2. 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
3. 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
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 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
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 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
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 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
0.5 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 Q1 14
Tesco Underwriting no
longer consolidated
all 2013 data restated
accordingly
6. 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 liabilitiesIn % NEP
* 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 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
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. (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
9. 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
912
919
145
430
93 5
(115) (47) (40)
EUR 37.65 EUR 39.99
9,799
8,525
8,996
FY 12 FY 13 Net result
Insurance
Net result
Gen Acc
Change
UG/L
Treasury
Shares
Reval
put option
Forex Other 3M 14
Insurance
UG/L
Insurance
UG/L
10. 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 0.5
1.0 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 1.6
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
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
11. 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
13. 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%
14. 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
912
919
145
430
93 5
(115) (47) (40)
EUR 37.65 EUR 39.99
9,799
8,525
8,996
FY 12 FY 13 Net result
Insurance
Net result
Gen Acc
Change
UG/L
Treasury
Shares
Reval
put option
Forex Other 3M 14
Insurance
UG/L
Insurance
UG/L
15. 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 FY13 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%
16. 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 0.5
1.0 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 1.6
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
18. 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
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 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
20. 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
21. 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
22. 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/losses
Impairments &
Profit sharing
Net impact
* including consolidated & non-consolidated entities @ Ageas’s part
23. 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
24. 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 portfolioHousehold: impact of UK storms & floods
Periodic financial Information I 3M 14 Results I 14 May 2014 23
609 714 736 763 813 197 197 NEPNEP
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
25. 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
26. 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
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
27. 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
28. 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
29. 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 Q1Accident & 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
NEPNEP
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
30. 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
31. 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
0.5 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 Q1 14
Tesco Underwriting no
longer consolidated
all 2013 data restated
accordingly
32. 520 555
25
31
545
586
3M 13 3M 14
16 16
344 367
117
123
43
50
520
555
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
33. 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.
34. 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 claimsAccident & 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
NEPNEP
NEP NEP
not restated not restated
not restated not restated
35. 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 liabilitiesIn % NEP
* 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
36. 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
37. 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
39. 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
40. 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
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
41. 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
42. 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
44. 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’ equityTreasury 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
Investment portfolio
Investment portfolio up on unrealized gains on fixed income
45. Belgium
18.4
Belgium
18.5
France 5.1 France 5.2
Austria 2.6 Austria 2.6
0.7 0.7
34.3 34.8
3.4 3.8
1.1 1.1
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 EuropeSouthern Europe
In EUR bn
46. 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 0.2
Infrastructure
0.1 Infrastructure
0.1
Mortgages 1.5
Mortgages 1.5
Other 2.4
Other 2.5
5.8
5.5
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 0.7
RE 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
47. 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 Parks
1.0
Car Parks
1.0
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
49. (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
50. 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) Staff
expenses
Other
operating
expenses
other* Net result
(104)
(5)
(5) (1)
(115)
Net result 2014
driven by non-cash
volatility RPN(i)
51. 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 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
52. 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
AgeasinitiatorAgainstAgeas
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 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 &
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
53. 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
54. 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)
56. 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 55
Total number of outstanding shares
Another 1% of outstanding shares (2.5 mio) cancelled at AGM 30 April 2014
Cancellation
bought back shares
57. Periodic financial Information I 3M 14 Results I 14 May 2014 56
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 & Fortis
Bank
Identified retail
investors
16%
Identified
institutional
investors
39%
Other investors
25%
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
58. 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
59. 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
60. 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.
61. Periodic financial Information I 3M 14 Results I 14 May 2014 60
Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
ir@ageas.com
www.ageas.com
Investor Relations
