9M results 2013

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Information about 9M results 2013
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

9MPeriodical Financial Information 2013RESULTS

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

A consistent & robust overall Insurance performance Both Insurance & General Account contributing to Group net result Balance sheet remained strong  Insurance net profit of EUR 497 mio (+11%)  Inflow @ 100% of EUR 17.8 bn (+15%)  Group combined ratio at 97.6% (vs.97.9%)  Life Technical Liabilities at EUR 69.0 bn*  Q3 insurance net profit of EUR 168 mio  Group net profit of EUR 513 mio (-1%)  General Account net result of EUR 15 mio  Q3 Group net profit of EUR 41 mio, incl.revaluation RPN(i)  Shareholders’ equity at EUR 38.30 per share  Insurance solvency at 210%, Group solvency at 226%  Net cash position General Account at EUR 2.0 bn  EUR 33 mio executed of EUR 200 mio share buy-back Main messages Ageas’s 9M results continued positive trend Periodic financial Information I 9M 13 Results I 6 November 2013 2 * Consolidated entities only, compared to FY 2012

293 311 143 174 13 12450 497 9M 12 9M 13 Life Non-Life Other 97.9% 97.6% 9M 12 9M 13 Net result: Strong quarterly results in BE & Asia In EUR mio In EUR bn Non-Life combined ratio: improving CY claims ratio 227% 210% 207% 0.86% 0.87% FY 12 9M 13 0.55% 0.47% FY 12 9M 13 Inflow*: strong growth in Asia & CEU In EUR bn Total Insurance: Headlines Ageas insurance performance consistent & robust 3 68.8 69.0 36.5 40.2 105.3 109.2 FY 12 9M 13 Conso Non-conso Periodic financial Information I 9M 13 Results I 6 November 2013 11.1 13.3 4.3 4.5 15.5 17.8 9M 12 9M 13 Life Non-Life Other Life Technical liabilities*: stable in consolidated, up in non-consolidated Operating margin Guaranteed: strong quarterly result Operating margin Unit-Linked: down but still in line with target In % avg technical liabilities In % avg technical liabilities * Incl. non-consolidated partnerships @ 100%

3.7 3.0 1.4 1.4 5.0 4.4 9M 12 9M 13 Life Non-Life Periodic financial Information I 9M 13 Results I 6 November 2013 Net result: strong Q3 In EUR mio In EUR bn Operating margin Guaranteed: strong quarterly result Non-Life combined ratio: strong Q3 Inflow: Individual Guaranteed Life down 227% 210% 207% Life Technical liabilities stable In EUR bn Belgium : Headlines Strong quarterly results in Life & Non-Life, inflow trends confirmed ** 165 190 51 57 216 247 9M 12 9M 13 Life Non-Life 98.8% 97.6% 9M 12 9M 13 0.80% 0.84% 9M 12 9M 13 Operating margin Unit-Linked: 52.7 52.9 FY 12 9M 13 4 In % avg technical liabilities 0.49% 0.44% 9M 12 9M 13 In % avg technical liabilities

0.06 0.08 1.6 1.7 1.7 1.7 9M 12 9M 13 Life Non-Life Net result: Non-Life up on inclusion Groupama In EUR mio In EUR bn Inflow up 8% at constant FX United Kingdom: Headlines Overall Non-Life performance & inflow improved 5 212 181 9M 12 9M 13 0 (2) 73 77 13 12 86 87 9M 12 9M 13 Life Non-Life Other Non-Life combined ratio: improved underwriting mainly in Household 98.6% 98.2% 9M 12 9M 13 Other Income down in a competitive market In EUR mio Periodic financial Information I 9M 13 Results I 6 November 2013

2.1 2.9 0.8 0.8 2.9 3.7 9M 12 9M 13 Life Non-Life Net profit increase driven by Turkey In EUR mio In EUR bn 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 Excellent top line performance & increased Non-Life net profit including positive one-off ** 36 36 13 26 49 63 9M 12 9M 13 Life Non-Life 89.9% 94.5% 9M 12 9M 13 1.02% 0.89% 9M 12 9M 13 Operating margin Guaranteed: lower risk result vs. excellent 9M 12 Periodic financial Information I 9M 13 Results I 6 November 2013 6 Life Technical liabilities*: growth due to fewer surrenders 0.51% 0.56% 9M 12 9M 13 In % avg technical liabilities * Incl. non-consolidated partnerships @ 100% 14.1 14.0 14.0 14.4 28.1 28.4 FY 12 9M 13 Conso Non-conso Operating margin Unit-Linked: In % avg technical liabilities

Net result: Excluding one-offs, strong growth of underlying profit In EUR mio In EUR bn Non-Life combined ratio improving in both Thailand & Malaysia Inflow* fuelled by China & Thailand Life Technical liabilities* up across all entities In EUR bn Asia: Headlines New business boost & underlying profit growth Life / Strong Non-Life underwriting result Periodic financial Information I 9M 13 Results I 6 November 2013 7 ** 92 87 6 14 99 101 9M 12 9M 13 Life Non-Life 101.0% 94.8% 9M 12 9M 13 5.2 7.3 0.6 0.6 5.8 7.9 9M 12 9M 13 Life Non-Life 76 79 6 14 83 93 9M 12 9M 13 Life Non-Life 1.9 2.0 22.5 25.8 24.4 27.8 FY 12 9M 13 Conso Non-conso * Incl. non-consolidated partnerships @ 100% In % avg technical liabilities In EUR mio 2.10% 1.41% 9M 12 9M 13 Life operating margin Hong Kong: excluding one-offs up 8% Result non-consolidated partnerships: excluding one-offs up 15%

Periodic financial Information I 9M 13 Results I 6 November 2013 8 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 & real estate which are valued at amortized costs Asset mix  Asset mix relatively stable  Increased positions in equities & customer loans at the expense of cash continued 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 3.5 bn (EUR 5.2 bn FY 12) Sovereigns at EUR 2.2 bn (vs. EUR 3.3 bn) Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)  Equities: slightly up to EUR 0.3 bn Gross UG/L on Real Estate: stable at EUR 1.3 bn - not reflected in shareholders’ equity EUR 0.8 bn unrealized gains/losses on Held to Maturity not reflected in shareholders’ equity Sovereign bonds 34.7 Sovereign bonds 33.9 Corporate bonds 25.1 Corporate bonds 24.7 Structured 0.3 Structured 0.4 Loans 6.3 Loans 5.9 Equities 2.4 Equities 3.0 Real Estate 4.7 Real Estate 4.6 Cash 2.4 Cash 2.2 75.9 74.7 FY 12 9M 13

Net result driven by Q1 transactions & revaluation RPN(i) In EUR mio Accounting value remaining legacies: General Account: Headlines Q3 impact of revised methodology RPN(i) methodology Periodic financial Information I 9M 13 Results I 6 November 2013 9 ** Net cash position: cash on legacy transactions partly in 69 15 9M 12 9M 13 1.2 2.0 FY 12 9M 13 In EUR bnIn EUR mio (165) (279) 234 872 241 FY 12 9M 13 RPN(i) Call Option RPI * Subject to absence of any creditor’s claim

Shareholders’ equity / share Shareholders’ equity Net profit impact offset by lower unrealized gains & return to shareholders In EUR mio 6,206 6,378 1,939 1,316 1,655 1,034 497 15 (692) (105) (270) (224) (190) (104) EUR 42.27 EUR 38.30 9,799 8,727 FY 12 Net result Insurance Net result Gen Account Change UG/L Treasury Shares Dividend Capital reduction Revaluation put option Forex & other 9M 13 Insurance UG/L Insurance UG/L Periodic financial Information I 9M 13 Results I 6 November 2013 10 Equity per segment FY 12 9M 13 FY 12 9M 13 Belgium 3,974 ► 3,691 Asia 1,837 ► 1,685 UK 1,149 ► 1,127 Insurance 8,145 ► 7,693 Continental Europe 1,185 ► 1,191 General Account 1,655 ► 1,034

IFRS Solvency up on Net result 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 2.1 0.6 0.6 0.8 0.9 0.9 0.8 4.1 4.5 1.0 0.7 5.1 5.2 4.1 4.6 1.1 1.1 1.4 1.5 1.4 1.4 8.1 8.6 9.1 9.3 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 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 9M 13 Results I 6 November 2013 11 Solvency ratio 173% 188% 220% 220% 243% 258% 268% 230% 204% 210% 229% 226%

Periodic financial Information I 9M 13 Results I 6 November 2013 Net cash position General Account at EUR 2.0 bn Up in Q2 on transactions regarding RPI & BNPP Call Option  EUR 33 mio executed at 30/09/13 in EUR 200 mio share buy-back launched August 2013  EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than compensating 2012 dividend & 2012 corporate centre costs  Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of remaining proceeds expected in the coming months  Capital reduction approved at Shareholders’ Meeting 16 September, pay-out foreseen mid-December 12 688 1,216 1,981340 827 144 ≈200 (97) (77) (270) (46) (56) (167) (224) FY 11 FY 12 buy-back capital injection TPL paid dividend upstream opco's RPI call option operating expenses other 9M 13 RPI transaction share buy-back capital reduction In EUR bn announced cash movements -best estimate

Takeaways  Q3 confirmed 6M trends in inflow, operating performance & net insurance results  Results well spread across segments  Up both in Life & Non-Life  Combined ratio & Operating margins in line with targets communicated at Investors Update Focus on maintaining this performance Conclusions : positive trend continued Periodic financial Information I 9M 13 Results I 6 November 2013 13

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

Periodic financial Information I 9M 13 Results I 6 November 2013 15 Key financials Strong operational performance In EUR mio 9M 12 9M 13 Q3 12 Q2 13 Q3 13 Gross inflows 15,465 17,767 4,649 5,744 5,270 - of which inflows from non-consolidated partnerships 7,283 9,562 2,171 2,965 2,590 Net result Insurance 450 497 147 172 168 By segment: - Belgium 216 247 73 80 87 - UK 86 87 35 35 29 - Continental Europe 49 63 15 28 17 - Asia 99 101 24 29 35 By type: - Life 293 311 88 93 110 - Non-Life 143 174 54 74 55 - Other 13 12 6 5 3 Net result General Account 69 15 67 7 (127) Net result Ageas 518 513 214 179 41 Earnings per share (in EUR) 2.17 2.24 Combined ratio 97.9% 97.6% 97.2% 96.1% 97.4% FY 12 9M 13 Life technical liabilities (in EUR bn) 68.8 * 69.0 Insurance Solvency 204% ** 210% Shareholders' equity 9,799 ** 8,727 Net equity per share (in EUR) 42.27 ** 38.30 Insurance ROE 8.7% 8.4% annualized result / avg equity 31/12 - 30/09 Insurance ROE excl.UG/L 10.5% 10.5% annualized result / avg equity excl. UG/L 31/12 - 30/09 * Consolidated companies only / ** restated for IAS 19

Shareholders’ equity / share Shareholders’ equity Net profit impact offset by lower unrealized gains & return to shareholders In EUR mio 6,206 6,378 1,939 1,316 1,655 1,034 497 15 (692) (105) (270) (224) (190) (104) EUR 42.27 EUR 38.30 9,799 8,727 FY 12 Net result Insurance Net result Gen Account Change UG/L Treasury Shares Dividend Capital reduction Revaluation put option Forex & other 9M 13 Insurance UG/L Insurance UG/L Periodic financial Information I 9M 13 Results I 6 November 2013 16 Equity per segment FY 12 9M 13 FY 12 9M 13 Belgium 3,974 ► 3,691 Asia 1,837 ► 1,685 UK 1,149 ► 1,127 Insurance 8,145 ► 7,693 Continental Europe 1,185 ► 1,191 General Account 1,655 ► 1,034

Tangible net equity High quality capital structure 10/03/2010 I page 17 EUR bn FY12 9M 13 IFRS Shareholders' Equity 9.8 8.7 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) (0.3) 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 9M 13 Results I 6 November 2013 17

IFRS Solvency up on Net result 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 2.1 0.6 0.6 0.8 0.9 0.9 0.8 4.1 4.5 1.0 0.7 5.1 5.2 4.1 4.6 1.1 1.1 1.4 1.5 1.4 1.4 8.1 8.6 9.1 9.3 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 13 FY 12 9M 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 9M 13 Results I 6 November 2013 18 Solvency ratio 173% 188% 220% 220% 243% 258% 268% 230% 204% 210% 229% 226%

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

293 311 143 174 13 12450 497 9M 12 9M 13 Life Non-Life Other 97.9% 97.6% 9M 12 9M 13 Net result: Strong quarterly results in BE & Asia In EUR mio In EUR bn Non-Life combined ratio: improving CY claims ratio 227% 210% 207% 0.86% 0.87% FY 12 9M 13 0.55% 0.47% FY 12 9M 13 Inflow*: strong growth in Asia & CEU In EUR bn Total Insurance: Headlines Ageas insurance performance persistently robust 20 68.8 69.0 36.5 40.2 105.3 109.2 FY 12 9M 13 Conso Non-conso Periodic financial Information I 9M 13 Results I 6 November 2013 11.1 13.3 4.3 4.5 15.5 17.8 9M 12 9M 13 Life Non-Life Other Life Technical liabilities*: stable in consolidated, up in non-consolidated Operating margin Guaranteed: strong quarterly result Operating margin Unit-Linked: down but still in line with target In % avg technical liabilities In % avg technical liabilities * Incl. non-consolidated partnerships @ 100%

Inflow @ 100% Growth driven by China, Thailand & Portugal * * Ageas holds a 50% stake in Tesco Underwriting Periodic financial Information I 9M 13 Results I 6 November 2013 21 EUR mio 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 Belgium 75% 3,674 2,996 1,362 1,425 5,036 4,422 United Kingdom 100%* 61 79 1,636 1,669 1,697 1,7480 0 Continental Europe 2,142 2,871 766 800 2,908 3,671 Consolidated entities 802 1,358 334 335 1,136 1,693 Portugal 51% 611 1,087 183 190 795 1,278 France 100% 190 271 190 271 Italy 25% 151 144 151 144 Non-consolidated JV's 1,340 1,513 432 465 1,772 1,978 Turkey (Aksigorta) 36% 432 465 432 465 Luxembourg (Cardif Lux Vie) 33% 1,340 1,513 1,340 1,513 Asia 5,238 7,327 585 598 5,824 7,926 Consolidated entities 313 341 313 341 Hong Kong 100% 313 341 313 341 Non-consolidated JV's 4,925 6,986 585 598 5,511 7,585 Malaysia 31% 568 479 454 437 1,023 917 Thailand 15%/31% 927 1,133 131 161 1,059 1,294 China 25% 3,346 5,287 3,346 5,287 India 26% 84 87 84 870 0 Total 11,115 13,274 4,349 4,493 15,465 17,7670 0 Consolidated entities 4,850 4,775 3,332 3,429 8,182 8,204 Non-consolidated partnerships 6,265 8,499 1,017 1,063 7,283 9,562 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 Inflow @ Ageas’s part Strong growth in emerging markets, Guaranteed Life sales down following market trend In EUR mio Periodic financial Information I 9M 13 Results I 6 November 2013 22 2,756 2,247 61 79 949 1,330 1,630 2,178 5,396 5,834 1,022 1,069 1,344 1,470 287 301 160 159 2,813 2,999 (12%) 10% 32% 31% 8% 3,777 3,316 1,405 1,549 1,236 1,630 1,790 2,338 8,208 8,833 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13

Insurance net result Result under pressure of competitive markets & 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 165 190 0 (2) 36 36 92 87 293 311 51 57 73 77 13 26 6 14 143 174 13 12 13 12 216 247 86 87 49 63 99 101 450 497 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 In EUR mio Periodic financial Information I 9M 13 Results I 6 November 2013 23

10/03/2010 I page 24 Overview impairments & net capital gains on investments Impairments substantially lower than 9M 12 * Periodic financial Information I 9M 13 Results I 6 November 2013 24 EUR mio 9M 12 9M 13 9M 12 9M 13 9M 12 9M 13 Life 70 53 (65) (23) 5 30 Non-Life 18 10 (4) (4) 14 6 Total Belgium 87 63 (69) (27) 18 36 Life Non-Life 14 6 14 6 Other Total UK 14 6 14 6 Life 4 13 (1) (7) 3 5 Non-Life 0 (0) 0 (0) Total CEU 4 13 (1) (7) 3 5 Life 20 30 (15) (5) 5 25 Non-Life 2 4 (0) (0) 2 4 Total Asia 22 34 (15) (6) 7 28 Life 94 95 (81) (36) 13 60 Non-Life 34 20 (4) (4) 30 16 Other Total Ageas 128 115 (85) (40) 43 75 Capital gains/losses Impairments & Profit sharing impact Total impact

25Periodic financial Information I 9M 13 Results I 6 November 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 9M 13 Results I 6 November 2013 26 Combined ratio at 97.6% vs. 97.9%  Q3 confirms H1 good operational performance with COR at 97.2%  Household at 90.8% (vs.98.8%): benign weather in major markets, impact of corrective measures & tariff increases in Belgium – Q3 at 90.5%  Accident & Health: at 94.7% (vs.94.0%): strong improvement claims ratio Belgium – Q3 at 94.4%  Motor at 102.2% (vs. 96.5%): increase combined ratio in all segments – Q3 at 98.5% Claims ratio at 64.6% vs. 67.3%  CY claims ratio (67.6% vs. 72.5%) most significant impact in Household  PY claims ratio down to release of 2.8% (vs. 3.8%), lower run-off mainly in Motor Expense ratio at 33.2% vs. 30.6% 2,497 2,858 3,507 4,178 3,067 3,225 1,044 1,079 69.4% 73.2% 69.0% 68.1% 67.3% 64.4% 66.5% 64.2% 33.1% 32.8% 31.1% 31.0% 30.6% 33.2% 30.7% 33.0% 102.5% 106.0% 100.1% 99.1% 97.9% 97.6% 97.2% 97.2% (6.0%) (3.7%) (3.5%) (3.1%) (3.8%) (2.8%) (1.7%) (2.5%) 2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 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 segmentsHousehold: benign weather in major markets Periodic financial Information I 9M 13 Results I 6 November 2013 27 609 714 736 763 571 599 1,012 1,134 1,571 2,058 1,508 1,535 203 261 308 349 246 296673 750 892 1,007 742 795 70.4% 74.3% 71.9% 70.5% 69.6% 68.9% 23.6% 24.8% 25.0% 25.5% 24.4% 25.8% 94.0% 99.1% 96.9% 96.0% 94.0% 94.7% 2009 2010 2011 2012 9M 12 9M 13 79.0% 78.4% 72.0% 73.6% 71.8% 72.4% 29.3% 29.0% 25.3% 25.4% 25.5% 28.6% 108.3% 107.4% 97.3% 99.0% 97.3% 101.0% 2009 2010 2011 2012 9M 12 9M 13 59.4% 75.0% 61.9% 55.6% 57.4% 47.8% 43.4% 43.2% 41.5% 41.6% 41.4% 43.0% 102.8% 118.2% 103.4% 97.2% 98.8% 90.8% 2009 2010 2011 2012 9M 12 9M 13 51.7% 42.9% 67.2% 66.5% 64.0% 59.1% 45.8% 41.2% 44.8% 44.9% 44.0% 45.3% 97.5% 84.1% 112.0% 111.4% 108.0% 104.4% 2009 2010 2011 2012 9M 12 9M 13 NEPNEP NEP NEP

Insurance Life operating margin per product line Margins in Guaranteed & UL within target range communicated at Investors Update Guaranteed: improvement driven by investment margin Unit-linked: driven by Hong Kong Average technical liabilities Average technical liabilities  Expense & other margin decrease related to Asia mainly  Underwriting margin improvement in Hong Kong following organic growth  Investment margin strong improvement due to lower impairments  Slight deterioration underwriting margin √ mainly coming from CEU (lower risk margin) & Asia √ improving in Belgium on increasing technical liabilities  Expense margin stable Periodic financial Information I 9M 13 Results I 6 November 2013 0.44% 0.41% 0.44% 0.47% 0.43% 0.43% 0.40% 0.67% (0.79%) 0.87% 0.70% 0.79% 0.57% 0.81% (0.33%) (0.36%) (0.33%) (0.34%) (0.35%) (0.34%) (0.36%) 0.56% (0.60%) 0.81% 0.86% 0.87% 0.77% 0.85% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Investment m. Underwriting m. 0.07% 0.04% 0.11% 0.13% 0.14% 0.15% 0.14%0.01% 0.01% 0.00% 0.27% 0.42% 0.37% 0.42% 0.33% 0.43% 0.42% 0.35% 0.45% 0.48% 0.55% 0.47% 0.58% 0.56% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Investment m. Underwriting m. 28 50.4 52.3 54.0 53.7 55.4 53.7 55.4 20.2 12.4 11.8 11.7 12.3 11.7 12.3

3.7 3.0 1.4 1.4 5.0 4.4 9M 12 9M 13 Life Non-Life Periodic financial Information I 9M 13 Results I 6 November 2013 Net result: strong Q3 In EUR mio In EUR bn Operating margin Guaranteed: strong quarterly result Non-Life combined ratio: strong Q3 Inflow: Individual Guaranteed Life down 227% 210% 207% Life Technical liabilities stable In EUR bn Belgium : Headlines Strong quarterly results in Life & Non-Life, inflow trends confirmed ** 165 190 51 57 216 247 9M 12 9M 13 Life Non-Life 98.8% 97.6% 9M 12 9M 13 0.80% 0.84% 9M 12 9M 13 Operating margin Unit-Linked: 52.7 52.9 FY 12 9M 13 29 In % avg technical liabilities 0.49% 0.44% 9M 12 9M 13 In % avg technical liabilities

3,404 2,562 270 434 3,674 2,996 9M 12 9M 13 (18%) Life In EUR mio Non-Life In EUR mio Unit-Linked Guaranteed Other Household Accident & Health Motor Belgium: Inflow @ 100% Life Individual Guaranteed decrease partly offset by higher sales in other products 378 392 429 441 434 461 121 131 1,362 1,426 9M 12 9M 13 Periodic financial Information I 9M 13 Results I 6 November 2013 30 +5% Guaranteed  Sales of guaranteed products decreased by 25% to EUR 2.6 bn  Decline evident in Individual Saving & Individual Traditional to a lesser extent  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 inflow continued to grow reaching EUR 843 mio Unit-linked  Individual Unit-Linked increased strongly to EUR 434 mio (up 61%), mainly thanks to a marked customer appetite for these products Household, Motor, Other  GWP increased in Bank & Broker channel & across all product lines, mainly in Household  Household (+6.2%): higher volume & tariff increases  Motor (+2.9%): driven by tariff increase  Other (+8.2%): mainly driven by tariff increase in Legal Assistance Accident & Health  Accident & Health (+3.7%) 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 9M 13 Results I 6 November 2013 31 1,469 1,541 1,601 1,698 1,269 1,323 429 451 Combined ratio at 97.6% vs. 98.8%  Solid third quarter at 97.9%  Household at 93.3% vs. 97.1% : Solid performance with improved claims ratio benefitting from benign weather & reflecting corrective measures taken in the past. Q3 at 95.3%  Accident & Health at 94% vs.95.7%. Q3 at 94.3%  Motor at 101.4% vs. 99.5%: impacted by non- recurring Q2 additional reserving for a few large claims. Good Q3 at 95,3% driven by solid underwriting Claims ratio at 60.8% vs. 62.2%  CY ratio (65.0% vs.68.2%) improvement mainly in Household, but also in Accident & Health  PY ratio (4.2% vs. 6%) run-off adversely impacted by aforementioned Q2 additional reserving in Motor & by Q3 reserve strengthening following changes in legislation with respect to the introduction of VAT charges on lawyer fees (mainly Other lines) Expense ratio increased slightly to 36.8% 64.1% 68.7% 64.3% 62.7% 62.2% 60.8% 60.5% 61.5% 36.8% 36.4% 36.8% 36.8% 36.6% 36.8% 36.4% 36.4% 100.9% 105.1% 101.1% 99.5% 98.8% 97.6% 96.9% 97.9% (8.0%) (6.6%) (7.3%) (4.5%) (6.0%) (4.2%) (0.8%) (0.9%) 2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 claims ratio expense ratio PY claims ratio

Belgium: Combined ratio per product line Strong underwriting performance in Household and Accident & Health Motor: solid Q3 at 95.3%Acc & Health: improved mainly thanks to Workmen’s Compensation Household: benign weather & impact corrective measures Other: Q3 impacted by reservation VAT lawyer fees NEPNEP NEP NEP Periodic financial Information I 9M 13 Results I 6 November 2013 32 68.9% 75.8% 73.8% 73.0% 72.4% 69.9% 22.6% 21.9% 23.8% 24.0% 23.3% 24.1% 91.5% 97.7% 97.6% 97.0% 95.7% 94.0% 2009 2010 2011 2012 9M 12 9M 13 68.5% 71.0% 58.9% 64.7% 63.7% 65.0% 36.3% 35.7% 35.3% 35.8% 35.8% 36.4% 104.8% 106.7% 94.2% 100.5% 99.5% 101.4% 2009 2010 2011 2012 9M 12 9M 13 60.5% 75.6% 63.0% 50.5% 50.9% 47.7% 47.1% 47.1% 46.9% 46.2% 46.2% 45.6% 107.6% 122.7% 109.9% 96.7% 97.1% 93.3% 2009 2010 2011 2012 9M 12 9M 13 44.9% 10.4% 58.2% 65.9% 63.7% 63.7% 49.2% 50.9% 49.5% 48.1% 49.0% 47.3% 94.1% 61.3% 107.7% 114.0% 112.7% 111.0% 2009 2010 2011 2012 9M 12 9M 13 424 451 451 480 362 370 465 498 525 540 403 410 453 463 484 530 393 421 127 129 142 149 111 121

Belgium Life operating margin per product line Guaranteed: 9M13 solid underwriting & investment results, strong Q3 Unit-linked: increasing liabilities & lower expense & other margin Avg techn liabilities Avg techn liabilities 0.03% (0.05%) 0.04% 0.05% 0.05% 0.12% 0.10% 0.64% 0.50% 0.44% 0.44% 0.39% 0.46% 0.40% 0.66% 0.45% 0.47% 0.49% 0.44% 0.58% 0.51% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Underwriting m. 0.28% 0.32% 0.32% 0.33% 0.34% 0.39% 0.34% 0.57% (0.80%) 0.93% 0.77% 0.81% 0.66% 0.83% (0.21%) (0.30%) (0.29%) (0.30%) (0.31%) (0.34%) (0.32%) 0.64% (0.78%) 0.96% 0.80% 0.84% 0.71% 0.85% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Investment m. Underwriting m. Periodic financial Information I 9M 13 Results I 6 November 2013 33 40.7 42.9 44.9 44.7 46.3 44.7 46.3 6.0 5.6 5.2 5.2 5.4 5.2 5.4  Operating result amounted to EUR 17.6 mio, down 7.9%  Average Technical Liabilities increased by 4%  Operating result amounted to EUR 292 mio, up 8.4%  Operating margin 9M13 increased vs. 9M12 despite continued low i-rate environment  Investment margin 9M13 improved to 0.81% vs. 9M12 which was heavily impacted by impairment charges  Average Technical Liabilities up 4%, mainly due to last year’s strong intakes

0.06 0.08 1.6 1.7 1.7 1.7 9M 12 9M 13 Life Non-Life Net result: Non-Life up on inclusion Groupama In EUR mio In EUR bn Inflow up 8% at constant FX United Kingdom: Headlines Overall Non-Life performance & inflow improved 34 212 181 9M 12 9M 13 0 (2) 73 77 13 12 86 87 9M 12 9M 13 Life Non-Life Other Non-Life combined ratio: improved underwriting mainly in Household 98.6% 98.2% 9M 12 9M 13 Other Income down in a competitive market In EUR mio Periodic financial Information I 9M 13 Results I 6 November 2013

1,636 1,669 61 79 1,697 1,748 9M 12 9M 13 43 66 1,116 1,090 328 362 148 151 1,636 1,669 9M 12 9M 13 Motor Non-Life Life Other Property Accident & Health Total In EUR mio Non-Life In EUR mio 2% 3% United Kingdom: Inflow @ 100% Inflow up 8% at constant FX Life  Successful roll out of its proposition across the IFA market  Over 295,000 customers up 20% on same period last year Non-Life  Up 2%, growth of 7.1% at constant FX  Motor down 2% mainly due to lower average premiums, following market trend of rate decreases (14% year-on-year) & focus on risk mix improvement  Household up 10% primarily due to the inclusion of Groupama Insurance Company Ltd (GICL)  Accident & Health up 54% due to the inclusion of GICL  Other lines, including Commercial & Special Risks up 2% due to inclusion of GICL offset partially by management actions to improve profitability  EUR 296 mio Groupama inflow included Other Insurance (including Retail)  YTD total income of EUR 181 mio ,15% below last year, reflecting continued competitive market Periodic financial Information I 9M 13 Results I 6 November 2013 35

United Kingdom: Combined ratio Below 100% reflecting continued strong performance in Household due to benign weather Net earned premium in EUR mio Combined ratio at 98.2%  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 67.4%  Claims ratio Reduction across all lines of business with greatest impact in Household due to benign weather  CY ratio (69.2% vs. 74.3%) significant reduction primarily due to benign weather experience in Household  PY ratio: at same level as 9M 12 Expense ratio at 30.8%  Increase from combination of pressure on earned premium in Tesco & addition of Groupama with greater proportion of delegated authority schemes. Periodic financial Information I 9M 13 Results I 6 November 2013 36 80.4% 81.5% 74.6% 73.3% 72.5% 67.4% 71.5% 66.9% 27.7% 28.0% 25.3% 26.5% 26.1% 30.8% 26.7% 30.6% 108.1% 109.5% 99.9% 99.8% 98.6% 98.2% 98.2% 97.5% (3.5%) (1.1%) 0.1% (2.1%) (1.8%) (1.8%) (2.4%) (3.8%) 2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 claims ratio expense ratio PY claims ratio 834 948 1,524 2,083 1,509 1,603 521 528

88.9% 82.9% 79.2% 77.2% 75.4% 75.1% 22.8% 23.3% 19.5% 21.3% 21.3% 25.6% 111.7% 106.2% 98.7% 98.5% 96.7% 100.7% 2009 2010 2011 2012 9M 12 9M 13 United Kingdom: Combined ratio per product line Reduced loss ratios in all products, partially offset by expense ratios Motor: loss ratio improved, premium strain on expense ratio continues (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 9M 13 Results I 6 November 2013 37 83.5% 97.9% 87.7% 78.1% 80.3% 78.1% 26.2% 24.0% 23.2% 28.2% 26.2% 34.3% 109.7% 121.9% 110.9% 106.3% 106.5% 112.4% 2009 2010 2011 2012 9M 12 9M 13 53 58 65 57 41 59 524 532 949 1,420 1,032 1,052 61.2% 77.4% 61.4% 62.3% 65.2% 46.0% 38.0% 38.2% 35.3% 36.7% 36.1% 40.3% 99.2% 115.6% 96.7% 99.0% 101.3% 86.3% 2009 2010 2011 2012 9M 12 9M 13 66.0% 75.1% 71.6% 67.7% 64.3% 57.4% 38.1% 30.4% 39.3% 42.2% 41.1% 43.9% 104.1% 105.5% 110.9% 109.9% 105.4% 101.3% 2009 2010 2011 2012 9M 12 9M 13 187 248 366 434 318 339 69 110 143 173 118 153 NEP NEP

2.1 2.9 0.8 0.8 2.9 3.7 9M 12 9M 13 Life Non-Life Net profit increase driven by Turkey In EUR mio In EUR bn 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 Excellent top line performance & increased Non-Life net profit including positive one-off ** 36 36 13 26 49 63 9M 12 9M 13 Life Non-Life 89.9% 94.5% 9M 12 9M 13 1.02% 0.89% 9M 12 9M 13 Operating margin Guaranteed: lower risk result vs. excellent 9M 12 Periodic financial Information I 9M 13 Results I 6 November 2013 38 Life Technical liabilities*: growth due to fewer surrenders 0.51% 0.56% 9M 12 9M 13 In % avg technical liabilities * Incl. non-consolidated partnerships @ 100% 14.1 14.0 14.0 14.4 28.1 28.4 FY 12 9M 13 Conso Non-conso Operating margin Unit-Linked: In % avg technical liabilities

944 1,334 1,198 1,538 2,142 2,871 9M 12 9M 13 244 242 281 286 125 144 117 129 766 800 9M 12 9M 13 Accident & Health Motor Unit-Linked Guaranteed +34% 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 +4% Life  Inflow +34%, including non-controlling interests @ 100%, reflecting higher sales in all operating companies  Consolidated inflow up 69%  Portugal: volumes up by 78% driven by the UL business as a result of successful campaigns in Q3  France: up by 42% continue to benefit from the 1st quarter UL single premium payment Technical liabilities  End of period technical liabilities: flat vs. year-end 2012  Average technical liabilities growth in line with excellent sales performance over last 2 years Non-Life  Inflow +4%, including non-controlling interests @ 100% driven by Turkey  GWP consolidated entities in line with last year  Turkey (Aksigorta) at EUR 465 mio  A&H and Motor remain the major business lines in the portfolio. Motor growing in Portugal (Mobis product) & regaining momentum in Turkey despite intense competition Periodic financial Information I 9M 13 Results I 6 November 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 94.5%  Combined ratio higher than PY mainly due to severe weather impact in Portugal (Household) & exceptionally low claims ratios last year.  Combined ratio Turkey at 89.9% vs. 99.4% Claims ratio at 65.0%  Claims ratio mainly higher due to mid-January storms in Portugal & higher volume of claims reported  Claims ratio Italy improved compared to previous quarter & in line with 9M 12  PY ratio: 2.4% release vs. 4.1% Expense ratio at 29.5%  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 9M 13 Results I 6 November 2013 40 62.4% 71.0% 66.4% 63.6% 62.6% 65.0% 65.9% 62.4% 27.6% 30.3% 30.3% 29.8% 27.3% 29.5% 26.9% 30.0% 90.0% 101.3% 96.7% 93.4% 89.9% 94.5% 92.8% 92.4% (1.3%) 1.9% (2.0%) (2.5%) (4.1%) (2.4%) (1.6%) (2.5%) 2009 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 claims ratio expense ratio PY claims ratio 194 369 382 397 289 299 95 100

65.3% 90.5% 71.8% 69.8% 66.1% 73.9% 36.7% 27.0% 29.2% 28.1% 27.6% 28.3% 102.0% 117.5% 101.0% 97.9% 93.7% 102.2% 2009 2010 2011 2012 9M 12 9M 13 Continental Europe: Combined ratio per product line Overall combined ratio within expectations Motor: 9M 12 positively influenced by reserve developments 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 9M 13 Results I 6 November 2013 41 70.2% 64.2% 63.5% 63.3% 61.1% 63.5% 25.7% 31.6% 27.8% 28.2% 26.0% 26.3% 95.9% 95.8% 91.3% 91.5% 87.1% 89.8% 2009 2010 2011 2012 9M 12 9M 13 132 205 220 226 167 169 23 104 97 99 74 73 34.9% 53.5% 53.7% 51.8% 61.1% 65.3% 22.9% 27.7% 34.2% 33.5% 32.3% 38.5% 57.8% 81.2% 87.9% 85.3% 93.4% 103.8% 2009 2010 2011 2012 9M 12 9M 13 33 39 42 44 31 35 33.8% 73.3% 94.5% 62.8% 64.5% 45.4% 58.6% 39.0% 50.0% 43.3% 30.3% 44.4% 92.4% 112.3% 144.5% 106.1% 94.8% 89.8% 2009 2010 2011 2012 9M 12 9M 13 7 21 23 28 16 22 NEP NEP NEP NEP

Continental Europe Life operating margin per product line Guaranteed: lower underwriting margin partially offset by higher investment margin Unit-linked: increasing expense & other margin Avg techn liabilities Avg techn liabilities  Increase expense & other margin related to inflow growth  Investment margin improved vs. last year  Decline in underwriting margin YTD due to higher claims in risk business & fewer premiums (change payment frequency)  Cost containment leading to stable expense margin 1.25% 1.00% 1.18% 1.22% 0.91% 1.19% 0.89% 0.84% (0.75%) 0.70% 0.64% 0.83% 0.54% 0.80% (0.93%) (1.08%) (0.85%) (0.84%) (0.85%) (0.91%) (0.93%) 1.16% (0.83%) 1.02% 1.02% 0.89% 0.82% 0.79% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Investment m. Underwriting m. 0.01% 0.02% 0.02% 0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.18% 0.55% 0.41% 0.48% 0.54% 0.45% 0.62% 0.20% 0.56% 0.44% 0.51% 0.56% 0.47% 0.64% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Investment m. Underwriting m. Periodic financial Information I 9M 13 Results I 6 November 2013 42 8.7 8.3 7.8 7.8 7.7 7.8 7.7 13.9 6.4 6.1 6.1 6.3 6.1 6.3

Net result: Excluding one-offs, strong growth of underlying profit In EUR mio In EUR bn Non-Life combined ratio improving in both Thailand & Malaysia Inflow* fuelled by China & Thailand Life Technical liabilities* up across all entities In EUR bn Asia: Headlines New business boost & underlying profit growth Life / Strong Non-Life underwriting result Periodic financial Information I 9M 13 Results I 6 November 2013 43 ** 92 87 6 14 99 101 9M 12 9M 13 Life Non-Life 101.0% 94.8% 9M 12 9M 13 5.2 7.3 0.6 0.6 5.8 7.9 9M 12 9M 13 Life Non-Life 76 79 6 14 83 93 9M 12 9M 13 Life Non-Life 1.9 2.0 22.5 25.8 24.4 27.8 FY 12 9M 13 Conso Non-conso * Incl. non-consolidated partnerships @ 100% In % avg technical liabilities In EUR mio 2.10% 1.41% 9M 12 9M 13 Life operating margin Hong Kong: excluding one-offs up 8% Result non-consolidated partnerships: excluding one-offs up 15%

240 257 76 79 20 22 250 240 585 598 9M 12 9M 13 4,973 7,090 265 237 5,238 7,327 9M 12 9M 13 +40% +2% 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 9M 13 Results I 6 November 2013 44 Life  Hong Kong, +9%, New business premiums strongly up despite a general market slowdown following new regulations covering sales procedures of investment linked products  China, +58%, New business bank channel up 100% after very successful campaign; agency sales up 174% thanks to expanding number of agents & successful sales campaigns  Malaysia, -16%, New business premiums down due to the ongoing transition of both bank & agency channel distribution strategy from single premium sales towards more sustainable regular premium sales  Thailand, +22%, New business premiums up 28%; strong performance in both the bank channel & the agency channel  India, +4%, Despite continuation of a difficult regulatory environment new business was up 20% in the bank channel Technical liabilities – end-of-period  Hong Kong : EUR 2.0 bn, up 6%  Including non-consolidated JVs @ 100%: EUR 27.8 bn, up 14% Non-Life  Malaysia, -4%, Growth in high-retention lines Household & Personal Accident, offset by lower premiums in Marine, Aviation & Transport  Thailand, +23%, 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 9M 13 Results I 6 November 2013 Avg techn liabilities Avg techn liabilities (0.15%) (0.71%) (0.15%) (0.12%) (0.55%) 0.48% (0.53%) 3.62% (0.57%) (0.11%) (0.19%) 0.03% (0.22%) 0.00% 1.30% 3.52% 2.52% 2.48% 2.65% 2.26% 2.20% 4.77% 2.24% 2.26% 2.16% 2.12% 2.48% 1.63% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Investment m. Underwriting m. 3.11% 1.75% 2.14% 2.53% 2.27% 2.99% 1.79% 0.01% 0.14% (2.40%) (3.21%) (0.95%) (0.66%) (2.52%) (0.90%) (1.65%) 0.70% (1.47%) 1.19% 1.87% (0.24%) 2.08% 0.28% 2010 2011 2012 9M 12 9M 13 Q3 12 Q3 13 Expense & other m. Investment m. Underwriting m. 45 1.0 1.1 1.3 1.3 1.3 1.3 1.3 0.3 0.4 0.5 0.4 0.6 0.4 0.6  Underwriting margin improved following organic growth  Expense & Other margin deteriorated in 9M 13 following new business growth & change in product mix - 9M 12 expense margin included EUR 8 mio positive non- recurring adjustment  Underwriting margin deteriorated in 9M 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

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

Periodic financial Information I 9M 13 Results I 6 November 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 & real estate which are valued at amortized costs Sovereign bonds 34.7 Sovereign bonds 33.9 Corporate bonds 25.1 Corporate bonds 24.7 Structured 0.3 Structured 0.4 Loans 6.3 Loans 5.9 Equities 2.4 Equities 3.0 Real Estate 4.7 Real Estate 4.6 Cash 2.4 Cash 2.2 75.9 74.7 FY 12 9M 13 Asset mix  Asset mix relatively stable  Increased positions in equities & customer loans at the expense of cash continued 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 3.5 bn (EUR 5.2 bn FY 12) Sovereigns at EUR 2.2 bn (vs. EUR 3.3 bn) Corporates at EUR 1.3 bn (vs. EUR 1.8 bn)  Equities: slightly up to EUR 0.3 bn Gross UG/L on Real Estate: stable at EUR 1.3 bn - not reflected in shareholders’ equity EUR 0.8 bn unrealized gains/losses on Held to Maturity not reflected in shareholders’ equity

Belgium 18.4 Belgium 18.3 France 4.8 France 5.0 3.3 3.2 Austria 2.9 Austria 2.7 1.4 1.1 0.7 0.4 Others 2.8 Others 2.5 34.7 33.9 FY 12 9M 13 In EUR bn  Gross UG/L at EUR 2.2 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 slightly down to EUR 1.9 bn  Maturity sovereign bond portfolio unchanged & close to maturity liabilities , limited interest rate sensitivity Sovereign bond portfolio* Sovereign & Corporate bond portfolio Value fixed income portfolio impacted by evolution unrealized gains Periodic financial Information I 9M 13 Results I 6 November 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 within corporate bond portfolio of 41% in 9M 13 (vs. 37% FY 12)  Credit quality remains very good with 94% investment grade; 74% rated A or higher Corporate bond portfolio* Banking 6.1 Banking 5.4 Other financials 1.9 Other financials 1.9 Non Financials 9.3 Non Financials 10.1 Government related 7.9 Government related 7.2 25.1 24.7 FY 12 9M 13 * All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs The Netherlands The Netherlands Germany Germany SE SovereignsSE Sovereigns

In EUR bn Loan portfolio (customers + banks)* Loan & Equity portfolio More loans with guarantee Loans to banks 2.6 Loans to banks 1.8 RE 0.1 RE 0.1 Infrastructure 0.1 Infrastructure 0.1 Mortgages 1.5 Mortgages 1.5 Other 2.0 Other 2.4 6.3 5.9 FY 12 9M 13  Increase in other: long term lending to social housing agencies in Belgium, benefiting from explicit guarantee by the region  Loans to banks – mainly short term bank deposits - down: priority to long-term secured loans Periodic financial Information I 9M 13 Results I 6 November 2013 49 Equity portfolio*  Gross UG/L increased slightly up to EUR 0.3 bn Equities 1.2 Equities 1.5 Equity funds 0.1 Equity funds 0.1 RE funds 0.7 RE funds 0.7 Mixed funds & others 0.4 Mixed funds & others 0.72.4 3.0 FY 12 9M 13 * All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs

Real estate portfolio 10/03/2010  Gross UG/L stable at EUR 1.3 bn (not reflected in shareholders’ equity but contributing to available capital for solvency calculation)  Real Estate exposure mainly in Belgium (+/- 70%) Investment Offices 1.5 Investment Offices 1.5 Car Parks 1.1 Car Parks 1.0 Investment Retail 1.3 Investment Retail 1.4 0.6 0.4 0.3 0.3 4.7 4.6 FY 12 9M 13 In EUR bn Real Estate portfolio* Periodic financial Information I 9M 13 Results I 6 November 2013 50 * All assets at fair value except the ‘Held to Maturity’ assets, loans & real estate which are valued at amortized costs Investment Warehouses RE Development Investment Warehouses RE Development

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

Net result driven by Q1 transactions & revaluation RPN(i) In EUR mio Accounting value remaining legacies: General Account: Headlines Q3 impact of revised methodology RPN(i) methodology Periodic financial Information I 9M 13 Results I 6 November 2013 52 ** Net cash position: cash on legacy transactions partly in 69 15 9M 12 9M 13 1.2 2.0 FY 12 9M 13 In EUR bnIn EUR mio (165) (279) 234 872 241 FY 12 9M 13 RPN(i) Call Option RPI * Subject to absence of any creditor’s claim

15 276 (90) (114) (13) (19) (25) RPI Call option Reval RPN(i) Staff exp. Op.& admin. exp. Investment & Interest Result* General Account General Account: components of Net result Result driven by transactions on legacy items & valuation methodology RPN(i) In EUR mio Periodic financial Information I 9M 13 Results I 6 November 2013 53 * Including Interest Margin, Other Expenses & Other Losses (Realised/Unrealised)  Valuation RPN(i) liability as of 9M 13 equal to RPN amount  compliant with IFRS 13 : transfer notion vs. settlement notion  causing non-cash accounting volatility with low cost  EUR (2) mio interest paid in 9M 13  calculation aid available on www.ageas.com (Investors Update 2013)

announced cash movements -best estimate Periodic financial Information I 9M 13 Results I 6 November 2013 Net cash position General Account at EUR 2.0 bn Up in Q2 on transactions regarding RPI & BNPP Call Option  EUR 33 mio executed at 30/09/13 in EUR 200 mio share buy-back launched August 2013  EUR 1.2 per share 2012 dividend paid out in May, upstream from operating companies more than compensating 2012 dividend & 2012 corporate centre costs  Transactions RPI & BNPP Call option: expected cash inflow almost entirely received, most of remaining proceeds expected in the coming months  Capital reduction approved at Shareholders’ Meeting 16 September, pay-out foreseen mid-December 54 RPI transaction share buy-back capital reduction In EUR bn 688 1,216 1,981340 827 144 ≈200 (97) (77) (270) (46) (56) (167) (224) FY 11 FY 12 buy-back capital injection TPL paid dividend upstream opco's RPI call option operating expenses other 9M 13

Only 2 alternative uses for General Account net cash withheld 1. Invest in Businesses  Organic growth  Selective acquisitions  Create new partnerships 2. Return to shareholders  Dividend payment  Share buy-back ≈ EUR 1.8 bn  ≈ EUR 900 mio cash dividend over ‘09, ’10, ’11 & ‘12  EUR 450 mio share buy-backs finalized early ‘12 & ’13  EUR 200 mio share buy-back launched 12/08/13  EUR 224 mio capital reduction from proceeds of BNP Call Option & RPI ≈ EUR 1.0 bn from net cash on top of retained earnings  ≈ EUR 600 mio UK (Tesco, KFIS, Castle Cover, Groupama)  ≈ EUR 200 mio CE (Italy, Turkey)  ≈ EUR 200 mio Asia (India, HK, China) Periodic financial Information I 9M 13 Results I 6 November 2013 55

February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court Judgments received in various legal procedures No major new elements in 9M 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: - Appeal administrative proceedings AFM I (June 2008) & AFM II (Sep 2007) - total amount 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 9M 13 Results I 6 November 2013 56

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 – Various lawsuits initiated by shareholders re alleged miscommunication 2007 - 08  Pleadings on the merits scheduled H1 2014  Proceedings ongoing 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 9M 13 Results I 6 November 2013 57 Situation 30 September 2013

Main characteristics Hybrids Hybrone partly tendered, NITSH I & II reimbursed In EUR mio Ageas Ageasfinlux Fresh Ageas Hybrid Financing Hybrone Direct issue FBB, 2004 CASHES % 3m EUR + 135 bp 5.125% 4.625% 3m EUR +200 bp Amount outstanding 1,250 336 1,000 1,110 ISIN XS0147484074 XS0257650019 BE0119806116 BE0933899800 Call date Undated exchange, strike 315.0, mandatory 472.5 Jun/2016 Step up to 3M Euribor +200 Oct/2014 Step up to 3M Euribor+170 Undated exchange, strike 239.4, mandatory 359.1 ACSM YES YES YES YES Dividend pusher YES YES YES NO Dividend stopper NO YES YES YES Trigger < 0.5% dividend trigger Liabilities > asset <8% CAD <0.5% Dividend Other on lent to AG Insurance No stock settlement feature Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (30/09/13) 56.03 98.59 100.54 59.29 Fortis Bank (now BNP Paribas) Periodic financial Information I 9M 13 Results I 6 November 2013 58

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

situation 31/12/2012 situation 30/09/2013 Total Issued Shares 243,121,272 233,486,113 Shares not entitled to dividend and voting right 15,886,832 10,159,098 1. TREASURYSHARES Share buy-back 7,056,442 1,000,843 FRESH 3,968,254 3,968,254 Other treasury shares 218,232 546,097 2. CASHES 4,643,904 4,643,904 Shares entitled to dividend and voting rights 227,234,440 223,327,015 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 + new buy back Periodic financial Information I 9M 13 Results I 6 November 2013 60 Total number of outstanding shares Bought back shares cancelled following approval AGM April & September 2013

Shareholders structure Based on number of shares as at 30 September 2013 Ageas 2.36% Ping An 5.18% BlackRock, Inc. 5.02% Franklin Mutual Advisers 2.97% Norges Bank BNPP & Fortis Bank Identified retail investors 16% Identified institutional investors 39% Other investors 23% Ageas Based upon press release 30 September 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 22 August 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 9M 13 Results I 6 November 2013 61

6 November 9M 2013 results Periodic financial Information I 9M 13 Results I 6 November 2013 62 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 9M 13 Results I 6 November 2013 63 S&P MOODY'S FITCH Operating entities AG Insurance (Belgium) Insurance Financial Strength A- / stable A2 / negative* A+ / stable Last change 05/07/13 02/10/13 29/05/13 Millenniumbcp Ageas (Portugal) Insurance Financial Strength BB / negative BBB- / negative Last change 25/09/13 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 02/10/13 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 9M 13 Results I 6 November 2013 64

Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 ir@ageas.com www.ageas.com Investor Relations Periodic financial Information I 9M 13 Results I 6 November 2013 65

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