Untitled - Fortis by wanghonghx

VIEWS: 21 PAGES: 74

									      Our history

    Our company

     Our strategy

Our key financials

       Our share

  Selected topics
A long history that started in 1824

                                         1824:   Creation of AG Life
                                         1830:   Creation of AG Fire
                                         1919:   AG introduces Group policies
                                         1931:   AG creates AG Permanent Health Insurance
                                         1969:   The different AG companies become AG 1824


                                         1990:   Creation of Fortis, a Belgo-Dutch insurance group out of AMEV/
                                                 VSB + AG
                                         1993:   Fortis acquires a majority interest in ASLK-CGER and lays the
                                                 foundations of the bancassurance model
                                 1998-2000:      Fortis acquires the Generale Bank and becomes a solid
                                                 bancassurer
                                         2001:   Fortis starts insurance activities in Asia


                                         2007:   Fortis acquires selected ABN AMRO-activities
                                  May 2009:      Fortis sells banking activities and Dutch insurance operations and
                                                 becomes an International insurer active in Europe and Asia


                                April 2010:      Fortis becomes Ageas !


Your partner in Insurance| 17 May 2011                                                                                2
October 2008,
The financial turmoil has a structural impact on Fortis….
…From a bancassurance group towards a pure insurance player


03/10/2008 – 06/10/2008               29/04/2009                     15/06/2009 – 25/09/2009                 29/04/2010
• Dutch government acquires           Shareholders approve           Appointment new management              Shareholders approve name change
  Fortis’ Dutch Banking and           transactions. BNP Paribas      team with Bart De Smet as CEO            Fortis into Ageas
  Insurance activities                acquires 75% of Fortis Bank
• Fortis announces agreement          SA/NV and 25% of Fortis
  on sale Banking and Insurance       Insurance Belgium (now AG
  activities to BNP Paribas and       Insurance)
  Belgian State




     07/03/2009                           12/05/2009                       25/09/2009 : Investor Day
     2ndrevised terms transactions        Closing of the transactions      Publication new strategy
     between BNP Paribas, the             between BNP Paribas, the         Streamlining insurance portfolio on track:
     Belgian State, Fortis Bank and       Belgian State, Fortis Bank and
     Fortis                               Fortis                           Since 25/09/2009
                                                                           ■   Divestment Luxembourg Non-Life           ■   Divestment Turkey Life
                                                                           ■   Discontinuation Russian operations       ■   Acquisition Kwik Fit Insurance Services
                                                                           ■   Start-up Tesco Underwriting in UK            in UK
                                                                           ■   Acquisition stake UBI Assicurazioni in   ■   Divestment Ukrainian Life operations
                                                                               Non-Life together with BNP Paribas       ■   Deal with Aksigorta Non-Life in Turkey
                                                                               Assurance                                ■   Acquisition Castle Cover Limited in UK
                                                                           ■   Restructuring stake in Thailand;         ■   Simplification of legal structure
                                                                               KASIKORNBANK increases its stake
                                                                               in Muang Thai Group Holding to 51%



Your partner in Insurance| 17 May 2011                                                                                                                         3
We are active under many local brands




UKUnited Kingdom                         Belgium
                                                       Belgium


                                                                   China


                      *




Portugal
      Portugal


                                                   *
                                          Turkey                      Malaysia
Italy                                                            Malaysia
                          Italy                        India

                                                                  Thailand
* Acquisition announced but not closed

Your partner in Insurance| 17 May 2011                                           4
      Our history

    Our company

     Our strategy

Our key financials

       Our share

  Selected topics
A solid mid-sized international insurance group

                                         Company       Inflows FY10

            1                            Allianz                                   107
            2                               Axa                               90
            3                           Generali                         73
            4                             Aviva                     40
            5                               CNP                32
            6                    Crédit Agricole              30
            7                                ING            28
            8           BNP Paribas Assurance              25
            9                            Zurich           24
           10                            Talanx          22
           11                         Prudential         22
           12                            Aegon          21
           13                            Eureko        20
           14                       Sw iss Life        20
           15                           Ageas
                                         Ageas        18
           16                        Munich Re        18
           17                        Groupama        17
           18                            Mapfre      17
           19                            Covea     14
           20                            Fonsai    13


 Source: Company Data

Your partner in Insurance| 17 May 2011                                                   6
Group’s Insurance operations clustered around 4 segments
General Account manages legacy assets & liabilities




                                                                              General
                                           Insurance
                                                                              Account




                                                       Continental          Other assets
        Belgium
        Belgium                United Kingdom
                               United Kingdom                        Asia
                                                         Europe              & liabilities




Your partner in Insurance| 17 May 2011                                                       7
Our markets*
Europe and Asia

                                             Belgium
                                             Ownership: 75%
 Luxembourg                                   Life € 5,119 mio
  Ownership: 50%                             Non-Life: € 1,591 mio
  Life: € 1,293 mio


 UK
  Ownership: 100%
  Life: € 27 mio
  Non-Life: € 1,179 mio                                               Germany             China
                                                                        Ownership: 100%    Ownership: 24.9%
                                                                        Life: € 45 mio     Life: € 3,681 mio

 France
  Ownership: 100%
  Life: € 375 mio
                                                                                                          Hong Kong
                                                                                                           Ownership: 100 %
 Portugal                                                                                                  Life: € 335 mio
  Ownership: 51%
  Life: € 1,724 mio
  Non-Life: € 231 mio                                                                                    Thailand
                                                                                                           Ownership: Life: 31%/Non-life: 15%
                                                                                                           Life: € 714 mio
                                                                                                           Non-Life: € 111 mio
                     Italy                     Turkey**
                      Ownership: 25%           Ownership: 31%
                      Non-Life: € 213 mio      Non-Life: € 415

                                                                       India                              Malaysia
                                                                        Ownership: 26%                    Ownership: 31%
                                                                        Life: € 131 mio                   Life: € 717 mio
                                                                                                           Non-Life: € 404 mio
* FY 2010 inflow figures on a 100 % basis
** Acquisition announced but not closed

Your partner in Insurance| 17 May 2011                                                                                                 8
The organisation reflects the new business structure


                                                                       Board



            Executive committee
                                                                        CEO
                                                                          Bart De Smet



                                Deputy CEO                                                         CRO
                                         Bruno Colmant                                              Kurt De Schepper



  Management committee


                                                                                                  CEO
                                    CEO
            CFO                                          CEO UK               CEO Asia         Continental                 GRO
                                   Belgium
                                                                                                 Europe
       Patrick Depovere           Antonio Cano           Barry Smith          Dennis Ziengs   Steven Braekeveldt   Emmanuel Van Grimbergen



                     Lean structure close to businesses
                     Deputy CEO in charge of legacy issues

Your partner in Insurance| 17 May 2011                                                                                                       9
Ageas’s legal structure simplified in 2010
…remains based on twin structure between Belgium & the Netherlands




                        Belgium                                          The Netherlands


                       ageas SA/NV                                                 ageas N.V.



                                                                             Ageas Insurance
                                                                             International N.V.




                                                                Various legal          Various legal
                                                                                                           AG Insurance
                                            Ageas UK Ltd       enitities part of       entities part of
                                                                                                             SA/NV
                                                                 Ageas Asia            Cont. Europe



 Royal Park Ageasinvestlux               Ageas Hybrid                     FGF Lux       ageas Finance
                                                          Ageasfinlux                                     ageas B.V.   Intreinco N.V.
 Investments    S.A.                     Financing S.A.                    S.A.             N.V.

* Rebranding legal entities into Ageas
  will be completed early 2011

Your partner in Insurance| 17 May 2011                                                                                           10
A look on Ageas by various angles
View by region

    Inflow                                                                        Net profit
    In EUR bn                                                                     In EUR mio
                    17.9                                                                                               505
                                               15.8
                                                                          Asia                     391                 91
                     6.1                                                                                               34
                                                4.1                                                 94           14
                                                                 Continental
                     3.9                        3.9                 Europe                          51
                     1.2                        0.9
                                                                           UK                                          366
                                                                                                    264
                     6.7                        6.9
                                                                     Belgium
                                                                                        (17)
                   FY 10                      FY 09                                               FY 10               FY 09

    Funds under management (Life+Non-Life)*                                        FTEs
    In EUR bn

                     91.9                                                                         10,707              10,613
                                                 84.3
                                                                                                           320
                    16,9                                                                           1.270                       278
                                                14,2
                                                                                                                      1.745
                    23,7                        21,7                                               4.327
                                                                                                                      2.827

                    51,3                        48,4                                               5.790              5.763



                   FY 10                       FY09                                               FY10                FY09


*    Funds under Management Asia include the non-consolidated partnerships and are included on a 100% basis

Your partner in Insurance| 17 May 2011                                                                                               11
   A look on Ageas by various angles
   View by type

       Inflow                                                                           Net profit
       In EUR bn                                                                        In EUR mio
                        17.9                                                                                      505
                                                       15.8                                                                14
                         3.7                                                                         391           75
                                                        3.0                  Other *                         13

                                                                           Non-Life                          2
                         14.2                                                                                     416
                                                        12.8                     Life                 377



                       FY 10                           FY 09                                         FY 10        FY 09

       Life breakdown                                                                   Non-Life breakdown

           Group Life 9%
                                                               Traditional 41%            Other 8%


Unit-Linked 19%
                                                                                                                                Accident &
                                                                                    Property                                    Health 29%
                                                                                       31%

 Savings 31%
                                                                                                                          Motor 32%




   *    Relates to UK Retail distribution operations

    Your partner in Insurance| 17 May 2011                                                                                             12
Profile Belgium

Key financial data                                                                                Mission
EUR mio                                             FY 10              FY 09                     The general objective of AG Insurance is:
Gross inflow (EUR bn)                               6.7                6.9                        To be a leading and profitable multi-distribution service
            Life                                    5.1                5.4                          provider of insurance products
            Non-Life                                1.6                1.5                        To strengthen its market leadership position in three
Net profit*                                         264                366                          main market segments: Individual Life, Group Life and
            Life                                    252                316                          Non-Life
            Non-Life                                 11                 50                       By focusing on the following strategic levers:
Life FUM (EUR bn)                                  48.2               45.4
                                                                                                  Multi-channel distribution
Combined ratio (%)                                107.4              103.1
Embedded Value (EUR bn)                                                                           Product and service innovation
Embedded Value (EUR bn)                               3.4                3.7                      Operational excellence

Market Position/ Key competences                                                                  Business mix
    Market leader in Belgium, with total market share                                           By Product (GWP)                             By Distribution (GWP)
     of 23.7% in FY 2010
                                                                                                 (24%) Non-Life                               (19%) Employee Benefits
      # 1 in Life (excl. 1st pillar): 27.9%
      # 2 in Non-Life: 15.4%
    Multi-channel operating model                                                                                                     (29%)
     (Brokers, Bancassurance, Assurfinance and B2B)                                                                                    Broker
    Full product range, covering the needs of all
     market segments                                                                                                             (76%) Life
                                                                                                                                                            (52%) Bank

    * Figures after minority interest as consequence of the divestiture of the 25% stake in AG Insurance to BNP Paribas Fortis

Your partner in Insurance| 17 May 2011                                                                                                                              13
Profile United Kingdom

 Key financial data                                                                   Mission
EUR mio                                         FY 10              FY 09              To be the natural choice for insurance, in whatever way the
Gross inflow*                                  1,207                913                consumer decides to purchase their insurance
           Life                                    28                10               Delivering on its promises through its dynamic and
           Non-Life                            1,179                903                responsive team dedicated to customer satisfaction
Operating costs                                (124)               (96)
Net profit**                                     (17)                                  This vision has to be achieved through the continued
                                                                     14
           Life                                   (9)                                  pursuit of the existing 3-axes for growth strategy:
                                                                     (6)
           Non-Life                              (21)                  5             1. Manufacturing a wider range of products
           Other                                   12                14              2. Distribution through owned and 3rd party routes to market
Combined ratio (%)                             109.5              108.1              3. Leveraging the combined capability of Ageas UK to deliver
* Not including commission & fees from Retail distribution
** Includes net profit other distribution channels                                     cost effective solutions
 Market Position/ Key competences                                                     Business mix
Strong foothold in Personal Lines market                                             By Product (GWP)                       By Distribution (GWP)
 # 8 Personal Lines
                                                                                                (2%)                       (20%) Affinities
 # 2 Private car insurance (# cars insured)*
                                                                                                Protection
 # 4 Travel insurance
 # 4 Personal Lines intermediary                                                  (16%)                          (17%)
                                                                         Commercial Lines                         Direct
A number of core strengths including
 Customer focused credentials
 High levels of efficiency, with low unit costs of
   production
 Multi-channel capabilities (to client and consumer)
                                                                                            (82%) Personal Lines                   (63%)
                                                                                                                                   Intermediaries
*Including customer base from Tesco Underwriting (launched October 10)
Your partner in Insurance| 17 May 2011                                                                                                              14
Profile Continental Europe

Key financial data                                         Mission
EUR mio                                  FY 10   FY 09     Continental Europe wants to be the preferred
                                          3.9               insurance partner for leading distributors in Non-Life &
Gross inflow (EUR bn)                             3.9
                                          3.5               Life protection
           Life                                   3.7
           Non-Life                       0.4              Our value proposition to these partners is
                                                  0.2
Net profit                                 51      34        Ensuring operational excellence
           Life                            48      27        A market-adapted product offering
           Non-Life                         3       7        Focused on risk activities in Non-Life and Life
FUM (EUR bn)                             23.1    21.5
Embedded Value (EUR bn)                   0.8     0.9
 Market Position/ Key competences                          Business mix
Mix of leading and challenger positions in Europe:
 Portugal: # 2 with 15% market share in Life & 5%
   market share in Non-Life                               By Product (GWP)                 By Distribution (GWP)
 Luxembourg: #4 in local Life & #5 in int’l market (6%
   market share)                                          (12%) Non-Life              (5%) Agent    (6%) Direct
 Italy: # 2 Non-Life bancassurer, with 15% market
   share in the bancassurance market
 Small positions in Germany, France
                                                                                    (21%)
                                                                                    Broker
 Recently acquired a 31% stake in the #4 Non-Life
   insurer Aksigorta in Turkey
Key competences include :                                                     (88%) Life
 Joint venture and partnership management
                                                                                                         (68%) Bank
 Bancassurance
 Multi-channel distribution
Your partner in Insurance| 17 May 2011                                                                             15
Profile Asia

Key financial data                                                                   Mission
EUR mio                                      FY 10          FY 09                    Achieve strong growth in shareholder value through
                                                                                      the application of Ageas’ core capabilities in selected
Gross inflow* (EUR bn)                         6.1            4.1
                                                                                      high growth Asian markets.
           Life                                5.6            3.7
           Non-Life                            0.5            0.4                    The emerging Asian trends (bancassurance,
Net profit**                                    94             90                     increasing need for higher skill levels in risk
           Life                                 85             78                     management, distribution, product development)
           Non-Life                              9             12                     continue to provide the opportunity to create value.
FUM (EUR bn)                                   1.4            1.2
Embedded Value (EUR bn)                        0.6            0.6


Key competences                                                                      Business mix*
   Joint venture and partnership management                                        By Distribution (GWP)           By Region (GWP)
   Bancassurance                                                                                                    China        Hong Kong
                                                                                               (9%) Other
                                                                                                                     Malaysia     India (2%)
   Multi-Channel distribution
                                                                                                                     Thailand
     Agency management and training
                                                                               (32%)                                             14%           5%
     Affinity marketing including direct marketing                            Agents                                            19%
     Channel conflict management
                                                                                                                                 60%
   Product development
   ALM and Risk management
                                                                                                (59%) Bancassurance
                                                                                                                             FY 2010
* Gross inflow and FUM based on 100% of company revenues                                               India commenced commercial
** Net profit based on Ageas’ stake and excluding Insurance International holding costs
                                                                                                           operations in March 08
Your partner in Insurance| 17 May 2011                                                                                                         16
General Account
Includes the remaining assets & liabilities related to the past



Holding related :                   Corporate costs
Recurring                           Non-Insurance related assets & liabilities




Legacy related :                    Financial assets and liabilities related to the former
                                     Fortis’ group
Non-recurring
                                      Financial instruments owned by Ageas
                                      Off or on-balance sheet ‘guarantee’
                                       commitments related to instruments, issued by
                                       Fortis on behalf of its former subsidiaries (BNP
                                       Paribas Fortis, Fortis Bank Nederland*, …)
                                    Transaction related assets or liabilities:
                                      Call option on BNP Paribas shares
                                      Stake in Royal Park Investments
                                      RPN(I)
                                    Contingent liabilities related to Ageas

* Now part of ABN Amro

Your partner in Insurance| 17 May 2011                                                        17
General Account
Composition of the net result remains very diverse and volatile


Net profit

 FY 2010                                                                                     FY 2009
 In EUR mio                                                                                  In EUR mio

                                            (168)                                                                           705*
                                                                                                                  Others     44

          Deferred tax impact                 405
                                                                                                 Sale 25% AG Insurance      697


                               RPI            131

            Provision for legal              (203)
         disputes Dutch State                                                                          Call option on BNP   581
                                                                                                           Paribas shares

           Call option on BNP                (271)
               Paribas shares                                                                                     RPN(I)    (316)

                           RPN(I)            (149)                                                Net-of-tax impact legal   (301)
                           Others                                                                           dispute FBN
                                              (81)




* 2009 net result General Account restated for regional costs, from EUR 736 mio to EUR 705 mio

Your partner in Insurance| 17 May 2011                                                                                              18
      Our history

    Our company

     Our strategy

Our key financials

       Our share

  Selected topics
Going forward, we will leverage on the basis of our current
strengths and competences


                                            Sound insurance group:
“Ageas is a
                                              Very long track record in insurance industry
sound
                                              Well capitalised, strong solvency
international
                                              Conservative risk profile, sound risk management
insurance group,                              Solid profitability
excelling in
partnerships
                                            Excelling in Partnerships:
in Europe and
                                              A significant number of partnerships with leading distribution partners
Asia”                                          (banks, affinity partners, brokers, IFAs, agents)
                                              Structured through distribution agreements or JVs


                                            Strong positions in Europe and Asia:
                                              Leadership position in Belgium
                                              Sustainable positions in attractive markets in Europe and Asia. These
                                               two markets represent 70% of world market in Life and 53% in Non-Life
                                              Well managed balance between profitability in more mature markets and
                                               value creation in growth markets



Your partner in Insurance| 17 May 2011                                                                                   20
Insurance strategy built on strong underlying fundamentals



   Well balanced insurance portfolio
     Life vs Non-Life
     Mature vs emerging markets


   Strong market position
     Leading market position in home market – Belgium
     Strong positions in Europe & Asia


   Solid partnerships in key markets with leading
    local distribution partners


   Proven innovation capabilities


   Strong financial structure




Your partner in Insurance| 17 May 2011                       21
Company objectives
Optimize performance and stimulate growth




Streamline the portfolio of
insurance activities
      Russia, Luxembourg Non-Life,
Ukraine Life,Turkey Life
                                               Acquire             new
Grow the core entities                         businesses in attractive
organically or through add-on                  markets by building on     Develop greenfield
acquisitions                                   partnerships expertise     operations
      Tesco,       Kwik     Fit    Services,        UBI, Aksigorta            No priority
Castle Cover

Optimize the                 operational
performance
       Restructuring     investment
portfolio, rate increases in Non-
Life,…




Your partner in Insurance| 17 May 2011                                                      22
Streamlining of the insurance activities


Going forward all our insurance activities have to
meet 3 key criteria.


     Critical size
        The local presence should be such that every entity can
         compete effectively in its market or niche
        Critical size will ensure that each activity is able to comply
         with Ageas’s quality standards


     Meaningful contribution
        Each activity should make a meaningful contribution to the
         insurance earnings
        The contribution to the insurance earnings should be
         significant enough to justify management time


     Return in excess of cost of equity
        The return of a business will have to exceed the cost of
         equity, which is estimated to be around 11% today, while
         taking into account the specificities of the business
        The return of a growth business will also take into
         consideration the expected value creation

Your partner in Insurance| 17 May 2011                                    23
We have strong market positions in Europe…

                           In Belgium                                                                        In UK

      Life: n°1 position (% FuM)                               Second largest car insurer
                                                                       8,000

                 Others                      (27.9%)
                                             AG Insurance              6,000




                                                               (000)
                                                                       4,000


                                                                       2,000
            Dexia
                                               KBC
                                                                          0




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                     Ethias




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                                                                                                                                  Pr
                                                                                              /H
                                                                                            LV
                                                              Source: McKinsey – Company Data – 2009 data
     Non-Life : Solid n°2 position (% GWP)
                                                                                                            In Portugal
                                         AG Insurance                                                                            5%
                Others
                                                            Millenniumbcp                    25%                                                 Millenniumbcp
                                              (15.4%)            Ageas                                                                                Ageas
                                                                                             23%                                 27%
                                                            Caixa Seguros                                                                        Caixa Seguros
                                              AXA                BES                         16%

                                                               Others                                                            68%                 Others
                                                                                             52%
                 P&V

                          KBC                Ethias
                                                                           Life (% FuM)            Non-Life (% GWP)
Source: Assuralia – 2010 market shares                        Source : Company data - 2010 market shares
Your partner in Insurance| 17 May 2011                                                                                                                        24
                                                                                                                                       10/03/2010 I page 24
                   …while rapidly strengthening our market positions in Asia



                   Life penetration and size (end 09)                                           China
                                                                                                  Current position: # 7 overall
                    40.000                                                                        2nd largest foreign invested insurer
                                       Singapore
                                                                                                Hong Kong
                                                                                                   Current position: #10 in new business
                                                                                                   10th largest foreign invested Life insurance
                    30.000                                                 Hong Kong
                                                                                                    company
GDP/capita (USD)




                                                                                                Thailand
                                                                                                  Current position: # 3 in Life (10.3% market share) &
                    20.000                                                                          # 5 in Non-Life (3.8%)
                                                                          S. Korea                2nd largest foreign invested Life company
                                                                                       Taiwan

                                                                                                Malaysia
                    10.000                                                                         Current position: #2 overall, market leader in new
                                              Thailand
                                  Indonesia




                                                                                                    business, Takaful and Non-Life
                                                         Malaysia
                                                                                                   Largest foreign investor
                                                         PR China
                   Philippines                                                                   India
                                          Vietnam India
                         -
                                                                                                   Current position: #17 overall for new business
                             0%                      5%             10%         15%       20%
                                                                                                   13th largest foreign investor
                                                         Premiums to GDP (% )

       Source : EIU, Swiss Re Sigma 2009, Business Monitor International

           Your partner in Insurance| 17 May 2011                                                                                                    25
A broad based distribution capacity

                                                                                    Leading banking partners, including:

 Ageas’s distribution snapshot (as % of GWP), 2010*                                    BNP Paribas Fortis (Belgium): # 1
                                                                                       BGL BNP Paribas (Luxembourg): # 1
                                                                                       Millenniumbcp (Portugal): # 2
           Affinity                                   Other
           1%                                          13%                             KASIKORNBANK (Thailand): # 3
                                                                                       Maybank (Malaysia): # 1
  Agents
  12%                                                                                  IDBI, Federal Bank of Kerala (India)
                                                                                       UBI Banca (Italy): # 4


                                                                                  Agent relationships in
                                                                                       China, Thailand, Hong Kong, Malaysia, India
Brokers
1%
                                                                                    Brokers/IFA relations in Belgium, UK, Luxemburg,
                                                              Bancassurance          France, Portugal, Hong Kong
                                                                       55%

                                                                                    Direct operations relations in the UK


                                                                                    Affinity partnerships in Europe and Asia, a.o.:
                                                                                      − Marks & Spencer, Tesco (UK)
* Including non-consolidated joint ventures at 100%

Your partner in Insurance| 17 May 2011                                                                                                 26
Distribution through partnerships
Key competence and basis for future growth




                                                      Superior Partnership Skills

        Partner Selection                 Top Level Support               Customer Focus                IT Platform skills
       Partners are                      Ability to attract            Focus is on                  Align IT
        leaders in their                   and retain                     customers, not                infrastructure
        market (top 5)                     appropriate top                on products                   with partner’s
                                           talent                                                       architecture
       Partners strongly                                                Strong expertise
        benefit from                      Ageas leverages                in how to                    Make Ageas
        insurance                          best practices                 leverage the                  favorite partner
        distribution                       across the Group               customer base                 and increase
                                           such as ALM                    (increase share               duration of
       Win-Win
                                           competences                    of wallet)                    partnership
        relationships


                                                   Strong partnership values
                         Long term focus, adaptive to Partner’s need and situation – no “one size fits all”
                                                        Strong Capital Position




Your partner in Insurance| 17 May 2011                                                                                       27
In all our partnerships we strive to…




“   … select the
    right partners
    understanding partner
                                  “      … focus on the
                                         strategic, not
                                         the tactical
                                                                 “   … base
                                                                     cooperation on
                                                                     customer need,
                                                                                               “   … build on long
                                                                                                   term loyalty, not
                                                                                                   on financial return
    needs and whether we                 rationale                   not short term                only
    have the right solution
    is more productive in                we focus on alignment       product sales                 a pure financial
    the short and long                   of core competencies        quick returns and             motivation will never
    term                                                             inflated commissions          result in long term
                                                                     are unstable. Creating        partnership that is
                                                                     the platform for a            mutually rewarding.
                                                                     wider deeper                  Ability to evolve and
                                                                     relationship results in       be flexible creates
                                                                     the partner having no         more value
                                                                     reason to go
                                                                     elsewhere for their
                                                                     insurance needs




Your partner in Insurance| 17 May 2011                                                                                     28
Ageas further develops its insurance activities
Increasing importance of Ageas’s Retail distribution in UK


Acquisition of Kwik Fit Insurance Services in 2010
   Insurance intermediary specialised in personal line insurance products primarily through internet distribution
   Over 600,000 policyholders
   Around 1,000 staff in the UK
   Brand names are Kwik Fit, The Green Insurance Company and Express Insurance
   Contributed EUR 47 mio income, EUR 3.5 mio profit between Aug-Dec 2010



Acquisition of Castle Cover Limited in 2011
   UK #3 intermediary specialised in over 50’s market segment, providing home, car, travel and pet insurance
   Over 280,000 policyholders and around 300 staff in the UK
   Brand names are Castle Cover and Regal Insurance
   Based on similar business model as RIAS
   Stable portfolio with continued business growth and significant synergies



                      Consolidation of Ageas’s position
                           4th largest personal lines intermediary
                           2nd largest intermediary in over 50’s segment
                           Creation of a collective base of around 2 million retail customers



Your partner in Insurance| 17 May 2011                                                                               29
Ageas further develops its insurance activities
Entry Turkish Non-Life market through partnership with Aksigorta


Formation of a partnership with Sabanci Holding
    Turkey’s leading financial and industrial conglomerate
    50/50 partners, each with 31% stake
    Ageas pays USD 220 million*, corresponding to a premium of 53% above the market capitalisation



Positions Ageas as a market leader in Turkish Non-Life insurance
    #4 position in Non-Life with 8% market share
    Comprehensive product offering with leading positions in key products
    Wide distribution network via 1,483 agencies and 39 brokers** as well as having access to Akbank distribution network
    Strong reputation of Sabanci and Akbank brand names



Exclusive access to Akbank’s distribution networks
    Top 3 private sector bank
    15 years of exclusive bancassurance agreement with Akbank
    Second largest distribution network among private sector banks with 873 branches




* Or EUR 162 mio; Converted at FX rate of YTL / EUR = 2.04 and YTL / US$ = 1.55
** As of H1 10
Source: Company annual report, TBB, TSRSB

Your partner in Insurance| 17 May 2011                                                                                       30
Partnerships are value creative


Embedded value                         Embedded value                      VANB                         VANB
development at Ageas                   development at TaiPing*             at Ageas                     at TaiPing*
In EUR mio**




                                                                                                                          176

       5,236
                        4,823
                                                                                                             121

                                                              1,685
                                                1,217                          69            66




      FY 09            FY 10                   FY 09          FY 10           FY 09        FY 10            FY 09        FY 10

           Ageas’s scope includes consolidated Life operations;
            China, Thailand, Malaysia & India not included                       Belgium & Continental Europe down respectively
                                                                                  due to lower margins and increased spreads /
           Lower EV explained by negative impact higher spread                   depressed economic environment
                                                                    
            on sovereign debt
                                                                                 Asia VANB up overall; Hong Kong as a result of
           EV China based on data China Taiping Industrial                       change in expected profit sharing assumption
            Holdings & external data
 * Embedded value end VANB at 100% under local methodology
** HKD/EUR 0.0895 at year-end 2009, 0.0963 at year-end 2010

Your partner in Insurance| 17 May 2011                                                                                             31
Proven skills in product innovation …



Ageas’s premium inflow 2010*                                        Belgium
                                                                        Free Invest Plan & Fix & Income: Savings products with
                                                                         guaranteed interest rate
                                                                        Smart Invest Bon: capital guaranteed unit-linked products
       Non-Life
                                                                        Group Life & Health Care: Group Health Care contract for
       21%
                                                                         Transportation and Construction sector: > 200,000 affiliates
                                                                        Various new products in Non-Life for retail and SME
                                                                    UK
                                                                        Industry award winning new products: Your Life Plan and Real
                                                                         Life Cover
                                                                        Launched Fleet and Semploy Extra products and enhanced e-
                                                            
                                                                         trading capability for commercial products
                                                                    Continental Europe
                                                                        Italy: Introduction of TPL deductible in Motor
                                                                        Portugal: Launch of Médis Vintage, a complete health insurance
                                                                         plan for seniors
                                                             Life
                                                                    Asia*
                                                            79%
                                                                        Thailand: Single premium unit linked in co-operation with K-Asset
                                                                         Management, Multiple Critical Illness rider
                                                                        China: “Fulu Shuang Zhi”: key product combining whole Life
                                                                         policy with a rider providing death benefits on critical illness
                                                                        India: First Endowment and Money Back plan
      *   Including Non-consolidated partnerships at 100%



Your partner in Insurance| 17 May 2011                                                                                                      32
Ageas’s total solvency well above required minimum
Excess capital of Insurance + General Account of EUR 4.7 bn
End March 11                                                                   Total available capital                  Required Regulatory minimum




                                                                                                            
                                                                                                                                     6.2
     3.9


              2.2                                                                                                                                  3.1
                                                                                           0.5 */**                                                        1.6
                                            0.3                1.1
                                  0.7                                    0.6                          0.1



Actual Min        Actual Min                                Actual Min                  Actual Min 0.1                           Actual    Minimum        Actual
 Belgium              United                                Continental                       Asia                                  Insurance            General
                     Kingdom                                  Europe                                                                                     Account
Total Solvency Ratio
       177%                        247%                           198%                       984%                                           201%
*    Asia : Investments in partnerships are deducted from Total Capital; given the significant investments in partnerships
**   Under local Asian solvency regulation, different valuation rules apply leading to a solvency ratio for AICA of 468% end of March 11.


Your partner in Insurance| 17 May 2011                                                                                                                             33
General Account
Ageas continues to look proactively for solutions for the legacy issues


   Volatile character of the General Account
    remains
    − Intrinsic characteristics of the BNP Paribas call option and
      RPN(I); RPI
    − Handling of the legacy issues

   Litigation risk related to on going investigations
    − Prudent management in view of remaining uncertainties
    − Progressive solutions for legacy issues (see FRESH
      judgment 11 February 2011)

   Prudent accounting approach, no value
    attributed to
    − Provision related to legal disputes on MCS & FCC with
      Dutch State (in 2010)*


   Capital and liquidity closely monitored




* EUR 362 mio 2009 impairment related to FCC reversed and added as provision related to
legal disputes. End 2010 total provision amounts to EUR 2.4 bn

Your partner in Insurance| 17 May 2011                                                    34
General Account
Legal proceedings & investigations managed in the interest of its shareholders (1)
Situation on 16 May 2011


 Administrative The Netherlands             AFM : fine imposed on                Appeal to be filed against decision
 proceedings                                 05/02/10 in relation to price         Rotterdam District Court
                                             sensitive info in June 08


                                            AFM: 2nd fine imposed on             Appeal filed before Rotterdam District
                                             19/08/10 in relation to price         Court
                                             sensitive information in Sep 07


                     Belgium                CBFA re communication in             Proceedings ongoing
                                             second quarter 2008


 Criminal            Belgium                                                      Investigation ongoing
 investigation

 Expert              Belgium                At request of Deminor re             Investigation ongoing
 investigations                              transactions Sep/Oct 2008



                     The Netherlands        At request of VEB/ESG re             Report filed in June 2010
                                             2007-2008                            VEB started legal proceedings to establish
                                                                                   mismanagement by Fortis; awaiting
                                                                                   judgement




Your partner in Insurance| 17 May 2011                                                                                          35
General Account
Legal proceedings & investigations managed in the interest of its shareholders (2)
Situation on 16 May 2011


 Civil lawsuits       Brussels,             Modrikamen, re Sep/Oct 2008          Court decision 08/12/09 on competence and
                      Belgium                transactions                          provisional measures; proceedings ongoing
                                            Deminor, re alleged                  Suspended, awaiting outcome of criminal investigation
                                             miscommunication

                      Amsterdam,            VEB/Deminor, re sale of Dutch  Proceedings against Dutch State and Ageas (that
                      The Netherlands        activities                      could be obliged to act against Dutch State); awaiting
                                                                             judgement
                                            Stichting FortisEffect, re sale      Proceedings against Dutch State and Ageas; awaiting
                                             of Dutch activities                   (provisional) judgement
                                            VEB re alleged                       Proceedings against Ageas, former
                                             miscommunication 07-08                directors/executives and banks; initiated Jan 2011

                      Utrecht,              Mr.Bos, re alleged                   Awaiting pleadings
                      The Netherlands        miscommunication
                                            Stichting Investor Claims            Proceedings announced, no official legal action
                                             Against Fortis re alleged             against Ageas thus far.
                                             miscommunication

 Financial            Brussels,             FRESH-holders                        Positive judgement obtained; no appeal
 instruments          Belgium               MCS-holders contesting               Initiated Dec 2010
                                             validity of conversion


                      Amsterdam,      Initiated by Ageas
                      The Netherlands  Claim re MCS                              Against ABN AMRO; initiated Dec 2010
                                            Claim for reimbursement of           Against FCC and ABN AMRO; exchange of written
                                             EUR 362.5 mio                         arguments

Your partner in Insurance| 17 May 2011                                                                                                  36
Conclusion



2010, sustained performance in a
volatile environment
    Robust inflow levels in all segments
    Resilient performance despite volatile
     market environment in Life & Non-Life
    Commitment to dividend policy



2011, focus on delivery
    Make progress on legacy issues
    Improve operational performance
    Strengthen Insurance activities
    Disciplined capital management
    Prepare for regulatory changes



Your partner in Insurance| 17 May 2011        37
      Our history

    Our company

     Our strategy

Our key financials

       Our share

  Selected topics
Overview gross inflow levels
By segment


EUR mio                                                            FY 10      FY 09     %     Q1 11    H2 10               H1 10


 Belgium                                                           6,709       6,867   (2%)   1,822    3,207                 3,313
                  Life                                               5,119     5,352   (4%)    1,311    2,468                2,606
                  Non-Life                                           1,591     1,515     5%      511      739                  707

 United Kingdom*                                                   1,207        913    32%      481      657                   461
            Life                                                        27        10   178%      10       16                      7
            Non-Life                                                 1,179       903    31%     471      641                    454

 Continental Europe                                                3,933       3,941    0%      789    1,724                2,166
             Life                                                    3,490     3,706   -6%      669     1,509                2,059
             Non-Life                                                  444       235   88%      120       215                  107

 Asia **                                                           6,093       4,070   50%    1,740    2,719                1,946
                  Life                                               5,578     3,689   51%     1,612    2,474                1,779
                  Non-Life                                             515       381   35%       128      245                  167

 Total                                                            17,943      15,791   14%    4,831    8,307                7,886
                  Life                                             14,214     12,757   11%     3,602    6,467                6,451
                  Non-Life                                          3,729      3,034   23%     1,230    1,840                1,435




* Retail distribution not reported at inflow level/ ** All entities at 100%

Your partner in Insurance| 17 May 2011                                                                                                 39
                                                                                                                10/03/2010 I page 39
Key financial data 2010

 EUR mio                                          FY 10   FY 09   Q1 11    Q1 10
 Total Inflow (EUR bn)                            17.9    15.8     4.8      5.0
 Funds Under Management (EUR bn)                   78      73      79       75


 Net profit Group attributable to shareholders    223     1,210   (154)    (201)
 Insurance                                         391     505     134      94
 General Account                                  (168)    705    (288)    (295)


 Net shareholders’ equity                         8,247   8,431   7,446    8,641
 Belgium                                          2,632   2,860   2,282    3,170
 UK                                                776     513     751      535
 Continental Europe                                893    1,002    852     1,031
 Asia                                             1,440   1,204   1,378    1,355
 General Account                                  2,506   2,852   2,179    2,551


 Earnings per share (EUR)*                        0.09    0.49    (0.06)   (0.08)
 Net Equity per Share (EUR)                       3.19    3.41    2.88     3.49


* Based on average number of outstanding shares
Your partner in Insurance| 17 May 2011                                              40
Resilient 2010 Insurance financial results
2009 includes non-recurring elements
In EUR mio

     International
                                                                                             505
     Belgium
                             671                                                    Asia
                                                                                              91
                                                                                                     392
        564                   118             562                            Continental
                                                                                              34
                                                                                Europe        14      94
         76                                    40
                                                                                     UK
                                                                                                      51
                                                                                Belgium
                              553
         488
                                              522                                             366
                                                                                                      264


                                                                 6
                                                                                                      -17
       2005                 2006             2007              2008                          FY 09   FY 10
                                                         Incl. EUR 639 mio
                                                         investment losses


              New business segments introduced as of Q1 2010
            Besides Insurance results, Group result includes net result General Account
                Volatile character due to mark-to-market legacy assets




Your partner in Insurance| 17 May 2011                                                                       41
 Strong Life contribution despite impact financial markets in 2010
 Disappointing Non-Life impacted by higher claims & frequency
 In EUR mio                                                           Life   Non-Life          Other


                                                                                                       505
                                        671                                                                    14
                                                                                                        75
           564                                                 562                                                  392
                                         207                                                                                13
                                                                61                                                   2
            174



                                         464                                                            416
            390                                                501                                                   377
                                                                                6

                                                                               156


          2005                         2006                    2007            (150)    2008           FY 09        FY 10
         Life :
          Negative impact financial markets, especially in Belgium, impacted 2008 net result (EUR 639 mio); EUR 77 mio
             impact in 2009
          Compensating impact restructuring measures on 2010 result
       Non-Life :
          2009 & 2010 result affected in Belgium & UK by higher claims frequency & more large claims in both Motor & Fire
         Retail :
          Related to retail Insurance Services operations in the UK: growing importance thanks to acquisition Kwik Fit
             Insurance Services in 2010 and Castle Cover in 2011
     * All net profit figures after tax and after minorities
 Your partner in Insurance| 17 May 2011                                                                                          42
Ageas’s investment portfolio on 31 March 2011
Increased investment in Corporate bonds & equities


                                                                    Fixed Income
             Investment portfolio (EUR 58.7 bn)*
                                                                       No major shifts in composition
                                                                       90% portfolio rated A or higher, 97% investment
                                                                        grade
                                          Structured Credit Inst       Pre-tax unrealized loss end Q1 2011 at EUR 1.2
      Corporate                           1%
         bonds                                                          bn mainly due to the Belgian, French, Portuguese
          34%                                       Real Estate         and German government bonds & lower valuation
                                                            7%          corporate bonds


                                                                    Equities
                                                         Equities      Up to EUR 2.4 bn despite CPPI triggered sales
                                                         4%
                                                                       Pre-tax unrealized gains at EUR 149 mio


Sovereign bonds                                                     Real Estate
           54%
                                                                       Pre-tax unrealized gains slightly up to EUR 1.0 bn


                                                                    Total pre-tax unrealized gain on investment
                                                                    portfolio breakeven (EUR 1 mio)

 * At fair value (incl. Interparking)

 Your partner in Insurance| 17 May 2011                                                                             43
                                                                                                                    43
Belgium, combined ratio substantially better
Especially Motor improved, Fire better but still too high

 Combined ratio AG Insurance FY 2006 – Q1 2011

                                                                                                  Operational performance significantly better
                                                                                                      Less weather related events in Q1 2011, contrary to Q110; Tail
                                                                                                       end bad weather end 2010 & snow January 11 led to additional
                                                                                                       claims cost
                                                         113 .6 %                                     Motor performance benefited from tariff increases 2009 &
                                             10 7 .4 %
           10 0 .3 % 10 0 .8 %    10 3 .1%                          10 0 .9 %                          2010, adapted product features & improved claims frequency.
9 9 .0 %
                                                                                                       CR Q1 2011 at 94.9% vs.112.7% in Q1 2010.
                                                          3 7 .0
                                               3 6 .4                                                 Workmen’s Compensation benefited from a positive prior year
            3 6 .7     3 5 .9       3 6 .8                            3 6 .7
 3 7 .4                                                                                                claims result.
                                                                                                      PY loss ratio release of -8.6% vs.-5.1% in Q1 2010

                                                                                                  Corrective set of measures taken
                                                                                                      Motor : tariff increases of 4.5% in 2011, adapting product
                                               7 1.0      7 6 .6
 6 1.6      6 3 .6     6 4 .9       6 6 .3                            6 4 .2                           offering as from Jan 2011
                                                                                                      Fire: impact of prior year tariff increases start to pay off
                                                                                                      Workmen's Compensation: 2.5% tariff increase as from Jan
                                                                                                       2011
 2006       2007       2008         2009       2010      Q1 10       Q1 11                        Favourable evolution but further progress possible
                                                                                                      Combined ratio Q1 2011 excluding Workmen’s Compensation
                     Claims ratio            Expense ratio                                             at 100.1% vs.110.8% in Q1 2010
                                                                                                      Combined ratio Workmen’s Compensation at 106.8% vs.
                                                                                                       134.3% benefiting from positive prior year claims result


* Impact on technical result AG Insurance from storm & CATNAT coverage before tax, reinsurance and non-controlling interests

Your partner in Insurance| 17 May 2011                                                                                                                                44
UK strong progress in Motor, Household impacted by prior year claims
Combined ratio in Continental Europe up as well, due to weather conditions


           Combined ratio UK FY 2006 – Q1 2011                                UK : continued positive impact from corrective
                                                                              measures
                                                                                 Improved overall combined ratio at 106.0% including Tesco
                                                                                  Underwriting
                                                                                 Selected tariff increases in 2010 in line with underlying risk resulted
                                                                                  in an improved Motor combined ratio (100.3% vs 111.9% in Q1
           10 7 .4 %              10 8 .1% 10 9 .5 %   110 .2 %                   2010)
                                                                  10 6 .0 %
9 8 .4 %               10 1.9 %
                                             2 8 .0     3 0 .2
                                                                                 PY loss ratio charge of 3.4% vs. 0.5% in Q1 2010
            2 7 .7                 2 7 .7                          2 7 .6
 2 8 .2                 2 8 .8
                                                                                 Household combined ratio at 121.9% taking into account prior year
                                                                                  claims ratio of 17.9% (Q1 2010 110.0%).
                                                                                 Travel combined ratio (106.7%) improved from Q1 2010 (115.2%);
                                                                                  continued rating actions being taken
            7 9 .7                 8 0 .4     8 1.5     8 0 .0     7 8 .4
 7 0 .2                 7 3 .1

                                                                              Other segments : combined ratios remain below 100%
                                                                                 Continental Europe: 99.4%
 2006       2007        2008       2009      2010      Q1 10       Q1 11                Portugal : combined ratio at 95.8% vs 96.8% in Q1 2010)
                                                                                        Italy : first impact of implemented corrective measures
                                                                                         noticeable
                     Claims ratio           Expense ratio
                                                                                 Asia : 89.6%




Your partner in Insurance| 17 May 2011                                                                                                           45
General Account
Result impacted by charge MCS conversion & legal disputes Dutch State


   FY 2010 net result of EUR 168 mio negative (incl. eliminations)
     EUR 203 mio charge related to MCS conversion & legal disputes with Dutch state
     EUR 131 mio positive result related to RPI
     EUR 271 mio negative charge related to RPN(I)
     EUR 44 mio net-of-tax negative impact revaluation call option on BNP Paribas shares
   EUR 405 million positive tax impact related to the liquidation Fortis Brussels (as
    announced in H1 10)
   Other General Account items
     Net interest margin EUR 16 mio negative
     Staff & administrative expenses nearly halved to EUR 58 mio
     Net capital gain of EUR 7 mio on divestments Insurance activities
   Net cash position of EUR 2.2 bn end of 10 (vs. EUR 2.8 bn end 09)

Legal proceedings and investigations
   Administrative proceedings for Belgium: FSMA, for the Netherlands: AFM
   Criminal proceedings: investigation ongoing
   Expert Investigations for Belgium: Modrikamen and Deminor, for The Netherlands: VEB/ESG
   Financial Instruments: proceedings in relation to MCS




Your partner in Insurance| 17 May 2011                                                        46
Overview of main characteristics Hybrids
Situation as per 31 March 2011

 Ageas
                           ageas Finance,           Ageasfinlux         Ageas Hybrid       Ageas Hybrid            Ageas Hybrid
                               Senior                                    Financing          Financing               Financing
 EUR mio                    outstandings               Fresh              Hybrone             Nitsh I                Nitsh II
 %                                             3m EUR + 135       5.125%                8.25%                 8%
 Amount                  549                   1,250              500                   USD 750               625

 ISIN                    EMTN                  XS0147484074       XS0257650019          XS0346793713          XS0362491291

 Call date               Debt in default,      Undated            Jun/2016 Step up to   Aug/2013              Jun/2013
                         early redemption at   exchange           3M Euribor+200        No step up            No step up
                         first request of      strike 31.50
                         bondholders           mandatory 47.25
 ACSM                                          YES                YES                   YES                   YES
 Dividend pusher                               YES                YES                   YES                   YES

 Dividend stopper                              NO                 YES                   YES                   YES

 Trigger                                       < 0,5%             Liabilities > asset   Liabilities > asset   Liabilities > asset
                                               dividend trigger
 Other                                                            500                   USD 750               250 on lent to
                                                                  on lent to AG         on lent to FBB        AG Insurance;375
                                                                  Insurance                                   on lent to FBB

 Market Price                                  55.87              75.35                 100.6                 98.75
 (31/03/11)




Your partner in Insurance| 17 May 2011                                                                                              47
Overview of main characteristics Hybrids (ct’d)
Situation as per 31 March 2011
  Fortis Bank Nederland (currently ABN AMRO)                                                Fortis Bank (currently BNP Paribas Fortis)
                                                                                              Direct issue FBB,             Direct issue FBB,
  EUR mio                                 FCCL                          MCS                          2001                          2004                          CASHES
  %                              3m EUR +260                  8.75%                         6.5%                          4.625%                         3m EUR +200
  Amount                         450                          2,000                         1,000                         1,000                          3,000
  ISIN                           GB0057047275                 XS0328920862                  BE0117584202                  BE0119806116                   BE0933899800
  Call date                                                   Exchanged as per              26 Sep 2011                   Oct/2014                       Undated exchange
                                                              7-12-2010                     Step up to 3M                 Step up to 3M                  strike 23.94
                                                              into 106,723,586              Euribor+237                   Euribor+170                    mandatory 35,91
                                                              Ageas’s shares
  ACSM                                                                                      YES                           YES                            YES
  Dividend pusher                                                                           YES                           YES                            NO
  Dividend stopper                                                                          YES                           YES                            YES
  Trigger                                                                                   <5% T1                        YES                            <0.5% Dividend
                                                                                                                          <8% CAD
                                        See legal section
  Other                                    for status                                       If not called,                No stock                       Coupon served by
                                       Contingent Liability                                 holders can opt to            settlement feature             FBB, however, trig-
                                                                                            exchange in Ageas             as for Direct issue            ger ACSM linked to
                                                                                            shares**                      FBB 2001                       dividend Ageas



  Market Price                              -                           -                    98.64                        89.53                          62.80
  (31/03/11)


* Only in case of an accelerated conversion
** Because of insufficient authorised shares, Ageas can exchange for cash BNB consents; If no consent, instrument remains outstanding with no liability for Ageas


Your partner in Insurance| 17 May 2011                                                                                                                                    48
Shareholders’ equity suffering from unrealized gains on bonds portfolio
Volatilitiy across the year due to volatile financial markets

 Shareholders’ equity / share

         FY 2009                                                                FY 2010                                     Q1 2011
         EUR 3.41                                                               EUR 3.19                                    EUR 2.88


                                   (168)       203
                         391                              (550)                                 134
                                                                          129
                                                                  (188)                               (288)

                                                                                                              (543)
                                                                                                                      (104)

            8,431

                                                                                  8,247                                         7,446


                                                                                                                                        7,519
                                                 s




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* Related to the conversion of MCS financial instrument

Your partner in Insurance| 17 May 2011                                                                                                          49
Ageas’s capital of a high quality
Situation as per 31 December 2010




             EUR bn                                                     FY 10       FY 09


             Reported net Shareholders' Equity                              8.2      8.4
             Unrealised gains real estate                                   0.5      0.5
             Goodwill (incl RPI)                                            (1.8)   (1.4)
             VOBA (Value of Business Acquired)                              (0.5)   (0.5)
             DAC (Deferred Acquisition Cost)                                (0.6)   (0.5)
             Other*                                                         (0.4)   (0.2)
             Goodwill, DAC, VOBA related to N-C interests                   0.4      0.4
             25% tax adjustment DAC, VOBA & Other                           0.3      0.3


             Tangible net equity                                            6.2      6.9

             Tangible net equity 76% of reported net shareholders’ equity




* Includes a.o. management contracts of public car parks


Your partner in Insurance| 17 May 2011                                                                             50
                                                                                            10/03/2010 I page 50
Discretionary Capital of the General Account
A view on liquidity & capital

In EUR bn, 31 March 2011                                          Assets                                                  Liabilities
Net Cash/ deposits : EUR 2.1 bn                                   Cash & Deposits at banks                          2.6   ST (EMTN + Bank)        0.5
Passed on                                                         Due from Fortis Bank & AG Ins                     1.7   NITSH I, II & Hybrone   1.7
MCS / FCC                                                         Claim ABN AMRO Bank                               2.4   Provision Dutch State   2.4
LT assets & LT liabilities                                        Other                                             0.7   Other                   0.7
                                                                                                                          RPN(I)                  0.7
Discretionary Capital on balance sheet                            Royal Park Investments                            0.9   FRESH                   1.2
                                                                  Call option on BNP P shares                       0.6   Net equity              2.2
                                                                  Loan to operating cies                            0.5
                                                                  Balance sheet total                               9.3                           9.3



                                                                  Shareholders’ equity + FRESH                                                     3.4
                                                                  Invested in non-current assets on balance sheet                                 (2.0)
                                                                  Total Capital                                                                    1.4
                                                                  Contingent asset off balance (Fortis Bank Tier 1 loan due Sep 11)               (1.0)
                                                                  Dividend 2011 upstream & M&A commitments                                        (0.2)
                                                                  Discretionary Capital * (if available in cash)                                   0.2
           Q1 2011 evolutions:
           Discretionary capital down with EUR 0.2 bn, mainly from EUR 0.5 billion end 2010 to EUR 0.2 billion at the end of the first
         quarter, mainly as a result of the increased fair value of the RPN(I) liability and the acquisition of Castle Cover in the UK mid
           March 2011.


* Ageas defines discretionary capital as the lower of the available cash and total capital of the General Account
corrected for (contingent) illiquid assets and existing investment commitments

Your partner in Insurance| 17 May 2011                                                                                                                  51
      Our history

    Our company

     Our strategy

Our key financials

       Our share

  Selected topics
Our share (ticker ‘AGS’)
General information

Total number of outstanding shares end 09                                                    2,516,657,248
     Including shares issued for FRESH                                                         39,682,540
     Including shares issued for CASHES                                                       125,313,283
Total number of outstanding shares end 10                                                    2,623,380,817
     Including shares issued on 07/12/10 related to conversion MCS                            106,723,569


Total number of effective and potential shares                                               2,648,068,387
     Including shares in connection with option plans                                          24,687,570*
     Shares related to CASHES and FRESH not entitled to dividend and voting rights            164,995,823
Total number of effective shares entitled to dividend & voting rights                        2,458,384,994


    Par value ageas SA/NV and ageas N.V. share equal at EUR 0.42 per share


    Authorised capital of EUR 84,0 mio approved at shareholder’s meeting April 2011
    Specifically related to cover the commitments taken in the context of the issue of the
    hybrid financial debt instruments



* Number decreased from 42,050,199 last year following expiry of options

Your partner in Insurance| 17 May 2011                                                                       53
 Shareholder structure overview
 Per type                                                                              Per country
 December 2010 based on 2,623,380,817 shares



              Ping An 4.61%          Fortis Bank SA/NV
                                                4.78%*                           Rest of World
                                                                                 15%                           China 5%


Retail Benelux                                                               Other Europe                       Belgium 29%
+/- 26%                                                                      12%                                (incl retail)

                                                                              France 4%

                                                                             Germany 3%
                                                                                                               The Netherlands
                                                                                                                 8% (incl retail)


                                                                                                      UK 24%
                                         Other Institutionals
                                         +/-65%




 * 125 mio shares related to CASHES financial instrument; shares without dividend and voting rights
    Source: Company data based on shareholder’s identification

 Your partner in Insurance| 17 May 2011                                                                                             54
An extensive international sell-side coverage


            Country                      Company                         Analyst
                                         Autonomous Research             Farquhar Murray
                                         Nomura                          Nick Holmes
                                         Credit Suisse                   Merryleas Head
                                         Deutsche Bank                   Robin Buckley
                                         Goldman Sachs                   Johnny Vo
               UK                        JP Morgan                       Duncan Russell
                                         KBW                             William Hawkins
                                         Macquarie                       Chris Esson
                                         Bank of America Merrill Lynch   Michael van Wegen
                                         Morgan Stanley                  Farooq Hanif
                                         SG Securities                   William Elderkin
                                         Bank Degroof                    Thibaud Rutsaert
            Belgium                      KBC Securities                  Dirk Peeters
                                         Petercam                        Marc Debrouwer
                                         Cheuvreux                       Hans Pluijgers
                                         ING                             Albert Ploegh
                                         Kempen & Co                     Ryan Palacek
       The Netherlands                   Kepler                          Benoit Pétrarque
                                         Rabo                            Cor Kluis
                                         RBS                             Thomas Nagtegaal
                                         Exane BNP Paribas               Francois Boissin
             France                      Oddo Securities                 Nicolas Jacob
                                         Alpha Value                     Jerome Cassagne




Your partner in Insurance| 17 May 2011                                                       55
Ageas’s dividend policy


 New dividend policy published in September 09

        Intention to pay a regular dividend based on the net
         profit of the insurance activities
        Targeting a pay-out ratio of 40-50%
        On an annual base
        Cash dividend


 Proposed dividend over 2010 of EUR 0.08/share accepted

        Expected payout of 50%
        In line with 2009 dividend & renewed dividend policy
        Payable as of 30 May 2011


 Dividend related to call option on BNP Paribas shares

        Any gain related to exercise/monetisation call option
         during the exercise period
        In addition to regular dividend
        To comply with requirements European Commission



Your partner in Insurance| 17 May 2011                           56
Financial Calendar 2011




  9 March                            2 May                   20 May            24 August          9 November
  Annual results 2010                Ex-dividend date –      End of dividend   First half         Q3 11 Interim
                                     Start dividend
                                     election period
                                                             election period   results 2011       financial
                                                                                                  statements
                                     4 May
                                     Record date




        27 April          28 April           18 May                31 May               29 September
        Annual            Annual             Q1 11 Interim         Payment 2010         Investor Day
        shareholders’     shareholders’
        meeting           meeting
                                             financial             dividend             London
        Brussels          Utrecht            statements




Your partner in Insurance| 17 May 2011                                                                            57
      Our history

    Our company

     Our strategy

Our key financials

       Our share

  Selected topics
Four cases illustrate the partnership strength (1/4)

                      Portugal’s leading Bank: an exclusive partnership with Ageas since 2005 (for 25 years)

        Partner Selection                    Top Level Support          Customer Focus                       IT Platform skills
       +3 mio                              CEO, CFO                  Continuous                          Insurance core
        customers                            supplied by                monitoring of                        systems supplied
                                             Ageas                      customer                             by JV
       > 900 branches
                                                                        behavior
                                            Matching of                                                    All other
       Committed to
                                             organization at           Each of 9                            systems: by bank
        bancassurance
                                             all levels                 marketing cycles                     partner, fully
                                                                        has 2 insurance                      integrated
                                                                        products




                                                                 
                                 Penetration rates of insurance products have increased
                                  to levels that are among the European best in class:
                                                                           Penetration (clients)* (%)
                                                                                                                                34.9
 Resource penetration**: from 27.6% in 2009 to 30.5% in
  2010                                                                                                                33.7
                                                                                                             33.0
                                                                                                    32.2
                                                                                           31.3
 Average number of policies per client from 2.63 in 2009                        30.1
  to 2.67 in 2010

* % of bank customers with insurance products                                2005       2006      2007     2008     2009     2010

** % of funds originating from insurance products                                                                                   grow
Your partner in Insurance| 17 May 2011                                                                                                 59
Four cases illustrate the partnership strength (2/4)



                                         Malaysia's leading Bank: Ageas partner since 2001

        Partner Selection                 Top Level Support                Customer Focus                                 IT Platform skills
      8 mio customers                    CFO, CMO,                      Integrated                                Redesigned Retail
                                           channel manager                 customer file for                          Banking Platform
      334 branches
                                           and asset                       8 mio Maybank                              to integrate
      Largest bank in                     manager                         customers                                  insurance as core
       Malaysia                            supplied by                                                                product
                                                                          Strong product
                                           Ageas
                                                                           innovation                                Integrated front-
                                          Continuous                                                                 office, STP and
                                           transfer of                                                                commission
                                           expertise                                                                  system

                                                              Results

Developed Maybank Ageas into the leading                         5,000   CAGR of inflow and contribution: 28%                                           400

insurance player                                                 4,500
                                                                                                                                                        350
                                                                 4,000
                                                                                                                                                        300
 From #7 to #1 in Bancassurance, Takaful and                    3,500
                                                                                                                                                        250
  General Insurance                                              3,000

                                                                 2,500                                                                                  200

 #2 in overall GWP                                              2,000
                                                                                                                                                        150
                                                                 1,500
                                                                                                                                                        100
 Life Insurance penetration from 5% to 12%                      1,000
                                                                                                                                                        50
                                                                  500

 Successful launch of new brand and culture: the                   0                                                                                   0
                                                                         2000   2001   2002   2003   2004   2005   2006    2007   2008   2009   2010
  eTiQa way                                                                                                                                            grow
                                                                          Inception of JV with Ageas
Your partner in Insurance| 17 May 2011                                                                                                                      60
Four cases illustrate the partnership strength (3/4)



                                                Age UK partnership with Ageas UK

        Partner Selection                 Top Level Support                Customer Focus                    IT Platform skills
      UKs leading charity                State of the art               Build bespoke                 Ageas supplies
       for the aged                        risk management                 Car, Household                 point of sale
                                           and underwriting                and Travel                     systems for Age
      Reach over 5
                                                                           solutions for all              UK Outlets
       million of older                   Deep expertise in
                                                                           segments
       people with                         age group (RIAS                                               Ageas supplies
       services and                        & Castle Cover:                No hard sale                   call centre and
       products                            Ageas insurance                                                internet services
                                                                          Hassle free,
                                           for over 50)
      Growing target                                                      emphatic service
       group

                                                               Results

Excellent results are produced                                                        State of the Art conversion rates
 Growing pool of 500,000 policyholders
                                                                                                              50
 Good add-on sales penetration such as, Motor legal expenses
   purchased on over 90% of policies
 Average retention rate of 80% Motor, 90% Household                                             25     25



 Average combined Ratio of 97.1% Oct-Dec 2010
 Recognised by Institute of Customer Services as leading call centre in
   financial services market
                                                                                               Motor   Household
 Ageas is centre of competence and preferred partner for affinity                                                                grow
   partnerships.
Your partner in Insurance| 17 May 2011                                                                                              61
Four cases illustrate the partnership strength (4/4)



                                         Bank and broker channel cooperation at AG Insurance

        Partner Selection                  Top Level Support               Customer Focus                IT Platform skills
                                           Push client to                SME customers                Leverage on
      Brokers and Bank                     insure with AG                 are offered AG                existing core
       are encouraged to                    Insurance                      Insurance Non-                Broker Non-Life
       cooperate                                                           Life products
                                           Push client to                                              Specific lead
                                                                           packages
      Objective: supply                    bank with BNP                                                follow-up tool
       brokers with SME                     Paribas Fortis                Attractive product            available to bank
       Non-Life leads                                                      package                       branches
                                           Transfer clients
                                                                           (Modulis VIP)
                                            from competition


                                                               Results


Showcase of two (potentially competing) channels                              Significant success
working together                                                               > 34,000 leads received by end March 2011
 Cooperation inducing commission system, involving:                           > 15,300 Modulis VIP files in portfolio
  >more than 1,000 BNP Paribas Fortis branches
  >3,000 brokers                                                               45% conversion on broker leads
  (out of max. 4,000 professional active brokers)                              22% of new Modulis files originated by
                                                                                cooperation model
                                                                                                                              grow
Your partner in Insurance| 17 May 2011                                                                                          62
Product Innovation – Belgium
The award-winning* Modulis VIP Model synergy


 Banking clients                               Insurance relationships                         Modulis VIP strategy will …

                                                           AG Insurance                           Push the business client to insure his risks
                                                          Through Broker                           with AG Insurance, respecting his current
                                                             130,000                               broker relation (if any)
           BNP Paribas
              Fortis
                                                                                                  Stimulate the client of the broker to choose
             400,000
                                                                                                   BNP Paribas Fortis as banking partner

                                                            Other Cies
                                                          Through Broker
                                                                                                               Cut the current insurance relationship
                                                                                                                with the competition (Ethias, KBC, etc.)
                Other                                                                                           that might endanger the banking
                Banks                                                                                           relationship
                                                               Other                                           Propose to these clients without broker
                                                              Channels                                          the services of a broker
               800,000                                         800,000                                         Bank receives commission for
                                                                                                                generating leads to the broker
                                                                                                               Modulis VIP client enjoys higher
                                                                                                                no-claim bonus
*AG Insurance is proclaimed the winner of the Decavi 2011 Distribution Award and received praise for its Modulis VIP concept that creates significant synergy between brokers and
BNP Paribas Fortis bank branches

Your partner in Insurance| 17 May 2011                                                                                                                                          63
Product Innovation – UK


Non-life                                             Life
   Q1 2010 : Fleet Guard launched                      Q1 2010: ‘Whole of Life’ protection insurance
   Q2 2010 : New Semploy Extra launched                 product launched– aimed at the over 50s
   Q3 2010 : RiskSTOP ASSIST 010 launched
                                                        Q2 2010: Best Doctors added to Critical
                                                         Illness, Income protect and Real Life Cover
   Extending Commercial Lines capabilities              plans
   New commercial underwriting and business
                                                        Q1 2011: ‘Low Start’ launched –
    structure
                                                         Comprehensive term and critical illness cover
                                                         at a price designed for the current economic
   New Partnerships                                     climate
       Tesco Underwriting (Joint venture with
        Tesco Bank)
       Aioi Nissay Dowa Insurance Company of
        Europe Ltd and their client Toyta (GB) PLC
   Active claims management
   Launch of an online platform of Glass Vehicle
    Analysis enabling a more accurate valuation of
    the vehicle
Your partner in Insurance| 17 May 2011                                                                   64
Ageas recorded a EUR 2.4 bn provision related to its legal
disputes with Dutch State on MCS and FCC

ORIGIN Mandatory Convertible Securities (MCS)
   Since December 2007, Fortis Bank Nederland (FBN)* has on its balance sheet a EUR 2 bn bond
    convertible into Ageas shares. This instrument was issued in order to finance the acquisition of certain
    parts of ABN AMRO and with the co-guarantee of Fortis (now Ageas) and BNP Paribas Fortis
   Based on the underlying conditions, the bond has been converted into 106.7 mio of new Ageas shares
    on 7 December 2010 in exchange of which FBN will have to issue EUR 2 bn of shares of FBN in favour
    of Ageas
   This compensation is contested by the Dutch State, legal owner of ABN Amro
ORIGIN Fortis Capital Company (FCC)
   In 1999, Fortis Capital Company, a subsidiary of FBN, issued financial instruments with the co-
    guarantee of Fortis (now Ageas)
   In 2009, Ageas has been held responsible based on contractual obligations to redeem the instrument.
    Ageas paid EUR 362 mio in cash to the preference shareholders
   FBN refuses any kind of compensation
   Ageas has launched a legal procedure on the merits at the Commercial Court in Amsterdam in order to
    obtain a full compensation for the amount paid
ACCOUNTING
   General provision of EUR 2.4 bn, covering disputes with Dutch State. P&L cost of EUR 203 mio related
    to MCS conversion end 2010. Shareholder’s equity neutral.
* Now part of ABN Amro

Your partner in Insurance| 17 May 2011                                                                     65
Tier 1 Debt BNP Paribas Fortis 2001



ORIGIN
   In 2001, Fortis Bank issued a subordinated Tier 1 bond for a total amount of
    EUR 1 bn, co-guaranteed by Fortis (now Ageas)
   Based on the underlying contractual conditions, bondholders can ask Ageas to
    be redeemed, if BNP Paribas Fortis would decide not to redeem at the first call
    date in September 2011
   Ageas can choose to issue new shares or redeem in cash. In exchange Ageas
    will receive a Tier 1 bond on BNP Paribas Fortis with a variable interest rate
   Call date: 26 September 2011, with 60 working days notification period by BNP
    Paribas.


ACCOUNTING
   Off balance sheet commitment, taken into account for the calculation of
    Discretionary Capital




Your partner in Insurance| 17 May 2011                                                66
Valuation call option on BNP Paribas shares without taxes


 Valuation methodology                                  The cash-settled call option allows Ageas to benefit from any appreciation in the value of
                                                         121,218,054 BNP Paribas shares held by the SFPI/FPIM
                                                        Ageas has undertaken to propose to pay out as dividend the benefits to the extent permitted by law
                                                         and taking into account practical constraints



 Parameters Black &                                       Implied volatility (consensus) up from 33% to 30%
                                                          Dividend yield up from 5.29% to 5.53%
 Scholes
                                                          Strike price unchanged at EUR 66.672 per share
                                                          Excercise period from 10/10/10 til 09/10/16



 Exercise strategy                                      At the end of June 2010 Ageas has opted to move to a gradual exercise strategy in accordance
                                                         with a disciplined methodology over the contractually foreseen exercise period; ► use volatility
                                                         without a 7%-size-discount




 Sensitivities                                          Volatility +5% ► total value option +28%
                                                        A decrease of the dividend yield to 5%, other inputs remaining equal ► total value option +7%
                                                        An increase of the dividend yield to 6 %, other inputs remaining equal ► total value option -7%


 Value as per 31/03/11
                                                        EUR 873 mio total value option as at 31 March 2011 ► 30% haircut maintained for non standard
                                                         features
                                                         ► Valuation* call option on BNP Paribas shares estimated at EUR 611 mio




 * sub-holding Fortis Brussels SA/NV was liquidated at the end of 2010 leading to a deferred tax asset used to offset deferred tax liabilities on the call option


Your partner in Insurance| 17 May 2011                                                                                                                              67
RPN(I)



ORIGIN
   Instrument leading to a quarterly interest payment to or from BNP Paribas Fortis, based on :
     The market value of CASHES, a Tier 1 debt instrument held by BNP Paribas Fortis
     The Ageas’s share price


   The interest payments by Ageas to BNP Paribas Fortis are guaranteed by the Belgian State
    against the payment of a premium by Ageas to the Belgian State (cost guarantee included in
    RPN(I) since 30 June 10)


ACCOUNTING
   Valued with the help of third party experts, seen the complex character of the instrument



                                                                Valuation RPN(I) Q1 2011
                                                                 EUR 722 mio



Your partner in Insurance| 17 May 2011                                                             68
Fair value interest mechanism related to RPN(I)

 Valuation methodology                    Net discounted value all future interest payments until a potential reimbursement of the CASHES
                                          No change to methodology applied as per end 09 (based on valuation techniques for financial
                                           derivatives)
                                          Decision to include additional cost related to guarantee Belgian State as per 30 June


 Drivers quarterly interest                 Evolution Ageas’s share price
                                            Evolution theoretical market value CASHES
 payments
                                            Evolution short term interest rate
                                            Conversion option embedded in CASHES


 Assumptions                              Ageas’s share price (B-S model) :
                                                       − EUR 2.01 per share (closing price 31/03/11)
                                                       − Dividend yield of 4.0%
                                                       − Share price volatility of 41% (based on implied volatility end March 2011)
                                          LT-value CASHES:
                                                       − 62.8% of par (closing price 31/03/11) vs 50.2% end 10
                                                       − Evolution based on forward spread curves
                                          LT i-rate: Standard arbitrage-free i-rate model



 Valuation                                  EUR 621 mio negative mark-to-market value RPN(I)
                                                                                                     ► EUR 722 mio
                                            EUR 101 mio negative for guarantee Belgian State
                                            Cash interest cost Q1 2011 : EUR 2.5 mio to Fortis Bank
                                            Belgian State guarantee costs Q1 2011: EUR 1.4 mio to Belgian State

 Sensitivities                            Valuation model most sensitive to price CASHES
                                          CASHES +/- 10% (to 53% or 73%) : EUR 541 mio < RPN(i) < EUR 904 mio
                                          Detailed sensitivity analysis : see Annual Financial Statements 2010



Your partner in Insurance| 17 May 2011                                                                                                       69
Royal Park Investments SA/NV


ORIGIN
                                                    Balance sheet items as per 31 March 2011
Dismantlement structure with respect to assets of
Fortis Bank, part of the sale of Fortis Bank to      Nominal outstanding
                                                                               EUR 14.8 bn
                                                     value of the assets
BNP Paribas
                                                     IFRS fair value of the
     Shareholders : Ageas (44.7%), Belgian                                    EUR 7.0 bn
                                                     assets
      State (43.5%) and BNP Paribas (11.8%)          Outstanding debt          EUR 6.5 bn
     More than 40% of the portfolio has a rating     Senior debt             EUR 2.1 bn
                                                      Commercial paper        EUR 4.4 bn
      superior or equal to BBB- (investment
      grade)                                        Income Statement related information Q1 2011
     Limited equity investment, major part debt     Interest payments        EUR 37 mio
      financed
                                                     Principal redemptions    EUR 308 mio
     All proceeds will be 100% used to redeem       Result accounted for
      the debt related to Royal Park Investments                              EUR (12) mio
                                                     by Ageas under IFRS
      (cash sweep)
ACCOUNTING                                          Income Statement related information FY 2010
                                                     Interest payments        EUR 169 mio
     Accounted as an equity investment of EUR
      760 million, increased to EUR 913 mio as       Principal redemptions    EUR 1.5 bn
      per 31 March 2011                              Result accounted for
                                                                              EUR 131 mio
                                                     by Ageas under IFRS

Your partner in Insurance| 17 May 2011                                                             70
Funding structure Royal Park Investments (under BGAAP)
As per December 31, 2010**




 (EUR mio)                                 State of
                                           Belgium
                                           (SFPI/FPIM)

Capital                                         740                     200                    760                                             1,700
                                               (44%)                   (12%)                  (45%)


Retained Earnings                                                                                                                      375     375


Senior *                                                                519                                                                    519


Commercial Paper                                                                                                                       4,387   4,387



Super Senior                                                                                                          1,620                    1,620


Total Capital & Debt                             740                    719                     760                   1,620            4,762   8,601



* End of February 10, senior debt Fortis Bank fully replaced by commercial paper program, benefiting from a Belgian State Guarantee.
   Senior debt provided by BNP Paribas is not state guaranteed
** For more information see www.royalparkinvestments.com

Your partner in Insurance| 17 May 2011                                                                                                                 71
For more information on Ageas’s 2010 performance
…see web based Annual Review 2010 (ar.ageas.com)




Your partner in Insurance| 17 May 2011             72
Your Ageas’s contacts




  Investor Relations
  + 32 2 557 57 33
  + 31 30 2525 379
  e-mail:ir@ageas.com


  Media
  + 32 2 557 57 37
  e-mail:press@ageas.com


  Website:www.ageas.com
Your partner in Insurance| 17 May 2011   73

								
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