Ageas reports 6M 2017 result

Periodical Financial Information
6M 2017RESULTS

Table of contents Slides used during analyst call 2
Segment information 20
Equity / Solvency/ FCG 51
Investment portfolio 62
Legal Settlement 67
General Information 70

Main messages
Ageas reports strong first half year
3Periodic financial Information I 6M 17 results I 9 August 2017
*Consolidated entities only
Insurance
performance
Group result
Balance sheet
Share buy back
 Insurance net profit of EUR 445 mio (+12% scope-on-scope for HK)
 Inflow @ 100% of EUR 20.5 bn (+12%)
 Life Guaranteed margin at 114 bps* (vs.108 bps)
 Unit-Linked margin at 25 bps* (vs. 28 bps)
 Group combined ratio at 95.9%* (vs.99.0%)
 Life Technical Liabilities at EUR 74.2 bn* (stable vs. YE 2016)
 Group net profit of EUR 284 mio
 General Account net loss of EUR 161 mio (vs. EUR 675 mio negative
including provision for Fortis settlement)
 Shareholders’ equity at EUR 9.0 bn or EUR 44.53 per share
 UG/L at EUR 2.4 bn or EUR 12.11 per share
 Insurance Solvency IIageas at 193%, Group ratio at 198%
 Operating FCG of Solvency II scope of EUR 625 mio
 Total Liquid Assets General Account at EUR 1.7 bn (vs.EUR 1.9 bn)
 EUR 0.5 bn dividend upstream from operating companies
 New program launched for EUR 200 mio

 Running from 21/08/17 until 03/08/18
 Independent broker
 Open market purchases on NYSE Euronext Brussels
 Shares to be held as treasury shares until decision Shareholders’ Meeting
 No impact on solvency position of Insurance activities
Ageas announces 7th consecutive share buy-back
Bringing amount returned through SBB to EUR 1.65 bn
06/08/12
Ageas announces EUR 200 mio SBB
24/08/11
06/08/14
4
09/08/17
Ageas announces
EUR 200 mio SBB
Over 5 programmes
57,521,435 shares bought back
of which
52,938,132 shares cancelled
> 20% of outstanding shares end 2011
04/08/17
Ageas completes 2016
EUR 250 mio SBB
- 7,002,631 shares
02/08/13
Periodic financial Information I 6M 16 results I 10 August 2016
05/08/15
10/08/16

Strategic development
Ageas sells its share in Cargeas (Italian Non-Life activities)
*Consolidated entities only
 Ageas reached an agreement with BNP Paribas Cardif to sell
its 50% +1 share in Cargeas Assicurazioni
 Estimated capital gain: approximately EUR 75 mio
 Subject to regulatory approval - Expected to close before end 2017
 Net cash impact EUR 175 mio
 No impact on Insurance Solvency IIageas
 Impact on Group Solvency IIageas : ≈4% positive
 Focus investment on countries where the Group holds stronger positions
 Opportunity to crystallize the value created in the past years
 2016 Gross inflows : EUR 227 mio
 Average contribution to Ageas net result of EUR 10 to 15 mio over the
last years
Transaction
details
Details on
Cargeas
Rationale

199
305 312
104 133
608
445
6M 16 6M 17
Life Non-Life cap gain AICA
In EUR mio
In EUR bn
In EUR bn
Total Insurance: Headlines
Inflows ahead of EUR 20 bn - Strong first half year net result
6Periodic financial Information I FY 16 results I 15 February 2017
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
361
144
46
78
407
222
Q2 16 Q2 17
15.0 17.2
3.3
3.3
18.3
20.5
6M 16 6M 17
Life Non-Life
5.6 6.3
1.6 1.5
7.2 7.8
Q2 16 Q2 17
99.0 95.9
6M 16 6M 17
100.0
93.6
Q2 16 Q2 17
108 114
6M 16 6M 17
110 103
Q2 16 Q2 17
28 25
6M 16 6M 17
28
18
Q2 16 Q2 17
74.5 74.2 74.2
69.5 74.1 74.3
144.0 148.2 148.5
FY 16 3M 17 6M 17
conso non-conso
Net result: Solid beginning of the year
confirmed in Q2
Non-Life combined ratio: excellent
operating performance in BE & CEU
Inflows*: Continued Life inflow growth
in Asia driven by regular premiums
Life Technical liabilities up in non-conso
Operating margin Guaranteed: higher
investment result & cap gains
Operating margin Unit-Linked: down
on sale HK, up in both BE & CEU

2.3
1.9
1.0
1.0
3.3
2.9
6M 16 6M 17
Life Non-Life
88 74
18 44
106
117
Q2 16 Q2 17
In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
In EUR mio In EUR bn
In EUR bn
170 180
36
79206
259
6M 16 6M 17
Life Non-Life
1.0 1.0
0.4 0.4
1.4 1.5
Q2 16 Q2 17
59.0 58.6 58.4
FY 16 3M 17 6M 17
104 110
6M 16 6M 17
100.9
90.3
6M 16 6M 17
102.0
88.0
Q2 16 Q2 17
23 20
Q2 16 Q2 17
23 30
6M 16 6M 17
111
96
Q2 16 Q2 17
Belgium : Headlines
Continued excellent Life & Non-Life operating performance
Life Technical Liabilities stableNon-Life standing out Inflows: anticipated lower Guaranteed
sales - strong inflow growth in UL
Non-Life combined ratio - excellent
operating performance confirmed
Operating margin Guaranteed:
improved investment result & cap gains
Operating margin Unit-Linked: driven
by higher underwriting margin

100.1
105.7
6M 16 6M 17
In EUR mio
In % of NEP
In EUR bn
35
11
6M 16 6M 17
10 11
Q2 16 Q2 17
101.3 101.3
Q2 16 Q2 17
1,184
1,068
6M 16 6M 17
607 545
Q2 16 Q2 17
United Kingdom: Headlines
Ogden rate review continues to influence results
 EUR 31 mio on 6M net result – EUR 10 mio in Q2
 5.3pp on COR - impacting mainly Motor (4.8pp) & Other lines (17.9pp)
 Additional impact of EUR 10 - 15 mio expected in H2, in line with earlier announcements
 Risk mitigation product portfolio through stop loss reinsurance cover
 Q1 derisking of investment portfolio
 EUR 77 mio capital injection executed in Q2
 Solvency IIageas restored to 131% at 6M ‘17
Ogden impact
on results
Ogden rate change
impact mitigated
by various actions
Net result impacted by Ogden
(EUR 31 mio)
Inflows* flat at constant FX Non-Life combined ratio impacted by
Ogden (5.3pp)

Continental Europe: Headlines
Excellent operating performance
16
30
19
2836
58
6M 16 6M 17
Life Non-Life
9
16
12
14
21
30
Q2 16 Q2 17
2.2 2.3
0.6 0.7
2.8
3.0
6M 16 6M 17
Life Non-Life
1.2 1.3
0.3 0.3
1.5 1.6
Q2 16 Q2 17
15.5 15.6 15.9
20.0 20.8 21.2
35.5 36.4 37.1
FY 16 3M 17 6M 17
conso non-conso
90.5 90.5
6M 16 6M 17
92.6 92.9
Q2 16 Q2 17
103
133
6M 16 6M 17
96
146
Q2 16 Q2 17
8
20
6M 16 6M 17
17 16
Q2 16 Q2 17
Strong net profit growth in both Life &
Non-Life
Continued excellent Non-Life
combined ratio in all countries
Steady inflow growth partly on
inclusion Ageas Seguros
Operating margin Guaranteed up on
higher investment margin
Life Technical liabilities up 5%
Operating margin Unit-Linked significantly
up on net underwriting margin
In EUR bn

In EUR bn
In % NEP
199
119 102
11
11
329
113
6M 16 6M 17
Life Non-Life cap gain HK
10.5
13.0
0.5
0.511.0
13.5
6M 16 6M 17
Life Non-Life
3.5 4.0
0.2
0.2
3.7
4.2
Q2 16 Q2 17
65 55
4 7
269
62
Q2 16 Q2 17
49.5 53.4 53.1
FY 16 3M 17 6M 17
non-conso
91.6
85.7
Q2 16 Q2 17
89.3 87.0
6M 16 6M 17
Asia: Headlines
Solid performance in all major countries
Solid result supported by good
business mix
Non-Life combined ratio remains
excellent
Inflows* up 22% - continued strong
new business & renewals
199

In EUR mio
In % NEPIn EUR mio
Intreas: Headlines
Internal Non-Life reinsurance company established in July 2015
Net result Inflows Combined ratio
0
2
3
6M 16 6M 17
1
3
Q2 16 Q2 17
21 24
6M 16 6M 17
11 14
Q2 16 Q2 17
77.8 77.7
6M 16 6M 17
77.3
63.9
Q2 16 Q2 17

Result negatively impacted by RPN(i)
vs. Fortis settlement in Q1 ‘16
In EUR mio
Accounting value of remaining
legacies
General Account: Headlines
Impacted by revaluation RPN(i) liability
Total liquid assets down on SBB &
organic investments
In EUR mio
Impact on P&L from RPN(i) Staff & Operating expenses down vs.
one-offs in 2016 (Fortis settlement)
In EUR mio
Accounting value on AG Insurance put
option: up driven by higher multiples
(675)
(161)
6M 16 6M 17
159
(49)
Q2 16 Q2 17
1.8 1.7 1.6
0.2 0.1 0.1
1.9
1.8 1.7
FY 16 3M 17 6M 17
net cash liquid assets
(275) (371) (397)
42 44 26
(1,024)
(1,024) (1,024)
FY 16 3M 17 6M 17
RPN(i) RPI Settlement
(1,266) (1,340) (1,363)
FY 16 3M 17 6M 17
12 11
40
24
53
35
6M 16 6M 17
Staff & Intercompany Operating
8 5
19
12
28
17
Q2 16 Q2 17
67
(122)
6M 16 6M 17
(6)
(26)
Q2 16 Q2 17
In EUR mio

2.8 2.8
0.7 0.6 0.9 0.9
0.0 0.1
(0.3) (0.3)
4.2 4.1
0.1 0.1
4.3 4.2
1.6 1.8
6.9 7.1
0.7 0.7
1.2
1.4
0.1 0.1
(1.5)(1.5)
7.5 7.9
0.7
0.4
8.1 8.2
4.3
4.6
FY 16 6M 17 FY 16 6M 17 FY 16 6M 17 FY 16 6M 17 FY 16 6M 17 FY 16 6M 17 FY 16 6M 17 FY 16 6M 17 FY 16 6M 17
Solvency IIageas Insurance up on a strong operational half year
General Account down on put option, SBB & capital injection UK
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
13
Belgium UK CEU Reins. Diversification Insurance GA Group
Non-transferable
* Based on local solvency requirements
244% 255% 100% 131% 127% 155% 278% 210% 179% 193% 191% 198% 264% 259%
 BE: good operational performance & positive spread evolution
 UK: capital plan executed
 CEU: good operational performance & positive spread evolution

Group Free Capital Generation roll forward
Operational FCG of EUR 526 mio during H1 ’17, excl. Non-European NCP’s
In EUR mio
14
1,111 1,151
16 122
342
(55) (149)
(419)
122
62
526
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
6M 17
 Calculation based on 175% of SCRageas
 EUR 526 mio includes
 EUR 122 mio related to stop loss cover in UK
 EUR 62 mio dividend upstream from Non-European NCP’s *
 More details per segment see next slide
Free Capital
Generation
* Operational FCG generated by Non-European NCP’s of EUR 56 mio over Q1 ’17 is not included in EUR 526 mio

EUR mio
OF SCR FCG
= OF - 175%*SCR
of which UK
stop
loss cover Driven by
Belgium 339 (40) 410
UK 20 (129) 246 219
CEU 137 10 119
Reinsurance 7 15 (18) (24)
General Account 445 3 439
Geographical 99 99 (75) (72)
diversification
Group eliminations (596) (596)
Total Ageas
Solvency II scope
452 (42) 526 122
Operational impact
10/03/2010 I page 15
Split of operational impact per segment
Operational impact driven by Belgium & CEU
* Expected return on RE investments reduced to 5% (vs. 6% in IR-day data)
SCR reduction due to geographical diversification is
deducted as non-transferable OF
OF up on strong operational results
Impact from consolidation of intra-company elements
Driven by upstream from operating companies
*

Evolution SCR & OF split between types of impact
In EUR mio
16
Own Funds
adjusted for
accrued expected
dividend
SCR
4,257
4,169
12(11)
(42)
(46)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
6M 17
8,560
8,447
143
452
(3)
(136)
(149)
(419)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
6M 17

1,943
Fortis
settlement
(417)
(147) (15) (77) (51) (6)
501
18
-
SBB
1,749
FY 16 Upstream Dividend Share
buy-back
RPI Asia UK Regional
& HQ
expenses
Other 6M 17
Total liquid assets General Account
Evolution total liquid assets related to share buy-back & investments in insurance
In EUR mio
 Most upstream from opco’s received
 2016 SBB completed dd. 04/08/17
 Cash-out in Asia related to the Philippines
 Cash-out in UK related to capital increase following Ogden impact
 Cash inflow of divestment Italy expected before year-end

Belgium
268
Belgium
168
Belgium
294
Belgium
333
Belgium
391
UK 82
UK 64
UK 50
UK 47
CEU 36
CEU
150
CEU 53
CEU 19
CEU 48Asia 52
Asia
106 Asia 43
Asia 89
Asia
62
42
438
488
440
487 501
2012 2013 2014 2015 2016 6M 17
18
Disciplined cash upstream from operating companies
Total upstreamed amount in H1 ’17 at EUR 0.5 bn
 Belgium main contributor of cash
 Upstream covering dividend & holding costs on FY basis
In EUR mio
Biggest part
of upstream
done in H1
Portugal
25
Italy 15
9
Thailand
17
China
45
Upstream during
based on net result of the year before
Periodic financial Information I FY 16 results I 15 February 2017
* internal loan granted
*
*
Luxembourg

1. A solid first half with the exception of the UK
2. Further inflow growth especially in Asia with focus on qualitative
regular premium business
3. A strong start of the year

Periodic financial Information I 6M 17 results I 9 August 2017 21
Key financials
In EUR mio 6M 16 6M 17 Q2 16 Q2 17
Gross inflows 18,342 20,466 12% 7,231 7,793 8%
Net result Insurance 608 445 (27%) 407 222 (45%)
By segment: - Belgium 206 259 26% 106 117 10%
- UK 35 11 (68%) 10 11 6%
- Continental Europe 36 58 64% 21 30 44%
- Asia 329 113 (66%) 268 62 (77%)
- Reinsurance 2 3 1 3
By type: - Life 504 312 (38%) 361 144 (60%)
- Non-Life 104 133 28% 46 78 70%
Net result General Account (675) (161) 159 (49)
Net result Ageas (67) 284 566 173
Earnings per share (in EUR) (0.32) 1.40
Life Operating Margin Guaranteed (in bps) 108 114 110 103
Life Operating Margin Unit-Linked (in bps) 28 25 28 18
Combined ratio (in %) 99.0 95.9 100.0 93.6
FY 16 6M 17
Shareholders' equity 9,561 8,974 (6%)
Net equity per share (in EUR) 46.56 44.53
Insurance ROE excl.UG/L 10.6% 13.9%
Insurance Solvency IIageas ratio 179% 193%
For a definition see Lexicon in annex to the press release

199
305
312
104
133
608
445
6M 16 6M 17
cap gain AICA Life Non-Life
In EUR mio
In EUR bn
In EUR bn
Total Insurance: Headlines
Inflows ahead of EUR 20 bn - Strong first half year net result
In bps avg technical liabilities In bps avg technical liabilities
In % NEP
361
144
46
78
407
222
Q2 16 Q2 17
15.0 17.2
3.3
3.3
18.3
20.5
6M 16 6M 17
Life Non-Life
5.6 6.3
1.6 1.5
7.2 7.8
Q2 16 Q2 17
99.0 95.9
6M 16 6M 17
100.0
93.6
Q2 16 Q2 17
108 114
6M 16 6M 17
110 103
Q2 16 Q2 17
28 25
6M 16 6M 17
28
18
Q2 16 Q2 17
74.5 74.2 74.2
69.5 74.1 74.3
144.0 148.2 148.5
FY 16 3M 17 6M 17
conso non-conso
Net result: Solid beginning of the year
confirmed in Q2
Non-Life combined ratio: excellent
operating performance in BE & CEU
Inflows*: Continued Life inflow growth
in Asia driven by regular premiums
Life Technical liabilities up in non-conso
Operating margin Guaranteed: higher
investment result & cap gains
Operating margin Unit-Linked: down
on sale HK, up in both BE & CEU

Inflows @ 100%
Growth driven by Asian Life & inclusion Ageas Seguros – 2% negative FX
EUR mio 6M 16 6M 17 6M 16 6M 17 6M 16 6M 17
Belgium 75% 2,274 1,891 (17%) 1,015 1,033 2% 3,289 2,924 (11%)
United Kingdom - 1,184 1,068 (10%) 1,184 1,068 (10%)
Consolidated entities 100% - 928 831 (10%) 928 831 (10%)
Non-consolidated JV's 256 237 (7%) 256 237 (7%)0 0
Continental Europe 2,207 2,302 4% 632 715 13% 2,839 3,016 6%
Consolidated entities 930 1,003 8% 334 431 29% 1,264 1,434 13%
Portugal 51% - 100% 669 765 14% 225 319 42% 894 1,084 21%
France 100% 261 238 (9%) 261 238 (9%)
Italy 50% 109 112 2% 109 112 2%
Non-consolidated JV's 1,277 1,299 2% 298 284 (5%) 1,575 1,583 0%
Turkey 36% 298 284 (5%) 298 284 (5%)
Luxembourg 33% 1,277 1,299 2% 1,277 1,299 2%
Asia 10,542 13,007 23% 488 451 (8%) 11,030 13,458 22%
Consolidated entities 100% 183 183
Non-consolidated JV's 10,358 13,007 26% 488 451 (8%) 10,846 13,458 24%
Malaysia 31% 289 338 17% 329 287 (13%) 618 626 1%
Thailand 31%-15% 1,309 1,540 18% 159 163 3% 1,468 1,704 16%
China 25% 8,669 11,000 27% 8,669 11,000 27%
Philippines 50% 1 5 1 5
Vietnam 32% 0 1 0 1
India 26% 91 122 34% 91 122 34%
Insurance Ageas 15,023 17,200 14% 3,319 3,266 (2%) 18,342 20,466 12%#DIV/0! ###### ######
Consolidated entities 3,388 2,894 (15%) 2,277 2,294 1% 5,665 5,188 (8%)
Non-consolidated JV's 11,635 14,306 23% 1,042 972 (7%) 12,678 15,277 21%
Reinsurance 21 24 21 24
Life Non-Life Total

Inflows @ Ageas’s part
Strong growth in Asian JV’s & Continental Europe
In EUR mio
1,706 1,418
1,015 1,083
2,859
3,354
5,580 5,856
0
761
774
1,057 950
326 477
126
113
2,269
2,314
(11%)
(10%)
16%
16%
4%
14%
2,467
2,193
1,341
1,560
2,985
3,467
7,849
8,170
21 24
6M 16 6M 17 6M 16 6M 17 6M 16 6M 17 6M 16 6M 17 6M 16 6M 17 6M 16 6M 17
 Up 5% @ constant FX
 Belgium: down on short-term savings – shift to more UL
 UK flat @ constant FX - Asia: up 23% @ constant FX
 CEU: Ageas Seguros contributing
EUR 45 mio in Life / EUR 143 mio in Non-Life
Non-Life
Life
Belgium UK CEU Asia Insurance Reins.

Insurance net result
Very strong operating performance across all segments except UK
 BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mio
terrorism & weather in 6M ‘16
 UK: EUR 31 mio Ogden vs. EUR 13 mio weather in 6M ‘16
 CEU: Good operating performance - transformation plan Ageas Seguros on track
 Asia: Net result up when excluding 2016 non-recurring items: contribution Hong Kong
(EUR 212 mio) & exceptional one-off adjustment
Non-Life
Life
Belgium UK CEU Asia Reins. Insurance
In EUR mio
170 180
16 30
318
102
504
312
36
79
19
28
11
11
104
133
206
259
35
11
36
58
329
113
2 3
608
445
6M 16 6M 17 6M 16 6M 17 6M 16 6M 17 6M 16 6M 17 6M 16 6M 17 6M 16 6M 17

10/03/2010 I page 26
Overview of net realised capital gains* on investments
Support of cap gains somewhat higher in Belgium & UK
* Net capital gains include capital gains, impairment & related changes in profit sharing, net of tax & @ ageas’s part –
CEU JV’s not included
EUR mio 6M 16 6M 17 Q2 16 Q2 17
Life 77 90 35 14 Higher cap gains on equities &
Non-Life 12 11 4 3 RE transactions, mainly Q1
Total Belgium 89 101 39 16
Non-Life 9 20 1 2 Derisking part of
Total UK 9 20 1 2 investment portfolio in Q1
Life (6) (3) (5) 0
Non-Life 0 (0) 0 (0)
Total CEU (6) (3) (5) 0
Life 2 4 (6) 3
Non-Life 2 1 0 1
Total Asia 4 5 (6) 3
Life 72 91 23 17
Non-Life 23 32 5 5
Total Ageas 95 123 29 22

Insurance Combined ratio
Solid start of the year confirmed in Q2
Combined ratio
 UK Ogden rate change impact of 2.0 pp - mainly in
Other lines & Motor
 Only marginal impact from Portuguese fires
 6M ’16 included 5.5 pp terrorism & weather impact
 Outstanding combined ratio in Belgium (90.3%) &
Continental Europe (90.5%)
 Strong performance in all product lines
 benign weather conditions
 Motor improvement in BE
Claims ratio
 CY claims ratio at 66.9% (vs. 73.0%)
 PY claims ratio lower on reserves strengthening UK
Expense ratio up in UK
Net earned premium (In EUR mio)
In % Net earned premium
73.2 69.0 68.1 64.3 64.4 62.2 67.0 64.6 61.0 65.9
58.2
32.8
31.1 31.0 34.0 35.2 34.7
34.1 34.4
34.9
34.1
35.4
106.0
100.1 99.1 98.3 99.6 96.9
101.1 99.0
95.9
100.0
93.6
(3.7) (3.5) (3.1) (3.8) (4.0) (5.9)
(3.0)
(8.4) (5.9) (7.0) (5.1)
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
claims ratio expense ratio PY claims ratio
2,858 3,507 4,178 3,749 3,843 4,112 2,045 2,069 1,058 1,045

Insurance Combined ratio per product line
Exceptional items impacting COR comparison
Motor: excellent in BE – 2.6 pp OgdenAccident & Health: 4.3 pp terrorism in 6M ’16 – improving
on Portugal
Other: 7.9 pp Ogden vs. 7.3 pp terrorism – good claims ratio
in CEU
Household: very strong COR in BE & CEU – 7.4 pp BE &
UK weather impact in 6M ‘16
71.9 70.5 70.0 67.3 65.4 67.5 73.2 68.2
25.0 25.5 25.6 27.0 28.3 27.2
28.2
27.4
96.9 96.0 95.6 94.3 93.7 94.7
101.4
95.6
2011 2012 2013 2014 2015 2016 6M 16 6M 17
72.0 73.6 69.8 69.6 69.1
78.2
67.1 68.1
25.3 25.4 29.3 29.7 30.5
29.7
29.9 30.2
97.3 99.0 99.1 99.3 99.6
107.9
97.0 98.3
2011 2012 2013 2014 2015 2016 6M 16 6M 17
61.9 55.6 51.5 51.5 50.4 50.5 56.2
45.5
41.5
41.6 44.0 44.6 41.6 42.7
43.1
44.4
103.4
97.2 95.5 96.1 92.0 93.2
99.3
89.9
2011 2012 2013 2014 2015 2016 6M 16 6M 17
67.2 66.5 62.4 71.2
57.9 60.4 58.2 55.9
44.8 44.9 45.5
50.6
46.4 44.4 43.5 46.3
112.0 111.4 107.9
121.8
104.3 104.8 101.7 102.2
2011 2012 2013 2014 2015 2016 6M 16 6M 17
NEP 736 763 813 813 811 838 411 437 NEP 1,571 2,058 1,557 1,616 1,724 1,790 893 890
NEP 892 1,007 986 1,029 1,078 1,067 534 534 NEP 308 349 394 385 424 418 208 208

In bps Avg techn. liabilities
Insurance Life operating margin per product line
Margins in Guaranteed driven by investment result
Guaranteed: up in both BE & CEU Unit-linked: increase in both BE & CEU
 Operating margin coming down because of divestment of
Hong Kong
 Investment margin : good investment result in BE & CEU
 Underwriting margin stable
 Expense & other margin slightly down in BE
11 13 12
17
4 6
3 2
1
(2)
2
1
2 3 1
2
37
18
6
18
19
19
21 28 14
48
28
20
36
25
28
25
28
18
2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
Operating margin
Expense & other m.
Investment m.
Underwriting m.
Avg techn liabilities (In EUR bn)
11.8 12.3 12.6 13.0 12.1 11.9 14.8 11.9 14.8
54.0 55.5 56.9 57.9 57.3 57.1 56.0 57.1 56.0
44 43 38 33
41 41 38 43 38
87 83 90
80
88
101
116 105
104
(33) (31)
(39)
(23)
(36) (34) (40) (38) (39)
99 96
89
90
93
108
114
110
103
2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17

2.3
1.9
1.0
1.0
3.3
2.9
6M 16 6M 17
Life Non-Life
88 74
18 44
106
117
Q2 16 Q2 17
In EUR bn
170 180
36
79206
259
6M 16 6M 17
Life Non-Life
1.0 1.0
0.4 0.4
1.4 1.5
Q2 16 Q2 17
59.0 58.6 58.4
FY 16 3M 17 6M 17
104 110
6M 16 6M 17
100.9
90.3
6M 16 6M 17
102.0
88.0
Q2 16 Q2 17
23 20
Q2 16 Q2 17
23 30
6M 16 6M 17
111
96
Q2 16 Q2 17
Belgium : Headlines
Continued excellent Life & Non-Life operating performance
Life Technical Liabilities stableNon-Life standing out Inflows: anticipated lower Guaranteed
sales - strong inflow growth in UL
Non-Life combined ratio - excellent
operating performance confirmed
Operating margin Guaranteed:
improved investment result & cap gains
Operating margin Unit-Linked: driven
by higher underwriting margin

267 271
309 314
335 339
105 108
+2%
1,015 1,033
6M 16 6M 17
2,052
1,449
223
442
-17%2,274
1,891
6M 16 6M 17
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Belgium: Inflows@ 100%
Lower inflows in short-term investment products as expected - Slight increase in Non-Life
Guaranteed
 Last year’s inflows benefited from the consecutive lowering of the
guaranteed rate over the course of 2016
 Currently guaranteed rate stands at 0.25% - As anticipated sales of
short term investment product came down substantially
Unit-linked
 Inflows doubling under impulse of focused commercial campaigns in
bank channel during Q2
Group Life
 Slight decrease to EUR 520 mio (-3%)
Non-Life
 Slight increase in inflows across all product lines

Belgium: Combined ratio
Solid operating performance with excellent combined ratio at 90.3%
Net earned premium (in EUR mio)
68.7 64.3 62.7 63.2 63.5
56.9 58.3 62.7
52.0
63.9
49.8
36.4
36.8 36.8 36.7 37.7
37.8 37.7
38.2
38.3
38.1
38.2
105.1
101.1 99.5 99.9 101.2
94.7 96.0
100.9
90.3
102.0
88.0
(6.6) (7.3) (4.5) (3.6) (3.4)
(7.2) (8.2)
(12.7) (11.3) (9.2) (7.6)
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
1,541 1,601 1,698 1,785 1,815 1,832 1,836 910 921 458 465
Combined ratio
 Excellent ratio driven by solid performance of all
product lines – excellent start of the year has been
confirmed in Q2
 6M ’16 combined ratio heavily impacted by
 terrorism events of 22 March 2016 (4.2 pp)
 adverse weather events (6.2 pp)
Claims ratio
 CY ratio (63.2% vs. 75.4%) - operating improvement
vs. 6M ’16 corrected for terrorism & weather
 PY ratio: slightly lower releases across most product
lines
Expense ratio stable

73.8 73.0 73.7 70.1 70.4 70.0
78.9 72.0
23.8 24.0 23.8 25.4 27.6 27.6
28.1
27.7
97.6 97.0 97.5 95.5 98.0 97.6
107.0
99.7
2011 2012 2013 2014 2015 2016 6M 16 6M 17
58.2 65.9 66.1
87.5
65.8 58.3 57.1 53.6
49.5
48.1 47.2
47.6
45.0
44.6 45.6 44.8
107.7
114.0 113.3
135.1
110.8
102.9 102.7 98.4
2011 2012 2013 2014 2015 2016 6M 16 6M 17
63.0
50.5 51.4 51.7 43.9 47.8 55.9
40.5
46.9
46.2 45.6 45.7
45.2 44.8
45.2
45.8
109.9
96.7 97.0 97.4
89.1 92.6
101.1
86.3
2011 2012 2013 2014 2015 2016 6M 16 6M 17
58.9 64.7 64.7 62.6 56.2 59.7 58.2
46.8
35.3
35.8 36.3 37.2
36.4 36.4 36.8
37.2
94.2
100.5 101.0
99.8
92.6 96.1 95.0
84.0
2011 2012 2013 2014 2015 2016 6M 16 6M 17
Belgium: Combined ratio per product line
Solid combined ratio in all product lines
NEP 451 480 507 504 484 472 235 239 NEP 525 540 552 562 568 570 283 285
NEP 484 530 564 579 595 605 299 300 NEP 142 149 162 170 185 190 92 96
Accident & Health: Significant improvement - 7.5 pp
terrorism in 6M ‘16
Motor: Excellent combined ratio, driven by Motor Third
Party Liability
Household: Very strong ratio, benefitting from benign
weather - terrorism (1.5 pp) & weather (17.7 pp) in 6M ’16
Other: 6M ’16 heavily impacted by terrorism (16.3 pp)

Insurance Life operating margin per product line
Strong margins in Guaranteed & Unit-Linked
Guaranteed: strong thanks to higher capital gains Unit-linked: improved underwriting margin
4 4 (2) 1
(7)
1
(15)
44
38
32 31 31 30 29
38
20
47
41
30 32
31 23 30
23
20
2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
Operating margin
Investment m.
Expense & other m.
Underwriting m.
44.9 46.4 47.5 48.1 48.7 48.5 48.1 48.5 48.1
5.2 5.4 5.7 5.9 6.1 6.0 7.4 6.0 7.4
32 32 30 25 29 31
27
34
26
93 88 95
88
91
108 119
114
105
(29) (31) (38)
(27) (34) (35) (36) (37) (34)
96
89
87
86
86
104
110 111
96
2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
 Operating result at EUR 265 mio, up from EUR 253 mio
 Investment margin up on improved investment result & cap
gains on RE transactions & equities mainly in Q1
 Underwriting margin stable
 Expense margin slightly lower
 Operating result up from EUR 6.9 mio to EUR 11.2 mio
 Driven by improved net underwriting result

FY 14 FY 15 FY 16 6M 17
Guaranteed interest rate 2.71% 2.63% 2.49% 2.40%
Fixed income yield 3.84% 3.71% 3.45% 3.35%
Liabilities Guaranteed
(EUR bn) 51.8 50.3 52.9 50.7
FY 15 FY 16 6M 17
Fixed income yield 2.89% 2.11% 1.97%
Reinvested amount (EUR bn) 4.6 4.2 1.2
 Newly invested money mostly government related loans & infrastructure loans
 >95% investment grade corporates
Guaranteed retail Life:
 Yield lowered from 1% to 0.75% as from 1 April 2016
 Yield lowered to 0.5% as from 1 August 2016
 Yield further lowered to 0.25% as from 1 November 2016
Margin evolution Assets & Liabilities Belgium
Yield & guaranteed rate on back book down at the same pace
Life
Back book
New money
Life & Non-Life

1.50%
2.50%
3.50%
4.50%
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q3
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Guaranteed interest rate Total fixed income yield
3,35%
2,40%
Margin evolution Assets & Liabilities Belgium
Evolution of the margin on the back book since 2011

100.1
105.7
6M 16 6M 17
In EUR mio
In % of NEP
In EUR bn
35
11
6M 16 6M 17
10 11
Q2 16 Q2 17
101.3 101.3
Q2 16 Q2 17
1,184
1,068
6M 16 6M 17
607 545
Q2 16 Q2 17
United Kingdom: Headlines
Ogden rate review continues to influence results
 EUR 31 mio on 6M net result – EUR 10 mio in Q2
 5.3pp on COR - impacting mainly Motor (4.8pp) & Other lines (17.9pp)
 Additional impact of EUR 10 - 15 mio expected in H2, in line with earlier announcements
 Risk mitigation product portfolio through stop loss reinsurance cover
 Q1 derisking of investment portfolio
 EUR 77 mio capital injection executed in Q2
 Solvency IIageas restored to 131% at 6M ‘17
Ogden impact
on results
Ogden rate change
impact mitigated
by various actions
Net result impacted by Ogden
(EUR 31 mio)
Inflows* flat at constant FX Non-Life combined ratio impacted by
Ogden (5.3pp)

Non-Life
In EUR mio
Other
Household
Accident & Health
Motor
United Kingdom: Inflows@ 100%
Inflows down 10%, impacted by adverse FX – flat at constant FX
23 18
809
746
232
210
120
94
-10%1,184
1,068
6M 16 6M 17
Non-Life
 Flat @ constant FX - marginal growth in Motor offset by
Accident & Health and Other lines
 Motor up 2% @ constant FX driven by premiums from
Commercial & Tesco Underwriting
 Household in line with prior year @ constant FX
 Other lines down 14% @ constant FX reflecting the planned
run off in Special Risks
 Accident & Health down 15% @ constant FX, marginal
impact on total

Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other
In % Net earned premium
United Kingdom: Combined ratio
COR impacted by Ogden rate change
81.5
74.6 73.3
65.6 66.3 69.3
80.7
68.2 71.8 69.7 66.7
28.0
25.3 26.5
32.2 33.5
32.8
31.5
31.9
33.9
31.6 34.6
109.5
99.9 99.8 97.8 99.8 102.1
112.2
100.1
105.7
101.3 101.3
(1.1)
0.1
(2.1) (4.0) (4.6) (4.4)
4.5
(5.0)
0.9
(5.8)
(1.3)
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
948 1,524 2,083 1,562 1,613 1,751 1,598 829 763 416 382
Combined ratio 6M 17
 Adverse impact from Ogden (5.3pp) on Other lines &
Motor
 Lower PY releases – down 5.9pp due to slowing down
of claims settlements in Motor
 Combined ratio Tesco Underwriting 93.8% (vs. 98.5%)
Claims ratio
 CY ratio (70.9% vs. 73.2%) – underlying improvement in
Motor & benign weather in Household
 Lower PY releases (5.9pp) as claims settle slower in
Motor & reserve strengthening in Other lines
Expense ratio
 Expense ratio reflecting improvement in underlying cost
performance offset by lower ancillary income &
commission mix

Restatement for deconsolidation of Tesco Underwriting since 2013. 2015 figures restated for consolidation Non-Life & Other
United Kingdom: Combined ratio per product line
Accident & Health: Driven by higher PY releases Motor: Ogden impact of 4.8 pp, lower PY releases
Other: 17.9 pp Ogden impact – mainly Commercial linesHousehold: Benign weather vs Floods June 2016
97.9
87.7
78.1 76.2
66.0
55.8 60.6 56.9
24.0
23.2
28.2 34.3
38.7
43.3
45.7 47.7
121.9
110.9 106.3 110.5
104.7
99.1
106.3 104.6
2010 2011 2012 2013 2014 2015 6M 16 6M 17
82.9 79.2 77.2 71.9 74.6 75.8 72.0 79.6
23.3 19.5 21.3
25.0 25.1 27.2 25.9
26.5
106.2
98.7 98.5 96.9 99.7 103.0
97.9
106.1
2010 2011 2012 2013 2014 2015 6M 16 6M 17
77.4
61.4 62.3
51.4 51.0
62.2 60.2 53.4
38.2
35.3 36.7
42.4 43.3
37.3 41.5
46.3
115.6
96.7 99.0 93.8 94.3 99.5 101.7 99.7
2010 2011 2012 2013 2014 2015 6M 16 6M 17
75.1 71.6 67.7 59.8 56.0 55.3 64.6 68.8
30.4 39.3 42.1
44.4 54.3 48.6
43.1 46.0
105.5 110.9 109.8 104.2
110.3
103.9 107.7
114.8
2010 2011 2012 2013 2014 2015 6M 16 6M 17
NEP 532 949 1,420 907 958 1,062 526 480
NEP 248 366 434 374 399 413 186 176 NEP 110 143 173 202 185 204 96 92

Continental Europe: Headlines
Excellent operating performance
16
30
19
2836
58
6M 16 6M 17
Life Non-Life
9
16
12
14
21
30
Q2 16 Q2 17
2.2 2.3
0.6 0.7
2.8
3.0
6M 16 6M 17
Life Non-Life
1.2 1.3
0.3 0.3
1.5 1.6
Q2 16 Q2 17
15.5 15.6 15.9
20.0 20.8 21.2
35.5 36.4 37.1
FY 16 3M 17 6M 17
conso non-conso
90.5 90.5
6M 16 6M 17
92.6 92.9
Q2 16 Q2 17
103
133
6M 16 6M 17
96
146
Q2 16 Q2 17
8
20
6M 16 6M 17
17 16
Q2 16 Q2 17
Strong net profit growth in both Life &
Non-Life
Continued excellent Non-Life
combined ratio in all countries
Steady inflow growth partly on
inclusion Ageas Seguros
Operating margin Guaranteed up on
higher investment margin
Operating margin Unit-Linked significantly
up on net underwriting margin
In EUR bn

Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflows @ 100%
Focus on Unit-Linked sales in Life & strong overall growth in Non-Life
42
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
208 242
210
233
142
157
73
82
+13%
632
715
6M 16 6M 17
1,145
905
1,062 1,397
+4%
2,207
2,302
6M 16 6M 17
Life
 Inflows including non-controlling interests @ 100%, reached EUR 2.3
billion (+ 4%) - Increase mainly realised in Portugal & Luxembourg
 Consolidated inflows up 8%
 Portugal: up 14%, outperforming the Portuguese market (+ 3% @
end May) - higher Unit-Linked sales & retirement offer in Ocidental –
Ageas Seguros contributing EUR 45 mio
 France: down 9% reflecting market downward trend – growing
importance of Unit-Linked in business mix – high level of single
premium in Q1 ‘16
 Luxembourg: up 2% - strong Unit-Linked sales in High Net Worth
segment
Technical liabilities
 Consolidated at EUR 15.9 bn, slightly up thanks to Portugal
 Including non-consolidated JVs @ 100%: at EUR 37.1 bn, up 5%
Non-Life
 Inflows consolidated entities up 29% driven by a strong performance in
all companies & scope change - Ageas Seguros contributing EUR 143
mio
 Turkey up 15% @ constant FX – strong growth in all main product lines,
especially Household

43
Continental Europe: Combined ratio
Excellent combined ratio well below Group target
* Scope: only consolidated companies
In % Net earned premium*
71.0 66.4 63.6 63.7 61.3
55.9 58.6 61.0 61.7 62.4 62.2
30.3
30.3
29.8 30.0 30.8
29.5
30.1 29.5 28.8 30.2 30.7
101.3
96.7
93.4 93.7 92.1
85.4
88.7 90.5 90.5 92.6 92.9
1.9 (2.0) (2.5) (4.0) (4.3) (6.5) (6.5) (4.7) (6.6) (4.5) (6.8)
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
369 382 397 403 415 454 664 297 375 179 191
Combined ratio
 Reflecting continued strong operating performance
with gradual improvement since 2010
 Stable vs. 6M 2016 despite inclusion of Ageas
Seguros with impact on product mix & still in the
midst of its transformation plan
 Limited impact of Pedrogão fires in Portugal
 Strong improvement in Turkey with solid combined
ratio @ 94.2% (vs. 98.8%)
Claims ratio
 CY ratio at 68.3% (vs 65.7%) increasing due to more
large claims in Motor (Italy) & Health (both Italy &
Portugal)
 PY ratio driven by positive run-off in all companies
Expense ratio
 Expense ratio decreased partially due to timing
difference

Continental Europe: Combined ratio per product line
Continued good claims experience
Motor: large claims in Italy & inclusion Ageas SegurosAccident & Health: improving on higher PY run-off in
Portugal
Household: overall lower expense ratio & good claims
experience at Ocidental despite recent fires
Other: good current claims ratio & higher run-offs
44
64.2 63.5 63.3 59.7 61.9 58.8 64.9 66.5 64.2
31.6 27.8 28.2 26.6 26.7 25.2
25.1 25.8 25.2
95.8 91.3 91.5
86.3 88.6
84.0
90.0 92.3 89.4
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17
NEP 205 220 226 227 238 255 328 154 183
90.5
71.8 69.8
79.3
60.1
71.5 65.5 66.2 73.3
27.0
29.2 28.1
29.2
31.6
32.3
32.5 31.9
29.0
117.5
101.0 97.9
108.5
91.7
103.8
98.0 98.1 102.3
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17
73.3
94.5
62.8 59.6
72.3
31.7
12.1
32.6 8.3
39.0
50.0
43.3 43.7
45.1
40.8
41.3
35.8
55.5
112.3
144.5
106.1 103.3
117.4
72.5
53.4
68.4 63.8
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17
53.5 53.7 51.8 53.5 54.0
36.1 42.3 44.3 46.1
27.7 34.2 33.5 38.8 40.3
35.9
38.0 35.2 30.6
81.2
87.9 85.3
92.3 94.3
72.0
80.3 79.5 76.7
2010 2011 2012 2013 2014 2015 2016 6M 16 6M 17
NEP 21 23 28 29 30 35 43 20 20NEP 39 42 44 48 51 70 91 42 51
NEP 104 97 99 99 96 94 202 82 121

Continental Europe Life operating margin per product line
Up in both Guaranteed & Unit-Linked
Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on expense & other margin
45
 Expense & other margin improved mainly thanks to higher
fees & commissions
 Underwriting margin up on higher surrender margin
 Investment margin up thanks to Ocidental
 Underwriting margin up thanks to higher risk margin
 Expenses & other margin slightly increasing due to Portugal
118 106 95 100 110 97 106 98 112
69
68 77 59
76
71
96
60
103
(85) (83)
(102)
(71) (65) (65) (69) (62) (69)
102
91 70
88
121
103
133
96
146
2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
7.8 7.6 7.7 8.0 8.7 8.6 7.9 8.6 7.9
6.1 6.3 6.2 6.1 6.0 5.9 7.4 5.9 7.4
1 (5)
0 1 2 1 2 4
2 1 1 2 2
6
3
4
41
51
9 4 5 5
12
15
8
44
47
10
7 7 8
20
17
16
2012 2013 2014 2015 2016 6M 16 6M 17 Q2 16 Q2 17
Operating margin
Expense & other m.
Underwriting m.
Investment m.

In EUR bn
In % NEP
199
119
102
11
11
329
113
6M 16 6M 17
cap gain HK Life Non-Life
10.5
13.0
0.5
0.511.0
13.5
6M 16 6M 17
Life Non-Life
3.5 4.0
0.2
0.2
3.7
4.2
Q2 16 Q2 17
65 55
4 7
269
62
Q2 16 Q2 17
49.5 53.4 53.1
FY 16 3M 17 6M 17
non-conso
91.6
85.7
Q2 16 Q2 17
89.3 87.0
6M 16 6M 17
Asia: Headlines
Solid performance in all major countries
Solid result supported by good
business mix
Non-Life combined ratio remains
excellent
Inflows* up 22% - continued strong
new business & renewals
199

Life
Non-Life
10,443
12,520
99
487
+23%
10,542
13,007
6M 16 6M 17
206 201
58 61
54 54
170 135
-8%
488
451
6M 16 6M 17
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
In EUR mio
Asia: Inflow @ 100%
Strong Life growth across all markets – Non-Life growth in profitable product lines
Life
 New business premiums up 11% with EUR 3.5 bn regular premium
(+30%) & EUR 2.9 bn single premium (-6%)
 Renewal premiums increased to EUR 6.6 bn (+38%) benefiting from
continued good persistency
 China +29% @ constant FX - New business premiums up 14% mainly
driven by regular business following successful sales campaigns &
increased number of agents
 Thailand +12% @ constant FX – strong growth in renewal (+16%)
thanks to continued customer loyalty
 Malaysia +22% @ constant FX - Renewals up 25% @ constant FX
 India +27% @ constant FX - growth in both new business (+44%) &
renewal premiums (+12%)
 Philippines Inflows @ EUR 5 mio mainly from credit life products
 Vietnam started sales as of March 2017 with YTD inflows @ EUR1m
Non-Life
 Malaysia -9% @ constant FX - lower MAT & Motor partly compensated
by higher Personal Accident & Fire
 Thailand -2% @ constant FX - growth in Fire offset by lower inflows in
Motor & other Non-Motor

Result negatively impacted by RPN(i)
vs. Fortis settlement in Q1 ‘16
In EUR mio
Accounting value of remaining
legacies
General Account: Headlines
Impacted by revaluation RPN(i) liability
Total liquid assets down on SBB &
organic investments
In EUR mio
Impact on P&L from RPN(i) Staff & Operating expenses down vs.
one-offs in 2016 (Fortis settlement)
In EUR mio
Accounting value on AG Insurance put
option: up driven by higher multiples
(675)
(161)
6M 16 6M 17
159
(49)
Q2 16 Q2 17
1.8 1.7 1.6
0.2 0.1 0.1
1.9
1.8 1.7
FY 16 3M 17 6M 17
net cash liquid assets
(275) (371) (397)
42 44 26
(1,024)
(1,024) (1,024)
FY 16 3M 17 6M 17
RPN(i) RPI Settlement
(1,266) (1,340) (1,363)
FY 16 3M 17 6M 17
12 11
40
24
53
35
6M 16 6M 17
Staff & Intercompany Operating
8 5
19
12
28
17
Q2 16 Q2 17
67
(122)
6M 16 6M 17
(6)
(26)
Q2 16 Q2 17
In EUR mio

1,943
Fortis
settlement
(417)
(147) (15) (77) (51) (6)
501
18
-
SBB
1,749
FY 16 Upstream Dividend Share
buy-back
RPI Asia UK Regional
& HQ
expenses
Other 6M 17
Total liquid assets General Account
Evolution total liquid assets related to share buy-back & investments in insurance
In EUR mio
 Most upstream from opco’s received
 2016 SBB completed dd. 04/08/17
 Cash-out in Asia related to the Philippines
 Cash-out in UK related to capital increase following Ogden impact
 Cash inflow of divestment Italy expected before year-end

Main characteristics Hybrids
In EUR mio Ageas
Ageasfinlux
Fresh
Fixed-to-Floating
Rate Callable
Fixed Rate Reset
Perpetual
Subordinated Loans
Fixed Rate Reset
Dated Subordinated
Notes
CASHES
% 3m EUR + 135 bps 5.25% 6.75% 3.5% 3m EUR +200 bps
Amount
outstanding
1,250 450 550 USD 400 948
ISIN XS0147484074 BE6261254013 BE6251340780 BE6277215545 BE0933899800
Call date
Undated,
strike 315.0
mandatory 472.5
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
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue Public issue
Coupon served by FBB,
trigger ACSM linked to
Ageas dividend
Market Price
(30/06/17)
59.88 120.38 105.10 105.25 78.28
Fortis Bank
(now BNP PF)
AG Insurance
(Belgium)

Shareholders’ equity at EUR 9.0 bn - UG/L of EUR 12.11/share
Down on return to shareholders, put option & FX, partly compensated by net result on H1
In EUR mio
6,459 6,375
2,498
2,444
604
155
445
16(161) (30) (419) (149) (146) (140) (2)
EUR 46.56 EUR 44.53
9,561
8,974
FY 16 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
Reval AG
put option
Forex IAS 19 Other 6M 17
Insurance
UCG/L
Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
Belgium 4,683 ► 4,560 Asia 2,004 ► 1,915
UK 815 ► 852 Reinsurance 104 ► 107
Continental Europe 1,350 ► 1,384 Insurance 8,957 ► 8,819
General Account 604 ► 155

53
Tangible net equity
High quality capital structure
10/03/2010 I page 53
EUR bn FY16 6M 17
IFRS Shareholders' Equity 9.6 9.0
Unrealised gains real estate 0.5 0.5
Goodwill (0.7) (0.7)
VOBA (Value of Business Acquired) (0.1) (0.1)
DAC (Deferred Acquisition Cost) (0.5) (0.5)
Other (0.4) (0.4)
Goodwill, DAC, VOBA related to N-C interests 0.4 0.4
25% tax adjustment DAC, VOBA & Other 0.2 0.2
IFRS Tangible net equity 8.9 8.3
IFRS Tangible net equity/ IFRS Shareholder's Equity 93% 93%

2.8 2.8
0.7 0.6 0.9 0.9
0.0 0.1
(0.3) (0.3)
4.2 4.1
0.1 0.1
4.3 4.2
1.6 1.8
6.9 7.1
0.7 0.7
1.2
1.4
0.1 0.1
(1.5)(1.5)
7.5 7.9
0.7
0.4
8.1 8.2
4.3
4.6
Solvency IIageas Insurance up on a strong operational half year
General Account down on put option, SBB & capital injection UK
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
54
Non-transferable
244% 255% 100% 131% 127% 155% 278% 210% 179% 193% 191% 198% 264% 259%
 BE: good operational performance & positive spread evolution
 UK: capital plan executed
 CEU: good operational performance & positive spread evolution

55
Ageas Insurance Solvency sensitivities
Providing updated sensitivities to allow more accurate assessment
As per 31/12/’16
Based on Solvency IIageas
SCR OF Solvency
Base case
Before stress
4,182 7,478 179%
Yield curve down
Down 50 bps
4,456 7,407 166%
Yield curve up
Up 50 bps
3,942 7,452 189%
UFR
Down to 3.65% (from 4.2%)
4,235 7,396 175%
Equity
Down 30%
3,958 6,954 176%
Property
Down 20%
4,079 7,189 176%
Spread
Spreads on corporate & government bonds up 50 bps
4,401 6,888 157%
Corporate spread
Spreads on corporate bonds up 50 bps
4,054 7,501 185%
Sovereign spread
Spread on government bonds up 50 bps
4,546 6,849 151%

Insurance SCRageas per risk type
Market risk main factor in SCR
Market risk slightly up on changes in
asset mix
56
In EUR bn
( 1.5 ) ( 1.4 )
( 0.5 ) ( 0.6 )
( 1.0 ) ( 1.1 )
4.3 4.4
0.3 0.3
0.6 0.6
0.4 0.4
0.8 0.8
0.7 0.7
4.2 4.1
FY 16 6M 17
Non Diversifiable
Non-life UW
Health UW
Life UW
Counterparty Default
Market
Loss-Absorption Deferred Taxes
Loss-Absorption Techn. Liab.
Diversification
Diversification
Loss-Absorption Deferred Taxes
LACDT

Solvency PIM – as reported to the regulator under Pillar I
Insurance ratio up on a strong operational performance
Solvency II PIM
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations*
57
3.4 3.2
0.7 0.6 0.8 0.7
0.0 0.1 (0.3) (0.2)
4.6 4.3
0.1 0.1
4.7 4.4
1.6 1.8
6.8 6.9
0.7 0.7
1.7 1.9
0.1 0.1 (1.6) (1.7)
7.6 7.9
0.5
0.2
8.1 8.1
4.3
4.6
Non-transferable
201% 215% 96% 127% 211% 259% 259% 200% 166% 183% 174% 184% 264% 259%

Tiering of Group PIM own funds
High quality of own funds
58
In EUR bn
5.7 5.7
1.4 1.4
0.9 0.9
0.1 0.1
8.1 8.1
FY 16 6M 17
Tier 3
Tier 2
Tier 1 restricted
Tier 1

Group Free Capital Generation roll forward
Operational FCG of EUR 526 mio during H1 ’17, excl. Non-European NCP’s
In EUR mio
59
1,111 1,151
16 122
342
(55) (149)
(419)
122
526
62
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
6M 17
 Calculation based on 175% of SCRageas
 EUR 526 mio includes
 EUR 122 mio related to stop loss cover in UK
 EUR 62 mio dividend upstream from Non-European NCP’s *
 More details per segment see next slide
Free Capital
Generation
* Operational FCG generated by Non-European NCP’s of EUR 56 mio over Q1 ’17 is not included in EUR 526 mio

EUR mio
OF SCR FCG
= OF - 175%*SCR
of which UK
stop
loss cover Driven by
Belgium 339 (40) 410
UK 20 (129) 246 219
CEU 137 10 119
Reinsurance 7 15 (18) (24)
General Account 445 3 439
Geographical 99 99 (75) (72)
diversification
Group eliminations (596) (596)
Total Ageas
Solvency II scope
452 (42) 526 122
Operational impact
10/03/2010 I page 60
Split of operational impact per segment
Operational impact driven by Belgium & CEU
* Expected return on RE investments reduced to 5% (vs. 6% in IR-day data)
SCR reduction due to geographical diversification is
deducted as non-transferable OF
Impact from consolidation of intra-company elements
Driven by upstream from operating companies
*

Evolution SCR & OF split between types of impact
In EUR mio
61
Own Funds
adjusted for
accrued expected
dividend
SCR
4,257
4,169
12(11)
(42)
(46)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
6M 17
8,560
8,447
143
452
(3)
(136)
(149)
(419)
FY 16 Model
changes
M&A
(divestments)
Market
impact
Operational
impact
Exceptional
items
Capital
transactions
M&A
(acquisitions)
Paid
Dividend
6M 17

In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Asset mix
 Asset allocation relatively stable
 Loans & equities increased at the expense of corporate bonds
Gross unrealized gains/losses on Available for Sale
 Total portfolio: down to EUR 7.5 bn (vs. EUR 8.3 bn); down in
fixed income & corporate bonds
 Fixed income: at EUR 6.7 bn (vs. EUR 7.7 bn FY 16)
 Sovereigns at EUR 5.2 bn (vs. EUR 5.8 bn)
 Corporates at EUR 1.6 bn (vs. EUR 1.8 bn)
 Equities: slightly up to EUR 0.7 bn (vs. EUR 0.6 bn)
Gross UG/L on Real Estate: slightly up to EUR 1.6 bn (vs.
EUR 1.5 bn) - not reflected in shareholders’ equity
EUR 2.2 bn unrealized gains/losses on Held to Maturity (vs.
EUR 2.4 bn) - not reflected in shareholders’ equity
Investment portfolio
Investment portfolio down on unrealized capital gains on fixed income
Sovereign
bonds 37.9
Sovereign
bonds 37.6
Corporate
bonds 24.1
Corporate
bonds 22.0
Structured
0.1 Structured
0.1
Loans
8.7 Loans
9.1
Equities 4.4
Equities 4.8
Real Estate
5.3
Real Estate
5.3
Cash 2.2
Cash 2.2
82.7
81.1
FY 16 6M 17

 Decrease driven by lower UG/L
 Gross UG/L at EUR 5.2 bn (vs. EUR 5.8 bn)
 93% investment grade; 86% rated A or higher
 Belgium Duration gap close to zero – matched portfolio
Belgium
19.0
Belgium
18.6
France 6.3 France 6.3
Austria 2.9 Austria 2.8
Portugal 2.4 Portugal 2.5
Italy 1.5 Italy 1.4
Spain, 1.5 Spain, 1.4
Germany 1.2 Germany 1.2
Ireland 0.7 Ireland 0.7
Other 2.4 Other 2.7
37.9 37.6
FY 16 6M 17
In EUR bn
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value fixed income portfolio driven by a decrease in unrealized capital gains
 Proceeds of maturities not fully reinvested
 Gross UG/L at EUR 1.6 bn (vs. EUR 1.8 bn)
 Credit quality remains high with 94% investment grade
- 57% rated A or higher
Corporate bond portfolio*
Banking 3.8 Banking 3.4
Other
financials 1.9
Other
financials 1.5
Non
Financials
13.5
Non
Financials
13.0
Government
related 4.9 Government
related 4.1
24.1
22.0
FY 16 6M 17

Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Loans to
banks 1.3
Loans to
banks 1.4
RE 0.2 RE 0.2
Infrastructure
0.5
Infrastructure
0.6
Mortgages 1.3 Mortgages 1.2
Other 5.4 Other 5.7
8.7
9.1
FY 16 6M 17
 Increase in other: loans benefiting from an explicit
guarantee by the Belgian regions or the Dutch State
 Higher exposure in loans to customers
Equity portfolio*
 Gross UG/L slightly up to EUR 0.7 bn (vs. EUR 0.6 bn)
Equities 2.5 Equities 2.7
Equity funds
0.3
Equity funds
0.3
RE funds 0.8
RE funds 0.8
Mixed funds &
others 0.9
Mixed funds &
others 1.0
4.4
4.8
FY 16 6M 17
In EUR bn

Real estate portfolio
10/03/2010
 Gross UG/L slightly 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 2.2
Investment
Offices 2.3
Car Parks
1.1
Car Parks
1.2
Investment
Retail 1.4
Investment
Retail 1.2
0.2 0.2
0.4 0.4
5.3 5.3
FY 16 6M 17
Investment Warehouses
RE Development
Investment
Warehouses
RE Development
In EUR bn

Settlement between Ageas & claimants organisations
Judgment on 16 June 2017
 Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio
 P&L impact of EUR 889 mio in 3M 2016
 Commitment by eligible shareholders to abandon any ongoing civil proceeding &
not to start any legal proceeding related to the events
 Settlement not declared binding in current format
 Court offers opportunity for amendments
 No objective justification for distinction between active & non-active claimants
 High compensation for claimant organizations
 All parties involved are willing to restart negotiations
 Amsterdam Court decision has no impact on P&L or Solvency
 Financial flexibility of Ageas has not changed
 More details on compensation per share & calculation aid available on
www.Forsettlement
Announcement
14/03/2016
Court’s interim
decision
Court’s main
objections
Other
considerations

69
Fortis Settlement
Revised indicative timeline after Court’s interim decision
6. Court’s interim decision
16/06/2017
7. Deadline filing amended settlement
17/10/2017
8. Reply opponents
28/11/2017
9. Second public hearing
estimated first half 2018
11.Implementationof
amendedsettlement
(if any) if approved by Court
1.Announcement Original Settlement
14/03/2016
2. Filing
23/05/2016
3. Pre-hearing
25/08/2016
4. Notification &
Announcement
5. Hearing
24/03/2017
10.Court’sdecision
est.
mid 2018
by
end 2019
...

situation 31/12/2016 situation 30/06/2017 situation 05/08/2017
216,570,471 209,399,949 209,399,949
15,143,439 11,805,303 12,380,839
7,170,522 3,878,190 4,453,726
3,968,254 3,968,254 3,968,254
45,804 0 0
3,958,859 3,958,859 3,958,859
201,427,032 197,594,646 197,019,110
Total number of outstanding shares
7.2 mio bought back shares canceled
SBB &
cancellation
cancellation
SBB
Total Issued Shares
Shares not entitled to dividend nore voting rights
1. TREASURYSHARES Share buy-back
FRESH
Other treasury shares
2. CASHES
Shares entitled to dividend & voting rights
* After deduction of shares for management plans
*

Shareholders structure
Ageas above 5% threshold following SBB
Based on number of shares as at 5 August 2017
Ageas
4.0%
Ping An
BlackRock, Inc.
Schroders
Norges
Franklin Mutual
Advisers
Identified retail
investors
20%
Identified
institutional
investors
39%Other
investors
14%
Based upon press release 7 August 2017
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 14 December 2015
Based upon the number of shares mentioned in the notification received 5 June 2017
Based upon the number of shares mentioned in the notification received 14 July 2015
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Norges
Franklin Mutual Advisers
Identified retail investors
Identified institutional investors

Financial calendar 2016 - 2017
15 February
FY 2016 results
10 May
3M 2017 results
17 May
Ordinary & Extraordinary
shareholders’ meeting Brussels
29 May
Ex-dividend date
7 April
Annual report 2016
31 May
Payment 2016 dividend
9 August
6M 2017 results
8 November
9M 2017 results
10 August
6M 2016 results
16 November
9M 2016 results
26 September
Investor Dinner
6 June
Investor Day

Rating
Improved rating for operating entities
S&P MOODY'S FITCH
Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable
entities Last change 06/11/15 17/03/16 09/12/16
unsollicited
Ageas Insurance Limited A / stable A+ / stable
Last change 06/11/15 23/11/16
Muang Thai Life BBB+ / stable A- / stable
Last change 29/12/10 27/07/16
Etiqa Insurance Berhad (Malaysia) BBB+ / stable
Last change 27/07/16
China Taiping Life A+ / stable
Intreas A / stable
Holding ageas SA/NV BBB / stable Baa3 / positive* A / stable
Last change 15/03/16 30/11/16 09/12/16
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.

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

Ageas reports 6M 2017 result

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