FINANCIAL INSTITUTIONS

ISSUER PROFILE11 October 2019

TABLE OF CONTENTSCompany overview 1Financial highlights 2Business description 2Distribution channels 4Ownership structure 4Company management 5Company history 5Peer group 6Related websites and informationsources 6Moody’s related publications 6

Contacts

Christian Badorff +49.69.70730.961VP-Senior Analystchristian.badorff@moodys.com

Lila Sumino +33.1.5330.3359Associate Analystlilaclaire.sumino@moodys.com

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Ageas SA/NVKey facts and statistics - FYE 2018

Company overviewHeadquartered in Brussels, Ageas SA/NV (Ageas) is the holding company of Ageas Group.Ageas offers life insurance and nonlife insurance products, including accident and healthinsurance, car and motor insurance, fire insurance, and damage to property insurance. It alsooffers reinsurance services through Intreas N.V. (Intreas) and real estate services through itswholly owned subsidiary, AG Insurance.

Ageas has an active presence in Europe and Asia, and it was among the top 20 insurancecompanies in Europe with a market capitalisation of nearly €8.0 billion, as of 31 December2018. As of the same date, Ageas operated in 13 countries and served around 46.6 millioncustomers.

In the financial year ended 31 December 2018, Ageas reported gross inflow1 of €10 billion,gross premium income of €8.9 billion and net income of €996.9 million. As of 31 December2018, the company had total assets of €101.7 billion.

Ageas was formed in November 1993 as Fortis Capital Holding and it changed its legalname to Ageas SA/NV on 28 April 2010. Ageas' shares are listed on Euronext Brussels(Ticker: AGEAS). As of 31 December 2018, its largest shareholder was Ping An Life InsuranceCompany, with a 5.17% stake of Ageas' outstanding shares.

Sources: Company reports (annual report Dec 2018, prospectus April 2019, business review Dec 2018), company data, Moody’sInvestors Service research, www.euronext.com

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Financial highlightsNote: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytical purposes. For Moody’s-generated ratios for Ageas SA/NV, please see Ageas SA/NV's page on www.Moodys.com.

Exhibit 1

Latest full-year resultsAgeas SA/NV

In € million 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14

Gross Premium Written 8,860 8,445 9,277 9,359 9,258

Total Income 11,827 12,749 13,914 13,653 14,219

Net Income 997 850 223 940 656

Combined Ratio (%) 94.3 95.2 101.1 96.8 99.6

Total Liabilities 90,167 93,179 94,089 92,511 92,648

Tota Debt 2,184 1,969 2,496 2,788 2,484

Total Assets 101,686 103,341 104,294 104,486 103,559

Total Equity 11,520 10,162 10,205 11,975 10,912

Note: Based on consolidated financial data.Sources: Company reports (annual reports Dec 2018, Dec 2017, Dec 2016 and Dec 2015), company data

Business descriptionAgeas provides life insurance and nonlife insurance products and services, including accident and health insurance, car and motorinsurance, fire insurance, and damage to property insurance, covering the risk of property. It also offers reinsurance services throughIntreas and real estate services through its wholly owned subsidiary AG Insurance.

Ageas has organised its activities under the following six operating segments according to their region of operation: Belgium, UnitedKingdom, Continental Europe, Asia, Reinsurance and General account. In 2018, Belgium was the biggest contributor to Ageas' grosspremiun income (60%).2

Belgium: This segment includes services offered by AG Insurance, Ageas' main operating company and a composite insurer thatprovides a range of life insurance and non-life insurance products to individuals and companies. It distributes its products throughindependent insurance brokers, retail banking branches of BNP Paribas Fortis SA/NV as well as branches of the bpost banque SAor bpost bank NV (Belgian post). Furthermore, through AG Insurance’s subsidiary, AG Real Estate SA/NV, Ageas Group manages adiversified portfolio of real estate assets. In 2018, Belgium segment accounted for 60% of Ageas' gross premium income.

United Kingdom: This segment offers nonlife insurance products in UK through a range of channels, including brokers and high-profileaffinity partners, and directly to customer through its own brands. Products in this segment comprise branded and white-labelledinsurance propositions in personal lines and small commercial insurance packages. In addition, through Tesco Underwriting, a jointventure set up with Tesco Bank, Ageas UK also provides motor and home insurance to more than 1 million of Tesco Bank’s customers.In 2018, this segment accounted for 16% of Ageas's gross premium income.

Continental Europe: In this segment, Ageas offers a range of insurance products and services, covering both life and non-life, througha number of wholly owned subsidiaries and a joint venture in France, Portugal and Turkey. It distributes products through a number ofchannels, ranging from bank branches, brokers and agents to mobile solutions. Continental Europe accounted for 24% of Ageas' grosspremium income in 2018.

Asia: In Asia, Ageas Group offers a range of life and non-life insurance products in a number of countries. The activities are organisedin the form of joint ventures with local partners and financial institutions in China (20-24.9% owned by Ageas), Malaysia (30.95%),Thailand (15-31%), India (26%), Philippines (50%) and Vietnam (29% and 3% through Muang Thai Life). The Group and its partnersserve around 26 million customers across the region supported by a regional office in Hong Kong. The Group also provides insurance

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 11 October 2019 Ageas SA/NV: Key facts and statistics - FYE 2018

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services in Laos, Cambodia and Singapore. Products are offered through different channels, including agents, brokers, bank branchesand digital solutions.

Reinsurance: Ageas Group conducts its reinsurance activities through Intreas, in the Netherlands. Furthermore, in June 2018, thegroup's holding company received approval from National Bank of Belgium (NBB) to conduct reinsurance operations. In 2018,Reinsurance accounted for 1% of Ageas' gross premium income.

General Account: This segment covers activities that are not related to the core insurance business, such as Ageas Group financingand other holding activities.

Sources: Company reports (annual report Dec 2018, prospectus April 2019, business review Dec 2018), company data

Exhibit 2

Business segment(% of Gross premiun income, consolidated, for 2018)

Belgium59.9%

Continental Europe23.8%

UK15.6%

Reinsurance0.7%

Note: Excluding Insurance Eliminations and Group eliminationsSource: Company report (annual report Dec 2018)

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Exhibit 3

Business area detailsAgeas SA/NV

Gross inflow (in € million) 2018 2017 2016

Belgium 6,146 5,697 6,065

UK 1,388 1,546 1,720

Continental Europe 2,526 2,818 2,643

Asia 0 0 183

Reinsurance 61 52 41

Eliminations (60) (53) (41)

Total 10,061 10,060 10,610

Operating Result (in € million) 2,018 2,017 2,016

Belgium 661 700 611

UK 93 23 (130)

Continental Europe 150 215 193

Asia 0 0 17

Reinsurance 6 6 2

Eliminations 0 0 0

Total 909 945 693

Combined Ratio (%) 2,018 2,017 2,016

Belgium 93.4 91.0 96.0

UK 96.8 103.2 112.2

Continental Europe 92.4 90.4 88.7

Reinsurance 82.6 75.7 86.1

Total 94.3 95.2 101.1

Source: Company reports (annual reports Dec 2018 and Dec 2017)

Distribution channelsAgeas provides life insurance, non-life insurance and reinsurance products and services in four distinct regions: Belgium, the UK,continental Europe and Asia. The services in these regions are provided through a broad mix of distribution, through a combination ofpartnerships with strong financial institutions, brokers and direct channel.

Ownership structureAgeas was established in 1990 as Fortis SA/NV as a result of the merger of the Dutch insurer, AMEV, and the Belgian financial group,AG. As of 10 May 2019, Ageas reported 189,330,480 outstanding shares. Ageas' shares are listed on Euronext Brussels (Ticker: AGEAS).Ageas has a sponsored ADR programme in the United States. As of 31 December 2019, Ageas' largest shareholder was Ping An LifeInsurance Company, holding 5.17% of Ageas' outstanding shares.

Exhibit 4

Ageas SA/NVShareholders % heldPing An Life Insurance Company 5.17BlackRock, Inc. 4.94Ageas 3.02Fosun 3.01Schroders plc 2.94

Source: Company reports (annual report Dec 2018, prospectus April 2019, Q1 2019 presentation), company data, www.euronext.com

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Exhibit 5

Organisation structure as of 8 April 2019

Source: Company report (prospectus April 2019)

Company management

Exhibit 6

Ageas SA/NVExecutive Committee Current TitleBart De Smet Chief Executive OfficerChristophe Boizard Chief Financial OfficerAntonio Cano Chief Operating OfficerFilip Coremans Chief Risk Officer

As of 8 April 2019Source: Company report (prospectus April 2019)

Company historyAgeas was formed in November 1993 as Fortis Capital Holding and it changed its legal name to Ageas SA/NV on 28 April 2010.

In August 2015, Ageas and Muang Thai Life Assurance signed an agreement with Military Commercial Joint Stock Bank to establish ajoint venture in Vietnam, which was named MB Ageas Life. On 1 April 2016, Ageas acquired AXA’s Portuguese insurance operationscomprising a nonlife business (99.7% stake), a direct/internet nonlife business (100%) and a life insurance business (95.1%) for a totalcash consideration of €172.4 million. On 12 May 2016, Ageas completed the disposal of its life insurance business in Hong Kong (AICA)to JD Capital Co., Ltd. (Beijing Tongchuangjiuding Investment Management Co. Ltd.) for €1.22 billion.

In December 2017, Ageas sold its 50% + 1 share in Cargeas Assicurazioni, its Italian nonlife operation, to BNP Paribas Cardif for €178million.

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In June 2018, NBB granted Ageas SA/NV licenses to underwrite reinsurance for both non-life and life insurance. In December 2018,Ageas divested its 33% stake in Cardif Luxembourg Vie (CLV) to BNP Paribas Cardif for €152 million. The divestment was in line withAgeas's strategy to focus its efforts on further developing businesses where it holds stronger positions or in growth markets.

In February 2019, Ageas acquired a 40% stake in the Indian nonlife insurance company, Royal Sundaram General Insurance Co. Ltd.

Sources: Company reports (annual report Dec 2018, Dec 2017 and Dec 2016, prospectus April 2019, business review Dec 2018), company data, Moody’s Investors Service research

Peer group

» AEGON N.V.

» Allianz SE

» Assicurazioni Generali S.p.A

» Mapfre S.A.

» NN Group N.V.

Related websites and information sourcesFor additional information, please see:

The company’s website:

» Ageas SA/NV

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related publicationsIssuer Page on Moodys.com:

» Ageas SA/NV

Credit Opinion:

» Ageas SA/NV, March 2019

» AG Insurance, March 2019

Industry Outlook:

» Insurance – Europe: 2019 outlook remains stable as solid economic growth, increasing rates offset rising M&A and asset risks,November 2018

Rating Methodology:

» Life Insurers

» Property and Casualty Insurers

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.

Endnotes1 Gross inflow including eliminations.

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2 Throughout this section such percentage have been calculated excluding Insurance Eliminations and Group eliminations due to negative contributions.

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CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

9 11 October 2019 Ageas SA/NV: Key facts and statistics - FYE 2018