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Ageas SA/NV 11 October 2019 Key Facts and Statistics - FYE 2018

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Ageas SA/NV 11 October 2019 Key Facts and Statistics - FYE 2018 FINANCIAL INSTITUTIONS ISSUER PROFILE Ageas SA/NV 11 October 2019 Key facts and statistics - FYE 2018 Company overview Headquartered in Brussels, Ageas SA/NV (Ageas) is the holding company of Ageas Group. TABLE OF CONTENTS Ageas offers life insurance and nonlife insurance products, including accident and health Company overview 1 insurance, car and motor insurance, fire insurance, and damage to property insurance. It also Financial highlights 2 offers reinsurance services through Intreas N.V. (Intreas) and real estate services through its Business description 2 Distribution channels 4 wholly owned subsidiary, AG Insurance. Ownership structure 4 Ageas has an active presence in Europe and Asia, and it was among the top 20 insurance Company management 5 companies in Europe with a market capitalisation of nearly €8.0 billion, as of 31 December Company history 5 2018. As of the same date, Ageas operated in 13 countries and served around 46.6 million Peer group 6 Related websites and information customers. sources 6 1 Moody’s related publications 6 In the financial year ended 31 December 2018, Ageas reported gross inflow of €10 billion, gross premium income of €8.9 billion and net income of €996.9 million. As of 31 December 2018, the company had total assets of €101.7 billion. Contacts Ageas was formed in November 1993 as Fortis Capital Holding and it changed its legal Christian Badorff +49.69.70730.961 VP-Senior Analyst name to Ageas SA/NV on 28 April 2010. Ageas' shares are listed on Euronext Brussels [email protected] (Ticker: AGEAS). As of 31 December 2018, its largest shareholder was Ping An Life Insurance Lila Sumino +33.1.5330.3359 Company, with a 5.17% stake of Ageas' outstanding shares. Associate Analyst Sources: Company reports (annual report Dec 2018, prospectus April 2019, business review Dec 2018), company data, Moody’s [email protected] Investors Service research, www.euronext.com CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS Financial highlights Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytical purposes. For Moody’s- generated ratios for Ageas SA/NV, please see Ageas SA/NV's page on www.Moodys.com. Exhibit 1 Latest full-year results Ageas SA/NV In € million 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 Gross Premium Written 8,860 8,445 9,277 9,359 9,258 Total Income 11,827 12,749 13,914 13,653 14,219 Net Income 997 850 223 940 656 Combined Ratio (%) 94.3 95.2 101.1 96.8 99.6 Total Liabilities 90,167 93,179 94,089 92,511 92,648 Tota Debt 2,184 1,969 2,496 2,788 2,484 Total Assets 101,686 103,341 104,294 104,486 103,559 Total Equity 11,520 10,162 10,205 11,975 10,912 Note: Based on consolidated financial data. Sources: Company reports (annual reports Dec 2018, Dec 2017, Dec 2016 and Dec 2015), company data Business description Ageas provides life insurance and nonlife insurance products and services, including accident and health insurance, car and motor insurance, fire insurance, and damage to property insurance, covering the risk of property. It also offers reinsurance services through Intreas and real estate services through its wholly owned subsidiary AG Insurance. Ageas has organised its activities under the following six operating segments according to their region of operation: Belgium, United Kingdom, Continental Europe, Asia, Reinsurance and General account. In 2018, Belgium was the biggest contributor to Ageas' gross premiun income (60%).2 Belgium: This segment includes services offered by AG Insurance, Ageas' main operating company and a composite insurer that provides a range of life insurance and non-life insurance products to individuals and companies. It distributes its products through independent insurance brokers, retail banking branches of BNP Paribas Fortis SA/NV as well as branches of the bpost banque SA or bpost bank NV (Belgian post). Furthermore, through AG Insurance’s subsidiary, AG Real Estate SA/NV, Ageas Group manages a diversified portfolio of real estate assets. In 2018, Belgium segment accounted for 60% of Ageas' gross premium income. United Kingdom: This segment offers nonlife insurance products in UK through a range of channels, including brokers and high-profile affinity partners, and directly to customer through its own brands. Products in this segment comprise branded and white-labelled insurance propositions in personal lines and small commercial insurance packages. In addition, through Tesco Underwriting, a joint venture set up with Tesco Bank, Ageas UK also provides motor and home insurance to more than 1 million of Tesco Bank’s customers. In 2018, this segment accounted for 16% of Ageas's gross premium income. Continental Europe: In this segment, Ageas offers a range of insurance products and services, covering both life and non-life, through a number of wholly owned subsidiaries and a joint venture in France, Portugal and Turkey. It distributes products through a number of channels, ranging from bank branches, brokers and agents to mobile solutions. Continental Europe accounted for 24% of Ageas' gross premium income in 2018. Asia: In Asia, Ageas Group offers a range of life and non-life insurance products in a number of countries. The activities are organised in the form of joint ventures with local partners and financial institutions in China (20-24.9% owned by Ageas), Malaysia (30.95%), Thailand (15-31%), India (26%), Philippines (50%) and Vietnam (29% and 3% through Muang Thai Life). The Group and its partners serve around 26 million customers across the region supported by a regional office in Hong Kong. The Group also provides insurance This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. 2 11 October 2019 Ageas SA/NV: Key facts and statistics - FYE 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS services in Laos, Cambodia and Singapore. Products are offered through different channels, including agents, brokers, bank branches and digital solutions. Reinsurance: Ageas Group conducts its reinsurance activities through Intreas, in the Netherlands. Furthermore, in June 2018, the group's holding company received approval from National Bank of Belgium (NBB) to conduct reinsurance operations. In 2018, Reinsurance accounted for 1% of Ageas' gross premium income. General Account: This segment covers activities that are not related to the core insurance business, such as Ageas Group financing and other holding activities. Sources: Company reports (annual report Dec 2018, prospectus April 2019, business review Dec 2018), company data Exhibit 2 Business segment (% of Gross premiun income, consolidated, for 2018) Reinsurance UK 0.7% 15.6% Continental Europe 23.8% Belgium 59.9% Note: Excluding Insurance Eliminations and Group eliminations Source: Company report (annual report Dec 2018) 3 11 October 2019 Ageas SA/NV: Key facts and statistics - FYE 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS Exhibit 3 Business area details Ageas SA/NV Gross inflow (in € million) 2018 2017 2016 Belgium 6,146 5,697 6,065 UK 1,388 1,546 1,720 Continental Europe 2,526 2,818 2,643 Asia 0 0 183 Reinsurance 61 52 41 Eliminations (60) (53) (41) Total 10,061 10,060 10,610 Operating Result (in € million) 2,018 2,017 2,016 Belgium 661 700 611 UK 93 23 (130) Continental Europe 150 215 193 Asia 0 0 17 Reinsurance 6 6 2 Eliminations 0 0 0 Total 909 945 693 Combined Ratio (%) 2,018 2,017 2,016 Belgium 93.4 91.0 96.0 UK 96.8 103.2 112.2 Continental Europe 92.4 90.4 88.7 Reinsurance 82.6 75.7 86.1 Total 94.3 95.2 101.1 Source: Company reports (annual reports Dec 2018 and Dec 2017) Distribution channels Ageas provides life insurance, non-life insurance and reinsurance products and services in four distinct regions: Belgium, the UK, continental Europe and Asia. The services in these regions are provided through a broad mix of distribution, through a combination of partnerships with strong financial institutions, brokers and direct channel. Ownership structure Ageas was established in 1990 as Fortis SA/NV as a result of the merger of the Dutch insurer, AMEV, and the Belgian financial group, AG. As of 10 May 2019, Ageas reported 189,330,480 outstanding shares. Ageas' shares are listed on Euronext Brussels (Ticker: AGEAS). Ageas has a sponsored ADR programme in the United States. As of 31 December 2019, Ageas' largest shareholder was Ping An Life Insurance Company, holding 5.17% of Ageas' outstanding shares. Exhibit 4 Ageas SA/NV Shareholders % held Ping An Life Insurance Company 5.17 BlackRock, Inc. 4.94 Ageas 3.02 Fosun 3.01 Schroders plc 2.94 Source: Company reports (annual report Dec 2018, prospectus April 2019, Q1 2019 presentation), company data, www.euronext.com 4 11 October 2019 Ageas SA/NV: Key facts and statistics - FYE 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS Exhibit 5 Organisation structure as of 8 April 2019 Source: Company report (prospectus April 2019) Company management Exhibit 6 Ageas SA/NV Executive Committee Current Title Bart De Smet Chief Executive Officer Christophe Boizard Chief Financial Officer Antonio Cano Chief Operating Officer Filip Coremans Chief Risk Officer As of 8 April 2019 Source: Company report (prospectus April 2019) Company history Ageas was formed in November 1993 as Fortis Capital Holding and it changed its legal name to Ageas SA/NV on 28 April 2010.
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