9m results 2014 - press presentation

9M Periodical Financial Information/ Press

2014 RESULTS

Strong Q3 in Life

& Non-Life

Group net result

driven by Insurance – Q3 positive on RPN(I)

Shareholders’

equity up to

almost EUR 10

billion

Insurance net profit of EUR 579 million (+16%) – Q3 EUR 239 million

Gross inflows @ 100% of EUR 19.5 billion (+10%) – Q3 EUR 5.7 billion

Non-Life Combined ratio at 99.6% (vs.97.0%) – Q3 at 94.8%

Life Operating margin at 0.84% (vs.0.80 %) – Q3 at 0.82%

Life Technical Liabilities at EUR 72.7 billion* (+5% vs. FY 13)

Group net profit of EUR 282 million (-45%) – Q3 EUR 251 million

General Account net result of EUR (297) million – Q3 EUR 12 million

Shareholders’ equity at EUR 9.9 billion or EUR 44.75 per share

!! Unrealised Gains/Losses up to EUR 2.6 billion, EUR 11.28 per share

Insurance solvency at 214%, Group solvency at 206%

Net cash position General Account at EUR 1.5 billion

Main messages Ageas posts strong 9M Insurance results

Periodic financial Information Press I 9M 14 Results I 5 November 2014 1

* Consolidated entities only

Gross inflows @ 100% Growth driven by China, Thailand & Luxembourg


EUR mio 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14

Belgium 75% 2,996 2,907 (3%) 1,425 1,461 2% 4,422 4,368 (1%)

United Kingdom 79 100 26% 1,669 1,746 5% 1,748 1,846 6%

Consolidated entities 79 100 26% 1,269 1,333 5% 1,348 1,432 6%

Non-consolidated JV's 400 414 3% 400 414 Tesco 50% 400 414 3% 400 414 0% 0 0

Continental Europe 2,871 3,475 21% 800 813 2% 3,671 4,288 17%

Consolidated entities 1,358 1,225 (10%) 335 351 5% 1,693 1,576 (7%)

Portugal 51% - 100% 1,087 946 (13%) 190 201 5% 1,278 1,147 (10%)

France 100% 271 279 3% 271 279 3%

Italy 25% 144 151 144 151 Non-consolidated JV's 1,513 2,250 49% 465 462 1,978 2,712 37%

Turkey (Aksigorta) 36% 465 462 465 462 Luxembourg (Cardif Lux Vie) 33% 1,513 2,250 49% 1,513 2,250 49%0

Asia 7,327 8,363 14% 598 600 0% 7,926 8,963 13%

Consolidated entities 341 341 (0%) 341 341 (0%)

Hong Kong 100% 341 341 (0%) 341 341 (0%)

Non-consolidated JV's 6,986 8,023 15% 598 600 0% 7,585 8,623 14%

Malaysia 31% 479 412 (14%) 437 430 (2%) 917 842 (8%)

Thailand 31%-15% 1,133 1,309 16% 161 170 6% 1,294 1,479 14%

China 25% 5,287 6,221 18% 5,287 6,221 18%

India 26% 87 81 (7%) 87 81 (7%)

Ageas 13,274 14,846 12% 4,493 4,620 3% 17,767 19,465 10%#DIV/0! ###### ######

Consolidated entities 4,775 4,573 (4%) 3,029 3,145 4% 7,804 7,718 (1%)

Non-consolidated JV's 8,499 10,273 21% 1,464 1,475 1% 9,963 11,748 18%

Life Non-Life Total

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Gross inflows @ Ageas’s part Strong growth in emerging markets, hampered by foreign exchange impact

In EUR million


2,247 2,181

79 100 1,330 1,511

2,178 2,443

5,834 6,234

1,069 1,096

1,470 1,540

301 338

159 158

2,999

3,132

(1%)

6%13%

11%

6%

3,316 3,276

1,549 1,640 1,630 1,849

2,337 2,601

8,833

9,366

9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14

Insurance net result Further up despite negative foreign exchange impact, all segments up except UK

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life Other

Life Non-Life

Life Non-Life

Life Non-Life Other

12 26 12 26

190

282

(2)

2 36 35

87 123

311

442

57

39

77 52 26 8

14

12

174

112

247

321

87 80

63 43

101

135

497

579

9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14

In EUR million


12 269M 13 9M 14

Other Life Non-Life

3 20

55

63

Q3 13 Q3 14

4.54.6

9M 13 9M 14

Life Non-Life

3.8 4.2

1.41.5

5.3 5.7

Q3 13 Q3 14

9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14

Net result: Q3 supported by cap gains & legal settlement in UK In EUR million In EUR billion

Non-Life combined ratio: recovering from floods & storms, solid Q3

Gross inflows*: strong growth in Asia & CEU

In EUR billion

Total Insurance: Headlines Strong 9M results – Excellent Q3


Life Technical liabilities up both in conso & non conso

Operating margin Guaranteed: strong margin in Belgium

Operating margin Unit-linked: lower fee income in Portugal

In % avg technical liabilities In % avg technical liabilities

311 442110 156

174

112497

579

168

239

13.3 14.8

17.8

19.5

97.0% 99.6% 97.3% 94.8% 0.87% 0.98% 0.85% 0.96%

0.47%

0.20%

0.56%

0.22%

* incl. non-consolidated partnerships @ 100%

In % NEP

69.2 72.0 72.7

40.941.8 50.0

FY 13 6M 14 9M 14

Conso Non-conso

113.8110.1122.7

9M 13 9M 149M 13 9M 14


In EUR million In EUR

billion

In EUR billion

Belgium : Headlines Strong 9M performance; Q3 incl. EUR 59 million benefit from real estate transactions

In % avg technical liabilities


39

9M 13 9M 14

Life Non-Life

6895

19

33

Q3 13 Q3 14

3.0 2.9

1.4 1.5

4.4 4.4

9M 13 9M 14

Life Non-Life

0.9 0.8

0.4 0.4

1.3 1.3

Q3 13 Q3 14

Q3 13 Q3 14

In % NEP

Q3 13 Q3 149M 13 9M 14Q3 13 Q3 14

97.6% 101.9% 97.9% 94.4%

0.40%0.51%

0.32%

0.44%0.98%0.85%0.98%0.84%

190282

57

247

321

87


129

53,2 55,5 56,1

FY 13 6M 14 9M 14

Net result: solid Q3 supported by real estate trans & strong Non-Life

Gross inflows stable. Trend similar to previous quarters

Life Technical liabilities: mostly up on Unrealised Gains/Losses

Operating margin Guaranteed: above target; mainly benefit real estate

Non-Life combined ratio: recovering from June hailstorm; excellent Q3

Operating margin Unit-Linked: recovery to 0.32% from a low Q2

9M 13 9M 14

In EUR million

United Kingdom: Headlines Continued strong recovery in Q2 & Q3

Periodic financial Information Press I 9M 14 Results I 5 November 2014

(2) 212

26

7752

8780

9M 13 9M 14

Life Other Non-Life

Q3 13 Q3 14

96.9% 99.3%98.0% 96.6%

In EUR billion

In % NEP In EUR million

0.1 0.1

1.7 1.7

1.7 1.8

9M 13 9M 14

Life Non-Life

0.0 0.00.6 0.6

0.6 0.6

Q3 13 Q3 14

9M 13 9M 14

5981

Q3 13 Q3 14

181 209


(0) 1

320

26

2729

48

Q3 13 Q3 14

7

Net result: Legal settlement (EUR 23

million) helps offset weather impact (EUR 36 million)

Gross inflows* up 6%, flat excluding FX

Non-Life combined ratio: below 100% after solid Q2 & Q3

Other Income: incl. legal settlement (EUR 23 million – EUR 17 million in Q3)

Net profit declined due to strengthening reserves in Turkey vs one-off in 9M 13

In EUR million In EUR billion

Excellent Non-Life combined ratio further improved in A&H and Motor

227%

Gross inflows*: strong sales in Luxembourg

In EUR billion

Continental Europe: Headlines Lower result in Turkey drives net profit CEU down

**

Operating margin Guaranteed: lower U/W & investment margin



Operating margin Unit-Linked: lower fee income in Portugal In % avg technical liabilities

36 35

26

8

63

43

9M 13 9M 14

Life Non-Life

117

6

17

5

Q3 13 Q3 14

2.93.5

0.8

0.83.7

4.3

9M 13 9M 14

Life Non-Life

1.0 1.2

0.20.2

1.31.5

Q3 13 Q3 14

9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14

94.5% 90.7%92.4% 89.3%

0.89% 0.69% 0.79% 0.46%0.56%

0.11%

0.64%

In % NEP


13.9 14.2 14.2

15.0 15.9 16.9

28.9 30.1 31.1

FY 13 6M 14 9M 14

Conso Non-conso

(0.01%)

Life Technical liabilities up 7% driven by Luxembourg

14

12

9M 13 9M 14

Life Non-Life

14

12

9M 13 9M 14

Life Non-Life

Net result: business growth & good financial performance In EUR million In EUR billion

Non-Life combined ratio improved reflecting solid underwriting

Gross inflows growth fuelled by China & Thailand

Life Technical liabilities up across all entities In EUR

billion

Asia: Headlines Strong profits supported by new business growth Life


**

In % avg technical liabilities In EUR million

Life operating margin Hong Kong: up on increased investment margin

Result non-conso partnerships:new business growth & financial result

7.38.4

0.6

0.67.9 9.0

9M 13 9M 14

Life Non-Life

1.9 2.1

0.20.22.12.3

Q3 13 Q3 14

Q3 13 Q3 149M 13 9M 14Q3 13 Q3 149M 13 9M 14

94.8%89.9%

95.9%

91.4%

1.41% 1.73%

1.22%

2.20%

87 123

101

135

79 111

93

123

In % NEP


30

47

4

4

34

51

Q3 13 Q3 14

31

534

4

35

57

Q3 13 Q3 14

2.0 2.1 2.3

25.9 25.9

33.1

27.9 28.0

35.4

FY 13 6M 14 9M 14

Conso Non-conso

9M 13 9M 14

Q3 13 Q3 14

Q3 13 Q3 14

Net result driven by revaluation RPN(i), positive in Q3 In EUR million

Accounting value of remaining legacies

General Account: Headlines Impacted by revaluation RPN(I) liability & legal provision


Accounting value put option

In EUR million In EUR

million

9M 13 9M 14

1.91.6 1.5

FY 13 6M 14 9M 14

(297)

RPN(I): positive in Q3 following lower price CASHES

Staff & Operating expenses down

Net cash position: decrease driven by distribution to shareholders

13 14

20 16

33 31

9M 13 9M 14

Staff Operating

In EUR million

In EUR million In EUR billion

(370)

(527) (494)

37 29 30

(130)(130)

FY 13 6M 14 9M 14

RPN(i) RPI FortisEffect

5 5

85

13

10

Q3 13 Q3 14

(124)

(108)

33

1,255 1,2821,443

FY 13 6M 14 9M 14

15(127) 12

(114)

1,913

1,517

(309)

(159)(7) (85)

(9) (126)(87)385 -

FY 13 dividend sharebuy-back

CASHES& FRESH

investmentin liquidassets

upstream capitalrestructuring

M&A other 9M 14


Net cash position General Account at EUR 1.5 billion Incoming cash partly returned to shareholders, partly invested in business

EUR 126 million invested in acquisition of remaining 49% in Portuguese Non-Life activities

EUR 1.4 dividend par share paid out in May 2014

– paid dividend & holding costs compensated by dividend upstream from operating companies on FY basis

EUR 159 million share buy-back executed in 9M 14, EUR 125 million from 2013 SBB, EUR 34 million from 2014

SBB

– total of EUR 147 million as per 01/11/2014

Around EUR 140 million of liquid assets with original maturity longer than 1 year are not included in net cash

position

In EUR bn


Status on various legal procedures

Timing & (financial) outcome remains hard to estimate

2014 expected next steps

Brussels Commercial Court re Sep/Oct 2008 transactions (Modrikamen) – interim judgement on procedural matters expected – pleadings on the merits in 2015

February 11

Claim re FRESH hybrid

instrument dismissed by

Brussels Court

Sep- Dec 10

Ageas starts legal procedure against Dutch

State & Abillion AMRO to obtain

compensation in return for conversion MCS

(Mandatory Convertible Securities) into

Ageas’ shares

Age

as initia

tor

Aga

inst A

ge

as

February 12

billionP P tender for CASHES & subsequent

conversion into Ageas shares – partial

settlement of RPN/RPN(I) – call Fortis Bank

Tier 1 Debt Securities

February 12

Utrecht court re

communication Q2 2008

in favour of plaintiffs,

appeal filed

March 12

Brussels Commercial Court

rules in favour of Ageas in

MCS-case, appeal filed

2011 2012 2009... 2010 ...

December 13

Supreme Court rejects appeal against

judgement Ondernemingskamer re

mismanagement mainly in favour of

plaintiffs

June 12

Agreement with Abillion AMRO to settle

legal proceedings concerning FCC &

MCS, closing all outstanding disputes

with Dutch State

2013

June 13

Fine imposed by

FSMA, appeal filed

February 14

Trade & Industry Appeals Tribunal

renders final judgment on AFM II

in favour of Ageas

2014

March 14

T&I A Tribunal

rejects appeal

in AFM I

July 14

Amsterdam Court of

Appeal judges partly in

favour of plaintiffs; appeal

filed before Supreme

Court


Shareholders structure

Based on number of shares as at 01 November 2014

Based upon press release 4 August 2014

Based upon the number of shares mentioned in the notification received 6 May 2013

Based upon the number of shares mentioned in the notification received 2 June 2014

Based upon the number of shares mentioned in the notification received 5 August 2014

Based upon the number of shares mentioned in the notification received 22 July 2013

Based upon the number of shares mentioned in the notification received 20 August 2012

Estimate by

Estimate by

Ageas3.63%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Norges Bank Identified retail investors

16%

Identified institutional investors

41%

Other investors20%


Financial calendar 2014 - 2015

12 February

Annual results

2013

8 May

3M 2015

results

29 April

Ordinary & Extraordinary

shareholders’ meeting - Brussels

6 May

Ex date

6 March

Annual report

2013

8 May

Payment 2013

dividend

5 August

6M 2015

results

4 November

9M 2015

results

5 November

9M 2014

results

Strong operational & financial performance in Q3

Shareholders’ equity historically high due to low interest rate

environment

Diligent execution of share buy-back

Conclusions: positive trend continued



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’s

core 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 the dates

indicated, nor does it purport to be indicative of the results of

operations or financial condition that may be achieved in the

future.

9m results 2014 - press presentation

Economy & Finance

q3 eur

life nonlifetotal

strong q3

life nonlife group net

performance q3

q3 14q3

ukin eur

eur mio9m