- The document discusses opportunities for investment and growth in Asia, with a focus on the life insurance market. It profiles Fortis' operations and joint ventures in various Asian countries and markets. - Fortis has established operations in Malaysia, China, Thailand, Hong Kong, and India. It provides statistics on the size and growth rates of the life insurance markets in these countries. - The profiles describe each venture's mission and strategy, distribution channels, market position, and financial performance. They also analyze opportunities and challenges in each local market.

1. Asia

2. Agenda
1. Profile and track record
2. The market, competition and
strategic initiatives
3. Conclusion
FORTIS I 9/25/2009 I page 2

3. Why invest in Asia?
GDP growth forecast for the next 5 years
59%
42%
20%
Hong
Kong
24%
25%
Thailand
Malaysia
India
China
Reasons to move there early FY 00, still true
Emerging middle class
Strong growth in GDP and premiums
Strong growth in professional distribution
28% of world market in Life, 14% in Non-Life
Interest in Banks for insurance distribution/ possibility to
leverage Fortis competence
Opportunity to leverage Fortis skills in Risk Mgt, ALM
Higher expected returns/ margins
High need for foreign capital and expertise
Source: IMF
FORTIS I 9/25/2009 I page 3

4. Asian life insurance review, why Asia?
Life insurance premium growth (%)
CAGR FY 08A-11E
Life penetration and size (end 08)
Size of bubbles determined by total life premiums in each country
CAGR FY 03-08
27.6
India
45,000
5.7
25.6
Indonesia
Singapore
17.6
23.7
China
35,000
14.2
15.4
2.6
15.0
Philippines
9.9
13.9
12.4
Thailand
12.1
9.8
Malaysia
S. Korea
Taiwan
15,000
5,000
Philippines
9.5
Vietnam
25,000
20.8
9.3
South Korea
6.9
Source: EIU, Swiss Re Sigma 2009, Business Monitor International
FORTIS I 9/25/2009 I page 4
0%
Indonesia
Thailand
Singapore
4.1
GDP/capita (USD)
Hong Kong
Hong Kong
16.5
Malaysia
PR China
Vietnam
India
5%
10%
(5,000)
Premiums to GDP (% )
15%

5. Fortis’ history in the Asian markets
Malaysia
China
Thailand
Fortis invested in Feb 01 in the 7th largest
insurance company overall
Current position: #2 overall, market leader
in new business, Takaful and Non-Life
Largest foreign investor
Fortis invested in a Greenfield start-up
with a national license in Dec 01
Current position: # 7 overall,
2.5% market share
2nd largest foreign invested insurer
Fortis invested in 04 in the 7th largest life
insurer and 15th largest non-life insurer
Current position: # 3 in Life (8.5% market
share) and # 5 in Non-Life (3.7%)
2nd largest foreign invested Life company
behind AIA (in Thailand since
FY 38) and largest foreign invested
Non-Life company
FORTIS I 9/25/2009 I page 5
Hong Kong
India
Fortis acquired the 12th largest in new
business in FY 07
Current position: #10 in new business
10th largest foreign invested life insurance
company
Greenfield start-up in FY 08 which
produced the strongest start to any of
the joint venture insurers in India
Current position: #15 overall
13th largest foreign investor

6. Profile Asia
Key financial data
Mission/strategy
EUR mio
H1 08
H2 08
FY 08
H1 09
Gross inflow*
Life
Non-Life
1,705
1,525
180
1,586
1,429
157
3,291
2,954
337
2,123
1,909
214
Net profit **
Life
Non-Life
FUM
35.7
31.3
4.4
10,594
(27.0)
(25.2)
(1.8)
8.7
6.0
2.7
23.9
18.7
5.2
11,986
The mission of Asia is to achieve strong growth in
shareholder value through the application of Fortis’ core
capabilities in selected high growth Asian markets.
The emerging Asian trends (bancassurance, increasing
need for higher skill levels in risk management,
distribution, product development) continue to provide the
opportunity to create value.
15,793
Key competences
Joint venture and partnership management
Bancassurance
Multi-Channel distribution
‒ Agency management and training
‒ Affinity marketing including direct marketing
‒ Channel conflict management
Product development
ALM and Risk management
Distribution and regional mix June ‘09 (%) *
China
(11%) Other
FORTIS I 9/25/2009 I page 6
Malaysia
India
Thailand
2%
7%
13%
21%
(34%)
Agents
58%
(55%)
Bancassurance
* Gross inflow and FUM based on 100% of company revenues
** Net profit based on Fortis’ stake and excluding
Insurance International holding costs
Hong Kong
June ‘09
India commenced commercial
operations on 8 March ‘08

7. Results 2006 - 2009
EUR mio
FY 06
FY 07
FY 08
H1 09
Gross inflow
Life
Non-Life
Net profit
Life
Non-Life
Local Solvency (as % of local minimum)
China
Hong Kong
India
Malaysia ***
2,167
1,878
289
17.8
11.8
6.1
2,874
2,575
299
79.9 *
73.1
6.8
3,291
2,954
337
8.7 **
6.0
2.7
2,123
1,909
214
23.9
18.7
5.2
218%
245%
210%
218%
219%
330%
567%
216%
166%
220%
256%
182%
240%
184%
659%
506%
726%
710%
Mayban Life
eTiQa Insurance
eTiQa Takaful
Thailand ****
Muang Thai Life
Muang Thai Insurance
Regulations in all markets require a margin above minimum, generally the local minimum is lower than EU standards
All entities except Hong Kong are joint ventures, solvency is set in discussion with local partners and considering
market dynamics
* Including allocated capital gains of EUR 18.2 mio
*** Malaysia has adopted a risk based capital regime for solvency
FORTIS I 9/25/2009 I page 7
** Including allocated capital losses of EUR 22.4 mio
**** Thailand’s local solvency margin (726%) equates to approx 250% of EU

8. Agenda
1. Profile and track record
2. The market, competition and
strategic initiatives
3. Conclusion
FORTIS I 9/25/2009 I page 8

9. Profile – Taiping Life (China)
Key financial data
Mission/strategy
EUR mio
FY 06
FY 07
FY 08
H1 09
Gross inflow
Life
Non-Life
1,120
1,120
0
1,520
1,520
0
1,850
1,850
0
1,229
1,229
0
FUM
2,900
4,250
5,500
8,800
Joint venture with Taiping Life since 2001,
Fortis owns 24.9% (gross inflow based on 100%)
Key features
Key Products: Endowment, Anticipated endowment,
followed by Whole Life, Health, Critical illness
Distribution: Bancassurance, Agency channel,
Alternative (Direct/Tele Marketing)
Market position: 7th largest life insurer in China with
2.54% market share as at December ‘08
Brands: Taiping Life, Taiping Pension, Taiping Asset
Management
Operational Excellence: Paperless office, central
processing, excellent IT
Mission
Attain top 5 position in the China life insurance and pension
market; and achieve the status of a well recognized brand
name in China and global markets through operational
excellence
Actions FY 09 and beyond
Intensify cooperation with banks
Enhance productivity of bank outlets with improved
training & support
Focus on regular premium and risk protection products
Integrate processes and systems to improve customer
services
Distribution mix FY 08
(5%) Broker
(22%) Agent
(33%) ICBC
(8%) Other Banks
(6%) Postal Bank
(11%) China
Construction Bank
FORTIS I 9/25/2009 I page 9
(15%) Agriculture
Bank of China

10. Taiping Life - distribution
Total Gross Inflow Life – H1 09
Gross Inflow H1 09 – Single vs. Regular
(5%) Group
(43%)
Banca Single
(27%)
Tied agents
(58%)
Single
(42%)
Regular
(25%)
Banca Regular
EUR 1,229 mio
Gross Inflow H1 09 – NB Product Mix
Sales Force – H1 09
# tied agents
(1%) Unit linked
# bank agents
(69%)
Traditional
6,000
50,000
4,000
40,000
FORTIS I 9/25/2009 I page 10
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
EUR 921 mio
2,000
Jun-08
30,000
BANK AGENTS
(30%)
Universal Life
TIED AGENTS
60,000

11. Chinese market offers high growth, Taiping Life well placed to benefit
given its strong national presence
Taiping
Market
FORTIS I 9/25/2009 I page 11
One of 12 Life insurers with a license to expand and write business on a nationwide basis
7th largest life insurer in China with 2.5% market share (end 08), 5th bancassurance player
in terms of industry standardized premium income with 7.1% market share
Strong relationships with all major banks
Over 55,000 agents and 16,000 bank outlets through 577 TPL offices
Proven strengths in product and service innovation
Operational excellence: state of the art operating platform
‒ Paperless office
‒ Centralized back office since 2006
‒ Strict quality control, every policy holder is called within 2 days to check if product
meets customer needs and expectations; reduces miss-selling
Higher economic growth relative to other markets, despite slowing world economy
(plus government initiatives to stimulate economy)
Low life insurance penetration rate (2% in FY 08) implies high growth potential.
CAGR Chinese Life market of 15% (FY 03 – FY 08)
Increasing need for life and health protection, accelerated by aging population and
government subsidies
Regulator efforts to liberalize regulation (e.g. investment and product approval) and to
spur growth of the industry
Regulators are expected to approve banks owning up to 20% of an insurance company
before year end as a first step to banks having significant shareholdings in insurers
Increased risk awareness following major disasters (snow storm and earthquake) in FY 08

12. Profile Fortis Insurance Co Asia (FICA, Hong Kong)
Key financial data
Mission/strategy
FY 07
FY 08
H1 09
226
226
0
283
283
0
141
141
0
1,300
EUR mio
1,258
1,343
FY 06
Gross inflow
Life
Non-Life
FUM
Fortis Insurance Company Asia was acquired in ‘07
and is 100% owned by Fortis
Key features
Key Products: Unit-linked, endowments,
retirement income plan, protection solutions,
such as Critical Illness and Medical
Distribution: Agency channel (5th largest sales
force in Hong Kong), IFAs
Market position: top 10 in new business
Brands: Fortis, “Fu Tong” in Chinese
Operational Excellence: Extensive application
of e-solutions at “point-of-sale” and customer
e-portals, launch of state-of-the-art core
operating systems
Mission
To be recognized as a leading provider of quality long-term savings,
protection and retirement propositions. Continue to strive to enhance
the customer experience and to interact with our customers in the
most convenient, efficient and cost effective manner.
Key Objectives
Build a leading agency sales force in terms of professionalism,
productivity and customer focus
Extend the multi-channel capability, especially the IFA,
bancassurance and private bank channels
Ensure the product strategy is aligned to current market demands
including: retirement, medical, traditional savings and protection needs
Provide “best-in-class” customer service
Increase the retail footprint and enhance brand recall
Product mix
As of H1 09
(39%)
Unit-linked
(14%)
Protection
FORTIS I 9/25/2009 I page 12
As of FY 08
(19%)
Whole Life
(30%)
Whole Life
(55%)
Unit-linked
(17%)
Par Products
(13%)
Par
products
(13%)
Protection

13. Hong Kong, a mature insurance market with strong growth opportunities
FICA
FICA was acquired in FY 07, just before the financial crisis. In very difficult times FICA has
significantly upgraded its operational and distribution base
‒ Restructured the investment portfolio to align asset / liability profiles
‒ Launched a new core operating system
‒ Launched new e-portals for agents and customers as well as a new CRM platform
‒ Launched a new performance management platform for the agency force
‒ Launched a new distribution channel, Independent Financial Advisors (IFA)
FICA will focus on improving operating results in FY 09 - FY 12 as growth returns to the Greater
China region
‒ Further improve already strong profit margins in the product base through continual adjustment of
existing product terms / pricing and product mix
‒ Broader distribution through the expansion of the agency and IFA channels and moves into
bancassurance
Market
The life assurance market is one of the most “mature” in Asia, however, except in FY 08, GWP as a
percentage of GDP has shown consistent growth over the last six years with an annual average in
excess of 20%
Future growth is expected to continue due to
‒ Increasing affluence combined with a strong propensity to save
‒ Further liberalization and access to Mainland customers
‒ Ageing demographics and inadequate Government provision for retirement benefits or healthcare
FORTIS I 9/25/2009 I page 13

14. Profile IDBI Fortis – (India)
Key financial data
EUR mio
Gross inflow
Life
Non-Life
Mission/strategy
FY 06
-
FY 07
H1 09
29
29
0
33
33
0
42
FUM
-
FY 08
104
Joint venture with IDBI and Federal Bank since ‘08
Fortis owns 26% (gross inflow based on 100%)
Key features
Key Products: Unit Linked with substantial protection
component, regular premium 64% vs single premium 36%
Distribution: 70% Banca (1,114 Branches), 30% agency
(35 branches, going to 200 by ‘12). Alternative &
brokerage under development
Market position: Launched in March ’08; as of March ’09,
market share 0.93% among private players
Brand: IDBI Fortis
Mission
To be the leading provider of wealth management,
protection and retirement solutions that meets the needs of
our customers and adds value to their lives.
Strategy
Optimize value proposition to the customer via
transparency on pricing
Cost Leadership
Fully integrated systems and processes
Maximize sales efficiencies and productivity
Distribution mix March 2009 (local year-end)
(28%) Agent
(50%) IDBI Bank
(22%) Federal Bank
FORTIS I 9/25/2009 I page 14

15. India - distribution
Gross Inflow* Life H1 09 – Product Mix
(11%)
Homesurance
Gross Inflow* H1 09 – Single vs. Regular
(89%)
Unit Linked
(36%)
Single
(64%)
Regular
INR 2,167 mio or EUR 33 mio
Total number of agents
Agents actual
7,239
6,393
5,582
6,937
4,358
3,316
* Gross inflow based on 100%
FORTIS I 9/25/2009 I page 15
4,999
3,740
Nov-'09
Oct-'09
Sep-'09
2,718
Aug-'09
Jul-'09
Jun-'09
Federal
May-'09
IDBI
Apr-'09
431 718
1,986
1,221
5,946
Mar-'10
6,554
Feb-'10
587
Jan-'10
564
Agents last year
Dec-'09
Total number of bank branches

16. India, an exciting growth story in a dynamic insurance market
with incredible upside potential
IDBI Fortis Life
Strong start to operations based on product designs which take advantage of competitive
advantages in pricing, expenses and distribution
Keys to success will be
‒ Moving from easier initial successes in a new bancassurance channel to sustained,
consistent sales based on an integrated, tailored approach to the unique characteristics of
each bank
‒ Maintaining the progress in building a productive, efficient agency platform which
outperforms the market in terms of productivity and expense ratios
‒ Building an effective direct and telemarketing channel targeting segments within Fortis’
banking partner’s customer base
‒ Maintaining cost advantages across the business
Market
IDBI Fortis Life has had the most successful launch in the India market
‒ In terms of market share IDBI Fortis is, as of June, 15th out of 21 private sector joint
ventures and the best of five companies which launched operations within fiscal year
FY 08 / FY 09
‒ No start up company has achieved the volume of total premiums sold in the first 12
months of operations equal to IDBI Fortis
‒ IDBI Fortis’ first year expense ratio is significantly better than the first year ratio of any
established life insurer
The private sector joint ventures, with the exception of IDBI Fortis, SBI Life and HSBC Life,
have pursued a strategy of rapid expansion “at any cost” with little attention paid to product
differentiation and customer value
IDBI Fortis is in a strong position to build a sustainable position as a low cost provider of
products which meet targeted customers needs with a strong value proposition to all
stakeholders
FORTIS I 9/25/2009 I page 16

17. Profile eTiQa (Malaysia)
Key financial data
EUR mio
Gross inflow
Life
Mission/strategy
FY 06
FY 07
FY 08
H1 09
Non-Life
FUM
780
526
704
435
444
274
381
167
328
188
250
184
169
105
249
254
269
170
3,422
Single premium
Regular premium
797
548
3,884
3,830
4,046
Mission
Become the “National Champion” in Insurance
and investment management:
#1 insurer by Gross Premium Written in Life and
Takaful
Transform Mayban Investment Management into a
top 2 market player
Securing the world’s leading Takaful position
Joint venture with Maybank since 2001, Fortis owns 31%
(gross inflow based on 100%)
Key features
Key Products: Full product range: Life, Non Life, Takaful
Distribution: Bancassurance, agency, direct corporate,
affinity, Direct Marketing
Market position: 1st Takaful overall, 1st New Business
Life/Family, 1st General
Brand: eTiQa, Mayban Investment Management
Distribution Mix FY 08
(10%)
Alternate
(5%)
Other
(30%)
Agency
(14%)
Enterprise
(2%)
3rd Banca
(39%)
Maybank
FORTIS I 9/25/2009 I page 17

18. eTiQa - distribution
Distribution mix – H1 09
(9%)
Alternate
Total Premiums* – Conventional vs. Takaful – H1 09
(9%)
Non-Life Takaful
(4%)
Other
(32%)
Life Conventional
(34%)
Maybank
(19%)
Enterprise
(30%)
Life Takaful
(28%)
Agency
(6%)
3rd Party Banca
Total Life premiums* – Single vs. Regular – H1 09
(29%) Non-Life
Conventional
Non-Life product mix – H1 09
(15%)
Fire
(30%)
Motor
(38%)
Regular
(62%)
Single
* Gross inflow based on 100%
** MAT: Marine, Aviation & Transport
FORTIS I 9/25/2009 I page 18
(19%)
Other
(36%)
MAT**

19. eTiQa is a leading insurer in an attractive market
eTiQa
Strong growth in late FY 08 and FY 09 as eTiQa has completed the integration of the MNI
acquisition and moves back into a growth mode
Market leader in Bancassurance, Takaful and Enterprise general
One of three insurers, offering a full range of conventional and Takaful products
Excellent access to a multitude of powerful databases including Maybank’s corporate and
retail database, student loans, and Government housing loan program
‒ Also distribute through third party banks
Widest “face to face” reach to customers (450 Maybank branches, 14,000 agents)
Exclusive access to most successful financial service portal (M2U) in the market with
1 mio sign on sessions per month
Very strong eTiQa brand name and culture
Market
There are 9 life insurers, 26 general insurers, 7 composite insurers and 8 Takaful operators
Market growth in Life & Non-Life slowing down, Takaful showing double digit growth
The full implementation of the risk-based capital regime in FY 09 will have a profound impact
on the market with eTiQa well positioned to maintain its leadership position due to its strong
solvency position
Recently, the government has announced major liberalization measures in the financial
sector including
‒ Raising the foreign investment limit in insurance to 70% from 49%
‒ The offering of two new family Takaful licenses
‒ Locally-incorporated foreign insurance companies and Takaful operators are allowed to
establish branches nationwide without restriction and enter into bancassurance/
bancatakaful arrangements with banking institutions
FORTIS I 9/25/2009 I page 19

20. Profile Muang Thai Life and Muang Thai Insurance (Thailand)
Key financial data
EUR mio
Mission/strategy
FY 06
FY 07
FY 08
H1 09
Gross inflow
Life
Non-Life
250
210
40
355
306
49
426
358
68
277
232
44
FUM
800
1,015
1,300
1,500
Joint venture with Muang Thai since 2004
Fortis owns 40% of Life and 15% of Non-Life
(gross inflow based on 100%)
Key features
Product Innovation - Key Products
Life: Endowment & credit protection single
premium for housing and commercial loan,
Non-Life: Motor/Fire/PA
Multi Channel Distribution
Agency, Bancassurance, Broker and Financial
Institutions, Direct Marketing/telemarketing
Strong Market position
#3 on First year premiums & #3 on Total
premiums in Life; #5 in Non-Life
Strong Brands
Muang Thai Life and Muang Thai Insurance
Mission
Be a leading insurance company both in Life and
Non-Life insurance by building on a strong multi-channel
platform while expanding the Kasikorn Bank relationship
Strategy 2009 and beyond
Further grow life and expand non-life product offer
Innovative CRM and Customer Service Centre
Launch Unit Linked product
Expand the Takaful product offering and distribution, capitalizing on
Malaysia’s expertise
Strengthen technical skills in shared services through development
of group capabilities shared amongst the Muang Thai companies
Distribution mix FY 08
Life
Non-Life
(14%)
Other
(38%)
Bank
(27%)
Other
48%
Agent
(32%)
Agent
(10%)
Broker
(31%)
Bank
FORTIS I 9/25/2009 I page 20

21. Thailand – distribution
Total Gross Inflow Life H1 09 (100%)
(5%)
Affinity
Gross Inflow H1 09 – Life New Business
(5%) Group
(4%) Affinity
(2%) Group
(19%)
Tied agents
(75)%
Banca
(51%)
Banca
(39%)
Tied agents
EUR 232 mio
EUR 98 mio
Product Mix Non-Life H1 09
Distribution Mix Gross Inflow Non-Life H1 09
(19%)
Other
(45%)
Motor
(32%)
Bank
(55%)
Non-Motor
(49%)
Agents
EUR 44 mio
Note: Agents includes broker business
FORTIS I 9/25/2009 I page 21
EUR 44 mio

22. Thailand: strong growth through a powerful multi-channel
distribution platform
Muang Thai Life
Dynamic and effective leadership through a strong management team
Strong balance sheet and solvency margins
Powerful brand with high visibility
Effective use of a deep and diverse multi-channel distribution platform,
market leadership in multi channel distribution
Effective and growing CRM capability build around an innovative
customer loyalty club
Market leadership in agency productivity
Muang Thai
Insurance
Good reputation, strong capital base, strong brand
Balanced portfolio with a good mix of motor and property
Multi channel distribution platform
Framework for national network for service centers and sales offices by
co-locating with Muang Thai Life and K-Bank offices
New core operating system to be launched in Q1 2010 will enhance
operating efficiency
Market
FORTIS I 9/25/2009 I page 22
Low insurance penetration rate (Life 3.5% of GDP and Non-Life 1.5% of
GDP) with high growth potential
Despite political and economic turmoil the Thai insurance markets have
shown strong growth in 2008 / 2009, particularly in the bancassurance
channel
Forthcoming regulatory changes include a move to an RBC solvency
regime, which should benefit Muang Thai given the strong solvency
position of both companies

23. Agenda
1. Profile and track record
2. The market, competition and
strategic initiatives
3. Conclusion
FORTIS I 9/25/2009 I page 23

24. Conclusions
Asia is an attractive region for insurance in general
and bancassurance in particular
Fortis has been active in Asia for 8 years, creating
profit contribution and value, in particular in China,
Malaysia and Thailand
The ability to team up with local partners in Asia
has created opportunities normally closed to
foreign investors and opened additional new
opportunities
Several initiatives have been taken to increase the
current profitability of FICA and meet required
internal targets
The value creation of the Asian activities balances
the profit generation of more mature (European)
markets
FORTIS I 9/25/2009 I page 24