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Periodical Financial Information

FY 2017RESULTS

Table of contents Analyst call 3

Segment information 16

Equity / Solvency/ FCG 49

Investment portfolio 62

Legal Settlement 67

General Information 76

Main messagesAgeas reports record Insurance net result

3Periodic financial Information I FY 17 results I 21 February 2018

*Consolidated entities only

Insurance

performance

Group result

Balance sheet

Gross dividend

Fortis settlement

Insurance net profit of EUR 960 mio (+33%)

Inflow @ 100% of EUR 33.8 bn (+7%)

Life Guaranteed margin at 93 bps* (stable)

Unit-Linked margin at 27 bps* (vs. 25 bps)

Group combined ratio at 95.2%* (vs.101.1%)

Life Technical Liabilities at EUR 74.7 bn* (stable)

Group net profit of EUR 623 mio

General Account net loss of EUR 337 mio (vs. EUR 694 mio negative) including additional provision for Fortis settlement

Shareholders’ equity at EUR 9.6 bn or EUR 48.30 per share

UG/L at EUR 2.8 bn or EUR 14.02 per share

Insurance Solvency IIageas at 196%, Group ratio at 196%

Operating FCG of Solvency II scope of EUR 702 mio

Total Liquid Assets General Account at EUR 1.8 bn (vs.EUR 1.9 bn)

Proposal of 2.10 EUR/share (+24% vs. 2016 regular dividend)

Hearings Amsterdam Court on 16 & 27 March 2018

Judgment on binding character expected by mid 2018

505623

18

260

199

77

721

960

FY 16 FY 17

Life Non-Life cap gain divestments

In EUR mio

In EUR bn

In EUR bn

Total Insurance: HeadlinesRecord performance in both Life & Non-Life


In bps avg technical liabilities In bps avg technical liabilities

* incl. non-consolidated partnerships @ 100%

In % NEP

81150

(163)

4877

(82)

274

Q4 16 Q4 17

25.4 27.6

6.36.2

31.733.8

FY 16 FY 17

Life Non-Life

5.5 5.2

1.5 1.5

7.0 6.7

Q4 16 Q4 17

101.195.2

FY 16 FY 17

113.2

96.2

Q4 16 Q4 17

93 93

FY 16 FY 17

80

54

Q4 16 Q4 17

25 27

FY 16 FY 17

36 32

Q4 16 Q4 17

74.5 74.2 74.7

69.575.8 78.0

144.0150.0 152.7

FY 16 9M 17 FY 17

conso non-conso

Net result: Solid result further underpinned by strong Q4

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

Inflows*: Continuous growing inflows in Asia driven by regular premiums

Life Technical liabilities up in non-conso

Operating margin Guaranteed: absence of capital gains in Q4

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

0.80 0.80 0.80

1.201.40

1.55 1.65 1.70

2.10

0.40

2.9%

3.7%

4.7% 4.6%4.4%

5.0% 4.9%

5.3%5.1%

2010 2011 2012 2013 2014 2015 2016 2017 2018

gross dividend / share additional dividend / share dividend yield*


Proposed regular gross cash dividend of EUR 2.1/ share, up 24% Total 4.6 bn returned to shareholders since 2009

2010 2011 2012 2013 2014 2015 2016 2017 2018 since '09

Paid dividend 188 197 188 270 309 329 338 419 408 2,646

Share buy-back executed 230 160 144 209 250 244 244 247 1,728

Capital reduction 223 223

Total returned to shareholders 188 427 348 637 518 579 582 663 655 4,597

CAGR

+13%

Payment

2017 dividend

on 30 May 2018

Belgium268

Belgium168

Belgium294

Belgium333

Belgium391

UK 82

UK 64

UK 50

UK 47 CEU 36

CEU150

CEU 53 CEU 19

CEU 48 Asia 52

Asia106 Asia 43

Asia 89

Asia77

42

438

488

440

487 516

2012 2013 2014 2015 2016 2017

6

Disciplined cash upstream from operating companiesTotal upstream up 6% - well above EUR 500 mio

Belgium main contributor of cash

Upstream covering dividend & holding costs on FY basis

In EUR mio

Biggest part

of upstream

done in H1

Portugal25

Italy 15

9

Malaysia16

Thailand15

China46

Upstream duringbased on net result of the year before

Periodic financial Information I FY 17 results I 21 February 2018

* internal loan granted

*

*

Luxembourg


Group Free Capital Generation roll forwardOperational FCG of EUR 702 mio, excl. Non-European NCP’s

In EUR mio

7

Calculation based on 175% of SCRageas

EUR 702 mio includes

EUR 114 mio related to stop loss cover in UK

EUR 77 mio dividend upstream from Non-European NCP’s *

Free Capital

Generation

* Operational FCG generated by Non-European NCP’s of EUR 360 mio over 9M ’17 is not included in EUR 702 mio

194

265

511

11477

1,111

702

1,264

(15)

(318)

(249)

(5)

(419)

FY '16 Modelchanges

M&ADivestments

Marketimpact

Operationalimpact

Exceptional items

Capitaltransactions

M&AAcquisitions

Paiddividend

FY '17

Non-Life combined ratio reaching target despite residual Ogden impact

Solvency II ageas – comfortably above 175%

Ambition 2018 targetsReaching all but one of the 6 targets

8

Operating margin Guaranteed above target range

Operating margin Unit-Linked below target range but improving

* Calculated on insurance net result excluding UK exceptionals

ROE driven by record insurance result – excl. Cargeas @ 14%

Proposed gross dividend in line with promised pay-out ratio

11%15%

11%-13%

2016 2017 target

101.195.2

97 %

2016 2017 target

93 93

85 - 90 bps

2016 2017 target

45% 42%

40%-50%

2016 2017 target

25 27

40 - 45 bps

2016 2017 target

179%196%

175%

2016 2017 target

*


9

Key dates Fortis’ settlement

Ageas announces agreement with Deminor, Stichting FortisEffect, SICAF & VEB

Additional support received from Mr. Arnauts & Mr. Lenssens

Filing done 23/05/2016

Interim decision Amsterdam Court of Appeal declares settlement agreement not

binding

Main concerns

1. Discrimination active/non-active shareholders

2. Dilution risk for buyers by holders compensation

3. Uncertainty about scope release

Deadline for amended agreement 17/10/2017

Court grants extension until 12/12/2017

Ageas announced EUR 100 mio final additional effort

Agreement reached on revised settlement proposal

Additional support by ConsumentenClaim

First hearing focussed on compensation models of claimant organisations

Second hearing on the merits

14/03/2016

16/06/2017

16/10/2017

12/12/2017


16 & 27/03/2018

4.2 3.8

1.91.9

6.15.7

FY 16 FY 17

Life Non-Life

288 292

102146

391438

FY 16 FY 17

Life Non-Life

55 47

26 24

82 72

Q4 16 Q4 17

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


In EUR mio In EUR bnIn EUR bn

1.0 1.1

0.4 0.4

1.5 1.5

Q4 16 Q4 17

59.0 58.1 58.3

FY 16 9M 17 FY 17

86 85

FY 16 FY 17

96.091.0

FY 16 FY 17

92.8 95.2

Q4 16 Q4 17

64

41

Q4 16 Q4 17

31 34

FY 16 FY 17

70

42

Q4 16 Q4 17

Belgium : HeadlinesImprovement supported by record performance in Non-Life

Life Technical Liabilities slightly downNet result: strong Non-Life – 2016 included impact terror & weather

Inflows: anticipated lower Guaranteed -continued strong growth in UL

Excellent Non-Life combined ratio Operating margin Guaranteed: absence of capital gains in Q4

Operating margin Unit-Linked: driven by high underwriting margin

112.2103.2

FY 16 FY 17

In EUR mio


In % of NEP

In EUR bn


(156)

29

FY 16 FY 17

(210)

4

Q4 16 Q4 17

152.2

102.0

Q4 16 Q4 17

2.22.0

FY 16 FY 17

0.5 0.4

Q4 16 Q4 17

United Kingdom: HeadlinesResidual Ogden rate impact on net results

EUR 46 mio in FY’17 net result

3.7pp on COR - impacting mainly Motor (3.9pp) & Other lines (10.0pp)

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

Risk mitigation product portfolio through stop loss reinsurance cover

Q1 derisking of investment portfolio

EUR 77 mio capital injection executed in Q2

Solvency IIageas FY ‘17 @147%

Ogden impact

on results

Ogden rate change

impact mitigated by

various actions

Net result impacted by Ogden -EUR 213 mio exceptionals in Q4 ‘16

Inflows* 3% down at constant FX Non-Life combined ratio excl. Ogden at 99.5%

Continental Europe: Headlines Remarkable operating performance & EUR 77 million capital gain on sale of Cargeas in Q4



49 62

4153

77

90

193

FY 16 FY 17

Life Non-Life cap gain Cargeas

16 1615 7

7730

100

Q4 16 Q4 17

4.1 4.6

1.31.5

5.46.1

FY 16 FY 17

Life Non-Life

1.0 1.1

0.40.5

1.41.6

Q4 16 Q4 17

15.5 16.1 16.3

20.0 21.6 22.1

35.537.7 38.4

FY 16 9M 17 FY 17

conso non-conso

88.7 90.4

FY 16 FY 17

83.790.4

Q4 16 Q4 17

121139

FY 16 FY 17

136 125

Q4 16 Q4 17

721

FY 16 FY 17

8

23

Q4 16 Q4 17

Net profit up 28% excl. cap gain on sales of Italian Non-Life activities

Non-Life combined ratio @ excellent level despite fires in Portugal

Inflows driven by strong growth in both Life and Non-Life

Operating margin Guaranteed up on higher investment margin

Life Technical liabilities up 8%

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

In EUR mio In EUR bn

In EUR bn


In EUR mioIn EUR bn

In EUR bn


In % NEP


168

26927

24199

394

293

FY 16 FY 17

Life Non-Life cap gain HK

17.119.2

0.90.8

18.020.0

FY 16 FY 17

Life Non-Life

3.5 3.0

0.20.2

3.73.2

Q4 16 Q4 17

86.481.8

Q4 16 Q4 17

85.1 87.4

FY 16 FY 17

Asia: Headlines Excellent result thanks to better product mix, investment result & exceptional items

Life Technical liabilities up 13%Net result up 61% (excl. contribution HK) – Q4 reserve assumptions review

Non-Life combined ratio remains strong - excellent Q4

13.115.8

3.7

3.416.9

19.2

FY 16 FY 17

regular single

In EUR bn

Regular premium: solid growth -exceeding 80% of Life inflows

49.554.2 55.9

FY 16 9M 17 FY 17

10

87

6

9

17

96

Q4 16 Q4 17

Inflows* up 15% @ constant FX –driven by regular NB & renewals

In EUR mio


In % NEPIn EUR mio

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

Net result Inflows Combined ratio

0

3

8

FY 16 FY 17

(1)

3

Q4 16 Q4 17

4152

FY 16 FY 17

914

Q4 16 Q4 17

86.1

75.7

FY 16 FY 17

334.4

61.7

Q4 16 Q4 17

A record Insurance result stemming from excellent

combined ratio & Guaranteed operating margin

&

confidence in cash generating capacity ...

...leading to a 24% higher proposed regular gross dividend

of EUR 2.1 in cash...

...confirmed by reassuring Operational Free Capital

generation over the year





Legal Settlement 67


Periodic financial Information I FY 17 results I 21 February 2018 17

Key financials

In EUR mio FY 16 FY 17 Q4 16 Q4 17

Gross inflows 31,654 33,800 7% 6,962 6,738 (3%)

Net result Insurance 721 960 33% (82) 274By segment: - Belgium 391 438 12% 82 72 (12%)

- UK (156) 29 (210) 4 - Continental Europe 90 193 114% 30 100 232%

- Asia 394 293 (26%) 17 96 482%

- Reinsurance 3 8 (1) 3By type: - Life 704 623 (11%) 81 150 85%

- Non-Life 18 337 (163) 125

Net result General Account (694) (337) (8) (11)

Net result Ageas 27 623 (91) 264Earnings per share (in EUR) 0.13 3.09

Life Operating Margin Guaranteed (in bps) 93 93 80 54

Life Operating Margin Unit-Linked (in bps) 25 27 36 32

Combined ratio (in %) 101.1 95.2 113.2 96.2

FY 16 FY 17

Shareholders' equity 9,561 9,611 1%

Net equity per share (in EUR) 46.56 48.30

Insurance ROE excl.UG/L 10.6% 14.6%

Insurance Solvency IIageas ratio 179% 196%

For a definition see Lexicon in annex to the press release

505623

18

260

199

77

721

960

FY 16 FY 17

Life Non-Life cap gain divestments

In EUR mio

In EUR bn

In EUR bn

Total Insurance: HeadlinesRecord performance in both Life & Non-Life


In bps avg technical liabilities In bps avg technical liabilities


In % NEP

81150

(163)

4877

(82)

274

Q4 16 Q4 17

25.4 27.6

6.36.2

31.733.8

FY 16 FY 17

Life Non-Life

5.5 5.2

1.5 1.5

7.0 6.7

Q4 16 Q4 17

101.195.2

FY 16 FY 17

113.2

96.2

Q4 16 Q4 17

93 93

FY 16 FY 17

80

54

Q4 16 Q4 17

25 27

FY 16 FY 17

36 32

Q4 16 Q4 17

74.5 74.2 74.7

69.575.8 78.0

144.0150.0 152.7

FY 16 9M 17 FY 17

conso non-conso

Net result: Solid result further underpinned by strong Q4

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

Inflows*: Continuous growing inflows in Asia driven by regular premiums

Life Technical liabilities up in non-conso

Operating margin Guaranteed: absence of capital gains in Q4

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

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


EUR mio FY 16 FY 17 FY 16 FY 17 FY 16 FY 17

Belgium 75% 4,182 3,781 (10%) 1,883 1,915 2% 6,065 5,697 (6%)

United Kingdom - 2,203 1,988 (10%) 2,203 1,988 (10%)

Consolidated entities 100% - 1,720 1,546 (10%) 1,720 1,546 (10%)

Non-consolidated JV's 483 442 (9%) 483 442 (9%)0 0

Continental Europe 4,122 4,604 12% 1,307 1,483 13% 5,429 6,087 12%

Consolidated entities 1,903 1,975 4% 740 843 14% 2,643 2,818 7%

Portugal 51% - 100% 1,497 1,541 3% 513 628 22% 2,010 2,170 8%

France 100% 406 433 7% 406 433 7%

Italy 50% 227 215 (5%) 227 215 (5%)

Non-consolidated JV's 2,219 2,629 18% 567 640 13% 2,786 3,269 17%

Turkey 36% 567 640 13% 567 640 13%

Luxembourg 33% 2,219 2,629 18% 2,219 2,629 18%

Asia 17,064 19,201 13% 893 827 (7%) 17,957 20,029 12%

Consolidated entities 100% 183 183

Non-consolidated JV's 16,881 19,201 14% 893 827 (7%) 17,774 20,029 13%

Malaysia 31% 587 721 23% 575 506 (12%) 1,162 1,227 6%

Thailand 31%-15% 2,485 2,681 8% 318 322 1% 2,803 3,003 7%

China 25% 13,611 15,541 14% 13,611 15,541 14%

Philippines 50% 5 15 5 15 Vietnam 32% 0 10 0 10 India 26% 193 233 21% 193 233 21%

Insurance Ageas 25,368 27,586 9% 6,286 6,214 (1%) 31,654 33,800 7%#DIV/0! ###### ######

Consolidated entities 6,269 5,756 (8%) 4,342 4,305 (1%) 10,611 10,061 (5%)

Non-consolidated JV's 19,100 21,831 14% 1,943 1,909 (2%) 21,043 23,740 13%

Reinsurance 41 52 41 52

Life Non-Life Total

Inflows @ Ageas’s partStrong growth in Asian JV’s & Continental Europe, up 4% @ constant FX

In EUR mio


3,137 2,836 1,953 2,149

4,574 4,992

9,663 9,977

1,412 1,436

1,962 1,768

831 966

225 204

4,430 4,375

(6%)

(10%)

12%

8%

2%

27%

4,549 4,272

2,783 3,115

4,799 5,197

14,093 14,351

41 52

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17

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

UK 4% down @ constant FX

CEU driven by Luxembourg - Ageas Seguros contributing EUR 391 mio

Asia: up 11% @ constant FX

Non-Life

Life

Belgium UK CEU Asia Insurance Reins.

Insurance net resultRecord result driven by operating performance & supported by cap gain on Italy


BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mioterrorism & weather in 2016

UK: EUR 46 mio Ogden vs. EUR 213 mio exceptionals in Q4 ‘16

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

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

Non-Life

Life

Belgium UK CEU Asia Reins. Insurance

In EUR mio

288 292

49 62

367 269

704 623

102146

(156)

41

130

27

24

18

337

391 438

29

90

193

394

293

3 8

721

960

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17

10/03/2010 I page 22

Overview of net realised capital gains* on investmentsLow level of capital gains in 2016


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

CEU JV’s not included

EUR mio FY 16 FY 17 Q4 16 Q4 17

Life 76 96 (4) (6) All cap gains on investment portfolio

Non-Life 9 12 (3) (1) realized in first 9M

Total Belgium 85 109 (7) (7)

Non-Life 10 19 0 1 De-risking of portfolio in Q1

Total UK 10 19 0 1 to restore solvency

Life (4) (0) 1 1

Non-Life 1 0 0 0

Total CEU (4) 0 2 1

Life (8) 73 (19) 35 Spread over China,

Non-Life 3 3 0 2 Thailand & Malaysia

Total Asia (5) 76 (19) 36

Life 64 169 (22) 29

Non-Life 22 35 (2) 1

Total Ageas 86 204 (24) 31

69.0 68.1 64.3 64.4 62.267.0

59.7

79.0

59.9

31.1 31.0 34.0 35.234.7

34.1

35.5

34.2

36.3

100.1 99.1 98.3 99.6 96.9101.1

95.2

113.2

96.2

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

(5.6)

6.6

(6.0)

2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

claims ratio expense ratio PY claims ratio


Insurance Combined ratio Consistently below 97% target throughout the year

Combined ratio

UK Ogden rate change impact of 1.3 pp - mainly in Other lines & Motor – vs. 3.7 pp in 2016

2016 combined ratio included 0.9 pp impact from Brussels terrorism events & 1.7 pp from weather in Belgium & UK

Outstanding combined ratio in Belgium (91.0%) & Continental Europe (90.4%)

Strong performance in all product lines

Motor improvement in BE & UK

Accident & Health in Portugal

benign weather conditions helping Household

Quarterly combined ratio

Another very strong quarter – Q4 ’16 incl. 14.8 pp Ogden

Claims ratio

CY claims ratio at 65.3% (vs. 70.0%)

PY claims: 2016 included full impact Ogden

Expense ratio up in UK

Net earned premium (In EUR mio)

In % Net earned premium

3,507 4,178 3,749 3,843 4,038 4,112 4,148 1,034 1,096

Insurance Combined ratio per product lineExceptional items impacting COR comparison


Motor: excellent in BE & improving in UK – 2.1 pp Ogden

vs. 8.5 pp

Accident & Health: 2.0 pp terrorism in FY’16 – improving in

Portugal

Other: 4.3 pp Ogden vs. 4.0pp terrorism – extremely good

claims ratio in CEU

Household: very strong in BE & CEU – 6.8 pp BE & UK

weather & terror impact in FY ‘16

71.9 70.5 70.0 67.3 65.4 67.5 64.8

25.0 25.5 25.6 27.0 28.3 27.2 27.5

96.9 96.0 95.6 94.3 93.7 94.7 92.3

2011 2012 2013 2014 2015 2016 2017

72.0 73.6 69.8 69.6 69.178.2

68.7

25.3 25.4 29.3 29.7 30.529.7

31.6

97.3 99.0 99.1 99.3 99.6107.9

100.3

2011 2012 2013 2014 2015 2016 2017

61.9 55.6 51.5 51.5 50.4 50.5 43.8

41.541.6 44.0 44.6 41.6 42.7

45.1

103.497.2 95.5 96.1 92.0 93.2 88.9

2011 2012 2013 2014 2015 2016 2017

67.2 66.5 62.471.2

57.9 60.451.0

44.8 44.9 45.5

50.6

46.4 44.445.1

112.0 111.4 107.9

121.8

104.3 104.896.1

2011 2012 2013 2014 2015 2016 2017

NEP 736 763 813 813 811 838 884 NEP 1,571 2,058 1,557 1,616 1,724 1,790 1,782

NEP 892 1,007 986 1,029 1,078 1,067 1,072 NEP 308 349 394 385 424 418 410

In bps Avg techn. liabilities

Insurance Life operating margin per product lineMargins in Guaranteed above target range

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

Operating margin improving in both BE & CEU

Despite improvement, margin still below target range

Investment margin: good investment result in BE & CEU

Underwriting margin stable

Expense & other margin slightly deteriorating in BE & CEU


44 43 38 33 41 39 4333

87 83 9080

88 9674

67

(33) (31) (39)(23)

(36) (42) (37)(47)

99 96 89

90

9393

80

54

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

Avg techn liabilities (In EUR bn)

54.0 55.5 56.9 57.9 57.3 55.9 57.3 55.9

11 13 1217

4 3 6 3

1

(2)

2

1

20 2

37

186

18

19 24

3027

48

28

20

36

25 27

3632

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

Operating margin

Expense & other m.

Investment m.

Underwriting m.


11.8 12.3 12.6 13.0 12.1 15.1 12.1 15.1

4.2 3.8

1.91.9

6.15.7

FY 16 FY 17

Life Non-Life

288 292

102146

391438

FY 16 FY 17

Life Non-Life

55 47

26 24

82 72

Q4 16 Q4 17



In EUR mio In EUR bnIn EUR bn

1.0 1.1

0.4 0.4

1.5 1.5

Q4 16 Q4 17

59.0 58.1 58.3

FY 16 9M 17 FY 17

86 85

FY 16 FY 17

96.091.0

FY 16 FY 17

92.8 95.2

Q4 16 Q4 17

64

41

Q4 16 Q4 17

31 34

FY 16 FY 17

70

42

Q4 16 Q4 17

Belgium : HeadlinesImprovement supported by record performance in Non-Life

Life Technical Liabilities slightly downNet result: strong Non-Life – 2016 included impact terror & weather

Inflows: anticipated lower Guaranteed -continued strong growth in UL

Excellent Non-Life combined ratio Operating margin Guaranteed: absence of capital gains in Q4

Operating margin Unit-Linked: driven by high underwriting margin

479 488

578 587

633 643

194 197

+2%

1,883 1,915

FY 16 FY 17

3,779

3,005

404

776

-10%4,182

3,781

FY 16 FY 17

Life In EUR mio

Non-Life In EUR mio


Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Belgium: Inflows@ 100%Lower inflows in Guaranteed partly compensate by strong increase in UL

Guaranteed

Driven by the lowering of the guaranteed rate last year

Current guaranteed rate stands at 0.25%

Unit-linked

Inflows strongly increased under impulse of focused commercial

campaigns in the bank channel

Group Life

Stable

Non-Life

Slight increase in inflows across all product lines

28

Belgium: Combined ratio Excellent operating performance benefiting from benign weather conditions

Net earned premium (in EUR mio)

YTD Combined ratio

Excellent ratio driven by solid performance of all

product lines - 2016 combined ratio was impacted by

terrorism events of 22 March 2016 (2.1 pp)


Slight increase mainly explained bya lower PY

releases

Claims ratio

CY ratio (60.8% vs. 66.5%) - operating improvement

vs. FY ’16 even after correction for terrorism

PY ratio: slightly lower

Expense ratio stable

64.3 62.7 63.2 63.556.9 58.3

53.1 56.2 58.0

36.8 36.8 36.7 37.7

37.8 37.737.9

36.6 37.2

101.1 99.5 99.9 101.294.7 96.0

91.0 92.8 95.2

(7.3)(4.5) (3.6) (3.4)

(7.2) (8.2) (7.7) (5.7)(3.3)

2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17


1,601 1,698 1,785 1,815 1,832 1,836 1,861 462 472


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

29

Accident & Health: Strong improvement in Workers

Compensation (3.5 pp terrorism in 2016)

Motor: Excellent combined ratio, driven by Motor Third

Party Liability

Household: Very strong ratio, benefitting from benign

weather Other: 2016 heavily impacted by terrorism (8.8 pp, mostly

on TPL)

73.8 73.0 73.7 70.1 70.4 70.0 68.0

23.8 24.0 23.8 25.4 27.6 27.6 26.9

97.6 97.0 97.5 95.5 98.0 97.6 94.9

2011 2012 2013 2014 2015 2016 2017

58.9 64.7 64.7 62.6 56.2 59.7 58.0

35.335.8 36.3 37.2

36.4 36.4 36.8

94.2100.5 101.0 99.8

92.6 96.1 94.8

2011 2012 2013 2014 2015 2016 2017

63.050.5 51.4 51.7 43.9 47.8

38.6

46.9

46.2 45.6 45.745.2 44.8

45.6

109.9

96.7 97.0 97.489.1 92.6

84.2

2011 2012 2013 2014 2015 2016 2017

58.2 65.9 66.187.5

65.8 58.346.8

49.548.1 47.2

47.6

45.044.6

44.8

107.7114.0 113.3

135.1

110.8102.9

91.6

2011 2012 2013 2014 2015 2016 2017

NEP 451 480 507 504 484 472 481 NEP 525 540 552 562 568 570 578

NEP 484 530 564 579 595 605 609 NEP 142 149 162 170 185 190 193


4 4

(2)1 1

17

1

4438

32 31 31 33

47

40

4741

30 32 3134

64

41

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

Operating margin

Investment m.

Expense & other m.

Underwriting m.

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

Guaranteed: both years supported by capital gains -

Q4 down on absence of capital gains

Unit-linked: slightly up thanks to higher expense & other

margin

30


Operating result at EUR 409 mio

Investment margin slightly up on cap gains

Underwriting margin slightly down on lower risk margin

Expense margin slightly lower

Operating result up from EUR 19 mio to EUR 26 mio

Operating margin driven by a strong underwriting result &

higher expense result

(29) (31) (38)(27) (34) (36) (32) (39)

32 32 30 25 29 27 30 21

93 88 9588

91 9472

60

96 89 8786

86 85

70

42

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17


44.9 46.4 47.5 48.1 48.7 48.0 48.7 48.0


5.2 5.4 5.7 5.9 6.1 7.6 6.1 7.6


FY 14 FY 15 FY 16 FY 17

Guaranteed interest rate 2.71% 2.63% 2.49% 2.32%

Fixed income yield 3.84% 3.71% 3.45% 3.34%

Liabilities Guaranteed (EUR bn) 51.8 50.3 52.9 50.4

FY 14 FY 15 FY 16 FY 17

Fixed income yield 2.89% 2.11% 1.71% 1.88%

Reinvested amount (EUR bn) 4.6 4.2 4.5 2.9

Newly invested money mostly government related loans, mortgage loans & infrastructure loans

Guaranteed retail Life:

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

Yield lowered to 0.5% as from 1 August 2016

Yield further lowered to 0.25% as from 1 November 2016

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

Life

Back book

New money

Life & Non-Life


Margin evolution Assets & Liabilities BelgiumEvolution of the margin on the back book since 2014

32

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

Q1 2014 Q2 2014 Q3 2014 Q3 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Guaranteed interest rate Total fixed income yield

3.34%

2.32%


112.2103.2

FY 16 FY 17

In EUR mio


In % of NEP

In EUR bn


(156)

29

FY 16 FY 17

(210)

4

Q4 16 Q4 17

152.2

102.0

Q4 16 Q4 17

2.22.0

FY 16 FY 17

0.5 0.4

Q4 16 Q4 17

United Kingdom: HeadlinesResidual Ogden rate impact on net results

EUR 46 mio in FY’17 net result

3.7pp on COR - impacting mainly Motor (3.9pp) & Other lines (10.0pp)

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

Risk mitigation product portfolio through stop loss reinsurance cover

Q1 derisking of investment portfolio

EUR 77 mio capital injection executed in Q2

Solvency IIageas FY ‘17 @147%

Ogden impact

on results

Ogden rate change

impact mitigated by

various actions

Net result impacted by Ogden -EUR 213 mio exceptionals in Q4 ‘16

Inflows* 3% down at constant FX Non-Life combined ratio excl. Ogden at 99.5%



Non-LifeIn EUR mio

Other

Household

Accident & Health

Motor

United Kingdom: Inflows@ 100%Inflows down 10%, impacted by adverse FX – down 3% at constant FX

37 32

1,4931,367

452

416

221

174

-10%2,203

1,988

FY 16 FY 17

Non-Life

Down 3% @ constant FX – Motor lines impacted by post

Ogden market dislocation; some growth in Commercial lines

across Motor & Other lines

Motor down 2% @ constant FX driven by post Ogden

market dislocation; growing Commercial motor book

Household down 2% @ constant FX resulting from strategic

exits from underperforming business

Other lines down 16% @ constant FX reflecting planned run

off in Special Risks; some growth in Commercial book

Accident & Health down 7% @ constant FX, reflecting

discontinued Travel scheme; marginal impact on total


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

In % Net earned premium

United Kingdom: Combined ratio COR impacted by Ogden rate change


Combined ratio 12M 17

Impact from Ogden (3.7pp) on Other lines & Motor

Combined ratio Tesco Underwriting 95.3% (vs. 114.4%)


Impact from Ogden (1.7 pp)

Claims ratio

CY ratio (69.8% vs. 76.2%) – continued underlying

improvement in Motor, benign weather in Household &

planned run off in Special Risks

PY releases : FY ’16 distorted by reserves

strengthening following February Ogden decision, above

average large losses in Other

Expense ratio

Expense ratio reflecting improvement in underlying cost

performance more than offset by lower ancillary income

74.6 73.365.6 66.3 69.3

80.768.3

120.2

65.4

25.3 26.532.2 33.5 32.8

31.5

34.9

32.0

36.6

99.9 99.8 97.8 99.8 102.1

112.2103.2

152.2

102.0

0.1 (2.1)(4.0) (4.6) (4.4)

4.5(1.4)

31.0

(3.7)

2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17


1,524 2,083 1,562 1,613 1,751 1,598 1,493 382 366


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

United Kingdom: Combined ratio per product line

Accident & Health: Lower volumes - marginal impact on total Motor: Improved CY claims performance – 3.7pp Ogden impact

Other: 10.0pp Ogden impact – planned run off in Special RisksHousehold: Lower ancillary income – benign weather

NEP 65 57 79 71 72 39 30 NEP 949 1,420 907 958 1,062 1,014 947

NEP 366 434 374 399 413 361 341 NEP 143 173 202 185 204 185 175

87.778.1 76.2

66.055.8 58.4 56.1

23.228.2 34.3

38.743.3 40.9 46.7

110.9106.3 110.5

104.799.1 99.3 102.8

2011 2012 2013 2014 2015 2016 2017

79.2 77.2 71.9 74.6 75.891.0

75.0

19.5 21.3 25.0 25.1 27.2

25.5

27.6

98.7 98.5 96.9 99.7 103.0

116.5

102.6

2011 2012 2013 2014 2015 2016 2017

61.4 62.351.4 51.0

62.2 57.6 51.7

35.3 36.742.4 43.3

37.3 40.6 47.8

96.7 99.093.8 94.3

99.5 98.2 99.5

2011 2012 2013 2014 2015 2016 2017

71.6 67.7 59.8 56.0 55.373.7 67.0

39.3 42.144.4 54.3 48.6

44.947.0

110.9 109.8104.2

110.3103.9

118.6 114.0

2011 2012 2013 2014 2015 2016 2017

Continental Europe: Headlines Remarkable operating performance & EUR 77 million capital gain on sale of Cargeas in Q4



49 62

4153

77

90

193

FY 16 FY 17

Life Non-Life cap gain Cargeas

16 1615 7

7730

100

Q4 16 Q4 17

4.1 4.6

1.31.5

5.46.1

FY 16 FY 17

Life Non-Life

1.0 1.1

0.40.5

1.41.6

Q4 16 Q4 17

15.5 16.1 16.3

20.0 21.6 22.1

35.537.7 38.4

FY 16 9M 17 FY 17

conso non-conso

88.7 90.4

FY 16 FY 17

83.790.4

Q4 16 Q4 17

121139

FY 16 FY 17

136 125

Q4 16 Q4 17

721

FY 16 FY 17

8

23

Q4 16 Q4 17

Net profit up 28% excl. cap gain on sales of Italian Non-Life activities

Non-Life combined ratio @ excellent level despite fires in Portugal

Inflows driven by strong growth in both Life and Non-Life

Operating margin Guaranteed up on higher investment margin

Life Technical liabilities up 8%

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


In EUR bn


Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflows @ 100%Excellent growth in Life with focus on Unit-Linked & strong overall growth in Non-Life

38

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

417 455

473579

276

293141

156

+13%

1,307

1,483

FY 16 FY 17

2,2821,708

1,840 2,896

+12%

4,122

4,604

FY 16 FY 17


Life

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

4.6 bn (+12%) with strong growth in Luxembourg & France.

Consolidated inflows up 4%

Portugal: up 3%, on higher UL sales, retirement offer at Ocidental

and inclusion of Ageas Seguros (EUR 108 mio).

France: remarkable growth of 7% in a market still slightly

negative (-1% end of November 17). Business mix continues

moving towards more Unit-Linked, representing 56% of inflows.

Luxembourg: up 18% year-on-year mainly realised in the High Net

Worth segment with Unit-Linked sales representing 69% (vs. 57%

LY)

Technical liabilities

Consolidated at EUR 16.3 bn, up 5% mainly thanks to Portugal

Including non-consolidated JVs @ 100%: at EUR 38.4 bn, up 8%

Non-Life

Inflows consolidated entities up 13% driven by strong performance

in all entities & inclusion of Ageas Seguros (EUR 283 mio)

Turkey up 39% @ constant FX – strong growth in all product lines

especially in Motor & Household

39

Continental Europe: Combined ratio Excellent combined ratio well below group target

* Scope: only consolidated companies

In % Net earned premium*



66.4 63.6 63.7 61.355.9 58.6 59.2

51.056.1

30.329.8 30.0 30.8

29.530.1 31.2

32.7

34.3

96.793.4 93.7 92.1

85.488.7 90.4

83.790.4

(2.0) (2.5) (4.0) (4.3) (6.5) (6.5) (8.0)(13.0) (11.9)

2011 2012 2013 2014 2015 2016 2017 Q4 16 Q4 17


382 397 403 415 454 664 768 189 251

Combined ratio

Reflecting continued strong operating performance

with gradual improvement since 2011

2016 & 2017 slightly impacted by fires in Portugal and

inclusion of Ageas Seguros, still in the course of its

transformation plan

Strong improvement in Turkey with solid combined

ratio @ 96.7% (vs. 98.1%) despite hail & floods in

July


Q4 17 above Q4 16 mainly due to lower PY run-off in

Italy and fires in Portugal

Claims ratio

CY ratio at 67.2% (vs 65.1%) due to an increase in

large claims in Italy and weather related events in

Portugal in Household

PY ratio driven by positive run-off in all companies

Expense ratio

Slightly up on LY

Continental Europe: Combined ratio per product lineContinued good claims experience despite fires in Portugal

Motor: claims slightly up on large claims in Italy Accident & Health: improving on higher PY run-off in

Portugal slightly offset by higher claims in Italy

Household: claims ratio increasing on fires in Portugal &

adverse weather in Italy, partly offset by lower expenses

Other: extremely good claims ratio & higher run-offs


63.5 63.3 59.7 61.9 58.8 64.9 61.4

27.8 28.226.6 26.7 25.2

25.1 26.8

91.3 91.586.3 88.6

84.090.0 88.2

2011 2012 2013 2014 2015 2016 2017

71.8 69.879.3

60.171.5 65.5 70.4

29.2 28.129.2

31.6

32.332.5

35.0

101.0 97.9108.5

91.7

103.898.0

105.4

2011 2012 2013 2014 2015 2016 2017

53.7 51.8 53.5 54.036.1 42.3 46.5

34.2 33.538.8 40.3

35.938.0 34.7

87.9 85.392.3 94.3

72.080.3 81.2

2011 2012 2013 2014 2015 2016 2017

94.5

62.8 59.672.3

31.712.1 3.9

50.0

43.3 43.7

45.1

40.8

41.339.2

144.5

106.1103.3 117.4

72.5

53.443.1

2011 2012 2013 2014 2015 2016 2017

NEP 220 226 227 238 255 328 373 NEP 97 99 99 96 94 202 249

NEP 42 44 48 51 70 91 105 NEP 23 28 29 30 35 43 41

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

Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on higher volumes

41

Expense & other margin improved mainly thanks to higher

fees & commissions

Underwriting margin up on higher surrender margin

Investment margin increasing in both France & Portugal

Underwriting margin stable compared to LY

Expenses & other margin decreasing in France



118 106 95 100 110 111 118 111

6968 77 59

76106 89 113

(85) (83)(102)

(71) (65) (78) (71)(99)

10291 70

88

121

139136

125

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

2 1 1 2 5

(5)

4

4151

9 4 5

16

12

15

4

44

47

10

7 7

21

8

23

2012 2013 2014 2015 2016 2017 Q4 16 Q4 17

Operating margin

Investment m.

Expense & other m.

Underwriting m.


6.4 6.3 6.2 6.1 5.9 7.8 5.9 7.8


7.8 7.7 8.3 8.5 9.6 8.5 9.6 8.5

Strategic developmentAgeas sold its stake in Cargeas (Italian Non-Life activities)


Ageas reached an agreement with BNP Paribas Cardif to sell

its 50% +1 share in Cargeas Assicurazioni

Closed December 2017

Capital gain Insurance : EUR 77 mio

Capital gain General Account: EUR 10 mio

Net cash impact EUR 178 mio

No impact on Insurance Solvency IIageas

Impact on Group Solvency IIageas : 5pp positive

2017 contribution to ageas net result of EUR 16 mio

Focus investment on countries where the group holds stronger positions

& on Asian growth markets

Opportunity to crystallize the value created in the past years

Impact accounted for in Q4

Rationale

Divestment Cargeas

In EUR mioIn EUR bn

In EUR bn


In % NEP


168

26927

24199

394

293

FY 16 FY 17

Life Non-Life cap gain HK

17.119.2

0.90.8

18.020.0

FY 16 FY 17

Life Non-Life

3.5 3.0

0.20.2

3.73.2

Q4 16 Q4 17

86.481.8

Q4 16 Q4 17

85.1 87.4

FY 16 FY 17

Asia: Headlines Excellent result thanks to better product mix, investment result & exceptional items

Life Technical liabilities up 13%Net result up 61% (excl. contribution HK) – Q4 reserve assumptions review

Non-Life combined ratio remains strong - excellent Q4

13.115.8

3.7

3.416.9

19.2

FY 16 FY 17

regular single

In EUR bn

Regular premium: solid growth -exceeding 80% of Life inflows

49.554.2 55.9

FY 16 9M 17 FY 17

10

87

6

9

17

96

Q4 16 Q4 17

Inflows* up 15% @ constant FX –driven by regular NB & renewals

Life

Non-Life


16,89618,394

168

808

+13%

17,064

19,201

FY 16 FY 17

410 386

108111

106104

269226

-7%893

827

FY 16 FY 17

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

In EUR mio

In EUR mio

Asia: Inflow @ 100%Strong Life growth across all markets – Business mix focused on more profitable lines

Life

New business premiums up 5% (8% @ constant FX) with EUR 4.6 bn regular

premium (+20%) & EUR 3.4 bn single premium (-10%)

Renewal premiums increased to EUR 11.3 bn (+18%) benefiting from

continued good persistency

China +18% @ constant FX - New business premiums up 9% mainly driven

by regular premium business following successful sales campaigns &

increased number of agents. Renewal increased strongly (+26%)

Thailand +6% @ constant FX – strong growth in renewals (+13%) thanks to

continued customer loyalty

Malaysia +30% @ constant FX - new business up 37% - renewals up 23%

India +19% @ constant FX - growth in new business (+25%) mainly in unit

linked attributable to the strong performance of the Indian market.

Philippines Inflows @ EUR 15 mio mainly from credit life products

Vietnam started sales as of March 2017 with YTD inflows @ EUR 10mio

mainly contributed by banca channel

Non-Life

Malaysia -7% @ constant FX - lower MAT & Motor partly compensated by

higher Personal Accident & Fire

Thailand -1% @ constant FX - growth in Fire offset by lower inflows in Motor &

other Non-Motor

In EUR mio


In % NEPIn EUR mio

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

Net result Inflows Combined ratio

0

3

8

FY 16 FY 17

(1)

3

Q4 16 Q4 17

4152

FY 16 FY 17

914

Q4 16 Q4 17

86.1

75.7

FY 16 FY 17

334.4

61.7

Q4 16 Q4 17

Result includes EUR 100 mio related to Fortis settlement in Q3In EUR mio

Accounting value remaining legacies

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


Total liquid assets – proceeds of sale Cargeas in Q4 ‘17

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

2016 inflated by Fortis settlement


In EUR mio

Accounting value on AG Insurance put option

(694)

(337)

FY 16 FY 17

(8) (11)

Q4 16 Q4 17

1.8 1.6 1.7

0.20.1

0.04

1.9

1.7 1.8

FY 16 9M 17 FY 17

net cash liquid assets

(275)(437) (448)

42 17 18

(1,024)

(1,124) (1,110)

FY 16 9M 17 FY 17

RPN(i) RPI Settlement

(1,266)(1,426) (1,449)

FY 16 9M 17 FY 17

32 26

63

50

95

76

FY 16 FY 17

Staff & Intercompany Operating

9 4

1412

23

16

Q4 16 Q4 17

83

(173)

FY 16 FY 17

20

(11)

Q4 16 Q4 17

In EUR mio


Total liquid assets General AccountUpstream from opco’s covering dividend & holding expenses

In EUR mio

Cash-out in Asia mainly related to the Philippines

Cash inflow of divestment Italy received in Q4

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

Additional EUR 125 mio cash-out for running SBB over 2018

EUR 0.9 bn ring-fenced for Fortis settlement

1,943

Fortis settlement

SBB

1,778 (417)

(247)(29)

(77) (68) (33) (15)

516

27 178 -

FY 16 Upstream Dividend Sharebuy-back

RPI Asia Italy UK HQexpenses

ROexpenses

Other FY 17


Main characteristics Hybrids

In EUR mio Ageas

AgeasfinluxFresh

Fixed-to-FloatingRate Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Fixed Rate Reset Dated Subordinated

NotesCASHES

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

Amountoutstanding

1,250 450 550 USD 400 948

ISIN XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800

Call dateUndated,

strike 315.0 mandatory 472.5

Jun 24Step up to 3M

Euribor +413 bps

Mar 19 Step up to 6yr USD

swap + 533 bps

June 2027Step up after 12 years of 100bps

Undated, strike 239.4, mandatory

359.1

OtherSubscribed byAgeas & BNP Paribas Fortis

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

Ageas dividend

Market Price (31/12/17)

63.75 124.33 104.79 109.81 85.94

Fortis Bank (now BNP PF)

AG Insurance (Belgium)





Legal Settlement 67



Shareholders’ equity stable at EUR 9.6 bn, per share up 4%UG/L of EUR 14.02/share

In EUR mio

6,459 6,681

2,498 2,801

604 129

960 319

3 (337) (419) (248)

(46) (170) (12)

EUR 46.56 EUR 48.30

9,561 9,611

FY 16 ResultInsurance

ResultGen Acc

ChangeUG/L

Dividend TreasuryShares

Reval AGput option

Forex IAS 19 Other FY 17

InsuranceUCG/L

InsuranceUCG/L

Shareholders’

equity per

segment

Shareholders’

equity per share

Belgium 4,683 ► 5,096 Asia 2,004 ► 2,036

UK 815 ► 852 Reinsurance 104 ► 113

Continental Europe 1,350 ► 1,385 Insurance 8,957 ► 9,482

General Account 604 ► 129

51

Tangible net equityHigh quality capital structure

10/03/2010 I page 51

EUR bn FY 16 FY 17

IFRS Shareholders' Equity 9.6 9.6

Unrealised gains real estate 0.5 0.6

Goodwill (0.7) (0.6)

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

DAC (Deferred Acquisition Cost) (0.5) (0.4)

Other (0.4) (0.4)

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

25% tax adjustment DAC, VOBA & Other 0.2 0.1

IFRS Tangible net equity 8.9 9.1

IFRS Tangible net equity/ IFRS Shareholder's Equity 93% 95%



Solvency IIageas Insurance up to 196%General Account down following lower IFRS equity – Belgium impacted by model refinements

Solvency IIageas

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participations*

52

Belgium UK CEU Reins. Diversification Insurance GA Group

Non-transferable

* Based on local solvency requirements

2.8 2.9

0.7 0.50.9 0.7

0.0 0.0

(0.3) (0.2)

4.23.9

0.1 0.1

4.3 4.0

1.6 1.9

6.9 6.9

0.7 0.81.2

1.5

0.1 0.1(1.5)(1.9)

7.57.7

0.70.2

8.1 7.9

4.34.9

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17

244% 237% 100% 147% 127% 207% 278% 243% 179% 196% 191% 196% 264% 261%

53

Ageas Group Solvency IIageasMain elements driving movement in Solvency ratio

Impact on

Solvency IIageas*

FY ’16 FY ’17

191% 196%

9M ’17 FY ’17

193% 196%

Model refinements +0 pp -1 pp

Market movements (incl. RPN(i)) +7 pp +4 pp

Exceptional itemsItaly, put option, settlement -2 pp +4 pp

SBB -6 pp -1 pp

Expected dividend -10 pp -2 pp

Operational +17 pp +1 pp

* Impact including secondary impact, diversification & non-transferable


54

Ageas Insurance Solvency IIageasMain model refinements

Model refinements

Credit - Group wide

ELM (Expected Loss Model)

CEVA (Company EIOPA

Volatility Adjustment)

Credit Spread Volatility on MCBS not efficiently balanced by VA

ELM:

introduced in core Life companies, materially exposed to spread volatility

replaces current in-force EIOPA VA to absorb short term spread volatility by a

reflection of realized losses due to credit losses

align with ‘Lifetime Expected Credit Losses’ as put forward by IFRS 9

CEVA: replace EIOPA reference portfolio by company specific assets

Tax – Belgium

New tax rateLACDT

New corporate tax rate 34% 25%,

Increasing OF & SCR (lower LACDT) with similar amount

New directive LACDT:

Corporate tax rate

Applied on max 5 years taxable profit based on internal strategic plan

Under condition to pass recoverability test

Profit Sharing – Belgium Better reflecting going concern philosophy

Triggered by growing insights as to requirements IFRS 17

Decreasing OF & SCR (higher LACTL) with similar amount


( 1.5 ) ( 1.4 )

( 0.5 )( 1.3 )

( 1.0 )

( 0.9 )

4.3 4.8

0.3 0.3 0.6 0.7 0.4 0.5 0.8 0.7

0.7 0.7

4.2 3.9

FY 16 FY 17

Non Diversifiable

Non-life UW

Health UW

Life UW

Counterparty Default

Market

Loss-Absorption Deferred Taxes

Loss-Absorption Techn. Liab.

Diversification


Insurance SCRageas per risk typeMarket risk main factor in SCR

55

In EUR bn

Diversification

Loss-Absorption Deferred Taxes

Market risk up substantially due to

spread risk (higher exposure to longer duration & ELM

model change)

LACTL up in BE with new PS modelling

LACDT down in BE following new tax

rate

56

Ageas Insurance Solvency sensitivitiesUpdated sensitivities @ 3M ‘18 will reflect implemented model refinements


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

SCR OF Solvency

Base caseBefore stress

4,182 7,478 179%

Yield curve downDown 50 bps

4,456 7,407 166%

Yield curve upUp 50 bps

3,942 7,452 189%

UFRDown to 3.65% (from 4.2%)

4,235 7,396 175%

EquityDown 30%

3,958 6,954 176%

PropertyDown 20%

4,079 7,189 176%

SpreadSpreads on corporate & government bonds up 50 bps

4,401 6,888 157%

Corporate spreadSpreads on corporate bonds up 50 bps

4,054 7,501 185%

Sovereign spreadSpread on government bonds up 50 bps

4,546 6,849 151%


Solvency PIM – as reported to the regulator under Pillar I

Solvency II PIM

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participations*

57

* Based on local solvency requirements

Belgium UK CEU Reins. Diversification Insurance GA Group

Non-transferable

3.4 3.0

0.7 0.5 0.8 0.6

0.0 0.1 (0.3) (0.2)

4.64.0

0.1 0.1

4.74.1

1.6 1.9

6.8 6.6

0.7 0.8

1.7 1.7

0.1 0.1 (1.6)(1.6)

7.6 7.7

0.50.1

8.17.7

4.34.9

FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17

201% 220% 96% 143% 211% 300% 259% 230% 166% 192% 174% 191% 264% 261%


Tiering of Group PIM own funds High quality of own funds

58

In EUR bn

5.7 5.3

1.4 1.3

0.9 1.0

0.1 0.1

8.1 7.7

FY 16 FY 17

Tier 3

Tier 2

Tier 1 restricted

Tier 1

Tier 2 up on overflow

from Tier 1

Tier 2 debt capacity

under Solvency II

≈ EUR 1 bn


Group Free Capital Generation roll forwardOperational FCG of EUR 702 mio, excl. Non-European NCP’s

In EUR mio

59

Calculation based on 175% of SCRageas

EUR 702 mio includes

EUR 114 mio related to stop loss cover in UK

EUR 77 mio dividend upstream from Non-European NCP’s *

Free Capital

Generation

* Operational FCG generated by Non-European NCP’s of EUR 360 mio over 9M ’17 is not included in EUR 702 mio

194

265

511

11477

1,111

702

1,264

(15)

(318)

(249)

(5)

(419)

FY '16 Modelrefinements

M&ADivestments

Marketimpact

Operationalimpact

Exceptional items

Capitaltransactions

M&AAcquisitions

Paiddividend

FY '17

10/03/2010 I page 60

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


EUR mio

OF SCR FCG

= OF - 175%*SCR

of which UK

stop

loss cover Specific movements in the quarter

Belgium 570 (6) 580 including EUR 52 negative impact from assumption changes

UK 42 (164) 328 208 new reinsurance cover in Q4 & product mix

CEU 198 33 139 Cargeas contribution up to 9M eliminated

Reinsurance 18 10 0 (25)

General Account 413 11 394

Geographical 112 112 (84) (69) diversification

Group eliminations (657) (657)

Total Ageas

Solvency II scope696 (3) 702 114

Operational impact


Evolution SCR & OF split between types of impact

In EUR mio

61

Own Funds adjusted for

accrued expected

dividend

SCR

4,2574,010

2

(91)(60)

(96) (3)


M&ADivestments

Market impact Operationalimpact

Exceptionalitems

Capitaltransactions

M&A Paid dividend FY '17

88 98 696

(174)

(314)

(249)(5) (419)

8,560 8,281


M&ADivestments

Marketimpact

Operationalimpact

Exceptional items

Capitaltransactions

M&AAcquisitions

Paiddividend

FY '17





Legal Settlement 67



In EUR bn

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

Asset mix

Asset allocation relatively stable

Loans & equities increased at the expense of corporate bonds

Gross unrealized gains/losses on Available for Sale

Total portfolio: down to EUR 7.7 bn (vs. EUR 8.3 bn); down in

fixed income & corporate bonds

Fixed income: at EUR 6.9 bn (vs. EUR 7.7 bn FY 16)

Sovereigns at EUR 5.3 bn (vs. EUR 5.8 bn)

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

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

Gross UG/L on Real Estate: increased slightly to EUR 1.6 bn

(vs. EUR 1.5 bn) - not reflected in shareholders’ equity

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

EUR 2.4 bn) - not reflected in shareholders’ equity

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

Sovereign bonds 37.9

Sovereign bonds 37.5

Corporate bonds 24.1 Corporate

bonds 20.8

Structured0.1 Structured

0.1

Loans8.7 Loans

9.4

Equities 4.4Equities 4.9

Real Estate5.3 Real Estate

5.3

Cash 2.2Cash 2.6

82.780.6

FY 16 FY 17

Decrease driven by lower UG/L

Gross UG/L at EUR 5.3 bn (vs. EUR 5.8 bn)

99% investment grade; 86% rated A or higher

Belgium duration gap close to zero – matched portfolio

Belgium19.0

Belgium18.6

France 6.3 France 6.3

Austria 2.9 Austria 2.8

Portugal 2.4 Portugal 2.7

Italy 1.5 Italy 1.4Spain, 1.5 Spain, 1.2

Germany 1.2 Germany 1.1

Ireland 0.7 Ireland 0.7Other 2.5 Other 2.7

37.9 37.5

FY 16 FY 17

In EUR bn

Sovereign bond portfolio*

Sovereign & Corporate bond portfolioValue fixed income down on lower allocation to corporate bonds


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

Credit quality remains high with 93% investment grade -

54% rated A or higher

Proceeds of maturities not fully reinvested

Corporate bond portfolio*

Banking 3.8 Banking 3.2

Other financials 1.9

Other financials 1.7

Non Financials

13.5

Non Financials

12.6

Government related 4.9 Government

related 3.2

24.1

20.8

FY 16 FY 17


Loan portfolio (customers + banks)*

Loan & Equity portfolioMore loans with guarantee

Loans to banks 1.3

Loans to banks 1.3

RE 0.2 RE 0.1

Infrastructure0.5

Infrastructure0.7

Mortgages 1.3 Mortgages 1.2

Other 5.4Other 6.1

8.79.4

FY 16 FY 17

Higher exposure in loans to customers

Increase in other: loans benefiting from an explicit

guarantee by the Belgian regions, the French State or

the Dutch State


Equity portfolio*

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

Equities 2.5Equities 3.2

Equity funds0.3

Equity funds0.3

RE funds 0.8

RE funds 0.8Mixed funds &

others 0.9

Mixed funds & others 0.6

4.4

4.9

FY 16 FY 17


In EUR bn


Real estate portfolio*

10/03/2010

Gross UG/L increased slightly to EUR 1.6 bn (not

reflected in shareholders’ equity but contributing to

available capital for solvency calculation)

Real Estate exposure mainly in BelgiumInvestment Offices 2.2

Investment Offices 2.2

Car Parks1.1

Car Parks1.1

Investment Retail 1.4

Investment Retail 1.3

0.2 0.3

0.4 0.4

5.3 5.3

FY 16 FY 17

Investment Warehouses

RE Development

Investment

Warehouses

RE Development

In EUR bn






Legal Settlement 67


68

Key dates Fortis’ settlement

Ageas announces agreement with Deminor, Stichting FortisEffect, SICAF & VEB

Additional support received from Mr. Arnauts & Mr. Lenssens

Filing done 23/05/2016

Interim decision Amsterdam Court of Appeal declares settlement agreement not

binding

Main concerns

1. Discrimination active/non-active shareholders

2. Dilution risk for buyers by holders compensation

3. Uncertainty about scope release

Deadline for amended agreement 17/10/2017

Court grants extension until 12/12/2017

Ageas announced EUR 100 mio final additional effort

Agreement reached on revised settlement proposal

Additional support by ConsumentenClaim

First hearing focussed on compensation models of claimant organisations

Second hearing on the merits

14/03/2016

16/06/2017

16/10/2017

12/12/2017


16 & 27/03/2018

69

Bringing total available budget to EUR 1.3 bn allowing for major

improvements

1. Equal treatment of all eligible shareholders in terms of damages

No distinction between active & non-active claimants in terms of per

share compensation & compensation add-on

2. Solidarity in dilution risk & buyer protection

Solidarity in terms of dilution across active & non-active claimants

Ring-fencing buyer compensation for excessive holder dilution

through separate boxes for buyers & holders

3. Clarity on scope of requested release

A clear & comprehensive list of events

Cost addition based on empirical evidence & taking into account existing

agreements between various parties in terms of litigation funding

Additional EUR 100 million

Aiming to address major

concerns of the Court

Cost & effort based

compensation for

shareholder activism

Main adjustmentsAiming to address concerns of the Court while honouring prior commitments

Resulting amended agreement improves significantly the proposition

towards non-active claimants while materially honouring prior commitments

to active claimants


Settlement between Ageas & claimants organisationsConfirmed & strengthened support from other relevant representatives

All organisations participating to initial agreement:

Deminor, Stichting FortisEffect, SICAF & VEB

Reconfirmed: Mr. Arnauts, Mr. Lenssens & Archand

New support: ConsumentenClaim

Modrikamen: opposition related to list of events

Patrinvest: opposition not (yet) reconfirmed

Co-Petitioners acting for

interest of all claimants

Other supporting parties

70

Widest possible support maximizes chances of success


Main opposing parties

71

A simplified structure...

Equal treatment of all eligible shareholders in terms of damages

Per share compensation

In EUR Period 1 Period 2 Period 3

Buyers 0.47 1.07 0.31

Holders 0.23 0.51 0.15

Compensation add-on

EUR 0.5/share – max EUR 950 - calculated on highest # shares

held between 28/02/07 cob & 14/10/08 cob

Cost addition

25% of per share compensation for buyer and/or holder

All eligible shareholders

Cost addition for active

claimants

All amounts subject to potential dilution / increase depending on number of Fortis

shares that will ultimately be presented

Proposed settlement not yet declared binding

Ageas has termination right if amount represented by number of Fortis shares opting

out exceeds 5% of settlement amount

Calculation module based on indicative amounts available www.FORsettlement.com

Be aware that

All eligible shareholders


http://www.forsettlement.com/

72

...with higher compensation for allPro forma comparison with previous settlement agreement


Buyers 0.38 0.47 0.85 1.07 0.25 0.31

Holders 0.19 0.23 0.43 0.51 0.13 0.15

Claim form add-on: EUR 0.5/share – max EUR 200 -

Compensation add-on: EUR 0.5/share – max EUR 950


Buyers 0.56 0.59 1.28 1.34 0.38 0.39

Holders 0.28 0.29 0.64 0.64 0.19 0.19

Retail add-on: EUR 0.5/share - max EUR 550

Claim form add-on: EUR 0.5/share – max EUR 400

Compensation add-on: EUR 0.5/share – max EUR 950

Formerly non-active

shareholders

Formerly active

shareholdersfor sake of comparison incl.

25% Cost addition


Notification process will ensure all eligible shareholders are duly informed

During the opt-out period, early filers can already receive 70% of their compensation

Ageas has a termination right at the end of the opt-out period if the amount represented by the

number of Fortis Shares opting out of the settlement exceeds 5% of the settlement amount

73

Indicative timeline subject to Court approval & administrative processEarly payment for fast filers

Written response

from opposition

16&27/03/2018

Hearings

12/12/2017 Filing

Amended Settlement

Remaining

payment

est. around

YE 2019

Claims submission

deadline

Court’s decision

est. mid 2018

& start claim filing

End of notification

process

Decision on

termination right

Early payment

8

weeks

7

months

6

months

3 months

opt-out period

6

weeks

3

months

3

months



NL Stichting Investor Claims Against Fortis (SICAF) – suspended

BE Deminor – suspended

BE – 2 claimants – awaiting decision consolidation with Deminor – de facto suspended

BE Mr. Lenssens – suspended pending criminal proceedings

NL Consumentenclaim – suspended

NL Stichting FortisEffect – suspended

BE Mr.Modrikamen – suspended awaiting outcome criminal procedure

BE Mr. Arnauts – suspended pending criminal proceedings

NL VEB – suspended

NL Mr. Bos – within eligible period – suspended

NL 5 separate proceedings – Mr. Meijer – joined with 1 NL individual – within eligible period - suspended

NL Archand – within eligible period – suspended

BE Patrinvest – within eligible period – not suspended – appeal filed by claimant

Ongoing civil litigations all in scope of WCAM procedure

20082007

May/June 08

Communication re solvency & EC

remedies

September - October 08

Rescue operations & Split up of

Fortis Group, spread over 2 WE’sAugust 07

Communication Q2 figures

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


AFM I : final - fine imposed

FSMA: Court of appeal reduced original fine – appeal filed

20082007

May/June 08

Communication re solvency & EC

remedies

September -

October 08

Rescue operations & Split

up of Fortis Group,

spread over 2 WE’sAugust 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, not for ageas - additional investigation being

terminated - awaiting prosecutors decision on referral

Administrative proceedings

Criminal proceedings

Other proceedings

Other proceedings

RBS claim related to take-over of ABN AMRO: judgement 2/2/18 in favour of Ageas

MCS holders against conversion of MCS (Mandatory Convertible Securities): 23/03/12 decision in favour of

Ageas, certain MCS holders appealed, claiming EUR 350 mio - pleading session expected H2 2018





Legal Settlement 67


situation 31/12/2016 situation 31/12/2017 situation 16/02/2018

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

15,143,439 14,304,863 14,924,863

7,170,522 6,377,750 6,997,750

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

45,804 0 0

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

201,427,032 195,095,086 194,475,086


Total number of outstanding shares

SBB &

cancellation

cancellation

SBB

Total Issued Shares

Shares not entitled to dividend nor voting rights

1. TREASURY SHARES Share buy-back

FRESH

Other treasury shares

2. CASHES

Shares entitled to dividend & voting rights

* After deduction of shares for management plans

*


Shareholders structure

Based on number of shares as at 16 February 2018

Ageas5.3%

Ping An

BlackRock, Inc.

Schroders

FosunIdentified retail

investors20%

Identified institutional investors

45%

Other investors

14%

Based upon press release 19 February 2018

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 06 February 2018

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

Estimate by

Estimate by

Ageas

Ping An

BlackRock, Inc.

Schroders

Fosun

Identified retail investors

Identified institutional investors


Financial calendar 2018

21 February

FY 2017 results

16 May

3M 2018 results

16 May

Ordinary shareholders’ meeting

Brussels

28 May

Ex-dividend date

6 April

Annual report 2017 30 May

Payment 2017 dividend

8 August

6M 2018 results

14 November

9M 2018 results


Rating

S&P MOODY'S FITCH

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

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

unsollicited

Ageas Insurance Limited A / stable A+ / stable

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

Muang Thai Life BBB+ / stable BBB+ / stable

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

Etiqa Insurance Berhad (Malaysia) A- / stable

Last change 27/07/16

China Taiping Life A+ / stable


Intreas A / stable


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

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

unsollicited

* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.

Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.


Certain of the statements contained herein are statements of

future expectations and other forward-looking statements that are based on management's current views and assumptions and involve

known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed

or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to,

without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of

financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels,

(vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including

monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and

(xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in

this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not

purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had

these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of

operations or financial condition that may be achieved in the future.

Investor Relations

Tel:

E-mail:

Website:

+ 32 2 557 57 34

[email protected]

www.ageas.com

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