Ageas's 9M results continued a positive trend, with:
- Insurance net profit of EUR 497 million, up 11%
- Gross inflows of EUR 17.8 billion, up 15%
- Group combined ratio of 97.6%
- Shareholders' equity of EUR 8.7 billion and insurance solvency of 210%
Both insurance and general account activities contributed to the overall net result, while the balance sheet remained strong.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas helps customers to manage, anticipate and insure their risks through a wide range of products designed for their needs both today and in the future. Distinguished by an expertise in partnerships, Ageas has developed long term agreements with market-leading local financial institutions and distributors around the world allowing it to stay close to the customer.
As one of Europe’s larger insurance companies, Ageas is the No.1 insurer in Belgium and ranks among the market leaders in most of the countries in which it operates. With a total workforce of more than 40,000 people (including the non-consolidated partnerships), Ageas is present in Belgium, the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines.
In 2015 Ageas reported annual inflows close to EUR 30 billion (at 100%). Ageas is listed on Euronext Brussels and is included in the BEL20 index.
Ageas is a listed international insurance Group with a heritage spanning 190 years.
It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow.
As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors.
Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 40,000 people and reported annual inflows close to EUR 30 billion in 2015 (all figures at 100%).
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas helps customers to manage, anticipate and insure their risks through a wide range of products designed for their needs both today and in the future. Distinguished by an expertise in partnerships, Ageas has developed long term agreements with market-leading local financial institutions and distributors around the world allowing it to stay close to the customer.
As one of Europe’s larger insurance companies, Ageas is the No.1 insurer in Belgium and ranks among the market leaders in most of the countries in which it operates. With a total workforce of more than 40,000 people (including the non-consolidated partnerships), Ageas is present in Belgium, the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines.
In 2015 Ageas reported annual inflows close to EUR 30 billion (at 100%). Ageas is listed on Euronext Brussels and is included in the BEL20 index.
Ageas is a listed international insurance Group with a heritage spanning 190 years.
It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow.
As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors.
Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 40,000 people and reported annual inflows close to EUR 30 billion in 2015 (all figures at 100%).
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
We are very satisfied with the strong nine month and third quarter results. They show that we are delivering on the promises of our Ambition 2018 strategic plan. The combined ratio, margins in guaranteed life, return on equity and solvency all exceed our targets.
Ageas delivered a strong set of first half-year figures evidencing good progress with respect to our Ambition 2018 strategic plan. Life inflows continued to grow while at the same time we optimised the product mix in Belgium and Asia. The result of our Life activities remained strong in all segments. The Non-Life businesses in Belgium and Continental Europe realised excellent results which were reflected in outstanding combined ratios.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas helps customers to manage, anticipate and insure their risks through a wide range of products designed for their needs both today and in the future. Distinguished by an expertise in partnerships, Ageas has developed long term agreements with market-leading local financial institutions and distributors around the world allowing it to stay close to the customer.
2014 Annual General Meeting (AGM) PresentationAegon
Presentation for Aegon's 2014 AGM on 21 May 2014, including strategic review, update on progress towards financial targets and voting items. For full details of this Annual General Meeting of Shareholders and upcoming meetings visit http://www.aegon.com/agm
Presentation given to investors and media by Aegon CEO, Alex Wynaendts and CFO, Darryl Button, on 14 August 2014. The presentation includes a review of both financial earnings and non-financial results in the second quarter of 2014.
Aegon presents its Q4 2014 results, reporting higher earnings and sales for Q4 2014. Proposal to increase final dividend to EUR 0.12 per share. For further detail visit http://www.aegon.com/results
Regulatory impact on banks and insurers investmentsAgeas
The financial sector is operating in a rapidly changing environment with new regulations coming up and with a growing dependency on macro-economic developments. In this context, banks and insurers are both confronted with the, Basel III and Solvency II regulations that will soon be effective. To get a better insight in the consequences and opportunities of these new regulations for their investment behavior, Ageas has asked Vlerick to make a detailed study.
Vlerick Business School and Ageas and its Belgian operational company AG Insurance, promoters of the Vlerick Chair “Centre for Financial Services”, strongly belief that the exchange between the business community and the academic world is beneficial for both parties by increasing the mutual understanding of each other’s strategies, challenges, opportunities and needs.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
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+12349014282
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BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
3. A consistent & robust overall
Insurance performance
Both Insurance & General Account
contributing to Group net result
Balance sheet remained strong
Insurance net profit of EUR 497 mio (+11%)
Inflow @ 100% of EUR 17.8 bn (+15%)
Group combined ratio at 97.6% (vs.97.9%)
Life Technical Liabilities at EUR 69.0 bn*
Q3 insurance net profit of EUR 168 mio
Group net profit of EUR 513 mio (-1%)
General Account net result of EUR 15 mio
Q3 Group net profit of EUR 41 mio, incl.revaluation RPN(i)
Shareholders’ equity at EUR 38.30 per share
Insurance solvency at 210%, Group solvency at 226%
Net cash position General Account at EUR 2.0 bn
EUR 33 mio executed of EUR 200 mio share buy-back
Main messages
Ageas’s 9M results continued positive trend
Periodic financial Information I 9M 13 Results I 6 November 2013 2
* Consolidated entities only, compared to FY 2012
4. 293 311
143
174
13
12450
497
9M 12 9M 13
Life Non-Life Other
97.9% 97.6%
9M 12 9M 13
Net result: Strong quarterly results
in BE & Asia
In EUR mio In EUR bn
Non-Life combined ratio: improving
CY claims ratio
227% 210% 207%
0.86% 0.87%
FY 12 9M 13
0.55% 0.47%
FY 12 9M 13
Inflow*: strong growth in Asia & CEU
In EUR bn
Total Insurance: Headlines
Ageas insurance performance consistent & robust
3
68.8 69.0
36.5 40.2
105.3 109.2
FY 12 9M 13
Conso Non-conso
Periodic financial Information I 9M 13 Results I 6 November 2013
11.1
13.3
4.3
4.5
15.5
17.8
9M 12 9M 13
Life Non-Life Other
Life Technical liabilities*: stable in
consolidated, up in non-consolidated
Operating margin Guaranteed:
strong quarterly result
Operating margin Unit-Linked:
down but still in line with target
In % avg technical liabilities In % avg technical liabilities
* Incl. non-consolidated partnerships @ 100%
5. 3.7
3.0
1.4
1.4
5.0
4.4
9M 12 9M 13
Life Non-Life
Periodic financial Information I 9M 13 Results I 6 November 2013
Net result: strong Q3
In EUR mio In EUR bn
Operating margin Guaranteed:
strong quarterly result
Non-Life combined ratio: strong Q3
Inflow: Individual Guaranteed Life down
227% 210% 207%
Life Technical liabilities stable
In EUR bn
Belgium : Headlines
Strong quarterly results in Life & Non-Life, inflow trends confirmed
**
165
190
51
57
216
247
9M 12 9M 13
Life Non-Life
98.8% 97.6%
9M 12 9M 13
0.80% 0.84%
9M 12 9M 13
Operating margin Unit-Linked:
52.7 52.9
FY 12 9M 13
4
In % avg technical liabilities
0.49% 0.44%
9M 12 9M 13
In % avg technical liabilities
6. 0.06 0.08
1.6 1.7
1.7 1.7
9M 12 9M 13
Life Non-Life
Net result: Non-Life up on inclusion
Groupama
In EUR mio
In EUR bn
Inflow up 8% at constant FX
United Kingdom: Headlines
Overall Non-Life performance & inflow improved
5
212
181
9M 12 9M 13
0
(2)
73 77
13 12
86 87
9M 12 9M 13
Life Non-Life Other
Non-Life combined ratio: improved
underwriting mainly in Household
98.6% 98.2%
9M 12 9M 13
Other Income down in a competitive
market
In EUR mio
Periodic financial Information I 9M 13 Results I 6 November 2013
7. 2.1
2.9
0.8
0.8
2.9
3.7
9M 12 9M 13
Life Non-Life
Net profit increase driven by Turkey
In EUR mio
In EUR bn
Non-Life combined ratio: weather
conditions Portugal vs. strong 2012
227% 210% 207%
Inflow* increased in nearly all
countries
In EUR bn
Continental Europe: Headlines
Excellent top line performance & increased Non-Life net profit including positive one-off
**
36 36
13
26
49
63
9M 12 9M 13
Life Non-Life
89.9%
94.5%
9M 12 9M 13
1.02% 0.89%
9M 12 9M 13
Operating margin Guaranteed:
lower risk result vs. excellent 9M 12
Periodic financial Information I 9M 13 Results I 6 November 2013 6
Life Technical liabilities*: growth due
to fewer surrenders
0.51% 0.56%
9M 12 9M 13
In % avg technical liabilities
* Incl. non-consolidated partnerships @ 100%
14.1 14.0
14.0 14.4
28.1 28.4
FY 12 9M 13
Conso Non-conso
Operating margin Unit-Linked:
In % avg technical liabilities
8. Net result: Excluding one-offs,
strong growth of underlying profit
In EUR mio
In EUR bn
Non-Life combined ratio improving
in both Thailand & Malaysia
Inflow* fuelled by China & Thailand Life Technical liabilities* up across
all entities
In EUR bn
Asia: Headlines
New business boost & underlying profit growth Life / Strong Non-Life underwriting result
Periodic financial Information I 9M 13 Results I 6 November 2013 7
**
92 87
6 14
99 101
9M 12 9M 13
Life Non-Life
101.0%
94.8%
9M 12 9M 13
5.2
7.3
0.6
0.6
5.8
7.9
9M 12 9M 13
Life Non-Life
76 79
6
14
83
93
9M 12 9M 13
Life Non-Life
1.9 2.0
22.5
25.8
24.4
27.8
FY 12 9M 13
Conso Non-conso
* Incl. non-consolidated partnerships @ 100%
In % avg technical liabilities In EUR mio
2.10%
1.41%
9M 12 9M 13
Life operating margin Hong Kong:
excluding one-offs up 8%
Result non-consolidated partnerships:
excluding one-offs up 15%
9. Periodic financial Information I 9M 13 Results I 6 November 2013 8
Investment portfolio
Value of portfolio down on UG/L in fixed income, increased allocation to equities
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs
Asset mix
Asset mix relatively stable
Increased positions in equities & customer loans at the
expense of cash continued
Gross unrealized gains/losses on Available for Sale
Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12);
exclusively down in fixed income
Fixed income: at EUR 3.5 bn (EUR 5.2 bn FY 12)
Sovereigns at EUR 2.2 bn (vs. EUR 3.3 bn)
Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)
Equities: slightly up to EUR 0.3 bn
Gross UG/L on Real Estate: stable at EUR 1.3 bn - not
reflected in shareholders’ equity
EUR 0.8 bn unrealized gains/losses on Held to Maturity
not reflected in shareholders’ equity
Sovereign
bonds 34.7
Sovereign
bonds 33.9
Corporate
bonds 25.1
Corporate
bonds 24.7
Structured 0.3
Structured 0.4
Loans
6.3
Loans
5.9
Equities 2.4 Equities 3.0
Real Estate 4.7 Real Estate 4.6
Cash 2.4 Cash 2.2
75.9 74.7
FY 12 9M 13
10. Net result driven by Q1 transactions
& revaluation RPN(i)
In EUR mio
Accounting value remaining
legacies:
General Account: Headlines
Q3 impact of revised methodology RPN(i) methodology
Periodic financial Information I 9M 13 Results I 6 November 2013 9
**
Net cash position: cash on legacy
transactions partly in
69
15
9M 12 9M 13
1.2
2.0
FY 12 9M 13
In EUR bnIn EUR mio
(165) (279)
234
872
241
FY 12 9M 13
RPN(i) Call Option RPI
* Subject to absence of any creditor’s claim
11. Shareholders’ equity / share
Shareholders’ equity
Net profit impact offset by lower unrealized gains & return to shareholders
In EUR mio
6,206 6,378
1,939 1,316
1,655
1,034
497 15
(692) (105) (270) (224) (190) (104)
EUR 42.27 EUR 38.30
9,799
8,727
FY 12 Net result
Insurance
Net result
Gen
Account
Change
UG/L
Treasury
Shares
Dividend Capital
reduction
Revaluation
put option
Forex
& other
9M 13
Insurance
UG/L
Insurance
UG/L
Periodic financial Information I 9M 13 Results I 6 November 2013 10
Equity per segment FY 12 9M 13 FY 12 9M 13
Belgium 3,974 ► 3,691 Asia 1,837 ► 1,685
UK 1,149 ► 1,127 Insurance 8,145 ► 7,693
Continental Europe 1,185 ► 1,191 General Account 1,655 ► 1,034
12. IFRS Solvency up on Net result
General Account down on capital reduction
2.4 2.4
0.5 0.5 0.6 0.6 0.5 0.6
4.0 4.1 4.0 4.1
1.7
2.1
0.6 0.6
0.8 0.9 0.9 0.8
4.1
4.5
1.0 0.7
5.1 5.2
4.1
4.6
1.1 1.1 1.4
1.5
1.4 1.4
8.1
8.6
9.1 9.3
FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13
Belgium
UK
CEU
Asia
Total Ageas
General Account
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
Available Capital
In EUR bn
Periodic financial Information I 9M 13 Results I 6 November 2013 11
Solvency ratio
173% 188% 220% 220% 243% 258% 268% 230% 204% 210% 229% 226%
13. Periodic financial Information I 9M 13 Results I 6 November 2013
Net cash position General Account at EUR 2.0 bn
Up in Q2 on transactions regarding RPI & BNPP Call Option
EUR 33 mio executed at 30/09/13 in EUR 200 mio share buy-back launched August 2013
EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than
compensating 2012 dividend & 2012 corporate centre costs
Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of
remaining proceeds expected in the coming months
Capital reduction approved at Shareholders’ Meeting 16 September, pay-out foreseen mid-December
12
688
1,216
1,981340
827
144
≈200
(97)
(77)
(270)
(46) (56)
(167)
(224)
FY 11 FY 12 buy-back capital
injection
TPL
paid
dividend
upstream
opco's
RPI call
option
operating
expenses
other 9M 13
RPI transaction
share buy-back
capital reduction
In EUR bn
announced cash
movements -best estimate
14. Takeaways
Q3 confirmed 6M trends in inflow,
operating performance & net insurance
results
Results well spread across segments
Up both in Life & Non-Life
Combined ratio & Operating margins in
line with targets communicated at
Investors Update
Focus on maintaining this performance
Conclusions : positive trend continued
Periodic financial Information I 9M 13 Results I 6 November 2013 13
21. 293 311
143
174
13
12450
497
9M 12 9M 13
Life Non-Life Other
97.9% 97.6%
9M 12 9M 13
Net result: Strong quarterly results
in BE & Asia
In EUR mio In EUR bn
Non-Life combined ratio: improving
CY claims ratio
227% 210% 207%
0.86% 0.87%
FY 12 9M 13
0.55% 0.47%
FY 12 9M 13
Inflow*: strong growth in Asia & CEU
In EUR bn
Total Insurance: Headlines
Ageas insurance performance persistently robust
20
68.8 69.0
36.5 40.2
105.3 109.2
FY 12 9M 13
Conso Non-conso
Periodic financial Information I 9M 13 Results I 6 November 2013
11.1
13.3
4.3
4.5
15.5
17.8
9M 12 9M 13
Life Non-Life Other
Life Technical liabilities*: stable in
consolidated, up in non-consolidated
Operating margin Guaranteed:
strong quarterly result
Operating margin Unit-Linked:
down but still in line with target
In % avg technical liabilities In % avg technical liabilities
* Incl. non-consolidated partnerships @ 100%
22. Inflow @ 100%
Growth driven by China, Thailand & Portugal
*
* Ageas holds a 50% stake in Tesco Underwriting
Periodic financial Information I 9M 13 Results I 6 November 2013 21
EUR mio 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13
Belgium 75% 3,674 2,996 1,362 1,425 5,036 4,422
United Kingdom 100%* 61 79 1,636 1,669 1,697 1,7480 0
Continental Europe 2,142 2,871 766 800 2,908 3,671
Consolidated entities 802 1,358 334 335 1,136 1,693
Portugal 51% 611 1,087 183 190 795 1,278
France 100% 190 271 190 271
Italy 25% 151 144 151 144
Non-consolidated JV's 1,340 1,513 432 465 1,772 1,978
Turkey (Aksigorta) 36% 432 465 432 465
Luxembourg (Cardif Lux Vie) 33% 1,340 1,513 1,340 1,513
Asia 5,238 7,327 585 598 5,824 7,926
Consolidated entities 313 341 313 341
Hong Kong 100% 313 341 313 341
Non-consolidated JV's 4,925 6,986 585 598 5,511 7,585
Malaysia 31% 568 479 454 437 1,023 917
Thailand 15%/31% 927 1,133 131 161 1,059 1,294
China 25% 3,346 5,287 3,346 5,287
India 26% 84 87 84 870 0
Total 11,115 13,274 4,349 4,493 15,465 17,7670 0
Consolidated entities 4,850 4,775 3,332 3,429 8,182 8,204
Non-consolidated partnerships 6,265 8,499 1,017 1,063 7,283 9,562
Life Non-Life Total
23. Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Inflow @ Ageas’s part
Strong growth in emerging markets, Guaranteed Life sales down following market trend
In EUR mio
Periodic financial Information I 9M 13 Results I 6 November 2013 22
2,756
2,247
61 79 949
1,330 1,630
2,178
5,396
5,834
1,022
1,069
1,344 1,470
287
301 160
159
2,813
2,999
(12%)
10% 32%
31%
8%
3,777
3,316
1,405 1,549
1,236
1,630 1,790
2,338
8,208
8,833
9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13
24. Insurance net result
Result under pressure of competitive markets & strong inflow growth
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
165
190
0 (2) 36 36
92 87
293 311
51
57
73 77 13 26
6 14
143
174
13 12
13
12
216
247
86 87
49
63
99 101
450
497
9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13
In EUR mio
Periodic financial Information I 9M 13 Results I 6 November 2013 23
25. 10/03/2010 I page 24
Overview impairments & net capital gains on investments
Impairments substantially lower than 9M 12
*
Periodic financial Information I 9M 13 Results I 6 November 2013 24
EUR mio 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13
Life 70 53 (65) (23) 5 30
Non-Life 18 10 (4) (4) 14 6
Total Belgium 87 63 (69) (27) 18 36
Life
Non-Life 14 6 14 6
Other
Total UK 14 6 14 6
Life 4 13 (1) (7) 3 5
Non-Life 0 (0) 0 (0)
Total CEU 4 13 (1) (7) 3 5
Life 20 30 (15) (5) 5 25
Non-Life 2 4 (0) (0) 2 4
Total Asia 22 34 (15) (6) 7 28
Life 94 95 (81) (36) 13 60
Non-Life 34 20 (4) (4) 30 16
Other
Total Ageas 128 115 (85) (40) 43 75
Capital gains/losses
Impairments & Profit
sharing impact
Total impact
26. 25Periodic financial Information I 9M 13 Results I 6 November 2013
Insurance
Lexicon on new margin disclosures as from FY 2012
Life Non-Life
+ Underwriting
result
+ Premiums received from policyholders
- actual payments made in risk contracts
+ penalties deducted in case of surrender
+ reinsurance result
+ Net Underwriting
result
+ Net Earned Premium
- all evolutions in claims reserves (CY & PY)
+ technical interest charges on technical liabilities
- all expenses (marketing, intermediary, claims
handling & administration)
+ Expense &
Other result
+ expense loadings
- actual expense charges
+ other results of technical nature
= Net Underwriting result + Other result + other results of technical nature
+ Investment result + Investment income on assets covering
Life technical liabilities (recurring & cap
gains)
- what is paid out to policyholders
(guaranteed income & profit sharing)
+ Investment result + Investment income on assets covering Non-Life
technical liabilities (recur. & cap gains)
- technical interest charges on technical liabilities
= Operating result = Operating result
Average technical
liabilities
= average between technical liabilities at
the beginning & at the end of each quarter
of current year.
Net earned premium + Premiums received from policyholders
- premiums covering risks future period
- premiums paid to reinsurers
Life margins All Life margins calculated as % of average
technical liabilities
Non-Life ratio’s All Non-Life ratio’s calculated in % of Net
earned premiums
Combined ratio Corresponds to 1minus net underwriting
result in % of net earned premiums
27. Insurance Combined ratio
On track to be substantially below 100%
Net earned premium in EUR mio
Periodic financial Information I 9M 13 Results I 6 November 2013 26
Combined ratio at 97.6% vs. 97.9%
Q3 confirms H1 good operational performance
with COR at 97.2%
Household at 90.8% (vs.98.8%): benign
weather in major markets, impact of corrective
measures & tariff increases in Belgium – Q3
at 90.5%
Accident & Health: at 94.7% (vs.94.0%):
strong improvement claims ratio Belgium
– Q3 at 94.4%
Motor at 102.2% (vs. 96.5%): increase
combined ratio in all segments – Q3 at 98.5%
Claims ratio at 64.6% vs. 67.3%
CY claims ratio (67.6% vs. 72.5%) most
significant impact in Household
PY claims ratio down to release of 2.8%
(vs. 3.8%), lower run-off mainly in Motor
Expense ratio at 33.2% vs. 30.6%
2,497 2,858 3,507 4,178 3,067 3,225 1,044 1,079
69.4% 73.2% 69.0% 68.1% 67.3% 64.4% 66.5% 64.2%
33.1%
32.8%
31.1% 31.0% 30.6% 33.2% 30.7% 33.0%
102.5%
106.0%
100.1% 99.1% 97.9% 97.6% 97.2% 97.2%
(6.0%)
(3.7%) (3.5%) (3.1%) (3.8%) (2.8%) (1.7%) (2.5%)
2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
claims ratio expense ratio PY claims ratio
29. Insurance Life operating margin per product line
Margins in Guaranteed & UL within target range communicated at Investors Update
Guaranteed: improvement driven by investment margin Unit-linked: driven by Hong Kong
Average technical liabilities Average technical liabilities
Expense & other margin decrease related to Asia
mainly
Underwriting margin improvement in Hong Kong
following organic growth
Investment margin strong improvement due to lower
impairments
Slight deterioration underwriting margin
√ mainly coming from CEU (lower risk margin) & Asia
√ improving in Belgium on increasing technical
liabilities
Expense margin stable
Periodic financial Information I 9M 13 Results I 6 November 2013
0.44% 0.41% 0.44% 0.47% 0.43% 0.43% 0.40%
0.67%
(0.79%)
0.87% 0.70% 0.79%
0.57%
0.81%
(0.33%)
(0.36%)
(0.33%) (0.34%) (0.35%) (0.34%) (0.36%)
0.56%
(0.60%)
0.81% 0.86% 0.87%
0.77%
0.85%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Investment m. Underwriting m.
0.07%
0.04%
0.11% 0.13% 0.14% 0.15% 0.14%0.01%
0.01% 0.00%
0.27%
0.42%
0.37%
0.42%
0.33%
0.43% 0.42%
0.35%
0.45%
0.48%
0.55%
0.47%
0.58% 0.56%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Investment m. Underwriting m.
28
50.4 52.3 54.0 53.7 55.4 53.7 55.4 20.2 12.4 11.8 11.7 12.3 11.7 12.3
30. 3.7
3.0
1.4
1.4
5.0
4.4
9M 12 9M 13
Life Non-Life
Periodic financial Information I 9M 13 Results I 6 November 2013
Net result: strong Q3
In EUR mio In EUR bn
Operating margin Guaranteed:
strong quarterly result
Non-Life combined ratio: strong Q3
Inflow: Individual Guaranteed Life down
227% 210% 207%
Life Technical liabilities stable
In EUR bn
Belgium : Headlines
Strong quarterly results in Life & Non-Life, inflow trends confirmed
**
165
190
51
57
216
247
9M 12 9M 13
Life Non-Life
98.8% 97.6%
9M 12 9M 13
0.80% 0.84%
9M 12 9M 13
Operating margin Unit-Linked:
52.7 52.9
FY 12 9M 13
29
In % avg technical liabilities
0.49% 0.44%
9M 12 9M 13
In % avg technical liabilities
31. 3,404
2,562
270
434
3,674
2,996
9M 12 9M 13
(18%)
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Belgium: Inflow @ 100%
Life Individual Guaranteed decrease partly offset by higher sales in other products
378 392
429 441
434 461
121 131
1,362 1,426
9M 12 9M 13
Periodic financial Information I 9M 13 Results I 6 November 2013 30
+5%
Guaranteed
Sales of guaranteed products decreased by 25% to EUR 2.6 bn
Decline evident in Individual Saving & Individual Traditional to a
lesser extent
Lower volumes due to historically low guaranteed interest rates &
impact of Belgian government decision to increase insurance
premium tax (from 1.1% to 2%; as at 01/01/2013).
Group Life inflow continued to grow reaching EUR 843 mio
Unit-linked
Individual Unit-Linked increased strongly to EUR 434 mio (up 61%),
mainly thanks to a marked customer appetite for these products
Household, Motor, Other
GWP increased in Bank & Broker channel & across all product lines,
mainly in Household
Household (+6.2%): higher volume & tariff increases
Motor (+2.9%): driven by tariff increase
Other (+8.2%): mainly driven by tariff increase in Legal Assistance
Accident & Health
Accident & Health (+3.7%) supported by good momentum in Health
Care
32. Belgium: Combined ratio
Strong underwriting result in Household and Accident & Health, weaker in Motor
Net earned premium in EUR mio
Periodic financial Information I 9M 13 Results I 6 November 2013 31
1,469 1,541 1,601 1,698 1,269 1,323 429 451
Combined ratio at 97.6% vs. 98.8%
Solid third quarter at 97.9%
Household at 93.3% vs. 97.1% : Solid
performance with improved claims ratio
benefitting from benign weather & reflecting
corrective measures taken in the past.
Q3 at 95.3%
Accident & Health at 94% vs.95.7%.
Q3 at 94.3%
Motor at 101.4% vs. 99.5%: impacted by non-
recurring Q2 additional reserving for a few large
claims.
Good Q3 at 95,3% driven by solid underwriting
Claims ratio at 60.8% vs. 62.2%
CY ratio (65.0% vs.68.2%) improvement
mainly in Household, but also in Accident &
Health
PY ratio (4.2% vs. 6%) run-off adversely
impacted by aforementioned Q2 additional
reserving in Motor & by Q3 reserve
strengthening following changes in legislation
with respect to the introduction of VAT
charges on lawyer fees (mainly Other lines)
Expense ratio increased slightly to 36.8%
64.1% 68.7% 64.3% 62.7% 62.2% 60.8% 60.5% 61.5%
36.8%
36.4%
36.8% 36.8% 36.6% 36.8% 36.4% 36.4%
100.9%
105.1%
101.1% 99.5% 98.8% 97.6% 96.9% 97.9%
(8.0%)
(6.6%) (7.3%)
(4.5%) (6.0%)
(4.2%) (0.8%) (0.9%)
2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
claims ratio expense ratio PY claims ratio
34. Belgium Life operating margin per product line
Guaranteed: 9M13 solid underwriting & investment
results, strong Q3
Unit-linked: increasing liabilities & lower
expense & other margin
Avg techn liabilities Avg techn liabilities
0.03%
(0.05%)
0.04% 0.05% 0.05%
0.12% 0.10%
0.64%
0.50% 0.44% 0.44% 0.39%
0.46%
0.40%
0.66%
0.45%
0.47%
0.49%
0.44%
0.58%
0.51%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Underwriting m.
0.28% 0.32% 0.32% 0.33% 0.34% 0.39% 0.34%
0.57%
(0.80%)
0.93%
0.77% 0.81% 0.66% 0.83%
(0.21%)
(0.30%)
(0.29%) (0.30%) (0.31%) (0.34%) (0.32%)
0.64%
(0.78%)
0.96%
0.80% 0.84%
0.71%
0.85%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Investment m. Underwriting m.
Periodic financial Information I 9M 13 Results I 6 November 2013 33
40.7 42.9 44.9 44.7 46.3 44.7 46.3 6.0 5.6 5.2 5.2 5.4 5.2 5.4
Operating result amounted to EUR 17.6 mio, down 7.9%
Average Technical Liabilities increased by 4%
Operating result amounted to EUR 292 mio, up 8.4%
Operating margin 9M13 increased vs. 9M12 despite
continued low i-rate environment
Investment margin 9M13 improved to 0.81% vs. 9M12
which was heavily impacted by impairment charges
Average Technical Liabilities up 4%, mainly due to last
year’s strong intakes
35. 0.06 0.08
1.6 1.7
1.7 1.7
9M 12 9M 13
Life Non-Life
Net result: Non-Life up on inclusion
Groupama
In EUR mio
In EUR bn
Inflow up 8% at constant FX
United Kingdom: Headlines
Overall Non-Life performance & inflow improved
34
212
181
9M 12 9M 13
0
(2)
73 77
13 12
86 87
9M 12 9M 13
Life Non-Life Other
Non-Life combined ratio: improved
underwriting mainly in Household
98.6% 98.2%
9M 12 9M 13
Other Income down in a competitive
market
In EUR mio
Periodic financial Information I 9M 13 Results I 6 November 2013
36. 1,636 1,669
61 79
1,697 1,748
9M 12 9M 13
43 66
1,116 1,090
328 362
148 151
1,636 1,669
9M 12 9M 13
Motor
Non-Life
Life
Other
Property
Accident & Health
Total
In EUR mio
Non-Life
In EUR mio
2%
3%
United Kingdom: Inflow @ 100%
Inflow up 8% at constant FX
Life
Successful roll out of its proposition across the IFA market
Over 295,000 customers up 20% on same period last year
Non-Life
Up 2%, growth of 7.1% at constant FX
Motor down 2% mainly due to lower average premiums, following
market trend of rate decreases (14% year-on-year) & focus on risk
mix improvement
Household up 10% primarily due to the inclusion of Groupama
Insurance Company Ltd (GICL)
Accident & Health up 54% due to the inclusion of GICL
Other lines, including Commercial & Special Risks up 2% due to
inclusion of GICL offset partially by management actions to improve
profitability
EUR 296 mio Groupama inflow included
Other Insurance (including Retail)
YTD total income of EUR 181 mio ,15% below last year, reflecting
continued competitive market
Periodic financial Information I 9M 13 Results I 6 November 2013 35
37. United Kingdom: Combined ratio
Below 100% reflecting continued strong performance in Household due to benign weather
Net earned premium in EUR mio
Combined ratio at 98.2%
Combined ratio continued sub 100%
performance
Impact Groupama: greater proportion
delegated authority schemes with higher
expense ratio but lower claims in portfolio
Claims ratio at 67.4%
Claims ratio Reduction across all lines of
business with greatest impact in Household
due to benign weather
CY ratio (69.2% vs. 74.3%) significant
reduction primarily due to benign weather
experience in Household
PY ratio: at same level as 9M 12
Expense ratio at 30.8%
Increase from combination of pressure on
earned premium in Tesco & addition of
Groupama with greater proportion of
delegated authority schemes.
Periodic financial Information I 9M 13 Results I 6 November 2013 36
80.4% 81.5%
74.6% 73.3% 72.5%
67.4% 71.5% 66.9%
27.7% 28.0%
25.3% 26.5% 26.1%
30.8% 26.7%
30.6%
108.1% 109.5%
99.9% 99.8% 98.6% 98.2% 98.2% 97.5%
(3.5%)
(1.1%) 0.1% (2.1%) (1.8%) (1.8%) (2.4%) (3.8%)
2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
claims ratio expense ratio PY claims ratio
834 948 1,524 2,083 1,509 1,603 521 528
39. 2.1
2.9
0.8
0.8
2.9
3.7
9M 12 9M 13
Life Non-Life
Net profit increase driven by Turkey
In EUR mio
In EUR bn
Non-Life combined ratio: weather
conditions Portugal vs. strong 2012
227% 210% 207%
Inflow* increased in nearly all
countries
In EUR bn
Continental Europe: Headlines
Excellent top line performance & increased Non-Life net profit including positive one-off
**
36 36
13
26
49
63
9M 12 9M 13
Life Non-Life
89.9%
94.5%
9M 12 9M 13
1.02% 0.89%
9M 12 9M 13
Operating margin Guaranteed:
lower risk result vs. excellent 9M 12
Periodic financial Information I 9M 13 Results I 6 November 2013 38
Life Technical liabilities*: growth due
to fewer surrenders
0.51% 0.56%
9M 12 9M 13
In % avg technical liabilities
* Incl. non-consolidated partnerships @ 100%
14.1 14.0
14.0 14.4
28.1 28.4
FY 12 9M 13
Conso Non-conso
Operating margin Unit-Linked:
In % avg technical liabilities
40. 944
1,334
1,198
1,538
2,142
2,871
9M 12 9M 13
244 242
281 286
125 144
117 129
766 800
9M 12 9M 13
Accident & Health
Motor
Unit-Linked
Guaranteed
+34%
Other
Household
Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflow @ 100%
Higher Life sales in Portugal & France, Non-Life driven by Turkey
+4%
Life
Inflow +34%, including non-controlling interests @ 100%, reflecting
higher sales in all operating companies
Consolidated inflow up 69%
Portugal: volumes up by 78% driven by the UL business as a
result of successful campaigns in Q3
France: up by 42% continue to benefit from the 1st quarter UL
single premium payment
Technical liabilities
End of period technical liabilities: flat vs. year-end 2012
Average technical liabilities growth in line with excellent sales
performance over last 2 years
Non-Life
Inflow +4%, including non-controlling interests @ 100% driven by
Turkey
GWP consolidated entities in line with last year
Turkey (Aksigorta) at EUR 465 mio
A&H and Motor remain the major business lines in the portfolio.
Motor growing in Portugal (Mobis product) & regaining momentum
in Turkey despite intense competition
Periodic financial Information I 9M 13 Results I 6 November 2013 39
41. Continental Europe: Combined ratio
Well below group target even with severe winter weather in Portugal
Net earned premium in EUR mio
* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy
Combined ratio at 94.5%
Combined ratio higher than PY mainly due to
severe weather impact in Portugal (Household) &
exceptionally low claims ratios last year.
Combined ratio Turkey at 89.9% vs. 99.4%
Claims ratio at 65.0%
Claims ratio mainly higher due to mid-January
storms in Portugal & higher volume of claims
reported
Claims ratio Italy improved compared to previous
quarter & in line with 9M 12
PY ratio: 2.4% release vs. 4.1%
Expense ratio at 29.5%
Expense ratio continued focus on cost
containment (LY was influenced by a one off
release in Italy), commission ratio slightly up due
to product mix
Periodic financial Information I 9M 13 Results I 6 November 2013 40
62.4%
71.0% 66.4% 63.6% 62.6% 65.0% 65.9% 62.4%
27.6%
30.3%
30.3%
29.8% 27.3%
29.5% 26.9% 30.0%
90.0%
101.3%
96.7%
93.4%
89.9%
94.5% 92.8% 92.4%
(1.3%)
1.9%
(2.0%) (2.5%) (4.1%) (2.4%) (1.6%) (2.5%)
2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
claims ratio expense ratio PY claims ratio
194 369 382 397 289 299 95 100
43. Continental Europe Life operating margin per product line
Guaranteed: lower underwriting margin partially
offset by higher investment margin
Unit-linked: increasing expense & other margin
Avg techn liabilities Avg techn liabilities
Increase expense & other margin related to inflow
growth
Investment margin improved vs. last year
Decline in underwriting margin YTD due to higher claims in
risk business & fewer premiums (change payment
frequency)
Cost containment leading to stable expense margin
1.25%
1.00% 1.18% 1.22%
0.91%
1.19%
0.89%
0.84%
(0.75%)
0.70% 0.64%
0.83%
0.54%
0.80%
(0.93%)
(1.08%)
(0.85%) (0.84%) (0.85%) (0.91%) (0.93%)
1.16%
(0.83%)
1.02% 1.02% 0.89% 0.82% 0.79%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Investment m. Underwriting m.
0.01% 0.02% 0.02% 0.02% 0.01%
0.01% 0.01%
0.01% 0.01% 0.01% 0.01%
0.18%
0.55%
0.41%
0.48% 0.54%
0.45%
0.62%
0.20%
0.56%
0.44%
0.51%
0.56%
0.47%
0.64%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Investment m. Underwriting m.
Periodic financial Information I 9M 13 Results I 6 November 2013 42
8.7 8.3 7.8 7.8 7.7 7.8 7.7 13.9 6.4 6.1 6.1 6.3 6.1 6.3
44. Net result: Excluding one-offs,
strong growth of underlying profit
In EUR mio
In EUR bn
Non-Life combined ratio improving
in both Thailand & Malaysia
Inflow* fuelled by China & Thailand Life Technical liabilities* up across
all entities
In EUR bn
Asia: Headlines
New business boost & underlying profit growth Life / Strong Non-Life underwriting result
Periodic financial Information I 9M 13 Results I 6 November 2013 43
**
92 87
6 14
99 101
9M 12 9M 13
Life Non-Life
101.0%
94.8%
9M 12 9M 13
5.2
7.3
0.6
0.6
5.8
7.9
9M 12 9M 13
Life Non-Life
76 79
6
14
83
93
9M 12 9M 13
Life Non-Life
1.9 2.0
22.5
25.8
24.4
27.8
FY 12 9M 13
Conso Non-conso
* Incl. non-consolidated partnerships @ 100%
In % avg technical liabilities In EUR mio
2.10%
1.41%
9M 12 9M 13
Life operating margin Hong Kong:
excluding one-offs up 8%
Result non-consolidated partnerships:
excluding one-offs up 15%
45. 240 257
76 79
20 22
250 240
585 598
9M 12 9M 13
4,973
7,090
265
237
5,238
7,327
9M 12 9M 13
+40%
+2%
Fire
Motor
Guaranteed
Life
Non-Life
In EUR mio
In EUR mio
Unit-Linked
Asia: Inflow @ 100%
Strong growth new business, boosted by very successful sales campaigns
Accident & Health
Other
Periodic financial Information I 9M 13 Results I 6 November 2013 44
Life
Hong Kong, +9%, New business premiums strongly up despite a general
market slowdown following new regulations covering sales procedures of
investment linked products
China, +58%, New business bank channel up 100% after very successful
campaign; agency sales up 174% thanks to expanding number of agents &
successful sales campaigns
Malaysia, -16%, New business premiums down due to the ongoing
transition of both bank & agency channel distribution strategy from single
premium sales towards more sustainable regular premium sales
Thailand, +22%, New business premiums up 28%; strong performance in
both the bank channel & the agency channel
India, +4%, Despite continuation of a difficult regulatory environment new
business was up 20% in the bank channel
Technical liabilities – end-of-period
Hong Kong : EUR 2.0 bn, up 6%
Including non-consolidated JVs @ 100%: EUR 27.8 bn, up 14%
Non-Life
Malaysia, -4%, Growth in high-retention lines Household & Personal Accident,
offset by lower premiums in Marine, Aviation & Transport
Thailand, +23%, Concentrated in Motor business. Household & Personal
Accident business also showed good growth
46. Hong Kong Life operating margin per product line
Improved margin due to organic growth & higher investment income
Guaranteed: improving expense & investment margin Unit-linked: pressure on margin from new business growth
Periodic financial Information I 9M 13 Results I 6 November 2013
Avg techn liabilities Avg techn liabilities
(0.15%)
(0.71%)
(0.15%) (0.12%)
(0.55%)
0.48%
(0.53%)
3.62%
(0.57%)
(0.11%) (0.19%)
0.03% (0.22%)
0.00%
1.30%
3.52%
2.52% 2.48% 2.65%
2.26%
2.20%
4.77%
2.24%
2.26% 2.16%
2.12% 2.48%
1.63%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Investment m. Underwriting m.
3.11%
1.75%
2.14%
2.53% 2.27%
2.99%
1.79%
0.01%
0.14%
(2.40%)
(3.21%)
(0.95%) (0.66%)
(2.52%)
(0.90%)
(1.65%)
0.70%
(1.47%)
1.19%
1.87%
(0.24%) 2.08%
0.28%
2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13
Expense & other m. Investment m. Underwriting m.
45
1.0 1.1 1.3 1.3 1.3 1.3 1.3 0.3 0.4 0.5 0.4 0.6 0.4 0.6
Underwriting margin improved following organic growth
Expense & Other margin deteriorated in 9M 13 following
new business growth & change in product mix -
9M 12 expense margin included EUR 8 mio positive non-
recurring adjustment
Underwriting margin deteriorated in 9M 13 due to higher
reinsurance costs & better persistency
Investment margin improved as result of higher net
income from larger bond portfolio & some realised capital
gains
Expense & Other margin improved due to organic growth
48. Periodic financial Information I 9M 13 Results I 6 November 2013 47
Investment portfolio
Value of portfolio down on UG/L in fixed income, increased allocation to equities
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs
Sovereign
bonds 34.7
Sovereign
bonds 33.9
Corporate
bonds 25.1
Corporate
bonds 24.7
Structured 0.3
Structured 0.4
Loans
6.3
Loans
5.9
Equities 2.4 Equities 3.0
Real Estate 4.7 Real Estate 4.6
Cash 2.4 Cash 2.2
75.9 74.7
FY 12 9M 13
Asset mix
Asset mix relatively stable
Increased positions in equities & customer loans at the
expense of cash continued
Gross unrealized gains/losses on Available for Sale
Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12);
exclusively down in fixed income
Fixed income: at EUR 3.5 bn (EUR 5.2 bn FY 12)
Sovereigns at EUR 2.2 bn (vs. EUR 3.3 bn)
Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)
Equities: slightly up to EUR 0.3 bn
Gross UG/L on Real Estate: stable at EUR 1.3 bn - not
reflected in shareholders’ equity
EUR 0.8 bn unrealized gains/losses on Held to Maturity
not reflected in shareholders’ equity
49. Belgium
18.4
Belgium
18.3
France 4.8 France 5.0
3.3 3.2
Austria 2.9 Austria 2.7
1.4 1.1
0.7 0.4
Others 2.8 Others 2.5
34.7 33.9
FY 12 9M 13
In EUR bn
Gross UG/L at EUR 2.2 bn (vs. EUR 3.3 bn)
96% investment grade; 88% rated A or higher
Exposure on SE sovereigns at amortized cost, after
impairments & @ Ageas’s part slightly down to
EUR 1.9 bn
Maturity sovereign bond portfolio unchanged & close
to maturity liabilities , limited interest rate sensitivity
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value fixed income portfolio impacted by evolution unrealized gains
Periodic financial Information I 9M 13 Results I 6 November 2013 48
Gross UG/L at EUR 1.3 bn (vs. EUR 1.8 bn)
Priority to investment grade industrials has led to
increased share within corporate bond portfolio of
41% in 9M 13 (vs. 37% FY 12)
Credit quality remains very good with 94% investment
grade; 74% rated A or higher
Corporate bond portfolio*
Banking 6.1 Banking 5.4
Other
financials 1.9
Other
financials 1.9
Non
Financials
9.3
Non
Financials
10.1
Government
related 7.9
Government
related 7.2
25.1 24.7
FY 12 9M 13
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs
The Netherlands The Netherlands
Germany
Germany
SE SovereignsSE Sovereigns
50. In EUR bn
Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Loans to
banks 2.6 Loans to
banks 1.8
RE 0.1
RE 0.1
Infrastructure
0.1
Infrastructure
0.1
Mortgages 1.5
Mortgages 1.5
Other 2.0
Other 2.4
6.3
5.9
FY 12 9M 13
Increase in other: long term lending to social housing
agencies in Belgium, benefiting from explicit guarantee by
the region
Loans to banks – mainly short term bank deposits - down:
priority to long-term secured loans
Periodic financial Information I 9M 13 Results I 6 November 2013 49
Equity portfolio*
Gross UG/L increased slightly up to EUR 0.3 bn
Equities 1.2
Equities 1.5
Equity funds
0.1
Equity funds
0.1
RE funds 0.7
RE funds 0.7
Mixed funds
& others 0.4
Mixed funds
& others 0.72.4
3.0
FY 12 9M 13
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs
51. Real estate portfolio
10/03/2010
Gross UG/L stable at EUR 1.3 bn (not reflected in
shareholders’ equity but contributing to available
capital for solvency calculation)
Real Estate exposure mainly in Belgium (+/- 70%)
Investment
Offices 1.5
Investment
Offices 1.5
Car Parks
1.1
Car Parks
1.0
Investment
Retail 1.3
Investment
Retail 1.4
0.6 0.4
0.3
0.3
4.7 4.6
FY 12 9M 13
In EUR bn
Real Estate portfolio*
Periodic financial Information I 9M 13 Results I 6 November 2013 50
* All assets at fair value except the ‘Held to Maturity’ assets, loans & real estate which are valued at amortized costs
Investment Warehouses
RE Development
Investment
Warehouses
RE Development
53. Net result driven by Q1 transactions
& revaluation RPN(i)
In EUR mio
Accounting value remaining
legacies:
General Account: Headlines
Q3 impact of revised methodology RPN(i) methodology
Periodic financial Information I 9M 13 Results I 6 November 2013 52
**
Net cash position: cash on legacy
transactions partly in
69
15
9M 12 9M 13
1.2
2.0
FY 12 9M 13
In EUR bnIn EUR mio
(165) (279)
234
872
241
FY 12 9M 13
RPN(i) Call Option RPI
* Subject to absence of any creditor’s claim
54. 15
276
(90)
(114)
(13)
(19)
(25)
RPI Call option Reval RPN(i) Staff exp. Op.& admin. exp. Investment &
Interest Result*
General
Account
General Account: components of Net result
Result driven by transactions on legacy items & valuation methodology RPN(i)
In EUR mio
Periodic financial Information I 9M 13 Results I 6 November 2013 53
* Including Interest Margin, Other Expenses & Other Losses (Realised/Unrealised)
Valuation RPN(i) liability as of 9M 13 equal to RPN amount
compliant with IFRS 13 : transfer notion vs. settlement notion
causing non-cash accounting volatility with low cost
EUR (2) mio interest paid in 9M 13
calculation aid available on www.ageas.com (Investors Update 2013)
55. announced cash
movements -best estimate
Periodic financial Information I 9M 13 Results I 6 November 2013
Net cash position General Account at EUR 2.0 bn
Up in Q2 on transactions regarding RPI & BNPP Call Option
EUR 33 mio executed at 30/09/13 in EUR 200 mio share buy-back launched August 2013
EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than
compensating 2012 dividend & 2012 corporate centre costs
Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of
remaining proceeds expected in the coming months
Capital reduction approved at Shareholders’ Meeting 16 September, pay-out foreseen mid-December
54
RPI transaction
share buy-back
capital reduction
In EUR bn
688
1,216
1,981340
827
144
≈200
(97)
(77)
(270)
(46) (56)
(167)
(224)
FY 11 FY 12 buy-back capital
injection
TPL
paid
dividend
upstream
opco's
RPI call
option
operating
expenses
other 9M 13
56. Only 2 alternative uses for General Account net cash withheld
1. Invest in Businesses
Organic growth
Selective acquisitions
Create new partnerships
2. Return to shareholders
Dividend payment
Share buy-back
≈ EUR 1.8 bn
≈ EUR 900 mio cash dividend over ‘09, ’10, ’11 & ‘12
EUR 450 mio share buy-backs
finalized early ‘12 & ’13
EUR 200 mio share buy-back launched 12/08/13
EUR 224 mio capital reduction from proceeds of
BNP Call Option & RPI
≈ EUR 1.0 bn from net cash on
top of retained earnings
≈ EUR 600 mio UK (Tesco, KFIS,
Castle Cover, Groupama)
≈ EUR 200 mio CE (Italy, Turkey)
≈ EUR 200 mio Asia (India, HK, China)
Periodic financial Information I 9M 13 Results I 6 November 2013 55
57. February 11
Claim re FRESH
hybrid instrument
dismissed by
Brussels Court
Judgments received in various legal procedures
No major new elements in 9M 13
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
Timing and (financial) outcome remains hard to estimate
Most civil proceedings still at the stage of first instance
Possible decisions 2013:
- Appeal administrative proceedings AFM I (June 2008) & AFM II (Sep 2007) - total amount fines: EUR 864.000
- Dutch Supreme Court re mismanagement (ondernemingskamer) - no direct financial consequences
- Court of Appeal Amsterdam in Stichting FortisEffect case - first instance in favour of Ageas
May 11
- Claim VEB/Deminor
& FortisEffect
dismissed by
Amsterdam Court
- Rotterdam court
confirmed fine AFM I,
appeal filed
InitiatedbyAgeasActionsagainstAgeas
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
- Rotterdam court
confirmed fine AFM
II, appeal filed
- 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 ...
April 12
Ondernemingskamer Amsterdam
re mismanagement mainly in
favour of plaintiffs, appeal filed
June 12
Agreement with ABN AMRO to settle
legal proceedings concerning FCC &
MCS, closing all outstanding disputes
with Dutch State
2013
June 13
Fine imposed
by FSMA,
appeal filed
Periodic financial Information I 9M 13 Results I 6 November 2013 56
58. Legal proceedings
Managed in interest of shareholders
Administrative proceedings
AFM fine imposed 05/02/10 re price sensitive info June 08
AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07
Appeal filed against both before The Hague “College van
Beroep voor het bedrijfsleven”; proceedings ongoing
FSMA re communication in Q2 2008 Appeal filed before Court of Appeal
Criminal procedure Public prosecutor requests referral of 7 individuals
Enterprise Court (Ondernemingskamer)
At request of VEB re 2007-2008 Report June 10; Judgment 05/04/12 re mismanagement,
mainly in favour plaintiffs. Appeal before Supreme Court
Civil Lawsuits
Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas,
former directors/executives & banks
Amsterdam - Stichting FortisEffect, re sale of Dutch activities against
Dutch State & Ageas
Proceedings ongoing
Judgement in favour of Ageas; appeal filed by Stichting
FortisEffect before Court of Appeal
Utrecht - Stichting Investor Claims Against Fortis re alleged
miscommunication 2007-08 against Ageas & 2 financial institutions
Utrecht - 2nd case by Stichting on behalf of certain shareholders for
damages from same defendants & certain former directors/executives
Proceedings ongoing
Proceedings initiated in August 2012 ; at present unclear
whether both actions will be joined
Arnhem - Mr.Bos, re alleged miscommunication May June 2008 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
Pleadings on the merits scheduled H1 2014
Proceedings ongoing
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
Periodic financial Information I 9M 13 Results I 6 November 2013 57
Situation 30 September 2013
59. Main characteristics Hybrids
Hybrone partly tendered, NITSH I & II reimbursed
In EUR mio Ageas
Ageasfinlux
Fresh
Ageas Hybrid Financing
Hybrone
Direct issue
FBB, 2004 CASHES
% 3m EUR + 135 bp 5.125% 4.625% 3m EUR +200 bp
Amount
outstanding 1,250 336 1,000 1,110
ISIN XS0147484074 XS0257650019 BE0119806116 BE0933899800
Call date
Undated exchange, strike
315.0, mandatory 472.5
Jun/2016 Step up to
3M Euribor +200
Oct/2014 Step up to
3M Euribor+170
Undated exchange, strike
239.4, mandatory 359.1
ACSM YES YES YES YES
Dividend pusher YES YES YES NO
Dividend stopper NO YES YES YES
Trigger < 0.5% dividend trigger Liabilities > asset <8% CAD <0.5% Dividend
Other on lent to AG Insurance
No stock settlement
feature
Coupon served by FBB,
trigger ACSM linked to
Ageas dividend
Market Price (30/09/13) 56.03 98.59 100.54 59.29
Fortis Bank (now BNP Paribas)
Periodic financial Information I 9M 13 Results I 6 November 2013 58
61. situation 31/12/2012 situation 30/09/2013
Total Issued Shares 243,121,272 233,486,113
Shares not entitled to dividend and voting right 15,886,832 10,159,098
1. TREASURYSHARES Share buy-back 7,056,442 1,000,843
FRESH 3,968,254 3,968,254
Other treasury shares 218,232 546,097
2. CASHES 4,643,904 4,643,904
Shares entitled to dividend and voting rights 227,234,440 223,327,015
Total Issued Shares diminished with the 9,635,159 shares acquired through the Buy-back programme
up to 15 February 2013 & cancellation granted at the shareholders' meetings.
Following the reverse stock split the number of shares at 31/12/2011
has been divided by 10, effective as at 7 August 2012.
Cancellation bought back
shares + new buy back
Periodic financial Information I 9M 13 Results I 6 November 2013 60
Total number of outstanding shares
Bought back shares cancelled following approval AGM April & September 2013
62. Shareholders structure
Based on number of shares as at 30 September 2013
Ageas
2.36%
Ping An
5.18%
BlackRock, Inc.
5.02%
Franklin Mutual
Advisers
2.97%
Norges Bank
BNPP & Fortis
Bank Identified retail
investors
16%
Identified
institutional
investors
39%
Other investors
23%
Ageas Based upon press release 30 September 2013
Ping An Based upon the number of shares mentioned in the notification received 6 May 2013
Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 22 August 2013
BlackRock, Inc. Based upon the number of shares mentioned in the notification received 22 July 2013
Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012
BNP P & Fortis Bank Based upon BNP Paribas notification 01 October 2012
Benelux Retail shareholders Estimate by
Identified institutional investors Estimate by
Periodic financial Information I 9M 13 Results I 6 November 2013 61
63. 6 November
9M 2013
results
Periodic financial Information I 9M 13 Results I 6 November 2013 62
10 December
Ex date
13 December
Payment capital
reduction*
Financial calendar 2013 - 2014
Extraordinary shareholders’ meeting in September re EUR 1 distribution
* Subject to absence of any creditor’s claim
19 February
Annual results
2013
14 May
3M 2014
results
30 April
Ordinary & Extraordinary
shareholders’ meeting - Brussels
5 May
Ex date
19 March
Annual report
2013
13 May
Payment 2013
dividend
6 August
6M 2014
results
5 November
9M 2014
results
64. Rating
Periodic financial Information I 9M 13 Results I 6 November 2013 63
S&P MOODY'S FITCH
Operating entities AG Insurance (Belgium)
Insurance Financial Strength A- / stable A2 / negative* A+ / stable
Last change 05/07/13 02/10/13 29/05/13
Millenniumbcp Ageas (Portugal)
Insurance Financial Strength BB / negative BBB- / negative
Last change 25/09/13 09/07/13
Ageas Insurance Co. (Asia)
Insurance Financial Strength Baa1 / stable A / stable
Last change 16/01/13 26/03/13
Muang Thai Life
Insurance Financial Strength BBB+ / stable BBB+ / stable
Last change 29/12/10 16/12/10
Etiqa Insurance Berhad (Malaysia)
Insurance Financial Strength A / stable
Last change 26/09/11
Holdings ageas SA/NV
Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2
Outlook stable negative stable
Last change 05/07/13 02/10/13 14/12/12
65. 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.
Periodic financial Information I 9M 13 Results I 6 November 2013 64