[PPT] - 6M 2020 RESULTS Periodical Financial Information Content Slides PowerPoint Presentation

SLIDE 1

6M 2020 RESULTS

Periodical Financial Information

SLIDE 2

2

Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72

Content

Periodical financial information I 6M 20 results I 7 August 2020

SLIDE 3

Main messages

Dividend proposal confirmed – Group result resilient

Ageas

3

Periodical financial information I 6M 20 results I 7 August 2020

General meeting of shareholders on 22 October
Proposal of intermediary dividend of EUR 2.38 per share
Launch SBB will take into account recommendation regulator
Increase of participation in India Life to 49%
Opportunity to play more active role in fast growing market
Solid 6 months result supported by strong second quarter
Contrasting Covid-19 impact on Life and Non-Life results
Solvency and cash position solid
Fair value investment portfolio recovering in Q2
FY net profit expected to be close to original guidance

Results Strategy Dividend & SBB

SLIDE 4

Belgium 268 Belgium 168 Belgium 294 Belgium 333 Belgium 391 Belgium 415 Belgium 415

Belgium

UK 82 UK 64 UK 50 UK 47 UK 44 UK 23 CEU 36 CEU 150 CEU 53 CEU 19 CEU 48 CEU 86 CEU 86 CEU 75 Asia 52 Asia 106 Asia 43 Asia 89 Asia 77 Asia 92 Asia 87 Asia 108

8 11

paid dividend HQ & RO expenses

438 488 440 487 516 601 632 >650

proposed dividend Asia

2013 2014 2015 2016 2017 2018 2019 2020 2020

Ageas

4

Periodical financial information I 6M 20 results I 7 August 2020

Shareholders’ meeting planned to approve proposal of EUR 2.38 intermediary dividend Dividend upstream

Upstream during

based on net result of the year before In EUR mio

EUR 216 mio cash received from opco’s in H1 EUR 15 mio from Malaysia in Q3 Belgium to follow Group decision Upstream more than covering dividend & holding costs on FY basis

SLIDE 5

485 310 116 181 5 300 606 791

6M 19 6M 20 Life Non-Life GA

In EUR mio In EUR bn In EUR bn

Ageas

Headlines

5

In bps avg technical liabilities In bps avg technical liabilities * incl. non-consolidated partnerships @ 100% In % NEP

262 221 81 157 12 (39) 355 339

Q2 19 Q2 20

17.7 16.6 3.4 3.5 21.0 20.0

6M 19 6M 20 Life Non-Life

6.6 6.5 1.6 1.5 8.2 8.1

Q2 19 Q2 20

95.7 91.7

6M 19 6M 20

93.1 83.6

Q2 19 Q2 20

79 75

6M 19 6M 20

71 94

Q2 19 Q2 20

22 28

6M 19 6M 20

27 30

Q2 19 Q2 20

Net result Q2 solid despite negative RPN(i) & impact of Covid-19 outbreak Non-Life combined ratio: claims frequency compensating for Q1 weather events Stable inflows despite lockdown measures across all regions Life Technical liabilities up in non-conso (10%) & slightly down in conso Margin Guaranteed: Q2 driven by strong underlying performance Operating margin Unit-Linked: close to target range

Lower Non-Life claims frequency partially compensating Covid-19 impact on Life results & Q1 weather

Periodical financial information I 6M 20 results I 7 August 2020

73.6 72.1 72.4 3.9 3.4 4.0 82.2 87.5 90.6 159.6 163.0 167.1

FY 19 3M 20 6M 20 excl shadow shadow non-conso

SLIDE 6

2,437 1,897 1,126 1,148

3,562 3,045

6M 19 6M 20 Life Non-Life 77 79 38 48

114 127

Q2 19 Q2 20

In bps avg technical liabilities In bps avg technical liabilities In % NEP

Belgium

6 Periodical financial information I 6M 20 results I 7 August 2020

Headlines

In EUR mio In EUR mio In EUR bn

145 73 50 66

195 139

6M 19 6M 20 Life Non-Life 1,029 825 465 462

1,494 1,287

Q2 19 Q2 20 58.2 57.4 57.6 3.1 2.8 3.3

61.3 60.2 60.9

FY 19 3M 20 6M 20 excl shadow shadow

82 46

6M 19 6M 20

97.6 91.2

6M 19 6M 20

91.1 82.0

Q2 19 Q2 20

43 36

Q2 19 Q2 20

34 40

6M 19 6M 20

85 91

Q2 19 Q2 20

Solid underlying performance in Life & Non-Life offset by lower investment result

Net result: lower cap gains & recurring financial income – Strong Q2 CY non-life Non-Life COR: Solid performance in Motor & Other compensating weather Operating margin Unit-Linked: 6M ‘19 incl. cost of cashback campaign (6bps) Operating margin Guaranteed impacted by lower investment result Life Technical Liabilities: partial recovery of UL unit prices in Q2 Inflows: 6M ‘19 included UL cash-back campaign - Non-Life +2%

SLIDE 7

Real Estate* Portfolio

7

Periodical financial information I 6M 20 results I 7 August 2020

In EUR bn

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs ** AG Insurance stake in IPK at 51%

Gross UG/L at EUR 2 bn (not reflected in

shareholders’ equity but contributing to available capital for solvency calculation)

Overall positive re-valuation exercise in Q2 –

lower fair value of car parks compensated by increased fair value of offices and senior housing

Real economic exposure to Car parks limited to

EUR 0.5 bn **

Investment Offices 2.6 Investment Offices 2.6 Car Parks 1.3 Car Parks 1.3 Investment Retail 1.2 Investment Retail 1.3

RE Development 0.3 RE Development 0.3

Invest. Warehouses

0.3

Invest. Warehouses

0.2

5.6 5.8

FY 19 6M 20

Positive revaluation of Real Estate in Q2

Investment Offices 51% Car Parks 14% Investment Retail 26% RE Development 6% Invest. Warehouses 3%

Recurring income Real Estate impacted by Covid-19
Car Parks occupancy rate temporarily down
Retail rent relief
Offices leased to solid clients
Warehouse income secured in current environment

Economic view** Accounting view

SLIDE 8

96.9 97.8

6M 19 6M 20

UK

8

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

* incl. non-consolidated partnerships @ 100%

52 26

6M 19 6M 20

41 25

Q2 19 Q2 20

98.3 87.9

Q2 19 Q2 20

881 857

6M 19 6M 20

456 433

Q2 19 Q2 20

In EUR mio In % of NEP In EUR mio

Lower claims frequency supporting profitability partly

ffset by February weather events

Net result Q2 low claims frequency – 6M ’19

incl. EUR 30 mio Ogden

Inflows* marginally behind prior year Non-Life combined ratio in Q2 supported by low frequency

SLIDE 9

CEU

9

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

* incl. non-consolidated partnerships @ 100%

16 37 40 49 57 86

6M 19 6M 20 Life Non-Life

4 11 21 29 25 40

Q2 19 Q2 20

1,047 561 710 715 1,757 1,276

6M 19 6M 20 Life Non-Life

485 186 338 316 823 503

Q2 19 Q2 20

90.2 82.9

6M 19 6M 20

88.8 78.5

Q2 19 Q2 20

66 233

6M 19 6M 20

(6) 109

Q2 19 Q2 20

8 10

6M 19 6M 20

7 21

Q2 19 Q2 20

In EUR mio In EUR mio In EUR bn In bps avg technical liabilities In bps avg technical liabilities In % NEP

15.4 14.7 14.8 0.8 0.5 0.7 16.2 15.3 15.5

FY 19 3M 20 6M 20 excl shadow shadow

Strong net result driven by Non-Life Inflows impacted by lockdown

Net result Q2 underlying strongly up in Non-Life Q2 inflows impacted by lockdown & change in Life product in Portugal Life Technical liabilities partial recovery in Q2 after Q1 decrease of UL prices Non-Life COR supported by lower claims frequency during lockdown Operating margin Unit-Linked up on improved expense margin Operating margin Guaranteed : Q1 ‘20 Reserve release & Q2 ’19 strengthening

(107) (124)

SLIDE 10

14,168 14,107 652 747

14,819 14,854

6M 19 6M 20 Life Non-Life

In EUR mio In EUR mio In EUR bn

Asia

10

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

In % NEP

*Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX 324 199 8 18

331 216

6M 19 6M 20 Life Non-Life

82.2 87.5 90.6

FY 19 3M 20 6M 20

103.2 88.9

Q2 19 Q2 20

99.3 92.6

6M 19 6M 20 5,077 5,524 360 323

5,437 5,847

Q2 19 Q2 20 182 129 3 12

185 142

Q2 19 Q2 20 13.2 12.9 1.0 1.2

14.2 14.1

6M 19 6M 20 regular single

In EUR bn

4.7 5.0 0.4 0.5

5.1 5.5

Q2 19 Q2 20

Additional information on Ageas non-consolidated partnerships in Asia is available on the excel spreadsheet published on Ageas’ website under quarterly results

(www.ageas.com/investors/quarterly-results)

Solid performance in Q2 supported by capital gains Gradual recovery from the pandemic

Solid net result – One-off tax benefit in Q2 2019 Inflows* up 9% in Q2, driven by a full recovery in China Life Technical liabilities up 10% year-to- date Regular premium: exceeding 90% of Life inflows Non-Life COR supported by low claims during lockdown

SLIDE 11

In EUR mio

Reinsurance

Headlines

11

In % NEP In EUR mio

ageas SA/NV reinsurance activities

Periodical financial information I 6M 20 results I 7 August 2020

1 (34) 22 24

6M 19 6M 20

Life Non-Life 1 (22) 43 44

Q2 19 Q2 20

8 1,137 1,020 1,137 1,028

6M 19 6M 20

Life Non-Life 8 275 330 275 338

Q2 19 Q2 20

105.1 98.4

6M 19 6M 20

112.1 88.1

Q2 19 Q2 20

Net result: Solid CY claims ratio in Q2 more than compensating weather impact Inflows: EUR 722 mio from Quota share of which EUR 303 mio in Q2 COR: strong CY claims ratio in Q2

* Of which 75% is underwritten by ageas SA/NV

Strong CY underwriting results in Q2 more than

ffsetting the Q1 impact from weather events
Implementation of an internal reinsurance programme within ageas SA/NV in order to

enhance capital fungibility in the group

Non-Life Quota Share (QS) Treaties: 40% with AG Insurance in Belgium*, 40% with Ageas

Insurance Limited in the UK, and 40% with all Portuguese Non-Life Entities

Loss Portfolio Transfers (LPT): 40% with Ageas Insurance Limited in the UK, and 40%

with the Portuguese Non-Life Entities

The Pillar I Solvency II for ageas SA/NV stood at 330%

SLIDE 12

Net result Q2 driven by RPN(i) revaluation and incl. EUR 22 mio cap gain on Fresh

In EUR mio

Value legacies – Settlement liability down

n compensation payments

Result driven by Fresh transactions & RPN(i) revaluation

GA

12

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

Stable total liquid assets

In EUR mio

Impact on P&L from RPN(i) Expenses under control

In EUR bn In EUR mio*

5 300

6M 19 6M 20

14 10 35 32 49 42

6M 19 6M 20 Staff & Intercompany Operating

7 3 13 15 20 18

Q2 19 Q2 20

61 16

6M 19 6M 20

34 (40)

Q2 19 Q2 20

In EUR mio In EUR mio

Belgium intends upstreaming in H2

629 218 Belgium

6M 19 6M 20

2.2 1.6 1.5

FY 19 3M 20 6M 20

12 (39)

Q2 19 Q2 20

(359) (303) (344) 7 5 6 (514) (472) (461)

FY 19 3M 20 6M 20 RPI RPN(i) Settlement *net of ForSettlement provisioned expenses

SLIDE 13

Solvency

13

Periodical financial information I 6M 20 results I 7 August 2020

Solvency down on Fresh & market impact Solvency IIageas

Solvency IIageas in % Own Funds SCR

Non EU Non-controlled participations*

Belgium UK CEU Reinsurance GA

eliminations

Group

* Based on local solvency requirements

2.8 2.7 2.8 0.5 0.5 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.2 (0.6) (0.6) (0.6) 4.0 3.7 3.9 3.2 3.3 3.3

6.3 5.5 5.7 0.9 0.8 0.8 1.1 0.9 0.9 0.7 0.7 0.8 1.5 0.9 0.9

(1.8) (1.5)(1.5)

8.6 7.3 7.6 7.7 7.7 7.6

FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20

221% 205% 199% 179% 181% 185% 170% 160% 153% 173% 166% 191% 217% 196% 192% 243% 236% 227%

SLIDE 14

Free Capital Generation

14

Periodical financial information I 6M 20 results I 7 August 2020

Operational FCG of EUR 437 mio*

expected dividend

Operational impact – includes EUR 116 mio dividend upstream Non-European NCP’s
Market: Covid-19 impact
Capital transactions = SBB, injection in Asia & additional Fresh
Fresh tender pre-compensated by EUR 750 mio T1 in 2019

Based on 175% SCR Solvency IIageas

Solvency IIageas

In EUR mio * * FCG Non-European NCP’s over 3M 2020 at EUR (238) mio - Operational FCG at EUR 121 mio – not included 2,438 1,980 1,418 491 491 656 65 321 (458) (669) (178) (50)

2,929 2,470 2,075

116

437

FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions Paid dividend 6M 20

SLIDE 15

15

Periodical financial information I 6M 20 results I 7 August 2020

Conclusions

1. Solid 6M results with contrasting Covid-19 impact on

Life & Non-Life

2. FY net profit and OFCG expected to be close to initial

guidance

3. Solid Solvency & Liquidity position in challenging

environment

4. Payment of intermediary dividend proposed to

Shareholders’ meeting 22 October

SLIDE 16

16

Periodical financial information I 6M 20 results I 7 August 2020

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72

SLIDE 17

485 310 116 181 5 300 606 791

6M 19 6M 20 Life Non-Life GA

In EUR mio In EUR bn In EUR bn

Ageas

Headlines

17

In bps avg technical liabilities In bps avg technical liabilities * incl. non-consolidated partnerships @ 100% In % NEP

262 221 81 157 12 (39) 355 339

Q2 19 Q2 20

17.7 16.6 3.4 3.5 21.0 20.0

6M 19 6M 20 Life Non-Life

6.6 6.5 1.6 1.5 8.2 8.1

Q2 19 Q2 20

95.7 91.7

6M 19 6M 20

93.1 83.6

Q2 19 Q2 20

79 75

6M 19 6M 20

71 94

Q2 19 Q2 20

22 28

6M 19 6M 20

27 30

Q2 19 Q2 20

Net result Q2 solid despite negative RPN(i) & impact of Covid-19 outbreak Non-Life combined ratio: claims frequency compensating for Q1 weather events Stable inflows despite lockdown measures across all regions Life Technical liabilities up in non-conso (10%) & slightly down in conso Margin Guaranteed: Q2 driven by strong underlying performance Operating margin Unit-Linked: close to target range

Lower Non-Life claims frequency partially compensating Covid-19 impact on Life results & Q1 weather

Periodical financial information I 6M 20 results I 7 August 2020

73.6 72.1 72.4 3.9 3.4 4.0 82.2 87.5 90.6 159.6 163.0 167.1

FY 19 3M 20 6M 20 excl shadow shadow non-conso

SLIDE 18

Inflows

18

Periodical financial information I 6M 20 results I 7 August 2020

Covid-19 mainly impacting Life in inflows across Europe Asia recovering during Q2

In EUR mio

@ 100%

EUR mio

6M 19

6M 20

6M 19

6M 20

6M 19

6M 20

Belgium

75%

2,437

1,897

(22%)

1,126

1,148

2%

3,562

3,045

(15%)

United Kingdom

881

857

(3%)

881

857

(3%)

Consolidated entities

100%

698

690

(1%)

698

690

(1%)

Non-consolidated JV's

50%

183 166

(9%)

183

166

(9%)

Continental Europe

1,047

561

(46%)

710

715

1%

1,757

1,276

(27%)

Consolidated entities 1,047

561

(46%)

373

398

7%

1,419

959

(32%)

Portugal

51% - 100%

833 368

(56%)

373 398

7%

1,206

766

(37%)

France

100%

213 193

(9%)

213

193

(9%)

Non-consolidated JV's 337

317

(6%)

337

317

(6%)

Turkey (Aksigorta)

36%

337 317

(6%)

337

317

(6%)

Asia Non-consolidated JV's

14,168 14,107

(0%)

652 747

15%

14,819

14,854

0%

Malaysia

31%

472 537

14%

343 354

3%

816

890

9%

Thailand

31% - 15%

1,196 1,032

(14%)

175 212

21%

1,370

1,245

(9%)

China

25%

12,322 12,362

0%

12,322

12,362

0%

Philippines

50%

15 17

19%

15

17

19%

Vietnam

32%

36 54

48%

36

54

48%

India

26% - 40%

127 105

(18%)

133 181

35%

261

286

10%

Insurance Ageas

17,651

16,565

(6%)

3,368

3,466

3%

21,018

20,031

(5%)

Reinsurance 8

1,137

1,020

(10%)

1,137

1,028

(10%)

accepted from Consolidated entities

8

1,129

1,003

(11%)

1,129

1,011

(10%)

accepted from Non-consolidated partnerships 8

18

132%

8

18

132%

Life Non-Life Total

SLIDE 19

Inflows

19

Periodical financial information I 6M 20 results I 7 August 2020

Covid-19 mainly impacting Life in inflows across Europe Asia recovering during Q2

1,827 1,423 666 402 3,635 3,616 6,129 5,442 844 861 789 774 494 512 186 213 2,314 2,360

15%
2%
21%

+0%

8%

2,672 2,284 1,160 915 3,821 3,829 8,442 7,801 1,137 1,028

6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20

Belgium UK CEU Asia Insurance Reins. Non-Life Life

In EUR mio

Life inflows down during lockdown – Continued growth in Non-Life in a mature market Volumes down in Motor Life inflows down during lockdown – Non-Life outperforming market Recovery after weak Q1 Including EUR 722 from QS agreements Belgium UK CEU Asia Reinsurance

@ ageas part

SLIDE 20

Net result

20

Periodical financial information I 6M 20 results I 7 August 2020

Belgium UK CEU Asia Reins. GA ageas

300 5 300 145

73 16 37 324 199 1 485 310 50 66 40 49 8 18 22 116 181

195 139 52 26 57 86 331 216 (34) 24 5 606 791

6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20

Non-Life Life

In EUR mio

General Account

Strong Non-Life result; Covid-19 impact on investment mainly impacting Life result Strong Q2 compensating for February storms – LY including positive Ogden one-off Strong Non-Life performance – Life including positive one-off in Q1 Strong result despite impact low interest rates – LY including positive tax change in China Low claims frequency accross all ceding entities Including EUR 332 mio cap gain relating to Fresh transactions Belgium UK CEU Asia Reinsurance General Account

Lower Non-Life claims frequency partially compensating Covid-19 impact on Life results & Q1 weather

SLIDE 21

Net realised cap gains*

21

Periodical financial information I 6M 20 results I 7 August 2020

Substantially lower contribution of net capital gains

In EUR mio

* Net capital gains include capital gains, impairments & related changes in profit sharing (consolidated entitities), net of tax & @ ageas’s part – CEU JV’s not included

6M 19 6M 20 Q2 19 Q2 20

Life

50 (17) 17 32 Equity impairments in Q1

Non-Life

3 (5) (0) (2) Q2 cap gains thanks to partial recovery equity markets

Belgium 53 (22) 16 30 UK 4 4 1 (0)

Life

5 (3) 3

Non-Life

1 (0) (0) (0)

CEU 6 (3) 3 (0)

Life

70 51 21 36 Equity impairments in Q1

Non-Life

(1) (1) (1) 1 partially compensated by cap gains

Asia 69 51 19 36 Reinsurance 4 4

Life

125 31 40 67

Non-Life

11 (2) 3 (1)

Insurance 136 29 44 66

General Account & Eliminations

(4) 328 22

Total Ageas 133 358 44 88

SLIDE 22

Ageas

22

Periodical financial information I 6M 20 results I 7 August 2020

Excellent in Household offset by Motor & A&H Combined ratio

Net earned premium (In EUR mio)

In % Net earned premium

Quarter

Strong CY claims experience across all segments & most

product lines

Temporary low claims frequency mainly in Motor and

Accident & Health

PY releases LY included Ogden benefit

Year-to-date

Strong Q2 more than compensating for Q1 weather impact

in BE & UK

When correcting for Q1 weather impact improving accross

all product lines

PY ratio returning to historic levels

64.4 62.2 67.0 59.7 58.5 59.7 59.7 55.3 56.3 45.5 35.2 34.7 34.1 35.5 35.8 35.3 36.0 36.4 36.8 38.1

99.6 96.9 101.1 95.2 94.3 95.0 95.7 91.7 93.1 83.6

(4.0) (5.9) (3.0) (5.6) (7.7) (8.4) (9.2) (7.4) (12.1) (6.1) 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

claims ratio expense ratio PY claims ratio 3,843 4,038 4,112 4,148 3,890 3,894 1,912 1,937 967 957

SLIDE 23

Ageas

23

Periodical financial information I 6M 20 results I 7 August 2020

Combined ratio

67.3 65.4 67.5 64.8 67.4 70.3 71.5 68.3 71.0 65.9 27.0 28.3 27.2 27.5 25.4 26.0 25.4 25.9 26.5 27.7

94.3 93.7 94.7 92.3 92.8 96.3 96.9 94.2 97.5 93.6

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 69.6 69.1 78.2 68.7 61.2 66.5 63.6 51.2 66.5 38.0 29.7 30.5 29.7 31.6 33.0 32.9 33.0 34.7 33.4 35.7

99.3 99.6 107.9 100.3 94.2 99.4 96.6 85.9 99.9 73.7

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 51.5 50.4 50.5 43.8 51.8 46.1 48.4 52.6 32.1 33.4 44.6 41.6 42.7 45.1 44.8 44.6 45.0 45.9 47.0 48.7

96.1 92.0 93.2 88.9 96.6 90.7 93.4 98.5 79.1 82.1

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 71.2 57.9 60.4 51.0 43.9 38.3 41.5 46.9 36.9 62.4 50.6 46.4 44.4 45.1 47.8 45.1 53.2 45.2 53.3 45.2

121.8 104.3 104.8 96.1 91.7 83.4 94.7 92.1 90.2 107.6

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

Accident & Health: low claims frequency in Q2 Motor: low claims frequency in Q2 Household: Q1 adverse weather in BE & UK Other lines: prudent reserving in UK

Strong performance accross all product lines

In % Net earned premium

NEP 813

811 838 884 871 930 450 467 231 227

NEP 1,616 1,724 1,790 1,782 1,636 1,623

808 794 406 393

NEP 1,029 1,078 1,067 1,072 1,028

982 493 502 249 253

NEP 385

424 418 410 356 359 161 173 81 84

SLIDE 24

Ageas

24

Periodical financial information I 6M 20 results I 7 August 2020

Guaranteed: on target - UL closing the gap

In bps Avg techn. liabilities

Operating margins

Life Unit-Linked

Quarter

Reaching lower end of target level
Improvement in CE

Year-to-date

Closing the gap with target

Life Guaranteed

Quarter

Strong underwriting result in both Belgium & Portugal
Higher support from net capital gains offset by lower

recurring investment income Year-to-date

Impact of equity impairments in Q1 only partially

compensated by strong Q2 underwriting result

12 17 4 3 2 2 2 2 2 2 2 1 2 (2) 6 18 19 24 23 26 20 28 24 28

20 36 25 27 25 28 22 28 27 30

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 Operating margin Expense & other m. Investment m. Underwriting m.

38 33 41 39 41 37 34 41 31 42 90 80 88 96 89 98 98 59 102 93 (39) (23) (36) (42) (42) (47) (53) (25) (61) (41)

89 90 93 93 88 88 79 75 71 94

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

Avg techn liabilities (In EUR bn)

56.9 57.9 57.3 55.9 55.9 56.6 56.4 56.9 56.4 56.9

Avg techn liabilities (In EUR bn)

12.6 13.0 12.1 15.1 15.7 16.0 16.3 16.1 16.3 15.4

SLIDE 25

2,437 1,897 1,126 1,148

3,562 3,045

6M 19 6M 20 Life Non-Life 77 79 38 48

114 127

Q2 19 Q2 20

In bps avg technical liabilities In bps avg technical liabilities In % NEP

Belgium

25 Periodical financial information I 6M 20 results I 7 August 2020

Headlines

In EUR mio In EUR mio In EUR bn

145 73 50 66

195 139

6M 19 6M 20 Life Non-Life 1,029 825 465 462

1,494 1,287

Q2 19 Q2 20 58.2 57.4 57.6 3.1 2.8 3.3

61.3 60.2 60.9

FY 19 3M 20 6M 20 excl shadow shadow

82 46

6M 19 6M 20

97.6 91.2

6M 19 6M 20

91.1 82.0

Q2 19 Q2 20

43 36

Q2 19 Q2 20

34 40

6M 19 6M 20

85 91

Q2 19 Q2 20

Solid underlying performance in Life & Non-Life offset by lower investment result

Net result: lower cap gains & recurring financial income – Strong Q2 CY non-life Non-Life COR: Solid performance in Motor & Other compensating weather Operating margin Unit-Linked: 6M ‘19 incl. cost of cashback campaign (6bps) Operating margin Guaranteed impacted by lower investment result Life Technical Liabilities: partial recovery of UL unit prices in Q2 Inflows: 6M ‘19 included UL cash-back campaign - Non-Life +2%

SLIDE 26

Life

Belgium

26

Net result & Life liabilities

In EUR mio

Periodical financial information I 6M 20 results I 7 August 2020

In EUR bn

58.2 57.4 57.6 3.1 2.8 3.3

61.3 60.2 60.9

FY 19 3M 20 6M 20 excl shadow shadow

Net result Life technical liabilities

145 73 50 66

195 139

6M 19 6M 20 Life Non-Life 77 79 38 48

114 127

Q2 19 Q2 20

Net result impacted by lower net cap gains & financial income, partial recovery in second quarter

Quarter

Non Life: strong underlying performance in Motor & Household

partly offset by Other (lower PY releases)

Life: strong underwriting results partly offset by decrease of

financial revenues

Year-to-date

Solid underlying performance in both Life and Non-Life offset by

lower financial income mainly in Real Estate & car parks

Small positive (EUR 1 mio) from the internal reinsurance program

(vs. EUR 10 mio in 6M 19) Year-to-date Life technical liabilities slightly decreased mainly explained by :

Slight decrease in UL due to lower market prices in Q1 followed by

a partial recovery in Q2.

Slight decrease in Guaranteed in Q2 following lower sales

SLIDE 27

Life

Belgium

27

Inflows

Unit-Linked Guaranteed Other Household Accident & Health Motor

In EUR mio

Periodical financial information I 6M 20 results I 7 August 2020

Non-Life Life

1,863 1,612 573 285

2,437 1,897

6M 19 6M 20 891 716 138 110 Q2 19 Q2 20 314 318 336 344 360 370 116 116

+2%

1,126 1,148

6M 19 6M 20 114 107 151 153 154 158 46 43

465 462

Q2 19 Q2 20

22%
20%

Life decrease in UL & Guaranteed Non-Life steady growth in mature market

Quarter

Unit-linked – lower than LY mainly in Bank channel
Guaranteed – lower than LY due to lower production in Savings

Year-to-date

Unit-linked – 6M 19 exceptionally strong thanks to cashback

campaign (not repeated in 6M 20)

Guaranteed – lower than LY due to strong inflow in Savings last

year Quarter

Stable inflow compared to Q2 19. Increase in all lines excluding

Accident & Health and Other due to adjustments of premiums in P&C Commercial1 (Covid-19) Year-to-date

Solid growh in all lines

1 Part of the premiums in Commercial products are linked to the business activity

f the clients (turnover, number of employees) and settled at the end of year.

Following the lower economic activity these expected premiums are adjusted downwards.

1%

SLIDE 28

Belgium

28

Periodical financial information I 6M 20 results I 7 August 2020

In % Net earned premium

Net earned premium (in EUR mio)

63.5 56.9 58.3 53.1 56.0 57.8 59.9 53.2 53.5 43.2 37.7 37.8 37.7 37.9 37.4 37.4 37.7 38.0 37.6 38.8

101.2 94.7 96.0 91.0 93.4 95.2 97.6 91.2 91.1 82.0

(3.4) (7.2) (8.2) (7.7) (8.3) (8.3) (9.0) (10.2) (10.1) (7.6) 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

claims ratio expense ratio PY claims ratio

Combined ratio

2019 & 2020 before QS

Solid operating performance despite weather events in the first quarter

The internal reinsurance agreement has an important impact on the combined ratio. For ease of comparability, the pro forma combined ratio commented in this section excludes all impacts from this internal reinsurance agreement. Quarter

Strong CY performance in Motor & in Household partly offset by

aggravations in a few PY claims in Other Year-to-date

Strong performance in Motor & Other (reserve release following

sales of old inwards reinsurance portfolio)

Both years include impact from weather events (≈6pp)

1,815 1,832 1,836 1,861 1,944 2,023 994 1,010 505 500

SLIDE 29

Belgium

29

Periodical financial information I 6M 20 results I 7 August 2020 70.1 70.4 70.0 68.0 71.0 76.2 77.3 78.2 76.2 76.4 25.4 27.6 27.6 26.9 24.4 24.4 24.9 24.9 25.1 26.5

95.5 98.0 97.6 94.9 95.4 100.6 102.2 103.1 101.3 102.9

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 62.6 56.2 59.7 58.0 55.3 60.3 58.1 42.1 60.5 34.0 37.2 36.4 36.4 36.8 37.3 37.3 37.8 38.0 38.0 38.2

99.8 92.6 96.1 94.8 92.6 97.6 95.9 80.1 98.5 72.2

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

51.7 43.9 47.8 38.6 49.3 46.3 53.3 52.2 34.1 26.1 45.7 45.2 44.8 45.6 46.6 46.6 46.6 46.6 46.6 46.7

97.4 89.1 92.6 84.2 95.9 92.9 99.9 98.8 80.7 72.8

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 87.5 65.8 58.3 46.8 40.3 35.8 39.6 23.8 31.2 42.2 47.6 45.0 44.6 44.8 43.0 44.3 43.9 45.6 43.3 46.5

135.1 110.8 102.9 91.6 83.3 80.1 83.5 69.4 74.5 88.7

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

In % Net earned premium

Strong operating performance in Motor & Household Combined ratio

2019 & 2020 before QS

NEP 504 484 472 481 522 562 273 270 141 130 NEP 562 568 570 578 596 614 299 312 150 156 NEP 579 595 605 609 621 640 315 327 159 165 NEP 170 185 190 193 206 207 107 102 54 49

Accident & Health: Increase mainly explained by 2 large claims in Q2 more than offsetting overall lower frequency Motor: Strong CY & PY performance Household: Strong underlying performance offsetting the Q1 weather impact Other lines : reserve release in Q1 partly offset by a few major aggravations

SLIDE 30

Belgium

30

Periodical financial information I 6M 20 results I 7 August 2020

Operating margins

In bps Avg techn. liabilities

(2) 1 1 1 1 1 1 1 2 32 31 31 33 39 39 34 39 42 34

30 32 31 34 40 40 34 40 43 36

2014 2015 2016 2017 2018 2019 6M 196M 20 Q2 19 Q2 20 Operating margin Investment m. Expense & other m. Underwriting m.

30 25 29 27 31 25 23 28 19 28 95 88 91 94 91 100 99 56 105 98 (38) (27) (34) (36) (37) (37) (40) (38) (39) (35)

87 86 86 85 85 88 82 46 85 91

2014 2015 2016 2017 2018 2019 6M 196M 20 Q2 19 Q2 20

Avg techn liabilities (In EUR bn)

47.5 48.1 48.7 48.0 47.7 48.0 47.8 48.2 47.8 48.2

Avg techn liabilities (In EUR bn)

5.7 5.9 6.1 7.6 8.1 9.0 8.8 9.7 8.8 9.3

Guaranteed: Covid-impact on Financial income UL: cost of cashback in 6M ‘19

Life Unit-Linked

Quarter

Slightly lower compared to LY due to lower expense & other

result Year-to-date

At higher end of target range
6M ‘19 incl. cost of cashback campaign (6bps)

Life Guaranteed

Quarter

Strong net underwriting results while LY was impacted by lower

mortality result

Lower investment margin: higher level of capital gains & lower

guaranteed rate offset by lower recurring revenues on Real Estate and car parks Year-to-date

Higher net underwriting margin thanks to a better risk margin (low

mortality result last year)

Lower investment margin due to lower level of net capital gains &

financial revenues partly compensated by client return.

SLIDE 31

FY 17 FY18 FY19 Q2’20 Guaranteed interest rate 2.32% 2.17% 1.95% 1.85% Fixed income yield 3.34% 3.25% 3.06% 2.97% Liabilities Guaranteed (EUR bn) 50.4 49.1 51.5 51.3 FY 17 FY 18 FY 19 Q2’20 Fixed income yield 1.88% 1.96% 1.63% 1.47% Reinvested amount (EUR bn) 2.9 3.2 3.6 2.6

Newly invested money mostly in corporate bonds (non-financial sector), mortgage loans and government bonds & related loans. Since April 2020, guaranteed rate was lowered from 50 to 25 bps.

Belgium

31

Yield & guaranteed rate on back book down at the same pace Evolution assets & liabilities

Back book Life New money Life & Non-Life

Periodical financial information I 6M 20 results I 7 August 2020

SLIDE 32

Belgium

32

Average rate on back book decreasing in line with evolution yield fixed income Evolution assets & liabilities

Periodical financial information I 6M 20 results I 7 August 2020

Back book

vs fixed income investments

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Liabilities guaranteed i-rate Existing bonds Existing guaranteed rates Book yield existing bonds

SLIDE 33

96.9 97.8

6M 19 6M 20

UK

33

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

* incl. non-consolidated partnerships @ 100%

52 26

6M 19 6M 20

41 25

Q2 19 Q2 20

98.3 87.9

Q2 19 Q2 20

881 857

6M 19 6M 20

456 433

Q2 19 Q2 20

In EUR mio In % of NEP In EUR mio

Lower claims frequency supporting profitability partly

ffset by February weather events

Net result Q2 low claims frequency – 6M ’19

incl. EUR 30 mio Ogden

Inflows* marginally behind prior year Non-Life combined ratio in Q2 supported by low frequency

SLIDE 34

52 26

6M 19 6M 20

UK

34

Net result & Inflows

Other Household Accident & Health Motor

17 16 618 560 176 198 70 82

3%

881 857

6M 19 6M 20

In EUR mio

* incl. non-consolidated partnerships @ 100% & @ constant exchange rate

11 6 319 282 88 102 37 44

456 433

Q2 19 Q2 20 Periodical financial information I 6M 20 results I 7 August 2020

5%

Q2 strong performance compensating for Q1 weather Inflow decrease in Motor largely offset by Non-Motor

Net result Quarter:

Strong result mainly from lower Motor claims frequencies
Q2 2019 one-off benefits from the Ogden rate change & the internal

reinsurance agreement ramp up Year-to-date:

February weather event impact more than offset by strong CY

claims performance in Motor

2019 performance driven by above one offs
Negative impact from internal reinsurance programme of EUR 13

mio (vs. positive EUR 20 mio) Quarter:

Motor impacted by lockdown

Year-to-date:

Motor down 9% - reflecting focus on maintaining pricing discipline

& lower volumes from TU

Household up 13% - benefiting from new deals
Other up 18%: reflecting growth in Commercial lines from new

deals

41 25

Q2 19 Q2 20

SLIDE 35

UK

35

In % Net earned premium

66.3 69.3 80.7 68.3 60.2 63.3 59.3 58.0 58.8 44.6 33.5 32.8 31.5 34.9 36.6 35.4 37.5 39.8 39.5 43.3

99.8 102.1 112.2 103.2 96.8 98.7 96.9 97.8 98.3 87.9

(4.6) (4.4) 4.5 (1.4) (9.2) (9.4) (8.0) (6.6) (9.2) (7.6) 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

claims ratio expense ratio PY claims ratio

Net earned premium (In EUR mio)

Periodical financial information I 6M 20 results I 7 August 2020

Combined ratio

2019 & 2020 before LPT & QS

1,613 1,751 1,598 1,493 1,320 1,296 641 628 323 305

Lower Motor claims frequency driving overall improvement

The internal reinsurance agreement has an important impact on the combined ratio. For ease of comparability, the pro forma combined ratio commented in this section excludes all impacts from this internal reinsurance agreement Quarter

Lower claims frequency in Motor during lockdown driving overall

strong performance; partly offset by prudent provisioning related to potential COVID-19 impact on other lines and a limited number property losses

Solid Motor prior year releases from large losses
Combined ratio Tesco Underwriting 73.8% (vs. 90.5%) mainly

reflecting COVID-19 driven Motor claims frequency benefit.

Lower operating expenses more than offset by increased

commission cost related to strong Motor performance Year-to-date

H1 COR includes an offset from February 2020 weather events.

SLIDE 36

56.0 55.3 73.7 67.0 46.3 54.0 46.9 85.2 43.1 95.5 54.3 48.6 44.9 47.0 56.7 47.9 50.0 49.0 51.0 47.9

110.3 103.9 118.6 114.0 103.0 101.9 96.9 134.2 94.1 143.4

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 74.6 75.8 91.0 75.0 63.7 72.1 68.1 55.4 70.3 37.6 25.1 27.2 25.5 27.6 29.7 29.4 30.7 34.0 31.2 36.6

99.7 103.0 116.5 102.6 93.4 101.5 98.8 89.4 101.5 74.2

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

UK

36

66.0 55.8 58.4 56.1 57.8 60.2 55.7 33.6 59.7 46.2 38.7 43.3 40.9 46.7 51.4 54.3 51.0 55.9 53.9 56.4

104.7 99.1 99.3 102.8 109.2 114.5 106.7 89.5 113.6 102.6

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 51.0 62.2 57.6 51.7 56.9 42.8 40.9 55.4 33.4 39.0 43.3 37.3 40.6 47.8 45.1 44.1 49.4 48.6 56.1 56.7

94.3 99.5 98.2 99.5 102.0 86.9 90.3 104.1 89.5 95.7

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 Periodical financial information I 6M 20 results I 7 August 2020

Combined ratio

2019 & 2020 before LPT & QS NEP 907

958 1,062 1,014 947 844 831 411 391 207 189

NEP 79

71 72 39 30 30 34 15 18 8 7

NEP 374

399 413 361 341 309 289 143 151 72 75

NEP 202

185 204 185 175 137 142 73 68 36 34

Lower claims frequency in Motor offsetting February ‘20 weather event impact

Accident & Health: H1 benefit from IBNR review Motor: Strong performance supported by lower claims frequency Household: February weather events’ impact 13pp Other: Prudent reserving for COVID-19 impact & Q1 weather

SLIDE 37

CEU

37

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

* incl. non-consolidated partnerships @ 100%

16 37 40 49 57 86

6M 19 6M 20 Life Non-Life

4 11 21 29 25 40

Q2 19 Q2 20

1,047 561 710 715 1,757 1,276

6M 19 6M 20 Life Non-Life

485 186 338 316 823 503

Q2 19 Q2 20

90.2 82.9

6M 19 6M 20

88.8 78.5

Q2 19 Q2 20

66 233

6M 19 6M 20

(6) 109

Q2 19 Q2 20

8 10

6M 19 6M 20

7 21

Q2 19 Q2 20

In EUR mio In EUR mio In EUR bn In bps avg technical liabilities In bps avg technical liabilities In % NEP

15.4 14.7 14.8 0.8 0.5 0.7 16.2 15.3 15.5

FY 19 3M 20 6M 20 excl shadow shadow

Strong net result driven by Non-Life Inflows impacted by lockdown

Net result Q2 underlying strongly up in Non-Life Q2 inflows impacted by lockdown & change in Life product in Portugal Life Technical liabilities partial recovery in Q2 after Q1 decrease of UL prices Non-Life COR supported by lower claims frequency during lockdown Operating margin Unit-Linked up on improved expense margin Operating margin Guaranteed : Q1 ‘20 Reserve release & Q2 ’19 strengthening

(107) (124)

SLIDE 38

CEU

38

Net result & Life liabilities

In EUR mio

Periodical financial information I 6M 20 results I 7 August 2020

15.4 14.7 14.8 0.8 0.5 0.7 16.2 15.3 15.5

FY 19 3M 20 6M 20 excl shadow shadow

16 37 40 49 57 86

6M 19 6M 20 Life Non-Life

4 11 21 29 25 40

Q2 19 Q2 20

Strong Q2 net result driven by Non-Life performance

Net result

Quarter

Life: solid result despite lower capital gains - Reserve strengthening in

Q2 ‘19 in Portugal (EUR 9 mio)

Non-Life: Very strong net result supported by low claims frequency during

lockdown both in Motor and in Accident & Health Year to date

Life: Reserve release in Q1 ‘20 (20 mio) vs reserve strengthening in Q2

‘19 (EUR 9 mio) – Improved underwriting margin due to risk margin

Non-Life: Improved combined ratio in Motor and Accident & Health

Internal reinsurance: negative contribution of EUR 6 mio (vs. positive EUR 2 mio)

Life technical liabilities

Slightly down year-to-date due to the decrease in Unit-Linked prices in

Q1 following the drop in financial markets – partial recovery during Q2

SLIDE 39

CEU

39

Inflows impacted by COVID-19 & low interest rates Inflows

Unit-Linked Guaranteed Other Household Accident & Health Motor

In EUR mio

800 296 247 265

46%

1,047 561

6M 19 6M 20 228 246 277 285 139 128 66 56

+1% 710 715

6M 19 6M 20 Periodical financial information I 6M 20 results I 7 August 2020 98 103 146 133 64 59 29 22

338 317

Q2 19 Q2 20 361 114 124 72

485 187

Q2 19 Q2 20

62%
6%

Life Quarter

Unit-linked – Down due to lockdown & financial market volatility
Guaranteed – Lower sales appetite for guaranteed business due to

low interest rates Year-to-date

Unit-linked – Up 7% thanks to a strong Q1
Guaranteed - Inflows down due to the continued low interest rate

environment – transition phase in product mix still on-going in Portugal Non-Life Quarter

Impact of lockdown on New business

Year-to-date

Up 8% at constant FX with strong contribution from both Portugal,

still outperforming the market, and Turkey

SLIDE 40

61.3 55.9 58.6 59.2 62.7 60.5 61.2 54.5 58.5 49.5 30.8 29.5 30.1 31.2 29.7 30.7 29.0 28.4 30.3 29.0

92.1 85.4 88.7 90.4 92.4 91.2 90.2 82.9 88.8 78.5

(4.3) (6.5) (6.5) (8.0) (2.9) (2.4) (3.7) (0.3) (7.2) 0.8 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

claims ratio expense ratio PY claims ratio

CEU

40

Periodical financial information I 6M 20 results I 7 August 2020

Net earned premium (In EUR mio)

In % Net earned premium

Excellent combined ratio supported by low claims frequency during lockdown Combined ratio

2019 & 2020 before LPT & QS

415 454 664 768 594 657 319 350 162 175

The new internal reinsurance agreement has an important impact on the combined ratio. For sake of comparability of the performance the pro forma combined ratio commented in this section excludes all impacts from this internal reinsurance agreement.

Quarter

Combined ratio in Portugal reflecting low claims ratio during

lockdown, mostly in Motor and Accident & Health

Combined ratio in Turkey at 77.9% vs. 99.4% due to lower claims

frequency in Motor during lockdown

Year-to-date

Excellent combined ratio in Portugal thanks to lower claims &

benign weather conditions

Improved combined ratio in Turkey at 88.3% vs. 100.8%

SLIDE 41

61.9 58.8 64.9 61.4 62.5 63.0 65.4 58.8 65.4 55.9 26.7 25.2 25.1 26.8 24.8 26.0 24.3 23.8 26.0 24.6

88.6 84.0 90.0 88.2 87.3 89.0 89.7 82.6 91.4 80.5 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

CEU

41

60.1 71.5 65.5 70.4 68.0 67.2 64.9 55.1 63.7 44.4 31.6 32.3 32.5 35.0 35.3 36.6 34.3 33.9 34.6 33.5

91.7 103.8 98.0 105.4 103.3 103.8 99.2 88.9 98.3 77.9 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

54.0 36.1 42.3 46.5 48.5 40.3 40.7 40.9 27.7 40.3 40.3 35.9 38.0 34.7 34.2 33.2 33.6 32.7 34.3 34.0

94.3 72.0 80.3 81.2 82.7 73.5 74.3 73.7 62.0 74.3 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

72.3 31.7 12.1 3.9 72.6 28.3 26.5 21.1 1.3 21.0 45.1 40.8 41.3 39.2 41.5 42.4 38.5 38.1 42.6 41.6

117.4 72.5 53.4 43.1 114.0 70.7 65.0 59.2 43.9 62.6 2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

Low claims ratio in Motor and Accident & Health Household supported by benign weather

Periodical financial information I 6M 20 results I 7 August 2020

Combined ratio

2019 & 2020 before LPT & QS NEP 238

255 328 373 318 349 170 188 86 94

NEP 96

94 202 249 188 207 102 108 52 55

NEP 51

70 91 105 74 86 41 46 22 23

NEP 30

35 43 41 13 15 7 8 3 4

Other: very small & volatile portfolio Accident & Health: supported by lower claims & expenses Motor: Improved claims ratio thanks to lower frequency Household: Very good claims ratio thanks to benign weather

SLIDE 42

CEU

42

Periodical financial information I 6M 20 results I 7 August 2020

Operating margins

In bps Avg techn. liabilities

Guaranteed and Unit-Linked margins up

In EUR bn

1 2 (1) (1) (5) 1 3 1 2 5 4 4 3 3 4 2 9 4 5 16 6 8 5 12 3 19

10 7 7 21 9 11 8 10 7 21

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20 Operating margin Expense & other m. Underwriting m. Investment m.

95 100 110 111 99 105 103 108 105 114 77 59 76 106 80 91 92 77 83 68 (102) (71) (65) (78) (71) (106) (129) 48 (193) (74)

70 88 121 139 108 90 66 233 (6) 109

2014 2015 2016 2017 2018 2019 6M 19 6M 20 Q2 19 Q2 20

Avg techn liabilities (In EUR bn)

7.7 8.0 8.7 7.9 8.1 8.6 8.5 8.7 8.5 8.6

Avg techn liabilities (In EUR bn)

6.2 6.1 6.0 7.5 7.6 7.0 7.6 6.4 7.6 6.1

Life Unit-Linked

Quarter

Up on higher expense ratio following a change in product mix

Year-to-date

Improvement in Q2 compensated for the impact in Q1 of

higher arbitrage cost due to financial market volatility

Life Guaranteed

Quarter

Q2 margin strongly up supported by a solid underwriting margin

Q2 ‘19 impacted by reserve strengthening (116 bps) Year-to-date

Very high margin driven by a strong underwriting margin & further

supported by a reserve release in Q1 (126 bps impact in H1 vs. strengthening 58 bps in H1 ‘19)

SLIDE 43

14,168 14,107 652 747

14,819 14,854

6M 19 6M 20 Life Non-Life

In EUR mio In EUR mio In EUR bn

Asia

43

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

In % NEP

*Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX 324 199 8 18

331 216

6M 19 6M 20 Life Non-Life

82.2 87.5 90.6

FY 19 3M 20 6M 20

103.2 88.9

Q2 19 Q2 20

99.3 92.6

6M 19 6M 20 5,077 5,524 360 323

5,437 5,847

Q2 19 Q2 20 182 129 3 12

185 142

Q2 19 Q2 20 13.2 12.9 1.0 1.2

14.2 14.1

6M 19 6M 20 regular single

In EUR bn

4.7 5.0 0.4 0.5

5.1 5.5

Q2 19 Q2 20

Additional information on Ageas non-consolidated partnerships in Asia is available on the excel spreadsheet published on Ageas’ website under quarterly results

(www.ageas.com/investors/quarterly-results)

Solid performance in Q2 supported by capital gains Gradual recovery from the pandemic

Solid net result – One-off tax benefit in Q2 2019 Inflows* up 9% in Q2, driven by a full recovery in China Life Technical liabilities up 10% year-to- date Regular premium: exceeding 90% of Life inflows Non-Life COR supported by low claims during lockdown

SLIDE 44

Asia

44

Periodical financial information I 6M 20 results I 7 August 2020

Net result & Life liabilities

In EUR mio

324 199 8 18

331 216

6M 19 6M 20 Life Non-Life 182 129 3 12

185 142

Q2 19 Q2 20

82.2 87.5 90.6

FY 19 3M 20 6M 20

Net result Life Technical Liabilities

Solid Q2 underlying result

Quarter

Solid Life Result :

− Higher level of capital gains (EUR 36 mio vs EUR 21 mio) − Mitigated by unfavourable evolution of discount rate curve − One-off tax benefit in Q2 ‘19 in China

Non-Life result supported by low claims frequency during

lockdown Year-to-date

Resilient Life result in the context of COVID-19 pandemic
Decrease vs 6M 19 fully explained by:

− Lower level of capital gains (EUR 51 mio vs very high EUR 70 mio) − Evolution of discount rate curve in China − One-off tax regime change in China

High Non-Life result thanks to favourable claims experience
Life Technical liabilities driven by new business & high

persistency levels

SLIDE 45

Asia

45

Inflows

Unit-Linked Guaranteed Other Household Accident & Health Motor

In EUR mio

13,538 13,372 630 735

14,168 14,107

6M 19 6M 20 63 56 33 4 36 5 84 96 171 230

652 747

6M 19 6M 20

incl. non-consolidated partnerships @ 100%

All growth rates are at constant FX Periodical financial information I 6M 20 results I 7 August 2020 34 25 18 5 15 9 41 41 100 98

360 323

Q2 19 Q2 20 4,822 5,191 255 333

5,077 5,524

Q2 19 Q2 20

Strong recovery in Life in Q2, driven by China Non-Life inflows impacted by the lockdown

Life

Life gross inflows up 11% in Q2, driven by new business

growth & strong persistency

New business premiums grew 15% in Q2
Regular premium up 10% in Q2

Non-Life

Non-Life inflows -8% in Q2, due to the lack of commercial

activities, as impacted by the Covid-19 pandemic

SLIDE 46

Asia

46

Inflows per country

In EUR mio

* incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I 6M 20 results I 7 August 2020 39 27 91 69 130 96

Q2 19 Q2 20

15 17

6M 19 6M 20

8 7

Q2 19 Q2 20

1,196 1,032 175 212 1,370 1,245

6M 19 6M 20

Life Non-Life 592 536 88 99 679 635

Q2 19 Q2 20

472 537 343 354 816 890

6M 19 6M 20

Life Non-Life 236 240 181 155 417 395

Q2 19 Q2 20

127 105 133 181 261 286

6M 19 6M 20

Life Non-Life 36 54

6M 19 6M 20

22 31

Q2 19 Q2 20

12,322 12,362

6M 19 6M 20

4,181 4,683

Q2 19 Q2 20

Resilient performance in the context of Covid-19 pandemic

China: up 14% in Q2 driven by new business & renewals Thailand: Non-Life growth mitigating the Covid-19 impact on Life Malaysia: down marginally (-3%) in Q2, due to COVID-19 India: -19% in Q2 due to lockdown Vietnam: continued rapid growth Philippines: only marginal decline

SLIDE 47

In EUR mio

Reinsurance

Headlines

47

In % NEP In EUR mio

ageas SA/NV reinsurance activities

Periodical financial information I 6M 20 results I 7 August 2020

1 (34) 22 24

6M 19 6M 20

Life Non-Life 1 (22) 43 44

Q2 19 Q2 20

8 1,137 1,020 1,137 1,028

6M 19 6M 20

Life Non-Life 8 275 330 275 338

Q2 19 Q2 20

105.1 98.4

6M 19 6M 20

112.1 88.1

Q2 19 Q2 20

Net result: Solid CY claims ratio in Q2 more than compensating weather impact Inflows: EUR 722 mio from Quota share of which EUR 303 mio in Q2 COR: strong CY claims ratio in Q2

* Of which 75% is underwritten by ageas SA/NV

Strong CY underwriting results in Q2 more than

ffsetting the Q1 impact from weather events
Implementation of an internal reinsurance programme within ageas SA/NV in order to

enhance capital fungibility in the group

Non-Life Quota Share (QS) Treaties: 40% with AG Insurance in Belgium*, 40% with Ageas

Insurance Limited in the UK, and 40% with all Portuguese Non-Life Entities

Loss Portfolio Transfers (LPT): 40% with Ageas Insurance Limited in the UK, and 40%

with the Portuguese Non-Life Entities

The Pillar I Solvency II for ageas SA/NV stood at 330%

SLIDE 48

8 47 61 202 271 743 463 144 225

1,137 1,028

6M 19 6M 20

Reinsurance

48

Strong CY claims experience in Q2 Net result & Inflows

Portugal UK Protection Non –lIfe Protection Life Belgium

Quarter

EUR 303 mio from quota share agreements (vs. EUR 220 mio in Q2

19)

EUR 27 mio from non-life protection programme
EUR 8 mio from life protection programme in Portugal

Year-to-date

EUR 722 mio from quota share agreements (vs. EUR 459 mio in 6M

19)

EUR 191 mio from the Loss Portfolio Transfer (LPT)
EUR 46 mio from prior year unearned premiums in UK
EUR 61 mio from non-life protection programme – strong growth

thanks to a new participation in India Non-Life and in Motor & TPL in UK

EUR 8 mio from life protection programme in Portugal

Periodical financial information I 6M 20 results I 7 August 2020

Gross inflows Quarter

Strong result thanks to the positive CY claims performance in BE,

UK & Portugal Year-to-date

Flat contribution from protection programme
Positive CY claims in Q2 fully compensating negative contribution

from Q1 weather claims in Belgium

EUR 17 mio positive contribution from the UK thanks to favorable

claims ratio in Q2 more than offsetting the weather claims in Q1

EUR 8 mio positive contribution from Portugal

8 24 27 84 110 102 124 65 68 275 338 Q2 19 Q2 20

In EUR mio

Net result

1 (34) 22 24

6M 19 6M 20

Life Non-Life 1 (22) 43 44

Q2 19 Q2 20

SLIDE 49

Net result Q2 driven by RPN(i) revaluation and incl. EUR 22 mio cap gain on Fresh

In EUR mio

Value legacies – Settlement liability down

n compensation payments

Result driven by Fresh transactions & RPN(i) revaluation

GA

49

Periodical financial information I 6M 20 results I 7 August 2020

Headlines

Stable total liquid assets

In EUR mio

Impact on P&L from RPN(i) Expenses under control

In EUR bn In EUR mio*

5 300

6M 19 6M 20

14 10 35 32 49 42

6M 19 6M 20 Staff & Intercompany Operating

7 3 13 15 20 18

Q2 19 Q2 20

61 16

6M 19 6M 20

34 (40)

Q2 19 Q2 20

In EUR mio In EUR mio

Belgium intends upstreaming in H2

629 218 Belgium

6M 19 6M 20

2.2 1.6 1.5

FY 19 3M 20 6M 20

12 (39)

Q2 19 Q2 20

(359) (303) (344) 7 5 6 (514) (472) (461)

FY 19 3M 20 6M 20 RPI RPN(i) Settlement *net of ForSettlement provisioned expenses

SLIDE 50

GA

50

Periodical financial information I 6M 20 results I 7 August 2020

Available cash up on upstream from operating companies

Main upstream & interim dividend intended in H2

Cash position

In EUR mio

Upstream from Belgium expected in H2 – total amount of upstream will exceed

the EUR 650 million

Successful tenders of Fresh securities
Capital injections in The Philippines & Singapore
Additional EUR 5 mio cash-out for running SBB in Q3 2020 – SBB ended on

05/08/2020

EUR 0.4 bn ring-fenced for Fortis settlement

≈ 1000 ≈ 1100

settlement settlement SBB SBB FRESH

2,192 1,538

(50) (538) (18) (50) (52) (126) (23) 218 (16)

FY 19 Upstream Dividend Fresh Tender Cap. Injection Asia Settlement HQ & RO expenses Share buy-back Other 6M 20

HQ RO

SLIDE 51

GA

51

Periodical financial information I 6M 20 results I 7 August 2020

Successful tender on the Fresh securities Outstanding hybrids

In EUR mio

ageas SA/NV Ageasfinlux

Perp Fixed Rate Reset Temporary Write-Down Tier 1 Fixed-to-Floating Rate Callable Tier 2

Fresh

Tier 1

Fixed-to-Floating Rate Callable

Tier 2

Fixed Rate Reset Dated Subordinated Notes

Tier 2

CASHES %

3.875% 3.25% 3m EUR + 135 bps 5.25% 3.50% 3m EUR +200 bps

Amount

utstanding

750 500 384 450 400 948 ISIN BE6317598850 BE0002644251 XS0147484074 BE6261254013 BE6277215545 BE0933899800 Call date June 2030 first reset date Reset to 5-yr mid-swap rate +379.2 bps July 2029 Step up to 3M Euribor +380 bps Undated, strike 315.0 mandatory 472.5 June 2024 Step up to 3M Euribor +413 bps June 2027 Step up after 12 years of 100bps Undated, strike 239.4, mandatory 359.1 Other Public issue Public issue Subscribed by Ageas & BNP Paribas Fortis Public issue Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (30/06/2020) 94.80 103.71 62.81 110.31 106.92 71.08

Fortis Bank

(now BNPPF)

AG Insurance

(Belgium)

SLIDE 52

52

Periodical financial information I 6M 20 results I 7 August 2020

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72

SLIDE 53

Equity

53

Periodical financial information I 6M 20 results I 7 August 2020

Equity up on net result & FY 19 dividend postponement

In EUR mio

7,290 7,702

3,931 3,729

791 9 (202) (50) (126) (207) (5) EUR 58.89 EUR 61.09

11,221 11,431

FY 19 result change UG/L dividend treasury shares FX IAS 19

ther

6M 20

Shareholders’ equity per segment

Belgium 5,135

►

5,084 Asia 4,008

►

3,937 UK 998

►

947 Reinsurance 108

►

33 Continental Europe 1,326

►

1,328 General Account (354)

►

101

Shareholders equity

Equity per share Unrealised gains & losses Equity per segment

SLIDE 54

Equity

54

Periodical financial information I 6M 20 results I 7 August 2020

Debt leverage down after succesful transactions on the Fresh instrument Tangible net equity

I page 54

* Leverage calculated as (Subordinated liabilities + Senior debt) / (Tangible net equity + Subordinated liabilities + Senior debt) In EUR mio

FY 19 6M 20

IFRS Shareholders' Equity 11,221 11,431

Unrealised gains real estate 674 699 Goodwill (614) (598) VOBA (Value of Business Acquired) (58) (51) DAC (Deferred Acquisition Cost) (425) (430) Other (531) (537) Goodwill, DAC, VOBA related to N-C interests 381 375 Tax adjustment DAC, VOBA & Other 161 164

IFRS Tangible net equity 10,810 11,052

IFRS Tangible net equity/ IFRS Shareholder's Equity 96% 97% Debt leverage on tangible net equity * 22.4% 16.9%

SLIDE 55

Solvency

55

Periodical financial information I 6M 20 results I 7 August 2020

Solvency down on Fresh & market impact Solvency IIageas

Solvency IIageas in % Own Funds SCR

Non EU Non-controlled participations*

Belgium UK CEU Reinsurance GA

eliminations

Group

* Based on local solvency requirements

2.8 2.7 2.8 0.5 0.5 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.2 (0.6) (0.6) (0.6) 4.0 3.7 3.9 3.2 3.3 3.3

6.3 5.5 5.7 0.9 0.8 0.8 1.1 0.9 0.9 0.7 0.7 0.8 1.5 0.9 0.9

(1.8) (1.5)(1.5)

8.6 7.3 7.6 7.7 7.7 7.6

FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20

221% 205% 199% 179% 181% 185% 170% 160% 153% 173% 166% 191% 217% 196% 192% 243% 236% 227%

SLIDE 56

Solvency II

56

Periodical financial information I 6M 20 results I 7 August 2020

Solvency down on Fresh & market – contribution from operations exceeding dividend accrual Solvency IIageas

* Impact including secondary impact, diversification & non-transferable

Impact on Solvency IIageas*

FY ’19  6M ’20 217% 192% 3M ’20  6M ’20 196% 192%

Debt initiatives

12 pp

Tender of the Fresh – pre-compensated by EUR 750 mio T1 in 2019 Model refinements + 2 pp + 1 pp Market movements & RPN(i)

17 pp

Quarterly impact mainly from interest rate

5 pp
1 pp

Operational +11 pp Strong across all operating entities +9 pp Capital transactions

4 pp

SBB, injection in Asia & additional Fresh

3 pp

Expected dividend

6 pp
4 pp

SLIDE 57

Free Capital Generation

57

Periodical financial information I 6M 20 results I 7 August 2020

Operational FCG of EUR 437 mio*

expected dividend

Operational impact – includes EUR 116 mio dividend upstream Non-European NCP’s
Market: Covid-19 impact
Capital transactions = SBB, injection in Asia & additional Fresh
Fresh tender pre-compensated by EUR 750 mio T1 in 2019

Based on 175% SCR Solvency IIageas

Solvency IIageas

In EUR mio * * FCG Non-European NCP’s over 3M 2020 at EUR (273) mio - Operational FCG at EUR 121 mio – not included 2,438 1,980 1,418 491 491 656 65 321 (458) (669) (178) (50)

2,929 2,470 2,075

116

437

FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions Paid dividend 6M 20

SLIDE 58

Free Capital Generation

58

Periodical financial information I 6M 20 results I 7 August 2020

Evolution SCR & OF split between types of impact Solvency IIageas

Own Funds SCR

In EUR mio 3,973 3,959 3,939 25 (14) (33) (12)

FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions Paid dividend 6M 20

8,634 8,151 7,567 491 491 656 15 470 (483) (676) (178) (50)

9,125 8,642 8,223

FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions Paid dividend 6M 20

SLIDE 59

Free Capital Generation

59

Periodical financial information I 6M 20 results I 7 August 2020

Operational FCG driven by a strong Q2

In EUR mio

Solvency IIageas

EUR mio

OF SCR FCG Quarterly impact

Belgium

314 14

290 135

Strong Non-Life Q2 compensating for weather in Q1 SCR up on asset management actions

UK

44 (2)

47 42

Strong Non-Life Q2 compensating for weather in Q1

CEU

79 (7)

91 51

Strong Non-Life Q2

Reinsurance

34 20

(1) 57

SCR increase following step-up to 40%

General Account

100 27

52 77

including EUR 116 mio dividends from NCP's

Group eliminations

(100) (27)

(42) (20) Total Ageas Solvency II scope

470 25

437 342

including EUR 116 mio dividends from NCP's

SLIDE 60

Solvency

60

High Solvency ratio providing resilience against market or other external evolutions Solvency IIageas sensitivities

As per 31/12/19

SCR OF Solvency

Base case

Beforestress 3,957 8,127

205% Yield curve

Down 50 bps 4,112 7,971

194%

Up 50 bps 3,890 8,424

217% Equity

Down 25% 3,823 7,753

203% Property

Down 10% 4,063 7,875

194% Spread*

Spreads on corporate & government bonds up 50 bps 4,022 7,935

197% Corporate spread

Up 50 bps 3,953 8,159

206% Sovereign spread

Up 50 bps 4,005 7,934

198% UFR – base case 4.05%

Down 15 bps 3,959 8,142

206%

Down 35 bps 3,963 8,114

205%

* Spread sensitivity doesn’t take into account any credit rating movement

Periodical financial information I 6M 20 results I 7 August 2020

SLIDE 61

Solvency

61

Periodical financial information I 6M 20 results I 7 August 2020

Solvency down driven by EIOPA VA PIM

Solvency II PIM in % Own Funds SCR

* Based on local solvency requirements ** minority interest not-fully owned subsidiaries equals minority interests exceeding contribution to group SCR after deduction capital charge related to participation in AII

In EUR bn Belgium UK CEU Reinsurance GA

eliminations**

Group

Non EU Non-controlled participations*

185% 204% 170% 172% 172% 178% 274% 258% 233% 170% 162% 186% 203% 200% 178% 243% 236% 227%

3.2 2.8 3.1 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.2 0.2 0.2 (0.6) (0.5) (0.6) 4.3 3.8 4.2 3.2 3.3 3.3

5.9 5.6 5.3 0.9 0.8 0.8 1.4 1.3 1.2 0.7 0.7 0.8 1.5 0.9 0.9

(1.7) (1.7)(1.6)

8.7 7.6 7.4 7.7 7.7 7.6

FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20 FY 193M 206M 20

SLIDE 62

Solvency

62

Ageas asset mix not in line with EIOPA reference portfolio PIM sensitivities

As per 31/12/19

SCR OF Solvency

Base case

Beforestress 4,238 8,146

192% Yield curve

Down 50 bps 4,410 7,997

181%

Up 50 bps 4,115 8,411

204% Equity

Down 25% 4,072 7,730

190% Property

Down 10% 4,391 7,897

180% Spread*

Spreads on corporate & government bonds up 50 bps 4,589 7,604

166% Corporate spread

Up 50 bps 4,089 8,282

203% Sovereign spread

Up 50 bps 4,726 7,445

158% UFR – base case 4.05%

Down 15 bps 4,268 8,153

191%

Down 35 bps 4,289 8,142

190%

* Credit rating movement not taken up in spread sensitivity

Periodical financial information I 6M 20 results I 7 August 2020

SLIDE 63

( 1.5 ) ( 1.5 ) ( 1.5 ) ( 1.0 ) ( 0.9 ) ( 0.9 ) ( 0.8 ) ( 0.8 ) ( 0.8 ) 4.8 4.3 4.6 0.4 0.4 0.3 0.8 0.7 0.8 0.3 0.3 0.3 0.8 0.8 0.8 0.5 0.5 0.5

4.3 3.8 4.2

FY 19 3M 20 6M 20 Non Diversifiable Non-life UW Health UW Life UW Counterparty Default Market Loss-Absorption Deferred Taxes Loss-Absorption Techn. Liab. Diversification

Solvency

63

Periodical financial information I 6M 20 results I 7 August 2020

Composition of SCR & OF Composition of SCR & OF

Diversification Loss-Absorption Deferred Taxes

Insurance SCRageas per risk type Market risk movement driven by equity risk Tiering of Group PIM own funds Fresh transactions driving Tier 1 & 2 UT1 down on EIOPA VA

5.5 5.3 5.0 1.4 1.2 1.2 1.7 1.0 1.0 0.1 0.1 0.1

8.7 7.6 7.3

FY 19 3M 20 6M 20 Tier 3 Tier 2 Tier 1 restricted Tier 1

In EUR bn

SLIDE 64

64

Periodical financial information I 6M 20 results I 7 August 2020

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72

SLIDE 65

Investment portfolio

65

Periodical financial information I 6M 20 results I 7 August 2020

Investment portfolio stable after drop in Q1

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

Gross UG/L on Available for Sale Gross UG/L on Real Estate Gross UG/L on Held to Maturity

Sovereign bonds 38.4 Sovereign bonds 38.8 Corporate bonds 20.8 Corporate bonds 20.4 Structured 0.1 Structured 0.1 Loans 11.1 Loans 12.8 Equities 4.6 Equities 4.1 Real Estate 5.6 Real Estate 5.8 Cash 3.7 Cash 2.1

84.3 84.1

FY 19 6M 20

Total portfolio: at EUR 8.6 bn (vs. EUR 8.7 bn)
Fixed income: up to EUR 8.1 bn (vs. EUR 7.9 bn)

° Sovereigns at EUR 6.8 bn (vs. EUR 6.4 bn) ° Corporates at EUR 1.3 bn (vs. EUR 1.5 bn)

Equities: at EUR 0.5 bn (vs. EUR 0.8 bn)
at EUR 2 bn
not reflected in shareholders’ equity
Up to EUR 2.6 bn (vs. EUR 2.4 bn)
not reflected in shareholders’ equity

Ageas Group has joined the commitment to incorporate ESG issues into its investment analysis and decisions and signed on behalf of all its consolidated entities the UN PRI

In EUR bn

SLIDE 66

Investment portfolio

66

Periodical financial information I 6M 20 results I 7 August 2020

Value fixed income assets up on higher Sovereign bond UG/L

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Belgium 18.5 Belgium 19.1 France 6.3 France 6.3 Austria 2.7 Austria 2.7 Portugal 2.8 Portugal 2.8 Spain 2.2 Spain 2.3 Italy, 1.5 Italy, 1.5 Germany 1.2 Germany 1.3 Ireland 0.5 Ireland 0.4 Other 2.6 Other 2.4

38.4 38.8

FY 19 6M 20

Gross UG/L up to EUR 6.8 bn (vs. EUR 6.4 bn)
99.9% investment grade; 84% rated A or higher
Belgium duration gap close to zero – matched

portfolio

Sovereign bond portfolio*

In EUR bn

Loan portfolio (customers & banks)*

Loans to banks 0.6

Loans to banks 1.1 RE 0.2 RE 0.2 Infrastructure 1.1 Infrastructure 1.2 Mortgages 1.2 Mortgages 1.2 Other 8.0 Other 9.1

11.1 12.8

FY 19 6M 20

Other: mostly government related loans

benefiting from an explicit guarantee by the Belgian regions or the French State

SLIDE 67

Investment portfolio

67

Periodical financial information I 6M 20 results I 7 August 2020

Corporate bond portfolio* slightly down on lower UG/L, partial recovery in Q2

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs ; consolidated @100%

Corporate bond portfolio – by sector

In EUR bn

Corporate bond portfolio – by rating

Banking 3.0 Banking 2.7 Other financials 2.4 Other financials 2.4 Non Financials 12.3 Non Financials 12.5 Government related 3.1 Government related 2.9

20.8 20.4

FY 19 6M 20

Credit quality remains high with 90%

investment grade - 51% rated A or higher

BBB exposure only 10% of total investment

portfolio / only 1% BBB-

EUR 1.7 bn regarded as non-rated corporate

investments

Gross UG/L at EUR 1.3 bn (vs. EUR 1.5 bn)
Limited exposure to Oil & Gas, Airlines &

Transportation

Impact Solvency IIageas of all Corporate

bonds 1 notch down <5pp

AAA 10% AA 15% A 25% BBB+ 17% BBB 17% BBB- 6% BB or lower 1% Not Rated 9%

SLIDE 68

Investment portfolio

68

Periodical financial information I 6M 20 results I 7 August 2020

In EUR bn

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

Equity portfolio*

Gross UG/L at EUR 0.5 bn (vs. EUR 0.8 bn)

Equities 2.4 Equities 2.0 Equity funds 0.5 Equity funds 0.6 RE funds 0.9 RE funds 0.9

Mixed funds &

thers 0.8

Mixed funds &

thers 0.5

4.6 4.1

FY 19 6M 20

Real estate portfolio*

Gross UG/L at EUR 2 bn (not reflected in

shareholders’ equity but contributing to available capital for solvency calculation)

Overall positive re-valuation exercise in

Q2 – lower fair value of car parks compensated by increased fair value of

ffices and senior housing

Investment Offices 2.6 Investment Offices 2.6 Car Parks 1.3 Car Parks 1.3 Investment Retail 1.2 Investment Retail 1.3

RE Development 0.3 RE Development 0.3

Invest. Warehouses

0.3

Invest. Warehouses

0.2

5.6 5.8

FY 19 6M 20

Equity portfolio* ytd down on lower UG/L, partial recovery in Q2 / Positive revaluation of Real Estate in Q2

SLIDE 69

69

Periodical financial information I 6M 20 results I 7 August 2020

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72

SLIDE 70

Legal

70

Periodical financial information I 6M 20 results I 7 August 2020

Settlement in full execution mode

Ageas offers to pay EUR 1.2 bn compensation – additional effort of EUR 0.1 bn announced

16/10/2017

Cash impact of EUR 1.0 bn
No recognition of any wrongdoing by Ageas
Commitment by eligible shareholders to abandon any ongoing civil proceeding & not to start

any legal proceeding related to the events

Publication of binding declaration notice on 27/07/2018 launched execution of the settlement
Early filing & opt-out period ended on 31/12/2018
Limited number of opt-outs received for ≈1% of total settlement amount
Computershare Investor Services plc acting as independent claims administrator
Further information available on www.FORsettlement.com
≈290K claims received of which ≈228K have received early payment as at end of June 2020
So far more than EUR 780 mio compensation paid to eligible shareholders
Due to higher than expected number of claims, dilution likely in certain cases
70% of estimated per share compensation guaranteed for claimants filing before 31/12/2018
Claims validation and payments to continue in 2020

Announcement 14/03/2016

Court’s decision to declare the settlement binding on 13/07/2018

Binding declaration and claims filing period Claims validation & payments ongoing

Claims filing ended on 28/07/2019

SLIDE 71

Legal

71

Periodical financial information I 6M 20 results I 7 August 2020

Recent developments & Proceedings related to the past that remain outstanding

Criminal investigation Civil proceedings Other proceedings

Public prosecutor has announced discontinuation of proceeding
Public prosecutor has sent his proposal to Chambre du Conseil on referral
Written submissions exchanged
Hearing session before the Chambre du Conseil took place on 8 and 9 June 2020
Opt-out cases from settlement
Limited number of opt-outers for ≈1% of settlement amount
Mr. Modrikamen: out-of-court settlement reached on 8 June 2020
Patrinvest: first instance in favour of Ageas, appeal filed by plaintiff
Cebulon: initiated legal proceedings on 14 July 2020, introductory hearing before

the Utrecht court of first instance on 9 September 2020

MCS: Supreme Court ruled in favour of Ageas on 30 May 2020 ending the proceedings

SLIDE 72

72

Periodical financial information I 6M 20 results I 7 August 2020

Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72

SLIDE 73

Outstanding shares

73

Periodical financial information I 6M 20 results I 7 August 2020

Another 4 mio shares canceled at Shareholders’ meeting in May 2020

* After deduction of shares for management plans * situation 31/12/2019 situation 30/06/2020 situation 06/08/2020

Total Issued Shares 198,374,327 194,553,574 194,553,574

Shares not entitled to dividend nor voting rights 11,747,866 11,356,447 11,519,429

1. TREASURY SHARES

Share buy-back 3,820,753 3,429,334 3,592,316 FRESH 3,968,254 1,219,048 1,219,048 Other treasury shares 2,749,206 2,749,206

2. CASHES

3,958,859 3,958,859 3,958,859 Shares entitled to dividend & voting rights 186,626,461 183,197,127 183,034,145

SLIDE 74

Shareholders structure

74

Periodical financial information I 6M 20 results I 7 August 2020

Ageas 3.9% Ping An BlackRock, Inc. Fosun Identified retail investors 22% Identified institutional investors 43% Other investors 15%

Based upon press release 6 August 2020 Based upon the number of shares mentioned in the notification received 6 May 2013 Based upon the number of shares mentioned in the notification received 30 July 2020 Based upon the number of shares mentioned in the notification received 16 May 2019 Estimate by Estimate by Ageas Ping An BlackRock, Inc. Fosun Identified retail investors Identified institutional investors

SLIDE 75

Ratings

75

Periodical financial information I 6M 20 results I 7 August 2020

S&P MOODY'S FITCH Operating entities

AG Insurance (Belgium) A / positive A2 / stable A+ / stable Last review 21/11/19 13/12/19 29/04/20

unsollicited

Ageas Insurance Limited A / positive A+ / stable Last review 21/11/19 29/04/20 Muang Thai Life BBB+ / Stable A- / negative Last review 15/04/20 08/05/20 Etiqa Insurance Berhad (Malaysia) A / stable Last review 06/05/20 China Taiping Life A+ / stable Last review 14/05/20

Holding

ageas SA/NV A / positive A3 / stable A+ / stable Last review 21/11/19 13/12/19 29/04/20

unsollicited

SLIDE 76

76

Periodical financial information I 6M 20 results I 7 August 2020

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

f 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 32 ir@ageas.com www.ageas.com