6m results 2015 - presentation analysts and institutional investors

Periodical Financial Information

6M 2015 RESULTS

Strong Asian Life

& European Non-

Life

Insurance driving

Group net result

Shareholders

equity up

New Share buy-

back

Insurance net profit of EUR 504 mio (+48%) – Q2 EUR 306 mio

- benefiting from ≈EUR 100 mio exceptional investment results in China

Inflows @ 100% of EUR 16.6 bn (+21%) – Q2 EUR 6.6 bn

Non-Life Combined ratio at 95.2% (vs.102.0%) – Q2 at 94.0%

Life Guaranteed Operating margin at 90 bps (vs. 99 bps) – Q2 at 89 bps

Life Technical Liabilities at EUR 73.7 bn* (-1% vs. FY 14)

Group net profit of EUR 469 mio (vs. EUR 31 mio) – Q2 EUR 228 mio

General Account net result of EUR (35) mio – Q2 EUR (78) mio

Shareholders’ equity at EUR 11.1 bn or EUR 51.58 per share

- UG/L at EUR 2.9 bn, EUR 12.91 per share

Insurance solvency at 234%, Group solvency at 235%

Net cash General Account at EUR 1.5 bn & liquid assets at EUR 0.3 bn

Running from 17/08/2015 until 05/08/2016 for EUR 250 mio

Main messages Ageas reports strong 6M Insurance results

Periodic financial Information I 6M 15 Results I 5 August 2015 1

* Consolidated entities only

2

Towards desired company profile Ageas & EastWest Bank establish life JV in the Philippines (PR 28 May ‘15)

Start-up of Life insurance company EastWest Ageas Life

Ageas holds 50% + 1 share

Capital & funding in first 12 months of around EUR 60 mio assuring 200%

regulatory solvency ratio

Future funding dependent of business performance

Further expand Asian exposure in fast growing Philippine market with huge

potential – currently lowest Life insurance penetration in Asia (1.5%)

Expected to start operations before year-end 2015

Offer insurance products tailor-made to specific EastWest Bank customer

segments with high quality service & technology with focus on regular premium

20-year exclusive distribution agreement with EastWest Bank

7th largest bank distribution network in the Philippines

400 branches

Fast growing customer base

Transaction

details

Rationale

EastWest Bank

Business

details

Periodic financial Information I 6M 15 Results I 5 August 2015

3

Towards optimal use of Insurance capital Creation of Intreas, internal reinsurance vehicle

Accounting wise

Main elements Establishment of an internal reinsurance vehicle

Incorporated in May 2015, licence obtained in the Netherlands in June 2015

Capital of EUR 100 mio

Optimize Ageas’s group reinsurance program by harmonizing risk

profiles among controlled entities

Improve capital management

Operations started @ 1 July 2015

Only Non-Life reinsurance

Reinsurance programs still decided locally by operating companies

Intreas aims to accept 50% share of treaties / retain 10-12% ceded premium

within group

No reinsurance for third parties

Initial capital paid out of net cash General Account

Further funding depending on business growth

Accounted for within General Account – separate segment in the future

Rationale

Business

details


Up to EUR 250 mio of its outstanding shares

Buy-back launched as of 17 August 2015

For a period ending at 5 August 2016

Independent broker mandated to execute

Through open market purchases on NYSE Euronext Brussels

Shares to be held as treasury shares

Cancellation of bought back shares will be proposed to shareholders

- excl. shares needed to cover share-plans

No impact on solvency position of Insurance activities

Ageas announces new share buy-back 5th consecutive share buy-back confirming capital management strategy

6 August 12

Ageas announces

EUR 200 mio

share buy-back

24 August 11

Ageas announces

EUR 250 mio

share buy-back

6 August 14

Ageas announces

EUR 250 mio

share buy-back

4

5 August 15

Ageas announces

EUR 250 mio

share buy-back

Since 2012

38,559,648 shares cancelled

- around 15% of outstanding -

31 July 15

Ageas completes 2014

EUR 250 mio share buy-back

- 8,176,085 shares

2 August 13

Ageas announces

EUR 200 mio

share buy-back


6 (6)

49

6M 14 6M 15

Other Life Non-Life

2 (3)

37

74

Q2 14 Q2 15

3.1

3.3

6M 14 6M 15

Life Non-Life

4.5 5.1

1.51.6

6.06.6

Q2 14 Q2 15

6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15

Net result: up 48%, thanks to Asian Life & European Non-Life In EUR mio In EUR bn

Non-Life combined ratio: significant improvement – across all segments

Inflows*: up 21% (13% FX) thanks to strong growth in Asia In EUR bn

Total Insurance: Headlines Strong first half result & inflow growth


Life Technical liabilities slightly down in consolidated entities

Operating margin Guaranteed: lower capital gains in Belgium

Operating margin Unit-Linked: improving margins in BE & HK

In % avg technical liabilities In % avg technical liabilities

285 382157

235

127

340

504

195

306

10.7 13.3

13.8

16.6

102.0% 95.2% 101.4%94.0%

0.99% 0.90% 1.02% 0.89%

0.20%

0.41%

0.20%

0.42%

* incl. non-consolidated partnerships @ 100%

In % NEP

74.8 77.1 73.7

52.259.2 59.5

FY 14 3M 15 6M 15

Conso Non-conso

136.2127.0 133.2

6M 14 6M 156M 14 6M 15


In EUR mio In EUR bn In EUR bn


655

6M 14 6M 15Life Non-Life

111

70

(6)

32

Q2 14 Q2 15

2.1 1.8

1.01.0

3.12.9

6M 14 6M 15

Life Non-Life

1.0 0.9

0.4 0.4

1.4 1.3

Q2 14 Q2 15

Q2 14 Q2 15

In % NEP

Q2 14 Q2 156M 14 6M 15Q2 14 Q2 15

105.7% 94.6% 110.0% 93.5%

0.37%0.29%0.43%0.27%

0.81%1.06%0.81%0.98%

186141

193 197

105

102

57.6 58.6 55.9

FY 14 3M 15 6M 15

Belgium : Headlines Solid performance, especially supported by Non-Life

Higher Non-Life operating results offsetting lower cap gains & higher tax

Inflows: Continued trend of decreasing short term investment products

Life Technical liabilities: Slightly lower on shadow-accounting

Non-Life combined ratio: solid performance in all product lines

Operating margin Guaranteed: lower cap gains - FY on track

Operating margin Unit-Linked: negative one-off in expense margin 6M ‘14

6M 14 6M 15

In EUR mio


6

(6)

2546

32

40

6M 14 6M 15

Life Other Non-Life

Q2 14 Q2 15

100.7% 98.3%95.5% 97.3%

In EUR bn

In % NEP

In EUR mio

0.1

1.1 1.2

1.2 1.2

6M 14 6M 15

Life Non-Life

0.0

0.6 0.6

0.6 0.6

Q2 14 Q2 15

6M 14 6M 15

5970

Q2 14 Q2 15

129138


11 (3)

35

27

38

24

Q2 14 Q2 15

7

United Kingdom: Headlines Half-year performance benefiting from absence of weather events

Improved result in Other lines & Household

Non-Life Inflows* up 5%, down 6% at constant FX

Non-Life Combined ratio further improved from Q1 ‘15

Other Income: 5% down at constant FX – benefit from legal settlement in ‘14

Net profit driven by Luxembourg & higher Non-Life stakes (Italy & Portugal)

In EUR mio In EUR bn

Non-Life combined ratio excellent thanks to benign weather

227%

Inflows*: up in all entities except Luxembourg In EUR bn

Continental Europe: Headlines Strong net profit both in Life & Non-Life

Operating margin Guaranteed higher thanks to investment margin


In % avg technical liabilities

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

2834

10

2237

55

6M 14 6M 15

Life Non-Life

913

4

14

13

27

Q2 14 Q2 15

2.3 2.2

0.60.6

2.82.7

6M 14 6M 15

Life Non-Life

1.41.0

0.3

0.3

1.6

1.3

Q2 14 Q2 15

6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15

91.4% 85.8%88.1% 83.6%

0.82% 1.05% 0.58% 1.03%

0.17%0.07% 0.10%

In % NEP

14.5 15.3 14.7

17.3 17.7 18.5

31.8 33.0 33.2

FY 14 3M 15 6M 15

Conso Non-conso

0.11%

Life Technical liabilities slightly up


8

5

6M 14 6M 15

Life Non-Life

8

5

6M 14 6M 15

Life Non-Life


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

In EUR bn

Asia: Headlines Strong Life result driven by profitable business, exceptionals in China & FX


In % avg technical liabilities In EUR mio

0.4

0.5

6M 14 6M 15

Life Non-Life

Q2 14 Q2 156M 14 6M 15Q2 14 Q2 156M 14 6M 15

89.1% 95.4% 93.1% 90.6%

1.53% 2.46% 1.60% 2.41%

70 207

78

212

64

72

In % NEP


9.36.3

6.7

9.8

2.1

3.2

0.2

0.2

2.3

3.4

Q2 14 Q2 15

32

4

1

36

Q2 14 Q2 15

144

143

192

187

35

4

1

40

Q2 14 Q2 15

154

152

Net result: included ≈ EUR 100 mio exceptional investment results in China

Inflows* growth fuelled by China & Thailand

Life Technical liabilities slight decrease in Malaysia & Hong Kong

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

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

2.8 3.3 3.1

34.941.5 41.0

37.7

44.8 44.1

FY 14 3M 15 6M 15

conso non-conso

Q2 14 Q2 15

7 9

2025

27

34

6M 14 6M 15

Staff Operating

(467) (431)(491)

38 48 33

(130)(130)

(131)

FY 14 3M 15 6M 15

RPN(i) RPI FortisEffect

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

Accounting value of remaining legacies

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

10

Accounting value put option

In EUR mio In EUR mio

Q2 14 Q2 15

P&L effect RPN(i): increase liability following higher price CASHES

Staff & Operating expenses up

Net cash position: slightly down on establishment Intreas (EUR 0.1 bn)

3 5

1113

14

18

Q2 14 Q2 15

In EUR mio

In EUR mio

In EUR bn

(24)

(53) (60)

(195)


6M 14 6M 15

(35)

(309)

6M 14 6M 15

(157)(78)

1.6 1.6 1.5

FY 14 3M 15 6M 15FY 14 3M 15 6M 15

(1,391)

(1,189)(1,218)

11

Shareholders’ equity roll forward Unrealized gains at EUR 2.9 bn or EUR 12.91 per share

In EUR mio

6,590 6,958

2,5972,897

1,0361,254

504 341

21 255 279

(35) (329) (136)(14)

EUR 46.60 EUR 51.58

10,22311,109

FY 14 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Reval AGput option

Forex Other 6M 15

InsuranceUCG/L

InsuranceUCG/L

Shareholders’

equity per

segment

Shareholders’

equity per share

FY 14 6M 15 FY 14 6M 15

Belgium 4,689 ► 4,847 Asia 2,325 ► 2,802

UK 1,127 ► 1,239 Insurance 9,187 ► 9,855

Continental Europe 1,047 ► 967 General Account 1,036 ► 1,254


12

Insurance Solvency up on net result & financial markets General Account down on dividend payment

2.5 2.5

0.4 0.4 0.6 0.6 0.7 0.8

4.2 4.3 4.2 4.3

2.22.9

0.5 0.6 0.5 0.5

1.31.7

4.5

5.8

0.2 0.0

4.6

5.8

4.8

5.4

0.8 1.0 1.1 1.1

2.0

2.5

8.7

10.1

8.8

10.2

FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15

Belgium

UK

CEU

Asia

Total Ageas

General Account

RMC Excess Capital

RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital

In EUR bn

189% 215% 231% 241% 176% 173% 273% 312% 206% 234% 210% 235%Solvency ratio


During the accounting year the solvency ratio does not take into account expected dividend/upstream on current year’s result.

13

Disciplined cash upstream from most Insurance companies EUR 366 mio upstream over first half 2015

EUR 329 mio dividend paid to Ageas’s shareholders

Paid dividend & holding costs compensated by dividend upstream from

operating companies on FY basis – still upstream to be expected

In EUR mio

294

Portugal31

Italy 9

Turkey 3

Malaysia 18

Thailand 11

43 29

BE CEU Asia

Regular upstream


Strong set of results based on solid

operational performance – 2015 could become an

excellent year

Expansion into the Philippines - strengthen presence in Asian growth

markets

Completion 2014 share buy-back &

announcement 5th consecutive share

buy-back – confirmed intent to return

cash to shareholders

Conclusions: strong set of results

14 Periodic financial Information I 6M 15 Results I 5 August 2015

28 September 2015

Solvency II & Strategy update

Andaz hotel - London 15

Investor Day 2015 Find out more about…


Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

17

Key financials Net Insurance result up 48%


In EUR mio 6M 14 6M 15 Q2 14 Q2 15

Gross inflows 13,789 16,618 21% 5,992 6,625 11%

- of which inflows from non-consolidated partnerships 8,470 11,226 33% 3,463 4,126 19%

Net result Insurance 340 504 48% 195 306 57%

By segment: - Belgium 193 197 2% 105 102 (3%)

- UK 32 40 26% 38 24 (36%)

- Continental Europe 37 55 49% 13 27 109%

- Asia 78 212 170% 40 154 286%

By type: - Life 285 382 34% 157 235 50%

- Non-Life 49 127 161% 37 74 100%

- Other 6 (6) - 1 (3) -

Net result General Account (309) (35) - (195) (78) -

Net result Ageas 31 469 - 1 228 -

Earnings per share (in EUR) 0.14 2.16 -

FY 14 6M 15

Insurance Solvency 206% 234%

Shareholders' equity 10,223 11,109 9%

Net equity per share (in EUR) 46.60 51.58

Insurance ROE 8.8% 10.6%

Insurance ROE excl.UG/L 11.4% 14.9%

18

Shareholders’ equity roll forward Unrealized gains at EUR 2.9 bn or EUR 12.91 per share

In EUR mio

6,590 6,958

2,5972,897

1,0361,254

504 341

21 255 279

(35) (329) (136)(14)

EUR 46.60 EUR 51.58

10,22311,109

FY 14 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

IAS 19 Reval AGput option

Forex Other 6M 15

InsuranceUCG/L

InsuranceUCG/L

Shareholders’

equity per

segment

Shareholders’

equity per share

FY 14 6M 15 FY 14 6M 15

Belgium 4,689 ► 4,847 Asia 2,325 ► 2,802

UK 1,127 ► 1,239 Insurance 9,187 ► 9,855

Continental Europe 1,047 ► 967 General Account 1,036 ► 1,254


19

Tangible net equity High quality capital structure

10/03/2010 I page 19

EUR bn FY 14 6M 15

IFRS Shareholders' Equity 10.2 11.1

Unrealised gains real estate 0.7 0.8

Goodwill (0.8) (0.8)

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

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

Other (0.4) (0.4)

Goodwill, DAC, VOBA related to N-C interests 0.4 0.3

25% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 9.3 10.1

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


20

Insurance Solvency up on net result & financial markets General Account down on dividend payment

2.5 2.5

0.4 0.4 0.6 0.6 0.7 0.8

4.2 4.3 4.2 4.3

2.22.9

0.5 0.6 0.5 0.5

1.31.7

4.5

5.8

0.2 0.0

4.6

5.8

4.8

5.4

0.8 1.0 1.1 1.1

2.0

2.5

8.7

10.1

8.8

10.2

FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15 FY 14 6M 15

Belgium

UK

CEU

Asia

Total Ageas

General Account

RMC Excess Capital

RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital

In EUR bn

189% 215% 231% 241% 176% 173% 273% 312% 206% 234% 210% 235%Solvency ratio


During the accounting year the solvency ratio does not take into account expected dividend/upstream on current year’s result.

Annexes

Equity / Solvency

Insurance activities


General Account

General Information

6 (6)

49

6M 14 6M 15

Other Life Non-Life

2 (3)

37

74

Q2 14 Q2 15

3.1

3.3

6M 14 6M 15

Life Non-Life

4.5 5.1

1.51.6

6.06.6

Q2 14 Q2 15

6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15

Net result: up 48%, thanks to Asian Life & European Non-Life In EUR mio In EUR bn

Non-Life combined ratio: significant improvement – across all segments

Inflows*: up 21% (13% FX) thanks to strong growth in Asia In EUR bn

Total Insurance: Headlines Strong first half result & inflow growth


Life Technical liabilities slightly down in consolidated entities

Operating margin Guaranteed: lower capital gains in Belgium

Operating margin Unit-Linked: improving margins in BE & HK


285 382157

235

127

340

504

195

306

10.7 13.3

13.8

16.6

102.0% 95.2% 101.4%94.0%

0.99% 0.90% 1.02% 0.89%

0.20%

0.41%

0.20%

0.42%


In % NEP

74.8 77.1 73.7

52.259.2 59.5

FY 14 3M 15 6M 15

Conso Non-conso

136.2127.0 133.2

Inflows@ 100% up 21% Including 13% FX impact - Growth driven by China & Thailand

23

EUR mio 6M 14 6M 15 6M 14 6M 15 6M 14 6M 15

Belgium 75% 2,063 1,844 (11%) 1,015 1,017 0% 3,077 2,862 (7%)

United Kingdom 64 0 - 1,145 1,203 5% 1,209 1,203 (0%)

Consolidated entities 100% 64 0 - 874 931 7% 938 931 (1%)

Non-consolidated JV's 271 273 1% 271 273 1%

Tesco 50% 271 273 1% 271 273 1%0 0

Continental Europe 2,269 2,154 (5%) 566 566 0% 2,835 2,720 (4%)

Consolidated entities 832 1,073 29% 245 257 5% 1,078 1,330 23%

Portugal 51% - 100% 634 780 23% 136 150 10% 770 930 21%

France 100% 198 292 48% 198 292 48%

Italy 50% 110 108 (2%) 110 108 (2%)

Non-consolidated JV's 1,437 1,081 (25%) 321 309 (4%) 1,757 1,390 (21%)

Turkey (Aksigorta) 36% 321 309 (4%) 321 309 (4%)

Luxembourg (Cardif Lux Vie) 33% 1,437 1,081 (25%) 1,437 1,081 (25%)

Asia 6,257 9,328 49% 411 504 23% 6,668 9,832 47%

Consolidated entities 227 269 19% 227 269 19%

Hong Kong 100% 227 269 19% 227 269 19%

Non-consolidated JV's 6,030 9,058 50% 411 504 23% 6,442 9,563 48%

Malaysia 31% 274 302 10% 301 356 18% 575 659 14%

Thailand 31%-15% 884 1,254 42% 110 148 34% 994 1,401 41%

China 25% 4,822 7,404 54% 4,822 7,404 54%

India 26% 50 99 98% 50 99 98%

Ageas 10,653 13,326 25% 3,137 3,291 5% 13,789 16,617 21%#DIV/0! ###### ######

Consolidated entities 3,186 3,186 0% 2,134 2,205 3% 5,319 5,392 1%

Non-consolidated JV's 7,467 10,140 36% 1,003 1,086 8% 8,470 11,226 33%

Life Non-Life Total


Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Life Non-Life

Inflows@ Ageas’s part up 13% Asia strongest contributor

In EUR mio

24

1,547 1,383

64 0 1,000 1,051

1,798

2,619

4,410 5,053

761 763

1,010 1,067

212 315

110

132

2,092

2,277

(7%)

(1%)13%

44%

13%

2,308 2,147

1,074 1,067 1,213 1,365

1,908

2,751

6,502

7,331

6M 14 6M 15 6M 14 6M 15 6M 14 6M 15 6M 14 6M 15 6M 14 6M 15


9% positive FX impact

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

UK: competitive market in both Household & Motor

Insurance net result up 48% Growth related to Asian Life & European Non-Life performance

Belgium

UK

CEU

Asia

Total Ageas

Life Non-Life

Life Non-Life Other

Life Non-Life

Life Non-Life

Life Non-Life Other

6 (6)6 (6)

186

141

1 28 34 70

207

285

382 6 55

25 46 10

22

8

5

49

127

193 197

32 40 37

55 78

212

340

504

6M 14 6M 15 6M 14 6M 15 6M 14 6M 15 6M 14 6M 15 6M 14 6M 15

In EUR mio

25 Periodic financial Information I 6M 15 Results I 5 August 2015

Including ≈EUR 100 mio exceptional investment results in China in Q2

EUR 24 mio positive FX impact

Higher taxes

EUR mio 6M 14 6M 15

Life 64 37 less cap gains mainly in fixed income

Non-Life 4 5 & to lesser extend in equities

Total Belgium 68 42

Life

Non-Life 3 6

Other 0

Total UK 3 7

Life (3) 5 low level of net capital

Non-Life (0) 1 gains in 6M '14

Total CEU (3) 5

Life 19 102 exceptional result benefiting

Non-Life 1 0 from favourable financial markets

Total Asia 20 102

Life 79 144

Non-Life 9 12

Other 0

Total Ageas 88 156

10/03/2010 I page 26

Overview of net capital gains* on investments Large impact of net capital gains on net result

26

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


27

Insurance Combined ratio Claims ratio significantly down improvement & below 97% objective

Net earned premium in EUR mio

Combined ratio

Benefitting from solid underwriting throughout

whole period – very strong Q2

All segments improving

Almost all product lines below 97% - Motor below

100% on group level

Claims ratio

6M ‘14 claims ratio impacted by adverse weather

for 4.6%

CY claims ratio (67.0% vs. 70.4%)

PY claims ratio : back to normal levels in second

quarter after revision for recourses in Q1 ‘15

Expense ratio

Slight improvement in all segments

73.2% 69.0% 68.1% 64.3% 64.4% 66.7%60.2%

65.9%59.2%

32.8%31.1% 31.0% 34.0% 35.2%

35.3%

35.0%

35.5%

34.8%

106.0%100.1% 99.1% 98.3% 99.6% 102.0%

95.2%101.4%

94.0%

(3.7%) (3.5%) (3.1%) (3.8%) (4.0%) (3.7%)(6.8%) (4.6%) (5.5%)

2010 2011 2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

claims ratio expense ratio PY claims ratio

2,858 3,507 4,178 3,749 3,843 1,879 1,982 948 998


74.3% 71.9% 70.5% 70.0% 67.3% 68.0% 66.6%

24.8% 25.0% 25.5% 25.6% 27.0% 26.6% 27.3%

99.1% 96.9% 96.0% 95.6% 94.3% 94.6% 93.9%

2010 2011 2012 2013 2014 6M 14 6M 15

78.4% 72.0% 73.6% 69.8% 69.6% 71.1% 68.8%

29.0%25.3% 25.4% 29.3% 29.7% 30.0% 30.0%

107.4%97.3% 99.0% 99.1% 99.3% 101.1% 98.8%

2010 2011 2012 2013 2014 6M 14 6M 15

75.0%61.9% 55.6% 51.5% 51.5% 55.5%

46.2%

43.2%

41.5%41.6% 44.0% 44.6% 44.9%

43.9%

118.2%

103.4%97.2% 95.5% 96.1% 100.4%

90.1%

2010 2011 2012 2013 2014 6M 14 6M 15

42.9%

67.2% 66.5% 62.4%71.2% 75.3%

49.3%

41.2%

44.8% 44.9% 45.5%

50.6%51.4%

47.2%

84.1%

112.0% 111.4% 107.9%

121.8%126.7%

96.5%

2010 2011 2012 2013 2014 6M 14 6M 15

Insurance Combined ratio per product line Almost all product lines reaching 97% target

Motor: excellent in BE – attention point in UK & CEU Accident & Health: improving claims in UK & CEU

Other: pruning actions in BE – run-off in CEU Household: benign weather compared to 6M 14

28

NEP NEP

NEP NEP

714 736 763 813 813 402 400 1,134 1,571 2,058 1,557 1,616 790 835

750 892 1,007 986 1,029 505 534 261 308 349 394 385 182 214


Insurance Life operating margin per product line Margins on Guaranteed & UL products reaching target

Guaranteed: driven by investment margin Unit-linked: increase driven by one-offs Hong Kong

Average technical liabilities Average technical liabilities

Underwriting margin up in BE & Hong Kong

Expense & other margin up in BE (negative

one-off in 6M ‘14) & HK (product mix)

Investment margin substantially down on lower cap

gains in BE & HK

Underwriting margin impacted by lower risk margin in

BE & Hong Kong

Expense margin improvement in CEU & HK

29

0.44% 0.43% 0.38% 0.40% 0.32% 0.32% 0.28%

0.87% 0.83% 0.90% 0.91%

0.83%1.01%

0.85%

(0.33%) (0.31%) (0.39%) (0.32%) (0.25%) (0.31%) (0.25%)

0.99% 0.96%0.89% 0.99%

0.90%

1.02%

0.89%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

0.11% 0.13%0.12% 0.10%

0.21%0.10%

0.23%

0.01%

(0.02%)

0.02%

0.02%

(0.01%)

0.02%

0.37%

0.18%

0.06%0.10%

0.18%

0.11%

0.18%

0.48%

0.28%

0.20% 0.20%

0.41%

0.20%

0.42%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

In EUR bn 54.0 55.5 56.9 56.5 57.8 56.5 57.8 11.8 12.3 12.6 12.6 13.1 12.6 13.1


6M 14 6M 156M 14 6M 15


In EUR mio In EUR bn In EUR bn


655

6M 14 6M 15Life Non-Life

111

70

(6)

32

Q2 14 Q2 15

2.1 1.8

1.01.0

3.12.9

6M 14 6M 15

Life Non-Life

1.0 0.9

0.4 0.4

1.4 1.3

Q2 14 Q2 15

Q2 14 Q2 15

In % NEP

Q2 14 Q2 156M 14 6M 15Q2 14 Q2 15

105.7% 94.6% 110.0% 93.5%

0.37%0.29%0.43%0.27%

0.81%1.06%0.81%0.98%

186141

193 197

105

102

57.6 58.6 55.9

FY 14 3M 15 6M 15

Belgium : Headlines Solid performance, especially supported by Non-Life

Higher Non-Life operating results offsetting lower cap gains & higher tax

Inflows: Continued trend of decreasing short term investment products

Life Technical liabilities: Slightly lower on shadow-accounting

Non-Life combined ratio: solid performance in all product lines

Operating margin Guaranteed: lower cap gains

Operating margin Unit-Linked: negative one-off in expense margin 6M ‘14

(11%)

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor


1,8241,614

239

231

2,063

1,844

6M 14 6M 15

Belgium: Inflows@ 100% Guaranteed Individual Life: anticipated decrease in lasting low i-rate environment

Unit-linked

Slight decrease in Individual Unit-linked

Guaranteed

Anticipated further decrease in short term investment products

due to persisting low interest rate environment

Continued good performance in Traditional Life products

Group Life Inflows5% above last year

Technical liabilities end-of-period

Down 3% vs. FY 2014 to EUR 55.9 bn as result of reduced

shadow accounting liabilities

Household, Motor, Other

Relatively stable

Accident & Health

Pruning actions in Workmen’s Compensation drive inflows

slightly down

Stable

281 272

311 310

325 331

98 104

1,015 1,017

6M 14 6M 15

68.7% 64.3% 62.7% 63.2% 63.5% 67.7%56.8%

71.6%

55.8%

36.4%36.8% 36.8% 36.7% 37.7%

38.0%

37.8%

38.4%

37.7%

105.1%101.1% 99.5% 99.9%101.2%

105.7%

94.6%

110.0%

93.5%

(6.6%) (7.3%) (4.5%) (3.6%) (3.4%) (4.2%)

(10.1%)(3.5%)

(7.0%)

2010 2011 2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15




1,541 1,601 1,698 1,785 1,815 890 911 445 457

Belgium: Combined ratio Solid performance across all product lines

Combined ratio

Last year’s combined ratio impacted by adverse

weather for 5.5%

Significant improvement in Third Party Liability (vs.

very weak results in 6M ‘14) & strong prior year claims

result

Claims ratio

CY ratio (66.9% vs. 71.9%) slight improvement in

Motor - Accident & Health but significant improvement

in Household & Other

PY ratio: review of the provisions for recoveries in Q1

(mainly Household & Workmen’s Compensation) –

flattening out over the whole period

Expense ratio remains stable

451 451 480 507 504 249 243 498 525 540 552 562 277 282

71.0%58.9% 64.7% 64.7% 62.6% 66.6%

57.7%

35.7%

35.3%35.8% 36.3% 37.2%

37.3%36.7%

106.7%

94.2%100.5% 101.0% 99.8% 103.9%

94.4%

2010 2011 2012 2013 2014 6M 14 6M 15

75.8% 73.8% 73.0% 73.7% 70.1% 70.8% 71.0%

21.9% 23.8% 24.0% 23.8% 25.4% 25.5% 27.1%

97.7% 97.6% 97.0% 97.5% 95.5% 96.3% 98.1%

2010 2011 2012 2013 2014 6M 14 6M 15

10.4%

58.2% 65.9% 66.1%87.5%

101.1%

54.9%50.9%

49.5%48.1% 47.2%

47.6%

49.2%

45.5%61.3%

107.7%114.0% 113.3%

135.1%

150.3%

100.4%

2010 2011 2012 2013 2014 6M 14 6M 15

75.6%63.0%

50.5% 51.4% 51.7% 56.6%44.7%

47.1%

46.9%

46.2% 45.6% 45.7%46.4%

45.4%

122.7%

109.9%

96.7% 97.0% 97.4%103.0%

90.1%

2010 2011 2012 2013 2014 6M 14 6M 15

NEP NEP


463 484 530 564 579 283 294 129 142 149 162 170 81 92NEP

Belgium: Combined ratio per product line Positive evolution in Household and Motor, strong improvement in Other lines

Accident & Health: slight increase due to deteriorating

results in Health Care

Motor: excellent performance (June ‘14 hailstorm)

Household: 6M ‘14 impacted by June hailstorm Other: Positive impact of pruning actions

NEP

0.04% 0.04%

(0.02%) (0.01%)

0.07%

0.01%

0.10%

0.44%0.38%

0.32% 0.28%

0.35%

0.28%

0.27%

0.47%

0.41%

0.30% 0.27%

0.43%

0.29%

0.37%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

0.32% 0.32% 0.30% 0.32% 0.25% 0.30%0.20%

0.93% 0.88% 0.95% 0.96%

0.86%

1.08%

0.89%

(0.29%) (0.31%) (0.38%) (0.30%) (0.30%) (0.32%) (0.28%)

0.96% 0.89% 0.87% 0.98%

0.81%

1.06%

0.81%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

Avg techn liabilities Avg techn liabilities


Expense &

Other

Investment

Underwriting

Expense &

Other

Underwriting

In EUR bn 44.9 46.4 47.5 47.4 48.0 47.4 48.0 5.2 5.4 5.7 5.6 5.9 5.6 5.9

Belgium Life operating margin per product line

Operating result at EUR 195 mio, down from EUR 233 mio

Investment margin decreased mainly due to lower

allocated capital gains

Underwriting margin decreases due to the risk margin

Average Technical Liabilities slightly up despite lower

inflows

Operating result up from EUR 8 mio to EUR13 mio

Expense & Other margin last year very low due to

mortality result & a negative one-off

Average Technical Liabilities increased slightly (+4%),

driven by market values evolution

Guaranteed: solid operating margin,

within target range

Unit-linked: back to pre-2014 levels &

within target range


Margin evolution Assets & Liabilities Belgium Only marginal evolution on back book vs. FY 14

Life

Back book

FY 12 FY 13 FY 14 6M 15

Guaranteed interest rate 2.89% 2.80% 2.71% 2.68%

Fixed income yield 4.03% 3.97% 3.84% 3.81%*

FY 13 FY 14 6M 15

Fixed income yield 3.29% 2.89% 2.01%

Reinvested amount (EUR bn) 5.5 4.6 2.3

Loans to agencies – guarantees from Belgian regions

Govies core countries – long maturity

Corporate & infrastructure loans

Corporate bonds - 90% investment grade

New money

Life & Non-Life

* Total fixed income yield figures are as at end of May 2015

6M 14 6M 15

In EUR mio


6

(6)

2546

32

40

6M 14 6M 15

Life Other Non-Life

Q2 14 Q2 15

100.7% 98.3%95.5% 97.3%

In EUR bn

In % NEP

In EUR mio

0.1

1.1 1.2

1.2 1.2

6M 14 6M 15

Life Non-Life

0.0

0.6 0.6

0.6 0.6

Q2 14 Q2 15

6M 14 6M 15

5970

Q2 14 Q2 15

129138


11 (3)

35

27

38

24

Q2 14 Q2 15

36

United Kingdom: Headlines

Half-year performance benefiting from absence of weather events

Improved result in Other lines & Household

Non-Life Inflows* up 5%, down 6% at constant FX

Non-Life Combined ratio further improved from Q1 ‘15

Other Income: 5% down at constant FX – benefit from legal settlement in ‘14

Motor

Other

Household

Accident & Health

Non-Life In EUR mio

5%


United Kingdom: Inflows@ 100% Inflowsup 5% due to positive FX - 6% down at constant FX

Non-Life

Up 5%, but 6% down at constant FX, reflecting continued

competitive conditions in both Motor & Household

Motor up 5% but down 6% at constant FX – volumes down

due to strengthening of rates ahead of the market – market

benchmarks are showing upward pricing trend

Household broadly flat, but down 10% at constant FX –

volumes down due to aggressive pricing of competitors

Accident & Health down 11%, due to loss of key accounts.

Other lines up 20% (only 7% at constant FX) - first results

of new growth strategy launched in January - good

performance of Special Risks business

Other Insurance (including Retail)

YTD total income of EUR 138 mio, down 5% at constant

FX, due in part to a positive contribution from a legal

settlement in 6M 2014

40 36

755 794

242244

108130

1,1451,204

6M 14 6M 15



948 1,524 2,083 1,562 1,613 783 850 397 428

81.5%74.6% 73.3%

65.6% 66.3% 66.7% 64.4% 61.3% 63.4%

28.0%

25.3% 26.5%32.2% 33.5% 34.0% 33.9%

34.2% 33.9%

109.5%

99.9% 99.8% 97.8% 99.8% 100.7% 98.3%95.5% 97.3%

(1.1%)0.1%

(2.1%) (4.0%) (4.6%)(2.8%) (3.6%) (5.0%) (3.7%)

2010 2011 2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15


United Kingdom: Combined ratio Continued sub 100% performance, further improved from first quarter 2015

Combined ratio

Strong H1 in Household & Other lines

Benign weather contributes to improvement

Motor remains above 100%

Claims ratio

Claims ratio Benign weather offsets

increased accidental damage claims

CY ratio (68.0% vs. 69.5%) good

performance in Household & Other lines

PY ratio: marginally ahead of 6M 14

Expense ratio

Expense ratio broadly flat vs. 6M 2014

* Restatement for deconsolidation of Tesco Underwriting since 2013

97.9%87.7%

78.1% 76.2%66.0% 66.7% 59.3%

24.0%23.2%

28.2% 34.3%38.7% 36.7% 43.1%

121.9% 110.9%

106.3% 110.5%104.7%

103.4%102.4%

2010 2011 2012 2013 2014 6M 14 6M 15

82.9% 79.2% 77.2% 71.9% 74.6% 73.9% 74.7%

23.3%19.5% 21.3% 25.0% 25.1% 25.7% 26.0%

106.2%

98.7% 98.5% 96.9% 99.7% 99.6% 100.7%

2010 2011 2012 2013 2014 6M 14 6M 15

77.4%61.4% 62.3%

51.4% 51.0% 54.3% 48.0%

38.2%

35.3% 36.7%42.4% 43.3% 43.8%

43.8%

115.6%

96.7%99.0%

93.8% 94.3% 98.1%91.8%

2010 2011 2012 2013 2014 6M 14 6M 15

75.1% 71.6% 67.7% 59.8% 56.0% 56.6% 48.0%

30.4% 39.3% 42.1%44.4% 54.3% 54.6%

50.6%

105.5% 110.9% 109.8%104.2%

110.3% 111.2%98.6%

2010 2011 2012 2013 2014 6M 14 6M 15


58 65 57 79 71 35 31 532 949 1,420 907 958 464 507

248 366 434 374 399 197 207 110 143 173 202 185 87 105

NEP NEP

NEP NEP

United Kingdom: Combined ratio per product line Improved loss ratio in all product lines except Motor

Accident & Health: Increased commission ratio Motor: Higher accidental damage claims

Household: benign weather Other: disciplined underwriting approach

* Restatement for deconsolidation of Tesco Underwriting since 2013

Net profit driven by Luxembourg & higher Non-Life stakes (Italy & Portugal)


Non-Life combined ratio excellent thanks to benign weather

227%

Inflows*: up in all entities except Luxembourg In EUR bn

Continental Europe: Headlines Strong net profit both in Life & Non-Life

Operating margin Guaranteed higher thanks to investment margin


In % avg technical liabilities

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

2834

10

2237

55

6M 14 6M 15

Life Non-Life

913

4

14

13

27

Q2 14 Q2 15

2.3 2.2

0.60.6

2.82.7

6M 14 6M 15

Life Non-Life

1.41.0

0.3

0.3

1.6

1.3

Q2 14 Q2 15

6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15 6M 14 6M 15 Q2 14 Q2 15

91.4% 85.8%88.1% 83.6%

0.82% 1.05% 0.58% 1.03%

0.17%0.07% 0.10%

In % NEP

14.5 15.3 14.7

17.3 17.7 18.5

31.8 33.0 33.2

FY 14 3M 15 6M 15

Conso Non-conso

0.11%

Life Technical liabilities slightly up


1,3661,172

903982

2,2692,154

6M 14 6M 15

Accident & Health

Motor

Unit-Linked

Guaranteed

(5%)

Other

Household

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflows@ 100% Lower sales in Luxembourg – Non-Life stable

Stable


Life

Inflows -5%, including non-controlling interests @ 100%, reflecting

lower sales in Luxembourg

Consolidated Inflows up 29%

Portugal: volumes up 23% pushed by new Savings & Pension products

compensating lower Unit-linked sales

France: up 48% still benefiting from a significant UL single premium

through the broker network in the previous quarter

Luxembourg: down 25% due to voluntary limitation of Guaranteed

products sales

Technical liabilities end-of-period

Consolidated up 1% vs. year-end to EUR 14.7 bn

Including non-consolidated JVs @ 100%: EUR 33.2 bn, up 4%

Non-Life

Inflows consolidated entities up 5% driven by Portugal

Turkey Inflows at EUR 309 mio, down 4% as result of strategic shift

towards more profitable growth business (reduction in Motor Third Party

Liability) and fierce competition in Motor Own Damage

A&H & Motor remain major business lines in portfolio

178 183

180 148

102 121

106 114

566 566

6M 14 6M 15


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


71.0% 66.4% 63.6% 63.7% 61.3% 62.0% 58.4% 58.9% 56.8%

30.3%30.3%

29.8% 30.0% 30.8% 29.4%27.4% 29.2%

26.8%

101.3%96.7%

93.4% 93.7% 92.1% 91.4%85.8% 88.1%

83.6%

1.9%(2.0%) (2.5%) (4.0%) (4.3%) (4.5%) (5.3%)

(7.9%) (5.8%)

2010 2011 2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15


Combined ratio

Combined ratio significantly lower thanks to benign

weather compared to 6M 14

Combined ratio Turkey at 104.7% (vs. 99.8%)

affected by bad weather & low Motor TPL results

Claims ratio

CY ratio at 63.7% (vs 66.5%) decrease driven by

Household in Portugal

PY ratio driven by release provision for old claims in

Portugal & positive run-off in Italy

Expense ratio

Expense ratio continued focus on cost containment,

commission ratio relatively stable

369 382 397 403 415 207 221 106 113

64.2% 63.5% 63.3% 59.7% 61.9% 62.6% 60.1%

31.6% 27.8% 28.2%26.6% 26.7% 26.1% 23.7%

95.8%91.3% 91.5%

86.3% 88.6% 88.7%83.8%

2010 2011 2012 2013 2014 6M 14 6M 15

90.5%71.8% 69.8%

79.3%60.1%

70.9% 71.9%

27.0%

29.2% 28.1%

29.2%

31.6%28.7% 32.2%

117.5%

101.0% 97.9%108.5%

91.7%99.6%

104.1%

2010 2011 2012 2013 2014 6M 14 6M 15

53.5% 53.7% 51.8% 53.5% 54.0% 52.6% 48.4%

27.7% 34.2% 33.5%38.8% 40.3% 36.9%

31.2%

81.2%87.9% 85.3%

92.3% 94.3%89.5%

79.6%

2010 2011 2012 2013 2014 6M 14 6M 15

73.3%94.5%

62.8% 59.6%72.3%

44.4%26.6%

39.0%

50.0%

43.3% 43.7%

45.1%

44.3%

35.0%

112.3%

144.5%

106.1% 103.3%

117.4%

88.7%

61.6%

2010 2011 2012 2013 2014 6M 14 6M 15

Continental Europe: Combined ratio per product line Overall combined ratio within expectations

Motor: deteriorated due to lower volume Accident & Health: favourable claims experience &

less expenses

Household: benign weather compared to last year Other: claims low thanks to release provision on 2 old claims


NEP

NEP NEP

104 97 99 99 96 49 47

39 42 44 48 51 25 32 21 23 28 29 30 15 17

205 220 226 227 238 118 126NEP

1.18% 1.06% 0.95% 0.88% 0.98% 0.80% 0.95%

0.69%0.68% 0.77% 0.76%

0.82%0.75%

0.89%

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

(0.82%) (0.75%)(0.97%) (0.81%)

1.02%0.91% 0.70% 0.82%

1.05%0.58%

1.03%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

Continental Europe Life operating margin per product line

Guaranteed: all margins improving – far

above target range

Unit-linked: decreasing expense & other

margin



0.01% (0.05%) (0.01%) 0.02% 0.01%

0.02%0.01% 0.01% 0.01% 0.02% 0.02% 0.03%

0.41%0.51%

0.09%0.17%

0.03%0.08% 0.06%

0.44%

0.47%

0.10%

0.17%

0.07% 0.10% 0.11%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

Investment margin increased vs last year

Underwriting margin – Prior year impacted by

reserve strengthening in annuity business

Expense & other margin improved on last year

Decreased expense & other margin related to less

fees following lower UL sales

Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

In EUR bn 7.8 7.6 7.7 7.6 8.0 7.6 8.0 6.1 6.3 6.2 6.3 6.2 6.3 6.2

8

5

6M 14 6M 15

Life Non-Life

8

5

6M 14 6M 15

Life Non-Life


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

In EUR bn

Asia: Headlines Strong Life result driven by profitable business, exceptionals in China & FX


In % avg technical liabilities In EUR mio

0.4

0.5

6M 14 6M 15

Life Non-Life

Q2 14 Q2 156M 14 6M 15Q2 14 Q2 156M 14 6M 15

89.1% 95.4% 93.1% 90.6%

1.53% 2.46% 1.60% 2.41%

70 207

78

212

64

72

In % NEP


9.36.3

6.7

9.8

2.1

3.2

0.2

0.2

2.3

3.4

Q2 14 Q2 15

32

4

1

36

Q2 14 Q2 15

144

143

192

187

35

4

1

40

Q2 14 Q2 15

154

152

Net result: included ≈ EUR 100 mio exceptional investment results in China

Inflows* growth fuelled by China & Thailand

Life Technical liabilities slight decrease in Malaysia & Hong Kong

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

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

2.8 3.3 3.1

34.941.5 41.0

37.7

44.8 44.1

FY 14 3M 15 6M 15

conso non-conso

+49%

Household

Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked

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

Accident & Health

Other


Life Inflows up 49% (up 23% @ constant FX)

New business premiums up 46% with EUR 3.1 bn single premium

(+33%) & EUR 1.9 bn regular premium (+75%).

Renewal premiums increased to EUR 4.3bn (+52%) benefiting

from prior year strong sales & continued good persistency

Hong Kong +19% - New business down 10%; market impacted by

new regulations mainly in Broker channel

China +54% - High persistency ratio & New business premium up

52% with very successful sales campaigns

Malaysia +10% - New business premium up 3%; strong

performance in regular premium with focus on retirement products

Thailand +42% - New business premiums up 28%; strong

performance in regular premium in both Banca & Agency

India +98% - Good performance in Banca with strong focus on

group retirement product & single premium UL

Technical liabilities – end-of-period

Hong Kong : EUR 3.1 bn, up 11% vs FY 2014

Including non-consolidated JVs @ 100%: EUR 44.1 bn, up 17%

Non-Life Inflows up 23% (up 8% @ constant FX)

Malaysia +18% - Mainly driven by Motor & MAT

Thailand +34% - All product lines growing; especially Motor &

Personal Accident

6,095

9,150

162

177

6,257

9,327

6M 14 6M 15

+23%

36 47

170214

52

61153

183411

504

6M 14 6M 15

(0.15%)(0.32%) (0.47%) (0.44%) (0.54%)

(2.35%)

(0.64%)(0.11%)

0.27%0.11% 0.18%

(0.18%)

0.22%

(0.26%)

2.52%

4.19%

3.13% 2.70% 3.17%

4.34%

3.12%

2.26%

4.14%

2.77%2.44%

2.45%

2.21%

2.24%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

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

Guaranteed: operating margin nearly stable Unit-linked: lower new business strain



Underwriting margin improved due to higher surrender

margin

Expense & Other margin improved significantly following

shift towards products with lower new business strain

Underwriting margin deteriorated due to less

favourable claims experience (net of reinsurance),

which is partly offset by improved surrender margin

Investment margin deteriorated due to lower realised

capital gains

Expense & Other margin improved due to organic

growth

2.13%2.15%

2.07% 1.88% 2.18% 1.59%

2.28%

0.17%0.16%

(0.95%)

(5.01%)

(2.06%) (2.10%)

0.12%

(1.18%)

0.29%1.18%(2.86%) 0.21%

(0.22%)

2.47%

0.41%

2.73%

2012 2013 2014 6M 14 6M 15 Q2 14 Q2 15

Expense &

Other

Investment

Underwriting

Expense &

Other

Investment

Underwriting

In EUR bn 1.3 1.3 1.4 1.3 1.8 1.3 1.8 0.5 0.6 0.7 0.7 1.0 0.7 1.0

Annexes

Equity / Solvency



General Account

General Information


In EUR bn

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

Treasury bills 0.1

Sovereign bonds 37.5

Sovereign bonds 36.6

Corporate bonds 26.5 Corporate

bonds 26.2

Structured0.3

Structured0.3

Loans 6.1 Loans 6.9

Equities 3.8 Equities 4.0

Real Estate 5.0 Real Estate 5.2

Cash 2.5 Cash 2.2

81.8 81.3

FY 14 6M 15

Asset mix

Asset mix stable

Decreased market value in bonds because of higher interest rates

Gross unrealized gains/losses on Available for Sale

Total portfolio: decreased to EUR 7.5 bn (EUR 9.0 bn FY 14), driven by UG/L on fixed income

Fixed income: decreased to EUR 6.9 bn (EUR 8.5 bn FY 14)

Sovereigns at EUR 5.1 bn (vs. EUR 6.1 bn)

Corporates at EUR 1.8 bn (vs. EUR 2.4 bn)

Equities: up to EUR 0.6 bn (EUR 0.5 bn FY 14)

Gross UG/L on Real Estate: up to EUR 1.6 bn (EUR 1.4 bn FY 14) - not reflected in shareholders’ equity

EUR 1.9 bn unrealized gains/losses on Held to Maturity - not reflected in shareholders’ equity

Investment portfolio Unrealized gains fixed income down because of higher interest rates

Belgium19.2

Belgium18.5

France 6.2 France 6.0

4.24.4

Austria 2.8 Austria 2.7

1.31.3

Others 3.9Others 3.8

37.5 36.6

FY 14 6M 15

In EUR bn

Sovereign bond portfolio*

Sovereign & Corporate bond portfolio Value fixed income portfolio impacted by evolution unrealized gains


Corporate bond portfolio*

Banking 5.1 Banking 4.8

Other financials 1.6

Other financials 1.7

Non Financials

12.8

Non Financials

13.1

Government related 6.9

Government related 6.5

26.5 26.2

FY 14 6M 15


Germany Germany

Southern Europe Southern Europe

Decrease portfolio fully driven by higher rates

Gross UG/L at EUR 5.1 bn (vs. EUR 6.1 bn)

94% investment grade; 88% rated A or higher

Allocation to Belgium @ amortized cost down

EUR 0.3 bn due to redemption & sales

Maturity sovereign bond portfolio close to maturity

liabilities, limited interest rate sensitivity

Gross UG/L at EUR 1.8 bn (vs. EUR 2.4 bn)

Priority to investment grade industrials has led to

increased share within corporate bond portfolio of

50% (vs. 48% FY 14)

Credit quality remains very good with 95% investment

grade; 66% rated A or higher

In EUR bn

Loan portfolio (customers + banks)*

Loan & Equity portfolio More loans with guarantee

Loans to banks 1.1

Loans to banks 1.2

RE 0.2 RE 0.3

Infrastructure

0.2

Infrastructure

0.2

Mortgages 1.5 Mortgages 1.4

Other 3.1

Other 3.8

6.1

6.9

FY 14 6M 15

Increase in other: long term lending to social

housing agencies in Belgium benefiting from

explicit guarantee by the region


Equity portfolio*

Gross UG/L up to EUR 0.6 bn

Increase in equity portfolio supported by

investments & equity markets

Equities 2.2Equities 2.6

Equity funds 0.2

Equity funds 0.3

RE funds 0.6

RE funds 0.6

Mixed funds & others 0.8

Mixed funds & others 0.6

3.84.0

FY 14 6M 15



Real estate portfolio

10/03/2010

Gross UG/L stable up to EUR 1.6 bn (not reflected

in shareholders’ equity but contributing to available

capital for solvency calculation)

Real Estate exposure mainly in Belgium

Investment Offices 1.8

Investment Offices 1.9

Car Parks1.1

Car Parks1.1

Investment Retail 1.3

Investment Retail 1.4

0.30.3

0.40.4

5.05.2

FY 14 6M 15

In EUR bn

Real Estate portfolio*

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

Investment Warehouses

RE Development

Investment

Warehouses

RE Development

Annexes

Equity / Solvency



General Account

General Information

Q2 14 Q2 15

7 9

2025

27

34

6M 14 6M 15

Staff Operating

(467) (431)(491)

38 48 33

(130)(130)

(131)

FY 14 3M 15 6M 15

RPN(i) RPI FortisEffect

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

Accounting value of remaining legacies

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

54

Accounting value put option

In EUR mio In EUR mio

Q2 14 Q2 15

P&L effect RPN(i): increase liability following higher price CASHES

Staff & Operating expenses up

Net cash position: slightly down on establishment Intreas (EUR 0.1 bn)

3 5

1113

14

18

Q2 14 Q2 15

In EUR mio

In EUR mio

In EUR bn

(24)

(53) (60)

(195)


6M 14 6M 15

(35)

(309)

6M 14 6M 15

(157)(78)

1.6 1.6 1.5

FY 14 3M 15 6M 15FY 14 3M 15 6M 15

(1,391)

(1,189)(1,218)

1,637 1,509

(136)

(329)

(100) (24) (46)380

125

FY 14 sharebuy-back

dividend upstream capitalrestructuring

Intreas investmentliquid assets

other 6M 15

55

Net cash position General Account at EUR 1.5 bn Return to shareholders & investment in business

EUR 100 mio invested in establishment internal reinsurance vehicle Intreas

EUR 329 mio dividend (EUR 1.55 par share) paid out in May 2015

– paid dividend & holding costs compensated by dividend upstream

EUR 136 mio share buy-back executed in 6M 15

–2014 SBB completed as per 31/07/2015

Around EUR 0.3 bn of liquid assets with original maturity longer than 1 year are not

included in net cash position

In EUR bn



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 ABN 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 Interim Financial Statements


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 ABN 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 & BNPPF; 2° proceeding also against board members & executives, awaiting Supreme Court ruling preliminary procedural questions

Deminor against ageas & 2 banks; interim judgment 28/4/14 ruling +/- 25% claimants not eligible; 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 Court 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; date for hearings to be scheduled

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

NL 2 separate proceedings - Mr Meijer representing in each case 1 claimant against ageas, exchange of written arguments

NL 1 claimant against ageas & one Fortis executive recently initiated


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

Second half 2015 First half 2016 Second half 2016

First instance

Pleadings

BE – 1 professional investor

Mr.Modrikamen

VEB

Deminor

Judgment on the merits NL 2 separate proceedings

– Mr Meijer

NL- 1 shareholder

BE – 1 professional

investor

Mr.Modrikamen VEB

Appeal

Pleadings Mr. Bos

Judgment on the merits

FSMA fine

Supreme Court

Judgment

FortisEffect

Modrikamen – on court’s

competence


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

In EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Fixed-to-Floating Rate

Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Fixed Rate Reset Dated Subordinated

Notes

CASHES

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

+200 bps

Amount outstanding 1,250 336 450 550 USD 400 1,110

ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE6277215545 BE0933899800

Call date Undated,

strike 315.0 mandatory 472.5

Jun 16 Step up to 3M

Euribor +200 bps

Jun 24 Step up to 3M

Euribor +413 bps

Mar 19 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 On lent to AG

Insurance

Subscribed by Ageas & BNP Paribas Fortis

Public issue Public issue

Coupon served by FBB, trigger

ACSM linked to Ageas dividend

Market Price (30/06/15)

65.70 101.91 109.20 107.5 90.17 80.27

Fortis Bank (now BNP PF)

AG Insurance (Belgium)

95

Annexes

Equity / Solvency



General Account

General Information

Cancellation bought back

shares + new buy back

61

Total number of outstanding shares

situation 31/12/2014 situation 31/07/2015

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

Shares not entitled to dividend or voting rights 16,277,134 13,907,620

1. TREASURY SHARES Share buy-back 7,217,759 4,981,612

FRESH 3,968,254 3,968,254

Other treasury shares 447,217 313,850

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

Shares entitled to dividend & voting rights 214,719,058 209,870,813

Cancellation 7.2 mio

bought back shares


62

Shareholders structure

Based on number of shares as at 31 July 2015

Based upon press release 3 August 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 17 March 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 14 July 2015

Estimate by

Estimate by

Ageas4.14%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Identified retail investors

19%

Identified institutional investors

37%

Other investors21%


Ageas

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Identified retail investors

Identified institutional investors

63

Financial calendar 2015

12 February

Annual results

2014

8 May

3M 2015

results

29 April

Ordinary & Extraordinary

shareholders’meeting - Brussels

6 May

Ex date

6 March

Annual & EV

report 2014

8 May

Payment 2014

dividend

5 August

6M 2015

results

4 November

9M 2015

results

28 September

Investor Day 2015


64

Rating Improved rating for holding ageas SA/NV

S&P MOODY'S FITCH

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

entities Last change 30/03/15 10/03/15 10/12/13

Ageas Insurance Limited A- / positive A+ / stable

Last change 21/05/15 30/03/15

Millenniumbcp Ageas Occidental Vida (Portugal) BB / positive

Last change 25/03/15

Millenniumbcp Ageas Occidental (Portugal) BBB / stable


Millenniumbcp Ageas Médis (Portugal) BBB / stable


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

Last change 16/01/13 26/03/13

Muang Thai Life BBB+ / stable BBB+ / stable

Last change 29/12/10 16/12/10

Etiqa Insurance Berhad (Malaysia) A / stable


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

Last change 30/03/15 10/03/15 17/07/15

* 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.


65

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.


66

Investor Relations

Tel:

E-mail:

Website:

+ 32 2 557 57 34

[email protected]

www.ageas.com

Investor Relations


6m results 2015 - presentation analysts and institutional investors

Economy & Finance

mio q2 eur

capital of eur

insurance net profit

group net profit of

life jv

mio shareholders equity

share insurance solvency

mio main messages ageas