6M 2020 RESULTS Periodical Financial Information Content Slides - PowerPoint PPT Presentation

6M 2020 RESULTS Periodical Financial Information

Content Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72 Periodical financial information I 6M 20 results I 7 August 2020 2

Ageas Main messages Dividend proposal confirmed – Group result resilient  General meeting of shareholders on 22 October Dividend & SBB  Proposal of intermediary dividend of EUR 2.38 per share  Launch SBB will take into account recommendation regulator  Increase of participation in India Life to 49% Strategy  Opportunity to play more active role in fast growing market  Solid 6 months result supported by strong second quarter Results  Contrasting Covid-19 impact on Life and Non-Life results  Solvency and cash position solid  Fair value investment portfolio recovering in Q2  FY net profit expected to be close to original guidance Periodical financial information I 6M 20 results I 7 August 2020 3

Ageas Shareholders ’ meeting planned to approve Dividend upstream proposal of EUR 2.38 intermediary dividend In EUR mio EUR 216 mio cash received from opco’s in H1 EUR 15 mio from Malaysia in Q3 Belgium to follow Group decision Upstream more than covering dividend & holding costs on FY basis >650 632 11 Asia 601 Asia 8 Asia 87 Asia 108 516 HQ & RO 92 488 487 CEU expenses CEU Asia 86 438 440 CEU 75 77 Asia Asia 86 UK 44 UK 23 Asia CEU Asia 89 106 43 52 48 CEU 19 CEU CEU 36 53 UK 47 CEU UK 50 UK 82 150 proposed dividend Belgium Belgium Belgium Belgium UK 64 415 415 Belgium 391 Belgium 333 Belgium 294 268 Belgium 168 paid dividend Upstream during 2013 2014 2015 2016 2017 2018 2019 2020 2020 based on net result of the year before Periodical financial information I 6M 20 results I 7 August 2020 4

Ageas Lower Non-Life claims frequency partially compensating Headlines Covid-19 impact on Life results & Q1 weather Net result Q2 solid despite negative Stable inflows despite lockdown Life Technical liabilities up in non-conso RPN(i) & impact of Covid-19 outbreak measures across all regions (10%) & slightly down in conso In EUR mio In EUR bn In EUR bn 791 167.1 163.0 159.6 606 300 21.0 20.0 5 116 3.4 8.2 355 8.1 339 90.6 3.5 87.5 82.2 12 181 1.6 1.5 81 157 3.9 3.4 4.0 485 17.7 16.6 6.6 6.5 262 221 310 73.6 72.1 72.4 (39) Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 FY 19 3M 20 6M 20 excl shadow shadow non-conso Life Non-Life Life Non-Life GA Non-Life combined ratio: claims frequency Margin Guaranteed: Q2 driven by Operating margin Unit-Linked: close to compensating for Q1 weather events strong underlying performance target range In % NEP In bps avg technical liabilities In bps avg technical liabilities 94 95.7 93.1 91.7 79 75 30 83.6 71 28 27 22 6M 19 6M 20 6M 19 6M 20 Q2 19 Q2 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 * incl. non-consolidated partnerships @ 100% 5 Periodical financial information I 6M 20 results I 7 August 2020

Belgium Headlines Solid underlying performance in Life & Non-Life offset by lower investment result Inflows: 6M ‘19 included UL cash-back Net result: lower cap gains & recurring Life Technical Liabilities: partial recovery of financial income – Strong Q2 CY non-life campaign - Non-Life +2% UL unit prices in Q2 In EUR mio In EUR mio In EUR bn 61.3 60.9 60.2 195 3.1 3.3 2.8 50 3,562 139 3,045 1,126 1,494 127 1,287 114 66 1,148 58.2 57.4 57.6 465 48 462 38 145 2,437 1,897 73 1,029 79 825 77 6M 19 6M 20 Q2 19 Q2 20 FY 19 3M 20 6M 20 6M 19 6M 20 Q2 19 Q2 20 Life Non-Life Life Non-Life excl shadow shadow Operating margin Unit- Linked: 6M ‘19 incl. Non-Life COR: Solid performance in Motor & Operating margin Guaranteed impacted Other compensating weather by lower investment result cost of cashback campaign (6bps) In % NEP In bps avg technical liabilities In bps avg technical liabilities 97.6 91.2 91.1 91 85 82 82.0 43 40 36 46 34 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 Periodical financial information I 6M 20 results I 7 August 2020 6

Real Estate* Portfolio Positive revaluation of Real Estate in Q2 In EUR bn 5.6 5.8 Accounting view Invest. Warehouses Invest. Warehouses 0.2 0.3 RE Development  Gross UG/L at EUR 2 bn (not reflected in RE Development 0.3 0.3 Investment shareholders’ equity but contributing to available Investment Retail 1.3 Retail 1.2 capital for solvency calculation)  Overall positive re-valuation exercise in Q2 – Car Parks Car Parks 1.3 1.3 lower fair value of car parks compensated by increased fair value of offices and senior housing  Real economic exposure to Car parks limited to Investment Investment EUR 0.5 bn ** Offices 2.6 Offices 2.6 FY 19 6M 20 Economic view**  Recurring income Real Estate impacted by Covid-19  Car Parks occupancy rate temporarily down Investment Offices  Retail rent relief 51% Car  Offices leased to solid clients Parks 14%  Warehouse income secured in current environment Investment Invest. Retail Warehouses 26% 3% RE Development 6% * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs ** AG Insurance stake in IPK at 51% Periodical financial information I 6M 20 results I 7 August 2020 7

UK Headlines Lower claims frequency supporting profitability partly offset by February weather events Net result Q2 low claims frequency – 6M ’19 Inflows* marginally behind prior year Non-Life combined ratio in Q2 supported incl. EUR 30 mio Ogden In EUR mio by low frequency In EUR mio In % of NEP 52 881 857 41 456 433 26 96.9 97.8 25 98.3 87.9 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 * incl. non-consolidated partnerships @ 100% Periodical financial information I 6M 20 results I 7 August 2020 8

CEU Strong net result driven by Non-Life Headlines Inflows impacted by lockdown Net result Q2 underlying strongly up in Q2 inflows impacted by lockdown & Life Technical liabilities partial recovery Non-Life change in Life product in Portugal in Q2 after Q1 decrease of UL prices In EUR mio In EUR mio In EUR bn 1,757 86 40 16.2 1,276 15.5 15.3 710 57 823 0.8 49 0.7 0.5 25 715 29 338 503 40 15.4 14.7 14.8 1,047 21 316 37 561 485 11 16 186 4 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 FY 19 3M 20 6M 20 Life Non-Life excl shadow shadow Life Non-Life Operating margin Guaranteed : Q1 ‘20 Non-Life COR supported by lower Operating margin Unit-Linked up on Reserve release & Q2 ’19 strengthening claims frequency during lockdown improved expense margin In % NEP In bps avg technical liabilities In bps avg technical liabilities 233 21 90.2 88.8 (107) 10 82.9 78.5 8 109 7 66 (124) (6) Q2 19 Q2 20 Q2 19 Q2 20 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 Q2 19 Q2 20 * incl. non-consolidated partnerships @ 100% Periodical financial information I 6M 20 results I 7 August 2020 9

Asia Solid performance in Q2 supported by capital gains Headlines Gradual recovery from the pandemic Solid net result – One-off tax benefit in Q2 Inflows* up 9% in Q2, driven by a full Life Technical liabilities up 10% year-to- 2019 recovery in China date In EUR mio In EUR mio In EUR bn 331 8 14,819 14,854 185 3 216 652 747 142 5,847 5,437 18 12 324 90.6 87.5 323 82.2 360 182 14,168 14,107 199 5,524 129 5,077 6M 19 6M 20 6M 19 6M 20 FY 19 3M 20 6M 20 Q2 19 Q2 20 Q2 19 Q2 20 Life Non-Life Life Non-Life Non-Life COR supported by low claims Regular premium: exceeding 90% of during lockdown Life inflows In EUR bn In % NEP Additional information on Ageas non-consolidated partnerships in Asia is available on the excel 14.2 14.1 spreadsheet published on Ageas’ 1.0 1.2 website under quarterly results 99.3 103.2 92.6 5.5 5.1 88.9 13.2 (www.ageas.com/investors/quarterly-results) 0.5 12.9 0.4 5.0 4.7 6M 19 6M 20 6M 19 6M 20 Q2 19 Q2 20 Q2 19 Q2 20 regular single *Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I 6M 20 results I 7 August 2020 10

Reinsurance Strong CY underwriting results in Q2 more than Headlines offsetting the Q1 impact from weather events Net result: Solid CY claims ratio in Q2 more Inflows: EUR 722 mio from Quota COR: strong CY claims ratio in Q2 than compensating weather impact share of which EUR 303 mio in Q2 In % NEP In EUR mio In EUR mio 44 1,137 1,028 24 43 338 22 275 1 1 1,137 1,020 112.1 105.1 330 98.4 (22) 88.1 275 (34) 8 8 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 6M 19 6M 20 Q2 19 Q2 20 Life Non-Life Life Non-Life ageas SA/NV  Implementation of an internal reinsurance programme within ageas SA/NV in order to reinsurance activities enhance capital fungibility in the group  Non-Life Quota Share (QS) Treaties: 40% with AG Insurance in Belgium*, 40% with Ageas Insurance Limited in the UK, and 40% with all Portuguese Non-Life Entities  Loss Portfolio Transfers (LPT): 40% with Ageas Insurance Limited in the UK, and 40% with the Portuguese Non-Life Entities  The Pillar I Solvency II for ageas SA/NV stood at 330% * Of which 75% is underwritten by ageas SA/NV Periodical financial information I 6M 20 results I 7 August 2020 11