9M results 2014 - Presentation Analysts and institutional investors

9M Periodic Financial Information

2014 RESULTS

Strong Q3 in Life

& Non-Life

Group net result

driven by Insurance – Q3 positive on RPN(i)

Shareholders

equity up to

almost EUR 10 bn

Insurance net profit of EUR 579 mio (+16%) – Q3 EUR 239 mio

Inflow @ 100% of EUR 19.5 bn (+10%) – Q3 EUR 5.7 bn

Non-Life Combined ratio at 99.6% (vs.97.0%) – Q3 at 94.8%

Life Operating margin at 84 bps (vs.80 bps) – Q3 at 82 bps

Life Technical Liabilities at EUR 72.7 bn* (+5% vs. FY 13)

Group net profit of EUR 282 mio (-45%) – Q3 EUR 251 mio

General Account net result of EUR (297) mio – Q3 EUR 12 mio

Shareholders’ equity at EUR 9.9 bn or EUR 44.75 per share

- UG/L up to EUR 2.6 bn, EUR 11.28 per share

Insurance solvency at 214%, Group solvency at 206%

Net cash position General Account at EUR 1.5 bn

Main messages Ageas posts strong 9M Insurance results

Periodic financial Information I 9M 14 Results I 5 November 2014 1

* Consolidated entities only

12 269M 13 9M 14

Other Life Non-Life

3 20

55

63

Q3 13 Q3 14

4.54.6

9M 13 9M 14

Life Non-Life

3.8 4.2

1.41.5

5.3 5.7

Q3 13 Q3 14

9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14

Net result: Q3 supported by cap gains & legal settlement in UK In EUR mio In EUR bn

Non-Life combined ratio: recovering from floods & storms, solid Q3

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

Total Insurance: Headlines Strong 9M results – Excellent Q3


Life Technical liabilities up both in conso & non conso

Operating margin Guaranteed: strong margin in Belgium

Operating margin Unit-Linked: lower fee income in Portugal

In % avg technical liabilities In % avg technical liabilities

311 442110 156

174

112497

579

168

239

13.3 14.8

17.8

19.5

97.0% 99.6% 97.3% 94.8% 0.87% 0.98% 0.85% 0.96%

0.47%

0.20%

0.56%

0.22%

* incl. non-consolidated partnerships @ 100%

In % NEP

69.2 72.0 72.7

40.941.8 50.0

FY 13 6M 14 9M 14

Conso Non-conso

113.8110.1122.7

9M 13 9M 149M 13 9M 14


In EUR mio In EUR bn In EUR bn

Belgium : Headlines Strong 9M performance, Q3 incl. cap gain on RE transactions


39

9M 13 9M 14

Life Non-Life

6895

19

33

Q3 13 Q3 14

3.0 2.9

1.4 1.5

4.4 4.4

9M 13 9M 14

Life Non-Life

0.9 0.8

0.4 0.4

1.3 1.3

Q3 13 Q3 14

Q3 13 Q3 14

In % NEP

Q3 13 Q3 149M 13 9M 14Q3 13 Q3 14

97.6% 101.9% 97.9% 94.4%

0.40%0.51%

0.32%

0.44%0.98%0.85%0.98%0.84%

190282

57

247

321

87


129

53.2 55.5 56.1

FY 13 6M 14 9M 14

Net result: solid Q3 strong Non-Life & supported by RE (EUR 59 mio)

Inflows stable. Trend similar to previous quarters

Life Technical liabilities: mostly up on UG/L

Operating margin Guaranteed: above target; mainly RE cap gains

Non-Life combined ratio: recovering from June hailstorm; excellent Q3

Operating margin Unit-Linked: recovery to 0.32% from a low Q2

9M 13 9M 14

In EUR mio

United Kingdom: Headlines Continued strong recovery in Q2 & Q3

Periodic financial Information I 9M 14 Results I 5 November 2014

(2) 212

26

7752

8780

9M 13 9M 14

Life Other Non-Life

Q3 13 Q3 14

96.9% 99.3%98.0% 96.6%

In EUR bn

In % NEP

In EUR mio

0.1 0.1

1.7 1.7

1.7 1.8

9M 13 9M 14

Life Non-Life

0.0 0.00.6 0.6

0.6 0.6

Q3 13 Q3 14

9M 13 9M 14

5981

Q3 13 Q3 14

181 209


(0) 1

320

26

2729

48

Q3 13 Q3 14

4

Net result: Legal settlement (EUR 23 mio)

helps offset weather impact (EUR 36 mio)

Inflows* up 6%, flat excluding FX

Non-Life combined ratio: below 100% after solid Q2 & Q3

Other Income: incl. legal settlement

Net profit declined due to strengthening reserves in Turkey vs one-off in 9M 13

In EUR mio In EUR bn

Excellent Non-Life combined ratio further improved in A&H and Motor

227%

Inflows*: strong sales in Luxembourg

In EUR bn

Continental Europe: Headlines Lower result in Turkey drives net profit CEU down

**

Operating margin Guaranteed: lower U/W & investment margin


In % avg technical liabilities

Operating margin Unit-Linked: lower fee income in Portugal In % avg technical liabilities

36 35

26

8

63

43

9M 13 9M 14

Life Non-Life

117

6

17

5

Q3 13 Q3 14

2.93.5

0.8

0.83.7

4.3

9M 13 9M 14

Life Non-Life

1.0 1.2

0.20.2

1.31.5

Q3 13 Q3 14

9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14

94.5% 90.7%92.4% 89.3%

0.89% 0.69% 0.79% 0.46%0.56%

0.11%

0.64%

In % NEP


13.9 14.2 14.2

15.0 15.9 16.9

28.9 30.1 31.1

FY 13 6M 14 9M 14

Conso Non-conso

(0.01%)

Life Technical liabilities up 7% driven by Luxembourg

14

12

9M 13 9M 14

Life Non-Life

14

12

9M 13 9M 14

Life Non-Life

Net result: business growth & good financial performance In EUR mio In EUR bn

Non-Life combined ratio improved reflecting solid underwriting

Inflow growth fuelled by China & Thailand

Life Technical liabilities up across all entities In EUR bn

Asia: Headlines Strong profits supported by new business growth Life


**

In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: up on increased investment margin

Result non-conso partnerships:new business growth & financial result

7.38.4

0.6

0.67.9 9.0

9M 13 9M 14

Life Non-Life

1.9 2.1

0.20.22.12.3

Q3 13 Q3 14

Q3 13 Q3 149M 13 9M 14Q3 13 Q3 149M 13 9M 14

94.8%89.9%

95.9%

91.4%

1.41% 1.73%

1.22%

2.20%

87 123

101

135

79 111

93

123

In % NEP


30

47

4

4

34

51

Q3 13 Q3 14

31

534

4

35

57

Q3 13 Q3 14

2.0 2.1 2.3

25.929.6

33.1

27.9

31.7

35.4

FY 13 6M 14 9M 14

Conso Non-conso

9M 13 9M 14

Q3 13 Q3 14

Q3 13 Q3 14

Net result driven by revaluation RPN(i), positive in Q3 In EUR mio

Accounting value of remaining legacies

General Account: Headlines Impacted by revaluation RPN(i) liability & legal provision


Accounting value put option

In EUR mio In EUR mio

9M 13 9M 14

1.91.6 1.5

FY 13 6M 14 9M 14

(297)

RPN(i): positive in Q3 following lower price CASHES

Staff & Operating expenses down

Net cash position: decrease driven by distribution to shareholders

13 14

20 16

33 31

9M 13 9M 14

Staff Operating

In EUR mio


(370)

(527) (494)

37 29 30

(130)(130)

FY 13 6M 14 9M 14

RPN(i) RPI FortisEffect

5 5

85

13

10

Q3 13 Q3 14

(124)

(108)

33

1,255 1,2821,443

FY 13 6M 14 9M 14

15(127) 12

(114)

Strong operational & financial performance in Q3

Shareholders’ equity historically high due to low i-rate

environment

Diligent execution of share buy-back

Conclusions: positive trend continued


Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information


Key financials Strong third quarter driven by operating & financial results

In EUR mio 9M 13 9M 14 Q3 13 Q3 14

Gross inflows 17,767 19,466 10% 5,270 5,676 8%

- of which inflows from non-consolidated partnerships 9,963 11,748 18% 2,731 3,278 20%

Net result Insurance 497 579 16% 168 239 42%

By segment: - Belgium 247 321 30% 87 129 47%

- UK 87 80 (8%) 29 48 66%

- Continental Europe 63 43 (32%) 17 5 (68%)

- Asia 101 135 34% 35 57 62%

By type: - Life 311 442 42% 110 156 42%

- Non-Life 174 112 (36%) 55 63 13%

- Other 12 26 119% 3 20 579%

Net result General Account 15 (297) - (127) 12 -

Net result Ageas 513 282 (45%) 41 251 511%

Earnings per share (in EUR) 2.24 1.26 (44%)

FY 13 9M 14

Insurance Solvency 207% 214%

Shareholders' equity 8,525 9,900 16%

Net equity per share (in EUR) 37.65 44.75

Insurance ROE 8.3% 9.1%

Insurance ROE excl.UG/L 10.4% 11.8%


Shareholders’ equity roll forward Unrealized gains further up to EUR 2.6 bn or EUR 11.28 per share

In EUR mio

6,206 6,333 6,750

1,939 1,280

2,590

1,655

912

560579

1,311 121 275

(297)

(308) (157) (63)(72) (13)

EUR 37.65 EUR 44.75

9,799

8,525

9,900

FY 12 FY 13 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Revalput option

Forex PortugalNon-Life

Other 9M 14

InsuranceUG/L

InsuranceUG/L

Shareholders’

equity per

segment

Shareholders’

equity per share

FY 13 9M 14 FY 13 9M 14

Belgium 3,676 ► 4,604 Asia 1,592 ► 2,262

UK 1,121 ► 1,298 Insurance 7,613 ► 9,340

Continental Europe 1,224 ► 1,176 General Account 912 ► 560


Tangible net equity High quality capital structure

10/03/2010 I page 12

EUR bn FY 13 9M 14

IFRS Shareholders' Equity 8.5 9.9

Unrealised gains real estate 0.6 0.6

Goodwill (0.7) (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 0.5 0.4

25% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 7.7 9.0

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


Insurance Solvency up on net result & positive currency evolution General Account down on net result & share buy-back

2.5 2.5

0.4 0.5 0.6 0.6 0.6 0.7

4.0 4.2 4.0 4.2

2.02.4

0.5 0.61.0 0.7 0.7

1.1

4.34.8

0.3 (0.3)

4.6 4.5

4.54.9

0.91.1

1.61.3 1.3

1.8

8.3

9.18.6 8.8

FY 139M 14 FY 139M 14 FY 139M 14 FY 139M 14 FY 139M 14 FY 139M 14 FY 13 9M 14

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

183% 195% 225% 233% 271% 221% 221% 265% 207% 214% 214% 206%Solvency ratio

* Before exptected 2014 dividends payment

*

Annexes

Equity / Solvency

Insurance activities


General Account

General Information

12 269M 13 9M 14

Other Life Non-Life

3 20

55

63

Q3 13 Q3 14

4.54.6

9M 13 9M 14

Life Non-Life

3.8 4.2

1.41.5

5.3 5.7

Q3 13 Q3 14

9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14

Net result: Q3 supported by cap gains & legal settlement in UK In EUR mio In EUR bn

Non-Life combined ratio: recovering from floods & storms, solid Q3

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

Total Insurance: Headlines Strong 9M results – Excellent Q3


Life Technical liabilities up both in conso & non conso

Operating margin Guaranteed: strong margin in Belgium

Operating margin Unit-Linked: lower fee income in Portugal


311 442110 156

174

112497

579

168

239

13.3 14.8

17.8

19.5

97.0% 99.6% 97.3% 94.8% 0.87% 0.98% 0.85% 0.96%

0.47%

0.20%

0.56%

0.22%


In % NEP

69.2 72.0 72.7

40.941.8 50.0

FY 13 6M 14 9M 14

Conso Non-conso

113.8110.1122.7

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


EUR mio 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14

Belgium 75% 2,996 2,907 (3%) 1,425 1,461 2% 4,422 4,368 (1%)

United Kingdom 79 100 26% 1,669 1,746 5% 1,748 1,846 6%

Consolidated entities 79 100 26% 1,269 1,333 5% 1,348 1,432 6%

Non-consolidated JV's 400 414 3% 400 414 Tesco 50% 400 414 3% 400 414 0% 0 0

Continental Europe 2,871 3,475 21% 800 813 2% 3,671 4,288 17%

Consolidated entities 1,358 1,225 (10%) 335 351 5% 1,693 1,576 (7%)

Portugal 51% - 100% 1,087 946 (13%) 190 201 5% 1,278 1,147 (10%)

France 100% 271 279 3% 271 279 3%

Italy 25% 144 151 144 151 Non-consolidated JV's 1,513 2,250 49% 465 462 1,978 2,712 37%

Turkey (Aksigorta) 36% 465 462 465 462 Luxembourg (Cardif Lux Vie) 33% 1,513 2,250 49% 1,513 2,250 49%0

Asia 7,327 8,363 14% 598 600 0% 7,926 8,963 13%

Consolidated entities 341 341 (0%) 341 341 (0%)

Hong Kong 100% 341 341 (0%) 341 341 (0%)

Non-consolidated JV's 6,986 8,023 15% 598 600 0% 7,585 8,623 14%

Malaysia 31% 479 412 (14%) 437 430 (2%) 917 842 (8%)

Thailand 31%-15% 1,133 1,309 16% 161 170 6% 1,294 1,479 14%

China 25% 5,287 6,221 18% 5,287 6,221 18%

India 26% 87 81 (7%) 87 81 (7%)

Ageas 13,274 14,846 12% 4,493 4,620 3% 17,767 19,465 10%#DIV/0! ###### ######

Consolidated entities 4,775 4,573 (4%) 3,029 3,145 4% 7,804 7,718 (1%)

Non-consolidated JV's 8,499 10,273 21% 1,464 1,475 1% 9,963 11,748 18%

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, hampered by FX impact

In EUR mio


2,247 2,181

79 100 1,330 1,511

2,178 2,443

5,834 6,234

1,069 1,096

1,470 1,540

301 338

159 158

2,999

3,132

(1%)

6%13%

11%

6%

3,316 3,276

1,549 1,640 1,630 1,849

2,337 2,601

8,833

9,366

9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14

Insurance net result Further up despite negative FX impact, all segments up except UK

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life Other

Life Non-Life

Life Non-Life

Life Non-Life Other

12 26 12 26

190

282

(2)

2 36 35

87 123

311

442

57

39

77 52 26 8

14

12

174

112

247

321

87 80

63 43

101

135

497

579

9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14

In EUR mio


EUR mio 9M 13 9M 14

Life 29 114

Non-Life 6 14

Total Belgium 35 127

Life

Non-Life 6 4

Other

Total UK 6 4

Life 5 6

Non-Life (0) (0)

Total CEU 5 6

Life 25 36

Non-Life 3 2

Total Asia 28 38

Life 59 155

Non-Life 15 19

Other

Total Ageas 75 175

10/03/2010 I page 19

Overview of net capital gains* on investments Large impact of net capital gains on net result


Large cap gain on a real estate transaction in Q3

on top of cap gains on bonds & equities in H1

Cap gains on equities benefiting from favourable

market conditions

* Net capital gains include capital gains, impairment & linked changes in profit sharing, net of tax & @ ageas’s part


Insurance Combined ratio Strong Q3 pushes 9M combined ratio below 100%

Net earned premium in EUR mio

Combined ratio at 99.6% vs. 97.0%

Benefitting from solid underwriting in Q3

Negative impact storms & floods (Q1 UK & Q2

BE) fading out over the year; 3.1% remaining

All major business lines dropped well below

100% - weak performance in Other lines

Q3 Combined ratio at 94.8% vs. 97.3%

Claims ratio at 64.3% vs. 62.6%

Storms & floods in UK & BE – TPL in BE –

Other lines in BE & CEU

CY claims ratio (68.1% vs. 66.2%)

PY claims ratio fairly stable : release of 3.8%

(vs. 3.6%)

Expense ratio at 35.3% vs. 34.4%

Costs of business development & integration

69.4% 73.2% 69.0% 68.1% 64.3% 62.6% 64.3% 63.4% 59.8%

33.1%32.8%

31.1% 31.0% 34.0% 34.4% 35.3% 33.9%35.0%

102.5%106.0%

100.1% 99.1% 98.3% 97.0% 99.6% 97.3% 94.8%

(6.0%)(3.7%) (3.5%) (3.1%) (3.8%) (3.6%) (3.8%) (1.9%) (4.0%)

2009 2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

claims ratio expense ratio PY claims ratio

2,497 2,858 3,507 4,178 3,749 2,789 2,857 944 978

70.4% 74.3% 71.9% 70.5% 70.0% 68.9% 66.7%

23.6%24.8% 25.0% 25.5% 25.6% 25.8% 26.8%

94.0%99.1% 96.9% 96.0% 95.6% 94.7% 93.5%

2009 2010 2011 2012 2013 9M 13 9M 14

79.0% 78.4% 72.0% 73.6% 69.8% 70.1% 69.4%

29.3% 29.0%25.3% 25.4% 29.3% 29.9% 29.9%

108.3% 107.4%97.3% 99.0% 99.1% 100.0% 99.3%

2009 2010 2011 2012 2013 9M 13 9M 14

59.4%75.0%

61.9% 55.6% 51.5% 47.2% 52.6%

43.4%

43.2%

41.5%41.6% 44.0%

43.9%44.6%

102.8%

118.2%

103.4%97.2% 95.5% 91.1%

97.2%

2009 2010 2011 2012 2013 9M 13 9M 14

51.7%42.9%

67.2% 66.5% 62.4% 59.1%69.4%

45.8%

41.2%

44.8% 44.9% 45.5% 45.3%

50.3%

97.5%

84.1%

112.0% 111.4% 107.9% 104.4%

119.7%

2009 2010 2011 2012 2013 9M 13 9M 14

Insurance Combined ratio per product line All major business lines dropped well below 100%, despite floods & storms in H1

Motor: excellent Q3 at 95.8%, improving claims Accident & Health: improving claims in UK & CEU

Other: higher claims in BE & CEU; integration costs in UK Household: impact storms & floods fading out


609 714 736 763 813 599 605 NEP NEP

NEP

1,012 1,134 1,571 2,058 1,557 1,160 1,200

673 750 892 1,007 986 735 766 203 261 308 349 394 296 285NEP

Insurance Life operating margin per product line Margins in Guaranteed above target, UL staying behind

Guaranteed: driven by investment margin Unit-linked: decrease driven by one-offs Hong Kong

Average technical liabilities Average technical liabilities

Underwriting margin down in BE & Hong

Kong

Expense & other margin decrease related to

lower fee income in Portugal

Investment margin including large cap gains in BE &

Hong Kong

Underwriting margin impacted by lower risk margin in

BE & Hong Kong

Expense margin stable


0.44% 0.41% 0.44% 0.43% 0.43% 0.39% 0.40% 0.37%

0.67%

(0.79%)

0.87% 0.83% 0.79% 0.93% 0.81% 0.95%

(0.33%)

(0.36%)

(0.33%)(0.31%)(0.35%)(0.34%) (0.36%)(0.36%)

0.78%

(0.74%)

0.99%0.96%0.87%0.98%

0.85%0.96%

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

0.07%

0.04%

0.11% 0.13% 0.14% 0.11% 0.14% 0.13%0.01%

0.01%

(0.02%)

0.01%

0.27%0.42%

0.37%

0.18%

0.33%

0.08%

0.42%

0.05%

0.35%

0.45%0.48%

0.28%

0.47%

0.20%

0.56%

0.22%

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

50.4 52.3 54.0 55.5 55.4 56.6 55.4 56.6 20.2 12.4 11.8 12.3 12.3 12.6 12.3 12.6

Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

In EUR bn

9M 13 9M 149M 13 9M 14


In EUR mio In EUR bn In EUR bn

Belgium : Headlines Strong 9M performance, Q3 incl. cap gain on RE transactions


39

9M 13 9M 14

Life Non-Life

6895

19

33

Q3 13 Q3 14

3.0 2.9

1.4 1.5

4.4 4.4

9M 13 9M 14

Life Non-Life

0.9 0.8

0.4 0.4

1.3 1.3

Q3 13 Q3 14

Q3 13 Q3 14

In % NEP

Q3 13 Q3 149M 13 9M 14Q3 13 Q3 14

97.6% 101.9% 97.9% 94.4%

0.40%0.51%

0.32%

0.44%0.98%0.85%0.98%0.84%

190282

57

247

321

87


129

53.2 55.5 56.1

FY 13 6M 14 9M 14

Net result: solid Q3 strong Non-Life & supported by RE (EUR 59 mio)

Inflows stable. Trend similar to previous quarters

Life Technical liabilities: mostly up on UG/L

Operating margin Guaranteed: above target; mainly RE cap gains

Non-Life combined ratio: recovering from June hailstorm; excellent Q3

Operating margin Unit-Linked: recovery to 0.32% from a low Q2

(3%)

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor


Belgium: Inflow @ 100% Growth in Non-Life fully offset by lower Unit-linked sales

+2%

Life

Guaranteed interest rate in Individual Life for the second quarter in

a row reduced to 1% as from 01/09/14

Inflow in Guaranteed products grew slightly over the first nine

months of the year, but fully offset by a drop in unit linked due to

low customer appetite.

Non-Life

GWP up 2%: increased in both Bank & Broker channels & across

all product lines - higher growth compared to peers

Household (+3%): higher volume & tariff increases

Motor (+2%): driven by volume & tariff increases

Other (+8%): mainly driven by tariff increase in Legal Assistance

(VAT on lawyer fees since 2013)

Accident & Health (+1%) - Stable

2,562 2,587

434 320

2,996 2,907

9M 13 9M 14

392 394

441 451

461 474

131 142

1,425 1,461

9M 13 9M 14

64.1% 68.7% 64.3% 62.7% 63.2% 60.8% 64.0% 61.5%56.7%

36.8%36.4%

36.8% 36.8% 36.7% 36.8%37.9%

36.4%37.8%

100.9%105.1%

101.1% 99.5% 99.9% 97.6%101.9%

97.9%94.4%

(8.0%)(6.6%) (7.3%)

(4.5%) (3.6%) (4.2%) (3.8%) (0.9%) (2.9%)

2009 2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14



Belgium: Combined ratio Excellent Q3; 9M impacted by hailstorms & Third party liability



9M negative impact June hailstorm of 3.8%

Weak performance in TPL (both for CY & PY) .


Solid operating results in Household. Combined

ratio at 91.8% vs. 93.8%, better CY & PY claims

ratio

Motor at 93.6% vs. 95.3%: Excellent Q3, mainly

driven by lower CY claims ratio (decrease ≈ 4%)

Other lines at 109.4% vs. 131.7%: weak

performance mostly driven by poor results in TPL


CY ratio (67.8% vs. 65.0%). Deterioration driven

by climatic events & TPL- H1 events

PY ratio (- 3.8% vs. -4.2%), deterioration related

to TPL offset by improvements in other branches

Expense ratio at 37.9% vs. 36.8% increased

slightly mainly in Accident & Health

1,469 1,541 1,601 1,698 1,785 1,323 1,347 451 457

68.5% 71.0%58.9% 64.7% 64.7% 65.0% 63.2%

36.3% 35.7%

35.3%35.8% 36.3% 36.4% 37.2%

104.8% 106.7%

94.2%100.5% 101.0% 101.4% 100.4%

2009 2010 2011 2012 2013 9M 13 9M 14

68.9% 75.8% 73.8% 73.0% 73.7% 69.9% 69.5%

22.6%21.9% 23.8% 24.0% 23.8% 24.1% 25.7%

91.5%97.7% 97.6% 97.0% 97.5% 94.0% 95.2%

2009 2010 2011 2012 2013 9M 13 9M 14

44.9%

10.4%

58.2% 65.9% 66.2% 63.7%

87.8%

49.2%

50.9%

49.5%48.1% 47.2% 47.3%

47.9%94.1%

61.3%

107.7%114.0% 113.4% 111.0%

135.7%

2009 2010 2011 2012 2013 9M 13 9M 14

60.5%75.6%

63.0%50.5% 51.4% 47.7% 53.0%

47.1%

47.1%

46.9%

46.2% 45.6% 45.6%46.2%

107.6%

122.7%

109.9%

96.7% 97.0% 93.3%99.2%

2009 2010 2011 2012 2013 9M 13 9M 14

Belgium: Combined ratio per product line Motor & Household recovering from H1 weather

Motor: Improved despite June hailstorms Accident & Health: few large claims in Workmen’s

Compensation (Q1), improvement in Q2 & Q3

Household: below 100% despite weather impacts Other: Poor result in TPL due to higher claims

NEP NEP

NEP


424 451 451 480 507 370 372 465 498 525 540 552 410 419

453 463 484 530 564 421 430 127 129 142 149 162 121 126NEP

0.03%(0.05%)

0.04% 0.04% 0.05% (0.01%)

0.10%

0.01%

0.64%

0.50% 0.44%0.38% 0.39%

0.33%

0.40%

0.40%

0.66%

0.45%0.47%0.41% 0.44%0.32%

0.51%

0.40%

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

0.28% 0.32% 0.32% 0.32% 0.35% 0.30% 0.34% 0.26%

0.57%

(0.80%)

0.93% 0.88% 0.81% 0.99% 0.83% 1.04%

(0.21%)

(0.30%)

(0.29%)(0.31%)(0.32%)(0.31%) (0.32%)(0.33%)

0.64%

(0.78%)

0.96%0.89%0.84%0.98%

0.85%0.98%

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

Belgium Life operating margin per product line

Guaranteed: solid operating margin,

above target

Unit-linked: drop due to shift towards structured UL

Avg techn liabilities Avg techn liabilities


Operating margin recovered to 0.32% from a low

0.27% in H1

Underwriting margin down: products with lower

margins due to lower customer appetite for open UL

Average Technical Liabilities increased slightly

Operating result up 20% driven by higher cap gains partly

offset by lower underwriting result (high risk result in 9M 13)

& investment margin (excl. cap gains)

Operating margin rose to 0.98% driven by cap gains

Investment margin solid @ 0.99% (vs 0.81%)

Average Technical Liabilities up 6% mainly explained by

impacts of UG/L & acquisition Fidea (EUR 0.5 bn)

40.7 42.9 44.9 46.4 46.3 47.4 46.3 47.4 6.0 5.6 5.2 5.4 5.4 5.6 5.4 5.6

Expense &

Other

Investment

Underwriting Expense &

Other

Underwriting

In EUR bn

9M 13 9M 14

In EUR mio

United Kingdom: Headlines Continued strong recovery in Q2 & Q3

Periodic financial Information I 9M 14 Results I 5 November 2014

(2) 212

26

7752

8780

9M 13 9M 14

Life Other Non-Life

Q3 13 Q3 14

96.9% 99.3%98.0% 96.6%

In EUR bn

In % NEP

In EUR mio

0.1 0.1

1.7 1.7

1.7 1.8

9M 13 9M 14

Life Non-Life

0.0 0.00.6 0.6

0.6 0.6

Q3 13 Q3 14

9M 13 9M 14

5981

Q3 13 Q3 14

181 209


(0) 1

320

26

2729

48

Q3 13 Q3 14

28

Net result: Legal settlement (EUR 23 mio)

helps offset weather impact (EUR 36 mio) Inflows* up 6%, flat excluding FX

Non-Life combined ratio: below 100% after solid Q2 & Q3

Other Income: incl. legal settlement

Motor

Non-Life

Life

Other

Household

Accident & Health

Total In EUR mio

Non-Life In EUR mio

5%

6%


Life

Up 26%, +21% at constant FX

New business APE up 16%, as new products launched

Non-Life (including TU)

Up 5%, flat at constant FX.

Motor up 5%, flat at constant FX, due to volumes increase offset by

lower premiums

Household up 2%, but down in GBP as TU continue to maintain

pricing discipline.

Accident & Health down 13% due to exit of scheme

Other lines (including Commercial & Special Risks) up 11%. Primarily

from growth in special risks.

Other Insurance (including Retail)

YTD total income of EUR 209 mio, up 16% including a positive

contribution from a legal settlement of EUR 24 mio,

United Kingdom: Inflow @ 100% Inflow up 6% but flat at constant FX

66 58

1,090 1,150

362371

151168

1,6691,746

9M 13 9M 14

1,669 1,746

79100

1,7481,846

9M 13 9M 14


United Kingdom: Combined ratio Below 100% reflecting excellent Q3 & Q2 offsetting weather in Q1


834 948 1,524 2,083 1,562 1,168 1,200 393 418


Strong Q3 in Motor & Household leading to Q3

combined ratio of 96.6%

Impact of Q1 storms & floods diminishes


Claims ratio Weather impact reduced to 3.1%.

CY ratio (69.2% vs. 67.9%) primarily due to

adverse weather in Q1

PY ratio: (release of 3.7% vs. 3.2%) broadly in

line with 9M 13


Increased expense ratio due to higher

commissions arising from greater business

through MGAs & DAs

Integration costs recorded in Other

80.4% 81.5%74.6% 73.3%

65.6% 64.2% 65.5% 65.7% 63.2%

27.7% 28.0%

25.3% 26.5%32.2% 32.7% 33.8% 32.3% 33.4%

108.1%109.5%

99.9% 99.8% 97.8% 96.9% 99.3% 98.0% 96.6%

(3.5%)(1.1%) 0.1% (2.1%) (4.0%) (3.2%) (3.7%) (2.9%)

(5.4%)

2009 2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14


83.5%97.9%

87.7%78.1% 76.2% 78.1%

66.3%

26.2%

24.0%23.2%

28.2% 34.3% 34.3%37.2%

109.7%

121.9%

110.9% 106.3% 110.5%112.4%

103.5%

2009 2010 2011 2012 2013 9M 13 9M 14

88.9% 82.9% 79.2% 77.2% 71.9% 72.8% 73.9%

22.8%23.3%

19.5% 21.3% 25.0% 26.1% 25.5%

111.7%106.2%

98.7% 98.5% 96.9% 98.9% 99.4%

2009 2010 2011 2012 2013 9M 13 9M 14

61.2%77.4%

61.4% 62.3%51.4% 44.1% 51.9%

38.0%

38.2%

35.3% 36.7%42.4%

42.1%43.2%

99.2%115.6%

96.7% 99.0%93.8%

86.2%95.1%

2009 2010 2011 2012 2013 9M 13 9M 14

66.0% 75.1% 71.6% 67.7% 59.7% 57.4% 51.8%

38.1%30.4% 39.3% 42.1%

44.5% 43.9% 53.8%

104.1% 105.5% 110.9% 109.8%104.2% 101.3% 105.6%

2009 2010 2011 2012 2013 9M 13 9M 14

United Kingdom: Combined ratio per product line Weather impact on loss ratio diluted by strong underlying results


53 58 65 57 79 59 55 524 532 949 1,420 907 676 709

187 248 366 434 374 279 299 69 110 143 173 202 153 136

NEP NEP

NEP NEP

not restated not restated

not restated not restated

Motor: broadly in line with 9M 13 Accident & Health: Cleansing the book has improved

loss ratio

Household: adverse weather impact Q1 Other: expense ratio impacted by integration costs

Net profit declined due to strengthening reserves in Turkey vs one-off in 9M 13

In EUR mio

In EUR bn

Excellent Non-Life combined ratio further improved in all lines except Other

227%

Inflows*: strong sales in Luxembourg

In EUR bn

Continental Europe: Headlines Lower result in Turkey drives net profit CEU down

**

Operating margin Guaranteed: lower U/W & investment margin


In % avg technical liabilities

Operating margin Unit-Linked: lower fee income in Portugal In % avg technical liabilities

36 35

26

8

63

43

9M 13 9M 14

Life Non-Life

11 7

6

(2)

17

5

Q3 13 Q3 14

2.93.5

0.8

0.83.7

4.3

9M 13 9M 14

Life Non-Life

1.0 1.2

0.20.2

1.31.5

Q3 13 Q3 14

9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14

94.5% 90.7%92.4% 89.3%

0.89% 0.69% 0.79% 0.46%0.56%

0.11%

0.64%

In % NEP


13.9 14.2 14.2

15.0 15.9 16.9

28.9 30.1 31.1

FY 13 6M 14 9M 14

Conso Non-conso

(0.01%)

Life Technical liabilities up 7% driven by Luxembourg

Accident & Health

Motor

Unit-Linked

Guaranteed

+21%

Other

Household

Life

In EUR mio

Non-Life

In EUR mio

Continental Europe: Inflow @ 100% Growth driven by Luxembourg

+1%


Life

Consolidated inflow down 10%

Portugal: -13% as higher volumes in saving products could not

compensate the slow down in UL sales (still 43% of total inflow)

France: +3% vs. 9M 13 thanks to broker network sales

Luxembourg +49%, inflows climbed thanks to large Wealth business

contracts concluded in Italy

Technical liabilities

End of period technical liabilities: up 7%

Non-Life

GWP consolidated entities up 5%

Portugal +5% outperforming local markets in A&H & growing in Fire &

Motor

Italy +5%, better commercial performance in bank channel in all product

lines, particularly Household & Consumer protection business

Turkey (Aksigorta) nearly flat, up 18% at constant FX: regaining

momentum in Motor despite intense competition

A&H and Motor remain the major business lines in the portfolio

1,333

2,210

1,538

1,265

2,871

3,475

9M 13 9M 14

242 247

286 273

144 148

129 145

801 813

9M 13 9M 14


Continental Europe: Combined ratio Substantially better than group target


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

62.4%71.0% 66.4% 63.6% 63.7% 65.0% 61.3% 62.4% 59.9%

27.6%

30.3%30.3%

29.8% 30.0% 29.5%29.4% 30.0%

29.4%

90.0%

101.3%96.7%

93.4% 93.7% 94.5%90.7% 92.4%

89.3%

(1.3%)1.9%

(2.0%) (2.5%) (4.0%)(2.4%) (3.9%) (2.5%) (2.9%)

2009 2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14


194 369 382 397 403 299 310 100 103


Combined ratio further improved vs. last year

mainly due to improved ratio’s in A&H, Motor

& Household

Combined ratio Turkey increased to due to

strengthening reserves for bodily injury

claims (EUR 10 mio) driven by observed

increases in severity & frequency


Improving in all product lines except Other,

both in Italy & Portugal


Improvement mainly in Motor & Household

PY ratio: 3.9% release vs. 2.4% driven by

positive reserve developments notably in

Motor


Expense ratio in line with last year

70.2% 64.2% 63.5% 63.3% 59.7% 63.5% 61.0%

25.7% 31.6% 27.8% 28.2%26.6% 26.3% 25.9%

95.9% 95.8%91.3% 91.5%

86.3% 89.8% 86.9%

2009 2010 2011 2012 2013 9M 13 9M 14

65.3%

90.5%71.8% 69.8%

79.3% 73.9%62.2%

36.7%

27.0%

29.2% 28.1%

29.2%28.3%

29.3%

102.0%

117.5%

101.0% 97.9%108.5%

102.2%

91.5%

2009 2010 2011 2012 2013 9M 13 9M 14

34.9%53.5% 53.7% 51.8% 53.5%

65.3%53.7%

22.9%

27.7% 34.2% 33.5%38.8%

38.5%

37.6%57.8%

81.2%87.9% 85.3%

92.3%103.8%

91.3%

2009 2010 2011 2012 2013 9M 13 9M 14

33.8%

73.3%94.5%

62.8% 59.6%45.4%

73.3%

58.6%

39.0%

50.0%

43.3% 43.7%

44.4%

42.4%92.4%

112.3%

144.5%

106.1% 103.3%

89.8%

115.7%

2009 2010 2011 2012 2013 9M 13 9M 14

Continental Europe: Combined ratio per product line Improving in all product lines except other

Motor: improved claims ratios in both Italy & Portugal Accident & Health: continued excellent claims

Household: lower weather impact in Portugal Other: increase in claims


132 205 220 226 227 169 178 23 104 97 99 99 73 72

33 39 42 44 48 35 37 7 21 23 28 29 22 23

NEP NEP

NEP NEP

Continental Europe Life operating margin per product line

Guaranteed: better underwriting offset

by lower investment margin

Unit-linked: decreasing expense & other

margin



1.25%1.00%

1.18% 1.06% 0.91% 0.94% 0.89%1.07%

0.84%

(0.75%)

0.69%0.68% 0.83% 0.63% 0.80% 0.41%

(0.93%)

(1.08%)

(0.85%)(0.83%)(0.85%)(0.88%) (0.93%)(1.02%)

1.16%

(0.83%)

1.02%0.91%0.89%

0.69%0.79%

0.46%

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

0.01% 0.02% 0.02% 0.01%0.01%

0.01% 0.01%0.01%

0.18%

0.55%0.41%

0.51% 0.54%

0.11%

0.62%

(0.03%)

0.20%

0.56%

0.44%

0.47% 0.56%

0.11%

0.64%

(0.01%)

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

8.7 8.3 7.8 7.6 7.7 7.6 7.7 7.6 13.9 6.4 6.1 6.3 6.3 6.2 6.3 6.2

Investment margin below last year due to

impairments

Higher underwriting margin YTD thanks to strong

technical performance in traditional business

Expenses & other margin in line

Decrease expense & other margin related to lower

fee income in the old Portuguese book

Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

In EUR bn

14

12

9M 13 9M 14

Life Non-Life

14

12

9M 13 9M 14

Life Non-Life

Net result: business growth, Q3 mainly driven by China In EUR mio In EUR bn

Non-Life combined ratio improved reflecting solid underwriting

Inflow growth fuelled by China & Thailand

Life Technical liabilities up across all entities In EUR bn

Asia: Headlines Strong profits supported by new business growth Life


**

In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: up on increased investment margin

Result non-conso partnerships:new business growth

7.38.4

0.6

0.67.9 9.0

9M 13 9M 14

Life Non-Life

1.9 2.1

0.20.22.12.3

Q3 13 Q3 14

Q3 13 Q3 149M 13 9M 14Q3 13 Q3 149M 13 9M 14

94.8%89.9%

95.9%

91.4%

1.41% 1.73%

1.23%

2.20%

87 123

101

135

79 111

93

123

In % NEP


30

47

4

4

34

51

Q3 13 Q3 14

31

534

4

35

57

Q3 13 Q3 14

2.0 2.1 2.3

25.929.6

33.1

27.9

31.7

35.4

FY 13 6M 14 9M 14

Conso Non-conso

257 266

79 77

54 58

208 199

598 600

9M 13 9M 14

7,090 8,126

237

237 7,327

8,363

9M 13 9M 14

+14%

Fire

Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked

Asia: Inflow @ 100% Strong growth new business, boosted by sales campaigns & channel development

Accident & Health

Other


Life

Hong Kong, +3% in local currency, New business impacted by

new regulations on sales investment linked products

China, +18%, New business up 12% after successful campaigns;

agency new business up 19% thanks to expansion agency force

& successful sales campaigns; from Q2 on more focus on regular

premium (+33%)

Malaysia, -14%, New business premiums down following

transition in distribution strategy of both bank & agency channel

from single premium sales towards more sustainable regular

premium (up 28%)

Thailand, +16% (+27% at constant FX), New business premiums

up 20%; strong performance in both bank & the agency channel

India, -7%, Inflow down due to negative FX impact

Technical liabilities – end-of-period

Hong Kong : EUR 2.3 bn, up 19%

Including non-consolidated JVs @ 100%: EUR 35.4bn, up 27%

Non-Life

Malaysia, -2% (+5% at constant FX), Growth in all business lines

except in Marine, Aviation & Transport

Thailand, +6% (+16 at constant FX) with Motor as main contributor

Hong Kong Life operating margin per product line Increased investment result

Guaranteed: improving expense &

investment margin

Unit-linked: pressure on margin from new business

growth



Underwriting margin deteriorated due to lower

persistency

Expense & Other margin benefiting from higher fee

income & economies of scale

Underwriting margin slightly decreased due to worse

claims experience by better surrenders & reinsurance

margin

Investment margin improved following higher realised

capital gains

Expense & Other margin: lower recruitment &

acquisition costs

(0.15%)

(0.71%)

(0.15%)

(0.32%)(0.55%)(0.61%) (0.53%)(0.93%)

3.62%

(0.57%)(0.11%)

0.27% 0.03% 0.42% 0.06%0.93%

1.30%

3.52%

2.52%

4.19%

2.65%

2.76%

2.16%

3.04%

4.77%

2.24%

2.26%

4.14%

2.13%2.57%

1.63%

2.92%

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

1.0 1.1 1.3 1.3 1.3 1.4 1.3 1.4

3.11%

1.75% 2.13% 2.15% 2.27% 1.94%1.79%

2.08%

0.21% 0.14%

(2.40%)(3.21%)

(0.95%)

(5.01%)

(2.52%)(2.04%)

(1.65%)(2.03%)

0.70%

(1.47%)

1.18%(2.86%)

(0.25%)0.11% 0.28% 0.79%

2010 2011 2012 2013 9M 13 9M 14 Q3 13 Q3 14

0.3 0.4 0.5 0.6 0.6 0.7 0.6 0.7

Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

In EUR bn

Annexes

Equity / Solvency



General Account

General Information


In EUR bn

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

Treasury bills 0.2

Sovereign bonds 34.3

Sovereign bonds 36.6

Corporate bonds 23.8

Corporate bonds 25.9

Structured0.4

Structured0.4Loans 5.8

Loans 6.0Equities 3.2

Equities 3.5Real Estate 4.6

Real Estate 4.7Cash 2.2

Cash 2.374.3

79.6

FY 13 9M 14

Asset mix

Asset mix stable

Increased market value in bonds because of lower interest rates & spreads

Assets UK Protect (EUR 0.6 bn) taken out of investment portfolio & accounted as Held for Sale

Gross unrealized gains/losses on Available for Sale

Total portfolio: up to EUR 8.8 bn (EUR 4.0 bn FY 13), driven by UG/L on fixed income

Fixed income: at EUR 7.3 bn (EUR 3.5 bn FY 13)

Sovereigns at EUR 5.2 bn (vs. EUR 2.3 bn)

Corporates at EUR 2.1 bn (vs. EUR 1.2 bn)

Equities: stable at EUR 0.5 bn

Gross UG/L on Real Estate: stable at EUR 1.3 bn (EUR 1.3 bn FY 13) notwithstanding some important realized capital gains; - not reflected in shareholders’ equity

EUR 1.9 bn unrealized gains/losses on Held to Maturity - not reflected in shareholders’ equity

Investment portfolio Unrealized gains fixed income up because of lower interest rates & spreads

Belgium18.4

Belgium18.8

France 5.1 France 5.9

3.44.1

Austria 2.6Austria 2.81.1

1.20.7

0.5Others 3.0

Others 3.334.3

36.6

FY 13 9M 14

In EUR bn

Sovereign bond portfolio*

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


Corporate bond portfolio*

Banking 5.3 Banking 5.1

Other financials 1.7

Other financials 1.8

Non Financials

10.1

Non Financials

12.3

Government related 6.7

Government related 6.7

23.825.9

FY 13 9M 14


The Netherlands The Netherlands

Germany Germany

Southern Europe Southern Europe

Gross UG/L at EUR 5.2 bn (vs. EUR 2.3 bn)

94% investment grade; 87% rated A or higher

Allocation to Belgium @ amortized cost down EUR 0.8 bn

due to redemption & sales

Maturity sovereign bond portfolio unchanged & close to

maturity liabilities , limited interest rate sensitivity

Gross UG/L at EUR 2.1 bn (vs. EUR 1.2 bn)

Priority to investment grade industrials has led to

increased share within corporate bond portfolio of

48% (vs. 42% FY 13)

Credit quality remains very good with 95% investment

grade; 68% rated A or higher

In EUR bn

Loan portfolio (customers + banks)*

Loan & Equity portfolio More loans with guarantee

Loans to banks 1.6 Loans to

banks 1.1

RE 0.2

RE 0.2Infrastructure

0.1 Infrastructure

0.1

Mortgages 1.5

Mortgages 1.5

Other 2.4 Other 3.1

5.8 6.0

FY 13 9M 14

Increase in other: long term lending to social housing

agencies in Belgium benefiting from explicit guarantee by

the region & Dutch municipalities a or government-

guaranteed agencies


Equity portfolio*

Gross UG/L stable at EUR 0.5 bn

Equities 1.7Equities 2.0

Equity funds 0.1

Equity funds 0.2

RE funds 0.7

RE funds 0.7

Mixed funds & others 0.7

Mixed funds & others 0.6

3.23.5

FY 13 9M 14



Real estate portfolio UG/L stable notwithstanding realized cap gains

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)

In PR 18/07/2014 AG Real Estate announced sale of 39% stake

in Interparking for EUR 376 mio

– car parks in asset mix will go down to 15% (vs.25%)

– no P&L impact

– shareholders’ equity up ≈ EUR 120 mio

Investment Offices 1.5

Investment Offices 1.6

Car Parks1.0

Car Parks1.0

Investment Retail 1.4

Investment Retail 1.4

0.4 0.30.3 0.4

4.6 4.7

FY 13 9M 14

In EUR bn

Real Estate portfolio*

* 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

Annexes

Equity / Solvency



General Account

General Information

9M 13 9M 14

Q3 13 Q3 14

Q3 13 Q3 14

Net result driven by revaluation RPN(i), positive in Q3 In EUR mio

Accounting value of remaining legacies

General Account: Headlines Impacted by revaluation RPN(i) liability & legal provision


Accounting value put option

In EUR mio In EUR mio

9M 13 9M 14

1.91.6 1.5

FY 13 6M 14 9M 14

(297)

RPN(i): positive in Q3 following lower price CASHES

Staff & Operating expenses down

Net cash position: decrease driven by distribution to shareholders

13 14

20 16

33 31

9M 13 9M 14

Staff Operating

In EUR mio


(370)

(527) (494)

37 29 30

(130)(130)

FY 13 6M 14 9M 14

RPN(i) RPI FortisEffect

5 5

85

13

10

Q3 13 Q3 14

(124)

(108)

33

1,255 1,2821,443

FY 13 6M 14 9M 14

15(127) 12

(114)

1,913

1,517

(309)

(159)(7) (85)

(9) (126)(87)385 -

FY 13 dividend sharebuy-back

CASHES& FRESH

investmentin liquidassets

upstream capitalrestructuring

M&A other 9M 14


Net cash position General Account at EUR 1.5 bn Incoming cash partly returned to shareholders, partly invested in business

EUR 126 mio invested in acquisition of remaining 49% in Portuguese Non-Life activities

EUR 1.4 dividend par share paid out in May 2014

– paid dividend & holding costs compensated by dividend upstream from operating companies on FY basis

EUR 159 mio share buy-back executed in 9M 14, EUR 125 mio from 2013 SBB, EUR 34 mio from 2014 SBB

– total of EUR 147 mio as per 01/11/2014

Around EUR 140 mio of liquid assets with original maturity longer than 1 year are not included in net cash position

In EUR bn

Periodic financial Information I 6M 14 Results I 6 August 2014 48

Status on various legal procedures

Timing & (financial) outcome remains hard to estimate

2014 expected next steps

Brussels Commercial Court re Sep/Oct 2008 transactions (Modrikamen) – interim judgement on procedural matters expected – pleadings on the merits in 2015

February 11

Claim re FRESH hybrid

instrument dismissed by

Brussels Court

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

Age

as initia

tor

Aga

inst A

ge

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

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 ...

December 13

Supreme Court rejects appeal against

judgement Ondernemingskamer re

mismanagement mainly in favour of

plaintiffs

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

February 14

Trade & Industry Appeals Tribunal

renders final judgment on AFM II

in favour of Ageas

2014

March 14

T&I A Tribunal

rejects appeal

in AFM I

July 14

Amsterdam Court of

Appeal judges partly in

favour of plaintiffs; appeal

filed before Supreme

Court

Legal proceedings Managed in interest of shareholders

Administrative proceedings

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

NL: AFM fine imposed 19/08/10 re price sensitive information Sep 07

Final judgement 04/03/2014; appeal rejected

Final judgement 14/02/2014 in favour of Ageas

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

Criminal procedure

Brussels – several alleged crimes June 2007 – April 2008 Public prosecutor requests referral of 7 individuals; additional

investigation ongoing

Enterprise Court (Ondernemingskamer) At request of VEB re 2007-2008

Final judgement 06/12/13 re mismanagement, mainly in favour

plaintiffs

Civil Lawsuits

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

A’dam - Stichting FortisEffect, against Dutch State & Ageas

Proceedings ongoing

Appeal judgement 28/07/14 partly in favour of plaintiffs; Supreme appeal filed

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 ongoing; at present unclear whether both actions will be joined

Arnhem - Mr.Bos, re alleged miscommunication 2007 - 08 Appeal ongoing before Arnhem Court of Appeal

Brussels - Modrikamen, re Sep/Oct 2008 transactions

Brussels & Utrecht – Various lawsuits initiated by shareholders re alleged miscommunication 2007 – 08

Judgement procedural matters expected; Pleadings merits H1 2015

Proceedings ongoing

Deminor: interim judgment procedural matters 28/04/2014

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

Other litigation

Brussels/Paris – RBS re alleged indemnity in context of ABN AMRO take- over

Proceedings before Brussels court & ICC arbitration in Paris initiated in April 2014


Situation 1 November 2014


Main characteristics Hybrids Leverage optimized at holding level and at AG Insurance

In EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Fixed-to-Floating Rate

Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Direct issue FBB, 2004 CASHES

% 3m EUR + 135 bps 5.125% 5.25% 6.75% 4.625% 3m EUR +200

bps

Amount outstanding 1,250 336 450 550 USD 1,000 1,110

ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE0119806116 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

Oct 14 Step up to 3M

Euribor+170 bps

Undated, strike 239.4,

mandatory 359.1

Other On lent to AG

Insurance

Subscribed by Ageas & BNP Paribas Fortis

Public issue No stock

settlement feature

Coupon served by FBB, trigger ACSM

linked to Ageas dividend

Market Price (30/09/14)

66.63 101.49 100.00 108.75 100.48 77.06

;75

Fortis Bank (now BNP Paribas) AG Insurance (Belgium)

Annexes

Equity / Solvency



General Account

General Information

Cancellation bought back

shares + new buy back


Total number of outstanding shares 1% of outstanding shares (2.5 mio) cancelled at AGM 30 April 2014

Cancellation

bought back shares

situation 31/12/2013 situation 01/11/2014

Total Issued Shares 233,486,113 230,996,192

Shares not entitled to dividend and voting right 11,648,176 15,230,184

1. TREASURY SHARES Share buy-back 2,489,921 6,218,429

FRESH 3,968,254 3,968,254

Other treasury shares 546,097 399,597

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

Shares entitled to dividend and voting rights 221,837,937 215,766,008


Shareholders structure

Based on number of shares as at 1 November 2014

Based upon press release 3 November 2014

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 2 June 2014

Based upon the number of shares mentioned in the notification received 5 August 2014

Based upon the number of shares mentioned in the notification received 22 July 2013

Based upon the number of shares mentioned in the notification received 20 August 2012

Estimate by

Estimate by

Ageas4.58%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Norges Bank Identified retail investors

16%

Identified institutional investors

41%

Other investors19%


Financial calendar 2014 - 2015

12 February

Annual results

2013

8 May

3M 2015

results

29 April

Ordinary & Extraordinary

shareholders’ meeting - Brussels

6 May

Ex date

6 March

Annual report

2013

8 May

Payment 2014

dividend

5 August

6M 2015

results

4 November

9M 2015

results

6 August

6M 2014

results

5 November

9M 2014

results


Rating Improved rating for Portuguese entities

S&P MOODY'S FITCH

Operating AG Insurance (Belgium) A- / positive A2 / stable* A+ / stable

entities Last change 20/12/13 22/08/14 29/05/13

Millenniumbcp Ageas Occidental Vida (Portugal) BB / stable BBB- / positive

Last change 16/05/14 16/04/14

Millenniumbcp Ageas Occidental (Portugal) BBB / stable BBB / positive

Last change 31/07/14 29/09/14

Millenniumbcp Ageas Médis (Portugal) BBB / stable BBB / positive

Last change 31/07/14 29/09/14

Ageas Insurance Co. (Asia) Baa1 / stable A / stable

Last change 16/01/13 26/03/13

Muang Thai Life BBB+ / stable BBB+ / stable

Last change 29/12/10 16/12/10

Etiqa Insurance Berhad (Malaysia) A / stable

Last change 26/09/11

Holding ageas SA/NV

Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2

Outlook positive negative stable

Last change 20/12/13 22/08/14 24/01/14

* 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.


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 2014 - Presentation Analysts and institutional investors

Economy & Finance

mio q3 eur

strong q3

q3 14q3

eur miolife

eur bnbelgium

eur bnin

solid q3 strong

insurance q3 positive