9M results 2012

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Information about 9M results 2012
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

9MPeriodical Financial Information

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

Strong Insurance results across Life & Non-Life in all segments Group net result both Insurance & General Account contributing Shareholders’ equity up Solvency further up  Insurance net profit of EUR 450 mio  Inflows at EUR 15.5 bn (+20%)  Group combined ratio at 97.9% (vs.100.2%)  Life FuM at EUR 67.8 bn (+5%)  Q3 Insurance net profit of EUR 147 mio  Q3 Inflows at EUR 4.6 bn  Group net profit of EUR 518 mio  General Account net result of EUR 69 mio  Shareholders’ equity at EUR 40.89 per share  Insurance solvency at 214%, Group solvency at 254%  Net cash position General Account at EUR 1.4 bn * All figures compared to 9M 11 unless mentioned otherwise Main messages 9M 12 results* Ageas confirms strong insurance results Periodic Financial Information I 9M 12 Results I 7 November 2012 2

100.2% 97.9% 9M 11 9M 12 Insurance net result: 2011 heavily impacted by impairments In EUR mio In EUR mio Insurance solvency further up*Combined ratio further improving in claims & expenses Insurance excl. impairments & cap gains: improving Life & Non-Life 227% Shareholders’ equity up on net profit & unrealized gains EUR per share 210% * Based on regulator’s view / ** pro forma recalculation for reverse 10 to 1 stock-split 207% 207% 214% FY 11 9M 12 32.30 40.89 FY 11 9M 12 Both insurance & General Account contributing to group net result In EUR mio (209) 450 (325) 69 (534) 518 9M 11 9M 12 Insurance General Account Headlines Ageas confirms strong insurance results Periodic Financial Information I 9M 12 Results I 7 November 2012 (288) 293 57 143 23 13 (209) 450 9M 11 9M 12 Life Non-Life Other 3 233 282 79 11923 13334 414 9M 11 9M 12 Life Non-Life Other **

Key financials 9M 12 Y-o-Y comparison net result difficult, all ratios improving 10/03/2010 I page 4 Periodic Financial Information I 9M 12 Results I 7 November 2012 4 EUR mio 9M 12 9M 11 Q3 12 Q3 11 Q2 12 Gross inflows 15,465 12,884 4,649 3,891 5,164 - of which inflows from non-consolidated partnerships 7,283 4,460 2,171 1,380 2,281 Net result Insurance 450 (209) 147 (320) 148 By segment: - Belgium 216 (331) 73 (354) 66 - UK 86 62 35 31 34 - Continental Europe 49 (12) 15 (15) 16 - Asia 99 72 24 18 31 By type: - Life 293 (289) 88 (340) 80 - Non-Life 143 57 54 9 63 - Other 13 23 6 11 4 Net result General Account 69 (325) 67 (155) 241 Net result Ageas 518 (534) 214 (475) 389 Earnings per share (in EUR) 2.17 (2.07) Combined ratio 97.9% 100.2% 97.2% 100.3% 94.7% Life Funds under management (in EUR bn) ** 67.8 64.4 * Insurance Solvency 214% 207% * Shareholders' equity 9,651 7,760 * Net equity per share (in EUR) 40.89 32.30 *** * Year-end 2011 data // ** Consolidated companies only *** Following the reversed 10 to 1 stock-split completed on 7 August 2012, Ageas’s net equity per share has been multiplied by 10

10/03/2010 I page 5 Periodic Financial Information I 9M 12 Results I 7 November 2012 5 Greek bonds Equities Total EUR mio 9M 12 9M 11 9M 11 9M 11 9M 12 9M 11 9M 12 9M 11 Life (38) (449) (86) (535) 45 58 7 (477) Non-Life (18) (21) (9) (30) 27 5 9 (25) Total Belgium (56) (470) (95) (565) 72 63 16 (502) Life 0 0 0 0 0 0 0 0 Non-Life 0 0 (0) (0) 14 4 14 4 Other 0 0 0 0 0 0 0 0 Total UK 0 0 (0) (0) 14 4 14 4 Life (2) (32) (17) (49) 5 2 3 (47) Non-Life 0 (1) 0 (1) 0 (0) 0 (1) Total CEU (2) (33) (17) (50) 5 2 3 (48) Life 0 0 0 0 2 3 2 3 Non-Life 0 0 0 0 0 0 0 0 Total Asia 0 0 0 0 2 3 2 3 Life (40) (481) (103) (584) 51 63 11 (521) Non-Life (18) (22) (9) (31) 42 9 24 (21) Other 0 0 0 0 0 0 0 0 Total Ageas (57) (503) (112) (615) 92 72 35 (543) Total turmoilImpairments Net cap gains bonds & equities Overview impairments & net capital gains on bonds & equities 2011 result heavily hit by financial turmoil, in 9M 12 only limited influence

Insurance result adjusted for impairments & cap gains 9M 12 vs. 9M 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 Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio * Real Estate capital gains not excluded from result 148 158 0 30 33 57 91 233 282 23 42 36 58 6 13 13 6 79 119 23 13 23 13 171 200 58 72 36 46 69 97 334 414 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 6

11 75 (278) (51) 2 14 15 57 (19) 67 400 (132) 3 90 (221) (70) 69 Deal with ABN Amro & Dutch State Agreement with BNP on CASHES & Tier 1 RPN(I) revaluation RPI BNP Call option Other General Account Q3 12 6M 12 General Account Quarterly result mainly up on revaluation BNP P call option Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio 7 EUR 140 mio 9M 12 impact of legacies

8 Combined ratio Insurance 2008 – 9M 12 Insurance Combined ratio Further improvement to 97.9% sound Q3 at 97.2% Improvement of combined ratio in all product lines  Combined Ratio at 97.9 % (vs. 100.2%) Sound Q3 12 at 97.2%  Prior year releases increased slightly to 3.8% (vs. 3.2%); Expense ratio significantly improved from 31.8% to 30.6%  Motor at 97.3% (vs.97.4%): continued improvement following corrective measures taken over latest years  Belgium: exceptionally strong when adjusted for claims reserves strengthening for bodily injuries  UK: impact of rating actions & increased sophistication in fraud detection  CEU : good claims & costs  Fire at 98.8% (vs.106.2%): improving but still under pressure of climatic events  Belgium: below 100%; excellent Q3 at 84.7%  UK: ; improving trend but UK market still suffering from various bad weather events throughout the year  Asia: no additional impact from Thai floods in Q3  Accident & Health: at 93.6% (vs.95.6%):  Belgium: frequency in Workmen’s Compensation improving → restated for new calculation methodology Periodic Financial Information I 9M 12 Results I 7 November 2012 67.0% 69.4% 73.2% 69.0% 68.4% 71.6% 67.7% 67.3% 32.8% 33.1% 32.8% 31.1% 31.8% 30.3% 30.6% 30.6% 99.8% 102.5% 106.0% 100.1% 100.2% 101.9% 98.3% 97.9% 2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12 claims ratio expense ratio

Detailed overview inflows 9M 12 vs. 9M 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 3,305 3,674 36 61 1,691 2,142 4,178 5,238 9,210 11,115 1,293 1,362 1,523 1,636 394 766 464 586 3,674 4,349 + 10% + 9% + 39% + 25% + 20% 4,598 5,036 1,559 1,697 2,086 2,908 4,642 5,824 12,884 15,465 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio 9

4.2 2.4 1.0 0.4 1.4 0.6 1.4 0.5 8.2 3.8 1.5 9.9 3.8 IFRS Solvency as per 30 September 2012 Solvency ratio further up  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 181% 247% 241% 271% 214% 254% Excess Capital Insurance General Account Ageas EUR 4.6 bn EUR 1.5 bn EUR 6.1 bn Periodic Financial Information I 9M 12 Results I 7 November 2012 10 Total available capital Required Regulatory minimum

Shareholders’ equity / share Shareholders’ equity as per 30 September 2012 Up driven by unrealized gains, net profit & revaluation put option In EUR mio Periodic Financial Information I 9M 12 Results I 7 November 2012 11 Equity per segment FY 11 9M 12 FY 11 9M 12 Belgium 2,381 ► 3,546 Asia 1,687 ► 1,852 UK 1,008 ► 1,136 Insurance 6,005 ► 7,713 Continental Europe 929 ► 1,179 General Account 1,755 ► 1,938 5,582 6,134 423 1,5791,755 1,938450 69 1,156 364 119(188) (76) EUR 32.30 EUR 40.89 7,760 9,651 FY 11 Net result Insurance Net result Gen Account Change UG/L Dividend Buy back Revaluation put option Forex & other 9M 12 Insurance UG/L Insurance UG/L

Insurance :  Strong Q3 in line with previous quarters  Acquisition Groupama increases weight Non-Life activities  Combined ratio below 100% thanks to measures taken Group :  Vision for the future outlined & targets for 2015 set Future developments :  Focus on maintaining momentum Conclusions Periodic Financial Information I 9M 12 Results I 7 November 2012 12

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

Shareholders’ equity / share Shareholders’ equity as per 30 September 2012 Up driven by unrealized gains, net profit & revaluation put option In EUR mio Periodic Financial Information I 9M 12 Results I 7 November 2012 14 Equity per segment FY 11 9M 12 FY 11 9M 12 Belgium 2,381 ► 3,546 Asia 1,687 ► 1,852 UK 1,008 ► 1,136 Insurance 6,005 ► 7,713 Continental Europe 929 ► 1,179 General Account 1,755 ► 1,938 5,582 6,134 423 1,5791,755 1,938450 69 1,156 364 119(188) (76) EUR 32.30 EUR 40.89 7,760 9,651 FY 11 Net result Insurance Net result Gen Account Change UG/L Dividend Buy back Revaluation put option Forex & other 9M 12 Insurance UG/L Insurance UG/L

Tangible net equity as per 30 September 2012 Ageas’s capital of a high quality 10/03/2010 I page 15 Periodic Financial Information I 9M 12 Results I 7 November 2012 EUR bn 9M 12 FY11 Reported net Shareholders' Equity 9.7 7.8 Unrealised gains real estate 0.7 0.6 Goodwill (incl RPI) (1.1) (1.1) 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 8.4 6.5 Tangible net equity 87% of reported net shareholders’ equity 15

4.2 2.4 1.0 0.4 1.4 0.6 1.4 0.5 8.2 3.8 1.5 9.9 3.8 IFRS Solvency as per 30 September 2012 Solvency ratio further up  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 181% 247% 241% 271% 214% 254% Excess Capital Insurance General Account Ageas EUR 4.6 bn EUR 1.5 bn EUR 6.1 bn Periodic Financial Information I 9M 12 Results I 7 November 2012 16 Total available capital Required Regulatory minimum

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

Detailed overview inflows 9M 12 vs. 9M 11 By segment/business @ 100% Periodic Financial Information I 9M 12 Results I 7 November 2012 EUR mio 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 Belgium 75% 3,674 3,305 1,362 1,293 5,036 4,5980 0 United Kingdom 100% 61 36 1,636 1,523 1,697 1,559 Continental Europe 2,142 1,691 766 394 2,908 2,086 Consolidated entities 802 1,691 334 329 1,136 2,020 Portugal 51% 611 864 183 180 795 1,044 France 100% 190 229 0 0 190 229 Luxembourg 50% 0 568 0 0 0 568 Germany 100% 0 31 0 0 0 31 Italy 25% 0 0 151 149 151 149 Non-consolidated JV's 1,340 0 432 66 1,772 66 Turkey (Aksigorta) 36% 0 0 432 66 432 66 Luxembourg (Cardif Lux Vie) 33% 1,340 0 0 0 1,340 0 Asia 5,238 4,178 586 464 5,824 4,642 Consolidated entities 313 248 0 0 313 248 Hong Kong 100% 313 248 0 0 313 248 Non-consolidated JV's 4,925 3,930 586 464 5,511 4,394 Malaysia 31% 568 435 454 368 1,023 803 Thailand 31%/15% 927 702 131 95 1,059 797 China 25% 3,346 2,700 0 0 3,346 2,700 India 26% 84 94 0 0 84 940 0 Total 11,115 9,210 4,349 3,674 15,465 12,884 Life Non-Life Total 18 * * Ageas holds a 50% stake in Tesco Underwriting

Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life 3,305 3,674 36 61 1,691 2,142 4,178 5,238 9,210 11,115 1,293 1,362 1,523 1,636 394 766 464 586 3,674 4,349 + 10% + 9% + 39% + 25% + 20% 4,598 5,036 1,559 1,697 2,086 2,908 4,642 5,824 12,884 15,465 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 Detailed overview inflows 9M 12 vs. 9M 11 @ 100% By segment/business Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio 19

Belgium UK CEU Asia Total Ageas Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life Detailed overview inflows 9M 12 vs. 9M 11 @ Ageas’s share By segment/business Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio 2,479 2,756 36 61 984 944 1,300 1,635 4,798 5,396 970 1,022 1,343 1,443 153 287 128 160 2,594 2,911 + 10% + 9% + 8% + 26% + 12% 3,449 3,777 1,379 1,504 1,137 1,231 1,428 1,796 7,393 8,307 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 20

Detailed overview Insurance net result 9M 12 vs. 9M 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 (329) 165 (1) 0 (17) 36 59 92 (289) 293 (2) 51 40 73 6 13 13 6 57 143 23 13 23 13 (331) 216 62 86 (12) 49 72 99 (209) 450 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio 21

Insurance result adjusted for impairments & cap gains 9M 12 vs. 9M 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 Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio * Real Estate capital gains not excluded from result 148 158 0 30 33 57 91 233 282 23 42 36 58 6 13 13 6 79 119 23 13 23 13 171 200 58 72 36 46 69 97 334 414 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 22

Insurance Better results both in Life and Non-Life & across all segments Net profit of EUR 450 mio (vs. EUR (209) mio)  9M 11 results include EUR 615 mio impairment charge on Greek bonds & equities; EUR 72 mio cap gains on bonds & equities  9M 12 results include EUR 57 mio impairment charge on equities; EUR 92 mio cap gains on bonds & equities  When adjusting for both, 9M result up around 25% vs last year; strongest improvement mainly in Asia Life at EUR 293 mio (vs. EUR (288) mio)  Strong result in Asia generated by organic growth & further strengthened by one-offs in H1  Net result on adjusted basis slightly up in Belgium on better investment margin; in CEU on lower claims in risk business & lower costs Non-Life at EUR 143 mio (vs. EUR 57 mio)  Good results across all major business segments  Belgium: Q3 marked by strong Fire result with low claims & no major weather events  UK: strong continuation Motor, strong underlying performance in Household, more than offsetting higher weather claims  CEU: all countries participate to good result  Asia: lower result due to floods in Thailand & positive one-off in 9M 11 Other at EUR 13 mio (vs. EUR 23 mio)  Commission & fee income at EUR 212 mio, broadly in line with last year  Net profit down reflecting highly competitive environment. 9M 11 benefited from EUR 6 mio incentive payment from commercial partner; 9M 12 include EUR 2 mio one-off charge related to KFFS operations * Consolidated entities only; compared to FY 2011 Periodic Financial Information I 9M 12 Results I 7 November 2012 EUR mio 9M 12 9M 11 Gross inflow 15,465 12,884 Operating costs 661 628 Technical result 559 257 Operating margin 637 (316) Profit before tax 832 (340) Net profit after tax & non- controlling interests 450 (209) Life FUM (EUR bn)* 67.8 64.4 23

Combined ratio Insurance 2008 – 9M 12 Insurance Combined ratio Further improvement to 97.9% sound Q3 at 97.2% Improvement of combined ratio in all product lines  Combined Ratio at 97.9 % (vs. 100.2%) Sound Q3 12 at 97.2%  Prior year releases increased slightly to 3.8% (vs. 3.2%); Expense ratio significantly improved from 31.8% to 30.6%  Motor at 97.3% (vs.97.4%): continued improvement following corrective measures taken over latest years  Belgium: exceptionally strong when adjusted for claims reserves strengthening for bodily injuries  UK: impact of rating actions & increased sophistication in fraud detection  CEU : lower claims & costs  Fire at 98.8% (vs.106.2%): improving but still under pressure of climatic events  Belgium: below 100%; excellent Q3 at 84.7%  UK: improving trend but UK market still suffering from various bad weather events throughout the year  Asia: no additional impact from Thai floods in Q3  Accident & Health: at 94.0% (vs.96.2%):  Belgium: frequency in Workmen’s Compensation improving → restated for new calculation methodology Periodic Financial Information I 9M 12 Results I 7 November 2012 67.0% 69.4% 73.2% 69.0% 68.4% 71.6% 67.7% 67.3% 32.8% 33.1% 32.8% 31.1% 31.8% 30.3% 30.6% 30.6% 99.8% 102.5% 106.0% 100.1% 100.2% 101.9% 98.3% 97.9% 2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12 claims ratio expense ratio 24

70.4% 74.3% 71.9% 71.4% 69.6% 23.6% 24.8% 25.0% 24.8% 24.4% 94.0% 99.1% 96.9% 96.2% 94.0% 2009 2010 2011 9M 11 9M 12 79.0% 78.4% 72.0% 70.9% 71.8% 29.3% 29.0% 25.3% 26.5% 25.5% 108.3% 107.4% 97.3% 97.4% 97.3% 2009 2010 2011 9M 11 9M 12 59.4% 75.0% 61.9% 63.9% 57.4% 43.4% 43.2% 41.5% 42.3% 41.4% 102.8% 118.2% 103.4% 106.2% 98.8% 2009 2010 2011 9M 11 9M 12 69.1% 72.9% 68.2% 67.6% 66.8% 36.1% 35.5% 32.7% 33.7% 32.0% 105.2% 108.4% 100.9% 101.3% 98.8% 2009 2010 2011 9M 11 9M 12 Property & Casualty: >100% due to higher average claims cost in TPL Insurance Combined ratio per product line All product lines well below the targeted 100% Motor: continued strong performance Accident & Health: improvements in all segments Fire: weather events in UK, Belgium ok Periodic Financial Information I 9M 12 Results I 7 November 2012 25

Belgium Good operating performance both in Life and Non-Life I page 26 * Compared to FY 2011 EUR mio 9M 12 9M 11 Gross inflow 5,036 4,598 Operating costs 357 343 Technical result 329 198 Operating margin 386 (364) Profit before tax 453 (495) Net profit after tax & non- controlling interests 216 (331) Life FUM (EUR bn)* 51.8 49.1 Periodic Financial Information I 9M 12 Results I 7 November 2012 Net profit at EUR 216 mio (vs. EUR (331) mio in 2011)  9M 11 heavily hit by impairments on Greek bonds & equities for EUR (615) mio  Both Life & Non-Life improving on adjusted basis Life at EUR 165 mio (vs. EUR (329) mio)  Excl. net realized capital gains & impairments, net result improved with EUR 10 mio  Operating margin up to EUR 288 mio (vs. EUR (389) mio)  Increase when excluding for impairments & cap gains mainly resulting from better investment margin in Bank, Broker and Group Life.  Life FUM at EUR 51.8 bn (+6% vs. end 2011).  Non Unit-linked FUM at EUR 45.9 bn, up 6% vs. end 11  Unit-linked FUM relatively stable at EUR 5.9 bn Non-Life at EUR 51 mio (vs. EUR (2) mio)  Better operating performance & higher net realized capital gains  Strong result in Fire driven by previous corrective measures, lower impact of climatic events & higher prior year run off  Motor performance remained solid despite strengthening of reserves for bodily injuries  Healthcare confirmed its good performance of the previous quarters. 26

244 231 2,075 2,353 223 270 763 820 3,305 3,674 9M 11 9M 12 +11% Life In EUR mio Non-Life In EUR mio Unit-Linked Savings Traditional Other Fire Accident & Health Motor +5% Group Life Belgium Inflow Solid inflow across Life and Non-Life 362 378 420 429 399 434 113 121 1,293 1,362 9M 11 9M 12 Periodic Financial Information I 9M 12 Results I 7 November 2012 Individual Life  Growth mainly driven by Savings products at Bank channel next to accelerated & very successful launch of structured UL products.  Savings inflow benefited from competitive offering & customers’ anticipation on announced guaranteed interest rate reductions  Growth also driven by sustained interest for guaranteed products & peers having cut their guaranteed interest rate earlier in the year Group Life  Group Life up 7%; lifted by strong increase in single premiums & good performance in Flexible products & Ascento. Property and Casualty (Fire, Motor & others)  Most of the increase related to Fire (+9%); well spread across the Bank and Broker channels, driven by higher volume & tariff increase on top of the ABEX-indexation.  Growth in Motor (+2%) slowed down somewhat, reflecting focus on profitability.  TPL inflow +10% mostly on tariff Accident & Health  Inflow growth Healthcare (+4%) follows annual medical indexation 27

Combined ratio AG Insurance 2008 – 9M 12 Belgium Combined ratio Further improvement in 2012 and amounting to 98.8% → restated for new calculation methodology Periodic Financial Information I 9M 12 Results I 7 November 2012 65.0% 64.1% 68.7% 64.3% 64.3% 67.2% 63.1% 62.2% 35.9% 36.8% 36.4% 36.8% 36.7% 36.9% 36.7% 36.6% 100.9% 100.9% 105.1% 101.1% 101.0% 104.1% 99.8% 98.8% 2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12 claims ratio expense ratio  Motor remained below 100% at 99.5% (vs. 94.9 %)  this includes negative impact of a strengthening of reserves for bodily injuries. Excluding this reserves strengthening, combined ratio would stand at 95.4%  Fire combined ratio down from 111.5% to 97.1%.  Driven by previous corrective measures, lower impact of climatic events and a higher prior year run off.  Excellent Q3 combined ratio of 84.7%  Property & casualty combined ratio above 100%  TPL combined ratio high due to a strengthening of reserves for bodily injuries & higher average claims cost  Combined ratio Accident & Health amounted to 95.7%  Reflecting improved performance in Workmen’s Compensation (104.4% vs. 115.8%) 28

62.2% 65.8% 60.5% 60.7% 58.1% 42.5% 42.3% 41.9% 42.1% 42.0% 104.7% 108.1% 102.4% 102.8% 100.1% 2009 2010 2011 9M 11 9M 12 Property & Casualty: reserves strengthening bodily injuries in Motor & TPL 68.9% 75.8% 73.8% 73.1% 72.4% 22.6% 21.9% 23.8% 23.6% 23.3% 91.5% 97.7% 97.6% 96.7% 95.7% 2009 2010 2011 9M 11 9M 12 60.5% 75.6% 63.0% 64.0% 50.9% 47.1% 47.1% 46.9% 47.5% 46.2% 107.6% 122.7% 109.9% 111.5% 97.1% 2009 2010 2011 9M 11 9M 12 Belgium Combined ratio per product line Further improvement in 2012; thanks to Fire and Accident & Health Motor: below 100% despite reserves strengthening bodily injuries Accident & Health: vast improvement in Workmen’s Comp Fire: effect of corrective measures & no climate events Periodic Financial Information I 9M 12 Results I 7 November 2012 68.5% 71.0% 58.9% 59.4% 63.7% 36.3% 35.7% 35.3% 35.5% 35.8% 104.8% 106.7% 94.2% 94.9% 99.5% 2009 2010 2011 9M 11 9M 12 29

10/03/2010 I page 30 EUR mio 9M 12 9M 11 Gross inflow 1,697 1,559 Fee, commission & other income 212 207 Operating costs 162 119 Technical result 80 43 Operating margin 99 48 Profit before tax 131 90 Net profit after tax & non- controlling interests 86 62 Periodic Financial Information I 9M 12 Results I 7 November 2012 United Kingdom Strong net result driven by Motor business and realized capital gains Net result at EUR 86 mio (vs. EUR 62 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 0.3 mio (vs. EUR (1) mio)  Continued progress in line with its stage of business development since launch; first quarterly profit since launch Non-Life at EUR 73 mio (vs. EUR 40 mio)  Improved Motor result through positive impact of management actions, offsetting seasonal claims Household  Net profit AIL at EUR 60mio; Tesco Underwriting EUR 13 mio  Net realized capital gains of EUR 14 mio (net of minority interests)  Announced acquisition Groupama not yet closed; acquisition on track for completion in Q4 Other Insurance at EUR 13 mio (vs. EUR 23 mio)  Competitive retail environment leads to pressure on net profit  Includes EUR 2m for closure of Birmingham; prior year included EUR 6m incentive payment from partner 30

Motor Non-Life Life Other Property Accident & Health Total In EUR mio Non-Life In EUR mio * including other income 1,523 1,636 36 61 1,559 1,697 9M 11 9M 12 56 43 982 1,116 352 328 133 148 1,523 1,636 9M 11 9M 12 +7% +9% Periodic Financial Information I 9M 12 Results I 7 November 2012 United Kingdom Inflow Inflow levels substantially increased Life  Successful roll out of its proposition across the IFA market and through affinity partnerships developed in 2011  Over 245,000 customers up 40% on same period last year Non-Life  Up 7%, driven by organic growth, primarily in Personal lines  Within Personal lines, Motor +14%, Household and Travel fell slightly  Commercial lines +11%  Groupama inflow not included; acquisition will propel Ageas to fifth largest UK Non-Life insurer Other Insurance (including Retail)  YTD total income of EUR 212 mio in line with last year. 31

Combined ratio UK 2008 – 9M 12 → no impact from new calculation methodology Periodic Financial Information I 9M 12 Results I 7 November 2012 73.1% 80.4% 81.5% 74.6% 73.5% 76.7% 73.0% 72.5% 29.5% 27.7% 28.0% 25.3% 26.4% 25.6% 25.8% 26.1% 102.6% 108.1% 109.5% 99.9% 99.9% 102.3% 98.8% 98.6% 2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12 claims ratio expense ratio UK Combined ratio Continued improvement confirmed UK : continued positive impact from corrective measures  Overall combined ratio at 98.6%, 1.3% improvement on 9M 11  Prior year releases at (1.8%) vs. 1.3% strengthening in 9M 11  Motor : Improved to 96.7% (vs. 98.2%) reflecting lower claims frequency, better fraud prevention and revised rating structures  Household slightly deteriorated to 101.3% (vs. 100.4%) continuing bad weather offsetting good underlying performance.  Travel at 106.5% (vs.106.3%) 32

80.2% 80.4% 74.0% 73.0% 72.3% 27.8% 28.3% 25.4% 26.6% 26.1% 108.0% 108.7% 99.4% 99.6% 98.4% 2009 2010 2011 9M 11 9M 12 83.5% 97.9% 87.7% 83.0% 80.3% 26.2% 24.0% 23.2% 23.3% 26.2% 109.7% 121.9% 110.9% 106.3% 106.5% 2009 2010 2011 9M 11 9M 12 88.9% 82.9% 79.2% 77.1% 75.4% 22.8% 23.3% 19.5% 21.1% 21.3% 111.7% 106.2% 98.7% 98.2% 96.7% 2009 2010 2011 9M 11 9M 12 61.2% 77.4% 61.4% 64.5% 65.2% 38.0% 38.2% 35.3% 35.9% 36.1% 99.2% 115.6% 96.7% 100.4% 101.3% 2009 2010 2011 9M 11 9M 12 Property & Casualty: increase in Fire combined ratio UK Combined ratio per product line Decreasing in Q2 in all product lines Motor: rating actions & fraud detection Accident & Health Fire: continuous bad weather impacting UK market Periodic Financial Information I 9M 12 Results I 7 November 2012 33

10/03/2010 I page 34 * Consolidated entities only; compared to FY 2011 Continental Europe Sustained net profit driven by better results in both Life and Non-Life Periodic Financial Information I 9M 12 Results I 7 November 2012 EUR mio 9M 12 9M 11 Gross inflow 2,908 2,086 Operating costs 109 140 Technical result 125 (4) Operating margin 125 (22) Profit before tax 146 (9) Net profit after tax & non- controlling interests 49 (12) Life FUM (EUR bn)* 14.2 14.1 Net result at EUR 49 mio (vs. EUR (12) mio)  9m 11 net result included EUR 33 mio impairment charges on Greek bonds & EUR 17 mio on equities Life up from EUR 17 mio negative result last year to EUR 36 mio in a distressed economic environment  Operating margin increased significantly reflecting lower claims in the risk business and improved investment result as last year impacted by net impairment charges on Greek bonds  Operating costs on a like-for-like basis reduced by 11% to EUR 53 mio due to continued cost containment and timing differences  FUM non-consolidated entities (Luxembourg) at EUR 14 bn Non-Life at EUR 13 mio (vs. EUR 6 mio)  Operating margin driven by excellent technical result in all lines of business  Operating costs decreased by 5% explained by continued focus on cost containment  Net result up due to inclusion Turkey, lower claims and costs in both Portugal and Italy 34

162 135 276 705 1,161 1,198 92 104 1,691 2,142 9M 11 9M 12 Accident & Health Motor Unit-Linked Savings Traditional Group +27% Other Fire Life In EUR mio Non-Life In EUR mio 185 244 107 281 57 125 44 117 394 766 9M 11 9M 12 Continental Europe Inflow Up driven by recently merged/acquired activities Periodic Financial Information I 9M 12 Results I 7 November 2012 +94% Life  Inflows +27%, including non-controlling interests @ 100%, driven by merged Luxembourg entity (EUR 1.3 bn)  Other countries inflow below last year  Portugal: volumes dropped both in savings and UL due to economic situation and to reorientation towards protection and UL business. The Portuguese market decreased by 17.5% (end of August 2012)  France: drop in volumes influenced by economical reasons. UL still represents 36% of total sales compared to 13% market average Funds under Management  Scope-on-scope at EUR 14.2 bn, up 3% vs. FY 2011. Non-Life  GWP, including non-controlling interests @ 100% rose to EUR 766 mio driven by inclusion Turkish acquisition  GWP consolidated entities up 2% to EUR 334 mio  Turkey (Aksigorta) at EUR 432 mio  Although all lines increased significantly through the inclusion of Turkey, Motor and A&H form the major business lines in the portfolio. 35

Combined ratio CEU* 2009 – 9M 12 * Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy CEU Combined ratio Continued improvement in all countries  Continental Europe: 89.9% vs. 97.4%  Portugal : Combined ratio at 88.1% vs. 93.0% supported by lower claim ratios in A&H, Fire & Motor  Italy : Combined ratio at 91.9% vs. 102.3% primarily due to lower costs & improving claims in Motor  Asia: 101.0% vs. 96.5%  Impacted by additional charges related to 2011 floods in Thailand  Excluding Thai floods combined ratio at 96.7% Periodic Financial Information I 9M 12 Results I 7 November 2012 62.4% 71.0% 66.4% 67.1% 64.9% 61.0% 62.6% 27.6% 30.3% 30.3% 30.3% 25.4% 27.5% 27.3% 90.0% 101.3% 96.7% 97.4% 90.3% 88.5% 89.9% 2009 2010 2011 9M 11 3M 12 6M 12 9M 12 claims ratio expense ratio 36

10/03/2010 * Including Inflow (100%) & Profit (Ageas share) from partnerships respectively ** Consolidated entities only; compared to FY 2011 Periodic Financial Information I 9M 12 Results I 7 November 2012 EUR mio 9M 12 9M 11 Gross inflow* 5,824 4,642 Operating costs 33 27 Technical result 25 19 Operating margin 27 22 Profit before tax* 101 74 Net profit after tax & non- controlling interests* 99 72 Life FUM (EUR bn)** 1.8 1.6 Net profit of EUR 99 mio (vs. EUR 72 mio)  Hong Kong: Satisfactory organic growth and positive FX impact  Non-consolidated partnerships: EUR 83 mio (vs. EUR 61 mio), strong organic growth of underlying businesses Life net profit at EUR 93 mio (vs. EUR 59 mio)  Hong Kong : EUR 26 mio vs. EUR 19 mio  Good organic growth, supported by positive FX impact & one-offs  Non-consolidated partnerships : EUR 76 mio vs. EUR 48 mio  Reflection of excellent growth of underlying businesses  Non-recurring positive impact on result (EUR 15 mio current year vs. EUR 10 mio previous year)  EUR 7 mio equity hedge cost included  Regional costs : EUR 10 mio (vs. EUR 8 mio) Non-Life net profit at EUR 6 mio (vs. EUR 13 mio)  Good underwriting performance (excluding flood losses)  Additional provision in H1 2012 for 2011 floods in Thailand (EUR 2 mio)  9M 11 result positively impacted by non-recurring tax recovery Asia Strong result driven by organic growth and supported by non-recurring income 37

3.825 4.868 217 265 133 62 3 43 4.178 5.238 9M 11 9M 12 288 346 176 240 464 586 9M 11 9M 12 +25% +26% ** MAT: Marine Aviation & Transport 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 Unit-Linked Periodic Financial Information I 9M 12 Results I 7 November 2012 Asia Inflow Excellent inflow levels, 25% up to EUR 5.8 bn Life  Hong Kong, +26%, Strong growth of 46% in new business, in particular from IFA channel  China, +24%, Focus on building book of higher-margin recurring premiums and excellent persistency resulted in a 34% increase of regular premium income. In Q3 new business in bank channel picked up and new product launch supported performance agency channel.  Malaysia, +31%, New business premiums up 41% thanks to strong recovery bank channel activity  Thailand, +32%, Continued strong growth in both bank and agency channel  India, (11)%, New business down reflecting continued weak market sentiment and regulatory uncertainty. Relative market position maintained. Funds under Management  Hong Kong : EUR 1.8 bn, +13% vs. end 11  Including non-consolidated partnerships @ 100%: EUR 23.2 bn, +16% vs. end 11 Non-Life  Malaysia, +23%, driven by all lines of business and in particular Motor  Thailand, +38%, across all lines and distribution channels boosted by post-flood recovery 38

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

Investment portfolio as per 30 September 2012 Value up as result of volume growth & drop in yields on fixed income In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs  Increase mainly explained by volume growth, both in existing & new business and by yield drop of European sovereign & corporate bonds.  Gross unrealized gains up EUR 3.7 bn vs. FY 11 to EUR 5.5 bn, mainly in fixed income  Investments in Belgian government bonds & corporate Non-Financials up  Update on infrastructure loans: 5 projects selected for potential total amount of EUR 221 mio Fixed Income  Gross unrealized gains at EUR 4.0 bn; EUR 0.6 bn FY 11  Unrealized Gain Sovereigns at EUR 2.5 bn  Unrealized Gain Corporates at EUR 1.6 bn Equities  Gross unrealized gains up to EUR 142 mio vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains marginally up to EUR 1.4 bn Investment portfolio* 31.5 34.0 21.4 24.2 1.8 2.24.3 4.859.5 65.6 FY 11 9M 12 Real Estate Equities Structured credit instruments Corporate bonds Sovereign bonds Periodic Financial Information I 9M 12 Results I 7 November 2012 52% 37% 1% 7% 3% 40

Sovereign bond portfolio as per 30 September 2012 vs. end 2011 Re-domestication within Belgian operations  Fair value increased by EUR 2.5 bn, from EUR 31.5 bn to EUR 34.0 bn  Increase coming from yield drop as result of decreasing spreads  96% investment grade, almost 85% portfolio rated A or higher  Divestments of bonds in Southern European & some core countries, primarily reinvested in Belgium as part of re-domestication within the Belgian operations.  Gross unrealized gains at EUR 2.5 bn, compared to EUR 159 mio end 11 resulting from yield drop  mainly Belgium, up EUR 1.2 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 18.0 4.6 4.83.9 3.12.4 2.8 1.6 1.4 1.8 0.92.7 2.60.4 0.431.5 34.0 FY 11 9M 12 Ireland Others The Netherlands Germany Austria SE Sovereigns France Belgium Periodic Financial Information I 9M 12 Results I 7 November 2012 41

Net exposure on Southern European sovereigns further reduced Exposure at amortized cost & adjusted for non-controlling interests of EUR 2.1 bn  Exposure on S-E sovereigns at amortized cost , after impairments and non-controlling interests further reduced to EUR 2.1 bn  Additional reduction of primarily Italian & Spanish sovereigns of EUR 0.6 bn given increased liquidity and reduced spreads of SE sovereigns.  Exposure on Greece brought down to zero  Gross exposure at fair value of EUR 3.1 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 0.3 2.1 0.9 0.6 0.6 12.9 6.2 3.0 2.1 FY 09 FY 10 FY 11 9M 12 Portugal Spain Italy Greece Impairment Periodic Financial Information I 9M 12 Results I 7 November 2012 42

In EUR bn  Portfolio up to EUR 24.2 bn (vs. EUR 21.4 bn)  Unrealized gains at EUR 1.6 bn (vs. EUR 432 mio)  95% investment grade; 79% rated A or higher  Banking / Other financials : 92% investment grade Corporate bond portfolio*  Equities investments at fair value increased from EUR 1.8 bn to EUR 2.2 bn.  Gross unrealized gains up to EUR 142 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 September 2012 Corporate bond portfolio of EUR 24.2 bn; Equity portfolio at EUR 2.2 bn 4.9 5.7 1.8 1.9 6.2 7.8 8.4 8.9 21.4 24.2 FY 11 9M 12 Government related Other corporates Other financials Banking 0.8 1.1 0.1 0.1 0.7 0.7 0.2 0.3 1.8 2.2 FY 11 9M 12 Mixed funds & others Real Estate funds Equity funds Equities Periodic Financial Information I 9M 12 Results I 7 November 2012 23% 8% 32% 37% 48% 7% 32% 14% 43

Real estate portfolio as per 30 September 2012 Invested amount fairly stable 10/03/2010 In EUR bn  Value increased by EUR 0.5 bn to EUR 4.8 bn mainly through investments in Retail & Offices  Gross unrealized gains stable at EUR 1.4 bn (not reflected in net equity)  For own use : EUR 0.5 bn  Investment property : EUR 0.9 bn  Real Estate exposure mainly in Belgium (+/- 70%) * At fair value Real Estate portfolio* 1.5 1.6 0.2 0.3 1.1 1.1 0.9 1.3 0.6 0.6 4.3 4.8 FY 11 9M 12 Real Estate Development Investment Retail Car Parks Investment Warehouses Investment Offices Periodic Financial Information I 9M 12 Results I 7 November 2012 33% 5% 24% 26% 11% 44

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

General Account Driven by legacy related one-offs & revaluation BNP P call option Net result General Account of EUR 69 mio  Net interest income includes EUR 39 mio Tier 1 amortisation of discount & received interest.  RPN(I) liability floor fairly stable since agreement on CASHES; EUR 3 mio net result impact in Q2 + Q3 12.  Call option BNP P: Strong decrease mainly driven by sharp decline in volatilities from 49% end 2011 to 31% at 30 September; positive result in Q3 following rise of BNP P share price  RPI: Ageas net profit of EUR 90 mio following higher market to market revaluations of portfolio & after goodwill impairment  Legacy related one-off agreements  Deal BNP P on CASHES & Tier 1(EUR (132) mio in Q1)  Settlement ABN AMRO & Dutch State on legal proceedings (EUR 400 mio in Q2)  Staff & other expenses flat Periodic Financial Information I 9M 12 Results I 7 November 2012 EUR mio 9M 12 9M 11 Net interest income 27 (9) BNP P Call Option (221) (248) Result on RPN(I) (268) 320 Result on sales & revaluations (mainly Tier 1) 123 (202) Results of associates (mainly RPI) 84 (139) Settlement ABN Amro 400 0 Staff & other expenses (37) (37) Profit before tax 98 (326) Net profit after tax & non- controlling interests 69 (325) Balance sheet items 9M 12 FY 11 RPN(I) (160) (190) Call option BNP Paribas 174 395 RPI 864 779 Net cash/deposits 1,436 688 46

11 75 (278) (51) 2 14 15 57 (19) 67 400 (132) 3 90 (221) (70) 69 Deal with ABN Amro & Dutch State Agreement with BNP on CASHES & Tier 1 RPN(I) revaluation RPI BNP Call option Other General Account Q3 12 6M 12 General Account Quarterly result mainly up on revaluation BNP P call option Periodic Financial Information I 9M 12 Results I 7 November 2012 In EUR mio 47 EUR 140 mio 9M 12 impact of legacies

3 1.3 2.8 1.0 2.6 0.9 2.3 0.7 2.2 0.5 2.1 0.2 2.1 1.0 0.8 0.7 1.3 1.3 1.3 1.5 1.4 FY 09 3M10 6M10 9M10 FY10 3M11 6M11 9M 11 FY11 3M12 6M12 9M 12 Net cash position General Account at EUR 1.4 bn Significantly up after agreements in H1; first impact buy-back  The agreements with Fortis Bank & BNP P on the CASHES & Tier 1 (Q1) & with ABN AMRO & Dutch State on legal proceedings (Q2) had a joined positive impact on net cash position of EUR 1.1 bn  2011 dividend of 8 eurocent per share brought cash down with EUR 0.2 bn (Q2)  Quarterly impact of EUR 64 mio mainly due to share buy-back programme Quarterly evolution net cash position* In EUR bn * Until 6M 11 known as discretionary capital in EUR mio FY 11 9M 12 Cash and cash equivalents 345 624 Due from banks short term 600 1,000 Debt certificates (EMTN) (257) (188) Net cash position 688 1,436 Periodic Financial Information I 9M 12 Results I 7 November 2012 Share buy-back programme announced 6 August 2012 will further reduce net cash Net cash Discretionary capital 48

 Buy-back programme of up to EUR 200 mio of its outstanding common stock  Buy-back programme launched as of 13 August  For 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  On 30 September, Ageas bought back 2.8 mio shares (1.17%) for a total amount of EUR 52.8 mio  As per 7 November, Ageas acquired 4.8 mio shares for a total amount of EUR 90.8 mio (corresponding to 1.99% of the total amount of outstanding shares) Ageas announced a share buy-back programme on 6 August As at 7 November, Ageas has bought back 2% of its outstanding shares Periodic Financial Information I 9M 12 Results I 7 November 2012 49

Balance sheet value In EUR mio Net result impact In EUR mio Valuation Call option BNP Paribas shares at 30 September 2012 Value down due to decrease in volatility, up in Q3 following BNP share price Valuation Model parameters (Black & Scholes) FY10 FY11 9M 12 BNP Paribas share price EUR 47.69 EUR 30.35 EUR 36.98 Strike price EUR 66.67 EUR 66.67 EUR 66.67 Volatility 33% 49% 31% Dividend yield 5.29% 5.98% 4.76% 609 395 117 174 FY 10 FY 11 6M 12 9M 12 (271) (214) (278) (221) FY 10 FY 11 6M 12 9M 12 Sensitivities FY11 9M 12 Implied volatility +5% 24.5% 53.7% Implied volatility -5% (23.6%) (44.9%) Dividend yield -1% 2.8% 3.9% Dividend yield +1% (1.1%) (2.9%) Periodic Financial Information I 9M 12 Results I 7 November 2012 50

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 September 2012 Equity value up driven by positive RPI result, goodwill further impaired 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 September 2012 Net result impact Principal collections Interest collections 933 779 864 FY 10 FY 11 9M 12 10.0 8.9 8.1 FY 10 FY 11 9M 12 4.6 4.8 4.4 2.6 1.2 0.6 7.2 6.0 5.0 FY 10 FY 11 9M 12 131 (197) 90 FY 10 FY 11 9M 12 7.0 6.0 6.1 FY 10 FY 11 9M 12 1,540 1,208 1,003 169 156 103 1,709 1,364 1,106 FY 10 FY 11 9M 12 Periodic Financial Information I 9M 12 Results I 7 November 2012 51

Balance sheet Royal Park Investments (under IFRS at 100%) Remaining goodwill reduced to EUR 276 mio IFRS -- in EUR mio 9M 12 FY11 Assets 6,916 7,738 Securities 6,066 6,043 Deferred tax assets 458 712 Goodwill 276 782 Other assets 116 201 Liabilities and shareholders’ equity 6,916 7,738 Liabilities 4,984 5,995 Other liabilities 49 35 Commercial paper 4,429 4,792 Funding, super senior 0 649 Funding, senior 506 519 Shareholders’equity 1,932 1,743 Share capital 850 850 Share premium (additional paid in capital) 850 850 Hedging reserve 4 123 Cash Flow hedge reserves 175 67 Retained earnings 53 (148) Periodic Financial Information I 9M 12 Results I 7 November 2012 52

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 No major new elements in Q3 12 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/early 2013: - 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 9M 12 Results I 7 November 2012 53

54 Legal proceedings & investigations at 30 September 2012 Managed in interest of shareholders Periodic Financial Information I 9M 12 Results I 7 November 2012 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  Proceedings ongoing Criminal investigation  File transmitted to the public prosecutor in October 2012 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 and 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  Judgment Utrecht court 15/02/12 in favour of plaintiffs; 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  Court decision 08/12/09 on competence & provisional measures; proceedings ongoing  Proceedings ongoing  Proceedings initiated in September 2012 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

Overview of main characteristics Hybrids Situation as per 30 September 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 315 mandatory 472 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 239 mandatory 359 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 <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 (30/09/12) 39.1 67.2 96.1 97.5 83.5 46.0 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 9M 12 Results I 7 November 2012 55

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

Four targets Evolution on realizing the targets set for 2015 Acquisition Groupama UK announced, expected to be concluded in Q4 2012 Combined ratio in 9M 2012 of 97.9%; below 100% Net result substantially up; Insurance shareholder equity increasing on unrealized gains No noticeable progress made 57Periodic Financial Information I 9M 12 Results I 7 November 2012

Total number of outstanding shares Reverse stock split Cancellation bought back shares Agreement with BNP in February situation 31/12/2011 situation 30/06/2012 situation 07/11/2012 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 13,722,516 1. TREASURYSHARES Share buy-back 175,163,656 0 4,829,454 FRESH 39,682,540 39,682,540 3,968,254 Other treasury shares 2,244,740 2,801,088 280,904 2. CASHES 125,313,283 46,439,042 4,643,904 Shares entitled to dividend and voting rights 2,280,976,598 2,342,290,056 229,398,756 Total Issued Shares diminished with the 192,168,091 shares acquired through the Buy-back programme & 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. Following the reverse stock split the total number of shares has been divided by 10, effective as at 7 August 2012. 58Periodic Financial Information I 9M 12 Results I 7 November 2012

Ping An 4.98% Franklin Mutual Advisers 3.23% Ageas 3.73% Norges Bank 2.98% Fortis Bank 1.91% BNP Paribas 1.05% Benelux Retail shareholders 15% Identified institutional investors 41% Other investors 26% BNP Paribas Group 2.96% 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 1 October 2012 Ageas Based upon press release 5 November 2012 Norges Bank Based upon the number of shares mentioned in the notification received 20 August 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 5 November 2012 Periodic Financial Information I 9M 12 Results I 7 November 2012 59

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 9M 12 Results I 7 November 2012 60

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 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 9M 12 Results I 7 November 2012 61

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.

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 9M 12 Results I 7 November 2012

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