9M 2015 Results - Periodical Financials Information

Periodical Financial Information

9M 2015RESULTS

2

Life result suffering from low cap gains & equity Impairments

Insurance driving Group net result

Shareholders equity up

Insurance net profit of EUR 613 mio (+6%) – Q3 EUR 109 mio- equity market performance causing volatility in results- see PR 21/10/15

Inflows @ 100% of EUR 22.8 bn (+17%) – Q3 EUR 6.2 bn

Non-Life Combined ratio at 95.1% (vs.99.6%) – Q3 at 94.7%

Life Guaranteed Operating margin at 80 bps (vs. 98 bps) – Q3 at 61 bps

Life Technical Liabilities at EUR 73.6 bn* (-2% vs. FY 14)

Group net profit of EUR 599 mio (vs. EUR 282 mio) – Q3 EUR 130 mio

General Account net result of EUR (14) mio – Q3 EUR 21 mio

Shareholders’ equity at EUR 10.9 bn or EUR 51.12 per share- UG/L at EUR 2.8 bn, EUR 12.91 per share

Insurance solvency I at 231%, Group solvency at 232% Net cash General Account at EUR 1.4 bn & liquid assets at EUR 0.3 bn

Main messagesAgeas’s Q3 result impacted by financial markets

Periodic financial Information I 9M 15 Results I 4 November 2015* Consolidated entities only

Periodic financial Information I 9M 15 Results I 4 November 2015 3

26 (6)

9M 14 9M 15

Other Life Non-Life

20 (0)44

63

66

Q3 14 Q3 15

4.64.8

9M 14 9M 15Life Non-Life

4.2 4.6

1.5 1.55.7

6.2

Q3 14 Q3 15

9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15

Net result: up 6%, Life down on lower cap gains & equity impairments in Q3In EUR mio In EUR bn

Non-Life combined ratio: significant improvement – across all segments

Inflows*: up 17% (11% FX) driven by strong growth in AsiaIn EUR bn

Total Insurance: HeadlinesContinued strong underwriting, Q3 Life result impacted by equity impairments

Life Technical liabilities slightly down in consolidated entities

Operating margin Guaranteed: lower capital gains & equity impairments in Q3

Operating margin Unit-Linked: improving margins in HK

In % avg technical liabilities In % avg technical liabilities

442 426 156

579 613

239

10914.8 17.9

19.522.8

99.6% 95.1% 94.8% 94.7%

0.98% 0.80% 0.96% 0.61%0.20% 0.37% 0.22% 0.28%

* incl. non-consolidated partnerships @ 100%

In % NEP

133.1127.0 132.1193112

74.8 73.7 73.6

52.2 59.5 58.5

FY 14 6M 15 9M 15Conso Non-conso

4

10/03/2010

Overview of net capital gains* on investmentsLower capital gains & high level of impairments

* Net capital gains include capital gains, impairment & linked changes in profit sharing, net of tax & @ ageas’s partPeriodic financial Information I 9M 15 Results I 4 November 2015

EUR mio 9M 14 9M 15 Q3 14 Q3 15

Life 114 34 50 (3) substantially lower cap gains (9M)

Non-Life 14 4 10 (2) & impairments (Q3)

Total Belgium 127 38 60 (5) Q3 '14 incl. EUR 60 mio RE cap gain

Non-Life 3 7 0 1

Other 1 (0) 1 (1)

Total UK 4 7 1 0Life 6 (3) 9 (7) substantially lower cap gains (9M)

Non-Life (0) 1 (0) 0 & impairments (Q3)

Total CEU 6 (2) 9 (7)Life 36 70 17 (32) volatility on financial markets inducing

Non-Life 2 (1) 0 (1) exceptional profit in H1 (EUR 100 mio)

Total Asia 38 69 17 (33) & impairments in Q3

Life 155 101 76 (42)

Non-Life 19 11 10 (1)

Other 1 (0) 1 (1)

Total Ageas 175 112 87 (44)

5

9M 14 9M 159M 14 9M 15

Periodic financial Information I 9M 15 Results I 4 November 2015

In EUR mio In EUR bn In EUR bn


39

83


95

40

33

27

Q3 14 Q3 15

2.9 2.7

1.5 1.5

4.4 4.2

9M 14 9M 15

Life Non-Life

0.8 0.8

0.4 0.4

1.3 1.3

Q3 14 Q3 15

Q3 14 Q3 15

In % NEP

Q3 14 Q3 159M 14 9M 15Q3 14 Q3 15

101.9% 94.2% 94.4% 93.5%

0.16%0.40%0.34%0.32%

0.51%0.98%0.71%0.98%

282 182

321264

129

68 57.6 55.9 56.0

FY 14 6M 15 9M 15

Belgium : HeadlinesContinued solid operating performance in Non-Life offset by lower cap gains in LifeLife result impacted by equity impairments in Q3

Inflows: Continued trend of decreasing short term investment products

Life Technical liabilities: Slightly lower on shadow-accounting

Non-Life combined ratio: improvement in almost all business lines

Operating margin Guaranteed: lower cap gains & equity impairments in Q3

Operating margin Unit-Linked: weak Q3 due to higher mortality reserves

9M 14 9M 15

In EUR mio

2

26

(6)

52

70

8065

9M 14 9M 15Life Other Non-Life

Q3 14 Q3 15

99.3% 98.3% 96.6% 98.2%

In EUR bn

In % NEP In EUR mio

0.1

1.7 1.9

1.8 1.9


0.0

0.6 0.7

0.6 0.7

Q3 14 Q3 15

9M 14 9M 15

81 66

Q3 14 Q3 15

210 204


1

20

(0)

27

25

48

24

Q3 14 Q3 15

6

Continued strong result in Household

United Kingdom: HeadlinesSteady nine months performance

Non-Life Inflows* up 8%, down 4% at constant FX

Non-Life Combined ratio improvement thanks to benign weather

Other Income: 2% down – benefit from legal settlement in ‘14


Non-Life profit up on scope & claims - Life impacted by equity impairmentsIn EUR mio In EUR bn

Non-Life consolidated combined ratio excellent thanks to benign weather

227%

Inflows*: up in all entities except Luxembourg & Turkey In EUR bn

Continental Europe: Headlines Strong Non-Life results offset by equity impairments in Life

Operating margin Guaranteed: strong improvement in net underwriting margin


In % avg technical liabilities

Operating margin Unit-Linked: lower sales in PortugalIn % avg technical liabilities

35 30

83343

63

9M 14 9M 15

Life Non-Life

3.5 3.1

0.80.8

4.33.9


1.20.9

0.20.2

1.5

1.2

Q3 14 Q3 15

9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15

90.7% 86.0% 86.4%

0.69% 1.01% 0.46% 0.93%

In % NEP

14.5 14.7 14.6

17.3 18.5 18.4

31.8 33.2 33.0

FY 14 6M 15 9M 15

Conso Non-conso

Life Technical liabilities up 4%


0.11% 0.04%

89.3%

0.06%

7(4)(2)

125

8

Q3 14 Q3 15

(0.01%)

53

7

4

3

57

10

Q3 14 Q3 15

12

7

9M 14 9M 15

Life Non-Life

12

7


In EUR mio In EUR bn

Non-Life combined ratio up mainly from higher incurred claims in Malaysia

In EUR bn

Asia: Headlines Result significantly up despite impact Asian equity market in Q3


In % avg technical liabilities In EUR mio

0.6

0.7


Q3 14 Q3 159M 14 9M 15Q3 14 Q3 159M 14 9M 15

92.6% 91.4% 86.8%

1.73% 2.38% 2.20% 2.14%

123 214

135

222

111

123

In % NEP


12.18.4

9.0

12.8

2.12.8

0.2

0.22.33.0

Q3 14 Q3 15

47

1

4

3

51

4

Q3 14 Q3 15

143

195

188

Net result: incl. ≈ EUR 100 mio positive exceptional in H1 & impairments in Q3

Inflows* growth fuelled by China & Thailand

Life Technical liabilities slight decrease in Malaysia

Life operating margin Hong Kong: lower New Business strain in UL

Result non-conso partnerships: strong result in China & Thailand

2.8 3.1 3.0

34.941.0 40.1

37.744.1 43.1

FY 14 6M 15 9M 15conso non-conso

89.9%

9

33 46

Q3 14 Q3 15

22

9M 14 9M 15

11 13

2938

40

51

9M 14 9M 15

Operating Total

(467) (491) (445)

38 33 33

(130) (131)(132)

FY 14 6M 15 9M 15

RPN(i) RPI FortisEffect

Net result driven by revaluation RPN(i)In EUR mio

Accounting value of remaining legacies

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

Accounting value put option

In EUR mioIn EUR mio

Q3 14 Q3 15

P&L effect RPN(i): decrease liability following higher share price Ageas

Staff & Operating expenses up

Net cash position: down on SBB & establishment Intreas

4 4

9 13

1317

Q3 14 Q3 15


In EUR bn

12


9M 14 9M 15

(14)

(297) (124)

21

1.6 1.5 1.4

FY 14 6M 15 9M 15FY 14 6M 15 9M 15

(1,391)

(1,095)(1,189)

10

Shareholders’ equity roll forwardUnrealized gains at EUR 2.8 bn or EUR 12.91 per shareIn EUR mio

6,590 6,889

2,597 2,758

1,0361,270

613 169

12 344 111

(14) (329) (201) (11)

EUR 46.60 EUR 51.12

10,22310,917

FY 14 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Reval AGput option

Forex Other 9M 15

InsuranceUCG/L

InsuranceUCG/L

Shareholders’ equity per segment

Shareholders’ equity per share

FY 14 9M 15 FY 14 9M 15

Belgium 4,689 ► 4,834 Asia 2,325 ► 2,633UK 1,127 ► 1,211 Insurance 9,188 ► 9,647Continental Europe 1,047 ► 969 General Account 1,036 ► 1,270


11

Q3 showing a mixed picture: - strong operating performance in

Non-Life & volatile financial markets resulting in

significant equity impairments

9M results solid

Announced files on acquisitions & divestments on track

Conclusions


Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

13

Key financials Net Insurance result up 6%


In EUR mio 9M 14 9M 15 Q3 14 Q3 15

Gross inflows 19,466 22,769 17% 5,676 6,151 8%

- of which inflows from non-consolidated partnerships 11,748 14,872 27% 3,278 3,646 11%

Net result Insurance 579 613 6% 239 109 (54%)

By segment: - Belgium 321 264 (18%) 129 68 (48%) - UK 80 65 (19%) 48 24 (49%) - Continental Europe 43 63 48% 5 8 41% - Asia 135 222 64% 57 10 (83%)

By type: - Life 442 426 (4%) 156 44 (72%)

- Non-Life 112 193 73% 63 66 5% - Other 26 (6) - 20 (0) -

Net result General Account (297) (14) - 12 21 -

Net result Ageas 282 599 - 251 130 -

Earnings per share (in EUR) 1.26 2.77 -

FY 14 9M 15Insurance Solvency 206% 231%Shareholders' equity 10,223 10,917 7%

Net equity per share (in EUR) 46.60 51.12Insurance ROE 8.8% 8.7%Insurance ROE excl.UG/L 11.4% 12.1%

14

Shareholders’ equity roll forwardUnrealized gains at EUR 2.8 bn or EUR 12.91 per shareIn EUR mio

6,590 6,889

2,597 2,758

1,0361,270

613 169

12 344 111

(14) (329) (201) (11)

EUR 46.60 EUR 51.12

10,22310,917

FY 14 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Reval AGput option

Forex Other 9M 15

InsuranceUCG/L

InsuranceUCG/L

Shareholders’ equity per segment

Shareholders’ equity per share

FY 14 9M 15 FY 14 9M 15

Belgium 4,689 ► 4,834 Asia 2,325 ► 2,633UK 1,127 ► 1,211 Insurance 9,188 ► 9,647Continental Europe 1,047 ► 969 General Account 1,036 ► 1,270


15

Tangible net equity High quality capital structure

10/03/2010 I page 15

EUR bn FY 14 9M 15

IFRS Shareholders' Equity 10.2 10.9Unrealised gains real estate 0.7 0.8Goodwill (0.8) (0.8)VOBA (Value of Business Acquired) (0.3) (0.3)DAC (Deferred Acquisition Cost) (0.8) (0.9)Other (0.4) (0.4)Goodwill, DAC, VOBA related to N-C interests 0.4 0.325% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 9.3 9.9

IFRS Tangible net equity/ IFRS Shareholder's Equity 91% 91%


16

Insurance Solvency I up on net result & financial markets General Account down on dividend payment

2.5 2.5

0.4 0.4 0.6 0.6 0.7 0.8

4.2 4.3 4.2 4.3

2.22.8

0.5 0.5 0.5 0.41.3 1.5

4.55.6

0.2 0.1

4.65.7

4.85.4

0.8 0.9 1.1 1.1

2.0 2.3

8.7

9.9

8.8

9.9

FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15

BelgiumUK

CEUAsia

Total AgeasGeneral Account

RMC Excess CapitalRMC Excess CapitalRMC Excess CapitalRMC Excess CapitalRMC Excess CapitalAvailable Capital

In EUR bn

189% 213% 231% 243% 176% 174% 273% 301% 206% 231% 210% 232%Solvency ratio

Periodic financial Information I 9M 15 Results I 4 November 2015During the accounting year the solvency ratio does not take into account expected dividend/upstream on current year’s result.

Annexes

Equity / Solvency

Insurance activities


General Account

General Information


26 (6)

9M 14 9M 15

Other Life Non-Life

20 (0)44

63

66

Q3 14 Q3 15

4.64.8


4.2 4.6

1.5 1.55.7

6.2

Q3 14 Q3 15

9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15

Net result: up 6%, Life down on lower cap gains & equity impairments in Q3In EUR mio In EUR bn

Non-Life combined ratio: significant improvement – across all segments

Inflows*: up 17% (11% FX) driven by strong growth in AsiaIn EUR bn

Total Insurance: HeadlinesContinued strong underwriting, Q3 Life result impacted by equity impairments

Life Technical liabilities slightly down in consolidated entities

Operating margin Guaranteed: lower capital gains & equity impairments in Q3

Operating margin Unit-Linked: improving margins in HK


442 426 156

579 613

239

10914.8 17.9

19.522.8

99.6% 95.1% 94.8% 94.7%

0.98% 0.80% 0.96% 0.61%0.20% 0.37% 0.22% 0.28%


In % NEP

74.8 73.7 73.6

52.2 59.5 58.5

FY 14 6M 15 9M 15Conso Non-conso

133.1127.0 132.1193112

19

Inflows@ 100% up 17% Including 11% FX impact - Growth driven by China & Thailand

EUR mio 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15

Belgium 75% 2,907 2,694 (7%) 1,461 1,462 0% 4,368 4,156 (5%)

United Kingdom 100 0 - 1,746 1,880 8% 1,846 1,880 2%Consolidated entities 100% 100 0 - 1,333 1,457 9% 1,432 1,457 2%Non-consolidated JV's 414 423 2% 414 423 2%

Tesco 50% 414 423 2% 414 423 2%0 0 Continental Europe 3,475 3,096 (11%) 813 788 (3%) 4,288 3,884 (9%)

Consolidated entities 1,225 1,508 23% 351 372 6% 1,576 1,880 19%Portugal 51% - 100% 946 1,128 19% 201 221 10% 1,147 1,349 18%France 100% 279 380 36% 279 380 36%Italy 50% 151 151 0% 151 151 0%

Non-consolidated JV's 2,250 1,588 (29%) 462 416 (10%) 2,712 2,004 (26%)Turkey (Aksigorta) 36% 462 416 (10%) 462 416 (10%)Luxembourg (Cardif Lux Vie) 33% 2,250 1,588 (29%) 2,250 1,588 (29%)

Asia 8,363 12,144 45% 600 704 17% 8,963 12,849 43%Consolidated entities 341 404 18% 341 404 18%

Hong Kong 100% 341 404 18% 341 404 18%Non-consolidated JV's 8,023 11,741 46% 600 704 17% 8,623 12,445 44%

Malaysia 31% 412 431 4% 430 483 12% 842 914 9%Thailand 31%-15% 1,309 1,746 33% 170 221 30% 1,479 1,967 33%China 25% 6,221 9,421 51% 6,221 9,421 51%India 26% 81 143 78% 81 143 78%

Ageas 14,846 17,934 21% 4,620 4,834 5% 19,466 22,769 17%#DIV/0! ###### ######Consolidated entities 4,573 4,605 1% 3,145 3,291 5% 7,718 7,897 2%Non-consolidated JV's 10,273 13,329 30% 1,475 1,543 5% 11,748 14,872 27%

Life Non-Life Total


20

BelgiumUK

CEUAsia

Total Ageas

Life Non-LifeLife Non-Life Life Non-LifeLife Non-LifeLife Non-Life

Inflows@ Ageas’s part up 11%Asia strongest contributorIn EUR mio

2,181 2,020

100 0 1,511 1,484

2,443 3,459

6,234 6,964

1,096 1,097

1,540 1,669

338 446 158

182

3,132

3,394

(5%)

2% 4%

40%

11%

3,276 3,117

1,640 1,669 1,849 1,931 2,601

3,641

9,366

10,358

9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15


8% positive FX impact BE: sales Savings product down due to persisting low interest rate UK: competitive market in both Household & Motor

21

Insurance net result up 6%Growth related to Asian Life & European Non-Life performance

BelgiumUK

CEUAsia

Total Ageas

Life Non-LifeLife Non-Life OtherLife Non-LifeLife Non-LifeLife Non-Life Other

26 (6)

26(6)

282

182

2 35 30 123

214

442 426

39

83

52 70 8 33

12

7

112 193

321

264

80 65

43 63

135

222

579 613

9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15

In EUR mio


Incl. ≈ EUR 100 mio exceptional result in China in Q2 Incl. EUR 62 mio impairments on equities in Q3 Incl. EUR 26 mio positive FX impact

22

10/03/2010

Overview of net capital gains* on investmentsLower capital gains & high level of impairments

* Net capital gains include capital gains, impairment & linked changes in profit sharing, net of tax & @ ageas’s partPeriodic financial Information I 9M 15 Results I 4 November 2015

EUR mio 9M 14 9M 15 Q3 14 Q3 15

Life 114 34 50 (3) substantially lower cap gains (9M)

Non-Life 14 4 10 (2) & impairments (Q3)

Total Belgium 127 38 60 (5) Q3 '14 incl. EUR 60 mio RE cap gain

Non-Life 3 7 0 1

Other 1 (0) 1 (1)

Total UK 4 7 1 0Life 6 (3) 9 (7) substantially lower cap gains (9M)

Non-Life (0) 1 (0) 0 & impairments (Q3)

Total CEU 6 (2) 9 (7)Life 36 70 17 (32) volatility on financial markets inducing

Non-Life 2 (1) 0 (1) exceptional profit in H1 (EUR 100 mio)

Total Asia 38 69 17 (33) & impairments in Q3

Life 155 101 76 (42)

Non-Life 19 11 10 (1)

Other 1 (0) 1 (1)

Total Ageas 175 112 87 (44)

23

Insurance Combined ratio Claims ratio significantly down & below 97% objective

Net earned premium in EUR mio

Combined ratio

Benefitting from solid underwriting throughout whole period

All segments improving

Almost all product lines below 97% - Motor below 100% on group level

Claims ratio

9M ‘14 claims ratio impacted by adverse weather for 3.1%

CY claims ratio (66.8 % vs. 68.1%)

PY claims ratio : above last year’s level thanks to provision for recourses in Q1 ’15 & higher run-off across all segments

Expense ratio

Slight improvement in all segments

73.2% 69.0% 68.1% 64.3% 64.4% 64.3% 60.1% 59.8% 60.0%

32.8%31.1% 31.0% 34.0% 35.2% 35.3%

35.0% 35.0% 34.7%

106.0%100.1%99.1%98.3%99.6% 99.6%

95.1% 94.8%94.7%

(3.7%)(3.5%) (3.1%) (3.8%) (4.0%) (3.8%)(6.7%) (4.0%) (6.6%)

2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

claims ratio expense ratio PY claims ratio


2,858 3,507 4,178 3,749 3,843 2,857 3,011 978 1,028

24

74.3% 71.9% 70.5% 70.0% 67.3% 66.7% 65.7%

24.8% 25.0% 25.5% 25.6% 27.0% 26.8% 27.4%

99.1% 96.9% 96.0% 95.6% 94.3% 93.5% 93.1%

2010 2011 2012 2013 2014 9M 14 9M 15

78.4% 72.0% 73.6% 69.8% 69.6% 69.4% 68.4%

29.0%25.3% 25.4% 29.3% 29.7% 29.9% 29.8%

107.4%97.3% 99.0% 99.1% 99.3% 99.3% 98.2%

2010 2011 2012 2013 2014 9M 14 9M 15

75.0%61.9% 55.6% 51.5% 51.5% 52.6% 47.0%

43.2%41.5% 41.6% 44.0% 44.6% 44.6% 44.0%

118.2%103.4% 97.2% 95.5% 96.1% 97.2% 91.0%

2010 2011 2012 2013 2014 9M 14 9M 15

42.9%67.2% 66.5% 62.4% 71.2% 69.4%

49.8%

41.2%

44.8% 44.9% 45.5%50.6% 50.3%

46.5%

84.1%

112.0% 111.4% 107.9%121.8% 119.7%

96.3%

2010 2011 2012 2013 2014 9M 14 9M 15

Insurance Combined ratio per product lineAlmost all product lines reaching 97% target

Motor: excellent in BE – attention point in UK & CEUAccident & Health: low claims ratio in UK & CEU

Other: pruning actions in BE – run-off in CEUHousehold: benign weather compared to 9M 14

NEP NEP

NEP NEP

714 736 763 813 813 605 611 1,134 1,571 2,058 1,557 1,616 1,200 1,269

750 892 1,007 986 1,029 766 804 261 308 349 394 385 285 326


25

Insurance Life operating margin per product lineInvestment margin suffering from low cap gains & impairments

Guaranteed: driven by investment margin Unit-linked: increase driven by one-offs Hong Kong

Average technical liabilities Average technical liabilities

Underwriting margin up in Hong Kong Expense & other margin up in BE (negative

one-off in 6M ‘14) & HK (product mix) Q3 margins low in BE

Investment margin substantially down on impairments & lower cap gains in BE & HK

Underwriting margin slightly lower in BE Expense margin improvement in all segments

0.44% 0.43% 0.38% 0.39% 0.33% 0.37% 0.35%

0.87% 0.83% 0.90% 0.93%

0.71%0.95%

0.48%

(0.33%)(0.31%)(0.39%) (0.34%)(0.24%) (0.36%)(0.20%)

0.99%0.96%0.89% 0.98%

0.80%

0.96%

0.61%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

0.11% 0.13%0.12% 0.11%

0.17%0.13% 0.08%

0.01%

(0.02%)

0.02%0.01%

0.02%

0.04%0.01%

0.37%

0.18%0.06% 0.08%

0.18%

0.05% 0.19%

0.48%

0.28%

0.20% 0.20%

0.37%

0.22%0.28%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

Expense &Other

Investment

Underwriting

Expense &Other

Investment

Underwriting

In EUR bn


54.0 55.5 56.9 56.6 57.7 56.6 57.7 11.8 12.3 12.6 12.6 12.9 12.6 12.9

26

9M 14 9M 159M 14 9M 15


In EUR mio In EUR bn In EUR bn


39

83


95

40

33

27

Q3 14 Q3 15

2.9 2.7

1.5 1.5

4.4 4.2

9M 14 9M 15

Life Non-Life

0.8 0.8

0.4 0.4

1.3 1.3

Q3 14 Q3 15

Q3 14 Q3 15

In % NEP

Q3 14 Q3 159M 14 9M 15Q3 14 Q3 15

101.9% 94.2% 94.4% 93.5%

0.16%0.40%0.34%0.32%

0.51%0.98%0.71%0.98%

282 182

321264

129

68 57.6 55.9 56.0

FY 14 6M 15 9M 15

Belgium : HeadlinesContinued solid operating performance in Non-Life offset by lower cap gains in LifeLife result impacted by equity impairments in Q3

Inflows: Continued trend of decreasing short term investment products

Life Technical liabilities: Slightly lower on shadow-accounting

Non-Life combined ratio: improvement in almost all business lines

Operating margin Guaranteed: lower cap gains & equity impairments in Q3

Operating margin Unit-Linked: weak Q3 due to higher mortality reserves

2,5872,319

320375

2,9072,694

9M 14 9M 15

(7%)

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor


Stable

394 384

451 449

474 481

142 148

1,461 1,462

9M 14 9M 15

Belgium: Inflows@ 100%Continued decreasing trend in Guaranteed partly compensated by Unit-Linked

Unit-linked Strong increase in Unit-linked sales (+17%)

Guaranteed Further decrease of inflows in short term investment products

due to persisting low interest rate environment Group Life Inflows grew further by 4%

Technical liabilities end-of-period Decreased as result of reduced shadow accounting liabilities due

to rising interest rates

Household, Motor, Other Slight growth in Household and Other

Accident & Health Slight decrease as a result of pruning actions in Workmen's

Compensation

68.7% 64.3% 62.7% 63.2% 63.5% 64.0%56.5% 56.7% 56.1%

36.4%36.8% 36.8% 36.7% 37.7% 37.9%

37.7% 37.7% 37.4%

105.1%101.1%99.5%99.9%101.2% 101.9%94.2% 94.4%93.5%

(6.6%)(7.3%) (4.5%) (3.6%) (3.4%) (3.8%)(8.6%)

(2.9%) (5.7%)

2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15




1,541 1,601 1,698 1,785 1,815 1,347 1,373 457 462

Belgium: Combined ratio Overall strong improvement & well below 97%

Combined ratio

Overall strong improvement of the combined ratio

Accident & Health combined ratio deteriorated slightly due to Health products

Claims ratio

CY ratio further improvement in all business lines, except in Health, where appropriate actions have been undertaken

PY ratio: review of the provisions for recoveries in Q1 (mainly Household & Workmen’s Compensation) - & less aggravations in existing claims than last year

Expense ratio remains stable

451 451 480 507 504 372 366 498 525 540 552 562 419 426

71.0%58.9% 64.7% 64.7% 62.6% 63.2% 55.9%

35.7%35.3%

35.8% 36.3% 37.2% 37.2%36.6%

106.7%94.2% 100.5% 101.0% 99.8% 100.4%

92.5%

2010 2011 2012 2013 2014 9M 14 9M 15

75.8% 73.8% 73.0% 73.7% 70.1% 69.5% 70.7%

21.9% 23.8% 24.0% 23.8% 25.4% 25.7% 26.8%

97.7% 97.6% 97.0% 97.5% 95.5% 95.2% 97.5%

2010 2011 2012 2013 2014 9M 14 9M 15

10.4%

58.2% 65.9% 66.1%87.5% 87.8%

54.4%50.9%

49.5%48.1% 47.2%

47.6% 47.9%

45.1%61.3%

107.7% 114.0% 113.3%

135.1% 135.7%

99.5%

2010 2011 2012 2013 2014 9M 14 9M 15

75.6% 63.0% 50.5% 51.4% 51.7% 53.0% 46.2%

47.1%46.9%

46.2% 45.6% 45.7% 46.2%45.4%

122.7%109.9%

96.7% 97.0% 97.4% 99.2%91.6%

2010 2011 2012 2013 2014 9M 14 9M 15

NEP NEP


463 484 530 564 579 430 443 129 142 149 162 170 126 138NEP NEP

Belgium: Combined ratio per product linePositive evolution all over, except for Accident & Health Accident & Health: slight increase due to Health Motor: excellent performance (vs. June ‘14

hailstorm) in both claims & expenses

Household: excellent performance (vs. June ‘14 hailstorm) Other: Positive impact of actions undertaken

Avg techn liabilities Avg techn liabilities


Expense &Other

Investment

Underwriting

Expense &Other

Underwriting

In EUR bn

Belgium Life operating margin per product line

44.9 46.4 47.5 47.4 47.9 47.4 47.9 5.2 5.4 5.7 5.6 5.8 5.6 5.8

Guaranteed: impacted by lower capital gains & equity impairments

Unit-linked: stable on a year-to date basis

Operating result at EUR 256 mio (vs. EUR 348 mio) Investment margin - strong decrease due to lower

allocated capital gains Underwriting margin stable in Q3 Average Technical Liabilities - impact of shadow

accounting

Operating result at EUR 15 mio (vs.EUR 13 mio) Expense & Other margin increased general expenses Underwriting margin decreased due to higher mortality /

morbidity Average Technical Liabilities increased slightly (+4%),

driven by market values evolution

0.32% 0.32% 0.30% 0.30% 0.25% 0.26% 0.27%

0.93% 0.88% 0.95% 0.99%

0.75%

1.04%

0.52%

(0.29%) (0.31%) (0.38%) (0.31%) (0.29%) (0.33%)(0.28%)

0.96%0.89%

0.87% 0.98%

0.71%

0.98%

0.51%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

0.04% 0.04%

(0.02%) (0.01%) 0.00% 0.01%(0.15%)

0.44%0.38%

0.32% 0.33% 0.34%0.39%

0.31%

0.47%0.41%

0.30% 0.32%0.34%0.40%

0.16%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15


Margin evolution Assets & Liabilities BelgiumYield & guaranteed rate on back book down at the same pace

Life Back book

FY 12 FY 13 FY 14 9M 15Guaranteed interest rate 2.89% 2.80% 2.71% 2.66%Fixed income yield 4.03% 3.97% 3.84% 3.76%*

FY 13 FY 14 9M 15Fixed income yield 3.29% 2.89% 2.05%Reinvested amount (EUR bn) 5.5 4.6 2.9

Loans to agencies – implicit or explicit guarantees from Belgium or its regions Corporate & infrastructure loans Corporate bonds > 90% investment grade

New money Life & Non-Life

* Total fixed income yield figures are as at end of August 2015

9M 14 9M 15

In EUR mio

2

26

(6)

52

70

8065

9M 14 9M 15Life Other Non-Life

Q3 14 Q3 15

99.3% 98.3% 96.6% 98.2%

In EUR bn

In % NEP In EUR mio

0.1

1.7 1.9

1.8 1.9


0.0

0.6 0.7

0.6 0.7

Q3 14 Q3 15

9M 14 9M 15

81 66

Q3 14 Q3 15

210 204


1

20

(0)

27

25

48

24

Q3 14 Q3 15

32

Continued strong result in Household

United Kingdom: HeadlinesSteady nine months performance

Non-Life Inflows* up 8%, down 4% at constant FX

Non-Life Combined ratio improvement thanks to benign weather

Other Income: 2% down – benefit from legal settlement in ‘14


Motor

Other

Household

Accident & Health

Non-Life In EUR mio

8%

33

58 58

1,150 1,250

370374

168198

1,7461,880

9M 14 9M 15

United Kingdom: Inflows @ 100%Inflows up 8% - down 4% at constant FX

Non-Life Up 8%, but 4% down at constant FX, an improvement on Q2 Motor up 9% but down 3% at constant FX – volumes up as

market premiums start to increase Household up 1%, but down 10% at constant FX – continued

competitive conditions causing market premiums to remain low Accident & Health flat to prior year but 10% down at constant FX

due to loss of key accounts Other lines up 18% (only 6% at constant FX) - first results of

new growth strategy launched in January - good performance of specialist insurance lines

Other Insurance (including Retail) YTD total income of EUR 204 mio, decrease in part due to a

positive contribution from a legal settlement in 9M 2014


34


81.5% 74.6% 73.3%65.6% 66.3% 65.5% 64.5% 63.2% 64.7%

28.0%25.3% 26.5%

32.2% 33.5% 33.8% 33.8% 33.4% 33.5%

109.5%99.9%99.8%97.8%99.8% 99.3%98.3% 96.6%98.2%

(1.1%)0.1%(2.1%) (4.0%) (4.6%) (3.7%)

(5.2%) (5.4%) (8.4%)

2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15


* Restatement for deconsolidation of Tesco Underwriting since 2013

948 1,524 2,083 1,562 1,613 1,203 1,301 418 451

United Kingdom: Combined ratio Continued sub 100% performance, in line with Q2 ‘15

Combined ratio

Improved performance in Household

Benign weather contributes to improvement

Motor remains above 100% due to higher third party damage claims

Claims ratio

Claims ratio Benign weather offsets increased third party damage claims

CY ratio (69.7% vs. 69.2%) good performance in Household offsetting Motor

PY ratio: higher releases across all products but predominantly in Motor- favourable impact of large claims movements

Expense ratio

Expense ratio flat vs. 9M 2014


97.9% 87.7% 78.1% 76.2% 66.0% 66.3% 57.6%

24.0%23.2%

28.2% 34.3%38.7% 37.2% 42.8%

121.9% 110.9%106.3% 110.5% 104.7%

103.5%100.4%

2010 2011 2012 2013 2014 9M 14 9M 15

82.9% 79.2% 77.2% 71.9% 74.6% 73.9% 74.9%

23.3% 19.5% 21.3% 25.0% 25.1% 25.5% 25.9%

106.2%

98.7% 98.5% 96.9% 99.7% 99.4% 100.8%

2010 2011 2012 2013 2014 9M 14 9M 15

77.4%61.4% 62.3% 51.4% 51.0% 51.9% 48.3%

38.2%35.3% 36.7%

42.4% 43.3% 43.2% 43.8%

115.6%

96.7%99.0% 93.8% 94.3% 95.1% 92.1%

2010 2011 2012 2013 2014 9M 14 9M 15

75.1% 71.6% 67.7% 59.8% 56.0% 51.8% 48.2%

30.4% 39.3% 42.1% 44.4% 54.3% 53.8% 49.5%

105.5% 110.9% 109.8% 104.2% 110.3% 105.6% 97.7%

2010 2011 2012 2013 2014 9M 14 9M 15

35

58 65 57 79 71 55 55 532 949 1,420 907 958 709 773

248 366 434 374 399 299 311 110 143 173 202 185 136 162

NEP NEP

NEP NEP

United Kingdom: Combined ratio per product lineImproved loss ratio in all product lines except Motor

* Restatement for deconsolidation of Tesco Underwriting since 2013

Accident & Health: Increased commission ratio Motor: Higher claims frequency & average cost

Household: continued benign weather Other: Continued improvement and growth of commercial lines business


Non-Life profit up on scope & claims - Life impacted by equity impairmentsIn EUR mio In EUR bn

Non-Life consolidated combined ratio excellent thanks to benign weather

227%

Inflows*: up in all entities except Luxembourg & Turkey In EUR bn

Continental Europe: Headlines Strong Non-Life results offset by equity impairments in Life

Operating margin Guaranteed: strong improvement in net underwriting margin


In % avg technical liabilities

Operating margin Unit-Linked: lower sales in PortugalIn % avg technical liabilities

35 30

83343

63

9M 14 9M 15

Life Non-Life

3.5 3.1

0.80.8

4.33.9


1.20.9

0.20.2

1.5

1.2

Q3 14 Q3 15

9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15

90.7% 86.0% 86.4%

0.69% 1.01% 0.46% 0.93%

In % NEP

14.5 14.7 14.6

17.3 18.5 18.4

31.8 33.2 33.0

FY 14 6M 15 9M 15

Conso Non-conso

Life Technical liabilities up 4%


0.11% 0.04%

89.3%

0.06%

7(4)(2)

125

8

Q3 14 Q3 15

(0.01%)

2,2101,526

1,265

1,570

3,4753,096

9M 14 9M 15

Accident & Health

Motor

Unit-Linked

Guaranteed

(11%)

Other

Household

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflows@ 100%Consolidated inflows up, down in JV’s reflecting strategic choices

(3%)


Life Inflows down 11%, Including non-controlling interests @ 100%,

reflecting lower sales in Luxembourg Consolidated Inflows up 23% Portugal: up 19% - pushed by new Savings & Pension products France: up 36% - still benefiting from a significant UL single premium

through the broker network in the first quarter Luxembourg: down 29% due to voluntary limitation of Guaranteed

products sales

Technical liabilities end-of-period Consolidated stable vs. year-end to EUR 14.6 bn Including non-consolidated JVs @ 100%: EUR 33.0 bn, up 4%

Non-Life Inflows consolidated entities up 6% driven by an excellent performance

in Portugal, strongly outperforming the market Turkey Inflows at EUR 416 mio, down 10% as result of strategic shift

towards more profitable growth business (reduction in Motor Third Party Liability) and fierce competition in Motor Own Damage

A&H & Motor remain major business lines in portfolio247 256

273 214

148166

145 152

813 788

9M 14 9M 15


Continental Europe: Combined ratio Excellent combined ratio well below 97%


71.0% 66.4% 63.6% 63.7% 61.3% 61.3% 58.0% 59.9% 57.3%

30.3%30.3% 29.8% 30.0% 30.8% 29.4%

28.0% 29.4% 29.1%

101.3%96.7%93.4%93.7%92.1% 90.7%

86.0% 89.3%86.4%

1.9% (2.0%) (2.5%) (4.0%) (4.3%) (3.9%)(4.5%) (2.9%) (3.0%)

2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15


Combined ratio

Combined ratio significantly lower thanks to benign weather compared to 9M ‘14

Combined ratio Turkey at 103.5% affected by bad weather & low Motor TPL results. PY impacted by reserve strengthening

Claims ratio

CY ratio at 62.5% (vs. 65.2%) decrease driven by Household in Portugal

PY ratio driven by release provision for old claims in Portugal & positive run-off in Italy

Expense ratio

Expense ratio continued focus on cost containment

369 382 397 403 415 310 336 103 115

21 23 28 29 30 23 2539 42 44 48 51 37 50

104 97 99 99 96 72 70

64.2% 63.5% 63.3% 59.7% 61.9% 61.0% 58.6%

31.6% 27.8% 28.2% 26.6% 26.7% 25.9% 24.0%

95.8% 91.3% 91.5% 86.3% 88.6% 86.9% 82.6%

2010 2011 2012 2013 2014 9M 14 9M 15

90.5%71.8% 69.8% 79.3%

60.1% 62.2% 73.6%

27.0%

29.2% 28.1%29.2%

31.6% 29.3%31.7%

117.5%

101.0% 97.9%108.5%

91.7% 91.5%105.3%

2010 2011 2012 2013 2014 9M 14 9M 15

53.5% 53.7% 51.8% 53.5% 54.0% 53.7% 45.5%

27.7% 34.2% 33.5% 38.8% 40.3% 37.6%33.9%

81.2% 87.9% 85.3% 92.3% 94.3% 91.3%79.4%

2010 2011 2012 2013 2014 9M 14 9M 15

73.3%94.5%

62.8% 59.6% 72.3% 73.3%

34.9%

39.0%

50.0%

43.3% 43.7%45.1% 42.4%

36.2%

112.3%

144.5%

106.1% 103.3%117.4% 115.7%

71.1%

2010 2011 2012 2013 2014 9M 14 9M 15

Continental Europe: Combined ratio per product lineOverall combined ratio within expectations

Motor: deteriorated due less favourable CY & PY claims Accident & Health: improved claims & less expenses

Household: benign weather compared to last year Other: claims low thanks to release provision on 2 old claims


NEP

NEP NEP

205 220 226 227 238 178 191NEP

1.18% 1.06% 0.95% 0.94% 1.00% 1.07% 1.03%

0.69% 0.68% 0.77% 0.63% 0.71% 0.41% 0.47%

(0.85%)(0.83%)(1.02%) (0.88%)(0.70%)(1.02%)

(0.57%)

1.02%0.91%0.70% 0.69%1.01%

0.46%0.93%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

Continental Europe Life operating margin per product line

Guaranteed: all margins improving – above target range

Unit-linked: decreasing expense & other margin



0.01% (0.05%) (0.01%) 0.01% (0.01%)

0.02%0.01% 0.01% 0.01%

0.02%0.01% 0.01%

0.41%0.51%

0.09% 0.11%0.03%

(0.03%)

0.04%

0.44%

0.47%

0.10% 0.11%

0.06% (0.01%)0.04%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

Investment margin increased-as prior year was impacted by allocated impairments

Underwriting margin – prior year impacted by reserve strengthening in annuity business

Expense & other margin strong improvement in expense margin

Decreased expense & other margin related to less fees following lower UL sales

Expense &Other

Investment

UnderwritingExpense &

Other

InvestmentUnderwriting

In EUR bn 7.8 7.6 7.7 7.6 7.9 7.6 7.9 6.1 6.3 6.2 6.2 6.2 6.2 6.2

53

7

4

3

57

10

Q3 14 Q3 15

12

7

9M 14 9M 15

Life Non-Life

12

7


In EUR mio In EUR bn

Non-Life combined ratio up mainly from higher incurred claims in Malaysia

In EUR bn

Asia: Headlines Result significantly up despite impact Asian equity market in Q3


In % avg technical liabilities In EUR mio

0.6

0.7


Q3 14 Q3 159M 14 9M 15Q3 14 Q3 159M 14 9M 15

92.6% 91.4% 86.8%

1.73% 2.38% 2.20% 2.14%

123 214

135

222

111

123

In % NEP


12.18.4

9.0

12.8

2.12.8

0.2

0.22.33.0

Q3 14 Q3 15

47

1

4

3

51

4

Q3 14 Q3 15

143

195

188

Net result: incl. ≈ EUR 100 mio positive exceptional in H1 & impairments in Q3

Inflows* growth fuelled by China & Thailand

Life Technical liabilities slight decrease in Malaysia

Life operating margin Hong Kong: lower New Business strain in UL

Result non-conso partnerships: strong result in China & Thailand

2.8 3.1 3.0

34.941.0 40.1

37.744.1 43.1

FY 14 6M 15 9M 15conso non-conso

89.9%


+45%

Household

Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mioUnit-Linked

Asia: Inflows @ 100%Strong growth new business, boosted by successful sales campaigns

Accident & Health

Other

8,126

11,890

237

254

8,363

12,144

9M 14 9M 15

+17%

58 72

266318

7785

199

229600

704

9M 14 9M 15

Life Inflows up 45% (up 22% @ constant FX) New business premiums up 40% with EUR 3.4 bn single premium

(+29%) & EUR 2.6 bn regular premium (+58%). Renewal premiums increased to EUR 6.2 bn (+51%) benefiting from

prior year strong sales & continued good persistency Hong Kong +18% - New business down 10%; market impacted by

new regulations mainly in Broker channel China +51% - High persistency ratio & New business premium up

48% with very successful sales campaigns Malaysia +4% - New business premium down 3%; poor economic

environment & competitive market impacted sales Thailand +33% - New business premiums up 18%; strong

performance in regular premium in both Banca & Agency India +78% - Good performance in Banca with strong focus on group

retirement product & single premium UL

Technical liabilities – end-of-period Hong Kong : EUR 3.0 bn, up 9% vs FY 2014 Including non-consolidated JVs @ 100%: EUR 43.1 bn, up 15%

Non-Life Inflows up 17% (up 9% @ constant FX) Malaysia +12% - Mainly driven by Motor & MAT Thailand +30% - All product lines growing; especially Motor &

Personal Accident

43

(0.15%)(0.32%)(0.47%) (0.61%)(0.54%)

(0.93%)(0.54%)

(0.11%)

0.27%0.11% 0.42%

(0.29%)

0.93%

(0.54%)

2.52%

4.19%

3.13% 2.76%3.07%

3.04%

2.95%

2.26%

4.14%

2.77% 2.57% 2.24%

2.92%

1.87%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

Hong Kong Life operating margin per product lineChange in product mix supporting expense margins

Guaranteed: operating margin slightly down but still well above target range

Unit-linked: lower new business strain



Underwriting margin improved due to higher surrender margin

Expense & Other margin improved significantly following shift towards products with lower new business strain

Underwriting margin slightly improved due to surrender margin - partly offset by less favourable claims

Investment margin deteriorated due to lower realised capital gains

Expense & Other margin improved due to organic growth

2.13% 2.15%2.07% 1.94%

2.29% 2.08%2.14%

0.20% 0.21% 0.18% 0.62% 0.19%

(0.95%)

(5.01%)

(2.06%)(2.04%)

0.20%

(2.03%)

0.36%1.18%

(2.86%)0.21% 0.11%

2.67% 0.79%2.69%

2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

Expense &Other

Investment

Underwriting

Expense &Other

Investment

Underwriting

In EUR bn 1.3 1.3 1.4 1.4 1.8 1.4 1.8 0.5 0.6 0.7 0.7 0.9 0.7 0.9

Annexes

Equity / Solvency



General Account

General Information


In EUR bn

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

Treasury bills0.1

Treasury bills0.0

Sovereign bonds 37.5

Sovereign bonds 36.6

Corporate bonds 26.5 Corporate

bonds 26.1

Structured0.3 Structured

0.2

Loans 6.1 Loans 7.1

Equities 3.8 Equities 3.8

Real Estate 5.0 Real Estate 5.2Cash 2.5 Cash 2.2

81.8 81.2

FY 14 9M 15

Asset mix Asset mix relatively stable – increase in Loans & Real Estate Decreased market value in bonds

Gross unrealized gains/losses on Available for Sale Total portfolio: decreased to EUR 7.9 bn (EUR 9.0 bn FY 14),

driven by UG/L on fixed income Fixed income: decreased to EUR 7.5 bn (EUR 8.5 bn FY 14)

Sovereigns at EUR 5.8 bn (vs. EUR 6.1 bn) Corporates at EUR 1.7 bn (vs. EUR 2.4 bn)

Equities: down to EUR 0.4 bn (EUR 0.5 bn FY 14)

Gross UG/L on Real Estate: up to EUR 1.6 bn (EUR 1.4 bn FY 14) - not reflected in shareholders’ equity

EUR 2.2 bn unrealized gains/losses on Held to Maturity (stable) - not reflected in shareholders’ equity

Investment portfolio Unrealized gains fixed income down – allocation to Loans up


Belgium19.2

Belgium18.2

France 6.2 France 6.1

4.2 4.6

Austria 2.8 Austria 2.81.3 1.3

Others 3.9 Others 3.6

37.5 36.6

FY 14 9M 15

In EUR bn

Sovereign bond portfolio*

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

Corporate bond portfolio*

Banking 5.1 Banking 4.6

Other financials 1.6

Other financials 1.7

Non Financials

12.8

Non Financials

13.3

Government related 6.9

Government related 6.4

26.5 26.1

FY 14 9M 15


GermanyGermany

Southern EuropeSouthern Europe

Gross UG/L at EUR 5.8 bn (vs. EUR 6.1 bn) 94% investment grade; 88% rated A or higher Allocation to Belgium @ amortized cost down

EUR 0.8 bn due to redemption & sales Maturity bond portfolio close to maturity liabilities,

limited interest rate sensitivity

Gross UG/L at EUR 1.7 bn (vs. EUR 2.4 bn) Priority to investment grade industrials has led to

increased share within corporate bond portfolio of 51% (vs. 48% FY 14)

Credit quality remains very good with 95% investment grade; 66% rated A or higher


In EUR bn

Loan portfolio (customers + banks)*

Loan & Equity portfolioMore loans with guarantee

Loans to banks 1.1

Loans to banks 1.3

RE 0.2 RE 0.3Infrastructure0.2

Infrastructure0.2

Mortgages 1.5 Mortgages 1.4

Other 3.1Other 3.9

6.1

7.1

FY 14 9M 15

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

Equity portfolio*

Gross UG/L at EUR 0.4 bn

Equities 2.2 Equities 2.3

Equity funds0.2

Equity funds0.3

RE funds 0.6 RE funds 0.6

Mixed funds & others 0.8

Mixed funds & others 0.6

3.8 3.8

FY 14 9M 15



Real estate portfolio

10/03/2010

Gross UG/L up to EUR 1.6 bn (not reflected in shareholders’ equity but contributing to available capital for solvency calculation)

Real Estate exposure mainly in Belgium

Investment Offices 1.8

Investment Offices 2.0

Car Parks1.1

Car Parks1.1

Investment Retail 1.3

Investment Retail 1.4

0.30.30.40.4

5.0 5.2

FY 14 9M 15

In EUR bn

Real Estate portfolio*

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

Investment WarehousesRE Development

Investment Warehouses

RE Development

Annexes

Equity / Solvency



General Account

General Information

50

33 46

Q3 14 Q3 15

22

9M 14 9M 15

11 13

2938

40

51

9M 14 9M 15

Operating Total

(467) (491) (445)

38 33 33

(130) (131)(132)

FY 14 6M 15 9M 15

RPN(i) RPI FortisEffect

Net result driven by revaluation RPN(i)In EUR mio

Accounting value of remaining legacies

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

Accounting value put option


Q3 14 Q3 15

P&L effect RPN(i): decrease liability following higher share price Ageas

Staff & Operating expenses up

Net cash position: down on SBB & establishment Intreas

4 4

9 13

1317

Q3 14 Q3 15


In EUR bn

12


9M 14 9M 15

(14)

(297) (124)

21

1.6 1.5 1.4

FY 14 6M 15 9M 15FY 14 6M 15 9M 15

(1,391)

(1,095)(1,189)

51

In EUR mio

1,6371,407

(200)

(329)

(100) (24) (99)395

125

FY 14 sharebuy-back

dividend upstream capitalrestructuring

Intreas investmentliquid assets

other 9M 15

Net cash position General Account at EUR 1.4 bn Return to shareholders & investment in business

EUR 100 mio invested in establishment internal reinsurance vehicle Intreas EUR 329 mio dividend (EUR 1.55 per share) paid out in May 2015

– paid dividend & holding costs compensated by dividend upstream

EUR 200 mio share buy-back executed in 9M 15 –2014 SBB completed as per 31/07/2015

Around EUR 0.3 bn of liquid assets with original maturity longer than 1 year are not included in net cash position


Roll forward net cash position


Status on various legal procedures Administrative & criminal proceedings*

AFM I : final - fine imposed FSMA: Court of appeal reduced original fine

20082007

May/June 08Communication re solvency & EC remedies

September - October 08Rescue operations & Split up of Fortis Group, spread over 2 WE’s

August 07Communication Q2 figures

AFM II : final - acquittal

September 07Capital increase, Prospectus, Communication about subprime exposure

May 07Press release re bid on ABN AMRO

January 08Press release on subprime & solvency

Criminal Investigation: referral to court asked for 7 individuals - additional investigation ongoing

Administrative proceedings

Criminal proceedings

* For a complete overview of all legal procedures, please check the contingent liabilities in the Interim Financial Statements


Status on various legal procedures Civil proceeding initiated by (associations of) shareholders

20082007

September - October 08

Split up of Fortis Group, spread over 2 WE’s

May – September 07Press release re bid on ABN AMROCommunication Q2 figuresCapital increase, Prospectus, Subprime

January – June 08Press release on subprime & solvencyCommunication re solvency & EC remedies

Enterprise Court (Ondernemingskamer) re certain facts relating to 2007-2008, Final judgement 06/12/13 mainly in favour plaintiffs

Stichting Investor Claims Against Fortis (SICAF) against Ageas ML & BNPPF; 2° proceeding also against board members & executives, awaiting Supreme Court ruling preliminary procedural questions

Deminor against ageas & 2 banks; interim judgment 28/4/14 ruling +/- 25% claimants not eligible; exchange of written arguments ongoing

BE – 2 claimants against ageas: awaiting decision consolidation with Deminor

Mr Lenssens representing several claimants against ageas, 1 bank, Belgian state & several executives, suspended pending criminal proceedings

Stichting FortisEffect against ageas & Dutch state; Judgement partly in favour of plaintiffs, Supreme Court appeal filed

NL - 1 shareholder claiming damages referring to FortisEffect judgment

Mr.Modrikamen against ageas, Belgian state & 2 banks; Interim judgement 05/11/14 ruling +/- 50% claimants not eligible, pleadings ongoing – Supreme court 23/10/15: no competence re Dutch defendants

Mr. Arnauts representing several claimants against ageas & 2 banks; suspended pending criminal proceedings

VEB collective action against ageas, former directors / executives & banks; hearings scheduled March 2016

Mr. Bos representing 7 shareholders against ageas, board members & executive; 1° instance mainly in favour of claimants, appeal filed, exchange of written arguments

NL 2 separate proceedings - Mr Meijer representing in each case 1 claimant against ageas, exchange of written arguments

NL 1 claimant against ageas & one Fortis executive: discussion on procedural issues

BE - 1 professional investor re damages following rights issue, hearings finished, judgment expected


Best estimate of timings as of to dateImpossible to provide accurate timing for next steps in legal proceedings

End 2015 First half 2016 Second half 2016

First instance

Pleadings Mr.Modrikamen

Patrinvest VEB Deminor

Judgment on the merits Patrinvest Mr.Modrikamen

NL - 2 separate proceedings – Mr Meijer NL- 1 shareholder

VEB

Appeal

Pleadings Mr. Bos

Judgment on the merits

Supreme Court

Judgment FortisEffect


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

In EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Fixed-to-Floating Rate

Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Fixed Rate Reset Dated

Subordinated Notes

CASHES

% 3m EUR + 135 bps 5.125% 5.25% 6.75% 3.5% 3m EUR +200 bps

Amount outstanding 1,250 95 450 550 USD 400 1,110

ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE6277215545 BE0933899800

Call dateUndated,

strike 315.0 mandatory 472.5

Jun 16Step up to 3M

Euribor +200 bps

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

Other On lent to AG Insurance

Subscribed by Ageas & BNP Paribas Fortis

Public issue Public issue

Coupon served by FBB, trigger ACSM

linked to Ageas dividend

Market Price (30/09/15) 63.83 101.55 105.72 106.36 87.11 77.07

Fortis Bank (now BNP PF)

AG Insurance (Belgium)

Annexes

Equity / Solvency



General Account

General Information

57

Cancellation bought back shares + new buy back

Total number of outstanding shares

situation 31/12/2014 situation 31/10/2015

Total Issued Shares 230,996,192 223,778,433

Shares not entitled to dividend nore voting rights 16,229,514 15,100,099

1. TREASURY SHARES Share buy-back 7,217,759 6,221,711FRESH 3,968,254 3,968,254Other treasury shares 399,597 266,230

2. CASHES 4,643,904 4,643,904

Shares entitled to dividend & voting rights 214,766,678 208,678,334

Cancellation 7.2 mio bought back shares


58

Shareholders structure

Based on number of shares as at 31 October 2015

Based upon press release 2 November 2015Based upon the number of shares mentioned in the notification received 6 May 2013Based upon the number of shares mentioned in the notification received 17 March 2014Based upon the number of shares mentioned in the notification received 16 January 2015Based upon the number of shares mentioned in the notification received 14 July 2015

Estimate byEstimate by

Ageas4.67%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers Identified retail

investors19%

Identified institutional investors

39%Other investors18%


AgeasPing An

BlackRock, Inc.Schroders

Franklin Mutual Advisers

Identified retail investorsIdentified institutional investors

59

Financial calendar 2016


17 February FY 2015 results

19 May3M 2016 results

27 AprilOrdinary & Extraordinary shareholders’ meeting Brussels

9 MayEx-dividend date

18 MarchAnnual report 2015 Embedded Value Report 2015

11 May Payment 2015 dividend

10 August 6M 2016 results

16 November 9M 2016 results

60

RatingImproved rating for holding ageas SA/NV

S&P MOODY'S FITCH

Operating AG Insurance (Belgium) A- / positive A2 / stable* A+ / stableentities Last change 30/03/15 10/03/15 10/12/13

Ageas Insurance Limited A- / positive A+ / stableLast change 21/05/15 30/03/15

Millenniumbcp Ageas Occidental Vida (Portugal) BB / positiveLast change 25/03/15

Millenniumbcp Ageas Occidental (Portugal) BBB / stableLast change 31/10/14

Millenniumbcp Ageas Médis (Portugal) BBB / stableLast change 31/10/14

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 25/09/11

Holding ageas SA/NV BBB- / positive Baa3 / negative* A- / stableLast change 30/03/15 10/03/15 31/07/15

* 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.


61

Disclaimer

Certain of the statements contained herein are statements offuture 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.


62

Investor Relations

Tel:

E-mail:

Website:

+ 32 2 557 57 34

[email protected]

www.ageas.com

Investor Relations


Economy & Finance

9M 2015 Results - Periodical Financials Information