Ageas reported strong financial results for the first nine months of 2017, with a net profit of EUR 360 million and significant insurance performance improvements, including a 10% increase in gross inflows. The group achieved a combined ratio of 94.9% and noted stable life technical liabilities, while the impact from the Fortis settlement was addressed with a provision of EUR 100 million. Overall, the results reflected solid operational performance, particularly in Belgium, despite challenges in the UK and Asia markets.

1. Periodical Financial Information
9M 2017RESULTS

2. Table of contents Analyst call 3
Segment information 17
Equity / Solvency/ FCG 48
Investment portfolio 59
Legal Settlement 64
General Information 67

3. Main messages
Ageas reports strong nine months
3Periodic financial Information I 9M 17 results I 8 November 2017
*Consolidated entities only
Insurance
performance
Group result
Balance sheet
 Insurance net profit of EUR 686 mio (+16% scope-on-scope for HK)
 Inflow @ 100% of EUR 27.1 bn (+10%)
 Life Guaranteed margin at 106 bps* (vs.97 bps)
 Unit-Linked margin at 26 bps* (vs. 21 bps)
 Group combined ratio at 94.9%* (vs.97.0%)
 Life Technical Liabilities at EUR 74.2 bn* (stable vs. YE 2016)
 Group net profit of EUR 360 mio
 General Account net loss of EUR 326 mio (vs. EUR 686 mio negative)
including additional provision for Fortis settlement
 Shareholders’ equity at EUR 9.2 bn or EUR 46.02 per share
 UG/L at EUR 2.4 bn or EUR 13.38 per share
 Insurance Solvency IIageas at 194%, Group ratio at 193%
 Operating FCG of Solvency II scope of EUR 636 mio
 Total Liquid Assets General Account at EUR 1.7 bn (vs.EUR 1.9 bn), of
which EUR 0.9 bn ring-fenced

4. 4Periodic financial Information I 9M 17 results I 8 November 2017
Settlement between Ageas & claimants organisations
Press release 16 October 2017 – Extension granted up to 12/12/2017
 Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio
 P&L impact of EUR 889 mio in 3M 2016
 Commitment by eligible shareholders to abandon any ongoing civil proceeding &
not to start any legal proceeding related to the events
 Settlement not declared binding in current format - opportunity for amendments
 No objective justification for distinction between active & non-active claimants
 High compensation for claimant organizations
 No agreement has been reached yet & extension of filing period requested
 Ageas makes final additional effort of EUR 100 million – Solvency impact 2pp
 Financial flexibility of Ageas has not changed
 Extension granted by the Court up to 12 December 2017
Announcement
14/03/2016
Court’s interim
decision 16/06/17
PR 16/10/17

5. Periodic financial Information I 9M 17 results I 8 November 2017
Group Free Capital Generation roll forward
Operational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s
In EUR mio
5
 Calculation based on 175% of SCRageas
 EUR 636 mio includes
 EUR 122 mio related to stop loss cover in UK
 EUR 70 mio dividend upstream from Non-European NCP’s *
 More details per segment see next slide
Free Capital
Generation
* Operational FCG generated by Non-European NCP’s of EUR 249 mio over H1 ’17 is not included in EUR 636 mio
1,111 1,071
39 127
444
(217)
(200)
(2)
(419)
122
70
636
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
9M 17

6. EUR mio
OF SCR FCG
= OF - 175%*SCR
of which UK
stop
loss cover Driven by
Belgium 464 (35) 526
UK 23 (130) 250 219
CEU 175 7 163
Reinsurance 12 15 (14) (24)
General Account 423 0 423
Geographical 106 106 (79) (72)
diversification
Group eliminations (632) (632)
Total Ageas
Solvency II scope
571 (37) 636 122
Operational impact
10/03/2010 I page 6
Split of operational impact per segment
Operational impact driven by Belgium & CEU
6Periodic financial Information I 9M 17 results I 8 November 2017
* Expected return on RE investments reduced to 5% (vs. 6% in IR-day data)
SCR reduction due to geographical diversification is
deducted as non-transferable OF
OF up on strong operational results
Impact from consolidation of intra-company elements
Driven by upstream from operating companies
OF up on strong operational results
*

7. Periodic financial Information I 9M 17 results I 8 November 2017
Evolution SCR & OF split between types of impact
In EUR mio
7
Own Funds
adjusted for
accrued expected
dividend
SCR
8,560
8,411
259
571
(58)
(300)
(200)
(2)
(419)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
9M 17
4,257
4,194
75(55)
(37)
(47)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
9M 17

8. 424 473
181
212
199
803
686
9M 16 9M 17
Life Non-Life cap gain AICA
In EUR mio
In EUR bn
In EUR bn
Total Insurance: Headlines
Strong net result in both Life & Non-Life
8Periodic financial Information I 9M 17 results I 8 November 2017
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
118
161
77
80
196
241
Q3 16 Q3 17
19.9 22.4
4.8
4.7
24.7
27.1
9M 16 9M 17
Life Non-Life
4.8 5.2
1.5 1.4
6.3 6.6
Q3 16 Q3 17
97.0 94.9
9M 16 9M 17
93.2 92.7
Q3 16 Q3 17
97 106
9M 16 9M 17
77
90
Q3 16 Q3 17
21 26
9M 16 9M 17
8
28
Q3 16 Q3 17
74.5 74.2 74.2
69.5
74.3 75.8
144.0 148.4 150.0
FY 16 6M 17 9M 17
conso non-conso
Net result: Solid result further
underpinned by strong Q3
Non-Life combined ratio: excellent
operating performance in BE & CEU
Inflows*: Continued Life inflow growth
in Asia driven by regular premiums
Life Technical liabilities up in non-conso
Operating margin Guaranteed: higher
investment result & cap gains
Operating margin Unit-Linked: up in
both BE & CEU

9. 3.1
2.7
1.5
1.5
4.6
4.2
9M 16 9M 17
Life Non-Life
233 245
76
122
309
366
9M 16 9M 17
Life Non-Life
63 65
40 42
103 107
Q3 16 Q3 17
In bps avg technical liabilities In bps avg technical liabilities
In % NEP
9Periodic financial Information I 9M 17 results I 8 November 2017
In EUR mio
In EUR bn
In EUR bn
0.9 0.8
0.4 0.5
1.3 1.2
Q3 16 Q3 17
59.0 58.4 58.1
FY 16 6M 17 9M 17
91 100
9M 16 9M 17
97.1
89.6
9M 16 9M 17
89.6 88.2
Q3 16 Q3 17
14
35
Q3 16 Q3 17
20
32
9M 16 9M 17
65 78
Q3 16 Q3 17
Belgium : Headlines
Continued excellent operating performance, especially in Non-Life
Life Technical Liabilities slightly downNon-Life: very strong performance -
terror & weather events in 2016
Inflows: anticipated lower Guaranteed
- continued strong inflow growth in UL
Non-Life combined ratio - excellent
performance confirmed in Q3
Operating margin Guaranteed:
improved investment result
Operating margin Unit-Linked: high
underwriting margin

10. 99.7 103.7
9M 16 9M 17
In EUR mio
10Periodic financial Information I 9M 17 results I 8 November 2017
In % of NEP
In EUR bn
* incl. non-consolidated partnerships @ 100%
54
25
9M 16 9M 17
19
14
Q3 16 Q3 17
98.7 99.5
Q3 16 Q3 17
1.7 1.6
9M 16 9M 17
0.5 0.5
Q3 16 Q3 17
United Kingdom: Headlines
Ogden rate review continues to influence results
 EUR 40 mio on 9M net result – EUR 9 mio in Q3
 4.4pp on COR - impacting mainly Motor (4.4pp) & Other lines (12.7pp)
 Impact of around EUR 5 mio expected in Q4, in line with earlier communication
 Risk mitigation product portfolio through stop loss reinsurance cover
 Q1 derisking of investment portfolio
 EUR 77 mio capital injection executed in Q2
 Solvency IIageas 9M ‘17 @134%
Ogden impact
on results
Ogden rate change
impact mitigated
by various actions
Net result impacted by Ogden
(EUR 40 mio)
Inflows* slightly down at constant FX Non-Life combined ratio impacted by
Ogden (4.4pp)

11. Continental Europe: Headlines
Excellent operating performance continued
11Periodic financial Information I 9M 17 results I 8 November 2017
* incl. non-consolidated partnerships @ 100%
33
47
27
4660
93
9M 16 9M 17
Life Non-Life
17 16
8
18
24
34
Q3 16 Q3 17
3.1 3.5
0.9
1.0
4.1
4.5
9M 16 9M 17
Life Non-Life
0.9 1.2
0.3
0.3
1.2
1.5
Q3 16 Q3 17
15.5 15.9 16.1
20.0 21.2 21.6
35.5 37.1 37.7
FY 16 6M 17 9M 17
conso non-conso
90.7 90.4
9M 16 9M 17
91.0 90.2
Q3 16 Q3 17
116
144
9M 16 9M 17
142
165
Q3 16 Q3 17
6
21
9M 16 9M 17
0
22
Q3 16 Q3 17
Net profit up 55% with equal
contribution from Life & Non-Life
Non-Life combined ratio @ excellent
level & still improving
Inflows driven by strong Life sales
Operating margin Guaranteed up on
higher investment margin
Life Technical liabilities up 6%
Operating margin Unit-Linked significantly
up on higher fees & commissions
In EUR mio
In EUR bn In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP

12. In EUR mio
In EUR bn
In EUR bn
12Periodic financial Information I 9M 17 results I 8 November 2017
In % NEP
* incl. non-consolidated partnerships @ 100%
158 182
21
14
199
378
197
9M 16 9M 17
Life Non-Life cap gain HK
13.6
16.2
0.7
0.6
14.3
16.8
9M 16 9M 17
Life Non-Life
3.1 3.2
0.2 0.2
3.3 3.3
Q3 16 Q3 17
39
8010
3
49
84
Q3 16 Q3 17
49.5 53.1 54.2
FY 16 6M 17 9M 17
non-conso
75.0
93.9
Q3 16 Q3 17
84.6
89.2
9M 16 9M 17
Asia: Headlines
Excellent operating performance thanks to product mix & financial performance
Life Technical liabilities up 9%Net result up almost 20% vs. LY excl.
EUR 212 mio contribution from HK
Inflows* up 22% scope-on-scope & @
constant FX - new business & renewals
Non-Life combined ratio very strong
- adverse claims experience in Q3

13. In EUR mio
13Periodic financial Information I 9M 17 results I 8 November 2017
In % NEPIn EUR mio
Intreas: Headlines
Internal Non-Life reinsurance company established in July 2015
Net result Inflows Combined ratio
0
3
5
9M 16 9M 17
1
2
Q3 16 Q3 17
32
38
9M 16 9M 17
11
14
Q3 16 Q3 17
77.2
81.0
9M 16 9M 17
76.1
85.5
Q3 16 Q3 17

14. Net result Q3 includes EUR 100 mio
provision related to Fortis settlement
In EUR mio
Accounting value remaining legacies –
increased provision Fortis settlement
General Account: Headlines
Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement
14Periodic financial Information I 9M 17 results I 8 November 2017
Total liquid assets down on SBB &
organic investments
In EUR mio
Impact on P&L from RPN(i) Staff & Operating expenses down
In EUR mio In EUR bn
In EUR mio
Accounting value on AG Insurance put
option: up driven by higher multiples
(686)
(326)
9M 16 9M 17
(11) (165)
Q3 16 Q3 17
1.8 1.6 1.6
0.2
0.1 0.1
1.9
1.7 1.7
FY 16 6M 17 9M 17
net cash liquid assets
(275)
(397) (437)
42 26 17
(1,024)
(1,024)
(1,124)
FY 16 6M 17 9M 17
RPN(i) RPI Settlement
(1,266) (1,363) (1,426)
FY 16 6M 17 9M 17
23 22
49
38
72
60
9M 16 9M 17
Staff & Intercompany Operating
10 11
9
14
19
25
Q3 16 Q3 17
63
(162)
9M 16 9M 17
(5)
(41)
Q3 16 Q3 17
In EUR mio

15. 1. A very strong Q3 underpinning a solid year-to-date
result
2. Outstanding operational performance especially in
our home market Belgium - signs of improvement in
UK
3. Commitment to finding an amended & balanced
agreement regarding the Fortis case

16. Table of contents Analyst call 3
Segment information 17
Equity / Solvency/ FCG 48
Investment portfolio 59
Legal Settlement 64
General Information 67

17. Periodic financial Information I 9M 17 results I 8 November 2017 17
Key financials
In EUR mio 9M 16 9M 17 Q3 16 Q3 17
Gross inflows 24,692 27,062 10% 6,349 6,597 4%
Net result Insurance 803 686 (15%) 196 241 23%
By segment: - Belgium 309 366 18% 103 107 4%
- UK 54 25 (53%) 19 14 (25%)
- Continental Europe 60 93 55% 24 34 43%
- Asia 378 197 (48%) 49 84 72%
- Reinsurance 3 5 1 2
By type: - Life 623 473 (24%) 118 161 36%
- Non-Life 181 212 17% 77 80 3%
Net result General Account (686) (326) (11) (165)
Net result Ageas 118 360 185 76
Earnings per share (in EUR) 0.56 1.78
Life Operating Margin Guaranteed (in bps) 97 106 77 90
Life Operating Margin Unit-Linked (in bps) 21 26 8 28
Combined ratio (in %) 97.0 94.9 93.2 92.7
FY 16 9M 17
Shareholders' equity 9,561 9,212 (4%)
Net equity per share (in EUR) 46.56 46.02
Insurance ROE excl.UG/L 10.6% 14.1%
Insurance Solvency IIageas ratio 179% 194%
For a definition see Lexicon in annex to the press release

18. 424 473
181
212
199
803
686
9M 16 9M 17
Life Non-Life cap gain AICA
In EUR mio
In EUR bn
In EUR bn
Total Insurance: Headlines
Strong net result in both Life & Non-Life
18Periodic financial Information I 9M 17 results I 8 November 2017
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
118
161
77
80
196
241
Q3 16 Q3 17
19.9 22.4
4.8
4.7
24.7
27.1
9M 16 9M 17
Life Non-Life
4.8 5.2
1.5 1.4
6.3 6.6
Q3 16 Q3 17
97.0 94.9
9M 16 9M 17
93.2 92.7
Q3 16 Q3 17
97 106
9M 16 9M 17
77
90
Q3 16 Q3 17
21 26
9M 16 9M 17
8
28
Q3 16 Q3 17
74.5 74.2 74.2
69.5
74.3 75.8
144.0 148.4 150.0
FY 16 6M 17 9M 17
conso non-conso
Net result: Solid result further
underpinned by strong Q3
Non-Life combined ratio: excellent
operating performance in BE & CEU
Inflows*: Continued Life inflow growth
in Asia driven by regular premiums
Life Technical liabilities up in non-conso
Operating margin Guaranteed: higher
investment result & cap gains
Operating margin Unit-Linked: up in
both BE & CEU

19. Inflows @ 100%
Growth driven by Asian Life & inclusion Ageas Seguros – 3% negative FX
19Periodic financial Information I 9M 17 results I 8 November 2017
EUR mio 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17
Belgium 75% 3,135 2,684 (14%) 1,462 1,485 2% 4,597 4,169 (9%)
United Kingdom - 1,733 1,569 (9%) 1,733 1,569 (9%)
Consolidated entities 100% - 1,350 1,217 (10%) 1,350 1,217 (10%)
Non-consolidated JV's 383 352 (8%) 383 352 (8%)0 0
Continental Europe 3,125 3,501 12% 942 1,023 9% 4,066 4,524 11%
Consolidated entities 1,398 1,471 5% 521 586 12% 1,919 2,057 7%
Portugal 51% - 100% 1,076 1,141 6% 368 474 29% 1,444 1,615 12%
France 100% 322 330 3% 322 330 3%
Italy 50% 154 112 (27%) 154 112 (27%)
Non-consolidated JV's 1,727 2,030 18% 421 438 4% 2,147 2,467 15%
Turkey 36% 421 438 4% 421 438 4%
Luxembourg 33% 1,727 2,030 18% 1,727 2,030 18%
Asia 13,606 16,169 19% 690 631 (8%) 14,295 16,800 18%
Consolidated entities 100% 183 183
Non-consolidated JV's 13,422 16,169 20% 690 631 (8%) 14,112 16,800 19%
Malaysia 31% 425 515 21% 451 393 (13%) 876 908 4%
Thailand 31%-15% 1,856 2,052 11% 238 239 0% 2,094 2,290 9%
China 25% 10,997 13,408 22% 10,997 13,408 22%
Philippines 50% 3 11 3 11
Vietnam 32% 0 4 0 4
India 26% 141 178 26% 141 178 26%
Insurance Ageas 19,866 22,353 13% 4,826 4,709 (2%) 24,692 27,062 10%#DIV/0! ###### ######
Consolidated entities 4,717 4,155 (12%) 3,333 3,288 (1%) 8,049 7,443 (8%)
Non-consolidated JV's 15,149 18,198 20% 1,494 1,421 (5%) 16,643 19,619 18%
Reinsurance 32 38 32 38
Life Non-Life Total

20. Inflows @ Ageas’s part
Strong growth in Asian JV’s & Continental Europe
In EUR mio
20Periodic financial Information I 9M 17 results I 8 November 2017
2,351 2,013
1,470 1,623
3,664
4,185
7,486 7,820
0
1,096
1,114
1,542 1,394
596 687
175
157
3,409
3,352
(9%)
(10%)
12%
13%
3%
20%
3,448
3,127
2,066 2,310
3,840
4,342
10,895
11,172
32 38
9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17
 Up 5% @ constant FX
 Belgium: down on short-term savings – shift to more UL
 UK 2% down @ constant FX - Asia: up 21% @ constant FX
 CEU: Ageas Seguros contributing
EUR 70 mio in Life / EUR 211 mio in Non-Life
Non-Life
Life
Belgium UK CEU Asia Insurance Reins.

21. Insurance net result
Very strong operating performance across all segments except UK
21Periodic financial Information I 9M 17 results I 8 November 2017
 BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mio
terrorism & weather in 9M ‘16
 UK: EUR 40 mio Ogden vs. EUR 13 mio weather in 9M ‘16
 CEU: Good operating performance - transformation plan Ageas Seguros on track
 Asia: Net result up on investments – contribution Hong Kong EUR 212 mio in 2016
Non-Life
Life
Belgium UK CEU Asia Reins. Insurance
In EUR mio
233 245
33 47
357
182
623
473
76
122
27
46
21
14
181
212
309
366
54
25
60
93
378
197
3 5
803
686
9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17

22. 10/03/2010 I page 22
Overview of net realised capital gains* on investments
Support of cap gains somewhat higher in Belgium & UK
22Periodic financial Information I 9M 17 results I 8 November 2017
* Net capital gains include capital gains, impairment & related changes in profit sharing, net of tax & @ ageas’s part –
CEU JV’s not included
EUR mio 9M 16 9M 17 Q3 16 Q3 17
Life 80 102 4 12 Higher cap gains on equities &
Non-Life 12 13 (1) 2 RE transactions, mainly Q1
Total Belgium 92 115 3 14
Non-Life 10 19 1 (1) Derisking part of
Total UK 10 19 1 (1) investment portfolio in Q1
Life (6) (1) 0 2
Non-Life 0 0 0 0
Total CEU (6) (1) 0 2
Life 12 39 10 35
Non-Life 2 2 1 0 Mainly in China
Total Asia 14 40 11 35
Life 86 140 14 49
Non-Life 24 34 1 1
Total Ageas 110 173 15 50

23. 23Periodic financial Information I 9M 17 results I 8 November 2017
Insurance Combined ratio
Consistently below 97% target throughout the year
Combined ratio
 UK Ogden rate change impact of 1.6 pp - mainly in
Other lines & Motor - 9M ’16 included 3.5 pp
terrorism & weather impact
 Outstanding combined ratio in Belgium (89.6%) &
Continental Europe (90.4%)
 Strong performance in all product lines
 Motor improvement in BE
 Accident & Health in Portugal
 benign weather conditions helping Household
Quarterly combined ratio
 Another very strong quarter
Claims ratio
 CY claims ratio at 65.0% (vs. 69.2%)
 PY claims ratio lower on reserves strengthening UK
– back to normal levels in Q3
Expense ratio up in UK
Net earned premium (In EUR mio)
In % Net earned premium
73.2 69.0 68.1 64.3 64.4 62.2 67.0 63.0 59.6 59.8 56.7
32.8
31.1 31.0 34.0 35.2 34.7
34.1
34.0
35.3 33.4 36.0
106.0
100.1 99.1 98.3 99.6 96.9
101.1
97.0 94.9 93.2 92.7
(3.7) (3.5) (3.1) (3.8) (4.0) (5.9)
(3.0)
(6.2) (5.4)
(1.8)
(4.4)
2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
claims ratio expense ratio PY claims ratio
2,858 3,507 4,178 3,749 3,843 4,112 3,079 3,052 1,034 983

24. Insurance Combined ratio per product line
Exceptional items impacting COR comparison
24Periodic financial Information I 9M 17 results I 8 November 2017
Motor: excellent in BE – 2.4 pp OgdenAccident & Health: 2.7pp terrorism in 9M ’16 – improving
in Portugal
Other: 5.6pp Ogden vs. 5.5pp terrorism – good claims ratio in
CEU
Household: very strong COR in BE & CEU – 8.5 pp BE &
UK weather impact in 9M ‘16
71.9 70.5 70.0 67.3 65.4 67.5 69.5 66.9
25.0 25.5 25.6 27.0 28.3 27.2 27.4 27.3
96.9 96.0 95.6 94.3 93.7 94.7 96.9 94.2
2011 2012 2013 2014 2015 2016 9M 16 9M 17
72.0 73.6 69.8 69.6 69.1
78.2
68.3 67.6
25.3 25.4 29.3 29.7 30.5
29.7
29.5 30.9
97.3 99.0 99.1 99.3 99.6
107.9
97.8 98.5
2011 2012 2013 2014 2015 2016 9M 16 9M 17
61.9 55.6 51.5 51.5 50.4 50.5 51.9 43.1
41.5
41.6 44.0 44.6 41.6 42.7 43.1
44.6
103.4
97.2 95.5 96.1 92.0 93.2 95.0
87.7
2011 2012 2013 2014 2015 2016 9M 16 9M 17
67.2 66.5 62.4 71.2
57.9 60.4 55.1 53.1
44.8 44.9 45.5
50.6
46.4 44.4
43.9 46.4
112.0 111.4 107.9
121.8
104.3 104.8
99.0 99.5
2011 2012 2013 2014 2015 2016 9M 16 9M 17
NEP 736 763 813 813 811 838 625 639 NEP 1,571 2,058 1,557 1,616 1,724 1,790 1,343 1,317
NEP 892 1,007 986 1,029 1,078 1,067 800 794 NEP 308 349 394 385 424 418 311 303

25. In bps Avg techn. liabilities
Insurance Life operating margin per product line
Margins in Guaranteed driven by investment result
Guaranteed: up in both BE & CEU Unit-linked: increase in both BE & CEU
 Operating margin improving in both BE & CEU Investment margin : good investment result in BE & CEU
 Underwriting margin stable
 Expense & other margin slightly deteriorating in BE
25Periodic financial Information I 9M 17 results I 8 November 2017
11 13 12
17
4 4 3 2
1
(2)
2
1
2
2
1
(4)
37
18
6
18
19
15 23
7
30
48
28
20
36
25
21
26
8
28
2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
Operating margin
Expense & other m.
Investment m.
Underwriting m.
Avg techn liabilities (In EUR bn)
11.8 12.3 12.6 13.0 12.1 12.0 14.9 12.0 14.9
Avg techn liabilities (In EUR bn)
54.0 55.5 56.9 57.9 57.3 57.2 55.9 57.2 55.9
44 43 38 33
41 41 41 41 48
87 83 90
80
88 92
106
76
84
(33) (31)
(39)
(23)
(36) (36) (41) (40) (42)
99 96
89
90
93 97
106
77
90
2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

26. 3.1
2.7
1.5
1.5
4.6
4.2
9M 16 9M 17
Life Non-Life
233 245
76
122
309
366
9M 16 9M 17
Life Non-Life
63 65
40 42
103 107
Q3 16 Q3 17
In bps avg technical liabilities In bps avg technical liabilities
In % NEP
26Periodic financial Information I 9M 17 results I 8 November 2017
In EUR mio
In EUR bn
In EUR bn
0.9 0.8
0.4 0.5
1.3 1.2
Q3 16 Q3 17
59.0 58.4 58.1
FY 16 6M 17 9M 17
91 100
9M 16 9M 17
97.1
89.6
9M 16 9M 17
89.6 88.2
Q3 16 Q3 17
14
35
Q3 16 Q3 17
20
32
9M 16 9M 17
65 78
Q3 16 Q3 17
Belgium : Headlines
Continued excellent operating performance, especially in Non-Life
Life Technical Liabilities slightly downNon-Life: very strong performance -
terror & weather events in 2016
Inflows: anticipated lower Guaranteed–
continued strong inflow growth in UL
Non-Life combined ratio - excellent
performance confirmed in Q3
Operating margin Guaranteed:
improved investment result
Operating margin Unit-Linked: driven
by high underwriting margin

27. 376 381
448 456
486 493
151 155
+2%
1,462 1,485
9M 16 9M 17
2,816
2,086
320
598
-14%
3,135
2,684
9M 16 9M 17
Life
In EUR mio
Non-Life
In EUR mio
27Periodic financial Information I 9M 17 results I 8 November 2017
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Belgium: Inflows@ 100%
Lower inflows in Guaranteed & continued strong increase in UL
Guaranteed
 Sales of short term investment product came down substantially in line
with expectations after gradual downward review of the guaranteed
rates over 2016
 Current guaranteed rate stands at 0.25%
Unit-linked
 Inflows strongly increased under impulse of focused commercial
campaigns in the bank channel
Group Life
 Slight decrease to EUR 760 mio
Non-Life
 Slight increase in inflows across all product lines

28. 28Periodic financial Information I 9M 17 results I 8 November 2017
Belgium: Combined ratio
Excellent operating performance with combined ratio at 89.6%
Net earned premium (in EUR mio)
68.7 64.3 62.7 63.2 63.5
56.9 58.3 59.0
51.4 51.7 50.4
36.4
36.8 36.8 36.7 37.7
37.8 37.7 38.1
38.2 37.9 37.8
105.1
101.1 99.5 99.9 101.2
94.7 96.0 97.1
89.6 89.6 88.2
(6.6) (7.3) (4.5) (3.6) (3.4)
(7.2) (8.2) (9.0) (9.1)
(1.8)
(4.9)
2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
claims ratio expense ratio PY claims ratio
1,541 1,601 1,698 1,785 1,815 1,832 1,836 1,374 1,389 464 469
Combined ratio
 Excellent ratio driven by solid performance of all
product lines 9M ’16 combined ratio was impacted by
 terrorism events of 22 March 2016 (2.8 pp)
 adverse weather events (4.1 pp)
Quarterly combined ratio
 Excellent performance confirmed in Q3
Claims ratio
 CY ratio (60.5% vs. 68.0%) - operating improvement
vs. 9M ’16 even after correction for terrorism &
weather
 PY ratio: stable
Expense ratio stable

29. 73.8 73.0 73.7 70.1 70.4 70.0 72.9 70.5
23.8 24.0 23.8 25.4 27.6 27.6 27.9 27.5
97.6 97.0 97.5 95.5 98.0 97.6 100.8 98.0
2011 2012 2013 2014 2015 2016 9M 16 9M 17
58.2 65.9 66.1
87.5
65.8 58.3 57.6
46.2
49.5
48.1 47.2
47.6
45.0
44.6 45.0
44.6
107.7
114.0 113.3
135.1
110.8
102.9 102.6
90.8
2011 2012 2013 2014 2015 2016 9M 16 9M 17
63.0
50.5 51.4 51.7 43.9 47.8 50.0
36.6
46.9
46.2 45.6 45.7
45.2 44.8 45.2
45.7
109.9
96.7 97.0 97.4
89.1 92.6 95.2
82.3
2011 2012 2013 2014 2015 2016 9M 16 9M 17
58.9 64.7 64.7 62.6 56.2 59.7 57.3 52.9
35.3
35.8 36.3 37.2
36.4 36.4 36.8
37.0
94.2
100.5 101.0 99.8
92.6 96.1 94.1 89.9
2011 2012 2013 2014 2015 2016 9M 16 9M 17
Belgium: Combined ratio per product line
Solid combined ratio in all product lines
29Periodic financial Information I 9M 17 results I 8 November 2017
NEP 451 480 507 504 484 472 355 359 NEP 525 540 552 562 568 570 427 431
NEP 484 530 564 579 595 605 451 454 NEP 142 149 162 170 185 190 141 145
Accident & Health: higher claims in SME – 4.7 pp impact of
terrorism in 9M ‘16
Motor: Excellent combined ratio, driven by Motor Third
Party Liability
Household: Very strong ratio, benefitting from benign
weather
Other: 9M ’16 heavily impacted by terrorism (12.1 pp)

30. Life operating margin per product line
Strong margins in Guaranteed & Unit-Linked
Guaranteed: supported by solid capital gains in both
years
Unit-linked: improved underwriting margin
30Periodic financial Information I 9M 17 results I 8 November 2017
In bps Avg techn. liabilities
4 4 (2) 1
(5)
1
(1) 2
44
38
32 31 31
25
31
15
33
47
41
30 32
31
20
32
14
35
2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
Operating margin
Investment m.
Expense & other m.
Underwriting m.
Avg techn liabilities (In EUR bn)
44.9 46.4 47.5 48.1 48.7 48.6 48.0 48.6 48.0
Avg techn liabilities (In EUR bn)
5.2 5.4 5.7 5.9 6.1 6.0 7.5 6.0 7.5
32 32 30 25 29 29 30 25
35
93 88 95
88
91 97
106
76
79
(29) (31) (38)
(27)
(34) (35) (36) (36) (36)
96 89 87
86
86
91
100
65
78
2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
 Operating result at EUR 359 mio, up from EUR 333 mio
 Investment margin up on investment result & cap gains
 Underwriting margin stable
 Expense margin slightly lower
 Operating result up from EUR 9 mio to EUR 18 mio
 Operating margin driven by a high underwriting result

31. FY 14 FY 15 FY 16 9M 17
Guaranteed interest rate 2.71% 2.63% 2.49% 2.37%
Fixed income yield 3.84% 3.71% 3.45% 3.37%
Liabilities Guaranteed
(EUR bn) 51.8 50.3 52.9 50.3
FY 15 FY 16 9M 17
Fixed income yield 2.89% 2.11% 1.91%
Reinvested amount (EUR bn) 4.6 4.2 1.7
 Newly invested money mostly government related loans & infrastructure loans
 >95% investment grade corporates
Guaranteed retail Life:
 Yield lowered from 1% to 0.75% as from 1 April 2016
 Yield lowered to 0.5% as from 1 August 2016
 Yield further lowered to 0.25% as from 1 November 2016
Margin evolution Assets & Liabilities Belgium
Yield & guaranteed rate on back book down at the same pace
Life
Back book
New money
Life & Non-Life
Periodic financial Information I 9M 17 results I 8 November 2017 31

32. 1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
Guaranteed interest rate Total fixed income yield
3.37%
Margin evolution Assets & Liabilities Belgium
Evolution of the margin on the back book since 2011
Periodic financial Information I 9M 17 results I 8 November 2017 32
2.37%

33. 99.7 103.7
9M 16 9M 17
In EUR mio
33Periodic financial Information I 9M 17 results I 8 November 2017
In % of NEP
In EUR bn
* incl. non-consolidated partnerships @ 100%
54
25
9M 16 9M 17
19
14
Q3 16 Q3 17
98.7 99.5
Q3 16 Q3 17
1.7 1.6
9M 16 9M 17
0.5 0.5
Q3 16 Q3 17
United Kingdom: Headlines
Ogden rate review continues to influence results
 EUR 40 mio on 9M net result – EUR 9 mio in Q3
 4.4pp on COR - impacting mainly Motor (4.4pp) & Other lines (12.7pp)
 Impact of around EUR 5 mio expected in Q4, in line with earlier communication
 Risk mitigation product portfolio through stop loss reinsurance cover
 Q1 derisking of investment portfolio
 EUR 77 mio capital injection executed in Q2
 Solvency IIageas 9M ‘17 @134%
Ogden impact
on results
Ogden rate change
impact mitigated
by various actions
Net result impacted by Ogden
(EUR 40 mio)
Inflows* slightly down at constant FX Non-Life combined ratio impacted by
Ogden (4.4pp)

34. 34Periodic financial Information I 9M 17 results I 8 November 2017
* incl. non-consolidated partnerships @ 100%
Non-Life
In EUR mio
Other
Household
Accident & Health
Motor
United Kingdom: Inflows@ 100%
Inflows down 9%, impacted by adverse FX – down 2% at constant FX
31 26
1,182
1,094
347
315
173
135
-9%1,733
1,569
9M 16 9M 17
Non-Life
 Down 2% @ constant FX – marginal growth in Motor more
than offset by all other lines
 Motor up 1% @ constant FX driven by premiums from
Commercial
 Household down 1% @ constant FX
 Other lines down 15% @ constant FX reflecting the planned
run off in Special Risks
 Accident & Health down 10% @ constant FX, marginal
impact on total

35. 35Periodic financial Information I 9M 17 results I 8 November 2017
Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other
In % Net earned premium
United Kingdom: Combined ratio
COR impacted by Ogden rate change
Net earned premium (in EUR mio)
81.5
74.6 73.3
65.6 66.3 69.3
80.7
68.2 69.3 68.4 64.0
28.0
25.3 26.5
32.2 33.5
32.8
31.5
31.5 34.4
30.3 35.5
109.5
99.9 99.8 97.8 99.8 102.1
112.2
99.7
103.7
98.7 99.5
(1.1)
0.1
(2.1) (4.0) (4.6) (4.4)
4.5
(3.9)
(0.7) (1.5)
(4.1)
2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
claims ratio expense ratio PY claims ratio
948 1,524 2,083 1,562 1,613 1,751 1,598 1,217 1,128 387 365
Combined ratio 9M 17
 Impact from Ogden (4.4pp) on Other lines & Motor
 Lower PY releases
 Combined ratio Tesco Underwriting 93.6% (vs. 98.3%)
Quarterly combined ratio
 Impact from Ogden (2.7 pp)
 Q3 PY releases back to normalised level
Claims ratio
 CY ratio (70% vs. 72.1%) – continued underlying
improvement in Motor & benign weather in Household
 Lower PY releases (3.2pp) – slower settlements of
claims in Motor & large losses in Other lines
Expense ratio
 Expense ratio reflecting improvement in underlying cost
performance more than offset by lower ancillary income
& commission mix

36. NEP 366 434 374 399 413 361 274 259
36Periodic financial Information I 9M 17 results I 8 November 2017
Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other
United Kingdom: Combined ratio per product line
87.7
78.1 76.2
66.0
55.8 58.4 62.5 59.2
23.2
28.2 34.3
38.7
43.3 40.9 42.6 47.4
110.9 106.3 110.5
104.7
99.1 99.3
105.1 106.6
2011 2012 2013 2014 2015 2016 9M 16 9M 17
79.2 77.2 71.9 74.6 75.8
91.0
73.9 75.7
19.5 21.3
25.0 25.1 27.2
25.5
25.4 27.1
98.7 98.5 96.9 99.7 103.0
116.5
99.3 102.8
2011 2012 2013 2014 2015 2016 9M 16 9M 17
61.4 62.3
51.4 51.0
62.2 57.6 57.6 53.2
35.3 36.7
42.4 43.3
37.3 40.6 41.1 46.5
96.7 99.0 93.8 94.3 99.5 98.2 98.7 99.7
2011 2012 2013 2014 2015 2016 9M 16 9M 17
71.6 67.7 59.8 56.0 55.3
73.7
59.2 68.3
39.3 42.1
44.4 54.3 48.6
44.9
43.4
47.2
110.9 109.8
104.2
110.3
103.9
118.6
102.6
115.5
2011 2012 2013 2014 2015 2016 9M 16 9M 17
NEP 65 57 79 71 72 39 31 23 NEP 949 1,420 907 958 1,062 1,014 772 713
NEP 143 173 202 185 204 185 140 134
Accident & Health: Lower volumes - marginal impact on total Motor: Ogden impact of 4.4pp - lower PY releases
Other: 12.7pp Ogden impact – mainly Commercial linesHousehold: Lower ancillary income - lower PY releases

37. Continental Europe: Headlines
Excellent operating performance continued
37Periodic financial Information I 9M 17 results I 8 November 2017
* incl. non-consolidated partnerships @ 100%
33
47
27
4660
93
9M 16 9M 17
Life Non-Life
17 16
8
18
24
34
Q3 16 Q3 17
3.1 3.5
0.9
1.0
4.1
4.5
9M 16 9M 17
Life Non-Life
0.9 1.2
0.3
0.3
1.2
1.5
Q3 16 Q3 17
15.5 15.9 16.1
20.0 21.2 21.6
35.5 37.1 37.7
FY 16 6M 17 9M 17
conso non-conso
90.7 90.4
9M 16 9M 17
91.0 90.2
Q3 16 Q3 17
116
144
9M 16 9M 17
142
165
Q3 16 Q3 17
6
21
9M 16 9M 17
0
22
Q3 16 Q3 17
Net profit up 55% with equal
contribution from Life & Non-Life
Non-Life combined ratio @ excellent
level & still improving
Inflows driven by strong Life sales
Operating margin Guaranteed up on
higher investment margin
Life Technical liabilities up 6%
Operating margin Unit-Linked significantly
up on higher fees & commissions
In EUR mio
In EUR bn In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP

38. Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflows @ 100%
Focus on Unit-Linked sales in Life & strong overall growth in Non-Life
38
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
298 326
333
374
202
210
108
113
+9%
941
1,023
9M 16 9M 17
1,585
1,303
1,540 2,198
+12%
3,125
3,501
9M 16 9M 17
Periodic financial Information I 9M 17 results I 8 November 2017
Life
 Inflows including non-controlling interests @ 100%, reached EUR 3.5 bn
(+12%) - Increase mainly realised in Portugal & Luxembourg
 Consolidated inflows up 5%
 Portugal: up 6%, on higher UL sales and retirement offer in Ocidental
and inclusion of Ageas Seguros (EUR 69), outperforming the
Portuguese market (-1% @ end August)
 France: up 3% also in a market that decreased by 4% (end of August
17). Business mix moving towards more Unit-Linked.
 Luxembourg: sales up 18% year-on-year and mainly realised in High
Net Worth segment with Unit-Linked representing 72% (vs. 61% LY)
Technical liabilities
 Consolidated at EUR 16.1 bn, 4% up thanks to Portugal
 Including non-consolidated JVs @ 100%: at EUR 37.7 bn, up 6%
Non-Life
 Italy inflows no longer included as of Q3 following sale announcement in
July (6M ’17 stood @ EUR 111 mio)
 Inflows consolidated entities up 12% driven by strong performance in all
companies & influenced by inclusion Ageas Seguros as from Q2 2016
 Turkey up 27% @ constant FX (+4% in EUR) – strong growth in all
product lines

39. 39
Continental Europe: Combined ratio
Combined Ratio continues improving – also & particularly in Turkey
* Scope: only consolidated companies
In % Net earned premium*
Net earned premium (in EUR mio)
Periodic financial Information I 9M 17 results I 8 November 2017
66.4 63.6 63.7 61.3
55.9 58.6 61.6 60.8 62.4 58.2
30.3
29.8 30.0 30.8
29.5
30.1
29.1 29.6 28.6 32.0
96.7
93.4 93.7 92.1
85.4
88.7 90.7 90.4 91.0 90.2
(2.0) (2.5)
(4.0) (4.3) (6.5) (6.5) (4.0) (6.0)
(2.6) (4.4)
2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
claims ratio expense ratio PY claims ratio
Combined ratio
 Reflecting continued strong operating
performance with gradual improvement since
2011
 2016 & 2017 slightly impacted by inclusion of
Ageas Seguros, still in the course of its
transformation plan
 Strong improvement in Turkey with solid
combined ratio @ 95.9% (vs. 99.2%) despite hail
& floods in July
Quarterly combined ratio
 Q3 combined ratio only reflecting Portugal after
announced divestment in Italy
 Q3 slightly improving due to Accident & Health
Claims ratio
 CY ratio at 66.8% (vs 65.6%) increasing due to
Motor and Accident & Health
 PY ratio driven by positive run-off in all
companies
Expense ratio
 Expense ratio nearly stable
382 397 403 415 454 664 475 517 178 142

40. Continental Europe: Combined ratio per product line
Continued good claims experience, overall stable expense ratio
Motor: claims slightly up on large claims in Italy (in 6M ’17)
partly offset by improved ratio in Ocidental.
Accident & Health: improving on higher PY run-off in
Portugal
Household: good claims experience at Ocidental despite
fires in Q2
Other: extremely good claims ratio & higher run-offs
40
63.5 63.3 59.7 61.9 58.8 64.9 65.2 62.6
27.8 28.2 26.6 26.7 25.2
25.1 24.6 25.2
91.3 91.5 86.3 88.6
84.0
90.0 89.8 87.8
2011 2012 2013 2014 2015 2016 9M 16 9M 17
NEP 220 226 227 238 255 328 239 257
71.8 69.8
79.3
60.1
71.5 65.5 70.4 71.3
29.2 28.1
29.2
31.6
32.3
32.5
30.0 32.0
101.0 97.9
108.5
91.7
103.8
98.0 100.4 103.3
2011 2012 2013 2014 2015 2016 9M 16 9M 17
94.5
62.8 59.6
72.3
31.7
12.1
24.2
10.8
50.0
43.3 43.7
45.1
40.8
41.3
41.6
53.6
144.5
106.1 103.3
117.4
72.5
53.4
65.8 64.4
2011 2012 2013 2014 2015 2016 9M 16 9M 17
53.7 51.8 53.5 54.0
36.1 42.3 46.2 45.3
34.2 33.5 38.8 40.3
35.9
38.0 38.1 32.6
87.9 85.3
92.3 94.3
72.0
80.3 84.3
77.9
2011 2012 2013 2014 2015 2016 9M 16 9M 17
NEP 23 28 29 30 35 43 30 24NEP 42 44 48 51 70 91 65 69
NEP 97 99 99 96 94 202 142 168
Periodic financial Information I 9M 17 results I 8 November 2017
Overall stable expense ratio, influenced per Line of business by change in cost allocation in Italy and PGAAP at Ageas Seguros

41. Continental Europe Life operating margin per product line
Guaranteed & Unit-Linked margins continue improving
Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on higher fees & commissions
41
 Expense & other margin improved mainly thanks to higher
fees & commissions
 Underwriting margin up on higher surrender margin
 Investment margin up thanks to Ocidental
 Underwriting margin up thanks to higher risk margin
 Expenses & other margin slightly increasing in all countries
In bps Avg techn. liabilities
Periodic financial Information I 9M 17 results I 8 November 2017
118 106 95 100 110 107 111 128 123
69
68 77 59
76 72
103 74
118
(85) (83)
(102)
(71) (65) (63) (70) (60)
(76)
102
91 70
88
121 116
144 142
165
2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
Avg techn liabilities (In EUR bn)
7.8 7.6 7.7 8.0 8.7 8.7 7.9 8.7 7.9
Avg techn liabilities (In EUR bn)
6.1 6.3 6.2 6.1 6.0 5.9 7.4 5.9 7.4
1 (5)
0 1 2 1 0 (7)
2 1 1 2 2 5
1 2
41
51
9 4 5 3
16
(1)
27
44
47
10
7 7 6
21
0
22
2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17
Operating margin
Expense & other m.
Underwriting m.
Investment m.

42. In EUR mio
In EUR bn
In EUR bn
42Periodic financial Information I 9M 17 results I 8 November 2017
In % NEP
* incl. non-consolidated partnerships @ 100%
158 182
21
14
199
378
197
9M 16 9M 17
Life Non-Life cap gain HK
13.6
16.2
0.7
0.6
14.3
16.8
9M 16 9M 17
Life Non-Life
3.1 3.2
0.2 0.2
3.3 3.3
Q3 16 Q3 17
39
8010
3
49
84
Q3 16 Q3 17
49.5 53.1 54.2
FY 16 6M 17 9M 17
non-conso
75.0
93.9
Q3 16 Q3 17
84.6
89.2
9M 16 9M 17
Asia: Headlines
Excellent result thanks to product mix & financial performance
Life Technical liabilities up 9%Net result up almost 20% vs. LY excl.
EUR 212 mio contribution from HK
Inflows* up 22% scope-on-scope & @
constant FX - new business & renewals
Non-Life combined ratio very strong
- adverse claims experience in Q3

43. Life
Non-Life
43Periodic financial Information I 9M 17 results I 8 November 2017
13,477
15,529
129
640
+19%
13,605
16,169
9M 16 9M 17
310 291
84 86
81 79
215
176
-9%
690
631
9M 16 9M 17
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
In EUR mio
Asia: Inflow @ 100%
Strong Life growth across all markets – Non-Life business mix towards more profitable lines
Life
 New business premiums up 8% scope-on-scope with EUR 4.2 bn regular
premium (+26%) & EUR 3.1 bn single premium (-9%)
 Renewal premiums increased to EUR 8.9 bn (+33%) benefiting from
continued good persistency
 China +26% @ constant FX - New business premiums up 11% mainly driven
by regular business following successful sales campaigns & increased
number of agents. Renewal increased strongly (+41%)
 Thailand +7% @ constant FX – strong growth in renewals (+13%) thanks to
continued customer loyalty
 Malaysia +29% @ constant FX - new business up 27%, gradually recovering
from LY - renewals up 23%
 India +22% @ constant FX - growth in new business (+31%) mainly in PAR &
Non-PAR products in line with product strategies of better value creation -
renewal premiums (+15%) increased.
 Philippines Inflows @ EUR 11 mio mainly from credit life products
 Vietnam started sales as of March 2017 with YTD inflows @ EUR 4 mio
Non-Life
 Malaysia -8% @ constant FX - lower MAT & Motor partly compensated by
higher Personal Accident & Fire
 Thailand -3% @ constant FX - growth in Fire offset by lower inflows in Motor &
other Non-Motor

44. Result Q3 includes EUR 100 mio
related to Fortis settlement
In EUR mio
Accounting value remaining legacies –
increased provision Fortis settlement
General Account: Headlines
Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement
44Periodic financial Information I 9M 17 results I 8 November 2017
Total liquid assets down on SBB &
organic investments
In EUR mio
Impact on P&L from RPN(i) Staff & Operating expenses down - Q3
provision corporate centre restructuring
In EUR mio In EUR bn
In EUR mio
Accounting value on AG Insurance put
option: up driven by higher multiples
(686)
(326)
9M 16 9M 17
(11) (165)
Q3 16 Q3 17
1.8 1.6 1.6
0.2
0.1 0.1
1.9
1.7 1.7
FY 16 6M 17 9M 17
net cash liquid assets
(275)
(397) (437)
42 26 17
(1,024)
(1,024)
(1,124)
FY 16 6M 17 9M 17
RPN(i) RPI Settlement
(1,266) (1,363) (1,426)
FY 16 6M 17 9M 17
23 22
49
38
72
60
9M 16 9M 17
Staff & Intercompany Operating
10 11
9
14
19
25
Q3 16 Q3 17
63
(162)
9M 16 9M 17
(5)
(41)
Q3 16 Q3 17
In EUR mio

45. 1,943
Fortis
settlement
SBB
1,691
(417)
(199) (2) (77) (52) (26) (16)
510
27
-
FY 16 Upstream Dividend Share
buy-back
RPI Asia UK HQ
expenses
RO
expenses
Other 9M 17
45Periodic financial Information I 9M 17 results I 8 November 2017
Total liquid assets General Account
Evolution total liquid assets related to share buy-back & investments in insurance
In EUR mio
 Most upstream from opco’s received
 Cash-out in Asia related to the Philippines
 Cash-out in UK related to capital increase following Ogden impact
 Cash inflow of divestment Italy expected before year-end
 Additional EUR 11 mio cash-out for SBB since 30/09/2017

46. 46Periodic financial Information I 9M 17 results I 8 November 2017
Main characteristics Hybrids
In EUR mio Ageas
Ageasfinlux
Fresh
Fixed-to-Floating
Rate Callable
Fixed Rate Reset
Perpetual
Subordinated Loans
Fixed Rate Reset
Dated Subordinated
Notes
CASHES
% 3m EUR + 135 bps 5.25% 6.75% 3.5% 3m EUR +200 bps
Amount
outstanding
1,250 450 550 USD 400 948
ISIN XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800
Call date
Undated,
strike 315.0
mandatory 472.5
Jun 24
Step up to 3M
Euribor +413 bps
Mar 19
Step up to 6yr USD
swap + 533 bps
June 2027
Step up after 12
years of 100bps
Undated,
strike 239.4, mandatory
359.1
Other
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue Public issue
Coupon served by FBB,
trigger ACSM linked to
Ageas dividend
Market Price
(30/09/17)
60.85 121.13 105.81 107.33 84.43
Fortis Bank
(now BNP PF)
AG Insurance
(Belgium)

47. Table of contents Analyst call 3
Segment information 17
Equity / Solvency/ FCG 48
Investment portfolio 59
Legal Settlement 64
General Information 67

48. 48Periodic financial Information I 9M 17 results I 8 November 2017
Shareholders’ equity at EUR 9.2 bn - UG/L of EUR 13.38/share
Down on return to shareholders & FX, partly compensated by net result & UCG/L
In EUR mio
6,459 6,544
2,498 2,685
604
(17)
686 209
(326) (419) (199) (107) (183) (3) (7)
EUR 46.56
EUR 46.02
9,561
9,212
FY 16 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
Reval AG
put option
Forex IAS 19 Other 9M 17
Insurance
UCG/L
Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
Belgium 4,683 ► 4,844 Asia 2,004 ► 1,996
UK 815 ► 856 Reinsurance 104 ► 109
Continental Europe 1,350 ► 1,424 Insurance 8,957 ► 9,229
General Account 604 ► (17)

49. 49
Tangible net equity
High quality capital structure
10/03/2010 I page 49
EUR bn FY16 9M 17
IFRS Shareholders' Equity 9.6 9.2
Unrealised gains real estate 0.5 0.5
Goodwill (0.7) (0.7)
VOBA (Value of Business Acquired) (0.1) (0.1)
DAC (Deferred Acquisition Cost) (0.5) (0.5)
Other (0.4) (0.4)
Goodwill, DAC, VOBA related to N-C interests 0.4 0.4
25% tax adjustment DAC, VOBA & Other 0.2 0.2
IFRS Tangible net equity 8.9 8.6
IFRS Tangible net equity/ IFRS Shareholder's Equity 93% 93%
Periodic financial Information I 9M 17 results I 8 November 2017

50. 2.8 2.9
0.7 0.6 0.9 0.9
0.0 0.1
(0.3) (0.2)
4.2 4.1
0.1 0.1
4.3 4.2
1.6 1.8
6.9 7.2
0.7 0.8
1.2
1.5
0.1 0.1
(1.5)(1.6)
7.5
8.0
0.7
0.1
8.1 8.1
4.3 4.6
FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17
Periodic financial Information I 9M 17 results I 8 November 2017
Solvency IIageas Insurance up on a strong operational performance
General Account down on put option, SBB, capital injection UK & Fortis settlement
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
50
Belgium UK CEU Reins. Diversification Insurance GA Group
Non-transferable
* Based on local solvency requirements
244% 251% 100% 134% 127% 171% 278% 217% 179% 194% 191% 193% 264% 259%
 BE: good operational performance – different market impacts compensating
 UK: capital plan executed
 CEU: good operational performance & positive interest / spread evolution

51. 51
Ageas Insurance Solvency sensitivities
Providing updated sensitivities to allow more accurate assessment
Periodic financial Information I 9M 17 results I 8 November 2017
As per 31/12/’16
Based on Solvency IIageas
SCR OF Solvency
Base case
Before stress
4,182 7,478 179%
Yield curve down
Down 50 bps
4,456 7,407 166%
Yield curve up
Up 50 bps
3,942 7,452 189%
UFR
Down to 3.65% (from 4.2%)
4,235 7,396 175%
Equity
Down 30%
3,958 6,954 176%
Property
Down 20%
4,079 7,189 176%
Spread
Spreads on corporate & government bonds up 50 bps
4,401 6,888 157%
Corporate spread
Spreads on corporate bonds up 50 bps
4,054 7,501 185%
Sovereign spread
Spread on government bonds up 50 bps
4,546 6,849 151%

52. Periodic financial Information I 9M 17 results I 8 November 2017
Insurance SCRageas per risk type
Market risk main factor in SCR
52
In EUR bn
( 1.5 ) ( 1.4 )
( 0.5 ) ( 0.6 )
( 1.0 ) ( 1.1 )
4.3 4.5
0.3 0.3
0.6 0.6
0.4 0.4
0.8 0.8
0.7 0.7
4.2 4.1
FY 16 9M 17
Non Diversifiable
Non-life UW
Health UW
Life UW
Counterparty Default
Market
Loss-Absorption Deferred Taxes
Loss-Absorption Techn. Liab.
Diversification
Diversification
Loss-Absorption Deferred Taxes

53. Periodic financial Information I 9M 17 results I 8 November 2017
Solvency PIM – as reported to the regulator under Pillar I
Insurance ratio up on a strong operational performance
Solvency II PIM
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
53
3.4 3.2
0.7 0.6 0.8 0.7
0.0 0.1 (0.3) (0.2)
4.6 4.3
0.1 0.1
4.7 4.4
1.6 1.8
6.8 7.0
0.7 0.8
1.7 1.9
0.1 0.1
(1.6) (1.7)
7.6 8.1
0.5
(0.0)
8.1 8.0
4.3 4.6
FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17
* Based on local solvency requirements
Belgium UK CEU Reins. Diversification Insurance GA Group
Non-transferable
201% 216% 96% 129% 211% 290% 259% 207% 166% 187% 174% 183% 264% 259%

54. Periodic financial Information I 9M 17 results I 8 November 2017
Tiering of Group PIM own funds
High quality of own funds
54
In EUR bn
5.7 5.7
1.4 1.4
0.9 0.9
0.1 0.1
8.1 8.0
FY 16 9M 17
Tier 3
Tier 2
Tier 1 restricted
Tier 1

55. Periodic financial Information I 9M 17 results I 8 November 2017
Group Free Capital Generation roll forward
Operational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s
In EUR mio
55
 Calculation based on 175% of SCRageas
 EUR 636 mio includes
 EUR 122 mio related to stop loss cover in UK
 EUR 70 mio dividend upstream from Non-European NCP’s *
 More details per segment see next slide
Free Capital
Generation
* Operational FCG generated by Non-European NCP’s of EUR 249 mio over H1 ’17 is not included in EUR 636 mio
1,111 1,071
39 127
444
(217)
(200)
(2)
(419)
122
70
636
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
9M 17

56. EUR mio
OF SCR FCG
= OF - 175%*SCR
of which UK
stop
loss cover Driven by
Belgium 464 (35) 526
UK 23 (130) 250 219
CEU 175 7 163
Reinsurance 12 15 (14) (24)
General Account 423 0 423
Geographical 106 106 (79) (72)
diversification
Group eliminations (632) (632)
Total Ageas
Solvency II scope
571 (37) 636 122
Operational impact
10/03/2010 I page 56
Split of operational impact per segment
Operational impact driven by Belgium & CEU
56Periodic financial Information I 9M 17 results I 8 November 2017
* Expected return on RE investments reduced to 5% (vs. 6% in IR-day data)
SCR reduction due to geographical diversification is
deducted as non-transferable OF
OF up on strong operational results
Impact from consolidation of intra-company elements
Driven by upstream from operating companies
OF up on strong operational results
*

57. Periodic financial Information I 9M 17 results I 8 November 2017
Evolution SCR & OF split between types of impact
In EUR mio
57
Own Funds
adjusted for
accrued expected
dividend
SCR
8,560
8,411
259
571
(58)
(300)
(200)
(2)
(419)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
9M 17
4,257
4,194
75(55)
(37)
(47)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
9M 17

58. Table of contents Analyst call 3
Segment information 17
Equity / Solvency/ FCG 48
Investment portfolio 59
Legal Settlement 64
General Information 67

59. 59Periodic financial Information I 9M 17 results I 8 November 2017
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Asset mix
 Asset allocation relatively stable
 Loans & equities increased at the expense of corporate bonds
Gross unrealized gains/losses on Available for Sale
 Total portfolio: down to EUR 7.6 bn (vs. EUR 8.3 bn); down in
fixed income & corporate bonds
 Fixed income: at EUR 6.8 bn (vs. EUR 7.7 bn FY 16)
 Sovereigns at EUR 5.2 bn (vs. EUR 5.8 bn)
 Corporates at EUR 1.6 bn (vs. EUR 1.8 bn)
 Equities: up to EUR 0.8 bn (vs. EUR 0.6 bn)
Gross UG/L on Real Estate: stable at EUR 1.5 bn (vs. EUR
1.5 bn) - not reflected in shareholders’ equity
EUR 2.2 bn unrealized gains/losses on Held to Maturity (vs.
EUR 2.4 bn) - not reflected in shareholders’ equity
Investment portfolio
Investment portfolio down on unrealized capital gains on fixed income
Sovereign
bonds 37.9
Sovereign
bonds 37.7
Corporate
bonds 24.1
Corporate
bonds 21.6
Structured
0.1 Structured
0.1
Loans
8.7 Loans
8.9
Equities 4.4
Equities 4.8
Real Estate
5.3 Real Estate
5.3
Cash 2.2
Cash 2.3
82.7
80.7
FY 16 9M 17

60.  Decrease driven by lower UG/L
 Gross UG/L at EUR 5.2 bn (vs. EUR 5.8 bn)
 93% investment grade; 86% rated A or higher
 Belgium Duration gap close to zero – matched portfolio
Belgium
19.0
Belgium
18.4
France 6.3 France 6.4
Austria 2.9 Austria 2.8
Portugal 2.4 Portugal 2.7
Italy 1.5 Italy 1.4
Spain, 1.5 Spain, 1.4
Germany 1.2 Germany 1.2
Ireland 0.7 Ireland 0.7
Other 2.5 Other 2.7
37.9 37.7
FY 16 9M 17
In EUR bn
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value fixed income portfolio driven by a decrease in unrealized capital gains
60Periodic financial Information I 9M 17 results I 8 November 2017
 Gross UG/L at EUR 1.6 bn (vs. EUR 1.8 bn)
 Credit quality remains high with 93% investment grade
- 56% rated A or higher
Corporate bond portfolio*
Banking 3.8 Banking 3.3
Other
financials 1.9
Other
financials 1.7
Non
Financials
13.5
Non
Financials
12.8
Government
related 4.9 Government
related 3.8
24.1
21.6
FY 16 9M 17
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

61. Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Loans to
banks 1.3
Loans to
banks 1.3
RE 0.2 RE 0.2
Infrastructure
0.5
Infrastructure
0.6
Mortgages 1.3 Mortgages 1.2
Other 5.4 Other 5.6
8.7 8.9
FY 16 9M 17
 Increase in other: loans benefiting from an explicit
guarantee by the Belgian regions or the Dutch State
 Higher exposure in loans to customers
61Periodic financial Information I 9M 17 results I 8 November 2017
Equity portfolio*
 Gross UG/L up to EUR 0.8 bn (vs. EUR 0.6 bn)
Equities 2.5
Equities 3.2
Equity funds
0.3
Equity funds
0.2RE funds 0.8
RE funds 0.8
Mixed funds &
others 0.9
Mixed funds &
others 0.5
4.4
4.8
FY 16 9M 17
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
In EUR bn

62. 62Periodic financial Information I 9M 17 results I 8 November 2017
Real estate portfolio
10/03/2010
 Gross UG/L stable at EUR 1.5 bn (not reflected in
shareholders’ equity but contributing to available
capital for solvency calculation*)
 Real Estate exposure mainly in Belgium
Investment
Offices 2.2
Investment
Offices 2.2
Car Parks
1.1
Car Parks
1.1
Investment
Retail 1.4
Investment
Retail 1.3
0.2 0.2
0.4 0.4
5.3 5.3
FY 16 9M 17
Investment Warehouses
RE Development
Investment
Warehouses
RE Development
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

63. Table of contents Analyst call 3
Segment information 17
Equity / Solvency/ FCG 48
Investment portfolio 59
Legal Settlement 64
General Information 67

64. 64Periodic financial Information I 9M 17 results I 8 November 2017
Settlement between Ageas & claimants organisations
Press release 16 October 2017 – Extension granted up to 12/12/2017
 Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio
 P&L impact of EUR 889 mio in 3M 2016
 Commitment by eligible shareholders to abandon any ongoing civil proceeding &
not to start any legal proceeding related to the events
 Settlement not declared binding in current format - opportunity for amendments
 No objective justification for distinction between active & non-active claimants
 High compensation for claimant organizations
 No agreement has been reached yet & extension of filing period requested
 Ageas makes final additional effort of EUR 100 million – Solvency impact 2pp
 Financial flexibility of Ageas has not changed
 Extension granted by the Court up to 12 December 2017
Announcement
14/03/2016
Court’s interim
decision 16/06/17
PR 16/10/17

65. 65
Fortis Settlement
Revised indicative timeline after Court’s interim decision & granted extension filing period
6. Court’s interim decision
16/06/2017
7. Deadline filing amended settlement
17/10/2017
8. Filing amended settlement
12/12/2017
9. Substansive hearing
estimated first half 2018
11.Implementationof
amendedsettlement
(if any) if approved by Court
1.Announcement Original Settlement
14/03/2016
2. Filing
23/05/2016
3. Pre-hearing
25/08/2016
4. Notification &
Announcement
5. Hearing
24/03/2017
10.Court’sdecision
est.
mid 2018
by
end 2019
...
Periodic financial Information I 9M 17 results I 8 November 2017

66. Table of contents Analyst call 3
Segment information 17
Equity / Solvency/ FCG 48
Investment portfolio 59
Legal Settlement 64
General Information 67

67. situation 31/12/2016 situation 30/09/2017 situation 03/11/2017
216,570,471 209,399,949 209,399,949
15,143,439 13,118,575 13,377,966
7,170,522 5,191,462 5,450,853
3,968,254 3,968,254 3,968,254
45,804 0 0
3,958,859 3,958,859 3,958,859
201,427,032 196,281,374 196,021,983
67Periodic financial Information I 9M 17 results I 8 November 2017
Total number of outstanding shares
SBB &
cancellation
cancellation
SBB
Total Issued Shares
Shares not entitled to dividend nor voting rights
1. TREASURYSHARES Share buy-back
FRESH
Other treasury shares
2. CASHES
Shares entitled to dividend & voting rights
* After deduction of shares for management plans
*

68. 68Periodic financial Information I 9M 17 results I 8 November 2017
Shareholders structure
Based on number of shares as at 3 November 2017
Ageas
4.5%
Ping An
BlackRock, Inc.
Schroders
Norges
Fosun
Franklin Mutual
Advisers
Identified retail
investors
20%
Identified
institutional
investors
39%Other
investors
14%
Based upon press release 6 November 2017
Based upon the number of shares mentioned in the notification received 6 May 2013
Based upon the number of shares mentioned in the notification received 17 March 2014
Based upon the number of shares mentioned in the notification received 14 December 2015
Based upon the number of shares mentioned in the notification received 10 October 2017
Based upon the number of shares mentioned in the notification received 5 October 2017
Based upon the number of shares mentioned in the notification received 14 July 2015
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Norges
Fosun
Franklin Mutual Advisers
Identified retail investors
Identified institutional investors

69. 69Periodic financial Information I 9M 17 results I 8 November 2017
Financial calendar 2017 - 2018
21 February
FY 2017 results
16 May
3M 2018 results
16 May
Ordinary shareholders’ meeting
Brussels
28 May
Ex-dividend date
6 April
Annual report 2017
30 May
Payment 2017 dividend
8 August
6M 2018 results
14 November
9M 2018 results
8 November
9M 2017 results

70. 70Periodic financial Information I 9M 17 results I 8 November 2017
Rating
Improved rating for operating entities
S&P MOODY'S FITCH
Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable
entities Last change 06/11/15 17/03/16 09/12/16
unsollicited
Ageas Insurance Limited A / stable A+ / stable
Last change 06/11/15 23/11/16
Muang Thai Life BBB+ / stable BBB+ / stable
Last change 29/12/10 27/07/16
Etiqa Insurance Berhad (Malaysia) A- / stable
Last change 27/07/16
China Taiping Life A+ / stable
Last change 06/04/17
Intreas A / stable
Last change 11/11/16
Holding ageas SA/NV BBB / stable Baa3 / positive* A / stable
Last change 15/03/16 30/11/16 09/12/16
unsollicited
* 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.

71. 71Periodic financial Information I 9M 17 results I 8 November 2017
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