Full year results 2012

9M Periodical Financial

Information

FY Periodical Financial

Information

2012 RESULTS

Main messages

Equity / Solvency

Insurance Activities

Investment portfolio

General Account

General Information 1

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

Insurance net profit of EUR 624 mio Inflows at EUR 21.3 bn (+24%)

Group combined ratio at 99.1% (vs.100.1%)

Life Technical Liabilities at EUR 68.8 bn* (+7%)

Q4 Insurance net profit of EUR 175 mio Q4 Inflows at EUR 5.8 bn

Group net profit of EUR 743 mio

General Account net result of EUR 119 mio

Shareholders’ equity at EUR 42.75 per share

Insurance solvency at 206%, Group solvency at 231%

Net cash position General Account at EUR 1.2 bn

Main messages FY 12 results Ageas confirms strong insurance results

Periodic Financial Information I FY 12 Results I 20 February 2013 2

Proposed gross cash dividend of EUR 1.2 per share, up 50%

* Consolidated entities only

100.1% 99.1%

FY 11 FY 12

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

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

Insurance excl. impairments: 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% 206%

FY 11 FY 12

32.3042.75

FY 11 FY 12

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

(313)

624

(265)

119

(578)

743

FY 11 FY 12

Insurance General Account

Headlines Ageas confirms strong insurance results

Periodic Financial Information I FY 12 Results I 20 February 2013

(425)

430

82

223

30

(28)

(313)

624

FY 11 FY 12

Life Non-Life Other

**

446 501

11917230

11595683

FY 11 FY 12Life Non-Life Other

3

+15%


Confirm & further improve operational performance Adjusted net result up 15%

Life adjusted operating performance up 12%

Non-Life combined ratio further improved

Review/ Rethink strategic asset allocation Announcement to invest into infrastructure loans

Further reduction of SE sovereigns

Make further progress on unwinding legacy issues Settlements with BNP P and ABN AMRO & Dutch state resulted in substantial decrease in complexity legacy issues

Disciplined capital management Selective acquisitions : Groupama UK

Strong increase dividend : +50%

2nd share buy back announced in August nearly completed

Prepare for regulatory changes Solvency II internal preparation on track; deadlines delayed at European level

Announced Vision 2015 sets targets for the coming years

Ageas’s operational priorities 2012 Update on their status of realization

(3)

(299)

27

(274)

9 (28) 30

129

140

Progress in unwinding legacy issues Settlements reached in 2012 reduce complexity General Account

5

In EUR mio

----------------------- EUR (132) mio

net result impact of agreement

RPN(I) EUR (272) mio Revaluation between 31/12/12

& settlement date Indemnification paid to BNP P for

partial settlement & transaction costs

Tier 1 EUR 140 mio Revaluation: difference between amount

recieved & book value Amortisation Deferred tax impact Interest between 31/12/12 & 07/02/12

Interest

With BNP P on CASHES With ABN AMRO & Dutch state

Closing of all outstanding disputes between Dutch State & Ageas re equity transactions which resulted in take-over

Discontinuing of legal proceedings initiated by Ageas re MCS & FCC

One-off cash payment by ABN AMRO & net result impact of EUR 400 mio


Net cash wisely spent Balanced use of cash since 2009


Invest in Businesses

Organic growth Selective acquisitions Create new partnerships

Return to debtholders Redemption of Debt (EMTN)

Return to shareholders Dividend payment Share buy-back

May 2009 – December 2012:

+/- EUR 0.9 bn +/- EUR 600 mio UK (Tesco, KFIS,

Castle Cover, Groupama) +/- EUR 200 mio CEU (Italy, Turkey) +/- EUR 100 mio Asia (India, HK)

+/- EUR 1.1 bn +/- EUR 600 mio constant dividend

over 2009, 2010 & 2011 EUR 450 mio share buy-back

finalized early 2013

+/- EUR 0.8 bn redemption in EMTN programme

+ EUR 270 mio proposed dividend 2012

Going forward : Lower growth in capital intensive savings business Increased proportion of Non-Life related business

7

Ageas grows selectively its insurance portfolio A view on our latest acquisitions and partnerships

Rationale of acquisition represents a strong strategic fit complements Ageas UK’s multi-channel distribution approach strengthens its presence in UK broker market

Our new position in the UK Pro forma FY 11 inflow of GBP 2.1 bn (EUR 2.4 bn) No 5 Non-Life Insurer (5.2% market share FY 11) No 4 Private Motor (11.7%) & No 4 Personal lines (7.1%) Groupama COR at 97.8%

Financial impact of acquisition Total consideration paid of EUR 145 mio EUR 63 mio badwill recognized EUR (6) mio reorganization costs

Groupama in FY 2012 results 6 weeks consolidated EUR 63 mio inflow EUR 4 mio net profit



Ageas proposes a dividend over 2012

Proposed gross dividend in cash 1.2 Euro per share

Up 50% on 2011

In line with 40%-50% pay-out ratio set out in dividend policy

Dividend to be approved at AGM on 24 April 2013 in Brussels

26 April : Ex-dividend date

6 May : Payment 2012 dividend

8


Buy-back programme launched as of 13 August

For an amount up to EUR 200 mio

For period ending 19 February 2013 at the latest

Independent broker mandated to execute programme

Open market purchases on NYSE Euronext Brussels

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

On 31 December, Ageas bought back 7.1 mio shares (2.9%) for a total amount of EUR 137 mio

As per 15 February, Ageas acquired 9 mio shares for a total amount of EUR 188 mio (corresponding to 3.77% of the total amount of outstanding shares)

On 19 February, the Board of Ageas has decided to

postpone end of authorized period beyond 19/02/13 until full amount of EUR 200 mio is reached

propose cancellation of the shares bought back until 15 February 2013 on the next Shareholders’ meeting

Ageas announced a share buy-back programme on 6 August Ageas will complete its existing share buy-back programme

9


Evolution on realizing the targets set for 2015 As communicated at Investor Day 2012

FY 12 at 67/33 vs. 66/34 Calculation based on Inflows @ Ageas’s part (details slide 29)

FY 12 at 99.1% vs. 100.1% Calculation based on Non-Life Net Underwriting result in % Net earned premiums

FY 12 at 8.7% vs. (5.5%*) Calculation: Insurance result in % average Insurance equity

FY 12 at 12.1% vs. 15.2% Calculation: Equity of Turkey, China, Malaysia, Thailand & India as % Insurance equity

10 * ROE 2011 on adjusted basis of 7.1%

Creation of COO function Focus on realization Insurance targets & co-operation between companies


CFO

Bart De Smet

Christophe Boizard Kurt De Schepper

Antonio Cano

Barry Smith

Gary Crist Steven Braekeveldt

Executive committee

GRO

Emmanuel Van Grimbergen

CEO Belgium CEO UK CEO Asia CEO Continental Europe

Management committee

Board

CEO

CRO

COO

Andy Watson

responsible for • implementation of Group strategy • achievement of the targets set at Investor Day 2012 • further knowledge transfer & best practices sharing

in position to further strengthen focus on • Ageas’s strategic development • relations with investors, partners & external market • active involvement in operating entity Boards

EUR mio FY 12 FY 11 Q4 12 Q4 11

Gross inflows 21,269 17,220 5,805 4,336 - of which inflows from non-consolidated partnerships 10,215 5,982 2,933 1,522

Net result Insurance 624 (313) 175 (104)By segment: - Belgium 324 (327) 108 4 - UK 108 86 22 24 - Continental Europe 64 (8) 15 4 - Asia 129 (64) 30 (136)By type: - Life 430 (425) 137 (137) - Non-Life 223 82 79 25 - Other (28) 30 (41) 7

Net result General Account 119 (265) 50 60Net result Ageas 743 (578) 225 26

Earnings per share (in EUR) 3.13 (2.27)

Combined ratio 99.1% 100.1% 102.3% 99.9%Life technical liabilities (in EUR bn) * 68.8 64.4

Insurance Solvency 206% 207%

Shareholders' equity 9,911 7,760Net equity per share (in EUR) 42.75 32.30 *** Consolidated companies only // ** Following the reversed stock split completed on 7 August 2012, Ageas’s net equity per share has been multiplied by 10

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


Net result: 2011 impairments In EUR mio In EUR mio

Life Underwriting margin solid* Non-Life Combined ratio improving

Result excl. impairments

227% 210% 207%

Robust inflow growth In EUR mio

Headlines Belgium Strong Life inflows, Good operating performance in Life & Non-Life


**

13

321 313

39 70

360 383

FY 11 FY 12Life Non-Life

(330)

260

3

65

(327)

324

FY 11 FY 12

Life Non-Life

4,508 5,127

1,6711,759

6,1796,886


101.1% 99.5%

FY 11 FY 12

0.28% 0.29%

FY 11 FY 12

(344)

419

68

113

(276)

532

FY 11 FY 12

Life Non-Life

Investment result In EUR mio

+11%

* in % of average technical liabilities

Net result In EUR mio In EUR mio

Other result adjusted**


227% 210% 207%

Inflow flat at constant FX In EUR mio

Headlines UK Solid Non-Life results


**

14

In EUR mio

(4) (0)61

13730

(28)

86

108

FY 11 FY 12

Life Non-Life Other

(4)51

80

30

1186 91

FY 11 FY 12

Life Non-Life Other

6185

FY 11 FY 12

99.9% 99.8%

FY 11 FY 12

In EUR mio

* 2012 adjusted for EUR 63 mio badwill on GICL, EUR (15) mio reorganisation costs & EUR 4 mio net result GICL //** 2011 adjusted for EUR 9 mio incentive payment; 2012 adjusted for EUR (31) mio impairment charge , EUR (8) mio accelerated amortisation EUR (4) mio GICL transaction costs

+10%

Non-Life Combined ratio below 100% Non-Life result adjusted*

21 16

FY 11 FY 12

51 86

1,983 2,143

2,035 2,229

FY 11 FY 12

Life Non-Life

Net result: FY 11 hit by impairments In EUR mio In EUR mio

Non-Life Combined ratio improving


227% 210% 207%

Inflow growth due to scope change** In EUR mio

Headlines Continental Europe Improved operational performance


**

15

Continued cost containment In EUR mio

(19)

50

11

14

(8)

64

FY 11 FY 12

Life Non-Life

47 52

1114

58 65


2,2193,246

630

1,0262,849

4,272


96.7%93.4%

FY 11 FY 12

0.57% 0.67%

FY 11 FY 12

Life Underwriting margin*

186154

FY 11 FY 12

* in % of average technical liabilities // ** Luxembourg, Turkey

+50%

Net result* In EUR mio In EUR mio

Non-Life Combined ratio


227% 210% 207%

Inflow In EUR mio

Headlines Asia Strong inflows, Excellent year for Life, Non-Life profits held back by impact Thai floods


**

16

(72)

121

8

8

(64)

128

FY 11 FY 12

Life Non-Life

83

1378

8

91

144


102.0%99.3%

FY 11 FY 12

5,5517,131

607

7516,158

7,882


Net result Hong Kong

(84)

34

FY 11 FY 12

Net result non-conso’s

32

109

FY 11 FY 12

+28%

* Includes net result Hong Kong, non-consolidated partnerships & regional costs

3

90

(221)

(70)

69

(5)

14

60(21)

50

400 (132)

(2)

104 (161)

(91)

119

Deal withABN Amro &Dutch State

Agreementwith BNP

on CASHES& Tier 1

RPN(I)revaluation

RPI BNPCall option

Other GeneralAccount

4Q 129M 12

General Account: components of Net result Excellent results RPI over the year, Q4 mainly up on revaluation BNP P call option


In EUR mio

17

EUR 209 mio FY 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 1.1

1.5 1.4 1.2

FY 09 3M10 6M10 9M10 FY10 3M11 6M11 9M11 FY11 3M12 6M12 9M12 FY12

Net cash position General Account at EUR 1.2 bn Significantly up after agreements in H1; impact buy-back & acquisition Groupama

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)

Further impacted by share buy-back programmes & funding of Groupama acquisition

Quarterly evolution net cash position* In EUR bn

* Until 6M 11 known as discretionary capital

in EUR mio FY 11 FY 12

Cash and cash equivalents 345 402Due from banks short term 600 1,000Debt certificates (EMTN) (257) (187)

Net cash position 688 1,216


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

Net cash Discretionary capital

18

Investment portfolio as per 31 December 2012 Value up as result of volume growth & unrealized gains/losses In EUR bn

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

Increase mainly explained by volume growth, both in existing & new business and by unrealized gains/losses

Gross unrealized gains/losses up to EUR 6.7 bn on portfolio (EUR 1.8 in FY 11) mainly in fixed income

Investments in Belgian government bonds & corporate Non-Financials up

Infrastructure loans (part of loans to customers): 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn

Fixed Income

Gross unrealized gains/losses at EUR 5.2 bn; EUR 0.6 bn FY 11 Unrealized gain Sovereigns at EUR 3.3 bn Unrealized gain Corporates at EUR 1.9 bn

Equities

Gross unrealized gains up to EUR 0.2 bn vs. nearly breakeven end 2011

Real Estate

Gross unrealized gains marginally up to EUR 1.3 bn

Investment portfolio*

31.5 34.7

21.4

25.1

0.5

0.32.9

2.62.8

3.7

1.8

2.44.3

4.72.7

2.467.9

75.9

FY 11 FY 12

Cash & equivalents

Real Estate

Equities

Loans to customers

Loans to banks

Structured creditinstruments

Corporate bonds

Sovereign bonds


Insurance :

Continued strengthening & solidifying of business model in all countries

Overall improvement of operational performance

Balance sheet remains strong

General Account:

Important headway in solving legacies Complexity General Account further

reduced

2012 dividend strongly up Full commitment to deliver against the

Vision 2015 targets in 2013 and beyond

Conclusions


Investor Day 2013 Update on Vision 2015


Investor Day 2013 18 September 2013

Andaz Hotel - London

Main messages

Equity / Solvency



General Account

General Information

Shareholders’ equity / share

Shareholders’ equity as per 31 December 2012 Up driven by unrealized gains, net profit & revaluation put option In EUR mio


5,582 6,306

423

1,9311,755

1,673624 119

1,540 208 8(188) (160)

EUR 32.30 EUR 42.75

7,760

9,911

FY 11 Net resultInsurance

Net resultGen Account

Change UG/L Dividend Buy back Revaluationput option

Forex& other

FY 12

InsuranceUG/L

InsuranceUG/L

Equity per segment FY 11 FY 12 FY 11 FY 12

Belgium 2,381 ► 4,028 Asia 1,687 ► 1,837UK 1,008 ► 1,183 Insurance 6,005 ► 8,237Continental Europe 929 ► 1,190 General Account 1,755 ► 1,673

Tangible net equity as per 31 December 2012 High quality capital structure

10/03/2010 I page 24 Periodic Financial Information I FY 12 Results I 20 February 2013

EUR bn FY 12 FY 11

Reported net Shareholders' Equity 9.9 7.8Unrealised gains real estate 0.6 0.6Goodwill (incl RPI) (0.7) (1.1)VOBA (Value of Business Acquired) (0.4) (0.4)DAC (Deferred Acquisition Cost) (0.9) (0.7)Other (0.4) (0.4)Goodwill, DAC, VOBA related to N-C interests 0.5 0.425% tax adjustment DAC, VOBA & Other 0.3 0.3

Tangible net equity 9.0 6.5

Tangible net equity / Reported net Shareholder's Equity 91% 84%

24

IFRS Solvency as per 31 December 2012 Insurance ratio stable, Ageas ratio impacted by value put option on AG Insurance


2.3 2.4

0.4 0.5 0.6 0.6 0.4 0.5

3.6 4.0 3.6 4.0

1.7 1.8

0.5 0.6 0.4 0.8 0.8 0.9

3.94.2

1.1 1.0

5.05.2

174%176%

234%224%

172%244% 292%

268%

207%206%

237%231%

3.9 4.2

0.91.1

1.01.4 1.3

1.4

7.58.2

8.69.2

FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12

Belgium UK

CEU Asia

Total Ageas General Account

RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital RMC Excess Capital Available Capital

In EUR bn

Main messages

Equity / Solvency



General Account

General Information

Detailed overview inflows By segment/business @ 100%


*

* Ageas holds a 50% stake in Tesco Underwriting

EUR mio FY 12 FY 11 FY 12 FY 11 FY 12 FY 11Belgium 75% 5,127 4,508 1,759 1,671 6,886 6,179United Kingdom 100% 86 51 2,143 1,983 2,229 2,0350 0Continental Europe 0% 3,246 2,219 1,026 630 4,272 2,849

Consolidated entities 0% 1,034 2,219 459 453 1,493 2,672Portugal 51% 763 1,071 240 237 1,003 1,308France 100% 271 290 0 0 271 290Luxembourg 50% 0 814 0 0 0 814Germany 100% 0 44 0 0 0 44Italy 25% 0 0 219 216 219 216

Non-consolidated JV's 2,213 0 2,213 0Turkey (Aksigorta) 36% 0 0 567 177 567 177Luxembourg (Cardif Lux Vie) 33% 2,213 0 0 0 2,213 00 0

Asia 7,131 5,551 751 607 7,882 6,1580 0Consolidated entities 447 353 0 0 447 353

Hong Kong 100% 447 353 0 0 447 353Non-consolidated JV's 6,684 5,198 751 607 7,436 5,805

Malaysia 31% 786 622 570 478 1,538 1,229Thailand 31%/15% 1,224 907 181 129 1,794 1,385China 25% 4,565 3,552 0 0 4,746 3,681India 26% 109 116 0 0 109 1160 0Total 15,590 12,329 5,680 4,891 21,269 17,220

Consolidated entities 6,693 7,131 4,362 4,107 11,054 11,239 Non-consolidated partnerships 8,897 5,198 1,318 784 10,215 5,982

Life Non-Life Total

Belgium UK

CEU Asia

Total Ageas

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

Inflows @ 100% Driven by Asia & scope changes in Continental Europe


In EUR mio

28

4,508 5,127

51 86 2,219 3,246 5,551

7,131

12,329

15,590

1,671 1,759

1,983 2,143

630 1,026

607

751

4,891

5,680

+ 11%

+ 10%

+ 50%

+ 28%

+ 24%

6,179 6,886

2,035 2,229 2,849

4,272

6,158

7,882

17,220

21,269

FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12 FY 11 FY 12

Belgium UK

CEU Asia

Total Ageas

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

Inflows @ Ageas’s part Inflow up 16%, all segments showing double digit growth


In EUR mio

29

3,381 3,845

51 86 1,287 1,397 1,740 2,233

6,460 7,561 1,253

1,319

1,606 1,780 239 381 164

203

3,262

3,684

+ 11%

+ 13% + 17%+ 28%

+ 16%

4,634 5,164

1,657 1,865 1,526 1,779 1,905

2,436

9,722

11,245


Insurance net result 2011 result heavily hit by impairments

Belgium UK

CEU Asia

Total Ageas

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

(330)

260

(4) (0)(19)

50

(72)

121

(425)

430

3

65

61 137

11 14

8

8

82

223

30

(28 )30

(28 )

(327)

324

86

108

(8)64

(64)

128 (313)

624



In EUR mio

30

10/03/2010 I page 31 Periodic Financial Information I FY 12 Results I 20 February 2013 31

Overview impairments & net capital gains 2011 heavily hit by impairments, only limited influence of cap gains in Y-o-Y comparison

* Includes badwill & goodwill impairments of EUR 23 mio in UK

Greek bonds Equities Goodwill Total

EUR mio FY 12 FY 11 FY 11 FY 11 FY 12 FY 11

Life (53) (558) (94) (651) 104 142

Non-Life (5) (27) (10) (36) 20 2

Total Belgium (58) (584) (103) (687) 124 144Life 0 1

Non-Life 56 20 7

Other (39)Total UK 17 20 8

Life (2) (43) (22) (65) 6 (8)

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

Total CEU (2) (43) (22) (66) 6 (8)Life (16) (56) (99) (155) 33 36

Non-LifeTotal Asia (16) (56) (99) (155) 33 36

Life (71) (600) (172) (99) (871) 143 171

Non-Life 51 (27) (10) (37) 39 9

Other (39)Total Ageas (59) (627) (182) (99) (908) 182 180

Impairments Cap gains/losses

*

Insurance net result adjusted for impairments Improved operational performance in Life & Non-Life

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

32

321 313

(4) 0 47 52 83 137

446 501

39 70

61 80 11 14 8

8

119

172

30 11

30

11

6%

6%13%

59%

15%

360 383

86 91 58 65

91

144

595

683


Insurance Lexicon on new disclosures as from FY 2012


Life Non-Life + Underwriting

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

+ Net Underwriting result

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

handling & administration) + Expense &

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

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

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

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

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

- technical interest charges on technical liabilities

= Operating result = Operating result

Average technical liabilities

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

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

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

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

Combined ratio

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

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

Net profit of EUR 624 mio (vs. EUR (313) mio) 2011 results include EUR 908 mio impairment charge on Greek bonds,

equities & goodwill vs. EUR 59 mio Adjusted for impairments net result up +/-15%, mainly from Non-Life

Level of capital gains/losses stable

Life at EUR 430 mio (vs. EUR (425) mio) Belgium: Net result adjusted for impairments & cap gains.

CEU: Strong underwriting margins due to continued cost containment

Asia: Strong result in all major businesses

Non-Life at EUR 223 mio (vs. EUR 82 mio) Good results across all major business segments

Belgium: good averall operating performance tempered by non-recurring reserves strengthening, esp. in Motor

UK: net result includes impact of Groupama acquisition

CEU: all countries participate to good result

Asia: good underwriting performance tempered by tail end Thai floods

Other at EUR (28) mio (vs. EUR 30 mio) Commission & fee income broadly in line with last year

Includes EUR (43) mio one-off charges Competitive retail environment leads to pressure on net profit


EUR mio FY 12 FY 11

Gross inflow 21,269 17,220

- Life 15,590 12,329

- Non-Life 5,680 4,891

Fee, commission & other income

276 272

Operating costs (887) (850)

Operating result 868 (187)

- Life 590 (331)

- Non-Life 278 144

Profit before tax 1,120 (414)

Net profit 624 (313)

- Life 430 (425)

- Non-Life 223 82

- Other (28) 30

69.4% 73.2% 69.0% 68.1% 70.4% 71.6% 64.1% 66.5% 70.3%

33.1% 32.8%31.1% 31.0% 29.5% 30.3%

30.6% 30.7%32.0%

102.5% 106.0%100.1% 99.1% 99.9% 101.9%

94.7% 97.2%102.3%

(6.0%)(3.7%) (3.5%) (3.1%) (4.2%) (5.6%) (4.1%) (1.7%) (1.4%)

2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

claims ratio expense ratio PY claims ratio

Combined ratio 2009 – 2012

Insurance Combined ratio Further improvement to 99.1%, below Ageas 100% target

Combined ratio at 99.1% vs. 100.1%

Q4 impacted by reserves strengthening & normal seasonality

Motor at 99.0% (vs. 97.3%): non-recurring reserves strengthening for bodily injuries in Belgium, positive impact of management action in UK

Household at 97.2% (vs.103.4%): continued good performance in CEU; lower climate impact & higher tariffs in Belgium; weather events in UK

Accident & Health: at 96.0% (vs.96.9%): good performance confirmed in Belgium; reserves strengthening in CEU

Claims ratio at 68.1% vs. 69.0%

CY claims ratio improving in all segments

PY claims ratio slightly down to 3.1% (vs. 3.5%), driven by reserves strengthening in Belgium

Expense ratio stable at 31%

Cost containment in CEU compensates for increasing commission in UK


Net earned premium in EUR mio 2,497 2,858 3,507 4,178 965 989 1,034 1,044 1,111

70.4% 74.3% 71.9% 70.5% 73.7% 73.1%

23.6% 24.8% 25.0% 25.5% 25.3% 29.0%

94.0% 99.1% 96.9% 96.0% 99.0% 102.1%

2009 2010 2011 2012 Q4 11 Q4 12

79.0% 78.4% 72.0% 73.6% 74.6% 78.3%

29.3% 29.0%25.3% 25.4% 22.5% 25.4%

108.3% 107.4%97.3% 99.0% 97.1%

103.7%

2009 2010 2011 2012 Q4 11 Q4 12

59.4%75.0%

61.9% 55.6% 56.7% 50.6%

43.4%

43.2%41.5%

41.6% 39.5% 42.3%

102.8%

118.2%103.4%

97.2% 96.2% 92.9%

2009 2010 2011 2012 Q4 11 Q4 12

51.7% 42.9%67.2% 66.5%

81.3% 72.5%

45.8%41.2%

44.8% 44.9%48.8%

46.9%97.5%

84.1%

112.0% 111.4%

130.1%119.4%

2009 2010 2011 2012 Q4 11 Q4 12

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


Motor: up on non-recurring reserves strengthening in BE

Accident & Health: good performance confirmed

Household: improving in BE; weather events in UK

Other: non-recurring reserves strengthening in BE; PY claims in UK commercial lines

609 714 736 763 181 193

1,012 1,134 1,571 2,058 462 550 673 750 892 1,007 245 265

203 261 308 349 78 103

NEP

NEP

NEP

NEP

0.33% 0.34% 0.38% 0.31% 0.40% 0.38% 0.46% 0.30%

0.48%

(0.64%)

0.72%

0.41%

0.84%

0.47%0.51%

1.08%

(0.16%)

(0.21%)

(0.20%) (0.23%) (0.18%) (0.19%) (0.24%) (0.20%)

0.66%

(0.51%)

0.90%

0.49%

1.05%

0.66%0.74%

1.17%

2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

Underwriting m. Investment m. Expense & other m.

Operating margin 2010 – 2012

Insurance Life operating margin All margins improving

37

Average technical liabilities in EUR bn

Operating margin at 0.90%

Operating margin: 2011 operating margin impacted by impairments on Greek sovereigns, equity & goodwill, offset by net capital gains on various rebalancing operation. On an adjusted basis, operating margin increased driven by better investment margin

Underwriting margin improved due to good mortality result in CEU & portfolio growth in Asia.

Investment margin 2011 impacted by financial turmoil

Expense & other margin stable

Technical liabilities

Year-end technical liabilities at EUR 68.8 bn, up 7% on a scope-on-scope basis. Strong growth in Belgium & Asia

Average technical liabilities up 2% reflecting an increase in Belgium & Asia and a decrease in CEU


70.6 64.7 65.8 64.7 64.8 65.0 65.4 65.8

Insurance Life operating margin per product line Guaranteed: driven by investment margin Unit-linked: all margins improving

38

0.44% 0.41% 0.44% 0.37% 0.35%

0.67%

(0.79%)

0.87%0.51%

1.31%

(0.33%)

(0.36%)

(0.33%) (0.38%) (0.30%)

0.56%

(0.60%)

0.81%

0.40%

1.12%

2010 2011 2012 Q4 11 Q4 12


Average technical liabilities Average technical liabilities

Decrease 2012 in expense & other margin related to Belgium & CEU

Underwriting margin improvement mainly coming CEU & Asia

Investment margin increased as previous year impacted by financial turmoil.

Improvement underwriting margin mainly coming CEU & Asia


0.07% 0.04%0.11% 0.06% 0.06%

0.01% 0.00%0.01%

0.00% 0.01%

0.27%0.42%

0.37%0.41%

0.22%

0.35%

0.45% 0.48%

0.47%

0.28%

2010 2011 2012 Q4 11 Q4 12


50.4 52.3 54.0 52.3 54.0 20.2 12.4 11.8 12.4 11.8


Life Underwriting margin solid* Non-Life Combined ratio improving


227% 210% 207%

Robust inflow growth In EUR mio

Headlines Belgium Strong Life inflows, Good operating performance in Life & Non-Life


**

39

321 313

39 70

360 383


(330)

260

3

65

(327)

324

FY 11 FY 12

Life Non-Life

4,508 5,127

1,6711,759

6,1796,886


101.1% 99.5%

FY 11 FY 12

0.28% 0.29%

FY 11 FY 12

(344)

419

68

113

(276)

532

FY 11 FY 12

Life Non-Life

Investment result In EUR mio

+11%

* in % of average technical liabilities

Belgium Good operating performance both in Life and Non-Life

I page 40

Net profit at EUR 324 mio (vs. EUR (327) mio in 2011) 2011 heavily hit by impairments on Greek bonds & equities for

EUR (687) mio vs. EUR (58) mio

2011 impairment impact partly offset by capital gains (EUR 144 mio) vs. EUR 124 mio

Life at EUR 260 mio (vs. EUR (330) mio) Operating result up to EUR 456 mio (vs. EUR (309) mio)

Increase when excluding for impairments & cap gains mainly resulting from better investment margin, partly offset by lower return on own funds & higher effective tax rate

Non-Life at EUR 65 mio (vs. EUR 3 mio) On an adjusted 2012 & 2011 basis, improved operating result

reflecting better underwriting performance

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

Underlying performance in Motor remained good despite non-recurrent strengthening of reserves for bodily injuries

Accident & Health net underwriting performance increased strongly thanks to Workmen’s Compensation improvement

Other lines underwriting performance lower due to non-recurrent strengthening of bodily injuries reserves & higher claims in TPL

40

EUR mio FY 12 FY 11


- Life 5,127 4,508

- Non-Life 1,759 1,671



- Life 456 (309)

- Non-Life 122 43

Profit before tax 661 (470)

Net profit 324 (327)

- Life 260 (330)

- Non-Life 65 3


4,265 4,647

12434804,508

5,127

FY 11 FY 12

+14%

Life In EUR mio

Non-Life In EUR mio

Unit-Linked

Guaranteed

Other

Household

Accident & Health

Motor

+5%

Belgium Inflow Steady growth across Life and Non-Life

462 484

541 553

524 569144 154

1,671 1,759

FY 11 FY 12

Guaranteed Sales in Individual Savings amounted to EUR 3.2 bn (+12%), marked

by a sustained interest for guaranteed products despite continued lowering of the guaranteed rates.

Group Life inflows amounted to EUR 1.1 bn, a 7% growth supported by higher regular and single premiums.

Unit-linked Sales at EUR 0.5 bn, up (+98%) compared to a poor volume in 2011.

Strong increase driven by Bank channel & explained by a significant offer in close-ended fund and improved customer appetite.

Household, Motor & Others Most of the increase related to Household (+9%); well spread across

the Bank and Broker channels, driven by tariff increase on top of the ABEX-indexation & higher volume

Growth in Motor +2% driven by tariff increase.

Other lines inflow +7% driven by higher volume & tariff increase

Accident & Health Inflow up 5%. Mainly driven by Workmen's compensation +8%;

Accident +2%; Disability +4%; Healthcare +2%

41 Periodic Financial Information I FY 12 Results I 20 February 2013

64.1% 68.7% 64.3% 62.7% 64.2% 67.2%59.0% 60.5% 64.3%

36.8%36.4%

36.8% 36.8% 37.1% 36.9%36.6% 36.4%

37.2%

100.9%105.1% 101.1% 99.5% 101.3% 104.1%

95.6% 96.9%101.5%

(8.0%) (6.6%) (7.3%) (4.5%) (7.7%) (9.6%) (7.8%)(0.8%) (0.2%)

2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12



Belgium Combined ratio Improved underwriting performance in Household and Workmen’s Compensation

Combined ratio at 99.5% vs. 101.1%

Household significantly improved

Accident & Health improved reflecting better performance in Workmen’s Compensation & continued good performance in Healthcare,

Motor combined ratio increased to 100.5% compared to an exceptionally strong 2011 COR of 94.2%. Increase mainly related to non-recurrent adjustment on reserves for bodily injuries. Adjusted COR in line with 2011

Claims ratio at 62.7% vs. 64.3%

CY ratio improved mainly in Household & Workmen’s Compensation

PY ratio non-recurrent strengthening of bodily injuries reserves (Q3 & Q4) & worsening of claims in TPL partly compensated by higher run off in Household

Expense ratio remains flat at 36.8%

42

Net earned premium in EUR mio 1,469 1,541 1,601 1,698 404 417 423 429 429


60.5%75.6%

63.0%50.5% 60.1%

49.4%

47.1%

47.1%46.9%

46.2%45.2%

46.3%

107.6%122.7%

109.9%96.7%

105.3%95.7%

2009 2010 2011 2012 Q4 11 Q4 12

44.9%

10.4%

58.2% 65.9% 68.8% 72.4%

49.2%

50.9%

49.5%48.1%

54.7% 45.6%94.1%

61.3%

107.7% 114.0%123.5% 118.0%

2009 2010 2011 2012 Q4 11 Q4 12

68.9% 75.8% 73.8% 73.0% 75.8% 74.9%

22.6%21.9% 23.8% 24.0% 24.7% 25.9%

91.5%97.7% 97.6% 97.0% 100.5% 100.8%

2009 2010 2011 2012 Q4 11 Q4 12

68.5% 71.0%58.9% 64.7% 57.3%

67.9%

36.3% 35.7%35.3%

35.8%34.8%

35.5%

104.8% 106.7%94.2%

100.5%92.1%

103.4%

2009 2010 2011 2012 Q4 11 Q4 12

Belgium Combined ratio per product line Improved underwriting performance in Household and Workmen’s Compensation Motor: non-recurring strengthening bodily injuries reserves

Accident & Health: good performance confirmed

Household: higher tariffs, lower climate impact & higher PY

43

Other: non-recurring strengthening bodily injuries reserves TPL

424 451 451 480 108 118

465 498 525 540 134 137 453 463 484 530 127 137

127 129 142 149 36 37

NEP

NEP

NEP

NEP


0.25% 0.28% 0.29% 0.27% 0.28% 0.27% 0.36% 0.25%

0.49%

(0.71%)

0.84%0.57%

0.99%

0.51%0.59%

1.28%

(0.10%)

(0.20%)

(0.21%) (0.18%) (0.23%) (0.19%) (0.26%) (0.18%)

0.64%

(0.64%)

0.91%

0.67%

1.03%

0.59%0.70%

1.34%

2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12



Belgium Life operating margin Improved, driven by Investment margin

44


Operating margin: On an adjusted 2012 and 2011 basis (Impairment on Greek sovereigns and Equity, offset by net capital gains on various rebalancing operation), increase driven by a better investment margin

Underwriting margin stable

Investment margin improved significantly on higher yields & lower profit sharing reserving

Expense & other margin stable

Technical Liabilities Year-end technical liabilities at EUR 52.7 bn (+7%) :

higher intakes & shadow accounting

Guaranteed at EUR 47.4 bn, up 8% vs. end 11

Unit-linked TL relatively stable at EUR 5.3 bn

Average technical liabilities up 3% reflecting an increase in Guaranteed & a decrease in Unit-Linked



46.7 48.5 50.1 48.5 49.3 49.6 49.8 50.1

Belgium Life operating margin per product line Guaranteed: better investment margin Unit-linked: better underwriting margin

45

Better underwriting margin due to improved risk margin on a YTD basis.

Average Technical Liabilities decreased by 7%

On an adjusted 2012 and 2011 basis operating margin increased driven by a better investment margin

Average Technical Liabilities up 5%, mainly due to strong intakes

0.28% 0.32% 0.32% 0.31% 0.28%

0.57%

(0.80%)

0.93%0.65%

1.42%

(0.21%)

(0.30%)

(0.29%) (0.29%) (0.25%)

0.64%

(0.78%)

0.96%

0.67%

1.45%

2010 2011 2012 Q4 11 Q4 12


0.03%(0.05%)

0.04% 0.02% (0.01%)

0.64%

0.50% 0.44%0.65%

0.44%

0.66%

0.45% 0.47%

0.66%

0.42%

2010 2011 2012 Q4 11 Q4 12


Avg techn liabilities Avg techn liabilities


40.7 42.9 44.9 42.9 44.9 6.0 5.6 5.2 5.6 5.2


Other result adjusted Non-Life Combined ratio improving


227% 210% 207%

Inflow flat at constant FX In EUR mio

Headlines UK Solid Non-Life results


**

46

Non-Life result adjusted for GICL* In EUR mio

(4) (0)61

13730

(28)

86

108

FY 11 FY 12

Life Non-Life Other

(4)51

80

30

1186 91

FY 11 FY 12

Life Non-Life Other

51 86

1,983 2,143

2,035 2,229


6185

FY 11 FY 12

99.9% 99.8%

FY 11 FY 12

In EUR mio

* 2012 adjusted for EUR 63 mio badwill on GICL, EUR (15) mio reorganisation costs & EUR 4 mio net result GICL //** 2011 adjusted for EUR 9 mio incentive payment; 2012 adjusted for EUR (31) mio impairment charge , EUR (8) mio accelerated amortisation EUR (4) GICL mio transaction costs

+10%

21 16

FY 11 FY 12

10/03/2010 I page 47

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

Net result at EUR 108 mio (vs. EUR 86 mio) Multi-distribution strategy creating good returns

Improved performance overall; especially in private Motor

Retail income in line with last year

Life at EUR (0.1) mio (vs. EUR (4) mio) Continued progress in line with stage of business development

Result includes additional charge of EUR 4 mio deferred acquisition costs to reflect more prudent assumptions, broadly offset by tax credit

Non-Life at EUR 136 mio (vs. EUR 61 mio): more than double

Includes EUR 63 mio excess fair value of Groupama offset partially by EUR (15) mio reorganisation costs

Improved Motor result through impact management actions, offsetting seasonal claims Household & large claims Commercial lines

Net profit AIL at EUR 56 mio; Tesco Underwriting EUR 13 mio, Groupama EUR 4 mio (6 weeks consolidation)

Net realized capital gains of EUR 18 mio (net of minority interests)

Other Insurance at EUR (28) mio (vs. EUR 30 mio) Includes one-off charges for goodwill impairment (EUR (31) mio),

accelerated amortization of intangible assets (EUR (8) mio) & transaction costs (EUR (4) mio)

2011 net result included EUR 9 mio incentive payment from commercial partner

Competitive retail environment leads to pressure on net profit

47

EUR mio FY 12 FY 11


- Life 86 51

- Non-Life 2,143 1,983Fee, commission & other income

276 272


Operating result 106 66

- Life (7) (8)

- Non-Life 114 74

Profit before tax 147 121

Net profit 108 86

- Life (0) (4)

- Non-Life 137 61

- Other (28) 30


1,983 2,143

5186

2,0352,229

FY 11 FY 12

70 55

1,280 1,427

455 448178

2131,983 2,143

FY 11 FY 12

Motor

Non-Life

Life

Other

Property

Accident & Health

Total In EUR mio

Non-Life In EUR mio

+8%

+10%

United Kingdom Inflow Inflow levels in line with 2011 at constant exchange rates

Life Successful roll out of its proposition across the IFA market

and through affinity partnerships developed in 2011

Over 265,000 customers up 40% on same period last year

Non-Life Up 8%, flat at constant FX

Motor increased by 11%

Household declined by 2% due to commercial position after tariff increases

Other lines, including Commercial and special risks increased 20%

AIL: +10% with growth in Private car & special risks; Tesco below 2011 level due to competition from direct writers

EUR 63 mio Groupama inflow included since mid November

Other Insurance (including Retail) YTD total income of EUR 276 mio in line with last year.


80.4% 81.5% 74.6% 73.3% 77.0% 76.7% 69.6% 71.5% 75.4%

27.7% 28.0%25.3% 26.5% 22.8% 25.6%

26.0% 26.7%27.4%

108.1% 109.5%99.9% 99.8% 99.8% 102.3%

95.6% 98.2%102.8%

(3.5%)(1.1%) 0.1% (2.1%) (2.5%) (1.7%) (1.3%) (2.4%) (2.8%)

2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12claims ratio expense ratio PY claims ratio


UK Combined ratio Below 100%; within Ageas’s strategic targets

Combined ratio at 99.8%

Combined ratio Continued sub 100% performance

Improvement in all product lines

Claims ratio at 73.3%

Claims ratio Improvement across most lines of business due to rating actions & increasing fraud detection

CY ratio Slight deterioration primarily due to bad weather experience in Household partially offset by improvement in all other lines

PY ratio: release of 2.1% against strengthening of 0.1% in 2011 for escape of water claims December 2010

Expense ratio at 26.5%

Slight increase as commissions have increased across all lines

49

Net earned premium in EUR mio 834 948 1,524 2,083 465 479 510 521 573


83.5%97.9% 87.7% 78.1%

100.4%72.2%

26.2%24.0%

23.2%28.2%

23.2%

33.4%

109.7%121.9%

110.9% 106.3%

123.6%

105.6%

2009 2010 2011 2012 Q4 11 Q4 12

88.9% 82.9% 79.2% 77.2% 83.7% 81.9%

22.8% 23.3% 19.5% 21.3% 16.0% 21.4%

111.7% 106.2%98.7% 98.5% 99.7% 103.3%

2009 2010 2011 2012 Q4 11 Q4 12

61.2%77.4%

61.4% 62.3% 53.9% 54.3%

38.0%

38.2%

35.3% 36.7%34.1% 38.4%

99.2%

115.6%

96.7% 99.0%88.0% 92.7%

2009 2010 2011 2012 Q4 11 Q4 12

66.0% 75.1% 71.6% 67.7% 78.6% 75.2%

38.1% 30.4% 39.3% 42.2%46.0% 44.6%104.1% 105.5% 110.9% 109.9%124.6% 119.8%

2009 2010 2011 2012 Q4 11 Q4 12

UK Combined ratio per product line Household impacted by bad weather; improvements in all other lines Motor: positive impact management actions

Accident & Health

Household: weather events

50

Other: higher claims in commercial lines

53 58 65 57 17 16

524 532 949 1,420 304 388 187 248 366 434 108 115

69 110 143 173 36 54

NEP

NEP

NEP

NEP



Non-Life Combined ratio improving


227% 210% 207%

Inflow growth due to scope change** In EUR mio

Headlines Continental Europe Improved operational performance


**

51

Continued cost containment In EUR mio

(19)

50

11

13

(8)

64

FY 11 FY 12

Life Non-Life

47 52

1113

58 65


2,2193,246

630

1,0262,849

4,272


96.7%93.4%

FY 11 FY 12

0.57% 0.67%

FY 11 FY 12

Life Underwriting margin*

186154

FY 11 FY 12

* in % of average technical liabilities // ** Luxembourg, Turkey

+50%

10/03/2010 I page 52

Continental Europe Excellent results achieved in both Life and Non-Life


EUR mio FY 12 FY 11


- Life 3,246 2,219

- Non-Life 1,026 630



- Life 106 (33)

- Non-Life 43 27


Net profit 64 (8)

- Life 50 (19)

- Non-Life 14 11

Net result at EUR 64 mio (vs. EUR (8) mio) Results driven by strong underwriting result and cost containment

2011 impacted by impairment charges on bonds and equities

Life at EUR 50 mio (vs. EUR (19) mio) Operating result increased significantly reflecting strong net

underwriting due to lower claims in the risk business and improved investment result as last year impacted by impairment charges related to Greek bonds government bonds and equities

Operating costs on a like-for-like basis reduced by 4% to EUR 75 mio due to continued cost containment discipline

Non-Life at EUR 14 mio (vs. EUR 11 mio) Operating result driven by strong underwriting result in all lines of

business and equally strong investment performance

Operating costs level as continued focus on cost containment was offset in last quarter by an early retirement provision in Portugal

Improved net profit due to the full year inclusion and better results of Turkey, good performance of Italian activities and strong underwriting results in Portugal

690 556

1,5292,691

2,219

3,246

FY 11 FY 12

266 334

197

37092

168

75

154

630

1,026

FY 11 FY 12

Accident & Health

Motor

Unit-Linked

Guaranteed

+46%

Other

Household

Life In EUR mio

Non-Life In EUR mio

Continental Europe Inflow Up driven by scope change in Luxembourg & inclusion Turkey


+63%

53

Life Inflow +46%, including non-controlling interests @ 100%, driven by

success of merged Luxembourg entity (EUR 2.2 bn)

Consolidated inflow below last year (-24% scope on scope)

Portugal: volumes declined in savings and UL due to economic situation and because of focus on profitable and less capital intensive business. The Portuguese market decreased by 11% (end of November 2012)

France: drop in volumes influenced by economical downturn. UL still represents 34% of total sales compared to 13% market average

Non-Life Inflow + 63%, including non-controlling interests @ 100% driven by the

full year inclusion of our Turkish acquisition

GWP consolidated entities up 1% to EUR 459 mio

Turkey (Aksigorta) at EUR 567 mio

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

62.4%71.0% 66.4% 63.6% 64.3% 64.9% 57.4%

65.9% 66.4%

27.6%

30.3%30.3% 29.8% 30.3%

25.4% 29.3%26.9%

36.4%90.0%

101.3%96.7% 93.4% 94.6%

90.3% 86.7%92.8%

102.8%

(1.3%)1.9%

(2.0%) (2.5%)2.3%

(7.6%)(3.2%) (1.6%)

1.8%

2009 2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12


Combined ratio* 2009 – 2012

Continental Europe Combined ratio With 93.4% well below Ageas’s target


Net earned premium in EUR mio

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

194 369 382 397 96 93 101 95 109

Combined ratio at 93.4%

Combined ratio further improved in all product lines; largely due to the good performance of the Italian business & solid underwriting result in Portugal. Increase in Q4 sec related to early retirement provision in Portugal.

Claims ratio at 63.6%

Claims ratio further improvement related to better claims ratio in Motor & Other Lines (rate increases)

Better claims ratio in Portugal & Italy

PY ratio: 2.5% release vs. 2.0%

Expense ratio at 29.8%

Expense ratio continued focus on cost containment but in the last quarter 2012 the early retirement plan in Portugal partly offset the cost decrease

Combined ratio Turkey further improved to 97.5% as result of increased focus on profitability.

33.8%73.3%

94.5%62.8%

178.3%

60.4%

58.6%

39.0%

50.0%

43.3%

29.3%

61.8%92.4%

112.3%

144.5%

106.1%

207.6%

122.2%

2009 2010 2011 2012 Q4 11 Q4 12

34.9%53.5% 53.7% 51.8% 44.4%

28.8%

22.9%

27.7% 34.2% 33.5% 29.6%36.4%

57.8%

81.2%87.9% 85.3%

74.0%65.2%

2009 2010 2011 2012 Q4 11 Q4 12

65.3%90.5%

71.8% 69.8%54.3%

80.5%

36.7%

27.0%

29.2% 28.1% 38.0%

29.5%102.0%

117.5%101.0% 97.9% 92.3%

110.0%

2009 2010 2011 2012 Q4 11 Q4 12

70.2% 64.2% 63.5% 63.3% 61.1% 69.6%

25.7% 31.6% 27.8% 28.2% 27.2%34.4%

95.9% 95.8% 91.3% 91.5% 88.3%

104.0%

2009 2010 2011 2012 Q4 11 Q4 12

Continental Europe Combined ratio per product line Accident & Health slightly up on reserves review, all other lines improving Motor: both countries performing well; strengthening of reserves in Q4

Accident & Health: reserves review in Q4

Household: continued strong performance


Other: lower claims & volume growth in Italy

132 205 220 226 55 59

23 104 97 99 24 26 33 39 42 44 11 13

7 21 23 28 6 11

NEP

NEP

NEP

NEP


Continental Europe Life operating margin


0.49% 0.57% 0.67%0.54%

0.72% 0.69% 0.67% 0.59%

0.33%

(0.42%)

0.39%

0.02%

0.37% 0.42%0.31% 0.48%

(0.25%)

(0.37%)

(0.30%) (0.39%)(0.19%) (0.29%) (0.31%) (0.41%)

0.57%

(0.22%)

0.76%

0.17%

0.90% 0.82%0.67%

0.67%

2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12




Operating margin 2011 impacted by financial turmoil

Underwriting margin improved from 0.57% to 0.67% mainly thanks to a solid mortality result

Investment margin improved as PY suffered from the financial turmoil.

Expense & other margin cost containment leads to improved margin. Q4 12 slightly impacted by the Portuguese early retirement provision

Technical Liabilities Year-end technical liabilities at EUR 14.1 bn, up

3% on scope-on-scope consolidated basis . Luxembourg non-consolidated TL of EUR 14 bn

Average technical reserves slightly decreasing mainly because of lower savings business in Portugal

22.6 14.7 13.9 14.7 13.9 13.8 13.9 13.9

Continental Europe Life operating margin per product line

Guaranteed: all margins improving Unit-linked


1.25% 1.00% 1.18% 0.93% 1.05%

0.84%

(0.75%)

0.70%

0.03%

0.85%

(0.93%)

(1.08%)

(0.85%) (1.08%) (0.88%)

1.16%

(0.83%)

1.02%

(0.12%)

1.02%

2010 2011 2012 Q4 11 Q4 12


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

0.55%0.41%

0.51%

0.20%

0.20%

0.56%

0.44%

0.53%

0.23%

2010 2011 2012 Q4 11



Decrease 2012 in expense & other margin is a./o. related to maturing funds & lower fees resulting from lower inflows.

Investment margin increased as previous year impacted by financial turmoil.

Improved underwriting margin mainly coming from lower claims in the risk business

8.7 8.3 7.8 8.3 7.8 13.9 6.4 6.1 6.4 6.1


Non-Life Combined ratio


227% 210% 207%

Inflow In EUR mio

Headlines Asia Strong inflows, Excellent year for Life, Non-Life profits held back by impact Thai floods


**

58

(72)

121

8

8

(64)

128

FY 11 FY 12

Life Non-Life

83

1378

8

91

144


102.0%99.3%

FY 11 FY 12

5,5517,131

607

7516,158

7,882


Net result Hong Kong

(84)

34

FY 11 FY 12

Net result non-conso’s

32

109

FY 11 FY 12

+28%

* Includes net result Hong Kong, non-consolidated partnerships & regional costs

10/03/2010 Periodic Financial Information I FY 12 Results I 20 February 2013

Net profit of EUR 128 mio (vs. EUR 64 mio negative) Hong Kong: Satisfactory organic growth

Non-consolidated partnerships: EUR 109 mio (vs. EUR 32 mio), strong organic growth of underlying businesses and recovery of financial markets

Life net profit at EUR 121 mio (vs. EUR 72 mio negative) Hong Kong : EUR 34 mio vs. EUR (84) mio

Good organic growth, supported by positive FX impact

2011 net result included goodwill impairment of EUR (99) mio

Non-consolidated partnerships : EUR 101 mio (vs. EUR 24 mio)

Reflection of excellent growth of underlying businesses & recovery of financial markets; supported by positive FX impact

Non-recurring impact on result of EUR 15 mio (vs. EUR (43) mio)

2012 result includes EUR (8) mio equity hedge cost

Regional costs : EUR 14 mio (vs. EUR 12 mio)

Non-Life net profit at EUR 8 mio (vs. EUR 8 mio) Good underwriting performance (excluding flood losses)

Negative impact from 2011 Thai floods of EUR 2 mio (vs. EUR 3.5 mio)

2011 result positively impacted by non-recurring tax recovery

Asia Strong result driven by organic growth and improvement of investment income

59

EUR mio FY 12 FY 11


- Life 7,131 5,551

- Non-Life 751 607


Operating result 34 19

- Life 34 19

- Non-Life 0 0


Net profit 128 (64)

- Life 121 (72)

- Non-Life 8 8

5.331 6.746

219

385 5.550

7.131

2011 2012

242 322

80 101 25

26 260

303

2011 2012

+28%

+24%

Fire

Motor

Guaranteed

Life

Non-Life In EUR mio

In EUR mio

Unit-Linked


Asia Inflow Excellent inflow levels, 28% up to EUR 7.9 bn

Life Hong Kong, +27%, Strong growth of 49% in new business premiums,

in particular from IFA channel

China, +29%, Focus on building book of higher-margin recurring premiums & excellent persistency resulted (+33% in regular premium) H2 pick-up of new business in bank channel; growth in agency channel supported by innovative product launches & investments in channel expansion.

Malaysia, +26%, New business premiums up 33% thanks to strong recovery bank channel activity

Thailand, +35%, Continued strong growth in both bank and agency channel

India, (6)%, New business down reflecting continued weak market sentiment. Relative market position improved, driven by strong increase of regular premium sales in bank channel

Non-Life Malaysia, +19%, driven by all lines of business and in particular Motor

Thailand, +40%, across all lines & distribution channels boosted by post-flood recovery & tariff increases

60

Accident & Health

Other

751

607


Hong Kong Life operating margin Improved margins due to organic growth and higher investment income


0.63%(0.09%)

0.46%(0.03%)

0.70%(0.07%)

1.13%

0.16%

2.75%

(0.43%)(0.08%)

(1.47%)

0.15%

(0.39%) (0.19%)0.09%

0.41%

1.83%1.60%

0.57%

2.14%

1.58%

1.43%

1.50%

3.80%

1.31%

1.98%

(0.94%)

2.99%

1.12%

2.38%

1.75%

2010 2011 2012 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12




Operating margin was higher due to organic growth of the portfolio & higher investment income

Underwriting margin improved because of lower medical claims & higher reinsurance recovery

Investment margin improved as a result of a higher average allocation to corporate bonds

Expense & other margin slightly deteriorating due increased acquisition costs resulting from strong sales growth

Technical liabilities

Year-end technical liabilities:

Hong Kong : EUR 1.9 bn, up 17%

Including non-consolidated partnerships @ 100%: EUR 24.1 bn, up 18%

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

→ new calculation methodology, based on best estimates

1.3 1.4 1.7 1.4 1.6 1.6 1.7 1.7

Hong Kong Life operating margin per product line Improved margins due to organic growth and higher investment income Guaranteed: stable with underlying movements Unit-linked: organic growth



3.11%1.75% 2.14% 1.47% 1.29%

(2.40%)(3.21%)

(0.95%)

(5.08%)

(1.90%)

0.70%

(1.47%)1.19%

(3.61%)(0.60%)

2010 2011 2012 Q4 11 Q4 12


(0.15%) (0.71%) (0.15%) (0.53%)(0.25%)

3.62%

(0.57%)

(0.11%)

(1.97%)

0.13%

1.30%

3.52%2.52% 2.46% 2.73%

4.77%

2.24%2.26% (0.04%) 2.61%

2010 2011 2012 Q4 11 Q4 12


All margins improved as result of organic portfolio growth Underwriting margin improved following lower loss ratio of medical claims & higher reinsurance recovery

Investment margin improved as result of higher average allocation to corporate bonds

Expense & Other margin deteriorated because of increase acquisition costs resulting from strong sales growth

→ new calculation methodology → new calculation methodology

1.0 1.1 1.3 1.1 1.3 0.3 0.4 0.5 0.4 0.5

Main messages

Equity / Solvency



General Account

General Information

Investment portfolio as per 31 December 2012 Value up as result of volume growth & unrealized gains/losses In EUR bn

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

Increase mainly explained by volume growth, both in existing & new business and by unrealized gains/losses

Gross unrealized gains/losses up to EUR 6.7 bn on portfolio (EUR 1.8 in FY 11) mainly in fixed income

Investments in Belgian government bonds & corporate Non-Financials up

Infrastructure loans (part of loans to customers): 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn

Fixed Income

Gross unrealized gains/losses at EUR 5.2 bn; EUR 0.6 bn FY 11 Unrealized gain Sovereigns at EUR 3.3 bn Unrealized gain Corporates at EUR 1.8 bn

Equities

Gross unrealized gains up to EUR 0.2 bn vs. nearly breakeven end 2011

Real Estate

Gross unrealized gains marginally up to EUR 1.3 bn

Investment portfolio*

31.5 34.7

21.4

25.1

0.5

0.32.9

2.62.8

3.7

1.8

2.44.3

4.72.7

2.467.9

75.9

FY 11 FY 12

Cash & equivalents

Real Estate

Equities

Loans to customers

Loans to banks

Structured creditinstruments

Corporate bonds

Sovereign bonds


(0.9)

3.21.4

0.3

6.2

2.6

1.4 1.2

1.4

1.3

0.70.3

2.1

0.9

0.60.7

12.9

6.2

3.02.1

FY 09 FY 10 FY 11 FY 12

PortugalSpainItalyGreeceImpairment

14.218.4

4.6

4.83.9

3.32.4

2.91.6

1.41.8

0.73.1

3.231.534.7

FY 11 FY 12

Others

The Netherlands

Germany

Austria

SE Sovereigns

France

Belgium

In EUR bn

Gross UG/L at EUR 3.3 bn (vs. EUR 159 mio)

Divestments of bonds in S-E & some core countries, only partly reinvested; primarily in Belgium as part of re-domestication

95% investment grade; 89% rated A or higher

Sovereign bond portfolio*

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

SE sovereigns**

Sovereign bond portfolio as per 31 December 2012 Reduction of SE sovereigns & re-domestication within Belgian operations


Exposure on SE sovereigns at amortized cost, after impairments and @ Ageas’s part 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.

In EUR bn

Gross UG/L at EUR 1.8 bn (vs. EUR 432 mio) Priority to investment grade industrials (correlation

between financials & sovereigns) EUR 0.5 bn corporate bonds from emerging countries 93% investment grade; 76% rated A or higher Banking / Other financials : 91% investment grade

Corporate bond portfolio*

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

Loans portfolio (customers + banks)*

Corporate bond & Loans portfolio as per 31 December 2012 Focus on investment grade industrials & long term loans with regional guarantee

5.0 5.7

1.8 1.9

6.28.7

8.4

8.821.4

25.1

FY 11 FY 12

Government related

Non Financials

Other financials

Banking


2.9 2.6

0.10.1

1.6 1.5

1.2 2.0

5.76.3

FY 11 FY 12

Other

Mortgages

Infrastructure

Real Estate

Loans to banks

Increase mainly attributable to long term loans to regional agencies benefiting from explicit guarantee by the region

Infrastructure loans: 2 projects on balance sheet for EUR 0.1 bn; further commitments & outstanding bids for EUR 0.3 bn

Equity & Real estate portfolio as per 31 December 2012

10/03/2010

Gross UG/L marginally up to EUR 1.3 bn (not reflected in net equity)

Value increased mainly through investments in Investment Retail

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

* At fair value

1.5 1.5

1.1 1.1

0.9 1.3

0.50.60.20.34.34.7

FY 11 FY 12

InvestmentWarehouses

RE Development

Investment Retail

Car Parks

Investment Offices


In EUR bn

Equity portfolio* Real Estate portfolio*

Gross UG/L up to EUR 0.2 bn, vs. nearly breakeven at end 2011

0.81.2

0.1

0.10.7

0.70.2

0.41.8

2.4

FY 11 FY 12

Mixed funds & others

Real Estate funds

Equity funds

Equities

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 119 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 (2) mio net result impact after Q1 12.

Call option BNP P: Strong decrease mainly driven by sharp decline in volatilities from 49% end 2011 to 30% end 2012; positive result in Q4 following rise of BNP P share price

RPI: Ageas net profit of EUR 104 mio following higher market to market revaluations of portfolio & after goodwill impairment. Goodwill fully impaired

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 & operating expenses: slightly down


EUR mio FY 12 FY 11

Net interest income 28 26BNP P Call Option (161) (214)Result on RPN(I) (273) 275Result on sales & revaluations (mainly Tier 1)

122 (176)

Results of associates (mainly RPI)

98 (196)

Settlement ABN Amro 400 0Staff & operating expenses (50) (55)Profit before tax 147 (353)Net profit 119 (265)

Balance sheet items FY 12 FY 11

RPN(I) (165) (190)Call option BNP Paribas 234 395RPI 872 779

3

90

(221)

(70)

69

(5)

14

60(21)

50

400 (132)

(2)

104 (161)

(91)

119

Deal withABN Amro &Dutch State

Agreementwith BNP

on CASHES& Tier 1

RPN(I)revaluation

RPI BNPCall option

Other GeneralAccount

4Q 129M 12

General Account: components of Net result Quarterly result mainly up on revaluation BNP P call option


In EUR mio

70

EUR 209 mio FY 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 1.1

1.5 1.4 1.2

FY 09 3M10 6M10 9M10 FY10 3M11 6M11 9M11 FY11 3M12 6M12 9M12 FY12

Net cash position General Account at EUR 1.2 bn Significantly up after agreements in H1; impact buy-back & acquisition Groupama

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)

Further impacted by share buy-back programmes & funding of Groupama acquisition

Quarterly evolution net cash position* In EUR bn

* Until 6M 11 known as discretionary capital

in EUR mio FY 11 FY 12

Cash and cash equivalents 345 402Due from banks short term 600 1,000Debt certificates (EMTN) (257) (187)

Net cash position 688 1,216


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

Net cash Discretionary capital

71

Buy-back programme launched as of 13 August

For an amount up to EUR 200 mio

For period ending 19 February 2013 at the latest

Independent broker mandated to execute the programme

Open market purchases on NYSE Euronext Brussels

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

On 31 December, Ageas bought back 7.1 mio shares (2.9%) for a total amount of EUR 137 mio

As per 15 February, Ageas acquired 9 mio shares for a total amount of EUR 188 mio (corresponding to 3.77% of the total amount of outstanding shares)

On 19 February, the Board of Ageas has decided to

postpone end of authorized period beyond 19/02/13 until full amount of EUR 200 mio is reached

propose cancellation of the shares bought back until 15 February 2013 on the next Shareholders’ meeting

Ageas announced a share buy-back programme on 6 August Ageas will complete its existing share buy-back programme

72

Balance sheet value In EUR mio

Net result impact In EUR mio

Valuation Call option BNP Paribas shares at 31 December 2012 Value down due to decrease in volatility, up in H2 following BNP share price

Valuation

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

BNP Paribas share price EUR 47.69 EUR 30.35 EUR 42.54

Strike price EUR 66.67 EUR 66.67 EUR 66.67

Volatility 33% 49% 30%

Dividend yield 5.29% 5.98% 4.69%

609

395

174 234

FY 10 FY 11 9M 12 FY 12

(271)(214) (221)

(161)

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

Implied volatility +5% 24.5% 47.5%

Implied volatility -5% (23.6%) (41.3%)

Dividend yield -1% 2.8% 4.0%

Dividend yield +1% (1.1%) (2.5%)


4.6 4.8 4.2

0.6 0.60.5

2.00.6

7.2

6.0

4.7

FY 10 FY 11 FY 12

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 Royal Park Investments as at 31 December 2012 Equity value up driven by positive RPI result, goodwill fully 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 2012 at B-GAAP

Net result impact

Principal collections Interest collections

933

779872

FY 10 FY 11 FY 12

10.08.9

7.8

FY 10 FY 11 FY 12

131

(197)

104

FY 10 FY 11 FY 12 7.06.0 6.2

FY 10 FY 11 FY 12

1,5401,208 1,240

169

156 128

1,709

1,364 1,368

FY 10 FY 11 FY 12


Balance sheet Royal Park Investments (under IFRS at 100%) Goodwill fully impaired

IFRS -- in EUR mio FY 12 FY 11Assets 6,671 7,738Securities 6,213 6,043Deferred tax assets 324 712Goodwill - 782Other assets 135 201

Liabilities and shareholders’ equity 6,671 7,738Liabilities 4,720 5,995Other liabilities 28 35Commercial paper 4,224 4,792Funding, super senior - 649Funding, senior 468 519

Shareholders’equity 1,951 1,743Share capital 850 850Share premium (additional paid in capital) 850 850Hedging reserve 3 123Cash Flow hedge reserves 173 67Retained earnings 74 (148)


February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court

November 11 Receipt report Belgian experts

Judgments received in various legal procedures No major new elements in Q4 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 first half 2013: - Administrative proceedings by FSMA (communication Q2 2008) - Further evolutions in criminal proceedings

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


Legal proceedings at 31 December 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 Decision expected H1 2013 Criminal procedure File transmitted to the public prosecutor 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 of Appeal confirmed no competence on Dutch defendants / Pleadings on the merits scheduled H1 2014

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 31 December 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 315.0 mandatory 472.5

Jun/2016 Step up to 3M Euribor +200

Aug/2013 No step up

Jun/2013 No step up

Oct/2014 Step up to 3M Euribor+170

Undated exchange strike 239.4 mandatory 359.1

ACSM YES YES YES YES YES YES

Dividend pusher YES YES YES YES YES NO

Dividend stopper NO YES YES YES YES YES

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

Other 500

on lent to AG Insurance

USD 750 on lent to FBB

250 on lent to AG Insurance; 375

on lent to FBB

No stock settlement feature as for Direct

issue FBB 2001

Coupon served by FBB, trigger ACSM linked to

Ageas dividend

Market Price (31/12/12) 43.5 77.7 100.5 100.7 95.5 53.1

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

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 31/12/2012

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 15,934,452

1. TREASURY SHARES Share buy-back 175,163,656 0 7,056,442FRESH 39,682,540 39,682,540 3,968,254Other treasury shares 2,244,740 2,801,088 265,852

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

Shares entitled to dividend and voting rights 2,280,976,598 2,342,290,056 227,186,820

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.

Buy back

Ageas5.51%

Ping An 4.98%

Franklin Mutual Advisers3.23%

BlackRock, Inc.3.05%

Norges Bank 2.98%

Fortis Bank1.91%

BNP Paribas 1.05%

Identified retail investors

16% Identified institutional investors

37%

Other investors23%

BNP Paribas Group2.96%

Shareholders structure Based on number of shares as at 15 February 2013


Ageas Based upon press release 18 February 2013Ping An Based upon the number of shares mentioned in the notification received March 2009

Franklin Mutual Advisers Based upon the number of shares mentioned in the notification received 30 April 2012BlackRock, Inc. Based upon the number of shares mentioned in the notification received 12 December 2012

Norges Bank Based upon the number of shares mentioned in the notification received 20 August 2012BNP Paribas Based upon the BNP Paribas notification 1 October 2012

Benelux Retail shareholders Estimate byIdentified institutional investors Estimate by

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


S&P MOODY'S FITCH

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

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

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

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

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

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

* 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.

Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.

Investor Relations

Tel: E-mail: Website:

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

Investor Relations


Full year results 2012

Economy & Finance

Transcript of Full year results 2012