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1Periodic Financial Information I 3M 2012 Results I 14 May 2012
 Strong performance of Insurance
activities
 Group net l...
2Periodic Financial Information I 3M 2012 Results I 14 May 2012
106
126
25
26
134
155
3
4
3M 11 3M 12 3M 11 3M 12
Solid ke...
3Periodic Financial Information I 3M 2012 Results I 14 May 2012
Key financials 3M 2012
10/03/2010 I page 3
EUR mio 3M 12 3...
4Periodic Financial Information I 3M 2012 Results I 14 May 2012
Detailed overview inflows 3M 2012
By segment/ country/busi...
5Periodic Financial Information I 3M 2012 Results I 14 May 2012
I page 5
Non-Life combined ratio : Calculation methodology...
6Periodic Financial Information I 3M 2012 Results I 14 May 2012
Insurance
Life benefits from financial margins & strong re...
7Periodic Financial Information I 3M 2012 Results I 14 May 2012
Belgium
Good Life technical result offset by a lower Non-L...
8Periodic Financial Information I 3M 2012 Results I 14 May 2012
United Kingdom
Strong net result driven by Motor business ...
9Periodic Financial Information I 3M 2012 Results I 14 May 2012
10/03/2010 I page 9
EUR mio 3M 12 3M 11
Gross inflow 1,128...
10Periodic Financial Information I 3M 2012 Results I 14 May 2012 10Periodic Financial Information I 3M 2012 Results I 14 M...
11Periodic Financial Information I 3M 2012 Results I 14 May 2012
General Account
Driven by legacy related charges includin...
12Periodic Financial Information I 3M 2012 Results I 14 May 2012
(25)
(191)
(274)
140
112
(239)
3M 12
General Account
Net ...
13Periodic Financial Information I 3M 2012 Results I 14 May 2012
in EUR mio 3M 12 FY 11
Cash and cash equivalents 769 345
...
14Periodic Financial Information I 3M 2012 Results I 14 May 2012
Shareholders’ equity / share
Shareholders’ equity as per ...
15Periodic Financial Information I 3M 2012 Results I 14 May 2012
Total available capital
IFRS Solvency as per 31 March 201...
16Periodic Financial Information I 3M 2012 Results I 14 May 2012
Investment portfolio as per 31 March 2012
Value up result...
17Periodic Financial Information I 3M 2012 Results I 14 May 2012
3.2
6.2
2.6
1.4
1.2
1.4
1.3
0.7
0.5
2.1
0.9
0.6
0.6
12.9
...
18Periodic Financial Information I 3M 2012 Results I 14 May 2012
AG Insurance
SA/NV
Ageas UK Ltd
Various legal
enitities p...
19Periodic Financial Information I 3M 2012 Results I 14 May 2012
Global operation will divide number of outstanding share ...
20Periodic Financial Information I 3M 2012 Results I 14 May 2012
February 11
Claim re FRESH
hybrid instrument
dismissed by...
21Periodic Financial Information I 3M 2012 Results I 14 May 2012
 Insurance :
Good results and improved inflows across
al...
SELECTEDTOPICS
Insurance Activities
Investment portfolio
General Account
General Information
34
44
50
57
24Periodic Financial Information I 3M 2012 Results I 14 May 2012
79 75
886 858
88 52
258 274
1,311 1,259
3M 11 3M 12
(-4%)...
25Periodic Financial Information I 3M 2012 Results I 14 May 2012
Combined ratio AG Insurance 2008 – 3M 12
Belgium Combined...
26Periodic Financial Information I 3M 2012 Results I 14 May 2012
287
365
125
10944
45471
534
1516
3M 11 3M 12
471
534
481
...
27Periodic Financial Information I 3M 2012 Results I 14 May 2012
Combined ratio UK 2008 – 3M 12
UK, continued improvement ...
28Periodic Financial Information I 3M 2012 Results I 14 May 2012
45 56
101
305
466
421
58
71
669
853
3M 11 3M 12
70 98
24
...
29Periodic Financial Information I 3M 2012 Results I 14 May 2012
+22%
1,612
1,962
1,524
1,842
37
91
51
22
6
3M 11 3M 12
29...
30Periodic Financial Information I 3M 2012 Results I 14 May 2012
Tangible net equity as per 31 March 2012
Ageas’s capital ...
Insurance Activities
Investment portfolio
General account
General Information
34
44
50
57
32Periodic Financial Information I 3M 2012 Results I 14 May 2012 I
Investment portfolio as per 31 March 2012
Value up resu...
33Periodic Financial Information I 3M 2012 Results I 14 May 2012 I
14.2
17.3
4.6
4.32.4
2.5
1.6
1.9
1.8
1.12.7
2.9
1.6
1.6...
34Periodic Financial Information I 3M 2012 Results I 14 May 2012 I
3.2
6.2
2.6
1.4
1.2
1.4
1.3
0.7
0.5
2.1
0.9
0.6
0.6
12....
35Periodic Financial Information I 3M 2012 Results I 14 May 2012
Equity funds
0.2
Mixed funds &
others
0.2
Equities
0.9
Re...
36Periodic Financial Information I 3M 2012 Results I 14 May 2012
Real estate portfolio as per 31 March 2012
Stable portfol...
Insurance Activities
Investment portfolio
General Account
General Information
34
44
50
57
38Periodic Financial Information I 3M 2012 Results I 14 May 2012
Balance sheet value
In EUR mio
Net result impact
In EUR m...
39Periodic Financial Information I 3M 2012 Results I 14 May 2012
Net result impact
27
(274)
275
(149)
(3)
(299)
FY 10 FY 1...
40Periodic Financial Information I 3M 2012 Results I 14 May 2012
Ageas’s equity Value Net book value assets RPI*
In EUR mi...
41Periodic Financial Information I 3M 2012 Results I 14 May 2012
Ageas strives for an optimal use of cash
Almost equal sha...
42Periodic Financial Information I 3M 2012 Results I 14 May 2012
Overview of main characteristics Hybrids
Situation as per...
43Periodic Financial Information I 3M 2012 Results I 14 May 2012
General Account
Legal proceedings & investigations manage...
44Periodic Financial Information I 3M 2012 Results I 14 May 2012
 Judgment 23 March 2012 in favour of Ageas MCS-holders ...
Insurance Activities
Investment portfolio
General Account
General Information
34
44
50
57
46Periodic Financial Information I 3M 2012 Results I 14 May 2012 I
Upcoming...
Find out more about our
Non-Life activities...
47Periodic Financial Information I 3M 2012 Results I 14 May 2012
Total number of outstanding shares
situation 31/12/2011 s...
48Periodic Financial Information I 3M 2012 Results I 14 May 2012
29 June
Extraordinary shareholders’ meeting
on simplifica...
49Periodic Financial Information I 3M 2012 Results I 14 May 2012 I
Outcome of the General Shareholders’ Meetings April 201...
50Periodic Financial Information I 3M 2012 Results I 14 May 2012
Disclaimer
Certain of the statements contained herein are...
51Periodic Financial Information I 3M 2012 Results I 14 May 2012
Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34...
3M results 2012
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  1. 1. 1Periodic Financial Information I 3M 2012 Results I 14 May 2012  Strong performance of Insurance activities  Group net loss of EUR 84 mio  Shareholders’ equity up, Solvency strong and stable Highlights 3M 2012*  Net profit of EUR 155 mio (+15%)  Group combined ratio at 101.9% (vs.101.5%)  Inflows at EUR 5.7 bn (+17%)  Life FuM at EUR 65.6 bn (+2% scope-on-scope)  General Account net loss at EUR 239 mio  EUR 213 mio legacy related charges  Including one-off impact from agreement with BNP P  Shareholders’ equity at EUR 3.48 per share  Insurance solvency at 207%, Group solvency at 237%  Net cash position General Account at EUR 1.3 bn  Net exposure to SE sovereigns at EUR 2.3 bn (down EUR 0.7 bn) * All figures compared to 3M 2011 unless mentioned otherwise
  2. 2. 2Periodic Financial Information I 3M 2012 Results I 14 May 2012 106 126 25 26 134 155 3 4 3M 11 3M 12 3M 11 3M 12 Solid key performance indicators in 3M 2012 Insurance net result: up on better life results In EUR mio In EUR mio Stable Insurance solvency* Net cash position substantially up after BNP P deal In EUR bn Combined ratio slightly up following increase in Belgium Group: General Account includes one-off settlement of BNP P deal Insurance General Account 227% Shareholders’ equity up EUR per share 101.9%101.5% 210% * Based on regulator’s view 207% Other Non-Life Life 134 155 (288) (239) (84)(154) 3M 11 3M 12 207% 207% FY 11 3M 12 3.23 3.48 FY 11 3M 12 0.7 1.3 FY 11 3M 12
  3. 3. 3Periodic Financial Information I 3M 2012 Results I 14 May 2012 Key financials 3M 2012 10/03/2010 I page 3 EUR mio 3M 12 3M 11 Gross inflows (incl. non-consolidated partnerships) 5,651 4,832 - of which inflows from non-consolidated partnerships 2,830 1,665 Net result Insurance attributable to shareholders 155 135 By segment: - Belgium 78 82 - UK 17 5 - Continental Europe 17 18 - Asia 43 30 By type: - Life 126 106 - Non-Life 26 25 - Other 3 4 Net result General Account (239) (288) Net result Ageas attributable to shareholders (84) (154) Earnings per share (in EUR) (0.04) (0.06) Combined ratio 101.9% 101.5% Life Funds under management (in EUR bn) 65.6 64.4 * Insurance Solvency 207% 207% * Shareholders' equity 8,304 7,760 * Net equity per share (in EUR) 3.48 3.23 * * Compared to year-end 2011
  4. 4. 4Periodic Financial Information I 3M 2012 Results I 14 May 2012 Detailed overview inflows 3M 2012 By segment/ country/business EUR mio 3M 12 3M 11 3M 12 3M 11 3M 12 3M 11 Belgium 75% 1,259 1,311 535 511 1,794 1,822 United Kingdom 100% 18 10 534 471 552 481 Continental Europe 853 669 275 120 1,128 789 Consolidated entities 269 669 118 120 387 789 Portugal 51% 186 368 70 68 256 436 France 100% 83 89 0 0 83 89 Luxembourg 50% 0 202 0 0 0 202 Germany 100% 0 10 0 0 0 10 Italy 25% 0 0 48 52 48 52 Non-consolidated JV's 584 0 157 0 741 0 Turkey (AKSigorta) 35% 0 0 157 0 157 0 Luxembourg (Cardif Lux Vie) 33% 584 0 0 0 584 0 Asia 1,961 1,612 216 128 2,177 1,740 Consolidated entities 88 75 0 0 88 75 Hong Kong 100% 88 75 0 0 88 75 Non-consolidated JV's 1,873 1,537 216 128 2,089 1,665 Malaysia 31% 170 140 170 96 340 236 Thailand 31%/15% 278 212 46 32 324 244 China 25% 1,385 1,140 0 0 1,385 1,140 India 26% 40 45 0 0 40 45 Total 4,091 3,602 1,560 1,230 5,651 4,832 Life Non-Life Total
  5. 5. 5Periodic Financial Information I 3M 2012 Results I 14 May 2012 I page 5 Non-Life combined ratio : Calculation methodology reviewed Historic data have been restated  Background  Calculation included technical interest charge of reserves, but not corresponding interest income  Problem for products with annuity-like payout patterns with technical reserves based on discounted value   nominal value  Alignment with peers reporting (Belgium)  Replaces former reporting on CR excl. Workmen’s Compensation  Scope: Products with annuity-like payout patterns  Workmen’s Compensation & Disability  Produced in Belgium & Portugal  Change : technical interest charge of reserves excluded from combined ratio  Influence on claims ratio & combined ratio  No influence on result & financial income  Impact at group level limited to around 1 percentage point positive 102.8% 101.1% 107.3% 101.9% 100.1% 106.0% FY 10 FY 11 3M 12 old new
  6. 6. 6Periodic Financial Information I 3M 2012 Results I 14 May 2012 Insurance Life benefits from financial margins & strong result in Asia, Non-Life slightly up Net profit of EUR 155 mio (vs. EUR 134 mio, +15%)  Improvement mainly driven by net results in Asia & UK Non-Life, better financial margin in Belgium. Life at EUR 126 mio (vs. EUR 106 mio, +19%)  Increased spreads resulting in better financial margins in Belgium & strong results in Asia across all countries.  Net result in Belgium included a charge of EUR 5 million related to state contribution on the insurance industry (same as last year). Non-Life at EUR 26 mio (vs. EUR 25 mio, +6%)  All segments profitable with improved result in UK compensating for lower result in Belgium.  New Turkish Non-Life partnership contributes positively, partly compensating lower result in Asia.  Winter conditions impacted Fire in Belgium & UK, total cost broadly in line year on year. Other at EUR 3 mio (vs. EUR 4 mio, -23%)  Commission and fee income up 8% following acquisition Castle Cover in February 2011.  Net profit down, underlining a tough and competitive retail environment linked to general economic conditions. * Consolidated entities only; compared to FY 2011 EUR mio 3M 12 3M 11 Gross inflow 5,651 4,832 Operating costs 217 206 Technical result 141 137 Operating margin 206 155 Profit before tax 281 231 Net profit after tax & non- controlling interests 155 134 Life FUM (EUR bn)* 65.6 64.4
  7. 7. 7Periodic Financial Information I 3M 2012 Results I 14 May 2012 Belgium Good Life technical result offset by a lower Non-Life result (mostly in Fire) I page 7 Solid net profit at EUR 78 mio (vs. EUR 82 mio)  Life net result at EUR 73 mio: Resilient inflows, good technical result  Non-Life result at EUR 5 mio: sustained inflow growth, technical result still under pressure. Life at EUR 73 mio (vs. EUR 67 mio)  Operating margin fuelled by better investment margins and by higher capital gains on bonds compared to last year  Life FUM at EUR 50.1 bn (+2%); mixed picture with  +2.4% in Savings; stable in Unit-Linked products  driven by lower sales compensated by a favourable market value evolution Non-Life at EUR 5 mio (vs. EUR 15 mio)  Decrease mainly due to a lower technical result, mainly in Fire and Motor  Fire technical result unfavourably impacted by climatic events (January storms and February frost/defrost claims) and a higher claims frequency and severity  Motor performance back to normal levels compared to a notably good 3M 11  Combined ratio at 104.1% (vs. 98.6%)  Strong improvement in Workmen’s Compensation, part of Accident & Health, with a combined ratio of 84.3% (vs. 95.2% ) Strong IFRS Solvency ratio at 177% Further reduction exposure SE sovereigns EUR mio 3M 12 3M 11 Gross inflow 1,794 1,822 Operating costs 119 114 Technical result 80 88 Operating margin 135 105 Profit before tax 159 148 Net profit after tax & non- controlling interests 78 82 Life FUM (EUR bn)* 50.1 49.1 * Compared to FY 2011
  8. 8. 8Periodic Financial Information I 3M 2012 Results I 14 May 2012 United Kingdom Strong net result driven by Motor business and capital gains 10/03/2010 I page 8 Net result at EUR 17 mio (vs. EUR 5 mio)  Multi-distribution strategy creating good returns  Improved performance overall but especially in private Motor  Retail income in line with last year Life at EUR 0 mio (vs. EUR -1 mio)  Continued progress in line with its stage of business development since launch Non-Life at EUR 14 mio (vs. EUR 2 mio)  Improved Motor result through positive impact of management actions, ofsetting seasonal claims Household  Net realized capital gains of EUR 6 mio  Other Insurance at EUR 4 mio (vs. EUR 3 mio)  Includes a full quarter of Castle Cover in 2012  Competitive retail environment leads to reduced net profit EUR mio 3M 12 3M 11 Gross inflow 552 481 Operating costs 52 38 Technical result 8 (5) Operating margin 16 (4) Profit before tax 26 5 Net profit after tax & non- controlling interests 17 5
  9. 9. 9Periodic Financial Information I 3M 2012 Results I 14 May 2012 10/03/2010 I page 9 EUR mio 3M 12 3M 11 Gross inflow 1,128 789 Operating costs 36 46 Technical result 42 45 Operating margin 43 45 Profit before tax 52 48 Net profit after tax & non- controlling interests 17 18 Life FUM (EUR bn)* 13.9 13.7 Net result at EUR 17 mio (vs. EUR 18 mio) Life down from EUR 17 mio to EUR 14 mio in still fragile economic environment  Operating margin down because of scope change & lower investment margins following de-risking of the balance sheet  Operating costs on a like-for-like basis down to EUR 18 mio due to cost containment and timing differences Non-Life at EUR 3.4 mio (vs. EUR 0.7 mio)  Operating margin substantially up driven by excellent technical result in A&H and Motor business  Combined ratio: 90.3% (vs. 99.3% in 2011)  Operating costs -6% explained by continued focus on cost containment  Net result up due to inclusion Turkey, higher inflows, lower claims and costs in both Portugal and Italy Continental Europe Sustained net profit, fuelled by a good Non-Life performance * Consolidated entities only; compared to FY 2011
  10. 10. 10Periodic Financial Information I 3M 2012 Results I 14 May 2012 10Periodic Financial Information I 3M 2012 Results I 14 May 2012 Net profit of EUR 43 mio (vs. EUR 30 mio)  Hong Kong: Satisfactory underlying business performance supported by a positive non-recurring adjustment  Non-consolidated partnerships: EUR 35 mio (vs. EUR 25 mio), strong organic growth of underlying businesses, supported by recovering capital markets Life net profit at EUR 39 mio (vs. EUR 23 mio)  Hong Kong : EUR 12 mio vs. EUR 8 mio;  EUR 4 mio non-recurring result related to a deferral of commission expenses  Underlying result at same level despite strain from new business growth  Non-consolidated partnerships : EUR 30 mio vs. EUR 18 mio;  Reflection of excellent growth of underlying businesses  Higher realised capital gains benefiting from recovering capital markets  Regional costs : nearly stable at EUR 4 mio (vs. EUR 3 mio) Non-Life net profit at EUR 4 mio (vs. EUR 7 mio)  Good underwriting performance  3M 11 result included a non-recurring tax recovery (EUR 3 mio) 10/03/2010 Asia Strong result driven by organic growth and recovering capital markets * Including Inflow (100%) & Profit (Ageas share) from partnerships respectively **** Consolidated entities only; compared to FY 2011 EUR mio 3M 12 3M 11 Gross inflow* 2,177 1,740 Operating costs 10 8 Technical result 11 8 Operating margin 12 9 Profit before tax* 44 31 Net profit after tax & non- controlling interests* 43 30 Life FUM (EUR bn)** 1.6 1.6
  11. 11. 11Periodic Financial Information I 3M 2012 Results I 14 May 2012 General Account Driven by legacy related charges including one-off from BNP P agreement Net loss of EUR 213 mio driven by legacy issues Net cash position up by EUR 0.6 bn  Driven by settlement with BNP P on Tier 1 & CASHES Tier 1 & RPN(I): EUR -132 mio combined P&L impact  RPN(I) liability at floor of EUR 163 mio Equity value RPI at EUR 894 mio  Ageas’s share IFRS net result EUR 112 mio positive, including EUR 55 mio goodwill impairment  Outstanding debt down to EUR 5.5 bn (vs. EUR 6.0 bn at YE) Call option BNP Paribas shares at EUR 204 mio  Down EUR 191 mio vs. FY 11, due to increased volatility & decreasing time value Other items  Net interest income at EUR 32 mio, including amortization of discount on Tier 1 (EUR 30 mio) and interest received (EUR 9 mio). Total expenses at EUR 12 mio, slightly up year on year EUR mio 3M 12 3M 11 Net interest income 33 (2) Capital gains (340) (259) Result of associates 112 (12) Change in impairments & provisions (1) (0) Total expenses (12) (11) Profit before tax (211) (288) Net profit after tax & non- controlling interests (239) (288) Balance sheet items 3M 12 FY 11 RPN(I) (163) (190) Call option BNP Paribas 204 395 RPI 894 779 Net cash/deposits 1,312 688
  12. 12. 12Periodic Financial Information I 3M 2012 Results I 14 May 2012 (25) (191) (274) 140 112 (239) 3M 12 General Account Net result includes one-off impact of agreement with BNP P of EUR (132) mio In EUR mio Sum of legacy issues: EUR (213) mio 9 (28) 30 129 140 3M 12 (3) (299) 27 (274) ----------------------- EUR (132) mio Net result impact of agreement with BNP P on CASHES RPI Tier 1 RPN(I) BNP Call option Other RPN(I) Revaluation RPN(I) Settlement EUR (272) mio Tier 1 Revaluation Tier 1 Amortisation EUR 140 mio Tier 1 Deferred tax impact Tier 1 Interest RPN(I) Interest
  13. 13. 13Periodic Financial Information I 3M 2012 Results I 14 May 2012 in EUR mio 3M 12 FY 11 Cash and cash equivalents 769 345 Due from banks short term 760 600 Due to banks short term 0 0 Debt certificates (217) (257) Net cash position 1,312 688 Net cash position General Account at EUR 1.3 bn Doubled in 3M 12 as result of agreement with Fortis Bank/ BNP P  Ageas, Fortis Bank & BNP P reached an agreement on a partial settlement of the RPN(I) and full call of the Tier 1 Debt securities with positive impact on 3M 12 net cash position of EUR 666 mio  Lower reservation for further redemption in the European Medium Term Notes (EMTN) programme  Net cash position further impacted by Share buy- back programme  Payment of approved dividend of 8 eurocent per share will bring cash position General Account down to EUR 1.1 bn. 1.3 1.0 0.9 0.7 0.5 1.0 0.8 0.6 1.3 0.2 FY 2009 3M 2010 6M 2010 9M 2010 FY 2010 3M 2011 6M 2011 9M 2011 FY 2011 3M 2012 net cash avg net cash Quarterly evolution net cash position* In EUR bn * Formerly known as discretionary capital dividend impact EUR 1.1 bn
  14. 14. 14Periodic Financial Information I 3M 2012 Results I 14 May 2012 Shareholders’ equity / share Shareholders’ equity as per 31 March 2012 Up driven by unrealized gains, tangible equity at 77% of shareholders’ equity In EUR mio Equity per segment FY 11 3M 12 FY 11 3M 12 Belgium 2,381 ► 2,922 Continental Europe 929 ► 1,023 UK 1,007 ► 1,024 Asia 1,687 ► 1,666 General Account 1,756 ► 1,669 155 501 172 (239) 8,304 7,760 (24) (22) EUR 3.43EUR 3.23 FY 11 NetresultInsurance NetresultG eneralAccountChange unrealized gains Buy back Revaluation putoption Foreign exchange & other 3M 12
  15. 15. 15Periodic Financial Information I 3M 2012 Results I 14 May 2012 Total available capital IFRS Solvency as per 31 March 2012 Solvency stable vs. end 2011 & well above required minimum Required Regulatory minimum  Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / Min Belgium United Continental Asia Insurance General Ageas Kingdom Europe Account  4.1 2.3 0.9 1.1 1.3 7.4 3.7 1.1 0.0 3.7 0.4 0.6 0.5 8.8 7.7 Solvency Ratio 3M 12 177% 228% 200% 285% 207% 237% Excess Capital Insurance General Account Ageas EUR 4.0 bn EUR 1.1 bn EUR 5.1 bn
  16. 16. 16Periodic Financial Information I 3M 2012 Results I 14 May 2012 Investment portfolio as per 31 March 2012 Value up resulting from drop in spreads on fixed income portfolio In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Structured credit instruments 1% Real Estate 7% Sovereign bonds 54% Equities 3% Corporate bonds 35%  Value up from EUR 59.5 bn FY 11 to EUR 62.5 bn  Increase largely explained by yield drop resulting from decreasing spreads in both sovereign and corporate bond portfolio  Asset mix stable  Gross unrealized gains up to EUR 3.2 bn (vs. EUR 1.8 bn FY 11), mainly in fixed income Fixed Income  Gross unrealized gains at EUR 1.9 bn, compared to EUR 600 mio FY 11  Unrealized Gain Sovereigns at EUR 961 mio  Unrealized Gain Corporates at EUR 940 mio Equities  Gross unrealized gains at EUR 90 mio vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains stable at around EUR 1.2 bn Investment portfolio*
  17. 17. 17Periodic Financial Information I 3M 2012 Results I 14 May 2012 3.2 6.2 2.6 1.4 1.2 1.4 1.3 0.7 0.5 2.1 0.9 0.6 0.6 12.9 6.2 3.0 2.3 (0.9) 1.3 1.4 FY 09 FY 10 FY 11 3M 12 Impairment Greece Italy Spain Portugal Exposure on Southern European sovereigns further reduced Exposure at amortized cost and after non-controlling interests of EUR 2.3 bn  Exposure on S-E sovereigns at amortized cost , after impairments and non-controlling interests further reduced to EUR 2.3 bn.  Additional reduction of primarily Italian & Spanish sovereigns in 3M 12 of EUR 364 mio given increased liquidity and reduced spreads of SE sovereigns.  Exposure on Greece brought down to a marginal amount of EUR 20 mio.  Gross exposure at amortized cost of EUR 3.6 bn. In EUR bn
  18. 18. 18Periodic Financial Information I 3M 2012 Results I 14 May 2012 AG Insurance SA/NV Ageas UK Ltd Various legal enitities part of Ageas Asia Various legal entities part of Cont. Europe ageas N.V. Ageas Insurance International N.V. ageas SA/NV Ageas Hybrid Financing S.A Ageasfinlux S.A. Ageas Finance N.V. Ageas B.V. Royal Park Investments Intreinco N.V. 50% 50% 75%100% 100%100%100%50%44.7% 100% Dutch permanent establishment Further simplification legal structure announced in March Approval sought at General Shareholders’ Meeting of 28 & 29 June
  19. 19. 19Periodic Financial Information I 3M 2012 Results I 14 May 2012 Global operation will divide number of outstanding share by 10 2,431 mio ageas Units replaced by 243 mio shares in ageas SA/NV Belgium The Netherlands 2,623,380,817 2,623,380,817 + 2,431,212,726 + 4,862,425,452 + 243,121,272 Current situation: Twin share structure  Total number of outstanding Units 2,431,212,726 equals 2,431,212,726 shares in each parent company Impact of Transaction: 1. Issuance of 2,431,212,726 new shares in ageas SA/NV (assuming no withdrawal), 2. Exchange against shares ageas N.V. Impact of reverse stock split 1 for 20: will stay in treasury+0.6 fraction cancellation shares buy-back - 192,168,091 - 192,168,091 2,431,212,726 2,431,212,726
  20. 20. 20Periodic Financial Information I 3M 2012 Results I 14 May 2012 February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court November 11 Receipt report Belgian experts General Account: judgments received in various legal procedures Ageas does not expect new major litigation issues to rise Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion Mandatory Convertible Securities (MCS) into Ageas’ shares September 11 Exchange of uncalled Fortis Bank Tier 1 Debt Securities for cash by Ageas Timing and (financial) outcome remains hard to estimate…. In many legal proceedings still at the stage of first instance Possible decisions before end 2012: - Administrative proceedings by FSMA (communication Q2 2008) - Judgment of Amsterdam court in FCC case May 11 - Claim dismissed of VEB/Deminor and FortisEffect by Amsterdam Court - Rotterdam court confirmed fine AFM I: appeal filed InitiatedbyAgeasActionsagainstAgeas February 12 BNP P tender for CASHES and subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities February 12 - Rotterdam court confirmed fine AFM II; appeal filed - Utrecht court re communication May- June 2008 in favour of plaintiffs; appeal filed March 12 Brussels Commercial Court rules in favour of Ageas in MCS-case 2011 20122009... 2010 ... April 12 Ondernemingskamer Amsterdam re mismanagement mainly in favour of plaintiffs; appeal to be filed
  21. 21. 21Periodic Financial Information I 3M 2012 Results I 14 May 2012  Insurance : Good results and improved inflows across all segments  Group : Additional progress made in solving remaining legacies  Outlook 2012 : Inflow levels expected to outperform 2011 Conclusions
  22. 22. SELECTEDTOPICS
  23. 23. Insurance Activities Investment portfolio General Account General Information 34 44 50 57
  24. 24. 24Periodic Financial Information I 3M 2012 Results I 14 May 2012 79 75 886 858 88 52 258 274 1,311 1,259 3M 11 3M 12 (-4%) Life In EUR mio Non-Life In EUR mio  Unit-Linked Savings Traditional Other Fire Accident & Health Motor  +5% Group Life Belgium Inflow Satisfactory level in Life, while Non-Life confirms positive trend Individual Life  YTD down to EUR 1 bn vs. EUR 1.1 bn in 2011, due to lower sales in Unit-Linked and savings products  Bank channel at EUR 775 mio YTD, below last year’s levels (EUR 836 mio) due to strong 3M 2011 inflow in Individual life supported by an increase of the guaranteed interest rate and by specific commercial campaigns  Broker channel at EUR 209 mio (vs. EUR 216 mio last year) similar trends bank channel Group Life  At EUR 274 mio, +6%, due to timing differences Funds under Management  Up 2% to EUR 50.1 bn, mostly driven by new intakes in Savings and in Group Life  Limited lapses  Unit linked funds stable driven by lower sales compensated by favourable market value evolution of the underlying funds Property and Casualty (Fire, Motor & others)  Inflows up 6%, all product lines contributing well, especially Fire (+10%)  Growth driven by a combination of tariff increases and portfolio growth Accident & Health  Health stable 160 163 156 159 149 163 46 49 511 535 3M 11 3M 12
  25. 25. 25Periodic Financial Information I 3M 2012 Results I 14 May 2012 Combined ratio AG Insurance 2008 – 3M 12 Belgium Combined ratio Increased in 3M 2012; mostly in Motor and Fire Expense ratioClaims ratio 65.0% 64.1% 68.7% 64.3% 61.9% 67.2% 35.9% 36.8% 36.4% 36.8% 36.7% 36.9% 100.9% 100.9% 105.1% 101.1% 98.6% 104.1% 2008 2009 2010 2011 3M 11 3M 12 Increase of the combined in Motor and Fire while strong improvement in Workmen’s Compensation  Combined Ratio at 104.1% in 3M 12 (vs. 98.6%)  Motor down to 101.5% (3M 11 at 94.9%) after an exceptionally good performance last year  Fire at 117.9% (vs.116.7%): segment still under pressure after 3M 2012 climatic events and a higher claims frequency and severity  Health Care at 96.2%; solid claims result  Workmen’s Compensation improved strongly from 95.2% to 84.3% at 3M 2012; decrease in claims frequency and severity, better prior year claims evolution supported by higher tariffs and targeted pruning actions  PY-releases at 9.6% (vs. 9.9%) → restated for new calculation methodology
  26. 26. 26Periodic Financial Information I 3M 2012 Results I 14 May 2012 287 365 125 10944 45471 534 1516 3M 11 3M 12 471 534 481 552 18 10 3M 11 3M 12 Motor United Kingdom Inflow Inflow levels substantially increased Non-Life Life Other Property Accident & Health +13% +15% Total In EUR mio Non-Life In EUR mio * including other income Life  Successful roll out of its proposition across the IFA market and through affinity partnerships developed in 2011  221,000 customers up 56% on same period 2010 Non-Life  Up 13%, driven by organic growth in both Commercial and Personal lines  Within Personal lines, Private car +25%, Household and Travel fell slightly  Commercial lines +23%, growth resulting from Van Other Insurance (including Retail)  YTD total income of EUR 68 mio up 8%;  Includes full quarter of Castle Cover
  27. 27. 27Periodic Financial Information I 3M 2012 Results I 14 May 2012 Combined ratio UK 2008 – 3M 12 UK, continued improvement confirmed Continental Europe and Asia remain below 100% Expense ratioClaims ratio UK : continued positive impact from corrective measures  Overall combined ratio at 102.3% reflecting seasonality in Q1. 3.7% improvement on Q1 2011  Motor : Improved to 98.0% (vs. 100.3%) reflecting lower claims frequency, better fraud prevention and revised rating structures  Household at 111.5% (vs. 121.9%); lower weather related claims  Travel at 103.4% (improved from 106.7%) due to management actions over the last 12 months  PY-releases at 1.7% (vs. 3.4% reserve strengthening)  Continental Europe: 90.3% vs. 99.3%  Portugal : Combined ratio at 87.90% vs. 95.5%  Italy : First impact of corrective measures noticeable  Asia : 89.6% vs. 93.6% 73.1% 80.4% 81.5% 74.6% 78.4% 76.7% 28.8% 27.7% 28.0% 25.3% 27.6% 25.6% 101.9% 108.1% 109.5% 99.9% 106.0% 102.3% 2008 2009 2010 2011 3M 11 3M 12 → no impact from new calculation methodology
  28. 28. 28Periodic Financial Information I 3M 2012 Results I 14 May 2012 45 56 101 305 466 421 58 71 669 853 3M 11 3M 12 70 98 24 86 16 45 10 46 120 275 3M 11 3M 12   +42% Accident & Health Motor Unit-Linked Savings Traditional Group +27% Other Fire Life In EUR mio Non-Life In EUR mio Life  Inflows +27%, including non-controlling interests, driven by merged Luxembourg entity.  Other countries inflow below last year  Portugal: volumes dropped due to timing of 2 unit- linked campaigns and reorientation towards protection and UL business  France: virtually stable driven by one-offs and transformation of the sales force Funds under Management  Scope-on-scope at EUR 13.9 bn vs. EUR 17.1 bn end 2011 and excluding Luxembourg due to deconsolidation Non-Life  GWP including non-controlling interests more than doubled to EUR 275 million driven by recent Turkish acquisition  Increase related to inclusion AKSigorta : EUR 157 mio  On a consolidated basis GWP flat at EUR 118 mio  Although all lines increased significantly through the inclusion of Turkey, A&H remains the largest business line. Continental Europe Inflow Up driven by recently merged/acquired activities
  29. 29. 29Periodic Financial Information I 3M 2012 Results I 14 May 2012 +22% 1,612 1,962 1,524 1,842 37 91 51 22 6 3M 11 3M 12 29 ** MAT: Marine Aviation & Transport Asia Inflow Excellent inflow levels, exceeding EUR 2 bn for the first time   128 215 71 140 57 76 3M 11 3M 12 Non-Motor* Motor Savings Group Traditional * Non-motor includes Fire, MAT, Accident & Health and other lines Life Non-Life In EUR mio In EUR mio +68% Unit-Linked Life  Hong Kong, +18%, Strong growth of 31% in new business following improved productivity in agency channel and growth in IFA channel  China, +21%, The focus on building a book of higher-margin recurring premiums combined with excellent persistency resulted in a 48% increase of renewals  Malaysia, +22%, New business premiums up 30% because of strong recovery of bank channel activity  Thailand, +31%, Continued strong growth in both bank and agency channel  India, -11%, New business down in line with market following regulatory changes. Renewals up 6% Funds under Management  Hong Kong : EUR 1.6 bn, +2% vs. end 11  Incl. partnerships (at 100%): EUR 20.8 bn, +4% vs. end 11 Non-Life  Malaysia, +76%, driven by Motor and Corporate MAT** lines  Thailand, +44%, across all lines and distribution channels
  30. 30. 30Periodic Financial Information I 3M 2012 Results I 14 May 2012 Tangible net equity as per 31 March 2012 Ageas’s capital of a high quality 10/03/2010 I page 30 * Includes a.o. management contracts of public car parks EUR bn 3M 12 3M 11 Reported net Shareholders' Equity 8.3 7.8 Unrealised gains real estate 0.6 0.6 Goodwill (incl RPI) (1.7) (1.6) VOBA (Value of Business Acquired) (0.4) (0.4) DAC (Deferred Acquisition Cost) (0.7) (0.7) Other* (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests 0.4 0.4 25% tax adjustment DAC, VOBA & Other 0.3 0.3 Tangible net equity 6.4 6.0 Tangible net equity 77% of reported net shareholders’ equity
  31. 31. Insurance Activities Investment portfolio General account General Information 34 44 50 57
  32. 32. 32Periodic Financial Information I 3M 2012 Results I 14 May 2012 I Investment portfolio as per 31 March 2012 Value up resulting from drop in spreads on fixed income portfolio In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Structured credit instruments 1% Real Estate 7% Sovereign bonds 54% Equities 3% Corporate bonds 35%  Value up from EUR 59.5 bn FY 11 to EUR 62.5 bn  Increase largely explained by yield drop resulting from decreasing spreads in both sovereign and corporate bond portfolio  Asset mix stable  Gross unrealized gains up to EUR 3.2 bn (vs. EUR 1.8 bn FY 11), mainly in fixed income Fixed Income  Gross unrealized gains at EUR 1.9 bn, compared to EUR 600 mio FY 11  Unrealized Gain Sovereigns at EUR 961 mio  Unrealized Gain Corporates at EUR 940 mio Equities  Gross unrealized gains at EUR 90 mio vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains stable at around EUR 1.2 bn Investment portfolio*
  33. 33. 33Periodic Financial Information I 3M 2012 Results I 14 May 2012 I 14.2 17.3 4.6 4.32.4 2.5 1.6 1.9 1.8 1.12.7 2.9 1.6 1.6 0.9 0.7 1.0 0.9 0.4 0.4 0.0 0.4 33.8 31.5 FY 2011 3M 2012 Greece Ireland Portugal Spain Italy Others The Netherlands Germany Austria France Belgium +19% +22% -39% -14% Sovereign bond portfolio as per 31 March 2012 vs. 2011 Gross unrealized gains substantially up  Fair value increased by EUR 2.3 bn, from EUR 31.5 bn to EUR 33.8 bn  Increase largely explained by yield drop resulting from decreasing spreads  87% portfolio rated A or higher, 95% investment grade  Divestments of Southern European, Dutch and French bonds, primarily reinvested in Belgium as part of redomestication in Belgian operations.  Gross unrealized gains at EUR 961 mio, compared to EUR 159 mio FY 11 resulting from yield drop In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Sovereign bond portfolio*
  34. 34. 34Periodic Financial Information I 3M 2012 Results I 14 May 2012 I 3.2 6.2 2.6 1.4 1.2 1.4 1.3 0.7 0.5 2.1 0.9 0.6 0.6 12.9 6.2 3.0 2.3 (0.9) 1.3 1.4 FY 09 FY 10 FY 11 3M 12 Impairment Greece Italy Spain Portugal Exposure on Southern European sovereigns further reduced Exposure at amortized cost and after non-controlling interests of EUR 2.3 bn  Exposure on S-E sovereigns at amortized cost , after impairments and non-controlling interests further reduced to EUR 2.3 bn.  Additional reduction of primarily Italian & Spanish sovereigns in 3M 12 of EUR 364 mio given increased liquidity and reduced spreads of SE sovereigns.  Exposure on Greece brought down to a marginal amount of EUR 20 mio.  Gross exposure at amortized cost of EUR 3.6 bn. In EUR bn
  35. 35. 35Periodic Financial Information I 3M 2012 Results I 14 May 2012 Equity funds 0.2 Mixed funds & others 0.2 Equities 0.9 Real Estate funds 0.7 Other financials 1.9 Other corporates 6.6 Banking 5.2 Government related 8.2 In EUR bn  Portfolio up to EUR 21.8 bn (vs. 21.4 bn)  Unrealized gains at EUR 940 mio (vs. EUR 432 mio)  94% investment grade; 80% rated A or higher  Banking / Other financials : 92% investment grade; no single position > EUR 0.3 bn  Hybrid securities: >90% with Tier-1 or Tier-2 status Corporate bond portfolio*  Equities investments at fair value increased from EUR 1.8 bn to EUR 2.0 bn.  Gross unrealized gains at EUR 90 mio, vs. nearly breakeven at end 2011. * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Equity portfolio* Corporate bond & Equity portfolio as per 31 March 2012 Corporate bond portfolio of EUR 21.8 bn; Equities at EUR 2.0 bn
  36. 36. 36Periodic Financial Information I 3M 2012 Results I 14 May 2012 Real estate portfolio as per 31 March 2012 Stable portfolio 10/03/2010 I page 36 In EUR bn  Value relatively stable at EUR 4.4 bn  Gross unrealized gains stable at EUR 1.2 bn (not reflected in net equity) - For own use : EUR 0.4 bn - Investment property : EUR 0.8 bn  Real Estate exposure mainly in Belgium * At fair value Car Parks 1.1 Real Estate Development 0.5 Investment Offices 1.5 Investment Retail 1.1 Investment Warehouses 0.2 Real Estate portfolio*
  37. 37. Insurance Activities Investment portfolio General Account General Information 34 44 50 57
  38. 38. 38Periodic Financial Information I 3M 2012 Results I 14 May 2012 Balance sheet value In EUR mio Net result impact In EUR mio Valuation Call option BNP Paribas shares at 31 March 2012 Value down due to significant decrease in volatility & decreasing time value 609 395 204 FY 10 FY 11 3M 12 (271) (214) (191) FY 10 FY 11 3M 12 Sensitivities FY11 3M 12 Implied volatility +5% 24.5% 47.6% Implied volatility -5% (23.6%) (41.0%) Dividend yield -1% 2.8% 6.5% Dividend yield +1% (1.1%) (5.6%) Valuation Model parameters (Black & Scholes) FY10 FY11 3M 12 BNP Paribas share price EUR 47.69 EUR 30.35 EUR 35.58 Strike price EUR 66.67 EUR 66.67 EUR 66.67 Volatility 33% 49% 33% Dividend yield 5.29% 5.98% 5.24%
  39. 39. 39Periodic Financial Information I 3M 2012 Results I 14 May 2012 Net result impact 27 (274) 275 (149) (3) (299) FY 10 FY 11 3M 12 RPN(I) Revaluation RPN(I) Settlement RPN(I) Interest Balance sheet value In EUR mio In EUR mio Valuation RPN(I) as at 31 March 2012 Impacted by agreement with BNP P on CASHES, reduced volatility in the future (465) (190) (163) FY 10 FY 11 3M 12 A glimpse of future valuation & net result impact  Balance sheet value: floor of EUR (163) mio to remain fairly stable.  Net result impact:  Revaluation next to zero following floor in balance sheet value  Settlement : one-off indemnification paid to BNPP  Interest impact limited to 1/3 (on 63% less CASHES)
  40. 40. 40Periodic Financial Information I 3M 2012 Results I 14 May 2012 Ageas’s equity Value Net book value assets RPI* In EUR mio In EUR bn In EUR bn In EUR bn Principal & interest collections In EUR mio Outstanding debt - IFRS Fair value - IFRS Valuation items Royal Park Investments as at 31 March 2012 Equity value up on good results driven by higher marked-to-market value Net result impact – part Ageas In EUR mio Commercial paper Other Senior + Super Senior * Net book value = Economic recovery value as of 31 December 2011 under B-GAAP minus Redemptions until 31 March 2012 Net result impact Principal collections Interest collections 933 779 894 FY 10 FY 11 3M 12 10.0 8.9 8.5 FY 10 FY 11 3M 12 4.6 5 2.6 1.2 0.8 5.5 5 7.2 6.0 FY 10 FY 11 3M 12 131 112 (197) FY 10 FY 11 3M 12 1,540 1,208 322 169 359 37 156 1,364 1,709 FY 10 FY 11 3M 12 7.0 6.0 6.0 FY 10 FY 11 3M 12
  41. 41. 41Periodic Financial Information I 3M 2012 Results I 14 May 2012 Ageas strives for an optimal use of cash Almost equal share of three alternative uses of cash since 2009 Going forward : Insurance: Lower growth in capital intense savings business Increased proportion of Non-Life and Fee related business General Account: Net cash position at EUR 1.3 bn (before dividend payment) 9/30/2009 Invest in Businesses  Organic growth  Selective acquisitions  Create new partnerships Return to debtholders  Debt buy back (EMTN) Return to shareholders  Dividend payment  Share buy back May 2009 – March 2012: +/- EUR 740 mio  +/- EUR 450 mio UK (Tesco, KFIS, Castle Cover)  +/- EUR 190 mio CEU (Italy, Turkey)  +/- EUR 100 mio Asia (India, HK) +/- EUR 850 mio  +/- EUR 600 mio constant dividend over 2009, 2010 & 2011  EUR 250 mio share buy-back finalized early 2012 +/- EUR 700 mio  +/- EUR 700 mio EMTN programme redeemed (31/12/2011)
  42. 42. 42Periodic Financial Information I 3M 2012 Results I 14 May 2012 Overview of main characteristics Hybrids Situation as per 31 March 2012 Ageas 47.86 Coupon served by FBB, trigger ACSM linked to Ageas dividend <0.5% Dividend YES NO YES Undated exchange strike 23.94 mandatory 35.91 BE0933899800 3,000 3m EUR +200 bp CASHES* EUR mio Ageasfinlux Fresh Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Ageas Hybrid Financing Nitsh II Direct issue FBB, 2004 % 3m EUR + 135 bp 5.125% 8.25% 8% 4.625% Amount 1,250 500 USD 750 625 1,000 ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 Call date Undated exchange strike 31.50 mandatory 47.25 Jun/2016 Step up to 3M Euribor +200 Aug/2013 No step up Jun/2013 No step up Oct/2014 Step up to 3M Euribor+170 ACSM YES YES YES YES YES Dividend pusher YES YES YES YES YES Dividend stopper NO YES YES YES YES Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset YES <8% CAD Other 500 on lent to AG Insurance USD 750 on lent to FBB 250 on lent to AG Insurance; 375 on lent to FBB No stock settlement feature as for Direct issue FBB 2001 Market Price (31/12/11) 43.8 63.6 89 86.12 78.14 Fortis Bank (now BNP Paribas) * On 31 January 2012 BNPP announced that 63% of the holders have tendered CASHES for purchase by BNPP @ purchase price of 47.5% of the principal amount of the CASHES.
  43. 43. 43Periodic Financial Information I 3M 2012 Results I 14 May 2012 General Account Legal proceedings & investigations managed in interest of shareholders (1)  Appeal filed before the “College van Beroep voor het bedrijfsleven” at The Hague; proceedings ongoing  AFM : fine imposed on 05/02/10 in relation to price sensitive info in June 08 The NetherlandsAdministrative proceedings  Appeal filed before the “College van Beroep voor het bedrijfsleven” at The Hague; proceedings ongoing  AFM: 2nd fine imposed on 19/08/10 in relation to price sensitive information in Sep 07  Proceedings ongoing FSMA re communication in second quarter 2008 Belgium  Investigation ongoingBelgiumCriminal investigation  Report filed in November 2011 At request of Deminor re transactions Sep/Oct 2008 BelgiumExpert investigations  Report filed in June 2010  Judgment Ondernemingskamer 5 April 2012 re mismanagement, mainly in favour of plaintiffs. Appeal to be filed before the Supreme Court  At request of VEB/ESG re 2007-2008The Netherlands Situation on 14 May 2012
  44. 44. 44Periodic Financial Information I 3M 2012 Results I 14 May 2012  Judgment 23 March 2012 in favour of Ageas MCS-holders contesting validity of conversion Brussels, BelgiumFinancial instruments  Court decision 08/12/09 on competence and provisional measures; proceedings ongoing  Suspended, awaiting outcome of criminal investigation  Modrikamen, re Sep/Oct 2008 transactions  Deminor, re alleged miscommunication Brussels, BelgiumCivil lawsuits  Judgement in favour of Ageas; appeal filed by Stichting FortisEffect  Proceedings against Ageas, former directors/executives and banks  Proceedings ongoing  Stichting FortisEffect, re sale of Dutch activities against Dutch State and Ageas  VEB re alleged miscommunication 2007-08  Dutch state re Oct 2008 transaction; claims for EUR 210 mio & EUR 674 mio Amsterdam, The Netherlands  Judgment 15 February 2012 in favour of plaintiffs; Appeal filed  Proceedings ongoing against Ageas and two financial institutions  Mr.Bos, re alleged miscommunication May – June 2008  Stichting Investor Claims Against Fortis re alleged miscommunication 2007 - 08 Utrecht, The Netherlands  Against ABN AMRO and Dutch State; proceedings ongoing  Against FCC, ABN AMRO and Dutch State; Pleadings scheduled  Claim of EUR 2 bn re MCS  Claim for reimbursement EUR 362.5 mio Amsterdam, The Netherlands Initiated by Ageas General Account Legal proceedings & investigations managed in interest of shareholders (2) Situation on 14 May 2012
  45. 45. Insurance Activities Investment portfolio General Account General Information 34 44 50 57
  46. 46. 46Periodic Financial Information I 3M 2012 Results I 14 May 2012 I Upcoming... Find out more about our Non-Life activities... Ageas’s Investor Day 2012 London 24 & 25 September
  47. 47. 47Periodic Financial Information I 3M 2012 Results I 14 May 2012 Total number of outstanding shares situation 31/12/2011 situation 14/05/2012 Total Issued Shares 2,623,380,817 2,431,212,726 Shares not entitled to dividend and voting right 342,404,219 88,366,322 1. TREASURYSHARES Share buy-back 175,163,656 0 FRESH 39,682,540 39,682,540 Other treasury shares 2,244,740 2,244,740 2. CASHES 125,313,283 46,439,042 Shares entitled to dividend and voting rights 2,280,976,598 2,342,846,404 Total Issued Shares diminished with the 192,168,091 shares acquired through the Buy-back program and cancelled at the shareholders' meetings of 24 and 25 April 2012. (Effective after 2 months delay according to Dutch Law) Following the agreement with BNPP 63% of the outstanding CASHES has been converted into Ageas shares (63% of 125,313,283) with dividend and voting right.
  48. 48. 48Periodic Financial Information I 3M 2012 Results I 14 May 2012 29 June Extraordinary shareholders’ meeting on simplification - Brussels Financial Calendar 2012 30 April Ex-dividend date - Start dividend election period 25 April Annual shareholders’ meeting - Brussels 20 February Annual results 2011 26 April Annual shareholders’ meeting - Utrecht 14 May 3M 2012 results 31 May Payment 2010 dividend 21 May End of dividend election period 6 August 6M 2012 results 7 November 9M 2012 results 14 March Embedded Value & Annual Report 2011 24 & 25 September Investor Day - London 28 June Extraordinary shareholders’ meeting on simplification - Utrecht
  49. 49. 49Periodic Financial Information I 3M 2012 Results I 14 May 2012 I Outcome of the General Shareholders’ Meetings April 2012 All submitted proposals have been approved  Cancellation of shares acquired through buy-back programme  192,168,091 shares cancelled  outstanding shares down to 2,431,212,726  Gross cash dividend of 8 eurocent per share  Conservatory measures against the former directors of the company  Annual accounts 2011, remuneration report, discharge of Board members
  50. 50. 50Periodic Financial Information I 3M 2012 Results I 14 May 2012 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.
  51. 51. 51Periodic Financial Information I 3M 2012 Results I 14 May 2012 Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 + 31 30 2525 305 ir@ageas.com www.ageas.com Investor Relations
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