ageas full year 2015 results (presentation)

Periodical Financial Information

FULL YEAR 2015RESULTS

Insurance

performance

Group result

Balance sheet

Proposed dividend

Insurance net profit of EUR 755 mio (+2%) - Q4 EUR 142 mio

Inflow @ 100% of EUR 29.8 bn (+16%) - Q4 EUR 7.0 bn

Life Guaranteed margin at 90 bps (vs.89 bps) - Q4 119 bps

Group combined ratio at 96.8%* (vs.99.6%) - Q4 102.1%

Life Technical Liabilities at EUR 74.1 bn* (-1%)

Group net profit of EUR 770 mio (+62%) - Q4 EUR 171 mio

General Account net result of EUR 15 mio - Q4 EUR 29 mio

Shareholders’ equity at EUR 11.4 bn or EUR 53.59 per share

UG/L at EUR 3.0 bn or EUR 13.92 per share

Insurance Solvency IIageas at 182%, Insurance solvency I at 226%

Net cash position General Account at EUR 1.3 bn (vs.EUR 1.6 bn)

Gross EUR 1.65 per share paid in cash (+6.5%)

Ageas reports FY 2015 resultsNet result driven by record performance in Asia & solid result in Belgium

Periodic financial Information I FY 15 Results I 17 February 2016 1

* Consolidated entities only

456391

(313)

624 654737 755

188 197 188270

309 329 340

2009 2010 2011 2012 2013 2014 2015

Insurance result

Dividend

Ageas proposes a gross cash dividend of EUR 1.65 per shareEUR 2.2 bn returned to shareholders since 2012

Proposed gross

dividend in cash

To be approvedat AGM

EUR 1.65 per share - + 6.5%

In line with 40%-50% pay-out ratio of Insurance result set out in dividend policy

AGM: 27 April Brussels

Ex-dividend date: 9 May

Payment dividend : 11 May

Total distributed

dividend almost

+90% since 2009(In EUR mio)

* calculation based on the declaration day – 2015 yield based on 12/02/16 closing share price

** based on the number of dividend entitled shares on closing 12/02/16


gross amount / share 0.80 0.80 0.80 1.20 1.40 1.55 1.65

pay-out ratio 41% 50% - 43% 47% 45% 45%

dividend yield* 2.9% 3.8% 4.7% 4.5% 4.4% 5.0% 5.0%

**

More distributed

to shareholders(In EUR mio)

≈

Share buy-back executed 230 160 144 209 250

Capital reduction 223

Belgium243 Belgium

168

Belgium294

UK 23

UK 82

UK 64

UK 50

CEU 7

CEU 36

CEU 150

CEU 53

Asia 12

Asia 52

Asia 135

Asia 43

42

413

517

440

2012 2013 2014 2015


Disciplined cash upstream from all operating companiesConsistent upstream level of ≈ EUR 450 mio per annum since Vision 2015

Belgium main contributor of cash

Upstream covering dividend & holding costs

Extra upstream linked to capital optimization of

≈ EUR 550 mio over Vision 2015 period

In EUR mio

All segments

contributing

Portugal41

Italy 9

Turkey 3

Malaysia18

Thailand11

China14

Upstream duringbased on net result of the year before


End result of Vision 2015 targets (vs. FY 12)

Higher internal focus & clear progress partly offset by external parameters

FY 15 at 68/32 (vs. 67/33)

Acquisitions in Non-Life vs. strong Life inflow growth in emerging marketsPro forma after conclusion sale Hong Kong : 66/34

Calculation based on inflows @ Ageas’s part

FY 15 at 96.8% (vs. 99.1%)

Management actions to restore profitability & regional diversificationCalculation based on Non-Life Net Underwriting result in % Net earned premiums

FY 15 at 21.1% (vs. 12.1%)

Disciplined capital management in Europe vs. strong growth in AsiaPro forma after conclusion sale Hong Kong : 23.5%

Equity of Turkey, China, Malaysia, Thailand & India as % total Insurance equity

FY 15 at 7.9% (vs. 8.7%)

ROE excl. UGL FY 11 at 11.0% (vs. 10.7%)

Increasing net profit offset by higher equity – UGL & retained earnings Pro forma after conclusion sale Hong Kong : 8.1% - 11.8%

Insurance result in % average Insurance equity (Beginning of period + End of period)/2

49(5)

FY 14 FY 15

Other Life Non-Life

43(6)

24

1

Q4 14 Q4 15

6.0

6.3

FY 14 FY 15

Life Non-Life

4.9 5.6

1.41.5

6.37.0

Q4 14 Q4 15

FY 14 FY 15 Q4 14 Q4 15 FY 14 FY 15 Q4 14 Q4 15 FY 14 FY 15 Q4 14 Q4 15

Net result: Influenced by volatile financial markets & UK floods

In EUR mio In EUR bn

Non-Life combined ratio: excellent in BE & CEU – UK December floods

Inflow*: strong growth in Life Asia & consolidated CEU – almost EUR 30 bn

In EUR bn

Total Insurance: HeadlinesRecord performance in Asia & solid results in Belgium


Life Technical liabilities: increase following top line growth in Asia

Operating margin Guaranteed: at higher end of target range

Operating margin Unit-Linked: below target range in BE & CEU

In % avg technical liabilities In % avg technical liabilities

533 57391

154 187

737 755

158142

19.7 23.5

25.8

29.8

99.6% 96.8% 99.8% 102.1%0.89% 0.90%

0.62% 1.19%

0.20% 0.36% 0.17% 0.35%

* incl. non-consolidated partnerships @ 100%

In % NEP

74.8 73.6 74.1

52.258.5 61.1

FY 14 9M 15 FY 15

conso non-conso

127.0133.0 135.2

147

FY 14 FY 15FY 14 FY 15


Strong net result despite EUR 60 miolower capital gainsIn EUR mio In EUR bn

Operating margin Guaranteed: lower cap gains offset by better expense result

Non-Life combined ratio: Strong FY & Q4 performance

Inflows: Continued lower sales short-term investment products

Life Technical liabilities slightly down on shadow accountingIn EUR bn

Belgium : HeadlinesStrong Life & excellent Non-Life net result despite lower capital gains


FY 14 FY 15Life Non-Life

54

9916

21

Q4 14 Q4 15

4.0 3.8

1.9 1.9

5.9 5.7

FY 14 FY 15

Life Non-Life

1.1 1.1

0.4 0.4

1.5 1.5

Q4 14 Q4 15

Q4 14 Q4 15

In % NEP

Q4 14 Q4 15FY 14 FY 15Q4 14 Q4 15

101.2% 94.7% 99.2% 96.2%

0.27%0.23%0.32%

1.31%0.56%0.86%0.87%

336281

56103

392 384

70

120

57.6 56.0 56.3

FY 14 9M 15 FY 15

Operating margin Unit-Linked: remained stable

0.30%


In % NEP In EUR mio


7Periodic financial Information I FY 15 Results I 17 February 2016

8960

Q4 14 Q4 15

0.1

2.3 2.5

2.4 2.5

FY 14 FY 15

Life Non-Life

0.0

0.5 0.6

0.6 0.6

Q4 14 Q4 15

(3)

49

(5)

71

34

117

30

FY 14 FY 15

Life Other Non-Life

FY 14 FY 15

99.8% 102.0%

Q4 14 Q4 15

101.4% 112.9%

FY 14 FY 15

298 265

United Kingdom: HeadlinesNet result Q4 affected by December floodsNet result: Floods impact of EUR 64 mio (vs. EUR 36 mio)

Non-Life inflows* up 9%, down 2% at constant FX

Non-Life combined ratio deterioration driven by December floods (4.2%)

Other Income: 11% down – benefit from legal settlement & capital gain in ‘14

(5)

24 1

19

38

(35)

Q4 14 Q4 15

(36)

Other result in line with last yearwhen excluding one-offsIn EUR mio

5

21

23

49

FY 14

positive one-offs in 2014

legal settlement

cap gain Protect

partnership payment

Net profit NL up: COR & scope change – Life down: lower investment resultsIn EUR mio In EUR bn

Non-Life combined ratio excellent: benign weather & lower claims

227% 210% 207%

Inflows*: up in all entities except Luxembourg & Turkey

In EUR bn

Continental Europe: Headlines Solid operating performance partly offset by lower investment result

**

Operating margin Guaranteed: nicely within target range


Life Technical liabilities up 5%, mainly in Luxembourg

In % avg technical liabilities

Operating margin Unit-Linked: lower fee incomeIn % avg technical liabilities

4533

11 37

56

70

FY 14 FY 15

Life Non-Life

103

4

4

13

7

Q4 14 Q4 15

4.6 4.1

1.11.0

5.65.2

FY 14 FY 15

Life Non-Life

1.1 1.0

0.3 0.3

1.3 1.3

Q4 14 Q4 15


92.1% 85.4%96.3% 83.5%

0.70% 0.88% 0.73% 0.50%

0.10% 0.07% 0.10%

In % NEP


14.5 14.6 14.6

17.3 18.4 18.8

31.8 33.0 33.4

FY 14 9M 15 FY 15

conso non-conso

0.08%

16

13

FY 14 FY 15

Life Non-Life

26 48

4

6

30

54

Q4 14 Q4 15

0.8

0.9

FY 14 FY 15

Life Non-Life

Net result: incl. ≈ EUR 65 mio more net capital gains & FX impactIn EUR mio In EUR bn

Non-Life combined ratio up mainly from higher incurred claims in Malaysia

Inflow* growth fuelled by China & Thailand

Life Technical liabilities up following top line growth In EUR bn

Asia: Headlines Excellent net profit driven by exceptional result in China


In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: lower New Business strain in UL

Result non-conso partnerships: strong result in China & Thailand

Q4 14 Q4 15FY 14 FY 15Q4 14 Q4 15FY 14 FY 15

89.9% 91.1% 89.9% 86.9%

1.90% 2.12% 2.58% 1.48%

In % NEP


172

153

137 236

11.1 15.6

16

13

FY 14 FY 15

Life Non-Life

2.8 3.0 3.2

34.940.1 42.3

37.7

43.145.5

FY 14 9M 15 FY 15

conso non-conso

156

259

3345

4

637

51

Q4 14 Q4 15

2.73.4

0.2

0.22.9

3.6

Q4 14 Q4 15

16.5

11.9

272

249

10/03/2010 I page 10

Overview of net realised capital gains* by segmentImpact of net capital gains on net result almost neutral


* Net capital gains include capital gains, impairment & linked changes in profit sharing, net of tax & @ ageas’s part

EUR mio FY 14 FY 15 Q4 14 Q4 15

Life 119 75 5 41 substantially lower cap gains

Non-Life 16 (1) 3 (4) & equity impairments (Q3)

Total Belgium 135 75 8 37 Q3 2014 incl. EUR 60 mio RE cap gain

Non-Life 4 9 0 2

Other (2) (0) (2) (0)

Total UK 2 9 (2) 2

Life 8 (7) 2 (4) substantially lower cap gains

Non-Life (0) 1 (0) 0 & equity impairments (Q3)

Total CEU 8 (6) 2 (4)

Life 39 107 3 37

Non-Life 2 (1) 0 0 volatility on financial markets

Total Asia 41 106 3 37

Life 166 175 11 73

Non-Life 22 9 3 (2)

Other (2) (0) (2) (0)

Total Ageas 186 183 11 71

2743

Q4 14 Q4 15

65

FY 14 FY 15

13 17

39

53

52

70

FY 14 FY 15

Staff & Intercompany Operating

(467) (445) (402)

38 33 41

(130) (132)(133)

FY 14 9M 15 FY 15

RPN(i) RPI FortisEffect

Net result driven by revaluation RPN(i)In EUR mio

Accounting value of remaining legacies

General Account: Headlines Impacted by revaluation RPN(i) liability

11

Accounting value put option

In EUR mio

In EUR mio

Q4 14 Q4 15

RPN(i): positive P&L impact on lower CASHES & higher share price Ageas

Staff & Operating expenses up

Net cash position: down on SBB & establishment Intreas

24

1015

12

19

Q4 14 Q4 15

In EUR mio

In EUR mio

In EUR bn

36

Periodic financial Information I FY 15 Results I 17 February 2016

FY 14 FY 15

15

(261)

(97)

29

1.61.4 1.3

0.30.3

0.3

1.91.7

1.6

FY 14 9M 15 FY 15

net cash liquid assets

FY 14 9M 15 FY 15

(1,391) (1,064)(1,095)

2.9 2.9

0.7 0.8 0.8 0.7 0.4 0.3(0.5)(0.3)

4.2 4.4

0.0 0.0

4.2 4.4

0.7 0.7

7.0 6.9

1.0 1.1 1.0 0.90.5 0.6

(1.7)(1.5)

7.8 8.0

1.3 1.4

9.1 9.4

1.9 1.8

FY 14FY 15 FY 14FY 15 FY 14FY 15 FY 14FY 15 FY 14FY 15 FY 14FY 15 FY 14FY 15 FY 14FY 15 FY 14FY 15

12

Insurance Solvency IIageas comfortably above the 175% targetRatio stable on FY 2014

Solvency IIageas

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participations


Belgium UK CEU Asia Diversification Insurance GA Group

242% 242% 139% 130% 138% 131% 137% 179% 186% 182% 216% 212% 278% 252%

13

Solvency IIageas Uncertainties flagged at time of IR day solved Impact around 3% on FY ‘14 Insurance Solvency IIageas


Uncertainty Treatment at time

of IR day ‘15

Bonds/loans

guaranteed by regional

Governments or local

authorities

Parking

concessions

(Interparking)

Treated as

sovereign debt

Proportional

consolidation

Liquid market thus

valued in MCBS

Own Funds

225

SCR

Own Funds

(240)

(150)

SCR

Consolidation

Ancillary services

company (Interparking)

Treatment at time

of FY ‘15 results

Treated as corporate

debt

Fully consolidated - third

party interest deducted

Concessions at zero value in

MCBS – related SCR on

intangible assets excluded

Impact on FY ‘14

Solvency IIageasIn EUR mio

0

No impact

(only impacting PIM)

Takeaways

Satisfactory end result

of Vision 2015 era

Dividend increased to EUR 1.65 -

5th consecutive share buy-back being

executed - commitment to share progress

with shareholders

Insurance Solvency IIageas

exceeds 175% target

Ambition 2018 has officially taken off

Wrap up: positive trend continued


Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information


Shareholders’ equity roll forwardUnrealized gains at historical high of EUR 3 bn or EUR 13.92 per share

In EUR mio

Shareholders’

equity per

segment

Shareholders’

equity per share

2015 return to

share-holders

FY 14 FY 15 FY 14 FY 15

Belgium 4,689 ► 4,932 Asia 2,325 ► 3,009

UK 1,127 ► 1,129 Insurance 9,188 ► 10,047

Continental Europe 1,047 ► 977 General Account 1,036 ► 1,330

6,590 7,096

2,5972,952

1,036

1,299

755 15 355

13 408 190

(329) (252)(3)

EUR 46.60 EUR 53.59

10,223

11,376

FY 14 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Reval AGput option

Forex Other FY 15

InsuranceUCG/L

InsuranceUCG/L


Tangible net equityHigh quality capital structure

10/03/2010 I page 17

EUR bn FY 14 FY 15

IFRS Shareholders' Equity 10.2 11.4

Unrealised gains real estate 0.7 0.5

Goodwill (0.8) (0.8)

VOBA (Value of Business Acquired) (0.3) (0.3)

DAC (Deferred Acquisition Cost) (0.8) (0.9)

Other (0.4) (0.4)

Goodwill, DAC, VOBA related to N-C interests 0.4 0.4

25% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 9.3 10.2

IFRS Tangible net equity/ IFRS Shareholder's Equity 91% 90%


Insurance Solvency I remains around 200%Increasing available capital up on result of the period & FX

2.5 2.5

0.4 0.4 0.6 0.6 0.7 0.8

4.2 4.4 4.2 4.4

2.2 2.6

0.5 0.4 0.5 0.41.3

1.8

4.5

5.5

0.2 0.1

4.6

5.6

4.85.1

0.8 0.8 1.1 1.0

2.02.6

8.7

9.9

8.8

9.9

FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15

In EUR bn

189% 202% 231% 213% 176% 165% 273% 327% 206% 226% 210% 228%Solvency I ratio

in %

Available capital

Required

Minimum Capital

Belgium UK CEU Asia Insurance GA Group

19

Solvency IIageas Uncertainties flagged at time of IR day solved Impact around 3% on FY ‘14 Insurance Solvency IIageas


Uncertainty Treatment at time

of IR day ‘15

Bonds/loans

guaranteed by regional

Governments or local

authorities

Parking

concessions

(Interparking)

Treated as

sovereign debt

Proportional

consolidation

Liquid market thus

valued in MCBS

Own Funds

225

SCR

Own Funds

(240)

(150)

SCR

Consolidation

Ancillary services

company (Interparking)

Treatment at time

of FY ‘15 results

Treated as corporate

debt

Fully consolidated - third

party interest deducted

Concessions at zero value in

MCBS – related SCR on

intangible assets excluded

Impact on FY ‘14

Solvency IIageasIn EUR mio

0

No impact

(only impacting PIM)

2.9 2.9

0.7 0.8 0.8 0.7 0.4 0.3(0.5)(0.3)

4.2 4.4

0.0 0.0

4.2 4.4

0.7 0.7

7.0 6.9

1.0 1.1 1.0 0.90.5 0.6

(1.7)(1.5)

7.8 8.0

1.3 1.4

9.1 9.4

1.9 1.8


20

Insurance Solvency IIageas comfortably above the 175% targetRatio stable on FY 2014 – main changes relate to materialization uncertainties

Solvency IIageas

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participations


Belgium UK CEU Asia Diversification Insurance GA Group

242% 242% 139% 130% 138% 131% 137% 179% 186% 182% 216% 212% 278% 252%

21

Bridge from IFRS equity to Insurance Solvency IIageas own funds

In EUR bn

FY ‘15


8.5

11.2

8.0

1.6

2.5

1.8

0.0

(5.2)(0.4)

(0.2)

(2.0)

(0.8)

(1.5)

3.7

12.3

Revaluation to fair value

UCG/L

22

FY ‘15 Insurance SCRageas per risk typeMarket risk up & non-diversifiable down on materialization uncertainties

In EUR vn

4.70.3

0.80.4

0.8

0.7

4.4

(1.5)(0.6)

(1.1)


Market risk

main factor in

SCR

2.8 3.0

0.6 0.9 0.7 0.6 0.4 0.4(0.3)(0.3)

4.2 4.5

0.0 0.0

4.2 4.6

0.7 0.7

7.0 6.9

1.0 1.1 1.0 0.90.5 0.6

(1.5)(1.5)

8.0 8.1

1.3 1.4

9.3 9.4

1.9 1.8


23

Solvency II PIM – As reported to regulator under Pillar I Insurance Solvency stable on FY 2014 besides announced assumption changes

Solvency II PIM

in %

In EUR bn

Belgium UK CEU Asia Diversification Insurance GA GroupNon EU

Non-controlled

participations


250% 234% 160% 125% 149% 149% 120% 158% 190% 178% 218% 206% 278% 252%

Own Funds

SCR

Annexes

Equity / Solvency

Insurance activities


General Account

General Information

In EUR mio FY 14 FY 15 Q4 14 Q4 15

Gross inflows 25,781 29,792 16% 6,316 7,023 11%

Net result Insurance 737 755 2% 158 142 (10%)

By segment: - Belgium 392 384 (2%) 70 120 70%

- UK 117 30 (75%) 38 (35) - Continental Europe 56 70 25% 13 7 (48%)

- Asia 172 272 58% 37 50 38%

By type: - Life 533 573 7% 91 147 61%

- Non-Life 154 187 21% 43 (6) - Other 49 (5) 24 1

Net result General Account (261) 15 36 29 (18%)

Net result Ageas 476 770 62% 194 171 (12%)

Earnings per share (in EUR) 2.13Earnings per share (in EUR) 3.57 68%

Life Operating Margin Guaranteed 0.89% 0.90% 0.62% 1.19%

Life Operating Margin Unit-Linked 0.20% 0.36% 0.17% 0.35%

Combined ratio 99.6% 96.8% 99.8% 102.1%

Insurance Solvency IIageas ratio 186% 182%

Insurance Solvency I ratio 206% 226%

Shareholders' equity 10,223 11,376 11%

Net equity per share (in EUR) 46.60 53.59

Insurance ROE 8.8% 7.9%


Key financials

*

* Based on 212,288,366 shares

49(5)

FY 14 FY 15

Other Life Non-Life

43(6)

24

1

Q4 14 Q4 15

6.0

6.3

FY 14 FY 15

Life Non-Life

4.9 5.6

1.41.5

6.37.0

Q4 14 Q4 15


Net result: Influenced by volatile financial markets & UK floods


Non-Life combined ratio: excellent in BE & CEU – UK December floods

Inflow*: strong growth in Life Asia & consolidated CEU – almost EUR 30 bn

In EUR bn

Total Insurance: HeadlinesRecord performance in Asia & solid results in Belgium


Life Technical liabilities: increase following top line growth in Asia

Operating margin Guaranteed: at higher end of target range

Operating margin Unit-Linked: below target range in BE & CEU


533 57391

154 187

737 755

158142

19.7 23.5

25.8

29.8

99.6% 96.8% 99.8% 102.1%0.89% 0.90%

0.62% 1.19%

0.20% 0.36% 0.17% 0.35%


In % NEP

74.8 73.6 74.1

52.258.5 61.1

FY 14 9M 15 FY 15

conso non-conso

127.0133.0 135.2

147

Inflow @ 100% Growth driven by Asia & consolidated entities in Continental Europe


EUR mio FY 14 FY 15 FY 14 FY 15 FY 14 FY 15

Belgium 75% 3,963 3,799 (4%) 1,893 1,881 (1%) 5,856 5,679 (3%)

United Kingdom 138 0 - 2,260 2,457 9% 2,398 2,457 2%

Consolidated entities 100% 138 0 - 1,728 1,905 10% 1,866 1,905 2%

Non-consolidated JV's 532 552 4% 532 552 4%

Tesco 50% 532 552 4% 532 552 4%0 0

Continental Europe 4,556 4,109 (10%) 1,071 1,048 (2%) 5,627 5,157 (8%)

Consolidated entities 1,715 2,013 17% 482 512 6% 2,197 2,526 15%

Portugal 51% - 100% 1,352 1,533 13% 264 293 11% 1,617 1,826 13%

France 100% 362 480 32% 362 480 32%

Italy 50% 217 219 1% 217 219 1%

Non-consolidated JV's 2,841 2,096 (26%) 590 536 (9%) 3,430 2,632 (23%)

Turkey (Aksigorta) 36% 590 536 (9%) 590 536 (9%)

Luxembourg (Cardif Lux Vie) 33% 2,841 2,096 (26%) 2,841 2,096 (26%)

Asia 11,079 15,585 41% 822 913 11% 11,901 16,498 39%

Consolidated entities 481 557 16% 481 557 16%

Hong Kong 100% 481 557 16% 481 557 16%

Non-consolidated JV's 10,598 15,028 42% 822 913 11% 11,420 15,941 40%

Malaysia 31% 568 571 0% 587 615 5% 1,155 1,186 3%

Thailand 31%-15% 1,744 2,311 33% 235 298 27% 1,979 2,609 32%

China 25% 8,177 11,966 46% 8,177 11,966 46%

India 26% 109 180 65% 109 180 65%

Ageas 19,735 23,493 19% 6,047 6,299 4% 25,781 29,792 16%#DIV/0! ###### ######

Consolidated entities 6,296 6,369 1% 4,103 4,298 5% 10,399 10,667 3%

Non-consolidated JV's 13,439 17,124 27% 1,943 2,001 3% 15,382 19,125 24%

Life Non-Life Total

Inflow @ Ageas’s part up 10%Strong Life growth in emerging markets – Non-Life slightly up

In EUR mio


2,972 2,849

138 0 1,999 1,961

3,260 4,474

8,368 9,283

1,420 1,410

1,995 2,181

464 596

217

235

4,096

4,422

(3%)

2%4%

35%

10%

4,392 4,259

2,132 2,181 2,463 2,556

3,476

4,709

12,464

13,705

FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15

7% positive FX impact

BE: sales Savings product down due to persisting low interest rate

UK: competitive market in Household & Motor

Non-Life

Life

Insurance net result up 2%Volatile financial markets influencing Life result – Non-Life suffering from UK floods

49(5)

49 (5)

336 281

(3)45 33

156 259

533 573

56 103

71

34

11 37

16

13

154 187

392 384

117

30 56 70

172

272

737 755

FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 FY 14 FY 15


In EUR mio

incl.≈ EUR 65 mio higher net realized cap gains in Asia

incl. ≈ EUR 75 mio lower net realized cap gains in Belgium & CEU

2014 incl. ≈ EUR 50 mio exceptional positive items in UK

2015 FX comparable with 2014 positive tax credit in BE

Non-Life

Life

Other


Insurance Combined ratio Below refined target of 97% - Q4 suffering from UK floods

Combined ratio

Improvement in all product lines - all major product lines

below 100%

Excellent combined ratio in BE & CEU

Household good performance despite UK floods –

importance of regional diversification

Q4 Combined ratio

Around 7.2% impact of UK December storms

Claims ratio

CY claims ratio (68.1% vs. 68.4%) driven by BE & CEU

PY claims ratio: benefiting from review of recovery

provision in BE (Q1) & positive run-off & less

aggravations

Expense ratio

Stable to improving in all segments

73.2% 69.0% 68.1% 64.3% 64.4% 62.2% 64.7% 68.2%

32.8%31.1% 31.0% 34.0% 35.2%

34.6%35.1%

33.9%

106.0%100.1% 99.1% 98.3% 99.6%

96.8%99.8%102.1%

(3.7%) (3.5%) (3.1%) (3.8%) (4.0%) (5.9%) (4.5%) (3.5%)

2010 2011 2012 2013 2014 2015 Q4 14 Q4 15

claims ratio expense ratio PY claims ratio

Net earned premium in EUR mio

2,858 3,507 4,178 3,749 3,843 4,038 986 1,027

78.4% 72.0% 73.6% 69.8% 69.6% 69.2%

29.0%25.3% 25.4% 29.3% 29.7% 29.0%

107.4%97.3% 99.0% 99.1% 99.3% 98.2%

2010 2011 2012 2013 2014 2015

75.0%61.9% 55.6% 51.5% 51.5% 50.4%

43.2%

41.5%41.6% 44.0% 44.6% 43.7%

118.2%

103.4%97.2% 95.5% 96.1% 94.1%

2010 2011 2012 2013 2014 2015

42.9%

67.2% 66.5% 62.4%71.2%

57.9%

41.2%

44.8% 44.9% 45.5%

50.6%

46.1%

84.1%

112.0%111.4%107.9%

121.8%

104.0%

2010 2011 2012 2013 2014 2015

74.3% 71.9% 70.5% 70.0% 67.3% 65.4%

24.8% 25.0% 25.5% 25.6% 27.0% 28.3%

99.1% 96.9% 96.0% 95.6% 94.3% 93.7%

2010 2011 2012 2013 2014 2015

Insurance Combined ratio per product lineAll product lines improving & all major lines well below 100%

Motor: excellent performance in BEAccident & Health: improving claims in all segments

Other: management actions in BE & PY claims in CEUHousehold: influence of regional diversification


NEP

NEP NEP

NEP 714 736 763 813 813 811 1,134 1,571 2,058 1,557 1,616 1,709

750 892 1,007 986 1,029 1,078 261 308 349 394 385 439

0.44% 0.43% 0.38% 0.33% 0.35% 0.34%

0.87% 0.83% 0.90%0.80% 0.83%

1.08%

(0.33%) (0.31%) (0.39%)(0.23%)

(0.57%)

(0.23%)

0.99%0.96% 0.89%

0.90% 0.62%

1.19%

2012 2013 2014 2015 Q4 14 Q4 15

0.11% 0.13%0.12%

0.17%0.16%

0.19%

0.01%

(0.02%)

0.02%

0.02%0.02%

0.37%

0.18%

0.06%

0.18%

(0.01%)

0.14%

0.48%

0.28%

0.20%

0.36%

0.17%

0.35%

2012 2013 2014 2015 Q4 14 Q4 15

Insurance Life operating margin per product lineMargins in Guaranteed at higher end of target range, UL lagging behind

Guaranteed: stable Unit-linked: increase driven by Hong Kong

Average technical liabilities (In EUR bn)

Underwriting margin up in CEU & Hong Kong

Expense & other margin increase driven by

new product mix in Hong Kong

Investment margin: volatile financial markets

leading to less cap gains & higher impairments

Underwriting margin impacted by lower risk

margin in BE

Expense improving in BE (vs. negative one-off

Q4 ‘14) & CEU – down in Hong Kong (vs.

positive one-off in Q4 ‘14)


Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

54.0 55.5 56.9 57.9 56.9 57.9 11.8 12.3 12.6 13.0 12.6 13.0

Average technical liabilities (In EUR bn)

FY 14 FY 15FY 14 FY 15


Strong net result despite EUR 60 miolower capital gainsIn EUR mio In EUR bn

Operating margin Guaranteed: lower cap gains offset by better expense result

Non-Life combined ratio: Strong FY & Q4 performance

Inflows: Continued lower sales short-term investment products

Life Technical liabilities slightly down on shadow accountingIn EUR bn

Belgium : HeadlinesStrong Life & excellent Non-Life net result despite lower capital gains


FY 14 FY 15Life Non-Life

54

9916

20

Q4 14 Q4 15

4.0 3.8

1.9 1.9

5.9 5.7

FY 14 FY 15

Life Non-Life

1.1 1.1

0.4 0.4

1.5 1.5

Q4 14 Q4 15

Q4 14 Q4 15

In % NEP

Q4 14 Q4 15FY 14 FY 15Q4 14 Q4 15

101.2% 94.7% 99.2% 96.2%

0.27%0.23%0.32%

1.31%0.56%0.86%0.87%

336281

56103

392 384

70

120

57.6 56.0 56.3

FY 14 9M 15 FY 15

Operating margin Unit-Linked: remained stable

0.30%

3,5533,308

410491

3,9633,799

FY 14 FY 15

(4%)

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor


Belgium: Inflow @ 100%Continued decreasing trend in Guaranteed partly compensated by Unit-Linked

514 491

581 576

618 625

181 189

1,893 1,880

FY 14 FY 15

(1%)

Unit-linked

Strong increase +20%

Guaranteed

Further decrease of inflows in short term investment products

partially compensated by Risk business (+14%) & Long term

savings (3%)

Group Life inflows grew further by 3%

Technical liabilities end-of-period

Decreased as result of reduced shadow accounting liabilities due

to rising interest rates - excluding shadow accounting, technical

liabilities up 0.5%

Household, Other

Slight growth in Household and Other

Accident & Health

Decrease as a result of pruning actions in Workmen's

Compensation


Belgium: Combined ratio Excellent performance reflected in best combined ratio in 10 years


Combined ratio

Combined ratio substantially below 97% target

2015 combined ratio benefited from benign weather -

2014 hailstorm impact of 2.8%

Significant improvement in all business lines except

Accident & Health

Household & Motor benefited from favourable CY & PY

result

Claims ratio

CY ratio (64.1% vs. 66.9%) improvement in all

business lines, except in Health, where appropriate

actions have been undertaken

PY ratio: Strong prior year results, driven by review of

recovery provision in Q1 & less aggravations

Expense ratio remained stable

68.7% 64.3% 62.7% 63.2% 63.5%56.9%

62.3% 58.0%

36.4%36.8% 36.8% 36.7% 37.7%

37.8%36.9%

38.2%

105.1%101.1% 99.5% 99.9% 101.2%

94.7%99.2%

96.2%

(6.6%) (7.3%) (4.5%) (3.6%) (3.4%)(7.2%)

(2.1%) (2.8%)

2010 2011 2012 2013 2014 2015 Q4 14 Q4 15


1,541 1,601 1,698 1,785 1,815 1,832 469 459

NEP

NEP

Belgium: Combined ratio per product lineHuge improvement in Motor, Household & Other

Motor: excellent performance in both CY & PY claimsAccident & Health: up on investments in Health

Household: excellent performance in both CY & PY claims Other: Positive impact of remedy actions initiated last year


75.8% 73.8% 73.0% 73.7% 70.1% 70.4%

21.9% 23.8% 24.0% 23.8% 25.4% 27.6%

97.7% 97.6% 97.0% 97.5% 95.5% 98.0%

2010 2011 2012 2013 2014 2015

71.0%58.9% 64.7% 64.7% 62.6% 56.2%

35.7%

35.3%35.8% 36.3% 37.2%

36.4%

106.7%

94.2%100.5%101.0% 99.8%

92.6%

2010 2011 2012 2013 2014 2015

75.6%63.0%

50.5% 51.4% 51.7% 43.9%

47.1%

46.9%

46.2% 45.6% 45.7%45.2%

122.7%

109.9%

96.7% 97.0% 97.4%89.1%

2010 2011 2012 2013 2014 2015

10.4%

58.2% 65.9% 66.1%87.5%

65.8%50.9%

49.5%48.1% 47.2%

47.6%

45.0%

61.3%

107.7%114.0%113.3%

135.1%

110.8%

2010 2011 2012 2013 2014 2015

NEP

NEP

451 451 480 507 504 484 498 525 540 552 562 568

463 484 530 564 579 595 129 142 149 162 170 185

Belgium Life operating margin per product lineSolid Guaranteed margin

Guaranteed: solid margin within 85-90 bps

target range

Unit-linked: slight increase


Expense &

Other

Investment

Underwriting

Expense &

Other

Underwriting

Operating result amounted to EUR 19 mio

(vs. EUR 17 mio) with slightly improving margins &

growing volumes

Average Technical Liabilities increased slightly (+4%),

driven by higher market values

Operating margin within target range despite low i-rate

Investment margin significantly down due to lower

allocated capital gains

Underwriting margin down on Risk Margin, mostly due to

changes in the mortality / morbidity

Improved Expense & other margin – 2014 impacted by

strengthening provision for future expenses

0.32% 0.32% 0.30% 0.25% 0.28% 0.25%

0.93% 0.88% 0.95%0.88% 0.83%

1.27%

(0.29%)(0.31%) (0.38%)(0.27%)

(0.55%)

(0.21%)

0.96%0.89% 0.87%0.86% 0.56%

1.31%

2012 2013 2014 2015 Q4 14 Q4 15

0.04% 0.04% (0.02%) 0.01% (0.02%)0.03%

0.44%0.38%

0.32% 0.31%0.26% 0.24%

0.47%

0.41%

0.30% 0.32%0.23% 0.27%

2012 2013 2014 2015 Q4 14 Q4 15

Average technical liabilities (In EUR bn) Average technical liabilities (In EUR bn)

44.9 46.4 47.5 48.1 47.5 48.1 5.2 5.4 5.7 5.9 5.7 5.9


Margin evolution Assets & Liabilities BelgiumYield & guaranteed rate on back book down at the same pace

Life

Back book

FY 12 FY 13 FY 14 FY 15

Guaranteed interest rate 2.89% 2.80% 2.71% 2.63%

Fixed income yield 4.03% 3.97% 3.84% 3.71%

FY 13 FY 14 FY 15

Fixed income yield 3.29% 2.89% 2.11%

Reinvested amount (EUR bn) 5.5 4.6 4.2

Loans to agencies – implicit or explicit guarantees from Belgium or its regions

Corporate & infrastructure loans

Corporate bonds > 90% investment grade

New money

Life & Non-Life


In % NEP In EUR mio


39Periodic financial Information I FY 15 Results I 17 February 2016

8960

Q4 14 Q4 15

0.1

2.3 2.5

2.4 2.5

FY 14 FY 15

Life Non-Life

0.0

0.5 0.6

0.6 0.6

Q4 14 Q4 15

(3)

49

(5)

71

34

117

30

FY 14 FY 15

Life Other Non-Life

FY 14 FY 15

99.8% 102.0%

Q4 14 Q4 15

101.4% 112.9%

FY 14 FY 15

298 265

United Kingdom: HeadlinesNet result Q4 affected by December floodsNet result: Floods impact of EUR 64 mio (vs. EUR 36 mio)

Non-Life inflows* up 9%, down 2% at constant FX

Non-Life combined ratio deterioration driven by December floods (4.2%)

Other Income: 11% down – benefit from legal settlement & capital gain in ‘14

(5)

24 1

19

38

(35)

Q4 14 Q4 15

(36)

Other result in line with last yearwhen excluding one-offsIn EUR mio

5

21

23

49

FY 14

positive one-offs in 2014

legal settlement

cap gain Protect

partnership payment

Motor

Other

Household

Accident & Health

Non-Life In EUR mio


9%

73 71

1,4691,629

492

496

226

2602,260

2,456

FY 14 FY 15

United Kingdom: Inflows @ 100%Inflows up 9% - down 2% at constant FX

Non-Life

Up 9% (2% down at constant FX) - inflow decrease slowing

down in H2

Motor up 11% (flat at constant FX) – improved in the course of

the year as market continues to apply rate increases

Household up 1% (down 8% at constant FX) – continued

competitive conditions causing market premiums to remain low

Accident & Health down 3% due to loss of key accounts

Other lines up 15% (up 4% at constant FX) driven by growth in

specialist insurance lines



81.5%74.6% 73.3%

65.6% 66.3% 69.3% 68.5%

83.4%

28.0%

25.3% 26.5%32.2% 33.5%

32.7% 32.9%

29.5%

109.5%

99.9% 99.8% 97.8% 99.8% 102.0% 101.4%

112.9%

(1.1%)0.1%

(2.1%) (4.0%) (4.6%) (4.4%)(6.9%)

(2.1%)

2010 2011 2012 2013 2014 2015 Q4 14 Q4 15


United Kingdom: Combined ratio December floods impact combined ratio by 4.2%

Combined ratio

December floods impact of 4.2%, predominantly in

Household & Other lines (commercial lines)

Accident & Health below 100%

Motor above 100% due to higher frequency &

severity of motor vehicle claims

Q4 Combined ratio

December floods impact of 16.6%

Claims ratio

CY ratio (73.7% vs. 70.9%) includes weather

impact of 4.2%

PY ratio: marginally lower than last year with higher

releases in Other lines being offset by lower Motor

releases

Expense ratio

0.8% favourable to 2014

Restatement for deconsolidation of Tesco Underwriting since 2013

948 1,524 2,083 1,562 1,613 1,751 413 450


97.9%87.7%

78.1% 76.2%66.0%

55.8%

24.0%

23.2%28.2% 34.3%

38.7%43.6%

121.9%110.9%

106.3%110.5%104.7%

99.4%

2010 2011 2012 2013 2014 2015

82.9% 79.2% 77.2% 71.9% 74.6% 76.0%

23.3%19.5% 21.3% 25.0% 25.1% 24.7%

106.2%98.7% 98.5% 96.9% 99.7%100.7%

2010 2011 2012 2013 2014 2015

77.4%61.4% 62.3%

51.4% 51.0%62.2%

38.2%

35.3% 36.7%42.4% 43.3%

43.0%

115.6%

96.7% 99.0%93.8% 94.3%

105.2%

2010 2011 2012 2013 2014 2015

75.1% 71.6% 67.7% 59.8% 56.0% 55.5%

30.4% 39.3% 42.1%44.4% 54.3% 47.8%

105.5%110.9%109.8%

104.2%110.3%

103.3%

2010 2011 2012 2013 2014 2015

United Kingdom: Combined ratio per product lineImproved claims ratio in A&H – better expense ratio in Other lines

Accident & Health: Improved claims & increased

commission ratio

Motor: Higher frequency & severity of motor

vehicle claims

Household: greater impact of floods than last

year

Other: Continued operational improvement & lower

project costs offset by December floods

Restatement for deconsolidation of Tesco Underwriting since 2013

NEP

NEP NEP

NEP

58 65 57 79 71 72 532 949 1,420 907 958 1,047

248 366 434 374 399 413 110 143 173 202 185 220

Net profit NL up: COR & scope change – Life down: lower investment results

Non-Life combined ratio excellent: benign weather & lower claims

227% 210% 207%

Inflows*: up in all entities except Luxembourg & Turkey

Continental Europe: Headlines Solid operating performance partly offset by lower investment result

**

Operating margin Guaranteed: nicely within target range


Life Technical liabilities up 5%, mainly in Luxembourg

Operating margin Unit-Linked: lower fee income

4533

11 37

56

70

FY 14 FY 15

Life Non-Life

103

4

4

13

7

Q4 14 Q4 15

4.6 4.1

1.11.0

5.65.2

FY 14 FY 15

Life Non-Life

1.1 1.0

0.3 0.3

1.3 1.3

Q4 14 Q4 15


92.1% 85.4%96.3% 83.5%

0.70% 0.88% 0.73% 0.50%

0.10% 0.07% 0.10%


14.5 14.6 14.6

17.3 18.4 18.8

31.8 33.0 33.4

FY 14 9M 15 FY 15

conso non-conso

0.08%

In EUR mio In EUR bn In EUR bn

In % avg technical liabilities In % avg technical liabilitiesIn % NEP

2.849

2.085

1.707

2.024

4.556

4.109

FY 14 FY 15

337 348

354 289

199221

183 191

1.071 1.048

FY 14 FY 15

Accident & Health

Motor

Unit-Linked

Guaranteed

(10%)

Other

Household

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflow @ 100%Consolidated inflows up, down in JV’s reflecting strategic choices

(2%)


Life

Inflows including non-controlling interests @ 100%, down 10%,

reflecting lower sales in Luxembourg

Consolidated inflows up 17%

Portugal: up 13% - driven by new Savings & Pension products &

very good UL sales in Q4

France: up 32% - strong contribution from broker network

Luxembourg: down 26% due to voluntary limitation of underwriting

of Guaranteed products

Technical liabilities end-of-period

Including non-consolidated JVs @ 100%: EUR 33.4 bn, up 5%

Consolidated stable at EUR 14.6 bn

Non-Life

Inflows consolidated entities up 6% driven by an excellent

performance in Portugal (+11%), strongly outperforming the market

Turkey inflows at EUR 536 mio, down 9% (down 5% at constant

FX) as result of strategic shift towards more profitable growth

business (reduction in Motor Third Party Liability) & fierce

competition in Motor Own Damage

A&H & Motor remain major business lines in portfolio


Continental Europe: Combined ratio Excellent combined ratio well below 97%


Combined ratio

Combined ratio significantly lower thanks to

favourable claims experience

Combined ratio Turkey at 109.7% affected by

bad weather, poor Motor TPL results & reserve

strengthening following changes in legislation

(increase of minimum wages by 30%)

Q4 Combined ratio

Improved claims ratio driven by new distribution

channels

Claims ratio

CY ratio (62.3% vs. 65.6%) decrease driven by

Household in Portugal benefiting from benign

weather

PY ratio driven by release provision for PY

claims in Portugal & positive run-off in Italy

Expense ratio

Continued focus on cost containment

369 382 397 403 415 454 105 118

71.0% 66.4% 63.6% 63.7% 61.3%55.9%

61.1%49.8%

30.3%30.3%

29.8% 30.0% 30.8%

29.5%

35.2%

33.7%

101.3%96.7%

93.4% 93.7% 92.1%85.4%

96.3%

83.5%

1.9%(2.0%) (2.5%) (4.0%) (4.3%) (6.5%) (5.5%) (5.8%)

2010 2011 2012 2013 2014 2015 Q4 14 Q4 15


Continental Europe: Combined ratio per product lineExcellent combined ratio in all product lines except Motor

Motor: deteriorated due to less favourable CY & PY claims Accident & Health: improved claims & less expenses

Household: a.o. benign weather compared to last

year, positive impact of portfolio growth

Other: claims low thanks to release provision on PY claims


205 220 226 227 238 255

64.2% 63.5% 63.3% 59.7% 61.9% 58.8%

31.6% 27.8% 28.2%26.6% 26.7% 25.2%

95.8%91.3% 91.5%

86.3% 88.6%84.0%

2010 2011 2012 2013 2014 2015

90.5%71.8% 69.8%

79.3%60.1%

71.5%

27.0%

29.2% 28.1%29.2%

31.6%

32.3%

117.5%

101.0% 97.9%108.5%

91.7%

103.8%

2010 2011 2012 2013 2014 2015

104 97 99 99 96 94

NEP

NEP NEP

NEP

53.5% 53.7% 51.8% 53.5% 54.0%36.1%

27.7% 34.2% 33.5%38.8% 40.3%

35.9%

81.2%87.9% 85.3%

92.3% 94.3%

72.0%

2010 2011 2012 2013 2014 2015

73.3%94.5%

62.8% 59.6%72.3%

31.7%

39.0%

50.0%

43.3% 43.7%

45.1%

40.8%

112.3%

144.5%

106.1%

103.3%

117.4%

72.5%

2010 2011 2012 2013 2014 2015

39 42 44 48 51 70 21 23 28 29 30 35

Continental Europe Life operating margin per product line

Guaranteed: operating margin improving –

within target range

Unit-linked: decreasing expense & other

margin


Decreased expense & other margin related to less fees Investment margin decreased due to lower

investment income

Underwriting margin increased due to better risk

margin (PY impacted by reserve strengthening in

annuity business)

Expense & other margin strong improvement in

expense margin

Investment

Expense &

Other

Underwriting

Expense &

Other

Investment

Underwriting

1.18% 1.06% 0.95% 1.00% 1.00% 1.02%

0.69%0.68% 0.77% 0.59%

1.18%

0.25%

(0.85%)(0.83%)(1.02%)

(0.71%)

(1.46%)

(0.77%)

1.02%0.91% 0.70%

0.88%

0.73%

0.50%

2012 2013 2014 2015 Q4 14 Q4 15

0.02%

0.01%0.01%

0.02% 0.01%

0.03%

0.01%

(0.05%)

0.01% 0.03%0.02%

0.41% 0.51%

0.09% 0.04% 0.04%

0.05%

0.44%

0.47%

0.10% 0.07%0.08%

0.10%

2012 2013 2014 2015 Q4 14 Q4 15


7.8 7.6 7.7 8.0 7.7 8.0 6.1 6.3 6.2 6.1 6.2 6.1

16

13

FY 14 FY 15

Life Non-Life

26 48

4

6

30

54

Q4 14 Q4 15

0.8

0.9

FY 14 FY 15

Life Non-Life

Net result: incl. ≈ EUR 65 mio more net capital gains & FX impactIn EUR mio In EUR bn

Non-Life combined ratio up mainly from higher incurred claims in Malaysia

Inflow* growth fuelled by China & Thailand

Life Technical liabilities up following top line growth In EUR bn

Asia: Headlines Excellent net profit driven by exceptional result in China


In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: lower New Business strain in UL

Result non-conso partnerships: strong result in China & Thailand

Q4 14 Q4 15FY 14 FY 15Q4 14 Q4 15FY 14 FY 15

89.9% 91.1% 89.9% 86.9%

1.90% 2.12% 2.58% 1.48%

In % NEP


172

153

137 236

11.1 15.6

16

13

FY 14 FY 15

Life Non-Life

2.8 3.0 3.2

34.940.1 42.3

37.7

43.145.5

FY 14 9M 15 FY 15

conso non-conso

156

259

3345

4

637

51

Q4 14 Q4 15

2.73.4

0.2

0.22.9

3.6

Q4 14 Q4 15

16.5

11.9

272

249

10.743

15.267

336

318

11.079

15.585

FY 14 FY 15

+41%

+11%

Household

Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked

Asia: Inflow @ 100%Strong growth new business, boosted by successful sales campaigns

Accident & Health

Other


Life inflows up 41% (up 21% @ constant FX)

New business premiums up 25% with EUR 3.7 bn single premium

(+14%) & EUR 3.2 bn regular premium (+40%).

Renewal premiums up to EUR 8.7 bn (+56%) benefiting from last

year’s strong sales & continued good persistency

Hong Kong +16% - market impacted by new regulations mainly in

Broker channel

China +46% - High persistency ratio & New business up 29% with very

successful sales campaigns

Malaysia stable - difficult economic environment & competitive market

impacted sales

Thailand +33% - New business up 22%; strong performance in regular

premium in both bank & agency channel

India +65% - Good performance in bank channel with strong focus on

group retirement product & single premium UL

Technical liabilities – end-of-period

Hong Kong : EUR 3.2bn, up 15% vs FY 2014

Including non-consolidated JVs @ 100%: EUR 45.5bn, up 21%

Non-Life inflows up 11% (up 7% @ constant FX)

Malaysia +5% - Mainly driven by Motor & MAT

Thailand +27% - All product lines growing; especially Motor &

Personal Accident82 96

360420

104108

276

289

822913

FY 14 FY 15

Hong Kong Life operating margin per product lineChange in product mix supporting expense margins

Guaranteed: operating margin slightly down but

still well above target range

Unit-linked: lower new business strain


Underwriting margin: up on higher surrender

margin

Expense & Other margin improved significantly

following shift towards products with lower new

business strain

Underwriting margin: improvement in surrender

margin partly offset by less favourable claims

Investment margin: lower realised capital gains

Expense & Other margin: Q4 2014 included EUR 6

mio positive one-off related to methodology review

Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

(0.15%)(0.32%) (0.47%) (0.43%)

(0.14%) (0.13%)(0.11%)

0.27%0.11%

(0.33%) (0.76%)

(0.45%)

2.52%

4.19%

3.13%2.65% 4.48%

1.56%

2.26%

4.14%

2.77%

1.89%

3.67%

0.98%

2012 2013 2014 2015 Q4 14 Q4 15

2.13% 2.15% 2.07% 2.23% 2.71% 2.25%

0.20% 0.17%

0.22%

0.15%

(0.95%)

(5.01%)(2.06%)

0.17%

(2.33%)

0.08%1.18% (2.86%)0.21%

2.57% 0.49%2.48%

2012 2013 2014 2015 Q4 14 Q4 15


1.3 1.3 1.4 1.9 1.4 1.9 0.5 0.6 0.7 0.9 0.7 0.9

Annexes

Equity / Solvency



General Account

General Information


In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized cost

Investment portfolio UG/L on fixed income reduced as result of higher interest rates

Asset mix*

Asset allocation remained stable

Decreased market value in bond portfolio because of

higher interest rates & maturing bonds

Gross unrealized gains/losses on Available for Sale

Total portfolio: down to EUR 7.6 bn (EUR 9 bn FY 14);

exclusively down in fixed income

Fixed income: down to EUR 7.1 bn (EUR 8.5 bn FY 14)

Sovereigns at EUR 5.5 bn (vs. EUR 6.1 bn)

Corporates at EUR 1.6 bn (vs. EUR 2.4 bn)

Equities: stable at EUR 0.5 bn

Part of UG/L are allocated to technical liabilities via shadow

accounting

Gross UG/L on Real Estate: stable at EUR 1.5 bn - not

reflected in shareholders’ equity

EUR 2 bn unrealized gains/losses on Held to Maturity -not reflected in shareholders’ equity

Treasury bills0.1

Sovereign bonds 37.5

Sovereign bonds 36.4

Corporate bonds26.5

Corporate bonds25.9

Structured0.3 Structured

0.2

Loans 6.1 Loans 7.3

Equities 3.8 Equities 3.9

Real Estate 5.0 Real Estate 5.4

Cash 2.5 Cash 2.4

81.8 81.5

FY 14 FY 15

In EUR bn

Sovereign bond portfolio*

Sovereign & Corporate bond portfolioValue sovereign bond portfolio impacted by unrealized gains evolution


Corporate bond portfolio*


GermanyGermany

Southern EuropeSouthern Europe

Gross UG/L at EUR 5.5 bn (vs. EUR 6.1 bn)

94% investment grade; 88% rated A or higher

Maturity sovereign bond portfolio stable & close to

maturity liabilities – duration gap close to zero - limited

interest rate sensitivity

Gross UG/L down to EUR 1.6 bn (vs. EUR 2.4 bn)

Priority to investment grade industrials has led to

increased share of non financials within corporate

bond portfolio of 52% (vs. 48% FY 14)

Credit quality remains very good with 95% investment

grade; 65% rated A or higher

Belgium19.2

Belgium18.2

France 6.2France 6.0

4.24.5

Austria 2.8Austria 2.8

1.31.3

Others 3.9Others 3.7

37.536.4

FY 14 FY 15

Banking 5.1 Banking 4.7

Other financials 1.6

Other financials 1.7

Non Financials

12.8

Non Financials

13.6

Government related 6.9

Government related 6.0

26.5 25.9

FY 14 FY 15

In EUR bn

Loan portfolio (customers + banks)*

Loan & Equity portfolioMore loans with guarantee


Equity portfolio*


Increase in other: long term lending to social housing

agencies in Belgium benefiting from explicit guarantee by

the region up

Gross UG/L stable at EUR 0.5 bn

Increase in equity portfolio supported by

investments & equity markets

Loans to banks 1.1

Loans to banks 1.1

RE 0.2 RE 0.4

Infrastructure0.2

Infrastructure0.3

Mortgages 1.5Mortgages 1.3

Other 3.1

Other 4.2

6.1

7.3

FY 14 FY 15

Equities 2.2Equities 2.5

Equity funds0.2

Equity funds0.3

RE funds 0.6

RE funds 0.6

Mixed funds & others 0.8

Mixed funds & others 0.6

3.8 3.9

FY 14 FY 15


Real estate portfolio

10/03/2010

In EUR bn

Real Estate portfolio*

* All assets at fair value except the ‘Held to Maturity’ assets, loans & real estate which are valued at amortized cost

Investment Warehouses

RE DevelopmentInvestment

Warehouses

RE Development

Gross UG/L stable at EUR 1.5 bn (not reflected in

shareholders’ equity but contributing to available capital for

solvency calculation)

Real Estate exposure mainly in Belgium

Investment Offices 1.8

Investment Offices 2.1

Car Parks1.1

Car Parks1.1

Investment Retail 1.3

Investment Retail 1.5

0.3

0.30.4

0.45.05.4

FY 14 FY 15

Annexes

Equity / Solvency



General Account

General Information

2743

Q4 14 Q4 15

65

FY 14 FY 15

13 17

39

53

52

70

FY 14 FY 15

Staff & Intercompany Operating

(467) (445) (402)

38 33 41

(130) (132)(133)

FY 14 9M 15 FY 15

RPN(i) RPI FortisEffect

Net result driven by revaluation RPN(i)In EUR mio

Accounting value of remaining legacies

General Account: Headlines Impacted by revaluation RPN(i) liability

57

Accounting value put option

In EUR mio

In EUR mio

Q4 14 Q4 15

RPN(i): positive P&L impact on lower CASHES & higher share price Ageas

Staff & Operating expenses up

Net cash position: down on SBB & establishment Intreas

24

1015

12

19

Q4 14 Q4 15

In EUR mio

In EUR mio

In EUR bn

36


FY 14 FY 15

15

(261)

(97)

29

1.61.4 1.3

0.30.3

0.3

1.91.7

1.6

FY 14 9M 15 FY 15

net cash liquid assets

FY 14 9M 15 FY 15

(1,391) (1,064)(1,095)


Roll forward net cash position General AccountCash down on investments in business & buy-back

In EUR bn

EUR 1.55 dividend per share paid out in May 2015

– paid dividend & holding costs compensated by dividend upstream from operating

companies on FY basis

Amount share buy-back executed in ’2015 includes EUR 85 mio from 2015 SBB &

EUR 165 mio from 2014 SBB

– another EUR 48 mio spend as per 15/02/2016

M&A relates to acquisition creation of Intreas (EUR 100 mio) & new JV in The Philippines

Liquid assets

1,637

1,308

(250)

(329)

(129)(100)

(31)454

76 275

296

1,913

1,604

FY 14 Sharebuy-back

Dividend Upstream Capitalrestructuring

M&A Regional& HQ

expenses

Other FY 15

Net cash


Status on various legal procedures Administrative & criminal proceedings*

AFM I : final - fine imposed

FSMA: Court of appeal reduced original fine

20082007

May/June 08

Communication re solvency & EC

remedies

September -

October 08

Rescue operations & Split

up of Fortis Group,

spread over 2 WE’sAugust 07

Communication Q2 figures

AFM II : final - acquittal

September 07

Capital increase, Prospectus,

Communication about subprime

exposure

May 07

Press release re bid on ABN AMRO

January 08

Press release on subprime & solvency

Criminal Investigation: referral to court asked for 7 individuals - additional investigation being terminated -

awaiting prosecutors decision on referral

Administrative proceedings

Criminal proceedings

* For a complete overview of all legal procedures, please check the contingent liabilities in the Interim Financial Statements


Status on various legal procedures Civil proceeding initiated by (associations of) shareholders

20082007

September - October 08Split up of Fortis Group, spread over 2 WE’s

May – September 07Press release re bid on ABN AMROCommunication Q2 figuresCapital increase, Prospectus, Subprime

January – June 08Press release on subprime & solvencyCommunication re solvency & EC remedies

Enterprise Court (Ondernemingskamer) re certain facts relating to 2007-2008, Final judgement 06/12/13 mainly in favour plaintiffs

Stichting Investor Claims Against Fortis (SICAF) against Ageas ML & BNPPF; 2° proceeding also against board members & executives, awaiting Supreme Court ruling preliminary procedural questions

Deminor against ageas & 2 banks; interim judgment 28/4/14 ruling +/- 25% claimants not eligible; hearing scheduled Sep/Oct 2016

BE – 2 claimants against ageas: awaiting decision consolidation with Deminor

Mr. Lenssens representing several claimants against ageas, 1 bank, Belgian state & several executives, suspended pending criminal proceedings

Stichting FortisEffect against ageas & Dutch state; Judgement partly in favour of plaintiffs, Supreme Court appeal filed

NL - 1 shareholder claiming damages referring to FortisEffect judgment; hearing scheduled March 2016

Mr.Modrikamen against ageas, Belgian state & 2 banks; Interim judgement 05/11/14 ruling +/- 50% claimants not eligible, pleadings ongoing – Supreme

court 23/10/15: no competence re Dutch defendants

Mr. Arnauts representing several claimants against ageas & 2 banks; suspended pending criminal proceedings

VEB collective action against ageas, former directors / executives & banks; hearings scheduled March 2016

Mr. Bos representing 7 shareholders against ageas, board members & executive; 1° instance mainly in favour of claimants, appeal filed, exchange of written arguments

NL 5 separate proceedings – Mr. Meijer representing in each case 1 claimant against ageas, hearings 2 procedures scheduled March 2016

NL 1 claimant against ageas & one Fortis executive: exchange of written arguments on the merits

Patrinvest - professional investor re damages following rights issue, judgment 01/02/16 in favour of Ageas


Best estimate of timings as of to dateImpossible to provide accurate timing for next steps in legal proceedings

01/02/2016 First half 2016 Second half 2016

First instance

Pleadings

VEB

Mr. Modrikamen

NL - 2 separate proceedings – Mr. Meijer

NL- 1 shareholder

Deminor

Judgment on the merits

Patrinvest :judgment

in favour of Ageas

Mr. Modrikamen

NL - 2 separate proceedings – Mr. Meijer

NL- 1 shareholder

VEB

Appeal

Pleadings Mr. Bos

Judgment on the merits Mr. Bos

Supreme Court

Judgment FortisEffect

Other Criminal case: prosecutor to take

decision on referal


Main characteristics Hybrids Leverage optimized at holding level & at AG Insurance

In EUR mio Ageas

AgeasfinluxFresh

Ageas HybridFinancingHybrone

Fixed-to-Floating Rate

Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Fixed Rate Reset Dated

Subordinated Notes

CASHES

% 3m EUR + 135 bps 5.125% 5.25% 6.75% 3.5% 3m EUR +200 bps

Amountoutstanding

1,250 95 450 550 USD 400 1,110

ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE6277215545 BE0933899800

Call dateUndated,

strike 315.0 mandatory 472.5

Jun 16Step up to 3M

Euribor +200 bps

Jun 24Step up to 3M

Euribor +413 bps

Mar 19 Step up to 6yr USD

swap + 533 bps

June 2027Step up after 12 years of 100bps

Undated, strike 239.4,

mandatory 359.1

OtherOn lent to AG

Insurance

Subscribed byAgeas & BNP Paribas Fortis

Public issue Public issue

Coupon served by FBB, trigger ACSM

linked to Ageas dividend

Market Price (31/12/15)

63.18 101.55 111.76 105.25 91.53 75.70

Fortis Bank (now BNP PF)

AG Insurance (Belgium)

Annexes

Equity / Solvency



General Account

General Information

situation 31/12/2014 situation 31/12/2015 situation 12/02/2016

Total Issued Shares 230,996,192 223,778,433 223,778,433

Shares not entitled to dividend nore voting rights 16,229,514 16,086,350 17,280,090

1. TREASURY SHARES Share buy-back 7,217,759 7,207,962 8,401,702

FRESH 3,968,254 3,968,254 3,968,254

Other treasury shares 399,597 266,230 266,230

2. CASHES 4,643,904 4,643,904 4,643,904

Shares entitled to dividend & voting rights 214,766,678 207,692,083 206,498,343

Cancellation bought back

shares + new buy back


Total number of outstanding shares

Cancellation

bought back shares

buy back


Shareholders structure

Based on number of shares as at 12 February 2016 (closing)

Ageas5.65%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers Identified retail

investors19%

Identified institutional investors

48%

Otherinvestors

9%

Based upon press release 15 February 2016

Based upon the number of shares mentioned in the notification received 6 May 2013

Based upon the number of shares mentioned in the notification received 17 March 2014

Based upon the number of shares mentioned in the notification received 14 December 2015

Based upon the number of shares mentioned in the notification received 14 July 2015

Estimate by

Estimate by

Ageas

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Identified retail investors

Identified institutional investors

66

Financial calendar 2016


17 February

FY 2015 results

19 May

3M 2016 results

27 April

Ordinary & Extraordinary

shareholders’ meeting

Brussels

9 May

Ex-dividend date

18 March

Annual report 2015

Embedded Value Report 2015

11 May

Payment 2015 dividend

10 August

6M 2016 results

16 November

9M 2016 results


RatingImproved rating for Belgium & UK

S&P MOODY'S FITCH

Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable

entities Last change 06/11/15 27/11/15 10/12/13

unsollicited

Ageas Insurance Limited A / stable A+ / stable

Last change 06/11/15 30/03/15

Ageas Insurance Co. (Asia) Baa1 / stable A- / stable

Last change 16/01/13 02/09/15

Muang Thai Life BBB+ / stable A- / stable

Last change 29/12/10 16/06/15

Etiqa Insurance Berhad (Malaysia) A / stable

Last change 25/09/11

Holding ageas SA/NV BBB / stable Baa3 / negative* A- / stable

Last change 06/11/15 10/03/15 31/07/15

unsollicited

* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.

Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.


Disclaimer

Certain of the statements contained herein are statements of

future expectations and other forward-looking statements that are

based on management's current views and assumptions and

involve known and unknown risks and uncertainties that could

cause actual results, performance or events to differ materially

from those expressed or implied in such statements. Future actual

results, performance or events may differ materially from those in

such statements due to, without limitation, (i) general economic

conditions, including in particular economic conditions in Ageas’s

core markets, (ii) performance of financial markets, (iii) the

frequency and severity of insured loss events, (iv) mortality and

morbidity levels and trends, (v) persistency levels, (vi) interest rate

levels, (vii) currency exchange rates, (viii) increasing levels of

competition, (ix) changes in laws and regulations, including

monetary convergence and the Economic and Monetary Union, (x)

changes in the policies of central banks and/or foreign

governments and (xi) general competitive factors, in each case on

a global, regional and/or national basis. In addition, the financial

information contained in this presentation, including the pro forma

information contained herein, is unaudited and is provided for

illustrative purposes only. It does not purport to be indicative of

what the actual results of operations or financial condition of

Ageas and its subsidiaries would have been had these events

occurred or transactions been consummated on or as of the dates

indicated, nor does it purport to be indicative of the results of

operations or financial condition that may be achieved in the

future.


Investor Relations

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Investor Relations