9M results 2010

110 November 2010 |

Continued strong inflows

Well performing Insurance operations

Positive contribution General Account

Shareholders’ equity further up

Key messages Q3 10

210 November 2010 |

Key highlights Q3 10

Shareholders’ equity YTD at EUR 9.6 bn or EUR 3.90 per share Solvency ratio nearly stable at 223%;

Core equity EUR 5.7 bn above regulatory minimum requirement Net cash position General Account at EUR 2.3 bn;

Discretionary capital end of September at EUR 0.7 bn

Shareholders’ equity further up

YTD General Account net profit : EUR 312 mio; Q3 10 net profit of EUR 37 mio YTD Group net profit : EUR 646 mio; Q3 10 net profit of EUR 190 mio Q3 10 General Account highlights :

Net result on RPI of EUR 163 mio; Value call option on BNP Paribas shares up EUR 77 mio; Charge RPN(I) up EUR 156 mio;

Positive contribution General Account

YTD Insurance net profit : EUR 334 million (vs. EUR 409 mio YTD 09) Life : EUR 283 mio; Non-Life : EUR 42 mio; Other : EUR 9 mio

Q3 10 Insurance net profit : EUR 153 mio, including capital gains realized in Belgium

Well performing Insurance operations

YTD inflows at EUR 13.7 bn, +20% vs. 09 Growth in Life (+21%) and Non-Life (+18%) in line with previous quarters Asian inflows remain strong at EUR 4.7 bn (+55%) Inflow consolidated operations at EUR 9.2 bn (+8%)

Q3 10 inflow at EUR 4.1bn, +17% vs. 09

Continued strong inflows

310 November 2010 |

Comparable inflow data Q3 10By segment

EUR mio

10/03/2010 I page 3

YTD 10 YTD 09 Change Q3 10 Q3 09 Q2 10

* Retail distribution not reported at inflow level/ ** All entities at 100%

Belgium 5,055 5,097 -1% 1,553 1,543 1,704Life 3,824 3,925 -3% 1,173 1,179 1,336Non-Life 1,231 1,173 5% 380 364 369

United Kingdom* 840 702 20% 290 250 285Life 19 6 217% 8 3 6Non-Life 821 696 18% 283 247 279

Continental Europe 3,116 2,557 22% 907 782 1,080Life 2,791 2,376 17% 810 728 971Non-Life 326 182 79% 97 54 109

Asia ** 4,724 3,050 55% 1,350 926 1,565Life 4,340 2,753 58% 1,235 844 1,405Non-Life 385 296 30% 115 82 161

Total 13,736 11,407 20% 4,100 3,501 4,634Life 10,973 9,060 21% 3,226 2,754 3,717Non-Life 2,763 2,347 18% 874 747 917

Of which non-conso partnerships 4,487 2,835 92% 1,264 852 1,483Life 4,102 2,539 62% 1,149 770 1,322Non-Life 385 296 30% 115 82 161

410 November 2010 |

Comparable inflow data Q3 10By type

EUR mio

10/03/2010 I page 4

YTD 10 YTD 09 Change Q3 10 Q3 09 Q2 10

Life 10,973 9,060 21% 3,226 2,754 3,717Belgium 3,824 3,925 -3% 1,173 1,179 1,336United Kingdom* 19 6 217% 8 3 6Continental Europe 2,791 2,376 17% 810 728 971Asia ** 4,340 2,753 58% 1,235 844 1,405- Fully consolidated 237 215 10% 87 74 82- Non-consolidated partnerships (100%) 4,102 2,539 62% 1,149 770 1,322

Non-Life 2,763 2,347 18% 874 747 917Belgium 1,231 1,173 5% 380 364 369United Kingdom* 821 696 18% 283 247 279Continental Europe 326 182 79% 97 54 109Asia ** 385 296 30% 115 82 161- Fully consolidated 0 0 0 0 0- Non-consolidated partnerships (100%) 385 296 30% 115 82 161

Total 13,736 11,407 20% 4,100 3,501 4,634

* Retail distribution not reported at inflow level/ ** All entities at 100%

510 November 2010 |

Q3 10YTD 09YTD 10Q3 10YTD 09YTD 10Q3 10YTD 09YTD 10% OwnershipEUR mio

Gross Inflow Life Gross written premiums Non-Life

Detailed overview inflows Q3 10By region/ country

Total

Belgium 75%-1 3,824 3,925 1,173 1,231 1,173 380 5,055 5,097 1,553

United Kingdom 100% 19 6 8 821 696 283 840 702 291

Continental Europe 2,791 2,375 810 326 182 97 3,116 2,557 907Portugal 51% 1,364 1,653 307 175 163 54 1,539 1,816 360France 100% 290 232 82 * * * 290 232 82Luxembourg 50%/100% 1,051 416 395 * 19 * 1,051 434 395Ukraine 100% 2 2 1 * * * 2 2 1Germany 100% 32 24 10 * * * 32 24 10Turkey 100% 51 50 16 * * * 51 50 16Italy 25% * * * 150 43 150 0 43

Asia 4,340 2,753 1,235 385 296 115 4,724 3,050 1,350Hong Kong 100% 237 215 87 * * * 237 215 87Non-consolidated partnerships 4,102 2,539 1,149 385 296 115 4,487 2,835 1,264Malaysia 31% 577 394 145 303 230 84 880 624 229Thailand 31%/12% 529 340 180 82 67 31 611 406 210China 25% 2,897 1,754 788 * * * 2,897 1,754 788India 26% 100 51 37 * * * 100 51 37

Total 10,973 9,059 3,226 2,763 2,347 874 13,736 11,406 4,100

610 November 2010 |

Key financials Q3 2010

YTD 10 YTD 09 Q3 10 Q3 09EUR mio

* Based on average number of outstanding shares** Net equity 31 December 2009 after 25% minority stake Fortis Bank

10/03/2010 I page 6

Net profit Insurance before non-controlling interests 436 491 204 196Net profit Insurance attributable to non-controlling interests 102 83 51 48Net profit Insurance attributable to shareholders 334 409 153 148Net profit General Account 312 688 37 52Net profit attributable to shareholders 646 1,096 191 201Funds under management (EUR bn) 77.6 70.8 * * Earnings per share (EUR) * 0.26 0.44 0.08 0.1

Net equity per share (EUR) 3.90 3.47 * *

Net shareholders' equity 9,649 8,582 * *

Belgium ** 3,508 3,053 * *

UK 609 506 * *

Continental Europe 1,003 895 * *

Asia 1,515 1,167 * *

General Account 3,015 2,961 * * Discretionary capital (EUR bn) 0.7 1.3

710 November 2010 |

2,461 2,309

411 488

811 780

242 247

YTD 09 YTD 10

(3%)

345 359

365 396

370362

102 106

YTD 09 YTD 10

Belgium

Life inflowIn EUR mio

Non-Life Gross Written PremiumsIn EUR mio

3,925 3,824

1,173 1,231

Group LifeUnit-Linked

Savings

Traditional

Other

Property

Accident & Health

Motor

Individual Life Down 2% YTD to EUR 3 bn; Bank channel inflow down 5%; low interest rate

environment and absence of specific campaigns Broker channel + 13%, in line with positive trend since 2nd

half 2009 Unit-linked sales YTD up 19% (esp. structured unit-linked

products)

Group Life Down 4% YTD to EUR 0.8 bn. 09 benefited from

exceptional premium payments to cover underfunding of certain group contracts

Funds under Management Up 2% to EUR 47.9 bn (vs.EUR 46.9 bn end of June)

Property and Casualty Inflows up 5% mainly driven by Motor, a combination of

tariff increases and portfolio growth

Accident & Health Up 4% with strong growth in Health care (+7%)

Combined Ratio in Q3 10 up on July storm YTD 105.6% vs 103.2% YTD 09 Q3 10 102.7% vs 100.5% in Q2 10

+5%

810 November 2010 |

BelgiumStable inflows, sustained results

YTD net profit at EUR 205 mio (vs. EUR 301 mio)

YTD non-controlling interests up to EUR 71 mio (vs. EUR 46 mio YTD 09)

Positive non-recurring tax benefit of EUR 94 mio in H1 09;

Q3 10 net profit of EUR 117 mio vs. EUR 106 mio in Q3 09

Q3 10 includes EUR 55 mio capital gains on sale government bonds in context of gradual reallocation of assets

Life at EUR 186 mio (vs. EUR 260 mio)

Q3 10 net profit of EUR 83 mio (vs. EUR 87 mio in Q3 09)

Q3 10 includes EUR 31 mio of capital gains on sale of government bonds

Life FUM up 5% to EUR 47.9 bn compared with year-end 2009, driven by both savings and unit-linked products

Non-Life at EUR 19 mio (vs. EUR 41 mio)

Q3 10 net profit of EUR 34 mio (vs.EUR 19 mio in Q3 09)

Q3 10 includes EUR 24 mio of capital gains on sale of government bonds and net cost of around EUR 10 mio related to July storm (after tax & non-controlling interests)

Combined Ratio in 3nd quarter up to 102.7% due to July storm;

10/03/2010 I page 8

301205Net profit after tax & non-controlling interests

44.747.9Life FUM (EUR bn)

360378Profit before tax

5,0975,055Gross inflow

YTD 09YTD 10EUR mio

910 November 2010 |

44 52

402 444

20717179

118

YTD 09 YTD 10

Motor

6 19

696821

YTD 09 YTD 10

United Kingdom

Life Successful roll out of its proposition across the IFA market

(5.1% market share) Over 90,000 customers

Non-Life Driven by growth in Commercial and Personal lines Personal lines up 14% overall; Household up 21% Commercial lines up 40% with a full launch into Fleet

market & new Semploy product; succesful implementationof strategy towards SMEs

Partnership with Tesco Bank began underwriting on 16 October

Non-Life Combined Ratio improving YTD 104.9% vs.106.5% end of June Q3 10 102.0% in vs.102.9% in Q2 10

Other Insurance (Retail) YTD fee and commission income of EUR 100 mio vs.EUR

83 mio in 09; 20% YTD growth incl.Kwik-Fit; RIAS & UKAIS income up 8% on the back of higher

primary and add-on sales and growth in partnership income

702*840*

Non-Life

Life

Other

Property

Accident & Health

696821+18%

+20%

Total inflowIn EUR mio


* YTD Fees and commissions Retail distribution not included : YTD 10 at EUR 100 mio vs EUR 83 mio in 09

1010 November 2010 |


Severe weather conditions leading to an exceptional cost of EUR 9.4 mio in Q1

One-off costs related to Tesco Bank partnership and integration Kwik-Fit of EUR 8.3 mio

Q3 10 net profit of EUR 7.2 mio (vs. EUR 6.1 mio in Q3 09)


Industry wide issues YTD, including escape of water event in January and volcanic ash in April & lower realised capital gains and investment income

Improved 3rd quarter as a result of positive impact of management actions

YTD start-up costs Tesco partnership of EUR 3.3 mio

Life at EUR -3 mio (vs. EUR -5 mio)

Continued progress in roll-out of protection business; 5.1% market share among IFAs

Other Insurance at EUR 9 mio (vs. EUR 11 mio)

Strong commission income growth

KFIS integrated in Q3 : Operational 2m-contribution of EUR 3.4 miooffset by one-off EUR 5.0 mio acquisition related costs;

United KingdomStrong 3rd quarter results marked by integration Kwik-Fit Insurance Services; Tesco partnership officially launched mid October

10/03/2010 I page 10

2716Net profit after tax & non-controlling interests*


702840Gross inflow

YTD 09YTD 10EUR mio


193 194

8211,086

1,4181,266

97

93

YTD 09 YTD 10

Continental Europe

Life Higher volumes in Luxembourg & France Portugal : down 15% vs. 09 resulting from a./o. lower

appetite structured unit-linked products and compared to a strong 09 performance

Strong growth in traditional savings, fuelled by specific product development

Unit-linked sales up 12%, thanks to Luxembourg mainly

Funds under Management Up 3% to EUR 23.2 bn (vs. EUR 22.5 bn end of June) Increase in Portugal & Luxembourg (9% resp. 26%)

Non-Life Inflow Italian operations of EUR 150 mio YTD with A&H

and Motor being main lines of business Inflow Portugal up 8% to EUR 175 mio due to Health care

(Médis brand) and Fire

Combined ratio down in Q3 10 98.6% in Q3 10 vs 99.1% in H110 98.9% YTD vs. 91.4% last year

17

77

38

45

14

30

174113

YTD 09 YTD 10

182

326

+79%

Accident & Health

Motor

Unit-Linked

Savings

Traditional

Group2,376

2,791+18%

OtherFire

Life inflowIn EUR mio



Continental EuropeStable results YTD thanks to sound underwriting and positive impact streamlining insurance portfolio


Sound underwriting results in Luxembourg & France, partially offset by lower contribution of Portugal due to higher corporate taxes

Positive impact on going streamlining insurance portfolio


Life net profit at EUR 22 mio (vs. EUR 23 mio)

Turkish and Ukrainian* operations divested


Better technical performance, higher volumes and the positive impact of portfolio streamlining more than offset by increased corporate tax rate in Portugal

Non-Life net profit of EUR 4.9 mio (vs. EUR 4.5 mio)

Operations in Portugal & Italy


Improved Q3 results thanks to better technical performance, esp in Portugal.

Operating margin Italy still impacted by bad claims experience in the South. Corrective measures initiated in Q2 10

10/03/2010 I page 12


20.523.2Life FUM (EUR bn)


2,5573,116Gross inflow

YTD 09YTD 10EUR mio

* Anticipated capital loss of EUR 14 mio included in Q3 10 results General Account. Net impact sales Luxembourg Non-Life & Ukraine of EUR 2 mio negative YTD. Limited capital gain expected in Q4 10 on sale Turkish Life operations


189251

108

133

YTD 09 YTD 10

+30%

Asia

Life Continued strong performance mainly in non-consolidated

partnerships across the region Hong Kong (+10% YTD) Moderate growth in the wake of

recovering agency force China (+65% YTD) Continued expansion of distribution

capacity and product innovation. Sales force at end of September close to 64,000 agents

Malaysia (+46% YTD) Driven by non-par single premium product innovation and Takaful business through bank channel

Thailand (+56% YTD) In the wake of the intensified relationship with K-Bank

India (+98% YTD) Driven by the strong brands of the two partner banks, balanced expansion of the agency channel and strong focus on product innovation

Funds under Management EUR 15.6 bn, +36% vs.end 09; Slightly down vs. end of June

due to weakening EUR Consolidated FUM (Hong Kong) : EUR 1.3bn, +16% vs.end

09, stable vs.end of June

Non-Life Malaysia (+32% YTD) Driven by retail Fire and corporate

MAT** lines. Thailand (+23% YTD) Driven by non-motor business

through bank channel

4,025

2,220

18

294

170

14297

126

YTD 09 YTD 10

296385

2,753

4,340

+58%

Non-Motor*

Motor

Unit-Linked

Savings

Traditional

* Non-motor includes Fire, MAT, Accident & Health and other lines

Group

** MAT: Marine Aviation & Transport

Life inflow


In EUR mio


AsiaSolid performance YTD supported by capital gain in Hong Kong in H1

YTD net profit of EUR 86 mio (vs. EUR 53 mio)

Strong intrinsic performance from consolidated operations (EUR 20.3 mio YTD 10 vs EUR 9.7 YTD 09)

EUR 35 mio capital gain on sale Fortis Center Hong Kong in H1 10

Net result non-consolidated partnerships down to EUR 38.6 mio(from EUR 49.3 mio) due to impairments in China in H1 10


Life net profit at EUR 78 mio (vs. EUR 44 mio)

EUR 55.5 mio net result from consolidated operations in Hong Kong, incl. result capital gain on sale Fortis Center

EUR 30.2 mio net result from non-consolidated partnerships, inclEUR 12.5 mio impairment impact in China in H1 10

Other regional costs slightly up to EUR 8.0 mio


Non-Life at EUR 8.4 mio (vs. EUR 8.6 mio)

Relates to operations in Malaysia and Thailand

Q3 10 net profit of EUR 3.5 mio, nearly stable year on year

10/03/2010 I page 14

5386Net profit after tax & non-controlling interests*

1.11.3Life FUM (EUR bn)**

5487Profit before tax*

3,0494,724Gross Inflow*

YTD 09YTD 10EUR mio

* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively** Including partnerships, YTD FUM would amount to EUR 15.6 bn compared to EUR 10.7 bn at Q3 09


InsuranceResilient YTD performance, Q3 supported by capital gains in Belgium

YTD net profit at EUR 334 mio (vs. EUR 409 mio) Higher non-controlling interests and a positive one-off tax impact in

the first half of 2009.

Solid contribution from Asian operations supported by EUR 35 miocapital gain on sale of Fortis Centre in Hong Kong


Q3 10 includes EUR 55 mio of capital gains on bonds related to reallocation of assets (Belgium)

Life at EUR 283 mio (vs. EUR 323 mio) Negative variance on non-controlling interests and income taxes in

Belgium, partly offset by result Asia


Q3 10 incl EUR 31 mio of capital gains on bonds in Belgium;


Encouraging trends reflecting the corrective measures in Motor and Fire

In UK, YTD start-up costs related to Tesco of EUR 3.3 mio

Q3 10 : In Belgium, net negative impact July storm of EUR 10 mio& EUR 24 mio capital gain on bonds

Other at EUR 9 mio (vs. EUR 115 mio)

Q3 10 : Includes EUR 5.0 mio one-off transaction related costs on KFIS

10/03/2010 I page 15


70.877.6Life FUM (EUR bn)*


11,40613,736Gross Inflow

YTD 09YTD 10EUR mio

* Only consolidated activities


General AccountStable 3rd quarter thanks to compensation effect of legacy assets

YTD net profit of EUR 312 mio (incl. eliminations) EUR 405 mio positive tax impact following decision to liquidate Fortis

Brussels SA/NV

YTD 09 included EUR 697 mio capital gain on sale 25% AG Insurance to Fortis Bank

Equity value RPI up to EUR 1,027 mio EUR YTD positive net result of EUR 186 mio related to Royal Park

Investments

Revaluation interest rate swaps lead to a EUR 81 mio positive result via equity value

EUR 79 mio net negative Q3 impact related to fair value RPN(I) and call option BNP Paribas shares EUR 77 mio positive effect on call option on BNP Paribas shares

(-EUR 44 mio YTD 10)

EUR 156 mio negative effect from RPN(I) (-EUR 180 mio YTD 10)

Other items : YTD net interest margin EUR 10 mio negative

YTD total expenses down 60% to EUR 40 mio

YTD RPN(I) interest payment to BNP Paribas Bank of EUR 5 mio

YTD EUR 2 mio net loss on sale Luxembourg Non-Life and Fortis Life Insurance Ukraine

10/03/2010 I page 16


(222)407Tax

2.9

565

344

760

2.3

836

496

1,027

Net cash/deposits (EUR bn)

Call option BNP Paribas**

RPN(I)

RPI

910(97)Profit before tax*

YTD 09YTD 10EUR mio

* Including Inflow & Profit from partnerships respectively** Net of tax


Combined ratio FY 06 - YTD 10 AG Insurance

Belgium, combined ratio up due to adverse weather conditions3th quarter hit by summer storms

Expense ratioClaims ratio

61.6 63.6 64.9 66.376.6

64.4 67.0

37.4 36.7 35.9 36.8

99.0% 100.3%100.8%103.1%103.2%105.6%113.6%

100.5%102.7%

69.366.4

36.337.0

36.1 35.736.8

06 07 08 09 9M09

9M10

Q110

Q210

Q310

Non-Life YTD hit by weather related events Extreme winter ‘10 conditions, storm Xynthia, "14th July storm"

Net impact summer storm/ weather related events of EUR 10 mio after tax and non-controlling interests

PY loss ratio at 7.3% vs 6.0% YTD 09

Corrective set of measures taken in 2010 Motor : tariff increases of 4.5% in 10 on top of increases in 09

Fire: increases as from Sep 10 of 4-5% on top of ABEX indexation in Retail Fire on new & existing contracts

Close follow-up and monitoring of Non-Life portfolios

Heavy summer storm impacted 3nd quarter Combined ratio Q3 10 excluding WC at 101.2 % compared to

97.3% in Q3 09;

YTD 2010 combined ratio excluding WC at 102.5 %


UK, adverse weather impact in Q1, gradual improvement since Q2No significant changes in other countries in Q3

Expense ratioClaims ratio

UK : continued positive impact from corrective measures

Private motor impacted by industry-wide issue of increased personal injury claims, but improving performance in Ageasthrough Q2 & Q3;

Selected tariff increases in 09 & H1 10 in line with underlying risk resulted in an improvement in Motor combined ratio (106.9% YTD 10 vs. 109.0% H1 10 & stable on YTD 09)

Fire/ Household combined ratio nearly stable at 98.9% ( vs. 98.3% H1 10 & 99.5% YTD 09).

Travel combined ratio (122.0%) impacted by volcanic ash event and increased medical claims, but improved from H1 10 (125.5%)

PY loss ratio at 1.2% vs 3.3% YTD 09

Other countries : no changes compared to situation end of June Portugal : YTD 10 combined ratio at 99.0% in line with H110

Italy : Performance still impacted by bad claims behaviour in the South; corrective measures implemented

Asia : Situation status quo

Combined ratio FY 06 - YTD 10 UK

70.279.7 73.1 80.4 80.0 73.0 73.5

28.227.7

28.827.7 30.2

29.9 28.5

98.4% 101.9% 102.0%

76.9 75.4

27.7 29.5

104.6%107.4% 108.1% 110.2%102.9%104.9%

06 07 08 09 9M09

9M10

Q110

Q210

Q310


Corporate bonds*21.0

StructuredCredit Instruments0.5

Ageas’s investment portfolio on 30 September 2010

Investment Portfolio (EUR 59.6 bn)In EUR bn

Fixed Income securities Southern European sovereign exposure end Q3 10

at EUR 8.9 bn** (same as end of June)

Gross unrealized gains on bonds end Sep 10 up to EUR 2.7 bn

Investments in Corporate bonds up with EUR 2.3 bnsince end 09**

>95% investment grade, 94% rated A or higher

Equities Increase to EUR 1.9 bn** (EUR 1.8 bn market value) Gross unrealized gains of EUR 98 mio

Real Estate Gross unrealized gains increased to EUR 1.0 bn

(net-of-tax remained at EUR 0.6 bn)

Total gross unrealized gains on investmentportfolio of EUR 3.7 bn***

Sovereign bonds*32.8

RE Inv Prop*

2.1 RE own use

(incl. Interparking)*1.4

Equities*1.8

* At market value (incl. Interparking)** At historical/amortized cost

*** Before tax and shadow accounting


Government & Corporate Bond portfolio of EUR 53.8 bnSituation as per 30 September 2010

Gross unrealized gains before tax and shadowaccounting (UCG) : EUR 1.4 bn end Sep 10 vs.

EUR 0.7 bn end June 10 Historical value of Southern European bonds :

Greece EUR 1.9 bn, Italy EUR 3.7 bn, Spain EUR 1.7 bn & Portugal EUR 1.6 bn

In EUR bn

Gross unrealized gains of EUR 1.2 bn end of September 10 vs. EUR 1.0 bn end of June 10

91% single A or higher; 67% rated AA or higher; only 1% below investment grade or unrated

Banking/ Other financials : 90% single A or higher; 67% ratedAA or higher

Government bonds EUR 32.8 bn* Corporate bonds EUR 21.0 bn** All values at fair value

Austria2.5

Banking/Other financials

8.9

Othercorporates4.2

Supra-national2.4

Government related5.5

Greece1.3

Belgium10.3

Spain1.8

Italy 3.9

Germany2.8

Others4.6

Portugal1.5

France4.1


6.3

2.9

6.50.2

Ageas’s Core equity EUR 5.7 bn above required regulatory minimum

* Asia : Investments in partnerships are deducted from Total Capital; Given the significant investments in partnerships, total capital is lower than Core capital** Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for FICA of 342% end of June 10.

Belgium United Kingdom

Other Core Tier 1 capital

Insurance

Required Regulatory minimum

EUR 3.6 bn excess capital in Insurance + EUR 2.1 bn General

Account = EUR 5.7 bn

ActualActual Min Minimum

Core equity

203% 176%Total Solvency Ratio

Actual Min Actual MinContinental

EuropeAsia

*/**

Actual Min

242% 889%

ActualGeneral

223%

Situation end of September 10

3.7

2.1

0.6

4.3

2.1

2.3

0.2

0.1

0.10.3 0.2

0.3 1.30.6

1.3

1.0

0.5

-0.4


Discretionary Capital of the General Account A view on liquidity & capital

Net Cash/ deposits : EUR 2.3 bnPassed onLT assets & LT liabilities

Discretionary Capital on balance sheet

Assets

Cash & Deposits at banksDue from Fortis Bank & AG InsOther

Royal Park InvestmentsCall option on BNP P sharesLoan to operating ciesTotal

In EUR bn, 30 September 2010

3.71.71.0

1.00.80.68.8

Liabilities

ST (EMTN + Bank)NITSH I, II & HybroneRPN(I)OtherFRESHNet equity

1.41.70.51.01.23.0

8.8

Shareholders’ equity + FRESH Invested in non-current assets on balance sheetTotal Capital Contingent asset off balance (Fortis Bank Tier 1 loan, due Sep 11) Commitments with regard to TescoDiscretionary Capital * (if available in cash)

4.2(2.4)1.8

(1.0)(0.1)0.7

Discretionary capital down mainly due to negative revaluation of RPN(I) and some smaller elements in the General Account (Ukraine, negative carry and operating costs)

* Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account corrected for (contingent) illiquid assets and existing investment commitments

Q3 10 evolutions :


Inflows : 2010 outlook reconfirmed, inflows to exceed 2009 levels

Conclusions

Net result : positive in all Insurance segments, Group result further up

Strategy : new UK partnerships & acquisitions started and integrated according to plan

Legacies : manage complexity, commitment to create value for shareholders


Cautionary Statements

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 andunknown 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 andMonetary 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.


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9M results 2010

Economy & Finance

Transcript of 9M results 2010