- Ageas reported higher insurance profits of EUR 737 million for 2014, a 13% increase over 2013, with net profits of EUR 476 million, down 16%. - Total insurance inflows grew 11% to EUR 25.8 billion in 2014, with strong growth in life insurance inflows in emerging markets. - The group's combined insurance ratio was 99.6% for 2014, impacted by adverse weather and disappointing performance in some product lines.

1. FULL YEARPeriodical Financial Information
2014RESULTS

2. Insurance
performance
Group result
Balance sheet
Proposed dividend
 Insurance net profit of EUR 737 mio (+13%) - Q4 EUR 158 mio
 Inflow @ 100% of EUR 25.8 bn (+11%) - Q4 EUR 6.3 bn
 Life Guaranteed margin at 89 bps (vs.96 bps) - Q4 62 bps
 Group combined ratio at 99.6%* (vs.98.3%) - Q4 99.8%
 Life Technical Liabilities at EUR 74.8 bn* (+ 8%)
 Group net profit of EUR 476 mio (-16%) - Q4 EUR 194 mio
 General Account net result of EUR (261) mio, incl. RPN(i) & FortisEffect
provision - Q4 EUR 36 mio
 Shareholders’ equity at EUR 10.2 bn or EUR 46.60 per share
 UG/L at EUR 2.6 bn or EUR 11.84 per share
 Insurance solvency at 206%, Group solvency at 210%
 Net cash position General Account at EUR 1.6 bn (vs.EUR 1.9 bn)
 Gross EUR 1.55 per share paid in cash (+11%)
Main messages
Ageas reports higher Insurance results & proposes to raise dividend
Periodic financial Information I FY 14 Results I 12 February 2015 1
* Consolidated entities only

3. Periodic financial Information I FY 14 Results I 12 February 2015 2
Status on Vision 2015 targets (vs. FY 12)
FY 14 at 67/33 (vs. 67/33)
Acquisitions in Non-Life vs. strong Life inflow growth in emerging markets
Calculation based on Inflows @ Ageas’s part
FY 14 at 99.6% (vs. 99.1%)
Adverse weather impact & disappointing performance in certain product lines
Calculation based on Non-Life Net Underwriting result in % Net earned premiums
FY 14 at 17.5% (vs. 12.1%)
Disciplined capital management in Europe & strong increase in Asia
Equity of Turkey, China, Malaysia, Thailand & India as % total Insurance equity
FY 14 at 8.8% (vs. 8.7%)
ROE excl. UGL FY 14 at 11.4% (vs. 10.7%)
Increasing net profit offset by higher equity– UGL & retained earnings
Insurance result in % average Insurance equity (Beginning of period + End of period)/2

4. Main KPI’s related to improve ROE - numerator
Evolution since FY 12
Periodic financial Information I FY 14 Results I 12 February 2015 3
Operating margin Guaranteed: within target
range of 85-90 bps
In % avg technical liabilities
Gradually move towards higher ROE
products in Life
0.99%
0.89%
FY 12 FY 14
99.1% 99.6%
FY 12 FY 14
125
157
FY 12 FY 14
83% 81%
17%
19%
FY 12 FY 14
Unit-linked
Guaranteed
In EUR mio
Non-Life combined ratio: objective of 97% in low
interest rate environment not reached
In % NEP
Increased profit from non-consolidated
partnerships
In % gross inflows

5. Periodic financial Information I FY 14 Results I 12 February 2015 4
Margin evolution Assets & Liabilities Belgium
Average rate on back book decreasing in line with evolution yield fixed income
Back book*
vs fixed
income
investments
Additional yield
realized via higher
yielding asset
classes
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Liabilities guaranteed i-rate Existing bonds Existing guaranteed rates Book yield existing bonds
FY 12 FY 13 FY 14
Guaranteed interest rate 2.89% 2.80% 2.72%
Fixed income yield 4.03% 3.97% 3.84%*
Duration gap (0.12) (0.16) (0.06)*
Asset Allocation FY 12 FY 13 FY 14
Government bonds 64.2% 62.4% 62.3%
Corporate bonds 19.9% 20.3% 21.3%
Equities 1.9% 2.5% 2.6%
Loans 3.5% 4.4% 4.3%
Real Estate 8.8% 9.3% 8.7%
Cash 1.7% 1.1% 0.8%
* Based on figures end November 2014

6. Periodic financial Information I FY 14 Results I 12 February 2015 5
Individual life
new premium
guaranteed
rates follow
evolution
Belgian OLO
Margin evolution Assets & Liabilities Belgium
Reinvestments @ lower yield; adjustment guaranteed rate on new policies
Group Life
guaranteed rates
New money yield
fixed income
FY 13 FY 14*
Fixed income yield 3.29% 2.89%
Reinvested amount (EUR bn) 5.5 4.6
 Law: employer needs to guarantee 3.25% - 3.75% (employers - employee’s part)
 AG Insurance lowers its guarantees to 1%-1.5% on payments as from 01/04/15
 Provisions are taken to assure total return** of 3.25% for 2014, 2015, 2016
2.50%
2.25%
2.00% 1.75%
1.50% 1.25%
1.00%
0%
1%
2%
3%
4%
5%
01/11
02/11
03/11
04/11
05/11
06/11
07/11
08/11
09/11
10/11
11/11
12/11
01/12
02/12
03/12
04/12
05/12
06/12
07/12
08/12
09/12
10/12
11/12
12/12
01/13
02/13
03/13
04/13
05/13
06/13
07/13
08/13
09/13
10/13
11/13
12/13
01/14
02/14
03/14
04/14
05/14
06/14
07/14
08/14
09/14
10/14
11/14
12/14
Interest Guarantee OLO 10Y
* Based on figures end November 2014
** Total return = guaranteed rate + profit sharing

7. Periodic financial Information I FY 14 Results I 12 February 2015 6
Disciplined cash upstream from all operating companies
EUR 725 mio upstream over 2014
 All segments contributing
 Upstream more than covering dividend & holding costs
 Extra-ordinary dividend in Continental Europe as part of active capital
restructuring or linked to M&A
In EUR mio
168
64
Portugal
132
Portugal
61
Portugal
115
France 2
France
30
Italy 5
Luxembourg 4
Turkey 7
Malaysia
40
Thailand 8
Hong Kong
88
China 2
150
91
115
138
div div norm div div/cap
restr
div/M&A div
Belgium UK Continental Europe Asia
Mix of regular &
exceptional
upstream
356

8. Ageas proposes a gross cash dividend of EUR 1.55 per share
In line with 40-50% dividend pay-out, 11% up on 2013
Proposed gross
dividend in cash
456
391
(313)
624 654
737
188 197 188
270
309 331.7
2009 2010 2011 2012 2013 2014
Insurance result
Dividend
To be approved at
AGM
In EUR mio
 EUR 1.55 per share - + 11%
 In line with 40%-50% pay-out ratio of Insurance result
set out in dividend policy
 AGM: 29 April Brussels
 Ex-dividend date: 6 May
 Payment dividend : 8 May
Total distributed
amount +70% since
2009
* calculation based on the declaration day – 2014 yield based on 31/12/2014 share price
Periodic financial Information I FY 14 Results I 12 February 2015 7
gross amount / share 0.80 0.80 0.80 1.20 1.40 1.55
pay-out ratio 41% 50% - 43% 47% 45%
dividend yield* 2.9% 3.8% 4.7% 4.5% 4.4% 5.3%

9. 12 49
FY 13 FY 14
Other Life Non-Life
1
24
30 43
Q4 13 Q4 14
5.9
6.0
FY 13 FY 14
Life Non-Life
4.1
4.9
1.4
1.4
5.5
6.3
Q4 13 Q4 14
FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14
FY 13 FY 14
Q4 13 Q4 14
Net result: Solid FY performance
In EUR mio In EUR bn
Non-Life combined ratio: adverse
weather & high in specific products
Inflow*: strong growth in Life Asia &
CEU
In EUR bn
Total Insurance: Headlines
Strong Life results more than offset lower Non-Life
Periodic financial Information I FY 14 Results I 12 February 2015 8
Life Technical liabilities: increase in
line with volume growth
Operating margin Guaranteed:
@ higher end of target range
Operating margin Unit-Linked: out
of target range in BE & CEU
In % avg technical liabilities In % avg technical liabilities
438 533
126 91
204
154
654
737
157 158
17.4 19.7
23.2
25.8
98.3% 99.6% 102.3% 99.8% 0.96% 0.89% 1.23%
0.62%
0.28%
0.20%
(0.28%)
0.17%
* incl. non-consolidated partnerships @ 100%
In % NEP
69.2 72.7 74.8
40.9
50.0 52.2
FY 13 9M 14 FY 14
Conso Non-conso
110.1
122.7 127.0

10. FY 13 FY 14FY 13 FY 14
Periodic financial Information I FY 14 Results I 12 February 2015 9
Net result: solid full year
performance, Q4 lower Life result
In EUR mio In EUR bn
Operating margin Guaranteed: well
within target range
Non-Life combined ratio: June
hailstorm & poor TPL performance
Inflow: sales in Guaranteed
Savings up despite lower rates
Life Technical liabilities up 8%, incl.
acquisition Fidea Group Life
In EUR bn
Belgium : Headlines
Strong FY net result & Non-Life strong second half year performance
**
Operating margin Unit-Linked:
out of target range
In % avg technical liabilities In % avg technical liabilities
FY 13 FY 14
Life Non-Life
84
54
4
16
Q4 13 Q4 14
4.1 4.0
1.9 1.9
6.0 5.9
FY 13 FY 14
Life Non-Life
1.1 1.1
0.4 0.4
1.5 1.5
Q4 13 Q4 14
Q4 13 Q4 14
In % NEP
Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14
99.9% 101.2% 106.3% 99.2%
0.23%
0.34%
0.30%
0.41%0.56%
1.03%0.87%0.89%
274
336
61
56
335
392
88
70
53.2 56.1 57.6
FY 13 9M 14 FY 14

11. In EUR mio
United Kingdom: Headlines
Steady inflows; recovery from climatic events in the first quarter
In EUR bn
In % NEP In EUR mio
* incl. non-consolidated partnerships @ 100%
10Periodic financial Information I FY 14 Results I 12 February 2015
54
89
Q4 13 Q4 14
0.1 0.1
2.2 2.3
2.3
2.4
FY 13 FY 14
Life Non-Life
0.0 0.0
0.5 0.5
0.5 0.5
Q4 13 Q4 14
(2) (3)
12
49
90
71
100
117
FY 13 FY 14
Life Other Non-Life
(0) (5)
1
2413
19
14
38
Q4 13 Q4 14
FY 13 FY 14
97.8% 99.8%
Q4 13 Q4 14
100.5% 101.4%
FY 13 FY 14
235 298
Recovery from impact Q1 weather
events – positive one-offs in Other
Inflow* up 5%, flat @ constant FX
Non-Life combined ratio: sub 100%
despite Motor large losses
Other Income includes one-off
benefits
Sale of UK Protect
 Sale closed in Q4 2014
 Total Gain booked
 EUR 21 mio in UK Other result
 EUR 12 mio in General Account
 Net cash General Account
up EUR 193 mio

12. Net profit impacted by Turkey: reserve
strengthening vs. one-off FY 13
In EUR mio In EUR bn
Non-Life combined ratio improved
thanks to lower Motor claims
227% 210% 207%
Inflow* up with strong sales in
Luxembourg
In EUR bn
Continental Europe: Headlines
Net result down on Turkey – Strong inflow growth in Luxembourg
**
Operating margin Guaranteed: lower net
U/W not offset by investment margin
Periodic financial Information I FY 14 Results I 12 February 2015 11
Life Technical liabilities in line with
growing volumes
In % avg technical liabilities
Operating margin Unit-Linked: lower
fee income in Portugal
In % avg technical liabilities
44 45
32
11
77
56
FY 13 FY 14
Life Non-Life
8 10
6 4
14 13
Q4 13 Q4 14
4.1
4.6
1.1
1.1
5.2
5.6
FY 13 FY 14
Life Non-Life
1.2 1.1
0.3
0.3
1.5
1.3
Q4 13 Q4 14
FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14
93.7% 92.1% 91.4% 96.3%
0.91% 0.70% 0.94% 0.73%
0.47%
0.10%
0.20%
0.08%
In % NEP
* incl. non-consolidated partnerships @ 100%
13.9 14.2 14.5
15.0 16.9 17.3
28.9
31.1 31.8
FY 13 9M 14 FY 14
Conso Non-conso

13. 21
16
FY 13 FY 14
Life Non-Life
21 26
6
4
28 30
Q4 13 Q4 14
0.8
0.8
FY 13 FY 14
Life Non-Life
Net result: Strong results in China
& Thailand
In EUR mio In EUR bn
Non-Life: Combined ratio
continued improvement
Inflow growth fuelled by China &
Thailand
Life Technical liabilities up
across all entities
In EUR bn
Asia: Headlines
New business & renewals support excellent performance China & Thailand
Periodic financial Information I FY 14 Results I 12 February 2015 12
**
In % avg technical liabilities In EUR mio
Life operating margin Hong Kong:
Increased net underwriting result
Result non-conso partnerships:
marked by China & Thailand
Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14FY 13 FY 14
95.4%
89.9%
97.4%
89.9%
1.95% 1.90% 3.59% 2.58%
In % NEP
* incl. non-consolidated partnerships @ 100%
172
142
120
153
100
137
9.1 11.1
21
16
FY 13 FY 14
Life Non-Life
2.0 2.3 2.8
25.9
33.1 34.9
27.9
35.4
37.7
FY 13 9M 14 FY 14
conso non-conso
122
156
35 33
6 4
41
37
Q4 13 Q4 14
1.7
2.7
0.2
0.2
1.9
2.9
Q4 13 Q4 14
11.9
9.8

14. Q4 13 Q4 14
Q4 13 Q4 14 FY 13 FY 14
Net result driven by RPN(i) &
provision FortisEffect
In EUR mio
Accounting value of remaining
legacies:
General Account: Headlines
Impacted by revaluation RPN(i) liability & provision FortisEffect
Periodic financial Information I FY 14 Results I 12 February 2015 13
In EUR bn
In EUR mio
FY 13 FY 14
1.9
1.5 1.6
FY 13 9M 14 FY 14
(85)
(261)
(100)
36
RPN(i) impact on P&L
18 18
27
22
45
40
FY 13 FY 14
Staff Operating
In EUR mio In EUR mio
In EUR mio
(370)
(494) (467)
37 30 38
(130) (130)
FY 13 9M 14 FY 14
RPN(i) RPI FortisEffect
5 3
7
6
12
9
Q4 13 Q4 14
Staff & Operating expenses further
down
Net cash position: decrease driven
by distribution to shareholders &
investments
Accounting value put option on
AG Insurance
FY 13 9M 14 FY 14
(205)
(97)
(91)
27
(1,255)
(1,391)(1,443)

15. Periodic financial Information I FY 14 Results I 12 February 2015 14
Shareholders’ equity roll forward
Unrealized gains at historical high of EUR 2.6 bn or EUR 11.84 per share
In EUR mio
6,333 6,590
1,280
2,597912
1,036737
1,300
201 329 137
(261)
(311) (208) (64)
(72) (40) (50)
EUR 37.65 EUR 46.60
8,525
10,223
FY 13 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
IAS 19 Reval AG
put option
Forex Portugal
Non-Life
Italy
Non-Life
IPK Other FY 14
Insurance
UG/L
Insurance
UG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
2014 return
to share-
holders
FY 13 FY 14 FY 13 FY 14
Belgium 3,676 ► 4,688 Asia 1,592 ► 2,325
UK 1,121 ► 1,127 Insurance 7,613 ► 9,187
Continental Europe 1,224 ► 1,047 General Account 912 ► 1,036

16. Periodic financial Information I FY 14 Results I 12 February 2015 15
Insurance Solvency remains around 200%
Further capital optimization CEU, planned 2015 upstream & dividend payment reflected
2.5 2.5
0.4 0.4 0.6 0.6 0.6 0.7
4.0 4.2 4.0 4.2
2.0 2.2
0.5 0.5
1.0
0.5 0.7
1.3
4.3
4.5
0.3 0.2
4.6 4.6
4.5
4.8
0.9 0.8
1.6 1.1 1.3
2.0
8.3
8.7 8.6 8.8
FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14
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
Solvency ratio 183% 189% 225% 231% 271% 176% 221% 273% 207% 206% 214% 210%

17. Takeaways
 Solid Insurance result – good underlying
progress in most activities
 Some important areas of improvement
remain – getting full attention
 Strategic progress made – not visible in Vision
2015 targets
 Increased dividend – commitment to share
progress with shareholders
 Investor Day 2015 on Solvency II & “Beyond 15”
Conclusions: positive trend continued
Periodic financial Information I FY 14 Results I 12 February 2015 16

18. Periodic financial Information I FY 14 Results I 12 February 2015 17
Insurance Solvency
Find out more on Solvency II & “Beyond 15” @ Investor Day 2015
28 September 2015
Andaz hotel - London

19. Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

20. Periodic financial Information I FY 14 Results I 12 February 2015 19
Key financials
In EUR mio FY 13 FY14 Q4 13 Q4 14
Gross inflows 23,220 25,781 11% 5,454 6,316 16%
- of which inflows from non-consolidated partnerships 12,716 15,382 21% 2,753 3,634 32%
Net result Insurance 654 737 13% 157 158 1%
By segment: - Belgium 335 392 17% 88 70 (20%)
- UK 100 117 17% 14 38 172%
- Continental Europe 77 56 (27%) 14 13 (5%)
- Asia 142 172 21% 41 37 (11%)
By type: - Life 438 533 22% 126 91 (28%)
- Non-Life 204 154 (24%) 30 43 44%
- Other 12 49 - 1 24 -
Net result General Account (85) (261) - (100) 36 -
Net result Ageas 570 476 (16%) 57 194 241%
Earnings per share (in EUR) 2.49 2.13 (14%)
FY 13 FY14
Insurance Solvency 207% 206%
Shareholders' equity 8,525 10,223 20%
Net equity per share (in EUR) 37.65 46.60
Insurance ROE 8.3% 8.8%
Insurance ROE excl.UG/L 10.4% 11.4%
*
* Based on 230,996,192 outstanding shares

21. Periodic financial Information I FY 14 Results I 12 February 2015 20
Shareholders’ equity roll forward
Unrealized gains at historical high of EUR 2.6 bn or EUR 11.84 per share
In EUR mio
6,333 6,590
1,280
2,597912
1,036737
1,300
201 329 137
(261)
(311) (208) (64)
(72) (40) (50)
EUR 37.65 EUR 46.60
8,525
10,223
FY 13 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
IAS 19 Reval AG
put option
Forex Portugal
Non-Life
Italy
Non-Life
IPK Other FY 14
Insurance
UG/L
Insurance
UG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
2014 return
to share-
holders
FY 13 FY 14 FY 13 FY 14
Belgium 3,676 ► 4,688 Asia 1,592 ► 2,325
UK 1,121 ► 1,127 Insurance 7,613 ► 9,187
Continental Europe 1,224 ► 1,047 General Account 912 ► 1,036

22. Periodic financial Information I FY 14 Results I 12 February 2015 21
Tangible net equity
High quality capital structure
10/03/2010 I page 21
EUR bn FY13 FY14
IFRS Shareholders' Equity 8.5 10.2
Unrealised gains real estate 0.6 0.7
Goodwill (0.7) (0.8)
VOBA (Value of Business Acquired) (0.3) (0.3)
DAC (Deferred Acquisition Cost) (0.9) (0.8)
Other (0.4) (0.4)
Goodwill, DAC, VOBA related to N-C interests 0.5 0.4
25% tax adjustment DAC, VOBA & Other 0.3 0.3
IFRS Tangible net equity 7.7 9.3
IFRS Tangible net equity/ IFRS Shareholder's Equity 90% 91%

23. Periodic financial Information I FY 14 Results I 12 February 2015 22
Insurance Solvency remains around 200%
Further capital optimization CEU, planned 2015 upstream & dividend payment reflected
2.5 2.5
0.4 0.4 0.6 0.6 0.6 0.7
4.0 4.2 4.0 4.2
2.0 2.2
0.5 0.5
1.0
0.5 0.7
1.3
4.3
4.5
0.3 0.2
4.6 4.6
4.5
4.8
0.9 0.8
1.6 1.1 1.3
2.0
8.3
8.7 8.6 8.8
FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14
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
Solvency ratio 183% 189% 225% 231% 271% 176% 221% 273% 207% 206% 214% 210%

24. Annexes
Equity / Solvency
Insurance activities
Investment portfolio
General Account
General Information

25. 12 49
FY 13 FY 14
Other Life Non-Life
1
24
30 43
Q4 13 Q4 14
5.9
6.0
FY 13 FY 14
Life Non-Life
4.1
4.9
1.4
1.4
5.5
6.3
Q4 13 Q4 14
FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14
FY 13 FY 14
Q4 13 Q4 14
Net result: Solid FY performance
In EUR mio In EUR bn
Non-Life combined ratio: adverse
weather & high in specific products
Inflow*: strong growth in Life Asia &
CEU
In EUR bn
Total Insurance: Headlines
Strong Life results more than offset lower Non-Life
Periodic financial Information I FY 14 Results I 12 February 2015 24
Life Technical liabilities: increase in
line with volume growth
Operating margin Guaranteed:
@ higher end of target range
Operating margin Unit-Linked: out of
target range in BE & CEU
In % avg technical liabilities In % avg technical liabilities
438 533
126 91
204
154
654
737
157 158
17.4 19.7
23.2
25.8
98.3% 99.6% 102.3% 99.8% 0.96% 0.89% 1.23%
0.62%
0.28%
0.20%
(0.28%)
0.17%
* incl. non-consolidated partnerships @ 100%
In % NEP
69.2 72.7 74.8
40.9
50.0 52.2
FY 13 9M 14 FY 14
Conso Non-conso
110.1
122.7 127.0

26. Inflow @ 100%
Growth driven by China, Thailand & Luxembourg
Periodic financial Information I FY 14 Results I 12 February 2015 25
EUR mio FY 13 FY14 FY 13 FY14 FY 13 FY14
Belgium 75% 4,101 3,963 (3%) 1,855 1,893 2% 5,956 5,856 (2%)
United Kingdom 108 138 27% 2,176 2,260 4% 2,284 2,398 5%
Consolidated entities 108 138 27% 1,655 1,728 4% 1,763 1,866 6%
Non-consolidated JV's 522 532 2% 522 532
Tesco 50% 522 532 2% 522 5320% 0 0
Continental Europe 4,092 4,555 11% 1,064 1,071 1% 5,156 5,627 9%
Consolidated entities 1,840 1,715 (7%) 462 482 4% 2,302 2,196 (5%)
Portugal 51% - 100% 1,486 1,352 (9%) 251 264 5% 1,737 1,617 (7%)
France 100% 354 362 2% 354 362 2%
Italy 25% 211 217 3% 211 217
Non-consolidated JV's 2,252 2,841 26% 602 590 (2%) 2,854 3,430 20%
Turkey (Aksigorta) 36% 602 590 (2%) 602 590
Luxembourg (Cardif Lux Vie) 33% 2,252 2,841 26% 2,252 2,841 26%0
Asia 9,058 11,079 22% 766 822 7% 9,824 11,901 21%
Consolidated entities 485 481 (1%) 485 481 (1%)
Hong Kong 100% 485 481 (1%) 485 481 (1%)
Non-consolidated JV's 8,574 10,598 24% 766 822 7% 9,340 11,420 22%
Malaysia 31% 594 568 (4%) 552 587 6% 1,145 1,155 1%
Thailand 31%-15% 1,476 1,744 18% 214 235 10% 1,690 1,979 17%
China 25% 6,397 8,177 28% 6,397 8,177 28%
India 26% 108 109 1% 108 109 1%
Ageas 17,359 19,735 14% 5,861 6,047 3% 23,220 25,781 11%#DIV/0! ###### ######
Consolidated entities 6,534 6,296 (4%) 3,971 4,103 3% 10,505 10,399 (1%)
Non-consolidated JV's 10,826 13,439 24% 1,890 1,943 3% 12,716 15,382 21%
Life Non-Life Total

27. 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 by segment
Strong Life growth in emerging markets – Non-Life slightly up
In EUR mio
Periodic financial Information I FY 14 Results I 12 February 2015 26
3,076 2,972
108 138
1,862 1,999
2,745 3,260
7,791
8,368
1,391 1,420
1,916 1,995
398 464
203
217
3,907
4,096
(2%)
5%
9%
18%
7%
4,467 4,392
2,024 2,132 2,260 2,463
2,947
3,476
11,698
12,464
FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14

28. Insurance net result by segment
All segments improve except for CEU
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
12
49
12
49
274
336
(2) (3)
44 45
122
156
438
53361
56
90
71
32 11
21
16
204
154
335
392
100
117
77
56
142
172
654
737
FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14
In EUR mio
Periodic financial Information I FY 14 Results I 12 February 2015 27

29. EUR mio FY 13 FY 14
Life 64 119
Non-Life 11 16
Total Belgium 75 135
Life
Non-Life 11 4
Other 0
Total UK 11 4
Life 2 8
Non-Life (0) (0)
Total CEU 2 8
Life 29 43
Non-Life 4 2
Total Asia 33 45
Life 95 170
Non-Life 26 22
Other 0
Total Ageas 121 192
10/03/2010 I page 28
Overview of net realised capital gains* by segment
Large impact of net capital gains on net result
Periodic financial Information I FY 14 Results I 12 February 2015 28
Cap gains on RE flat but timing difference (Q4 ‘13 vs
Q3 ‘14) on top of cap gains on bonds & equities
Additional capital gains on equities benefiting from
favourable market conditions
* Net capital gains include capital gains, impairment & linked changes in profit sharing, net of tax & @ ageas’s part

30. Periodic financial Information I FY 14 Results I 12 February 2015 29
Insurance Combined ratio
Floods & storms impacting for 2.3% - high combined ratio in Other lines
Combined ratio at 99.6% vs. 98.3%
 Negative impact storms & floods (Q1 UK & Q2
BE) fading out over the year; 2.3% remaining
 Household at 96.1% (vs.95.5%): good
performance despite storms & floods
– Q4 at 92.7%
 Accident & Health: at 94.3% (vs.95.6%):
strong improvement in CEU– Q4 at 96.5%
 Motor at 99.3% (vs. 99.1%): large losses in
UK– Q4 at 99.2%
Q4 Combined ratio at 99.8% vs. 102.3%
Claims ratio at 64.4% vs. 64.3%
 CY claims ratio (68.4% vs. 68.1%) poor
performance in certain products in Other lines
 PY claims ratio release of 4.0% (vs. 3.8%), in
line with historical data
Expense ratio at 35.2% vs. 34.0%
 Investments in business
69.4% 73.2% 69.0% 68.1% 64.3% 64.4% 69.0% 64.7%
33.1%
32.8%
31.1% 31.0% 34.0% 35.2%
33.3%
35.1%
102.5%
106.0%
100.1% 99.1% 98.3% 99.6% 102.3% 99.8%
(6.0%)
(3.7%) (3.5%) (3.1%) (3.8%) (4.0%) (4.6%) (4.5%)
2009 2010 2011 2012 2013 2014 Q4 13 Q4 14
claims ratio expense ratio PY claims ratio
2,497 2,858 3,507 4,178 3,749 3,843 960 986
Net earned premium in EUR mio

31. 79.0% 78.4% 72.0% 73.6% 69.8% 69.6%
29.3% 29.0%
25.3% 25.4% 29.3% 29.7%
108.3% 107.4%
97.3% 99.0% 99.1% 99.3%
2009 2010 2011 2012 2013 2014
59.4%
75.0%
61.9% 55.6% 51.5% 51.5%
43.4%
43.2%
41.5%
41.6% 44.0% 44.6%
102.8%
118.2%
103.4%
97.2% 95.5% 96.1%
2009 2010 2011 2012 2013 2014
609 714 736 763 813 813
Insurance Combined ratio per product line
Household strongly improving
Motor: improving claims not compensating increase in
expense ratio
Accident & Health: good performance confirmed
Other: poor result in specific productsHousehold: recovering from H1 weather impact
Periodic financial Information I FY 14 Results I 12 February 2015 30
51.7% 42.9%
67.2% 66.5% 62.4% 71.2%
45.8%
41.2%
44.8% 44.9% 45.5%
50.6%
97.5%
84.1%
112.0% 111.4% 107.9%
121.8%
2009 2010 2011 2012 2013 2014
203 261 308 349 394 385673 750 892 1,007 986 1,029
70.4% 74.3% 71.9% 70.5% 70.0% 67.3%
23.6%
24.8% 25.0% 25.5% 25.6% 27.0%
94.0%
99.1% 96.9% 96.0% 95.6% 94.3%
2009 2010 2011 2012 2013 2014
NEP
NEP
1,012 1,134 1,571 2,058 1,557 1,616
NEP
NEP

32. Insurance Life operating margin per product line
Margins in Guaranteed above target, UL lagging behind
Guaranteed: driven by investment margin Unit-linked: decrease driven by one-offs Hong Kong
Average technical liabilities Average technical liabilities
 Underwriting margin down in BE & Hong
Kong
 Expense & other margin decrease related to
lower fee income in Portugal
 Investment margin including large cap gains in BE &
Hong Kong
 Underwriting margin impacted by lower risk margin in
BE & Hong Kong
 Expense margin impacted by provision strengthening
in BE
Periodic financial Information I FY 14 Results I 12 February 2015 31
Expense &
Other
Investment
Underwriting
Expense &
Other
Investment
Underwriting
In EUR bn
0.44% 0.41% 0.44% 0.43% 0.38% 0.44% 0.35%
0.67%
(0.79%)
0.87% 0.83% 0.90%
0.96%
0.83%
(0.33%)
(0.36%)
(0.33%) (0.31%) (0.39%) (0.18%)(0.57%)
0.78%
(0.74%)
0.99% 0.96% 0.89%
1.23%
0.62%
2010 2011 2012 2013 2014 Q4 13 Q4 14
0.07% 0.04%
0.11% 0.13% 0.12% 0.10%
0.16%0.01% 0.01%
(0.02%) (0.10%)
0.02%0.27%
0.42%
0.37%
0.18%
0.06%
(0.28%)
(0.01%)
0.35%
0.45% 0.48%
0.28%
0.20%
(0.28%)
0.17%
2010 2011 2012 2013 2014 Q4 13 Q4 14
50.4 52.3 54.0 55.5 56.9 55.5 56.9 20.2 12.4 11.8 12.3 12.6 12.3 12.6

33. FY 13 FY 14FY 13 FY 14
Periodic financial Information I FY 14 Results I 12 February 2015 32
Net result: solid full year
performance, Q4 lower Life result
In EUR mio In EUR bn
Operating margin Guaranteed: well
within target range
Non-Life combined ratio: June
hailstorm & poor TPL performance
Inflow: sales in Guaranteed
Savings up despite lower rates
Life Technical liabilities up 8%, incl.
acquisition Fidea Group Life
In EUR bn
Belgium : Headlines
Strong FY net result & Non-Life strong second half year performance
**
In % avg technical liabilities In % avg technical liabilities
FY 13 FY 14
Life Non-Life
84
54
4
16
Q4 13 Q4 14
4.1 4.0
1.9 1.9
6.0 5.9
FY 13 FY 14
Life Non-Life
1.1 1.1
0.4 0.4
1.5 1.5
Q4 13 Q4 14
Q4 13 Q4 14
In % NEP
Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14
99.9% 101.2% 106.3% 99.2%
0.23%
0.34%
0.30%
0.41%0.56%
1.03%0.87%0.89%
274
336
61
56
335
392
88
70
53.2 56.1 57.6
FY 13 9M 14 FY 14
Operating margin Unit-Linked:
out of target range

34. 3,541 3,553
561 410
4,101 3,963
FY 13 FY 14
(3%)
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Periodic financial Information I FY 14 Results I 12 February 2015 33
Belgium: Inflow @ 100%
Slight increase in Life Guaranteed & Non-Life
516 514
570 581
601 618
167 181
1,855 1,894
FY 13 FY 14
+2%
Guaranteed
 Inflows in Guaranteed products slightly increased despite reduction of
guaranteed rate to 1.25% on 1 June & to 1% as from 1 September
 Group Life inflow marginally lower but still strong at EUR 1.1 bn
Unit-Linked
 Unit-Linked sales down to EUR 410 mio (-27%), both in Bank &
Broker channel, caused by lower customer appetite
Household, Motor, Other
 GWP increased in both Bank & Broker channel & across all product
lines
 Household (+3%): higher volume & tariff increases
 Motor (+2%): driven by volume & tariff increases
 Other (+8%) mainly driven by tariff increase in Legal Assistance (VAT
on lawyer fees )

35. Periodic financial Information I FY 14 Results I 12 February 2015 34
Belgium: Combined ratio
Impacted by weather events & poor results in Other lines
Net earned premium in EUR mio
Combined ratio at 101.2% vs. 99.9%
 FY negative impact June hailstorm of 2.8%
 Household remained stable at 97.4% (vs. 97.0%)
 Accident & Health improved from a strong 97.5%
to an even better 95.5%
 Motor improved to 99.8% (vs.101.0%)
 Other lines 135.1% (vs. 113.3%): weak
performance mostly driven by claims ratio in TPL
Q4 combined ratio at 99.2% vs. 106.3%
Claims ratio at 63.5% vs. 63.2%
 CY ratio at 66.9% (vs. 66.8%) slight
deterioration driven by TPL
 PY ratio 3.4% release (vs. 3.6%)
Expense ratio (37.7% vs. 36.7%) – slight
increase mostly related to investments in Accident
& Health platform
64.1% 68.7% 64.3% 62.7% 63.2% 63.5%
70.2%
62.3%
36.8%
36.4%
36.8% 36.8% 36.7% 37.7%
36.1%
36.9%
100.9%
105.1%
101.1% 99.5% 99.9% 101.2%
106.3%
99.2%
(8.0%)
(6.6%) (7.3%)
(4.5%) (3.6%) (3.4%) (1.9%) (2.1%)
2009 2010 2011 2012 2013 2014 Q4 13 Q4 14
claims ratio expense ratio PY claims ratio
1,469 1,541 1,601 1,698 1,785 1,815 462 469

36. 68.9% 75.8% 73.8% 73.0% 73.7% 70.1%
22.6%
21.9% 23.8% 24.0% 23.8% 25.4%
91.5%
97.7% 97.6% 97.0% 97.5% 95.5%
2009 2010 2011 2012 2013 2014
68.5% 71.0%
58.9% 64.7% 64.7% 62.6%
36.3% 35.7%
35.3%
35.8% 36.3% 37.2%
104.8% 106.7%
94.2%
100.5% 101.0% 99.8%
2009 2010 2011 2012 2013 2014
60.5%
75.6%
63.0%
50.5% 51.4% 51.7%
47.1%
47.1%
46.9%
46.2% 45.6% 45.7%
107.6%
122.7%
109.9%
96.7% 97.0% 97.4%
2009 2010 2011 2012 2013 2014
44.9%
10.4%
58.2% 65.9% 66.1%
87.5%
49.2%
50.9%
49.5%
48.1% 47.2%
47.6%
94.1%
61.3%
107.7%
114.0% 113.3%
135.1%
2009 2010 2011 2012 2013 2014
Belgium: Combined ratio per product line
Motor & Household recovering from H1 weather, TPL still poor
Motor: good claims ratio despite June hailstorms
- solid Q4 at 98.2%
Accident & Health: strong - Q4 at 96.5%
Household: strong despite weather events - Q4 at 92.4% Other: impacted by underperformance TPL
NEPNEP
NEP NEP
Periodic financial Information I FY 14 Results I 12 February 2015 35
424 451 451 480 507 504 465 498 525 540 552 562
453 463 484 530 564 579 127 129 142 149 162 170

37. 0.28% 0.32% 0.32% 0.32% 0.30% 0.25% 0.28%
0.57%
(0.80%)
0.93% 0.88% 0.95% 1.09%
0.83%
(0.21%)
(0.30%)
(0.29%) (0.31%) (0.38%) (0.31%)
(0.55%)
0.64%
(0.78%)
0.96% 0.89% 0.87%
1.03%
0.56%
2010 2011 2012 2013 2014 Q4 13 Q4 14
Belgium Life operating margin per product line
Guaranteed: solid margin well within target
range
Unit-linked: lower expense & other margin
Avg techn liabilities Avg techn liabilities
Periodic financial Information I FY 14 Results I 12 February 2015 36
Expense &
Other
Investment
Underwriting
Expense &
Other
Underwriting
In EUR bn
0.03%
(0.05%) 0.04%
0.04%
(0.01%)
(0.02%)
0.00%
0.64%
0.50% 0.44%
0.38%
0.31% 0.36%
0.24%
0.66%
0.45% 0.47%
0.41%
0.30%
0.34%
0.23%
2010 2011 2012 2013 2014 Q4 13 Q4 14
 Operating result amounted to EUR 17 mio
(vs. EUR 22 mio)
 Average Technical Liabilities increased by 5%
 Operating result slightly up to EUR 415 mio
(vs. EUR 411 mio)
 Operating margin well within 85-90bps target range
despite low i-rate environment
 Investment margin - up on realised capital gains
 Average Technical Liabilities only up 2% despite very
high intakes last year
40.7 42.9 44.9 46.4 47.5 46.4 47.5 6.0 5.6 5.2 5.4 5.7 5.4 5.7

38. In EUR mio
United Kingdom: Headlines
Steady inflows; recovery from climatic events in the first quarter
In EUR bn
In % NEP In EUR mio
* incl. non-consolidated partnerships @ 100%
37Periodic financial Information I FY 14 Results I 12 February 2015
54
89
Q4 13 Q4 14
0.1 0.1
2.2 2.3
2.3
2.4
FY 13 FY 14
Life Non-Life
0.0 0.0
0.5 0.5
0.5 0.5
Q4 13 Q4 14
(2) (3)
12
49
90
71
100
117
FY 13 FY 14
Life Other Non-Life
(0) (5)
1
2413
19
14
38
Q4 13 Q4 14
FY 13 FY 14
97.8% 99.8%
Q4 13 Q4 14
100.5% 101.4%
FY 13 FY 14
235 298
Recovery from impact Q1 weather
events – positive one-offs in Other
Inflow* up 5%, flat @ constant FX
Non-Life combined ratio: sub 100%
despite Motor large losses
Other Income includes one-off
benefits
Sale of UK Protect
 Sale closed in Q4 2014
 Total Gain booked
 EUR 21 mio in UK Other result
 EUR 12 mio in General Account
 Net cash General Account
up EUR 193 mio

39. Motor
Non-Life
Life
Other
Household
Accident & Health
Total
In EUR mio
Non-Life
In EUR mio
Periodic financial Information I FY 14 Results I 12 February 2015 38
82 73
1,397 1,469
488 492
209
226
2,176 2,260
FY 13 FY 14
4%
2,176 2,260
108
138
2,284
2,398
FY 13 FY 14
5%
Life
 Up 27%, +21% at constant FX
 New business APE up 20% at constant FX
Non-Life (including TU)
 Up 4%, flat at constant FX
 Motor up 5%, flat at constant FX – increased volume growth in
private car (AIL and TU) & in Ageas’s new niche products.
 Ageas’s private car average pricing declined by 3% vs. decrease of
4-10% in wider market
 Household flat, down in GBP as Ageas continues to maintain a
disciplined approach to pricing
 Accident & Health down 12% due to the exit of a scheme
 Other lines up 9% due to growth primarily in Special Risks
Other Insurance (including Retail)
 YTD total income of EUR 298 mio, up 27% on prior year due to one-
offs, including a legal settlement, capital gain on sale of Ageas
Protect, plus one-off benefit from a partnership extension
United Kingdom: Inflow @ 100%
Inflow up 5% but flat at constant FX

40. Periodic financial Information I FY 14 Results I 12 February 2015 39
Net earned premium in EUR mio
80.4% 81.5%
74.6% 73.3%
65.6% 66.3% 69.9% 68.5%
27.7% 28.0%
25.3% 26.5%
32.2% 33.5% 30.6% 32.9%
108.1% 109.5%
99.9% 99.8% 97.8% 99.8% 100.5% 101.4%
(3.5%)
(1.1%) 0.1% (2.1%) (4.0%) (4.6%)
(6.6%) (6.9%)
2009 2010 2011 2012 2013 2014 Q4 13 Q4 14
claims ratio expense ratio PY claims ratio
834 948 1,524 2,083 1,562 1,613 394 413
United Kingdom: Combined ratio
Below 100% despite storms & suffering from large losses in Motor
Combined ratio at 99.8% vs. 97.8%
 Combined ratio continued sub 100%
performance, despite Motor large losses impact
of 1.9%
 Q1 weather impact offset
Q4 Combined ratio at 101.4% vs.100.5%
 Large losses in Motor & high combined ratio in
Other
Claims ratio at 66.3% vs. 65.6%
 Claims ratio Reduction across all lines of
business except Motor
 CY ratio at 70.9% (vs. 69.6%) driven
predominantly by large losses in Motor
 PY ratio: 4.6% release (vs.4.0% release) broadly
in line with FY 2013
Expense ratio at 33.5% vs. 32.2%
 Integration costs in Other
 Higher commission ratio arising from greater
business through MGAs & DAs

41. NEP
NEP
Periodic financial Information I FY 14 Results I 12 February 2015 40
NEP
NEP
53 58 65 57 79 71
88.9% 82.9% 79.2% 77.2% 71.9% 74.6%
22.8%
23.3%
19.5% 21.3% 25.0% 25.1%
111.7%
106.2%
98.7% 98.5% 96.9% 99.7%
2009 2010 2011 2012 2013 2014
524 532 949 1,420 907 958
61.2%
77.4%
61.4% 62.3%
51.4% 51.0%
38.0%
38.2%
35.3% 36.7%
42.4% 43.3%
99.2%
115.6%
96.7% 99.0% 93.8% 94.3%
2009 2010 2011 2012 2013 2014
66.0% 75.1% 71.6% 67.7% 59.8% 56.0%
38.1%
30.4% 39.3% 42.1%
44.4% 54.3%
104.1% 105.5% 110.9% 109.8%
104.2%
110.3%
2009 2010 2011 2012 2013 2014
69 110 143 173 202 185187 248 366 434 374 399
United Kingdom: Combined ratio per product line
Reduced loss ratios in all products (except Motor), partially offset by expense ratios
Accident & Health: Cleansing the book has improved
loss ratios
Motor: impact of large losses
Household: good recovery from Q1 weather impact –
Q4 combined at 91.8%
Other: expense ratio impacted by integration costs
83.5%
97.9%
87.7%
78.1% 76.2%
66.0%
26.2%
24.0%
23.2%
28.2% 34.3%
38.7%
109.7%
121.9%
110.9% 106.3% 110.5%
104.7%
2009 2010 2011 2012 2013 2014

42. Net profit impacted by Turkey: reserves
strengthening vs. one-off FY 13
In EUR mio In EUR bn
Non-Life combined ratio improved
thanks to lower Motor claims
227% 210% 207%
Inflow* up with strong sales in
Luxembourg
In EUR bn
Continental Europe: Headlines
Net result down on Turkey – Strong inflow growth in Luxembourg
**
Operating margin Guaranteed: lower net
U/W not offset by investment margin
Periodic financial Information I FY 14 Results I 12 February 2015 41
Life Technical liabilities in line with
growing volumes
In % avg technical liabilities
Operating margin Unit-Linked: lower
fee income in Portugal
In % avg technical liabilities
44 45
32
11
77
56
FY 13 FY 14
Life Non-Life
8 10
6 4
14 13
Q4 13 Q4 14
4.1
4.6
1.1
1.1
5.2
5.6
FY 13 FY 14
Life Non-Life
1.2 1.1
0.3
0.3
1.5
1.3
Q4 13 Q4 14
FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14
93.7% 92.1% 91.4% 96.3%
0.91% 0.70% 0.94% 0.73%
0.47%
0.10%
0.20%
0.08%
In % NEP
* incl. non-consolidated partnerships @ 100%
13.9 14.2 14.5
15.0 16.9 17.3
28.9
31.1 31.8
FY 13 9M 14 FY 14
Conso Non-conso

43. Accident & Health
Motor
Unit-Linked
Guaranteed
+11%
Other
Household
Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflow @ 100%
Higher Life sales in nearly all companies, Non-Life driven by Turkey
+ 1%
Periodic financial Information I FY 14 Results I 12 February 2015 42
Life
 Inflow up 11%, including non-controlling interests @ 100%,
reflecting higher sales in nearly all operating companies but
especially in Luxembourg
 Consolidated inflow down 7%
 Portugal: down 9% as higher sales in savings could not offset
lower Unit-linked volumes
 France: up 2% mainly via broker network
 Luxembourg: up 26% - Wealth business in Italy & France
Technical liabilities end-of-period
 Including non-consolidated JVs @ 100% EUR 31.8 bn, up 10%
 Consolidated technical liabilities up EUR 14.5 bn, up 4%
Non-Life
 Inflow up 1%, including non-controlling interests @ 100%
 GWP consolidated entities up 4% - higher sales in both companies
 Turkey, down 2% - up 12% @ constant FX - outperforming the
market (+8%) driven by profitable product lines Household (+16%)
& Motor Own Damage (+15%)
 A&H and Motor remain the major business lines; Motor regaining
momentum in Turkey with Motor Own Damage
328 337
378 354
192 199
165 183
1,063 1,071
FY 13 FY 14
1,942
2,849
2,150
1,707
4,092
4,556
FY 13 FY 14

44. 62.4%
71.0% 66.4% 63.6% 63.7% 61.3% 60.2% 61.1%
27.6%
30.3%
30.3%
29.8% 30.0% 30.8% 31.2%
35.2%
90.0%
101.3%
96.7%
93.4% 93.7% 92.1% 91.4%
96.3%
(1.3%)
1.9%
(2.0%) (2.5%) (4.0%) (4.3%)
(8.6%)
(5.5%)
2009 2010 2011 2012 2013 2014 Q4 13 Q4 14
claims ratio expense ratio PY claims ratio
Periodic financial Information I FY 14 Results I 12 February 2015 43
Continental Europe: Combined ratio
Well below group target of 97%
Net earned premium in EUR mio
* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy
Combined ratio at 92.1% vs. 93.7%
 Combined ratio below PY mainly due to better
motor result
Q4 Combined ratio at 96.3% vs. 91.4%
Claims ratio at 61.3% vs. 63.7%
 Claims ratio improved in Motor & Household
 PY ratio: 4.3% release vs. 4.0% in line with
historical data
Expense ratio at 30.8% vs. 30.0%
 Expense ratio continued focus on cost
containment
 Q4 up driven by higher expenses in Italy related
to investments in multi-distribution
Turkey combined ratio increased due to
strengthening results related to Bodily injury claims in
Motor
194 369 382 397 403 415 104 105

45. 65.3%
90.5%
71.8% 69.8%
79.3%
60.1%
36.7%
27.0%
29.2% 28.1%
29.2%
31.6%
102.0%
117.5%
101.0% 97.9%
108.5%
91.7%
2009 2010 2011 2012 2013 2014
34.9%
53.5% 53.7% 51.8% 53.5% 54.0%
22.9%
27.7% 34.2% 33.5% 38.8% 40.3%
57.8%
81.2%
87.9% 85.3%
92.3% 94.3%
2009 2010 2011 2012 2013 2014
33.8%
73.3%
94.5%
62.8% 59.6%
72.3%
58.6%
39.0%
50.0%
43.3% 43.7%
45.1%
92.4%
112.3%
144.5%
106.1% 103.3%
117.4%
2009 2010 2011 2012 2013 2014
70.2% 64.2% 63.5% 63.3% 59.7% 61.9%
25.7% 31.6% 27.8% 28.2%
26.6% 26.7%
95.9% 95.8% 91.3% 91.5%
86.3% 88.6%
2009 2010 2011 2012 2013 2014
Continental Europe: Combined ratio per product line
Overall combined ratio within expectations
Motor: improved net claims ratio both in Portugal &
Italy
Accident & Health: slightly higher related to PY
claims development
Household: in line with LY Other: increase in claims
Periodic financial Information I FY 14 Results I 12 February 2015 44
NEP
NEP
NEP
NEP
132 205 220 226 227 238 23 104 97 99 99 96
33 39 42 44 48 51 7 21 23 28 29 30

46. 1.25%
1.00% 1.18% 1.06% 0.95%
1.48%
1.00%
0.84%
(0.75%)
0.69%
0.68% 0.77%
0.19% 1.18%
(0.93%)
(1.08%)
(0.85%) (0.83%) (1.02%)
(0.75%)
(1.46%)
1.16%
(0.83%)
1.02%
0.91% 0.70% 0.94%
0.73%
2010 2011 2012 2013 2014 Q4 13 Q4 14
0.01% 0.02%
0.02%
0.01%
0.01%
0.02%
0.01%
0.01% 0.01%
(0.05%) (0.20%)
0.03%
0.18%
0.55%
0.41%
0.51%
0.09%
0.38%
0.04%
0.20%
0.56%
0.44%
0.47%
0.10%
0.20%
0.08%
2010 2011 2012 2013 2014 Q4 13 Q4 14
Continental Europe Life operating margin per product line
Guaranteed: lower underwriting margin partially
offset by higher investment margin
Unit-linked: decreasing expense & other
margin
Avg techn liabilities Avg techn liabilities
Periodic financial Information I FY 14 Results I 12 February 2015 45
 Decrease expense & other margin related to lower
fee income in the old Portuguese book, implemented
to safeguard the commercial franchise
 Investment margin: up on realised capital gains
 Decline in underwriting margin related to lower risk margin
 Expense & other margin: restructuring cost
Investment
Expense &
Other
Underwriting
Expense &
Other
Investment
Underwriting
In EUR bn 8.7 8.3 7.8 7.6 7.7 7.6 7.7 7.6 13.9 6.4 6.1 6.3 6.3 6.2 6.3 6.2

47. 21
16
FY 13 FY 14
Life Non-Life
21 26
6
4
28 30
Q4 13 Q4 14
0.8
0.8
FY 13 FY 14
Life Non-Life
Net result: Strong results in China
& Thailand
In EUR mio In EUR bn
Non-Life: Combined ratio
continued improvement
Inflow growth fuelled by China &
Thailand
Life Technical liabilities up
across all entities
In EUR bn
Asia: Headlines
New business & renewals support excellent performance China & Thailand
Periodic financial Information I FY 14 Results I 12 February 2015 46
**
In % avg technical liabilities In EUR mio
Life operating margin Hong Kong:
Increased net underwriting result
Result non-conso partnerships:
marked by China & Thailand
Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14FY 13 FY 14
95.4%
89.9%
97.4%
89.9%
1.95% 1.90% 3.59% 2.58%
In % NEP
* incl. non-consolidated partnerships @ 100%
172
142
120
153
100
137
9.1 11.1
21
16
FY 13 FY 14
Life Non-Life
2.0 2.3 2.8
25.9
33.1 34.9
27.9
35.4
37.7
FY 13 9M 14 FY 14
conso non-conso
122
156
35 33
6 4
41
37
Q4 13 Q4 14
1.7
2.7
0.2
0.2
1.9
2.9
Q4 13 Q4 14
9.8
11.9

48. 321 336
8,737
10,743
9,058
11,079
FY 13 FY 14
339 360
103 104
73 82
251 276
766
822
FY 13 FY 14
+ 22%
+2%
Household
Motor
Guaranteed
Life
Non-Life
In EUR mio
In EUR mio
Unit-Linked
Asia: Inflow @ 100%
Important growth in regular new business & renewal premiums
Accident & Health
Other
Periodic financial Information I FY 14 Results I 12 February 2015 47
Life
 Hong Kong, inflows stable - Renewal premiums +10%. New
Business premiums negatively impacted by regulation change
 China, +28%, New business bank channel +23% after very
successful single premium campaign (Q1) & strong growth in
regular premium sales; agency sales +48% thanks to expansion
number of agents & product positioning
 Malaysia, -4%, New business premiums down 7% following
transition from single premium sales towards more sustainable
regular premium (+48%)
 Thailand, +18%, +25% @ constant FX; New business premiums
+21%; strong performance continued in both bank & agency
channel
 India, +1%, inflow negatively impact by FX; regular premium new
business flat, suffering from difficult regulatory environment
Technical liabilities end-of-period
 Including non-consolidated JVs @ 100%: EUR 37.7 bn, + 35%
 Hong Kong : EUR 2.8 bn, +47%
Non-Life
 Malaysia, +6%, growth in all business lines, +10% @ constant FX -
strategic focus on high-retention lines Household & Personal
Accident
 Thailand, +10%, +16% @ constant FX - Motor main contributor &
substantial growth in Personal Accident (+24%)

49. Hong Kong Life operating margin per product line
Organic growth in profitable products vs. non-recurring adjustments
Guaranteed: improving expense &
investment margin
Unit-linked: pressure on margin from new business
growth
Periodic financial Information I FY 14 Results I 12 February 2015 48
Avg techn liabilities Avg techn liabilities
 Underwriting margin improved due to organic growth
in more profitable products
 Expense & Other margin improved: 2013 margin
negatively impacted by methodology & assumption
review - Q4 13 expense margin included EUR 1.5 mio
positive impact vs. EUR 14 mio negative in Q4 13
 Underwriting margin improved due to better persistency &
lower reinsurance costs
 Investment margin slightly lower net investment income
on increasing average technical liabilities
 Expense & Other margin declined due to materially lower
sales & impact of methodology & assumption review
- Q4 14 expense margin included EUR 6 mio positive
impact vs. EUR 22 mio in Q4 13
(0.15%) (0.71%)
(0.15%)
(0.32%) (0.47%)
0.39%
(0.14%)
3.62%
(0.57%)
(0.11%)
0.27% 0.11%
0.93%
(0.76%)
1.30%
3.52%
2.52%
4.19%
3.13%
8.67%
4.48%
4.77%
2.24%
2.26%
4.14%
2.77%
10.12%
3.67%
2010 2011 2012 2013 2014 Q4 13 Q4 14
1.0 1.1 1.3 1.3 1.4 1.3 1.4 0.3 0.4 0.5 0.6 0.7 0.6 0.7
3.11%
1.75% 2.13% 2.15% 2.07% 2.10% 2.71%
0.20%
0.22%
(2.40%)
(3.21%)
(0.95%)
(5.01%)
(2.06%)
(12.82%)
(2.33%)
0.70%
(1.47%) 1.18%(2.86%) 0.21% (10.72%)
0.49%
2010 2011 2012 2013 2014 Q4 13 Q4 14
Expense &
Other
Investment
Underwriting
In EUR bn
Expense &
Other
Investment
Underwriting

50. Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

51. Periodic financial Information I FY 14 Results I 12 February 2015 50
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized cost
Investment portfolio
UG/L fixed income up as result of continued lowering interest rates
Asset mix*
 Asset allocation remained stable
 Increased market value in bond portfolio because of
lower interest rates
Gross unrealized gains/losses on Available for Sale
 Total portfolio: up to EUR 9 bn (EUR 4 bn FY 13);
exclusively up in fixed income
 Fixed income: up to EUR 8.5 bn (EUR 3.5 bn FY 13)
Sovereigns at EUR 6.1 bn (vs. EUR 2.3 bn)
Corporates at EUR 2.4 bn (vs. EUR 1.2 bn)
 Equities: stable at EUR 0.5 bn
 Part of UG/L are allocated to technical liabilities via shadow
accounting
Gross UG/L on Real Estate: stable at EUR 1.4 bn - not
reflected in shareholders’ equity
EUR 2.2 bn unrealized gains/losses on Held to Maturity
- not reflected in shareholders’ equity
Treasury bills
0.1
Sovereign
bonds 34.3
Sovereign
bonds 37.5
Corporate
bonds 23.8
Corporate
bonds 26.5
Structured
0.4
Structured
0.3
Loans 5.8
Loans 6.1
Equities 3.2
Equities 3.8
Real Estate 4.6
Real Estate 5.0
Cash 2.2
Cash 2.5
74.3
81.8
FY 13 FY 14

52. In EUR bn
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value sovereign bond portfolio positively impacted by evolution unrealized gains
Periodic financial Information I FY 14 Results I 12 February 2015 51
Corporate bond portfolio*
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized cost
The Netherlands
The Netherlands
Germany
Germany
Southern Europe
Southern Europe
 Gross UG/L at EUR 6.1 bn (vs. EUR 2.3 bn)
 94% investment grade; 89% rated A or higher
 Maturity sovereign bond portfolio stable & close to
maturity liabilities – duration gap close to zero - limited
interest rate sensitivity
 Gross UG/L doubled at EUR 2.4 bn (vs. EUR 1.2 bn)
 Priority to investment grade industrials has led to
6% increased share of non financials within corporate
bond portfolio (48% of total investments)
 Credit quality remains very good with 95% investment
grade; 68% rated A or higher
Belgium
18.4
Belgium
19.2
France 5.1
France 6.2
3.4
4.2Austria 2.6
Austria 2.8
1.1
1.3
0.7
0.6
Others 3.0
Others 3.234.3
37.5
FY 13 FY 14
Banking 5.3 Banking 5.1
Other
financials 1.7
Other
financials 1.7
Non
Financials
10.1
Non
Financials
12.8
Government
related 6.7
Government
related 6.9
23.8
26.5
FY 13 FY 14

53. In EUR bn
Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Periodic financial Information I FY 14 Results I 12 February 2015 52
Equity portfolio*
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized cost
 Increase in other: long term lending to social housing
agencies in Belgium, benefiting from explicit guarantee by
the region up from EUR 0.5 bn to EUR 2.4 bn
 Loans to banks – down: priority to long-term secured
loans
 Gross UG/L stable at EUR 0.5 bn
 Increase in equity portfolio supported by
investments & equity markets
Loans to
banks 1.6 Loans to
banks 1.1
RE 0.2
RE 0.2Infrastructure
0.1 Infrastructure
0.2
Mortgages 1.5
Mortgages 1.5
Other 2.4 Other 3.1
5.8
6.1
FY 13 FY 14
Equities 1.7
Equities 2.2
Equity funds
0.1
Equity funds
0.2RE funds 0.7
RE funds 0.6
Mixed funds
& others 0.7
Mixed funds
& others 0.8
3.2
3.8
FY 13 FY 14

54. Periodic financial Information I FY 14 Results I 12 February 2015 53
Real estate portfolio
10/03/2010
In EUR bn
Real Estate portfolio*
* All assets at fair value except the ‘Held to Maturity’ assets, loans & real estate which are valued at amortized cost
Investment Warehouses
RE Development
Investment
Warehouses
RE Development
 Gross UG/L stable at EUR 1.4 bn (not reflected in
shareholders’ equity but contributing to available capital for
solvency calculation)
 Real Estate exposure mainly in Belgium
 Sale of 39% stake in Interparking by AG Real Estate :
- Closed in Q4 2014 for EUR 380 mio
- Shareholders equity up EUR 118 mio; No P&L impact
- Interparking’s results will remain consolidated
Investment
Offices 1.5
Investment
Offices 1.8
Car Parks
1.0
Car Parks
1.1
Investment
Retail 1.4
Investment
Retail 1.3
0.4
0.30.3
0.4
4.6
5.0
FY 13 FY 14

55. Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

56. Q4 13 Q4 14
Q4 13 Q4 14 FY 13 FY 14
Net result driven by RPN(i) &
provision FortisEffect
In EUR mio
Accounting value of remaining
legacies:
General Account: Headlines
Impacted by revaluation RPN(i) liability & provision FortisEffect
Periodic financial Information I FY 14 Results I 12 February 2015 55
In EUR bn
In EUR mio
FY 13 FY 14
1.9
1.5 1.6
FY 13 9M 14 FY 14
(85)
(261)
(100)
36
RPN(i) impact on P&L
18 18
27
22
45
40
FY 13 FY 14
Staff Operating
In EUR mio In EUR mio
In EUR mio
(370)
(494) (467)
37 30 38
(130) (130)
FY 13 9M 14 FY 14
RPN(i) RPI FortisEffect
5 3
7
6
12
9
Q4 13 Q4 14
Staff & Operating expenses further
down
Net cash position: decrease driven
by distribution to shareholders &
investments
Accounting value put option on
AG Insurance
FY 13 9M 14 FY 14
(205)
(97)
(91)
27
(1,255)
(1,391)(1,443)

57. 1,913
1,637
(309)
(209)
(7)
(216)
(187)
(104)
725
30 -
FY 13 dividend share
buy-back
CASHES
& FRESH
investment
in liquid
assets
upstream capital
restructuring
M&A other FY 14
Periodic financial Information I FY 14 Results I 12 February 2015 56
Net cash position General Account
Upstream covering dividend & holding costs – Cash down on investments & SBB
In EUR bn
 Around EUR 275 mio of liquid assets with original maturity longer than 1 year are not included in net cash position
 EUR 1.4 dividend par share paid out in May 2014
– paid dividend & holding costs compensated by dividend upstream from operating companies on FY basis
– some upstream linked to capital restructuring
 Amount share buy-back executed in ’14 includes EUR 125 mio from 2013 SBB
– another EUR 23 mio spend as per 06/02/2015
 M&A relates to acquisition Non-Life in Italy & Portugal – sale of UK Life activities

58. Periodic financial Information I FY 14 Results I 12 February 2015 57
Only 2 alternative uses for General Account net cash withheld
Balance clearly tipping towards return to shareholders
1. Invest in Businesses
 Organic growth
 Selective acquisitions
 Create new partnerships
2. Return to shareholders
 Dividend payment
 Share buy-back
≈ EUR 2.7 bn
 ≈ EUR 1.2 bn cash dividend over ‘09, ’10, ’11, ‘12 & ‘13
 EUR 650 mio share buy-backs launched ‘11 , ‘12 & ’13
 EUR 222 mio capital reduction from proceeds of BNPP Call
Option & RPI
 EUR 330 mio cash dividend over 2014
 EUR 250 mio share buy-back 2014-’15
≈ EUR 1.3 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 100 mio Asia (India, HK, China)
 ≈ EUR 220 mio Asia (TPL)
 ≈ EUR 120 mio Portugal
 ≈ EUR 40 mio Italy

59. Periodic financial Information I FY 14 Results I 12 February 2015 58
Status on various legal procedures
Administrative & criminal proceedings*
 AFM I : final - fine imposed
 FSMA: appeal filed before Court of Appeal
20082007
May/June 08
Communication re solvency & EC
remedies
September -
October 08
Rescue operations & Split
up of Fortis Group,
spread over 2 WE’s
August 07
Communication Q2 figures
 AFM II : final - acquittal
September 07
Capital increase, Prospectus,
Communication about subprime
exposure
May 07
Press release re bid on ABN AMRO
January 08
Press release on subprime & solvency
 Criminal Investigation: referral to court asked for 7 individuals - additional investigation ongoing
Administrative proceedings
Criminal proceedings
* For a complete overview of all legal procedures, please check the contingent liabilities in the Annual Report

60. Periodic financial Information I FY 14 Results I 12 February 2015 59
Status on various legal procedures
Civil proceeding initiated by (associations of) shareholders
20082007
September - October 08
Split up of Fortis Group,
spread over 2 WE’s
May – September 07
Press release re bid on ABN AMRO
Communication Q2 figures
Capital increase, Prospectus, Subprime
January – June 08
Press release on subprime & solvency
Communication re solvency & EC
remedies
 BE - 1 professional investor re damages
following rights issue; exchange of written
arguments
 Enterprise Court (Ondernemingskamer) re certain facts relating to 2007-2008, Final judgement 06/12/13 mainly in favour plaintiffs
 Stichting Investor Claims Against Fortis (SICAF) against Ageas ML & BNPPF; 2° proceeding also against board members & executives,
awaiting ruling preliminary procedural questions
 Deminor against ageas & 2 banks; interim judgment 28/4/14 ruling +/- 25% claimants not eligible; exchange of written arguments ongoing
 BE – 2 claimants against ageas: awaiting decision consolidation with Deminor
 Mr Lenssens representing several claimants against ageas, 1 bank, Belgian state & several executives, suspended pending criminal
proceedings
 Stichting FortisEffect against ageas &
Dutch state; Judgement partly in favour of
plaintiffs, Supreme appeal filed
 NL - 1 shareholder claiming damages
referring to FortisEffect judgment
 Mr.Modrikamen against ageas, Belgian
state & 2 banks; Interim judgement 05/11/14
ruling +/- 50% claimants not eligible
 Mr. Arnauts representing several claimants against ageas
& 2 banks; suspended pending criminal proceedings
 VEB collective action against ageas, former directors / executives & banks; exchange of written arguments
 Mr. Bos representing 7 shareholders against ageas, board members & executive; 1° instance mainly in favour of claimants,
appeal filed
 2 separate proceedings - Mr Meijer representing in each case 1 claimant against ageas, awaiting decision consolidation SICAF

61. Periodic financial Information I FY 14 Results I 12 February 2015 60
Best estimate of timings as of to date
Impossible to provide accurate timing for next steps
2015 2016
First instance
Pleadings
 VEB
 BE – 1 professional investor
 Mr.Modrikamen
 Deminor
Judgment on the merits
 VEB
 BE – 1 professional investor
 Mr.Modrikamen
Appeal
Pleadings  FSMA fine
Judgment preliminary matters  Mr.Bos
Judgment on the merits  FSMA fine
Supreme Court
Pleadings

62. Periodic financial Information I FY 14 Results I 12 February 2015 61
Main characteristics Hybrids
Leverage optimized at holding level & at AG Insurance
In EUR mio Ageas
Ageasfinlux
Fresh
Ageas Hybrid
Financing
Hybrone
Fixed-to-
Floating Rate
Callable
Fixed Rate
Reset Perpetual
Subordinated
Loans
Direct issue
FBB, 2004 CASHES
% 3m EUR + 135
bps 5.125% 5.25% 6.75% 4.625% 3m EUR +200
bps
Amount
outstanding 1,250 336 450 550 USD 1,000 1,110
ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE0119806116 BE0933899800
Call date
Undated,
strike 315.0
mandatory 472.5
Jun 16
Step up to 3M
Euribor +200 bps
Jun 24
Step up to 3M
Euribor +413 bps
Mar 19
Step up to 6yr USD
swap + 533 bps
Oct 14
Step up to 3M
Euribor+170 bps
Undated,
strike 239.4,
mandatory 359.1
Other
On lent to AG
Insurance
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue
No stock
settlement feature
Coupon served by
FBB, trigger ACSM
linked to Ageas
dividend
Market Price
(31/12/14)
56.00 101.25 100.00 107.25 100.48 76.04
;75
Fortis Bank (now BNP Paribas)AG Insurance (Belgium)

63. Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

64. situation 31/12/2013 situation 31/12/2014
Total Issued Shares 233,486,113 230,996,192
Shares not entitled to dividend & voting rights 11,648,176 16,229,514
1. TREASURYSHARES Share buy-back 2,489,921 7,217,759
FRESH 3,968,254 3,968,254
Other treasury shares 546,097 399,597
2. CASHES 4,643,904 4,643,904
Shares entitled to dividend & voting rights 221,837,937 214,766,678
Between 31 December 2014 and 6 February 2015 another 802,348 shares were bought back.
Cancellation bought back
shares + new buy back
Periodic financial Information I FY 14 Results I 12 February 2015 63
Total number of outstanding shares
Cancellation
bought back shares

65. Periodic financial Information I FY 14 Results I 12 February 2015 64
Shareholders structure
Based on number of shares as at 09 February 2015
Ageas
5.38%
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual
Advisers
Identified retail
investors
19%
Identified
institutional
investors
36%
Other investors
21%
Based upon press release 9 February 2015
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 16 January 2015
Based upon the number of shares mentioned in the notification received 2 June 2014
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual Advisers
Identified retail investors
Identified institutional investors

66. Periodic financial Information I FY 14 Results I 12 February 2015 65
Financial calendar 2015
12 February
Annual results
2014
8 May
3M 2015
results
29 April
Ordinary & Extraordinary
shareholders’meeting - Brussels
6 May
Ex date
6 March
Annual & EV
report 2014
8 May
Payment 2014
dividend
5 August
6M 2015
results
4 November
9M 2015
results
28 September
Investor Day 2015 on
Solvency II & “Beyond 15”

67. Periodic financial Information I FY 14 Results I 12 February 2015 66
Rating
Improved rating for Portuguese entities
S&P MOODY'S FITCH
Operating AG Insurance (Belgium) A- / positive A2 / stable* A+ / stable
entities Last change 14/10/14 22/08/14 10/12/14
Millenniumbcp Ageas Occidental Vida (Portugal) BB / stable BBB- / positive
Last change 31/10/14 22/10/14
Millenniumbcp Ageas Occidental (Portugal) BBB / stable BBB / positive
Last change 31/10/14 22/10/14
Millenniumbcp Ageas Médis (Portugal) BBB / stable BBB / positive
Last change 31/10/14 22/10/14
Ageas Insurance Co. (Asia) Baa1 / stable A / stable
Last change 16/01/13 26/03/13
Muang Thai Life BBB+ / stable BBB+ / stable
Last change 29/12/10 16/12/10
Etiqa Insurance Berhad (Malaysia) A / stable
Last change 25/09/11
Holding ageas SA/NV
Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2
Outlook positive negative stable
Last change 14/10/14 22/08/14 10/12/14
* 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.

68. Periodic financial Information I FY 14 Results I 12 February 2015 67
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.

69. Periodic financial Information I FY 14 Results I 12 February 2015 68
Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
ir@ageas.com
www.ageas.com
Investor Relations