The document summarizes Ageas's investments and operations in Asia over the past decade. It notes that Ageas has invested a total of EUR 1.1 billion in Asia with an average duration of 5.5 years, including major investments in companies in China, Malaysia, Thailand, Hong Kong and India. It outlines the growth of Ageas's life and non-life insurance businesses across the region in terms of inflows, profits, funds under management and embedded value. The document concludes that Ageas has established a strong growth pillar in Asia with successful partnerships and remains well positioned for future opportunities through its focus on quality business and prudent risk management.

1. INVESTOR DA
Y
29 September
2011
Asian Key Financials
Filip Coremans
CFO Asia

2. Ageas Net Investments in Asia to date
EUR 1.1 bn with a duration of 5.5 years
In EUR mio
EUR 1,059 mio total Net
Investments
28 *
(10)*
5.5 years average
duration
(677)
09
9*
(9)
(666)
10
08
07
Ageas Insurance Company Asia (Hong Kong)& India
Malaysia National Insurance holdings
Mayban Ageas Holdings (Malaysia) (85)
Muang Thai (Thailand)
Taiping Life (China)
(14)
06
(85)
05
(93) (60) (33)
04
(13)
0
Taiping Life (China)
Mayban (Malaysia)
Malaysia
China
03
02
(100)
(104)
01
Hong Kong
India
(204)
Thailand
* Dividends paid by Malaysia & Thailand in 08-10 / Capital gain realised in Thailand in 09
Asian Key Financials - Filip Coremans I 29/09/11
1

3. Ageas Net Investments in Asia to date (2)
Limited remaining organic capital commitments
EUR 1,059 mio total Net
Investments
China
 EUR 188 mio invested
 Duration: 8 years
 Most likely self-supporting in the next 3 years
but capital restructuring required
5.5 years average
duration
India
 EUR 20 mio
 Duration: 2.5 years
 Greenfield; funding requirements
function of growth
Thailand
 EUR 19 mio
 Duration: 6.5 years
 Dividend-paying
Asian Key Financials - Filip Coremans I 29/09/11
Hong Kong
 EUR 666 mio
 Duration: 3.5 years
 Self-supporting going forward
Malaysia
 EUR 166 mio
 Duration: 8 years
 Self-supporting
 Entering dividend-paying
mode
2

4. Our Asian Franchise Today
Steadily growing Inflow, Profit Level & Value indicators
Inflows
Net profit
In EUR bn
At 100%
In EUR mio
Ageas’ stake
6.1
3.3
91
4.1
1.1
94
09
10
1.9
1.3
9
08
09
10
08
09
10
08
Net book value
Embedded value
In EUR mio
In EUR mio
1,138
1,204
08
09
Asian Key Financials - Filip Coremans I 29/09/11
1,440
10
1,466
969
09
10
3

5. Strong build up of Life gross inflows across all countries
Consistent focus on high quality business
Inflow evolution
Inflow by nature
In EUR mio
5,578
3,689
In EUR mio
3,228
131
335
714
2,142
67
297
456
2,954
29
282
358
3,681
1,316
2,371
1,850
435
498
08
09
10
China
Thailand
Hong Kong
1,119
826
717
Malaysia
2,109
2009
2010
NB Recurring Premiums
India
Renewals
2010
Single Premiums
Consistent focus on:
 Quality and sustainability of New
Business margins
38%
42%
NB Recurring
Premiums
Renewals
 Building regular premium books
20%
Asian Key Financials - Filip Coremans I 29/09/11
4

6. Strong build up of Life gross inflows across all countries
Consistent focus on high quality business
13-m persistency levels (2009-2010)
91%
Sum Assured over FUM (2010)
93%
82%
1339%
81%
75%
71%
65%
71%
71%
62%
781%
677%
515%
369%
Malaysia
China
Thailand
Hong Kong
India
Malaysia Life
China
Thailand - Hong Kong
Life
India

Consistent focus on:
 Retaining the relationship
 Being an insurer (Protection & Riders)
Asian Key Financials - Filip Coremans I 29/09/11
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7. Balanced growth in Non-Life premium
Alignment of interest and discipline in underwriting and retention
Gross Inflow evolution
Net earned by product
Gross inflowpremium by product
In EUR mio
2010
515
Other
Other
26%
24%
111
381
337
68
MAT
0%
89
405
269
09
Fire
MAT
20%
25%
Fire
16%
293
08
Motor
Motor
54%
35%
Malaysia
10
Thailand
 Balanced mix of lines and channels
Inflow by distribution channel
2010
Agency
29%
Brokers
37%
 Competence based underwriting
 “Control” based retention
 Alignment of interest with the channel
Asian Key Financials - Filip Coremans I 29/09/11
Banca
23%
Other
11%
6

8. High quality net profit levels, steadily increasing
Focus on Value Drivers and Value Sources across all countries
Net profit by country
94
91
In EUR mio
13
12
50
 Sustainable book building with a strong
18
 Deliberate Underwriting & Retention
Protection component
21
9
(4)
(3)
08
09
Malaysia
Thailand
India
1,267
 Operating excellence
China
Hong Kong
Regional costs and income
Ageas’ share
In EUR mio
311
(10)
10
Funds Under Management
964
Appetite based Strategic Asset Allocation
(4)
(8)
strategies in Non-Life
 Balanced investment approach: Risk
25
(16)
3,303

15
57
6
11
11
3,959
6
5,620
1,419
26
Investment Mix (end 10)
63
2%
6%
10%
587
1,130
385
2,434
82%
1,589
756
828
1,117
08
09
10
Asian Key Financials - Filip Coremans I 29/09/11
Fixed income
Real Estate
Equity
Cash & cash equivalents
7

9. Rock Solid Operating Performance
Reliable, Efficient and Sustainable
Life: productivity improvements
40%
Non-Life: Combined ratio
42%
96.7%
95.5%
12.5%
11.5%
24.6%
21.9%
59.6%
62.2%
2009
36%
2010
OPEX 26%
Sum
Assured
PVNBP
FuM
Claims
Growth 2010
Expenses
Commission

 Building a cost advantage (“Strategic Fuel” for our partnerships)
 Excellent combined ratios
Asian Key Financials - Filip Coremans I 29/09/11
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10. Proof of concept: Emerging Accounting Returns
Tip of the iceberg?
Net book value per country
In EUR mio
Net book value
1,440
1,204
1,138
5
In EUR mio
8
95
11
780
69
63
683
764
154
90
199
220
08
Malaysia
China
1,135
08
1,346
09
254
09
146
77
145
1,075
244
10
Thailand
Hong Kong
India
Return on Equity 2010
Life
10
Non-Life
Net profit
In EUR mio
19.9%
91
12
94
9
11.6%
7.3%
7.3%
78
7.8%
9
6
Malaysia
China
Thailand
Hong Kong
Asian Key Financials - Filip Coremans I 29/09/11
Total
08
85
3
09
10
9

11. Proof of concept: Value Creation
Past, Present and Prospects
Embedded value (based on Ageas’s stake)
In EUR mio
1,466
969
17
649
•

175
104
422
203
09
10
China
Thailand
Hong Kong
EUR 67mio
•
VANB
EUR 85 mio
Variances
EUR 345 mio
 Good underlying Return on EV
 Attractive VANB margins
307
133
Unwind
•
16
408
Malaysia
 Figures based on “local” EV & GAAP
 Strong growth 2010:
India
VANB (based on Ageas’s stake)
VANB margin
In EUR mio
85
2009
2010
23
13
46
6
6
20.9%
15.5%
44
31
5
Malaysia
09
China
(1)
Thailand
7
10
Hong Kong
(1)
India
Asian Key Financials - Filip Coremans I 29/09/11
2.8%
3.8%
% of PVNBP
% of APE
10

12. Strong solvency across the region
Ready for future challenges and opportunities
Based on FY 2010 data
1004%
920%
492%
224%
Malaysia
271%
China
245%
Thailand - Thailand Life
Non-Life
Hong
Kong
India

 Ready to weather a storm,
for a change in regulatory capital regimes and
to take advantage of market opportunities if/when they arise
Asian Key Financials - Filip Coremans I 29/09/11
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13. Conclusion
10 Years of Value Creation
EUR 1,059 mio total Net Investments
5.5 years average duration
LIFE
Net Book Value:
EUR 1,346 mio
Net profit after Tax: EUR 85 mio
Embedded Value : EUR 1,466 mio
VANB:
EUR 85 mio
NON-LIFE
Net Book Value:
EUR 95 mio
Net profit after Tax: EUR 9 mio
Asian Key Financials - Filip Coremans I 29/09/11
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14. Conclusion
We Love the Future


A constant and keen eye for
sustainable value creation in
alignment with our partners

Limited capital commitments and
adequate solvency levels

Asian Key Financials - Filip Coremans I 29/09/11
A strong growth pillar for Ageas with
deliberate focus on quality business
Strong partnerships and ventures
with relevant (and growing) market
positions
13

15. 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.
Asian Key Financials - Filip Coremans I 29/09/11
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