6M results 2012

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Information about 6M results 2012
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

Main messages Equity / Solvency Insurance Activities Investment portfolio General Account General Information

Significant improvement in Insurance results across all segments Group net result driven by Insurance results & substantial progress in solving legacy issues Shareholders’ equity up Solvency strong  Insurance net profit of EUR 303 mio  Group combined ratio at 98.3% (vs.100.1%) Q2 combined ratio outstanding at 94.7%  Inflows at EUR 10.8 bn (+20%)  Life FuM at EUR 65.8 bn (+2% scope-on-scope)  Group net profit of EUR 305 mio  General Account net result of EUR 2 mio  Including one-off impact from agreements with BNP P & ABN AMRO and Dutch State  Shareholders’ equity at EUR 3.69 per share, +14%  Insurance solvency at 211%, Group solvency at 248%  Net cash position General Account at EUR 1.5 bn * All figures compared to 6M 11 unless mentioned otherwise Highlights 6M 12* Periodic Financial Information I 6M 12 Results I 6 August 2012 2

52 205 48 90 11 8 111 303 6M 11 6M 12 Life Non-Life Other 6M 11 6M 12 Insurance net result: up on better Life & Non-Life results In EUR mio In EUR mio Increasing Insurance solvency*Combined ratio substantially better driven by excellent Q2 General Account: impact settlements BNP P & ABN AMRO 227% Shareholders’ equity up, driven by UG & lower # outstanding shares EUR per share 210% * Based on regulator’s view 207% 98.3%100.1% 207% 211% FY 11 6M 12 3.23 3.69 FY 11 6M 12 (170) 2 6M 11 6M 12 Group net profit dominated by result Insurance activities In EUR mio 111 303 (170) 2 (59) 305 6M 11 6M 12 Insurance General Account Headlines Ageas posts strong 6M 12 results Periodic Financial Information I 6M 12 Results I 6 August 2012 3

Key financials 6M 12 10/03/2010 I page 4 EUR mio 6M 12 6M 11 Q2 12 Q2 11 Q1 12 Gross inflows (incl. non-consolidated partnerships) 10,815 8,993 5,164 4,161 5,651 - of which inflows from non-consolidated partnerships 5,111 3,079 2,281 1,414 2,830 Net result Insurance attributable to shareholders 303 111 148 (24) 155 By segment: - Belgium 144 23 66 (59) 78 - UK 51 30 34 26 17 - Continental Europe 34 4 16 (14) 17 - Asia 74 54 31 24 43 By type: - Life 205 52 80 (54) 126 - Non-Life 90 48 63 23 26 - Other 8 11 4 7 3 Net result General Account 2 (170) 241 118 (239) Net result Ageas attributable to shareholders 305 (59) 389 95 (84) Earnings per share (in EUR) 0.13 (0.02) (0.04) Combined ratio 98.3% 100.1% 94.7% 98.8% 101.9% Life Funds under management (in EUR bn) ** 65.8 64.4 * 65.1 65.6 Insurance Solvency 211% 207% * 207% 207% Shareholders' equity 8,807 7,760 * 7,617 8,304 Net equity per share (in EUR) 3.69 3.23 * 2.95 3.48 * Year-end 2011 data ** Consolidated companies only Periodic Financial Information I 6M 12 Results I 6 August 2012 4

Combined ratio Insurance 2008 – 6M 12 Insurance Combined ratio Further improvement to 98.3% resulting from improved risk pricing Improvement of combined ratio in all product lines  Combined Ratio at 98.3% (vs. 100.1%) Outstanding Q2 12 at 94.7%  Prior year releases increased slightly to 4.8% (vs. 4.1%); Cost ratio significantly improved  Motor at 96.5% (vs.98.7%): continued improvement following corrective measures taken over latest years  Belgium: ratio slightly up vs. an excellent 2011  UK: impact of rating actions and increased sophistication in fraud detection  CEU : exceptionally good claims result  Fire at 103.0% (vs.105.4%): improving but still under pressure of climatic events  Belgium: strong Q2 at 98.7%  UK: combined ratio stable as strong underlying performance offsets bad weather conditions  Asia: additional impact from Thai floods (4.3%)  Accident & Health: at 93.6% (vs.95.6%):  Belgium: frequency in Workmen’s Compensation improving → restated for new calculation methodology 67.0% 69.4% 73.2% 69.0% 69.1% 68.1% 71.6% 67.7% 32.8% 33.1% 32.8% 31.1% 32.4% 32.0% 30.3% 30.6% 99.8% 102.5% 106.0% 100.1% 101.5% 100.1% 101.9% 98.3% 2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12 claims ratio expense ratio Periodic Financial Information I 6M 12 Results I 6 August 2012 5

Detailed overview inflows 6M 12 vs. 6M 11 By segment/business Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life 2,361 2,642 22 38 1,250 1,574 2,910 3,580 6,543 7,834 898 940 994 1,102 231 537 326 402 2,449 2,981 + 10% + 12% + 43% + 23% + 20% 3,259 3,582 1,016 1,140 1,481 2,111 3,236 3,982 8,992 10,815 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 Periodic Financial Information I 6M 12 Results I 6 August 2012 In EUR mio 6

Detailed overview Insurance net result 6M 12 vs. 6M 11 By segment/business Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other 7 111 (1) 0 0 25 45 70 52 205 16 33 20 43 9 9 5 48 90 11 8 11 8 23 144 30 51 4 34 54 74 111 303 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 Periodic Financial Information I 6M 12 Results I 6 August 2012 In EUR mio 7

General Account Net result includes one-off agreements with BNP P & ABN AMRO / Dutch State (191) 140 (272) 112 (28) (239) (87) (38) 400 (23) 241 (278) 140 (272) (11) 74 400 (51) 2 BNP Call option Tier 1 RPN(I) impact deal with BNP P RPN(I) revaluation RPI Deal with ABN Amro & Dutch State Other General Account Q2 12 Q1 12 EUR (132) mio impact of agreement with BNP P on CASHES Periodic Financial Information I 6M 12 Results I 6 August 2012 In EUR mio 8

Investment portfolio as per 30 June 2012 Value up as result of drop in spreads on fixed income portfolio & volume growth In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs  Increase explained by yield drop of the core European sovereign and corporate bonds and volume growth.  Gross unrealized gains up EUR 1.8 bn vs. FY 11 to EUR 3.6 bn, mainly in fixed income  Asset mix stable Fixed Income  Gross unrealized gains at EUR 2.3 bn, vs. EUR 600 mio FY 11  Unrealized Gain Sovereigns at EUR 1.3 bn  Unrealized Gain Corporates at EUR 1 bn Equities  Gross unrealized gains up to EUR 69 mio vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains marginally up to EUR 1.3 bn Investment portfolio* 31.5 33.7 21.4 22.8 1.8 2.1 4.3 4.559.5 63.5 FY 11 6M 12 Real Estate Equities Structured credit instruments Corporate bonds Sovereign bonds Periodic Financial Information I 6M 12 Results I 6 August 2012 53% 36% 1% 7% 3% 9

Net exposure on Southern European sovereigns further reduced Exposure at amortized cost & adjusted for non-controlling interests of EUR 2.3 bn  Exposure on S-E sovereigns at amortized cost , after impairments and non-controlling interests further reduced to EUR 2.3 bn; stable on Q1 12  Additional reduction of primarily Italian & Spanish sovereigns in 3M 12 of EUR 0.4 bn given increased liquidity and reduced spreads of SE sovereigns.  Exposure on Greece brought down to a marginal amount of EUR 20 mio.  Gross exposure at amortized cost of EUR 3.7 bn. In EUR bn (0.9) 3.2 1.4 0.3 6.2 2.6 1.4 1.2 1.4 1.3 0.7 0.5 2.1 0.9 0.6 0.6 12.9 6.2 3.0 2.3 FY 09 FY 10 FY 11 6M 12 Portugal Spain Italy Greece Impairment Periodic Financial Information I 6M 12 Results I 6 August 2012 10

Ageas further diversifies its investment portfolio Gradually investing up to 5% of its assets in corporate loans 10/03/2010 Rationale  Ageas believes corporate loans offer an interesting alternative investment opportunity in the current low- interest environment with the benefit of greater portfolio diversification and attractive risk-return profile  It will gradually allocate 5% of total invested assets to corporate loans (EUR 3 bn), main part through partnership with Natixis. Main elements of infrastructure loans agreement with Natixis:  Target amount: EUR 2 bn, to be reached within 2 to 3 years  Scope partnership: infrastructure loans outside Benelux, where Ageas has direct access to real estate & infrastructure projects  New or very recently closed deals in selected sectors & countries  Natixis in charge of originating the loans & ensuring administration  Natixis will retain a pre-agreed substantial part of each deal Benefits for Ageas  Attractive risk adjusted return: yield enhancement & diversification benefits vs. sovereign debt  Collateral based on pledges linked to underlying projects (e.g. buildings, motorways…)  Improved duration match: long maturities, creating opportunities for funding of long term insurance liabilities Accounting  loans, at amortized cost, subject to impairments in case of credit event only Periodic Financial Information I 6M 12 Results I 6 August 2012 11 Natixis is the corporate, investment management and financial services arm of Groupe BPCE, the cooperative bank born out of the merger between Banques Populaires and Caisses d'Epargne. Natixis has 22,000 employees in 68 countries. Natixis is listed on the Paris Stock Exchange and has a market capitalization of around EUR 6 bn.

Net cash position General Account at EUR 1.5 bn Significant increase after agreements with BNP P & ABN AMRO and Dutch State  Ageas, Fortis Bank & BNP P reached an agreement on partial settlement of RPN(I) & full call of Tier 1 Debt securities with EUR 666 mio positive impact on net cash position in Q1 12.  The agreement with ABN AMRO & Dutch State on settlement of legal proceedings increased the net cash position by EUR 400 mio.  Payment of approved dividend of 8 eurocent per share brought cash down with EUR 0.2 bn.  Net cash position also impacted by remainder of 2011 Share buy-back programme & lower reservation for further redemption in the European Medium Term Notes (EMTN) programme Quarterly evolution net cash position* In EUR bn * Until 6M 11 known as discretionary capital in EUR mio FY 11 6M 12 Cash and cash equivalents 345 1,114 Due from banks short term 600 600 Debt certificates (257) (214) Net cash position 688 1,500 Periodic Financial Information I 6M 12 Results I 6 August 2012 1.3 1.0 0.9 0.7 0.5 0.2 1.0 0.8 0.7 1.3 1.3 0.2 1.5 FY 09 3M 10 6M 10 9M 10 FY 10 3M 11 6M 11 9M 11 FY 11 3M 12 6M 12  Share buy-back programme announced 6 August 2012 will reduce net cash position by EUR 0.2 bn 12

Insurance :  Growing inflows in all segments  Strong results in challenging markets  Funds under management steadily up Group :  Important progress in solving remaining legacies reducing complexity  Strong balance sheet Future developments :  Further diversification of investment portfolio entering corporate loans market  Simplification legal structure & reverse stock split effective as of 7 August  Buy-back announced; launching 13 August Conclusions Periodic Financial Information I 6M 12 Results I 6 August 2012 13

29 March 12 Ageas proposes simplification of legal structure & reverse stock split Ageas finalizes simplification of legal structure & Reverse Stock Split Ageas Board acknowledges all conditions are met 28 & 29 June 12 General Shareholders’ Meetings approve proposition 3 August 12 Ageas’s Board acknowledges all conditions are met:  no opposition by creditors of ageas N.V.  no use of withdrawal right 7 August 12 Merger & reverse stock split become effective overnight Merger : Transfer of all assets & liabilities from ageas N.V. to ageas SA/NV  Assets & liabilities will be accounted for in ageas SA/NV accounts as from 1 July 2012  at value as at 30 June 2012  against same valuation method  Transfer of all pending & future civil proceedings to ageas SA/NV  New corporate governance charter available on www.ageas.com new ISIN BE0974264930 * Indicative, based on closing price on Thursday 2 August 2012 Consequences of Reverse stock split on our share  # shares divided by 10  243.121.272 outstanding shares  value multiplied by 10  around EUR 15.3*  new ISIN : shares BE0003801181  BE0974264930 strips BE0005591624  BE0005646204  ticker symbol temporarily AGSN (shares) & AGSSN (strips), back to AGS & AGSS as from Friday 10 August  Primary listing only on NYSE Euronext Brussels, no longer on NYSE Euronext Amsterdam For more details, elaborate Q&A and prospectus see www.ageas.com Periodic Financial Information I 6M 12 Results I 6 August 2012 14

15 7 December 10 Ageas issues 106.7 mio shares for conversion MCS / no compensation by ABN AMRO for dilution 24 & 25 April 12 Shareholders decide to  cancel shares bought back between 24/08/11 & 25/01/12  authorise the board to acquire up to 10% of outstanding shares  Up to EUR 200 mio of its outstanding common stock  Buy-back programme launched as of 13 August 2012  For a period ending 19 February 2013 at the latest  Independent broker mandated to execute the programme  Through open market purchases on NYSE Euronext Brussels  Shares to be held as treasury shares until formal approval of cancellation  No impact on solvency position of Insurance activities Ageas announces share buy-back programme Based on shareholders authorisation granted on 24 April 2012 29 June 12 Cancellation bought-back shares effective  Ageas holds +/- 1.7% own shares 6 August 12 Ageas announces EUR 200 mio share buy-back programme Periodic Financial Information I 6M 12 Results I 6 August 2012 28 June 12 Ageas & ABN AMRO agree to settle legal proceedings on FCC & MCS  Ageas receives EUR 400 mio 13 August 12 Ageas launches EUR 200 mio share buy-back programme

Main messages Equity / Solvency Insurance Activities Investment portfolio General Account General Information

Shareholders’ equity / share Shareholders’ equity as per 30 June 2012 Up driven by unrealized gains, tangible equity at 79% of shareholders’ equity In EUR mio 7,248 7,599 512 1,208 303 2 696 151 106 (188) (23) EUR 3.23 EUR 3.69 7,760 8,807 FY 11 Net result Insurance Net result Gen Account Change UG/L Dividend Buy back Revaluation put option Forex & other 6M 12 UG/L UG/L Equity per segment FY 11 6M 12 FY 11 6M 12 Belgium 2,381 ► 3,074 Asia 1,687 ► 1,851 UK 1,008 ► 1,103 General Account 1,756 ► 1,697 Continental Europe 929 ► 1,082 Ageas 7,760 ► 8,807 Periodic Financial Information I 6M 12 Results I 6 August 2012 17

Tangible net equity as per 30 June 2012 Ageas’s capital of a high quality 10/03/2010 I page 18 EUR bn 6M 12 FY 11 Reported net Shareholders' Equity 8.8 7.8 Unrealised gains real estate 0.6 0.6 Goodwill (incl RPI) (1.7) (1.6) VOBA (Value of Business Acquired) (0.4) (0.4) DAC (Deferred Acquisition Cost) (0.8) (0.7) Other* (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests 0.4 0.4 25% tax adjustment DAC, VOBA & Other 0.3 0.3 Tangible net equity 6.9 6.0 Tangible net equity 79% of reported net shareholders’ equity Periodic Financial Information I 6M 12 Results I 6 August 2012 18

4.1 2.3 1.0 0.4 1.2 0.6 1.4 0.5 7.7 3.8 1.4 9.4 3.8 8.0 Total available capital IFRS Solvency as per 30 June 2012 Solvency up 11% vs. end 2011 Required Regulatory minimum  Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / Min Belgium United Continental Asia Insurance General Ageas Kingdom Europe Account  Solvency Ratio 6M 12 177% 243% 212% 283% 211% 248% Excess Capital Insurance General Account Ageas EUR 4.2 bn EUR 1.4 bn EUR 5.6 bn Periodic Financial Information I 6M 12 Results I 6 August 2012 19

Main messages Equity / Solvency Insurance Activities Investment portfolio General Account General Information

21 Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life 2,361 2,642 22 38 1,250 1,574 2,910 3,580 6,543 7,834 898 940 994 1,102 231 537 326 402 2,449 2,981 + 10% + 12% + 43% + 23% + 20% 3,259 3,582 1,016 1,140 1,481 2,111 3,236 3,982 8,992 10,815 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 Detailed overview inflows 6M 12 vs. 6M 11 By segment/business Periodic Financial Information I 6M 12 Results I 6 August 2012 In EUR mio

22 Detailed overview inflows 6M 12 vs. 6M 11 By segment/business @ 100% EUR mio 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 Belgium 75% 2,642 2,361 940 898 3,582 3,2590% 0 0 United Kingdom 100% 38 22 1,102 994 1,140 1,016 Continental Europe 1,574 1,250 537 231 2,111 1,481 Consolidated entities 545 1,250 235 231 780 1,481 Portugal 51% 407 659 126 124 533 783 France 100% 138 171 0 0 138 171 Luxembourg 50% 0 400 0 0 0 400 Germany 100% 0 20 0 0 0 20 Italy 25% 0 0 109 107 109 107 Non-consolidated JV's 1,029 0 302 0 1,331 0 Turkey (AKSigorta) 36% 0 0 302 0 302 0 Luxembourg (Cardif Lux Vie) 33% 1,029 0 0 0 1,029 00 0 Asia 3,580 2,910 402 326 3,982 3,2360 0 Consolidated entities 202 157 0 0 202 157 Hong Kong 100% 202 157 0 0 202 157 Non-consolidated JV's 3,378 2,753 402 326 3,780 3,079 Malaysia 31% 369 293 315 264 684 557 Thailand 31%/15% 588 443 87 62 675 505 China 25% 2,366 1,953 0 0 2,366 1,953 India 26% 55 64 0 0 55 640 0 Total 7,834 6,543 2,981 2,449 10,815 8,992 Life Non-Life Total Periodic Financial Information I 6M 12 Results I 6 August 2012

23 Detailed overview Insurance net result 6M 12 vs. 6M 11 By segment/business Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other 7 111 (1) 0 0 25 45 70 52 205 16 33 20 43 9 9 5 48 90 11 8 11 8 23 144 30 51 4 34 54 74 111 303 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 6M 11 6M 12 Periodic Financial Information I 6M 12 Results I 6 August 2012 In EUR mio

24 Insurance Better results both in Life and Non-Life and across all segments Net profit of EUR 303 mio (vs. EUR 111 mio)  Improvement mainly driven by Asia & UK  6M 12 result up 16% vs. 6M 11 results adjusted for EUR 150 mio impairment charge on Greek bonds Life at EUR 205 mio (vs. EUR 52 mio)  Net result holds up well despite challenging market environment  Strong result in Asia supported by EUR 15 mio exceptional reserve release  Net result Belgium on adjusted basis slightly down on higher tax rate & lower yield on own funds. CEU stable vs. 6M 11 adjusted, driven by Portugal performance Non-Life at EUR 90 mio (vs. EUR 48 mio)  All segments profitable with improvement mainly stemming from UK (+EUR 23 mio). Better performance in all product lines in Belgium  Strong performance in Motor; Fire improving despite some weather related costs in Belgium & UK  New Turkisch Non-Life partnership contributes positively, partly compensating lower result in Asia, the latter impacted by floods impact in Thailand & positive one-off in 6M 11 Other at EUR 8 mio (vs. EUR 11 mio)  Commission and fee income at EUR 139 mio, in line with last year  Net profit down reflecting highly competitive environment and positive impact incentive payment from commercial partner received last year. * Consolidated entities only; compared to FY 2011 Periodic Financial Information I 6M 12 Results I 6 August 2012 EUR mio 6M 12 6M 11 Gross inflow 10,816 8,992 Operating costs 438 414 Technical result 372 241 Operating margin 431 147 Profit before tax 574 186 Net profit after tax & non- controlling interests 303 111 Life FUM (EUR bn)* 65.8 64.4

25 Combined ratio Insurance 2008 – 6M 12 Insurance Combined ratio Further improvement to 98.3% resulting from improved risk pricing Improvement of combined ratio in all product lines  Combined Ratio at 98.3% (vs. 100.1%) Outstanding Q2 12 at 94.7%  Prior year releases increased slightly to 4.8% (vs. 4.1%); Cost ratio significantly improved  Motor at 96.5% (vs.98.7%): continued improvement following corrective measures taken over latest years  Belgium: ratio slightly up vs. an excellent 2011  UK: impact of rating actions and increased sophistication in fraud detection  CEU : exceptionally good claims result  Fire at 103.0% (vs.105.4%): improving but still under pressure of climatic events  Belgium: strong Q2 at 98.7%  UK: combined ratio stable as strong underlying performance offsets bad weather conditions  Asia: additional impact from Thai floods (4.3%)  Accident & Health: at 93.6% (vs.95.6%):  Belgium: frequency in Workmen’s Compensation improving → restated for new calculation methodology 67.0% 69.4% 73.2% 69.0% 69.1% 68.1% 71.6% 67.7% 32.8% 33.1% 32.8% 31.1% 32.4% 32.0% 30.3% 30.6% 99.8% 102.5% 106.0% 100.1% 101.5% 100.1% 101.9% 98.3% 2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12 claims ratio expense ratio Periodic Financial Information I 6M 12 Results I 6 August 2012

26 Property & Casualty Insurance Combined ratio per product line Motor Accident & Health Fire 69.1% 72.9% 68.2% 67.1% 72.7% 67.4% 36.1% 35.5% 32.7% 34.3% 31.9% 31.9% 105.2% 108.4% 100.9% 101.4% 104.6% 99.3% 2009 2010 2011 6M 11 3M 12 6M 12 70.4% 74.3% 71.9% 71.4% 66.8% 69.2% 23.6% 24.8% 25.0% 24.2% 23.9% 24.4% 94.0% 99.1% 96.9% 95.6% 90.7% 93.6% 2009 2010 2011 6M 11 3M 12 6M 12 79.0% 78.4% 72.0% 71.2% 73.7% 71.1% 29.3% 29.0% 25.3% 27.5% 25.2% 25.4% 108.3% 107.4% 97.3% 98.7% 98.9% 96.5% 2009 2010 2011 6M 11 3M 12 6M 12 59.4% 75.0% 61.9% 62.8% 72.8% 61.7% 43.4% 43.2% 41.5% 42.6% 41.6% 41.3% 102.8% 118.2% 103.4% 105.4% 114.4% 103.0% 2009 2010 2011 6M 11 3M 12 6M 12 Periodic Financial Information I 6M 12 Results I 6 August 2012

27 Belgium Good technical performance both in Life and Non-Life I page 27 Solid net profit at EUR 144 mio (vs. EUR 23 mio)  Life up to EUR 111 mio; strong inflows, good technical performance partly offset by higher effective tax rate and lower yield on own funds (non-allocated other income & expenses)  Non-Life up to EUR 33 mio; strong operating performance mainly in the second quarter Life at EUR 111 mio (vs. EUR 7 mio)  Operating margin fuelled by better investment margins and by higher net capital gains compared to last year (as a reminder last year was impacted by the Greek impairment charges)  Life FUM at EUR 50.4 bn (+3% vs. end 2011); mixed picture with  +3.5% in non Unit-Linked FUM; -3% in Unit-Linked FUM  AG Insurance’s leading market position reconfirmed with stable market share of 27.5% in terms of FUM1 Non-Life at EUR 33 mio (vs. EUR 16 mio)  Motor and Healthcare confirmed the good performance of the first quarter  Improvement of Fire and Workmen’s Compensation, part of Accident & Health  AG Insurance remains a strong second player in the Belgian Non-Life market with a market share of 14.6%2 Strong IFRS Solvency ratio at 177% Further reduction SE sovereigns exposure * Compared to FY 2011 1 Based on Assuralia Q1Life Insurance enquiry 2 Based on Assuralia Q1Premium enquiry EUR mio 6M 12 6M 11 Gross inflow 3,582 3,259 Operating costs 238 229 Technical result 215 147 Operating margin 263 82 Profit before tax 318 58 Net profit after tax & non- controlling interests 144 23 Life FUM (EUR bn)* 50.4 49.1 Periodic Financial Information I 6M 12 Results I 6 August 2012

28 166 157 1,493 1,798 188 148515 540 2,361 2,642 6M 11 6M 12 +12% Life In EUR mio Non-Life In EUR mio  Unit-Linked Savings Traditional Other Fire Accident & Health Motor  +5% Group Life Belgium Inflow Strong inflow in Life and sustained inflow in Non-Life Individual Life  Strong sales in Individual Savings with EUR 1.8 bn, +20% benefiting from a competitive offering while customers anticipated on lowering interest rates  Traditional down to EUR 157 mio  Individual Unit-linked sales down to EUR 148 mio on low customers appetite Group Life  Group Life reached EUR 540 mio, +5% driven by an increase in single premiums Funds under Management  Up 3% (vs. end 2011) to EUR 50.4 bn  Non Unit-linked FUM at EUR 44.7 bn, up 3.5% (vs. end 2011)  Unit-linked FUM decreased 3% to EUR 5.7 bn, reflecting a low risk appetite Property and Casualty (Fire, Motor & others)  Inflow up 5%, all product lines contributing well, especially Fire (+9%) both via the Bank and Broker channel  Growth driven by a combination of tariff increases and higher volumes Accident & Health  Inflow slightly up to EUR 267 mio 261 267 288 294 271 295 78 84 898 940 6M 11 6M 12 Periodic Financial Information I 6M 12 Results I 6 August 2012

29 Combined ratio AG Insurance 2008 – 6M 12 Belgium Combined ratio Further improvement in 2012 and amounting to 99.8%  Combined Ratio at 99.8% in 6M 12 (vs. 100.0%) Prior year releases at 8.7% (vs. 8.6% in 6M 11)  Motor confirmed its good performance with a combined ratio of 97.3% vs. 96.8% 6M 11  lower claims frequency  including costs Swiss bus accident  Fire combined ratio from 107.3% last year to 103.6%  lower claims frequency in Q2  Health Care at 96.3%; continued solid claims result  Workmen’s Compensation, part of Accident and Health, improved to 102.3%  lower claims frequency & severity  positive run-off from last year → restated for new calculation methodology 65.0% 64.1% 68.7% 64.3% 61.9% 63.4% 67.2% 63.1% 35.9% 36.8% 36.4% 36.8% 36.7% 36.6% 36.9% 36.7% 100.9% 100.9% 105.1% 101.1% 98.6% 100.0% 104.1% 99.8% 2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12 claims ratio expense ratio Periodic Financial Information I 6M 12 Results I 6 August 2012

30 Property & Casualty Belgium Combined ratio per product line Further improvement in 2012; thanks to Fire and Accident & Health Motor Accident & Health Fire 62.2% 65.8% 60.5% 59.0% 67.1% 59.7% 42.5% 42.3% 41.9% 42.2% 42.4% 42.0% 104.7% 108.1% 102.4% 101.2% 109.5% 101.7% 2009 2010 2011 6M 11 3M 12 6M 12 68.9% 75.8% 73.8% 74.0% 67.5% 71.4% 22.6% 21.9% 23.8% 22.8% 23.5% 23.7% 91.5% 97.7% 97.6% 96.8% 91.0% 95.1% 2009 2010 2011 6M 11 3M 12 6M 12 68.5% 71.0% 58.9% 61.1% 65.2% 61.3% 36.3% 35.7% 35.3% 35.7% 36.3% 36.0% 104.8% 106.7% 94.2% 96.8% 101.5% 97.3% 2009 2010 2011 6M 11 3M 12 6M 12 60.5% 75.6% 63.0% 59.7% 71.0% 57.2% 47.1% 47.1% 46.9% 47.6% 46.9% 46.4% 107.6% 122.7% 109.9% 107.3% 117.9% 103.6% 2009 2010 2011 6M 11 3M 12 6M 12 Periodic Financial Information I 6M 12 Results I 6 August 2012

31 10/03/2010 I page 31 United Kingdom Strong net result driven by Motor business and realized capital gains Net result at EUR 51 mio (vs. EUR 30 mio)  Multi-distribution strategy creating good returns  Improved performance overall but especially in private Motor  Retail income in line with last year Life at EUR 0 mio (vs. EUR -1 mio)  Continued progress in line with its stage of business development since launch Non-Life at EUR 43 mio (vs. EUR 20 mio)  Improved Motor result through positive impact of management actions, ofsetting seasonal claims Household  Net profit AIL at EUR 36 mio; Tesco Underwriting EUR 8 mio  Net realized capital gains of EUR 9 mio Other Insurance at EUR 8 mio (vs. EUR 11 mio)  Includes full 6M result Castle Cover vs. only 4 months in 11 (March-June)  Competitive retail environment leads to pressure on net profit EUR mio 6M 12 6M 11 Gross inflow 1,140 1,016 Fee, commission & other income 139 132 Operating costs 106 76 Technical result 50 50 Operating margin 59 19 Profit before tax 78 41 Net profit after tax & non- controlling interests 51 30 Periodic Financial Information I 6M 12 Results I 6 August 2012

32 Motor United Kingdom Inflow Inflow levels substantially increased Non-Life Life Other Property Accident & Health Total In EUR mio Non-Life In EUR mio * including other income 994 1,102 22 38 1,016 1,140 6M 11 6M 12 35 30 635 758 234 21490 99 994 1,102 6M 11 6M 12 +11% +12% Periodic Financial Information I 6M 12 Results I 6 August 2012 Life  Successful roll out of its proposition across the IFA market and through affinity partnerships developed in 2011  Over 225,000 customers up 47.4% on same period last year  8.2% IFA market share Non-Life  Up 11%, driven by organic growth, primarily in Personal lines  Within Personal lines, Motor +20%, Household and Travel fell slightly  Commercial lines +10% Other Insurance (including Retail)  YTD total income of EUR 139 mio in line with last year.

33 Combined ratio UK 2008 – 6M 12 UK Combined ratio Continued improvement confirmed; strong Q2 UK : continued positive impact from corrective measures  Overall combined ratio at 98.8%, 2.4% improvement on 6M 11  Prior year releases at 1.5% vs. 1.7% strengthening in 6M 11  Motor : Improved to 96.4% (vs. 99.3%) reflecting lower claims frequency, better fraud prevention and revised rating structures  Household stable at 104.3% good underlying performance and better rating offsetting additional weather events  Travel at 102.2% (improved from 103.8%) → no impact from new calculation methodology 73.1% 80.4% 81.5% 74.6% 78.4% 74.2% 76.7% 73.0% 29.5% 27.7% 28.0% 25.3% 27.6% 27.0% 25.6% 25.8% 102.6% 108.1% 109.5% 99.9% 106.0% 101.2% 102.3% 98.8% 2008 2009 2010 2011 3M 11 6M 11 3M 12 6M 12 claims ratio expense ratio Periodic Financial Information I 6M 12 Results I 6 August 2012

34 Property & Casualty UK Combined ratio per product line Decreasing in Q2 in all product lines 80.2% 80.4% 74.0% 73.9% 76.6% 72.9% 27.8% 28.3% 25.4% 27.2% 25.7% 25.8% 108.0% 108.7% 99.4% 101.1% 102.3% 98.7% 2009 2010 2011 6M 11 3M 12 6M 12 Motor Accident & Health Fire 83.5% 97.9% 87.7% 79.3% 79.9% 76.3% 26.2% 24.0% 23.2% 24.5% 23.5% 25.9% 109.7% 121.9% 110.9% 103.8% 103.4% 102.2% 2009 2010 2011 6M 11 3M 12 6M 12 88.9% 82.9% 79.2% 77.5% 77.6% 75.7% 22.8% 23.3% 19.5% 21.8% 20.4% 20.7% 111.7% 106.2% 98.7% 99.3% 98.0% 96.4% 2009 2010 2011 6M 11 3M 12 6M 12 61.2% 77.4% 61.4% 67.7% 75.4% 67.9% 38.0% 38.2% 35.3% 36.6% 36.1% 36.4% 99.2% 115.6% 96.7% 104.3% 111.5% 104.3% 2009 2010 2011 6M 11 3M 12 6M 12 Periodic Financial Information I 6M 12 Results I 6 August 2012

35 10/03/2010 I page 35 * Consolidated entities only; compared to FY 2011 Net result at EUR 34 mio (vs. EUR 4 mio)  6m 11 net result included EUR 25 mio impairment charges on Greek bonds Life up from breakeven to EUR 25 mio in still fragile economic environment  Operating margin increased significantly reflecting improved investment result as last year impacted by net impairment charges on Greek bonds  Operating costs on a like-for-like basis reduced to EUR 36 mio due to continued cost containment and timing differences  FUM non-consolidated entities (Luxembourg) at EUR 13 bn Non-Life at EUR 9 mio (vs. EUR 4 mio)  Operating margin driven by excellent technical result in all lines of business  Operating costs -2% explained by continued focus on cost containment  Net result up due to inclusion Turkey, lower claims and costs in both Portugal and Italy Continental Europe Sustained net profit driven by better results in both Life and Non-Life Periodic Financial Information I 6M 12 Results I 6 August 2012 EUR mio 6M 12 6M 11 Gross inflow 2,111 1,481 Operating costs 73 92 Technical result 92 30 Operating margin 92 29 Profit before tax 103 32 Net profit after tax & non- controlling interests 34 4 Life FUM (EUR bn)* 13.7 13.7

36 104 115 198 491 871 879 76 90 1,250 1,575 6M 11 6M 12   Accident & Health Motor Unit-Linked Savings Traditional Group +26% Other Fire Life In EUR mio Non-Life In EUR mio 128 170 50 197 33 87 20 83 231 537 6M 11 6M 12 Life  Inflows +26%, including non-controlling interests @ 100%, driven by new merged Luxembourg entity (EUR 1 bn)  Other countries inflow below last year  Portugal: volumes dropped due to reorientation towards protection and UL business (in line with expectations) and savings declined  France: decent inflows in overall shrinking market. UL still represents 37% of total sales compared to 12% market average Funds under Management  Scope-on-scope at EUR 13.7 bn, in line with year-end 2011 and excluding Luxembourg due to deconsolidation Non-Life  GWP, including non-controlling interests @ 100% more than doubled to EUR 537 mio driven by inclusion Turkish acquisition  GWP consolidated entities up 2% to EUR 235 mio  Turkey (Aksigorta) at EUR 302 mio  Although all lines increased significantly through the inclusion of Turkey, A&H continue to be the major business line in the portfolio. Continental Europe Inflow Up driven by recently merged/acquired activities Periodic Financial Information I 6M 12 Results I 6 August 2012 +132%

37 Combined ratio CEU* 2009 – 6M 12 62.4% 71.0% 66.4% 70.1% 67.3% 64.9% 61.0% 27.6% 30.3% 30.3% 29.2% 29.3% 25.4% 27.5% 90.0% 101.3% 96.7% 99.3% 96.6% 90.3% 88.5% 2009 2010 2011 3M 11 6M 11 3M 12 6M 12 claims ratio expense ratio * Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy CEU Combined ratio Continued improvement in all countries  Continental Europe: 88.5% vs. 96.6%  Portugal : Combined ratio at 87.7% vs. 91.0% supported by lower claim ratio’s in Fire and Motor  Italy : Combined ratio at 89.3% vs. 103.0% thanks to lower costs and improving in Motor  Asia: 100.1% vs. 96.5%  Impacted by additional charges related to 2011 floods in Thailand  Excluding Thai floods combined ratio at 95.8% Periodic Financial Information I 6M 12 Results I 6 August 2012

38 Net profit of EUR 74 mio (vs. EUR 54 mio)  Hong Kong: Satisfactory profit despite strain from new business sales  Non-consolidated partnerships: EUR 65 mio (vs. EUR 43 mio), strong organic growth of underlying businesses, supported by reserve release Life net profit at EUR 69 mio (vs. EUR 45 mio)  Hong Kong : EUR 16 mio vs. EUR 15 mio  Result at same level despite strain from new business growth  Non-consolidated partnerships : EUR 60 mio vs. EUR 35 mio  Reflection of excellent growth of underlying businesses  Positive impact from exceptional reserve release (EUR 15 mio)  EUR 4 mio equity hedge cost  Regional costs : EUR 7 mio (vs. EUR 5 mio) Non-Life net profit at EUR 5 mio (vs. EUR 9 mio)  Good underwriting performance (excluding flood losses)  Additional provision for 2011 floods in Thailand (EUR 2 mio)  6M 11 result positively impacted by non-recurring tax recovery 10/03/2010 Asia Strong result driven by organic growth and reserve release * Including Inflow (100%) & Profit (Ageas share) from partnerships respectively ** Consolidated entities only; compared to FY 2011 Periodic Financial Information I 6M 12 Results I 6 August 2012 EUR mio 6M 12 6M 11 Gross inflow* 3,982 3,236 Operating costs 21 17 Technical result 16 14 Operating margin 17 17 Profit before tax* 76 55 Net profit after tax & non- controlling interests* 74 54 Life FUM (EUR bn)** 1.7 1.6

39 2,674 3,325 152 200 82 44 2 12 2,911 3,580 6M 11 6M 12 +23% ** MAT: Marine Aviation & Transport Asia Inflow Excellent inflow levels, 23% up to EUR 4 bn   213 250 113 152 326 402 6M 11 6M 12 Non-Motor* Motor Savings Group Traditional * Non-motor includes Fire, MAT, Accident & Health and other lines Life Non-Life In EUR mio In EUR mio +23% Unit-Linked Life  Hong Kong, +28%, Strong growth of 56% in new business, in particular from IFA channel  China, +21%, focus on building book of higher-margin recurring premiums & excellent persistency resulted in a 33% increase of regular premium income  Malaysia, +26%, New business premiums up 33% thanks to strong recovery bank channel activity  Thailand, +33%, Continued strong growth in both bank and agency channel  India, -15%, New business down under continued weak market sentiment Funds under Management  Hong Kong : EUR 1.7 bn, +10% vs. end 11  Including non-consolidated partnerships @ 100%: EUR 22.4 bn, +12% vs. end 11 Non-Life  Malaysia, +19%, driven by Motor and Corporate MAT** lines  Thailand, +41%, across all lines and distribution channels boosted by post-flood recovery Periodic Financial Information I 6M 12 Results I 6 August 2012

Main messages Equity / Solvency Insurance Activities Investment portfolio General Account General Information

41 Investment portfolio as per 30 June 2012 Value up as result of drop in spreads on fixed income portfolio & volume growth In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs  Increase explained by yield drop of the core European sovereign and corporate bonds and volume growth.  Gross unrealized gains up EUR 1.8 bn vs. FY 11 to EUR 3.6 bn, mainly in fixed income  Asset mix stable Fixed Income  Gross unrealized gains at EUR 2.3 bn, vs. EUR 600 mio FY 11  Unrealized Gain Sovereigns at EUR 1.3 bn  Unrealized Gain Corporates at EUR 1 bn Equities  Gross unrealized gains up to EUR 69 mio vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains marginally up to EUR 1.3 bn Investment portfolio* 31.5 33.7 21.4 22.8 1.8 2.1 4.3 4.559.5 63.5 FY 11 6M 12 Real Estate Equities Structured credit instruments Corporate bonds Sovereign bonds Periodic Financial Information I 6M 12 Results I 6 August 2012 53% 36% 1% 7% 3%

42 Sovereign bond portfolio as per 30 June 2012 vs. end 2011 Gross unrealized gains substantially up  Fair value increased by EUR 2.2 bn, from EUR 31.5 bn to EUR 33.7 bn  Increase coming from yield drop as result of decreasing spreads  96% investment grade, almost 88% portfolio rated A or higher  Divestments of Southern European bonds, primarily reinvested in Belgium as part of re-domestication within the Belgian operations.  Gross unrealized gains at EUR 1.3 bn, compared to EUR 159 mio end 11 resulting from yield drop  mainly Belgium, up EUR 0.6 bn In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Sovereign bond portfolio* 14.2 17.1 4.6 4.5 3.9 3.22.4 2.71.6 1.61.8 1.32.7 2.90.4 0.431.5 33.7 FY 11 6M 12 Ireland Others The Netherlands Germany Austria SE Sovereigns France Belgium Periodic Financial Information I 6M 12 Results I 6 August 2012

43 Net exposure on Southern European sovereigns further reduced Exposure at amortized cost & adjusted for non-controlling interests of EUR 2.3 bn  Exposure on S-E sovereigns at amortized cost , after impairments and non-controlling interests further reduced to EUR 2.3 bn; stable on Q1 12  Additional reduction of primarily Italian & Spanish sovereigns in 3M 12 of EUR 0.4 bn given increased liquidity and reduced spreads of SE sovereigns.  Exposure on Greece brought down to a marginal amount of EUR 20 mio.  Gross exposure at amortized cost of EUR 3.7 bn. In EUR bn (0.9) 3.2 1.4 0.3 6.2 2.6 1.4 1.2 1.4 1.3 0.7 0.5 2.1 0.9 0.6 0.6 12.9 6.2 3.0 2.3 FY 09 FY 10 FY 11 6M 12 Portugal Spain Italy Greece Impairment Periodic Financial Information I 6M 12 Results I 6 August 2012

44 In EUR bn  Portfolio up to EUR 22.8 bn (vs. ERUR 21.4 bn)  Unrealized gains at EUR 1 bn (vs. EUR 432 mio)  95% investment grade; 81% rated A or higher  Banking / Other financials : 92% investment grade  Hybrid securities: limited to EUR 0.5 bn; >89% with Tier-1 or Tier-2 status Corporate bond portfolio*  Equities investments at fair value increased from EUR 1.8 bn to EUR 2.1 bn.  Gross unrealized gains up to EUR 69 mio, vs. nearly breakeven at end 2011. * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Equity portfolio* Corporate bond & Equity portfolio as per 30 June 2012 Corporate bond portfolio of EUR 22.8 bn; Equity portfolio at EUR 2.1 bn 4.9 5.3 1.8 1.8 6.2 7.0 8.4 8.7 21.4 22.8 FY 11 6M 12 Other corporates Government related Other financials Banking 0.8 1.0 0.1 0.2 0.7 0.7 0.2 0.31.8 2.1 FY 11 6M 12 Mixed funds & others Real Estate funds Equity funds Equities Periodic Financial Information I 6M 12 Results I 6 August 2012 23% 8% 31% 38% 44% 8% 33% 14%

45 Real estate portfolio as per 30 June 2012 Invested amount fairly stable 10/03/2010 In EUR bn  Value relatively stable at EUR 4.5 bn  Gross unrealized gains stable at EUR 1.3 bn (not reflected in net equity) - For own use : EUR 0.5 bn - Investment property : EUR 0.8 bn  Real Estate exposure mainly in Belgium (+/- 70%) * At fair value Real Estate portfolio* 1.5 1.5 0.2 0.2 1.1 1.1 0.9 1.1 0.6 0.5 4.3 4.5 FY 11 6M 12 Real Estate Development Investment Retail Car Parks Investment Warehouses Investment Offices Periodic Financial Information I 6M 12 Results I 6 August 2012 34% 6% 25% 25% 10%

46 Ageas further diversifies its investment portfolio Gradually investing up to 5% of its assets in corporate loans 10/03/2010 Rationale  Ageas believes corporate loans offer an interesting alternative investment opportunity in the current low- interest environment with the benefit of greater portfolio diversification and attractive risk-return profile  It will gradually allocate 5% of total invested assets to corporate loans (EUR 3 bn), main part through partnership with Natixis. Main elements of infrastructure loans agreement with Natixis:  Target amount: EUR 2 bn, to be reached within 2 to 3 years  Scope partnership: infrastructure loans outside Benelux, where Ageas has direct access to real estate & infrastructure projects  New or very recently closed deals in selected sectors & countries  Natixis in charge of originating the loans & ensuring administration  Natixis will retain a pre-agreed substantial part of each deal Benefits for Ageas  Attractive risk adjusted return: yield enhancement & diversification benefits vs. sovereign debt  Collateral based on pledges linked to underlying projects (e.g. buildings, motorways…)  Improved duration match: long maturities, creating opportunities for funding of long term insurance liabilities Accounting  loans, at amortized cost, subject to impairments in case of credit event only Natixis is the corporate, investment management and financial services arm of Groupe BPCE, the cooperative bank born out of the merger between Banques Populaires and Caisses d'Epargne. Natixis has 22,000 employees in 68 countries. Natixis is listed on the Paris Stock Exchange and has a market capitalization of around EUR 6 bn. Periodic Financial Information I 6M 12 Results I 6 August 2012

Main messages Equity / Solvency Insurance Activities Investment portfolio General Account General Information

48 General Account Driven by legacy related one-offs, staff & other expenses down Net result General Account of EUR 2 mio  Net interest income includes EUR 39 mio Tier 1 amortisation of discount & received interest.  Legacy related one-off agreements  Deal with BNP P on CASHES & Tier 1 (EUR -132 mio in Q1)  Settlement with ABN AMRO & Dutch State on legal proceedings (EUR 400 mio in Q2)  More details: see next slide  RPN(I) liability floor decreasing since agreement on CASHES; EUR -11 mio net result impact in Q2 12.  Call option BNP P: Strong decrease mainly driven by substantial volatility decrease from 49% end 2011 to 33% at 30 June  Staff & other expenses decreasing to EUR 23 mio Periodic Financial Information I 6M 12 Results I 6 August 2012 EUR mio 6M 12 6M 11 Net interest income 29 (6) BNP P Call Option (278) 85 Result on RPN(I) (282) (118) Result on sales & revaluations (mainly Tier 1) 123 (0) Results of associates (mainly RPI) 70 (55) Settlement ABN Amro 400 0 Staff & other expenses (23) (30) Profit before tax 31 (170) Net profit after tax & non- controlling interests 2 (170) Balance sheet items 6M 12 FY 11 RPN(I) (174) (190) Call option BNP Paribas 117 395 RPI 856 779 Net cash/deposits 1,500 688

49 General Account Net result includes one-off agreements with BNP P & ABN AMRO / Dutch State (191) 140 (272) 112 (28) (239) (87) (38) 400 (23) 241 (278) 140 (272) (11) 74 400 (51) 2 BNP Call option Tier 1 RPN(I) impact deal with BNP P RPN(I) revaluation RPI Deal with ABN Amro & Dutch State Other General Account Q2 12 Q1 12 EUR (132) mio impact of agreement with BNP P on CASHES Periodic Financial Information I 6M 12 Results I 6 August 2012 In EUR mio

50 Net cash position General Account at EUR 1.5 bn Significant increase after agreements with BNP P & ABN AMRO and Dutch State  Ageas, Fortis Bank & BNP P reached an agreement on partial settlement of RPN(I) & full call of Tier 1 Debt securities with EUR 666 mio positive impact on net cash position in Q1 12.  The agreement with ABN AMRO & Dutch State on settlement of legal proceedings increased the net cash position by EUR 400 mio.  Payment of approved dividend of 8 eurocent per share brought cash down with EUR 0.2 bn.  Net cash position also impacted by remainder of 2011 Share buy-back programme & lower reservation for further redemption in the European Medium Term Notes (EMTN) programme Quarterly evolution net cash position* In EUR bn * Until 6M 11 known as discretionary capital in EUR mio FY 11 6M 12 Cash and cash equivalents 345 1,114 Due from banks short term 600 600 Debt certificates (257) (214) Net cash position 688 1,500 Periodic Financial Information I 6M 12 Results I 6 August 2012 1.3 1.0 0.9 0.7 0.5 0.2 1.0 0.8 0.7 1.3 1.3 0.2 1.5 FY 09 3M 10 6M 10 9M 10 FY 10 3M 11 6M 11 9M 11 FY 11 3M 12 6M 12  Share buy-back programme announced 6 August 2012 will reduce net cash position by EUR 0.2 bn

51 7 December 10 Ageas issues 106.7 mio shares for conversion MCS / no compensation by ABN AMRO for dilution 24 & 25 April 12 Shareholders decide to  cancel shares bought back between 24/08/11 & 25/01/12  authorise the board to acquire up to 10% of outstanding shares  Up to EUR 200 mio of its outstanding common stock  Buy-back programme launched as of 13 August 2012  For a period ending 19 February 2013 at the latest  Independent broker mandated to execute the programme  Through open market purchases on NYSE Euronext Brussels  Shares to be held as treasury shares until formal approval of cancellation  No impact on solvency position of Insurance activities Ageas announces share buy-back programme Based on shareholders’ authorisation granted on 24 April 2012 29 June 12 Cancellation bought-back shares effective  Ageas holds +/- 1.7% own shares 6 August 12 Ageas announces EUR 200 mio share buy-back programme Periodic Financial Information I 6M 12 Results I 6 August 2012 28 June 12 Ageas & ABN AMRO agree to settle legal proceedings on FCC & MCS  Ageas receives EUR 400 mio 13 August 12 Ageas launches EUR 200 mio share buy-back programme

52 Ageas strives for an optimal use of cash Almost equal share of three alternative uses of cash since 2009 Going forward : Insurance: Lower growth in capital intense savings business Increased proportion of Non-Life and Fee related business General Account: Net cash position at EUR 1.3 bn (after share buy-back) 9/30/2009 Invest in Businesses  Organic growth  Selective acquisitions  Create new partnerships Return to debtholders  Debt buy back (EMTN) Return to shareholders  Dividend payment  Share buy back May 2009 – August 2012: +/- EUR 740 mio  +/- EUR 450 mio UK (Tesco, KFIS, Castle Cover)  +/- EUR 190 mio CEU (Italy, Turkey)  +/- EUR 100 mio Asia (India, HK) +/- EUR 850 mio  +/- EUR 600 mio constant dividend over 2009, 2010 & 2011  EUR 250 mio share buy-back finalized early 2012 +/- EUR 740 mio  +/- EUR 740 mio EMTN programme redeemed (30/06/2012) + EUR 200 mio Share buy-back announced August 2012 Periodic Financial Information I 6M 12 Results I 6 August 2012

53 Balance sheet value In EUR mio Net result impact In EUR mio Valuation Call option BNP Paribas shares at 30 June 2012 Value down due to significant decrease in volatility & decreasing time value Valuation Model parameters (Black & Scholes) FY10 FY11 6M 12 BNP Paribas share price EUR 47.69 EUR 30.35 EUR 30.34 Strike price EUR 66.67 EUR 66.67 EUR 66.67 Volatility 33% 49% 33% Dividend yield 5.29% 5.98% 5.40% 609 395 204 117 FY 10 FY 11 3M 12 6M 12 (271) (214) (191) (278) FY 10 FY 11 3M 12 6M 12 Sensitivities FY11 6M 12 Implied volatility +5% 24.5% 60.1% Implied volatility -5% (23.6%) (47.8%) Dividend yield -1% 2.8% 3.6% Dividend yield +1% (1.1%) (2.9%) Periodic Financial Information I 6M 12 Results I 6 August 2012

54 Main characteristics of agreement with BNP P on CASHES (February 2012)  Rationale for Ageas  Reduced credit risk Fortis Bank (EUR 4.6 bn  EUR 2.8 bn)  Decreased RPN(I) volatility: floor value to remain fairly stable & interest payment limited (on remaining 37% of CASHES)  Improved liquidity position  Result of the offer of February 2012  Pick-up rate of 63%, at offer rate of 47.50%  78,874,241 Ageas’s shares turned into dividend and voting rights entitled shares  No new offer launched since initial offer  Impact on Net Cash position: +EUR 666 mio  Impact on Net Result in 3M 12: EUR (132) mio  EUR 140 mio Tier 1 redemption  EUR 27 mio release RPN(I) liability  EUR (299) mio indemnifications paid to BNP P Floor adjustment RPN(I): EUR 11 mio additional charge in Q2 Net result impact Balance sheet value In EUR mio In EUR mio Valuation RPN(I) as at 30 June 2012 Impacted by agreement with BNP P on CASHES, volatility reduced as from Q2 (465) (190) (163) (174) FY 10 FY 11 3M 12 6M 12 (149) 275 (272) (283) (11) (272) (272) FY 10 FY 11 3M 12 6M 12 RPN(I) Settlement (CASHES) RPN(I) Revaluation Periodic Financial Information I 6M 12 Results I 6 August 2012

55 Ageas’s equity Value Net book value assets RPI* In EUR mio In EUR bn In EUR bn In EUR bn Principal & interest collections In EUR mio Outstanding debt - IFRS Fair value - IFRS Valuation items Royal Park Investments as at 30 June 2012 Equity value up driven by positive RPI result, incl. goodwill impairment charge Net result impact – part Ageas In EUR mio Commercial paper Other Senior + Super Senior * Net book value = Economic recovery value as of 31 December 2011 under B-GAAP minus Redemptions until 30 June 2012 Net result impact Principal collections Interest collections 933 779 856 FY 10 FY 11 6M 12 10.0 8.9 8.5 FY 10 FY 11 6M 12 4.6 4.8 4.9 2.6 1.2 0.6 7.2 6.0 5.5 FY 10 FY 11 6M 12 131 (197) 74 FY 10 FY 11 6M 12 7.0 6.0 6.0 FY 10 FY 11 6M 12 1,540 1,208 655 169 156 73 1,709 1,364 728 FY 10 FY 11 6M 12 EUR 3 mio impact of CF hedge on top of EUR 74 mio IFRS net result Periodic Financial Information I 6M 12 Results I 6 August 2012

56 Balance sheet Royal Park Investments (under IFRS at 100%) IFRS -- in EUR mio 6M 12 FY 11 Assets 7,419 7,738 Securities 5,982 6,043 Deferred tax assets 590 712 Goodwill 623 782 Other assets 224 201 Liabilities and shareholders’ equity 7,419 7,738 Liabilities 5,505 5,995 Other liabilities 80 35 Commercial paper 4,906 4,792 Funding, super senior 0 649 Funding, senior 519 519 Shareholders’equity 1,914 1,743 Share capital 850 850 Share premium (additional paid in capital) 850 850 Hedging reserve 124 123 Cash Flow hedge reserves 72 67 Retained earnings 18 (148) Periodic Financial Information I 6M 12 Results I 6 August 2012

57 February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court November 11 Receipt report Belgian experts General Account: judgments received in various legal procedures Ageas does not expect new major litigation issues to rise Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion Mandatory Convertible Securities (MCS) into Ageas’ shares September 11 Exchange of uncalled Fortis Bank Tier 1 Debt Securities for cash by Ageas Timing and (financial) outcome remains hard to estimate…. In many legal proceedings still at the stage of first instance Possible decisions before end 2012: - Administrative proceedings by FSMA (communication Q2 2008) May 11 - Claim dismissed of VEB/Deminor and FortisEffect by Amsterdam Court - Rotterdam court confirmed fine AFM I: appeal filed InitiatedbyAgeasActionsagainstAgeas February 12 BNP P tender for CASHES and subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities February 12 - Rotterdam court confirmed fine AFM II; appeal filed - Utrecht court re communication May- June 2008 in favour of plaintiffs; appeal filed March 12 Brussels Commercial Court rules in favour of Ageas in MCS-case, appeal filed 2011 20122009... 2010 ... April 12 Ondernemingskamer Amsterdam re mismanagement mainly in favour of plaintiffs; appeal filed June 12 Agreement with ABN Amro to settle legal proceedings concerning FCC and MCS, closing all outstanding disputes with Dutch State Periodic Financial Information I 6M 12 Results I 6 August 2012

58 General Account Legal proceedings & investigations managed in interest of shareholders (1) Administrative proceedings The Netherlands  AFM : fine imposed on 05/02/10 in relation to price sensitive info in June 08  Appeal filed before the “College van Beroep voor het bedrijfsleven” at The Hague; proceedings ongoing  AFM: 2nd fine imposed on 19/08/10 in relation to price sensitive information in Sep 07  Appeal filed before the “College van Beroep voor het bedrijfsleven” at The Hague; proceedings ongoing Belgium  FSMA re communication in second quarter 2008  Proceedings ongoing Criminal investigation Belgium  Investigation ongoing Expert investigations The Netherlands  At request of VEB/ESG re 2007-2008  Report filed in June 2010  Judgment Ondernemingskamer 5 April 2012 re mismanagement, mainly in favour of plaintiffs. Appeal filed before the Supreme Court Situation on 6 August 2012 Periodic Financial Information I 6M 12 Results I 6 August 2012

59 Civil lawsuits Brussels, Belgium  Modrikamen, re Sep/Oct 2008 transactions  Deminor, re alleged miscommunication  Court decision 08/12/09 on competence and provisional measures; proceedings ongoing  Proceedings ongoing Amsterdam, The Netherlands  Stichting FortisEffect, re sale of Dutch activities against Dutch State and Ageas  VEB re alleged miscommunication 2007-08  Dutch state re Oct 2008 transaction; claims for EUR 210 mio & EUR 674 mio  Judgement in favour of Ageas; appeal filed by Stichting FortisEffect  Proceedings against Ageas, former directors/executives and banks  Proceedings terminated following settlement agreement of 28 June 2012 Utrecht, The Netherlands  Mr.Bos, re alleged miscommunication May – June 2008  Stichting Investor Claims Against Fortis re alleged miscommunication 2007 - 08  Judgment 15 February 2012 in favour of plaintiffs; Appeal filed  Proceedings ongoing against Ageas and two financial institutions Financial instruments Brussels, Belgium  Certain MCS-holders contesting validity of conversion  Judgment 23 March 2012 in favour of Ageas; appeal filed Amsterdam, The Netherlands Initiated by Ageas  Claim of EUR 2 bn re MCS  Claim for reimbursement EUR 362.5 mio  Proceedings terminated following settlement agreement of 28 June 2012  Proceedings terminated following settlement agreement of 28 June 2012 General Account Legal proceedings & investigations managed in interest of shareholders (2) Situation on 6 August 2012 Periodic Financial Information I 6M 12 Results I 6 August 2012

60 Overview of main characteristics Hybrids Situation as per 30 June 2012 EUR mio Ageas Ageasfinlux Fresh Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Ageas Hybrid Financing Nitsh II Direct issue FBB, 2004 CASHES* % 3m EUR + 135 bp 5.125% 8.25% 8% 4.625% 3m EUR +200 bp Amount outstanding 1,250 500 USD 750 625 1,000 1,110 ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 BE0933899800 Call date Undated exchange strike 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 Undated exchange strike 23.94 mandatory 35.91 ACSM YES YES YES YES YES YES Dividend pusher YES YES YES YES YES NO Dividend stopper NO YES YES YES YES YES Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset YES <8% CAD <0.5% Dividend Other 500 on lent to AG Insurance USD 750 on lent to FBB 250 on lent to AG Insurance; 375 on lent to FBB No stock settlement feature as for Direct issue FBB 2001 Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (30/06/12) 36.9 52.7 77.8 82.9 72.0 43.1 Fortis Bank (now BNP Paribas) * On 31 January 2012 BNPP announced that 63% of the holders have tendered CASHES for purchase by BNPP @ purchase price of 47.5% of the principal amount of the CASHES. Periodic Financial Information I 6M 12 Results I 6 August 2012

Main messages Equity / Solvency Insurance Activities Investment portfolio General Account General Information

29 March 12 Ageas proposes simplification of legal structure & reverse stock split Ageas finalizes simplification of legal structure & Reverse Stock Split Ageas Board acknowledges all conditions are met 28 & 29 June 12 General Shareholders’ Meetings approve proposition 3 August 12 Ageas’s Board acknowledges all conditions are met:  no opposition by creditors of ageas N.V.  no use of withdrawal right 7 August 12 Merger & reverse stock split become effective overnight Merger : Transfer of all assets & liabilities from ageas N.V. to ageas SA/NV  Assets & liabilities will be accounted for in ageas SA/NV accounts as from 1 July 2012  at value as at 30 June 2012  against same valuation method  Transfer of all pending & future civil proceedings to ageas SA/NV  New corporate governance charter available on www.ageas.com new ISIN BE0974264930 * Indicative, based on closing price on Thursday 2 August 2012 Consequences of Reverse stock split on our share  # shares divided by 10  243.121.272 outstanding shares  value multiplied by 10  around EUR 15.3*  new ISIN : shares BE0003801181  BE0974264930 strips BE0005591624  BE0005646204  ticker symbol temporarily AGSN (shares) & AGSSN (strips), back to AGS & AGSS as from Friday 10 August  Primary listing only on NYSE Euronext Brussels, no longer on NYSE Euronext Amsterdam For more details, elaborate Q&A and prospectus see www.ageas.com Periodic Financial Information I 6M 12 Results I 6 August 2012 62

63 AG Insurance SA/NV Ageas UK Ltd Various legal enitities part of Ageas Asia Various legal entities part of Cont. Europe Ageas Insurance International N.V. ageas SA/NV Ageas Hybrid Financing S.A Ageasfinlux S.A. Ageas Finance N.V. Ageas B.V. Royal Park Investments Intreinco N.V. 75% 100% 100%100%100%50%44.7% Dutch permanent establishment Further simplification legal structure announced in March 2012 Approved at Shareholders’ Meetings 28-29 June & effective as of 7 August 2012 100% 50% 100% Periodic Financial Information I 6M 12 Results I 6 August 2012

64 Global operation will divide number of outstanding share by 10 2,431 mio ageas Units replaced by 243 mio shares in ageas SA/NV Belgium The Netherlands 2,623,380,817 2,623,380,817 + 2,431,212,726 + 4,862,425,452 + 243,121,272 Current situation: Twin share structure  Total number of outstanding Units 2,431,212,726 equals 2,431,212,726 shares in each parent company Impact of Transaction: 1. Issuance of 2,431,212,726 new shares in ageas SA/NV (assuming no withdrawal), 2. Exchange against shares ageas N.V. Impact of reverse stock split 1 for 20: will stay in treasury+0.6 fraction cancellation shares buy-back - 192,168,091 - 192,168,091 2,431,212,726 2,431,212,726 Periodic Financial Information I 6M 12 Results I 6 August 2012

65 situation 31/12/2011 situation 30/06/2012 situation 07/08/2012 Total Issued Shares 2,623,380,817 2,431,212,726 243,121,272 Shares not entitled to dividend and voting right 342,404,219 88,922,670 8,892,267 1. TREASURYSHARES Share buy-back 175,163,656 0 0 FRESH 39,682,540 39,682,540 3,968,254 Other treasury shares 2,244,740 2,801,088 280,108 2. CASHES 125,313,283 46,439,042 4,643,904 Shares entitled to dividend and voting rights 2,280,976,598 2,342,290,056 234,229,005 Total Issued Shares diminished with the 192,168,091 shares acquired through the Buy-back programme and cancellation granted at the shareholders' meetings of 24 and 25 April 2012 effective as at 29 June 2012. Following the agreement with BNPP 63% of the outstanding CASHES has been converted into Ageas shares (63% of 125,313,283) with dividend and voting right. Total number of outstanding shares Reverse stock split Cancellation bought back shares Agreement with BNP in February Periodic Financial Information I 6M 12 Results I 6 August 2012

66 Ping An 4.98% BNP Paribas 3.24% Fortis Bank 1.91% Norges Bank 5.20% Franklin Mutual Advisers 3.23% Ageas - mainly related to FRESH 1.75% Benelux Retail shareholders 15% Identified institutional investors 41% Other investors 24% BNP Paribas Group 5.15% Shareholders structure Ping An Based upon the number of shares mentioned in the notification received March 2009 BNP Paribas Based upon the BNP Paribas notification 29 June 2012 Fortis Bank Based upon the BNP Paribas notification 29 June 2012 Norges Bank Based upon the number of shares mentioned in the notification received 1 February 2012 Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 30 April 2012 Benelux Retail shareholders Estimate by Identified institutional investors Estimate by Based on number of shares as at 30 June 2012 Periodic Financial Information I 6M 12 Results I 6 August 2012

67 Find out more about our Non-Life activities Periodic Financial Information I 6M 12 Results I 6 August 2012 For more information and registration see http://www.ageas.com/investorday/

68 Financial Calendar 2012 - 2013 6 August 6M 2012 results 7 November 9M 2012 results 24 & 25 September Investor Day - London 24 April Ordinary & Extraordinary shareholders’ meeting - Brussels 20 February Annual results 2012 15 May 3M 2013 results 14 March Annual report 2012 26 April Ex-dividend date 6 May Payment 2012 dividend 2 August 6M 2013 results 6 November 9M 2013 results Periodic Financial Information I 6M 12 Results I 6 August 2012

69 Rating MOODY'S FITCH S&P Operating entities AG Insurance (Belgium) Insurance Financial Strength A2 A+ A- Outlook negative negative stable Last change 26/07/12 17/04/12 29/11/11 Millenniumbcp Ageas (Portugal) Insurance Financial Strength BBB- BB Outlook negative negative Last change 25/11/11 17/01/12 Holdings ageas SA/NV and ageas N.V. Long-term Baa3 / P-3 * BBB+ / F2 BBB- / A-3 Outlook negative negative stable Last change 26/07/12 17/04/12 25/10/10 * Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process. Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities. Periodic Financial Information I 6M 12 Results I 6 August 2012

70 Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future. Periodic Financial Information I 6M 12 Results I 6 August 2012

71 Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 + 31 30 2525 305 ir@ageas.com www.ageas.com Investor Relations Periodic Financial Information I 6M 12 Results I 6 August 2012

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