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Periodical Financial Information
FY 2017RESULTS
Table of contents Analyst call 3
Segment information 16
Equity / Solvency/ FCG 49
Investment portfolio 62
Legal Settlement 67
General Information 76
Main messagesAgeas reports record Insurance net result
3Periodic financial Information I FY 17 results I 21 February 2018
*Consolidated entities only
Insurance
performance
Group result
Balance sheet
Gross dividend
Fortis settlement
Insurance net profit of EUR 960 mio (+33%)
Inflow @ 100% of EUR 33.8 bn (+7%)
Life Guaranteed margin at 93 bps* (stable)
Unit-Linked margin at 27 bps* (vs. 25 bps)
Group combined ratio at 95.2%* (vs.101.1%)
Life Technical Liabilities at EUR 74.7 bn* (stable)
Group net profit of EUR 623 mio
General Account net loss of EUR 337 mio (vs. EUR 694 mio negative) including additional provision for Fortis settlement
Shareholders’ equity at EUR 9.6 bn or EUR 48.30 per share
UG/L at EUR 2.8 bn or EUR 14.02 per share
Insurance Solvency IIageas at 196%, Group ratio at 196%
Operating FCG of Solvency II scope of EUR 702 mio
Total Liquid Assets General Account at EUR 1.8 bn (vs.EUR 1.9 bn)
Proposal of 2.10 EUR/share (+24% vs. 2016 regular dividend)
Hearings Amsterdam Court on 16 & 27 March 2018
Judgment on binding character expected by mid 2018
505623
18
260
199
77
721
960
FY 16 FY 17
Life Non-Life cap gain divestments
In EUR mio
In EUR bn
In EUR bn
Total Insurance: HeadlinesRecord performance in both Life & Non-Life
4Periodic financial Information I FY 17 results I 21 February 2018
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
81150
(163)
4877
(82)
274
Q4 16 Q4 17
25.4 27.6
6.36.2
31.733.8
FY 16 FY 17
Life Non-Life
5.5 5.2
1.5 1.5
7.0 6.7
Q4 16 Q4 17
101.195.2
FY 16 FY 17
113.2
96.2
Q4 16 Q4 17
93 93
FY 16 FY 17
80
54
Q4 16 Q4 17
25 27
FY 16 FY 17
36 32
Q4 16 Q4 17
74.5 74.2 74.7
69.575.8 78.0
144.0150.0 152.7
FY 16 9M 17 FY 17
conso non-conso
Net result: Solid result further underpinned by strong Q4
Non-Life combined ratio: excellent operating performance in BE & CEU
Inflows*: Continuous growing inflows in Asia driven by regular premiums
Life Technical liabilities up in non-conso
Operating margin Guaranteed: absence of capital gains in Q4
Operating margin Unit-Linked: up in both BE & CEU
0.80 0.80 0.80
1.201.40
1.55 1.65 1.70
2.10
0.40
2.9%
3.7%
4.7% 4.6%4.4%
5.0% 4.9%
5.3%5.1%
2010 2011 2012 2013 2014 2015 2016 2017 2018
gross dividend / share additional dividend / share dividend yield*
5Periodic financial Information I FY 17 results I 21 February 2018
Proposed regular gross cash dividend of EUR 2.1/ share, up 24% Total 4.6 bn returned to shareholders since 2009
2010 2011 2012 2013 2014 2015 2016 2017 2018 since '09
Paid dividend 188 197 188 270 309 329 338 419 408 2,646
Share buy-back executed 230 160 144 209 250 244 244 247 1,728
Capital reduction 223 223
Total returned to shareholders 188 427 348 637 518 579 582 663 655 4,597
CAGR
+13%
Payment
2017 dividend
on 30 May 2018
Belgium268
Belgium168
Belgium294
Belgium333
Belgium391
UK 82
UK 64
UK 50
UK 47 CEU 36
CEU150
CEU 53 CEU 19
CEU 48 Asia 52
Asia106 Asia 43
Asia 89
Asia77
42
438
488
440
487 516
2012 2013 2014 2015 2016 2017
6
Disciplined cash upstream from operating companiesTotal upstream up 6% - well above EUR 500 mio
Belgium main contributor of cash
Upstream covering dividend & holding costs on FY basis
In EUR mio
Biggest part
of upstream
done in H1
Portugal25
Italy 15
9
Malaysia16
Thailand15
China46
Upstream duringbased on net result of the year before
Periodic financial Information I FY 17 results I 21 February 2018
* internal loan granted
*
*
Luxembourg
Periodic financial Information I FY 17 results I 21 February 2018
Group Free Capital Generation roll forwardOperational FCG of EUR 702 mio, excl. Non-European NCP’s
In EUR mio
7
Calculation based on 175% of SCRageas
EUR 702 mio includes
EUR 114 mio related to stop loss cover in UK
EUR 77 mio dividend upstream from Non-European NCP’s *
Free Capital
Generation
* Operational FCG generated by Non-European NCP’s of EUR 360 mio over 9M ’17 is not included in EUR 702 mio
194
265
511
11477
1,111
702
1,264
(15)
(318)
(249)
(5)
(419)
FY '16 Modelchanges
M&ADivestments
Marketimpact
Operationalimpact
Exceptional items
Capitaltransactions
M&AAcquisitions
Paiddividend
FY '17
Non-Life combined ratio reaching target despite residual Ogden impact
Solvency II ageas – comfortably above 175%
Ambition 2018 targetsReaching all but one of the 6 targets
8
Operating margin Guaranteed above target range
Operating margin Unit-Linked below target range but improving
* Calculated on insurance net result excluding UK exceptionals
ROE driven by record insurance result – excl. Cargeas @ 14%
Proposed gross dividend in line with promised pay-out ratio
11%15%
11%-13%
2016 2017 target
101.195.2
97 %
2016 2017 target
93 93
85 - 90 bps
2016 2017 target
45% 42%
40%-50%
2016 2017 target
25 27
40 - 45 bps
2016 2017 target
179%196%
175%
2016 2017 target
*
Periodic financial Information I FY 17 results I 21 February 2018
9
Key dates Fortis’ settlement
Ageas announces agreement with Deminor, Stichting FortisEffect, SICAF & VEB
Additional support received from Mr. Arnauts & Mr. Lenssens
Filing done 23/05/2016
Interim decision Amsterdam Court of Appeal declares settlement agreement not
binding
Main concerns
1. Discrimination active/non-active shareholders
2. Dilution risk for buyers by holders compensation
3. Uncertainty about scope release
Deadline for amended agreement 17/10/2017
Court grants extension until 12/12/2017
Ageas announced EUR 100 mio final additional effort
Agreement reached on revised settlement proposal
Additional support by ConsumentenClaim
First hearing focussed on compensation models of claimant organisations
Second hearing on the merits
14/03/2016
16/06/2017
16/10/2017
12/12/2017
Periodic financial Information I FY 17 results I 21 February 2018
16 & 27/03/2018
4.2 3.8
1.91.9
6.15.7
FY 16 FY 17
Life Non-Life
288 292
102146
391438
FY 16 FY 17
Life Non-Life
55 47
26 24
82 72
Q4 16 Q4 17
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
10Periodic financial Information I FY 17 results I 21 February 2018
In EUR mio In EUR bnIn EUR bn
1.0 1.1
0.4 0.4
1.5 1.5
Q4 16 Q4 17
59.0 58.1 58.3
FY 16 9M 17 FY 17
86 85
FY 16 FY 17
96.091.0
FY 16 FY 17
92.8 95.2
Q4 16 Q4 17
64
41
Q4 16 Q4 17
31 34
FY 16 FY 17
70
42
Q4 16 Q4 17
Belgium : HeadlinesImprovement supported by record performance in Non-Life
Life Technical Liabilities slightly downNet result: strong Non-Life – 2016 included impact terror & weather
Inflows: anticipated lower Guaranteed -continued strong growth in UL
Excellent Non-Life combined ratio Operating margin Guaranteed: absence of capital gains in Q4
Operating margin Unit-Linked: driven by high underwriting margin
112.2103.2
FY 16 FY 17
In EUR mio
11Periodic financial Information I FY 17 results I 21 February 2018
In % of NEP
In EUR bn
* incl. non-consolidated partnerships @ 100%
(156)
29
FY 16 FY 17
(210)
4
Q4 16 Q4 17
152.2
102.0
Q4 16 Q4 17
2.22.0
FY 16 FY 17
0.5 0.4
Q4 16 Q4 17
United Kingdom: HeadlinesResidual Ogden rate impact on net results
EUR 46 mio in FY’17 net result
3.7pp on COR - impacting mainly Motor (3.9pp) & Other lines (10.0pp)
Impact of around EUR 5 mio in Q4, in line with earlier communication
Risk mitigation product portfolio through stop loss reinsurance cover
Q1 derisking of investment portfolio
EUR 77 mio capital injection executed in Q2
Solvency IIageas FY ‘17 @147%
Ogden impact
on results
Ogden rate change
impact mitigated by
various actions
Net result impacted by Ogden -EUR 213 mio exceptionals in Q4 ‘16
Inflows* 3% down at constant FX Non-Life combined ratio excl. Ogden at 99.5%
Continental Europe: Headlines Remarkable operating performance & EUR 77 million capital gain on sale of Cargeas in Q4
12Periodic financial Information I FY 17 results I 21 February 2018
* incl. non-consolidated partnerships @ 100%
49 62
4153
77
90
193
FY 16 FY 17
Life Non-Life cap gain Cargeas
16 1615 7
7730
100
Q4 16 Q4 17
4.1 4.6
1.31.5
5.46.1
FY 16 FY 17
Life Non-Life
1.0 1.1
0.40.5
1.41.6
Q4 16 Q4 17
15.5 16.1 16.3
20.0 21.6 22.1
35.537.7 38.4
FY 16 9M 17 FY 17
conso non-conso
88.7 90.4
FY 16 FY 17
83.790.4
Q4 16 Q4 17
121139
FY 16 FY 17
136 125
Q4 16 Q4 17
721
FY 16 FY 17
8
23
Q4 16 Q4 17
Net profit up 28% excl. cap gain on sales of Italian Non-Life activities
Non-Life combined ratio @ excellent level despite fires in Portugal
Inflows driven by strong growth in both Life and Non-Life
Operating margin Guaranteed up on higher investment margin
Life Technical liabilities up 8%
Operating margin Unit-Linked significantly up on higher fees & commissions
In EUR mio In EUR bn
In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
In EUR mioIn EUR bn
In EUR bn
13Periodic financial Information I FY 17 results I 21 February 2018
In % NEP
* incl. non-consolidated partnerships @ 100%
168
26927
24199
394
293
FY 16 FY 17
Life Non-Life cap gain HK
17.119.2
0.90.8
18.020.0
FY 16 FY 17
Life Non-Life
3.5 3.0
0.20.2
3.73.2
Q4 16 Q4 17
86.481.8
Q4 16 Q4 17
85.1 87.4
FY 16 FY 17
Asia: Headlines Excellent result thanks to better product mix, investment result & exceptional items
Life Technical liabilities up 13%Net result up 61% (excl. contribution HK) – Q4 reserve assumptions review
Non-Life combined ratio remains strong - excellent Q4
13.115.8
3.7
3.416.9
19.2
FY 16 FY 17
regular single
In EUR bn
Regular premium: solid growth -exceeding 80% of Life inflows
49.554.2 55.9
FY 16 9M 17 FY 17
10
87
6
9
17
96
Q4 16 Q4 17
Inflows* up 15% @ constant FX –driven by regular NB & renewals
In EUR mio
14Periodic financial Information I FY 17 results I 21 February 2018
In % NEPIn EUR mio
Intreas: HeadlinesInternal Non-Life reinsurance company established in July 2015
Net result Inflows Combined ratio
0
3
8
FY 16 FY 17
(1)
3
Q4 16 Q4 17
4152
FY 16 FY 17
914
Q4 16 Q4 17
86.1
75.7
FY 16 FY 17
334.4
61.7
Q4 16 Q4 17
A record Insurance result stemming from excellent
combined ratio & Guaranteed operating margin
&
confidence in cash generating capacity ...
...leading to a 24% higher proposed regular gross dividend
of EUR 2.1 in cash...
...confirmed by reassuring Operational Free Capital
generation over the year
Table of contents Analyst call 3
Segment information 16
Equity / Solvency/ FCG 49
Investment portfolio 62
Legal Settlement 67
General Information 76
Periodic financial Information I FY 17 results I 21 February 2018 17
Key financials
In EUR mio FY 16 FY 17 Q4 16 Q4 17
Gross inflows 31,654 33,800 7% 6,962 6,738 (3%)
Net result Insurance 721 960 33% (82) 274By segment: - Belgium 391 438 12% 82 72 (12%)
- UK (156) 29 (210) 4 - Continental Europe 90 193 114% 30 100 232%
- Asia 394 293 (26%) 17 96 482%
- Reinsurance 3 8 (1) 3By type: - Life 704 623 (11%) 81 150 85%
- Non-Life 18 337 (163) 125
Net result General Account (694) (337) (8) (11)
Net result Ageas 27 623 (91) 264Earnings per share (in EUR) 0.13 3.09
Life Operating Margin Guaranteed (in bps) 93 93 80 54
Life Operating Margin Unit-Linked (in bps) 25 27 36 32
Combined ratio (in %) 101.1 95.2 113.2 96.2
FY 16 FY 17
Shareholders' equity 9,561 9,611 1%
Net equity per share (in EUR) 46.56 48.30
Insurance ROE excl.UG/L 10.6% 14.6%
Insurance Solvency IIageas ratio 179% 196%
For a definition see Lexicon in annex to the press release
505623
18
260
199
77
721
960
FY 16 FY 17
Life Non-Life cap gain divestments
In EUR mio
In EUR bn
In EUR bn
Total Insurance: HeadlinesRecord performance in both Life & Non-Life
18Periodic financial Information I FY 17 results I 21 February 2018
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
81150
(163)
4877
(82)
274
Q4 16 Q4 17
25.4 27.6
6.36.2
31.733.8
FY 16 FY 17
Life Non-Life
5.5 5.2
1.5 1.5
7.0 6.7
Q4 16 Q4 17
101.195.2
FY 16 FY 17
113.2
96.2
Q4 16 Q4 17
93 93
FY 16 FY 17
80
54
Q4 16 Q4 17
25 27
FY 16 FY 17
36 32
Q4 16 Q4 17
74.5 74.2 74.7
69.575.8 78.0
144.0150.0 152.7
FY 16 9M 17 FY 17
conso non-conso
Net result: Solid result further underpinned by strong Q4
Non-Life combined ratio: excellent operating performance in BE & CEU
Inflows*: Continuous growing inflows in Asia driven by regular premiums
Life Technical liabilities up in non-conso
Operating margin Guaranteed: absence of capital gains in Q4
Operating margin Unit-Linked: up in both BE & CEU
Inflows @ 100% Growth driven by Asian Life & inclusion Ageas Seguros – 3% negative FX
19Periodic financial Information I FY 17 results I 21 February 2018
EUR mio FY 16 FY 17 FY 16 FY 17 FY 16 FY 17
Belgium 75% 4,182 3,781 (10%) 1,883 1,915 2% 6,065 5,697 (6%)
United Kingdom - 2,203 1,988 (10%) 2,203 1,988 (10%)
Consolidated entities 100% - 1,720 1,546 (10%) 1,720 1,546 (10%)
Non-consolidated JV's 483 442 (9%) 483 442 (9%)0 0
Continental Europe 4,122 4,604 12% 1,307 1,483 13% 5,429 6,087 12%
Consolidated entities 1,903 1,975 4% 740 843 14% 2,643 2,818 7%
Portugal 51% - 100% 1,497 1,541 3% 513 628 22% 2,010 2,170 8%
France 100% 406 433 7% 406 433 7%
Italy 50% 227 215 (5%) 227 215 (5%)
Non-consolidated JV's 2,219 2,629 18% 567 640 13% 2,786 3,269 17%
Turkey 36% 567 640 13% 567 640 13%
Luxembourg 33% 2,219 2,629 18% 2,219 2,629 18%
Asia 17,064 19,201 13% 893 827 (7%) 17,957 20,029 12%
Consolidated entities 100% 183 183
Non-consolidated JV's 16,881 19,201 14% 893 827 (7%) 17,774 20,029 13%
Malaysia 31% 587 721 23% 575 506 (12%) 1,162 1,227 6%
Thailand 31%-15% 2,485 2,681 8% 318 322 1% 2,803 3,003 7%
China 25% 13,611 15,541 14% 13,611 15,541 14%
Philippines 50% 5 15 5 15 Vietnam 32% 0 10 0 10 India 26% 193 233 21% 193 233 21%
Insurance Ageas 25,368 27,586 9% 6,286 6,214 (1%) 31,654 33,800 7%#DIV/0! ###### ######
Consolidated entities 6,269 5,756 (8%) 4,342 4,305 (1%) 10,611 10,061 (5%)
Non-consolidated JV's 19,100 21,831 14% 1,943 1,909 (2%) 21,043 23,740 13%
Reinsurance 41 52 41 52
Life Non-Life Total
Inflows @ Ageas’s partStrong growth in Asian JV’s & Continental Europe, up 4% @ constant FX
In EUR mio
20Periodic financial Information I FY 17 results I 21 February 2018
3,137 2,836 1,953 2,149
4,574 4,992
9,663 9,977
1,412 1,436
1,962 1,768
831 966
225 204
4,430 4,375
(6%)
(10%)
12%
8%
2%
27%
4,549 4,272
2,783 3,115
4,799 5,197
14,093 14,351
41 52
FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17
Belgium: down on short-term savings – shift to more UL
UK 4% down @ constant FX
CEU driven by Luxembourg - Ageas Seguros contributing EUR 391 mio
Asia: up 11% @ constant FX
Non-Life
Life
Belgium UK CEU Asia Insurance Reins.
Insurance net resultRecord result driven by operating performance & supported by cap gain on Italy
21Periodic financial Information I FY 17 results I 21 February 2018
BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mioterrorism & weather in 2016
UK: EUR 46 mio Ogden vs. EUR 213 mio exceptionals in Q4 ‘16
CEU: Good operating performance - transformation plan Ageas Seguros on track
Asia: Net result up on investments - contribution Hong Kong EUR 212 mio in 2016
Non-Life
Life
Belgium UK CEU Asia Reins. Insurance
In EUR mio
288 292
49 62
367 269
704 623
102146
(156)
41
130
27
24
18
337
391 438
29
90
193
394
293
3 8
721
960
FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17
10/03/2010 I page 22
Overview of net realised capital gains* on investmentsLow level of capital gains in 2016
22Periodic financial Information I FY 17 results I 21 February 2018
* Net capital gains include capital gains, impairments & related changes in profit sharing, net of tax & @ ageas’s part –
CEU JV’s not included
EUR mio FY 16 FY 17 Q4 16 Q4 17
Life 76 96 (4) (6) All cap gains on investment portfolio
Non-Life 9 12 (3) (1) realized in first 9M
Total Belgium 85 109 (7) (7)
Non-Life 10 19 0 1 De-risking of portfolio in Q1
Total UK 10 19 0 1 to restore solvency
Life (4) (0) 1 1
Non-Life 1 0 0 0
Total CEU (4) 0 2 1
Life (8) 73 (19) 35 Spread over China,
Non-Life 3 3 0 2 Thailand & Malaysia
Total Asia (5) 76 (19) 36
Life 64 169 (22) 29
Non-Life 22 35 (2) 1
Total Ageas 86 204 (24) 31
69.0 68.1 64.3 64.4 62.267.0
59.7
79.0
59.9
31.1 31.0 34.0 35.234.7
34.1
35.5
34.2
36.3
100.1 99.1 98.3 99.6 96.9101.1
95.2
113.2
96.2
(3.5) (3.1) (3.8) (4.0) (5.9)(3.0)
(5.6)
6.6
(6.0)
2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
claims ratio expense ratio PY claims ratio
23Periodic financial Information I FY 17 results I 21 February 2018
Insurance Combined ratio Consistently below 97% target throughout the year
Combined ratio
UK Ogden rate change impact of 1.3 pp - mainly in Other lines & Motor – vs. 3.7 pp in 2016
2016 combined ratio included 0.9 pp impact from Brussels terrorism events & 1.7 pp from weather in Belgium & UK
Outstanding combined ratio in Belgium (91.0%) & Continental Europe (90.4%)
Strong performance in all product lines
Motor improvement in BE & UK
Accident & Health in Portugal
benign weather conditions helping Household
Quarterly combined ratio
Another very strong quarter – Q4 ’16 incl. 14.8 pp Ogden
Claims ratio
CY claims ratio at 65.3% (vs. 70.0%)
PY claims: 2016 included full impact Ogden
Expense ratio up in UK
Net earned premium (In EUR mio)
In % Net earned premium
3,507 4,178 3,749 3,843 4,038 4,112 4,148 1,034 1,096
Insurance Combined ratio per product lineExceptional items impacting COR comparison
24Periodic financial Information I FY 17 results I 21 February 2018
Motor: excellent in BE & improving in UK – 2.1 pp Ogden
vs. 8.5 pp
Accident & Health: 2.0 pp terrorism in FY’16 – improving in
Portugal
Other: 4.3 pp Ogden vs. 4.0pp terrorism – extremely good
claims ratio in CEU
Household: very strong in BE & CEU – 6.8 pp BE & UK
weather & terror impact in FY ‘16
71.9 70.5 70.0 67.3 65.4 67.5 64.8
25.0 25.5 25.6 27.0 28.3 27.2 27.5
96.9 96.0 95.6 94.3 93.7 94.7 92.3
2011 2012 2013 2014 2015 2016 2017
72.0 73.6 69.8 69.6 69.178.2
68.7
25.3 25.4 29.3 29.7 30.529.7
31.6
97.3 99.0 99.1 99.3 99.6107.9
100.3
2011 2012 2013 2014 2015 2016 2017
61.9 55.6 51.5 51.5 50.4 50.5 43.8
41.541.6 44.0 44.6 41.6 42.7
45.1
103.497.2 95.5 96.1 92.0 93.2 88.9
2011 2012 2013 2014 2015 2016 2017
67.2 66.5 62.471.2
57.9 60.451.0
44.8 44.9 45.5
50.6
46.4 44.445.1
112.0 111.4 107.9
121.8
104.3 104.896.1
2011 2012 2013 2014 2015 2016 2017
NEP 736 763 813 813 811 838 884 NEP 1,571 2,058 1,557 1,616 1,724 1,790 1,782
NEP 892 1,007 986 1,029 1,078 1,067 1,072 NEP 308 349 394 385 424 418 410
In bps Avg techn. liabilities
Insurance Life operating margin per product lineMargins in Guaranteed above target range
Guaranteed: up in both BE & CEU Unit-linked: increase in both BE & CEU
Operating margin improving in both BE & CEU
Despite improvement, margin still below target range
Investment margin: good investment result in BE & CEU
Underwriting margin stable
Expense & other margin slightly deteriorating in BE & CEU
25Periodic financial Information I FY 17 results I 21 February 2018
44 43 38 33 41 39 4333
87 83 9080
88 9674
67
(33) (31) (39)(23)
(36) (42) (37)(47)
99 96 89
90
9393
80
54
2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
Avg techn liabilities (In EUR bn)
54.0 55.5 56.9 57.9 57.3 55.9 57.3 55.9
11 13 1217
4 3 6 3
1
(2)
2
1
20 2
37
186
18
19 24
3027
48
28
20
36
25 27
3632
2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
Operating margin
Expense & other m.
Investment m.
Underwriting m.
Avg techn liabilities (In EUR bn)
11.8 12.3 12.6 13.0 12.1 15.1 12.1 15.1
4.2 3.8
1.91.9
6.15.7
FY 16 FY 17
Life Non-Life
288 292
102146
391438
FY 16 FY 17
Life Non-Life
55 47
26 24
82 72
Q4 16 Q4 17
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
26Periodic financial Information I FY 17 results I 21 February 2018
In EUR mio In EUR bnIn EUR bn
1.0 1.1
0.4 0.4
1.5 1.5
Q4 16 Q4 17
59.0 58.1 58.3
FY 16 9M 17 FY 17
86 85
FY 16 FY 17
96.091.0
FY 16 FY 17
92.8 95.2
Q4 16 Q4 17
64
41
Q4 16 Q4 17
31 34
FY 16 FY 17
70
42
Q4 16 Q4 17
Belgium : HeadlinesImprovement supported by record performance in Non-Life
Life Technical Liabilities slightly downNet result: strong Non-Life – 2016 included impact terror & weather
Inflows: anticipated lower Guaranteed -continued strong growth in UL
Excellent Non-Life combined ratio Operating margin Guaranteed: absence of capital gains in Q4
Operating margin Unit-Linked: driven by high underwriting margin
479 488
578 587
633 643
194 197
+2%
1,883 1,915
FY 16 FY 17
3,779
3,005
404
776
-10%4,182
3,781
FY 16 FY 17
Life In EUR mio
Non-Life In EUR mio
27Periodic financial Information I FY 17 results I 21 February 2018
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Belgium: Inflows@ 100%Lower inflows in Guaranteed partly compensate by strong increase in UL
Guaranteed
Driven by the lowering of the guaranteed rate last year
Current guaranteed rate stands at 0.25%
Unit-linked
Inflows strongly increased under impulse of focused commercial
campaigns in the bank channel
Group Life
Stable
Non-Life
Slight increase in inflows across all product lines
28
Belgium: Combined ratio Excellent operating performance benefiting from benign weather conditions
Net earned premium (in EUR mio)
YTD Combined ratio
Excellent ratio driven by solid performance of all
product lines - 2016 combined ratio was impacted by
terrorism events of 22 March 2016 (2.1 pp)
Quarterly combined ratio
Slight increase mainly explained bya lower PY
releases
Claims ratio
CY ratio (60.8% vs. 66.5%) - operating improvement
vs. FY ’16 even after correction for terrorism
PY ratio: slightly lower
Expense ratio stable
64.3 62.7 63.2 63.556.9 58.3
53.1 56.2 58.0
36.8 36.8 36.7 37.7
37.8 37.737.9
36.6 37.2
101.1 99.5 99.9 101.294.7 96.0
91.0 92.8 95.2
(7.3)(4.5) (3.6) (3.4)
(7.2) (8.2) (7.7) (5.7)(3.3)
2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
claims ratio expense ratio PY claims ratio
1,601 1,698 1,785 1,815 1,832 1,836 1,861 462 472
Periodic financial Information I FY 17 results I 21 February 2018
Belgium: Combined ratio per product lineSolid combined ratio in all product lines
29
Accident & Health: Strong improvement in Workers
Compensation (3.5 pp terrorism in 2016)
Motor: Excellent combined ratio, driven by Motor Third
Party Liability
Household: Very strong ratio, benefitting from benign
weather Other: 2016 heavily impacted by terrorism (8.8 pp, mostly
on TPL)
73.8 73.0 73.7 70.1 70.4 70.0 68.0
23.8 24.0 23.8 25.4 27.6 27.6 26.9
97.6 97.0 97.5 95.5 98.0 97.6 94.9
2011 2012 2013 2014 2015 2016 2017
58.9 64.7 64.7 62.6 56.2 59.7 58.0
35.335.8 36.3 37.2
36.4 36.4 36.8
94.2100.5 101.0 99.8
92.6 96.1 94.8
2011 2012 2013 2014 2015 2016 2017
63.050.5 51.4 51.7 43.9 47.8
38.6
46.9
46.2 45.6 45.745.2 44.8
45.6
109.9
96.7 97.0 97.489.1 92.6
84.2
2011 2012 2013 2014 2015 2016 2017
58.2 65.9 66.187.5
65.8 58.346.8
49.548.1 47.2
47.6
45.044.6
44.8
107.7114.0 113.3
135.1
110.8102.9
91.6
2011 2012 2013 2014 2015 2016 2017
NEP 451 480 507 504 484 472 481 NEP 525 540 552 562 568 570 578
NEP 484 530 564 579 595 605 609 NEP 142 149 162 170 185 190 193
Periodic financial Information I FY 17 results I 21 February 2018
4 4
(2)1 1
17
1
4438
32 31 31 33
47
40
4741
30 32 3134
64
41
2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
Operating margin
Investment m.
Expense & other m.
Underwriting m.
Life operating margin per product lineStrong margins in Guaranteed & Unit-Linked
Guaranteed: both years supported by capital gains -
Q4 down on absence of capital gains
Unit-linked: slightly up thanks to higher expense & other
margin
30
In bps Avg techn. liabilities
Operating result at EUR 409 mio
Investment margin slightly up on cap gains
Underwriting margin slightly down on lower risk margin
Expense margin slightly lower
Operating result up from EUR 19 mio to EUR 26 mio
Operating margin driven by a strong underwriting result &
higher expense result
(29) (31) (38)(27) (34) (36) (32) (39)
32 32 30 25 29 27 30 21
93 88 9588
91 9472
60
96 89 8786
86 85
70
42
2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
Avg techn liabilities (In EUR bn)
44.9 46.4 47.5 48.1 48.7 48.0 48.7 48.0
Avg techn liabilities (In EUR bn)
5.2 5.4 5.7 5.9 6.1 7.6 6.1 7.6
Periodic financial Information I FY 17 results I 21 February 2018
FY 14 FY 15 FY 16 FY 17
Guaranteed interest rate 2.71% 2.63% 2.49% 2.32%
Fixed income yield 3.84% 3.71% 3.45% 3.34%
Liabilities Guaranteed (EUR bn) 51.8 50.3 52.9 50.4
FY 14 FY 15 FY 16 FY 17
Fixed income yield 2.89% 2.11% 1.71% 1.88%
Reinvested amount (EUR bn) 4.6 4.2 4.5 2.9
Newly invested money mostly government related loans, mortgage loans & infrastructure loans
Guaranteed retail Life:
Yield lowered from 1% to 0.75% as from 1 April 2016
Yield lowered to 0.5% as from 1 August 2016
Yield further lowered to 0.25% as from 1 November 2016
Margin evolution Assets & Liabilities BelgiumYield & guaranteed rate on back book down at the same pace
Life
Back book
New money
Life & Non-Life
31Periodic financial Information I FY 17 results I 21 February 2018
Margin evolution Assets & Liabilities BelgiumEvolution of the margin on the back book since 2014
32
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
Q1 2014 Q2 2014 Q3 2014 Q3 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Guaranteed interest rate Total fixed income yield
3.34%
2.32%
Periodic financial Information I FY 17 results I 21 February 2018
112.2103.2
FY 16 FY 17
In EUR mio
33Periodic financial Information I FY 17 results I 21 February 2018
In % of NEP
In EUR bn
* incl. non-consolidated partnerships @ 100%
(156)
29
FY 16 FY 17
(210)
4
Q4 16 Q4 17
152.2
102.0
Q4 16 Q4 17
2.22.0
FY 16 FY 17
0.5 0.4
Q4 16 Q4 17
United Kingdom: HeadlinesResidual Ogden rate impact on net results
EUR 46 mio in FY’17 net result
3.7pp on COR - impacting mainly Motor (3.9pp) & Other lines (10.0pp)
Impact of around EUR 5 mio in Q4, in line with earlier communication
Risk mitigation product portfolio through stop loss reinsurance cover
Q1 derisking of investment portfolio
EUR 77 mio capital injection executed in Q2
Solvency IIageas FY ‘17 @147%
Ogden impact
on results
Ogden rate change
impact mitigated by
various actions
Net result impacted by Ogden -EUR 213 mio exceptionals in Q4 ‘16
Inflows* 3% down at constant FX Non-Life combined ratio excl. Ogden at 99.5%
34Periodic financial Information I FY 17 results I 21 February 2018
* incl. non-consolidated partnerships @ 100%
Non-LifeIn EUR mio
Other
Household
Accident & Health
Motor
United Kingdom: Inflows@ 100%Inflows down 10%, impacted by adverse FX – down 3% at constant FX
37 32
1,4931,367
452
416
221
174
-10%2,203
1,988
FY 16 FY 17
Non-Life
Down 3% @ constant FX – Motor lines impacted by post
Ogden market dislocation; some growth in Commercial lines
across Motor & Other lines
Motor down 2% @ constant FX driven by post Ogden
market dislocation; growing Commercial motor book
Household down 2% @ constant FX resulting from strategic
exits from underperforming business
Other lines down 16% @ constant FX reflecting planned run
off in Special Risks; some growth in Commercial book
Accident & Health down 7% @ constant FX, reflecting
discontinued Travel scheme; marginal impact on total
35Periodic financial Information I FY 17 results I 21 February 2018
Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other
In % Net earned premium
United Kingdom: Combined ratio COR impacted by Ogden rate change
Net earned premium (in EUR mio)
Combined ratio 12M 17
Impact from Ogden (3.7pp) on Other lines & Motor
Combined ratio Tesco Underwriting 95.3% (vs. 114.4%)
Quarterly combined ratio
Impact from Ogden (1.7 pp)
Claims ratio
CY ratio (69.8% vs. 76.2%) – continued underlying
improvement in Motor, benign weather in Household &
planned run off in Special Risks
PY releases : FY ’16 distorted by reserves
strengthening following February Ogden decision, above
average large losses in Other
Expense ratio
Expense ratio reflecting improvement in underlying cost
performance more than offset by lower ancillary income
74.6 73.365.6 66.3 69.3
80.768.3
120.2
65.4
25.3 26.532.2 33.5 32.8
31.5
34.9
32.0
36.6
99.9 99.8 97.8 99.8 102.1
112.2103.2
152.2
102.0
0.1 (2.1)(4.0) (4.6) (4.4)
4.5(1.4)
31.0
(3.7)
2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
claims ratio expense ratio PY claims ratio
1,524 2,083 1,562 1,613 1,751 1,598 1,493 382 366
36Periodic financial Information I FY 17 results I 21 February 2018
Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other
United Kingdom: Combined ratio per product line
Accident & Health: Lower volumes - marginal impact on total Motor: Improved CY claims performance – 3.7pp Ogden impact
Other: 10.0pp Ogden impact – planned run off in Special RisksHousehold: Lower ancillary income – benign weather
NEP 65 57 79 71 72 39 30 NEP 949 1,420 907 958 1,062 1,014 947
NEP 366 434 374 399 413 361 341 NEP 143 173 202 185 204 185 175
87.778.1 76.2
66.055.8 58.4 56.1
23.228.2 34.3
38.743.3 40.9 46.7
110.9106.3 110.5
104.799.1 99.3 102.8
2011 2012 2013 2014 2015 2016 2017
79.2 77.2 71.9 74.6 75.891.0
75.0
19.5 21.3 25.0 25.1 27.2
25.5
27.6
98.7 98.5 96.9 99.7 103.0
116.5
102.6
2011 2012 2013 2014 2015 2016 2017
61.4 62.351.4 51.0
62.2 57.6 51.7
35.3 36.742.4 43.3
37.3 40.6 47.8
96.7 99.093.8 94.3
99.5 98.2 99.5
2011 2012 2013 2014 2015 2016 2017
71.6 67.7 59.8 56.0 55.373.7 67.0
39.3 42.144.4 54.3 48.6
44.947.0
110.9 109.8104.2
110.3103.9
118.6 114.0
2011 2012 2013 2014 2015 2016 2017
Continental Europe: Headlines Remarkable operating performance & EUR 77 million capital gain on sale of Cargeas in Q4
37Periodic financial Information I FY 17 results I 21 February 2018
* incl. non-consolidated partnerships @ 100%
49 62
4153
77
90
193
FY 16 FY 17
Life Non-Life cap gain Cargeas
16 1615 7
7730
100
Q4 16 Q4 17
4.1 4.6
1.31.5
5.46.1
FY 16 FY 17
Life Non-Life
1.0 1.1
0.40.5
1.41.6
Q4 16 Q4 17
15.5 16.1 16.3
20.0 21.6 22.1
35.537.7 38.4
FY 16 9M 17 FY 17
conso non-conso
88.7 90.4
FY 16 FY 17
83.790.4
Q4 16 Q4 17
121139
FY 16 FY 17
136 125
Q4 16 Q4 17
721
FY 16 FY 17
8
23
Q4 16 Q4 17
Net profit up 28% excl. cap gain on sales of Italian Non-Life activities
Non-Life combined ratio @ excellent level despite fires in Portugal
Inflows driven by strong growth in both Life and Non-Life
Operating margin Guaranteed up on higher investment margin
Life Technical liabilities up 8%
Operating margin Unit-Linked significantly up on higher fees & commissions
In EUR mio In EUR bn
In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Life In EUR mio
Non-Life In EUR mio
Continental Europe: Inflows @ 100%Excellent growth in Life with focus on Unit-Linked & strong overall growth in Non-Life
38
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
417 455
473579
276
293141
156
+13%
1,307
1,483
FY 16 FY 17
2,2821,708
1,840 2,896
+12%
4,122
4,604
FY 16 FY 17
Periodic financial Information I FY 17 results I 21 February 2018
Life
Inflows including non-controlling interests @ 100%, reached EUR
4.6 bn (+12%) with strong growth in Luxembourg & France.
Consolidated inflows up 4%
Portugal: up 3%, on higher UL sales, retirement offer at Ocidental
and inclusion of Ageas Seguros (EUR 108 mio).
France: remarkable growth of 7% in a market still slightly
negative (-1% end of November 17). Business mix continues
moving towards more Unit-Linked, representing 56% of inflows.
Luxembourg: up 18% year-on-year mainly realised in the High Net
Worth segment with Unit-Linked sales representing 69% (vs. 57%
LY)
Technical liabilities
Consolidated at EUR 16.3 bn, up 5% mainly thanks to Portugal
Including non-consolidated JVs @ 100%: at EUR 38.4 bn, up 8%
Non-Life
Inflows consolidated entities up 13% driven by strong performance
in all entities & inclusion of Ageas Seguros (EUR 283 mio)
Turkey up 39% @ constant FX – strong growth in all product lines
especially in Motor & Household
39
Continental Europe: Combined ratio Excellent combined ratio well below group target
* Scope: only consolidated companies
In % Net earned premium*
Net earned premium (in EUR mio)
Periodic financial Information I FY 17 results I 21 February 2018
66.4 63.6 63.7 61.355.9 58.6 59.2
51.056.1
30.329.8 30.0 30.8
29.530.1 31.2
32.7
34.3
96.793.4 93.7 92.1
85.488.7 90.4
83.790.4
(2.0) (2.5) (4.0) (4.3) (6.5) (6.5) (8.0)(13.0) (11.9)
2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
claims ratio expense ratio PY claims ratio
382 397 403 415 454 664 768 189 251
Combined ratio
Reflecting continued strong operating performance
with gradual improvement since 2011
2016 & 2017 slightly impacted by fires in Portugal and
inclusion of Ageas Seguros, still in the course of its
transformation plan
Strong improvement in Turkey with solid combined
ratio @ 96.7% (vs. 98.1%) despite hail & floods in
July
Quarterly combined ratio
Q4 17 above Q4 16 mainly due to lower PY run-off in
Italy and fires in Portugal
Claims ratio
CY ratio at 67.2% (vs 65.1%) due to an increase in
large claims in Italy and weather related events in
Portugal in Household
PY ratio driven by positive run-off in all companies
Expense ratio
Slightly up on LY
Continental Europe: Combined ratio per product lineContinued good claims experience despite fires in Portugal
Motor: claims slightly up on large claims in Italy Accident & Health: improving on higher PY run-off in
Portugal slightly offset by higher claims in Italy
Household: claims ratio increasing on fires in Portugal &
adverse weather in Italy, partly offset by lower expenses
Other: extremely good claims ratio & higher run-offs
40Periodic financial Information I FY 17 results I 21 February 2018
63.5 63.3 59.7 61.9 58.8 64.9 61.4
27.8 28.226.6 26.7 25.2
25.1 26.8
91.3 91.586.3 88.6
84.090.0 88.2
2011 2012 2013 2014 2015 2016 2017
71.8 69.879.3
60.171.5 65.5 70.4
29.2 28.129.2
31.6
32.332.5
35.0
101.0 97.9108.5
91.7
103.898.0
105.4
2011 2012 2013 2014 2015 2016 2017
53.7 51.8 53.5 54.036.1 42.3 46.5
34.2 33.538.8 40.3
35.938.0 34.7
87.9 85.392.3 94.3
72.080.3 81.2
2011 2012 2013 2014 2015 2016 2017
94.5
62.8 59.672.3
31.712.1 3.9
50.0
43.3 43.7
45.1
40.8
41.339.2
144.5
106.1103.3 117.4
72.5
53.443.1
2011 2012 2013 2014 2015 2016 2017
NEP 220 226 227 238 255 328 373 NEP 97 99 99 96 94 202 249
NEP 42 44 48 51 70 91 105 NEP 23 28 29 30 35 43 41
Continental Europe Life operating margin per product lineGuaranteed & Unit-Linked margins continue improving
Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on higher volumes
41
Expense & other margin improved mainly thanks to higher
fees & commissions
Underwriting margin up on higher surrender margin
Investment margin increasing in both France & Portugal
Underwriting margin stable compared to LY
Expenses & other margin decreasing in France
In bps Avg techn. liabilities
Periodic financial Information I FY 17 results I 21 February 2018
118 106 95 100 110 111 118 111
6968 77 59
76106 89 113
(85) (83)(102)
(71) (65) (78) (71)(99)
10291 70
88
121
139136
125
2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
2 1 1 2 5
(5)
4
4151
9 4 5
16
12
15
4
44
47
10
7 7
21
8
23
2012 2013 2014 2015 2016 2017 Q4 16 Q4 17
Operating margin
Investment m.
Expense & other m.
Underwriting m.
Avg techn liabilities (In EUR bn)
6.4 6.3 6.2 6.1 5.9 7.8 5.9 7.8
Avg techn liabilities (In EUR bn)
7.8 7.7 8.3 8.5 9.6 8.5 9.6 8.5
Strategic developmentAgeas sold its stake in Cargeas (Italian Non-Life activities)
42Periodic financial Information I FY 17 results I 21 February 2018
Ageas reached an agreement with BNP Paribas Cardif to sell
its 50% +1 share in Cargeas Assicurazioni
Closed December 2017
Capital gain Insurance : EUR 77 mio
Capital gain General Account: EUR 10 mio
Net cash impact EUR 178 mio
No impact on Insurance Solvency IIageas
Impact on Group Solvency IIageas : 5pp positive
2017 contribution to ageas net result of EUR 16 mio
Focus investment on countries where the group holds stronger positions
& on Asian growth markets
Opportunity to crystallize the value created in the past years
Impact accounted for in Q4
Rationale
Divestment Cargeas
In EUR mioIn EUR bn
In EUR bn
43Periodic financial Information I FY 17 results I 21 February 2018
In % NEP
* incl. non-consolidated partnerships @ 100%
168
26927
24199
394
293
FY 16 FY 17
Life Non-Life cap gain HK
17.119.2
0.90.8
18.020.0
FY 16 FY 17
Life Non-Life
3.5 3.0
0.20.2
3.73.2
Q4 16 Q4 17
86.481.8
Q4 16 Q4 17
85.1 87.4
FY 16 FY 17
Asia: Headlines Excellent result thanks to better product mix, investment result & exceptional items
Life Technical liabilities up 13%Net result up 61% (excl. contribution HK) – Q4 reserve assumptions review
Non-Life combined ratio remains strong - excellent Q4
13.115.8
3.7
3.416.9
19.2
FY 16 FY 17
regular single
In EUR bn
Regular premium: solid growth -exceeding 80% of Life inflows
49.554.2 55.9
FY 16 9M 17 FY 17
10
87
6
9
17
96
Q4 16 Q4 17
Inflows* up 15% @ constant FX –driven by regular NB & renewals
Life
Non-Life
44Periodic financial Information I FY 17 results I 21 February 2018
16,89618,394
168
808
+13%
17,064
19,201
FY 16 FY 17
410 386
108111
106104
269226
-7%893
827
FY 16 FY 17
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
In EUR mio
Asia: Inflow @ 100%Strong Life growth across all markets – Business mix focused on more profitable lines
Life
New business premiums up 5% (8% @ constant FX) with EUR 4.6 bn regular
premium (+20%) & EUR 3.4 bn single premium (-10%)
Renewal premiums increased to EUR 11.3 bn (+18%) benefiting from
continued good persistency
China +18% @ constant FX - New business premiums up 9% mainly driven
by regular premium business following successful sales campaigns &
increased number of agents. Renewal increased strongly (+26%)
Thailand +6% @ constant FX – strong growth in renewals (+13%) thanks to
continued customer loyalty
Malaysia +30% @ constant FX - new business up 37% - renewals up 23%
India +19% @ constant FX - growth in new business (+25%) mainly in unit
linked attributable to the strong performance of the Indian market.
Philippines Inflows @ EUR 15 mio mainly from credit life products
Vietnam started sales as of March 2017 with YTD inflows @ EUR 10mio
mainly contributed by banca channel
Non-Life
Malaysia -7% @ constant FX - lower MAT & Motor partly compensated by
higher Personal Accident & Fire
Thailand -1% @ constant FX - growth in Fire offset by lower inflows in Motor &
other Non-Motor
In EUR mio
45Periodic financial Information I FY 17 results I 21 February 2018
In % NEPIn EUR mio
Intreas: HeadlinesInternal Non-Life reinsurance company established in July 2015
Net result Inflows Combined ratio
0
3
8
FY 16 FY 17
(1)
3
Q4 16 Q4 17
4152
FY 16 FY 17
914
Q4 16 Q4 17
86.1
75.7
FY 16 FY 17
334.4
61.7
Q4 16 Q4 17
Result includes EUR 100 mio related to Fortis settlement in Q3In EUR mio
Accounting value remaining legacies
General Account: Headlines Impacted by revaluation RPN(i) liability & additional provision Fortis settlement
46Periodic financial Information I FY 17 results I 21 February 2018
Total liquid assets – proceeds of sale Cargeas in Q4 ‘17
In EUR mioImpact on P&L from RPN(i) Staff & Operating expenses down vs.
2016 inflated by Fortis settlement
In EUR mio In EUR bn
In EUR mio
Accounting value on AG Insurance put option
(694)
(337)
FY 16 FY 17
(8) (11)
Q4 16 Q4 17
1.8 1.6 1.7
0.20.1
0.04
1.9
1.7 1.8
FY 16 9M 17 FY 17
net cash liquid assets
(275)(437) (448)
42 17 18
(1,024)
(1,124) (1,110)
FY 16 9M 17 FY 17
RPN(i) RPI Settlement
(1,266)(1,426) (1,449)
FY 16 9M 17 FY 17
32 26
63
50
95
76
FY 16 FY 17
Staff & Intercompany Operating
9 4
1412
23
16
Q4 16 Q4 17
83
(173)
FY 16 FY 17
20
(11)
Q4 16 Q4 17
In EUR mio
47Periodic financial Information I FY 17 results I 21 February 2018
Total liquid assets General AccountUpstream from opco’s covering dividend & holding expenses
In EUR mio
Cash-out in Asia mainly related to the Philippines
Cash inflow of divestment Italy received in Q4
Cash-out in UK related to capital increase following Ogden impact
Additional EUR 125 mio cash-out for running SBB over 2018
EUR 0.9 bn ring-fenced for Fortis settlement
1,943
Fortis settlement
SBB
1,778 (417)
(247)(29)
(77) (68) (33) (15)
516
27 178 -
FY 16 Upstream Dividend Sharebuy-back
RPI Asia Italy UK HQexpenses
ROexpenses
Other FY 17
48Periodic financial Information I FY 17 results I 21 February 2018
Main characteristics Hybrids
In EUR mio Ageas
AgeasfinluxFresh
Fixed-to-FloatingRate Callable
Fixed Rate Reset Perpetual
Subordinated Loans
Fixed Rate Reset Dated Subordinated
NotesCASHES
% 3m EUR + 135 bps 5.25% 6.75% 3.5% 3m EUR +200 bps
Amountoutstanding
1,250 450 550 USD 400 948
ISIN XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800
Call dateUndated,
strike 315.0 mandatory 472.5
Jun 24Step up to 3M
Euribor +413 bps
Mar 19 Step up to 6yr USD
swap + 533 bps
June 2027Step up after 12 years of 100bps
Undated, strike 239.4, mandatory
359.1
OtherSubscribed byAgeas & BNP Paribas Fortis
Public issue Public issueCoupon served by FBB, trigger ACSM linked to
Ageas dividend
Market Price (31/12/17)
63.75 124.33 104.79 109.81 85.94
Fortis Bank (now BNP PF)
AG Insurance (Belgium)
Table of contents Analyst call 3
Segment information 16
Equity / Solvency/ FCG 49
Investment portfolio 62
Legal Settlement 67
General Information 76
50Periodic financial Information I FY 17 results I 21 February 2018
Shareholders’ equity stable at EUR 9.6 bn, per share up 4%UG/L of EUR 14.02/share
In EUR mio
6,459 6,681
2,498 2,801
604 129
960 319
3 (337) (419) (248)
(46) (170) (12)
EUR 46.56 EUR 48.30
9,561 9,611
FY 16 ResultInsurance
ResultGen Acc
ChangeUG/L
Dividend TreasuryShares
Reval AGput option
Forex IAS 19 Other FY 17
InsuranceUCG/L
InsuranceUCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
Belgium 4,683 ► 5,096 Asia 2,004 ► 2,036
UK 815 ► 852 Reinsurance 104 ► 113
Continental Europe 1,350 ► 1,385 Insurance 8,957 ► 9,482
General Account 604 ► 129
51
Tangible net equityHigh quality capital structure
10/03/2010 I page 51
EUR bn FY 16 FY 17
IFRS Shareholders' Equity 9.6 9.6
Unrealised gains real estate 0.5 0.6
Goodwill (0.7) (0.6)
VOBA (Value of Business Acquired) (0.1) (0.1)
DAC (Deferred Acquisition Cost) (0.5) (0.4)
Other (0.4) (0.4)
Goodwill, DAC, VOBA related to N-C interests 0.4 0.3
25% tax adjustment DAC, VOBA & Other 0.2 0.1
IFRS Tangible net equity 8.9 9.1
IFRS Tangible net equity/ IFRS Shareholder's Equity 93% 95%
Periodic financial Information I FY 17 results I 21 February 2018
Periodic financial Information I FY 17 results I 21 February 2018
Solvency IIageas Insurance up to 196%General Account down following lower IFRS equity – Belgium impacted by model refinements
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
52
Belgium UK CEU Reins. Diversification Insurance GA Group
Non-transferable
* Based on local solvency requirements
2.8 2.9
0.7 0.50.9 0.7
0.0 0.0
(0.3) (0.2)
4.23.9
0.1 0.1
4.3 4.0
1.6 1.9
6.9 6.9
0.7 0.81.2
1.5
0.1 0.1(1.5)(1.9)
7.57.7
0.70.2
8.1 7.9
4.34.9
FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17
244% 237% 100% 147% 127% 207% 278% 243% 179% 196% 191% 196% 264% 261%
53
Ageas Group Solvency IIageasMain elements driving movement in Solvency ratio
Impact on
Solvency IIageas*
FY ’16 FY ’17
191% 196%
9M ’17 FY ’17
193% 196%
Model refinements +0 pp -1 pp
Market movements (incl. RPN(i)) +7 pp +4 pp
Exceptional itemsItaly, put option, settlement -2 pp +4 pp
SBB -6 pp -1 pp
Expected dividend -10 pp -2 pp
Operational +17 pp +1 pp
* Impact including secondary impact, diversification & non-transferable
Periodic financial Information I FY 17 results I 21 February 2018
54
Ageas Insurance Solvency IIageasMain model refinements
Model refinements
Credit - Group wide
ELM (Expected Loss Model)
CEVA (Company EIOPA
Volatility Adjustment)
Credit Spread Volatility on MCBS not efficiently balanced by VA
ELM:
introduced in core Life companies, materially exposed to spread volatility
replaces current in-force EIOPA VA to absorb short term spread volatility by a
reflection of realized losses due to credit losses
align with ‘Lifetime Expected Credit Losses’ as put forward by IFRS 9
CEVA: replace EIOPA reference portfolio by company specific assets
Tax – Belgium
New tax rateLACDT
New corporate tax rate 34% 25%,
Increasing OF & SCR (lower LACDT) with similar amount
New directive LACDT:
Corporate tax rate
Applied on max 5 years taxable profit based on internal strategic plan
Under condition to pass recoverability test
Profit Sharing – Belgium Better reflecting going concern philosophy
Triggered by growing insights as to requirements IFRS 17
Decreasing OF & SCR (higher LACTL) with similar amount
Periodic financial Information I FY 17 results I 21 February 2018
( 1.5 ) ( 1.4 )
( 0.5 )( 1.3 )
( 1.0 )
( 0.9 )
4.3 4.8
0.3 0.3 0.6 0.7 0.4 0.5 0.8 0.7
0.7 0.7
4.2 3.9
FY 16 FY 17
Non Diversifiable
Non-life UW
Health UW
Life UW
Counterparty Default
Market
Loss-Absorption Deferred Taxes
Loss-Absorption Techn. Liab.
Diversification
Periodic financial Information I FY 17 results I 21 February 2018
Insurance SCRageas per risk typeMarket risk main factor in SCR
55
In EUR bn
Diversification
Loss-Absorption Deferred Taxes
Market risk up substantially due to
spread risk (higher exposure to longer duration & ELM
model change)
LACTL up in BE with new PS modelling
LACDT down in BE following new tax
rate
56
Ageas Insurance Solvency sensitivitiesUpdated sensitivities @ 3M ‘18 will reflect implemented model refinements
Periodic financial Information I FY 17 results I 21 February 2018
As per 31/12/’16Based on Solvency IIageas
SCR OF Solvency
Base caseBefore stress
4,182 7,478 179%
Yield curve downDown 50 bps
4,456 7,407 166%
Yield curve upUp 50 bps
3,942 7,452 189%
UFRDown to 3.65% (from 4.2%)
4,235 7,396 175%
EquityDown 30%
3,958 6,954 176%
PropertyDown 20%
4,079 7,189 176%
SpreadSpreads on corporate & government bonds up 50 bps
4,401 6,888 157%
Corporate spreadSpreads on corporate bonds up 50 bps
4,054 7,501 185%
Sovereign spreadSpread on government bonds up 50 bps
4,546 6,849 151%
Periodic financial Information I FY 17 results I 21 February 2018
Solvency PIM – as reported to the regulator under Pillar I
Solvency II PIM
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
57
* Based on local solvency requirements
Belgium UK CEU Reins. Diversification Insurance GA Group
Non-transferable
3.4 3.0
0.7 0.5 0.8 0.6
0.0 0.1 (0.3) (0.2)
4.64.0
0.1 0.1
4.74.1
1.6 1.9
6.8 6.6
0.7 0.8
1.7 1.7
0.1 0.1 (1.6)(1.6)
7.6 7.7
0.50.1
8.17.7
4.34.9
FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17
201% 220% 96% 143% 211% 300% 259% 230% 166% 192% 174% 191% 264% 261%
Periodic financial Information I FY 17 results I 21 February 2018
Tiering of Group PIM own funds High quality of own funds
58
In EUR bn
5.7 5.3
1.4 1.3
0.9 1.0
0.1 0.1
8.1 7.7
FY 16 FY 17
Tier 3
Tier 2
Tier 1 restricted
Tier 1
Tier 2 up on overflow
from Tier 1
Tier 2 debt capacity
under Solvency II
≈ EUR 1 bn
Periodic financial Information I FY 17 results I 21 February 2018
Group Free Capital Generation roll forwardOperational FCG of EUR 702 mio, excl. Non-European NCP’s
In EUR mio
59
Calculation based on 175% of SCRageas
EUR 702 mio includes
EUR 114 mio related to stop loss cover in UK
EUR 77 mio dividend upstream from Non-European NCP’s *
Free Capital
Generation
* Operational FCG generated by Non-European NCP’s of EUR 360 mio over 9M ’17 is not included in EUR 702 mio
194
265
511
11477
1,111
702
1,264
(15)
(318)
(249)
(5)
(419)
FY '16 Modelrefinements
M&ADivestments
Marketimpact
Operationalimpact
Exceptional items
Capitaltransactions
M&AAcquisitions
Paiddividend
FY '17
10/03/2010 I page 60
Split of operational impact per segmentOperational impact driven by Belgium & CEU
60Periodic financial Information I FY 17 results I 21 February 2018
EUR mio
OF SCR FCG
= OF - 175%*SCR
of which UK
stop
loss cover Specific movements in the quarter
Belgium 570 (6) 580 including EUR 52 negative impact from assumption changes
UK 42 (164) 328 208 new reinsurance cover in Q4 & product mix
CEU 198 33 139 Cargeas contribution up to 9M eliminated
Reinsurance 18 10 0 (25)
General Account 413 11 394
Geographical 112 112 (84) (69) diversification
Group eliminations (657) (657)
Total Ageas
Solvency II scope696 (3) 702 114
Operational impact
Periodic financial Information I FY 17 results I 21 February 2018
Evolution SCR & OF split between types of impact
In EUR mio
61
Own Funds adjusted for
accrued expected
dividend
SCR
4,2574,010
2
(91)(60)
(96) (3)
FY '16 Modelrefinements
M&ADivestments
Market impact Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend FY '17
88 98 696
(174)
(314)
(249)(5) (419)
8,560 8,281
FY '16 Modelrefinements
M&ADivestments
Marketimpact
Operationalimpact
Exceptional items
Capitaltransactions
M&AAcquisitions
Paiddividend
FY '17
Table of contents Analyst call 3
Segment information 16
Equity / Solvency/ FCG 49
Investment portfolio 62
Legal Settlement 67
General Information 76
63Periodic financial Information I FY 17 results I 21 February 2018
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Asset mix
Asset allocation relatively stable
Loans & equities increased at the expense of corporate bonds
Gross unrealized gains/losses on Available for Sale
Total portfolio: down to EUR 7.7 bn (vs. EUR 8.3 bn); down in
fixed income & corporate bonds
Fixed income: at EUR 6.9 bn (vs. EUR 7.7 bn FY 16)
Sovereigns at EUR 5.3 bn (vs. EUR 5.8 bn)
Corporates at EUR 1.6 bn (vs. EUR 1.8 bn)
Equities: up to EUR 0.8 bn (vs. EUR 0.6 bn)
Gross UG/L on Real Estate: increased slightly to EUR 1.6 bn
(vs. EUR 1.5 bn) - not reflected in shareholders’ equity
EUR 2.2 bn unrealized gains/losses on Held to Maturity (vs.
EUR 2.4 bn) - not reflected in shareholders’ equity
Investment portfolio Investment portfolio mainly down on unrealized capital gains on fixed income
Sovereign bonds 37.9
Sovereign bonds 37.5
Corporate bonds 24.1 Corporate
bonds 20.8
Structured0.1 Structured
0.1
Loans8.7 Loans
9.4
Equities 4.4Equities 4.9
Real Estate5.3 Real Estate
5.3
Cash 2.2Cash 2.6
82.780.6
FY 16 FY 17
Decrease driven by lower UG/L
Gross UG/L at EUR 5.3 bn (vs. EUR 5.8 bn)
99% investment grade; 86% rated A or higher
Belgium duration gap close to zero – matched portfolio
Belgium19.0
Belgium18.6
France 6.3 France 6.3
Austria 2.9 Austria 2.8
Portugal 2.4 Portugal 2.7
Italy 1.5 Italy 1.4Spain, 1.5 Spain, 1.2
Germany 1.2 Germany 1.1
Ireland 0.7 Ireland 0.7Other 2.5 Other 2.7
37.9 37.5
FY 16 FY 17
In EUR bn
Sovereign bond portfolio*
Sovereign & Corporate bond portfolioValue fixed income down on lower allocation to corporate bonds
64Periodic financial Information I FY 17 results I 21 February 2018
Gross UG/L at EUR 1.6 bn (vs. EUR 1.8 bn)
Credit quality remains high with 93% investment grade -
54% rated A or higher
Proceeds of maturities not fully reinvested
Corporate bond portfolio*
Banking 3.8 Banking 3.2
Other financials 1.9
Other financials 1.7
Non Financials
13.5
Non Financials
12.6
Government related 4.9 Government
related 3.2
24.1
20.8
FY 16 FY 17
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Loan portfolio (customers + banks)*
Loan & Equity portfolioMore loans with guarantee
Loans to banks 1.3
Loans to banks 1.3
RE 0.2 RE 0.1
Infrastructure0.5
Infrastructure0.7
Mortgages 1.3 Mortgages 1.2
Other 5.4Other 6.1
8.79.4
FY 16 FY 17
Higher exposure in loans to customers
Increase in other: loans benefiting from an explicit
guarantee by the Belgian regions, the French State or
the Dutch State
65Periodic financial Information I FY 17 results I 21 February 2018
Equity portfolio*
Gross UG/L up to EUR 0.8 bn (vs. EUR 0.6 bn)
Equities 2.5Equities 3.2
Equity funds0.3
Equity funds0.3
RE funds 0.8
RE funds 0.8Mixed funds &
others 0.9
Mixed funds & others 0.6
4.4
4.9
FY 16 FY 17
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
In EUR bn
66Periodic financial Information I FY 17 results I 21 February 2018
Real estate portfolio*
10/03/2010
Gross UG/L increased slightly to EUR 1.6 bn (not
reflected in shareholders’ equity but contributing to
available capital for solvency calculation)
Real Estate exposure mainly in BelgiumInvestment Offices 2.2
Investment Offices 2.2
Car Parks1.1
Car Parks1.1
Investment Retail 1.4
Investment Retail 1.3
0.2 0.3
0.4 0.4
5.3 5.3
FY 16 FY 17
Investment Warehouses
RE Development
Investment
Warehouses
RE Development
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Table of contents Analyst call 3
Segment information 16
Equity / Solvency/ FCG 49
Investment portfolio 62
Legal Settlement 67
General Information 76
68
Key dates Fortis’ settlement
Ageas announces agreement with Deminor, Stichting FortisEffect, SICAF & VEB
Additional support received from Mr. Arnauts & Mr. Lenssens
Filing done 23/05/2016
Interim decision Amsterdam Court of Appeal declares settlement agreement not
binding
Main concerns
1. Discrimination active/non-active shareholders
2. Dilution risk for buyers by holders compensation
3. Uncertainty about scope release
Deadline for amended agreement 17/10/2017
Court grants extension until 12/12/2017
Ageas announced EUR 100 mio final additional effort
Agreement reached on revised settlement proposal
Additional support by ConsumentenClaim
First hearing focussed on compensation models of claimant organisations
Second hearing on the merits
14/03/2016
16/06/2017
16/10/2017
12/12/2017
Periodic financial Information I FY 17 results I 21 February 2018
16 & 27/03/2018
69
Bringing total available budget to EUR 1.3 bn allowing for major
improvements
1. Equal treatment of all eligible shareholders in terms of damages
No distinction between active & non-active claimants in terms of per
share compensation & compensation add-on
2. Solidarity in dilution risk & buyer protection
Solidarity in terms of dilution across active & non-active claimants
Ring-fencing buyer compensation for excessive holder dilution
through separate boxes for buyers & holders
3. Clarity on scope of requested release
A clear & comprehensive list of events
Cost addition based on empirical evidence & taking into account existing
agreements between various parties in terms of litigation funding
Additional EUR 100 million
Aiming to address major
concerns of the Court
Cost & effort based
compensation for
shareholder activism
Main adjustmentsAiming to address concerns of the Court while honouring prior commitments
Resulting amended agreement improves significantly the proposition
towards non-active claimants while materially honouring prior commitments
to active claimants
Periodic financial Information I FY 17 results I 21 February 2018
Settlement between Ageas & claimants organisationsConfirmed & strengthened support from other relevant representatives
All organisations participating to initial agreement:
Deminor, Stichting FortisEffect, SICAF & VEB
Reconfirmed: Mr. Arnauts, Mr. Lenssens & Archand
New support: ConsumentenClaim
Modrikamen: opposition related to list of events
Patrinvest: opposition not (yet) reconfirmed
Co-Petitioners acting for
interest of all claimants
Other supporting parties
70
Widest possible support maximizes chances of success
Periodic financial Information I FY 17 results I 21 February 2018
Main opposing parties
71
A simplified structure...
Equal treatment of all eligible shareholders in terms of damages
Per share compensation
In EUR Period 1 Period 2 Period 3
Buyers 0.47 1.07 0.31
Holders 0.23 0.51 0.15
Compensation add-on
EUR 0.5/share – max EUR 950 - calculated on highest # shares
held between 28/02/07 cob & 14/10/08 cob
Cost addition
25% of per share compensation for buyer and/or holder
All eligible shareholders
Cost addition for active
claimants
All amounts subject to potential dilution / increase depending on number of Fortis
shares that will ultimately be presented
Proposed settlement not yet declared binding
Ageas has termination right if amount represented by number of Fortis shares opting
out exceeds 5% of settlement amount
Calculation module based on indicative amounts available www.FORsettlement.com
Be aware that
All eligible shareholders
Periodic financial Information I FY 17 results I 21 February 2018
72
...with higher compensation for allPro forma comparison with previous settlement agreement
In EUR Period 1 Period 2 Period 3
Buyers 0.38 0.47 0.85 1.07 0.25 0.31
Holders 0.19 0.23 0.43 0.51 0.13 0.15
Claim form add-on: EUR 0.5/share – max EUR 200 -
Compensation add-on: EUR 0.5/share – max EUR 950
In EUR Period 1 Period 2 Period 3
Buyers 0.56 0.59 1.28 1.34 0.38 0.39
Holders 0.28 0.29 0.64 0.64 0.19 0.19
Retail add-on: EUR 0.5/share - max EUR 550
Claim form add-on: EUR 0.5/share – max EUR 400
Compensation add-on: EUR 0.5/share – max EUR 950
Formerly non-active
shareholders
Formerly active
shareholdersfor sake of comparison incl.
25% Cost addition
Periodic financial Information I FY 17 results I 21 February 2018
Notification process will ensure all eligible shareholders are duly informed
During the opt-out period, early filers can already receive 70% of their compensation
Ageas has a termination right at the end of the opt-out period if the amount represented by the
number of Fortis Shares opting out of the settlement exceeds 5% of the settlement amount
73
Indicative timeline subject to Court approval & administrative processEarly payment for fast filers
Written response
from opposition
16&27/03/2018
Hearings
12/12/2017 Filing
Amended Settlement
Remaining
payment
est. around
YE 2019
Claims submission
deadline
Court’s decision
est. mid 2018
& start claim filing
End of notification
process
Decision on
termination right
Early payment
8
weeks
7
months
6
months
3 months
opt-out period
6
weeks
3
months
3
months
Periodic financial Information I FY 17 results I 21 February 2018
74Periodic financial Information I FY 17 results I 21 February 2018
NL Stichting Investor Claims Against Fortis (SICAF) – suspended
BE Deminor – suspended
BE – 2 claimants – awaiting decision consolidation with Deminor – de facto suspended
BE Mr. Lenssens – suspended pending criminal proceedings
NL Consumentenclaim – suspended
NL Stichting FortisEffect – suspended
BE Mr.Modrikamen – suspended awaiting outcome criminal procedure
BE Mr. Arnauts – suspended pending criminal proceedings
NL VEB – suspended
NL Mr. Bos – within eligible period – suspended
NL 5 separate proceedings – Mr. Meijer – joined with 1 NL individual – within eligible period - suspended
NL Archand – within eligible period – suspended
BE Patrinvest – within eligible period – not suspended – appeal filed by claimant
Ongoing civil litigations all in scope of WCAM procedure
20082007
May/June 08
Communication re solvency & EC
remedies
September - October 08
Rescue operations & Split up of
Fortis Group, spread over 2 WE’sAugust 07
Communication Q2 figures
September 07
Capital increase, Prospectus,
Communication about subprime
exposure
May 07
Press release re bid on ABN AMRO
January 08
Press release on subprime & solvency
75Periodic financial Information I FY 17 results I 21 February 2018
AFM I : final - fine imposed
FSMA: Court of appeal reduced original fine – appeal filed
20082007
May/June 08
Communication re solvency & EC
remedies
September -
October 08
Rescue operations & Split
up of Fortis Group,
spread over 2 WE’sAugust 07
Communication Q2 figures
AFM II : final - acquittal
September 07
Capital increase, Prospectus,
Communication about subprime
exposure
May 07
Press release re bid on ABN AMRO
January 08
Press release on subprime & solvency
Criminal Investigation: referral to court asked for 7 individuals, not for ageas - additional investigation being
terminated - awaiting prosecutors decision on referral
Administrative proceedings
Criminal proceedings
Other proceedings
Other proceedings
RBS claim related to take-over of ABN AMRO: judgement 2/2/18 in favour of Ageas
MCS holders against conversion of MCS (Mandatory Convertible Securities): 23/03/12 decision in favour of
Ageas, certain MCS holders appealed, claiming EUR 350 mio - pleading session expected H2 2018
Table of contents Analyst call 3
Segment information 16
Equity / Solvency/ FCG 49
Investment portfolio 62
Legal Settlement 67
General Information 76
situation 31/12/2016 situation 31/12/2017 situation 16/02/2018
216,570,471 209,399,949 209,399,949
15,143,439 14,304,863 14,924,863
7,170,522 6,377,750 6,997,750
3,968,254 3,968,254 3,968,254
45,804 0 0
3,958,859 3,958,859 3,958,859
201,427,032 195,095,086 194,475,086
77Periodic financial Information I FY 17 results I 21 February 2018
Total number of outstanding shares
SBB &
cancellation
cancellation
SBB
Total Issued Shares
Shares not entitled to dividend nor voting rights
1. TREASURY SHARES Share buy-back
FRESH
Other treasury shares
2. CASHES
Shares entitled to dividend & voting rights
* After deduction of shares for management plans
*
78Periodic financial Information I FY 17 results I 21 February 2018
Shareholders structure
Based on number of shares as at 16 February 2018
Ageas5.3%
Ping An
BlackRock, Inc.
Schroders
FosunIdentified retail
investors20%
Identified institutional investors
45%
Other investors
14%
Based upon press release 19 February 2018
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 17 March 2014
Based upon the number of shares mentioned in the notification received 06 February 2018
Based upon the number of shares mentioned in the notification received 5 October 2017
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Fosun
Identified retail investors
Identified institutional investors
79Periodic financial Information I FY 17 results I 21 February 2018
Financial calendar 2018
21 February
FY 2017 results
16 May
3M 2018 results
16 May
Ordinary shareholders’ meeting
Brussels
28 May
Ex-dividend date
6 April
Annual report 2017 30 May
Payment 2017 dividend
8 August
6M 2018 results
14 November
9M 2018 results
80Periodic financial Information I FY 17 results I 21 February 2018
Rating
S&P MOODY'S FITCH
Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable
entities Last change 06/11/15 17/03/16 09/12/16
unsollicited
Ageas Insurance Limited A / stable A+ / stable
Last change 06/11/15 23/11/16
Muang Thai Life BBB+ / stable BBB+ / stable
Last change 29/12/10 27/07/16
Etiqa Insurance Berhad (Malaysia) A- / stable
Last change 27/07/16
China Taiping Life A+ / stable
Last change 06/04/17
Intreas A / stable
Last change 11/11/16
Holding ageas SA/NV BBB / stable Baa3 / positive* A / stable
Last change 15/03/16 30/11/16 09/12/16
unsollicited
* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.
Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.
81Periodic financial Information I FY 17 results I 21 February 2018
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.
Investor Relations
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