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Consolidated Interim Financial Statements for the First Six Months of 2017

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Consolidated Interim Financial Statements for the First Six Months of 2017 001 Ageas – Interim Financial Statements 2017 Consolidated Interim Financial Statements for the first six months of 2017 Brussels, 9 August 2017 WorldReginfo - 5f61c49f-4645-465d-84bd-89b20a8ed129 002 Ageas – Interim Financial Statements 2017 CONTENTS Developments and results ........................................................................................................................... 3 Developments and results ............................................................................................................................................................................ 4 Ageas Consolidated financial statements for the first six months of 2017 ................................................... 5 Consolidated statement of financial position ................................................................................................................................................ 6 Consolidated income statement ................................................................................................................................................................... 7 Consolidated statement of comprehensive income ..................................................................................................................................... 8 Consolidated statement of changes in equity .............................................................................................................................................. 9 Consolidated statement of cash flow ......................................................................................................................................................... 10 General Notes ............................................................................................................................................ 11 1 Summary of accounting policies.................................................................................................................................................... 12 2 Acquisitions and disposals ............................................................................................................................................................ 13 3 Outstanding shares and earnings per share ................................................................................................................................. 15 4 Regulatory supervision and solvency ............................................................................................................................................ 18 5 Related parties ............................................................................................................................................................................... 20 6 Information on operating segments ............................................................................................................................................... 20 Notes to the Consolidated statement of financial position ......................................................................... 25 7 Financial investments ..................................................................................................................................................................... 26 8 Loans ............................................................................................................................................................................................. 31 9 Investments in associates .............................................................................................................................................................. 31 10 Insurance liabilities ........................................................................................................................................................................ 32 11 Subordinated liabilities ................................................................................................................................................................... 33 12 Borrowings ..................................................................................................................................................................................... 34 13 RPN (I) ............................................................................................................................................................................................ 35 14 Provisions ....................................................................................................................................................................................... 36 15 Liabilities related to written put options NCI .................................................................................................................................. 37 16 Derivatives ..................................................................................................................................................................................... 39 17 Commitments ................................................................................................................................................................................. 40 18 Fair value of financial assets and financial liabilities ..................................................................................................................... 41 Notes to the Consolidated Income Statement ............................................................................................ 42 19 Insurance premiums ...................................................................................................................................................................... 43 20 Interest, dividend and other investment income ........................................................................................................................... 44 21 Insurance claims and benefits ....................................................................................................................................................... 45 22 Financing costs .............................................................................................................................................................................. 45 Notes to items not recorded in the consolidated statement of financial position ....................................... 46 23 Contingent liabilities ....................................................................................................................................................................... 47 24 Events after the date of the statement of financial position ........................................................................................................... 52 Statement of the Board of Directors ........................................................................................................................................................... 53 Review report .............................................................................................................................................................................................. 54 WorldReginfo - 5f61c49f-4645-465d-84bd-89b20a8ed129 003 Ageas – Interim Financial Statements 2017 Developments and results All amounts in the tables of these Consolidated Interim Financial Statements are denominated in millions of euros, unless stated otherwise. WorldReginfo - 5f61c49f-4645-465d-84bd-89b20a8ed129 004 Ageas – Interim Financial Statements 2017 Developments and results Results of Ageas impact the Group’s net result for the remainder of 2017 in the region The Insurance net profit for the first half year amounted to of EUR 10 to 15 million. EUR 445 million, compared to EUR 608 million last year. The Life net result amounted to EUR 312 million and the Non-life net result Belgium and Continental Europe achieved very strong results of increased to EUR 133 million. Last year’s net result included the EUR 79 million and EUR 28 million respectively driven by excellent negative impact of terrorism and weather events in Belgium (EUR 60 underwriting results. In Asia, the net result stood at EUR 11 million million) and a positive contribution from the divested activities in and in the UK the net result amounted to EUR 11 million. The internal Hong Kong (EUR 212 million). Excellent Non-life results in Belgium Non-life reinsurer Intreas reinsured EUR 24 million of premiums from and Continental Europe and a somewhat higher level of net capital the operating companies within the Group and contributed gains more than offset the EUR 31 million negative Ogden impact in EUR 3 million to the Non-life net result. the UK. General Account The Group net result over the first six months amounted to EUR 284 The General Account net result amounted to EUR 161 million negative million with the General Account reporting a negative result of compared to EUR 675 million negative in 2016. The change primarily EUR 161 million. This is mainly explained by the negative impact of reflects last year’s provision of EUR 889 million made for the Fortis EUR 122 million related to the evolution of the RPN(i) liability. Staff settlement announced on 14 March 2016, and the negative value and other operating expenses decreased to EUR 35 million (vs. difference on the RPN(I) (EUR 122 million) in this year’s first half. EUR 53 million). Last year’s six months result and operating expenses were significantly impacted by charges related to the Fortis’ legal Effective tax rate
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