ageas SA/NV · EURONEXT:AGS
ageas SA/NV — H1 2020 Earnings Presentation
76 slides from ageas SA/NV's earnings presentation, Aug 7, 2020
Slide 1: 6M 2020 Results
6M 2020 RESULTS Periodical Financial Information
Slide 2: Content
Content Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72 Periodical financial information I 6M 20 results I 7 August 2020 2
Slide 3: Main messages
Ageas Main messages Dividend proposal confirmed – Group result resilient General meeting of shareholders on 22 October Dividend & SBB Proposal of intermediary dividend of EUR 2.38 per share Launch SBB will take into account recommendation regulator Increase of participation in India Life to
Slide 4: Dividend: upstream proposal of EUR 2.38 intermediary dividend
Ageas Dividend Shareholders’ meeting planned to approve upstream proposal of EUR 2.38 intermediary dividend In EUR mio EUR 216 mio cash received from opco’s in H1 EUR 15 mio from Malaysia in Q3 Belgium to follow Group decision Upstream more than covering dividend & holding costs on FY basis >650 632
Slide 5: Ageas headlines
Ageas Headlines Lower Non-Life claims frequency partially compensating Covid-19 impact on Life results & Q1 weather Net result Q2 solid despite negative Stable inflows despite lockdown Life Technical liabilities up in non-conso RPN(i) & impact of Covid-19 outbreak measures across all regions (10%) &
Slide 6: Belgium headlines
Belgium Headlines Solid underlying performance in Life & Non-Life offset by lower investment result Net result: lower cap gains & recurring Inflows: 6M ‘19 included UL cash-back Life Technical Liabilities: partial recovery of financial income – Strong Q2 CY non-life campaign - Non-Life +2% UL unit p
Slide 7: Real Estate portfolio
Real Estate* Portfolio Positive revaluation of Real Estate in Q2 In EUR bn 5.6 5.8 Accounting view Invest. Warehouses Invest. Warehouses 0.2 0.3 RE Development Gross UG/L at EUR 2 bn (not reflected in RE Development 0.3 0.3 Investment shareholders’ equity but contributing to available Investment R
Slide 8: UK headlines
UK Headlines Lower claims frequency supporting profitability partly offset by February weather events Net result Q2 low claims frequency – 6M ’19 Inflows* marginally behind prior year Non-Life combined ratio in Q2 supported incl. EUR 30 mio Ogden In EUR mio by low frequency In EUR mio In % of NEP 52
Slide 9: CEU headlines
CEU Headlines Strong net result driven by Non-Life Inflows impacted by lockdown Net result Q2 underlying strongly up in Q2 inflows impacted by lockdown & Life Technical liabilities partial recovery Non-Life change in Life product in Portugal in Q2 after Q1 decrease of UL prices In EUR mio In EUR mio
Slide 10: Asia headlines
Asia Headlines Solid performance in Q2 supported by capital gains Gradual recovery from the pandemic Solid net result – One-off tax benefit in Q2 Inflows* up 9% in Q2, driven by a full Life Technical liabilities up 10% year-to- 2019 recovery in China date In EUR mio In EUR mio In EUR bn 331 8 14,819
Slide 11: Reinsurance headlines
Reinsurance Headlines Strong CY underwriting results in Q2 more than offsetting the Q1 impact from weather events Net result: Solid CY claims ratio in Q2 more Inflows: EUR 722 mio from Quota COR: strong CY claims ratio in Q2 than compensating weather impact share of which EUR 303 mio in Q2 In % NEP
Slide 12: General Account headlines
GA Headlines Result driven by Fresh transactions & RPN(i) revaluation Net result Q2 driven by RPN(i) revaluation Impact on P&L from RPN(i) Expenses under control and incl. EUR 22 mio cap gain on Fresh In EUR mio In EUR mio* In EUR mio 49 42 20 18 300 34 35 12 61 32 13 (40) 15 (39) 5 16 14 10 7 3 6M
Slide 13: Solvency II ageas
Solvency Solvency IIageas Solvency down on Fresh & market impact 8.6 7.7 7.7 7.6 7.3 7.6 Own Funds 6.3 5.5 5.7 SCR 2.8 2.7 2.8 0.9 0.8 0.8 1.1 0.9 0.9 1.5 0.9 0.9 4.0 3.7 3.9 3.2 3.3 3.3 0.7 0.7 0.8 0.5 0.5 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.2 (0.6) (0.6) (0.6) (1.5) (1.8) (1.5) FY 193M 206M 20 F
Slide 14: Free Capital Generation
Free Capital Generation Operational FCG of EUR 437 mio* Solvency IIageas In EUR mio * 2,929 expected 491 (458) dividend 2,470 65 437 491 (669) 116 (178) 2,075 Based on 175% SCR 321 (50) Solvency IIageas 656 2,438 1,980 1,418 FY 19 Fresh tender FY 19 Model changes Market impact Operational Capital Pa
Slide 15: Conclusions
1. Solid 6M results with contrasting Covid-19 impact on Life & Non-Life 2. FY net profit and OFCG expected to be close to initial guidance 3. Solid Solvency & Liquidity position in challenging environment 4. Payment of intermediary dividend proposed to Shareholders’ meeting 22 October Conclusions Pe
Slide 16: Content
Content Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72 Periodical financial information I 6M 20 results I 7 August 2020 16
Slide 17: Ageas headlines
Ageas Headlines Lower Non-Life claims frequency partially compensating Covid-19 impact on Life results & Q1 weather Net result Q2 solid despite negative Stable inflows despite lockdown Life Technical liabilities up in non-conso RPN(i) & impact of Covid-19 outbreak measures across all regions (10%) &
Slide 18: Inflows @ 100%
Inflows @ 100% Covid-19 mainly impacting Life in inflows across Europe Asia recovering during Q2 In EUR mio Life Non-Life Total EUR mio 6M 19 6M 20 6M 19 6M 20 6M 19 6M 20 Belgium 75% 2,437 1,897 (22%) 1,126 1,148 2% 3,562 3,045 (15%) United Kingdom - 881 857 (3%) 881 857 (3%) Consolidated entities
Slide 19: Inflows @ ageas part
Inflows @ ageas part Covid-19 mainly impacting Life in inflows across Europe Asia recovering during Q2 In EUR mio Belgium Life inflows down during lockdown – Continued growth in Non-Life in a mature market UK Volumes down in Motor CEU Life inflows down during lockdown – Non-Life outperforming market
Slide 20: Net result
Net result Lower Non-Life claims frequency partially compensating Covid-19 impact on Life results & Q1 weather In EUR mio Belgium Strong Non-Life result; Covid-19 impact on investment mainly impacting Life result UK Strong Q2 compensating for February storms – LY including positive Ogden one-off CEU
Slide 21: Net realised cap gains
Net realised cap gains* Substantially lower contribution of net capital gains In EUR mio 6M 19 6M 20 Q2 19 Q2 20 Life 50 (17) 17 32 Equity impairments in Q1 Non-Life 3 (5) (0) (2) Q2 cap gains thanks to partial recovery equity markets Belgium 53 (22) 16 30 UK 4 4 1 (0) Life 5 (3) 3 0 Non-Life 1 (0)
Slide 22: Ageas combined ratio
Ageas Combined ratio Excellent in Household offset by Motor & A&H In % Net earned premium Quarter 99.6 96.9 101.1 95.2 94.3 95.0 95.7 93.1 91.7 Strong CY claims experience across all segments & most 83.6 product lines Temporary low claims frequency mainly in Motor and 35.2 34.1 34.7 Accident & H
Slide 23: Combined ratio by product line
Ageas Combined ratio Strong performance accross all product lines In % Net earned premium Accident & Health: low claims frequency in Q2 Motor: low claims frequency in Q2 107.9 96.9 94.2 97.5 93.6 99.3 99.6 100.3 99.4 96.6 99.9 94.3 93.7 94.7 92.3 92.8 96.3 94.2 85.9 29.7 26.0 25.4 26.5 29.7 73.7 27.
Slide 24: Ageas operating margins
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. 28 30 27 28 Quarter 25 25 27 18 22 20 Reaching lower end of target level 1 6 28 19 24 26 28 Improvement in CE 2 2
Slide 25: Belgium headlines
Belgium Headlines Solid underlying performance in Life & Non-Life offset by lower investment result Net result: lower cap gains & recurring Inflows: 6M ‘19 included UL cash-back Life Technical Liabilities: partial recovery of financial income – Strong Q2 CY non-life campaign - Non-Life +2% UL unit p
Slide 26: Belgium net result and Life liabilities
Belgium Net result & Life Net result impacted by lower net cap gains & Life liabilities financial income, partial recovery in second quarter In EUR mio Net result Quarter 195 • Non Life: strong underlying performance in Motor & Household partly offset by Other (lower PY releases) 50 139 • Life: stro
Slide 27: Belgium inflows
Belgium Inflows Life decrease in UL & Guaranteed Life Non-Life steady growth in mature market In EUR mio Life Quarter 2,437 • Unit-linked – lower than LY mainly in Bank channel -22% Unit-Linked 573 1,897 • Guaranteed – lower than LY due to lower production in Savings 285 -20% Year-to-date 138 • Unit
Slide 28: Belgium combined ratio
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 95.2 97.6 91.0 93.4 91.2 91.1 combined ratio. For ease of comparability, the
Slide 29: Belgium combined ratio by line
Belgium Combined ratio Strong operating performance in Motor & Household 2019 & 2020 before QS In % Net earned premium Accident & Health: Increase mainly explained by 2 large claims in Q2 Motor: Strong CY & PY performance more than offsetting overall lower frequency 100.6 102.2 103.1 101.3 102.9 99.
Slide 30: Belgium operating margins
Belgium Operating Guaranteed: Covid-impact on Financial income Operating margin margins UL: cost of cashback in 6M ‘19 Investment m. In bps Avg techn. liabilities Expense & other m. Underwriting m. Life Unit-Linked 43 40 40 40 Quarter 34 34 36 30 32 31 Slightly lower compared to LY due to lower ex
Slide 31: Belgium evolution assets and liabilities
Belgium Evolution assets Yield & guaranteed rate on back book down at & liabilities the same pace FY 17 FY18 FY19 Q2’20 Guaranteed interest rate 2.32% 2.17% 1.95% 1.85% Back book Life Fixed income yield 3.34% 3.25% 3.06% 2.97% Liabilities Guaranteed (EUR bn) 50.4 49.1 51.5 51.3 FY 17 FY 18 FY 19 Q2’
Slide 32: Belgium evolution assets and liabilities: back book
Belgium Evolution assets Average rate on back book decreasing in line & liabilities with evolution yield fixed income Back book 45,000 5.0% vs fixed 40,000 4.5% income investments 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
Slide 33: UK headlines
UK Headlines Lower claims frequency supporting profitability partly offset by February weather events Net result Q2 low claims frequency – 6M ’19 Inflows* marginally behind prior year Non-Life combined ratio in Q2 supported incl. EUR 30 mio Ogden In EUR mio by low frequency In EUR mio In % of NEP 52
Slide 34: UK net result and inflows
UK Net result & Q2 strong performance compensating for Q1 weather Inflows Inflow decrease in Motor largely offset by Non-Motor In EUR mio Net result Quarter: Strong result mainly from lower Motor claims frequencies Q2 2019 one-off benefits from the Ogden rate change & the internal 52 reinsurance
Slide 35: UK combined ratio
UK Combined ratio Lower Motor claims frequency driving overall improvement 2019 & 2020 before LPT & QS In % Net earned premium 112.2 The internal reinsurance agreement has an important impact on the 99.8 102.1 103.2 96.8 98.7 96.9 97.8 98.3 combined ratio. For ease of comparability, the pro forma co
Slide 36: UK combined ratio by line
UK Combined ratio Lower claims frequency in Motor offsetting February ‘20 2019 & 2020 before LPT & QS weather event impact Accident & Health: H1 benefit from IBNR review Motor: Strong performance supported by lower claims frequency 116.5 104.7 109.2 114.5 106.7 113.6 99.1 99.3 102.8 102.6 99.7 103.0
Slide 37: CEU headlines
CEU Headlines Strong net result driven by Non-Life Inflows impacted by lockdown Net result Q2 underlying strongly up in Q2 inflows impacted by lockdown & Life Technical liabilities partial recovery Non-Life change in Life product in Portugal in Q2 after Q1 decrease of UL prices In EUR mio In EUR mio
Slide 38: CEU net result and Life liabilities
CEU Net result & Life Strong Q2 net result driven by Non-Life liabilities performance In EUR mio Net result Quarter 86 Life: solid result despite lower capital gains - Reserve strengthening in 40 Q2 ‘19 in Portugal (EUR 9 mio) 57 Non-Life: Very strong net result supported by low claims frequency
Slide 39: CEU inflows
CEU Inflows Inflows impacted by COVID-19 & low interest rates In EUR mio Life 1,047 Quarter • Unit-linked – Down due to lockdown & financial market volatility 247 Unit-Linked -46% 485 • Guaranteed – Lower sales appetite for guaranteed business due to low interest rates 561 124 -62% Year-to-date 800
Slide 40: CEU combined ratio
CEU Combined ratio Excellent combined ratio supported by low claims 2019 & 2020 before LPT & QS frequency during lockdown In % Net earned premium The new internal reinsurance agreement has an important impact on the combined ratio. For sake of comparability of the performance the 92.1 92.4 91.2 88.7
Slide 41: CEU combined ratio by line
CEU Combined ratio Low claims ratio in Motor and Accident & Health 2019 & 2020 before LPT & QS Household supported by benign weather Accident & Health: supported by lower claims & expenses Motor: Improved claims ratio thanks to lower frequency 103.8 105.4 103.3 103.8 98.0 99.2 98.3 88.6 90.0 88.2 89
Slide 42: CEU operating margins
CEU Operating Guaranteed and Unit-Linked margins up margins Operating margin In bps Avg techn. liabilities Expense & other m. Underwriting m. 21 Life Unit-Linked Investment m. 21 10 Quarter 11 19 10 16 9 • Up on higher expense ratio following a change in product mix 7 7 8 12 7 6 8 9 5 3 4 5 2 2 0 5
Slide 43: Asia headlines
Asia Headlines Solid performance in Q2 supported by capital gains Gradual recovery from the pandemic Solid net result – One-off tax benefit in Q2 Inflows* up 9% in Q2, driven by a full Life Technical liabilities up 10% year-to- 2019 recovery in China date In EUR mio In EUR mio In EUR bn 331 8 14,819
Slide 44: Asia net result and Life liabilities
Asia Net result & Life Solid Q2 underlying result liabilities In EUR mio Net result 331 Quarter 8 Solid Life Result : 185 3 − Higher level of capital gains (EUR 36 mio vs EUR 21 mio) 216 142 − Mitigated by unfavourable evolution of discount rate curve 18 12 324 − One-off tax benefit in Q2 ‘19 in C
Slide 45: Asia inflows
Asia Inflows Strong recovery in Life in Q2, driven by China Non-Life inflows impacted by the lockdown In EUR mio 14,168 14,107 Life 630 735 Life gross inflows up 11% in Q2, driven by new business 5,524 5,077 growth & strong persistency 255 333 Unit-Linked New business premiums grew 15% in Q2 13,
Slide 46: Asia inflows per country
Asia Inflows per Resilient performance in the context of Covid-19 country pandemic In EUR mio China: up 14% in Q2 driven by new Thailand: Non-Life growth mitigating Malaysia: down marginally (-3%) in Q2, business & renewals the Covid-19 impact on Life due to COVID-19 1,370 175 1,245 679 635 890 212
Slide 47: Reinsurance headlines
Reinsurance Headlines Strong CY underwriting results in Q2 more than offsetting the Q1 impact from weather events Net result: Solid CY claims ratio in Q2 more Inflows: EUR 722 mio from Quota COR: strong CY claims ratio in Q2 than compensating weather impact share of which EUR 303 mio in Q2 In % NEP
Slide 48: Reinsurance net result and inflows
Reinsurance Net result & Strong CY claims experience in Q2 Inflows In EUR mio Net result Quarter 44 • Strong result thanks to the positive CY claims performance in BE, UK & Portugal 24 43 Year-to-date 22 • Flat contribution from protection programme 1 1 • Positive CY claims in Q2 fully compensating
Slide 49: General Account headlines
GA Headlines Result driven by Fresh transactions & RPN(i) revaluation Net result Q2 driven by RPN(i) revaluation Impact on P&L from RPN(i) Expenses under control and incl. EUR 22 mio cap gain on Fresh In EUR mio In EUR mio* In EUR mio 49 42 20 18 300 34 35 12 61 32 13 (40) 15 (39) 5 16 14 10 7 3 6M
Slide 50: Cash position
GA Cash position Available cash up on upstream from operating companies - Main upstream & interim dividend intended in H2 In EUR mio 2,192 218 (50) FRESH (538) HQ (52) (18) (50) SBB 1,538 (16) (126) (23) SBB RO settlement settlement ≈ 1100 ≈ 1000 FY 19 Upstream Dividend Fresh Tender Cap. Injection S
Slide 51: Successful tender on the Fresh securities
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 CASH
Slide 52: Content
Content Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72 Periodical financial information I 6M 20 results I 7 August 2020 52
Slide 53: Shareholders equity
Equity Shareholders Equity up on net result & FY 19 dividend postponement equity In EUR mio Equity per share EUR 58.89 EUR 61.09 791 11,221 9 11,431 (202) (50) (126) (207) (5) 3,729 Unrealised gains & 3,931 losses 7,290 7,702 FY 19 result change dividend treasury FX IAS 19 other 6M 20 UG/L shares Sh
Slide 54: Tangible net equity
Equity Tangible net Debt leverage down after succesful transactions on the equity Fresh instrument In EUR mio FY 19 6M 20 IFRS Shareholders' Equity 11,221 11,431 Unrealised gains real estate 674 699 Goodwill (614) (598) VOBA (Value of Business Acquired) (58) (51) DAC (Deferred Acquisition Cost) (425
Slide 55: Solvency II ageas
Solvency Solvency IIageas Solvency down on Fresh & market impact 8.6 7.7 7.7 7.6 7.3 7.6 Own Funds 6.3 5.5 5.7 SCR 2.8 2.8 1.1 0.9 0.9 1.5 4.0 3.7 3.9 3.2 3.3 3.3 2.7 0.9 0.8 0.8 0.7 0.7 0.8 0.9 0.9 0.5 0.5 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.2 (0.6) (0.6) (0.6) (1.5) (1.8) (1.5) FY 193M 206M 20 F
Slide 56: Solvency II impact on ratio
Solvency II Solvency IIageas Solvency down on Fresh & market – contribution from operations exceeding dividend accrual Impact on Solvency IIageas* FY ’19 6M ’20 3M ’20 6M ’20 217% 192% 196% 192% Tender of the Fresh – pre-compensated by Debt initiatives -12 pp EUR 750 mio T1 in 2019 Model refin
Slide 57: Free Capital Generation
Free Capital Generation Operational FCG of EUR 437 mio* Solvency IIageas In EUR mio * 2,929 expected 491 (458) dividend 2,470 65 437 491 (669) 116 (178) 2,075 Based on 175% SCR 321 (50) Solvency IIageas 656 2,438 1,980 1,418 FY 19 Fresh tender FY 19 Model changes Market impact Operational Capital Pa
Slide 58: Free Capital Generation: SCR and own funds
Free Capital Generation Evolution SCR & OF split between types of impact Solvency IIageas 9,125 In EUR mio 491 (483) 8,642 15 491 8,223 (676) 470 Own Funds (178) (50) 656 8,634 8,151 7,567 FY 19 Fresh tender FY 19 Model changes Market impact Operational Capital Paid dividend 6M 20 restated impact tr
Slide 59: Operational FCG driven by a strong Q2
Free Capital Generation Operational FCG driven by a strong Q2 Solvency IIageas In EUR mio Quarterly EUR mio OF SCR FCG impact Strong Non-Life Q2 compensating for weather in Q1 Belgium 314 14 290 135 SCR up on asset management actions UK 44 (2) 47 42 Strong Non-Life Q2 compensating for weather in Q1
Slide 60: Solvency sensitivities
Solvency Solvency IIageas High Solvency ratio providing resilience against sensitivities market or other external evolutions As per 31/12/19 SCR OF Solvency Base case Before stress 3,957 8,127 205% Yield curve Down 50 bps 4,112 7,971 194% Up 50 bps 3,890 8,424 217% Equity Down 25% 3,823 7,753 203% P
Slide 61: PIM Solvency
Solvency PIM Solvency down driven by EIOPA VA In EUR bn 8.7 7.6 7.7 7.7 7.6 7.4 5.9 5.6 5.3 Own Funds 1.5 4.3 4.2 3.2 1.4 1.3 1.2 3.8 3.2 3.3 3.3 SCR 2.8 3.1 0.9 0.8 0.8 0.7 0.7 0.8 0.9 0.9 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.2 0.2 0.2 (0.6) (0.5) (0.6) (1.6) (1.7) (1.7) FY 193M 206M 20 FY 193M 20
Slide 62: PIM Solvency sensitivities
Solvency PIM Ageas asset mix not in line with EIOPA reference sensitivities portfolio As per 31/12/19 SCR OF Solvency Base case Before stress 4,238 8,146 192% Yield curve Down 50 bps 4,410 7,997 181% Up 50 bps 4,115 8,411 204% Equity Down 25% 4,072 7,730 190% Property Down 10% 4,391 7,897 180% Sprea
Slide 63: Composition of SCR and own funds
Solvency Composition of Composition of SCR & OF SCR & OF In EUR bn Insurance SCRageas per risk type Tiering of Group PIM own funds Market risk movement driven by equity risk Fresh transactions driving Tier 1 & 2 UT1 down on EIOPA VA 8.7 4.3 0.1 4.2 0.5 3.8 7.6 0.5 7.3 0.8 0.5 1.7 0.8 0.1 0.3 0.8 0.1
Slide 64: Content
Content Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72 Periodical financial information I 6M 20 results I 7 August 2020 64
Slide 65: Investment portfolio
Investment portfolio Investment portfolio stable after drop in Q1 84.3 84.1 In EUR bn Cash 3.7 Cash 2.1 Real Estate Real Estate 5.8 5.6 Gross UG/L on Total portfolio: at EUR 8.6 bn (vs. EUR 8.7 bn) Equities 4.6 Equities 4.1 Available for Sale Loans Loans 11.1 12.8 Fixed income: up to EUR 8.1 bn
Slide 66: Sovereign bond and loan portfolio
Investment portfolio Value fixed income assets up on higher Sovereign bond UG/L 38.8 38.4 In EUR bn Other 2.6 Other 2.4 Ireland 0.4 Ireland 0.5 Germany 1.3 Germany 1.2 Italy, 1.5 Italy, 1.5 Spain 2.2 Spain 2.3 Portugal 2.8 Portugal 2.8 Sovereign bond Gross UG/L up to EUR 6.8 bn (vs. EUR 6.4 bn) Au
Slide 67: Corporate bond portfolio
Investment portfolio Corporate bond portfolio* slightly down on lower UG/L, partial recovery in Q2 In EUR bn 20.8 20.4 Government Government Corporate bond Gross UG/L at EUR 1.3 bn (vs. EUR 1.5 bn) related 3.1 related 2.9 portfolio – by sector Limited exposure to Oil & Gas, Airlines & Transporta
Slide 68: Equity and real estate portfolio
Investment portfolio Equity portfolio* ytd down on lower UG/L, partial recovery in Q2 / Positive revaluation of Real Estate in Q2 In EUR bn 4.6 Mixed funds & 4.1 Equity portfolio* Gross UG/L at EUR 0.5 bn (vs. EUR 0.8 bn) others 0.8 Mixed funds & others 0.5 RE funds 0.9 Equity funds RE funds 0.9 0
Slide 69: Content
Content Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72 Periodical financial information I 6M 20 results I 7 August 2020 69
Slide 70: Legal settlement in full execution mode
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 ci
Slide 71: Recent legal developments and outstanding proceedings
Legal Recent developments & Proceedings related to the past that remain outstanding Criminal investigation Public prosecutor has announced discontinuation of proceeding Public prosecutor has sent his proposal to Chambre du Conseil on referral Written submissions exchanged Hearing session bef
Slide 72: Content
Slides used during analyst call 2 Segment information 16 Equity / Solvency 52 Investment portfolio 64 Legal Settlement 69 General Information 72 Periodical financial information I 6M 20 results I 7 August 2020 72
Slide 73: Outstanding shares
Outstanding shares Another 4 mio shares canceled at Shareholders’ meeting in May 2020 situation 31/12/2019 situation 30/06/2020 situation 06/08/2020 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
Slide 74: Shareholders structure
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,
Slide 75: Ratings
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 29/04/20 unsollicited Ageas Insurance Limited A / positive A+ / stable Last review 21/11/19 29/04/20 Muang Thai Life BBB+ / Stable A- / negative Last review 15/04/20
Slide 76: Investor Relations
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 ma