9M results 2010

110 November 2010 |
 Continued strong inflows
 Well performing Insurance operations
 Positive contribution General Account
 Shareholders’ equity further up
Key messages Q3 10

210 November 2010 |
Key highlights Q3 10
 Shareholders’ equity YTD at EUR 9.6 bn or EUR 3.90 per share
 Solvency ratio nearly stable at 223%;
 Core equity EUR 5.7 bn above regulatory minimum requirement
 Net cash position General Account at EUR 2.3 bn;
 Discretionary capital end of September at EUR 0.7 bn
Shareholders’ equity
further up
 YTD General Account net profit : EUR 312 mio; Q3 10 net profit of EUR 37 mio
 YTD Group net profit : EUR 646 mio; Q3 10 net profit of EUR 190 mio
 Q3 10 General Account highlights :
 Net result on RPI of EUR 163 mio;
 Value call option on BNP Paribas shares up EUR 77 mio;
 Charge RPN(I) up EUR 156 mio;
Positive contribution
General Account
 YTD Insurance net profit : EUR 334 million (vs. EUR 409 mio YTD 09)
 Life : EUR 283 mio; Non-Life : EUR 42 mio; Other : EUR 9 mio
 Q3 10 Insurance net profit : EUR 153 mio, including capital gains realized in Belgium
Well performing
Insurance operations
 YTD inflows at EUR 13.7 bn, +20% vs. 09
 Growth in Life (+21%) and Non-Life (+18%) in line with previous quarters
 Asian inflows remain strong at EUR 4.7 bn (+55%)
 Inflow consolidated operations at EUR 9.2 bn (+8%)
 Q3 10 inflow at EUR 4.1bn, +17% vs. 09
Continued strong inflows

310 November 2010 |
Comparable inflow data Q3 10
By segment
EUR mio
10/03/2010 I page 3
YTD 10 YTD 09 Change Q3 10 Q3 09 Q2 10
* Retail distribution not reported at inflow level/ ** All entities at 100%
Belgium 5,055 5,097 -1% 1,553 1,543 1,704
Life 3,824 3,925 -3% 1,173 1,179 1,336
Non-Life 1,231 1,173 5% 380 364 369
United Kingdom* 840 702 20% 290 250 285
Life 19 6 217% 8 3 6
Non-Life 821 696 18% 283 247 279
Continental Europe 3,116 2,557 22% 907 782 1,080
Life 2,791 2,376 17% 810 728 971
Non-Life 326 182 79% 97 54 109
Asia ** 4,724 3,050 55% 1,350 926 1,565
Life 4,340 2,753 58% 1,235 844 1,405
Non-Life 385 296 30% 115 82 161
Total 13,736 11,407 20% 4,100 3,501 4,634
Life 10,973 9,060 21% 3,226 2,754 3,717
Non-Life 2,763 2,347 18% 874 747 917
Of which non-conso partnerships 4,487 2,835 92% 1,264 852 1,483
Life 4,102 2,539 62% 1,149 770 1,322
Non-Life 385 296 30% 115 82 161

410 November 2010 |
Comparable inflow data Q3 10
By type
EUR mio
10/03/2010 I page 4
YTD 10 YTD 09 Change Q3 10 Q3 09 Q2 10
Life 10,973 9,060 21% 3,226 2,754 3,717
Belgium 3,824 3,925 -3% 1,173 1,179 1,336
United Kingdom* 19 6 217% 8 3 6
Continental Europe 2,791 2,376 17% 810 728 971
Asia ** 4,340 2,753 58% 1,235 844 1,405
- Fully consolidated 237 215 10% 87 74 82
- Non-consolidated partnerships (100%) 4,102 2,539 62% 1,149 770 1,322
Non-Life 2,763 2,347 18% 874 747 917
Belgium 1,231 1,173 5% 380 364 369
United Kingdom* 821 696 18% 283 247 279
Continental Europe 326 182 79% 97 54 109
Asia ** 385 296 30% 115 82 161
- Fully consolidated 0 0 0 0 0
- Non-consolidated partnerships (100%) 385 296 30% 115 82 161
Total 13,736 11,407 20% 4,100 3,501 4,634
* Retail distribution not reported at inflow level/ ** All entities at 100%

510 November 2010 |
Q3 10YTD 09YTD 10Q3 10YTD 09YTD 10Q3 10YTD 09YTD 10% OwnershipEUR mio
Gross Inflow Life Gross written premiums Non-Life
Detailed overview inflows Q3 10
By region/ country
Total
Belgium 75%-1 3,824 3,925 1,173 1,231 1,173 380 5,055 5,097 1,553
United Kingdom 100% 19 6 8 821 696 283 840 702 291
Continental Europe 2,791 2,375 810 326 182 97 3,116 2,557 907
Portugal 51% 1,364 1,653 307 175 163 54 1,539 1,816 360
France 100% 290 232 82 * * * 290 232 82
Luxembourg 50%/100% 1,051 416 395 * 19 * 1,051 434 395
Ukraine 100% 2 2 1 * * * 2 2 1
Germany 100% 32 24 10 * * * 32 24 10
Turkey 100% 51 50 16 * * * 51 50 16
Italy 25% * * * 150 43 150 0 43
Asia 4,340 2,753 1,235 385 296 115 4,724 3,050 1,350
Hong Kong 100% 237 215 87 * * * 237 215 87
Non-consolidated partnerships 4,102 2,539 1,149 385 296 115 4,487 2,835 1,264
Malaysia 31% 577 394 145 303 230 84 880 624 229
Thailand 31%/12% 529 340 180 82 67 31 611 406 210
China 25% 2,897 1,754 788 * * * 2,897 1,754 788
India 26% 100 51 37 * * * 100 51 37
Total 10,973 9,059 3,226 2,763 2,347 874 13,736 11,406 4,100

610 November 2010 |
Key financials Q3 2010
YTD 10 YTD 09 Q3 10 Q3 09EUR mio
* Based on average number of outstanding shares
** Net equity 31 December 2009 after 25% minority stake Fortis Bank
10/03/2010 I page 6
Net profit Insurance before non-controlling interests 436 491 204 196
Net profit Insurance attributable to non-controlling interests 102 83 51 48
Net profit Insurance attributable to shareholders 334 409 153 148
Net profit General Account 312 688 37 52
Net profit attributable to shareholders 646 1,096 191 201
Funds under management (EUR bn) 77.6 70.8 * *
Earnings per share (EUR) * 0.26 0.44 0.08 0.1
Net equity per share (EUR) 3.90 3.47 * *
Net shareholders' equity 9,649 8,582 * *
Belgium ** 3,508 3,053 * *
UK 609 506 * *
Continental Europe 1,003 895 * *
Asia 1,515 1,167 * *
General Account 3,015 2,961 * *
Discretionary capital (EUR bn) 0.7 1.3

710 November 2010 |
2,461 2,309
411 488
811 780
242 247
YTD 09 YTD 10
(3%)
345 359
365 396
370
362
102
106
YTD 09 YTD 10
Belgium
Life inflow
In EUR mio
Non-Life Gross Written Premiums
In EUR mio
3,925 3,824
1,173
1,231

Group Life
Unit-Linked
Savings
Traditional
Other
Property
Accident & Health
Motor 
Individual Life
 Down 2% YTD to EUR 3 bn;
 Bank channel inflow down 5%; low interest rate
environment and absence of specific campaigns
 Broker channel + 13%, in line with positive trend since 2nd
half 2009
 Unit-linked sales YTD up 19% (esp. structured unit-linked
products)
Group Life
 Down 4% YTD to EUR 0.8 bn. 09 benefited from
exceptional premium payments to cover underfunding of
certain group contracts
Funds under Management
 Up 2% to EUR 47.9 bn (vs.EUR 46.9 bn end of June)
Property and Casualty
 Inflows up 5% mainly driven by Motor, a combination of
tariff increases and portfolio growth
Accident & Health
 Up 4% with strong growth in Health care (+7%)
Combined Ratio in Q3 10 up on July storm
 YTD 105.6% vs 103.2% YTD 09
 Q3 10 102.7% vs 100.5% in Q2 10
+5%

810 November 2010 |
Belgium
Stable inflows, sustained results
YTD net profit at EUR 205 mio (vs. EUR 301 mio)
 YTD non-controlling interests up to EUR 71 mio (vs. EUR 46
mio YTD 09)
 Positive non-recurring tax benefit of EUR 94 mio in H1 09;
 Q3 10 net profit of EUR 117 mio vs. EUR 106 mio in Q3 09
 Q3 10 includes EUR 55 mio capital gains on sale government
bonds in context of gradual reallocation of assets
Life at EUR 186 mio (vs. EUR 260 mio)
 Q3 10 net profit of EUR 83 mio (vs. EUR 87 mio in Q3 09)
 Q3 10 includes EUR 31 mio of capital gains on sale of
government bonds
 Life FUM up 5% to EUR 47.9 bn compared with year-end 2009,
driven by both savings and unit-linked products
Non-Life at EUR 19 mio (vs. EUR 41 mio)
 Q3 10 net profit of EUR 34 mio (vs.EUR 19 mio in Q3 09)
 Q3 10 includes EUR 24 mio of capital gains on sale of
government bonds and net cost of around EUR 10 mio related
to July storm (after tax & non-controlling interests)
 Combined Ratio in 3nd quarter up to 102.7% due to July storm;
10/03/2010 I page 8
301205Net profit after tax & non-
controlling interests
44.747.9Life FUM (EUR bn)
360378Profit before tax
5,0975,055Gross inflow
YTD 09YTD 10EUR mio

910 November 2010 |
44 52
402 444
207
171
79
118
YTD 09 YTD 10
Motor
6 19
696
821
YTD 09 YTD 10
United Kingdom
Life
 Successful roll out of its proposition across the IFA market
(5.1% market share)
 Over 90,000 customers
Non-Life
 Driven by growth in Commercial and Personal lines
 Personal lines up 14% overall; Household up 21%
 Commercial lines up 40% with a full launch into Fleet
market & new Semploy product; succesful implementation
of strategy towards SMEs
 Partnership with Tesco Bank began underwriting on 16
October
Non-Life Combined Ratio improving
 YTD 104.9% vs.106.5% end of June
 Q3 10 102.0% in vs.102.9% in Q2 10
Other Insurance (Retail)
 YTD fee and commission income of EUR 100 mio vs.EUR
83 mio in 09; 20% YTD growth incl.Kwik-Fit;
 RIAS & UKAIS income up 8% on the back of higher
primary and add-on sales and growth in partnership
income
702*
840*
Non-Life
Life
Other
Property
Accident & Health
696
821
+18%
+20%
Total inflow
In EUR mio
In EUR mio
* YTD Fees and commissions Retail distribution not included : YTD 10 at EUR 100 mio vs EUR 83 mio in 09

1010 November 2010 |
 Severe weather conditions leading to an exceptional cost of EUR 9.4
mio in Q1
 One-off costs related to Tesco Bank partnership and integration
Kwik-Fit of EUR 8.3 mio
 Q3 10 net profit of EUR 7.2 mio (vs. EUR 6.1 mio in Q3 09)
 Industry wide issues YTD, including escape of water event in
January and volcanic ash in April & lower realised capital gains and
investment income
 Improved 3rd quarter as a result of positive impact of management
actions
 YTD start-up costs Tesco partnership of EUR 3.3 mio
Life at EUR -3 mio (vs. EUR -5 mio)
 Continued progress in roll-out of protection business; 5.1% market
share among IFAs
Other Insurance at EUR 9 mio (vs. EUR 11 mio)
 Strong commission income growth
 KFIS integrated in Q3 : Operational 2m-contribution of EUR 3.4 mio
offset by one-off EUR 5.0 mio acquisition related costs;
United Kingdom
Strong 3rd quarter results marked by integration Kwik-Fit Insurance Services;
Tesco partnership officially launched mid October
10/03/2010 I page 10
controlling interests*
702840Gross inflow
YTD 09YTD 10EUR mio

193 194
821
1,086
1,418
1,266
97
93
YTD 09 YTD 10
Continental Europe


Life
 Higher volumes in Luxembourg & France
 Portugal : down 15% vs. 09 resulting from a./o. lower
appetite structured unit-linked products and compared to a
strong 09 performance
 Strong growth in traditional savings, fuelled by specific
product development
 Unit-linked sales up 12%, thanks to Luxembourg mainly
 Up 3% to EUR 23.2 bn (vs. EUR 22.5 bn end of June)
 Increase in Portugal & Luxembourg (9% resp. 26%)
Non-Life
 Inflow Italian operations of EUR 150 mio YTD with A&H
and Motor being main lines of business
 Inflow Portugal up 8% to EUR 175 mio due to Health care
(Médis brand) and Fire
Combined ratio down in Q3 10
 98.6% in Q3 10 vs 99.1% in H110
 98.9% YTD vs. 91.4% last year
17
77
38
45
14
30
174
113
YTD 09 YTD 10
182
326
+79%
Accident & Health
Motor
Unit-Linked
Savings
Traditional
Group
2,376
2,791
+18%
Other
Fire
Life inflow
In EUR mio
In EUR mio

Continental Europe
Stable results YTD thanks to sound underwriting and positive impact
streamlining insurance portfolio
 Sound underwriting results in Luxembourg & France, partially offset by
lower contribution of Portugal due to higher corporate taxes
 Positive impact on going streamlining insurance portfolio
Life net profit at EUR 22 mio (vs. EUR 23 mio)
 Turkish and Ukrainian* operations divested
 Better technical performance, higher volumes and the positive impact
of portfolio streamlining more than offset by increased corporate tax
rate in Portugal
Non-Life net profit of EUR 4.9 mio (vs. EUR 4.5 mio)
 Operations in Portugal & Italy
 Improved Q3 results thanks to better technical performance, esp in
Portugal.
 Operating margin Italy still impacted by bad claims experience in the
South. Corrective measures initiated in Q2 10
10/03/2010 I page 12
20.523.2Life FUM (EUR bn)
2,5573,116Gross inflow
YTD 09YTD 10EUR mio
* Anticipated capital loss of EUR 14 mio included in Q3 10 results General Account. Net impact sales Luxembourg Non-Life &
Ukraine of EUR 2 mio negative YTD. Limited capital gain expected in Q4 10 on sale Turkish Life operations

189
251
108
133
YTD 09 YTD 10
+30%
Asia


Life
 Continued strong performance mainly in non-consolidated
partnerships across the region
 Hong Kong (+10% YTD) Moderate growth in the wake of
recovering agency force
 China (+65% YTD) Continued expansion of distribution
capacity and product innovation. Sales force at end of
September close to 64,000 agents
 Malaysia (+46% YTD) Driven by non-par single premium
product innovation and Takaful business through bank
channel
 Thailand (+56% YTD) In the wake of the intensified
relationship with K-Bank
 India (+98% YTD) Driven by the strong brands of the two
partner banks, balanced expansion of the agency channel
and strong focus on product innovation
 EUR 15.6 bn, +36% vs.end 09; Slightly down vs. end of June
due to weakening EUR
 Consolidated FUM (Hong Kong) : EUR 1.3bn, +16% vs.end
09, stable vs.end of June
Non-Life
 Malaysia (+32% YTD) Driven by retail Fire and corporate
MAT** lines.
 Thailand (+23% YTD) Driven by non-motor business
through bank channel
4,025
2,220
18
294
170
142
97
126
YTD 09 YTD 10
296
385
2,753
4,340
+58%
Non-Motor*
Motor
Unit-Linked
Savings
Traditional
* Non-motor includes Fire, MAT, Accident & Health and other lines
Group
** MAT: Marine Aviation & Transport
Life inflow
In EUR mio
In EUR mio

Asia
Solid performance YTD supported by capital gain in Hong Kong in H1
YTD net profit of EUR 86 mio (vs. EUR 53 mio)
 Strong intrinsic performance from consolidated operations (EUR
20.3 mio YTD 10 vs EUR 9.7 YTD 09)
 EUR 35 mio capital gain on sale Fortis Center Hong Kong in H1 10
 Net result non-consolidated partnerships down to EUR 38.6 mio
(from EUR 49.3 mio) due to impairments in China in H1 10
Life net profit at EUR 78 mio (vs. EUR 44 mio)
 EUR 55.5 mio net result from consolidated operations in Hong
Kong, incl. result capital gain on sale Fortis Center
 EUR 30.2 mio net result from non-consolidated partnerships, incl
EUR 12.5 mio impairment impact in China in H1 10
 Other regional costs slightly up to EUR 8.0 mio
Non-Life at EUR 8.4 mio (vs. EUR 8.6 mio)
 Relates to operations in Malaysia and Thailand
 Q3 10 net profit of EUR 3.5 mio, nearly stable year on year
10/03/2010 I page 14
controlling interests*
1.11.3Life FUM (EUR bn)**
5487Profit before tax*
3,0494,724Gross Inflow*
YTD 09YTD 10EUR mio
* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively
** Including partnerships, YTD FUM would amount to EUR 15.6 bn compared to EUR 10.7 bn at Q3 09

Insurance
Resilient YTD performance, Q3 supported by capital gains in Belgium
 Higher non-controlling interests and a positive one-off tax impact in
the first half of 2009.
 Solid contribution from Asian operations supported by EUR 35 mio
capital gain on sale of Fortis Centre in Hong Kong
 Q3 10 includes EUR 55 mio of capital gains on bonds related to
reallocation of assets (Belgium)
Life at EUR 283 mio (vs. EUR 323 mio)
 Negative variance on non-controlling interests and income taxes in
Belgium, partly offset by result Asia
 Q3 10 incl EUR 31 mio of capital gains on bonds in Belgium;
 Encouraging trends reflecting the corrective measures in Motor and
Fire
 In UK, YTD start-up costs related to Tesco of EUR 3.3 mio
 Q3 10 : In Belgium, net negative impact July storm of EUR 10 mio
& EUR 24 mio capital gain on bonds
Other at EUR 9 mio (vs. EUR 115 mio)
 Q3 10 : Includes EUR 5.0 mio one-off transaction related costs on
KFIS
10/03/2010 I page 15
70.877.6Life FUM (EUR bn)*
11,40613,736Gross Inflow
YTD 09YTD 10EUR mio
* Only consolidated activities

General Account
Stable 3rd quarter thanks to compensation effect of legacy assets
YTD net profit of EUR 312 mio (incl. eliminations)
 EUR 405 mio positive tax impact following decision to liquidate Fortis
Brussels SA/NV
 YTD 09 included EUR 697 mio capital gain on sale 25% AG Insurance
to Fortis Bank
Equity value RPI up to EUR 1,027 mio EUR
 YTD positive net result of EUR 186 mio related to Royal Park
Investments
 Revaluation interest rate swaps lead to a EUR 81 mio positive result
via equity value
EUR 79 mio net negative Q3 impact related to fair value
RPN(I) and call option BNP Paribas shares
 EUR 77 mio positive effect on call option on BNP Paribas shares
(-EUR 44 mio YTD 10)
 EUR 156 mio negative effect from RPN(I) (-EUR 180 mio YTD 10)
Other items :
 YTD net interest margin EUR 10 mio negative
 YTD total expenses down 60% to EUR 40 mio
 YTD RPN(I) interest payment to BNP Paribas Bank of EUR 5 mio
 YTD EUR 2 mio net loss on sale Luxembourg Non-Life and Fortis Life
Insurance Ukraine
10/03/2010 I page 16
(222)407Tax
2.9
565
344
760
2.3
836
496
1,027
Net cash/deposits (EUR bn)
Call option BNP Paribas**
RPN(I)
RPI
910(97)Profit before tax*
YTD 09YTD 10EUR mio
* Including Inflow & Profit from partnerships respectively
** Net of tax

Combined ratio FY 06 - YTD 10 AG Insurance
Belgium, combined ratio up due to adverse weather conditions
3th quarter hit by summer storms
Expense ratioClaims ratio
61.6 63.6 64.9 66.3
76.6
64.4 67.0
37.4 36.7 35.9 36.8
99.0% 100.3%100.8%103.1%103.2%105.6%
113.6%
100.5%102.7%
69.366.4
36.3
37.0
36.1 35.736.8
06 07 08 09 9M
09
9M
10
Q1
10
Q2
10
Q3
10
Non-Life YTD hit by weather related events
 Extreme winter ‘10 conditions, storm Xynthia, "14th July storm"
 Net impact summer storm/ weather related events of EUR 10
mio after tax and non-controlling interests
 PY loss ratio at 7.3% vs 6.0% YTD 09
Corrective set of measures taken in 2010
 Motor : tariff increases of 4.5% in 10 on top of increases in 09
 Fire: increases as from Sep 10 of 4-5% on top of ABEX
indexation in Retail Fire on new & existing contracts
 Close follow-up and monitoring of Non-Life portfolios
Heavy summer storm impacted 3nd
quarter
 Combined ratio Q3 10 excluding WC at 101.2 % compared to
97.3% in Q3 09;
 YTD 2010 combined ratio excluding WC at 102.5 %

UK, adverse weather impact in Q1, gradual improvement since Q2
No significant changes in other countries in Q3
Expense ratioClaims ratio
UK : continued positive impact from corrective
measures
 Private motor impacted by industry-wide issue of increased
personal injury claims, but improving performance in Ageas
through Q2 & Q3;
 Selected tariff increases in 09 & H1 10 in line with underlying
risk resulted in an improvement in Motor combined ratio
(106.9% YTD 10 vs. 109.0% H1 10 & stable on YTD 09)
 Fire/ Household combined ratio nearly stable at 98.9% ( vs.
98.3% H1 10 & 99.5% YTD 09).
 Travel combined ratio (122.0%) impacted by volcanic ash event
and increased medical claims, but improved from H1 10
(125.5%)
 PY loss ratio at 1.2% vs 3.3% YTD 09
Other countries : no changes compared to situation
end of June
 Portugal : YTD 10 combined ratio at 99.0% in line with H110
 Italy : Performance still impacted by bad claims behaviour in
the South; corrective measures implemented
 Asia : Situation status quo
Combined ratio FY 06 - YTD 10 UK
70.2
79.7
73.1
80.4 80.0
73.0 73.5
28.2
27.7
28.8
27.7 30.2
29.9 28.5
98.4%
101.9% 102.0%
76.9 75.4
27.7 29.5
104.6%107.4% 108.1% 110.2%
102.9%104.9%
06 07 08 09 9M
09
9M
10
Q1
10
Q2
10
Q3
10

Corporate bonds*
21.0
Structured
Credit Instruments
0.5
Ageas’s investment portfolio on 30 September 2010
Investment Portfolio (EUR 59.6 bn)
In EUR bn
Fixed Income securities
 Southern European sovereign exposure end Q3 10
at EUR 8.9 bn** (same as end of June)
 Gross unrealized gains on bonds end Sep 10 up to
EUR 2.7 bn
 Investments in Corporate bonds up with EUR 2.3 bn
since end 09**
 >95% investment grade, 94% rated A or higher
Equities
 Increase to EUR 1.9 bn** (EUR 1.8 bn market value)
 Gross unrealized gains of EUR 98 mio
Real Estate
 Gross unrealized gains increased to EUR 1.0 bn
(net-of-tax remained at EUR 0.6 bn)
 Total gross unrealized gains on investment
portfolio of EUR 3.7 bn***
Sovereign bonds*
32.8
RE Inv Prop*
2.1
RE own use
(incl. Interparking)*
1.4
Equities*
1.8
* At market value (incl. Interparking)
** At historical/amortized cost
*** Before tax and shadow accounting

Government & Corporate Bond portfolio of EUR 53.8 bn
Situation as per 30 September 2010
 Gross unrealized gains before tax and shadow
accounting (UCG) : EUR 1.4 bn end Sep 10 vs.
EUR 0.7 bn end June 10
 Historical value of Southern European bonds :
Greece EUR 1.9 bn, Italy EUR 3.7 bn, Spain EUR
1.7 bn & Portugal EUR 1.6 bn
In EUR bn
 Gross unrealized gains of EUR 1.2 bn end of September 10
vs. EUR 1.0 bn end of June 10
 91% single A or higher; 67% rated AA or higher; only 1%
below investment grade or unrated
 Banking/ Other financials : 90% single A or higher; 67% rated
AA or higher
Government bonds EUR 32.8 bn* Corporate bonds EUR 21.0 bn*
* All values at fair value
Austria
2.5
Banking/
Other financials
8.9
Other
corporates
4.2
Supra-national
2.4
Government related
5.5
Greece
1.3
Belgium
10.3
Spain
1.8
Italy
3.9
Germany
2.8
Others
4.6
Portugal
1.5
France
4.1

6.3
2.9
6.5
0.2
Ageas’s Core equity EUR 5.7 bn above required regulatory
minimum
* Asia : Investments in partnerships are deducted from Total Capital; Given the significant investments in partnerships, total capital is lower than Core capital
** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for FICA of 342% end of June 10.
Belgium United
Kingdom
Other Core Tier 1 capital
Insurance
Required Regulatory minimum
EUR 3.6 bn excess capital in
Insurance + EUR 2.1 bn General
Account = EUR 5.7 bn
ActualActual Min Minimum
Core equity

203% 176%
Total Solvency Ratio
Actual Min Actual Min
Continental
Europe
Asia
*/
**
Actual Min
242% 889%
Actual
General
223%
Situation end of September 10
3.7
2.1
0.6
4.3
2.1
2.3
0.2
0.1
0.10.3 0.2
0.3 1.3
0.6
1.3
1.0
0.5
-0.4

Discretionary Capital of the General Account
A view on liquidity & capital
Net Cash/ deposits : EUR 2.3 bn
Passed on
LT assets & LT liabilities
Discretionary Capital on balance sheet
Assets
Cash & Deposits at banks
Due from Fortis Bank & AG Ins
Other
Royal Park Investments
Call option on BNP P shares
Loan to operating cies
Total
In EUR bn, 30 September 2010
3.7
1.7
1.0
1.0
0.8
0.6
8.8
Liabilities
ST (EMTN + Bank)
NITSH I, II & Hybrone
RPN(I)
Other
FRESH
Net equity
1.4
1.7
0.5
1.0
1.2
3.0
8.8
Shareholders’ equity + FRESH
 Invested in non-current assets on balance sheet
Total Capital
 Contingent asset off balance (Fortis Bank Tier 1 loan, due Sep 11)
 Commitments with regard to Tesco
Discretionary Capital * (if available in cash)
4.2
(2.4)
1.8
(1.0)
(0.1)
0.7
Discretionary capital down mainly due to negative revaluation of RPN(I) and some smaller
elements in the General Account (Ukraine, negative carry and operating costs)

* Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account corrected for (contingent) illiquid assets
and existing investment commitments
Q3 10 evolutions :

 Inflows : 2010 outlook reconfirmed,
inflows to exceed 2009 levels
Conclusions
 Net result : positive in all Insurance
segments, Group result further up
 Strategy : new UK partnerships &
acquisitions started and integrated
according to plan
 Legacies : manage complexity,
commitment to create value for
shareholders

Cautionary Statements
Certain of the statements contained herein are statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. Future actual results, performance or
events may differ materially from those in such statements due to,
without limitation, (i) general economic conditions, including in
particular economic conditions in Ageas’s core markets, (ii)
performance of financial markets, (iii) the frequency and severity of
insured loss events, (iv) mortality and morbidity levels and trends, (v)
persistency levels, (vi) interest rate levels, (vii) currency exchange
rates, (viii) increasing levels of competition, (ix) changes in laws and
regulations, including monetary convergence and the Economic and
Monetary Union, (x) changes in the policies of central banks and/or
foreign governments and (xi) general competitive factors, in each case
on a global, regional and/or national basis.
In addition, the financial information contained in this presentation,
including the pro forma information contained herein, is unaudited and
is provided for illustrative purposes only. It does not purport to be
indicative of what the actual results of operations or financial condition
of Ageas and its subsidiaries would have been had these events
occurred or transactions been consummated on or as of the dates
indicated, nor does it purport to be indicative of the results of
operations or financial condition that may be achieved in the future.

Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
+ 31 30 2525 305
ir@ageas.com
www.ageas.com

9M results 2010

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9M results 2010