6M results 2011

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Information about 6M results 2011
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

AGENDA CEO update Financials Selected topics

224 August 2011 |  Solid Insurance performance before Greek impairment  Group net result slightly negative  Strong solvency ratios, stable shareholders’ equity  Net exposure to PIGS sovereigns reduced Highlights H1 2011  Net result ex. Greek impairment at EUR 261 mio, up 44%  Net result inc. Greek impairment at EUR 111 mio  Group combined ratio 101.2%; further improvement in Q2  Life inflows at EUR 6.5 bn, -16%, FUM stable  Non-Life inflows at EUR 2.4 bn, +30%  Impacted by impairments on Greek sovereigns  General Account net loss at EUR 170 mio; EUR 130 mio non-cash legacy related charge  Solvency ratio at 207%  Shareholders’ equity at EUR 2.89 per share  Southern European sovereign exposure reduced by EUR 1.2 bn since 30 June*  Net exposure to PIGS sovereigns of EUR 4.3 bn*, -28% vs. end 10 * Situation as per 19 August 2011/ Net exposure is after non-controlling interests

324 August 2011 | (170) 455 181 111 274 (59) H1 10 H1 11 H1 10 FY 10 Q1 11 H1 11 A good financial & operational performance despite impairment Solvency and shareholders’ equity remain strong & stable Solid Insurance result In EUR bn In EUR mio Strong Insurance solvency, not impacted by impairments PIGS exposure further reduced In EUR bn* 181 261 111 150 H1 10 H1 11 Insurance result Impairments Greece Combined ratio further down Group result slightly negative Insurance result General Account 226% 227% 201% 207% 2.88 2.893.19 FY 10 Q1 11 H1 11 Shareholders’ equity stable In EUR, per share 5.5 4.3 12.9 FY 09 H1 11 19-8-11 * at amortized cost, after non-controlling interests H1 10 FY 10 H1 11 105.8% 101.2%107.3%

424 August 2011 | Belgium : Combined ratio 102.2% vs. 107.1% excl. WC 98.6% vs. 103.1%  Q2 11 combined ratio excl. WC at 97.2%  Motor : H1 96.7% vs.107.1%; Q2 at 98.6%  Fire : H1 107.2% vs. 104.6%; Q2 at 98.2% UK : Combined ratio at 101.2% vs. 106.5% excl. Tesco Underwriting 100.5%  Q2 11 combined ratio at 97.3%  Motor: H1 99.3% vs. 109.0%; Q2 at 98.5%  Fire : H1 104.4% vs. 98.3%; Q2 at 89.2% 10/03/2010 I page 4 Non-Life combined ratio : Operational targets nearly achieved Combined ratio excluding Workmen’s Compensation below 100% 90 100 110 120 130 2008 2009 2010 H1 11 Belgium Motor Belgium Fire Belgium % Combined ratio (excl. Workmen’s Compensation) 90 100 110 120 130 2008 2009 2010 H1 11 UK Motor UK Fire UK

524 August 2011 | 118 125 103 7 H1 10 H1 11 Life performance encouraging despite volatile financial markets Net profit up across all segments, ex. impairment on Greece Belgium In EUR mio 0 15 25 H1 10 H1 11 Continental Europe Asia 45 27 H1 10 H1 11 * Net profit excluding exceptional capital gain on Real Estate of EUR 35 mio in 2010  Belgium : Lower investment yields compensated by higher net capital gains excl. impairment charge on Greece  Continental Europe : Improved performance excl. impairment charge; better operating margin in Portugal and beneficiary impact from streamlining Insurance portfolio  Asia : Resilient results; good performance across all entities * ** ** ** Greek impairment

624 August 2011 | Lower Life inflows, Non-Life up across all segments Total inflows at EUR 9.0 bn, -7%; UK up 85% Asia* : Life : EUR 2.9 bn, -6%  Increased focus on regular premiums  Banks across Asia focus on liquidity & growing deposit base Non-Life : EUR 0.3 bn, +21%  +20% growth both in Malaysia & Thailand Continental Europe : Life : EUR 1.3 bn, -37%  Portugal, -38% due to macro-economic environment  Luxembourg, -39%, due to lower benefit FoS regulation Non-Life : EUR 0.2 bn, stable  Portugal : further up in Healthcare driven by strong Médis brand  Italy : stable premiums despite increased focus on profitability Belgium : Life : EUR 2.4 bn, -11%  Strong competition from banks in savings  Lower appetite for unit-linked products Non-Life : EUR 0.9 bn, +5%  Growth outperforms the market  Mix of portfolio growth & tariff increases UK : Non-Life : EUR 1.0bn, +85%  Tesco Underwriting : EUR 358 mio YTD  Ageas Insurance : Inflows +18%  Household +33% ex Tesco; Commercial lines +33% Life : EUR 22 mio, +97%  Increasing market share of Ageas Protect Other : EUR 132 mio, +114%  Acquisitions KFFS & Castle Cover drive growth * incl. Non-controlling interests at 100%

724 August 2011 | 3.2 1.4 6.2 2.6 2.5 1.8 1.4 1.3 1.2 0.8 2.1 0.8 0.7 0.7 0.20.2 1.21.3 FY09 H1 10 H1 11 Aug 19 11 Impairment Greece Italy Spain Portugal Exposure on Southern European sovereigns further reduced …Net exposure after non-controlling interests of EUR 4.3 bn* * Situation as per 19 August 2011 after non-controlling interests and at amortized cost and after  Gross exposure at 100% on PIGS countries down from EUR 17.8 bn to EUR 6.3 bn* in various steps since end 09; Net exposure at EUR 4.3 bn  Additional reduction of primarily Italian & Spanish sovereigns since end June 11 of EUR 1.2 bn  EUR 499 mio of primarily Portuguese sovereigns reclassified as ‘Held to Maturity” in Q2 11, in line with market practice  Gross impairment on Greek sovereigns of EUR 328 mio based on fair value as at 30 June 2011 and maturities up to 2020; Net impact of EUR 150 mio, after profit sharing, tax and non-controlling interests 12.9 6.1 5.5 4.3 In EUR bn

824 August 2011 | 1.1 0.5 0.1 0.5 Total available capital 3.1 6.4 Ageas’s solvency ratio strong, not impacted by impairments Available capital well above required regulatory minimum * Asia : Investments in partnerships are deducted from Total Capital; given the significant investments in partnerships ** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for AICA of 434% end of June 11. *** In June 2010, the NBB requested to adjust the calculation and limit the amount of subordinated funding and Hybrid capital to 50% of the minimum solvency requirements Belgium United Kingdom Insurance Required Regulatory minimum EUR 3.3 bn excess capital Insurance + EUR 1.6 bn General Account = EUR 4.9 bn ActualActual Min Minimum  187% 242% Total Solvency Ratio Actual Min Actual Min Continental Europe Asia */ ** Actual Min 194% 868% Actual General Account*** 207% End June 11 2.2 4.1 0.1 0.3 0.8 0.5 1.0

924 August 2011 | Ageas’ solvency calculations are based on the following methodology : any unrealized loss on fixed income on balance is deducted, any net unrealized gain is eliminated. As at 30 June 2011, solvency includes a EUR 0.5 bn of unrealized losses on fixed income securities. In addition in a situation of rising interest rates, the valuation of liabilities are not adjusted. Ageas applies a conservative solvency calculation methodology Example : Belgium (at 31/12/10) Ag Insurance EIOPA solvency II ratio (MCR) : 517% Average Insurance industry : 380% Ageas passed very successfully the EIOPA solvency stress tests for Belgium & Portugal with simulated Solvency II ratios exceeding the average of the European industry in all stress test scenarios adopted. Example : Belgium (at 30/06/11) IFRS Solvency ratio : 187%

1024 August 2011 | (288) 8,247 7,477 7,446 7,477 (543) (23) (52)(104) (197) 134 118 185 FY 2010 NetresultInsurance NetresultG eneralAccount Change unrealized gains Foreign exchange & O ther Q 1 2011 NetresultInsurance NetresultG eneralAccount Change unrealized gains* Dividend Foreign exchange & O ther H1 2011 FY 2010 Q1 2011 H1 2011 EUR 3.19 EUR 2.88 EUR 2.89 Shareholders’ equity / share Shareholders’ equity nearly stable at EUR 7.5 bn vs. Q1 11 No impact from impairment on Greek bonds Positive trend in Q2  Net positive evolution of unrealized gains & losses, incl. impact reclassification from AGS to HTM  Positive result contribution, as not impacted by impairment & strong result General Account. Shareholders’ equity by segment  Belgium down to EUR 2.2 bn, CE down to EUR 0.8 bn  Asia stable at EUR 1.4 bn, UK up to EUR 0.9 bn (incl. Tesco Underwriting & KFFS)  General Account down to EUR 2.2 bn due to ao transfer of capital to UK for acquisition Castle Cover * including charge related to reclassification of Portuguese sovereigns as ‘Held to Maturity’

1124 August 2011 | Ageas grows selectively its insurance portfolio A view on our latest acquisitions and partnerships  Partnership with Sabanci Holding: 50/50 partners, each with 31% stake in Aksigorta  # 4 position in Non-Life with 8% market share  Leading positions in key products  Distribution supported by 15 y-exclusive distribution agreement with Akbank  Transaction closed on 27 July 2011  Merger of Fortis Luxembourg Vie and Cardif Lux International  2010 FuM > EUR 12 bn (pro forma)  Shareholder structure new entity: Ageas 33.33%, BGL BNP Paribas 33.33% & BNP Paribas Cardif 33.34%  Distribution supported by 10-y bancassurance agreement with BGL  Establishes new entity as clear n°2 in the FOS market  Closing expected by end 2011  Intermediary selling Personal lines products to the aged 50 and over  2010 revenues: GBP 22 mio  Part of Ageas UK’s multi-distribution strategy, increasing its # customer to +/- 8 mio  Consolidating Ageas n°2 position in the over 50s segment

1224 August 2011 | Group result impacted by loss General Account General Account includes EUR 130 mio charge related to legacies EUR 170 mio net loss General Account  Q2 11: Net result of EUR 118 mio thanks to positive evolution RPN(I) & call option on BNP Paribas shares  H1 11: Call option BNP P shares up EUR 85 mio, RPN(I) liability up EUR 118 mio, RPI net result EUR 57 mio negative EUR 40 mio charge related to Fortis Bank Tier 1  95% of the holders have asked for exchange  Consent received from National Bank of Belgium on 18 August; Acquisition instrument as per 26 Sep 11  Ageas takes EUR 40 mio provision for difference between nominal and fair value as per end of June Further progress in legal proceedings  Favourable judgment in the VEB/Deminor and FortisEffect cases  New proceedings initiated by Stichting Investor Claims Against Fortis. Writ of summons received in 2nd quarter  Writ of summons related to counterclaims from Dutch State received end of July

1324 August 2011 |  Up to EUR 250 mio of its outstanding common stock  Buy-back programme launched as of 24 August  For a period ending 23 February 2012  Independent broker mandated to execute the programme  Shares to be held as treasury shares until further notice  No impact on solvency position Ageas announces a share buy-back programme

1424 August 2011 |  Insurance  Good performance excluding impairment related to Greece  Solvency ratio remains strong and untouched by impairment  Exposure to Southern Europe sovereigns further reduced after 30 June  Group  Volatility remains due to accounting impact legacy issues  Outlook 2011  Financial performance expected to be in line with 2010 taking into account Greek impairment & barring any other significant events outside our control  Inflows expected to be close to the level of last year Conclusions

1524 August 2011 | Upcoming...

AGENDA CEO update Financials Selected topics

1724 August 2011 | Key financial data H1 2011  Gross exposure to PIGS bonds at amortized cost down to EUR 6.3 bn (situation as per 19 August)  Net exposure to PIGS at amortized cost and after non-controlling interests at EUR 4.3 bn (situation as per 19 August)  IFRS solvency at 207%, up vs. Q1 11  Available Capital EUR 4.9 bn above regulatory minimum levels  Ageas passed successfully the EIOPA Solvency II stress tests  Shareholders’ equity nearly stable at EUR 2.89 per share  Discretionary capital at EUR 1.0 bn  Net loss General Account of EUR 170 mio, including net charge for legacy issues of EUR 130 mio  Insurance net profit excl. Greek impairments EUR 261 mio, +44%  Insurance net profit at EUR 111 mio incl. impairment charge on Greek sovereigns of EUR 150 mio  Group combined ratio significantly better at 101.2%; ex. WC at 99.4%  Life inflows at EUR 6.5 bn, -16% in line with market trends  Non-Life inflows at EUR 2.4 bn, +30% up across all segments Southern European exposure further reduced Strong solvency & stable shareholders’ equity; No impact from impairments Group net result negative Strong Insurance performance

1824 August 2011 | Key financials H1 2011 * Based on average number of outstanding shares ** Adjusted for the reclassification of Fortis Luxembourg Vie as "Assets and Liabilities held for sale” 10/03/2010 I page 18 Eur mio H1 11 H1 10  Q2 11 Q2 10 Q1 11 Gross inflows (EUR bn) 9.0 9.6 (7%) 4.2 4.6 4.8 Net profit Insurance 111 181 (39%) (24) 87 135 Belgium 23 88 (74%) (59) 24 82 UK 30 8 266% 26 10 4 Continental Europe 4 17 (78%) (14) 6 18 Asia 54 67 (20%) 24 47 30 Net profit General Account (170) 275 (162%) 118 569 (288) Net profit attributable Group (59) 455 (113%) 95 656 (154) Funds under management (EUR bn) 70.8 68.9 3% 70.8 68.9 70.6 Net shareholders' equity 7,477 9,153 (18%) 7,446 Belgium 2,234 3,006 (26%) 2,282 UK 859 621 38% 751 Continental Europe 773 983 (21%) 852 Asia 1,398 1,597 (12%) 1,378 General Account 2,212 2,938 (25%) 2,179 Net equity per share (EUR) 2.89 3.70 (22%) 2.88 Earnings per share (EUR) * (0.02) 0.18 (111%) * (0.06) Discretionary capital (EUR bn) 1.0 0.9 11% 0.2 **

1924 August 2011 | Detailed overview inflows H1 2011 By segment / country Eur mio H1 11 H1 10 H1 11 H1 10 H1 11 H1 10 Belgium 75% 2,361 2,651 898 852 3,259 3,503 United Kingdom 100% 22 11 994 538 1,016 550 Continental Europe 1,250 1,981 231 229 1,481 2,210 Portugal 51% 659 1,057 124 121 783 1,178 France 100% 171 208 0 0 171 208 Luxembourg 50% 400 657 0 0 400 657 Ukraine 100% 0 1 0 0 0 1 Germany 100% 20 23 0 0 20 23 Turkey 100% 0 35 0 0 0 35 Italy 25% 0 0 107 108 107 108 Asia 2,911 3,104 326 270 3,237 3,374 Hong Kong 100% 158 151 0 0 158 151 Non-consolidated partnerships 2,753 2,953 326 270 3,079 3,223 Malaysia 31%/13% 293 432 264 219 557 651 Thailand 25% 443 349 62 51 505 400 China 26% 1,953 2,109 0 0 1,953 2,109 India 0% 64 63 0 0 64 63 Total 6,544 7,747 2,449 1,889 8,993 9,637 Life Non-Life Total

2024 August 2011 | 0.5 1.0 2.2 1.5 3.4 3.2 9.6 9.0 3.5 3.3 H1 10 H1 11 A look on Insurance by various angles Asia remains a strong contributor, UK substantially recovered Inflow Net profit Non-Life In EUR bn In EUR mio 4 8 16 (15) 20 23 5 48 * Funds under Management Asia include the non-consolidated partnerships on a 100% basis; CE includes Fortis Luxembourg Vie classified as ‘Held for Sale’ Asia Continental Europe UK Belgium 15.5 15.0 14.7 15.5 88.5 46.9 48.6 8.07.0 1.41.4 85.5 H1 10 H1 11 In EUR bn Life Funds under management Net profit Life In EUR mio 15 62 45 179 52 103 7 (2) (1) 0 H1 10 H1 11 H1 10 H1 11 (6) * * * *

2124 August 2011 | Insurance Impacted by impairment Greece; Net result up 44% excl. impairment Net profit at EUR 111 mio (vs. EUR 181 mio)  Solid contribution from Asian operations; Improved performance across all countries  Net result impact of EUR 150 mio related to Greek sovereigns;  Recovery in Non-Life, especially in Belgium & UK, results in much higher net profit contribution vs. H1 10 (+ EUR 54 mio); Encouraging technical result Life, excluding impairment charge Greece Life at EUR 52 mio (vs. EUR 179 mio)  Asia : Net result contribution of EUR 45 mio;  Belgium : Strong mortality results; Higher net capital gains partly offset by lower yield; negative impact Belgian state contribution  Continental Europe benefiting from streamlining insurance portfolio and higher operating margins in Portugal ex. impairment  Impairment on Greek bonds of EUR 143 mio Non-Life at EUR 48 mio (vs. EUR 6 mio negative)  Strong second quarter offsets weaker first quarter; Improved operational performance thanks to corrective measures  Total exceptional weather related costs in H1 11 in Belgium and UK of EUR 18 mio; Impairment on Greek bonds of EUR 7 mio  Total net result contribution CE & Asia of EUR 12 mio, +85% Other at EUR 11 mio (vs. EUR 8 mio)  EUR 1.0 mio acquisition and financing related costs on Castle Cover 10/03/2010 EUR mio H1 11 H1 10 Gross inflow 5,914 6,412 Operating costs 414 393 Technical result 209 242 Operating margin 147 178 Profit before tax 186 294 Net profit after tax & non- controlling interests 111 180 Life FUM (EUR bn)* 70.8 68.9 * not including Fortis Luxembourg Vie (EUR 8 bn) & the non-controlling partnerships in Asia (EUR 15.5 bn)

2224 August 2011 | Belgium Net result impacted by impairments on Greek sovereigns; Non-Life returns to profit driven by improved operational performance 10/03/2010 I page 22 Net profit at EUR 23 mio (vs. EUR 88 mio)  EUR 125 mio net impairment on Greek sovereigns; Life EUR 118 mio, Non-Life EUR 7 mio  Strong technical Non-Life result esp. in Motor and Health  H1 10 included EUR 26 mio negative impact related to restructuring investment portfolio & EUR 6 mio exceptional weather related costs Life at EUR 7 mio (vs. EUR 103 mio)  Strong mortality results, solid risk margins  Lower investment yield (-EUR 19 mio), partly offset by positive dividend stream in Q2  EUR 10 mio net impact from 0.15% Savings insurance specific State contribution (effective since Jan 11)  Life FUM up to EUR 48.6 bn Non-Life at EUR 16 mio (vs. EUR 15 mio negative)  Strong 2nd quarter performance esp. in Motor & Health  Higher volumes and positive impact tariff increases in past quarters  EUR 6 mio net negative impact of exceptional weather related claims in June impacting mainly Fire  Workmen's Compensation improved in Q1, deteriorated in Q2 11 due to higher number of deceased & permanent disability claims EUR mio H1 11 H1 10 Gross inflow 3,259 3,503 Operating costs 229 220 Technical result 147 192 Operating margin 82 87 Profit before tax 58 155 Net profit after tax & non- controlling interests 23 88 Life FUM (EUR bn) 48.6 46.9

2324 August 2011 | United Kingdom Significantly improved net result, underlining a strong second quarter 10/03/2010 I page 23 EUR mio H1 11 H1 10 Gross inflow 1,016 550 Operating costs 76 57 Technical result 18 (7) Operating margin 19 (5) Profit before tax 41 10 Net profit after tax & non- controlling interests 30 8 Net result at EUR 30 mio (vs. EUR 8 mio)  Continued implementation of distribution strategy with strong growth in broker channels, new acquisitions in Retail sector and Life expansion of distribution capability  Inclusion of Tesco Underwriting & Castle Cover in H1 11 Non-Life at EUR 20 mio (vs. EUR 2 mio)  Includes Escape of Water costs incurred in Household in Q1 11 (EUR 12 mio) in relation to severe weather end 2010  Motor Inflow more than doubled to EUR 635 mio (vs. EUR 296 mio)  Tesco Underwriting now covers around 1 mio customers; cumulative inflows of EUR 459 mio since launch; net result H1 11 nearly breakeven Life at EUR -1 mio (vs. EUR -2 mio)  Inflow nearly doubled year-on-year; Continued progress in roll-out of protection business; 7.3% market share among IFAs  Recently announced partnership with BGL Group & ASDA expands Ageas Protect’s distribution to complement its growing presence in the IFA market) Other Insurance at EUR 11 mio (vs. EUR 8 mio)  Strong commission growth & retention rates thanks to addition KFFS & Castle Cover; RIAS & UKAIS grew 8% year-on-year  Net result of KFFS & Castle Cover of EUR 3 mio, including EUR 3 mio amortisation costs  EUR 1 mio acquisition & financing costs related to Castle Cover

2424 August 2011 | Continental Europe Excluding impairment on Greece, performance driven by higher investment yields and benefits from streamlining insurance portfolio 10/03/2010 I page 24 Net profit at EUR 4 mio (vs. EUR 17 mio)  EUR 25 mio impairment charge on Greek sovereigns, impacting Portugal, France & Luxembourg  Acquisition 31% stake Aksigorta closed in July 11; Reported as equity associate as of Q3 11 Life at EUR 0 mio (vs. EUR 15 mio)  Excluding impairments, operating margin improved driven by Portugal thanks to improved investment margins  Positive impact of ongoing streamlining insurance portfolio (sale of Turkey Life and Ukraine)  FUM fairly stable; Luxembourg reported as ‘Held for Sale as at 30 June 11 Non-Life at EUR 4 mio (vs. EUR 3 mio)  Accident & Health remains largest business line (55%)  Operating margin driven by better combined ratios and higher investment income;  Positive contribution to net result from Italy & Portugal  Total combined ratio: 96.8%, improved vs. H1 10 (99.1%) EUR mio H1 11 H1 10 Gross inflow 1,481 2,209 Operating costs 92 98 Technical result 30 46 Operating margin 29 51 Profit before tax 32 61 Net profit after tax & non- controlling interests 4 17 Life FUM (EUR bn)* 15.0 22.5 * not including Fortis Luxembourg Vie (EUR 8 bn)

2524 August 2011 | Net profit of EUR 54 mio (vs. EUR 67 mio)  H1 10 net profit includes net non-recurring positive of EUR 23 mio; EUR 35 mio from capital gains on sale real estate & EUR 12 mio impairment losses on equities in China  Improved technical result and a drop in operating costs resulted in a solid growth of net profit in Hong Kong  Net result non-consolidated partnerships up to EUR 43 mio (vs. EUR 25 mio), driven by lower impairments, organic growth and a non- recurring tax recovery in Malaysia (EUR 3 mio) Life net profit at EUR 45 mio (vs. EUR 62 mio)  EUR 15 mio net result from consolidated operations in Hong Kong; solid growth supported by improved technical results & drop in operating costs.  EUR 35 mio net result from non-consolidated partnerships, 70% up on significantly lower impairments & organic growth.  H1 10 positively impacted by EUR 23 mio non-recurring profit (see above); Regional costs almost unchanged at EUR 5 mio  FUM, incl non-consolidated partnerships at EUR 16.9 bn, up 7% (ex. currency impact) Non-Life net profit at EUR 9 mio (vs. EUR 5 mio)  Relates to operations in Malaysia and Thailand; Inflows up >20%.  Both the intrinsic operational performance and technical results remained strong, plus tax recoveries in Malaysia (EUR 3 mio). Asia Net profitability significantly up on a comparable basis 10/03/2010 I page 25 * Including Inflow (100%) & Profit (Ageas share) from partnerships respectively ** Including partnerships, FUM increased from EUR 16.1 bn H1 10 to EUR 16.9 bn H1 11 EUR mio H1 11 H1 10 Gross inflow* 157 151 Operating costs 17 18 Technical result 14 11 Operating margin 17 45 Profit before tax* 55 67 Net profit after tax & non- controlling interests* 54 67 Life FUM (EUR bn)** 1.4 1.4

2624 August 2011 | General Account Composition of the net result remains very diverse and volatile Net profit * Includes EUR 7 mio capital gain on winding down Intreinco reinsurance portfolio H1 11 In EUR mio (57) (40) 85 (40) H1 10 (170) In EUR mio Call option on BNP Paribas shares Others* RPN(I) Provision for Tier 1 RPI (118) 275 (271) (203) Deferred tax impact RPN(I) Call option on BNP Paribas shares RPI Others* 23 405 (24) (8) (121)

2724 August 2011 | General Account Result impacted by charge of EUR 130 mio related to legacies Net result of EUR 170 mio negative  Q2 11 net result of EUR 118 mio partly offsetting Q1 11 net loss of EUR 288 mio  EUR 40 mio provision reflecting valuation risks after mandatory acquisition Fortis Bank Tier 1 Debt not called by Fortis Bank  Value call option BNP Paribas shares up, RPN(I) and RPI down  H1 10 included EUR 405 mio deferred tax gain following simplification Belgian legal structure Equity value RPI down to EUR 899 mio  Ageas’s share H1 11 net result EUR 57 mio negative  Revaluation interest rate swaps lead to a EUR 52 mio positive result at RPI at 100%, accounted via equity (EUR 23 mio Ageas’s share) EUR 118 mio charge RPN(I) liability, EUR 85 mio positive for call option on BNP Paribas shares  RPN(I) liability driven by higher CASHES, higher spreads & i-rates  Call option BNP shares up following higher share price and lower expected dividend yield as at 30 June Other items :  Net interest margin EUR 6 mio negative due to higher interest rates and higher RPN(I) related interest payments  Net expenses stable at EUR 28 mio  Net capital gain of EUR 7 mio related to winding down investment portfolio Intreinco EUR mio H1 11 H1 10 Net interest income (6) 1 Realised capital gains 7 13 Other capital gains (41) (139) Result of associates (55) 20 Change in impairments & provisions (40) 0 Total expenses (28) (29) Profit before tax (170) (134) Tax 0 407 Net profit after tax & non- controlling interests (170) 275 Balance sheet items H1 11 FY 10 RPI 899 933 Call option BNP Paribas 694 609 RPN(I) (583) (465) Net cash/deposits (EUR bn) 2.0 2.2

2824 August 2011 | 1.0Discretionary Capital * (if available in cash) (0.2)Dividend 2011 upstream & M&A commitments (1.0)Contingent asset off balance (Fortis Bank Tier 1 loan due Sep 11) 2.1Total Capital (2.0)Invested in non-current assets on balance sheet 4.1Shareholders’ equity + FRESH 2.2Net equity0.7Call option on BNP P shares 17.117.1Balance sheet total 0.4Loan to operating cies 1.3FRESH0.9Royal Park InvestmentsDiscretionary Capital on balance sheet 0.6RPN(I) 8.7Other8.7OtherLT assets & LT liabilities 2.4Provision Dutch State2.4Claim ABN AMRO BankMCS / FCC 1.6NITSH I, II & Hybrone1.6Due from Fortis Bank & AG InsPassed on 0.3ST (EMTN + Bank)2.4Cash & Deposits at banksNet Cash/ deposits : EUR 2.0 bn LiabilitiesAssetsIn EUR bn, 30 June 2011 Discretionary Capital of the General Account A view on liquidity & capital H1 2011 evolutions:  Discretionary capital restated for RPN(I) liability considered as permanent funding following re-assessment of its nature  Variance compared to end 10 explained by acquisition Castle Cover and H1 11 net result General Account  M&A commitments related to acquisition in Turkey (Aksigorta) of EUR 153 mio, closed end of July 11  * 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

2924 August 2011 | Selected topics

Insurance Activities Financial instruments Royal Park Investments General Information 30 46 53 57

3124 August 2011 | 256 261 271 288 251 271 74 78 852 898 H1 10 H1 11 163 166 1,594 1,493 379 188 515 515 2,651 2,361 H1 10 H1 11 (11%) Belgium Non-Life inflows further up, Life inflows down on lower sales Life In EUR mio Non-Life In EUR mio Unit-Linked Savings Traditional Other Property Accident & Health Motor  +5% Individual Life  Down to EUR 1.8 bn with savings down 6% to EUR 1.5 bn  Bank channel inflow down 15%; lower volumes in savings competing with bank deposits offering higher i-rates  Broker channel -8%, following similar trend in bank channel  Continued reduced Unit-linked appetite Group Life  Remains stable at EUR 0.5 bn Funds under Management  Up 1% to EUR 48.6 bn vs. end 2010 Property and Casualty  Inflows up 7%, all product lines contributing esp. Fire (+8%) and Motor (+6%), from a combination of tariff increases and portfolio growth Accident & Health  Up 2%, growth in Healthcare (+1%) fuelled by growing portfolio and the medical indexation impact, partly offset by exceptional Disability premium in 2010 Group Life

3224 August 2011 | 538 994 550 1,016 22 11 H1 10 H1 11 32 35 296 635136 234 75 90 538 994 H1 10 H1 11 Motor United Kingdom Inflows substantially up thanks to Tesco Underwriting and organic growth Non-Life Life Other Property Accident & Health +85% +85% Total In EUR mio Non-Life In EUR mio * including other income Life  Successful roll out of its proposition across the IFA market, building on partnerships with BGL across Non- Life portfolio & ASDA  Over 150,000 customers Non-Life  Driven by organic growth in both Commercial & Personal lines and inclusion of Tesco Underwriting  Personal lines up 95% overall; Motor up 115%, Household up 73%  Commercial lines up 33% reflecting strong growth in Van in particular  Tesco Underwriting’s income in the first half of 2011 reached EUR 358 mio Other Insurance (Retail)  YTD total income of EUR 132 mio vs..EUR 62 mio, +114%; Growth driven by inclusion acquired activities KFFS and Castle Cover  RIAS & UKAIS grew 8% to EUR 64 mio

3324 August 2011 | 133 104 861 198 912 871 75 76 1,980 1,250 H1 10 H1 11 125 128 54 50 31 33 20 20 229 231 H1 10 H1 11 Continental Europe Life inflows down in line with market trends, Non-Life stable   +1% Accident & Health Motor Unit-Linked Savings Traditional Group(61%) Other Fire Life In EUR mio Non-Life In EUR mio Life  Portugal, -38% : Difficult economic environment since last part of 2010  Luxembourg, -39% : Lower benefit vs. H1 10 from European Savings Directive  Savings business affected by economic situation, competition from banking products  Unit-linked business remained largest business line; EUR 871 mio inflows, -4% in difficult market conditions Funds under Management  Fairly stable at EUR 15 bn  Decrease related to reclassification of Fortis Luxembourg Vie under “Assets & Liabilities held for Sale” Non-Life  GWP slightly up by 1% versus H1 10  GWP Portugal up 2% on the back of strong performance of Médis, in a stagnating market amidst economic uncertainty  Following substantial measures taken to redress the profitability in Motor, GWP Italy remained stable in a moderately growing market.

3424 August 2011 | 93 82 2,888 2,674 109 152 14 2 H1 10 H1 11 187 213 83 113 H1 10 H1 11 +21% Asia Inflows almost on a par with 2010 record levels   270 326 -6% Non-Motor* Motor Unit-Linked Savings Traditional * Non-motor includes Fire, MAT, Accident & Health and other lines ** MAT: Marine Aviation & Transport Life Non-Life In EUR mio In EUR mio Life  Hong Kong (+5%) Solid growth, following improved productivity in agency channel and growth in emerging IFA channel. New business (APE) up 30%  China (-7%) Lower single premium sales due to new banca regulations & monetary tightening. Strongly increased renewal premiums thanks to good persistency  Malaysia (-32%) Lower single premiums in wake of monetary tightening. Regular premiums were up (+3% YTD).  Thailand (+27%) Continued strong growth in both bank and agency channel. Both new business and renewals up  India (+2% YTD) Entirely driven by renewals. New business impacted by regulatory changes. Funds under Management  Including non-cons partnerships (at 100%): EUR 16.9 bn (+7% ex.currency impact).  Consolidated operations (Hong Kong) : EUR 1.4bn (+5% ex. currency impact). Non-Life  Malaysia (+21% YTD) Driven by Motor and Corporate MAT** lines  Thailand (+21% YTD) Driven by Non-Motor business through bank channel 3,104 2,911 Group

3524 August 2011 | 61.6 63.6 64.9 64.2 67.1 37.4 36.7 35.9 36.8 36.4 36.6 36.7 36.4 99.0% 100.3% 100.8% 103.1% 107.4% 102.2% 100.9% 103.5% 66.3 65.671.0 2006 2007 2008 2009 2010 H1 11 Q1 11 Q2 11 Combined ratio AG Insurance FY 06 – H1 11 Expense ratioClaims ratio Favourable evolution but further progress possible  Combined ratio H1 11 ex. Workmen’s Compensation at 98.6% vs.103.1% in H1 10  Performance closely monitored; additional measures considered if deemed appropriate Strong Motor performance, Fire improved in Q2  Motor : Continued strong performance benefiting from PY tariff increases, new product features & improved claims frequency. CR H1 11 below 100% at 96.7%  Fire : Strong Q2 could not offset weaker Q1, impacted by tail end bad weather December 2010. CR H1 11 at 107.2%, Q2 11 at 98.2%  Workmen’s Compensation : Q1benefited from a positive PY claims result; Q2 impacted by higher number of deceased and permanent disability claims; CR H1 11 at 130.5%  PY loss ratio release : -7.3% vs.-4.6% in H1 10 Corrective set of measures taken  Motor : Review material damage offer as from January 2011  Fire: CatNat tariff increase (Sep 11) representing premium increase of 3% on Fire portfolio on top of ABEX  Workmen's Compensation: 2.5% tariff increase as from Jan 2011 Belgium, combined ratio substantially improved on last year Strong improvement in Motor, strong second quarter in Fire

3624 August 2011 | 48.4 56.8 50.6 60.5 75.5 59.6 47.0 45.5 45.8 47.1 47.1 47.6 2006 2007 2008 2009 2010 H1 11 83.3 80 77.3 76.7 83.5 81.8 23.5 23.1 21.6 22.7 22 22.8 2006 2007 2008 2009 2010 H1 11 Belgium – Combined ratio by product Property & Casualty Motor Fire 10/03/2010 I page 36 52.8 57.0 59.8 62.1 65.8 59 43.1 42.2 42.0 42.6 42.3 42.2 2006 2007 2008 2009 2010 H1 11 99.2% 101.2%101.8% 104.7% 55.7 56.8 70.3 68.6 71.0 61.1 37.8 36.9 36.4 36.3 35.7 35.6 2006 2007 2008 2009 2010 H1 11 93.5% 93.7% 106.7% 104.9% Expense ratio Claims ratio 95.4% 102.3% 96.4% 107.6% 106.7% 122.6% Accident & Health 106.8% 103.1% 98.9% 99.4% 105.5% Expense ratio Claims ratio 108.1% 95.9% 104.6% 96.7% 107.2%

3724 August 2011 | Expense ratioClaims ratio Combined ratio UK FY 06 – H1 11 70.2 79.7 73.1 70.6 28.2 27.7 28.8 27.7 28.0 27.0 27.6 26.6 98.4% 107.4% 101.9% 108.1% 109.5% 101.2% 106.0% 97.2% 78.480.4 74.2 81.5 2006 2007 2008 2009 2010 H1 11 Q1 11 Q2 11 UK, further improvement in Q2 across all businesses Combined ratio in Continental Europe improved as well UK : corrective measures start to pay off  Further improvement quarter on quarter resulting in overall combined ratio below 100%, including Tesco Underwriting;  Motor : Tariff increases have positive impact; 99.3% in H1 10 vs.109.0% H1 10; Q2 11 at 98.5%  Household : Combined ratio down in Q2 thanks to better PY release ratio; H1 11 at 104.4%; Q2 11 at 89.2%  Travel : Down to 103.8% vs. 125.5% in H1 10 (impacted by the volcanic ash event Other countries : improved performance in Q2 Continental Europe : Combined ratio at 96.8%  Portugal : H1 11 combined ratio at 91.2% vs. 93.5% in H1 10  Italy : Rigorous efforts undertaken to redress profitability; H1 11 at 103.0% vs. 105.6% Asia : Combined ratio at 96.5% (vs. 96.2% in H1 10)

3824 August 2011 | 81.1 83.5 97.9 79.3 30.5 26.2 24.0 24.5 2008 2009 2010 H1 11 United Kingdom – Combined ratio by product Property & Casualty Motor Fire 10/03/2010 I page 38 72.5 80.2 74.0 28.7 27.8 27.2 80.4 28.3 2008 2009 2010 H1 11 101.2% 108.0% 108.7% 78.8 88.9 82.9 77.5 24.0 22.8 23.3 21.8 2008 2009 2010 H1 11 102.8% 111.7% Expense ratio Claims ratio 60.0 61.2 77.4 67.7 39.9 38.0 38.2 36.7 2008 2009 2010 H1 11 99.9% 99.2% 99.3% 115.6% Accident & Health 111.6% 109.7% 121.9% Expense ratio Claims ratio 101.2% 106.2% 103.8% 104.4%

3924 August 2011 | * Classified as ‘Available for Sale’ and ‘Held to Maturity’ and at fair value (incl. Interparking) 39 Ageas’ investment portfolio at EUR 58.7 bn Situation as per 30 June 2011 Investment portfolio (EUR 58.7 bn)* Total investment portfolio down EUR 1.1 bn vs FY 10  Drop of fair value of fixed income securites partially compensated by new inflows Fixed Income securities  Pre-tax unrealized loss end of June 11 at EUR 0.6 bn (vs. EUR 1.2 bn end Q1 11) due to Greek impairment & reclassification primarily Portuguese sovereigns to ‘HtM’  Exposure to PIGS sovereigns further reduced by EUR 1.2 bn after 30 June  Additional investments in Belgian & French sovereigns mainly Equities  Increase to EUR 2.6 bn (vs. EUR 2.3 bn end 10)  Pre-tax unrealized gains of EUR 108 mio Real Estate  Pre-tax unrealized gains up to EUR 1.2 bn Sovereign bonds 54% Real Estate 7% Equities 4% Corporate bonds 34% Structured Credit Inst 1% Total pre-tax unrealized gains on investment portfolio of EUR 687 mio

4024 August 2011 | Investment portfolio: Fixed Income of EUR 52.0 bn* Situation as per 30 June 2011 In EUR bn Sovereign Bonds 31.8 61% Structured Credits 0.4 1% Corporate Bonds 19.8 38%  End June 11 gross unrealized losses pre-tax down to EUR 617 mio  UL Sovereign bonds at EUR 891 mio following impairment on Greek bonds & reclassification Portuguese bonds into ‘Held to Maturity’  UG Corporate bonds at EUR 270 mio  90% bond portfolio single A or higher  74% rated AA or higher  Below investment grade or unrated stable at 3% * At fair value ‘Available for Sale’ + ‘Held to Maturity’ Below Inv grade/ Unrated BBB 7% 3% AAA 44% AA 30% A 16%

4124 August 2011 | Sovereign bond portfolio of EUR 31.8* bn Situation as per 30 June 2011  Net exposure to PIGS countries as at 19 August at amortized cost after non-controlling interests at EUR 4.3 bn : Greece EUR 1.0 bn (incl. impairment), Italy EUR 1.8 bn, Spain EUR 0.8 bn & Portugal EUR 0.7 bn;  Net investments in Belgian & French sovereigns In EUR bn * All values at fair value Below Inv grade/ UnratedBBB 4% 3% AAA 38% AA 41% A 13% Ireland 0.4 Portugal 1.1 Austria 2.3 Germany 2.7 Others 2.3Netherlands 1.2 Greece 0.9 Spain 1.6 Italy 3.4 France 4.3 Belgium 11.1

4224 August 2011 | Government related Corporate bond portfolio of EUR 19.8 bn* Situation as per 30 June 2011 In EUR bn  Gross unrealized gains of EUR 0.3 bn end of June 11 vs. EUR 0.5 bn end of December 10  Banking/ Other financials : 88% single A or higher; 58% rated AA or higher; no single position > EUR 0.3 bn  Hybrid securities: EUR 0.6 bn down EUR 0.1 bn, 90% investment grade and 90% with Tier-1 or Tier-2 status * All values at fair value BankingOther corporates Other financials Below Inv grade/ Unrated BBB 12% 2% AAA 51% AA 13% A 22% 4.4 8.8 1.7 5.0

4324 August 2011 | 10/03/2010 I page 43 In EUR bn Equity funds Equities Held by other segments 24% Belgium 76% Mixed funds Real Estate funds Equity portfolio at EUR 2.6 bn Situation as per 30 June 2011  Equities at amortized cost up to EUR 2.6 bn vs. EUR 2.3 bn end 10  Gross unrealized gains slightly down to EUR 108 mio end of June 0.2 0.6 0.2 1.6

4424 August 2011 | Real estate portfolio of EUR 4.1 bn* Situation as per 30 June 2011 10/03/2010 I page 44 In EUR bn Real Estate Development 0.4 Car Parks 1.1 Investment Offices 1.4 Investment Retail 1.0  Investments for own use EUR 1.4 bn  Investment property at EUR 2.7 bn  Gross unrealized gains end of June 11 up to EUR 1.2 bn (not reflected in net equity) - For own use : EUR 442 mio - Investment property : EUR 753 mio  Real estate exposure mainly in Belgium - Mainly Brussels region - Office buildings : occupancy rate of 92% - Commercial assets : shopping centers & public car parks across Europe (via Interparking) - Stable income streams - Inflation protection Investment Warehouses 0.2 * All values at fair value Belgium 68% Spain 3% Other 2% France 12% Italy 9% Germany 6%

4524 August 2011 | Ageas’s capital of a high quality Situation as per 30 June 2011 10/03/2010 I page 45 * Includes a.o. management contracts of public car parks EUR bn H1 11 FY 10 Reported net Shareholders' Equity 7.5 8.2 Unrealised gains real estate 0.6 0.5 Goodwill (incl RPI) (1.7) (1.8) VOBA (Value of Business Acquired) (0.4) (0.5) DAC (Deferred Acquisition Cost) (0.6) (0.6) Other* (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests 0.5 0.4 25% tax adjustment DAC, VOBA & Other 0.3 0.3 Tangible net equity 5.6 6.2 Tangible net equity 75% of reported net shareholders’ equity

Insurance Activities Financial instruments Royal Park Investments General Information 30 46 53 57

4724 August 2011 | Overview of main characteristics Hybrids Situation as per 30 June 2011 Ageas 57.78 Coupon served by FBB, however, trigger ACSM linked to dividend Ageas <0.5% Dividend YES NO YES Undated exchange strike 23.94 mandatory 35,91 BE0933899800 3,000 3m EUR +200 CASHES EUR mio Ageasfinlux Fresh Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Ageas Hybrid Financing Nitsh II Direct issue FBB, 2004 % 3m EUR + 135 5.125% 8.25% 8% 4.625% Amount 1,250 500 USD 750 625 1,000 ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 Call date 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 Oct/2014 Step up to 3M Euribor+170 ACSM YES YES YES YES YES Dividend pusher YES YES YES YES YES Dividend stopper NO YES YES YES YES Trigger < 0,5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset YES <8% CAD 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 as for Direct issue FBB 2001 Market Price (30/06/11) 53.71 74.45 98.45 95.9 88.95 Fortis Bank (now BNP Paribas Fortis)

4824 August 2011 | NBB has given consent to acquire Fortis Bank Tier1 Debt Background  In 2001, Fortis Bank SA/NV issued a EUR 1 bn subordinated Tier 1 bond*  Ageas to settle as co-guarantor, if Fortis SA/NV decides not to call at first call date (26/09/11)  In return Ageas receives a Tier 1 bond on Fortis Bank SA/NV; 3m-coupon at EURIBOR + 237 bps Current Status  On 27 May 2011, Fortis Bank SA/NV announced not to call  On 18 August 2011, NBB communicated its approval to settle the obligations in cash  95% of the holders have asked for exchange (EUR 950 mio) Financial implications  Net result : financial instrument accounted at fair value; Fair value estimated at +/- 95% of nominal value; provision of EUR 40 mio accounted as at 30 June 11; Estimated additional net interest income of app. EUR 24 mio p/a  Net cash General Account : from EUR 2.0 bn (30/06/11) to est. EUR 1.0 bn (26/09/11)  Solvency : not affected  Discretionary capital : No additional impact as already included in previous calculations * 6.5% Redeemable Perpetual Cumulative Coupon Debt Securities

4924 August 2011 |  Implied volatility (consensus) down from 33% (FY 10) to 30%  Dividend yield down from 5.29% (FY 10) to 4.95%  Strike price unchanged at EUR 66.672 per share  Exercise period from 10/10/10 til 09/10/16 Parameters Black & Scholes  Implied volatility +5% ► total value option +27%  Implied volatility -5% ► total value option -26%  Dividend yield assumption down 1% ► total value option +12%  Dividend yield assumption up 1% ► total value option -10% Sensitivities  EUR 991 mio total value option as at 30 June 2011 ► 30% haircut maintained for non- standard features ► Valuation call option on BNP Paribas shares estimated at EUR 694 mio, up EUR 85 mio vs. FY 10 Value as per 30/06/11  Since end of June 2010 Ageas has moved to a gradual exercise strategy in accordance with a disciplined methodology over the contractually foreseen exercise period Exercise strategy  The cash-settled call option allows Ageas to benefit from any appreciation in the value of 121,218,054 BNP Paribas shares held by the SFPI/FPIM  Ageas has undertaken to propose to pay out as dividend the benefits to the extent allowed by law and taking into account practical constraints Valuation methodology Valuation call option on BNP Paribas shares

5024 August 2011 |  EUR 501 mio negative mark-to-market value RPN(I)  EUR 82 mio negative for guarantee Belgian State  Cash interest cost 30/06/11 : EUR 6.5 mio to Fortis Bank  State guarantee costs 30/06/11: EUR 3.1 mio to Belgian State Valuation  Valuation model most sensitive to price CASHES  CASHES increase from 57.8% to 66% ► RPN(I) fair value up with EUR 131 mio  CASHES decrease from 57.8% to 50% ► RPN(I) fair value down with EUR 124 mio  Detailed sensitivity analysis : see IFS H1 2011 Sensitivities  Ageas’s share price (B-S model) :  EUR 1.87 per share (closing price 30/06/2011)  Dividend yield of 4.3%  Share price volatility of 41% (based on implied volatility end June 2011)  LT-value CASHES:  57.8% of par (closing price 30/06/11) vs. 62.8% end 10  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 potential reimbursement 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 10 Valuation methodology Fair value interest mechanism related to RPN(I) ► EUR 583 mio

5124 August 2011 | General Account Legal proceedings & investigations managed in interest of shareholders (1)  Appeal filed before the “College van Beroep voor het bedrijfsleven” at The Hague  AFM : fine imposed on 05/02/10 in relation to price sensitive info in June 08 The NetherlandsAdministrative proceedings  Appeal filed before Rotterdam District Court AFM: 2nd fine imposed on 19/08/10 in relation to price sensitive information in Sep 07  Proceedings ongoing FSMA re communication in second quarter 2008 Belgium  Investigation ongoingBelgiumCriminal investigation  Investigation ongoing At request of Deminor re transactions Sep/Oct 2008 BelgiumExpert investigations  Report filed in June 2010  VEB started legal proceedings to establish mismanagement by Fortis; awaiting judgement  At request of VEB/ESG re 2007-2008The Netherlands Situation on 24 August 2011

5224 August 2011 |  Positive judgement obtained; no appeal  Proceedings ongoing  FRESH-holders  MCS-holders contesting validity of conversion Brussels, BelgiumFinancial instruments  Court decision 08/12/09 on competence and provisional measures; proceedings ongoing  Suspended, awaiting outcome of criminal investigation  Modrikamen, re Sep/Oct 2008 transactions  Deminor, re alleged miscommunication Brussels, BelgiumCivil lawsuits  Judgement in favour of Ageas; no appeal  Judgement in favour of Ageas; appeal filed by Stichting FortisEffect  Proceedings against Ageas, former directors/executives and banks  Proceedings initiated in July 2011; claims for EUR 210 mio & EUR 674 mio  VEB/Deminor, re sale of Dutch activities against Dutch State and Ageas  Stichting FortisEffect, re sale of Dutch activities against Dutch State and Ageas  VEB re alleged miscommunication 07-08  Dutch state re Oct 2008 transaction Amsterdam, The Netherlands  Awaiting pleadings  Proceedings initiated in July 2011 against Ageas and two financial institutions  Mr.Bos, re alleged miscommunication  Stichting Investor Claims Against Fortis re alleged miscommunication Utrecht, The Netherlands  Against ABN AMRO and Dutch State; proceedings ongoing  Against FCC, ABN AMRO and Dutch State; exchange of written arguments  Claim of EUR 2 bn re MCS  Claim for reimbursement of EUR 362.5 mio Amsterdam, The Netherlands Initiated by Ageas General Account Legal proceedings & investigations managed in interest of shareholders (2) Situation on 24 August 2011

Insurance Activities Financial Instruments Royal Park Investments General Information 30 46 53 57

5424 August 2011 | Financial performance Royal Park Investments**  Net IFRS result of EUR 458 mio at 100%, EUR 128 mio loss including impairment of EUR 586 mio on the goodwill  Negative P&L impact Ageas of EUR 57 mio  Value equity stake RPI at EUR 899 mio, including EUR 23 mio positive impact fair value interest rate swaps** Value as per 30/06/11 see www.royalparkinvestments.comMore information  Total outstanding debt H1 11 : EUR 6.1 bn  Of which Commercial paper program : EUR 4.3 bn  Total Shareholders’ Equity end 2010 : EUR 2.0 bn Financing structure  Total net interest payments in H1 11 : EUR 71 mio  Total principal collections in H1 11 : EUR 581 mio Cash collection  Face value remaining portfolio : EUR 14.0 bn  IFRS fair value : EUR 6.6 bn* Asset Value as per 30/06/11 * Ageas refers to fair value while RPI reports Recovery value under B-GAAP corresponds to the estimated recovery value of the remaining lines of the structured credit portfolio, based on the assumptions used at closing date. This net book value amounted to EUR 8.8 bn on 30/06/2011. ** 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. Ageas’s share in H1 11 amounts to EUR 23 million.

5524 August 2011 | Balance sheet Royal Park Investments (under IFRS) 30-06-11 31-12-10EUR 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 8,147 6,566 448 781 352 8,147 6,136 29 4,288 1,300 519 2,011 850 850 145 166 10/03/2010 I page 55 9,317 7,005 681 1,367 264 9,317 7,230 86 4,585 2,040 519 2,087 850 850 94 294

5624 August 2011 | 407407Retained Earnings (EUR mio) Capital 740 (44%) 200 (12%) 760 (45%) 1,700 Senior 519 519 Commercial Paper* 4,289 4,289 Super Senior 1,300 1,300 Total Capital & Debt 740 719 760 1,300 4,696 8,215 Funding structure Royal Park Investments (under BGAAP) As per June 30, 2011** * End of February 10, senior debt Fortis Bank fully replaced by commercial paper program, 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)

Insurance Activities Financial instruments Royal Park Investments General Information 30 46 53 57

5824 August 2011 | Ratings 10/03/2010 I page 58 Operating entities AG Insurance (Belgium)  Insurance Financial Strength  Outlook  Last change Millenniumbcp Ageas (Portugal)  Insurance Financial Strength  Outlook  Last change Holdings Ageas  Long-term  Outlook  Last change Fitch S&P Moody's* A+ Stable 2-Sep-10 A Stable 2-Sep-10 BBB+ Stable 2-Sep-10 A- Stable 25-Oct-10 A- Watch Negative 31-Jan-11 BBB- Stable 25-Oct-10 A2 Negative 19-Nov-10 NR* Baa3 Negative 19-Nov-10 * Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.

5924 August 2011 | Our share (ticker ‘AGS’) General information Total number of outstanding shares end 2010 − Including shares issued for FRESH − Including shares issued for CASHES Total number of outstanding shares end June 2011 − Including shares issued on 07/12/10 related to conversion MCS Total number of effective and potential shares − Including shares in connection with option plans Shares related to CASHES and FRESH not entitled to dividend and voting rights Total number of effective shares entitled to dividend & voting rights Par value ageas SA/NV and ageas N.V. share equal at EUR 0.42 per share Authorised capital of EUR 84 mio valid until July 2014 − Renewed at General Shareholder’s meeting 27 April 2011 − Specifically related to cover the commitments taken in the context of the issue of the hybrid financial debt instruments 2,623,380,817 39,682,540 125,313,283 2,623,380,817 106,723,569 2,647,928,083 24,547,266* 164,995,823 2,458,384,994 •Number decreased from 24,687,630 last year following expiry of options

6024 August 2011 | Financial Calendar 2011 2 May Ex-dividend date – Start dividend election period 27 April Annual shareholders’ meeting Brussels 9 March Annual results 2010 28 April Annual shareholders’ meeting Utrecht 18 May Q1 11 Interim financial statements 31 May Payment 2010 dividend 20 May End of dividend election period 24 August First half results 2011 29 September Investor Day London 4 May Record date 9 November Q3 11 Interim financial statements

6124 August 2011 | Cautionary Statements Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.

6224 August 2011 | Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 + 31 30 2525 305 ir@ageas.com www.ageas.com Investor Relations

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