Q2 2019 RESULTS Periodical Financial Information 1
Content Slides used during analyst call 2 Segment information 16 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71 Content Periodical financial information I Q2 19 results I 7 August 2019 2
Ageas Main developments of the quarter Legal Claims filing period ended on 28 July EUR 593 mio compensation paid to eligible shareholders of which EUR 140 mio coming from D&O insurers Issuance of EUR 500 mio Tier 2 bond by ageas SA/NV Strategy 9th consecutive SBB announced for EUR 200 mio Results Best half year Group net result ever, driven by Non-Life operational performance & helped by some one-offs in Asia & UK Solid sales momentum across all regions, except UK Solvency > 200% despite yield impact Periodical financial information I Q2 19 results I 7 August 2019 3
Ageas Ageas announces 9 th consecutive share buy-back bringing amount returned through SBB to EUR 2 bn 24/08/11 Ageas announces EUR 250 mio SBB 06/08/12 Ageas announces EUR 200 mio SBB 02/08/13 07/08/19 02/08/19 Ageas announces EUR 200 mio SBB Ageas announces Ageas completes 2018 06/08/14 Ageas announces EUR 250 mio SBB EUR 200 mio SBB EUR 200 mio SBB 05/08/15 - 4,501,516 shares running from 19/08/19 until Ageas announces EUR 250 mio SBB 05/08/20 10/08/16 Ageas announces EUR 250 mio SBB 09/08/17 Ageas announces EUR 200 mio SBB 08/08/18 Ageas announces EUR 200 mio SBB Over 8 programmes 66,795,650 shares bought back of which almost 64 mio shares cancelled or 24% of outstanding shares end 2011 Periodical financial information I Q2 19 results I 7 August 2019 4
Ageas Headlines Strong Non-Life performance and exceptional items in Asia and the UK support Q2 net result Net result: solid operating performance Life Technical liabilities up in conso (3% Inflows up 7% in Q2 excl. Luxembourg across all regions excl. shadow) & non-conso In EUR bn In EUR mio In EUR bn 606 154.3 151.2 21.0 20.1 139.0 5 441 116 3.4 3.1 76.5 102 75.3 355 65.6 12 8.3 8.2 81 194 485 1.4 1.6 4.0 2.9 17.7 18 17.0 1.8 373 55 262 73.9 71.5 73.1 6.8 6.6 121 (34) 6M 18 6M 19 Q2 18 Q2 19 FY 18 3M 19 6M 19 Q2 18 Q2 19 6M 18 6M 19 excl shadow shadow non-conso Life Non-Life Life Non-Life GA Non-Life combined ratio: excellent Q2 Margin Guaranteed: timing investment Operating margin Unit-Linked: up in BE driven by BE & CEU income & reserve strengthening & down in CEU In % NEP In bps avg technical liabilities In bps avg technical liabilities 110 97.8 96.7 95.7 93.1 83 79 71 28 27 22 24 6M 18 6M 19 Q2 18 Q2 19 6M 18 6M 19 6M 18 6M 19 Q2 18 Q2 19 Q2 18 Q2 19 * incl. non-consolidated partnerships @ 100% 5 Periodical financial information I Q2 19 results I 7 August 2019
Belgium Headlines Strong quarterly operating performance in Life & Non-Life Net result: strong Q2 performance - YTD Inflows: continued strong growth Life Technical Liabilities mainly up on impacted by lower realized capital gains across most product lines Group Life & Unit-Linked In EUR mio In EUR bn 3,562 In EUR bn 60.4 59.2 3,188 57.3 1,126 3.1 2.3 1.4 220 1,079 1,646 195 1,494 39 450 50 114 465 56.9 57.3 55.9 83 38 2,437 2,110 181 21 145 1,196 1,029 77 62 6M 18 6M 19 Q2 18 Q2 19 6M 18 6M 19 Q2 18 Q2 19 FY 18 3M 19 6M 19 Life Non-Life Life Non-Life excl shadow shadow Operating margin Guaranteed: Non-Life COR: strong operational Operating margin Unit-Linked: timing seasonality in RE investment result difference in sales campaigns performance in most business lines In % NEP In bps avg technical liabilities In bps avg technical liabilities 98.8 97.6 97.4 108 91.1 85 82 75 43 43 36 34 6M 18 6M 19 6M 18 6M 19 pro Q2 18 Q2 19 pro 6M 18 6M 19 Q2 18 Q2 19 Q2 18 Q2 19 forma forma Periodical financial information I Q2 19 results I 7 August 2019 6
UK Headlines Result benefited from Ogden rate review & internal reinsurance agreement Net result in both years impacted by Inflows* down 5% @ constant FX Non-Life combined ratio strong despite non-recurring items large losses in Motor In EUR bn In EUR mio In % of NEP 921 881 52 41 474 456 31 99.0 96.9 98.3 20 97.3 Q2 18 Q2 19 6M 18 6M 19 pro Q2 18 Q2 19 pro 6M 18 6M 19 Q2 18 Q2 19 6M 18 6M 19 forma forma * incl. non-consolidated partnerships @ 100% Periodical financial information I Q2 19 results I 7 August 2019 7
CEU Headlines Net result supported by strong Non-Life profit Net result Q2 up 8% scope-on-scope – Q2 inflows up 22% scope-on-scope, Life Technical liabilities consolidated Life impacted by reserve strengthening driven by Life & Non-Life entities up driven by higher inflows In EUR mio In EUR bn In EUR bn 2,685 57 53 682 17.4 16.8 1,757 16.1 0.8 24 0.6 0.4 40 1,251 710 26 25 299 823 2,003 10 16.6 16.2 15.7 338 29 21 1,047 952 16 16 485 4 6M 18 6M 19 Q2 18 Q2 19 6M 18 6M 19 Q2 18 Q2 19 FY 18 3M 19 6M 19 Life Non-Life Life Non-Life excl shadow shadow Non-Life COR: driven by excellent Operating margin Guaranteed down due Operating margin Unit-Linked mainly down operating performance to reserve strengthening (116 bps in Q2) on lower sales In % NEP In bps avg technical liabilities In bps avg technical liabilities 133 92.9 91.6 90.2 88.8 121 66 -6 12 12 8 7 Q2 18 Q2 19 6M 18 6M 19 Q2 18 Q2 19 6M 18 6M 19 pro Q2 18 Q2 19 pro 6M 18 6M 19 pro forma forma forma * incl. non-consolidated partnerships @ 100% Periodical financial information I Q2 19 results I 7 August 2019 8
Asia Headlines Exceptionally high quarter driven by operating performance, capital gains & one-off Net result : solid operational Inflows* up 12% in Q2 - Life Technical liabilities up 15% YTD performance, capital gains & tax change continued solid growth trend In EUR bn In EUR mio In EUR bn 331 185 14,819 8 13,334 3 652 450 5,437 170 4,904 75.3 76.5 324 65.6 7 182 360 205 14,168 12,884 46 164 5,077 3 4,699 43 Q2 18 Q2 19 6M 18 6M 19 FY 18 3M 19 6M 19 6M 18 6M 19 Q2 18 Q2 19 Life Non-Life Life Non-Life Non-Life COR reflecting acquisition Regular premium: strong growth - in India exceeding 90% of Life inflows In % NEP In EUR bn 14.2 12.9 1.0 0.9 5.1 4.7 0.4 0.4 99.3 103.2 12.0 13.2 89.9 87.9 4.7 4.3 6M 18 6M 19 Q2 18 Q2 19 Q2 18 Q2 19 6M 18 6M 19 regular single *Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I Q2 19 results I 7 August 2019 9
Reinsurance Headlines Q2 negatively impacted by exceptional items in the UK Inflows: EUR 220 mio in Q2 from new Pro-forma combined ratio benefit from Net result: Q2 negatively impacted by ramp QS agreements PY releases up phase & motor large losses in UK In EUR mio In % NEP In EUR mio 2 0 1,137 275 (22) 100.8% (34) 91.3% 89.4% 84.8% 29 14 6M 18 6M 19 pro Q2 18 Q2 19 pro Q2 18 Q2 19 6M 18 6M 19 6M 18 6M 19 Q2 18 Q2 19 forma forma ageas SA/NV Implementation of an internal reinsurance programme within ageas SA/NV in order to reinsurance activities enhance capital fungibility in the group Non-Life Quota Share (QS) Treaties: 30% with AG Insurance in Belgium*, 30% with Ageas Insurance Limited in the UK, and 20% with all Portuguese Non-Life Entities Loss Portfolio Transfers (LPT): 30% with Ageas Insurance Limited in the UK, and 20% with the Portuguese Non-Life Entities The reinsurance protection programme formerly carried out by Intreas is now managed by ageas SA/NV The Pillar I Solvency II for ageas SA/NV amounted to 353% Periodical financial information I Q2 19 results I 7 August 2019 10
GA Headlines Profit driven by positive RPN(i) revaluation & lower expenses Net result positive following RPN(i) Impact on P&L from RPN(i) Lower staff & operating expenses revaluation & lower expenses In EUR mio In EUR mio In EUR mio 49 5 39 25 35 (34) 20 24 61 16 18 47 13 12 34 15 14 9 9 7 Q2 18 Q2 19 6M 18 6M 19 6M 18 6M 19 6M 18 6M 19 Q2 18 Q2 19 Q2 18 Q2 19 Staff & Intercompany Operating Value legacies – Settlement liability Upstream Opcos – EUR 4 mio in Q3 Stable total liquid assets down on payments In EUR bn In EUR mio In EUR mio 7 5 6 (298) (332) (359) 629 599 1.7 1.7 (626) 1.5 (764) (812) FY 18 3M 19 6M 19 FY 18 3M 19 6M 19 6M 18 6M 19 RPN(i) RPI Settlement Periodical financial information I Q2 19 results I 7 August 2019 11
Ageas Dividend EUR 633 mio upstreamed in 2019 upstream In EUR mio Belgium main contributor of cash Dividend from Asia includes EUR 4 mio received in Q3 Upstream more than covering dividend & holding costs on FY basis 633 622 Asia Asia 88 92 516 488 487 CEU CEU Asia 86 440 438 85 77 Asia Asia 416 UK 44 Asia CEU Asia 89 106 43 48 52 CEU 19 CEU CEU 36 53 UK 47 CEU UK 50 UK 82 150 Belgium Belgium Belgium 437 UK 64 415 Belgium 391 Belgium 333 Belgium 294 268 Belgium 168 Upstream during 2013 2014 2015 2016 2017 2018 2019 dividend based on net result of the year paid in before 2019 Periodical financial information I Q2 19 results I 7 August 2019 12
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