Full year results 2012

9MPeriodical Financial
Information
FYPeriodical Financial
Information
2012RESULTS

Main messages
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information
1

Strong Insurance results across Life
& Non-Life in all segments
Group net result both Insurance &
General Account contributing
Shareholders’ equity up
Solvency solid
 Insurance net profit of EUR 624 mio
 Inflows at EUR 21.3 bn (+24%)
 Group combined ratio at 99.1% (vs.100.1%)
 Life Technical Liabilities at EUR 68.8 bn* (+7%)
 Q4 Insurance net profit of EUR 175 mio
 Q4 Inflows at EUR 5.8 bn
 Group net profit of EUR 743 mio
 General Account net result of EUR 119 mio
 Shareholders’ equity at EUR 42.75 per share
 Insurance solvency at 206%, Group solvency at 231%
 Net cash position General Account at EUR 1.2 bn
Main messages FY 12 results
Ageas confirms strong insurance results
Periodic Financial Information I FY 12 Results I 20 February 2013 2
Proposed gross cash dividend of EUR 1.2 per share, up 50%
* Consolidated entities only

100.1% 99.1%
FY 11 FY 12
Insurance net result: 2011 heavily
impacted by impairments
In EUR mio In EUR mio
Insurance solvency stable*Combined ratio further improving
in claims & expenses
Insurance excl. impairments:
improving Life & Non-Life
227%
Shareholders’ equity up on
net profit & unrealized gains
EUR per share
210%
* Based on regulator’s view / ** pro forma recalculation for reverse 10 to 1 stock-split
207%
207% 206%
FY 11 FY 12
32.30
42.75
FY 11 FY 12
Both Insurance & General Account
contributing to group net result
In EUR mio
(313)
624
(265)
119
(578)
743
FY 11 FY 12
Insurance General Account
Headlines
Ageas confirms strong insurance results
Periodic Financial Information I FY 12 Results I 20 February 2013
(425)
430
82
223
30
(28)
(313)
624
FY 11 FY 12
Life Non-Life Other
**
446 501
119
17230
11595
683
FY 11 FY 12
Life Non-Life Other
3
+15%

 Confirm & further improve operational performance
 Adjusted net result up 15%
 Life adjusted operating performance up 12%
 Non-Life combined ratio further improved
 Review/ Rethink strategic asset allocation
 Announcement to invest into infrastructure loans
 Further reduction of SE sovereigns
 Make further progress on unwinding legacy issues
 Settlements with BNP P and ABN AMRO & Dutch state resulted in substantial decrease in complexity legacy issues
 Disciplined capital management
 Selective acquisitions : Groupama UK
 Strong increase dividend : +50%
 2nd share buy back announced in August nearly completed
 Prepare for regulatory changes
 Solvency II internal preparation on track; deadlines delayed at European level
 Announced Vision 2015 sets targets for the coming years
Ageas’s operational priorities 2012
Update on their status of realization






(3)
(299)
27
(274)
9
(28)
30
129
140
Progress in unwinding legacy issues
Settlements reached in 2012 reduce complexity General Account
5
In EUR mio
-----------------------
EUR (132) mio
net result impact of agreement
RPN(I) EUR (272) mio
Revaluation between 31/12/12
& settlement date
Indemnification paid to BNP P for
partial settlement & transaction costs
Tier 1 EUR 140 mio
Revaluation: difference between amount
recieved & book value
Amortisation
Deferred tax impact
Interest between 31/12/12 & 07/02/12
Interest
With BNP P on CASHES With ABN AMRO & Dutch state
 Closing of all outstanding disputes between
Dutch State & Ageas re equity transactions
which resulted in take-over
 Discontinuing of legal proceedings initiated
by Ageas re MCS & FCC
 One-off cash payment by ABN AMRO & net
result impact of EUR 400 mio

Net cash wisely spent
Balanced use of cash since 2009
Invest in Businesses
 Organic growth
 Selective acquisitions
 Create new partnerships
Return to debtholders
 Redemption of Debt (EMTN)
Return to shareholders
 Dividend payment
 Share buy-back
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

7
Ageas grows selectively its insurance portfolio
A view on our latest acquisitions and partnerships
Rationale of acquisition
 represents a strong strategic fit
 complements Ageas UK’s multi-channel distribution approach
 strengthens its presence in UK broker market
Our new position in the UK
 Pro forma FY 11 inflow of GBP 2.1 bn (EUR 2.4 bn)
 No 5 Non-Life Insurer (5.2% market share FY 11)
No 4 Private Motor (11.7%) & No 4 Personal lines (7.1%)
 Groupama COR at 97.8%
Financial impact of acquisition
 Total consideration paid of EUR 145 mio
 EUR 63 mio badwill recognized
 EUR (6) mio reorganization costs
Groupama in FY 2012 results
 6 weeks consolidated
 EUR 63 mio inflow
 EUR 4 mio net profit

Ageas proposes a dividend over 2012
 Proposed gross dividend in cash
 1.2 Euro per share
 Up 50% on 2011
 In line with 40%-50% pay-out ratio set
out in dividend policy
 Dividend to be approved at AGM
on 24 April 2013 in Brussels
 26 April : Ex-dividend date
 6 May : Payment 2012 dividend
8

 Buy-back programme launched as of 13 August
 For an amount up to EUR 200 mio
 For period ending 19 February 2013 at the latest
 Independent broker mandated to execute programme
 Open market purchases on NYSE Euronext Brussels
 Shares to be held as treasury shares until formal
approval of cancellation
 On 31 December, Ageas bought back 7.1 mio shares
(2.9%) for a total amount of EUR 137 mio
 As per 15 February, Ageas acquired 9 mio shares for
a total amount of EUR 188 mio (corresponding to
3.77% of the total amount of outstanding shares)
 On 19 February, the Board of Ageas has decided to
 postpone end of authorized period beyond 19/02/13
until full amount of EUR 200 mio is reached
 propose cancellation of the shares bought back until
15 February 2013 on the next Shareholders’ meeting
Ageas announced a share buy-back programme on 6 August
Ageas will complete its existing share buy-back programme
9

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
10
* ROE 2011 on adjusted basis of 7.1%

Creation of COO function
Focus on realization Insurance targets & co-operation between companies
CFO
Bart De Smet
Christophe Boizard Kurt De Schepper
Antonio Cano
Barry Smith
Gary Crist Steven Braekeveldt
Executive committee
GRO
Emmanuel Van Grimbergen
CEO Belgium CEO UK CEO Asia
CEO Continental
Europe
Management committee
Board
CEO
CRO
COO
Andy Watson
responsible for
• implementation of Group strategy
• achievement of the targets set at Investor Day 2012
• further knowledge transfer & best practices sharing
in position to further strengthen focus on
• Ageas’s strategic development
• relations with investors, partners & external market
• active involvement in operating entity Boards

EUR mio FY12 FY11 Q4 12 Q4 11
Gross inflows 21,269 17,220 5,805 4,336
- of which inflows from non-consolidated partnerships 10,215 5,982 2,933 1,522
Net result Insurance 624 (313) 175 (104)
By segment:
- Belgium 324 (327) 108 4
- UK 108 86 22 24
- Continental Europe 64 (8) 15 4
- Asia 129 (64) 30 (136)
By type:
- Life 430 (425) 137 (137)
- Non-Life 223 82 79 25
- Other (28) 30 (41) 7
Net result General Account 119 (265) 50 60
Net result Ageas 743 (578) 225 26
Earnings per share (in EUR) 3.13 (2.27)
Combined ratio 99.1% 100.1% 102.3% 99.9%
Life technical liabilities (in EUR bn) * 68.8 64.4
Insurance Solvency 206% 207%
Shareholders' equity 9,911 7,760
Net equity per share (in EUR) 42.75 32.30 **
* Consolidated companies only // ** Following the reversed stock split
completed on 7 August 2012, Ageas’s net equity per share has been multiplied by 10
Key financials FY 12
Y-o-Y comparison net result difficult, all ratios improving

Net result: 2011 impairments
Life Underwriting margin solid*Non-Life Combined ratio improving
Result excl. impairments
227% 210% 207%
Robust inflow growth
In EUR mio
Headlines Belgium
Strong Life inflows, Good operating performance in Life & Non-Life
**
13
321 313
39 70
360 383
FY 11 FY 12
Life Non-Life
(330)
260
3
65
(327)
324
FY 11 FY 12
Life Non-Life
4,508 5,127
1,671
1,759
6,179
6,886
FY 11 FY 12
Life Non-Life
101.1% 99.5%
FY 11 FY 12
0.28% 0.29%
FY 11 FY 12
(344)
419
68
113
(276)
532
FY 11 FY 12
Life Non-Life
Investment result
In EUR mio
+11%
* in % of average technical liabilities

Net result
Other result adjusted**
227% 210% 207%
Inflow flat at constant FX
In EUR mio
Headlines UK
Solid Non-Life results
**
14
In EUR mio
(4) (0)
61
13730
(28)
86
108
FY 11 FY 12
Life Non-Life Other
(4)
51
80
30
11
86
91
FY 11 FY 12
Life Non-Life Other
61
85
FY 11 FY 12
99.9% 99.8%
FY 11 FY 12
In EUR mio
* 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
+10%
Non-Life Combined ratio below 100%Non-Life result adjusted*
21
16
FY 11 FY 12
51 86
1,983 2,143
2,035 2,229
FY 11 FY 12
Life Non-Life

Net result: FY 11 hit by impairments
Non-Life Combined ratio improving
227% 210% 207%
Inflow growth due to scope change**
In EUR mio
Headlines Continental Europe
Improved operational performance
**
15
Continued cost containment
In EUR mio
(19)
50
11
14
(8)
64
FY 11 FY 12
Life Non-Life
47 52
11
14
58 65
FY 11 FY 12
Life Non-Life
2,219
3,246
630
1,026
2,849
4,272
FY 11 FY 12
Life Non-Life
96.7%
93.4%
FY 11 FY 12
0.57%
0.67%
FY 11 FY 12
Life Underwriting margin*
186
154
FY 11 FY 12
* in % of average technical liabilities // ** Luxembourg, Turkey
+50%

Net result*
Non-Life Combined ratio
227% 210% 207%
Inflow
In EUR mio
Headlines Asia
Strong inflows, Excellent year for Life, Non-Life profits held back by impact Thai floods
**
16
(72)
121
8
8
(64)
128
FY 11 FY 12
Life Non-Life
83
137
8
8
91
144
FY 11 FY 12
Life Non-Life
102.0%
99.3%
FY 11 FY 12
5,551
7,131
607
7516,158
7,882
FY 11 FY 12
Life Non-Life
Net result Hong Kong
(84)
34
FY 11 FY 12
Net result non-conso’s
32
109
FY 11 FY 12
+28%
* Includes net result Hong Kong, non-consolidated partnerships & regional costs

3
90
(221)
(70)
69
(5)
14
60
(21)
50
400 (132)
(2)
104 (161)
(91)
119
Deal with
ABN Amro &
Dutch State
Agreement
with BNP
on CASHES
& Tier 1
RPN(I)
revaluation
RPI BNP
Call option
Other General
Account
4Q 12
9M 12
General Account: components of Net result
Excellent results RPI over the year, Q4 mainly up on revaluation BNP P call option
In EUR mio
17
EUR 209 mio FY 12 impact of legacies

3
1.3
2.8
1.0
2.6
0.9
2.3
0.7
2.2
0.5
2.1
0.2
2.1
1.0 0.8 0.7
1.3 1.3 1.3 1.1
1.5 1.4
1.2
FY 09 3M10 6M10 9M10 FY10 3M11 6M11 9M11 FY11 3M12 6M12 9M12 FY12
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
 2011 dividend of 8 eurocent per share brought
cash down with EUR 0.2 bn (Q2)
 Further impacted by share buy-back
programmes & funding of Groupama acquisition
Quarterly evolution
net cash position*
In EUR bn
* Until 6M 11 known as discretionary capital
in EUR mio FY 11 FY 12
Cash and cash equivalents 345 402
Due from banks short term 600 1,000
Debt certificates (EMTN) (257) (187)
Net cash position 688 1,216
Share buy-back programme
announced 6 August 2012 will
further reduce net cash
Net cash
Discretionary capital
18

Investment portfolio as per 31 December 2012
Value up as result of volume growth & unrealized gains/losses
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
 Increase mainly explained by volume growth, both in
existing & new business and by unrealized
gains/losses
 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
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
Equities
 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
Investment portfolio*
31.5
34.7
21.4
25.1
0.5
0.3
2.9
2.6
2.8
3.7
1.8
2.4
4.3
4.7
2.7
2.4
67.9
75.9
FY 11 FY 12
Cash & equivalents
Real Estate
Equities
Loans to customers
Loans to banks
Structured credit
instruments
Corporate bonds
Sovereign bonds

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
Conclusions

Investor Day 2013
Update on Vision 2015
Investor Day 2013
18 September 2013
Andaz Hotel - London

Main messages
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

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

Tangible net equity as per 31 December 2012
High quality capital structure
10/03/2010 I page 24
EUR bn FY12 FY11
Reported net Shareholders' Equity 9.9 7.8
Unrealised gains real estate 0.6 0.6
Goodwill (incl RPI) (0.7) (1.1)
VOBA (Value of Business Acquired) (0.4) (0.4)
DAC (Deferred Acquisition Cost) (0.9) (0.7)
Other (0.4) (0.4)
Goodwill, DAC, VOBA related to N-C interests 0.5 0.4
25% tax adjustment DAC, VOBA & Other 0.3 0.3
Tangible net equity 9.0 6.5
Tangible net equity / Reported net Shareholder's Equity 91% 84%
24

IFRS Solvency as per 31 December 2012
Insurance ratio stable, Ageas ratio impacted by value put option on AG Insurance
2.3 2.4
0.4 0.5 0.6 0.6 0.4 0.5
3.6 4.0 3.6 4.0
1.7 1.8
0.5 0.6 0.4
0.8 0.8 0.9
3.9
4.2
1.1 1.0
5.0
5.2
174%
176%
234%
224%
172%
244% 292%
268%
207%
206%
237%
231%
3.9 4.2
0.9
1.1
1.0
1.4
1.3
1.4
7.5
8.2
8.6
9.2
FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12
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
In EUR bn

Detailed overview inflows
By segment/business @ 100%
*
* Ageas holds a 50% stake in Tesco Underwriting
EUR mio FY12 FY11 FY12 FY11 FY12 FY11
Belgium 75% 5,127 4,508 1,759 1,671 6,886 6,179
United Kingdom 100% 86 51 2,143 1,983 2,229 2,0350 0
Continental Europe 0% 3,246 2,219 1,026 630 4,272 2,849
Consolidated entities 0% 1,034 2,219 459 453 1,493 2,672
Portugal 51% 763 1,071 240 237 1,003 1,308
France 100% 271 290 0 0 271 290
Luxembourg 50% 0 814 0 0 0 814
Germany 100% 0 44 0 0 0 44
Italy 25% 0 0 219 216 219 216
Non-consolidated JV's 2,213 0 2,213 0
Turkey (Aksigorta) 36% 0 0 567 177 567 177
Luxembourg (Cardif Lux Vie) 33% 2,213 0 0 0 2,213 00 0
Asia 7,131 5,551 751 607 7,882 6,1580 0
Consolidated entities 447 353 0 0 447 353
Hong Kong 100% 447 353 0 0 447 353
Non-consolidated JV's 6,684 5,198 751 607 7,436 5,805
Malaysia 31% 786 622 570 478 1,538 1,229
Thailand 31%/15% 1,224 907 181 129 1,794 1,385
China 25% 4,565 3,552 0 0 4,746 3,681
India 26% 109 116 0 0 109 1160 0
Total 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
Life Non-Life Total

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

Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Inflows @ Ageas’s part
Inflow up 16%, all segments showing double digit growth
In EUR mio
29
3,381
3,845
51 86
1,287 1,397 1,740
2,233
6,460
7,561
1,253
1,319
1,606 1,780
239 381
164
203
3,262
3,684
+ 11%
+ 13% + 17%
+ 28%
+ 16%
4,634
5,164
1,657 1,865
1,526
1,779 1,905
2,436
9,722
11,245

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

10/03/2010 I page 31
Overview impairments & net capital gains
2011 heavily hit by impairments, only limited influence of cap gains in Y-o-Y comparison
* Includes badwill & goodwill impairments of EUR 23 mio in UK
Greek bonds Equities Goodwill Total
EUR mio FY12 FY 11 FY 11 FY 11 FY12 FY 11
Life (53) (558) (94) (651) 104 142
Non-Life (5) (27) (10) (36) 20 2
Total Belgium (58) (584) (103) (687) 124 144
Life 0 1
Non-Life 56 20 7
Other (39)
Total UK 17 20 8
Life (2) (43) (22) (65) 6 (8)
Non-Life (1) (0) (1) 0 0
Total CEU (2) (43) (22) (66) 6 (8)
Life (16) (56) (99) (155) 33 36
Non-Life
Total Asia (16) (56) (99) (155) 33 36
Life (71) (600) (172) (99) (871) 143 171
Non-Life 51 (27) (10) (37) 39 9
Other (39)
Total Ageas (59) (627) (182) (99) (908) 182 180
Impairments Cap gains/losses
*

Insurance net result adjusted for impairments
Improved operational performance in Life & Non-Life
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
In EUR mio
32
321 313
(4) 0 47 52
83
137
446
501
39 70
61
80 11 14
8
8
119
172
30 11
30
11
6%
6%
13%
59%
15%
360
383
86
91
58 65
91
144
595
683

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
+ Net Underwriting
result
+ Net Earned Premium
- all evolutions in claims reserves (CY & PY)
+ technical interest charges on technical liabilities
- all expenses (marketing, intermediary, claims
handling & administration)
+ Expense &
Other result
+ expense loadings
- actual expense charges
+ other results of technical nature
= Net Underwriting result + Other result + other results of technical nature
+ Investment result + Investment income on assets covering
Life technical liabilities (recurring & cap
gains)
- what is paid out to policyholders
(guaranteed income & profit sharing)
+ Investment result + Investment income on assets covering Non-Life
technical liabilities (recur. & cap gains)
- technical interest charges on technical liabilities
= Operating result = Operating result
Average technical
liabilities
= average between technical liabilities at
the beginning & at the end of each quarter
of current year.
Net earned premium + Premiums received from policyholders
- premiums covering risks future period
- premiums paid to reinsurers
Life margins All Life margins calculated as % of average
technical liabilities
Non-Life ratio’s All Non-Life ratio’s calculated in % of Net
earned premiums
Combined ratio Corresponds to 1minus net underwriting
result in % of net earned premiums

Insurance
Improved results both in Life and Non-Life & across all segments
Net profit of EUR 624 mio (vs. EUR (313) mio)
 2011 results include EUR 908 mio impairment charge on Greek bonds,
equities & goodwill vs. EUR 59 mio
 Adjusted for impairments net result up +/-15%, mainly from Non-Life
 Level of capital gains/losses stable
Life at EUR 430 mio (vs. EUR (425) mio)
 Belgium: Net result adjusted for impairments & cap gains.
 CEU: Strong underwriting margins due to continued cost containment
 Asia: Strong result in all major businesses
Non-Life at EUR 223 mio (vs. EUR 82 mio)
 Good results across all major business segments
 Belgium: good averall operating performance tempered by non-
recurring reserves strengthening, esp. in Motor
 UK: net result includes impact of Groupama acquisition
 CEU: all countries participate to good result
 Asia: good underwriting performance tempered by tail end Thai floods
Other at EUR (28) mio (vs. EUR 30 mio)
 Commission & fee income broadly in line with last year
 Includes EUR (43) mio one-off charges
 Competitive retail environment leads to pressure on net profit
EUR mio FY12 FY11
Gross inflow 21,269 17,220
- Life 15,590 12,329
- Non-Life 5,680 4,891
Fee, commission & other
income
276 272
Operating costs (887) (850)
Operating result 868 (187)
- Life 590 (331)
- Non-Life 278 144
Profit before tax 1,120 (414)
Net profit 624 (313)
- Life 430 (425)
- Non-Life 223 82
- Other (28) 30

69.4% 73.2% 69.0% 68.1% 70.4% 71.6%
64.1% 66.5% 70.3%
33.1%
32.8%
31.1% 31.0% 29.5% 30.3%
30.6% 30.7%
32.0%
102.5%
106.0%
100.1% 99.1% 99.9% 101.9%
94.7% 97.2%
102.3%
(6.0%)
(3.7%) (3.5%) (3.1%) (4.2%) (5.6%) (4.1%) (1.7%) (1.4%)
2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
claims ratio expense ratio PY claims ratio
Combined ratio 2009 – 2012
Insurance Combined ratio
Further improvement to 99.1%, below Ageas 100% target
Combined ratio at 99.1% vs. 100.1%
 Q4 impacted by reserves strengthening &
normal seasonality
 Motor at 99.0% (vs. 97.3%): non-recurring
reserves strengthening for bodily injuries in
Belgium, positive impact of management action
in UK
 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
Claims ratio at 68.1% vs. 69.0%
 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%
 Cost containment in CEU compensates for
increasing commission in UK
Net earned premium in EUR mio
2,497 2,858 3,507 4,178 965 989 1,034 1,044 1,111

70.4% 74.3% 71.9% 70.5% 73.7% 73.1%
23.6%
24.8% 25.0% 25.5% 25.3% 29.0%
94.0%
99.1% 96.9% 96.0% 99.0% 102.1%
2009 2010 2011 2012 Q4 11 Q4 12
79.0% 78.4% 72.0% 73.6% 74.6% 78.3%
29.3% 29.0%
25.3% 25.4% 22.5%
25.4%
108.3% 107.4%
97.3% 99.0% 97.1%
103.7%
2009 2010 2011 2012 Q4 11 Q4 12
59.4%
75.0%
61.9% 55.6% 56.7% 50.6%
43.4%
43.2%
41.5%
41.6% 39.5%
42.3%
102.8%
118.2%
103.4%
97.2% 96.2% 92.9%
2009 2010 2011 2012 Q4 11 Q4 12
51.7% 42.9%
67.2% 66.5%
81.3% 72.5%
45.8%
41.2%
44.8% 44.9%
48.8%
46.9%
97.5%
84.1%
112.0% 111.4%
130.1%
119.4%
2009 2010 2011 2012 Q4 11 Q4 12
Insurance Combined ratio per product line
All major product lines well below the targeted 100%
Motor: up on non-recurring reserves strengthening in BE
Accident & Health: good performance confirmed
Household: improving in BE; weather events in UK
Other: non-recurring reserves strengthening in BE;
PY claims in UK commercial lines
609 714 736 763 181 193
1,012 1,134 1,571 2,058 462 550 673 750 892 1,007 245 265
203 261 308 349 78 103
NEP
NEP
NEP
NEP

0.33% 0.34% 0.38% 0.31% 0.40% 0.38% 0.46%
0.30%
0.48%
(0.64%)
0.72%
0.41%
0.84%
0.47%
0.51%
1.08%
(0.16%)
(0.21%)
(0.20%) (0.23%) (0.18%) (0.19%) (0.24%) (0.20%)
0.66%
(0.51%)
0.90%
0.49%
1.05%
0.66%
0.74%
1.17%
2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
Underwriting m. Investment m. Expense & other m.
Operating margin 2010 – 2012
Insurance Life operating margin
All margins improving
37
Average technical liabilities in EUR bn
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
Technical liabilities
 Year-end technical liabilities at EUR 68.8 bn,
up 7% on a scope-on-scope basis. Strong
growth in Belgium & Asia
 Average technical liabilities up 2% reflecting
an increase in Belgium & Asia and a
decrease in CEU
70.6 64.7 65.8 64.7 64.8 65.0 65.4 65.8

Insurance Life operating margin per product line
Guaranteed: driven by investment margin Unit-linked: all margins improving
38
0.44% 0.41% 0.44% 0.37% 0.35%
0.67%
(0.79%)
0.87%
0.51%
1.31%
(0.33%)
(0.36%)
(0.33%) (0.38%) (0.30%)
0.56%
(0.60%)
0.81%
0.40%
1.12%
2010 2011 2012 Q4 11 Q4 12
Average technical liabilities Average technical liabilities
 Decrease 2012 in expense & other margin related to
Belgium & CEU
 Underwriting margin improvement mainly coming
CEU & Asia
 Investment margin increased as previous year
impacted by financial turmoil.
 Improvement underwriting margin mainly coming
CEU & Asia
0.07% 0.04%
0.11%
0.06% 0.06%
0.01% 0.00%
0.01%
0.00% 0.01%
0.27%
0.42%
0.37%
0.41%
0.22%
0.35%
0.45%
0.48%
0.47%
0.28%
2010 2011 2012 Q4 11 Q4 12
50.4 52.3 54.0 52.3 54.0 20.2 12.4 11.8 12.4 11.8

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

Belgium
Good operating performance both in Life and Non-Life
I page 40
Net profit at EUR 324 mio (vs. EUR (327) mio in 2011)
 2011 heavily hit by impairments on Greek bonds & equities for
EUR (687) mio vs. EUR (58) mio
 2011 impairment impact partly offset by capital gains (EUR 144 mio)
vs. EUR 124 mio
 Operating result up to EUR 456 mio (vs. EUR (309) mio)
 Increase when excluding for impairments & cap gains mainly
resulting from better investment margin, partly offset by lower return
on own funds & higher effective tax rate
 On an adjusted 2012 & 2011 basis, improved operating result
reflecting better underwriting performance
 Improved result in Household driven by previous corrective
measures, lower impact of climatic events & higher prior year run off
 Underlying performance in Motor remained good despite non-
recurrent strengthening of reserves for bodily injuries
 Accident & Health net underwriting performance increased strongly
thanks to Workmen’s Compensation improvement
 Other lines underwriting performance lower due to non-recurrent
strengthening of bodily injuries reserves & higher claims in TPL
40
EUR mio FY12 FY11
- Life 5,127 4,508
- Non-Life 1,759 1,671
- Life 456 (309)
- Non-Life 122 43
Profit before tax 661 (470)
- Life 260 (330)
- Non-Life 65 3

4,265 4,647
1243
4804,508
5,127
FY 11 FY 12
+14%
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
+5%
Belgium Inflow
Steady growth across Life and Non-Life
462 484
541 553
524 569
144 154
1,671 1,759
FY 11 FY 12
Guaranteed
 Sales in Individual Savings amounted to EUR 3.2 bn (+12%), marked
by a sustained interest for guaranteed products despite continued
lowering of the guaranteed rates.
 Group Life inflows amounted to EUR 1.1 bn, a 7% growth supported
by higher regular and single premiums.
Unit-linked
 Sales at EUR 0.5 bn, up (+98%) compared to a poor volume in 2011.
Strong increase driven by Bank channel & explained by a significant
offer in close-ended fund and improved customer appetite.
Household, Motor & Others
 Most of the increase related to Household (+9%); well spread across
the Bank and Broker channels, driven by tariff increase on top of the
ABEX-indexation & higher volume
 Growth in Motor +2% driven by tariff increase.
 Other lines inflow +7% driven by higher volume & tariff increase
Accident & Health
 Inflow up 5%. Mainly driven by Workmen's compensation +8%;
Accident +2%; Disability +4%; Healthcare +2%
41Periodic Financial Information I FY 12 Results I 20 February 2013

64.1% 68.7% 64.3% 62.7% 64.2% 67.2%
59.0% 60.5% 64.3%
36.8%
36.4%
36.8% 36.8% 37.1%
36.9%
36.6% 36.4%
37.2%
100.9%
105.1%
101.1% 99.5% 101.3% 104.1%
95.6% 96.9%
101.5%
(8.0%)
(6.6%) (7.3%)
(4.5%) (7.7%) (9.6%) (7.8%)
(0.8%) (0.2%)
2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
Belgium Combined ratio
Improved underwriting performance in Household and Workmen’s Compensation
Combined ratio at 99.5% vs. 101.1%
 Household significantly improved
 Accident & Health improved reflecting better
performance in Workmen’s Compensation &
continued good performance in Healthcare,
 Motor combined ratio increased to 100.5%
compared to an exceptionally strong 2011
COR of 94.2%. Increase mainly related to non-
recurrent adjustment on reserves for bodily
injuries. Adjusted COR in line with 2011
Claims ratio at 62.7% vs. 64.3%
 CY ratio improved mainly in Household &
Workmen’s Compensation
 PY ratio non-recurrent strengthening of bodily
injuries reserves (Q3 & Q4) & worsening of
claims in TPL partly compensated by higher run
off in Household
Expense ratio remains flat at 36.8%
42
1,469 1,541 1,601 1,698 404 417 423 429 429

60.5%
75.6%
63.0%
50.5%
60.1%
49.4%
47.1%
47.1%
46.9%
46.2%
45.2%
46.3%
107.6%
122.7%
109.9%
96.7%
105.3%
95.7%
2009 2010 2011 2012 Q4 11 Q4 12
44.9%
10.4%
58.2% 65.9% 68.8% 72.4%
49.2%
50.9%
49.5%
48.1%
54.7% 45.6%
94.1%
61.3%
107.7%
114.0%
123.5%
118.0%
2009 2010 2011 2012 Q4 11 Q4 12
68.9% 75.8% 73.8% 73.0% 75.8% 74.9%
22.6%
21.9% 23.8% 24.0% 24.7% 25.9%
91.5%
97.7% 97.6% 97.0% 100.5% 100.8%
2009 2010 2011 2012 Q4 11 Q4 12
68.5% 71.0%
58.9% 64.7%
57.3%
67.9%
36.3% 35.7%
35.3%
35.8%
34.8%
35.5%
104.8% 106.7%
94.2%
100.5%
92.1%
103.4%
2009 2010 2011 2012 Q4 11 Q4 12
Belgium Combined ratio per product line
Improved underwriting performance in Household and Workmen’s Compensation
Motor: non-recurring strengthening bodily injuries reserves
Accident & Health: good performance confirmed
Household: higher tariffs, lower climate impact & higher PY
43
Other: non-recurring strengthening bodily injuries reserves TPL
424 451 451 480 108 118
465 498 525 540 134 137 453 463 484 530 127 137
127 129 142 149 36 37
NEP
NEP
NEP
NEP

0.25% 0.28% 0.29% 0.27% 0.28% 0.27% 0.36%
0.25%
0.49%
(0.71%)
0.84%
0.57%
0.99%
0.51%
0.59%
1.28%
(0.10%)
(0.20%)
(0.21%) (0.18%) (0.23%) (0.19%) (0.26%) (0.18%)
0.64%
(0.64%)
0.91%
0.67%
1.03%
0.59%
0.70%
1.34%
2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
Belgium Life operating margin
Improved, driven by Investment margin
44
 Operating margin: On an adjusted 2012 and 2011
basis (Impairment on Greek sovereigns and
Equity, offset by net capital gains on various
rebalancing operation), increase driven by a
better investment margin
 Underwriting margin stable
 Investment margin improved significantly on
higher yields & lower profit sharing reserving
 Expense & other margin stable
Technical Liabilities
 Year-end technical liabilities at EUR 52.7 bn (+7%) :
higher intakes & shadow accounting
 Guaranteed at EUR 47.4 bn, up 8% vs. end 11
 Unit-linked TL relatively stable at EUR 5.3 bn
 Average technical liabilities up 3% reflecting an
increase in Guaranteed & a decrease in Unit-
Linked
46.7 48.5 50.1 48.5 49.3 49.6 49.8 50.1

Belgium Life operating margin per product line
Guaranteed: better investment margin Unit-linked: better underwriting margin
45
 Better underwriting margin due to improved risk margin on
a YTD basis.
 Average Technical Liabilities decreased by 7%
 On an adjusted 2012 and 2011 basis operating margin
increased driven by a better investment margin
 Average Technical Liabilities up 5%, mainly due to strong
intakes
0.28% 0.32% 0.32% 0.31% 0.28%
0.57%
(0.80%)
0.93%
0.65%
1.42%
(0.21%)
(0.30%)
(0.29%) (0.29%) (0.25%)
0.64%
(0.78%)
0.96%
0.67%
1.45%
2010 2011 2012 Q4 11 Q4 12
0.03%
(0.05%)
0.04% 0.02% (0.01%)
0.64%
0.50% 0.44%
0.65%
0.44%
0.66%
0.45% 0.47%
0.66%
0.42%
2010 2011 2012 Q4 11 Q4 12
Avg techn liabilities Avg techn liabilities
40.7 42.9 44.9 42.9 44.9 6.0 5.6 5.2 5.6 5.2

Net result
Other result adjusted Non-Life Combined ratio improving
227% 210% 207%
Inflow flat at constant FX
In EUR mio
Headlines UK
Solid Non-Life results
**
46
Non-Life result adjusted for GICL*
In EUR mio
(4) (0)
61
13730
(28)
86
108
FY 11 FY 12
Life Non-Life Other
(4)
51
80
30
11
86
91
FY 11 FY 12
Life Non-Life Other
51 86
1,983 2,143
2,035 2,229
FY 11 FY 12
Life Non-Life
61
85
FY 11 FY 12
99.9% 99.8%
FY 11 FY 12
In EUR mio
* 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) GICL mio transaction costs
+10%
21
16
FY 11 FY 12

10/03/2010 I page 47
United Kingdom
Strong net result driven by Motor business and realized capital gains
Net result at EUR 108 mio (vs. EUR 86 mio)
 Multi-distribution strategy creating good returns
 Improved performance overall; especially in private Motor
 Retail income in line with last year
Life at EUR (0.1) mio (vs. EUR (4) mio)
 Continued progress in line with stage of business development
 Result includes additional charge of EUR 4 mio deferred acquisition
costs to reflect more prudent assumptions, broadly offset by tax credit
Non-Life at EUR 136 mio (vs. EUR 61 mio): more than double
 Includes EUR 63 mio excess fair value of Groupama offset partially by
EUR (15) mio reorganisation costs
 Improved Motor result through impact management actions, offsetting
seasonal claims Household & large claims Commercial lines
 Net profit AIL at EUR 56 mio; Tesco Underwriting EUR 13 mio,
Groupama EUR 4 mio (6 weeks consolidation)
 Net realized capital gains of EUR 18 mio (net of minority interests)
Other Insurance at EUR (28) mio (vs. EUR 30 mio)
 Includes one-off charges for goodwill impairment (EUR (31) mio),
accelerated amortization of intangible assets (EUR (8) mio) &
transaction costs (EUR (4) mio)
 2011 net result included EUR 9 mio incentive payment from
commercial partner
 Competitive retail environment leads to pressure on net profit
47
EUR mio FY12 FY11
- Life 86 51
- Non-Life 2,143 1,983
Fee, commission & other
income
276 272
Operating result 106 66
- Life (7) (8)
- Non-Life 114 74
Profit before tax 147 121
Net profit 108 86
- Life (0) (4)
- Non-Life 137 61
- Other (28) 30

1,983 2,143
51
86
2,035
2,229
FY 11 FY 12
70 55
1,280 1,427
455
448
178
213
1,983
2,143
FY 11 FY 12
Motor
Non-Life
Life
Other
Property
Accident & Health
Total
In EUR mio
Non-Life
In EUR mio
+8%
+10%
United Kingdom Inflow
Inflow levels in line with 2011 at constant exchange rates
Life
 Successful roll out of its proposition across the IFA market
and through affinity partnerships developed in 2011
 Over 265,000 customers up 40% on same period last year
Non-Life
 Up 8%, flat at constant FX
 Motor increased by 11%
 Household declined by 2% due to commercial position after
tariff increases
 Other lines, including Commercial and special risks increased
20%
 AIL: +10% with growth in Private car & special risks; Tesco
below 2011 level due to competition from direct writers
 EUR 63 mio Groupama inflow included since mid November
Other Insurance (including Retail)
 YTD total income of EUR 276 mio in line with last year.

80.4% 81.5%
74.6% 73.3% 77.0% 76.7%
69.6% 71.5% 75.4%
27.7% 28.0%
25.3% 26.5% 22.8% 25.6%
26.0% 26.7%
27.4%
108.1% 109.5%
99.9% 99.8% 99.8% 102.3%
95.6% 98.2%
102.8%
(3.5%)
(1.1%) 0.1% (2.1%) (2.5%) (1.7%) (1.3%) (2.4%) (2.8%)
2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
UK Combined ratio
Below 100%; within Ageas’s strategic targets
Combined ratio at 99.8%
 Combined ratio Continued sub 100%
performance
 Improvement in all product lines
Claims ratio at 73.3%
 Claims ratio Improvement across most lines
of business due to rating actions &
increasing fraud detection
 CY ratio Slight deterioration primarily due to
bad weather experience in Household
partially offset by improvement in all other
lines
 PY ratio: release of 2.1% against
strengthening of 0.1% in 2011 for escape of
water claims December 2010
Expense ratio at 26.5%
 Slight increase as commissions have
increased across all lines
49
834 948 1,524 2,083 465 479 510 521 573

83.5%
97.9%
87.7% 78.1%
100.4%
72.2%
26.2%
24.0%
23.2%
28.2%
23.2%
33.4%
109.7%
121.9%
110.9% 106.3%
123.6%
105.6%
2009 2010 2011 2012 Q4 11 Q4 12
88.9% 82.9% 79.2% 77.2% 83.7% 81.9%
22.8%
23.3%
19.5% 21.3% 16.0% 21.4%
111.7%
106.2%
98.7% 98.5% 99.7% 103.3%
2009 2010 2011 2012 Q4 11 Q4 12
61.2%
77.4%
61.4% 62.3% 53.9% 54.3%
38.0%
38.2%
35.3% 36.7%
34.1%
38.4%
99.2%
115.6%
96.7% 99.0%
88.0%
92.7%
2009 2010 2011 2012 Q4 11 Q4 12
66.0% 75.1% 71.6% 67.7%
78.6% 75.2%
38.1% 30.4% 39.3% 42.2%
46.0% 44.6%104.1% 105.5%
110.9% 109.9%
124.6%
119.8%
2009 2010 2011 2012 Q4 11 Q4 12
UK Combined ratio per product line
Household impacted by bad weather; improvements in all other lines
Motor: positive impact management actions
Accident & Health
Household: weather events
50
Other: higher claims in commercial lines
53 58 65 57 17 16
524 532 949 1,420 304 388 187 248 366 434 108 115
69 110 143 173 36 54
NEP
NEP
NEP
NEP

Non-Life Combined ratio improving
227% 210% 207%
Inflow growth due to scope change**
In EUR mio
Headlines Continental Europe
Improved operational performance
**
51
Continued cost containment
In EUR mio
(19)
50
11
13
(8)
64
FY 11 FY 12
Life Non-Life
47 52
11
13
58 65
FY 11 FY 12
Life Non-Life
2,219
3,246
630
1,026
2,849
4,272
FY 11 FY 12
Life Non-Life
96.7%
93.4%
FY 11 FY 12
0.57%
0.67%
FY 11 FY 12
Life Underwriting margin*
186
154
FY 11 FY 12
* in % of average technical liabilities // ** Luxembourg, Turkey
+50%

10/03/2010 I page 52
Continental Europe
Excellent results achieved in both Life and Non-Life
EUR mio FY12 FY11
- Life 3,246 2,219
- Non-Life 1,026 630
- Life 106 (33)
- Non-Life 43 27
Net profit 64 (8)
- Life 50 (19)
- Non-Life 14 11
Net result at EUR 64 mio (vs. EUR (8) mio)
 Results driven by strong underwriting result and cost containment
 2011 impacted by impairment charges on bonds and equities
 Operating result increased significantly reflecting strong net
underwriting due to lower claims in the risk business and improved
investment result as last year impacted by impairment charges related
to Greek bonds government bonds and equities
 Operating costs on a like-for-like basis reduced by 4% to EUR 75 mio
due to continued cost containment discipline
 Operating result driven by strong underwriting result in all lines of
business and equally strong investment performance
 Operating costs level as continued focus on cost containment was
offset in last quarter by an early retirement provision in Portugal
 Improved net profit due to the full year inclusion and better results of
Turkey, good performance of Italian activities and strong underwriting
results in Portugal

690 556
1,529
2,691
2,219
3,246
FY 11 FY 12
266 334
197
37092
168
75
154
630
1,026
FY 11 FY 12
Accident & Health
Motor
Unit-Linked
Guaranteed
+46%
Other
Household
Life
In EUR mio
Non-Life
In EUR mio
Continental Europe Inflow
Up driven by scope change in Luxembourg & inclusion Turkey
+63%
53
Life
 Inflow +46%, including non-controlling interests @ 100%, driven by
success of merged Luxembourg entity (EUR 2.2 bn)
 Consolidated inflow below last year (-24% scope on scope)
 Portugal: volumes declined in savings and UL due to economic
situation and because of focus on profitable and less capital
intensive business. The Portuguese market decreased by 11% (end
of November 2012)
 France: drop in volumes influenced by economical downturn. UL still
represents 34% of total sales compared to 13% market average
Non-Life
 Inflow + 63%, including non-controlling interests @ 100% driven by the
full year inclusion of our Turkish acquisition
 GWP consolidated entities up 1% to EUR 459 mio
 Turkey (Aksigorta) at EUR 567 mio
 Although all lines increased significantly through the inclusion of Turkey,
Motor and A&H remain the major business lines in the portfolio.

62.4%
71.0% 66.4% 63.6% 64.3% 64.9%
57.4%
65.9% 66.4%
27.6%
30.3%
30.3%
29.8% 30.3%
25.4%
29.3%
26.9%
36.4%90.0%
101.3%
96.7%
93.4% 94.6%
90.3%
86.7%
92.8%
102.8%
(1.3%)
1.9%
(2.0%) (2.5%)
2.3%
(7.6%)
(3.2%) (1.6%)
1.8%
2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
Combined ratio* 2009 – 2012
Continental Europe Combined ratio
With 93.4% well below Ageas’s target
* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy
194 369 382 397 96 93 101 95 109
Combined ratio at 93.4%
 Combined ratio further improved in all product
lines; largely due to the good performance of the
Italian business & solid underwriting result in
Portugal. Increase in Q4 sec related to early
retirement provision in Portugal.
Claims ratio at 63.6%
 Claims ratio further improvement related to
better claims ratio in Motor & Other Lines (rate
increases)
 Better claims ratio in Portugal & Italy
 PY ratio: 2.5% release vs. 2.0%
Expense ratio at 29.8%
 Expense ratio continued focus on cost
containment but in the last quarter 2012 the early
retirement plan in Portugal partly offset the cost
decrease
 Combined ratio Turkey further improved to 97.5%
as result of increased focus on profitability.

33.8%
73.3%
94.5%
62.8%
178.3%
60.4%
58.6%
39.0%
50.0%
43.3%
29.3%
61.8%
92.4%
112.3%
144.5%
106.1%
207.6%
122.2%
2009 2010 2011 2012 Q4 11 Q4 12
34.9%
53.5% 53.7% 51.8% 44.4%
28.8%
22.9%
27.7% 34.2% 33.5%
29.6%
36.4%
57.8%
81.2%
87.9% 85.3%
74.0%
65.2%
2009 2010 2011 2012 Q4 11 Q4 12
65.3%
90.5%
71.8% 69.8%
54.3%
80.5%
36.7%
27.0%
29.2% 28.1%
38.0%
29.5%
102.0%
117.5%
101.0% 97.9%
92.3%
110.0%
2009 2010 2011 2012 Q4 11 Q4 12
70.2% 64.2% 63.5% 63.3% 61.1% 69.6%
25.7% 31.6% 27.8% 28.2% 27.2%
34.4%
95.9% 95.8%
91.3% 91.5% 88.3%
104.0%
2009 2010 2011 2012 Q4 11 Q4 12
Continental Europe Combined ratio per product line
Accident & Health slightly up on reserves review, all other lines improving
Motor: both countries performing well; strengthening
of reserves in Q4
Accident & Health: reserves review in Q4
Household: continued strong performance
Other: lower claims & volume growth in Italy
132 205 220 226 55 59
23 104 97 99 24 26 33 39 42 44 11 13
7 21 23 28 6 11
NEP
NEP
NEP
NEP

Continental Europe Life operating margin
0.49% 0.57%
0.67%
0.54%
0.72% 0.69% 0.67% 0.59%
0.33%
(0.42%)
0.39%
0.02%
0.37% 0.42%
0.31% 0.48%
(0.25%)
(0.37%)
(0.30%)
(0.39%)
(0.19%)
(0.29%) (0.31%)
(0.41%)
0.57%
(0.22%)
0.76%
0.17%
0.90% 0.82%
0.67%
0.67%
2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
 Operating margin 2011 impacted by financial
turmoil
 Underwriting margin improved from 0.57% to
0.67% mainly thanks to a solid mortality result
 Investment margin improved as PY suffered
from the financial turmoil.
 Expense & other margin cost containment
leads to improved margin. Q4 12 slightly
impacted by the Portuguese early retirement
provision
Technical Liabilities
 Year-end technical liabilities at EUR 14.1 bn, up
3% on scope-on-scope consolidated basis .
Luxembourg non-consolidated TL of EUR 14 bn
 Average technical reserves slightly
decreasing mainly because of lower savings
business in Portugal
22.6 14.7 13.9 14.7 13.9 13.8 13.9 13.9

Continental Europe Life operating margin per product line
Guaranteed: all margins improving Unit-linked
1.25%
1.00% 1.18%
0.93% 1.05%
0.84%
(0.75%)
0.70%
0.03%
0.85%
(0.93%)
(1.08%)
(0.85%) (1.08%) (0.88%)
1.16%
(0.83%)
1.02%
(0.12%)
1.02%
2010 2011 2012 Q4 11 Q4 12
0.01% 0.02% 0.02% 0.02% 0.02%
0.01% 0.00%
0.01% 0.00% 0.01%
0.18%
0.55%
0.41%
0.51%
0.20%
0.20%
0.56%
0.44%
0.53%
0.23%
2010 2011 2012 Q4 11
 Decrease 2012 in expense & other margin is a./o.
related to maturing funds & lower fees resulting from
lower inflows.
 Investment margin increased as previous year
impacted by financial turmoil.
 Improved underwriting margin mainly coming from
lower claims in the risk business
8.7 8.3 7.8 8.3 7.8 13.9 6.4 6.1 6.4 6.1

Net result
Non-Life Combined ratio
227% 210% 207%
Inflow
In EUR mio
Headlines Asia
Strong inflows, Excellent year for Life, Non-Life profits held back by impact Thai floods
**
58
(72)
121
8
8
(64)
128
FY 11 FY 12
Life Non-Life
83
137
8
8
91
144
FY 11 FY 12
Life Non-Life
102.0%
99.3%
FY 11 FY 12
5,551
7,131
607
7516,158
7,882
FY 11 FY 12
Life Non-Life
Net result Hong Kong
(84)
34
FY 11 FY 12
Net result non-conso’s
32
109
FY 11 FY 12
+28%
* Includes net result Hong Kong, non-consolidated partnerships & regional costs

10/03/2010
Net profit of EUR 128 mio (vs. EUR 64 mio negative)
 Hong Kong: Satisfactory organic growth
 Non-consolidated partnerships: EUR 109 mio (vs. EUR 32 mio), strong
organic growth of underlying businesses and recovery of financial
markets
Life net profit at EUR 121 mio (vs. EUR 72 mio negative)
 Hong Kong : EUR 34 mio vs. EUR (84) mio
 Good organic growth, supported by positive FX impact
 2011 net result included goodwill impairment of EUR (99) mio
 Non-consolidated partnerships : EUR 101 mio (vs. EUR 24 mio)
 Reflection of excellent growth of underlying businesses &
recovery of financial markets; supported by positive FX impact
 Non-recurring impact on result of EUR 15 mio (vs. EUR (43) mio)
 2012 result includes EUR (8) mio equity hedge cost
 Regional costs : EUR 14 mio (vs. EUR 12 mio)
Non-Life net profit at EUR 8 mio (vs. EUR 8 mio)
 Good underwriting performance (excluding flood losses)
 Negative impact from 2011 Thai floods of EUR 2 mio (vs. EUR 3.5 mio)
 2011 result positively impacted by non-recurring tax recovery
Asia
Strong result driven by organic growth and improvement of investment income
59
EUR mio FY12 FY11
- Life 7,131 5,551
- Non-Life 751 607
Operating result 34 19
- Life 34 19
- Non-Life 0 0
Net profit 128 (64)
- Life 121 (72)
- Non-Life 8 8

5.331
6.746
219
385
5.550
7.131
2011 2012
242
322
80
101
25
26
260
303
2011 2012
+28%
+24%
Fire
Motor
Guaranteed
Life
Non-Life
In EUR mio
In EUR mio
Unit-Linked
Asia Inflow
Excellent inflow levels, 28% up to EUR 7.9 bn
Life
 Hong Kong, +27%, Strong growth of 49% in new business premiums,
in particular from IFA channel
 China, +29%, Focus on building book of higher-margin recurring
premiums & excellent persistency resulted (+33% in regular premium)
H2 pick-up of new business in bank channel; growth in agency
channel supported by innovative product launches & investments in
channel expansion.
 Malaysia, +26%, New business premiums up 33% thanks to strong
recovery bank channel activity
 Thailand, +35%, Continued strong growth in both bank and agency
channel
 India, (6)%, New business down reflecting continued weak market
sentiment. Relative market position improved, driven by strong
increase of regular premium sales in bank channel
Non-Life
 Malaysia, +19%, driven by all lines of business and in particular Motor
 Thailand, +40%, across all lines & distribution channels boosted by
post-flood recovery & tariff increases
60
Accident & Health
Other
751
607

Hong Kong Life operating margin
Improved margins due to organic growth and higher investment income
0.63%
(0.09%)
0.46%
(0.03%)
0.70%
(0.07%)
1.13%
0.16%
2.75%
(0.43%)
(0.08%)
(1.47%)
0.15%
(0.39%)
(0.19%)
0.09%
0.41%
1.83%
1.60%
0.57%
2.14%
1.58%
1.43%
1.50%
3.80%
1.31%
1.98%
(0.94%)
2.99%
1.12%
2.38%
1.75%
2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
 Operating margin was higher due to organic
growth of the portfolio & higher investment
income
 Underwriting margin improved because of
lower medical claims & higher reinsurance
recovery
 Investment margin improved as a result of a
higher average allocation to corporate bonds
 Expense & other margin slightly deteriorating
due increased acquisition costs resulting from
strong sales growth
Technical liabilities
 Year-end technical liabilities:
 Hong Kong : EUR 1.9 bn, up 17%
 Including non-consolidated partnerships
@ 100%: EUR 24.1 bn, up 18%
 Average technical liabilities growth in line with
excellent sales performance over last 2 years
→ new calculation methodology, based on best
estimates
1.3 1.4 1.7 1.4 1.6 1.6 1.7 1.7

Hong Kong Life operating margin per product line
Improved margins due to organic growth and higher investment income
Guaranteed: stable with underlying movements Unit-linked: organic growth
3.11%
1.75% 2.14%
1.47% 1.29%
(2.40%)
(3.21%)
(0.95%)
(5.08%)
(1.90%)
0.70%
(1.47%)
1.19%
(3.61%)
(0.60%)
2010 2011 2012 Q4 11 Q4 12
(0.15%) (0.71%) (0.15%) (0.53%)
(0.25%)
3.62%
(0.57%)
(0.11%)
(1.97%)
0.13%
1.30%
3.52%
2.52% 2.46%
2.73%
4.77%
2.24%
2.26% (0.04%) 2.61%
2010 2011 2012 Q4 11 Q4 12
 All margins improved as result of organic portfolio growth Underwriting margin improved following lower loss ratio
of medical claims & higher reinsurance recovery
 Investment margin improved as result of higher
average allocation to corporate bonds
 Expense & Other margin deteriorated because of
increase acquisition costs resulting from strong sales
growth
→ new calculation methodology → new calculation methodology
1.0 1.1 1.3 1.1 1.3 0.3 0.4 0.5 0.4 0.5

Investment portfolio as per 31 December 2012
Value up as result of volume growth & unrealized gains/losses
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
 Increase mainly explained by volume growth, both in
existing & new business and by unrealized
gains/losses
 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
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 1.8 bn
Equities
 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
Investment portfolio*
31.5
34.7
21.4
25.1
0.5
0.3
2.9
2.6
2.8
3.7
1.8
2.4
4.3
4.7
2.7
2.4
67.9
75.9
FY 11 FY 12
Cash & equivalents
Real Estate
Equities
Loans to customers
Loans to banks
Structured credit
instruments
Corporate bonds
Sovereign bonds

(0.9)
3.2
1.4
0.3
6.2
2.6
1.4
1.2
1.4
1.3
0.7
0.3
2.1
0.9
0.6
0.7
12.9
6.2
3.0
2.1
FY 09 FY 10 FY 11 FY 12
Portugal
Spain
Italy
Greece
Impairment
14.2
18.4
4.6
4.83.9
3.3
2.4
2.9
1.6
1.4
1.8
0.7
3.1
3.231.5
34.7
FY 11 FY 12
Others
The Netherlands
Germany
Austria
SE Sovereigns
France
Belgium
In EUR bn
 Gross UG/L at EUR 3.3 bn (vs. EUR 159 mio)
 Divestments of bonds in S-E & some core countries, only
partly reinvested; primarily in Belgium as part of re-
domestication
 95% investment grade; 89% rated A or higher
Sovereign bond portfolio*
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs // ** At amortized costs & @ Ageas’s part
SE sovereigns**
Sovereign bond portfolio as per 31 December 2012
Reduction of SE sovereigns & re-domestication within Belgian operations
 Exposure on SE sovereigns at amortized cost, after
impairments and @ Ageas’s part further reduced to
EUR 2.1 bn
 Additional reduction of primarily Italian & Spanish
sovereigns of EUR 0.6 bn given increased liquidity
and reduced spreads of SE sovereigns.

In EUR bn
 Gross UG/L at EUR 1.8 bn (vs. EUR 432 mio)
 Priority to investment grade industrials (correlation
between financials & sovereigns)
 EUR 0.5 bn corporate bonds from emerging countries
 93% investment grade; 76% rated A or higher
 Banking / Other financials : 91% investment grade
Corporate bond portfolio*
* All assets at fair value except the ‘Held to Maturityassets ’& loans which are valued at amortized costs
Loans portfolio (customers + banks)*
Corporate bond & Loans portfolio as per 31 December 2012
Focus on investment grade industrials & long term loans with regional guarantee
5.0 5.7
1.8
1.9
6.2
8.7
8.4
8.8
21.4
25.1
FY 11 FY 12
Government related
Non Financials
Other financials
Banking
2.9 2.6
0.1
0.1
1.6 1.5
1.2
2.0
5.7
6.3
FY 11 FY 12
Other
Mortgages
Infrastructure
Real Estate
Loans to banks
 Increase mainly attributable to long term loans to
regional agencies benefiting from explicit guarantee
by the region
 Infrastructure loans: 2 projects on balance sheet for
EUR 0.1 bn; further commitments & outstanding bids
for EUR 0.3 bn

Equity & Real estate portfolio as per 31 December 2012
10/03/2010
 Gross UG/L marginally up to EUR 1.3 bn (not
reflected in net equity)
 Value increased mainly through investments in
Investment Retail
 Real Estate exposure mainly in Belgium (+/- 70%)
* At fair value
1.5 1.5
1.1 1.1
0.9
1.3
0.5
0.60.2
0.34.3
4.7
FY 11 FY 12
Investment
Warehouses
RE Development
Investment Retail
Car Parks
Investment Offices
In EUR bn
Equity portfolio* Real Estate portfolio*
 Gross UG/L up to EUR 0.2 bn, vs. nearly
breakeven at end 2011
0.8
1.2
0.1
0.10.7
0.70.2
0.4
1.8
2.4
FY 11 FY 12
Mixed funds & others
Real Estate funds
Equity funds
Equities

General Account
Driven by legacy related one-offs & revaluation BNP P call option
Net result General Account of EUR 119 mio
 Net interest income includes EUR 39 mio Tier 1
amortisation of discount & received interest.
 RPN(I) liability floor fairly stable since agreement on
CASHES; EUR (2) mio net result impact after Q1 12.
 Call option BNP P: Strong decrease mainly driven by
sharp decline in volatilities from 49% end 2011 to 30%
end 2012; positive result in Q4 following rise of BNP P
share price
 RPI: Ageas net profit of EUR 104 mio following higher
market to market revaluations of portfolio & after
goodwill impairment. Goodwill fully impaired
 Legacy related one-off agreements
 Deal BNP P on CASHES & Tier 1 (EUR (132) mio in
Q1)
 Settlement ABN AMRO & Dutch State on legal
proceedings (EUR 400 mio in Q2)
 Staff & operating expenses: slightly down
EUR mio FY12 FY11
Net interest income 28 26
BNP P Call Option (161) (214)
Result on RPN(I) (273) 275
Result on sales &
revaluations (mainly Tier 1)
122 (176)
Results of associates
(mainly RPI)
98 (196)
Settlement ABN Amro 400 0
Staff & operating expenses (50) (55)
Balance sheet items FY 12 FY 11
RPN(I) (165) (190)
Call option BNP Paribas 234 395
RPI 872 779

3
90
(221)
(70)
69
(5)
14
60
(21)
50
400 (132)
(2)
104 (161)
(91)
119
Deal with
ABN Amro &
Dutch State
Agreement
with BNP
on CASHES
& Tier 1
RPN(I)
revaluation
RPI BNP
Call option
Other General
Account
4Q 12
9M 12
General Account: components of Net result
Quarterly result mainly up on revaluation BNP P call option
In EUR mio
70
EUR 209 mio FY 12 impact of legacies

3
1.3
2.8
1.0
2.6
0.9
2.3
0.7
2.2
0.5
2.1
0.2
2.1
1.0 0.8 0.7
1.3 1.3 1.3 1.1
1.5 1.4
1.2
FY 09 3M10 6M10 9M10 FY10 3M11 6M11 9M11 FY11 3M12 6M12 9M12 FY12
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
 2011 dividend of 8 eurocent per share brought
cash down with EUR 0.2 bn (Q2)
 Further impacted by share buy-back
programmes & funding of Groupama acquisition
Quarterly evolution
net cash position*
In EUR bn
* Until 6M 11 known as discretionary capital
in EUR mio FY 11 FY 12
Cash and cash equivalents 345 402
Due from banks short term 600 1,000
Debt certificates (EMTN) (257) (187)
Net cash position 688 1,216
Share buy-back programme
announced 6 August 2012 will
further reduce net cash
Net cash
Discretionary capital
71

 Buy-back programme launched as of 13 August
 For an amount up to EUR 200 mio
 For period ending 19 February 2013 at the latest
 Independent broker mandated to execute the
programme
 Open market purchases on NYSE Euronext Brussels
 Shares to be held as treasury shares until formal
approval of cancellation
 On 31 December, Ageas bought back 7.1 mio shares
(2.9%) for a total amount of EUR 137 mio
 As per 15 February, Ageas acquired 9 mio shares for
a total amount of EUR 188 mio (corresponding to
3.77% of the total amount of outstanding shares)
 On 19 February, the Board of Ageas has decided to
 postpone end of authorized period beyond 19/02/13
until full amount of EUR 200 mio is reached
 propose cancellation of the shares bought back until
15 February 2013 on the next Shareholders’ meeting
Ageas announced a share buy-back programme on 6 August
Ageas will complete its existing share buy-back programme
72

Balance sheet value
In EUR mio
Net result impact
In EUR mio
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
Model parameters
(Black & Scholes) FY10 FY11 FY12
BNP Paribas share price EUR 47.69 EUR 30.35 EUR 42.54
Strike price EUR 66.67 EUR 66.67 EUR 66.67
Volatility 33% 49% 30%
Dividend yield 5.29% 5.98% 4.69%
609
395
174
234
FY 10 FY 11 9M 12 FY 12
(271)
(214) (221)
(161)
FY 10 FY 11 9M 12 FY 12 Sensitivities FY11 FY12
Implied volatility +5% 24.5% 47.5%
Implied volatility -5% (23.6%) (41.3%)
Dividend yield -1% 2.8% 4.0%
Dividend yield +1% (1.1%) (2.5%)

4.6 4.8 4.2
0.6 0.6
0.5
2.0
0.6
7.2
6.0
4.7
FY 10 FY 11 FY 12
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 Royal Park Investments as at 31 December 2012
Equity value up driven by positive RPI result, goodwill fully impaired
Net result impact – part Ageas
In EUR mio
Commercial paper Other Senior + Super Senior
* Net book value = Economic recovery value as of 31 December 2012 at B-GAAP
Net result impact
Principal collections Interest collections
933
779
872
FY 10 FY 11 FY 12
10.0
8.9
7.8
FY 10 FY 11 FY 12
131
(197)
104
FY 10 FY 11 FY 12 7.0
6.0 6.2
FY 10 FY 11 FY 12
1,540
1,208 1,240
169
156 128
1,709
1,364 1,368
FY 10 FY 11 FY 12

Balance sheet Royal Park Investments (under IFRS at 100%)
Goodwill fully impaired
IFRS -- in EUR mio FY 12 FY11
Assets 6,671 7,738
Securities 6,213 6,043
Deferred tax assets 324 712
Goodwill - 782
Other assets 135 201
Liabilities and shareholders’ equity 6,671 7,738
Liabilities 4,720 5,995
Other liabilities 28 35
Commercial paper 4,224 4,792
Funding, super senior - 649
Funding, senior 468 519
Shareholders’equity 1,951 1,743
Share capital 850 850
Share premium (additional paid in capital) 850 850
Hedging reserve 3 123
Cash Flow hedge reserves 173 67
Retained earnings 74 (148)

February 11
Claim re FRESH
hybrid instrument
dismissed by
Brussels Court
November 11
Receipt report
Belgian experts
Judgments received in various legal procedures
No major new elements in Q4 12
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 first half 2013:
- Administrative proceedings by FSMA (communication Q2 2008)
- Further evolutions in criminal proceedings
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, appeal filed
2011 20122009... 2010 ...
April 12
Ondernemingskamer
Amsterdam re mismanagement
mainly in favour of plaintiffs;
appeal filed
June 12
Agreement with ABN Amro
to settle legal proceedings
concerning FCC and MCS,
closing all outstanding
disputes with Dutch State

Legal proceedings at 31 December 2012
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
 Appeal filed against both before The Hague “College van
Beroep voor het bedrijfsleven”; proceedings ongoing
 FSMA re communication in Q2 2008  Decision expected H1 2013
Criminal procedure  File transmitted to the public prosecutor
Enterprise Court (Ondernemingskamer)
 At request of VEB re 2007-2008  Report June 10; Judgment 05/04/12 re mismanagement,
mainly in favour plaintiffs. Appeal before Supreme Court
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 and Ageas
 Proceedings ongoing
 Judgement in favour of Ageas; appeal filed by Stichting
FortisEffect before Court of Appeal
 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 initiated in August 2012 ; at present unclear
whether both actions will be joined
 Arnhem - Mr.Bos, re alleged miscommunication May June 2008  Judgment Utrecht court 15/02/12 in favour of plaintiffs;
Appeal filed before Arnhem Court of Appeal
 Brussels - Modrikamen, re Sep/Oct 2008 transactions
 Brussels - Deminor, re alleged miscommunication 2007 - 08
 Brussels - Fortis shareholder re 2007 rights issue
 Court of Appeal confirmed no competence on Dutch
defendants / Pleadings on the merits scheduled H1 2014
 Proceedings initiated in September 2012
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

Overview of main characteristics Hybrids
Situation as per 31 December 2012
EUR mio Ageas
Ageasfinlux
Fresh
Ageas Hybrid
Financing
Hybrone
Ageas Hybrid
Financing
Nitsh I
Ageas Hybrid
Financing
Nitsh II
Direct issue
FBB, 2004
CASHES*
% 3m EUR + 135 bp 5.125% 8.25% 8% 4.625% 3m EUR +200 bp
Amount
outstanding
1,250 500 USD 750 625 1,000 1,110
ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 BE0933899800
Call date
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
Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset <8% CAD <0.5% Dividend
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
Coupon served by FBB,
trigger ACSM linked to
Ageas dividend
Market Price
(31/12/12)
43.5 77.7 100.5 100.7 95.5 53.1
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.

Total number of outstanding shares
Reverse
stock split
Cancellation bought
back shares
Agreement with
BNP in February
situation 31/12/2011 situation 30/06/2012 situation 31/12/2012
Total Issued Shares 2,623,380,817 2,431,212,726 243,121,272
Shares not entitled to dividend and voting right 342,404,219 88,922,670 15,934,452
1. TREASURYSHARES Share buy-back 175,163,656 0 7,056,442
FRESH 39,682,540 39,682,540 3,968,254
Other treasury shares 2,244,740 2,801,088 265,852
2. CASHES 125,313,283 46,439,042 4,643,904
Shares entitled to dividend and voting rights 2,280,976,598 2,342,290,056 227,186,820
Total Issued Shares diminished with the 192,168,091 shares acquired through the Buy-back programme
& cancellation granted at the shareholders' meetings of 24 and 25 April 2012 effective as at 29 June 2012.
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.
Following the reverse stock split the total number of shares
has been divided by 10, effective as at 7 August 2012.
Buy back

Ageas
5.51%
Ping An
4.98%
Franklin Mutual
Advisers
3.23%
BlackRock, Inc.
3.05%
Norges Bank
2.98%
Fortis Bank
1.91%
BNP Paribas
1.05%
Identified retail
investors
16% Identified
institutional
investors
37%
Other investors
23%
BNP Paribas Group
2.96%
Shareholders structure
Based on number of shares as at 15 February 2013
Ageas Based upon press release 18 February 2013
Ping An Based upon the number of shares mentioned in the notification received March 2009
Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 30 April 2012
BlackRock, Inc. Based upon the number of shares mentioned in the notification received 12 December 2012
Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012
BNP Paribas Based upon the BNP Paribas notification 1 October 2012
Benelux Retail shareholders Estimate by
Identified institutional investors Estimate by

Financial Calendar 2012 - 2013
6 August
6M 2012
results
7 November
9M 2012
results
24 & 25 September
Investor Day - London
24 April
Ordinary & Extraordinary
shareholders’ meeting - Brussels
20 February
Annual results
2012
15 May
3M 2013
results
14 March
Annual report 2012
26 April
Ex-dividend
date
6 May
Payment 2012
dividend
2 August
6M 2013
results
6 November
9M 2013
results

Rating
S&P MOODY'S FITCH
Operating entities AG Insurance (Belgium)
Insurance Financial Strength A- / stable A2 / negative A+ / stable
Last change 29/11/12 26/07/12 14/12/12
Millenniumbcp Ageas (Portugal)
Insurance Financial Strength BB / negative BBB- / negative
Last change 17/01/12 25/11/11
Ageas Insurance Co. (Asia)
Insurance Financial Strength Baa1 / stable A- / stable
Last change 16/01/13 05/01/12
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
Holdings ageas SA/NV
Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2
Outlook stable negative stable
Last change 29/11/12 26/07/12 14/12/12
* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.
Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.

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.

Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
ir@ageas.com
www.ageas.com
Investor Relations

Full year results 2012

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Full year results 2012

Similar to Full year results 2012 (20)

More from Ageas

More from Ageas (15)

Recently uploaded

Recently uploaded (20)

Full year results 2012