Knowledge sharing in Ageas Istanbul , 3 October 2013

1. Knowledge sharing in Ageas Istanbul , 3 October 2013

2. Ageas: aninternationalinsurance Group in Europe and Asia • Bel 20 quoted company • Top 20 insurer in Europe • History of more than 180 years • Gross inflow 2012 over EUR 21 billion (Ageas’s part EUR 11 billion) • Over 13,000 employees worldwide andanother 15,000 in non-consolidatedJVs • Shareholders’ equity end 2012 at EUR 9.9 billion Belgium China Luxembourg Hong Kong Italy Thailand Turkey Malaysia India Press Conference 27/09/2013

3. We are active under many local brands with solid market positions United Kingdom # 4 in # of cars insured # 4 Personal lines intermediary Belgium # 1 in Life # 2 in Non-Life UK Belgium China # 7 in Life 2nd largest foreign investor Partners Distribution companies Portugal Portugal # 1 in Life Malaysia # 2 overall Market leader in new business, Takaful & Non-Life * Turkey # 4 Non-Life Italy Malaysia India Italy Thailand # 3 in Life, # 5 in Non-Life

4. Company profileA solid mid-sized international insurance group based in Europe EUR bn Company Inflows FY12 1 2 3 4 5 6 7 8 9 10 11 Ageas 12 13 14 15 16 17 18 19 Source: Company Data 20

5. Vision 2015 Our project to reshape Ageas started in 2009 In 2012, the work is not finished but foundations are strong to unlock the full potential of Ageas by 2015 • Clear strategic choices • Increase relative proportion of capital invested in highgrowthmarkets • Diversification in our product & distributionmix • Peoplemake the difference • Organization built on local empowerment & knowledge transfer

6. Ageas vision towards 2015

7. Ageas vision towards 2015Five strategic choices To focus on our insurance capabilities To be where our customerswant us to be To commit to our partnersand their customers To have a diversifiedproduct offering To capture growthin mature and emerging markets in Europe and Asia

8. Ageas’s financial targets set for 2015 Half Year 2013 at 67/33 Half Year 2013 at 97.8% Half Year 2013 at 8.4% Half Year 2013 at 14.8% Press Conference 27/09/2013

9. Ageas vision towards 2015 Six important values

10. Knowledge sharing within Ageas • Part of our strategy, targets and values • Concept of partnerships deeplyembeddedin DNA • partners provide distribution capabilities and local knowledge, in return Ageas brings insurance knowledge, products and expertise via its people • Part of our governance • Ageas retains a significant influence in the management and governance of partnerships and it promotes extensive knowledge transfer between partnerships across all 12 markets (adequate committees, promotion of international mobility and expat missions…)

11. Critical succes factors to make it happen • Ageas’organisationis geared to facilitate & accelerate knowledge transfer to develop the full potential of its entities • Strategy and business development at corporate level and in the business segments • Focus is on in depth exchange between specialists and on dedicated areas • Marketing & distribution; products; risk & support; IT & Ops…

12. Different ways leading to knowledge sharing… • Collaborate throughout communitiesgathering experts (eg claims community, HR community…) • Share knowledge in workshops /conferences on specific topics (telematics, pricing) • Transfer expertise trough expat missions (long and short term) • (Project management) support in the local business in a specific area (health…

13. Knowledge sharing in practice… Products IT & Operations • Life Product Development • BluFamily XL & BluCasa • Ageing Population Conference • Regional Rollout Over 50s Product - DRTV Campaign at MTL • Telematics seminar • Workload Management Aksigorta • P&C Target Operating Model in Italy • Core General System implementation in Malaysia • Claims Community • LEAN Toolkit Marketing & Distribution Risk & Support • Agency Channel Transformation • Bancassurance Channel • Pricing Programme • Agency Transformation at Etiqa • Agency Orphan Policy Programme at Tai Ping Life • Bancassurance optimization at MTL • SENLI Toolkit • Preparation Motor de-tariffcationEtiqa • Towards a value adding partnership in Investment Management • Actuarial and Pricing Support

14. CE IT & OPS : Claims communityThe challenge • Different claims improvement initiatives in Opcos but no global approach nor structured sharing • Contacts and sharing on ad hoc basis • The “Master of Claims” transformation program at Aksigorta created the need for structural exchange and showed improvement areas when aiming for excellence in claims management

15. CE IT & OPS : Claims communityThe solution • Different dynamics • Generic workshop  Targeted workshops  Bilateral & virtual discussions  Targeted initiatives • All Ageas Non-Life companies connected : PEOPLE ARE CONNECTED • Actions: a lot of actions taken and planned by the operating entities with the Claims Community as catalyser • Enriching local initiatives, eg: • Transferring the «funnel» approach on Fraud detection from ITALYto Aksigorta • Empowering Aksigorta in streamlining the repair shop network based on UK experience • Triggering new actions, eg: • Following the Fraud workshop, ITALY decided to expand the fraud detection programmeto other LoB • ITALY will copy the CFR tool from MbcpAgeas / PORTUGAL

16. CE OPS & IT : Claims communityThe results : Measuring the local iniatives. • Process improvements • Fraud Detection • Implementation of a fraud detection process in the claims handling areas of all CE opcos encompassing different lines of business • Closed File Review • Implementation of regular processes of Closed File Review • Improvement of the current processes (new tools, better reporting, new methods, etc.) • Streamlining claims organization • Creating critical mass by centralizing units Redesign role of call center in all Opcos • Evolution towards paperless environment • KPIs and achievements • Fraud: increased detection levels • Aks: over 3M TL (6.5 months) • UBIA: over 1M € (1,5 year) • Network management • Aks: from 1600 to 1000 repair shops • MbcpA: Increased usage of preferred network from 31.6% in 2011 to 38.3% in Nov 2012 • Claims segmentation • Aks: Introduction of once and done MOD claims; outsourcing small fire claims (expected gain of 120K TL) • UBIA: Dedicated management of simple MTPL claims within Convention, 80% of volume) • Cost containment • Aks: average claims cost for MOD stable • UBIA: call center cost reduction (minus 500K in 2 years)

17. CE UK PRODUCTS : Telematics seminarThe challenge • Within the Ageas Leadership Programme (TALENT DEVELOPMENT PROGRAM) a study was dedicated to Telematics which was the basis for setting up an Ageas seminar on this topic. • The seminar was co-organised by Ageas UK and CE : • representatives from Ageas in Belgium,Italy, Portugal, Hong Kong and the UK. • Several external speakers

18. CE UK PRODUCTS : Telematics seminarThe solution • All Ageas representatives at the workshop explained the assessments they had made of the telematics opportunity in their local markets: • AGEAS UK and their partners explained • The telematics proposition • The deployment of the technology into customer vehicles • The Data usage to manage the claim experience. • ITALY : explained how they were addressing the new obligation on Italian insurers to provide a telematics based insurance product. • External providers of telematics solutions shared some insight on the different possible approaches and services for launching a telematics solution (blackbox types, data ownership,...). • Other Ageas representatives explained their analyses of the telematics opportunities. Generally they had concluded (for the moment) that their market’s low average premiums (even for younger drivers) did not support the relatively high cost of telematics devices and installation.

19. CE UK PRODUCTS : Telematics seminarThe results • UK will launch the Telematics product for 1 of its retail brands. • UK’s experience enriched especially Italy which is obliged to launch a new motor product based on Telematics. UK -> Italy • The seminar contributed to enlighten other ways of usage of Telematics devices

20. CE Turkey Marketing and Distribution : Bancassurance ChannelThe challenge (2011) • Untapped bancassurance potential / Aksigorta lagging behind • Shareholders (Ageas & Sabanci) strongly supportive to focus on bancassurance • Increase the effectiveness of the organization => need to work on all aspects of value chain (from products, over operations to sales)

21. CE Turkey Marketing and Distribution : Bancassurance ChannelThe solution • Workgroup with specialists on Bancassurance of Italy, Belgium, Portugal was put in place. • Discovery & clarification  Design & master plan • Combined with Akbanks’ request -> ‘Next’ transformation programme • "Next" project & roadmap • Boost multichannel capabilities in BC  innovated channel use • Optimise product factory  simplify product catalogue • Optimise & centralise Back Office  increase renewal and keep collection rate • Align target & performance management  optimise budget cycle and commercial reporting • Restructure joint Corporate Governance  set up aligned marketing committees

22. CE Turkey Marketing and Distribution : Bancassurance ChannelThe results • KPIs and achievements • GWP growth • +36% • 15% of Aksigorta GWP, coming from 12.8% • Increased renewal ratio • From 55% (2011), over 60% (2012) • Loss ratio • Improves by 2.3% • Profits • Positive evolution net underwriting result : +41% • Process improvements • Sales Support Team in place • Clear roles & responsibilities • Monitoring in place • Product mix implementation plan completed • With reduction of number of products, regrouped in 5 product groups & first steps towards family package • Quick wins on product mix f.i. Launch of ‘wings’ travel health • Process redesign for collection and Renewals • Alternative Channels are developped • Governance with different committees is in place. Q3 2012 numbers

23. UK / CE RISK and SUPPORT : Actuarial and Pricing SupportThe challenge • Different needs on pricing improvements in the countries. Local iniatives without overview on global knowledge/ experience. • Different levels of need : need for customizing • Lead to • Series of visits to Turkey, Portugal and Brussels arranged to support local pricing initiatives and share experience.

24. UK/ CE RISK and SUPPORT : Actuarial and Pricing SupportThe solution • Turkey : UK specialists and AGEAS CE team visited Turkey to give assistance in the implementation of a new pricing Tariff based on a recent Emblem exercise. The areas covered were: • Review and advise to improve • Models • Monitoring techniques • Premium structure and underwriting rules • Portugal :UK specialist visited Portugal. • More general approach as in terms of the expertise this company was behind Turkey in its modelling experience. • Support on modellingtechniques, model building • Support in understanding the impact and ensuring a simple but effective initial model to go to the market. • Brussels • UK has been asked to present to a marketing team in Brussels on how to use External data to add value. • 1 day workshop to exchange the best practices..

25. UK/CE RISK and SUPPORT : Actuarial and Pricing SupportThe results • In Turkey, specific areas picked up in more detail by the local team were as follows: • Reviewing emblem MOD models • Studying impact analysis & elasticity assumptions • Setting alternatives for implementation • Evaluating monitoring performance indicators after implementation • Scheduling the implementation process • In Portugal : • In depth analysis of the AGEAS CE Team is ongoing.

26. Conclusion • Effective Knowledge sharing is key to remain attractive for our partners and their clients • Connect foridea generation • Convert ideas in Value