3M 2020 RESULTS Periodical Financial Information Content Slides - - PowerPoint PPT Presentation

SLIDE 1

3M 2020 RESULTS

Periodical Financial Information

SLIDE 2

2

Slides used during analyst call 2 Segment information 15 Equity / Solvency 50 Investment portfolio 62 Legal Settlement 67 General Information 70

Content

Periodical financial information I 3M 20 results I 13 May 2020

SLIDE 3

Main messages

Resilient operational performance in Covid-19 era

Ageas

3

Periodical financial information I 3M 20 results I 13 May 2020

• First quarter Group net result strongly supported by exceptional non-cash one-off
• Overall solid underlying operational performance mitigating lower investment result

due to Covid-19 pandemic

• Strong solvency and cash position
• Finalization of Fresh Tender offer
• Additional tranche acquired early April
• Intention to pay full announced dividend with adjusted distribution after guidance

by Insurance regulator

• Impact on economy and financial markets likely to continue to affect Ageas’s

performance and results. As a consequence, Ageas cannot confirm its profit guidance for 2020. Capital management Covid-19 Results Dividend

SLIDE 4

Sovereign bonds 47% Corporate bonds 24% Loans 14% Equities 5% Real Estate 7% Cash 3%

Investment portfolio

4

Periodical financial information I 3M 20 results I 13 May 2020

Limited investments in corporate bonds

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

• Limited exposure to Oil & Gas (86% rated A
• r higher), Airlines (all BBB) & Transportation

(77% rated A or higher)

In EUR bn

• BBB exposure only 9% of total investment

portfolio / only 1% BBB-

• Impact Solvency IIageas of all Corporate bonds

1 notch down <5pp

Banking 14% Other financials 12% Oil & Gas 3% Transportation 4% Airlines 1% Non Financials 51% Government related 15%

AAA 12% AA 16% A 25% BBB+ 16% BBB 16% BBB- 5% BB or lower 1% Not rated 9%

SLIDE 5

In EUR mio In EUR bn In EUR bn

Ageas

5

Periodical financial information I 3M 20 results I 13 May 2020

Group net result up on Fresh cap gain – Resilient underlying insurance performance Headlines

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

Net result: Lower cap gains, weather & Fresh tender Combined ratio impacted by bad weather in both periods (8pp in ‘20 vs. 6pp in ‘19) Inflows*: Lower Life – continued growth in Non-Life Life Technical liabilities* increasing in non-conso Guaranteed Margin: lower investment result Operating margin Unit-Linked: Up in Belgium & Portugal – Down in France

(7) 339 223 89 35 24

251 452

3M 19 3M 20

GA Life Non-Life

11.1 10.0 1.7 1.9 12.8 12.0 3M 19 3M 20

Life Non-Life

98.3 99.7 3M 19 3M 20 88 56 3M 19 3M 20 18 28 3M 19 3M 20 73.6 72.1 3.9 3.4 82.2 87.5

159.6 163.0

FY 19 3M 20

conso shadow non-conso

SLIDE 6

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

Belgium

6

Solid underlying performance offset by adverse financial markets & weather Headlines

In EUR mio In EUR mio In EUR bn

69 (6) 12 18

81 12

3M 19 3M 20 Life Non-Life 1,407 1,072 661 686

2,068 1,758

3M 19 3M 20 Life Non-Life

58.2 57.4 3.1 2.8

61.3 60.2

FY 19 3M 20 excl shadow shadow 104.2 100.3 3M 19 3M 20 78 1 3M 19 3M 20 26 47 3M 19 3M 20

Net result: EUR 88 mio lower net capital gains Inflows: 3M 19 included UL cash-back campaign - Non-Life +4% Life Technical Liabilities lower due to decrease of UL unit prices Non-Life combined ratio impacted by weather (12 pp) - Solid Motor & Other lines Operating margin Guaranteed suffered from financial markets (-44 bps) Operating margin Unit-Linked – 3M 19 incl. cost of cash back campaign (≈15 bps)

Periodical financial information I 3M 20 results I 13 May 2020

SLIDE 7

In EUR mio

UK

7

Weather events heavily impacting net result Headlines

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

Net result impacted by weather events (Ciara & Dennis storms) Inflows* stable compared with 3M 2019 Non-Life combined ratio @ 98.7% excluding February weather events

11 1

3M 19 3M 20

425 424

3M 19 3M 20 95.5 107.1 3M 19 3M 20 Periodical financial information I 3M 20 results I 13 May 2020

SLIDE 8

CEU

8

Headlines

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

12 26 19 20

32 46

3M 19 3M 20 Life Non-Life 562 374 372 399

934 773

3M 19 3M 20 Life Non-Life 15.4 14.7 0.8 0.5

16.2 15.3

FY 19 3M 20 excl shadow shadow 91.7 87.3 3M 19 3M 20 140 356 3M 19 3M 20 8 3M 19 3M 20

Strong operating performance Life result supported by reserve release

Net result strongly up on reserve release in Life - Solid performance in Non-Life Inflows down 17% on low i-rates – strong growth in Non-Life (+12% at cst. FX) Life Technical liabilities 6% down due to UL following the drop in financial markets Operating margin Guaranteed up on reserve release in Portugal (251 bps) Operating margin Unit-Linked impacted by financial markets volatility

Periodical financial information I 3M 20 results I 13 May 2020

Excellent Non-Life combined ratio

SLIDE 9

8,515 7,873 575 711

9,090 8,584

3M 19 3M 20 regular single 9,090 8,583 292 424

9,382 9,007

3M 19 3M 20 Life Non-Life

In EUR mio In EUR mio In EUR bn

Asia

9

Resilient operational performance mitigating negative impact from Covid-19 Headlines

In % NEP

* incl. non-consolidated partnerships @ 100%

Higher Non-Life combined ratio following the acquisition in India (only partly integrated in Q1 2019) Inflows* -4% @ constant FX due to Covid-19, cushioned by renewals Life Technical liabilities up 7% from renewals

In EUR mio

Regular premium: remaining above 90%

• f Life inflows

142 69 5 5

147 74

3M 19 3M 20 Life Non-Life 94.2% 95.7% 3M 19 3M 20

82.2 87.5

FY 19 3M 20

Resilient net result compared to an exceptionally high result LY

Periodical financial information I 3M 20 results I 13 May 2020

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

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

SLIDE 10

In EUR mio

Reinsurance

10

Cession rate on internal QS & LPT reinsurance agreements up to 40% Headlines

In % NEP In EUR mio

Net result: impacted by adverse weather Inflows: EUR 420 mio from QS agreements Combined ratio: slightly higher claims

• Implementation of an internal reinsurance programme within ageas SA/NV in order to

enhance capital fungibility in the group

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

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

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

with the Portuguese Non-Life Entities

• The Pillar I Solvency II for ageas SA/NV amounted to 343%

ageas SA/NV reinsurance activities

(12) (21) 3M 19 3M 20 861 690 3M 19 3M 20 79.5% 89.1% 3M 19 3M 20 Periodical financial information I 3M 20 results I 13 May 2020 * of which 75% is underwritten by ageas SA/NV

SLIDE 11

Value legacies

GA

11

Periodical financial information I 3M 20 results I 13 May 2020

Result driven by capital gain on the tender of Fresh securities & RPN(i) revaluation Headlines

Total liquid assets down following tender

• f the Fresh securities

Positive evolution of RPN(i) Staff & Operating expenses: include non-recurring costs

In EUR mio In EUR bn In EUR mio In EUR mio

Upstream from Portugal, Reinsurance, Turkey & India

(7) 339

3M 19 3M 20

(359) (303) 7 5 (514) (472)

FY 19 3M 20 RPN(i) RPI Settlement

2.2 1.6

FY 19 3M 20

7 7 22 22

29 29

3M 19 3M 20

Staff & Intercompany Operating

27 56

3M 19 3M 20

Net result: capital gain on tender of the Fresh & positive RPN(i) contribution

In EUR mio < In EUR mio

66 11 9 1 87

3M 20

Portugal Reinsurance Turkey India

SLIDE 12

Solvency

12

Periodical financial information I 3M 20 results I 13 May 2020

Solvency still comfortably exceeding target level after Fresh transaction & market impact Solvency IIageas

Solvency IIageas in % Own Funds SCR

Non EU Non-controlled participations*

Belgium UK CEU Reinsurance GA

eliminations

Group

2.7 2.8 2.7 0.5 0.5 0.5 0.6 0.6 0.6 0.1 0.4 0.4 0.1 0.2 0.2 (0.3) (0.6) (0.6) 3.7 4.0 3.7 2.4 3.2 3.3

6.4 6.3 5.5 0.8 0.9 0.8 1.0 1.1 0.9 0.1 0.7 0.7 1.3 1.5 0.9

(1.7)(1.8) (1.5)

8.0 8.6 7.3 5.8 7.7 7.7

FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20

235% 221% 205% 167% 179% 181% 178% 170% 160% 196% 173% 166% 215% 217% 196% 241% 243% 236%

* Based on local solvency requirements

SLIDE 13

Free Capital Generation

13

Periodical financial information I 3M 20 results I 13 May 2020

Operational FCG affected by February storms

expected dividend

• Operational impact – includes EUR 10 mio dividend upstream Non-European NCP’s
• Market: Covid-19 impact
• Fresh tender: pre-compensated by EUR 750mio T1 in 2019
• Capital transactions = SBB & injection in Asia

Based on 175% SCR Solvency IIageas

Solvency IIageas

In EUR mio * * FCG Non-European NCP’s over FY 2019 at EUR 806 mio - Operational FCG at EUR 369 mio

• outside of Solvency II scope

2,438 1,979 1,474 491 491 529 726 26 85 (459) (517) (72)

2,929 2,470 2,004

10

95

Tier 1 instrument FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions 3M 20

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14

Periodical financial information I 3M 20 results I 13 May 2020

Conclusions

• 1. Insurance activities have proven resilient
• 2. Both capital & cash positions remain strong
• 3. Confident in the solid fundamentals of the Group

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15

Periodical financial information I 3M 20 results I 13 May 2020

Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 50 Investment portfolio 62 Legal Settlement 67 General Information 70

SLIDE 16

Net result

16

Periodical financial information I 3M 20 results I 13 May 2020

Resilient operating performance offset by Covid-19 and weather

Belgium UK CEU Asia Reins. GA ageas

339 (7) 339 69 (6) 12 26 142 69 223 89 12 18 19 20 5 5 35 24

81 12 11 1 32 46 147 74 (12) (21) (7) 251 452

3M 19 3M 20 3M 19 3M 20 3M 19 3M 20 3M 19 3M 20 3M 19 3M 20 3M 19 3M 20 3M 19 3M 20

Non-Life Life

In EUR mio

General Account

Result suffering from market volatility & storms Result reflecting challenging Motor market & storms Strong Non-Life performance & reserve release Financial markets volatility Suffering from bad weather in Belgium & UK Belgium UK CEU Asia Reinsurance

SLIDE 17

Ageas

17

Periodical financial information I 3M 20 results I 13 May 2020

Continued strong Non-Life growth – Inflows down in Life

In EUR mio

EUR mio

3M 19

3M 20

3M 19

3M 20

3M 19

3M 20

Belgium

75%

1,407

1,072

(24%)

661

686

4%

2,068

1,758

(15%)

United Kingdom

• 425

424

(0%)

425

424

(0%)

Consolidated entities

100%

• 335

342

2%

335

342

2%

Non-consolidated JV's

50%

90 82

(8%)

90

82

(8%)

Continental Europe

562

374

(33%)

372

399

7%

934

773

(17%)

Consolidated entities 562

374

(33%)

199

216

9%

761

590

(22%)

Portugal

51% - 100%

465 251

(46%)

199 216

9%

664

467

(30%)

France

100%

97 123

27%

97

123

27%

Non-consolidated JV's 173

183

6%

173

183

6%

Turkey (Aksigorta)

36%

173 183

6%

173

183

6%

Asia Non-consolidated JV's

9,090 8,583

(6%)

292 424

45%

9,382

9,007

(4%)

Malaysia

31%

236 296

26%

162 199

22%

398

495

24%

Thailand

31% - 15%

604 496

(18%)

87 113

30%

691

610

(12%)

China

25%

8,140 7,680

(6%)

8,140

7,680

(6%)

Philippines

50%

7 10

46%

7

10

46%

Vietnam

32%

15 23

58%

15

23

58%

India

26% - 40%

89 78

(12%)

42 112

164%

131

189

45%

Insurance Ageas

11,059

10,030

(9%)

1,749

1,932

10%

12,809

11,962

(7%)

Reinsurance

861

691

861

691

accepted from Consolidated entities 859

683

859

683

accepted from Non-consolidated partnerships 2

7

2

7

Life Non-Life Total

Inflows @ 100%

SLIDE 18

Inflows

18

Periodical financial information I 3M 20 results I 13 May 2020

Inflows down in Life – Non-Life increasing across all regions

1,055 804 347 263 2,318 2,190 3,720 3,257 496 514 380 383 261 282 80 123 1,217 1,302

• 15%

+1%

• 10%
• 4%
• 8%

1,551 1,318 608 545 2,398 2,313 4,937 4,559 861 690

3M 19 3M 20 3M 19 3M 20 3M 19 3M 20 3M 19 3M 20 3M 19 3M 20 3M 19 3M 20

Belgium UK CEU Asia Insurance Reins. Non-Life Life

In EUR mio

Strong growth in Non-Life in a mature market – Life commercial campaigns in 2019 Volumes stabilising Non-Life growth in Portugal & Turkey – Life suffering from low i-rate Impact of Covid-19 mitigated by renewals Inflows include one-offs related to ramp-up phase & QS agreements Belgium UK CEU Asia Reinsurance

@ ageas part

* Inflows excluding Luxembourg, divested in 2018 & India Non-Life acquired in 2019

SLIDE 19

Net realised cap gains*

19

Periodical financial information I 3M 20 results I 13 May 2020

Equity impairments due to Covid-19

In EUR mio

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

3M 19 3M 20

Life

33 (48) Quarterly impairments

Non-Life

3 (3) driven by Equities

Belgium 37 (51) UK 3 4

Life

2 (3)

Non-Life

1 (0)

CEU 3 (3)

Life

49 16 Impairments on equities mainly in Thailand

Non-Life

(0) (1)

• ffset by capital gains in China

Asia 49 14 Reinsurance

Life

85 (36)

Non-Life

8 (0)

Insurance 93 (36)

General Account & Eliminations

(4) 306

Total Ageas 89 270

SLIDE 20

Ageas

20

Periodical financial information I 3M 20 results I 13 May 2020

Affected by adverse weather in Belgium & UK Combined ratio

Net earned premium (In EUR mio)

In % Net earned premium

64.4 62.2 67.0 59.7 58.5 59.7 63.2 64.8 35.2 34.7 34.1 35.5 35.8 35.3 35.1 34.9

99.6 96.9 101.1 95.2 94.3 95.0 98.3 99.7

(4.0) (5.9) (3.0) (5.6) (7.7) (8.4) (6.4) (8.6) 2014 2015 2016 2017 2018 2019 3M 19 3M 20

claims ratio expense ratio PY claims ratio

Quarter

• COR in both years impacted by adverse weather events (8 pp in

3M 20 vs. 6pp in 3M 19)

• Underlying improvement driven by CEU and Belgium Motor

Claims ratio

• CY ratio slightly deteriorated under pressure of weather claims –

further improvement in CEU in all product lines

• Strong PY claims results in Belgium

Expense ratio improved compared to LY thanks to higher volumes

3,843 4,038 4,112 4,148 3,890 3,894 945 980

SLIDE 21

Ageas

21

Periodical financial information I 3M 20 results I 13 May 2020

Combined ratio

Accident & Health: improvement driven by CEU & UK Motor: further improving in BE, up in UK Household: February storms in BE & UK (30pp) Other lines: strong performance in BE

Affected by adverse weather in Belgium & UK

In % Net earned premium

67.3 65.4 67.5 64.8 67.4 70.3 72.0 70.7 27.0 28.3 27.2 27.5 25.4 26.0 24.4 24.2

94.3 93.7 94.7 92.3 92.8 96.3 96.4 94.9

2014 2015 2016 2017 2018 2019 3M 19 3M 20 69.6 69.1 78.2 68.7 61.2 66.5 60.7 64.1 29.7 30.5 29.7 31.6 33.0 32.9 32.5 33.7

99.3 99.6 107.9 100.3 94.2 99.4 93.2 97.8

2014 2015 2016 2017 2018 2019 3M 19 3M 20 51.5 50.4 50.5 43.8 51.8 46.1 65.0 72.0 44.6 41.6 42.7 45.1 44.8 44.6 42.9 43.1

96.1 92.0 93.2 88.9 96.6 90.7 107.9 115.1

2014 2015 2016 2017 2018 2019 3M 19 3M 20 71.2 57.9 60.4 51.0 43.9 38.3 46.3 32.5 50.6 46.4 44.4 45.1 47.8 45.1 53.0 45.1

121.8 104.3 104.8 96.1 91.7 83.4 99.3 77.6

2014 2015 2016 2017 2018 2019 3M 19 3M 20

NEP 813 811 838 884 871 930 219 240 NEP 1,616 1,724 1,790 1,782 1,636 1,623 402 402 NEP 1,029 1,078 1,067 1,072 1,028 982 244 249 NEP 385 424 418 410 356 359 80 90

SLIDE 22

Ageas

22

Periodical financial information I 3M 20 results I 13 May 2020

Guaranteed: on target - UL closing the gap

In bps Avg techn. liabilities

Operating margins

Life Unit-Linked

• Belgium above target level thanks to higher management

fees

• Improving in Portual
• Impacted by arbitrage costs in France

Life Guaranteed

• Lower realised net capital gains (-37 bps vs. +33 bps)
• Reserve release in Portugal

38 33 41 39 41 37 38 39 90 80 88 96 89 98 95 25 (39) (23) (36) (42) (42) (47) (45) (8)

89 90 93 93 88 88 88 56

2014 2015 2016 2017 2018 2019 3M 19 3M 20

12 17 4 3 2 2 1 2 2 1 2 (4) 6 18 19 24 23 26 17 30

20 36 25 27 25 28 18 28

2014 2015 2016 2017 2018 2019 3M 19 3M 20 Operating margin Expense & other m. Investment m. Underwriting m.

Avg techn liabilities (In EUR bn)

12.6 13.0 12.1 15.1 15.7 16.0 16.1 15.7

Avg techn liabilities (In EUR bn)

56.9 57.9 57.3 55.9 55.9 56.6 56.2 57.1

SLIDE 23

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

Belgium

23

Solid underlying performance offset by adverse financial markets & weather Headlines

In EUR mio In EUR mio In EUR bn

69 (6) 12 18

81 12

3M 19 3M 20 Life Non-Life 1,407 1,072 661 686

2,068 1,758

3M 19 3M 20 Life Non-Life

58.2 57.4 3.1 2.8

61.3 60.2

FY 19 3M 20 excl shadow shadow 104.2 100.3 3M 19 3M 20 78 1 3M 19 3M 20 26 47 3M 19 3M 20

Net result: EUR 88 mio lower net capital gains Inflows: 3M 19 included UL cash-back campaign - Non-Life +4% Life Technical Liabilities lower due to decrease of UL unit prices Non-Life combined ratio impacted by weather (12 pp) - Solid Motor & Other lines Operating margin Guaranteed suffered from financial markets (-44 bps) Operating margin Unit-Linked – 3M 19 incl. cost of cash back campaign (≈15 bps)

Periodical financial information I 3M 20 results I 13 May 2020

SLIDE 24

Life

Belgium

24

Net result & Life liabilities

In EUR mio

58.2 57.4 3.1 2.8

61.3 60.2

FY 19 3M 20 excl shadow shadow

Net result impacted by financial markets

Periodical financial information I 3M 20 results I 13 May 2020 69 (6) 12 18

81 12

3M 19 3M 20 Life Non-Life

In EUR bn

Net result decrease mostly explained by

• Lower Life result impacted by lower net cap gains (EUR -82 mio

yoy) partly compensated by a higher net underwriting result.

• Higher Non-Life result thanks to
• Strong performance in Motor and Other more than compensating

the impact of weather events (EUR 20 mio vs. EUR 18 mio last year)

• Positive impact (EUR 13 mio) from the internal reinsurance

program (vs. EUR 10 mio in 3M 19) Life technical liabilities (-2% incl. shadow accounting), mainly explained by

• Decrease of UL (-9%) implied by evolution of the financial

markets after the hit of COVID-19 leading to decrease of unit prices

• Stable Guaranteed business

SLIDE 25

201 211 185 190 205 212 70 73

+4%

661 686

3M 19 3M 20 972 897 435 175

1,407 1,072

3M 19 3M 20

Life

Belgium

25

Decrease in UL & Guaranteed - Solid Non-life growth Inflows

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

Periodical financial information I 3M 20 results I 13 May 2020

• 24%

Life

Unit-Linked: 3M 19 exceptionally strong thanks to cashback campaign (not repeated in 3M 20) Guaranteed lower than LY explained by:

• Retail Life (-9% vs LY) due to an exceptional inflow in Invest LY
• Group Life (-5% vs LY) mainly due to timing difference on single

premiums

Non-Life

• Strong growth in all product lines
• Increase in Household (+3%) mostly explained by tariff rise

following the evolution of the official construction index

• Increase in Motor (+3%) mainly driven by growth in Motor Own

Damage

SLIDE 26

Belgium

26

Periodical financial information I 3M 20 results I 13 May 2020

Combined ratio

2019 & 2020 before QS

In % Net earned premium

Net earned premium (in EUR mio)

Solid operating performance despite weather events in the first quarter

63.2 63.5 56.9 58.3 53.1 56.0 57.8 66.5 63.0 36.7 37.7 37.8 37.7 37.9 37.4 37.4 37.7 37.3

99.9 101.2 94.7 96.0 91.0 93.4 95.2 104.2 100.3

(3.6) (3.4) (7.2) (8.2) (7.7) (8.3)

• 8.3

(7.8) (12.7) 2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

claims ratio expense ratio PY claims ratio

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

• COR impacted by adverse weather partly offset by strong

performance in Motor & other lines

• Both years include weather events (12pp in 3M 20 vs. 10pp in

3M 19) Claims ratio

• CY ratio slightly deteriorated compared to LY mainly in A&H and

Household partly offset by Motor

• PY ratio improved thanks to Other and A&H

Expense ratio improved compared to LY thanks to higher volumes

1,785 1,815 1,832 1,836 1,861 1,944 2,023 489 510

SLIDE 27

Belgium

27

Periodical financial information I 3M 20 results I 13 May 2020

Combined ratio

2019 & 2020 before QS

In % Net earned premium

Solid operating performance despite weather events in the first quarter

Accident & Health: Higher PY offset by lower CY results Motor: Better CY result thanks to lower frequency Household: 36 pp weather impact (vs. 30 pp LY) Other lines : Excellent performance thanks to sale of 2 old reinsurance portfolios in run-off

73.7 70.1 70.4 70.0 68.0 71.0 76.2 78.6 79.8 23.8 25.4 27.6 27.6 26.9 24.4 24.4 24.6 23.5

97.5 95.5 98.0 97.6 94.9 95.4 100.6 103.2 103.4

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

NEP 507 504 484 472 481 522 562 131 140

64.7 62.6 56.2 59.7 58.0 55.3 60.3 55.6 50.3 36.3 37.2 36.4 36.4 36.8 37.3 37.3 37.7 37.8

101.0 99.8 92.6 96.1 94.8 92.6 97.6 93.3 88.1

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20 51.4 51.7 43.9 47.8 38.6 49.3 46.3 72.7 78.8 45.6 45.7 45.2 44.8 45.6 46.6 46.6 46.7 46.5

97.0 97.4 89.1 92.6 84.2 95.9 92.9 119.4 125.3

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

NEP 564 579 595 605 609 621 640 157 162

66.1 87.5 65.8 58.3 46.8 40.3 35.8 46.1 6.5 47.2 47.6 45.0 44.6 44.8 43.0 44.3 45.2 44.7

113.3 135.1 110.8 102.9 91.6 83.3 80.1 91.2 51.3

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

NEP 162 170 185 190 193 206 207 52 52 NEP 552 562 568 570 578 596 614 149 155

SLIDE 28

Belgium

28

Periodical financial information I 3M 20 results I 13 May 2020

Operating margins

In bps Avg techn. liabilities

Guaranteed: impacted by financial markets UL: above the group target range

Avg techn liabilities (In EUR bn)

47.5 48.1 48.7 48.0 47.7 48.0 47.8 48.4 (38) (27) (34) (36) (37) (37) (40) (40) 30 25 29 27 31 25 26 28 95 88 91 94 91 100 92 13

87 86 86 85 85 88 78 1

2014 2015 2016 2017 2018 2019 3M 19 3M 20 (2) 1 1 1 1 32 31 31 33 39 39 26 46

30 32 31 34 40 40 26 47

2014 2015 2016 2017 2018 2019 3M 19 3M 20 Operating margin Investment m. Expense & other m. Underwriting m.

Avg techn liabilities (In EUR bn)

5.7 5.9 6.1 7.6 8.1 9.0 8.6 9.4

Life Unit-Linked

• Higher management fees
• 3M 19 included cost (≈15 bps) related to cashback campaign (not

repeated in 3M 20).

Life Guaranteed

• Lower investment margin due to higher level of impairments and

lower level of capital gains.

• The recurring financial revenues impacted by lower Real Estate

revenues related to the COVID-19 lock-down

SLIDE 29

FY 17 FY18 FY19 Q1’20 Guaranteed interest rate 2.32% 2.17% 1.95% 1.90% Fixed income yield 3.34% 3.25% 3.06% 3.03% Liabilities Guaranteed (EUR bn) 50.4 49.1 51.5 51.3 FY 17 FY 18 FY 19 Q1’20 Fixed income yield 1.88% 1.96% 1.63% 1.45% Reinvested amount (EUR bn) 2.9 3.2 3.6 0.9

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

Belgium

29

Periodical financial information I 3M 20 results I 13 May 2020

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

Back book Life New money Life & Non-Life

SLIDE 30

Belgium

30

Periodical financial information I 3M 20 results I 13 May 2020

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

Back book

vs fixed income investments

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

SLIDE 31

In EUR mio

UK

31

Weather events heavily impacting net result Headlines

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

Net result impacted by weather events (Ciara & Dennis storms) Inflows* stable compared with 3M 2019 Non-Life combined ratio @ 98.7% excluding February weather events

11 1

3M 19 3M 20

425 424

3M 19 3M 20 95.5 107.1 3M 19 3M 20 Periodical financial information I 3M 20 results I 13 May 2020

SLIDE 32

UK

32

Impact from weather events & one-offs – inflows stable Net result & Inflows

Other Household Accident & Health Motor

Net result

• Weather claims of EUR 15m compared to benign 3M 19

weather; combined with continued market wide Motor claims inflation

• 3M 19 included EUR 12 million restructuring cost

In EUR mio

Inflows *

• Motor down 8%: reflecting lower volumes from TU and focus
• n maintaining pricing discipline
• Household up 9% benefitting from new deals in the

Intermediated distribution channel

• Other up 18% reflecting growth in Commercial lines business

sold through digital channels and from new deals

Periodical financial information I 3M 20 results I 13 May 2020

11 1

3M 19 3M 20

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

6 10 299 278 87 96 32 39

0% 425 424

3M 19 3M 20

SLIDE 33

UK

33

COR impacted by weather events Combined ratio

2019 & 2020 before LPT & QS

In % Net earned premium

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

Combined ratio

• Impact from storms Ciara & Dennis in February (8pp in 3M

20) combined with continued Motor market wide claims inflation

• Combined ratio Tesco Underwriting 102.0% (vs. 97.4%)

reflecting weather events

Claims ratio

• CY ratio: Mainly impacted by weather events across

Household, Commercial and Motor lines; continued market wide Motor claims inflation, good underlying Household performance

• PY ratio: reflecting lower releases from Commercial lines of

business; robust Motor prior year releases

Expense ratio mainly reflecting lower underlying operating

expenses more than offset by cost of portfolio product mix shift towards Motor Direct.

Net earned premium (In EUR mio)

Periodical financial information I 3M 20 results I 13 May 2020 65.6 66.3 69.3 80.7 68.3 60.2 63.3 59.9 70.7 32.2 33.5 32.8 31.5 34.9 36.6 35.4 35.6 36.5

97.8 99.8 102.1 112.2 103.2 96.8 98.7 95.5 107.1

(4.0) (4.6) (4.4) 4.5 (1.4) (9.2) (9.4) (6.9) (5.6) 2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

claims ratio expense ratio PY claims ratio

1,562 1,613 1,751 1,598 1,493 1,320 1,296 319 323

SLIDE 34

UK

34

Performance impacted by weather events across almost all business lines Combined ratio

2019 & 2020 before LPT & QS

Motor: Continued market wide claims inflation & weather events Accident & Health: Excellent performance driven by an IBNR review Household: February weather events’ impact 29pp

Periodical financial information I 3M 20 results I 13 May 2020 76.2 66.0 55.8 58.4 56.1 57.8 60.2 51.4 25.4 34.3 38.7 43.3 40.9 46.7 51.4 54.3 48.0 55.5

110.5 104.7 99.1 99.3 102.8 109.2 114.5 99.4 80.9

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20 71.9 74.6 75.8 91.0 75.0 63.7 72.1 65.8 72.0 25.0 25.1 27.2 25.5 27.6 29.7 29.4 30.3 31.5

96.9 99.7 103.0 116.5 102.6 93.4 101.5 96.1 103.5

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20 51.4 51.0 62.2 57.6 51.7 56.9 42.8 48.5 71.6 42.4 43.3 37.3 40.6 47.8 45.1 44.1 42.7 40.7

93.8 94.3 99.5 98.2 99.5 102.0 86.9 91.2 112.3

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20 59.8 56.0 55.3 73.7 67.0 46.3 54.0 50.5 75.0 44.4 54.3 48.6 44.9 47.0 56.7 47.9 49.1 50.1

104.2 110.3 103.9 118.6 114.0 103.0 101.9 99.6 125.1

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

Other: Up on commmercial line & weather events

NEP 79 71 72 39 30 30 34 7 11 NEP 907 958 1,062 1,014 947 844 831 203 202 NEP 374 399 413 361 341 309 289 71 76 NEP 202 185 204 185 175 137 142 37 35

SLIDE 35

CEU

35

Headlines

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

12 26 19 20

32 46

3M 19 3M 20 Life Non-Life 562 374 372 399

934 773

3M 19 3M 20 Life Non-Life 15.4 14.7 0.8 0.5

16.2 15.3

FY 19 3M 20 excl shadow shadow 91.7 87.3 3M 19 3M 20 140 356 3M 19 3M 20 8 3M 19 3M 20

Strong operating performance Life result supported by reserve release

Net result strongly up on reserve release in Life - Solid performance in Non-Life Inflows down 17% on low i-rates – strong growth in Non-Life (+12% at cst. FX) Life Technical liabilities 6% down due to UL following the drop in financial markets Operating margin Guaranteed up on reserve release in Portugal (251 bps) Operating margin Unit-Linked impacted by financial markets volatility

Periodical financial information I 3M 20 results I 13 May 2020

Excellent Non-Life combined ratio

SLIDE 36

CEU

36

Life net result strongly up on reserve release Solid Non-Life operating performance Net result & Life liabilities

In EUR mio

15.4 14.7 0.8 0.5

16.2 15.3

FY 19 3M 20 excl shadow shadow Periodical financial information I 3M 20 results I 13 May 2020 12 26 19 20 32 46 3M 19 3M 20 Life Non-Life

Net result

• Life: result driven by a release of provision (EUR 20 million)

partly offset by the negative evolution of the financial markets

• Non-life: up 6%, supported by the continued strong
• perating performance in all business lines and in all

channels, both in Portugal and in the non-consolidated partnership in Turkey. EUR 1 mio positive impact from internal reinsurance program (vs. + EUR 3 mio in 3M 19)

In EUR bn

Life technical liabilities

• 6% down due to the decrease in Unit-Linked following the drop

in financial markets at end of the quarter

SLIDE 37

CEU

37

Periodical financial information I 3M 20 results I 13 May 2020

UL strongly up, mitigating decrease in Guaranteed Continued Non-Life growth Inflows

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

439 182 123 192

• 33%

562 374

3M 19 3M 20

Life Unit-Linked

• Inflows strongly up (+56%) supported by good market performance

during the first months of the quarter and by new product launched end of last year

Life Guaranteed

• Strongly down on last year due to lower sales appetite in a low

interest rates environment – transition phase ongoing in Portugal with the launch of new product

Non-Life

• Strong sales in both Portugal and Turkey
• In Portugal, excellent commercial performance in all segments
• In Turkey, 17% growth at constant FX, driven by Motor and

Health, and partly offset by FX

130 143 131 152 75 69 36 34

+7% 372 398

3M 19 3M 20

SLIDE 38

CEU

38

Periodical financial information I 3M 20 results I 13 May 2020

Combined ratio

2019 & 2020 before LPT & QS Net earned premium (In EUR mio)

In % Net earned premium

Combined ratio well below group target on lower claims frequency

63.7 61.3 55.9 58.6 59.2 62.7 60.5 64.0 59.5 30.0 30.8 29.5 30.1 31.2 29.7 30.7 27.7 27.8

93.7 92.1 85.4 88.7 90.4 92.4 91.2 91.7 87.3

(4.0) (4.3) (6.5) (6.5) (8.0) (2.9)

• 2.4

0.0 (1.4) 2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

claims ratio expense ratio PY claims ratio

403 415 454 664 768 594 657 157 174

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

• Combined ratio of consolidated companies at 87.3%, reflecting a

continued excellent operating performance

• Improved claims ratio partly driven by lower claims frequency and

supporting all lines of business

• Combined ratio in Turkey at 97.2% vs. 102.3% last year

SLIDE 39

CEU

39

Combined ratio

2019 & 2020 before LPT & QS

Continued excellent operating performance

Other: very small & volatile portfolio

Periodical financial information I 3M 20 results I 13 May 2020 59.7 61.9 58.8 64.9 61.4 62.5 63.0 65.5 61.8 26.6 26.7 25.2 25.1 26.8 24.8 26.0 22.2 22.9

86.3 88.6 84.0 90.0 88.2 87.3 89.0 87.7 84.8

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20 79.3 60.1 71.5 65.5 70.4 68.0 67.2 66.1 66.1 29.2 31.6 32.3 32.5 35.0 35.3 36.6 34.0 34.3

108.5 91.7 103.8 98.0 105.4 103.3 103.8 100.1 100.4

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20 53.5 54.0 36.1 42.3 46.5 48.5 40.3 55.4 41.5 38.8 40.3 35.9 38.0 34.7 34.2 33.2 32.7 31.5

92.3 94.3 72.0 80.3 81.2 82.7 73.5 88.1 73.0

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20 59.6 72.3 31.7 12.1 3.9 72.6 28.3 48.7 21.2 43.7 45.1 40.8 41.3 39.2 41.5 42.4 37.5 34.6

103.3 117.4 72.5 53.4 43.1 114.0 70.7 86.2 55.8

2013 2014 2015 2016 2017 2018 2019 3M 19 3M 20

NEP 227 238 255 328 373 318 349 84 94 NEP 99 96 94 202 249 188 207 50 53 NEP 48 51 70 91 105 74 86 19 23 NEP 29 30 35 43 41 13 15 4 4

Accident & Health: Still excellent despite slightly higher costs Motor: Improved claims ratio due to lower accident frequency Household: Claims ratio strongly down

SLIDE 40

CEU

40

Periodical financial information I 3M 20 results I 13 May 2020

Operating margins

In bps Avg techn. liabilities

95 100 110 111 99 105 101 103 77 59 76 106 80 91 103 85 (102) (71) (65) (78) (71) (106) (64) 168

70 88 121 139 108 90 140 356

2014 2015 2016 2017 2018 2019 3M 19 3M 20 1 2 (1) (1) (2) (10) 1 2 5 4 4 3 4 9 4 5 16 6 8 7 6 10 7 7 21 9 11 8 2014 2015 2016 2017 2018 2019 3M 19 3M 20 Operating margin Expense & other m. Underwriting m. Investment m.

Avg techn liabilities (In EUR bn)

7.7 8.0 8.7 7.9 8.1 8.6 8.4 8.7

Avg techn liabilities (In EUR bn)

6.2 6.1 6.0 7.5 7.6 7.0 7.5 6.3

Guaranteed margin up on reserve release in Portugal Unit-Linked margin down on financial market volatility

Life Unit-Linked

• Life Unit-Linked margin down on higher arbitrage cost due

to financial market volatility

Life Guaranteed

• Expense margin strongly up on reserve release in Portugal

(251 bps)

• Underwriting margin higher than LY on improved Life risk

margin in Portugal.

• Investment margin down on lower investment income due to

low interest rates

SLIDE 41

8,515 7,873 575 711

9,090 8,584

3M 19 3M 20 regular single 9,090 8,583 292 424

9,382 9,007

3M 19 3M 20 Life Non-Life

In EUR mio In EUR mio In EUR bn

Asia

41

Resilient operational performance mitigating negative impact from Covid-19 Headlines

In % NEP

* incl. non-consolidated partnerships @ 100%

Higher Non-Life combined ratio following the acquisition in India (only partly integrated in Q1 2019) Inflows* -4% @ constant FX due to Covid-19, cushioned by renewals Life Technical liabilities up 7% from renewals

In EUR mio

Regular premium: remaining above 90%

• f Life inflows

142 69 5 5

147 74

3M 19 3M 20 Life Non-Life 94.2% 95.7% 3M 19 3M 20

82.2 87.5

FY 19 3M 20

Resilient net result compared to an exceptionally high result LY

Periodical financial information I 3M 20 results I 13 May 2020

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

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

SLIDE 42

Asia

42

Resilient operational performance mitigating negative impact from Covid-19 Net result & Life liabilities

In EUR mio

142 69 5 5

147 74

3M 19 3M 20 Life Non-Life

82.2 87.5

FY 19 3M 20 Periodical financial information I 3M 20 results I 13 May 2020

Net result

• Negative impact of Covid-19 :

− Equity impairments, offset by positive capital gains − Downward movement of yields in China leading to unfavourable evolution of discount rate curve − Lower sales impacting VANB

• Lower Life Result compared to an exceptionally high result LY:

− Lower net capital gains (EUR 16 mio vs EUR 49 mio) − Lower inflows − Negative impact of the discount rate curve in China

• Life Technical liabilities driven by high persistency levels

In EUR bn

SLIDE 43

Asia

43

Limited decrease in Life inflows thanks to renewals Continued solid growth in Non-Life inflows Inflows

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

8,715 8,181 375 402

9,090 8,583

3M 19 3M 20 29 31 149 206 43 55 71 132

292 424

3M 19 3M 20

• incl. non-consolidated partnerships @ 100%

All growth rates are at constant FX Periodical financial information I 3M 20 results I 13 May 2020

Life

• Only limited decrease in Life gross inflows (-5%)

during the pandemic, thanks to continued strong persistency

• Renewals up 2%
• Profitable regular premium still above 90% of total life

inflow Non-Life

• Up 43%, supported by the contribution from India,

integrated as from 22 February 2019

• Up 23% scope on scope, supported by both Thailand

and Malaysia.

• Continued growth in all business lines

SLIDE 44

Malaysia: +23% contributed by both Life and Non-Life

Asia

44

Impact of Covid-19 on inflows mitigated by renewals Inflows per country

China: -5% with NB decrease mitigated by excellent persistency levels

In EUR mio

8,140 7,680 3M 19 3M 20 604 496 87 113

691 610

3M 19 3M 20 Life Non-Life 7 10 3M 19 3M 20

India: strong contribution from the Non- Life, only partly integrated in Q1 2019 Philippines: continued upward trend Vietnam: continued rapid growth

* incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I 3M 20 results I 13 May 2020 236 296 162 199

398 495

3M 19 3M 20 Life Non-Life 89 78 42 112 131 189 3M 19 3M 20 Life Non-Life 15 23 3M 19 3M 20

Thailand: lower Life partly offset by continued growth in Non-Life

SLIDE 45

In EUR mio

Reinsurance

45

Cession rate on internal QS & LPT reinsurance agreements up to 40% Headlines

In % NEP In EUR mio

Net result: impacted by adverse weather Inflows: EUR 420 mio from QS agreements Combined ratio: slightly higher claims

• Implementation of an internal reinsurance programme within ageas SA/NV in order to

enhance capital fungibility in the group

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

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

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

with the Portuguese Non-Life Entities

• The Pillar I Solvency II for ageas SA/NV amounted to 343%

ageas SA/NV reinsurance activities

(12) (21) 3M 19 3M 20 861 690 3M 19 3M 20 79.5% 89.1% 3M 19 3M 20 Periodical financial information I 3M 20 results I 13 May 2020 * of which 75% is underwritten by ageas SA/NV

SLIDE 46

22 33 117 161 642 339 80 157

861 690

3M 19 3M 20

In EUR mio

Reinsurance

46

Significant impact from weather events Net result & Inflows

Portugal UK Protection Belgium

• EUR 420 mio from the quota share agreements (vs. EUR

240 mio in 3M 19)

• EUR 191 mio from the Loss Portfolio Transfer (LPT)
• EUR 46 mio from prior year unearned premiums
• EUR 33 mio from traditional protection programme

Periodical financial information I 3M 20 results I 13 May 2020

• EUR 2 mio from traditional protection programme – flat year-
• n-year
• EUR 17 mio loss from the QS treaty in Belgium due to

claims related to windstorms and floods

• EUR 5 mio loss from the UK mainly explained by the

increased claims from February storms

• EUR 1 mio loss from Portugal due to one-off impact of the

LPT contract (from 20% to 40%) not fully offset by the positive contribution of the QS

(12) (21)

3M 19 3M 20

Net result Inflows

SLIDE 47

Value legacies

GA

47

Periodical financial information I 3M 20 results I 13 May 2020

Result driven by capital gain on the tender of Fresh securities & RPN(i) revaluation Headlines

Total liquid assets down following tender

• f the Fresh securities

Positive evolution of RPN(i) Staff & Operating expenses: include non-recurring costs

In EUR mio In EUR bn In EUR mio In EUR mio

Upstream from Portugal, Reinsurance, Turkey & India

(7) 339

3M 19 3M 20

(359) (303) 7 5 (514) (472)

FY 19 3M 20 RPN(i) RPI Settlement

2.2 1.6

FY 19 3M 20

7 7 22 22

29 29

3M 19 3M 20

Staff & Intercompany Operating

27 56

3M 19 3M 20

Net result: capital gain on tender of the Fresh & positive RPN(i) contribution

In EUR mio < In EUR mio

66 11 9 1 87

3M 20

Portugal Reinsurance Turkey India

SLIDE 48

GA

48

Periodical financial information I 3M 20 results I 13 May 2020

Liquid assets down on capital management transaction (tender of Fresh securities) Cash position

In EUR mio

• Upstream received from Portugal, Reinsurance, Turkey & India
• Additional EUR 24.9 mio cash-out for running SBB since Q1 2020 (up until 11th
• f May)
• EUR 0.4 bn ring-fenced for Fortis settlement

≈ 1000 ≈ 1100

settlement settlement SBB SBB FRESH

2,192 1,605

(513) (54) (24) (67) (10) 87 (6)

FY 19 Upstream Fresh Tender Settlement HQ & RO expenses Share buy-back Other 3M 20

HQ RO

SLIDE 49

GA

49

Periodical financial information I 3M 20 results I 13 May 2020

Two successful issuances of debt at holding level in 2019 Outstanding hybrids

In EUR mio

ageas SA/NV Ageasfinlux

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

Fresh - 65.50% tender in Q1 2020

Tier 1

Fixed-to-Floating Rate Callable

Tier 2

Fixed Rate Reset Dated Subordinated Notes

Tier 2

CASHES %

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

Amount

• utstanding

750 500 431 (out of 1,250) 450 400 948 ISIN BE6317598850 BE0002644251 XS0147484074 BE6261254013 BE6277215545 BE0933899800 Call date June 2030 first reset date Reset to 5-yr mid-swap rate +379.2 bps July 2029 Step up to 3M Euribor +380 bps Undated, strike 315.0 mandatory 472.5 June 2024 Step up to 3M Euribor +413 bps June 2027 Step up after 12 years of 100bps Undated, strike 239.4, mandatory 359.1 Other Public issue Public issue Subscribed by Ageas & BNP Paribas Fortis Public issue Coupon served by FBB, trigger ACSM linked to Ageas dividend Market Price (31/03/20) 80.05 97.46 63.75 116.72 100.63 69.5

Fortis Bank

(now BNPPF)

AG Insurance

(Belgium)

SLIDE 50

50

Periodical financial information I 3M 20 results I 13 May 2020

Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 50 Investment portfolio 62 Legal Settlement 67 General Information 70

SLIDE 51

Equity

51

Periodical financial information I 3M 20 results I 13 May 2020

Equity down on negative impact of financial markets

In EUR mio

7,290 7,611

3,931 3,151

452 71 22 (780) (68) (156) EUR 58.89 EUR 57.75

11,221 10,762

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

• ther

3M 20

Shareholders’ equity per segment

Belgium 5,135

►

4,672 Asia 4,008

►

3,828 UK 998

►

940 Reinsurance 108

►

(52) Continental Europe 1,326

►

1,261 General Account (354)

►

113

Shareholders equity

Equity per share Unrealised gains & losses Equity per segment

SLIDE 52

Equity

52

Periodical financial information I 3M 20 results I 13 May 2020

Debt leverage down after successful tender offer

• n the Fresh instrument – 65.5% repurchased

Tangible net equity

I page 52

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

FY 19 3M 20

IFRS Shareholders' Equity 11,221 10,762

Unrealised gains real estate 674 679 Goodwill (614) (605) VOBA (Value of Business Acquired) (58) (54) DAC (Deferred Acquisition Cost) (425) (441) Other (531) (530) Goodwill, DAC, VOBA related to N-C interests 381 378 Tax adjustment DAC, VOBA & Other 161 165

IFRS Tangible net equity 10,810 10,353

IFRS Tangible net equity/ IFRS Shareholder's Equity 96% 96% Debt leverage on tangible net equity * 22.4% 18.2%

SLIDE 53

Solvency

53

Periodical financial information I 3M 20 results I 13 May 2020

Solvency still comfortably exceeding target level after Fresh transaction & market impact Solvency IIageas

Solvency IIageas in % Own Funds SCR

Non EU Non-controlled participations*

Belgium UK CEU Reinsurance GA

eliminations

Group

2.7 2.8 2.7 0.5 0.5 0.5 0.6 0.6 0.6 0.1 0.4 0.4 0.1 0.2 0.2 (0.3) (0.6) (0.6) 3.7 4.0 3.7 2.4 3.2 3.3

6.4 6.3 5.5 0.8 0.9 0.8 1.0 1.1 0.9 0.1 0.7 0.7 1.3 1.5 0.9

(1.7)(1.8) (1.5)

8.0 8.6 7.3 5.8 7.7 7.7

FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20

235% 221% 205% 167% 179% 181% 178% 170% 160% 196% 173% 166% 215% 217% 196% 241% 243% 236%

* Based on local solvency requirements

SLIDE 54

Solvency II

54

Periodical financial information I 3M 20 results I 13 May 2020

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

* Impact including secondary impact, diversification & non-transferable

Impact on Solvency IIageas*

FY ’19  3M ’20 217% 196%

Debt initiatives

• 11 pp

Tender of the Fresh Model refinements + 1 pp Market movements & RPN(i)

• 11 pp

+1 pp Swap, spread & equity Operational +2 pp SBB

• 2 pp

Expected dividend

• 1 pp

SLIDE 55

Free Capital Generation

55

Periodical financial information I 3M 20 results I 13 May 2020

Operational FCG affected by February storms

expected dividend

• Operational impact – includes EUR 10 mio dividend upstream Non-European NCP’s
• Market: Covid-19 impact
• Fresh tender: pre-compensated by EUR 750mio T1 in 2019
• Capital transactions = SBB & injection in Asia

Based on 175% SCR Solvency IIageas

Solvency IIageas

In EUR mio * 2,438 1,979 1,474 491 491 529 726 26 85 (459) (517) (72)

2,929 2,470 2,004

10

95

Tier 1 instrument FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions 3M 20

* FCG Non-European NCP’s over FY 2019 at EUR 806 mio - Operational FCG at EUR 369 mio

• outside of Solvency II scope

SLIDE 56

Free Capital Generation

56

Periodical financial information I 3M 20 results I 13 May 2020

Evolution SCR & OF split between types of impact Solvency IIageas

Own Funds SCR

In EUR mio 3,973 3,959 3,746 14 (14) (17) (193) (2) (0)

Tier 1 instrument FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions 3M 20

8,634 8,151 7,326 491 491 529 750 3 90 (483) (808) (72)

9,125 8,642 7,855

Tier 1 instrument FY 19 Fresh tender FY 19 restated Model changes Market impact Operational impact Capital transactions 3M 20

SLIDE 57

Free Capital Generation

57

Periodical financial information I 3M 20 results I 13 May 2020

Operational FCG movement affected by weather & one-

• ff related to step-up internal LPT on segment level

OF SCR FCG

Belgium

144 (6)

155

strong & steady OF generation despite weather

UK

12 4

5

impacted by weather

CEU

23 (10)

40

SCR supported by step-up to 40%

Reinsurance

(12) 26

(58)

SCR increase following step-up to 40% OF impacted by weather

General Account

(26) (1)

(25) Group eliminations

(51) (16)

(22)

SCR linked to step-up to 40%

Total Ageas

90 (2)

95

including dividend NCP's

Solvency II scope Operational YTD

In EUR mio

Solvency IIageas

SLIDE 58

Solvency

58

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

As per 31/12/19

SCR OF Solvency

Base case

Beforestress 3,957 8,127

205% Yield curve

Down 50 bps 4,112 7,971

194%

Up 50 bps 3,890 8,424

217% Equity

Down 25% 3,823 7,753

203% Property

Down 10% 4,063 7,875

194% Spread*

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

197% Corporate spread

Up 50 bps 3,953 8,159

206% Sovereign spread

Up 50 bps 4,005 7,934

198% UFR – base case 4.05%

Down 15 bps 3,959 8,142

206%

Down 35 bps 3,963 8,114

205%

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

Periodical financial information I 3M 20 results I 13 May 2020

SLIDE 59

Solvency

59

Periodical financial information I 3M 20 results I 13 May 2020

Regulatory Solvency @ 200% PIM

Solvency II PIM in % Own Funds SCR

* Based on local solvency requirements ** minority interest of not-fully owned subsidiaries are equal to minority interests exceeding contribution to group SCR

In EUR bn Belgium UK CEU Reinsurance GA

eliminations**

Group

Non EU Non-controlled participations*

222% 185% 204% 169% 172% 172% 288% 274% 258% 191% 170% 162% 216% 203% 200% 241% 243% 236%

2.8 3.2 2.8 0.5 0.5 0.5 0.5 0.5 0.5 0.1 0.4 0.4 0.1 0.2 0.2 (0.3)(0.6)(0.5) 3.7 4.3 3.8 2.4 3.2 3.3

6.3 5.9 5.6 0.9 0.9 0.8 1.4 1.4 1.3 0.1 0.7 0.7 1.3 1.5 0.9

(1.9) (1.7) (1.7)

8.1 8.7 7.6 5.8 7.7 7.7

FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20 FY 18 FY 19 3M 20

SLIDE 60

Solvency

60

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

As per 31/12/19

SCR OF Solvency

Base case

Beforestress 4,238 8,146

192% Yield curve

Down 50 bps 4,410 7,997

181%

Up 50 bps 4,115 8,411

204% Equity

Down 25% 4,072 7,730

190% Property

Down 10% 4,391 7,897

180% Spread*

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

166% Corporate spread

Up 50 bps 4,089 8,282

203% Sovereign spread

Up 50 bps 4,726 7,445

158% UFR – base case 4.05%

Down 15 bps 4,268 8,153

191%

Down 35 bps 4,289 8,142

190%

* Credit rating movement not taken up in spread sensitivity

Periodical financial information I 3M 20 results I 13 May 2020

SLIDE 61

( 1.4 ) ( 1.5 ) ( 1.5 ) ( 1.0 ) ( 1.0 ) ( 0.9 ) ( 0.9 ) ( 0.8 ) ( 0.8 ) 4.4 4.8 4.3 0.4 0.4 0.4 0.6 0.8 0.7 0.3 0.3 0.3 0.7 0.8 0.8 0.5 0.5 0.5

3.7 4.3 3.8

FY 18 FY 19 3M 20 Non Diversifiable Non-life UW Health UW Life UW Counterparty Default Market Loss-Absorption Deferred Taxes Loss-Absorption Techn. Liab. Diversification

Solvency

61

Periodical financial information I 3M 20 results I 13 May 2020

Composition of SCR & OF Composition of SCR & OF

Diversification Loss-Absorption Deferred Taxes

Insurance SCRageas per risk type Market risk main factor in SCR – decreased following financial market evolution Tiering of Group PIM own funds Q4 Tier 2 included overflow from Tier 1 – down

• n Fresh tender

5.6 5.5 5.3 1.4 1.4 1.2 1.0 1.7 1.0 0.1 0.1 0.1

8.1 8.7 7.6

FY 18 FY 19 3M 20 Tier 3 Tier 2 Tier 1 restricted Tier 1

In EUR bn

SLIDE 62

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Periodical financial information I 3M 20 results I 13 May 2020

Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 50 Investment portfolio 62 Legal Settlement 67 General Information 70

SLIDE 63

Investment portfolio

63

Periodical financial information I 3M 20 results I 13 May 2020

Investment portfolio down on lower 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 38.4 Sovereign bonds 38.1 Corporate bonds 20.8 Corporate bonds 19.8 Structured 0.1 Structured 0.1 Loans 11.1 Loans 11.7 Equities 4.6 Equities 4.2 Real Estate 5.6 Real Estate 5.6 Cash 3.7 Cash 2.7

84.3 82.2

FY 19 3M 20

• Total portfolio: at EUR 7.3 bn (vs. EUR 8.7 bn)
• Fixed income: at EUR 7.0 bn (vs. EUR 7.9 bn)

° Sovereigns at EUR 6.3 bn (vs. EUR 6.4 bn) ° Corporates at EUR 0.8 bn (vs. EUR 1.5 bn)

• Equities: at EUR 0.2 bn (vs. EUR 0.8 bn)
• at EUR 1.9 bn
• not reflected in shareholders’ equity
• Up to EUR 2.5 bn (vs. EUR 2.4 bn)
• not reflected in shareholders’ equity

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

In EUR bn

SLIDE 64

Investment portfolio

64

Periodical financial information I 3M 20 results I 13 May 2020

Value fixed income assets down on lower UG/L

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Belgium 18.5 Belgium 18.6 France 6.3 France 6.3 Austria 2.7 Austria 2.6 Portugal 2.8 Portugal 2.8 Spain 2.2 Spain 2.2 Italy, 1.5 Italy, 1.5 Germany 1.2 Germany 1.1 Ireland 0.5 Ireland 0.4 Other 2.6 Other 2.5

38.4 38.1

FY 19 3M 20

• Gross UG/L at EUR 6.3 bn (vs. EUR

6.4 bn)

• 99.9% investment grade; 84% rated

A or higher

• Belgium duration gap close to zero

– matched portfolio

Sovereign bond portfolio*

In EUR bn

Loan portfolio (customers & banks)*

• Other: mostly government related loans

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

Loans to banks 0.6

Loans to banks 0.9 RE 0.2 RE 0.2 Infrastructure 1.1 Infrastructure 1.2 Mortgages 1.2 Mortgages 1.2 Other 8.0 Other 8.2

11.1 11.7

FY 19 3M 20

SLIDE 65

Investment portfolio

65

Periodical financial information I 3M 20 results I 13 May 2020

Corporate bond portfolio* down on lower UG/L

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

Corporate bond portfolio – by sector

Banking 3.0 Banking 2.7 Other financials 2.4 Other financials 2.4 Non Financials 12.3 Non Financials 11.7 Government related 3.1 Government related 3.0

20.8 19.8

FY 19 3M 20

• Gross UG/L at EUR 0.8 bn (vs. EUR 1.5 bn)
• Limited exposure to Oil & Gas (≈3% of which

86% rated A or higher), Airlines (≈1%) & Transportation (≈4% of which 77% rated A or higher)

In EUR bn

Corporate bond portfolio – by rating

• Credit quality remains high with 90%

investment grade - 52% rated A or higher

• BBB exposure only ≈9% of Total investment

portfolio of which EUR 3.2 bn BBB+ exposure

• EUR 1.7 bn regarded as non rated corporate

investments AAA 2.3 AA 3.1 A 5.0 BBB+ 3.2 BBB 3.2 BBB- 1.1 BB or lower 0.3 Not Rated 1.7

SLIDE 66

Investment portfolio

66

Periodical financial information I 3M 20 results I 13 May 2020

In EUR bn

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

Equity portfolio*

• Gross UG/L at EUR 0.2 bn (vs. EUR 0.8 bn)

Equities 2.4 Equities 1.9 Equity funds 0.5 Equity funds 0.4 RE funds 0.9 RE funds 0.9

Mixed funds &

• thers 0.8

Mixed funds &

• thers 1.0

4.6 4.2

FY 19 3M 20

Real estate portfolio*

• Exposure mainly in Belgium
• Gross UG/L at EUR 1.9 bn (not reflected

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

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

RE Development 0.3 RE Development 0.3

• Invest. Warehouses

0.3

• Invest. Warehouses

0.3

5.6 5.6

FY 19 3M 20

Equity portfolio* down on lower UG/L

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67

Periodical financial information I 3M 20 results I 13 May 2020

Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 50 Investment portfolio 62 Legal Settlement 67 General Information 70

SLIDE 68

Legal

68

Periodical financial information I 3M 20 results I 13 May 2020

Settlement in full execution mode

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

16/10/2017

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

any legal proceeding related to the events

• Publication of binding declaration notice on 27/07/2018 launched execution of the settlement
• Early filing & opt-out period ended on 31/12/2018
• Limited number of opt-outs received for ≈1% of total settlement amount
• Computershare Investor Services plc acting as independent claims administrator
• Further information available on www.FORsettlement.com
• ≈290K claims received of which ≈221K have received early payment as at end of April 2020
• End of Q1 2020 ≈EUR 725 mio compensation paid to eligible shareholders of which EUR 140

mio coming from D&O insurers – Additional ≈EUR 18 mio paid in April 2020

• Due to higher than expected number of claims, dilution likely in certain cases
• 70% of estimated per share compensation guaranteed for claimants filing before 31/12/2018
• Claims validation and payments to continue in 2020

Announcement 14/03/2016

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

Binding declaration and claims filing period Claims validation & payments ongoing

Claims filing ended on 28/07/2019

SLIDE 69

Legal

69

Periodical financial information I 3M 20 results I 13 May 2020

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 sent his proposal to Chambre du Conseil on referral
• Written submissions are being exchanged
• Hearing session before the Chambre du Conseil scheduled on 8 and 9 June 2020
• Opt-out cases from settlement
• Limited number of opt-outers for ≈1% of settlement amount
• Patrinvest: first instance in favour of Ageas, appeal filed by plaintiff
• Mr. Modrikamen: suspended awaiting outcome criminal procedure
• MCS: Appeal Court ruled in favour of Ageas, appellants filed appeal before Supreme

Court

SLIDE 70

70

Periodical financial information I 3M 20 results I 13 May 2020

Slides used during analyst call 2 Segment information 18 Equity / Solvency 53 Investment portfolio 65 Legal Settlement 70 General Information 73

Content

SLIDE 71

Outstanding shares

71

Periodical financial information I 3M 20 results I 13 May 2020

Reclassification of 2.6 mio treasury shares following tender

• n the FRESH securities

* After deduction of shares for management plans situation 31/12/2019 situation 31/03/2020 situation 11/05/2020

198,374,327 198,374,327 198,374,327

11,747,866 13,355,195 14,126,552 3,820,753 5,428,082 6,199,439 3,968,254 1,369,048 1,369,048 2,599,206 2,599,206 3,958,859 3,958,859 3,958,859 186,626,461 185,019,132 184,247,775

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

*

SLIDE 72

Shareholders structure

72

Periodical financial information I 3M 20 results I 13 May 2020

Ageas 5.1% Ping An BlackRock, Inc. Fosun Identified retail investors 22% Identified institutional investors 48% Other investors 14%

Based upon press release 11 May 2020 Based upon the number of shares mentioned in the notification received 6 May 2013 Based upon the number of shares mentioned in the notification received 6 April 2020 Based upon the number of shares mentioned in the notification received 16 May 2019 Estimate by Estimate by Ageas Ping An BlackRock, Inc. Fosun Identified retail investors Identified institutional investors

SLIDE 73

Ratings

73

Periodical financial information I 3M 20 results I 13 May 2020

S&P MOODY'S FITCH Operating entities

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

unsollicited

Ageas Insurance Limited A / positive A+ / stable Last review 21/11/19 29/04/20 Muang Thai Life BBB+ / Stable A- / negative Last review 15/04/20 08/05/20 Etiqa Insurance Berhad (Malaysia) A / stable Last review 06/05/20 China Taiping Life A+ / stable Last review 16/03/20

Holding

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

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 74

74

Periodical financial information I 3M 20 results I 13 May 2020

Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity

• f insured loss events, (iv) mortality and morbidity levels and trends,

(v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.

Investor Relations

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