9M results 2013

9M Periodical Financial

Information

2013 RESULTS

Executive summary

Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

A consistent & robust overall Insurance performance Both Insurance & General Account contributing to Group net result Balance sheet remained strong

Insurance net profit of EUR 497 mio (+11%) Inflow @ 100% of EUR 17.8 bn (+15%) Group combined ratio at 97.6% (vs.97.9%) Life Technical Liabilities at EUR 69.0 bn*

Q3 insurance net profit of EUR 168 mio

Group net profit of EUR 513 mio (-1%) General Account net result of EUR 15 mio

Q3 Group net profit of EUR 41 mio, incl.revaluation RPN(i) Shareholders’ equity at EUR 38.30 per share Insurance solvency at 210%, Group solvency at 226% Net cash position General Account at EUR 2.0 bn EUR 33 mio executed of EUR 200 mio share buy-back

Main messages Ageas’s 9M results continued positive trend

Periodic financial Information I 9M 13 Results I 6 November 2013 2 * Consolidated entities only, compared to FY 2012

293 311

143174

1312450

497

9M 12 9M 13Life Non-Life Other

97.9% 97.6%

9M 12 9M 13

Net result: Strong quarterly results in BE & Asia In EUR mio In EUR bn

Non-Life combined ratio: improving CY claims ratio

227% 210% 207% 0.86% 0.87%

FY 12 9M 13

0.55% 0.47%

FY 12 9M 13

Inflow*: strong growth in Asia & CEU In EUR bn

Total Insurance: Headlines Ageas insurance performance consistent & robust

3

68.8 69.0

36.5 40.2

105.3 109.2

FY 12 9M 13Conso Non-conso

Periodic financial Information I 9M 13 Results I 6 November 2013

11.1 13.3

4.34.5

15.517.8


Life Technical liabilities*: stable in consolidated, up in non-consolidated

Operating margin Guaranteed: strong quarterly result

Operating margin Unit-Linked: down but still in line with target

In % avg technical liabilities In % avg technical liabilities

* Incl. non-consolidated partnerships @ 100%

3.73.0

1.41.4

5.04.4

9M 12 9M 13

Life Non-Life


Net result: strong Q3 In EUR mio In EUR bn


Non-Life combined ratio: strong Q3

Inflow: Individual Guaranteed Life down

227% 210% 207%

Life Technical liabilities stable In EUR bn

Belgium : Headlines Strong quarterly results in Life & Non-Life, inflow trends confirmed

**

165 190

5157

216247

9M 12 9M 13Life Non-Life

98.8% 97.6%

9M 12 9M 13

0.80% 0.84%

9M 12 9M 13

Operating margin Unit-Linked:

52.7 52.9

FY 12 9M 13

4

In % avg technical liabilities

0.49% 0.44%

9M 12 9M 13


0.06 0.08

1.6 1.7

1.7 1.7


Net result: Non-Life up on inclusion Groupama In EUR mio

In EUR bn Inflow up 8% at constant FX

United Kingdom: Headlines Overall Non-Life performance & inflow improved

5

212 181

9M 12 9M 13

0(2)

73 77

13 1286 87

9M 12 9M 13

Life Non-Life Other

Non-Life combined ratio: improved underwriting mainly in Household

98.6% 98.2%

9M 12 9M 13

Other Income down in a competitive market In EUR mio


2.12.9

0.8

0.82.9

3.7


Net profit increase driven by Turkey In EUR mio

In EUR bn

Non-Life combined ratio: weather conditions Portugal vs. strong 2012

227% 210% 207%

Inflow* increased in nearly all countries

In EUR bn

Continental Europe: Headlines Excellent top line performance & increased Non-Life net profit including positive one-off

**

36 36

1326

49

63

9M 12 9M 13

Life Non-Life

89.9%94.5%

9M 12 9M 13

1.02% 0.89%

9M 12 9M 13

Operating margin Guaranteed: lower risk result vs. excellent 9M 12

Periodic financial Information I 9M 13 Results I 6 November 2013 6

Life Technical liabilities*: growth due to fewer surrenders

0.51% 0.56%

9M 12 9M 13



14.1 14.0

14.0 14.4

28.1 28.4


Operating margin Unit-Linked: In % avg technical liabilities

Net result: Excluding one-offs, strong growth of underlying profit In EUR mio

In EUR bn

Non-Life combined ratio improving in both Thailand & Malaysia

Inflow* fuelled by China & Thailand Life Technical liabilities* up across all entities In EUR bn

Asia: Headlines New business boost & underlying profit growth Life / Strong Non-Life underwriting result


**

92 87

6 1499 101

9M 12 9M 13

Life Non-Life

101.0%

94.8%

9M 12 9M 13

5.27.3

0.6

0.65.8

7.9


76 79

6 1483

93


1.9 2.0

22.5 25.8

24.427.8



In % avg technical liabilities In EUR mio

2.10%1.41%

9M 12 9M 13

Life operating margin Hong Kong: excluding one-offs up 8%

Result non-consolidated partnerships: excluding one-offs up 15%


Investment portfolio Value of portfolio down on UG/L in fixed income, increased allocation to equities In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs

Asset mix

Asset mix relatively stable

Increased positions in equities & customer loans at the expense of cash continued

Gross unrealized gains/losses on Available for Sale Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12);

exclusively down in fixed income

Fixed income: at EUR 3.5 bn (EUR 5.2 bn FY 12) Sovereigns at EUR 2.2 bn (vs. EUR 3.3 bn) Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)

Equities: slightly up to EUR 0.3 bn

Gross UG/L on Real Estate: stable at EUR 1.3 bn - not reflected in shareholders’ equity

EUR 0.8 bn unrealized gains/losses on Held to Maturity not reflected in shareholders’ equity

Sovereign bonds 34.7


Corporate bonds 25.1


Structured 0.3Structured 0.4

Loans6.3 Loans

5.9

Equities 2.4 Equities 3.0

Real Estate 4.7 Real Estate 4.6

Cash 2.4 Cash 2.2

75.9 74.7

FY 12 9M 13

Net result driven by Q1 transactions & revaluation RPN(i) In EUR mio

Accounting value remaining legacies:

General Account: Headlines Q3 impact of revised methodology RPN(i) methodology


**

Net cash position: cash on legacy transactions partly in

69

15

9M 12 9M 13

1.2

2.0

FY 12 9M 13

In EUR bn In EUR mio

(165) (279)

234

872

241

FY 12 9M 13RPN(i) Call Option RPI

* Subject to absence of any creditor’s claim

Shareholders’ equity / share

Shareholders’ equity Net profit impact offset by lower unrealized gains & return to shareholders In EUR mio

6,206 6,378

1,939 1,316

1,6551,034

497 15

(692) (105) (270) (224) (190) (104)

EUR 42.27 EUR 38.30

9,7998,727

FY 12 Net resultInsurance

Net resultGen

Account

ChangeUG/L

TreasuryShares

Dividend Capitalreduction

Revaluationput option

Forex& other

9M 13

InsuranceUG/L

InsuranceUG/L


Equity per segment FY 12 9M 13 FY 12 9M 13

Belgium 3,974 ► 3,691 Asia 1,837 ► 1,685UK 1,149 ► 1,127 Insurance 8,145 ► 7,693Continental Europe 1,185 ► 1,191 General Account 1,655 ► 1,034

IFRS Solvency up on Net result General Account down on capital reduction

2.4 2.4

0.5 0.5 0.6 0.6 0.5 0.6

4.0 4.1 4.0 4.1

1.7 2.1

0.6 0.6 0.8 0.9 0.9 0.8

4.14.5

1.0 0.7

5.1 5.2

4.14.6

1.1 1.1 1.4 1.5 1.4 1.4

8.18.6

9.1 9.3

FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13

Belgium UK

CEU Asia

Total Ageas General Account

RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital

In EUR bn


Solvency ratio 173% 188% 220% 220% 243% 258% 268% 230% 204% 210% 229% 226%


Net cash position General Account at EUR 2.0 bn Up in Q2 on transactions regarding RPI & BNPP Call Option

EUR 33 mio executed at 30/09/13 in EUR 200 mio share buy-back launched August 2013

EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than compensating 2012 dividend & 2012 corporate centre costs

Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of remaining proceeds expected in the coming months

Capital reduction approved at Shareholders’ Meeting 16 September, pay-out foreseen mid-December

12

6881,216

1,981340

827

144 ≈200

(97) (77)(270)

(46) (56) (167)(224)

FY 11 FY 12 buy-back capitalinjection

TPL

paiddividend

upstreamopco's

RPI calloption

operating expenses

other 9M 13

RPI transaction share buy-back capital reduction

In EUR bn announced cash movements -best estimate

Takeaways Q3 confirmed 6M trends in inflow,

operating performance & net insurance results

Results well spread across segments

Up both in Life & Non-Life

Combined ratio & Operating margins in line with targets communicated at

Investors Update

Focus on maintaining this performance

Conclusions : positive trend continued


Executive summary

Annexes

Equity / Solvency



General Account

General Information


Key financials Strong operational performance In EUR mio 9M 12 9M 13 Q3 12 Q2 13 Q3 13

Gross inflows 15,465 17,767 4,649 5,744 5,270 - of which inflows from non-consolidated partnerships 7,283 9,562 2,171 2,965 2,590

Net result Insurance 450 497 147 172 168By segment: - Belgium 216 247 73 80 87 - UK 86 87 35 35 29 - Continental Europe 49 63 15 28 17 - Asia 99 101 24 29 35By type: - Life 293 311 88 93 110 - Non-Life 143 174 54 74 55 - Other 13 12 6 5 3

Net result General Account 69 15 67 7 (127)Net result Ageas 518 513 214 179 41Earnings per share (in EUR) 2.17 2.24Combined ratio 97.9% 97.6% 97.2% 96.1% 97.4%

FY 12 9M 13Life technical liabilities (in EUR bn) 68.8 * 69.0Insurance Solvency 204% ** 210%Shareholders' equity 9,799 ** 8,727Net equity per share (in EUR) 42.27 ** 38.30Insurance ROE 8.7% 8.4% annualized result / avg equity 31/12 - 30/09Insurance ROE excl.UG/L 10.5% 10.5% annualized result / avg equity excl. UG/L 31/12 - 30/09

* Consolidated companies only / ** restated for IAS 19

Shareholders’ equity / share

Shareholders’ equity Net profit impact offset by lower unrealized gains & return to shareholders In EUR mio

6,206 6,378

1,939 1,316

1,6551,034

497 15

(692) (105) (270) (224) (190) (104)

EUR 42.27 EUR 38.30

9,7998,727

FY 12 Net resultInsurance

Net resultGen

Account

ChangeUG/L

TreasuryShares

Dividend Capitalreduction

Revaluationput option

Forex& other

9M 13

InsuranceUG/L

InsuranceUG/L


Equity per segment FY 12 9M 13 FY 12 9M 13

Belgium 3,974 ► 3,691 Asia 1,837 ► 1,685UK 1,149 ► 1,127 Insurance 8,145 ► 7,693Continental Europe 1,185 ► 1,191 General Account 1,655 ► 1,034

Tangible net equity High quality capital structure

10/03/2010 I page 17

EUR bn FY 12 9M 13

IFRS Shareholders' Equity 9.8 8.7Unrealised gains real estate 0.6 0.6Goodwill (0.7) (0.7)VOBA (Value of Business Acquired) (0.4) (0.4)DAC (Deferred Acquisition Cost) (0.9) (0.9)Other (0.4) (0.3)Goodwill, DAC, VOBA related to N-C interests 0.5 0.525% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 8.9 7.9

IFRS Tangible net equity/ IFRS Shareholder's Equity 91% 90%


IFRS Solvency up on Net result General Account down on capital reduction

2.4 2.4

0.5 0.5 0.6 0.6 0.5 0.6

4.0 4.1 4.0 4.1

1.7 2.1

0.6 0.6 0.8 0.9 0.9 0.8

4.14.5

1.0 0.7

5.1 5.2

4.14.6

1.1 1.1 1.4 1.5 1.4 1.4

8.18.6

9.1 9.3

FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13

Belgium UK

CEU Asia

Total Ageas General Account

RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital

In EUR bn


Solvency ratio 173% 188% 220% 220% 243% 258% 268% 230% 204% 210% 229% 226%

Executive summary

Annexes

Equity / Solvency

Insurance activities


General Account

General Information

293 311

143174

1312450

497


97.9% 97.6%

9M 12 9M 13

Net result: Strong quarterly results in BE & Asia In EUR mio In EUR bn

Non-Life combined ratio: improving CY claims ratio

227% 210% 207% 0.86% 0.87%

FY 12 9M 13

0.55% 0.47%

FY 12 9M 13

Inflow*: strong growth in Asia & CEU In EUR bn

Total Insurance: Headlines Ageas insurance performance persistently robust

20

68.8 69.0

36.5 40.2

105.3 109.2



11.1 13.3

4.34.5

15.517.8


Life Technical liabilities*: stable in consolidated, up in non-consolidated


Operating margin Unit-Linked: down but still in line with target

In % avg technical liabilities In % avg technical liabilities


Inflow @ 100% Growth driven by China, Thailand & Portugal

*

* Ageas holds a 50% stake in Tesco Underwriting Periodic financial Information I 9M 13 Results I 6 November 2013 21

EUR mio 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13Belgium 75% 3,674 2,996 1,362 1,425 5,036 4,422 United Kingdom 100%* 61 79 1,636 1,669 1,697 1,748 0 0 Continental Europe 2,142 2,871 766 800 2,908 3,671

Consolidated entities 802 1,358 334 335 1,136 1,693 Portugal 51% 611 1,087 183 190 795 1,278 France 100% 190 271 190 271 Italy 25% 151 144 151 144

Non-consolidated JV's 1,340 1,513 432 465 1,772 1,978 Turkey (Aksigorta) 36% 432 465 432 465 Luxembourg (Cardif Lux Vie) 33% 1,340 1,513 1,340 1,513

Asia 5,238 7,327 585 598 5,824 7,926 Consolidated entities 313 341 313 341

Hong Kong 100% 313 341 313 341 Non-consolidated JV's 4,925 6,986 585 598 5,511 7,585

Malaysia 31% 568 479 454 437 1,023 917 Thailand 15%/31% 927 1,133 131 161 1,059 1,294 China 25% 3,346 5,287 3,346 5,287 India 26% 84 87 84 87 0 0 Total 11,115 13,274 4,349 4,493 15,465 17,767 0 0

Consolidated entities 4,850 4,775 3,332 3,429 8,182 8,204 Non-consolidated partnerships 6,265 8,499 1,017 1,063 7,283 9,562

Life Non-Life Total

Belgium UK

CEU Asia

Total Ageas

Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life

Inflow @ Ageas’s part Strong growth in emerging markets, Guaranteed Life sales down following market trend In EUR mio


2,756 2,247

61 79 949 1,330 1,630 2,178

5,396 5,834 1,022

1,069

1,344 1,470 287

301 160 159

2,813 2,999

(12%)

10% 32%

31%

8%

3,777 3,316

1,405 1,549 1,236

1,630 1,790 2,338

8,208 8,833

9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13

Insurance net result Result under pressure of competitive markets & strong inflow growth

Belgium UK

CEU Asia

Total Ageas

Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other

165 190

0 (2) 36 36 92 87

293 311

51 57

73 77 13 26

6 14

143 174

13 12

13

12

216 247

86 87 49 63

99 101

450

497

9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13

In EUR mio


10/03/2010 I page 24

Overview impairments & net capital gains on investments Impairments substantially lower than 9M 12

*


EUR mio 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13Life 70 53 (65) (23) 5 30Non-Life 18 10 (4) (4) 14 6

Total Belgium 87 63 (69) (27) 18 36LifeNon-Life 14 6 14 6Other

Total UK 14 6 14 6Life 4 13 (1) (7) 3 5Non-Life 0 (0) 0 (0)

Total CEU 4 13 (1) (7) 3 5Life 20 30 (15) (5) 5 25Non-Life 2 4 (0) (0) 2 4

Total Asia 22 34 (15) (6) 7 28Life 94 95 (81) (36) 13 60Non-Life 34 20 (4) (4) 30 16Other

Total Ageas 128 115 (85) (40) 43 75

Capital gains/losses Impairments & Profit sharing impact Total impact

25 Periodic financial Information I 9M 13 Results I 6 November 2013

Insurance Lexicon on new margin disclosures as from FY 2012 Life Non-Life + Underwriting

result + Premiums received from policyholders - actual payments made in risk contracts + penalties deducted in case of surrender + reinsurance result

+ Net Underwriting result

+ Net Earned Premium - all evolutions in claims reserves (CY & PY) + technical interest charges on technical liabilities - all expenses (marketing, intermediary, claims

handling & administration) + Expense &

Other result + expense loadings - actual expense charges + other results of technical nature

= Net Underwriting result + Other result + other results of technical nature

+ Investment result + Investment income on assets covering Life technical liabilities (recurring & cap gains)

- what is paid out to policyholders (guaranteed income & profit sharing)

+ Investment result + Investment income on assets covering Non-Life technical liabilities (recur. & cap gains)

- technical interest charges on technical liabilities

= Operating result = Operating result

Average technical liabilities

= average between technical liabilities at the beginning & at the end of each quarter of current year.

Net earned premium + Premiums received from policyholders - premiums covering risks future period - premiums paid to reinsurers

Life margins All Life margins calculated as % of average technical liabilities

Non-Life ratio’s All Non-Life ratio’s calculated in % of Net earned premiums

Combined ratio

Corresponds to 1minus net underwriting result in % of net earned premiums

Insurance Combined ratio On track to be substantially below 100%

Net earned premium in EUR mio


Combined ratio at 97.6% vs. 97.9%

Q3 confirms H1 good operational performance with COR at 97.2%

Household at 90.8% (vs.98.8%): benign weather in major markets, impact of corrective measures & tariff increases in Belgium – Q3 at 90.5%

Accident & Health: at 94.7% (vs.94.0%): strong improvement claims ratio Belgium – Q3 at 94.4%

Motor at 102.2% (vs. 96.5%): increase combined ratio in all segments – Q3 at 98.5%

Claims ratio at 64.6% vs. 67.3%

CY claims ratio (67.6% vs. 72.5%) most significant impact in Household

PY claims ratio down to release of 2.8% (vs. 3.8%), lower run-off mainly in Motor

Expense ratio at 33.2% vs. 30.6%

2,497 2,858 3,507 4,178 3,067 3,225 1,044 1,079

69.4% 73.2% 69.0% 68.1% 67.3% 64.4% 66.5% 64.2%

33.1%32.8%

31.1% 31.0% 30.6% 33.2% 30.7% 33.0%

102.5% 106.0%100.1% 99.1% 97.9% 97.6% 97.2% 97.2%

(6.0%)(3.7%) (3.5%) (3.1%) (3.8%) (2.8%) (1.7%) (2.5%)

2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13

claims ratio expense ratio PY claims ratio

Insurance Combined ratio per product line Household strongly improving

Motor: reserves strengthening Accident & Health: good performance confirmed

Other: improvement across all segments Household: benign weather in major markets


609 714 736 763 571 599 1,012 1,134 1,571 2,058 1,508 1,535

203 261 308 349 246 296673 750 892 1,007 742 795

70.4% 74.3% 71.9% 70.5% 69.6% 68.9%

23.6% 24.8% 25.0% 25.5% 24.4% 25.8%

94.0% 99.1% 96.9% 96.0% 94.0% 94.7%

2009 2010 2011 2012 9M 12 9M 13

79.0% 78.4% 72.0% 73.6% 71.8% 72.4%

29.3% 29.0%25.3% 25.4% 25.5% 28.6%

108.3% 107.4%97.3% 99.0% 97.3% 101.0%

2009 2010 2011 2012 9M 12 9M 13

59.4%75.0%

61.9% 55.6% 57.4% 47.8%

43.4%43.2%

41.5% 41.6% 41.4%43.0%

102.8%118.2%

103.4% 97.2% 98.8%90.8%

2009 2010 2011 2012 9M 12 9M 13

51.7% 42.9%67.2% 66.5% 64.0% 59.1%

45.8%41.2%

44.8% 44.9% 44.0% 45.3%

97.5%84.1%

112.0% 111.4% 108.0% 104.4%

2009 2010 2011 2012 9M 12 9M 13

NEP NEP

NEP NEP

Insurance Life operating margin per product line Margins in Guaranteed & UL within target range communicated at Investors Update Guaranteed: improvement driven by investment margin Unit-linked: driven by Hong Kong

Average technical liabilities Average technical liabilities

Expense & other margin decrease related to Asia mainly

Underwriting margin improvement in Hong Kong following organic growth

Investment margin strong improvement due to lower impairments

Slight deterioration underwriting margin √ mainly coming from CEU (lower risk margin) & Asia √ improving in Belgium on increasing technical

liabilities Expense margin stable


0.44% 0.41% 0.44% 0.47% 0.43% 0.43% 0.40%

0.67%

(0.79%)

0.87% 0.70% 0.79%0.57% 0.81%

(0.33%)

(0.36%)

(0.33%) (0.34%) (0.35%) (0.34%) (0.36%)

0.56%

(0.60%)

0.81% 0.86% 0.87%0.77%

0.85%

2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13Expense & other m. Investment m. Underwriting m.

0.07%0.04%

0.11% 0.13% 0.14% 0.15% 0.14%0.01%0.01% 0.00%

0.27%0.42%

0.37%0.42%

0.33%0.43% 0.42%

0.35%

0.45%0.48%

0.55%0.47%

0.58% 0.56%


28

50.4 52.3 54.0 53.7 55.4 53.7 55.4 20.2 12.4 11.8 11.7 12.3 11.7 12.3

3.73.0

1.41.4

5.04.4

9M 12 9M 13

Life Non-Life


Net result: strong Q3 In EUR mio In EUR bn


Non-Life combined ratio: strong Q3

Inflow: Individual Guaranteed Life down

227% 210% 207%

Life Technical liabilities stable In EUR bn

Belgium : Headlines Strong quarterly results in Life & Non-Life, inflow trends confirmed

**

165 190

5157

216247


98.8% 97.6%

9M 12 9M 13

0.80% 0.84%

9M 12 9M 13

Operating margin Unit-Linked:

52.7 52.9

FY 12 9M 13

29


0.49% 0.44%

9M 12 9M 13


3,4042,562

270

434

3,6742,996

9M 12 9M 13

(18%)

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Belgium: Inflow @ 100% Life Individual Guaranteed decrease partly offset by higher sales in other products

378 392

429 441

434 461121 131

1,362 1,426

9M 12 9M 13


+5%

Guaranteed Sales of guaranteed products decreased by 25% to EUR 2.6 bn

Decline evident in Individual Saving & Individual Traditional to a lesser extent

Lower volumes due to historically low guaranteed interest rates & impact of Belgian government decision to increase insurance premium tax (from 1.1% to 2%; as at 01/01/2013).

Group Life inflow continued to grow reaching EUR 843 mio

Unit-linked Individual Unit-Linked increased strongly to EUR 434 mio (up 61%),

mainly thanks to a marked customer appetite for these products

Household, Motor, Other GWP increased in Bank & Broker channel & across all product lines,

mainly in Household

Household (+6.2%): higher volume & tariff increases

Motor (+2.9%): driven by tariff increase

Other (+8.2%): mainly driven by tariff increase in Legal Assistance

Accident & Health Accident & Health (+3.7%) supported by good momentum in Health

Care

Belgium: Combined ratio Strong underwriting result in Household and Accident & Health, weaker in Motor



1,469 1,541 1,601 1,698 1,269 1,323 429 451

Combined ratio at 97.6% vs. 98.8%

Solid third quarter at 97.9%

Household at 93.3% vs. 97.1% : Solid performance with improved claims ratio benefitting from benign weather & reflecting corrective measures taken in the past. Q3 at 95.3%

Accident & Health at 94% vs.95.7%. Q3 at 94.3%

Motor at 101.4% vs. 99.5%: impacted by non-recurring Q2 additional reserving for a few large claims. Good Q3 at 95,3% driven by solid underwriting

Claims ratio at 60.8% vs. 62.2%

CY ratio (65.0% vs.68.2%) improvement mainly in Household, but also in Accident & Health

PY ratio (4.2% vs. 6%) run-off adversely impacted by aforementioned Q2 additional reserving in Motor & by Q3 reserve strengthening following changes in legislation with respect to the introduction of VAT charges on lawyer fees (mainly Other lines)

Expense ratio increased slightly to 36.8%

64.1% 68.7% 64.3% 62.7% 62.2% 60.8% 60.5% 61.5%

36.8%36.4%

36.8% 36.8% 36.6% 36.8% 36.4% 36.4%

100.9%105.1% 101.1% 99.5% 98.8% 97.6% 96.9% 97.9%

(8.0%) (6.6%) (7.3%) (4.5%) (6.0%) (4.2%) (0.8%) (0.9%)

2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13


Belgium: Combined ratio per product line Strong underwriting performance in Household and Accident & Health

Motor: solid Q3 at 95.3% Acc & Health: improved mainly thanks to Workmen’s Compensation

Household: benign weather & impact corrective measures Other: Q3 impacted by reservation VAT lawyer fees

NEP NEP

NEP NEP Periodic financial Information I 9M 13 Results I 6 November 2013 32

68.9% 75.8% 73.8% 73.0% 72.4% 69.9%

22.6%21.9% 23.8% 24.0% 23.3% 24.1%

91.5% 97.7% 97.6% 97.0% 95.7% 94.0%

2009 2010 2011 2012 9M 12 9M 13

68.5% 71.0%58.9% 64.7% 63.7% 65.0%

36.3% 35.7%35.3%

35.8% 35.8% 36.4%

104.8% 106.7%94.2% 100.5% 99.5% 101.4%

2009 2010 2011 2012 9M 12 9M 13

60.5%75.6% 63.0% 50.5% 50.9% 47.7%

47.1%47.1%

46.9%46.2% 46.2% 45.6%

107.6%122.7%

109.9%96.7% 97.1% 93.3%

2009 2010 2011 2012 9M 12 9M 13

44.9%

10.4%

58.2% 65.9% 63.7% 63.7%

49.2%

50.9%

49.5%48.1% 49.0% 47.3%

94.1%

61.3%

107.7% 114.0% 112.7% 111.0%

2009 2010 2011 2012 9M 12 9M 13

424 451 451 480 362 370 465 498 525 540 403 410

453 463 484 530 393 421 127 129 142 149 111 121

Belgium Life operating margin per product line Guaranteed: 9M13 solid underwriting & investment results, strong Q3

Unit-linked: increasing liabilities & lower expense & other margin

Avg techn liabilities Avg techn liabilities

0.03%

(0.05%)

0.04% 0.05% 0.05%

0.12% 0.10%

0.64%

0.50% 0.44% 0.44% 0.39%

0.46%0.40%

0.66%

0.45%0.47%

0.49%0.44%

0.58%0.51%

2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13

Expense & other m. Underwriting m.

0.28% 0.32% 0.32% 0.33% 0.34% 0.39% 0.34%

0.57%

(0.80%)

0.93% 0.77% 0.81% 0.66% 0.83%

(0.21%)

(0.30%)

(0.29%) (0.30%) (0.31%) (0.34%) (0.32%)

0.64%

(0.78%)

0.96%0.80% 0.84% 0.71%

0.85%



40.7 42.9 44.9 44.7 46.3 44.7 46.3 6.0 5.6 5.2 5.2 5.4 5.2 5.4

Operating result amounted to EUR 17.6 mio, down 7.9% Average Technical Liabilities increased by 4%

Operating result amounted to EUR 292 mio, up 8.4% Operating margin 9M13 increased vs. 9M12 despite

continued low i-rate environment Investment margin 9M13 improved to 0.81% vs. 9M12

which was heavily impacted by impairment charges Average Technical Liabilities up 4%, mainly due to last

year’s strong intakes

0.06 0.08

1.6 1.7

1.7 1.7


Net result: Non-Life up on inclusion Groupama In EUR mio

In EUR bn Inflow up 8% at constant FX

United Kingdom: Headlines Overall Non-Life performance & inflow improved

34

212 181

9M 12 9M 13

0(2)

73 77

13 1286 87

9M 12 9M 13

Life Non-Life Other

Non-Life combined ratio: improved underwriting mainly in Household

98.6% 98.2%

9M 12 9M 13

Other Income down in a competitive market In EUR mio


1,636 1,669

61 791,697 1,748

9M 12 9M 13

43 66

1,116 1,090

328 362148 151

1,636 1,669

9M 12 9M 13

Motor

Non-Life

Life

Other Property

Accident & Health

Total In EUR mio

Non-Life In EUR mio

2%

3%

United Kingdom: Inflow @ 100% Inflow up 8% at constant FX

Life Successful roll out of its proposition across the IFA market

Over 295,000 customers up 20% on same period last year

Non-Life Up 2%, growth of 7.1% at constant FX

Motor down 2% mainly due to lower average premiums, following market trend of rate decreases (14% year-on-year) & focus on risk mix improvement

Household up 10% primarily due to the inclusion of Groupama Insurance Company Ltd (GICL)

Accident & Health up 54% due to the inclusion of GICL

Other lines, including Commercial & Special Risks up 2% due to inclusion of GICL offset partially by management actions to improve profitability

EUR 296 mio Groupama inflow included

Other Insurance (including Retail) YTD total income of EUR 181 mio ,15% below last year, reflecting

continued competitive market


United Kingdom: Combined ratio Below 100% reflecting continued strong performance in Household due to benign weather


Combined ratio at 98.2%

Combined ratio continued sub 100% performance

Impact Groupama: greater proportion delegated authority schemes with higher expense ratio but lower claims in portfolio

Claims ratio at 67.4%

Claims ratio Reduction across all lines of business with greatest impact in Household due to benign weather

CY ratio (69.2% vs. 74.3%) significant reduction primarily due to benign weather experience in Household

PY ratio: at same level as 9M 12

Expense ratio at 30.8%

Increase from combination of pressure on earned premium in Tesco & addition of Groupama with greater proportion of delegated authority schemes.


80.4% 81.5% 74.6% 73.3% 72.5% 67.4% 71.5% 66.9%

27.7% 28.0%25.3% 26.5% 26.1% 30.8% 26.7% 30.6%

108.1% 109.5%99.9% 99.8% 98.6% 98.2% 98.2% 97.5%

(3.5%)(1.1%) 0.1% (2.1%) (1.8%) (1.8%) (2.4%) (3.8%)

2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13


834 948 1,524 2,083 1,509 1,603 521 528

88.9% 82.9% 79.2% 77.2% 75.4% 75.1%

22.8% 23.3% 19.5% 21.3% 21.3% 25.6%

111.7% 106.2%98.7% 98.5% 96.7% 100.7%

2009 2010 2011 2012 9M 12 9M 13

United Kingdom: Combined ratio per product line Reduced loss ratios in all products, partially offset by expense ratios

Motor: loss ratio improved, premium strain on expense ratio continues (TU)

NEP

Accident & Health: GICL impacting expense ratio

Household: benign weather impact Other: positive impact mgmt actions (AIL) & inclusion of GICL

NEP Periodic financial Information I 9M 13 Results I 6 November 2013 37

83.5%97.9% 87.7% 78.1% 80.3% 78.1%

26.2%24.0%

23.2%28.2% 26.2% 34.3%

109.7%121.9%

110.9% 106.3% 106.5% 112.4%

2009 2010 2011 2012 9M 12 9M 13

53 58 65 57 41 59 524 532 949 1,420 1,032 1,052

61.2%77.4%

61.4% 62.3% 65.2%46.0%

38.0%

38.2%

35.3% 36.7% 36.1%

40.3%

99.2%115.6%

96.7% 99.0% 101.3%86.3%

2009 2010 2011 2012 9M 12 9M 13

66.0% 75.1% 71.6% 67.7% 64.3% 57.4%

38.1% 30.4% 39.3% 42.2% 41.1% 43.9%

104.1% 105.5% 110.9% 109.9% 105.4% 101.3%

2009 2010 2011 2012 9M 12 9M 13187 248 366 434 318 339 69 110 143 173 118 153

NEP

NEP

2.12.9

0.8

0.82.9

3.7


Net profit increase driven by Turkey In EUR mio

In EUR bn

Non-Life combined ratio: weather conditions Portugal vs. strong 2012

227% 210% 207%

Inflow* increased in nearly all countries

In EUR bn

Continental Europe: Headlines Excellent top line performance & increased Non-Life net profit including positive one-off

**

36 36

1326

49

63

9M 12 9M 13

Life Non-Life

89.9%94.5%

9M 12 9M 13

1.02% 0.89%

9M 12 9M 13

Operating margin Guaranteed: lower risk result vs. excellent 9M 12


Life Technical liabilities*: growth due to fewer surrenders

0.51% 0.56%

9M 12 9M 13



14.1 14.0

14.0 14.4

28.1 28.4


Operating margin Unit-Linked: In % avg technical liabilities

9441,334

1,198

1,5382,142

2,871

9M 12 9M 13

244 242

281 286

125 144117 129766 800

9M 12 9M 13

Accident & Health

Motor

Unit-Linked

Guaranteed

+34%

Other Household

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflow @ 100% Higher Life sales in Portugal & France, Non-Life driven by Turkey

+4%

Life Inflow +34%, including non-controlling interests @ 100%, reflecting

higher sales in all operating companies

Consolidated inflow up 69%

Portugal: volumes up by 78% driven by the UL business as a result of successful campaigns in Q3

France: up by 42% continue to benefit from the 1st quarter UL single premium payment

Technical liabilities End of period technical liabilities: flat vs. year-end 2012

Average technical liabilities growth in line with excellent sales performance over last 2 years

Non-Life Inflow +4%, including non-controlling interests @ 100% driven by

Turkey

GWP consolidated entities in line with last year

Turkey (Aksigorta) at EUR 465 mio

A&H and Motor remain the major business lines in the portfolio. Motor growing in Portugal (Mobis product) & regaining momentum in Turkey despite intense competition


Continental Europe: Combined ratio Well below group target even with severe winter weather in Portugal


* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy

Combined ratio at 94.5%

Combined ratio higher than PY mainly due to severe weather impact in Portugal (Household) & exceptionally low claims ratios last year.

Combined ratio Turkey at 89.9% vs. 99.4%

Claims ratio at 65.0%

Claims ratio mainly higher due to mid-January storms in Portugal & higher volume of claims reported

Claims ratio Italy improved compared to previous quarter & in line with 9M 12

PY ratio: 2.4% release vs. 4.1%

Expense ratio at 29.5%

Expense ratio continued focus on cost containment (LY was influenced by a one off release in Italy), commission ratio slightly up due to product mix


62.4%71.0% 66.4% 63.6% 62.6% 65.0% 65.9% 62.4%

27.6%

30.3%30.3% 29.8% 27.3%

29.5% 26.9% 30.0%

90.0%

101.3%96.7% 93.4% 89.9%

94.5% 92.8% 92.4%

(1.3%)1.9%

(2.0%) (2.5%) (4.1%) (2.4%) (1.6%) (2.5%)

2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13


194 369 382 397 289 299 95 100

65.3%90.5%

71.8% 69.8% 66.1% 73.9%

36.7%

27.0%

29.2% 28.1% 27.6%28.3%

102.0%117.5%

101.0% 97.9% 93.7%102.2%

2009 2010 2011 2012 9M 12 9M 13

Continental Europe: Combined ratio per product line Overall combined ratio within expectations

Motor: 9M 12 positively influenced by reserve developments

Accident & Health: product mix drives increase commission ratio

Household: impact of weather in Portugal Other: higher commission due to product mix


70.2% 64.2% 63.5% 63.3% 61.1% 63.5%

25.7% 31.6% 27.8% 28.2% 26.0% 26.3%

95.9% 95.8% 91.3% 91.5% 87.1% 89.8%

2009 2010 2011 2012 9M 12 9M 13132 205 220 226 167 169 23 104 97 99 74 73

34.9%53.5% 53.7% 51.8% 61.1% 65.3%

22.9%

27.7% 34.2% 33.5%32.3%

38.5%

57.8%

81.2% 87.9% 85.3%93.4%

103.8%

2009 2010 2011 2012 9M 12 9M 1333 39 42 44 31 35

33.8%

73.3%94.5%

62.8% 64.5%45.4%

58.6%

39.0%

50.0%

43.3% 30.3%44.4%

92.4%112.3%

144.5%

106.1%94.8% 89.8%

2009 2010 2011 2012 9M 12 9M 137 21 23 28 16 22

NEP

NEP

NEP

NEP

Continental Europe Life operating margin per product line

Guaranteed: lower underwriting margin partially offset by higher investment margin

Unit-linked: increasing expense & other margin


Increase expense & other margin related to inflow growth

Investment margin improved vs. last year Decline in underwriting margin YTD due to higher claims in

risk business & fewer premiums (change payment frequency)

Cost containment leading to stable expense margin

1.25% 1.00% 1.18% 1.22%0.91% 1.19% 0.89%

0.84%

(0.75%)

0.70% 0.64%0.83% 0.54%

0.80%

(0.93%)

(1.08%)

(0.85%) (0.84%) (0.85%) (0.91%) (0.93%)

1.16%

(0.83%)

1.02% 1.02% 0.89% 0.82% 0.79%


0.01% 0.02% 0.02% 0.02% 0.01% 0.01% 0.01%

0.01% 0.01% 0.01% 0.01%

0.18%

0.55%0.41%

0.48% 0.54%0.45%

0.62%

0.20%

0.56%

0.44%0.51%

0.56%

0.47%

0.64%

2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13

Expense & other m. Investment m. Underwriting m.


8.7 8.3 7.8 7.8 7.7 7.8 7.7 13.9 6.4 6.1 6.1 6.3 6.1 6.3

Net result: Excluding one-offs, strong growth of underlying profit In EUR mio

In EUR bn

Non-Life combined ratio improving in both Thailand & Malaysia

Inflow* fuelled by China & Thailand Life Technical liabilities* up across all entities In EUR bn

Asia: Headlines New business boost & underlying profit growth Life / Strong Non-Life underwriting result


**

92 87

6 1499 101

9M 12 9M 13

Life Non-Life

101.0%

94.8%

9M 12 9M 13

5.27.3

0.6

0.65.8

7.9


76 79

6 1483

93


1.9 2.0

22.5 25.8

24.427.8



In % avg technical liabilities In EUR mio

2.10%1.41%

9M 12 9M 13

Life operating margin Hong Kong: excluding one-offs up 8%

Result non-consolidated partnerships: excluding one-offs up 15%

240 257 76 79 20 22 250 240

585 598

9M 12 9M 13

4,973

7,090 265

237 5,238

7,327

9M 12 9M 13

+40%

+2%

Fire

Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked

Asia: Inflow @ 100% Strong growth new business, boosted by very successful sales campaigns

Accident & Health

Other


Life Hong Kong, +9%, New business premiums strongly up despite a general

market slowdown following new regulations covering sales procedures of investment linked products

China, +58%, New business bank channel up 100% after very successful campaign; agency sales up 174% thanks to expanding number of agents & successful sales campaigns

Malaysia, -16%, New business premiums down due to the ongoing transition of both bank & agency channel distribution strategy from single premium sales towards more sustainable regular premium sales

Thailand, +22%, New business premiums up 28%; strong performance in both the bank channel & the agency channel

India, +4%, Despite continuation of a difficult regulatory environment new business was up 20% in the bank channel

Technical liabilities – end-of-period

Hong Kong : EUR 2.0 bn, up 6%

Including non-consolidated JVs @ 100%: EUR 27.8 bn, up 14%

Non-Life Malaysia, -4%, Growth in high-retention lines Household & Personal Accident,

offset by lower premiums in Marine, Aviation & Transport

Thailand, +23%, Concentrated in Motor business. Household & Personal Accident business also showed good growth

Hong Kong Life operating margin per product line Improved margin due to organic growth & higher investment income Guaranteed: improving expense & investment margin Unit-linked: pressure on margin from new business growth



(0.15%)(0.71%)

(0.15%) (0.12%) (0.55%)0.48%

(0.53%)

3.62%

(0.57%)

(0.11%) (0.19%)0.03% (0.22%)

0.00%

1.30%

3.52%2.52% 2.48% 2.65%

2.26%2.20%

4.77%

2.24%

2.26% 2.16% 2.12% 2.48%1.63%


3.11%

1.75% 2.14% 2.53% 2.27%2.99%

1.79%

0.01%0.14%

(2.40%)(3.21%)

(0.95%) (0.66%)

(2.52%)

(0.90%)(1.65%)

0.70%

(1.47%)1.19%

1.87%(0.24%) 2.08%

0.28%


45

1.0 1.1 1.3 1.3 1.3 1.3 1.3 0.3 0.4 0.5 0.4 0.6 0.4 0.6

Underwriting margin improved following organic growth Expense & Other margin deteriorated in 9M 13 following

new business growth & change in product mix - 9M 12 expense margin included EUR 8 mio positive non-recurring adjustment

Underwriting margin deteriorated in 9M 13 due to higher reinsurance costs & better persistency

Investment margin improved as result of higher net income from larger bond portfolio & some realised capital gains

Expense & Other margin improved due to organic growth

Executive summary

Annexes

Equity / Solvency



General Account

General Information


Investment portfolio Value of portfolio down on UG/L in fixed income, increased allocation to equities In EUR bn






Structured 0.3Structured 0.4

Loans6.3 Loans

5.9

Equities 2.4 Equities 3.0

Real Estate 4.7 Real Estate 4.6

Cash 2.4 Cash 2.2

75.9 74.7

FY 12 9M 13

Asset mix

Asset mix relatively stable

Increased positions in equities & customer loans at the expense of cash continued

Gross unrealized gains/losses on Available for Sale Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12);

exclusively down in fixed income

Fixed income: at EUR 3.5 bn (EUR 5.2 bn FY 12) Sovereigns at EUR 2.2 bn (vs. EUR 3.3 bn) Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)

Equities: slightly up to EUR 0.3 bn

Gross UG/L on Real Estate: stable at EUR 1.3 bn - not reflected in shareholders’ equity

EUR 0.8 bn unrealized gains/losses on Held to Maturity not reflected in shareholders’ equity

Belgium18.4

Belgium18.3

France 4.8 France 5.0

3.3 3.2Austria 2.9 Austria 2.7

1.4 1.10.7 0.4

Others 2.8 Others 2.5

34.7 33.9

FY 12 9M 13

In EUR bn

Gross UG/L at EUR 2.2 bn (vs. EUR 3.3 bn) 96% investment grade; 88% rated A or higher Exposure on SE sovereigns at amortized cost, after

impairments & @ Ageas’s part slightly down to EUR 1.9 bn

Maturity sovereign bond portfolio unchanged & close to maturity liabilities , limited interest rate sensitivity

Sovereign bond portfolio*

Sovereign & Corporate bond portfolio Value fixed income portfolio impacted by evolution unrealized gains


Gross UG/L at EUR 1.3 bn (vs. EUR 1.8 bn) Priority to investment grade industrials has led to

increased share within corporate bond portfolio of 41% in 9M 13 (vs. 37% FY 12)

Credit quality remains very good with 94% investment grade; 74% rated A or higher

Corporate bond portfolio*

Banking 6.1 Banking 5.4

Other financials 1.9

Other financials 1.9

Non Financials

9.3

Non Financials

10.1

Government related 7.9

Government related 7.2

25.1 24.7

FY 12 9M 13


The Netherlands The Netherlands Germany Germany

SE Sovereigns SE Sovereigns

In EUR bn

Loan portfolio (customers + banks)*

Loan & Equity portfolio More loans with guarantee

Loans to banks 2.6 Loans to

banks 1.8

RE 0.1

RE 0.1Infrastructure

0.1Infrastructure

0.1

Mortgages 1.5

Mortgages 1.5

Other 2.0Other 2.4

6.35.9

FY 12 9M 13

Increase in other: long term lending to social housing agencies in Belgium, benefiting from explicit guarantee by the region

Loans to banks – mainly short term bank deposits - down: priority to long-term secured loans


Equity portfolio*

Gross UG/L increased slightly up to EUR 0.3 bn

Equities 1.2Equities 1.5

Equity funds 0.1

Equity funds 0.1

RE funds 0.7

RE funds 0.7

Mixed funds & others 0.4

Mixed funds & others 0.72.4

3.0

FY 12 9M 13


Real estate portfolio

10/03/2010

Gross UG/L stable at EUR 1.3 bn (not reflected in shareholders’ equity but contributing to available capital for solvency calculation)

Real Estate exposure mainly in Belgium (+/- 70%)

Investment Offices 1.5

Investment Offices 1.5

Car Parks1.1

Car Parks1.0

Investment Retail 1.3

Investment Retail 1.4

0.6 0.4

0.3 0.3

4.7 4.6

FY 12 9M 13

In EUR bn

Real Estate portfolio*

Periodic financial Information I 9M 13 Results I 6 November 2013 50 * All assets at fair value except the ‘Held to Maturity’ assets, loans & real estate which are valued at amortized costs

Investment Warehouses RE Development

Investment Warehouses

RE Development

Executive summary

Annexes

Equity / Solvency



General Account

General Information

Net result driven by Q1 transactions & revaluation RPN(i) In EUR mio

Accounting value remaining legacies:

General Account: Headlines Q3 impact of revised methodology RPN(i) methodology


**

Net cash position: cash on legacy transactions partly in

69

15

9M 12 9M 13

1.2

2.0

FY 12 9M 13

In EUR bn In EUR mio

(165) (279)

234

872

241

FY 12 9M 13RPN(i) Call Option RPI


15

276

(90)

(114)

(13)(19)

(25)

RPI Call option Reval RPN(i) Staff exp. Op.& admin. exp. Investment &Interest Result*

GeneralAccount

General Account: components of Net result Result driven by transactions on legacy items & valuation methodology RPN(i) In EUR mio

Periodic financial Information I 9M 13 Results I 6 November 2013 53 * Including Interest Margin, Other Expenses & Other Losses (Realised/Unrealised)

Valuation RPN(i) liability as of 9M 13 equal to RPN amount compliant with IFRS 13 : transfer notion vs. settlement notion

causing non-cash accounting volatility with low cost

EUR (2) mio interest paid in 9M 13 calculation aid available on www.ageas.com (Investors Update 2013)

announced cash movements -best estimate


Net cash position General Account at EUR 2.0 bn Up in Q2 on transactions regarding RPI & BNPP Call Option

EUR 33 mio executed at 30/09/13 in EUR 200 mio share buy-back launched August 2013

EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than compensating 2012 dividend & 2012 corporate centre costs

Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of remaining proceeds expected in the coming months

Capital reduction approved at Shareholders’ Meeting 16 September, pay-out foreseen mid-December

54

RPI transaction share buy-back capital reduction

In EUR bn

6881,216

1,981340

827

144 ≈200

(97) (77)(270)

(46) (56) (167)(224)

FY 11 FY 12 buy-back capitalinjection

TPL

paiddividend

upstreamopco's

RPI calloption

operating expenses

other 9M 13

Only 2 alternative uses for General Account net cash withheld

1. Invest in Businesses

Organic growth Selective acquisitions Create new partnerships

2. Return to shareholders

Dividend payment Share buy-back

≈ EUR 1.8 bn ≈ EUR 900 mio cash dividend over ‘09, ’10, ’11 & ‘12 EUR 450 mio share buy-backs

finalized early ‘12 & ’13 EUR 200 mio share buy-back launched 12/08/13 EUR 224 mio capital reduction from proceeds of

BNP Call Option & RPI

≈ EUR 1.0 bn from net cash on top of retained earnings

≈ EUR 600 mio UK (Tesco, KFIS,

Castle Cover, Groupama) ≈ EUR 200 mio CE (Italy, Turkey) ≈ EUR 200 mio Asia (India, HK, China)


February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court

Judgments received in various legal procedures No major new elements in 9M 13

Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion MCS (Mandatory Convertible Securities) into Ageas’ shares

Timing and (financial) outcome remains hard to estimate Most civil proceedings still at the stage of first instance Possible decisions 2013:

- Appeal administrative proceedings AFM I (June 2008) & AFM II (Sep 2007) - total amount fines: EUR 864.000

- Dutch Supreme Court re mismanagement (ondernemingskamer) - no direct financial consequences

- Court of Appeal Amsterdam in Stichting FortisEffect case - first instance in favour of Ageas

May 11 - Claim VEB/Deminor

& FortisEffect dismissed by Amsterdam Court

- Rotterdam court confirmed fine AFM I, appeal filed

Initi

ated

by

Age

as

Act

ions

aga

inst

Age

as

February 12 BNP P tender for CASHES & subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities

February 12 - Rotterdam court

confirmed fine AFM II, appeal filed

- Utrecht court re communication Q2 2008 in favour of plaintiffs, appeal filed

March 12 Brussels Commercial Court rules in favour of Ageas in MCS-case, appeal filed

2011 2012 2009... 2010 ...

April 12 Ondernemingskamer Amsterdam re mismanagement mainly in favour of plaintiffs, appeal filed

June 12 Agreement with ABN AMRO to settle legal proceedings concerning FCC & MCS, closing all outstanding disputes with Dutch State

2013

June 13 Fine imposed by FSMA, appeal filed


Legal proceedings Managed in interest of shareholders

Administrative proceedings

AFM fine imposed 05/02/10 re price sensitive info June 08

AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07

Appeal filed against both before The Hague “College van Beroep voor het bedrijfsleven”; proceedings ongoing

FSMA re communication in Q2 2008 Appeal filed before Court of Appeal

Criminal procedure Public prosecutor requests referral of 7 individuals

Enterprise Court (Ondernemingskamer)

At request of VEB re 2007-2008 Report June 10; Judgment 05/04/12 re mismanagement, mainly in favour plaintiffs. Appeal before Supreme Court

Civil Lawsuits

Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas, former directors/executives & banks

Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State & Ageas

Proceedings ongoing

Judgement in favour of Ageas; appeal filed by Stichting FortisEffect before Court of Appeal

Utrecht - Stichting Investor Claims Against Fortis re alleged miscommunication 2007-08 against Ageas & 2 financial institutions

Utrecht - 2nd case by Stichting on behalf of certain shareholders for damages from same defendants & certain former directors/executives

Proceedings ongoing

Proceedings initiated in August 2012 ; at present unclear whether both actions will be joined

Arnhem - Mr.Bos, re alleged miscommunication May June 2008 Appeal filed before Arnhem Court of Appeal

Brussels - Modrikamen, re Sep/Oct 2008 transactions Brussels – Various lawsuits initiated by shareholders re alleged

miscommunication 2007 - 08

Pleadings on the merits scheduled H1 2014 Proceedings ongoing

Financial instruments

Brussels Court of Appeal - MCS-holders contesting validity of conversion Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015


Situation 30 September 2013

Main characteristics Hybrids Hybrone partly tendered, NITSH I & II reimbursed

In EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Direct issue FBB, 2004 CASHES

% 3m EUR + 135 bp 5.125% 4.625% 3m EUR +200 bp Amount

outstanding 1,250 336 1,000 1,110

ISIN XS0147484074 XS0257650019 BE0119806116 BE0933899800

Call date Undated exchange, strike 315.0, mandatory 472.5

Jun/2016 Step up to 3M Euribor +200

Oct/2014 Step up to 3M Euribor+170

Undated exchange, strike 239.4, mandatory 359.1

ACSM YES YES YES YES

Dividend pusher YES YES YES NO

Dividend stopper NO YES YES YES

Trigger < 0.5% dividend trigger Liabilities > asset <8% CAD <0.5% Dividend

Other on lent to AG Insurance No stock settlement feature

Coupon served by FBB, trigger ACSM linked to

Ageas dividend

Market Price (30/09/13) 56.03 98.59 100.54 59.29

Fortis Bank (now BNP Paribas)


Executive summary

Annexes

Equity / Solvency



General Account

General Information

situation 31/12/2012 situation 30/09/2013

Total Issued Shares 243,121,272 233,486,113

Shares not entitled to dividend and voting right 15,886,832 10,159,098

1. TREASURY SHARES Share buy-back 7,056,442 1,000,843FRESH 3,968,254 3,968,254Other treasury shares 218,232 546,097

2. CASHES 4,643,904 4,643,904

Shares entitled to dividend and voting rights 227,234,440 223,327,015

Total Issued Shares diminished with the 9,635,159 shares acquired through the Buy-back programmeup to 15 February 2013 & cancellation granted at the shareholders' meetings.

Following the reverse stock split the number of shares at 31/12/2011has been divided by 10, effective as at 7 August 2012.

Cancellation bought back shares + new buy back


Total number of outstanding shares Bought back shares cancelled following approval AGM April & September 2013

Shareholders structure Based on number of shares as at 30 September 2013

Ageas2.36%

Ping An 5.18%

BlackRock, Inc.5.02%

Franklin Mutual Advisers2.97%

Norges Bank

BNPP & Fortis Bank Identified retail

investors16%

Identified institutional investors

39%

Other investors23%

Ageas Based upon press release 30 September 2013Ping An Based upon the number of shares mentioned in the notification received 6 May 2013

Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 22 August 2013BlackRock, Inc. Based upon the number of shares mentioned in the notification received 22 July 2013

Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012BNP P & Fortis Bank Based upon BNP Paribas notification 01 October 2012

Benelux Retail shareholders Estimate byIdentified institutional investors Estimate by


6 November 9M 2013 results


10 December Ex date

13 December Payment capital reduction*

Financial calendar 2013 - 2014 Extraordinary shareholders’ meeting in September re EUR 1 distribution


19 February Annual results 2013

14 May 3M 2014 results

30 April Ordinary & Extraordinary shareholders’ meeting - Brussels

5 May Ex date

19 March Annual report 2013

13 May Payment 2013 dividend

6 August 6M 2014 results

5 November 9M 2014 results

Rating


S&P MOODY'S FITCH

Operating entities AG Insurance (Belgium)Insurance Financial Strength A- / stable A2 / negative* A+ / stableLast change 05/07/13 02/10/13 29/05/13

Millenniumbcp Ageas (Portugal)Insurance Financial Strength BB / negative BBB- / negativeLast change 25/09/13 09/07/13

Ageas Insurance Co. (Asia)Insurance Financial Strength Baa1 / stable A / stableLast change 16/01/13 26/03/13

Muang Thai LifeInsurance Financial Strength BBB+ / stable BBB+ / stableLast change 29/12/10 16/12/10

Etiqa Insurance Berhad (Malaysia)Insurance Financial Strength A / stableLast change 26/09/11

Holdings ageas SA/NVLong-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2Outlook stable negative stableLast change 05/07/13 02/10/13 14/12/12

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.


Investor Relations

Tel: E-mail: Website:

+ 32 2 557 57 34 [email protected] www.ageas.com

Investor Relations


9M results 2013

Economy & Finance