Ageas Sa/nv · EURONEXT:AGS
Ageas Sa/nv — FY2013 Earnings Presentation
76 slides from Ageas Sa/nv's earnings presentation, Feb 19, 2014
Slide 1: Full Year 2013 Results
FULL YEAR 2013 RESULTS Periodical Financial Information
Slide 2: Changes in Executive Committee
Changes in Executive Committee Kurt De Schepper retiring, replaced by Filip Coremans as per 1 July 2014 Board Management Committee Bart De Smet Executive Committee CEO Christophe Boizard CFO Kurt De Schepper CRO Filip Coremans CRO current function: Barry Smith CFO/CRO Asia COO Antonio Cano Andy Wa
Slide 3: Main messages
Main messages Ageas reports solid FY 13 results & proposes 17% dividend increase Solid full year Insurance net profit of EUR 654 mio (+5%) - Q4 EUR 157 mio Insurance Inflow @ 100% of EUR 23.2 bn (+9%) - Q4 EUR 5.5 bn performance Group combined ratio at 98.6% (vs.99.1%) – weaker Non-Life Q4 L
Slide 4: What we said at Investors Update 2013
What we said at Investors Update 2013 Realizing ROE target based on 2 tracks & combining a series of small steps Numerator Denominator 1. Consolidated Life operating margin 1. Capital efficiency is an operational 2. Consolidated Non-Life combined day-to-day concern ratio 3. Focus on higher ROE activ
Slide 5: Actions to improve ROE - numerator
Actions to improve ROE - numerator Progress made with respect to most operating objectives Operating margin Guaranteed: above target Non-Life combined ratio: all segments below 100% range of 85-90 bps - objective of 97% in current low interest rate environment In % avg technical liabilities In % NEP
Slide 6: Actions to improve ROE - denominator
Actions to improve ROE - denominator Increase leverage in Insurance Opco’s New strategy Partly on-lend FRESH capital to operating companies* via internal SII announced at compliant hybrid loans against upstream of around EUR 400 mio capital Investors Update Optimizing capital structure improves Insu
Slide 7: Actions to improve ROE - denominator
Actions to improve ROE - denominator Upstream of dividend from operating companies more than EUR 600 mio Significant All segments contributing upstream from Upstream more than covering dividend & holding costs Insurance companies Extra-ordinary dividend in Belgium as part of active capital man
Slide 8: Status on Vision 2015 targets
Status on Vision 2015 targets FY 13 at 67/33 (vs. 67/33) Steady growth Non-Life – target cannot be reached with organic growth alone Calculation based on Inflows @ Ageas’s part FY 13 at 98.6% (vs. 99.1%) Improving in UK & CEU, Belgium impacted by governmental measures Calculation based on Non-Life N
Slide 9: Disciplined cash management
What we said at Investors Update 2013 Net cash General Account allocation priorities Disciplined cash management Use funds in priority to invest in business & return to shareholders 1. Disciplined M&A approach along precise criteria 2. Existing dividend policy reconfirmed 3. Intention to return cash
Slide 10: Ageas proposes a gross cash dividend of EUR 1.40 per share
Ageas proposes a gross cash dividend of EUR 1.40 per share In line with dividend policy, 17% up on 2012 Proposed gross EUR 1.40 per share - up 17% on 2012 dividend in cash In line with 40%-50% pay-out ratio of Insurance result set out in dividend policy To be approved at AGM: 30 April Brussels
Slide 11: Use of net cash General Account: Return to shareholders
Use of net cash General Account: Return to shareholders Ageas substantially outperformed Stoxx Insurance 600 since 2009 Simple shareholder Since end ‘08: 243% return* Since end ’10: 86% Since end ’12: 43% € 31.88 Ageas share price € 7.53 evolution 12/08 04/09 08/09 12/09 04/10 08/10 12/10 04/1
Slide 12: Total Insurance: Headlines
Total Insurance: Headlines Solid FY performance, Q4 impacted by weaker Non-Life results Net result: Strong Q4 in Asia, lower Inflow*: strong growth in Asia & CEU Life Technical liabilities: stable in in UK & Belgium In EUR bn consolidated, up in non-consolidated In EUR mio In EUR bn 624 654 175 23.2
Slide 13: Belgium: Headlines
Belgium : Headlines Strong FY Life operating margin & Non-Life combined ratio Net result: solid YTD performance Inflow*: Individual Guaranteed Life Life Technical liabilities stable In EUR mio down, Unit-linked & Non-Life up In EUR bn In EUR bn 6.9 335 324 6.0 1.8 61 1.8 65 1.9 108 1.5 0.4 13 88 4 0
Slide 14: United Kingdom: Headlines
United Kingdom: Headlines Stable inflow, strong contribution from acquired Groupama activities Better Non-Life operating result Non-Life adjusted result: 2012 Other adjusted result: 2012 & offset by Retail & FX impact impacted by exceptionals 2013 impacted by exceptionals In EUR mio In EUR mio In EU
Slide 15: Continental Europe: Headlines
Continental Europe: Headlines Excellent top line performance & increased Non-Life net profit including positive one-off Net profit increase driven by Inflow* boosted by strong sales, Life Technical liabilities stable EUR 9 mio one-off in Turkey especially in Portugal & Turkey In EUR bn In EUR mio In
Slide 16: Asia: Headlines
Asia: Headlines New business boost & underlying profit growth Life / Strong Non-Life underwriting result Net result: Excluding one-offs, Inflow growth fuelled by China & Life Technical liabilities up strong growth of underlying profit Thailand across all entities In EUR mio In EUR bn In EUR bn 9.8 1
Slide 17: Investment portfolio
Investment portfolio UG/L fixed income down, asset allocation broadly stable In EUR bn Asset mix Asset mix relatively stable 75.9 75.1 Slightly increased positions in equities & customer loans Cash 2.4 Cash 2.2 Real Estate 4.7 at the expense of cash continued Real Estate 4.6 Equities 2.4 Equitie
Slide 18: General Account: Headlines
General Account: Headlines Impacted by revaluation RPN(i) liability Net result driven by Q1 transactions RPN(i) impact on P&L RPI & Call Option impact on P&L & revaluation RPN(i) In EUR mio In EUR bn In EUR mio 186 (5) 119 (57) (91) 50 (205) 14 (273) 104 276 60 Q4 12 Q4 13 (90) 1 (85) (100) (161) Q4
Slide 19: Shareholders' equity roll forward
Shareholders’ equity roll forward Net profit offset by lower unrealized gains, return to shareholders & put option In EUR mio Shareholders’ EUR 42.27 EUR 37.65 equity per share 654 9,799 (85) 1,655 (720) (149) 49 8,525 (270) (223) 7,683 (357) (175) 912 Insurance Insurance 1,280 1,939 UG/L 1,742 UG/L
Slide 20: Insurance Solvency up on Net result & capital injection China
Insurance Solvency up on Net result & capital injection China Group Solvency down on returns to shareholders, revaluation put option & RPN(i) In EUR bn Belgium RMC Excess Capital UK RMC Excess Capital CEU RMC Excess Capital 8.8 9.1 Asia RMC Excess Capital 8.5 Total Ageas RMC Excess Capital 8.1 Gener
Slide 21: Conclusions: positive trend continued
Conclusions: positive trend continued Takeaways Strong inflow levels - solid market positions Operating margins in Life & Non-Life in line with objectives Complexity & risk profile Ageas further reduced Disciplined use of net cash Increased dividend underlining deliberate focus on sharehol
Slide 22: Annexes
Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information
Slide 23: Key financials
Key financials Strong operational performance In EUR mio FY 12 FY 13 Q4 12 Q3 13 Q4 13 Gross inflows 21,269 23,220 5,805 5,270 5,454 - of which inflows from non-consolidated partnerships 10,215 12,194 2,933 2,590 2,632 Net result Insurance 624 654 175 168 157 By segment: - Belgium 324 335 108 87 88
Slide 24: Shareholders' equity roll forward
Shareholders’ equity roll forward Net profit offset by lower unrealized gains, return to shareholders & put option In EUR mio Shareholders’ EUR 42.27 EUR 37.65 equity per share 654 9,799 (85) 1,655 (720) (149) 49 8,525 (270) (223) 7,683 (357) (175) 912 Insurance Insurance 1,280 1,939 UG/L 1,742 UG/L
Slide 25: Tangible net equity
Tangible net equity High quality capital structure EUR bn FY 12 FY 13 IFRS Shareholders' Equity 9.8 8.5 Unrealised gains real estate 0.6 0.6 Goodwill (0.7) (0.7) VOBA (Value of Business Acquired) (0.4) (0.3) DAC (Deferred Acquisition Cost) (0.9) (0.9) Other (0.4) (0.4) Goodwill, DAC, VOBA related to
Slide 26: IFRS Insurance Solvency up on Net result & capital injection TPL
IFRS Insurance Solvency up on Net result & capital injection TPL General Account down on capital reduction, revaluation put option & RPN(i) In EUR bn Belgium RMC Excess Capital UK RMC Excess Capital CEU RMC Excess Capital 8.8 9.1 Asia RMC Excess Capital 8.5 Total Ageas RMC Excess Capital 8.1 General
Slide 27: Annexes
Annexes Equity / Solvency Insurance activities Investment portfolio General Account General Information
Slide 28: Total Insurance: Headlines
Total Insurance: Headlines Solid FY performance, Q4 impacted by weaker Non-Life results Net result: Strong Q4 in Asia, lower Inflow*: strong growth in Asia & CEU Life Technical liabilities: stable in in UK & Belgium In EUR bn consolidated, up in non-consolidated In EUR mio In EUR bn 624 654 175 23.2
Slide 29: Inflow @ 100%
Inflow @ 100% Growth driven by China, Portugal & Thailand Life Non-Life Total EUR mio FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 Belgium 75% 5,127 4,101 1,759 1,855 6,886 5,956 United Kingdom 100%* 86 108 2,143 2,176 2,2290 2,2840 Continental Europe 3,246 4,092 1,026 1,064 4,272 5,156 Consolidated entities
Slide 30: Inflow @ Ageas's part
Inflow @ Ageas’s part Strong growth in emerging markets, Guaranteed Life sales down in Belgium In EUR mio Belgium Life Non-Life 4% UK Life Non-Life 11,698 CEU Life Non-Life 11,245 Asia Life Non-Life Total Ageas Life Non-Life 3,907 3,684 5,164 (13%) 4,467 1,319 21% 7,791 1,391 7,561 8% 27% 2,947 2,26
Slide 31: Insurance net result
Insurance net result Further up despite negative FX impact, all segments up except UK In EUR mio 624 654 Belgium Life Non-Life UK Life Non-Life Other CEU Life Non-Life Asia Life Non-Life Total Ageas Life Non-Life Other 204 223 324 335 61 65 438 430 108 142 129 260 274 21 100 8 77 64 137 32 121 122 9
Slide 32: Overview impairments & net capital gains on investments
Overview impairments & net capital gains on investments Impairments substantially lower vs. FY 12 Impairments & Capital gains/losses Net impact Profit sharing * EUR mio FY 12 FY 13 FY 12 FY 13 FY 12 FY 13 Life 115 89 (71) (25) 44 64 Non-Life 22 15 (4) (4) 18 11 Total Belgium 137 104 (75) (29) 62 75
Slide 33: Insurance
Insurance Lexicon on new margin disclosures as from FY 2012 Life Non-Life + Underwriting + Premiums received from policyholders + Net Underwriting + Net Earned Premium result - actual payments made in risk contracts result - all evolutions in claims reserves (CY & PY) + penalties deducted in case of
Slide 34: Insurance Combined ratio
Insurance Combined ratio On track to be substantially below 100% Combined ratio at 98.6% vs. 99.1% Q4 weaker performance due to storms & floods 106.0% 102.5% 100.1% 102.3% 101.5% 99.1% 98.6% Household at 95.3% (vs.97.2%): good performance despite storms & floods in Q4– 32.8% Q4 at 108.8% 33.1% 3
Slide 35: Insurance Combined ratio per product line
Insurance Combined ratio per product line Household strongly improving Accident & Health: good performance confirmed Motor: improving claims not compensating increase in expense ratio 108.3% 107.4% 99.1% 96.9% 96.0% 95.6% 97.3% 99.0% 99.6% 94.0% 29.3% 29.0% 24.8% 25.0% 25.5% 25.6% 25.3% 25.4% 27.6%
Slide 36: Insurance Life operating margin per product line
Insurance Life operating margin per product line Margins in Guaranteed & UL mostly in line with objectives Guaranteed: driven by investment margin Unit-linked: decrease driven by one-offs Hong Kong 1.37% 0.99% 1.23% 0.96% 0.78% 0.48% 0.45% 1.31% 0.87% 0.83% 0.96% 0.35% 0.67% 0.28% 0.28% (0.74%) 0.37
Slide 37: Belgium: Headlines
Belgium : Headlines Strong FY Life operating margin & Non-Life combined ratio Net result: solid YTD performance Inflow*: Individual Guaranteed Life Life Technical liabilities stable In EUR mio down, Unit-linked & Non-Life up In EUR bn In EUR bn 6.9 335 324 6.0 1.8 61 1.8 65 1.9 108 1.5 0.4 13 88 4 0
Slide 38: Belgium: Inflow @ 100%
Belgium: Inflow @ 100% Life Individual Guaranteed decrease partly compensated by higher UL & Non-Life Life Guaranteed In EUR mio Sales of guaranteed products decreased by 24% to EUR 3.5 bn 5,127 Decline particularly evident in Individual Savings (20%) 480 4,101 Lower sales compared to very hig
Slide 39: Belgium: Combined ratio
Belgium: Combined ratio Solid FY ratio despite governmental measures, Q4 impacted by weather events Combined ratio at 99.9% vs. 99.5% Weaker Q4 at 106.3% due to storms, floods & large claims 105.1% 106.3% 100.9% 101.1% 99.5% 99.9% 101.5% Household at 97.0% vs. 96.7%: Solid performance with stron
Slide 40: Belgium: Combined ratio per product line
Belgium: Combined ratio per product line Solid FY combined ratio in Household and Accident & Health Accident & Health: solid FY ratio Motor: both Q3 & Q4 below 100% 104.8% 106.7% 97.7% 97.6% 97.0% 97.5% 100.5% 101.0% 91.5% 94.2% 21.9% 23.8% 24.0% 23.8% 36.3% 35.7% 22.6% 35.8% 36.3% 35.3% 68.9% 75.8%
Slide 41: Belgium Life operating margin per product line
Belgium Life operating margin per product line Guaranteed: solid margin, at high end of target range Unit-linked: increasing liabilities & lower expense & other margin 1.45% 1.03% 0.96% 0.89% 0.66% 0.47% 0.64% 1.42% 0.45% 0.93% 0.88% 1.09% 0.41% 0.42% (0.78%) 0.57% 0.34% 0.64% 0.28% 0.32% 0.32% 0.32
Slide 42: United Kingdom: Headlines
United Kingdom: Headlines Stable inflow, strong contribution from acquired Groupama activities Better Non-Life operating result Non-Life adjusted result: 2012 Other adjusted result: 2012 & offset by Retail & FX impact impacted by exceptionals 2013 impacted by exceptionals In EUR mio In EUR mio In EU
Slide 43: United Kingdom: Inflow @ 100%
United Kingdom: Inflow @ 100% Inflow up 7% at constant FX Total Life In EUR mio Successful roll out of its proposition across the IFA market 2% 2,229 2,284 Over 305,000 customers up 15% on same period last year 86 108 Life Non-Life 2,143 2,176 Up 2%, growth of 7% at constant FX Non-Life Moto
Slide 44: United Kingdom: Combined ratio
United Kingdom: Combined ratio Below 100% reflecting continued strong performance in Household Combined ratio at 98.4% 108.1% 109.5% Combined ratio continued sub 100% 99.9% 102.8% 99.8% 98.4% 99.2% performance 27.7% 28.0% 25.3% 26.5% 27.4% Impact Groupama: greater proportion 29.9% 27.4% delegate
Slide 45: United Kingdom: Combined ratio per product line
United Kingdom: Combined ratio per product line Reduced loss ratios in all products, partially offset by expense ratios Accident & Health: GICL impacting expense ratio Motor: loss ratio improved, premium strain on 121.9% expense ratio continues (TU) 109.7% 110.9% 110.5% 111.7% 106.3% 106.2% 24.0% 98
Slide 46: Continental Europe: Headlines
Continental Europe: Headlines Excellent top line performance & increased Non-Life net profit including positive one-off Net profit increase driven by Inflow* boosted by strong sales, Life Technical liabilities stable EUR 9 mio one-off in Turkey especially in Portugal & Turkey In EUR bn In EUR mio In
Slide 47: Continental Europe: Inflow @ 100%
Continental Europe: Inflow @ 100% Higher Life sales in Portugal & France, Non-Life driven by Turkey Life 4,092 Life In EUR mio +26% Inflow +26%, including non-controlling interests @ 100%, reflecting 3,246 higher sales in all operating companies 2,150 Consolidated inflow up 78% 1,876 Unit-Linked
Slide 48: Continental Europe: Combined ratio
Continental Europe: Combined ratio Well below group target even with severe winter weather in Portugal Combined ratio at 93.7% Combined ratio slightly higher than PY mainly 101.3% 102.8% due to severe weather impact in Portugal 96.7% (Household) & exceptionally low claims ratios 93.4% 93.7% 91.4%
Slide 49: Continental Europe: Combined ratio per product line
Continental Europe: Combined ratio per product line Overall combined ratio within expectations Accident & Health: favourable claims experience Motor: large losses occurring at year-end 117.5% 108.5% 102.0% 101.0% 97.9% 95.9% 95.8% 91.3% 91.5% 27.0% 86.3% 29.2% 25.7% 36.7% 29.2% 28.1% 31.6% 27.8% 28.
Slide 50: Continental Europe Life operating margin per product line
Continental Europe Life operating margin per product line Guaranteed: lower underwriting margin partially Unit-linked: increasing expense & other margin offset by higher investment margin 1.16% 1.02% 1.02% 0.56% 0.91% 0.94% 0.47% 0.84% 0.69% 0.68% 0.85% 0.19% 0.44% 0.20% (0.83%) 1.48% 0.55% 1.25% 1.
Slide 51: Asia: Headlines
Asia: Headlines New business boost & underlying profit growth Life / Strong Non-Life underwriting result Net result: Excluding one-offs, Inflow growth fuelled by China & Life Technical liabilities up strong growth of underlying profit Thailand across all entities In EUR mio In EUR bn In EUR bn 9.8 1
Slide 52: Asia: Inflow @ 100%
Asia: Inflow @ 100% Strong growth new business, boosted by very successful sales campaigns Life Life Hong Kong, +8%, New business premiums up 15% - continued focus on In EUR mio more profitable products through combination of re-pricing, new product 9,058 launches & refining sales incentives +27%
Slide 53: Hong Kong Life operating margin per product line
Hong Kong Life operating margin per product line Non-recurring adjustments, organic growth & capital gains Guaranteed: improving expense & investment margin Unit-linked: pressure on margin from new business growth 10.12% 0.70% (1.47%) 1.18% 3.11% 1.75% 2.13% 2.15% 2.10% 1.28% (0.95%) (2.40%) (1.90%)
Slide 54: Annexes
Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information
Slide 55: Investment portfolio
Investment portfolio UG/L fixed income down, increased allocation equities & customer loans In EUR bn Asset mix Asset mix relatively stable 75.9 75.1 Increased positions in equities & customer loans at the Cash 2.4 Cash 2.2 Real Estate 4.7 expense of cash continued Real Estate 4.6 Equities 2.4 E
Slide 56: Sovereign & Corporate bond portfolio
Sovereign & Corporate bond portfolio Value fixed income portfolio impacted by evolution unrealized gains In EUR bn Sovereign bond portfolio* Corporate bond portfolio* 34.7 34.5 25.1 24.5 Others 2.8 Others 3.3 The Netherlands 0.7 0.6The Netherlands Germany 1.4 1.1 Government Austria 2.9 Austria 2.6 G
Slide 57: Loan & Equity portfolio
Loan & Equity portfolio More loans with guarantee In EUR bn Loan portfolio (customers + banks)* Equity portfolio* 3.2 6.3 5.7 Mixed funds & others 0.7 Other 2.0 2.4 Mixed funds Other 2.3 & others 0.4 RE funds 0.7 Mortgages 1.5 RE funds 0.7 Equity funds 0.1 RE 0.1 Equity funds Infrastructure Mortgage
Slide 58: Real estate portfolio
Real estate portfolio In EUR bn Real Estate portfolio* Investment 4.7 4.6 Warehouses 0.3 0.3 Investment Warehouses RE Development 0.6 0.4 RE Development Investment Investment Retail 1.3 Retail 1.4 Car Parks Car Parks 1.1 1.0 Investment Investment Offices 1.5 Offices 1.5 FY 12 FY 13 Gross UG/L stab
Slide 59: Annexes
Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information
Slide 60: General Account: Headlines
General Account: Headlines Impacted by revaluation RPN(i) liability Net result driven by Q1 transactions RPN(i) impact on P&L RPI & Call Option impact on P&L & revaluation RPN(i) In EUR mio In EUR bn In EUR mio 186 (5) 119 (57) (91) 50 (205) 14 (273) 104 276 60 Q4 12 Q4 13 (90) 1 (85) (100) (161) Q4
Slide 61: General Account: components of Net result
General Account: components of Net result Result driven by transactions on legacies & valuation methodology RPN(i) In EUR mio (90) Net result 2013 276 driven by agreements (205) on legacy items & non-cash volatility (18) RPN(i) (27) (21) (85) Agreement Agreement RPI Call Option Reval Staff Other oth
Slide 62: Net cash position General Account at EUR 1.9 bn
Net cash position General Account at EUR 1.9 bn Incoming cash partly returned to shareholders, partly invested in business In EUR bn (205) expected cash-out for 462 (99) ≈ (125) share buy-back 1,176 (270) 1,913 (222) 1,216 (144) 688 FY 11 FY 12 paid capital share RPI & upstream & capital other FY 13
Slide 63: Only 2 alternative uses for General Account net cash withheld
Only 2 alternative uses for General Account net cash withheld About EUR 700 mio returned to shareholders in 2013 1. Invest in Businesses 2. Return to shareholders Organic growth Dividend payment Selective acquisitions Share buy-back Create new partnerships ≈ EUR 1.1 bn from net cash on ≈ E
Slide 64: Status on various legal procedures
Status on various legal procedures May 11 February 12 March 12 December 13 Against Ageas - Claim VEB/Deminor - Rotterdam court Brussels Commercial Court Supreme Court rejects appeal against & FortisEffect confirmed fine AFM rules in favour of Ageas in judgement Ondernemingskamer re dismissed by II,
Slide 65: Dutch Trade & Industry Appeal Tribunal renders final judgment in appeal against AFM II
Dutch Trade & Industry Appeal Tribunal renders final judgment in appeal against AFM II in favour of Ageas 19 August 10 9 February 11 9 February 12 14 February 14 AFM levied a fine (AFM II), re AFM confirms AFM II Rotterdam court Dutch Trade & Industry disclosure on subprime – proceedings confirmed f
Slide 66: Legal proceedings
Legal proceedings Managed in interest of shareholders Situation 19 February 2014 Administrative proceedings AFM fine imposed 05/02/10 re price sensitive info June 08 Final judgement expected early March 2014 AFM 2nd fine imposed 19/08/10 re price sensitive information Sep 07 Final judgement
Slide 67: Main characteristics Hybrids General Account
Main characteristics Hybrids General Account Hybrone partly tendered, NITSH I & II reimbursed, no intention to buy back FRESH In EUR mio Ageas Fortis Bank (now BNP Paribas) Ageasfinlux Ageas Hybrid Financing Direct issue CASHES Fresh Hybrone FBB, 2004 % 3m EUR + 135 bps 5.125% 4.625% 3m EUR +200 bps
Slide 68: Optimization capital structure at AG Insurance
Optimization capital structure at AG Insurance Successful debt placement of USD 550 mio & EUR 450 mio March 2013: Successful placement Subordinated Note of USD 550 mio 6.75% rate, perpetual, payable semi-annually, reset in year 6 Subscribers: key institutional investors & global private banks in
Slide 69: Changes in debt composition in Hong Kong
Changes in debt composition in Hong Kong Successful debt placement for total amount of USD 250 mio in March-April 13 Successful placement debt by Hong Kong entity 10-year senior debt of USD 250 mio 4.215% rate issued early April 2013 Subscribers: Key institutional investors & global private
Slide 70: Annexes
Annexes Equity / Solvency Insurance Activities Investment portfolio General Account General Information
Slide 71: Total number of outstanding shares
Total number of outstanding shares 4% of outstanding shares (9.6 mio) cancelled during 2013 situation 31/12/2012 situation 31/12/2013 Total Issued Shares 243,121,272 233,486,113 Shares not entitled to dividend and voting right 15,886,832 11,648,176 Cancellation bought back shares + new buy back 1. T
Slide 72: Shareholders structure
Shareholders structure Based on number of shares as at 31 December 2013 BNPP & Fortis Bank Identified retail investors Norges Bank 16% Franklin Mutual Advisers 2.97% BlackRock, Inc. Identified 5.02% institutional investors Ping An 39% 5.18% Ageas Other investors 3.02% 23% Ageas Based upon press rele
Slide 73: Financial calendar 2014
Financial calendar 2014 19 February 14 May 6 August 5 November Annual results 3M 2014 6M 2014 9M 2014 2013 results results results 19 March Annual report 2013 5 May 13 May Ex date Payment 2013 dividend 30 April Ordinary & Extraordinary shareholders’ meeting - Brussels Periodic financial Information
Slide 74: Rating
Rating Improved rating for operating entities & holding S&P MOODY'S FITCH Operating entities AG Insurance (Belgium) Insurance Financial Strength A- / positive A2 / stable* A+ / stable Last change 20/12/13 02/10/13 29/05/13 Millenniumbcp Ageas (Portugal) Insurance Financial Strength BB / negative BBB
Slide 75: Disclaimer
Disclaimer 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 t
Slide 76: Investor Relations
Investor Relations Tel: + 32 2 557 57 34 E-mail: [email protected] Website: www.ageas.com Investor Relations Periodic financial Information I FY 13 Results I 19 February 2014 75