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3M Periodical Financial Information 2014 RESULTS

3M results 2014 - Analysts and investors

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Page 1: 3M results 2014 - Analysts and investors

3M Periodical Financial Information

2014 RESULTS

Page 2: 3M results 2014 - Analysts and investors

EUR 35 mio UK

weather impact on

Insurance net profit

Group net result

impacted by RPN(i)

Balance sheet

remains strong

Insurance net profit of EUR 145 mio (vs EUR 157 mio)

Inflow @ 100% of EUR 7.8 bn (+15%)

Group combined ratio at 102.6% (vs.98.9%)

Life Technical Liabilities at EUR 70.5 bn* (+1%)

Group net profit of EUR 30 mio (vs. EUR 293 mio)

General Account net result of EUR (115) mio (vs. EUR 136 mio)

- including a non-cash RPN(i) charge of EUR (104) mio

Shareholders’ equity at EUR 9.0 bn or EUR 39.99 per share

Insurance solvency at 209%, Group solvency at 213%

Net cash position General Account at EUR 1.8 bn

Main messages Ageas posts growing inflows; UK storms & floods impact Insurance result

Periodic financial Information I 3M 14 Results I 14 May 2014 1

* Consolidated entities only

Page 3: 3M results 2014 - Analysts and investors

Net result: NL down on UK storms & floods for EUR 35 mio In EUR mio In EUR bn

Non-Life combined ratio: UK storms & floods impact of 3.8%

Inflow*: strong growth in Asia In EUR bn

Total Insurance: Headlines Strong Life operational performance but exceptional charges in Non-Life

Periodic financial Information I 3M 14 Results I 14 May 2014 2

Life Technical liabilities: stable in consolidated, up in non-conso

Operating margin Guaranteed: above target range

Operating margin UL: below target range

In % avg technical liabilities In % avg technical liabilities

* incl. non-consolidated partnerships @ 100%

In % NEP

108129

46 12

45

157145

3M 13 3M 14

Life Non-Life Other

5.16.1

1.6

1.7

6.8 7.8

3M 13 3M 14

Life Non-Life

69 70

41 44

110 114

FY 13 3M 14

Conso Non-conso

98.9%102.6%

3M 13 3M 14

0.83%0.98%

3M 13 3M 14

0.47%

0.19%

3M 13 3M 14

Page 4: 3M results 2014 - Analysts and investors

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

Net result: Strong Life result offset by weaker Non-Life performance In EUR mio In EUR bn

Operating margin Guaranteed: at high end of target range

Mixed performance in Non-Life

Inflow: Individual Guaranteed Life &

Non-Life up, UL & Group Life down Life Technical liabilities slightly up In EUR bn

Belgium : Headlines Strong Life operating margin & mixed performance in Non-Life

Lower operating margin Unit-Linked

In % avg technical liabilities In % avg technical liabilities In % NEP

6475

16

1280

87

3M 13 3M 14

Life Non-Life

1.1 1.1

0.6 0.6

1.6 1.7

3M 13 3M 14

Life Non-Life

53 54

FY 13 3M 14

99.7% 101.4%

3M 13 3M 14

0.77%0.92%

3M 13 3M 14

0.44%0.26%

3M 13 3M 14

Page 5: 3M results 2014 - Analysts and investors

Non-Life reflects market wide weather impact – EUR 35 mio In EUR mio

United Kingdom: Headlines Increased Inflow but net profit adversely affected by weather

Periodic financial Information I 3M 14 Results I 14 May 2014 4

Non-Life combined ratio: affected by adverse weather (9.2%) In % NEP

In EUR bn

Inflow* growth across all lines

Other Income: Includes positive contribution from legal settlement In EUR mio

* incl. non-consolidated partnerships @ 100%

(1) (0)

20

(10)

4

5

23

(6)

3M 13 3M 14

Life Non-Life Other

0.0 0.0

0.50.6

0.50.6

3M 13 3M 14

Life Non-Life

98.6% 106.1%

3M 13 3M 14

62.569.2

3M 13 3M 14

Implementation IFRS 10 as from Q1 14

Tesco Underwriting no

longer consolidated

all 2013 data restated

accordingly

Page 6: 3M results 2014 - Analysts and investors

Net profit increase mainly driven by tax credit in France In EUR mio

In EUR bn

Excellent Non-Life COR: A&H making up for Motor & Household

Inflow* in line with Q1 13 In EUR bn

Continental Europe: Headlines Continued strong Life performance & increased Non-Life net profit

Operating margin Guaranteed: risk & expenses margin improved

Periodic financial Information I 3M 14 Results I 14 May 2014 5

Life Technical liabilities slightly up

In % avg technical liabilities

Operating margin UL: lower fee income on UL In % avg technical liabilities In % NEP

* incl. non-consolidated partnerships @ 100%

0.9 0.9

0.3 0.3

1.21.2

3M 13 3M 14

Life Non-Life

13

19

5

517

24

3M 13 3M 14

Life Non-Life

14 14

15 15

2929

FY 13 3M 14

Conso Non-conso

96.7%94.8%

3M 13 3M 14

0.89%1.05%

3M 13 3M 14

0.52%

0.24%

3M 13 3M 14

Page 7: 3M results 2014 - Analysts and investors

Net result: Solid Life result, partly offset by lower Non-Life result In EUR mio In EUR bn

Non-Life combined ratio: continued strong underwriting result

Inflow growth fuelled by China & Thailand

Life Technical liabilities up across all entities In EUR bn

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

Periodic financial Information I 3M 14 Results I 14 May 2014 6

In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: both guaranteed & UL down

Result non-conso partnerships: strong growth of Life result

In % NEP

* incl. non-consolidated partnerships @ 100%

32 35

64

37 39

3M 13 3M 14

Life Non-Life

3.1

4.1

0.2

0.2

3.4

4.4

3M 13 3M 14

Life Non-Life

92.6%89.7%

3M 13 3M 14

2.12%

1.50%

3M 13 3M 14

2 2

26 28

2830

FY 13 3M 14

Conso Non-conso

2532

6

431

36

3M 13 3M 14

Life Non-Life

Page 8: 3M results 2014 - Analysts and investors

(370)

(474)

38 37

FY 13 3M 14

RPN(i) RPI

1.9 1.8

FY 13 3M 14

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

Accounting value of remaining legacies:

General Account: Headlines Net result impacted by RPN(i), expenses further down

Periodic financial Information I 3M 14 Results I 14 May 2014 7

Net cash position: slightly down

In EUR mio

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

In EUR mio In EUR mio

In EUR mio

136

(115)

3M 13 3M 14

5 5

5 5

11 10

FY 13 3M 14

Staff Operating

10

(104)

3M 13 3M 14

Accounting value put option

1,255 1,274

FY 13 3M 14

In EUR mio

Page 9: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 8

Shareholders’ equity roll forward Up mainly on higher unrealised gains on investment portfolio

In EUR mio

FY 13 3M 14 FY 13 3M 14

Belgium 3,676 ► 4,013 Asia 1,592 ► 1,685

UK 1,121 ► 1,115 Insurance 7,613 ► 8,077

Continental Europe 1,224 ► 1,264 General Account 912 ► 919

Shareholders’

equity per

segment

Shareholders’

equity per share

6,206 6,333 6,381

1,939 1,280 1,696

1,655

912919

145

430

93 5

(115) (47) (40)

EUR 37.65 EUR 39.99

9,799

8,5258,996

FY 12 FY 13 Net resultInsurance

Net resultGen Acc

ChangeUG/L

TreasuryShares

Revalput option

Forex Other 3M 14

InsuranceUG/L

InsuranceUG/L

Page 10: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 9

Insurance Solvency up on Net result & UG/L Group Solvency stable

2.5 2.5

0.4 0.4 0.6 0.6 0.6 0.6

4.0 4.1 4.0 4.1

2.0 2.1

0.5 0.51.0 1.0 0.7 0.8

4.3 4.4

0.3 0.2

4.6 4.6

4.5 4.6

0.9 0.9

1.6 1.61.3 1.4

8.3

8.58.6 8.6

FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14

Belgium

UK

CEU

Asia

Total Ageas

General Account

RMC Prudency level

RMC Prudency level

RMC Prudency level

RMC Prudency level

RMC Prudency level

Available Capital

In EUR bn

183% 186% 225% 221% 271% 278% 221% 228% 207% 209% 214% 213%Solvency ratio

Page 11: 3M results 2014 - Analysts and investors

Takeaways

Steadily growing inflow levels

- sales pick-up in Belgium & regular premium in

China

Life results strong

- margins guaranteed evolving positively

Non-Life below 100% when adjusted for

exceptional weather

- some attention points remain

Conclusions: Difficult quarter with seasonality & cyclicality typical for an insurer

Periodic financial Information I 3M 14 Results I 14 May 2014 10

Page 12: 3M results 2014 - Analysts and investors

Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

Page 13: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 12

Key financials Financial performance impacted by UK storms & floods and RPN(i)

In EUR mio 3M 13 3M 14

Gross inflows 6,753 7,797 15%

- of which inflows from non-consolidated partnerships 4,125 5,007 21%

Net result Insurance 157 145 (8%)

By segment: - Belgium 80 87 10%

- UK 23 (6) (124%)

- Continental Europe 17 24 41%

- Asia 37 39 3%

By type: - Life 108 129 19%

- Non-Life 46 12 (75%)

- Other 4 5 25%

Net result General Account 136 (115) (184%)

Net result Ageas 293 30 (90%)

Earnings per share (in EUR) 1.27 0.13 (90%)

FY 13 3M 14

Insurance Solvency 207% 209%

Shareholders' equity 8,525 8,996 6%

Net equity per share (in EUR) 37.65 39.99

Insurance ROE 8.3% 7.4%

Insurance ROE excl.UG/L 10.4% 9.1%

Page 14: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 13

Shareholders’ equity roll forward Up mainly on higher unrealised gains on investment portfolio

In EUR mio

FY 13 3M 14 FY 13 3M 14

Belgium 3,676 ► 4,013 Asia 1,592 ► 1,685

UK 1,121 ► 1,115 Insurance 7,613 ► 8,077

Continental Europe 1,224 ► 1,264 General Account 912 ► 919

Shareholders’

equity per

segment

Shareholders’

equity per share

6,206 6,333 6,381

1,939 1,280 1,696

1,655

912919

145

430

93 5

(115) (47) (40)

EUR 37.65 EUR 39.99

9,799

8,5258,996

FY 12 FY 13 Net resultInsurance

Net resultGen Acc

ChangeUG/L

TreasuryShares

Revalput option

Forex Other 3M 14

InsuranceUG/L

InsuranceUG/L

Page 15: 3M results 2014 - Analysts and investors

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

Tangible net equity High quality capital structure

10/03/2010 I page 14

EUR bn FY 13 3M 14

IFRS Shareholders' Equity 8.5 9.0

Unrealised gains real estate 0.6 0.6

Goodwill (0.7) (0.7)

VOBA (Value of Business Acquired) (0.3) (0.3)

DAC (Deferred Acquisition Cost) (0.9) (0.9)

Other (0.4) (0.3)

Goodwill, DAC, VOBA related to N-C interests 0.5 0.5

25% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 7.7 8.1

IFRS Tangible net equity/ IFRS Shareholder's Equity 90% 91%

Page 16: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 15

Insurance Solvency up on Net result & UG/L Group Solvency stable

Belgium

UK

CEU

Asia

Total Ageas

General Account

RMC Prudency level

RMC Prudency level

RMC Prudency level

RMC Prudency level

RMC Prudency level

Available Capital

In EUR bn

183% 186% 225% 221% 271% 278% 221% 228% 207% 209% 214% 213%Solvency ratio

2.5 2.5

0.4 0.4 0.6 0.6 0.6 0.6

4.0 4.1 4.0 4.1

2.0 2.1

0.5 0.51.0 1.0 0.7 0.8

4.3 4.4

0.3 0.2

4.6 4.6

4.5 4.6

0.9 0.91.6 1.6

1.3 1.4

8.3 8.5 8.6 8.6

FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14 FY 13 3M 14

Page 17: 3M results 2014 - Analysts and investors

Annexes

Equity / Solvency

Insurance activities

Investment portfolio

General Account

General Information

Page 18: 3M results 2014 - Analysts and investors

Net result: NL down on UK storms & floods for EUR 35 mio In EUR mio In EUR bn

Non-Life combined ratio: UK storms & floods impact of 3.8%

Inflow*: strong growth in Asia In EUR bn

Total Insurance: Headlines Strong Life operational performance but exceptional charges in Non-Life

Periodic financial Information I 3M 14 Results I 14 May 2014 17

Life Technical liabilities: stable in consolidated, up in non-conso

Operating margin Guaranteed: above target range

Operating margin UL: below target range

In % avg technical liabilities In % avg technical liabilities

* incl. non-consolidated partnerships @ 100%

In % NEP

108129

46 12

45

157145

3M 13 3M 14

Life Non-Life Other

5.16.1

1.6

1.7

6.8 7.8

3M 13 3M 14

Life Non-Life

69 70

41 44

110 114

FY 13 3M 14

Conso Non-conso

98.9%102.6%

3M 13 3M 14

0.83%0.98%

3M 13 3M 14

0.47%

0.19%

3M 13 3M 14

Page 19: 3M results 2014 - Analysts and investors

Inflow @ 100% At constant FX rates, inflows up across all segments, but especially Asia

Periodic financial Information I 3M 14 Results I 14 May 2014 18

EUR mio 3M 13 3M 14 3M 13 3M 14 3M 13 3M 14

Belgium 75% 1,068 1,079 1% 565 583 3% 1,633 1,662 2%

United Kingdom 25 31 24% 520 555 7% 662 717 8%

Consolidated entities 25 31 24% 403 423 5% 428 454 6%

Non-consolidated JV's 117 132 12% 117 132

Tesco 50% 117 132 12% 117 132 0% 0 0

Continental Europe 923 907 (2%) 292 283 (3%) 1,215 1,190 (2%)

Consolidated entities 346 439 27% 117 126 7% 463 564 22%

Portugal 51% 218 318 46% 71 75 5% 290 393 36%

France 100% 127 120 (5%) 127 120 (5%)

Italy 25% 46 51 11% 46 51 Non-consolidated JV's 578 469 (19%) 174 157 (10%) 752 626 (17%)

Turkey (Aksigorta) 36% 174 157 (10%) 174 157

Luxembourg (Cardif Lux Vie) 33% 578 469 (19%) 578 469 (19%)0

Asia 3,117 4,125 32% 243 235 (3%) 3,360 4,360 30%

Consolidated entities 105 110 5% 105 110 5%

Hong Kong 100% 105 110 5% 105 110 5%

Non-consolidated JV's 3,013 4,015 33% 243 235 (3%) 3,255 4,250 31%

Malaysia 31% 181 123 (32%) 188 178 (5%) 370 302 (18%)

Thailand 31%-15% 378 446 18% 54 57 5% 432 503 16%

China 25% 2,409 3,409 42% 2,409 3,409 42%

India 26% 45 37 (19%) 45 37 (19%)

Ageas 5,134 6,141 20% 1,619 1,656 2% 6,753 7,797 15%#DIV/0! #DIV/0! #DIV/0!

Consolidated entities 1,544 1,658 7% 1,085 1,132 4% 2,628 2,790 6%

Non-consolidated JV's 3,591 4,484 25% 534 524 (2%) 4,125 5,007 21%

Life Non-Life Total

Page 20: 3M results 2014 - Analysts and investors

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 growth in Asia, Life Belgium picking up, lower average Motor premium in UK

In EUR mio

Periodic financial Information I 3M 14 Results I 14 May 2014 19

801 809

25 31 431 439

889 1,144

2,146 2,423

424 437

461 489

111 107

66

64

1,062

1,097

2%

7% 1%

26%

10%

1,225 1,246

486 520 542 546

955

1,207

3,208

3,520

3M 13 3M 14 3M 13 3M 14 3M 13 3M 14 3M 13 3M 14 3M 13 3M 14

Page 21: 3M results 2014 - Analysts and investors

Insurance net result Non-Life impacted by EUR 35 mio for UK storms & floods

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life Other

Life Non-Life

Life Non-Life

Life Non-Life Other

4 5 4 5

64 75

(1) (0)

13 19

32 35

108

129 16

12

20

(10)

5

5

6 4

46 12

80

87

23

(5)

17

24

37 39

157

145

Belgium UK CEU Asia Insurance

In EUR mio

Periodic financial Information I 3M 14 Results I 14 May 2014 20

Page 22: 3M results 2014 - Analysts and investors

10/03/2010 I page 21

Overview impairments & net capital gains on investments* Impact on Ageas net profit comparable to last year

*

Periodic financial Information I 3M 14 Results I 14 May 2014 21

EUR mio 3M 13 3M 14 3M 13 3M 14 3M 13 3M 14

Life 30 41 (7) (8) 23 34

Non-Life 5 4 (1) (1) 4 3

Total Belgium 35 45 (8) (9) 27 37

Life

Non-Life 1 1 1 1

Other

Total UK 1 1 1 1

Life 4 1 (2) (0) 2 1

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

Total CEU 4 1 (2) (0) 2 1

Life 15 12 (0) (2) 15 9

Non-Life 1 1 (0) 1 1

Total Asia 16 12 (0) (2) 16 10

Life 49 54 (9) (10) 40 44

Non-Life 8 6 (1) (1) 7 5

Other

Total Ageas 57 60 (10) (11) 47 49

Capital gains/lossesImpairments &

Profit sharing Net impact

* including consolidated & non-consolidated entities @ Ageas’s part

Page 23: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 22

Insurance Combined ratio Heavily impacted by UK storms & floods and some large claims

Net earned premium in EUR mio

Combined ratio at 102.6% vs. 98.9%

Impact of UK storms & floods of 3.8% on group

combined ratio

Household at 104.8% (vs.97.8%): increase

entirely due to UK storms & floods, BE & CEU

improving

Accident & Health: at 96.9% (vs.93.8%): a few

large claims in volatile Workmen’s

Compensation book in Belgium

Motor at 100.0% (vs. 100.9%): outstanding Q1 in

BE, some large losses in CEU & UK

Claims ratio at 67.5% vs. 66.7%

CY claims ratio at 70.2% (vs. 68.9%) with mixed

evolutions between product lines & segments

PY claims ratio release down to 2.7% (vs. 3.5%)

due to deterioration of some large claims in UK

& BE, stable in CEU

Expense ratio at 35.1% vs. 34.1%

Distribution mix & integration costs in UK

69.4% 73.2% 69.0% 68.1% 64.3% 64.8% 67.5%

33.1%32.8%

31.1% 31.0% 34.0% 34.1%35.1%

102.5%106.0%

100.1% 99.1% 98.3% 98.9%102.6%

(6.0%)(3.7%) (3.5%) (3.1%) (3.8%) (4.1%) (2.7%)

2009 2010 2011 2012 2013 3M 13 3M 14

claims ratio expense ratio PY claims ratio

2,497 2,858 3,507 4,178 3,749 920 932

Page 24: 3M results 2014 - Analysts and investors

70.4% 74.3% 71.9% 70.5% 70.0% 68.9% 70.7%

23.6%24.8% 25.0% 25.5% 25.6% 24.9% 26.2%

94.0%99.1% 96.9% 96.0% 95.6% 93.8% 96.9%

2009 2010 2011 2012 2013 3M 13 3M 14

79.0% 78.4% 72.0% 73.6% 69.8% 70.9% 69.7%

29.3% 29.0%25.3% 25.4% 29.3% 30.0% 30.3%

108.3% 107.4%97.3% 99.0% 99.1% 100.9% 100.0%

2009 2010 2011 2012 2013 3M 13 3M 14

59.4%75.0%

61.9% 55.6% 51.5% 54.1% 60.4%

43.4%

43.2%

41.5%41.6% 44.0% 43.7%

44.4%

102.8%

118.2%

103.4%97.2% 95.5% 97.8%

104.8%

2009 2010 2011 2012 2013 3M 13 3M 14

51.7%42.9%

67.2% 66.5% 62.4% 59.1%70.5%

45.8%

41.2%

44.8% 44.9% 45.5% 44.8%

49.4%

97.5%

84.1%

112.0% 111.4% 107.9% 103.9%

119.9%

2009 2010 2011 2012 2013 3M 13 3M 14

Insurance Combined ratio per product line Impact adverse weather mainly affecting Household

Motor: improving claims in BE & CEU, UK suffering from

individual large losses

Accident & Health: Impacted by a few large claims in

Belgium

Other: higher claims in small part of portfolio Household: impact of UK storms & floods

Periodic financial Information I 3M 14 Results I 14 May 2014 23

609 714 736 763 813 197 197 NEP NEP

NEP

1,012 1,134 1,571 2,058 1,557 383 392

673 750 892 1,007 986 241 251 203 261 308 349 394 100 92NEP

Page 25: 3M results 2014 - Analysts and investors

Insurance Life operating margin per product line Margins in Guaranteed on track

Guaranteed: driven by investment margin Unit-linked: decrease in all segments

Average technical liabilities in EUR bn Average technical liabilities in EUR bn

Asia: margins difficult to compare between 2013 & 2014

Underwriting margin improvement both in CEU & Hong

Kong

Expense & other margin decrease related to one-offs in

Hong Kong mainly

Asia: margins difficult to compare between 2013 & 2014

Investment margin driven by increase in Belgium

Improving underwriting margin: better mortality result in

Belgium & Portugal

Expense margin improving both in Belgium & Portugal

Periodic financial Information I 3M 14 Results I 14 May 2014 24

0.44% 0.41% 0.44% 0.43% 0.42% 0.48%

0.67%

(0.79%)

0.87% 0.83% 0.78%0.83%

(0.33%)

(0.36%)

(0.33%) (0.31%) (0.37%)(0.33%)

0.78%

(0.74%)

0.99% 0.96% 0.83%0.98%

2010 2011 2012 2013 3M 13 3M 14

Expense & other m. Investment m. Underwriting m.

0.07%0.04%

0.11% 0.13% 0.15% 0.10%0.01%

0.01%

(0.02%)

0.27%0.42%

0.37%

0.18%

0.32%

0.09%

0.35%

0.45% 0.48%

0.28%

0.47%

0.19%

2010 2011 2012 2013 3M 13 3M 14

50.4 52.3 54.0 55.5 55.2 56.0 20.2 12.4 11.8 12.3 12.3 12.6

Page 26: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 25

Net result: Strong Life result offset by weaker Non-Life performance In EUR mio In EUR bn

Operating margin Guaranteed: at high end of target range

Mixed performance in Non-Life

Inflow: Individual Guaranteed Life &

Non-Life up, UL & Group Life down Life Technical liabilities slightly up In EUR bn

Belgium : Headlines Strong Life operating margin & mixed performance in Non-Life

Lower operating margin Unit-Linked

In % avg technical liabilities In % avg technical liabilities In % NEP

6475

16

1280

87

3M 13 3M 14

Life Non-Life

1.1 1.1

0.6 0.6

1.6 1.7

3M 13 3M 14

Life Non-Life

53 54

FY 13 3M 14

99.7% 101.4%

3M 13 3M 14

0.77%0.92%

3M 13 3M 14

0.44%0.26%

3M 13 3M 14

Page 27: 3M results 2014 - Analysts and investors

172 171

163 170

176 183

54 60

565 583

3M 13 3M 14

887 940

182 138

1,068 1,079

3M 13 3M 14

+1%

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Periodic financial Information I 3M 14 Results I 14 May 2014 26

Belgium: Inflow @ 100% Life Individual Guaranteed increase partly offset by lower UL & Group life; Non-life up

+3%

Guaranteed

Life inflow remained strong at EUR 1.1 bn

Renewed customer interest in Guaranteed life products: inflows + 6%

Positive evolution most evident in Individual Savings (+15%) but

compared to a low inflow level in 2013

Group Life inflows came in at 269 mio (-9%), with both higher single

premiums in Traditional & one-off inflows in collective Savings recorded

in 2013.

Unit-linked

Sales decreased 24% to EUR 138 mio, largely explained by low interest

rates making pricing of structured products less interesting

Household, Motor, Other

Gross inflows grew by 3% to EUR 583 mio resulting from volume growth

& tariff increases (in particular Legal Assistance). Uplift well distributed

between Bank & Broker Channel

Household & Motor (+4% each): higher volume & tariff increases.

Other (+10%): mainly driven by tariff increase in Legal Assistance

Accident & Health remained stable

Page 28: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 27

Belgium: Combined ratio Excellent performance in Motor, weaker results in A&H and Other Lines

Net earned premium in EUR mio

Combined ratio at 101.4% vs. 99.7%

Solid operating results in Household. Combined

ratio at 98.9% vs. 100.2% despite higher claims for

weather events in January

Accident & Health at 101.7% vs. 95.1% mainly

explained by a weak performance in Workmen’s

Compensation

Motor at 96.3% vs. 102.5%: Outstanding quarter

with operating result more than doubling

Other at 126.0% vs. 103.1%: Poor result in

commercial TPL due to higher claims

Claims ratio at 63.9% vs. 62.9%

CY ratio (68.8% vs. 69.8%) improvement mainly

in Motor & Household

PY ratio (4.9% vs. 6.9%), improvement in Motor

offset mainly by Accident & Health and Other

Expense ratio at 37.5% vs. 36.8% increased

slightly mainly in Accident & Health

1,469 1,541 1,601 1,698 1,785 432 445

64.1% 68.7% 64.3% 62.7% 63.2% 62.9% 63.9%

36.8%36.4%

36.8% 36.8% 36.7% 36.8% 37.5%

100.9%105.1%

101.1% 99.5% 99.9% 99.7% 101.4%

(8.0%)(6.6%) (7.3%)

(4.5%) (3.6%)(6.9%) (4.9%)

2009 2010 2011 2012 2013 3M 13 3M 14

claims ratio expense ratio PY claims ratio

Page 29: 3M results 2014 - Analysts and investors

68.9% 75.8% 73.8% 73.0% 73.7% 72.0% 76.4%

22.6%21.9% 23.8% 24.0% 23.8% 23.1%

25.3%

91.5%97.7% 97.6% 97.0% 97.5% 95.1%

101.7%

2009 2010 2011 2012 2013 3M 13 3M 14

44.9%

10.4%

58.2% 65.9% 66.2%54.9%

79.4%

49.2%

50.9%

49.5%48.1% 47.2%

48.2%

46.6%94.1%

61.3%

107.7%114.0% 113.4%

103.1%

126.0%

2009 2010 2011 2012 2013 3M 13 3M 14

60.5%75.6%

63.0%50.5% 51.4% 54.2% 53.1%

47.1%

47.1%

46.9%

46.2% 45.6% 46.0% 45.8%

107.6%

122.7%

109.9%

96.7% 97.0% 100.2% 98.9%

2009 2010 2011 2012 2013 3M 13 3M 14

Belgium: Combined ratio per product line Excellent performance in Motor, weaker results in A&H and Other Lines

Motor: Outstanding Q1 Accident & Health: Impacted by a few large claims in

Workmen’s Compensation

Household: Strong underwriting result despite weather Other: Poor result in TPL due to higher claims

NEP NEP

NEP

Periodic financial Information I 3M 14 Results I 14 May 2014 28

424 451 451 480 507 124 122 465 498 525 540 552 133 138

453 463 484 530 564 137 143 127 129 142 149 162 39 42NEP

68.5% 71.0%58.9% 64.7% 64.7% 65.6% 59.3%

36.3% 35.7%

35.3%35.8% 36.3% 36.9%

37.0%

104.8% 106.7%

94.2%100.5% 101.0% 102.5%

96.3%

2009 2010 2011 2012 2013 3M 13 3M 14

Page 30: 3M results 2014 - Analysts and investors

Belgium Life operating margin per product line

Guaranteed: solid margin, at high end of target range Unit-linked: increasing average liabilities, lower

expense & other margin

Avg techn liabilities in EUR bn Avg techn liabilities in EUR bn

Periodic financial Information I 3M 14 Results I 14 May 2014 29

Operating result amounted to EUR 3.6 mio

Decrease in operating margin driven by mortality result &

one-off

Average Technical Liabilities increased by 4%

Operating result amounted to EUR 107,5 mio, up 21%

Operating margin at 0.92% driven by better mortality

results & higher capital gains

Investment margin strong at 0.87%

Average Technical Liabilities up to EUR 47 bn

0.28% 0.32% 0.32% 0.32% 0.33% 0.35%

0.57%

(0.80%)

0.93% 0.88% 0.78% 0.87%

(0.21%)

(0.30%)

(0.29%) (0.31%) (0.34%) (0.30%)

0.64%

(0.78%)

0.96% 0.89%0.77%

0.92%

2010 2011 2012 2013 3M 13 3M 14

Expense & other m. Investment m. Underwriting m.

0.03%

(0.05%) 0.04%0.04% 0.05%

(0.01%)

0.64%

0.50% 0.44%0.38% 0.39%

0.27%

0.66%

0.45% 0.47%0.41% 0.44%

0.26%

2010 2011 2012 2013 3M 13 3M 14

40.7 42.9 44.9 46.4 46.1 47.0 6.0 5.6 5.2 5.4 5.3 5.6

Page 31: 3M results 2014 - Analysts and investors

Non-Life reflects market wide weather impact – EUR 35 mio In EUR mio

United Kingdom: Headlines Increased Inflow but net profit adversely affected by weather

Periodic financial Information I 3M 14 Results I 14 May 2014 30

Non-Life combined ratio: affected by adverse weather (9.2%) In % NEP

In EUR bn

Inflow* growth across all lines

Other Income: Includes positive contribution from legal settlement In EUR mio

* incl. non-consolidated partnerships @ 100%

(1) (0)

20

(10)

4

5

23

(6)

3M 13 3M 14

Life Non-Life Other

0.0 0.0

0.50.6

0.50.6

3M 13 3M 14

Life Non-Life

98.6% 106.1%

3M 13 3M 14

62.569.2

3M 13 3M 14

Implementation IFRS 10 as from Q1 14

Tesco Underwriting no

longer consolidated

all 2013 data restated

accordingly

Page 32: 3M results 2014 - Analysts and investors

520 555

2531

545586

3M 13 3M 14

16 16

344 367

117123

4350

520555

3M 13 3M 14

Motor

Non-Life

Life

Other

Household

Accident & Health

Total In EUR mio

Non-Life In EUR mio

+7%

+8%

United Kingdom: Inflow @ 100% Growth across all lines

Life

Growth in inflows due to the business widening its propositions with the

launch of a new product.

New business APE down 5%, excluding gender pipeline, APE sales up

2.5%.

Non-Life

Up 7%, growth of 3% at constant FX.

Motor up 7% as a result of volume growth from Ageas’ new MGA in

commercial motor business. TU have also returned to growth

Private car average premiums declined by 5% y-o-y which compared

with external benchmarking

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 stable

Other lines, including Commercial & Special Risks up 15% from growth

in business schemes

Other Insurance (including Retail)

YTD total income of EUR 69 mio, up 11% including a EUR 6 mio positive

contribution from a legal settlement.

Periodic financial Information I 3M 14 Results I 14 May 2014 31

Page 33: 3M results 2014 - Analysts and investors

80.4% 81.5%74.6% 73.3%

65.6% 66.1%72.3%

27.7% 28.0%

25.3% 26.5%32.2% 32.5%

33.8%

108.1% 109.5%

99.9% 99.8% 97.8% 98.6%

106.1%

(3.5%)(1.1%) 0.1% (2.1%) (4.0%)

(1.8%) (0.6%)

2009 2010 2011 2012 2013 3M 13 3M 14

claims ratio expense ratio PY claims ratio

Periodic financial Information I 3M 14 Results I 14 May 2014 32

United Kingdom: Combined ratio COR impacted by adverse weather

Net earned premium in EUR mio

834 948 1,524 2,083 1,562 389 386

not restated for deconsolidation

Tesco Underwriting Combined ratio at 106.1%

Combined ratio affected by storms & floods

Excluding any weather impact the combined

ratio would have been 96.9%

Combined ratio Tesco at 112.5% (8.1% impact

from storms & floods) vs. 103.1%,

Claims ratio at 72.3%

Claims ratio Weather impact across most lines

of business with greatest impact in Household

CY ratio 72.9% (vs. 67.9%) primarily due to

adverse weather.

PY ratio: release of 0.6% vs. 1.8% down due to a

small number of Motor large losses

Expense ratio at 33.8%

Integration costs recorded in Other line of

business.

Page 34: 3M results 2014 - Analysts and investors

83.5%97.9%

87.7%78.1% 76.2%

64.4% 61.1%

26.2%

24.0%23.2%

28.2% 34.3%

34.4% 36.0%

109.7%

121.9%

110.9% 106.3% 110.5%98.8%

97.1%

2009 2010 2011 2012 2013 3M 13 3M 14

88.9% 82.9% 79.2% 77.2% 71.9% 73.3% 75.7%

22.8%23.3%

19.5% 21.3% 25.0% 26.3% 25.9%

111.7%106.2%

98.7% 98.5% 96.9% 99.6% 101.6%

2009 2010 2011 2012 2013 3M 13 3M 14

61.2%77.4%

61.4% 62.3%51.4% 49.9%

68.9%

38.0%

38.2%

35.3% 36.7%42.4% 41.4%

42.9%

99.2%115.6%

96.7% 99.0%93.8% 91.3%

111.8%

2009 2010 2011 2012 2013 3M 13 3M 14

66.0% 75.1% 71.6% 67.7% 59.7% 64.5% 66.4%

38.1%30.4% 39.3% 42.1%

44.5% 42.5%53.9%

104.1% 105.5% 110.9% 109.8%104.2% 107.0%

120.3%

2009 2010 2011 2012 2013 3M 13 3M 14

United Kingdom: Combined ratio per product line Loss ratios increased due to weather impact

Motor: floods & a small number of large claims Accident & Health: Cleansing the book has improved

loss ratio

Household: adverse weather impact Other: adverse weather impact commercial lines &

integration costs

Periodic financial Information I 3M 14 Results I 14 May 2014 33

53 58 65 57 79 16 17 524 532 949 1,420 907 225 229

187 248 366 434 374 94 97 69 110 143 173 202 54 42

NEP NEP

NEP NEP

not restated not restated

not restated not restated

Page 35: 3M results 2014 - Analysts and investors

Net profit increase mainly driven by tax credit in France In EUR mio

In EUR bn

Excellent Non-Life COR: A&H making up for Motor & Household

Inflow* in line with Q1 13 In EUR bn

Continental Europe: Headlines Continued strong Life performance & increased Non-Life net profit

Operating margin Guaranteed: risk & expenses margin improved

Periodic financial Information I 3M 14 Results I 14 May 2014 34

Life Technical liabilities slightly up

In % avg technical liabilities

Operating margin UL: lower fee income on UL In % avg technical liabilities In % NEP

* incl. non-consolidated partnerships @ 100%

0.9 0.9

0.3 0.3

1.21.2

3M 13 3M 14

Life Non-Life

13

19

5

517

24

3M 13 3M 14

Life Non-Life

14 14

15 15

2929

FY 13 3M 14

Conso Non-conso

96.7%94.8%

3M 13 3M 14

0.89%1.05%

3M 13 3M 14

0.52%

0.24%

3M 13 3M 14

Page 36: 3M results 2014 - Analysts and investors

514 490

409 417

923 907

3M 13 3M 14

98 96

83 75

56 57

55 55

292 283

3M 13 3M 14

(2)%

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflow @ 100% Continued solid inflow although slightly below last year

(3)%

Periodic financial Information I 3M 14 Results I 14 May 2014 35

Life

Inflow -2%, including non-controlling interests @ 100%, higher

inflows in Portugal insufficient to cope with lower inflow levels in

France & Luxembourg (latter mainly related to timing differences)

Consolidated inflow up 27%

Portugal: inflow grew by 46% due to UL where volumes nearly

doubled due to several successful launch of new series

France: down 5% driven by lower single premium

Technical liabilities

End of period technical liabilities: grew by 2% versus year-end 2013

Non-Life

Inflow -3%, including non-controlling interests @ 100% primarily due

to FX rate impact

GWP consolidated entities increased by 7%

Turkey (Aksigorta) at EUR 157 mio, down 10% due to FX rate

– up 16% at constant FX

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

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Page 37: 3M results 2014 - Analysts and investors

62.4%71.0% 66.4% 63.6% 63.7% 67.8% 65.2%

27.6%

30.3%30.3%

29.8% 30.0%28.9% 29.6%

90.0%

101.3%96.7%

93.4% 93.7%96.7% 94.8%

(1.3%)1.9%

(2.0%) (2.5%) (4.0%)(0.9%) (0.9%)

2009 2010 2011 2012 2013 3M 13 3M 14

claims ratio expense ratio PY claims ratio

Periodic financial Information I 3M 14 Results I 14 May 2014 36

Continental Europe: Combined ratio Well below group objective

Net earned premium in EUR mio

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

194 369 382 397 403 99 101

Combined ratio at 94.8%

Combined ratio further down from 96.7% due to

an excellent Accident & Health offsetting

deterioration in Motor; Household combined ratio

showing weather seasonality

Combined ratio Turkey at 90.8% vs. 88.3%

Claims ratio at 65.2%

CY ratio overall down to 66.1% (68.7%)

PY ratio: 0.9% release in line with PY period

Expense ratio at 29.6%

Expense ratio slightly up due to timing

difference in Portugal while efforts on cost

containment continued

Page 38: 3M results 2014 - Analysts and investors

70.2% 64.2% 63.5% 63.3% 59.7% 63.3% 61.8%

25.7% 31.6% 27.8% 28.2%26.6% 26.0% 24.9%

95.9% 95.8%91.3% 91.5%

86.3% 89.3% 86.7%

2009 2010 2011 2012 2013 3M 13 3M 14

65.3%

90.5%71.8% 69.8%

79.3% 76.3% 73.2%

36.7%

27.0%

29.2% 28.1%

29.2% 28.4% 32.8%

102.0%

117.5%

101.0% 97.9%108.5% 104.7% 106.0%

2009 2010 2011 2012 2013 3M 13 3M 14

34.9%53.5% 53.7% 51.8% 53.5%

89.7% 81.3%22.9%

27.7% 34.2% 33.5%38.8%

36.0%38.8%

57.8%

81.2%87.9% 85.3%

92.3%

125.7%120.1%

2009 2010 2011 2012 2013 3M 13 3M 14

33.8%

73.3%94.5%

62.8% 59.6%41.5% 42.0%

58.6%

39.0%

50.0%

43.3% 43.7%

43.0% 41.9%

92.4%

112.3%

144.5%

106.1% 103.3%

84.5% 83.9%

2009 2010 2011 2012 2013 3M 13 3M 14

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

Motor: more expenses in Italy Accident & Health: excellent claims experience

Household: less weather impact in Portugal Other: higher commission due to product mix

Periodic financial Information I 3M 14 Results I 14 May 2014 37

132 205 220 226 227 57 59 23 104 97 99 99 24 24

33 39 42 44 48 11 11 7 21 23 28 29 7 7

NEP NEP

NEP NEP

Page 39: 3M results 2014 - Analysts and investors

Continental Europe Life operating margin per product line

Guaranteed: higher underwriting margin linked to

improved expenses margin

Unit-linked: decreasing expense & other margin

Avg techn liabilities in EUR bn Avg techn liabilities in EUR bn

Periodic financial Information I 3M 14 Results I 14 May 2014 38

Decrease in expense & other margin related to lower fee

income, operated to safeguard the commercial franchise

Investment margin slightly higher than last year

Improved underwriting margin YTD : due to better

underwriting margin in Portuguese risk business

Cost containment leading to better expenses & other

margin

1.25%1.00% 1.18% 1.06% 0.89% 0.97%

0.84%

(0.75%)

0.69%0.68%

0.76% 0.76%

(0.93%)

(1.08%)

(0.85%) (0.83%) (0.76%) (0.68%)

1.16%

(0.83%)

1.02% 0.91% 0.89% 1.05%

2010 2011 2012 2013 3M 13 3M 14

Expense & other m. Investment m. Underwriting m.

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

0.18%

0.55%

0.41%0.51% 0.50%

0.24%

0.20%

0.56%

0.44%

0.47% 0.52%

0.24%

2010 2011 2012 2013 3M 13 3M 14

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

Page 40: 3M results 2014 - Analysts and investors

Net result: Solid Life result, partly offset by lower Non-Life result In EUR mio In EUR bn

Non-Life combined ratio: continued strong underwriting result

Inflow growth fuelled by China & Thailand

Life Technical liabilities up across all entities In EUR bn

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

Periodic financial Information I 3M 14 Results I 14 May 2014 39

In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: both guaranteed & UL down

Result non-conso partnerships: strong growth of Life result

In % NEP

* incl. non-consolidated partnerships @ 100%

32 35

64

37 39

3M 13 3M 14

Life Non-Life

3.1

4.1

0.2

0.2

3.4

4.4

3M 13 3M 14

Life Non-Life

92.6%89.7%

3M 13 3M 14

2.12%

1.50%

3M 13 3M 14

2 2

26 28

2830

FY 13 3M 14

Conso Non-conso

2532

6

431

36

3M 13 3M 14

Life Non-Life

Page 41: 3M results 2014 - Analysts and investors

17 18

84 85

28 27

114 105

243 235

3M 13 3M 14

3.025

4.049 92

76 3.117

4.125

3M 13 3M 14

+32%

(3)%

Life

Non-Life In EUR mio

In EUR mio

Asia: Inflow @ 100% Strong new business growth, especially in China & Thailand

Periodic financial Information I 3M 14 Results I 14 May 2014 40

Life

Hong Kong, +5%, New business premiums up 6%; continuing efforts to

direct sales towards higher-value products through a combination of re-

pricing, new product launches and refined sales incentives

China, +42%, New business bank channel up 45% after very successful

single premium campaign; agency sales up almost 200% as a result of

last year’s channel development activities

Malaysia, -32%, New business premiums down following transition in

distribution strategy of both bank & agency channel from single premium

sales towards more sustainable regular premium sales

Thailand, +18%, New business premiums up 28%; Bank channel’s

product mix shifted from Credit Life to Traditional Life while agency

channel was boosted by successful sales campaigns

India, -19%, Inflow down due to adverse currency evolution and the

continuation of a difficult regulatory environment

Technical liabilities – end-of-period

Hong Kong : EUR 2.0 bn, up 2%

Including non-consolidated JVs @ 100%: EUR 30.3bn, up 8%

Non-Life

Malaysia, -5%, Excluding the impact of adverse currency evolution,

inflows were up in almost all lines of business

Thailand, +5%, across all lines of business

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Page 42: 3M results 2014 - Analysts and investors

Hong Kong Life operating margin per product line Lower operating margin due to lower persistency in Unit-Linked

Guaranteed: slightly lower operating margin Unit-linked: lower margin due to lower persistency

Periodic financial Information I 3M 14 Results I 14 May 2014 41

Avg techn liabilities in EUR bn Avg techn liabilities in EUR bn

Underwriting margin and Expense & Other margin lower

due to lower persistency

Comparison of composing elements difficult due to some

reclassifications.

The operating margin came down slightly due to lower sales

of regular premium Traditional Life products

(0.15%)

(0.71%)(0.15%) (0.32%)

(0.82%)

1.47%

3.62%

(0.57%)

(0.11%)0.27%

1.00%

0.15%

1.30%

3.52%

2.52%

4.19% 2.73%1.08%

4.77%

2.24%

2.26%

4.14%

2.92%

2.70%

2010 2011 2012 2013 3M 13 3M 14

Expense & other m. Investment m. Underwriting m.

3.11%

1.75% 2.13% 2.15%2.68% 2.26%

(2.40%)(3.21%)

(0.95%)

(5.01%)

(2.46%)(3.14%)

0.70%

(1.47%)1.18% (2.86%)

0.22%(0.88%)

2010 2011 2012 2013 3M 13 3M 14

1.0 1.1 1.3 1.3 0.0 0.0 0.3 0.4 0.5 0.6 0.0 0.0

Page 43: 3M results 2014 - Analysts and investors

Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

Page 44: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 43

In EUR bn

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

Asset mix

Asset mix relatively stable

Increased level of bonds mainly because of lower interest

rates – cash only temporarily up, mainly in Belgium

Gross unrealized gains/losses on Available for Sale

Total portfolio: up to EUR 5.4 bn (EUR 4.0 bn FY 13)

Fixed income: at EUR 4.8 bn (EUR 3.5 bn FY 13)

Sovereigns at EUR 3.3 bn (vs. EUR 2.3 bn)

Corporates at EUR 1.5 bn (vs. EUR 1.2 bn)

Equities: slightly up to EUR 0.5 bn

Gross UG/L on Real Estate: stable at EUR 1.3 bn - not

reflected in shareholders’ equity

EUR 1.2 bn unrealized gains/losses on Held to Maturity (EUR 0.9 bn FY 13) - not reflected in shareholders’ equity

Treasury bills 0.0

Treasury bills 0.5

Sovereign bonds 34.3

Sovereign bonds 34.8

Corporate bonds 23.8

Corporate bonds 24.3

Structured0.4

Structured0.4

Loans 5.8Loans 5.5

Equities 3.2Equities 3.3

Real Estate 4.6Real Estate 4.6

Cash 2.2Cash 2.9

74.376.3

FY 13 3M 14

Investment portfolio Investment portfolio up on unrealized gains on fixed income

Page 45: 3M results 2014 - Analysts and investors

Belgium18.4

Belgium18.5

France 5.1 France 5.2

Austria 2.6 Austria 2.6

0.7 0.7

34.3 34.8

3.4 3.8

1.11.1

Others 3.0 Others 2.8

FY 13 3M 14

In EUR bn

Increase portfolio fully driven by lower rates

Gross UG/L at EUR 3.3 bn (vs. EUR 2.3 bn)

95% 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

Periodic financial Information I 3M 14 Results I 14 May 2014 44

Increase portfolio driven by UG & net buying

Gross UG/L at EUR 1.5 bn (vs. EUR 1.2 bn)

Priority to investment grade industrials has led to

increased share within corporate bond portfolio of 45%

(vs. 42% FY 13)

Credit quality remains very good with 94% investment

grade; 69% rated A or higher

Corporate bond portfolio*

Banking 5.2 Banking 5.0

Other financials 1.8

Other financials 1.7

Non Financials

10.0

Non Financials

10.9

Government related 6.8

Government related 6.6

23.8 24.3

FY 13 3M 14

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

The Netherlands The Netherlands Germany

Germany

Southern Europe Southern Europe

In EUR bn

Page 46: 3M results 2014 - Analysts and investors

Loan portfolio (customers + banks)*

Loan & Equity portfolio More loans with guarantee

Loans to banks 1.6 Loans to

banks 1.1

RE 0.2

RE 0.2Infrastructure

0.1 Infrastructure

0.1

Mortgages 1.5

Mortgages 1.5

Other 2.4

Other 2.5

5.85.5

FY 13 3M 14

Further Increase in other: long term lending to social

housing agencies in Belgium, benefiting from explicit

guarantee by the region

Loans to banks – mainly short term bank deposits - down:

priority to long-term secured loans

Periodic financial Information I 3M 14 Results I 14 May 2014 45

Equity portfolio*

Increase in equity portfolio supported by

investments

Gross UG/L slightly up to EUR 0.5 bn

Equities 1.7 Equities 1.8

Equity funds 0.1

Equity funds 0.2

RE funds 0.7RE funds 0.7

Mixed funds & others 0.7

Mixed funds & others 0.7

3.2 3.3

FY 13 3M 14

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

In EUR bn In EUR bn

Page 47: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 46

Real estate portfolio

10/03/2010

Gross UG/L stable at EUR 1.3 bn (not reflected in

shareholders’ equity but contributing to available

capital for solvency calculation)

Real Estate exposure mainly in Belgium (+/- 70%)

Investment Offices 1.5

Investment Offices 1.5

Car Parks1.0

Car Parks1.0

Investment Retail 1.4

Investment Retail 1.4

0.4 0.4

0.3 0.3

4.6 4.6

FY 13 3M 14

Real Estate portfolio*

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

Investment Warehouses

RE Development

Investment

Warehouses

RE Development

In EUR bn

Page 48: 3M results 2014 - Analysts and investors

Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

Page 49: 3M results 2014 - Analysts and investors

(370)

(474)

38 37

FY 13 3M 14

RPN(i) RPI

1.9 1.8

FY 13 3M 14

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

Accounting value of remaining legacies:

General Account: Headlines Net result impacted by RPN(i), expenses further down

Periodic financial Information I 3M 14 Results I 14 May 2014 48

Net cash position: only small movements

In EUR mio

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

In EUR mio In EUR mio

In EUR mio

136

(115)

3M 13 3M 14

5 5

5 5

11 10

FY 13 3M 14

Staff Operating

10

(104)

3M 13 3M 14

Accounting value put option

1,255 1,274

FY 13 3M 14

In EUR mio

Page 50: 3M results 2014 - Analysts and investors

49

General Account: components of Net result Result driven by legacies

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

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

In EUR mio

Net result 2013

driven by agreements

on legacy items

(90)

(5) (5)(6)

232

10

136

RPI Call Option Reval RPN(i) Staffexpenses

Otheroperating

expenses

other* Net result

(104)

(5)(5) (1)

(115)

Net result 2014

driven by non-cash

volatility RPN(i)

Page 51: 3M results 2014 - Analysts and investors

1,216

1,913 1,780

(316)

(48) (60) (25) (77)

FY 12 FY 13 sharebuy-back

investmentin liquid

assets

other 3M 14

Periodic financial Information I 3M 14 Results I 14 May 2014 50

Net cash position General Account Only small movements in Net cash

EUR 48 mio of 2013 share buy-back executed during Q1 14 summing up to EUR 124 mio in total as per 31/03/14

– EUR 146 mio as per 10/05/2014

EUR 60 mio cash invested in short term corporate bonds to enhance yield

Impact EUR 1.4 per share dividend & compensation paid to FRESH & CASHES holders (EUR 316 mio) in Q2

– upstream from operating companies as from same period

expected cash-out for

share buy-back & dividend

In EUR bn

Roll forward Net cash

General Account

Page 52: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 51

Status on various legal procedures

Timing & (financial) outcome remains hard to estimate

2014 expected next steps

Amsterdam Court of Appeal in Stichting FortisEffect case - first instance in favour of Ageas

Brussels Commercial Court re Sep/Oct 2008 transactions (Modrikamen) – pleadings ongoing

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

May 11

Claim VEB/Deminor

& FortisEffect

dismissed by

Amsterdam Court

Age

as initia

tor

Aga

inst A

ge

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

Page 53: 3M results 2014 - Analysts and investors

Legal proceedings Managed in interest of shareholders

Administrative proceedings

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

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

FSMA re communication in Q2 2008 Appeal filed before Court of Appeal

Criminal procedure 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 in appeal expected end May 2014

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

Pleadings on the merits scheduled H1 2014

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

Periodic financial Information I 3M 14 Results I 14 May 2014 52

Situation 14 May 2014

Page 54: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 53

Main characteristics Hybrids General Account

In EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Direct issue FBB, 2004 CASHES

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

Amount outstanding 1,250 336 1,000 1,110

ISIN XS0147484074 XS0257650019 BE0119806116 BE0933899800

Call date Undated exchange, strike 315.0, mandatory 472.5

Jun/2016 Step up to 3M Euribor +200 bps

Oct/2014 Step up to 3M Euribor+170 bps

Undated exchange, strike 239.4, mandatory 359.1

ACSM YES YES YES YES

Dividend pusher YES YES YES NO

Dividend stopper NO YES YES YES

Trigger < 0.5% dividend trigger Liabilities > asset <8% CAD <0.5% Dividend

Other on lent to AG Insurance No stock settlement

feature

Coupon served by FBB, trigger ACSM linked to

Ageas dividend

Market Price (31/03/14) 64.28 102.34 101.18 77.78

Fortis Bank (now BNP Paribas)

Page 55: 3M results 2014 - Analysts and investors

Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

Page 56: 3M results 2014 - Analysts and investors

situation 31/12/2013 situation 10/05/2014

Total Issued Shares 233,486,113 230,996,192

Shares not entitled to dividend and voting right 11,648,176 11,223,889

1. TREASURY SHARES Share buy-back 2,489,921 2,212,134

FRESH 3,968,254 3,968,254

Other treasury shares 546,097 399,597

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

Shares entitled to dividend and voting rights 221,837,937 219,772,303

Cancellation bought back

shares + new buy back

Periodic financial Information I 3M 14 Results I 14 May 2014 55

Total number of outstanding shares Another 1% of outstanding shares (2.5 mio) cancelled at AGM 30 April 2014

Cancellation

bought back shares

Page 57: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 56

Shareholders structure

Based on number of shares as at 10 May 2014

Ageas2.87%

Ping An

BlackRock, Inc.

Franklin Mutual Advisers

Norges Bank

BNPP & Fortis Bank

Identified retail investors

16%

Identified institutional investors

39%

Other investors25%

Ageas Based upon press release 6 January 2014

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

Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 22 August 2013

BlackRock, Inc. Based upon the number of shares mentioned in the notification received 22 July 2013

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

BNP P & Fortis Bank Based upon BNP Paribas notification 01 October 2012

Identified retail investors Estimate by

Identified institutional investors Estimate by

Page 58: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 57

Financial calendar 2014

19 February

Annual results

2013

14 May

3M 2014

results

30 April

Ordinary & Extraordinary

shareholders’ meeting - Brussels

5 May

Ex date

19 March

Annual report

2013

13 May

Payment 2013

dividend

6 August

6M 2014

results

5 November

9M 2014

results

Page 59: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 58

Rating Improved rating for operating entities & holding

S&P MOODY'S FITCH

Operating entities AG Insurance (Belgium)

Insurance Financial Strength A- / positive A2 / stable* A+ / stable

Last change 20/12/13 02/10/13 29/05/13

Millenniumbcp Ageas (Portugal)

Insurance Financial Strength BB / negative BBB- / positive

Last change 24/01/14 16/04/14

Ageas Insurance Co. (Asia)

Insurance Financial Strength Baa1 / stable A / stable

Last change 16/01/13 26/03/13

Muang Thai Life

Insurance Financial Strength BBB+ / stable BBB+ / stable

Last change 29/12/10 16/12/10

Etiqa Insurance Berhad (Malaysia)

Insurance Financial Strength A / stable

Last change 26/09/11

Holding ageas SA/NV

Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2

Outlook positive negative stable

Last change 21/12/13 02/10/13 14/12/12

Page 60: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 59

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.

Page 61: 3M results 2014 - Analysts and investors

Periodic financial Information I 3M 14 Results I 14 May 2014 60

Investor Relations

Tel:

E-mail:

Website:

+ 32 2 557 57 34

[email protected]

www.ageas.com

Investor Relations