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3M results 2013

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Information about 3M results 2013
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

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9MPeriodical Financial Information FYPeriodical Financial Information

Executive summary Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information

Insurance results broadly in line with last year Both Insurance & General Account contributing to Group net result Shareholders’ equity & Solvency relatively stable  Insurance net profit of EUR 157 mio  Inflows at EUR 6.8 bn (+20%)  Group combined ratio at 99.5% (vs.101.9%)  Life Technical Liabilities at EUR 69.5 bn* (+1%)  Group net profit of EUR 293 mio  General Account net result of EUR 136 mio  Including accounting impact transactions on RPI & Call Option  Shareholders’ equity at EUR 42.74 per share  Insurance solvency at 203%, Group solvency at 229%  Net cash position General Account at EUR 1.1 bn Main messages 3M 13 results Ageas announces positive start to the year Periodic financial Information I 3M 13 Results I 15 May 2013 2 * Consolidated entities only, compared to FY 2012

101.9% 99.5% 3M 12 3M 13 Insurance net result: Better Non-Life compensates lower Life result In EUR mio In EUR mio Insurance solvency stableCombined ratio: improving claims ratio 227% Shareholders’ equity up EUR per share 210% 207% 204% 203% 3M 12 3M 13 42.27 42.74 FY 12 3M 13 Both Insurance & General Account contributing to Group net result In EUR mio 155 157 (239) 136(84) 293 3M 12 3M 13 Insurance General Account Headlines Ageas announces positive start to the year 3 126 108 26 46 3 4 155 157 3M 12 3M 13 Life Non-Life Other 1.2 1.1 FY 12 3M 13 Net cash: Almost EUR 1.0 bn expected from RPI/Call option Periodic financial Information I 3M 13 Results I 15 May 2013

EUR mio 3M 12 3M 13 Gross inflows 5,650 6,753 - of which inflows from non-consolidated partnerships 2,830 4,008 Net result Insurance 155 157 By segment: - Belgium 78 80 - UK 17 23 - Continental Europe 17 17 - Asia 43 37 By type: - Life 126 108 - Non-Life 26 46 - Other 3 4 Net result General Account (239) 136 Net result Ageas (84) 293 Earnings per share (in EUR) (0.35) 1.27 Combined ratio 101.9% 99.5% Life technical liabilities (in EUR bn) * 68.8 * 69.5 Insurance Solvency ** 204% 203% Shareholders' equity 9,799 ** 9,799 Net equity per share (in EUR) 42.27 ** 42.74 * Consolidated companies only, Compared with YE 2012 ** Compared with YE 2012, restated for IAS 19 Periodic financial Information I 3M 13 Results I 15 May 2013 4 Key financials 3M 13 Good overall performance, strongly increased inflows

10/03/2010 I page 5 Overview impairments & net capital gains Lower amount of impairments in y-o-y comparison * Periodic financial Information I 3M 13 Results I 15 May 2013 5 EUR mio 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 Life 30 30 (13) (7) 17 23 Non-Life 3 5 (1) (1) 2 4 Total Belgium 33 35 (14) (8) 19 27 Life Non-Life 6 1 6 1 Other Total UK 6 1 6 1 Life 1 4 0 (2) 1 2 Non-Life 0 (0) 0 (0) Total CEU 1 4 0 (2) 1 2 Life 14 15 (3) (0) 11 15 Non-Life 1 1 1 1 Total Asia 15 16 (3) (0) 12 16 Life 45 49 (16) (9) 29 40 Non-Life 10 8 (1) (1) 9 7 Other Total Ageas 54 57 (17) (10) 38 47 Capital gains/losses Impairments & Profit sharing impact Total impact

Periodic financial Information I 3M 13 Results I 15 May 2013 Net result: increase in Non-Life partly offset by Life In EUR mio In EUR mio Guaranteed Operating margin: down on lower investment margin Non-Life Combined ratio: improved underwriting mainly in Household Anticipated inflow decrease in Life 227% 210% 207% Life Technical liabilities marginally up In EUR bn Belgium : Headlines Non-Life performance up, Life inflows suffering from premium tax & low interest rates ** 73 64 5 16 78 80 3M 12 3M 13 Life Non-Life 1,259 1,068 535 565 1,794 1,633 3M 12 3M 13 Life Non-Life 104.1% 99.7% 3M 12 3M 13 1.09% 0.77% 3M 12 3M 13 Operating costs In EUR mio (9%) 52.7 53.1 FY 12 3M 13 47 48 72 75 119 123 3M 12 3M 13 Life Non-Life 6 in % avg technical liabilities

Net result: Non-Life performance up In EUR mio In EUR mio Guaranteed Operating margin Inflow in line at constant FX In EUR mio United Kingdom: Headlines Non-Life performance substantially up, inflows broadly flat 7 ** (0) (1) 14 20 3 417 23 3M 12 3M 13 Life Non-Life Other 18 25 534 520 552 545 3M 12 3M 13 Life Non-Life (1%) Operating costs: addition GroupamaNon-Life combined ratio: improved underwriting mainly in Household 102.3% 99.9% 3M 12 3M 13 Other: Income nearly stable 68 63 3M 12 3M 13 8 8 45 60 63 58 115 125 3M 12 3M 13 Life Non-Life Other In EUR mio (7.58%) (2.54%) 3M 12 3M 13 Periodic financial Information I 3M 13 Results I 15 May 2013 in % avg technical liabilities

Net result in line with last year In EUR mio In EUR mio Non-Life Combined ratio: impact weather conditions in Portugal 227% 210% 207% Inflow* increase in all main countries In EUR bn Continental Europe: Headlines Strong inflow & stable net profit ** Operating costs remain stable In EUR mio 14 13 3 5 17 18 3M 12 3M 13 Life Non-Life 853 923 275 292 1,128 1,215 3M 12 3M 13 Life Non-Life 90.3% 96.7% 3M 12 3M 13 1.15% 0.89% 3M 12 3M 13 Guaranteed Operating margin: lower risk margin in guaranteed business +8% Periodic financial Information I 3M 13 Results I 15 May 2013 8 Life Technical liabilities* 28.1 28.9 FY 12 3M 13 18 18 18 19 36 37 3M 12 3M 13 Life Non-Life in % avg technical liabilities * Incl. non-consolidated partnerships @ 100%

Net result: Life down on China mainly In EUR mio In EUR mio Non-Life Combined ratio reflecting good quality of portfolio Inflow* fuelled by China & Thailand Life Technical liabilities* up 12% In EUR bn Asia: Headlines Pressure on profit in Life from boost in new business / Profitable organic growth in Non-Life Periodic financial Information I 3M 13 Results I 15 May 2013 9 ** 39 32 4 6 43 38 3M 12 3M 13 Life Non-Life 93.6% 92.6% 3M 12 3M 13 1,962 3,117 215 243 2,177 3,360 3M 12 3M 13 Life Non-Life Guaranteed Operating margin Hong Kong 2.99% 2.12% 3M 12 3M 13 Result non-consolidated partnerships 30 25 4 6 3M 12 3M 13 +54% 24.4 27.4 FY 12 3M 13 * Incl. non-consolidated partnerships @ 100% in % avg technical liabilities In EUR mio

Net result* In EUR mio In EUR mio Main elements balance sheet P&L impact recent transaction 227% 210% 207% General Account: Headlines Result driven by transaction RPI & Call option, Net cash expected to increase by EUR 1.0 bn Periodic financial Information I 3M 13 Results I 15 May 2013 10 ** Net cash position: cash flow on transactions later in 2013 (239) 136 3M 12 3M 13 1.2 1.1 FY 12 3M 13 In EUR bn In EUR mio (165) (155) 234 144 872 1,027 3M 12 3M 13 RPN(I) Call Option RPI 4 5 8 5 12 11 3M 12 3M 13 Staff Op & admin Staff, Operating & administrative costs In EUR mio Proposal distribution additional EUR 1.0 through capital reduction  No withholding tax  Creditor protection regime  2 month recourse period  Extraordinary Shareholders’ Meeting 19 September 2013 for approval 232 (90) RPI Call Option

Periodic financial Information I 3M 13 Results I 15 May 2013 11 Investment portfolio as per 31 March 2013 Increased allocation to loans; unrealized gains slightly down In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs 34.7 34.7 25.1 25.3 0.3 0.4 6.3 6.8 2.4 2.7 4.7 4.9 2.4 2.0 75.9 76.8 FY 12 3M 13 Cash & equivalents Real Estate Equities Loans Structured credit instruments Corporate bonds Sovereign bonds Total portfolio  Gross unrealized gains/losses slightly down to EUR 6.4 bn (EUR 6.7 in FY 12) ; exclusively down in fixed income  Asset mix relatively stable, increased allocation to loans at the expense of cash & sovereigns  Infrastructure loans: additional EUR 0.1 bn on balance sheet ; further commitments & outstanding bids for EUR 0.2 bn Fixed Income  Gross unrealized gains/losses at EUR 4.9 bn; EUR 5.2 bn FY 12  Unrealized gain Sovereigns at EUR 3.1 bn  Unrealized gain Corporates at EUR 1.8 bn Equities  Gross unrealized gains stable at EUR 0.2 bn Real Estate  Gross unrealized gains stable at EUR 1.3 bn

IFRS Solvency as per 31 March 2013 Insurance & total solvency ratio stable 2.4 2.4 0.5 0.5 0.6 0.6 0.5 0.6 4.0 4.1 4.0 4.1 1.7 1.8 0.6 0.6 0.8 0.9 0.9 0.9 4.1 4.2 1.0 1.1 5.1 5.3 4.1 4.2 1.1 1.0 1.4 1.4 1.4 1.6 8.1 8.3 9.1 9.4 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 Belgium UK CEU Asia Total Ageas General Account RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital In EUR bn Periodic financial Information I 3M 13 Results I 15 May 2013 12 Solvency ratio 173% 174% 220% 219% 243% 249% 268% 242% 204% 203% 229% 229%

Insurance :  Good profit levels – no material one-offs  Record inflows – opposite trends in Europe & Asia General Account:  Further progress in solving legacies with further reduction complexity – transaction RPI & Call Option  Successful placement of new debt instruments  Distribution of additional EUR 1.0 per share Conclusions Periodic financial Information I 3M 13 Results I 15 May 2013 13

Executive summary Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information

Shareholders’ equity / share Shareholders’ equity as per 31 March 2013 Up on net profit, offset by lower unrealized gains & revaluation put option In EUR mio 6,306 6,214 6,551 1,931 1,838 1,728 1,673 1,655 1,521 157 136 18(111) (181) (65) (66) EUR 42.75 EUR 42.27 EUR 42.74 9,911 9,799 9,799 FY 12 Changes accounting policies (IAS19) Adjustes FY 12 Net result Insurance Net result Gen Account Change UG/L Buy back Revaluation put option Forex & other 3M 13 Insurance UG/L Insurance UG/L Insurance UG/L Equity per segment FY 12 3M 13 FY 12 3M 13 Belgium 3,974 ► 3,948 Asia 1,837 ► 1,993 UK 1,149 ► 1,136 Insurance 8,145 ► 8,279 Continental Europe 1,185 ► 1,201 General Account 1,655 ► 1,521 Periodic financial Information I 3M 13 Results I 15 May 2013 15

Tangible net equity as per 31 March 2013 High quality capital structure 10/03/2010 I page 16 EUR bn FY12 3M 13 IFRS Shareholders' Equity 9.8 9.8 Unrealised gains real estate 0.6 0.6 Goodwill (0.7) (0.7) VOBA (Value of Business Acquired) (0.4) (0.4) DAC (Deferred Acquisition Cost) (0.9) (0.9) Other (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests 0.5 0.5 25% tax adjustment DAC, VOBA & Other 0.3 0.3 IFRS Tangible net equity 8.9 8.9 IFRS Tangible net equity/ IFRS Shareholder's Equity 91% 91% Periodic financial Information I 3M 13 Results I 15 May 2013 16

IFRS Solvency as per 31 March 2013 Insurance & total solvency ratio stable 2.4 2.4 0.5 0.5 0.6 0.6 0.5 0.6 4.0 4.1 4.0 4.1 1.7 1.8 0.6 0.6 0.8 0.9 0.9 0.9 4.1 4.2 1.0 1.1 5.1 5.3 4.1 4.2 1.1 1.0 1.4 1.4 1.4 1.6 8.1 8.3 9.1 9.4 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 Belgium UK CEU Asia Total Ageas General Account RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital In EUR bn Periodic financial Information I 3M 13 Results I 15 May 2013 17 Solvency ratio 173% 174% 220% 219% 243% 249% 268% 242% 204% 203% 229% 229%

Executive summary Annexes Equity / Solvency Insurance activities Investment portfolio General Account General Information

Inflows @ 100% Growth driven by China, Thailand & inclusion Groupama * * Ageas holds a 50% stake in Tesco Underwriting Periodic financial Information I 3M 13 Results I 15 May 2013 19 EUR mio 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 Belgium 75% 1,259 1,068 535 565 1,794 1,633 United Kingdom 0%/100% 18 25 534 520 552 5450 0 Continental Europe 853 923 275 292 1,128 1,215 Consolidated entities 269 346 118 117 387 463 Portugal 51% 186 218 70 71 256 290 France 100% 83 127 83 127 Italy 25% 48 46 48 46 Non-consolidated JV's 584 578 157 174 741 752 Turkey (Aksigorta) 36% 157 174 157 174 Luxembourg (Cardif Lux Vie) 33% 584 578 584 578 Asia 1,962 3,117 215 243 2,177 3,360 Consolidated entities 88 105 88 105 Hong Kong 100% 88 105 88 105 Non-consolidated JV's 1,873 3,013 215 243 2,089 3,255 Malaysia 31% 170 181 170 188 340 370 Thailand 31%/15% 279 378 46 54 324 432 China 25% 1,385 2,409 1,385 2,409 India 26% 40 45 40 450 0 Total 4,091 5,134 1,559 1,619 5,650 6,7530 0 Consolidated entities 1,634 1,544 1,187 1,202 2,821 2,745 Non-consolidated partnerships 2,457 3,591 373 417 2,830 4,008 Life Non-Life Total

Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life Inflows @ Ageas’s part Strong growth in emerging markets, Life Belgium under pressure In EUR mio Periodic financial Information I 3M 13 Results I 15 May 2013 20 944 801 18 25 372 431 582 889 1,917 2,146 401 424 447 461 104 111 58 66 1,011 1,062 (9%) 5% 14% 49% 10% 1,345 1,225 465 486 477 542 641 955 2,927 3,208 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13

Insurance net result Non-Life up in all segments, Life suffering from low i-rates & boost new business in Asia Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other 73 64 (0) (1) 14 13 39 32 126 108 5 16 14 20 3 5 4 6 26 46 3 4 3 4 78 80 17 23 17 17 43 37 155 157 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 In EUR mio Periodic financial Information I 3M 13 Results I 15 May 2013 21

22Periodic financial Information I 3M 13 Results I 15 May 2013 Insurance Lexicon on new margin disclosures as from FY 2012 Life Non-Life + Underwriting result + Premiums received from policyholders - actual payments made in risk contracts + penalties deducted in case of surrender + reinsurance result + Net Underwriting result + Net Earned Premium - all evolutions in claims reserves (CY & PY) + technical interest charges on technical liabilities - all expenses (marketing, intermediary, claims handling & administration) + Expense & Other result + expense loadings - actual expense charges + other results of technical nature = Net Underwriting result + Other result + other results of technical nature + Investment result + Investment income on assets covering Life technical liabilities (recurring & cap gains) - what is paid out to policyholders (guaranteed income & profit sharing) + Investment result + Investment income on assets covering Non-Life technical liabilities (recur. & cap gains) - technical interest charges on technical liabilities = Operating result = Operating result Average technical liabilities = average between technical liabilities at the beginning & at the end of each quarter of current year. Net earned premium + Premiums received from policyholders - premiums covering risks future period - premiums paid to reinsurers Life margins All Life margins calculated as % of average technical liabilities Non-Life ratio’s All Non-Life ratio’s calculated in % of Net earned premiums Combined ratio Corresponds to 1minus net underwriting result in % of net earned premiums

69.4% 73.2% 69.0% 68.1% 69.1% 71.6% 66.7% 33.1% 32.8% 31.1% 31.0% 32.4% 30.3% 32.8% 102.5% 106.0% 100.1% 99.1% 101.5% 101.9% 99.5% (6.0%) (3.7%) (3.5%) (3.1%) (3.2%) (5.6%) (3.5%) 2009 2010 2011 2012 Q1 11 Q1 12 Q1 13 claims ratio expense ratio PY claims ratio Insurance Combined ratio Below 100% in quarter traditionally impacted by winter conditions Net earned premium in EUR mio 2,497 2,858 3,507 4,178 784 989 1,077 Periodic financial Information I 3M 13 Results I 15 May 2013 23 Combined ratio at 99.5% vs. 101.9%  Q1 traditionally impacted by winter conditions  Motor at 102.1% (vs. 98.9%): premium strain on expense ratio in UK  Household at 97.0% (vs.114.4%): benign weather in major markets, impact of corrective measures & tariff increases in Belgium  Accident & Health: at 93.8% (vs.90.7%): improvement in UK; still satisfactory performance in Belgium; Claims ratio at 66.7% vs. 71.6%  CY claims ratio improving Belgium & UK, deterioration in Continental Europe  PY claims ratio slightly down to 3.5% (vs. 5.6%), mainly in Motor Expense ratio at 32.8% vs. 30.3%  Increase in UK & Continental Europe

51.7% 42.9% 67.2% 66.5% 65.9% 59.1% 45.8% 41.2% 44.8% 44.9% 43.7% 44.8% 97.5% 84.1% 112.0% 111.4% 109.6% 103.9% 2009 2010 2011 2012 Q1 12 Q1 13 79.0% 78.4% 72.0% 73.6% 73.7% 73.5% 29.3% 29.0% 25.3% 25.4% 25.2% 28.6% 108.3% 107.4% 97.3% 99.0% 98.9% 102.1% 2009 2010 2011 2012 Q1 12 Q1 13 70.4% 74.3% 71.9% 70.5% 66.8% 68.9% 23.6% 24.8% 25.0% 25.5% 23.9% 24.9% 94.0% 99.1% 96.9% 96.0% 90.7% 93.8% 2009 2010 2011 2012 Q1 12 Q1 13 59.4% 75.0% 61.9% 55.6% 72.8% 54.3% 43.4% 43.2% 41.5% 41.6% 41.6% 42.7% 102.8% 118.2% 103.4% 97.2% 114.4% 97.0% 2009 2010 2011 2012 Q1 12 Q1 13 Insurance Combined ratio per product line Household strongly improving Motor: expense ratio up in UK & to lesser extend in CEUAccident & Health: good performance confirmed Other: improvement across all segments 203 261 308 349 78 100 1,012 1,134 1,571 2,058 479 519 NEP 609 714 736 763 191 197 NEP Household: benign weather in wintery Q1 673 750 892 1,007 241 261 NEP NEP Periodic financial Information I 3M 13 Results I 15 May 2013 24

0.33% 0.34% 0.38% 0.35% 0.38% 0.37% 0.48% (0.64%) 0.72% 0.52% 0.84% 0.64% (0.16%) (0.21%) (0.20%) (0.15%) (0.18%) (0.24%) 0.66% (0.51%) 0.90% 0.72% 1.05% 0.76% 2010 2011 2012 Q1 11 Q1 12 Q1 13 Total Life: down on investment margin Insurance Life operating margin Diverging evolutions in different countries Average technical liabilities in EUR bn 70.6 64.7 65.8 72.8 64.8 67.5  Operating margin: Decrease driven by investment and expense & other margin  Underwriting margin decrease in Continental Europe & Asia offset by better mortality result in Belgium  Investment margin lower in Belgium, better in other segments  Expense & other margin comparison impacted by positive one-off in Asia in 3M 12 0.44% 0.41% 0.44% 0.45% 0.42% 0.67% (0.79%) 0.87% 1.02% 0.78% (0.33%) (0.36%) (0.33%) (0.33%) (0.37%) 0.56% (0.60%) 0.81% 1.13% 0.68% 2010 2011 2012 Q1 12 Q1 13 Expense & other m. Investment m. Underwriting m. 0.07% 0.04% 0.11% 0.16% 0.15%0.01% 0.00% 0.01% 0.01% 0.27% 0.42% 0.37% 0.50% 0.32% 0.35% 0.45% 0.48% 0.67% 0.47% 2010 2011 2012 Q1 12 Q1 13 20.2 12.4 11.8 11.6 12.3 50.4 52.3 54.0 53.2 55.2ATL ATL Guaranteed: down on investment margin Unit-linked: lower mortality result Periodic financial Information I 3M 13 Results I 15 May 2013 25

Periodic financial Information I 3M 13 Results I 15 May 2013 Net result: increase in Non-Life partly offset by Life In EUR mio In EUR mio Guaranteed Operating margin: down on lower investment margin Non-Life Combined ratio: improved underwriting mainly in Household Anticipated inflow decrease in Life 227% 210% 207% Life Technical liabilities marginally up In EUR bn Belgium : Headlines Non-Life performance up, Life inflows suffering from premium tax & low interest rates ** 73 64 5 16 78 80 3M 12 3M 13 Life Non-Life 1,259 1,068 535 565 1,794 1,633 3M 12 3M 13 Life Non-Life 104.1% 99.7% 3M 12 3M 13 1.09% 0.77% 3M 12 3M 13 Operating costs In EUR mio (9%) 52.7 53.1 FY 12 3M 13 47 48 72 75 119 123 3M 12 3M 13 Life Non-Life 26 in % avg technical liabilities

1,207 887 52 182 1,259 1,068 3M 12 3M 13 (15%) Life In EUR mio Non-Life In EUR mio Unit-Linked Guaranteed Other Household Accident & Health Motor Belgium: Inflow Anticipated decrease in Guaranteed products partly compensated by Non-Life 163 172 159 163 163 176 49 54 535 565 3M 12 3M 13 Periodic financial Information I 3M 13 Results I 15 May 2013 27 +6% Guaranteed  Sales of guaranteed products decreased 27% to EUR 887 mio  Decrease observed in Individual Saving (down 38% to EUR 530 mio) and Individual Traditional (down 18% to EUR 61 mio)  Lower volumes due to historically low guaranteed interest rates & impact of Belgian government decision to increase insurance premium tax (from 1.1% to 2%; as at 01/01/2013).  Group Life inflows amounted to EUR 296 mio, up 8% mainly supported by higher single premiums in Traditional. Unit-linked  Individual Unit-linked sales were up 248% compared to very low premium volumes 3M 12. Strong increase driven by Bank channel; explained by significant offer in closed-end funds & increasing customer appetite. Household, Motor, Other  GWP increased both in Bank & Broker channels & across all product lines, mainly in Household  Household (+7.5%): higher volume & tariff increases  Motor (+2,6%): driven by tariff increase.  Other (+9.5%): mainly driven by tariff increase in Legal Assistance Accident & Health  Accident & Health (+5.3%) supported by a good momentum in Health Care.

64.1% 68.7% 64.3% 62.7% 61.9% 67.2% 62.9% 36.8% 36.4% 36.8% 36.8% 36.7% 36.9% 36.8% 100.9% 105.1% 101.1% 99.5% 98.6% 104.1% 99.7% (8.0%) (6.6%) (7.3%) (4.5%) (9.9%) (9.6%) (6.9%) 2009 2010 2011 2012 Q1 11 Q1 12 Q1 13 claims ratio expense ratio PY claims ratio Belgium: Combined ratio Improved underwriting performance in Household Net earned premium in EUR mio 1,469 1,541 1,601 1,698 394 418 432 Periodic financial Information I 3M 13 Results I 15 May 2013 28 Combined ratio at 99.7% vs. 104.1%  Household (100.2%) significantly improved stemming from previous corrective measures, further rate increases & less weather related claims notwithstanding lower prior year releases  Accident & Health (95.1%) increased but remained satisfactory compared to last year’s strong performance. Workmen’s Compensation at 97.8% (vs. 84.3%), higher by increased frequency & severity in heavy claims.  Motor (102.5%) slightly higher with almost offsetting impacts between prior and current year Claims ratio at 62.9% vs. 67.2%  CY ratio improved mainly in Household and Motor  PY ratio: Lower releases in Household and Motor Expense ratio remains flat at 36.8%

60.5% 75.6% 63.0% 50.5% 71.0% 54.2% 47.1% 47.1% 46.9% 46.2% 46.9% 46.0% 107.6% 122.7% 109.9% 96.7% 117.9% 100.2% 2009 2010 2011 2012 Q1 12 Q1 13 44.9% 10.4% 58.2% 65.9% 60.0% 54.9% 49.2% 50.9% 49.5% 48.1% 49.4% 48.2% 94.1% 61.3% 107.7% 114.0% 109.4% 103.1% 2009 2010 2011 2012 Q1 12 Q1 13 68.9% 75.8% 73.8% 73.0% 67.5% 72.0% 22.6% 21.9% 23.8% 24.0% 23.5% 23.1% 91.5% 97.7% 97.6% 97.0% 91.0% 95.1% 2009 2010 2011 2012 Q1 12 Q1 13 68.5% 71.0% 58.9% 64.7% 65.2% 65.6% 36.3% 35.7% 35.3% 35.8% 36.3% 36.9% 104.8% 106.7% 94.2% 100.5% 101.5% 102.5% 2009 2010 2011 2012 Q1 12 Q1 13 Belgium: Combined ratio per product line Improved underwriting performance in Household & Other Motor: slightly lower PY releases, almost offset by improved CYAcc & Health: satisfactory vs strong Q1 12 Household: corrective measures & benign weather Other: mainly Legal Assistance improvement 424 451 451 480 122 124 465 498 525 540 133 133 453 463 484 530 127 137 127 129 142 149 35 39 NEPNEP NEP NEP Periodic financial Information I 3M 13 Results I 15 May 2013 29

6.0 5.6 5.2 5.2 5.3 0.25% 0.28% 0.29% 0.27% 0.28% 0.30% 0.49% (0.71%) 0.84% 0.56% 0.99% 0.70% (0.10%) (0.20%) (0.21%) (0.17%) (0.23%) (0.26%) 0.64% (0.64%) 0.91% 0.67% 1.03% 0.73% 2010 2011 2012 Q1 11 Q1 12 Q1 13 Total Life: y-o-y decrease by 0.3% Belgium: Life operating margin Decrease by 0.3% mainly driven by lower investment margin 46.7 48.5 50.1 48.3 49.3 51.5 0.28% 0.32% 0.32% 0.29% 0.33% 0.57% (0.80%) 0.93% 1.11% 0.78% (0.21%) (0.30%) (0.29%) (0.31%) (0.34%) 0.64% (0.78%) 0.96% 1.09% 0.77% 2010 2011 2012 Q1 12 Q1 13 Expense & other m. Investment m. Underwriting m. 40.7 42.9 44.9 44.1 46.1 0.03% (0.05%) 0.04% 0.13% 0.05% 0.64% 0.50% 0.44% 0.41% 0.39% 0.66% 0.45% 0.47% 0.54% 0.44% 2010 2011 2012 Q1 12 Q1 13 Periodic financial Information I 3M 13 Results I 15 May 2013 30 Guaranteed: investment margin Unit-linked: lower mortality result Average technical liabilities in EUR bn ATL ATL  Operating margin: decreased mainly due to Investment margin  Investment margin lower capital gains (-20bp) & lower investment yield following various rebalancing operations in the past & some non- recurring income in 3M 12 , only partly offset by lower technical charges  Underwriting margin increased by 2 bp due to better mortality result  Expense & other margin deteriorated slightly

Net result: Non-Life performance up In EUR mio In EUR mio Guranteed Operating margin Inflow in line at constant FX In EUR mio United Kingdom: Headlines Non-Life performance substantially up, inflows broadly flat 31 ** (0) (1) 14 20 3 417 23 3M 12 3M 13 Life Non-Life Other 18 25 534 520 552 545 3M 12 3M 13 Life Non-Life (1%) Operating costs: addition GroupamaNon-Life combined ratio: improved underwriting mainly in Household 102.3% 99.9% 3M 12 3M 13 Other: Income nearly stable 68 63 3M 12 3M 13 8 8 45 60 63 58 115 125 3M 12 3M 13 Life Non-Life Other In EUR mio (7.58%) (2.54%) 3M 12 3M 13 Periodic financial Information I 3M 13 Results I 15 May 2013 in % avg technical liabilities

534 520 18 25 552 545 3M 12 3M 13 15 16 365 344 109 117 45 43 534 520 3M 12 3M 13 Motor Non-Life Life Other Property Accident & Health Total In EUR mio Non-Life In EUR mio (3%) (1%) United Kingdom: Inflow Inflow levels in line with 3M 12 at constant exchange rates 32 Life  Successful roll out of its proposition across the IFA market and through affinity partnerships developed in 2012  Over 275,000 customers up 30% on same period last year Non-Life  Down 3%, broadly flat at constant FX  Motor decreased by 6% mainly due to lower average premiums  Household increased by 8% due to the inclusion of Groupama Insurance Company Ltd (GICL)  Other lines, including Commercial and Special Risks decreased by 4% due to management actions to improve profitability, offset partially by the inclusion of GICL  EUR 82 mio Groupama inflow included in the result Other Insurance (including Retail)  YTD total income of EUR 63 mio slightly below last year. Periodic financial Information I 3M 13 Results I 15 May 2013

80.4% 81.5% 74.6% 73.3% 78.4% 76.7% 69.4% 27.7% 28.0% 25.3% 26.5% 27.6% 25.6% 30.5% 108.1% 109.5% 99.9% 99.8% 106.0% 102.3% 99.9% (3.5%) (1.1%) 0.1% (2.1%) 3.4% (1.7%) (1.2%) 2009 2010 2011 2012 Q1 11 Q1 12 Q1 13 claims ratio expense ratio PY claims ratio United Kingdom: Combined ratio Below 100% in a typically difficult first quarter Net earned premium in EUR mio 834 948 1,524 2,083 295 479 546 33 Combined ratio at 99.9%  Combined ratio continued sub 100% performance even  First full quarter impact of Groupama. Composition of COR includes greater proportion of delegated authority schemes with higher expense ratio but lower claims Claims ratio at 69.4%  Claims ratio Reduction across most lines of business due to rating actions & benign weather in Household  CY ratio significant reduction primarily due to benign weather experience in Household  PY ratio: release of 1.2% vs. release of 1.7% in 2012 Expense ratio at 30.5%  Increase from combination of pressure on earned premium in Tesco and addition of Groupama with greater proportion of delegated authority schemes. Periodic financial Information I 3M 13 Results I 15 May 2013

United Kingdom: Combined ratio per product line Reduced loss ratios in all products, partially offset by expense ratios 88.9% 82.9% 79.2% 77.2% 77.6% 76.2% 22.8% 23.3% 19.5% 21.3% 20.4% 25.6% 111.7% 106.2% 98.7% 98.5% 98.0% 101.8% 2009 2010 2011 2012 Q1 12 Q1 13 Motor: premium strain on expense ratio (TU) 524 532 949 1,420 323 362 NEP 83.5% 97.9% 87.7% 78.1% 79.9% 64.4% 26.2% 24.0% 23.2% 28.2% 23.5% 34.4% 109.7% 121.9% 110.9% 106.3% 103.4% 98.8% 2009 2010 2011 2012 Q1 12 Q1 13 Accident & Health: AIL improvement, positive impact GICL 53 58 65 57 13 16 NEP 61.2% 77.4% 61.4% 62.3% 75.4% 51.0% 38.0% 38.2% 35.3% 36.7% 36.1% 39.6% 99.2% 115.6% 96.7% 99.0% 111.5% 90.6% 2009 2010 2011 2012 Q1 12 Q1 13 Household: benign weather impact 187 248 366 434 105 114 NEP 66.0% 75.1% 71.6% 67.7% 70.7% 64.5% 38.1% 30.4% 39.3% 42.2% 41.8% 42.5% 104.1% 105.5% 110.9% 109.9% 112.5% 107.0% 2009 2010 2011 2012 Q1 12 Q1 13 Other: positive impact mgmt actions (AIL) & inclusion of GICL 69 110 143 173 38 54 NEP 34Periodic financial Information I 3M 13 Results I 15 May 2013

Net result in line with last year In EUR mio In EUR mio Non-Life Combined ratio: impact weather conditions in Portugal 227% 210% 207% Inflow* increase in all main countries In EUR bn Continental Europe: Headlines Strong inflow & stable net profit ** Operating costs remain stable In EUR mio 14 13 3 5 17 18 3M 12 3M 13 Life Non-Life 853 923 275 292 1,128 1,215 3M 12 3M 13 Life Non-Life 90.3% 96.7% 3M 12 3M 13 1.15% 0.89% 3M 12 3M 13 Guaranteed Operating margin: lower risk margin in guaranteed business +8% Periodic financial Information I 3M 13 Results I 15 May 2013 35 Life Technical liabilities* 28.1 28.9 FY 12 3M 13 18 18 18 19 36 37 3M 12 3M 13 Life Non-Life in % avg technical liabilities * Incl. non-consolidated partnerships @ 100%

432 514 421 409 853 923 3M 12 3M 13 98 98 86 83 45 56 46 55 275 292 3M 12 3M 13 Accident & Health Motor Unit-Linked Guaranteed +8% Other Household Life In EUR mio Non-Life In EUR mio Continental Europe: Inflow Up 8% to EUR 1.2 billion +6% Life  Inflow +8%, including non-controlling interests @ 100%, reflecting higher sales in Portugal and France  Consolidated inflow up 28%  Portugal: volumes up by 17% driven by the UL business and Savings  France: up by 53% as a result of a UL single premium payment Technical liabilities  End of period technical liabilities: up 3% vs. year-end 2012 technical ones  Average technical liabilities growth in line with excellent sales performance over last 2 years Non-Life  Inflow + 6%, including non-controlling interests @ 100% driven by Turkey  GWP consolidated entities in line with last year  Turkey (Aksigorta) at EUR 174 mio  A&H and Motor remain the major business lines in the portfolio. Motor slight decline due to Italy (economic recession and automatic car renewal no longer allowed) and Turkey (less MTPL sales due to focus on profitable growth) Periodic financial Information I 3M 13 Results I 15 May 2013 36

61.4% 71.0% 66.4% 63.6% 70.1% 64.9% 67.8% 27.6% 30.3% 30.3% 29.8% 29.2% 25.4% 28.9% 90.0% 101.3% 96.7% 93.4% 99.3% 90.3% 96.7% (1.3%) 1.9% (2.0%) (2.5%) 4.1% (7.6%) (0.9%) 2009 2010 2011 2012 Q1 11 Q1 12 Q1 13 claims ratio expense ratio PY claims ratio Continental Europe: Combined ratio Below group target even as severe winter weather impacts Portugal Net earned premium in EUR mio * Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy 194 369 382 397 94 93 99 Combined ratio at 96.7%  Combined ratio higher than PY mainly due to severe weather impact in Portugal. Claims ratio at 67.8%  Claims ratio mainly higher due to mid-January storms in Portugal  Better claims ratio in Italy  PY ratio: 0.9% release vs. 7.6%  Combined ratio Turkey further improved to 88.3%.from 99.4% Expense ratio at 28.9%  Expense ratio continued focus on cost containment (LY was influenced by a one off release in Italy) Periodic financial Information I 3M 13 Results I 15 May 2013 37

33.8% 73.3% 94.5% 62.8% 70.4% 41.5% 58.6% 39.0% 50.0% 43.3% 19.3% 43.0% 92.4% 112.3% 144.5% 106.1% 89.7% 84.5% 2009 2010 2011 2012 Q1 12 Q1 13 34.9% 53.5% 53.7% 51.8% 68.6% 89.7%22.9% 27.7% 34.2% 33.5% 29.8% 36.0% 57.8% 81.2% 87.9% 85.3% 98.4% 125.7% 2009 2010 2011 2012 Q1 12 Q1 13 65.3% 90.5% 71.8% 69.8% 68.2% 76.3% 36.7% 27.0% 29.2% 28.1% 27.4% 28.4% 102.0% 117.5% 101.0% 97.9% 95.6% 104.7% 2009 2010 2011 2012 Q1 12 Q1 13 70.0% 64.2% 63.5% 63.3% 62.4% 63.3% 25.7% 31.6% 27.8% 28.2% 24.5% 26.0% 95.9% 95.8% 91.3% 91.5% 86.9% 89.3% 2009 2010 2011 2012 Q1 12 Q1 13 Continental Europe: Combined ratio per product line Overall combined ratio within expectations (only related to consolidated companies) Motor: positive PY 3M 12 due to review of old claimsAccident & Health: product mix drives increase in commission ratio Household: impact severe weather in Portugal Other: positive adjustments in large broker account 132 205 220 226 56 57 23 104 97 99 23 24 33 39 42 44 9 11 7 21 23 28 5 7 NEP NEP NEP NEP Periodic financial Information I 3M 13 Results I 15 May 2013 38

Guaranteed: underwriting margin down Continental Europe: Life operating margin Encouraging operating margin 0.49% 0.57% 0.67% 0.47% 0.72% 0.49% 0.33% (0.42%) 0.39% 0.45% 0.37% 0.42% (0.25%) (0.37%) (0.30%) (0.19%) (0.19%) (0.19%) 0.57% (0.22%) 0.76% 0.73% 0.90% 0.72% 2010 2011 2012 Q1 11 Q1 12 Q1 13  Operating margin below PY due to underwriting margin guaranteed  Underwriting margin decreased due to lower volumes & higher claims in the risk business  Investment margin improved slightly  Expense & other margin cost containment leads to stable margin 22.6 14.7 13.9 23.0 13.9 14.1 1.25% 1.00% 1.18% 1.24% 0.89% 0.84% (0.75%) 0.70% 0.63% 0.76% (0.93%) (1.08%) (0.85%) (0.73%) (0.76%) 1.16% (0.83%) 1.02% 1.15% 0.89% 2010 2011 2012 Q1 12 Q1 13 Expense & other m. Investment m. Underwriting m. 8.7 8.3 7.8 7.9 7.7 0.01% 0.02% 0.02% 0.02% 0.01% 0.01% 0.00% 0.01% 0.02% 0.00% 0.18% 0.55% 0.41% 0.53% 0.50%0.20% 0.56% 0.44% 0.57% 0.52% 2010 2011 2012 Q1 12 Q1 13 13.9 6.4 6.1 6.0 6.4 Periodic financial Information I 3M 13 Results I 15 May 2013 39 Average technical liabilities (ATL) in EUR bn ATL ATL Total Life Unit-linked: lower expenses margin in France

Net result: Life down on China mainly In EUR mio In EUR mio Non-Life Combined ratio reflecting good quality of portfolio Inflow* fuelled by China & Thailand Life Technical liabilities* up 12% In EUR bn Asia: Headlines Pressure on profit in Life from boost in new business / Profitable organic growth in Non-Life Periodic financial Information I 3M 13 Results I 15 May 2013 40 ** 39 32 4 6 43 38 3M 12 3M 13 Life Non-Life 93.6% 92.6% 3M 12 3M 13 1,962 3,117 215 243 2,177 3,360 3M 12 3M 13 Life Non-Life Guranteed Operating margin Hong Kong 2.99% 2.12% 3M 12 3M 13 Result non-consolidated partnerships 30 25 4 6 3M 12 3M 13 +54% 24.4 27.4 FY 12 3M 13 * Incl. non-consolidated partnerships @ 100% in % avg technical liabilities In EUR mio

77 85 25 28 5 6 109 124 3M 12 3M 13 1.871 3.02591 92 1.962 3.117 3M 12 3M 13 +59% +13% Fire Motor Guaranteed Life Non-Life In EUR mio In EUR mio Unit-Linked Asia: Inflow Strong organic growth, boosted by very successful sales campaign Accident & Health Other 243 215 Periodic financial Information I 3M 13 Results I 15 May 2013 41 Life  Hong Kong, +19%, Strong growth of 50% in new business premiums, in both IFA & agency channels  China, +74%, Extraordinarily successful sales campaign in bank channel pushed single premium sales up 218% on last year; growth in agency channel in line with expansion of number of agents  Malaysia, +7%, New business premiums up 10% with significant increase in credit life production through third party banks  Thailand, +36%, Benefiting from continued strong market growth. New business premiums up 41%; particular strong performance in bank channel.  India, +12%, New business up almost 40% in the bank channel. Technical liabilities  Year-end technical liabilities:  Hong Kong : EUR 1.9 bn, up 5%  Including non-consolidated JVs @ 100%: EUR 27.4 bn, up 12%  Average technical liabilities growth in line with excellent sales performance over last 2 years Non-Life  Malaysia, +11%, Across all lines of business, but particularly in Fire  Thailand, +19%, Concentrated in Motor and PA business

Hong Kong: Life operating margin Positive margin evolutions offset by non-recurring positive result in previous years 0.63% (0.09%) 0.46% 0.71% 0.70% 0.21% 2.75% (0.43%) (0.08%) (0.03%) 0.15% 0.71% 0.41% 1.83% 1.60% 1.80% 2.14% 1.20% 3.80% 1.31% 1.98% 2.51% 2.99% 2.12% 2010 2011 2012 Q1 11 Q1 12 Q1 13 → new calculation methodology, based on best estimates 1.3 1.4 1.7 1.4 1.6 1.9 Periodic financial Information I 3M 13 Results I 15 May 2013 42 Average technical liabilities in EUR bn (0.15%) (0.71%) (0.15%) 0.07% (0.82%) 3.62% (0.57%) (0.11%) 0.20% 1.00% 1.30% 3.52% 2.52% 2.50% 2.73% 4.77% 2.24% 2.26% 2.77% 2.92% 2010 2011 2012 Q1 12 Q1 13 Expense & other m. Investment m. Underwriting m. 3.11% 1.75% 2.14% 2.58% 2.68% (2.40%) (3.21%) (0.95%) 1.09% (2.46%) 0.70% (1.47%) 1.19% 3.66% 0.22% 2010 2011 2012 Q1 13 Q4 11 Total Life: all margins improving Guaranteed: improved investment margin Unit-linked: lower expense margin ATL ATL 1.0 1.1 1.3 1.2 1.3 0.3 0.4 0.5 0.4 0.6  Operating margin lower due to positive non-recurring adjustment in Unit-linked 3M 12  Underwriting margin deteriorated due to drop in surrenders as result of low interest rate environment  Investment margin improved as result of higher average allocation to corporate bonds & lower profit sharing levels  Expense & other margin lower due to positive non-recurring adjustment in Unit-linked 3M 12. Excluding this adjustment, improvement as result of organic growth

Executive summary Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information

Periodic financial Information I 3M 13 Results I 15 May 2013 44 Investment portfolio as per 31 March 2013 Increased allocation to loans; unrealized gains slightly down In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs 34.7 34.7 25.1 25.3 0.3 0.4 6.3 6.8 2.4 2.7 4.7 4.9 2.4 2.0 75.9 76.8 FY 12 3M 13 Cash & equivalents Real Estate Equities Loans Structured credit instruments Corporate bonds Sovereign bonds Total portfolio  Gross unrealized gains/losses slightly down to EUR 6.4 bn (EUR 6.7 in FY 12) ; exclusively down in fixed income  Asset mix relatively stable, increased allocation to loans at the expense of cash & sovereigns  Infrastructure loans: additional EUR 0.1 bn on balance sheet ; further commitments & outstanding bids for EUR 0.2 bn Fixed Income  Gross unrealized gains/losses at EUR 4.9 bn; EUR 5.2 bn FY 12  Unrealized gain Sovereigns at EUR 3.1 bn  Unrealized gain Corporates at EUR 1.8 bn Equities  Gross unrealized gains stable at EUR 0.2 bn Real Estate  Gross unrealized gains stable at EUR 1.3 bn

18.4 18.3 4.8 5.1 3.3 3.4 2.9 2.8 1.4 1.30.7 0.5 3.2 3.3 34.7 34.7 FY 12 3M 13 Others The Netherlands Germany Austria SE Sovereigns France Belgium In EUR bn  Gross UG/L at EUR 3.1 bn (vs. EUR 3.3 bn)  96% investment grade; 89% rated A or higher  Exposure on SE sovereigns at amortized cost, after impairments & @ Ageas’s part at EUR 2.1 bn; stable on FY 12  Maturity sovereign bond portfolio unchanged & close to maturity liabilities Sovereign bond portfolio* * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs // ** At amortized costs & @ Ageas’s part Sovereign & Corporate bond portfolio as per 31 March 2013 Stable sovereign bond portfolio & increased part of investment grade industrials Periodic financial Information I 3M 13 Results I 15 May 2013 45  Gross UG/L at EUR 1.8 bn (vs. EUR 1.9 mio)  Priority to investment grade industrials has led to increased share in corporate bond portfolio of 40% (vs. 35% FY 12)  94% investment grade; 75% rated A or higher Corporate bond portfolio* 6.1 5.6 1.9 2.0 9.3 10.1 7.8 7.5 25.1 25.3 FY 12 3M 13 Government related Non Financials Other financials Banking

In EUR bn * All assets at fair value except the ‘Held to Maturityassets ’& loans which are valued at amortized costs Loan portfolio (customers + banks)* Loan & Equity portfolio as per 31 March 2013 Increased loans to banks 2.6 3.0 0.1 0.1 0.1 0.1 1.5 1.5 2.0 2.1 6.3 6.8 FY 11 3M 13 Other Mortgages Infrastructure Real Estate Loans to banks  Further increase in other: long term loans to regional agencies in Belgium benefiting from explicit guarantee by the region  Loans to banks up via short term bank deposits  Infrastructure loans: realization of 3rd project; since start of collaboration with Natixis: EUR 0.1 mio financed & EUR 0.2 bn further commitments Periodic financial Information I 3M 13 Results I 15 May 2013 46 Equity portfolio*  Gross UG/L stable at EUR 0.2 bn 1.2 1.3 0.1 0.1 0.7 0.7 0.4 0.6 2.4 2.7 FY 12 3M 13 Mixed funds & others Real Estate funds Equity funds Equities

Real estate portfolio as per 31 March 2013 10/03/2010  Gross UG/L stable at EUR 1.3 bn (not reflected in net equity)  Value increased mainly through investments in Offices & Retail  Real Estate exposure mainly in Belgium (+/- 70%) * At fair value 1.5 1.6 1.1 1.1 1.3 1.3 0.6 0.6 0.3 0.3 4.7 4.9 FY 11 3M 13 Investment Warehouses RE Development Investment Retail Car Parks Investment Offices In EUR bn Real Estate portfolio* Periodic financial Information I 3M 13 Results I 15 May 2013 47

Executive summary Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information

Net result* In EUR mio In EUR mio Main elements balance sheet P&L impact recent transaction 227% 210% 207% General Account: Headlines Result driven by transaction RPI & Call option, Net cash expected to increase by EUR 1.0 bn Periodic financial Information I 3M 13 Results I 15 May 2013 49 ** Net cash position: cash flow on transactions later in 2013 (239) 136 3M 12 3M 13 1.2 1.1 FY 12 3M 13 In EUR bn In EUR mio (165) (155) 234 144 872 1,027 3M 12 3M 13 RPN(I) Call Option RPI 4 5 8 5 12 11 3M 12 3M 13 Staff Op & admin Staff, Operating & administrative costs In EUR mio Proposal distribution additional EUR 1.0 through capital reduction  No withholding tax  Creditor protection regime  2 month recourse period  Extraordinary Shareholders’ Meeting 19 September 2013 for approval 232 (90) RPI Call Option

Periodic financial Information I 3M 13 Results I 15 May 2013 Ageas announces further steps in solving legacy issues Agreements re Royal Park Investments & Call option on BNP Paribas shares  RPI disposes of almost all of its assets to Lone Star & Crédit Suisse  Remaining activity: management of litigations initiated on a number of US assets  Ageas agrees with Belgian State on sale of BNP P call option Ageas’s Board of Directors decides to distribute a gross amount of EUR 1.00 per share  Proceeds BNP call option * + additional amount * In line with agreement with European commission (2009) ** Subject to settlement of any creditor’s claim 50 P&L impact of EUR 142 mio in Q1 13  RPI EUR 520 mio @ 100%  EUR 232 mio @ Ageas part  + EUR 50 mio net BGAAP result RPI  + EUR 409 mio revaluation portfolio  + EUR 173 mio hedge reserve release  - EUR 113 mio write off DTA  BNP Call Option EUR (90) mio  EUR 144 mio paid vs. EUR 234 mio value FY 12 Proposal distribution additional EUR 1.0 through capital reduction  No withholding tax  Settlement of any creditor’s claim  2 month recourse period  Planning:  19 September Extraordinary Shareholders’ Meeting  21 September ex-dividend date  20 November payment date**

General Account: components of Net result After agreements in 2012; further simplification of legacy issues In EUR mio Periodic financial Information I 3M 13 Results I 15 May 2013 51 136 232 10 (90) (5) (5) (6) RPI BNP Call option Reval RPN(i) Staff exp. Op.& admin. exp. Other General Account = solved legacy issues

Periodic financial Information I 3M 13 Results I 15 May 2013 Net cash position General Account at EUR 1.1 bn Slightly down on buy-back & capital increase China, EUR 1 bn to be received  cash inflow on transactions RPI & BNP Call option  expected increase of EUR 1bn after closing sale of RPI-assets, BNP call option & distribution of EUR 1 per share  impact during following quarters 2013 in EUR mio FY 12 3M 13 Cash and cash equivalents 402 245 Due from banks 1,000 1,000 Debt certificates (EMTN) (187) (160) Net cash position 1,216 1,085 1,216 1,085 20 (68) (77) (6) FY 12 Share buy- back Dividend upstream from opco's Capital injection Other 3M 13 52

Periodic financial Information I 3M 13 Results I 15 May 2013 53 Net cash equally spent over 3 alternative uses Balanced use of cash since 2009 Invest in Businesses  Organic growth  Selective acquisitions  Create new partnerships Return to debtholders  Redemption of Debt (EMTN) Return to shareholders  Dividend payment  Share buy-back May 2009 – May 2013: +/- EUR 1.0 bn  +/- EUR 600 mio UK (Tesco, KFIS, Castle Cover, Groupama)  +/- EUR 200 mio CEU (Italy, Turkey)  +/- EUR 200 mio Asia (India, HK, China) +/- EUR 1.3 bn  +/- EUR 900 mio cash dividend over 2009, ’10, ’11 & 2012  EUR 450 mio share buy-backs finalized early 2012 & 2013 +/- EUR 0.8 bn  redemption in EMTN programme +/- EUR 0.2 bn  EUR 1.0 proceeds of BNP Call Option & RPI

Legal proceedings at 31 March 2013 Managed in interest of shareholders Administrative proceedings  AFM fine imposed 05/02/10 re price sensitive info June 08  AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07  Appeal filed against both before The Hague “College van Beroep voor het bedrijfsleven”; proceedings ongoing  FSMA re communication in Q2 2008  Decision expected H1 2013 Criminal procedure  Public prosecutor requests referral of 7 individuals Enterprise Court (Ondernemingskamer)  At request of VEB re 2007-2008  Report June 10; Judgment 05/04/12 re mismanagement, mainly in favour plaintiffs. Appeal before Supreme Court Civil Lawsuits  Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas, former directors/executives & banks  Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State & Ageas  Proceedings ongoing  Judgement in favour of Ageas; appeal filed by Stichting FortisEffect before Court of Appeal  Utrecht - Stichting Investor Claims Against Fortis re alleged miscommunication 2007-08 against Ageas & 2 financial institutions  Utrecht - 2nd case by Stichting on behalf of certain shareholders for damages from same defendants & certain former directors/executives  Proceedings ongoing  Proceedings initiated in August 2012 ; at present unclear whether both actions will be joined  Arnhem - Mr.Bos, re alleged miscommunication May June 2008  Appeal filed before Arnhem Court of Appeal  Brussels - Modrikamen, re Sep/Oct 2008 transactions  Brussels - Deminor, re alleged miscommunication 2007 - 08  Brussels - Fortis shareholder re 2007 rights issue  Brussels – Arnauts, re alleged miscommunication 2007 - 08  Court of Appeal confirmed no competence on Dutch defendants / Pleadings on the merits scheduled H1 2014  Proceedings ongoing  Proceedings ongoing  Initiated 29 April 2013 Financial instruments  Brussels Court of Appeal - MCS-holders contesting validity of conversion  Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015 Periodic financial Information I 3M 13 Results I 15 May 2013 54

Periodic financial Information I 3M 13 Results I 15 May 2013 55 Changes in hybrid debt composition Succesful debt placement for total amount of USD 800 mio in March-April 13 Succesful placement hybrid debt by AG Insurance  Subordinated Perpetual Note of USD 550 mio  end March 2013  6.75% rate, payable semi-annually, reset in year 6  Key institutional investors & global private banks in Asia & Europe  mix of stable, long-term support & on-going retail buying interest  Proceeds used to redeem Nitch II on loan & EUR 163.6 mio nominal of Hybrone on-loan  EUR 7 mio capital gains tender offer Hybrone on-loan Succesfull placement hybrid debt by HK-entity  10-year senior debt of USD 250 mio  Early April 2013  4.215% rate  Key institutional investors & global private banks in Asia & Europe  mix of stable, long-term support & on-going retail buying interest  Proceeds used for refinancing & general corporate purposes  AHF received call notice on NITSH II on-loans from AG Insurance & BNP P Fortis of on-loan  Call NITSH II securities at first call date (4 June)  Early redemption by AG Insurance of EUR 163.6 mio Hybrone on-loan  All tendered Hybrone securities accepted (33% of total outstanding)  Reduced credit exposure  Guarantees granted on AHF hybrid debt reduce significantly: lower financing costs, increased transparency, new capital likely to be more Solvency II compliant

Main characteristics Hybrids at 31 March 2013 Hybrone partly tendered securities & NITSH II to be called at first call date EUR mio Ageas Ageasfinlux Fresh Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Ageas Hybrid Financing Nitsh II Direct issue FBB, 2004 CASHES* % 3m EUR + 135 bp 5.125% 8.25% 8% 4.625% 3m EUR +200 bp Amount outstanding 1,250 500 USD 750 625 1,000 1,110 ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 BE0933899800 Call date Undated exchange strike 315.0 mandatory 472.5 Jun/2016 Step up to 3M Euribor +200 Aug/2013 No step up Jun/2013 No step up Oct/2014 Step up to 3M Euribor+170 Undated exchange strike 239.4 mandatory 359.1 ACSM YES YES YES YES YES YES Dividend pusher YES YES YES YES YES NO Dividend stopper NO YES YES YES YES YES Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset <8% CAD <0.5% Dividend Other 500 on lent to AG Insurance USD 750 on lent to FBB 250 on lent to AG Insurance; 375 on lent to FBB No stock settlement feature Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (31/03/13) 46.7 90.6 101.5 100.9 93.9 54.35 Fortis Bank (now BNP Paribas) * On 31 January 2012 BNPP announced that 63% of the holders have tendered CASHES for purchase by BNPP @ purchase price of 47.5% of the principal amount of the CASHES. Periodic financial Information I 3M 13 Results I 15 May 2013 56 PR 21/03/13: call & redemption announced PR 21/03/13: all tendered securities accepted 336.4

Executive summary Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information

Periodic financial Information I 3M 13 Results I 15 May 2013 58 Summary of resolutions AGM April 2013A 2012 gross dividend of EUR 1.2 per share approved at AGM  Shareholders have approved all submitted subjects.  Cancellation of shares bought back during program announced on 6 August 2012 up to and including 15 February 2013  Payment of a gross cash dividend of EUR 1.20 per Ageas share  Payment date 6 May 2013

situation 31/12/2011 situation 31/12/2012 situation 15/05/2013 Total Issued Shares 2,623,380,817 243,121,272 233,955,818 Shares not entitled to dividend and voting right 340,160,729 15,669,850 9,083,113 1. TREASURYSHARES Share buy-back 175,163,656 7,056,442 469,705 FRESH 39,682,540 3,968,254 3,968,254 Other treasury shares 1,250 1,250 1,250 2. CASHES 125,313,283 4,643,904 4,643,904 Shares entitled to dividend and voting rights 2,283,220,088 227,451,422 224,872,705 Total Issued Shares diminished with the 9,635,159 shares acquired through the Buy-back programme up to 15 February 2013 & cancellation granted at the shareholders' meetings. Following the reverse stock split the number of shares at 31/12/2011 has been divided by 10, effective as at 7 August 2012. Cancellation bought back shares Agreement with BNP in February Periodic financial Information I 3M 13 Results I 15 May 2013 59 Total number of outstanding shares Bought back shares cancelled following approval AGM April 2013 Cancellation bought back shares

24 April Ordinary & Extraordinary shareholders’ meeting - Brussels 20 February Annual results 2012 15 May 3M 2013 results 14 March Annual report 2012 26 April Ex date 6 May Payment 2012 dividend 2 August 6M 2013 results 6 November 9M 2013 results Periodic financial Information I 3M 13 Results I 15 May 2013 60 19 September Extraordinary shareholders’ meeting - Brussels 21 September Ex date 20 November Payment capital reduction* Financial calendar 2013 Extraordinary shareholders’ meeting in September re EUR 1 distribution * Subject to settlement of any creditor’s claim

Rating Periodic financial Information I 3M 13 Results I 15 May 2013 61 S&P MOODY'S FITCH Operating entities AG Insurance (Belgium) Insurance Financial Strength A- / stable A2 / negative A+ / stable Last change 29/11/12 26/07/12 14/12/12 Millenniumbcp Ageas (Portugal) Insurance Financial Strength BB / negative BBB- / negative Last change 17/01/12 25/11/11 Ageas Insurance Co. (Asia) Insurance Financial Strength Baa1 / stable A- / stable Last change 16/01/13 05/01/12 Muang Thai Life Insurance Financial Strength BBB+ / stable BBB+ / stable Last change 29/12/10 16/12/10 Etiqa Insurance Berhad (Malaysia) Insurance Financial Strength A / stable Last change 26/09/11 Holdings ageas SA/NV Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2 Outlook stable negative stable Last change 29/11/12 26/07/12 14/12/12

After market closes Investor’s Update 18 September 2013 London On Vision 2015 Save The Date ! Andaz

Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future. Periodic financial Information I 3M 13 Results I 15 May 2013 63

Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 ir@ageas.com www.ageas.com Investor Relations Periodic financial Information I 3M 13 Results I 15 May 2013 64

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