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6M results 2014 Press Conference

Ageas posted solid 6M 2014 insurance results, with a net profit of EUR 340 million in Non-Life (+3%) offset by losses in the General Account. The Group net result was EUR 31 million (-93%). Shareholders' equity increased due to unrealized gains and losses. Ageas also announced a new EUR 250 million share buy-back program.

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2014RESULTS Press conference 6M 6 August 2014
6M Results Press conference I 6M 14 Results I 6 August 2014 2
Solid Insurance performance – Non-Life affected by floods & storms Group net result driven by Insurance – General Account impacted by legacies Shareholders’ equity up on unrealised gains/losses New share buy-back  Insurance net profit of EUR 340 million (+3%) – Q2 EUR 195 million  Inflow @ 100% of EUR 13.8 billion (+10%) – Q2 EUR 6.0 billion  Group combined ratio at 102.0% (vs.96.8%) – 4.6% impact floods & storm  Life Technical Liabilities at EUR 72.0 billion* (+4%)  Group net profit of EUR 31 million (-93%) – Q2 EUR 1 million  General Account net result of EUR (309) million  Including EUR (157) million RPN(i) & EUR (130) million provision FortisEffect  Shareholders’ equity at EUR 9.2 billion or EUR 41.11 per share  Insurance solvency at 208%, Group solvency at 203%  Net cash position General Account at EUR 1.6 billion  Starting as of 11/08/14 for EUR 250 million Main messages Ageas posts solid 6M 14 Insurance results Press conference I 6M 14 Results I 6 August 2014 3 * Consolidated entities only
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 Strong Life growth, excluding FX impact total inflows up 8% In EUR million Press conference I 6M 14 Results I 6 August 2014 4 1,595 1,547 51 64 849 1,000 1,590 1,798 4,085 4,410 739 761 971 1,010 207 212 114 110 2,032 2,092 (1%) 5% 15% 12% 6% 2,334 2,308 1,023 1,074 1,056 1,213 1,704 1,908 6,117 6,502 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14
Insurance net result Strong Life result in all segments, Non-Life suffering Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other 9 6 9 6 121 186 (1) 1 25 28 56 70 201 285 38 6 50 25 20 10 10 8 119 49 160 193 58 32 46 37 66 78 329 340 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 In EUR million Press conference I 6M 14 Results I 6 August 2014 5
6M 13 6M 146M 13 6M 14 Press conference I 6M 14 Results I 6 August 2014 6 Net result: Strong in Life; Non-Life negatively impacted by hailstorm In EUR million In EUR billion Operating margin Guaranteed: solid investment margin Non-Life combined ratio @ 100.2% excluding hailstorm Inflow*: Non-Life increased but offset by Life Life Technical liabilities: acquisition of Fidea’s group Life & shadow accounting In EUR billion Belgium : Headlines Strong operating results in Life offset by hailstorm effect in Non-Life ** Operating margin Unit-Linked In % avg technical liabilities In % avg technical liabilities 6 6M 13 6M 14 Life Non-Life 57 23 (6) Q2 13 Q2 14 2.1 2.1 1.0 1.0 3.1 3.1 6M 13 6M 14 Life Non-Life 1.1 1.0 0.4 0.4 1.5 1.4 Q2 13 Q2 14 Q2 13 Q2 14 In % NEP Q2 13 Q2 146M 13 6M 14Q2 13 Q2 14 97.5% 105.7% 95.4% 109.9% 0.29% 0.38% 0.27% 0.41% 1.06%0.91%0.98%0.84% 121 186 38 160 193 80 111 105 53.2 54.0 55.5 FY 13 3M 14 6M 14
6M 13 6M 14 When excluding weather, better Non- Life & Life results offset by Retail In EUR million United Kingdom: Headlines Strong recovery of operating results in second quarter Non-Life combined ratio Q1 weather impact, excellent Q2 9 6 (1) 1 50 25 58 32 6M 13 6M 14 Life Other Non-Life Q2 13 Q2 14 96.3% 100.7% 94.0% 95.4% 50 5 Inflow* up 5%, flat excluding FX In EUR billion In % NEP In EUR million Other Income: incl. positive contribution from legal settlement (EUR 6 million) 0.1 0.1 1.1 1.1 1.2 1.2 6M 13 6M 14 Life Non-Life 0.0 0.0 0.6 0.6 0.6 0.6 Q2 13 Q2 14 6M 13 6M 14 59 59 Q2 13 Q2 14 122 129 * incl. non-consolidated partnerships @ 100% 5 1 (1) 1 31 35 35 38 Q2 13 Q2 14 7Press conference I 6M 14 Results I 6 August 2014
Net profit Q2 13 included EUR 9 million one-off in Turkey In EUR million In EUR billion Excellent Non-Life combined ratio improvement in Motor & Household 227% 210% 207% Inflow* boosted by strong sales in Luxembourg Life In EUR billion Continental Europe: Headlines Results on track ** Operating margin Guaranteed: lower U/W & investment margin Press conference I 6M 14 Results I 6 August 2014 8 Life Technical liabilities up 2% In % avg technical liabilities Operating margin Unit-Linked: lower fee income in Portugal In % avg technical liabilities 25 28 20 10 46 37 6M 13 6M 14 Life Non-Life 13 9 16 4 28 13 Q2 13 Q2 14 1.8 2.3 0.6 0.62.4 2.8 6M 13 6M 14 Life Non-Life 0.9 1.4 0.3 0.3 1.2 1.6 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 95.5% 91.4% 94.4% 88.1% 0.94% 0.82% 0.98% 0.58% 0.53% 0.17% 0.53% 0.10% In % NEP * incl. non-consolidated partnerships @ 100% 13.9 14.3 14.2 15.0 15.2 15.9 28.9 29.5 30.1 FY 13 3M 14 6M 14 Conso Non-conso
24 32 4 528 36 Q2 13 Q2 146M 13 6M 14 Q2 13 Q2 14 Inflow: successful sales campaigns & channel development in China & Thailand 10 8 6M 13 6M 14 Life Non-Life 10 8 6M 13 6M 14 Life Non-Life Net result: strong growth due to good operational performance In EUR million In EUR billion Non-Life combined ratio reflects good underwriting performance Life Technical liabilities up across all entities In EUR billion Asia: Headlines New business & profit growth Life / Strong Non-Life underwriting result Press conference I 6M 14 Results I 6 August 2014 9 ** In % avg technical liabilities In EUR million Result non-conso partnerships: up 30% on good Life operational performance 5.4 6.3 0.4 0.45.9 6.7 6M 13 6M 14 Life Non-Life 2.3 2.1 0.2 0.2 2.5 2.3 Q2 13 Q2 14 Q2 13 Q2 146M 13 6M 14 94.2% 89.1% 95.9% 89.1% 1.54% 1.53% 0.97% 1.60% 56 70 66 78 49 64 59 72 In % NEP * incl. non-consolidated partnerships @ 100% Life operating margin Hong Kong: improved due to capital gains 24 35 4 529 40 Q2 13 Q2 14 2.0 2.0 2.1 25.9 28.2 29.6 27.9 30.3 31.7 FY 13 3M 14 6M 14 Conso Non-conso
General Account result driven by further increase of RPN(i) liability and provision FortisEffect Press conference I 6M 14 Results I 6 August 2014 10 In EUR million (157) (130) (9) (12) (2) (309) Reval RPN(i) Legal provision Staff expenses Other operating expenses Other* Net result
Strategic decisions Press conference I 6M 14 Results I 6 August 2014 11
 Up to EUR 250 million of its outstanding shares  Buy-back launched as of 11 August 2014  For a period ending at 31 July 2015  Independent broker mandated to execute  Through open market purchases on NYSE Euronext Brussels  Shares to be held as treasury shares  Cancellation of these shares subject to approval @ General meeting of Shareholders  No impact on solvency position of Insurance activities  Ageas has informed the National Bank that this operation can be considered as non-strategic, according to article 36/3 §2 of the law of 22 February 1998 determining the statute of the National Bank of Belgium. Ageas announces new share buy-back 4rth consecutive share buy-back confirming capital management strategy June 12 Cancellation bought- back shares (7.3% of outstanding) 6 August 12 Ageas announces EUR 200 million share buy-back 24 August 11 Ageas announces EUR 250 million share buy-back April 13 Cancellation bought- back shares (3.8% of outstanding) 2 August 13 Ageas announces EUR 200 million share buy-back Press conference I 6M 14 Results I 6 August 2014 12 April 14 Cancellation bought- back shares (1.1% of outstanding) 6 August 14 Ageas announces EUR 250 million share buy-back September 13 Cancellation bought- back shares (0.2% of outstanding) Since 2012 31,341,889 shares cancelled - around 12% of outstanding - 1 August 14 Ageas completes 2013 EUR 200 million share buy-back - 6,513,207 shares
Press conference I 6M 14 Results I 6 August 2014 13 Towards desired company profile Ageas takes full control of the Portuguese Non-Life activities (PR 26 May ‘14)  Ageas acquires remaining 49% Médis & Occidental Seguros for EUR 122.5 million subject to price adjustment after 4 years linked to sales volume & quality targets  Upstream of EUR 290 million dividend (Life & Non-Life, @ 100%) – net cash accretive for Ageas  Exclusive distribution agreement with BCP renewed up to 2029 ; Médis & Occidental Seguros free to enter in other agreements  No goodwill creation  Possibility to explore other distribution opportunities : strengthen foothold & enhance distribution reach  6M 14 combined ratio at 90.7%  6M 14 net result of EUR 9 million (@100%)  Balance Life/Non-Life 0.9 %point in favour of Non-Life  Positive impact on ROE: equity down EUR 72 million, net profit up Transaction details Portuguese Non- Life activities Impact on Vision 2015 targets (Based on 6M 14 figures) Rationale
Press conference I 6M 14 Results I 6 August 2014 14 Towards desired company profile Ageas & BNPP Cardif take full control of Italian Non-Life activities (PR 6 August ‘14)  Ageas & BNPPC both acquire 25% of UBI Assicurazioni (now each 25%*) for EUR 75 million, (each EUR 37.5 million) subject to closing adjustment  Long-term distribution agreement with UBI Banca  UBIA free to enter into other distribution agreements – potential of BNP bank network through BNL & Findomestic  Subject to regulatory approval - Expected to close in 2014  Further expand Non-Life bancassurance business  Possibility to explore other distribution opportunities : strengthen foothold  In Italy, one of more profitable Non-Life markets in Europe  6M 14 combined ratio at 92.1%  6M 14 net result of EUR 11 million (@100%)  Balance Life/Non-Life 0.5 %point in favour of Non-Life  Positive impact on ROE: net profit up Transaction details Italian Non-Life activities Impact on Vision 2015 targets (Based on 6M 14 figures) Rationale
Press conference I 6M 14 Results I 6 August 2014 15 Towards desired company profile Ageas sells Ageas Protect (UK Life activities) to AIG (PR 6 August ‘14) Rationale Impact on Vision 2015 targets (Based on 6M 14 figures) Transaction details Details on UK Protect  Transaction price of around EUR 228 mio (GBP 181 mio)  Net proceeds after costs & repayment internal loan of around EUR 33 mio (GBP 26 mio) will be up streamed to General Account  Capital gain will be realised at closing  Subject to regulatory approval - Expected to close in 2014  UK Protect activities better chance to further develop in Life driven environment of AIG  Focus on developing the more material Non-Life business & distribution activities in UK  Launched in 2008, Covering over 305.000 lives, 4.8% share in Protection market  Continuous efforts in developing business & widening product portfolio reflected in 6M 14 increase in inflow & results  Balance Life/Non-Life 0.5 pp in favour of Non-Life  Positive impact on ROE: activity with low ROE
Press conference I 6M 14 Results I 6 August 2014 16 Only 2 alternative uses for General Account net cash withheld Continuation of capital management principles since 2009 1. Invest in Businesses  Organic growth  Selective acquisitions  Create new partnerships 2. Return to shareholders  Dividend payment  Share buy-back ≈ EUR 2.1 billion  ≈ EUR 900 million cash dividend over ‘09, ’10, ‘11 & ‘12  EUR 650 million share buy-backs finalized’12, ‘13 & ’14  EUR 222 million capital reduction from proceeds of BNPP Call Option & RPI  EUR 250 million share buy-back announced 06/08/14 ≈ EUR 1.3 billion from net cash on top of retained earnings  ≈ EUR 600 million UK (Tesco, KFIS, Castle Cover, Groupama)  ≈ EUR 200 million CE (Italy, Turkey)  ≈ EUR 320 million Asia (India, HK, China)  ≈ EUR 160 million CE (Portugal, Italy)
Legal legacies Press conference I 6M 14 Results I 6 August 2014 17
18 Amsterdam Court of Appeal renders judgment FortisEffect case Ageas announces appeal & accounting of provision Accounting consequence Main elements of ruling of 29/07/14  Sale of Dutch entities remains unaffected  Dutch State: confirmation of original ruling: no liability retained  Ageas:  Miscommunication in period 29/09/08 – 01/10/08  Liability retained for indemnifying damages suffered – existence of damages & amount to be decided upon in further proceedings  Ageas will file appeal before the Supreme Court  Ageas sets up provision of EUR 130 million  Provision of EUR 130 million in 6M 14, based on  Methods & assumptions commonly used in the market  Benchmarking with other cases  Assumptions on # shares eligible, % participation shareholders, relative share performance Ageas’s position Press conference I 6M 14 Results I 6 August 2014
Press conference I 6M 14 Results I 6 August 2014 19 Status on various legal procedures Timing & (financial) outcome remains hard to estimate 2014 expected next steps  Brussels Commercial Court re Sep/Oct 2008 transactions (Modrikamen) – interim judgement on procedural matters expected – pleadings on the merits in 2015 February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion MCS (Mandatory Convertible Securities) into Ageas’ shares AgeasinitiatorAgainstAgeas February 12 BNP P tender for CASHES & subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities February 12 Utrecht court re communication Q2 2008 in favour of plaintiffs, appeal filed March 12 Brussels Commercial Court rules in favour of Ageas in MCS-case, appeal filed 2011 20122009... 2010 ... December 13 Supreme Court rejects appeal against judgement Ondernemingskamer re mismanagement mainly in favour of plaintiffs June 12 Agreement with ABN AMRO to settle legal proceedings concerning FCC & MCS, closing all outstanding disputes with Dutch State 2013 June 13 Fine imposed by FSMA, appeal filed February 14 Trade & Industry Appeals Tribunal renders final judgment on AFM II in favour of Ageas 2014 March 14 T&I A Tribunal rejects appeal in AFM I July 14 Amsterman Court of Appeal judges mainly in favour of plaintiffs; appeal will be filed
Legal proceedings Managed in interest of shareholders Administrative proceedings  NL: AFM fine imposed 05/02/10 re price sensitive info June 08  NL: AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07  Final judgement 04/03/2014; appeal rejected  Final judgement 14/02/2014 in favour of Ageas  BE: FSMA re communication in Q2 2008  Appeal filed before Court of Appeal Criminal procedure  Brussels – several alleged crimes June 2007 – April 2008  Public prosecutor requests referral of 7 individuals Enterprise Court (Ondernemingskamer) At request of VEB re 2007-2008  Final judgement 06/12/13 re mismanagement, mainly in favour plaintiffs. Civil Lawsuits  Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas, former directors/executives & banks  Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State & Ageas  Proceedings ongoing  Judgement partly in favour of plaintiffs; appeal will be filed  Utrecht - Stichting Investor Claims Against Fortis re alleged miscommunication 2007-08 against Ageas & 2 financial institutions  Utrecht - 2nd case by Stichting on behalf of certain shareholders for damages from same defendants & certain former directors/executives  Proceedings ongoing  Proceedings initiated in August 2012 ; at present unclear whether both actions will be joined  Arnhem - Mr.Bos, re alleged miscommunication 2007 - 08  Appeal filed before Arnhem Court of Appeal  Brussels - Modrikamen, re Sep/Oct 2008 transactions  Brussels – Various lawsuits initiated by shareholders re alleged miscommunication 2007 – 08  Judgement procedural matters expected; Pleadings merits H1 2015  Proceedings ongoing  Deminor: interim judgment procedural matters 28/04/2014 Financial instruments  Brussels Court of Appeal - MCS-holders contesting validity of conversion  Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015 Other litigation  Brussels/Paris – RBS re alleged indemnity in context of ABN AMRO take- over  Proceedings before Brussels court & ICC arbitration in Paris initiated in April 2014 Press conference I 6M 14 Results I 6 August 2014 20 Situation 6 August 2014
Conclusions Press conference I 6M 14 Results I 6 August 2014 21  Healthy growing inflow  Solid net profit Insurance, impacted by one-offs in both directions  Progress in a number of strategic files - focus on more material business - more power to develop  4th share buy back
Press conference I 6M 14 Results I 6 August 2014 22 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.

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6M results 2014 Press Conference

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    6M Results Press conference I6M 14 Results I 6 August 2014 2
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    Solid Insurance performance – Non-Lifeaffected by floods & storms Group net result driven by Insurance – General Account impacted by legacies Shareholders’ equity up on unrealised gains/losses New share buy-back  Insurance net profit of EUR 340 million (+3%) – Q2 EUR 195 million  Inflow @ 100% of EUR 13.8 billion (+10%) – Q2 EUR 6.0 billion  Group combined ratio at 102.0% (vs.96.8%) – 4.6% impact floods & storm  Life Technical Liabilities at EUR 72.0 billion* (+4%)  Group net profit of EUR 31 million (-93%) – Q2 EUR 1 million  General Account net result of EUR (309) million  Including EUR (157) million RPN(i) & EUR (130) million provision FortisEffect  Shareholders’ equity at EUR 9.2 billion or EUR 41.11 per share  Insurance solvency at 208%, Group solvency at 203%  Net cash position General Account at EUR 1.6 billion  Starting as of 11/08/14 for EUR 250 million Main messages Ageas posts solid 6M 14 Insurance results Press conference I 6M 14 Results I 6 August 2014 3 * Consolidated entities only
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    Belgium UK CEU Asia Total Ageas Life Non-Life LifeNon-Life Life Non-Life Life Non-Life Life Non-Life Inflows @ Ageas’s part Strong Life growth, excluding FX impact total inflows up 8% In EUR million Press conference I 6M 14 Results I 6 August 2014 4 1,595 1,547 51 64 849 1,000 1,590 1,798 4,085 4,410 739 761 971 1,010 207 212 114 110 2,032 2,092 (1%) 5% 15% 12% 6% 2,334 2,308 1,023 1,074 1,056 1,213 1,704 1,908 6,117 6,502 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14
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    Insurance net result StrongLife result in all segments, Non-Life suffering Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other 9 6 9 6 121 186 (1) 1 25 28 56 70 201 285 38 6 50 25 20 10 10 8 119 49 160 193 58 32 46 37 66 78 329 340 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 6M 13 6M 14 In EUR million Press conference I 6M 14 Results I 6 August 2014 5
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    6M 13 6M146M 13 6M 14 Press conference I 6M 14 Results I 6 August 2014 6 Net result: Strong in Life; Non-Life negatively impacted by hailstorm In EUR million In EUR billion Operating margin Guaranteed: solid investment margin Non-Life combined ratio @ 100.2% excluding hailstorm Inflow*: Non-Life increased but offset by Life Life Technical liabilities: acquisition of Fidea’s group Life & shadow accounting In EUR billion Belgium : Headlines Strong operating results in Life offset by hailstorm effect in Non-Life ** Operating margin Unit-Linked In % avg technical liabilities In % avg technical liabilities 6 6M 13 6M 14 Life Non-Life 57 23 (6) Q2 13 Q2 14 2.1 2.1 1.0 1.0 3.1 3.1 6M 13 6M 14 Life Non-Life 1.1 1.0 0.4 0.4 1.5 1.4 Q2 13 Q2 14 Q2 13 Q2 14 In % NEP Q2 13 Q2 146M 13 6M 14Q2 13 Q2 14 97.5% 105.7% 95.4% 109.9% 0.29% 0.38% 0.27% 0.41% 1.06%0.91%0.98%0.84% 121 186 38 160 193 80 111 105 53.2 54.0 55.5 FY 13 3M 14 6M 14
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    6M 13 6M14 When excluding weather, better Non- Life & Life results offset by Retail In EUR million United Kingdom: Headlines Strong recovery of operating results in second quarter Non-Life combined ratio Q1 weather impact, excellent Q2 9 6 (1) 1 50 25 58 32 6M 13 6M 14 Life Other Non-Life Q2 13 Q2 14 96.3% 100.7% 94.0% 95.4% 50 5 Inflow* up 5%, flat excluding FX In EUR billion In % NEP In EUR million Other Income: incl. positive contribution from legal settlement (EUR 6 million) 0.1 0.1 1.1 1.1 1.2 1.2 6M 13 6M 14 Life Non-Life 0.0 0.0 0.6 0.6 0.6 0.6 Q2 13 Q2 14 6M 13 6M 14 59 59 Q2 13 Q2 14 122 129 * incl. non-consolidated partnerships @ 100% 5 1 (1) 1 31 35 35 38 Q2 13 Q2 14 7Press conference I 6M 14 Results I 6 August 2014
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    Net profit Q213 included EUR 9 million one-off in Turkey In EUR million In EUR billion Excellent Non-Life combined ratio improvement in Motor & Household 227% 210% 207% Inflow* boosted by strong sales in Luxembourg Life In EUR billion Continental Europe: Headlines Results on track ** Operating margin Guaranteed: lower U/W & investment margin Press conference I 6M 14 Results I 6 August 2014 8 Life Technical liabilities up 2% In % avg technical liabilities Operating margin Unit-Linked: lower fee income in Portugal In % avg technical liabilities 25 28 20 10 46 37 6M 13 6M 14 Life Non-Life 13 9 16 4 28 13 Q2 13 Q2 14 1.8 2.3 0.6 0.62.4 2.8 6M 13 6M 14 Life Non-Life 0.9 1.4 0.3 0.3 1.2 1.6 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 6M 13 6M 14 Q2 13 Q2 14 95.5% 91.4% 94.4% 88.1% 0.94% 0.82% 0.98% 0.58% 0.53% 0.17% 0.53% 0.10% In % NEP * incl. non-consolidated partnerships @ 100% 13.9 14.3 14.2 15.0 15.2 15.9 28.9 29.5 30.1 FY 13 3M 14 6M 14 Conso Non-conso
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    24 32 4 528 36 Q2 13 Q2146M 13 6M 14 Q2 13 Q2 14 Inflow: successful sales campaigns & channel development in China & Thailand 10 8 6M 13 6M 14 Life Non-Life 10 8 6M 13 6M 14 Life Non-Life Net result: strong growth due to good operational performance In EUR million In EUR billion Non-Life combined ratio reflects good underwriting performance Life Technical liabilities up across all entities In EUR billion Asia: Headlines New business & profit growth Life / Strong Non-Life underwriting result Press conference I 6M 14 Results I 6 August 2014 9 ** In % avg technical liabilities In EUR million Result non-conso partnerships: up 30% on good Life operational performance 5.4 6.3 0.4 0.45.9 6.7 6M 13 6M 14 Life Non-Life 2.3 2.1 0.2 0.2 2.5 2.3 Q2 13 Q2 14 Q2 13 Q2 146M 13 6M 14 94.2% 89.1% 95.9% 89.1% 1.54% 1.53% 0.97% 1.60% 56 70 66 78 49 64 59 72 In % NEP * incl. non-consolidated partnerships @ 100% Life operating margin Hong Kong: improved due to capital gains 24 35 4 529 40 Q2 13 Q2 14 2.0 2.0 2.1 25.9 28.2 29.6 27.9 30.3 31.7 FY 13 3M 14 6M 14 Conso Non-conso
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    General Account resultdriven by further increase of RPN(i) liability and provision FortisEffect Press conference I 6M 14 Results I 6 August 2014 10 In EUR million (157) (130) (9) (12) (2) (309) Reval RPN(i) Legal provision Staff expenses Other operating expenses Other* Net result
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    Strategic decisions Press conference I6M 14 Results I 6 August 2014 11
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     Up toEUR 250 million of its outstanding shares  Buy-back launched as of 11 August 2014  For a period ending at 31 July 2015  Independent broker mandated to execute  Through open market purchases on NYSE Euronext Brussels  Shares to be held as treasury shares  Cancellation of these shares subject to approval @ General meeting of Shareholders  No impact on solvency position of Insurance activities  Ageas has informed the National Bank that this operation can be considered as non-strategic, according to article 36/3 §2 of the law of 22 February 1998 determining the statute of the National Bank of Belgium. Ageas announces new share buy-back 4rth consecutive share buy-back confirming capital management strategy June 12 Cancellation bought- back shares (7.3% of outstanding) 6 August 12 Ageas announces EUR 200 million share buy-back 24 August 11 Ageas announces EUR 250 million share buy-back April 13 Cancellation bought- back shares (3.8% of outstanding) 2 August 13 Ageas announces EUR 200 million share buy-back Press conference I 6M 14 Results I 6 August 2014 12 April 14 Cancellation bought- back shares (1.1% of outstanding) 6 August 14 Ageas announces EUR 250 million share buy-back September 13 Cancellation bought- back shares (0.2% of outstanding) Since 2012 31,341,889 shares cancelled - around 12% of outstanding - 1 August 14 Ageas completes 2013 EUR 200 million share buy-back - 6,513,207 shares
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    Press conference I6M 14 Results I 6 August 2014 13 Towards desired company profile Ageas takes full control of the Portuguese Non-Life activities (PR 26 May ‘14)  Ageas acquires remaining 49% Médis & Occidental Seguros for EUR 122.5 million subject to price adjustment after 4 years linked to sales volume & quality targets  Upstream of EUR 290 million dividend (Life & Non-Life, @ 100%) – net cash accretive for Ageas  Exclusive distribution agreement with BCP renewed up to 2029 ; Médis & Occidental Seguros free to enter in other agreements  No goodwill creation  Possibility to explore other distribution opportunities : strengthen foothold & enhance distribution reach  6M 14 combined ratio at 90.7%  6M 14 net result of EUR 9 million (@100%)  Balance Life/Non-Life 0.9 %point in favour of Non-Life  Positive impact on ROE: equity down EUR 72 million, net profit up Transaction details Portuguese Non- Life activities Impact on Vision 2015 targets (Based on 6M 14 figures) Rationale
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    Press conference I6M 14 Results I 6 August 2014 14 Towards desired company profile Ageas & BNPP Cardif take full control of Italian Non-Life activities (PR 6 August ‘14)  Ageas & BNPPC both acquire 25% of UBI Assicurazioni (now each 25%*) for EUR 75 million, (each EUR 37.5 million) subject to closing adjustment  Long-term distribution agreement with UBI Banca  UBIA free to enter into other distribution agreements – potential of BNP bank network through BNL & Findomestic  Subject to regulatory approval - Expected to close in 2014  Further expand Non-Life bancassurance business  Possibility to explore other distribution opportunities : strengthen foothold  In Italy, one of more profitable Non-Life markets in Europe  6M 14 combined ratio at 92.1%  6M 14 net result of EUR 11 million (@100%)  Balance Life/Non-Life 0.5 %point in favour of Non-Life  Positive impact on ROE: net profit up Transaction details Italian Non-Life activities Impact on Vision 2015 targets (Based on 6M 14 figures) Rationale
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    Press conference I6M 14 Results I 6 August 2014 15 Towards desired company profile Ageas sells Ageas Protect (UK Life activities) to AIG (PR 6 August ‘14) Rationale Impact on Vision 2015 targets (Based on 6M 14 figures) Transaction details Details on UK Protect  Transaction price of around EUR 228 mio (GBP 181 mio)  Net proceeds after costs & repayment internal loan of around EUR 33 mio (GBP 26 mio) will be up streamed to General Account  Capital gain will be realised at closing  Subject to regulatory approval - Expected to close in 2014  UK Protect activities better chance to further develop in Life driven environment of AIG  Focus on developing the more material Non-Life business & distribution activities in UK  Launched in 2008, Covering over 305.000 lives, 4.8% share in Protection market  Continuous efforts in developing business & widening product portfolio reflected in 6M 14 increase in inflow & results  Balance Life/Non-Life 0.5 pp in favour of Non-Life  Positive impact on ROE: activity with low ROE
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    Press conference I6M 14 Results I 6 August 2014 16 Only 2 alternative uses for General Account net cash withheld Continuation of capital management principles since 2009 1. Invest in Businesses  Organic growth  Selective acquisitions  Create new partnerships 2. Return to shareholders  Dividend payment  Share buy-back ≈ EUR 2.1 billion  ≈ EUR 900 million cash dividend over ‘09, ’10, ‘11 & ‘12  EUR 650 million share buy-backs finalized’12, ‘13 & ’14  EUR 222 million capital reduction from proceeds of BNPP Call Option & RPI  EUR 250 million share buy-back announced 06/08/14 ≈ EUR 1.3 billion from net cash on top of retained earnings  ≈ EUR 600 million UK (Tesco, KFIS, Castle Cover, Groupama)  ≈ EUR 200 million CE (Italy, Turkey)  ≈ EUR 320 million Asia (India, HK, China)  ≈ EUR 160 million CE (Portugal, Italy)
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    Legal legacies Press conference I6M 14 Results I 6 August 2014 17
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    18 Amsterdam Court ofAppeal renders judgment FortisEffect case Ageas announces appeal & accounting of provision Accounting consequence Main elements of ruling of 29/07/14  Sale of Dutch entities remains unaffected  Dutch State: confirmation of original ruling: no liability retained  Ageas:  Miscommunication in period 29/09/08 – 01/10/08  Liability retained for indemnifying damages suffered – existence of damages & amount to be decided upon in further proceedings  Ageas will file appeal before the Supreme Court  Ageas sets up provision of EUR 130 million  Provision of EUR 130 million in 6M 14, based on  Methods & assumptions commonly used in the market  Benchmarking with other cases  Assumptions on # shares eligible, % participation shareholders, relative share performance Ageas’s position Press conference I 6M 14 Results I 6 August 2014
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    Press conference I6M 14 Results I 6 August 2014 19 Status on various legal procedures Timing & (financial) outcome remains hard to estimate 2014 expected next steps  Brussels Commercial Court re Sep/Oct 2008 transactions (Modrikamen) – interim judgement on procedural matters expected – pleadings on the merits in 2015 February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion MCS (Mandatory Convertible Securities) into Ageas’ shares AgeasinitiatorAgainstAgeas February 12 BNP P tender for CASHES & subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities February 12 Utrecht court re communication Q2 2008 in favour of plaintiffs, appeal filed March 12 Brussels Commercial Court rules in favour of Ageas in MCS-case, appeal filed 2011 20122009... 2010 ... December 13 Supreme Court rejects appeal against judgement Ondernemingskamer re mismanagement mainly in favour of plaintiffs June 12 Agreement with ABN AMRO to settle legal proceedings concerning FCC & MCS, closing all outstanding disputes with Dutch State 2013 June 13 Fine imposed by FSMA, appeal filed February 14 Trade & Industry Appeals Tribunal renders final judgment on AFM II in favour of Ageas 2014 March 14 T&I A Tribunal rejects appeal in AFM I July 14 Amsterman Court of Appeal judges mainly in favour of plaintiffs; appeal will be filed
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    Legal proceedings Managed ininterest of shareholders Administrative proceedings  NL: AFM fine imposed 05/02/10 re price sensitive info June 08  NL: AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07  Final judgement 04/03/2014; appeal rejected  Final judgement 14/02/2014 in favour of Ageas  BE: FSMA re communication in Q2 2008  Appeal filed before Court of Appeal Criminal procedure  Brussels – several alleged crimes June 2007 – April 2008  Public prosecutor requests referral of 7 individuals Enterprise Court (Ondernemingskamer) At request of VEB re 2007-2008  Final judgement 06/12/13 re mismanagement, mainly in favour plaintiffs. Civil Lawsuits  Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas, former directors/executives & banks  Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State & Ageas  Proceedings ongoing  Judgement partly in favour of plaintiffs; appeal will be filed  Utrecht - Stichting Investor Claims Against Fortis re alleged miscommunication 2007-08 against Ageas & 2 financial institutions  Utrecht - 2nd case by Stichting on behalf of certain shareholders for damages from same defendants & certain former directors/executives  Proceedings ongoing  Proceedings initiated in August 2012 ; at present unclear whether both actions will be joined  Arnhem - Mr.Bos, re alleged miscommunication 2007 - 08  Appeal filed before Arnhem Court of Appeal  Brussels - Modrikamen, re Sep/Oct 2008 transactions  Brussels – Various lawsuits initiated by shareholders re alleged miscommunication 2007 – 08  Judgement procedural matters expected; Pleadings merits H1 2015  Proceedings ongoing  Deminor: interim judgment procedural matters 28/04/2014 Financial instruments  Brussels Court of Appeal - MCS-holders contesting validity of conversion  Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015 Other litigation  Brussels/Paris – RBS re alleged indemnity in context of ABN AMRO take- over  Proceedings before Brussels court & ICC arbitration in Paris initiated in April 2014 Press conference I 6M 14 Results I 6 August 2014 20 Situation 6 August 2014
  • 21.
    Conclusions Press conference I6M 14 Results I 6 August 2014 21  Healthy growing inflow  Solid net profit Insurance, impacted by one-offs in both directions  Progress in a number of strategic files - focus on more material business - more power to develop  4th share buy back
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    Press conference I6M 14 Results I 6 August 2014 22 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.