3M results 2011

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Information about 3M results 2011
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

118 May 2011 |  Insurance performance improved  Group Combined ratio better  Inflow levels as expected  Funds under management further up  Group result negative due to RPN(I)  Lower shareholders’ equity  Insurance Solvency down but well above required minimum Highlights Q1 2011

218 May 2011 | Key information Q1 2011  Shareholders’ equity end Q1 2011 at EUR 7.4 bn, EUR 2.88 per share  Negative impact of increased unrealized losses of EUR 0.5 bn  Total solvency ratio Insurance down to 201%  Available capital EUR 4.7 bn above regulatory minimum requirements  Net cash position General Account at EUR 2.1 bn  Discretionary capital at EUR 0.2 bn  Q1 2011 Group net result : EUR 154 mio negative;  Q1 2011 General Account net result : EUR 288 mio negative  EUR 257 mio non-cash charge related to fair value RPN(I)  Value call option on BNP Paribas shares nearly stable at EUR 611 mio  Equity stake RPI nearly stable at EUR 913 mio  Q1 2011 inflows at EUR 4.8 bn, -3%  Steady growth in Non-Life (+27%), decrease in Life (-11%)  Inflow consolidated operations nearly stable at EUR 3.2 bn (-3%)  Inflows UK +82% thanks to Tesco Underwriting, Belgium stable, CE & Asia down  Funds under management up to EUR 78.5 bn (+4% vs. end Q1 2010)  Q1 2011 Insurance net profit : EUR 134 mio (vs. EUR 94 mio in Q1 2010)  Belgium : EUR 82 mio; UK: EUR 5 mio; Continental Europe : EUR 18 mio; Asia : EUR 30 mio  Life : EUR 106 mio; Non-Life : EUR 25 mio; Other : EUR 4 mio  Group Combined ratio at 102.6% vs.110.5% Solid balance sheet but impacted by increased unrealized losses Group result negative Inflows slightly down as expected Steady growing FUM levels Improved financial performance across all Insurance segments

318 May 2011 | Key financials Q1 2011 EUR mio * Based on average number of outstanding shares 10/03/2010 I page 3 Q1 11 Q1 10 Gross inflows (EUR bn) 4.8 5.0 Net profit Insurance attributable to shareholders 134 94 Belgium 82 64 UK 5 (2) Continental Europe 18 11 Asia 30 21 General Account (288) (295) Net profit attributable to shareholders (154) (201) Funds under management (EUR bn) 78.5 75.4 Net shareholders' equity 7,446 8,641 Belgium 2,282 3,170 UK 751 535 Continental Europe 852 1,031 Asia 1,378 1,355 General Account 2,183 2,549 Discretionary capital (EUR bn) 0.2 1.0

418 May 2011 | Gross Inflow Life TotalGWP Non-Life Q1 11 Q1 10 Q1 11 Q1 10 Q1 11 Q1 10 Belgium 75% 1,311 1,316 511 483 1,822 1,799 United Kingdom 100% 10 5 471 260 481 265 0 0 Continental Europe 669 1,009 120 119 789 1,129 Portugal 51% 368 554 68 66 436 620 France 100% 89 100 0 0 89 100 Luxembourg 50% 202 327 0 0 202 327 Germany 100% 10 12 0 0 10 12 Turkey 100% 0 16 0 0 0 16 Italy 25% 0 0 52 54 52 54 Asia 1,611 1,700 128 109 1,740 1,809 Hong Kong 100% 75 68 0 0 75 68 Non-consolidated partnerships 1,536 1,632 128 109 1,664 1,741 Malaysia 31% 140 185 96 83 236 268 Thailand 31%/15% 212 156 32 26 244 182 China 25% 1,140 1,250 0 0 1,140 1,250 India 26% 45 41 0 0 45 41 Total 3,602 4,031 1,230 971 4,832 5,002 % OwnershipEUR mio Detailed overview inflows Q1 2011 By region/ country

518 May 2011 | Insurance Life resilient, Non-Life strongly improved in a traditionally challenging quarter Net profit at EUR 134 mio (vs. EUR 94 mio)  Solid contribution from Asian & CE operations; Belgium remains largest profit contributor  UK Non-Life impacted by high prior year claims in Household Life at EUR 106 mio (vs. EUR 100 mio)  Strong contribution from Asia & CE, benefiting from higher investment margins  Net profit Belgium remains solid but below Q1 2010 due to lower investment yield and newly introduced contribution levied by the State on the Insurance industry; Non-Life at EUR 25 mio (vs. EUR 10 mio negative)  Strong performance across all segments, especially Asia & Belgium; Asia helped by EUR 3 mio extraordinary tax recoveries  Significant operational improvement driven by previous years actions, esp. in Motor Belgium & UK;  Household bears EUR 11.6 mio net-of-tax exceptional weather related costs  Combined ratio at 102.6% (vs. 110.5%), esp. driven by Motor results Other at EUR 4 mio (vs. EUR 4 mio)  KFIS contribution of EUR 1.5 mio, incl. EUR 1.2 mio amortisation costs for intangible assets  Incl. EUR 1.0 mio acquisition costs related to Castle Cover 10/03/2010 I page 5 EUR mio Q1 11 Q1 10 Gross inflow 4,832 5,001 Operating costs 206 192 Technical result 137 94 Operating margin 155 112 Profit before tax 231 167 Net profit after tax & non- controlling interests 134 94 Life FUM (EUR bn) 72.9 70.2

618 May 2011 | 158 160 144 156 137 149 44 46 483 511 Q1 10 Q1 11 75 79 764 886 205 88 271 258 1,315 1,310 Q1 10 Q1 11 (0.4%) Life In EUR mio Non-Life In EUR mio Unit-Linked Savings Traditional Other Fire Accident & Health Motor  +6% Individual Life  Up to EUR 1.1 bn, higher sales in savings partly offset by lower Unit-linked sales  Bank channel at EUR 836 mio; strong inflows supported by the increased guaranteed interest rate (from 2.25% to 2.75%)  Broker channel at EUR 216 mio, + 3%, also driven by sales guaranteed saving products Group Life  At EUR 0.3 bn, -5%; timing differences in quarterly contributions for a number of large sector and statutory plans Funds under Management  Up 1% to EUR 48.5 bn vs. end 2010  Non UL-linked funds at EUR 42.0 bn; UL funds at EUR 6.5 bn, -2% Property and Casualty (Fire, Motor & others)  Inflows up 8%, all product lines contributing well  Growth across all distribution channels; a combination of tariff increases and portfolio growth Accident & Health  Healthcare down 3% due to exceptional premia in 2010. Group Life Belgium Inflows slightly up

718 May 2011 | Belgium Improved performance thanks to the Non-Life business 10/03/2010 I page 7 Net profit at EUR 82 mio (vs. EUR 64 mio)  Life down on lower net investment yield but remains solid  Non-Life recovery despite significant amount of winter weather related claims costs in Fire Life at EUR 67 mio (vs. EUR 72 mio)  Overall lower investment yield compensated by capital gains on equities and bonds  0.15% contribution levied by the Belgian State on Life funds under management effective as of 1st January 2011, gross impact of EUR 10 mio (EUR 5 mio net-of-tax & non-controlling partnerships) Non-Life at EUR 15 mio (vs. EUR -8 mio)  Positive evolution in Motor and Workmen’s Compensation, the latter benefitting from a positive prior year claims result  Fire includes EUR 9 mio net-of-tax impact of severe winter end 2010 & early 2011 EUR mio Q1 11 Q1 10 Gross inflow 1,822 1,799 Operating costs 114 110 Technical result 88 69 Operating margin 105 84 Profit before tax 148 112 Net profit after tax & non- controlling interests 82 64 Life FUM (EUR bn) 48.5 46.5

818 May 2011 | 61.6 63.6 64.9 64.2 37.4 36.7 35.9 99.0% 100.3% 100.8% 103.1% 107.4% 113.6% 100.9% 71.0 76.6 66.3 36.4 36.7 37.0 36.8 2006 2007 2008 2009 2010 Q1 10 Q1 11 Combined ratio AG Insurance FY 2006 – Q1 2011 Belgium, combined ratio substantially better Especially Motor improved, Fire better but still too high Expense ratioClaims ratio Operational performance significantly better  Less weather related events in Q1 2011, contrary to Q110; Tail end bad weather end 2010 & snow January 11 led to additional claims cost  Motor performance benefited from tariff increases 2009 & 2010, adapted product features & improved claims frequency. CR Q1 2011 at 94.9% vs.112.7% in Q1 2010.  Workmen’s Compensation benefited from a positive prior year claims result.  PY loss ratio release of -8.6% vs.-5.1% in Q1 2010 Corrective set of measures taken  Motor : tariff increases of 4.5% in 2011, adapting product offering as from Jan 2011  Fire: impact of prior year tariff increases start to pay off  Workmen's Compensation: 2.5% tariff increase as from Jan 2011 Favourable evolution but further progress possible  Combined ratio Q1 2011 excluding Workmen’s Compensation at 100.1% vs.110.8% in Q1 2010  Combined ratio Workmen’s Compensation at 106.8% vs. 134.3% benefiting from positive prior year claims result * Impact on technical result AG Insurance from storm & CATNAT coverage before tax, reinsurance and non-controlling interests

918 May 2011 | 15 16 145 287 65 125 35 44 260 471 Q1 10 Q1 11 260 471 265 481 10 5 Q1 10 Q1 11 Motor United Kingdom Inflow levels substantially up thanks to successful start Tesco Underwriting Non-Life Life Other Property Accident & Health +81% +82% Total In EUR mio Non-Life In EUR mio * including other income Life  Successful roll out of its proposition across the IFA market (6.4% market share)  Over 135,000 customers Non-Life  Up 82% driven by inclusion Tesco Underwriting & growth in both Commercial and Personal lines  Within Personal lines, Household +48%; Private car and Travel in line with Q1 2010 (excl. Tesco)  Commercial lines +29%, strong growth in Van and increase in products available to brokers  Partnership with Tesco Bank started underwriting as of mid October 2010; now 575,000 customers in portfolio Other Insurance (Retail)  YTD total income of EUR 62.7 mio vs. EUR 29.5 mio in Q1 2010 thanks to inclusion KFIS;  Acquisition Castle Cover late March 2011 will further strengthen Retail capability & add together with KFIS an extra 1 mio customers

1018 May 2011 | United Kingdom Better overall financial performance despite exceptional claims in Household 10/03/2010 I page 10 Net result at EUR 5 mio (vs. EUR -2 mio)  Improved performance overall but especially in private Motor  Solid return from Retail activities thanks to inclusion KFIS Life at EUR -0.7 mio (vs. EUR -0.6 mio)  Continued progress in roll-out of protection business; 6.4% market share among IFAs end 2010 Non-Life at EUR 1.6 mio (vs. EUR -4.9 mio)  Improved Motor result through positive impact of management actions  Higher than anticipated prior year Escape of Water claims at EUR 11.6 mio net-of-tax Other Insurance at EUR 4.0 mio (vs. EUR 3.5 mio)  Strong commission income and partnership growth  KFIS integrated in Q3 2010; net result at EUR 1.5 mio including EUR 1.2 mio amortisation of intangible assets;  Result includes EUR 1.0 mio Castle Cover related acquisition costs EUR mio Q1 11 Q1 10 Gross inflow 481 265 Operating costs 38 26 Technical result (5) (11) Operating margin (4) (10) Profit before tax 5 (4) Net profit after tax & non- controlling interests 5 (2)

1118 May 2011 | UK strong progress in Motor, Household impacted by prior year claims Combined ratio in Continental Europe up as well, due to weather conditions Expense ratioClaims ratio Combined ratio UK FY 2006 – Q1 2011 UK : continued positive impact from corrective measures  Improved overall combined ratio at 106.0% including Tesco Underwriting  Selected tariff increases in 2010 in line with underlying risk resulted in an improved Motor combined ratio (100.3% vs 111.9% in Q1 2010)  PY loss ratio charge of 3.4% vs. 0.5% in Q1 2010  Household combined ratio at 121.9% taking into account prior year claims ratio of 17.9% (Q1 2010 110.0%).  Travel combined ratio (106.7%) improved from Q1 2010 (115.2%); continued rating actions being taken Other segments : combined ratios remain below 100%  Continental Europe: 99.4%  Portugal : combined ratio at 95.8% vs 96.8% in Q1 2010)  Italy : first impact of implemented corrective measures noticeable  Asia : 89.6% 70.2 79.7 73.1 28.2 27.7 28.8 27.7 28.0 30.2 27.6 98.4% 107.4% 101.9% 108.1% 109.5% 110.2% 106.0% 78.480.4 80.081.5 2006 2007 2008 2009 2010 Q1 10 Q1 11

1218 May 2011 | Acquisition Castle Cover Limited in the UK A strengthening of the Retail distribution segment  Acquisition price of EUR 62.5 mio; EUR 52.2 mio initial goodwill and EUR 8.8 mio intangible assets  Expected total annual Retail revenues above EUR 200 mio* Financials  Gaining further market share in over 50s, UK's fastest growing segment.  Reinforces Ageas’s position as 4th largest Personal lines intermediary distributor and Top 10 General Insurance intermediary in the UK  Further strengthens retail operations creating a collective owned retail customer base of 2 mio clients.  Increases contribution of Retail to revenues and profit in a generally very dynamic UK market Strategic rationale  Castle Cover Limited is an insurance intermediary, selling Personal lines products direct to customers aged 50 and over, leveraging the Castle Cover brand;  2010 revenues of GBP 22 mio  The purchase is part of Ageas UK’s multi-distribution strategy & increases its customer numbers to around 8 mio Transaction * Based on 12 months of Kwik Fit Insurance Services, RIAS and UKAIS revenues.

1318 May 2011 |   Life  Less underwriting in Luxembourg, Q110 benefiting from European Savings Directive.  Portugal: difficult economic environment continued to impact sales  Savings business affected by general economic situation & competition banking products. Unit-linked business managed to cope with difficult market conditions; only down by 5% Funds under Management  Stable at EUR 23.0 bn vs. year-end 2010  Average FuM up 5% vs Q1 2010 Non-Life  GWP nearly unchanged  Portugal : +3% thanks to strong performance Médis, in a stagnating market amidst economic uncertainty  Italy :almost unchanged with last year, while substantial measures taken to address the profitability in Motor66 70 28 24 15 16 11 10 119 120 Q1 10 Q1 11 69 44 395 101 488 466 58 58 1,010 669 Q1 10 Q1 11 +0% Accident & Health Motor Unit-Linked Savings Traditional Group (34%) Other Fire Life In EUR mio Non-Life In EUR mio Continental Europe Lower inflows in line with trend 2nd 2010

1418 May 2011 | Continental Europe Solid results thanks to sound margins and positive impact of streamlining insurance portfolio 10/03/2010 I page 14 Net profit at EUR 18 million (vs. EUR 11 mio) Life net profit at EUR 17 million (vs. EUR 10.7 mio)  Higher investment margins in Portugal pushed by higher bond yields and higher average FUM  Positive cost impact streamlining insurance portfolio Non-Life net profit of EUR 0.7 million (vs. EUR 0.6 mio)  Improved performance in Portugal & Italy esp. in A&H  Total combined ratio: 99.4%, slightly up versus Q1 2010 (97.6%) but better than Q4 10 (101.5%)  Italy: measures to improve Motor performance start to pay off EUR mio Q1 11 Q1 10 Gross inflow 789 1,129 Operating costs 46 49 Technical result 45 31 Operating margin 45 33 Profit before tax 48 37 Net profit after tax & non- controlling interests 18 11 Life FUM (EUR bn) 23.0 22.5

1518 May 2011 | Asia Stable commercial performance, very close to last year’s record first quarter   Life  Hong Kong (+10%) Solid growth, especially in new business, following agency expansion & improved productivity  China (-9%) Q1 2010 single premium campaign not repeated this year because of new banca regulations and monetary tightening; Strongly increased renewal premiums, compensating for the shortfall in single premiums.  Malaysia (-24%) Lack of single premium campaigns, following bank partners shifting focus to growing their deposit base. New business regular premiums up 40% vs. Q1 2010  Thailand (+36%) Continued strong growth in both bank and agency channel, the latter outperforming all major competitors  India (+10%) Entirely driven by renewals. New business impacted by regulatory changes; market share slightly up. Funds under Management  EUR 16.4 bn slightly down on end 10 due to currencies  Consolidated FUM (Hong Kong) stable at EUR 1.4 bn Non-Life  Malaysia (+16%) driven by Takaful Motor  Thailand (+21%) driven by Non-Motor business through bank channel 76 47 1,4881,563 77 60 Q1 10 Q1 11 71 71 38 57 Q1 10 Q1 11 (5%) Non-Motor* Motor Unit-Linked Group Traditional * Non-motor includes Fire, MAT, Accident & Health and other lines ** MAT: Marine Aviation & Transport Life Non-Life In EUR mio In EUR mio 1,700 1,612 +17% 109 128

1618 May 2011 | Asia Strong performance across all entities in Life & Non-Life 10/03/2010 I page 16 * Including Inflow (100%) & Profit (Ageas share) from partnerships respectively ** Including partnerships, FUM end Q1 2011 rose to EUR 16.4 bn compared to EUR 13.8 bn end Q1 2010 EUR mio Q1 11 Q1 10 Gross inflow* 1,740 1,809 Operating costs 8 8 Technical result 8 5 Operating margin 9 6 Profit before tax* 31 21 Net profit after tax & non- controlling interests* 30 21 Life FUM (EUR bn)** 1.4 1.2 Net profit of EUR 30 mio (vs. EUR 21 mio)  Hong Kong : improved technical result and moderate increase operating costs led to growth net profit  Non-consolidated partnerships : up to EUR 25 mio (vs. EUR 18 mio), driven by organic growth and a non-recurring tax recovery in Malaysia Non-Life Life net profit at EUR 23 mio (vs. EUR 18 mio)  Hong Kong : EUR 8 mio (vs. EUR 5 mio in Q1 2010)  Non-consolidated partnerships : EUR 18 mio; strong contribution across all countries  Other costs & income: marginally down to EUR 3 mio negative Non-Life at EUR 7 mio (vs. EUR 3 mio)  Strong intrinsic performance and technical results in both Malaysia and Thailand  EUR 3 mio non-recurring tax recovery in Malaysia

1718 May 2011 | General Account Negative net result impacted by higher fair value RPN(I) liability Negative result of EUR 288 mio, volatility remains  EUR 257 mio negative impact on fair value RPN(I) liability, driven by increased market price CASHES (from 50% to 63%)  Fair value RPN(I) liability up to EUR 722 mio Equity value RPI at EUR 913 mio  Net result of EUR 26 mio negative (EUR 12 mio Ageas’s share)  Revaluation interest rate swaps lead to a EUR 18 mio negative result at RPI at 100%, accounted via equity (EUR 8 mio for Ageas) Call option on BNP Paribas shares nearly stable  At EUR 611 mio vs EUR 609 mio end 2010 Other items  Net interest margin of EUR 2 mio negative, further down thanks to lower funding costs of EMTN program  Capital gains of EUR 5 mio on investment portfolio  Operating expenses down 12% to EUR 12 mio 10/03/2010 EUR mio Q1 11 Q1 10 Net interest income (2) (4) Realised capital gains 5 13 Other capital gains (265) (345) Change in impairments (0) 0 Total expenses (11) (14) Profit before tax (288) (355) Tax (0) 59 Net profit after tax & non- controlling interests (288) (295) Balance sheet items Q1 11 FY 10 RPI 913 933 Call option BNP Paribas 611 609 RPN(I) (722) (465) Net cash/deposits (EUR bn) 2.1 2.2

1818 May 2011 | see www.royalparkinvestments.com  Net IFRS result EUR 493 mio at 100%; EUR 26 mio negative including goodwill impairment of EUR 520 mio  Negative P&L impact Ageas of EUR 12 mio (44.7%)  Value equity stake RPI at EUR 913 mio, including impact fair value interest rate swaps**  Outstanding debt end Q1 2011:  of which Commercial paper program:  Equity end Q1 2011:  Total net interest payments in Q1 2011:  Total principal collections in Q1 2011:  Face value remaining portfolio:  IFRS fair value: More information Value as per 31/03/11 Financing structure Cash collection Asset Value as per 31/03/2011 EUR 6.5 bn EUR 4.4 bn EUR 2.04 bn EUR 37 mio EUR 308 mio EUR 14.8 bn EUR 7.0 bn* * Ageas refers to fair value while RPI reports Recovery value under B-GAAP corresponds to the estimated recovery value of the remaining lines of the structured credit portfolio, based on the assumptions used at closing date. This net book value amounted to EUR 9.3 bn on 31/03/2011. ** In early 2010, RPI concluded a number of interest rate swaps exchanging variable interest streams into fixed interest streams. Fair value adjustments flow through equity. Ageas’s share amounts to EUR 8 million negative in Q1 2011. General Account Financial performance Royal Park Investments

1918 May 2011 | General Account Fair value interest mechanism related to RPN(I)  EUR 621 mio negative marked-to-market value RPN(I)  EUR 101 mio negative for guarantee Belgian State  Cash interest cost Q1 2011 : EUR 2.5 mio to Fortis Bank  Belgian State guarantee costs Q1 2011: EUR 1.4 mio to Belgian State Valuation  Valuation model most sensitive to price CASHES  CASHES +/- 10% (to 53% or 73%) : EUR 541 mio < RPN(I) < EUR 904 mio  Detailed sensitivity analysis : see Annual Financial Statements 2010 Sensitivities  Ageas’s share price (B-S model) : EUR 2.01 per share (closing price 31/03/11) dividend yield of 4.0% share price volatility of 41% (based on implied volatility end March 2011)  LT-value CASHES: 62.8% of par (closing price 31/03/11) vs 50.2% end 2010 evolution based on forward spread curves  LT i-rate: Standard arbitrage-free i-rate model Assumptions  Evolution Ageas’s share price  Evolution theoretical market value CASHES  Evolution short term interest rate  Conversion option embedded in CASHES Drivers quarterly interest payments  Net discounted value all future interest payments until a potential reimbursement of the CASHES  No change to methodology applied as per end 2009 (based on valuation techniques for financial derivatives)  Decision to include additional cost related to guarantee Belgian State as per June 2010 Valuation methodology ► EUR 722 mio

2018 May 2011 | 20 Ageas’s investment portfolio on 31 March 2011 Increased investment in Corporate bonds & equities Investment portfolio (EUR 58.7 bn)* Fixed Income  No major shifts in composition  90% portfolio rated A or higher, 97% investment grade  Pre-tax unrealized loss end Q1 2011 at EUR 1.2 bn mainly due to the Belgian, French, Portuguese and German government bonds & lower valuation corporate bonds Equities  Up to EUR 2.4 bn despite CPPI triggered sales  Pre-tax unrealized gains at EUR 149 mio Real Estate  Pre-tax unrealized gains slightly up to EUR 1.0 bn Sovereign bonds 54% Real Estate 7% Equities 4% * At fair value (incl. Interparking) Corporate bonds 34% Structured Credit Inst 1% Total pre-tax unrealized gain on investment portfolio breakeven (EUR 1 mio)

2118 May 2011 | Corporate bonds EUR 20.2 bn*Government bonds EUR 31.8 bn* Government & Corporate Bond portfolio of EUR 52.0 bn Situation as per 31 March 2011  Gross unrealized losses before tax and shadow accounting (UCG) of EUR 1.3 bn vs EUR 0.5 bn year-end 2010.  No significant changes in exposure on GIPS in this quarter. Net exposure (after non-controlling interests) at fair value of EUR 5.2 bn (or EUR 6.0 bn at amortized cost) In EUR bn  Gross unrealized gains of EUR 0.1 bn end Q1 2011; 86% single A or higher; 65% rated AA or higher; only 2% below investment grade or unrated  Banking/ Other financials : 83% single A or higher; 61% rated AA or higher * All values at fair value Austria 2.6 Banking/ Other financials 6.8 Other corporates 4.6 Supra-national 2.2 Government related 6.6 Greece 1.2 Belgium 10.4 Spain 1.6 Italy 3.6 Germany 2.6 Others 3.7 Portugal 1.2 France 4.2 Ireland 0.4

2218 May 2011 | (288) 7,446 8,247 (104) (543) 134 FY 2010 NetresultInsurance NetresultG eneralAccount Change unrealized gains Foreign exchange & O ther Q 1 2011 Shareholders’ equity down to EUR 7.4 bn Continued impact from volatile financial markets Shareholders’ equity / share FY 2010 Q1 2011 EUR 3.19 EUR 2.88 Trend in line with evolution H2 2010  Adverse evolution unrealized gains & losses impacted investment portfolio. Total impact since H1 2010 of EUR 1.2 bn  Negative Q1 2011 result & currency exchange evolution (GBP/Asian currencies) Shareholders’ equity by segment  Belgium down to EUR 2.3 bn, CE down to EUR 0.9 bn  Asia stable at EUR 1.4 bn, UK up to EUR 0.8 bn (inclusion Tesco Underwriting & KFIS)  General Account at EUR 2.2 bn due to RPN(I)

2318 May 2011 | 1.6 0.1 0.5 Total available capital 3.1 6.2 Solvency down but remains well above required minimum Impact fixed income valuation on Belgium & CE, Tesco inclusion on UK * Asia : Investments in partnerships are deducted from Total Capital; given the significant investments in partnerships ** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for AICA of 468% end of March 11. Belgium United Kingdom Insurance Required Regulatory minimum EUR 3.1 bn excess capital Insurance + EUR 1.6 bn General Account = EUR 4.7 bn ActualActual Min Minimum  177% 247% Total Solvency Ratio Actual Min Actual Min Continental Europe Asia */ ** Actual Min 198% 984% Actual General Account 201% End March 2011 2.2 3.9 0.1 0.3 0.7 0.6 1.1

2418 May 2011 | 0.2Discretionary Capital * (if available in cash) (0.2)Dividend 2011 upstream & M&A commitments (1.0)Contingent asset off balance (Fortis Bank Tier 1 loan due Sep 11) 1.4Total Capital (2.0)Invested in non-current assets on balance sheet 3.4Shareholders’ equity + FRESH 2.2Net equity0.6Call option on BNP P shares 9.39.3Balance sheet total 0.5Loan to operating cies 1.2FRESH0.9Royal Park InvestmentsDiscretionary Capital on balance sheet 0.7RPN(I) 0.7Other0.7OtherLT assets & LT liabilities 2.4Provision Dutch State2.4Claim ABN AMRO BankMCS / FCC 1.7NITSH I, II & Hybrone1.7Due from Fortis Bank & AG InsPassed on 0.5ST (EMTN + Bank)2.6Cash & Deposits at banksNet Cash/ deposits : EUR 2.1 bn LiabilitiesAssetsIn EUR bn, 31 March 2011 Discretionary Capital of the General Account A view on liquidity & capital Q1 2011 evolutions: Discretionary capital down from EUR 0.5 bn end 2010 to EUR 0.2 bn at the end of Q1, mainly as a result of the increased fair value of the RPN(I) liability and the acquisition of Castle Cover in the UK mid March 2011.  * Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account corrected for (contingent) illiquid assets and existing investment commitments

2518 May 2011 |  Insurance  Better net result across all segments but further room for improvement  Inflows slightly down but in line with expectations  Group  Continued volatility due to accounting impact legacy issues e.g. RPN(I) in Q1 2011  Outlook 2011 reconfirmed  Improved financial performance Insurance operations barring significant events outside our control  Inflow levels at least in line with 2010  Volatility General Account remains Conclusions

2618 May 2011 | Financial Calendar 2011 2 May Ex-dividend date – Start dividend election period 27 April Annual shareholders’ meeting Brussels 9 March Annual results 2010 28 April Annual shareholders’ meeting Utrecht 18 May Q1 2011 Interim financial statements 31 May Payment 2010 dividend 20 May End of dividend election period 24 August First half results 2011 29 September Investor Day London 4 May Record date 9 November Q3 2011 Interim financial statements

2718 May 2011 | Cautionary Statements 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.

2818 May 2011 | Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 + 31 30 2525 305 ir@ageas.com www.ageas.com Investor Relations

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Haselbury Trail Race. Results 2011 168 287 Gary Swain Crewkerne RC 1:20:40 M40 178 entries 10 did not start / finish. All attached runners. 6K junior Race
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