3M results 2013

9M Periodical Financial

Information

FY Periodical Financial

Information

Executive summary

Annexes

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

Insurance results broadly in line with last year Both Insurance & General Account contributing to Group net result Shareholders’ equity & Solvency relatively stable

Insurance net profit of EUR 157 mio Inflows at EUR 6.8 bn (+20%) Group combined ratio at 99.5% (vs.101.9%) Life Technical Liabilities at EUR 69.5 bn* (+1%)

Group net profit of EUR 293 mio General Account net result of EUR 136 mio Including accounting impact transactions on

RPI & Call Option

Shareholders’ equity at EUR 42.74 per share Insurance solvency at 203%, Group solvency at 229% Net cash position General Account at EUR 1.1 bn

Main messages 3M 13 results Ageas announces positive start to the year

Periodic financial Information I 3M 13 Results I 15 May 2013 2 * Consolidated entities only, compared to FY 2012

101.9% 99.5%

3M 12 3M 13

Insurance net result: Better Non-Life compensates lower Life result In EUR mio In EUR mio

Insurance solvency stable Combined ratio: improving claims ratio

227%

Shareholders’ equity up EUR per share

210% 207% 204% 203%

3M 12 3M 13

42.27 42.74

FY 12 3M 13

Both Insurance & General Account contributing to Group net result

In EUR mio

155157

(239)

136(84)

293

3M 12 3M 13

Insurance General Account

Headlines Ageas announces positive start to the year

3

126 108

26 463 4

155 157

3M 12 3M 13Life Non-Life Other

1.2 1.1

FY 12 3M 13

Net cash: Almost EUR 1.0 bn expected from RPI/Call option

Periodic financial Information I 3M 13 Results I 15 May 2013

EUR mio 3M 12 3M 13

Gross inflows 5,650 6,753 - of which inflows from non-consolidated partnerships 2,830 4,008

Net result Insurance 155 157By segment: - Belgium 78 80 - UK 17 23 - Continental Europe 17 17 - Asia 43 37By type: - Life 126 108 - Non-Life 26 46 - Other 3 4

Net result General Account (239) 136Net result Ageas (84) 293Earnings per share (in EUR) (0.35) 1.27Combined ratio 101.9% 99.5%Life technical liabilities (in EUR bn) * 68.8 * 69.5Insurance Solvency ** 204% 203%Shareholders' equity 9,799 ** 9,799Net equity per share (in EUR) 42.27 ** 42.74

* Consolidated companies only, Compared with YE 2012** Compared with YE 2012, restated for IAS 19Periodic financial Information I 3M 13 Results I 15 May 2013 4

Key financials 3M 13 Good overall performance, strongly increased inflows

10/03/2010 I page 5

Overview impairments & net capital gains Lower amount of impairments in y-o-y comparison

*

Periodic financial Information I 3M 13 Results I 15 May 2013 5

EUR mio 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13Life 30 30 (13) (7) 17 23Non-Life 3 5 (1) (1) 2 4

Total Belgium 33 35 (14) (8) 19 27LifeNon-Life 6 1 6 1Other

Total UK 6 1 6 1Life 1 4 0 (2) 1 2Non-Life 0 (0) 0 (0)

Total CEU 1 4 0 (2) 1 2Life 14 15 (3) (0) 11 15Non-Life 1 1 1 1

Total Asia 15 16 (3) (0) 12 16Life 45 49 (16) (9) 29 40Non-Life 10 8 (1) (1) 9 7Other

Total Ageas 54 57 (17) (10) 38 47

Capital gains/losses Impairments & Profit sharing impact Total impact


Net result: increase in Non-Life partly offset by Life In EUR mio In EUR mio

Guaranteed Operating margin: down on lower investment margin

Non-Life Combined ratio: improved underwriting mainly in Household

Anticipated inflow decrease in Life

227% 210% 207%

Life Technical liabilities marginally up In EUR bn

Belgium : Headlines Non-Life performance up, Life inflows suffering from premium tax & low interest rates

**

73 64

516

78 80

3M 12 3M 13

Life Non-Life

1,259 1,068

535565

1,7941,633

3M 12 3M 13

Life Non-Life

104.1%99.7%

3M 12 3M 13

1.09%0.77%

3M 12 3M 13

Operating costs

In EUR mio

(9%)

52.7 53.1

FY 12 3M 13

47 48

72 75

119 123

3M 12 3M 13Life Non-Life

6

in % avg technical liabilities

Net result: Non-Life performance up In EUR mio In EUR mio

Guaranteed Operating margin

Inflow in line at constant FX In EUR mio

United Kingdom: Headlines Non-Life performance substantially up, inflows broadly flat

7

**

(0) (1)14

203

417

23

3M 12 3M 13

Life Non-Life Other

18 25

534 520

552 545

3M 12 3M 13

Life Non-Life

(1%)

Operating costs: addition Groupama Non-Life combined ratio: improved underwriting mainly in Household

102.3% 99.9%

3M 12 3M 13

Other: Income nearly stable

68 63

3M 12 3M 13

8 8

45 60

6358

115125

3M 12 3M 13

Life Non-Life Other

In EUR mio

(7.58%)

(2.54%)

3M 12 3M 13



Net result in line with last year In EUR mio In EUR mio

Non-Life Combined ratio: impact weather conditions in Portugal

227% 210% 207%

Inflow* increase in all main countries In EUR bn

Continental Europe: Headlines Strong inflow & stable net profit

**

Operating costs remain stable In EUR mio

14 13

3 5

17 18


853 923

275 292

1,128 1,215


90.3%

96.7%

3M 12 3M 13

1.15%0.89%

3M 12 3M 13

Guaranteed Operating margin: lower risk margin in guaranteed business

+8%


Life Technical liabilities*

28.1 28.9

FY 12 3M 13

18 18

18 19

36 37



* Incl. non-consolidated partnerships @ 100%

Net result: Life down on China mainly In EUR mio In EUR mio

Non-Life Combined ratio reflecting good quality of portfolio

Inflow* fuelled by China & Thailand Life Technical liabilities* up 12% In EUR bn

Asia: Headlines Pressure on profit in Life from boost in new business / Profitable organic growth in Non-Life


**

39 32

46

4338

3M 12 3M 13

Life Non-Life

93.6% 92.6%

3M 12 3M 13

1,962

3,117215

243

2,177

3,360


Guaranteed Operating margin Hong Kong

2.99%2.12%

3M 12 3M 13

Result non-consolidated partnerships

30 25

46

3M 12 3M 13

+54%

24.4 27.4

FY 12 3M 13


in % avg technical liabilities In EUR mio

Net result* In EUR mio In EUR mio

Main elements balance sheet

P&L impact recent transaction

227% 210% 207%

General Account: Headlines Result driven by transaction RPI & Call option, Net cash expected to increase by EUR 1.0 bn


**

Net cash position: cash flow on transactions later in 2013

(239)

136

3M 12 3M 13

1.2 1.1

FY 12 3M 13

In EUR bn In EUR mio

(165) (155)234 144

872 1,027

3M 12 3M 13RPN(I) Call Option RPI

4 5

8 5

12 11

3M 12 3M 13Staff Op & admin

Staff, Operating & administrative costs In EUR mio

Proposal distribution additional EUR 1.0 through capital

reduction No withholding tax

Creditor protection regime 2 month recourse period

Extraordinary Shareholders’ Meeting 19 September 2013 for approval

232

(90)

RPI Call Option


Investment portfolio as per 31 March 2013 Increased allocation to loans; unrealized gains slightly down In EUR bn

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

34.7 34.7

25.1 25.3

0.3 0.46.3 6.8

2.4 2.74.7 4.92.4 2.0

75.9 76.8

FY 12 3M 13

Cash & equivalents

Real Estate

Equities

Loans

Structured creditinstruments

Corporate bonds

Sovereign bonds

Total portfolio

Gross unrealized gains/losses slightly down to EUR 6.4 bn (EUR 6.7 in FY 12) ; exclusively down in fixed income

Asset mix relatively stable, increased allocation to loans at the expense of cash & sovereigns

Infrastructure loans: additional EUR 0.1 bn on balance sheet ; further commitments & outstanding bids for EUR 0.2 bn

Fixed Income

Gross unrealized gains/losses at EUR 4.9 bn; EUR 5.2 bn FY 12 Unrealized gain Sovereigns at EUR 3.1 bn Unrealized gain Corporates at EUR 1.8 bn

Equities

Gross unrealized gains stable at EUR 0.2 bn

Real Estate


IFRS Solvency as per 31 March 2013 Insurance & total solvency ratio stable

2.4 2.4

0.5 0.5 0.6 0.6 0.5 0.6

4.0 4.1 4.0 4.1

1.7 1.8

0.6 0.6 0.8 0.9 0.9 0.9

4.1 4.2

1.0 1.1

5.1 5.3

4.1 4.2

1.1 1.01.4 1.4 1.4 1.6

8.1 8.39.1 9.4

FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13

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


Solvency ratio 173% 174% 220% 219% 243% 249% 268% 242% 204% 203% 229% 229%

Insurance :

Good profit levels – no material one-offs

Record inflows – opposite trends in Europe & Asia

General Account:

Further progress in solving legacies with further reduction complexity – transaction RPI & Call Option

Successful placement of new debt instruments

Distribution of additional EUR 1.0 per share

Conclusions


Executive summary

Annexes

Equity / Solvency



General Account

General Information

Shareholders’ equity / share

Shareholders’ equity as per 31 March 2013 Up on net profit, offset by lower unrealized gains & revaluation put option In EUR mio

6,306 6,214 6,551

1,931 1,838 1,728

1,673 1,655 1,521157 136 18(111) (181) (65) (66)

EUR 42.75 EUR 42.27 EUR 42.749,911 9,799 9,799

FY 12 Changesaccounting policies

(IAS19)

Adjustes FY 12 Net resultInsurance

Net resultGen Account

Change UG/L Buy back Revaluationput option

Forex& other

3M 13

InsuranceUG/L

InsuranceUG/L

InsuranceUG/L

Equity per segment FY 12 3M 13 FY 12 3M 13

Belgium 3,974 ► 3,948 Asia 1,837 ► 1,993UK 1,149 ► 1,136 Insurance 8,145 ► 8,279Continental Europe 1,185 ► 1,201 General Account 1,655 ► 1,521


Tangible net equity as per 31 March 2013 High quality capital structure

10/03/2010 I page 16

EUR bn FY 12 3M 13

IFRS Shareholders' Equity 9.8 9.8Unrealised gains real estate 0.6 0.6Goodwill (0.7) (0.7)VOBA (Value of Business Acquired) (0.4) (0.4)DAC (Deferred Acquisition Cost) (0.9) (0.9)Other (0.4) (0.4)Goodwill, DAC, VOBA related to N-C interests 0.5 0.525% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 8.9 8.9

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


IFRS Solvency as per 31 March 2013 Insurance & total solvency ratio stable

2.4 2.4

0.5 0.5 0.6 0.6 0.5 0.6

4.0 4.1 4.0 4.1

1.7 1.8

0.6 0.6 0.8 0.9 0.9 0.9

4.1 4.2

1.0 1.1

5.1 5.3

4.1 4.2

1.1 1.01.4 1.4 1.4 1.6

8.1 8.39.1 9.4

FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13 FY 12 3M 13

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


Solvency ratio 173% 174% 220% 219% 243% 249% 268% 242% 204% 203% 229% 229%

Executive summary

Annexes

Equity / Solvency

Insurance activities


General Account

General Information

Inflows @ 100% Growth driven by China, Thailand & inclusion Groupama

*

* Ageas holds a 50% stake in Tesco Underwriting Periodic financial Information I 3M 13 Results I 15 May 2013 19

EUR mio 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13Belgium 75% 1,259 1,068 535 565 1,794 1,633 United Kingdom 0%/100% 18 25 534 520 552 545 0 0 Continental Europe 853 923 275 292 1,128 1,215

Consolidated entities 269 346 118 117 387 463 Portugal 51% 186 218 70 71 256 290 France 100% 83 127 83 127 Italy 25% 48 46 48 46

Non-consolidated JV's 584 578 157 174 741 752 Turkey (Aksigorta) 36% 157 174 157 174 Luxembourg (Cardif Lux Vie) 33% 584 578 584 578

Asia 1,962 3,117 215 243 2,177 3,360 Consolidated entities 88 105 88 105

Hong Kong 100% 88 105 88 105 Non-consolidated JV's 1,873 3,013 215 243 2,089 3,255

Malaysia 31% 170 181 170 188 340 370 Thailand 31%/15% 279 378 46 54 324 432 China 25% 1,385 2,409 1,385 2,409 India 26% 40 45 40 45 0 0 Total 4,091 5,134 1,559 1,619 5,650 6,753 0 0

Consolidated entities 1,634 1,544 1,187 1,202 2,821 2,745 Non-consolidated partnerships 2,457 3,591 373 417 2,830 4,008

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 Strong growth in emerging markets, Life Belgium under pressure In EUR mio


944 801

18 25 372 431 582 889

1,917 2,146 401

424

447 461 104 111

58

66

1,011

1,062

(9%)

5% 14%

49%

10%

1,345 1,225

465 486 477 542 641

955

2,927

3,208

3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13

Insurance net result Non-Life up in all segments, Life suffering from low i-rates & boost new business in Asia

Belgium UK

CEU Asia

Total Ageas

Life Non-Life Life Non-Life Other Life Non-Life Life Non-Life Life Non-Life Other

73 64

(0) (1) 14 13

39 32

126 108

5 16

14 20 3 5

4 6

26 46

34

3 4

78 80

17 23

17 17

43 37

155 157

3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13 3M 12 3M 13

In EUR mio


22 Periodic financial Information I 3M 13 Results I 15 May 2013

Insurance Lexicon on new margin disclosures as from FY 2012 Life Non-Life + Underwriting

result + Premiums received from policyholders - actual payments made in risk contracts + penalties deducted in case of surrender + reinsurance result

+ Net Underwriting result

+ Net Earned Premium - all evolutions in claims reserves (CY & PY) + technical interest charges on technical liabilities - all expenses (marketing, intermediary, claims

handling & administration) + Expense &

Other result + expense loadings - actual expense charges + other results of technical nature

= Net Underwriting result + Other result + other results of technical nature

+ Investment result + Investment income on assets covering Life technical liabilities (recurring & cap gains)

- what is paid out to policyholders (guaranteed income & profit sharing)

+ Investment result + Investment income on assets covering Non-Life technical liabilities (recur. & cap gains)

- technical interest charges on technical liabilities

= Operating result = Operating result

Average technical liabilities

= average between technical liabilities at the beginning & at the end of each quarter of current year.

Net earned premium + Premiums received from policyholders - premiums covering risks future period - premiums paid to reinsurers

Life margins All Life margins calculated as % of average technical liabilities

Non-Life ratio’s All Non-Life ratio’s calculated in % of Net earned premiums

Combined ratio

Corresponds to 1minus net underwriting result in % of net earned premiums

69.4% 73.2% 69.0% 68.1% 69.1% 71.6% 66.7%

33.1% 32.8%31.1% 31.0% 32.4% 30.3% 32.8%

102.5% 106.0%100.1% 99.1% 101.5% 101.9% 99.5%

(6.0%)(3.7%) (3.5%) (3.1%) (3.2%) (5.6%) (3.5%)

2009 2010 2011 2012 Q1 11 Q1 12 Q1 13claims ratio expense ratio PY claims ratio

Insurance Combined ratio Below 100% in quarter traditionally impacted by winter conditions

Net earned premium in EUR mio 2,497 2,858 3,507 4,178 784 989 1,077


Combined ratio at 99.5% vs. 101.9%

Q1 traditionally impacted by winter conditions

Motor at 102.1% (vs. 98.9%): premium strain on expense ratio in UK

Household at 97.0% (vs.114.4%): benign weather in major markets, impact of corrective measures & tariff increases in Belgium

Accident & Health: at 93.8% (vs.90.7%): improvement in UK; still satisfactory performance in Belgium;

Claims ratio at 66.7% vs. 71.6%

CY claims ratio improving Belgium & UK, deterioration in Continental Europe

PY claims ratio slightly down to 3.5% (vs. 5.6%), mainly in Motor

Expense ratio at 32.8% vs. 30.3%

Increase in UK & Continental Europe

51.7% 42.9%67.2% 66.5% 65.9% 59.1%

45.8%41.2%

44.8% 44.9% 43.7% 44.8%

97.5%84.1%

112.0% 111.4% 109.6% 103.9%

2009 2010 2011 2012 Q1 12 Q1 13

79.0% 78.4% 72.0% 73.6% 73.7% 73.5%

29.3% 29.0%25.3% 25.4% 25.2% 28.6%

108.3% 107.4%97.3% 99.0% 98.9% 102.1%

2009 2010 2011 2012 Q1 12 Q1 13

70.4% 74.3% 71.9% 70.5% 66.8% 68.9%

23.6% 24.8% 25.0% 25.5% 23.9% 24.9%

94.0% 99.1% 96.9% 96.0% 90.7% 93.8%

2009 2010 2011 2012 Q1 12 Q1 13

59.4%75.0%

61.9% 55.6%72.8%

54.3%

43.4%

43.2%41.5%

41.6%

41.6%

42.7%

102.8%

118.2%103.4%

97.2%

114.4%

97.0%

2009 2010 2011 2012 Q1 12 Q1 13

Insurance Combined ratio per product line Household strongly improving

Motor: expense ratio up in UK & to lesser extend in CEU Accident & Health: good performance confirmed

Other: improvement across all segments

203 261 308 349 78 100

1,012 1,134 1,571 2,058 479 519NEP

609 714 736 763 191 197NEP

Household: benign weather in wintery Q1

673 750 892 1,007 241 261NEP NEP


0.33% 0.34% 0.38% 0.35% 0.38% 0.37%

0.48%

(0.64%)

0.72%0.52%

0.84%0.64%

(0.16%)

(0.21%)

(0.20%) (0.15%) (0.18%) (0.24%)

0.66%

(0.51%)

0.90%0.72%

1.05%0.76%

2010 2011 2012 Q1 11 Q1 12 Q1 13

Total Life: down on investment margin

Insurance Life operating margin Diverging evolutions in different countries

Average technical liabilities in EUR bn 70.6 64.7 65.8 72.8 64.8 67.5

Operating margin: Decrease driven by investment and expense & other margin

Underwriting margin decrease in Continental Europe & Asia offset by better mortality result in Belgium

Investment margin lower in Belgium, better in other segments

Expense & other margin comparison impacted by positive one-off in Asia in 3M 12

0.44% 0.41% 0.44% 0.45% 0.42%

0.67%

(0.79%)

0.87% 1.02%0.78%

(0.33%)

(0.36%)

(0.33%) (0.33%) (0.37%)

0.56%

(0.60%)

0.81%1.13%

0.68%

2010 2011 2012 Q1 12 Q1 13

Expense & other m.

Investment m.

Underwriting m.

0.07% 0.04% 0.11% 0.16% 0.15%0.01% 0.00%0.01%

0.01%0.27% 0.42%

0.37%

0.50%0.32%

0.35%0.45%

0.48%

0.67%

0.47%

2010 2011 2012 Q1 12 Q1 1320.2 12.4 11.8 11.6 12.3

50.4 52.3 54.0 53.2 55.2ATL

ATL

Guaranteed: down on investment margin

Unit-linked: lower mortality result



Net result: increase in Non-Life partly offset by Life In EUR mio In EUR mio

Guaranteed Operating margin: down on lower investment margin

Non-Life Combined ratio: improved underwriting mainly in Household

Anticipated inflow decrease in Life

227% 210% 207%

Life Technical liabilities marginally up In EUR bn

Belgium : Headlines Non-Life performance up, Life inflows suffering from premium tax & low interest rates

**

73 64

516

78 80

3M 12 3M 13

Life Non-Life

1,259 1,068

535565

1,7941,633

3M 12 3M 13

Life Non-Life

104.1%99.7%

3M 12 3M 13

1.09%0.77%

3M 12 3M 13

Operating costs

In EUR mio

(9%)

52.7 53.1

FY 12 3M 13

47 48

72 75

119 123


26


1,207887

52

182

1,2591,068

3M 12 3M 13

(15%)

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Belgium: Inflow Anticipated decrease in Guaranteed products partly compensated by Non-Life

163 172

159 163

163 17649 54

535 565

3M 12 3M 13


+6%

Guaranteed Sales of guaranteed products decreased 27% to EUR 887 mio

Decrease observed in Individual Saving (down 38% to EUR 530 mio) and Individual Traditional (down 18% to EUR 61 mio)

Lower volumes due to historically low guaranteed interest rates & impact of Belgian government decision to increase insurance premium tax (from 1.1% to 2%; as at 01/01/2013).

Group Life inflows amounted to EUR 296 mio, up 8% mainly supported by higher single premiums in Traditional.

Unit-linked Individual Unit-linked sales were up 248% compared to very low

premium volumes 3M 12. Strong increase driven by Bank channel; explained by significant offer in closed-end funds & increasing customer appetite.

Household, Motor, Other GWP increased both in Bank & Broker channels & across all

product lines, mainly in Household

Household (+7.5%): higher volume & tariff increases

Motor (+2,6%): driven by tariff increase.

Other (+9.5%): mainly driven by tariff increase in Legal Assistance

Accident & Health Accident & Health (+5.3%) supported by a good momentum in

Health Care.

64.1% 68.7% 64.3% 62.7% 61.9% 67.2% 62.9%

36.8%36.4%

36.8% 36.8% 36.7%36.9%

36.8%

100.9%105.1% 101.1% 99.5% 98.6%

104.1%99.7%

(8.0%) (6.6%) (7.3%) (4.5%)(9.9%) (9.6%) (6.9%)

2009 2010 2011 2012 Q1 11 Q1 12 Q1 13

claims ratio expense ratio PY claims ratio

Belgium: Combined ratio Improved underwriting performance in Household

Net earned premium in EUR mio 1,469 1,541 1,601 1,698 394 418 432


Combined ratio at 99.7% vs. 104.1%

Household (100.2%) significantly improved stemming from previous corrective measures, further rate increases & less weather related claims notwithstanding lower prior year releases

Accident & Health (95.1%) increased but remained satisfactory compared to last year’s strong performance. Workmen’s Compensation at 97.8% (vs. 84.3%), higher by increased frequency & severity in heavy claims.

Motor (102.5%) slightly higher with almost offsetting impacts between prior and current year

Claims ratio at 62.9% vs. 67.2%

CY ratio improved mainly in Household and Motor

PY ratio: Lower releases in Household and Motor

Expense ratio remains flat at 36.8%

60.5%75.6%

63.0%50.5%

71.0%54.2%

47.1%

47.1%46.9%

46.2%

46.9%

46.0%

107.6%122.7%

109.9%96.7%

117.9%

100.2%

2009 2010 2011 2012 Q1 12 Q1 13

44.9%

10.4%

58.2% 65.9% 60.0% 54.9%

49.2%

50.9%

49.5%48.1% 49.4% 48.2%

94.1%

61.3%

107.7% 114.0% 109.4% 103.1%

2009 2010 2011 2012 Q1 12 Q1 13

68.9% 75.8% 73.8% 73.0% 67.5% 72.0%

22.6%21.9% 23.8% 24.0%

23.5% 23.1%

91.5%97.7% 97.6% 97.0% 91.0% 95.1%

2009 2010 2011 2012 Q1 12 Q1 13

68.5% 71.0%58.9% 64.7% 65.2% 65.6%

36.3% 35.7%35.3%

35.8% 36.3% 36.9%

104.8% 106.7%94.2%

100.5% 101.5% 102.5%

2009 2010 2011 2012 Q1 12 Q1 13

Belgium: Combined ratio per product line Improved underwriting performance in Household & Other

Motor: slightly lower PY releases, almost offset by improved CY Acc & Health: satisfactory vs strong Q1 12

Household: corrective measures & benign weather Other: mainly Legal Assistance improvement

424 451 451 480 122 124 465 498 525 540 133 133

453 463 484 530 127 137 127 129 142 149 35 39

NEP NEP

NEP NEP


6.0 5.6 5.2 5.2 5.3

0.25% 0.28% 0.29% 0.27% 0.28% 0.30%

0.49%

(0.71%)

0.84%0.56%

0.99%0.70%

(0.10%)

(0.20%)

(0.21%) (0.17%) (0.23%) (0.26%)

0.64%

(0.64%)

0.91%

0.67%

1.03%

0.73%

2010 2011 2012 Q1 11 Q1 12 Q1 13

Total Life: y-o-y decrease by 0.3%

Belgium: Life operating margin Decrease by 0.3% mainly driven by lower investment margin

46.7 48.5 50.1 48.3 49.3 51.5

0.28% 0.32% 0.32% 0.29% 0.33%

0.57%

(0.80%)

0.93% 1.11%0.78%

(0.21%)

(0.30%)

(0.29%) (0.31%) (0.34%)

0.64%

(0.78%)

0.96% 1.09%0.77%

2010 2011 2012 Q1 12 Q1 13

Expense & other m.

Investment m.

Underwriting m.

40.7 42.9 44.9 44.1 46.1

0.03% (0.05%)0.04%

0.13% 0.05%

0.64%0.50% 0.44%

0.41%0.39%

0.66%

0.45% 0.47%0.54%

0.44%

2010 2011 2012 Q1 12 Q1 13


Guaranteed: investment margin

Unit-linked: lower mortality result

Average technical liabilities in EUR bn ATL

ATL

Operating margin: decreased mainly due to Investment margin

Investment margin lower capital gains (-20bp) & lower investment yield following various rebalancing operations in the past & some non-recurring income in 3M 12 , only partly offset by lower technical charges

Underwriting margin increased by 2 bp due to better mortality result

Expense & other margin deteriorated slightly

Net result: Non-Life performance up In EUR mio In EUR mio

Guranteed Operating margin

Inflow in line at constant FX In EUR mio

United Kingdom: Headlines Non-Life performance substantially up, inflows broadly flat

31

**

(0) (1)14

203

417

23

3M 12 3M 13

Life Non-Life Other

18 25

534 520

552 545

3M 12 3M 13

Life Non-Life

(1%)

Operating costs: addition Groupama Non-Life combined ratio: improved underwriting mainly in Household

102.3% 99.9%

3M 12 3M 13

Other: Income nearly stable

68 63

3M 12 3M 13

8 8

45 60

6358

115125

3M 12 3M 13

Life Non-Life Other

In EUR mio

(7.58%)

(2.54%)

3M 12 3M 13



534 520

18 25552 545

3M 12 3M 13

15 16

365 344

109 117

45 43

534 520

3M 12 3M 13

Motor

Non-Life

Life

Other

Property

Accident & Health

Total In EUR mio

Non-Life In EUR mio

(3%)

(1%)

United Kingdom: Inflow Inflow levels in line with 3M 12 at constant exchange rates

32

Life Successful roll out of its proposition across the IFA market and

through affinity partnerships developed in 2012

Over 275,000 customers up 30% on same period last year

Non-Life Down 3%, broadly flat at constant FX

Motor decreased by 6% mainly due to lower average premiums

Household increased by 8% due to the inclusion of Groupama Insurance Company Ltd (GICL)

Other lines, including Commercial and Special Risks decreased by 4% due to management actions to improve profitability, offset partially by the inclusion of GICL

EUR 82 mio Groupama inflow included in the result

Other Insurance (including Retail) YTD total income of EUR 63 mio slightly below last year.


80.4% 81.5% 74.6% 73.3% 78.4% 76.7% 69.4%

27.7% 28.0%25.3% 26.5%

27.6% 25.6% 30.5%

108.1% 109.5%99.9% 99.8%

106.0% 102.3% 99.9%

(3.5%)(1.1%) 0.1% (2.1%)

3.4% (1.7%) (1.2%)

2009 2010 2011 2012 Q1 11 Q1 12 Q1 13claims ratio expense ratio PY claims ratio

United Kingdom: Combined ratio Below 100% in a typically difficult first quarter

Net earned premium in EUR mio

834 948 1,524 2,083 295 479 546

33

Combined ratio at 99.9%

Combined ratio continued sub 100% performance even

First full quarter impact of Groupama. Composition of COR includes greater proportion of delegated authority schemes with higher expense ratio but lower claims

Claims ratio at 69.4%

Claims ratio Reduction across most lines of business due to rating actions & benign weather in Household

CY ratio significant reduction primarily due to benign weather experience in Household

PY ratio: release of 1.2% vs. release of 1.7% in 2012

Expense ratio at 30.5%

Increase from combination of pressure on earned premium in Tesco and addition of Groupama with greater proportion of delegated authority schemes.


United Kingdom: Combined ratio per product line Reduced loss ratios in all products, partially offset by expense ratios

88.9% 82.9% 79.2% 77.2% 77.6% 76.2%

22.8% 23.3% 19.5% 21.3% 20.4% 25.6%

111.7% 106.2%98.7% 98.5% 98.0% 101.8%

2009 2010 2011 2012 Q1 12 Q1 13

Motor: premium strain on expense ratio (TU)

524 532 949 1,420 323 362NEP

83.5%97.9% 87.7% 78.1% 79.9%

64.4%

26.2%24.0%

23.2%28.2% 23.5%

34.4%

109.7%121.9%

110.9% 106.3% 103.4% 98.8%

2009 2010 2011 2012 Q1 12 Q1 13

Accident & Health: AIL improvement, positive impact GICL

53 58 65 57 13 16NEP

61.2%77.4%

61.4% 62.3%75.4%

51.0%

38.0%

38.2%

35.3% 36.7%

36.1%

39.6%

99.2%

115.6%

96.7% 99.0%111.5%

90.6%

2009 2010 2011 2012 Q1 12 Q1 13

Household: benign weather impact

187 248 366 434 105 114NEP

66.0% 75.1% 71.6% 67.7% 70.7% 64.5%

38.1% 30.4% 39.3% 42.2% 41.8% 42.5%

104.1% 105.5% 110.9% 109.9% 112.5% 107.0%

2009 2010 2011 2012 Q1 12 Q1 13

Other: positive impact mgmt actions (AIL) & inclusion of GICL

69 110 143 173 38 54NEP

34 Periodic financial Information I 3M 13 Results I 15 May 2013

Net result in line with last year In EUR mio In EUR mio

Non-Life Combined ratio: impact weather conditions in Portugal

227% 210% 207%

Inflow* increase in all main countries In EUR bn

Continental Europe: Headlines Strong inflow & stable net profit

**

Operating costs remain stable In EUR mio

14 13

3 5

17 18


853 923

275 292

1,128 1,215


90.3%

96.7%

3M 12 3M 13

1.15%0.89%

3M 12 3M 13

Guaranteed Operating margin: lower risk margin in guaranteed business

+8%


Life Technical liabilities*

28.1 28.9

FY 12 3M 13

18 18

18 19

36 37




432 514

421409

853923

3M 12 3M 13

98 98

86 83

45 5646 55

275 292

3M 12 3M 13

Accident & Health

Motor

Unit-Linked

Guaranteed

+8%

Other

Household

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflow Up 8% to EUR 1.2 billion

+6%

Life Inflow +8%, including non-controlling interests @ 100%, reflecting

higher sales in Portugal and France

Consolidated inflow up 28%

Portugal: volumes up by 17% driven by the UL business and Savings

France: up by 53% as a result of a UL single premium payment

Technical liabilities End of period technical liabilities: up 3% vs. year-end 2012 technical

ones

Average technical liabilities growth in line with excellent sales performance over last 2 years

Non-Life Inflow + 6%, including non-controlling interests @ 100% driven

by Turkey

GWP consolidated entities in line with last year

Turkey (Aksigorta) at EUR 174 mio

A&H and Motor remain the major business lines in the portfolio. Motor slight decline due to Italy (economic recession and automatic car renewal no longer allowed) and Turkey (less MTPL sales due to focus on profitable growth)


61.4%71.0% 66.4% 63.6% 70.1% 64.9% 67.8%

27.6%

30.3%30.3% 29.8%

29.2%25.4%

28.9%

90.0%

101.3%96.7% 93.4%

99.3%90.3%

96.7%

(1.3%)1.9%

(2.0%) (2.5%)4.1%

(7.6%)(0.9%)

2009 2010 2011 2012 Q1 11 Q1 12 Q1 13

claims ratio expense ratio PY claims ratio

Continental Europe: Combined ratio Below group target even as severe winter weather impacts Portugal

Net earned premium in EUR mio

* Scope: only consolidated companies: 2009 Portugal; as from 2010 Portugal & Italy

194 369 382 397 94 93 99

Combined ratio at 96.7%

Combined ratio higher than PY mainly due to severe weather impact in Portugal.

Claims ratio at 67.8%

Claims ratio mainly higher due to mid-January storms in Portugal

Better claims ratio in Italy

PY ratio: 0.9% release vs. 7.6%

Combined ratio Turkey further improved to 88.3%.from 99.4%

Expense ratio at 28.9%

Expense ratio continued focus on cost containment (LY was influenced by a one off release in Italy)


33.8%73.3%

94.5%62.8% 70.4%

41.5%

58.6%

39.0%

50.0%

43.3% 19.3%43.0%

92.4%112.3%

144.5%

106.1%89.7% 84.5%

2009 2010 2011 2012 Q1 12 Q1 13

34.9%53.5% 53.7% 51.8%

68.6%89.7%22.9%

27.7% 34.2% 33.5%29.8%

36.0%

57.8%

81.2%87.9% 85.3%

98.4%

125.7%

2009 2010 2011 2012 Q1 12 Q1 13

65.3%90.5%

71.8% 69.8% 68.2% 76.3%

36.7%

27.0%

29.2% 28.1% 27.4%28.4%

102.0%117.5%

101.0% 97.9% 95.6%104.7%

2009 2010 2011 2012 Q1 12 Q1 13

70.0% 64.2% 63.5% 63.3% 62.4% 63.3%

25.7% 31.6% 27.8% 28.2% 24.5% 26.0%

95.9% 95.8% 91.3% 91.5% 86.9% 89.3%

2009 2010 2011 2012 Q1 12 Q1 13

Continental Europe: Combined ratio per product line Overall combined ratio within expectations (only related to consolidated companies)

Motor: positive PY 3M 12 due to review of old claims Accident & Health: product mix drives increase in commission ratio

Household: impact severe weather in Portugal Other: positive adjustments in large broker account

132 205 220 226 56 57 23 104 97 99 23 24

33 39 42 44 9 11 7 21 23 28 5 7

NEP

NEP

NEP

NEP


Guaranteed: underwriting margin down

Continental Europe: Life operating margin Encouraging operating margin

0.49% 0.57% 0.67%0.47%

0.72%0.49%

0.33%

(0.42%)

0.39%0.45%

0.37%

0.42%

(0.25%)

(0.37%)

(0.30%) (0.19%) (0.19%) (0.19%)

0.57%

(0.22%)

0.76%0.73%

0.90%0.72%

2010 2011 2012 Q1 11 Q1 12 Q1 13

Operating margin below PY due to underwriting margin guaranteed

Underwriting margin decreased due to lower volumes & higher claims in the risk business

Investment margin improved slightly

Expense & other margin cost containment leads to stable margin

22.6 14.7 13.9 23.0 13.9 14.1

1.25% 1.00% 1.18% 1.24%0.89%

0.84%

(0.75%)

0.70% 0.63%0.76%

(0.93%)

(1.08%)

(0.85%) (0.73%) (0.76%)

1.16%

(0.83%)

1.02% 1.15% 0.89%

2010 2011 2012 Q1 12 Q1 13

Expense & other m.

Investment m.

Underwriting m.

8.7 8.3 7.8 7.9 7.7

0.01% 0.02% 0.02% 0.02% 0.01%0.01% 0.00% 0.01% 0.02% 0.00%0.18%

0.55%0.41%

0.53%0.50%0.20%

0.56%

0.44%

0.57%0.52%

2010 2011 2012 Q1 12 Q1 1313.9 6.4 6.1 6.0 6.4


Average technical liabilities (ATL) in EUR bn ATL

ATL

Total Life

Unit-linked: lower expenses margin in France

Net result: Life down on China mainly In EUR mio In EUR mio

Non-Life Combined ratio reflecting good quality of portfolio

Inflow* fuelled by China & Thailand Life Technical liabilities* up 12% In EUR bn

Asia: Headlines Pressure on profit in Life from boost in new business / Profitable organic growth in Non-Life


**

39 32

46

4338

3M 12 3M 13

Life Non-Life

93.6% 92.6%

3M 12 3M 13

1,962

3,117215

243

2,177

3,360


Guranteed Operating margin Hong Kong

2.99%2.12%

3M 12 3M 13

Result non-consolidated partnerships

30 25

46

3M 12 3M 13

+54%

24.4 27.4

FY 12 3M 13


in % avg technical liabilities In EUR mio

77 85

25 28 5 6

109 124

3M 12 3M 13

1.871

3.025 91

92

1.962

3.117

3M 12 3M 13

+59%

+13%

Fire Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked

Asia: Inflow Strong organic growth, boosted by very successful sales campaign

Accident & Health

Other

243 215


Life Hong Kong, +19%, Strong growth of 50% in new business premiums, in

both IFA & agency channels

China, +74%, Extraordinarily successful sales campaign in bank channel pushed single premium sales up 218% on last year; growth in agency channel in line with expansion of number of agents

Malaysia, +7%, New business premiums up 10% with significant increase in credit life production through third party banks

Thailand, +36%, Benefiting from continued strong market growth. New business premiums up 41%; particular strong performance in bank channel.

India, +12%, New business up almost 40% in the bank channel.

Technical liabilities

Year-end technical liabilities:

Hong Kong : EUR 1.9 bn, up 5%

Including non-consolidated JVs @ 100%: EUR 27.4 bn, up 12%

Average technical liabilities growth in line with excellent sales performance over last 2 years

Non-Life Malaysia, +11%, Across all lines of business, but particularly in Fire

Thailand, +19%, Concentrated in Motor and PA business

Hong Kong: Life operating margin Positive margin evolutions offset by non-recurring positive result in previous years

0.63%(0.09%)

0.46% 0.71% 0.70%0.21%

2.75%

(0.43%) (0.08%) (0.03%)

0.15%0.71%

0.41%

1.83%1.60%

1.80%2.14%

1.20%

3.80%

1.31%1.98%

2.51%2.99%

2.12%

2010 2011 2012 Q1 11 Q1 12 Q1 13

→ new calculation methodology, based on best estimates

1.3 1.4 1.7 1.4 1.6 1.9


Average technical liabilities in EUR bn

(0.15%) (0.71%) (0.15%)0.07% (0.82%)

3.62%

(0.57%)(0.11%)

0.20%1.00%

1.30%

3.52%2.52% 2.50%

2.73%

4.77%

2.24%2.26%

2.77%

2.92%

2010 2011 2012 Q1 12 Q1 13

Expense & other m.

Investment m.

Underwriting m.

3.11%1.75% 2.14% 2.58% 2.68%

(2.40%)(3.21%)

(0.95%)

1.09%

(2.46%)

0.70%

(1.47%)1.19%

3.66%

0.22%

2010 2011 2012 Q1 13 Q4 11

Total Life: all margins improving Guaranteed: improved investment margin

Unit-linked: lower expense margin

ATL

ATL

1.0 1.1 1.3 1.2 1.3

0.3 0.4 0.5 0.4 0.6

Operating margin lower due to positive non-recurring adjustment in Unit-linked 3M 12

Underwriting margin deteriorated due to drop in surrenders as result of low interest rate environment

Investment margin improved as result of higher average allocation to corporate bonds & lower profit sharing levels

Expense & other margin lower due to positive non-recurring adjustment in Unit-linked 3M 12. Excluding this adjustment, improvement as result of organic growth

Executive summary

Annexes

Equity / Solvency



General Account

General Information


Investment portfolio as per 31 March 2013 Increased allocation to loans; unrealized gains slightly down In EUR bn

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

34.7 34.7

25.1 25.3

0.3 0.46.3 6.8

2.4 2.74.7 4.92.4 2.0

75.9 76.8

FY 12 3M 13

Cash & equivalents

Real Estate

Equities

Loans

Structured creditinstruments

Corporate bonds

Sovereign bonds

Total portfolio

Gross unrealized gains/losses slightly down to EUR 6.4 bn (EUR 6.7 in FY 12) ; exclusively down in fixed income

Asset mix relatively stable, increased allocation to loans at the expense of cash & sovereigns

Infrastructure loans: additional EUR 0.1 bn on balance sheet ; further commitments & outstanding bids for EUR 0.2 bn

Fixed Income

Gross unrealized gains/losses at EUR 4.9 bn; EUR 5.2 bn FY 12 Unrealized gain Sovereigns at EUR 3.1 bn Unrealized gain Corporates at EUR 1.8 bn

Equities


Real Estate


18.4 18.3

4.8 5.1

3.3 3.42.9 2.81.4 1.30.7 0.53.2 3.3

34.7 34.7

FY 12 3M 13

Others

The Netherlands

Germany

Austria

SE Sovereigns

France

Belgium

In EUR bn

Gross UG/L at EUR 3.1 bn (vs. EUR 3.3 bn) 96% investment grade; 89% rated A or higher Exposure on SE sovereigns at amortized cost, after

impairments & @ Ageas’s part at EUR 2.1 bn; stable on FY 12 Maturity sovereign bond portfolio unchanged & close to

maturity liabilities

Sovereign bond portfolio*

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs // ** At amortized costs & @ Ageas’s part

Sovereign & Corporate bond portfolio as per 31 March 2013 Stable sovereign bond portfolio & increased part of investment grade industrials


Gross UG/L at EUR 1.8 bn (vs. EUR 1.9 mio) Priority to investment grade industrials has led

to increased share in corporate bond portfolio of 40% (vs. 35% FY 12)

94% investment grade; 75% rated A or higher

Corporate bond portfolio*

6.1 5.6

1.9 2.0

9.3 10.1

7.8 7.5

25.1 25.3

FY 12 3M 13

Government related

Non Financials

Other financials

Banking

In EUR bn

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

Loan portfolio (customers + banks)*

Loan & Equity portfolio as per 31 March 2013 Increased loans to banks

2.6 3.0

0.10.1

0.10.1

1.51.5

2.02.1

6.36.8

FY 11 3M 13

Other

Mortgages

Infrastructure

Real Estate

Loans to banks

Further increase in other: long term loans to regional agencies in Belgium benefiting from explicit guarantee by the region

Loans to banks up via short term bank deposits

Infrastructure loans: realization of 3rd project; since start of collaboration with Natixis: EUR 0.1 mio financed & EUR 0.2 bn further commitments


Equity portfolio*

Gross UG/L stable at EUR 0.2 bn

1.2 1.3

0.1 0.10.7 0.7

0.40.6

2.42.7

FY 12 3M 13

Mixed funds & others

Real Estate funds

Equity funds

Equities

Real estate portfolio as per 31 March 2013

10/03/2010

Gross UG/L stable at EUR 1.3 bn (not reflected in net equity)

Value increased mainly through investments in Offices & Retail

Real Estate exposure mainly in Belgium (+/- 70%)

* At fair value

1.5 1.6

1.1 1.1

1.3 1.3

0.6 0.60.3 0.34.7 4.9

FY 11 3M 13

InvestmentWarehouses

RE Development

Investment Retail

Car Parks

Investment Offices

In EUR bn

Real Estate portfolio*


Executive summary

Annexes

Equity / Solvency



General Account

General Information

Net result* In EUR mio In EUR mio

Main elements balance sheet

P&L impact recent transaction

227% 210% 207%

General Account: Headlines Result driven by transaction RPI & Call option, Net cash expected to increase by EUR 1.0 bn


**

Net cash position: cash flow on transactions later in 2013

(239)

136

3M 12 3M 13

1.2 1.1

FY 12 3M 13

In EUR bn In EUR mio

(165) (155)234 144

872 1,027

3M 12 3M 13RPN(I) Call Option RPI

4 5

8 5

12 11

3M 12 3M 13Staff Op & admin

Staff, Operating & administrative costs In EUR mio

Proposal distribution additional EUR 1.0 through capital

reduction No withholding tax

Creditor protection regime 2 month recourse period

Extraordinary Shareholders’ Meeting 19 September 2013 for approval

232

(90)

RPI Call Option


Ageas announces further steps in solving legacy issues Agreements re Royal Park Investments & Call option on BNP Paribas shares

RPI disposes of almost all of its assets to Lone Star & Crédit Suisse

Remaining activity: management of litigations initiated on a number of US assets

Ageas agrees with Belgian State on sale of BNP P call option

Ageas’s Board of Directors decides to distribute a gross amount of EUR 1.00 per share

Proceeds BNP call option * + additional amount

* In line with agreement with European commission (2009) ** Subject to settlement of any creditor’s claim

50

P&L impact of EUR 142 mio in Q1 13

RPI EUR 520 mio @ 100% EUR 232 mio @ Ageas part

+ EUR 50 mio net BGAAP result RPI

+ EUR 409 mio revaluation portfolio

+ EUR 173 mio hedge reserve release

- EUR 113 mio write off DTA

BNP Call Option EUR (90) mio EUR 144 mio paid vs. EUR 234 mio value FY 12

Proposal distribution additional EUR 1.0 through capital reduction No withholding tax Settlement of any creditor’s claim 2 month recourse period

Planning: 19 September Extraordinary Shareholders’ Meeting 21 September ex-dividend date 20 November payment date**

General Account: components of Net result After agreements in 2012; further simplification of legacy issues In EUR mio


136

232

10

(90)

(5) (5) (6)

RPI BNP Call option

RevalRPN(i)

Staff exp. Op.& admin.exp.

Other GeneralAccount

= solved legacy issues


Net cash position General Account at EUR 1.1 bn Slightly down on buy-back & capital increase China, EUR 1 bn to be received

cash inflow on transactions RPI & BNP Call option

expected increase of EUR 1bn after closing sale of RPI-assets, BNP call option & distribution of EUR 1 per share

impact during following quarters 2013

in EUR mio FY 12 3M 13

Cash and cash equivalents 402 245Due from banks 1,000 1,000Debt certificates (EMTN) (187) (160)

Net cash position 1,216 1,085

1,2161,085

20(68)(77)

(6)

FY 12 Share buy-back

Dividendupstream

from opco's

Capitalinjection

Other 3M 13

52


Net cash equally spent over 3 alternative uses Balanced use of cash since 2009

Invest in Businesses

Organic growth Selective acquisitions Create new partnerships

Return to debtholders Redemption of Debt (EMTN)

Return to shareholders Dividend payment Share buy-back

May 2009 – May 2013:

+/- EUR 1.0 bn +/- EUR 600 mio UK (Tesco, KFIS,

Castle Cover, Groupama) +/- EUR 200 mio CEU (Italy, Turkey) +/- EUR 200 mio Asia (India, HK,

China)

+/- EUR 1.3 bn +/- EUR 900 mio cash dividend over

2009, ’10, ’11 & 2012 EUR 450 mio share buy-backs

finalized early 2012 & 2013

+/- EUR 0.8 bn redemption in EMTN programme

+/- EUR 0.2 bn EUR 1.0 proceeds of BNP Call

Option & RPI

Legal proceedings at 31 March 2013 Managed in interest of shareholders Administrative proceedings

AFM fine imposed 05/02/10 re price sensitive info June 08

AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07

Appeal filed against both before The Hague “College van Beroep voor het bedrijfsleven”; proceedings ongoing

FSMA re communication in Q2 2008 Decision expected H1 2013

Criminal procedure Public prosecutor requests referral of 7 individuals

Enterprise Court (Ondernemingskamer)

At request of VEB re 2007-2008 Report June 10; Judgment 05/04/12 re mismanagement, mainly in favour plaintiffs. Appeal before Supreme Court

Civil Lawsuits

Amsterdam - VEB re alleged miscommunication 2007-08 against Ageas, former directors/executives & banks

Amsterdam - Stichting FortisEffect, re sale of Dutch activities against Dutch State & Ageas

Proceedings ongoing

Judgement in favour of Ageas; appeal filed by Stichting FortisEffect before Court of Appeal

Utrecht - Stichting Investor Claims Against Fortis re alleged miscommunication 2007-08 against Ageas & 2 financial institutions

Utrecht - 2nd case by Stichting on behalf of certain shareholders for damages from same defendants & certain former directors/executives

Proceedings ongoing

Proceedings initiated in August 2012 ; at present unclear whether both actions will be joined

Arnhem - Mr.Bos, re alleged miscommunication May June 2008 Appeal filed before Arnhem Court of Appeal

Brussels - Modrikamen, re Sep/Oct 2008 transactions

Brussels - Deminor, re alleged miscommunication 2007 - 08 Brussels - Fortis shareholder re 2007 rights issue Brussels – Arnauts, re alleged miscommunication 2007 - 08

Court of Appeal confirmed no competence on Dutch defendants / Pleadings on the merits scheduled H1 2014

Proceedings ongoing Proceedings ongoing Initiated 29 April 2013

Financial instruments

Brussels Court of Appeal - MCS-holders contesting validity of conversion Judgment Brussels court 23/03/12 in favour of Ageas; Appeal by certain MCS-holders; no judgment before 2015



Changes in hybrid debt composition Succesful debt placement for total amount of USD 800 mio in March-April 13 Succesful placement hybrid debt by AG Insurance Subordinated Perpetual Note of USD 550 mio end March 2013 6.75% rate, payable semi-annually, reset in year 6 Key institutional investors & global private banks in

Asia & Europe mix of stable, long-term support & on-going retail buying interest

Proceeds used to redeem Nitch II on loan & EUR 163.6 mio nominal of Hybrone on-loan

EUR 7 mio capital gains tender offer Hybrone on-loan

Succesfull placement hybrid debt by HK-entity 10-year senior debt of USD 250 mio Early April 2013 4.215% rate Key institutional investors & global private banks in

Asia & Europe mix of stable, long-term support & on-going retail buying interest

Proceeds used for refinancing & general corporate purposes

AHF received call notice on NITSH II on-loans from AG Insurance & BNP P Fortis of on-loan Call NITSH II securities at first call date (4 June)

Early redemption by AG Insurance of EUR 163.6 mio Hybrone on-loan All tendered Hybrone securities accepted (33% of total outstanding)

Reduced credit exposure Guarantees granted on AHF hybrid debt reduce significantly: lower financing costs, increased transparency, new capital likely to be more Solvency II compliant

Main characteristics Hybrids at 31 March 2013 Hybrone partly tendered securities & NITSH II to be called at first call date

EUR mio Ageas

Ageasfinlux Fresh

Ageas Hybrid Financing Hybrone

Ageas Hybrid Financing

Nitsh I

Ageas Hybrid Financing

Nitsh II Direct issue FBB, 2004 CASHES*

% 3m EUR + 135 bp 5.125% 8.25% 8% 4.625% 3m EUR +200 bp Amount

outstanding 1,250 500 USD 750 625 1,000 1,110

ISIN XS0147484074 XS0257650019 XS0346793713 XS0362491291 BE0119806116 BE0933899800

Call date Undated exchange

strike 315.0 mandatory 472.5

Jun/2016 Step up to 3M

Euribor +200

Aug/2013 No step up

Jun/2013 No step up

Oct/2014 Step up to 3M Euribor+170

Undated exchange strike 239.4

mandatory 359.1

ACSM YES YES YES YES YES YES

Dividend pusher YES YES YES YES YES NO

Dividend stopper NO YES YES YES YES YES

Trigger < 0.5% dividend trigger Liabilities > asset Liabilities > asset Liabilities > asset <8% CAD <0.5% Dividend

Other 500

on lent to AG Insurance

USD 750 on lent to FBB

250 on lent to AG Insurance; 375 on lent to

FBB

No stock settlement

feature

Coupon served by FBB, trigger ACSM

linked to Ageas dividend

Market Price (31/03/13) 46.7 90.6 101.5 100.9 93.9 54.35

Fortis Bank (now BNP Paribas)

* On 31 January 2012 BNPP announced that 63% of the holders have tendered CASHES for purchase by BNPP @ purchase price of 47.5% of the principal amount of the CASHES.


PR 21/03/13: call &

redemption announced

PR 21/03/13: all tendered securities accepted

336.4

Executive summary

Annexes

Equity / Solvency



General Account

General Information


Summary of resolutions AGM April 2013A 2012 gross dividend of EUR 1.2 per share approved at AGM

Shareholders have approved all submitted subjects.

Cancellation of shares bought back during program announced on 6 August 2012 up to and including 15 February 2013

Payment of a gross cash dividend of EUR 1.20 per Ageas share

Payment date 6 May 2013

situation 31/12/2011 situation 31/12/2012 situation 15/05/2013

Total Issued Shares 2,623,380,817 243,121,272 233,955,818

Shares not entitled to dividend and voting right 340,160,729 15,669,850 9,083,113

1. TREASURY SHARES Share buy-back 175,163,656 7,056,442 469,705FRESH 39,682,540 3,968,254 3,968,254Other treasury shares 1,250 1,250 1,250

2. CASHES 125,313,283 4,643,904 4,643,904

Shares entitled to dividend and voting rights 2,283,220,088 227,451,422 224,872,705

Total Issued Shares diminished with the 9,635,159 shares acquired through the Buy-back programmeup to 15 February 2013 & cancellation granted at the shareholders' meetings.

Following the reverse stock split the number of shares at 31/12/2011has been divided by 10, effective as at 7 August 2012.

Cancellation bought back shares

Agreement with BNP in February


Total number of outstanding shares Bought back shares cancelled following approval AGM April 2013

Cancellation bought back shares

24 April Ordinary & Extraordinary shareholders’ meeting - Brussels

20 February Annual results 2012

15 May 3M 2013 results

14 March Annual report 2012

26 April Ex date

6 May Payment 2012 dividend

2 August 6M 2013 results

6 November 9M 2013 results


19 September Extraordinary shareholders’ meeting - Brussels

21 September Ex date

20 November Payment capital reduction*

Financial calendar 2013 Extraordinary shareholders’ meeting in September re EUR 1 distribution

* Subject to settlement of any creditor’s claim

Rating


S&P MOODY'S FITCH

Operating entities AG Insurance (Belgium)Insurance Financial Strength A- / stable A2 / negative A+ / stableLast change 29/11/12 26/07/12 14/12/12

Millenniumbcp Ageas (Portugal)Insurance Financial Strength BB / negative BBB- / negativeLast change 17/01/12 25/11/11

Ageas Insurance Co. (Asia)Insurance Financial Strength Baa1 / stable A- / stableLast change 16/01/13 05/01/12

Muang Thai LifeInsurance Financial Strength BBB+ / stable BBB+ / stableLast change 29/12/10 16/12/10

Etiqa Insurance Berhad (Malaysia)Insurance Financial Strength A / stableLast change 26/09/11

Holdings ageas SA/NVLong-term BBB- / A-3 Baa3 / P-3 * BBB+ / F2Outlook stable negative stableLast change 29/11/12 26/07/12 14/12/12

After market closes

Investor’s Update

18 September 2013

London

On Vision 2015

Save The Date !

Andaz

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.


Investor Relations

Tel: E-mail: Website:

+ 32 2 557 57 34 [email protected] www.ageas.com

Investor Relations


Economy & Finance

3M results 2013