FY 2019 RESULTS Periodical Financial Information
FY 2019 RESULTSPeriodical Financial Information
2
Slides used during analyst call 2
Segment information 18
Equity / Solvency 53
Investment portfolio 65
Legal Settlement 70
General Information 73
Content
Periodical financial information I FY 19 results I 19 February 2020
Main messagesHighest full-year results ever – Proposed gross dividend of EUR 2.65/share
Ageas
3Periodical financial information I FY 19 results I 19 February 2020
Best Group net result ever, driven by Non-Life operational performance & helped
by some one-offs in Asia
Solid sales momentum
5 targets reached – closing the gap on UL
Successfully placed 2 debt instruments that were multiple times oversubscribed
9th consecutive SBB announced in August ‘19 for EUR 200 mio
Record group net result leading to all time high dividend – up 20%
Commitments as a stakeholder driven company confirmed by signing PRI &
integrating the pledges in corporate governance charter
Capital management
Connect21
Results
Dividend
Ageas
Connect 21
4
5 out of 6 targets reached in 2019 – Closing the gap in UL
Periodical financial information I FY 19 results I 19 February 2020
88 88
2018 2019
2528
2018 2019
94 95
2018 2019
215 217
2018 2019
€ 4.1
€ 5.1
2018 2019
+24%
€ 2.20 € 2.65
58%
50%
2018 2019
Proposed gross cash dividend of EUR 2.65/ share, up 20%
Ageas
5Periodical financial information I FY 19 results I 19 February 2020
Shareholderreturn
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 since '09
Paid dividend 188 197 188 270 309 329 338 417 407 416 490 4,039
Share buy-back executed 230 160 144 209 250 244 247 208 184 1,876
Capital reduction 223 223
Total returned to shareholders 188 427 348 637 518 579 582 664 615 600 490 6,138
0.80 0.80 0.80
1.201.40
1.55 1.65 1.70
2.10 2.20
2.65
0.40
2.9%
3.7%
4.7% 4.6%4.4%
5.0% 4.9%
5.3%5.1%
5.3% 5.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
gross dividend / share additional dividend / share dividend yield
Belgium268
Belgium168
Belgium294
Belgium333
Belgium391
Belgium437
Belgium415
UK 82
UK 64
UK 50
UK 47
UK 44
CEU 36
CEU150
CEU53
CEU 19
CEU48
CEU85
CEU86
Asia52
Asia106
Asia43
Asia89
Asia77
Asia92
Asia87
8
paid dividend
416
HQ & RO expenses
132438
488
440
487 516
622 632
548
2013 2014 2015 2016 2017 2018 2019 2019
Ageas
6Periodical financial information I FY 19 results I 19 February 2020
EUR 632 mio upstreamed in 2019Dividend upstream
Upstream duringbased on net result of the year
before
In EUR mioBelgium main contributor of cash
Upstream more than covering dividend & holding costs on FY basis
Malay sia 16
Thailand 16
China53
India3
Portugal75
Turkey 11
508
841
289
262
12
(123)
809
979
FY 18 FY 19
Life Non-Life GA
In EUR mio In EUR bnIn EUR bn
Ageas
Headlines
7
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
45
17488
6021
(132)
154102
Q4 18 Q4 19
28.4 29.2
5.9 6.7
34.4 35.9
FY 18 FY 19
Life Non-Life
5.6 5.7
1.4 1.7
7.0 7.3
Q4 18 Q4 19
94.3 95.0
FY 18 FY 19
92.0 95.8
Q4 18 Q4 19
88 88
FY 18 FY 19
75
109
Q4 18 Q4 19
25 28
FY 18 FY 19
2132
Q4 18 Q4 19
Net result Q4: solid despite negative RPN(i)
Non-Life combined ratio: better than 96% target
Inflows up another 9% in Q4 scope-on-scope
Life Technical liabilities up in conso (3% excl. shadow) & non-conso
Margin Guaranteed: Q4 supported by capital gains
Operating margin Unit-Linked: Belgium reaching target & improving in CEU
Highest full-year results ever
Periodical financial information I FY 19 results I 19 February 2020
71.5 73.2 73.6
1.8 5.2 3.9
65.680.2 82.2
139.0
158.6 159.6
FY 18 9M FY 19
excl shadow shadow non-conso
4,146 4,526
2,0002,086
6,1466,612
FY 18 FY 19
Life Non-Life
6690
4332
109122
Q4 18 Q4 19
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Belgium
8Periodical financial information I FY 19 results I 19 February 2020
Headlines
In EUR mio In EUR mio In EUR bn
287 302
128 125
415 426
FY 18 FY 19
Life Non-Life
1,159 1,209
448 466
1,606 1,675
Q4 18 Q4 19
55.9 57.7 58.2
1.44.2 3.1
57.361.9 61.3
FY 18 9M 19 FY 19
excl shadow shadow
85 88
FY 18 FY 19
93.4 95.2
FY 18 FY 19 proforma
90.195.7
Q4 18 Q4 19 proforma
38 43
Q4 18 Q4 19
40 40
FY 18 FY 19
77
111
Q4 18 Q4 19
Life Technical Liabilities mainly up on Group Life & Unit-Linked
Inflows: continued strong growth across most business lines
Non-Life COR very strong vs. exceptionally good 2018
Operating margin Guaranteed: strong investment result in RE
Operating margin Unit-Linked: @ upper end of target range
Solid 2019 result – Strong Q4 net result driven by solid Life operating performance and capital gains
Net result: Strong result over the year with Q4 supported by higher capital gains
96.8 98.7
FY 18 FY 19 proforma
In EUR mio
UK
9Periodical financial information I FY 19 results I 19 February 2020
Headlines
In % of NEPIn EUR mio
* incl. non-consolidated partnerships @ 100%
87
69
FY 18 FY 19
25
3
Q4 18 Q4 19
94.2103.4
Q4 18 Q4 19 proforma
1,7751,728
FY 18 FY 19
400 402
Q4 18 Q4 19
Challenging motor market & continued strong Household performance
Net result impacted by Motor Inflows* stabilising in Q4 Non-Life combined ratio impacted by claims inflation & large losses
CEU
10Periodical financial information I FY 19 results I 19 February 2020
Headlines
* incl. non-consolidated partnerships @ 100%
45 36
49 73
24
118109
FY 18 FY 19
Life Non-Life Divestments
8 12
11
17
17
3629
Q4 18 Q4 19
4,152
1,803
1,275
1,441
5,428
3,244
FY 18 FY 19
Life Non-Life
990
374
324
398
1,314
771
Q4 18 Q4 19
92.4 91.2
FY 18 FY19 proforma
95.8 93.5
Q4 18 Q4 19 proforma
108 90
FY 18 FY 19
6596
Q4 18 Q4 19
911
FY 18 FY 19
2 16
Q4 18 Q4 19
In EUR mio In EUR mio In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Non-Life COR: Excellent operating performance
Operating margin Unit-Linked up in Q4 on improved expense margin
Solid result supported by strong Non-Life performance
Net result FY up 16% excludingthe sale of Luxembourg last year
15.7 15.6 15.4
0.4 1.0 0.8
16.1 16.5 16.2
FY 18 9M 19 FY 19
excl shadow shadow
Q4 inflows up 4% scope-on-scope, on strong Non-Life sales
Life Technical liabilities consolidated entities stable year-on-year
Operating margin Guaranteed FY down due to reserve strengthening in Q2
20,14222,834
884
1,43521,027
24,269
FY 18 FY 19
Life Non-Life
In EUR mio In EUR mio
In EUR bn
Asia
11Periodical financial information I FY 19 results I 19 February 2020
Headlines
In % NEP
*Incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX
152
503
17
12
170
515
FY 18 FY 19
Life Non-Life
65.680.2 82.2
FY 18 9M 19 FY 19
89.1
102.7
Q4 18 Q4 19
90.7100.9
FY 18 FY 19
Exceptionally high FY results supported by tax benefits& financial markets
3,443 4,071225
391
3,6684,463
Q4 18 Q4 19
(46)
72
6
0
(41)
72
Q4 18 Q4 19
18.6 20.9
1.5
1.920.1
22.8
FY 18 FY 19
regular single
In EUR bn
Regular premium: strong growth -approx. 90% of Life inflows
3.1 3.60.3 0.43.4 4.1
Q4 18 Q4 19
Net result Q4 supported by capital gains & discount rate curve
Inflows* up 13% in Q4 - continued solid growth trend
Life Technical liabilities up 22%
Non-Life COR reflecting scope change with acquisition in India
Additional information on Ageas
non-consolidated partnerships in
Asia is available on the excel
spreadsheet published on Ageas’
website under quarterly results
(www.ageas.com/investors/quarterly-results)
In EUR mio
Reinsurance
Headlines
12
In % NEPIn EUR mio
ageas SA/NV
reinsurance activities
Periodical financial information I FY 19 results I 19 February 2020
8
(16)
FY 18 FY 19
48
Q4 18 Q4 19
61
1,689
FY 18 FY 19
16
234
Q4 18 Q4 19
82.6103.9
FY 18 FY 19 proforma
64.5
121.5
Q4 18 Q4 19 proforma
Full-year net result reflecting ramp-up phase
Net result: Q4 reserve review offset higher claims experience in BE & UK
Inflows: EUR 209 mio in Q4 from new QS agreements
Q4 COR impacted by UK CY claims experience
Implementation of an internal reinsurance programme within ageas SA/NV in order to
enhance capital fungibility in the group
Non-Life Quota Share (QS) Treaties: 30% with AG Insurance in Belgium*, 30% with Ageas
Insurance Limited in the UK, and 20% with all Portuguese Non-Life Entities
Loss Portfolio Transfers (LPT): 30% with Ageas Insurance Limited in the UK, and 20% with the
Portuguese Non-Life Entities
Cession rates to move to 40% subject to formal approval by local boards (BE & POR)
The reinsurance protection programme now managed by ageas SA/NV (formerly Intreas)
The Pillar I Solvency II for ageas SA/NV amounted to 351%
* Of which 75% is underwritten by ageas SA/NV
Net result driven Q4 by RPN(i) reevaluationIn EUR mio
Value legacies – Settlement liability down on payments
Negative RPN(i) revaluation & higher costs on execution of
the Fortis Settlement
GA
13Periodical financial information I FY 19 results I 19 February 2020
Headlines
Total liquid assets up following debt issuance – down in Q1 20 on tender Fresh
In EUR mio
Neutral impact FY on P&L from RPN(i) Operating expenses up on execution Fortis Settlement
In EUR bn
In EUR mio
12
(123)
FY 18 FY 19
21
(132)
Q4 18 Q4 19
25 25
6276
87
101
FY 18 FY 19
Staff & Intercompany Operating
3 5
24 18
2724
Q4 18 Q4 19
89
(0)
FY 18 FY 19
32
(106)
Q4 18 Q4 19
In EUR mioIn EUR mio
Record upstream Opcos
599 632
FY 18 FY 19
(359)(253)
(359)
7 7 7
(812)
(607)(514)
FY 18 9M 19 FY 19
RPN(i) RPI Settlement
1.7 1.6
2.2
FY 18 9M 19 FY 19
Equity
14Periodical financial information I FY 19 results I 19 February 2020
Equity up on net result & positive impact of financial markets
In EUR mio
6,799 7,290
2,613
3,931
979
1,319 169
(416) (185) (45) (12)
EUR 48.42 EUR 58.89
9,411
11,221
FY 18 result changeUG/L
dividend treasuryshares
FX IAS 19 other FY 19
Shareholders’ equity
per segment Belgium 4,843 ► 5,135 Asia 2,354 ► 4,008
UK 896 ► 998 Reinsurance 116 ► 108
Continental Europe 1,220 ► 1,326 General Account (17) ► (354)
Shareholdersequity
Equity per share
Unrealised gains &
losses
Equity per segment
Solvency
15Periodical financial information I FY 19 results I 19 February 2020
Solvency up on debt issuance – Tender FRESH not yet included
Solvency IIageas
Solvency IIageas
in %
Own Funds
SCR
Non EU
Non-controlled
participations*
Belgium UK CEU Reinsurance GA eliminations Group
2.7 2.9 2.8
0.5 0.5 0.5 0.6 0.7 0.6
0.1 0.30.4 0.1 0.1
0.2(0.3) (0.5) (0.6)
3.7 4.0 4.0
2.43.0 3.2
6.46.1
6.3
0.8 0.8 0.9 1.0 1.0 1.1
0.1
0.6 0.7
1.31.0
1.5
(1.7) (1.6) (1.8)
8.0 7.9
8.6
5.8
7.1
7.7
FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19
235% 209% 221% 167% 168% 179% 178% 142% 170% 196% 188% 173% 215% 199% 217% 241% 238% 243%
* Based on local solvency requirements
2,1432,432
414
490171 423
672
(255)
(143)
(185)
(416)
2,557
2,92298
521
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend FY 19
Free CapitalGeneration
16Periodical financial information I FY 19 results I 19 February 2020
Operational FCG of EUR 521 mio* over 2019
expected
dividend
Operational impact – includes EUR 98 mio dividend upstream Non-European NCP’s
Market: sharp drop in yield curve
Exceptional items: implementation new internal reinsurance agreements & Ogden
Capital transactions = call & issue debt instruments offseting SBB & injection in Asia
M&A: Acquisition in India* FCG Non-European NCP’s over
9M 2019 at EUR 827 mio -
Operational FCG at EUR 407 mio,
not included in EUR 521 mio
Based on 175% SCR
Solvency IIageas
Solvency IIageas
In EUR mio*
17Periodical financial information I FY 19 results I 19 February 2020
Conclusions
1. Record result supported by some exceptionals
2. Good sales momentum continued
3. Solid capital generation in challenging environment
4. Leading to all time high dividend
18Periodical financial information I FY 19 results I 19 February 2020
Content
Slides used during analyst call 2
Segment information 18
Equity / Solvency 53
Investment portfolio 65
Legal Settlement 70
General Information 73
Net result
19Periodical financial information I FY 19 results I 19 February 2020
Strong operational performance in Life
Belgium UK CEU Asia Reins. GA ageas
(123)
12
(123)
287 302
69 36 152
503 508
841
128 125
49 73
17
12
289
262
415 426
87 69 118 109
170
515
8
(16)
12
809
979
FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19
Non-Life
Life
In EUR mio
General Account
Strong Life result supported by capital gains; Solid Non-Life result
Result reflecting challenging Motor market
Strong Non-Life performance offseting lower Life performance (Luxembourg out of scope)
Exceptionally high result supported by contribution of cap gains & tax change in China
Suffering from ramp-up phase, bad weather in Belgium & large losses UK
Belgium
UK
CEU
Asia
Reinsurance
Inflows
20Periodical financial information I FY 19 results I 19 February 2020
Inflows* up 11% scope-on-scope
In EUR mio
EUR mio FY 18 FY 19 FY 18 FY 19 FY 18 FY 19
Belgium 75% 4,146 4,526 9% 2,000 2,086 4% 6,146 6,612 8%
United Kingdom - 1,775 1,728 (3%) 1,775 1,728 (3%)
Consolidated entities 100% - 1,388 1,375 (1%) 1,388 1,375 (1%)
Non-consolidated JV's 50% 387 353 (9%) 387 353 (9%)
Continental Europe 4,152 1,803 (57%) 1,275 1,441 13% 5,428 3,244 (40%)
Consolidated entities 1,849 1,803 (2%) 677 737 9% 2,526 2,540 1%
Portugal 51% - 100% 1,494 1,401 (6%) 677 737 9% 2,170 2,138 (1%)
France 100% 356 402 13% 356 402 13%
Non-consolidated JV's 2,303 599 704 18% 2,902 704 (76%)
Turkey (Aksigorta) 36% 599 704 18% 599 704 18%
Luxembourg (Cardif Lux Vie) 33% 2,303 2,303
Asia Non-consolidated JV's 20,142 22,834 13% 884 1,435 62% 21,027 24,269 15%
Malaysia 31% 863 979 13% 561 660 18% 1,424 1,638 15%
Thailand 31% - 15% 2,475 2,412 (3%) 323 380 18% 2,798 2,793 (0%)
China 25% 16,502 19,080 16% 16,502 19,080 16%
Philippines 50% 23 37 65% 23 37 65%
Vietnam 32% 47 81 70% 47 81 70%
India 26% - 40% 232 245 6% 395 232 640 176%
Insurance Ageas 28,441 29,163 3% 5,935 6,689 13% 34,375 35,852 4%
Reinsurance 61 1,689 61 1,689accepted from Consolidated entities 59 1,668 59 1,668
accepted from Non-consolidated partnerships 2 21 2 21
Life Non-Life Total
@ 100%
* Inflows excluding Luxembourg, divested in 2018 & India Non-Life acquired in 2019
Inflows
21Periodical financial information I FY 19 results I 19 February 2020
Strong growth* across all segments except in UK
3,110 3,394
1,176 1,181
5,227 5,907
9,513 10,482
1,500 1,565
1,582 1,552 892 990
222 261
4,196
4,367
+8%
-2%
+5%
+13%
+8%
4,610 4,959
2,068 2,171
5,449 6,168
13,709
14,849
61
1,689
FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19
Belgium UK CEU Asia Insurance Reins.
Non-Life
Life
In EUR mio
Strong growth in Life & Non-Life in a mature market
Volumes stabilising
Inflows up 5% scope-on-scope
Maintaining strong sales momentum
Inflows include one-offs related to ramp up phase & QS agreements
Belgium
UK
CEU
Asia
Reinsurance
@ ageas part
* Inflows excluding Luxembourg, divested in 2018 & India Non-Life acquired in 2019
Net realisedcap gains*
22Periodical financial information I FY 19 results I 19 February 2020
Higher support of realised capital gains in Europe & Asia
In EUR mio
FY 18 FY 19 Q4 18 Q4 19
Life 85 119 22 44 Quarterly cap gains
Non-Life 7 14 1 8 driven by RE
Belgium 92 133 23 52
UK 1 4 (1) 0
Life 8 9 2 2
Non-Life 2 2 0 0
CEU 10 11 2 2
Life (153) 133 (95) 33 Mainly IFRS cap gains
Non-Life (1) (6) (1) (5) on equities in China
Asia (154) 127 (96) 28
Reinsurance 0 4 0 0
Life (60) 261 (72) 80
Non-Life 9 18 (0) 3
General Account
& Eliminations
3 (5)
Total Ageas (49) 275 (72) 82
* Net capital gains include capital gains, impairments & related changes in profit sharing
(consolidated entitities), net of tax & @ ageas’s part – CEU JV’s not included
Ageas
23Periodical financial information I FY 19 results I 19 February 2020
Excellent in Household offset by Motor & A&HCombined ratio
Net earned premium (In EUR mio)
In % Net earned premium
Quarter
Increased CY claims experience in A&H and Motor
Combined ratio in UK suffering from challenging Motor
market
PY releases slightly up on a reserve review in reinsurance
Year-to-date
Continued strong operating performance thanks to
Household & Other lines
Motor up across all segments – extremely good
performance in 2018
CY ratio: up mainly on deterioration in UK Motor
64.3 64.4 62.267.0
59.7 58.5 59.7 55.761.0
34.0 35.2 34.734.1
35.5 35.8 35.336.3
34.8
98.3 99.696.9
101.195.2 94.3 95.0
92.095.8
(3.8) (4.0) (5.9)(3.0) (5.6)
(7.7) (8.4) (7.5) (9.5)
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
claims ratio expense ratio PY claims ratio
3,749 3,843 4,038 4,112 4,148 3,890 3,894 961 1,007
Ageas
24Periodical financial information I FY 19 results I 19 February 2020
Combined ratio
70.0 67.3 65.4 67.5 64.8 67.4 70.3 63.371.8
25.6 27.0 28.3 27.2 27.5 25.4 26.025.4
26.5
95.6 94.3 93.7 94.7 92.3 92.8 96.388.7
98.3
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
69.8 69.6 69.178.2
68.7 61.2 66.5 64.772.6
29.3 29.7 30.529.7
31.633.0
32.9 33.232.8
99.1 99.3 99.6107.9
100.394.2
99.4 97.9105.4
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
51.5 51.5 50.4 50.5 43.8 51.8 46.1 41.3 41.7
44.0 44.6 41.6 42.745.1
44.844.6
44.5 41.8
95.5 96.1 92.0 93.2 88.996.6
90.785.8 83.5
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
62.4 71.257.9 60.4
51.0 43.9 38.3 31.5 32.6
45.550.6
46.4 44.445.1
47.845.1
59.0 47.3
107.9
121.8
104.3 104.896.1 91.7
83.490.5
79.9
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
Accident & Health: CY claims up in Belgium & UK Motor: Q4 large claims in Belgium & UK
Household: lower net expense ratio Other lines: lower expense ratio / small portfolio
NEP 394 385 424 418 410 356 359 72 88
Excellent performance in Household
In % Net earned premium
NEP 813 813 811 838 884 871 930 226 245 NEP 1,557 1,616 1,724 1,790 1,782 1,636 1,623 409 415
NEP 986 1,029 1,078 1,067 1,072 1,028 982 254 259
Ageas
25Periodical financial information I FY 19 results I 19 February 2020
Guaranteed: on target - UL closing the gap
In bps Avg techn. liabilities
Operating margins
Life Unit-Linked
Quarter
Belgium above target level & improving in CEU
Year-to-date
Closing the gap with target
Life Guaranteed
Quarter
Higher financial results & capital gains
Year-to-date
Up on higher investment margin
13 1217
4 3 2 2 2 2(2)
2
1
2
(3)
18
6
18
19 2423
26 2230
28
20
36
2527
2528
21
32
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
Operating margin
Expense & other m.
Investment m.
Underwriting m.
43 38 33 41 39 41 37 43 43
83 9080
88 96 89 9877
99
(31) (39)(23)
(36) (42) (42) (47) (45)(33)
96 89
90
9393 88 88
75
109
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
Avg techn liabilities (In EUR bn)
54.0 55.5 56.9 57.9 57.3 55.9 55.9 56.6 55.9 57.0
Avg techn liabilities (In EUR bn)
11.8 12.3 12.6 13.0 12.1 15.1 15.7 16.0 15.7 16.4
4,146 4,526
2,0002,086
6,1466,612
FY 18 FY 19
Life Non-Life
6690
4332
109122
Q4 18 Q4 19
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Belgium
26Periodical financial information I FY 19 results I 19 February 2020
Headlines
In EUR mio In EUR mio In EUR bn
287 302
128 125
415 426
FY 18 FY 19
Life Non-Life
1,159 1,209
448 466
1,606 1,675
Q4 18 Q4 19
55.9 57.7 58.2
1.44.2 3.1
57.361.9 61.3
FY 18 9M 19 FY 19
excl shadow shadow
85 88
FY 18 FY 19
93.4 95.2
FY 18 FY 19 proforma
90.195.7
Q4 18 Q4 19 proforma
38 43
Q4 18 Q4 19
40 40
FY 18 FY 19
77
111
Q4 18 Q4 19
Life Technical Liabilities mainly up on Group Life & Unit-Linked
Inflows: continued strong growth across most business lines
Non-Life COR very strong vs. exceptionally good 2018
Operating margin Guaranteed: strong investment result in RE
Operating margin Unit-Linked: @ upper end of target range
Solid 2019 result – Strong Q4 net result driven by solid Life operating performance and capital gains
Net result: Strong result over the year with Q4 supported by higher capital gains
Life
Belgium
27
Net result & Life liabilitiesIn EUR mio
Periodical financial information I FY 19 results I 19 February 2020
287 302 302
128125 113
415 426 414
FY 18 FY 19 FY 19 proforma
Life Non-Life
In EUR bn
6690 90
43
32 29
109122 119
Q4 18 Q4 19 Q4 19 proforma
Life Non-Life
55.9 57.7 58.2
1.44.2 3.1
57.361.9 61.3
FY 18 9M 19 FY 19
excl shadow shadow
Net result
Life technical liabilities
Solid Q4 performance supported by strong investment result
Quarter
• Strong Life results mainly supported by Real Estate returns
• Strong Non-Life result vs. exceptionally strong LY results in Motor and
Accident & Health
Year-to-date
• Improved result in Life with Non-life profitability vs. LY impacted by some
large claims
• The new internal reinsurance program contributed EUR 12 million to the
Non-Life net result
Year-to-date
Life technical liabilities (+4%), mainly explained by :
• Continued high growth in Group Life
• Unit-Linked (+20%) which continues to outperform within the Life retail
segment
Life
Belgium
28
Inflows
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
Periodical financial information I FY 19 results I 19 February 2020
Significant increase in Savings & Group Life –Non-Life growth in all business lines
+4%
Non-Life
Life
Quarter
• Unit-linked – up 9%
• Guaranteed – increase driven by savings products in Bank channel
Year-to-date
• Unit-linked – Remains strong although slightly lower than the
exceptionally strong inflow of last year
• Guaranteed - Inflows increased in all channels especially in Bank
Channel (+25%) & in Group Life (+7%)
Quarter
• Continuing strong growth in almost all product lines
Year-to-date
• Strong inflows across all business lines with significant increase in
Accident & Health (+7%)
3,2813,718
865
808
+9%
4,1464,526
FY 18 FY 19
1,032 1,072
126 138
1,159 1,209
+4%
Q4 18 Q4 19
532 570
608 628
656678
205211
+4%
2,000 2,086
FY 18 FY 19
117 125
136 141
151 156
44 44448 466
Q4 18 Q4 19
Belgium
29Periodical financial information I FY 19 results I 19 February 2020
Combined ratio
In % Net earned premium
Net earned premium (in EUR mio)
Solid operating performance
63.2 63.556.9 58.3
53.1 56.0 57.852.4
58.1
36.7 37.7
37.8 37.737.9
37.4 37.437.7
37.6
99.9 101.2
94.7 96.091.0 93.4 95.2
90.195.7
(3.6) (3.4)(7.2) (8.2) (7.7) (8.3) (8.3) (6.8) (7.7)
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
claims ratio expense ratio PY claims ratio
The new internal reinsurance agreement has an important impact on
the combined ratio. For ease of comparability, the pro forma combined
ratio commented in this section excludes all impacts from this internal
reinsurance agreement.
Quarter
Higher claims experience driven by a few large claims in Motor &
A&H
Year-to-date
COR higher vs. 2018 due to negative claims experience in Motor
and A&H
Both years include usual weather events (≈3pp)
1,785 1,815 1,832 1,836 1,861 1,944 1,527 2,023 494 514
Belgium
30Periodical financial information I FY 19 results I 19 February 2020
Combined ratio
73.7 70.1 70.4 70.0 68.0 71.0 76.265.2
77.4
23.8 25.4 27.6 27.6 26.9 24.424.4
24.0
24.2
97.5 95.5 98.0 97.6 94.9 95.4 100.689.2
101.6
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
64.7 62.6 56.2 59.7 58.0 55.3 60.3 56.364.6
36.3 37.236.4 36.4 36.8 37.3
37.337.4
37.3
101.0 99.8
92.696.1 94.8 92.6
97.6 93.7101.9
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
51.4 51.7 43.9 47.8 38.649.3 46.3 40.2 41.5
45.6 45.745.2 44.8
45.646.6 46.6
47.2 47.2
97.0 97.489.1 92.6
84.295.9 92.9
87.4 88.7
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
66.187.5
65.8 58.346.8 40.3 35.8 44.7 36.0
47.2
47.6
45.044.6
44.843.0 44.3
44.845.9
113.3
135.1
110.8 102.9
91.683.3 80.1
89.581.9
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
In % Net earned premium
Solid operating performance
Accident & Health: Q4 impacted by a few large claims Motor: Q4 impacted by a few large claims
Household: Exceptionally good FY COR Other lines : Excellent performance in Q4 & FY thanks to favourable
PY claims evolution (in TPL & Legal Protection)
NEP 507 504 484 472 481 522 562 135 146 NEP 552 562 568 570 578 596 614 152 156
NEP 564 579 595 605 609 621 640 156 161 NEP 162 170 185 190 193 206 207 51 51
Belgium
31Periodical financial information I FY 19 results I 19 February 2020
Operating marginsIn bps Avg techn. liabilities
4
(2)
1 1 1 1 1 1
38
32 31 3133
39 39 3742
41
30 32 3134
40 40 3843
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
Operating margin
Investment m.
Expense & other m.
Underwriting m.
32 30 25 29 27 31 25 33 33
88 9588
91 94 91 100 83101
(31) (38)(27) (34) (36) (37) (37)
(39)(22)
89 8786
86 85 85 8877
111
2013 2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
Avg techn liabilities (In EUR bn)
5.4 5.7 5.9 6.1 7.6 8.1 9.0 8.1 9.7
Avg techn liabilities (In EUR bn)
46.4 47.5 48.1 48.7 48.0 47.7 48.0 47.7 48.2
Guaranteed: supported by investment resultUL: at the high end of the group target range
Life Unit-Linked
Quarter
improved compared to Q4 2018 supported by higher
volumes & financial markets
Year-to-date
Margin at the upper end of the group target range
Life Guaranteed
Quarter
Operating margin up on higher net capital gains & higher net
underwriting result
Year-to-date
Operating margin increased thanks to higher capital gains in Real
Estate
FY 16 FY 17 FY18 FY19
Guaranteed interest rate 2.49% 2.32% 2.17% 1.95%
Fixed income yield 3.45% 3.34% 3.25% 3.06%
Liabilities Guaranteed (EUR bn) 52.9 50.4 49.1 51.5
FY 16 FY 17 FY 18 FY 19
Fixed income yield 1.71% 1.88% 1.96% 1.63%
Reinvested amount (EUR bn) 4.5 2.9 3.2 3.6
Newly invested money mostly in corporate bonds (non-financial sector), government
bonds & related loans and mortgage loans.
Belgium
32Periodical financial information I FY 19 results I 19 February 2020
Yield & guaranteed rate on back book down at the same pace
Evolution assets & liabilities
Back book
Life
New money
Life & Non-Life
Belgium
33Periodical financial information I FY 19 results I 19 February 2020
Average rate on back book decreasing in line with evolution yield fixed income
Evolution assets & liabilities
Back book
vs fixed
income
investments
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Liabilities guaranteed i-rate Existing bonds Existing guaranteed rates Book yield existing bonds
96.8 98.7
FY 18 FY 19 proforma
In EUR mio
UK
34Periodical financial information I FY 19 results I 19 February 2020
Headlines
In % of NEPIn EUR mio
* incl. non-consolidated partnerships @ 100%
87
69
FY 18 FY 19
25
3
Q4 18 Q4 19
94.2103.4
Q4 18 Q4 19 proforma
1,7751,728
FY 18 FY 19
400 402
Q4 18 Q4 19
Challenging motor market & continued strong Household performance
Net result impacted by Motor Inflows* stabilising in Q4 Non-Life combined ratio impacted by claims inflation & large losses
UK
35
Challenging Motor market, Household restored toprofitability – Q4 Inflows stabilise
Net result & Inflows
Other
Household
Accident & Health
Motor
Net result
Quarter:
Continued Motor market wide claims inflation & above average number of
large losses
Strong underlying Household result
Year-to-date:
Motor market wide claims inflation in H2 & above average number of
large losses
Strong Household performance
Benefit from Ogden rate change (EUR 30 mio) & internal reinsurance
agreement (EUR 20 mio) – EUR 17 mio restructuring costs
32 36
1,224 1,184
364 369
155 138
-3%
1,775 1,728
FY 18 FY 19
In EUR mio
Inflows*
Motor slightly down reflecting lower TU volumes and lower volumes from
focus on maintaining pricing discipline & partnership exits, offset by
continued strong Direct Aggregator growth
Household returned to growth supported by new intermediated scheme in
Q4
Other down reflecting planned run off in Special Risks & discontinued
MGA relationship in Commercial
* incl. non-consolidated partnerships @ 100% & @ constant exchange rate
25
3(1)
Q4 18 Q4 19 Q4 19 proforma
87
69
49
FY 18 FY 19 FY 19 proforma
5 9
273 255
88 103
34 35
1%
400 402
Q4 18 Q4 19
Periodical financial information I FY 19 results I 19 February 2020
UK
36
Q4 continued challenging Motor market partly offset by strong Household performance
Combined ratio
In % Net earned premium
The new internal reinsurance agreement has an important impact on
the combined ratio. For sake of comparability of the performance the
pro forma combined ratio commented in this section excludes all
impacts from this internal reinsurance agreement.
Combined ratio
Market wide Motor claims inflation & Large losses partly offset by a
strong Household performance
Q4 Combined ratio Tesco Underwriting 94.0% (vs. 96.0%)
reflecting positive experience in Motor large bodily injury claims
Claims ratio
Q4 CY ratio: Principally driven by market wide Motor claims
inflation in a persistently low premium rate environment and large
losses; partly balanced by strong Household performance
Q4 PY ratio: Robust Motor & Household PY releases partly
balanced by less favourable Commercial large loss development
vs. strong Q4 18
Expense ratio
Q4 lower overhead cost & increased non-risk income
65.6 66.3 69.380.7
68.360.2 63.3
56.169.4
32.2 33.532.8
31.5
34.9
36.6
35.4
38.1
34.0
97.8 99.8 102.1
112.2
103.296.8 98.7
94.2
103.4
(4.0) (4.6) (4.4)
4.5(1.4)
(9.2)
(9.4)
(12.3)
(9.2)
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
claims ratio expense ratio PY claims ratio
Net earned premium (In EUR mio)
Periodical financial information I FY 19 results I 19 February 2020
1,562 1,613 1,751 1,598 1,493 1,320 1,296 307 338
59.8 56.0 55.373.7 67.0
46.3 54.0
(22.1)
50.6
44.4 54.3 48.6
44.947.0
56.747.9
105.7
47.1
104.2 110.3103.9
118.6 114.0103.0 101.9 83.6
97.7
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
71.9 74.6 75.891.0
75.063.7 72.1 69.9
83.7
25.0 25.1 27.2
25.5
27.629.7
29.4 29.8
28.6
96.9 99.7 103.0
116.5
102.693.4
101.5 99.7
112.3
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
UK
37
Strong Household performance – Large losses & continuedincreased claims inflation impacting Motor market
Combined ratio
Motor: Claims inflation & above average number of large lossesAccident & Health: Small portfolio, marginal impact on total
Other: Legacy book exit Q418; lower Commercial PY in Q4 19Household: Supported by benign weather
76.266.0
55.8 58.4 56.1 57.8 60.2 61.6 68.4
34.338.7
43.3 40.9 46.7 51.4 54.3 55.255.0
110.5104.7
99.1 99.3 102.8109.2 114.5 116.8
123.4
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
51.4 51.062.2 57.6 51.7 56.9
42.8 36.9 38.0
42.4 43.337.3 40.6
47.845.1
44.142.1 40.1
93.8 94.3 99.5 98.2 99.5 102.0
86.979.0 78.1
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
Periodical financial information I FY 19 results I 19 February 2020
NEP 79 71 72 39 30 30 34 7 10
NEP 374 399 413 361 341 309 289 74 76 NEP 202 185 204 185 175 137 142 19 35
NEP 907 958 1,062 1,014 947 844 831 208 216
CEU
38Periodical financial information I FY 19 results I 19 February 2020
Headlines
* incl. non-consolidated partnerships @ 100%
45 36
49 73
24
118109
FY 18 FY 19
Life Non-Life Divestments
8 12
11
17
17
3629
Q4 18 Q4 19
4,152
1,803
1,275
1,441
5,428
3,244
FY 18 FY 19
Life Non-Life
990
374
324
398
1,314
771
Q4 18 Q4 19
92.4 91.2
FY 18 FY19 proforma
95.8 93.5
Q4 18 Q4 19 proforma
108 90
FY 18 FY 19
6596
Q4 18 Q4 19
911
FY 18 FY 19
2 16
Q4 18 Q4 19
In EUR mio In EUR mio In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Non-Life COR: Excellent operating performance
Operating margin Unit-Linked up in Q4 on improved expense margin
Solid result supported by strong Non-Life performance
Net result FY up 16% excludingthe sale of Luxembourg last year
15.7 15.6 15.4
0.4 1.0 0.8
16.1 16.5 16.2
FY 18 9M 19 FY 19
excl shadow shadow
Q4 inflows up 4% scope-on-scope, on strong Non-Life sales
Life Technical liabilities consolidated entities stable year-on-year
Operating margin Guaranteed FY down due to reserve strengthening in Q2
CEU
39
Very strong Non-Life businessLife result impacted by one-offs
Net result & Life liabilitiesIn EUR mio
Periodical financial information I FY 19 results I 19 February 2020
4536 36
49 73 73
24
118109 109
FY 18 FY 19 FY 19 proforma
Life Non-Life Divestments
8 12 12
11
17 17
17
36
29 29
Q4 18 Q4 19 Q4 19 proforma
Net result
Quarter
• Life: strong net profit supported by high investment result –
EUR 17 mio contribution from Luxembourg in Q4 2018
• Non-Life : Continued strong operating performance – EUR 5 mio
contribution from Turkey – no impact from QS reinsurance
Year to date
• Life: net result impacted by reserve strengthening in Portugal’s Guaranteed
business related to low interest rate environment in Q2 –
EUR 24 mio contribution from Luxembourg in FY 2018
• Non-Life : strongly up thanks to improved claims ratio and higher volume
Life technical liabilities
• Stable despite the exit in Q3 of one large UL group contract in France
15.7 15.6 15.4
0.4 1.0 0.8
16.1 16.5 16.2
FY 18 9M 19 FY 19
excl shadow shadow
CEU
40
Strong increase in Life Guaranteed Business –High Non-Life growth in all product lines
Inflows
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
1,285 1,221
565 583
-2%
1,849 1,803
FY 18 FY 19
388 435
541613
230
269116
123
+13%
1,275
1,441
FY 18 FY 19
* Excluding Luxembourg Periodical financial information I FY 19 results I 19 February 2020
92 110
142179
61
7729
32
+23%
324
398
Q4 18 Q4 19
467
171
147
203
614
374
Q4 18 Q4 19
*
-39%
Life
Quarter
• Unit-linked – Strongly up due to new product launched in Portugal
and commercial focus on Unit-linked
• Guaranteed – Lower sales appetite for guaranteed business due to
low interest rates – Transition phase in Portugal with launch of new
product better suited to low yield environment
Year-to-date
• Unit-linked – Up 3% thanks to good Q4
• Guaranteed - Inflows down 5%, in a low interest rate environment
Non-Life
Quarter
• Excellent commercial performance in Turkey
• Continued strong sales in Portugal across all product lines
Year-to-date
• Up 19% at constant FX with strong contribution from both Portugal
and Turkey
63.7 61.355.9 58.6 59.2 62.7 60.5
65.3 62.0
30.030.8
29.530.1 31.2
29.7 30.730.5
31.5
93.7 92.185.4
88.7 90.4 92.4 91.295.8 93.5
(4.0) (4.3) (6.5) (6.5) (8.0)(2.9) (2.4)
0.8(2.1)
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
claims ratio expense ratio PY claims ratio
CEU
41Periodical financial information I FY 19 results I 19 February 2020
Combined ratio
Net earned premium (In EUR mio)
In % Net earned premium
Combined ratio well below group target
403 415 454 664 768 594 657 152 172
The new internal reinsurance agreement has an important impact on the
combined ratio. For sake of comparability of the performance the pro
forma combined ratio commented in this section excludes all impacts
from this internal reinsurance agreement.
Quarter
Combined ratio of consolidated companies at 93.5%, reflecting a
continued excellent operating performance
Improved claims ratio thanks to more benign weather in Household
and higher PY releases in Motor
Combined ratio in Turkey at 97.3% vs. 106.7%
Year-to-date
Excellent combined ratio of consolidated companies at 91.2%
thanks to good claims experience in Accident & Health and
Household
Improved combined ratio in Turkey at 99.5% vs. 101.8%
59.7 61.9 58.8 64.9 61.4 62.5 63.0 60.7 62.4
26.6 26.7 25.225.1 26.8 24.8
26.025.3 27.2
86.3 88.684.0
90.0 88.2 87.3 89.0 86.0 89.6
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
CEU
42
Combined ratio
79.360.1
71.5 65.5 70.4 68.0 67.2 69.1 68.4
29.2
31.6
32.332.5
35.0 35.336.6
35.9 38.1
108.5
91.7
103.898.0
105.4 103.3 103.8 105.0 106.5
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
53.5 54.0
36.1 42.3 46.5 48.540.3
66.4
47.6
38.8 40.3
35.938.0
34.7 34.2 33.2
37.4
31.2
92.3 94.3
72.080.3 81.2 82.7
73.5
103.8
78.8
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
59.6 72.3
31.712.1
3.9
72.6
28.3
122.4
42.3
43.745.1
40.8
41.339.2
41.5
42.4
43.7
45.8
103.3117.4
72.5
53.443.1
114.1
70.7
166.1
88.1
2013 2014 2015 2016 2017 FY 18 FY 19pro
forma
Q4 18 Q4 19pro
forma
Continued excellent operating performance
Other: very small & volatile portfolio
Periodical financial information I FY 19 results I 19 February 2020
Accident & Health: Still excellent despite slightly higher costs Motor: Improved claims ratio offset by higher expenses
Household: Very good claims ratio - Limited impact of Elsa
storms in Q4 2019 vs higher impact of Leslie in Q4 2018
NEP 227 238 255 328 373 318 349 83 92 NEP 99 96 94 202 249 188 207 48 54
NEP 48 51 70 91 105 74 86 18 22 NEP 29 30 35 43 41 13 15 3 4
CEU
43Periodical financial information I FY 19 results I 19 February 2020
Operating marginsIn bps Avg techn. liabilities
Guaranteed margin down on reserve strengthening in Q2
In EUR bn
1 20 (1) (1)
(6)
(1)1
2 0 5 4 4 3 4
9 4 5
16
68
5
1310
7 7
21
911
2
16
2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
Operating margin
Expense & other m.
Underwriting m.
Investment m.
95 100 110 111 99 105 102 99
77 5976
106
8091
4091
(102)(71) (65) (78) (71)
(106)(77) (93)
7088
121139
10890
65
96
2014 2015 2016 2017 FY 18 FY 19 Q4 18 Q4 19
Avg techn liabilities (In EUR bn)
7.7 8.0 8.7 7.9 8.1 8.6 8.1 8.8
Avg techn liabilities (In EUR bn)
6.2 6.1 6.0 7.5 7.6 7.0 7.6 6.7
Life Unit-Linked
Quarter
• Up on higher volume and better expense ratio
Year-to-date
Slightly up on strong Q4 performance
Life Guaranteed
Quarter
• Q4 margin strongly up thanks to higher investment results and despite
higher expense charges
Year-to-date
• Down on FY due to reserve strengthening in Q2
20,14222,834
884
1,43521,027
24,269
FY 18 FY 19
Life Non-Life
In EUR mio In EUR mio
In EUR bn
Asia
44Periodical financial information I FY 19 results I 19 February 2020
Headlines
In % NEP
*Incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX
152
503
17
12
170
515
FY 18 FY 19
Life Non-Life
65.680.2 82.2
FY 18 9M 19 FY 19
89.1
102.7
Q4 18 Q4 19
90.7100.9
FY 18 FY 19
Exceptionally high FY results supported by tax benefits& financial markets
3,443 4,071225
391
3,6684,463
Q4 18 Q4 19
(46)
72
6
0
(41)
72
Q4 18 Q4 19
18.6 20.9
1.5
1.920.1
22.8
FY 18 FY 19
regular single
In EUR bn
Regular premium: strong growth -approx. 90% of Life inflows
3.1 3.60.3 0.43.4 4.1
Q4 18 Q4 19
Net result Q4 supported by capital gains & discount rate curve
Inflows* up 13% in Q4 - continued solid growth trend
Life Technical liabilities up 22%
Non-Life COR reflecting scope change with acquisition in India
Additional information on Ageas
non-consolidated partnerships in
Asia is available on the excel
spreadsheet published on Ageas’
website under quarterly results
(www.ageas.com/investors/quarterly-results)
Asia
45Periodical financial information I FY 19 results I 19 February 2020
Exceptionally high full year result thanks to solid operating performance, financial markets and tax benefit
Net result & Life liabilitiesIn EUR mio
152
503
17
12
170
515
FY 18 FY 19
Life Non-Life
(46)
72
6
0
(41)
72
Q4 18 Q4 19
65.680.2 82.2
FY 18 9M 19 FY 19
Quarter
• Life Result driven by :
− High level of capital gains (EUR 28 mio vs EUR -96 mio in Q418)
− Evolution of discount rate curve in China
• Non-Life result impacted by higher claims experience and
impairment of security investment
Year-to-date
• Exceptionally high result driven by:
− Strong Life operating performance
− Higher capital gains (EUR 127 mio vs EUR -155 mio FY18)
− Tax regime change in China
(Due to different product mix, tax benefit relating to 2019 booked in H2
significantly lower than retroactive tax benefit booked in H1)
− Evolution of discount rate curve in China
• Non-Life Result: adverse claims experience and security
impairment partly offset by cost management
• Life Technical liabilities driven by top line growth and high
persistency levels
Net result
Life Technical Liabilities
Asia
46
Growth in Life from new business and renewals –Non-Life inflows supported by all business lines
Inflows
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
19,25121,660
891
1,17420,142
22,834
FY 18 FY 19
407
744130
138
104
161
243
391
884
1,435
FY 18 FY 19
incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX
Periodical financial information I FY 19 results I 19 February 2020
Life
• Life gross inflows up 15% in Q4, driven by new business
growth and strong persistency
• New business premiums grew 22% in Q4
• Regular premium up 13% in Q4
Non-Life
• Scope-on-scope inflows up 12% in Q4, supported by all
countries and all business lines, especially Motor (+94%),
A&H (+47%) and Household (+9%)
• EUR 124 mio contribution from the newly acquired Indian
business in Q4
108
20925
37
35
38
57
107
225
391
Q4 18 Q4 19
3,2813,799
162
2723,443
4,071
Q4 18 Q4 19
India: newly acquired business in Non-Life
China: up 22% in Q4 driven by newbusiness & renewals
Thailand: Non-Life growth offsettingimpact of paid up policies in Life
2,497 3,105
Q4 18 Q4 19
Vietnam: continued rapid growth
Malaysia: up 12% in Q4, driven by Life &Non-Life
16,50219,080
FY 18 FY 19
Asia
47
Solid growth across the regionInflows per country In EUR mio
2,475 2,412
323 380
2,798 2,793
FY 18 FY 19
Non-Life Life
23
37
FY 18 FY 19
* incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX Periodical financial information I FY 19 results I 19 February 2020
18 21
Q4 18 Q4 19
863 979
561660
1,424
1,638
FY 18 FY 19
Life Non-Life
232 245
395
232
640
FY 18 FY 19
Life Non-Life
56 53
125
56
178
Q4 18 Q4 19
510
Q4 18 Q4 19
47
81
FY 18 FY 19
216 252
144164
360416
Q4 18 Q4 19
Philippines: continued upward trend
650 629
81 103
731 732
Q4 18 Q4 19
In EUR mio
Reinsurance
Headlines
48
In % NEPIn EUR mio
ageas SA/NV
reinsurance activities
Periodical financial information I FY 19 results I 19 February 2020
8
(16)
FY 18 FY 19
48
Q4 18 Q4 19
61
1,689
FY 18 FY 19
16
234
Q4 18 Q4 19
82.6103.9
FY 18 FY 19 proforma
64.5
121.5
Q4 18 Q4 19 proforma
Full-year net result reflecting ramp-up phase
Net result: Q4 reserve review offset higher claims experience in BE & UK
Inflows: EUR 209 mio in Q4 from new QS agreements
Q4 COR impacted by UK CY claims experience
Implementation of an internal reinsurance programme within ageas SA/NV in order to
enhance capital fungibility in the group
Non-Life Quota Share (QS) Treaties: 30% with AG Insurance in Belgium*, 30% with Ageas
Insurance Limited in the UK, and 20% with all Portuguese Non-Life Entities
Loss Portfolio Transfers (LPT): 30% with Ageas Insurance Limited in the UK, and 20% with the
Portuguese Non-Life Entities
Cession rates to move to 40% subject to formal approval by local boards (BE & POR)
The reinsurance protection programme now managed by ageas SA/NV (formerly Intreas)
The Pillar I Solvency II for ageas SA/NV amounted to 351%
* Of which 75% is underwritten by ageas SA/NV
94
373
1,009
213
61
1,689
FY 18 FY 19
Reinsurance
49
Significant one-off impacts Net result & Inflows
Portugal
UK
Former Intreas
Belgium
Quarter
• EUR 209 mio from the new quota share agreements
• EUR 25 mio from protection programme
Year-to-date
• EUR 873 mio from the new quota share agreements
• EUR 462 mio from the LPT
• EUR 259 mio from prior year unearned premiums in UK & Portugal
• EUR 94 mio from protection programme – strong growth thanks to a new
participation in India non-life and in Motor & Third Party Liability in the UK
Periodical financial information I FY 19 results I 19 February 2020
Gross inflows
Quarter
• EUR 0 mio result from traditional protection programme formerly
managed by Intreas related to higher FY claims
• Positive reserve review offsetting negative impact from quota share
treaties in Belgium & UK
Year-to-date
• EUR 4 mio positive contribution from traditional protection programme
• EUR 16 mio loss from the QS treaty in Belgium due to bad weather &
prudent initial reserving for CY claims
• EUR 6 mio loss from the UK related to ramp up phase & claims inflation
partly offset by positive reserve review in Q4
• EUR 3 mio positive contribution from Portugal
25
81
94
35
16
234
Q4 18 Q4 19
8
(16)
4
FY 18 FY 19 pro forma
4
8
(0)
Q4 18 Q4 19 pro forma
In EUR mio
Net result
Net result driven Q4 by RPN(i) reevaluationIn EUR mio
Value legacies – Settlement liability down on payments
Negative RPN(i) revaluation & higher costs on execution of
the Fortis Settlement
GA
50Periodical financial information I FY 19 results I 19 February 2020
Headlines
Total liquid assets up following debt issuance – down in Q1 20 on tender Fresh
In EUR mio
Neutral impact FY on P&L from RPN(i) Operating expenses up on execution Fortis Settlement
In EUR bn
In EUR mio
12
(123)
FY 18 FY 19
21
(132)
Q4 18 Q4 19
25 25
6276
87
101
FY 18 FY 19
Staff & Intercompany Operating
3 5
24 18
2724
Q4 18 Q4 19
89
(0)
FY 18 FY 19
32
(106)
Q4 18 Q4 19
In EUR mioIn EUR mio
Record upstream Opcos
599 632
FY 18 FY 19
(359)(253)
(359)
7 7 7
(812)
(607)(514)
FY 18 9M 19 FY 19
RPN(i) RPI Settlement
1.7 1.6
2.2
FY 18 9M 19 FY 19
GA
51Periodical financial information I FY 19 results I 19 February 2020
Cash upstream covering paid dividend, holdcocosts & part of SBB
Cash position
In EUR mio
Upstream from operating companies more than covering paid dividend &
holding expenses
Successful issues of Restricted Tier 1 & Tier 2 bonds & loan to Belgian opco
M&A relates to India & capital injections in The Philippines
Additional EUR 28 mio cash-out for running SBB in Q1 2020
EUR 0.5 bn ring-fenced for Fortis settlement & EUR 0.5 bn ring-fenced for the
tender of the FRESH securities
≈ 600≈ 1000
settlement settlement
SBB SBB
FRESH1,713
2,192
(416)
(192)
(251) (103)
(184) (7)632
1029(29)
FY 18 Upstream Dividend Cap mgmt M&A Settlement HQ & ROexpenses
Sharebuy-back
Other FY 19
HQ
RO
GA
52Periodical financial information I FY 19 results I 19 February 2020
Two successful issuances of debt at holding level in 2019Outstandinghybrids
In EUR mio ageas SA/NV Ageasfinlux
Perp Fixed
Rate Reset
Temporary
Write-Down
Tier 1
Fixed-to-
Floating Rate
Callable
Tier 2
Fresh -65.50% tender
in Q1 2020
Tier 1
Fixed-to-Floating Rate
Callable
Tier 2
Fixed Rate Reset
Perpetual Subordinated
LoansTier 1
Fixed Rate Reset Dated Subordinated
Notes
Tier 2
CASHES
% 3.875% 3.25%3m EUR + 135
bps5.25% 6.75% 3.50%
3m EUR +200
bps
Amountoutstanding
750 500 1,250 450 550 USD 400 948
ISIN BE6317598850 BE0002644251 XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800
Call date
June 2030 first reset date Reset to 5-yr
mid-swap rate +379.2 bps
July 2029Step up to 3M Euribor +380
bps
Undated, strike 315.0 mandatory
472.5
June 2024
Step up to 3M
Euribor +413
bps
Mar 2019
Step up to 6yr
USD swap +
533 bps
June 2027
Step up after 12
years of 100bps
Undated,
strike 239.4,
mandatory
359.1
Other Public issue Public issue
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue Public issue
Coupon served
by FBB, trigger
ACSM linked to
Ageas dividend
Market Price (31/12/19)
103.39 111.23 61.54 114.54 113.89 81.55
Fortis Bank (now BNPPF)
AG Insurance (Belgium)
53Periodical financial information I FY 19 results I 19 February 2020
ContentSlides used during analyst call 2
Segment information 18
Equity / Solvency 53
Investment portfolio 65
Legal Settlement 70
General Information 73
Equity
54Periodical financial information I FY 19 results I 19 February 2020
Equity up on net result & positive impact of financial markets
In EUR mio
6,799 7,290
2,613
3,931
979
1,319 169
(416) (185) (45) (12)
EUR 48.42 EUR 58.89
9,411
11,221
FY 18 result changeUG/L
dividend treasuryshares
FX IAS 19 other FY 19
Shareholders’ equity
per segment Belgium 4,843 ► 5,135 Asia 2,354 ► 4,008
UK 896 ► 998 Reinsurance 116 ► 108
Continental Europe 1,220 ► 1,326 General Account (17) ► (354)
Shareholdersequity
Equity per share
Unrealised gains &
losses
Equity per segment
Equity
55Periodical financial information I FY 19 results I 19 February 2020
Debt leverage up on issue EUR 750 mio Tier 1Tangible net equity
I page 55
* Leverage calculated as
(Subordinated liabilities + Senior
debt) / (Tangible net equity +
Subordinated liabilities + Senior
debt)
In EUR mio
FY 18 FY 19
IFRS Shareholders' Equity 9,411 11,221
Unrealised gains real estate 649 674
Goodwill (602) (614)
VOBA (Value of Business Acquired) (73) (58)
DAC (Deferred Acquisition Cost) (408) (425)
Other (423) (531)
Goodwill, DAC, VOBA related to N-C interests 331 381
Tax adjustment DAC, VOBA & Other 146 161
IFRS Tangible net equity 9,031 10,810
IFRS Tangible net equity/ IFRS Shareholder's Equity 96% 96%
Debt leverage on tangible net equity * 20.2% 22.4%
pro forma after tender FRESH 17.1%
Solvency
56Periodical financial information I FY 19 results I 19 February 2020
Solvency up on debt issuance – Tender FRESH not yet included
Solvency IIageas
Solvency IIageas
in %
Own Funds
SCR
Non EU
Non-controlled
participations*
Belgium UK CEU Reinsurance GA eliminations Group
2.7 2.9 2.8
0.5 0.5 0.5 0.6 0.7 0.6
0.1 0.30.4 0.1 0.1
0.2(0.3) (0.5) (0.6)
3.7 4.0 4.0
2.43.0 3.2
6.46.1
6.3
0.8 0.8 0.9 1.0 1.0 1.1
0.1
0.6 0.7
1.31.0
1.5
(1.7) (1.6) (1.8)
8.0 7.9
8.6
5.8
7.1
7.7
FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19
235% 209% 221% 167% 168% 179% 178% 142% 170% 196% 188% 173% 215% 199% 217% 241% 238% 243%
* Based on local solvency requirements
Solvency II
57Periodical financial information I FY 19 results I 19 February 2020
Expected dividend covered by positive impact from operations
Solvency IIageas
Impact on Solvency IIageas* FY ’18 FY ’19
215 217%
9M ’19 FY ’19
199% 217%
Debt initiatives +23 pp Call in Q1 / Issuances in Q2 & Q4 +18 pp
Model refinements + 6 pp Mainly correction minority interest treatment +1 pp
Market movements
& RPN(i)
- 11 pp
+0 pp
Mainly yield curve +4 pp
-3 pp
Internal reinsurance & Ogden - 4 pp LACDT, diversification & Ogden - 1 pp
Operational +14 pp +3 pp
Acquisition India - 5 pp Outside Solvency II scope -
SBB - 5 pp - 1 pp
Expected dividend - 13 pp - 2 pp
* Impact including secondary impact, diversification & non-transferable
2,1432,432
414
490171 423
672
(255)
(143)
(185)
(416)
2,557
2,92298
521
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend FY 19
Free CapitalGeneration
58Periodical financial information I FY 19 results I 19 February 2020
Operational FCG of EUR 521 mio* over 2019
expected
dividend
Operational impact – includes EUR 98 mio dividend upstream Non-European NCP’s
Market: sharp drop in yield curve
Exceptional items: implementation new internal reinsurance agreements & Ogden
Capital transactions = call & issue debt instruments offseting SBB & injection in Asia
M&A: Acquisition in India
Based on 175% SCR
Solvency IIageas
Solvency IIageas
In EUR mio*
* FCG Non-European NCP’s over
9M 2019 at EUR 827 mio -
Operational FCG at EUR 407 mio,
not included in EUR 521 mio
Free CapitalGeneration
59Periodical financial information I FY 19 results I 19 February 2020
Evolution SCR & OF split between types of impact Solvency IIageas
Own Funds
SCR
7,9998,634
414
490
96
56 490
696
(25)
(185)(416)8,412
9,124
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend FY 19
3,728
3,973
224
67
14
(50)
(10)
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend FY 19
In EUR mio
Free CapitalGeneration
60Periodical financial information I FY 19 results I 19 February 2020
Operational FCG driven by Belgium – negative impact from claims experience in UK
Operational Q
OF SCR FCG FCG
Belgium 578 (27) 626 199 strong & steady OF generation
UK 11 20 (24) (41) impacted by claims experience
CEU 184 (0) 184 123 driven by operating performance
SCR Q4 lower on shift in product mix away from Savings
Reinsurance 7 32 (48) (31) SCR up on build-up of accepted risks
OF impacted by claims experience
General Account (61) 8 (74) (29)
Group eliminations (231) (42) (143) (91) Q4 strong OFCG in BE & MBCP
Total Ageas 490 (10) 521 130 FY including dividend NCP's
Solvency II scope
Operational YTD
In EUR mio
Solvency IIageas
Solvency
61
High Solvency ratio providing resilience against market or other external evolutions
Solvency IIageas
sensitivities
As per 30/09/19
SCR OF Solvency
Base case Before stress 3,996 7,935 199%
Yield curve Down 50 bps 4,106 7,819 190%
Up 50 bps 3,887 7,996 206%
Equity Down 25% 3,951 7,641 193%
Property Down 10% 4,057 7,655 189%
Spread* Spreads on corporate & government bonds up 50 bps 3,993 7,630 191%
Corporate spread Up 50 bps 3,967 7,832 197%
Sovereign spread Up 50 bps 4,027 7,733 192%
UFR – base case 4.05% Down 15 bps 3,999 7,926 198%
Down 45 bps 4,018 7,881 196%
* Spread sensitivity doesn’t take into
account any credit rating movement
Periodical financial information I FY 19 results I 19 February 2020
Solvency
62Periodical financial information I FY 19 results I 19 February 2020
Solvency up on debt issuance – Tender FRESH not yet included
PIM
Solvency II PIM
in %
Own Funds
SCR
* Based on local solvency requirements
** minority interest of not-fully owned
subsidiaries are equal to minority
interests exceeding contribution to group
SCR
In EUR bn
Belgium UK CEU Reinsurance GA eliminations** Group Non EU
Non-controlled
participations*
222% 181% 185% 169% 161% 172% 288% 246% 274% 191% 185% 170% 216% 193% 203% 241% 238% 243%
2.83.3 3.2
0.5 0.5 0.5 0.5 0.5 0.50.1 0.4 0.4
0.1 0.1 0.2 (0.3)(0.6)(0.6)
3.74.2 4.3
2.43.0 3.2
6.35.9 5.9
0.9 0.8 0.91.4 1.3 1.4
0.10.6 0.7
1.31.0
1.5
(1.9)(1.7)(1.7)
8.1 8.18.7
5.8
7.17.7
FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19 FY 18 9M19
FY 19
Solvency
63
Ageas asset mix not in line with EIOPA reference portfolio
PIMsensitivities
As per 30/09/19
SCR OF Solvency
Base case Before stress 4,182 8,060 193%
Yield curve Down 50 bps 4,255 7,986 188%
Up 50 bps 4,102 8,094 197%
Equity Down 25% 4,125 7,763 188%
Property Down 10% 4,213 7,803 185%
Spread* Spreads on corporate & government bonds up 50 bps 4,382 7,447 170%
Corporate spread Up 50 bps 4,073 8,049 198%
Sovereign spread Up 50 bps 4,556 7,441 163%
UFR – base case 4.05% Down 15 bps 4,184 8,050 192%
Down 45 bps 4,194 8,005 191%
* Credit rating movement not taken
up in spread sensitivity
Periodical financial information I FY 19 results I 19 February 2020
( 1.4 ) ( 1.5 ) ( 1.5 )
( 1.0 )( 1.2 ) ( 1.0 )
( 0.9 )( 0.8 ) ( 0.8 )
4.4 4.9 4.8
0.4 0.4 0.4 0.6
0.8 0.8 0.3
0.4 0.3 0.7
0.8 0.8 0.5
0.5 0.5 3.7
4.2 4.3
FY 18 9M 19 FY 19
Non Diversifiable
Non-life UW
Health UW
Life UW
Counterparty Default
Market
Loss-Absorption Deferred Taxes
Loss-Absorption Techn. Liab.
Diversification
Solvency
64Periodical financial information I FY 19 results I 19 February 2020
Composition of SCR & OFComposition of SCR & OF
Diversification
Loss-Absorption Deferred Taxes
Insurance SCRageas per risk type
Market risk main factor in SCR
Tiering of Group PIM own funds
Tier 2 up on overflow EUR 750 mio debt issue
5.6 5.6 5.5
1.4 1.3 1.4
1.0 1.0 1.7
0.1 0.1 0.1
8.1 8.1 8.7
FY 18 9M 19 FY 19
Tier 3
Tier 2
Tier 1 restricted
Tier 1
In EUR bn
65Periodical financial information I FY 19 results I 19 February 2020
Content
Slides used during analyst call 2
Segment information 18
Equity / Solvency 53
Investment portfolio 65
Legal Settlement 70
General Information 73
Investment portfolio
66Periodical financial information I FY 19 results I 19 February 2020
Investment portfolio up on higher UG/L
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Gross UG/L on
Available for Sale
Gross UG/L on Real
Estate
Gross UG/L on Held
to Maturity
Sovereign bonds 36.9
Sovereign bonds 38.4
Corporate bonds 19.9
Corporate bonds 20.8
Structured0.1
Structured0.1
Loans9.7
Loans11.1
Equities 4.5
Equities 4.6Real Estate
5.6
Real Estate5.6
Cash 2.9
Cash 3.779.6
84.3
FY 18 FY 19
Total portfolio: up to EUR 8.7 bn (vs. EUR 5.9 bn)
Fixed income: up to EUR 7.9 bn (vs. EUR 5.6 bn)
° Sovereigns at EUR 6.4 bn (vs. EUR 4.6 bn)
° Corporates at EUR 1.5 bn (vs. EUR 1.0 bn)
Equities: up to EUR 0.8 bn (vs. EUR 0.4 bn)
at EUR 1.9 bn
• not reflected in shareholders’ equity
Up to EUR 2.4 bn (vs. EUR 1.9 bn)
• not reflected in shareholders’ equity
Ageas Group has joined the commitment to incorporate ESG issues into its investment analysis
and decisions and signed on behalf of all its consolidated entities the UN PRI
In EUR bn
Investment portfolio
67Periodical financial information I FY 19 results I 19 February 2020
Value fixed income assets up on higher UG/L
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Corporate bond
portfolio*
Belgium18.0
Belgium18.5
France 6.3 France 6.3
Austria 2.6 Austria 2.6Portugal 2.4 Portugal 2.7
Spain 1.8Spain 2.2Italy, 1.2Italy, 1.5Germany 1.2
Germany 1.2Ireland 0.5Ireland 0.5Other 2.9
Other 2.736.9
38.4
FY 18 FY 19
Banking 3.1 Banking 3.0
Other financials 2.1
Other financials 2.4
Non Financials
11.2
Non Financials
12.3
Government related 3.4
Government related 3.1
19.9 20.8
FY 18 FY 19
Gross UG/L up to EUR 6.4 bn (vs. EUR 4.6 bn)
Over 99% investment grade; 89% rated A or
higher
Belgium duration gap close to zero – matched
portfolio
Gross UG/L up to EUR 1.5 bn (vs. EUR 1.0 bn)
Credit quality remains high with 91%
investment grade - 52% rated A or higher
Sovereign bond
portfolio*
In EUR bn
Investment portfolio
68Periodical financial information I FY 19 results I 19 February 2020
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Equity portfolio*
Loan portfolio
(customers & banks)*
Other: mostly government related loans
benefiting from an explicit guarantee by
the Belgian regions or the French State
Gross UG/L up to EUR 0.8 bn (vs. EUR 0.4 bn)
Equities 2.2 Equities 2.4
Equity funds0.3
Equity funds0.5
RE funds 0.9RE funds 0.9
Mixed funds & others 1.1
Mixed funds & others 0.8
4.54.6
FY 18 FY 19
Loans to banks0.9 Loans to
banks 0.6
RE 0.1 RE 0.2
Infrastructure0.9
Infrastructure1.1
Mortgages 1.2 Mortgages 1.2
Other 6.6
Other 8.0
9.7
11.1
FY 18 FY 19
Investment portfolio
69Periodical financial information I FY 19 results I 19 February 2020
Real Estate exposure mainly in Belgium
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Real estate portfolio* Gross UG/L at EUR 1.9 bn (not reflected
in shareholders’ equity but contributing to
available capital for solvency calculation)
In EUR bn
Investment Offices 2.4
Investment Offices 2.6
Car Parks1.2
Car Parks1.3
Investment Retail 1.3
Investment Retail 1.2
0.30.3
0.4 0.3
5.6 5.6
FY 18 FY 19
70Periodical financial information I FY 19 results I 19 February 2020
Content
Slides used during analyst call 2
Segment information 18
Equity / Solvency 53
Investment portfolio 65
Legal Settlement 70
General Information 73
Legal
71Periodical financial information I FY 19 results I 19 February 2020
Settlement in full execution mode
Ageas offers to pay EUR 1.2 bn compensation – additional effort of EUR 0.1 bn announced
16/10/2017
Cash impact of EUR 1.0 bn
No recognition of any wrongdoing by Ageas
Commitment by eligible shareholders to abandon any ongoing civil proceeding & not to start
any legal proceeding related to the events
Publication of binding declaration notice on 27/07/2018 launched execution of the settlement
Early filing & opt-out period ended on 31/12/2018
Limited number of opt-outs received for ≈1% of total settlement amount
Computershare Investor Services plc acting as independent claims administrator
Further information available on www.FORsettlement.com
≈290K claims received of which ≈216K have received early payment
End of 2019 ≈EUR 702 mio compensation paid to eligible shareholders of which EUR 140 mio
coming from D&O insurers – Additional ≈EUR 23 mio paid in January 2020
Due to higher than expected number of claims, dilution likely in certain cases
70% of estimated per share compensation guaranteed for claimants filing before 31/12/2018
Claims validation and payments to continue in 2020
Announcement
14/03/2016
Court’s decision to declare the settlement binding on 13/07/2018
Binding declaration and
claims filing period
Claims validation &
payments ongoing
Claims filing ended on 28/07/2019
Legal
72Periodical financial information I FY 19 results I 19 February 2020
Proceedings related to the past that remain outstanding
Administrative proceedings
Criminal investigation
Civil proceedings
Other proceedings
None
Public prosecutor has announced discontinuation of proceeding
Public prosecutor has sent his proposal to Chambre du Conseil on referral
Written submissions to be exchanged
Hearing session before the Chambre du Conseil scheduled on 8 and 9 June 2020
Opt-out cases from settlement
Limited number of opt-outers for ≈1% of settlement amount
Patrinvest: first instance in favour of Ageas, appeal filed by plaintiff
Mr. Modrikamen: suspended awaiting outcome criminal procedure
Mr. Bos (Kortekaas): pleading session took place on 3 February 2020, case
suspended awaiting outcome negotiations.
MCS: Appeal Court ruled in favour of Ageas, appellants filed appeal before Supreme
Court
73Periodical financial information I FY 19 results I 19 February 2020
Slides used during analyst call 2
Segment information 18
Equity / Solvency 53
Investment portfolio 65
Legal Settlement 70
General Information 73
Outstandingshares
74Periodical financial information I FY 19 results I 19 February 2020
Reclassification of 2.6 mio treasury shares following tender on the FRESH securities
* After deduction of shares for management plans
*
Total Issued Shares
Shares not entitled to dividend nor voting rights
1. TREASURY SHARES Share buy-back
FRESH
Other treasury shares
2. CASHES
Shares entitled to dividend & voting rights
situation 31/12/2018 situation 31/12/2019 situation 14/02/2020
203,022,199 198,374,327 198,374,327
12,574,985 11,747,866 12,292,605
4,647,872 3,820,753 4,365,492
3,968,254 3,968,254 1,369,048
0 0 2,599,206
3,958,859 3,958,859 3,958,859
190,447,214 186,626,461 186,081,722
Shareholdersstructure
75Periodical financial information I FY 19 results I 19 February 2020
Ageas4.2%
Ping An
BlackRock, Inc.
Schroders
FosunIdentified retail
investors22%
Identified institutional investors
44%Other
investors14%
Based upon press release 17 February 2020
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 4 February 2020
Based upon the number of shares mentioned in the notification received 8 June 2018
Based upon the number of shares mentioned in the notification received 16 May 2019
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Fosun
Identified retail investors
Identified institutional investors
Financial calendar
76Periodical financial information I FY 19 results I 19 February 2020
19 February
FY 2019 results
13 May
3M 2020 results
20 May
Ordinary shareholders’ meeting
Brussels
2 June
Ex-dividend date
3 April
Annual report 2019 4 June
Payment 2019 dividend
7 August
6M 2020 results
13 November
9M 2020 results
Ratings
77Periodical financial information I FY 19 results I 19 February 2020
S&P MOODY'S FITCH
Operating entities AG Insurance (Belgium) A / positive A2 / stable* A+ / positive
Last change 21/11/19 13/12/19 20/11/19
unsollicited
Ageas Insurance Limited A / positive A+ / positive
Last change 21/11/19 20/11/19
Muang Thai Life BBB+ / Positive A- / stable
Last change 12/12/19 01/04/19
Etiqa Insurance Berhad (Malaysia) A / stable
Last change 11/04/19
China Taiping Life A+ / stable
Last change 22/03/19
Holding ageas SA/NV A / positive A3 / stable* A+ / positive
Last change 21/11/19 13/12/19 20/11/19
unsollicited
* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.
Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.
78Periodical financial information I FY 19 results I 19 February 2020
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
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