9M results 2012

9M Periodical Financial

Information

Main messages

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information

Strong Insurance results across Life & Non-Life in all segments Group net result both Insurance & General Account contributing Shareholders’ equity up Solvency further up

Insurance net profit of EUR 450 mio Inflows at EUR 15.5 bn (+20%)

Group combined ratio at 97.9% (vs.100.2%)

Life FuM at EUR 67.8 bn (+5%)

Q3 Insurance net profit of EUR 147 mio Q3 Inflows at EUR 4.6 bn

Group net profit of EUR 518 mio

General Account net result of EUR 69 mio

Shareholders’ equity at EUR 40.89 per share

Insurance solvency at 214%, Group solvency at 254%

Net cash position General Account at EUR 1.4 bn

* All figures compared to 9M 11 unless mentioned otherwise

Main messages 9M 12 results* Ageas confirms strong insurance results

Periodic Financial Information I 9M 12 Results I 7 November 2012 2

100.2% 97.9%

9M 11 9M 12

Insurance net result: 2011 heavily impacted by impairments In EUR mio In EUR mio

Insurance solvency further up* Combined ratio further improving in claims & expenses

Insurance excl. impairments & cap gains: improving Life & Non-Life

227%

Shareholders’ equity up on net profit & unrealized gains EUR per share

210%

* Based on regulator’s view / ** pro forma recalculation for reverse 10 to 1 stock-split

207% 207% 214%

FY 11 9M 12

32.3040.89

FY 11 9M 12

Both insurance & General Account contributing to group net result In EUR mio

(209)

450

(325)

69

(534)

518

9M 11 9M 12

Insurance General Account

Headlines Ageas confirms strong insurance results

Periodic Financial Information I 9M 12 Results I 7 November 2012

(288)

293

57

143

23

13

(209)

450

9M 11 9M 12

Life Non-Life Other

3

233 282

7911923

13334414

9M 11 9M 12

Life Non-Life Other

**

Key financials 9M 12 Y-o-Y comparison net result difficult, all ratios improving

10/03/2010 I page 4


EUR mio 9M 12 9M 11 Q3 12 Q3 11 Q2 12

Gross inflows 15,465 12,884 4,649 3,891 5,164 - of which inflows from non-consolidated partnerships 7,283 4,460 2,171 1,380 2,281

Net result Insurance 450 (209) 147 (320) 148By segment: - Belgium 216 (331) 73 (354) 66 - UK 86 62 35 31 34 - Continental Europe 49 (12) 15 (15) 16 - Asia 99 72 24 18 31By type: - Life 293 (289) 88 (340) 80 - Non-Life 143 57 54 9 63 - Other 13 23 6 11 4

Net result General Account 69 (325) 67 (155) 241Net result Ageas 518 (534) 214 (475) 389

Earnings per share (in EUR) 2.17 (2.07)

Combined ratio 97.9% 100.2% 97.2% 100.3% 94.7%Life Funds under management (in EUR bn) ** 67.8 64.4 *

Insurance Solvency 214% 207% *

Shareholders' equity 9,651 7,760 *Net equity per share (in EUR) 40.89 32.30 **** Year-end 2011 data // ** Consolidated companies only*** Following the reversed 10 to 1 stock-split completed on 7 August 2012, Ageas’s net equity per share has been multiplied by 10

10/03/2010 I page 5


Greek bonds Equities TotalEUR mio 9M 12 9M 11 9M 11 9M 11 9M 12 9M 11 9M 12 9M 11

Life (38) (449) (86) (535) 45 58 7 (477)

Non-Life (18) (21) (9) (30) 27 5 9 (25)

Total Belgium (56) (470) (95) (565) 72 63 16 (502)Life 0 0 0 0 0 0 0 0

Non-Life 0 0 (0) (0) 14 4 14 4

Other 0 0 0 0 0 0 0 0

Total UK 0 0 (0) (0) 14 4 14 4Life (2) (32) (17) (49) 5 2 3 (47)

Non-Life 0 (1) 0 (1) 0 (0) 0 (1)

Total CEU (2) (33) (17) (50) 5 2 3 (48)Life 0 0 0 0 2 3 2 3

Non-Life 0 0 0 0 0 0 0 0

Total Asia 0 0 0 0 2 3 2 3Life (40) (481) (103) (584) 51 63 11 (521)

Non-Life (18) (22) (9) (31) 42 9 24 (21)

Other 0 0 0 0 0 0 0 0

Total Ageas (57) (503) (112) (615) 92 72 35 (543)

Total turmoilImpairments Net cap gains bonds & equities

Overview impairments & net capital gains on bonds & equities 2011 result heavily hit by financial turmoil, in 9M 12 only limited influence

Insurance result adjusted for impairments & cap gains 9M 12 vs. 9M 11 By segment/business

Belgium UK

CEU Asia

Total Ageas

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


In EUR mio

* Real Estate capital gains not excluded from result

148 158

0 30 33 57 91

233 282

23 42

36 58 6 13 13

6

79

119

2313

23

13

171 200

58 72

36 46 69

97

334

414

9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12

6

11

75

(278)

(51)

2

14

15

57(19)

67

400

(132)

3

90 (221)

(70)

69

Deal withABN Amro &Dutch State

Agreementwith BNP

on CASHES& Tier 1

RPN(I)revaluation

RPI BNPCall option

Other GeneralAccount

Q3 126M 12

General Account Quarterly result mainly up on revaluation BNP P call option


In EUR mio

7

EUR 140 mio 9M 12 impact of legacies

8

Combined ratio Insurance 2008 – 9M 12

Insurance Combined ratio Further improvement to 97.9% sound Q3 at 97.2%

Improvement of combined ratio in all product lines

Combined Ratio at 97.9 % (vs. 100.2%) Sound Q3 12 at 97.2%

Prior year releases increased slightly to 3.8% (vs. 3.2%); Expense ratio significantly improved from 31.8% to 30.6%

Motor at 97.3% (vs.97.4%): continued improvement following corrective measures taken over latest years

Belgium: exceptionally strong when adjusted for claims reserves strengthening for bodily injuries

UK: impact of rating actions & increased sophistication in fraud detection

CEU : good claims & costs

Fire at 98.8% (vs.106.2%): improving but still under pressure of climatic events

Belgium: below 100%; excellent Q3 at 84.7%

UK: ; improving trend but UK market still suffering from various bad weather events throughout the year

Asia: no additional impact from Thai floods in Q3

Accident & Health: at 93.6% (vs.95.6%):

Belgium: frequency in Workmen’s Compensation improving

→ restated for new calculation methodology


67.0% 69.4% 73.2% 69.0% 68.4% 71.6% 67.7% 67.3%

32.8% 33.1% 32.8%31.1% 31.8% 30.3% 30.6% 30.6%

99.8% 102.5% 106.0%100.1% 100.2% 101.9% 98.3% 97.9%

2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12

claims ratio expense ratio

Detailed overview inflows 9M 12 vs. 9M 11 By segment/business

Belgium UK

CEU Asia

Total Ageas

Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life

3,305 3,674

36 61 1,691 2,142

4,178 5,238

9,210

11,115

1,293 1,362

1,523 1,636

394 766

464

586

3,674

4,349

+ 10%

+ 9%

+ 39%

+ 25%

+ 20%

4,598 5,036

1,559 1,697 2,086 2,908

4,642

5,824

12,884

15,465

9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12


In EUR mio

9

4.2

2.41.0 0.4 1.4

0.61.4 0.5

8.2

3.8

1.5

9.9

3.8

IFRS Solvency as per 30 September 2012 Solvency ratio further up

Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / Min Belgium United Continental Asia Insurance General Ageas Kingdom Europe Account

Solvency Ratio181% 247% 241% 271% 214% 254%

Excess Capital Insurance General Account Ageas

EUR 4.6 bn EUR 1.5 bn EUR 6.1 bn


Total available capital Required Regulatory minimum

Shareholders’ equity / share

Shareholders’ equity as per 30 September 2012 Up driven by unrealized gains, net profit & revaluation put option

In EUR mio


Equity per segment FY 11 9M 12 FY 11 9M 12

Belgium 2,381 ► 3,546 Asia 1,687 ► 1,852UK 1,008 ► 1,136 Insurance 6,005 ► 7,713Continental Europe 929 ► 1,179 General Account 1,755 ► 1,938

5,582 6,134

423

1,5791,755

1,938450 69

1,156 364 119(188) (76)

EUR 32.30 EUR 40.89

7,760

9,651

FY 11 Net resultInsurance

Net resultGen Account

Change UG/L Dividend Buy back Revaluationput option

Forex& other

9M 12

InsuranceUG/L

InsuranceUG/L

Insurance : Strong Q3 in line with previous quarters

Acquisition Groupama increases weight Non-Life activities

Combined ratio below 100% thanks to measures taken

Group :

Vision for the future outlined & targets for 2015 set

Future developments :

Focus on maintaining momentum

Conclusions


Main messages

Equity / Solvency



General Account

General Information

Shareholders’ equity / share

Shareholders’ equity as per 30 September 2012 Up driven by unrealized gains, net profit & revaluation put option

In EUR mio


Equity per segment FY 11 9M 12 FY 11 9M 12

Belgium 2,381 ► 3,546 Asia 1,687 ► 1,852UK 1,008 ► 1,136 Insurance 6,005 ► 7,713Continental Europe 929 ► 1,179 General Account 1,755 ► 1,938

5,582 6,134

423

1,5791,755

1,938450 69

1,156 364 119(188) (76)

EUR 32.30 EUR 40.89

7,760

9,651

FY 11 Net resultInsurance

Net resultGen Account

Change UG/L Dividend Buy back Revaluationput option

Forex& other

9M 12

InsuranceUG/L

InsuranceUG/L

Tangible net equity as per 30 September 2012 Ageas’s capital of a high quality

10/03/2010 I page 15


EUR bn 9M 12 FY 11

Reported net Shareholders' Equity 9.7 7.8Unrealised gains real estate 0.7 0.6Goodwill (incl RPI) (1.1) (1.1)VOBA (Value of Business Acquired) (0.4) (0.4)DAC (Deferred Acquisition Cost) (0.8) (0.7)Other* (0.4) (0.4)Goodwill, DAC, VOBA related to N-C interests 0.4 0.425% tax adjustment DAC, VOBA & Other 0.3 0.3

Tangible net equity 8.4 6.5

Tangible net equity 87% of reported net shareholders’ equity

15

4.2

2.41.0 0.4 1.4

0.61.4 0.5

8.2

3.8

1.5

9.9

3.8

IFRS Solvency as per 30 September 2012 Solvency ratio further up

Actual / Min Actual / Min Actual / Min Actual / Min Actual / Min Actual Actual / Min Belgium United Continental Asia Insurance General Ageas Kingdom Europe Account

Solvency Ratio181% 247% 241% 271% 214% 254%

Excess Capital Insurance General Account Ageas

EUR 4.6 bn EUR 1.5 bn EUR 6.1 bn


Total available capital Required Regulatory minimum

Main messages

Equity / Solvency



General Account

General Information

Detailed overview inflows 9M 12 vs. 9M 11 By segment/business @ 100%


EUR mio 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11Belgium 75% 3,674 3,305 1,362 1,293 5,036 4,5980 0 United Kingdom 100% 61 36 1,636 1,523 1,697 1,559Continental Europe 2,142 1,691 766 394 2,908 2,086

Consolidated entities 802 1,691 334 329 1,136 2,020 Portugal 51% 611 864 183 180 795 1,044 France 100% 190 229 0 0 190 229 Luxembourg 50% 0 568 0 0 0 568 Germany 100% 0 31 0 0 0 31 Italy 25% 0 0 151 149 151 149

Non-consolidated JV's 1,340 0 432 66 1,772 66 Turkey (Aksigorta) 36% 0 0 432 66 432 66

Luxembourg (Cardif Lux Vie) 33% 1,340 0 0 0 1,340 0

Asia 5,238 4,178 586 464 5,824 4,642Consolidated entities 313 248 0 0 313 248

Hong Kong 100% 313 248 0 0 313 248Non-consolidated JV's 4,925 3,930 586 464 5,511 4,394

Malaysia 31% 568 435 454 368 1,023 803 Thailand 31%/15% 927 702 131 95 1,059 797 China 25% 3,346 2,700 0 0 3,346 2,700 India 26% 84 94 0 0 84 940 0Total 11,115 9,210 4,349 3,674 15,465 12,884

Life Non-Life Total

18

*

* Ageas holds a 50% stake in Tesco Underwriting

Belgium UK

CEU Asia

Total Ageas


3,305 3,674

36 61 1,691 2,142

4,178 5,238

9,210

11,115

1,293 1,362

1,523 1,636

394 766

464

586

3,674

4,349

+ 10%

+ 9%

+ 39%

+ 25%

+ 20%

4,598 5,036

1,559 1,697 2,086 2,908

4,642

5,824

12,884

15,465

9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12

Detailed overview inflows 9M 12 vs. 9M 11 @ 100% By segment/business


In EUR mio

19

Belgium UK

CEU Asia

Total Ageas


Detailed overview inflows 9M 12 vs. 9M 11 @ Ageas’s share By segment/business


In EUR mio

2,479 2,756

36 61 984 944 1,300 1,635

4,798 5,396

970 1,022

1,343 1,443 153 287

128 160

2,594

2,911

+ 10%

+ 9%+ 8%

+ 26%

+ 12%

3,449 3,777

1,379 1,504 1,137 1,231 1,428

1,796

7,393

8,307

9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12

20

Detailed overview Insurance net result 9M 12 vs. 9M 11 By segment/business

Belgium UK

CEU Asia

Total Ageas


(329)

165

(1) 0 (17)

36 59 92

(289)

293

(2)

51

40 73 6

13 13

6

57

143

2313 23

13

(331)

216

62 86

(12)49

72 99 (209)

450

9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12


In EUR mio

21

Insurance result adjusted for impairments & cap gains 9M 12 vs. 9M 11 By segment/business

Belgium UK

CEU Asia

Total Ageas



In EUR mio

* Real Estate capital gains not excluded from result

148 158

0 30 33 57 91

233 282

23 42

36 58 6 13 13

6

79

119

2313

23

13

171 200

58 72

36 46 69

97

334

414

9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12 9M 11 9M 12

22

Insurance Better results both in Life and Non-Life & across all segments

Net profit of EUR 450 mio (vs. EUR (209) mio) 9M 11 results include EUR 615 mio impairment charge on Greek bonds

& equities; EUR 72 mio cap gains on bonds & equities 9M 12 results include EUR 57 mio impairment charge on equities;

EUR 92 mio cap gains on bonds & equities

When adjusting for both, 9M result up around 25% vs last year; strongest improvement mainly in Asia

Life at EUR 293 mio (vs. EUR (288) mio) Strong result in Asia generated by organic growth & further strengthened

by one-offs in H1

Net result on adjusted basis slightly up in Belgium on better investment margin; in CEU on lower claims in risk business & lower costs

Non-Life at EUR 143 mio (vs. EUR 57 mio) Good results across all major business segments

Belgium: Q3 marked by strong Fire result with low claims & no major weather events

UK: strong continuation Motor, strong underlying performance in Household, more than offsetting higher weather claims

CEU: all countries participate to good result

Asia: lower result due to floods in Thailand & positive one-off in 9M 11

Other at EUR 13 mio (vs. EUR 23 mio) Commission & fee income at EUR 212 mio, broadly in line with last year

Net profit down reflecting highly competitive environment. 9M 11 benefited from EUR 6 mio incentive payment from commercial partner; 9M 12 include EUR 2 mio one-off charge related to KFFS operations

* Consolidated entities only; compared to FY 2011 Periodic Financial Information I 9M 12 Results I 7 November 2012

EUR mio 9M 12 9M 11

Gross inflow 15,465 12,884

Operating costs 661 628

Technical result 559 257

Operating margin 637 (316)

Profit before tax 832 (340)

Net profit after tax & non-controlling interests 450 (209)

Life FUM (EUR bn)* 67.8 64.4

23

Combined ratio Insurance 2008 – 9M 12

Insurance Combined ratio Further improvement to 97.9% sound Q3 at 97.2%

Improvement of combined ratio in all product lines

Combined Ratio at 97.9 % (vs. 100.2%) Sound Q3 12 at 97.2%

Prior year releases increased slightly to 3.8% (vs. 3.2%); Expense ratio significantly improved from 31.8% to 30.6%

Motor at 97.3% (vs.97.4%): continued improvement following corrective measures taken over latest years

Belgium: exceptionally strong when adjusted for claims reserves strengthening for bodily injuries

UK: impact of rating actions & increased sophistication in fraud detection

CEU : lower claims & costs

Fire at 98.8% (vs.106.2%): improving but still under pressure of climatic events

Belgium: below 100%; excellent Q3 at 84.7%

UK: improving trend but UK market still suffering from various bad weather events throughout the year

Asia: no additional impact from Thai floods in Q3

Accident & Health: at 94.0% (vs.96.2%):

Belgium: frequency in Workmen’s Compensation improving



67.0% 69.4% 73.2% 69.0% 68.4% 71.6% 67.7% 67.3%

32.8% 33.1% 32.8%31.1% 31.8% 30.3% 30.6% 30.6%

99.8% 102.5% 106.0%100.1% 100.2% 101.9% 98.3% 97.9%

2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12


24

70.4% 74.3% 71.9% 71.4% 69.6%

23.6% 24.8% 25.0% 24.8% 24.4%

94.0% 99.1% 96.9% 96.2% 94.0%

2009 2010 2011 9M 11 9M 12

79.0% 78.4% 72.0% 70.9% 71.8%

29.3% 29.0%25.3% 26.5% 25.5%

108.3% 107.4%97.3% 97.4% 97.3%

2009 2010 2011 9M 11 9M 12

59.4%75.0%

61.9% 63.9% 57.4%

43.4%

43.2%

41.5% 42.3%41.4%

102.8%

118.2%

103.4% 106.2%98.8%

2009 2010 2011 9M 11 9M 12

69.1% 72.9% 68.2% 67.6% 66.8%

36.1% 35.5%32.7% 33.7% 32.0%

105.2% 108.4%100.9% 101.3% 98.8%

2009 2010 2011 9M 11 9M 12

Property & Casualty: >100% due to higher average claims cost in TPL

Insurance Combined ratio per product line All product lines well below the targeted 100%

Motor: continued strong performance

Accident & Health: improvements in all segments

Fire: weather events in UK, Belgium ok


Belgium Good operating performance both in Life and Non-Life

I page 26

* Compared to FY 2011

EUR mio 9M 12 9M 11









Net profit at EUR 216 mio (vs. EUR (331) mio in 2011) 9M 11 heavily hit by impairments on Greek bonds & equities for

EUR (615) mio

Both Life & Non-Life improving on adjusted basis

Life at EUR 165 mio (vs. EUR (329) mio) Excl. net realized capital gains & impairments, net result improved

with EUR 10 mio

Operating margin up to EUR 288 mio (vs. EUR (389) mio)

Increase when excluding for impairments & cap gains mainly resulting from better investment margin in Bank, Broker and Group Life.

Life FUM at EUR 51.8 bn (+6% vs. end 2011).

Non Unit-linked FUM at EUR 45.9 bn, up 6% vs. end 11

Unit-linked FUM relatively stable at EUR 5.9 bn

Non-Life at EUR 51 mio (vs. EUR (2) mio) Better operating performance & higher net realized capital gains

Strong result in Fire driven by previous corrective measures, lower impact of climatic events & higher prior year run off

Motor performance remained solid despite strengthening of reserves for bodily injuries

Healthcare confirmed its good performance of the previous quarters.

26

244 231

2,075 2,353

223270763820

3,3053,674

9M 11 9M 12

+11%

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Savings

Traditional

Other

Fire

Accident & Health

Motor

+5%

Group Life

Belgium Inflow Solid inflow across Life and Non-Life

362 378

420 429

399 434113 121

1,293 1,362

9M 11 9M 12


Individual Life Growth mainly driven by Savings products at Bank channel next to

accelerated & very successful launch of structured UL products.

Savings inflow benefited from competitive offering & customers’ anticipation on announced guaranteed interest rate reductions

Growth also driven by sustained interest for guaranteed products & peers having cut their guaranteed interest rate earlier in the year

Group Life Group Life up 7%; lifted by strong increase in single premiums & good

performance in Flexible products & Ascento.

Property and Casualty (Fire, Motor & others)

Most of the increase related to Fire (+9%); well spread across the Bank and Broker channels, driven by higher volume & tariff increase on top of the ABEX-indexation.

Growth in Motor (+2%) slowed down somewhat, reflecting focus on profitability.

TPL inflow +10% mostly on tariff

Accident & Health Inflow growth Healthcare (+4%) follows annual medical indexation

27

Combined ratio AG Insurance 2008 – 9M 12

Belgium Combined ratio Further improvement in 2012 and amounting to 98.8%



65.0% 64.1% 68.7% 64.3% 64.3% 67.2% 63.1% 62.2%

35.9% 36.8%36.4% 36.8% 36.7% 36.9% 36.7% 36.6%

100.9% 100.9% 105.1% 101.1% 101.0% 104.1% 99.8% 98.8%

2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12


Motor remained below 100% at 99.5% (vs. 94.9 %)

this includes negative impact of a strengthening of reserves for bodily injuries. Excluding this reserves strengthening, combined ratio would stand at 95.4%

Fire combined ratio down from 111.5% to 97.1%.

Driven by previous corrective measures, lower impact of climatic events and a higher prior year run off.

Excellent Q3 combined ratio of 84.7%

Property & casualty combined ratio above 100%

TPL combined ratio high due to a strengthening of reserves for bodily injuries & higher average claims cost

Combined ratio Accident & Health amounted to 95.7%

Reflecting improved performance in Workmen’s Compensation (104.4% vs. 115.8%)

28

62.2% 65.8% 60.5% 60.7% 58.1%

42.5% 42.3% 41.9% 42.1% 42.0%

104.7% 108.1% 102.4% 102.8% 100.1%

2009 2010 2011 9M 11 9M 12

Property & Casualty: reserves strengthening bodily injuries in Motor & TPL

68.9% 75.8% 73.8% 73.1% 72.4%

22.6%21.9% 23.8% 23.6% 23.3%

91.5%97.7% 97.6% 96.7% 95.7%

2009 2010 2011 9M 11 9M 12

60.5%75.6%

63.0% 64.0%50.9%

47.1%

47.1%

46.9% 47.5%

46.2%

107.6%

122.7%109.9% 111.5%

97.1%

2009 2010 2011 9M 11 9M 12

Belgium Combined ratio per product line Further improvement in 2012; thanks to Fire and Accident & Health

Motor: below 100% despite reserves strengthening bodily injuries

Accident & Health: vast improvement in Workmen’s Comp

Fire: effect of corrective measures & no climate events


68.5% 71.0%58.9% 59.4% 63.7%

36.3% 35.7%35.3% 35.5% 35.8%

104.8% 106.7%94.2% 94.9% 99.5%

2009 2010 2011 9M 11 9M 12

29

10/03/2010 I page 30

EUR mio 9M 12 9M 11

Gross inflow 1,697 1,559Fee, commission & other income

212 207



Operating margin 99 48

Profit before tax 131 90

Net profit after tax & non-controlling interests 86 62


United Kingdom Strong net result driven by Motor business and realized capital gains

Net result at EUR 86 mio (vs. EUR 62 mio) Multi-distribution strategy creating good returns

Improved performance overall but especially in private Motor

Retail income in line with last year

Life at EUR 0.3 mio (vs. EUR (1) mio) Continued progress in line with its stage of business development

since launch; first quarterly profit since launch

Non-Life at EUR 73 mio (vs. EUR 40 mio) Improved Motor result through positive impact of management

actions, offsetting seasonal claims Household

Net profit AIL at EUR 60mio; Tesco Underwriting EUR 13 mio

Net realized capital gains of EUR 14 mio (net of minority interests)

Announced acquisition Groupama not yet closed; acquisition on track for completion in Q4

Other Insurance at EUR 13 mio (vs. EUR 23 mio) Competitive retail environment leads to pressure on net profit

Includes EUR 2m for closure of Birmingham; prior year included EUR 6m incentive payment from partner

30

Motor

Non-Life

Life

Other

Property

Accident & Health

Total In EUR mio

Non-Life In EUR mio

* including other income

1,523 1,636

36 611,559 1,697

9M 11 9M 12

56 43

982 1,116

352 328133 148

1,523 1,636

9M 11 9M 12

+7%

+9%


United Kingdom Inflow Inflow levels substantially increased

Life Successful roll out of its proposition across the IFA market

and through affinity partnerships developed in 2011

Over 245,000 customers up 40% on same period last year

Non-Life Up 7%, driven by organic growth, primarily in Personal lines

Within Personal lines, Motor +14%, Household and Travel fell slightly

Commercial lines +11%

Groupama inflow not included; acquisition will propel Ageas to fifth largest UK Non-Life insurer

Other Insurance (including Retail) YTD total income of EUR 212 mio in line with last year.

31

Combined ratio UK 2008 – 9M 12

→ no impact from new calculation methodology


73.1% 80.4% 81.5% 74.6% 73.5% 76.7% 73.0% 72.5%

29.5%27.7% 28.0%

25.3% 26.4% 25.6% 25.8% 26.1%

102.6%108.1% 109.5%

99.9% 99.9% 102.3% 98.8% 98.6%

2008 2009 2010 2011 9M 11 3M 12 6M 12 9M 12


UK Combined ratio Continued improvement confirmed

UK : continued positive impact from corrective measures Overall combined ratio at 98.6%, 1.3%

improvement on 9M 11

Prior year releases at (1.8%) vs. 1.3% strengthening in 9M 11

Motor : Improved to 96.7% (vs. 98.2%) reflecting lower claims frequency, better fraud prevention and revised rating structures

Household slightly deteriorated to 101.3% (vs. 100.4%) continuing bad weather offsetting good underlying performance.

Travel at 106.5% (vs.106.3%)

32

80.2% 80.4% 74.0% 73.0% 72.3%

27.8% 28.3%25.4% 26.6% 26.1%

108.0% 108.7%99.4% 99.6% 98.4%

2009 2010 2011 9M 11 9M 12

83.5%97.9% 87.7% 83.0% 80.3%

26.2%24.0%

23.2% 23.3% 26.2%

109.7%121.9%

110.9% 106.3% 106.5%

2009 2010 2011 9M 11 9M 12

88.9% 82.9% 79.2% 77.1% 75.4%

22.8%23.3%

19.5% 21.1% 21.3%

111.7%106.2%

98.7% 98.2% 96.7%

2009 2010 2011 9M 11 9M 12

61.2%77.4%

61.4% 64.5% 65.2%

38.0%

38.2%

35.3% 35.9% 36.1%

99.2%

115.6%

96.7% 100.4% 101.3%

2009 2010 2011 9M 11 9M 12

Property & Casualty: increase in Fire combined ratio

UK Combined ratio per product line Decreasing in Q2 in all product lines

Motor: rating actions & fraud detection

Accident & Health

Fire: continuous bad weather impacting UK market


10/03/2010 I page 34

* Consolidated entities only; compared to FY 2011

Continental Europe Sustained net profit driven by better results in both Life and Non-Life


EUR mio 9M 12 9M 11



Technical result 125 (4)





Net result at EUR 49 mio (vs. EUR (12) mio) 9m 11 net result included EUR 33 mio impairment charges on Greek

bonds & EUR 17 mio on equities

Life up from EUR 17 mio negative result last year to EUR 36 mio in a distressed economic environment Operating margin increased significantly reflecting lower claims in the

risk business and improved investment result as last year impacted by net impairment charges on Greek bonds

Operating costs on a like-for-like basis reduced by 11% to EUR 53 mio due to continued cost containment and timing differences

FUM non-consolidated entities (Luxembourg) at EUR 14 bn

Non-Life at EUR 13 mio (vs. EUR 6 mio) Operating margin driven by excellent technical result in all lines of

business

Operating costs decreased by 5% explained by continued focus on cost containment

Net result up due to inclusion Turkey, lower claims and costs in both Portugal and Italy

34

162 135276

705

1,161

1,19892

1041,691

2,142

9M 11 9M 12

Accident & Health

Motor

Unit-Linked

Savings

Traditional

Group +27%

Other Fire

Life In EUR mio

Non-Life In EUR mio

185 244107

28157

125

44

117

394

766

9M 11 9M 12

Continental Europe Inflow Up driven by recently merged/acquired activities


+94%

Life Inflows +27%, including non-controlling interests @ 100%, driven by

merged Luxembourg entity (EUR 1.3 bn)

Other countries inflow below last year

Portugal: volumes dropped both in savings and UL due to economic situation and to reorientation towards protection and UL business. The Portuguese market decreased by 17.5% (end of August 2012)

France: drop in volumes influenced by economical reasons. UL still represents 36% of total sales compared to 13% market average

Funds under Management Scope-on-scope at EUR 14.2 bn, up 3% vs. FY 2011.

Non-Life GWP, including non-controlling interests @ 100% rose to EUR 766 mio

driven by inclusion Turkish acquisition

GWP consolidated entities up 2% to EUR 334 mio

Turkey (Aksigorta) at EUR 432 mio

Although all lines increased significantly through the inclusion of Turkey, Motor and A&H form the major business lines in the portfolio.

35

Combined ratio CEU* 2009 – 9M 12

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

CEU Combined ratio Continued improvement in all countries

Continental Europe: 89.9% vs. 97.4% Portugal : Combined ratio at 88.1% vs. 93.0%

supported by lower claim ratios in A&H, Fire & Motor

Italy : Combined ratio at 91.9% vs. 102.3% primarily due to lower costs & improving claims in Motor

Asia: 101.0% vs. 96.5% Impacted by additional charges related to 2011

floods in Thailand

Excluding Thai floods combined ratio at 96.7%


62.4% 71.0% 66.4% 67.1% 64.9% 61.0% 62.6%

27.6%30.3%

30.3% 30.3%25.4% 27.5% 27.3%

90.0%

101.3%96.7% 97.4%

90.3% 88.5% 89.9%

2009 2010 2011 9M 11 3M 12 6M 12 9M 12


36

10/03/2010

* Including Inflow (100%) & Profit (Ageas share) from partnerships respectively ** Consolidated entities only; compared to FY 2011


EUR mio 9M 12 9M 11

Gross inflow* 5,824 4,642



Operating margin 27 22

Profit before tax* 101 74

Net profit after tax & non-controlling interests* 99 72

Life FUM (EUR bn)** 1.8 1.6

Net profit of EUR 99 mio (vs. EUR 72 mio) Hong Kong: Satisfactory organic growth and positive FX impact

Non-consolidated partnerships: EUR 83 mio (vs. EUR 61 mio), strong organic growth of underlying businesses

Life net profit at EUR 93 mio (vs. EUR 59 mio) Hong Kong : EUR 26 mio vs. EUR 19 mio

Good organic growth, supported by positive FX impact & one-offs

Non-consolidated partnerships : EUR 76 mio vs. EUR 48 mio

Reflection of excellent growth of underlying businesses

Non-recurring positive impact on result (EUR 15 mio current year vs. EUR 10 mio previous year)

EUR 7 mio equity hedge cost included

Regional costs : EUR 10 mio (vs. EUR 8 mio)

Non-Life net profit at EUR 6 mio (vs. EUR 13 mio) Good underwriting performance (excluding flood losses)

Additional provision in H1 2012 for 2011 floods in Thailand (EUR 2 mio)

9M 11 result positively impacted by non-recurring tax recovery

Asia Strong result driven by organic growth and supported by non-recurring income

37

3.825 4.868

217

265 133

62 3

43

4.178

5.238

9M 11 9M 12

288 346

176 240

464 586

9M 11 9M 12

+25%

+26%

** MAT: Marine Aviation & Transport

Non-Motor*

Motor

Savings Group

Traditional

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

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked


Asia Inflow Excellent inflow levels, 25% up to EUR 5.8 bn

Life Hong Kong, +26%, Strong growth of 46% in new business, in

particular from IFA channel

China, +24%, Focus on building book of higher-margin recurring premiums and excellent persistency resulted in a 34% increase of regular premium income. In Q3 new business in bank channel picked up and new product launch supported performance agency channel.

Malaysia, +31%, New business premiums up 41% thanks to strong recovery bank channel activity

Thailand, +32%, Continued strong growth in both bank and agency channel

India, (11)%, New business down reflecting continued weak market sentiment and regulatory uncertainty. Relative market position maintained.

Funds under Management Hong Kong : EUR 1.8 bn, +13% vs. end 11

Including non-consolidated partnerships @ 100%: EUR 23.2 bn, +16% vs. end 11

Non-Life Malaysia, +23%, driven by all lines of business and in particular Motor

Thailand, +38%, across all lines and distribution channels boosted by post-flood recovery

38

Main messages

Equity / Solvency



General Account

General Information

Investment portfolio as per 30 September 2012 Value up as result of volume growth & drop in yields on fixed income

In EUR bn

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

Increase mainly explained by volume growth, both in existing & new business and by yield drop of European sovereign & corporate bonds.

Gross unrealized gains up EUR 3.7 bn vs. FY 11 to EUR 5.5 bn, mainly in fixed income

Investments in Belgian government bonds & corporate Non-Financials up

Update on infrastructure loans: 5 projects selected for potential total amount of EUR 221 mio

Fixed Income

Gross unrealized gains at EUR 4.0 bn; EUR 0.6 bn FY 11 Unrealized Gain Sovereigns at EUR 2.5 bn Unrealized Gain Corporates at EUR 1.6 bn

Equities

Gross unrealized gains up to EUR 142 mio vs. nearly breakeven end 2011

Real Estate

Gross unrealized gains marginally up to EUR 1.4 bn

Investment portfolio*

31.5 34.0

21.424.2

1.82.24.34.859.5

65.6

FY 11 9M 12

Real Estate

Equities

Structured creditinstruments

Corporate bonds

Sovereign bonds


52%

37%

1%

7%

3%

40

Sovereign bond portfolio as per 30 September 2012 vs. end 2011 Re-domestication within Belgian operations

Fair value increased by EUR 2.5 bn, from EUR 31.5 bn to EUR 34.0 bn

Increase coming from yield drop as result of decreasing spreads

96% investment grade, almost 85% portfolio rated A or higher

Divestments of bonds in Southern European & some core countries, primarily reinvested in Belgium as part of re-domestication within the Belgian operations.

Gross unrealized gains at EUR 2.5 bn, compared to EUR 159 mio end 11 resulting from yield drop mainly Belgium, up EUR 1.2 bn

In EUR bn


Sovereign bond portfolio*

14.218.0

4.6

4.83.9

3.12.4

2.81.6

1.41.8

0.92.72.60.4

0.431.534.0

FY 11 9M 12

Ireland

Others

The Netherlands

Germany

Austria

SE Sovereigns

France

Belgium


Net exposure on Southern European sovereigns further reduced Exposure at amortized cost & adjusted for non-controlling interests of EUR 2.1 bn

Exposure on S-E sovereigns at amortized cost , after impairments and non-controlling interests further reduced to EUR 2.1 bn

Additional reduction of primarily Italian & Spanish sovereigns of EUR 0.6 bn given increased liquidity and reduced spreads of SE sovereigns.

Exposure on Greece brought down to zero

Gross exposure at fair value of EUR 3.1 bn.

In EUR bn

(0.9)

3.2

1.40.3

6.2

2.6

1.41.2

1.4

1.3

0.70.3

2.1

0.9

0.6

0.6

12.9

6.2

3.02.1

FY 09 FY 10 FY 11 9M 12

Portugal

Spain

Italy

Greece

Impairment


In EUR bn

Portfolio up to EUR 24.2 bn (vs. EUR 21.4 bn)

Unrealized gains at EUR 1.6 bn (vs. EUR 432 mio)

95% investment grade; 79% rated A or higher

Banking / Other financials : 92% investment grade

Corporate bond portfolio*

Equities investments at fair value increased from EUR 1.8 bn to EUR 2.2 bn.

Gross unrealized gains up to EUR 142 mio, vs. nearly breakeven at end 2011.


Equity portfolio*

Corporate bond & Equity portfolio as per 30 September 2012 Corporate bond portfolio of EUR 24.2 bn; Equity portfolio at EUR 2.2 bn

4.9 5.7

1.8 1.9

6.27.8

8.4

8.9

21.424.2

FY 11 9M 12

Government related

Other corporates

Other financials

Banking0.8

1.1

0.1

0.10.7

0.70.2

0.31.8

2.2

FY 11 9M 12

Mixed funds & others

Real Estate funds

Equity funds

Equities


23%

8%

32%

37%

48%

7%

32%

14%

43

Real estate portfolio as per 30 September 2012 Invested amount fairly stable

10/03/2010

In EUR bn

Value increased by EUR 0.5 bn to EUR 4.8 bn mainly through investments in Retail & Offices

Gross unrealized gains stable at EUR 1.4 bn (not reflected in net equity) For own use : EUR 0.5 bn Investment property : EUR 0.9 bn

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

* At fair value

Real Estate portfolio*

1.5 1.6

0.2 0.3

1.1 1.1

0.91.3

0.60.64.34.8

FY 11 9M 12

Real EstateDevelopment

Investment Retail

Car Parks

InvestmentWarehouses

Investment Offices


33%

5%

24%

26%

11%

44

Main messages

Equity / Solvency



General Account

General Information

General Account Driven by legacy related one-offs & revaluation BNP P call option

Net result General Account of EUR 69 mio

Net interest income includes EUR 39 mio Tier 1 amortisation of discount & received interest.

RPN(I) liability floor fairly stable since agreement on CASHES; EUR 3 mio net result impact in Q2 + Q3 12.

Call option BNP P: Strong decrease mainly driven by sharp decline in volatilities from 49% end 2011 to 31% at 30 September; positive result in Q3 following rise of BNP P share price

RPI: Ageas net profit of EUR 90 mio following higher market to market revaluations of portfolio & after goodwill impairment

Legacy related one-off agreements Deal BNP P on CASHES & Tier 1(EUR (132) mio in Q1)

Settlement ABN AMRO & Dutch State on legal proceedings (EUR 400 mio in Q2)

Staff & other expenses flat


EUR mio 9M 12 9M 11

Net interest income 27 (9)BNP P Call Option (221) (248)Result on RPN(I) (268) 320Result on sales & revaluations (mainly Tier 1)

123 (202)

Results of associates (mainly RPI)

84 (139)

Settlement ABN Amro 400 0Staff & other expenses (37) (37)Profit before tax 98 (326)Net profit after tax & non- controlling interests 69 (325)

Balance sheet items 9M 12 FY 11

RPN(I) (160) (190)Call option BNP Paribas 174 395RPI 864 779Net cash/deposits 1,436 688

46

11

75

(278)

(51)

2

14

15

57(19)

67

400

(132)

3

90 (221)

(70)

69

Deal withABN Amro &Dutch State

Agreementwith BNP

on CASHES& Tier 1

RPN(I)revaluation

RPI BNPCall option

Other GeneralAccount

Q3 126M 12

General Account Quarterly result mainly up on revaluation BNP P call option


In EUR mio

47

EUR 140 mio 9M 12 impact of legacies

3

1.3

2.8

1.0

2.6

0.9

2.3

0.7

2.2

0.5

2.1

0.2

2.1

1.0 0.8 0.71.3 1.3 1.3

1.5 1.4

FY 09 3M10 6M10 9M10 FY 10 3M11 6M11 9M 11 FY 11 3M12 6M12 9M 12

Net cash position General Account at EUR 1.4 bn Significantly up after agreements in H1; first impact buy-back

The agreements with Fortis Bank & BNP P on the CASHES & Tier 1 (Q1) & with ABN AMRO & Dutch State on legal proceedings (Q2) had a joined positive impact on net cash position of EUR 1.1 bn

2011 dividend of 8 eurocent per share brought cash down with EUR 0.2 bn (Q2)

Quarterly impact of EUR 64 mio mainly due to share buy-back programme

Quarterly evolution net cash position* In EUR bn

* Until 6M 11 known as discretionary capital

in EUR mio FY 11 9M 12

Cash and cash equivalents 345 624Due from banks short term 600 1,000Debt certificates (EMTN) (257) (188)

Net cash position 688 1,436


Share buy-back programme announced 6 August 2012 will further reduce net cash

Net cash Discretionary capital

48

Buy-back programme of up to EUR 200 mio of its outstanding common stock

Buy-back programme launched as of 13 August

For period ending 19 February 2013 at the latest

Independent broker mandated to execute the programme

Through open market purchases on NYSE Euronext Brussels

Shares to be held as treasury shares until formal approval of cancellation

On 30 September, Ageas bought back 2.8 mio shares (1.17%) for a total amount of EUR 52.8 mio

As per 7 November, Ageas acquired 4.8 mio shares for a total amount of EUR 90.8 mio (corresponding to 1.99% of the total amount of outstanding shares)

Ageas announced a share buy-back programme on 6 August As at 7 November, Ageas has bought back 2% of its outstanding shares


Balance sheet value In EUR mio

Net result impact In EUR mio

Valuation Call option BNP Paribas shares at 30 September 2012 Value down due to decrease in volatility, up in Q3 following BNP share price

Valuation

Model parameters(Black & Scholes) FY 10 FY 11 9M 12

BNP Paribas share price EUR 47.69 EUR 30.35 EUR 36.98

Strike price EUR 66.67 EUR 66.67 EUR 66.67

Volatility 33% 49% 31%

Dividend yield 5.29% 5.98% 4.76%

609

395

117 174

FY 10 FY 11 6M 12 9M 12

(271)(214)

(278)(221)

FY 10 FY 11 6M 12 9M 12 Sensitivities FY 11 9M 12

Implied volatility +5% 24.5% 53.7%

Implied volatility -5% (23.6%) (44.9%)

Dividend yield -1% 2.8% 3.9%

Dividend yield +1% (1.1%) (2.9%)


Ageas’s equity Value Net book value assets RPI* In EUR mio

In EUR bn

In EUR bn In EUR bn

Principal & interest collections In EUR mio

Outstanding debt - IFRS

Fair value - IFRS

Valuation items Royal Park Investments as at 30 September 2012 Equity value up driven by positive RPI result, goodwill further impaired

Net result impact – part Ageas In EUR mio

Commercial paper Other Senior + Super Senior

* Net book value = Economic recovery value as of 31 December 2011 under B-GAAP minus Redemptions until 30 September 2012

Net result impact

Principal collections Interest collections

933

779864

FY 10 FY 11 9M 12

10.08.9

8.1

FY 10 FY 11 9M 12

4.6 4.8 4.4

2.6 1.20.6

7.26.0

5.0

FY 10 FY 11 9M 12

131

(197)

90

FY 10 FY 11 9M 12 7.06.0 6.1

FY 10 FY 11 9M 12

1,5401,208 1,003

169

156103

1,709

1,3641,106

FY 10 FY 11 9M 12


Balance sheet Royal Park Investments (under IFRS at 100%) Remaining goodwill reduced to EUR 276 mio

IFRS -- in EUR mio 9M 12 FY 11Assets 6,916 7,738Securities 6,066 6,043Deferred tax assets 458 712Goodwill 276 782Other assets 116 201

Liabilities and shareholders’ equity 6,916 7,738Liabilities 4,984 5,995Other liabilities 49 35Commercial paper 4,429 4,792Funding, super senior 0 649Funding, senior 506 519

Shareholders’equity 1,932 1,743Share capital 850 850Share premium (additional paid in capital) 850 850Hedging reserve 4 123Cash Flow hedge reserves 175 67Retained earnings 53 (148)


February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court

November 11 Receipt report Belgian experts

General Account: judgments received in various legal procedures No major new elements in Q3 12

Sep- Dec 10 Ageas starts legal procedure against Dutch State & ABN AMRO to obtain compensation in return for conversion Mandatory Convertible Securities (MCS) into Ageas’ shares

September 11 Exchange of uncalled Fortis Bank Tier 1 Debt Securities for cash by Ageas

Timing and (financial) outcome remains hard to estimate…. In many legal proceedings still at the stage of first instance Possible decisions before end 2012/early 2013: - Administrative proceedings by FSMA (communication Q2 2008)

May 11 - Claim dismissed of

VEB/Deminor and FortisEffect by Amsterdam Court

- Rotterdam court confirmed fine AFM I: appeal filed

Initi

ated

by

Age

as

Act

ions

aga

inst

Age

as

February 12 BNP P tender for CASHES and subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities

February 12 - Rotterdam court

confirmed fine AFM II; appeal filed

- Utrecht court re communication May-June 2008 in favour of plaintiffs; appeal filed

March 12 Brussels Commercial Court rules in favour of Ageas in MCS-case, appeal filed

2011 2012 2009... 2010 ...

April 12 Ondernemingskamer Amsterdam re mismanagement mainly in favour of plaintiffs; appeal filed

June 12 Agreement with ABN Amro to settle legal proceedings concerning FCC and MCS, closing all outstanding disputes with Dutch State


54

Legal proceedings & investigations at 30 September 2012 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 Proceedings ongoing Criminal investigation File transmitted to the public prosecutor in October 2012 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 and 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 Judgment Utrecht court 15/02/12 in favour of plaintiffs; 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

Court decision 08/12/09 on competence & provisional measures; proceedings ongoing

Proceedings ongoing Proceedings initiated in September 2012

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

Overview of main characteristics Hybrids Situation as per 30 September 2012

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 mandatory 472

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 mandatory 359

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 as for Direct

issue FBB 2001

Coupon served by FBB, trigger ACSM linked to

Ageas dividend

Market Price (30/09/12) 39.1 67.2 96.1 97.5 83.5 46.0

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.


Main messages

Equity / Solvency



General Account

General Information

Four targets Evolution on realizing the targets set for 2015

Acquisition Groupama UK announced, expected to be concluded in Q4 2012

Combined ratio in 9M 2012 of 97.9%; below 100%

Net result substantially up; Insurance shareholder equity increasing on unrealized gains

No noticeable progress made

57 Periodic Financial Information I 9M 12 Results I 7 November 2012

Total number of outstanding shares

Reverse stock split

Cancellation bought back shares

Agreement with BNP in February

situation 31/12/2011 situation 30/06/2012 situation 07/11/2012

Total Issued Shares 2,623,380,817 2,431,212,726 243,121,272

Shares not entitled to dividend and voting right 342,404,219 88,922,670 13,722,516

1. TREASURY SHARES Share buy-back 175,163,656 0 4,829,454FRESH 39,682,540 39,682,540 3,968,254Other treasury shares 2,244,740 2,801,088 280,904

2. CASHES 125,313,283 46,439,042 4,643,904

Shares entitled to dividend and voting rights 2,280,976,598 2,342,290,056 229,398,756

Total Issued Shares diminished with the 192,168,091 shares acquired through the Buy-back programme & cancellation granted at the shareholders' meetings of 24 and 25 April 2012 effective as at 29 June 2012.

Following the agreement with BNPP 63% of the outstanding CASHES has been converted into Ageas shares (63% of 125,313,283) with dividend and voting right.

Following the reverse stock split the total number of shareshas been divided by 10, effective as at 7 August 2012.

58 Periodic Financial Information I 9M 12 Results I 7 November 2012

Ping An 4.98%

Franklin Mutual Advisers3.23%

Ageas3.73%

Norges Bank 2.98%

Fortis Bank1.91%

BNP Paribas 1.05% Benelux Retail

shareholders 15% Identified

institutional investors

41%

Other investors26%

BNP Paribas Group 2.96%

Shareholders structure

Ping An Based upon the number of shares mentioned in the notification received March 2009BNP Paribas Based upon the BNP Paribas notification 1 October 2012

Ageas Based upon press release 5 November 2012Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012

Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 30 April 2012Benelux Retail shareholders Estimate by

Identified institutional investors Estimate by

Based on number of shares as at 5 November 2012


Financial Calendar 2012 - 2013

6 August 6M 2012 results

7 November 9M 2012 results

24 & 25 September Investor Day - London

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-dividend date

6 May Payment 2012 dividend

2 August 6M 2013 results

6 November 9M 2013 results


Rating

MOODY'S FITCH S&P

Operating entitiesAG Insurance (Belgium)

Insurance Financial Strength A2 A+ A-Outlook negative negative stableLast change 26/07/12 17/04/12 29/11/11

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

Holdingsageas SA/NV

Long-term Baa3 / P-3 * BBB+ / F2 BBB- / A-3Outlook negative negative stableLast change 26/07/12 17/04/12 25/10/10

* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's creditrating process. Ageas does not provide, for purposes of Moody's rating, access to the books, recordsand other relevant internal documents of these rated entities.


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 + 31 30 2525 305 [email protected] www.ageas.com

Investor Relations


9M results 2012

Economy & Finance

Transcript of 9M results 2012