6M results 2014

6M Periodical Financial Information

2014 RESULTS

Solid Insurance performance – Non-Life affected by floods & storms Group net result driven by Insurance – General Account impacted by legacies Shareholders’ equity up on UG/L

New share buy-back

Insurance net profit of EUR 340 mio (+3%) – Q2 EUR 195 mio

Inflow @ 100% of EUR 13.8 bn (+10%) – Q2 EUR 6.0 bn

Group combined ratio at 102.0% (vs.96.8%) Life Technical Liabilities at EUR 72.0 bn* (+4%)

Group net profit of EUR 31 mio (-93%) – Q2 EUR 1 mio

General Account net result of EUR (309) mio Incl. EUR (157) mio RPN(i) & EUR (130) mio FortisEffect provision

Shareholders’ equity at EUR 9.2 bn or EUR 41.11 per share Insurance solvency at 208%, Group solvency at 203% Net cash position General Account at EUR 1.6 bn

Starting as of 11/08/14 for EUR 250 mio

Main messages Ageas posts solid 6M 14 Insurance results

Periodic financial Information I 6M 14 Results I 6 August 2014 1 * Consolidated entities only

Up to EUR 250 mio of its outstanding shares Buy-back launched as of 11 August 2014 For a period ending at 31 July 2015 Independent broker mandated to execute Through open market purchases on NYSE Euronext Brussels

Shares to be held as treasury shares Cancellation of these shares subject to approval @ General meeting of Shareholders No impact on solvency position of Insurance activities

Ageas announces new share buy-back 4rth consecutive share buy-back confirming capital management strategy

June 12 Cancellation bought-back shares (7.3% of outstanding)

6 August 12 Ageas announces EUR 200 mio share buy-back


April 13 Cancellation bought-back shares (3.8% of outstanding)


Periodic financial Information I 6M 14 Results I 6 August 2014 2

April 14 Cancellation bought-back shares (1.1% of outstanding)

6 August 14

Ageas announces EUR 250 mio share buy-back*

September 13 Cancellation bought-back shares (0.2% of outstanding)

Since 2012

31,341,889 shares cancelled - around 12% of outstanding -

1 August 14 Ageas completes 2013

EUR 200 mio share buy-back - 6,513,207 shares

* Ageas has informed NBB this SBB can be considered as non-strategic according to article 36/3 §2 of the law 22/02/98 determining statute of NBB


Towards desired company profile Ageas takes full control of the Portuguese Non-Life activities (PR 26 May ‘14)

Ageas acquires remaining 49% Médis & Occidental Seguros for EUR 122.5 mio subject to price adjustment after 4 years linked to sales volume & quality targets

Upstream of EUR 290 mio dividend (Life & Non-Life, @ 100%) – net cash accretive for Ageas

Exclusive distribution agreement with BCP renewed up to 2029 ; Médis & Occidental Seguros free to enter in other agreements

No goodwill creation

Possibility to explore other distribution opportunities: strengthen foothold & enhance distribution reach

6M 14 combined ratio at 90.7% 6M 14 net result of EUR 9 mio (@100%)

Balance Life/Non-Life 0.9 pp in favour of Non-Life Positive impact on ROE: equity down EUR 72 mio, net profit up

Transaction details

Portuguese Non-Life activities

Impact on Vision 2015 targets (Based on 6M 14 figures)

Rationale


Towards desired company profile Ageas & BNPP Cardif take full ownership of Italian Non-Life activities (PR 6 August ‘14)

Ageas & BNPPC both acquire 25% of UBI Assicurazioni (now each 25%*) for EUR 75 mio, (each EUR 37.5 mio) subject to closing adjustment

Long-term distribution agreement with UBI Banca UBIA free to enter into other distribution agreements – potential of BNP

bank network through BNL & Findomestic Subject to regulatory approval - Expected to close in 2014

Further expand Non-Life bancassurance business Possibility to explore other distribution opportunities : strengthen foothold In Italy, one of more profitable Non-Life markets in Europe

6M 14 combined ratio at 92.1% 6M 14 net result of EUR 11 mio (@100%)

Balance Life/Non-Life 0.5 pp in favour of Non-Life Positive impact on ROE: net profit up

Transaction details

Italian Non-Life activities


Rationale

* After the transaction Ageas will detain 50% + 1 share & will continue to consolidate


Towards desired company profile Ageas sells Ageas Protect (UK Life activities) to AIG (PR 6 August ‘14)

Transaction price of around EUR 228 mio (GBP 181 mio)

Net proceeds after costs & repayment internal loan of around EUR 33 mio (GBP 26 mio) will be up streamed to General Account

Subject to regulatory approval - Expected to close in 2014

UK Protect activities better chance to further develop in Life driven environment of AIG

Focus on developing the more material Non-Life business & distribution activities in UK

Launched in 2008, Covering over 305.000 lives, 4.8% share in Protection market

Continuous efforts in developing business & widening product portfolio reflected in 6M 14 increase in inflow & results

Balance Life/Non-Life 0.5 pp in favour of Non-Life Positive impact on ROE: activity with low ROE

Rationale


Transaction details

Details on UK Protect

6

Amsterdam Court of Appeal renders judgment FortisEffect case Ageas announces appeal & accounting of provision

Accounting consequence

Main elements of ruling 29/07/14

Sale of Dutch entities remains unaffected Dutch State: confirmation of original ruling: no liability retained Ageas:

Miscommunication in period 29/09/08 – 01/10/08 Liability retained for indemnifying damages suffered –

existence of damages & amount to be decided upon in further proceedings

Ageas will file appeal before the Supreme Court Ageas sets up provision of EUR 130 mio

Provision of EUR 130 mio in 6M 14, based on

Methods & assumptions commonly used in the market Benchmarking with other cases Assumptions on # shares eligible, % participation

shareholders, relative share performance

Ageas’s position

Periodic financial Information I 6M 14 Results I 6 August 2014

9 66M 13 6M 14

Other Life Non-Life

74

37

5 2Q2 13 Q2 14

3.13.1

6M 13 6M 14

Life Non-Life

4.3 4.5

1.4 1.5

5.7 6.0

Q2 13 Q2 14

6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14

Net result: Strong Life more than offsets lower Non-Life In EUR mio In EUR bn

Non-Life combined ratio: estimated impact storms & floods of 4.6%

Inflow*: strong growth in Asia & CEU In EUR bn

Total Insurance: Headlines Solid 6M results despite floods & storms in Belgium & UK


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

201 285 93 157

119

49

329 340

172 195

9.4 10.7

12.513.8

109.6 117.5

96.8% 102.0% 94.7% 101.4% 0.89% 0.99% 0.93% 1.02%

0.43%

0.20%

0.38%

0.20%

* incl. non-consolidated partnerships @ 100%

In % NEP

69.2 70.5 72.0

40.9 43.4 45.5

FY 13 3M 14 6M 14

Conso Non-conso

113.9

6M 13 6M 146M 13 6M 14


Net result: Strong in Life; Non-Life negatively impacted by hailstorm

In EUR mio In EUR bn

Operating margin Guaranteed: solid investment margin

Non-Life combined ratio @ 100.2% excluding hailstorm

Inflow: Non-Life increased but offset by Life

Life Technical liabilities: Fidea’s group Life & shadow accounting

In EUR bn

Belgium : Headlines Strong operating results in Life offset by hailstorm effect in Non-Life

**

Operating margin Unit-Linked


6

6M 13 6M 14

Life Non-Life

57

23

(6)Q2 13 Q2 14

2.1 2.1

1.0 1.0

3.1 3.1

6M 13 6M 14

Life Non-Life

1.1 1.0

0.4 0.4

1.5 1.4

Q2 13 Q2 14

Q2 13 Q2 14

In % NEP

Q2 13 Q2 146M 13 6M 14Q2 13 Q2 14

97.5% 105.7% 95.4% 109.9%

0.29%0.38%

0.27%0.41%

1.06%0.91%0.98%0.84%

121186

38

160

193

80

111

105

53.2 54.0 55.5

FY 13 3M 14 6M 14

6M 13 6M 14

When excluding weather, better Non-Life & Life results offset by Retail In EUR mio

United Kingdom: Headlines Strong recovery of operating results in Q2

Non-Life combined ratio Q1 weather impact, excellent Q2

9 6(1) 1

50

25

58

32

6M 13 6M 14

Life Other Non-Life

Q2 13 Q2 14

96.3% 100.7%94.0% 95.5%

50

5

Inflow* up 5%, flat excluding FX In EUR bn

In % NEP In EUR mio

Other Income: incl. positive contribution from legal settlement (EUR 6 mio)

0.1 0.1

1.1 1.1

1.2 1.2

6M 13 6M 14

Life Non-Life

0.0 0.00.6 0.6

0.6 0.6

Q2 13 Q2 14

6M 13 6M 14

59 59

Q2 13 Q2 14

122 129


51

(1) 1

31 35

35 38

Q2 13 Q2 14

9 Periodic financial Information I 6M 14 Results I 6 August 2014

Net profit Q2 13 included EUR 9 mio one-off in Turkey In EUR mio In EUR bn

Excellent Non-Life combined ratio improvement in Motor & Household

227% 210% 207%

Inflow* boosted by strong sales in Luxembourg Life In EUR bn

Continental Europe: Headlines Results on track with expectations

**

Operating margin Guaranteed: lower U/W & investment margin


Life Technical liabilities up 2%

In % avg technical liabilities

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

25 28

2010

46

37

6M 13 6M 14

Life Non-Life

13 9

16

4

28

13

Q2 13 Q2 14

1.82.3

0.6

0.62.4

2.8

6M 13 6M 14

Life Non-Life

0.91.4

0.3

0.31.2

1.6

Q2 13 Q2 14

6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14

95.5% 91.4% 94.4% 88.1%0.94% 0.82% 0.98% 0.58%

0.53%

0.17%

0.53%

0.10%

In % NEP


13.9 14.3 14.2

15.0 15.2 15.9

28.9 29.5 30.1

FY 13 3M 14 6M 14

Conso Non-conso

2432

4528

36

Q2 13 Q2 146M 13 6M 14 Q2 13 Q2 14

Inflow: successful sales campaigns & channel development in China & Thailand

10

8

6M 13 6M 14

Life Non-Life

10

8

6M 13 6M 14

Life Non-Life

Net result: strong growth due to good operational performance In EUR mio In EUR bn

Non-Life combined ratio reflects good underwriting performance

Life Technical liabilities up across all entities In EUR bn

Asia: Headlines New business & profit growth Life / Strong Non-Life underwriting result


**

In % avg technical liabilities In EUR mio

Result non-conso partnerships: up 30% on good Life operational performance

5.4 6.3

0.40.45.96.7

6M 13 6M 14Life Non-Life

2.3 2.1

0.2 0.2

2.5 2.3

Q2 13 Q2 14

Q2 13 Q2 146M 13 6M 14

94.2%89.1%

95.9%

89.1%

1.54% 1.53%

0.97%

1.60%

56 70

6678

49 64

59

72In % NEP


Life operating margin Hong Kong: improved due to capital gains

2435

4

52940

Q2 13 Q2 14

2.0 2.0 2.1

25.9 28.2 29.6

27.930.3 31.7

FY 13 3M 14 6M 14

Conso Non-conso

(6)

6M 13 6M 14

Q2 13 Q2 14

7

Q2 13 Q2 14

Net result driven by RPN(i) & legal provision of EUR 130 mio In EUR mio

Accounting value of remaining legacies

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


Accounting value put option

In EUR mio In EUR mio

6M 13 6M 14

1.9 1.8 1.6

FY 13 3M 14 6M 14

143

(309) (195)

RPN(i) impact on P&L Staff & Operating expenses

Net cash position

8 9

12 12

20 21

6M 13 6M 14Staff Operating

In EUR mio In EUR mio In EUR bn

(370)(474) (527)

37 37 29

(130)

FY 13 3M 14 6M 14

RPN(i) RPI FortisEffect

3 4

76

9 11

Q2 13 Q2 14

(157)

(16)

(53)

1,255 1,274 1,282

FY 13 3M 14 6M 14


Shareholders’ equity roll forward Up on UG/L, net profit & put option In EUR mio

Shareholders’ equity per segment

Shareholders’ equity per share

FY 13 6M 14 FY 13 6M 14

Belgium 3,676 ► 4,254 Asia 1,592 ► 1,929UK 1,121 ► 1,191 Insurance 7,613 ► 8,595Continental Europe 1,224 ► 1,221 General Account 912 ► 581

6,206 6,333 6,379

1,939 1,2802,217

1,655912

581340

945 166 69

(309)(308) (106) (55) (72) (19)

EUR 37.65 EUR 41.11

9,799

8,5259,175

FY 12 FY 13 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Revalput option

Forex PortugalNon-Life

Other 6M 14

InsuranceUG/L

InsuranceUG/L


Insurance Solvency up on net result & UG/L Group Solvency down on net result General Account & returns to shareholders

2.5 2.5

0.4 0.4 0.6 0.6 0.6 0.6

4.0 4.2 4.0 4.2

2.0 2.2

0.5 0.51.0 0.8 0.7 0.9

4.3 4.5

0.3 (0.2)

4.6 4.3

4.54.7

0.9 1.0 1.6 1.4 1.31.6

8.3 8.6 8.6 8.4

FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14

Belgium UK

CEU Asia

Total Ageas General Account

RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital

In EUR bn

183% 188% 225% 226% 271% 238% 221% 244% 207% 208% 214% 203%Solvency ratio

Conclusions


Takeaways

Healthy growing inflow

Net profit Insurance impacted by one-offs in both directions

Progress in a number of strategic files - focus on more material business

- more power to develop

4th share buy back

16

Investor Dinner – Monday 29 September 2014 An opportunity to meet with Ageas’s Management Committee


Dear investor, dear analyst, You are kindly invited to a dinner hosted by Ageas in the Andaz Hotel in London on Monday 29 September. The event will be introduced by our CEO Mr Bart De Smet and will offer you the opportunity to meet with all members of Ageas’s Management Committee including Mr Filip Coremans, our new CRO. We look forward to welcoming you in London!

Drinks will be served as from 7:00pm (UK Time) and dinner is expected to finish around 10pm. For practical reasons, please confirm your attendance by the 8th of September at the latest via https://www.surveymonkey.com/s/JTLRJPC

https://www.surveymonkey.com/s/JTLRJPC

Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information


Key financials Strong Life performance

In EUR mio 6M 13 6M 14 Q2 13 Q2 14

Gross inflows 12,497 13,789 10% 5,744 5,992 4%

- of which inflows from non-consolidated partnerships 7,232 8,470 17% 3,107 3,463 11%

Net result Insurance 329 340 3% 172 195 14%

By segment: - Belgium 160 193 21% 80 105 31% - UK 58 32 (45%) 35 38 7% - Continental Europe 46 37 (19%) 28 13 (55%) - Asia 66 78 19% 29 40 39%

By type: - Life 201 285 42% 93 157 68%

- Non-Life 119 49 (59%) 74 37 (49%) - Other 9 6 (33%) 5 1 (73%)

Net result General Account 143 (309) - 7 (195) -

Net result Ageas 472 31 (93%) 179 1 (100%)

Earnings per share (in EUR) 2.05 0.14 (93%)

FY 13 6M 14Insurance Solvency 207% 208%Shareholders' equity 8,525 9,175 8%

Net equity per share (in EUR) 37.65 41.11Insurance ROE 8.3% 8.4%Insurance ROE excl.UG/L 10.4% 10.7%


Shareholders’ equity roll forward Up on UG/L, net profit & put option In EUR mio

Shareholders’ equity per segment

Shareholders’ equity per share

FY 13 6M 14 FY 13 6M 14

Belgium 3,676 ► 4,254 Asia 1,592 ► 1,929UK 1,121 ► 1,191 Insurance 7,613 ► 8,595Continental Europe 1,224 ► 1,221 General Account 912 ► 581

6,206 6,333 6,379

1,939 1,2802,217

1,655912

581340

945 166 69

(309)(308) (106) (55) (72) (19)

EUR 37.65 EUR 41.11

9,799

8,5259,175

FY 12 FY 13 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Revalput option

Forex PortugalNon-Life

Other 6M 14

InsuranceUG/L

InsuranceUG/L


Tangible net equity High quality capital structure

10/03/2010 I page 20

EUR bn FY 13 6M 14

IFRS Shareholders' Equity 8.5 9.2Unrealised gains real estate 0.6 0.6Goodwill (0.7) (0.7)VOBA (Value of Business Acquired) (0.3) (0.3)DAC (Deferred Acquisition Cost) (0.9) (0.9)Other (0.4) (0.4)Goodwill, DAC, VOBA related to N-C interests 0.5 0.425% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 7.7 8.2

IFRS Tangible net equity/ IFRS Shareholder's Equity 90% 89%


Insurance Solvency up on net result & UG/L Group Solvency down on net result General Account & returns to shareholders

2.5 2.5

0.4 0.4 0.6 0.6 0.6 0.6

4.0 4.2 4.0 4.2

2.0 2.2

0.5 0.51.0 0.8 0.7 0.9

4.3 4.5

0.3 (0.2)

4.6 4.3

4.54.7

0.9 1.0 1.6 1.4 1.31.6

8.3 8.6 8.6 8.4

FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14 FY 136M 14

Belgium UK

CEU Asia

Total Ageas General Account

RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital

In EUR bn

183% 188% 225% 226% 271% 238% 221% 244% 207% 208% 214% 203%Solvency ratio

Annexes

Equity / Solvency

Insurance activities


General Account

General Information

Inflow @ 100% Growth driven by Asia & Luxembourg, excluding FX impact total inflows up 14%


EUR mio 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14

Belgium 75% 2,126 2,063 (3%) 985 1,015 3% 3,111 3,077 (1%)

United Kingdom 51 64 25% 1,101 1,145 4% 1,152 1,209 5%Consolidated entities 51 64 25% 841 874 4% 892 938 5%Non-consolidated JV's 260 271 4% 260 271

Tesco 50% 260 271 4% 260 271 0% 0 0 Continental Europe 1,826 2,269 24% 553 566 2% 2,379 2,835 19%

Consolidated entities 805 832 3% 232 245 6% 1,037 1,078 4%Portugal 51% 605 634 5% 130 136 5% 734 770 5%France 100% 200 198 (1%) 200 198 (1%)Italy 25% 102 110 102 110

Non-consolidated JV's 1,021 1,437 41% 321 321 1,342 1,757 31%Turkey (Aksigorta) 36% 321 321 321 321 Luxembourg (Cardif Lux Vie) 33% 1,021 1,437 41% 1,021 1,437 41%0Asia 5,431 6,257 15% 424 411 (3%) 5,855 6,668 14%

Consolidated entities 225 227 1% 225 227 1%Hong Kong 100% 225 227 1% 225 227 1%

Non-consolidated JV's 5,206 6,030 16% 424 411 (3%) 5,630 6,442 14%Malaysia 31% 373 274 (26%) 319 301 (6%) 692 575 (17%)Thailand 31%-15% 767 884 15% 105 110 5% 871 994 14%China 25% 4,008 4,822 20% 4,008 4,822 20%India 26% 59 50 (16%) 59 50 (16%)

Ageas 9,435 10,653 13% 3,063 3,137 2% 12,497 13,789 10%# /0 # /0 # /0Consolidated entities 3,207 3,186 (1%) 2,058 2,134 4% 5,265 5,320 1%Non-consolidated JV's 6,227 7,467 20% 1,005 1,003 (0%) 7,232 8,470 17%

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

Inflow @ Ageas’s part Strong Life growth, excluding FX impact total inflows up 8% In EUR mio


1,595 1,547

51 64 849 1,000

1,590 1,798

4,085 4,410 739 761

971 1,010 207 212

114 110

2,032 2,092

(1%)

5% 15%

12%

6%

2,334 2,308

1,023 1,074 1,056 1,213 1,704

1,908

6,117 6,502

6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14

Insurance net result Strong Life result in all segments, Non-Life down on floods & storms

Belgium UK

CEU Asia

Total Ageas

Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other

9 6 9 6

121

186

(1)1 25 28

56 70

201

285 38

6

50 25

20 10

10 8

119

49

160

193

58

32 46 37

66 78

329 340

6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14

In EUR mio


10/03/2010 I page 26

Overview impairments & net capital gains on investments Higher capital gains realized, benefiting from favourable market conditions

*


EUR mio 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14

Life 35 92 (17) (28) 18 64

Non-Life 7 5 (2) (0) 4 4

Total Belgium 42 96 (20) (28) 22 68 LifeNon-Life 4 3 4 3

OtherTotal UK 4 3 4 3

Life 13 2 (8) (5) 5 (3)

Non-Life (0) (0) (0) (0)

Total CEU 13 2 (8) (5) 5 (3)Life 21 23 (5) (4) 16 19

Non-Life 3 1 (0) 3 1

Total Asia 23 24 (5) (4) 19 20Life 69 116 (30) (37) 39 79

Non-Life 13 9 (2) (0) 11 9

Other

Total Ageas 82 125 (33) (37) 50 88

Capital gains/losses Impairments & Profit sharing Net impact

9 66M 13 6M 14

Other Life Non-Life

74

37

5 2Q2 13 Q2 14

3.13.1

6M 13 6M 14

Life Non-Life

4.3 4.5

1.4 1.5

5.7 6.0

Q2 13 Q2 14

6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14

Net result: Strong Life more than offsets lower Non-Life In EUR mio In EUR bn

Non-Life combined ratio: estimated impact storms & floods of 4.6%

Inflow*: strong growth in Asia & CEU In EUR bn

Total Insurance: Headlines Solid 6M results despite floods & storms in Belgium & UK


Life Technical liabilities: up on higher market values

Operating margin Guaranteed: strong margin in Belgium

Operating margin Unit-Linked: lower fee income in Portugal


201 285 93 157

119

49

329 340

172 195

9.4 10.7

12.513.8

109.6 117.5

96.8% 102.0% 94.7% 101.4% 0.89% 0.99% 0.93% 1.02%

0.43%

0.20%

0.38%

0.20%


In % NEP

69.2 70.5 72.0

40.9 43.4 45.5

FY 13 3M 14 6M 14

Conso Non-conso

113.9


Insurance Combined ratio Impacted by storms & floods in Belgium & UK

Net earned premium in EUR mio

Combined ratio at 102.0% vs. 96.8%

Storms & floods in UK in Q1 & severe hailstorm in Belgium in June impacting combined ratio with 4.6%, influencing Motor, Household & Other

Household at 100.4% (vs.91.9%): storms & floods

Accident & Health: at 94.6% (vs.93.4%): strong ratio in CEU & improvement resulting from cleansing book in UK

Motor at 101.1% (vs. 100.5%): next to impact of floods & storms, improving operational performance

Claims ratio at 66.7% vs. 62.3%

CY claims ratio (70.4% vs. 66.7%) most significant impact in Household

PY claims ratio slightly down to release of 3.7% (vs. 4.4%), higher claims in TPL Belgium

Expense ratio at 35.3% vs. 34.5%

Integration costs UK

69.4% 73.2% 69.0% 68.1% 64.3% 62.3% 66.7% 59.8% 65.9%

33.1%32.8%

31.1% 31.0% 34.0% 34.5%35.3%

34.9%35.5%

102.5%106.0%100.1% 99.1% 98.3% 96.8%

102.0%94.7%

101.4%

(6.0%)(3.7%) (3.5%) (3.1%) (3.8%) (4.4%) (3.7%) (4.8%) (4.6%)

2009 2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14

claims ratio expense ratio PY claims ratio

2,497 2,858 3,507 4,178 3,749 1,846 1,879 926 948


Combined ratio not reaching target Non-Life combined ratio & net result impacted by several negative events

No reinsurance intervention Impact on Ageas combined ratio around 2% Impact on Ageas net result around EUR 36 mio

Reinsurance event intervention Impact on Ageas combined ratio around 2.6% Impact on Ageas net result around EUR 24 mio Reserve strengthening Corrective measures launched – pruning & tariff increases

Q1: UK floods

Q2: BE hailstorm

Q2: BE TPL

4.6%

Main elements:

70.4% 74.3% 71.9% 70.5% 70.0% 67.7% 68.0%

23.6% 24.8% 25.0% 25.5% 25.6% 25.7% 26.6%

94.0% 99.1% 96.9% 96.0% 95.6% 93.4% 94.6%

2009 2010 2011 2012 2013 6M 13 6M 14

79.0% 78.4% 72.0% 73.6% 69.8% 70.4% 71.1%

29.3% 29.0%25.3% 25.4% 29.3% 30.1% 30.0%

108.3% 107.4%97.3% 99.0% 99.1% 100.5% 101.1%

2009 2010 2011 2012 2013 6M 13 6M 14

59.4%75.0%

61.9% 55.6% 51.5% 48.0% 55.5%

43.4%43.2%

41.5% 41.6% 44.0% 43.9%44.9%

102.8%118.2%

103.4% 97.2% 95.5% 91.9%100.4%

2009 2010 2011 2012 2013 6M 13 6M 14

51.7% 42.9%67.2% 66.5% 62.4% 55.1%

75.3%

45.8%41.2%

44.8% 44.9% 45.5%45.9%

51.4%97.5%

84.1%

112.0% 111.4% 107.9% 101.0%

126.7%

2009 2010 2011 2012 2013 6M 13 6M 14

Insurance Combined ratio per product line Impact adverse weather affecting Household & Motor

Motor: suffering from bad weather Accident & Health: strong ratio CEU

Other: higher claims & expenses in small part of portfolio

Household: impact of storms & floods in UK & BE


609 714 736 763 813 392 402 NEP NEP

NEP

1,012 1,134 1,571 2,058 1,557 769 790

673 750 892 1,007 986 486 505 203 261 308 349 394 199 182NEP

Insurance Life operating margin per product line Margins in Guaranteed in line with objectives Guaranteed: driven by investment margin Belgium Unit-linked: decrease in both Belgium & Portugal

Average technical liabilities Average technical liabilities

Underwriting margin lower due to negative one-off in Belgium (Q1)

Expense & other margin decrease related to lower fee income in Portugal

Investment margin benefiting from better recurring investment income & capital gains in Belgium

Underwriting margin slightly down in BE Expense margin stable


0.44% 0.41% 0.44% 0.43% 0.44% 0.40% 0.47% 0.32%

0.67%

(0.79%)

0.87% 0.83% 0.78% 0.91% 0.79% 1.01%

(0.33%)

(0.36%)

(0.33%) (0.31%) (0.33%) (0.32%) (0.32%) (0.31%)

0.78%

(0.74%)

0.99% 0.96% 0.89% 0.99% 0.93% 1.02%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14

Expense & other m. Investment m. Underwriting m.

0.07%0.04%

0.11% 0.13% 0.14% 0.10% 0.13% 0.10%0.01%

0.01%

(0.02%)

0.27% 0.42%0.37%

0.18%0.29%

0.10%

0.25%

0.10%

0.35%0.45% 0.48%

0.28%

0.43%

0.20%

0.38%

0.20%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14

50.4 52.3 54.0 55.5 55.3 56.5 55.3 56.5 20.2 12.4 11.8 12.3 12.1 12.6 12.1 12.6

6M 13 6M 146M 13 6M 14


Net result: Strong in Life; Non-Life negatively impacted by hailstorm

In EUR mio In EUR bn

Operating margin Guaranteed: solid investment margin

Non-Life combined ratio @ 100.2% excluding hailstorm

Inflow*: Non-Life increased but offset by Life

Life Technical liabilities: acquisition of Fidea’s group Life & shadow accounting In EUR bn

Belgium : Headlines Strong operating results in Life offset by hailstorm effect in Non-Life

**

Operating margin Unit-Linked


6

6M 13 6M 14

Life Non-Life

57

23

(6)Q2 13 Q2 14

2.1 2.1

1.0 1.0

3.1 3.1

6M 13 6M 14

Life Non-Life

1.1 1.0

0.4 0.4

1.5 1.4

Q2 13 Q2 14

Q2 13 Q2 14

In % NEP

Q2 13 Q2 146M 13 6M 14Q2 13 Q2 14

97.5% 105.7% 95.4% 109.9%

0.29%0.38%

0.27%0.41%

1.06%0.91%0.98%0.84%

121186

38

160

193

80

111

105

53.2 54.0 55.5

FY 13 3M 14 6M 14

1,775 1,824

351 239

2,126 2,063

6M 13 6M 14

(3%)

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor


Belgium: Inflow @ 100% Guaranteed Life inflows increase offset by UL and Group, Non-Life increase

276 281

303 311

316 325

91 98985 1,015

6M 13 6M 14

+3%

Guaranteed Guaranteed interest rate in Individual Life reduced to 1.25% as of

01/06/14

Guaranteed Life products increased mainly driven by Savings products

Group Life inflow came down to EUR 545 mio (-7%)

Unit-linked Individual Unit-linked further down in Q2 to EUR 239 mio (-32%) as a

result of reduced customer appetite

Household, Motor, Other GWP up 3%, well spread across bank & broker distribtion, all product

lines contributing

Household (+3%): higher volume & tariff increases

Motor (+3%): mainly driven by tariff increases

Other (+8%): mainly driven by tariff increase in Legal Assistance (VAT on lawyer fees since 2013)

Accident & Health Accident & Health (+2%)

64.1% 68.7% 64.3% 62.7% 63.2% 60.4%67.7%

57.9%71.6%

36.8%36.4%

36.8% 36.8% 36.7% 37.1%38.0%

37.5%

38.4%

100.9%105.1%101.1% 99.5% 99.9% 97.5%

105.7%95.4%

110.0%

(8.0%) (6.6%) (7.3%) (4.5%) (3.6%) (5.9%) (4.2%) (5.0%) (3.5%)

2009 2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14



Belgium: Combined ratio Impacted by severe hailstorm in June, weaker results in Other Lines



Severe hailstorm in June with impact on combined ratio of EUR 49 mio or 5.5% (after reinsurance)

Impact Household 12.5% - Motor 5.1%

Excluding hailstorm, positive evolution combined ratio in both products

Accident & Health at 96.3% vs. 93.9%, large claims in Workmen’s Compensation in Q1, significant improvement in Q2

Other Lines at 150.3% vs. 100,2% Higher claims TPL - pruning actions on portfolio launched & tariff increases foreseen


CY ratio (71.9% vs. 66.3%) impacted by hailstorm in Motor & Household

PY ratio (4.2% vs. 5.9%), impacted mainly by Accident & Health & Other

Expense ratio at 38.0% vs. 37.1%, mainly Accident & Health

1,469 1,541 1,601 1,698 1,785 872 890 440 445

68.5% 71.0%58.9% 64.7% 64.7% 67.7% 66.6%

36.3% 35.7%35.3%

35.8% 36.3% 36.9% 37.3%

104.8% 106.7%94.2% 100.5% 101.0% 104.6% 103.9%

2009 2010 2011 2012 2013 6M 13 6M 14

68.9% 75.8% 73.8% 73.0% 73.7% 69.7% 70.8%

22.6%21.9% 23.8% 24.0% 23.8% 24.2% 25.5%

91.5% 97.7% 97.6% 97.0% 97.5% 93.9% 96.3%

2009 2010 2011 2012 2013 6M 13 6M 14

44.9%

10.4%

58.2% 65.9% 66.2%52.7%

101.1%

49.2%

50.9%

49.5%48.1% 47.2%

47.5%

49.2%

94.1%

61.3%

107.7% 114.0% 113.4%100.2%

150.3%

2009 2010 2011 2012 2013 6M 13 6M 14

60.5%75.6% 63.0% 50.5% 51.4% 47.2% 56.6%

47.1%47.1%

46.9%46.2% 45.6% 45.8%

46.4%

107.6%122.7%

109.9%96.7% 97.0% 93.0%

103.0%

2009 2010 2011 2012 2013 6M 13 6M 14

Belgium: Combined ratio per product line Positive evolution in Household and Motor offset by hailstorms, weak in Other lines

Motor: excluding hailstorm, @ 98.8% Accident & Health: large claims in Workmen’s Compensation in Q1, Q2 improved significantly

Household: excluding hailstorm @ 90.6% Other: Poor result in TPL, pruning actions taken

NEP NEP

NEP


424 451 451 480 507 244 249 465 498 525 540 552 270 277

453 463 484 530 564 278 283 127 129 142 149 162 80 81NEP

0.03%

(0.05%) 0.04% 0.04%0.03% (0.01%) 0.02%

0.02%

0.64%0.50% 0.44% 0.38% 0.38%

0.28%0.36%

0.27%

0.66%

0.45% 0.47%0.41% 0.41%

0.27%0.38%

0.29%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14

Belgium Life operating margin per product line Guaranteed: solid investment result & higher capital gains

Unit-linked: lower mortality result

Avg techn liabilities Avg techn liabilities


Operating result amounted to EUR 8 mio Lower mortality result & one-off recorded in Q1 Average Technical Liabilities increased

Operating result amounted to EUR 233 mio, up 20% Operating margin rose to 0.98% vs. 0.84% driven by

investment margin Investment margin : solid investment result & higher

capital gains on both equities & fixed income Average Technical Liabilities up, mainly explained by

higher market values & acquisition Fidea (+EUR 0.5bn)

0.28% 0.32% 0.32% 0.32% 0.35% 0.32% 0.37% 0.30%

0.57%

(0.80%)

0.93% 0.88% 0.80% 0.96% 0.81% 1.08%

(0.21%)

(0.30%)

(0.29%) (0.31%) (0.31%) (0.30%) (0.28%) (0.32%)

0.64%

(0.78%)

0.96% 0.89% 0.84% 0.98% 0.91%1.06%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14Expense & other m. Investment m. Underwriting m.

40.7 42.9 44.9 46.4 46.2 47.4 46.2 47.4 6.0 5.6 5.2 5.4 5.3 5.6 5.3 5.6

6M 13 6M 14

When excluding weather, better Non-Life & Life results offset by Retail In EUR mio

United Kingdom: Headlines Strong recovery of operating results in Q2

Non-Life combined ratio Q1 weather impact, excellent Q2

9 6(1) 1

50

25

58

32

6M 13 6M 14

Life Other Non-Life

Q2 13 Q2 14

96.3% 100.7%94.0% 95.5%

50

5

Inflow* up 5%, flat excluding FX In EUR bn

In % NEP In EUR mio

Other Income: incl. positive contribution from legal settlement (EUR 6 mio)

0.1 0.1

1.1 1.1

1.2 1.2

6M 13 6M 14

Life Non-Life

0.0 0.00.6 0.6

0.6 0.6

Q2 13 Q2 14

6M 13 6M 14

59 59

Q2 13 Q2 14

122 129


51

(1) 1

31 35

35 38

Q2 13 Q2 14


1,101 1,145

51 641,152 1,209

6M 13 6M 14

44 40

730 755

231 24296 108

1,101 1,145

6M 13 6M 14

Motor

Non-Life

Life

Other Household

Accident & Health

Total In EUR mio

Non-Life In EUR mio

4%

5%

United Kingdom: Inflow @ 100% Inflow up 5% but flat at constant FX

Life Up 25%, +20% at constant FX

Continued development of the book & widening of product offering: launch of a new product: “Relevant Life Cover”

New business APE up 11%, as new products launched

Non-Life Up 4%, flat at constant FX.

Motor up 3%, flat at constant FX, due to volumes increase offset by lower premiums

Household up 5% as a result of the positive impact of Ageas Insurance Limited (AIL) becoming sole underwriter of Ageas’s over 50’s brands

Accident & Health remains broadly stable

Other lines (including Commercial & Special Risks) up 12% from growth in business schemes

Other Insurance (including Retail) YTD total income of EUR 129 mio, up 6% including a EUR 6 mio

positive contribution from a legal settlement


39

United Kingdom: Combined ratio COR recovers after excellent Q2



Strong Q2 in Motor & Household leading to Q2 combined ratio of 95.4%

Impact of Q1 storms & floods diminishes


Claims ratio Weather impact of 4.7% - most important impact in Household

CY ratio (69.6% vs. 66.7%) primarily due to adverse weather in Q1

PY ratio: (release of 2.8% vs.3.3%) broadly in line with 6M 13

Expense ratio at 34.0% vs. 32.9%

Increased expense ratio due to higher commissions arising from greater business through MGAs & DAs

Integration costs recorded in Other

80.4% 81.5% 74.6% 73.3%65.6% 63.4% 66.7% 60.7% 61.3%

27.7% 28.0%25.3% 26.5%

32.2% 32.9%34.0%

33.3% 34.2%

108.1%109.5%99.9% 99.8% 97.8% 96.3%

100.7%94.0% 95.5%

(3.5%)(1.1%) 0.1% (2.1%) (4.0%) (3.3%) (2.8%) (4.9%) (5.0%)

2009 2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14


834 948 1,524 2,083 1,562 775 783 386 397


not restated for deconsolidation Tesco Underwriting

83.5%97.9% 87.7% 78.1% 76.2% 72.8% 66.7%

26.2%24.0%

23.2%28.2% 34.3% 34.1% 36.7%

109.7%121.9%

110.9% 106.3% 110.5%106.9%

103.4%

2009 2010 2011 2012 2013 6M 13 6M 14

88.9% 82.9% 79.2% 77.2% 71.9% 70.8% 73.9%

22.8% 23.3% 19.5% 21.3% 25.0% 26.1% 25.7%

111.7% 106.2%98.7% 98.5% 96.9% 96.9% 99.6%

2009 2010 2011 2012 2013 6M 13 6M 14

61.2%77.4%

61.4% 62.3% 51.4% 46.2% 54.3%

38.0%38.2%

35.3% 36.7%42.4% 42.2%

43.8%

99.2%115.6%

96.7% 99.0% 93.8% 88.4%98.1%

2009 2010 2011 2012 2013 6M 13 6M 14

66.0% 75.1% 71.6% 67.7% 59.7% 59.0% 56.6%

38.1% 30.4% 39.3% 42.1% 44.5% 44.7% 54.6%

104.1% 105.5% 110.9% 109.8% 104.2% 103.7% 111.2%

2009 2010 2011 2012 2013 6M 13 6M 14

United Kingdom: Combined ratio per product line Loss ratios impacted by Q1 weather and Motor large claims

Motor: small number of large claims Accident & Health: Cleansing the book has improved loss ratio

Household: adverse weather impact Q1 Other: integration costs

40

53 58 65 57 79 36 35 524 532 949 1,420 907 450 464

187 248 366 434 374 185 197 69 110 143 173 202 105 87

NEP NEP

NEP NEP

not restated not restated

not restated not restated


Net profit Q2 13 included EUR 9 mio one-off in Turkey In EUR mio In EUR bn

Excellent Non-Life combined ratio improvement in Motor & Household

227% 210% 207%

Inflow* boosted by strong sales in Luxembourg Life In EUR bn

Continental Europe: Headlines Results on track with expectations

**

Operating margin Guaranteed: lower U/W & investment margin


Life Technical liabilities up 2%

In % avg technical liabilities

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

25 28

2010

46

37

6M 13 6M 14

Life Non-Life

13 9

16

4

28

13

Q2 13 Q2 14

1.82.3

0.6

0.62.4

2.8

6M 13 6M 14

Life Non-Life

0.91.4

0.3

0.31.2

1.6

Q2 13 Q2 14

6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14

95.5% 91.4% 94.4% 88.1%0.94% 0.82% 0.98% 0.58%

0.53%

0.17%

0.53%

0.10%

In % NEP


13.9 14.3 14.2

15.0 15.2 15.9

28.9 29.5 30.1

FY 13 3M 14 6M 14

Conso Non-conso

8411,366

986

9031,826

2,269

6M 13 6M 14

171 178

183 180

106 102

94 106

553 566

6M 13 6M 14

Accident & Health

Motor

Unit-Linked

Guaranteed

+24%

Other Household

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflow @ 100% Higher sales both in Life & in Non-Life

+2%


Life Consolidated inflow up 3%

Portugal: +5% due to higher volumes in new saving products. UL slowed down but still 53% of total inflow

France: in line with last year’s sales

Luxembourg +41%, inflows more than doubled in Q2 with large Wealth business contracts concluded in Italy

Technical liabilities End of period technical liabilities: up 2%

Non-Life GWP consolidated entities up 6%

Portugal +5% outperforming local markets in A&H & growing in Motor

Italy +7%, better commercial performance in bank channel in all product lines, particularly Household & Consumer protection business

Turkey (Aksigorta) flat at EUR 321 mio, up 24% at constant FX: regaining momentum in Motor despite intense competition

A&H and Motor remain the major business lines in the portfolio


Continental Europe: Combined ratio Well below group target


* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy

62.4%71.0% 66.4% 63.6% 63.7% 66.2% 62.0% 64.7% 58.9%

27.6%

30.3%30.3% 29.8% 30.0% 29.3%

29.4% 29.7%29.2%

90.0%

101.3%96.7% 93.4% 93.7% 95.5% 91.4% 94.4%

88.1%

(1.3%)1.9%

(2.0%) (2.5%) (4.0%) (2.3%) (4.5%) (3.7%)(7.9%)

2009 2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14


194 369 382 397 403 199 207 100 106

Combined ratio at 91.4%

Combined ratio further decreased vs. last year mainly due to improved ratio’s in Motor & Household

Combined ratio Turkey at 99.8% vs. 88.6%; due to some large claims & higher frequency partially due to adverse weather

Claims ratio at 62.0%

Claims ratio improved in Motor & Household

PY ratio: 4.5% release vs. 2.3% driven by positive reserve developments notably in Motor & Other Lines

Expense ratio at 29.4%

Expense ratio in line with last year

70.2% 64.2% 63.5% 63.3% 59.7% 61.7% 62.6%

25.7% 31.6% 27.8% 28.2% 26.6% 26.3% 26.1%

95.9% 95.8% 91.3% 91.5% 86.3% 88.0% 88.7%

2009 2010 2011 2012 2013 6M 13 6M 14

65.3%90.5%

71.8% 69.8% 79.3% 82.0% 70.9%

36.7%

27.0%

29.2% 28.1%29.2% 28.2%

28.7%

102.0%117.5%

101.0% 97.9%108.5% 110.2%

99.6%

2009 2010 2011 2012 2013 6M 13 6M 14

34.9%53.5% 53.7% 51.8% 53.5%

70.6%52.6%

22.9%

27.7% 34.2% 33.5% 38.8%

36.5%

36.9%57.8%

81.2% 87.9% 85.3%92.3%

107.1%

89.5%

2009 2010 2011 2012 2013 6M 13 6M 14

33.8%

73.3%94.5%

62.8% 59.6%40.6% 44.4%

58.6%

39.0%

50.0%

43.3% 43.7%

44.4% 44.3%

92.4%

112.3%

144.5%

106.1% 103.3%85.0% 88.7%

2009 2010 2011 2012 2013 6M 13 6M 14

Continental Europe: Combined ratio per product line Mixed performance between product lines

Motor: improved claims rations in Italy & Portugal Accident & Health: continued excellent claims

Household: lower weather impact in Portugal Other: minor increase in claims


132 205 220 226 227 112 118 23 104 97 99 99 49 49

33 39 42 44 48 23 25 7 21 23 28 29 14 15

NEP NEP

NEP NEP

0.01% 0.02% 0.02% 0.01% 0.01% 0.01% 0.01% 0.02%

0.18%

0.55%0.41% 0.51% 0.51%

0.17%

0.51%

0.08%

0.20%

0.56%

0.44%0.47% 0.53%

0.17%

0.53%

0.10%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14

Continental Europe Life operating margin per product line

Guaranteed: lower underwriting & investment margin Unit-linked: decreasing expense & other margin



Decrease expense & other margin related to lower fee income in the old Portuguese book, implemented to safeguard the commercial franchise

1.25% 1.00% 1.18% 1.06% 0.91% 0.88% 0.93% 0.80%

0.84%

(0.75%)

0.69% 0.68% 0.84% 0.76% 0.91%0.75%

(0.93%)

(1.08%)

(0.85%) (0.83%) (0.81%) (0.82%) (0.86%) (0.97%)

1.16%

(0.83%)

1.02% 0.91% 0.94% 0.82% 0.98%0.58%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14


8.7 8.3 7.8 7.6 7.7 7.6 7.7 7.6 13.9 6.4 6.1 6.3 6.2 6.3 6.2 6.3

Investment margin below last year – high cap gains in 6M 13 Decline in underwriting margin YTD to reserve strengthening

in annuity business partially offset by strong technical performance in traditional business

Expenses & other margin in line

2432

4528

36

Q2 13 Q2 146M 13 6M 14 Q2 13 Q2 14

Inflow: successful sales campaigns & channel development in China & Thailand

10

8

6M 13 6M 14

Life Non-Life

10

8

6M 13 6M 14

Life Non-Life

Net result: strong growth due to good operational performance In EUR mio In EUR bn

Non-Life combined ratio reflects good underwriting performance

Life Technical liabilities up across all entities In EUR bn

Asia: Headlines New business & profit growth Life / Strong Non-Life underwriting result


**

In % avg technical liabilities In EUR mio

Result non-conso partnerships: up 30% on good Life operational performance

5.4 6.3

0.40.45.96.7

6M 13 6M 14Life Non-Life

2.3 2.1

0.2 0.2

2.5 2.3

Q2 13 Q2 14

Q2 13 Q2 146M 13 6M 14

94.2%89.1%

95.9%

89.1%

1.54% 1.53%

0.97%

1.60%

56 70

6678

49 64

59

72In % NEP


Life operating margin Hong Kong: improved due to capital gains

2435

4

52940

Q2 13 Q2 14

2.0 2.0 2.1

25.9 28.2 29.6

27.930.3 31.7

FY 13 3M 14 6M 14

Conso Non-conso

171 170

56 52 34 36

164 153

424 411

Q2 13 Q2 14

Other

Accident &HealthFire

Motor

5,253 6,095

178 162 5,431

6,257

Q2 13 Q2 14

Unit-Linked

Guaranteed

+15%

-3%

Life

Non-Life In EUR mio

In EUR mio

Asia: Inflow @ 100% Strong growth new business, boosted by sales campaigns & channel development


Life Hong Kong, +1%, New business impacted by new regulations on sales

procedures investment linked products. Continued focus on higher value products through combination of re-pricing, new product launches & refining sales incentives

China, +20%, New business bank channel up 12%, supported by very successful single premium campaign in Q1 & shift towards regular premiums in Q2 (up >60% vs. last year); agency sales up 43% thanks to expansion in number of agents & successful sales campaigns

Malaysia, -26%, New business down following transition in distribution strategy of both bank & agency channel from single premium sales towards more sustainable & profitable regular premium sales

Thailand, +15%, New business premiums up 24%; strong performance in both bank & the agency channel

India, -16%, Inflow down due to the continuation of a difficult regulatory environment.

Technical liabilities – end-of-period

Hong Kong : EUR 2.1 bn, up 8% vs. FY 13

Including non-consolidated JVs @ 100%: EUR 31.7bn, up 13%

Non-Life Malaysia, -6% due to FX impact. Excluding FX, inflows up 5% spread over all

product lines, except for Marine, Aviation and Transport

Thailand, +5%, growth in all product lines, especially in Motor

Hong Kong Life operating margin per product line Realized capital gains and higher fee income Guaranteed: slightly higher operating margin Unit-linked: improved margin due to higher fee income

from higher technical liabilities



Underwriting margin deteriorated due to lower persistency

Expense & Other margin improved because of higher fee income derived from higher net asset value of the portfolio

Underwriting margin slightly improved due to better reinsurance result

Investment margin: higher realised capital gains Expense & Other margin deteriorated as a result of lower

sales of regular premium products

(0.15%)(0.71%)

(0.15%) (0.32%) (0.57%) (0.44%) (0.33%)

(2.35%)

3.62%

(0.57%)

(0.11%)0.27% 0.04% 0.18%

(0.86%)

0.22%

1.30%

3.52%2.52%

4.19%

2.91% 2.70% 3.11%

4.34%

4.77%

2.24%

2.26%

4.14%

2.38% 2.44% 1.92%

2.21%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14


1.0 1.1 1.3 1.3 1.3 1.3 1.3 1.3

3.11%1.75% 2.13% 2.15% 2.65% 1.88%

2.61%1.59%

(0.06%) (0.14%)(2.40%)

(3.21%)

(0.95%)

(5.01%)(3.12%)

(2.10%)

(3.77%)

(1.18%)

0.70%

(1.47%)1.18%(2.86%)

(0.53%)(0.22%)

(1.30%)0.41%

2010 2011 2012 2013 6M 13 6M 14 Q2 13 Q2 14

0.3 0.4 0.5 0.6 0.6 0.7 0.6 0.7

Annexes

Equity / Solvency



General Account

General Information


In EUR bn

Asset mix

Asset mix relatively stable

Increased positions in bonds because of lower interest rates

Gross unrealized gains/losses on Available for Sale Total portfolio: up to EUR 6.6 bn (EUR 4.0 bn FY 13),

driven by UG/L on fixed income

Fixed income: at EUR 6.1 bn (EUR 3.5 bn FY 13) Sovereigns at EUR 4.2 bn (vs. EUR 2.3 bn) Corporates at EUR 1.9 bn (vs. EUR 1.2 bn)

Equities: slightly up, at EUR 0.5 bn

Gross UG/L on Real Estate: slightly down to EUR 1.2 bn (EUR 1.3 bn FY 13); - not reflected in shareholders’ equity

EUR 1.5 bn unrealized gains/losses on Held to Maturity - not reflected in shareholders’ equity

Treasury bills 0.3

Sovereign bonds 34.3

Sovereign bonds 35.8

Corporate bonds 23.8

Corporate bonds 25.2

Structured0.4

Structured0.4Loans 5.8

Loans 5.5Equities 3.2Equities 3.4Real Estate 4.6Real Estate 4.5Cash 2.2Cash 2.474.3

77.5

FY 13 6M 14

Investment portfolio Unrealized gains fixed income up because of lower interest rates

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

Belgium18.4

Belgium18.6

France 5.1 France 5.7

3.4 4.0Austria 2.6

Austria 2.81.11.20.7

0.5Others 3.0Others 3.2

34.335.8

FY 13 6M 14

In EUR bn

Gross UG/L at EUR 4.2 bn (vs. EUR 2.3 bn) 94% investment grade; 87% rated A or higher Maturity sovereign bond portfolio unchanged & close to

maturity liabilities , limited interest rate sensitivity

Sovereign bond portfolio*

Sovereign & Corporate bond portfolio Value fixed income portfolio impacted by evolution unrealized gains


Gross UG/L at EUR 1.9 bn (vs. EUR 1.2 bn) Priority to investment grade industrials has led to

increased share within corporate bond portfolio of 46% (vs. 42% FY 13)

Credit quality remains very good with 95% investment grade; 69% rated A or higher

Corporate bond portfolio*

Banking 5.3 Banking 5.0

Other financials 1.7

Other financials 1.8

Non Financials

10.1

Non Financials

11.7

Government related 6.7

Government related 6.7

23.8 25.2

FY 13 6M 14

The Netherlands The Netherlands Germany

Germany

Southern Europe Southern Europe


In EUR bn

Loan portfolio (customers + banks)*

Loan & Equity portfolio More loans with guarantee

Loans to banks 1.6 Loans to

banks 0.9

RE 0.2

RE 0.2Infrastructure

0.1Infrastructure

0.1

Mortgages 1.5

Mortgages 1.5

Other 2.4Other 2.8

5.8 5.5

FY 13 6M 14

Increase in other: long term lending to social housing agencies in Belgium, benefiting from explicit guarantee by the region

Loans to banks down: priority to long-term secured loans


Equity portfolio*

Gross UG/L slightly up, at EUR 0.5 bn

Increase in equity portfolio supported by investments & strong equity markets

Equities 1.7 Equities 1.8

Equity funds 0.1

Equity funds 0.3

RE funds 0.7RE funds 0.7

Mixed funds & others 0.7

Mixed funds & others 0.7

3.2 3.4

FY 13 6M 14



Real estate portfolio Real Estate development down because of sale of a project

10/03/2010

Gross UG/L slightly down to EUR 1.2 bn (not reflected in shareholders’ equity but contributing to available capital for solvency calculation)

In PR 18/07/2014 AG Real Estate announced sale of 39% stake in Interparking for EUR 376 mio – accounting in Q3 – car parks in asset mix will go down to 15% (vs.25%) – no P&L impact – shareholders’ equity up EUR 0.1 bn, solvency up around 7pp

Investment Offices 1.5

Investment Offices 1.6

Car Parks1.0

Car Parks1.0

Investment Retail 1.4

Investment Retail 1.4

0.4 0.10.3 0.4

4.6 4.5

FY 13 6M 14

In EUR bn

Real Estate portfolio*

Investment Warehouses RE Development

Investment Warehouses

RE Development


Annexes

Equity / Solvency



General Account

General Information

(6)

6M 13 6M 14

Q2 13 Q2 14

7

Q2 13 Q2 14

Net result driven by RPN(i) & legal provision of EUR 130 mio In EUR mio

Accounting value of remaining legacies

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


Accounting value put option

In EUR mio In EUR mio

6M 13 6M 14

1.9 1.8 1.6

FY 13 3M 14 6M 14

143

(309)

(195)

RPN(i) impact on P&L Staff & Operating expenses

Net cash position

8 9

12 12

20 21

6M 13 6M 14Staff Operating

In EUR mio In EUR mio In EUR bn

(370)(474) (527)

37 37 29

(130)

FY 13 3M 14 6M 14

RPN(i) RPI FortisEffect

3 4

76

9 11

Q2 13 Q2 14

(157)

(16)

(53)

1,255 1,274 1,282

FY 13 3M 14 6M 14

56

General Account: components of Net result Result driven by legacies

* Including Interest Margin, Other Expenses & Other Losses (Realised/Unrealised)

In EUR mio

2013 driven by agreements on legacy items

(90)

(6) (8) (12)(12)270

143

RPI Call Option Reval RPN(i) Legalprovision

Staffexpenses

Otheroperatingexpenses

Other* Net result

(157)

(130)

(9) (12) (2)

(309)

Net result 2014 driven by non-cash volatility RPN(i)


1,9131,639

(309)(103) (7) (60)

(9) (126) (44)383 -

FY 13 dividend sharebuy-back

CASHES& FRESH

investmentin liquidassets

upstream capitalrestructuring

M&A other 6M 14


Net cash position General Account at EUR 1.6 bn 3rd Share buy-back completed as per 1 August 2014

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

EUR 1.4 dividend par share paid out in May 2014 -

Dividend upstream from operating companies will cover paid dividend & holding costs on FY basis – still upstream to be expected in H2 14

As per 01/08/2014 share buy-back 2013 completed : EUR 200 mio of which EUR 103 mio executed in 6M 14

Next to this, Ageas holds EUR 117 mio in liquid assets (original maturity > 1 year)

In EUR bn

Net cach position mainly down on return to shareholders

Priority 1: invest in business Priority 2: return to shareholders


Only 2 alternative uses for General Account net cash withheld Continuation of capital management principles since 2009

1. Invest in Businesses

Organic growth Selective acquisitions Create new partnerships

2. Return to shareholders

Dividend payment Share buy-back

≈ EUR 2.1 bn ≈ EUR 900 mio cash dividend over ‘09, ’10, ‘11 & ‘12 EUR 650 mio share buy-backs finalized’12, ‘13 & ’14 EUR 222 mio capital reduction from proceeds of BNPP Call

Option & RPI

EUR 250 mio share buy-back announced 06/08/14

≈ EUR 1.3 bn from net cash on top of retained earnings

≈ EUR 600 mio UK (Tesco, KFIS, Castle

Cover, Groupama) ≈ EUR 200 mio CE (Italy, Turkey)

≈ EUR 320 mio Asia (India, HK, China)

≈ EUR 160 mio CE (Portugal, Italy)


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 & ABN AMRO to obtain compensation in return for conversion MCS (Mandatory Convertible Securities) into Ageas’ shares

Age

as in

itiat

or

Aga

inst

Age

as

February 12 BNP 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 ABN 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 Amsterman Court of Appeal judges partly in favour of plaintiffs; appeal will be filed

Legal proceedings Managed in interest of shareholders Administrative proceedings

NL: AFM fine imposed 05/02/10 re price sensitive info June 08

NL: AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07

Final judgement 04/03/2014; appeal rejected

Final judgement 14/02/2014 in favour of Ageas BE: FSMA re communication in Q2 2008 Appeal filed before Court of Appeal

Criminal procedure

Brussels – several alleged crimes June 2007 – April 2008 Public prosecutor requests referral of 7 individuals Enterprise Court (Ondernemingskamer)

At request of VEB re 2007-2008 Final judgement 06/12/13 re mismanagement, mainly in favour

plaintiffs.

Civil Lawsuits

Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas, former directors/executives & banks

Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State & Ageas

Proceedings ongoing

Judgement partly in favour of plaintiffs; appeal will be filed

Utrecht - Stichting Investor Claims Against Fortis re alleged miscommunication 2007-08 against Ageas & 2 financial institutions

Utrecht - 2nd case by Stichting on behalf of certain shareholders for damages from same defendants & certain former directors/executives

Proceedings ongoing

Proceedings initiated in August 2012 ; at present unclear whether both actions will be joined

Arnhem - Mr.Bos, re alleged miscommunication 2007 - 08 Appeal filed before Arnhem Court of Appeal

Brussels - Modrikamen, re Sep/Oct 2008 transactions Brussels – Various lawsuits initiated by shareholders re alleged

miscommunication 2007 – 08

Judgement procedural matters expected; Pleadings merits H1 2015 Proceedings ongoing Deminor: interim judgment procedural matters 28/04/2014

Financial instruments

Brussels Court of Appeal - MCS-holders contesting validity of conversion Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015

Other litigation

Brussels/Paris – RBS re alleged indemnity in context of ABN AMRO take- over

Proceedings before Brussels court & ICC arbitration in Paris initiated in April 2014


Situation 6 August 2014


Main characteristics Hybrids Leverage optimized at holding level and at AG Insurance

In EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Fixed-to-Floating Rate

Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Direct issue FBB, 2004 CASHES

% 3m EUR + 135 bps 5.125% 5.25% 6.75% 4.625% 3m EUR +200

bps Amount

outstanding 1,250 336 450 550 USD 1,000 1,110

ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE0119806116 BE0933899800

Call date Undated,

strike 315.0 mandatory 472.5

Jun 16 Step up to 3M

Euribor +200 bps

Jun 24 Step up to 3M

Euribor +413 bps

Mar 19 Step up to 6yr USD

swap + 533 bps

Oct 14 Step up to 3M

Euribor+170 bps

Undated, strike 239.4,

mandatory 359.1

Other On lent to AG Insurance

Subscribed by Ageas & BNP Paribas Fortis

Public issue No stock settlement feature

Coupon served by FBB, trigger ACSM

linked to Ageas dividend

Market Price (30/06/14) 69.79 102.89 100.00 108.50 100.48 81.23

Fortis Bank (now BNP Paribas) AG Insurance (Belgium)

Annexes

Equity / Solvency



General Account

General Information

Periodic financial Information I 3M 14 Results I 14 May 2014 63

Shareholders structure Based on number of shares as at 6 August 2014

Ageas3.63%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Norges Bank Identified retail investors

16%

Identified institutional investors

41%

Other investors20%

AgeasPing An

BlackRock, Inc.Schroders

Franklin Mutual AdvisersNorges Bank

Identified retail investorsIdentified institutional investors

Other investors

Based upon press release 4 August 2014Based upon the number of shares mentioned in the notification received 6 May 2013Based upon the number of shares mentioned in the notification received 2 June 2014Based upon the number of shares mentioned in the notification received 5 August 2014Based upon the number of shares mentioned in the notification received 22 July 2013Based upon the number of shares mentioned in the notification received 20 August 2012Estimate byEstimate by


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

6 August 6M 2014 results

5 November 9M 2014 results


Rating Improved rating for Portuguese entities

S&P MOODY'S FITCH

Operating AG Insurance (Belgium) A- / positive A2 / stable* A+ / stableentities Last change 20/12/13 02/10/13 29/05/13

Millenniumbcp Ageas Occidental Vida (Portugal) BB / stable BBB- / positiveLast change 16/05/14 16/04/14

Millenniumbcp Ageas Occidental (Portugal) BB / positive BBB- / positiveLast change 06/06/14 10/06/14

Millenniumbcp Ageas Médis (Portugal) BB / positive BBB- / positiveLast change 06/06/14 10/06/14

Ageas Insurance Co. (Asia) Baa1 / stable A / stableLast change 16/01/13 26/03/13

Muang Thai Life BBB+ / stable BBB+ / stableLast change 29/12/10 16/12/10

Etiqa Insurance Berhad (Malaysia) A / stableLast change 26/09/11

Holding ageas SA/NVLong-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2Outlook positive negative stableLast change 20/12/13 02/10/13 24/01/14

* 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.


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.


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Investor Relations

Economy & Finance

6M results 2014