ageas SA/NV · EURONEXT:AGS
ageas SA/NV — FY2020 Earnings Presentation
80 slides from ageas SA/NV's earnings presentation, Feb 24, 2021
Slide 1: FY 2020 Results
FY 2020 RESULTS Periodical Financial Information
Slide 2: Content
Content Slides used during analyst call 2 Segment information 19 Equity / Solvency 55 Investment portfolio 67 Legal Settlement 72 General Information 75 Periodical financial information I FY 20 results I 24 February 2021 2
Slide 3: Excellent results in a challenging context
Ageas Excellent results in a challenging context Proposed gross dividend of EUR 2.65/share Results ▪ Net result in line with initial guidance ▪ Strong Insurance performance both in Life & Non-Life mitigated lower contribution of net capital gains ▪ Resilient commercial performance Connect21 ▪ 5 out
Slide 4: Headlines: Excellent performance given context
Ageas Headlines Excellent performance given context Net result driven by Non-Life Inflows*: Life Asia & Non-Life up Life Technical liabilities* up in conso & In EUR mio In EUR bn non-conso 979 1,141 In EUR bn 181 170.0 176.6 262 35.9 35.6 159.6 391 6.7 6.8 92.7 97.9 82.2 102 147 7.7 7.3 841 60 80 1.
Slide 5: Connect21 targets reached – steady increase in UL
Ageas Connect 21 5 out of 6 targets reached in 2020 in challenging environment – Steady increase in UL 94 95 91.3 88 88 90 28 29 25 2018 2019 2020 2018 2019 2020 2018 2019 2020 CAGR +22% € 6.1 215% 217% 50% 56% * 193% 58% € 5.1 € 4.1 € 2.65 € 2.65 € 2.20 2018 2019 2020 2018 2019 2020 2018 2019 2020
Slide 6: Dividend upstreamed in 2020
Ageas Dividend EUR 658 mio upstreamed in 2020 upstream In EUR mio Belgium main contributor of cash India Upstream more than covering dividend & holding costs on FY basis 1 China 658 100 632 … 601 8 Asia Asia 87 123 HQ & RO Asia Thailand 7 516 92 Malay sia 15 expenses 488 487 CEU CEU 133 Asia 86 Turk
Slide 7: Proposed gross cash dividend of EUR 2.65/share
Ageas Proposed gross cash dividend of EUR 2.65/ share Shareholder return 5.6% 5.3% 5.3% 5.0% 5.0% 5.1% 4.9% 4.7% 4.6% 4.4% 3.7% 0.40 2.9% 2.65 2.65 2.10 2.20 1.55 1.65 1.70 1.40 1.20 0.80 0.80 0.80 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 gross dividend / share additional dividend
Slide 8: Belgium Headlines
Belgium Headlines Solid 2020 result despite lower cap gains contribution – Q4 supported by Real Estate cap gains Net result: lower cap gains in FY20 – Strong Inflows: growth in Non-Life, Life Life Technical Liabilities increase in Group Q4 performance impacted by lockdown vs. strong LY Life & Unit-L
Slide 9: UK Headlines
UK Headlines Strong net result driven by Motor performance Net result driven by Motor performance, Inflows* scope-on-scope for TU disposal Non-Life combined ratio benefiting from EUR 35 mio contribution to QS in line with 2019 lower claims frequency In EUR mio In EUR mio In % of NEP 1,728 1,668 69 6
Slide 10: CEU Headlines
CEU Headlines Solid result supported by strong Non-Life performance Net result: increase driven by Life and Non-Life inflows up 11% at constant FX Life Technical liabilities partially Non-Life – Life inflows starting to stabilise by YE recovered in Q4 on increased UL prices In EUR mio In EUR mio In
Slide 11: Asia Headlines
Asia Headlines Solid 2020 performance, undermined by market impacts Net result down on market impacts Inflows* up 6% @ constant FX in 2020 Life Technical liabilities up 19% In EUR mio In EUR mio In EUR bn 515 25,166 24,269 12 1,435 1,563 269 5,074 97.8 4,463 92.7 503 35 72 22,834 23,604 82.2 499 391
Slide 12: Reinsurance Headlines
Reinsurance Headlines Strong underwriting results more than offsetting weather Net result: Solid CY claims ratio more than Inflows: EUR 1,274* mio from QS Q4 COR: strong claims ratio compensating weather impact In EUR mio In % NEP In EUR mio 79 1,689 1,641 * 19 78 256 * 1,689 1,626 19 102.3 96.3 97.
Slide 13: General Account Headlines
GA Headlines Negative RPN(i) revaluation & capital gain on Fresh transaction Net result Q4 driven by RPN(i) revaluation P&L impact RPN(i) Operating expenses* In EUR mio In EUR mio In EUR mio (0) 101 90 (61) (59) 181 (76) 76 (106) 68 24 21 (132) 18 14 (123) 25 23 5 6 Q4 19 Q4 20 FY 19 FY 20 Q4 19 Q4
Slide 14: Solvency II ageas
Solvency Solvency IIageas Solvency driven by Fresh & market 8.6 8.1 7.7 7.7 7.7 7.9 6.3 5.7 5.9 Own Funds 1.5 4.0 4.0 4.2 3.6 SCR 2.8 2.8 3.0 0.9 0.8 0.8 1.1 0.9 1.1 0.7 0.8 0.8 0.9 1.0 3.2 3.5 0.5 0.4 0.5 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.3 0.2 (0.6) (0.6) (0.5) (1.8) (1.5)(1.6) FY19 9M20 FY20 FY19 9M2
Slide 15: Free Capital Generation
Free Capital Generation Operational FCG of EUR 641 mio* Solvency IIageas In EUR mio * 2,929 491 (458) 121 641 314 (343) 2,470 132 491 (696) (486) expected 509 2,021 dividend 485 Based on 175% SCR Solvency IIageas 2,438 1,980 1,536 FY 19 Fresh tender FY 19 Model Market impact Operational Capital M&A
Slide 16: Conclusions
1. Solid result in a highly challenging year, thanks to a strong underwriting performance in Life & Non-Life 2. Balance sheet back to pre-covid level 3. Proposed dividend of EUR 2.65 in line with last year all-time high 4. Confident in our ability to achieve a net profit in the middle of our guidanc
Slide 17: Acquisition of 40% stake in AvivaSa
Ageas Acquisition of 40% stake in AvivaSa Ageas broadens its collaboration with Sabanci in Turkey Key transaction terms ▪ Agreement with Aviva to acquire 40% stake in AvivaSa ▪ GBP 122 mio - TRY 1.2 bn – EUR 142 mio approximatly ▪ Market cap AvivaSa TRY 3.4 bn (22/02/21) ▪ Fully in cash ▪ ≈ 3pp nega
Slide 18: Acquisition of 40% stake in AvivaSa
Ageas Acquisition of 40% stake in AvivaSa Ageas broadens its collaboration with Sabanci in Turkey AvivaSa ▪ Well-established life company with a strong client base ▪ Strong growth & solid track record of profitability ▪ Dividend pay-out policy of 50% of local result ▪ Currently 40% Sabanci – 40% Avi
Slide 19: Content
Content Slides used during analyst call 2 Segment information 19 Equity / Solvency 55 Investment portfolio 67 Legal Settlement 72 General Information 75 Periodical financial information I FY 20 results I 24 February 2021 19
Slide 20: Net result
Net result Net result supported by a strong Insurance performance across all segments In EUR mio Belgium Strong business performance - EUR 44 mio lower cap gains 1,141 979 UK Motor driver behind result in both years – QS to 40% CEU Strong business performance – Life supported by reserve release Asia
Slide 21: Inflows @ 100%
Inflows @ 100% Resilient commercial performance in a challenging context In EUR mio Life Non-Life Total EUR mio FY 19 FY 20 FY 19 FY 20 FY 19 FY 20 Belgium 75% 4,526 3,991 (12%) 2,086 2,109 1% 6,612 6,100 (8%) United Kingdom - 1,728 1,668 (3%) 1,728 1,668 (3%) Consolidated entities 100% - 1,375 1,38
Slide 22: Inflows @ ageas part
Inflows @ ageas part Resilient commercial performance in a challenging context In EUR mio Belgium Life inflows impacted by lockdown – Continued growth in Non-Life UK Inflows stable scope-on-scope for TU disposal CEU Solid Non-Life growth in all product lines - Life inflows in transition phase -3% 15
Slide 23: Net realised cap gains
Net realised cap gains* Lower support of realised capital gains In EUR mio FY 19 FY 20 Q4 19 Q4 20 Life 119 88 44 87 Equity impairments in Q1 Non-Life 14 1 8 1 Q4 cap gains driven by Real Estate Belgium 133 89 52 88 UK 4 4 0 (0) Life 9 (2) 2 2 Non-Life 2 4 1 4 CEU 11 1 2 6 Life 133 14 33 14 Non-Life
Slide 24: Combined ratio
Ageas Combined ratio Excellent across all product lines In % Net earned premium 99.6 101.1 96.9 95.2 94.3 95.0 95.8 95.0 Quarter 91.3 ▪ Strong claims performance across most product lines held back by 35.2 34.1 34.7 35.5 35.3 34.8 inflation and interest rate related review of provisions 35.8 36.1 36
Slide 25: Combined ratio by product line
Ageas Combined ratio Strong performance across all product lines Catch-up in Health & review of provisions in Q4 In % Net earned premium Accident & Health: strong year with catchup of postponed Motor: low claims frequency – provisions reviewed for inflation medical treatment & interest rate 107.9 10
Slide 26: Operating margins
Ageas Operating Guaranteed: on target – steady improvement in UL margins Operating margin In bps Avg techn. liabilities Expense & other m. Investment m. Life Unit-Linked 36 Underwriting m. 36 29 32 27 28 Quarter 18 25 25 20 ▪ Margin increasing in Portugal as a consequence of changing 1 30 32 6 29 bu
Slide 27: Belgium Headlines
Belgium Headlines Solid 2020 result despite lower cap gains contribution – Q4 supported by Real Estate cap gains Net result: lower cap gains in FY20 – Strong Inflows: growth in Non-Life, Life Life Technical Liabilities increase in Group Q4 performance impacted by lockdown vs. strong LY Life & Unit-L
Slide 28: Belgium Net result & Life liabilities
Belgium Net result & Life Q4 performance supported by higher capital Life liabilities gains In EUR mio Net result Quarter 426 411 • Non-Life: good CY results offset by lower PY results 125 133 • Life: better investment results thanks to higher capital gains 156 Year-to-date 122 25 32 • Strong result
Slide 29: Belgium Inflows
Belgium Inflows Life decrease in individual Guaranteed business Life Non-Life steady growth despite lockdown measures In EUR mio Life 4,526 -12% Quarter 3,991 • Unit-linked – strong Q4 with higher inflow (+21% vs. Q4 LY) Unit-Linked 808 -8% 771 • Guaranteed – lower than LY due to lower production in
Slide 30: Belgium Combined ratio
Belgium Combined ratio Solid operating performance and benefiting from 2019 & 2020 before QS lower claims frequency In % Net earned premium 101.2 94.7 96.0 93.4 95.2 95.7 93.2 91.0 90.3 The new internal reinsurance agreement has an important impact on the combined ratio. For ease of comparability, t
Slide 31: Belgium Combined ratio by product
Belgium Combined ratio Strong CY performance mainly in Motor & Household 2019 & 2020 before QS In % Net earned premium Accident & Health: Good CY performance – Q4’19 impacted by a few Motor: Lower CY claims frequency – Q4’19 included some large large claims claims 100.6 99.6 101.6 99.1 99.8 97.6 101
Slide 32: Belgium Operating margins
Belgium Operating Guaranteed investment result impacted by Covid - margins impact on UL at the top end of the group target range In bps Avg techn. liabilities Operating margin Investment m. Life Unit-Linked Expense & other m. 43 Underwriting m. 40 40 38 40 Quarter 34 30 32 31 ▪ Slightly lower compar
Slide 33: Belgium Evolution assets & liabilities
Belgium Evolution assets Yield & guaranteed rate on back book down at & liabilities the same pace FY 17 FY18 FY19 FY20 Guaranteed interest rate 2.32% 2.17% 1.95% 1.78% Back book Life Fixed income yield 3.34% 3.25% 3.06% 2.92% Liabilities Guaranteed (EUR bn) 50.4 49.1 51.5 52.2 FY 17 FY 18 FY 19 FY20
Slide 34: Belgium Evolution assets & liabilities
Belgium Evolution assets Average rate on back book decreasing in line & liabilities with evolution yield fixed income 50,000 5.0% Back book vs fixed 45,000 4.5% income 40,000 4.0% investments 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% 2021 2022 2023 202
Slide 35: UK Headlines
UK Headlines Strong net result driven by Motor performance Net result driven by Motor performance, Inflows* scope-on-scope for TU disposal Non-Life combined ratio benefiting from EUR 35 mio contribution to QS in line with 2019 lower claims frequency In EUR mio In EUR mio In % of NEP 1,728 1,668 69 6
Slide 36: UK Net result & Inflows
UK Net result & Strong net result supported by lower claims frequency Inflows - Inflows impacted by TU disposal In EUR mio Net result Quarter ▪ Lower claims frequency & favourable PY large loss development in Motor ▪ Adverse weather & review of provisions for expected increase in claims inflation 69
Slide 37: UK Combined ratio
UK Combined ratio Continued Motor claims frequency benefit and favourable 2019 & 2020 before LPT & QS prior year claims driving performance In % Net earned premium 112.2 The internal reinsurance agreement has an important impact on the 103.2 103.4 99.8 102.1 98.7 combined ratio. For ease of comparab
Slide 38: UK Combined ratio by product
UK Combined ratio Improving performance in all product lines 2019 & 2020 before LPT & QS Accident & Health: IBNR review in H1 & lower claims frequency Motor: Q4 increase in provisioning for expected claims inflation 123.4 114.5 104.7 109.2 99.1 99.3 102.8 116.5 112.3 86.2 55.0 99.7 103.0 102.6 101.5
Slide 39: CEU Headlines
CEU Headlines Solid result supported by strong Non-Life performance Net result: increase driven by Life and Non-Life inflows up 11% at constant FX Life Technical liabilities partially Non-Life – Life inflows starting to stabilise by YE recovered in Q4 on increased UL prices In EUR mio In EUR mio In
Slide 40: CEU Net result & Life liabilities
CEU Net result & Life Strong Non-Life business liabilities Life result impacted by lower capital gains In EUR mio Net result Quarter 136 • Life: net profit impacted by lower capital gains & investment income 109 • Non-Life : continued strong operating performance - adverse FX 81 29 73 25 Year to dat
Slide 41: CEU Inflows
CEU Inflows Solid Non-Life growth in all product lines Life inflows in transition phase due to low yields In EUR mio 1,803 Life -33% -6% Quarter 583 1,208 374 • Unit-linked – Up in France due to commercial focus & decrease in 352 Portugal due to evolving product mix • Guaranteed – Strong increase in
Slide 42: CEU Combined ratio
CEU Combined ratio Excellent combined ratio supported by lower claims 2019 & 2020 before LPT & QS frequency & expenses In % Net earned premium 92.1 92.4 91.2 93.5 90.7 88.7 90.4 85.4 85.4 The new internal reinsurance agreement has an important impact on the combined ratio. For sake of comparability
Slide 43: CEU Combined ratio by product
CEU Combined ratio Continued low claims ratio in Motor and deterioration in 2019 & 2020 before LPT & QS Accident & Health and Household in Q4 Accident & Health: Q4 claims ratio slightly up on catch-up of Motor: continued improved claims ratio due to lower frequency postponed medical treatments 88.6
Slide 44: CEU Operating margins
CEU Operating Guaranteed margin impacted by lower capital gains margins UL margin strongly up following change in product mix In bps Avg techn. liabilities Operating margin Expense & other m. 29 Underwriting m. Life Unit-Linked Investment m. 21 17 Quarter 16 20 • Up on higher expense ratio following
Slide 45: Asia Headlines
Asia Headlines Solid 2020 performance, undermined by market impacts Net result down on market impacts Inflows* up 6% @ constant FX in 2020 Life Technical liabilities up 19% In EUR mio In EUR mio In EUR bn 515 25,166 24,269 12 1,435 1,563 269 5,074 97.8 4,463 92.7 503 35 72 22,834 23,604 82.2 499 391
Slide 46: Asia Net result & Life liabilities
Asia Net result & Life Solid 2020 performance, undermined by market impacts liabilities In EUR mio Net result Quarter 515 • Life result down, due to: 12 − Lower level of capital gains (EUR 14 mio vs. EUR 33 mio) − Continued adverse evolution of discount rate curve in China 269 • Non-Life result driv
Slide 47: Asia Inflows
Asia Inflows Continuous Life growth Non-Life inflows up including Taiping Reinsurance In EUR mio Life 22,834 23,604 Quarter 1,411 1,174 • Inflows up 15% in Q4, driven by strong persistency Unit-Linked 4,575 4,071 • China preparing for jump start campaign 278 272 • EUR 64 mio contribution from Taipin
Slide 48: Asia Inflows per country
Asia Inflows per Growth driven by China and Malaysia country In EUR mio China: up 5% over 2020 driven by strong Thailand: down 7% with 2020 NL Malaysia: up 40% driven by Singapore renewals growth offsetting limited decline in Life 2,793 2,523 2,212 380 414 1,638 642 656 732 672 660 103 416 145 19,08
Slide 49: Reinsurance Headlines
Reinsurance Headlines Strong underwriting results more than offsetting weather Net result: Solid CY claims ratio more than Inflows: EUR 1,274* mio from QS Q4 COR: strong claims ratio compensating weather impact In EUR mio In % NEP In EUR mio 79 1,689 1,641 * 19 78 256 * 1,689 1,626 19 102.3 96.3 97.
Slide 50: Reinsurance Net result
Reinsurance Net result Strong performance driven by favourable claims frequency at ceding companies In EUR mio 19 Quarter 4 Portugal • EUR (7) mio from protection programme due to initial prudent 8 12 UK reserving 2 • EUR 11 mio positive contribution from Belgium thanks to strong CY claims 14 11 Bel
Slide 51: Reinsurance Inflows
Reinsurance Inflows Increased contribution from quota share agreements In EUR mio 256 Quarter 234 5 Portugal 35 • EUR 227* mio from quota share (vs. EUR 209 mio in Q4 19). 113 UK • In Q4, Portugal recorded a premium portfolio exit for the QS 94 contract which causes a temporary reclassification of ≈
Slide 52: General Account Headlines
GA Headlines Negative RPN(i) revaluation & capital gain on Fresh transaction Net result Q4 driven by RPN(i) revaluation P&L impact RPN(i) Operating expenses* In EUR mio In EUR mio In EUR mio (0) 101 90 (61) (59) 181 (76) 76 (106) 68 24 21 (132) 18 14 (123) 25 23 5 6 Q4 19 Q4 20 FY 19 FY 20 Q4 19 Q4
Slide 53: General Account Cash position
GA Cash position Cash upstream covering paid dividend, holdco costs & part of SBB In EUR mio 658 (485) 2,192 (13) (404) FRESH (435) HQ (105) SBB settlement 1,211 RO (28) (132) (36) settlement ≈ 1,100 ≈ 1,200 FY 19 Upstream Dividend Debt actions Invest in Settlement HQ & RO Share Other FY 20 business
Slide 54: Outstanding hybrids
GA Outstanding Successful issuance of EUR 500 million Tier 2 Notes in Q4 hybrids In EUR mio ageas SA/NV Ageasfinlux AG Insurance Fortis Bank (Belgium) (now BNPPF) Fresh Fixed-to- Fixed Rate Fixed to Floating Perp Fixed Rate Fixed-to-Floating Floating Rate Reset Dated Rate Notes Reset Temporary Rate
Slide 55: Content
Content Slides used during analyst call 2 Segment information 19 Equity / Solvency 55 Investment portfolio 67 Legal Settlement 72 General Information 75 Periodical financial information I FY 20 results I 24 February 2021 55
Slide 56: Equity
Equity Shareholders Equity up on net result equity In EUR mio Equity per share EUR 58.89 EUR 61.80 11,221 11,555 212 (485) (131) (355) 1,141 (43) (5) 3,931 4,144 Unrealised gains & losses 7,290 7,412 FY 19 result change dividend treasury FX IAS 19 other FY 20 UG/L shares Shareholders’ equity per seg
Slide 57: Tangible net equity
Equity Tangible net Leverage down on succesful transactions on equity Fresh instrument In EUR mio FY 19 FY 20 IFRS Shareholders' Equity 11,221 11,555 Unrealised gains real estate 674 661 Goodwill (614) (602) VOBA (Value of Business Acquired) (58) (44) DAC (Deferred Acquisition Cost) (425) (408) Othe
Slide 58: Solvency II ageas
Solvency Solvency IIageas Solvency driven by Fresh & market 8.6 8.1 7.7 7.7 7.7 7.9 6.3 5.7 5.9 Own Funds 1.5 4.0 4.0 4.2 3.6 SCR 2.8 2.8 3.0 0.9 0.8 0.8 1.1 0.9 1.1 0.7 0.8 0.8 0.9 1.0 3.2 3.5 0.5 0.4 0.5 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.3 0.2 (0.6) (0.6) (0.5) (1.8) (1.5)(1.6) FY19 9M20 FY20 FY19 9M2
Slide 59: Solvency II ageas impact
Solvency II Solvency IIageas Solvency driven by Fresh & market 9M ’20 ➔ FY ’20 Impact on Solvency IIageas* FY ’19 ➔ FY ’20 194%➔ 193% 217➔ 193% Tender of the Fresh Fresh tender - 11 pp (precompensated by EUR 750 mio T1 in 2019) Model refinements + 3 pp + 1 pp Market movements FY impacted by Covid –
Slide 60: Free Capital Generation
Free Capital Generation Operational FCG of EUR 641 mio* Solvency IIageas In EUR mio * 2,929 491 (458) 121 641 314 (343) 2,470 132 491 (696) (486) expected 509 2,021 dividend 485 Based on 175% SCR Solvency IIageas 2,438 1,980 1,536 FY 19 Fresh tender FY 19 Model Market impact Operational Capital M&A
Slide 61: Evolution SCR & OF split
Free Capital Generation Evolution SCR & OF split between types of impact Solvency IIageas In EUR mio 9,125 (370) 491 (483) 8,642 135 314 8,542 779 (486) 491 (473) Own Funds 485 8,634 8,151 8,057 FY 19 Fresh tender FY 19 Model Market impact Operational Capital M&A Paid dividend FY 20 restated changes
Slide 62: Operational FCG driven by Belgium & CEU
Free Capital Generation Operational FCG driven by Belgium & CEU Solvency IIageas In EUR mio Quarterly EUR mio OF SCR FCG impact Strong & steady OF generation despite weather Belgium 556 57 456 SCR up on re-risking & non-economic assumptions 56 OF impacte by weather UK 68 11 49 SCR up on higher reins
Slide 63: Solvency sensitivities
Solvency Solvency IIageas High Solvency ratio providing resilience against sensitivities market or other external evolutions As per 30/09/20 SCR OF Solvency Base case Before stress 3,970 7,705 194% Yield curve Down 50 bps 4,061 7,533 186% Up 50 bps 3,903 8,002 205% Equity Down 25% 3,837 7,331 191% P
Slide 64: Solvency PIM
Solvency PIM Solvency up in Q4 in Belgium following model changes in Life In EUR bn 8.7 7.6 7.9 7.7 7.7 7.9 5.9 Own Funds 5.4 5.5 1.5 4.3 4.3 4.0 3.2 1.4 1.3 1.4 3.2 3.5 3.6 SCR 3.1 2.8 0.9 0.8 0.8 0.7 0.8 0.8 0.9 1.0 0.5 0.5 0.5 0.5 0.6 0.5 0.4 0.4 0.5 0.2 0.3 0.2 (0.6) (0.6) (0.5) (1.7) (1.6) (1.7
Slide 65: Solvency PIM sensitivities
Solvency PIM Ageas asset mix not in line with EIOPA reference sensitivities portfolio As per 30/09/20 SCR OF Solvency Base case Before stress 4,256 7,627 179% Yield curve Down 50 bps 4,429 7,478 169% Up 50 bps 4,134 7,892 191% Equity Down 25% 4,091 7,211 176% Property Down 10% 4,409 7,377 167% Sprea
Slide 66: Composition of SCR & OF
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 main factor in SCR Tier 2 up on EUR 500 mio debt issue in Q4 8.7 4.3 4.3 4.0 0.1 7.6 7.9 0.5 0.5 0.5 0.1 1.7 0.1 0.8 0.8 0.8 0.3 0.3 0.3 1.0 1.5 0.8 0.8 0.8
Slide 67: Content
Content Slides used during analyst call 2 Segment information 19 Equity / Solvency 55 Investment portfolio 67 Legal Settlement 72 General Information 75 Periodical financial information I FY 20 results I 24 February 2021 67
Slide 68: Investment portfolio
Investment portfolio Investment portfolio up on higher UG/L 84.3 85.1 In EUR bn Cash 2.2 Cash 3.7 Real Estate Real Estate 5.9 5.6 ▪ Total portfolio: up to EUR 9.9 bn (vs. EUR 8.7 bn) Equities 4.9 Gross UG/L on Equities 4.6 Available for Sale Loans Loans 11.1 13.4 ▪ Fixed income: up to EUR 9.1 bn (vs
Slide 69: Sovereign bond and loan portfolio
Investment portfolio Higher sovereign bond UG/L 38.4 38.7 In EUR bn Other 2.6 Other 2.5 Ireland 0.4 Ireland 0.5 Germany 1.1 Germany 1.2 Italy, 1.6 Italy, 1.5 Spain 2.2 Spain 2.4 Portugal 2.8 Portugal 2.9 Sovereign bond ▪ Gross UG/L up to EUR 7.4 bn (vs. EUR 6.4 bn) Austria 2.7 Austria 2.6 portfolio*
Slide 70: Corporate bond portfolio
Investment portfolio Corporate bond portfolio* UG/L up In EUR bn 20.8 19.9 Government Corporate bond ▪ Gross UG/L at EUR 1.7 bn (vs. EUR 1.5 bn) related 3.1 Government related 2.8 portfolio – by sector ▪ Limited exposure to Oil & Gas, Airlines & Transportation Non Non Financials Financials ▪ Impact
Slide 71: Equity and real estate portfolio
Investment portfolio Stable UG/L in Equity portfolio* / Positive revaluation of Real Estate in Q2 In EUR bn 4.9 4.6 Mixed funds & Mixed funds & others 0.7 Equity portfolio* ▪ Gross UG/L at EUR 0.8 bn (vs. EUR 0.8 bn) others 0.8 RE funds 0.9 RE funds 0.9 Equity funds Equity funds 0.7 0.5 Equities 2.4
Slide 72: Content
Content Slides used during analyst call 2 Segment information 19 Equity / Solvency 55 Investment portfolio 67 Legal Settlement 72 General Information 75 Periodical financial information I FY 20 results I 24 February 2021 72
Slide 73: 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 74: Legal: Outstanding proceedings
Legal Proceedings related to the past that remain outstanding Civil proceedings ▪ Opt-out cases from settlement ▪ Limited number of opt-outers for ≈1% of settlement amount ▪ Mr. Modrikamen: out-of-court settlement reached on 7 June 2020 ▪ Patrinvest: first instance in favour of Ageas, appeal filed b
Slide 75: Content
Slides used during analyst call 2 Segment information 19 Equity / Solvency 55 Investment portfolio 67 Legal Settlement 72 General Information 75 Periodical financial information I FY 20 results I 24 February 2021 75
Slide 76: Ratings
Ratings S&P MOODY'S FITCH Holding ageas SA/NV A+ / stable A2 / positive A+ / stable Last review 16/12/20 15/12/20 01/12/20 Operating entities AG Insurance (Belgium) A+ / stable A2 / positive A+ / stable Last review 16/12/20 15/12/20 01/12/20 Ageas Insurance Limited A+ / stable A+ / stable Last revie
Slide 77: ESG ratings
ESG Steady improvement in our ESG ratings Rating agency 2018 2019 2020 ISS G 2 G 2 G 3 (the lower the score the better) S 8 S 10 S 4 E 7 E 7 E 6 Sustainalytics 114th out of 146 131 out of 252 65 out of 260 Ranking financial companies insurance companies Insurance companies Score 24.2 23.7 23.0 (the
Slide 78: Outstanding shares
Outstanding shares Reclassification of 2.6 mio treasury shares following tender on the FRESH securities situation 31/12/2019 situation 31/12/2020 Total Issued Shares 198,374,327 194,553,574 Shares not entitled to dividend nor voting rights 11,747,866 11,356,447 1. TREASURY SHARES Share buy-back* 3,8
Slide 79: 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 80: 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