Ageas Main Messages Dividend Paid – High Group Net Result

9M 2020 RESULTS Periodical Financial Information Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

Periodical financial information I 9M 20 results I 13 November 2020 2 Ageas Main messages Dividend paid – High group net result

Strategy . Strenthening business focus with roles of MD Asia & Europe . Participation in capital increase Taiping Re . Divestment of stake in Tesco Underwriting

Dividend . Second tranche 2019 dividend paid to shareholders

Results . High nine months result with strong third quarter operating performance . Continued contrasting impact of Covid-19 on Life & Non-Life . Solvency up & cash strong

Periodical financial information I 9M 20 results I 13 November 2020 3 Ageas Dividend EUR 2.38 intermediary dividend approved – upstream EUR 435 mio cash out in Q4 In EUR mio EUR 15 mio from Malaysia in Q3 EUR 427 mio received from Belgium in Q4 Upstream more than covering dividend & holding costs on FY basis

660 632 11 601 8 Asia Asia Asia 87 123 HQ & RO 516 92 expenses 488 487 CEU CEU 96 Asia 86 438 440 CEU 75 Asia Asia 77 Asia 86 UK 44 UK 23 Asia 106 89 CEU 43 52 CEU CEU 19 48 CEU 36 53 UK 47 CEU UK 82 UK 50 150 Paid dividend 485 Belgium Belgium Belgium Belgium UK 64 427 Belgium 391 415 415 Belgium Belgium 333 268 294 Belgium 168

Upstream during 2013 2014 2015 2016 2017 2018 2019 2020 2020 based on net result of the year before

Periodical financial information I 9M 20 results I 13 November 2020 4 Ageas Headlines 3rd consecutive strong quarterly net result, driven by an excellent Non-Life performance Net result Q3 operations solid - mitigating Inflows up in Q3 driven by Belgium & Life Technical liabilities up in non-conso IFRS equity impairments Asia (10%) & slightly down in conso In EUR mio In EUR bn In EUR bn

167.1 170.1 994 159.6 877 28.5 8 257 27.8 202 5.0 5.1 90.6 92.7 7.5 7.8 82.2 311 271 1.6 3 203 1.7 86 3.9 4.0 4.7 667 130 23.5 22.8 426 5.9 6.2 73.6 72.4 72.7 182 116 (44) 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 FY 19 6M 20 9M 20 Life Non-Life GA Life Non-Life excl shadow shadow non-conso Non-Life combined ratio: claims frequency Margin Guaranteed: recovering driven Operating margin Unit-Linked: close to compensating for Q1 weather events by strong Q3 performance target range In % NEP In bps avg technical liabilities In bps avg technical liabilities

88 94.7 90.0 92.7 81 79 86 33 86.6 26 28 30

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20

* incl. non-consolidated partnerships @ 100% Periodical financial information I 9M 20 results I 13 November 2020 5 Belgium Headlines Solid operating performance in Life & Non-Life offset by lower investment result Net result: lower cap gains & financial Inflows: strong quarter thanks to UL Life Technical Liabilities: increase in UL income – Strong Q3 performance commercial campaign countered by decrease in Guaranteed In EUR mio In EUR mio In EUR bn 305 61.3 60.9 61.8 4,937 254 3.1 3.3 3.9 93 4,522 1,620 108 1,647 1,375 1,477 110 115 58.2 57.6 57.9 495 499 212 43 42 3,317 147 2,875 978 67 74 880

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 FY 19 6M 20 9M 20 Life Non-Life Life Non-Life excl shadow shadow Non-Life COR: Strong Q3 performance in all Operating margin Guaranteed YTD Operating margin UL Q3 impacted by business lines impacted by lower investment result commercial action (-10 bps) In % NEP In bps avg technical liabilities In bps avg technical liabilities

95.0 89.3 90.0 85.5 81 78 85 59 48 39 37 36

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20

Periodical financial information I 9M 20 results I 13 November 2020 6 UK Headlines Result driven by good claims experience fully compensating impact of weather events

Net result Q3 benefits from lower claims Q3 inflows* up with new deals Non-Life Q3 COR driven by strong PY frequency – 9M ’19 incl. EUR 30 mio Ogden In EUR mio development & lower frequency In EUR mio In % of NEP

66 1,326 54 1,327

445 470

28 97.0 94.6 97.2 88.2 14

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20

* incl. non-consolidated partnerships @ 100% Periodical financial information I 9M 20 results I 13 November 2020 7 CEU Headlines Solid net result driven by Non-Life

Strong Non-Life result Recovery in Non-Life inflows in Q3 Life Technical liabilities steady in Q3 Lower contribution from capital gains in Life Life inflows still in transition phase after Q1 decrease of UL prices In EUR mio In EUR mio In EUR bn

111 2,473

80 1,906 16.2 1,043 15.5 15.6 65 0.8 0.7 0.8 25 1,050 716 56 23 630 333 15.4 14.8 14.7 16 16 1,430 335 46 856 383 24 8 9 295 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 FY 19 6M 20 9M 20 Life Non-Life Life Non-Life excl shadow shadow Non-Life COR still benefitting from lower Margin Guaranteed strong despite Operating margin Unit-Linked up, reflecting mobility, gradual normalisation in Q3 lower investment result a change in product mix In % NEP In bps avg technical liabilities In bps avg technical liabilities

190 20 90.4 90.9 (105) 83.6 85.1 127 103 13 13 86 10 (125)

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20

* incl. non-consolidated partnerships @ 100% Periodical financial information I 9M 20 results I 13 November 2020 8 Asia Headlines Solid operating performance, undermined by market impacts

Solid underlying net result mitigated by Inflows* up 11% in Q3, driven by a full Life Technical liabilities up 13% year-to- IFRS equity impairments & yield movements recovery in China date In EUR mio In EUR mio In EUR bn

443 19,806 20,092 12 1,043 1,064 112 257 4 4,987 5,239 90.6 92.7 431 26 18,763 19,028 82.2 392 317 108 41 232 4,595 4,921 8 33 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 FY 19 6M 20 9M 20 Life Non-Life Life Non-Life Non-Life COR supported by low claims Regular premium: approx. 90% of Life during lockdown inflows In % NEP In EUR bn Additional information on Ageas non-consolidated partnerships in 18.8 19.0 1.4 2.0 Asia is available on the excel spreadsheet published on Ageas’ 100.2 101.8 website under quarterly results 94 17.3 97.0 17.1 4.9 4.6 (www.ageas.com/investors/quarterly-results) 0.4 0.7 4.1 4.2

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 regular single

*Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I 9M 20 results I 13 November 2020 9 Reinsurance Headlines Strong underwriting results in Q2 & Q3 more than offsetting Q1 weather Net result: Solid CY claims ratio in Q2 & Q3 Inflows: EUR 1,047 mio from QS of COR: strong claims ratio more than compensating weather impact which EUR 324 mio in Q3 In % NEP In EUR mio In EUR mio

60 37 1,454 1,385 357 318

59 37 1,454 1,374 103.2 318 354 96.3 98.1 90.9 1 10 0 12 4 (24) Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 Life Non-Life 9M 19 9M 20 Life Non-Life

ageas SA/NV . Implementation of an internal reinsurance programme within ageas SA/NV in order to reinsurance activities enhance capital fungibility in the group . Non-Life Quota Share (QS) Treaties: 40% with AG Insurance in Belgium*, 40% with Ageas Insurance Limited in the UK, and 40% with all Portuguese Non-Life Entities . Loss Portfolio Transfers (LPT): 40% with Ageas Insurance Limited in the UK, and 40% with the Portuguese Non-Life Entities . The Pillar I Solvency II for ageas SA/NV stood at 373%

* Of which 75% is underwritten by ageas SA/NV Periodical financial information I 9M 20 results I 13 November 2020 10 GA Headlines Result driven by Fresh transactions & RPN(i) revaluation

Net result Q3 driven by RPN(i) revaluation Impact on P&L from RPN(i) Expenses under control In EUR mio In EUR mio In EUR mio*

77 70

28 28 58 53 257 3 106 23 21 45 (44) 20 8 17 6 6 (2) 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 (17) 9M 19 9M 20 Q3 19 Q3 20 Q3 19 Q3 20 Staff & Intercompany Operating Value legacies – Settlement liability down Upstream from BE received in Q4 Stable total liquid assets on compensation payments In EUR mio In EUR bn In EUR mio

7 6 4 660

(359) (344) (361) Belgium 427 629 2.2 (461) (514) (458) 1.5 1.5

233

FY 19 6M 20 9M 20 9M 19 9M 20 FY 19 6M 20 9M 20 RPI RPN(i) Settlement

*net of ForSettlement provisioned expenses Periodical financial information I 9M 20 results I 13 November 2020 11 Solvency

Solvency IIageas Solvency driven by Fresh & market over 9 months – slightly up in Q3

8.6 7.6 7.7 7.7 7.6 7.7

Own Funds 6.3 5.7 5.7

1.5 4.0 3.9 4.0 SCR 1.1 3.2 3.3 3.5 2.8 2.9 2.8 0.9 0.8 0.8 0.9 0.9 0.7 0.8 0.8 0.9 0.9

0.5 0.4 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.3 (0.6) (0.6) (0.6)

(1.8) (1.5)(1.5)

FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20

Non EU Belgium UK CEU Reinsurance GA eliminations Group Non-controlled participations*

Solvency IIageas 221% 199% 203% 179% 185% 183% 170% 153% 152% 173% 191% 206% 217% 192% 194% 243% 227% 223% in %

* Based on local solvency requirements Periodical financial information I 9M 20 results I 13 November 2020 12 Free Capital Generation Operational FCG of EUR 573 mio* Solvency IIageas In EUR mio * 2,929 573 491 (458) 80 expected 2,470 132 (184) dividend 2,270 491 (577) 441 (42) (50) 767 Based on 175% SCR

Solvency IIageas 2,438 1,980 1,502

FY 19 Fresh tender FY 19 Model Market impact Operational Capital M&A Activities Paid dividend 9M 20 restated changes impact transactions

. Operational impact – includes EUR 132 mio dividend upstream Non-European NCP’s . Market: Covid-19 volatility . Capital transactions = SBB, injection in Asia & additional Fresh . Fresh tender pre-compensated by EUR 750 mio T1 in 2019

* FCG Non-European NCP’s over . M&A : FX hedging on ongoing transactions in India & China – SCR impact reversed at closing 6M 2020 at EUR (135) mio - of transactions Operational FCG at EUR 285 mio – not included

Periodical financial information I 9M 20 results I 13 November 2020 13 1. Third consecutive strong quarterly net result, driven by an excellent Non-Life performance

2. Solid operating performance both in Life and Non-Life, mitigating specific impairments in Asia

3. Solvency position up and well above the target level

4. Confident in our ability to achieve a result close to our initial guidance despite limited support of cap gains

Conclusions

Periodical financial information I 9M 20 results I 13 November 2020 14 Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

Periodical financial information I 9M 20 results I 13 November 2020 15 Inflows @ 100% Non-Life inflows up with Covid-19 mainly impacting Life inflows across Europe – Asia continued growth in Q3 In EUR mio

Life Non-Life Total

EUR mio 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20

Belgium 75% 3,317 2,875 (13%) 1,620 1,647 2% 4,937 4,522 (8%)

United Kingdom - 1,326 1,327 0% 1,326 1,327 0% Consolidated entities 100% - 1,052 1,068 2% 1,052 1,068 2% Non-consolidated JV's 50% 274 259 (5%) 274 259 (5%)

Continental Europe 1,430 856 (40%) 1,043 1,050 1% 2,473 1,906 (23%) Consolidated entities 1,430 856 (40%) 551 585 6% 1,981 1,441 (27%) Portugal 51% - 100% 1,127 583 (48%) 551 585 6% 1,678 1,168 (30%) France 100% 303 273 (10%) 303 273 (10%) Non-consolidated JV's 492 465 (5%) 492 465 (5%) Turkey (Aksigorta) 36% 492 465 (5%) 492 465 (5%)

Asia Non-consolidated JV's 18,763 19,028 1% 1,043 1,064 2% 19,806 20,092 1%

Malaysia 31% 726 1,060 46% 496 497 0% 1,222 1,557 27% Thailand 31% - 15% 1,783 1,537 (14%) 277 314 13% 2,060 1,852 (10%) China 25% 15,975 16,145 1% 15,975 16,145 1% Philippines 50% 27 32 20% 27 32 20% Vietnam 32% 60 87 45% 60 87 45% India 26% - 40% 192 167 (13%) 270 253 (6%) 462 420 (9%)

Insurance Ageas 23,509 22,759 (3%) 5,032 5,087 1% 28,542 27,847 (2%)

Reinsurance 12 1,454 1,374 (6%) 1,454 1,385 (5%) accepted from Consolidated entities 12 1,443 1,348 (7%) 1,443 1,360 (6%) accepted from Non-consolidated partnerships 11 26 129% 11 26 129%

Periodical financial information I 9M 20 results I 13 November 2020 16 Inflows @ ageas part Non-Life inflows up with Covid-19 mainly impacting Life inflows across Europe – Asia continued growth in Q3 In EUR mio Belgium Life inflows down during lockdown – Continued growth in Non-Life in a mature market UK New commercial deals driving inflows up CEU Life inflows down in transition phase due to low yields – Non-Life outperforming market Asia Continued growth in Q3 Reinsurance Including EUR 1,047 million from QS agreements

11,680 -4% 11,155

3,436 3,487

+1% 5,138 5,212 -8% 3,703 303 302 3,392 8,244 7,668 1,215 Non-Life 1,235 -18% 4,836 4,910 1,650 1,454 +1% 1,354 1,385 728 2,487 2,157 752 Life 1,198 1,189 922 601 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20

Belgium UK CEU Asia Insurance Reins.

Periodical financial information I 9M 20 results I 13 November 2020 17 Net result Lower Non-Life claims frequency partially compensating Covid-19 impact on Life results & weather In EUR mio Belgium Strong Non-Life result; Covid-19 impact on investment mainly impacting Life result UK Strong Q2 & Q3 compensating for storms – LY including positive Ogden one-off CEU Strong Non-Life performance – Life including positive one-off in Q1 Asia Strong result despite impact financial markets – LY including positive tax change in China 994 Reinsurance Low claims frequency accross all ceding entities General Account Including EUR 332 mio cap gain relating to Fresh transactions 877 311 202

Non-Life 443 426 12

305 667 Life 254 257 93 26 108 431 111 257 212 66 80 232 60 257 147 54 65 56 59 8 8 General Account 24 46 1 (24) 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 Belgium UK CEU Asia Reins. GA ageas

Periodical financial information I 9M 20 results I 13 November 2020 18 Net realised cap gains* Substantially lower contribution of net capital gains

In EUR mio

9M 19 9M 20 Q3 19 Q3 20

Life 75 0 25 17 Equity impairments in Q1 Non-Life 6 0 4 5 Q3 cap gains driven by Real Estate Belgium 81 1 28 22 UK 4 4 (0) 0 Life 7 (4) 2 (1) Non-Life 1 (0) (0) (0) CEU 8 (5) 2 (1) Life 100 (0) 30 (51) IFRS Equity impairments in Q1 & in Q3 Non-Life (1) 1 0 1 Asia 99 1 30 (50) Reinsurance 4 0 0 0 Life 182 (4) 56 (35) Non-Life 15 5 4 7 Insurance 197 1 60 (28) General Account (4) 329 0 1 & Eliminations Total Ageas 193 330 60 (28)

* Net capital gains include capital gains, impairments & related changes in profit sharing (consolidated entitities), net of tax & @ ageas’s part – CEU JV’s not included Periodical financial information I 9M 20 results I 13 November 2020 19 Ageas Combined ratio Excellent accross all product lines

In % Net earned premium

101.1 Quarter 99.6 96.9 95.2 94.3 95.0 94.7 90.0 92.7 . Strong CY claims experience across all segments & most 86.6 product lines . Temporary low claims frequency mainly in Motor 34.1 35.2 34.7 35.5 35.8 35.3 35.5 34.5 . PY claims driven by releases at settlement of claims in UK 36.0 35.2

Year-to-date 64.4 67.0 62.2 59.7 58.5 59.7 59.2 58.2 . Strong Q2 & Q3 more than compensating for Q1 weather 54.0 51.4 impact in BE & UK . PY ratio returning to historic levels

(3.0) (4.0) (5.9) (5.6) (5.6) (7.7) (8.4) (8.0) (7.9) (9.0) 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

claims ratio expense ratio PY claims ratio Net earned premium (In EUR mio)

3,843 4,038 4,112 4,148 3,890 3,894 2,887 2,915 976 978

Periodical financial information I 9M 20 results I 13 November 2020 20 Ageas Combined ratio Strong performance accross all product lines

In % Net earned premium Accident & Health: low claims frequency Motor: low claims frequency

107.9 99.3 99.6 100.3 99.4 97.3 98.8 94.3 93.7 94.7 92.3 92.8 96.3 95.6 92.3 93.1 94.2 88.5 85.7 85.2 29.7 27.0 27.2 25.4 26.0 25.9 25.5 26.7 29.7 30.5 31.6 32.9 32.7 28.3 27.5 24.8 33.0 32.8 34.6 34.1

78.2 70.3 69.7 69.6 67.3 65.4 67.5 64.8 67.4 66.8 66.4 63.7 69.1 68.7 61.2 66.5 64.5 66.1 51.1 51.1

2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 NEP 813 811 838 884 871 930 686 703 236 235 NEP 1,616 1,724 1,790 1,782 1,636 1,623 1,208 1,189 399 395

Household: Q1 adverse weather in BE & UK Other lines: prudent reserving in UK

121.8 96.1 96.6 92.0 93.2 90.7 93.3 94.7 93.0 104.3 104.8 88.9 87.3 96.1 91.7 90.1 83.4 84.6 86.3 50.6 69.5 44.6 41.6 42.7 44.8 44.9 46.4 44.4 45.1 44.6 45.6 47.0 42.9 45.1 47.8 45.2 45.1 44.5 31.6 45.2 71.2 60.4 51.5 50.4 50.5 43.8 51.8 46.1 47.7 49.8 46.0 44.4 57.9 51.0 43.9 38.3 40.1 44.9 37.9 41.1

2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

NEP 1,029 1,078 1,067 1,072 1,028 982 723 756 230 254 NEP 385 424 418 410 356 359 272 267 111 93

Periodical financial information I 9M 20 results I 13 November 2020 21 Ageas Operating Guaranteed: on target - UL closing the gap margins Operating margin In bps Avg techn. liabilities Expense & other m. Investment m. Life Unit-Linked 36 Underwriting m. 33 30 28 27 28 Quarter 25 25 26 18 20 . Reaching lower end of target level 1 6 28 31 31 19 24 26 . Improvement in CEU 2 23 24 17 2 12 4 3 2 2 2 2 2 2 (2) (3) Year-to-date 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 . Closing the gap with target Avg techn liabilities (In EUR bn) 12.6 13.0 12.1 15.1 15.7 16.0 15.9 16.4 15.9 16.1

Life Guaranteed 93 88 89 93 88 81 86 88 Quarter 90 79 . Strong underwriting result in both Belgium & Portugal 90 88 96 89 98 97 98 92 70 . Lower support from net capital gains & investment income 80 from Real Estate

38 41 39 41 41 41 Year-to-date 33 37 35 36

(23) (39) (36) (42) (31) . Impact of equity impairments in Q1 and lower investment (42) (47) (51) (48) (45) income from Real Estate and dividends only partially 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 compensated by strong underwriting result Avg techn liabilities (In EUR bn) 56.9 57.9 57.3 55.9 55.9 56.6 56.5 56.8 56.5 56.5

Periodical financial information I 9M 20 results I 13 November 2020 22 Belgium Headlines Solid operating performance in Life & Non-Life offset by lower investment result Net result: lower cap gains & financial Inflows: strong quarter thanks to UL Life Technical Liabilities: increase in UL income – Strong Q3 performance commercial campaign countered by decrease in Guaranteed In EUR mio In EUR mio In EUR bn 305 61.3 60.9 61.8 4,937 254 3.1 3.3 3.9 93 4,522 1,620 108 1,647 1,375 1,477 110 115 58.2 57.6 57.9 495 499 212 43 42 3,317 147 2,875 978 67 74 880

95.0 89.3 90.0 85.5 81 78 85 59 48 39 37 36

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20

Periodical financial information I 9M 20 results I 13 November 2020 23 Belgium Net result & Life Net result impacted by lower net cap gains & liabilitiesLife financial income, partial recovery in Q2 & Q3 In EUR mio Net result Quarter 305 • Non-Life: strong underlying performance, mainly in Motor 254 • Life: strong underwriting results partly offset by decrease of 93 financial income & net capital gains 108 115 Year-to-date 110 43 42 • Solid underwriting performance in both Life & Non-Life offset by lower 212 147 financial results 67 74 • EUR (10) mio impact from the internal reinsurance program vs. EUR +9 mio in 9M ‘19 9M 19 9M 20 Q3 19 Q3 20 Life Non-Life

In EUR bn Life technical liabilities 61.3 60.9 61.8

Year-to-date 3.1 3.3 3.9 • Increase in Group Life

• Decrease in Retail Life: the decrease in Guaranteed is partly 58.2 57.6 57.9 compensated by the increase in Unit-linked

FY 19 6M 20 9M 20 excl shadow shadow

Periodical financial information I 9M 20 results I 13 November 2020 24 Belgium Inflows Life decrease in individual Guaranteed business Life Non-Life steady growth in mature market In EUR mio Life +11% 3,317 -13% Quarter 978 2,875 880 • Unit-linked – commercial campaign 671 Unit-Linked 97 604 318 • Guaranteed – lower than LY due to lower production in Savings Year-to-date

• Unit-linked – 9M ‘19 exceptionally strong Guaranteed 2,646 783 2,272 660 • Guaranteed – lower than LY due to strong inflow in Savings last year

9M 19 9M 20 Q3 19 Q3 20

Non-Life Quarter • Stable inflow compared to Q3 19 +2% 1,620 1,647 • Increase in all lines excluding Accident & Health due to premium +1% Other 167 167 495 adjustment in Workmen’s Compensation (Covid-19) 499 51 51 522 539 Household 162 168 Year-to-date 487 502 • Solid growth in all lines, except Accident & Health Motor 151 158

445 439 130 122 Accident & Health 9M 19 9M 20 Q3 19 Q3 20

Periodical financial information I 9M 20 results I 13 November 2020 25 Belgium Combined ratio Solid operating performance despite weather 2019 & 2020 before QS events in the first quarter In % Net earned premium

101.2 The internal reinsurance agreement has an important impact on the 94.7 96.0 93.4 95.2 95.0 combined ratio. For ease of comparability, the pro forma combined 91.0 89.3 90.0 85.5 ratio commented in this section excludes all impacts from this internal reinsurance agreement. 37.7 37.8 37.7 37.4 37.4 37.3 37.9 37.8 36.6 Quarter 37.3

. Strong claims performance across most product lines

Year-to-date 63.5 56.9 58.3 56.0 57.8 57.7 53.4 53.1 51.5 48.2 . Improvement across all product lines, mainly due to strong claims performance in Motor (CY & PY)

. Both years include impact from weather events (≈4pp) (3.4) (8.5) (9.1) (7.2) (8.2) (7.7) (8.3) (8.3) (7.7) (7.1) 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

claims ratio expense ratio PY claims ratio

Net earned premium (in EUR mio)

1,815 1,832 1,836 1,861 1,944 2,023 1,509 1,533 515 523

Periodical financial information I 9M 20 results I 13 November 2020 26 Belgium Combined ratio Solid operating performance in Motor 2019 & 2020 before QS

In % Net earned premium Accident & Health: good PY experience in Q3’20 Motor: Lower CY claims frequency & good PY performance

98.0 100.6 100.3 99.8 99.8 96.1 97.6 96.2 96.7 95.5 97.6 94.9 95.4 96.6 93.3 92.6 94.8 92.6 81.1 83.1 24.4 24.5 24.9 23.7 25.4 27.6 27.6 26.9 24.4 24.7 37.2 37.3 36.4 36.4 36.4 36.8 37.3 37.3 37.7 37.2

76.2 70.1 70.4 70.0 68.0 71.0 75.8 74.9 72.8 68.6 62.6 56.2 59.7 58.0 55.3 60.3 58.8 60.3 43.4 45.9

2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

NEP 504 484 472 481 522 562 415 410 143 140 NEP 562 568 570 578 596 614 459 473 159 161

Household: Strong underlying performance fully offsetting the Q1 Other lines : lower PY results in Q3 weather impact

135.1

97.4 95.9 94.3 110.8 89.1 92.6 92.9 93.3 47.6 102.9 84.2 83.5 82.7 91.6 83.3 45.0 80.1 79.6 81.6 45.7 46.6 44.6 73.7 71.4 45.2 44.8 46.6 46.3 46.4 45.6 45.8 46.0 44.8 43.0 44.3 43.9 44.1 45.1 44.0 87.5 65.8 51.7 47.8 49.3 46.3 47.9 46.9 58.3 43.9 38.6 37.7 36.7 46.8 40.3 35.8 35.7 28.6 27.4 37.5

2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

NEP 579 595 605 609 621 640 479 495 164 168 NEP 170 185 190 193 206 207 156 156 50 54

Periodical financial information I 9M 20 results I 13 November 2020 27 Belgium Operating Guaranteed: Covid-impact on Financial income Operating margin margins UL: in line with LY Investment m. In bps Avg techn. liabilities Expense & other m. Underwriting m. Life Unit-Linked 48 40 40 Quarter 39 37 34 36 30 32 31 . Lower mainly due to commercial action 48 39 39 39 33 37 36 Year-to-date 32 31 31

. At higher end of target range (2) 1 1 1 1 2014 2015 2016 2017 2018 2019 9M 199M 20 Q3 19 Q3 20 Avg techn liabilities (In EUR bn) 5.7 5.9 6.1 7.6 8.1 9.0 8.9 10.0 8.9 9.9 Life Guaranteed 85 Quarter 87 86 85 85 88 81 78 86 59 . Strong net underwriting results while LY was impacted by lower mortality result 95 91 91 100 98 88 94 100 101 . Lower investment margin: lower level of capital gains & financial 70 income partly compensated by lower guaranteed rates

30 31 Year-to-date 25 29 27 25 22 28 21 29 (27) (38) (34) (36) (37) (37) (41) (39) (43) (42) . Higher net underwriting margin thanks to a better risk margin (low mortality result last year) 2014 2015 2016 2017 2018 2019 9M 199M 20 Q3 19 Q3 20 . Lower investment margin due to lower level of net capital gains & Avg techn liabilities (In EUR bn) financial income from RE and equities partly compensated by 47.5 48.1 48.7 48.0 47.7 48.0 47.9 48.1 47.9 47.9 decreasing client returns

Periodical financial information I 9M 20 results I 13 November 2020 28 Belgium Evolution assets Yield & guaranteed rate on back book down at & liabilities the same pace

FY 17 FY18 FY19 9M20 Back book Guaranteed interest rate 2.32% 2.17% 1.95% 1.82% Life Fixed income yield 3.34% 3.25% 3.06% 2.95% Liabilities Guaranteed (EUR bn) 50.4 49.1 51.5 51.7

FY 17 FY 18 FY 19 9M20 New money Fixed income yield 1.88% 1.96% 1.63% 1.49% Life & Non-Life Reinvested amount (EUR bn) 2.9 3.2 3.6 3.1

Newly invested money mostly in corporate bonds (non-financial sector), mortgage loans and government bonds & related loans Since April 2020, the guaranteed rate on most retail products was lowered from 50 to 25 bps

Periodical financial information I 9M 20 results I 13 November 2020 29 Belgium Evolution assets Average rate on back book decreasing in line & liabilities with evolution yield fixed income

Back book 50,000 5.0%

vs fixed 45,000 4.5% income investments 40,000 4.0%

35,000 3.5%

30,000 3.0%

25,000 2.5%

20,000 2.0%

15,000 1.5%

10,000 1.0%

5,000 0.5%

0 0.0% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Liabilities guaranteed i-rate Existing bonds Existing guaranteed rates Book yield existing bonds

Periodical financial information I 9M 20 results I 13 November 2020 30 UK Headlines Result driven by good claims experience fully compensating impact of weather events

66 1,326 54 1,327

445 470

28 97.0 94.6 97.2 88.2 14

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20

* incl. non-consolidated partnerships @ 100% Periodical financial information I 9M 20 results I 13 November 2020 31 UK Net result & Q3 strong performance offsetting weather events Inflows - Inflows up from new deals In EUR mio Net result Quarter: . Strong result mainly in lower Motor 66 54 Year-to-date: . Strong 9M results driven by claims experience . 2019 performance driven by one-offs including Ogden benefit 28 . EUR (25) mio impact from the internal reinsurance program vs. EUR +16 mio in 9M 19 14

9M 19 9M 20 Q3 19 Q3 20

Quarter: . Increase across Household & Commercial lines from new deals; 1,326 Motor broadly flat 1,327 Other 103 133

267 Household 305 +6% Year-to-date: 470 445 . Motor down 6% - reflecting focus on maintaining pricing discipline 50 & lower volumes from TU 33 91 107 . Household up 14% - benefiting from new deals . Other up 29%: reflecting growth in Commercial lines from new Motor 929 869 deals 311 309

27 20 Accident & Health 10 4 9M 19 9M 20 Q3 19 Q3 20

* incl. non-consolidated partnerships @ 100% & @ constant exchange rate Periodical financial information I 9M 20 results I 13 November 2020 32 UK Combined ratio Lower Motor claims frequency & solid prior year claims 2019 & 2020 before LPT & QS supporting strong Q3 performance In % Net earned premium

112.2 The internal reinsurance agreement has an important impact on the 103.2 99.8 102.1 98.7 combined ratio. For ease of comparability, the pro forma combined 96.8 97.0 94.6 97.2 88.2 ratio commented in this section excludes all impacts from this internal 31.5 reinsurance agreement 32.8 34.9 33.5 32.7 36.6 35.4 35.9 38.6 Quarter 36.1

. Lower albeit declining claims frequency benefit in Motor driving 80.7 overall strong performance; 2019 Q3 impacted by attritional Motor 69.3 68.3 66.3 60.2 63.3 61.1 64.6 claims inflation 56.1 52.1

. Solid prior year releases driven by favourable large loss developments at claims settlement, mainly related to 2019 claims 4.5 (1.4) (4.6) (4.4) (9.2) (9.4) (9.5) (9.7) (12.5) . Combined ratio Tesco Underwriting 77.7% (vs. 91.9%) mainly (16.0) reflecting COVID-19 driven Motor claims frequency benefit.

Year-to-date 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 . Strong performance in Q2 & Q2 offsetting weather events claims ratio expense ratio PY claims ratio Net earned premium (In EUR mio)

1,613 1,751 1,598 1,493 1,320 1,296 959 934 318 306

Periodical financial information I 9M 20 results I 13 November 2020 33 UK Combined ratio Lower claims frequency & solid PY claims in Motor 2019 & 2020 before LPT & QS supporting strong Q3 performance Accident & Health: IBNR review in H1 & lower claims frequency Motor: Strong performance supported by lower claims frequency

117.4 114.5 110.9 116.5 104.7 109.2 99.1 99.3 102.8 99.7 103.0 102.6 101.5 93.4 97.8 95.6 87.1 25.5 87.2 78.5 82.8 25.1 27.2 27.6 29.4 38.7 29.7 29.7 27.8 43.3 40.9 46.7 51.4 54.3 53.9 58.6 33.2 31.7 55.8 91.0 74.6 75.8 75.0 72.1 66.0 60.2 55.4 63.7 68.0 67.9 55.8 58.4 56.1 57.8 56.9 58.8 54.0 51.1 31.4 23.1

2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

NEP 71 72 39 30 30 34 24 23 9 5 NEP 958 1,062 1,014 947 844 831 615 575 205 184

Household: Impact of weather events Other: strong Q3 slightly offsetting prudent COVID-19 reserving

118.6 120.9 116.7 110.3 114.0 102.0 101.7 103.9 103.0 101.9 103.3 94.3 99.5 98.2 99.5 97.3 97.2 86.9 90.1 89.5 44.9 47.7 44.0 47.0 37.3 40.6 45.1 46.0 40.9 54.3 43.3 47.8 37.7 48.6 47.9 48.2 45.3 44.1 45.6 56.7

73.7 67.0 73.2 72.7 62.2 57.6 56.9 55.8 56.4 56.0 55.3 54.0 55.1 51.0 51.7 42.8 44.5 51.8 46.3 51.9

2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

NEP 399 413 361 341 309 289 213 230 70 79 NEP 185 204 185 175 137 142 107 107 34 38

Periodical financial information I 9M 20 results I 13 November 2020 34 CEU Headlines Solid net result driven by Non-Life

111 2,473

190 20 90.4 90.9 (105) 83.6 85.1 127 103 13 13 86 10 (125)

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20

* incl. non-consolidated partnerships @ 100% Periodical financial information I 9M 20 results I 13 November 2020 35 CEU Net result & Life Strong result in Non-Life liabilities Life result impacted by lower capital gains In EUR mio Net result Quarter 111 . Life: result impacted by lower capital gains IT costs in Q3 ‘19 in France 80 65 . Non-Life: Strong net result in Portugal despite higher QS cession rate, supported by continued low claims frequency in Motor 25 56 23 . Adverse FX in Turkey 16 16 Year to date 46 . Life: Reserve release in Q1 ‘20 (EUR 20 mio) vs reserve strengthening in 24 8 9 Q2 ‘19 (EUR 9 mio) – EUR 11 mio lower capital gains 9M 19 9M 20 Q3 19 Q3 20

. Non-Life: Improved combined ratio in Motor and Accident & Health Life Non-Life Internal reinsurance: negative contribution of EUR 10 mio (vs EUR 0 mio)

16.2 15.5 15.6 Life technical liabilities 0.8 0.7 0.8

15.4 14.8 14.7 • Slightly down year-to-date due to the decrease in Unit-Linked prices in Q1 following the drop in financial markets – partial recovery during Q2 & steady-state in Q3 FY 19 6M 20 9M 20 excl shadow shadow

Periodical financial information I 9M 20 results I 13 November 2020 36 CEU Inflows Life inflows impacted by transition phase due to low yields Resilient Non-Life inflows In EUR mio

Life 1,430

Quarter 380 383 • Unit-linked – Recovery in Q3 after a Q2 impacted by the lockdown -40% -23% Unit-Linked 133 295 • Guaranteed – decreased following decision to focus more on 856 protect & UL due to low interest rates 402 137 Year-to-date 1,050 Guaranteed • Unit-linked – Up 6% thanks to a strong Q1 and recovery in Q3, 250 benefiting from the shift in product mix from savings to UL 454 158 • Guaranteed - Inflows down due to the continued low interest rate environment & transition in product mix 9M 19 9M 20 Q3 19 Q3 20

Non-Life +1% 1,043 1,050 Quarter +1% 91 79 • Recovery in Q3, with growth in all business lines in Portugal 333 335 Other 192 194 • Turkey impacted by adverse FX 26 23 Household 53 66

Year-to-date 434 433 Motor 157 148 • Resilient Non-Life inflows with Portugal outperforming the market • Turkey up 13% at constant FX, with good inflow in Health and Fire 325 344 97 98 Accident & Health

9M 19 9M 20 Q3 19 Q3 20

Periodical financial information I 9M 20 results I 13 November 2020 37 CEU Combined ratio Excellent combined ratio supported by lower claims 2019 & 2020 before LPT & QS frequency & expenses In % Net earned premium

The new internal reinsurance agreement has an important impact on 92.1 92.4 the combined ratio. For sake of comparability of the performance the 88.7 90.4 91.2 90.4 90.9 pro forma combined ratio commented in this section excludes all 85.4 83.6 85.1 impacts from this internal reinsurance agreement.

30.8 29.7 30.7 Quarter 30.1 31.2 30.4 33.1 29.5 28.8 29.5 . Combined ratio still reflecting lower claims ratio in Motor

. Combined ratio in Turkey at 103.8%, showing a return to normal 61.3 62.7 60.5 60.0 claims frequency in Motor after lockdown 55.9 58.6 59.2 54.8 57.8 55.6

Year-to-date (0.6) (0.4) (1.3) (4.3) (2.9) (2.4) (2.6) . Excellent combined ratio in Portugal thanks to lower claims in (6.5) (6.5) (8.0) Motor & Health 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

. Improved combined ratio in Turkey at 93.6% vs. 102% PY claims ratio expense ratio PY claims ratio

Net earned premium (In EUR mio) 415 454 664 768 594 657 485 526 166 177

Periodical financial information I 9M 20 results I 13 November 2020 38 CEU Combined ratio Continued low claims ratio in Motor due to COVID-19, 2019 & 2020 before LPT & QS normalisation in Q3 in Accident & Health and Household

Accident & Health: Q3 claims ratio returning to normal levels Motor: continued improved claims ratio due to lower frequency

110.2 103.8 105.4 103.3 103.8 102.9 98.0 88.6 90.0 88.2 89.0 88.8 91.7 89.2 89.6 84.0 87.3 83.4 87.1 84.9 32.3 35.0 39.8 25.1 32.5 35.3 36.6 36.2 26.7 26.8 24.8 26.0 25.6 31.6 25.2 24.4 28.3 25.6 33.6 33.0

71.5 64.9 63.0 63.2 65.5 70.4 68.0 67.2 66.7 70.4 61.9 58.8 61.4 62.5 59.0 58.9 59.3 60.1 55.6 56.6

2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

NEP 238 255 328 373 318 349 257 282 87 95 NEP 96 94 202 249 188 207 153 164 52 56

Household: normal claims ratio vs. exceptionally low level LY Other: very small & volatile portfolio

94.3 80.3 81.2 82.7 79.9 75.7 72.0 73.5 71.7 67.4 117.4 114.0 40.3 34.7 34.2 34.2 38.0 33.2 33.2 45.1 72.5 41.5 70.7 35.9 33.9 64.8 64.5 34.4 53.4 57.4 53.7 43.1 54.0 40.8 42.3 46.5 48.5 42.5 45.7 42.4 41.2 36.1 40.3 37.8 72.3 72.6 40.1 46.2 33.0 41.3 44.2 31.7 39.2 28.3 23.6 17.3 18.3 12.1 3.9 9.5 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20

NEP 51 70 91 105 74 86 64 68 24 22 NEP 30 35 43 41 13 15 11 12 4 4

Periodical financial information I 9M 20 results I 13 November 2020 39 CEU Operating Solid guaranteed margin despite lower capital gains margins Improved UL margin In bps Avg techn. liabilities Operating margin Expense & other m. 20 Life Unit-Linked Underwriting m. 21 Investment m. 13 Quarter 13 22 11 16 • Up on higher expense ratio following a change in product mix 10 9 10 15 7 7 9 6 8 6 9 4 5 5 5 7 2 20 4 4 4 4 Year-to-date 1 1 (1) (1) (1) (6) (9) . Improvement in Q2 & Q3 compensated for the impact in Q1 of higher arbitrage cost due to financial market volatility 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 Avg techn liabilities (In EUR bn) 6.2 6.1 6.0 7.5 7.6 7.0 7.0 6.4 7.0 6.2 In EUR bn

Life Guaranteed 139 90 86 190 127 70 121 108 88 11 103 106 Quarter 76 91 89 71 83 77 59 80 58 • Still above target despite lower capital gains 95 100 110 111 99 105 106 108 112 108 • Solid underwriting margin and continued efforts on expense (71) (65) (78) (71) (69) (63) management (102) (106) (109)

Year-to-date 2014 2015 2016 2017 2018 2019 9M 19 9M 20 Q3 19 Q3 20 • Very high margin driven by a strong underwriting margin & further supported by a reserve release in Q1 (85 bps impact) Avg techn liabilities (In EUR bn) 7.7 8.0 8.7 7.9 8.1 8.6 8.6 8.7 8.6 8.6

Periodical financial information I 9M 20 results I 13 November 2020 40 Asia Headlines Solid operating performance, undermined by market impacts

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 regular single

*Incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I 9M 20 results I 13 November 2020 41 Asia Net result & Life Solid Q3 underlying result mitigated by IFRS liabilities equity impairments & yield movements In EUR mio

Net result

Quarter 443

. Solid underlying Life Result undermined by: 12 − Negative net capital gains (EUR (51) mio vs EUR 30 mio) 112 257 − Unfavourable evolution of discount rate curve 4 . Non-Life result supported by low claims frequency during 431 26 lockdown 108 41 232 8 Year-to-date 33 9M 19 9M 20 Q3 19 Q3 20 . Resilient Life result in the context of COVID-19 pandemic Life Non-Life . Solid Life underlying performance, decrease fully explained by: − Lower level of capital gains (EUR 0 mio vs EUR 100 mio) − Evolution of discount rate curve in China − One-off tax benefit in China in Q2 ‘19 . High Non-Life result thanks to favourable claims experience

90.6 92.7 82.2 Life Technical Liabilities . Life Technical liabilities driven by new business & high persistency levels

FY 19 6M 20 9M 20

Periodical financial information I 9M 20 results I 13 November 2020 42 Asia Inflows Continued Life growth in Q3 Non-Life inflows impacted by the lockdown In EUR mio 18,763 19,028 Life 902 1,134 . Life gross inflows up 13% in Q3, driven by new business 4,921 growth & strong persistency 4,595 Unit-Linked 272 399 . New business premiums up 7% in Q3 17,861 17,894

. Regular premium up 6% in Q3 4,323 4,522

Guaranteed

9M 19 9M 20 Q3 19 Q3 20

1,043 1,064 Non-Life

. Non-Life inflows -12% in Q3, due to the lack of commercial 284 297 392 activities during the Covid-19 pandemic

123 139 113 317 Other 67 39 Household 43 535 546 201 Motor 181

Accident & Health 101 81 38 25 9M 19 9M 20 Q3 19 Q3 20

incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I 9M 20 results I 13 November 2020 43 Asia Inflows per Resilient performance in the context of Covid-19 country pandemic In EUR mio China: up 8% in Q3 driven by strong Thailand: Non-Life up 7% in Q3, Malaysia: strong growth in Life in Q3, renewals mitigating the decrease in Life driven by Singapore business

1,557 2,060 277 1,852 1,222 667 690 497 314 607 102 143 102 496 407 15,975 16,145 1,783 153 1,537 588 1,060 523 505 3,654 3,783 726 254

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 Life Non-Life Life Non-Life

India: Non-Life inflows impacted by Philippines: back on growth track Vietnam: continued rapid growth lockdown – Resilient Life inflows

462 420 201

270 253 135 87 137 32 15 27 12 72 60 33 23 192 167 64 62

9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 Life Non-Life

* incl. non-consolidated partnerships @ 100% All growth rates are at constant FX Periodical financial information I 9M 20 results I 13 November 2020 44 Reinsurance Headlines Strong underwriting results in Q2 & Q3 more than offsetting Q1 weather Net result: Solid CY claims ratio in Q2 & Q3 Inflows: EUR 1,047 mio from QS of COR: strong claims ratio more than compensating weather impact which EUR 324 mio in Q3 In % NEP In EUR mio In EUR mio

60 37 1,454 1,385 357 318

59 37 1,454 1,374 103.2 318 354 96.3 98.1 90.9 1 10 0 12 4 (24) Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 9M 19 9M 20 Q3 19 Q3 20 Life Non-Life 9M 19 9M 20 Life Non-Life

* Of which 75% is underwritten by ageas SA/NV Periodical financial information I 9M 20 results I 13 November 2020 45 Reinsurance Net result Strong performance in Q2 & Q3 driven by low claims frequency at ceding companies In EUR mio

Quarter 37 7 Portugal • EUR (1) mio from protection programme due to prudent reserving 16 UK

• EUR 16 mio positive contribution from Belgium thanks to 10 strong CY claims 5 16 Belgium • EUR 16 mio positive contribution from the UK thanks to 5 favourable claims ratio 3 0 Protection Life (2) (1) • EUR 7 mio positive contribution from Portugal thanks to Protection Non-Life strong CY Q3 19 Q3 20

Year-to-date 60

• EUR (2) mio from protection programme due to prudent 15 Portugal reserving • EUR 16 mio positive contribution from Belgium thanks to 32 UK strong CY claims in Q2 & Q3 fully compensating Q1 weather Belgium 16 • EUR 32 mio positive contribution from UK thanks to 2 4 1 (3) Protection LIfe favourable claims in Q2 & Q3 more than offsetting weather (10) Protection Non-Life • EUR 15 mio positive contribution from Portugal thanks to (20) strong CY (24)

9M 19 9M 20

Periodical financial information I 9M 20 results I 13 November 2020 46 Reinsurance Inflows Increased contribution from quota share agreements

In EUR mio

357 Quarter 318 67 Portugal 33 • EUR 324 mio from quota share (vs. EUR 207 mio in Q3 19) • EUR 29 mio from non-life protection programme 135 UK 172 • EUR 4 mio from life protection programme in Portugal

122 Belgium 90 Protection Non –Life 22 29 4 Q3 19 Q3 20 Protection Life

Year-to-date 1,454 1,385 178 • EUR 1,047 mio from quota share (vs. EUR 667) 292 Portugal • EUR 191 mio from the Loss Portfolio Transfer (LPT) • EUR 46 mio from prior year unearned premiums in UK 915 598 UK • EUR 90 mio from non-life protection programme – strong growth thanks to new participation in India Non-Life and in Motor & TPL in UK 393 Belgium • EUR 12 mio from life protection programme in Portugal 292

69 90 12 Protection Non –Life 9M 19 9M 20 Protection Life

Periodical financial information I 9M 20 results I 13 November 2020 47 GA Headlines Result driven by Fresh transactions & RPN(i) revaluation

Net result Q3 driven by RPN(i) revaluation Impact on P&L from RPN(i) Expenses under control In EUR mio In EUR mio In EUR mio*

77 70

7 6 4 660

(359) (344) (361) Belgium 427 629 2.2 (461) (514) (458) 1.5 1.5

233

FY 19 6M 20 9M 20 9M 19 9M 20 FY 19 6M 20 9M 20 RPI RPN(i) Settlement

*net of ForSettlement provisioned expenses Periodical financial information I 9M 20 results I 13 November 2020 48 GA Cash position Available cash up on upstream from operating companies – Q4: Main upstream from BE & interim dividend payment

In EUR mio (50) 2,192 233 (538) FRESH HQ (74) (18) (50) SBB 1,520 (22) (21) RO (132) settlement settlement

≈ 1100 ≈ 1000

FY 19 Upstream Dividend Fresh Tender Cap. Injection Settlement HQ & RO Share Other 9M 20 Asia expenses buy-back

. Upstream from Belgium: EUR 427 million in Q4 – total upstream amounting to EUR 660 million . Capital injections in The Philippines & Singapore . EUR 0.4 bn ring-fenced for Fortis settlement . EUR 0.3 bn expected cash-out for announced M&A transactions in the coming quarters (India, HK, UK)

Periodical financial information I 9M 20 results I 13 November 2020 49 GA Outstanding Successful tender on the Fresh securities hybrids

In EUR mio ageas SA/NV Ageasfinlux AG Insurance Fortis Bank (Belgium) (now BNPPF) Fresh Fixed Rate Reset Perp Fixed Rate Fixed-to-Floating Fixed-to-Floating Dated Reset Temporary Rate Callable Rate Callable Subordinated Write-Down CASHES Notes Tier 1 Tier 2 Tier 2 Tier 1 Tier 2 3m EUR + 135 % 3.875% 3.25% 5.25% 3.50% 3m EUR +200 bps bps Amount outstanding 750 500 384 450 400 948 ISIN BE6317598850 BE0002644251 XS0147484074 BE6261254013 BE6277215545 BE0933899800

June 2030 first July 2029 Undated, June 2024 June 2027 Undated, reset date Reset Call date Step up to 3M strike 315.0 Step up to 3M Step up after 12 strike 239.4, to 5-yr mid-swap Euribor +380 bps mandatory 472.5 rate +379.2 bps Euribor +413 bps years of 100bps mandatory 359.1

Coupon served by Subscribed by FBB, trigger Other Public issue Public issue Ageas & BNP Public issue ACSM linked to Paribas Fortis Ageas dividend Market Price 93.65 108.27 64.17 110.61 109.54 74.29 (30/09/2020)

Periodical financial information I 9M 20 results I 13 November 2020 50 Content Slides used during analyst call 2 Segment information 15 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

Periodical financial information I 9M 20 results I 13 November 2020 51 Equity Shareholders Equity up on net result - FY 19 dividend paid in Q4 equity In EUR mio

Equity per share EUR 58.89 EUR 60.18 994 11,221 16 11,252 (435) (50) (131) (330) (33) Unrealised gains & 3,931 3,497 losses

7,290 7,756

FY 19 result change dividend treasury FX IAS 19 other 9M 20 UG/L shares Shareholders’ equity Equityper segment per segment Belgium 5,135 ► 5,128 Asia 4,008 ► 3,642 UK 998 ► 977 Reinsurance 108 ► 83

Continental Europe 1,326 ► 1,362 General Account (354) ► 59

Periodical financial information I 9M 20 results I 13 November 2020 52 Equity Tangible net Debt leverage down after succesful transactions on the equity Fresh instrument In EUR mio

FY 19 9M 20

IFRS Shareholders' Equity 11,221 11,252 Unrealised gains real estate 674 679 Goodwill (614) (599) VOBA (Value of Business Acquired) (58) (48) DAC (Deferred Acquisition Cost) (425) (426) Other (531) (563) Goodwill, DAC, VOBA related to N-C interests 381 385 Tax adjustment DAC, VOBA & Other 161 166

IFRS Tangible net equity 10,810 10,846

IFRS Tangible net equity/ IFRS Shareholder's Equity 96% 96%

Debt leverage on tangible net equity * 22.4% 17.2%

* Leverage calculated as (Subordinated liabilities + Senior debt) / (Tangible net equity + Subordinated liabilities + Senior debt)

Periodical financial information I 9M 20 results I 13 November 2020 53 I page 53 Solvency

Solvency IIageas Solvency driven by Fresh & market over 9 months – slightly up in Q3

8.6 7.6 7.7 7.7 7.6 7.7

Own Funds 6.3 5.7 5.7

1.5 4.0 3.9 4.0 SCR 1.1 3.2 3.3 3.5 2.8 2.9 2.8 0.9 0.8 0.8 0.9 0.9 0.7 0.8 0.8 0.9 0.9

0.5 0.4 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.3 (0.6) (0.6) (0.6)

(1.8) (1.5)(1.5)

FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20

Non EU Belgium UK CEU Reinsurance GA eliminations Group Non-controlled participations*

Solvency IIageas 221% 199% 203% 179% 185% 183% 170% 153% 152% 173% 191% 206% 217% 192% 194% 243% 227% 223% in %

* Based on local solvency requirements Periodical financial information I 9M 20 results I 13 November 2020 54 Solvency II

Solvency IIageas Solvency driven by Fresh & market over 9 months – slightly up in Q3

Impact on Solvency IIageas* FY ’19  9M ’20 6M ’20  9M ’20 217% 194% 192% 194%

Tender of the Fresh – pre-compensated by Debt initiatives -12 pp EUR 750 mio T1 in 2019

Model refinements + 3 pp

Market movements - 14 pp +3 pp Q3 mainly spread tightening including RPN(i)

Operational +13 pp Strong across all operating entities +3 pp

Capital transactions & M&A - 6 pp SBB, injection in Asia, FX hedging (INR & HKD) - 1 pp

Expected dividend - 8 pp - 2 pp

* Impact including secondary impact, diversification & non-transferable Periodical financial information I 9M 20 results I 13 November 2020 55 Free Capital Generation Operational FCG of EUR 573 mio* Solvency IIageas In EUR mio * 2,929 573 491 (458) 80 expected 2,470 132 (184) dividend 2,270 491 (577) 441 (42) (50) 767 Based on 175% SCR

Solvency IIageas 2,438 1,980 1,502

FY 19 Fresh tender FY 19 Model Market impact Operational Capital M&A Activities Paid dividend 9M 20 restated changes impact transactions

Periodical financial information I 9M 20 results I 13 November 2020 56 Free Capital Generation Evolution SCR & OF split between types of impact Solvency IIageas 9,125 In EUR mio 491 (483) 8,642 23 8,473 491 665 (623) (184) Own Funds (50) 767

8,634 8,151 7,705

FY 19 Fresh tender FY 19 Model Market impact Operational Capital M&A Activities Paid dividend 9M 20 restated changes impact transactions

(14) 24 SCR (38) (41) 65

3,973 3,959 3,970

FY 19 Fresh tender FY 19 Model Market impact Operational Capital M&A Activities Paid dividend 9M 20 restated changes impact transactions

Periodical financial information I 9M 20 results I 13 November 2020 57 Free Capital Generation Operational FCG driven by a strong Non-Life Solvency IIageas performance In EUR mio

Quarterly EUR mio OF SCR FCG impact Strong Non-Life Belgium 468 39 399 109 SCR up on asset management actions

UK 69 6 58 11 Strong Non-Life performance

CEU 122 (0) 123 32 Strong Non-Life

Strong Non-Life performance in ceding companies Reinsurance 61 23 21 22 SCR increase following step-up to 40%

General Account 85 27 37 (15) including EUR 132 mio dividends from NCP's

Group eliminations (141) (30) (66) (24)

Total Ageas Solvency II 665 65 573 135 YTD including EUR 132 mio dividends from NCP's scope

Periodical financial information I 9M 20 results I 13 November 2020 58 Solvency

Solvency IIageas High Solvency ratio providing resilience against sensitivities market or other external evolutions

As per 30/09/20

SCR OF Solvency Base case Before stress 3,970 7,705 194%

Yield curve Down 50 bps 4,061 7,533 186%

Up 50 bps 3,903 8,002 205%

Equity Down 25% 3,837 7,331 191%

Property Down 10% 3,977 7,429 187%

Spread* Spreads on corporate & government bonds up 50 bps 3,970 7,497 189%

Corporate spread Up 50 bps 3,966 7,737 195%

Sovereign spread Up 50 bps 3,976 7,502 189%

UFR – base case 4.05% Down 15 bps 3,972 7,720 194%

Down 35 bps 3,976 7,692 193%

* Spread sensitivity doesn’t take into account any credit rating movement

Periodical financial information I 9M 20 results I 13 November 2020 59 Solvency PIM Solvency down year-to-date driven by EIOPA VA Solvency up in Q3 on spread In EUR bn

8.7 7.4 7.6 7.7 7.6 7.7

5.9 5.4 Own Funds 5.3

1.4 1.5 4.3 4.2 4.3 3.2 3.1 3.1 1.2 1.3 3.2 3.3 3.5 SCR 0.9 0.8 0.8 0.7 0.8 0.8 0.9 0.9

0.5 0.5 0.5 0.5 0.5 0.6 0.4 0.4 0.4 0.2 0.2 0.3 (0.6) (0.6) (0.6)

(1.7) (1.6)(1.6)

FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20 FY 196M 209M 20

Non EU Belgium UK CEU Reinsurance GA eliminations** Group Non-controlled participations*

Solvency II PIM 185% 170% 173% 172% 178% 176% 274% 233% 233% 170% 186% 179% 203% 178% 179% 243% 227% 223% in % * Based on local solvency requirements ** minority interest not-fully owned subsidiaries equals minority interests exceeding contribution to group SCR after deduction capital charge related to participation in AII Periodical financial information I 9M 20 results I 13 November 2020 60 Solvency PIM Ageas asset mix not in line with EIOPA reference sensitivities portfolio

As per 30/09/20

SCR OF Solvency Base case Before stress 4,256 7,627 179%

Yield curve Down 50 bps 4,429 7,478 169%

Up 50 bps 4,134 7,892 191%

Equity Down 25% 4,091 7,211 176%

Property Down 10% 4,409 7,377 167%

Spread* Spreads on corporate & government bonds up 50 bps 4,608 7,084 154%

Corporate spread Up 50 bps 4,108 7,763 189%

Sovereign spread Up 50 bps 4,744 6,925 146%

UFR – base case 4.05% Down 15 bps 4,286 7,633 178%

Down 35 bps 4,308 7,622 177%

* Credit rating movement not taken up in spread sensitivity

Periodical financial information I 9M 20 results I 13 November 2020 61 Solvency Composition of Composition of SCR & OF SCR & OF In EUR bn

Insurance SCRageas per risk type Tiering of Group PIM own funds Stable SCR composition Fresh transactions driving Tier 1 & 2 in Q1 UT1 up on spread movements in Q3 8.7 4.3 4.2 4.3 0.1 7.4 0.5 0.5 7.6 0.5 1.7 0.8 0.8 0.1 0.8 0.1 0.3 0.3 0.3 1.0 0.8 1.0 0.8 0.8 0.4 0.3 0.3 1.4 1.2 1.2

4.8 4.6 4.8 Non Diversifiable Non-life UW Health UW Life UW 5.5 5.3 Counterparty Default 5.1 ( 1.5 ) ( 1.5 ) ( 1.5 ) Market Tier 3 Loss-AbsorptionDiversification Deferred Taxes ( 1.0 ) ( 0.9 ) ( 0.9 ) Tier 2 Loss-Absorption Techn. Liab. Tier 1 restricted ( 0.8 ) ( 0.8 ) ( 0.9 ) DiversificationLoss-Absorption Deferred Taxes Tier 1 FY 19 6M 20 9M 20 FY 19 6M 20 9M 20

Periodical financial information I 9M 20 results I 13 November 2020 62 Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

Periodical financial information I 9M 20 results I 13 November 2020 63 Investment portfolio Investment portfolio stable in a volatile market

84.3 84.3 In EUR bn Cash 3.7 Cash 2.2 Real Estate Real Estate 5.9 5.6 Equities 4.3 Gross UG/L on . Total portfolio: at EUR 9.3 bn (vs. EUR 8.7 bn) Equities 4.6 Available for Sale Loans Loans 13.2 . Fixed income: up to EUR 8.7 bn (vs. EUR 7.9 bn) 11.1 Structured Structured ° Sovereigns at EUR 7.2 bn (vs. EUR 6.4 bn) 0.1 0.1

° Corporates at EUR 1.5 bn (vs. EUR 1.5 bn) Corporate Corporate bonds 20.8 bonds 20.2 . Equities: at EUR 0.5 bn (vs. EUR 0.8 bn)

Gross UG/L on Real . at EUR 1.9 bn

Estate • not reflected in shareholders’ equity

Sovereign Sovereign bonds 38.4 bonds 38.4 Gross UG/L on Held . Up to EUR 2.7 bn (vs. EUR 2.4 bn)

to Maturity • not reflected in shareholders’ equity

FY 19 9M 20

Ageas Group has joined the commitment to incorporate ESG issues into its investment analysis and decisions and signed on behalf of all its consolidated entities the UN PRI

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs

Periodical financial information I 9M 20 results I 13 November 2020 64 Investment portfolio Higher sovereign bond UG/L

38.4 38.4 In EUR bn Other 2.6 Other 2.4 Ireland 0.5 Ireland 0.4 Germany 1.2 Germany 1.2 Italy, 1.5 Italy, 1.6 Spain 2.2 Spain 2.4 Portugal 2.8 Portugal 2.8 Sovereign bond . Gross UG/L up to EUR 7.2 bn (vs. EUR 6.4 bn) Austria 2.7 Austria 2.6 portfolio* . 99.9% investment grade; 83% rated A or higher France 6.3 France 6.3

Belgium Belgium 18.5 18.7

FY 19 9M 20

13.2

Loan portfolio . Other: mostly government related loans 11.1 (customers & banks)* benefiting from an explicit guarantee by the Belgian regions or the French State Other 9.5 Other 8.0

Mortgages 1.2 Mortgages 1.2 Infrastructure 1.2 Infrastructure RE 0.3 1.1 RE 0.2 Loans to banks 0.6 Loans to banks 1.0 FY 19 9M 20

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs Periodical financial information I 9M 20 results I 13 November 2020 65 Investment portfolio Corporate bond portfolio* slightly down, partial recovery in Q2 & Q3 In EUR bn 20.8 20.2 Government . Gross UG/L at EUR 1.5 bn (vs. EUR 1.5 bn) Government Corporate bond related 3.1 related 2.9 portfolio – by sector . Limited exposure to Oil & Gas, Airlines & Transportation Non Non Financials Financials . Impact Solvency II ageas of all Corporate 12.3 12.4 bonds 1 notch down <5pp Other Other financials 2.4 financials 2.4 Banking 3.0 Banking 2.6 FY 19 9M 20

Corporate bond . Credit quality remains high with 90% portfolio – by rating investment grade - 51% rated A or higher . BBB exposure only 9% of total investment portfolio / only 1% BBB- . EUR 1.6 bn regarded as non-rated corporate investments

* All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs ; consolidated @100%

Periodical financial information I 9M 20 results I 13 November 2020 66 Investment portfolio Equity portfolio* ytd down on lower UG/L, partial recovery in Q2 & Q3 / Positive revaluation of Real Estate in Q2 In EUR bn 4.6 4.3 Mixed funds & others 0.8 Mixed funds & Equity portfolio* . Gross UG/L at EUR 0.5 bn (vs. EUR 0.8 bn) others 0.5 RE funds 0.9 RE funds 0.9 Equity funds 0.5 Equity funds 0.6

Equities 2.4 Equities 2.2

FY 19 9M 20

5.9 5.6 Invest. Warehouses Invest. Warehouses 0.1 Real estate portfolio* . Gross UG/L at EUR 1.9 bn (not reflected 0.3 RE Development in shareholders’ equity but contributing to RE Development 0.6 0.3 Investment Investment available capital for solvency calculation) Retail 1.2 Retail 1.3 . Overall positive re-valuation exercise in Car Parks Car Parks Q2 – lower fair value of car parks 1.3 1.4 compensated by increased fair value of offices and senior housing Investment Investment . Real economic exposure to Car parks Offices 2.6 Offices 2.6 limited to ≈EUR 0.7 bn **

FY 19 9M 20 * All assets at fair value except the ‘Held to Maturity’ assets & loans which are valued at amortized costs ** AG Insurance stake in IPK at 51% Periodical financial information I 9M 20 results I 13 November 2020 67 Content

Slides used during analyst call 2 Segment information 15 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

Periodical financial information I 9M 20 results I 13 November 2020 68 Legal Settlement in full execution mode

Announcement . Ageas offers to pay EUR 1.2 bn compensation – additional effort of EUR 0.1 bn announced 14/03/2016 16/10/2017 . Cash impact of EUR 1.0 bn . 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

Binding declaration and Court’s decision to declare the settlement binding on 13/07/2018 claims filing period . Publication of binding declaration notice on 27/07/2018 launched execution of the settlement . Limited number of opt-outs received for ≈1% of total settlement amount . Computershare Investor Services plc acting as independent claims administrator . Further information available on www.FORsettlement.com

Claims validation & Claims filing ended on 28/07/2019 payments ongoing . at end of October 2020 . ≈290K claims received of which ≈271K have received payment . > EUR 971 mio compensation paid – EUR 337 mio remaining . next distribution before YE . Due to higher than expected number of claims, dilution likely in certain cases . 70% of estimated per share compensation guaranteed for claimants filing before 31/12/2018 . Claims validation and payments to continue in 2021

Periodical financial information I 9M 20 results I 13 November 2020 69 Legal Recent developments & Proceedings related to the past that remain outstanding

Criminal investigation . Ageas not referred to Criminal Court in relation to Fortis events by the Instruction Court (Chambre du Conseil/Raadkamer) . No appeal filed, the criminal case is thus closed

Civil proceedings . Opt-out cases from settlement . Limited number of opt-outers for ≈1% of settlement amount . Mr. Modrikamen: out-of-court settlement reached on 7 June 2020 . Patrinvest: first instance in favour of Ageas, appeal filed by plaintiff . Cebulon: initiated legal proceedings on 14 July 2020 - introductory hearing before Utrecht court of first instance on 9 September 2020 - Ageas to submit first statement of defence on 2 december 2020

Periodical financial information I 9M 20 results I 13 November 2020 70 Slides used during analyst call 2 Segment information 15 Equity / Solvency 51 Investment portfolio 63 Legal Settlement 68 General Information 71

Periodical financial information I 9M 20 results I 13 November 2020 71 Outstanding shares Another 4 mio shares canceled at Shareholders’ meeting in May 2020

situation 31/12/2019 situation 30/06/2020 situation 30/09/2020

Total Issued Shares 198,374,327 194,553,574 194,553,574

Shares not entitled to dividend nor voting rights 11,747,866 11,356,447 11,519,429

1. TREASURY SHARES Share buy-back * 3,820,753 3,429,334 3,592,316 FRESH 3,968,254 1,219,048 1,219,048 Other treasury shares 0 2,749,206 2,749,206

2. CASHES 3,958,859 3,958,859 3,958,859

Shares entitled to dividend & voting rights 186,626,461 183,197,127 183,034,145

* After deduction of shares for management plans Periodical financial information I 9M 20 results I 13 November 2020 72 Shareholders structure

Identified retail Fosun investors 22%

BlackRock, Inc. Identified institutional Ping An investors 43%

Ageas Other 3.9% investors 15%

Ageas Based upon press release 6 August 2020 Ping An Based upon the number of shares mentioned in the notification received 6 May 2013 BlackRock, Inc. Based upon the number of shares mentioned in the notification received 6 November 2020 Fosun Based upon the number of shares mentioned in the notification received 16 May 2019 Identified retail investors Estimate by Identified institutional investors Estimate by

Periodical financial information I 9M 20 results I 13 November 2020 73 Ratings

S&P MOODY'S FITCH

Operating entities AG Insurance (Belgium) A / positive A2 / stable A+ / stable Last review 21/11/19 13/12/19 12/11/20 unsollicited

Ageas Insurance Limited A / positive A+ / stable Last review 21/11/19 12/11/20

Muang Thai Life BBB+ / Stable A- / negative Last review 15/04/20 08/05/20

Etiqa Insurance Berhad (Malaysia) A / stable Last review 06/05/20

China Taiping Life A+ / stable Last review 14/05/20

A3 / Holding ageas SA/NV A / positive stable A+ / stable Last review 21/11/19 13/12/19 12/11/20 unsollicited

Periodical financial information I 9M 20 results I 13 November 2020 74 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 Investor Relations transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial Tel: + 32 2 557 57 32 condition that may be achieved in the future. E-mail: [email protected] Website: www.ageas.com

Periodical financial information I 9M 20 results I 13 November 2020 75