Ageas in AsiaFilip Coremans

CFO Ageas Asia (CRO Ageas as of 1 July 2014)

Ageas Club 26062014

Active in 12 countries in Europe & Asia

Portugal - 51%Life: € 1,486 mio

Non-Life: € 251 mio

UK – 100%Life: € 108 mio

Non-Life: € 2,176 mio

France - 100%Life: € 351 mio

Italy - 25%Non-Life: € 211 mio India - 26%

Life: € 108 mio

ThailandLife – 31%: € 1,476 mio

Non-Life– 15%: € 214 mio

China - 25%Life: € 6,397 mio

Malaysia - 31% Life: € 594 mio

Non-Life: € 552 mio

Belgium - 75%Life € 4,101 mio

Non-Life: € 1,855 mio

Hong Kong - 100 %Life: € 485 mio

Luxembourg- 33%Life: € 2,252 mio

* Inflow included non-consolidated partnerships @ 100%

Turkey - 36%Non-Life: € 602 mio

Situation on 31 December 2013

2

Hong Kong (2007)– Net investment of EUR 686m

composed of EUR 761m investments and EUR-74m dividends

– Self-supporting– Dividend paying since 2013

China (2001)– Net investment of EUR 390m composed of EUR

397m investments and EUR-7m divestments – Additional capital injections not excluded in next 3

years (2014-16) due to aggressive business plan and Greenfield Taiping e-Commerce

Malaysia (2001)– Net investment of EUR 148m

composed of EUR 203m investments, EUR-36m redemptions and EUR-18m dividends

– Self-supporting– Entered dividend-paying mode in

2011

Thailand (2004)– Net investment of EUR 9m composed

of EUR 62m investments, EUR-17m dividends and EUR-36m divestment

– Dividend-paying since 2010

Our Investments in Asia to dateTotal net invested capital of EUR 1.3 billion

India (2008)– Net investment of EUR 34m– Greenfield; funding requirements

function of growth– First profit recorded in 2012

Ageas Club 26062014 3

IDBI Federal (India) (26%)

• Gross inflows: € 108 million • Technical Liabilities: € 322 million • Net Profit: € 1.9 million • Staff: 2,369• Agents: 9,664• Bank branches: 2,181• Market position: #16 (in terms of new business)

Zooming in on our Asian Insurance Activities

Muang Thai (Thailand) (31% Life, 15% Non-Life)

• Gross inflows: € 1.69 billion (Life: € 1.48b; Non-Life: € 214m)

• Technical Liabilities (Life): € 3.55 billion • Net Profit: € 48.3 million • Staff : 2,988• Agents: 27,513• Bank branches: 1,190• Market position:

Life #2 (in terms of total gross inflows)Non-Life #5 (in terms total gross inflows)

Taiping Life (China) (24,9%)

• Gross inflows: € 6.40 billion• Technical Liabilities: € 17.94 billion • Net Profit: € 26.5 million • Staff: 25,648• Agents: 112,796• Bank branches: 27,847• Market position: #7 (in terms of total gross inflows)

Ageas Insurance Company Asia (Hong Kong) (100%)

• Gross inflows: € 485 million • Technical Liabilities: € 1.97 billion • Net Profit: € 37.8 million • Staff: 370• Agents: 2,715• Market position: #10 (in terms of new business)

Mayban Ageas (Malaysia) / eTiQa (30,95%)

• Gross inflows: € 1.15 billion (Life: € 594m; Non-Life: € 552m)

• Technical Liabilities (Life): € 4.13 billion • Net Profit: € 43.7 million• Staff: 2,265• Agents: 14,266• Bank branches: 423• Market share:

Life - #5 (in terms of new business)Non-Life - #2 (in terms of net premiums)

Ageas Asia Region for 2013

• Gross inflows: € 9.8 billion • Technical Liabilities: € 28 billion • Net Profit: € 142 million • Staff: 33,640 – 418 Ageas staff• Agents: +/- 167,000• Bank branches: +/- 32,000

*Gross inflow and Funds under Management are at 100%Ageas Club 26062014 4

Ageas Club 26062014

Active under many local brands with solid market positions

Italy

UK

Portugal

Malaysia

China

# 7 Life

> 100,000 agents

India

Belgium# 1 Life 27%

# 2 Non-Life 16%

Portugal

# 1 Life

Italy# 1 Bancassurance

Non-Life

Malaysia #2 Non-Life

#5 Life

#1 in Islamic insurance

Thailand

# 2 in Life (#1 New Business),

# 5 in Non-Life

Turkey

# 4 Non-Life

*

Par

tner

s

Dis

trib

utio

n co

mpa

nies

UK - # 2 Motor

3.6 million Motor policies

Largest Belgian RealEstate Group

EUR 6.1 billion

Situation on 31 December 2013

5

Partnerships are in our DNAIn all our partnerships we strive to…

… select the right partners “understanding partner needs and whether we have the right solution is more productive in the short and long term

… focus on the strategic, not the tactical rationale

“we focus on alignment of core competencies

… base cooperation on customer need, not short term product sales

“quick returns and inflated commissions are unstable. Creating the platform for a wider deeper relationship results in the partner having no reason to go elsewhere for their insurance needs

… build on long term loyalty, not on financial return only

“a pure financial motivation will never result in long term partnership that is mutually rewarding. Ability to evolve and be flexible creates more value

Ageas Club 26062014 6

IDBI Federal (India) (26%)

IDBI Bank • Government linked retail and corporate bank

with a very strong nationwide brand and solid relationships with both RBI and IRDA

• Midsize listed bank with 1.129 branches, € 40 billion balance sheet total and € 2,2 bn market capitalisation

• Its corporate relationship portfolio is second-to-none in India

Zooming in on our Asian Joint Venture Partners

Taiping Life (China) (24,9%)

• China Taiping Group (CTG) is a Central Government Enterprise with strong relationships with the Ministry of Finance and the insurance regulator CIRC

• CTG’s principal unit is listed in Hong Kong with a market capitalisation of € 3,1 bn; this listed entity is the majority shareholder in TPL and TPAM

Mayban Ageas (Malaysia) / eTiQa (30,95%)

• Maybank, top tier listed bank with over 400 branches, € 123 bn balance sheet total and over € 20 bn market capitalisation

• #1 bank in Malaysia with both top positions in retail and corporate banking and outspoken regional/international ambitions

Muang Thai (Thailand) (30.87% Life, 14.87% Non-Life)• Kasikorn Bank, top tier listed bank with 1.001 branches, €

51 billion balance sheet total and € 10,7 billion market capitalisation

• Former Thai Farmer Bank, solid #3 retail bank with strong enterprise network.

• Lamsam family, a leading and very successful family with extensive business interests and connections

Federal Bank• Small to midsize listed bank with 1.124 branches,

€ 10,2 bn balance sheet total and € 1,35 bn market capitalisation

• Private, listed regional retail bank with dominant market position in South India/Kerala.

Ageas Club 26062014 7

3,303 3,959 5,620 6,722

7,935 8,896 9,524 11,536

16,947

20,617

24,403 27,920

2008 2009 2010 2011 2012 2013

FUM at Ageas' Stake FUM at 100%

8.6

90.6 93.5

(64.1)

128.5 142.3

8.6

59.168.1

21.5

136.6 142.3

2008 2009 2010 2011 2012 2013

Reported net profit Net profit excluding Extraordinary

1.1 1.31.9 1.9

2.42.93.3

4.1

6.1 6.2

7.9

9.8

2008 2009 2010 2011 2012 2013Inflow at Ageas' Stake Inflow at 100%

Evolution of Performance in AsiaAgeas’s growth engine

Evolution Gross Inflow (x Euro billion) Evolution Net Profit – Ageas’s part (x Euro million)

Technical Liabilities (x Euro million)

CAGR +24% (at 100% FUM)

Net Book Value per country (x Euro million)

CAGR +24% (at 100% inflow)

Ageas Club 26062014 8

Asia has become a significant contributor to Ageas’s results

Belgium38%

UK17%

Continental Europe

20%

Asia25%

Gross Inflow (@ Ageas stake)

Belgium51%

UK15%

Continental Europe

12%

Asia22%

Net Profit

Belgium56%

UK3%

Continental Europe

14%

Hong Kong27%

VANB

Belgium48%

UK15%

Continental Europe

16%

Asia ex Hong Kong11%

Hong Kong10%

Shareholders'equity

Ageas Club 26062014 9

(USDmn)

19,505

1,247

14,862

8,336

7,227 7,164

5,688

4,456 4,350 4,243

2,815 2,8042,189

1,056

Prudential(UK)

Zurich AIA Allianz Ageas HSBC BNP ParibasCardif

Manulife MetLife AXA Aviva Sun Life Standard Life FWD

China Hong Kong India Indonesia South Korea Malaysia Philippines Singapore Taiw an Thailand Vietnam

Ageas Club 26062014 10

Leading international Life insurers premium income (Asia, exl-Japan)

# 1 #2 #3 #4 #5 #6 #7 #8 #9 #11#10 #12 #13 #14

Source: Towers Watson

Premiums are shown on a 100% basis

Ageas Club 26062014 11

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

5 25 125 625 3,125

North America

Western Europe

South Korea

Singapore

Hong Kong

Taiwan

MalaysiaThailand

China

Asia (ex Japan)

IndonesiaVietnam

India

Philippines

Premium penetration(% of GDP)

Premium per capita (USD)(Log scale)

Significant growth potentialLife insurance

Penetration vs. Life Premium per capita (2012)

Source: Swiss Re, Sigma Report, no. 3/2013

Building AsiaHans De Cuyper

CFO AG Insurance (former CEO Maybank Ageas Holding)

INV

ES

TOR

DA

YIN

VE

STO

R D

AY

Hong Kong (2004-2007): the early days of Ageas in Asia

• Joined Ageas Group in 2004 for the opportunity to build insurance presence in Asia• Insurance Management Division to create support functions for our partnerships

• Product Management • Risk Management• Corporate Governance• Bancassurance Distribution• Direct Marketing• Investment Management and ALM

• Through multiple enablers• Local visits and trainings• Drafting of manuals and guidelines• Study visits to Ageas’ established entities in Europe• Conferences• Participation in Risk Committees, Investment Committees, Audit Committees,….

Ageas Club 26062014 13

The chemistry of our success in Asia…

• Build on trust

• First support, then control

• Strong cultural flexibility

• Stay humble, let others glorify from your expertise

• Active participation by top management in the Board

• Continuously innovate your support

• Local player

Ageas Club 26062014 14

2007-2010: the creation of Etiqa in Malaysia

Growing by leveraging on the strength of the two

partners

Maybank’s Strengths:• Malaysia’s largest financial services group Strong financial position• Offers an array of financial services ranging from retail banking,

corporate banking, merchant banking, offshore banking, asset management etc.

Ageas’ Strengths:• An international group, a leader in the fields of insurance, investment and

bancassurance • Offers a broad range of financial services through various distribution

channel

Ageas, one of the largest providers of insurance in Europe entered into a joint venture with Maybank, the biggest financial services group in Malaysia to

develop bancassurance in Malaysia

Specifically, Ageas was brought into for their contribution mainly in 2 areas: • Developing bancassurance business, i.e. to bring successful bancassurance products into Malaysia• Transferring business know-how, technology and capabilities, both insurance-specific and

general management

Ageas Club 26062014 15

2010-2013: CEO of Etiqa Insurance & Takaful

The Brand Promise

“Humanizing Insurance & Takaful”

Insurance and Takaful is about helping people, helping them to protect their assets, maintain

their Lifestyle and build a better future.

In everything we do, we keep things as simple as possible, we deliver on our promise and

we place people over policies.

That's how we humanize insurance and Takaful.

In doing so, we act with professionalism, empathy, courage and integrity.

We make a difference by doing it the Etiqa Way.

The brand implies changing the way Etiqa employees behave. “The Etiqa Way” was introduced…..

-Its about People not Policies

Ageas Club 26062014 16

THANKS

INV

ES

TOR

DA

YIN

VE

STO

R D

AY