9M 2015 Results - Periodical Financials Information

Periodical Financial Information
9M 2015RESULTS

Life result
suffering from
low cap gains &
equity
Impairments
Insurance driving
Group net result
Shareholders
equity up
 Insurance net profit of EUR 613 mio (+6%) – Q3 EUR 109 mio
- equity market performance causing volatility in results
- see PR 21/10/15
 Inflows @ 100% of EUR 22.8 bn (+17%) – Q3 EUR 6.2 bn
 Non-Life Combined ratio at 95.1% (vs.99.6%) – Q3 at 94.7%
 Life Guaranteed Operating margin at 80 bps (vs. 98 bps) – Q3 at 61 bps
 Life Technical Liabilities at EUR 73.6 bn* (-2% vs. FY 14)
 Group net profit of EUR 599 mio (vs. EUR 282 mio) – Q3 EUR 130 mio
 General Account net result of EUR (14) mio – Q3 EUR 21 mio
 Shareholders’ equity at EUR 10.9 bn or EUR 51.12 per share
- UG/L at EUR 2.8 bn, EUR 12.91 per share
 Insurance solvency I at 231%, Group solvency at 232%
 Net cash General Account at EUR 1.4 bn & liquid assets at EUR 0.3 bn
Main messages
Ageas’s Q3 result impacted by financial markets
Periodic financial Information I 9M 15 Results I 4 November 2015 1
* Consolidated entities only

26 (6)
9M 14 9M 15
Other Life Non-Life
20 (0)
44
63
66
Q3 14 Q3 15
4.6
4.8
9M 14 9M 15
Life Non-Life
4.2 4.6
1.5
1.5
5.7
6.2
Q3 14 Q3 15
9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15
Net result: up 6%, Life down on lower
cap gains & equity impairments in Q3
In EUR mio In EUR bn
Non-Life combined ratio: significant
improvement – across all segments
Inflows*: up 17% (11% FX) driven by
strong growth in Asia
In EUR bn
Total Insurance: Headlines
Continued strong underwriting, Q3 Life result impacted by equity impairments
Life Technical liabilities slightly
down in consolidated entities
Operating margin Guaranteed: lower
capital gains & equity impairments in Q3
Operating margin Unit-Linked:
improving margins in HK
In % avg technical liabilities In % avg technical liabilities
442 426
156
579
613
239
109
14.8
17.9
19.5
22.8
99.6% 95.1% 94.8% 94.7%
0.98% 0.80% 0.96% 0.61%
0.20% 0.37% 0.22% 0.28%
* incl. non-consolidated partnerships @ 100%
In % NEP
133.1
127.0 132.1
193112
74.8 73.7 73.6
52.2
59.5 58.5
FY 14 6M 15 9M 15
Conso Non-conso

10/03/2010
Overview of net capital gains* on investments
Lower capital gains & high level of impairments
3
* Net capital gains include capital gains, impairment & linked changes in profit sharing, net of tax & @ ageas’s part
Periodic financial Information I 9M 15 Results I 4 November 2015
EUR mio 9M 14 9M 15 Q3 14 Q3 15
Life 114 34 50 (3) substantially lower cap gains (9M)
Non-Life 14 4 10 (2) & impairments (Q3)
Total Belgium 127 38 60 (5) Q3 '14 incl. EUR 60 mio RE cap gain
Non-Life 3 7 0 1
Other 1 (0) 1 (1)
Total UK 4 7 1 0
Life 6 (3) 9 (7) substantially lower cap gains (9M)
Non-Life (0) 1 (0) 0 & impairments (Q3)
Total CEU 6 (2) 9 (7)
Life 36 70 17 (32) volatility on financial markets inducing
Non-Life 2 (1) 0 (1) exceptional profit in H1 (EUR 100 mio)
Total Asia 38 69 17 (33) & impairments in Q3
Life 155 101 76 (42)
Non-Life 19 11 10 (1)
Other 1 (0) 1 (1)
Total Ageas 175 112 87 (44)

9M 14 9M 159M 14 9M 15
In EUR mio In EUR bn In EUR bn
39
83
9M 14 9M 15
Life Non-Life
95
40
33
27
Q3 14 Q3 15
2.9 2.7
1.5
1.5
4.4
4.2
9M 14 9M 15
Life Non-Life
0.8 0.8
0.4 0.4
1.3 1.3
Q3 14 Q3 15
Q3 14 Q3 15
In % NEP
Q3 14 Q3 159M 14 9M 15Q3 14 Q3 15
101.9% 94.2% 94.4% 93.5%
0.16%0.40%0.34%0.32%
0.51%0.98%0.71%0.98%
282
182
321
264
129
68 57.6 55.9 56.0
FY 14 6M 15 9M 15
Belgium : Headlines
Continued solid operating performance in Non-Life offset by lower cap gains in Life
Life result impacted by equity
impairments in Q3
Inflows: Continued trend of decreasing
short term investment products
Life Technical liabilities: Slightly lower
on shadow-accounting
Non-Life combined ratio: improvement
in almost all business lines
Operating margin Unit-Linked: weak
Q3 due to higher mortality reserves

9M 14 9M 15
In EUR mio
2
26
(6)
52
70
80
65
9M 14 9M 15
Life Other Non-Life
Q3 14 Q3 15
99.3% 98.3% 96.6% 98.2%
In EUR bn
In % NEP In EUR mio
0.1
1.7 1.9
1.8 1.9
9M 14 9M 15
Life Non-Life
0.0
0.6 0.7
0.6
0.7
Q3 14 Q3 15
9M 14 9M 15
81
66
Q3 14 Q3 15
210
204
1
20
(0)
27
25
48
24
Q3 14 Q3 15
5
Continued strong result in Household
United Kingdom: Headlines
Steady nine months performance
Non-Life Inflows* up 8%, down 4% at
constant FX
Non-Life Combined ratio improvement
thanks to benign weather
Other Income: 2% down – benefit from
legal settlement in ‘14

Non-Life profit up on scope & claims -
Life impacted by equity impairments
Non-Life consolidated combined ratio
excellent thanks to benign weather
227%
Inflows*: up in all entities except
Luxembourg & Turkey In EUR bn
Continental Europe: Headlines
Strong Non-Life results offset by equity impairments in Life
Operating margin Guaranteed: strong
improvement in net underwriting margin
In % avg technical liabilities
Operating margin Unit-Linked: lower
sales in Portugal
35 30
8
3343
63
9M 14 9M 15
Life Non-Life
3.5
3.1
0.8
0.8
4.3
3.9
9M 14 9M 15
Life Non-Life
1.2
0.9
0.2
0.2
1.5
1.2
Q3 14 Q3 15
9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15
90.7% 86.0% 86.4%
0.69% 1.01% 0.46% 0.93%
In % NEP
14.5 14.7 14.6
17.3 18.5 18.4
31.8 33.2 33.0
FY 14 6M 15 9M 15
Conso Non-conso
Life Technical liabilities up 4%
0.11% 0.04%
89.3%
0.06%
7
(4)(2)
12
5
8
Q3 14 Q3 15
(0.01%)

53
7
4
3
57
10
Q3 14 Q3 15
12
7
9M 14 9M 15
Life Non-Life
12
7
9M 14 9M 15
Life Non-Life
Non-Life combined ratio up mainly from
higher incurred claims in Malaysia
In EUR bn
Asia: Headlines
Result significantly up despite impact Asian equity market in Q3
In % avg technical liabilities In EUR mio
0.6
0.7
9M 14 9M 15
Life Non-Life
Q3 14 Q3 159M 14 9M 15Q3 14 Q3 159M 14 9M 15
92.6% 91.4% 86.8%
1.73% 2.38% 2.20% 2.14%
123 214
135
222
111
123
In % NEP
12.18.4
9.0
12.8
2.1
2.8
0.2
0.22.3
3.0
Q3 14 Q3 15
47
1
4
3
51
4
Q3 14 Q3 15
143
195
188
Net result: incl. ≈ EUR 100 mio positive
exceptional in H1 & impairments in Q3
Inflows* growth fuelled by China &
Thailand
Life Technical liabilities slight
decrease in Malaysia
Life operating margin Hong Kong:
lower New Business strain in UL
Result non-conso partnerships:
strong result in China & Thailand
2.8 3.1 3.0
34.9
41.0 40.1
37.7
44.1 43.1
FY 14 6M 15 9M 15
conso non-conso
89.9%

33 46
Q3 14 Q3 15
22
9M 14 9M 15
11 13
29
38
40
51
9M 14 9M 15
Operating Total
(467) (491) (445)
38 33 33
(130) (131)
(132)
FY 14 6M 15 9M 15
RPN(i) RPI FortisEffect
Net result driven by revaluation RPN(i)
In EUR mio
Accounting value of remaining
legacies
General Account: Headlines
Impacted by revaluation RPN(i) liability
8
Accounting value put option
In EUR mio
In EUR mio
Q3 14 Q3 15
P&L effect RPN(i): decrease liability
following higher share price Ageas
Staff & Operating expenses up
Net cash position: down on SBB
& establishment Intreas
4 4
9
13
13
17
Q3 14 Q3 15
In EUR mio
In EUR mio
In EUR bn
12
9M 14 9M 15
(14)
(297)
(124)
21
1.6 1.5 1.4
FY 14 6M 15 9M 15FY 14 6M 15 9M 15
(1,391)
(1,095)
(1,189)

9
Shareholders’ equity roll forward
Unrealized gains at EUR 2.8 bn or EUR 12.91 per share
In EUR mio
6,590 6,889
2,597
2,758
1,036
1,270
613
169
12 344 111
(14) (329) (201)
(11)
EUR 46.60 EUR 51.12
10,223
10,917
FY 14 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
IAS 19 Reval AG
put option
Forex Other 9M 15
Insurance
UCG/L
Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
FY 14 9M 15 FY 14 9M 15
Belgium 4,689 ► 4,834 Asia 2,325 ► 2,633
UK 1,127 ► 1,211 Insurance 9,188 ► 9,647
Continental Europe 1,047 ► 969 General Account 1,036 ► 1,270

 Q3 showing a mixed picture:
- strong operating performance in
Non-Life
& volatile financial markets resulting in
significant equity impairments
 9M results solid
 Announced files on acquisitions &
divestments on track
Conclusions
10Periodic financial Information I 9M 15 Results I 4 November 2015

Annexes
Equity / Solvency
Insurance Activities
Investment portfolio
General Account
General Information

12
Key financials
Net Insurance result up 6%
In EUR mio 9M 14 9M 15 Q3 14 Q3 15
Gross inflows 19,466 22,769 17% 5,676 6,151 8%
- of which inflows from non-consolidated partnerships 11,748 14,872 27% 3,278 3,646 11%
Net result Insurance 579 613 6% 239 109 (54%)
By segment: - Belgium 321 264 (18%) 129 68 (48%)
- UK 80 65 (19%) 48 24 (49%)
- Continental Europe 43 63 48% 5 8 41%
- Asia 135 222 64% 57 10 (83%)
By type: - Life 442 426 (4%) 156 44 (72%)
- Non-Life 112 193 73% 63 66 5%
- Other 26 (6) - 20 (0) -
Net result General Account (297) (14) - 12 21 -
Net result Ageas 282 599 - 251 130 -
Earnings per share (in EUR) 1.26 2.77 -
FY 14 9M 15
Insurance Solvency 206% 231%
Shareholders' equity 10,223 10,917 7%
Net equity per share (in EUR) 46.60 51.12
Insurance ROE 8.8% 8.7%
Insurance ROE excl.UG/L 11.4% 12.1%

13
Shareholders’ equity roll forward
Unrealized gains at EUR 2.8 bn or EUR 12.91 per share
In EUR mio
6,590 6,889
2,597
2,758
1,036
1,270
613
169
12 344 111
(14) (329) (201)
(11)
EUR 46.60 EUR 51.12
10,223
10,917
FY 14 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
IAS 19 Reval AG
put option
Forex Other 9M 15
Insurance
UCG/L
Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
FY 14 9M 15 FY 14 9M 15
Belgium 4,689 ► 4,834 Asia 2,325 ► 2,633
UK 1,127 ► 1,211 Insurance 9,188 ► 9,647
Continental Europe 1,047 ► 969 General Account 1,036 ► 1,270

14
Tangible net equity
High quality capital structure
10/03/2010 I page 14
EUR bn FY14 9M 15
IFRS Shareholders' Equity 10.2 10.9
Unrealised gains real estate 0.7 0.8
Goodwill (0.8) (0.8)
VOBA (Value of Business Acquired) (0.3) (0.3)
DAC (Deferred Acquisition Cost) (0.8) (0.9)
Other (0.4) (0.4)
Goodwill, DAC, VOBA related to N-C interests 0.4 0.3
25% tax adjustment DAC, VOBA & Other 0.3 0.3
IFRS Tangible net equity 9.3 9.9
IFRS Tangible net equity/ IFRS Shareholder's Equity 91% 91%

15
Insurance Solvency I up on net result & financial markets
General Account down on dividend payment
2.5 2.5
0.4 0.4 0.6 0.6 0.7 0.8
4.2 4.3 4.2 4.3
2.2
2.8
0.5 0.5 0.5 0.4
1.3 1.5
4.5
5.6
0.2 0.1
4.6
5.7
4.8
5.4
0.8 0.9 1.1 1.1
2.0
2.3
8.7
9.9
8.8
9.9
FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15 FY 14 9M 15
Belgium
UK
CEU
Asia
Total Ageas
General Account
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
RMC Excess Capital
Available Capital
In EUR bn
189% 213% 231% 243% 176% 174% 273% 301% 206% 231% 210% 232%Solvency ratio
During the accounting year the solvency ratio does not take into account expected dividend/upstream on current year’s result.

Annexes
Equity / Solvency
Insurance activities
General Account
General Information

26 (6)
9M 14 9M 15
Other Life Non-Life
20 (0)
44
63
66
Q3 14 Q3 15
4.6
4.8
9M 14 9M 15
Life Non-Life
4.2 4.6
1.5
1.5
5.7
6.2
Q3 14 Q3 15
9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15
Net result: up 6%, Life down on lower
Non-Life combined ratio: significant
improvement – across all segments
Inflows*: up 17% (11% FX) driven by
strong growth in Asia
In EUR bn
Total Insurance: Headlines
Continued strong underwriting, Q3 Life result impacted by equity impairments
Life Technical liabilities slightly
down in consolidated entities
capital gains & equity impairments in Q3
Operating margin Unit-Linked:
improving margins in HK
442 426
156
579
613
239
109
14.8
17.9
19.5
22.8
99.6% 95.1% 94.8% 94.7%
0.98% 0.80% 0.96% 0.61%
0.20% 0.37% 0.22% 0.28%
In % NEP
74.8 73.7 73.6
52.2
59.5 58.5
FY 14 6M 15 9M 15
Conso Non-conso
133.1
127.0 132.1
193112

Inflows@ 100% up 17%
Including 11% FX impact - Growth driven by China & Thailand
18
EUR mio 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15
Belgium 75% 2,907 2,694 (7%) 1,461 1,462 0% 4,368 4,156 (5%)
United Kingdom 100 0 - 1,746 1,880 8% 1,846 1,880 2%
Consolidated entities 100% 100 0 - 1,333 1,457 9% 1,432 1,457 2%
Non-consolidated JV's 414 423 2% 414 423 2%
Tesco 50% 414 423 2% 414 423 2%0 0
Continental Europe 3,475 3,096 (11%) 813 788 (3%) 4,288 3,884 (9%)
Consolidated entities 1,225 1,508 23% 351 372 6% 1,576 1,880 19%
Portugal 51% - 100% 946 1,128 19% 201 221 10% 1,147 1,349 18%
France 100% 279 380 36% 279 380 36%
Italy 50% 151 151 0% 151 151 0%
Non-consolidated JV's 2,250 1,588 (29%) 462 416 (10%) 2,712 2,004 (26%)
Turkey (Aksigorta) 36% 462 416 (10%) 462 416 (10%)
Luxembourg (Cardif Lux Vie) 33% 2,250 1,588 (29%) 2,250 1,588 (29%)
Asia 8,363 12,144 45% 600 704 17% 8,963 12,849 43%
Consolidated entities 341 404 18% 341 404 18%
Hong Kong 100% 341 404 18% 341 404 18%
Non-consolidated JV's 8,023 11,741 46% 600 704 17% 8,623 12,445 44%
Malaysia 31% 412 431 4% 430 483 12% 842 914 9%
Thailand 31%-15% 1,309 1,746 33% 170 221 30% 1,479 1,967 33%
China 25% 6,221 9,421 51% 6,221 9,421 51%
India 26% 81 143 78% 81 143 78%
Ageas 14,846 17,934 21% 4,620 4,834 5% 19,466 22,769 17%#DIV/0! ###### ######
Consolidated entities 4,573 4,605 1% 3,145 3,291 5% 7,718 7,897 2%
Non-consolidated JV's 10,273 13,329 30% 1,475 1,543 5% 11,748 14,872 27%
Life Non-Life Total

Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Life Non-Life
Inflows@ Ageas’s part up 11%
Asia strongest contributor
In EUR mio
19
2,181 2,020
100 0
1,511 1,484
2,443
3,459
6,234
6,964
1,096 1,097
1,540 1,669
338 446
158
182
3,132
3,394
(5%)
2%
4%
40%
11%
3,276 3,117
1,640 1,669 1,849 1,931
2,601
3,641
9,366
10,358
9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15
 8% positive FX impact
 BE: sales Savings product down due to persisting low interest rate
 UK: competitive market in both Household & Motor

Insurance net result up 6%
Growth related to Asian Life & European Non-Life performance
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
26
(6)
26
(6)
282
182
2
35 30
123
214
442
426
39
83
52
70 8 33
12
7
112 193
321
264
80
65
43
63
135
222
579
613
9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15 9M 14 9M 15
In EUR mio
20Periodic financial Information I 9M 15 Results I 4 November 2015
 Incl. ≈ EUR 100 mio exceptional result in China in Q2
 Incl. EUR 62 mio impairments on equities in Q3
 Incl. EUR 26 mio positive FX impact

10/03/2010
Overview of net capital gains* on investments
Lower capital gains & high level of impairments
21
* Net capital gains include capital gains, impairment & linked changes in profit sharing, net of tax & @ ageas’s part
EUR mio 9M 14 9M 15 Q3 14 Q3 15
Life 114 34 50 (3) substantially lower cap gains (9M)
Non-Life 14 4 10 (2) & impairments (Q3)
Total Belgium 127 38 60 (5) Q3 '14 incl. EUR 60 mio RE cap gain
Non-Life 3 7 0 1
Other 1 (0) 1 (1)
Total UK 4 7 1 0
Life 6 (3) 9 (7) substantially lower cap gains (9M)
Non-Life (0) 1 (0) 0 & impairments (Q3)
Total CEU 6 (2) 9 (7)
Life 36 70 17 (32) volatility on financial markets inducing
Non-Life 2 (1) 0 (1) exceptional profit in H1 (EUR 100 mio)
Total Asia 38 69 17 (33) & impairments in Q3
Life 155 101 76 (42)
Non-Life 19 11 10 (1)
Other 1 (0) 1 (1)
Total Ageas 175 112 87 (44)

22
Insurance Combined ratio
Claims ratio significantly down & below 97% objective
Net earned premium in EUR mio
Combined ratio
 Benefitting from solid underwriting throughout
whole period
 All segments improving
 Almost all product lines below 97% - Motor below
100% on group level
Claims ratio
 9M ‘14 claims ratio impacted by adverse weather
for 3.1%
 CY claims ratio (66.8 % vs. 68.1%)
 PY claims ratio : above last year’s level thanks to
provision for recourses in Q1 ’15 & higher run-off
across all segments
Expense ratio
 Slight improvement in all segments
73.2% 69.0% 68.1% 64.3% 64.4% 64.3% 60.1% 59.8% 60.0%
32.8%
31.1% 31.0% 34.0% 35.2% 35.3%
35.0% 35.0% 34.7%
106.0%
100.1%99.1%98.3%99.6% 99.6%
95.1% 94.8%94.7%
(3.7%)(3.5%) (3.1%) (3.8%) (4.0%) (3.8%)
(6.7%)
(4.0%)
(6.6%)
2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
claims ratio expense ratio PY claims ratio
2,858 3,507 4,178 3,749 3,843 2,857 3,011 978 1,028

74.3% 71.9% 70.5% 70.0% 67.3% 66.7% 65.7%
24.8% 25.0% 25.5% 25.6% 27.0% 26.8% 27.4%
99.1% 96.9% 96.0% 95.6% 94.3% 93.5% 93.1%
2010 2011 2012 2013 2014 9M 14 9M 15
78.4% 72.0% 73.6% 69.8% 69.6% 69.4% 68.4%
29.0%
25.3% 25.4% 29.3% 29.7% 29.9% 29.8%
107.4%
97.3% 99.0% 99.1% 99.3% 99.3% 98.2%
2010 2011 2012 2013 2014 9M 14 9M 15
75.0%
61.9% 55.6% 51.5% 51.5% 52.6% 47.0%
43.2%
41.5%
41.6% 44.0% 44.6% 44.6%
44.0%
118.2%
103.4%
97.2% 95.5% 96.1% 97.2%
91.0%
2010 2011 2012 2013 2014 9M 14 9M 15
42.9%
67.2% 66.5% 62.4% 71.2% 69.4%
49.8%
41.2%
44.8% 44.9% 45.5%
50.6% 50.3%
46.5%
84.1%
112.0% 111.4% 107.9%
121.8% 119.7%
96.3%
2010 2011 2012 2013 2014 9M 14 9M 15
Insurance Combined ratio per product line
Almost all product lines reaching 97% target
Motor: excellent in BE – attention point in UK & CEUAccident & Health: low claims ratio in UK & CEU
Other: pruning actions in BE – run-off in CEUHousehold: benign weather compared to 9M 14
23
NEPNEP
NEPNEP
714 736 763 813 813 605 611 1,134 1,571 2,058 1,557 1,616 1,200 1,269
750 892 1,007 986 1,029 766 804 261 308 349 394 385 285 326

Insurance Life operating margin per product line
Investment margin suffering from low cap gains & impairments
Guaranteed: driven by investment margin Unit-linked: increase driven by one-offs Hong Kong
Average technical liabilities Average technical liabilities
 Underwriting margin up in Hong Kong
 Expense & other margin up in BE (negative
one-off in 6M ‘14) & HK (product mix)
 Q3 margins low in BE
 Investment margin substantially down on impairments
& lower cap gains in BE & HK
 Underwriting margin slightly lower in BE
 Expense margin improvement in all segments
24
0.44% 0.43% 0.38% 0.39% 0.33% 0.37% 0.35%
0.87% 0.83% 0.90% 0.93%
0.71%
0.95%
0.48%
(0.33%)(0.31%)(0.39%) (0.34%)
(0.24%)
(0.36%)
(0.20%)
0.99%0.96%
0.89% 0.98%
0.80%
0.96%
0.61%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
0.11% 0.13%
0.12% 0.11%
0.17%
0.13% 0.08%
0.01%
(0.02%)
0.02%
0.01%
0.02%
0.04%
0.01%
0.37%
0.18%
0.06%
0.08%
0.18%
0.05% 0.19%
0.48%
0.28%
0.20% 0.20%
0.37%
0.22%
0.28%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
Expense &
Other
Investment
Underwriting
Expense &
Other
Investment
Underwriting
In EUR bn
54.0 55.5 56.9 56.6 57.7 56.6 57.7 11.8 12.3 12.6 12.6 12.9 12.6 12.9

9M 14 9M 159M 14 9M 15
In EUR mio In EUR bn In EUR bn
39
83
9M 14 9M 15
Life Non-Life
95
40
33
27
Q3 14 Q3 15
2.9 2.7
1.5
1.5
4.4
4.2
9M 14 9M 15
Life Non-Life
0.8 0.8
0.4 0.4
1.3 1.3
Q3 14 Q3 15
Q3 14 Q3 15
In % NEP
Q3 14 Q3 159M 14 9M 15Q3 14 Q3 15
101.9% 94.2% 94.4% 93.5%
0.16%0.40%0.34%0.32%
0.51%0.98%0.71%0.98%
282
182
321
264
129
68 57.6 55.9 56.0
FY 14 6M 15 9M 15
Belgium : Headlines
Continued solid operating performance in Non-Life offset by lower cap gains in Life
Life result impacted by equity
impairments in Q3
Inflows: Continued trend of decreasing
short term investment products
Life Technical liabilities: Slightly lower
on shadow-accounting
Non-Life combined ratio: improvement
in almost all business lines
Operating margin Unit-Linked: weak
Q3 due to higher mortality reserves

2,587
2,319
320
375
2,907
2,694
9M 14 9M 15
(7%)
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Stable
394 384
451 449
474 481
142 148
1,461 1,462
9M 14 9M 15
Belgium: Inflows@ 100%
Continued decreasing trend in Guaranteed partly compensated by Unit-Linked
Unit-linked
 Strong increase in Unit-linked sales (+17%)
Guaranteed
 Further decrease of inflows in short term investment products
due to persisting low interest rate environment
 Group Life Inflows grew further by 4%
Technical liabilities end-of-period
 Decreased as result of reduced shadow accounting liabilities due
to rising interest rates
Household, Motor, Other
 Slight growth in Household and Other
Accident & Health
 Slight decrease as a result of pruning actions in Workmen's
Compensation

68.7% 64.3% 62.7% 63.2% 63.5% 64.0%
56.5% 56.7% 56.1%
36.4%
36.8% 36.8% 36.7% 37.7% 37.9%
37.7% 37.7% 37.4%
105.1%
101.1%99.5%99.9%101.2% 101.9%
94.2% 94.4%93.5%
(6.6%)(7.3%) (4.5%) (3.6%) (3.4%) (3.8%)
(8.6%)
(2.9%)
(5.7%)
2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
1,541 1,601 1,698 1,785 1,815 1,347 1,373 457 462
Belgium: Combined ratio
Overall strong improvement & well below 97%
Combined ratio
 Overall strong improvement of the combined ratio
 Accident & Health combined ratio deteriorated slightly
due to Health products
Claims ratio
 CY ratio further improvement in all business lines,
except in Health, where appropriate actions have been
undertaken
 PY ratio: review of the provisions for recoveries in Q1
(mainly Household & Workmen’s Compensation) -
& less aggravations in existing claims than last year
Expense ratio remains stable

451 451 480 507 504 372 366 498 525 540 552 562 419 426
71.0%
58.9% 64.7% 64.7% 62.6% 63.2% 55.9%
35.7%
35.3%
35.8% 36.3% 37.2% 37.2%
36.6%
106.7%
94.2%
100.5% 101.0% 99.8% 100.4%
92.5%
2010 2011 2012 2013 2014 9M 14 9M 15
75.8% 73.8% 73.0% 73.7% 70.1% 69.5% 70.7%
21.9% 23.8% 24.0% 23.8% 25.4% 25.7% 26.8%
97.7% 97.6% 97.0% 97.5% 95.5% 95.2% 97.5%
2010 2011 2012 2013 2014 9M 14 9M 15
10.4%
58.2% 65.9% 66.1%
87.5% 87.8%
54.4%
50.9%
49.5%
48.1% 47.2%
47.6% 47.9%
45.1%61.3%
107.7%
114.0% 113.3%
135.1% 135.7%
99.5%
2010 2011 2012 2013 2014 9M 14 9M 15
75.6%
63.0%
50.5% 51.4% 51.7% 53.0% 46.2%
47.1%
46.9%
46.2% 45.6% 45.7% 46.2%
45.4%
122.7%
109.9%
96.7% 97.0% 97.4% 99.2%
91.6%
2010 2011 2012 2013 2014 9M 14 9M 15
NEPNEP
463 484 530 564 579 430 443 129 142 149 162 170 126 138NEP NEP
Belgium: Combined ratio per product line
Positive evolution all over, except for Accident & Health
Accident & Health: slight increase due to Health Motor: excellent performance (vs. June ‘14
hailstorm) in both claims & expenses
Household: excellent performance (vs. June ‘14 hailstorm) Other: Positive impact of actions undertaken

Avg techn liabilities Avg techn liabilities
Expense &
Other
Investment
Underwriting
Expense &
Other
Underwriting
In EUR bn
Belgium Life operating margin per product line
44.9 46.4 47.5 47.4 47.9 47.4 47.9 5.2 5.4 5.7 5.6 5.8 5.6 5.8
Guaranteed: impacted by lower capital gains
& equity impairments
Unit-linked: stable on a year-to date basis
 Operating result at EUR 256 mio (vs. EUR 348 mio)
 Investment margin - strong decrease due to lower
allocated capital gains
 Underwriting margin stable in Q3
 Average Technical Liabilities - impact of shadow
accounting
 Operating result at EUR 15 mio (vs.EUR 13 mio)
 Expense & Other margin increased general expenses
 Underwriting margin decreased due to higher mortality /
morbidity
 Average Technical Liabilities increased slightly (+4%),
driven by market values evolution
0.32% 0.32% 0.30% 0.30% 0.25% 0.26% 0.27%
0.93% 0.88% 0.95% 0.99%
0.75%
1.04%
0.52%
(0.29%) (0.31%) (0.38%) (0.31%) (0.29%) (0.33%)
(0.28%)
0.96%
0.89%
0.87% 0.98%
0.71%
0.98%
0.51%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
0.04% 0.04%
(0.02%) (0.01%) 0.00% 0.01%
(0.15%)
0.44%
0.38%
0.32% 0.33% 0.34%
0.39%
0.31%
0.47%
0.41%
0.30% 0.32%
0.34%
0.40%
0.16%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15

Margin evolution Assets & Liabilities Belgium
Yield & guaranteed rate on back book down at the same pace
Life
Back book
FY 12 FY 13 FY 14 9M 15
Guaranteed interest rate 2.89% 2.80% 2.71% 2.66%
Fixed income yield 4.03% 3.97% 3.84% 3.76%*
FY 13 FY 14 9M 15
Fixed income yield 3.29% 2.89% 2.05%
Reinvested amount (EUR bn) 5.5 4.6 2.9
 Loans to agencies – implicit or explicit guarantees from Belgium or its regions
 Corporate & infrastructure loans
 Corporate bonds > 90% investment grade
New money
Life & Non-Life
* Total fixed income yield figures are as at end of August 2015

9M 14 9M 15
In EUR mio
2
26
(6)
52
70
80
65
9M 14 9M 15
Life Other Non-Life
Q3 14 Q3 15
99.3% 98.3% 96.6% 98.2%
In EUR bn
In % NEP In EUR mio
0.1
1.7 1.9
1.8 1.9
9M 14 9M 15
Life Non-Life
0.0
0.6 0.7
0.6
0.7
Q3 14 Q3 15
9M 14 9M 15
81
66
Q3 14 Q3 15
210
204
1
20
(0)
27
25
48
24
Q3 14 Q3 15
31
Continued strong result in Household
United Kingdom: Headlines
Steady nine months performance
Non-Life Inflows* up 8%, down 4% at
constant FX
Non-Life Combined ratio improvement
thanks to benign weather
Other Income: 2% down – benefit from
legal settlement in ‘14

Motor
Other
Household
Accident & Health
Non-Life
In EUR mio
8%
32
58 58
1,150
1,250
370
374
168
198
1,746
1,880
9M 14 9M 15
United Kingdom: Inflows @ 100%
Inflows up 8% - down 4% at constant FX
Non-Life
 Up 8%, but 4% down at constant FX, an improvement on Q2
 Motor up 9% but down 3% at constant FX – volumes up as
market premiums start to increase
 Household up 1%, but down 10% at constant FX – continued
competitive conditions causing market premiums to remain low
 Accident & Health flat to prior year but 10% down at constant FX
due to loss of key accounts
 Other lines up 18% (only 6% at constant FX) - first results of
new growth strategy launched in January - good performance of
specialist insurance lines
Other Insurance (including Retail)
 YTD total income of EUR 204 mio, decrease in part due to a
positive contribution from a legal settlement in 9M 2014

33
81.5%
74.6% 73.3%
65.6% 66.3% 65.5% 64.5% 63.2% 64.7%
28.0%
25.3% 26.5%
32.2% 33.5% 33.8% 33.8% 33.4% 33.5%
109.5%
99.9%99.8%97.8%99.8% 99.3%98.3% 96.6%98.2%
(1.1%)
0.1%
(2.1%) (4.0%) (4.6%) (3.7%)
(5.2%) (5.4%)
(8.4%)
2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
* Restatement for deconsolidation of Tesco Underwriting since 2013
948 1,524 2,083 1,562 1,613 1,203 1,301 418 451
United Kingdom: Combined ratio
Continued sub 100% performance, in line with Q2 ‘15
Combined ratio
 Improved performance in Household
 Benign weather contributes to improvement
 Motor remains above 100% due to higher third
party damage claims
Claims ratio
 Claims ratio Benign weather offsets increased
third party damage claims
 CY ratio (69.7% vs. 69.2%) good performance
in Household offsetting Motor
 PY ratio: higher releases across all products
but predominantly in Motor- favourable impact
of large claims movements
Expense ratio
 Expense ratio flat vs. 9M 2014

97.9%
87.7%
78.1% 76.2%
66.0% 66.3% 57.6%
24.0%
23.2%
28.2% 34.3%
38.7% 37.2%
42.8%
121.9% 110.9%
106.3% 110.5%
104.7%
103.5%
100.4%
2010 2011 2012 2013 2014 9M 14 9M 15
82.9% 79.2% 77.2% 71.9% 74.6% 73.9% 74.9%
23.3%
19.5% 21.3% 25.0% 25.1% 25.5% 25.9%
106.2%
98.7% 98.5% 96.9% 99.7% 99.4% 100.8%
2010 2011 2012 2013 2014 9M 14 9M 15
77.4%
61.4% 62.3%
51.4% 51.0% 51.9% 48.3%
38.2%
35.3% 36.7%
42.4% 43.3% 43.2% 43.8%
115.6%
96.7%
99.0% 93.8% 94.3% 95.1% 92.1%
2010 2011 2012 2013 2014 9M 14 9M 15
75.1% 71.6% 67.7% 59.8% 56.0% 51.8% 48.2%
30.4% 39.3% 42.1%
44.4% 54.3% 53.8%
49.5%
105.5% 110.9% 109.8% 104.2%
110.3% 105.6%
97.7%
2010 2011 2012 2013 2014 9M 14 9M 15
34
58 65 57 79 71 55 55 532 949 1,420 907 958 709 773
248 366 434 374 399 299 311 110 143 173 202 185 136 162
NEPNEP
NEP NEP
United Kingdom: Combined ratio per product line
Improved loss ratio in all product lines except Motor
* Restatement for deconsolidation of Tesco Underwriting since 2013
Accident & Health: Increased commission ratio Motor: Higher claims frequency & average cost
Household: continued benign weather Other: Continued improvement and growth of
commercial lines business

Non-Life profit up on scope & claims -
Life impacted by equity impairments
Non-Life consolidated combined ratio
excellent thanks to benign weather
227%
Inflows*: up in all entities except
Luxembourg & Turkey In EUR bn
Continental Europe: Headlines
Strong Non-Life results offset by equity impairments in Life
Operating margin Guaranteed: strong
improvement in net underwriting margin
Operating margin Unit-Linked: lower
sales in Portugal
35 30
8
3343
63
9M 14 9M 15
Life Non-Life
3.5
3.1
0.8
0.8
4.3
3.9
9M 14 9M 15
Life Non-Life
1.2
0.9
0.2
0.2
1.5
1.2
Q3 14 Q3 15
9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15 9M 14 9M 15 Q3 14 Q3 15
90.7% 86.0% 86.4%
0.69% 1.01% 0.46% 0.93%
In % NEP
14.5 14.7 14.6
17.3 18.5 18.4
31.8 33.2 33.0
FY 14 6M 15 9M 15
Conso Non-conso
Life Technical liabilities up 4%
0.11% 0.04%
89.3%
0.06%
7
(4)(2)
12
5
8
Q3 14 Q3 15
(0.01%)

2,210
1,526
1,265
1,570
3,475
3,096
9M 14 9M 15
Accident & Health
Motor
Unit-Linked
Guaranteed
(11%)
Other
Household
Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflows@ 100%
Consolidated inflows up, down in JV’s reflecting strategic choices
(3%)
Life
 Inflows down 11%, Including non-controlling interests @ 100%,
reflecting lower sales in Luxembourg
 Consolidated Inflows up 23%
 Portugal: up 19% - pushed by new Savings & Pension products
 France: up 36% - still benefiting from a significant UL single premium
through the broker network in the first quarter
 Luxembourg: down 29% due to voluntary limitation of Guaranteed
products sales
Technical liabilities end-of-period
 Consolidated stable vs. year-end to EUR 14.6 bn
 Including non-consolidated JVs @ 100%: EUR 33.0 bn, up 4%
Non-Life
 Inflows consolidated entities up 6% driven by an excellent performance
in Portugal, strongly outperforming the market
 Turkey Inflows at EUR 416 mio, down 10% as result of strategic shift
towards more profitable growth business (reduction in Motor Third Party
Liability) and fierce competition in Motor Own Damage
 A&H & Motor remain major business lines in portfolio
247 256
273 214
148
166
145 152
813 788
9M 14 9M 15

Continental Europe: Combined ratio
Excellent combined ratio well below 97%
71.0% 66.4% 63.6% 63.7% 61.3% 61.3% 58.0% 59.9% 57.3%
30.3%
30.3%
29.8% 30.0% 30.8% 29.4%
28.0%
29.4%
29.1%
101.3%
96.7%
93.4%93.7%92.1% 90.7%
86.0%
89.3%86.4%
1.9% (2.0%) (2.5%) (4.0%) (4.3%) (3.9%)(4.5%) (2.9%) (3.0%)
2010 2011 2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
Combined ratio
 Combined ratio significantly lower thanks to benign
weather compared to 9M ‘14
 Combined ratio Turkey at 103.5% affected by bad
weather & low Motor TPL results. PY impacted by
reserve strengthening
Claims ratio
 CY ratio at 62.5% (vs. 65.2%) decrease driven by
Household in Portugal
 PY ratio driven by release provision for old claims in
Portugal & positive run-off in Italy
Expense ratio
 Expense ratio continued focus on cost containment
369 382 397 403 415 310 336 103 115

21 23 28 29 30 23 2539 42 44 48 51 37 50
104 97 99 99 96 72 70
64.2% 63.5% 63.3% 59.7% 61.9% 61.0% 58.6%
31.6% 27.8% 28.2%
26.6% 26.7% 25.9% 24.0%
95.8% 91.3% 91.5%
86.3% 88.6% 86.9% 82.6%
2010 2011 2012 2013 2014 9M 14 9M 15
90.5%
71.8% 69.8%
79.3%
60.1% 62.2%
73.6%
27.0%
29.2% 28.1%
29.2%
31.6% 29.3%
31.7%
117.5%
101.0% 97.9%
108.5%
91.7% 91.5%
105.3%
2010 2011 2012 2013 2014 9M 14 9M 15
53.5% 53.7% 51.8% 53.5% 54.0% 53.7% 45.5%
27.7% 34.2% 33.5% 38.8% 40.3% 37.6%
33.9%
81.2%
87.9% 85.3%
92.3% 94.3% 91.3%
79.4%
2010 2011 2012 2013 2014 9M 14 9M 15
73.3%
94.5%
62.8% 59.6%
72.3% 73.3%
34.9%
39.0%
50.0%
43.3% 43.7%
45.1% 42.4%
36.2%
112.3%
144.5%
106.1% 103.3%
117.4% 115.7%
71.1%
2010 2011 2012 2013 2014 9M 14 9M 15
Continental Europe: Combined ratio per product line
Overall combined ratio within expectations
Motor: deteriorated due less favourable CY & PY claimsAccident & Health: improved claims & less expenses
Household: benign weather compared to last year Other: claims low thanks to release provision on 2 old claims
NEP
NEP NEP
205 220 226 227 238 178 191NEP

1.18% 1.06% 0.95% 0.94% 1.00% 1.07% 1.03%
0.69%
0.68% 0.77% 0.63%
0.71% 0.41% 0.47%
(0.85%)(0.83%)(1.02%) (0.88%)(0.70%)
(1.02%)
(0.57%)
1.02%
0.91%0.70%
0.69%
1.01%
0.46%0.93%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
Continental Europe Life operating margin per product line
Guaranteed: all margins improving –
above target range
Unit-linked: decreasing expense & other margin
0.01% (0.05%) (0.01%)
0.01%
(0.01%)
0.02%
0.01% 0.01% 0.01%
0.02%
0.01% 0.01%
0.41%
0.51%
0.09%
0.11%
0.03%
(0.03%)
0.04%
0.44%
0.47%
0.10%
0.11%
0.06%
(0.01%)
0.04%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
 Investment margin increased-as prior year was
impacted by allocated impairments
 Underwriting margin – prior year impacted by
reserve strengthening in annuity business
 Expense & other margin strong improvement in
expense margin
 Decreased expense & other margin related to less
fees following lower UL sales
Expense &
Other
Investment
Underwriting
Expense &
Other
Investment
Underwriting
In EUR bn 7.8 7.6 7.7 7.6 7.9 7.6 7.9 6.1 6.3 6.2 6.2 6.2 6.2 6.2

53
7
4
3
57
10
Q3 14 Q3 15
12
7
9M 14 9M 15
Life Non-Life
12
7
9M 14 9M 15
Life Non-Life
Non-Life combined ratio up mainly from
higher incurred claims in Malaysia
In EUR bn
Asia: Headlines
Result significantly up despite impact Asian equity market in Q3
In % avg technical liabilities In EUR mio
0.6
0.7
9M 14 9M 15
Life Non-Life
Q3 14 Q3 159M 14 9M 15Q3 14 Q3 159M 14 9M 15
92.6% 91.4% 86.8%
1.73% 2.38% 2.20% 2.14%
123 214
135
222
111
123
In % NEP
12.18.4
9.0
12.8
2.1
2.8
0.2
0.22.3
3.0
Q3 14 Q3 15
47
1
4
3
51
4
Q3 14 Q3 15
143
195
188
Net result: incl. ≈ EUR 100 mio positive
exceptional in H1 & impairments in Q3
Inflows* growth fuelled by China &
Thailand
Life Technical liabilities slight
decrease in Malaysia
Life operating margin Hong Kong:
lower New Business strain in UL
Result non-conso partnerships:
strong result in China & Thailand
2.8 3.1 3.0
34.9
41.0 40.1
37.7
44.1 43.1
FY 14 6M 15 9M 15
conso non-conso
89.9%

+45%
Household
Motor
Guaranteed
Life
Non-Life
In EUR mio
In EUR mio
Unit-Linked
Asia: Inflows @ 100%
Strong growth new business, boosted by successful sales campaigns
Accident & Health
Other
8,126
11,890
237
254
8,363
12,144
9M 14 9M 15
+17%
58 72
266
318
77
85
199
229
600
704
9M 14 9M 15
Life Inflows up 45% (up 22% @ constant FX)
 New business premiums up 40% with EUR 3.4 bn single premium
(+29%) & EUR 2.6 bn regular premium (+58%).
 Renewal premiums increased to EUR 6.2 bn (+51%) benefiting from
prior year strong sales & continued good persistency
 Hong Kong +18% - New business down 10%; market impacted by
new regulations mainly in Broker channel
 China +51% - High persistency ratio & New business premium up
48% with very successful sales campaigns
 Malaysia +4% - New business premium down 3%; poor economic
environment & competitive market impacted sales
 Thailand +33% - New business premiums up 18%; strong
performance in regular premium in both Banca & Agency
 India +78% - Good performance in Banca with strong focus on group
retirement product & single premium UL
Technical liabilities – end-of-period
 Hong Kong : EUR 3.0 bn, up 9% vs FY 2014
 Including non-consolidated JVs @ 100%: EUR 43.1 bn, up 15%
Non-Life Inflows up 17% (up 9% @ constant FX)
 Malaysia +12% - Mainly driven by Motor & MAT
 Thailand +30% - All product lines growing; especially Motor &
Personal Accident

(0.15%)
(0.32%)(0.47%) (0.61%)(0.54%)
(0.93%)
(0.54%)
(0.11%)
0.27%
0.11% 0.42%
(0.29%)
0.93%
(0.54%)
2.52%
4.19%
3.13% 2.76%
3.07%
3.04%
2.95%
2.26%
4.14%
2.77% 2.57% 2.24%
2.92%
1.87%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
Hong Kong Life operating margin per product line
Change in product mix supporting expense margins
Guaranteed: operating margin slightly down but
still well above target range
Unit-linked: lower new business strain
 Underwriting margin improved due to higher surrender
margin
 Expense & Other margin improved significantly following
shift towards products with lower new business strain
 Underwriting margin slightly improved due to surrender
margin - partly offset by less favourable claims
 Investment margin deteriorated due to lower realised
capital gains
 Expense & Other margin improved due to organic
growth
2.13%
2.15%
2.07% 1.94%
2.29% 2.08%
2.14%
0.20% 0.21% 0.18% 0.62% 0.19%
(0.95%)
(5.01%)
(2.06%)
(2.04%)
0.20%
(2.03%)
0.36%
1.18%
(2.86%)
0.21% 0.11%
2.67%
0.79%2.69%
2012 2013 2014 9M 14 9M 15 Q3 14 Q3 15
Expense &
Other
Investment
Underwriting
Expense &
Other
Investment
Underwriting
In EUR bn 1.3 1.3 1.4 1.4 1.8 1.4 1.8 0.5 0.6 0.7 0.7 0.9 0.7 0.9

In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets; loans & real estate which are valued at amortized costs
Treasury bills
0.1
Treasury bills
0.0
Sovereign
bonds 37.5
Sovereign
bonds 36.6
Corporate
bonds 26.5 Corporate
bonds 26.1
Structured
0.3
Structured
0.2
Loans 6.1 Loans 7.1
Equities 3.8 Equities 3.8
Real Estate 5.0 Real Estate 5.2
Cash 2.5 Cash 2.2
81.8 81.2
FY 14 9M 15
Asset mix
 Asset mix relatively stable – increase in Loans & Real Estate
 Decreased market value in bonds
Gross unrealized gains/losses on Available for Sale
 Total portfolio: decreased to EUR 7.9 bn (EUR 9.0 bn FY 14),
driven by UG/L on fixed income
 Fixed income: decreased to EUR 7.5 bn (EUR 8.5 bn FY 14)
Sovereigns at EUR 5.8 bn (vs. EUR 6.1 bn)
Corporates at EUR 1.7 bn (vs. EUR 2.4 bn)
 Equities: down to EUR 0.4 bn (EUR 0.5 bn FY 14)
Gross UG/L on Real Estate: up to EUR 1.6 bn (EUR 1.4 bn
FY 14) - not reflected in shareholders’ equity
EUR 2.2 bn unrealized gains/losses on Held to Maturity
(stable) - not reflected in shareholders’ equity
Unrealized gains fixed income down – allocation to Loans up

Belgium
19.2
Belgium
18.2
France 6.2
France 6.1
4.2 4.6
Austria 2.8 Austria 2.8
1.3 1.3
Others 3.9
Others 3.6
37.5 36.6
FY 14 9M 15
In EUR bn
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value fixed income portfolio impacted by evolution unrealized gains
Corporate bond portfolio*
Banking 5.1 Banking 4.6
Other
financials 1.6
Other
financials 1.7
Non
Financials
12.8
Non
Financials
13.3
Government
related 6.9
Government
related 6.4
26.5 26.1
FY 14 9M 15
GermanyGermany
Southern EuropeSouthern Europe
 Gross UG/L at EUR 5.8 bn (vs. EUR 6.1 bn)
 94% investment grade; 88% rated A or higher
 Allocation to Belgium @ amortized cost down
EUR 0.8 bn due to redemption & sales
 Maturity bond portfolio close to maturity liabilities,
limited interest rate sensitivity
 Gross UG/L at EUR 1.7 bn (vs. EUR 2.4 bn)
 Priority to investment grade industrials has led to
increased share within corporate bond portfolio of
51% (vs. 48% FY 14)
 Credit quality remains very good with 95% investment
grade; 66% rated A or higher

In EUR bn
Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Loans to
banks 1.1
Loans to
banks 1.3
RE 0.2
RE 0.3
Infrastructure
0.2
Infrastructure
0.2
Mortgages 1.5
Mortgages 1.4
Other 3.1
Other 3.9
6.1
7.1
FY 14 9M 15
 Increase in other: long term lending to social
housing agencies in Belgium benefiting from
explicit guarantee by the regions
Equity portfolio*
 Gross UG/L at EUR 0.4 bn
Equities 2.2 Equities 2.3
Equity funds
0.2
Equity funds
0.3
RE funds 0.6
RE funds 0.6
Mixed funds
& others 0.8
Mixed funds
& others 0.6
3.8 3.8
FY 14 9M 15

Real estate portfolio
10/03/2010
 Gross UG/L up to EUR 1.6 bn (not reflected in
shareholders’ equity but contributing to available
capital for solvency calculation)
 Real Estate exposure mainly in Belgium
Investment
Offices 1.8
Investment
Offices 2.0
Car Parks
1.1
Car Parks
1.1
Investment
Retail 1.3
Investment
Retail 1.4
0.3
0.30.4
0.4
5.0
5.2
FY 14 9M 15
In EUR bn
Real Estate portfolio*
* All assets at fair value except the ‘Held to Maturity’ assets, loans & real estate which are valued at amortized costs
Investment Warehouses
RE Development
Investment
Warehouses
RE Development

33 46
Q3 14 Q3 15
22
9M 14 9M 15
11 13
29
38
40
51
9M 14 9M 15
Operating Total
(467) (491) (445)
38 33 33
(130) (131)
(132)
FY 14 6M 15 9M 15
RPN(i) RPI FortisEffect
Net result driven by revaluation RPN(i)
In EUR mio
Accounting value of remaining
legacies
General Account: Headlines
Impacted by revaluation RPN(i) liability
49
Accounting value put option
In EUR mio
In EUR mio
Q3 14 Q3 15
P&L effect RPN(i): decrease liability
following higher share price Ageas
Staff & Operating expenses up
Net cash position: down on SBB
& establishment Intreas
4 4
9
13
13
17
Q3 14 Q3 15
In EUR mio
In EUR mio
In EUR bn
12
9M 14 9M 15
(14)
(297)
(124)
21
1.6 1.5 1.4
FY 14 6M 15 9M 15FY 14 6M 15 9M 15
(1,391)
(1,095)
(1,189)

In EUR mio
1,637
1,407
(200)
(329)
(100)
(24)
(99)
395
125
FY 14 share
buy-back
dividend upstream capital
restructuring
Intreas investment
liquid assets
other 9M 15
50
Net cash position General Account at EUR 1.4 bn
Return to shareholders & investment in business
 EUR 100 mio invested in establishment internal reinsurance vehicle Intreas
 EUR 329 mio dividend (EUR 1.55 per share) paid out in May 2015
– paid dividend & holding costs compensated by dividend upstream
 EUR 200 mio share buy-back executed in 9M 15
–2014 SBB completed as per 31/07/2015
 Around EUR 0.3 bn of liquid assets with original maturity longer than 1 year are not
included in net cash position
Roll forward net
cash position

Status on various legal procedures
Administrative & criminal proceedings*
 AFM I : final - fine imposed
 FSMA: Court of appeal reduced original fine
20082007
May/June 08
Communication re solvency & EC
remedies
September -
October 08
Rescue operations & Split
up of Fortis Group,
spread over 2 WE’s
August 07
Communication Q2 figures
 AFM II : final - acquittal
September 07
Capital increase, Prospectus,
Communication about subprime
exposure
May 07
Press release re bid on ABN AMRO
January 08
Press release on subprime & solvency
 Criminal Investigation: referral to court asked for 7 individuals - additional investigation ongoing
Administrative proceedings
Criminal proceedings
* For a complete overview of all legal procedures, please check the contingent liabilities in the Interim Financial Statements

Status on various legal procedures
Civil proceeding initiated by (associations of) shareholders
20082007
September - October 08
Split up of Fortis Group,
spread over 2 WE’s
May – September 07
Press release re bid on ABN AMRO
Communication Q2 figures
Capital increase, Prospectus, Subprime
January – June 08
Press release on subprime & solvency
Communication re solvency & EC
remedies
 Enterprise Court (Ondernemingskamer) re certain facts relating to 2007-2008, Final judgement 06/12/13 mainly in favour plaintiffs
 Stichting Investor Claims Against Fortis (SICAF) against Ageas ML & BNPPF; 2° proceeding also against board members & executives,
awaiting Supreme Court ruling preliminary procedural questions
 Deminor against ageas & 2 banks; interim judgment 28/4/14 ruling +/- 25% claimants not eligible; exchange of written arguments ongoing
 BE – 2 claimants against ageas: awaiting decision consolidation with Deminor
 Mr Lenssens representing several claimants against ageas, 1 bank, Belgian state & several executives, suspended pending criminal proceedings
 Stichting FortisEffect against ageas & Dutch state;
Judgement partly in favour of plaintiffs, Supreme
Court appeal filed
 NL - 1 shareholder claiming damages referring to
FortisEffect judgment
 Mr.Modrikamen against ageas, Belgian state & 2
banks; Interim judgement 05/11/14 ruling +/- 50%
claimants not eligible, pleadings ongoing – Supreme
court 23/10/15: no competence re Dutch defendants
 Mr. Arnauts representing several claimants against ageas & 2
banks; suspended pending criminal proceedings
 VEB collective action against ageas, former directors / executives & banks; hearings scheduled March 2016
 Mr. Bos representing 7 shareholders against ageas, board members & executive; 1° instance mainly in favour of claimants, appeal filed,
exchange of written arguments
 NL 2 separate proceedings - Mr Meijer representing in each case 1 claimant against ageas, exchange of written arguments
 NL 1 claimant against ageas & one Fortis executive: discussion on procedural issues
 BE - 1 professional investor re damages
following rights issue, hearings finished,
judgment expected

Best estimate of timings as of to date
Impossible to provide accurate timing for next steps in legal proceedings
End 2015 First half 2016 Second half 2016
First instance
Pleadings
 Mr.Modrikamen
 Patrinvest
 VEB  Deminor
Judgment on the merits  Patrinvest
 Mr.Modrikamen
 NL - 2 separate proceedings – Mr Meijer
 NL- 1 shareholder
 VEB
Appeal
Pleadings  Mr. Bos
Judgment on the merits
Supreme Court
Judgment  FortisEffect

Main characteristics Hybrids
Leverage optimized at holding level & at AG Insurance
In EUR mio Ageas
Ageasfinlux
Fresh
Ageas Hybrid
Financing
Hybrone
Fixed-to-
Floating Rate
Callable
Fixed Rate Reset
Perpetual
Subordinated
Loans
Fixed Rate Reset
Dated
Subordinated
Notes
CASHES
% 3m EUR + 135 bps 5.125% 5.25% 6.75% 3.5% 3m EUR +200 bps
Amount
outstanding
1,250 95 450 550 USD 400 1,110
ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE6277215545 BE0933899800
Call date
Undated,
strike 315.0
mandatory 472.5
Jun 16
Step up to 3M
Euribor +200 bps
Jun 24
Step up to 3M
Euribor +413 bps
Mar 19
Step up to 6yr USD
swap + 533 bps
June 2027
Step up after 12
years of 100bps
Undated,
strike 239.4,
mandatory 359.1
Other
On lent to AG
Insurance
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue Public issue
Coupon served by
FBB, trigger ACSM
linked to Ageas
dividend
Market Price
(30/09/15)
63.83 101.55 105.72 106.36 87.11 77.07
Fortis Bank
(now BNP PF)
AG Insurance
(Belgium)

Cancellation bought back
shares + new buy back
56
Total number of outstanding shares
situation 31/12/2014 situation 31/10/2015
Total Issued Shares 230,996,192 223,778,433
Shares not entitled to dividend nore voting rights 16,229,514 15,100,099
1. TREASURYSHARES Share buy-back 7,217,759 6,221,711
FRESH 3,968,254 3,968,254
Other treasury shares 399,597 266,230
2. CASHES 4,643,904 4,643,904
Shares entitled to dividend & voting rights 214,766,678 208,678,334
Cancellation 7.2 mio
bought back shares

57
Shareholders structure
Based on number of shares as at 31 October 2015
Based upon press release 2 November 2015
Based upon the number of shares mentioned in the notification received 6 May 2013
Based upon the number of shares mentioned in the notification received 17 March 2014
Based upon the number of shares mentioned in the notification received 16 January 2015
Based upon the number of shares mentioned in the notification received 14 July 2015
Estimate by
Estimate by
Ageas
4.67%
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual
Advisers Identified retail
investors
19%
Identified
institutional
investors
39%
Other investors
18%
Ageas
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual Advisers
Identified retail investors
Identified institutional investors

58
Financial calendar 2016
17 February
FY 2015 results
19 May
3M 2016 results
27 April
Ordinary & Extraordinary
shareholders’ meeting
Brussels
9 May
Ex-dividend date
18 March
Annual report 2015
Embedded Value Report 2015
11 May
Payment 2015 dividend
10 August
6M 2016 results
16 November
9M 2016 results

59
Rating
Improved rating for holding ageas SA/NV
S&P MOODY'S FITCH
Operating AG Insurance (Belgium) A- / positive A2 / stable* A+ / stable
entities Last change 30/03/15 10/03/15 10/12/13
Ageas Insurance Limited A- / positive A+ / stable
Last change 21/05/15 30/03/15
Millenniumbcp Ageas Occidental Vida (Portugal) BB / positive
Last change 25/03/15
Millenniumbcp Ageas Occidental (Portugal) BBB / stable
Millenniumbcp Ageas Médis (Portugal) BBB / stable
Ageas Insurance Co. (Asia) Baa1 / stable A / stable
Last change 16/01/13 26/03/13
Muang Thai Life BBB+ / stable BBB+ / stable
Last change 29/12/10 16/12/10
Etiqa Insurance Berhad (Malaysia) A / stable
Holding ageas SA/NV BBB- / positive Baa3 / negative* A- / stable
Last change 30/03/15 10/03/15 31/07/15
* 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.

60
Disclaimer
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 of insured loss events, (iv) mortality and
morbidity levels and trends, (v) persistency levels, (vi) interest rate
levels, (vii) currency exchange rates, (viii) increasing levels of
competition, (ix) changes in laws and regulations, including
monetary convergence and the Economic and Monetary Union, (x)
changes in the policies of central banks and/or foreign
governments and (xi) general competitive factors, in each case on
a global, regional and/or national basis. In addition, the financial
information contained in this presentation, including the pro forma
information contained herein, is unaudited and is provided for
illustrative purposes only. It does not purport to be indicative of
what the actual results of operations or financial condition of
Ageas and its subsidiaries would have been had these events
occurred or transactions been consummated on or as of the dates
indicated, nor does it purport to be indicative of the results of
operations or financial condition that may be achieved in the
future.

61
Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
ir@ageas.com
www.ageas.com
Investor Relations

9M 2015 Results - Periodical Financials Information

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