6M results 2010

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Information about 6M results 2010
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

Half Year 2010 Results 25 August 2010

• CEO update • Financials • Conclusion AGENDA

25 August 2010 | 2Half Year 2010 Results Robust inflow levels Resilient results Insurance operations Positive Group net result Solid and further de-risked balance sheet Continued execution strategic plan Key highlights 10/03/2010 I page 2

25 August 2010 | 3Half Year 2010 Results Highlights first half 2010  Simplification legal structure through liquidation Fortis Brussels  Announced sale Pension and Life activities in Turkey  Acquisition Kwik-Fit Insurance Services in UK On going execution strategic plan  Shareholder’s equity at EUR 9.2 bn or EUR 3.70 per share  Capital position remains strong at 226%  Capital buffer of EUR 6.0 bn above minimum required capital  Southern European sovereign exposure more than halved; EUR 8.9 bn divested in H1 10 Solid & further de-risked balance sheet  Group net profit : EUR 455 mio (vs. H1 09 EUR 896 million)  General Account : EUR 275 mio; Continued volatility  H1 10 : Positive tax impacts more than offset lower valuation call option and higher RPN(I); Valuation call option positively impacted by decision to move to a gradual exercise strategy H1 09 : Including EUR 697 mio positive impact of sale 25% AG Insurance to Fortis Bank Positive Group net result  Insurance net profit : EUR 180 mio (vs. H1 09 EUR 260 mio*);  Life : EUR 178 mio; Strong contribution driven by Asia & Belgium  Non-Life : EUR -6 mio; Weak operational performance in Belgium & UK  Other : EUR 8 mio; Steady growing UK retail operations Resilient financial performance Insurance despite market conditions  Total inflow : EUR 9.6 bn, +22%  Inflow Asia at EUR 3.4 bn, +59%; growth in all countries but especially in China  Steady growth in Life, +23% & Non-Life, +18%  Inflow consolidated operations at EUR 6.4 bn, +8% Robust inflow levels * Net Insurance result H1 09 restated from EUR 228 mio to EUR 260 mio as a result of the new segment structure and the impact of the changed Chinese Accounting Standards

25 August 2010 | 4Half Year 2010 Results Continued strong commercial performance Belgium Life Non-Life United Kingdom* Life* Non-Life Continental Europe Life Non-Life Asia** Life Non-Life Total Life Non-Life Of which non-consolidated partnerships Life Non-Life H1 09 3.5 2.7 0.8 0.5 - 0.5 1.8 1.6 0.1 2.1 1.9 0.2 7.9 6.3 1.6 2.0 1.8 0.2 H1 10 3.5 2.7 0.8 0.5 - 0.5 2.2 2.0 0.2 3.4 3.1 0.3 9.6 7.7 1.9 3.2 2.9 0.3 Total gross inflow (EUR bn) Q2 09 1.7 1.3 0.4 0.2 - 0.2 0.8 0.7 0.1 1.0 0.9 0.1 3.7 2.9 0.8 0.9 0.8 0.1 Q2 10 1.7 1.3 0.4 0.3 - 0.3 1.1 1.0 0.1 1.6 1.4 0.2 4.6 3.7 0.9 1.5 1.3 0.2 * UK Life inflow H1 10 at EUR 11 million/ Retail distribution not reported at inflow level/ ** All entities at 100% Q1 10 1.8 1.3 0.5 0.3 - 0.3 1.1 1.0 0.1 1.8 1.7 0.1 5.0 4.0 1.0 1.7 1.6 0.1 % (1%) (3%) 5% 22% - 20% 24% 20% 79% 59% * * 22% 23% 18% 63% 67% 26%

25 August 2010 | 5Half Year 2010 Results Steady inflow growth in all segments, Asia excelling Embedded value Asian partnerships further up Asia : +59%, all countries contributing to growth  China : +72% thanks to continued expansion distribution and product innovation  Malaysia, Thailand : Largest and respectively 2nd largest foreign investor in Life  Hong Kong : +7%; New business up 12%  India: Growth supported by strong brands banking partners Belgium : solid market position  Stable inflow levels with Life slightly down offset by increase in Non-Life UK : +22%, thanks to continued flow of new partnerships  Acquisition KFIS to increase contribution retail activities  New commercial partnerships, e.g. Tesco, American Express will further strengthen Non-Life  Life Protection, products available across entire IFA market Continental Europe : +24%  Recovery Luxembourg & France confirmed  Italian operations included since Q1 10  Portugal down 8% on H1 09 10/03/2010 I page 5 11% 22% 26% 35% 52% 43% 43% 36% 30% 28% 25% 23% 7% 7% 6% 6% 2005 2008 2009 H1 2010 Asia Belgium Continental Europe UK 13.6 4.6 8.5 FY 06 FY 08 FY 09 Ageas’s inflow evolution 05 – H1 10 Embedded Value Taiping (TPIH) - China* * Embedded value at 100%; Taiping under local methodology; HKD/EUR 0.104658 at 30 June 2010 In HKD bn

25 August 2010 | 6Half Year 2010 Results Various views on Ageas by segment Inflow breakdown by segment Gross inflow H1 10 = EUR 9.6 bn* Result breakdown by segment (excl. General Account) Net result H1 10 = EUR 180 mio Equity Breakdown by segment (incl. General Account) Total shareholders’ equity H1 10 = EUR 9.2 bn Asia 35% Belgium 36% Continental Europe 23% Belgium 33% General Account 32% Continental Europe 11% Asia 17% * Including non-consolidated joint ventures at 100% United Kingdom 6% Asia 37% Belgium 49% Continental Europe 9% United Kingdom 5% UK 7%

25 August 2010 | 7Half Year 2010 Results Belgium, combined ratio up due to adverse weather conditions Impact corrective measures visible in 2nd quarter Expense ratioClaims ratio 61.6 63.6 64.9 66.4 68.6 70.5 76.6 64.4 36.137.4 36.7 35.9 36.8 37.0 36.6 37.0 06 07 08 09 H1 09 H1 10 Q1 10 Q2 10 99.0% 100.3% 100.8% 103.1% 105.6% 107.1% 100.5% Non-Life marked by weak operating performance  Extreme winter ‘10 conditions and storm Xynthia  Unfavourable development of current year claims in Motor  Weak prior & current year claims development in Workmen’s Compensation Corrective set of measures taken since H1 09  Motor : tariff increases of 3.5% in 09 – 4.5% in 10  Fire : 50% tariff increase Natural Disaster cover (+3.5% impact on Fire portfolio; Additional increases planned of 4-5% on top of ABEX indexation in Retail Fire on new & existing contracts  Additional measures both in Motor & Fire (ex.reviewed product features Improved combined ratio observed in 2nd quarter  Positive seasonal influence and first positive results management actions, except in Workmen’s Compensation  Combined ratio H1 10 excluding WC at 103.1% compared to 105.5% in H1 09; Q2 10 combined ratio excluding WC at 95.7%  PY loss ratio at-4.6% (vs. -6.6% in H1 09) Combined ratio FY 06 - H1 10 AG Insurance 113.6%

25 August 2010 | 8Half Year 2010 Results 73.0 80.076.476.080.4 73.1 79.7 70.2 29.9 30.2 30.128.3 27.7 28.8 27.7 28.2 06 07 08 09 H1 09 H1 10 Q1 10 Q2 10 Other Non-Life, mixed views across the countries UK, impact adverse weather conditions in Q1, better performance in Q2 Expense ratioClaims ratio Non-Life marked by difficult first quarter and a better 2nd quarter  UK : Industry-wide poor performance in Motor overall, but strong performance in Q2  Portugal : strong performance with H1 10 combined ratio at 93.0%, despite Madeira storms in February  Italy : Negative evolution due to Southern Italy Motor book (industry wide issue); corrective measures taken  Asia : Combined ratio at 96.2% vs 97.7% last year UK : positive impact in Q2 from corrective measures  Private motor impacted by industry-wide issue of increased personal injury claims;  Selected tariff increases in 09 & H1 10 in line with underlying risk resulted in an improvement in Motor combined ratio (106.4% Q2 10 vs 111.8% Q1 10)  Fire/ Household combined ratio improved to 98.3%, thanks to improved current year loss ratio  Travel combined ratio (125.5%) impacted by volcanic ash event and increased medical claims  Overall combined ratio in Q2 improved to 102.9%, illustrating first results of the management actions and positive seasonal impact  PY loss ratio at 0.4% vs -3.4% in H1 09 Combined ratio FY 06 - H1 10 UK 98.4 % 107.4% 101.9% 108.1% 104.3%106.5% 102.9% 110.2% * Combined ratios 06-09 based on restated expense ratios; Original combined ratios 06-09 amount to 105.6%, 109.4%, 102.6% and 108.8% respectively

25 August 2010 | 9Half Year 2010 Results Ageas’s investment portfolio on 30 June 2010 Investment portfolio (EUR 58.5 bn) In EUR bn Fixed Income securities  Southern European sovereign exposure reduced in H1 10 to EUR 8.9 bn** by the end of June  Investment in Corporate bonds up with EUR 2.2 bn in H1 10  >95% investment grade, 94% rated A or higher  Gross unrealized gains on bonds end of June 10 up to EUR 1.7 bn Equities  Increase to EUR 1.8 bn** (EUR 1.7 bn market value)  Gross unrealized gains of EUR 24 mio Real Estate  Unrealized gain net-of-tax remained intact at EUR 0.6 bn  Total unrealized gains on investment portfolio of EUR 2.4 bn*** Sovereign bonds* 33.0 RE Inv Prop* 2.1 RE own use (incl. Interparking)* 1.4 Equities* 1.7 * At market value (incl. Interparking) ** At historical/amortized cost *** Before shadow accounting Corporate bonds* 19.8 Structured Credit Instruments 0.5

25 August 2010 | 10Half Year 2010 Results Southern European sovereign bond exposure down EUR 8.9 bn as at 30 June 2010  Gross unrealized gains on sovereign bonds of EUR 707 mio end June 10 vs EUR 871 mio end 09 Overview sovereign bond portfolio In EUR bn (at historical cost)  Estimated negative impact of EUR 55 mio on H1 2010 net profit of sovereign sales (incl. lower profit sharing assumptions)  Reallocation mainly into Belgian, German, Dutch, French, Austrian government bonds + corporate bonds End 09 : EUR 17.8 bn in Southern European sovereign bonds June 10 : EUR 8.9 bn in Southern European sovereign bonds Spain 1.9 Spain 1.7 Portugal 1.5 Others 5.0 Greece 4.3Belgium 6.6 Portugal 3.0 Italy 8.6 France 1.6 Others 5.0 Germany 1.6 Italy 3.7 Belgium 9.6 Greece 1.9 France 3.8 Germany 2.9 Austria 2.2

25 August 2010 | 11Half Year 2010 Results 0 2 4 6 8 10 12 1/07/041/01/051/07/051/01/061/07/061/01/071/07/071/01/081/07/081/01/091/07/091/01/101/07/10 Portugal Greece Belgium Germany France An uncertain and low interest rate environment Creating challenges for a competitive investment strategy Uncertain economic & financial situation  Inflated high interest rate scenario vs. deflated low interest rate scenario  Final scenario will impact the entire business environment including product portfolio Future investment strategy under study taking into account various possible scenarios  Ideal asset mix or asset mix scenarios  Investment strategy  Organisational implications  Target returns vs. risk appetite Ageas’s strenghts in an uncertain world  Appropriate match of assets & liabilities  Presence in markets with different dynamics  Healthy mix between Life & Non-Life  Strong capital position helping to absorb shocks 10/03/2010 I page 11 In % 10y- Government bond yields Source : Company Data

25 August 2010 | 12Half Year 2010 Results Further execution of our strategy • UK : Acquisition of Kwik- Fit Insurance Services • Turkey : Sale Pension & Life activities to BNP Paribas Assurances • Liquidation Fortis Brussels H110 • Italy: Partnership with BNP Paribas Assurances and UBI Assuricazioni in Non- Life • UK: Underwriting partnership Tesco Bank • Thailand: Increased stake of KASIKORN Bank -> Inflows +45% in H1 10 • Russia: Discontinuation operations • Luxembourg : Sale Non- Life to La Bâloise FY09 Acquire new businesses in attractive markets Grow the core entities organically and small add-on acquisitions, based on ability to team up with different partners Streamline the insurance portfolio, simplification of the Group structure

25 August 2010 | 13Half Year 2010 Results Underwriter The UK distribution model UK at the forefront in Europe in distribution via aggregators 10/03/2010 I page 13 Traditional direct Traditional intermediary model Aggregator model (direct insurers) Aggregator model (intermediares and affinities) Customer Underwriter Distributors & Underwriters UnderwriterBroker UnderwriterAggregator Aggregator Intermediary

25 August 2010 | 14Half Year 2010 Results Acquisition of Kwik-Fit Insurance Services in the UK • Total consideration of GBP 215 million, net of cash investment about GBP 185 million • Estimated goodwill and intangible assets of GBP 180 million • Cash return on net investment expected to meet minimum requirement of 11% as of 2011 • Funding of transaction via General Account Financials • Ageas’s now 4th largest Personal lines intermediary distributor in the UK • Further strengthening retail operations providing additional capacity and creating a collective retail customer base of 1.6 million clients. • Increase combined revenues and net profit levels from Retail distribution in a very dynamic UK market Strategic rationale • Kwik-Fit Insurance Services (KFIS) is an insurance intermediary, which sells predominantly Personal lines products direct to customers, primarily through the internet channel leveraging the Kwik-Fit brand and the two other brands owned by KFIS, The Green Insurance Company and Express Insurance • 2009 revenues of GBP 89 million, consolidated net assets of GBP 46 million Transaction

25 August 2010 | 15Half Year 2010 Results Ageas’s Core equity EUR 6.0 bn above required regulatory minimum * Asia : Investments in partnerships are deducted from Total Capital; Given the significant investments in partnerships, total capital is lower than Core capital ** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for FICA of 342% end of June 10. Belgium United Kingdom Other Core Tier 1 capital Insurance Required Regulatory minimum EUR 3.7 bn excess capital in Insurance + EUR 2.3 bn General Account = EUR 6.0 bn ActualActual Min 0.6 0.6 2.1 3.5 0.6 0.2 6.6 4.1 6.5 0.1 2.9 Minimum Core equity  195% 302% Total Solvency Ratio 1.3 0.6 Actual Min Actual Min Continental Europe Asia 0.9 0.3 0.1 1.3 0.6*/ ** Actual Min 238% 926% 2.5 0.2 2.3 Actual General 226%

25 August 2010 | 16Half Year 2010 Results Ageas prepares for Solvency II regulation 01- 06 : Start Solvency II / QIS 1 • A 3-pillar risk based approach, harmonised across Europe • Two levels – a “Target” Standard Capital Requirement (SCR) and absolute Minimum Capital Requirement (MCR) • QIS 1: tested level of prudence in technical provisions 06 : QIS 2 • Tested first version of solo Standard Capital Requirement (SCR) standard approach 70’s - 90’s : Solvency I • A simple factor-based approach capital requirements based on accounting valuations and volumes 07 : QIS 3 • Tested refinements of Standard approach – measure financial impact on SII balance sheet • Tested first version of Group SCR: group diversification and eligible elements of capital 08-mid 09 : QIS 4 • Solvency II Directive and CEIOPS advice on implementing measure • Test and refinements of standards approach (calculations and calibrations) 10 : QIS 5 • Test focusing on the full SII framework – identify areas for enhancement (processes, procedures, infrastructure, other) • Further refinements of standard approach, stresses and calibrations, own funds and technical provisiosn   Solvency II programme management in place following a defined internal implementation plan towards Solvency II compliance  Participation in previous QIS and impact of CEIOPS advise on implementing measures assessment completed using the QIS 4 framework.  Impact of QIS 5 under study, results to be communicated to regulators by Nov 15  Still significant uncertainty around the Standard Capital Requirements standard approach, but so far all indications show a positive capital position under Solvency II. 13 : • Solvency II in force • Regulatory submissions • Prepared for first required regulatory submissions

• CEO update • Financials • Conclusion AGENDA

25 August 2010 | 18Half Year 2010 Results Reporting and management structure aligned since Q1 10 First full set of financial data in H1 10 Continental Europe:  Inflow FY 09 : EUR 3.9 bn  Inflow H1 10 : EUR 2.2 bn  Mix of mature positions, smaller positions in fast growing markets & new activities  Life/ Non-Life : 90%/10% UK:  Inflow FY 09 : EUR 0.9 bn  Inflow H1 10 : EUR 0.5 bn  Strong in Personal lines, expanding Commercial lines (83%/17%)  Multi-channel strategy  100% owner of specific distributors RIAS, FIS and recently acquired KFIS  Mainly Non-Life business/ Life activity in start-up Asia  Inflow FY 09 : EUR 4.1 bn  Inflow H1 10 : EUR 3.4 bn  Active in 5 countries, fast growing  Strong partnerships with leading local partners  Regional headquarters in Hong Kong  Life/ Non-Life : 92%/8% Belgium  Inflow FY 09 : EUR 6.9 bn  Inflow H1 10 : EUR 3.5 bn  75% owned, operating under name AG Insurance since June 09  Multi-channel via brokers and bank; Employee Benefits dedicated channel for life & healthcare  Life/ Non-Life: 75%/25% * FY 09 inflow figures on a 100 % basis Total Insurance:  Inflow FY 09 : EUR 15.8 bn  Inflow H1 10 : EUR 9.6 bn  Life/ Non-Life : 80%/20%

25 August 2010 | 19Half Year 2010 Results Key figures H1 2010 H1 10 H1 09 H2 09 FY 09 Net profit Insurance before non-controlling interests Net profit attributable to minority interests Net profit Insurance attributable to shareholders Net profit General Account Net profit attributable to shareholders Funds under management (EUR bn) Earnings per share (EUR) * Net equity per share (EUR) Net shareholders’ equity Belgium** UK Continental Europe Asia General Account Discretionary capital (EUR bn) 232 52 180 275 455 76.0 0.18 3.70 9,153 3,005 620 983 1,597 2,948 0.9 295 35 260*** 635 896 68.5 0.36 3.14 7,760 2,327 510 833 1,170 2,920 1.3 331 86 245 69 314 73.0 0.12 3.41 8,431 2,859 513 1,002 1,203 2,854 1.3 626 121 505 705 1,210 73.0 0.49 3.41 8,431 2,859 513 1,002 1,203 2,854 1.3 EUR mio * Based on average number of outstanding shares ** Net equity 31 December 2009 after 25% minority stake Fortis Bank *** EUR 32 million positive impact from restatement 2009 accounts following new segmentation and impact new Chinese Accounting Standards 10/03/2010 I page 19

25 August 2010 | 20Half Year 2010 Results Insurance Resilient performance supported by capital gain in Hong Kong Net profit at EUR 180.5 mio (vs. EUR 260.4* mio)  Lower non-controlling interests (EUR 17 mio) & one-off tax impact in Belgium of EUR 94 mio in H1 09  Solid contribution from Asian operations supported by EUR 35 mio capital gain on sale of Fortis Centre in Hong Kong  Strong Life performance vs weak operational performance in Non-Life  Net impact capital losses on restructuring investment portfolio of EUR 55 mio, partly offset by capital gain on real estate Life at EUR 178.5 mio (vs. EUR 206.9 mio)  Negative variance on non-controlling interests and income taxes in Belgium  Strong technical result of EUR 234 mio (+15%) driven by Belgium  Operating costs up 2.6% to EUR 180 mio; Non-recurring costs in Belgium related to separation and roll-out costs related to Life Protection business in UK; Non-Life at EUR -5.9 mio (vs. EUR 46.5 mio)  Weak operational performance in UK & Belgium  Capital losses related to restructuring investment portfolio Belgium  First time inclusion of Italian operations -> increased operating costs 10/03/2010 I page 20 260.4180.5Net profit after tax & minorities* 63.970.8Life FUM (EUR bn)** 290.3293.5Profit before tax* 194.7178.3Operating margin 235.7242.3Technical result (364.4)(393.4)Operating Costs 7,9059,636Gross Inflow H1 09H1 10EUR mio * H1 09 net result restated ; impact of EUR 32 mio related to transfer Corporate costs and impact new Chinese Accounting Standards ** Only consolidated activities

25 August 2010 | 21Half Year 2010 Results Belgium Strong Life technical result, partially offset by adverse result in Non-Life Net profit down to EUR 87.9 mio  Minority interests up to EUR 31 mio (vs. EUR 10 mio H1 09)  Positive non-recurring tax benefit of EUR 94 mio in H1 09  Net negative impact of EUR 26 mio related to restructuring of investment portfolio (incl. capital gain on real estate)  Operating costs up 5%, due to non-recurring separation costs & increased staff expenses Life net profit of EUR 103.3 mio, - 41%  Strong technical result (+19%) and operating margin (+15%), supported by higher volumes and a better investment margin  Net negative impact of EUR 3 mio due to restructuring investment portfolio, partially offset by lower profit sharing assumptions and capital gain on real estate  Life FUM up 3% to EUR 46.9 bn, driven by both savings and unit-linked products Non-Life net profit of EUR 15.4 mio negative  Operating margin down on weak operating performance  Improved Combined Ratio in 2nd quarter led to improved technical result  Net capital losses on restructuring investment portfolio (EUR 23 mio) 10/03/2010 I page 21 195.487.9Net profit after tax & minorities 43.446.9Life FUM (EUR bn) 171.7155.4Profit before tax 125.187.2Operating margin 175.8191.7Technical result (209.3)(220.2)Operating costs 3,5543,503Gross inflow H1 09H1 10EUR mio

25 August 2010 | 22Half Year 2010 Results Net profit down to EUR 8.3 mio  Severe weather conditions leading to an exceptional cost of EUR 9.4 mio  Operating costs up on roll-out Life & costs related to start-up partnership with Tesco Bank  Weak performance across the whole UK motor market Non-Life down to EUR 2.1 mio (vs. EUR 17.3 mio)  Improved 2nd quarter from positive impact of management actions and reflecting seasonal factors  Industry wide issues, including escape of water event in January and volcanic ash in April  EUR 11 mio cost related to lower realised capital gains and investment income Life net loss of EUR 1.7 mio (vs. EUR -3.5 mio)  Continued progress in roll-out protection business  Products now available across the whole IFA market  Strong match of assets & liabilities Steady contribution Retail operations (EUR 7.9 mio)  Increased commissions more than compensate higher costs  Consolidation of KFIS will take place in 3rd quarter 2010 United Kingdom Non-Life results affected by industry wide issues and lower investment income but improving; Steady contribution from Retail distribution 10/03/2010 I page 22 20.88.3Net profit after tax & minorities* 29.09.6Profit before tax* 9.2(4.6)Operating margin 0.1(6.7)Technical result (50.2)(56.8)Operating costs 452550Gross inflow H1 09H1 10EUR mio * Including contribution Retail distribution reported under Other Insurance

25 August 2010 | 23Half Year 2010 Results Continental Europe Better underwriting results and positive streamlining insurance portfolio Net profit up to EUR 17.2 mio, +15%  Improved performance in Luxembourg & France, partially offset by lower contribution of Portugal  Positive impact streamlining insurance portfolio, i.e. discontinuation Russian operations  Operating costs up 14%, mainly due to inclusion Italian Non-Life operations Life net result of EUR 14.7 mio, +18%  Lower technical result & operating margin mainly due to strengthening of the liabilities following the widening of the credit spreads on Portuguese sovereign bonds  Offsetting positive impact from higher capital gains & discontinuation Russian activities  Operating costs down 3% thanks to cost containment in all major activities Non-Life net result of EUR 2.5 mio, +3%  Relates to operations in Portugal & Italy  Operating margin slightly down, due to bad claims behaviour in Motor in Southern Italy. Corrective actions being taken  Portuguese operations resisted well despite Madeira storms in February 10/03/2010 I page 23 15.017.2Net profit after tax & minorities 19.422.5Life FUM (EUR bn) 59.461.2Profit before tax 55.150.6Operating margin 54.846.2Technical result (86.1)(98.0)Operating costs 1,7752,209Gross inflow H1 09H1 10EUR mio

25 August 2010 | 24Half Year 2010 Results Asia Solid performance supported by capital gain in Hong Kong Net profit of EUR 67.1 mio (vs. EUR 29.2 mio)  EUR 35 mio capital gain on sale Fortis Center in Hong Kong  Strong intrinsic performance from consolidated operations (EUR 7 mio)  Net result non-consolidated partnerships down to EUR 25.2 mio due to lower contribution of China Life at EUR 62.2 mio (vs. EUR 24.1 mio)  EUR 42.1 mio net result from consolidated operation in Hong Kong, including EUR 35 mio sale Fortis Center Hong Kong  EUR 20.3 mio net result from non-consolidated partnerships, including EUR 12 mio impairment due to lower equity markets in China  Other costs slightly up to EUR 5.3 mio Non-Life at EUR 4.9 mio (vs. EUR 5.1 mio)  Relates to operations in Malaysia and Thailand  Variance relates to lower investment income in Malaysia 10/03/2010 I page 24 29.267.1Net profit after tax & minorities* 1.11.4Life FUM (EUR bn)** 30.267.3Profit before tax* 5.345.1Operating margin 5.011.1Technical result (18.8)(18.4)Operating Costs 2,1233,374Gross Inflow* H1 09H1 10EUR mio * Including Inflow & Profit from partnerships respectively ** Including partnerships, FUM would amount to EUR 16.1 bn compared to EUR 10.7 bn in 2009

25 August 2010 | 25Half Year 2010 Results General Account Positive 2nd quarter result thanks to non-recurring tax benefit H1 10 net result of EUR 275 mio (incl. eliminations)  EUR 405 mio positive tax impact following decision to liquidate Brussels Liquidation Holding  H1 09 included EUR 697 mio capital gain on sale 25% AG Insurance to Fortis Bank EUR 145 mio negative impact related to fair value RPN(I) and call option BNP Paribas shares  EUR 121 mio negative charge on call option on BNP Paribas shares (fair value at EUR 759 mio)  EUR 24 mio negative charge on RPN(I) increasing cost to EUR 340 mio Positive net result of EUR 23 mio related to Royal Park Investments Other items :  Net interest margin EUR 0.8 mio  Staff & administrative expenses down to EUR 28 mio  RPN(I) interest payment to Fortis Bank of EUR 3.2 mio  Capital gain of EUR 12.4 mio on sale Luxembourg Non-Life Net cash position General Account of EUR 2.1 bn (vs. EUR 2.8 bn end 09)  EUR 0.5 bn invested in medium term deposits  EUR 0.2 bn dividend payment in June 10/03/2010 I page 25 (166.0)407.2Tax 635.4274.5Net profit after tax & minorities 801.4(134.2)Profit before tax* (52.5)(28.5)Total expenses 499.5(118.5)Other capital gains 699.512.8Realised capital gains 22.70.8Net interest income H1 09H1 10EUR mio

25 August 2010 | 26Half Year 2010 Results -24 23 405 -121 -10 1 -316 -301 581 697 44 Net result General Account remains volatile FY 09 705** H1 10 In EUR mio In EUR mio Net profit Call option on BNP Paribas shares Sale 25% AG Insurance Others RPN(I) Net-of-tax impact legal dispute FBN 275 Deferred tax impact RPN(I) Call option on BNP Paribas shares RPI Others* * Includes EUR 12.4 mio capital gain on sale Luxembourg Non-Life ** 2009 net result General Account restated from EUR 736 mio to EUR 705 mio

25 August 2010 | 27Half Year 2010 Results Announced simplification of Group Structure in H1 10 44,7% 50%50% 50% 50% 44.7% 50%50% Before liquidation of Fortis Brussels* * Excluding financing structures • First step towards simplication of group structures: Fortis Brussels held banking activities • Positive tax consequences, incl. on proceeds from the exercise of the call option on BNP Paribas shares Rationale for liquidation ageas SA/NV ageas NV Fortis Brussels SA/NV¨* ageas Utrecht NV RPI Insurance activities ageas SA/NV ageas NV ageas Utrecht NV RPI Insurance activities * Now called Brussels Liquidation Holding After liquidation of Fortis Brussels*

25 August 2010 | 28Half Year 2010 Results  Net-of-tax valuation call option on BNP Paribas shares estimated at EUR 759 mio;Value as per 30/06/10  Ageas announced the decision to liquidate sub-holding Fortis Brussels SA/NV (now Brussels Liquidation Holding)  As a result deferred tax liability of EUR 257 mio on value call option can be offset by deferred tax assets of the same amount of ageas SA/NV Taxation  Ageas has opted to move to a gradual exercise strategy in accordance with a disciplined methodology over the contractually foreseen exercise period (from 10/10/10 til 09/10/16)  Decision now taken to move to a gradual exercise, in order to minimise the impact of the implied volatility of the shares on the value of the call option ► use volatility without a 7%-size-discount Exercise strategy  Implied volatility (consensus) up from 27% to 39%*  Dividend yield up from 3.565% to 5.208%  Strike price unchanged at EUR 66.672 per share  EUR 1,085 mio total value option as at 30 June 2010 ► 30% haircut maintained ► EUR 759 mio  Volatility +5% ► total value option +22% Valuation based on Black & Scholes Valuation call option on BNP Paribas shares without taxes

25 August 2010 | 29Half Year 2010 Results  EUR 286 mio negative mark-to-market value RPN(I)  EUR 54 mio negative for guarantee Belgian State  Cash interest cost H1 10 : EUR 3.2 mio Valuation  Valuation model most sensitive to price CASHES  CASHES +/- 5% : EUR 271 mio < RPN(i) < EUR 401 mio  Detailed sensitivity analysis : see press release H1 10 Sensitivities  Ageas’s share price (B-S model) : − EUR 1.85 per share (closing price 30/06/10) − Dividend yield of 4.3% (based on 2009 dividend yield) − Share price volatility of 49% (based on implied volatility end H110)  LT-value CASHES: − 48.3% of par (closing price 30/06/10) vs 54.4% end 09 − 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 09 (based on valuation techniques for financial derivatives)  Decision to include additional cost related to guarantee Belgian State as per 30 June Valuation methodology Fair value interest mechanism related to RPN(I) ► EUR 340 mio

25 August 2010 | 30Half Year 2010 Results Financial performance Royal Park Investments**  Net IFRS result RPI H110 of EUR 51 mio at 100%, positive P&L impact Ageas of EUR 23 mio  No need for impairment goodwill  Value equity stake RPI at EUR 840 mio, including positive impact fair value interest rate swaps** Value as per 30/06/10 see www.royalparkinvestments.comMore information  Net outstanding debt end June 10 : EUR 8.6 bn  Commercial paper program represents : EUR 5.1 bn  EUR 2.2 bn equivalent repayment on outstanding super senior debt Financing structure  Total net interest payments in H1 10 : EUR 110 mio  Total principal collections in H1 10 : EUR 889 mio Cash collection  Face value remaining portfolio: EUR 18.5 bn  IFRS fair value: EUR 7.6 bn* Asset Value as per 30/06/10 * 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 ** In early 2010, RPI concluded a number of interest rate swaps exchanging variable interest streams into fixed interest streams. Fair value adjustments go via equity

25 August 2010 | 31Half Year 2010 Results Financial instruments Civil lawsuits Expert investigations Criminal proceedings Administrative proceedings Brussels, Belgium USA, New York Utrecht, The Netherlands Amsterdam, The Netherlands Brussels, Belgium The Netherlands Belgium Belgium Belgium & The Netherlands • Proceedings in relation to FRESH • Class action rejected on 18/02/10; motion for reconsideration denied on 20/05/10 : no further appeal • Initiated by individuals represented by Mr. Bos • Initiated by VEB/Deminor • Initiated by Stichting Fortis Effect • Procedure on the merits initiated by individuals, represented by Mr Modrikamen : court decision 08/12/09 on competence and provisional measures • Procedure on the merits initiated by individuals, represented by Deminor Int’l : pending • Expert report : report made public early June 2010; VEB/ESG started legal proceedings to establish mismanagement by Fortis a) Experts at request of individuals represented by Mr Modrikamen : report “Van Gerven”: filed in June 09 b) Experts appointed at request of Deminor Int’l: On going & investigating specifically transactions Sep/Oct 08 • Investigation ongoing • AFM : fine imposed 05/02/10 in relation to price sensitive info in June 08: appeal filed; 2nd fine imposed on 19/08/10 in relation to price sensitive information in Sep 07 : appeal envisaged • CBFA : proceedings ongoing Fortis will manage all legal proceedings & investigations in the interest of its shareholders

25 August 2010 | 32Half Year 2010 Results Discretionary Capital of the General Account A view on liquidity & capital Net Cash/ deposits : EUR 2.6 bn Passed on LT assets & LT liabilities Discretionary Capital on balance sheet Assets Cash & Deposits at banks Due from Fortis Bank & AG Ins Other Royal Park Investments Call option net of tax on BNP P Loan to operating cies Total In EUR bn, 30 June 2010 3.7 1.7 1.0 0.8 0.8 0.4 8.4 Liabilities ST (EMTN (0.9) + Bank (0.2)) NITSH I, II & Hybrone RPN(I) Other FRESH Net equity 1.1 1.7 0.3 1.1 1.3 2.9 8.4 Shareholders’ equity + FRESH  Invested in non-current assets on balance sheet Total Capital  Contingent asset off balance (Fortis Bank Tier 1 loan, due Sep 11)  Commitments with regard to Kwik Fit Insurance/Tesco Discretionary Capital * (if available in cash) 4.2 (2.0) 2.2 (1.0) (0.3) 0.9 Discretionary capital down due to scope change (EUR 0.2 bn) : FII holding & Fortis Re part of the General Account Investment Fortis UK in Kwik-Fit Insurance Services (EUR 0.2 bn); Profit balances out against changes in non-current assets  * 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 H1 10 evolutions :

25 August 2010 | 33Half Year 2010 Results Conclusion  Investment portfolio substantially de-risked  Continued strong capital buffers in Insurance and General Account  Shareholders’ equity up to EUR 9.2 bn or EUR 3.70 per share (incl. call option) Balance sheet  FY 2010 inflow levels expected to exceed 2009 levelsOutlook  Resilient Insurance results supported by strong Life technical result  Non-Life performance improved but remain cautious for the future  Positive result General Account fueled by one-off tax recovery Result  Robust commercial performance in all segments  Continued focus on growth both in Life & Non-Life  Massive increase of inflows in Asia  Recovery confirmed in Luxembourg & France Inflows

25 August 2010 | 34Half Year 2010 Results Selected topics

25 August 2010 | 35Half Year 2010 Results Comparable inflow data H1 10 By segment Belgium  Gross inflow Life  GWP Non-Life United Kingdom  Gross inflow Life  GWP Non-Life Continental Europe  Gross inflow Life  GWP Non-Life Asia  Gross inflow Life  GWP Non-Life  Non-consolidated partnerships (100%) Total inflow EUR mio 10/03/2010 I page 35 H1 10 H1 09 Change Q2 10 Q2 09 Q1 10 3,503 2,651 852 550 11 538 2,209 1,981 229 3,374 151 - 3,224 9,636 3,554 2,746 808 452 3 449 1,775 1,647 128 2,123 141 - 1,983 7,905 (1%) (3%) 5% 22% * 20% 24% 20% 79% 59% 7% * 63% 22% 1,704 1,336 369 285 6 279 1,080 971 109 1,565 82 - 1,483 4,634 1,701 1,345 356 234 2 232 803 747 57 983 75 - 908 3,721 1,798 1,315 483 265 5 260 1,129 1,010 119 1,809 68 - 1,741 5,001

25 August 2010 | 36Half Year 2010 Results Comparable inflow data H1 10 By type Life  Belgium  United Kingdom  Continental Europe  Asia - Fully consolidated - Non-consolidated partnerships (100%) Non-Life  Belgium  United Kingdom  Continental Europe  Asia - Fully consolidated - Non-consolidated partnerships (100%) Total Inflow EUR mio 10/03/2010 I page 36 H1 10 H1 09 Change Q2 10 Q2 09 Q1 10 7,747 2,651 11 1,981 3,104 151 2,954 1,889 852 538 229 270 - 270 9,636 6,305 2,746 3 1,647 1,909 141 1,768 1,600 808 449 128 214 - 214 7,905 23% (3%) * 20% 63% 7% 67% 18% 5% 20% 79% 26% * 26% 18% 3,717 1,336 6 971 1, 405 82 1,322 917 369 279 109 161 - 161 4,634 2,957 1,345 2 747 864 75 789 764 356 232 57 119 - 119 3,721 4,029 1,315 5 1,010 1,700 68 1,631 972 483 260 120 109 - 109 5,001

25 August 2010 | 37Half Year 2010 Results 7,8887,9059,6361,4371,5991,8896,4526,3067,747Total 343363***34336326%India 1,1421,2292,109***1,1421,2292,10925%China 26927640145445122423234931%/12%Thailand 34744465112317021922427443231%Malaysia 1,7921,9823,2241682142701,6241,7682,953Non-consolidated partnerships* 156141151***156141151100%Hong Kong 1,9482,1233,3741682142701,7801,9093,104Asia **108**108***25%Italy 283535***283535100%Turkey 241623***241623100%Germany 111***111100%Ukraine 837288657715*83027365750%/100%Luxembourg 182153208**182153208100%France 1,0941,2831,1781011131219931,1701,05751%Portugal 2,1661,7762,2101081282292,0591,6481,981Continental Europe 4614525504544495387311100 %United Kingdom 3,3133,5543,5037078088522,6062,7462,65175% -1Belgium H2 09H1 09H1 10H2 09H1 09H1 10H2 09H1 09H1 10% Ownership(EUR mio) Gross Inflow Life Gross written premiums Non-Life Total Detailed overview inflows H1 10 By region/ country

25 August 2010 | 38Half Year 2010 Results 1,768 1,594 277 379 544 515 157 163 H1 09 H1 10 (3%) 244 256 249 271 251245 70 74 H1 09 H1 10 Belgium Life inflow In EUR mio Non-Life Gross Written Premiums In EUR mio 2,746 2,651 808 852  Group Life Unit-Linked Savings Traditional Other Property Accident & Health Motor  Individual Life  Down 3% to EUR 2.2 bn  Bank channel inflow down 6%; due to decreased guaranteed interest rates and absence of specific campaigns  Broker channel up 15%, in line with positive trend since second half 2009  Unit-linked up 37%, successful sales of 8 tranches of structured unit-linked products Group Life  Down 5%; H1 09 inflow included exceptional premium payments related to group contracts Funds under Management  Up 3% to EUR 47 billion Property and Casualty  Inflows up mainly thanks to motor (+9%), driven by tariff increases and portfolio growth Accident & Health  +5% with strong growth in health care (+10%) Combined Ratio  107.1% vs 105.6% last year  Second quarter combined ratio significantly improved to 100.5% vs 113.6% in the first quarter that was hit by weather related winter events and storm Xynthia. Workmen’s Compensation performed weak during first half. +5%

25 August 2010 | 39Half Year 2010 Results 25 32 276 296 136 103 45 74 H1 09 H1 10 Motor 3 11 449 539 H1 09 H1 10 United Kingdom Total inflows In EUR mio   Non-Life (+20%)  Driven by growth in Commercial and Personal lines Life  Successful roll out of its proposition across the IFA market (5.1% market share)  Over 90,000 customers Other Insurance  RIAS & FIS income up 11% on the back of greater primary and add-on sales and growth in partnership income  Sales of Whole of Life product ahead of expectations. Collaboration between RIAS and the protection business demonstrates combined capabilities within the UK Personal lines (+15%)  Strong performance in all personal lines  Good growth in the Household account (+32%) Commercial lines (+54%)  Full launch into Fleet market & new Semploy product  Successful extension of significant commercial relationships Combined Ratio  106.5% vs 104.4% in H1 09 (but improved from Q1 10 110.2%)  Results driven by severe weather and increasing motor claims costs: an industry-wide issue 452 550 Non-Life Life Other Property Accident & Health 449 538 +20% +22% Non-Life Gross Written Premiums In EUR mio

25 August 2010 | 40Half Year 2010 Results 131 133 553 861 912 884 79 75 H1 09 H1 10 Continental Europe Life inflow In EUR mio   Inflow  Strong performance Luxembourg & France due to pick-up sales  Unit-linked sales up 3%, thanks to Luxembourg mainly  Strongest growth in traditional savings, fueled by specific product development  Portugal steady although down on last year; Lower structured unit-linked sales in H1 10 vs. Q1 09 benefiting from high pension business sales (anticipated reduced i- rate) Funds under Management  Up 16% to EUR 22.5 bn  Increase in Portugal & Luxembourg (14% resp. 27%) Inflow  First time inclusion Italian operations (EUR 108 mio) compensates for deconsolidation Luxembourg Non-Life  Portugal up 8% thanks to strong development Médis brand Commercial developments  Mbcp Ageas Motor’ product elected ‘best choice’ by an important Portuguese consumer rights organisation 26 31 11 21 124 80 53 11 H1 09 H1 10 128 229 +79% Non-Life Gross Written Premiums In EUR mio Accident & Health Motor Unit-Linked Savings Traditional Group1,647 1,981 +20% Other Fire

25 August 2010 | 41Half Year 2010 Results 142 187 72 83 H1 09 H1 10 +26% Asia Life inflow In EUR mio   Inflow  Very strong growth mainly in non-consolidated partnerships across the region  Hong Kong (+7%) moderate growth in the wake of recovering agency force  China (+72%) driven by continued expansion of distribution capacity and product innovation. Agency force close to 67,000.  Malaysia (+58%) driven by non-par single premium product innovation and Takaful business through bank channel  Thailand (+50%) in the wake of the intensified relationship with K-Bank  India (+93%) driven by successful local year-end campaigns by the two partner banks and careful expansion of the agency channel Funds under Management (EUR 16.1bn, +50%)  Impact of weakening EUR : +22%  Consolidated FUM (Hong Kong) : +30% or EUR 1.4bn Inflow  Malaysia (+29%) driven by retail motor and MAT* lines  Thailand (+16%) driven by non-motor business through bank channel 2,889 1,471 14 278 109 87 73 92 H1 09 H1 10 214 270 Non-Life Gross Written Premiums In EUR mio 1,909 3,104 +63% Non-Motor Motor Unit-Linked Savings Traditional * Non-motor includes Fire, MAT, Accident & Health and other lines Group * MAT: Marine Aviation & Transport

25 August 2010 | 42Half Year 2010 Results Ageas’s investment portfolio on 30 June 2010 Investment Portfolio (EUR 58.5 bn) In EUR bn Fixed Income securities  Southern European sovereign exposure reduced in H1 10 to EUR 8.9 bn** by the end of June  Investment in Corporate bonds up with EUR 2.2 bn in H1 10  >95% investment grade, 94% rated A or higher  Gross unrealized gains on bonds end of June 10 up to EUR 1.7 bn Equities  Increase to EUR 1.8 bn** (EUR 1.7 bn market value)  Gross unrealized gains of EUR 24 mio Real Estate  Unrealized gain net-of-tax remained intact at EUR 0.6 bn  Total unrealized gains on investment portfolio of EUR 2.4 bn*** Sovereign bonds* 33.0 RE Inv Prop* 2.1 RE own use (incl. Interparking)* 1.4 Equities* 1.7 * At market value (incl. Interparking) ** At historical/amortized cost *** Before shadow accounting Corporate bonds* 19.8 Structured Credit Instruments 0.5

25 August 2010 | 43Half Year 2010 Results Fixed Income Securities of EUR 53.3 bn Situation as per 30 June 2010 In EUR bn Sovereign Bonds* 33.0 62% Structured Credits* 0.5 1% Corporate Bonds* 19.8 37% AAA 24.2 45% A 10.4 19% AA 15.5 29% BBB 1.6 3% Below Inv grade/ Unrated 1.6 3%  End of June gross unrealized gains before tax EUR 1.7 bn or EUR 1.0 bn after tax and after shadow accounting  >90% bond portfolio single A or higher  74% rated AA or higher  Below investment grade or unrated up to 3% * At market value

25 August 2010 | 44Half Year 2010 Results Government & Corporate Bond portfolio of EUR 52.8 bn Situation as per 30 June 2010  Gross unrealized gains before tax and shadow accounting (UCG) of EUR 0.7 bn end of June 10 compared to EUR 871 mio end 09  95% single A or higher; 78% rated AA or higher In EUR bn  Gross unrealized gains of EUR 1.0 bn end H1 10 vs EUR 650 mio end 09  91% single A or higher; 69% rated AA or higher; only 1% below investment grade or unrated  Banking/ Other financials : 87% single A or higher; 63% rated AA or higher Government bonds EUR 33.0 bn* Corporate bonds EUR 19.8 bn* * All values at fair value Austria 2.3 Banking/ Other financials 8.5 Other corporates 3.8 Supra-national 2.3 Government related 5.3 Greece 1.3 Belgium 10.2Spain 1.7 Italy 3.7 Germany 3.2 Others 5.1 Portugal 1.4 France 4.0

25 August 2010 | 45Half Year 2010 Results 10/03/2010 I page 45 In EUR bn Equity funds 0.12 Equities 0.75 Other segments 0.5 Belgium 1.1 Mixed funds 0.12 Real Estate funds 0.57 Others 0.12 Equity portfolio at EUR 1.6 bn Situation as per 30 June 2010  Equities at historical cost up to EUR 1.8 bn vs EUR 1.6 bn end 09  Gross unrealized gains of EUR 24 mio end H1 10 vs EUR 141 mio gross unrealized gains end 09  Breakeven situation after shadow accounting

25 August 2010 | 46Half Year 2010 Results Real estate portfolio of EUR 3.6 bn Situation as per 30 June 2010 10/03/2010 I page 46 In EUR bn Corporate Buildings 0.2 Belgium 2.6 France 0.3 Spain 0.2 Car Parks 1.1 Investment Offices 1.3 Investment Retail 0.8 Europe/ Others 0.2Italy 0.1Germany 0.2  Investment for own use EUR 1.4 bn  Investment property at EUR 2.2 bn  Sale Eurosquare building in Brussels region in Q2 10  Net unrealized gains end June 10 nearly stable at EUR 639 bn (not reflected in net equity) - For own use : EUR 275 mio - Investment property : EUR 364 mio  Real estate exposure mainly in Belgium - Mainly Brussels region - Office buildings : occupancy rate of 94% - Commercial assets : shopping centers & public car parks across Europe (via Interparking) - Stable income streams

25 August 2010 | 47Half Year 2010 Results 83.1 79.8 76.7 76.5 86.0 23.6 23.2 21.6 22.6 22.0 2006 2007 2008 2009 H1 10 Belgium – Combined ratio by product Property & Casualty Motor Fire 10/03/2010 I page 47 52.7 57.0 59.9 62.2 63.8 43.1 42.2 42.0 42.5 42.7 2006 2007 2008 2009 H1 10 95.9% 99.2% 101.8% 104.7% 55.7 56.9 70.3 68.5 70.9 37.8 37.0 36.4 36.3 36.2 2006 2007 2008 2009 H1 10 93.5% 93.8% 106.6% 104.8% Expense ratio Claims ratio 48.3 56.8 50.7 60.5 56.6 46.9 45.5 45.8 47.1 47.9 2006 2007 2008 2009 H1 10 95.3% 102.3% 96.5% 107.6%107.1% 104.5% Accident & Health 106.7% 103.0% 98.3% 99.1% 108.0% Expense ratio Claims ratio 106.5%

25 August 2010 | 48Half Year 2010 Results 97.9 83.581.1 27.6 26.230.5 2008 2009 H1 10 United Kingdom – Combined ratio by product Property & Casualty Motor Fire 10/03/2010 I page 48 75.080.2 72.5 30.227.8 28.7 2008 2009 H1 10 101.2% 108.0% 105.2% 78.8 88.9 84.6 24.0 22.8 24.4 2008 2009 H1 10 102.8% 111.7% Expense ratio Claims ratio 60.561.260.0 37.838.039.9 2008 2009 H1 10 99.9% 99.2% 109.0% 98.3% Accident & Health 111.6% 109.7% 125.5% Expense ratio Claims ratio

25 August 2010 | 49Half Year 2010 Results Ageas’s capital of a high quality Situation as per 30 June 2010 10/03/2010 I page 49 Reported net Shareholders’ Equity Unrealised gains real estate Goodwill (incl RPI) VOBA (Value of Business Acquired) DAC (Deferred Acquisition Cost) Other* Goodwill, DAC, VOBA related to minorities 25% tax adjustment DAC, VOBA & Other Tangible net equity Tangible net equity 80% of reported net shareholders’ equity EUR bn * Includes a.o. management contracts of public car parks H1 10 9.2 0.5 (1.5) (0.5) (0.6) (0.3) 0.4 0.3 7.4 H1 09 7.7 0.5 (1.3) (0.5) (0.5) (0.3) 0.3 0.2 6.1 FY 09 8.4 0.5 (1.4) (0.5) (0.5) (0.2) 0.4 0.32 6.9

25 August 2010 | 50Half Year 2010 Results Overview of main characteristics Hybrids Situation as per 30 June 2010 Ageas ageas Finance, Senior outstandings Fresh Hybrone Ageas Hybrid Financing* Nitsh I Nitsh II % 3m EUR + 135 5.125% 8.25% 8% Amount (EUR mio) 896 1,250 500 USD 750 625 ISIN EMTN XS0147484074 XS0257650019 XS0346793713 XS0362491291 Call date Debt in default, early redemption at first request of bondholders Undated exchange strike 31.50 mandatory 47.25 Jun/2016 Step up to 3M Euribor+200 Aug/2013 No step up Jun/2013 No step up ACSM YES YES YES YES Dividend pusher YES YES YES YES Dividend stopper NO YES YES YES Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset Other 500 on lent to AG Insurance USD 750 on lent to FBB 250 on lent to AG Insurance;375 on lent to FBB Market Price (30/06/10) 44.90 66.94 86.08 91.17 ASR instrument TOPrS -contingent liabilities with regard to former subsidiaries – no longer exists as a result of an exchange on 4 August 2009 Fortfinlux

25 August 2010 | 51Half Year 2010 Results * Ageas paid EUR 362 mio after ruling in summary proceedings, proceedings on the merit of the case pending Ageas not liable for remaining principle, parental support on coupon dependent on outcome proceedings ** Only in case of an accelerated conversion *** Because of insufficient authorized shares, Ageas can exchange for cash, if CBFA consents; If no consent received, instrument remains outstanding with no liability for Ageas Fortis Bank Nederland Fortis Bank FCCL MCS Direct issue FBB, 2001 Direct issue FBB, 2004 CASHES % 3m EUR +260 8.75% 6.5% 4.625% 3m EUR +200 Amount (EUR mio) 88 2,000 1,000 1,000 3,000 ISIN GB0057047275 XS0328920862 BE0117584202 BE0119806116 BE0933899800 Call date FBNH did not call on 29-6-2009; coupon at the discretion of FBNH* Exchange 7-12-2010 at EUR 18.74; # 106,723,586 shares Sep/2011 Step up to 3M Euribor+237 Oct/2014 Step up to 3M Euribor+170 Undated exchange strike EUR 23.94 mandatory EUR 35.91 ACSM YES** YES YES YES Dividend pusher YES YES YES NO Dividend stopper NO YES YES YES Trigger Early conversion <5% T1 <8% CAD or default issuers <5% T1 YES <8% CAD <0.5% Dividend Other ABN AMRO will call the remaining outstanding securities – Contingent Liability ceases to exist Coupon at discretion Issuers (FBNH & FBB & Holdings) If not called, holders can opt to exchange in Ageas shares*** No stock settlement feature as for Direct issue FBB 2001 Coupon served by FBB, however, trig- ger ACSM linked to dividend Fortis’ holdings Market Price (30/06/10) 13.51 94.97 77.02 48.31 Overview of main characteristics Hybrids (ct’d) Situation as per 30 June 2010

25 August 2010 | 52Half Year 2010 Results (EUR mio) Capital 740 (44%) 200 (12%) 760 (45%) 1,700 Senior 519 519 Commercial Paper 5,057 5,057 Super Senior 2,980 2,980 Total Capital & Debt 740 719 760 2,980 5,057 10,256 Funding structure Royal Park Investments As per 30 June 2010** * End of February 10, senior debt Fortis Bank fully replaced by commercial paper programme, benefiting from a Belgian State Guarantee. Senior debt provided by BNP Paribas is not state guaranteed ** For more information see www.royalparkinvestments.com State of Belgium (SFPI/FPIM)

25 August 2010 | 53Half Year 2010 Results Balance sheet Royal Park Investments (under IFRS) 30-06-10 31-12-09EUR mio Assets Securities Deferred tax assets Goodwill Other assets Liabilities and shareholders' equity Liabilities Other liabilities Commercial Paper Funding, super senior Funding, senior Shareholders’ equity Share capital Share premium (additional paid in capital) Cash Flow hedge reserves Retained earnings 10,588 7,583 955 1,724 325 10,588 8,710 154 5,057 2,980 519 1,878 850 850 127 51 10,152 7,204 943 1,724 281 10,152 8,452 237 1,431 3,375 3,409 1,700 850 850 10/03/2010 I page 53

25 August 2010 | 54Half Year 2010 Results Ratings 10/03/2010 I page 54 Operating entities AG Insurance (Belgium)  Insurance Financial Strength  Outlook  Last change Milleniumbcp Ageas (Portugal)  Insurance Financial Strength  Outlook  Last change Group Ageas  Long-term  Outlook  Last change Fitch S&P Moody's A+ Negative 8-Dec-09 A Stable 9-Jul-09 BBB+ Negative 8-Dec-09 A- Negative 17-May-10 A- Negative 17-May-10 BBB- Negative 17-May-10 A2 Negative 15-Jul-09 NR Baa3 Developing 15-Jul-09

25 August 2010 | 55Half Year 2010 Results Financial Calendar H2 2010 - 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 11 Interim financial statements 31 May * Payment 2010 dividend 20 May * End of dividend election period 24 August First half results 2011 9 November Q3 11 Interim financial statements 4 May * Record date * Subject to decision of the Board of Directors and approval by the Annual Shareholders’ meeting 10 November Q3 10 Periodic financial information

25 August 2010 | 56Half Year 2010 Results 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 Fortis’ 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 Fortis 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.

25 August 2010 | 57Half Year 2010 Results Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 + 31 30 2525 305 ir@ageas.com www.ageas.com

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