A n n u A l R e p o R t 2 0 1 2 Report 2012 Message of the Chairman and CEO of Ageas Report of the Board of Directors of Ageas Ageas Consolidated Financial Statements ageas SA/NV Company Financial Statements ANNUAL Brussels 5 March 2013 AGEAS | ANNUAL REPORT 2012 3 CONTENT Ageas at a glance 2012 .................................................................................................................................................................................... 6 Key events in 2012 ............................................................................................................................................................................................ 9 Introduction ...................................................................................................................................................................................................... 10 Message to the shareholders .......................................................................................................................................................................... 11 Message of the Chairman and CEO of Ageas ................................................................................................................................................ 11 Report of the Board of Directors of Ageas ...................................................................................................................................................... 14 1 General description and strategy of Ageas ...................................................................................................................................... 15 2 Developments and results ................................................................................................................................................................ 17 3 Corporate Governance Statement ................................................................................................................................................... 21 Ageas Consolidated Financial Statements 2012 ............................................................................................................................................ 39 Consolidated statement of financial position ................................................................................................................................................... 40 Consolidated income statement ...................................................................................................................................................................... 41 Consolidated statement of comprehensive income ........................................................................................................................................ 42 Consolidated statement of changes in equity ................................................................................................................................................. 43 Consolidated cash flow statement .................................................................................................................................................................. 44 General Notes ................................................................................................................................................................................................. 45 1 Legal structure .................................................................................................................................................................................. 46 2 Summary of accounting policies....................................................................................................................................................... 47 3 Acquisitions and disposals ............................................................................................................................................................... 56 4 Shareholders’ equity ......................................................................................................................................................................... 59 5 Non-controlling interests ................................................................................................................................................................... 64 6 Earnings per share ........................................................................................................................................................................... 65 7 Risk Management ............................................................................................................................................................................. 66 8 Regulatory supervision and solvency ............................................................................................................................................... 99 9 Post-employment benefits, other long-term employee benefits and termination benefits ............................................................. 102 10 Employee share option and share purchase plans ........................................................................................................................ 110 11 Remuneration of Board of Directors Members and Executive Committee Members .................................................................... 112 12 Audit fees ........................................................................................................................................................................................ 117 13 Related parties ............................................................................................................................................................................... 118 14 Information on operating segments ................................................................................................................................................ 120 Notes to the Consolidated statement of financial position ............................................................................................................................ 133 15 Cash and cash equivalents ............................................................................................................................................................ 134 16 Financial investments ..................................................................................................................................................................... 135 17 Investment property ........................................................................................................................................................................ 142 18 Loans .............................................................................................................................................................................................. 144 19 Investments in associates .............................................................................................................................................................. 148 20 Reinsurance and other receivables ................................................................................................................................................ 151 21 Call option BNP Paribas shares ..................................................................................................................................................... 153 22 Accrued interest and other assets .................................................................................................................................................. 155 23 Property, plant and equipment ....................................................................................................................................................... 156 24 Goodwill and other intangible assets ............................................................................................................................................. 158 25 Insurance liabilities ......................................................................................................................................................................... 162 26 Debt certificates .............................................................................................................................................................................. 167 27 Subordinated liabilities ................................................................................................................................................................... 168 28 Borrowings ...................................................................................................................................................................................... 170 29 Current and deferred tax assets and liabilities ............................................................................................................................... 172 30 RPN(I) ............................................................................................................................................................................................. 174 31 Accrued interest and other liabilities .............................................................................................................................................. 176 32 Provisions ......................................................................................................................................................................................