q2 2019 results - ageas · 2019-08-07 · q2 18 q2 19 result benefited from ogden rate review &...
TRANSCRIPT
Q2 2019 RESULTSPeriodical Financial Information
1
2
Slides used during analyst call 2
Segment information 16
Equity / Solvency 51
Investment portfolio 63
Legal Settlement 68
General Information 71
Content
Content
Periodical financial information I Q2 19 results I 7 August 2019
Ageas
3
Main developments of the quarter
Claims filing period ended on 28 July
EUR 593 mio compensation paid to eligible shareholders of which EUR 140
mio coming from D&O insurers
Issuance of EUR 500 mio Tier 2 bond by ageas SA/NV
9th consecutive SBB announced for EUR 200 mio
Best half year Group net result ever, driven by Non-Life operational
performance & helped by some one-offs in Asia & UK
Solid sales momentum across all regions, except UK
Solvency > 200% despite yield impact
Strategy
Results
Legal
Periodical financial information I Q2 19 results I 7 August 2019
Ageas announces 9th consecutive share buy-back
bringing amount returned through SBB to EUR 2 bn
06/08/12Ageas announces EUR 200 mio SBB
24/08/11Ageas announces EUR 250 mio SBB
06/08/14Ageas announces EUR 250 mio SBB
Ageas
4
07/08/19
Ageas announces
EUR 200 mio SBB
running from 19/08/19 until
05/08/20
Over 8 programmes
66,795,650 shares bought back
of which
almost 64 mio shares cancelled or
24% of outstanding shares end 2011
02/08/19
Ageas completes 2018
EUR 200 mio SBB
- 4,501,516 shares
02/08/13Ageas announces EUR 200 mio SBB
05/08/15Ageas announces EUR 250 mio SBB
10/08/16Ageas announces EUR 250 mio SBB
09/08/17Ageas announces EUR 200 mio SBB
08/08/18Ageas announces EUR 200 mio SBB
Periodical financial information I Q2 19 results I 7 August 2019
373485
102
116
(34)
5441
606
6M 18 6M 19
Life Non-Life GA
In EUR mio In EUR bnIn EUR bn
Ageas
Headlines
5
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
121
26255
81
18
12
194
355
Q2 18 Q2 19
17.0 17.7
3.1 3.4
20.121.0
6M 18 6M 19
Life Non-Life
6.8 6.6
1.4 1.6
8.3 8.2
Q2 18 Q2 19
97.8 95.7
6M 18 6M 19
96.7 93.1
Q2 18 Q2 19
110
79
6M 18 6M 19
8371
Q2 18 Q2 19
28 22
6M 18 6M 19
24 27
Q2 18 Q2 19
Net result: solid operating performance across all regions
Non-Life combined ratio: excellent Q2 driven by BE & CEU
Inflows up 7% in Q2 excl. Luxembourg Life Technical liabilities up in conso (3% excl. shadow) & non-conso
Margin Guaranteed: timing investment income & reserve strengthening
Operating margin Unit-Linked: up in BE & down in CEU
Strong Non-Life performance and exceptional items in Asia and the UK support Q2 net result
Periodical financial information I Q2 19 results I 7 August 2019
71.5 73.1 73.9
1.8 2.9 4.0
65.675.3 76.5
139.0151.2 154.3
FY 18 3M 19 6M 19
excl shadow shadow non-conso
2,1102,437
1,079
1,126
3,188
3,562
6M 18 6M 19
Life Non-Life
62 77
2138
83
114
Q2 18 Q2 19
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Belgium
6Periodical financial information I Q2 19 results I 7 August 2019
Strong quarterly operating performance in Life & Non-LifeHeadlines
In EUR mio In EUR bn In EUR bn
181145
39
50
220195
6M 18 6M 19
Life Non-Life
1,196 1,029
450465
1,6461,494
Q2 18 Q2 19
55.9 56.9 57.3
1.4 2.3 3.1
57.3 59.2 60.4
FY 18 3M 19 6M 19
excl shadow shadow
108
82
6M 18 6M 19
98.8 97.6
6M 18 6M 19 proforma
97.491.1
Q2 18 Q2 19 proforma
3643
Q2 18 Q2 19
4334
6M 18 6M 19
7585
Q2 18 Q2 19
Life Technical Liabilities mainly up on Group Life & Unit-Linked
Operating margin Unit-Linked: timing difference in sales campaigns
Net result: strong Q2 performance - YTD impacted by lower realized capital gains
Inflows: continued strong growth across most product lines
Non-Life COR: strong operational performance in most business lines
Operating margin Guaranteed: seasonality in RE investment result
99.0 96.9
6M 18 6M 19 proforma
In EUR mio
UK
7Periodical financial information I Q2 19 results I 7 August 2019
Headlines
In % of NEPIn EUR bn
* incl. non-consolidated partnerships @ 100%
31
52
6M 18 6M 19
20
41
Q2 18 Q2 19
97.3 98.3
Q2 18 Q2 19 proforma
921881
6M 18 6M 19
474 456
Q2 18 Q2 19
Result benefited from Ogden rate review & internal
reinsurance agreementNet result in both years impacted by non-recurring items
Inflows* down 5% @ constant FX Non-Life combined ratio strong despitelarge losses in Motor
CEU
8Periodical financial information I Q2 19 results I 7 August 2019
Headlines
* incl. non-consolidated partnerships @ 100%
2916
2440
5357
6M 18 6M 19
Life Non-Life
164
10
21
26 25
Q2 18 Q2 19
2,003
1,047
682
710
2,685
1,757
6M 18 6M 19
Life Non-Life
952485
299
338
1,251
823
Q2 18 Q2 19
91.6 90.2
6M 18 6M 19 proforma
92.988.8
Q2 18 Q2 19 proforma
121
66
6M 18 6M 19 proforma
133
-6
Q2 18 Q2 19
12 8
6M 18 6M 19
12 7
Q2 18 Q2 19
In EUR mio In EUR bn In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Non-Life COR: driven by excellent operating performance
Operating margin Unit-Linked mainly down on lower sales
Net result supported by strong Non-Life profit
Net result Q2 up 8% scope-on-scope –Life impacted by reserve strengthening
15.7 16.2 16.6
0.4 0.6 0.8
16.1 16.8 17.4
FY 18 3M 19 6M 19
excl shadow shadow
Q2 inflows up 22% scope-on-scope, driven by Life & Non-Life
Life Technical liabilities consolidated entities up driven by higher inflows
Operating margin Guaranteed down due to reserve strengthening (116 bps in Q2)
In EUR mio In EUR bnIn EUR bn
Asia
9Periodical financial information I Q2 19 results I 7 August 2019
Headlines
In % NEP
*Incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX
164
3247
8
170
331
6M 18 6M 19
Life Non-Life
12,884 14,168
450652
13,33414,819
6M 18 6M 19
Life Non-Life
65.675.3 76.5
FY 18 3M 19 6M 19
87.9
103.2
Q2 18 Q2 19
89.999.3
6M 18 6M 19
Exceptionally high quarter driven by operating performance, capital gains & one-off
4,699 5,077
205 360
4,9045,437
Q2 18 Q2 19
43
182
3
3
46
185
Q2 18 Q2 19
12.0 13.2
0.91.0
12.914.2
6M 18 6M 19
regular single
In EUR bn
Regular premium: strong growth -exceeding 90% of Life inflows
4.3 4.7
0.40.4
4.75.1
Q2 18 Q2 19
Net result : solid operational performance, capital gains & tax change
Inflows* up 12% in Q2 -continued solid growth trend
Life Technical liabilities up 15% YTD
Non-Life COR reflecting acquisition in India
In EUR mio
Reinsurance
Headlines
10
In % NEPIn EUR mio
ageas SA/NV
reinsurance activities
Periodical financial information I Q2 19 results I 7 August 2019
2
(34)
6M 18 6M 19
0
(22)
Q2 18 Q2 19
29
1,137
6M 18 6M 19
14
275
Q2 18 Q2 19
91.3% 84.8%
6M 18 6M 19 proforma
100.8%89.4%
Q2 18 Q2 19 proforma
Q2 negatively impacted by exceptional items in the UK
Net result: Q2 negatively impacted by ramp up phase & motor large losses in UK
Inflows: EUR 220 mio in Q2 from new QS agreements
Pro-forma combined ratio benefit from PY releases
Implementation of an internal reinsurance programme within ageas SA/NV in order to
enhance capital fungibility in the group
Non-Life Quota Share (QS) Treaties: 30% with AG Insurance in Belgium*, 30% with Ageas
Insurance Limited in the UK, and 20% with all Portuguese Non-Life Entities
Loss Portfolio Transfers (LPT): 30% with Ageas Insurance Limited in the UK, and 20%
with the Portuguese Non-Life Entities
The reinsurance protection programme formerly carried out by Intreas is now managed by
ageas SA/NV
The Pillar I Solvency II for ageas SA/NV amounted to 353%
Net result positive following RPN(i) revaluation & lower expensesIn EUR mio
Value legacies – Settlement liability down on payments
Profit driven by positive RPN(i) revaluation & lower
expenses
GA
11Periodical financial information I Q2 19 results I 7 August 2019
Headlines
Stable total liquid assets
In EUR mio
Impact on P&L from RPN(i) Lower staff & operating expenses
In EUR bn
In EUR mio
(34)
5
6M 18 6M 19
1812
Q2 18 Q2 19
15 14
2435
39
49
6M 18 6M 19
Staff & Intercompany Operating
9 7
1613
25
20
Q2 18 Q2 19
9
61
6M 18 6M 19
4734
Q2 18 Q2 19
In EUR mioIn EUR mio
Upstream Opcos – EUR 4 mio in Q3
599 629
6M 18 6M 19
(359) (332) (298)
7 5 6
(812)(764)
(626)
FY 18 3M 19 6M 19
RPN(i) RPI Settlement
1.71.5
1.7
FY 18 3M 19 6M 19
Belgium268
Belgium168
Belgium294
Belgium333
Belgium391
Belgium437
Belgium415
UK 82
UK 64
UK 50
UK 47
UK 44
CEU 36
CEU150
CEU53
CEU 19
CEU48
CEU85
CEU86
Asia52
Asia106
Asia43
Asia89
Asia77
Asia92
Asia88
438
488
440
487 516
622 633
416
2013 2014 2015 2016 2017 2018 2019 dividendpaid in2019
Ageas
12Periodical financial information I Q2 19 results I 7 August 2019
EUR 633 mio upstreamed in 2019Dividend upstream
Upstream duringbased on net result of the year
before
In EUR mioBelgium main contributor of cash
Dividend from Asia includes EUR 4 mio received in Q3
Upstream more than covering dividend & holding costs on FY basis
Solvency
13Periodical financial information I Q2 19 results I 7 August 2019
Solvency strong despite drop in yield curveSolvency IIageas
Solvency IIageas
in %
Own Funds
SCR
Non EU
Non-controlled
participations*
Belgium UK CEU Reinsurance GA eliminations Group
2.7 2.8 2.9
0.5 0.5 0.5 0.6 0.6 0.6
0.1 0.30.3 0.1 0.0
0.0
(0.2) (0.4) (0.4)
3.7 3.9 4.0
2.4 2.8 2.8
6.46.0
6.3
0.8 0.9 0.81.0 1.0 1.0
0.1
0.6 0.6 0.6
(0.2)
0.1
(1.0) (0.9) (1.0)
8.0
7.57.9
5.8
6.6 6.6
FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19
235% 215% 223% 167% 175% 161% 178% 170% 160% 196% 200% 192% 215% 194% 201% 241% 237% 236%
Free CapitalGeneration
14Periodical financial information I Q2 19 results I 7 August 2019
Operational FCG of EUR 257 mio
2,143
1,769
414
271
163 58(15)
(97)
(119)
(185)
(416)
2,557
2,040
94
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend 6M 19
expected
dividend
Operational impact – includes EUR 94 mio dividend upstream Non-European NCP’s
Market: sharp drop in yield curve
Exceptional items: implementation new internal reinsurance agreements & Ogden
Capital transactions = call & issue debt instruments, SBB & injection in Asia
M&A: Acquisition in India
* FCG Non-European NCP’s of
EUR 294 mio over Q1 2019 of
which EUR 113 mio operational, is
not included
Based on 175% SCR
Solvency IIageas
Solvency IIageas
In EUR mio*
15Periodical financial information I Q2 19 results I 7 August 2019
Conclusions
1. Record result supported by some exceptionals
2. Good sales momentum continued
3. Ninth consecutive SBB – EUR 200 mio
Content
16Periodical financial information I Q2 19 results I 7 August 2019
Content
Slides used during analyst call 2
Segment information 16
Equity / Solvency 51
Investment portfolio 63
Legal Settlement 68
General Information 71
Net result
17Periodical financial information I Q2 19 results I 7 August 2019
Strong operational performance supported by one-offs in Asia & UK
Belgium UK CEU Asia Reins. GA ageas
5 (34)
5
181 145
29 16
164
324 373
485
39
50
24 40
7
8
102
116
220 195
31 52 53 57
170
331
2
(34)
(34)
441
606
6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19
Non-Life
Life
In EUR mio
General Account
Lower support of net cap gains
Result benefited from Ogden rate review & internal reinsurance agreement
Strong performance in Non-life / Life impacted by low i-rate (Luxembourg out of scope)
Higher contribution of cap gains & tax change in China
Suffering from ramp up phase, bad weather in Belgium & large losses UK
Positive contribution of RPN(i)
Belgium
UK
CEU
Asia
Reinsurance
General Account
Inflows
18Periodical financial information I Q2 19 results I 7 August 2019
Double digit growth* across all segments except in UK
In EUR mio
EUR mio 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19
Belgium 75% 2,110 2,437 15% 1,079 1,126 4% 3,188 3,562 12%
United Kingdom - 921 881 (4%) 921 881 (4%)
Consolidated entities 100% - 722 698 (3%) 722 698 (3%)
Non-consolidated JV's 50% 199 183 (8%) 199 183 (8%)
Continental Europe 2,003 1,047 (48%) 682 710 4% 2,685 1,757 (35%)
Consolidated entities 817 1,047 28% 344 373 8% 1,161 1,419 22%
Portugal 51% - 100% 646 833 29% 344 373 8% 990 1,206 22%
France 100% 171 213 25% 171 213 25%
Non-consolidated JV's 338 337 (0%) 338 337 (0%)
Turkey (Aksigorta) 36% 338 337 (0%) 338 337 (0%)
Luxembourg (Cardif Lux Vie) 33% 1,186 1,186
Asia Non-consolidated JV's 12,884 14,168 10% 450 652 45% 13,334 14,819 11%
Malaysia 31% 440 472 7% 290 343 18% 730 816 12%
Thailand 31% - 15% 1,317 1,196 (9%) 160 175 9% 1,477 1,370 (7%)
China 25% 10,983 12,322 12% 10,983 12,322 12%
Philippines 50% 10 15 40% 10 15 40%
Vietnam 32% 15 36 136% 15 36 136%
India 26% - 40% 118 127 8% 133 118 261 120%
Insurance Ageas 16,997 17,651 4% 3,132 3,368 8% 20,129 21,018 4%
Reinsurance 29 1,137 29 1,137accepted from Consolidated entities 29 1,129 29 1,129
accepted from Non-consolidated partnerships 8 8
Life Non-Life Total
@ 100%
* Inflows excluding Luxembourg, divested in 2018
Inflows
19Periodical financial information I Q2 19 results I 7 August 2019
Double digit growth* across all segments except in UK
1,582 1,827 919 666
3,318 3,635
5,820 6,129
809 844
822 789
466 494
114 186
2,210 2,314
+12%
-4%
-16%
+11%
+5%
2,391 2,672
1,385 1,160
3,432 3,821
8,029 8,442
29
1,137
6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19
Belgium UK CEU Asia Insurance Reins.
Non-Life
Life
In EUR mio
Double digit growth in Life
Volumes lower on strategic choices
Luxembourg out of scope / Strong growth in Guaranteed business
Maintaining strong sales momentum
Inflows include one-offs related to ramp up phase QS agreements
Belgium
UK
CEU
Asia
Reinsurance
@ ageas part
* Inflows excluding Luxembourg,
divested in 2018
Net realisedcap gains*
20Periodical financial information I Q2 19 results I 7 August 2019
Lower support of realised capital gains in Europe - Asia benefiting from strong equity markets
In EUR mio
6M 18 6M 19 Q2 18 Q2 19
Life 72 50 6 17 Seasonality in realisation
Non-Life 7 3 0 (0)
Belgium 79 53 6 16
UK 2 4 0 1
Life 5 5 3 3
Non-Life 1 2 (0) 0
CEU 6 7 3 3
Life (19) 70 (44) 21 IFRS cap gains on equities
Non-Life 0 (1) 0 (1) in China
Asia (19) 69 (44) 20
Reinsurance (0) 4 (0) 4 linked to process of liquidation Intreas
Life 58 125 (35) 40
Non-Life 11 11 0 4
General Account
& Eliminations
3 (4)
Total Ageas 71 133 (35) 44
* Net capital gains include capital gains, impairments & related changes in profit sharing (consolidated entitities),
net of tax & @ ageas’s part – CEU JV’s not included
Ageas
21Periodical financial information I Q2 19 results I 7 August 2019
Excellent Q2 compensating for weather impact in Q1Combined ratio
Net earned premium (In EUR mio)
In % Net earned premium
Combined ratio
Quarter
Strong CY performance in Belgium & Portugal
Further support from Ogden rate review in UK
Year-to-date
Favourable vs. LY on lower weather impact (2.6 pp vs. 4.7 pp)
Strong performance in most product lines besides the weather
impact
Claims ratio
CY ratio improving compared to last year across all
segments
PY ratio: higher in Accident & Health and Household
Expense ratio stable
64.3 64.4 62.267.0
59.7 58.5 61.7 59.7 59.9 56.3
34.0 35.2 34.734.1
35.5 35.836.1 36.0 36.8
36.8
98.3 99.696.9
101.195.2 94.3
97.8 95.7 96.793.1
(3.8) (4.0)(5.9)
(3.0) (5.6) (7.7) (8.2) (9.2) (9.1)(12.1)
2013 2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19
claims ratio expense ratio PY claims ratio
3,749 3,843 4,038 4,112 4,148 3,890 1,949 1,912 975 967
Ageas
22Periodical financial information I Q2 19 results I 7 August 2019
Combined ratio
70.0 67.3 65.4 67.5 64.8 67.4 73.3 71.5 75.0 71.0
25.6 27.0 28.3 27.2 27.5 25.425.8 25.4 26.6
26.5
95.6 94.3 93.7 94.7 92.3 92.899.1 96.9
101.6 97.5
2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19
69.8 69.6 69.178.2
68.7 61.2 59.4 63.6 59.7 66.5
29.3 29.7 30.529.7
31.633.0 33.0
33.033.0
33.4
99.1 99.3 99.6107.9
100.394.2 92.4 96.6 92.7
99.9
2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19
51.5 51.5 50.4 50.5 43.8 51.861.0
48.4 53.532.1
44.0 44.6 41.6 42.745.1
44.846.1
45.047.6
47.0
95.5 96.1 92.0 93.2 88.996.6
107.1
93.4101.1
79.1
2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19
62.4 71.257.9 60.4
51.0 43.9 47.7 41.5 44.5 36.9
45.550.6
46.4 44.445.1
47.8 45.053.2 46.5
53.3
107.9
121.8
104.3104.896.1 91.7 92.7 94.7 91.0 90.2
2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19
Accident & Health: improved claims ratio in Belgium Motor: large losses in UK
Household: YTD LY impacted by poor weather in BE & UK
(16.4 pp)Other lines: higher expense ratio / small portfolio
NEP 394 385 424 418 410 356 189 161 93 81
Excellent performance in Household
In % Net earned premium
NEP 813 813 811 838 884 871 425 450 214 231 NEP 1,557 1,616 1,724 1,790 1,782 1,636 819 808 409 406
NEP 986 1,029 1,078 1,067 1,072 1,028 516 493 259 249
Ageas
23Periodical financial information I Q2 19 results I 7 August 2019
Guaranteed: seasonality investment income & reserve strengthening - UL up in BE & down in CEU
In bps Avg techn. liabilities
Operating margins
Life Unit-Linked
Quarter
Below target mainly due to lower sales in Continental
Europe
Year-to-date
Lower in Belgium (exceptional result last year) and
Portugal (lower sales)
Life Guaranteed
Quarter
Negative impact from reserve strengthening in Portugal
due to low i-rate environment
Year-to-date
Below target due to timing difference in investment
margin (seasonality real estate) and reserve
strengthening in Portugal
13 1217
4 3 2 2 2 3 2
(2)
2
1
2
(1) (1)
18
6
18
19 2423
27
20
2224
28
20
36
2527
2528
2224 27
2013 2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19
Operating margin
Expense & other m.
Investment m.
Underwriting m.
43 38 33 41 39 41 39 34 4031
83 9080
88 96 89112
98 85 102
(31) (39)(23)
(36) (42) (42) (41)(53)
(42)(61)
96 8990
9393 88
110
7983
71
2013 2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19
Avg techn liabilities (In EUR bn)
55.5 56.9 57.9 57.3 55.9 55.9 55.7 56.4 55.7 56.4
Avg techn liabilities (In EUR bn)
12.3 12.6 13.0 12.1 15.1 15.7 15.9 16.3 15.9 16.3
2,1102,437
1,079
1,126
3,188
3,562
6M 18 6M 19
Life Non-Life
62 77
2138
83
114
Q2 18 Q2 19
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Belgium
24Periodical financial information I Q2 19 results I 7 August 2019
Strong quarterly operating performance in Life & Non-LifeHeadlines
In EUR mio In EUR bn In EUR bn
181145
39
50
220195
6M 18 6M 19
Life Non-Life
1,196 1,029
450465
1,6461,494
Q2 18 Q2 19
55.9 56.9 57.3
1.4 2.3 3.1
57.3 59.2 60.4
FY 18 3M 19 6M 19
excl shadow shadow
108
82
6M 18 6M 19
98.8 97.6
6M 18 6M 19 proforma
97.491.1
Q2 18 Q2 19 proforma
3643
Q2 18 Q2 19
4334
6M 18 6M 19
7585
Q2 18 Q2 19
Life Technical Liabilities mainly up on Group Life & Unit-Linked
Operating margin Unit-Linked: timing difference in sales campaigns
Net result: strong Q2 performance - YTD impacted by lower realized capital gains
Inflows: continued strong growth across most product lines
Non-Life COR: strong operational performance in most business lines
Operating margin Guaranteed: seasonality in RE investment result
Life
Belgium
25
Net result & Life liabilitiesIn EUR mio
Periodical financial information I Q2 19 results I 7 August 2019
181
145 145
39
50 40
220
195185
6M 18 6M 19 pro forma
Life Non-Life
In EUR bn
Strong Q2 performance - continued growth of Life technical liabilities
Quarter
• Life result up on higher investment result compensating lower net underwriting
result
• Excellent non-life result across most business lines
Year-to-date
• Lower investment results in both Life and Non-Life due to lower net capital gains
(EUR 26 mio lower) & exceptional investment income in first quarter last year.
• The new internal reinsurance program contributed positively to the non-life net
result with EUR 10 mio
Year-to-date
Life technical liabilities (+6%), mainly explained by :
• Growth in Life Bank, especially in Unit Linked thanks to strong inflows
• Continued high growth in Group Life liabilities
• Increase in the shadow accounting reserve due to the decrease in interest
rates
6277 77
21
38 3883
114 114
Q2 18 Q2 19 pro forma
Life Non-Life
55.9 56.9 57.3
1.4 2.3 3.1
57.3 59.2 60.4
FY 18 3M 6M 19
excl shadow shadow
Net result
Life technical liabilities
295 314
325 336
347360
111116
+4%
1,0791,126
6M 18 6M 19
1,5411,863
568
573
+15%
2,110
2,437
6M 18 6M 19
Life
Belgium
26
Inflows
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
Periodical financial information I Q2 19 results I 7 August 2019
Quarter
• Unit-linked – inflows decreased due to timing difference in UL sales campaign
through the bank channel (Q1 2019 vs. Q2 2018)
• Guaranteed - Inflows up mostly driven by savings products in Bank channel and
Group Life
Year-to-date
• Unit-linked - Strong inflow in line with last year thanks to a successful sales
campaign in Q1 2019
• Guaranteed - Inflows increased in all channels especially in Bank Channel
(+38%) and mainly in Invest products and in Group Life (+13%)
Quarter
• Increased across all business lines continuing the strong growth of the previous
quarters
Year-to-date
• Strong inflows with significant increase in Accident & Health (+7%)
• Increase in Household (+4%) mostly explained by tariff indexation
• Growth of more than 3% in Motor and Other
Significant increase in Savings & Group Life –Non-Life growth in all business lines
796891
400 138
-14%1,196
1,029
Q2 18 Q2 19
109 114
148 151
149 154
44 46
450 465
Q2 18 Q2 19
+3%
Non-Life
Life
Belgium
27Periodical financial information I Q2 19 results I 7 August 2019
Combined ratio
In % Net earned premium
Net earned premium (in EUR mio)
Strong operating performance despite weather events in the first quarter
The new internal reinsurance agreement has an important impact on the combined
ratio. For ease of comparability, the pro forma combined ratio commented in this
section excludes all impacts from this internal reinsurance agreement.
Combined ratio
Quarter
Excellent across almost all business lines
Limited negative impact of adverse weather (1pp) vs. 4pp impact in Q2 18
Year-to-date
Improved compared to LY thanks to lower current year claims ratio
Weather events impacted the combined ratio (5.5pp), in line with last year.
However, the impact on Q2 figures is significantly lower than last year
Claims ratio
CY ratio improved compared to last year in Motor and Household, stable in
A&H, increased in Other, mainly in TPL
PY ratio: stable year-on-year
Expense ratio remained stable year-on-year
63.2 63.556.9 58.3
53.1 56.061.2 59.9 59.6
53.5
36.7 37.7
37.8 37.737.9
37.437.6 37.7 37.8
37.6
99.9 101.2
94.7 96.091.0 93.4
98.8 97.6 97.491.1
(3.6) (3.4)(7.2) (8.2) (7.7) (8.3) (9.1) (9.0)
(10.1) (10.1)
2013 2014 2015 2016 2017 2018 6M 18 6M 19pro
forma
Q2 18 Q2 19pro
forma
claims ratio expense ratio PY claims ratio
1,785 1,815 1,832 1,836 1,861 1,944 958 994 480 505
Belgium
28Periodical financial information I Q2 19 results I 7 August 2019
Combined ratio
73.7 70.1 70.4 70.0 68.0 71.080.1 77.3 84.5
76.2
23.8 25.4 27.6 27.6 26.9 24.425.1 24.9
25.325.1
97.5 95.5 98.0 97.6 94.9 95.4
105.2102.2
109.8101.3
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18Q2 19pro
forma
64.7 62.6 56.2 59.7 58.0 55.3 54.6 58.1 56.0 60.5
36.3 37.236.4 36.4 36.8 37.3 37.6 37.8 37.4
38.0
101.0 99.892.6 96.1 94.8 92.6 92.2 95.9 93.4
98.5
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18Q2 19pro
forma
51.4 51.7 43.9 47.8 38.649.3
59.3 53.3 49.534.1
45.6 45.745.2 44.8
45.646.6
46.646.6 46.5
46.6
97.0 97.489.1 92.6
84.295.9
105.999.9 96.0
80.7
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18Q2 19pro
forma
66.187.5
65.8 58.346.8 40.3 38.5 39.6 37.8 31.3
47.2
47.6
45.044.6
44.843.0 42.3 43.9 44.0
43.3
113.3
135.1
110.8102.9
91.683.3 80.8 83.5 81.8
74.6
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18Q2 19pro
forma
In % Net earned premium
Strong operational performance despite adverse weather events
Accident & Health: improved thanks to strong PY Motor: slightly worse than LY due to lower PY claims
Household: Strong 2nd quarter compensating Q1 weather events –
YTD impact of 16.6 ppOther lines : strong 2nd quarter – YTD slight deterioration in Third Party
Liability
NEP 564 579 595 605 609 621 307 315 154 159 NEP 162 170 185 190 193 206 103 107 50 54
NEP 552 562 568 570 578 596 294 299 149 150NEP 507 504 484 472 481 522 255 273 128 141
Belgium
29Periodical financial information I Q2 19 results I 7 August 2019
Operating marginsIn bps Avg techn. liabilities
4 (2) 1 1 1 1 1 1 1
38
32 31 3133
39 42
34 3542
41
30 3231
3440
43
34 36
43
2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18 Q2 19
Operating margin
Investment m.
Expense & other m.
Underwriting m.
32 30 25 29 27 31 30 23 2819
88 9588
91 94 91
115
99 82 105
(31) (38)(27) (34) (36) (37) (37) (40) (36) (39)
89 8786
86 85 85
108
8275
85
2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18 Q2 19
Avg techn liabilities (In EUR bn)
5.4 5.7 5.9 6.1 7.6 8.1 8.2 8.8 8.2 8.8
Avg techn liabilities (In EUR bn)
46.4 47.5 48.1 48.7 48.0 47.7 47.7 47.8 47.7 47.8
Guaranteed – seasonality in Real estateUL – timing difference sales campaign
Life Unit-Linked
Quarter
Operating margin improved compared to Q2 2018 due to timing
difference of the commercial cost of the sales campaign (Q1 2019
vs. Q2 2018)
Year-to-date
Operating result decreased compared to last year as 2018 included
a one-off result
Life Guaranteed
Quarter
Operating margin up on higher net capital gains compensating
the lower net underwriting result
Year-to-date
Operating margin lower than last year due to the seasonality in
realisation of real estate
FY 16 FY 17 FY18 6M 19
Guaranteed interest rate 2.49% 2.32% 2.17% 2.05%
Fixed income yield 3.45% 3.34% 3.25% 3.14%
Liabilities Guaranteed (EUR bn) 52.9 50.4 49.1 51.1
FY 16 FY 17 FY 18 6M 19
Fixed income yield 1.71% 1.88% 1.96% 1.88%
Reinvested amount (EUR bn) 4.5 2.9 3.2 2.1
Newly invested money mostly in corporate bonds (non-financial sector), government
bonds & related loans and mortgage loans.
Belgium
30Periodical financial information I Q2 19 results I 7 August 2019
Yield & guaranteed rate on back book down at the same pace
Evolution assets & liabilities
Back book
Life
New money
Life & Non-Life
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
Q12012
Q22012
Q32012
Q42012
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q32014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Guaranteed interest rate Total fixed income yield
3.14%
2.05%
Belgium
31Periodical financial information I Q2 19 results I 7 August 2019
Margin on back book stable since 2012 Evolution assets & liabilities
99.0 96.9
6M 18 6M 19 proforma
In EUR mio
UK
32Periodical financial information I Q2 19 results I 7 August 2019
Headlines
In % of NEPIn EUR bn
* incl. non-consolidated partnerships @ 100%
31
52
6M 18 6M 19
20
41
Q2 18 Q2 19
97.3 98.3
Q2 18 Q2 19 proforma
921881
6M 18 6M 19
474 456
Q2 18 Q2 19
Result benefited from Ogden rate review & internal
reinsurance agreementNet result in both years impacted by non-recurring items
Inflows* down 5% @ constant FX Non-Life combined ratio strong despitelarge losses in Motor
UK
33
Ogden benefit offset by Motor large losses - Pricing discipline & exit of unprofitable business impacting inflows
Net result & Inflows
Other
Household
Accident & Health
Motor
Net result
Quarter:
Q2 result benefited from the Ogden rate change review from minus 0.75%
to minus 0.25% (EUR 30 mio) & the impact of the ramp up phase of the
internal reinsurance agreement (EUR 23 mio)
Motor large losses suffering from higher frequency & severity
Year-to-date:
Including restructuring costs of EUR 13 mio
18 17
633 618
186 176
8370
-4%921
881
6M 18 6M 19
In EUR mio
Inflows 6M *
Motor down 3%: continued pricing discipline in a competitive Motor market;
lower intermediated & TU volumes - continued growth in Direct sales
through aggregator platforms & good broker pipeline.
Household down 6% resulting from strategic exits of underperforming
business in the intermediated channel & lower Direct renewal inflows.
Other down 16% reflecting planned run off in Special Risks and
discontinued MGA relationship in Commercial.
Accident & Health down 8% - marginal impact on total.
* incl. non-consolidated partnerships @ 100% & @ constant exchange rate
20
41
18
Q2 18 Q2 19 pro forma
31
52
32
6M 18 6M 19 pro forma
11 11
327 319
92 89
45 38
-4%476
456
Q2 18 Q2 19
Periodical financial information I Q2 19 results I 7 August 2019
UK
34
Ogden benefit offset by Motor large losses - strong Household COR
Combined ratio
In % Net earned premium
The new internal reinsurance agreement has an important impact on the
combined ratio. For sake of comparability of the performance the pro forma
combined ratio commented in this section excludes all impacts from this
internal reinsurance agreement.
Q2 Combined ratio
Slightly up compared to last year driven by Motor as Ogden rate change
benefit not fully compensating for Motor large loss experience
Combined ratio Tesco Underwriting 90.5% (vs. 95.8%) reflecting benign
weather & one-off Ogden rate change benefit
Q2 Claims ratio
CY ratio: Strong Household & Commercial performance supported by
benign weather partly offset by Motor large loss experience.
PY ratio: Driven by Ogden release
Q2 Expense ratio
Lower overhead costs
Higher investments & increased Non-Risk income related to growth in
Direct channel
65.6 66.3 69.380.7
68.360.2 62.2 59.3 59.2 58.8
32.2 33.532.8
31.5
34.9
36.6 36.8
37.6
38.1 39.5
97.8 99.8 102.1
112.2
103.296.8 99.0 96.9 97.3 98.3
(4.0) (4.6) (4.4)
4.5(1.4)
(9.2) (9.1)
(8.0)
(9.5)(9.2)
2013 2014 2015 2016 2017 2018 6M 18 6M 19pro
forma
Q2 18 Q2 19pro
forma
claims ratio expense ratio PY claims ratio
Net earned premium (In EUR mio)
Periodical financial information I Q2 19 results I 7 August 2019
1,562 1,613 1,751 1,598 1,493 1,321 684 641 340 323
UK
35
Excellent Household & Commercial - Motor impactedby large losses
Combined ratio
Motor: One-off Ogden benefit offset by large loss experienceAccident & Health: Small portfolio, marginal impact on total
Other: Benign weather & favourable PY in CommercialHousehold: Strong performance on top of benign weather
76.266.0
55.8 58.4 56.1 57.8 56.9 55.7 53.1 59.7
34.338.7
43.3 40.9 46.7 51.4 51.6 51.0 52.954.0
110.5104.7
99.1 99.3 102.8109.2 108.5 106.7 106.0
113.7
2013 2014 2015 2016 2017 2018 6M 18 6M 19pro
forma
Q2 18 Q2 19pro
forma
71.9 74.6 75.891.0
75.063.7 61.1 68.1 60.0
70.3
25.0 25.1 27.2
25.5
27.6
29.7 29.530.7
29.5
31.2
96.9 99.7 103.0
116.5
102.693.4 90.6
98.889.5
101.5
2013 2014 2015 2016 2017 2018 6M 18 6M 19pro
forma
Q2 18 Q2 19pro
forma
51.4 51.062.2 57.6 51.7 56.9
67.2
40.962.3
33.4
42.4 43.3
37.340.6
47.845.1
48.9
49.4
53.6
56.1
93.8 94.399.5 98.2 99.5 102.0
116.1
90.3
115.9
89.5
2013 2014 2015 2016 2017 2018 6M 18 6M 19pro
forma
Q2 18 Q2 19pro
forma
59.8 56.0 55.373.7 67.0
46.359.0
46.9 49.5 43.1
44.4 54.3 48.6
44.947.0
56.7
49.6
50.0 50.451.0
104.2110.3
103.9
118.6 114.0103.0
108.696.9 99.9
94.1
2013 2014 2015 2016 2017 2018 6M 18 6M 19pro
forma
Q2 18 Q2 19pro
forma
Periodical financial information I Q2 19 results I 7 August 2019
NEP 79 71 72 39 30 30 15 15 8 8 NEP 907 958 1,062 1,014 947 844 430 411 213 207
NEP 374 399 413 361 341 309 160 143 80 72 NEP 202 185 204 185 175 138 79 73 40 36
CEU
36Periodical financial information I Q2 19 results I 7 August 2019
Headlines
* incl. non-consolidated partnerships @ 100%
2916
2440
5357
6M 18 6M 19
Life Non-Life
164
10
21
26 25
Q2 18 Q2 19
2,003
1,047
682
710
2,685
1,757
6M 18 6M 19
Life Non-Life
952485
299
338
1,251
823
Q2 18 Q2 19
91.6 90.2
6M 18 6M 19 proforma
92.988.8
Q2 18 Q2 19 proforma
121
66
6M 18 6M 19 proforma
133
-6
Q2 18 Q2 19
12 8
6M 18 6M 19
12 7
Q2 18 Q2 19
In EUR mio In EUR bn In EUR bn
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
Non-Life COR: driven by excellent operating performance
Operating margin Unit-Linked mainly down on lower sales
Net result supported by strong Non-Life profit
Net result Q2 up 8% scope-on-scope –Life impacted by reserve strengthening
15.7 16.2 16.6
0.4 0.6 0.8
16.1 16.8 17.4
FY 18 3M 19 6M 19
excl shadow shadow
Q2 inflows up 22% scope-on-scope, driven by Life & Non-Life
Life Technical liabilities consolidated entities up driven by higher inflows
Operating margin Guaranteed down due to reserve strengthening (116 bps in Q2)
CEU
37
Very strong Non-Life businessLife impacted by reserve strengthening
Net result & Life liabilitiesIn EUR mio
Periodical financial information I Q2 19 results I 7 August 2019
29
16 16
2440 38
5357
54
6M 18 6M 19 pro forma
Life Non-Life
Net result
• Life: net result impacted by reserve strengthening in Portugal’s
Guaranteed business related to low interest rate environment
Last year EUR 5 mio contribution from Luxembourg (EUR 2 mio in
Q1 & EUR 3 mio in Q2)
• Non-life: strongly up thanks to improved claims ratio
Internal reinsurance: positive contribution in Q1
(EUR 3 mio) & negative impact in Q2 (EUR 1 mio)
Life technical liabilities
• Up on higher sales in Guaranteed business
16
4 4
10
21 22
26 25 26
Q2 18 Q2 19 pro forma
15.7 16.2 16.6
0.4 0.6 0.8
16.1 16.8 17.4
FY 18 3M 19 6M 19
excl shadow shadow
CEU
38
Strong increase in Guaranteed Business –Non-Life growth in all business lines
Inflows
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
533
800
284
247
+28%
817
1,047
6M 18 6M 19
212 228
277 277
124 139
6966
+4%
682 710
6M 18 6M 19
* Excluding Luxembourg Periodical financial information I Q2 19 results I 7 August 2019
Life Unit-Linked
• Inflows down due to fewer underwriting in Portugal & France
related to the financial market volatility - Decrease limited to 1% in
Q2 compared to 22% in Q1
Life Guaranteed
• Q2 Inflows up 43% mainly related to higher sales in Savings in
Portugal – confirming trend Q1
Non-Life
• Up 27% at constant FX in Q2 (heavily impacted by FX rate in
Turkey)
• Strong sales in Portugal continued with main contributors being
Health Care, Household, Motor (pushed by new business and
inforce business) & Workers’ Compensation (new & inforce
business)
90 98
130146
55642429
+13%
299338
Q2 18 Q2 19
252361
126
124
+28%
378
485
Q2 18 Q2 19
*
63.7 61.355.9 58.6 59.2 62.7 62.1 61.2 62.2 58.5
30.030.8
29.530.1 31.2
29.7 29.5 28.9 30.730.3
93.7 92.185.4
88.7 90.4 92.4 91.6 90.292.9
88.8
(4.0) (4.3) (6.5) (6.5) (8.0)(2.9) (4.2) (3.7)
(6.1) (7.2)
2013 2014 2015 2016 2017 2018 6M 18 6M 19pro
forma
Q2 18 Q2 19pro
forma
claims ratio expense ratio PY claims ratio
CEU
39Periodical financial information I Q2 19 results I 7 August 2019
Combined ratio
Net earned premium (In EUR mio)
In % Net earned premium
Combined ratio well below group target
The new internal reinsurance agreement has an important impact on
the combined ratio. For sake of comparability of the performance the
pro forma combined ratio commented in this section excludes all
impacts from this internal reinsurance agreement.
Combined ratio
Q2 Combined ratio of consolidated companies ended at 88.8%,
reflecting a continued excellent operating performance
Q2 Combined ratio in Turkey (@99.4% vs. 99.9%) stable
Claims ratio
CY ratio improved versus LY, driven by Motor & excellent ratio in
Household
PY ratio: PY releases slightly decreasing over the 6M period
Expense ratio improved compared to LY
403 415 454 664 768 594 292 319 148 162
59.7 61.9 58.8 64.9 61.4 62.5 63.9 65.4 61.9 65.4
26.6 26.7 25.225.1 26.8 24.8 24.5
24.326.0 26.1
86.3 88.684.0
90.0 88.2 87.3 88.4 89.7 87.9 91.5
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18 Q2 19pro
forma
CEU
40
Combined ratio
79.360.1
71.5 65.5 70.4 68.0 65.7 64.9 69.1 63.7
29.2
31.6
32.332.5
35.0 35.3 34.934.3 35.7
34.6
108.5
91.7
103.898.0
105.4 103.3 100.6 99.2104.8
98.3
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18 Q2 19pro
forma
53.5 54.0
36.1 42.3 46.5 48.5 45.8 40.7 40.627.7
38.8 40.3
35.938.0
34.7 34.2 35.0 33.636.0
34.3
92.3 94.3
72.080.3 81.2 82.7 80.8
74.3 76.6
62.0
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18 Q2 19pro
forma
59.672.3
31.712.1 3.9
72.6 63.0
26.5
92.4
1.3
43.745.1
40.8
41.339.2
41.537.8
38.5
40.5
44.4
103.3117.4
72.5
53.443.1
114.1100.8
65.0
132.9
45.7
2013 2014 2015 2016 2017 2018 6M 186M 19pro
forma
Q2 18 Q2 19pro
forma
Continued excellent operating performance
Other: very small & volatile portfolio
Periodical financial information I Q2 19 results I 7 August 2019
Accident & Health: CoR increased due to higher claims ratio Motor: good performance driven by better claims
Household: very good claims ratio & improved expense ratio
NEP 227 238 255 328 373 318 155 170 79 86 NEP 99 96 94 202 249 188 93 102 47 52
NEP 48 51 70 91 105 74 37 41 19 22 NEP 29 30 35 43 41 13 7 7 4 3
CEU
41Periodical financial information I Q2 19 results I 7 August 2019
Operating marginsIn bps Avg techn. liabilities
Guaranteed margin up on lower claims and strong sales ; UL margin down on lower sales
In EUR bn
0 1 20 (1) (2) 0
(1)1
12 5 4 4 3 5 4
9 4 5
16
610
5
93
107 7
21
912
8
12
7
2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19
Operating margin
Expense & other m.
Underwriting m.
Investment m.
95 100 110 111 99 92 98 109 96
77 5976
10680 99 92
10183
(102)(71) (65) (78) (71) (70)
(124)(78)
(184)
70 88121
139108 121 66
133(6)
2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19
Life Unit-Linked
• Decrease driven by lower inflows in all countries, due to
financial markets volatility
• Remains around FY 2018 margin
Life Guaranteed
• Down due to Portugal
• Underwriting margin: slightly up on higher risk margin
• Investment margin: slightly lower due to lower investment
income
• Expense & other margin: impacted by reserve
strengthening related to low interest rate environment
Avg techn liabilities (In EUR bn)
6.3 6.2 6.1 6.0 7.5 7.6 7.7 7.6 7.7 7.6
Avg techn liabilities (In EUR bn)
7.6 7.7 8.0 8.7 7.9 8.1 8.0 8.5 8.0 8.5
In EUR mio In EUR bnIn EUR bn
Asia
42Periodical financial information I Q2 19 results I 7 August 2019
Headlines
In % NEP
*Incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX
164
3247
8
170
331
6M 18 6M 19
Life Non-Life
12,884 14,168
450652
13,33414,819
6M 18 6M 19
Life Non-Life
65.675.3 76.5
FY 18 3M 19 6M 19
87.9
103.2
Q2 18 Q2 19
89.999.3
6M 18 6M 19
Exceptionally high quarter driven by operating performance, capital gains & one-off
4,699 5,077
205 360
4,9045,437
Q2 18 Q2 19
43
182
3
3
46
185
Q2 18 Q2 19
12.0 13.2
0.91.0
12.914.2
6M 18 6M 19
regular single
In EUR bn
Regular premium: strong growth -exceeding 90% of Life inflows
4.3 4.7
0.40.4
4.75.1
Q2 18 Q2 19
Net result : solid operational performance, capital gains & tax change
Inflows* up 12% in Q2 -continued solid growth trend
Life Technical liabilities up 15% YTD
Non-Life COR reflecting acquisition in India
Asia
43
Solid operating performance, higher capital gains and tax benefit
Net result & Life liabilitiesIn EUR mio Net result
Life Technical liabilities
Periodical financial information I Q2 19 results I 7 August 2019
164
3247
8
170
331
6M 18 6M 19
Life Non-Life
43
182
3
3
46
185
Q2 18 Q2 19
65.675.3 76.5
FY 18 3M 19 6M 19
• Exceptionally high Life Net Result driven by :
• Good underlying results from all operating companies;
• Favourable evolution of equity markets leading to higher
capital gains;
• Positive evolution of the interest rates in China;
• Retroactive 2018 tax benefit in China
• Non-Life Result : adverse claims experience and impairments
were offset by favourable cost management
• Life Technical liabilities driven by top line growth and high
persistency levels
Asia
44
Growth in Life driven by renewals –Non-Life inflows supported by all business lines
Inflows
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
12,33413,538
549630
12,88314,168
6M 18 6M 19
199
334
53
63
66
84
133
171
451
652
6M 18 6M 19
incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX
Periodical financial information I Q2 19 results I 7 August 2019
Life
• Life gross inflows up 9% in Q2, driven by strong
persistency and continued channel developments
• New business premiums down 11% in Q2, in a
challenging economic environment in China, but more
than compensated by strong persistency with renewals up
19%
• Regular premium up 10% in Q2
Non-Life
• Scope-on-scope inflows up 27% in Q2, supported by all
countries and all business lines, especially Motor (+75%)
and Household (+41%)
• EUR 133 mio contribution from the new Indian activity
since acquisition in Q1
Vietnam: continued rapid growth
Malaysia: up 19%, supported by both Life
and Non-Life
China: up 13% in Q2 driven by strong
renewals
10,98312,322
6M 18 6M 19
Asia
45
Solid growth across the regionInflows per country In EUR mio
1,317 1,196
160175
14771370
6M 18 6M 19
Life Non-Life
10
15
6M 18 6M 19
* incl. non-consolidated partnerships @ 100%
All growth rates are at constant FX Periodical financial information I Q2 19 results I 7 August 2019
10
22
6M 18 6M 19
440 472
290343
730816
6M 18 6M 19
Life Non-Life
118 127
133
118
261
6M 18 6M 19
Life Non-Life
36 39
91
36
130
Q2 18 Q2 19
3,776 4,1
81
Q2 18 Q2 19
68
6M 18 6M 19
15
36
6M 18 6M 19
222 236
126
181
348
417
Q2 18 Q2 19
India: up 3% in Life – newly acquired
business in Non-Life
Philippines: continued upward trend
649 592
7988
727 679
Q2 18 Q2 19
Thailand: down 13% - impact of paid-
up policies, New business up 28%
In EUR mio
Reinsurance
Headlines
46
In % NEPIn EUR mio
ageas SA/NV
reinsurance activities
Periodical financial information I Q2 19 results I 7 August 2019
2
(34)
6M 18 6M 19
0
(22)
Q2 18 Q2 19
29
1,137
6M 18 6M 19
14
275
Q2 18 Q2 19
91.3% 84.8%
6M 18 6M 19 proforma
100.8%89.4%
Q2 18 Q2 19 proforma
Q2 negatively impacted by exceptional items in the UK
Net result: Q2 negatively impacted by ramp up phase & motor large losses in UK
Inflows: EUR 220 mio in Q2 from new QS agreements
Pro-forma combined ratio benefit from PY releases
Implementation of an internal reinsurance programme within ageas SA/NV in order to
enhance capital fungibility in the group
Non-Life Quota Share (QS) Treaties: 30% with AG Insurance in Belgium*, 30% with Ageas
Insurance Limited in the UK, and 20% with all Portuguese Non-Life Entities
Loss Portfolio Transfers (LPT): 30% with Ageas Insurance Limited in the UK, and 20%
with the Portuguese Non-Life Entities
The reinsurance protection programme formerly carried out by Intreas is now managed by
ageas SA/NV
The Pillar I Solvency II for ageas SA/NV amounted to 353%
47
202
743
144
29
1,137
6M 18 6M 19
Reinsurance
47
Significant one-off impacts Net result & Inflows
Portugal
UK
Former Intreas
Belgium
Quarter
• EUR 220 mio from the new quota share agreements
• EUR 31 mio from prior year unearned premiums in Portugal
• EUR 24 mio from protection programme formerly managed by Intreas
Year-to-date
• EUR 459 mio from the new quota share agreements
• EUR 464 mio from the LPT
• EUR 166 mio from prior year unearned premiums in UK & Portugal
• EUR 47 mio from protection programme formerly managed by Intreas -
strong growth thanks to a new participation in India non-life and in Motor &
Third Party Liability in the UK
Periodical financial information I Q2 19 results I 7 August 2019
Net result
Gross inflows
Quarter
• EUR 5 mio contribution from traditional protection programme
• Negative impact from ramp up phase & motor large losses in the UK
Year-to-date
• EUR 7 mio positive contribution from former Intreas
• EUR 13 mio loss from the QS treaty in Belgium due to bad weather &
prudent initial reserving for CY claims
• EUR 25 mio loss from the UK related to ramp up phase & motor large
losses
• EUR 3 mio loss from Portugal coming from the LPT
24
84
102
65
14
275
Q2 18 Q2 19
2
(34)
7
6M 18 6M 19 proforma
0
(22)
5
Q2 18 Q2 19 proforma
Net result positive following RPN(i) revaluation & lower expensesIn EUR mio
Value legacies – Settlement liability down on payments
Profit driven by positive RPN(i) revaluation & lower
expenses
GA
48Periodical financial information I Q2 19 results I 7 August 2019
Headlines
Stable total liquid assets
In EUR mio
Impact on P&L from RPN(i) Lower staff & operating expenses
In EUR bn
In EUR mio
(34)
5
6M 18 6M 19
1812
Q2 18 Q2 19
15 14
2435
39
49
6M 18 6M 19
Staff & Intercompany Operating
9 7
1613
25
20
Q2 18 Q2 19
9
61
6M 18 6M 19
4734
Q2 18 Q2 19
In EUR mioIn EUR mio
Upstream Opcos – EUR 4 mio in Q3
599 629
6M 18 6M 19
(359) (332) (298)
7 5 6
(812)(764)
(626)
FY 18 3M 19 6M 19
RPN(i) RPI Settlement
1.71.5
1.7
FY 18 3M 19 6M 19
GA
49Periodical financial information I Q2 19 results I 7 August 2019
Cash upstream covering paid dividend, holdcocosts & part of SBB
Cash position
In EUR mio
All upstreams received from operating companies – EUR 4 mio received in Q3
Successful issue of Tier 2 bond & loan to Belgian opco
M&A relates to India & capital injections in The Philippines
2018 SBB finalised – 9th consecutive SBB announced
EUR 0.6 bn ring-fenced for Fortis settlement
≈ 600≈ 900
settlementsettlement
SBBSBBM&A
(416) (190)(129)
(53)
(72)(10)
629 275
(17)
FY 18 Upstream Dividend Cap mgmt M&A Settlement HQ & ROexpenses
Sharebuy-back
Other 6M 19
HQ
RO
GA
50Periodical financial information I Q2 19 results I 7 August 2019
Successful issuance of debt at holding level in April 2019Outstandinghybrids
In EUR mio ageas SA/NV Ageasfinlux
Fixed-to-Floating
Rate Callable
Tier 2
Fresh
Tier 1
Fixed-to-Floating Rate
Callable
Tier 2
Fixed Rate Reset Perpetual
Subordinated LoansTier 1
Fixed Rate Reset Dated
Subordinated NotesTier 2
CASHES
% 3.25%3m EUR + 135
bps5.25% 6.75% 3.5% 3m EUR +200 bps
Amount outstanding 500 1,250 450 550 USD 400 948
ISIN BE0002644251 XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800
Call dateJuly 2029
Step up to 3M Euribor +380 bps
Undated, strike 315.0 mandatory
472.5
June 2024
Step up to 3M
Euribor +413 bps
Mar 2019
Step up to 6yr USD
swap + 533 bps
June 2027
Step up after 12
years of 100bps
Undated,
strike 239.4,
mandatory 359.1
Other Public issue
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue Public issue
Coupon served by
FBB, trigger
ACSM linked to
Ageas dividend
Market Price (30/06/19) 104.63 48.30 115.70 107.96 72.16
Fortis Bank (now BNP PF)
AG Insurance (Belgium)
51Periodical financial information I Q2 19 results I 7 August 2019
ContentSlides used during analyst call 2
Segment information 16
Equity / Solvency 51
Investment portfolio 63
Legal Settlement 68
General Information 71
Equity
52Periodical financial information I Q2 19 results I 7 August 2019
Equity up on net result & positive impact of financial markets
In EUR mio
6,799 6,888
2,613 3,337
606 725 40
(416) (74) (54) (13)
EUR 48.42 EUR 53.07
9,411
10,225
FY 18 result changeUG/L
dividend treasuryshares
FX IAS 19 other 6M 19
Shareholders’ equity
per segment Belgium 4,843 ► 4,947 Asia 2,354 ► 3,132
UK 896 ► 921 Reinsurance 116 ► 91
Continental Europe 1,220 ► 1,259 General Account (17) ► (124)
Shareholdersequity
Equity per share
Unrealised gains &
losses
Equity per segment
Equity
53Periodical financial information I Q2 19 results I 7 August 2019
Debt leverage slightly down on debt initiativesTangible net equity
I page 53
FY 18 6M 19
IFRS Shareholders' Equity 9,411 10,225
Unrealised gains real estate 649 499
Goodwill (602) (595)
VOBA (Value of Business Acquired) (73) (65)
DAC (Deferred Acquisition Cost) (408) (422)
Other (423) (459)
Goodwill, DAC, VOBA related to N-C interests 331 347
25% tax adjustment DAC, VOBA & Other 146 153
IFRS Tangible net equity 9,031 9,682
IFRS Tangible net equity/ IFRS Shareholder's Equity 96% 95%
Debt leverage on tangible net equity * 20.2% 19.7%
* Leverage calculated as
(Subordinated liabilities + Senior
debt) / (Tangible net equity +
Subordinated liabilities + Senior
debt)
In EUR mio
Solvency
54Periodical financial information I Q2 19 results I 7 August 2019
Solvency strong despite drop in yield curveSolvency IIageas
Solvency IIageas
in %
Own Funds
SCR
Non EU
Non-controlled
participations*
Belgium UK CEU Reinsurance GA eliminations Group
2.7 2.8 2.9
0.5 0.5 0.5 0.6 0.6 0.6
0.1 0.30.3 0.1 0.1 0.1
(0.3) (0.5) (0.5)
3.7 3.9 4.0
2.4 2.8 2.8
6.46.0
6.3
0.8 0.9 0.81.0 1.0 1.0
0.1
0.6 0.6
1.3
0.5
1.0
(1.7) (1.6)(1.9)
8.0
7.57.9
5.8
6.6 6.6
FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19
235% 215% 223% 167% 175% 161% 178% 170% 160% 196% 200% 192% 215% 194% 201% 241% 237% 236%
Solvency II
55Periodical financial information I Q2 19 results I 7 August 2019
Expected dividend over the 6M period covered by positive impact from operations
Solvency IIageas
Impact on Solvency IIageas* FY ’18 6M ’19
215 201%
3M ’19 6M ’19
194% 201%
Debt initiatives +4 pp Call in Q1 / Issuance in Q2 +13%
Model refinements - 1 pp -2 pp
Market movements (incl. RPN(i))
-6 pp(+2 pp)
Yield curve 0 pp
(+1 pp)
Internal reinsurance & Ogden -4 pp LACDT, diversification & Ogden -1 pp
Operational +7 pp +3 pp
Acquisition India -5 pp Outside Solvency II scope
SBB -2 pp -1 pp
Expected dividend -7 pp - 4 pp
* Impact including secondary impact, diversification & non-transferable
Free CapitalGeneration
56Periodical financial information I Q2 19 results I 7 August 2019
Operational FCG of EUR 257 mio
2,143
1,769
414
271
163 58(15)
(97)
(119)
(185)
(416)
2,557
2,040
94
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend 6M 19
expected
dividend
Operational impact – includes EUR 94 mio dividend upstream Non-European NCP’s
Market: sharp drop in yield curve
Exceptional items: implementation new internal reinsurance agreements & Ogden
Capital transactions = call & issue debt instruments, SBB & injection in Asia
M&A: Acquisition in India
* FCG Non-European NCP’s of
EUR 294 mio over Q1 2019 of
which EUR 113 mio operational, is
not included
Based on 175% SCR
Solvency IIageas
Solvency IIageas
In EUR mio*
Free CapitalGeneration
57Periodical financial information I Q2 19 results I 7 August 2019
Evolution SCR & OF split between types of impact Solvency IIageas
Own Funds
SCR
7,999 7,945
414 27115
71282
58(21) (185)
(416)
8,412 8,217
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend 6M 19
3,728
3,955
135
1556
FY 18 Model changes MarketImpact
Operationalimpact
Exceptionalitems
Capitaltransactions
M&A Paid dividend 6M 19
In EUR mio
Free CapitalGeneration
58Periodical financial information I Q2 19 results I 7 August 2019
Operational FCG driven by Belgium – Initial negative impact from start internal reinsurance
Exceptional YTD
OF SCR FCG internal reinsurance
& ogden
Belgium 265 (22) 304 7 OF affected by bad weather
UK 8 23 (32) 28 large Motor losses
SCR up on expected book increase
CEU 71 21 35 25 OF driven by operating performance
SCR up on asset mix changes
Reinsurance 8 11 (12) (478) SCR up on build-up of accepted risks
General Account 10 5 1 (15) including dividend NCP's
Group eliminations (79) (23) (38) 314 new accepted risks highly diversified
Total Ageas 282 15 257 (119) stable OF generation
Solvency II scope
Operational YTD
In EUR mio
Solvency IIageas
Solvency
59
High Solvency ratio providing resilience against market or other external evolutions
Solvency IIageas
sensitivities
As per 31/12/18
SCR OF Solvency
Base case Before stress 3,728 7,998 215%
Yield curve Down 50 bps 3,837 7,883 205%
Up 50 bps 3,619 8,060 223%
Equity Down 25% 3,682 7,704 209%
Property Down 10% 3,788 7,728 204%
Spread* Spreads on corporate & government bonds up 50 bps 3,724 7,693 207%
Corporate spread Up 50 bps 3,698 7,895 213%
Sovereign spread Up 50 bps 3,758 7,796 207%
UFR – base case 4.05% Down 15 bps 3,730 7,989 214%
Down 45 bps 3,750 7,944 212%
* Spread sensitivity doesn’t take into
account any credit rating movement Periodical financial information I Q2 19 results I 7 August 2019
Solvency
60Periodical financial information I Q2 19 results I 7 August 2019
Solvency strong despite drop in yield curvePIM
Solvency II PIM
in %
Own Funds
SCR
* Based on local solvency
requirements
2.8 3.0 3.1
0.5 0.5 0.5 0.5 0.5 0.50.1 0.3 0.3 0.1 0.1 0.1 (0.3) (0.5) (0.5)
3.7 4.0 4.1
2.4 2.8 2.8
6.35.8
6.1
0.9 0.9 0.81.4 1.4 1.4
0.10.6 0.6
1.3
0.51.0
(1.9)(1.7)
(2.0)
8.1 7.5 8.0
5.8
6.6 6.6
FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19
In EUR bn
Belgium UK CEU Reinsurance GA eliminations Group Non EU
Non-controlled
participations*
222% 195% 195% 169% 168% 156% 288% 283% 276% 191% 197% 190% 216% 190% 194% 241% 237% 236%
Solvency
61
Ageas asset mix not in line with EIOPA reference portfolio
PIMsensitivities
As per 31/12/18
SCR OF Solvency
Base case Before stress 3,728 8,059 216%
Yield curve Down 50 bps 3,801 7,985 210%
Up 50 bps 3,648 8,092 222%
Equity Down 25% 3,671 7,762 211%
Property Down 10% 3,759 7,801 208%
Spread* Spreads on corporate & government bonds up 50 bps 3,928 7,446 190%
Corporate spread Up 50 bps 3,618 8,048 222%
Sovereign spread Up 50 bps 4,101 7,440 181%
UFR – base case 4.05% Down 15 bps 3,730 8,049 216%
Down 45 bps 3,740 8,004 214%
* Credit rating movement not taken
up in spread sensitivity Periodical financial information I Q2 19 results I 7 August 2019
( 1.4 ) ( 1.5 ) ( 1.6 )
( 1.0 ) ( 1.1 ) ( 1.2 )
( 0.9 )( 0.9 ) ( 0.9 )
4.4 4.7 4.9
0.4 0.3
0.4 0.6 0.7
0.8 0.3 0.4
0.4 0.7 0.8
0.8 0.5 0.5
0.5 3.7 4.0 4.1
FY 18 3M 19 6M 19
Non Diversifiable
Non-life UW
Health UW
Life UW
Counterparty Default
Market
Loss-Absorption Deferred Taxes
Loss-Absorption Techn. Liab.
Diversification
Solvency
62Periodical financial information I Q2 19 results I 7 August 2019
Composition of SCR & OFComposition of SCR & OF
Diversification
Loss-Absorption Deferred Taxes
Insurance SCRageas per risk type
Market risk main factor in SCR
Tiering of Group PIM own funds
High quality of own funds
5.6 5.6 5.5
1.4 1.3 1.3
1.0 0.6
1.2
0.1
0.1 0.1
8.1
7.5 8.0
FY 18 3M 19 6M 19
Tier 3
Tier 2
Tier 1 restricted
Tier 1
In EUR bn
63Periodical financial information I Q2 19 results I 7 August 2019
Content
Slides used during analyst call 2
Segment information 16
Equity / Solvency 51
Investment portfolio 63
Legal Settlement 68
General Information 71
Investment portfolio
64Periodical financial information I Q2 19 results I 7 August 2019
Investment portfolio up on higher UG/L
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Gross UG/L on
Available for Sale
Gross UG/L on Real
Estate
Gross UG/L on Held
to Maturity
Sovereign bonds 36.9
Sovereign bonds 38.7
Corporate bonds 19.9
Corporate bonds 20.9
Structured0.1
Structured0.1
Loans9.7
Loans10.2
Equities 4.5
Equities 4.2
Real Estate5.6
Real Estate5.7
Cash 2.9
Cash 3.179.682.9
FY 18 6M 19
Total portfolio: up to EUR 8.9 bn (vs. EUR 5.9 bn)
Fixed income: up to EUR 8.3 bn (vs. EUR 5.6 bn)
° Sovereigns at EUR 6.7 bn (vs. EUR 4.6 bn)
° Corporates at EUR 1.6 bn (vs. EUR 1.0 bn)
Equities: up to EUR 0.6 bn (vs. EUR 0.4 bn)
at EUR 1.9 bn
• not reflected in shareholders’ equity
Up to EUR 2.5 bn (vs. EUR 1.9 bn)
• not reflected in shareholders’ equity
Ageas Group has joined the commitment to incorporate ESG issues into its investment analysis
and decisions and signed on behalf of all its consolidated entities the UN PRI
In EUR bn
Investment portfolio
65Periodical financial information I Q2 19 results I 7 August 2019
Value fixed income assets up on higher UG/L
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Corporate bond
portfolio*
Belgium18.0
Belgium18.5
France 6.3 France 6.7
Austria 2.6Austria 2.7
Portugal 2.4Portugal 2.7
Spain 1.8Spain 2.2Italy, 1.2Italy, 1.4Germany 1.2
Germany 1.2Ireland 0.5
Ireland 0.6Other 2.9
Other 2.736.9
38.7
FY 18 6M 19
Banking 3.1 Banking 3.1
Other financials 2.1
Other financials 2.4
Non Financials
11.2
Non Financials
12.1
Government related 3.4
Government related 3.4
19.920.9
FY 18 6M 19
Gross UG/L up to EUR 6.7 bn (vs. EUR 4.6 bn)
Over 99% investment grade; 89% rated A or
higher
Belgium duration gap close to zero – matched
portfolio
Gross UG/L up to EUR 1.6 bn (vs. EUR 1.0 bn)
Credit quality remains high with 91%
investment grade - 54% rated A or higher
Sovereign bond
portfolio*
In EUR bn
Investment portfolio
66Periodical financial information I Q2 19 results I 7 August 2019
More infrastructure loans
In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Equity portfolio*
Loan portfolio
(customers & banks)*
Higher exposure in infrastructure loans
Other: mostly government related loans
benefiting from an explicit guarantee by
the Belgian regions, the French State or
the Dutch State
Gross UG/L up to EUR 0.6 bn (vs. EUR 0.4 bn)
Equities 2.2 Equities 2.3
Equity funds0.3
Equity funds0.3
RE funds 0.9 RE funds 0.9
Mixed funds & others 1.1
Mixed funds & others 0.7
4.54.2
FY 18 6M 19
Loans to banks0.9 Loans to
banks 0.7
RE 0.1RE 0.2
Infrastructure0.9
Infrastructure0.9
Mortgages 1.2 Mortgages 1.2
Other 6.6 Other 7.2
9.710.2
FY 18 6M 19
Investment portfolio
67Periodical financial information I Q2 19 results I 7 August 2019
Real Estate exposure mainly in Belgium
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Real estate portfolio* Gross UG/L at EUR 1.9 bn (not reflected
in shareholders’ equity but contributing to
available capital for solvency calculation)
In EUR bn
Investment Offices 2.4
Investment Offices 2.4
Car Parks1.2
Car Parks1.3
Investment Retail 1.3
Investment Retail 1.3
0.3 0.30.4 0.3
5.6 5.7
FY 18 6M 19
68Periodical financial information I Q2 19 results I 7 August 2019
Content
Slides used during analyst call 2
Segment information 16
Equity / Solvency 51
Investment portfolio 63
Legal Settlement 68
General Information 71
Legal
69Periodical financial information I Q2 19 results I 7 August 2019
Settlement in full execution mode
Ageas offers to pay EUR 1.2 bn compensation – additional effort of EUR 0.1 bn announced
16/10/2017
Cash impact of EUR 1.0 bn
No recognition of any wrongdoing by Ageas
Commitment by eligible shareholders to abandon any ongoing civil proceeding & not to start
any legal proceeding related to the events
Publication of binding declaration notice on 27/07/2018 launched execution of the settlement
Early filing & opt-out period ended on 31/12/2018
< 250 opt-outs received for ≈1% of total settlement amount*
Computershare Investor Services plc acting as independent claims administrator
Further information available on www.FORsettlement.com
≈290K claims received of which ≈159K have received early payment
≈EUR 593 mio compensation paid to eligible shareholders of which EUR 140 mio coming from
D&O insurers – more payments scheduled
Due to higher than expected number of claims dilution possible in certain cases
70% of estimated per share compensation guaranteed for claimants filing before 31/12/2018
Announcement
14/03/2016
Court’s decision to declare the settlement binding on 13/07/2018
Binding declaration and
claims filing period
Claims validation &
payments ongoing
Claims filing ended on 28/07/2019
* Based on indicative per share
compensation & per 28/07/2019
Legal
70Periodical financial information I Q2 19 results I 7 August 2019
Proceedings related to the past that remain outstanding
Administrative proceedings
Criminal investigation
Civil proceedings
Other proceedings
None
Public prosecutor has announced discontinuation of proceeding
Public prosecutor has to present his proposal to Chambre du Conseil on referral
Opt-out cases from settlement
< 250 opt-outers for ≈1% of settlement amount
Patrinvest: first instance in favour of ageas, appeal filed by plaintiff
Several individual cases
Mr. Modrikamen: suspended awaiting outcome criminal procedure
MCS: appeal Court ruled in favour of ageas, appellants filed appeal before Supreme
Court
71Periodical financial information I Q2 19 results I 7 August 2019
Slides used during analyst call 2
Segment information 16
Equity / Solvency 51
Investment portfolio 63
Legal Settlement 68
General Information 71
Outstandingshares
72Periodical financial information I Q2 19 results I 7 August 2019
Another 4 mio shares canceled at Shareholders’ meeting in May 2019
* After deduction of shares for management plans
*
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
situation 31/12/2018 situation 30/06/2019 situation 02/08/2019
203,022,199 198,374,327 198,374,327
12,574,985 9,629,223 10,413,819
4,647,872 1,702,110 2,486,706
3,968,254 3,968,254 3,968,254
0 0 0
3,958,859 3,958,859 3,958,859
190,447,214 188,745,104 187,960,508
Shareholdersstructure
73Periodical financial information I Q2 19 results I 7 August 2019
Ageas3.3%
Ping An
BlackRock, Inc.
Schroders
Fosun Identified retail investors
22%
Identified institutional investors
45%Other
investors14%
Based upon press release 13 May 2019
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 August 2019
Based upon the number of shares mentioned in the notification received 8 June 2018
Based upon the number of shares mentioned in the notification received 16 May 2019
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Fosun
Identified retail investors
Identified institutional investors
Financial calendar
74Periodical financial information I Q2 19 results I 7 August 2019
20 February
FY 2018 results
15 May
3M 2019 results
15 May
Ordinary shareholders’ meeting
Brussels
27 May
Ex-dividend date
5 April
Annual report 2018 29 May
Payment 2018 dividend
7 August
6M 2019 results
6 November
9M 2019 results
14 November
9M 2018 results
Ratings
75Periodical financial information I Q2 19 results I 7 August 2019
S&P MOODY'S FITCH
Operating entities AG Insurance (Belgium) A / stable A2 / stable* A+ / stable
Last change 22/11/18 26/03/19 07/12/18
unsollicited
Ageas Insurance Limited A / stable A+ / stable
Last change 06/11/15 23/11/16
Muang Thai Life BBB+ / stable A- / stable
Last change 27/11/17 01/04/19
Etiqa Insurance Berhad (Malaysia) A / stable
Last change 11/04/19
China Taiping Life A+ / stable
Last change 22/03/19
Intreas A / stable
Last change 11/11/16
Holding ageas SA/NV A / stable A3 / stable* A+ / stable
Last change 10/12/18 25/03/19 07/12/18
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.
76Periodical financial information I Q2 19 results I 7 August 2019
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
Tel:
E-mail:
Website:
+ 32 2 557 57 32
www.ageas.com