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Ageas Corporate Presentation

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Information about Ageas Corporate Presentation
Finance

Published on March 6, 2014

Author: Ageas

Source: slideshare.net

Description

The corporate presentation of our company
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Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 1

A long history that started in 1824 1824: Creation of AG Life in Belgium 1830: Creation of AG Fire 1919: AG introduces Group policies 1931: AG creates AG Permanent Health Insurance 1969: The different AG companies become AG 1824 1990: Creation of Fortis, a Belgo-Dutch insurance group out of AMEV/ VSB + AG 1993: Fortis acquires a majority interest in ASLK-CGER and lays the foundations of the bancassurance model 1998-2000: Fortis acquires the Generale Bank and becomes a solid bancassurer 2001: Fortis starts insurance activities in Asia 2007: Fortis acquires selected ABN AMRO-activities 2008: Fortis sells its banking activities and becomes a pure insurance player September 2009: the insurer reveals its new strategy Your partner in insurance I April 2013 2

Fortis became Ageas in April 2010 Aiming to become the insurance partner by excellence in Europe & Asia Your partner in insurance I April 2013 3

In September 2012 Ageas presented its vision for the years to come Vision 2015 is all about …. Your partner in insurance I April 2013 4

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 5

Company profile Active in 12 countries in Europe & Asia Situation on December 31,2012* Luxembourg  Ownership: 33%  Life: € 2,213 mio Belgium Ownership: 75%  Life € 5,127 mio  Non-Life: € 1,759 mio UK  Ownership: 100%  Life: € 86 mio  Non-Life: € 2,143 mio China  Ownership: 25%  Life: € 4,565 mio France  Ownership: 100%  Life: € 271 mio Hong Kong  Ownership: 100 %  Life: € 447 mio Portugal  Ownership: 51%  Life: € 763 mio  Non-Life: € 240 mio Italy  Ownership: 25%  Non-Life: € 219 mio Thailand  Ownership: Life: 31%/Non-life: 15%  Life: € 1,224 mio  Non-Life: € 181 mio Turkey  Ownership: 36%  Non-Life: € 567 mio India  Ownership: 26%  Life: € 109 mio * inflow figures at December 31, 2012, on a 100 % basis Your partner in insurance I April 2013 Malaysia  Ownership: 31%  Life: € 786 mio  Non-Life: € 570 mio 6

Company profile Active under many local brands with solid market positions Situation on December 31, 2012. UK - # 4 Personal lines # 9 Non-Life intermediary Belgium # 1 Life # 2 Non-Life China # 7 Life 2nd largest foreign investor Distribution companies Partners UK Portugal Portugal # 1 Life Italy Malaysia # 2 overall Market leader in new business, Takaful & Non-Life Turkey * # 4 Non-Life Italy # 1 Bancassurance Non-Life Your partner in insurance I April 2013 Malaysia India Thailand # 2 in Life, # 7 in Non-Life 7

Company profile A solid mid-sized international insurance group based in Europe Company EUR bn 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Allianz Axa Generali Munich Re Zurich Aviva CNP* Prudential* Talanx BNP Paribas Cardif Crédit Agricole Ageas Ageas Mapfre ING Achmea (Ex-Eureko) Aegon Swiss Life Groupama Covea Fonsai Inflows FY12 99 85 70 52 39 32 30 29 27 24 23 21 21 20 20 19 17 14 14 10 Source: Company Data Your partner in insurance I April 2013 8

Company profile We have strong market positions in Europe… Life: leading position in Belgium, Portugal & Luxembourg Belgium: n°1 in % FuM Luxembourg: n°2 in % FuM Lombard Int (27%) AG Insurance Others Other Dexia KBC Ethias Cardif Lux Int (14%) Cali Europe Sogelife AXA Source: Assuralia – 2011 market shares Non-Life: leading position in Belgium & UK, growing in Italy, Turkey & Portugal Belgium: Solid n°2 in % GWP UK: 3rd largest car insurer in # vehicles insured 8,000 Others Source : FSA data - 2010 6,000 (000) AG Insurance (16%) 4,000 AXA 2,000 Ageas acquired Groupama UK in 2012 0 P&V KBC Your partner in insurance I April 2013 Ethias 9

Company profile …While significant growth potential in Asia Hong Kong India Thailand Malaysia China Your partner in insurance I April 2013 10

Company profile Insurance clustered around 4 segments, General Account manages legacies General Account Insurance Belgium Belgium United United Kingdom Kingdom Your partner in insurance I April 2013 Continental Europe Asia Other assets & liabilities 11

Company profile The organization reflects the business structure and emphasis on insurance Board Management committee Executive committee CEO Bart De Smet CFO CRO Christophe Boizard Kurt De Schepper COO Barry Smith CEO Belgium CEO UK CEO Asia CEO Continental Europe Antonio Cano Andy Watson Gary Crist Steven Braekeveldt Your partner in insurance I April 2013 GRO Emmanuel Van Grimbergen 12

Company profile Legal structure simplified & aligned with focus on insurance operations Dutch permanent establishment ageas SA/NV Ageas Insurance International N.V. Ageas UK Ltd Royal Park Investments Ageas Hybrid Financing S.A Your partner in insurance I April 2013 Various legal enitities part of Ageas Asia Ageasfinlux S.A. Various legal entities part of Cont. Europe Ageas Finance N.V. Ageas B.V. AG Insurance SA/NV Intreinco N.V. 13

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 14

Main messages FY 12 results Ageas confirms strong insurance results   Shareholders’ equity up Solvency solid  Group combined ratio at 99.1% (vs.100.1%)  Life Technical Liabilities at EUR 68.8 bn* (+7%) Q4 Insurance net profit of EUR 175 mio  Group net result both Insurance & General Account contributing Inflows at EUR 21.3 bn (+24%)  Strong Insurance results across Life & Non-Life in all segments Insurance net profit of EUR 624 mio Q4 Inflows at EUR 5.8 bn  Group net profit of EUR 743 mio  General Account net result of EUR 119 mio  Shareholders’ equity at EUR 42.75 per share  Insurance solvency at 206%, Group solvency at 231%  Net cash position General Account at EUR 1.2 bn Proposed gross cash dividend of EUR 1.2 per share, up 50% * Consolidated entities only Your partner in insurance I April 2013 15

Headlines Ageas confirms strong insurance results Insurance net result: 2011 heavily impacted by impairments In EUR mio Insurance excl. impairments: improving Life & Non-Life In EUR mio Both Insurance & General Account contributing to group net result In EUR mio 624 +15% 595 223 30 683 743 11 119 172 119 (313) 82 430 (578) 30 FY 12 FY 11 (425) (28) 501 446 FY 11 (313) FY 11 Life Non-Life Other Combined ratio further improving in claims & expenses Life FY 12 Non-Life Other Insurance solvency stable* 624 FY 12 (265) Insurance General Account Shareholders’ equity up on net profit & unrealized gains EUR per share 100.1% FY 11 207% 99.1% FY 12 227% FY 11 42.75 206% 210% 207% ** 32.30 FY 12 FY 11 FY 12 * Based on regulator’s view / ** pro forma recalculation for reverse 10 to 1 stock-split Your partner in insurance I April 2013 16

Ageas’s operational priorities 2012 Update on their status of realization  Confirm & further improve operational performance   Non-Life combined ratio further improved Review/ Rethink strategic asset allocation  Announcement to invest into infrastructure loans    Further reduction of SE sovereigns Make further progress on unwinding legacy issues    Settlements with BNP P and ABN AMRO & Dutch state resulted in substantial decrease in complexity legacy issues Disciplined capital management   Selective acquisitions : Groupama UK  Strong increase dividend : +50%    Life adjusted operating performance up 12%   Adjusted net result up 15% 2nd share buy back announced in August nearly completed Prepare for regulatory changes   Solvency II internal preparation on track; deadlines delayed at European level  Announced Vision 2015 sets targets for the coming years Your partner in insurance I April 2013 17

Progress in unwinding legacy issues Settlements reached in 2012 reduce complexity General Account In EUR mio With ABN AMRO & Dutch state With BNP P on CASHES 140 Tier 1 129 Revaluation: difference between amount recieved & book value 30 (28) Amortisation Deferred tax impact Interest between 31/12/12 & 07/02/12 EUR 140 mio 27 (299) (3) RPN(I) EUR (272) mio Closing of all outstanding disputes between Dutch State & Ageas re equity transactions which resulted in take-over  Discontinuing of legal proceedings initiated by Ageas re MCS & FCC  (274) 9  One-off cash payment by ABN AMRO & net result impact of EUR 400 mio Revaluation between 31/12/12 & settlement date Indemnification paid to BNP P for partial settlement & transaction costs Interest ----------------------EUR (132) mio net result impact of agreement Your partner in insurance I April 2013 18

Net cash wisely spent Balanced use of cash since 2009 Invest in Businesses    Organic growth Selective acquisitions Create new partnerships Return to shareholders   Dividend payment Share buy-back Return to debtholders  Redemption of Debt (EMTN) May 2009 – December 2012: +/- EUR 0.9 bn    +/- EUR 600 mio UK (Tesco, KFIS, Castle Cover, Groupama) +/- EUR 200 mio CEU (Italy, Turkey) +/- EUR 100 mio Asia (India, HK) +/- EUR 1.1 bn   +/- EUR 600 mio constant dividend over 2009, 2010 & 2011 EUR 450 mio share buy-back finalized early 2013 +/- EUR 0.8 bn  redemption in EMTN programme + EUR 270 mio proposed dividend 2012 Going forward :  Lower growth in capital intensive savings business  Increased proportion of Non-Life related business Your partner in insurance I April 2013 19

Ageas grows selectively its insurance portfolio A view on our latest acquisitions and partnerships Rationale of acquisition    represents a strong strategic fit complements Ageas UK’s multi-channel distribution approach strengthens its presence in UK broker market Our new position in the UK  Pro forma FY 11 inflow of GBP 2.1 bn (EUR 2.4 bn)  No 5 Non-Life Insurer (5.2% market share FY 11) No 4 Private Motor (11.7%) & No 4 Personal lines (7.1%)  Groupama COR at 97.8% Financial impact of acquisition Groupama in FY 2012 results       Total consideration paid of EUR 145 mio EUR 63 mio badwill recognized EUR (6) mio reorganization costs Your partner in insurance I April 2013 6 weeks consolidated EUR 63 mio inflow EUR 4 mio net profit 20

Evolution on realizing the targets set for 2015 As communicated at Investor Day 2012 FY 12 at 67/33 vs. 66/34 Calculation based on Inflows @ Ageas’s part (details slide 29) FY 12 at 99.1% vs. 100.1% Calculation based on Non-Life Net Underwriting result in % Net earned premiums FY 12 at 8.7% vs. (5.5%*) Calculation: Insurance result in % average Insurance equity FY 12 at 12.1% vs. 15.2% Calculation: Equity of Turkey, China, Malaysia, Thailand & India as % Insurance equity * ROE 2011 on adjusted basis of 7.1% Your partner in insurance I April 2013 21

Creation of COO function Focus on realization Insurance targets & co-operation between companies Board Management committee Executive committee CEO Bart De Smet in position to further strengthen focus on • Ageas’s strategic development • relations with investors, partners & external market • active involvement in operating entity Boards CFO CRO Christophe Boizard Kurt De Schepper COO Barry Smith responsible for • implementation of Group strategy • achievement of the targets set at Investor Day 2012 • further knowledge transfer & best practices sharing CEO Belgium CEO UK CEO Asia CEO Continental Europe Antonio Cano Andy Watson Gary Crist Steven Braekeveldt Your partner in insurance I April 2013 GRO Emmanuel Van Grimbergen 22

Key financials FY 12 Y-o-Y comparison net result difficult, all ratios improving EUR mio FY 12 FY 11 Q4 12 Q4 11 21,269 17,220 5,805 4,336 10,215 5,982 2,933 1,522 624 (313) 175 (104) 324 108 64 129 (327) 86 (8) (64) 108 22 15 30 4 24 4 (136) 430 223 (28) (425) 82 30 137 79 (41) (137) 25 7 Net result General Account Net result Ageas 119 743 (265) (578) 50 225 60 26 Earnings per share (in EUR) 3.13 (2.27) Combined ratio Life technical liabilities (in EUR bn) * 99.1% 68.8 100.1% 64.4 102.3% 99.9% Insurance Solvency 206% 207% Shareholders' equity Net equity per share (in EUR) 9,911 42.75 7,760 32.30 ** Gross inflows - of which inflows from non-consolidated partnerships Net result Insurance By segment: - Belgium - UK - Continental Europe - Asia By type: - Life - Non-Life - Other * Consolidated companies only // ** Following the reversed stock split completed on 7 August 2012, Ageas’s net equity per share has been multiplied by 10 Your partner in insurance I April 2013 23

Headlines Belgium Strong Life inflows, Good operating performance in Life & Non-Life Net result: 2011 impairments Result excl. impairments Robust inflow growth In EUR mio In EUR mio In EUR mio 324 65 383 6,179 39 70 313 4,508 FY 12 +11% FY 11 6,886 1,671 321 260 (327) 360 1,759 3 FY 11 FY 12 (330) FY 11 Life Non-Life Non-Life Combined ratio improving Life Life Non-Life Life Underwriting margin solid* 5,127 FY 12 Non-Life Investment result In EUR mio 532 113 419 101.1% 99.5% 227% 0.28% 210% 207% 0.29% (276) ** 68 FY 11 (344) FY 11 FY 12 * in % of average technical liabilities Your partner in insurance I April 2013 FY 11 FY 12 FY 12 Life Non-Life 24 24

Headlines UK Solid Non-Life results Net result Result excl. impairments Inflow flat at constant FX In EUR mio In EUR mio In EUR mio 108 2,035 (28) 86 11 30 30 137 1,983 80 2,143 51 61 (4) (0) FY 11 Life 2,229 91 86 (4) +10% FY 12 Non-Life Other 86 51 FY 11 Life FY 12 Non-Life Other Non-Life result adjusted* Other result adjusted** In EUR mio FY 11 Life FY 12 Non-Life In EUR mio 85 61 227% 210% 21 FY 11 FY 12 FY 11 207% Non-Life Combined ratio below 100% 99.9%** 99.8% FY 11 FY 12 16 FY 12 * 2012 adjusted for EUR 63 mio badwill on GICL, EUR (15) mio reorganisation costs & EUR 4 mio net result GICL //** 2011 adjusted for EUR 9 mio incentive payment; 2012 adjusted for EUR (31) mio impairment charge , EUR (8) mio accelerated amortisation EUR (4) mio GICL transaction costs 25 Your partner in insurance I April 2013

Headlines Continental Europe Improved operational performance Net result: FY 11 hit by impairments Result excl. impairments In EUR mio In EUR mio 64 65 58 14 11 1,026 2,849 630 50 52 47 11 4,272 +50% 14 (8) Inflow growth due to scope In EUR mio change** 3,246 2,219 FY 11 (19) FY 12 FY 11 Life Non-Life FY 12 Life FY 11 Non-Life Non-Life Combined ratio improving Life Underwriting margin* Life FY 12 Non-Life Continued cost containment In EUR mio 96.7% 93.4% 227% 0.57% FY 11 FY 11 FY 12 * in % of average technical liabilities // ** Luxembourg, Turkey Your partner in insurance I April 2013 210% 207% 0.67% FY 12 186 ** FY 11 154 FY 12 26 26

Headlines Asia Strong inflows, Excellent year for Life, Non-Life profits held back by impact Thai floods Net result* Result excl. impairments Inflow In EUR mio In EUR mio In EUR mio 128 8 144 8 +28% 6,158 7,882 751 607 121 (64) 8 FY 11 (72) 91 8 137 FY 12 83 FY 11 Life FY 12 Life Non-Life Non-Life Combined ratio 7,131 5,551 Non-Life Net result Hong Kong FY 12 FY 11 Life Non-Life Net result non-conso’s 34 109 102.0% FY 11 99.3% 227% (84) FY 12 210% ** 207% 32 FY 11 FY 12 * Includes net result Hong Kong, non-consolidated partnerships & regional costs Your partner in insurance I April 2013 FY 11 FY 12 27 27

General Account: components of Net result Excellent results RPI over the year, Q4 mainly up on revaluation BNP P call option In EUR mio 400 (132) 104 (161) 4Q 12 9M 12 14 (2) 3 90 (5) (221) (91) 60 (21) (70) 119 50 69 Deal with ABN Amro & Dutch State Agreement with BNP on CASHES & Tier 1 RPN(I) revaluation RPI BNP Call option Other General Account EUR 209 mio FY 12 impact of legacies Your partner in insurance I April 2013 28 28

Net cash position General Account at EUR 1.2 bn Significantly up after agreements in H1; impact buy-back & acquisition Groupama  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 in EUR mio  2011 dividend of 8 eurocent per share brought cash down with EUR 0.2 bn (Q2) Net cash position  Further impacted by share buy-back programmes & funding of Groupama acquisition FY 11 FY 12 Cash and cash equivalents 345 402 Due from banks short term 600 1,000 (257) (187) 688 1,216 Debt certificates (EMTN) Share buy-back programme announced 6 August 2012 will further reduce net cash Quarterly evolution net cash position* 1.5 3 2.8 In EUR bn 1.3 Net cash Discretionary capital FY 09 1.0 3M10 2.6 0.9 6M10 2.3 2.2 0.7 0.5 9M10 FY10 2.1 1.3 1.3 1.3 1.1 3M12 6M12 9M 12 FY12 1.2 2.1 1.0 0.8 0.7 6M11 9M 11 FY11 0.2 3M11 1.4 * Until 6M 11 known as discretionary capital Your partner in insurance I April 2013 29

Investment portfolio as per 31 December 2012 Value up as result of volume growth & unrealized gains/losses  Increase mainly explained by volume growth, both in existing & new business and by unrealized gains/losses  Gross unrealized gains/losses up to EUR 6.7 bn on portfolio (EUR 1.8 in FY 11) mainly in fixed income  Investments in Belgian government bonds & corporate Non-Financials up  In EUR bn Infrastructure loans (part of loans to customers): 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn Investment portfolio* 75.9 2.4 4.7 67.9 2.7 4.3 1.8 0.5 2.8 2.9 2.4 0.3 3.7 2.6 Cash & equivalents Real Estate Equities Loans to customers 25.1 21.4 Loans to banks Structured credit instruments Fixed Income  Gross unrealized gains/losses at EUR 5.2 bn; EUR 0.6 bn FY 11 Corporate bonds 31.5 34.7  Unrealized gain Sovereigns at EUR 3.3 bn  Unrealized gain Corporates at EUR 1.9 bn Sovereign bonds Equities  FY 11 FY 12 Gross unrealized gains up to EUR 0.2 bn vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains marginally up to EUR 1.3 bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Your partner in insurance I April 2013 30

Conclusions Insurance :  Continued strengthening & solidifying of business model in all countries  Overall improvement of operational performance  Balance sheet remains strong General Account:  Important headway in solving legacies  Complexity General Account further reduced  2012 dividend strongly up  Full commitment to deliver against the Vision 2015 targets in 2013 and beyond Your partner in insurance I April 2013 31

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 32

Total number of outstanding shares situation 31/12/2011 situation 30/06/2012 situation 31/12/2012 Reverse stock split Total Issued Shares Shares not entitled to dividend and voting right 1. TREASURY SHARES Share buy-back FRESH Other treasury shares 2,623,380,817 2,431,212,726 243,121,272 342,404,219 88,922,670 15,934,452 Cancellation bought Buy back back shares 175,163,656 39,682,540 2,244,740 0 39,682,540 2,801,088 7,056,442 3,968,254 265,852 Agreement with BNP in February 2. CASHES Shares entitled to dividend and voting rights 125,313,283 46,439,042 4,643,904 2,280,976,598 2,342,290,056 227,186,820 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. Your partner in insurance I April 2013 33

Shareholders structure Based on number of shares as at 15 February 2013 BNP Paribas Group 2.96% BNP Paribas 1.05% Fortis Bank Identified retail 1.91% investors 16% Norges Bank 2.98% BlackRock, Inc. 3.05% Franklin Mutual Advisers 3.23% Ping An 4.98% Identified institutional investors 37% Other investors 23% Ageas 5.51% Ageas Ping An Franklin Mutual Advisers BlackRock, Inc. Norges Bank BNP Paribas Benelux Retail shareholders Identified institutional investors Based upon press release 18 February 2013 Based upon the number of shares mentioned in the notification received March 2009 Based upon the number of shares mentioned in the notification received 30 April 2012 Based upon the number of shares mentioned in the notification received 12 December 2012 Based upon the number of shares mentioned in the notification received 20 August 2012 Based upon the BNP Paribas notification 1 October 2012 Estimate by Estimate by Your partner in insurance I April 2013 34

Ageas proposes a dividend over 2012  Proposed gross dividend in cash  1.2 Euro per share  Up 50% on 2011  In line with 40%-50% pay-out ratio set out in dividend policy  Dividend to be approved at AGM on 24 April 2013 in Brussels  26 April : Ex-dividend date  6 May : Payment 2012 dividend Your partner in insurance I April 2013 35 35

Ageas announced a share buy-back programme on 6 August Ageas will complete its existing share buy-back programme  Buy-back programme launched as of 13 August  For an amount up to EUR 200 mio  For period ending 19 February 2013 at the latest  Independent broker mandated to execute programme  Open market purchases on NYSE Euronext Brussels  Shares to be held as treasury shares until formal approval of cancellation  On 31 December, Ageas bought back 7.1 mio shares (2.9%) for a total amount of EUR 137 mio  As per 15 February, Ageas acquired 9 mio shares for a total amount of EUR 188 mio (corresponding to 3.77% of the total amount of outstanding shares)  On 19 February, the Board of Ageas has decided to  postpone end of authorized period beyond 19/02/13 until full amount of EUR 200 mio is reached  propose cancellation of the shares bought back until 15 February 2013 on the next Shareholders’ meeting Your partner in insurance I April 2013 36 36

Sell-side analyst coverage overview for Ageas Country UK Belgium The Netherlands France Your partner in insurance I April 2013 Company Analyst Autonomous Bank of America Merrill Lynch Citi Group Credit Suisse Deutsche Bank Goldman Sachs HSBC Jefferies Farquhar Murray Michael Van Wegen Paul Bradley Chris Esson Robin Buckley R. Tanna / C. Simpson Steven Haywood Jonny Urwin JP Morgan Cazenove KBW Morgan Stanley Nomura Société Générale Bank Degroof KBC Securities Petercam ABN AMRO CA Cheuvreux ING Kepler Equities Rabo Securities Oddo Securities Alpha Value Exane BNP Paribas Ashik Mussadi Will Hawkins David Andrich To be assigned Jason Kalamboussis Marc Leemans To be assigned Matthias De Wit Jan Willem Weidema Hans Pluijgers Albert Ploegh Benoit Pétrarque Cor Kluis Maxime Dupuis Jérôme Cassagne François Boissin 37

Financial Calendar 2012 - 2013 6 August 6M 2012 results 7 November 9M 2012 results 24 & 25 September Investor Day London 20 February Annual results 2012 15 May 2 August 6 November 3M 2013 results 6M 2013 results 9M 2013 results 14 March Annual report 2012 26 April 6 May Ex-dividend Payment 2012 date dividend 24 April Ordinary & Extraordinary shareholders’ meeting - Brussels Your partner in insurance I April 2013 38 38

Join the club For all public information and more on our activities…(ageasclub.com) Your partner in insurance I April 2013 39

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 40

Challenges & opportunities in the Insurance sector No easy ride for insurers “ Apart from low interest rates, peripheral sovereigns, corporate downgrades, lack of growth, bank competition, too much capital in reinsurance, poor equity markets, volatility, austerity, de-leveraging, Solvency II, bank competition, lack of distribution, poor product design, claims inflation, increasing severity and frequency of large losses, opacity, poor cost efficiency (maybe improving), longevity, persistency and spread risk, what's the problem with insurance....?" Chris Hartwell, RBC Capital Markets, 2 February 2012 Your partner in insurance I April 2013 41

Challenges & opportunities in the Insurance sector Present challenges  Decreasing interest rates  Declining equity markets  Subprime crisis  Increased volatility   financial markets Liquidity crunch Economic slowdown  More demanding & better informed  Risk aversity : Strong preference  Economic environment Customers Distribution  Split of bancassurers  Rise of aggregators  Basel III Your partner in insurance I April 2013 for guaranteed products Use multiple channels at each process step Regulation  Solvency II  Distribution & transparency (e.g. MIFID) 42

Challenges & opportunities in the Insurance sector Life Insurance: present challenges  Austerity measures impact   customer behaviour Some accept low profitability to gain market share Low i-rate: impact on investment income  Reduced mortgage &  products related to debt Economic environment Customers Distribution Regulation  Basel III − Banks may retain larger proportion of FUM in deposits − Pressure on new lending volume − Future JV structures might be affected Your partner in insurance I April 2013 consumer lending Reduced demand for more profitable protection  Solvency II  Cash strapped governments  may reduce tax incentives for Life products Different regulatory regimes : Solvency II not applied by US insurers endangers level playing field 43

Challenges & opportunities in the Insurance sector Non-Life Insurance: present challenges  Yearly re-pricing  Use multiple channels at  Natural catastrophes  Austerity measures reduce growth   each process step in mature markets Competitive forces Investment & underwriting income − information-gathering − purchase − aftersales Economic environment Customers Distribution  Split of bancassurers  Rise of aggregators  Use multiple channels at each process step Your partner in insurance I April 2013 Regulation  Solvency II  IMD directive: transparancy in pricing & commissioning  Increasing discussion on related fee income (referral) 44

Vision 2015 Outcome of the exercise  what we have done & learned in the past 3 years Based on  an improved understanding of where our customers and distribution partners are heading  where we believe we, as a company, can have most impact  not a complete new strategy Shows continuity  but with much more focus on the internal embedding  through full involvement of 13000+ motivated employees  Vision 2015 does not represent a radical strategic shift from where we are today Your partner in insurance I April 2013 45

Vision 2015 Outcome of the exercise Your partner in insurance I April 2013 46

Vision 2015 5 strategic choices To focus on our insurance capabilities To be where our customers want us to be To commit to our partners and their customers To have a diversified product offering To capture growth in mature and emerging markets in Europe and Asia Your partner in insurance I April 2013 47

Five strategic choices 1. Focus on our Insurance capabilities Developments Strategy Increasing demand from customers and partners for top products and insurance related services  Exclusively focus on insurance capabilities  Invest in skills and capabilities  Primary objective to ensure that our partners and customers benefit from our insurance skills and experience  Improve knowledge sharing Your partner in insurance I April 2013 48

Five strategic choices 2. To be where our customers want us to be Developments Strategy  Customer decides what, where, when  Remain a diversified multi-channel and how he wants to buy insurance  Increase of hybrid customer  Rise in aggregators and price distributor  Invest in new channels comparison sites  Increased influence social media Your partner in insurance I April 2013  Knowledge sharing in distribution 49

Five strategic choices 3. To commit to our partners and their customers Developments Strategy  JV structures may change: Change in  Relying on strong and dynamic regulation may result in (bank) partners to focus on distribution  Non financial groups are looking for new sources of revenues by leveraging their client base partnerships that are well embedded in their markets is a corner stone of our strategy  Partnership is in our DNA  We continue to invest our expertise in partnerships with top distributors  Existing partnerships may provide entry to new markets and geographies Your partner in insurance I April 2013 50

Five strategic choices 4. To have a diversified product offering Developments Strategy  Volatile financial markets and ultra  Focus on products and competences that low interest rates may persist for a number of years results in insurance/risk income to reduce dependence of investment income and financial markets  Increased competition with Banks for deposits due to new regulations likely to remain in place  Manage the balance between Life and Non-Life portfolio  Increase proportion of fee income Target  To balance our portfolio between Life and Non-Life toward 60%/40% of gross inflows from current 71%/29% Your partner in insurance I April 2013 51

Five strategic choices 5. Capturing growth in emerging markets in Europe & Asia Developments Strategy  Volume growth is levelling off in  Further grow the relative proportion of mature markets and margins are under pressure emerging markets in Ageas market portfolio  Profit streams in mature markets can be  Emerging markets with low insurance penetration show robust growth on the back of an emerging middle class used to finance growth in emerging markets and fund the dividend to our shareholders  We stick to Europe and Asia Target  Grow the amount of capital invested in emerging markets in Europe and Asia outside HK to 25% from current 15% Your partner in insurance I April 2013 52

Four targets Our Targets are clear To balance our portfolio between Life and Non-Life towards 60/40 in terms of inflows (from 71/29 end 2011) To be efficient in Non-Life with a combined ratio structurally below 100% (from 101% end 2011); To increase our Return On Equity in Insurance to a minimum of 11% (from 7% corrected for all exceptionals end 2011); To deploy at least 25% of our capital in emerging markets in Europe and Asia (from 15% end 2011) Your partner in insurance I April 2013 53

Six important values Your partner in insurance I April 2013 54

Vision 2015 Focus per segment Belgium UK Sound business & strong market position Significant scale change & well diversified operational excellence selective (in)organic growth by leveraging on local partners integration, synergies & return integration, sustained profit & growth Asia CEU Selected but attractive positions From a disparate to a coherent portfolio Your partner in insurance I April 2013 55

Vision 2015 The way forward to 2015 Our project to reshape Ageas started in 2009 In 2012, the work is not finished but foundations are strong to unlock the full potential of Ageas by 2015  Clear strategic choices & Financial targets  People make the difference  Organization build on local empowerment & knowledge transfer  Enhanced financial communication Your partner in insurance I April 2013 56

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 57

Inflows @ 100% Driven by Asia & scope changes in Continental Europe In EUR mio 21,269 Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life + 24% 17,220 5,680 4,891 + 28% + 11% 6,179 1,671 7,882 6,886 6,158 + 50% 1,759 5,127 FY 12 2,849 1,026 2,035 2,229 51 FY 11 12,329 607 4,272 + 10% 4,508 15,590 751 1,983 2,143 FY 11 FY 12 Your partner in insurance I April 2013 630 86 2,219 FY 11 7,131 5,551 3,246 FY 12 FY 11 FY 12 FY 11 FY 12 58

Inflows @ Ageas’s part Inflow up 16%, all segments showing double digit growth In EUR mio Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life 11,245 + 16% 9,722 3,684 3,262 + 11% 5,164 4,634 1,319 1,253 + 28% + 13% 3,381 1,657 1,865 3,845 1,526 1,779 1,905 1,780 86 51 FY 12 FY 11 Your partner in insurance I April 2013 FY 12 203 164 239 1,606 FY 11 2,436 + 17% 7,561 6,460 381 1,287 1,397 1,740 FY 11 FY 12 FY 11 2,233 FY 12 FY 11 FY 12 59

Insurance net result 2011 result heavily hit by impairments In EUR mio 624 (28 ) Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life Other 223 Other 324 65 430 108 260 86 (327) 30 (4) 3 FY 11 FY 12 FY 11 8 64 137 61 (8) (0) FY 12 (313) 128 (28 ) 11 (19) FY 11 (64) 14 50 FY 12 121 8 FY 11 (72) FY 12 30 82 FY 11 FY 12 (330) (425) 60 Your partner in insurance I April 2013

Overview impairments & net capital gains 2011 heavily hit by impairments, only limited influence of cap gains in Y-o-Y comparison Impairments Cap gains/losses EUR mio Life Non-Life Total Belgium FY 12 * (53) (5) (58) Goodwill Total Greek b onds Equities FY 11 FY 11 FY 11 (558) (94) (651) (27) (10) (584) (103) FY 11 (36) FY 12 104 20 (687) 124 144 142 2 1 0 56 (39) Life Non-Life Other Total UK 20 7 17 20 8 (8) Total CEU (2) (43) (22) (65) (1) (2) Life Non-Life (0) (1) 6 0 (43) (22) (66) 6 (8) 0 (16) Life Non-Life Total Asia (56) (99) (155) 33 36 (16) (56) (99) (155) 33 36 (99) (871) 171 (37) 143 39 (908) 182 180 (71) 51 (39) Life Non-Life Other Total Ageas (600) (172) (27) (10) (59) (627) (182) (99) 9 * Includes badwill & goodwill impairments of EUR 23 mio in UK Your partner in insurance I April 2013 61 10/03/2010 I page 61

Insurance net result adjusted for impairments Improved operational performance in Life & Non-Life In EUR mio Belgium UK CEU Asia Total Ageas Life Life Life Life Life Non-Life Non-Life Non-Life Non-Life Non-Life Other 683 11 15% Other 595 30 172 119 6% 360 39 383 70 501 446 321 313 86 (4) FY 11 FY 12 59% 6% 13% 91 80 FY 11 FY 12 Your partner in insurance I April 2013 58 11 30 61 0 8 14 47 52 FY 11 FY 12 8 91 65 11 144 137 83 FY 11 FY 12 FY 11 FY 12 62

4 insurance segments A multi-channel distribution approach with broad capacity  Leading banking partners, including: Ageas’s distribution snapshot (as % of GWP), 2010*  BNP Paribas Fortis (Belgium): # 1  BGL BNP Paribas (Luxembourg): # 1 Affinity 1%  Millenniumbcp (Portugal): # 2 Other 13%  KASIKORNBANK (Thailand): # 3  Maybank (Malaysia): # 1 Agents 12%  IDBI, Federal Bank of Kerala (India)  UBI Banca (Italy): # 4   Agent relationships in  China, Thailand, Hong Kong, Malaysia, India Brokers 19% Bancassurance 55%  Brokers/IFA relations in Belgium, UK, Luxembourg, France, Portugal, Hong Kong  Direct operations relations in the UK  Affinity partnerships in Europe and Asia, a.o.: * Including non-consolidated joint ventures at 100% Your partner in insurance I April 2013 − Marks & Spencer, Tesco (UK) 63

Profile Belgium Key financial data EUR mio Gross inflow Life Non-Life Operating Costs Net profit* Life Non-Life Life FUM (EUR bn) Combined ratio (%) Mission FY 12 6,886 5,127 1,759 FY 11 6,179 4,508 1,671 471 324 260 457 (327) (330) 65 3 52.7 99.5% 49.1 101.1% Market Position/ Key competences  Market leader in Belgium  # 1 in Life FuM (excl. 1st pillar): 27.9% The general objective of AG Insurance is:  To be a leading and profitable multi-distribution service provider of insurance products  To strengthen its market leadership position in three main market segments: Individual Life, Group Life and Non-Life By focusing on the following strategic levers:  Multi-channel distribution  Product and service innovation  Operational excellence Business mix By Product (GWP) By Distribution (GWP) (26%) Non-Life (19%) Employee Benefits  # 2 in Non-Life inflow: 15.7%   Multi-channel operating model (Brokers, Bancassurance, Assurfinance and B2B) Full product range, covering the needs of all market segments (28%) Broker (74%) Life (52%) Bank * Figures after minority interest as consequence of the divestiture of the 25% stake in AG Insurance to BNP Paribas Fortis Your partner in insurance I April 2013 64

Profile United Kingdom Key financial data Mission EUR mio Life Non-Life Operating Costs Net profit** Life Non-Life Other FY 12 2,229 86 2,143 215 108 0 137 (26) FY 11 2,035 51 1,983 167 86 (4) 61 30 Combined ratio (%) 99.8% 99.9% Gross inflow* * Not including commission & fees from Retail distribution ** Includes net profit other distribution channels Market Position/ Key competences Strong foothold in Personal Lines market  # 3 Private car insurer (# cars insured)*  # 4 Personal Lines intermediary*  The acquisition of Groupama UK will impact these positions (see later: A developing company)  To be the natural choice for insurance, in whatever way the consumer decides to purchase their insurance  Delivering on its promises through its dynamic and responsive team dedicated to customer satisfaction This vision has to be achieved through the continued pursuit of the existing 3-axes for growth strategy: 1. Manufacturing a wider range of products 2. Distribution through owned and 3rd party routes to market 3. Leveraging the combined capability of Ageas UK to deliver cost effective solutions Business mix By Product (GWP) (12%) Commercial Lines A number of core strengths including  Customer focused credentials  High levels of efficiency, with low unit costs of production  Multi-channel capabilities (to client and consumer) *Based on AM Best analysis of 2010 FSA data Your partner in insurance I April 2013 (4%) Protection By Distribution (GWP) (8%) Partners (8%) Agents (34%) Brokers (84%) Personal Lines (50%) Direct 65

Profile Continental Europe Key financial data EUR mio Mission Gross inflow * Life Non-Life FY 12 4,272 3,246 1,026 FY 11 2,849 2,219 630 Operating Costs Net profit** Life 154 64 50 186 (8) (19) 14 11 14.1 93.4% 13.7 96.7% Non-Life Life FUM (EUR bn) Combined ratio (%) Market Position/ Key competences Mix of leading and challenger positions in Europe:  Portugal: # 2; 15% market share Life & 5% Non-Life  Luxembourg: #4 in local Life & #5 in int’l market  Italy: # 1 Non-Life bancassurer  Small position in France  Turkey: #3 Non-Life insurer Key competences include :  Joint venture and partnership management  Bancassurance  Multi-channel distribution   Continental Europe wants to be the preferred insurance partner for leading distributors in Non-Life & Life protection Our value proposition to these partners is  Ensuring operational excellence  A market-adapted product offering  Focused on risk activities in Non-Life and Life Business mix By Product (GWP) By Region (GWP) (24%) Non-Life Italy France (5%) (6%) Turkey Portugal (6%) (52%) Luxembourg (24%) (76%) Life * Gross inflow and FUM based on 100% of company revenues ** Net profit based on Ageas’ stake and including allocated Insurance International holding costs Your partner in insurance I April 2013 66

Profile Asia Key financial data EUR mio Mission Gross inflow * Life Non-Life FY 11 7,882 7,131 751 FY 11 6,157 5,550 607 Operating Costs Net profit** Life 47 128 121 39 (64) (72) 8 8 24.1 99.3% 20.0 102.0% Non-Life Life FUM (EUR bn)* Combined ratio (%) Key competences  Joint venture and partnership management   The emerging Asian trends (bancassurance, increasing need for higher skill levels in risk management, distribution, product development) continue to provide the opportunity to create value. Business mix* By Product (GWP) Multi-Channel distribution By Region (GWP) Bancassurance   Achieve strong growth in shareholder value through the application of Ageas’ core capabilities in selected high growth Asian markets. (10%) Non-Life  Agency management and training  Affinity marketing including direct marketing  Channel conflict management  Product development  (90%) Life Hong Kong India (6%) (1%) Malaysia (17%) (58%) China Thailand (18%) ALM and Risk management * Gross inflow and FUM based on 100% of company revenues ** Net profit based on Ageas’ stake and including allocated Insurance International holding costs Your partner in insurance I April 2013 India commenced commercial operations in March 08 67

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 68

Investment portfolio as per 31 December 2012 Value up as result of volume growth & unrealized gains/losses In EUR bn  Increase mainly explained by volume growth, both in existing & new business and by unrealized gains/losses  Gross unrealized gains/losses up to EUR 6.7 bn on portfolio (EUR 1.8 in FY 11) mainly in fixed income  Investments in Belgian government bonds & corporate Non-Financials up  Infrastructure loans (part of loans to customers): 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn Investment portfolio* 75.9 2.4 4.7 67.9 2.7 4.3 1.8 0.5 2.8 2.9 2.4 0.3 3.7 2.6 Cash & equivalents Real Estate Equities Loans to customers 25.1 21.4 Loans to banks Fixed Income Structured credit instruments  Corporate bonds 31.5 34.7 Gross unrealized gains/losses at EUR 5.2 bn; EUR 0.6 bn FY 11  Unrealized gain Sovereigns at EUR 3.3 bn  Unrealized gain Corporates at EUR 1.8 bn Sovereign bonds Equities  FY 11 FY 12 Gross unrealized gains up to EUR 0.2 bn vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains marginally up to EUR 1.3 bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Your partner in insurance I April 2013 69

Investment portfolio as per 31 December 2012 Value up as result of volume growth & unrealized gains/losses In EUR bn  2.4 4.7 67.9 2.7 4.3 1.8 0.5 2.8 2.9 2.4 0.3 3.7 2.6 Gross unrealized gains/losses up to EUR 6.7 bn on portfolio (EUR 1.8 in FY 11) mainly in fixed income  75.9 Increase mainly explained by volume growth, both in existing & new business and by unrealized gains/losses  Investment portfolio* Investments in Belgian government bonds & corporate Non-Financials up  Infrastructure loans (part of loans to customers): 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn Cash & equivalents Real Estate Equities Loans to customers 25.1 21.4 Loans to banks Fixed Income Structured credit instruments  Corporate bonds 31.5 34.7 Gross unrealized gains/losses at EUR 5.2 bn; EUR 0.6 bn FY 11  Unrealized gain Sovereigns at EUR 3.3 bn  Unrealized gain Corporates at EUR 1.8 bn Sovereign bonds Equities  FY 11 FY 12 Gross unrealized gains up to EUR 0.2 bn vs. nearly breakeven end 2011 Real Estate  Gross unrealized gains marginally up to EUR 1.3 bn * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Your partner in insurance I April 2013 70

Sovereign bond portfolio as per 31 December 2012 Reduction of SE sovereigns & re-domestication within Belgian operations In EUR bn Sovereign bond portfolio* SE sovereigns** 34.7 31.5 3.1 1.8 1.6 2.4 3.9 3.2 0.7 1.4 2.9 Others The Netherlands 3.3 Germany 4.8 12.9 2.1 1.4 Portugal Spain Italy Greece Impairment Austria 4.6 SE Sovereigns 6.2 6.2 0.9 1.3 France 3.0 18.4 Belgium 2.6 0.6 0.7 1.4 14.2 1.4 0.3 (0.9) FY 10 FY 11 3.2 FY 11 FY 12 FY 09  Gross UG/L at EUR 3.3 bn (vs. EUR 159 mio)  Divestments of bonds in S-E & some core countries, only partly reinvested; primarily in Belgium as part of redomestication  95% investment grade; 89% rated A or higher 2.1 0.7 0.3 1.2 FY 12  Exposure on SE sovereigns at amortized cost, after impairments and @ Ageas’s part 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. * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs // ** At amortized costs & @ Ageas’s part Your partner in insurance I April 2013 71

Corporate bond & Loans portfolio as per 31 December 2012 Focus on investment grade industrials & long term loans with regional guarantee In EUR bn Corporate bond portfolio* Loans portfolio (customers + banks)* 25.1 6.3 21.4 5.7 8.8 2.0 1.2 8.4 1.6 1.5 8.7 0.1 6.2 1.8 5.0     5.7 FY 11  0.1 Government related 1.9 Mortgages Infrastructure Non Financials 2.9 Other financials FY 12 2.6 Banking Gross UG/L at EUR 1.8 bn (vs. EUR 432 mio) Priority to investment grade industrials (correlation between financials & sovereigns) EUR 0.5 bn corporate bonds from emerging countries 93% investment grade; 76% rated A or higher Banking / Other financials : 91% investment grade Other Real Estate Loans to banks FY 11 FY 12  Increase mainly attributable to long term loans to regional agencies benefiting from explicit guarantee by the region  Infrastructure loans: 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn * All assets at fair value except the ‘Held to Maturityassets ’& loans which are valued at amortized costs Your partner in insurance I April 2013 72

Equity & Real estate portfolio as per 31 December 2012 In EUR bn Equity portfolio* Real Estate portfolio* 2.4 4.7 4.3 1.8 0.2 0.3 0.2 0.5 0.4 0.6 0.7 0.9 0.7 1.3 RE Development 0.1 1.1 1.2 1.5 Real Estate funds Investment Offices Equities FY 11 Investment Retail Car Parks Equity funds 0.8 1.1 1.5 Mixed funds & others 0.1 Investment Warehouses FY 12 FY 11 FY 12 Gross UG/L marginally up to EUR 1.3 bn (not reflected in net equity) Value increased mainly through investments in Investment Retail  Gross UG/L up to EUR 0.2 bn, vs. nearly breakeven at end 2011    Real Estate exposure mainly in Belgium (+/- 70%) * At fair value Your partner in insurance I April 2013 73 10/03/2010

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 74

General Account Includes the remaining assets & liabilities related to the past   Non-Insurance related assets & liabilities  Holding related : Corporate costs Financial assets and liabilities related to the former Fortis’ group Recurring Legacy related :  Financial instruments owned by Ageas Non-recurring  Off or on-balance sheet ‘guarantee’ commitments related to instruments, issued by Fortis on behalf of its former subsidiaries (BNP Paribas Fortis, …)  Transaction related assets or liabilities:  Call option on BNP Paribas shares  Stake in Royal Park Investments  RPN(I)  Your partner in insurance I April 2013 Contingent liabilities related to Ageas 75

Valuation Call option BNP Paribas shares at 31 December 2012 Value down due to decrease in volatility, up in H2 following BNP share price Valuation Balance sheet value In EUR mio Model parameters (Black & Scholes) FY 10 FY 11 FY 12 BNP Paribas share price 395 FY 11 EUR 66.67 EUR 66.67 EUR 66.67 Volatility 174 FY 10 EUR 30.35 EUR 42.54 Strike price 609 EUR 47.69 9M 12 234 Dividend yield 33% 49% 30% 5.29% 5.98% 4.69% FY 12 Net result impact In EUR mio 9M 12 FY 12 (161) (214) (221) (271) Your partner in insurance I April 2013 FY 11 FY 12 24.5% 47.5% Implied volatility -5% (23.6%) (41.3%) Dividend yield -1% 2.8% 4.0% Dividend yield +1% FY 11 Sensitivities Implied volatility +5% FY 10 (1.1%) (2.5%) 76

Valuation Royal Park Investments as at 31 December 2012 Equity value up driven by positive RPI result, goodwill fully impaired Ageas’s equity Value Net book value assets RPI* In EUR mio In EUR bn Outstanding debt - IFRS In EUR bn 7.2 872 FY 11 8.9 FY 10 4.2 FY 10 10.0 7.8 FY 12 4.8 FY 11 FY 12 2.0 779 FY 10 0.6 6.0 0.6 0.6 4.6 933 FY 11 FY 12 Commercial paper Net result impact – part Ageas Fair value - IFRS In EUR mio In EUR bn FY 10 In EUR mio 104 FY 11 FY 12 7.0 Other Senior + Super Senior Principal & interest collections 1,709 169 131 4.7 0.5 6.0 6.2 FY 11 FY 12 1,540 1,364 156 1,368 128 1,208 1,240 (197) FY 10 FY 10 FY 11 FY 12 Principal collections Interest collections * Net book value = Economic recovery value as of 31 December 2012 at B-GAAP Your partner in insurance I April 2013 77

Judgments received in various legal procedures Actions against Ageas No major new elements in Q4 12 February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court 2009... 2010 ... Initiated by Ageas February 12 May 11 - Claim dismissed of VEB/Deminor and FortisEffect by Amsterdam Court - Rotterdam court confirmed fine AFM I: appeal filed - Rotterdam court confirmed fine AFM II; appeal filed November 11 Receipt report Belgian experts 2011 March 12 Brussels Commercial Court rules in favour of Ageas in MCS-case, appeal filed - Utrecht court re communication MayJune 2008 in favour of plaintiffs; appeal filed April 12 Ondernemingskamer Amsterdam re mismanagement mainly in favour of plaintiffs; appeal filed 2012 Sep- Dec 10 September 11 February 12 June 12 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion Mandatory Convertible Securities (MCS) into Ageas’ shares Exchange of uncalled Fortis Bank Tier 1 Debt Securities for cash by Ageas BNP P tender for CASHES and subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities Agreement with ABN Amro to settle legal proceedings concerning FCC and MCS, closing all outstanding disputes with Dutch State Timing and (financial) outcome remains hard to estimate…. In many legal proceedings still at the stage of first instance Possible decisions first half 2013: - Administrative proceedings by FSMA (communication Q2 2008) - Further evolutions in criminal proceedings Your partner in insurance I April 2013 78 78

Legal proceedings at 31 December 2012 Managed in interest of shareholders Administrative proceedings  AFM fine imposed 05/02/10 re price sensitive info June 08  Appeal filed against both before The Hague “College van Beroep voor het bedrijfsleven”; proceedings ongoing  AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07  FSMA re communication in Q2 2008  Decision expected H1 2013  File transmitted to the public prosecutor Criminal procedure 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  Proceedings ongoing Ageas, former directors/executives & banks  Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State and Ageas  Judgement in favour of Ageas; appeal filed by Stichting FortisEffect before Court of Appeal  Utrecht - Stichting Investor Claims Against Fortis re alleged  Proceedings ongoing miscommunication 2007-08 against Ageas & 2 financial institutions  Utrecht - 2nd case by Stichting on behalf of certain shareholders for  Proceedings initiated in August 2012 ; at present unclear damages from same defendants & certain former directors/executives 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  Court of Appeal confirmed no competence on Dutch  Brussels - Deminor, re alleged miscommunication 2007 - 08  Brussels - Fortis shareholder re 2007 rights issue defendants / Pleadings on the merits scheduled H1 2014  Proceedings ongoing  Proceedings initiated in September 2012 Financial instruments  Brussels Court of Appeal - MCS-holders contesting validity of conversion Your partner in insurance I April 2013  Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015 79

Overview of main characteristics Hybrids Situation as per 31 December 2012 EUR mio Fortis Bank (now BNP Paribas) Ageas Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Ageas Hybrid Financing Nitsh II Direct issue FBB, 2004 CASHES* 5.125% 8.25% 8% 4.625% 3m EUR +200 bp 500 USD 750 625 1,000 1,110 XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 BE0933899800 Undated exchange strike 315.0 mandatory 472.5 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 239.4 mandatory 359.1 ACSM YES YES YES YES YES YES Dividend pusher YES YES YES YES YES NO Dividend stopper NO YES YES YES YES YES Liabilities > asset Liabilities > asset Liabilities > asset <8% CAD <0.5% Dividend 500 on lent to AG Insurance USD 750 on lent to FBB 77.7 100.5 Ageasfinlux Fresh % 3m EUR + 135 bp Amount 1,250 outstanding ISIN Call date Trigger < 0.5% dividend trigger Other Market Price (31/12/12) 43.5 No stock settlement Coupon served by FBB, 250 on lent to AG Insurance; 375 feature as for Direct trigger ACSM linked to issue FBB 2001 Ageas dividend on lent to FBB 100.7 95.5 53.1 * 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. Your partner in insurance I April 2013 80

Our history Our company now Company profile Our key financials Our share Our future - Vision 2015 Selected topics 4 insurance segments Investment portfolio Legacy issues A developing company Partnerships 81

Net cash wisely spent Balanced use of cash since 2009 Invest in Businesses    Organic growth Selective acquisitions Create new partnerships Return to shareholders   Dividend payment Share buy-back Return to debtholders  Redemption of Debt (EMTN) May 2009 – December 2012: +/- EUR 0.9 bn    +/- EUR 600 mio UK (Tesco, KFIS, Castle Cover, Groupama) +/- EUR 200 mio CEU (Italy, Turkey) +/- EUR 100 mio Asia (India, HK) +/- EUR 1.1 bn   +/- EUR 600 mio constant dividend over 2009, 2010 & 2011 EUR 450 mio share buy-back finalized early 2013 +/- EUR 0.8 bn  redemption in EMTN programme + EUR 270 mio proposed dividend 2012 Going forward :  Lower growth in capital intensive savings business  Increased proportion of Non-Life related business Your partner in insurance I April 2013 82

First priority: Invest in business Optimize performance and stimulate growth Streamline the portfolio of insurance activities  Russia, Luxembourg Non-Life, Ukraine Life, Turkey Life, Germany Grow core entities organically & through add-on acquisitions  Tesco, Kwik Fit Services, Castle Cover, Groupama UK Optimize the operational performance  Restructuring investments, Non-Life measures , Life guaranteed rate,... Your partner in insurance I April 2013 Acquire new businesses in attractive markets by building on partnerships expertise  UBI, Aksigorta Develop greenfield operations  No priority 83

1. Streamline the portfolio of insurance activities Pass the test on 3 key criteria Critical size Streamline the portfolio of insurance activities Going forward all our insurance activities have to meet 3 key criteria  The local presence should be such that every entity can compete effectively in its market or niche  Critical size will ensure that each activity is able to comply with Ageas’s quality standards Meaningful contribution  Each activity should make a meaningful contribution to the insurance earnings  The contribution to the insurance earnings should be significant enough to justify management time Return in excess of cost of equity  The return of a business will have to exceed the cost of equity, which is estimated to be around 11%, while taking into account the specificities of the business  The return of a growth business will also take into consideration the expected value creation Your partner in insurance I April 2013 84

1. Substantial progress made in streamlining insurance portfolio Combined with selective expansion & strengthening partnerships S T R E A M L I N E CEU : 06/10/09 : Sale Luxembourg Non-Life to La Bâloise CEU : 28/10/09 : Discontinuation Russian Insurance activities UK : 11/09/09 : Tesco & Fortis announce Non-Life partnership CEU : 16/09/10 :Sale Ukrainian Life Insurance activities announced 2010 2009 S T R E N G H T E N CEU : 26/07/10 : Sale Turkish Life Insurance activities announced Asia : 09/11/09 : Ageas, KasikornBank & Muang Thai forge stronger ties (Thailand) CEU : 17/09/09 : Ageas & BNP Paribas Assurance into a Non-Life strategic partnership in Italy; acquisition majority stake in UBI Assicurazioni Your partner in insurance I April 2013 GA : 23/06/11 : Transfer reinsurance liabilities Intreinco to Swiss Re CEU : 03/10/11 : Sale German Life Insurance activities announced 2011 CEU : 18/02/11 : Ageas enters Turkish Non-Life market; acquisition 31% in AKSigorta / stake increased to 33% UK : 02/07/10 : Acquisition Kwik Fit Insurance Services, consolidating Personal Lines intermediary market position 2012 CEU : 08/06/11 : Ageas, BNP Paribas Cardif & BGL BNP Paribas conclude Luxembourg Life partnership UK: 24/03/11 : Acquisition Castle Cover, strenghtening market position in over 50s market UK: 20/09/12 : Acquisition Groupama UK, strenghtening market position in broker segment & entering new product lines 85

1. Grow core entities through add-on acquisitions: Groupama UK Further strengthening of Non-Life UK activities  7 September: Ageas UK & Groupama SA announce exclusive negotiations Key transaction terms  20 September: they announce signing of the acquisition of Groupama’s UK NonLife business, Groupama Insurance Company Ltd  Excluded from scope: Groupama’s UK broking operations & GICL’s DB Pension Liability, significantly de-risking the transaction  Transaction subject to Regulatory Approvals closed on 14 November  Price of EUR 145 mio fully funded through existing capital resources book value of EUR 252 mio  Expected to operate as Ageas UK subsidiary, in short term as standalone entity  Acceleration of a powerful UK Non-Life franchise  Ageas will become no5 UK Non-Life insurer & no4 private motor insurer Key transaction highlights  Highly complementary business fit  strengthened offering in core business & addition of profitable new niche product lines  Compelling strategic rationale  complements Ageas UK’s multi-channel distribution strategy, strengthens our reach in the UK broker market & adds key skills & talent to the Ageas UK team  Compelling financial rationale – price represents P/BV multiple of 0.53x* & P/E multiple of 5.86x*  expected to exceed Ageas’s minimum return thresholds * based on 6M 12 figures Your partner in insurance I April 2013 86

1. Grow core entities through add-on acquisitions: Groupama UK Creating No4 in Private Motor 2011 UK market share (%) No4 Private Motor… No4 Personal lines… Insurer 1 Insurer 1 Insurer 2 Insurer 2 Insurer 3 Insurer 3 Pro-forma 11.7% Pro-forma 7.1% Insurer 4 Insurer 5 Insurer 4 10.2% Ageas Ageas 5.9% Insurer 7 Insurer 6 Insurer 8 Insurer 7 Insurer 9 Insurer 8 Insurer 10 Insurer 11 Insurer 9 Insurer 12 Insurer 10 Insurer 13 Insurer 11 Insurer 14 Insurer 15 Insurer 12 Insurer 16 Insurer 13 Groupama Insurer 17 1.5% Groupama 1.1% No5 overall... Insurer 1 Insurer 2 Insurer 3 Insurer 4 Pro-forma Insurer 5 Insurer 6 Insurer 7 Ageas Insurer 9 Insurer 10 Insurer 11 Insurer 12 Insurer 13 Insurer 14 Insurer 15 Insurer 16 Insurer 17 Insurer 18 Insurer 19 Insurer 20 Groupama  Increased size and presence 5.2% 4.2% in key private motor, household and commercial SME lines  Enhanced growth potential through expanded product capabilities in new product areas  Revenue streams not at risk from potential regulatory reforms – GICL has no reliance of referral fees 1.0% Source: Datamonitor, Group accounts Note: Based on FSA regulated entities. Admiral volumes based on total premiums written including premiums written by co-insurers. [GICL premiums adjusted for sale of PMI portfolio] Your partner in insurance I April 2013 87

1. Grow core entities through add-on acquisitions: Groupama UK CIGL & Ageas UK have complementary business mixes  Strong overlap in personal motor & household markets  strengthened offering in core business lines  Addition of GICL areas of strength to Ageas UK’s platform (eg Motorcycle insurance)  diversification of product mix  Enhanced offering for key commercial partners  Additional product niches with superior underwriting margins and strong growth potential Com liability Other com 2.3% 6.0% Com property 10.5% Personal Motor 30.7% Com motor 11.3% Motorcycle 5.8% Other personal 8.6% Travel 3.9% Com liability Other com Com property 2.8% Com property Com liability 0.4% 2.1% 3.9% 5.2% Com motor Com motor 5.8% 6.9% Other personal Other personal 2.0% Travel 3.3% Travel 3.5% Personal Motor 3.6% 54.1% Personal Motor Houeshold 23.0% 59.7% Houeshold 20.9% GICL GWP £408 mio 70% personal lines / 30% commercial lines Houeshold 22.6% Motorcycle 1.1% Ageas UK GWP £1,721 mio Pro-forma GWP £2,130 mio 88% personal lines / 12% commercial lines 85% personal lines / 15% commercial lines Source: Datamonitor (via FSA returns). GICL excludes PMI portfolio sold in 2011 Your partner in insurance I April 2013 88

2. Acquire new business in attractive markets: Aksigorta Actions taken to unlock the value potential Evolution of GWP per business line (Ytd) In TRY mio  Phase 1 “Quick wins” realized in 2011 (a.o. 706 607 15% 16% 9% 8% 11% 51% 2% 14% 8% 47% 2% 17% Health Gen. losses Other Motor Marine Fire financials improved via active management of the investment portfolio, workshops on Knowledge Sharing)  Now: Phase 2 “Improving business case”:  St

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