FULL YEAR 2014 RESULTS

PRESS

CONFERENCE 12/02/2015

Insurance

performance

Insurance net profit of EUR 737 million (+13%)

Inflow @ 100% of EUR 25.8 billion (+11%)

Inflows Asia > EUR 11 billion

Group combined ratio at 99.6%* (vs.98.3%)

Main messages

Periodic financial Information I FY 14 Results I 12 February 2015 1

* Consolidated entities only

12 49

438

533

204

154

FY 13 FY 14

Other Life Non-Life

1 24

126 91

30 43

Q4 13 Q4 14

Other Life Non-Life

Strong Life results more than offset lower Non-Life

In EUR million

Insurance profit + 13%

Periodic financial Information I FY 14 Results I 12 February 2015 2

654 737 157 158

Q4 FULL YEAR

Insurance net result by segment All segments improve except for Continental Europe

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life Other

Life Non-Life

Life Non-Life

Life Non-Life Other

1249

1249

274

336

(2) (3)

44 45

122 156

438

533 61

56

90 71

32 11

21

16

204

154

335

392

100

117

77 56

142 172

654

737

FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14

In EUR million

Periodic financial Information I FY 14 Results I 12 February 2015 3

BELGIUM

UK

CEU

ASIA

+17% increase in net profit

COR 101.2%: June hailstorm and poor performance in Third Party Liability

Acquisition of Fidea Group Life portfolio

Sale of Ageas Protect (Life)

Total Gain EUR 33 million

Upstream of EUR 193 million to General Account

Buy outs in Portugal and Italy

Strong inflows in Luxembourg (wealth management)

Reserve strengthening in Turkey

> EUR 11 billion inflows (at 100%)

Number of agents and brokers in China: 140,000

Regular premiums up 42%

Main messages per segment

Periodic financial Information I FY 14 Results I 12 February 2015 4

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Inflows at 100% Strong Life growth in China, Thailand and Luxembourg

In EUR million

Periodic financial Information I FY 14 Results I 12 February 2015 5

Insurance

performance

Group result

Insurance net profit of EUR 737 million (+13%)

Inflow @ 100% of EUR 25.8 billion (+11%)

Inflows Asia > EUR 11 billion

Group combined ratio at 99.6%* (vs.98.3%)

Group net profit of EUR 476 million (-16%)

General Account net result of EUR (261) million, incl. RPN(i) & FortisEffect

provision

Main messages

Periodic financial Information I FY 14 Results I 12 February 2015 6

* Consolidated entities only

Insurance

performance

Group result

Balance sheet

Insurance net profit of EUR 737 million (+13%)

Inflow @ 100% of EUR 25.8 billion (+11%)

Inflows Asia > EUR 11 billion

Group combined ratio at 99.6%* (vs.98.3%)

Group net profit of EUR 476 million (-16%)

General Account net result of EUR (261) million, incl. RPN(i) & FortisEffect

provision

Shareholders’ equity at EUR 10.2 billion or EUR 46.60 per share

Insurance solvency at 206%, Group solvency at 210%

Net cash position General Account at EUR 1.6 billion (vs. EUR 1.9

billion)

Main messages

Periodic financial Information I FY 14 Results I 12 February 2015 7

* Consolidated entities only

Periodic financial Information I FY 14 Results I 12 February 2015 8

Disciplined cash upstream from operating companies EUR 725 million upstream over 2014

All segments contributing

Upstream more than covering dividend & holding costs

Extra-ordinary dividend in Continental Europe as part of active capital

restructuring or linked to M&A

In EUR million

168

64

Portugal132

Portugal61

Portugal115

France 2

France30

Italy 5

Luxembourg 4

Turkey 7

Malaysia40

Thailand 8

Hong Kong88

China 2

150

91

115

138

div div norm div div/caprestr

div/M&A div

Belgium UK Continental Europe Asia

Mix of regular &

exceptional upstream

356

Insurance

performance

Group result

Balance sheet

Proposed dividend

Insurance net profit of EUR 737 million (+13%)

Inflow @ 100% of EUR 25.8 billion (+11%)

Inflows Asia > EUR 11 billion

Group combined ratio at 99.6%* (vs.98.3%)

Group net profit of EUR 476 million (-16%)

General Account net result of EUR (261) million, incl. RPN(i) & FortisEffect

provision

Shareholders’ equity at EUR 10.2 billion or EUR 46.60 per share

Insurance solvency at 206%, Group solvency at 210%

Net cash position General Account at EUR 1.6 billion (vs. EUR 1.9

billion)

Gross EUR 1.55 per share paid in cash (+11%)

Main messages Ageas reports higher Insurance profit & proposes to raise dividend to EUR1.55

Periodic financial Information I FY 14 Results I 12 February 2015 9

* Consolidated entities only

Periodic financial Information I FY 14 Results I 12 February 2015 10

Only 2 alternative uses for General Account net cash withheld Balance clearly tipping towards return to shareholders

1. Invest in Businesses

Organic growth

Selective acquisitions

Create new partnerships

2. Return to shareholders

Dividend payment

Share buy-back

≈ EUR 2.7 billion

≈ EUR 1.2 billion cash dividend over ‘09, ’10, ’11, ‘12 & ‘13

EUR 650 million share buy-backs launched ‘11 , ‘12 & ’13

EUR 222 million capital reduction from proceeds of BNPP

Call Option & RPI

EUR 330 million cash dividend over 2014

EUR 250 million share buy-back 2014-’15

≈ EUR 1.3 billion from net cash

on top of retained earnings ≈ EUR 600 million UK (Tesco, Kwik Fit IS,

Castle Cover, Groupama)

≈ EUR 200 million CE (Italy, Turkey)

≈ EUR 100 million Asia (India, HK, China)

≈ EUR 220 million Asia (Taiping Life)

≈ EUR 120 million Portugal

≈ EUR 40 million Italy

Ageas proposes a gross cash dividend of EUR 1.55 In line with 40-50% dividend pay-out, 11% up on 2013

456391

(313)

624 654

737

188 197 188

270309 331.7

2009 2010 2011 2012 2013 2014

Insurance result

Dividend

To be approved at

AGM

In EUR million

AGM: 29 April Brussels

Ex-dividend date: 6 May

Payment dividend : 8 May

Total distributed

amount +70% since

2009

* calculation based on day before ex-dividend date closing price – 2014 yield based on 31/12/2014 share price

Periodic financial Information I FY 14 Results I 12 February 2015 11

gross amount / share 0.80 0.80 0.80 1.20 1.40 1.55

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

dividend yield* 2.9% 3.8% 4.7% 4.5% 4.4% 5.3%

Periodic financial Information I FY 14 Results I 12 February 2015 12

Status on Vision 2015 targets (vs. FY 12)

FY 14 at 67/33 (vs. 67/33)

Acquisitions in Non-Life in Portugal and Italy / Sales Life activity in UK

Strong Life inflow growth in emerging markets (for the first time > EUR10 billion)

FY 14 at 99.6% (vs. 99,1%)

2.3% impact of adverse weather in UK and Belgium

FY 14 at 17.5% (vs. 12.1%)

Disciplined capital management in Europe & strong increase in Asia

FY 14 at 8.8% (vs. 8.7%)

ROE exclusive Unrealised Gains and Losses on fixed income portfolio at 11.4% (vs. 10.7%)

Takeaways

Solid Insurance result – good underlying

progress in most activities

Some important areas of improvement remain – getting full attention

Strategic progress made – not visible in

Vision 2015 targets

Increased dividend – commitment to share

progress with shareholders

Investor Day on Solvency II & “Beyond ‘15”

Conclusions: positive trend continued

Periodic financial Information I FY 14 Results I 12 February 2015 13

Periodic financial Information I FY 14 Results I 12 February 2015 14

Insurance Solvency Find out more on Solvency II & “Beyond ‘15” @ Investor Day 2015

28 September 2015

Andaz hotel - London

Periodic financial Information I FY 14 Results I 12 February 2015 15

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.

Annexes

Insurance Activities

General Account

General Information

FY 13 FY 14FY 13 FY 14

Periodic financial Information I FY 14 Results I 12 February 2015 17

Net result: solid full year performance, Q4 lower Life result In EUR million In EUR

billion

Operating margin Guaranteed: well within target range

Non-Life combined ratio: June hailstorm & poor TPL performance

Inflow: sales in Guaranteed Savings up despite lower rates

Life Technical liabilities up 8%, incl. acquisition Fidea Group Life

In EUR billion

Belgium : Headlines Strong FY net result & Non-Life strong second half year performance

**

Operating margin Unit-Linked: out of target range

In % avg technical liabilities In % avg technical liabilities

FY 13 FY 14Life Non-Life

84

54

4

16

Q4 13 Q4 14

4.1 4.0

1.9 1.9

6.0 5.9

FY 13 FY 14

Life Non-Life

1.1 1.1

0.4 0.4

1.5 1.5

Q4 13 Q4 14

Q4 13 Q4 14

In % NEP

Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14

99.9% 101.2% 106.3% 99.2%

0.23%0.34%

0.30%0.41%

0.56%1.03%0.87%0.89%

274336

61

56

335392

88

70

53.2 56.1 57.6

FY 13 9M 14 FY 14

In EUR million

United Kingdom: Headlines Steady inflows; recovery from climatic events in the first quarter

In EUR billion

In % NEP In EUR million

* incl. non-consolidated partnerships @ 100%

18 Periodic financial Information I FY 14 Results I 12 February 2015

54

89

Q4 13 Q4 14

0.1 0.1

2.2 2.3

2.32.4

FY 13 FY 14

Life Non-Life

0.0 0.00.5 0.5

0.5 0.5

Q4 13 Q4 14(2)

(3)12

49

90

71

100

117

FY 13 FY 14

Life Other Non-Life

(0) (5)1

2413

19

14

38

Q4 13 Q4 14

FY 13 FY 14

97.8% 99.8%

Q4 13 Q4 14

100.5% 101.4%

FY 13 FY 14

235 298

Recovery from impact Q1 weather events – positive one-offs in Other

Inflow* up 5%, flat @ constant FX

Non-Life combined ratio: sub 100% despite Motor large losses

Other Income includes one-off benefits

Sale of UK Protect

Sale closed in Q4 2014

Total Gain booked

EUR 21 million in UK Other

result

EUR 12 million in General

Account

Net cash General Account

up EUR 193 million

Net profit impacted by Turkey: reserves strengthening vs. one-off FY 13 In EUR million In EUR billion

Non-Life combined ratio improved thanks to lower Motor claims

227% 210% 207%

Inflow* up with strong sales in Luxembourg

In EUR billion

Continental Europe: Headlines Net result down on Turkey – Strong inflow growth in Luxembourg

**

Operating margin Guaranteed: lower net U/W not offset by investment margin

Periodic financial Information I FY 14 Results I 12 February 2015 19

Life Technical liabilities in line with growing volumes

In % avg technical liabilities

Operating margin Unit-Linked: lower fee income in Portugal In % avg technical liabilities

44 45

32

11

77

56

FY 13 FY 14

Life Non-Life

8 10

6 4

14 13

Q4 13 Q4 14

4.14.6

1.11.1

5.25.6

FY 13 FY 14

Life Non-Life

1.2 1.1

0.30.3

1.5

1.3

Q4 13 Q4 14

FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14 FY 13 FY 14 Q4 13 Q4 14

93.7% 92.1% 91.4% 96.3%0.91% 0.70% 0.94% 0.73%

0.47%

0.10%0.20%

0.08%

In % NEP

* incl. non-consolidated partnerships @ 100%

13.9 14.2 14.5

15.0 16.9 17.3

28.931.1 31.8

FY 13 9M 14 FY 14

Conso Non-conso

21

16

FY 13 FY 14

Life Non-Life

21 26

64

28 30

Q4 13 Q4 14

0.8

0.8

9.8

11.9

FY 13 FY 14

Life Non-Life

Net result: Strong results in China & Thailand In EUR million In EUR billion

Non-Life: Combined ratio continued improvement

Inflow growth fuelled by China & Thailand

Life Technical liabilities up across all entities In EUR

billion

Asia: Headlines New business & renewals support excellent performance China & Thailand

Periodic financial Information I FY 14 Results I 12 February 2015 20

**

In % avg technical liabilities In EUR million

Life operating margin Hong Kong: Increased net underwriting result

Result non-conso partnerships: marked by China & Thailand

Q4 13 Q4 14FY 13 FY 14Q4 13 Q4 14FY 13 FY 14

95.4%

89.9%

97.4%

89.9%

1.95% 1.90% 3.59% 2.58%

In % NEP

* incl. non-consolidated partnerships @ 100%

172

142

120

153

100

137

9.1 11.1

21

16

FY 13 FY 14

Life Non-Life

2.0 2.3 2.8

25.9

33.1 34.9

27.9

35.437.7

FY 13 9M 14 FY 14

conso non-conso

122

156

35 33

64

41

37

Q4 13 Q4 14

1.7

2.7

0.2

0.2

1.9

2.9

Q4 13 Q4 14

Periodic financial Information I FY 14 Results I 12 February 2015 21

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

2008 2007

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

May – September 07 Press release re bid on Abillion AMRO Communication Q2 figures Capital increase, Prospectus, Subprime

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

BE - 1 professional investor re damages following rights issue; exchange of written arguments

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 & billionPPF; 2° proceeding also against board members & executives, awaiting ruling preliminary procedural questions

Deminor against ageas & 2 banks; interim judgment 28/4/14 ruling +/- 25% claimants not eligible; exchange of written arguments ongoing

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 appeal filed

NL - 1 shareholder claiming damages referring to FortisEffect judgment

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

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

VEB collective action against ageas, former directors / executives & banks; exchange of written arguments

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

2 separate proceedings - Mr Meijer representing in each case 1 claimant against ageas, awaiting decision consolidation SICAF

Periodic financial Information I FY 14 Results I 12 February 2015 22

Status on various legal procedures Administrative & criminal proceedings*

AFM I : final - fine imposed

FSMA: appeal filed before Court of Appeal

2008 2007

May/June 08

Communication re solvency & EC

remedies

September -

October 08

Rescue operations & Split

up of Fortis Group,

spread over 2 WE’s

August 07

Communication Q2 figures

AFM II : final - acquittal

September 07

Capital increase, Prospectus,

Communication about subprime

exposure

May 07

Press release re bid on Abillion AMRO

January 08

Press release on subprime & solvency

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

Administrative proceedings

Criminal proceedings

* For a complete overview of all legal procedures, please check the contingent liabilities in the Annual Report

Periodic financial Information I FY 14 Results I 12 February 2015 23

Best estimate of timings as of to date Impossible to provide accurate timing for next steps

2015 2016

First instance

Pleadings

VEB

BE – 1 professional investor

Mr.Modrikamen Deminor

Judgement on the merits

VEB

BE – 1 professional investor

Mr.Modrikamen

Appeal

Pleadings FSMA fine

Judgement preliminary matters Mr.Bos

Judgement on the merits FSMA fine

Supreme Court

Pleadings

Periodic financial Information I FY 14 Results I 12 February 2015 24

Shareholders structure

Based on number of shares as at 31 December 2013

Ageas5.04%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Identified retail investors

19%

Identified institutional investors

36%

Other investors21%

Based upon press release 9 February 2015

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 2 June 2014

Based upon the number of shares mentioned in the notification received 16 January 2015

Based upon the number of shares mentioned in the notification received 22 July 2013

Estimate by

Estimate by

Ageas

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Identified retail investors

Identified institutional investors