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PRESS RELEASE Regulated Information Brussels, 15 May 2019 - 7:30 (CET)

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PRESS RELEASE Regulated Information Brussels, 15 May 2019 - 7:30 (CET) PRESS RELEASE Regulated information Brussels, 15 May 2019 - 7:30 (CET) Ageas first quarter 2019 result Strong growth of inflows Good net result in line with last year’s result New internal Non-Life reinsurance agreements implemented First quarter 2019 . Net result of EUR 251 million versus EUR 248 million . General Account net result of EUR 7 million negative versus EUR 52 million negative Net Result . Life net result down 11% to EUR 223 million versus EUR 252 million due to timing differences on capital gains Although stable operating performance, net result in Non-Life down 27% from EUR 48 million to EUR 35 million due to one-off expenses . Group inflows (at 100%) of EUR 12.8 billion, up 8% Inflows Life inflows up 9% to EUR 11.1 billion and Non-Life up 3% at EUR 1.7 billion (both at 100%) . Group inflows (Ageas’s part) up 11% at EUR 4.9 billion . Combined ratio at 98.3% versus 98.8% Operating . Operating Margin Guaranteed at 88 bps versus 137 bps due to timing difference in the investment income Performance . Operating Margin Unit-Linked at 18 bps versus 32 bps due to costs related to a succesful commercial campaing in Belgium . Life Technical Liabilities of the consolidated entities increased to EUR 75.9 billion . Shareholders’ equity of EUR 10.2 billion or EUR 52.05 per share Balance Sheet . Group Solvency IIageas ratio at 194% not yet including the benefit from the new debt issue . General Account Total Liquid Assets at EUR 1.5 billion, out of which EUR 0.7 billion is ring-fenced for the Fortis settlement All Q1 2019 figures are compared to the Q1 2018 figures unless otherwise stated. A complete overview of the figures can be consulted on the Ageas website. Ageas CEO Bart De Smet said: « We are very pleased with the strong sales momentum recorded this first quarter, especially in Belgium, Portugal and Asia where we continued to strongly increase our inflows. Due to a timing difference on capital gains and the impact of the quota share re-insurance programme, which is for the first time reflected in our figures, the result of our Insurance activities was somewhat down compared to the first quarter of last year. These negative, however temporary, elements have been partly compensated by improved profits in Continental Europe and Asia. Our Asian activities benefited from a recovery in the Chinese equity markets and incorporated a positive, even though still small, contribution from our recent investment in India. All in all we are satisfied with this good start to the year.» PRESS RELEASE - FIRST QUARTER 2019 RESULTS 1 KEY FIGURES AGEAS in EUR million 3M 19 3M 18 Change Net result Ageas 251.4 247.7 1 % By segment: - Belgium 80.6 136.4 ( 41 %) - UK 10.8 10.7 1 % - Continental Europe 31.6 26.7 18 % - Asia 146.9 123.8 19 % - Reinsurance ( 12.0 ) 1.8 * - General Account & Elimination ( 6.5 ) ( 51.7 ) 87 % of which RPN(I) 27.0 ( 38.4 ) By type: - Life 223.0 251.9 ( 11 %) - Non-Life 34.9 47.5 ( 27 %) - General Account & Elimination ( 6.5 ) ( 51.7 ) 87 % Weighted average number of ordinary shares (in million) 194.1 198.5 ( 2 %) Earnings per share (in EUR) 1.30 1.25 4 % Gross inflows (incl. non-consolidated partnerships at 100%) 12,808.5 11,852.7 8 % - of which inflows from non-consolidated partnerships 9,644.9 9,334.9 3 % Gross inflows Ageas's part (incl. non-consolidates entities) 4,937.1 4,451.8 11 % By segment: - Belgium 1,550.8 1,156.9 34 % - UK 380.2 398.7 ( 5 %) - Continental Europe 608.3 739.7 ( 18 %) - Asia 2,397.8 2,156.5 11 % By type: - Life 3,720.1 3,262.6 14 % - Non-Life 1,217.0 1,189.2 2 % Combined ratio 98.3% 98.8% Operating margin Guaranteed (bps) 88 137 Operating margin Unit-Linked (bps) 18 32 in EUR million 31 Mar 2019 31 Dec 2018 Shareholders' equity 10,235 9,411 9 % Net equity per share (in EUR) 52.05 48.42 7 % Net equity per share (in EUR) excluding unrealised gains & losses 36.24 34.98 4 % Return on Equity - Ageas Group (excluding unrealised gains) 14.4% 11.9% Group solvency II ageas 194.1% 214.6% ( 10 %) Life Technical Liabilities (consolidated entities) 75,949 73,359 4 % - Life Technical Liabilities excl. shadow accounting 73,094 71,529 2 % - Shadow accounting 2,855 1,830 56 % PRESS RELEASE - FIRST QUARTER 2019 RESULTS 2 AGEAS Net profit in line with last year’s strong result. Top line growth driven by Belgium and China. The new internal reinsurance agreements between ageas SA/NV and the The combined ratio was negatively impacted by the adverse weather in operating entities in Belgium, UK and Portugal were established. The Belgium. Excluding this, the operating performance was strong across most of introduction of these agreements had no material impact on the Group’s net the Group’s business lines. The Loss Portfolio Transfer related to the start-up result however it affected the results at segment level. The initial impact from of the new internal reinsurance activities was realised through a one-off the reinsurance programme are described in the segment pages of this press premium transfer, reducing the Net Earned Premium for both UK and release. Continental Europe. This affected the reported combined ratios of the segments. Excluding the new reinsurance agreements, the combined ratio at The Group net result stood at the same high level as last year. This year again segment level was impacted by the bad weather in Belgium, improved following it suffered from adverse weather in Belgium. The exceptionally high result in a good operational performance across the core product lines in the UK and Asia related to the favourable equity markets in the first quarter offset the lower remained very strong in Continental Europe. The combined ratio of contribution of capital gains in Belgium. The introduction of internal reinsurance Reinsurance was affected by the initial losses induced by the new internal arrangements since the start of 2019 had no material impact on the Group’s reinsurance agreements and the mentioned bad weather event in Belgium. net result. It did however create some internal transfers between the different reporting segments and the Reinsurance segment, positively impacting the The non-consolidated partnerships reported a combined ratio of 97.4% (vs. result of Belgium and Continental Europe and negatively the UK result. Affected 98.3%) in Tesco Underwriting (UK), 102.3% (vs. 95.8%) in Turkey (Continental by lower investment result and adverse weather, the net profit in Belgium Europe) and 94.2% (vs. 91.9%) in Asia. declined. In Asia the Life net profit further increased compared to an already excellent first quarter 2018 and the improving Non-Life result further benefitted Total shareholders’ equity increased from EUR 9.4 billion at the end of 2018 from the contribution of the recently acquired business in India. The net result to EUR 10.2 billion thanks to the strong net result and the positive impact of the in Continental Europe increased thanks to a strong operating performance in financial markets on the fair value of the bond portfolio and the valuation of our Non-Life, while in the UK, the net result remained at last year’s level Non-Euro participations. notwithstanding the cost of an exceptional restructuring provision. The net result in the Reinsurance segment suffered from the same adverse weather as In March, our Belgian operation called its outstanding USD 550 million debt Belgium following the quota share agreement. The revaluation of the RPN(i) instrument, affecting the Group Own Funds for EUR 360 million. This will liability had a positive impact on the Group net result. Earnings per share however be compensated in the second quarter by the issuance of the EUR increased 4%, half of which was related to the share buy-back programme. 500 million bond by ageas SA/NV. The Solvency IIageas ratio of the Group remained however very strong at 194%. The good operational performance of Total inflows increased 8%, with growth across all segments except for the UK the insurance operations lead to an operational free capital generation of where we continue to focus on profitability over volume.The main contributors EUR 148 million, including EUR 10 million in dividends from the non-European to inflow growth were Belgium and China. In Belgium Life continued its growth Non-Controlled-Participations. path with increased sales both Unit-Linked and Guaranteed products while Non-Life outperformed the market driven specifically by Acident & Health. The The decrease of the total liquid assets in the General Account from EUR inflow growth in China stemmed from new business and renewals with 1.7 billion to EUR 1.5 billion was related to the acquisition of the 40% stake in persistency levels at industry-leading standards. Scope-on-scope and at Royal Sundaram General Insurance. EUR 0.7 billion remains ring-fenced for constant exchange rate, inflows in Continental Europe were up considerably, the Fortis settlement. driven both by Life and Non-Life. The inflows of the Reinsurance segment included several one-offs related to the ramp-up phase of the new internal Business development reinsurance agreements. The acquisition of a 40% stake in Royal Sundaram General Insurance Co Limited was finalised in the first quarter of 2019 for a cash consideration of EUR The Life Technical Liabilities excluding shadow accounting of the 185 million and was included in the accounts as from 22 February 2019.
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