ageas reports 9m 2017 result

Periodical Financial Information

9M 2017RESULTS

Table of contents Analyst call 3

Segment information 17

Equity / Solvency/ FCG 48

Investment portfolio 59

Legal Settlement 64

General Information 67

Main messagesAgeas reports strong nine months

3Periodic financial Information I 9M 17 results I 8 November 2017

*Consolidated entities only

Insurance

performance

Group result

Balance sheet

Insurance net profit of EUR 686 mio (+16% scope-on-scope for HK)

Inflow @ 100% of EUR 27.1 bn (+10%)

Life Guaranteed margin at 106 bps* (vs.97 bps)

Unit-Linked margin at 26 bps* (vs. 21 bps)

Group combined ratio at 94.9%* (vs.97.0%)

Life Technical Liabilities at EUR 74.2 bn* (stable vs. YE 2016)

Group net profit of EUR 360 mio

General Account net loss of EUR 326 mio (vs. EUR 686 mio negative)

including additional provision for Fortis settlement

Shareholders’ equity at EUR 9.2 bn or EUR 46.02 per share

UG/L at EUR 2.4 bn or EUR 13.38 per share

Insurance Solvency IIageas at 194%, Group ratio at 193%

Operating FCG of Solvency II scope of EUR 636 mio

Total Liquid Assets General Account at EUR 1.7 bn (vs.EUR 1.9 bn), of

which EUR 0.9 bn ring-fenced


Settlement between Ageas & claimants organisationsPress release 16 October 2017 – Extension granted up to 12/12/2017

Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio

P&L impact of EUR 889 mio in 3M 2016

Commitment by eligible shareholders to abandon any ongoing civil proceeding &

not to start any legal proceeding related to the events

Settlement not declared binding in current format - opportunity for amendments

No objective justification for distinction between active & non-active claimants

High compensation for claimant organizations

No agreement has been reached yet & extension of filing period requested

Ageas makes final additional effort of EUR 100 million – Solvency impact 2pp

Financial flexibility of Ageas has not changed

Extension granted by the Court up to 12 December 2017

Announcement

14/03/2016

Court’s interim

decision 16/06/17

PR 16/10/17

Periodic financial Information I 9M 17 results I 8 November 2017

Group Free Capital Generation roll forwardOperational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s

In EUR mio

5

Calculation based on 175% of SCRageas

EUR 636 mio includes

EUR 122 mio related to stop loss cover in UK

EUR 70 mio dividend upstream from Non-European NCP’s *

More details per segment see next slide

Free Capital

Generation

* Operational FCG generated by Non-European NCP’s of EUR 249 mio over H1 ’17 is not included in EUR 636 mio

1,111 1,071

39 127

444

(217)

(200)

(2)

(419)

122

70

636

FY 16 Modelchanges

M&A(divestments)

Marketimpact

Operationalimpact

Exceptionalitems

Capitaltransactions

M&A(acquisitions)

PaidDividend

9M 17

EUR mio

OF SCR FCG

= OF - 175%*SCR

of which UK

stop

loss cover Driven by

Belgium 464 (35) 526

UK 23 (130) 250 219

CEU 175 7 163

Reinsurance 12 15 (14) (24)

General Account 423 0 423

Geographical 106 106 (79) (72) diversification

Group eliminations (632) (632)

Total Ageas

Solvency II scope571 (37) 636 122

Operational impact

10/03/2010 I page 6

Split of operational impact per segmentOperational impact driven by Belgium & CEU


* Expected return on RE investments reduced to 5% (vs. 6% in IR-day data)

SCR reduction due to geographical diversification is

deducted as non-transferable OF

OF up on strong operational results

Impact from consolidation of intra-company elements

Driven by upstream from operating companies


*


Evolution SCR & OF split between types of impact

In EUR mio

7

Own Funds adjusted for

accrued expected

dividend

SCR

8,5608,411

259

571

(58)

(300)

(200)(2)

(419)

FY 16 Modelchanges

M&A(divestments)

Marketimpact

Operationalimpact

Exceptionalitems

Capitaltransactions

M&A(acquisitions)

PaidDividend

9M 17

4,2574,194

75(55)(37)

(47)

FY 16 Modelchanges

M&A(divestments)

Marketimpact

Operationalimpact

Exceptionalitems

Capitaltransactions

M&A(acquisitions)

PaidDividend

9M 17

424 473

181212

199

803

686

9M 16 9M 17

Life Non-Life cap gain AICA

In EUR mio

In EUR bn

In EUR bn

Total Insurance: HeadlinesStrong net result in both Life & Non-Life


In bps avg technical liabilities In bps avg technical liabilities

* incl. non-consolidated partnerships @ 100%

In % NEP

118161

7780

196241

Q3 16 Q3 17

19.922.4

4.84.7

24.727.1

9M 16 9M 17

Life Non-Life

4.8 5.2

1.5 1.4

6.3 6.6

Q3 16 Q3 17

97.0 94.9

9M 16 9M 17

93.2 92.7

Q3 16 Q3 17

97 106

9M 16 9M 17

7790

Q3 16 Q3 17

21 26

9M 16 9M 17

8

28

Q3 16 Q3 17

74.5 74.2 74.2

69.574.3 75.8

144.0 148.4 150.0

FY 16 6M 17 9M 17

conso non-conso

Net result: Solid result further underpinned by strong Q3

Non-Life combined ratio: excellent operating performance in BE & CEU

Inflows*: Continued Life inflow growth in Asia driven by regular premiums

Life Technical liabilities up in non-conso

Operating margin Guaranteed: higher investment result & cap gains

Operating margin Unit-Linked: up in both BE & CEU

3.12.7

1.5

1.5

4.64.2

9M 16 9M 17

Life Non-Life

233 245

76122

309

366

9M 16 9M 17

Life Non-Life

63 65

40 42

103 107

Q3 16 Q3 17

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


In EUR mioIn EUR bn

In EUR bn

0.9 0.8

0.4 0.5

1.3 1.2

Q3 16 Q3 17

59.0 58.4 58.1

FY 16 6M 17 9M 17

91 100

9M 16 9M 17

97.189.6

9M 16 9M 17

89.6 88.2

Q3 16 Q3 17

14

35

Q3 16 Q3 17

2032

9M 16 9M 17

6578

Q3 16 Q3 17

Belgium : HeadlinesContinued excellent operating performance, especially in Non-Life

Life Technical Liabilities slightly downNon-Life: very strong performance -terror & weather events in 2016

Inflows: anticipated lower Guaranteed - continued strong inflow growth in UL

Non-Life combined ratio - excellent performance confirmed in Q3

Operating margin Guaranteed: improved investment result

Operating margin Unit-Linked: high underwriting margin

99.7 103.7

9M 16 9M 17

In EUR mio


In % of NEP

In EUR bn


54

25

9M 16 9M 17

1914

Q3 16 Q3 17

98.7 99.5

Q3 16 Q3 17

1.71.6

9M 16 9M 17

0.5 0.5

Q3 16 Q3 17

United Kingdom: HeadlinesOgden rate review continues to influence results

EUR 40 mio on 9M net result – EUR 9 mio in Q3

4.4pp on COR - impacting mainly Motor (4.4pp) & Other lines (12.7pp)

Impact of around EUR 5 mio expected in Q4, in line with earlier communication

Risk mitigation product portfolio through stop loss reinsurance cover

Q1 derisking of investment portfolio

EUR 77 mio capital injection executed in Q2

Solvency IIageas 9M ‘17 @134%

Ogden impact

on results

Ogden rate change

impact mitigated

by various actions

Net result impacted by Ogden (EUR 40 mio)

Inflows* slightly down at constant FX Non-Life combined ratio impacted by Ogden (4.4pp)

Continental Europe: Headlines Excellent operating performance continued



3347

27

4660

93

9M 16 9M 17

Life Non-Life

17 16

818

24

34

Q3 16 Q3 17

3.1 3.5

0.91.0

4.14.5

9M 16 9M 17

Life Non-Life

0.91.2

0.30.3

1.21.5

Q3 16 Q3 17

15.5 15.9 16.1

20.0 21.2 21.6

35.537.1 37.7

FY 16 6M 17 9M 17

conso non-conso

90.7 90.4

9M 16 9M 17

91.0 90.2

Q3 16 Q3 17

116144

9M 16 9M 17

142165

Q3 16 Q3 17

6

21

9M 16 9M 17

0

22

Q3 16 Q3 17

Net profit up 55% with equal contribution from Life & Non-Life

Non-Life combined ratio @ excellent level & still improving

Inflows driven by strong Life sales

Operating margin Guaranteed up on higher investment margin

Life Technical liabilities up 6%

Operating margin Unit-Linked significantly up on higher fees & commissions

In EUR mio

In EUR bn In EUR bn


In EUR mioIn EUR bn

In EUR bn


In % NEP


158 182

2114

199

378

197

9M 16 9M 17

Life Non-Life cap gain HK

13.616.2

0.7

0.614.3

16.8

9M 16 9M 17

Life Non-Life

3.1 3.2

0.2 0.23.3 3.3

Q3 16 Q3 17

39

8010

3

49

84

Q3 16 Q3 17

49.5 53.1 54.2

FY 16 6M 17 9M 17

non-conso

75.0

93.9

Q3 16 Q3 17

84.689.2

9M 16 9M 17

Asia: Headlines Excellent operating performance thanks to product mix & financial performance

Life Technical liabilities up 9%Net result up almost 20% vs. LY excl. EUR 212 mio contribution from HK

Inflows* up 22% scope-on-scope & @ constant FX - new business & renewals

Non-Life combined ratio very strong - adverse claims experience in Q3

In EUR mio


In % NEPIn EUR mio

Intreas: HeadlinesInternal Non-Life reinsurance company established in July 2015

Net result Inflows Combined ratio

0

3

5

9M 16 9M 17

12

Q3 16 Q3 17

3238

9M 16 9M 17

1114

Q3 16 Q3 17

77.281.0

9M 16 9M 17

76.1

85.5

Q3 16 Q3 17

Net result Q3 includes EUR 100 mioprovision related to Fortis settlementIn EUR mio

Accounting value remaining legacies –increased provision Fortis settlement

General Account: Headlines Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement


Total liquid assets down on SBB & organic investments

In EUR mioImpact on P&L from RPN(i) Staff & Operating expenses down

In EUR mio In EUR bn

In EUR mio

Accounting value on AG Insurance put option: up driven by higher multiples

(686)

(326)

9M 16 9M 17

(11) (165)

Q3 16 Q3 17

1.8 1.6 1.6

0.20.1 0.1

1.91.7 1.7

FY 16 6M 17 9M 17

net cash liquid assets

(275)(397) (437)

42 26 17

(1,024)(1,024)

(1,124)

FY 16 6M 17 9M 17

RPN(i) RPI Settlement

(1,266) (1,363) (1,426)

FY 16 6M 17 9M 17

23 22

4938

72

60

9M 16 9M 17

Staff & Intercompany Operating

10 11

914

1925

Q3 16 Q3 17

63

(162)

9M 16 9M 17

(5)

(41)

Q3 16 Q3 17

In EUR mio

1. A very strong Q3 underpinning a solid year-to-date

result

2. Outstanding operational performance especially in

our home market Belgium - signs of improvement in

UK

3. Commitment to finding an amended & balanced

agreement regarding the Fortis case





Legal Settlement 64


Periodic financial Information I 9M 17 results I 8 November 2017 17

Key financials

In EUR mio 9M 16 9M 17 Q3 16 Q3 17

Gross inflows 24,692 27,062 10% 6,349 6,597 4%

Net result Insurance 803 686 (15%) 196 241 23%

By segment: - Belgium 309 366 18% 103 107 4%

- UK 54 25 (53%) 19 14 (25%)

- Continental Europe 60 93 55% 24 34 43%

- Asia 378 197 (48%) 49 84 72%

- Reinsurance 3 5 1 2By type: - Life 623 473 (24%) 118 161 36%

- Non-Life 181 212 17% 77 80 3%

Net result General Account (686) (326) (11) (165)

Net result Ageas 118 360 185 76Earnings per share (in EUR) 0.56 1.78

Life Operating Margin Guaranteed (in bps) 97 106 77 90

Life Operating Margin Unit-Linked (in bps) 21 26 8 28

Combined ratio (in %) 97.0 94.9 93.2 92.7

FY 16 9M 17

Shareholders' equity 9,561 9,212 (4%)

Net equity per share (in EUR) 46.56 46.02

Insurance ROE excl.UG/L 10.6% 14.1%

Insurance Solvency IIageas ratio 179% 194%

For a definition see Lexicon in annex to the press release

424 473

181212

199

803

686

9M 16 9M 17

Life Non-Life cap gain AICA

In EUR mio

In EUR bn

In EUR bn

Total Insurance: HeadlinesStrong net result in both Life & Non-Life


In bps avg technical liabilities In bps avg technical liabilities


In % NEP

118161

7780

196241

Q3 16 Q3 17

19.922.4

4.84.7

24.727.1

9M 16 9M 17

Life Non-Life

4.8 5.2

1.5 1.4

6.3 6.6

Q3 16 Q3 17

97.0 94.9

9M 16 9M 17

93.2 92.7

Q3 16 Q3 17

97 106

9M 16 9M 17

7790

Q3 16 Q3 17

21 26

9M 16 9M 17

8

28

Q3 16 Q3 17

74.5 74.2 74.2

69.574.3 75.8

144.0 148.4 150.0

FY 16 6M 17 9M 17

conso non-conso

Net result: Solid result further underpinned by strong Q3

Non-Life combined ratio: excellent operating performance in BE & CEU

Inflows*: Continued Life inflow growth in Asia driven by regular premiums

Life Technical liabilities up in non-conso

Operating margin Guaranteed: higher investment result & cap gains

Operating margin Unit-Linked: up in both BE & CEU

Inflows @ 100% Growth driven by Asian Life & inclusion Ageas Seguros – 3% negative FX


EUR mio 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17

Belgium 75% 3,135 2,684 (14%) 1,462 1,485 2% 4,597 4,169 (9%)

United Kingdom - 1,733 1,569 (9%) 1,733 1,569 (9%)

Consolidated entities 100% - 1,350 1,217 (10%) 1,350 1,217 (10%)

Non-consolidated JV's 383 352 (8%) 383 352 (8%)0 0

Continental Europe 3,125 3,501 12% 942 1,023 9% 4,066 4,524 11%

Consolidated entities 1,398 1,471 5% 521 586 12% 1,919 2,057 7%

Portugal 51% - 100% 1,076 1,141 6% 368 474 29% 1,444 1,615 12%

France 100% 322 330 3% 322 330 3%

Italy 50% 154 112 (27%) 154 112 (27%)

Non-consolidated JV's 1,727 2,030 18% 421 438 4% 2,147 2,467 15%

Turkey 36% 421 438 4% 421 438 4%

Luxembourg 33% 1,727 2,030 18% 1,727 2,030 18%

Asia 13,606 16,169 19% 690 631 (8%) 14,295 16,800 18%

Consolidated entities 100% 183 183

Non-consolidated JV's 13,422 16,169 20% 690 631 (8%) 14,112 16,800 19%

Malaysia 31% 425 515 21% 451 393 (13%) 876 908 4%

Thailand 31%-15% 1,856 2,052 11% 238 239 0% 2,094 2,290 9%

China 25% 10,997 13,408 22% 10,997 13,408 22%

Philippines 50% 3 11 3 11 Vietnam 32% 0 4 0 4 India 26% 141 178 26% 141 178 26%

Insurance Ageas 19,866 22,353 13% 4,826 4,709 (2%) 24,692 27,062 10%#DIV/0! ###### ######

Consolidated entities 4,717 4,155 (12%) 3,333 3,288 (1%) 8,049 7,443 (8%)

Non-consolidated JV's 15,149 18,198 20% 1,494 1,421 (5%) 16,643 19,619 18%

Reinsurance 32 38 32 38

Life Non-Life Total

Inflows @ Ageas’s partStrong growth in Asian JV’s & Continental Europe

In EUR mio


2,351 2,013 1,470 1,623

3,664 4,185

7,486 7,820

0

1,096 1,114

1,542 1,394

596 687

175 157

3,409 3,352

(9%)

(10%)

12%

13%

3%

20%

3,448 3,127

2,066 2,310

3,840 4,342

10,895 11,172

32 38

9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17

Up 5% @ constant FX

Belgium: down on short-term savings – shift to more UL

UK 2% down @ constant FX - Asia: up 21% @ constant FX

CEU: Ageas Seguros contributing

EUR 70 mio in Life / EUR 211 mio in Non-Life

Non-Life

Life

Belgium UK CEU Asia Insurance Reins.

Insurance net resultVery strong operating performance across all segments except UK


BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mioterrorism & weather in 9M ‘16

UK: EUR 40 mio Ogden vs. EUR 13 mio weather in 9M ‘16

CEU: Good operating performance - transformation plan Ageas Seguros on track

Asia: Net result up on investments – contribution Hong Kong EUR 212 mio in 2016

Non-Life

Life

Belgium UK CEU Asia Reins. Insurance

In EUR mio

233 245

33 47

357

182

623

473 76

122

2746

21

14

181

212

309

366

54 25

60 93

378

197

3 5

803

686

9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17

10/03/2010 I page 22

Overview of net realised capital gains* on investmentsSupport of cap gains somewhat higher in Belgium & UK


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

CEU JV’s not included

EUR mio 9M 16 9M 17 Q3 16 Q3 17

Life 80 102 4 12 Higher cap gains on equities &

Non-Life 12 13 (1) 2 RE transactions, mainly Q1

Total Belgium 92 115 3 14

Non-Life 10 19 1 (1) Derisking part of

Total UK 10 19 1 (1) investment portfolio in Q1

Life (6) (1) 0 2

Non-Life 0 0 0 0

Total CEU (6) (1) 0 2

Life 12 39 10 35

Non-Life 2 2 1 0 Mainly in China

Total Asia 14 40 11 35

Life 86 140 14 49

Non-Life 24 34 1 1

Total Ageas 110 173 15 50


Insurance Combined ratio Consistently below 97% target throughout the year

Combined ratio

UK Ogden rate change impact of 1.6 pp - mainly in

Other lines & Motor - 9M ’16 included 3.5 pp

terrorism & weather impact

Outstanding combined ratio in Belgium (89.6%) &

Continental Europe (90.4%)

Strong performance in all product lines

Motor improvement in BE

Accident & Health in Portugal

benign weather conditions helping Household

Quarterly combined ratio

Another very strong quarter

Claims ratio

CY claims ratio at 65.0% (vs. 69.2%)

PY claims ratio lower on reserves strengthening UK

– back to normal levels in Q3

Expense ratio up in UK

Net earned premium (In EUR mio)

In % Net earned premium

73.2 69.0 68.1 64.3 64.4 62.267.0 63.0 59.6 59.8 56.7

32.831.1 31.0 34.0 35.2

34.734.1

34.035.3 33.4 36.0

106.0100.1 99.1 98.3 99.6

96.9101.1

97.0 94.9 93.2 92.7

(3.7) (3.5) (3.1) (3.8) (4.0) (5.9)(3.0)

(6.2) (5.4)(1.8)

(4.4)

2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

claims ratio expense ratio PY claims ratio

2,858 3,507 4,178 3,749 3,843 4,112 3,079 3,052 1,034 983

Insurance Combined ratio per product lineExceptional items impacting COR comparison


Motor: excellent in BE – 2.4 pp OgdenAccident & Health: 2.7pp terrorism in 9M ’16 – improving

in Portugal

Other: 5.6pp Ogden vs. 5.5pp terrorism – good claims ratio in

CEU

Household: very strong COR in BE & CEU – 8.5 pp BE &

UK weather impact in 9M ‘16

71.9 70.5 70.0 67.3 65.4 67.5 69.5 66.9

25.0 25.5 25.6 27.0 28.3 27.2 27.4 27.3

96.9 96.0 95.6 94.3 93.7 94.7 96.9 94.2

2011 2012 2013 2014 2015 2016 9M 16 9M 17

72.0 73.6 69.8 69.6 69.178.2

68.3 67.6

25.3 25.4 29.3 29.7 30.529.7

29.5 30.9

97.3 99.0 99.1 99.3 99.6107.9

97.8 98.5

2011 2012 2013 2014 2015 2016 9M 16 9M 17

61.9 55.6 51.5 51.5 50.4 50.5 51.943.1

41.541.6 44.0 44.6 41.6 42.7 43.1

44.6

103.497.2 95.5 96.1 92.0 93.2 95.0

87.7

2011 2012 2013 2014 2015 2016 9M 16 9M 17

67.2 66.5 62.471.2

57.9 60.4 55.1 53.1

44.8 44.9 45.550.6

46.4 44.443.9 46.4

112.0 111.4 107.9

121.8

104.3 104.899.0 99.5

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP 736 763 813 813 811 838 625 639 NEP 1,571 2,058 1,557 1,616 1,724 1,790 1,343 1,317

NEP 892 1,007 986 1,029 1,078 1,067 800 794 NEP 308 349 394 385 424 418 311 303

In bps Avg techn. liabilities

Insurance Life operating margin per product lineMargins in Guaranteed driven by investment result

Guaranteed: up in both BE & CEU Unit-linked: increase in both BE & CEU

Operating margin improving in both BE & CEU Investment margin : good investment result in BE & CEU

Underwriting margin stable

Expense & other margin slightly deteriorating in BE


11 13 1217

4 4 3 2

1

(2)

2

1

22

1(4)

37

18

6

18

1915 23

7

30

48

28

20

36

2521

26

8

28

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

Operating margin

Expense & other m.

Investment m.

Underwriting m.

Avg techn liabilities (In EUR bn)

11.8 12.3 12.6 13.0 12.1 12.0 14.9 12.0 14.9


54.0 55.5 56.9 57.9 57.3 57.2 55.9 57.2 55.9

44 43 38 3341 41 41 41 48

87 83 90

80

88 92106

76

84

(33) (31)(39)

(23)(36) (36) (41) (40) (42)

99 9689

90

93 97

106

77

90

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

3.12.7

1.5

1.5

4.64.2

9M 16 9M 17

Life Non-Life

233 245

76122

309

366

9M 16 9M 17

Life Non-Life

63 65

40 42

103 107

Q3 16 Q3 17



In EUR mioIn EUR bn

In EUR bn

0.9 0.8

0.4 0.5

1.3 1.2

Q3 16 Q3 17

59.0 58.4 58.1

FY 16 6M 17 9M 17

91 100

9M 16 9M 17

97.189.6

9M 16 9M 17

89.6 88.2

Q3 16 Q3 17

14

35

Q3 16 Q3 17

2032

9M 16 9M 17

6578

Q3 16 Q3 17

Belgium : HeadlinesContinued excellent operating performance, especially in Non-Life

Life Technical Liabilities slightly downNon-Life: very strong performance -terror & weather events in 2016

Inflows: anticipated lower Guaranteed–continued strong inflow growth in UL

Non-Life combined ratio - excellent performance confirmed in Q3

Operating margin Guaranteed: improved investment result

Operating margin Unit-Linked: driven by high underwriting margin

376 381

448 456

486 493

151 155

+2%

1,462 1,485

9M 16 9M 17

2,816

2,086

320

598

-14%3,135

2,684

9M 16 9M 17

Life In EUR mio

Non-Life In EUR mio


Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Belgium: Inflows@ 100%Lower inflows in Guaranteed & continued strong increase in UL

Guaranteed

Sales of short term investment product came down substantially in line

with expectations after gradual downward review of the guaranteed

rates over 2016

Current guaranteed rate stands at 0.25%

Unit-linked

Inflows strongly increased under impulse of focused commercial

campaigns in the bank channel

Group Life

Slight decrease to EUR 760 mio

Non-Life

Slight increase in inflows across all product lines


Belgium: Combined ratio Excellent operating performance with combined ratio at 89.6%

Net earned premium (in EUR mio)

68.7 64.3 62.7 63.2 63.556.9 58.3 59.0

51.4 51.7 50.4

36.436.8 36.8 36.7 37.7

37.8 37.7 38.1

38.2 37.9 37.8

105.1101.1 99.5 99.9 101.2

94.7 96.0 97.1

89.6 89.6 88.2

(6.6) (7.3) (4.5) (3.6) (3.4)(7.2) (8.2) (9.0) (9.1)

(1.8)(4.9)

2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17


1,541 1,601 1,698 1,785 1,815 1,832 1,836 1,374 1,389 464 469

Combined ratio

Excellent ratio driven by solid performance of all

product lines 9M ’16 combined ratio was impacted by

terrorism events of 22 March 2016 (2.8 pp)

adverse weather events (4.1 pp)


Excellent performance confirmed in Q3

Claims ratio

CY ratio (60.5% vs. 68.0%) - operating improvement

vs. 9M ’16 even after correction for terrorism &

weather

PY ratio: stable

Expense ratio stable

73.8 73.0 73.7 70.1 70.4 70.0 72.9 70.5

23.8 24.0 23.8 25.4 27.6 27.6 27.9 27.5

97.6 97.0 97.5 95.5 98.0 97.6 100.8 98.0

2011 2012 2013 2014 2015 2016 9M 16 9M 17

58.2 65.9 66.187.5

65.8 58.3 57.646.2

49.548.1 47.2

47.6

45.044.6 45.0

44.6

107.7114.0 113.3

135.1

110.8102.9 102.6

90.8

2011 2012 2013 2014 2015 2016 9M 16 9M 17

63.050.5 51.4 51.7 43.9 47.8 50.0

36.6

46.9

46.2 45.6 45.745.2 44.8 45.2

45.7

109.996.7 97.0 97.4

89.1 92.6 95.282.3

2011 2012 2013 2014 2015 2016 9M 16 9M 17

58.9 64.7 64.7 62.6 56.2 59.7 57.3 52.9

35.335.8 36.3 37.2

36.4 36.4 36.837.0

94.2100.5 101.0 99.8

92.6 96.1 94.189.9

2011 2012 2013 2014 2015 2016 9M 16 9M 17

Belgium: Combined ratio per product lineSolid combined ratio in all product lines


NEP 451 480 507 504 484 472 355 359 NEP 525 540 552 562 568 570 427 431

NEP 484 530 564 579 595 605 451 454 NEP 142 149 162 170 185 190 141 145

Accident & Health: higher claims in SME – 4.7 pp impact of

terrorism in 9M ‘16

Motor: Excellent combined ratio, driven by Motor Third

Party Liability

Household: Very strong ratio, benefitting from benign

weather Other: 9M ’16 heavily impacted by terrorism (12.1 pp)

Life operating margin per product lineStrong margins in Guaranteed & Unit-Linked

Guaranteed: supported by solid capital gains in both

years

Unit-linked: improved underwriting margin



4 4 (2) 1

(5)

1

(1) 2

4438

32 31 3125

31

15

33

47

41

30 3231

20

32

14

35

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

Operating margin

Investment m.

Expense & other m.

Underwriting m.


44.9 46.4 47.5 48.1 48.7 48.6 48.0 48.6 48.0


5.2 5.4 5.7 5.9 6.1 6.0 7.5 6.0 7.5

32 32 30 25 29 29 30 2535

93 88 9588

91 97106

76

79

(29) (31) (38)(27)

(34) (35) (36) (36) (36)

9689

87

8686

91100

65

78

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

Operating result at EUR 359 mio, up from EUR 333 mio

Investment margin up on investment result & cap gains

Underwriting margin stable

Expense margin slightly lower

Operating result up from EUR 9 mio to EUR 18 mio

Operating margin driven by a high underwriting result

FY 14 FY 15 FY 16 9M 17

Guaranteed interest rate 2.71% 2.63% 2.49% 2.37%

Fixed income yield 3.84% 3.71% 3.45% 3.37%

Liabilities Guaranteed(EUR bn) 51.8 50.3 52.9 50.3

FY 15 FY 16 9M 17

Fixed income yield 2.89% 2.11% 1.91%

Reinvested amount (EUR bn) 4.6 4.2 1.7

Newly invested money mostly government related loans & infrastructure loans

>95% investment grade corporates

Guaranteed retail Life:

Yield lowered from 1% to 0.75% as from 1 April 2016

Yield lowered to 0.5% as from 1 August 2016

Yield further lowered to 0.25% as from 1 November 2016

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

Life

Back book

New money

Life & Non-Life


1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

4,5%

Guaranteed interest rate Total fixed income yield

3.37%

Margin evolution Assets & Liabilities BelgiumEvolution of the margin on the back book since 2011


2.37%

99.7 103.7

9M 16 9M 17

In EUR mio


In % of NEP

In EUR bn


54

25

9M 16 9M 17

1914

Q3 16 Q3 17

98.7 99.5

Q3 16 Q3 17

1.71.6

9M 16 9M 17

0.5 0.5

Q3 16 Q3 17

United Kingdom: HeadlinesOgden rate review continues to influence results

EUR 40 mio on 9M net result – EUR 9 mio in Q3

4.4pp on COR - impacting mainly Motor (4.4pp) & Other lines (12.7pp)

Impact of around EUR 5 mio expected in Q4, in line with earlier communication

Risk mitigation product portfolio through stop loss reinsurance cover

Q1 derisking of investment portfolio

EUR 77 mio capital injection executed in Q2

Solvency IIageas 9M ‘17 @134%

Ogden impact

on results

Ogden rate change

impact mitigated

by various actions

Net result impacted by Ogden (EUR 40 mio)

Inflows* slightly down at constant FX Non-Life combined ratio impacted by Ogden (4.4pp)



Non-LifeIn EUR mio

Other

Household

Accident & Health

Motor

United Kingdom: Inflows@ 100%Inflows down 9%, impacted by adverse FX – down 2% at constant FX

31 26

1,1821,094

347

315

173

135

-9%1,733

1,569

9M 16 9M 17

Non-Life

Down 2% @ constant FX – marginal growth in Motor more

than offset by all other lines

Motor up 1% @ constant FX driven by premiums from

Commercial

Household down 1% @ constant FX

Other lines down 15% @ constant FX reflecting the planned

run off in Special Risks

Accident & Health down 10% @ constant FX, marginal

impact on total


Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other

In % Net earned premium

United Kingdom: Combined ratio COR impacted by Ogden rate change


81.574.6 73.3

65.6 66.3 69.3

80.7

68.2 69.3 68.4 64.0

28.0

25.3 26.532.2 33.5

32.8

31.5

31.5 34.430.3 35.5

109.5

99.9 99.8 97.8 99.8 102.1

112.2

99.7103.7

98.7 99.5

(1.1)0.1

(2.1) (4.0) (4.6) (4.4)

4.5

(3.9)(0.7) (1.5)

(4.1)

2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17


948 1,524 2,083 1,562 1,613 1,751 1,598 1,217 1,128 387 365

Combined ratio 9M 17

Impact from Ogden (4.4pp) on Other lines & Motor

Lower PY releases

Combined ratio Tesco Underwriting 93.6% (vs. 98.3%)


Impact from Ogden (2.7 pp)

Q3 PY releases back to normalised level

Claims ratio

CY ratio (70% vs. 72.1%) – continued underlying

improvement in Motor & benign weather in Household

Lower PY releases (3.2pp) – slower settlements of

claims in Motor & large losses in Other lines

Expense ratio

Expense ratio reflecting improvement in underlying cost

performance more than offset by lower ancillary income

& commission mix

NEP 366 434 374 399 413 361 274 259


Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other

United Kingdom: Combined ratio per product line

87.778.1 76.2

66.055.8 58.4 62.5 59.2

23.228.2 34.3

38.743.3 40.9 42.6 47.4

110.9 106.3 110.5104.7

99.1 99.3105.1 106.6

2011 2012 2013 2014 2015 2016 9M 16 9M 17

79.2 77.2 71.9 74.6 75.891.0

73.9 75.7

19.5 21.325.0 25.1 27.2

25.5

25.4 27.1

98.7 98.5 96.9 99.7 103.0

116.5

99.3 102.8

2011 2012 2013 2014 2015 2016 9M 16 9M 17

61.4 62.351.4 51.0

62.2 57.6 57.6 53.2

35.3 36.742.4 43.3

37.3 40.6 41.1 46.5

96.7 99.093.8 94.3

99.5 98.2 98.7 99.7

2011 2012 2013 2014 2015 2016 9M 16 9M 17

71.6 67.7 59.8 56.0 55.373.7

59.2 68.3

39.3 42.144.4 54.3 48.6

44.9

43.447.2

110.9 109.8104.2

110.3103.9

118.6

102.6115.5

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP 65 57 79 71 72 39 31 23 NEP 949 1,420 907 958 1,062 1,014 772 713

NEP 143 173 202 185 204 185 140 134

Accident & Health: Lower volumes - marginal impact on total Motor: Ogden impact of 4.4pp - lower PY releases

Other: 12.7pp Ogden impact – mainly Commercial linesHousehold: Lower ancillary income - lower PY releases

Continental Europe: Headlines Excellent operating performance continued



3347

27

4660

93

9M 16 9M 17

Life Non-Life

17 16

818

24

34

Q3 16 Q3 17

3.1 3.5

0.91.0

4.14.5

9M 16 9M 17

Life Non-Life

0.91.2

0.30.3

1.21.5

Q3 16 Q3 17

15.5 15.9 16.1

20.0 21.2 21.6

35.537.1 37.7

FY 16 6M 17 9M 17

conso non-conso

90.7 90.4

9M 16 9M 17

91.0 90.2

Q3 16 Q3 17

116144

9M 16 9M 17

142165

Q3 16 Q3 17

6

21

9M 16 9M 17

0

22

Q3 16 Q3 17

Net profit up 55% with equal contribution from Life & Non-Life

Non-Life combined ratio @ excellent level & still improving

Inflows driven by strong Life sales

Operating margin Guaranteed up on higher investment margin

Life Technical liabilities up 6%

Operating margin Unit-Linked significantly up on higher fees & commissions

In EUR mio

In EUR bn In EUR bn


Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflows @ 100%Focus on Unit-Linked sales in Life & strong overall growth in Non-Life

38

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

298 326

333374

202210

108113

+9%

9411,023

9M 16 9M 17

1,5851,303

1,540 2,198

+12%

3,125

3,501

9M 16 9M 17


Life

Inflows including non-controlling interests @ 100%, reached EUR 3.5 bn

(+12%) - Increase mainly realised in Portugal & Luxembourg

Consolidated inflows up 5%

Portugal: up 6%, on higher UL sales and retirement offer in Ocidental

and inclusion of Ageas Seguros (EUR 69), outperforming the

Portuguese market (-1% @ end August)

France: up 3% also in a market that decreased by 4% (end of August

17). Business mix moving towards more Unit-Linked.

Luxembourg: sales up 18% year-on-year and mainly realised in High

Net Worth segment with Unit-Linked representing 72% (vs. 61% LY)

Technical liabilities

Consolidated at EUR 16.1 bn, 4% up thanks to Portugal

Including non-consolidated JVs @ 100%: at EUR 37.7 bn, up 6%

Non-Life

Italy inflows no longer included as of Q3 following sale announcement in

July (6M ’17 stood @ EUR 111 mio)

Inflows consolidated entities up 12% driven by strong performance in all

companies & influenced by inclusion Ageas Seguros as from Q2 2016

Turkey up 27% @ constant FX (+4% in EUR) – strong growth in all

product lines

39

Continental Europe: Combined ratio Combined Ratio continues improving – also & particularly in Turkey

* Scope: only consolidated companies

In % Net earned premium*



66.4 63.6 63.7 61.355.9 58.6 61.6 60.8 62.4 58.2

30.329.8 30.0 30.8

29.530.1

29.1 29.6 28.6 32.0

96.793.4 93.7 92.1

85.488.7 90.7 90.4 91.0 90.2

(2.0) (2.5)(4.0) (4.3) (6.5) (6.5) (4.0) (6.0)

(2.6) (4.4)

2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17


Combined ratio

Reflecting continued strong operating

performance with gradual improvement since

2011

2016 & 2017 slightly impacted by inclusion of

Ageas Seguros, still in the course of its

transformation plan

Strong improvement in Turkey with solid

combined ratio @ 95.9% (vs. 99.2%) despite hail

& floods in July


Q3 combined ratio only reflecting Portugal after

announced divestment in Italy

Q3 slightly improving due to Accident & Health

Claims ratio

CY ratio at 66.8% (vs 65.6%) increasing due to

Motor and Accident & Health

PY ratio driven by positive run-off in all

companies

Expense ratio

Expense ratio nearly stable

382 397 403 415 454 664 475 517 178 142

Continental Europe: Combined ratio per product lineContinued good claims experience, overall stable expense ratio

Motor: claims slightly up on large claims in Italy (in 6M ’17)

partly offset by improved ratio in Ocidental.

Accident & Health: improving on higher PY run-off in

Portugal

Household: good claims experience at Ocidental despite

fires in Q2

Other: extremely good claims ratio & higher run-offs

40

63.5 63.3 59.7 61.9 58.8 64.9 65.2 62.6

27.8 28.2 26.6 26.7 25.225.1 24.6 25.2

91.3 91.586.3 88.6

84.090.0 89.8 87.8

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP 220 226 227 238 255 328 239 257

71.8 69.879.3

60.171.5 65.5 70.4 71.3

29.2 28.1

29.2

31.6

32.332.5

30.0 32.0

101.0 97.9108.5

91.7

103.898.0 100.4 103.3

2011 2012 2013 2014 2015 2016 9M 16 9M 17

94.5

62.8 59.672.3

31.712.1

24.210.8

50.0

43.3 43.745.1

40.8

41.341.6

53.6

144.5

106.1 103.3117.4

72.5

53.465.8 64.4

2011 2012 2013 2014 2015 2016 9M 16 9M 17

53.7 51.8 53.5 54.036.1 42.3 46.2 45.3

34.2 33.5 38.8 40.3

35.938.0 38.1 32.6

87.9 85.392.3 94.3

72.080.3 84.3

77.9

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP 23 28 29 30 35 43 30 24NEP 42 44 48 51 70 91 65 69

NEP 97 99 99 96 94 202 142 168


Overall stable expense ratio, influenced per Line of business by change in cost allocation in Italy and PGAAP at Ageas Seguros

Continental Europe Life operating margin per product lineGuaranteed & Unit-Linked margins continue improving

Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on higher fees & commissions

41

Expense & other margin improved mainly thanks to higher

fees & commissions

Underwriting margin up on higher surrender margin

Investment margin up thanks to Ocidental

Underwriting margin up thanks to higher risk margin

Expenses & other margin slightly increasing in all countries



118 106 95 100 110 107 111 128 123

6968 77 59

76 72

103 74118

(85) (83)(102)

(71) (65) (63) (70) (60)(76)

10291 70

88

121 116

144142

165

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17


7.8 7.6 7.7 8.0 8.7 8.7 7.9 8.7 7.9


6.1 6.3 6.2 6.1 6.0 5.9 7.4 5.9 7.4

1 (5)0 1 2 1 0 (7)

2 1 1 2 2 51 2

4151

9 4 5 3

16

(1)

27

44

47

107 7 6

21

0

22

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

Operating margin

Expense & other m.

Underwriting m.

Investment m.

In EUR mioIn EUR bn

In EUR bn


In % NEP


158 182

2114

199

378

197

9M 16 9M 17

Life Non-Life cap gain HK

13.616.2

0.7

0.614.3

16.8

9M 16 9M 17

Life Non-Life

3.1 3.2

0.2 0.23.3 3.3

Q3 16 Q3 17

39

8010

3

49

84

Q3 16 Q3 17

49.5 53.1 54.2

FY 16 6M 17 9M 17

non-conso

75.0

93.9

Q3 16 Q3 17

84.689.2

9M 16 9M 17

Asia: Headlines Excellent result thanks to product mix & financial performance

Life Technical liabilities up 9%Net result up almost 20% vs. LY excl. EUR 212 mio contribution from HK

Inflows* up 22% scope-on-scope & @ constant FX - new business & renewals

Non-Life combined ratio very strong - adverse claims experience in Q3

Life

Non-Life


13,477

15,529

129

640

+19%

13,605

16,169

9M 16 9M 17

310 291

84 86

81 79

215176

-9%690

631

9M 16 9M 17

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

In EUR mio

In EUR mio

Asia: Inflow @ 100%Strong Life growth across all markets – Non-Life business mix towards more profitable lines

Life

New business premiums up 8% scope-on-scope with EUR 4.2 bn regular

premium (+26%) & EUR 3.1 bn single premium (-9%)

Renewal premiums increased to EUR 8.9 bn (+33%) benefiting from

continued good persistency

China +26% @ constant FX - New business premiums up 11% mainly driven

by regular business following successful sales campaigns & increased

number of agents. Renewal increased strongly (+41%)

Thailand +7% @ constant FX – strong growth in renewals (+13%) thanks to

continued customer loyalty

Malaysia +29% @ constant FX - new business up 27%, gradually recovering

from LY - renewals up 23%

India +22% @ constant FX - growth in new business (+31%) mainly in PAR &

Non-PAR products in line with product strategies of better value creation -

renewal premiums (+15%) increased.

Philippines Inflows @ EUR 11 mio mainly from credit life products

Vietnam started sales as of March 2017 with YTD inflows @ EUR 4 mio

Non-Life

Malaysia -8% @ constant FX - lower MAT & Motor partly compensated by

higher Personal Accident & Fire

Thailand -3% @ constant FX - growth in Fire offset by lower inflows in Motor &

other Non-Motor

Result Q3 includes EUR 100 miorelated to Fortis settlementIn EUR mio

Accounting value remaining legacies –increased provision Fortis settlement

General Account: Headlines Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement


Total liquid assets down on SBB & organic investments

In EUR mioImpact on P&L from RPN(i) Staff & Operating expenses down - Q3

provision corporate centre restructuring

In EUR mio In EUR bn

In EUR mio

Accounting value on AG Insurance put option: up driven by higher multiples

(686)

(326)

9M 16 9M 17

(11) (165)

Q3 16 Q3 17

1.8 1.6 1.6

0.20.1 0.1

1.91.7 1.7

FY 16 6M 17 9M 17

net cash liquid assets

(275)(397) (437)

42 26 17

(1,024)(1,024)

(1,124)

FY 16 6M 17 9M 17

RPN(i) RPI Settlement

(1,266) (1,363) (1,426)

FY 16 6M 17 9M 17

23 22

4938

72

60

9M 16 9M 17

Staff & Intercompany Operating

10 11

914

1925

Q3 16 Q3 17

63

(162)

9M 16 9M 17

(5)

(41)

Q3 16 Q3 17

In EUR mio

1,943

Fortis settlement

SBB

1,691

(417)

(199) (2) (77) (52) (26) (16)

510

27 -

FY 16 Upstream Dividend Sharebuy-back

RPI Asia UK HQexpenses

ROexpenses

Other 9M 17


Total liquid assets General AccountEvolution total liquid assets related to share buy-back & investments in insurance

In EUR mio

Most upstream from opco’s received

Cash-out in Asia related to the Philippines

Cash-out in UK related to capital increase following Ogden impact

Cash inflow of divestment Italy expected before year-end

Additional EUR 11 mio cash-out for SBB since 30/09/2017


Main characteristics Hybrids

In EUR mio Ageas

AgeasfinluxFresh

Fixed-to-FloatingRate Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Fixed Rate Reset Dated Subordinated

NotesCASHES

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

Amountoutstanding

1,250 450 550 USD 400 948

ISIN XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800

Call dateUndated,

strike 315.0 mandatory 472.5

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

OtherSubscribed byAgeas & BNP Paribas Fortis

Public issue Public issueCoupon served by FBB, trigger ACSM linked to

Ageas dividend

Market Price (30/09/17)

60.85 121.13 105.81 107.33 84.43

Fortis Bank (now BNP PF)

AG Insurance (Belgium)





Legal Settlement 64



Shareholders’ equity at EUR 9.2 bn - UG/L of EUR 13.38/shareDown on return to shareholders & FX, partly compensated by net result & UCG/L

In EUR mio

6,459 6,544

2,498 2,685

604

(17)

686 209

(326) (419) (199) (107) (183) (3) (7)

EUR 46.56EUR 46.02

9,5619,212

FY 16 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

Reval AGput option

Forex IAS 19 Other 9M 17

InsuranceUCG/L

InsuranceUCG/L

Shareholders’

equity per

segment

Shareholders’

equity per share

Belgium 4,683 ► 4,844 Asia 2,004 ► 1,996

UK 815 ► 856 Reinsurance 104 ► 109

Continental Europe 1,350 ► 1,424 Insurance 8,957 ► 9,229

General Account 604 ► (17)

49

Tangible net equityHigh quality capital structure

10/03/2010 I page 49

EUR bn FY 16 9M 17

IFRS Shareholders' Equity 9.6 9.2

Unrealised gains real estate 0.5 0.5

Goodwill (0.7) (0.7)

VOBA (Value of Business Acquired) (0.1) (0.1)

DAC (Deferred Acquisition Cost) (0.5) (0.5)

Other (0.4) (0.4)

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

25% tax adjustment DAC, VOBA & Other 0.2 0.2

IFRS Tangible net equity 8.9 8.6

IFRS Tangible net equity/ IFRS Shareholder's Equity 93% 93%


2.8 2.9

0.7 0.6 0.9 0.9

0.0 0.1

(0.3) (0.2)

4.2 4.1

0.1 0.1

4.3 4.2

1.6 1.8

6.97.2

0.7 0.81.2

1.5

0.1 0.1(1.5)(1.6)

7.58.0

0.70.1

8.1 8.1

4.34.6

FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17


Solvency IIageas Insurance up on a strong operational performanceGeneral Account down on put option, SBB, capital injection UK & Fortis settlement

Solvency IIageas

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participations*

50

Belgium UK CEU Reins. Diversification Insurance GA Group

Non-transferable

* Based on local solvency requirements

244% 251% 100% 134% 127% 171% 278% 217% 179% 194% 191% 193% 264% 259%

BE: good operational performance – different market impacts compensating UK: capital plan executed CEU: good operational performance & positive interest / spread evolution

51

Ageas Insurance Solvency sensitivitiesProviding updated sensitivities to allow more accurate assessment


As per 31/12/’16Based on Solvency IIageas

SCR OF Solvency

Base caseBefore stress

4,182 7,478 179%

Yield curve downDown 50 bps

4,456 7,407 166%

Yield curve upUp 50 bps

3,942 7,452 189%

UFRDown to 3.65% (from 4.2%)

4,235 7,396 175%

EquityDown 30%

3,958 6,954 176%

PropertyDown 20%

4,079 7,189 176%

SpreadSpreads on corporate & government bonds up 50 bps

4,401 6,888 157%

Corporate spreadSpreads on corporate bonds up 50 bps

4,054 7,501 185%

Sovereign spreadSpread on government bonds up 50 bps

4,546 6,849 151%


Insurance SCRageas per risk typeMarket risk main factor in SCR

52

In EUR bn

( 1.5 ) ( 1.4 )

( 0.5 ) ( 0.6 )

( 1.0 ) ( 1.1 )

4.3 4.5

0.3 0.3 0.6 0.6 0.4 0.4 0.8 0.8

0.7 0.7

4.2 4.1

FY 16 9M 17

Non Diversifiable

Non-life UW

Health UW

Life UW

Counterparty Default

Market

Loss-Absorption Deferred Taxes

Loss-Absorption Techn. Liab.

Diversification

Diversification

Loss-Absorption Deferred Taxes


Solvency PIM – as reported to the regulator under Pillar IInsurance ratio up on a strong operational performance

Solvency II PIM

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participations*

53

3.4 3.2

0.7 0.6 0.8 0.7

0.0 0.1 (0.3) (0.2)

4.6 4.3

0.1 0.1

4.7 4.4

1.6 1.8

6.8 7.0

0.7 0.8

1.71.9

0.1 0.1(1.6) (1.7)

7.6 8.1

0.5

(0.0)

8.1 8.0

4.34.6

FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17

* Based on local solvency requirements

Belgium UK CEU Reins. Diversification Insurance GA Group

Non-transferable

201% 216% 96% 129% 211% 290% 259% 207% 166% 187% 174% 183% 264% 259%


Tiering of Group PIM own funds High quality of own funds

54

In EUR bn

5.7 5.7

1.4 1.4

0.9 0.9

0.1 0.1

8.1 8.0

FY 16 9M 17

Tier 3

Tier 2

Tier 1 restricted

Tier 1


Group Free Capital Generation roll forwardOperational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s

In EUR mio

55

Calculation based on 175% of SCRageas

EUR 636 mio includes

EUR 122 mio related to stop loss cover in UK

EUR 70 mio dividend upstream from Non-European NCP’s *

More details per segment see next slide

Free Capital

Generation

* Operational FCG generated by Non-European NCP’s of EUR 249 mio over H1 ’17 is not included in EUR 636 mio

1,111 1,071

39 127

444

(217)

(200)

(2)

(419)

122

70

636

FY 16 Modelchanges

M&A(divestments)

Marketimpact

Operationalimpact

Exceptionalitems

Capitaltransactions

M&A(acquisitions)

PaidDividend

9M 17

EUR mio

OF SCR FCG

= OF - 175%*SCR

of which UK

stop

loss cover Driven by

Belgium 464 (35) 526

UK 23 (130) 250 219

CEU 175 7 163

Reinsurance 12 15 (14) (24)

General Account 423 0 423

Geographical 106 106 (79) (72) diversification

Group eliminations (632) (632)

Total Ageas

Solvency II scope571 (37) 636 122

Operational impact

10/03/2010 I page 56

Split of operational impact per segmentOperational impact driven by Belgium & CEU


* Expected return on RE investments reduced to 5% (vs. 6% in IR-day data)

SCR reduction due to geographical diversification is

deducted as non-transferable OF


Impact from consolidation of intra-company elements

Driven by upstream from operating companies


*


Evolution SCR & OF split between types of impact

In EUR mio

57

Own Funds adjusted for

accrued expected

dividend

SCR

8,5608,411

259

571

(58)

(300)

(200)(2)

(419)

FY 16 Modelchanges

M&A(divestments)

Marketimpact

Operationalimpact

Exceptionalitems

Capitaltransactions

M&A(acquisitions)

PaidDividend

9M 17

4,2574,194

75(55)(37)

(47)

FY 16 Modelchanges

M&A(divestments)

Marketimpact

Operationalimpact

Exceptionalitems

Capitaltransactions

M&A(acquisitions)

PaidDividend

9M 17





Legal Settlement 64



In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

Asset mix

Asset allocation relatively stable

Loans & equities increased at the expense of corporate bonds

Gross unrealized gains/losses on Available for Sale

Total portfolio: down to EUR 7.6 bn (vs. EUR 8.3 bn); down in

fixed income & corporate bonds

Fixed income: at EUR 6.8 bn (vs. EUR 7.7 bn FY 16)

Sovereigns at EUR 5.2 bn (vs. EUR 5.8 bn)

Corporates at EUR 1.6 bn (vs. EUR 1.8 bn)

Equities: up to EUR 0.8 bn (vs. EUR 0.6 bn)

Gross UG/L on Real Estate: stable at EUR 1.5 bn (vs. EUR

1.5 bn) - not reflected in shareholders’ equity

EUR 2.2 bn unrealized gains/losses on Held to Maturity (vs.

EUR 2.4 bn) - not reflected in shareholders’ equity

Investment portfolio Investment portfolio down on unrealized capital gains on fixed income

Sovereign bonds 37.9

Sovereign bonds 37.7

Corporate bonds 24.1

Corporate bonds 21.6

Structured0.1 Structured

0.1

Loans8.7 Loans

8.9

Equities 4.4Equities 4.8

Real Estate5.3 Real Estate

5.3

Cash 2.2Cash 2.3

82.780.7

FY 16 9M 17

Decrease driven by lower UG/L

Gross UG/L at EUR 5.2 bn (vs. EUR 5.8 bn)

93% investment grade; 86% rated A or higher

Belgium Duration gap close to zero – matched portfolio

Belgium19.0

Belgium18.4

France 6.3 France 6.4

Austria 2.9 Austria 2.8

Portugal 2.4 Portugal 2.7

Italy 1.5 Italy 1.4

Spain, 1.5 Spain, 1.4Germany 1.2 Germany 1.2Ireland 0.7 Ireland 0.7

Other 2.5 Other 2.7

37.9 37.7

FY 16 9M 17

In EUR bn

Sovereign bond portfolio*

Sovereign & Corporate bond portfolioValue fixed income portfolio driven by a decrease in unrealized capital gains


Gross UG/L at EUR 1.6 bn (vs. EUR 1.8 bn)

Credit quality remains high with 93% investment grade

- 56% rated A or higher

Corporate bond portfolio*

Banking 3.8 Banking 3.3

Other financials 1.9

Other financials 1.7

Non Financials

13.5

Non Financials

12.8

Government related 4.9 Government

related 3.8

24.121.6

FY 16 9M 17


Loan portfolio (customers + banks)*

Loan & Equity portfolioMore loans with guarantee

Loans to banks 1.3

Loans to banks 1.3

RE 0.2 RE 0.2

Infrastructure0.5

Infrastructure0.6

Mortgages 1.3 Mortgages 1.2

Other 5.4 Other 5.6

8.7 8.9

FY 16 9M 17

Increase in other: loans benefiting from an explicit

guarantee by the Belgian regions or the Dutch State

Higher exposure in loans to customers


Equity portfolio*

Gross UG/L up to EUR 0.8 bn (vs. EUR 0.6 bn)

Equities 2.5

Equities 3.2

Equity funds0.3

Equity funds0.2RE funds 0.8

RE funds 0.8Mixed funds &

others 0.9

Mixed funds & others 0.5

4.44.8

FY 16 9M 17


In EUR bn


Real estate portfolio

10/03/2010

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 BelgiumInvestment Offices 2.2

Investment Offices 2.2

Car Parks1.1

Car Parks1.1

Investment Retail 1.4

Investment Retail 1.3

0.2 0.2

0.4 0.4

5.3 5.3

FY 16 9M 17

Investment Warehouses

RE Development

Investment

Warehouses

RE Development

In EUR bn






Legal Settlement 64



Settlement between Ageas & claimants organisationsPress release 16 October 2017 – Extension granted up to 12/12/2017

Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio

P&L impact of EUR 889 mio in 3M 2016

Commitment by eligible shareholders to abandon any ongoing civil proceeding &

not to start any legal proceeding related to the events

Settlement not declared binding in current format - opportunity for amendments

No objective justification for distinction between active & non-active claimants

High compensation for claimant organizations

No agreement has been reached yet & extension of filing period requested

Ageas makes final additional effort of EUR 100 million – Solvency impact 2pp

Financial flexibility of Ageas has not changed

Extension granted by the Court up to 12 December 2017

Announcement

14/03/2016

Court’s interim

decision 16/06/17

PR 16/10/17

65

Fortis SettlementRevised indicative timeline after Court’s interim decision & granted extension filing period

6. Court’s interim decision16/06/2017

7. Deadline filing amended settlement

17/10/2017

8. Filing amended settlement

12/12/2017

9. Substansive hearing

estimated first half 2018

11. Implementationof

amendedsettlement(if any) if approved by Court

1.Announcement Original Settlement14/03/2016

2. Filing

23/05/2016

3. Pre-hearing

25/08/2016

4. Notification &

Announcement

5. Hearing

24/03/2017

10. Court’s decision

est.

mid 2018

by

end 2019...






Legal Settlement 64


situation 31/12/2016 situation 30/09/2017 situation 03/11/2017

216,570,471 209,399,949 209,399,949

15,143,439 13,118,575 13,377,966

7,170,522 5,191,462 5,450,853

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

45,804 0 0

3,958,859 3,958,859 3,958,859

201,427,032 196,281,374 196,021,983


Total number of outstanding shares

SBB &

cancellation

cancellation

SBB

Total Issued Shares

Shares not entitled to dividend nor voting rights

1. TREASURY SHARES Share buy-back

FRESH

Other treasury shares

2. CASHES

Shares entitled to dividend & voting rights

* After deduction of shares for management plans

*


Shareholders structure

Based on number of shares as at 3 November 2017

Ageas4.5%

Ping An

BlackRock, Inc.

Schroders

Norges

Fosun

Franklin Mutual Advisers

Identified retail investors

20%

Identified institutional investors

39%Other investors

14%

Based upon press release 6 November 2017

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 10 October 2017

Based upon the number of shares mentioned in the notification received 5 October 2017

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

Estimate by

Estimate by

Ageas

Ping An

BlackRock, Inc.

Schroders

Norges

Fosun

Franklin Mutual Advisers

Identified retail investors

Identified institutional investors


Financial calendar 2017 - 2018

21 February

FY 2017 results

16 May

3M 2018 results

16 May

Ordinary shareholders’ meeting

Brussels

28 May

Ex-dividend date

6 April

Annual report 2017 30 May

Payment 2017 dividend

8 August

6M 2018 results

14 November

9M 2018 results

8 November

9M 2017 results


RatingImproved rating for operating entities

S&P MOODY'S FITCH

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

entities Last change 06/11/15 17/03/16 09/12/16

unsollicited

Ageas Insurance Limited A / stable A+ / stable

Last change 06/11/15 23/11/16

Muang Thai Life BBB+ / stable BBB+ / stable

Last change 29/12/10 27/07/16

Etiqa Insurance Berhad (Malaysia) A- / stable

Last change 27/07/16

China Taiping Life A+ / stable


Intreas A / stable


Holding ageas SA/NV BBB / stable Baa3 / positive* A / stable

Last change 15/03/16 30/11/16 09/12/16

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.


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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