Ageas’s achievements since 2009

6M results 2012

Ageas’s Vision 2015

1

Ageas’s achievements since 2009An ambitious agenda set in 2009 to reshape the company

Rename the company and introduction of a new brand (Ageas)

g p p y

Rename the company and introduction of a new brand (Ageas)

Streamlining portfolio and strengthening of partnerships

Selective investments in Life & Non-Life business aimed at strengthening and growing the business in challenging market conditions

Preserve sound capital position even in turbulent times, with balanced use of capital

Simplification of the group structure

Progressively seeking sustainable solutions for legacy issuesg y g g y

2

Ageas’s achievements since 2009Company changed name into Ageas in April 2010, a global rollout since p y g g p , g

3

Ageas’s achievements since 2009Progressive increasing brand awareness since introduction new nameg g

Hong Kong : significantly up Belgium : Increasing UK : significantly up among b k among consumersawareness among consumers brokers

84%96%

62%70%

AG Insurance

84%Brokers/Business partners

44%

56%

Cconsumers 44% Consumers

Nov 2010 Nov 2011 Nov 2010 Nov 2011 Nov 2010 Nov 2011

4

Source: Corporate Reputation Monitor Measurement 2011

Ageas’s achievements since 2009Streamlining of portfolio and strengthening of partnerships …

23/06/11Sale

28/10/09 Discontinue

06/10/09 Sale

26/07/10Sale Turkish

03/10/11 Sale Germany

DivestmentsStreamlining of portfolio and strengthening of partnerships …

Sale reinsurance liabilities Intreinco

Discontinue Russia Life

16/09/10 S l Uk i

Sale Luxembourg Non-Life

Sale TurkishLife Insurance

Sale Germany Life Insurance

Sale Ukraine Life

201120102009 2012201120102009 201218/02/11Turkey : acquisitionstake AKSigorta09/11/09

11/09/09 UK : Tesco Non-Life

Mid July 12Turkey : Increasestake AKSigorta

(31% Non-Life) 24/03/11UK : AcquisitionCastle Cover

09/11/09 Thailand : strengthen tieswith Muang Thai

08/06/11Luxembourg : Life 17/09/09

Italy : Ageas & BNP

Non Life partnership

02/07/10 UK :

Turkey : Increasestake AKSigorta(from 31% to 36%)

gpartnershipItaly : Ageas & BNP

Paribas Assurance Non-Life partnership/ stake in UBI Assicurazioni

UK : AcquisitionKwik Fit FS

Partnerships & Strengthening5

Ageas’s achievements since 2009Strong local partners helped as well to strengthen market positionsg p p g p

Belgium# 1 Life# 2 Non-Life

UK# 9 Non-Life# 4 Personal lines

Luxembourg# 2 in FOS market

BelgiumUK

China

intermediary

China# 7 in Life

Portugal

France# 10 IFA market

Malaysia#1 Life &Non Life

Portugal# 1 in Life

Italy MalaysiaItaly# 1 Bancassurance

Turkey# 3 Non-Life

Thailand

India# 21 Life

6

Thailand# 2 Life, # 6 Non-Life

Ageas’s achievements since 2009Selective investments & organic growth resulted in increasing inflows

17,219 17,219

Selective investments & organic growth resulted in increasing inflowsInflows per segmentInflows Life/ Non-Life

In EUR mio In EUR mio

18% 18%

2,9704,891

14,562

Non-Life 4,033 2,849

3,2926,157

14,562

AsiaCEU

18% 18%

11,592 12,328Life

6,282 6,179

955 2,034 UKBelgium

FY 2008 FY 2011 FY 2008 FY 2011

12 3284,891

Life inflows per segment Non-Life inflows per segmentIn EUR mio In EUR mio

3 819

2,955 5,550

11,59212,328

AsiaCEU 1,983214

630

337

607

2,970 AsiaCEU

6%65%

4,817 4,508

1 51

3,8192,219

CEUUKBelgium

1,465 1,671

954214 CEU

UKBelgium

FY 2008 FY 2011 FY 2008 FY 2011

7

Ageas’s achievements since 2009 Preservation of sound capital position in turbulent financial marketsPreservation of sound capital position in turbulent financial markets

In EUR bn

231%227%

207%211%

7 5 8.0

202%

2 63.6 3.8

3.9 4.2

5.1

2 5

6.4

2.8

6.8

3.0

7.5

3.63.8

2.6

2.5

2008 2009 2010 2011 6M 2012

Total available capital Required Regulatory minimumExcess Capital

8

Ageas’s achievements since 2009Ageas strives for a balanced use of cashAgeas strives for a balanced use of cash

Invest in Businesses Return to debtholdersReturn to shareholders

Di id d t Organic growth Selective acquisitions Create new partnerships

Redemption of Debt (EMTN) Dividend payment Share buy back

May 2009 – August 2012:

+/- EUR 740 mio/ EUR 450 i UK (T KFIS

+/- EUR 850 mio/ EUR 600 i t t di id d

+/- EUR 740 mio +/- EUR 450 mio UK (Tesco, KFIS,

Castle Cover) +/- EUR 190 mio CEU (Italy, Turkey) +/- EUR 100 mio Asia (India, HK)

+/- EUR 600 mio constant dividend over 2009, 2010 & 2011

EUR 250 mio share buy-back finalized early 2012

+/- EUR 740 mio EMTN programme redeemed (30/06/2012)

EUR 200 i

Going forward :

+ EUR 200 mioShare buy-back announced

August 2012Going forward : Lower growth in capital intense savings business Increased proportion of Non-Life & fee related business

9

Ageas’s achievements since 2009A continued strive for simplification of the legal structureA continued strive for simplification of the legal structure

Reduction of number

F ti

Fortis of legal entities

Creation of one top-holding d

ageas SA/NV50%50%

Fortis B l

Fortis SA/NV

50% 50%

Fortis NV

Fortis Utrecht

holding reduces complexity of governance

Dutch permanent

establishment

Ageas Insurance International N.V.

Brussels

Fortis Insurance N.V.

N.V.

AG InsuranceSA/NV

75%

Ageas UK Ltd

Various legalentities part of Ageas Asia

Various legal entities part of

Cont. Europe

FortisInsuranceBelgium

Fortis Insurance International N.V.

44.7%g p

44.7%

Royal Park Investments

Belgium

UK Asia CEU Royal Park Investments

10

Ageas’s achievements since 2009Progressively seeking sustainable solutions for legacy issuesProgressively seeking sustainable solutions for legacy issues

Settlement of CASHES with BNP Paribas Settlement of CASHES with BNP Paribas Solution for Tier 1 BNP Paribas More comfort on prospects for RPI (vs. June 09)

FinancialLegacy p p ( )

Finding solutions for other files remains high on agenda

Outcome of some court cases was positive Outcome of some other cases was not in our favour, but

we appealed Agreement with ABN AMRO to settle FCC & MCS and

Legal LegacyAgreement with ABN AMRO to settle FCC & MCS and counterclaims with Dutch State Continued defence against litigation risk with respect to

former Fortis’ shareholdersformer Fortis’ shareholders

11

Ageas’s achievements since 2009

6M results 2012

Ageas’s Vision 2015

12

Highlights 6M 12*

Significant improvement in Insurance Insurance net profit of EUR 303 mio Group combined ratio at 98.3% (vs.100.1%)

results across all segmentsp ( )

Q2 combined ratio outstanding at 94.7% Inflows at EUR 10.8 bn (+20%)

Life FuM at EUR 65.8 bn (+2% scope-on-scope)

G l d i b I

( p p )

Group net profit of EUR 305 mioGroup net result driven by Insurance results & substantial progress in solving legacy issues

Group net profit of EUR 305 mio General Account net result of EUR 2 mio Including one-off impact from agreements with BNP P

& ABN AMRO and Dutch State

Shareholders’ equity up

& ABN AMRO and Dutch State

Shareholders’ equity at EUR 3 69 per share +14%Shareholders equity up Solvency strong

Shareholders equity at EUR 3.69 per share, +14%

Insurance solvency at 211%, Group solvency at 248%

Net cash position General Account at EUR 1.5 bn

* All figures compared to 6M 11 unless mentioned otherwise

13

Ageas’s achievements since 2009

6M results 2012

Ageas’s Vision 2015

14

Vision 2015Outcome of the exerciseOutcome of the exercise

15

5 strategic choices5 strategic choices

To focus on our insurance capabilities

To be where our customers want us to be

p

partners

To be where our customers want us to be

di ifi d

To commit to our partners and their customers

To have a diversified product offering

gro thTo capture growth in mature and emerging markets in

Europe and Asia

16

4 targets4 targets

To balance our portfolio between Life and Non-Life towards

60/40 in terms of inflows (from 72/28 end 2011)

To be efficient in Non-Life with a combined ratio structurally

below 100% (from 101% end 2011);

To increase our Return On Equity in Insurance to a minimum

of 11% (from 7% corrected for all exceptionals end 2011);

To deploy at least 25% of our capital in emerging markets in

Europe and Asia (from 15% end 2011)

17

6 values6 values

18

ConclusionsConclusions

Our 2009 ambitions have been largely reached

Clear strategic choices are made for the next 3 years aiming to

x become less dependent on investment income

x Increase relative proportion of capital invested

in high growth marketsx Reap benefits of the diversification in our

product & distribution mixp

19

Stock PerformanceStock Performance

20

Ageas ClubAgeas Club

21Periodic Financial Information I 6M 12 Results I 6 August 2012

Disclaimer

Certain of the statements contained herein are statements of futureexpectations and other forward-looking statements that are based

t' t i d ti d i lon management's current views and assumptions and involveknown and unknown risks and uncertainties that could cause actualresults, performance or events to differ materially from thoseexpressed or implied in such statements. Future actual results,performance or events may differ materially from those in suchstatements due to, without limitation, (i) general economicconditions, including in particular economic conditions in Ageas’score markets, (ii) performance of financial markets, (iii) thefrequency and severity of insured loss events, (iv) mortality andmorbidity levels and trends, (v) persistency levels, (vi) interest ratemorbidity levels and trends, (v) persistency levels, (vi) interest ratelevels, (vii) currency exchange rates, (viii) increasing levels ofcompetition, (ix) changes in laws and regulations, includingmonetary convergence and the Economic and Monetary Union, (x)changes in the policies of central banks and/or foreigngovernments and (xi) general competitive factors in each case ongovernments and (xi) general competitive factors, in each case ona global, regional and/or national basis.

In addition, the financial information contained in this presentation,including the pro forma information contained herein, is unaudited

d i id d f ill i l I dand is provided for illustrative purposes only. It does not purport tobe indicative of what the actual results of operations or financialcondition of Ageas and its subsidiaries would have been had theseevents occurred or transactions been consummated on or as of thedates indicated, nor does it purport to be indicative of the results of

22

, p poperations or financial condition that may be achieved in the future.

Your Ageas’s contacts

Investor RelationsInvestor Relations+ 32 2 557 57 33+ 31 30 2525 379e-mail:ir@ageas.com

Media+ 32 2 557 57 37e-mail:press@ageas.com

23Website:www.ageas.com