ageas SA/NV · EURONEXT:AGS
ageas SA/NV — 9M 2018 Earnings Presentation
77 slides from ageas SA/NV's earnings presentation, Nov 14, 2018
Slide 1: 9M 2018 Results
9M 2018 RESULTS Periodical Financial Information
Slide 2: Slides used during analyst call
Slides used during analyst call 2 Segment information 16 Equity / Solvency 49 Investment portfolio 60 Legal Settlement 65 General Information 72
Slide 3: Important events of the last weeks shaping Ageas’s future
Important events of the last weeks shaping Ageas’s future Fortis Settlement Declared binding on 13/07/2018 In full execution mode First tranche of compensation paid Connect21 Strategic plan for the next 3 years announced Refined strategic choices & financial targets Acquisition in India
Slide 4: Main messages
Main messages Strong increase of net result despite poor weather & equity impairments Net result Group net profit of EUR 656 mio (vs. EUR 360 mio) – Q3 EUR 214 mio Insurance net profit of EUR 664 mio (vs. EUR 686 mio) – Q3 EUR 189 mio General Account net loss of EUR 8 mio (vs. EUR 326 mio) – Q
Slide 5: Entering the final stretch of Ambition 2018
Entering the final stretch of Ambition 2018 Well on track to reach 5 out of 6 targets 103 99 206 97 95 99 196 90 93 76 182 179 2009 2012 2015 9M 2018 2009 2012 2015 9M 2018 2015 2016 2017 9M 18 in % of Insurance SCR 13.2 45 48 10.7 11.0 43 9.0 36 30 42 26 41 2009 2012 2015 9M 2018 2009 2012 2015 9M
Slide 6: Total Insurance: Headlines
Total Insurance: Headlines Strong result Net result: Q3 very strong in Non-Life Inflows*: Strong sales momentum in Life Technical liabilities up in non-conso – Life: lower net cap gains in AS & BE BE & China In EUR bn In EUR mio In EUR bn 152.6 159.4 159.9 686 664 27.1 27.4 212 201 4.5 85.3 86.3 4.7
Slide 7: Belgium: Headlines
Belgium : Headlines Good net result despite lower capital gains & impact of adverse weather events Net result: down both in Life (lower Inflows: Growth in both Life (+11%) Life Technical Liabilities stable cap gains) & Non-Life (weather) & Non-Life (+5%) In EUR bn In EUR mio In EUR bn 366 4.5 4.2 30
Slide 8: United Kingdom: Headlines
United Kingdom: Headlines Results impacted by H1 weather events offset by continued good Motor performance Net result in both years impacted by Inflows* down 11% @ constant FX Non-Life combined ratio @ 94% when non-recurring items In EUR bn excluding weather In EUR mio In % of NEP 61 1,569 103.7 99.
Slide 9: Continental Europe: Headlines
Continental Europe: Headlines Strong 9M net profit despite lower volume in Life Net profit +2% scope-on-scope driven Inflows down 7% scope-on-scope due Life Technical liabilities up 3% by excellent Non-Life performance to lower Life sales In EUR bn In EUR mio In EUR bn 38.4 39.0 39.4 93 82 4.5 4.1 4
Slide 10: Asia: Headlines
Asia: Headlines Higher profit driven by exceptional Q1 in China – equity impairments affecting Q2 & Q3 Net result: strong operations offsetting Inflows* up 6% @ constant FX – higher Life Technical liabilities up 14% @ EUR 98 mio lower net capital gains renewals & catch up of NB since Q1 constant FX
Slide 11: Reinsurance: Headlines
Reinsurance: Headlines First steps in shift towards reinsurance activities at holding level Net result: reflecting prudent claims Inflows: incl. EUR 2 mio from ageas Combined ratio: higher claims related reserving SA/NV to BE & CEU In EUR mio In EUR mio In % NEP 45 89.4 5 38 85.5 86.3 4 81.0 2 2 14
Slide 12: General Account: Headlines
General Account: Headlines Result Q3 positive following RPN(i) Impact on P&L from RPN(i) Staff & Operating expenses revaluation In EUR mio In EUR mio In EUR mio 58 49 26 (8) (41) 60 60 25 (326) (165) (162) 21 38 38 14 14 22 22 11 7 9M 17 9M 18 Q3 17 Q3 18 9M 17 9M 18 Q3 17 Q3 18 9M 17 9M 18 Q3 17 Q3
Slide 13: Solvency II ageas Group up to 215%
Solvency IIageas Group up to 215% Insurance@ 206% supported by higher fungibility of capital In EUR bn 8.3 7.7 7.8 7.9 6.9 6.7 5.6 4.9 Own Funds 1.4 1.3 3.9 3.8 4.0 3.8 2.9 2.8 0.8 0.8 (1.4) (1.2) 2.3 0.5 1.9 0.7 0.6 0.1 0.1 (0.2) (0.2) 0.2 0.5 0.5 SCR 0.0 0.0 0.1 0.1 FY 17 9M 18 FY 17 9M 18 FY 17 9
Slide 14: Group Free Capital Generation roll forward
Group Free Capital Generation roll forward Operational FCG of EUR 571 mio, more than covering dividend accrual & SBB In EUR mio 571 99 (162) 472 (407) 2,488 115 213 (54) 299 1,940 272 expected dividend 407 2,189 1,532 FY 17 Expiration Capital Model Market Operational Capital Paid 9M 18 put option fu
Slide 15: Conclusions
Conclusions 1. Further shaping our company for the future: India & Luxembourg 2. Strong Insurance result despite adverse weather & lower support net capital gains with solid operating performance across all segments 3. On track to reach Ambition 2018 targets 4. Strong sales momentum in Asia & Belgiu
Slide 16: Slides used during analyst call
Slides used during analyst call 2 Segment information 16 Equity / Solvency 49 Investment portfolio 60 Legal Settlement 65 General Information 72
Slide 17: Key financials
Key financials In EUR mio 9M 17 9M 18 Q3 17 Q3 18 Gross inflows 27,062 27,387 1% 6,597 7,259 10% Net result Insurance 686 664 (3%) 241 189 By segment: - Belgium 366 306 (16%) 107 86 (19%) - UK 25 61 143% 14 31 119% - Continental Europe 93 82 (11%) 34 29 (15%) - Asia 197 210 7% 84 40 (52%) - Reinsura
Slide 18: Total Insurance: Headlines
Total Insurance: Headlines Strong result Net result: Q3 very strong in Non-Life Inflows*: Strong sales momentum in Life Technical liabilities up in non-conso – Life: lower net cap gains in AS & BE BE & China In EUR bn In EUR mio In EUR bn 152.6 159.4 159.9 686 664 27.1 27.4 212 201 4.5 85.3 86.3 4.7
Slide 19: Inflows @ 100%
Inflows @ 100% Strong growth in Belgium & catch-up in Asia – up 3% @ constant FX Life Non-Life Total EUR mio 9M 17 9M 18 9M 17 9M 18 9M 17 9M 18 Belgium 75% 2,684 2,987 11% 1,485 1,552 5% 4,169 4,540 9% United Kingdom - 1,569 1,376 (12%) 1,569 1,376 (12%) Consolidated entities 100% - 1,217 1,078 (11
Slide 20: Inflows @ Ageas’s part
Inflows @ Ageas’s part Strong growth in Belgium offset by UK – up 2% constant FX In EUR mio Belgium: up in Life (both Guaranteed & UL) & Non-Life across all product lines UK down 11% @ constant FX – focus on profitability CEU down 6% @ constant FX – Portugal UL down on lower appetite +0% Asi
Slide 21: Strong insurance net result
Strong insurance net result Lower support of net cap gains almost completely offset by good operational performance In EUR mio BE: EUR 46 mio less net cap gains – EUR 29 mio adverse weather impact UK: exceptional items affect net result in both periods 686 664 CEU: EUR 12 mio contribution from
Slide 22: Net realised capital gains on investments
Net realised capital gains* on investments EUR 152 mio lower support of capital gains compared to last year EUR mio 9M 17 9M 18 Q3 17 Q3 18 Life 102 63 12 (9) H1 cap gains mainly on equities & RE Non-Life 13 5 2 (2) Q3 impairments in all asset classes Total Belgium 115 69 14 (10) Non-Life 19 2 (1) (
Slide 23: Insurance Combined ratio
Insurance Combined ratio Good YTD operating performance strengthened by outstanding Q3 In % Net earned premium Combined ratio Impact from weather in Belgium & UK (3.2 pp) mainly in 99.1 98.3 99.6 96.9 101.1 Household – vs. UK Ogden rate change impact (1.6 pp) 95.2 94.9 95.1 92.7 89.7 mainly in Oth
Slide 24: Insurance Combined ratio per product line
Insurance Combined ratio per product line Accident & Health: stable Motor: excellent in BE & UK 107.9 96.0 99.0 99.1 99.3 99.6 100.3 98.5 95.6 94.3 93.7 94.7 92.3 94.2 94.3 93.0 29.7 25.5 25.6 25.4 29.3 29.7 27.0 28.3 27.2 27.3 25.5 30.5 31.6 30.9 27.5 32.9 70.5 70.0 73.6 78.2 67.3 65.4 67.5 64.8 66
Slide 25: Insurance Life operating margin per product line
Insurance Life operating margin per product line Margins in Guaranteed above target range – Q3 impacted by impairments In bps Avg techn. liabilities Guaranteed: lower investment margin Unit-linked: increase in BE – decrease in CEU Operating margin Expense & other m. 106 Investment m. 89 93 93 90 Und
Slide 26: Belgium: Headlines
Belgium : Headlines Good net result despite lower capital gains & impact of adverse weather events Net result: down both in Life (lower Inflows: Growth in both Life (+11%) Life Technical Liabilities stable cap gains) & Non-Life (weather) & Non-Life (+5%) In EUR bn In EUR mio In EUR bn 366 4.5 4.2 30
Slide 27: Belgium: Inflows @ 100%
Belgium: Inflows@ 100% Considerable increase in UL & Guaranteed Life - Non-Life growth in all business lines Life In EUR mio +11% 2,987 2,684 738 Guaranteed 598 Unit-Linked Growth of 8% YTD confirming the positive trend since the beginning of the year – up >11% in Q3 Growth in bank channel after
Slide 28: Belgium: Combined ratio
Belgium: Combined ratio Strong ratio even including adverse weather events in H1 99.5 99.9 101.2 Combined ratio 94.7 96.0 94.6 91.0 89.6 88.2 86.4 Weather events heavily impacting combined ratio this 36.8 36.7 37.7 first half year (3.8 pp) 37.8 37.7 37.4 37.9 38.2 37.8 36.7 Excluding this impact
Slide 29: Belgium: Combined ratio per product line
Belgium: Combined ratio per product line Solid combined ratio Accident & Health: stable Motor: strong performance – slightly up on exceptional 2017 97.0 97.5 98.0 97.6 98.0 97.6 100.5 101.0 99.8 96.1 95.5 94.9 94.8 92.2 92.6 89.9 24.0 23.8 25.4 27.6 27.6 27.5 24.6 35.8 36.3 26.9 37.2 36.4 36.4 36.8
Slide 30: Life operating margin per product line
Life operating margin per product line Guaranteed impacted by less capital gains & strong result in Unit-Linked In bps Avg techn. liabilities Guaranteed: lower investment margin Unit-linked: supported by higher inflows Operating margin 100 Investment m. 87 85 88 Expense & other m. 89 86 86 78 Underw
Slide 31: Margin evolution Assets & Liabilities Belgium
Margin evolution Assets & Liabilities Belgium Yield & guaranteed rate on back book down at the same pace FY 15 FY 16 FY 17 9M 18 Life Guaranteed interest rate 2.63% 2.49% 2.32% 2.22% Back book Fixed income yield 3.71% 3.45% 3.34% 3.27% Liabilities Guaranteed (EUR bn) 50.3 52.9 50.4 48.9 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 4.50% 4.00% 3.50% 3.27% 3.00% 2.50% 2.00% 2.22% 1.50% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013
Slide 33: United Kingdom: Headlines
United Kingdom: Headlines Results impacted by H1 weather events offset by continued good Motor performance Net result in both years impacted by Inflows* down 11% @ constant FX Non-Life combined ratio @ 94% when non-recurring items In EUR bn excluding weather In EUR mio In % of NEP 61 1,569 103.7 99.
Slide 34: United Kingdom: Inflows @ 100%
United Kingdom: Inflows@ 100% Inflows down 11% at constant FX, impacted by Personal Motor Non-Life In EUR mio Non-Life 1,569 -12% 135 1,376 Down 11% @ constant FX – Continued focus on pricing & 121 Other underwriting discipline in softening Motor market 315 Motor down 12% @ constant FX reflectin
Slide 35: United Kingdom: Combined ratio
United Kingdom: Combined ratio Impacted by weather events offset by favorable prior year performance In % Net earned premium 112.2 YTD Combined ratio 103.2 103.7 Impact from weather events offset by strong claims 99.8 97.8 99.8 102.1 99.5 97.5 94.4 performance in Motor - 9M ‘17 depressed from Ogde
Slide 36: United Kingdom: Combined ratio per product line
United Kingdom: Combined ratio per product line Accident & Health: Small portfolio, marginal impact on total Motor: Robust CY claims performance & strong PY run off 116.5 106.3 110.5 104.7 106.6 106.9 99.1 99.3 102.8 98.5 96.9 99.7 103.0 102.6 102.8 25.5 91.3 28.2 34.3 21.3 25.1 27.2 27.6 27.1 25.0
Slide 37: Continental Europe: Headlines
Continental Europe: Headlines Strong 9M net profit despite lower volumes in Life Net profit +2% scope-on-scope driven Inflows down 7% scope-on-scope due Life Technical liabilities up 3% by excellent Non-Life performance to lower Life sales In EUR bn In EUR mio In EUR bn 38.4 39.0 39.4 93 82 4.5 4.1
Slide 38: Continental Europe: Inflows @ 100%
Continental Europe: Inflows @ 100% Solid growth in Non-Life not compensating for lower UL inflows in Life Life Life In EUR mio Inflows including non-controlling interests @ 100%, reached -10% EUR 3.2 bn, down10% due to lower sales in all countries 3,501 3,162 Consolidated inflows down 16% Port
Slide 39: Continental Europe: Combined ratio
Continental Europe: Combined ratio Excellent combined ratio well below group target In % Net earned premium* Combined ratio Since the sale of Cargeas, the combined ratio reflects 93.4 93.7 92.1 91.2 the Portuguese activities only 88.7 90.4 90.4 90.2 90.5 85.4 Slight increase mainly due to scope
Slide 40: Continental Europe: Combined ratio per product line
Continental Europe: Combined ratio per product line Continued good claims experience in all lines Accident & Health: stable Motor: improving on higher PY run-off in Portugal 108.5 105.4 103.8 103.3 102.7 97.9 98.0 91.5 88.6 90.0 88.2 87.8 87.7 91.7 86.3 84.0 29.2 28.1 32.3 35.0 32.0 35.0 28.2 26.7 2
Slide 41: Continental Europe Life operating margin per product line
Continental Europe Life operating margin per product line Continued excellent guaranteed margin - Unit-Linked margin below last year In bps Avg techn. liabilities Guaranteed: strongly exceeding target level Unit-linked: down on lower sales Operating margin 47 Expense & other m. 165 Underwriting m. 1
Slide 42: Strategic development
Strategic development Ageas sells its share in Cardif Lux Vie (Luxembourg Life activities) Transaction Ageas reached an agreement with BNP Paribas Cardif to sell details its 33% share in Cardif Lux Vie Net cash impact of EUR 152 mio + repayment of EUR 30 mio subordinated loan Estimated capital
Slide 43: Asia: Headlines
Asia: Headlines Higher profit driven by exceptional Q1 in China – equity impairments affecting Q2 & Q3 Net result: strong operations offsetting Inflows* up 6% @ constant FX – higher Life Technical liabilities up 14% @ EUR 98 mio lower net capital gains renewals & catch up of NB since Q1 constant FX
Slide 44: Asia: Inflow @ 100%
Asia: Inflow @ 100% Strong growth in Q3, renewal premiums benefiting from high persistency Life Life up 6% @ constant FX. Q3 up 19% In EUR mio Renewal premiums +34% @ constant FX benefiting from continued good +3% persistency 16,169 16,700 New business -29% @ constant FX to EUR 3.9 bn RP & EUR 1
Slide 45: Strategic development
Strategic development Ageas acquires 40% stake in Indian Non-Life insurer RSGI Transaction Agreement to acquire 40% in Royal Sundaram General Insurance Co. Ltd (RSGI) details Net cash impact of EUR 186 mio Subject to regulatory approval - Expected to close in H1 2019 No impact on Ageas’ SBB
Slide 46: General Account: Headlines
General Account: Headlines Result Q3 positive following RPN(i) Impact on P&L from RPN(i) Staff & Operating expenses revaluation In EUR mio In EUR mio In EUR mio 58 49 26 (8) (41) 60 60 25 (326) (165) (162) 21 38 38 14 14 22 22 11 7 9M 17 9M 18 Q3 17 Q3 18 9M 17 9M 18 Q3 17 Q3 18 9M 17 9M 18 Q3 17 Q3
Slide 47: Total liquid assets General Account slightly down
Total liquid assets General Account slightly down Cash upstream covering paid dividend, holdco costs & part of SBB In EUR mio (407) RO (22) 1,778 622 (8) 13 1,759 HQ (56) (153) (7) SBB settlement ≈ 700 FY 17 Upstream Dividend RPI Asia HQ & RO Share Other 9M 18 expenses buy-back All upstream from o
Slide 48: Main characteristics Hybrids
Main characteristics Hybrids In EUR mio Ageas AG Insurance Fortis Bank (Belgium) (now BNP PF) Ageasfinlux Fixed-to-Floating Fixed Rate Reset Fixed Rate Reset Fresh Rate Callable Perpetual Dated Subordinated CASHES Subordinated Loans Notes Tier 1 Tier 2 Tier 1 Tier 2 % 3m EUR + 135 bps 5.25% 6.75% 3.
Slide 49: Slides used during analyst call
Slides used during analyst call 2 Segment information 16 Equity / Solvency 49 Investment portfolio 60 Legal Settlement 65 General Information 72
Slide 50: Shareholders’ equity down on expiration put option to EUR 9.4 bn
Shareholders’ equity down on expiration put option to EUR 9.4 bn UCG/L per share of EUR 14.11 In EUR mio Shareholders’ equity per share EUR 48.30 EUR 47.82 664 9,611 9,356 (8) 31 (102) (403) 129 (153) (253) (86) (22) (8) 2,801 Insurance UCG/L Insurance 2,693 UCG/L 6,681 6,749 FY 17 result result cha
Slide 51: Tangible net equity
Tangible net equity High quality capital structure EUR bn FY 17 9M 18 IFRS Shareholders' Equity 9.6 9.4 Unrealised gains real estate 0.6 0.6 Goodwill (0.6) (0.6) VOBA (Value of Business Acquired) (0.1) (0.1) DAC (Deferred Acquisition Cost) (0.4) (0.4) Other (0.4) (0.4) Goodwill, DAC, VOBA related to
Slide 52: Solvency II ageas Group up to 215%
Solvency IIageas Group up to 215% Insurance@ 206% supported by higher fungibility of capital In EUR bn 8.3 7.7 7.8 7.9 6.9 6.7 5.6 4.9 Own Funds 1.4 1.3 3.9 3.8 4.0 3.8 2.9 2.8 0.8 0.8 (1.4) (1.2) 2.3 0.5 1.9 0.7 0.6 0.1 0.1 (0.2) (0.2) 0.2 0.5 0.5 SCR 0.0 0.0 0.1 0.1 FY 17 9M 18 FY 17 9M 18 FY 17 9
Slide 53: Ageas Group Solvency II ageas
Ageas Group Solvency IIageas Increase driven by good operating performance, put option & reinsurance license Impact on FY ’17 9M ’18 6M ’18 9M ’18 Solvency IIageas* 196% 215% 211% 215% Expiration put option +7 pp Capital fungibility (Reinsurance license) +5 pp Model refinements -2 pp -1 pp M
Slide 54: Group Free Capital Generation roll forward
Group Free Capital Generation roll forward Operational FCG of EUR 571 mio, more than covering dividend accrual & SBB In EUR mio 571 99 (162) 472 (407) 2,488 115 213 (54) expected dividend 299 Based on 175% of SCRageas 1,940 272 407 Operational impact includes EUR 60 mio negative related to 2,1
Slide 55: Evolution SCR & OF split between types of impact
Evolution SCR & OF split between types of impact In EUR mio 8,574 8,281 (162) 25 (156) 508 299 407 272 213 (407) Own Funds Capital transactions = SBB + EUR 8 mio injection in Asia Market: driven by increasing spread & lower equity markets 8,275 7,874 Operational: driven by time value & busines
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 Quarterly EUR mio impact Belgium 479 (1) 481 192 Strong operational Q3 / weather impact in H1 Strong operational Q3 / weather impact in H1 UK 63 (22) 101 51 SCR benefiting credit insuranc
Slide 57: Ageas Insurance Solvency sensitivities
Ageas Insurance Solvency sensitivities Providing updated sensitivities to allow more accurate assessment As per 31/12/’17 Based on Solvency IIageas SCR OF Solvency Base case 3,934 7,713 196% ∆ 2017 ∆ 2016 Before stress sensitivities sensitivities Yield curve down 4,088 7,623 186% -10pp -13pp Down 50
Slide 58: Solvency PIM – as reported to the regulator under Pillar I
Solvency PIM – as reported to the regulator under Pillar I Group @ 208% supported by 12 pp related to expiring put option & higher fungibility of capital In EUR bn 8.3 7.7 7.8 7.7 6.6 6.6 Own Funds 5.6 4.9 1.7 1.7 4.0 3.9 4.1 4.0 3.0 3.0 0.8 0.8 (1.3) 2.3 0.5 1.9 0.6 0.1 0.1 (1.6) 0.1 0.5 0.5 0.6 SC
Slide 59: Composition of SCR & OF
Composition of SCR & OF In EUR bn Insurance SCRageas per risk type Tiering of Group PIM own funds Market risk main factor in SCR High quality of own funds 8.3 3.9 7.7 0.1 3.8 0.7 0.1 0.6 0.9 0.7 0.7 1.0 0.5 0.4 0.7 1.5 0.3 0.6 0.3 1.3 4.8 Non Diversifiable 4.5 Non-life UW Health UW Life UW 5.8 5.3 C
Slide 60: Slides used during analyst call
Slides used during analyst call 2 Segment information 16 Equity / Solvency 49 Investment portfolio 60 Legal Settlement 65 General Information 72
Slide 61: Investment portfolio
Investment portfolio Investment portfolio allocation slightly down on lower UG/L In EUR bn Asset mix Asset allocation stable 80.6 79.8 Cash 2.6 Cash 2.4 Real Estate Real Estate 5.3 5.8 Gross unrealized gains/losses on Available for Sale Equities 4.9 Equities 4.8 Total portfolio: down to EUR 6.3
Slide 62: Sovereign & Corporate bond portfolio
Sovereign & Corporate bond portfolio Value fixed income assets slightly down on lower UG/L Sovereign bond portfolio* Corporate bond portfolio* In EUR bn 37.5 37.1 Other 2.7 Other 2.5 Ireland 0.7 Ireland 0.6 Germ any 1.1 Germ any 1.1 Italy, 1.2 Italy, 1.2 Spain 1.4 Spain 1.7 Portugal 2.7 Portugal 2.6
Slide 63: Loan & Equity portfolio
Loan & Equity portfolio More infrastructure loans Loan portfolio (customers + banks)* Equity portfolio* In EUR bn 9.4 9.6 4.9 4.8 Mixed funds & others 0.9 Mixed funds & Other 6.3 others 1.0 Other 6.1 RE funds 0.8 Equity funds RE funds 0.8 0.3 Equity funds 0.3 Mortgages 1.2 Mortgages 1.2 Equities 2.8
Slide 64: Real estate portfolio
Real estate portfolio* In EUR bn 5.8 Investment Investment 5.3 0.4 Warehouses Warehouses 0.4 0.3 RE Development RE Development 0.4 Investment Investment Retail 1.4 Retail 1.3 Car Parks Car Parks 1.2 1.1 Investment Investment Offices 2.2 Offices 2.5 FY 17 9M 18 Gross UG/L up to EUR 1.8 bn (not refl
Slide 65: Slides used during analyst call
Slides used during analyst call 2 Segment information 16 Equity / Solvency 49 Investment portfolio 60 Legal Settlement 65 General Information 72
Slide 66: Settlement between Ageas & claimants organisations
Settlement between Ageas & claimants organisations Declared binding in July & in full execution mode Announcement Ageas offers to pay EUR 1.2 bn compensation – additional effort of EUR 0.1 bn 14/03/2016 announced 16/10/2017 Cash impact of EUR 1.0 bn No recognition of any wrongdoing by Ageas
Slide 67: Better view on timings
Better view on timings Early payment for fast filers 13 July 2018 Court’s decision to declare settlement binding Early payment 2 5 7 weeks months months Remaining payment 27 July 2018 31 December 2018 28 July 2019 est. around start claims filing End of opt-out Claims submission YE 2019 period deadli
Slide 68: Indicative per share compensation amounts
Indicative per share compensation amounts Equal treatment of all eligible shareholders in terms of damages All eligible shareholders Per share compensation In EUR Period 1 Period 2 Period 3 Buyers 0.47 1.07 0.31 Holders 0.23 0.51 0.15 All eligible shareholders Compensation add-on EUR 0.5/share – max
Slide 69: Progress in solving legal legacies
Progress in solving legal legacies Periods involved Eligible period Open of business 3 5 7 4 6 8 Close of 21/09/07 07/11/07 13/05/08 25/06/08 29/09/08 03/10/08 business 1 2 (cob) 28/02/07 14/10/08 Reference The various litigation procedures periods Main allegations based on Judgments rendered
Slide 70: Ongoing civil litigations all in scope of WCAM procedure
Ongoing civil litigations all in scope of WCAM procedure May 07 January 08 September - October 08 Press release re bid on ABN AMRO Press release on subprime & solvency Rescue operations & Split up of Fortis Group, spread over 2 WE’s August 07 May/June 08 Communication Q2 figures Communication re sol
Slide 71: Other proceedings
Other proceedings May 07 January 08 September - Press release re bid on ABN AMRO Press release on subprime & solvency October 08 Rescue operations & Split August 07 May/June 08 up of Fortis Group, Communication Q2 figures Communication re solvency & EC spread over 2 WE’s remedies September 07 Capita
Slide 72: Slides used during analyst call
Slides used during analyst call 2 Segment information 16 Equity / Solvency 49 Investment portfolio 60 Legal Settlement 65 General Information 72
Slide 73: Total number of outstanding shares
Total number of outstanding shares Another 6 mio shares cancelled during Shareholders’ meeting situation 31/12/2017 situation 30/09/2018 situation 9/11/2018 Total Issued Shares 209,399,949 203,022,199 203,022,199 Shares not entitled to dividend nor voting rights 14,304,863 11,302,846 11,766,346 1. T
Slide 74: Shareholders structure
Shareholders structure Based on number of shares as at 9 November 2018 Fosun Identified retail investors 20% Schroders BlackRock, Inc. Identified institutional Ping An investors 47% Ageas Other 3.9% investors 14% Ageas Based upon press release 12 November 2018 Ping An Based upon the number of shares
Slide 75: Financial calendar 2018 - 2019
Financial calendar 2018 - 2019 14 November 20 February 15 May 7 August 6 November 9M 2018 results FY 2018 results 3M 2019 results 6M 2019 results 9M 2019 results 5 April Annual report 2018 29 May 15 May Payment 2018 dividend Ordinary shareholders’ meeting 27 May Brussels Ex-dividend date Periodic fi
Slide 76: Rating
Rating 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 BBB+ / stable Last change 29/12/10 27/
Slide 77: 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