Q3 2019 RESULTS Periodical Financial Information Periodical financial information I Q3 19 results I 6 November 2019 1
Content Slides used during analyst call 2 Segment information 15 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71 Periodical financial information I Q3 19 results I 6 November 2019 2
Ageas Another strong quarter driven by operating performance & Headlines supported by financial results Net result: solid operating performance Life Technical liabilities up in conso (2% Inflows up 15% in Q3 excl. Luxembourg supported by financial results excl. shadow) & non-conso In EUR bn In EUR mio In EUR bn 28.5 154.3 158.6 877 27.4 139.0 8 5.0 4.5 656 202 80.2 76.5 65.6 201 271 214 7.5 3 7.3 86 26 5.2 23.5 4.0 22.8 667 1.7 1.8 1.4 99 463 73.9 71.5 73.2 182 5.9 5.9 90 (8) 9M 18 9M 19 Q3 18 Q3 19 FY 18 6M 19 9M 19 Q3 18 Q3 19 9M 18 9M 19 excl shadow shadow non-conso Life Non-Life Life Non-Life GA Non-Life combined ratio: excellent Q3 Margin Guaranteed: Q3 supported by Operating margin Unit-Linked: up in BE driven by BE & CEU investment income & in CEU In % NEP In bps avg technical liabilities In bps avg technical liabilities 93 95.1 94.7 92.7 86 81 89.7 60 33 26 26 21 9M 18 9M 19 Q3 18 Q3 19 9M 18 9M 19 9M 18 9M 19 Q3 18 Q3 19 Q3 18 Q3 19 * incl. non-consolidated partnerships @ 100% 3 Periodical financial information I Q3 19 results I 6 November 2019
Ageas Dividend EUR 633 mio upstreamed in 2019 upstream In EUR mio Belgium main contributor of cash Upstream more than covering dividend & holding costs on FY basis India 3 China 53 633 622 Thailand 16 7 Asia Malay sia 16 Asia 88 516 92 509 488 487 CEU CEU Asia HQ & RO 86 440 438 Turkey 11 85 expenses Asia 77 Asia UK 44 Asia CEU 93 Asia 89 106 43 48 52 CEU CEU 19 CEU 36 Portugal UK 47 53 75 CEU UK 50 UK 82 150 paid Belgium dividend Belgium Belgium UK 64 437 416 415 Belgium 391 Belgium Belgium 333 294 268 Belgium 168 Upstream during 2013 2014 2015 2016 2017 2018 2019 2019 based on net result of the year before Periodical financial information I Q3 19 results I 6 November 2019 4
Belgium Strong Q3 net result driven by excellent Headlines operating performance in Life & Non-Life Net result: strong Q3 up on investment result Inflows: continued strong growth across Life Technical Liabilities mainly up on most business lines Group Life & Unit-Linked In EUR mio In EUR mio In EUR bn 61.9 4,937 60.4 57.3 4,540 306 305 4.2 3.1 1.4 1,620 85 1,552 93 1,351 1,375 110 57.7 57.3 55.9 86 495 474 43 3,317 221 212 2,987 46 878 880 67 40 9M 18 9M 19 Q3 18 Q3 19 9M 18 9M 19 Q3 18 Q3 19 FY 18 6M 19 9M 19 Life Non-Life Life Non-Life excl shadow shadow Non-Life COR: strong YTD operational Operating margin Guaranteed: strong Operating margin Unit-Linked: strong performance impacted by volatility in Q3 investment result in RE margins in Q3 and YTD In % NEP In bps avg technical liabilities In bps avg technical liabilities 94.6 95.0 90.0 86.4 88 78 81 48 48 39 39 32 9M 18 9M 19 9M 18 9M 19 pro Q3 18 Q3 19 pro 9M 18 9M 19 Q3 18 Q3 19 Q3 18 Q3 19 forma forma Periodical financial information I Q3 19 results I 6 November 2019 5
UK Sustained strong Household performance offset by the Headlines impact of the challenging Motor market Net result in both years impacted by Inflows* down but stabilizing in Q3 Non-Life combined ratio impacted by non-recurring items Motor claims experience In EUR mio In EUR mio In % of NEP 1,376 66 1,326 61 31 455 445 97.5 97.0 97.2 94.4 14 9M 18 9M 19 Q3 18 Q3 19 9M 18 9M 19 pro Q3 18 Q3 19 pro 9M 18 9M 19 Q3 18 Q3 19 forma forma * incl. non-consolidated partnerships @ 100% Periodical financial information I Q3 19 results I 6 November 2019 6
CEU Headlines Solid result driven by strong Non-Life performance - Life inflows down in a challenging environment Net result Q3 down 16% scope-on-scope Q3 inflows up 4% scope-on-scope, Life Technical liabilities consolidated on one-off cost in France driven by Non-Life entities up driven by higher inflows In EUR mio In EUR mio In EUR bn 4,113 82 80 17.4 951 16.5 16.1 0.8 39 2,473 1,428 1.0 0.4 56 29 269 1,043 23 3,162 716 16.6 15.7 15.5 15 44 16 1,159 333 1,430 24 15 383 8 9M 18 9M 19 Q3 18 Q3 19 9M 18 9M 19 Q3 18 Q3 19 FY 18 6M 19 9M 19 Life Non-Life Life Non-Life excl shadow shadow Non-Life COR: Excellent operating Operating margin Guaranteed down on Operating margin Unit-Linked up in Q3 on performance 9M due to reserve strengthening in Q2 improved expense ratio In % NEP In bps avg technical liabilities In bps avg technical liabilities 91.2 90.9 90.4 90.5 11 10 124 131 86 127 13 9 9M 18 9M 19 pro Q3 18 Q3 19 pro 9M 18 9M 19 9M 18 9M 19 Q3 18 Q3 19 Q3 18 Q3 19 forma forma * incl. non-consolidated partnerships @ 100% Periodical financial information I Q3 19 results I 6 November 2019 7
Asia High quarter driven by operating performance & positive Headlines impact of financial markets Net result : solid operational performance, Inflows* up 19% in Q3 - continued solid Life Technical liabilities up 19% YTD capital gains & discount rate curve growth trend In EUR bn In EUR mio In EUR mio 19,806 443 17,359 1,043 12 659 4,987 112 210 4,025 80.2 18,763 76.5 431 16,700 65.6 4 392 12 209 40 4,595 108 199 3,816 5 35 9M 18 9M 19 Q3 18 Q3 19 9M 18 9M 19 FY 18 6M 19 9M 19 Q3 18 Q3 19 Life Non-Life Life Non-Life Non-Life COR reflecting acquisition Regular premium: strong growth - in India exceeding 90% of Life inflows In % NEP In EUR bn Additional information on Ageas non-consolidated partnerships in 18.8 16.7 Asia is available on the excel 1.4 1.2 spreadsheet published on Ageas’ website under quarterly results 100.2 101.8 15.5 17.3 91.3 94 4.6 (www.ageas.com/investors/quarterly-results) 3.8 0.4 0.3 4.2 3.5 9M 18 9M 19 Q3 18 Q3 19 Q3 18 Q3 19 9M 18 9M 19 regular single *Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I Q3 19 results I 6 November 2019 8
Reinsurance Headlines Q3 positive impact from quota share treaties Net result: Q3 positive contribution from Inflows: EUR 207 mio in Q3 from new Q3 impacted by claims in UK quota share treaties Belgium & Portugal QS agreements In % NEP In EUR mio In EUR mio 1,454 10 4 2 318 (24) 124.6 97.2 89.4 86.3 16 45 9M 18 9M 19 pro Q3 18 Q3 19 pro Q3 18 Q3 19 9M 18 9M 19 9M 18 9M 19 Q3 18 Q3 19 forma forma ageas SA/NV Implementation of an internal reinsurance programme within ageas SA/NV in order to reinsurance activities 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 340% * Of which 75% is underwritten by ageas SA/NV Periodical financial information I Q3 19 results I 6 November 2019 9
GA Positive RPN(i) revaluation offset by execution of the Fortis Headlines Settlement Net result positive following RPN(i) Impact on P&L from RPN(i) Operating expenses up on execution Fortis revaluation Settlement In EUR mio In EUR mio In EUR mio 77 60 28 58 21 38 106 23 14 26 58 49 45 8 3 22 20 7 6 (8) 9M 18 9M 19 Q3 18 Q3 19 9M 18 9M 19 Q3 18 Q3 19 Q3 18 Q3 19 9M 18 9M 19 Staff & Intercompany Operating Value legacies – Settlement liability Upstream Opcos – EUR 4 mio in Q3 Total liquid assets down on SBB & Settlement down on payments In EUR bn In EUR mio In EUR mio 7 6 7 (253) (298) (359) (607) 633 599 1.7 1.7 (626) 1.6 (812) FY 18 6M 19 9M 19 FY 18 6M 19 9M 19 9M 18 9M 19 RPN(i) RPI Settlement Periodical financial information I Q3 19 results I 6 November 2019 10
Equity Shareholders Equity up on net result & positive impact of financial equity markets In EUR mio Equity per share EUR 58.58 EUR 48.42 1,388 11,223 166 (416) 877 (62) (130) (12) 9,411 Unrealised gains & 4,001 losses 2,613 7,223 6,799 FY 18 result change dividend treasury FX IAS 19 other 9M 19 UG/L shares Shareholders’ equity per segment Equity per segment Belgium 4,843 5,079 Asia 2,354 3,940 ► ► UK 896 975 Reinsurance 116 113 ► ► Continental Europe 1,220 1,304 General Account (17) (188) ► ► Periodical financial information I Q3 19 results I 6 November 2019 11
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