Full year results 2011

75 %
25 %
Information about Full year results 2011
Finance

Published on March 12, 2014

Author: Ageas

Source: slideshare.net

AGENDA CEO update Financials Selected topics

220 February 2012 I  Insurance results affected by adverse financial markets, Strong operational improvement in Non-Life  Group net loss of EUR 578 mio  Resilient balance sheet Highlights FY 2011*  Net loss of EUR 313 mio (vs. EUR 391 mio positive)  Total net impairment charges of EUR 908 mio  Group combined ratio at 101.1% (vs.107.3%)  Inflow at EUR 17.2 bn, -4%  FuM scope-on-scope stable at EUR 70.6 bn  General Account net loss at EUR 265 mio  EUR 215 mio legacy related charges  Shareholders’ equity at EUR 3.23 per share  Insurance solvency ratio resilient at 207%, Group solvency at 237% * All FY11 data are compared to the FY 10 figures unless otherwise stated  Proposed gross cash dividend of 8 eurocent per share

320 February 2012 I (313) 908391 595 FY 10 FY 11 223 (168) (265) 391 (313) (578) FY 10 FY 11 FY 10 9M 11 FY 11 Impairment charges cloud the insurance performance Balance sheet remains strong & stable Net result : Capital gains partly offset impairments In EUR mio In EUR mio Strong Insurance solvency*, not impacted by impairments Proposed gross dividend 2011 In eurocent Combined ratio substantially improved Group : General Account remains volatile Insurance General Account 227% 2.89 3.233.26 FY 10 H1 11 FY 11 Shareholders’ equity up EUR per share 8 88 FY 09 FY 10 FY 11 FY 10 H1 11 FY 11 101.1%101.2%107.3% 210% * Based on regulator’s view 207% Reported Ins result Adjusted Insurance result Impairments Greece, equities, & AICA Capital gains: EUR 167 mio (EUR 62 mio in 2010)

420 February 2012 I Lower Life inflows, Non-Life up across all segments Total inflows at EUR 17.2 bn, -4%; UK up 69% Asia* : Life : EUR 5.6 bn, -1%  Outstanding 2010 performance equalled; Increased focus on regular premiums  Banks across Asia focus on liquidity & growing deposit base Non-Life : EUR 0.6 bn, +18% Continental Europe* : Life : EUR 2.2 bn, -36%  Portugal, -38% due to macro-economic environment  Luxembourg, -37%, due to lower benefit FoS regulation Non-Life : EUR 0.6 bn, +42%  Portugal : further up in Healthcare, driven by strong Médis brand  Italy : stable premiums despite increased focus on profitability  Turkey: EUR 0.2 bn inflows since August 11 (Ageas’s share) Belgium : Life : EUR 4.5 bn, -12%  Strong competition from banks & state bonds  Overall lower appetite for insurance savings products Non-Life : EUR 1.7 bn, +5%  Growth outperforms the market  Mix of portfolio growth & tariff increases UK : Non-Life : EUR 2.0bn, +68%  Tesco Underwriting : EUR 755 mio in 2011  Ageas Insurance : Inflows +14%  Household +24% ex Tesco; Commercial +10% Life : EUR 51 mio, +82%  Increasing market share of Ageas Protect Other : EUR 272 mio, +51%  Acquisitions KFFS & Castle Cover drive growth * incl. Non-controlling interests at 100%

520 February 2012 I EUR 2,381 mio 86 (327) (64)(8) Belgium UK CE Asia Inflow breakdown by segment Gross inflow FY 11 = EUR 17.2 bn* Result breakdown by segment Net result FY 11 = EUR 313 mio negative Equity breakdown by segment Total shareholders’ equity FY 11 = EUR 7.8 bn Asia 36% Belgium 36% Continental Europe 16% Belgium 40% Continental Europe 15% Asia 28% * Including non-consolidated partnerships at 100%: EUR 6.0bn United Kingdom 12% UK 17% Life FuM breakdown by segment Total FuM FY 11 = EUR 82.9 bn* Belgium 59% Continental Europe 17% Asia 24% * Including non-consolidated partnerships at 100% Asia non- consolidated JV’s EUR 1,008 mio EUR 1,687 mio EUR 929 mio General Account EUR 1,756 mio AKSigorta, Turkey Asia non- consolidated JV’s Insurance: Various views on Ageas by segment Contribution UK nearly doubled vs. 2010

620 February 2012 I  Improve operational performance  Underlying Insurance result up, driven by better Non-Life performance  Strengthen Insurance activities  Non-Life: successful start Tesco Underwriting (UK) & acquisition stake (Turkey – CEU)  Life: focus on consolidation / strengthening market position, ao in Luxembourg  Make progress on legacy issues  Progress in a number of legal files  Transaction with BNP P: partial settlement RPN(I) & full redemption Tier 1 Debt Securities  Disciplined capital management  EUR 250 mio share buy-back programme  Dividend maintained despite negative Insurance result  Prepare for regulatory changes  Solvency II preparations on track Status realization strategic priorities in 2011 Priorities published on 09/03/2011 (annual results 2010)

720 February 2012 I UK  Deployment multi-channel distribution in Non- Life & strengthen market position  Qualify Life protection business across IFA market  Further diversify revenue base through development Retail distribution business Belgium ≈ Strengthen Life & Non-Life market position  Further develop multi-distribution strategy  Focus on operational performance Continental Europe  Focus on operational excellence  Streamline current Insurance portfolio  Selective investments in areas of growth  Focus on knowledge transfer Asia  Strengthen local market positions and partnerships  Focus on value creation ≈ Increased focus on profitability Status realization strategic priorities in 2011 by segment Priorities published on 09/03/2011 (annual results 2010)

820 February 2012 I Belgium : Combined ratio 103.3% vs. 107.4% excl. WC 99.9% vs. 104.2%  Q4 11 combined ratio excl. WC at 99.1%  Motor: FY 11 at 94.2%; Q4 at 92.1% (FY 10: 106.7%)  Fire: FY 11 at 109.9%; Q4 at 105.3% (FY 10: 122.6%) UK : Combined ratio at 99.9% vs. 109.5% excl. Tesco Underwriting 98.8%  Q4 11 combined ratio at 99.8%  Motor: FY 11 at 98.7%; Q4 at 99.7% (FY 10: 106.2%)  Fire: FY 11 at 96.7%; Q4 at 88.0% (FY 10: 115.6%) 10/03/2010 I page 8 Non-Life combined ratio : Operational targets nearly achieved Combined ratio excluding Workmen’s Compensation below 100% 90 100 110 120 130 2008 2009 2010 2011 Belgium Motor Belgium Fire Belgium % Combined ratio (excl. Workmen’s Compensation) 90 100 110 120 130 2008 2009 2010 2011 UK Motor UK Fire UK

920 February 2012 I Substantial progress made in streamlining the insurance portfolio Combined with selective expansion & strengthening partnerships CEU : 18/02/11 : Ageas enters Turkish Non-Life market; acquisition 31% in AKSigorta / stake increased to 33% GA : 23/06/11 : Transfer reinsurance liabilities Intreinco to Swiss Re UK: 24/03/11 : Acquisition Castle Cover, strenghtening market position in over 50s market Asia : 09/11/09 : Ageas, KasikornBank & Muang Thai forge stronger ties (Thailand) CEU : 28/10/09 : Discontinuation Russian Insurance activities CEU : 16/09/10 :Sale Ukrainian Life Insurance activities announced CEU : 06/10/09 : Sale Luxembourg Non-Life to La Bâloise CEU : 08/06/11 : Ageas, BNP Paribas Cardif & BGL BNP Paribas conclude Luxembourg Life partnership CEU : 17/09/09 : Ageas & BNP Paribas Assurance into a Non-Life strategic partnership in Italy; acquisition majority stake in UBI Assicurazioni UK : 11/09/09 : Tesco & Fortis announce Non-Life partnership UK : 02/07/10 : Acquisition Kwik Fit Insurance Services, consolidating Personal Lines intermediary market position S T R E A M L I N E S T R E N G H T E N CEU : 26/07/10 : Sale Turkish Life Insurance activities announced CEU : 03/10/11 : Sale German Life Insurance activities announced 201120102009

1020 February 2012 I November 11 Receipt report Belgian experts (Cats, Smets, De Bodt) General Account: good grasp of outstanding legacy issues Ageas does not expect new major litigation issues to rise May 10 US class action dismissed June 10 Receipt report Dutch experts (Ondernemingskamer) Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion of Mandatory Convertible Securities (MCS) into Ageas’ shares June 09 Ageas claims compensation with respect to “FCC preferred shares” from Fortis Bank NL June 09 Receipt report Belgian experts (Van Gerven/Horsmans) February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court September 11 Exchange of uncalled Fortis Bank Tier 1 Debt Securities for cash by Ageas Timing and (financial) outcome remains hard to estimate…. In many legal proceedings still at the stage of first instance  Judgment of Ondernemingskamer re mismanagement  Judgment proceedings initiated by MCS holders (re conversion of MCS) May 11 - Claim dismissed of VEB/Deminor and FortisEffect by Amsterdam Court - Rotterdam court confirmed fine AFM I: appeal filed InitiatedbyAgeasActionsagainstAgeas To be expected before end June 2012 February 12 BNPP tender for CASHES and subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities February 12 - Rotterdam court confirmed fine AFM II; appeal to be filed - Utrecht court re communication May-June 2008 in favour of plaintiffs; appeal to be filed 201120102009 2012

1120 February 2012 I Agreement with BNP P on partial settlement of RPN(I) & call Tier 1 A next step in simplifying the company with financial impact in Q1 12  Rationale for Ageas  Reduced credit risk to Fortis Bank EUR 4.6 bn  EUR 2.8 bn  Decreased volatility in results RPN(I) volatility  Improved liquidity position Settlement on 26 March 2012  Result of the offer  Pick-up rate of 62.94%, corresponding to 7,553 CASHES, at offer rate of 47.50%  78,874,241 Ageas’s shares getting dividend and voting rights  Impact on Net Cash position: EUR 953 mio redemption Tier 1 EUR (287) mio indemnifications paid --------------------- EUR 666 mio  Limited influence on equity & solvency of General Account +/- (2%)  Impact on Net Result (in Q1 12) : EUR 131 mio Tier 1 redemption EUR 21 mio release RPN(I) liability EUR (299) mio indemnifications paid --------------------- EUR (147) mio

1220 February 2012 I Ageas announced a share buy-back programme on 24 August Programme successfully completed on 25 January 2012  24 August: EUR 250 mio share buy-back programme launched  31 December: Ageas had bought back 175 mio shares  25 January: Ageas finalises the share buy-back programme:  192,168,091 shares bought back  corresponding to 7.33% of the total shares outstanding  Ageas now holds 8.93% of the total amount of outstanding shares as treasury shares.  Ageas’s Board has decided to propose the cancellation of the bought back shares at the next shareholders’ meetings (on 25/04/12 in Brussels and on 26/04/12 in Utrecht).

1320 February 2012 I Ageas proposes a dividend over 2011  Proposed gross dividend in cash  8 eurocent per share  In line with 2009/2010 dividend  Sign of trust and belief in the underlying quality of the assets and our business  Dividend to be approved at AGM (25/04/12 in Brussels and on 26/04/12 in Utrecht)  30 April : Ex-dividend date & Start dividend election period  21 May : End dividend election period  31 May : Payment 2011 dividend

1420 February 2012 I Upcoming... Find out more about our Non-Life activities... Ageas’s Investor Day 2012 London 24 & 25 September

AGENDA CEO update Financials Selected topics

1620 February 2012 I Key financials FY 2011 * Based on average number of outstanding shares ** Life & Non-Life/ Scope on scope Fortis Luxembourg Vie excluded as a result of merger 10/03/2010 I page 16 EUR mio FY 11 FY 10  Q4 11 Q4 10 Q3 11 Gross inflows (EUR bn) 17.2 17.9 (4%) 4.3 4.2 3.9 Incl. non-consolidated entitities at 100% 6.0 5.8 4% 1.5 1.3 1.4 Net profit Insurance (313) 391 (180%) (104) 58 (320) Belgium (327) 264 (224%) 4 58 (354) UK 86 (17) (612%) 24 (32) 4 Continental Europe (8) 51 (116%) 4 24 (15) Asia (64) 94 (169%) (136) 7 18 Net profit General Account (265) (168) (58%) 60 (480) (155) Net profit Group (578) 223 (359%) (45) (423) (475) Funds under management (EUR bn)** 70.6 71.0 (1%) 70.2 Net shareholders' equity 7,760 8,422 (8%) 7,927 Belgium 2,381 2,632 (10%) 2,730 UK 1,008 776 30% 941 Continental Europe 928 893 4% 863 Asia 1,687 1,440 17% 1,549 General Account 1,755 2,677 (34%) 2,017 Net equity per share (EUR) 3.23 3.26 (1%) 3.15 Earnings per share (EUR) * (0.23) 0.09 (356%) * Net cash General Account (EUR bn) 0.7 2.3 (70%) 0.8

1720 February 2012 I Detailed overview inflows FY 2011 By segment/ country/business EUR mio FY 11 FY 10 FY 11 FY 10 FY 11 FY 10 Belgium 75% 4,508 5,118 1,671 1,591 6,179 6,709 United Kingdom 100% 51 28 1,983 1,179 2,035 1,207 Continental Europe 2,219 3,490 630 443 2,849 3,933 Consolidated entities 2,219 3,490 453 443 2,672 3,933 Portugal 51% 1,071 1,724 237 230 1,308 1,954 France 100% 289 375 0 0 289 375 Luxembourg 50% 814 1,293 0 0 814 1,293 Ukraine 100% 0 2 0 0 0 2 Germany 100% 44 45 0 0 44 45 Turkey 100% 0 51 0 0 0 51 Italy 25% 0 0 216 213 216 213 Non-consolidated partnerships 0 0 177 0 177 0 Turkey (AKsigorta) 33% 0 0 177 0 177 0 Asia 5,550 5,578 607 516 6,157 6,094 Consolidated entities 353 335 0 0 353 335 Hong Kong 100% 353 335 0 0 353 335 Non-consolidated partnerships 5,197 5,243 607 516 5,804 5,759 Malaysia 31% 622 717 478 405 1,100 1,122 Thailand 31%/15% 907 714 129 111 1,036 825 China 25% 3,552 3,681 0 0 3,552 3,681 India 26% 116 131 0 0 116 131 Total 12,329 14,214 4,891 3,729 17,220 17,943 Life Non-Life Total

1820 February 2012 I Greek bonds Equities Goodwill Total EUR mio 9M Q4 FY 9M Q4 FY FY 9M Q4 FY FY Belgium Life (449) (109) (558) (86) (7) (93) (535) (116) (651) Non-Life (21) (5) (27) (9) (0) (9) (30) (6) (36) Total (470) (114) (584) (95) (8) (103) (565) (122) (687) 144 UK Life Non-Life Total 8 CEU Life (32) (10) (42) (17) (5) (22) (50) (15) (65) Non-Life (1) 0 (1) 0 (0) (0) (1) 0 (1) Total (33) (10) (43) (17) (5) (22) (50) (16) (66) (8) Asia* Life (56) (56) (99) (155) (155) Non-Life Total (56) (56) (99) (155) (155) 23 Ageas Life (481) (119) (600) (103) (68) (172) (99) (584) (286) (871) Insurance Non-Life (22) (5) (27) (9) (0) (9) 0 (31) (6) (36) Total (503) (124) (627) (113) (69) (182) (99) (614) (294) (908) 167 Impairments Net Realised Cap gains * Asia includes EUR 20 mio capital gain on TPL/TPAM Overview impairments & net realised capital gains by segment Situation as per 31 December 2011

1920 February 2012 I Insurance Life underlying resilient, Non-Life strongly improved Net loss of EUR 313 mio (vs. EUR 391 mio positive)  Negative impact financial turmoil of EUR 809 mio, impacting mainly Belgium, Continental Europe & Asia;  EUR 627 mio impairment charge on Greek bonds & EUR 182 mio on equities Life at EUR 425 mio negative (vs. EUR 377 mio positive)  Total impairment Greek bonds & equities of EUR 772 mio  Impairment goodwill AICA (Hong Kong) of EUR 99 mio  Belgium includes EUR 20 mio charge related to 0.15% state contribution introduced in 2011; Non-Life at EUR 82 mio (vs. EUR 2 mio positive)  Total impairment Greek bonds & equities of EUR 37 mio  UK returned to net profit at EUR 61 mio; Belgium hampered by impairment charges and adverse weather impact  Total adverse weather related costs of EUR 37 mio of which EUR 22 mio in Belgium, EUR 11 mio in the UK & EUR 4 mio in Asia; Other at EUR 30 mio (vs. EUR 12 mio positive)  Benefits from synergies with recently acquired activities. EUR mio FY 11 FY 10 Gross inflow 17,219 17,943 Operating costs 849 808 Technical result 325 431 Operating margin (187) 432 Profit before tax (403) 704 Net profit after tax & non- controlling interests (313) 390 Life FUM (EUR bn)* 64.4 64.8** * Consolidated entities only ** Scope-on-scope, adjusted for the reclassification of Fortis Luxembourg Vie and Ageas Deutschland to “Assets & Liabilities Held for Sale”

2020 February 2012 I Belgium Impairments cloud Life performance; Intrinsic performance Non-Life on track 10/03/2010 I page 20 EUR mio FY 11 FY 10 Gross inflow 6,179 6,709 Operating costs 457 440 Technical result 240 344 Operating margin (266) 299 Profit before tax (470) 481 Net profit after tax & non- controlling interests (327) 264 Life FUM (EUR bn) 49.1 48.2 Net profit at EUR 327 mio negative (vs. EUR 264 mio)  FY 11 net impairment charge on Greece & equities of EUR 687 mio of which EUR 122 mio in Q4  FY 11 net profit excluding net impairments charges amounted to 360 mio, partly supported by capital gains  Positive evolution Non-Life performance confirmed, driven by positive turnaround in Motor IFRS Solvency ratio down but remained solid at 174% Life at EUR 330 mio negative (vs. EUR 252 mio)  FY 11 net impairment charge on Greece & equities of EUR 651 mio of which EUR 116 mio in Q4  Life FUM at EUR 49.1 bn, +2% vs. 2010 Non-Life at EUR 3 mio (vs. EUR 11 mio)  FY 11 net impairment charge on Greece & equities of EUR 36 mio of which EUR 6 mio in Q4  Net impact weather events of EUR 22 mio  Further improvement Motor and strong performance Health;  Fire impacted by weather conditions and a higher large claims costs  Continued underperformance in Workmen's Compensation.

2120 February 2012 I United Kingdom Better overall financial performance despite exceptional claims in Household 10/03/2010 I page 21 EUR mio FY 11 FY 10 Gross inflow 2,035 1,207 Operating costs 167 124 Technical result 59 (57) Operating margin 66 (54) Profit before tax 121 (29) Net profit after tax & non- controlling interests 86 (17) Net result at EUR 86 mio (vs. EUR -17 mio)  Multi-distribution strategy creating good returns  Improved performance overall but especially in private Motor  Robust return from Retail activities Life at EUR -4 mio (vs. EUR -9 mio)  Continued progress in roll-out of protection business; over 8% market share among IFAs (6.4% 2010) Non-Life at EUR 61 mio (vs. EUR -21 mio)  Improved Motor result through positive impact of management actions  EUR 12 mio adverse weather impact (vs. EUR 49 mio in 2010)  Other Insurance at EUR 30 mio (vs. EUR 13 mio)  Strong commission income and partnership growth  KFFS & Castle Cover contributed EUR 8 mio, including EUR 5 mio amortisation of intangible assets & acquisition and financing costs Castle Cover earlier this year

2220 February 2012 I Continental Europe Net profit impacted by impairments and net realised capital losses; solid Non-Life underwriting performance reflected in an excellent combined ratio 10/03/2010 I page 22 EUR mio FY 11 FY 10 Gross inflow 2,849 3,933 Operating costs 186 206 Technical result 11 135 Operating margin (6) 136 Profit before tax 7 157 Net profit after tax & non- controlling interests (8) 51 Life FUM (EUR bn)* 13.7 15.2* * Scope-on-scope, adjusted for the reclassification of Fortis Luxembourg Vie and Ageas Deutschland to “Assets & Liabilities Held for Sale” Net result at EUR 8 mio negative (vs. EUR 51 mio positive) Life at EUR 19 mio negative (vs. EUR 48 mio positive)  Impairment charge related to Greek bonds & net realised capital losses, following de-risking portfolio, totalling EUR 73 mio  Operating costs further down on continued streamlining insurance portfolio and cost containment focus Non-Life at EUR 11 mio (vs. EUR 3 mio)  Operating margin increased by EUR 20 mio to EUR 27 mio driven by better technical performance  Combined ratio fell by 5% to 96.8% (vs.101.5% in 2010)  Operating costs -3% explained by early retirement provision in Portugal last year  Net result Turkey (AKSigorta) : EUR 4 mio (5m contribution)

2320 February 2012 I Net loss of EUR 64 mio (vs. EUR 94 mio positive)  2011 net loss included EUR 155 mio net non-recurring charges  Hong Kong: Significant impact from goodwill impairment; net profit down on a comparable basis due to strong sales  Non-consolidated partnerships: EUR 32 mio (vs. EUR 54 mio), impacted by equity impairments following financial market turmoil and Thai floods. Adjusted for impairments, the result evolved positively Life net loss at EUR 72 mio (vs. EUR 85 mio)  Hong Kong : EUR -84 mio vs. EUR 50 mio;  EUR 99 mio goodwill impairment due to impact of low interest rate environment on financial situation of AICA  Underlying result decreased due to new business strain and exchange rate impact  Non-consolidated partnerships : EUR 24 mio vs. EUR 45 mio;  2011 result includes EUR 56 mio equity impairments (vs. EUR 14 mio in 2010) and EUR 13 mio capital gain realized to restructuring Chinese activities  Underlying result evolved positively  Regional costs : slightly up to EUR 12 mio vs EUR 10 mio Non-Life net profit at EUR 8 mio (vs. EUR 9 mio)  Impact from floods in Thailand (EUR 3.5 mio), partly offset by tax recoveries in Malaysia 10/03/2010 EUR mio FY 11 FY 10 Gross inflow* 6,157 6,094 Operating costs 39 38 Technical result 16 9 Operating margin 19 50 Profit before tax* (62) 95 Net profit after tax & non- controlling interests* (64) 94 Life FUM (EUR bn)** 1.6 1.4 Asia Net profit down due to impairments on equities & goodwill * Including Inflow (100%) & Profit (Ageas share) from partnerships respectively **** Including partnerships, FUM increased to EUR 18.5 bn

2420 February 2012 I Investment portfolio fairly stable Situation as per 31 December 2011 Investment portfolio* (EUR 59.3 bn) Fixed Income  Slight shift from government to corporate bonds  90% portfolio rated A or higher, 95% investment grade  Gross unrealized gains at EUR 0.6 bn vs. EUR 50 mio loss end 2010  Unrealized Gain Sovereigns at EUR 159 mio following impairments on Greek bonds  Unrealized Gain Corporates at EUR 432 mio Equities  Down to EUR 1.8 bn (vs. EUR 2.3 bn end 2010) following sales, impairments and lower fair value  Gross unrealized gains/losses nearly breakeven Real Estate  Gross unrealized gains up to EUR 1.2 bn Sovereign bonds 53% Real Estate 7% Equities 3% Corporate bonds 36% Structured Credit Inst 1% Gross unrealized gains on total investment portfolio of EUR 1.8 bn end 2011 (vs. EUR 1.0 bn end 2010) In EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs

2520 February 2012 I Germany : 1.6 2.8 Sovereign bond portfolio of EUR 31.5 bn Situation as per 31 December 2011 vs. 2010 In EUR bn  Sovereigns mainly at AFS; Belgium EUR 4.4 bn & Portugal EUR 0.5 bn at HTM  In 2011, investments mainly made in Belgian, French & Dutch sovereigns  Divestments of Southern European and German sovereigns  Quality of portfolio: 96% is investment grade out of which 94% is rated A of higher Belgium: 14.2 10.0 France: 4.5 4.2 The Netherlands: 1.8 1.3 SE sovereigns : 3.9 7.9 Sovereign bond portfolio* 2011 (EUR 31.5 bn) Sovereign bond portfolio 2010 (EUR 32.3 bn) * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Portugal 1.0 Greece 0.4 Spain 0.9 Italy 1.6 Austria 2.4 Ireland 0.4 Others 2.7 Spain 1.6 Italy 3.6 Greece 1.2 Portugal 1.5 Austria 2.6 Ireland 0.5 Others 3.0

2620 February 2012 I General Account Negative net result driven by EUR 215 mio legacy related charges Net loss of EUR 265 mio driven by legacy issues RPN(I) liability at EUR 190 mio  EUR 260 mio positive impact on 12M fair value RPN(I) liability, driven by decreased market price CASHES (from 50% to 35%)  Negative quarterly impact of EUR 45 mio Equity value RPI at EUR 779 mio  Ageas’s share IFRS net result EUR 197 mio negative, including goodwill impairment  Hedge reserves & realised gains on sold swaps lead to a EUR 43 mio for Ageas), accounted through equity Call option BNP Paribas shares valued at EUR 395 mio  Down EUR 214 mio vs. FY 10, mainly due to lower BNP Paribas share price (EUR 30.35 vs. EUR 47.68) Fortis Tier 1 Debt Securities valued at EUR 794 mio  EUR 121 mio total negative FY 11 impact  EUR 159 mio loss partly compensated by EUR 10 mio interest income and EUR 28 mio deferred tax asset Non-recurring tax settlement of EUR 56 mio Other items  Operating expenses at EUR 55 mio (down EUR 221 mio); 2010 included EUR 203 mio non-cash charge related to MCS  EUR 7 mio gain on restructuring of Chinese activities  EUR 30 mio positive result on Fortis Lux Vie & Cardif EUR mio FY 11 FY 10 Net interest income 26 (16) Capital gains (115) (416) Result of associates (196) 127 Change in impairments & provisions (10) 1 Total expenses (55) (261) Profit before tax (353) (563) Net profit after tax & non- controlling interests (265) (168) Balance sheet items FY 11 FY 10 RPI 779 933 Call option BNP Paribas 395 609 RPN(I) (190) (465) Tier 1 794 - Net cash/deposits 688 2,210 EUR 260 mio RPN(I) EUR -197 mio RPI EUR -214 mio Call option EUR -121 mio Tier 1 EUR 56 mio tax settlement EUR -215 mio legacy issues

2720 February 2012 I 57 (265)(168) (327) (121) 15 4 421 (405) 203 56 FY 10 MCS Conversion DTA Fortis Brussels BNPP call option RPN(I) RPI Tier 1 Tax settlement Expenses & Other Tax FY 11 Snapshot General Account Roll forward Net Profit 2011 vs. 2010 : volatility remains  RPN(I) evolution: volatility in valuation EUR 424 mio; in interest charge EUR (3) mio  Tier 1 Debt Securities: combined impact of fair valuation charge end 2011 (EUR (159) mio), minus deferred tax income (EUR 28 mio) and interest income (EUR 10 mio)  Tax benefit relates to a favorable evolution in The Netherlands which has led to a settlement of EUR 56 mio Non-recurring items 2010 in EUR mio

2820 February 2012 I 8,422 8,247 7,477 7,760 (313) (230) (197) (36) (265) 175 89 291 FY 10 restatem ent* FY 10 restatedNetresultInsurance NetresultG eneralAccount Change unrealized gains Dividend Buy-back Revaluation put-option Foreign exchange & O ther FY 11 FY 10 FY 10 restated FY 11 EUR 3.19 EUR 3.26 EUR 3.23 Shareholders’ equity / share Shareholders’ equity per share up thanks to buy-back Improved unrealized gains on investment portfolio In EUR mio

2920 February 2012 I Total available capital IFRS Solvency remains solid & well above required minimum Higher requirements in Asia & UK; Belgium down on negative result Required Regulatory minimum  Solvency Ratio Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / Min Belgium United Continental Asia Insurance General Ageas Kingdom Europe Account End December 2011  FY 11 174% 234% 172% 292% 207% 237% Insurance General Ageas Excess capital Account EUR 3.9 bn EUR 1.1 bn EUR 5.0 bn 3.9 2.3 0.9 1.0 1.3 7.1 3.6 1.1 3.6 0.4 0.6 0.4 8.6 7.5

3020 February 2012 I Net cash position General Account at EUR 0.6 bn end 11 Expected to double in Q1 12 as result of agreement with Fortis Bank/ BNP P FY 11 evolutions: Net cash of EUR 1.5 bn down mainly due to acquisition Tier 1 debt securities (EUR 1.0 bn), acquisition AKSigorta (EUR 0.2 bn) and Castle Cover, share buy-back program (EUR 0.2 bn) and dividend payments (EUR 0.1bn). Q4 11 evolutions: Decrease net cash mainly due to share buy-back program (EUR 0.2 bn) Ageas, Fortis Bank & BNP P reached an agreement on a partial settlement of the RPN(I) and full call of the Tier 1 Debt securities with positive impact on Q1 12 net cash position of EUR 0.7 bn in EUR mio FY 11 FY 10 FY 11 FY 10 Assets Liabilities Cash & Deposits at banks 0.9 2.7 ST (EMTN) 0.3 0.5 Tier 1 debt securities 0.8 0.0 Due from Fortis Bank & AG Ins 1.7 1.7 NITSH I, II & Hybrone 1.7 1.7 Claim ABN AMRO bank 2.4 2.4 Provision Dutch State 2.4 2.4 Assets held for sale 0.2 0.0 Liabilities held for sale 0.1 0.0 Other 0.5 0.7 Other 0.3 0.5 RPN(I) 0.2 0.6 Royal Park Investments 0.8 0.9 FRESH 1.3 1.3 Call option on BNP Paribas shares 0.4 0.6 Written put option AG shares 0.7 0.7 Loan to operating companies 0.4 0.5 Net equity 0.9 1.8 * Balance sheet total 7.9 9.5 7.9 9.5 * restated from EUR 2.5 bn

3120 February 2012 I  Inflows : Non-Life significantly up in line with strategy; Lower Life inflows impacted by the market  Net result : Negative but underlying resilient and driven by a good Non-Life performance  Strategy : Streamlining continued; selective expansion & strengthening of the businesses  Legacies : Important progress made  Dividend : Commitment to dividend policy and more Conclusions

3220 February 2012 I  Confirm & further improve operational performance  Review/ Rethink strategic asset allocation  Make further progress on unwinding legacy issues  Disciplined capital management  Prepare for regulatory changes Ageas’s operational priorities 2012

SELECTED TOPICS

Insurance Activities Investment portfolio General account General Information 34 44 50 57

3520 February 2012 I Ageas grows selectively its insurance portfolio A view on our latest acquisitions and partnerships  Partnership with Sabanci Holding: 50/50 partners, increasing from each 31% stake, 33% on 31/12/11  # 3 position in Non-Life with 8% market share  Distribution supported by 15 y-exclusive distribution agreement with Akbank  Inflows 2011: EUR 486 mio (EUR 177 mio since August 11)  Merger of Fortis Luxembourg Vie and Cardif Lux International  2010 FuM > EUR 12 bn (pro forma)  Shareholder structure new entity: Ageas 33.33%, BGL BNP Paribas 33.33% & BNP Paribas Cardif 33.34%  Distribution supported by 10-y bancassurance agreement with BGL  Establishes new entity as clear n°2 in the FOS market  Transaction closed December 2011  Intermediary selling Personal lines products to the aged 50 and over  2010 revenues: GBP 22 mio  Part of Ageas UK’s multi-distribution strategy, increasing its # customer to +/- 8 mio  Consolidating Ageas n°2 position in the over 50s segment

3620 February 2012 I 381 366 3,101 2,868 587 243 1,050 1,031 5,119 4,508 FY 10 FY 11 456 462 513 541 487 524 135 144 1,591 1,671 FY 10 FY 11 (12%) Life In EUR mio Non-Life In EUR mio Unit-Linked Savings Traditional Other Fire Accident & Health Motor  +5% Group Life Belgium Continued lower inflows in Life, while Non-Life inflows confirm positive trend Individual Life  YTD down to EUR 3.5 bn vs. EUR 4.1 bn in 2010, due to lower sales in Unit-Linked and savings products  Bank channel at EUR 2.7 bn YTD, well below last year’s levels (EUR 3.2 bn) due to competition from banking products  Broker channel at EUR 0.8 bn YTD, -6%, similar trends bank channel Group Life  At EUR 1.0 bn YTD, -2%, due to timing differences Funds under Management  Up 2% to EUR 49.1 bn vs. end 2010  Limited lapses and successful renewals  Non-unit linked funds up 4% to EUR 43.2 bn, UL funds down to EUR 5.9 bn, -11% Property and Casualty (Fire, Motor & others)  Inflows up 5%, all product lines contributing well, especially Fire (+8%) and Motor (+6%)  Growth driven by a combination of tariff increases and portfolio growth Accident & Health  Health stable; new production & medical indexation impact offset by exceptional Disability premium in 2010

3720 February 2012 I Combined ratio AG Insurance FY 06 – FY 11 Belgium, combined ratio improved on last year Strong technical performance in Motor Expense ratioClaims ratio 61.6% 63.6% 64.9% 66.3% 71.0% 66.5% 37.4% 36.7% 35.9% 36.8% 36.4% 36.8% 99.0% 100.3% 100.8% 103.1% 107.4% 103.3% 2006 2007 2008 2009 2010 2011 Strong Motor and Health performance  Excluding Workmen's Compensation, Combined Ratio at 99.9% YTD vs.104.2%  Motor segment further improved to 94.2% YTD (Q4 11 at 92.1%) from favourable frequency evolution  Fire combined ratio at 109.9% YTD  Solid claims result in Health Care (combined ratio at 94.9%)  Workmen’s Compensation remains high at 132.2%; Q4 11 at 147.2%. Weak performance still related to a high number of deceased and permanent disability claims. Action plan includes tariff increases & pruning  Non-Life implements new tariff increases as of 1st January 2012, including a Natural Catastrophe tariff increase representing a premium growth of 6% in the Fire portfolio on annual basis  Motor : review of material damage offer implemented as from January 2011 is paying off  Workmen's Compensation: on going corrective measures including a new tariff structure and pruning of portfolio

3820 February 2012 I 83.1% 79.8% 76.7% 76.5% 83.4% 81.8% 23.6% 23.2% 21.6% 22.6% 21.9% 23.8% 106.7% 103.0% 98.3% 99.1% 105.3% 105.6% 2006 2007 2008 2009 2010 2011 52.8% 57.0% 59.8% 62.1% 65.8% 60.5% 43.1% 42.2% 42.0% 42.6% 42.3% 41.9% 95.9% 99.2% 101.8% 104.7% 108.1% 102.4% 2006 2007 2008 2009 2010 2011 55.7% 56.9% 70.3% 68.5% 71.0% 58.9% 37.8% 36.9% 36.4% 36.3% 35.7% 35.3% 93.5% 93.8% 106.7% 104.8% 106.7% 94.2% 2006 2007 2008 2009 2010 2011 48.4% 56.8% 50.7% 60.5% 75.5% 63.0% 46.9% 45.5% 45.8% 47.1% 47.2% 46.9% 95.3% 102.3% 96.5% 107.6% 122.7% 109.9% 2006 2007 2008 2009 2010 2011 Property & Casualty Belgium – Combined ratio by product Motor Fire 10/03/2010 I page 38 Expense ratio Claims ratio Accident & Health Expense ratio Claims ratio

3920 February 2012 I 1,179 1,983 1,207 2,035 51 28 FY 10 FY 11 67 70 656 1,280 295 455 162 178 1,179 1,983 FY 10 FY 11 Motor United Kingdom Inflow levels substantially increased Non-Life Life Other Property Accident & Health +68% +69% Total In EUR mio Non-Life In EUR mio * including other income Life  Successful roll out of its proposition across the IFA market (8% market share)  Launch of new distribution partnerships  190,000 customers, up 70,000 vs. 2010 Non-Life  Up 68%, driven by successful launch of Tesco Underwriting partnership & organic growth in both Commercial and Personal lines  Within Personal lines, Household +25%; Private car and Travel slightly up (excl. Tesco)  Commercial lines +23%, growth resulting from expanding product range via brokers  Partnership with Tesco Bank started underwriting as of mid October 2010; Inflows of EUR 755 mio & 1.56 mio customers Other Insurance (including Retail)  YTD total income of EUR 272 mio up 51%;  Acquisition Castle Cover late March 2011 will further strengthen Retail capability & add together with KFIS an extra 1 mio customers

4020 February 2012 I UK, continued improvement confirmed Continental Europe and Asia remain below 100% Expense ratioClaims ratio Combined ratio UK FY 06 – FY 11 UK : continued positive impact from corrective measures  Improved overall combined ratio at 99.9% including Tesco Underwriting  Motor : Selected tariff increases in 2010 in line with underlying risk led to an improved combined ratio (98.7% vs. 106.2% at FY 10)  Household : Combined ratio at 96.7% (vs. 114.4% 2010)  Travel : Combined ratio for FY 11 (110.9%) improved from FY10 (121.9%) due to management actions over the last 12 months and Volcanic ash event in 2010  Continental Europe: 96.8% vs. 101.5%  Portugal : Combined ratio at 93.0% vs 95.7%  Italy : First impact of implemented corrective measures noticeable  Asia : 102.0% vs. 95.4% impacted By Thai floods 70.2% 79.7% 73.1% 80.4% 81.5% 74.6% 28.2% 27.7% 28.8% 27.7% 28.0% 25.3% 98.4% 107.4% 101.9% 108.1% 109.5% 99.9% 2006 2007 2008 2009 2010 2011

4120 February 2012 I 72.5% 80.2% 80.4% 74.0% 28.7% 27.8% 28.3% 25.4% 101.2% 108.0% 108.7% 99.4% 2008 2009 2010 2011 78.8% 88.9% 82.9% 79.2% 24.0% 22.8% 23.3% 19.5% 102.8% 111.7% 106.2% 98.7% 2008 2009 2010 2011 81.1% 83.5% 97.9% 87.7% 30.5% 26.2% 24.0% 23.2% 111.6% 109.7% 121.9% 110.9% 2008 2009 2010 2011 60.0% 61.2% 77.4% 61.4% 39.9% 38.0% 38.2% 35.3% 99.9% 99.2% 115.6% 96.7% 2008 2009 2010 2011 United Kingdom – Combined ratio by product 10/03/2010 I page 41 Expense ratio Claims ratio Expense ratio Claims ratio Property & Casualty Motor Fire Accident & Health

4220 February 2012 I 238 266 103 19662 92 40 75 444 630 FY 10 FY 11 261 226 1,293 355 1,820 1,529 117 110 3,490 2,219 FY 10 FY 11   +42% Accident & Health Motor Unit-Linked Savings Traditional Group (-38%) Other Fire Life In EUR mio Non-Life In EUR mio Continental Europe Inflows & performance impacted by adverse evolution financial markets Life  Portugal, -38% : Difficult economic environment continues, inflow evolution in line with Portuguese market. Q4 inflow slightly up on Q3. Remains domestic market leader based on FuM with 25% share  Luxembourg, -37% : in a market that globally came down by some 50%, related to less appetite for FOS (Freedom of Services) product  France, -23% : decrease due to disappearance distribution network Fortis Banque France & worsening market. In line with market trends  Unit-linked business sales EUR 1.5 bn, Savings products at EUR 0.4 bn Funds under Management  Scope-on-scope at EUR 13.7 bn vs. EUR 15.2 bn end 2010 and excluding Luxembourg due to deconsolidation  Down on a like-for-like basis following impact volatile financial markets and portfolio refocus towards Unit-Linked business Non-Life  GWP up 42% year-to-date, thanks to first time inclusion Turkey (EUR 177 mio)  Portugal : +3% thanks to strong performance Healthcare (Médis), in a stagnating market amidst economic uncertainty  Italy : slightly up on last year, with focus on profitability of the portfolio

4320 February 2012 I 43 ** MAT: Marine Aviation & Transport Asia Outstanding commercial performance, slightly up on 2010   Life  Hong Kong, +5%, Strong growth of 17% in new business following improved productivity in agency channel and growth in emerging IFA channel.  China, -4%, Because of new banca regulations and monetary tightening last year’s single premium campaign was not repeated this year. Good persistency resulted in strongly increased renewal premiums, compensating for the shortfall in single premiums. Regular premium up 30% vs 2010.  Malaysia, -13%, Lower single premiums in wake of monetary tightening. Regular premiums up +4%  Thailand, +27%, Continued strong growth in both bank and agency channel  India, -11%, New business down in line with market following regulatory changes. Renewals up 23% Funds under Management  Hong Kong : EUR 1.6 bn, +12% vs. end 10  Incl. partnerships (at 100%): EUR 20.0 bn, +18% vs. end 10 Non-Life  Malaysia, +18%, driven by Motor and Corporate MAT** lines  Thailand, +16%, across all lines and distribution channels 5,082 4,925 249 320 227 287 20 18 FY 10 FY 11 331 365 185 242 FY 10 FY 11 (0%) Non-Motor* Motor Savings Group Traditional * Non-motor includes Fire, MAT, Accident & Health and other lines Life Non-Life In EUR mio In EUR mio 5,578 5,550 +18% 516 607 Unit-Linked

Insurance Activities Investment portfolio General account General Information 34 44 50 57

4520 February 2012 I Investment portfolio fairly stable Situation as per 31 December 2011 Investment portfolio* (EUR 59.3 bn) Fixed Income  Slight shift from government to corporate bonds  90% portfolio rated A or higher, 95% investment grade  Gross unrealized gains amounted to EUR 0.6 bn vs. EUR 50 mio loss end 2010  Unrealized Gain Sovereigns at EUR 159 mio following impairments on Greek bonds  Unrealized Gain Corporates at EUR 432 mio Equities  Down to EUR 1.8 bn (vs. EUR 2.3 bn end 2010) following sales, impairments and lower fair value  Gross unrealized gains/losses nearly breakeven Real Estate  Gross unrealized gains up to EUR 1.2 bn Sovereign bonds 53% Real Estate 7% Equities 3% Corporate bonds 36% Structured Credit Inst 1% Gross unrealized gains on total investment portfolio of EUR 1.8 bn end 2011 (vs. EUR 1.0 bn end 2010) in EUR bn * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs

4620 February 2012 I Germany : 1.6 2.8 Sovereign bond portfolio of EUR 31.5 bn Situation as per 31 December 2011 vs. 2010 In EUR bn  Sovereigns mainly at AFS; Belgium EUR 4.4 bn & Portugal EUR 0.5 bn at HTM  In 2011, investments mainly made in Belgian, French & Dutch sovereigns  Divestments of Southern European and German sovereigns  Quality of portfolio: 96% is investment grade out of which 94% is rated A of higher Belgium: 14.2 10.0 France: 4.5 4.2 The Netherlands: 1.8 1.3 SE sovereigns : 3.9 7.9 Sovereign bond portfolio* 2011 (EUR 31.5 bn) Sovereign bond portfolio 2010 (EUR 32.3 bn) * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs Portugal 1.0 Greece 0.4 Spain 0.9 Italy 1.6 Austria 2.4 Ireland 0.4 Others 2.7 Spain 1.6 Italy 3.6 Greece 1.2 Portugal 1.5 Austria 2.6 Ireland 0.5 Others 3.0

4720 February 2012 I 3.2 6.2 2.6 2.5 1.4 1.4 1.3 1.2 0.7 2.1 0.9 0.7 0.6 (0.9)(0.2) 1.4 1.2 1.3 FY09 FY10 H1 11 FY11 Impairment Greece Italy Spain Portugal Exposure on Southern European sovereigns further reduced Exposure down to EUR 3.9 bn at fair value and before non-controlling interests  At amortized cost  Exposure on S-E sovereigns after impairments and non-controlling interests at EUR 3.0 bn  Additional PIGS reduction in 2011 of EUR 3.1 bn, mainly Italian & Spanish sovereigns (EUR 1.7 bn)  Exposure on S-E sovereigns after impairments at fair value  Before non-controlling interests: EUR 3.9 bn  After non-controlling interests: EUR 2.5 bn  Gross impairment on Greek sovereigns of EUR 1,313 mio based on fair value end 11 on entire portfolio  FY 11 net impact of EUR 627 mio (after profit sharing, tax and non-controlling interests)  Q4 11 net impact of EUR 125 mio  Net of impairments, Greek bonds held at 23% of historical/amortized cost. 12.9 5.5 6.1 In EUR bn at amortized cost 3.0

4820 February 2012 I Government related Corporate bond portfolio of EUR 21.3 bn; Equities at EUR 1.8 bn Situation as per 31 December 2011 In EUR bn  Gross unrealized gains of EUR 0.4 bn end of December 11 vs. EUR 0.5 bn end of December 10  Quality of the corporate bond portfolio remains very high with 95% investment grade out of which 83% is rated A or higher.  Banking / Other financials : 88% single A or higher; 61% rated AA or higher; no single position > EUR 0.3 bn  Hybrid securities: EUR 0.6 bn down EUR 0.1 bn, >90% with Tier-1 or Tier-2 status Banking Other corporates Other financials Corporate bond portfolio* (EUR 21.3 bn) Equity portfolio (EUR 1.8 bn) Equity funds Equities Mixed funds & others Real Estate funds 0.2 0.7 0.1 0.8  Equity investments at fair value down to EUR 1.8 vs. EUR 2.3 bn end 10 due to divestments, impairments and lower fair value of equities  Unrealized gains/loss breakeven vs. EUR 140 mio unrealized gains end 10  Net impairment charge of EUR 182 mio following declining equity markets * All assets at fair value except the ‘Held to Maturity’ assets which are valued at amortized costs 6.2 8.4 1.8 4.9

4920 February 2012 I Real estate portfolio of EUR 4.3 bn* Situation as per 31 December 2011 10/03/2010 I page 49 In EUR bn Real Estate Development 0.5 Car Parks 1.1 Investment Offices 1.5 Investment Retail 1.0  Investments for own use EUR 1.5 bn  Investment property at EUR 2.8 bn  Gross unrealized gains end 11 up to EUR 1.2 bn (not reflected in net equity) - For own use : EUR 0.5 bn - Investment property : EUR 0.7 bn  Real Estate exposure mainly in Belgium Investment Warehouses 0.2 * At amortized cost

Insurance Activities Investment portfolio General account General Information 34 44 50 57

5120 February 2012 I 361 395 609 FY 10 9M 11 FY 11 Balance sheet value In EUR mio Net result impact In EUR mio Valuation Call option BNP Paribas shares at 31 December 2011 Value down mainly due to lower BNP Paribas share price -1.1%-6.8%Dividend yield +1% +2.8%+3.75%Dividend yield -1% -23.6%-24.6%Implied volatility -5% +24.5%+25.8%Implied volatility +5% FY 119M 11Sensitivities Valuation EUR 66.672 5.29% 33% EUR 47.69 FY 10 Strike price/share Dividend yield Volatility BNP share price Model parameters (Black & Scholes) EUR 66.672 8.76% 49% EUR 30.05 9M 11 EUR 66.672 5.98% 49% EUR 30.35 FY11 (248) (214) (271) FY 10 9M 11 FY

5220 February 2012 I Balance sheet value Detailed sensitivity analysis EUR 103 mio decrease RPN(I) liabilityPrice CASHES from 35% 25% EUR 99 mio increase RPN(I) liabilityPrice CASHES from 35% 45% FY11Sensitivities (127) (164) (66) (465) (145) (399) (18) (26) (190) FY 10 9M 11 FY 11 50.2% 290 bps 46% 4.7% EUR 1.71 FY 10 33.2% 685 bps 69% 6.1% EUR 1.31 9M 11 35.4%Price CASHES (% of par) 757 bpsDiscount rate on top of risk free rate 57%Ageas’s Implied Share price volatility 6.7%Ageas’s Dividend yield EUR 1.20Ageas’s Share price FY 11Assumptions 320 275 (149) FY 10 9M 11 FY 11 In EUR mio In EUR mio Valuation RPN(I) as at 31 December 2011 Fair valuation liability down on lower market price CASHES Guarantee Belgian State Value RPN(i) See AFS FY 2011 Net result impact Valuation

5320 February 2012 I (197) (140) 131 FY 10 9M 11 FY 11 4.6 4.8 2.6 1.6 7.2 6.2 4.6 1.2 6.0 FY 10 9M11 FY 11 Ageas’s equity Value Net book value assets RPI* In EUR bn In EUR bn In EUR bn In EUR bn Principal & interest collections In EUR mio Outstanding debt - IFRS Fair value - IFRS Valuation items Royal Park Investments as at 31 December 2011 Equity value down on lower marked-to-market value Net result impact – part Ageas In EUR mio Commercial paper Other Senior + Super Senior * Net book value = Economic recovery value as of 31 December 31 under B-GAAP 2010 minus Redemptions until December 31, 2011 6.4 6.0 7.0 FY 10 9M 11 FY 11 919 1,208 169 112 1,709 1,031 1,540 156 1,364 FY 10 9M 11 FY 11 9.1 8.9 10.0 FY 10 9M 11 FY 11 850 779 933 FY 10 9M 11 FY 11 Net result impact Principal collections Interest collections

5420 February 2012 I Overview of main characteristics Hybrids Situation as per 31 December 2011 Ageas 35.42 Coupon served by FBB, trigger ACSM linked to Ageas dividend <0.5% Dividend YES NO YES Undated exchange strike 23.94 mandatory 35.91 BE0933899800 3,000 3m EUR +200 CASHES* EUR mio Ageasfinlux Fresh Ageas Hybrid Financing Hybrone Ageas Hybrid Financing Nitsh I Ageas Hybrid Financing Nitsh II Direct issue FBB, 2004 % 3m EUR + 135 5.125% 8.25% 8% 4.625% Amount 1,250 500 USD 750 625 1,000 ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 Call date Undated exchange strike 31.50 mandatory 47.25 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 ACSM YES YES YES YES YES Dividend pusher YES YES YES YES YES Dividend stopper NO YES YES YES YES Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset YES <8% CAD Other 500 on lent to AG Insurance USD 750 on lent to FBB 250 on lent to AG Insurance; 375 on lent to FBB No stock settlement feature as for Direct issue FBB 2001 Market Price (31/12/11) 32.50 48.50 64.92 66.56 59.00 Fortis Bank (now BNP Paribas) * On 31 January 2012 BNPP announced that 63% of the holders have tendered CASHES for purchase by BNPP @ purchase price of 47.5% of the principal amount of the CASHES.

5520 February 2012 I General Account Legal proceedings & investigations managed in interest of shareholders (1)  Appeal filed before the “College van Beroep voor het bedrijfsleven” at The Hague; proceedings ongoing  AFM : fine imposed on 05/02/10 in relation to price sensitive info in June 08 The NetherlandsAdministrative proceedings  Appeal to be filed before the “College van Beroep voor het bedrijfsleven”  AFM: 2nd fine imposed on 19/08/10 in relation to price sensitive information in Sep 07  Proceedings ongoing FSMA re communication in second quarter 2008 Belgium  Investigation ongoingBelgiumCriminal investigation  Report filed in November 2011 At request of Deminor re transactions Sep/Oct 2008 BelgiumExpert investigations  Report filed in June 2010  VEB started legal proceedings to establish mismanagement by Fortis; awaiting judgement  At request of VEB/ESG re 2007-2008The Netherlands Situation on 20 February 2012

5620 February 2012 I  Awaiting judgment MCS-holders contesting validity of conversion Brussels, BelgiumFinancial instruments  Court decision 08/12/09 on competence and provisional measures; proceedings ongoing  Suspended, awaiting outcome of criminal investigation  Modrikamen, re Sep/Oct 2008 transactions  Deminor, re alleged miscommunication Brussels, BelgiumCivil lawsuits  Judgement in favour of Ageas; appeal filed by Stichting FortisEffect  Proceedings against Ageas, former directors/executives and banks  Proceedings initiated in July 2011  Stichting FortisEffect, re sale of Dutch activities against Dutch State and Ageas  VEB re alleged miscommunication 2007-08  Dutch state re Oct 2008 transaction; claims for EUR 210 mio & EUR 674 mio Amsterdam, The Netherlands  Judgment 15 February 2012 in favour of plaintiffs; Ageas will appeal  Proceedings initiated in July 2011 against Ageas and two financial institutions  Mr.Bos, re alleged miscommunication May – June 2008  Stichting Investor Claims Against Fortis re alleged miscommunication 2007 - 08 Utrecht, The Netherlands  Against ABN AMRO and Dutch State; proceedings ongoing  Against FCC, ABN AMRO and Dutch State; proceedings ongoing  Claim of EUR 2 bn re MCS  Claim for reimbursement of EUR 362.5 mio Amsterdam, The Netherlands Initiated by Ageas General Account Legal proceedings & investigations managed in interest of shareholders (2) Situation on 20 February 2012

Insurance Activities Investment portfolio General account General Information 34 44 50 57

5820 February 2012 I Ratings 10/03/2010 I page 58 * Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process. S&P MOODY'S FITCH FITCH Operating entities AG Insurance (Belgium) Insurance Financial Strength A2 A+ A- Outlook negative stable stable Last change 19/12/11 20/04/11 29/11/11 Millenniumbcp Ageas (Portugal) Insurance Financial Strength BBB- BB Outlook negative negative Last change 25/11/11 17/01/12 Holdings ageas SA/NV and ageas N.V. Long-term Baa3 / P-3 BBB+ / F2 BBB- / A-3 Outlook negative stable stable Last change 19/12/11 20/04/11 25/10/11

5920 February 2012 I Total number of outstanding shares Total Issued Shares 2,623,380,817 Shares not entitled to dividend and voting right 342,404,219 1. TREASURY SHARES Share buy-back untill 31/12/2011 175,163,656 FRESH 39,682,540 Other treasury shares 2,244,740 2. CASHES 125,313,283 Outstanding Shares entitled to dividend and voting right on 31/12/2011 2,280,976,598 Post 31/12/2011 events : Agreement with BNPP: conversion of 63% of the outstanding CASHES into shares (63% of 125,313,283) 78,874,241 Share buy-back program finalized (Number of shares bought back after 31/12/2011) 17,004,435 Outstanding Shares entitled to dividend and voting right on 20/02/2012 2,342,846,404 * On 25th of January 2012 Ageas finalised the share buy-back programme : 192,168,091 shares bought back in total Ageas’s Board has decided to propose the cancellation of the bought back shares at the next shareholders’ meetings The Board will ask, as usual, for the renewed authorization from the shareholders to purchase up to 10% of its remaining outstanding shares.

6020 February 2012 I Financial Calendar 2012 30 April Ex-dividend date – Start dividend election period 25 April Annual shareholders’ meeting - Brussels 20 February Annual results 2011 26 April Annual shareholders’ meeting - Utrecht 14 May 3M 2012 results 31 May Payment 2010 dividend 21 May End of dividend election period 6 August 6M 2012 results 7 November 9M 2012 results 14 March Embedded Value & Annual Report 2011 24 & 25 September Investor Relations Day - London

6120 February 2012 I 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.

6220 February 2012 I Investor Relations Tel: E-mail: Website: + 32 2 557 57 34 + 31 30 2525 305 ir@ageas.com www.ageas.com Investor Relations

Add a comment

Related presentations

Related pages

Deutsche Telekom: Full year results 2011

Adjusted EBITDA of EUR 18.7 billion and free cash flow of EUR 6.4 billion including negative exchange rate effects; Excluding regulatory decisions, net ...
Read more

Full-Year Results 2011 | Nestlé Global

Press release . Full Year 2011: 7.5% organic growth, +60 basis points margin improvement. Other languages: English (pdf, 51 Kb) Français (pdf, 63 Kb)
Read more

Full-Year Results 2011 - media.iolnegocios.pt

Full-year Results 2011 4 1. Consolidated Income Statement In 2011, Media Capital Results are penalized by two non-recurring situations: 1) First, the staff ...
Read more

Full Year Results 2011 - Home | itvplc

Full year dividend for 2011 of 1.6p ... Full Year Results 2011 – Summary and Outlook. Summary Expect to outperform the market for the full year
Read more

2011 Full Year Results - Home | Compass Group

2 Presentation Structure 1. Sir Roy Gardner Welcome & Highlights 2. Andrew Martin Full Year Results 3. Richard Cousins Business Review, Strategy & Outlook
Read more

Full Year Results 2011 - Sobi

Geoffrey McDonough (CEO) and Lars Sandström (CFO) Full Year Results 2011 Stockholm, 23 February, 2012
Read more

2011 Full Year Results Agenda - Home - Oil Search

1 2011 Full Year Results Agenda Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion ...
Read more

Amcor - Full Year Results

Audio cast - Amcor conducted its Full Year Results on 21 August 2012. Please click here to access the archived audio webcast. 2011 Full Year.
Read more

OUTLOOK FOR METALS AND MINERALS Full Year Results 2011

1 of 14 OUTLOOK FOR METALS AND MINERALS . Full Year Results 2011 . 09 February 2012 . Vivek Tulpulé and Team . Chief Economist . Highlights . During 2011 ...
Read more

2011 Full-Year Results - media.corporate-ir.net

2011 Full-Year Results Supplementary Information (To be read in conjunction with the Full-Year Results Teleconference presentation) 18 August 2011
Read more