ageas SA/NV · EURONEXT:AGS

ageas SA/NV — H1 2021 Earnings Presentation

73 slides from ageas SA/NV's earnings presentation, Aug 11, 2021

  1. Slide 1: 6M 2021 Results

    6M 2021 RESULTS Periodical Financial Information Periodical financial information I 6M 21 results I 11 August 2021 1

  2. Slide 2: Content

    Content Slides used during analyst call 2 Segment information 14 Equity / Solvency 48 Investment portfolio 60 Legal Settlement 65 General Information 68 Periodical financial information I 6M 21 results I 11 August 2021 2

  3. Slide 3: Main messages

    Ageas Main messages Solid H1 results – New share buyback of EUR 150 mio Results ▪ Strong commercial performance across the business ▪ Marked increase of the result in Life ▪ Continued strong Combined ratio with less positive impact from Covid Post-closing event ▪ Belgium floods expected to have a 55

  4. Slide 4: Dividend upstream

    Ageas Dividend Already EUR 670 mio upstreamed in H1 2021 upstream In EUR mio >EUR 700 mio cash upstream expected in 2021 EUR 15 mio received from Malaysia / EUR 4 mio from Turkey* in Q3 Reinsurance contribution not yet included Upstream more than covering dividend & holding costs on FY basis India 5

  5. Slide 5: Ageas headlines

    Ageas Headlines Strong commercial and operational performance in both Life and Non-Life Net result driven by strong operational Inflows*: strong commercial activity in Life Technical liabilities up in conso & performance but hampered by RPN(i) both Life and Non-Life non-conso In EUR mio In EUR bn In

  6. Slide 6: Belgium headlines

    Belgium Headlines Strong commercial and operational performance in both Life and Non-Life Net result: solid performance with positive Inflows: increase in UL: exceptional Life Technical Liabilities: up on Unit Linked contribution of capital gains in Q1 growth in non-life and Group Life In EUR mio In

  7. Slide 7: UK headlines

    UK Headlines Motor claims frequency approaching pre-COVID levels as restrictions eased during Q2 21 Strong Net result also benefiting from one- Inflows* resilient in Covid context Non-Life Q2 COR impacted by lifting of offs In EUR mio lockdown In EUR mio In % of NEP 97.8 96.0 101.7 34 690 683 26 87.

  8. Slide 8: CEU headlines

    CEU Headlines Solid result reflecting a sound performance in Life and a normalisation of claims frequency in Non-Life Solid result in both Life and Non-life Excellent commercial performance in Life Technical liabilities stable with In EUR mio Life and Non-Life evolving product mix In EUR mio In EUR

  9. Slide 9: Asia headlines

    Asia Headlines Strong operating performance, mitigated in Q2 by adverse discount rate and lower net capital gains Net result impacted in Q2 by discount rate Inflows* up 14% in H1 - continued solid Life Technical liabilities up 11% in H1 movement and negative net capital gains growth trend on new bus

  10. Slide 10: Reinsurance headlines

    Reinsurance Headlines Strong performance driven by results at ceding companies Net result: Solid CY claims ratio mainly in Q1 Inflows: EUR 763 mio from QS of COR: strong claims ratio more than compensating weather impact which EUR 321 mio in Q2 In % NEP In EUR mio In EUR mio 44 416 30 338 1,020 24 9

  11. Slide 11: General Account headlines

    GA Headlines Result impacted by RPN(i) revaluation Net result Q2 driven by RPN(i) revaluation Impact on P&L from RPN(i) Expenses under control – H1’20 Q1’20 included capital gains on Fresh In EUR mio included non-recurring costs In EUR mio In EUR mio* 16 57 57 15 16 28 30 (40) 300 (57) 8 (58) 26 10

  12. Slide 12: Solvency II

    Solvency II Solvency IIageas Solvency up driven by insurance performance 9.1 9.0 8.1 8.3 8.2 7.9 Own Funds 5.9 6.1 6.1 SCR 4.2 4.2 4.2 3.6 4.1 4.2 3.0 3.1 3.1 0.8 0.9 0.7 1.1 1.1 1.1 0.8 0.8 0.8 1.0 1.0 1.1 0.5 0.5 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.2 (0.5) (0.5) (0.5) (1.6) (1.7)(1.7) FY20 3M21

  13. Slide 13: Free Capital Generation

    Free Capital Generation Operational FCG of EUR 375 mio Solvency IIageas In EUR mio * 375 163 (30) expected 2,021 212 (485) dividend 1,905 (38) 62 485 231 Based on 175% SCR 1,674 Solvency IIageas 1,536 FY20 Model Market Operational Investment in Dividend 2021 Q2 business ▪ Operational impact – includ

  14. Slide 14: Content

    Content Slides used during analyst call 2 Segment information 14 Equity / Solvency 48 Investment portfolio 60 Legal Settlement 65 General Information 68 Periodical financial information I 6M 21 results I 11 August 2021 14

  15. Slide 15: Inflows

    Ageas Inflows @ 100% Strong commercial performance across markets In EUR mio Life Non-Life Total EUR mio 6M 20 6M 21 6M 20 6M 21 6M 20 6M 21 Belgium 75% 1,897 1,981 4% 1,148 1,231 7% 3,045 3,212 6% United Kingdom - 857 683 (20%) 857 683 (20%) Consolidated entities 100% - 690 683 (1%) 690 683 (1%) No

  16. Slide 16: Net realised cap gains

    Net realised cap gains* Substantially lower contribution of net capital gains In EUR mio 6M 20 6M 21 Q2 20 Q2 21 Life (17) 24 32 (6) Absence of capital gains in Q2 Non-Life (5) 7 (2) (0) 2020 hit by equity impairments Belgium (22) 30 30 (6) UK 4 2 (0) 1 Life (3) 6 0 2 Non-Life (0) (0) (0) 0 CEU (3)

  17. Slide 17: Combined ratio

    Ageas Combined ratio Strong combined ratio across all product lines In % Net earned premium Quarter 101.1 95.2 94.3 95.0 93.0 94.3 ▪ Limited motor claims frequency benefit with claims costs in Motor 91.3 91.7 returned to pre-Covid levels in UK & Portugal 83.6 34.1 35.5 35.8 35.3 36.4 ▪ Adverse weath

  18. Slide 18: Combined ratio by product line

    Ageas Combined ratio Strong combined ratio across all product lines In % Net earned premium Accident & Health: Lower CY performance partially offset by PY Motor: Declining claims frequency benefit releases 107.9 100.3 99.4 94.2 91.5 94.7 96.3 94.2 96.7 96.5 89.2 85.9 88.3 92.3 92.8 92.9 93.6 29.7 31

  19. Slide 19: Operating margins

    Ageas Operating Operating margins on target margins Operating margin Expense & other m. Investment m. Underwriting m. In bps Avg techn. liabilities 35 36 Life Unit-Linked 29 28 30 27 28 25 25 Quarter 28 29 ▪ Well within the target range both in Belgium and Continental 19 29 28 28 24 26 Europe 23 Yea

  20. Slide 20: Belgium headlines

    Belgium Headlines Strong commercial and operational performance in both Life and Non-Life Net result: solid performance with positive Inflows: increase in UL: exceptional Life Technical Liabilities: up on Unit Linked contribution of capital gains in Q1 growth in non-life and Group Life In EUR mio In

  21. Slide 21: Belgium: Net result & Life liabilities

    Belgium Net result & Life Net result up on higher investment result and Life liabilities strong performance in Non-life In EUR mio Net result 191 Quarter 139 63 • Non-Life: strong CY performance in Motor, benefiting to a much lower extent from lower claims frequency than LY, partly offset by 127 adv

  22. Slide 22: Belgium: Inflows

    Belgium Inflows Life strong growth in UL and Group Life Life Non-Life exceptional growth in a mature market In EUR mio +4% Life 1,981 Quarter 1,897 285 462 • Unit-linked – Commercial action in Broker channel and solid Unit-Linked +15% performance in Bank channel 953 • Guaranteed – in line with LY 82

  23. Slide 23: Belgium: Combined ratio

    Belgium Combined ratio Solid operating performance in all product lines 2019 - 2021 before QS In % Net earned premium 96.0 93.4 95.2 93.8 91.0 90.3 91.2 93.0 The new internal reinsurance agreement has an important impact on the combined ratio. For ease of comparability, the pro forma combined ratio

  24. Slide 24: Belgium: Combined ratio by line

    Belgium Combined ratio Strong CY performance in Motor 2019 - 2021 before QS In % Net earned premium Accident & Health: Lower CY performance partially offset by better PY Motor: Covid claims frequency benefit reducing releases 103.1 104.9 102.9 105.7 96.1 94.8 97.6 97.6 100.6 99.6 92.6 94.9 95.4 84.3

  25. Slide 25: Belgium: Operating margins

    Belgium Operating Guaranteed up on improving investment result – margins UL remains solid Operating margin Expense & other m. Investment m. Underwriting m. In bps Avg techn. liabilities 40 40 40 38 Life Unit-Linked 34 37 36 36 31 Quarter ▪ Strong operating result in line with LY 39 39 37 39 33 32 33

  26. Slide 26: Belgium: Evolution assets & liabilities

    Belgium Evolution assets Yield & guaranteed rate on back book down at & liabilities the same pace FY18 FY19 FY20 Q2’21 Guaranteed interest rate 2.17% 1.95% 1.78% 1.74% Back book Life Fixed income yield 3.25% 3.06% 2.92% 2.88% Liabilities Guaranteed (EUR bn) 49.1 51.5 52.2 48.5* FY 18 FY 19 FY20 Q2’2

  27. Slide 27: Belgium: Back book vs fixed income

    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 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 2024 2025

  28. Slide 28: UK headlines

    UK Headlines Motor claims frequency approaching pre-COVID levels as restrictions eased during Q2 21 Strong Net result also benefiting from one- Inflows* resilient in Covid context Non-Life Q2 COR impacted by lifting of offs In EUR mio lockdown In EUR mio In % of NEP 97.8 96.0 101.7 34 690 683 26 87.

  29. Slide 29: UK: Net result & Inflows

    UK Net result & Strong underlying performance with Motor claims Inflows frequency back to pre-COVID levels in Q2 In EUR mio Net result Quarter: ▪ Increased levy cost in Q2 21 ▪ Net profit further benefiting from changes in tax regulation ▪ Motor claims frequency benefit in Q2 20 49 39 43 Year-to-dat

  30. Slide 30: UK: Combined ratio

    UK Combined ratio Strong combined ratio driven by current year 2019 - 2021 before LPT & QS claims In % Net earned premium The new internal reinsurance agreement has an important impact on the combined ratio. For ease of comparability, the pro forma combined ratio 112.2 commented in this section excl

  31. Slide 31: UK: Combined ratio by line

    UK Combined ratio Strong half year in both Motor and Household 2019 - 2021 before LPT & QS Accident & Health: 6M’20 supported by Travel IBNR review Motor: Q2 reserve strengthening for future claims - Significant claims frequency benefit in Q2’20 114.5 116.5 109.2 108.7 104.1 99.3 102.8 102.6 102.6 1

  32. Slide 32: CEU headlines

    CEU Headlines Solid result reflecting a sound performance in Life and a normalisation of claims frequency in Non-Life Solid result in both Life and Non-life Excellent commercial performance in Life Technical liabilities stable with In EUR mio Life and Non-Life evolving product mix In EUR mio In EUR

  33. Slide 33: CEU: Net result & Life liabilities

    CEU Net result & Life Solid result driven by a sound performance in Life liabilities and a normalisation of claims frequency in Non-Life In EUR mio Net result 92 Quarter ▪ Life: Strong result supported by a sound underwriting performance 69 Contribution of AgeSA in Turkey (EUR 4 mio) as from May 202

  34. Slide 34: CEU: Inflows

    CEU Inflows Excellent commercial performance in both Life and Non-Life In EUR mio +62% Life 909 +184% 530 Quarter • Very strong rebound in inflows (+166% scope-on-scope) with 561 532 record inflows from Unit-Linked products 331 • Guaranteed products up, driven by AgeSa’s contribution as from Unit-Li

  35. Slide 35: CEU: Combined ratio

    CEU Combined ratio Combined ratio at very good level with claims 2019 - 2021 before LPT & QS normalisation to pre-covid levels In % Net earned premium 90.4 92.4 91.2 The internal reinsurance agreement has an important impact on the 88.7 87.0 87.8 85.4 82.9 combined ratio. For ease of comparability,

  36. Slide 36: CEU: Combined ratio by line

    CEU Combined ratio Continued excellent operating performance 2019 - 2021 before LPT & QS Accident & Health: Increased claims cost driven by Covid-19 Motor: Normalisation of claims frequency to pre-Covid levels 105.4 103.3 103.8 90.0 88.2 87.3 89.0 85.4 98.0 82.6 85.7 80.5 83.9 88.8 88.9 93.5 92.8 35

  37. Slide 37: CEU: Operating margins

    CEU Solid Operating Margins within target range Operating margins In bps Avg techn. liabilities Operating margin Expense & other m. 37 Underwriting m. Life Unit-Linked Investment m. 32 21 21 17 21 • Margin improving following change in product mix and 22 strong recovery in inflows in all countries 1

  38. Slide 38: Asia headlines

    Asia Headlines Strong operating performance, mitigated in Q2 by adverse discount rate and lower net capital gains Net result impacted in Q2 by discount rate Inflows* up 14% in H1 - continued solid Life Technical liabilities up 11% in H1 movement and negative net capital gains growth trend on new bus

  39. Slide 39: Asia: Net result & Life liabilities

    Asia Net result & Life Strong operating performance, mitigated in Q2 by liabilities adverse discount rate and negative net capital gains In EUR mio Net result Quarter • Strong Life operating performance, impacted by: o Unfavourable discount rate movement in China; and 216 203 18 o Negative net capit

  40. Slide 40: Asia: Inflows

    Asia Inflows Continuous growth in inflows scope-on-scope and new contribution from Taiping Re In EUR mio Life 15,197 • Life gross inflows up 5% scope-on-scope in H1, driven by 14,107 867 new business and strong persistency 735 Unit-Linked • New contribution from Taiping Re 6,157 5,524 13,372 14,330

  41. Slide 41: Asia: Inflows per country

    Asia Inflows per Solid growth, despite continuous challenges of country Covid-19 pandemic in several countries In EUR mio Malaysia: up 30% in H1, driven by China: Taiping Life up 3% in H1, driven Thailand: up 1% in H1, driven by Non- Singapore by new business and renewals Life - Life down on paid-up

  42. Slide 42: Reinsurance headlines

    Reinsurance Headlines Strong performance driven by results at ceding companies Net result: Solid CY claims ratio mainly in Q1 Inflows: EUR 763 mio from QS of COR: strong claims ratio more than compensating weather impact which EUR 321 mio in Q2 In % NEP In EUR mio In EUR mio 44 416 30 338 1,020 24 9

  43. Slide 43: Reinsurance: Net result

    Reinsurance Net result Solid net result contribution from ceding companies In EUR mio 44 Portugal 6 Quarter UK 17 • Limited lower claims frequency benefit while Belgium experienced adverse weather Belgium 12 8 • Exceptionally high Q2sec 2020 result driven by positive CY 9 3 R/I excl. NL cap mgmt 2 0

  44. Slide 44: Reinsurance: Inflows

    Reinsurance Inflows Increased contribution from quota share agreements In EUR mio 416 Quarter 338 73 Portugal • EUR 321 mio from quota share 68 127 • EUR 83 mio from non-life protection programme UK 124 • EUR 11 mio from life reinsurance set up in Portugal & France 122 Belgium 110 94 R/I excl. NL Ca

  45. Slide 45: General Account headlines

    GA Headlines Result impacted by RPN(i) revaluation Net result Q2 driven by RPN(i) revaluation Impact on P&L from RPN(i) Expenses under control – H1’20 Q1’20 included capital gains on Fresh In EUR mio included non-recurring costs In EUR mio In EUR mio* 16 57 57 15 16 28 30 (40) 300 (57) 8 (58) 26 10

  46. Slide 46: Cash position

    GA Cash position Cash upstream more than covering paid dividend and holdco costs In EUR mio (485) 670 RO (14) 1,211 (143) (15) 45 1,176 CC (71) (23) FY 20 Upstream Dividend Invest in Settlement TU expenses Other 6M 21 business ▪ Invest in business : acquisition of AgeSA in Turkey (EUR 140 mio) and c

  47. Slide 47: Outstanding hybrids

    GA Outstanding hybrids ageas SA/NV Ageasfinlux AG Insurance Fortis Bank In EUR mio (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 Callable Callable Subordinated Write-Down CASHES Notes Tie

  48. Slide 48: Content

    Content Slides used during analyst call 2 Segment information 14 Equity / Solvency 48 Investment portfolio 60 Legal Settlement 65 General Information 68 Periodical financial information I 6M 21 results I 11 August 2021 48

  49. Slide 49: Shareholders equity

    Equity Shareholders Equity slightly down on dividend payment and equity unrealized gains on fixed income portfolio In EUR mio Equity per share EUR 61.80 EUR 61.11 11,555 407 11,426 111 39 (179) (22) (485) 4,144 3,965 Unrealised gains & losses 7,412 7,461 FY 20 Result Change Dividend FX IAS 19 Other

  50. Slide 50: Tangible net equity

    Equity Tangible net equity In EUR mio FY 20 6M 21 IFRS Shareholders' Equity 11,555 11,426 Unrealised gains real estate 661 694 Goodwill (602) (614) VOBA (Value of Business Acquired) (44) (39) DAC (Deferred Acquisition Cost) (408) (435) Other (583) (646) Goodwill, DAC, VOBA related to N-C interests 3

  51. Slide 51: Solvency II

    Solvency II Solvency IIageas Solvency up driven by insurance performance 9.1 9.0 8.1 8.3 8.2 7.9 Own Funds 5.9 6.1 6.1 SCR 4.2 4.2 4.2 3.6 4.1 4.2 3.0 3.1 3.1 0.8 0.9 0.7 1.1 1.1 1.1 0.8 0.8 0.8 1.0 1.0 1.1 0.5 0.5 0.4 0.6 0.6 0.6 0.4 0.4 0.4 0.2 0.2 0.2 (0.5) (0.5) (0.5) (1.6) (1.7)(1.7) FY20 3M21

  52. Slide 52: Solvency II impact

    Solvency II Solvency IIageas Solvency up on strong operational contribution Impact on Solvency IIageas* FY ’20 ➔ 6M ’21 3M ’21 ➔ 6M ’21 193%➔ 196% 195%➔ 196% Solid operating performance further Operational +9 pp +6 pp supported by NCP’s dividends Model refinements -1 pp -1 pp Market movements +1 pp

  53. Slide 53: Free Capital Generation

    Free Capital Generation Operational FCG of EUR 375 mio Solvency IIageas In EUR mio * 375 163 (30) expected 2,021 212 (485) dividend 1,905 (38) 62 485 231 Based on 175% SCR 1,674 Solvency IIageas 1,536 FY20 Model Market Operational Investment in Dividend 2021 Q2 business ▪ Operational impact – includ

  54. Slide 54: Free Capital Generation: SCR & OF split

    Free Capital Generation Evolution SCR & OF split between types of impact Solvency IIageas In EUR mio 8,542 8,417 (143) 485 174 365 231 (36) (485) Own Funds 8,057 8,186 FY20 Model Market Operational Investment in Dividend 2021 Q2 business SCR 61 (3) (65) 2 4,171 4,167 FY20 Model Market Operational In

  55. Slide 55: Operational FCG per segment

    Free Capital Generation Operational FCG per segment Solvency IIageas In EUR mio Operational YTD OF SCR FCG Belgium 253 29 203 Steady OF generation SCR up on asset management actions UK 27 (13) 50 OF affected by reserve strengthening & TU divestment SCR down on asset management actions CEU 70 (12) 90

  56. Slide 56: Solvency II sensitivities

    Solvency II Solvency IIageas High Solvency ratio providing resilience against sensitivities market or other external evolutions As per 31/12/20 SCR OF Solvency Base case Before stress 4,171 8,057 193% Yield curve Down 50 bps 4,361 7,902 181% Up 50 bps 4,021 8,161 203% Equity Down 25% 4,030 7,565 188

  57. Slide 57: Solvency II PIM

    Solvency II PIM Regulatory Solvency @196%, down on EIOPA VA In EUR bn 9.1 9.0 8.1 7.9 7.9 7.9 5.5 5.8 5.6 Own Funds 4.0 4.0 4.0 4.1 4.2 1.4 1.4 1.4 3.6 2.8 2.9 3.0 0.8 0.9 0.7 0.8 0.8 0.8 1.0 1.0 1.1 SCR 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.2 0.2 0.2 (0.5) (0.5) (0.5) (1.7) (1.8)(1.7) FY203M216M21

  58. Slide 58: Solvency II PIM sensitivities

    Solvency II PIM Ageas asset mix not in line with EIOPA reference sensitivities portfolio As per 31/12/20 SCR OF Solvency Base case Before stress 3,962 7,869 199% Yield curve Down 50 bps 4,105 7,719 188% Up 50 bps 3,865 7,979 206% Equity Down 25% 3,814 7,365 193% Property Down 10% 4,084 7,580 186% Sp

  59. Slide 59: Composition of SCR & OF

    Solvency II 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 4.2 4.1 0.5 0.5 8.1 7.9 0.8 0.1 0.1 0.8 0.4 0.4 1.6 0.9 0.9 1.6 0.3 0.3 1.2 1.2 5.2 5.2 Non Diversifiable Non-life UW Health UW Life UW

  60. Slide 60: Content

    Content Slides used during analyst call 2 Segment information 14 Equity / Solvency 48 Investment portfolio 60 Legal Settlement 65 General Information 68 Periodical financial information I 6M 21 results I 11 August 2021 60

  61. Slide 61: Investment portfolio

    Investment portfolio Investment portfolio down on lower UG/L fixed income due to i-rate increase 85.1 83.7 In EUR bn Cash 2.2 Cash 2.0 Real Estate Real Estate 5.9 6.2 Gross UG/L on ▪ Total portfolio: at EUR 8.2 bn (vs. EUR 9.9 bn) Equities 4.9 Equities 5.2 Available for Sale Loans Loans ▪ Fixed inco

  62. Slide 62: Fixed income assets

    Investment portfolio Value fixed income assets down on lower UG/L 38.7 In EUR bn 37.1 Other 2.4 Ireland 0.4 Other 2.3 Germ any 1.1 Ireland 0.4 Italy, 1.6 Germ any 1.2 Spain 2.4 Italy, 1.5 Spain 2.4 Portugal 2.8 Portugal 2.6 Sovereign bond ▪ Gross UG/L at EUR 5.7 bn (vs. EUR 7.4 bn) Austria 2.8 Austr

  63. Slide 63: Corporate bond portfolio

    Investment portfolio Corporate bond portfolio* down on lower UG/L 19.9 19.2 In EUR bn Government Government related 2.8 related 2.7 Corporate bond ▪ Gross UG/L at EUR 1.4 bn (vs. EUR 1.7 bn) portfolio – by sector ▪ Limited exposure to Oil & Gas, Airlines & Non Non Transportation Financials Financial

  64. Slide 64: Equity and real estate portfolio

    Investment portfolio Equity portfolio* up on higher UG/L 5.2 4.9 Mixed funds & Mixed funds & others 0.5 In EUR bn others 0.7 RE funds 0.8 RE funds 0.9 Equity funds Equity portfolio* ▪ Gross UG/L at EUR 1.2 bn (vs. EUR 0.8 bn) 0.8 Equity funds 0.7 Equities 3.0 Equities 2.6 FY 20 6M 21 6.0 6.2 Real es

  65. Slide 65: Content

    Content Slides used during analyst call 2 Segment information 14 Equity / Solvency 48 Investment portfolio 60 Legal Settlement 65 General Information 68 Periodical financial information I 6M 21 results I 11 August 2021 65

  66. Slide 66: 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

  67. Slide 67: Legal: Outstanding proceedings

    Legal Proceedings related to the past that remain outstanding Civil proceedings - Opt-out ▪ Limited number of opt-outers for ≈1% of settlement amount cases from settlement ▪ Patrinvest: first instance in favour of Ageas, appeal filed by plaintiff ▪ Cebulon: initiated legal proceedings on 14 July 202

  68. Slide 68: Content

    Content Slides used during analyst call 2 Segment information 14 Equity / Solvency 48 Investment portfolio 60 Legal Settlement 65 General Information 68 Periodical financial information I 6M 21 results I 11 August 2021 68

  69. Slide 69: Ratings

    Ratings S&P MOODY'S FITCH Holding ageas SA/NV A+ / Stable A1 / Stable AA- / Stable Last review 16/12/20 26/04/21 14/07/21 Operating entities AG Insurance (Belgium) A+ / Stable A1 / Stable A+ / Stable Last review 16/12/20 26/04/21 14/07/21 Ageas Insurance Limited A+ / Stable A+ / Stable Last review 1

  70. Slide 70: 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

  71. Slide 71: Outstanding shares

    Outstanding shares Another 3 million shares cancelled at Shareholders’ meeting Situation 31/12/2020 Situation 30/06/21 Total Issued Shares 194,553,574 191,033,128 Shares not entitled to dividend nor voting rights 11,519,429 7,998,983 1. TREASURY SHARES Share buy-back * 3,592,316 71,870 FRESH 1,219,0

  72. Slide 72: Shareholders structure

    Shareholders structure Identified retail Fosun investors 22% BlackRock, Inc. Identified institutional Ping An investors 48% Ageas Other 2.2% investors 11% 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,

  73. Slide 73: 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

Ageas — H1 2021 Earnings Presentation on 6ix