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Ageas in Asia Filip Coremans CFO Ageas Asia (CRO Ageas as of 1 July 2014)

Ageas in Asia Filip Coremans CFO Ageas Asia (CRO Ageas as of 1 July 2014). Active in 12 countries in Europe & Asia. Situation on 31 December 2013. Belgium - 75 % Life € 4,101 mio Non-Life: € 1,855 mio. UK – 100% Life: € 108 mio Non-Life: € 2,176 mio. China - 25 %

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Ageas in Asia Filip Coremans CFO Ageas Asia (CRO Ageas as of 1 July 2014)

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  1. Ageas in Asia Filip Coremans CFO Ageas Asia (CRO Ageas as of 1 July 2014)

  2. Active in 12 countries in Europe & Asia Situation on 31 December 2013 • Belgium - 75% • Life € 4,101 mio • Non-Life: € 1,855 mio • UK – 100% • Life: € 108 mio • Non-Life: € 2,176 mio • China - 25% • Life: € 6,397 mio • Luxembourg- 33% • Life: € 2,252 mio • France - 100% • Life: € 351 mio • Portugal - 51% • Life: € 1,486 mio • Non-Life: € 251 mio • Hong Kong - 100 % • Life: € 485 mio • Turkey - 36% • Non-Life: € 602 mio • Thailand • Life – 31%: € 1,476 mio • Non-Life– 15%: € 214 mio • Italy - 25% • Non-Life: € 211 mio • India - 26% • Life: € 108 mio • Malaysia - 31% • Life: € 594 mio • Non-Life: € 552 mio * Inflow included non-consolidated partnerships @ 100% Ageas Club 26062014

  3. China (2001) • Net investment of EUR 390m composed of EUR 397m investments and EUR-7m divestments • Additional capital injections not excluded in next 3 years (2014-16) due to aggressive business plan and Greenfield Taiping e-Commerce • Hong Kong (2007) • Net investment of EUR 686m composed of EUR 761m investments and EUR-74m dividends • Self-supporting • Dividend paying since 2013 • India (2008) • Net investment of EUR 34m • Greenfield; funding requirements function of growth • First profit recorded in 2012 • Malaysia (2001) • Net investment of EUR 148m composed of EUR 203m investments, EUR-36m redemptions and EUR-18m dividends • Self-supporting • Entered dividend-paying mode in 2011 • Thailand (2004) • Net investment of EUR 9m composed of EUR 62m investments, EUR-17m dividends and EUR-36m divestment • Dividend-paying since 2010 Our Investments in Asia to date Total net invested capital of EUR 1.3 billion Ageas Club 26062014

  4. Zooming in on our Asian Insurance Activities Ageas Asia Region for 2013 • Gross inflows: € 9.8 billion • Technical Liabilities: € 28 billion • Net Profit: € 142 million • Staff: 33,640 – 418 Ageas staff • Agents: +/- 167,000 • Bank branches: +/- 32,000 Taiping Life (China) (24,9%) • Gross inflows: € 6.40 billion • Technical Liabilities: € 17.94 billion • Net Profit: € 26.5 million • Staff: 25,648 • Agents: 112,796 • Bank branches: 27,847 • Market position: #7 (in terms of total gross inflows) Ageas Insurance Company Asia (Hong Kong) (100%) • Gross inflows: € 485 million • Technical Liabilities: € 1.97 billion • Net Profit: € 37.8 million • Staff: 370 • Agents: 2,715 • Market position: #10 (in terms of new business) IDBI Federal (India) (26%) • Gross inflows: € 108 million • Technical Liabilities: € 322 million • Net Profit: € 1.9 million • Staff: 2,369 • Agents: 9,664 • Bank branches: 2,181 • Market position: #16 (in terms of new business) Muang Thai (Thailand) (31% Life, 15% Non-Life) • Gross inflows: € 1.69 billion (Life: € 1.48b; Non-Life: € 214m) • Technical Liabilities (Life): € 3.55 billion • Net Profit: € 48.3 million • Staff : 2,988 • Agents: 27,513 • Bank branches: 1,190 • Market position: • Life #2 (in terms of total gross inflows) • Non-Life #5 (in terms total gross inflows) Mayban Ageas (Malaysia) / eTiQa (30,95%) • Gross inflows: € 1.15 billion (Life: € 594m; Non-Life: € 552m) • Technical Liabilities (Life): € 4.13 billion • Net Profit: € 43.7 million • Staff: 2,265 • Agents: 14,266 • Bank branches: 423 • Market share: • Life - #5 (in terms of new business) • Non-Life - #2 (in terms of net premiums) Ageas Club 26062014 *Gross inflow and Funds under Management are at 100%

  5. Active under many local brands with solid market positions Situation on 31 December 2013 UK - # 2 Motor 3.6 million Motor policies Belgium # 1 Life 27% # 2 Non-Life 16% UK China # 7 Life > 100,000 agents Partners Largest Belgian Real Estate Group EUR 6.1 billion Distribution companies Malaysia #2 Non-Life #5 Life #1 in Islamicinsurance Portugal Portugal # 1 Life * Turkey # 4 Non-Life Italy Malaysia Italy# 1 BancassuranceNon-Life India Thailand # 2 in Life (#1 New Business), # 5 in Non-Life Ageas Club 26062014

  6. Partnerships are in our DNAIn all our partnerships we strive to… “ “ “ “ … focus on the strategic, not the tactical rationale … base cooperation on customer need, not short term product sales … build on long term loyalty, not on financial return only … select the right partners understanding partner needs and whether we have the right solution is more productive in the short and long term we focus on alignment of core competencies a pure financial motivation will never result in long term partnership that is mutually rewarding. Ability to evolve and be flexible creates more value quick returns and inflated commissions are unstable. Creating the platform for a wider deeper relationship results in the partner having no reason to go elsewhere for their insurance needs Ageas Club 26062014

  7. Zooming in on our Asian Joint Venture Partners Taiping Life (China) (24,9%) • China Taiping Group (CTG) is a Central Government Enterprise with strong relationships with the Ministry of Finance and the insurance regulator CIRC • CTG’s principal unit is listed in Hong Kong with a market capitalisation of € 3,1 bn; this listed entity is the majority shareholder in TPL and TPAM Mayban Ageas (Malaysia) / eTiQa (30,95%) • Maybank, top tier listed bank with over 400 branches, € 123 bnbalance sheet total and over € 20 bnmarket capitalisation • #1 bank in Malaysia with both top positions in retail and corporate banking and outspoken regional/international ambitions IDBI Federal (India) (26%) • IDBI Bank • Government linked retail and corporate bank with a very strong nationwide brand and solid relationships with both RBI and IRDA • Midsize listed bank with 1.129 branches, € 40 billion balance sheet total and € 2,2 bn market capitalisation • Its corporate relationship portfolio is second-to-none in India Muang Thai (Thailand) (30.87% Life, 14.87% Non-Life) • Kasikorn Bank,top tier listed bank with 1.001 branches, € 51 billion balance sheet total and € 10,7 billion market capitalisation • Former Thai Farmer Bank, solid #3 retail bank with strong enterprise network. • Lamsam family, a leading and very successful family with extensive business interests and connections • Federal Bank • Small to midsize listed bank with 1.124 branches, € 10,2 bnbalance sheet total and € 1,35 bnmarket capitalisation • Private, listed regional retail bank with dominant market position in South India/Kerala. Ageas Club 26062014

  8. Evolution of Performance in AsiaAgeas’s growth engine Evolution Gross Inflow (x Euro billion) Evolution Net Profit – Ageas’s part (x Euro million) CAGR +24% (at 100% inflow) Net Book Value per country (x Euro million) Technical Liabilities (x Euro million) CAGR +24% (at 100% FUM) Ageas Club 26062014

  9. Asia has become a significant contributor to Ageas’s results Ageas Club 26062014

  10. Leading international Life insurers premium income (Asia, exl-Japan) # 1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #11 #12 #13 #14 Premiums are shown on a 100% basis Source: Towers Watson Ageas Club 26062014

  11. Significant growth potentialLife insurance Penetration vs. Life Premium per capita (2012) Premium penetration (% of GDP) Taiwan South Korea Hong Kong Asia (ex Japan) Western Europe Malaysia Thailand India Singapore Vietnam China North America Philippines Indonesia Premium per capita (USD) (Log scale) Source: Swiss Re, Sigma Report, no. 3/2013 Ageas Club 26062014

  12. Building Asia Hans De Cuyper CFO AG Insurance (former CEO Maybank Ageas Holding)

  13. Hong Kong (2004-2007): the earlydays of Ageas in Asia • Joined Ageas Group in 2004 for the opportunity tobuildinsurancepresence in Asia • Insurance Management Divisiontocreatesupport functionsforour partnerships • Product Management • Risk Management • Corporate Governance • BancassuranceDistribution • Direct Marketing • Investment Management and ALM • Through multiple enablers • Localvisitsandtrainings • Drafting of manualsandguidelines • Studyvisitsto Ageas’ establishedentities in Europe • Conferences • Participation in Risk Committees, Investment Committees, Audit Committees,…. Ageas Club 26062014

  14. The chemistry of oursuccess in Asia… • Build on trust • First support, thencontrol • Strong cultural flexibility • Stayhumble, let othersglorifyfromyour expertise • Active participationby top management in the Board • Continuouslyinnovateyour support • Localplayer Ageas Club 26062014

  15. 2007-2010: the creation of Etiqa in Malaysia Ageas, one of the largest providers of insurance in Europe entered into a joint venture with Maybank, the biggest financial services group in Malaysia to develop bancassurance in Malaysia • Maybank’s Strengths: • Malaysia’s largest financial services group • Strong financial position • Offers an array of financial services ranging from retail banking, corporate banking, merchant banking, offshore banking, asset management etc. • Ageas’ Strengths: • An international group, a leader in the fields of insurance, investment and bancassurance • Offers a broad range of financial services through various distribution channel Growing by leveraging on the strength of the two partners • Specifically, Ageas was brought into for their contribution mainly in 2 areas: • Developing bancassurance business, i.e. to bring successful bancassurance products into Malaysia • Transferring business know-how, technology and capabilities, both insurance-specific and general management Ageas Club 26062014

  16. 2010-2013: CEO of Etiqa Insurance & Takaful The brand implies changing the way Etiqaemployees behave. “The Etiqa Way” was introduced….. The Brand Promise Insurance and Takaful is about helping people, helping them to protect their assets, maintain their Lifestyle and build a better future. In everything we do, we keep things as simple as possible, we deliver on our promise and we place people over policies. That's how we humanize insurance and Takaful. In doing so, we act with professionalism, empathy, courage and integrity. We make a difference by doing it the Etiqa Way. “Humanizing Insurance & Takaful” -Its about People not Policies Ageas Club 26062014

  17. THANKS

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