Ageas Sa/nv · EURONEXT:AGS
Ageas Sa/nv — 9M 2017 Earnings Presentation
71 slides from Ageas Sa/nv's earnings presentation, Nov 8, 2017
Slide 1: 9M 2017 Results
9M 2017 RESULTS Periodical Financial Information
Slide 2: Table of contents
Table of contents Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67
Slide 3: Main messages
Main messages Ageas reports strong nine months Insurance net profit of EUR 686 mio (+16% scope-on-scope for HK) Insurance Inflow @ 100% of EUR 27.1 bn (+10%) performance Life Guaranteed margin at 106 bps* (vs.97 bps) Unit-Linked margin at 26 bps* (vs. 21 bps) Group combined ratio at 94.9%*
Slide 4: Settlement between Ageas & claimants organisations
Settlement between Ageas & claimants organisations Press release 16 October 2017 – Extension granted up to 12/12/2017 Announcement Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio 14/03/2016 P&L impact of EUR 889 mio in 3M 2016 Commitment by eligible shareholders to abandon
Slide 5: Group Free Capital Generation roll forward
Group Free Capital Generation roll forward Operational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s In EUR mio Calculation based on 175% of SCRageas EUR 636 mio includes EUR 122 mio related to stop loss cover in UK EUR 70 mio dividend upstream from Non-European NCP’s * More d
Slide 6: Split of operational impact per segment
Split of operational impact per segment Operational impact driven by Belgium & CEU * Operational impact OF SCR FCG of which UK = OF - 175% *SCR stop EUR mio loss cover Driven by Belgium 464 (35) 526 OF up on strong operational results UK 23 (130) 250 219 OF up on strong operational results CEU 175 7
Slide 7: Evolution SCR & OF split between types of impact
Evolution SCR & OF split between types of impact In EUR mio (300) 571 (200) (2) Own Funds 259 (419) adjusted for (58) accrued expected dividend 8,560 8,411 FY 16 Model M&A Market Operational Exceptional Capital M&A Paid 9M 17 changes (divestments) impact impact items transactions (acquisitions) Divi
Slide 8: Total Insurance: Headlines
Total Insurance: Headlines Strong net result in both Life & Non-Life Net result: Solid result further Inflows*: Continued Life inflow growth Life Technical liabilities up in non-conso underpinned by strong Q3 in Asia driven by regular premiums In EUR bn In EUR mio In EUR bn 144.0 148.4 150.0 27.1 80
Slide 9: Belgium: Headlines
Belgium : Headlines Continued excellent operating performance, especially in Non-Life Non-Life: very strong performance - Inflows: anticipated lower Guaranteed Life Technical Liabilities slightly down terror & weather events in 2016 - continued strong inflow growth in UL In EUR bn In EUR bn In EUR m
Slide 10: United Kingdom: Headlines
United Kingdom: Headlines Ogden rate review continues to influence results Net result impacted by Ogden Inflows* slightly down at constant FX Non-Life combined ratio impacted by (EUR 40 mio) In EUR bn Ogden (4.4pp) In EUR mio In % of NEP 1.7 99.7 103.7 98.7 99.5 54 1.6 25 19 0.5 0.5 14 9M 16 9M 17 Q
Slide 11: Continental Europe: Headlines
Continental Europe: Headlines Excellent operating performance continued Net profit up 55% with equal Inflows driven by strong Life sales Life Technical liabilities up 6% contribution from Life & Non-Life In EUR bn In EUR bn In EUR mio 37.1 37.7 35.5 93 4.5 4.1 1.0 0.9 20.0 21.2 21.6 60 46 34 1.5 27
Slide 12: Asia: Headlines
Asia: Headlines Excellent operating performance thanks to product mix & financial performance Net result up almost 20% vs. LY excl. Inflows* up 22% scope-on-scope & @ Life Technical liabilities up 9% EUR 212 mio contribution from HK constant FX - new business & renewals In EUR bn In EUR mio In EUR b
Slide 13: Intreas: Headlines
Intreas: Headlines Internal Non-Life reinsurance company established in July 2015 Net result Inflows Combined ratio In EUR mio In EUR mio In % NEP 85.5 5 38 81.0 32 77.2 76.1 3 2 14 1 11 0 9M 16 9M 17 Q3 16 Q3 17 9M 16 9M 17 Q3 16 Q3 17 9M 16 9M 17 Q3 16 Q3 17 Periodic financial Information I 9M 17
Slide 14: General Account: Headlines
General Account: Headlines Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement Net result Q3 includes EUR 100 mio Impact on P&L from RPN(i) Staff & Operating expenses down provision related to Fortis settlement In EUR mio In EUR mio In EUR mio 63 (11) (165) (326) (5) 7
Slide 15: Key takeaways
1. A very strong Q3 underpinning a solid year-to-date result 2. Outstanding operational performance especially in our home market Belgium - signs of improvement in UK 3. Commitment to finding an amended & balanced agreement regarding the Fortis case
Slide 16: Table of contents
Table of contents Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67
Slide 17: Key financials
Key financials In EUR mio 9M 16 9M 17 Q3 16 Q3 17 Gross inflows 24,692 27,062 10% 6,349 6,597 4% Net result Insurance 803 686 (15%) 196 241 23% By segment: - Belgium 309 366 18% 103 107 4% - UK 54 25 (53%) 19 14 (25%) - Continental Europe 60 93 55% 24 34 43% - Asia 378 197 (48%) 49 84 72% - Reinsura
Slide 18: Total Insurance: Headlines
Total Insurance: Headlines Strong net result in both Life & Non-Life Net result: Solid result further Inflows*: Continued Life inflow growth Life Technical liabilities up in non-conso underpinned by strong Q3 in Asia driven by regular premiums In EUR bn In EUR mio In EUR bn 144.0 148.4 150.0 27.1 80
Slide 19: Inflows @ 100%
Inflows @ 100% Growth driven by Asian Life & inclusion Ageas Seguros – 3% negative FX Life Non-Life Total EUR mio 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 Belgium 75% 3,135 2,684 (14%) 1,462 1,485 2% 4,597 4,169 (9%) United Kingdom - 1,733 1,569 (9%) 1,733 1,569 (9%) Consolidated entities 100% - 1,350 1,
Slide 20: Inflows @ Ageas's part
Inflows @ Ageas’s part Strong growth in Asian JV’s & Continental Europe In EUR mio Up 5% @ constant FX 3% Belgium: down on short-term savings – shift to more UL 11,172 10,895 UK 2% down @ constant FX - Asia: up 21% @ constant FX CEU: Ageas Seguros contributing 3,352 EUR 70 mio in Life / EUR
Slide 21: Insurance net result
Insurance net result Very strong operating performance across all segments except UK In EUR mio BE: Solid Life & Non-Life result – good operating & investment result vs. EUR 47 mio terrorism & weather in 9M ‘16 UK: EUR 40 mio Ogden vs. EUR 13 mio weather in 9M ‘16 CEU: Good operating performan
Slide 22: Overview of net realised capital gains on investments
Overview of net realised capital gains* on investments Support of cap gains somewhat higher in Belgium & UK EUR mio 9M 16 9M 17 Q3 16 Q3 17 Life 80 102 4 12 Higher cap gains on equities & Non-Life 12 13 (1) 2 RE transactions, mainly Q1 Total Belgium 92 115 3 14 Non-Life 10 19 1 (1) Derisking part of
Slide 23: Insurance Combined ratio
Insurance Combined ratio Consistently below 97% target throughout the year In % Net earned premium Combined ratio 106.0 100.1 99.1 98.3 99.6 96.9 101.1 97.0 94.9 UK Ogden rate change impact of 1.6 pp - mainly in 93.2 92.7 Other lines & Motor - 9M ’16 included 3.5 pp 32.8 terrorism & weather impact
Slide 24: Insurance Combined ratio per product line
Insurance Combined ratio per product line Exceptional items impacting COR comparison Accident & Health: 2.7pp terrorism in 9M ’16 – improving Motor: excellent in BE – 2.4 pp Ogden in Portugal 107.9 96.9 96.0 95.6 96.9 97.3 99.0 99.1 99.3 99.6 97.8 98.5 94.3 93.7 94.7 94.2 29.7 25.0 25.5 25.6 25.3 25
Slide 25: Insurance Life operating margin per product line
Insurance Life operating margin per product line Margins in Guaranteed driven by investment result In bps Avg techn. liabilities Guaranteed: up in both BE & CEU Unit-linked: increase in both BE & CEU Operating margin Expense & other m. 106 Investment m. 99 96 97 90 Underwriting m. 89 93 90 77 48 106
Slide 26: Belgium: Headlines
Belgium : Headlines Continued excellent operating performance, especially in Non-Life Non-Life: very strong performance - Inflows: anticipated lower Guaranteed– Life Technical Liabilities slightly down terror & weather events in 2016 continued strong inflow growth in UL In EUR bn In EUR bn In EUR mi
Slide 27: Belgium: Inflows @ 100%
Belgium: Inflows@ 100% Lower inflows in Guaranteed & continued strong increase in UL Life In EUR mio Guaranteed Sales of short term investment product came down substantially in line -14% 3,135 with expectations after gradual downward review of the guaranteed 320 2,684 rates over 2016 598 Unit-Lin
Slide 28: Belgium: Combined ratio
Belgium: Combined ratio Excellent operating performance with combined ratio at 89.6% 105.1 Combined ratio 101.1 99.5 99.9 101.2 94.7 96.0 97.1 89.6 89.6 88.2 Excellent ratio driven by solid performance of all 36.4 product lines 9M ’16 combined ratio was impacted by 36.8 36.8 36.7 37.7 37.8 37.7 38
Slide 29: Belgium: Combined ratio per product line
Belgium: Combined ratio per product line Solid combined ratio in all product lines Accident & Health: higher claims in SME – 4.7 pp impact of Motor: Excellent combined ratio, driven by Motor Third terrorism in 9M ‘16 Party Liability 97.6 97.0 97.5 98.0 97.6 100.8 98.0 100.5 101.0 99.8 96.1 95.5 94.2
Slide 30: Life operating margin per product line
Life operating margin per product line Strong margins in Guaranteed & Unit-Linked In bps Avg techn. liabilities Guaranteed: supported by solid capital gains in both Unit-linked: improved underwriting margin years Operating margin 100 Investment m. 96 87 91 Expense & other m. 89 86 86 78 65 Underwrit
Slide 31: Margin evolution Assets & Liabilities Belgium
Margin evolution Assets & Liabilities Belgium Yield & guaranteed rate on back book down at the same pace FY 14 FY 15 FY 16 9M 17 Life Guaranteed interest rate 2.71% 2.63% 2.49% 2.37% Back book Fixed income yield 3.84% 3.71% 3.45% 3.37% Liabilities Guaranteed (EUR bn) 51.8 50.3 52.9 50.3 FY 15 FY 16
Slide 32: Margin evolution Assets & Liabilities Belgium
Margin evolution Assets & Liabilities Belgium Evolution of the margin on the back book since 2011 4,5% 4,0% 3.37% 3,5% 3,0% 2,5% 2.37% 2,0% 1,5% Guaranteed interest rate Total fixed income yield Periodic financial Information I 9M 17 results I 8 November 2017 32
Slide 33: United Kingdom: Headlines
United Kingdom: Headlines Ogden rate review continues to influence results Net result impacted by Ogden Inflows* slightly down at constant FX Non-Life combined ratio impacted by (EUR 40 mio) In EUR bn Ogden (4.4pp) In EUR mio In % of NEP 1.7 99.7 103.7 98.7 99.5 54 1.6 25 19 0.5 0.5 14 9M 16 9M 17 Q
Slide 34: United Kingdom: Inflows @ 100%
United Kingdom: Inflows@ 100% Inflows down 9%, impacted by adverse FX – down 2% at constant FX Non-Life In EUR mio Non-Life 1,733 -9% 173 1,569 Down 2% @ constant FX – marginal growth in Motor more 135 Other than offset by all other lines 347 315 Motor up 1% @ constant FX driven by premiums from
Slide 35: United Kingdom: Combined ratio
United Kingdom: Combined ratio COR impacted by Ogden rate change In % Net earned premium 109.5 112.2 103.7 99.9 99.8 97.8 99.8 102.1 99.7 98.7 99.5 Combined ratio 9M 17 28.0 31.5 Impact from Ogden (4.4pp) on Other lines & Motor 25.3 26.5 32.8 34.4 33.5 31.5 30.3 35.5 32.2 Lower PY releases Com
Slide 36: United Kingdom: Combined ratio per product line
United Kingdom: Combined ratio per product line Accident & Health: Lower volumes - marginal impact on total Motor: Ogden impact of 4.4pp - lower PY releases 116.5 110.9 106.3 110.5 99.7 103.0 99.3 102.8 104.7 105.1 106.6 98.7 98.5 96.9 99.1 99.3 25.5 23.2 19.5 28.2 21.3 25.1 27.2 25.4 27.1 34.3 25.0
Slide 37: Continental Europe: Headlines
Continental Europe: Headlines Excellent operating performance continued Net profit up 55% with equal Inflows driven by strong Life sales Life Technical liabilities up 6% contribution from Life & Non-Life In EUR bn In EUR bn In EUR mio 37.1 37.7 35.5 93 4.5 4.1 1.0 0.9 20.0 21.2 21.6 60 46 34 1.5 27
Slide 38: Continental Europe: Inflows @ 100%
Continental Europe: Inflows @ 100% Focus on Unit-Linked sales in Life & strong overall growth in Non-Life Life Life +12% In EUR mio Inflows including non-controlling interests @ 100%, reached EUR 3.5 bn 3,501 (+12%) - Increase mainly realised in Portugal & Luxembourg 3,125 Consolidated inflows u
Slide 39: Continental Europe: Combined ratio
Continental Europe: Combined ratio Combined Ratio continues improving – also & particularly in Turkey In % Net earned premium* Combined ratio Reflecting continued strong operating 96.7 performance with gradual improvement since 93.4 93.7 92.1 88.7 90.7 90.4 91.0 90.2 2011 85.4 30.3 2016 & 2017 s
Slide 40: Continental Europe: Combined ratio per product line
Continental Europe: Combined ratio per product line Continued good claims experience, overall stable expense ratio Accident & Health: improving on higher PY run-off in Motor: claims slightly up on large claims in Italy (in 6M ’17) Portugal partly offset by improved ratio in Ocidental. 108.5 103.8 10
Slide 41: Continental Europe Life operating margin per product line
Continental Europe Life operating margin per product line Guaranteed & Unit-Linked margins continue improving In bps Avg techn. liabilities Guaranteed: increase thanks to higher investment margin Unit-linked: significantly up on higher fees & commissions Operating margin 47 Expense & other m. 165 44
Slide 42: Asia: Headlines
Asia: Headlines Excellent result thanks to product mix & financial performance Net result up almost 20% vs. LY excl. Inflows* up 22% scope-on-scope & @ Life Technical liabilities up 9% EUR 212 mio contribution from HK constant FX - new business & renewals In EUR bn In EUR mio In EUR bn 378 16.8 14.3
Slide 43: Asia: Inflow @ 100%
Asia: Inflow @ 100% Strong Life growth across all markets – Non-Life business mix towards more profitable lines Life Life In EUR mio +19% New business premiums up 8% scope-on-scope with EUR 4.2 bn regular 16,169 premium (+26%) & EUR 3.1 bn single premium (-9%) 640 Unit-Linked 13,605 Renewal prem
Slide 44: General Account: Headlines
General Account: Headlines Impacted by revaluation RPN(i) liability & additional provisions Fortis settlement Result Q3 includes EUR 100 mio Impact on P&L from RPN(i) Staff & Operating expenses down - Q3 related to Fortis settlement In EUR mio provision corporate centre restructuring In EUR mio In E
Slide 45: Total liquid assets General Account
Total liquid assets General Account Evolution total liquid assets related to share buy-back & investments in insurance In EUR mio 510 (417) 1,943 (199) 27 (2) 1,691 (77) (52) (26) - (16) SBB Fortis settlement FY 16 Upstream Dividend Share RPI Asia UK HQ RO Other 9M 17 buy-back expenses expenses Mo
Slide 46: Main characteristics Hybrids
Main characteristics Hybrids In EUR mio Ageas AG Insurance Fortis Bank (Belgium) (now BNP PF) Fixed Rate Reset Fixed Rate Reset Ageasfinlux Fixed-to-Floating Perpetual Dated Subordinated CASHES Fresh Rate Callable Subordinated Loans Notes % 3m EUR + 135 bps 5.25% 6.75% 3.5% 3m EUR +200 bps Amount 1,
Slide 47: Table of contents
Table of contents Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67
Slide 48: Shareholders' equity at EUR 9.2 bn - UG/L of EUR 13.38/share
Shareholders’ equity at EUR 9.2 bn - UG/L of EUR 13.38/share Down on return to shareholders & FX, partly compensated by net result & UCG/L In EUR mio Shareholders’ equity per share EUR 46.02 EUR 46.56 686 209 9,561 9,212 604 (326) (419) (199) (107) (183) (3) (7) 2,498 Insurance 2,685 Insurance UCG/L
Slide 49: Tangible net equity
Tangible net equity High quality capital structure EUR bn FY 16 9M 17 IFRS Shareholders' Equity 9.6 9.2 Unrealised gains real estate 0.5 0.5 Goodwill (0.7) (0.7) VOBA (Value of Business Acquired) (0.1) (0.1) DAC (Deferred Acquisition Cost) (0.5) (0.5) Other (0.4) (0.4) Goodwill, DAC, VOBA related to
Slide 50: Solvency II ageas Insurance up on a strong operational performance
Solvency IIageas Insurance up on a strong operational performance General Account down on put option, SBB, capital injection UK & Fortis settlement In EUR bn BE: good operational performance – different market impacts compensating UK: capital plan executed CEU: good operational performance & p
Slide 51: Ageas Insurance Solvency sensitivities
Ageas Insurance Solvency sensitivities Providing updated sensitivities to allow more accurate assessment As per 31/12/’16 Based on Solvency IIageas SCR OF Solvency Base case 4,182 7,478 179% Before stress Yield curve down 4,456 7,407 166% Down 50 bps Yield curve up 3,942 7,452 189% Up 50 bps UFR 4,2
Slide 52: Insurance SCR ageas per risk type
Insurance SCRageas per risk type Market risk main factor in SCR In EUR bn 4.2 4.1 0.7 0.7 0.8 0.8 0.4 0.4 0.6 0.6 0.3 0.3 Non Diversifiable 4.3 4.5 Non-life UW Health UW Life UW Counterparty Default ( 1.5 ) ( 1.4 ) Market ( 0.5 ) ( 0.6 ) Diversification Loss-Absorption Deferred Taxes ( 1.0 ) Loss-Ab
Slide 53: Solvency PIM – as reported to the regulator under Pillar I
Solvency PIM – as reported to the regulator under Pillar I Insurance ratio up on a strong operational performance In EUR bn 8.1 8.0 7.6 8.1 Own Funds 6.8 7.0 4.3 4.6 1.7 1.9 4.6 4.3 4.7 4.4 3.4 3.2 SCR 0.7 0.8 0.5 1.6 1.8 0.7 0.6 0.8 0.7 0.1 0.1 (1.6) (1.7) 0.1 0.1 0.0 0.1 (0.3) (0.2) (0.0) FY 16 9M
Slide 54: Tiering of Group PIM own funds
Tiering of Group PIM own funds High quality of own funds In EUR bn 8.1 8.0 0.1 0.1 0.9 0.9 1.4 1.4 5.7 5.7 Tier 3 Tier 2 Tier 1 restricted Tier 1 FY 16 9M 17 Periodic financial Information I 9M 17 results I 8 November 2017 54
Slide 55: Group Free Capital Generation roll forward
Group Free Capital Generation roll forward Operational FCG of EUR 636 mio during 9M ’17, excl. Non-European NCP’s In EUR mio Calculation based on 175% of SCRageas EUR 636 mio includes EUR 122 mio related to stop loss cover in UK EUR 70 mio dividend upstream from Non-European NCP’s * More d
Slide 56: Split of operational impact per segment
Split of operational impact per segment Operational impact driven by Belgium & CEU * Operational impact OF SCR FCG of which UK = OF - 175% *SCR stop EUR mio loss cover Driven by Belgium 464 (35) 526 OF up on strong operational results UK 23 (130) 250 219 OF up on strong operational results CEU 175 7
Slide 57: Evolution SCR & OF split between types of impact
Evolution SCR & OF split between types of impact In EUR mio (300) 571 (200) (2) Own Funds 259 (419) adjusted for (58) accrued expected dividend 8,560 8,411 FY 16 Model M&A Market Operational Exceptional Capital M&A Paid 9M 17 changes (divestments) impact impact items transactions (acquisitions) Divi
Slide 58: Table of contents
Table of contents Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67
Slide 59: Investment portfolio
Investment portfolio Investment portfolio down on unrealized capital gains on fixed income In EUR bn Asset mix 82.7 Asset allocation relatively stable 80.7 Cash 2.2 Real Estate Cash 2.3 Loans & equities increased at the expense of corporate bonds 5.3 Real Estate Equities 4.4 5.3 Equities 4.8 Loa
Slide 60: Sovereign & Corporate bond portfolio
Sovereign & Corporate bond portfolio Value fixed income portfolio driven by a decrease in unrealized capital gains Sovereign bond portfolio* Corporate bond portfolio* In EUR bn 37.9 37.7 Other 2.5 Other 2.7 Ireland 0.7 Ireland 0.7 Germ any 1.2 Germ any 1.2 Spain, 1.5 Spain, 1.4 Italy 1.5 Italy 1.4 P
Slide 61: Loan & Equity portfolio
Loan & Equity portfolio More loans with guarantee Loan portfolio (customers + banks)* Equity portfolio* In EUR bn 8.7 8.9 4.8 4.4 Mixed funds & others 0.5 Mixed funds & others 0.9 RE funds 0.8 Other 5.4 Other 5.6 Equity funds RE funds 0.8 0.2 Equity funds 0.3 Mortgages 1.3 Mortgages 1.2 Equities 3.2
Slide 62: Real estate portfolio
Real estate portfolio In EUR bn 5.3 5.3 Investment 0.4 0.4 Investment Warehouses Warehouses 0.2 0.2 RE Development RE Development Investment Investment Retail 1.4 Retail 1.3 Car Parks Car Parks Gross UG/L stable at EUR 1.5 bn (not reflected in 1.1 1.1 shareholders’ equity but contributing to avail
Slide 63: Table of contents
Table of contents Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67
Slide 64: Settlement between Ageas & claimants organisations
Settlement between Ageas & claimants organisations Press release 16 October 2017 – Extension granted up to 12/12/2017 Announcement Ageas pays EUR 1,204 mio compensation - Cash impact of EUR 1,021 mio 14/03/2016 P&L impact of EUR 889 mio in 3M 2016 Commitment by eligible shareholders to abandon
Slide 65: Fortis Settlement: revised indicative timeline
Fortis Settlement Revised indicative timeline after Court’s interim decision & granted extension filing period est. by ... mid 2018 end 2019 1. Announcement Original Settlement 10. Court’s decision 14/03/2016 2. Filing 6. Court’s interim decision 23/05/2016 16/06/2017 3. Pre-hearing 7. Deadline fili
Slide 66: Table of contents
Table of contents Analyst call 3 Segment information 17 Equity / Solvency/ FCG 48 Investment portfolio 59 Legal Settlement 64 General Information 67
Slide 67: Total number of outstanding shares
Total number of outstanding shares situation 31/12/2016 situation 30/09/2017 situation 03/11/2017 Total Issued Shares 216,570,471 209,399,949 209,399,949 cancellation Shares not entitled to dividend nor voting rights 15,143,439 13,118,575 13,377,966 SBB & cancellation SBB * 1. TREASURY SHARES Share
Slide 68: Shareholders structure
Shareholders structure Based on number of shares as at 3 November 2017 Franklin Mutual Advisers Fosun Norges Identified retail investors Schroders 20% BlackRock, Inc. Ping An Identified institutional Ageas investors Other 39% 4.5% investors 14% Ageas Based upon press release 6 November 2017 Ping An
Slide 69: Financial calendar 2017 - 2018
Financial calendar 2017 - 2018 8 November 21 February 16 May 8 August 14 November 9M 2017 results FY 2017 results 3M 2018 results 6M 2018 results 9M 2018 results 6 April Annual report 2017 30 May 16 May Payment 2017 dividend Ordinary shareholders’ meeting 28 May Brussels Ex-dividend date Periodic fi
Slide 70: Rating
Rating Improved rating for operating entities S&P MOODY'S FITCH Operating AG Insurance (Belgium) A / stable A2 / stable* A+ / stable entities Last change 06/11/15 17/03/16 09/12/16 unsollicited Ageas Insurance Limited A / stable A+ / stable Last change 06/11/15 23/11/16 Muang Thai Life BBB+ / stable
Slide 71: 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