[PPT] - Q2 2019 RESULTS Periodical Financial Information 1 Content Slides PowerPoint Presentation

SLIDE 1

Q2 2019 RESULTS

Periodical Financial Information

1

SLIDE 2

2

Slides used during analyst call 2 Segment information 16 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

Content Content

Periodical financial information I Q2 19 results I 7 August 2019

SLIDE 3

Ageas

3

Main developments of the quarter

Claims filing period ended on 28 July
EUR 593 mio compensation paid to eligible shareholders of which EUR 140

mio coming from D&O insurers

Issuance of EUR 500 mio Tier 2 bond by ageas SA/NV
9th consecutive SBB announced for EUR 200 mio
Best half year Group net result ever, driven by Non-Life operational

performance & helped by some one-offs in Asia & UK

Solid sales momentum across all regions, except UK
Solvency > 200% despite yield impact

Strategy Results Legal

Periodical financial information I Q2 19 results I 7 August 2019

SLIDE 4

Ageas announces 9th consecutive share buy-back bringing amount returned through SBB to EUR 2 bn

06/08/12 Ageas announces EUR 200 mio SBB 24/08/11 Ageas announces EUR 250 mio SBB 06/08/14 Ageas announces EUR 250 mio SBB

Ageas

4

07/08/19

Ageas announces EUR 200 mio SBB

running from 19/08/19 until 05/08/20

Over 8 programmes 66,795,650 shares bought back

f which

almost 64 mio shares cancelled or 24% of outstanding shares end 2011

02/08/19 Ageas completes 2018 EUR 200 mio SBB

4,501,516 shares

02/08/13 Ageas announces EUR 200 mio SBB 05/08/15 Ageas announces EUR 250 mio SBB 10/08/16 Ageas announces EUR 250 mio SBB 09/08/17 Ageas announces EUR 200 mio SBB 08/08/18 Ageas announces EUR 200 mio SBB

Periodical financial information I Q2 19 results I 7 August 2019

SLIDE 5

373 485 102 116 (34) 5 441 606

6M 18 6M 19 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

121 262 55 81 18 12 194 355

Q2 18 Q2 19

17.0 17.7 3.1 3.4 20.1 21.0

6M 18 6M 19 Life Non-Life

6.8 6.6 1.4 1.6 8.3 8.2

Q2 18 Q2 19

97.8 95.7

6M 18 6M 19

96.7 93.1

Q2 18 Q2 19

110 79

6M 18 6M 19

83 71

Q2 18 Q2 19

28 22

6M 18 6M 19

24 27

Q2 18 Q2 19

Net result: solid operating performance across all regions Non-Life combined ratio: excellent Q2 driven by BE & CEU Inflows up 7% in Q2 excl. Luxembourg Life Technical liabilities up in conso (3%

excl. shadow) & non-conso

Margin Guaranteed: timing investment income & reserve strengthening Operating margin Unit-Linked: up in BE & down in CEU

Strong Non-Life performance and exceptional items in Asia and the UK support Q2 net result

Periodical financial information I Q2 19 results I 7 August 2019

71.5 73.1 73.9 1.8 2.9 4.0 65.6 75.3 76.5 139.0 151.2 154.3

FY 18 3M 19 6M 19 excl shadow shadow non-conso

SLIDE 6

2,110 2,437 1,079 1,126

3,188 3,562

6M 18 6M 19 Life Non-Life 62 77 21 38

83 114

Q2 18 Q2 19

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

Belgium

6 Periodical financial information I Q2 19 results I 7 August 2019

Strong quarterly operating performance in Life & Non-Life Headlines

In EUR mio In EUR bn In EUR bn

181 145 39 50

220 195

6M 18 6M 19 Life Non-Life 1,196 1,029 450 465

1,646 1,494

Q2 18 Q2 19 55.9 56.9 57.3 1.4 2.3 3.1

57.3 59.2 60.4

FY 18 3M 19 6M 19 excl shadow shadow

108 82

6M 18 6M 19

98.8 97.6

6M 18 6M 19 pro forma

97.4 91.1

Q2 18 Q2 19 pro forma

36 43

Q2 18 Q2 19

43 34

6M 18 6M 19

75 85

Q2 18 Q2 19

Life Technical Liabilities mainly up on Group Life & Unit-Linked Operating margin Unit-Linked: timing difference in sales campaigns Net result: strong Q2 performance - YTD impacted by lower realized capital gains Inflows: continued strong growth across most product lines Non-Life COR: strong operational performance in most business lines Operating margin Guaranteed: seasonality in RE investment result

SLIDE 7

99.0 96.9

6M 18 6M 19 pro forma

In EUR mio

UK

7 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

In % of NEP In EUR bn * incl. non-consolidated partnerships @ 100%

31 52

6M 18 6M 19

20 41

Q2 18 Q2 19

97.3 98.3

Q2 18 Q2 19 pro forma

921 881

6M 18 6M 19

474 456

Q2 18 Q2 19

Result benefited from Ogden rate review & internal reinsurance agreement

Net result in both years impacted by non-recurring items Inflows* down 5% @ constant FX Non-Life combined ratio strong despite large losses in Motor

SLIDE 8

CEU

8 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

* incl. non-consolidated partnerships @ 100%

29 16 24 40 53 57

6M 18 6M 19 Life Non-Life

16 4 10 21 26 25

Q2 18 Q2 19

2,003 1,047 682 710 2,685 1,757

6M 18 6M 19 Life Non-Life

952 485 299 338 1,251 823

Q2 18 Q2 19

91.6 90.2

6M 18 6M 19 pro forma

92.9 88.8

Q2 18 Q2 19 pro forma

121 66

6M 18 6M 19 pro forma

133

6

Q2 18 Q2 19 12 8

6M 18 6M 19

12 7

Q2 18 Q2 19

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

Non-Life COR: driven by excellent

perating performance

Operating margin Unit-Linked mainly down

n lower sales

Net result supported by strong Non-Life profit

Net result Q2 up 8% scope-on-scope – Life impacted by reserve strengthening

15.7 16.2 16.6 0.4 0.6 0.8 16.1 16.8 17.4

FY 18 3M 19 6M 19 excl shadow shadow

Q2 inflows up 22% scope-on-scope, driven by Life & Non-Life Life Technical liabilities consolidated entities up driven by higher inflows Operating margin Guaranteed down due to reserve strengthening (116 bps in Q2)

SLIDE 9

In EUR mio In EUR bn In EUR bn

Asia

9 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

In % NEP

*Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX 164 324 7 8

170 331 6M 18 6M 19

Life Non-Life 12,884 14,168 450 652

13,334 14,819 6M 18 6M 19

Life Non-Life

65.6 75.3 76.5 FY 18 3M 19 6M 19 87.9 103.2

Q2 18 Q2 19

89.9 99.3

6M 18 6M 19

Exceptionally high quarter driven by operating performance, capital gains & one-off

4,699 5,077 205 360

4,904 5,437 Q2 18 Q2 19

43 182 3 3

46 185 Q2 18 Q2 19

12.0 13.2 0.9 1.0

12.9 14.2 6M 18 6M 19

regular single

In EUR bn

Regular premium: strong growth - exceeding 90% of Life inflows

4.3 4.7 0.4 0.4

4.7 5.1 Q2 18 Q2 19

Net result : solid operational performance, capital gains & tax change Inflows* up 12% in Q2 - continued solid growth trend Life Technical liabilities up 15% YTD Non-Life COR reflecting acquisition in India

SLIDE 10

In EUR mio

Reinsurance

Headlines

10

In % NEP In EUR mio

ageas SA/NV reinsurance activities

Periodical financial information I Q2 19 results I 7 August 2019

2 (34)

6M 18 6M 19

(22)

Q2 18 Q2 19

29 1,137

6M 18 6M 19

14 275

Q2 18 Q2 19

91.3% 84.8%

6M 18 6M 19 pro forma

100.8% 89.4%

Q2 18 Q2 19 pro forma

Q2 negatively impacted by exceptional items in the UK

Net result: Q2 negatively impacted by ramp up phase & motor large losses in UK Inflows: EUR 220 mio in Q2 from new QS agreements Pro-forma combined ratio benefit from PY releases

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: 30% with AG Insurance in Belgium*, 30% with Ageas

Insurance Limited in the UK, and 20% with all Portuguese Non-Life Entities

Loss Portfolio Transfers (LPT): 30% with Ageas Insurance Limited in the UK, and 20%

with the Portuguese Non-Life Entities

The reinsurance protection programme formerly carried out by Intreas is now managed by

ageas SA/NV

The Pillar I Solvency II for ageas SA/NV amounted to 353%

SLIDE 11

Net result positive following RPN(i) revaluation & lower expenses

In EUR mio

Value legacies – Settlement liability down on payments

Profit driven by positive RPN(i) revaluation & lower expenses

GA

11 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

Stable total liquid assets

In EUR mio

Impact on P&L from RPN(i) Lower staff & operating expenses

In EUR bn In EUR mio

(34) 5

6M 18 6M 19

18 12

Q2 18 Q2 19

15 14 24 35 39 49

6M 18 6M 19 Staff & Intercompany Operating

9 7 16 13 25 20

Q2 18 Q2 19

9 61

6M 18 6M 19

47 34

Q2 18 Q2 19

In EUR mio In EUR mio

Upstream Opcos – EUR 4 mio in Q3

599 629

6M 18 6M 19

(359) (332) (298) 7 5 6 (812) (764) (626)

FY 18 3M 19 6M 19 RPN(i) RPI Settlement

1.7 1.5 1.7

FY 18 3M 19 6M 19

SLIDE 12

Belgium 268 Belgium 168 Belgium 294 Belgium 333 Belgium 391 Belgium 437 Belgium 415 UK 82 UK 64 UK 50 UK 47 UK 44 CEU 36 CEU 150 CEU 53 CEU 19 CEU 48 CEU 85 CEU 86 Asia 52 Asia 106 Asia 43 Asia 89 Asia 77 Asia 92 Asia 88

438 488 440 487 516 622 633 416

2013 2014 2015 2016 2017 2018 2019 dividend paid in 2019

Ageas

12 Periodical financial information I Q2 19 results I 7 August 2019

EUR 633 mio upstreamed in 2019 Dividend upstream

Upstream during

based on net result of the year before In EUR mio

Belgium main contributor of cash Dividend from Asia includes EUR 4 mio received in Q3 Upstream more than covering dividend & holding costs on FY basis

SLIDE 13

Solvency

13 Periodical financial information I Q2 19 results I 7 August 2019

Solvency strong despite drop in yield curve Solvency IIageas

Solvency IIageas in % Own Funds SCR

Non EU Non-controlled participations*

Belgium UK CEU Reinsurance GA

eliminations

Group

2.7 2.8 2.9 0.5 0.5 0.5 0.6 0.6 0.6 0.1 0.3 0.3 0.1 0.0 0.0 (0.2) (0.4) (0.4) 3.7 3.9 4.0 2.4 2.8 2.8 6.4 6.0 6.3 0.8 0.9 0.8 1.0 1.0 1.0 0.1 0.6 0.6 0.6 (0.2) 0.1 (1.0) (0.9) (1.0) 8.0 7.5 7.9 5.8 6.6 6.6

FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 235% 215% 223% 167% 175% 161% 178% 170% 160% 196% 200% 192% 215% 194% 201% 241% 237% 236%

SLIDE 14

Free Capital Generation

14 Periodical financial information I Q2 19 results I 7 August 2019

Operational FCG of EUR 257 mio

2,143 1,769 414 271 163 58 (15) (97) (119) (185) (416)

2,557 2,040

94

FY 18 Model changes Market Impact Operational impact Exceptional items Capital transactions M&A Paid dividend 6M 19

expected dividend

Operational impact – includes EUR 94 mio dividend upstream Non-European NCP’s
Market: sharp drop in yield curve
Exceptional items: implementation new internal reinsurance agreements & Ogden
Capital transactions = call & issue debt instruments, SBB & injection in Asia
M&A: Acquisition in India

* FCG Non-European NCP’s of EUR 294 mio over Q1 2019 of which EUR 113 mio operational, is not included

Based on 175% SCR Solvency IIageas

Solvency IIageas

In EUR mio *

SLIDE 15

15 Periodical financial information I Q2 19 results I 7 August 2019

Conclusions

1. Record result supported by some exceptionals
2. Good sales momentum continued
3. Ninth consecutive SBB – EUR 200 mio

Content

SLIDE 16

16 Periodical financial information I Q2 19 results I 7 August 2019

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

SLIDE 17

Net result

17 Periodical financial information I Q2 19 results I 7 August 2019

Strong operational performance supported by

ne-offs in Asia & UK

Belgium UK CEU Asia Reins. GA ageas

5 (34) 5

181 145 29 16 164 324 373 485 39 50 24 40 7 8 102 116

220 195 31 52 53 57 170 331 2 (34) (34) 441 606

6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19

Non-Life Life

In EUR mio

General Account

Lower support of net cap gains Result benefited from Ogden rate review & internal reinsurance agreement Strong performance in Non-life / Life impacted by low i-rate (Luxembourg out of scope) Higher contribution of cap gains & tax change in China Suffering from ramp up phase, bad weather in Belgium & large losses UK Positive contribution of RPN(i) Belgium UK CEU Asia Reinsurance General Account

SLIDE 18

Inflows

18 Periodical financial information I Q2 19 results I 7 August 2019

Double digit growth* across all segments except in UK

In EUR mio

EUR mio

6M 18

6M 19

6M 18

6M 19

6M 18

6M 19

Belgium

75%

2,110

2,437

15%

1,079

1,126

4%

3,188

3,562

12%

United Kingdom

921

881

(4%)

921

881

(4%)

Consolidated entities

100%

722

698

(3%)

722

698

(3%)

Non-consolidated JV's

50%

199 183

(8%)

199

183

(8%)

Continental Europe

2,003

1,047

(48%)

682

710

4%

2,685

1,757

(35%)

Consolidated entities 817

1,047

28%

344

373

8%

1,161

1,419

22%

Portugal

51% - 100%

646 833

29%

344 373

8%

990

1,206

22%

France

100%

171 213

25%

171

213

25%

Non-consolidated JV's 338

337

(0%)

338

337

(0%)

Turkey (Aksigorta)

36%

338 337

(0%)

338

337

(0%)

Luxembourg (Cardif Lux Vie)

33%

1,186 1,186

Asia Non-consolidated JV's

12,884 14,168

10%

450 652

45%

13,334

14,819

11%

Malaysia

31%

440 472

7%

290 343

18%

730

816

12%

Thailand

31% - 15%

1,317 1,196

(9%)

160 175

9%

1,477

1,370

(7%)

China

25%

10,983 12,322

12%

10,983

12,322

12%

Philippines

50%

10 15

40%

10

15

40%

Vietnam

32%

15 36

136%

15

36

136%

India

26% - 40%

118 127

8%

133 118

261

120%

Insurance Ageas

16,997

17,651

4%

3,132

3,368

8%

20,129

21,018

4%

Reinsurance

29

1,137

29

1,137

accepted from Consolidated entities 29

1,129

29

1,129

accepted from Non-consolidated partnerships

8 8

Life Non-Life Total

@ 100%

* Inflows excluding Luxembourg, divested in 2018

SLIDE 19

Inflows

19 Periodical financial information I Q2 19 results I 7 August 2019

Double digit growth* across all segments except in UK

1,582 1,827 919 666 3,318 3,635 5,820 6,129 809 844 822 789 466 494 114 186 2,210 2,314

+12%

4%
16%

+11% +5%

2,391 2,672 1,385 1,160 3,432 3,821 8,029 8,442 29 1,137

6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19

Belgium UK CEU Asia Insurance Reins. Non-Life Life

In EUR mio

Double digit growth in Life Volumes lower on strategic choices Luxembourg out of scope / Strong growth in Guaranteed business Maintaining strong sales momentum Inflows include one-offs related to ramp up phase QS agreements Belgium UK CEU Asia Reinsurance

@ ageas part

* Inflows excluding Luxembourg, divested in 2018

SLIDE 20

Net realised cap gains*

20 Periodical financial information I Q2 19 results I 7 August 2019

Lower support of realised capital gains in Europe - Asia benefiting from strong equity markets

In EUR mio 6M 18 6M 19 Q2 18 Q2 19

Life

72 50 6 17 Seasonality in realisation

Non-Life

7 3 (0)

Belgium 79 53 6 16 UK 2 4 1

Life

5 5 3 3

Non-Life

1 2 (0)

CEU 6 7 3 3

Life

(19) 70 (44) 21 IFRS cap gains on equities

Non-Life

(1) (1) in China

Asia (19) 69 (44) 20 Reinsurance (0) 4 (0) 4

linked to process of liquidation Intreas

Life

58 125 (35) 40

Non-Life

11 11 4

General Account & Eliminations

3 (4)

Total Ageas 71 133 (35) 44

* 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

SLIDE 21

Ageas

21 Periodical financial information I Q2 19 results I 7 August 2019

Excellent Q2 compensating for weather impact in Q1 Combined ratio

Net earned premium (In EUR mio)

In % Net earned premium

Combined ratio

Quarter

Strong CY performance in Belgium & Portugal
Further support from Ogden rate review in UK

Year-to-date

Favourable vs. LY on lower weather impact (2.6 pp vs. 4.7 pp)
Strong performance in most product lines besides the weather

impact

Claims ratio

CY ratio improving compared to last year across all

segments

PY ratio: higher in Accident & Health and Household

Expense ratio stable

64.3 64.4 62.2 67.0 59.7 58.5 61.7 59.7 59.9 56.3 34.0 35.2 34.7 34.1 35.5 35.8 36.1 36.0 36.8 36.8

98.3 99.6 96.9 101.1 95.2 94.3 97.8 95.7 96.7 93.1

(3.8) (4.0) (5.9) (3.0) (5.6) (7.7) (8.2) (9.2) (9.1) (12.1) 2013 2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19

claims ratio expense ratio PY claims ratio

3,749 3,843 4,038 4,112 4,148 3,890 1,949 1,912 975 967

SLIDE 22

Ageas

22 Periodical financial information I Q2 19 results I 7 August 2019

Combined ratio

70.0 67.3 65.4 67.5 64.8 67.4 73.3 71.5 75.0 71.0 25.6 27.0 28.3 27.2 27.5 25.4 25.8 25.4 26.6 26.5

95.6 94.3 93.7 94.7 92.3 92.8 99.1 96.9 101.6 97.5

2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19 69.8 69.6 69.1 78.2 68.7 61.2 59.4 63.6 59.7 66.5 29.3 29.7 30.5 29.7 31.6 33.0 33.0 33.0 33.0 33.4

99.1 99.3 99.6 107.9 100.3 94.2 92.4 96.6 92.7 99.9

2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19 51.5 51.5 50.4 50.5 43.8 51.8 61.0 48.4 53.5 32.1 44.0 44.6 41.6 42.7 45.1 44.8 46.1 45.0 47.6 47.0

95.5 96.1 92.0 93.2 88.9 96.6 107.1 93.4 101.1 79.1

2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19 62.4 71.2 57.9 60.4 51.0 43.9 47.7 41.5 44.5 36.9 45.5 50.6 46.4 44.4 45.1 47.8 45.0 53.2 46.5 53.3

107.9 121.8 104.3104.8 96.1 91.7 92.7 94.7 91.0 90.2

2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18Q2 19

Accident & Health: improved claims ratio in Belgium Motor: large losses in UK Household: YTD LY impacted by poor weather in BE & UK (16.4 pp) Other lines: higher expense ratio / small portfolio

NEP 394

385 424 418 410 356 189 161 93 81

Excellent performance in Household

In % Net earned premium

NEP 813

813 811 838 884 871 425 450 214 231

NEP 1,557 1,616 1,724 1,790 1,782 1,636

819 808 409 406

NEP 986

1,029 1,078 1,067 1,072 1,028 516 493 259 249

SLIDE 23

Ageas

23 Periodical financial information I Q2 19 results I 7 August 2019

Guaranteed: seasonality investment income & reserve strengthening - UL up in BE & down in CEU

In bps Avg techn. liabilities

Operating margins

Life Unit-Linked

Quarter

Below target mainly due to lower sales in Continental

Europe

Year-to-date

Lower in Belgium (exceptional result last year) and

Portugal (lower sales)

Life Guaranteed

Quarter

Negative impact from reserve strengthening in Portugal

due to low i-rate environment

Year-to-date

Below target due to timing difference in investment

margin (seasonality real estate) and reserve strengthening in Portugal

13 12 17 4 3 2 2 2 3 2 (2) 2 1 2 (1) (1) 18 6 18 19 24 23 27 20 22 24

28 20 36 25 27 25 28 22 24 27

2013 2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19 Operating margin Expense & other m. Investment m. Underwriting m.

43 38 33 41 39 41 39 34 40 31 83 90 80 88 96 89 112 98 85 102 (31) (39) (23) (36) (42) (42) (41) (53) (42) (61)

96 89 90 93 93 88 110 79 83 71

2013 2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19

Avg techn liabilities (In EUR bn)

55.5 56.9 57.9 57.3 55.9 55.9 55.7 56.4 55.7 56.4

Avg techn liabilities (In EUR bn)

12.3 12.6 13.0 12.1 15.1 15.7 15.9 16.3 15.9 16.3

SLIDE 24

2,110 2,437 1,079 1,126

3,188 3,562

6M 18 6M 19 Life Non-Life 62 77 21 38

83 114

Q2 18 Q2 19

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

Belgium

24 Periodical financial information I Q2 19 results I 7 August 2019

Strong quarterly operating performance in Life & Non-Life Headlines

In EUR mio In EUR bn In EUR bn

181 145 39 50

220 195

6M 18 6M 19 Life Non-Life 1,196 1,029 450 465

1,646 1,494

Q2 18 Q2 19 55.9 56.9 57.3 1.4 2.3 3.1

57.3 59.2 60.4

FY 18 3M 19 6M 19 excl shadow shadow

108 82

6M 18 6M 19

98.8 97.6

6M 18 6M 19 pro forma

97.4 91.1

Q2 18 Q2 19 pro forma

36 43

Q2 18 Q2 19

43 34

6M 18 6M 19

75 85

Q2 18 Q2 19

Life Technical Liabilities mainly up on Group Life & Unit-Linked Operating margin Unit-Linked: timing difference in sales campaigns Net result: strong Q2 performance - YTD impacted by lower realized capital gains Inflows: continued strong growth across most product lines Non-Life COR: strong operational performance in most business lines Operating margin Guaranteed: seasonality in RE investment result

SLIDE 25

Life

Belgium

25

Net result & Life liabilities

In EUR mio

Periodical financial information I Q2 19 results I 7 August 2019 181 145 145 39 50 40

220 195 185

6M 18 6M 19 pro forma Life Non-Life

In EUR bn

Strong Q2 performance - continued growth of Life technical liabilities

Quarter

Life result up on higher investment result compensating lower net underwriting

result

Excellent non-life result across most business lines

Year-to-date

Lower investment results in both Life and Non-Life due to lower net capital gains

(EUR 26 mio lower) & exceptional investment income in first quarter last year.

The new internal reinsurance program contributed positively to the non-life net

result with EUR 10 mio

Year-to-date

Life technical liabilities (+6%), mainly explained by :

Growth in Life Bank, especially in Unit Linked thanks to strong inflows
Continued high growth in Group Life liabilities
Increase in the shadow accounting reserve due to the decrease in interest

rates

62 77 77 21 38 38

83 114 114

Q2 18 Q2 19 pro forma Life Non-Life

55.9 56.9 57.3 1.4 2.3 3.1

57.3 59.2 60.4

FY 18 3M 6M 19 excl shadow shadow

Net result Life technical liabilities

SLIDE 26

295 314 325 336 347 360 111 116

+4% 1,079 1,126

6M 18 6M 19 1,541

1,863 568 573

+15% 2,110 2,437

6M 18 6M 19

Life

Belgium

26

Inflows

Unit-Linked Guaranteed Other Household Accident & Health Motor

In EUR mio

Periodical financial information I Q2 19 results I 7 August 2019

Quarter

Unit-linked – inflows decreased due to timing difference in UL sales campaign

through the bank channel (Q1 2019 vs. Q2 2018)

Guaranteed - Inflows up mostly driven by savings products in Bank channel and

Group Life

Year-to-date

Unit-linked - Strong inflow in line with last year thanks to a successful sales

campaign in Q1 2019

Guaranteed - Inflows increased in all channels especially in Bank Channel

(+38%) and mainly in Invest products and in Group Life (+13%)

Quarter

Increased across all business lines continuing the strong growth of the previous

quarters

Year-to-date

Strong inflows with significant increase in Accident & Health (+7%)
Increase in Household (+4%) mostly explained by tariff indexation
Growth of more than 3% in Motor and Other

Significant increase in Savings & Group Life – Non-Life growth in all business lines

796 891 400 138

14%

1,196 1,029

Q2 18 Q2 19

109 114 148 151 149 154 44 46

450 465

Q2 18 Q2 19

+3%

Non-Life Life

SLIDE 27

Belgium

27 Periodical financial information I Q2 19 results I 7 August 2019

Combined ratio

In % Net earned premium

Net earned premium (in EUR mio)

Strong operating performance despite weather events in the first quarter

The new 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. Combined ratio Quarter

Excellent across almost all business lines
Limited negative impact of adverse weather (1pp) vs. 4pp impact in Q2 18

Year-to-date

Improved compared to LY thanks to lower current year claims ratio
Weather events impacted the combined ratio (5.5pp), in line with last year.

However, the impact on Q2 figures is significantly lower than last year Claims ratio

CY ratio improved compared to last year in Motor and Household, stable in

A&H, increased in Other, mainly in TPL

PY ratio: stable year-on-year

Expense ratio remained stable year-on-year

63.2 63.5 56.9 58.3 53.1 56.0 61.2 59.9 59.6 53.5 36.7 37.7 37.8 37.7 37.9 37.4 37.6 37.7 37.8 37.6

99.9 101.2 94.7 96.0 91.0 93.4 98.8 97.6 97.4 91.1

(3.6) (3.4) (7.2) (8.2) (7.7) (8.3) (9.1) (9.0) (10.1) (10.1) 2013 2014 2015 2016 2017 2018 6M 18 6M 19 pro forma Q2 18 Q2 19 pro forma

claims ratio expense ratio PY claims ratio

1,785 1,815 1,832 1,836 1,861 1,944 958 994 480 505

SLIDE 28

Belgium

28 Periodical financial information I Q2 19 results I 7 August 2019

Combined ratio

73.7 70.1 70.4 70.0 68.0 71.0 80.1 77.3 84.5 76.2 23.8 25.4 27.6 27.6 26.9 24.4 25.1 24.9 25.3 25.1

97.5 95.5 98.0 97.6 94.9 95.4 105.2 102.2 109.8 101.3

2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18Q2 19 pro forma 64.7 62.6 56.2 59.7 58.0 55.3 54.6 58.1 56.0 60.5 36.3 37.2 36.4 36.4 36.8 37.3 37.6 37.8 37.4 38.0

101.0 99.8 92.6 96.1 94.8 92.6 92.2 95.9 93.4 98.5

2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18Q2 19 pro forma

51.4 51.7 43.9 47.8 38.6 49.3 59.3 53.3 49.5 34.1 45.6 45.7 45.2 44.8 45.6 46.6 46.6 46.6 46.5 46.6

97.0 97.4 89.1 92.6 84.2 95.9 105.9 99.9 96.0 80.7

2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18Q2 19 pro forma 66.1 87.5 65.8 58.3 46.8 40.3 38.5 39.6 37.8 31.3 47.2 47.6 45.0 44.6 44.8 43.0 42.3 43.9 44.0 43.3

113.3 135.1 110.8102.9 91.6 83.3 80.8 83.5 81.8 74.6

2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18Q2 19 pro forma

In % Net earned premium

Strong operational performance despite adverse weather events

Accident & Health: improved thanks to strong PY Motor: slightly worse than LY due to lower PY claims Household: Strong 2nd quarter compensating Q1 weather events – YTD impact of 16.6 pp Other lines : strong 2nd quarter – YTD slight deterioration in Third Party Liability

NEP 564 579 595 605 609 621 307 315 154 159 NEP 162 170 185 190 193 206 103 107 50 54 NEP 552 562 568 570 578 596 294 299 149 150 NEP 507 504 484 472 481 522 255 273 128 141

SLIDE 29

Belgium

29 Periodical financial information I Q2 19 results I 7 August 2019

Operating margins

In bps Avg techn. liabilities

4 (2) 1 1 1 1 1 1 1 38 32 31 31 33 39 42 34 35 42

41 30 32 31 34 40 43 34 36 43

2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18 Q2 19 Operating margin Investment m. Expense & other m. Underwriting m.

32 30 25 29 27 31 30 23 28 19 88 95 88 91 94 91 115 99 82 105 (31) (38) (27) (34) (36) (37) (37) (40) (36) (39)

89 87 86 86 85 85 108 82 75 85

2013 2014 2015 2016 2017 2018 6M 186M 19 Q2 18 Q2 19

Avg techn liabilities (In EUR bn)

5.4 5.7 5.9 6.1 7.6 8.1 8.2 8.8 8.2 8.8

Avg techn liabilities (In EUR bn)

46.4 47.5 48.1 48.7 48.0 47.7 47.7 47.8 47.7 47.8

Guaranteed – seasonality in Real estate UL – timing difference sales campaign

Life Unit-Linked

Quarter

Operating margin improved compared to Q2 2018 due to timing

difference of the commercial cost of the sales campaign (Q1 2019

vs. Q2 2018)

Year-to-date

Operating result decreased compared to last year as 2018 included

a one-off result

Life Guaranteed

Quarter

Operating margin up on higher net capital gains compensating

the lower net underwriting result Year-to-date

Operating margin lower than last year due to the seasonality in

realisation of real estate

SLIDE 30

FY 16 FY 17 FY18 6M 19 Guaranteed interest rate 2.49% 2.32% 2.17% 2.05% Fixed income yield 3.45% 3.34% 3.25% 3.14% Liabilities Guaranteed (EUR bn) 52.9 50.4 49.1 51.1 FY 16 FY 17 FY 18 6M 19 Fixed income yield 1.71% 1.88% 1.96% 1.88% Reinvested amount (EUR bn) 4.5 2.9 3.2 2.1

Newly invested money mostly in corporate bonds (non-financial sector), government bonds & related loans and mortgage loans.

Belgium

30 Periodical financial information I Q2 19 results I 7 August 2019

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

Back book Life New money Life & Non-Life

SLIDE 31

1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q3 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Guaranteed interest rate Total fixed income yield

3.14% 2.05%

Belgium

31 Periodical financial information I Q2 19 results I 7 August 2019

Margin on back book stable since 2012 Evolution assets & liabilities

SLIDE 32

99.0 96.9

6M 18 6M 19 pro forma

In EUR mio

UK

32 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

In % of NEP In EUR bn * incl. non-consolidated partnerships @ 100%

31 52

6M 18 6M 19

20 41

Q2 18 Q2 19

97.3 98.3

Q2 18 Q2 19 pro forma

921 881

6M 18 6M 19

474 456

Q2 18 Q2 19

Result benefited from Ogden rate review & internal reinsurance agreement

Net result in both years impacted by non-recurring items Inflows* down 5% @ constant FX Non-Life combined ratio strong despite large losses in Motor

SLIDE 33

UK

33

Ogden benefit offset by Motor large losses - Pricing discipline & exit of unprofitable business impacting inflows Net result & Inflows

Other Household Accident & Health Motor

Net result

Quarter:

Q2 result benefited from the Ogden rate change review from minus 0.75%

to minus 0.25% (EUR 30 mio) & the impact of the ramp up phase of the internal reinsurance agreement (EUR 23 mio)

Motor large losses suffering from higher frequency & severity

Year-to-date:

Including restructuring costs of EUR 13 mio

18 17 633 618 186 176 83 70

4%

921 881

6M 18 6M 19

In EUR mio Inflows 6M *

Motor down 3%: continued pricing discipline in a competitive Motor market;

lower intermediated & TU volumes - continued growth in Direct sales through aggregator platforms & good broker pipeline.

Household down 6% resulting from strategic exits of underperforming

business in the intermediated channel & lower Direct renewal inflows.

Other down 16% reflecting planned run off in Special Risks and

discontinued MGA relationship in Commercial.

Accident & Health down 8% - marginal impact on total.

* incl. non-consolidated partnerships @ 100% & @ constant exchange rate 20 41 18

Q2 18 Q2 19 pro forma

31 52 32

6M 18 6M 19 pro forma 11 11 327 319 92 89 45 38

4%

476 456

Q2 18 Q2 19 Periodical financial information I Q2 19 results I 7 August 2019

SLIDE 34

UK

34

Ogden benefit offset by Motor large losses - strong Household COR Combined ratio

In % Net earned premium 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. Q2 Combined ratio

Slightly up compared to last year driven by Motor as Ogden rate change

benefit not fully compensating for Motor large loss experience

Combined ratio Tesco Underwriting 90.5% (vs. 95.8%) reflecting benign

weather & one-off Ogden rate change benefit Q2 Claims ratio

CY ratio: Strong Household & Commercial performance supported by

benign weather partly offset by Motor large loss experience.

PY ratio: Driven by Ogden release

Q2 Expense ratio

Lower overhead costs
Higher investments & increased Non-Risk income related to growth in

Direct channel

65.6 66.3 69.3 80.7 68.3 60.2 62.2 59.3 59.2 58.8 32.2 33.5 32.8 31.5 34.9 36.6 36.8 37.6 38.1 39.5

97.8 99.8 102.1 112.2 103.2 96.8 99.0 96.9 97.3 98.3

(4.0) (4.6) (4.4) 4.5 (1.4) (9.2) (9.1) (8.0) (9.5) (9.2) 2013 2014 2015 2016 2017 2018 6M 18 6M 19 pro forma Q2 18 Q2 19 pro forma

claims ratio expense ratio PY claims ratio

Net earned premium (In EUR mio)

Periodical financial information I Q2 19 results I 7 August 2019

1,562 1,613 1,751 1,598 1,493 1,321 684 641 340 323

SLIDE 35

UK

35

Excellent Household & Commercial - Motor impacted by large losses Combined ratio

Motor: One-off Ogden benefit offset by large loss experience Accident & Health: Small portfolio, marginal impact on total Other: Benign weather & favourable PY in Commercial Household: Strong performance on top of benign weather

76.2 66.0 55.8 58.4 56.1 57.8 56.9 55.7 53.1 59.7 34.3 38.7 43.3 40.9 46.7 51.4 51.6 51.0 52.9 54.0

110.5 104.7 99.1 99.3 102.8 109.2 108.5 106.7 106.0 113.7

2013 2014 2015 2016 2017 2018 6M 18 6M 19 pro forma Q2 18 Q2 19 pro forma 71.9 74.6 75.8 91.0 75.0 63.7 61.1 68.1 60.0 70.3 25.0 25.1 27.2 25.5 27.6 29.7 29.5 30.7 29.5 31.2

96.9 99.7 103.0 116.5 102.6 93.4 90.6 98.8 89.5 101.5

2013 2014 2015 2016 2017 2018 6M 18 6M 19 pro forma Q2 18 Q2 19 pro forma 51.4 51.0 62.2 57.6 51.7 56.9 67.2 40.9 62.3 33.4 42.4 43.3 37.3 40.6 47.8 45.1 48.9 49.4 53.6 56.1

93.8 94.3 99.5 98.2 99.5 102.0 116.1 90.3 115.9 89.5

2013 2014 2015 2016 2017 2018 6M 18 6M 19 pro forma Q2 18 Q2 19 pro forma 59.8 56.0 55.3 73.7 67.0 46.3 59.0 46.9 49.5 43.1 44.4 54.3 48.6 44.9 47.0 56.7 49.6 50.0 50.4 51.0

104.2 110.3 103.9 118.6 114.0 103.0 108.6 96.9 99.9 94.1

2013 2014 2015 2016 2017 2018 6M 18 6M 19 pro forma Q2 18 Q2 19 pro forma Periodical financial information I Q2 19 results I 7 August 2019

NEP 79

71 72 39 30 30 15 15 8 8

NEP 907

958 1,062 1,014 947 844 430 411 213 207

NEP 374

399 413 361 341 309 160 143 80 72

NEP 202

185 204 185 175 138 79 73 40 36

SLIDE 36

CEU

36 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

* incl. non-consolidated partnerships @ 100%

29 16 24 40 53 57

6M 18 6M 19 Life Non-Life

16 4 10 21 26 25

Q2 18 Q2 19

2,003 1,047 682 710 2,685 1,757

6M 18 6M 19 Life Non-Life

952 485 299 338 1,251 823

Q2 18 Q2 19

91.6 90.2

6M 18 6M 19 pro forma

92.9 88.8

Q2 18 Q2 19 pro forma

121 66

6M 18 6M 19 pro forma

133

6

Q2 18 Q2 19 12 8

6M 18 6M 19

12 7

Q2 18 Q2 19

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

Non-Life COR: driven by excellent

perating performance

Operating margin Unit-Linked mainly down

n lower sales

Net result supported by strong Non-Life profit

Net result Q2 up 8% scope-on-scope – Life impacted by reserve strengthening

15.7 16.2 16.6 0.4 0.6 0.8 16.1 16.8 17.4

FY 18 3M 19 6M 19 excl shadow shadow

Q2 inflows up 22% scope-on-scope, driven by Life & Non-Life Life Technical liabilities consolidated entities up driven by higher inflows Operating margin Guaranteed down due to reserve strengthening (116 bps in Q2)

SLIDE 37

CEU

37

Very strong Non-Life business Life impacted by reserve strengthening Net result & Life liabilities

In EUR mio

Periodical financial information I Q2 19 results I 7 August 2019 29 16 16 24 40 38

53 57 54

6M 18 6M 19 pro forma Life Non-Life

Net result

Life: net result impacted by reserve strengthening in Portugal’s

Guaranteed business related to low interest rate environment Last year EUR 5 mio contribution from Luxembourg (EUR 2 mio in Q1 & EUR 3 mio in Q2)

Non-life: strongly up thanks to improved claims ratio

Internal reinsurance: positive contribution in Q1 (EUR 3 mio) & negative impact in Q2 (EUR 1 mio)

Life technical liabilities

Up on higher sales in Guaranteed business

16 4 4 10 21 22

26 25 26

Q2 18 Q2 19 pro forma

15.7 16.2 16.6 0.4 0.6 0.8 16.1 16.8 17.4

FY 18 3M 19 6M 19 excl shadow shadow

SLIDE 38

CEU

38

Strong increase in Guaranteed Business – Non-Life growth in all business lines Inflows

Unit-Linked Guaranteed Other Household Accident & Health Motor

In EUR mio

533 800 284 247

+28% 817 1,047

6M 18 6M 19 212 228 277 277 124 139 69 66

+4% 682 710

6M 18 6M 19

* Excluding Luxembourg

Periodical financial information I Q2 19 results I 7 August 2019

Life Unit-Linked

Inflows down due to fewer underwriting in Portugal & France

related to the financial market volatility - Decrease limited to 1% in Q2 compared to 22% in Q1

Life Guaranteed

Q2 Inflows up 43% mainly related to higher sales in Savings in

Portugal – confirming trend Q1

Non-Life

Up 27% at constant FX in Q2 (heavily impacted by FX rate in

Turkey)

Strong sales in Portugal continued with main contributors being

Health Care, Household, Motor (pushed by new business and inforce business) & Workers’ Compensation (new & inforce business)

90 98 130 146 55 64 24 29

+13% 299 338

Q2 18 Q2 19 252 361 126 124

+28% 378 485

Q2 18 Q2 19

*

SLIDE 39

63.7 61.3 55.9 58.6 59.2 62.7 62.1 61.2 62.2 58.5 30.0 30.8 29.5 30.1 31.2 29.7 29.5 28.9 30.7 30.3

93.7 92.1 85.4 88.7 90.4 92.4 91.6 90.2 92.9 88.8

(4.0) (4.3) (6.5) (6.5) (8.0) (2.9) (4.2) (3.7) (6.1) (7.2) 2013 2014 2015 2016 2017 2018 6M 18 6M 19 pro forma Q2 18 Q2 19 pro forma

claims ratio expense ratio PY claims ratio

CEU

39 Periodical financial information I Q2 19 results I 7 August 2019

Combined ratio

Net earned premium (In EUR mio)

In % Net earned premium

Combined ratio well below group target

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.

Combined ratio

Q2 Combined ratio of consolidated companies ended at 88.8%,

reflecting a continued excellent operating performance

Q2 Combined ratio in Turkey (@99.4% vs. 99.9%) stable

Claims ratio

CY ratio improved versus LY, driven by Motor & excellent ratio in

Household

PY ratio: PY releases slightly decreasing over the 6M period

Expense ratio improved compared to LY

403 415 454 664 768 594 292 319 148 162

SLIDE 40

59.7 61.9 58.8 64.9 61.4 62.5 63.9 65.4 61.9 65.4 26.6 26.7 25.2 25.1 26.8 24.8 24.5 24.3 26.0 26.1

86.3 88.6 84.0 90.0 88.2 87.3 88.4 89.7 87.9 91.5 2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18 Q2 19 pro forma

CEU

40

Combined ratio

79.3 60.1 71.5 65.5 70.4 68.0 65.7 64.9 69.1 63.7 29.2 31.6 32.3 32.5 35.0 35.3 34.9 34.3 35.7 34.6

108.5 91.7 103.8 98.0 105.4 103.3 100.6 99.2 104.8 98.3 2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18 Q2 19 pro forma

53.5 54.0 36.1 42.3 46.5 48.5 45.8 40.7 40.6 27.7 38.8 40.3 35.9 38.0 34.7 34.2 35.0 33.6 36.0 34.3

92.3 94.3 72.0 80.3 81.2 82.7 80.8 74.3 76.6 62.0 2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18 Q2 19 pro forma

59.6 72.3 31.7 12.1 3.9 72.6 63.0 26.5 92.4 1.3 43.7 45.1 40.8 41.3 39.2 41.5 37.8 38.5 40.5 44.4

103.3 117.4 72.5 53.4 43.1 114.1 100.8 65.0 132.9 45.7 2013 2014 2015 2016 2017 2018 6M 186M 19 pro forma Q2 18 Q2 19 pro forma

Continued excellent operating performance

Other: very small & volatile portfolio

Periodical financial information I Q2 19 results I 7 August 2019

Accident & Health: CoR increased due to higher claims ratio Motor: good performance driven by better claims Household: very good claims ratio & improved expense ratio

NEP

227 238 255 328 373 318 155 170 79 86

NEP

99 96 94 202 249 188 93 102 47 52

NEP

48 51 70 91 105 74 37 41 19 22

NEP

29 30 35 43 41 13 7

7

4 3

SLIDE 41

CEU

41 Periodical financial information I Q2 19 results I 7 August 2019

Operating margins

In bps Avg techn. liabilities

Guaranteed margin up on lower claims and strong sales ; UL margin down on lower sales

In EUR bn

1 2 (1) (2) (1) 1 1 2 5 4 4 3 5 4 9 4 5 16 6 10 5 9 3

10 7 7 21 9 12 8 12 7

2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19 Operating margin Expense & other m. Underwriting m. Investment m.

95 100 110 111 99 92 98 109 96 77 59 76 106 80 99 92 101 83 (102) (71) (65) (78) (71) (70) (124) (78) (184)

70 88 121 139 108 121 66 133 (6)

2014 2015 2016 2017 2018 6M 18 6M 19 Q2 18 Q2 19

Life Unit-Linked

Decrease driven by lower inflows in all countries, due to

financial markets volatility

Remains around FY 2018 margin

Life Guaranteed

Down due to Portugal
Underwriting margin: slightly up on higher risk margin
Investment margin: slightly lower due to lower investment

income

Expense & other margin: impacted by reserve

strengthening related to low interest rate environment

Avg techn liabilities (In EUR bn)

6.3 6.2 6.1 6.0 7.5 7.6 7.7 7.6 7.7 7.6

Avg techn liabilities (In EUR bn)

7.6 7.7 8.0 8.7 7.9 8.1 8.0 8.5 8.0 8.5

SLIDE 42

In EUR mio In EUR bn In EUR bn

Asia

42 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

In % NEP

*Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX 164 324 7 8

170 331 6M 18 6M 19

Life Non-Life 12,884 14,168 450 652

13,334 14,819 6M 18 6M 19

Life Non-Life

65.6 75.3 76.5 FY 18 3M 19 6M 19 87.9 103.2

Q2 18 Q2 19

89.9 99.3

6M 18 6M 19

Exceptionally high quarter driven by operating performance, capital gains & one-off

4,699 5,077 205 360

4,904 5,437 Q2 18 Q2 19

43 182 3 3

46 185 Q2 18 Q2 19

12.0 13.2 0.9 1.0

12.9 14.2 6M 18 6M 19

regular single

In EUR bn

Regular premium: strong growth - exceeding 90% of Life inflows

4.3 4.7 0.4 0.4

4.7 5.1 Q2 18 Q2 19

Net result : solid operational performance, capital gains & tax change Inflows* up 12% in Q2 - continued solid growth trend Life Technical liabilities up 15% YTD Non-Life COR reflecting acquisition in India

SLIDE 43

Asia

43

Solid operating performance, higher capital gains and tax benefit Net result & Life liabilities

In EUR mio Net result Life Technical liabilities

Periodical financial information I Q2 19 results I 7 August 2019 164 324 7 8

170 331 6M 18 6M 19

Life Non-Life 43 182 3 3

46 185 Q2 18 Q2 19 65.6 75.3 76.5 FY 18 3M 19 6M 19

Exceptionally high Life Net Result driven by :
Good underlying results from all operating companies;
Favourable evolution of equity markets leading to higher

capital gains;

Positive evolution of the interest rates in China;
Retroactive 2018 tax benefit in China
Non-Life Result : adverse claims experience and impairments

were offset by favourable cost management

Life Technical liabilities driven by top line growth and high

persistency levels

SLIDE 44

Asia

44

Growth in Life driven by renewals – Non-Life inflows supported by all business lines Inflows

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

12,334 13,538 549 630

12,883 14,168

6M 18 6M 19 199 334 53 63 66 84 133 171

451 652

6M 18 6M 19

incl. non-consolidated partnerships @ 100%

All growth rates are at constant FX Periodical financial information I Q2 19 results I 7 August 2019

Life

Life gross inflows up 9% in Q2, driven by strong

persistency and continued channel developments

New

business premiums down 11% in Q2, in a challenging economic environment in China, but more than compensated by strong persistency with renewals up 19%

Regular premium up 10% in Q2

Non-Life

Scope-on-scope inflows up 27% in Q2, supported by all

countries and all business lines, especially Motor (+75%) and Household (+41%)

EUR 133 mio contribution

from the new Indian activity since acquisition in Q1

SLIDE 45

Vietnam: continued rapid growth Malaysia: up 19%, supported by both Life and Non-Life China: up 13% in Q2 driven by strong renewals

10,983 12,322 6M 18 6M 19

Asia

45

Solid growth across the region Inflows per country

In EUR mio

1,317 1,196 160 175

1477 1370

6M 18 6M 19 Life Non-Life 10 15 6M 18 6M 19 * incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I Q2 19 results I 7 August 2019 10 22 6M 18 6M 19 440 472 290 343

730 816

6M 18 6M 19 Life Non-Life 118 127 133

118 261

6M 18 6M 19 Life Non-Life 36 39 91

36 130

Q2 18 Q2 19 3,776 4,1 81 Q2 18 Q2 19 6 8 6M 18 6M 19 15 36 6M 18 6M 19 222 236 12 6 18 1

348 417

Q2 18 Q2 19

India: up 3% in Life – newly acquired business in Non-Life Philippines: continued upward trend

649 592 79 88

727 679

Q2 18 Q2 19

Thailand: down 13% - impact of paid- up policies, New business up 28%

SLIDE 46

In EUR mio

Reinsurance

Headlines

46

In % NEP In EUR mio

ageas SA/NV reinsurance activities

Periodical financial information I Q2 19 results I 7 August 2019

2 (34)

6M 18 6M 19

(22)

Q2 18 Q2 19

29 1,137

6M 18 6M 19

14 275

Q2 18 Q2 19

91.3% 84.8%

6M 18 6M 19 pro forma

100.8% 89.4%

Q2 18 Q2 19 pro forma

Q2 negatively impacted by exceptional items in the UK

Net result: Q2 negatively impacted by ramp up phase & motor large losses in UK Inflows: EUR 220 mio in Q2 from new QS agreements Pro-forma combined ratio benefit from PY releases

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: 30% with AG Insurance in Belgium*, 30% with Ageas

Insurance Limited in the UK, and 20% with all Portuguese Non-Life Entities

Loss Portfolio Transfers (LPT): 30% with Ageas Insurance Limited in the UK, and 20%

with the Portuguese Non-Life Entities

The reinsurance protection programme formerly carried out by Intreas is now managed by

ageas SA/NV

The Pillar I Solvency II for ageas SA/NV amounted to 353%

SLIDE 47

47 202 743 144

29 1,137

6M 18 6M 19

Reinsurance

47

Significant one-off impacts Net result & Inflows

Portugal UK Former Intreas Belgium

Quarter

EUR 220 mio from the new quota share agreements
EUR 31 mio from prior year unearned premiums in Portugal
EUR 24 mio from protection programme formerly managed by Intreas

Year-to-date

EUR 459 mio from the new quota share agreements
EUR 464 mio from the LPT
EUR 166 mio from prior year unearned premiums in UK & Portugal
EUR 47 mio from protection programme formerly managed by Intreas -

strong growth thanks to a new participation in India non-life and in Motor & Third Party Liability in the UK

Periodical financial information I Q2 19 results I 7 August 2019

Net result Gross inflows Quarter

EUR 5 mio contribution from traditional protection programme
Negative impact from ramp up phase & motor large losses in the UK

Year-to-date

EUR 7 mio positive contribution from former Intreas
EUR 13 mio loss from the QS treaty in Belgium due to bad weather &

prudent initial reserving for CY claims

EUR 25 mio loss from the UK related to ramp up phase & motor large

losses

EUR 3 mio loss from Portugal coming from the LPT

24 84 102 65 14 275 Q2 18 Q2 19

2 (34) 7

6M 18 6M 19 pro forma

(22) 5

Q2 18 Q2 19 pro forma

SLIDE 48

Net result positive following RPN(i) revaluation & lower expenses

In EUR mio

Value legacies – Settlement liability down on payments

Profit driven by positive RPN(i) revaluation & lower expenses

GA

48 Periodical financial information I Q2 19 results I 7 August 2019

Headlines

Stable total liquid assets

In EUR mio

Impact on P&L from RPN(i) Lower staff & operating expenses

In EUR bn In EUR mio

(34) 5

6M 18 6M 19

18 12

Q2 18 Q2 19

15 14 24 35 39 49

6M 18 6M 19 Staff & Intercompany Operating

9 7 16 13 25 20

Q2 18 Q2 19

9 61

6M 18 6M 19

47 34

Q2 18 Q2 19

In EUR mio In EUR mio

Upstream Opcos – EUR 4 mio in Q3

599 629

6M 18 6M 19

(359) (332) (298) 7 5 6 (812) (764) (626)

FY 18 3M 19 6M 19 RPN(i) RPI Settlement

1.7 1.5 1.7

FY 18 3M 19 6M 19

SLIDE 49

GA

49 Periodical financial information I Q2 19 results I 7 August 2019

Cash upstream covering paid dividend, holdco costs & part of SBB Cash position

In EUR mio

All upstreams received from operating companies – EUR 4 mio received in Q3
Successful issue of Tier 2 bond & loan to Belgian opco
M&A relates to India & capital injections in The Philippines
2018 SBB finalised – 9th consecutive SBB announced
EUR 0.6 bn ring-fenced for Fortis settlement

≈ 600 ≈ 900

settlement settlement SBB SBB M&A (416) (190) (129) (53) (72) (10) 629 275 (17)

FY 18 Upstream Dividend Cap mgmt M&A Settlement HQ & RO expenses Share buy-back Other 6M 19

HQ RO

SLIDE 50

GA

50 Periodical financial information I Q2 19 results I 7 August 2019

Successful issuance of debt at holding level in April 2019 Outstanding hybrids

In EUR mio

ageas SA/NV Ageasfinlux

Fixed-to-Floating Rate Callable Tier 2

Fresh

Tier 1

Fixed-to- Floating Rate Callable

Tier 2

Fixed Rate Reset Perpetual Subordinated Loans

Tier 1

Fixed Rate Reset Dated Subordinated Notes

Tier 2

CASHES %

3.25% 3m EUR + 135 bps 5.25% 6.75% 3.5% 3m EUR +200 bps

Amount outstanding

500 1,250 450 550 USD 400 948 ISIN BE0002644251 XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800 Call date 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 Mar 2019 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 Public issue Subscribed by Ageas & BNP Paribas Fortis Public issue Public issue Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (30/06/19) 104.63 48.30 115.70 107.96 72.16

Fortis Bank

(now BNP PF)

AG Insurance

(Belgium)

SLIDE 51

51 Periodical financial information I Q2 19 results I 7 August 2019

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

SLIDE 52

Equity

52 Periodical financial information I Q2 19 results I 7 August 2019

Equity up on net result & positive impact of financial markets

In EUR mio

6,799 6,888

2,613 3,337

606 725 40 (416) (74) (54) (13) EUR 48.42 EUR 53.07

9,411 10,225

FY 18 result change UG/L dividend treasury shares FX IAS 19

ther

6M 19

Shareholders’ equity per segment

Belgium 4,843

►

4,947 Asia 2,354

►

3,132 UK 896

►

921 Reinsurance 116

►

91 Continental Europe 1,220

►

1,259 General Account (17)

►

(124)

Shareholders equity

Equity per share Unrealised gains & losses Equity per segment

SLIDE 53

Equity

53 Periodical financial information I Q2 19 results I 7 August 2019

Debt leverage slightly down on debt initiatives Tangible net equity

I page 53

FY 18 6M 19

IFRS Shareholders' Equity 9,411 10,225

Unrealised gains real estate 649 499 Goodwill (602) (595) VOBA (Value of Business Acquired) (73) (65) DAC (Deferred Acquisition Cost) (408) (422) Other (423) (459) Goodwill, DAC, VOBA related to N-C interests 331 347 25% tax adjustment DAC, VOBA & Other 146 153

IFRS Tangible net equity 9,031 9,682

IFRS Tangible net equity/ IFRS Shareholder's Equity 96% 95% Debt leverage on tangible net equity * 20.2% 19.7%

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

SLIDE 54

Solvency

54 Periodical financial information I Q2 19 results I 7 August 2019

Solvency strong despite drop in yield curve Solvency IIageas

Solvency IIageas in % Own Funds SCR

Non EU Non-controlled participations*

Belgium UK CEU Reinsurance GA

eliminations

Group

2.7 2.8 2.9 0.5 0.5 0.5 0.6 0.6 0.6 0.1 0.3 0.3 0.1 0.1 0.1 (0.3) (0.5) (0.5) 3.7 3.9 4.0 2.4 2.8 2.8 6.4 6.0 6.3 0.8 0.9 0.8 1.0 1.0 1.0 0.1 0.6 0.6 1.3 0.5 1.0 (1.7) (1.6) (1.9) 8.0 7.5 7.9 5.8 6.6 6.6

FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19 FY 18 3M 196M 19

235% 215% 223% 167% 175% 161% 178% 170% 160% 196% 200% 192% 215% 194% 201% 241% 237% 236%

SLIDE 55

Solvency II

55 Periodical financial information I Q2 19 results I 7 August 2019

Expected dividend over the 6M period covered by positive impact from operations Solvency IIageas

Impact on Solvency IIageas*

FY ’18  6M ’19 215 201%

3M ’19  6M ’19 194% 201% Debt initiatives +4 pp Call in Q1 / Issuance in Q2 +13% Model refinements

1 pp
2 pp

Market movements

(incl. RPN(i))

6 pp

(+2 pp)

Yield curve 0 pp (+1 pp) Internal reinsurance & Ogden

4 pp

LACDT, diversification & Ogden

1 pp

Operational +7 pp +3 pp Acquisition India

5 pp

Outside Solvency II scope SBB

2 pp
1 pp

Expected dividend

7 pp
4 pp

* Impact including secondary impact, diversification & non-transferable

SLIDE 56

Free Capital Generation

56 Periodical financial information I Q2 19 results I 7 August 2019

Operational FCG of EUR 257 mio

2,143 1,769 414 271 163 58 (15) (97) (119) (185) (416)

2,557 2,040

94

FY 18 Model changes Market Impact Operational impact Exceptional items Capital transactions M&A Paid dividend 6M 19

expected dividend

Operational impact – includes EUR 94 mio dividend upstream Non-European NCP’s
Market: sharp drop in yield curve
Exceptional items: implementation new internal reinsurance agreements & Ogden
Capital transactions = call & issue debt instruments, SBB & injection in Asia
M&A: Acquisition in India

* FCG Non-European NCP’s of EUR 294 mio over Q1 2019 of which EUR 113 mio operational, is not included

Based on 175% SCR Solvency IIageas

Solvency IIageas

In EUR mio *

SLIDE 57

Free Capital Generation

57 Periodical financial information I Q2 19 results I 7 August 2019

Evolution SCR & OF split between types of impact Solvency IIageas

Own Funds SCR

7,999 7,945 414 271 15 71 282 58 (21) (185) (416)

8,412 8,217

FY 18 Model changes Market Impact Operational impact Exceptional items Capital transactions M&A Paid dividend 6M 19

3,728 3,955 135 15 56

FY 18 Model changes Market Impact Operational impact Exceptional items Capital transactions M&A Paid dividend 6M 19

In EUR mio

SLIDE 58

Free Capital Generation

58 Periodical financial information I Q2 19 results I 7 August 2019

Operational FCG driven by Belgium – Initial negative impact from start internal reinsurance

Exceptional YTD

OF SCR FCG internal reinsurance & ogden

Belgium

265 (22)

304

7

OF affected by bad weather

UK

8 23

(32)

28 large Motor losses SCR up on expected book increase

CEU

71 21

35

25 OF driven by operating performance SCR up on asset mix changes

Reinsurance

8 11

(12)

(478) SCR up on build-up of accepted risks

General Account

10 5

1

(15) including dividend NCP's

Group eliminations

(79) (23)

(38) 314

new accepted risks highly diversified

Total Ageas

282 15

257 (119)

stable OF generation

Solvency II scope Operational YTD

In EUR mio

Solvency IIageas

SLIDE 59

Solvency

59

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

As per 31/12/18

SCR OF Solvency

Base case

Beforestress 3,728 7,998

215% Yield curve

Down 50 bps 3,837 7,883

205%

Up 50 bps 3,619 8,060

223% Equity

Down 25% 3,682 7,704

209% Property

Down 10% 3,788 7,728

204% Spread*

Spreads on corporate & government bonds up 50 bps 3,724 7,693

207% Corporate spread

Up 50 bps 3,698 7,895

213% Sovereign spread

Up 50 bps 3,758 7,796

207% UFR – base case 4.05%

Down 15 bps 3,730 7,989

214%

Down 45 bps 3,750 7,944

212%

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

Periodical financial information I Q2 19 results I 7 August 2019

SLIDE 60

Solvency

60 Periodical financial information I Q2 19 results I 7 August 2019

Solvency strong despite drop in yield curve PIM

Solvency II PIM in % Own Funds SCR

* Based on local solvency requirements

2.8 3.0 3.1 0.5 0.5 0.5 0.5 0.5 0.5 0.1 0.3 0.3 0.1 0.1 0.1 (0.3) (0.5) (0.5) 3.7 4.0 4.1 2.4 2.8 2.8

6.3 5.8 6.1 0.9 0.9 0.8 1.4 1.4 1.4 0.1 0.6 0.6 1.3 0.5 1.0 (1.9) (1.7) (2.0) 8.1 7.5 8.0 5.8 6.6 6.6

FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 FY 18 3M 19 6M 19

In EUR bn Belgium UK CEU Reinsurance GA

eliminations

Group

Non EU Non-controlled participations*

222% 195% 195% 169% 168% 156% 288% 283% 276% 191% 197% 190% 216% 190% 194% 241% 237% 236%

SLIDE 61

Solvency

61

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

As per 31/12/18

SCR OF Solvency

Base case

Beforestress 3,728 8,059

216% Yield curve

Down 50 bps 3,801 7,985

210%

Up 50 bps 3,648 8,092

222% Equity

Down 25% 3,671 7,762

211% Property

Down 10% 3,759 7,801

208% Spread*

Spreads on corporate & government bonds up 50 bps 3,928 7,446

190% Corporate spread

Up 50 bps 3,618 8,048

222% Sovereign spread

Up 50 bps 4,101 7,440

181% UFR – base case 4.05%

Down 15 bps 3,730 8,049

216%

Down 45 bps 3,740 8,004

214%

* Credit rating movement not taken up in spread sensitivity

Periodical financial information I Q2 19 results I 7 August 2019

SLIDE 62

( 1.4 ) ( 1.5 ) ( 1.6 ) ( 1.0 ) ( 1.1 ) ( 1.2 ) ( 0.9 ) ( 0.9 ) ( 0.9 ) 4.4 4.7 4.9 0.4 0.3 0.4 0.6 0.7 0.8 0.3 0.4 0.4 0.7 0.8 0.8 0.5 0.5 0.5

3.7 4.0 4.1

FY 18 3M 19 6M 19 Non Diversifiable Non-life UW Health UW Life UW Counterparty Default Market Loss-Absorption Deferred Taxes Loss-Absorption Techn. Liab. Diversification

Solvency

62 Periodical financial information I Q2 19 results I 7 August 2019

Composition of SCR & OF Composition of SCR & OF

Diversification Loss-Absorption Deferred Taxes

Insurance SCRageas per risk type Market risk main factor in SCR Tiering of Group PIM own funds High quality of own funds

5.6 5.6 5.5 1.4 1.3 1.3 1.0 0.6 1.2 0.1 0.1 0.1

8.1 7.5 8.0

FY 18 3M 19 6M 19 Tier 3 Tier 2 Tier 1 restricted Tier 1

In EUR bn

SLIDE 63

63 Periodical financial information I Q2 19 results I 7 August 2019

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

SLIDE 64

Investment portfolio

64 Periodical financial information I Q2 19 results I 7 August 2019

Investment portfolio up on higher UG/L

* 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 36.9 Sovereign bonds 38.7 Corporate bonds 19.9 Corporate bonds 20.9 Structured 0.1 Structured 0.1 Loans 9.7 Loans 10.2 Equities 4.5 Equities 4.2 Real Estate 5.6 Real Estate 5.7 Cash 2.9 Cash 3.1

79.6 82.9

FY 18 6M 19

Total portfolio: up to EUR 8.9 bn (vs. EUR 5.9 bn)
Fixed income: up to EUR 8.3 bn (vs. EUR 5.6 bn)

° Sovereigns at EUR 6.7 bn (vs. EUR 4.6 bn) ° Corporates at EUR 1.6 bn (vs. EUR 1.0 bn)

Equities: up to EUR 0.6 bn (vs. EUR 0.4 bn)
at EUR 1.9 bn
not reflected in shareholders’ equity
Up to EUR 2.5 bn (vs. EUR 1.9 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 65

Investment portfolio

65 Periodical financial information I Q2 19 results I 7 August 2019

Value fixed income assets up on higher UG/L

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

Corporate bond portfolio*

Belgium 18.0 Belgium 18.5 France 6.3 France 6.7 Austria 2.6 Austria 2.7 Portugal 2.4 Portugal 2.7 Spain 1.8 Spain 2.2 Italy, 1.2 Italy, 1.4 Germany 1.2 Germany 1.2 Ireland 0.5 Ireland 0.6 Other 2.9 Other 2.7

36.9 38.7

FY 18 6M 19

Banking 3.1 Banking 3.1 Other financials 2.1 Other financials 2.4 Non Financials 11.2 Non Financials 12.1 Government related 3.4 Government related 3.4

19.9 20.9

FY 18 6M 19

Gross UG/L up to EUR 6.7 bn (vs. EUR 4.6 bn)
Over 99% investment grade; 89% rated A or

higher

Belgium duration gap close to zero – matched

portfolio

Gross UG/L up to EUR 1.6 bn (vs. EUR 1.0 bn)
Credit quality remains high with 91%

investment grade - 54% rated A or higher

Sovereign bond portfolio*

In EUR bn

SLIDE 66

Investment portfolio

66 Periodical financial information I Q2 19 results I 7 August 2019

More infrastructure loans

In EUR bn

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

Equity portfolio* Loan portfolio (customers & banks)*

Higher exposure in infrastructure loans
Other: mostly government related loans

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

Gross UG/L up to EUR 0.6 bn (vs. EUR 0.4 bn)

Equities 2.2 Equities 2.3 Equity funds 0.3 Equity funds 0.3 RE funds 0.9 RE funds 0.9

Mixed funds &

thers 1.1

Mixed funds &

thers 0.7

4.5 4.2

FY 18 6M 19 Loans to banks 0.9

Loans to banks 0.7 RE 0.1 RE 0.2 Infrastructure 0.9 Infrastructure 0.9 Mortgages 1.2 Mortgages 1.2 Other 6.6 Other 7.2

9.7 10.2

FY 18 6M 19

SLIDE 67

Investment portfolio

67 Periodical financial information I Q2 19 results I 7 August 2019

Real Estate exposure mainly in Belgium

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

Real estate portfolio*

Gross UG/L at EUR 1.9 bn (not reflected

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

In EUR bn

Investment Offices 2.4 Investment Offices 2.4 Car Parks 1.2 Car Parks 1.3 Investment Retail 1.3 Investment Retail 1.3 0.3 0.3 0.4 0.3

5.6 5.7

FY 18 6M 19

SLIDE 68

68 Periodical financial information I Q2 19 results I 7 August 2019

Content

Slides used during analyst call 2 Segment information 16 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

SLIDE 69

Legal

69 Periodical financial information I Q2 19 results I 7 August 2019

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
< 250 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 ≈159K have received early payment
≈EUR 593 mio compensation paid to eligible shareholders of which EUR 140 mio coming from

D&O insurers – more payments scheduled

Due to higher than expected number of claims dilution possible in certain cases
70% of estimated per share compensation guaranteed for claimants filing before 31/12/2018

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

* Based on indicative per share compensation & per 28/07/2019

SLIDE 70

Legal

70 Periodical financial information I Q2 19 results I 7 August 2019

Proceedings related to the past that remain outstanding

Administrative proceedings Criminal investigation Civil proceedings Other proceedings

None
Public prosecutor has announced discontinuation of proceeding
Public prosecutor has to present his proposal to Chambre du Conseil on referral
Opt-out cases from settlement
< 250 opt-outers for ≈1% of settlement amount
Patrinvest: first instance in favour of ageas, appeal filed by plaintiff
Several individual cases
Mr. Modrikamen: suspended awaiting outcome criminal procedure
MCS: appeal Court ruled in favour of ageas, appellants filed appeal before Supreme

Court

SLIDE 71

71 Periodical financial information I Q2 19 results I 7 August 2019

Slides used during analyst call 2 Segment information 16 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

SLIDE 72

Outstanding shares

72 Periodical financial information I Q2 19 results I 7 August 2019

Another 4 mio shares canceled at Shareholders’ meeting in May 2019

* After deduction of shares for management plans *

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

situation 31/12/2018 situation 30/06/2019 situation 02/08/2019

203,022,199 198,374,327 198,374,327

12,574,985 9,629,223 10,413,819 4,647,872 1,702,110 2,486,706 3,968,254 3,968,254 3,968,254 3,958,859 3,958,859 3,958,859 190,447,214 188,745,104 187,960,508

SLIDE 73

Shareholders structure

73 Periodical financial information I Q2 19 results I 7 August 2019

Ageas 3.3% Ping An BlackRock, Inc. Schroders Fosun Identified retail investors 22% Identified institutional investors 45% Other investors 14%

Based upon press release 13 May 2019 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 2 August 2019 Based upon the number of shares mentioned in the notification received 8 June 2018 Based upon the number of shares mentioned in the notification received 16 May 2019 Estimate by Estimate by Ageas Ping An BlackRock, Inc. Schroders Fosun Identified retail investors Identified institutional investors

SLIDE 74

Financial calendar

74 Periodical financial information I Q2 19 results I 7 August 2019

20 February FY 2018 results 15 May 3M 2019 results 15 May Ordinary shareholders’ meeting Brussels 27 May Ex-dividend date 5 April Annual report 2018 29 May Payment 2018 dividend 7 August 6M 2019 results 6 November 9M 2019 results 14 November 9M 2018 results

SLIDE 75

Ratings

75 Periodical financial information I Q2 19 results I 7 August 2019

S&P MOODY'S FITCH Operating entities

AG Insurance (Belgium) A / stable A2 / stable* A+ / stable Last change 22/11/18 26/03/19 07/12/18

unsollicited

Ageas Insurance Limited A / stable A+ / stable Last change 06/11/15 23/11/16 Muang Thai Life BBB+ / stable A- / stable Last change 27/11/17 01/04/19 Etiqa Insurance Berhad (Malaysia) A / stable Last change 11/04/19 China Taiping Life A+ / stable Last change 22/03/19 Intreas A / stable Last change 11/11/16

Holding

ageas SA/NV A / stable A3 / stable* A+ / stable Last change 10/12/18 25/03/19 07/12/18

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 76

76 Periodical financial information I Q2 19 results I 7 August 2019

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