An introduction to Ageas Corporate Presentation I June 2020 1 An - PowerPoint PPT Presentation

An introduction to Ageas Corporate Presentation I June 2020 1

An international insurance Group with a focus on Europe and Asia ASIA AGEAS SA/NV BELGIUM Life & Non-Life GROSS INFLOWS @ageas part 2019 TOTAL: EUR 15.0 bn 7 partnerships Internal Reinsurance with Life & Non-Life in 9 markets Life & Non-Life license #1 Life #5 Life in China #2 Non-Life #2 General takaful in Malaysia #1 real estate #2 Life & #4 Non-Life in 33% Thailand 42% 10% 15% Belgium United-Kingdom Continental Europe Asia GROUP NET RESULT 2019 TOTAL: EUR 979 Mio 515 426 CONTINENTAL EUROPE UNITED-KINGDOM Life & Non-Life 109 Non-Life 69 Portugal, Turkey & France #6 private car insurer #2 Life & #3 Non-Life #6 domestic property -16 in Portugal insurer (123) #4 Non-Life in Turkey Belgium UK CEU Asia Reins. General Account Corporate Presentation I June 2020 2

Diversified product portfolio Focus on Individuals & SME LIFE 2019 GROSS INFLOWS LIFE (consolidated entities) mostly guaranteed products GROSS INFLOWS @ageas share 22% 2019 TOTAL: EUR 15.0 bn Unit-Linked Guaranteed products products 30% 78% 70% Guaranteed products Unit-Linked products Life Non Life NON-LIFE 2019 GROSS INFLOWS NON-LIFE (consolidated entities) mostly driven by Motor & Household GROUP NET RESULT 9% 2019 TOTAL: EUR 979 Mio HOUSEHOLD MOTOR 23% 26% 24% 42% ACCIDENT Accident & Health & HEALTH OTHER Motor 76% Household Other Lines Life Non Life INTERNAL REINSURANCE with Life & Non-life license 3 Corporate Presentation I June 2020

Multiple distribution channels to reach our clients DIRECT BANKS AGENTS BROKERS Proven competency in developing strong, long-term and dynamic partnerships with leading companies in their local market Partner’s Ageas’s + Local knowledge & Insurance knowledge & expertise distribution capabilities Corporate Presentation I June 2020 4

Management structure EXECUTIVE COMMITTEE Emmanuel Bart De Smet Christophe Boizard Antonio Cano Filip Coremans Van Grimbergen CEO CFO COO CDO CRO MANAGEMENT COMMITTEE Gary Crist Hans De Cuyper Ant Middle Steven Braekeveldt CEO Asia CEO Belgium CEO United Kingdom CEO Continental Europe Four geographic segments supported by a lean corporate Head Office Corporate Presentation I June 2020 5

Sustainable development Ageas committed to adhering to the entire set of UN Based on a detailed mapping of its current products and investments and its core competences, Ageas has chosen to actively work around 10 out of the 17 goals. Ageas Group has committed to incorporate ESG issues into its investment analysis and decisions and signed on behalf of all its consolidated entities the UN PRI Corporate Presentation I June 2020 6

A PROFILE OF PROFITABLE GROWTH Corporate Presentation I June 2020 7

Consistent inflow growth  Belgium  UK  Continental Europe  Asia CAGR +8% in EUR bn 35.9 34.4 33.8 31.5 29.2 25.2 22.6 20.0 21.0 24.3 20.7 17.8 15.9 11.4 9.3 7.4 4.3 5.6 5.4 6.1 5.2 5.2 5.4 3.2 2.1 1.7 2.2 2.2 2.3 2.5 1.8 2.0 6.9 6.6 6.1 6.1 6.0 5.9 5.7 5.7 2012 2013 2014 2015 2016 2017 2018 2019 All non-consolidated partnerships have been included at 100% Excluding UK Life and Hong Kong Corporate Presentation I June 2020 8

Underlying Group net profit capacity of EUR 850-950 mio INSURANCE NET PROFIT  Belgium  UK 1,103  Continental Europe  Asia 960  Reinsurance 721 8 797 In EUR mio 755 515 737 2 293 8 654 624 170 394 172 272 142 193 128 118 109 56 3 77 69 87 64 117 70 29 90 30 100 108 438 426 415 392 391 384 335 324 (16) (156) 2012 2013 2014 2015 2016 2017 2018 2019 (261) 15 (694) (337) 12 (123) General Account 119 (85) 476 770 27 623 809 979 GROUP NET PROFIT 743 570 Corporate Presentation I June 2020 9

Disciplined cash upstream from local entities Upstream more than covering dividend and holding costs  Belgium  UK  Continental Europe 632  Asia 622  Reinsurance 8 87 In EUR mio 548 92 516 488 488 86 HQ & RO 132 85 77 438 440 expenses 89 44 106 43 48 52 19 53 36 47 50 82 150 Paid 437 415 416 64 391 dividend 333 294 268 168 Upstream during 2013 2014 2015 2016 2017 2018 2019 2019 based on net result of year before Corporate Presentation I June 2020 10

Strong Solvency II ageas position In EUR bn 8.6 8.0 7.9 7.7 7.1 6.4 6.3 6.1 5.8 Own Funds 4.0 4.0 1.5 3.7 1.3 3.2 1.1 3.0 2.9 2.8 1.0 2.7 1.0 1.0 0.9 0.8 0.8 2.4 0.7 0.6 0.1 0.7 0.6 0.6 0.5 0.5 0.5 0.2 0.4 0.1 0.1 (0.3) (0.5) (0.6) 0.3 0.1 SCR (1.7) (1.6) (1.8) FY 18 9M FY 19 FY 18 9M FY 19 FY 18 9M FY 19 FY 18 9M FY 19 FY 18 9M FY 19 FY 18 9M FY 19 FY 18 9M FY 19 FY 18 9M FY 19 19 19 19 19 19 19 19 19 Non EU Non-controlled participations* Solvency II ageas 235% 209% 221% 167% 168% 179% 178% 142% 170% 196% 188% 173% 215% 199% 217% 241% 238% 243% in % Corporate Presentation I June 2020 11

Solid & diversified investment portfolio Stable asset mix & high quality investments Sovereign bond portfolio: over 99% Corporate bond portfolio: over 91% Total investment portfolio investment grade – EUR 6.4 bn UG/L investment grade – EUR 1.5 bn UG/L 3%1% 7% 7% 4% 14% 15% 5% 6% 4% 12% 13% 7% EUR 38.4 bn EUR 84.3 bn 46% 48% EUR 20.8 bn 7% 25% 17% 59% Belgium France Austria Sovereign bonds Corporate bonds Banking Other financials Loans Equities Portugal Italy Spain Real Estate Cash Non Financials Government related Germany Ireland Other Loan portfolio Equity portfolio: EUR 0.8 bn UG/L Real Estate portfolio: EUR 1.9 bn UG/L not reflected in equity 5% 5% 5% 2% 17% 10% 46% 21% 11% 52% EUR 5.6 bn EUR 4.6 bn EUR 11.1 bn 20% 72% 23% 11% Loans to banks RE Investment offices Car parks Infrastructure Mortgages Equities Equity funds Investment Retail RE Development Other Investment warehouses RE funds Mixed funds & others Corporate Presentation I June 2020 12

4 REGIONS, 14 COUNTRIES Corporate Presentation I June 2020 13

Belgium A market leader with robust profit levels #1 Life 29% market share #2 Non-Life 16% market share #1 Real Estate EUR 6.5 bn real estate value BELGIUM INSURANCE NET PROFIT 438 2019  426 Non-Life 415 Policyholders Gross Inflows  Life 392 391 384 (@ageas ’ share) in EUR mio 335 3 mio 55 146 125 324 128 EUR 5.0 bn 102 103 61 65 336 2019 2019 302 292 288 287 281 274 260 Net Result Combined ratio EUR 426 mio 95.2 % 2012 2013 2014 2015 2016 2017 2018 2019 Corporate Presentation I June 2020 14

United Kingdom Focus on restoring profitability #6 Private car #6 Domestic property Active customers Brokers Staff 5 mio 2,300 3,200 2019 GROSS INFLOWS (@100%) UK INSURANCE NET PROFIT EUR 1.7 bn In EUR mio 2% 8% 117 108 21% 100 87 69 30 29 69% Accident & Health Motor (156) Household Other Lines 2012 2013 2014 2015 2016 2017 2018 2019 Excl. Net result UK Life Corporate Presentation I June 2020 15

Continental Europe Portugal 3rd home market 3 markets : Portugal, France and Turkey (Italy divested in 2017 & Luxembourg in 2018) #2 in Life and #3 in Non-Life in Portugal #4 Non-Life in Turkey 2019 Gross Inflows 2019 Combined ratio 2019 Net Result Staff (@ageas share) EUR 109 mio EUR 2.2 bn 2,300 91.2% 2019 GROSS INFLOWS CONTINENTAL EUROPE INSURANCE NET PROFIT (@100%) EUR 3.2 bn In EUR mio Divestments 193 Non-Life Life 77 118 44% 109 90 56% 15 77 70 53 64 56 49 73 41 32 14 37 11 62 54 50 49 44 45 36 33 Life Non-Life 2012 2013 2014 2015 2016 2017 2018 2019 Corporate Presentation I June 2020 16

Asia A fast growing contribution Partnerships in 9 markets : China, India, Malaysia, Thailand, Vietnam, Philippines, Singapore, Laos, Cambodia #5 Life in China #1 General in Malaysia #3 Life & #4 Non-Life in Thailand GROSS INFLOWS (@100%, in EUR bn) EXPANDING OUR REACH THROUGH PARTNERSHIPS X3 24.3 20.0 21.0 18.0 16.5 2019 2015 2016 2001 2004 2008 11.9 India 9.8 Malaysia The Philippines Laos Thailand India 7.9 Royal Sundaram East West Cambodia Maybank Muang Thai IDBI Federal Life General Insurance Muang Thai Ageas Life China Hong Kong Taiping Life Vietnam AICA* 2012 2013 2014 2015 2016 2017 2018 2019 Military Bank ASIA INSURANCE NET PROFIT *AICA was sold in 2016 In EUR mio 515 Divestments 12 Non-Life 394 2019 Combined ratio 2019 Gross Inflows 2019 Net Result Life (@ageas share) 293 272 199 24 100.9 % EUR 6.2 bn EUR 515 mio 13 503 172 170 142 129 27 17 16 269 259 8 21 168 156 152 121 122 2012 2013 2014 2015 2016 2017 2018 2019 Corporate Presentation I June 2020 17

STRATEGY Corporate Presentation I June 2020 18

Connect 21, our 3-year strategic plan An evolution from the past & preparing for the future 2015 2018 2009 2012 Insurance & Prepare for Financial Stabilization beyond the future repositioning  Focus on long term sustainable growth  Keeping all stakeholders in mind Solid insurance Create an Regain  Offering additional services & company in Ageas identity confidence Europe & Asia products  Increased leveraging of technology Corporate Presentation I June 2020 16