Presentation 3M 2016 results

Periodical Financial Information

3M 2016RESULTS

Main messagesAgeas reports a solid start of the year

1Periodic financial Information I 3M 16 results I 19 May 2016

*Consolidated entities only

Insurance

performance

Group result

Balance sheet

Insurance net profit of EUR 201 mio (+1%)

Inflow @ 100% of EUR 11.1 bn (+11%)

Life Guaranteed margin at 103 bps (vs.91 bps)

Group combined ratio at 97.8%* (vs.96.6%)

Life Technical Liabilities at EUR 75.9 bn* (+2% vs. YE 2015)

Group net loss of EUR 633 mio

General Account net loss of EUR 834 mio as result of provision for

Fortis settlement

Shareholders’ equity at EUR 10.3 bn or EUR 49.10 per share

UG/L at EUR 2.9 bn or EUR 13.81 per share

Insurance Solvency IIageas at 182%, Group ratio at 180%

Total Liquid Assets General Account at EUR 1.2 bn (vs.EUR 1.6 bn)


Progress in solving legal legaciesSettlement between Ageas & claimants organisations

Ageas pays EUR 1,204 mio compensation

In IFRS results 3M 2016

P&L impact of EUR 899 mio

Cash impact of EUR 1,021 mio

No recognition of any wrongdoing by Ageas

Commitment by eligible shareholders to abandon any ongoing civil proceeding &

not to start any legal proceeding related to the events

Intervention of Amsterdam Court declaring settlement binding

First distribution of compensation starting only after at least 18 months after

announcement

Announcement

14/03/2016

Based on WCAM


Progress in streamlining & building business portfolioAcquisition in Portugal & sale of Hong Kong

Acquisition closed on 1 April 2016

Positioning Ageas #2 in inflows in Portugal

Non-Life: #3 – 14% market share

Life: #3 – 19% market share

Cash impact General Account in Q1 2016

Consolidation of activities as from Q2 2016

Company rebranded to Ageas Seguros

Acceleration of shift in business mix

Adding distribution through agents & direct

Sale completed on 12 May 2016

Accounting impact in Q2 2016

P&L Asia: EUR 0.2 bn

P&L General Account: EUR 0.2 bn

Cash General Account EUR 1.26 bn

Solvency IIageas Insurance not impacted

Solvency IIageas group around 30pp positive

Full commitment to growth markets in Asia

Asian regional office remains in Hong Kong

Hong Kong

Portugal

Net result: Solid Non-LifeIn EUR mio In EUR bn

Non-Life combined ratio: slightly up on Brussels terrorism events (4pp)

Inflow*: strong Life growth in Asia & Belgium

In EUR bn

Total Insurance: HeadlinesInflow above EUR 11.1 bn - Strong operating performance in all segments


Life Technical liabilities up

Operating margin Guaranteed: cap gains on Real Estate in BE

Operating margin Unit-Linked: at break even in CEU

In % avg technical liabilities In % avg technical liabilities

* incl. non-consolidated partnerships @ 100%

In % NEP

148 143

50 58

198 201

3M 15 3M 16

Life Non-Life

8.39.4

1.7

1.710.0

11.1

3M 15 3M 16

Life Non-Life

74.1 75.9

61.1 62.6

135.2 138.5

FY 15 3M 16

conso non-conso

96.6% 97.8%

3M 15 3M 16

0.91%1.03%

3M 15 3M 16

0.39%0.25%

3M 15 3M 16

95.8%99.7%

3M 15 3M 16


Net result: Non-Life incl. EUR 19 mioimpact of terrorism events In EUR mio In EUR bn In EUR bn

In % avg. technical liabilities In % avg. technical liabilitiesIn % NEP

7282

2318

95100

3M 15 3M 16

Life Non-Life

1.01.3

0.6

0.61.5

1.8

3M 15 3M 16

Life Non-Life

56.3 58.2

FY 15 3M 16

0.82%0.98%

3M 15 3M 16

0.47%

0.23%

3M 15 3M 16

Belgium : HeadlinesSolid overall performance - higher realized capital gains but impact of terrorism events

Inflow: strong increase in Guaranteed Life

Life Technical liabilities slightly up when excl. shadow accounting

Combined ratio: significant impact of terrorism events (8.6pp)

Operating margin Guaranteed: up on impact of cap gains, mainly RE

Operating margin Unit-Linked: Lower risk & expense result

In EUR mio


In % NEPIn EUR bn


0.6 0.6

3M 15 3M 16

99.7% 99.0%

3M 15 3M 16

United Kingdom: HeadlinesMotor driving inflow growth & result improvement

Improved Motor result & realisedcapital gains

Inflow 6% up at constant FX, driven by volume growth in Motor

Combined ratio: improvement in Motor offsetting all other product lines

16

25

3M 15 3M 16

Net profit down due to equity markets vs. tax credit in 3M ‘15In EUR mio In EUR bn

Non-Life combined ratio excellent both in Portugal & Italy

Inflow* down on lower guaranteed sales in Portugal In EUR bn

Continental Europe: Headlines Strong operating performance partly offset by downward equity market

Operating margin Guaranteed up on higher investment result in France


Life Technical liabilities fairly stable

In % avg technical liabilities

Operating margin Unit-Linked: lower fee incomeIn % avg technical liabilitiesIn % NEP


1.2 1.0

0.30.3

1.51.3

3M 15 3M 16

Life Non-Life

21

7

7

8

29

15

3M 15 3M 16

Life Non-Life

14.6 14.5

18.8 18.7

33.4 33.2

FY 15 3M 16

conso non-conso

88.1% 87.4%

3M 15 3M 16

0.02% 0.00%

3M 15 3M 16

1.05% 1.17%

3M 15 3M 16

Net result: Life result stable - Non-Life result driven by MalaysiaIn EUR mio In EUR bn

Non-Life combined ratio: strong decrease on lower expenses

Inflow* up 19% at constant FX growth mainly up in China & Thailand

Life Technical liabilities up across all non-consolidated entitiesIn EUR bn

Asia: Headlines Life result driven by new business growth & financial results


In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: impacted by higher distribution costs

Result non-conso JV’s: strong result in China, Thailand & Non-Life Malaysia

In % NEP


55 54

3 7

58 61

3M 15 3M 16

Life Non-Life

6.17.1

0.3

0.36.4

7.4

3M 15 3M 16

Life Non-Life

92.1%

86.4%

3M 15 3M 16

2.55%

1.74%

3M 15 3M 16

3.2 3.2

42.3 43.9

45.5 47.0

FY 15 3M 16

Conso Non-conso

44 49

3747

55

3M 15 3M 16

Life Non-Life

78.4%

3M 15 3M 16

In EUR mio


In % NEPIn EUR mio

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

Net result Inflows Combined ratio

1

3M 15 3M 16

11

3M 15 3M 16

0 0 0

(1,064) (1,107)

FY 15 3M 16

Net result driven by settlement Fortis eventsIn EUR mio

Accounting value of remaining legacies:

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


Total liquid assets down on business development & SBB

In EUR mio

RPN(i) impact on P&L Staff & Operating expenses up on costs legal settlement

In EUR mio In EUR mio

In EUR mio

44

(834)

3M 15 3M 16

In EUR mio

Accounting value put option on AG Insurance

(402) (328)

41 54

(133)

(1,021)

FY 15 3M 16

RPN(i) RPI Settlement

1.61.2

FY 15 3M 16

36

73

3M 15 3M 16

3 4

8

2112

25

3M 15 3M 16

Staff & Intercompany Operating


Shareholders’ equity down on provision for legal settlementDown to EUR 10.3 bn or EUR 49.10/share with UG/L of EUR 13.69/share

In EUR mio

7,095 7,529

2,9522,904

1,330

(109)

201

(834) (77)(75) (12) (61) (186) (8)

EUR 53.59 EUR 49.10

11,376

10,324

FY 15 ResultInsurance

ResultGen Acc

ChangeUG/L

TreasuryShares

IAS 19 Reval AGput option

Forex Other 3M 16

InsuranceUCG/L

InsuranceUCG/L

Shareholders’

equity per

segment

Shareholders’

equity per share

FY 15 3M 16 FY 15 3M 16

Belgium 4,932 ► 4,878 Asia 3,009 ► 3,163

UK 1,129 ► 1,100 Reinsurance 101

Continental Europe 977 ► 1,191 Insurance 10,047 ► 10,433

General Account 1,330 ► (109)

Periodic financial Information I 3M 16 results I 19 May 2016

Insurance Solvency IIageas comfortably above the 175% targetInsurance ratio stable on FY 2015 – Group ratio impacted by settlement

Solvency IIageas

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participationsBelgium UK CEU Asia Reins. Diversification Insurance GA Group

12

242% 235% 130% 138% 131% 143% 179% 153% 0% 250% 182% 182% 212% 180% 253% 256%

2.9 2.9

0.8 0.8 0.7 0.70.3 0.3 0.0

(0.3) (0.3)

4.4 4.5

0.0 0.0

4.4 4.5

0.71.5

6.9 6.8

1.1 1.1 0.9 1.00.6 0.5

0.1 (1.5)(1.3)

8.0 8.1

1.4

(0.0)

9.4

8.1

1.8

3.7

FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16 FY 15 3M 16

Impact decreasing i-rates on own funds absorbed by non-transferable

2016 started well- windfalls & setbacks levelled each

other out

Closing sale Hong Kong &

acquisition Portugal

Stable Solvency IIageas

Conclusions: 2016 started well


Annexes Insurance Activities

Investment portfolio

General Account

Equity / Solvency

Litigations

General Information

Periodic financial Information I 3M 16 results I 19 May 2016 15

Key financials Insurance ROE reaching 11% target

In EUR mio 3M 15 3M 16

Gross inflows 9,993 11,111 11%

Net result Insurance 198 201 1%

By segment: - Belgium 95 100 5%

- UK 16 25 53%

- Continental Europe 29 15 (48%)

- Asia 58 61 4%

- Reinsurance 0 1By type: - Life 148 143 (3%)

- Non-Life 50 58 15%

Net result General Account 44 (834)

Net result Ageas 241 (633)Earnings per share (in EUR) 1.10 (3.00)

Life Operating Margin Guaranteed 0.91% 1.03%

Life Operating Margin Unit-Linked 0.39% 0.25%

Combined ratio 96.60% 97.80%

FY 15 3M 16

Shareholders' equity 11,376 10,324 (9%)

Net equity per share (in EUR) 53.59 49.10

Insurance ROE excl.UG/L 11.0% 11.0%

Insurance Solvency IIageas ratio 182% 182%

Net result: Solid Non-LifeIn EUR mio In EUR bn

Non-Life combined ratio: slightly up on Brussels terrorism events (4pp)

Inflow*: strong Life growth in Asia & Belgium

In EUR bn

Total Insurance: HeadlinesInflow above EUR 11.1 bn - Strong operating performance in all segments


Life Technical liabilities up

Operating margin Guaranteed: cap gains on Real Estate in BE

Operating margin Unit-Linked: at break even in CEU

In % avg technical liabilities In % avg technical liabilities


In % NEP

148 143

50 58

198 201

3M 15 3M 16

Life Non-Life

8.39.4

1.7

1.710.0

11.1

3M 15 3M 16

Life Non-Life

74.1 75.9

61.1 62.6

135.2 138.5

FY 15 3M 16

conso non-conso

96.6% 97.8%

3M 15 3M 16

0.91%1.03%

3M 15 3M 16

0.39%0.25%

3M 15 3M 16

Inflow @ 100% EUR 11 bn/quarter mark reached - Growth driven by China, Thailand & Belgium


EUR mio 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16

Belgium 75% 958 1,259 31% 588 585 (0%) 1,545 1,844 19%

United Kingdom - 563 578 3% 563 578 3%

Consolidated entities 100% - 435 454 4% 435 454 4%

Non-consolidated JV's 128 124 (3%) 128 124 (3%)0 0

Continental Europe 1,168 1,045 (10%) 293 294 0% 1,461 1,340 (8%)

Consolidated entities 657 463 (29%) 129 140 9% 786 604 (23%)

Portugal 51% - 100% 459 286 (38%) 79 89 13% 538 375 (30%)

France 100% 198 177 (10%) 198 177 (10%)

Italy 50% 50 51 3% 50 51 3%

Non-consolidated JV's 511 582 14% 164 154 (6%) 675 736 9%

Turkey (Aksigorta) 36% 164 154 (6%) 164 154 (6%)

Luxembourg (Cardif Lux Vie) 33% 511 582 14% 511 582 14%

Asia 6,132 7,073 15% 291 277 (5%) 6,423 7,350 14%

Consolidated entities 100% 126 120 (5%) 126 120 (5%)

Non-consolidated JV's 6,006 6,953 16% 291 277 (5%) 6,297 7,230 15%

Malaysia 31% 142 151 6% 216 195 (10%) 359 346 (4%)

Thailand 31%-15% 645 693 7% 75 83 10% 720 775 8%

China 25% 5,148 6,048 17% 5,148 6,048 17%

Philippines 50% 0 0 0 0 Vietnam 32% 0 0 0 0 India 26% 71 61 (14%) 71 61 (14%)

Insurance Ageas 8,257 9,377 14% 1,735 1,734 (0%) 9,993 11,111 11%#DIV/0! ###### ######

Consolidated entities 1,741 1,842 6% 1,152 1,180 2% 2,893 3,022 4%

Non-consolidated JV's 6,517 7,535 16% 583 555 (5%) 7,100 8,089 14%

Reinsurance 0 11 0 11

Life Non-Life Total

Inflow @ Ageas’s partStrong growth in Asian JV’s & Guaranteed Life in Belgium

In EUR mio


718 944

603 517

1,669 1,903

2,990 3,364

0

441

439

499 516

163 170

78

73

1,182

1,197

19%

3%

(10%)

13%

9%

1,159

1,383

766 687

1,748

1,975

4,172

4,562

0 11

3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16

Up 11% @ constant FX

BE: sales Savings product up in anticipation of lower guaranteed rate

UK: growth in Motor

Non-Life

Life

Belgium UK CEU Asia Insurance Reins.

Insurance net resultResults flat despite terrorism events & equity movements

72 82

21 7

55 54

148 143

2318

1625

7

8

3 7

50 58

95 100

16 25 29

15

58 61

0 1

198 201

3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16 3M 15 3M 16


EUR 36 mio higher realised net cap gains – mainly real estate

BE: EUR 19 mio impact terrorism events

CEU: downward equity movement & absence tax credit

Non-Life

Life

Belgium UK CEU Asia Reins. Insurance

In EUR mio

10/03/2010 I page 20

Overview of net realised capital gains* by segmentHigher impact of net capital gains


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

CEU JV’s not included

EUR mio 3M 15 3M 16

Life 16 41 Cap gain on real

Non-Life 1 8 estate transaction

Total Belgium 17 50

Non-Life 5 8

Total UK 5 8

Life 2 (1)

Non-Life 0 0 Downward equity movements

Total CEU 2 (1)

Life 5 8

Non-Life 2

Total Asia 5 9

Life 23 48

Non-Life 6 18

Total Ageas 30 66


Insurance Combined ratio Strong combined despite terrorism impact

Combined ratio

Benefiting substantially from PY claims

Brussels terrorism events impacting for around

4pp - mainly in Other lines & Accident & Health

Household: no significant weather events

Motor : significant improvement in UK

Claims ratio

CY claims ratio at 73.0% (vs.69.3%) - when

excluding terrorism most significant

improvement in Accident & Health and

Household

PY claims ratio significantly higher than usual -

coming from positive evolution in UK & mainly

BE

Expense ratio

Lower UK commissions

73.2% 69.0% 68.1% 64.3% 64.4% 62.2% 61.2% 63.2%

32.8%31.1% 31.0%

34.0% 35.2% 34.6% 35.4% 34.6%

106.0%100.1% 99.1% 98.3% 99.6%

96.8% 96.6% 97.8%

(3.7%) (3.5%) (3.1%) (3.8%) (4.0%) (5.9%)(8.1%) (9.8%)

2010 2011 2012 2013 2014 2015 3M 15 3M 16

claims ratio expense ratio PY claims ratio

Net earned premium (In EUR mio)

2,858 3,507 4,178 3,749 3,843 4,038 985 987

74.3% 71.9% 70.5% 70.0% 67.3% 65.4% 64.6% 69.6%

24.8% 25.0% 25.5% 25.6% 27.0% 28.3% 27.4%28.4%

99.1% 96.9% 96.0% 95.6% 94.3% 93.7% 92.0%98.0%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

78.4% 72.0% 73.6% 69.8% 69.6% 69.2% 69.2% 65.9%

29.0%25.3% 25.4% 29.3% 29.7% 29.0% 32.2% 30.0%

107.4%97.3% 99.0% 99.1% 99.3% 98.2% 101.4%

95.9%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

75.0%61.9% 55.6% 51.5% 51.5% 50.4% 52.5% 53.3%

43.2%

41.5%41.6% 44.0% 44.6% 43.7% 41.8% 43.2%

118.2%

103.4%97.2% 95.5% 96.1% 94.1% 94.3% 96.5%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

42.9%

67.2% 66.5% 62.4% 71.2%57.9%

45.0%65.3%

41.2%

44.8% 44.9% 45.5%50.6%

46.1%

47.2%

44.0%

84.1%

112.0%111.4%107.9%

121.8%

104.0%92.2%

109.3%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

Insurance Combined ratio per product lineStrong improvement in Motor

Motor: significant improvement in UKAccident & Health: 7.4pp impact terrorism events

Other: deteriorating accross all segments – 13.1pp terrorismHousehold: no significant weather events


NEP 714 736 763 813 813 811 200 196 NEP 1,134 1,571 2,058 1,557 1,616 1,709 418 426

NEP 750 892 1,007 986 1,029 1,078 265 262 NEP 261 308 349 394 385 439 102 103

0.11% 0.13% 0.12%0.17% 0.19%

0.10%

0.01%

(0.02%)

0.02%

0.01% 0.02%

0.05%

0.37%

0.18%

0.06%

0.18%0.18%

0.10%

0.48%

0.28%

0.20%

0.36%0.39%

0.25%

2012 2013 2014 2015 3M 15 3M 16

Expense & other m.

Investment m.

Underwriting m.

0.44% 0.43% 0.38% 0.33% 0.37% 0.38%

0.87% 0.83% 0.90%0.80% 0.80%

0.94%

(0.33%) (0.31%)(0.39%)

(0.23%) (0.26%) (0.29%)

0.99% 0.96% 0.89%

0.90% 0.91%

1.03%

2012 2013 2014 2015 3M 15 3M 16

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

Guaranteed: driven by investment margin Unit-linked: decrease driven by Belgium & Hong Kong

Underwriting margin down mainly in Hong Kong

Expense & other margin down on lower risk margin in BE

Investment margin: higher realized cap gains in BE & CEU

Underwriting margin: lower in BE & improvement in HK

Expense margin: higher expenses in HK


Avg techn liabilities (In EUR bn)

54.0 55.5 56.9 57.9 57.8 58.5


11.8 12.3 12.6 13.0 13.3 12.8

95.8%99.7%

3M 15 3M 16


Net result: Non-Life incl. EUR 19 mioimpact of terrorism events In EUR mio In EUR bn In EUR bn

In % avg. technical liabilities In % avg. technical liabilitiesIn % NEP

7282

2318

95100

3M 15 3M 16

Life Non-Life

1.01.3

0.6

0.61.5

1.8

3M 15 3M 16

Life Non-Life

56.3 58.2

FY 15 3M 16

0.82%0.98%

3M 15 3M 16

0.47%

0.23%

3M 15 3M 16

Belgium : HeadlinesSolid overall performance - higher realized capital gains but impact of terrorism events

Inflow: strong increase in Guaranteed Life

Life Technical liabilities slightly up when excl. shadow accounting

Combined ratio: significant impact of terrorism events (8.6pp)

Operating margin Guaranteed: up on impact of cap gains, mainly RE

Operating margin Unit-Linked: Lower risk & expense result

168 164

170 169

187 189

63 63

588 585

3M 15 3M 16

822

1,126

136

133

958

1,259

3M 15 3M 16

+31%

Life

In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor


Belgium: Inflow @ 100%Guaranteed Individual Life: increase in short term investment products

Unit-linked

Inflows in Unit-Linked slightly decrease by 2%

Guaranteed

Increase in short term investment products in anticipation of lower

guaranteed rate from 1% to 0.75% as from 1 April. Overall client

returns remain attractive relative to savings alternatives.

Group Life Inflow down 5% mainly driven by lower single

premiums

Technical liabilities end-of-period

Up 3.4% vs. FY ‘15 as a consequence of the declined interest

rates – up 0.7% when excluding shadow accounting

Household, Motor, Other

Stable

Accident & Health

Pruning actions in Workmen’s Compensation


Net earned premium (in EUR mio)

68.7% 64.3% 62.7% 63.2% 63.5%56.9% 57.8% 61.4%

36.4%36.8% 36.8% 36.7% 37.7%

37.8% 38.0%38.3%

105.1%101.1% 99.5% 99.9% 101.2%

94.7% 95.8%99.7%

(6.6%) (7.3%) (4.5%) (3.6%) (3.4%)(7.2%)

(13.3%) (16.3%)

2010 2011 2012 2013 2014 2015 3M 15 3M 16


1,541 1,601 1,698 1,785 1,815 1,832 454 451

Belgium: Combined ratio Strongly affected by the Brussels terrorism events & benefiting from PY releases

Combined ratio

Negative impact of 8.6% relating to Brussels

terrorism events of 22 March 2016 partly offset

by higher prior year result

Excl. terrorism, combined ratio of 91.1%;

benefiting from strong PY releases

Claims ratio

CY ratio at 77.7% (vs. 71.1%) - impact terrorism

events mainly in Workmen’s Compensation

(Accident & Health) & Other Lines

PY ratio: strong positive results in all product

lines

Expense ratio stable

75.8% 73.8% 73.0% 73.7% 70.1% 70.4% 68.9% 74.8%

21.9% 23.8% 24.0% 23.8% 25.4% 27.6% 26.9%28.5%

97.7% 97.6% 97.0% 97.5% 95.5% 98.0% 95.8%103.3%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

10.4%

58.2% 65.9% 66.1%87.5%

65.8%53.3%

75.3%

50.9%

49.5%48.1% 47.2%

47.6%

45.0%

45.7%

45.6%

61.3%

107.7%114.0%113.3%

135.1%

110.8%99.0%

120.9%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

75.6%63.0%

50.5% 51.4% 51.7% 43.9%54.0% 52.8%

47.1%

46.9%

46.2% 45.6% 45.7%45.2%

45.5% 45.3%

122.7%

109.9%

96.7% 97.0% 97.4%89.1%

99.5% 98.1%

2010 2011 2012 2013 2014 2015 3M 15 3M 16


71.0%58.9% 64.7% 64.7% 62.6% 56.2% 53.4% 54.8%

35.7%

35.3%35.8% 36.3% 37.2%

36.4% 37.3% 36.9%

106.7%

94.2%100.5%

101.0%99.8%

92.6% 90.7% 91.7%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

Belgium: Combined ratio per product lineSolid combined ratio Motor & Household

Accident & Health: significant impact terrorism event in

Workmen’s Compensation

Motor: stable at a strong 91.7%

Household: good results driven by good claims ratio Other: strong impact of the terrorism events

NEP 451 451 480 507 504 484 122 116 NEP 498 525 540 552 562 568 140 140

NEP 463 484 530 564 579 595 147 149 NEP 129 142 149 162 170 185 46 46

0.04%

0.04%(0.02%)

0.01%

0.05%

0.44%0.38%

0.32% 0.31%

0.42%

0.23%

0.47%0.41%

0.30% 0.32%

0.47%

0.23%

2012 2013 2014 2015 3M 15 3M 16

Investment m.

Expense & other m.

Underwriting m.


0.32% 0.32% 0.30% 0.25% 0.29% 0.27%

0.93% 0.88% 0.95%0.88% 0.84%

1.02%

(0.29%) (0.31%) (0.38%)(0.27%) (0.31%) (0.31%)

0.96% 0.89% 0.87%

0.86% 0.82%

0.98%

2012 2013 2014 2015 3M 15 3M 16

Insurance Life operating margin per product lineStrong margins in Guaranteed - UL margins decreased significantly

Guaranteed: exceptionally strong on Real Estate cap gains Unit-linked: significantly lower expense & other margin

Investment margin strong increase mainly due to higher

realized capital gains in Real Estate despite lower

investment yield

Underwriting margin down due to risk margin

Expense & other margin stable

Expense & other margin large decrease due to lower risk

result (higher level of mortality reserving) & lower expense

result


44.9 46.4 47.5 48.1 48.0 48.3


5.2 5.4 5.7 5.9 6.0 6.0

29

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

Life

Back book

FY 13 FY 14 FY 15 Q1 16

Guaranteed interest rate 2.80% 2.71% 2.63% 2.59%

Fixed income yield 3.97% 3.84% 3.71% 3.64%

FY 14 FY 15 Q1 16

Fixed income yield 2.89% 2.11% 2.14%

Reinvested amount (EUR bn) 4.6 4.2 0.9

New money are mostly corporate bonds, government related loans &

infrastructure loans

New investments in Q1 had all investment grade quality

Guaranteed yield lowered to 0.75% as from 1 April 2016

New money

Life & Non-Life

In EUR mio


In % NEPIn EUR bn


0.6 0.6

3M 15 3M 16

99.7% 99.0%

3M 15 3M 16

United Kingdom: HeadlinesMotor driving inflow growth & result improvement

Improved Motor result & realisedcapital gains

Inflow 6% up at constant FX, driven by volume growth in Motor

Combined ratio: improvement in Motor offsetting all other product lines

16

25

3M 15 3M 16

15 9

367 398

123116

59 55

563 578

3M 15 3M 16

Motor

Other

Household

Accident & Health

In EUR mio

3%


United Kingdom: Inflow @ 100%Non-Life Inflow up 3% driven by volume growth – up 6% at constant FX

Non-Life

Up 3%, up 6% at constant FX driven by volume

Motor increased volumes as a result of rating actions taken ahead of

market price increases

Household slightly down against continued competitive market

conditions

Other lines slightly down, reflecting exchange rate as well as

realignment of ancillary products into Motor & Household


81.5%74.6% 73.3%

65.6% 66.3% 69.3% 65.3% 66.6%

28.0%

25.3% 26.5%

32.2% 33.5%32.7%

34.4% 32.4%

109.5%

99.9% 99.8% 97.8% 99.8% 102.0% 99.7% 99.0%

(1.1%)0.1%

(2.1%) (4.0%) (4.6%) (4.4%) (3.4%) (4.2%)

2010 2011 2012 2013 2014 2015 3M 15 3M 16




948 1,524 2,083 1,562 1,613 #N/A 422 413

United Kingdom: Combined ratio Combined ratio improvement driven by Motor

Combined ratio

Combined ratio sub 100% performance in the

major product lines Motor & Household

Combined ratio Tesco Underwriting at 100.1%

(vs. 106.6%) as a result of lower personal injury

& accident claims in Motor

Claims ratio

Claims ratio adverse current year ratio partially

offset by favourable prior year releases

CY ratio at 70.8% (vs. 68.7%) reflecting some

weather-related claims, compared with benign

weather in Q1 ‘15

PY ratio: driven by higher releases in Motor

Expense ratio

Improvement related to lower commission

expenses & lower cost ratio

2015 included Groupama integration costs

Restatement for deconsolidation of Tesco Underwriting since 2013 – 3M 15 figures restated for consolidation Non-Life & Other

97.9%87.7%

78.1% 76.2%66.0%

55.8% 54.1% 58.5%

24.0%23.2%

28.2% 34.3%38.7%

43.6% 49.6%50.6%

121.9%110.9%

106.3%110.5%104.7%

99.4% 103.7%109.1%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

82.9% 79.2% 77.2% 71.9% 74.6% 76.0% 77.1% 72.4%

23.3% 19.5% 21.3%25.0% 25.1% 24.7% 29.3%

26.3%

106.2%

98.7% 98.5% 96.9% 99.7%100.7%106.4%

98.7%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

77.4%61.4% 62.3%

51.4% 51.0%62.2%

49.8% 53.3%

38.2%

35.3% 36.7%42.4% 43.3%

43.0%

37.6% 41.6%

115.6%

96.7%99.0%

93.8% 94.3%105.2%

87.4%94.9%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

75.1% 71.6% 67.7% 59.8% 56.0% 55.5%40.0%

62.4%

30.4% 39.3% 42.1%44.4% 54.3% 47.8%

49.9%

44.0%

105.5%110.9%109.8%104.2%

110.3%103.3%

89.9%

106.4%

2010 2011 2012 2013 2014 2015 3M 15 3M 16


United Kingdom: Combined ratio per product lineImproved Motor loss ratio offsetting other product lines

Accident & Health: higher claims & lower volumes Motor: higher PY releases & lower expenses

Household: very benign Q1 ‘15 Other: lower PY releases & absence of integration costs

NEP 58 65 57 79 71 72 15 10 NEP 532 949 1,420 907 958 1,047 255 262

NEP 248 366 434 374 399 413 104 93 NEP 110 143 173 202 185 220 48 48

Restatement for deconsolidation of Tesco Underwriting since 2013 – 3M 15 figures restated for consolidation Non-Life & Other

Net profit down due to equity markets vs. tax credit in 3M ‘15In EUR mio In EUR bn

Non-Life combined ratio excellent both in Portugal & Italy

Inflow* down on lower guaranteed sales in Portugal In EUR bn

Continental Europe: Headlines Strong operating performance partly offset by downward equity market

Operating margin Guaranteed up on higher investment result in France


Life Technical liabilities fairly stable

In % avg technical liabilities

Operating margin Unit-Linked: lower fee incomeIn % avg technical liabilitiesIn % NEP


1.2 1.0

0.30.3

1.51.3

3M 15 3M 16

Life Non-Life

21

7

7

8

29

15

3M 15 3M 16

Life Non-Life

14.6 14.5

18.8 18.7

33.4 33.2

FY 15 3M 16

conso non-conso

88.1% 87.4%

3M 15 3M 16

0.02% 0.00%

3M 15 3M 16

1.05% 1.17%

3M 15 3M 16

642 594

526451

1,1681,045

3M 15 3M 16

102 109

69 71

6573

57 41

293 294

3M 15 3M 16

(11)%

Life In EUR mio

Non-Life In EUR mio

Continental Europe: Inflow @ 100%Lower sales of guaranteed products in Portugal


Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

Life

Inflow including non-controlling interests @ 100%, down primarily as

result of lower sales of Guaranteed products in Portugal

Consolidated down 29%

Portugal: down 38% reflecting voluntary lower sales in guaranteed

business in a continued low interest rate environment. Unit-Linked

21% up on last year

France: down 11% compared to high level single premium in 3M

‘15 - recurring inflow stable

Luxembourg: up 14% benefiting from strong wealth management

inflow

Technical liabilities end-of-period

Consolidated in line with year-end at EUR 14.5 bn

Including non-consolidated JVs @ 100%: stable at EUR 33.2bn

Non-Life

Inflow consolidated entities up 9% driven by an excellent performance

in Portugal strongly outperforming the market (+4%)

Turkey down 6%, up 10% @ constant FX - Sales focused on profitable

growth & short term products



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


* Scope: only consolidated companies

369 382 397 403 415 454 108 118

Combined ratio

Combined significantly lower reflecting a good

performance in all entities

Combined ratio Turkey at 100.0% (vs. 106.8%)

Results improved in Motor TPL & Household -

3M ‘15 impacted by bad weather

Claims ratio

CY ratio at 64.1% (vs 64.8%) decrease driven

by Accident & Health in Portugal & Motor in

Italy

PY ratio slightly up

Expense ratio

Expense ratio continued focus on cost

containment - commission ratio slightly higher

71.0% 66.4% 63.6% 63.7% 61.3%55.9% 60.0% 59.0%

30.3%30.3%

29.8% 30.0%30.8%

29.5%28.1% 28.4%

101.3%96.7%

93.4% 93.7% 92.1%85.4% 88.1% 87.4%

1.9%(2.0%) (2.5%) (4.0%) (4.3%) (6.5%) (4.8%) (5.1%)

2010 2011 2012 2013 2014 2015 3M 15 3M 16


64.2% 63.5% 63.3% 59.7% 61.9% 58.8% 58.7% 62.5%

31.6% 27.8% 28.2% 26.6% 26.7% 25.2% 23.1% 25.0%

95.8%91.3% 91.5%

86.3% 88.6%84.0% 81.8%

87.5%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

90.5%71.8% 69.8%

79.3%60.1%

71.5% 77.1%59.1%

27.0%

29.2% 28.1%29.2%

31.6%

32.3%33.2%

30.2%

117.5%

101.0%97.9%108.5%

91.7%

103.8%110.3%

89.3%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

53.5% 53.7% 51.8% 53.5% 54.0%36.1%

55.7% 55.4%

27.7% 34.2% 33.5% 38.8% 40.3%

35.9%

35.6% 33.9%

81.2%87.9% 85.3%

92.3% 94.3%

72.0%

91.3% 89.3%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

73.3%94.5%

62.8% 59.6%72.3%

31.7% 27.4% 36.6%

39.0%

50.0%

43.3% 43.7%

45.1%

40.8% 39.3%40.5%

112.3%

144.5%

106.1%103.3%

117.4%

72.5%66.7%

77.1%

2010 2011 2012 2013 2014 2015 3M 15 3M 16

Continental Europe: Combined ratio per product lineFavourable claims experience

Motor: improving claims & expenses in ItalyAccident & Health: lower PY development

Household: good claims ratio in Italy partly offset by 1

large claim & storms in Portugal

Other: Release of provison on 2 old claims in Q1 ‘15


NEP 205 220 226 227 238 255 63 69 NEP 104 97 99 99 96 94 23 23

NEP 39 42 44 48 51 70 15 17 NEP 21 23 28 29 30 35 8 9

Continental Europe Life operating margin per product lineHigher operating margin Guaranteed due to investment result

Guaranteed: operating margin up on investment margin Unit-linked: decreasing expense & other margin


Decreased expense & other margin related to less fees Investment margin well above 3M ‘15 in France

Underwriting margin in line with last year

Expenses & other margin stable on last year

1.18% 1.06% 0.95% 1.00% 0.99% 1.00%

0.69%0.68%

0.77% 0.59%0.75%

0.87%

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

(0.71%) (0.69%) (0.70%)

1.02%0.91% 0.70%

0.88%1.05%

1.17%

2012 2013 2014 2015 3M 15 3M 16

0.01% (0.05%) 0.01%0.01% 0.03%

0.02%0.01%

0.01%

0.02%

0.02%0.02%

0.41%

0.51%

0.09% 0.04%

(0.01%) (0.05%)

0.44%

0.47%

0.10%

0.07% 0.02%0.00%

2012 2013 2014 2015 3M 15 3M 16

Expense & other m.

Underwriting m.

Investment m.


7.8 7.6 7.7 8.0 8.0 8.2


6.1 6.3 6.2 6.1 6.3 5.9

Net result: Life result stable - Non-Life result driven by MalaysiaIn EUR mio In EUR bn

Non-Life combined ratio: strong decrease on lower expenses

Inflow* up 19% at constant FX growth mainly up in China & Thailand

Life Technical liabilities up across all non-consolidated entitiesIn EUR bn

Asia: Headlines Life result driven by new business growth & financial results


In % avg technical liabilities In EUR mio

Life operating margin Hong Kong: impacted by higher distribution costs

Result non-conso JV’s: strong result in China, Thailand & Non-Life Malaysia

In % NEP


55 54

3 7

58 61

3M 15 3M 16

Life Non-Life

6.17.1

0.3

0.36.4

7.4

3M 15 3M 16

Life Non-Life

92.1%

86.4%

3M 15 3M 16

2.55%

1.74%

3M 15 3M 16

3.2 3.2

42.3 43.9

45.5 47.0

FY 15 3M 16

Conso Non-conso

44 49

3747

55

3M 15 3M 16

Life Non-Life

+15%

-5%

Household

Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked

Asia: Inflow @ 100%Strong new business growth, inflows impacted by 4% unfavourable FX

Accident & Health

Other


6,0507,009

82

646,132

7,073

3M 15 3M 16

106 103

32 31

23 26

131 117

291277

3M 15 3M 16

Life

New business premiums up 16% with EUR 2.7 bn single premium (-1%)

& EUR 1.8 bn regular premium (+60%)

Renewal premiums increased to EUR 2.5 bn (+14%) benefiting from

prior year strong sales & continued good persistency

Hong Kong -5%, market impacted by new regulations mainly in Agency

channel. Banca performed well in regular premium

China +17%, New business premium up 20% with successful sales

campaigns & increased number of agents

Malaysia +6% - New business premium up 8%; strong sales in Banca

regular premium

Thailand +7%, good persistency resulted in higher renewal

India -14% - good performance in Banca regular premium

Technical liabilities – end-of-period

Hong Kong: EUR 3.2 bn, stable vs. FY ‘15, up 5% at constant FX

Including non-consolidated JVs @ 100%: EUR 47.0 bn, up 5% vs FY 15

Non-Life

Malaysia -10%, Mainly driven by Household

Thailand +10%, Mainly driven by Motor & Personal Accident

Hong Kong Life operating margin per product lineOperating margin affected by impairments & higher expenses

Guaranteed: impacted by equity impairments Unit-linked: lower surrender margin


Underwriting margin deteriorated due to lower surrender

margin

Expense & Other margin improved following shift towards

products with lower new business strain

Investment margin deteriorated due to equities impairments

Underwriting margin improved on better claims experience

(net of reinsurance) & improved surrender margin

Expense & Other margin lower due to higher expense &

distribution costs

(0.15%) (0.32%)(0.47%) (0.43%) (0.47%)

0.44%

(0.11%)

0.27%0.11%

(0.33%) (0.09%)

(0.76%)

2.52%

4.19%

3.13%

2.65%

3.28%1.93%

2.26%

4.14%

2.77%

1.89%

2.72%

1.61%

2012 2013 2014 2015 3M 15 3M 16

2.13%2.15%

2.07% 2.23% 2.15%

1.31%

(0.95%)

(5.01%)

(2.06%)

0.17%

(0.05%)

0.23%

0.20%

0.17%0.15%

0.47%

1.18% (2.86%) 0.21%

2.57%2.25% 2.01%

2012 2013 2014 2015 3M 15 3M 16

Investment m.

Expense & other m.

Underwriting m.


0.5 0.6 0.7 0.9 1.0 0.9


1.3 1.3 1.4 1.9 1.8 2.0



General Account

Equity / Solvency

Litigations

General Information


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 remained stable

Increased market value bonds because of lower interest

rates

Gross unrealized gains/losses on Available for Sale

Total portfolio: up to EUR 9.2bn (EUR 7.6 bn FY 15); up in

fixed income

Fixed income: at EUR 8.8 bn (EUR 7.1 bn FY 15)

Sovereigns at EUR 6.7 bn (vs. EUR 5.5 bn)

Corporates at EUR 2.1 bn (vs. EUR 1.6 bn)

Equities: down to EUR 0.4 bn (vs. EUR 0.5 bn)

Gross UG/L on Real Estate: stable at EUR 1.5 bn - not

reflected in shareholders’ equity

EUR 2.5 bn unrealized gains/losses on Held to Maturity (EUR 2 bn FY 15) - not reflected in shareholders’ equity

Sovereign bonds 36.4

Sovereign bonds 38.0

Corporate bonds 25.9

Corporate bonds 26.0

Structured0.2

Structured0.1

Loans7.3

Loans7.6

Equities 3.9Equities 3.5

Real Estate 5.4Real Estate 5.4

Cash 2.4Cash 2.7

81.583.3

FY 15 3M 16

Investment portfolio Investment portfolio up on unrealized gains on fixed income

Increase portfolio fully driven by lower rates

Gross UG/L at EUR 6.7 bn (vs. EUR 5.5 bn)

95% investment grade; 88% rated A or higher

Maturity sovereign bond portfolio unchanged & close

to maturity liabilities – duration gap close to zero –

limited interest rate sensitivity

Belgium18.2

Belgium18.7

France 6.0 France 6.4

4.54.7

Austria 2.8Austria 3.01.3

1.3Others 3.7

Others 3.9

36.438.0

FY 15 3M 16

In EUR bn

Sovereign bond portfolio*

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


Gross UG/L at EUR 2.1 bn (vs. EUR 1.6 bn)

Priority to investment grade industrials has led to a

slight increase within corporate bond portfolio to 54%

(vs. 52% FY 15)

Credit quality remains very good with 94% investment

grade; 63% rated A or higher

Corporate bond portfolio*

Banking 4.6 Banking 4.6

Other financials 1.7

Other financials 1.6

Non Financials

13.6

Non Financials

14.0

Government related 6.0

Government related 5.8

25.9 26.0

FY 15 3M 16

GermanyGermany

Southern EuropeSouthern Europe


Loan portfolio (customers + banks)*

Loan & Equity portfolioMore loans with guarantee

Loans to banks 1.1

Loans to banks 1.1

RE 0.4 RE 0.4

Infrastructure0.3

Infrastructure0.4

Mortgages 1.3 Mortgages 1.4

Other 4.2Other 4.3

7.37.6

FY 15 3M 16

Increase in other: long term lending to social housing

agencies in Belgium, benefiting from explicit guarantee

by the region

New investments in infrastructure loans


Equity portfolio*

Gross UG/L down to EUR 0.4 bn

Decrease in equity portfolio supported by lower

equity markets & sales

Equities 2.3Equities 1.8

Equity funds0.3

Equity funds0.3

RE funds 0.8

RE funds 0.7

Mixed funds & others 0.6 Mixed funds

& others 0.6

3.93.5

FY 15 3M 16

In EUR bn



Real estate portfolio

10/03/2010

Gross UG/L stable at EUR 1.5 bn (not reflected in

shareholders’ equity but contributing to available

capital for solvency calculation)

Real Estate exposure mainly in BelgiumInvestment Offices 2.1

Investment Offices 1.9

Car Parks1.1 Car Parks

1.1

Investment Retail 1.5

Investment Retail 1.6

0.3 0.3

0.4 0.4

5.4 5.4

FY 15 3M 16

Investment Warehouses

RE Development

Investment

Warehouses

RE Development

In EUR bn


Annexes Equity / Solvency

Insurance Activities


General Account

Litigations

General Information

(1,064) (1,107)

FY 15 3M 16

Net result driven by settlement Fortis eventsIn EUR mio

Accounting value of remaining legacies:

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


Total liquid assets down on business development & SBB

In EUR mio

RPN(i) impact on P&L Staff & Operating expenses up on costs legal settlement

In EUR mio In EUR mio

In EUR mio

44

(834)

3M 15 3M 16

In EUR mio

Accounting value put option on AG Insurance

(402) (328)

41 54

(133)

(1,021)

FY 15 3M 16

RPN(i) RPI Settlement

1.61.2

FY 15 3M 16

36

73

3M 15 3M 16

3 4

8

2112

25

3M 15 3M 16

Staff & Intercompany Operating


Total liquid assets General AccountNet cash position down on SBB & investments in Portugal & Asia

In EUR bn

Around EUR 300 mio of liquid assets included

Share buy-back – another EUR 34 mio spend as per 13/05/16

Cash-out in Asia related to various investments in developing business

Proceeds of sale Hong Kong activities received on 12/05/16 – total liquid assets will

increase with EUR 1.260 mio

1,604

1,220

(72)(70)

(200)(2) (32) (9)

FY 15 Sharebuy-back

Asia Portugal CASHES Regional& HQ

expenses

Other 3M 16


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

In EUR mio Ageas

AgeasfinluxFresh

Ageas HybridFinancingHybrone

Fixed-to-Floating Rate

Callable

Fixed Rate Reset Perpetual

Subordinated Loans

Fixed Rate Reset Dated

Subordinated Notes

CASHES

% 3m EUR + 135 bps 5.125% 5.25% 6.75% 3.5% 3m EUR +200 bps

Amountoutstanding

1,250 95 450 550 USD 400 1,110

ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE6277215545 BE0933899800

Call dateUndated,

strike 315.0 mandatory 472.5

Jun 16Step up to 3M

Euribor +200 bps

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

OtherOn lent to AG

Insurance

Subscribed byAgeas & BNP Paribas Fortis

Public issue Public issue

Coupon served by FBB, trigger ACSM

linked to Ageas dividend

Market Price (31/03/16)

56.66 100.62 112.97 106.25 94.16 65.85

Fortis Bank (now BNP PF)

AG Insurance (Belgium)

PR Ageas Hybrid Financing dd. 12/04/16: intention to call Hybrone Securities

on 20 June 2016

called


Progress in solving financial legaciesAgeas & BNP Paribas close agreement on remaining CASHES

BNP P purchases CASHES @ own discretion re purchase price & timing

Conversion into underlying Ageas shares @ end of each month

No minimum targets - expiration YE 2016

Ageas will pay pro-rata RPN(i) value to BNP P @ conversion

Ageas will receive a break-up fee

Converted CASHES: 20 in Q1 – another 477 in April

2.950 CASHES remain outstanding

Cost of convertion: EUR 1.4 mio in Q1 – another EUR 32.2 in April

12,000 convertible securities issued in 2007 @ 3m Euribor + 200 bps

12.5 mio underlying Ageas shares

After tender 02/12 37.06% outstanding: 4,447 CASHES & 4.6 mio underlying shares

Financial instrument resulting in interest payment 3m Euribor + 90 bps on RPN

Value RPN(I) liability @ 31/03/16 at EUR 328 mio

CASHESISIN BE0933899800

Held by BNP PF

Current status

Transaction details

RPN(i)Held by ageas



General Account

Equity / Solvency

Litigations

General Information


Shareholders’ equity down on provision for legal settlementDown to EUR 10.3 bn or EUR 49.10/share with UG/L of EUR 13.69/share

In EUR mio

7,095 7,529

2,9522,904

1,330

(109)

201

(834) (77)(75) (12) (61) (186) (8)

EUR 53.59 EUR 49.10

11,376

10,324

FY 15 ResultInsurance

ResultGen Acc

ChangeUG/L

TreasuryShares

IAS 19 Reval AGput option

Forex Other 3M 16

InsuranceUCG/L

InsuranceUCG/L

Shareholders’

equity per

segment

Shareholders’

equity per share

FY 15 3M 16 FY 15 3M 16

Belgium 4,932 ► 4,878 Asia 3,009 ► 3,163

UK 1,129 ► 1,100 Reinsurance 101

Continental Europe 977 ► 1,191 Insurance 10,047 ► 10,433

General Account 1,330 ► (109)

Periodic financial Information I 3M 16 results I 19 May 2016 54

Tangible net equityHigh quality capital structure

10/03/2010 I page 54

EUR bn FY 15 3M 16

IFRS Shareholders' Equity 11.4 10.3

Unrealised gains real estate 0.5 0.5

Goodwill (0.8) (0.8)

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

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

Other (0.4) (0.4)

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

25% tax adjustment DAC, VOBA & Other 0.3 0.3

IFRS Tangible net equity 10.2 9.2

IFRS Tangible net equity/ IFRS Shareholder's Equity 90% 89%


Insurance Solvency IIageas stable &comfortably above the 175% targetGroup ratio impacted by settlement – Hong Kong sale + 30pp in Q2

Solvency IIageas

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participations*Belgium UK CEU Asia Reins. Diversification Insurance GA Group

55

242% 235% 130% 138% 131% 143% 179% 153% 0% 250% 182% 182% 212% 180% 253% 256%

* For China, C-ROSS solvency calculations are applied as from 3M 2016. FY 2015 figures are not restated

Impact decreasing i-rates on own funds absorbed by non-transferable own funds

2.9 2.9

0.8 0.8 0.7 0.70.3 0.3 0.0

(0.3) (0.3)

4.4 4.5

0.0 0.0

4.4 4.5

0.71.5

6.9 6.8

1.1 1.1 0.9 1.00.6 0.5

0.1 (1.5)(1.3)

8.0 8.1

1.4

(0.0)

9.4

8.1

1.8

3.7


9.311.2

8.010.0

2.2

1.6

2.5

1.8

(5.2)

(2.0)

(0.2)

(0.40)(0.8) (1.5)

3.0

9.811.6

8.1

10.4

2.2

1.5

3.4

1.8

(5.9)

(2.3)

(0.2)

(0.55) (0.8)(1.3)

2.9


Bridge from Insurance IFRS equity to Insurance Solvency IIageas own fundsExpected dividend includes FY ‘15 & 3M ‘16 dividend – SCR Equity Associates: up in China

Revaluation to fair value

FY ‘15

56

In EUR bn

Revaluation to fair value

3M ‘16

UCG/L

UCG/L

Total equity

@ fair value

Total equity

@ fair value


Insurance SCRageas per risk typeLife & Health UW risk driving increase in SCR

Market risk main

factor in SCR

57

In EUR bn

( 1.6 ) ( 1.7 )

( 0.6 ) ( 0.6 )

( 1.1 ) ( 1.1 )

4.7 4.7

0.3 0.3

0.8 1.0 0.4 0.5 0.8

0.8 0.7

0.7 4.4

4.5

FY 15 3M 16

Non Diversifiable

Non-life UW

Health UW

Life UW

Counterparty Default

Market

Loss-Absorption Deferred Taxes

Loss-Absorption Techn. Liab.

Diversification

Life & Health UW

risk slightly up

Market risk stable: higher spread & interest risk compensated by lower equity & currency risk

Life & Health risk increasing on lapse risk


Solvency PIM – as reported to the regulatorGroup ratio impacted by settlement – Hong Kong sale + 30pp in Q2

Solvency IIageas

in %

In EUR bn

Own Funds

SCR

Non EU

Non-controlled

participationsBelgium UK CEU Asia Reins. Diversification Insurance GA Group

58

3.0 3.0

0.9 0.8 0.6 0.6 0.4 0.3 0.0 (0.3) (0.2)

4.5 4.6

0.0 0.0

4.6 4.6

0.71.5

6.9 6.8

1.1 1.1 0.9 1.00.6 0.5 0.1 (1.5)(1.3)

8.1 8.2

1.4

(0.1)

9.4

8.1

1.8

3.7


234% 225% 124% 132% 148% 166% 158% 135% 0% 250% 178% 177% 206% 174% 253% 256%


Tiering of Group PIM own funds High quality of own funds

59

Equity down on

legal provision

In EUR bn

6.9

5.6

1.8

1.8

0.5

0.5

0.2

0.1

9.4

8.1

FY 15 3M 16

Tier 3

Tier 2

Tier 1 restricted

Tier 1



General Account

Equity / Solvency

Litigations

General Information


Progress in solving legal legaciesSettlement between Ageas & claimants representatives

Aim to achieve a fair & reasonable outcome for as many eligible shareholders as

possible

Draw a line under lengthy & complex legal process

End uncertainty on timing & outcome of legal proceedings

Permitting Ageas to regain full strategic & financial flexibility

Legal procedure under Dutch law, WCAM stands for Wet Collectieve Afwikkeling

Massaschade – Dutch act on Collective Settlement of Mass Claims

An out of court settlement declared binding by court – Amsterdam Court of Appeal

After Court approval, agreement becomes binding to all eligible shareholders

No recognition of any wrongdoing by Ageas

Commitment by eligible shareholders to abandon any ongoing civil proceeding &

not to start any legal proceeding related to the events

Amounts attributed by the agreement will depend on specific characteristics of

acquisitions & holdings

Main compensation principles already disclosed

Full disclosure including compensation amount per share public at filing of

settlement

Rationale

Based on WCAM

Ageas pays

EUR 1,204 mio

compensation


In context of regular governance

During relevant period 2007-2008

3 insurance policies

2 successive Directors & Officers (D&O) liability insurance policies,

covering directors & officers for general responsibility

Public Offering Securities Insurance (POSI), covering directors & officers,

Fortis itself & its subsidiaries specifically for public rights issue in

September 2007

D&O insurers contested coverage & refused all payments

Insurers pay to Ageas settlement amount of EUR 290 mio

Ageas, all D&O’s involved in legal procedures and BNP Paribas Fortis (the

“Insured”) will provide full & final release under the policies

Ageas is authorized to use the settlement amount in context of global settlement

with claimants organisations

Ageas has agreed to provide them certain protection

Context

Settlement

Issue

Progress in solving legal legaciesSettlement between Ageas & its D&O insurers

Settlement EUR 1,204 mio Capped

Expenses EUR 45 mio Compensation to claimants organisations for

retail representation & WCAM implementation

Expected tail EUR 62 mio Extra provision for tail risk

Insurers EUR (290) mio

Cash out EUR 1,021 mio payment over period of several years

Provision FortisEffect EUR (133) mio Provision made in 2014

P&L impact EUR 889 mio Impact on Solvency IIageas

Insurance no impact

Group 20 pp


Progress in solving legal legaciesFinancial impact - Sufficient cash available – No impact on Insurance

Sufficient net cash available

EUR 1.2 bn @ 31/03/16

EUR 1.3 bn proceeds of sale Hong Kong received on 12/05/16

2 – 4

months

6 – 9

months

3 – 6

months

3 – 12

months

2.Filing

19/05/2016

4.Notification &

Announcement

3.Pre-hearing 5.Hearing

6.Notification & Announcement

of Court’s binding decision

Opt-out

period

2

months

1.Settlement

14/03/2016

8. Distribution of

compensation

Announcement Distribution


at least 18 months

7. Decision on

termination right

Progress in solving legal legacies – WCAM indicative timelineAt least 18 months after announcement until first payments

Claim forms can be submitted to claims administrator as from notification of

binding declaration, & up to one year as from that moment


21 September 2007 7 November 2007 cob Communication on subprime exposure, organisation of capital increase for ABN AMRO

acquisition - period linked to AFM II fine

13 May 2008 25 June 2008 cob Communication on solvency after full integration of ABN AMRO – period linked to AFM I fine

29 September 2008 3 October 2008 cob Communication on the deal with the Benelux governments – period linked to FortisEffect case

The various litigation procedures

Main allegations

Judgments rendered so far

Open of

business

Close of

business

(cob) 28/02/07 14/10/08

21/09/07 07/11/07 13/05/08 25/06/08 29/09/08 03/10/081 2

3

4

5

6

7

8

Eligible period

3 reference

periods

Reference

periods

based on

Progress in solving legal legaciesPeriods involved


AFM I : final - fine imposed

FSMA: Court of appeal reduced original fine

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 - additional investigation being terminated -

awaiting prosecutors decision on referral

Administrative proceedings

Criminal proceedings

For a complete overview of all legal procedures, please check the contingent liabilities in the Interim Financial Statements

Impossible to include administrative & criminal procedure


20082007

September - October 08Split up of Fortis Group, spread over 2 WE’s

May – September 07Press release re bid on ABN AMROCommunication Q2 figuresCapital increase, Prospectus, Subprime

January – June 08Press release on subprime & solvencyCommunication re solvency & EC remedies

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 – within eligible period – suspended pending criminal proceedings

NL Stichting FortisEffect – suspended

NL - 1 shareholder – within eligible period –suspended as from filing

BE Mr.Modrikamen – subject not entirely covered by the settlement – judgement 29/4/16: suspended awaiting outcome criminal procedure

BE Mr. Arnauts – within eligible period – suspended pending criminal proceedings

NL VEB – suspended

NL Mr. Bos – within eligible period – suspended as from filing

NL 5 separate proceedings – Mr. Meijer – within eligible period – suspended as from filing

NL Archand – within eligible period – suspended as from filing

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

Ongoing civil litigations almost all touched by the settlement


Best estimate of timings as of to dateMost procedures suspended awaiting outcome of WCAM procedure

First half 2016 Second half 2016 2017

First instance

Pleadings

Hearings in WCAM procedure re settlement of

Fortis events

Judgment on the merits Mr. Modrikamen WCAM procedure re settlement of

Fortis events

Appeal

Pleadings

Judgment on the merits

Supreme Court

Judgment

Other Criminal case: prosecutor to

take decision on referral



General Account

Equity / Solvency

Litigations

General Information

situation 31/12/2015 situation 31/03/2016 situation 13/05/2016

223,778,433 223,778,433 216,570,471

16,086,350 18,066,371 11,113,849

7,207,962 9,208,868 2,903,466

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

266,230 266,230 117,230

4,643,904 4,623,019 4,124,899

207,692,083 205,712,062 205,456,622

Cancellation

+ SBB


Total number of outstanding sharesAGM has approved cancellation of another 7.2 mio shares

Cancellation 7.2 mio

shares or

3% of outstandingTotal Issued Shares

Shares not entitled to dividend nore voting rights

1. TREASURY SHARES Share buy-back

FRESH

Other treasury shares

2. CASHES

Shares entitled to dividend & voting rights

CASHES deal

with BNP


Shareholders structureFollowing cancellation of bought back shares, Ageas holds less than 5%

Based on number of shares as at 13 May 2016

Ageas3.12%

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Identified retail investors

19%

Identified institutional investors

48%

Other investors

12%

Based upon press release 16 May 2016

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 14 December 2015

Based upon the number of shares mentioned in the notification received 14 July 2015

Estimate by

Estimate by

Ageas

Ping An

BlackRock, Inc.

Schroders

Franklin Mutual Advisers

Identified retail investors

Identified institutional investors


Financial calendar 2016

17 February

FY 2015 results

19 May

3M 2016 results

27 April

Ordinary & Extraordinary

shareholders’ meeting

Brussels

9 May

Ex-dividend date

18 March

Annual report 2015

Embedded Value Report 2015

11 May

Payment 2015 dividend

10 August

6M 2016 results

16 November

9M 2016 results


RatingImproved rating for operating entities & holding

S&P MOODY'S FITCH

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

entities Last change 06/11/15 17/03/16 10/12/13

unsollicited

Ageas Insurance Limited A / stable A+ / stable

Last change 06/11/15 30/03/15

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

Last change 16/01/13 02/09/15

Muang Thai Life BBB+ / stable A- / stable

Last change 29/12/10 16/06/15

Etiqa Insurance Berhad (Malaysia) A / stable

Last change 25/09/11

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

Last change 15/03/16 17/03/16 15/03/16

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.

Disclaimer


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Investor Relations