Presentation 3M 2016 results

Periodical Financial Information
3M 2016RESULTS

Main messages
Ageas reports a solid start of the year
1Periodic financial Information I 3M 16 results I 19 May 2016
*Consolidated entities only
Insurance
performance
Group result
Balance sheet
 Insurance net profit of EUR 201 mio (+1%)
 Inflow @ 100% of EUR 11.1 bn (+11%)
 Life Guaranteed margin at 103 bps (vs.91 bps)
 Group combined ratio at 97.8%* (vs.96.6%)
 Life Technical Liabilities at EUR 75.9 bn* (+2% vs. YE 2015)
 Group net loss of EUR 633 mio
 General Account net loss of EUR 834 mio as result of provision for
Fortis settlement
 Shareholders’ equity at EUR 10.3 bn or EUR 49.10 per share
 UG/L at EUR 2.9 bn or EUR 13.81 per share
 Insurance Solvency IIageas at 182%, Group ratio at 180%
 Total Liquid Assets General Account at EUR 1.2 bn (vs.EUR 1.6 bn)

Progress in solving legal legacies
Settlement between Ageas & claimants organisations
 Ageas pays EUR 1,204 mio compensation
 In IFRS results 3M 2016
 P&L impact of EUR 899 mio
 Cash impact of EUR 1,021 mio
 No recognition of any wrongdoing by Ageas
 Commitment by eligible shareholders to abandon any ongoing civil proceeding &
not to start any legal proceeding related to the events
 Intervention of Amsterdam Court declaring settlement binding
 First distribution of compensation starting only after at least 18 months after
announcement
Announcement
14/03/2016
Based on WCAM

Progress in streamlining & building business portfolio
Acquisition in Portugal & sale of Hong Kong
 Acquisition closed on 1 April 2016
 Positioning Ageas #2 in inflows in Portugal
 Non-Life: #3 – 14% market share
 Life: #3 – 19% market share
 Cash impact General Account in Q1 2016
 Consolidation of activities as from Q2 2016
 Company rebranded to Ageas Seguros
 Acceleration of shift in business mix
 Adding distribution through agents & direct
 Sale completed on 12 May 2016
 Accounting impact in Q2 2016
 P&L Asia: EUR 0.2 bn
 P&L General Account: EUR 0.2 bn
 Cash General Account EUR 1.26 bn
 Solvency IIageas Insurance not impacted
 Solvency IIageas group around 30pp positive
 Full commitment to growth markets in Asia
 Asian regional office remains in Hong Kong
Hong Kong
Portugal

Net result: Solid Non-Life
In EUR mio In EUR bn
Non-Life combined ratio: slightly up on
Brussels terrorism events (4pp)
Inflow*: strong Life growth in Asia
& Belgium
In EUR bn
Total Insurance: Headlines
Inflow above EUR 11.1 bn - Strong operating performance in all segments
Life Technical liabilities up
Operating margin Guaranteed: cap
gains on Real Estate in BE
Operating margin Unit-Linked: at
break even in CEU
In % avg technical liabilities In % avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
148 143
50 58
198 201
3M 15 3M 16
Life Non-Life
8.3
9.4
1.7
1.7
10.0
11.1
3M 15 3M 16
Life Non-Life
74.1 75.9
61.1 62.6
135.2 138.5
FY 15 3M 16
conso non-conso
96.6% 97.8%
3M 15 3M 16
0.91%
1.03%
3M 15 3M 16
0.39%
0.25%
3M 15 3M 16

95.8%
99.7%
3M 15 3M 16
Net result: Non-Life incl. EUR 19 mio
impact of terrorism events
In EUR mio In EUR bn In EUR bn
In % avg. technical liabilities In % avg. technical liabilitiesIn % NEP
72
82
23
18
95
100
3M 15 3M 16
Life Non-Life
1.0
1.3
0.6
0.6
1.5
1.8
3M 15 3M 16
Life Non-Life
56.3 58.2
FY 15 3M 16
0.82%
0.98%
3M 15 3M 16
0.47%
0.23%
3M 15 3M 16
Belgium : Headlines
Solid overall performance - higher realized capital gains but impact of terrorism events
Inflow: strong increase in
Guaranteed Life
Life Technical liabilities slightly up
when excl. shadow accounting
Combined ratio: significant impact of
terrorism events (8.6pp)
Operating margin Guaranteed: up on
impact of cap gains, mainly RE
Operating margin Unit-Linked: Lower
risk & expense result

In EUR mio
In % NEPIn EUR bn
0.6 0.6
3M 15 3M 16
99.7% 99.0%
3M 15 3M 16
United Kingdom: Headlines
Motor driving inflow growth & result improvement
Improved Motor result & realised
capital gains
Inflow 6% up at constant FX, driven
by volume growth in Motor
Combined ratio: improvement in
Motor offsetting all other product lines
16
25
3M 15 3M 16

Net profit down due to equity markets
vs. tax credit in 3M ‘15
Non-Life combined ratio excellent both
in Portugal & Italy
Inflow* down on lower guaranteed
sales in Portugal In EUR bn
Continental Europe: Headlines
Strong operating performance partly offset by downward equity market
Operating margin Guaranteed up on
higher investment result in France
Life Technical liabilities fairly stable
In % avg technical liabilities
Operating margin Unit-Linked: lower
fee income
In % avg technical liabilitiesIn % NEP
1.2 1.0
0.3
0.3
1.5
1.3
3M 15 3M 16
Life Non-Life
21
7
7
8
29
15
3M 15 3M 16
Life Non-Life
14.6 14.5
18.8 18.7
33.4 33.2
FY 15 3M 16
conso non-conso
88.1% 87.4%
3M 15 3M 16
0.02% 0.00%
3M 15 3M 16
1.05% 1.17%
3M 15 3M 16

Net result: Life result stable - Non-Life
result driven by Malaysia
Non-Life combined ratio: strong
decrease on lower expenses
Inflow* up 19% at constant FX growth
mainly up in China & Thailand
Life Technical liabilities up across
all non-consolidated entities
In EUR bn
Asia: Headlines
Life result driven by new business growth & financial results
In % avg technical liabilities In EUR mio
Life operating margin Hong Kong:
impacted by higher distribution costs
Result non-conso JV’s: strong result in
China, Thailand & Non-Life Malaysia
In % NEP
55 54
3 7
58 61
3M 15 3M 16
Life Non-Life
6.1
7.1
0.3
0.3
6.4
7.4
3M 15 3M 16
Life Non-Life
92.1%
86.4%
3M 15 3M 16
2.55%
1.74%
3M 15 3M 16
3.2 3.2
42.3 43.9
45.5 47.0
FY 15 3M 16
Conso Non-conso
44 49
3
747
55
3M 15 3M 16
Life Non-Life

78.4%
3M 15 3M 16
In EUR mio
In % NEPIn EUR mio
Intreas: Headlines
Internal Non-Life reinsurance company established in July 2015
Net result Inflows Combined ratio
1
3M 15 3M 16
11
3M 15 3M 16
0 0 0

(1,064) (1,107)
FY 15 3M 16
Net result driven by settlement Fortis
events
In EUR mio
Accounting value of remaining
legacies:
General Account: Headlines
Impacted by revaluation RPN(i) liability & Fortis settlement
Total liquid assets down on business
development & SBB
In EUR mio
RPN(i) impact on P&L Staff & Operating expenses up on
costs legal settlement
In EUR mio In EUR mio
In EUR mio
44
(834)
3M 15 3M 16
In EUR mio
Accounting value put option on AG
Insurance
(402) (328)
41 54
(133)
(1,021)
FY 15 3M 16
RPN(i) RPI Settlement
1.6
1.2
FY 15 3M 16
36
73
3M 15 3M 16
3 4
8
2112
25
3M 15 3M 16
Staff & Intercompany Operating

Shareholders’ equity down on provision for legal settlement
Down to EUR 10.3 bn or EUR 49.10/share with UG/L of EUR 13.69/share
In EUR mio
7,095 7,529
2,952
2,904
1,330
(109)
201
(834) (77)
(75) (12) (61) (186) (8)
EUR 53.59 EUR 49.10
11,376
10,324
FY 15 Result
Insurance
Result
Gen Acc
Change
UG/L
Treasury
Shares
IAS 19 Reval AG
put option
Forex Other 3M 16
Insurance
UCG/L
Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
FY 15 3M 16 FY 15 3M 16
Belgium 4,932 ► 4,878 Asia 3,009 ► 3,163
UK 1,129 ► 1,100 Reinsurance 101
Continental Europe 977 ► 1,191 Insurance 10,047 ► 10,433
General Account 1,330 ► (109)

Periodic financial Information I 3M 16 results I 19 May 2016
Insurance Solvency IIageas comfortably above the 175% target
Insurance ratio stable on FY 2015 – Group ratio impacted by settlement
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations
Belgium UK CEU Asia Reins. Diversification Insurance GA Group
12
242% 235% 130% 138% 131% 143% 179% 153% 0% 250% 182% 182% 212% 180% 253% 256%
2.9 2.9
0.8 0.8 0.7 0.7 0.3 0.3 0.0 (0.3) (0.3)
4.4 4.5
0.0 0.0
4.4 4.5
0.7
1.5
6.9 6.8
1.1 1.1 0.9 1.0
0.6 0.5
0.1 (1.5)(1.3)
8.0 8.1
1.4
(0.0)
9.4
8.1
1.8
3.7
FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16
 Impact decreasing i-rates on own funds absorbed by non-transferable

2016 started well
- windfalls & setbacks levelled each
other out
 Closing sale Hong Kong &
acquisition Portugal
 Stable Solvency IIageas
Conclusions: 2016 started well

Annexes Insurance Activities
Investment portfolio
General Account
Equity / Solvency
Litigations
General Information

Periodic financial Information I 3M 16 results I 19 May 2016 15
Key financials
Insurance ROE reaching 11% target
In EUR mio 3M 15 3M 16
Gross inflows 9,993 11,111 11%
Net result Insurance 198 201 1%
By segment: - Belgium 95 100 5%
- UK 16 25 53%
- Continental Europe 29 15 (48%)
- Asia 58 61 4%
- Reinsurance 0 1
By type: - Life 148 143 (3%)
- Non-Life 50 58 15%
Net result General Account 44 (834)
Net result Ageas 241 (633)
Earnings per share (in EUR) 1.10 (3.00)
Life Operating Margin Guaranteed 0.91% 1.03%
Life Operating Margin Unit-Linked 0.39% 0.25%
Combined ratio 96.60% 97.80%
FY 15 3M 16
Shareholders' equity 11,376 10,324 (9%)
Net equity per share (in EUR) 53.59 49.10
Insurance ROE excl.UG/L 11.0% 11.0%
Insurance Solvency IIageas ratio 182% 182%

Net result: Solid Non-Life
Non-Life combined ratio: slightly up on
Brussels terrorism events (4pp)
Inflow*: strong Life growth in Asia
& Belgium
In EUR bn
Total Insurance: Headlines
Inflow above EUR 11.1 bn - Strong operating performance in all segments
Life Technical liabilities up
Operating margin Guaranteed: cap
gains on Real Estate in BE
Operating margin Unit-Linked: at
break even in CEU
In % avg technical liabilities In % avg technical liabilities
In % NEP
148 143
50 58
198 201
3M 15 3M 16
Life Non-Life
8.3
9.4
1.7
1.7
10.0
11.1
3M 15 3M 16
Life Non-Life
74.1 75.9
61.1 62.6
135.2 138.5
FY 15 3M 16
conso non-conso
96.6% 97.8%
3M 15 3M 16
0.91%
1.03%
3M 15 3M 16
0.39%
0.25%
3M 15 3M 16

Inflow @ 100%
EUR 11 bn/quarter mark reached - Growth driven by China, Thailand & Belgium
EUR mio 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16
Belgium 75% 958 1,259 31% 588 585 (0%) 1,545 1,844 19%
United Kingdom - 563 578 3% 563 578 3%
Consolidated entities 100% - 435 454 4% 435 454 4%
Non-consolidated JV's 128 124 (3%) 128 124 (3%)0 0
Continental Europe 1,168 1,045 (10%) 293 294 0% 1,461 1,340 (8%)
Consolidated entities 657 463 (29%) 129 140 9% 786 604 (23%)
Portugal 51% - 100% 459 286 (38%) 79 89 13% 538 375 (30%)
France 100% 198 177 (10%) 198 177 (10%)
Italy 50% 50 51 3% 50 51 3%
Non-consolidated JV's 511 582 14% 164 154 (6%) 675 736 9%
Turkey (Aksigorta) 36% 164 154 (6%) 164 154 (6%)
Luxembourg (Cardif Lux Vie) 33% 511 582 14% 511 582 14%
Asia 6,132 7,073 15% 291 277 (5%) 6,423 7,350 14%
Consolidated entities 100% 126 120 (5%) 126 120 (5%)
Non-consolidated JV's 6,006 6,953 16% 291 277 (5%) 6,297 7,230 15%
Malaysia 31% 142 151 6% 216 195 (10%) 359 346 (4%)
Thailand 31%-15% 645 693 7% 75 83 10% 720 775 8%
China 25% 5,148 6,048 17% 5,148 6,048 17%
Philippines 50% 0 0 0 0
Vietnam 32% 0 0 0 0
India 26% 71 61 (14%) 71 61 (14%)
Insurance Ageas 8,257 9,377 14% 1,735 1,734 (0%) 9,993 11,111 11%#DIV/0! ###### ######
Consolidated entities 1,741 1,842 6% 1,152 1,180 2% 2,893 3,022 4%
Non-consolidated JV's 6,517 7,535 16% 583 555 (5%) 7,100 8,089 14%
Reinsurance 0 11 0 11
Life Non-Life Total

Inflow @ Ageas’s part
Strong growth in Asian JV’s & Guaranteed Life in Belgium
In EUR mio
718
944
603 517
1,669
1,903
2,990
3,364
0
441
439
499 516
163 170
78
73
1,182
1,197
19%
3%
(10%)
13%
9%
1,159
1,383
766 687
1,748
1,975
4,172
4,562
0 11
3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16
 Up 11% @ constant FX
 BE: sales Savings product up in anticipation of lower guaranteed rate
 UK: growth in Motor
Non-Life
Life
Belgium UK CEU Asia Insurance Reins.

Insurance net result
Results flat despite terrorism events & equity movements
72
82
21
7
55 54
148 143
23
18
16 25
7
8
3 7
50 58
95 100
16 25 29
15
58 61
0 1
198 201
3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16
 EUR 36 mio higher realised net cap gains – mainly real estate
 BE: EUR 19 mio impact terrorism events
 CEU: downward equity movement & absence tax credit
Non-Life
Life
Belgium UK CEU Asia Reins. Insurance
In EUR mio

10/03/2010 I page 20
Overview of net realised capital gains* by segment
Higher impact of net capital gains
* Net capital gains include capital gains, impairment & related changes in profit sharing, net of tax & @ ageas’s part –
CEU JV’s not included
EUR mio 3M 15 3M 16
Life 16 41 Cap gain on real
Non-Life 1 8 estate transaction
Total Belgium 17 50
Non-Life 5 8
Total UK 5 8
Life 2 (1)
Non-Life 0 0 Downward equity movements
Total CEU 2 (1)
Life 5 8
Non-Life 2
Total Asia 5 9
Life 23 48
Non-Life 6 18
Total Ageas 30 66

Insurance Combined ratio
Strong combined despite terrorism impact
Combined ratio
 Benefiting substantially from PY claims
 Brussels terrorism events impacting for around
4pp - mainly in Other lines & Accident & Health
 Household: no significant weather events
 Motor : significant improvement in UK
Claims ratio
 CY claims ratio at 73.0% (vs.69.3%) - when
excluding terrorism most significant
improvement in Accident & Health and
Household
 PY claims ratio significantly higher than usual -
coming from positive evolution in UK & mainly
BE
Expense ratio
 Lower UK commissions
73.2% 69.0% 68.1% 64.3% 64.4% 62.2% 61.2% 63.2%
32.8%
31.1% 31.0%
34.0% 35.2% 34.6% 35.4% 34.6%
106.0%
100.1% 99.1% 98.3% 99.6%
96.8% 96.6% 97.8%
(3.7%) (3.5%) (3.1%) (3.8%) (4.0%) (5.9%)
(8.1%) (9.8%)
2010 2011 2012 2013 2014 2015 3M 15 3M 16
claims ratio expense ratio PY claims ratio
Net earned premium (In EUR mio)
2,858 3,507 4,178 3,749 3,843 4,038 985 987

74.3% 71.9% 70.5% 70.0% 67.3% 65.4% 64.6% 69.6%
24.8% 25.0% 25.5% 25.6% 27.0% 28.3% 27.4%
28.4%
99.1% 96.9% 96.0% 95.6% 94.3% 93.7% 92.0%
98.0%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
78.4% 72.0% 73.6% 69.8% 69.6% 69.2% 69.2% 65.9%
29.0%
25.3% 25.4% 29.3% 29.7% 29.0% 32.2% 30.0%
107.4%
97.3% 99.0% 99.1% 99.3% 98.2% 101.4%
95.9%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
75.0%
61.9% 55.6% 51.5% 51.5% 50.4% 52.5% 53.3%
43.2%
41.5%
41.6% 44.0% 44.6% 43.7% 41.8% 43.2%
118.2%
103.4%
97.2% 95.5% 96.1% 94.1% 94.3% 96.5%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
42.9%
67.2% 66.5% 62.4% 71.2%
57.9%
45.0%
65.3%
41.2%
44.8% 44.9% 45.5%
50.6%
46.1%
47.2%
44.0%
84.1%
112.0%111.4%107.9%
121.8%
104.0%
92.2%
109.3%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
Insurance Combined ratio per product line
Strong improvement in Motor
Motor: significant improvement in UKAccident & Health: 7.4pp impact terrorism events
Other: deteriorating accross all segments – 13.1pp terrorismHousehold: no significant weather events
NEP 714 736 763 813 813 811 200 196 NEP 1,134 1,571 2,058 1,557 1,616 1,709 418 426
NEP 750 892 1,007 986 1,029 1,078 265 262 NEP 261 308 349 394 385 439 102 103

0.11% 0.13% 0.12%
0.17% 0.19%
0.10%
0.01%
(0.02%)
0.02%
0.01% 0.02%
0.05%
0.37%
0.18%
0.06%
0.18%
0.18%
0.10%
0.48%
0.28%
0.20%
0.36%
0.39%
0.25%
2012 2013 2014 2015 3M 15 3M 16
Expense & other m.
Investment m.
Underwriting m.
0.44% 0.43% 0.38% 0.33% 0.37% 0.38%
0.87% 0.83% 0.90%
0.80% 0.80%
0.94%
(0.33%) (0.31%) (0.39%)
(0.23%) (0.26%) (0.29%)
0.99% 0.96% 0.89%
0.90% 0.91%
1.03%
2012 2013 2014 2015 3M 15 3M 16
Insurance Life operating margin per product line
Margins in Guaranteed above target range
Guaranteed: driven by investment margin Unit-linked: decrease driven by Belgium & Hong Kong
 Underwriting margin down mainly in Hong Kong
 Expense & other margin down on lower risk margin in BE
 Investment margin: higher realized cap gains in BE & CEU
 Underwriting margin: lower in BE & improvement in HK
 Expense margin: higher expenses in HK
Avg techn liabilities (In EUR bn)
54.0 55.5 56.9 57.9 57.8 58.5
11.8 12.3 12.6 13.0 13.3 12.8

95.8%
99.7%
3M 15 3M 16
Net result: Non-Life incl. EUR 19 mio
impact of terrorism events
In EUR mio In EUR bn In EUR bn
In % avg. technical liabilities In % avg. technical liabilitiesIn % NEP
72
82
23
18
95
100
3M 15 3M 16
Life Non-Life
1.0
1.3
0.6
0.6
1.5
1.8
3M 15 3M 16
Life Non-Life
56.3 58.2
FY 15 3M 16
0.82%
0.98%
3M 15 3M 16
0.47%
0.23%
3M 15 3M 16
Belgium : Headlines
Solid overall performance - higher realized capital gains but impact of terrorism events
Inflow: strong increase in
Guaranteed Life
Life Technical liabilities slightly up
when excl. shadow accounting
Combined ratio: significant impact of
terrorism events (8.6pp)
Operating margin Guaranteed: up on
impact of cap gains, mainly RE
Operating margin Unit-Linked: Lower
risk & expense result

168 164
170 169
187 189
63 63
588 585
3M 15 3M 16
822
1,126
136
133
958
1,259
3M 15 3M 16
+31%
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Belgium: Inflow @ 100%
Guaranteed Individual Life: increase in short term investment products
Unit-linked
 Inflows in Unit-Linked slightly decrease by 2%
Guaranteed
 Increase in short term investment products in anticipation of lower
guaranteed rate from 1% to 0.75% as from 1 April. Overall client
returns remain attractive relative to savings alternatives.
 Group Life Inflow down 5% mainly driven by lower single
premiums
Technical liabilities end-of-period
 Up 3.4% vs. FY ‘15 as a consequence of the declined interest
rates – up 0.7% when excluding shadow accounting
Household, Motor, Other
 Stable
Accident & Health
 Pruning actions in Workmen’s Compensation

Net earned premium (in EUR mio)
68.7% 64.3% 62.7% 63.2% 63.5%
56.9% 57.8% 61.4%
36.4%
36.8% 36.8% 36.7% 37.7%
37.8% 38.0%
38.3%
105.1%
101.1% 99.5% 99.9% 101.2%
94.7% 95.8%
99.7%
(6.6%) (7.3%) (4.5%) (3.6%) (3.4%)
(7.2%)
(13.3%) (16.3%)
2010 2011 2012 2013 2014 2015 3M 15 3M 16
1,541 1,601 1,698 1,785 1,815 1,832 454 451
Belgium: Combined ratio
Strongly affected by the Brussels terrorism events & benefiting from PY releases
Combined ratio
 Negative impact of 8.6% relating to Brussels
terrorism events of 22 March 2016 partly offset
by higher prior year result
 Excl. terrorism, combined ratio of 91.1%;
benefiting from strong PY releases
Claims ratio
 CY ratio at 77.7% (vs. 71.1%) - impact terrorism
events mainly in Workmen’s Compensation
(Accident & Health) & Other Lines
 PY ratio: strong positive results in all product
lines
Expense ratio stable

75.8% 73.8% 73.0% 73.7% 70.1% 70.4% 68.9% 74.8%
21.9% 23.8% 24.0% 23.8% 25.4% 27.6% 26.9%
28.5%
97.7% 97.6% 97.0% 97.5% 95.5% 98.0% 95.8%
103.3%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
10.4%
58.2% 65.9% 66.1%
87.5%
65.8%
53.3%
75.3%
50.9%
49.5%
48.1% 47.2%
47.6%
45.0%
45.7%
45.6%
61.3%
107.7%
114.0%113.3%
135.1%
110.8%
99.0%
120.9%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
75.6%
63.0%
50.5% 51.4% 51.7% 43.9%
54.0% 52.8%
47.1%
46.9%
46.2% 45.6% 45.7%
45.2%
45.5% 45.3%
122.7%
109.9%
96.7% 97.0% 97.4%
89.1%
99.5% 98.1%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
71.0%
58.9% 64.7% 64.7% 62.6% 56.2% 53.4% 54.8%
35.7%
35.3%
35.8% 36.3% 37.2%
36.4% 37.3% 36.9%
106.7%
94.2%
100.5%
101.0%
99.8%
92.6% 90.7% 91.7%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
Belgium: Combined ratio per product line
Solid combined ratio Motor & Household
Accident & Health: significant impact terrorism event in
Workmen’s Compensation
Motor: stable at a strong 91.7%
Household: good results driven by good claims ratio Other: strong impact of the terrorism events
NEP 451 451 480 507 504 484 122 116 NEP 498 525 540 552 562 568 140 140
NEP 463 484 530 564 579 595 147 149 NEP 129 142 149 162 170 185 46 46

0.04%
0.04%
(0.02%)
0.01%
0.05%
0.44%
0.38%
0.32% 0.31%
0.42%
0.23%
0.47%
0.41%
0.30% 0.32%
0.47%
0.23%
2012 2013 2014 2015 3M 15 3M 16
Investment m.
Expense & other m.
Underwriting m.
0.32% 0.32% 0.30% 0.25% 0.29% 0.27%
0.93% 0.88% 0.95%
0.88% 0.84%
1.02%
(0.29%) (0.31%) (0.38%)
(0.27%) (0.31%) (0.31%)
0.96% 0.89% 0.87%
0.86% 0.82%
0.98%
2012 2013 2014 2015 3M 15 3M 16
Insurance Life operating margin per product line
Strong margins in Guaranteed - UL margins decreased significantly
Guaranteed: exceptionally strong on Real Estate cap gains Unit-linked: significantly lower expense & other margin
 Investment margin strong increase mainly due to higher
realized capital gains in Real Estate despite lower
investment yield
 Underwriting margin down due to risk margin
 Expense & other margin stable
 Expense & other margin large decrease due to lower risk
result (higher level of mortality reserving) & lower expense
result
44.9 46.4 47.5 48.1 48.0 48.3
5.2 5.4 5.7 5.9 6.0 6.0

29
Margin evolution Assets & Liabilities Belgium
Yield & guaranteed rate on back book down at the same pace
Life
Back book
FY 13 FY 14 FY 15 Q1 16
Guaranteed interest rate 2.80% 2.71% 2.63% 2.59%
Fixed income yield 3.97% 3.84% 3.71% 3.64%
FY 14 FY 15 Q1 16
Fixed income yield 2.89% 2.11% 2.14%
Reinvested amount (EUR bn) 4.6 4.2 0.9
 New money are mostly corporate bonds, government related loans &
infrastructure loans
 New investments in Q1 had all investment grade quality
 Guaranteed yield lowered to 0.75% as from 1 April 2016
New money
Life & Non-Life

In EUR mio
In % NEPIn EUR bn
0.6 0.6
3M 15 3M 16
99.7% 99.0%
3M 15 3M 16
United Kingdom: Headlines
Motor driving inflow growth & result improvement
Improved Motor result & realised
capital gains
Inflow 6% up at constant FX, driven
by volume growth in Motor
Combined ratio: improvement in
Motor offsetting all other product lines
16
25
3M 15 3M 16

15 9
367 398
123
116
59 55
563 578
3M 15 3M 16
Motor
Other
Household
Accident & Health
In EUR mio
3%
United Kingdom: Inflow @ 100%
Non-Life Inflow up 3% driven by volume growth – up 6% at constant FX
Non-Life
 Up 3%, up 6% at constant FX driven by volume
 Motor increased volumes as a result of rating actions taken ahead of
market price increases
 Household slightly down against continued competitive market
conditions
 Other lines slightly down, reflecting exchange rate as well as
realignment of ancillary products into Motor & Household

81.5%
74.6% 73.3%
65.6% 66.3% 69.3% 65.3% 66.6%
28.0%
25.3% 26.5%
32.2% 33.5%
32.7%
34.4% 32.4%
109.5%
99.9% 99.8% 97.8% 99.8% 102.0% 99.7% 99.0%
(1.1%)
0.1%
(2.1%) (4.0%) (4.6%) (4.4%) (3.4%) (4.2%)
2010 2011 2012 2013 2014 2015 3M 15 3M 16
948 1,524 2,083 1,562 1,613 #N/A 422 413
United Kingdom: Combined ratio
Combined ratio improvement driven by Motor
Combined ratio
 Combined ratio sub 100% performance in the
major product lines Motor & Household
 Combined ratio Tesco Underwriting at 100.1%
(vs. 106.6%) as a result of lower personal injury
& accident claims in Motor
Claims ratio
 Claims ratio adverse current year ratio partially
offset by favourable prior year releases
 CY ratio at 70.8% (vs. 68.7%) reflecting some
weather-related claims, compared with benign
weather in Q1 ‘15
 PY ratio: driven by higher releases in Motor
Expense ratio
 Improvement related to lower commission
expenses & lower cost ratio
 2015 included Groupama integration costs
Restatement for deconsolidation of Tesco Underwriting since 2013 – 3M 15 figures restated for consolidation Non-Life & Other

97.9%
87.7%
78.1% 76.2%
66.0%
55.8% 54.1% 58.5%
24.0%
23.2%
28.2% 34.3%
38.7%
43.6% 49.6% 50.6%
121.9%110.9%
106.3%110.5%
104.7%
99.4% 103.7%
109.1%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
82.9% 79.2% 77.2% 71.9% 74.6% 76.0% 77.1% 72.4%
23.3% 19.5% 21.3%
25.0% 25.1% 24.7% 29.3%
26.3%
106.2%
98.7% 98.5% 96.9% 99.7%100.7%
106.4%
98.7%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
77.4%
61.4% 62.3%
51.4% 51.0%
62.2%
49.8% 53.3%
38.2%
35.3% 36.7%
42.4% 43.3%
43.0%
37.6% 41.6%
115.6%
96.7%
99.0% 93.8% 94.3%
105.2%
87.4%
94.9%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
75.1% 71.6% 67.7% 59.8% 56.0% 55.5%
40.0%
62.4%
30.4% 39.3% 42.1%
44.4% 54.3% 47.8%
49.9%
44.0%
105.5%110.9%109.8%104.2%
110.3%
103.3%
89.9%
106.4%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
United Kingdom: Combined ratio per product line
Improved Motor loss ratio offsetting other product lines
Accident & Health: higher claims & lower volumes Motor: higher PY releases & lower expenses
Household: very benign Q1 ‘15 Other: lower PY releases & absence of integration costs
NEP 58 65 57 79 71 72 15 10 NEP 532 949 1,420 907 958 1,047 255 262
NEP 248 366 434 374 399 413 104 93 NEP 110 143 173 202 185 220 48 48
Restatement for deconsolidation of Tesco Underwriting since 2013 – 3M 15 figures restated for consolidation Non-Life & Other

Net profit down due to equity markets
vs. tax credit in 3M ‘15
Non-Life combined ratio excellent both
in Portugal & Italy
Inflow* down on lower guaranteed
sales in Portugal In EUR bn
Continental Europe: Headlines
Strong operating performance partly offset by downward equity market
Operating margin Guaranteed up on
higher investment result in France
Life Technical liabilities fairly stable
In % avg technical liabilities
Operating margin Unit-Linked: lower
fee income
In % avg technical liabilitiesIn % NEP
1.2 1.0
0.3
0.3
1.5
1.3
3M 15 3M 16
Life Non-Life
21
7
7
8
29
15
3M 15 3M 16
Life Non-Life
14.6 14.5
18.8 18.7
33.4 33.2
FY 15 3M 16
conso non-conso
88.1% 87.4%
3M 15 3M 16
0.02% 0.00%
3M 15 3M 16
1.05% 1.17%
3M 15 3M 16

642 594
526
451
1,168
1,045
3M 15 3M 16
102 109
69 71
65
73
57 41
293 294
3M 15 3M 16
(11)%
Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflow @ 100%
Lower sales of guaranteed products in Portugal
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Life
 Inflow including non-controlling interests @ 100%, down primarily as
result of lower sales of Guaranteed products in Portugal
 Consolidated down 29%
 Portugal: down 38% reflecting voluntary lower sales in guaranteed
business in a continued low interest rate environment. Unit-Linked
21% up on last year
 France: down 11% compared to high level single premium in 3M
‘15 - recurring inflow stable
 Luxembourg: up 14% benefiting from strong wealth management
inflow
Technical liabilities end-of-period
 Consolidated in line with year-end at EUR 14.5 bn
 Including non-consolidated JVs @ 100%: stable at EUR 33.2bn
Non-Life
 Inflow consolidated entities up 9% driven by an excellent performance
in Portugal strongly outperforming the market (+4%)
 Turkey down 6%, up 10% @ constant FX - Sales focused on profitable
growth & short term products

Continental Europe: Combined ratio
Excellent combined ratio well below group target
* Scope: only consolidated companies
369 382 397 403 415 454 108 118
Combined ratio
 Combined significantly lower reflecting a good
performance in all entities
 Combined ratio Turkey at 100.0% (vs. 106.8%)
Results improved in Motor TPL & Household -
3M ‘15 impacted by bad weather
Claims ratio
 CY ratio at 64.1% (vs 64.8%) decrease driven
by Accident & Health in Portugal & Motor in
Italy
 PY ratio slightly up
Expense ratio
 Expense ratio continued focus on cost
containment - commission ratio slightly higher
71.0% 66.4% 63.6% 63.7% 61.3%
55.9% 60.0% 59.0%
30.3%
30.3%
29.8% 30.0% 30.8%
29.5%
28.1% 28.4%
101.3%
96.7%
93.4% 93.7% 92.1%
85.4% 88.1% 87.4%
1.9% (2.0%) (2.5%) (4.0%) (4.3%) (6.5%) (4.8%) (5.1%)
2010 2011 2012 2013 2014 2015 3M 15 3M 16

64.2% 63.5% 63.3% 59.7% 61.9% 58.8% 58.7% 62.5%
31.6% 27.8% 28.2% 26.6% 26.7% 25.2% 23.1% 25.0%
95.8% 91.3% 91.5%
86.3% 88.6%
84.0% 81.8%
87.5%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
90.5%
71.8% 69.8%
79.3%
60.1%
71.5% 77.1%
59.1%
27.0%
29.2% 28.1%
29.2%
31.6%
32.3%
33.2%
30.2%
117.5%
101.0%97.9%
108.5%
91.7%
103.8%
110.3%
89.3%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
53.5% 53.7% 51.8% 53.5% 54.0%
36.1%
55.7% 55.4%
27.7% 34.2% 33.5% 38.8% 40.3%
35.9%
35.6% 33.9%
81.2%
87.9% 85.3%
92.3% 94.3%
72.0%
91.3% 89.3%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
73.3%
94.5%
62.8% 59.6%
72.3%
31.7% 27.4% 36.6%
39.0%
50.0%
43.3% 43.7%
45.1%
40.8% 39.3%
40.5%
112.3%
144.5%
106.1%103.3%
117.4%
72.5%
66.7%
77.1%
2010 2011 2012 2013 2014 2015 3M 15 3M 16
Continental Europe: Combined ratio per product line
Favourable claims experience
Motor: improving claims & expenses in ItalyAccident & Health: lower PY development
Household: good claims ratio in Italy partly offset by 1
large claim & storms in Portugal
Other: Release of provison on 2 old claims in Q1 ‘15
NEP 205 220 226 227 238 255 63 69 NEP 104 97 99 99 96 94 23 23
NEP 39 42 44 48 51 70 15 17 NEP 21 23 28 29 30 35 8 9

Continental Europe Life operating margin per product line
Higher operating margin Guaranteed due to investment result
Guaranteed: operating margin up on investment margin Unit-linked: decreasing expense & other margin
 Decreased expense & other margin related to less fees Investment margin well above 3M ‘15 in France
 Underwriting margin in line with last year
 Expenses & other margin stable on last year
1.18% 1.06% 0.95% 1.00% 0.99% 1.00%
0.69%
0.68%
0.77% 0.59%
0.75%
0.87%
(0.85%) (0.83%)
(1.02%)
(0.71%) (0.69%) (0.70%)
1.02%
0.91% 0.70%
0.88%
1.05%
1.17%
2012 2013 2014 2015 3M 15 3M 16
0.01% (0.05%) 0.01%
0.01% 0.03%
0.02%
0.01%
0.01%
0.02%
0.02%
0.02%
0.41%
0.51%
0.09% 0.04%
(0.01%) (0.05%)
0.44%
0.47%
0.10%
0.07% 0.02%
0.00%
2012 2013 2014 2015 3M 15 3M 16
Expense & other m.
Underwriting m.
Investment m.
7.8 7.6 7.7 8.0 8.0 8.2
6.1 6.3 6.2 6.1 6.3 5.9

Net result: Life result stable - Non-Life
result driven by Malaysia
Non-Life combined ratio: strong
decrease on lower expenses
Inflow* up 19% at constant FX growth
mainly up in China & Thailand
Life Technical liabilities up across
all non-consolidated entities
In EUR bn
Asia: Headlines
Life result driven by new business growth & financial results
In % avg technical liabilities In EUR mio
Life operating margin Hong Kong:
impacted by higher distribution costs
Result non-conso JV’s: strong result in
China, Thailand & Non-Life Malaysia
In % NEP
55 54
3 7
58 61
3M 15 3M 16
Life Non-Life
6.1
7.1
0.3
0.3
6.4
7.4
3M 15 3M 16
Life Non-Life
92.1%
86.4%
3M 15 3M 16
2.55%
1.74%
3M 15 3M 16
3.2 3.2
42.3 43.9
45.5 47.0
FY 15 3M 16
Conso Non-conso
44 49
3
747
55
3M 15 3M 16
Life Non-Life

+15%
-5%
Household
Motor
Guaranteed
Life
Non-Life
In EUR mio
In EUR mio
Unit-Linked
Asia: Inflow @ 100%
Strong new business growth, inflows impacted by 4% unfavourable FX
Accident & Health
Other
6,050
7,009
82
646,132
7,073
3M 15 3M 16
106 103
32 31
23 26
131 117
291
277
3M 15 3M 16
Life
 New business premiums up 16% with EUR 2.7 bn single premium (-1%)
& EUR 1.8 bn regular premium (+60%)
 Renewal premiums increased to EUR 2.5 bn (+14%) benefiting from
prior year strong sales & continued good persistency
 Hong Kong -5%, market impacted by new regulations mainly in Agency
channel. Banca performed well in regular premium
 China +17%, New business premium up 20% with successful sales
campaigns & increased number of agents
 Malaysia +6% - New business premium up 8%; strong sales in Banca
regular premium
 Thailand +7%, good persistency resulted in higher renewal
 India -14% - good performance in Banca regular premium
Technical liabilities – end-of-period
 Hong Kong: EUR 3.2 bn, stable vs. FY ‘15, up 5% at constant FX
 Including non-consolidated JVs @ 100%: EUR 47.0 bn, up 5% vs FY 15
Non-Life
 Malaysia -10%, Mainly driven by Household
 Thailand +10%, Mainly driven by Motor & Personal Accident

Hong Kong Life operating margin per product line
Operating margin affected by impairments & higher expenses
Guaranteed: impacted by equity impairments Unit-linked: lower surrender margin
 Underwriting margin deteriorated due to lower surrender
margin
 Expense & Other margin improved following shift towards
products with lower new business strain
 Investment margin deteriorated due to equities impairments
 Underwriting margin improved on better claims experience
(net of reinsurance) & improved surrender margin
 Expense & Other margin lower due to higher expense &
distribution costs
(0.15%) (0.32%)
(0.47%) (0.43%) (0.47%)
0.44%
(0.11%)
0.27%
0.11%
(0.33%) (0.09%)
(0.76%)
2.52%
4.19%
3.13%
2.65%
3.28%
1.93%
2.26%
4.14%
2.77%
1.89%
2.72%
1.61%
2012 2013 2014 2015 3M 15 3M 16
2.13%
2.15%
2.07% 2.23% 2.15%
1.31%
(0.95%)
(5.01%)
(2.06%)
0.17%
(0.05%)
0.23%
0.20%
0.17%
0.15%
0.47%
1.18% (2.86%) 0.21%
2.57%
2.25% 2.01%
2012 2013 2014 2015 3M 15 3M 16
Investment m.
Expense & other m.
Underwriting m.
0.5 0.6 0.7 0.9 1.0 0.9
1.3 1.3 1.4 1.9 1.8 2.0

In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Asset mix
 Asset allocation remained stable
 Increased market value bonds because of lower interest
rates
Gross unrealized gains/losses on Available for Sale
 Total portfolio: up to EUR 9.2bn (EUR 7.6 bn FY 15); up in
fixed income
 Fixed income: at EUR 8.8 bn (EUR 7.1 bn FY 15)
 Sovereigns at EUR 6.7 bn (vs. EUR 5.5 bn)
 Corporates at EUR 2.1 bn (vs. EUR 1.6 bn)
 Equities: down to EUR 0.4 bn (vs. EUR 0.5 bn)
Gross UG/L on Real Estate: stable at EUR 1.5 bn - not
reflected in shareholders’ equity
EUR 2.5 bn unrealized gains/losses on Held to Maturity
(EUR 2 bn FY 15) - not reflected in shareholders’ equity
Sovereign
bonds 36.4
Sovereign
bonds 38.0
Corporate
bonds 25.9
Corporate
bonds 26.0
Structured
0.2
Structured
0.1
Loans
7.3
Loans
7.6
Equities 3.9
Equities 3.5
Real Estate 5.4
Real Estate 5.4
Cash 2.4
Cash 2.7
81.5
83.3
FY 15 3M 16
Investment portfolio up on unrealized gains on fixed income

 Increase portfolio fully driven by lower rates
 Gross UG/L at EUR 6.7 bn (vs. EUR 5.5 bn)
 95% investment grade; 88% rated A or higher
 Maturity sovereign bond portfolio unchanged & close
to maturity liabilities – duration gap close to zero –
limited interest rate sensitivity
Belgium
18.2
Belgium
18.7
France 6.0 France 6.4
4.5
4.7
Austria 2.8
Austria 3.01.3
1.3
Others 3.7
Others 3.9
36.4
38.0
FY 15 3M 16
In EUR bn
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value fixed income portfolio impacted by evolution unrealized gains
 Gross UG/L at EUR 2.1 bn (vs. EUR 1.6 bn)
 Priority to investment grade industrials has led to a
slight increase within corporate bond portfolio to 54%
(vs. 52% FY 15)
 Credit quality remains very good with 94% investment
grade; 63% rated A or higher
Corporate bond portfolio*
Banking 4.6 Banking 4.6
Other
financials 1.7
Other
financials 1.6
Non
Financials
13.6
Non
Financials
14.0
Government
related 6.0
Government
related 5.8
25.9 26.0
FY 15 3M 16
Germany
Germany
Southern EuropeSouthern Europe

Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Loans to
banks 1.1
Loans to
banks 1.1
RE 0.4 RE 0.4
Infrastructure
0.3
Infrastructure
0.4
Mortgages 1.3 Mortgages 1.4
Other 4.2
Other 4.3
7.3
7.6
FY 15 3M 16
 Increase in other: long term lending to social housing
agencies in Belgium, benefiting from explicit guarantee
by the region
 New investments in infrastructure loans
Equity portfolio*
 Gross UG/L down to EUR 0.4 bn
 Decrease in equity portfolio supported by lower
equity markets & sales
Equities 2.3
Equities 1.8
Equity funds
0.3
Equity funds
0.3
RE funds 0.8
RE funds 0.7
Mixed funds
& others 0.6 Mixed funds
& others 0.6
3.9
3.5
FY 15 3M 16
In EUR bn

Real estate portfolio
10/03/2010
 Gross UG/L stable at EUR 1.5 bn (not reflected in
shareholders’ equity but contributing to available
capital for solvency calculation)
 Real Estate exposure mainly in Belgium
Investment
Offices 2.1
Investment
Offices 1.9
Car Parks
1.1 Car Parks
1.1
Investment
Retail 1.5
Investment
Retail 1.6
0.3 0.3
0.4 0.4
5.4 5.4
FY 15 3M 16
Investment Warehouses
RE Development
Investment
Warehouses
RE Development
In EUR bn

Annexes Equity / Solvency
Insurance Activities
General Account
Litigations
General Information

(1,064) (1,107)
FY 15 3M 16
Net result driven by settlement Fortis
events
In EUR mio
Accounting value of remaining
legacies:
General Account: Headlines
Impacted by revaluation RPN(i) liability & Fortis settlement
Total liquid assets down on business
development & SBB
In EUR mio
RPN(i) impact on P&L Staff & Operating expenses up on
costs legal settlement
In EUR mio In EUR mio
In EUR mio
44
(834)
3M 15 3M 16
In EUR mio
Accounting value put option on AG
Insurance
(402) (328)
41 54
(133)
(1,021)
FY 15 3M 16
RPN(i) RPI Settlement
1.6
1.2
FY 15 3M 16
36
73
3M 15 3M 16
3 4
8
2112
25
3M 15 3M 16
Staff & Intercompany Operating

Total liquid assets General Account
Net cash position down on SBB & investments in Portugal & Asia
In EUR bn
 Around EUR 300 mio of liquid assets included
 Share buy-back – another EUR 34 mio spend as per 13/05/16
 Cash-out in Asia related to various investments in developing business
 Proceeds of sale Hong Kong activities received on 12/05/16 – total liquid assets will
increase with EUR 1.260 mio
1,604
1,220
(72)
(70)
(200)
(2) (32) (9)
FY 15 Share
buy-back
Asia Portugal CASHES Regional
& HQ
expenses
Other 3M 16

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
Fixed Rate Reset
Dated
Subordinated
Notes
CASHES
% 3m EUR + 135 bps 5.125% 5.25% 6.75% 3.5% 3m EUR +200 bps
Amount
outstanding
1,250 95 450 550 USD 400 1,110
ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE6277215545 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
June 2027
Step up after 12
years of 100bps
Undated,
strike 239.4,
mandatory 359.1
Other
On lent to AG
Insurance
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue Public issue
Coupon served by
FBB, trigger ACSM
linked to Ageas
dividend
Market Price
(31/03/16)
56.66 100.62 112.97 106.25 94.16 65.85
Fortis Bank
(now BNP PF)
AG Insurance
(Belgium)
 PR Ageas Hybrid Financing dd. 12/04/16: intention to call Hybrone Securities
on 20 June 2016
called

Progress in solving financial legacies
Ageas & BNP Paribas close agreement on remaining CASHES
 BNP P purchases CASHES @ own discretion re purchase price & timing
 Conversion into underlying Ageas shares @ end of each month
 No minimum targets - expiration YE 2016
 Ageas will pay pro-rata RPN(i) value to BNP P @ conversion
 Ageas will receive a break-up fee
 Converted CASHES: 20 in Q1 – another 477 in April
 2.950 CASHES remain outstanding
 Cost of convertion: EUR 1.4 mio in Q1 – another EUR 32.2 in April
 12,000 convertible securities issued in 2007 @ 3m Euribor + 200 bps
 12.5 mio underlying Ageas shares
 After tender 02/12  37.06% outstanding: 4,447 CASHES & 4.6 mio underlying shares
 Financial instrument resulting in interest payment 3m Euribor + 90 bps on RPN
 Value RPN(I) liability @ 31/03/16 at EUR 328 mio
CASHES
ISIN BE0933899800
Held by BNP PF
Current status
Transaction details
RPN(i)
Held by ageas

Shareholders’ equity down on provision for legal settlement
Down to EUR 10.3 bn or EUR 49.10/share with UG/L of EUR 13.69/share
In EUR mio
7,095 7,529
2,952
2,904
1,330
(109)
201
(834) (77)
(75) (12) (61) (186) (8)
EUR 53.59 EUR 49.10
11,376
10,324
FY 15 Result
Insurance
Result
Gen Acc
Change
UG/L
Treasury
Shares
IAS 19 Reval AG
put option
Forex Other 3M 16
Insurance
UCG/L
Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
FY 15 3M 16 FY 15 3M 16
Belgium 4,932 ► 4,878 Asia 3,009 ► 3,163
UK 1,129 ► 1,100 Reinsurance 101
Continental Europe 977 ► 1,191 Insurance 10,047 ► 10,433
General Account 1,330 ► (109)

Periodic financial Information I 3M 16 results I 19 May 2016 54
Tangible net equity
High quality capital structure
10/03/2010 I page 54
EUR bn FY15 3M 16
IFRS Shareholders' Equity 11.4 10.3
Unrealised gains real estate 0.5 0.5
Goodwill (0.8) (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 0.4 0.4
25% tax adjustment DAC, VOBA & Other 0.3 0.3
IFRS Tangible net equity 10.2 9.2
IFRS Tangible net equity/ IFRS Shareholder's Equity 90% 89%

Insurance Solvency IIageas stable &comfortably above the 175% target
Group ratio impacted by settlement – Hong Kong sale + 30pp in Q2
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
55
242% 235% 130% 138% 131% 143% 179% 153% 0% 250% 182% 182% 212% 180% 253% 256%
* For China, C-ROSS solvency calculations are applied as from 3M 2016. FY 2015 figures are not restated
 Impact decreasing i-rates on own funds absorbed by non-transferable own funds
2.9 2.9
0.8 0.8 0.7 0.7 0.3 0.3 0.0 (0.3) (0.3)
4.4 4.5
0.0 0.0
4.4 4.5
0.7
1.5
6.9 6.8
1.1 1.1 0.9 1.0
0.6 0.5
0.1 (1.5)(1.3)
8.0 8.1
1.4
(0.0)
9.4
8.1
1.8
3.7

9.3
11.2
8.0
10.0
2.2
1.6
2.5
1.8
(5.2)
(2.0)
(0.2)
(0.40)
(0.8) (1.5)
3.0
9.8
11.6
8.1
10.4
2.2
1.5
3.4
1.8
(5.9)
(2.3)
(0.2)
(0.55) (0.8)
(1.3)
2.9
Bridge from Insurance IFRS equity to Insurance Solvency IIageas own funds
Expected dividend includes FY ‘15 & 3M ‘16 dividend – SCR Equity Associates: up in China
Revaluation to fair value
FY ‘15
56
In EUR bn
Revaluation to fair value
3M ‘16
UCG/L
UCG/L
Total equity
@ fair value
Total equity
@ fair value

Insurance SCRageas per risk type
Life & Health UW risk driving increase in SCR
Market risk main
factor in SCR
57
In EUR bn
( 1.6 ) ( 1.7 )
( 0.6 ) ( 0.6 )
( 1.1 ) ( 1.1 )
4.7 4.7
0.3 0.3
0.8 1.0
0.4 0.5
0.8
0.8
0.7
0.7
4.4
4.5
FY 15 3M 16
Non Diversifiable
Non-life UW
Health UW
Life UW
Counterparty Default
Market
Loss-Absorption Deferred Taxes
Loss-Absorption Techn. Liab.
Diversification
Life & Health UW
risk slightly up
 Market risk stable: higher spread & interest risk compensated by lower equity & currency risk
 Life & Health risk increasing on lapse risk

Solvency PIM – as reported to the regulator
Group ratio impacted by settlement – Hong Kong sale + 30pp in Q2
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations
58
3.0 3.0
0.9 0.8 0.6 0.6 0.4 0.3 0.0 (0.3) (0.2)
4.5 4.6
0.0 0.0
4.6 4.6
0.7
1.5
6.9 6.8
1.1 1.1 0.9 1.0
0.6 0.5 0.1 (1.5)(1.3)
8.1 8.2
1.4
(0.1)
9.4
8.1
1.8
3.7
234% 225% 124% 132% 148% 166% 158% 135% 0% 250% 178% 177% 206% 174% 253% 256%

Tiering of Group PIM own funds
High quality of own funds
59
Equity down on
legal provision
In EUR bn
6.9
5.6
1.8
1.8
0.5
0.5
0.2
0.1
9.4
8.1
FY 15 3M 16
Tier 3
Tier 2
Tier 1 restricted
Tier 1

Settlement between Ageas & claimants representatives
 Aim to achieve a fair & reasonable outcome for as many eligible shareholders as
possible
 Draw a line under lengthy & complex legal process
 End uncertainty on timing & outcome of legal proceedings
 Permitting Ageas to regain full strategic & financial flexibility
 Legal procedure under Dutch law, WCAM stands for Wet Collectieve Afwikkeling
Massaschade – Dutch act on Collective Settlement of Mass Claims
 An out of court settlement declared binding by court – Amsterdam Court of Appeal
 After Court approval, agreement becomes binding to all eligible shareholders
 No recognition of any wrongdoing by Ageas
 Commitment by eligible shareholders to abandon any ongoing civil proceeding &
not to start any legal proceeding related to the events
 Amounts attributed by the agreement will depend on specific characteristics of
acquisitions & holdings
 Main compensation principles already disclosed
 Full disclosure including compensation amount per share public at filing of
settlement
Rationale
Based on WCAM
Ageas pays
EUR 1,204 mio
compensation

 In context of regular governance
 During relevant period 2007-2008
 3 insurance policies
 2 successive Directors & Officers (D&O) liability insurance policies,
covering directors & officers for general responsibility
 Public Offering Securities Insurance (POSI), covering directors & officers,
Fortis itself & its subsidiaries specifically for public rights issue in
September 2007
 D&O insurers contested coverage & refused all payments
 Insurers pay to Ageas settlement amount of EUR 290 mio
 Ageas, all D&O’s involved in legal procedures and BNP Paribas Fortis (the
“Insured”) will provide full & final release under the policies
 Ageas is authorized to use the settlement amount in context of global settlement
with claimants organisations
 Ageas has agreed to provide them certain protection
Context
Settlement
Issue
Settlement between Ageas & its D&O insurers

Settlement EUR 1,204 mio  Capped
Expenses EUR 45 mio  Compensation to claimants organisations for
retail representation & WCAM implementation
Expected tail EUR 62 mio  Extra provision for tail risk
Insurers EUR (290) mio
Cash out EUR 1,021 mio  payment over period of several years
Provision FortisEffect EUR (133) mio  Provision made in 2014
P&L impact EUR 889 mio  Impact on Solvency IIageas
Insurance no impact
Group 20 pp
Financial impact - Sufficient cash available – No impact on Insurance
 Sufficient net cash available
 EUR 1.2 bn @ 31/03/16
 EUR 1.3 bn proceeds of sale Hong Kong received on 12/05/16

2 – 4
months
6 – 9
months
3 – 6
months
3 – 12
months
2.Filing
19/05/2016
4.Notification &
Announcement
3.Pre-hearing 5.Hearing
6.Notification & Announcement
of Court’s binding decision
Opt-out
period
2
months
1.Settlement
14/03/2016
8. Distribution of
compensation
Announcement Distribution
at least 18 months
7. Decision on
termination right
Progress in solving legal legacies – WCAM indicative timeline
At least 18 months after announcement until first payments
 Claim forms can be submitted to claims administrator as from notification of
binding declaration, & up to one year as from that moment

 21 September 2007  7 November 2007 cob
 Communication on subprime exposure, organisation of capital increase for ABN AMRO
acquisition - period linked to AFM II fine
 13 May 2008 25 June 2008 cob
 Communication on solvency after full integration of ABN AMRO – period linked to AFM I fine
 29 September 2008 3 October 2008 cob
 Communication on the deal with the Benelux governments – period linked to FortisEffect case
 The various litigation procedures
 Main allegations
 Judgments rendered so far
Open of
business
Close of
business
(cob) 28/02/07 14/10/08
21/09/07 07/11/07 13/05/08 25/06/08 29/09/08 03/10/08
1 2
3
4
5
6
7
8
Eligible period
3 reference
periods
Reference
periods
based on
Periods involved

 AFM I : final - fine imposed
 FSMA: Court of appeal reduced original fine
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 being terminated -
awaiting prosecutors decision on referral
Administrative proceedings
Criminal proceedings
For a complete overview of all legal procedures, please check the contingent liabilities in the Interim Financial Statements
Impossible to include administrative & criminal procedure

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
 NL Stichting Investor Claims Against Fortis (SICAF) – suspended
 BE Deminor – suspended
 BE – 2 claimants – awaiting decision consolidation with Deminor – de facto suspended
 BE Mr. Lenssens – within eligible period – suspended pending criminal proceedings
 NL Stichting FortisEffect – suspended
 NL - 1 shareholder – within eligible period –
suspended as from filing
 BE Mr.Modrikamen – subject not entirely covered
by the settlement – judgement 29/4/16: suspended
awaiting outcome criminal procedure
 BE Mr. Arnauts – within eligible period – suspended pending
criminal proceedings
 NL VEB – suspended
 NL Mr. Bos – within eligible period – suspended as from filing
 NL 5 separate proceedings – Mr. Meijer – within eligible period – suspended as from filing
 NL Archand – within eligible period – suspended as from filing
 BE Patrinvest – within eligible period – not
suspended – appeal filed by claimant
Ongoing civil litigations almost all touched by the settlement

Best estimate of timings as of to date
Most procedures suspended awaiting outcome of WCAM procedure
First half 2016 Second half 2016 2017
First instance
Pleadings
 Hearings in WCAM
procedure re settlement of
Fortis events
Judgment on the merits  Mr. Modrikamen
 WCAM procedure re settlement of
Fortis events
Appeal
Pleadings
Judgment on the merits
Supreme Court
Judgment
Other
 Criminal case: prosecutor to
take decision on referral

situation 31/12/2015 situation 31/03/2016 situation 13/05/2016
223,778,433 223,778,433 216,570,471
16,086,350 18,066,371 11,113,849
7,207,962 9,208,868 2,903,466
3,968,254 3,968,254 3,968,254
266,230 266,230 117,230
4,643,904 4,623,019 4,124,899
207,692,083 205,712,062 205,456,622
Cancellation
+ SBB
Total number of outstanding shares
AGM has approved cancellation of another 7.2 mio shares
Cancellation 7.2 mio
shares or
3% of outstanding
Total Issued Shares
Shares not entitled to dividend nore voting rights
1. TREASURYSHARES Share buy-back
FRESH
Other treasury shares
2. CASHES
Shares entitled to dividend & voting rights
CASHES deal
with BNP

Shareholders structure
Following cancellation of bought back shares, Ageas holds less than 5%
Based on number of shares as at 13 May 2016
Ageas
3.12%
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual
Advisers
Identified retail
investors
19%
Identified
institutional
investors
48%
Other
investors
12%
Based upon press release 16 May 2016
Based upon the number of shares mentioned in the notification received 6 May 2013
Based upon the number of shares mentioned in the notification received 17 March 2014
Based upon the number of shares mentioned in the notification received 14 December 2015
Based upon the number of shares mentioned in the notification received 14 July 2015
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual Advisers
Identified retail investors
Identified institutional investors

Financial calendar 2016
17 February
FY 2015 results
19 May
3M 2016 results
27 April
Ordinary & Extraordinary
shareholders’ meeting
Brussels
9 May
Ex-dividend date
18 March
Annual report 2015
Embedded Value Report 2015
11 May
Payment 2015 dividend
10 August
6M 2016 results
16 November
9M 2016 results

Rating
Improved rating for operating entities & holding
S&P MOODY'S FITCH
Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable
entities Last change 06/11/15 17/03/16 10/12/13
unsollicited
Ageas Insurance Limited A / stable A+ / stable
Last change 06/11/15 30/03/15
Ageas Insurance Co. (Asia) Baa1 / stable A- / stable
Last change 16/01/13 02/09/15
Muang Thai Life BBB+ / stable A- / stable
Last change 29/12/10 16/06/15
Etiqa Insurance Berhad (Malaysia) A / stable
Last change 25/09/11
Holding ageas SA/NV BBB / stable Baa3 / negative* A- / stable
Last change 15/03/16 17/03/16 15/03/16
unsollicited
* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.
Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.

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.
Disclaimer

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

Presentation 3M 2016 results

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Presentation 3M 2016 results