6M results 2013

33 %
67 %
Information about 6M results 2013
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

6MPeriodical Financial Information 2013RESULTS

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

Insurance result reports strong second quarter Both Insurance & General Account contributing to Group net result Solvency relatively stable, Shareholders’ equity impacted by UG/L New share buy-back  Insurance net profit of EUR 329 mio (+9%)  Inflows @ 100% of EUR 12.5 bn (+16%)  Group combined ratio at 97.8% (vs.98.3%)  Life Technical Liabilities at EUR 68.7 bn*  Q2 insurance net profit of EUR 172 mio  Group net profit of EUR 472 mio (+55%)  General Account net result of EUR 143 mio  Q2 Group net profit of EUR 179 mio  Shareholders’ equity at EUR 38.62 per share  Insurance solvency at 206%, Group solvency at 226%  Net cash position General Account at EUR 2.1 bn  Amount of EUR 200 mio, from 12/08/13 till 05/08/14  On top of 2012 dividend (EUR 1.2/share) & capital reduction (EUR 1.0/share) Main messages Ageas’s 6M results reinforce positive trend Periodic financial Information I 6M 13 Results I 2 August 2013 2 * Consolidated entities only, compared to FY 2012

205 201 90 119 8 9302 329 6M 12 6M 13 Life Non-Life Other 98.3% 97.8% 6M 12 6M 13 Insurance net result: Better Non- Life compensates stable Life result In EUR mio In EUR mio Insurance solvency stableCombined ratio: improving CY claims ratio 227% Shareholders’ equity down on UG/L EUR per share 210% 207% 204% 206% FY 12 6M 13 42.27 38.62 FY 12 6M 13 Result General Account driven by transaction on RPI & Call Option In EUR mio 302 329 2 143 305 472 6M 12 6M 13 Insurance General Account Headlines Ageas Non-Life performance further improved 3 1.2 2.1 FY 12 6M 13 Net cash: Cash transactions RPI & Call option coming in earlier than expected Periodic financial Information I 6M 13 Results I 2 August 2013

Periodic financial Information I 6M 13 Results I 2 August 2013 Net cash position General Account at EUR 2.1 bn Up in Q2 on transactions related to RPI & BNPP Call Option  Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of remaining proceeds expected in H2 2013 (≈EUR 0.2 bn)  EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than compensating 2012 dividend & 2012 corporate center costs  Expected cash out in December related to capital reduction 4 In EUR bn 688 1,216 2,055 (68) (77) (270) (57) 340 827 144 FY 11 FY 12 buy-back capital injection TPL paid dividend upstream opco's RPI call option other 6M 13

 Up to EUR 200 mio of its outstanding common stock  Buy-back launched as of 12 August 2013  For a period ending at 5 August 2014  Independent broker mandated to execute  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 3rd consecutive share buy-back illustrating disciplined capital management 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 24 August 11 Ageas announces EUR 250 mio share buy-back 24 April 13 Cancellation bought-back shares effective  Ageas holds +/- 2.1% own shares 27 April 13 Ageas announces  agreement on RPI & BNPP Call Option  EUR 1.0 capital reduction 2 August 13 Ageas announces EUR 200 mio share buy-back Periodic financial Information I 6M 13 Results I 2 August 2013 5

Periodic financial Information I 6M 13 Results I 2 August 2013 Net result: strong operating result In EUR mio In EUR mio Operating margin Guaranteed products: improved in Q2 13 Non-Life Combined ratio: improved underwriting mainly in Household Anticipated inflow decrease in Life 227% 210% 207% Life Technical liabilities stable In EUR bn Belgium : Headlines Solid operating Q2 in Life & Non-Life ** 111 121 33 38 144 160 6M 12 6M 13 Life Non-Life 2,642 2,126 940 985 3,582 3,111 6M 12 6M 13 Life Non-Life 99.8% 97.5% 6M 12 6M 13 0.85% 0.84% 6M 12 6M 13 Operating costs In EUR mio (13%) 52.7 52.8 FY 12 6M 13 93 96 145 152 238 248 6M 12 6M 13 Life Non-Life 6 in % avg technical liabilities

Net result: Non-Life performance up In EUR mio In EUR mio Operating margin Guaranteed products Inflow up 4.5% at constant FX In EUR mio United Kingdom: Headlines Overall Non-Life performance substantially better 7 ** (0) (1) 44 50 8 951 58 6M 12 6M 13 Life Non-Life Other 38 51 1,102 1,101 1,140 1,152 6M 12 6M 13 Life Non-Life +1% Operating costs: addition Groupama offset by cost reduction initiatives Non-Life combined ratio: improved underwriting mainly in Household 98.8% 98.5% 6M 12 6M 13 Other Income down in a competitive market, changing commercial strategy 139 122 6M 12 6M 13 15 16 91 117 129 114 235 247 6M 12 6M 13 Life Non-Life Other In EUR mio (3.78%) (4.07%) 6M 12 6M 13 Periodic financial Information I 6M 13 Results I 2 August 2013 in % avg technical liabilities

Net profit increase driven by Turkey In EUR mio In EUR mio Non-Life Combined ratio: weather conditions Portugal vs. strong 2012 227% 210% 207% Inflow* increased in nearly all countries In EUR bn Continental Europe: Headlines Strong top line performance & increased net profit including positive one-off ** Operating costs remain stable In EUR mio 25 25 9 20 34 46 6M 12 6M 13 Life Non-Life 1,575 1,826 537 553 2,112 2,379 6M 12 6M 13 Life Non-Life 88.5% 95.5% 6M 12 6M 13 1.11% 0.94% 6M 12 6M 13 Operating margin Guaranteed products: lower risk result vs. exceptional 6M 12 +13% Periodic financial Information I 6M 13 Results I 2 August 2013 8 Life Technical liabilities*: moderate growth 28.1 28.4 FY 12 6M 13 36 36 37 38 73 74 6M 12 6M 13 Life Non-Life in % avg technical liabilities * Incl. non-consolidated partnerships @ 100%

Net result: Excluding one-offs, result fairly stable In EUR mio In EUR mio Non-Life Combined ratio in both Thailand & Malaysia Inflow* fuelled by China & Thailand Life Technical liabilities* further up in non-consolidated entities In EUR bn Asia: Headlines Pressure on profit in Life from boost in new business, Profitable organic growth in Non-Life Periodic financial Information I 6M 13 Results I 2 August 2013 9 ** 70 56 5 10 74 66 6M 12 6M 13 Life Non-Life 100.1% 94.2% 6M 12 6M 13 3,580 5,431 402 424 3,981 5,855 6M 12 6M 13 Life Non-Life Result non-consolidated partnerships 60 49 5 10 65 59 6M 12 6M 13 Life Non-Life +47% 24.4 28.0 FY 12 6M 13 * Incl. non-consolidated partnerships @ 100% in % avg technical liabilities In EUR mio 2.00% 1.54% 6M 12 6M 13 Life operating margin Hong Kong

Net result driven by transactions on RPI & Call option In EUR mio In EUR mio Main elements balance sheet:P&L impact transaction on RPI & Call option mainly in Q1 227% 210% 207% General Account: Headlines Result & net cash driven by transaction RPI & Call option Periodic financial Information I 6M 13 Results I 2 August 2013 10 ** Net cash position: cash on transactions partly in 2 143 6M 12 6M 13 1.2 2.1 FY 12 6M 13 In EUR bn In EUR mio (165) (171) 234 872 241 FY 12 6M 13 RPN(i) Call Option RPI 8 8 15 12 23 20 6M 12 6M 13 Staff Op & admin Operating costs further down In EUR mio 232 42 142 (90) Q1 Q2 RPI Call Option * Subject to absence of any creditor’s claim net cash further influenced in H2 2013 by  remaining cash RPI transaction coming in (plus ≈EUR 200 mio)  announced EUR 1 capital reduction (minus ≈EUR 230 mio):  16/09 shareholders’ meeting  10/12 ex-date  13/12 payment date*  announced share buy-back (minus EUR 200 mio)

Shareholders’ equity / share Shareholders’ equity Net profit impact offset by lower unrealized gains, dividend payment & put option In EUR mio 6,306 6,341 1,838 1,150 1,655 1,350 329 143 (759) (72) (270) (254) (74) EUR 42.27 EUR 38.62 9,799 8,840 FY 12 Net result Insurance Net result Gen Account Change UG/L Buy back Dividend Revaluation put option Forex & other Insurance UG/L Insurance UG/L Equity per segment FY 12 6M 13 FY 12 6M 13 Belgium 3,974 ► 3,417 Asia 1,837 ► 1,826 UK 1,149 ► 1,055 Insurance 8,145 ► 7,491 Continental Europe 1,185 ► 1,193 General Account 1,655 ► 1,350 Periodic financial Information I 6M 13 Results I 2 August 2013 11

Periodic financial Information I 6M 13 Results I 2 August 2013 12 Investment portfolio Portfolio slightly down on UG/L in fixed income, increased allocation to equities In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Sovereign bonds 34.7 Sovereign bonds 34.2 Corporate bonds 25.1 Corporate bonds 24.9 Structured 0.3 Structured 0.4 Loans 6.3 Loans 6.3 Equities 2.4 Equities 2.8 Real Estate 4.7 Real Estate 4.6 Cash 2.4 Cash 2.3 75.9 75.5 FY 12 6M 13 Asset mix  Asset mix relatively stable  Increased positions in equities at the expense of cash & sovereigns continued in Q2  4th infrastructure project realised through partnership with Natixis Gross unrealized gains/losses on Available for Sale  Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12); exclusively down in fixed income  Fixed income: at EUR 3.6 bn (EUR 5.2 bn FY 12) Sovereigns at EUR 2.3 bn (vs. EUR 3.3 bn) Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)  Equities: stable at EUR 0.2 bn  Real Estate: stable at EUR 1.3 bn - not reflected in equity EUR 0.9 bn unrealized gains/losses on Held to Maturity not reflected in equity

Positive takeways  well diversified result across all segments  satisfactory Life result despite low i-rate  continued operating progress Non-Life Attention points  ensure performance in all Life activities & strive for right product mix  remain vigilant for Non-Life market challenges, especially Motor & UK  EUR 200 mio share buy-back On top of 2012 dividend (EUR 1.2/share) & capital reduction (EUR 1.0/share) Conclusions : 6M results reinforce positive trend Periodic financial Information I 6M 13 Results I 2 August 2013 13

Register now on www.ageas.com/investorsupdate

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

Periodic financial Information I 6M 13 Results I 2 August 2013 16 Key financials Strong operational performance EUR mio 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Gross inflows 10,816 12,497 5,165 6,753 5,744 - of which inflows from non-consolidated partnerships 5,111 6,972 2,282 4,008 2,965 Net result Insurance 302 329 148 157 172 By segment: - Belgium 144 160 66 80 80 - UK 51 58 34 23 35 - Continental Europe 34 46 16 17 28 - Asia 74 66 31 38 29 By type: - Life 205 201 80 108 93 - Non-Life 90 119 63 46 74 - Other 8 9 4 4 5 Net result General Account 2 143 241 136 7 Net result Ageas 305 472 389 293 179 Earnings per share (in EUR) 1.28 2.05 Combined ratio 98.3% 97.8% 94.7% 99.5% 96.1% Life technical liabilities (in EUR bn) * 68.8 68.7 Insurance Solvency ** 204% 206% Shareholders' equity ** 9,799 8,840 Net equity per share (in EUR) ** 42.27 38.62 * Consolidated companies only, Compared with YE 2012 ** Compared with YE 2012, restated for IAS 19

Shareholders’ equity / share Shareholders’ equity Net profit impact offset by lower unrealized gains, dividend payment & put option In EUR mio 6,306 6,341 1,838 1,150 1,655 1,350 329 143 (759) (72) (270) (254) (74) EUR 42.27 EUR 38.62 9,799 8,840 FY 12 Net result Insurance Net result Gen Account Change UG/L Buy back Dividend Revaluation put option Forex & other Insurance UG/L Insurance UG/L Equity per segment FY 12 6M 13 FY 12 6M 13 Belgium 3,974 ► 3,417 Asia 1,837 ► 1,826 UK 1,149 ► 1,055 Insurance 8,145 ► 7,491 Continental Europe 1,185 ► 1,193 General Account 1,655 ► 1,350 Periodic financial Information I 6M 13 Results I 2 August 2013 17

Tangible net equity High quality capital structure 10/03/2010 I page 18 EUR bn FY12 6M 13 IFRS Shareholders' Equity 9.8 8.8 Unrealised gains real estate 0.6 0.6 Goodwill (0.7) (0.7) VOBA (Value of Business Acquired) (0.4) (0.4) DAC (Deferred Acquisition Cost) (0.9) (0.9) Other (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests 0.5 0.5 25% tax adjustment DAC, VOBA & Other 0.3 0.3 IFRS Tangible net equity 8.9 7.9 IFRS Tangible net equity/ IFRS Shareholder's Equity 91% 90% Periodic financial Information I 6M 13 Results I 2 August 2013 18

IFRS Solvency Increasing RMM on growth in Asia; Capital General Account down on capital reduction 2.4 2.4 0.5 0.5 0.6 0.6 0.5 0.6 4.0 4.1 4.0 4.1 1.7 1.9 0.6 0.5 0.8 0.9 0.9 0.9 4.1 4.3 1.0 0.8 5.1 5.2 4.1 4.3 1.1 1.0 1.4 1.5 1.4 1.5 8.1 8.4 9.1 9.3 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 FY 12 6M 13 Belgium UK CEU Asia Total Ageas General Account RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital In EUR bn Periodic financial Information I 6M 13 Results I 2 August 2013 19 Solvency ratio 173% 180% 220% 213% 243% 253% 268% 243% 204% 206% 229% 226% * +6% impact of change in dividend pey-out methodology *

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

Inflows @ 100% Growth driven by China, Thailand & Portugal * * Ageas holds a 50% stake in Tesco Underwriting Periodic financial Information I 6M 13 Results I 2 August 2013 21 EUR mio 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 Belgium 75% 2,642 2,126 940 985 3,582 3,111 United Kingdom 100% 38 51 1,102 1,101 1,140 1,1520 0 Continental Europe 1,575 1,826 537 553 2,112 2,379 Consolidated entities 546 805 235 232 780 1,037 Portugal 51% 407 605 126 130 533 734 France 100% 138 200 138 200 Italy 25% 109 102 109 102 Non-consolidated JV's 1,029 1,021 302 321 1,332 1,342 Turkey (Aksigorta) 36% 302 321 302 321 Luxembourg (Cardif Lux Vie) 33% 1,029 1,021 1,029 1,021 Asia 3,580 5,431 402 424 3,981 5,855 Consolidated entities 202 225 202 225 Hong Kong 100% 202 225 202 225 Non-consolidated JV's 3,378 5,206 402 424 3,780 5,630 Malaysia 31% 369 373 315 319 684 692 Thailand 31%/15% 589 767 87 105 675 871 China 25% 2,366 4,008 2,366 4,008 India 26% 55 59 55 590 0 Total 7,835 9,435 2,980 3,063 10,816 12,4970 0 Consolidated entities 3,428 3,207 2,277 2,318 5,704 5,525 Non-consolidated partnerships 4,407 6,227 704 745 5,111 6,972 Life Non-Life Total

Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life Inflows @ Ageas’s part Strong growth in emerging markets, Guaranteed Life sales down following market trend In EUR mio Periodic financial Information I 6M 13 Results I 2 August 2013 22 1,982 1,595 38 51 689 849 1,101 1,590 3,810 4,085 705 739 909 971 200 207 110 114 1,925 2,032 (13%) 8% 19% 41% 7% 2,687 2,334 948 1,023 889 1,056 1,211 1,704 5,735 6,117 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13

Insurance net result Non-Life result up in all segments, Asia Life under pressure of strong inflow growth Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other 111 121 (0) (1) 25 25 70 56 205 201 33 38 44 50 9 20 5 10 90 119 8 9 8 9 144 160 51 58 34 46 74 66 302 329 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 In EUR mio Periodic financial Information I 6M 13 Results I 2 August 2013 23

10/03/2010 I page 24 Overview impairments & net capital gains on investments Both cap gains & impairments slightly down compared to 6M12 * Periodic financial Information I 6M 13 Results I 2 August 2013 24 EUR mio 6M 12 6M 13 6M 12 6M 13 6M 12 6M 13 Life 50 35 (54) (17) (4) 18 Non-Life 16 7 (4) (2) 13 4 Total Belgium 66 42 (57) (20) 9 22 Life Non-Life 7 4 7 4 Other Total UK 7 4 7 4 Life 3 13 (0) (8) 3 5 Non-Life 0 (0) 0 (0) Total CEU 3 13 (0) (8) 3 5 Life 17 21 (8) (5) 9 16 Non-Life 1 2 (0) 1 2 Total Asia 18 23 (8) (5) 10 18 Life 70 69 (62) (30) 9 38 Non-Life 25 13 (4) (2) 21 11 Other Total Ageas 95 82 (66) (33) 30 49 Capital gains/losses Impairments & Profit sharing impact Total impact

25Periodic financial Information I 6M 13 Results I 2 August 2013 Insurance Lexicon on new margin disclosures as from FY 2012 Life Non-Life + Underwriting result + Premiums received from policyholders - actual payments made in risk contracts + penalties deducted in case of surrender + reinsurance result + Net Underwriting result + Net Earned Premium - all evolutions in claims reserves (CY & PY) + technical interest charges on technical liabilities - all expenses (marketing, intermediary, claims handling & administration) + Expense & Other result + expense loadings - actual expense charges + other results of technical nature = Net Underwriting result + Other result + other results of technical nature + Investment result + Investment income on assets covering Life technical liabilities (recurring & cap gains) - what is paid out to policyholders (guaranteed income & profit sharing) + Investment result + Investment income on assets covering Non-Life technical liabilities (recur. & cap gains) - technical interest charges on technical liabilities = Operating result = Operating result Average technical liabilities = average between technical liabilities at the beginning & at the end of each quarter of current year. Net earned premium + Premiums received from policyholders - premiums covering risks future period - premiums paid to reinsurers Life margins All Life margins calculated as % of average technical liabilities Non-Life ratio’s All Non-Life ratio’s calculated in % of Net earned premiums Combined ratio Corresponds to 1minus net underwriting result in % of net earned premiums

Insurance Combined ratio On track to be substantially below 100% Net earned premium in EUR mio Periodic financial Information I 6M 13 Results I 2 August 2013 26 Combined ratio at 97.8% vs. 98.3%  Q2 confirms Q1 good operational performance with COR at 96.1%  Household at 91.3% (vs.103.0): benign weather in major markets, impact of corrective measures & tariff increases in Belgium  Accident & Health: at 93.4% (vs.93.6%): strong improvement claims ratio Belgium  Motor at 102.2% (vs. 96.5%): increase combined ratio in all segments Claims ratio at 64.6% vs. 67.7%  CY claims ratio (67.6% vs. 72.5%) improvement in all product lines, most significant impact in Household  PY claims ratio down to release of 3.0% (vs. 4.8%), reserves strengthening in Motor in all segments Expense ratio at 33.2% vs. 30.6% 2,497 2,858 3,507 4,178 2,023 2,146 1,034 1,077 1,069 69.4% 73.2% 69.0% 68.1% 67.7% 64.6% 64.1% 66.7% 62.4% 33.1% 32.8% 31.1% 31.0% 30.6% 33.2% 30.6% 32.8% 33.7% 102.5% 106.0% 100.1% 99.1% 98.3% 97.8% 94.7% 99.5% 96.1% (6.0%) (3.7%) (3.5%) (3.1%) (4.8%) (3.0%) (4.1%) (3.5%) (2.5%) 2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 claims ratio expense ratio PY claims ratio

Insurance Combined ratio per product line Household strongly improving Motor: reserves strengtheningAccident & Health: good performance confirmed Other: improvement across all segments NEPNEP Household: benign weather in major markets NEP NEP Periodic financial Information I 6M 13 Results I 2 August 2013 27 609 714 736 763 382 392 1,012 1,134 1,571 2,058 988 1,029 203 261 308 349 163 199673 750 892 1,007 491 526 70.4% 74.3% 71.9% 70.5% 69.2% 67.7% 23.6% 24.8% 25.0% 25.5% 24.4% 25.7% 94.0% 99.1% 96.9% 96.0% 93.6% 93.4% 2009 2010 2011 2012 6M 12 6M 13 79.0% 78.4% 72.0% 73.6% 71.1% 73.5% 29.3% 29.0% 25.3% 25.4% 25.4% 28.7% 108.3% 107.4% 97.3% 99.0% 96.5% 102.2% 2009 2010 2011 2012 6M 12 6M 13 59.4% 75.0% 61.9% 55.6% 61.7% 48.3% 43.4% 43.2% 41.5% 41.6% 41.3% 43.0% 102.8% 118.2% 103.4% 97.2% 103.0% 91.3% 2009 2010 2011 2012 6M 12 6M 13 51.7% 42.9% 67.2% 66.5% 62.0% 55.1% 45.8% 41.2% 44.8% 44.9% 43.9% 45.9% 97.5% 84.1% 112.0% 111.4% 105.9% 101.0% 2009 2010 2011 2012 6M 12 6M 13

Insurance Life operating margin per product line Guaranteed: driven by investment margin Unit-linked: all margins improving Average technical liabilities Average technical liabilities  Expense & other margin decrease related to Asia mainly  Underwriting margin improvement over all segments  Investment margin slightly or almost stable across all segments ۷ improvement in CEU & Asia ۷ only slightly down in Belgium despite low i-rate  Slight deterioration underwriting margin ۷ mainly coming from CEU (lower risk margin) & Asia ۷ improving in Belgium on increasing technical liabilities Periodic financial Information I 6M 13 Results I 2 August 2013 0.44% 0.41% 0.44% 0.49% 0.44% 0.36% 0.42% 0.47% 0.67% (0.79%) 0.87% 0.76% 0.78% 0.42% 0.78% 0.79% (0.33%) (0.36%) (0.33%) (0.34%) (0.34%) (0.27%) (0.37%) (0.32%) 0.56% (0.60%) 0.81% 0.92% 0.88% 0.70% 0.68% 0.93% 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Investment m. Underwriting m. 50.4 52.3 54.0 53.5 55.3 53.5 55.2 55.3 20.2 12.4 11.8 11.6 12.1 11.6 12.3 12.1 0.07% 0.04% 0.11% 0.12% 0.14% (0.02%) 0.15% 0.13%0.01% 0.01% 0.01% 0.27% 0.42% 0.37% 0.42% 0.29% 0.17% 0.32% 0.25% 0.35% 0.45% 0.48% 0.55% 0.43% 0.43% 0.47% 0.38% 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Investment m. Underwriting m. 28

Periodic financial Information I 6M 13 Results I 2 August 2013 Net result: strong operating result In EUR mio In EUR mio Operating margin Guaranteed products: improved in Q2 13 Non-Life Combined ratio: improved underwriting mainly in Household Anticipated inflow decrease in Life 227% 210% 207% Life Technical liabilities stable In EUR bn Belgium : Headlines Solid operating Q2 in Life & Non-Life ** 111 121 33 38 144 160 6M 12 6M 13 Life Non-Life 2,642 2,126 940 985 3,582 3,111 6M 12 6M 13 Life Non-Life 99.8% 97.5% 6M 12 6M 13 0.85% 0.84% 6M 12 6M 13 Operating costs In EUR mio (13%) 52.7 52.8 FY 12 6M 13 93 96 145 152 238 248 6M 12 6M 13 Life Non-Life 29 in % avg technical liabilities

2,495 1,775 148 351 2,642 2,126 6M 12 6M 13 (20%) Life In EUR mio Non-Life In EUR mio Unit-Linked Guaranteed Other Household Accident & Health Motor Belgium: Inflow @ 100% Anticipated decrease Guaranteed products partly compensated by Non-Life & UL 267 276 294 303 295 316 84 91 940 985 6M 12 6M 13 Periodic financial Information I 6M 13 Results I 2 August 2013 30 +5% Guaranteed  Sales of guaranteed products decreased 29% to EUR 1.8 bn  Decrease observed Individual Saving (down 41% to EUR 1,060 mio) & Individual Traditional (down 16% to EUR 132 mio)  Lower volumes due to historically low guaranteed interest rates & impact of Belgian government decision to increase insurance premium tax (from 1.1% to 2%; as at 01/01/2013).  Group Life inflows amounted to a strong EUR 583 mio supported by higher single premiums Unit-linked  Sales Individual Unit-Linked: continued success in Q2, more than double in 6M 13 (+138% vs. 6M 12). Growth driven by significant offer in closed-end funds Bank channel & increasing customer appetite Household, Motor, Other  GWP increased in Bank & Broker channel & across all product lines, mainly in Household  Household (+7%): higher volume & tariff increases  Motor (+2.8%): driven by tariff increase, threshold of 1 mio contracts crossed in Q2  Other (+8.4%): mainly driven by tariff increase in Legal Assistance Accident & Health  Accident & Health (+3.4%) supported by good momentum in Health Care

Belgium: Combined ratio Strong underwriting result in Household and Accident & Health, weaker in Motor Net earned premium in EUR mio Periodic financial Information I 6M 13 Results I 2 August 2013 31 64.1% 68.7% 64.3% 62.7% 63.1% 60.4% 59.0% 62.9% 57.9% 36.8% 36.4% 36.8% 36.8% 36.7% 37.1% 36.6% 36.8% 37.5% 100.9% 105.1% 101.1% 99.5% 99.8% 97.5% 95.6% 99.7% 95.4% (8.0%) (6.6%) (7.3%) (4.5%) (8.7%) (5.9%) (7.8%) (6.9%) (5.0%) 2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 claims ratio expense ratio PY claims ratio 1,469 1,541 1,601 1,698 840 872 423 432 440 Combined ratio at 97.5% vs. 99.8%  Strong second quarter ratio at 95.4%  Household (93.0%) confirmed the good Q1 performance reflecting previous corrective measures, rate increases & less weather related claims  Accident & Health at 93.9% vs.95.1%  Motor (104.6%) second quarter mainly impacted by the non-recurring impact of additional reserving for a few large claims. Claims ratio at 60.4% vs. 63.1%  CY ratio (66.3% vs.71.8%) improvement mainly in Household, but also Accident & Health  PY ratio (5.9% release vs.8.7% release) reserves strengthening in Motor partly offset by higher releases in Other Expense ratio increased slightly at 37.1%

Belgium: Combined ratio per product line Improved underwriting performance in Household & Other Motor: one-off large claims reserves strengtheningAcc & Health: few new large claims Household: effect corrective measures - Q2 at 86.1% Other: strong Q2 at 97.4% NEPNEP NEP NEP Periodic financial Information I 6M 13 Results I 2 August 2013 32 68.9% 75.8% 73.8% 73.0% 71.4% 69.7% 22.6% 21.9% 23.8% 24.0% 23.7% 24.2% 91.5% 97.7% 97.6% 97.0% 95.1% 93.9% 2009 2010 2011 2012 6M 12 6M 13 68.5% 71.0% 58.9% 64.7% 61.3% 67.7% 36.3% 35.7% 35.3% 35.8% 36.0% 36.9% 104.8% 106.7% 94.2% 100.5% 97.3% 104.6% 2009 2010 2011 2012 6M 12 6M 13 60.5% 75.6% 63.0% 50.5% 57.2% 47.2% 47.1% 47.1% 46.9% 46.2% 46.4% 45.8% 107.6% 122.7% 109.9% 96.7% 103.6% 93.0% 2009 2010 2011 2012 6M 12 6M 13 44.9% 10.4% 58.2% 65.9% 62.6% 52.7% 49.2% 50.9% 49.5% 48.1% 48.6% 47.5% 94.1% 61.3% 107.7% 114.0% 111.2% 100.2% 2009 2010 2011 2012 6M 12 6M 13 424 451 451 480 242 244 465 498 525 540 267 270 453 463 484 530 258 278 127 129 142 149 74 80

Belgium Life operating margin per product line Guaranteed: strong Q2 Unit-linked: increasing liabilities & lower expense & other margin Avg techn liabilities Avg techn liabilities 40.7 42.9 44.9 44.4 46.2 44.4 46.1 46.2 6.0 5.6 5.2 5.2 5.3 5.2 5.3 5.3 0.03% (0.05%) 0.04% 0.02% 0.03% 0.05% 0.02% 0.64% 0.50% 0.44% 0.43% 0.38% 0.44% 0.39% 0.36% 0.66% 0.45% 0.47% 0.45% 0.41% 0.35% 0.44% 0.38% 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Underwriting m. 0.28% 0.32% 0.32% 0.30% 0.35% 0.32% 0.33% 0.37% 0.57% (0.80%) 0.93% 0.83% 0.80% 0.57% 0.78% 0.81% (0.21%) (0.30%) (0.29%) (0.28%) (0.31%) (0.26%) (0.34%) (0.28%) 0.64% (0.78%) 0.96% 0.85% 0.84% 0.62% 0.77% 0.91% 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Investment m. Underwriting m.  Operating result amounted to EUR 11 mio, down 7%  Average Technical Liabilities increased by 4%  Operating result amounted to EUR 194 mio, up 2% on increase of technical liabilities  Operating margin 6M 13 stable on 6M 12 despite continued low i-rate environment  Investment margin Q2 margin up Q-on-Q with dividend, Q2 12 included huge negative impact of impairments  Average Technical Liabilities up 4%, mainly due to last year’s strong intakes Periodic financial Information I 6M 13 Results I 2 August 2013 33

Net result: Non-Life performance up In EUR mio In EUR mio Operating margin Guaranteed products Inflow up 4.5% at constant FX In EUR mio United Kingdom: Headlines Overall Non-Life performance substantially better 34 ** (0) (1) 44 50 8 951 58 6M 12 6M 13 Life Non-Life Other 38 51 1,102 1,101 1,140 1,152 6M 12 6M 13 Life Non-Life +1% Operating costs: addition Groupama offset by cost reduction initiatives Non-Life combined ratio: improved underwriting mainly in Household 98.8% 98.5% 6M 12 6M 13 Other Income down in a competitive market, changing commercial strategy 139 122 6M 12 6M 13 15 16 91 117 129 114 235 247 6M 12 6M 13 Life Non-Life Other In EUR mio (3.78%) (4.07%) 6M 12 6M 13 Periodic financial Information I 6M 13 Results I 2 August 2013 in % avg technical liabilities

1,102 1,101 38 51 1,140 1,152 6M 12 6M 13 30 44 758 730 214 231 99 96 1,102 1,101 6M 12 6M 13 Motor Non-Life Life Other Property Accident & Health Total In EUR mio Non-Life In EUR mio (0.1%) 1% United Kingdom: Inflow @ 100% Inflow stable, up 4.5% at constant FX Life  Successful roll out of its proposition across the IFA market and through affinity partnerships developed in 2012  Over 286,000 customers up 27% on same period last year Non-Life  Down 0.1%, growth of 3.3% at constant FX  Motor down 4% mainly due to lower average premiums, following market trend of rate decreases & focus on risk mix improvement  Household up 8% primarily due to the inclusion of Groupama Insurance Company Ltd (GICL)  Accident & Health up 45% due to the inclusion of GICL  Other lines, including Commercial & Special Risks down 4% due to management actions to improve profitability, offset partially by inclusion of GICL  EUR 196 mio Groupama inflow included Other Insurance (including Retail)  YTD total income of EUR 122 mio ,12% below last year. Periodic financial Information I 6M 13 Results I 2 August 2013 35

United Kingdom: Combined ratio Below 100% reflecting continued strong performance in Household Net earned premium in EUR mio Combined ratio at 98.5%  Combined ratio continued sub 100% performance  Impact Groupama: greater proportion delegated authority schemes with higher expense ratio but lower claims in portfolio Claims ratio at 67.6%  Claims ratio Reduction across all lines of business with greatest impact in Household due to benign weather  CY ratio (68.4% vs. 74.5%) significant reduction primarily due to benign weather experience in Household  PY ratio: release of 0.8% vs. 1.5% in 6M 12 Expense ratio at 30.9%  Increase from combination of pressure on earned premium in Tesco & addition of Groupama with greater proportion of delegated authority schemes. Periodic financial Information I 6M 13 Results I 2 August 2013 36 80.4% 81.5% 74.6% 73.3% 73.0% 67.6% 69.6% 69.4% 65.8% 27.7% 28.0% 25.3% 26.5% 25.8% 30.9% 26.0% 30.5% 31.2% 108.1% 109.5% 99.9% 99.8% 98.8% 98.5% 95.6% 99.9% 97.0% (3.5%) (1.1%) 0.1% (2.1%) (1.5%) (0.8%) (1.3%) (1.2%) (0.3%) 2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 claims ratio expense ratio PY claims ratio 834 948 1,524 2,083 989 1,075 510 546 529

United Kingdom: Combined ratio per product line Reduced loss ratios in all products, partially offset by expense ratios Motor: premium strain on expense ratio (TU) NEP Accident & Health: GICL impacting expense ratio Household: benign weather impact Other: positive impact mgmt actions (AIL) & inclusion of GICL NEP Periodic financial Information I 6M 13 Results I 2 August 2013 37 83.5% 97.9% 87.7% 78.1% 76.3% 72.8% 26.2% 24.0% 23.2% 28.2% 25.9% 34.1% 109.7% 121.9% 110.9% 106.3% 102.2% 106.9% 2009 2010 2011 2012 6M 12 6M 13 88.9% 82.9% 79.2% 77.2% 75.7% 75.1% 22.8% 23.3% 19.5% 21.3% 20.7% 25.6% 111.7% 106.2% 98.7% 98.5% 96.4% 100.7% 2009 2010 2011 2012 6M 12 6M 13 53 58 65 57 28 36 524 532 949 1,420 673 710 61.2% 77.4% 61.4% 62.3% 67.9% 47.4% 38.0% 38.2% 35.3% 36.7% 36.5% 40.2% 99.2% 115.6% 96.7% 99.0% 104.4% 87.6% 2009 2010 2011 2012 6M 12 6M 13 66.0% 75.1% 71.6% 67.7% 62.9% 59.0% 38.1% 30.4% 39.3% 42.2% 41.4% 44.7% 104.1% 105.5% 110.9% 109.9% 104.3% 103.7% 2009 2010 2011 2012 6M 12 6M 13 187 248 366 434 211 225 69 110 143 173 77 105 NEP NEP

Net profit increase driven by Turkey In EUR mio In EUR mio Non-Life Combined ratio: weather conditions Portugal vs. strong 2012 227% 210% 207% Inflow* increased in nearly all countries In EUR bn Continental Europe: Headlines Strong top line performance & increased net profit including positive one-off ** Operating costs remain stable In EUR mio 25 25 9 20 34 46 6M 12 6M 13 Life Non-Life 1,575 1,826 537 553 2,112 2,379 6M 12 6M 13 Life Non-Life 88.5% 95.5% 6M 12 6M 13 1.11% 0.94% 6M 12 6M 13 Operating margin Guaranteed products: lower risk result vs. exceptional 6M 12 +13% Periodic financial Information I 6M 13 Results I 2 August 2013 38 Life Technical liabilities*: moderate growth 28.1 28.4 FY 12 6M 13 36 36 37 38 73 74 6M 12 6M 13 Life Non-Life in % avg technical liabilities * Incl. non-consolidated partnerships @ 100%

432 514 421 409 853 923 6M 12 6M 13 98 98 86 83 45 56 46 55 275 292 6M 12 6M 13 Accident & Health Motor Unit-Linked Guaranteed +16% Other Household Life In EUR mio Non-Life In EUR mio Continental Europe: Inflow @ 100% Higher Life sales in Portugal & France, Non-Life driven by Turkey +3% Life  Inflow +16%, including non-controlling interests @ 100%, reflecting higher sales in Portugal and France  Consolidated inflow up 48%  Portugal: volumes up by 49% driven by the UL business as a result of successful sale campaign in June  France: up by 45% continue to benefit from the 1st quarter UL single premium payment Technical liabilities  End of period technical liabilities: up 4% vs. year-end 2012 technical ones  Average technical liabilities growth in line with excellent sales performance over last 2 years Non-Life  Inflow + 6%, including non-controlling interests @ 100% driven by Turkey  GWP consolidated entities in line with last year  Turkey (Aksigorta) at EUR 321 mio  A&H and Motor remain the major business lines in the portfolio. Motor slight decline due to Italy (economic recession leading to further reduction car sales) and Turkey (less MTPL sales due to focus on profitable growth) Periodic financial Information I 6M 13 Results I 2 August 2013 39

Continental Europe: Combined ratio Well below group target even with severe winter weather in Portugal Net earned premium in EUR mio * Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy Combined ratio at 95.5%  Combined ratio higher than PY mainly due to severe weather impact in Portugal (household) and exceptionally low claims ratio’s last year. Claims ratio at 66.2%  Claims ratio mainly higher due to mid-January storms in Portugal and higher volume of claims reported  Claims ratio Italy in line with previous quarter but slightly higher than PY  PY ratio: 2.3% release vs. 5.3%  Combined ratio Turkey further improved to 88.6%.from 101.3% Expense ratio at 29.3%  Expense ratio continued focus on cost containment (LY was influenced by a one off release in Italy), commission ratio slightly up due to product mix Periodic financial Information I 6M 13 Results I 2 August 2013 40 62.4% 71.0% 66.4% 63.6% 61.0% 66.2% 57.4% 67.8% 64.7% 27.6% 30.3% 30.3% 29.8% 27.5% 29.3% 29.3% 28.9% 29.7% 90.0% 101.3% 96.7% 93.4% 88.5% 95.5% 86.7% 96.7% 94.4% (1.3%) 1.9% (2.0%) (2.5%) (5.3%) (2.3%) (3.2%) (0.9%) (3.7%) 2009 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 claims ratio expense ratio PY claims ratio 194 369 382 397 194 199 101 99 100

Continental Europe: Combined ratio per product line Overall combined ratio within expectations (only related to consolidated companies) Motor: exceptionall strengthening PY reserves (cleaning old claims) Accident & Health: product mix drives increase commission ratio Household: impact of weather in Portugal Other: higher commission due to product mix Periodic financial Information I 6M 13 Results I 2 August 2013 41 70.2% 64.2% 63.5% 63.3% 62.7% 61.7% 25.7% 31.6% 27.8% 28.2% 25.4% 26.3% 95.9% 95.8% 91.3% 91.5% 88.1% 88.0% 2009 2010 2011 2012 6M 12 6M 13 132 205 220 226 112 112 65.3% 90.5% 71.8% 69.8% 61.5% 82.0% 36.7% 27.0% 29.2% 28.1% 31.9% 28.2% 102.0% 117.5% 101.0% 97.9% 93.4% 110.2% 2009 2010 2011 2012 6M 12 6M 13 23 104 97 99 48 49 34.9% 53.5% 53.7% 51.8% 54.6% 70.6% 22.9% 27.7% 34.2% 33.5% 27.8% 36.5% 57.8% 81.2% 87.9% 85.3% 82.4% 107.1% 2009 2010 2011 2012 6M 12 6M 13 33 39 42 44 22 23 33.8% 73.3% 94.5% 62.8% 53.5% 40.6% 58.6% 39.0% 50.0% 43.3% 29.7% 44.4% 92.4% 112.3% 144.5% 106.1% 83.2% 85.0% 2009 2010 2011 2012 6M 12 6M 13 7 21 23 28 12 14 NEP NEP NEP NEP

Continental Europe Life operating margin per product line Guaranteed: lower underwriting margin partially offset by higher investment margin Unit-linked: stable Avg techn liabilities Avg techn liabilities  Decrease expense & other margin is a./o. related to maturing funds & lower fees resulting from lower inflows.  Investment margin improved vs. PY  Although decline in underwriting margin YTD due to higher claims in the risk business & fewer premiums (change payment frequency), improvement on quarterly basis  Cost containment lead to stable expense margin 1.25% 1.00% 1.18% 1.22% 0.91% 1.20% 0.89% 0.93% 0.84% (0.75%) 0.70% 0.69% 0.84% 0.73% 0.76% 0.92% (0.93%) (1.08%) (0.85%) (0.80%) (0.81%) (0.87%) (0.76%) (0.86%) 1.16% (0.83%) 1.02% 1.11% 0.94% 1.06% 0.89% 0.98% 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Investment m. Underwriting m. 8.7 8.3 7.8 7.9 7.7 7.9 7.7 7.7 13.9 6.4 6.1 6.0 6.2 6.0 6.4 6.2 0.01% 0.02% 0.02% 0.02% 0.01% 0.03% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.18% 0.55% 0.41% 0.51% 0.51% 0.48% 0.50% 0.51% 0.20% 0.56% 0.44% 0.54% 0.53% 0.51% 0.52% 0.53% 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Investment m. Underwriting m. Periodic financial Information I 6M 13 Results I 2 August 2013 42

Net result: Excluding one-offs, result fairly stable In EUR mio In EUR mio Non-Life Combined ratio in both Thailand & Malaysia Inflow* fuelled by China & Thailand Life Technical liabilities* further up in non-consolidated entities In EUR bn Asia: Headlines Pressure on profit in Life from boost in new business, Profitable organic growth in Non-Life Periodic financial Information I 6M 13 Results I 2 August 2013 43 ** 70 56 5 10 74 66 6M 12 6M 13 Life Non-Life 100.1% 94.2% 6M 12 6M 13 3,580 5,431 402 424 3,981 5,855 6M 12 6M 13 Life Non-Life Result non-consolidated partnerships 60 49 5 10 65 59 6M 12 6M 13 Life Non-Life +47% 24.4 28.0 FY 12 6M 13 * Incl. non-consolidated partnerships @ 100% in % avg technical liabilities In EUR mio 2.00% 1.54% 6M 12 6M 13 Life operating margin Hong Kong

152 171 50 56 12 13 188 184 402 424 6M 12 6M 13 3.380 5.253 200 178 3.580 5.431 6M 12 6M 13 +52% +8% Fire Motor Guaranteed Life Non-Life In EUR mio In EUR mio Unit-Linked Asia: Inflow @ 100% Strong growth new business, boosted by very successful sales campaigns Accident & Health Other Periodic financial Information I 6M 13 Results I 2 August 2013 44 Life  Hong Kong, +12%, Strong 22% APE growth, with both agency & IFA channel contributing  China, +69%, 48% of inflow from regular business, new business bank channel up 150% after extraordinarily successful campaign; sales agency channel up 134% thanks to expanding number of agents & successful regular business campaign  Malaysia, +1%, New business premiums & renewal premiums stable  Thailand, +30%, New business premiums up 39%; particular strong performance in bank channel  India, +9%, Despite continued difficult regulatory environment, new business up almost 30% in bank channel Technical liabilities  End-of-period technical liabilities:  Hong Kong : EUR 1.9 bn, up 4%  Including non-consolidated JVs @ 100%: EUR 28.0 bn, up 15%  Average technical liabilities growth in line with excellent sales performance over last 2 years Non-Life  Malaysia, +1%, Growth in high-retention lines Motor & Household, offset by lower premiums in Marine, Aviation & Transport  Thailand, +21%, Concentrated in Motor business. Household & Personal Accident business also showed good growth

Hong Kong Life operating margin per product line Improved margin due to organic growth & higher investment income Guaranteed: improving expense & investment margin Unit-linked: pressure on margin from new business growth Periodic financial Information I 6M 13 Results I 2 August 2013 Avg techn liabilities Avg techn liabilities  Underwriting margin improved following organic growth  Expense & Other margin deteriorated in 6M 13 following new business growth & change in product mix. 6M 12 expense margin included EUR 4 mio positive non- recurring adjustment.  Underwriting margin deteriorated in 6M 13 due to higher reinsurance costs & better persistency  Investment margin improved as result of higher net income from larger bond portfolio & some realised capital gains  Expense & Other margin improved due to organic growth (0.15%) (0.71%) (0.15%) (0.42%) (0.57%) (0.91%) (0.82%) (0.33%) 3.62% (0.57%) (0.11%) (0.16%) 0.04% (0.52%) 1.00% (0.90%) 1.30% 3.52% 2.52% 2.66% 2.90% 2.87% 2.73% 3.11% 4.77% 2.24% 2.26% 2.05% 2.38% 1.40% 2.92% 1.92% 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Investment m. Underwriting m. → new calculation methodology 1.0 1.1 1.3 1.2 1.3 1.2 1.3 1.3 3.11% 1.75% 2.14% 2.43% 2.65% 2.38% 2.68% 2.61% (0.06%) (0.14%) (2.40%) (3.21%) (0.95%) (0.57%) (3.12%) (2.19%) (2.46%) (3.77%) 0.70% (1.47%) 1.19% 1.86% (0.53%) 0.19% 0.22% (1.30%) 2010 2011 2012 6M 12 6M 13 Q2 12 Q1 13 Q2 13 Expense & other m. Investment m. Underwriting m. → new calculation methodology 0.3 0.4 0.5 0.4 0.6 0.4 0.6 0.6 45

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

Periodic financial Information I 6M 13 Results I 2 August 2013 47 Investment portfolio Value of portfolio down on UG/L in fixed income, increased allocation to equities In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Sovereign bonds 34.7 Sovereign bonds 34.2 Corporate bonds 25.1 Corporate bonds 24.9 Structured 0.3 Structured 0.4 Loans 6.3 Loans 6.3 Equities 2.4 Equities 2.8 Real Estate 4.7 Real Estate 4.6 Cash 2.4 Cash 2.3 75.9 75.5 FY 12 6M 13 Asset mix  Asset mix relatively stable  Increased positions in equities at the expense of cash & sovereigns continued in Q2  4th infrastructure project realised through partnership with Natixis Gross unrealized gains/losses on Available for Sale  Total portfolio: down to EUR 3.8 bn (EUR 5.4 bn FY 12); exclusively down in fixed income  Fixed income: at EUR 3.6 bn (EUR 5.2 bn FY 12) Sovereigns at EUR 2.3 bn (vs. EUR 3.3 bn) Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)  Equities: stable at EUR 0.2 bn  Real Estate: stable at EUR 1.3 bn - not reflected in equity EUR 0.9 bn unrealized gains/losses on Held to Maturity not reflected in equity

18.4 18.2 4.8 5.0 3.3 3.4 2.9 2.7 1.4 1.2 0.7 0.5 3.2 3.1 34.7 34.2 FY 12 6M 13 Others The Netherlands Germany Austria SE Sovereigns France Belgium In EUR bn  Gross UG/L at EUR 2.3 bn (vs. EUR 3.3 bn)  96% investment grade; 88% rated A or higher  Exposure on SE sovereigns at amortized cost, after impairments & @ Ageas’s part at EUR 2.1 bn; stable on FY 12  Maturity sovereign bond portfolio unchanged & close to maturity liabilities , limited interest rate sensitivity Sovereign bond portfolio* * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Sovereign & Corporate bond portfolio Value fixed income portfolio heavily impacted by evolution unrealized gains Periodic financial Information I 6M 13 Results I 2 August 2013 48  Gross UG/L at EUR 1.3 bn (vs. EUR 1.8 bn)  Priority to investment grade industrials has led to increased share in corporate bond portfolio over 6M 13 of 40% (vs. 37% FY 12)  Credit quality remains very good with 94% investment grade; 74% rated A or higher Corporate bond portfolio* 6.1 5.5 1.9 2.0 9.3 9.9 7.8 7.4 25.1 24.9 FY 12 6M 13 Government related Non Financials Other financials Banking

In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Loan portfolio (customers + banks)* Loan & Equity portfolio More loans with region guarantee 2.6 2.3 0.1 0.10.1 0.1 1.5 1.5 2.0 2.3 6.3 6.3 FY 12 6M 13 Other Mortgages Infrastructure Real Estate Loans to banks  Increase in other: long term loans to regional agencies (Belgium) benefiting from explicit guarantee by the region  Loans to banks down: priority to long-term secured loans  Infrastructure loans: since start collaboration with Natixis 4 projects realized (highway, railroad, prison & airport) for total amount of EUR 0.2 bn (of which EUR 0.1 bn already financed). Periodic financial Information I 6M 13 Results I 2 August 2013 49 Equity portfolio*  Gross UG/L stable at EUR 0.2 bn 1.2 1.4 0.1 0.1 0.7 0.7 0.4 0.72.4 2.9 FY 12 6M 13 Mixed funds & others Real Estate funds Equity funds Equities

Real estate portfolio 10/03/2010  Gross UG/L stable at EUR 1.3 bn (not reflected in net equity)  Real Estate exposure mainly in Belgium (+/- 70%) 1.5 1.4 1.1 1.1 1.3 1.4 0.6 0.4 0.3 0.3 4.7 4.6 FY 12 6M 13 Investment Warehouses RE Development Investment Retail Car Parks Investment Offices In EUR bn Real Estate portfolio* Periodic financial Information I 6M 13 Results I 2 August 2013 50 * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

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

Net result driven by transactions on RPI & Call option In EUR mio In EUR mio Main elements balance sheet:P&L impact transaction on RPI & Call option mainly in Q1 227% 210% 207% General Account: Headlines Result & net cash driven by transaction RPI & Call option Periodic financial Information I 6M 13 Results I 2 August 2013 52 ** Net cash position: cash on transactions partly in 2 143 6M 12 6M 13 1.2 2.1 FY 12 6M 13 In EUR bn In EUR mio (165) (171) 234 872 241 FY 12 6M 13 RPN(i) Call Option RPI 8 8 15 12 23 20 6M 12 6M 13 Staff Op & admin Operating costs further down In EUR mio 232 42 142 (90) Q1 Q2 RPI Call Option * Subject to absence of any creditor’s claim net cash further influenced in H2 2013 by  remaining cash RPI transaction coming in (plus ≈EUR 200 mio)  announced EUR 1 capital reduction (minus ≈EUR 230 mio):  16/09 shareholders’ meeting  10/12 ex-date  13/12 payment date*  announced share buy-back (minus EUR 200 mio)

143 232 42 (90) (6) (8) (11) (17) RPI / Q1 Call option / Q1 RPI / Q2 Reval RPN(i) Staff exp. Op.& admin. exp. Investment & Interest Result* General Account General Account: components of Net result 6M result driven by Q1 transactions on legacy items In EUR mio Periodic financial Information I 6M 13 Results I 2 August 2013 53 * Including Interest Margin, Other Expenses & Other Losses (Realised/Unrealised)  Q2 additional profit on RPI resulting from the final settlement, currency effects & review tax position  Non-cash charge of increasing RPN(I) liability partly driven by increasing price CASHES, partly by lower credit spread used for discounting the expected cash flows

Periodic financial Information I 6M 13 Results I 2 August 2013 Net cash position General Account at EUR 2.1 bn Up in Q2 on transactions regarding RPI & BNPP Call Option  Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of remaining proceeds expected in H2 2013  EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than compensating 2012 dividend & 2012 corporate center costs  Expected cash out of EUR 0.4 bn in the coming months related to capital reduction & share buy-back 54 688 1,216 2,055340 827 144 (≈234) (68) (77) (270) (57) (≈200) ≈213 FY 11 FY 12 buy-back capital injection TPL paid dividend upstream opco's RPI call option other 6M 13 RPI transaction share buy-back capital reduction In EUR bn announced cash movements

Periodic financial Information I 6M 13 Results I 2 August 2013 55 Net cash equally spent over 3 alternative uses Balanced use of cash since 2009 Invest in Businesses  Organic growth  Selective acquisitions  Create new partnerships Return to debtholders  Redemption of Debt (EMTN) Return to shareholders  Dividend payment  Share buy-back May 2009 – August 2013: +/- EUR 1.0 bn  +/- EUR 600 mio UK (Tesco, KFIS, Castle Cover, Groupama)  +/- EUR 200 mio CEU (Italy, Turkey)  +/- EUR 200 mio Asia (India, HK, China) +/- EUR 1.3 bn  +/- EUR 900 mio cash dividend over 2009, ’10, ’11 & 2012  EUR 450 mio share buy-backs finalized early 2012 & 2013 +/- EUR 0.8 bn  redemption in EMTN +/- EUR 0.4 bn  EUR 1.0 proceeds of BNP Call Option & RPI  EUR 200 mio share buy-back announced 02/08/13

 Up to EUR 200 mio of its outstanding common stock  Buy-back launched as of 12 August 2013  For a period ending at 5 August 2014  Independent broker mandated to execute  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 3rd consecutive share buy-back illustrating disciplined capital management 29 June 12 Cancellation bought-back shares (7.3% of total outstanding) effective 6 August 12 Ageas announces EUR 200 mio share buy-back 24 August 11 Ageas announces EUR 250 mio share buy-back 24 April 13 Cancellation bought-back shares (3.8% of total outstanding) effective 27 April 13 Ageas announces  agreement on RPI & BNPP Call Option  EUR 1.0 capital reduction 2 August 13 Ageas announces EUR 200 mio share buy-back Periodic financial Information I 6M 13 Results I 2 August 2013 56

February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court Judgments received in various legal procedures No major new elements in 6M 13 Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion MCS (Mandatory Convertible Securities) into Ageas’ shares Timing and (financial) outcome remains hard to estimate Most civil proceedings still at the stage of first instance Possible decisions 2013: - Administrative proceedings AFM I (info June 2008) & AFM II (info Sep 2007) - total amount of fines: EUR 864.000 - Dutch Supreme Court re mismanagement (ondernemingskamer) - no direct financial consequences - Court of Appeal Amsterdam in Stichting FortisEffect case - first instance in favour of Ageas May 11 - Claim VEB/Deminor & FortisEffect dismissed by Amsterdam Court - Rotterdam court confirmed fine AFM I, appeal filed InitiatedbyAgeasActionsagainstAgeas February 12 BNP P tender for CASHES & 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 Q2 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 & MCS, closing all outstanding disputes with Dutch State 2013 June 13 Fine imposed by FSMA, appeal filed Periodic financial Information I 6M 13 Results I 2 August 2013 57

Legal proceedings Managed in interest of shareholders Administrative proceedings  AFM fine imposed 05/02/10 re price sensitive info June 08  AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07  Appeal filed against both before The Hague “College van Beroep voor het bedrijfsleven”; proceedings ongoing  FSMA re communication in Q2 2008  Appeal filed before Court of Appeal Criminal procedure  Public prosecutor requests referral of 7 individuals Enterprise Court (Ondernemingskamer)  At request of VEB re 2007-2008  Report June 10; Judgment 05/04/12 re mismanagement, mainly in favour plaintiffs. Appeal before Supreme Court Civil Lawsuits  Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas, former directors/executives & banks  Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State & Ageas  Proceedings ongoing  Judgement in favour of Ageas; appeal filed by Stichting FortisEffect before Court of Appeal  Utrecht - Stichting Investor Claims Against Fortis re alleged miscommunication 2007-08 against Ageas & 2 financial institutions  Utrecht - 2nd case by Stichting on behalf of certain shareholders for damages from same defendants & certain former directors/executives  Proceedings ongoing  Proceedings initiated in August 2012 ; at present unclear whether both actions will be joined  Arnhem - Mr.Bos, re alleged miscommunication May June 2008  Appeal filed before Arnhem Court of Appeal  Brussels - Modrikamen, re Sep/Oct 2008 transactions  Brussels - Deminor, re alleged miscommunication 2007 - 08  Brussels - Fortis shareholder re 2007 rights issue  Brussels – Arnauts, re alleged miscommunication 2007 – 08  Court of Appeal confirmed no competence on Dutch defendants / Pleadings on the merits scheduled H1 2014  Proceedings ongoing  Proceedings ongoing  Initiated 29 April 2013 Financial instruments  Brussels Court of Appeal - MCS-holders contesting validity of conversion  Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015 Periodic financial Information I 6M 13 Results I 2 August 2013 58 Situation 30 June 2013

Main characteristics Hybrids Hybrone partly tendered, NITCH II reimbursed & NITSH II call announced EUR mio Ageas Ageasfinlux Fresh Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Direct issue FBB, 2004 CASHES % 3m EUR + 135 bp 5.125% 8.25% 4.625% 3m EUR +200 bp Amount outstanding 1,250 336 USD 750 1,000 1,110 ISIN XS0147484074 XS0257650019 XS0346793713 BE0119806116 BE0933899800 Call date Undated exchange, strike 315.0, mandatory 472.5 Jun/2016 Step up to 3M Euribor +200 Aug/2013 No step up Oct/2014 Step up to 3M Euribor+170 Undated exchange, strike 239.4, mandatory 359.1 ACSM YES YES YES YES YES Dividend pusher YES YES YES YES NO Dividend stopper NO YES YES YES YES Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset <8% CAD <0.5% Dividend Other 336 on lent to AG Insurance USD 750 on lent to FBB No stock settlement feature Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (30/06/13) 51.24 96.97 100 97.5 56.17 Fortis Bank (now BNP Paribas) Periodic financial Information I 6M 13 Results I 2 August 2013 59 PR 03/06/13: call & redemption announced

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

situation 31/12/2011 situation 31/12/2012 situation 01/08/2013 Total Issued Shares 2,623,380,817 243,121,272 233,955,818 Shares not entitled to dividend and voting right 340,160,729 15,886,832 9,627,960 1. TREASURYSHARES Share buy-back 175,163,656 7,056,442 469,705 FRESH 39,682,540 3,968,254 3,968,254 Other treasury shares 1,250 218,232 546,097 2. CASHES 125,313,283 4,643,904 4,643,904 Shares entitled to dividend and voting rights 2,283,220,088 227,234,440 224,327,858 Total Issued Shares diminished with the 9,635,159 shares acquired through the Buy-back programme up to 15 February 2013 & cancellation granted at the shareholders' meetings. Following the reverse stock split the number of shares at 31/12/2011 has been divided by 10, effective as at 7 August 2012. Cancellation bought back shares Agreement with BNP in February Periodic financial Information I 6M 13 Results I 2 August 2013 61 Total number of outstanding shares Bought back shares cancelled following approval AGM April 2013 Cancellation bought back shares

Shareholders structure Based on number of shares as at 01 August 2013 Ageas 2.13% Ping An 5.17% BlackRock, Inc. 5.01% Franklin Mutual Advisers 3.13% Norges Bank BNPP & Fortis Bank Identified retail investors 16% Identified institutional investors 39% Other investors 23% Ageas Based upon press release 18 February 2013 Ping An Based upon the number of shares mentioned in the notification received 6 May 2013 Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 8 April 2013 BlackRock, Inc. Based upon the number of shares mentioned in the notification received 22 July 2013 Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012 BNP P & Fortis Bank Based upon BNP Paribas notification 01 October 2012 Benelux Retail shareholders Estimate by Identified institutional investors Estimate by Periodic financial Information I 6M 13 Results I 2 August 2013 62

2 August 6M 2013 results 6 November 9M 2013 results Periodic financial Information I 6M 13 Results I 2 August 2013 63 16 September Extraordinary shareholders’ meeting - Brussels 10 December Ex date 13 December Payment capital reduction* Financial calendar 2013 - 2014 Extraordinary shareholders’ meeting in September re EUR 1 distribution * Subject to absence of any creditor’s claim 19 February Annual results 2013 14 May 3M 2014 results 30 April Ordinary & Extraordinary shareholders’ meeting - Brussels 5 May Ex date 19 March Annual report 2013 13 May Payment 2013 dividend 6 August 6M 2014 results 5 November 9M 2014 results

Rating Periodic financial Information I 6M 13 Results I 2 August 2013 64 S&P MOODY'S FITCH Operating entities AG Insurance (Belgium) Insurance Financial Strength A- / stable A2 / negative* A+ / stable Last change 05/07/13 26/07/12 29/05/13 Millenniumbcp Ageas (Portugal) Insurance Financial Strength BB / negative BBB- / negative Last change 10/07/13 09/07/13 Ageas Insurance Co. (Asia) Insurance Financial Strength Baa1 / stable A / stable Last change 16/01/13 26/03/13 Muang Thai Life Insurance Financial Strength BBB+ / stable BBB+ / stable Last change 29/12/10 16/12/10 Etiqa Insurance Berhad (Malaysia) Insurance Financial Strength A / stable Last change 26/09/11 Holdings ageas SA/NV Long-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2 Outlook stable negative stable Last change 05/07/13 26/07/12 14/12/12

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 13 Results I 2 August 2013 65

Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 ir@ageas.com www.ageas.com Investor Relations Periodic financial Information I 6M 13 Results I 2 August 2013 66

Add a comment

Related presentations

Related pages

Results Presentation 6M 2013 - Talanx

3 Results Presentation 6M 2013, 14 August 2013 I 6M 2013 – Good underlying performance 6M result characterised by various major losses, disposal gains on ...
Read more

quarterly results 6M 2013 Results Update

Allianz Global Corporate & Specialt. y. 6M 2013 Results Update . Briefing – August 2013 . AGCS quarterly results briefing . Q2/6M 2013 . Aug 2, 2013 ...
Read more

AES Gener 6M 2013 Results

2 6M 2013 HIGHLIGHTS On July 1, 2013, Antofagasta Minerals S.A. (AMSA) was incorporated as shareholder of Alto Maipo SpA (Alto Maipo), the AES Gener ...
Read more

2013 Full Year Announcement - Intertek

2013 FULL YEAR RESULTS ANNOUNCEMENT 3 MARCH 2014 Intertek Group plc (“Intertek”), a leading international provider of quality and safety services ...
Read more

6M 2013 PRELIMINARY SALES AND RESULTS

6M 2013 PRELIMINARY SALES AND RESULTS Madrid, 30th of August 2013 NH HOTELES, S.A. NH HOTELES – INVESTOR RELATIONS Santa Engracia. 120, 28003 Madrid
Read more

6M 2013 FINANCIAL RESULTS

6M 2013 FINANCIAL RESULTS Presentation August 26, 2013 ... Coal sales for the 6M 2013 decreased by 6% to 4.54 mln. tonnes compared to the same period
Read more

Inmarsat plc Reports Preliminary Full Year Results 2013

Inmarsat plc Reports Preliminary Full Year Results 2013. London, UK: 6 March 2014. Inmarsat plc (ISAT.L), the leading provider of global mobile satellite ...
Read more

Consolidated Half Yearly Results 2013 - iomart.com

iomart group plc Half Yearly Report 2013 Consolidated Half Yearly Results 2013 6 months ended 30 September 2013
Read more

Analyst Presentation 6M 2013 - Fraport AG | de

which could cause the actual results – including the financial condition and profitability of Fraport – ... Analyst Presentation 6M 2013
Read more