3M results 2014 - Press

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<ul><li>1.3MPeriodical Financial Information 2014RESULTS </li></ul><p>2. EUR 35 million UK weather impact on Insurance net profit Insurance net profit of EUR 145 million (vs. EUR 157 million) inflows @ 100% of EUR 7.8 billion (+15%) Group combined ratio at 102.6% (vs.98.9%) Life Technical Liabilities at EUR 70.5 billion* (+1%) Main messages Ageas reports growing inflows; UK storms &amp; floods impact Insurance result Periodic financial Information I 3M 14 Results I 14 May 2014 1 * Consolidated entities only 3. Net result: Non-Life down on UK storms &amp; floods In EUR million In EUR billion Non-Life combined ratio: affected by adverse weather (3.8%) inflows*: strong growth in Asia In EUR billion 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: up in non- consolidated partnerships 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% 108 129 46 12 4 5 157 145 3M 13 3M 14 Life Non-Life Other 5.1 6.1 1.6 1.7 6.8 7.8 3M 13 3M 14 Life Non-Life 69 70 41 43 110 114 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 4. 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 million In EUR billion Operating margin Guaranteed: at high end of target range Mixed combined ratio performance: good Motor &amp; Household performance offset by Accident &amp; Health and Other lines inflows: Individual Guaranteed Life &amp; Non-Life up, Unit-Linked &amp; Group Life down Life Technical liabilities slightly up In EUR billion Belgium : Headlines Strong Life operating results &amp; mixed performance in Non-Life Lower operating margin Unit-Linked In % avg technical liabilities In % avg technical liabilities 64 75 16 12 80 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 5. Non-Life result reflected market wide weather impact EUR 35 million In EUR million United Kingdom: Headlines Increased inflows 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 EUR billion inflows* growth across all lines Other Income: Included positive contribution from legal settlement In EUR million * incl. non-consolidated partnerships @ 100% (1) (0) 20 (10) 4 5 23 (5) 3M 13 3M 14 Life Non-Life Other 0.0 0.0 0.5 0.6 0.5 0.6 3M 13 3M 14 Life Non-Life 98.6% 106.1% 3M 13 3M 14 62.5 69.2 3M 13 3M 14 Implementation IFRS 10 as from first quarter 2014 Tesco Underwriting no longer consolidated all 2013 data restated accordingly 6. Net profit increase mainly driven by tax credit in France In EUR million In EUR billion Excellent Non-Life combined ratio inflows* in line with last year In EUR billion Continental Europe: Headlines Continued strong Life performance &amp; increased Non-Life net profit Operating margin Guaranteed: risk &amp; 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 Unit-linked: lower fee income In % avg technical liabilities * incl. non-consolidated partnerships @ 100% 0.9 0.9 0.3 0.3 1.2 1.2 3M 13 3M 14 Life Non-Life 13 19 5 5 17 24 3M 13 3M 14 Life Non-Life 14 14 15 15 29 29 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 7. Net result: Solid Life result, partly offset by lower Non-Life result In EUR million In EUR billion Non-Life combined ratio: continued strong underwriting result inflows growth fuelled by China &amp; Thailand Life Technical liabilities up across all entities In EUR billion Asia: Headlines New business boost &amp; 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 million Life operating margin Hong Kong: both guaranteed &amp; Unit-Linked down Result non-cons. partnerships: strong growth of Life result * incl. non-consolidated partnerships @ 100% 32 35 6 4 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 28 30 FY 13 3M 14 Conso Non-conso 25 32 6 431 36 3M 13 3M 14 Life Non-Life 8. Insurance net result Non-Life impacted by EUR 35 million for UK storms &amp; 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 million Periodic financial Information I 3M 14 Results I 14 May 2014 7 9. Inflows @ 100% At constant exchange rates, inflows up across all segments, but especially Asia Periodic financial Information I 3M 14 Results I 14 May 2014 8 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 1320% 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% # /0 # /0 # /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 10. Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life Inflows @ Ageass part Strong growth in Asia, Life Belgium picking up, lower average Motor premium in UK In EUR million Periodic financial Information I 3M 14 Results I 14 May 2014 9 801 809 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 11. EUR 35 million UK weather impact on Insurance net profit Group net result impacted by RPN(i) Insurance net profit of EUR 145 million (vs. EUR 157 million) inflows @ 100% of EUR 7.8 billion (+15%) Group combined ratio at 102.6% (vs.98.9%) Life Technical Liabilities at EUR 70.5 billion* (+1%) Group net profit of EUR 30 million (vs. EUR 293 million) General Account net result of EUR (115) million (vs. EUR 136 million) including an increase of the RPN(i) liability of EUR (104) million (non- cash consequence) Main messages Ageas reports growing inflows; UK storms &amp; floods impact Insurance result Periodic financial Information I 3M 14 Results I 14 May 2014 10 * Consolidated entities only 12. 11 General Account: components of Net result Result driven by transactions on legacies &amp; valuation methodology RPN(i) * Including Interest Margin, Other Expenses &amp; Other Losses (Realised/Unrealised) Periodic financial Information I 3M 14 Results I 14 May 2014 In EUR million Net result 2013 driven by agreements on legacy items (90) (5) (5) (6) 232 10 136 RPI Call Option Reval RPN(i) Staff expenses Other operating expenses other* Net result (104) (5) (5) (1) (115) Net result 2014 driven by agreements on non-cash volatility RPN(i) 13. 1,216 1,913 1,780 (316) (48) (60) (25) (77) FY 12 FY 13 share buy-back investment in liquid assets other 3M 14 Periodic financial Information I 3M 14 Results I 14 May 2014 12 Net cash position General Account Only small movements in Net cash EUR 48 million of 2013 share buy-back executed during first quarter 14 summing up to EUR 124 million in total EUR 146 million as per 9/05/2014 EUR 60 million cash invested in short term corporate bonds to enhance yield Impact EUR 1.4 per share dividend &amp; compensation paid to FRESH &amp; CASHES holders (EUR 316 million) in second quarter 2014 upstream from operating companies as from same period expected cash-out for share buy-back &amp; dividend In EUR billion Roll forward Net cash General Account 14. EUR 35 million UK weather impact on Insurance net profit Group net result impacted by RPN(i) Balance sheet remains strong Insurance net profit of EUR 145 million (vs. EUR 157 million) inflows @ 100% of EUR 7.8 billion (+15%) Group combined ratio at 102.6% (vs.98.9 %) Life Technical Liabilities at EUR 70.5 billion* (+1%) Group net profit of EUR 30 million (vs. EUR 293 million) General Account net result of EUR (115) million (vs. EUR 136 million) including an increase of the RPN(i) liability of EUR (104) million (non- cash consequence) Shareholders equity at EUR 9.0 billion or EUR 39.99 per share Insurance solvency at 209%, Group solvency at 213% Net cash position General Account at EUR 1.8 billion Main messages Ageas reports growing inflows; UK storms &amp; floods impact Insurance result Periodic financial Information I 3M 14 Results I 14 May 2014 13 * Consolidated entities only 15. Periodic financial Information I 3M 14 Results I 14 May 2014 14 In EUR billion * All assets at fair value except the Held to Maturity assets; loans &amp; 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 unrealised gains/losses on Available for Sale Total portfolio: up to EUR 5.4 billion (EUR 4.0 billion FY 13) Fixed income: at EUR 4.8 billion (EUR 3.5 billion FY 13) Sovereigns at EUR 3.3 billion (vs. EUR 2.3 billion) Corporates at EUR 1.5 billion (vs. EUR 1.2 billion) Equities: slightly up to EUR 0.5 billion Gross UG/L on Real Estate: stable at EUR 1.3 billion - not reflected in shareholders equity EUR 1.2 billion unrealised gains/losses on Held to Maturity (EUR 0.9 billion 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 Structured 0.4 Structured 0.4 Loans 5.8 Loans 5.5 Equities 3.2 Equities 3.3 Real Estate 4.6 Real Estate 4.6 Cash 2.2 Cash 2.9 74.3 76.3 FY 13 3M 14 Shareholders equity up on unrealised gains on fixed income Shareholders equity at EUR 9 billion or EUR 39.99 per share 16. EUR 35 million UK weather impact on Insurance net profit Group net result impacted by RPN(i) Balance sheet remains strong Progress in legal legacies Insurance net profit of EUR 145 million (vs. EUR 157 million) inflows @ 100% of EUR 7.8 billion (+15%) Group combined ratio at 102.6% (vs.98.9%) Life Technical Liabilities at EUR 70.5 billion* (+1%) Group net profit of EUR 30 million (vs. EUR 293 million) General Account net result of EUR (115) million (vs. EUR 136 million) including an increase of the RPN(i) liability of EUR (104) million (non- cash consequence) Shareholders equity at EUR 9.0 billion or EUR 39.99 per share Insurance solvency at 209%, Group solvency at 213% Net cash position General Account at EUR 1.8 billion AFM I and II final Main messages Ageas reports growing inflows; UK storms &amp; floods impact Insurance result Periodic financial Information I 3M 14 Results I 14 May 2014 15 * Consolidated entities only 17. Periodic financial Information I 3M 14 Results I 14 May 2014 16 Status on various legal procedures Timing &amp; (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 &amp; ABN AMRO to obtain compensation in return for conversion MCS (Mandatory Convertible Securities) into Ageas shares May 11 Claim VEB/Deminor &amp; FortisEffect dismissed by Amsterdam Court AgeasinitiatorAgainstAgeas February 12 BNP P tender for CASHES &amp; 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 20122009... 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 &amp; MCS, closing all outstanding disputes with Dutch State 2013 June 13 Fine imposed by FSMA, appeal filed February 14 Trade &amp; Industry Appeals Tribunal renders final judgment on AFM II in favour of Ageas 2014 March 14 T&amp;I A Tribunal rejects appeal in AFM I 18. Takeaways Steadily growing inflows levels - sales pick-up in Belgium &amp; regular premium in China Life results strong - margins Guaranteed evolving positively Non-Life combined ratio below 100% when adjusted for exceptional weather - some attention points remain Conclusions: Difficult quarter with seasonality &amp; cyclicality typical for an insurer Periodic financial Information I 3M 14 Results I 14 May 2014 17 19. Annexes General Information 20. 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. TREASURYSHARES 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 19 Total number of outstanding shares Another 1% of outstanding shares cancelled at AGM 30 April 2014 Cancellation bought back shares 21. Periodic financial Information I 3M 14 Results I 14 May 2014 20 Shareholders structure Based on number of shares as at 10 May 2014 Ageas 2.87% Ping An BlackRock, Inc. Franklin Mutual Advisers Norges Bank BNPP &amp; Fortis Bank Identified retail investors 16% Identified institutional investors 39% Other investors 25% Ageas Based upon...</p>