1. 9M 2012
FY RESULTS
Periodical Financial
Periodical Financial
Information
Information
Christophe Boizard
CFO
Morgan Stanley Conference
London - 20 March 2013

2. Presentation
Annexes
1

3. Headlines
Ageas confirms strong insurance results
Insurance net result: 2011 heavily
impacted by impairments
Insurance excl. impairments:
improving Life & Non-Life
Both Insurance & General Account
contributing to group net result
In EUR mio
In EUR mio
In EUR mio
624
+15%
595
223
30
683
743
11
119
172
119
(313)
82
430
(578)
30
FY 11
(425)
FY 12
(28)
446
FY 11
(313)
FY 11
Life
Non-Life
Other
Combined ratio further improving
in claims & expenses
624
501
Life
FY 12
Non-Life
Other
Insurance solvency stable*
FY 12
(265)
Insurance
General Account
Shareholders’ equity up on
net profit & unrealized gains
42.7
3,8
EUR per share
32.3
5,2
100.1%
FY 11
207%
99.1%
FY 12
227%
FY 11
210%
206%
207%
27,1
FY 12
FY11
* Based on regulator’s view / ** pro forma recalculation for reverse 10 to 1 stock-split
Periodic Financial Information I FY 12 Results I 20 February 2013
**
Tangible Equity
38,9
FY12
Intangible Equity
2

4. Ageas’s dividend and share buy back program over 2012
 Proposed gross dividend in cash


For an amount up to EUR 200 mio
 For period ending 19 February 2013 at the latest
 1.2 Euro per share
 Up 50% on 2011

on 24 April 2013 in Brussels
 26 April : Ex-dividend date
 6 May
: Payment 2012 dividend
Periodic Financial Information I FY 12 Results I 20 February 2013
Open market purchases on NYSE Euronext Brussels


Independent broker mandated to execute programme

 In line with 40%-50% pay-out ratio set
out in dividend policy
 Dividend to be approved at AGM
Buy-back programme launched as of 13 August
Shares to be held as treasury shares until formal
approval of cancellation
On 27 February Ageas announces the completion
of its EUR 200 mio buy back program

Total amount of 9.6 mio shares bought back (3.96% of
total)
 Total amount of shares owned by Ageas is 5.70%
 Next step: propose at shareholders’ meeting the
cancellation of the shares bought back
3

5. Evolution on realizing the targets set for 2015
As communicated at Investor Day 2012
FY 12 at 67/33 vs. 66/34
Calculation based on Inflows @ Ageas’s part (details slide 29)
FY 12 at 99.1% vs. 100.1%
Calculation based on Non-Life Net Underwriting result in % Net earned premiums
FY 12 at 8.7% vs. (5.5%*)
Calculation: Insurance result in % average Insurance equity
FY 12 at 12.1% vs. 15.2%
Calculation: Equity of Turkey, China, Malaysia, Thailand & India as % Insurance equity
* ROE 2011 on adjusted basis of 7.1%
Periodic Financial Information I FY 12 Results I 20 February 2013
4

6. Net cash wisely spent
Balanced use of cash since 2009
Invest in Businesses



Organic growth
Selective acquisitions
Create new partnerships
Return to shareholders


Dividend payment
Share buy-back
Return to debtholders

Redemption of Debt (EMTN)
May 2009 – December 2012:
+/- EUR 0.9 bn



+/- EUR 600 mio UK (Tesco, KFIS,
Castle Cover, Groupama)
+/- EUR 200 mio CEU (Italy, Turkey)
+/- EUR 100 mio Asia (India, HK)
+/- EUR 1.1 bn


+/- EUR 600 mio constant dividend
over 2009, 2010 & 2011
EUR 450 mio share buy-back
finalized early 2013
+/- EUR 0.8 bn

redemption in EMTN programme
+ EUR 270 mio
proposed dividend 2012
Going forward :

Lower growth in capital intensive savings business
 Increased proportion of Non-Life related business
Periodic Financial Information I FY 12 Results I 20 February 2013
5

7. Inflows @ 100%
Driven by Asia & scope changes in Continental Europe
In EUR mio
21,269
Belgium
UK
CEU
Asia
Total Ageas
Life
Life
Life
Life
Life
Non-Life
Non-Life
Non-Life
Non-Life
Non-Life
+ 24%
17,220
5,680
4,891
+ 28%
+ 11%
6,179
1,671
7,882
6,886
6,158
+ 50%
1,759
5,127
FY 12
2,849 1,026
2,035 2,229
51
FY 11
12,329
607
4,272
+ 10%
4,508
15,590
751
1,983
2,143
FY 11
FY 12
630
86
2,219
FY 11
7,131
5,551
3,246
FY 12
FY 11
FY 12
FY 11
FY 12
Periodic Financial Information I FY 12 Results I 20 February 2013
6

8. Inflows @ Ageas’s part
Inflow up 16%, all segments showing double digit growth
In EUR mio
Belgium
UK
CEU
Asia
Total Ageas
Life
Life
Life
Life
Life
Non-Life
Non-Life
Non-Life
Non-Life
Non-Life
11,245
+ 16%
9,722
3,684
3,262
+ 11%
5,164
4,634
1,319
1,253
+ 28%
+ 13%
3,381
1,657 1,865
3,845
1,526
1,779
1,905
1,780
86
51
FY 12
FY 11
FY 12
381
1,287
1,397
1,740
FY 11
FY 12
FY 11
Periodic Financial Information I FY 12 Results I 20 February 2013
203
164
239
1,606
FY 11
2,436
+ 17%
7,561
6,460
2,233
FY 12
FY 11
FY 12
7

9. Insurance Combined ratio
Further improvement to 99.1%, below Ageas 100% target
Combined ratio 2009 – 2012
Combined ratio at 99.1% vs. 100.1%

33.1%
69.4%
106.0%
100.1%
99.1%
99.9%
101.9%
31.1%
31.0%
29.5%
30.3%
32.8%
73.2%
69.0%
68.1%
70.4%
97.2%
30.6%
71.6%
94.7%
30.7%

Motor at 99.0% (vs. 97.3%): non-recurring
reserves strengthening for bodily injuries in
Belgium, positive impact of management action
in UK

102.5%
Q4 impacted by reserves strengthening &
normal seasonality
Household at 97.2% (vs.103.4%): continued
good performance in CEU; lower climate impact
& higher tariffs in Belgium; weather events in UK

Accident & Health: at 96.0% (vs.96.9%): good
performance confirmed in Belgium; reserves
strengthening in CEU
102.3%
32.0%
64.1%
66.5%
70.3%
(4.1%)
(1.7%)
(1.4%)
Claims ratio at 68.1% vs. 69.0%
(6.0%)
2009
(3.7%)
(3.5%)
2010
(3.1%)
2011
2012
claims ratio
(4.2%)
Q4 11
(5.6%)
Q1 12

Q2 12
expense ratio
Q3 12
Q4 12
PY claims ratio
Net earned premium in EUR mio
2,497
2,858
3,507 4,178
CY claims ratio improving in all segments

PY claims ratio slightly down to 3.1% (vs. 3.5%),
driven by reserves strengthening in Belgium
Expense ratio stable at 31%
965
989
1,034 1,044 1,111
Periodic Financial Information I FY 12 Results I 20 February 2013

Cost containment in CEU compensates for
increasing commission in UK
8

10. Insurance Life operating margin
All margins improving
Operating margin 2010 – 2012
Operating margin at 0.90%

Operating margin: 2011 operating margin
impacted by impairments on Greek
sovereigns, equity & goodwill, offset by net
capital gains on various rebalancing
operation. On an adjusted basis, operating
margin increased driven by better investment
margin

Underwriting margin improved due to good
mortality result in CEU & portfolio growth in
Asia.

Investment margin 2011 impacted by
financial turmoil

Expense & other margin stable
1.17%
1.05%
0.90%
0.74%
0.66%
0.66%
0.72%
0.48%
(0.51%)
0.33%
0.34%
0.49%
1.08%
0.84%
0.47%
0.41%
0.51%
0.31%
0.40%
0.38%
0.46%
(0.20%)
(0.16%)
0.38%
(0.23%)
(0.18%)
(0.19%)
(0.24%)
0.30%
(0.20%)
(0.64%)
(0.21%)
2010
2011
2012
Underwriting m.
Q4 11
Q1 12
Investment m.
Q2 12
Q3 12
Q4 12
Technical liabilities
Expense & other m.

Year-end technical liabilities at EUR 68.8 bn,
up 7% on a scope-on-scope basis. Strong
growth in Belgium & Asia
65.0

Average technical liabilities up 2% reflecting
an increase in Belgium & Asia and a
decrease in CEU
Average technical liabilities in EUR bn
70.6
64.7
65.8
64.7
64.8
Periodic Financial Information I FY 12 Results I 20 February 2013
65.4
65.8
9

11. IFRS Solvency as per 31 December 2012
Insurance ratio stable, Ageas ratio impacted by value put option on AG Insurance
In EUR bn
Belgium
UK
CEU
Asia
Total Ageas
General Account
RMC
Excess Capital
RMC
Excess Capital
RMC
Excess Capital
RMC
Excess Capital
RMC
Excess Capital
Available Capital
231%
237%
9.2
206%
8.6
207%
8.2
7.5
5.2
4.2
174%
3.6
4.2
1.7
4.0
3.9
176%
3.9
5.0
1.8
268%
234%
2.3
2.4
0.9
0.5
0.4
FY 11 FY 12
224%
244%
172%
1.1
0.6
0.5
FY 11 FY 12
1.4
1.0
0.4
0.6
292%
1.3
1.4
3.6
0.8
0.8
0.9
0.6
0.4
0.5
4.0
FY 11 FY 12
FY 11 FY 12
Periodic Financial Information I FY 12 Results I 20 February 2013
1.1
FY 11 FY 12
1.0
FY 11 FY 12
FY 11 FY 12
10

12. Headlines Belgium
Strong Life inflows, Good operating performance in Life & Non-Life
Net result: 2011 impairments
Result excl. impairments
Robust inflow growth
In EUR mio
In EUR mio
In EUR mio
324
65
+11%
6,886
383
6,179
39
70
1,671
321
313
4,508
5,127
FY 11
260
(327)
360
FY 12
FY 11
FY 12
1,759
3
FY 11
FY 12
(330)
Life
Life
Non-Life
Non-Life Combined ratio improving
Life
Non-Life
Life Underwriting margin solid*
Non-Life
Investment result
In EUR mio
532
113
419
101.1%
99.5%
227%
0.28%
210%
207%
0.29%
(276)
**
68
FY 11
(344)
FY 11
FY 12
FY 11
* in % of average technical liabilities
Periodic Financial Information I FY 12 Results I 20 February 2013
FY 12
FY 12
Life
Non-Life
11

13. Headlines UK
Solid Non-Life results
Net result
Result excl. impairments
Inflow flat at constant FX
In EUR mio
In EUR mio
In EUR mio
108
2,035
(28)
11
86
30
30
137
1,983
80
2,143
51
61
(4)
(0)
FY 11
Life
2,229
91
86
(4)
+10%
FY 12
Non-Life
Other
86
51
FY 11
Life
FY 12
Non-Life
Other
Non-Life result adjusted*
Other result adjusted**
In EUR mio
FY 11
Life
FY 12
Non-Life
In EUR mio
85
61
227%
210%
21
FY 11
FY 12
FY 11
Non-Life Combined ratio below 100%
207%
99.9%**
99.8%
FY 11
FY 12
16
FY 12
* 2012 adjusted for EUR 63 mio badwill on GICL, EUR (15) mio reorganisation costs & EUR 4 mio net result GICL //** 2011 adjusted for EUR 9 mio
incentive payment; 2012 adjusted for EUR (31) mio impairment charge , EUR (8) mio accelerated amortisation EUR (4) mio GICL transaction costs
12
Periodic Financial Information I FY 12 Results I 20 February 2013

14. Headlines Continental Europe
Improved operational performance
Net result: FY 11 hit by impairments Result excl. impairments
Inflow growth due to scope change**
In EUR mio
In EUR mio
In EUR mio
64
65
58
14
11
(8)
1,026
2,849
630
50
52
47
11
4,272
+50%
14
3,246
2,219
FY 11
(19)
FY 12
FY 11
Life
FY 12
Life
Non-Life
FY 11
Non-Life
Non-Life Combined ratio improving Life Underwriting margin*
Life
FY 12
Non-Life
Continued cost containment
In EUR mio
96.7%
93.4%
FY 11
227%
0.57%
FY 12
FY 11
* in % of average technical liabilities // ** Luxembourg, Turkey
Periodic Financial Information I FY 12 Results I 20 February 2013
210%
207%
0.67%
FY 12
186 **
FY 11
154
FY 12
13

15. Headlines Asia
Strong inflows, Excellent year for Life, Non-Life profits held back by impact Thai floods
Net result*
Result excl. impairments
Inflow
In EUR mio
In EUR mio
In EUR mio
128
8
144
8
+28%
6,158
7,882
751
607
121
(64)
8
FY 11
(72)
91
8
137
FY 12
83
FY 11
Life
FY 12
Life
Non-Life
Non-Life Combined ratio
7,131
5,551
FY 11
Non-Life
Net result Hong Kong
FY 12
Life
Non-Life
Net result non-conso’s
34
109
102.0%
FY 11
99.3%
227%
(84)
FY 12
210%
**
207%
32
FY 11
FY 12
* Includes net result Hong Kong, non-consolidated partnerships & regional costs
Periodic Financial Information I FY 12 Results I 20 February 2013
FY 11
FY 12
14

16. General Account: components of Net result
Excellent results RPI over the year, Q4 mainly up on revaluation BNP P call option
In EUR mio
400
(132)
104
(161)
4Q 12
9M 12
14
(2)
3
90
(5)
(221)
(91)
60
(21)
(70)
119
50
69
Deal with
ABN Amro &
Dutch State
Agreement
with BNP
on CASHES
& Tier 1
RPN(I)
revaluation
RPI
BNP
Call option
Other
General
Account
EUR 209 mio FY 12 impact of legacies
Periodic Financial Information I FY 12 Results I 20 February 2013
15

17. Valuation Royal Park Investments as at 31 December 2012
Equity value up driven by positive RPI result, goodwill fully impaired
Ageas’s equity Value
Net book value assets RPI*
In EUR mio
In EUR bn
Outstanding debt - IFRS
In EUR bn
7.2
872
FY 11
8.9
FY 10
4.2
FY 10
10.0
7.8
FY 12
4.8
FY 11
FY 12
2.0
779
FY 10
0.6
6.0
0.6
0.6
4.6
933
FY 11
FY 12
Commercial paper
Net result impact – part Ageas
Fair value - IFRS
In EUR mio
In EUR bn
FY 10
In EUR mio
104
FY 11
FY 12
7.0
Other Senior + Super Senior
Principal & interest collections
1,709
169
131
4.7
0.5
6.0
6.2
FY 11
FY 12
1,540
1,364
156
1,368
128
1,208
1,240
(197)
FY 10
FY 10
FY 11
FY 12
Principal collections
Interest collections
* Net book value = Economic recovery value as of 31 December 2012 at B-GAAP
Periodic Financial Information I FY 12 Results I 20 February 2013
16

18. Net cash position General Account at EUR 1.2 bn
Significantly up after agreements in H1; impact buy-back & acquisition Groupama

The agreements with Fortis Bank & BNP P on
the CASHES & Tier 1 (Q1) & with ABN AMRO &
Dutch State on legal proceedings (Q2) had a
joined positive impact on net cash position of
EUR 1.1 bn
in EUR mio

2011 dividend of 8 eurocent per share brought
cash down with EUR 0.2 bn (Q2)
Net cash position

Further impacted by share buy-back
programmes & funding of Groupama acquisition
FY 11
FY 12
Cash and cash equivalents
345
402
Due from banks short term
600
1,000
(257)
(187)
688
1,216
Debt certificates (EMTN)
Share buy-back programme
announced 6 August 2012 will
further reduce net cash
Quarterly evolution
net cash position*
1.5
3
2.8
In EUR bn
Net cash
Discretionary capital
1.3
FY 09
1.0
3M10
2.6
2.3
0.9
6M10
2.2
0.7
0.5
9M10
FY10
2.1
1.3
1.3
1.3
1.1
3M12
6M12
9M 12
FY12
1.2
2.1
1.0
0.8
0.7
6M11
9M 11
FY11
0.2
3M11
1.4
* Until 6M 11 known Information FY 12
Periodic Financialas discretionaryIcapital Results I 20 February 2013
17

19. Conclusions
Insurance :

Continued strengthening & solidifying of
business model in all countries

Overall improvement of operational
performance

Balance sheet remains strong
General Account:

Important headway in solving legacies

Complexity General Account further
reduced
 2012 dividend strongly up
 Full commitment to deliver against the
Vision 2015 targets in 2013 and beyond
Periodic Financial Information I FY 12 Results I 20 February 2013
18

20. Investor Day 2013
Update on Vision 2015
Investor Day 2013
18 September 2013
Andaz Hotel - London
Periodic Financial Information I FY 12 Results I 20 February 2013
19

21. Presentation
Annexes
20

22. Detailed overview inflows
By segment/business @ 100%
Life
EUR mio
Belgium
United Kingdom
Continental Europe
FY 12
FY 11
FY 12
FY 11
Total
FY 12
FY 11
5,127
86
3,246
4,508
51
2,219
1,759
2,143
1,026
1,671
1,983
630
6,886
2,229
0
4,272
6,179
2,035
0
2,849
1,034
763
271
0
0
0
2,213
0
2,213
2,219
1,071
290
814
44
0
0
0
0
459
240
0
0
0
219
453
237
0
0
0
216
567
0
177
0
1,493
1,003
271
0
0
219
2,213
567
2,213
0
2,672
1,308
290
814
44
216
0
177
0
0
7,131
5,551
751
607
7,882
0
6,158
0
447
447
6,684
786
1,224
4,565
109
353
353
5,198
622
907
3,552
116
0
0
751
570
181
0
0
0
0
607
478
129
0
0
447
447
7,436
1,538
1,794
4,746
109
0
353
353
5,805
1,229
1,385
3,681
116
0
15,590
12,329
5,680
4,891
21,269
17,220
Consolidated entities
6,693
7,131
4,362
4,107
11,054
11,239
Non-consolidated partnerships
8,897
5,198
1,318
784
10,215
5,982
Consolidated entities
Portugal
France
Luxembourg
Germany
Italy
Non-consolidated JV's
Turkey (Aksigorta)
Luxembourg (Cardif Lux Vie)
75%
100% *
0%
Non-Life
0%
51%
100%
50%
100%
25%
36%
33%
Asia
Consolidated entities
Hong Kong
Non-consolidated JV's
Malaysia
Thailand
China
India
Total
100%
31%
31%/15%
25%
26%
* Ageas holds a 50% stake in Tesco Underwriting
Periodic Financial Information I FY 12 Results I 20 February 2013
21

23. Insurance net result
2011 result heavily hit by impairments
In EUR mio
624
(28 )
Belgium
UK
CEU
Asia
Total Ageas
Life
Life
Life
Life
Life
Non-Life
Non-Life
Non-Life
Non-Life
Non-Life
Other
223
Other
324
65
430
108
260
86
(327)
30
(4)
3
FY 11
FY 12
FY 11
8
64
137
61
(8)
(0)
FY 12
(313)
128
(28 )
11
(19) FY 11
(64)
14
50
FY 12
121
8
FY 11
(72)
FY 12
30
82
FY 11
FY 12
(330)
(425)
22
Periodic Financial Information I FY 12 Results I 20 February 2013

24. Overview impairments & net capital gains
2011 heavily hit by impairments, only limited influence of cap gains in Y-o-Y comparison
Impairments
Cap gains/losses
Life
Non-Life
Total Belgium
Equities
FY 11
FY 11
FY 11
FY 12
FY 11
(53)
(5)
EUR mio
(558)
(94)
(651)
142
(27)
(10)
(36)
104
20
(58)
(584)
(103)
(687)
124
144
FY 12 *
Goodwill
Total
Greek b onds
1
0
Life
2
56
(39)
Non-Life
Other
Total UK
20
7
17
20
8
Non-Life
Total CEU
(2)
(43)
(22)
(65)
6
(8)
(1)
(2)
Life
(0)
(1)
0
0
(43)
(22)
(66)
6
(8)
(16)
Life
Non-Life
Total Asia
(56)
(99)
(155)
33
36
(16)
(56)
(99)
(155)
33
36
(600)
(172)
(99)
(871)
171
(27)
(10)
(37)
143
39
(627)
(182)
(908)
182
180
(71)
51
Life
Non-Life
Other
9
(39)
Total Ageas
(59)
(99)
* Includes badwill & goodwill impairments of EUR 23 mio in UK
Periodic Financial Information I FY 12 Results I 20 February 2013
23
10/03/2010 I page 23

25. Insurance net result adjusted for impairments
Improved operational performance in Life & Non-Life
In EUR mio
Belgium
UK
CEU
Asia
Total Ageas
Life
Life
Life
Life
Life
Non-Life
Non-Life
Non-Life
Non-Life
Non-Life
Other
683
11
15%
Other
595
30
172
119
6%
360
39
383
70
501
446
321
313
86
(4)
FY 11
FY 12
59%
6%
13%
91
58
11
30
61
80
FY 11
FY 12
0
8
14
47
52
FY 11
FY 12
Periodic Financial Information I FY 12 Results I 20 February 2013
8
91
65
11
144
137
83
FY 11
FY 12
FY 11
FY 12
24

26. Shareholders’ equity as per 31 December 2012
Up driven by unrealized gains, net profit & revaluation put option
In EUR mio
Shareholders’ equity / share
EUR 42.75
EUR 32.30
1,540
624
7,760
(188)
8
208
(160)
1,673
119
1,931
1,755
Insurance
UG/L
9,911
Insurance
UG/L
423
6,306
5,582
FY 11
Net result
Insurance
Equity per segment
Belgium
UK
Continental Europe
Net result Change UG/L
Gen Account
FY 11
2,381
1,008
929
Dividend
Buy back
Revaluation
put option
FY 12
►
►
►
4,028
1,183
1,190
Periodic Financial Information I FY 12 Results I 20 February 2013
Forex
& other
FY 11
Asia
Insurance
General Account
1,687
6,005
1,755
FY 12
FY 12
►
►
►
1,837
8,237
1,673
25

27. Insurance
Lexicon on new disclosures as from FY 2012
Life
Non-Life
+ Underwriting
result
+ Premiums received from policyholders
- actual payments made in risk contracts
+ penalties deducted in case of surrender
+ reinsurance result
+ Expense &
Other result
+ Net Underwriting + Net Earned Premium
- all evolutions in claims reserves (CY & PY)
result
+ expense loadings
- actual expense charges
+ other results of technical nature
+ technical interest charges on technical liabilities
- all expenses (marketing, intermediary, claims
handling & administration)
= Net Underwriting result
+ Other result
+ Investment result + Investment income on assets covering
+ Investment result + Investment income on assets covering Non-Life
Life technical liabilities (recurring & cap
gains)
- what is paid out to policyholders
(guaranteed income & profit sharing)
technical liabilities (recur. & cap gains)
- technical interest charges on technical liabilities
+ other results of technical nature
= Operating result
= Operating result
Average technical = average between technical liabilities at
the beginning & at the end of each quarter
liabilities
Net earned premium
of current year.
Life margins
+ Premiums received from policyholders
- premiums covering risks future period
- premiums paid to reinsurers
All Life margins calculated as % of average Non-Life ratio’s
technical liabilities
All Non-Life ratio’s calculated in % of Net
earned premiums
Combined ratio
Periodic Financial Information I FY 12 Results I 20 February 2013
Corresponds to 1minus net underwriting
result in % of net earned premiums
26

28. Investment portfolio as per 31 December 2012
Value up as result of volume growth & unrealized gains/losses
In EUR bn

75.9
2.4
4.7
67.9
2.7
4.3
1.8
0.5
2.8
2.9
2.4
0.3
3.7
2.6
Increase mainly explained by volume growth, both in
existing & new business and by unrealized
gains/losses

Investment portfolio*
Gross unrealized gains/losses up to EUR 6.7 bn on
portfolio (EUR 1.8 in FY 11) mainly in fixed income

Investments in Belgian government bonds &
corporate Non-Financials up

Infrastructure loans (part of loans to customers):
2 projects on balance sheet for EUR 0.1 bn; further
commitments & outstanding bids for EUR 0.3 bn
Cash & equivalents
Real Estate
Equities
Loans to customers
25.1
21.4
Loans to banks
Structured credit
instruments
Corporate bonds
31.5
34.7
Fixed Income

Gross unrealized gains/losses at EUR 5.2 bn;
EUR 0.6 bn FY 11
 Unrealized gain Sovereigns at EUR 3.3 bn
 Unrealized gain Corporates at EUR 1.9 bn
Sovereign bonds
Equities

FY 11
FY 12
Gross unrealized gains up to EUR 0.2 bn vs. nearly
breakeven end 2011
Real Estate

Gross unrealized gains marginally up to EUR 1.3 bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Periodic Financial Information I FY 12 Results I 20 February 2013
27

29. Valuation Call option BNP Paribas shares at 31 December 2012
Value down due to decrease in volatility, up in H2 following BNP share price
Valuation
Balance sheet value
In EUR mio
Model parameters
(Black & Scholes)
FY 10
FY 11
FY 12
BNP Paribas share price
395
FY 11
EUR 66.67
EUR 66.67 EUR 66.67
Volatility
174
FY 10
EUR 30.35 EUR 42.54
Strike price
609
EUR 47.69
9M 12
234
Dividend yield
33%
49%
30%
5.29%
5.98%
4.69%
FY 12
Net result impact
In EUR mio
9M 12
FY 12
(161)
(214)
(271)
(221)
FY 11
FY 12
24.5%
47.5%
Implied volatility -5%
(23.6%)
(41.3%)
Dividend yield -1%
2.8%
4.0%
Dividend yield +1%
FY 11
Sensitivities
Implied volatility +5%
FY 10
(1.1%)
(2.5%)
Periodic Financial Information I FY 12 Results I 20 February 2013
28

30. Overview of main characteristics Hybrids
Situation as per 31 December 2012
EUR mio
Fortis Bank (now BNP Paribas)
Ageas
Ageas Hybrid
Financing
Hybrone
Ageas Hybrid
Financing
Nitsh I
Ageas Hybrid
Financing
Nitsh II
Direct issue
FBB, 2004
CASHES*
5.125%
8.25%
8%
4.625%
3m EUR +200 bp
500
USD 750
625
1,000
1,110
XS0147484074
XS0257650019
XS0346793713
XS0362491291
BE0119806116
BE0933899800
Undated exchange
strike 315.0
mandatory 472.5
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
Undated exchange strike
239.4 mandatory 359.1
ACSM
YES
YES
YES
YES
YES
YES
Dividend
pusher
YES
YES
YES
YES
YES
NO
Dividend
stopper
NO
YES
YES
YES
YES
YES
Liabilities > asset
Liabilities > asset
Liabilities > asset
<8% CAD
<0.5% Dividend
500
on lent to AG
Insurance
USD 750
on lent to FBB
77.7
100.5
Ageasfinlux
Fresh
% 3m EUR + 135 bp
Amount
1,250
outstanding
ISIN
Call date
Trigger < 0.5% dividend trigger
Other
Market Price
(31/12/12)
43.5
250 on lent to
No stock settlement Coupon served by FBB,
AG Insurance; 375 feature as for Direct trigger ACSM linked to
on lent to FBB
issue FBB 2001
Ageas dividend
100.7
95.5
53.1
* 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.
Periodic Financial Information I FY 12 Results I 20 February 2013
29

31. 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.

32. Investor Relations
Tel:
+ 32 2 557 57 34
E-mail:
ir@ageas.com
Website:
www.ageas.com
Investor Relations
Periodic Financial Information I FY 12 Results I 20 February 2013