9M results 2010

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Information about 9M results 2010
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

110 November 2010 |  Continued strong inflows  Well performing Insurance operations  Positive contribution General Account  Shareholders’ equity further up Key messages Q3 10

210 November 2010 | Key highlights Q3 10  Shareholders’ equity YTD at EUR 9.6 bn or EUR 3.90 per share  Solvency ratio nearly stable at 223%;  Core equity EUR 5.7 bn above regulatory minimum requirement  Net cash position General Account at EUR 2.3 bn;  Discretionary capital end of September at EUR 0.7 bn Shareholders’ equity further up  YTD General Account net profit : EUR 312 mio; Q3 10 net profit of EUR 37 mio  YTD Group net profit : EUR 646 mio; Q3 10 net profit of EUR 190 mio  Q3 10 General Account highlights :  Net result on RPI of EUR 163 mio;  Value call option on BNP Paribas shares up EUR 77 mio;  Charge RPN(I) up EUR 156 mio; Positive contribution General Account  YTD Insurance net profit : EUR 334 million (vs. EUR 409 mio YTD 09)  Life : EUR 283 mio; Non-Life : EUR 42 mio; Other : EUR 9 mio  Q3 10 Insurance net profit : EUR 153 mio, including capital gains realized in Belgium Well performing Insurance operations  YTD inflows at EUR 13.7 bn, +20% vs. 09  Growth in Life (+21%) and Non-Life (+18%) in line with previous quarters  Asian inflows remain strong at EUR 4.7 bn (+55%)  Inflow consolidated operations at EUR 9.2 bn (+8%)  Q3 10 inflow at EUR 4.1bn, +17% vs. 09 Continued strong inflows

310 November 2010 | Comparable inflow data Q3 10 By segment EUR mio 10/03/2010 I page 3 YTD 10 YTD 09 Change Q3 10 Q3 09 Q2 10 * Retail distribution not reported at inflow level/ ** All entities at 100% Belgium 5,055 5,097 -1% 1,553 1,543 1,704 Life 3,824 3,925 -3% 1,173 1,179 1,336 Non-Life 1,231 1,173 5% 380 364 369 United Kingdom* 840 702 20% 290 250 285 Life 19 6 217% 8 3 6 Non-Life 821 696 18% 283 247 279 Continental Europe 3,116 2,557 22% 907 782 1,080 Life 2,791 2,376 17% 810 728 971 Non-Life 326 182 79% 97 54 109 Asia ** 4,724 3,050 55% 1,350 926 1,565 Life 4,340 2,753 58% 1,235 844 1,405 Non-Life 385 296 30% 115 82 161 Total 13,736 11,407 20% 4,100 3,501 4,634 Life 10,973 9,060 21% 3,226 2,754 3,717 Non-Life 2,763 2,347 18% 874 747 917 Of which non-conso partnerships 4,487 2,835 92% 1,264 852 1,483 Life 4,102 2,539 62% 1,149 770 1,322 Non-Life 385 296 30% 115 82 161

410 November 2010 | Comparable inflow data Q3 10 By type EUR mio 10/03/2010 I page 4 YTD 10 YTD 09 Change Q3 10 Q3 09 Q2 10 Life 10,973 9,060 21% 3,226 2,754 3,717 Belgium 3,824 3,925 -3% 1,173 1,179 1,336 United Kingdom* 19 6 217% 8 3 6 Continental Europe 2,791 2,376 17% 810 728 971 Asia ** 4,340 2,753 58% 1,235 844 1,405 - Fully consolidated 237 215 10% 87 74 82 - Non-consolidated partnerships (100%) 4,102 2,539 62% 1,149 770 1,322 Non-Life 2,763 2,347 18% 874 747 917 Belgium 1,231 1,173 5% 380 364 369 United Kingdom* 821 696 18% 283 247 279 Continental Europe 326 182 79% 97 54 109 Asia ** 385 296 30% 115 82 161 - Fully consolidated 0 0 0 0 0 - Non-consolidated partnerships (100%) 385 296 30% 115 82 161 Total 13,736 11,407 20% 4,100 3,501 4,634 * Retail distribution not reported at inflow level/ ** All entities at 100%

510 November 2010 | Q3 10YTD 09YTD 10Q3 10YTD 09YTD 10Q3 10YTD 09YTD 10% OwnershipEUR mio Gross Inflow Life Gross written premiums Non-Life Detailed overview inflows Q3 10 By region/ country Total Belgium 75%-1 3,824 3,925 1,173 1,231 1,173 380 5,055 5,097 1,553 United Kingdom 100% 19 6 8 821 696 283 840 702 291 Continental Europe 2,791 2,375 810 326 182 97 3,116 2,557 907 Portugal 51% 1,364 1,653 307 175 163 54 1,539 1,816 360 France 100% 290 232 82 * * * 290 232 82 Luxembourg 50%/100% 1,051 416 395 * 19 * 1,051 434 395 Ukraine 100% 2 2 1 * * * 2 2 1 Germany 100% 32 24 10 * * * 32 24 10 Turkey 100% 51 50 16 * * * 51 50 16 Italy 25% * * * 150 43 150 0 43 Asia 4,340 2,753 1,235 385 296 115 4,724 3,050 1,350 Hong Kong 100% 237 215 87 * * * 237 215 87 Non-consolidated partnerships 4,102 2,539 1,149 385 296 115 4,487 2,835 1,264 Malaysia 31% 577 394 145 303 230 84 880 624 229 Thailand 31%/12% 529 340 180 82 67 31 611 406 210 China 25% 2,897 1,754 788 * * * 2,897 1,754 788 India 26% 100 51 37 * * * 100 51 37 Total 10,973 9,059 3,226 2,763 2,347 874 13,736 11,406 4,100

610 November 2010 | Key financials Q3 2010 YTD 10 YTD 09 Q3 10 Q3 09EUR mio * Based on average number of outstanding shares ** Net equity 31 December 2009 after 25% minority stake Fortis Bank 10/03/2010 I page 6 Net profit Insurance before non-controlling interests 436 491 204 196 Net profit Insurance attributable to non-controlling interests 102 83 51 48 Net profit Insurance attributable to shareholders 334 409 153 148 Net profit General Account 312 688 37 52 Net profit attributable to shareholders 646 1,096 191 201 Funds under management (EUR bn) 77.6 70.8 * * Earnings per share (EUR) * 0.26 0.44 0.08 0.1 Net equity per share (EUR) 3.90 3.47 * * Net shareholders' equity 9,649 8,582 * * Belgium ** 3,508 3,053 * * UK 609 506 * * Continental Europe 1,003 895 * * Asia 1,515 1,167 * * General Account 3,015 2,961 * * Discretionary capital (EUR bn) 0.7 1.3

710 November 2010 | 2,461 2,309 411 488 811 780 242 247 YTD 09 YTD 10 (3%) 345 359 365 396 370 362 102 106 YTD 09 YTD 10 Belgium Life inflow In EUR mio Non-Life Gross Written Premiums In EUR mio 3,925 3,824 1,173 1,231  Group Life Unit-Linked Savings Traditional Other Property Accident & Health Motor  Individual Life  Down 2% YTD to EUR 3 bn;  Bank channel inflow down 5%; low interest rate environment and absence of specific campaigns  Broker channel + 13%, in line with positive trend since 2nd half 2009  Unit-linked sales YTD up 19% (esp. structured unit-linked products) Group Life  Down 4% YTD to EUR 0.8 bn. 09 benefited from exceptional premium payments to cover underfunding of certain group contracts Funds under Management  Up 2% to EUR 47.9 bn (vs.EUR 46.9 bn end of June) Property and Casualty  Inflows up 5% mainly driven by Motor, a combination of tariff increases and portfolio growth Accident & Health  Up 4% with strong growth in Health care (+7%) Combined Ratio in Q3 10 up on July storm  YTD 105.6% vs 103.2% YTD 09  Q3 10 102.7% vs 100.5% in Q2 10 +5%

810 November 2010 | Belgium Stable inflows, sustained results YTD net profit at EUR 205 mio (vs. EUR 301 mio)  YTD non-controlling interests up to EUR 71 mio (vs. EUR 46 mio YTD 09)  Positive non-recurring tax benefit of EUR 94 mio in H1 09;  Q3 10 net profit of EUR 117 mio vs. EUR 106 mio in Q3 09  Q3 10 includes EUR 55 mio capital gains on sale government bonds in context of gradual reallocation of assets Life at EUR 186 mio (vs. EUR 260 mio)  Q3 10 net profit of EUR 83 mio (vs. EUR 87 mio in Q3 09)  Q3 10 includes EUR 31 mio of capital gains on sale of government bonds  Life FUM up 5% to EUR 47.9 bn compared with year-end 2009, driven by both savings and unit-linked products Non-Life at EUR 19 mio (vs. EUR 41 mio)  Q3 10 net profit of EUR 34 mio (vs.EUR 19 mio in Q3 09)  Q3 10 includes EUR 24 mio of capital gains on sale of government bonds and net cost of around EUR 10 mio related to July storm (after tax & non-controlling interests)  Combined Ratio in 3nd quarter up to 102.7% due to July storm; 10/03/2010 I page 8 301205Net profit after tax & non- controlling interests 44.747.9Life FUM (EUR bn) 360378Profit before tax 5,0975,055Gross inflow YTD 09YTD 10EUR mio

910 November 2010 | 44 52 402 444 207 171 79 118 YTD 09 YTD 10 Motor 6 19 696 821 YTD 09 YTD 10 United Kingdom Life  Successful roll out of its proposition across the IFA market (5.1% market share)  Over 90,000 customers Non-Life  Driven by growth in Commercial and Personal lines  Personal lines up 14% overall; Household up 21%  Commercial lines up 40% with a full launch into Fleet market & new Semploy product; succesful implementation of strategy towards SMEs  Partnership with Tesco Bank began underwriting on 16 October Non-Life Combined Ratio improving  YTD 104.9% vs.106.5% end of June  Q3 10 102.0% in vs.102.9% in Q2 10 Other Insurance (Retail)  YTD fee and commission income of EUR 100 mio vs.EUR 83 mio in 09; 20% YTD growth incl.Kwik-Fit;  RIAS & UKAIS income up 8% on the back of higher primary and add-on sales and growth in partnership income 702* 840* Non-Life Life Other Property Accident & Health 696 821 +18% +20% Total inflow In EUR mio Non-Life Gross Written Premiums In EUR mio * YTD Fees and commissions Retail distribution not included : YTD 10 at EUR 100 mio vs EUR 83 mio in 09

1010 November 2010 | YTD net profit at EUR 16 mio (vs. EUR 27 mio)  Severe weather conditions leading to an exceptional cost of EUR 9.4 mio in Q1  One-off costs related to Tesco Bank partnership and integration Kwik-Fit of EUR 8.3 mio  Q3 10 net profit of EUR 7.2 mio (vs. EUR 6.1 mio in Q3 09) Non-Life at EUR 9 mio (vs. EUR 21 mio)  Industry wide issues YTD, including escape of water event in January and volcanic ash in April & lower realised capital gains and investment income  Improved 3rd quarter as a result of positive impact of management actions  YTD start-up costs Tesco partnership of EUR 3.3 mio Life at EUR -3 mio (vs. EUR -5 mio)  Continued progress in roll-out of protection business; 5.1% market share among IFAs Other Insurance at EUR 9 mio (vs. EUR 11 mio)  Strong commission income growth  KFIS integrated in Q3 : Operational 2m-contribution of EUR 3.4 mio offset by one-off EUR 5.0 mio acquisition related costs; United Kingdom Strong 3rd quarter results marked by integration Kwik-Fit Insurance Services; Tesco partnership officially launched mid October 10/03/2010 I page 10 2716Net profit after tax & non- controlling interests* 3719Profit before tax 702840Gross inflow YTD 09YTD 10EUR mio

1110 November 2010 | 193 194 821 1,086 1,418 1,266 97 93 YTD 09 YTD 10 Continental Europe   Life  Higher volumes in Luxembourg & France  Portugal : down 15% vs. 09 resulting from a./o. lower appetite structured unit-linked products and compared to a strong 09 performance  Strong growth in traditional savings, fuelled by specific product development  Unit-linked sales up 12%, thanks to Luxembourg mainly Funds under Management  Up 3% to EUR 23.2 bn (vs. EUR 22.5 bn end of June)  Increase in Portugal & Luxembourg (9% resp. 26%) Non-Life  Inflow Italian operations of EUR 150 mio YTD with A&H and Motor being main lines of business  Inflow Portugal up 8% to EUR 175 mio due to Health care (Médis brand) and Fire Combined ratio down in Q3 10  98.6% in Q3 10 vs 99.1% in H110  98.9% YTD vs. 91.4% last year 17 77 38 45 14 30 174 113 YTD 09 YTD 10 182 326 +79% Accident & Health Motor Unit-Linked Savings Traditional Group 2,376 2,791 +18% Other Fire Life inflow In EUR mio Non-Life Gross Written Premiums In EUR mio

1210 November 2010 | Continental Europe Stable results YTD thanks to sound underwriting and positive impact streamlining insurance portfolio YTD net profit at EUR 27 mio (vs. EUR 28 mio)  Sound underwriting results in Luxembourg & France, partially offset by lower contribution of Portugal due to higher corporate taxes  Positive impact on going streamlining insurance portfolio  Q3 10 net profit of EUR 9.6 mio (vs. EUR 12.9 mio in Q3 09) Life net profit at EUR 22 mio (vs. EUR 23 mio)  Turkish and Ukrainian* operations divested  Q3 10 net profit of EUR 7.2 mio (vs. EUR 10.9 mio in Q3 09)  Better technical performance, higher volumes and the positive impact of portfolio streamlining more than offset by increased corporate tax rate in Portugal Non-Life net profit of EUR 4.9 mio (vs. EUR 4.5 mio)  Operations in Portugal & Italy  Q3 10 net profit of EUR 4.9 mio (vs. EUR 4.5 mio in Q3 09)  Improved Q3 results thanks to better technical performance, esp in Portugal.  Operating margin Italy still impacted by bad claims experience in the South. Corrective measures initiated in Q2 10 10/03/2010 I page 12 2827Net profit after tax & non- controlling interests 20.523.2Life FUM (EUR bn) 9499Profit before tax 2,5573,116Gross inflow YTD 09YTD 10EUR mio * Anticipated capital loss of EUR 14 mio included in Q3 10 results General Account. Net impact sales Luxembourg Non-Life & Ukraine of EUR 2 mio negative YTD. Limited capital gain expected in Q4 10 on sale Turkish Life operations

1310 November 2010 | 189 251 108 133 YTD 09 YTD 10 +30% Asia   Life  Continued strong performance mainly in non-consolidated partnerships across the region  Hong Kong (+10% YTD) Moderate growth in the wake of recovering agency force  China (+65% YTD) Continued expansion of distribution capacity and product innovation. Sales force at end of September close to 64,000 agents  Malaysia (+46% YTD) Driven by non-par single premium product innovation and Takaful business through bank channel  Thailand (+56% YTD) In the wake of the intensified relationship with K-Bank  India (+98% YTD) Driven by the strong brands of the two partner banks, balanced expansion of the agency channel and strong focus on product innovation Funds under Management  EUR 15.6 bn, +36% vs.end 09; Slightly down vs. end of June due to weakening EUR  Consolidated FUM (Hong Kong) : EUR 1.3bn, +16% vs.end 09, stable vs.end of June Non-Life  Malaysia (+32% YTD) Driven by retail Fire and corporate MAT** lines.  Thailand (+23% YTD) Driven by non-motor business through bank channel 4,025 2,220 18 294 170 142 97 126 YTD 09 YTD 10 296 385 2,753 4,340 +58% Non-Motor* Motor Unit-Linked Savings Traditional * Non-motor includes Fire, MAT, Accident & Health and other lines Group ** MAT: Marine Aviation & Transport Life inflow Non-Life Gross Written Premiums In EUR mio In EUR mio

1410 November 2010 | Asia Solid performance YTD supported by capital gain in Hong Kong in H1 YTD net profit of EUR 86 mio (vs. EUR 53 mio)  Strong intrinsic performance from consolidated operations (EUR 20.3 mio YTD 10 vs EUR 9.7 YTD 09)  EUR 35 mio capital gain on sale Fortis Center Hong Kong in H1 10  Net result non-consolidated partnerships down to EUR 38.6 mio (from EUR 49.3 mio) due to impairments in China in H1 10  Q3 10 net profit of EUR 19.0 mio (vs. EUR 23.5 mio in Q3 09) Life net profit at EUR 78 mio (vs. EUR 44 mio)  EUR 55.5 mio net result from consolidated operations in Hong Kong, incl. result capital gain on sale Fortis Center  EUR 30.2 mio net result from non-consolidated partnerships, incl EUR 12.5 mio impairment impact in China in H1 10  Other regional costs slightly up to EUR 8.0 mio  Q3 10 net profit of EUR 15.5 mio (vs. EUR 20.0 mio in Q3 09) Non-Life at EUR 8.4 mio (vs. EUR 8.6 mio)  Relates to operations in Malaysia and Thailand  Q3 10 net profit of EUR 3.5 mio, nearly stable year on year 10/03/2010 I page 14 5386Net profit after tax & non- controlling interests* 1.11.3Life FUM (EUR bn)** 5487Profit before tax* 3,0494,724Gross Inflow* YTD 09YTD 10EUR mio * Including Inflow (100%) & Profit (Ageas share) from partnerships respectively ** Including partnerships, YTD FUM would amount to EUR 15.6 bn compared to EUR 10.7 bn at Q3 09

1510 November 2010 | Insurance Resilient YTD performance, Q3 supported by capital gains in Belgium YTD net profit at EUR 334 mio (vs. EUR 409 mio)  Higher non-controlling interests and a positive one-off tax impact in the first half of 2009.  Solid contribution from Asian operations supported by EUR 35 mio capital gain on sale of Fortis Centre in Hong Kong  Q3 10 net profit of EUR 153 mio vs. EUR 148 mio in Q3 09  Q3 10 includes EUR 55 mio of capital gains on bonds related to reallocation of assets (Belgium) Life at EUR 283 mio (vs. EUR 323 mio)  Negative variance on non-controlling interests and income taxes in Belgium, partly offset by result Asia  Q3 10 net profit of EUR 105 mio vs. EUR 116 mio in Q3 09  Q3 10 incl EUR 31 mio of capital gains on bonds in Belgium; Non-Life at EUR 42 mio (vs. EUR 75 mio)  Encouraging trends reflecting the corrective measures in Motor and Fire  In UK, YTD start-up costs related to Tesco of EUR 3.3 mio  Q3 10 : In Belgium, net negative impact July storm of EUR 10 mio & EUR 24 mio capital gain on bonds Other at EUR 9 mio (vs. EUR 115 mio)  Q3 10 : Includes EUR 5.0 mio one-off transaction related costs on KFIS 10/03/2010 I page 15 409334Net profit after tax & non- controlling interests 70.877.6Life FUM (EUR bn)* 545583Profit before tax 11,40613,736Gross Inflow YTD 09YTD 10EUR mio * Only consolidated activities

1610 November 2010 | General Account Stable 3rd quarter thanks to compensation effect of legacy assets YTD net profit of EUR 312 mio (incl. eliminations)  EUR 405 mio positive tax impact following decision to liquidate Fortis Brussels SA/NV  YTD 09 included EUR 697 mio capital gain on sale 25% AG Insurance to Fortis Bank Equity value RPI up to EUR 1,027 mio EUR  YTD positive net result of EUR 186 mio related to Royal Park Investments  Revaluation interest rate swaps lead to a EUR 81 mio positive result via equity value EUR 79 mio net negative Q3 impact related to fair value RPN(I) and call option BNP Paribas shares  EUR 77 mio positive effect on call option on BNP Paribas shares (-EUR 44 mio YTD 10)  EUR 156 mio negative effect from RPN(I) (-EUR 180 mio YTD 10) Other items :  YTD net interest margin EUR 10 mio negative  YTD total expenses down 60% to EUR 40 mio  YTD RPN(I) interest payment to BNP Paribas Bank of EUR 5 mio  YTD EUR 2 mio net loss on sale Luxembourg Non-Life and Fortis Life Insurance Ukraine 10/03/2010 I page 16 688312Net profit after tax & non- controlling interests (222)407Tax 2.9 565 344 760 2.3 836 496 1,027 Net cash/deposits (EUR bn) Call option BNP Paribas** RPN(I) RPI 910(97)Profit before tax* YTD 09YTD 10EUR mio * Including Inflow & Profit from partnerships respectively ** Net of tax

1710 November 2010 | Combined ratio FY 06 - YTD 10 AG Insurance Belgium, combined ratio up due to adverse weather conditions 3th quarter hit by summer storms Expense ratioClaims ratio 61.6 63.6 64.9 66.3 76.6 64.4 67.0 37.4 36.7 35.9 36.8 99.0% 100.3%100.8%103.1%103.2%105.6% 113.6% 100.5%102.7% 69.366.4 36.3 37.0 36.1 35.736.8 06 07 08 09 9M 09 9M 10 Q1 10 Q2 10 Q3 10 Non-Life YTD hit by weather related events  Extreme winter ‘10 conditions, storm Xynthia, "14th July storm"  Net impact summer storm/ weather related events of EUR 10 mio after tax and non-controlling interests  PY loss ratio at 7.3% vs 6.0% YTD 09 Corrective set of measures taken in 2010  Motor : tariff increases of 4.5% in 10 on top of increases in 09  Fire: increases as from Sep 10 of 4-5% on top of ABEX indexation in Retail Fire on new & existing contracts  Close follow-up and monitoring of Non-Life portfolios Heavy summer storm impacted 3nd quarter  Combined ratio Q3 10 excluding WC at 101.2 % compared to 97.3% in Q3 09;  YTD 2010 combined ratio excluding WC at 102.5 %

1810 November 2010 | UK, adverse weather impact in Q1, gradual improvement since Q2 No significant changes in other countries in Q3 Expense ratioClaims ratio UK : continued positive impact from corrective measures  Private motor impacted by industry-wide issue of increased personal injury claims, but improving performance in Ageas through Q2 & Q3;  Selected tariff increases in 09 & H1 10 in line with underlying risk resulted in an improvement in Motor combined ratio (106.9% YTD 10 vs. 109.0% H1 10 & stable on YTD 09)  Fire/ Household combined ratio nearly stable at 98.9% ( vs. 98.3% H1 10 & 99.5% YTD 09).  Travel combined ratio (122.0%) impacted by volcanic ash event and increased medical claims, but improved from H1 10 (125.5%)  PY loss ratio at 1.2% vs 3.3% YTD 09 Other countries : no changes compared to situation end of June  Portugal : YTD 10 combined ratio at 99.0% in line with H110  Italy : Performance still impacted by bad claims behaviour in the South; corrective measures implemented  Asia : Situation status quo Combined ratio FY 06 - YTD 10 UK 70.2 79.7 73.1 80.4 80.0 73.0 73.5 28.2 27.7 28.8 27.7 30.2 29.9 28.5 98.4% 101.9% 102.0% 76.9 75.4 27.7 29.5 104.6%107.4% 108.1% 110.2% 102.9%104.9% 06 07 08 09 9M 09 9M 10 Q1 10 Q2 10 Q3 10

1910 November 2010 | Corporate bonds* 21.0 Structured Credit Instruments 0.5 Ageas’s investment portfolio on 30 September 2010 Investment Portfolio (EUR 59.6 bn) In EUR bn Fixed Income securities  Southern European sovereign exposure end Q3 10 at EUR 8.9 bn** (same as end of June)  Gross unrealized gains on bonds end Sep 10 up to EUR 2.7 bn  Investments in Corporate bonds up with EUR 2.3 bn since end 09**  >95% investment grade, 94% rated A or higher Equities  Increase to EUR 1.9 bn** (EUR 1.8 bn market value)  Gross unrealized gains of EUR 98 mio Real Estate  Gross unrealized gains increased to EUR 1.0 bn (net-of-tax remained at EUR 0.6 bn)  Total gross unrealized gains on investment portfolio of EUR 3.7 bn*** Sovereign bonds* 32.8 RE Inv Prop* 2.1 RE own use (incl. Interparking)* 1.4 Equities* 1.8 * At market value (incl. Interparking) ** At historical/amortized cost *** Before tax and shadow accounting

2010 November 2010 | Government & Corporate Bond portfolio of EUR 53.8 bn Situation as per 30 September 2010  Gross unrealized gains before tax and shadow accounting (UCG) : EUR 1.4 bn end Sep 10 vs. EUR 0.7 bn end June 10  Historical value of Southern European bonds : Greece EUR 1.9 bn, Italy EUR 3.7 bn, Spain EUR 1.7 bn & Portugal EUR 1.6 bn In EUR bn  Gross unrealized gains of EUR 1.2 bn end of September 10 vs. EUR 1.0 bn end of June 10  91% single A or higher; 67% rated AA or higher; only 1% below investment grade or unrated  Banking/ Other financials : 90% single A or higher; 67% rated AA or higher Government bonds EUR 32.8 bn* Corporate bonds EUR 21.0 bn* * All values at fair value Austria 2.5 Banking/ Other financials 8.9 Other corporates 4.2 Supra-national 2.4 Government related 5.5 Greece 1.3 Belgium 10.3 Spain 1.8 Italy 3.9 Germany 2.8 Others 4.6 Portugal 1.5 France 4.1

2110 November 2010 | 6.3 2.9 6.5 0.2 Ageas’s Core equity EUR 5.7 bn above required regulatory minimum * Asia : Investments in partnerships are deducted from Total Capital; Given the significant investments in partnerships, total capital is lower than Core capital ** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for FICA of 342% end of June 10. Belgium United Kingdom Other Core Tier 1 capital Insurance Required Regulatory minimum EUR 3.6 bn excess capital in Insurance + EUR 2.1 bn General Account = EUR 5.7 bn ActualActual Min Minimum Core equity  203% 176% Total Solvency Ratio Actual Min Actual Min Continental Europe Asia */ ** Actual Min 242% 889% Actual General 223% Situation end of September 10 3.7 2.1 0.6 4.3 2.1 2.3 0.2 0.1 0.10.3 0.2 0.3 1.3 0.6 1.3 1.0 0.5 -0.4

2210 November 2010 | Discretionary Capital of the General Account A view on liquidity & capital Net Cash/ deposits : EUR 2.3 bn Passed on LT assets & LT liabilities Discretionary Capital on balance sheet Assets Cash & Deposits at banks Due from Fortis Bank & AG Ins Other Royal Park Investments Call option on BNP P shares Loan to operating cies Total In EUR bn, 30 September 2010 3.7 1.7 1.0 1.0 0.8 0.6 8.8 Liabilities ST (EMTN + Bank) NITSH I, II & Hybrone RPN(I) Other FRESH Net equity 1.4 1.7 0.5 1.0 1.2 3.0 8.8 Shareholders’ equity + FRESH  Invested in non-current assets on balance sheet Total Capital  Contingent asset off balance (Fortis Bank Tier 1 loan, due Sep 11)  Commitments with regard to Tesco Discretionary Capital * (if available in cash) 4.2 (2.4) 1.8 (1.0) (0.1) 0.7 Discretionary capital down mainly due to negative revaluation of RPN(I) and some smaller elements in the General Account (Ukraine, negative carry and operating costs)  * Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account corrected for (contingent) illiquid assets and existing investment commitments Q3 10 evolutions :

2310 November 2010 |  Inflows : 2010 outlook reconfirmed, inflows to exceed 2009 levels Conclusions  Net result : positive in all Insurance segments, Group result further up  Strategy : new UK partnerships & acquisitions started and integrated according to plan  Legacies : manage complexity, commitment to create value for shareholders

2410 November 2010 | Cautionary Statements Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.

2510 November 2010 | Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 + 31 30 2525 305 ir@ageas.com www.ageas.com

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9M 2010 Financial Results

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