Fortis UK has a strong track record in the UK personal lines insurance market. It focuses on a 3-axis growth strategy of manufacturing a wider range of products, distributing through owned and third party channels, and leveraging its combined capabilities. Fortis has established market positions through multi-channel distribution, including brokers, direct channels, and affinity partnerships. It aims to continue growing through strategic initiatives such as expanding its product range and distribution partnerships.

1. Fortis UK

2. Agenda
1. Profile and track record
(Introduction – overview of main topics)
2. The market and the competition
3. Strategic initiatives
4. Conclusion
FORTIS I 9/25/2009 I page 2

3. Profile – Fortis UK
Key financial data (Non-Life)
Mission/strategy
GBP mio
FY 08
H1 09
Gross inflow
759.6
401.6
Operating costs
146.3
68.1
51.7
21.7
100.7%
103.6%
¹ Excludes investment income
To be the natural choice for insurance, in whatever way
the consumer decides to purchase their insurance
Delivering on its promises through its dynamic and
responsive team dedicated to customer satisfaction
This vision has to be achieved through the continued pursuit
of the existing 3-axes for growth strategy:
1. Manufacturing a wider range of products
2. Distribution through owned and 3rd party routes to market
3. Leveraging the combined capability of Fortis UK to
deliver cost effective solutions
Market Position/ Key competences
Business mix
Net profit
Underwriting Combined ratio¹
Strong foothold in Personal Lines market
n⁰ 8 Personal Lines insurer
n⁰ 3 in private car insurance (# cars insured)
n⁰ 4 in travel insurance
n⁰ 5 Personal Lines intermediary (via RIAS)
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)
FORTIS I 9/25/2009 I page 3
Product Mix (GWP)
(10%) Commercial Lines
Distribution Mix (GWP)
(25%)
Affinities
(18%)
Owned
(90%)
Personal Lines
(57%)
Brokers

4. Key figures 2005 - 2009
FY 05
FY 06
FY 07
FY 08
H1 09
596.6
688.3
757.8
759.6
401.6
Operating costs
36.0
45.6
49.0
53.1
27.6
Net profit Underwriting
40.3
43.9
9.0
39.4
15.5
Underwriting Combined ratio
97.4%
97.2%
106.4%
100.7%
103.6%
Solvency
254%
253%
249%
282%
278%
Retail Revenue
62.8
84.0
93.7
94.2
47.9
Operating costs
52.1
68.0
73.0
69.9
34.8
Net profit Retail
7.4
11.7
14.9
17.5
(5.2)
9.3
(3.1)
23.4%
22.2%
7.0%
16.5%
12.5%
GBP mio
Gross inflow (GWP)
Overall Return On Capital
Consistent performer
Underwriting profitability across the cycle
Sustained growth, investments made to support development of the business
Prudent approach to solvency
Reflects the needs of the local regulator
Support standalone rating, often beneficial to support strategic partnerships
Note: Solvency is capital in regulated companies / minimum capital requirement (based on local solvency rules)
FORTIS I 9/25/2009 I page 4

5. Fortis UK – a journey of evolution and innovation
“
From a single channel,
mono line insurer……
…to an insurer with a
broad range of solutions
2000
2002
2004
2006
2008
Acquired Northern Star
Strategic review
completed of UK
activities.
Secured first affinity
partnership with Post
Office to provide Travel
insurance.
Acquisition of majority
shares in distribution
technology companies
Text2Insure and
InsureTECH.
Voted General Insurer of
the Year
Extended into Life
Protection market and
rebranded OutRight
to Fortis Insurance
Solutions
2001
2003
2005
2007
Completed integration
of Northern Star with
Bishopsgate to create
Fortis Insurance
Launch RIAS brand
Acquired OutRight and
Affinity Solutions to
strengthen capabilities in
growing partnership
market. Secured 10-year
relationship Age Concern
New operations centre
opened in Gloucester.
FORTIS I 9/25/2009 I page 5

6. Fortis UK – our business model today
Needs
Brokers &
Intermediaries
Competitively priced products, delivered
electronically, in the main
Larger intermediaries require underwriting
aligned to their product design
Clear focus on good service at point of claim
Some point of sale assistance for certain
products e.g. Travel, Small Business
Ancillary products to help them increase their
margins
Affinities,
Brands &
Financial
Institutions
A range of solutions including single insurer,
lead insurer, panel
Multi-channel interface with their customers
e.g. telesales, internet, face to face
Underwriting only through to the full value
chain including systems
Standard and tailored products and services
Opportunities to increase value and returns
Direct
Competitively priced products, value for
money
Aligned to their chosen method of purchase
Solutions that can be tailored to their needs,
sometimes with a choice of insurers
Good levels of service across the relationship
lifecycle
A readily accessible and proactive claims
service
FORTIS I 9/25/2009 I page 6
We deliver through
Fortis Insurance Limited
Text2Insure
Affinity Solutions
Fortis Insurance Limited
Fortis Insurance Solutions
Text2Insure
Affinity Solutions
InsureTECH
RIAS (> 50s)
Fortis Insurance Limited
Fortis Insurance Solutions
Text2Insure
InsureTECH
Affinity Solutions

7. A proven track record in terms of growth & profitability
8% Gross Written Premium CAGR (FY 05-08)
Further diversification of customer base
Successful new product launches
(e.g. HouseGuard Extra)
Entry new product markets
(e.g. Van and Protection)
Product Evolution (GWP GBP mio)
Private Car
Household
Travel
Commercial
Van
800
600
400
200
0
FY 05
FY 06
FY 07
FY 08
FY 07
FY 08
About 7 mio customers thanks to deployment Distribution Evolution (GWP GBP mio)
of multi-channel distribution model
Brokers
Owned
Affinities
> 1 mio direct policyholders via retail activities
800
(RIAS, AutoDirect, CoverDirect)
600
Further roll-out of Donedealinsurance.co.uk
400
Growing customer numbers across all channels
200
0
Increasing portion net profit generation via
retailing activities
Generated through margins created through
commission and ancillary revenues
GWP generated via the distribution we own
FY 05
FY 06
Profit Before Tax Evolution (GBP mio)
Manufacturing
Retailing
Impact of severe
weather events
80
60
40
20
0
FORTIS I 9/25/2009 I page 7
FY 05
FY 06
FY 07
FY 08
Other
Protection

8. With a strong reputation for service and partnership
A clear focus on the understanding and delivering to the needs
of the client and the customer
High levels of customer service are hard coded into delivery at
all points of contact
Increasingly recognised by its clients, customers and the
market for its delivery and approach to doing business such as
‒ Six times Insurance Times Motor Insurer of the Year
‒ First ever insurer to achieve standard Gold Standard Award
‒ Institute of Insurance Brokers (IIB) ranking Fortis as the top
insurer in terms of service levels compared with 10 other
major UK insurers
Fortis’s strong reputation for service has led it to become the
‘Intel inside’ of a number of well known insurance brands in the
UK, partnerships developed on a clear understanding of
‒ Strategic alignment
‒ Open communication
‒ Cultural values
‒ Common and realistic objectives
Finalist FY 08
FORTIS I 9/25/2009 I page 8

9. Agenda
1. Profile and track record
2. The market and the competition
3. Strategic initiatives
4. Conclusion
FORTIS I 9/25/2009 I page 9

10. Established market positions in chosen markets
Personal Lines
Highly commoditised and competitive in the
UK. Fortis is a strong performer
Fortis is an established player in the UK’s
Personal Lines market competing against
many UK based insurers
Fortis progressively growing its market
share
UK Personal Lines (GWP GBP mio)
RBS
AVIVA
LTSB
RSA
Zurich
AXA
Fortis
Allianz
LV
Great Lakes
0
500
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
Source: Datamonitor
Car insurance
Has provided Fortis with the solid platform
on which to grow it’s market presence
Fortis has delivered sustained growth over
the past 10 years in a highly competitive
market
Now insuring in excess 1.7 mio cars, Fortis
has grown its market share through its
focus on price, underwriting discipline
throughout the market cycle and ability to
distribute through a broad range of
channels
Top Car Insurers (by # cars insured)
RBS
Aviva
Fortis
HBOS
RSA
AXA
Zurich
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Source: FSA Returns
FORTIS I 9/25/2009 I page 10

11. Delivering solutions aligned to customers needs
Personal Lines distribution has seen some
significant changes with the development of
the ‘direct’ challenge in late 1990s and the
emergence of affinity distribution in recent
years
Brokers have continued to have a role to play
and many have consolidated their positions
and taken the opportunity of internet
comparison sites to further broaden their
appeal
Fortis has been part of this market
development with its strong and deepening
relationships in the broker channel, the
creation of its own direct operations and its
successful expansion in the affinity
partnership market
This evolution is driven by where the
consumer chooses to buy their insurance
and the solution that best suits their needs
Personal Lines Distribution by channel
Brokers/Intermediaries
Direct
Affinities/Partnerships
Agents/Others
100%
80%
60%
40%
20%
0%
FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08
Source: ABI
Fortis Distribution by channel
Brokers/Intermediaries
Direct
Affinities/Partnerships
100%
80%
60%
40%
20%
0%
FORTIS I 9/25/2009 I page 11
FY 04
FY 05
FY 06
FY 07
FY 08

12. Leveraging operational efficiency to delivery competitive solutions
Personal Lines distribution has seen some Having
clear, aligned and efficient routes to the customer are
key to success in this highly competitive market
Key to Fortis’s success in the UK has been its efficient
operations which enables it to deliver products and
services at a cost few other insurers are able to
achieve
Fortis is recognised as having the most efficient claims
operations for both Motor and Household, and
continues to have low unit costs of production in car
insurance
Private Car Unit Costs (Company/EMB analysis)
80%
60%
40%
FORTIS I 9/25/2009 I page 12
CIS
Zurich
Aviva
RSA
RBS
AXA
Highway
HBOS
NFU
Fortis
20%
Source: Datamonitor, FY 08 data
AXA
RSA
Highway
Aviva
Zurich
RBS
HBOS
Allianz
NFU
Fortis
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%
Ratio of household claims management costs to net claims incurred
100%
0%
Ratio of motor claims management costs to net claims incurred
Aviva
Allianz
L&G
MMA
LV
Assurant
RBS
Groupama
NFU
Fortis
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%

13. Agenda
1. Profile and track record
2. The market and the competition
3. Strategic initiatives
4. Conclusion
FORTIS I 9/25/2009 I page 13

14. Recent trends in General Insurance Distribution
Market Development……
Brokers
Consolidation subdued during
recession
Larger Personal Lines brokers become
more active in the internet channel,
challenging dominance direct writers
Strong hold over Commercial Lines
distribution
Increased focus on alternative income
streams, e.g. claims management,
upsell and cross-sell
Direct
Channel maintained leadership position
within Personal Lines but little growth
since the emergence aggregators and
decision by RBS and Aviva not to
transact own large direct businesses
via aggregator channel
Zurich, AXA and RSA investing further
to grow their own direct businesses
primarily through the internet
Remains limited growth of direct
channel within Commercial Lines
FORTIS I 9/25/2009 I page 14
Fortis response……
Aggregators
Work with consolidators to protect revenues but also build
closer strategic partnerships leading to new opportunities
e.g. Towergate
Align pricing to purchase channel. Fortis has long standing
approach to secure returns in first year, enabling brokers to
aligning their returns in more competitive channels
Successfully expanding Commercial Lines product range
and broker partnerships e.g. Giles
Introduced new products and propositions to support
alternative income streams e.g. Fortis LegalGuard
RIAS established as 2nd largest > 50s specialist, with
telesales and internet presence. Soon to be testing in
aggregator channel
Recognising dominance of aggregator channel for Car and
Household, internet only brands (AutoDirect and
CoverDirect) well established present on all leading
aggregators. Aggregator only proposition
DoneDealinsurance being rolled out across product range
Infrastructure in place for Commercial Lines will support
direct channel if consumers demand warrant investment

15. Recent trends in General Insurance Distribution
Market Development……
Aggregators
Highly competitive channel
Increasing levels of transparency
enabling consumers to fully understand
what drives risk price
Rationalisation of the market
expected; Brand awareness essential
to success
Fortis response……
Aggregators
Developed capabilities to sell successfully through the
aggregator channel using both owned and affinity brands
Invested in products and infrastructure to support higher
levels of traffic and consumer demands for products to
meet their demands and needs
Good working partnerships established with leading
aggregators
Leading aggregators now becoming
more well known than the insurance
brands/companies who use them
Partnerships
(affinities)
Through InsureTECH, have build the capability to build
aggregator platforms e.g. MoneyExtra
Turbulence around financials services
brands (e.g. banks) positively impacting
trust in quality non-financial brands e.g.
M&S, Post Office, Tesco
Broad range of partnerships across a number of market
sectors. Chosen partner for a number of trusted brands
including Post Office, M&S, Tesco and John Lewis
Market share in c.15% of Motor and
Household markets.
Large affinity deals continue to offer
opportunities as they come up for
renewal e.g. Ford, GM and Toyota
recently changed their respective
insurance solutions providers
FORTIS I 9/25/2009 I page 15
Strong growth in the affinity market as Fortis has become
one of the leading solutions providers. Represents c. 25%
of GWP income
Increasingly successful in establishing good relationships
with prospective partners and entering new sectors
e.g. motor manufacturers with new Toyota deal

16. Fortis UK Strategy focuses on 3-axes growth strategy …
Continued development of our multi-channel
platform, based on flexibility and easy adaptability
to new market dynamics
A focus on major distribution channels driven by
the needs of the consumer
MA
NU
F
G
Customers
Capitalise on existing capabilities with a focus on
support systems allowing greater speed and control
over manufacturing and operational delivery
COMBINED
FORTIS I 9/25/2009 I page 16
LI N
In-depth adaptation of pricing policy and product
lines in order to widen appeal both to business
partners and end customers.
Channels
I
TA
RE
Combination of own distribution and third party
providers
AC
TU
RI
NG
Products
CAPABILITY

17. … To be realised by actions aligned to our axes of growth….
Manufacturing
Continued development of a high quality and profitable range of Personal &
Commercial lines products to support multi-channel strategy
Improving existing products to widen appeal and introduction of new products
Ongoing investment in underwriting excellence and rating techniques
Continued focus on low unit cost of production and high levels of customer
service
Retailing
Design and delivery of a broad range of tailored insurance solutions for the
>50s market through our RIAS brand
Continued development and growth of internet based propositions
Research & development of propositions to continue to reflect the insurance
and purchase preferences of consumers
Continue to invest in retail margins through service efficiency and value adding
products
Combined Capability
FORTIS I 9/25/2009 I page 17
Continued building of broad range of capabilities to satisfy the existing and
emerging needs of our multi-channel approach
Further improve operational effectiveness through partnership with key
suppliers of products & services
Focus on ensuring the ‘whole is greater than the sum of the parts’

18. ….with continued exploration into the Protection market
Based on Non-Life model, research undertaken as to whether New Annual Premiums (GBP 000's)
there is a natural extension into the UK Protection market
IFA
Direct Sales
Bancassurers
Applying the same principles
Introduce a range of products aligned to client and
consumer needs
Multi-channel distribution
Establish strong service credentials
Low cost efficient operations
1,200
From a greenfield start, we entered UK market in August
FY 08
0
Non-intermediated
Achievements so far include:
Launched innovative products, securing 5* ratings
Created a point of sale system which has market leading
straight through processing rates linked to an automated
underwriting system
Have had early successes with our multi-channel approach
Built a business receiving > 500 applications per day
Written >GBP 9 mio new annual premiums since launch,
selling >30,000 policies
Our research will continue
Linked to multi-channel distribution
How we align further with the needs of the client and consumer
(products and services)
Further improve operational efficiency and effectiveness
FORTIS I 9/25/2009 I page 18
1,000
800
600
400
200
FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08
New Annual Premiums sold via IFAs (%)
Fortis
Legal & General
AVIVA
Scottish Equitable
Friends Provident
Royal London
AXA Sun Life
BUPA
LV=
Zurich
Other
100
80
60
40
20
0
Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109

19. Fortis and Tesco – one of the largest partnerships in the UK
Tesco is the UK’s largest general retailer generating sales of
GBP >59 bn (08), net profit before tax of GBP 2.9 bn*
Growth of Tesco Personal Finance (mio customers)
6
Tesco Personal Finance (TPF) launched in 1997 and by end
08 reported underlying profit of GBP 244mio (insurance
representing over 65%).
End 08, TPF had in the region of 6 mio customers, c. 2.5 mio
relating to insurance generating GBP 500 mio GWP including
1.1 mio car and over 440k household customers
Fortis & Tesco will create Tesco Insurance, leveraging Fortis’s
existing skills, capabilities and operations in the core areas of
underwriting, product development and claims
‒ GBP 100 mio capital investment
‒ An initial period of 5-years
‒ Management team and Board consist of Fortis and Tesco
senior executives
This partnership and the planned organic growth of Fortis UK,
will potentially position Fortis as:
‒ A top 6 General Insurer
‒ 3rd or 4th largest Personal Lines insurer
‒ 2nd largest car insurer (by volume of cars)
‒ A leading affinity insurer in the UK insuring in excess of 12
mio customers
Tesco insurance is expected to be operational by the end of
2010
* Reported sales and profit for 53 weeks ending 28 February 2009
FORTIS I 9/25/2009 I page 19
5
4
3
2
1
0
2001
2008

20. Agenda
1. Profile and track record
2. The market and the competition
3. Strategic initiatives
4. Conclusion
FORTIS I 9/25/2009 I page 20

21. Fortis UK - rising to a number of market challenges
Customer Service
Continued demand for higher standards of service and efficiency
The annual renewal cycle is a natural opportunity to switch to other insurance providers.
Pricing capabilities should lead to competitive propositions throughout their relationship,
reflecting their demands, needs and their chosen channel of purchase
In parallel, work more closely with clients and customers to deepen knowledge of the
needs and the relationship with Fortis
Efficiency
Fortis’ service up, cost down ethos will continue to deliver service above market norms
at a very competitive cost
Propositions should benefit from a service experience that adds value to the customer’
relationship and that creates more margin
Progressively establish strategic partnerships to provide cost and service leverage
across our operations
Our focus on efficiency and effectiveness will continue to avoid significant cost
reductions our competitors find necessary
People
Continued investment in employees to support ongoing growth including working with
industry and educational bodies, nationally and locally
Focus on developing our Fortis family, in order to identify how we can further improve
our role as an employer & develop them as employees
Ambition is to be recognised as a quality employer within the UK
FORTIS I 9/25/2009 I page 21

22. Key messages
• Large market with potential for growth of market share
• Successful development & implementation of a multichannel distribution model
• Proven track record of consistent profitable
underwriting results
• Recognised low cost market leader with award
winning high quality service
• Strategy of a broader range of products via multichannel distribution should result in delivering excess
CAGR compared to market norms
• Growth will be delivered profitably, with a continued
focus of managing underwriting excellence and
margins to deliver market competitive CORs
FORTIS I 9/25/2009