[PPT] - 9M 2017 RESULTS Periodical Financial Information Analyst call 3 PowerPoint Presentation

SLIDE 1

Periodical Financial Information

9M 2017

RESULTS

SLIDE 2

Table of contents

Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67

SLIDE 3

Main messages

Ageas reports strong nine months

3 Periodic financial Information I 9M 17 results I 8 November 2017 *Consolidated entities only

Insurance performance Group result Balance sheet

Insurance net profit of EUR 686 mio (+16% scope-on-scope for HK)
Inflow @ 100% of EUR 27.1 bn (+10%)
Life Guaranteed margin at 106 bps* (vs.97 bps)
Unit-Linked margin at 26 bps* (vs. 21 bps)
Group combined ratio at 94.9%* (vs.97.0%)
Life Technical Liabilities at EUR 74.2 bn* (stable vs. YE 2016)
Group net profit of EUR 360 mio
General Account net loss of EUR 326 mio (vs. EUR 686 mio negative)

including additional provision for Fortis settlement

Shareholders’ equity at EUR 9.2 bn or EUR 46.02 per share
UG/L at EUR 2.4 bn or EUR 13.38 per share
Insurance Solvency IIageas at 194%, Group ratio at 193%
Operating FCG of Solvency II scope of EUR 636 mio
Total Liquid Assets General Account at EUR 1.7 bn (vs.EUR 1.9 bn), of

which EUR 0.9 bn ring-fenced

SLIDE 4

4 Periodic financial Information I 9M 17 results I 8 November 2017

Settlement between Ageas & claimants organisations

Press release 16 October 2017 – Extension granted up to 12/12/2017

Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio
P&L impact of EUR 889 mio in 3M 2016
Commitment by eligible shareholders to abandon any ongoing civil proceeding &

not to start any legal proceeding related to the events

Settlement not declared binding in current format - opportunity for amendments
No objective justification for distinction between active & non-active claimants
High compensation for claimant organizations
No agreement has been reached yet & extension of filing period requested
Ageas makes final additional effort of EUR 100 million – Solvency impact 2pp
Financial flexibility of Ageas has not changed
Extension granted by the Court up to 12 December 2017

Announcement 14/03/2016 Court’s interim decision 16/06/17 PR 16/10/17

SLIDE 5

Periodic financial Information I 9M 17 results I 8 November 2017

Group Free Capital Generation roll forward

Operational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s

In EUR mio

5

Calculation based on 175% of SCRageas
EUR 636 mio includes

 EUR 122 mio related to stop loss cover in UK  EUR 70 mio dividend upstream from Non-European NCP’s *

More details per segment see next slide

Free Capital Generation

* Operational FCG generated by Non-European NCP’s of EUR 249 mio over H1 ’17 is not included in EUR 636 mio 1,111 1,071 39 127 444 (217) (200) (2) (419) 122 70 636

FY 16 Model changes M&A (divestments) Market impact Operational impact Exceptional items Capital transactions M&A (acquisitions) Paid Dividend 9M 17

SLIDE 6 EUR mio

OF SCR FCG = OF - 175%*SCR

f which UK

stop loss cover Driven by

Belgium

464 (35)

526 UK

23 (130)

250 219 CEU

175 7

163 Reinsurance

12 15

(14) (24) General Account

423

423 Geographical

106 106

(79) (72) diversification Group eliminations

(632)

(632) Total Ageas Solvency II scope

571 (37)

636 122

Operational impact

10/03/2010 I page 6

Split of operational impact per segment

Operational impact driven by Belgium & CEU

6 Periodic financial Information I 9M 17 results I 8 November 2017 * Expected return on RE investments reduced to 5% (vs. 6% in IR-day data) SCR reduction due to geographical diversification is deducted as non-transferable OF OF up on strong operational results Impact from consolidation of intra-company elements Driven by upstream from operating companies OF up on strong operational results *

SLIDE 7

Periodic financial Information I 9M 17 results I 8 November 2017

Evolution SCR & OF split between types of impact

In EUR mio 7

Own Funds

adjusted for accrued expected dividend

SCR

8,560 8,411 259 571 (58) (300) (200) (2) (419)

FY 16 Model changes M&A (divestments) Market impact Operational impact Exceptional items Capital transactions M&A (acquisitions) Paid Dividend 9M 17

4,257 4,194 75 (55) (37) (47)

FY 16 Model changes M&A (divestments) Market impact Operational impact Exceptional items Capital transactions M&A (acquisitions) Paid Dividend 9M 17

SLIDE 8

424 473 181 212 199 803 686

9M 16 9M 17 Life Non-Life cap gain AICA

In EUR mio In EUR bn In EUR bn

Total Insurance: Headlines

Strong net result in both Life & Non-Life

8 Periodic financial Information I 9M 17 results I 8 November 2017 In bps avg technical liabilities In bps avg technical liabilities * incl. non-consolidated partnerships @ 100% In % NEP

118 161 77 80 196 241

Q3 16 Q3 17

19.9 22.4 4.8 4.7 24.7 27.1

9M 16 9M 17 Life Non-Life

4.8 5.2 1.5 1.4 6.3 6.6

Q3 16 Q3 17

97.0 94.9

9M 16 9M 17

93.2 92.7

Q3 16 Q3 17

97 106

9M 16 9M 17

77 90

Q3 16 Q3 17

21 26

9M 16 9M 17

8 28

Q3 16 Q3 17

74.5 74.2 74.2 69.5 74.3 75.8 144.0 148.4 150.0

FY 16 6M 17 9M 17 conso non-conso

Net result: Solid result further underpinned by strong Q3 Non-Life combined ratio: excellent

perating performance in BE & CEU

Inflows*: Continued Life inflow growth in Asia driven by regular premiums Life Technical liabilities up in non-conso Operating margin Guaranteed: higher investment result & cap gains Operating margin Unit-Linked: up in both BE & CEU

SLIDE 9 3.1 2.7 1.5 1.5

4.6 4.2

9M 16 9M 17 Life Non-Life 233 245 76 122

309 366

9M 16 9M 17 Life Non-Life 63 65 40 42

103 107

Q3 16 Q3 17

In bps avg technical liabilities In bps avg technical liabilities In % NEP 9 Periodic financial Information I 9M 17 results I 8 November 2017 In EUR mio In EUR bn In EUR bn

0.9 0.8 0.4 0.5

1.3 1.2

Q3 16 Q3 17 59.0 58.4 58.1 FY 16 6M 17 9M 17

91 100

9M 16 9M 17

97.1 89.6

9M 16 9M 17

89.6 88.2

Q3 16 Q3 17

14 35

Q3 16 Q3 17

20 32

9M 16 9M 17

65 78

Q3 16 Q3 17

Belgium : Headlines

Continued excellent operating performance, especially in Non-Life

Life Technical Liabilities slightly down Non-Life: very strong performance - terror & weather events in 2016 Inflows: anticipated lower Guaranteed

continued strong inflow growth in UL

Non-Life combined ratio - excellent performance confirmed in Q3 Operating margin Guaranteed: improved investment result Operating margin Unit-Linked: high underwriting margin

SLIDE 10

99.7 103.7

9M 16 9M 17

In EUR mio 10 Periodic financial Information I 9M 17 results I 8 November 2017 In % of NEP In EUR bn * incl. non-consolidated partnerships @ 100%

54 25

9M 16 9M 17

19 14

Q3 16 Q3 17

98.7 99.5

Q3 16 Q3 17

1.7 1.6

9M 16 9M 17

0.5 0.5

Q3 16 Q3 17

United Kingdom: Headlines

Ogden rate review continues to influence results

EUR 40 mio on 9M net result – EUR 9 mio in Q3
4.4pp on COR - impacting mainly Motor (4.4pp) & Other lines (12.7pp)
Impact of around EUR 5 mio expected in Q4, in line with earlier communication
Risk mitigation product portfolio through stop loss reinsurance cover
Q1 derisking of investment portfolio
EUR 77 mio capital injection executed in Q2
Solvency IIageas 9M ‘17 @134%

Ogden impact

n results

Ogden rate change impact mitigated by various actions

Net result impacted by Ogden (EUR 40 mio) Inflows* slightly down at constant FX Non-Life combined ratio impacted by Ogden (4.4pp)

SLIDE 11

Continental Europe: Headlines

Excellent operating performance continued

11 Periodic financial Information I 9M 17 results I 8 November 2017 * incl. non-consolidated partnerships @ 100%

33 47 27 46 60 93

9M 16 9M 17 Life Non-Life

17 16 8 18 24 34

Q3 16 Q3 17

3.1 3.5 0.9 1.0 4.1 4.5

9M 16 9M 17 Life Non-Life

0.9 1.2 0.3 0.3 1.2 1.5

Q3 16 Q3 17

15.5 15.9 16.1 20.0 21.2 21.6 35.5 37.1 37.7

FY 16 6M 17 9M 17 conso non-conso

90.7 90.4

9M 16 9M 17

91.0 90.2

Q3 16 Q3 17

116 144

9M 16 9M 17

142 165 Q3 16 Q3 17 6 21

9M 16 9M 17

22

Q3 16 Q3 17

Net profit up 55% with equal contribution from Life & Non-Life Non-Life combined ratio @ excellent level & still improving Inflows driven by strong Life sales Operating margin Guaranteed up on higher investment margin Life Technical liabilities up 6% Operating margin Unit-Linked significantly up on higher fees & commissions

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

SLIDE 12

In EUR mio In EUR bn In EUR bn 12 Periodic financial Information I 9M 17 results I 8 November 2017 In % NEP * incl. non-consolidated partnerships @ 100%

158 182 21 14 199

378 197 9M 16 9M 17 Life Non-Life cap gain HK

13.6 16.2 0.7 0.6

14.3 16.8 9M 16 9M 17

Life Non-Life 3.1 3.2 0.2 0.2

3.3 3.3 Q3 16 Q3 17

39 80 10 3

49 84 Q3 16 Q3 17 49.5 53.1 54.2 FY 16 6M 17 9M 17

non-conso

75.0 93.9

Q3 16 Q3 17

84.6 89.2

9M 16 9M 17

Asia: Headlines

Excellent operating performance thanks to product mix & financial performance

Life Technical liabilities up 9% Net result up almost 20% vs. LY excl. EUR 212 mio contribution from HK Inflows* up 22% scope-on-scope & @ constant FX - new business & renewals Non-Life combined ratio very strong

adverse claims experience in Q3

SLIDE 13

In EUR mio 13 Periodic financial Information I 9M 17 results I 8 November 2017 In % NEP In EUR mio

Intreas: Headlines

Internal Non-Life reinsurance company established in July 2015

Net result Inflows Combined ratio

3 5

9M 16 9M 17

1 2

Q3 16 Q3 17

32 38

9M 16 9M 17

11 14

Q3 16 Q3 17

77.2 81.0

9M 16 9M 17

76.1 85.5

Q3 16 Q3 17

SLIDE 14

Net result Q3 includes EUR 100 mio provision related to Fortis settlement

In EUR mio

Accounting value remaining legacies – increased provision Fortis settlement

General Account: Headlines

Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement

14 Periodic financial Information I 9M 17 results I 8 November 2017

Total liquid assets down on SBB &

rganic investments

In EUR mio

Impact on P&L from RPN(i) Staff & Operating expenses down

In EUR mio In EUR bn In EUR mio

Accounting value on AG Insurance put

ption: up driven by higher multiples

(686) (326)

9M 16 9M 17

(11) (165)

Q3 16 Q3 17

1.8 1.6 1.6 0.2 0.1 0.1 1.9 1.7 1.7

FY 16 6M 17 9M 17 net cash liquid assets

(275) (397) (437) 42 26 17 (1,024) (1,024) (1,124)

FY 16 6M 17 9M 17 RPN(i) RPI Settlement

(1,266) (1,363) (1,426)

FY 16 6M 17 9M 17

23 22 49 38 72 60

9M 16 9M 17 Staff & Intercompany Operating

10 11 9 14 19 25

Q3 16 Q3 17

63 (162)

9M 16 9M 17

(5) (41)

Q3 16 Q3 17

In EUR mio

SLIDE 15

1. A very strong Q3 underpinning a solid year-to-date

result

2. Outstanding operational performance especially in
ur home market Belgium - signs of improvement in

UK

3. Commitment to finding an amended & balanced

agreement regarding the Fortis case

SLIDE 16

Table of contents

Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67

SLIDE 17

Periodic financial Information I 9M 17 results I 8 November 2017 17

Key financials

In EUR mio

9M 16

9M 17

Q3 16

Q3 17

Gross inflows

24,692

27,062

10%

6,349

6,597

4%

Net result Insurance

803

686

(15%)

196

241

23%

By segment:

Belgium

309

366

18%

103

107

4%

UK

54

25

(53%)

19

14

(25%)

Continental Europe

60

93

55%

24

34

43%

Asia

378

197

(48%)

49

84

72%

Reinsurance

3

5

1

2

By type:

Life

623

473

(24%)

118

161

36%

Non-Life

181

212

17%

77

80

3%

Net result General Account

(686)

(326)

(11)

(165)

Net result Ageas

118

360

185

76

Earnings per share (in EUR)

0.56

1.78 Life Operating Margin Guaranteed (in bps)

97

106

77

90

Life Operating Margin Unit-Linked (in bps)

21

26

8

28

Combined ratio (in %)

97.0

94.9

93.2

92.7

FY 16

9M 17

Shareholders' equity

9,561

9,212

(4%)

Net equity per share (in EUR)

46.56

46.02

Insurance ROE excl.UG/L

10.6%

14.1%

Insurance Solvency IIageas ratio

179%

194%

For a definition see Lexicon in annex to the press release

SLIDE 18

424 473 181 212 199 803 686

9M 16 9M 17 Life Non-Life cap gain AICA

In EUR mio In EUR bn In EUR bn

Total Insurance: Headlines

Strong net result in both Life & Non-Life

18 Periodic financial Information I 9M 17 results I 8 November 2017 In bps avg technical liabilities In bps avg technical liabilities * incl. non-consolidated partnerships @ 100% In % NEP

118 161 77 80 196 241

Q3 16 Q3 17

19.9 22.4 4.8 4.7 24.7 27.1

9M 16 9M 17 Life Non-Life

4.8 5.2 1.5 1.4 6.3 6.6

Q3 16 Q3 17

97.0 94.9

9M 16 9M 17

93.2 92.7

Q3 16 Q3 17

97 106

9M 16 9M 17

77 90

Q3 16 Q3 17

21 26

9M 16 9M 17

8 28

Q3 16 Q3 17

74.5 74.2 74.2 69.5 74.3 75.8 144.0 148.4 150.0

FY 16 6M 17 9M 17 conso non-conso

Net result: Solid result further underpinned by strong Q3 Non-Life combined ratio: excellent

perating performance in BE & CEU

Inflows*: Continued Life inflow growth in Asia driven by regular premiums Life Technical liabilities up in non-conso Operating margin Guaranteed: higher investment result & cap gains Operating margin Unit-Linked: up in both BE & CEU

SLIDE 19

Inflows @ 100%

Growth driven by Asian Life & inclusion Ageas Seguros – 3% negative FX

19 Periodic financial Information I 9M 17 results I 8 November 2017

EUR mio

9M 16

9M 17

9M 16

9M 17

9M 16

9M 17

Belgium

75%

3,135

2,684

(14%)

1,462

1,485

2%

4,597

4,169

(9%)

United Kingdom

1,733

1,569

(9%)

1,733

1,569

(9%)

Consolidated entities

100%

1,350

1,217

(10%)

1,350

1,217

(10%)

Non-consolidated JV's 383

352

(8%)

383

352

(8%)

Continental Europe

3,125

3,501

12%

942

1,023

9%

4,066

4,524

11%

Consolidated entities 1,398

1,471

5%

521

586

12%

1,919

2,057

7%

Portugal

51% - 100%

1,076

1,141

6%

368

474

29%

1,444

1,615

12%

France

100%

322

330

3%

322

330

3%

Italy

50%

154

112

(27%)

154

112

(27%)

Non-consolidated JV's 1,727

2,030

18%

421

438

4%

2,147

2,467

15%

Turkey

36%

421

438

4%

421

438

4%

Luxembourg

33%

1,727

2,030

18%

1,727

2,030

18%

Asia

13,606

16,169

19%

690

631

(8%)

14,295

16,800

18%

Consolidated entities

100%

183 183 Non-consolidated JV's 13,422

16,169

20%

690

631

(8%)

14,112

16,800

19%

Malaysia

31%

425

515

21%

451

393

(13%)

876

908

4%

Thailand

31%-15%

1,856

2,052

11%

238

239

0%

2,094

2,290

9%

China

25%

10,997

13,408

22%

10,997

13,408

22%

Philippines

50%

3

11

3

11

Vietnam

32%

4 4

India

26%

141

178

26%

141

178

26%

Insurance Ageas

19,866

22,353

13%

4,826

4,709

(2%)

24,692

27,062

10% #DIV/0! ###### ######

Consolidated entities 4,717

4,155

(12%)

3,333

3,288

(1%)

8,049

7,443

(8%)

Non-consolidated JV's 15,149

18,198

20%

1,494

1,421

(5%)

16,643

19,619

18%

Reinsurance

32

38

32

38 Life Non-Life Total

SLIDE 20

Inflows @ Ageas’s part

Strong growth in Asian JV’s & Continental Europe

In EUR mio 20 Periodic financial Information I 9M 17 results I 8 November 2017

2,351 2,013 1,470 1,623 3,664 4,185 7,486 7,820 1,096 1,114 1,542 1,394 596 687 175 157 3,409 3,352

(9%) (10%) 12% 13% 3% 20%

3,448 3,127 2,066 2,310 3,840 4,342 10,895 11,172 32 38

9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17

Up 5% @ constant FX
Belgium: down on short-term savings – shift to more UL
UK 2% down @ constant FX - Asia: up 21% @ constant FX
CEU: Ageas Seguros contributing

EUR 70 mio in Life / EUR 211 mio in Non-Life Non-Life Life Belgium UK CEU Asia Insurance Reins.

SLIDE 21

Insurance net result

Very strong operating performance across all segments except UK

21 Periodic financial Information I 9M 17 results I 8 November 2017

BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mio

terrorism & weather in 9M ‘16

UK: EUR 40 mio Ogden vs. EUR 13 mio weather in 9M ‘16
CEU: Good operating performance - transformation plan Ageas Seguros on track
Asia: Net result up on investments – contribution Hong Kong EUR 212 mio in 2016

Non-Life Life Belgium UK CEU Asia Reins. Insurance

In EUR mio 233 245 33 47 357 182 623 473 76 122 27 46 21 14 181 212

309 366 54 25 60 93 378 197 3 5 803 686

9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17

SLIDE 22 10/03/2010 I page 22

Overview of net realised capital gains* on investments

Support of cap gains somewhat higher in Belgium & UK

22 Periodic financial Information I 9M 17 results I 8 November 2017 * Net capital gains include capital gains, impairment & related changes in profit sharing, net of tax & @ ageas’s part – CEU JV’s not included EUR mio 9M 16 9M 17 Q3 16 Q3 17

Life

80 102 4 12 Higher cap gains on equities &

Non-Life

12 13 (1) 2 RE transactions, mainly Q1

Total Belgium 92 115 3 14

Non-Life

10 19 1 (1) Derisking part of

Total UK 10 19 1 (1)

investment portfolio in Q1

Life

(6) (1) 2

Non-Life

Total CEU (6) (1) 2

Life

12 39 10 35

Non-Life

2 2 1 Mainly in China

Total Asia 14 40 11 35

Life

86 140 14 49

Non-Life

24 34 1 1

Total Ageas 110 173 15 50

SLIDE 23

23 Periodic financial Information I 9M 17 results I 8 November 2017

Insurance Combined ratio

Consistently below 97% target throughout the year

Combined ratio

UK Ogden rate change impact of 1.6 pp - mainly in

Other lines & Motor - 9M ’16 included 3.5 pp terrorism & weather impact

Outstanding combined ratio in Belgium (89.6%) &

Continental Europe (90.4%)

Strong performance in all product lines

 Motor improvement in BE  Accident & Health in Portugal  benign weather conditions helping Household Quarterly combined ratio

Another very strong quarter

Claims ratio

CY claims ratio at 65.0% (vs. 69.2%)
PY claims ratio lower on reserves strengthening UK

– back to normal levels in Q3

Expense ratio up in UK

Net earned premium (In EUR mio)

In % Net earned premium

73.2 69.0 68.1 64.3 64.4 62.2 67.0 63.0 59.6 59.8 56.7 32.8 31.1 31.0 34.0 35.2 34.7 34.1 34.0 35.3 33.4 36.0

106.0 100.1 99.1 98.3 99.6 96.9 101.1 97.0 94.9 93.2 92.7

(3.7) (3.5) (3.1) (3.8) (4.0) (5.9) (3.0) (6.2) (5.4) (1.8) (4.4) 2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

claims ratio expense ratio PY claims ratio

2,858 3,507 4,178 3,749 3,843 4,112 3,079 3,052 1,034 983

SLIDE 24

Insurance Combined ratio per product line

Exceptional items impacting COR comparison

24 Periodic financial Information I 9M 17 results I 8 November 2017

Motor: excellent in BE – 2.4 pp Ogden Accident & Health: 2.7pp terrorism in 9M ’16 – improving in Portugal Other: 5.6pp Ogden vs. 5.5pp terrorism – good claims ratio in CEU Household: very strong COR in BE & CEU – 8.5 pp BE & UK weather impact in 9M ‘16

71.9 70.5 70.0 67.3 65.4 67.5 69.5 66.9 25.0 25.5 25.6 27.0 28.3 27.2 27.4 27.3

96.9 96.0 95.6 94.3 93.7 94.7 96.9 94.2

2011 2012 2013 2014 2015 2016 9M 16 9M 17 72.0 73.6 69.8 69.6 69.1 78.2 68.3 67.6 25.3 25.4 29.3 29.7 30.5 29.7 29.5 30.9

97.3 99.0 99.1 99.3 99.6 107.9 97.8 98.5

2011 2012 2013 2014 2015 2016 9M 16 9M 17 61.9 55.6 51.5 51.5 50.4 50.5 51.9 43.1 41.5 41.6 44.0 44.6 41.6 42.7 43.1 44.6

103.4 97.2 95.5 96.1 92.0 93.2 95.0 87.7

2011 2012 2013 2014 2015 2016 9M 16 9M 17 67.2 66.5 62.4 71.2 57.9 60.4 55.1 53.1 44.8 44.9 45.5 50.6 46.4 44.4 43.9 46.4

112.0 111.4 107.9 121.8 104.3 104.8 99.0 99.5

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP 736

763 813 813 811 838 625 639

NEP 1,571 2,058 1,557 1,616 1,724 1,790

1,343 1,317

NEP 892

1,007 986 1,029 1,078 1,067 800 794

NEP 308

349 394 385 424 418 311 303

SLIDE 25

In bps Avg techn. liabilities

Insurance Life operating margin per product line

Margins in Guaranteed driven by investment result

Guaranteed: up in both BE & CEU Unit-linked: increase in both BE & CEU

Operating margin improving in both BE & CEU
Investment margin : good investment result in BE & CEU
Underwriting margin stable
Expense & other margin slightly deteriorating in BE

25 Periodic financial Information I 9M 17 results I 8 November 2017

11 13 12 17 4 4 3 2 1 (2) 2 1 2 2 1 (4) 37 18 6 18 19 15 23 7 30

48 28 20 36 25 21 26 8 28

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17 Operating margin Expense & other m. Investment m. Underwriting m.

Avg techn liabilities (In EUR bn)

11.8 12.3 12.6 13.0 12.1 12.0 14.9 12.0 14.9

Avg techn liabilities (In EUR bn)

54.0 55.5 56.9 57.9 57.3 57.2 55.9 57.2 55.9

44 43 38 33 41 41 41 41 48 87 83 90 80 88 92 106 76 84 (33) (31) (39) (23) (36) (36) (41) (40) (42)

99 96 89 90 93 97 106 77 90

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

SLIDE 26 3.1 2.7 1.5 1.5

4.6 4.2

9M 16 9M 17 Life Non-Life 233 245 76 122

309 366

9M 16 9M 17 Life Non-Life 63 65 40 42

103 107

Q3 16 Q3 17

In bps avg technical liabilities In bps avg technical liabilities In % NEP 26 Periodic financial Information I 9M 17 results I 8 November 2017 In EUR mio In EUR bn In EUR bn

0.9 0.8 0.4 0.5

1.3 1.2

Q3 16 Q3 17 59.0 58.4 58.1 FY 16 6M 17 9M 17

91 100

9M 16 9M 17

97.1 89.6

9M 16 9M 17

89.6 88.2

Q3 16 Q3 17

14 35

Q3 16 Q3 17

20 32

9M 16 9M 17

65 78

Q3 16 Q3 17

Belgium : Headlines

Continued excellent operating performance, especially in Non-Life

Life Technical Liabilities slightly down Non-Life: very strong performance - terror & weather events in 2016 Inflows: anticipated lower Guaranteed– continued strong inflow growth in UL Non-Life combined ratio - excellent performance confirmed in Q3 Operating margin Guaranteed: improved investment result Operating margin Unit-Linked: driven by high underwriting margin

SLIDE 27 376 381 448 456 486 493 151 155

+2% 1,462 1,485

9M 16 9M 17 2,816 2,086 320 598

14%

3,135 2,684

9M 16 9M 17

Life

In EUR mio

Non-Life

In EUR mio 27 Periodic financial Information I 9M 17 results I 8 November 2017 Unit-Linked Guaranteed Other Household Accident & Health Motor

Belgium: Inflows@ 100%

Lower inflows in Guaranteed & continued strong increase in UL

Guaranteed

Sales of short term investment product came down substantially in line

with expectations after gradual downward review of the guaranteed rates over 2016

Current guaranteed rate stands at 0.25%

Unit-linked

Inflows strongly increased under impulse of focused commercial

campaigns in the bank channel

Group Life

Slight decrease to EUR 760 mio

Non-Life

Slight increase in inflows across all product lines

SLIDE 28

28 Periodic financial Information I 9M 17 results I 8 November 2017

Belgium: Combined ratio

Excellent operating performance with combined ratio at 89.6%

Net earned premium (in EUR mio)

68.7 64.3 62.7 63.2 63.5 56.9 58.3 59.0 51.4 51.7 50.4 36.4 36.8 36.8 36.7 37.7 37.8 37.7 38.1 38.2 37.9 37.8

105.1101.1 99.5 99.9 101.2 94.7 96.0 97.1 89.6 89.6 88.2

(6.6) (7.3) (4.5) (3.6) (3.4) (7.2) (8.2) (9.0) (9.1) (1.8) (4.9) 2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

claims ratio expense ratio PY claims ratio

1,541 1,601 1,698 1,785 1,815 1,832 1,836 1,374 1,389 464 469

Combined ratio

Excellent ratio driven by solid performance of all

product lines 9M ’16 combined ratio was impacted by  terrorism events of 22 March 2016 (2.8 pp)  adverse weather events (4.1 pp)

Quarterly combined ratio

Excellent performance confirmed in Q3

Claims ratio

CY ratio (60.5% vs. 68.0%) - operating improvement
vs. 9M ’16 even after correction for terrorism &

weather

PY ratio: stable

Expense ratio stable

SLIDE 29 73.8 73.0 73.7 70.1 70.4 70.0 72.9 70.5 23.8 24.0 23.8 25.4 27.6 27.6 27.9 27.5

97.6 97.0 97.5 95.5 98.0 97.6 100.8 98.0

2011 2012 2013 2014 2015 2016 9M 16 9M 17 58.2 65.9 66.1 87.5 65.8 58.3 57.6 46.2 49.5 48.1 47.2 47.6 45.0 44.6 45.0 44.6

107.7 114.0 113.3 135.1 110.8 102.9 102.6 90.8

2011 2012 2013 2014 2015 2016 9M 16 9M 17 63.0 50.5 51.4 51.7 43.9 47.8 50.0 36.6 46.9 46.2 45.6 45.7 45.2 44.8 45.2 45.7

109.9 96.7 97.0 97.4 89.1 92.6 95.2 82.3

2011 2012 2013 2014 2015 2016 9M 16 9M 17 58.9 64.7 64.7 62.6 56.2 59.7 57.3 52.9 35.3 35.8 36.3 37.2 36.4 36.4 36.8 37.0

94.2 100.5 101.0 99.8 92.6 96.1 94.1 89.9

2011 2012 2013 2014 2015 2016 9M 16 9M 17

Belgium: Combined ratio per product line

Solid combined ratio in all product lines

29 Periodic financial Information I 9M 17 results I 8 November 2017

NEP

451 480 507 504 484 472 355 359

NEP

525 540 552 562 568 570 427 431

NEP

484 530 564 579 595 605 451 454

NEP

142 149 162 170 185 190 141 145

Accident & Health: higher claims in SME – 4.7 pp impact of terrorism in 9M ‘16 Motor: Excellent combined ratio, driven by Motor Third Party Liability Household: Very strong ratio, benefitting from benign weather Other: 9M ’16 heavily impacted by terrorism (12.1 pp)

SLIDE 30

Life operating margin per product line

Strong margins in Guaranteed & Unit-Linked

Guaranteed: supported by solid capital gains in both

years

Unit-linked: improved underwriting margin

30 Periodic financial Information I 9M 17 results I 8 November 2017 In bps Avg techn. liabilities

4 4 (2) 1 (5) 1 (1) 2 44 38 32 31 31 25 31 15 33

47 41 30 32 31 20 32 14 35

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17 Operating margin Investment m. Expense & other m. Underwriting m.

Avg techn liabilities (In EUR bn)

44.9 46.4 47.5 48.1 48.7 48.6 48.0 48.6 48.0

Avg techn liabilities (In EUR bn)

5.2 5.4 5.7 5.9 6.1 6.0 7.5 6.0 7.5

32 32 30 25 29 29 30 25 35 93 88 95 88 91 97 106 76 79 (29) (31) (38) (27) (34) (35) (36) (36) (36)

96 89 87 86 86 91 100 65 78

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

Operating result at EUR 359 mio, up from EUR 333 mio
Investment margin up on investment result & cap gains
Underwriting margin stable
Expense margin slightly lower
Operating result up from EUR 9 mio to EUR 18 mio
Operating margin driven by a high underwriting result

SLIDE 31

FY 14 FY 15 FY 16 9M 17 Guaranteed interest rate 2.71% 2.63% 2.49% 2.37% Fixed income yield 3.84% 3.71% 3.45% 3.37% Liabilities Guaranteed

(EUR bn)

51.8 50.3 52.9 50.3 FY 15 FY 16 9M 17 Fixed income yield 2.89% 2.11% 1.91% Reinvested amount (EUR bn) 4.6 4.2 1.7

Newly invested money mostly government related loans & infrastructure loans
>95% investment grade corporates

Guaranteed retail Life:

Yield lowered from 1% to 0.75% as from 1 April 2016
Yield lowered to 0.5% as from 1 August 2016
Yield further lowered to 0.25% as from 1 November 2016

Margin evolution Assets & Liabilities Belgium

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

Life Back book New money Life & Non-Life

Periodic financial Information I 9M 17 results I 8 November 2017 31

SLIDE 32

1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 4,5%

Guaranteed interest rate Total fixed income yield

3.37%

Margin evolution Assets & Liabilities Belgium

Evolution of the margin on the back book since 2011

Periodic financial Information I 9M 17 results I 8 November 2017 32

2.37%

SLIDE 33

99.7 103.7

9M 16 9M 17

In EUR mio 33 Periodic financial Information I 9M 17 results I 8 November 2017 In % of NEP In EUR bn * incl. non-consolidated partnerships @ 100%

54 25

9M 16 9M 17

19 14

Q3 16 Q3 17

98.7 99.5

Q3 16 Q3 17

1.7 1.6

9M 16 9M 17

0.5 0.5

Q3 16 Q3 17

United Kingdom: Headlines

Ogden rate review continues to influence results

EUR 40 mio on 9M net result – EUR 9 mio in Q3
4.4pp on COR - impacting mainly Motor (4.4pp) & Other lines (12.7pp)
Impact of around EUR 5 mio expected in Q4, in line with earlier communication
Risk mitigation product portfolio through stop loss reinsurance cover
Q1 derisking of investment portfolio
EUR 77 mio capital injection executed in Q2
Solvency IIageas 9M ‘17 @134%

Ogden impact

n results

Ogden rate change impact mitigated by various actions

Net result impacted by Ogden (EUR 40 mio) Inflows* slightly down at constant FX Non-Life combined ratio impacted by Ogden (4.4pp)

SLIDE 34

34 Periodic financial Information I 9M 17 results I 8 November 2017 * incl. non-consolidated partnerships @ 100%

Non-Life

In EUR mio Other Household Accident & Health Motor

United Kingdom: Inflows@ 100%

Inflows down 9%, impacted by adverse FX – down 2% at constant FX

31 26 1,182 1,094 347 315 173 135

9%

1,733 1,569

9M 16 9M 17

Non-Life

Down 2% @ constant FX – marginal growth in Motor more

than offset by all other lines

Motor up 1% @ constant FX driven by premiums from

Commercial

Household down 1% @ constant FX
Other lines down 15% @ constant FX reflecting the planned

run off in Special Risks

Accident & Health down 10% @ constant FX, marginal

impact on total

SLIDE 35

35 Periodic financial Information I 9M 17 results I 8 November 2017 Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other In % Net earned premium

United Kingdom: Combined ratio

COR impacted by Ogden rate change

Net earned premium (in EUR mio)

81.5 74.6 73.3 65.6 66.3 69.3 80.7 68.2 69.3 68.4 64.0 28.0 25.3 26.5 32.2 33.5 32.8 31.5 31.5 34.4 30.3 35.5

109.5 99.9 99.8 97.8 99.8 102.1 112.2 99.7 103.7 98.7 99.5

(1.1) 0.1 (2.1) (4.0) (4.6) (4.4) 4.5 (3.9) (0.7) (1.5) (4.1) 2010 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

claims ratio expense ratio PY claims ratio

948 1,524 2,083 1,562 1,613 1,751 1,598 1,217 1,128 387 365

Combined ratio 9M 17

Impact from Ogden (4.4pp) on Other lines & Motor
Lower PY releases
Combined ratio Tesco Underwriting 93.6% (vs. 98.3%)

Quarterly combined ratio

Impact from Ogden (2.7 pp)
Q3 PY releases back to normalised level

Claims ratio

CY ratio (70% vs. 72.1%) – continued underlying

improvement in Motor & benign weather in Household

Lower PY releases (3.2pp) – slower settlements of

claims in Motor & large losses in Other lines

Expense ratio

Expense ratio reflecting improvement in underlying cost

performance more than offset by lower ancillary income & commission mix

SLIDE 36

NEP

366 434 374 399 413 361 274 259

36 Periodic financial Information I 9M 17 results I 8 November 2017 Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other

United Kingdom: Combined ratio per product line

87.7 78.1 76.2 66.0 55.8 58.4 62.5 59.2 23.2 28.2 34.3 38.7 43.3 40.9 42.6 47.4

110.9 106.3 110.5 104.7 99.1 99.3 105.1 106.6

2011 2012 2013 2014 2015 2016 9M 16 9M 17 79.2 77.2 71.9 74.6 75.8 91.0 73.9 75.7 19.5 21.3 25.0 25.1 27.2 25.5 25.4 27.1

98.7 98.5 96.9 99.7 103.0 116.5 99.3 102.8

2011 2012 2013 2014 2015 2016 9M 16 9M 17 61.4 62.3 51.4 51.0 62.2 57.6 57.6 53.2 35.3 36.7 42.4 43.3 37.3 40.6 41.1 46.5

96.7 99.0 93.8 94.3 99.5 98.2 98.7 99.7

2011 2012 2013 2014 2015 2016 9M 16 9M 17 71.6 67.7 59.8 56.0 55.3 73.7 59.2 68.3 39.3 42.1 44.4 54.3 48.6 44.9 43.4 47.2

110.9 109.8 104.2 110.3 103.9 118.6 102.6 115.5

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP

65 57 79 71 72 39 31 23

NEP

949 1,420 907 958 1,062 1,014 772 713

NEP

143 173 202 185 204 185 140 134

Accident & Health: Lower volumes - marginal impact on total Motor: Ogden impact of 4.4pp - lower PY releases Other: 12.7pp Ogden impact – mainly Commercial lines Household: Lower ancillary income - lower PY releases

SLIDE 37

Continental Europe: Headlines

Excellent operating performance continued

37 Periodic financial Information I 9M 17 results I 8 November 2017 * incl. non-consolidated partnerships @ 100%

33 47 27 46 60 93

9M 16 9M 17 Life Non-Life

17 16 8 18 24 34

Q3 16 Q3 17

3.1 3.5 0.9 1.0 4.1 4.5

9M 16 9M 17 Life Non-Life

0.9 1.2 0.3 0.3 1.2 1.5

Q3 16 Q3 17

15.5 15.9 16.1 20.0 21.2 21.6 35.5 37.1 37.7

FY 16 6M 17 9M 17 conso non-conso

90.7 90.4

9M 16 9M 17

91.0 90.2

Q3 16 Q3 17

116 144

9M 16 9M 17

142 165 Q3 16 Q3 17 6 21

9M 16 9M 17

22

Q3 16 Q3 17

Net profit up 55% with equal contribution from Life & Non-Life Non-Life combined ratio @ excellent level & still improving Inflows driven by strong Life sales Operating margin Guaranteed up on higher investment margin Life Technical liabilities up 6% Operating margin Unit-Linked significantly up on higher fees & commissions

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

SLIDE 38

Life

In EUR mio

Non-Life

In EUR mio

Continental Europe: Inflows @ 100%

Focus on Unit-Linked sales in Life & strong overall growth in Non-Life

38 Unit-Linked Guaranteed Other Household Accident & Health Motor

298 326 333 374 202 210 108 113

+9% 941 1,023

9M 16 9M 17 1,585 1,303 1,540 2,198

+12% 3,125 3,501

9M 16 9M 17

Periodic financial Information I 9M 17 results I 8 November 2017

Life

Inflows including non-controlling interests @ 100%, reached EUR 3.5 bn

(+12%) - Increase mainly realised in Portugal & Luxembourg

Consolidated inflows up 5%

 Portugal: up 6%, on higher UL sales and retirement offer in Ocidental and inclusion of Ageas Seguros (EUR 69), outperforming the Portuguese market (-1% @ end August)  France: up 3% also in a market that decreased by 4% (end of August 17). Business mix moving towards more Unit-Linked.  Luxembourg: sales up 18% year-on-year and mainly realised in High Net Worth segment with Unit-Linked representing 72% (vs. 61% LY)

Technical liabilities

Consolidated at EUR 16.1 bn, 4% up thanks to Portugal
Including non-consolidated JVs @ 100%: at EUR 37.7 bn, up 6%

Non-Life

Italy inflows no longer included as of Q3 following sale announcement in

July (6M ’17 stood @ EUR 111 mio)

Inflows consolidated entities up 12% driven by strong performance in all

companies & influenced by inclusion Ageas Seguros as from Q2 2016

Turkey up 27% @ constant FX (+4% in EUR) – strong growth in all

product lines

SLIDE 39

39

Continental Europe: Combined ratio

Combined Ratio continues improving – also & particularly in Turkey

* Scope: only consolidated companies

In % Net earned premium*

Net earned premium (in EUR mio)

Periodic financial Information I 9M 17 results I 8 November 2017

66.4 63.6 63.7 61.3 55.9 58.6 61.6 60.8 62.4 58.2 30.3 29.8 30.0 30.8 29.5 30.1 29.1 29.6 28.6 32.0

96.7 93.4 93.7 92.1 85.4 88.7 90.7 90.4 91.0 90.2

(2.0) (2.5) (4.0) (4.3) (6.5) (6.5) (4.0) (6.0) (2.6) (4.4) 2011 2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

claims ratio expense ratio PY claims ratio

Combined ratio

Reflecting continued strong operating

performance with gradual improvement since 2011

2016 & 2017 slightly impacted by inclusion of

Ageas Seguros, still in the course of its transformation plan

Strong improvement in Turkey with solid

combined ratio @ 95.9% (vs. 99.2%) despite hail & floods in July

Quarterly combined ratio

Q3 combined ratio only reflecting Portugal after

announced divestment in Italy

Q3 slightly improving due to Accident & Health

Claims ratio

CY ratio at 66.8% (vs 65.6%) increasing due to

Motor and Accident & Health

PY ratio driven by positive run-off in all

companies

Expense ratio

Expense ratio nearly stable

382 397 403 415 454 664 475 517 178 142

SLIDE 40

Continental Europe: Combined ratio per product line

Continued good claims experience, overall stable expense ratio

Motor: claims slightly up on large claims in Italy (in 6M ’17) partly offset by improved ratio in Ocidental. Accident & Health: improving on higher PY run-off in Portugal Household: good claims experience at Ocidental despite fires in Q2 Other: extremely good claims ratio & higher run-offs

40

63.5 63.3 59.7 61.9 58.8 64.9 65.2 62.6 27.8 28.2 26.6 26.7 25.2 25.1 24.6 25.2

91.3 91.5 86.3 88.6 84.0 90.0 89.8 87.8

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP

220 226 227 238 255 328 239 257 71.8 69.8 79.3 60.1 71.5 65.5 70.4 71.3 29.2 28.1 29.2 31.6 32.3 32.5 30.0 32.0 101.0 97.9 108.5 91.7 103.8 98.0 100.4 103.3 2011 2012 2013 2014 2015 2016 9M 16 9M 17 94.5 62.8 59.6 72.3 31.7 12.1 24.2 10.8 50.0 43.3 43.7 45.1 40.8 41.3 41.6 53.6 144.5 106.1 103.3 117.4 72.5 53.4 65.8 64.4 2011 2012 2013 2014 2015 2016 9M 16 9M 17 53.7 51.8 53.5 54.0 36.1 42.3 46.2 45.3 34.2 33.5 38.8 40.3 35.9 38.0 38.1 32.6

87.9 85.3 92.3 94.3 72.0 80.3 84.3 77.9

2011 2012 2013 2014 2015 2016 9M 16 9M 17

NEP

23 28 29 30 35 43 30 24

NEP

42 44 48 51 70 91 65 69

NEP

97 99 99 96 94 202 142 168

Periodic financial Information I 9M 17 results I 8 November 2017

Overall stable expense ratio, influenced per Line of business by change in cost allocation in Italy and PGAAP at Ageas Seguros

SLIDE 41

Continental Europe Life operating margin per product line

Guaranteed & Unit-Linked margins continue improving

Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on higher fees & commissions

41

Expense & other margin improved mainly thanks to higher

fees & commissions

Underwriting margin up on higher surrender margin
Investment margin up thanks to Ocidental
Underwriting margin up thanks to higher risk margin
Expenses & other margin slightly increasing in all countries

In bps Avg techn. liabilities Periodic financial Information I 9M 17 results I 8 November 2017

118 106 95 100 110 107 111 128 123 69 68 77 59 76 72 103 74 118 (85) (83) (102) (71) (65) (63) (70) (60) (76)

102 91 70 88 121 116 144 142 165

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17

Avg techn liabilities (In EUR bn)

7.8 7.6 7.7 8.0 8.7 8.7 7.9 8.7 7.9

Avg techn liabilities (In EUR bn)

6.1 6.3 6.2 6.1 6.0 5.9 7.4 5.9 7.4

1 (5) 1 2 1 (7) 2 1 1 2 2 5 1 2 41 51 9 4 5 3 16 (1) 27

44 47 10 7 7 6 21 22

2012 2013 2014 2015 2016 9M 16 9M 17 Q3 16 Q3 17 Operating margin Expense & other m. Underwriting m. Investment m.

SLIDE 42

In EUR mio In EUR bn In EUR bn 42 Periodic financial Information I 9M 17 results I 8 November 2017 In % NEP * incl. non-consolidated partnerships @ 100%

158 182 21 14 199

378 197 9M 16 9M 17 Life Non-Life cap gain HK

13.6 16.2 0.7 0.6

14.3 16.8 9M 16 9M 17

Life Non-Life 3.1 3.2 0.2 0.2

3.3 3.3 Q3 16 Q3 17

39 80 10 3

49 84 Q3 16 Q3 17 49.5 53.1 54.2 FY 16 6M 17 9M 17

non-conso

75.0 93.9

Q3 16 Q3 17

84.6 89.2

9M 16 9M 17

Asia: Headlines

Excellent result thanks to product mix & financial performance

Life Technical liabilities up 9% Net result up almost 20% vs. LY excl. EUR 212 mio contribution from HK Inflows* up 22% scope-on-scope & @ constant FX - new business & renewals Non-Life combined ratio very strong

adverse claims experience in Q3

SLIDE 43

Life Non-Life

43 Periodic financial Information I 9M 17 results I 8 November 2017

13,477 15,529 129 640 +19% 13,605 16,169 9M 16 9M 17 310 291 84 86 81 79 215 176

9%

690 631

9M 16 9M 17

Unit-Linked Guaranteed Other Household Accident & Health Motor In EUR mio In EUR mio

Asia: Inflow @ 100%

Strong Life growth across all markets – Non-Life business mix towards more profitable lines

Life



New business premiums up 8% scope-on-scope with EUR 4.2 bn regular premium (+26%) & EUR 3.1 bn single premium (-9%)



Renewal premiums increased to EUR 8.9 bn (+33%) benefiting from continued good persistency



China +26% @ constant FX - New business premiums up 11% mainly driven by regular business following successful sales campaigns & increased number of agents. Renewal increased strongly (+41%)



Thailand +7% @ constant FX – strong growth in renewals (+13%) thanks to continued customer loyalty



Malaysia +29% @ constant FX - new business up 27%, gradually recovering from LY - renewals up 23%



India +22% @ constant FX - growth in new business (+31%) mainly in PAR & Non-PAR products in line with product strategies of better value creation - renewal premiums (+15%) increased.



Philippines Inflows @ EUR 11 mio mainly from credit life products



Vietnam started sales as of March 2017 with YTD inflows @ EUR 4 mio

Non-Life



Malaysia -8% @ constant FX - lower MAT & Motor partly compensated by higher Personal Accident & Fire



Thailand -3% @ constant FX - growth in Fire offset by lower inflows in Motor &

ther Non-Motor

SLIDE 44

Result Q3 includes EUR 100 mio related to Fortis settlement

In EUR mio

Accounting value remaining legacies – increased provision Fortis settlement

General Account: Headlines

Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement

44 Periodic financial Information I 9M 17 results I 8 November 2017

Total liquid assets down on SBB &

rganic investments

In EUR mio

Impact on P&L from RPN(i) Staff & Operating expenses down - Q3 provision corporate centre restructuring

In EUR mio In EUR bn In EUR mio

Accounting value on AG Insurance put

ption: up driven by higher multiples

(686) (326)

9M 16 9M 17

(11) (165)

Q3 16 Q3 17

1.8 1.6 1.6 0.2 0.1 0.1 1.9 1.7 1.7

FY 16 6M 17 9M 17 net cash liquid assets

(275) (397) (437) 42 26 17 (1,024) (1,024) (1,124)

FY 16 6M 17 9M 17 RPN(i) RPI Settlement

(1,266) (1,363) (1,426)

FY 16 6M 17 9M 17

23 22 49 38 72 60

9M 16 9M 17 Staff & Intercompany Operating

10 11 9 14 19 25

Q3 16 Q3 17

63 (162)

9M 16 9M 17

(5) (41)

Q3 16 Q3 17

In EUR mio

SLIDE 45

1,943 Fortis settlement SBB 1,691 (417) (199) (2) (77) (52) (26) (16) 510 27

FY 16

Upstream Dividend Share buy-back RPI Asia UK HQ expenses RO expenses Other 9M 17

45 Periodic financial Information I 9M 17 results I 8 November 2017

Total liquid assets General Account

Evolution total liquid assets related to share buy-back & investments in insurance

In EUR mio

Most upstream from opco’s received
Cash-out in Asia related to the Philippines
Cash-out in UK related to capital increase following Ogden impact
Cash inflow of divestment Italy expected before year-end
Additional EUR 11 mio cash-out for SBB since 30/09/2017

SLIDE 46

46 Periodic financial Information I 9M 17 results I 8 November 2017

Main characteristics Hybrids

In EUR mio

Ageas

Ageasfinlux Fresh Fixed-to-Floating Rate Callable Fixed Rate Reset Perpetual Subordinated Loans Fixed Rate Reset Dated Subordinated Notes CASHES % 3m EUR + 135 bps 5.25% 6.75% 3.5% 3m EUR +200 bps Amount

utstanding

1,250 450 550 USD 400 948

ISIN XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800 Call date Undated, strike 315.0 mandatory 472.5 Jun 24 Step up to 3M Euribor +413 bps Mar 19 Step up to 6yr USD swap + 533 bps June 2027 Step up after 12 years of 100bps Undated, strike 239.4, mandatory 359.1 Other Subscribed by Ageas & BNP Paribas Fortis Public issue Public issue Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (30/09/17) 60.85 121.13 105.81 107.33 84.43

Fortis Bank

(now BNP PF)

AG Insurance

(Belgium)

SLIDE 47

Table of contents

Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67

SLIDE 48

48 Periodic financial Information I 9M 17 results I 8 November 2017

Shareholders’ equity at EUR 9.2 bn - UG/L of EUR 13.38/share

Down on return to shareholders & FX, partly compensated by net result & UCG/L

In EUR mio 6,459 6,544 2,498 2,685 604 (17)

686 209

(326) (419) (199) (107) (183) (3) (7)

EUR 46.56 EUR 46.02

9,561 9,212

FY 16 Result Insurance Result Gen Acc Change UG/L Dividend Treasury Shares Reval AG put option Forex IAS 19 Other 9M 17

Insurance UCG/L Insurance UCG/L

Shareholders’ equity per segment Shareholders’ equity per share

Belgium 4,683

►

4,844 Asia 2,004

►

1,996 UK 815

►

856 Reinsurance 104

►

109 Continental Europe 1,350

►

1,424 Insurance 8,957

►

9,229 General Account 604

►

(17)

SLIDE 49

49

Tangible net equity

High quality capital structure

10/03/2010 I page 49

EUR bn FY 16 9M 17

IFRS Shareholders' Equity 9.6 9.2

Unrealised gains real estate 0.5 0.5 Goodwill (0.7) (0.7) VOBA (Value of Business Acquired) (0.1) (0.1) DAC (Deferred Acquisition Cost) (0.5) (0.5) Other (0.4) (0.4) Goodwill, DAC, VOBA related to N-C interests 0.4 0.4 25% tax adjustment DAC, VOBA & Other 0.2 0.2

IFRS Tangible net equity 8.9 8.6

IFRS Tangible net equity/ IFRS Shareholder's Equity 93% 93%

Periodic financial Information I 9M 17 results I 8 November 2017

SLIDE 50 2.8 2.9 0.7 0.6 0.9 0.9 0.0 0.1 (0.3) (0.2) 4.2 4.1 0.1 0.1 4.3 4.2 1.6 1.8

6.9 7.2 0.7 0.8 1.2 1.5 0.1 0.1 (1.5)(1.6) 7.5 8.0 0.7 0.1 8.1 8.1 4.3 4.6

FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17

Periodic financial Information I 9M 17 results I 8 November 2017

Solvency IIageas Insurance up on a strong operational performance

General Account down on put option, SBB, capital injection UK & Fortis settlement

Solvency IIageas in %

In EUR bn

Own Funds SCR

Non EU Non-controlled participations*

50

Belgium UK CEU Reins.

Diversification

Insurance GA Group

Non-transferable

* Based on local solvency requirements

244% 251% 100% 134% 127% 171% 278% 217% 179% 194% 191% 193% 264% 259%

BE: good operational performance – different market impacts compensating
UK: capital plan executed
CEU: good operational performance & positive interest / spread evolution

SLIDE 51

51

Ageas Insurance Solvency sensitivities

Providing updated sensitivities to allow more accurate assessment

Periodic financial Information I 9M 17 results I 8 November 2017

As per 31/12/’16

Based on Solvency IIageas SCR OF Solvency

Base case

Before stress 4,182 7,478

179% Yield curve down

Down 50 bps 4,456 7,407

166% Yield curve up

Up 50 bps 3,942 7,452

189% UFR

Down to 3.65% (from 4.2%) 4,235 7,396

175% Equity

Down 30% 3,958 6,954

176% Property

Down 20% 4,079 7,189

176% Spread

Spreads on corporate & government bonds up 50 bps 4,401 6,888

157% Corporate spread

Spreads on corporate bonds up 50 bps 4,054 7,501

185% Sovereign spread

Spread on government bonds up 50 bps 4,546 6,849

151%

SLIDE 52

Periodic financial Information I 9M 17 results I 8 November 2017

Insurance SCRageas per risk type

Market risk main factor in SCR

52 In EUR bn

( 1.5 ) ( 1.4 ) ( 0.5 ) ( 0.6 ) ( 1.0 ) ( 1.1 ) 4.3 4.5 0.3 0.3 0.6 0.6 0.4 0.4 0.8 0.8 0.7 0.7

4.2 4.1

FY 16 9M 17 Non Diversifiable Non-life UW Health UW Life UW Counterparty Default Market Loss-Absorption Deferred Taxes Loss-Absorption Techn. Liab. Diversification Diversification Loss-Absorption Deferred Taxes

SLIDE 53

Periodic financial Information I 9M 17 results I 8 November 2017

Solvency PIM – as reported to the regulator under Pillar I

Insurance ratio up on a strong operational performance

Solvency II PIM in %

In EUR bn

Own Funds SCR

Non EU Non-controlled participations*

53

3.4 3.2 0.7 0.6 0.8 0.7 0.0 0.1 (0.3) (0.2) 4.6 4.3 0.1 0.1 4.7 4.4 1.6 1.8

6.8 7.0 0.7 0.8 1.7 1.9 0.1 0.1 (1.6) (1.7) 7.6 8.1 0.5 (0.0) 8.1 8.0 4.3 4.6

FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17 FY 16 9M 17

* Based on local solvency requirements

Belgium UK CEU Reins.

Diversification

Insurance GA Group

Non-transferable 201% 216% 96% 129% 211% 290% 259% 207% 166% 187% 174% 183% 264% 259%

SLIDE 54

Periodic financial Information I 9M 17 results I 8 November 2017

Tiering of Group PIM own funds

High quality of own funds

54 In EUR bn

5.7 5.7 1.4 1.4 0.9 0.9 0.1 0.1

8.1 8.0

FY 16 9M 17

Tier 3 Tier 2 Tier 1 restricted Tier 1

SLIDE 55

Periodic financial Information I 9M 17 results I 8 November 2017

Group Free Capital Generation roll forward

Operational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s

In EUR mio

55

Calculation based on 175% of SCRageas
EUR 636 mio includes

 EUR 122 mio related to stop loss cover in UK  EUR 70 mio dividend upstream from Non-European NCP’s *

More details per segment see next slide

Free Capital Generation

* Operational FCG generated by Non-European NCP’s of EUR 249 mio over H1 ’17 is not included in EUR 636 mio 1,111 1,071 39 127 444 (217) (200) (2) (419) 122 70 636

FY 16 Model changes M&A (divestments) Market impact Operational impact Exceptional items Capital transactions M&A (acquisitions) Paid Dividend 9M 17

SLIDE 56 EUR mio

OF SCR FCG = OF - 175%*SCR

f which UK

stop loss cover Driven by

Belgium

464 (35)

526 UK

23 (130)

250 219 CEU

175 7

163 Reinsurance

12 15

(14) (24) General Account

423

423 Geographical

106 106

(79) (72) diversification Group eliminations

(632)

(632) Total Ageas Solvency II scope

571 (37)

636 122

Operational impact

10/03/2010 I page 56

Split of operational impact per segment

Operational impact driven by Belgium & CEU

56 Periodic financial Information I 9M 17 results I 8 November 2017 * Expected return on RE investments reduced to 5% (vs. 6% in IR-day data) SCR reduction due to geographical diversification is deducted as non-transferable OF OF up on strong operational results Impact from consolidation of intra-company elements Driven by upstream from operating companies OF up on strong operational results *

SLIDE 57

Periodic financial Information I 9M 17 results I 8 November 2017

Evolution SCR & OF split between types of impact

In EUR mio 57

Own Funds

adjusted for accrued expected dividend

SCR

8,560 8,411 259 571 (58) (300) (200) (2) (419)

FY 16 Model changes M&A (divestments) Market impact Operational impact Exceptional items Capital transactions M&A (acquisitions) Paid Dividend 9M 17

4,257 4,194 75 (55) (37) (47)

FY 16 Model changes M&A (divestments) Market impact Operational impact Exceptional items Capital transactions M&A (acquisitions) Paid Dividend 9M 17

SLIDE 58

Table of contents

Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67

SLIDE 59

59 Periodic financial Information I 9M 17 results I 8 November 2017 In EUR bn

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

Asset mix

Asset allocation relatively stable
Loans & equities increased at the expense of corporate bonds

Gross unrealized gains/losses on Available for Sale

Total portfolio: down to EUR 7.6 bn (vs. EUR 8.3 bn); down in

fixed income & corporate bonds

Fixed income: at EUR 6.8 bn (vs. EUR 7.7 bn FY 16)
Sovereigns at EUR 5.2 bn (vs. EUR 5.8 bn)
Corporates at EUR 1.6 bn (vs. EUR 1.8 bn)
Equities: up to EUR 0.8 bn (vs. EUR 0.6 bn)

Gross UG/L on Real Estate: stable at EUR 1.5 bn (vs. EUR

1.5 bn) - not reflected in shareholders’ equity

EUR 2.2 bn unrealized gains/losses on Held to Maturity (vs.

EUR 2.4 bn) - not reflected in shareholders’ equity

Investment portfolio

Investment portfolio down on unrealized capital gains on fixed income

Sovereign bonds 37.9 Sovereign bonds 37.7 Corporate bonds 24.1 Corporate bonds 21.6 Structured 0.1 Structured 0.1 Loans 8.7 Loans 8.9 Equities 4.4 Equities 4.8 Real Estate 5.3 Real Estate 5.3 Cash 2.2 Cash 2.3

82.7 80.7

FY 16 9M 17

SLIDE 60

Decrease driven by lower UG/L
Gross UG/L at EUR 5.2 bn (vs. EUR 5.8 bn)
93% investment grade; 86% rated A or higher
Belgium Duration gap close to zero – matched portfolio

Belgium 19.0 Belgium 18.4 France 6.3 France 6.4 Austria 2.9 Austria 2.8 Portugal 2.4 Portugal 2.7 Italy 1.5 Italy 1.4 Spain, 1.5 Spain, 1.4 Germany 1.2 Germany 1.2 Ireland 0.7 Ireland 0.7 Other 2.5 Other 2.7

37.9 37.7

FY 16 9M 17

In EUR bn

Sovereign bond portfolio*

Sovereign & Corporate bond portfolio

Value fixed income portfolio driven by a decrease in unrealized capital gains

60 Periodic financial Information I 9M 17 results I 8 November 2017

Gross UG/L at EUR 1.6 bn (vs. EUR 1.8 bn)
Credit quality remains high with 93% investment grade
56% rated A or higher

Corporate bond portfolio*

Banking 3.8 Banking 3.3 Other financials 1.9 Other financials 1.7 Non Financials 13.5 Non Financials 12.8 Government related 4.9 Government related 3.8

24.1 21.6

FY 16 9M 17 * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

SLIDE 61

Loan portfolio (customers + banks)*

Loan & Equity portfolio

More loans with guarantee

Loans to banks 1.3 Loans to banks 1.3 RE 0.2 RE 0.2 Infrastructure 0.5 Infrastructure 0.6 Mortgages 1.3 Mortgages 1.2 Other 5.4 Other 5.6

8.7 8.9

FY 16 9M 17

Increase in other: loans benefiting from an explicit

guarantee by the Belgian regions or the Dutch State

Higher exposure in loans to customers

61 Periodic financial Information I 9M 17 results I 8 November 2017

Equity portfolio*

Gross UG/L up to EUR 0.8 bn (vs. EUR 0.6 bn)

Equities 2.5 Equities 3.2 Equity funds 0.3 Equity funds 0.2 RE funds 0.8 RE funds 0.8

Mixed funds &

thers 0.9

Mixed funds &

thers 0.5

4.4 4.8

FY 16 9M 17 * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

In EUR bn

SLIDE 62

62 Periodic financial Information I 9M 17 results I 8 November 2017

Real estate portfolio

10/03/2010

Gross UG/L stable at EUR 1.5 bn (not reflected in

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

Real Estate exposure mainly in Belgium

Investment Offices 2.2 Investment Offices 2.2 Car Parks 1.1 Car Parks 1.1 Investment Retail 1.4 Investment Retail 1.3 0.2 0.2 0.4 0.4

5.3 5.3

FY 16 9M 17

Investment Warehouses RE Development Investment Warehouses RE Development

In EUR bn

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

SLIDE 63

Table of contents

Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67

SLIDE 64

64 Periodic financial Information I 9M 17 results I 8 November 2017

Settlement between Ageas & claimants organisations

Press release 16 October 2017 – Extension granted up to 12/12/2017

Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio
P&L impact of EUR 889 mio in 3M 2016
Commitment by eligible shareholders to abandon any ongoing civil proceeding &

not to start any legal proceeding related to the events

Settlement not declared binding in current format - opportunity for amendments
No objective justification for distinction between active & non-active claimants
High compensation for claimant organizations
No agreement has been reached yet & extension of filing period requested
Ageas makes final additional effort of EUR 100 million – Solvency impact 2pp
Financial flexibility of Ageas has not changed
Extension granted by the Court up to 12 December 2017

Announcement 14/03/2016 Court’s interim decision 16/06/17 PR 16/10/17

SLIDE 65

65

Fortis Settlement

Revised indicative timeline after Court’s interim decision & granted extension filing period

6. Court’s interim decision

16/06/2017

7. Deadline filing amended settlement

17/10/2017

8. Filing amended settlement

12/12/2017

9. Substansive hearing

estimated first half 2018

1

1. Implementationof

amendedsettlement

(if any) if approved by Court

1.Announcement Original Settlement

14/03/2016

2. Filing

23/05/2016

3. Pre-hearing

25/08/2016

4. Notification &

Announcement

5. Hearing

24/03/2017

10. Court’s decision

est. mid 2018 by end 2019 ...

Periodic financial Information I 9M 17 results I 8 November 2017

SLIDE 66

Table of contents

Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67

SLIDE 67

situation 31/12/2016 situation 30/09/2017 situation 03/11/2017

216,570,471 209,399,949 209,399,949

15,143,439 13,118,575 13,377,966 7,170,522 5,191,462 5,450,853 3,968,254 3,968,254 3,968,254 45,804 3,958,859 3,958,859 3,958,859 201,427,032 196,281,374 196,021,983

67 Periodic financial Information I 9M 17 results I 8 November 2017

Total number of outstanding shares

SBB & cancellation cancellation SBB

Total Issued Shares

Shares not entitled to dividend nor voting rights

1. TREASURY SHARES Share buy-back

FRESH Other treasury shares

2. CASHES

Shares entitled to dividend & voting rights

* After deduction of shares for management plans *

SLIDE 68

68 Periodic financial Information I 9M 17 results I 8 November 2017

Shareholders structure

Based on number of shares as at 3 November 2017

Ageas 4.5% Ping An BlackRock, Inc. Schroders Norges Fosun Franklin Mutual Advisers Identified retail investors 20% Identified institutional investors 39% Other investors 14%

Based upon press release 6 November 2017 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 17 March 2014 Based upon the number of shares mentioned in the notification received 14 December 2015 Based upon the number of shares mentioned in the notification received 10 October 2017 Based upon the number of shares mentioned in the notification received 5 October 2017 Based upon the number of shares mentioned in the notification received 14 July 2015 Estimate by Estimate by Ageas Ping An BlackRock, Inc. Schroders Norges Fosun Franklin Mutual Advisers Identified retail investors Identified institutional investors

SLIDE 69

69 Periodic financial Information I 9M 17 results I 8 November 2017

Financial calendar 2017 - 2018

21 February FY 2017 results 16 May 3M 2018 results 16 May Ordinary shareholders’ meeting Brussels 28 May Ex-dividend date 6 April Annual report 2017 30 May Payment 2017 dividend 8 August 6M 2018 results 14 November 9M 2018 results 8 November 9M 2017 results

SLIDE 70

70 Periodic financial Information I 9M 17 results I 8 November 2017

Rating

Improved rating for operating entities

S&P MOODY'S FITCH Operating

AG Insurance (Belgium) A / stable A2 / stable* A+ / stable

entities

Last change 06/11/15 17/03/16 09/12/16

unsollicited

Ageas Insurance Limited A / stable A+ / stable Last change 06/11/15 23/11/16 Muang Thai Life BBB+ / stable BBB+ / stable Last change 29/12/10 27/07/16 Etiqa Insurance Berhad (Malaysia) A- / stable Last change 27/07/16 China Taiping Life A+ / stable Last change 06/04/17 Intreas A / stable Last change 11/11/16

Holding

ageas SA/NV BBB / stable Baa3 / positive* A / stable Last change 15/03/16 30/11/16 09/12/16

unsollicited

* 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.

SLIDE 71

71 Periodic financial Information I 9M 17 results I 8 November 2017

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

r 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

perations or financial condition that may be achieved in the future.

Investor Relations

Tel: E-mail: Website: + 32 2 557 57 34 ir@ageas.com www.ageas.com