Ageas - First Half Year 2016 Results

Periodical Financial Information
6M 2016RESULTS

Table of contents Slides used during analyst call 3
Insurance Activities 17
Investment portfolio 44
General Account 49
Equity / Solvency 53
Settlement 60
General Information 65

1. Insurance net result of EUR 608 mio
the best first half Insurance result so far
2. Ageas’s Insurance Solvency II is strong at 183%
stable on FY ‘15
3. Legal settlement, sale Hong Kong & acquisition Ageas Seguros
significant strategic impact on the group
4. New share buyback program of EUR 250 mio
6th consecutive
strict respect of capital management policy

Main messages
Ageas reports the best first half Insurance result so far
4Periodic financial Information I 6M 16 results I 10 August 2016
*Consolidated entities only
Insurance
performance
Group result
Balance sheet
Fortis settlement
 Insurance net profit of EUR 608 mio (+21%) – Q2 at EUR 407 mio
 Inflow @ 100% of EUR 18.3 bn (+10%) – Q2 at EUR 7.2 bn
 Life Guaranteed margin at 108 bps (vs.90 bps) – Q2 at 110 bps
 Group combined ratio at 99.0%* (vs.95.4%) – Q2 at EUR 100.0%
 Life Technical Liabilities at EUR 74.5 bn* (+1% vs. YE 2015)
 Group net loss of EUR 67 mio – Q2 profit of EUR 566 mio
 General Account net loss of EUR 675 mio as result of provision for
Fortis settlement – Q2 profit of EUR 159 mio
 Shareholders’ equity at EUR 10.3 bn or EUR 49.59 per share
 UG/L at EUR 2.9 bn or EUR 14.12 per share
 Insurance Solvency IIageas at 183%, Group ratio at 209%
 Total Liquid Assets General Account at EUR 2.1 bn (vs.EUR 1.6 bn)
 Pre-hearing Amsterdam Court 25 August 2016
 We hope to obtain binding declaration by mid 2017

Belgium
243 Belgium
168
Belgium
294
Belgium
288
UK 23
UK 82
UK 64
UK 50
CEU 7
CEU 36
CEU
150
CEU 53
CEU 19
Asia 12
Asia 52
Asia
135
Asia 43
Asia
88
42
413
517
440
395
2012 2013 2014 2015 6M 2016
5
Disciplined cash upstream from operating companies
Consistent upstream level of EUR 400 to 450 mio per annum since Vision 2015
 Biggest part of upstream done in Q2
 Belgium main contributor of cash
 Upstream covering dividend & holding costs on FY basis
 Extra upstream linked to capital optimization of ≈ EUR 550
mio over Vision 2015 period
In EUR mio
Upstream
6M 2016
Italy 10
9
Malaysia
17
Thailand
11
China
60
Upstream during
based on net result of the year before
Periodic financial Information I 6M 16 results I 10 August 2016
Luxembourg

6
H1 marked by legal settlement, sale HK & acquisition Ageas Seguros
Progress in solving legal legacies & building business portfolio
 Extra support for agreement from Mr. Arnauts & Mr. Lenssens
 Pre-hearing scheduled 25/08/2016
 P&L impact of EUR 889 mio in Q1
 First tranche of EUR 247 mio in Q2 paid to Stichting
 EUR 290 mio paid by D&O insurers directly to Stichting
 Cap gain Asia Life of EUR 200 mio / General Account of EUR 204 mio
 Cash position General Account: +EUR 1.2 bn
 Positioning Ageas #2 in inflows in Portugal
 Non-Life: #3 – 14% market share
 Life: #3 – 19% market share
 Consolidation of activities as from Q2 2016
 Inflows Life EUR 26 mio / Non-Life EUR 61 mio
 Net result 6M ‘16 break even
 EUR 149 mio goodwill booked
Hong Kong
sale completed
12/05/16
Portugal
acquisition closed
01/04/16
Legal settlement
filing done 23/05/16

 Running from 15/08/16 until 04/08/17
 Independent broker
 Open market purchases on NYSE Euronext Brussels
 Shares to be held as treasury shares until decision Shareholders’ Meeting
 No impact on solvency position of Insurance activities
Ageas announces 6th consecutive share buy-back
Bringing amount returned through SBB to EUR 1.4 bn
06/08/12
Ageas announces EUR 200 mio SBB
24/08/11
06/08/14
7
10/08/16
Ageas announces
EUR 250 mio
SBB
Over 5 programmes
50,518,804 shares bought back
of which
45,767,670 shares cancelled
- around 19% of outstanding
05/08/16
Ageas completes 2015
EUR 250 mio SBB
- 6,977,544 shares
02/08/13
05/08/15

200
382
305
122
104504
608
6M 15 6M 16
cap gain AICA Life Non-Life
In EUR mio In EUR bn
Non-Life combined ratio up on
terrorism (1.9 pp) & weather (3.6 pp)
Inflows*: strong Life growth in Asia
& Belgium
In EUR bn
Total Insurance: Headlines
Best first half year net insurance result so far
Life Technical liabilities up – impact
sale Hong Kong EUR 3.2 bn
Operating margin Guaranteed up on
cap gains on Real Estate in BE
Operating margin Unit-Linked down in
BE
In bps avg technical liabilities In bps avg technical liabilities
* incl. non-consolidated partnerships @ 100%
In % NEP
200235
16172
46
306
407
Q2 15 Q2 16
95.4 99.0
6M 15 6M 16
94.1
100.1
Q2 15 Q2 16
90
108
6M 15 6M 16
89
110
Q2 15 Q2 16
41
28
6M 15 6M 16
42
28
Q2 15 Q2 16
13.3 15.0
3.3
3.3
16.6
18.3
6M 15 6M 16
Life Non-Life
5.1 5.6
1.6
1.6
6.6
7.2
Q2 15 Q2 16
74.1 75.9 74.6
61.1
62.6 64.9
135.2 138.4 139.5
FY 15 3M 16 6M 16
conso non-conso
Net result: good operations & cap gains
offset terrorism & weather (EUR 60 mio)

In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
In EUR mio In EUR bn In EUR bn
141
170
55
36
197 206
6M 15 6M 16
Life Non-Life
70 88
32 18
102 106
Q2 15 Q2 16
1.8
2.3
1.0
1.0
2.9
3.3
6M 15 6M 16
Life Non-Life
0.9 1.0
0.4 0.4
1.3 1.4
Q2 15 Q2 16
56.3 58.2 59.2
FY 15 3M 16 6M 16
81
104
6M 15 6M 16
94.6 100.9
6M 15 6M 16
93.5
102.0
Q2 15 Q2 16
37
23
Q2 15 Q2 16
43
23
6M 15 6M 16
81
111
Q2 15 Q2 16
Belgium : Headlines
Solid performance, despite terrorism & weather events
Net result strong - higher cap gains
Inflows: strong increase driven by
Life short term investment products
Life Technical liabilities up 5%
vs. FY 15
Non-Life combined ratio at 96.7%
when excluding terrorism events
higher capital gains on real estate
Operating margin Unit-Linked lower
on risk & expense result

98.6 100.1
6M 15 6M 16
In EUR mio
In % of NEPIn EUR bn
40 35
6M 15 6M 16
24
10
Q2 15 Q2 16
97.6 101.3
Q2 15 Q2 16
1.2 1.2
6M 15 6M 16
0.6 0.6
Q2 15 Q2 16
United Kingdom: Headlines
Second quarter result impacted by June floods & storms
Net result impacted by weather
(EUR 13 mio) & adverse FX
Inflows* up 5% at constant FX –
mainly Motor
when excluding June adverse weather

Net result down on equity markets &
tax credit France last year
Non-Life combined ratio excellent but
slightly up on inclusion Ageas Seguros
Inflows* up 4% - Luxembourg &
acquisition Ageas Seguros
In EUR bn
Continental Europe: Headlines
Results influenced by downward movement equity markets
Operating margin Guaranteed fairly
stable
Life Technical liabilities increased
thanks to inclusion of Ageas Seguros
Operating margin Unit-Linked improved
thanks to higher sales & fees
In % NEP
34
16
22
19
55
36
6M 15 6M 16
Life Non-Life
13
9
14
12
27
21
Q2 15 Q2 16
2.2 2.2
0.6 0.6
2.7 2.8
6M 15 6M 16
Life Non-Life
1.0 1.2
0.3
0.31.3
1.5
Q2 15 Q2 16
14.6 14.5 15.4
18.8 18.7 19.2
33.4 33.2 34.6
FY 15 3M 16 6M 16
conso non-conso
85.8 90.5
6M 15 6M 16
83.6
92.6
Q2 15 Q2 16
105 103
6M 15 6M 16
103 96
Q2 15 Q2 16
7 8
6M 15 6M 16
11
17
Q2 15 Q2 16

Net result incl. cap gain Hong Kong vs.
EUR 100 mio exceptional in 6M ‘15
Non-Life combined ratio:
improvement on lower expenses
Inflows* up 18% at constant FX -
strongest growth in China & Thailand
Life Technical liabilities up 8% in
non-conso’s – exclusion Hong Kong
In EUR bn
Asia: Headlines
Strong result driven by China & Thailand – supported by cap gain from divestment Hong Kong
In EUR mio
Result non-conso’s: strong in China (LY
exceptional), Thailand & NL Malaysia
In % NEP
200
207
118
5
11
212
329
6M 15 6M 16
9.3 10.5
0.5
0.59.8
11.0
6M 15 6M 16
Life Non-Life
3.2 3.5
0.2
0.2
3.4
3.7
Q2 15 Q2 16
200
152
64
1
4
154
268
Q2 15 Q2 16
3.2 3.2
42.3 43.9
45.7
45.5 47.0 45.7
FY 15 3M 16 6M 16
conso non-conso
187
118
5
11
192
129
6M 15 6M 16
Life Non-Life
98.7
91.6
Q2 15 Q2 16
95.4
89.3
6M 15 6M 16
143
69
1
4
144
74
Q2 15 Q2 16

Result Q2 driven by cap gain HK
(EUR 204 mio)
In EUR mio
Accounting value of remaining
legacies
General Account: Headlines
Impacted by cap gain on sale of Hong Kong, Fortis settlement & revaluation RPN(i) liability
13
Total liquid assets up on sale HK – EUR
0.8 bn ring-fenced for settlement
In EUR mio
RPN(i) impact on P&L from
revaluation & CASHES agreement
Staff & Operating expenses up on
costs legal settlement
In EUR mio In EUR mio
In EUR mio
In EUR mio
Accounting value put option on AG
Insurance
(35)
(675)
6M 15 6M 16
(78)
159
Q2 15 Q2 16
1.3
0.9
1.8
0.3
0.3
0.3
1.6
1.2
2.1
FY 15 3M 16 6M 16
net cash liquid assets
(402) (328) (291)
41 54 37
(133)
(1,021) (1,019)
FY 15 3M 16 6M 16
RPN(i) RPI Settlement
(1,064) (1,107) (1,041)
FY 15 3M 16 6M 16
9 12
25
40
34
53
6M 15 6M 16
Staff & Intercompany Operating
5 8
13
19
18
28
Q2 15 Q2 16
(24)
67
6M 15 6M 16
(60)
(6)
Q2 15 Q2 16

Shareholders’ equity at EUR 10.3 bn - UG/L of EUR 14.12/share
Down on legal settlement, dividend, SBB & Forex evolution
In EUR mio
7,095
6,395
2,952
2,987
1,330
954
608
(675) (13) (329) (142) (40) (379) (51) (19)
EUR 53.59 EUR 49.59
11,376
10,337
FY 15 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
Reval AG
put option
Forex IAS 19 Other 6M 16
Insurance
UCG/L Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
FY 15 6M 16 FY 15 6M 16
Belgium 4,932 ► 4,757 Asia 3,009 ► 2,142
UK 1,129 ► 1,079 Reinsurance 104
Continental Europe 977 ► 1,301 Insurance 10,047 ► 9,382
General Account 1,330 ► 954

Insurance Solvency IIageas stable on FY 2015
Impact spread movement & lower equity exposure more than compensate decreasing i-rates
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations
15
 Expected dividend deducted
 Group ratio: impact settlement absorbed by proceeds Hong Kong
2.9 2.9
0.8 0.7 0.7 0.9
0.3 0.0 (0.3) (0.4)
4.4 4.1
0.0 0.1
4.4 4.2
0.7
1.6
6.9 7.0
1.1 1.0 0.9 1.0
0.6
0.1 (1.5)(1.6)
8.0
7.6
1.4
1.1
9.4
8.7
1.8
4.1
FY 15 6M 16 FY 15 6M 16 FY 15 6M 16 FY 15 6M 16 FY 15 6M 16 FY 15 6M 16 FY 15 6M 16 FY 15 6M 16 FY 15 6M 16 FY 15 6M 16
242% 246% 130% 134% 131% 114% 179% - - 247% 182% 183% 212% 209% 253% 261%
Belgium UK CEU Asia Reins. Diversification Insurance GA Group
Non-transferable

Kindly invited to the 2016 Ageas Investor Dinner
Monday 26 September
London - Andaz

Periodic financial Information I 6M 16 results I 10 August 2016 18
Key financials
In EUR mio 6M 15 6M 16 Q2 15 Q2 16
Gross inflows 16,618 18,342 10% 6,625 7,231 9%
Net result Insurance 504 608 21% 306 407 33%
By segment: - Belgium 197 206 5% 102 106 5%
- UK 40 35 (13%) 24 10 (58%)
- Continental Europe 55 36 (36%) 27 21 (22%)
- Asia 212 329 55% 154 268 75%
- Reinsurance 0 2 0 1
By type: - Life 382 504 32% 235 361 54%
- Non-Life 122 104 (15%) 72 46 (36%)
Net result General Account (35) (675) (78) 159 (303%)
Net result Ageas 469 (67) 228 566 149%
Earnings per share (in EUR) 2.16 (0.32)
Life Operating Margin Guaranteed (in bps) 90 108 89 110
Life Operating Margin Unit-Linked (in bps) 41 28 42 28
Combined ratio (in %) 95 99 94 100
FY 15 6M 16
Shareholders' equity 11,376 10,337 (9%)
Net equity per share (in EUR) 53.59 49.59
Insurance ROE excl.UG/L 11.0% 18.0%
Insurance Solvency IIageas ratio 182% 183%
* 6M 16 results extrapolated over FY 16
*

200
382
305
122
104504
608
6M 15 6M 16
Non-Life combined ratio up on
terrorism (1.9 pp) & weather (3.6 pp)
Inflows*: strong Life growth in Asia
& Belgium
In EUR bn
Total Insurance: Headlines
Best first half year net insurance result so far
cap gains on Real Estate in BE
Operating margin Unit-Linked down in
BE
In % NEP
200235
16172
46
306
407
Q2 15 Q2 16
95.4 99.0
6M 15 6M 16
94.1
100.0
Q2 15 Q2 16
90
108
6M 15 6M 16
89
110
Q2 15 Q2 16
41
28
6M 15 6M 16
42
28
Q2 15 Q2 16
13.3 15.0
3.3
3.3
16.6
18.3
6M 15 6M 16
Life Non-Life
5.1 5.6
1.6
1.6
6.6
7.2
Q2 15 Q2 16
74.1 75.9 74.6
61.1
62.6 64.9
135.2 138.4 139.5
FY 15 3M 16 6M 16
conso non-conso
Net result: good operations & cap gains
Life Technical liabilities up – impact
sale Hong Kong EUR 3.2 bn

Inflows @ 100%
Growth driven by Life Belgium, China & Thailand
EUR mio 6M 15 6M 16 6M 15 6M 16 6M 15 6M 16
Belgium 75% 1,844 2,274 23% 1,017 1,015 (0%) 2,862 3,289 15%
United Kingdom - 1,203 1,184 (2%) 1,203 1,184 (2%)
Consolidated entities 100% - 931 928 (0%) 931 928 (0%)
Non-consolidated JV's 273 256 (6%) 273 256 (6%)0 0
Continental Europe 2,154 2,207 2% 567 632 12% 2,721 2,839 4%
Consolidated entities 1,073 930 (13%) 257 334 30% 1,330 1,264 (5%)
Portugal 51% - 100% 780 669 (14%) 150 225 50% 930 894 (4%)
France 100% 292 261 (11%) 292 261 (11%)
Italy 50% 108 109 1% 108 109 1%
Non-consolidated JV's 1,081 1,277 18% 309 298 (4%) 1,391 1,575 13%
Turkey (Aksigorta) 36% 309 298 (4%) 309 298 (4%)
Luxembourg (Cardif Lux Vie) 33% 1,081 1,277 18% 1,081 1,277 18%
Asia 9,328 10,542 13% 504 488 (3%) 9,832 11,030 12%
Consolidated entities 100% 269 183 (32%) 269 183 (32%)
Non-consolidated JV's 9,058 10,358 14% 504 488 (3%) 9,563 10,846 13%
Malaysia 31% 302 289 (4%) 356 329 (8%) 659 618 (6%)
Thailand 31%-15% 1,254 1,309 4% 148 159 7% 1,401 1,468 5%
China 25% 7,404 8,669 17% 7,404 8,669 17%
Philippines 50% 0 1 0 1
Vietnam 32% 0 0 0 0
India 26% 99 91 (8%) 99 91 (8%)
Insurance Ageas 13,326 15,023 13% 3,292 3,319 1% 16,618 18,342 10%#DIV/0! ###### ######
Consolidated entities 3,186 3,388 6% 2,205 2,277 3% 5,392 5,665 5%
Non-consolidated JV's 10,140 11,635 15% 1,086 1,042 (4%) 11,226 12,678 13%
Reinsurance 0 21 0 21
Life Non-Life Total

Inflows @ Ageas’s part
Strong growth in Asian JV’s & Guaranteed Life in Belgium
In EUR mio
1,383 1,706
1,051 1,015
2,619 2,859
5,053
5,580
0
763
761
1,067 1,057
315 326
132
126
2,277
2,269
15%
(1%)
(2%)
8%
7%
2,146
2,467
1,365 1,341
2,751
2,985
7,331
7,849
0 21
6M 15 6M 16 6M 15 6M 16 6M 15 6M 16 6M 15 6M 16 6M 15 6M 16 6M 15 6M 16
 Up 12% @ constant FX
 BE: sales Savings products up
 CEU: Ageas Seguros contributing
EUR 26 mio in Life / EUR 61 mio in Non-Life
Non-Life
Life
Belgium UK CEU Asia Insurance Reins.

Insurance net result
Strong operational performance & capital gains offset by terrorism & adverse weather
141
170
34 16
207
318
382
504
55
36
40 35
22
19
5
11
122
104
197 206
40 35
55
36
212
329
0 2
504
608
6M 15 6M 16 6M 15 6M 16 6M 15 6M 16 6M 15 6M 16 6M 15 6M 16 6M 15 6M 16
 BE: EUR 47 mio higher realised net cap gains, mainly real estate – EUR 47 mio impact from
terrorism & weather
 UK: EUR 13 mio impact adverse weather
 CEU: downward equity movement & tax credit in 6M 16
 Asia: EUR 200 mio cap gains HK vs. EUR 100 mio exceptional investment result in 2015
Non-Life
Life
Belgium UK CEU Asia Reins. Insurance
In EUR mio

10/03/2010 I page 23
Overview of net realised capital gains* on investments
Lower impact of net capital gains on the investment portfolio
* Net capital gains include capital gains, impairment & related changes in profit sharing, net of tax & @ ageas’s part –
CEU JV’s not included
EUR mio 6M 15 6M 16 Q2 15 Q2 16
Life 37 77 21 35 Cap gain on real estate
Non-Life 5 12 5 4 transactions both in Q1 & Q2
Total Belgium 42 89 25 39
Non-Life 7 9 1 1
Total UK 7 9 1 1
Life 5 (6) 2 (5)
Non-Life 1 0 0 0 Downward equity movements
Total CEU 5 (6) 3 (5)
Life 102 2 97 (6) EUR 100 mio exceptional
Non-Life 0 2 0 0 investment result in 2015
Total Asia 102 4 97 (6)
Life 144 72 120 24
Non-Life 13 23 6 5
Total Ageas 156 95 127 29

Insurance Combined ratio
Strong combined ratio when excluding terrorism impact & adverse weather
Combined ratio
 Benefiting from higher PY reserve releases
Brussels terrorism events impacting for 1.9 pp -
mainly in Other lines and Accident & Health
 Weather events in Belgium & UK increasing COR
with 3.6 pp
 Motor : significant improvement in UK
Claims ratio
 CY claims ratio at 73.0% (vs. 67.0%)
 PY claims ratio significantly higher than usual -
coming from positive evolution in UK & mainly BE -
following higher prudency in claims reserving
Expense ratio
 Lower UK commissions
Net earned premium (In EUR mio)
2,858 3,507 4,178 3,749 3,843 4,038 1,982 2,045 998 1,058
73.2 69.0 68.1 64.3 64.4 62.2 60.2 64.6
59.2
65.9
32.8
31.1 31.0 34.0 35.2 34.7 35.2
34.4
34.9
34.1
106.0
100.1 99.1 98.3 99.6 96.9 95.4
99.0
94.1
100.0
(3.7) (3.5) (3.1) (3.8) (4.0) (5.9) (6.8) (8.4)
(5.5) (7.0)
2010 2011 2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
claims ratio expense ratio PY claims ratio
In % Net earned premium

74.3 71.9 70.5 70.0 67.3 65.4 66.6 73.2
24.8 25.0 25.5 25.6 27.0 28.3 27.4
28.2
99.1 96.9 96.0 95.6 94.3 93.7 94.0
101.4
2010 2011 2012 2013 2014 2015 6M 15 6M 16
78.4 72.0 73.6 69.8 69.6 69.1 68.8 67.1
29.0
25.3 25.4 29.3 29.7 30.5 31.5 29.9
107.4
97.3 99.0 99.1 99.3 99.6 100.3 97.0
2010 2011 2012 2013 2014 2015 6M 15 6M 16
75.0
61.9 55.6 51.5 51.5 50.4 46.2
56.2
43.2
41.5
41.6 44.0 44.6 41.6 42.1
43.1
118.2
103.4
97.2 95.5 96.1 92.0 88.3
99.3
2010 2011 2012 2013 2014 2015 6M 15 6M 16
42.9
67.2 66.5 62.4 71.2
57.9 48.9 58.2
41.2
44.8 44.9 45.5
50.6
46.4
47.3
43.5
84.1
112.0 111.4 107.9
121.8
104.3
96.2
101.7
2010 2011 2012 2013 2014 2015 6M 15 6M 16
Insurance Combined ratio per product line
Strong improvement in Motor
Motor: significant improvement in UKAccident & Health: 4.3 pp terrorism (Worker’s Comp.)
Other: deteriorating accross all segments – 7.3 pp terrorismHousehold: 7.4 pp impact weather events in BE & UK
NEP 714 736 763 813 813 811 400 411 NEP 1,134 1,571 2,058 1,557 1,616 1,724 842 893
NEP 750 892 1,007 986 1,029 1,078 534 534 NEP 261 308 349 394 385 424 207 208

In bps Avg techn. liabilities
Insurance Life operating margin per product line
Margins in Guaranteed above target range driven by timing differences realised cap gains
Guaranteed: driven by investment margin Unit-linked: decrease driven by Belgium
 Underwriting margin significantly down in Belgium
 Expense & other margin improving thank to higher inflows &
fees in Portugal
 Investment margin : timing difference in realisation cap
gains on Real Estate in Belgium
 Sum of underwriting and expense & other margin stable
44 43 38 33 32
41
28
43
87 83 90
80 83
101
85
105
(33) (31)
(39)
(23) (25)
(34)
(25)
(38)
99 96
89
90 90
108
89
110
2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
11 13 12
17
21
6
23
0
1
(2)
2
1 2
3
2
0
37
18
6
18
18
19
17
28
48
28
20
36
41
28
42
28
2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
Operating margin
Expense & other m.
Investment m.
Underwriting m.
Avg techn liabilities (In EUR bn)
11.8 12.3 12.6 13.0 13.1 11.9 13.1 11.9
54.0 55.5 56.9 57.9 57.8 57.1 57.8 57.1

In bps avg technical liabilities In bps avg technical liabilitiesIn % NEP
In EUR mio In EUR bn In EUR bn
141
170
55
36
197 206
6M 15 6M 16
Life Non-Life
70 88
32 18
102 106
Q2 15 Q2 16
1.8
2.3
1.0
1.0
2.9
3.3
6M 15 6M 16
Life Non-Life
0.9 1.0
0.4 0.4
1.3 1.4
Q2 15 Q2 16
56.3 58.2 59.2
FY 15 3M 16 6M 16
81
104
6M 15 6M 16
94.6 100.9
6M 15 6M 16
93.5
102.0
Q2 15 Q2 16
37
23
Q2 15 Q2 16
43
23
6M 15 6M 16
81
111
Q2 15 Q2 16
Belgium : Headlines
Solid performance, despite terrorism & weather events
Net result strong - higher cap gains
Inflows: strong increase driven by
Life short term investment products
Life Technical liabilities up 5%
vs. FY 15
when excluding terrorism events
higher capital gains on real estate
Operating margin Unit-Linked lower
on risk & expense result

272 267
310 309
331 335
104 105
1,017 1,015
6M 15 6M 16
1,614
2,052
231
223
+23%
1,844
2,274
6M 15 6M 16
Life
In EUR mio
Non-Life
In EUR mio
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Belgium: Inflows@ 100%
Guaranteed Individual Life: Strong growth driven by Life investment products
Guaranteed
 Strong growth (+27%) attributable to short term investment products
thanks to attractive guarantee comparison with alternative savings
products available in the market & despite the lowered guaranteed rate
as from 1 April 2016 (0.75%)
 Group Life Inflows 3% below last year
Unit-linked
 Slight decrease in Individual Unit-linked (-4%) due to volatile financial
markets
Technical liabilities
 Up 5% vs. FY 15 to EUR 59.2 bn mainly as a consequence of lower
interest rates
 Up 1.2% when excluding shadow accounting
Household, Motor, Other stable
Accident & Health
 Pruning actions in Workers’ Compensation drive inflows slightly lower
stable

Net earned premium (in EUR mio)
68.7 64.3 62.7 63.2 63.5
56.9 56.8
62.7
55.8
63.9
36.4
36.8 36.8 36.7 37.7
37.8 37.8
38.2
37.7
38.1
105.1
101.1 99.5 99.9 101.2
94.7 94.6
100.9
93.5
102.0
(6.6) (7.3) (4.5) (3.6) (3.4)
(7.2)
(10.1)
(12.7)
(7.0) (9.2)
2010 2011 2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
1,541 1,601 1,698 1,785 1,815 1,832 911 910 457 458
Belgium: Combined ratio
Strong impact of the Brussels terrorism & adverse weather events
Combined ratio
 Strongly impacted by
 terrorism events of 22 March 2016 (4.2 pp)
 adverse weather events (6.2 pp)
 partly offset by strong prior year result in all
product lines
Claims ratio
 CY ratio (75.4%% vs. 66.9%) - excluding terrorism &
weather events, improvement on LY
 PY ratio: Strong positive PY in all product lines
Expense ratio stable

75.8 73.8 73.0 73.7 70.1 70.4 71.0 78.9
21.9 23.8 24.0 23.8 25.4 27.6 27.1
28.1
97.7 97.6 97.0 97.5 95.5 98.0 98.1
107.0
2010 2011 2012 2013 2014 2015 6M 15 6M 16
10.4
58.2 65.9 66.1
87.5
65.8
54.9 57.1
50.9
49.5
48.1 47.2
47.6
45.0
45.5 45.661.3
107.7
114.0 113.3
135.1
110.8
100.4 102.7
2010 2011 2012 2013 2014 2015 6M 15 6M 16
75.6
63.0
50.5 51.4 51.7 43.9 44.7
55.9
47.1
46.9
46.2 45.6 45.7
45.2 45.4
45.2
122.7
109.9
96.7 97.0 97.4
89.1 90.1
101.1
2010 2011 2012 2013 2014 2015 6M 15 6M 16
71.0
58.9 64.7 64.7 62.6 56.2 57.7 58.2
35.7
35.3
35.8 36.3 37.2
36.4 36.7 36.8
106.7
94.2
100.5
101.0
99.8
92.6 94.4 95.0
2010 2011 2012 2013 2014 2015 6M 15 6M 16
NEP 451 451 480 507 504 484 243 235 NEP 498 525 540 552 562 568 282 283
NEP 463 484 530 564 579 595 294 299 NEP 129 142 149 162 170 185 92 92
Belgium: Combined ratio per product line
Strong impact of the terrorism and adverse weather events
Accident & Health: 7.5 pp terrorism (Workers’ Comp.) Motor: remained in line with last year
Household: impact terrorism (1.5 pp) & weather (17.7 pp) Other: strongly impacted by terrorism events (16.3 pp)

32 32 30 25 25 31
20
34
93 88 95
88 86
108
89
114
(29) (31) (38)
(27) (30) (35)
(28)
(37)
96
89
87
86 81
104
81
111
2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
4 4
(2)
1 8
(7)
10
(15)
44
38
32 31
35
30
27
38
47
41
30 32
43
23
37 23
2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
Operating margin
Investment m.
Expense & other m.
Underwriting m.
Belgium Life operating margin per product line
44.9 46.4 47.5 48.1 48.0 48.5 48.0 48.5
5.2 5.4 5.7 5.9 5.9 6.0 5.9 6.0
Guaranteed: exceptional operating margin
thanks to realised capital gains
 Operating result at EUR 253 mio, up from EUR 195 mio
 Investment margin up on higher allocated capital gains in
real estate
 Sum of underwriting and expense & other margin stable
Unit-linked: lower underwriting result
 Operating result down from EUR 13 mio to EUR 7 mio due
to a significantly lower risk result, driven by higher level of
mortality reserving
 Expense & Other margin lower on expense margin

32
Margin evolution Assets & Liabilities Belgium
Yield & guaranteed rate on back book down at the same pace
Life
Back book
FY 13 FY 14 FY 15 6M 16
Guaranteed interest rate 2.80% 2.71% 2.63% 2.54%
Fixed income yield 3.97% 3.84% 3.71% 3.64%*
FY 14 FY 15 6M 16
Fixed income yield 2.89% 2.11% 1.87%
Reinvested amount (EUR bn) 4.6 4.2 1.9
New money
Life & Non-Life
* Total fixed income yield figure are as at end of May 2016
 Newly invested money mostly corporate bonds, government related loans &
infrastructure loans
 All investment grade quality
 Guaranteed yield lowered to 0.75% as from 1 April 2016
 Guaranteed yield further lowered to 0.5% as from 1 August 2016

98.6 100.1
6M 15 6M 16
In EUR mio
In % of NEPIn EUR bn
40 35
6M 15 6M 16
24
10
Q2 15 Q2 16
97.6 101.3
Q2 15 Q2 16
1.2 1.2
6M 15 6M 16
0.6 0.6
Q2 15 Q2 16
United Kingdom: Headlines
Second quarter result impacted by June floods & storms
Net result impacted by weather
(EUR 13 mio) & adverse FX
Inflows* up 5% at constant FX –
mainly Motor
when excluding June adverse weather

35 23
802 809
244 232
122 120
-2%
1,203 1,184
6M 15 6M 16
Non-Life
In EUR mio
Other
Household
Accident & Health
Motor
United Kingdom: Inflows@ 100%
Inflows down 2%, impacted by adverse FX
Non-Life
 Up 5% at constant FX, driven by volume growth in Motor
 Motor up 3% – volumes up as a result of actions taken
ahead of the market, although signs of slowing down are
starting to show in Q2
 Household down 3% - up 3% at constant FX, with growth
driven by new deals.
 Other lines down 1% - but up 5% at constant FX - growth
driven by additional volumes due to new commercial
insurance deals

Restatement for deconsolidation of Tesco Underwriting since 2013 – 6M 15 figures restated for consolidation Non-Life & Other
81.5
74.6 73.3
65.6 66.3 69.3 64.4 68.2 63.4
69.7
28.0
25.3 26.5
32.2 33.5
32.8
34.2
31.9
34.2
31.6
109.5
99.9 99.8 97.8 99.8 102.1
98.6 100.1 97.6
101.3
(1.1)
0.1
(2.1) (4.0) (4.6) (4.4)
(3.6) (5.0) (3.7) (5.8)
2010 2011 2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
948 1,524 2,083 1,562 1,613 1,751 850 829 428 416
United Kingdom: Combined ratio
Combined ratio impacted by June adverse weather
Combined ratio
 Adverse weather in June impacted COR by 2.0%
 Motor combined ratio well below 100%
 Combined ratio Tesco Underwriting 98.5% (vs.
101.2%) - favourable PY releases & improving
expense ratio
Claims ratio
 CY ratio (73.2% vs. 68.0%) reflecting the June
storms & floods
 PY ratio: higher releases - Motor more than
compensating for lower releases in Other lines
Expense ratio
 Expense ratio lower driven by favourable
commissions.

97.9
87.7
78.1 76.2
66.0
55.8 59.3 60.6
24.0
23.2
28.2 34.3
38.7
43.3 44.5 45.7
121.9
110.9 106.3 110.5
104.7
99.1 103.8 106.3
2010 2011 2012 2013 2014 2015 6M 15 6M 16
82.9 79.2 77.2 71.9 74.6 75.8 74.6 72.0
23.3 19.5 21.3
25.0 25.1 27.2 28.6 25.9
106.2
98.7 98.5 96.9 99.7 103.0 103.2
97.9
2010 2011 2012 2013 2014 2015 6M 15 6M 16
77.4
61.4 62.3
51.4 51.0
62.2
48.0
60.2
38.2
35.3 36.7
42.4 43.3
37.3
39.0
41.5
115.6
96.7 99.0 93.8 94.3 99.5
87.0
101.7
2010 2011 2012 2013 2014 2015 6M 15 6M 16
75.1 71.6 67.7 59.8 56.0 55.3 47.1
64.6
30.4 39.3 42.1
44.4 54.3 48.6
50.8
43.1
105.5 110.9 109.8 104.2
110.3
103.9
97.9
107.7
2010 2011 2012 2013 2014 2015 6M 15 6M 16
NEP 58 65 57 79 71 72 31 22 NEP 532 949 1,420 907 958 1,062 513 526
NEP 248 366 434 374 399 413 207 186 NEP 110 143 173 202 185 204 99 96
Restatement for deconsolidation of Tesco Underwriting since 2013 – 6M 15 figures restated for consolidation Non-Life & Other
United Kingdom: Combined ratio per product line
Loss ratio deteriorated in all product lines except Motor
Accident & Health lower volumes & lower PY releases Motor: Strong PY & improving expense ratio
Household: impact of adverse weather (8.9 pp) Other: adverse special risks & PY – lower expenses

Net result down on equity markets &
tax credit France last year
Non-Life combined ratio excellent but
slightly up on inclusion Ageas Seguros
Inflows* up 4% - Luxembourg &
acquisition Ageas Seguros
In EUR bn
Continental Europe: Headlines
Results influenced by downward movement equity markets
Operating margin Guaranteed fairly
stable
Life Technical liabilities increased
thanks to inclusion of Ageas Seguros
Operating margin Unit-Linked improved
thanks to higher sales & fees
In % NEP
34
16
22
19
55
36
6M 15 6M 16
Life Non-Life
13
9
14
12
27
21
Q2 15 Q2 16
2.2 2.2
0.6 0.6
2.7 2.8
6M 15 6M 16
Life Non-Life
1.0 1.2
0.3
0.31.3
1.5
Q2 15 Q2 16
14.6 14.5 15.4
18.8 18.7 19.2
33.4 33.2 34.6
FY 15 3M 16 6M 16
conso non-conso
85.8 90.5
6M 15 6M 16
83.6
92.6
Q2 15 Q2 16
105 103
6M 15 6M 16
103 96
Q2 15 Q2 16
7 8
6M 15 6M 16
11
17
Q2 15 Q2 16

1,172 1,145
982 1,062
+2%
2,154 2,207
6M 15 6M 16
183 208
148
210
121
142114
73
+12%
566
632
6M 15 6M 16
Life
In EUR mio
Non-Life
In EUR mio
Continental Europe: Inflows @ 100%
Higher sales in Non-Life & stable in Life
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
Life
 Inflows including non-controlling interests @ 100%, up 2% with strong
sales in Luxembourg & inclusion of Ageas Seguros
 Consolidated down 13%
 Portugal: down 14% reflecting voluntary lower sales in guaranteed
business in a continued low interest rate environment, partially
offset by a boost in Unit-Linked (+63%) & Ageas Seguros (EUR 26
mio)
 France: down 11% as last year’s level of single premium was
exceptionally high
 Luxembourg: up 18% benefiting from High-Net-Worth customers
 Consolidated at EUR 15.4 bn mainly related to inclusion of Ageas
Seguros
 Non-consolidated JVs @ 100%: at EUR 19.2bn
Non-Life
 Inflows consolidated entities up 30% driven by an excellent
performance in Portugal strongly outperforming the market (+4.6%) &
inclusion of Ageas Seguros (EUR 61 mio)
 Turkey down 4% - up 10% @ constant FX - Sales focused on
profitable growth & short term products

Continental Europe: Combined ratio
Excellent combined ratio well below group target
* Scope: only consolidated companies
Combined ratio
 Combined ratio improving both in Italy & existing
business in Portugal
 Slightly deteriorating due to inclusion Ageas
Seguros because of different business mix –
already showing encouraging improvement since
the start of the year
 Combined ratio Turkey at 98.8% (vs. 104.7%)
Results improved in nearly all product lines
Claims ratio
 CY ratio at 61.1% (vs 58.4%) increase related to
commercial lines of Ageas Seguros
 PY ratio slightly down
Expense ratio
 Expense ratio increase in Italy & inclusion of
Ageas Seguros
71.0 66.4 63.6 63.7 61.3
55.9 58.4 61.0 56.8
62.4
30.3
30.3
29.8 30.0 30.8
29.5 27.4
29.5
26.8
30.2
101.3
96.7
93.4 93.7 92.1
85.4 85.8
90.5
83.6
92.6
1.9 (2.0) (2.5) (4.0) (4.3) (6.5) (5.3) (4.7) (5.8) (4.5)
2010 2011 2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
369 382 397 403 415 454 221 297 113 179

64.2 63.5 63.3 59.7 61.9 58.8 60.1 66.5
31.6 27.8 28.2 26.6 26.7 25.2 23.7
25.8
95.8 91.3 91.5
86.3 88.6
84.0 83.8
92.3
2010 2011 2012 2013 2014 2015 6M 15 6M 16
90.5
71.8 69.8
79.3
60.1
71.5 71.9 66.2
27.0
29.2 28.1
29.2
31.6
32.3 32.2
31.9
117.5
101.0 97.9
108.5
91.7
103.8 104.1
98.1
2010 2011 2012 2013 2014 2015 6M 15 6M 16
53.5 53.7 51.8 53.5 54.0
36.1
48.4 44.3
27.7 34.2 33.5 38.8 40.3
35.9
31.2 35.2
81.2
87.9 85.3
92.3 94.3
72.0
79.6 79.5
2010 2011 2012 2013 2014 2015 6M 15 6M 16
73.3
94.5
62.8 59.6
72.3
31.7 26.6 32.6
39.0
50.0
43.3 43.7
45.1
40.8 35.0
35.8
112.3
144.5
106.1 103.3
117.4
72.5
61.6
68.4
2010 2011 2012 2013 2014 2015 6M 15 6M 16
Continental Europe: Combined ratio per product line
Continued good claims experience in all product lines
Motor: driven by positive run-off in ItalyAccident & Health: increase related to Workers’ Comp
Household: very strong ratio despite a large fire claim &
bad weather in Portugal (Q1)
Other: very good claims & expense ratio
NEP 205 220 226 227 238 255 126 154 NEP 104 97 99 99 96 94 47 82
NEP 39 42 44 48 51 70 32 42 NEP 21 23 28 29 30 35 16 20

Continental Europe Life operating margin per product line
Stable in both Guaranteed & Unit-Linked
Guaranteed: lower investment margin partly offset by
improved expense margin
Unit-linked: improved expense margin
 Expense & other margin improving thanks to higher inflows
& fees in Portugal
 Investment margin down on investment income in Portugal
 Underwriting margin stable
 Expenses & other margin improving due to higher technical
liabilities
118 106 95 100 97 97 95 98
69
68 77 59
83 71 89
60
(85) (83)
(102)
(71) (75) (65)
(81)
(62)
102
91 70
88
105
103
103
96
2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
1 (5)
0 1 2 1 2
(1)
2 1 1 2 2 2
3
3
41
51
9 4 3 5 6
15
44
47
10
7 7 8
11
17
2012 2013 2014 2015 6M 15 6M 16 Q2 15 Q2 16
Operating margin
Expense & other m.
Underwriting m.
Investment m.
7.8 7.6 7.7 8.0 8.0 8.6 8.0 8.6
6.1 6.3 6.2 6.1 6.2 5.9 6.2 5.9

Net result incl. cap gain Hong Kong vs.
EUR 100 mio exceptional in 6M ‘15
Non-Life combined ratio:
improvement on lower expenses
Inflows* up 18% at constant FX -
strongest growth in China & Thailand
Life Technical liabilities up 8% in
non-conso’s – exclusion Hong Kong
In EUR bn
Asia: Headlines
Strong result driven by China & Thailand – supported by cap gain from divestment Hong Kong
In EUR mio
Result non-conso’s: strong in China (LY
exceptional), Thailand & NL Malaysia
In % NEP
200
207
118
5
11
212
329
6M 15 6M 16
9.3 10.5
0.5
0.59.8
11.0
6M 15 6M 16
Life Non-Life
3.2 3.5
0.2
0.2
3.4
3.7
Q2 15 Q2 16
200
152
64
1
4
154
268
Q2 15 Q2 16
3.2 3.2
42.3 43.9
45.7
45.5 47.0 45.7
FY 15 3M 16 6M 16
conso non-conso
187
118
5
11
192
129
6M 15 6M 16
Life Non-Life
98.7
91.6
Q2 15 Q2 16
95.4
89.3
6M 15 6M 16
143
69
1
4
144
74
Q2 15 Q2 16

Life
Non-Life
Asia: Inflow @ 100%
Strong growth in new business & renewals especially in China & Thailand
Life
 New business premiums up 14% with EUR 3.0 bn single premium
(-3%) & EUR 2.7 bn regular premium (+42%)
 Renewal premiums increased to EUR 4.8 bn (+11%) benefiting from
prior year strong sales & continued good persistency
 China +17% - new business premium up 21% with successful sales
campaigns & increased number of agents (230.000)
 Malaysia -4%- up 8% at constant FX with strong sales in Banca regular
premium
 Thailand +4% - good persistency resulted in higher renewal
 India -8% - only 2% down at constant FX- good performance in Banca
regular premium
 Hong Kong inflow until May 12th (closing of sale) amounted to
EUR 183 mio
 @ 100%: EUR 45.7 bn, up 8% vs FY 15
Non-Life
 Malaysia - 8% - up 4% at constant FX mainly in Household & Personal
Accident
 Thailand +7% - up 16% at constant FX mainly driven by Motor &
Personal Accident
9,150
10,443
177
99
+13%
9,327
10,542
6M 15 6M 16
214 206
61 58
47 54
183 170
-3%
504 488
6M 15 6M 16
Unit-Linked
Guaranteed
Other
Household
Accident & Health
Motor
In EUR mio
In EUR mio

In EUR bn
* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs
Asset mix
 Changed scope with divestment Hong Kong (-EUR 2.4 bn)
& acquisition Ageas Seguros (+EUR 1.4 bn)
 Combined negative impact of scope change more than
compensated by increased market value bonds because
of lower interest rates
Gross unrealized gains/losses on Available for Sale
 Total portfolio: up to EUR 9.8 bn (vs.EUR 7.6 bn); up in
fixed income
 Fixed income: at EUR 9.5 bn (vs. EUR 7.1 bn FY 15)
 Sovereigns at EUR 7.3 bn (vs. EUR 5.5 bn)
 Corporates at EUR 2.2 bn (vs. EUR 1.6 bn)
 Equities: down to EUR 0.3 bn (vs. EUR 0.5 bn)
Gross UG/L on Real Estate: stable at EUR 1.5 bn - not
reflected in shareholders’ equity
EUR 2.9 bn unrealized gains/losses on Held to Maturity
(vs. EUR 2 bn) - not reflected in shareholders’ equity
Sovereign
bonds 36.4
Sovereign
bonds 39.0
Corporate
bonds 25.9
Corporate
bonds 24.8
Structured
0.2
Structured
0.1
Loans
7.3
Loans
8.1
Equities 3.9
Equities 3.6
Real Estate 5.4
Real Estate 5.5
Cash 2.4
Cash 2.3
81.5
83.4
FY 15 6M 16
Investment portfolio
Investment portfolio up on unrealized gains on fixed income & investment in loans

 Increase driven by lower i-rates
 Gross UG/L at EUR 7.3 bn (vs. EUR 5.5 bn)
 94% investment grade; 86% rated A or higher
 Duration gap close to zero – matched portfolio
Belgium
18.2
Belgium
19.2
France 6.0
France 6.6
4.5
5.6
Austria 2.8
Austria 3.11.3
1.3Others 3.7
Others 3.1
36.4
39.0
FY 15 6M 16
In EUR bn
Sovereign bond portfolio*
Sovereign & Corporate bond portfolio
Value fixed income portfolio impacted by evolution unrealized gains
 Gross UG/L at EUR 2.2 bn (vs. EUR 1.6 bn)
 Decrease mainly due to divestment of Hong Kong with
investments predominantly in corporate bonds
 Credit quality remains very good with 93% investment
grade; 60% rated A or higher
Corporate bond portfolio*
Banking 4.6 Banking 4.2
Other
financials 1.7
Other
financials 1.8
Non
Financials
13.6
Non
Financials
13.3
Government
related 6.0
Government
related 5.5
25.9 24.8
FY 15 6M 16
Germany
Germany
Southern EuropeSouthern Europe

Loan portfolio (customers + banks)*
Loan & Equity portfolio
More loans with guarantee
Loans to
banks 1.1
Loans to
banks 1.3
RE 0.4 RE 0.4
Infrastructure
0.3
Infrastructure
0.4
Mortgages 1.3
Mortgages 1.4
Other 4.2
Other 4.6
7.3
8.1
FY 15 6M 16
 Increase in other: long term lending to social housing
agencies in Belgium, benefiting from explicit guarantee
by the region
 New investments in loans to banks & infrastructure
loans
Equity portfolio*
 Gross UG/L down to EUR 0.3 bn (vs. EUR 0.5 bn)
 Decrease in equity portfolio driven by sales & lower
equity markets
Equities 2.3 Equities 2.0
Equity funds
0.3 Equity funds
0.2
RE funds 0.8
RE funds 0.7
Mixed funds
& others 0.6 Mixed funds
& others 0.6
3.9
3.6
FY 15 6M 16
In EUR bn

Real estate portfolio
10/03/2010
 Gross UG/L stable at EUR 1.5 bn (not reflected in
shareholders’ equity but contributing to available
capital for solvency calculation*)
 Real Estate exposure mainly in Belgium
Investment
Offices 2.1
Investment
Offices 1.9
Car Parks
1.1
Car Parks
1.1
Investment
Retail 1.5
Investment
Retail 1.5
0.3 0.4
0.4 0.4
5.4 5.5
FY 15 6M 16
Investment Warehouses
RE Development
Investment
Warehouses
RE Development
In EUR bn

Table of contents Slides commented during analyst call 3
Insurance Activities 17
Investment portfolio 44
General Account 49
Equity / Solvency 53
Settlement 60
General Information 65

Result Q2 driven by cap gain HK
(EUR 204 mio)
In EUR mio
Accounting value of remaining
legacies
General Account: Headlines
Impacted by cap gain on sale of Hong Kong, Fortis settlement & revaluation RPN(i) liability
Total liquid assets up on sale HK – EUR
0.8 bn ring-fenced for settlement
In EUR mio
RPN(i) impact on P&L from
revaluation & CASHES agreement
Staff & Operating expenses up on
costs legal settlement
In EUR mio In EUR mio
In EUR mio
In EUR mio
Accounting value put option on AG
Insurance
(35)
(675)
6M 15 6M 16
(78)
159
Q2 15 Q2 16
1.3
0.9
1.8
0.3
0.3
0.3
1.6
1.2
2.1
FY 15 3M 16 6M 16
net cash liquid assets
(402) (328) (291)
41 54 37
(133)
(1,021) (1,019)
FY 15 3M 16 6M 16
RPN(i) RPI Settlement
(1,064) (1,107) (1,041)
FY 15 3M 16 6M 16
9 12
25
40
34
53
6M 15 6M 16
Staff & Intercompany Operating
5 8
13
19
18
28
Q2 15 Q2 16
(24)
67
6M 15 6M 16
(60)
(6)
Q2 15 Q2 16

Total liquid assets General Account
Net cash position down on SBB & investments in Portugal & Asia
In EUR mio
 Around EUR 300 mio of liquid assets included
 Proceeds of sale Hong Kong activities received on 12/05/16
 Upstream from operating companies compensate for dividend & holding costs
 Share buy-back completed dd. 05/08/16
 Cash-out in Asia related to various investments in developing business
 First cash out related to legal settlement of EUR 247 mio – EUR 0.8 bn ring-fenced
1,604
2,100
(339)
(141)
(247)
(71)
(284)
(34) (63)1,221
412
5
35
FY 15 sale HK Upstream Dividend Share
buy-back
Legal
settlement
Asia Portugal CASHES Regional
& HQ
expenses
Other 6M 16
Ring-fenced
for legal
settlement

Main characteristics Hybrids
Leverage optimized at holding level & at AG Insurance
In EUR mio Ageas
Ageasfinlux
Fresh
Ageas Hybrid
Financing
Hybrone
Fixed-to-
Floating Rate
Callable
Fixed Rate Reset
Perpetual
Subordinated
Loans
Fixed Rate Reset
Dated
Subordinated
Notes
CASHES
% 3m EUR + 135 bps 5.125% 5.25% 6.75% 3.5% 3m EUR +200 bps
Amount
outstanding
1,250 95 450 550 USD 400 1,110
ISIN XS0147484074 XS0257650019 BE6261254013 BE6251340780 BE6277215545 BE0933899800
Call date
Undated,
strike 315.0
mandatory 472.5
Jun 16
Step up to 3M
Euribor +200 bps
Jun 24
Step up to 3M
Euribor +413 bps
Mar 19
Step up to 6yr USD
swap + 533 bps
June 2027
Step up after 12
years of 100bps
Undated,
strike 239.4,
mandatory 359.1
Other
On lent to AG
Insurance
Subscribed by
Ageas & BNP
Paribas Fortis
Public issue Public issue
Coupon served by
FBB, trigger ACSM
linked to Ageas
dividend
Market Price
(30/06/16)
50.99 108.43 107.5 90.86 65.26
Fortis Bank
(now BNP PF)
AG Insurance
(Belgium)
Called
20/06/16

Shareholders’ equity at EUR 10.3 bn - UG/L of EUR 14.12/share
Down on legal settlement, dividend, SBB & Forex evolution
In EUR mio
7,095
6,395
2,952
2,987
1,330
954
608
(675) (13) (329) (142) (40) (379) (51) (19)
EUR 53.59 EUR 49.59
11,376
10,337
FY 15 Result
Insurance
Result
Gen Acc
Change
UG/L
Dividend Treasury
Shares
Reval AG
put option
Forex IAS 19 Other 6M 16
Insurance
UCG/L Insurance
UCG/L
Shareholders’
equity per
segment
Shareholders’
equity per share
FY 15 6M 16 FY 15 6M 16
Belgium 4,932 ► 4,757 Asia 3,009 ► 2,142
UK 1,129 ► 1,079 Reinsurance 104
Continental Europe 977 ► 1,301 Insurance 10,047 ► 9,382
General Account 1,330 ► 954

Insurance Solvency IIageas stable on FY 2015
Own funds & SCR down on sale of Hong Kong
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations
55
 Impact spread movement & lower equity exposure more than compensate decreasing i-rates
 Group ratio: impact settlement absorbed by proceeds Hong Kong
 Expected dividend deducted
2.9 2.9
0.8 0.7 0.7 0.9
0.3 0.0 (0.3) (0.4)
4.4 4.1
0.0 0.1
4.4 4.2
0.7
1.6
6.9 7.0
1.1 1.0 0.9 1.0
0.6
0.1 (1.5)(1.6)
8.0
7.6
1.4
1.1
9.4
8.7
1.8
4.1
242% 246% 130% 134% 131% 114% 179% - - 247% 182% 183% 212% 209% 253% 261%
Non-transferable

56
Ageas Insurance Solvency sensitivities
Adequately capitalized even after severe stress tests
As per 31/12/’15
Based on Solvency IIageas
SCR OF Solvency
Base case
Before stress – excl. Hong Kong
4,132 7,494 181%
Yield curve
Down 1% (floor 0%, UFR 4.2%)
4,539 7,337 162%
UFR
Down to 3.7%
4,148 7,440 179%
Equity
Down 30%
3,938 6,961 177%
Property
Down 20%
3,946 7,013 178%
Spread
Corporate & government bonds spread up 50 bps
4,256 6,971 164%

Insurance SCRageas per risk type
Exclusion of Hong Kong driving lower SCR
Market risk main
factor in SCR –
down on sale
Hong Kong
57
In EUR bn
 Market risk: higher spread & interest risk compensated by lower equity & currency risk
( 1.6 ) ( 1.6 )
( 0.6 ) ( 0.4 )
( 1.1 ) ( 1.3 )
4.7 4.4
0.3
0.3
0.8
0.8
0.4
0.5
0.8 0.8
0.7 0.7
4.4 4.1
FY 15 6M 16
Non Diversifiable
Non-life UW
Health UW
Life UW
Counterparty Default
Market
Loss-Absorption Deferred Taxes
Loss-Absorption Techn. Liab.
Diversification
Diversification
Loss-Absorption Deferred Taxes

Solvency PIM – as reported to the regulator
Insurance & Group ratio stable on FY 2015
Solvency IIageas
in %
In EUR bn
Own Funds
SCR
Non EU
Non-controlled
participations
58
3.0 3.0
0.9 0.8 0.6 0.7 0.4 0.0 (0.3) (0.4)
4.5 4.2
0.0 0.1
4.6 4.3
0.7
1.6
6.9 7.0
1.1 1.0 0.9 1.0
0.6 0.1 (1.5)
(1.5)
8.1
7.6
1.4
1.2
9.4
8.8
1.8
4.1
234% 235% 124% 127% 148% 136% 158% - - 247% 178% 181% 206% 206% 253% 261%
Non-transferable

Tiering of Group PIM own funds
High quality of own funds
59
Tier 1:
Equity down on
legal settlement
In EUR bn
6.9
6.3
1.8
1.6
0.5
0.7
0.2
0.2
9.4
8.8
FY 15 6M 16
Tier 3
Tier 2
Tier 1 restricted
Tier 1
Tier 1 restricted:
Hybrone repaid

Progress in solving legal legacies
Settlement between Ageas & claimants organisations
 Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio
 P&L impact of EUR 889 mio in 3M 2016
 No recognition of any wrongdoing by Ageas
 Commitment by eligible shareholders to abandon any ongoing civil proceeding &
not to start any legal proceeding related to the events
 Intervention of Amsterdam Court declaring settlement binding
 First distribution of compensation not before 18 months after announcement
 Filing done 23/05/2016
 Additional support received since announcement
 Pre-hearing scheduled on 25/08/2016
 First cash-out of EUR 247 mio in Q2 2016
 We hope to obtain binding declaration by mid 2017
 More details on compensation per share & calculation aid available on
www.Forsettlement
Announcement
14/03/2016
Based on WCAM
Current status

2 – 4
months
6 – 9
months
3 – 6
months
3 – 12
months
2.Filing
23/05/2016
4.Notification &
Announcement
3.Pre-hearing
25/08/2016
5.Hearing
6.Notification & Announcement
of Court’s binding decision
Opt-out
period
2
months
1.Settlement
14/03/2016
8. Distribution of
compensation
Announcement Distribution
at least 18 months
7. Decision on
termination right
Progress in solving legal legacies – WCAM indicative timeline
Filing done 23/05/16 - at least 18 months after announcement until first payments
 Claim forms can be submitted to claims administrator as from notification of
binding declaration, & up to one year as from that moment

 21 September 2007  7 November 2007 cob
 Communication on subprime exposure, organisation of capital increase for ABN AMRO
acquisition - period linked to AFM II fine
 13 May 2008 25 June 2008 cob
 Communication on solvency after full integration of ABN AMRO – period linked to AFM I fine
 29 September 2008 3 October 2008 cob
 Communication on the deal with the Benelux governments – period linked to FortisEffect case
 The various litigation procedures
 Main allegations
 Judgments rendered so far
Open of
business
Close of
business
(cob) 28/02/07 14/10/08
21/09/07 07/11/07 13/05/08 25/06/08 29/09/08 03/10/08
1 2
3
4
5
6
7
8
Eligible period
3 reference
periods
Reference
periods
based on
Progress in solving legal legacies
Periods involved

Details of settlement
Indicative compensation per unit based on estimated participation in settlement
In eurocent Period 1 Period 2 Period 3
Buyers 56 128 38
Holders 28 64 19
Retail add-on: 50 eurocent/unit - max EUR 550 – calculated on
highest # units held over the 3 periods
Claim form add-on: 50 eurocent/unit – max EUR 400
Buyers 38 85 25
Holders 19 43 13
Claim form add-on: 50 eurocent/unit – max EUR 200
Active claimants
Non-active
claimants
EUR 1.2 bn
is capped
 Final compensation/unit determined after submission period
 Participating units > estimated  compensation/unit lower
 Participating units < estimated  compensation/unit higher
 Calculation module based on indicative amounts available on
www.FORsettlement.com

situation 31/12/2015 situation 30/06/2016 situation 05/08/2016
223,778,433 216,570,471 216,570,471
16,086,350 11,960,509 12,724,111
7,207,962 3,987,592 4,751,194
3,968,254 3,968,254 3,968,254
266,230 45,804 45,804
4,643,904 3,958,859 3,958,859
207,692,083 204,609,962 203,846,360
2015 SBB
completed
Total number of outstanding shares
AGM April 2016 has approved cancellation of another 7.2 mio shares
Total Issued Shares
Shares not entitled to dividend nore voting rights
1. TREASURYSHARES Share buy-back
FRESH
Other treasury shares
2. CASHES
Shares entitled to dividend & voting rights
CASHES deal
with BNP
SBB

Shareholders structure
Following cancellation of bought back shares, Ageas holds less than 5%
Based on number of shares as at 8 August 2016
Ageas
4.05%
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual
Advisers
Identified retail
investors
19%
Identified
institutional
investors
39%
Other
investors
19%
Based upon press release 8 August 2016
Based upon the number of shares mentioned in the notification received 6 May 2013
Based upon the number of shares mentioned in the notification received 17 March 2014
Based upon the number of shares mentioned in the notification received 14 December 2015
Based upon the number of shares mentioned in the notification received 14 July 2015
Estimate by
Estimate by
Ageas
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual Advisers
Identified retail investors
Identified institutional investors

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

Rating
Improved rating for operating entities & holding
S&P MOODY'S FITCH
Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable
entities Last change 06/11/15 17/03/16 10/12/13
unsollicited
Ageas Insurance Limited A / stable A+ / stable
Last change 06/11/15 30/03/15
Muang Thai Life BBB+ / stable A- / stable
Last change 29/12/10 16/06/15
Etiqa Insurance Berhad (Malaysia) A / stable
Last change 25/09/11
Holding ageas SA/NV BBB / stable Baa3 / negative* A- / stable
Last change 15/03/16 17/03/16 15/03/16
unsollicited
* Ageas has requested in early 2009 that this rating should be withdrawn. Ageas no longer participates in Moody's credit rating process.
Ageas does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.

Certain of the statements contained herein are statements of
future expectations and other forward-looking statements that are based on management's current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed
or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to,
without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of
financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels,
(vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including
monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and
(xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in
this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not
purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had
these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of
operations or financial condition that may be achieved in the future.
Investor Relations
Tel:
E-mail:
Website:
+ 32 2 557 57 34
ir@ageas.com
www.ageas.com

Ageas - First Half Year 2016 Results

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