EUR 0.8bn, down on acquisition Tier 1 Debt securities (EUR 1.0bn), acquisition AKSigorta (EUR 0.2bn) dividend payments (EUR 0.1bn) and other (EUR 0.1bn).

Q3 11 evolutions:Decrease net cash due to acquisition Tier 1 Debt Securities (EUR 1.0bn), acquisition AKSigorta (EUR 0.2bn) and share buy-back programme (EUR 0.1bn)


(170)

8,247

7,477

7,928

7,477(358)

(320) (155)

(92)(197)

(157)

126111

892

0

FY 10Net re

sult I

nsura

nce

Net resu

lt Gene

ral Acc

ount

Change

unrealize

d gain

s

Divide

nd

Foreign

exch

ange &

Othe

r

H1 11Net re

sult I

nsura

nce

Net resu

lt Gene

ral Acc

ount

Change

unrealize

d gain

s*

Buy-ba

ck

Foreign

exch

ange &

Othe

r

9M 11

FY 10 H1 11 9M 11EUR 3.19 EUR 2.89 EUR 3.15

Shareholders’ equity / share

Shareholders’ equity up to EUR 7.9 bn vs. H1 11Improved unrealized gains on investment portfolio

* including charge related to reclassification of Portuguese sovereigns as ‘Held to Maturity’

Shareholders’ equity by segment Belgium : EUR 2,730 mio

Continental Europe : EUR 862 mio

United Kingdom : EUR 941 mio

Asia : EUR 1,549 mio

General Account : EUR 1,846 mio


Ageas announced a share buy-back programme on 24 AugustAgeas currently owns 4.6% of its outstanding shares

Buy-back programme of up to EUR 250 mio of its outstanding shares

Buy-back programme launched as of 24 August For a period ending 23 February 2012

Independent broker mandated to execute the programme

Shares to be held as treasury shares until further notice

On 30 September, Ageas bought back 69 mio shares (2.62%)

As per 4 November, Ageas acquired120 mio shares for a total amount ofEUR 158 mio (corresponding to 4.6% of the total amount of outstanding shares)


3.9

2.20.8 1.0 1.2

6.9

3.42.1

3.4

0.30.5

0.4

9.3

0.37.2

Total available capital

Solvency remains well above required minimumImpact fixed income valuation on Belgium & CE, Tesco inclusion on UK

* Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for AICA of 468% end of March 11.

Required Regulatory minimum

Insurance General AgeasExcess capital Account

EUR 3.7 bn EUR 2.1 bn EUR 5.9 bn

176% 230%Solvency Ratio

Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / MinBelgium United Continental Asia Insurance General Ageas

Kingdom Europe Account

*

201% 310% 210%

End September 2011

270%

Consolidation adjustments


7.2 7.2

0.7

3.4

0.9 0.9

7.6

(0.2)(0.9)

net impact of stress test on solvency ratiocombining theoretical losses on sovereign bonds:

70% on all Greek 50% on all Portuguese & Irish 30% on all Italian & Spanish

Total available capital

Ageas’s Insurance solvency ratio resilientBuffer unrealized gains can absorb impact severe stress tests

Required Minimum Margin (RMM)

210% Solvency Ratio 210%

Based on data end of September 11

Actual

EUR 3.7 bn excess capital

Actual Minimum

completely absorbed by buffer of unrealized gains

Filters: EUR 0.7 bn revaluation

investment property (EUR 0.9 bn) revaluation

AFS investments (EUR 0.2 bn) other

Insurance total equity

Regulatory capital


InsuranceNet results marked by impairments following recent

events in financial markets

Intrinsic performance remains solid

Excluding impairments, performance up vs. last year

GroupVolatility due to accounting impact legacy issues

remains

Earlier 2011 result outlook not maintained Inflows : close to 2010 levels

Result : impact impairments & uncertainty financial markets make it difficult to provide updated 2011 forecast

Conclusions


Financial Calendar 2012

30 April Ex-dividend date – Start dividend election period

25 AprilAnnual shareholders’meeting Brussels

20 FebruaryAnnual results 2011

26 April Annual shareholders’meeting Utrecht

14 May 3M results 2012

31 May Payment 2010 dividend

21 May End of dividend election period

6 August 6M results 2012

7 November 9M results 2012


Disclaimer

Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’score markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis.

In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of thedates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.


Investor Relations

Tel:

E-mail:

Website:

+ 32 2 557 57 34+ 31 30 2525 305

[email protected]

www.ageas.com

Investor Relations

9m results 2011

Economy & Finance