Periodical Financial Information 3M 2016 RESULTS

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1 Periodical Financial Information 3M 2016 RESULTS

2 Main messages Ageas reports a solid start of the year Insurance performance Insurance net profit of EUR 201 mio (+1%) 100% of EUR 11.1 bn (+11%) Life Guaranteed margin at 103 bps (vs.91 bps) Group combined ratio at 97.8%* (vs.96.6%) Life Technical Liabilities at EUR 75.9 bn* (+2% vs. YE 2015) Group result Group net loss of EUR 633 mio General Account net loss of EUR 834 mio as result of provision for Fortis settlement Balance sheet Shareholders equity at EUR 10.3 bn or EUR per share UG/L at EUR 2.9 bn or EUR per share Insurance Solvency II ageas at 182%, Group ratio at 180% Total Liquid Assets General Account at EUR 1.2 bn (vs.eur 1.6 bn) *Consolidated entities only 1

3 Progress in solving legal legacies Settlement between Ageas & claimants organisations Announcement 14/03/2016 Ageas pays EUR 1,204 mio compensation In IFRS results 3M 2016 P&L impact of EUR 899 mio Cash impact of EUR 1,021 mio No recognition of any wrongdoing by Ageas Commitment by eligible shareholders to abandon any ongoing civil proceeding & not to start any legal proceeding related to the events Based on WCAM Intervention of Amsterdam Court declaring settlement binding First distribution of compensation starting only after at least 18 months after announcement 2

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

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

6 Belgium : Headlines Solid overall performance - higher realized capital gains but impact of terrorism events Net result: Non-Life incl. EUR 19 mio impact of terrorism events Inflow: strong increase in Guaranteed Life In EUR mio In EUR bn In EUR bn Life Technical liabilities slightly up when excl. shadow accounting Life Non-Life Life Non-Life FY 15 3M 16 Combined ratio: significant impact of terrorism events (8.6pp) In % NEP Operating margin Guaranteed: up on impact of cap gains, mainly RE In % avg. technical liabilities Operating margin Unit-Linked: Lower risk & expense result In % avg. technical liabilities 95.8% 99.7% 0.82% 0.98% 0.47% 0.23% 5

7 United Kingdom: Headlines Motor driving inflow growth & result improvement Improved Motor result & realised capital gains In EUR mio Inflow 6% up at constant FX, driven by volume growth in Motor In EUR bn Combined ratio: improvement in Motor offsetting all other product lines In % NEP % 99.0% * incl. non-consolidated 100% 6

8 Continental Europe: Headlines Strong operating performance partly offset by downward equity market Net profit down due to equity markets vs. tax credit in 3M 15 In EUR mio Inflow* down on lower guaranteed sales in Portugal In EUR bn Life Technical liabilities fairly stable In EUR bn Non-Life combined ratio excellent both in Portugal & Italy In % NEP Life Non-Life Life Non-Life Operating margin Guaranteed up on higher investment result in France In % avg technical liabilities FY 15 3M 16 conso non-conso Operating margin Unit-Linked: lower fee income In % avg technical liabilities 88.1% 87.4% 1.05% 1.17% 0.02% 0.00% * incl. non-consolidated 100% 7

9 Asia: Headlines Life result driven by new business growth & financial results Net result: Life result stable - Non-Life result driven by Malaysia In EUR mio Inflow* up 19% at constant FX growth mainly up in China & Thailand In EUR bn Life Technical liabilities up across all non-consolidated entities In EUR bn Life Non-Life Life Non-Life FY 15 3M 16 Conso Non-conso Non-Life combined ratio: strong decrease on lower expenses In % NEP Life operating margin Hong Kong: impacted by higher distribution costs In % avg technical liabilities Result non-conso JV s: strong result in China, Thailand & Non-Life Malaysia In EUR mio % 86.4% 2.55% 1.74% Life Non-Life * incl. non-consolidated 100% 8

10 Intreas: Headlines Internal Non-Life reinsurance company established in July 2015 Net result Inflows Combined ratio In EUR mio In EUR mio In % NEP % 9

11 General Account: Headlines Impacted by revaluation RPN(i) liability & Fortis settlement Net result driven by settlement Fortis events In EUR mio RPN(i) impact on P&L In EUR mio Staff & Operating expenses up on costs legal settlement In EUR mio (834) Staff & Intercompany Operating Accounting value put option on AG Insurance In EUR mio (1,064) (1,107) Accounting value of remaining legacies: In EUR mio (402) (328) (133) Total liquid assets down on business development & SBB In EUR mio (1,021) FY 15 3M 16 FY 15 3M 16 RPN(i) RPI Settlement FY 15 3M 16 10

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

13 Insurance Solvency II ageas comfortably above the 175% target Insurance ratio stable on FY 2015 Group ratio impacted by settlement In EUR bn Impact decreasing i-rates on own funds absorbed by non-transferable Own Funds SCR (1.5)(1.3) 0.0 (0.3) (0.3) (0.0) FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 Solvency II ageas in % Belgium UK CEU Asia Reins. Diversification Insurance GA Group Non EU Non-controlled participations 242% 235% 130% 138% 131% 143% 179% 153% 0% 250% 182% 182% 212% 180% 253% 256% 12

14 Conclusions: 2016 started well 2016 started well - windfalls & setbacks levelled each other out Closing sale Hong Kong & acquisition Portugal Stable Solvency II ageas 13

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

16 Key financials Insurance ROE reaching 11% target In EUR mio Gross inflows 9,993 11,111 11% Net result Insurance % By segment: - Belgium % - UK % - Continental Europe (48%) - Asia % - Reinsurance 0 1 By type: - Life (3%) - Non-Life % Net result General Account 44 (834) Net result Ageas 241 (633) Earnings per share (in EUR) 1.10 (3.00) Life Operating Margin Guaranteed 0.91% 1.03% Life Operating Margin Unit-Linked 0.39% 0.25% Combined ratio 96.60% 97.80% FY 15 3M 16 Shareholders' equity 11,376 10,324 (9%) Net equity per share (in EUR) Insurance ROE excl.ug/l 11.0% 11.0% Insurance Solvency II ageas ratio 182% 182% 15

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

18 100% EUR 11 bn/quarter mark reached - Growth driven by China, Thailand & Belgium Life Non-Life Total EUR mio Belgium 75% 958 1,259 31% (0%) 1,545 1,844 19% United Kingdom % % Consolidated entities 100% % % Non-consolidated JV's (3%) (3%) Continental Europe 1,168 1,045 (10%) % 1,461 1,340 (8%) Consolidated entities (29%) % (23%) Portugal 51% - 100% (38%) % (30%) France 100% (10%) (10%) Italy 50% % % Non-consolidated JV's % (6%) % Turkey (Aksigorta) 36% (6%) (6%) Luxembourg (Cardif Lux Vie) 33% % % Asia 6,132 7,073 15% (5%) 6,423 7,350 14% Consolidated entities 100% (5%) (5%) Non-consolidated JV's 6,006 6,953 16% (5%) 6,297 7,230 15% Malaysia 31% % (10%) (4%) Thailand 31%-15% % % % China 25% 5,148 6,048 17% 5,148 6,048 17% Philippines 50% Vietnam 32% India 26% (14%) (14%) Insurance Ageas 8,257 9,377 14% #DIV/0! 1,735 1,734 ###### (0%) 9,993 11,111 ###### 11% Consolidated entities 1,741 1,842 6% 1,152 1,180 2% 2,893 3,022 4% Non-consolidated JV's 6,517 7,535 16% (5%) 7,100 8,089 14% Reinsurance

19 Ageas s part Strong growth in Asian JV s & Guaranteed Life in Belgium In EUR mio Up constant FX BE: sales Savings product up in anticipation of lower guaranteed rate UK: growth in Motor 9% 4,562 4,172 1,197 1,182 Non-Life Life 19% 1,383 1, % % 1,975 1, ,990 3,364 (10%) 687 1,669 1, Belgium UK CEU Asia Insurance Reins. 18

20 Insurance net result Results flat despite terrorism events & equity movements In EUR mio EUR 36 mio higher realised net cap gains mainly real estate BE: EUR 19 mio impact terrorism events CEU: downward equity movement & absence tax credit Non-Life Life Belgium UK CEU Asia Reins. Insurance 19

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

22 Insurance Combined ratio Strong combined despite terrorism impact 106.0% 100.1% 99.1% 98.3% 99.6% 96.8% 96.6% 97.8% Combined ratio Benefiting substantially from PY claims 32.8% 31.1% 31.0% 34.0% 35.2% 34.6% 35.4% 34.6% Brussels terrorism events impacting for around 4pp - mainly in Other lines & Accident & Health Household: no significant weather events Motor : significant improvement in UK 73.2% 69.0% 68.1% 64.3% 64.4% 62.2% 61.2% 63.2% (3.7%) (3.5%) (3.1%) (3.8%) (4.0%) (5.9%) (8.1%) (9.8%) claims ratio expense ratio PY claims ratio Net earned premium (In EUR mio) 2,858 3,507 4,178 3,749 3,843 4, Claims ratio CY claims ratio at 73.0% (vs.69.3%) - when excluding terrorism most significant improvement in Accident & Health and Household PY claims ratio significantly higher than usual - coming from positive evolution in UK & mainly BE Expense ratio Lower UK commissions 21

23 Insurance Combined ratio per product line Strong improvement in Motor Accident & Health: 7.4pp impact terrorism events Motor: significant improvement in UK 99.1% 96.9% 96.0% 95.6% 94.3% 93.7% 92.0% 98.0% 107.4% 97.3% 99.0% 99.1% 99.3% 98.2% 101.4% 95.9% 24.8% 25.0% 25.5% 25.6% 27.0% 28.3% 27.4% 28.4% 29.0% 25.3% 25.4% 29.3% 29.7% 29.0% 32.2% 30.0% 74.3% 71.9% 70.5% 70.0% 67.3% 65.4% 64.6% 69.6% 78.4% 72.0% 73.6% 69.8% 69.6% 69.2% 69.2% 65.9% NEP NEP 1,134 1,571 2,058 1,557 1,616 1, Household: no significant weather events 118.2% 103.4% 97.2% 95.5% 96.1% 94.1% 94.3% 96.5% 43.2% 41.5% 41.6% 44.0% 44.6% 43.7% 41.8% 43.2% Other: deteriorating accross all segments 13.1pp terrorism 121.8% 112.0%111.4% 107.9% 104.0% 109.3% 84.1% 92.2% 44.8% 50.6% 44.9% 45.5% 46.1% 44.0% 41.2% 47.2% 75.0% 61.9% 55.6% 51.5% 51.5% 50.4% 52.5% 53.3% 42.9% 67.2% 66.5% 62.4% 71.2% 57.9% 45.0% 65.3% NEP , ,029 1, NEP

24 Insurance Life operating margin per product line Margins in Guaranteed above target range Guaranteed: driven by investment margin Unit-linked: decrease driven by Belgium & Hong Kong Expense & other m. 0.99% 0.96% 0.89% 1.03% 0.90% 0.91% 0.87% 0.83% 0.90% 0.80% 0.80% 0.94% 0.44% 0.43% 0.38% 0.33% 0.37% 0.38% (0.33%) (0.31%) (0.39%) (0.23%) (0.26%) (0.29%) Avg techn liabilities (In EUR bn) % Investment m. Underwriting m. 0.39% 0.36% 0.28% 0.37% 0.18% 0.18% 0.25% 0.18% 0.20% 0.01% 0.02% 0.10% 0.06% 0.01% 0.02% 0.05% 0.11% 0.12% 0.10% 0.13% 0.17% 0.19% (0.02%) Avg techn liabilities (In EUR bn) Investment margin: higher realized cap gains in BE & CEU Underwriting margin: lower in BE & improvement in HK Expense margin: higher expenses in HK Underwriting margin down mainly in Hong Kong Expense & other margin down on lower risk margin in BE 23

25 Belgium : Headlines Solid overall performance - higher realized capital gains but impact of terrorism events Net result: Non-Life incl. EUR 19 mio impact of terrorism events Inflow: strong increase in Guaranteed Life In EUR mio In EUR bn In EUR bn Life Technical liabilities slightly up when excl. shadow accounting Life Non-Life Life Non-Life FY 15 3M 16 Combined ratio: significant impact of terrorism events (8.6pp) In % NEP Operating margin Guaranteed: up on impact of cap gains, mainly RE In % avg. technical liabilities Operating margin Unit-Linked: Lower risk & expense result In % avg. technical liabilities 95.8% 99.7% 0.82% 0.98% 0.47% 0.23% 24

26 Belgium: 100% Guaranteed Individual Life: increase in short term investment products Life In EUR mio Non-Life In EUR mio % 1, , Unit-Linked Guaranteed Other Unit-linked Inflows in Unit-Linked slightly decrease by 2% Guaranteed Increase in short term investment products in anticipation of lower guaranteed rate from 1% to 0.75% as from 1 April. Overall client returns remain attractive relative to savings alternatives. Group Life Inflow down 5% mainly driven by lower single premiums Technical liabilities end-of-period Up 3.4% vs. FY 15 as a consequence of the declined interest rates up 0.7% when excluding shadow accounting Household Motor Household, Motor, Other Stable Accident & Health Accident & Health Pruning actions in Workmen s Compensation 25

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

28 Belgium: Combined ratio per product line Solid combined ratio Motor & Household Accident & Health: significant impact terrorism event in Workmen s Compensation 97.7% 97.6% 97.0% 97.5% 95.5% 98.0% 95.8% 103.3% Motor: stable at a strong 91.7% 106.7% 94.2% 100.5% 101.0%99.8% 92.6% 90.7% 91.7% 21.9% 23.8% 24.0% 23.8% 25.4% 27.6% 26.9% 28.5% 35.7% 35.3% 35.8% 36.3% 37.2% 36.4% 37.3% 36.9% 75.8% 73.8% 73.0% 73.7% 70.1% 70.4% 68.9% 74.8% 71.0% 58.9% 64.7% 64.7% 62.6% 56.2% 53.4% 54.8% NEP NEP Household: good results driven by good claims ratio 122.7% 109.9% 96.7% 97.0% 97.4% 89.1% 99.5% 98.1% 47.1% 46.9% 46.2% 45.6% 45.7% 45.2% 45.5% 45.3% Other: strong impact of the terrorism events 135.1% 107.7% 114.0%113.3% 120.9% 110.8% 99.0% 47.6% 45.6% 61.3% 48.1% 47.2% 45.0% 49.5% 45.7% 75.6% 63.0% 50.5% 51.4% 51.7% 43.9% 54.0% 52.8% 87.5% 58.2% 65.9% 66.1% 65.8% 75.3% 53.3% 50.9% 10.4% NEP NEP

29 Insurance Life operating margin per product line Strong margins in Guaranteed - UL margins decreased significantly Guaranteed: exceptionally strong on Real Estate cap gains Unit-linked: significantly lower expense & other margin 0.96% 0.89% 0.87% 0.86% 0.82% 0.98% Investment m. Expense & other m. Underwriting m. 0.93% 0.88% 0.95% 0.88% 0.84% 1.02% 0.47% 0.41% 0.47% 0.30% 0.32% 0.44% 0.38% 0.42% 0.23% 0.32% 0.32% 0.30% 0.25% 0.29% 0.27% (0.29%) (0.31%) (0.38%) (0.27%) (0.31%) (0.31%) Avg techn liabilities (In EUR bn) Investment margin strong increase mainly due to higher realized capital gains in Real Estate despite lower investment yield Underwriting margin down due to risk margin Expense & other margin stable 0.04% 0.04% (0.02%) 0.32% 0.31% 0.01% 0.05% 0.23% Avg techn liabilities (In EUR bn) Expense & other margin large decrease due to lower risk result (higher level of mortality reserving) & lower expense result 28

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

31 United Kingdom: Headlines Motor driving inflow growth & result improvement Improved Motor result & realised capital gains In EUR mio Inflow 6% up at constant FX, driven by volume growth in Motor In EUR bn Combined ratio: improvement in Motor offsetting all other product lines In % NEP % 99.0% * incl. non-consolidated 100% 30

32 United Kingdom: 100% Non-Life Inflow up 3% driven by volume growth up 6% at constant FX In EUR mio 3% Other Household Motor Accident & Health Non-Life Up 3%, up 6% at constant FX driven by volume Motor increased volumes as a result of rating actions taken ahead of market price increases Household slightly down against continued competitive market conditions Other lines slightly down, reflecting exchange rate as well as realignment of ancillary products into Motor & Household * incl. non-consolidated 100% 31

33 United Kingdom: Combined ratio Combined ratio improvement driven by Motor 109.5% 28.0% 99.9% 99.8% 97.8% 99.8% 102.0% 99.7% 99.0% 25.3% 26.5% 32.2% 33.5% 32.7% 34.4% 32.4% 81.5% 74.6% 73.3% 65.6% 66.3% 69.3% 65.3% 66.6% Combined ratio Combined ratio sub 100% performance in the major product lines Motor & Household Combined ratio Tesco Underwriting at 100.1% (vs %) as a result of lower personal injury & accident claims in Motor Claims ratio Claims ratio adverse current year ratio partially offset by favourable prior year releases (1.1%) 0.1% (2.1%) (4.0%) (4.6%) (4.4%) (3.4%) (4.2%) CY ratio at 70.8% (vs. 68.7%) reflecting some weather-related claims, compared with benign weather in Q claims ratio expense ratio PY claims ratio Net earned premium (In EUR mio) 948 1,524 2,083 1,562 1,613 #N/A PY ratio: driven by higher releases in Motor Expense ratio Improvement related to lower commission expenses & lower cost ratio 2015 included Groupama integration costs Restatement for deconsolidation of Tesco Underwriting since M 15 figures restated for consolidation Non-Life & Other 32

34 United Kingdom: Combined ratio per product line Improved Motor loss ratio offsetting other product lines Accident & Health: higher claims & lower volumes Motor: higher PY releases & lower expenses 121.9%110.9% 106.3% 110.5% 104.7% 24.0% 99.4% 103.7% 109.1% 23.2% 28.2% 34.3% 38.7% 43.6% 49.6% 50.6% 106.2% 98.7% 98.5% 96.9% 99.7%100.7% 106.4% 98.7% 23.3% 19.5% 21.3% 25.0% 25.1% 24.7% 29.3% 26.3% 97.9% 87.7% 78.1% 76.2% 66.0% 55.8% 54.1% 58.5% 82.9% 79.2% 77.2% 71.9% 74.6% 76.0% 77.1% 72.4% NEP NEP , , Household: very benign Q1 15 Other: lower PY releases & absence of integration costs 115.6% 96.7% 99.0% 93.8% 94.3% 105.2% 87.4% 94.9% 38.2% 35.3% 36.7% 43.0% 42.4% 43.3% 37.6% 41.6% 77.4% 61.4% 62.3% 62.2% 51.4% 51.0% 49.8% 53.3% 105.5% 110.9%109.8% 104.2% 110.3% 103.3% 30.4% 39.3% 42.1% 44.4% 54.3% 47.8% 75.1% 71.6% 67.7% 59.8% 56.0% 55.5% 106.4% 89.9% 49.9% 40.0% 44.0% 62.4% NEP NEP Restatement for deconsolidation of Tesco Underwriting since M 15 figures restated for consolidation Non-Life & Other 33

35 Continental Europe: Headlines Strong operating performance partly offset by downward equity market Net profit down due to equity markets vs. tax credit in 3M 15 In EUR mio Inflow* down on lower guaranteed sales in Portugal In EUR bn Life Technical liabilities fairly stable In EUR bn Non-Life combined ratio excellent both in Portugal & Italy In % NEP Life Non-Life Life Non-Life Operating margin Guaranteed up on higher investment result in France In % avg technical liabilities FY 15 3M 16 conso non-conso Operating margin Unit-Linked: lower fee income In % avg technical liabilities 88.1% 87.4% 1.05% 1.17% 0.02% 0.00% * incl. non-consolidated 100% 34

36 Continental Europe: 100% Lower sales of guaranteed products in Portugal Life In EUR mio Non-Life In EUR mio 1, , (11)% Unit-Linked Guaranteed Other Household Motor Accident & Health Life Inflow including non-controlling 100%, down primarily as result of lower sales of Guaranteed products in Portugal Consolidated down 29% Portugal: down 38% reflecting voluntary lower sales in guaranteed business in a continued low interest rate environment. Unit-Linked 21% up on last year France: down 11% compared to high level single premium in 3M 15 - recurring inflow stable Luxembourg: up 14% benefiting from strong wealth management inflow Technical liabilities end-of-period Consolidated in line with year-end at EUR 14.5 bn Including non-consolidated 100%: stable at EUR 33.2bn Non-Life Inflow consolidated entities up 9% driven by an excellent performance in Portugal strongly outperforming the market (+4%) Turkey down 6%, up constant FX - Sales focused on profitable growth & short term products * incl. non-consolidated 100% 35

37 Continental Europe: Combined ratio Excellent combined ratio well below group target 101.3% 96.7% 93.4% 93.7% 92.1% 85.4% 88.1% 87.4% Combined ratio Combined significantly lower reflecting a good performance in all entities 30.3% 30.3% 29.8% 30.0% 30.8% 29.5% 28.1% 28.4% Combined ratio Turkey at 100.0% (vs %) Results improved in Motor TPL & Household - 3M 15 impacted by bad weather Claims ratio 71.0% 66.4% 63.6% 63.7% 61.3% 55.9% 60.0% 59.0% 1.9% (2.0%) (2.5%) (4.0%) (4.3%) (6.5%) (4.8%) (5.1%) claims ratio expense ratio PY claims ratio CY ratio at 64.1% (vs 64.8%) decrease driven by Accident & Health in Portugal & Motor in Italy PY ratio slightly up Expense ratio Expense ratio continued focus on cost containment - commission ratio slightly higher Net earned premium (In EUR mio) * Scope: only consolidated companies 36

38 Continental Europe: Combined ratio per product line Favourable claims experience Accident & Health: lower PY development Motor: improving claims & expenses in Italy 95.8% 91.3% 91.5% 86.3% 88.6% 84.0% 81.8% 87.5% 31.6% 27.8% 28.2% 26.6% 26.7% 25.2% 23.1% 25.0% 117.5% 108.5% 101.0% 103.8% 97.9% 27.0% 91.7% 29.2% 29.2% 28.1% 32.3% 31.6% 110.3% 89.3% 33.2% 30.2% 64.2% 63.5% 63.3% 59.7% 61.9% 58.8% 58.7% 62.5% 90.5% 71.8% 69.8% 79.3% 60.1% 71.5% 77.1% 59.1% NEP NEP Household: good claims ratio in Italy partly offset by 1 large claim & storms in Portugal 81.2% 87.9% 85.3% 92.3% 94.3% 27.7% 34.2% 33.5% 38.8% 40.3% 72.0% 35.9% 91.3% 89.3% 35.6% 33.9% 53.5% 53.7% 51.8% 53.5% 54.0% 36.1% 55.7% 55.4% Other: Release of provison on 2 old claims in Q % 39.0% 73.3% 144.5% 50.0% 94.5% 117.4% 106.1%103.3% 45.1% 72.5% 43.3% 43.7% 40.8% 66.7% 77.1% 39.3% 40.5% 62.8% 59.6% 72.3% 31.7% 27.4% 36.6% NEP NEP

39 Continental Europe Life operating margin per product line Higher operating margin Guaranteed due to investment result Guaranteed: operating margin up on investment margin Unit-linked: decreasing expense & other margin 0.47% 1.02% 0.91% 0.70% 0.88% 1.05% 1.17% 0.44% Expense & other m. 0.69% 0.68% 0.77% 0.59% 0.75% 0.87% Underwriting m. Investment m. 1.18% 1.06% 0.95% 1.00% 0.99% 1.00% 0.41% 0.51% (0.85%) (0.83%) (1.02%) (0.71%) (0.69%) (0.70%) 0.10% 0.07% 0.02% 0.09% 0.04% 0.01% 0.02% 0.01% (0.05%) 0.01% 0.01% 0.00% 0.02% 0.02% 0.02% 0.01% 0.03% (0.01%) (0.05%) Avg techn liabilities (In EUR bn) Avg techn liabilities (In EUR bn) Investment margin well above 3M 15 in France Underwriting margin in line with last year Expenses & other margin stable on last year Decreased expense & other margin related to less fees 38

40 Asia: Headlines Life result driven by new business growth & financial results Net result: Life result stable - Non-Life result driven by Malaysia In EUR mio Inflow* up 19% at constant FX growth mainly up in China & Thailand In EUR bn Life Technical liabilities up across all non-consolidated entities In EUR bn Life Non-Life Life Non-Life FY 15 3M 16 Conso Non-conso Non-Life combined ratio: strong decrease on lower expenses In % NEP Life operating margin Hong Kong: impacted by higher distribution costs In % avg technical liabilities Result non-conso JV s: strong result in China, Thailand & Non-Life Malaysia In EUR mio % 86.4% 2.55% 1.74% Life Non-Life * incl. non-consolidated 100% 39

41 Asia: 100% Strong new business growth, inflows impacted by 4% unfavourable FX Life In EUR mio +15% 6, ,050 Non-Life In EUR mio -5% 7, , Unit-Linked Guaranteed Other Accident & Health Household Motor Life New business premiums up 16% with EUR 2.7 bn single premium (-1%) & EUR 1.8 bn regular premium (+60%) Renewal premiums increased to EUR 2.5 bn (+14%) benefiting from prior year strong sales & continued good persistency Hong Kong -5%, market impacted by new regulations mainly in Agency channel. Banca performed well in regular premium China +17%, New business premium up 20% with successful sales campaigns & increased number of agents Malaysia +6% - New business premium up 8%; strong sales in Banca regular premium Thailand +7%, good persistency resulted in higher renewal India -14% - good performance in Banca regular premium Technical liabilities end-of-period Hong Kong: EUR 3.2 bn, stable vs. FY 15, up 5% at constant FX Including non-consolidated 100%: EUR 47.0 bn, up 5% vs FY 15 Non-Life Malaysia -10%, Mainly driven by Household Thailand +10%, Mainly driven by Motor & Personal Accident 40

42 Hong Kong Life operating margin per product line Operating margin affected by impairments & higher expenses Guaranteed: impacted by equity impairments Unit-linked: lower surrender margin 2.26% 2.52% (0.15%) (0.11%) 4.14% 4.19% 2.77% 3.13% 1.89% 2.65% 2.72% 3.28% 0.27% 0.11% (0.32%) (0.47%) (0.43%) (0.47%) (0.33%) (0.09%) 1.61% 1.93% 0.44% (0.76%) Avg techn liabilities (In EUR bn) Investment margin deteriorated due to equities impairments Underwriting margin improved on better claims experience (net of reinsurance) & improved surrender margin Expense & Other margin lower due to higher expense & distribution costs 1.18% (2.86%) 0.21% 0.20% 2.13% (0.95%) 2.15% (5.01%) 2.07% 2.23% 2.15% (2.06%) 2.57% 0.17% 0.17% 2.25% 2.01% 0.15% 0.47% 0.23% (0.05%) 1.31% Avg techn liabilities (In EUR bn) Investment m. Expense & other m. Underwriting m Underwriting margin deteriorated due to lower surrender margin Expense & Other margin improved following shift towards products with lower new business strain 41

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

44 Investment portfolio Investment portfolio up on unrealized gains on fixed income In EUR bn Asset mix Asset allocation remained stable Cash 2.4 Real Estate 5.4 Equities 3.9 Structured Loans Loans 7.6 Cash 2.7 Real Estate 5.4 Equities 3.5 Structured 0.1 Increased market value bonds because of lower interest rates Gross unrealized gains/losses on Available for Sale Total portfolio: up to EUR 9.2bn (EUR 7.6 bn FY 15); up in fixed income Corporate bonds 25.9 Corporate bonds 26.0 Fixed income: at EUR 8.8 bn (EUR 7.1 bn FY 15) Sovereigns at EUR 6.7 bn (vs. EUR 5.5 bn) Corporates at EUR 2.1 bn (vs. EUR 1.6 bn) Equities: down to EUR 0.4 bn (vs. EUR 0.5 bn) Sovereign bonds 36.4 Sovereign bonds 38.0 Gross UG/L on Real Estate: stable at EUR 1.5 bn - not reflected in shareholders equity EUR 2.5 bn unrealized gains/losses on Held to Maturity (EUR 2 bn FY 15) - not reflected in shareholders equity FY 15 3M 16 * All assets at fair value except the Held to Maturity assets & loans which are valued at amortized costs 43

45 Sovereign & Corporate bond portfolio Value fixed income portfolio impacted by evolution unrealized gains In EUR bn Sovereign bond portfolio* 36.4 Others 3.7 Germany 1.3 Austria 2.8 Southern Europe Others Germany Austria Southern Europe Corporate bond portfolio* France 6.0 France 6.4 Government related 6.0 Government related 5.8 Belgium 18.2 Belgium 18.7 Other financials 1.7 Non Financials 13.6 Non Financials 14.0 Banking 4.6 Banking 4.6 Other financials 1.6 FY 15 3M 16 Increase portfolio fully driven by lower rates Gross UG/L at EUR 6.7 bn (vs. EUR 5.5 bn) 95% investment grade; 88% rated A or higher Maturity sovereign bond portfolio unchanged & close to maturity liabilities duration gap close to zero limited interest rate sensitivity FY 15 3M 16 Gross UG/L at EUR 2.1 bn (vs. EUR 1.6 bn) Priority to investment grade industrials has led to a slight increase within corporate bond portfolio to 54% (vs. 52% FY 15) Credit quality remains very good with 94% investment grade; 63% rated A or higher * All assets at fair value except the Held to Maturity assets & loans which are valued at amortized costs 44

46 Loan & Equity portfolio More loans with guarantee In EUR bn Loan portfolio (customers + banks)* Equity portfolio* Other 4.2 Other 4.3 Mortgages 1.3 Mortgages 1.4 Infrastructure Infrastructure RE 0.4 RE 0.4 Loans to Loans to banks 1.1 banks 1.1 FY 15 3M 16 Equity funds Mixed funds & others 0.6 RE funds 0.8 Equities Mixed funds & others 0.6 RE funds 0.7 Equities 1.8 FY 15 3M 16 Equity funds 0.3 Increase in other: long term lending to social housing agencies in Belgium, benefiting from explicit guarantee by the region New investments in infrastructure loans Gross UG/L down to EUR 0.4 bn Decrease in equity portfolio supported by lower equity markets & sales * All assets at fair value except the Held to Maturity assets & loans which are valued at amortized costs 45

47 Real estate portfolio In EUR bn Investment Warehouses RE Development Investment Warehouses RE Development Investment Retail 1.5 Car Parks 1.1 Car Parks 1.1 Investment Offices 2.1 Investment Retail 1.6 Investment Offices 1.9 Gross UG/L stable at EUR 1.5 bn (not reflected in shareholders equity but contributing to available capital for solvency calculation) Real Estate exposure mainly in Belgium FY 15 3M 16 * All assets at fair value except the Held to Maturity assets & loans which are valued at amortized costs 46 10/03/2010

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

49 General Account: Headlines Impacted by revaluation RPN(i) liability & Fortis settlement Net result driven by settlement Fortis events In EUR mio RPN(i) impact on P&L In EUR mio Staff & Operating expenses up on costs legal settlement In EUR mio (834) Staff & Intercompany Operating Accounting value put option on AG Insurance In EUR mio (1,064) (1,107) Accounting value of remaining legacies: In EUR mio (402) (328) (133) Total liquid assets down on business development & SBB In EUR mio (1,021) FY 15 3M 16 FY 15 3M 16 RPN(i) RPI Settlement FY 15 3M 16 48

50 Total liquid assets General Account Net cash position down on SBB & investments in Portugal & Asia In EUR bn (72) (70) (200) (2) (32) (9) 1,604 1,220 FY 15 Share buy-back Asia Portugal CASHES Regional & HQ expenses Other 3M 16 Around EUR 300 mio of liquid assets included Share buy-back another EUR 34 mio spend as per 13/05/16 Cash-out in Asia related to various investments in developing business Proceeds of sale Hong Kong activities received on 12/05/16 total liquid assets will increase with EUR mio 49

51 Main characteristics Hybrids Leverage optimized at holding level & at AG Insurance In EUR mio Amount outstanding Ageasfinlux Fresh Ageas Ageas Hybrid Financing Hybrone Fixed-to- Floating Rate Callable Fixed Rate Reset Perpetual Subordinated Loans Fixed Rate Reset Dated Subordinated Notes CASHES % 3m EUR bps 5.125% 5.25% 6.75% 3.5% 3m EUR +200 bps called AG Insurance (Belgium) Fortis Bank (now BNP PF) 1, USD 400 1,110 ISIN XS XS BE BE BE BE Call date Undated, strike mandatory 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 bps June 2027 Step up after 12 years of 100bps Undated, strike 239.4, mandatory Other Market Price (31/03/16) On lent to AG Insurance Subscribed by Ageas & BNP Paribas Fortis Public issue Public issue Coupon served by FBB, trigger ACSM linked to Ageas dividend PR Ageas Hybrid Financing dd. 12/04/16: intention to call Hybrone Securities on 20 June

52 Progress in solving financial legacies Ageas & BNP Paribas close agreement on remaining CASHES Transaction details BNP P purchases own discretion re purchase price & timing Conversion into underlying Ageas end of each month No minimum targets - expiration YE 2016 Ageas will pay pro-rata RPN(i) value to BNP conversion Ageas will receive a break-up fee Current status Converted CASHES: 20 in Q1 another 477 in April CASHES remain outstanding Cost of convertion: EUR 1.4 mio in Q1 another EUR 32.2 in April CASHES ISIN BE Held by BNP PF RPN(i) Held by ageas 12,000 convertible securities issued in 3m Euribor bps 12.5 mio underlying Ageas shares After tender 02/ % outstanding: 4,447 CASHES & 4.6 mio underlying shares Financial instrument resulting in interest payment 3m Euribor + 90 bps on RPN Value RPN(I) 31/03/16 at EUR 328 mio 51

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

54 Shareholders equity down on provision for legal settlement Down to EUR 10.3 bn or EUR 49.10/share with UG/L of EUR 13.69/share In EUR mio Shareholders equity per share EUR EUR , ,330 2,952 Insurance UCG/L (834) (77) (75) (12) (61) (186) (8) Insurance UCG/L 10,324 2,904 7,095 7,529 (109) FY 15 Result Insurance Result Gen Acc Change UG/L Treasury Shares IAS 19 Reval AG put option Forex Other 3M 16 Shareholders equity per segment FY 15 3M 16 FY 15 3M 16 Belgium 4,932 4,878 Asia 3,009 3,163 UK 1,129 1,100 Reinsurance 101 Continental Europe 977 1,191 Insurance 10,047 10,433 General Account 1,330 (109) 53

55 Tangible net equity High quality capital structure EUR bn FY 15 3M 16 IFRS Shareholders' Equity Unrealised gains real estate Goodwill (0.8) (0.8) VOBA (Value of Business Acquired) (0.3) (0.3) DAC (Deferred Acquisition Cost) (0.9) (0.8) Other (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests % tax adjustment DAC, VOBA & Other IFRS Tangible net equity IFRS Tangible net equity/ IFRS Shareholder's Equity 90% 89% 54 10/03/2010 I page 54

56 Insurance Solvency II ageas stable &comfortably above the 175% target Group ratio impacted by settlement Hong Kong sale + 30pp in Q2 In EUR bn Impact decreasing i-rates on own funds absorbed by non-transferable own funds Own Funds SCR (1.5)(1.3) 0.0 (0.3) (0.3) (0.0) FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 Solvency II ageas in % Belgium UK CEU Asia Reins. Diversification Insurance GA Group Non EU Non-controlled participations* 242% 235% 130% 138% 131% 143% 179% 153% 0% 250% 182% 182% 212% 180% 253% 256% * For China, C-ROSS solvency calculations are applied as from 3M FY 2015 figures are not restated 55

57 Bridge from Insurance IFRS equity to Insurance Solvency II ageas own funds Expected dividend includes FY 15 & 3M 16 dividend SCR Equity Associates: up in China In EUR bn Revaluation to fair value (5.2) UCG/L (2.0) (0.2) 1.8 (0.40) (0.8) (1.5) FY Total fair value 8.0 Revaluation to fair value 3M 16 UCG/L (5.9) (2.3) (0.2) 1.8 (0.55) (0.8) (1.3) Total fair value

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

59 Solvency PIM as reported to the regulator Group ratio impacted by settlement Hong Kong sale + 30pp in Q2 In EUR bn Own Funds SCR (1.5)(1.3) (0.3) (0.2) (0.1) FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 Solvency II ageas in % Belgium UK CEU Asia Reins. Diversification Insurance GA Group Non EU Non-controlled participations 234% 225% 124% 132% 148% 166% 158% 135% 0% 250% 178% 177% 206% 174% 253% 256% 58

60 Tiering of Group PIM own funds High quality of own funds In EUR bn Tier 3 Tier 2 Tier 1 restricted Equity down on legal provision Tier 1 FY 15 3M 16 59

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

62 Progress in solving legal legacies Settlement between Ageas & claimants representatives Rationale Aim to achieve a fair & reasonable outcome for as many eligible shareholders as possible Draw a line under lengthy & complex legal process End uncertainty on timing & outcome of legal proceedings Permitting Ageas to regain full strategic & financial flexibility Based on WCAM Legal procedure under Dutch law, WCAM stands for Wet Collectieve Afwikkeling Massaschade Dutch act on Collective Settlement of Mass Claims An out of court settlement declared binding by court Amsterdam Court of Appeal After Court approval, agreement becomes binding to all eligible shareholders Ageas pays EUR 1,204 mio compensation No recognition of any wrongdoing by Ageas Commitment by eligible shareholders to abandon any ongoing civil proceeding & not to start any legal proceeding related to the events Amounts attributed by the agreement will depend on specific characteristics of acquisitions & holdings Main compensation principles already disclosed Full disclosure including compensation amount per share public at filing of settlement 61

63 Progress in solving legal legacies Settlement between Ageas & its D&O insurers Context In context of regular governance During relevant period insurance policies 2 successive Directors & Officers (D&O) liability insurance policies, covering directors & officers for general responsibility Public Offering Securities Insurance (POSI), covering directors & officers, Fortis itself & its subsidiaries specifically for public rights issue in September 2007 Issue D&O insurers contested coverage & refused all payments Settlement Insurers pay to Ageas settlement amount of EUR 290 mio Ageas, all D&O s involved in legal procedures and BNP Paribas Fortis (the Insured ) will provide full & final release under the policies Ageas is authorized to use the settlement amount in context of global settlement with claimants organisations Ageas has agreed to provide them certain protection 62

64 Progress in solving legal legacies Financial impact - Sufficient cash available No impact on Insurance Settlement EUR 1,204 mio Capped Expenses EUR 45 mio Compensation to claimants organisations for retail representation & WCAM implementation Expected tail EUR 62 mio Extra provision for tail risk Insurers EUR (290) mio Cash out EUR 1,021 mio payment over period of several years Provision FortisEffect EUR (133) mio Provision made in 2014 P&L impact EUR 889 mio Impact on Solvency II ageas Insurance no impact Group 20 pp Sufficient net cash available EUR /03/16 EUR 1.3 bn proceeds of sale Hong Kong received on 12/05/16 63

65 Progress in solving legal legacies WCAM indicative timeline At least 18 months after announcement until first payments Announcement at least 18 months Distribution Opt-out period 2 months 2 4 months 6 9 months 3 6 months 3 12 months 3.Pre-hearing 5.Hearing 2.Filing 19/05/ Settlement 14/03/ Notification & Announcement 6.Notification & Announcement of Court s binding decision 7. Decision on termination right 8. Distribution of compensation Claim forms can be submitted to claims administrator as from notification of binding declaration, & up to one year as from that moment 64

66 Progress in solving legal legacies Periods involved Eligible period Open of business Close of business (cob) 4 21/09/07 07/11/07 13/05/08 25/06/08 29/09/08 03/10/ /02/07 14/10/ Reference periods based on 3 reference periods The various litigation procedures Main allegations Judgments rendered so far 21 September November 2007 cob Communication on subprime exposure, organisation of capital increase for ABN AMRO acquisition - period linked to AFM II fine 13 May June 2008 cob Communication on solvency after full integration of ABN AMRO period linked to AFM I fine 29 September October 2008 cob Communication on the deal with the Benelux governments period linked to FortisEffect case 65

67 Impossible to include administrative & criminal procedure May 07 Press release re bid on ABN AMRO August 07 Communication Q2 figures September 07 Capital increase, Prospectus, Communication about subprime exposure 2007 Administrative proceedings January 08 Press release on subprime & solvency May/June 08 Communication re solvency & EC remedies 2008 September - October 08 Rescue operations & Split up of Fortis Group, spread over 2 WE s AFM II : final - acquittal AFM I : final - fine imposed FSMA: Court of appeal reduced original fine Criminal proceedings Criminal Investigation: referral to court asked for 7 individuals - additional investigation being terminated - awaiting prosecutors decision on referral For a complete overview of all legal procedures, please check the contingent liabilities in the Interim Financial Statements 66

68 Ongoing civil litigations almost all touched by the settlement May September 07 Press release re bid on ABN AMRO Communication Q2 figures Capital increase, Prospectus, Subprime 2007 BE Patrinvest within eligible period not suspended appeal filed by claimant January June 08 Press release on subprime & solvency Communication re solvency & EC remedies BE Mr. Arnauts within eligible period suspended pending criminal proceedings 2008 September - October 08 Split up of Fortis Group, spread over 2 WE s NL Stichting FortisEffect suspended NL - 1 shareholder within eligible period suspended as from filing BE Mr.Modrikamen subject not entirely covered by the settlement judgement 29/4/16: suspended awaiting outcome criminal procedure NL VEB suspended NL Mr. Bos within eligible period suspended as from filing NL 5 separate proceedings Mr. Meijer within eligible period suspended as from filing NL Archand within eligible period suspended as from filing NL Stichting Investor Claims Against Fortis (SICAF) suspended BE Deminor suspended BE 2 claimants awaiting decision consolidation with Deminor de facto suspended BE Mr. Lenssens within eligible period suspended pending criminal proceedings 67

69 Best estimate of timings as of to date Most procedures suspended awaiting outcome of WCAM procedure First instance First half 2016 Second half Pleadings Hearings in WCAM procedure re settlement of Fortis events Judgment on the merits Mr. Modrikamen WCAM procedure re settlement of Fortis events Appeal Pleadings Judgment on the merits Supreme Court Judgment Other Criminal case: prosecutor to take decision on referral 68

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

71 Total number of outstanding shares AGM has approved cancellation of another 7.2 mio shares situation 31/12/2015 situation 31/03/2016 situation 13/05/2016 Total Issued Shares Shares not entitled to dividend nore voting rights Cancellation 7.2 mio shares or 3% of outstanding 223,778, ,778, ,570,471 16,086,350 18,066,371 11,113, TREASURY SHARES Share buy-back FRESH Other treasury shares 2. CASHES Cancellation 7,207,962 9,208,868 + SBB 2,903,466 3,968,254 3,968,254 3,968, , , ,230 CASHES deal 4,643,904 4,623,019 with BNP 4,124,899 Shares entitled to dividend & voting rights 207,692, ,712, ,456,622 70

72 Shareholders structure Following cancellation of bought back shares, Ageas holds less than 5% Based on number of shares as at 13 May 2016 Franklin Mutual Advisers Schroders Identified retail investors 19% BlackRock, Inc. Ping An Ageas 3.12% Other investors 12% Identified institutional investors 48% Ageas Ping An BlackRock, Inc. Schroders Franklin Mutual Advisers Identified retail investors Identified institutional investors Based upon press release 16 May 2016 Based upon the number of shares mentioned in the notification received 6 May 2013 Based upon the number of shares mentioned in the notification received 17 March 2014 Based upon the number of shares mentioned in the notification received 14 December 2015 Based upon the number of shares mentioned in the notification received 14 July 2015 Estimate by Estimate by 71

73 Financial calendar February 18 March 19 May 10 August 16 November FY 2015 results Annual report M 2016 results 6M 2016 results 9M 2016 results Embedded Value Report May Ex-dividend date 11 May Payment 2015 dividend 27 April Ordinary & Extraordinary shareholders meeting Brussels 72

74 Rating Improved rating for operating entities & holding S&P MOODY'S FITCH Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable entities Last change 06/11/15 17/03/16 10/12/13 unsollicited Ageas Insurance Limited A / stable A+ / stable Last change 06/11/15 30/03/15 Ageas Insurance Co. (Asia) Baa1 / stable A- / stable Last change 16/01/13 02/09/15 Muang Thai Life BBB+ / stable A- / stable Etiqa Insurance Berhad (Malaysia) Last change 29/12/10 16/06/15 A / stable Last change 25/09/11 Holding ageas SA/NV BBB / stable Baa3 / negative* A- / stable Last change 15/03/16 17/03/16 15/03/16 unsollicited * Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process. Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities. 73

75 Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future. Disclaimer 74

76 Tel: Website: ir@ageas.com Investor Relations 75

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