Filip Coremans, CRO Ageas, on 'Ageas in Asia' and Hans De Cuyper, CFO AG Insurance, on 'Building Asia'

1. Ageas in Asia
Filip Coremans
CFO Ageas Asia (CRO Ageas as of 1 July 2014)

2. Ageas Club 26062014
Active in 12 countries in Europe & Asia
Portugal - 51%
Life: € 1,486 mio
Non-Life: € 251 mio
UK – 100%
Life: € 108 mio
Non-Life: € 2,176 mio
France - 100%
Life: € 351 mio
Italy - 25%
Non-Life: € 211 mio India - 26%
Life: € 108 mio
Thailand
Life – 31%: € 1,476 mio
Non-Life– 15%: € 214 mio
China - 25%
Life: € 6,397 mio
Malaysia - 31%
Life: € 594 mio
Non-Life: € 552 mio
Belgium - 75%
Life € 4,101 mio
Non-Life: € 1,855 mio
Hong Kong - 100 %
Life: € 485 mio
Luxembourg- 33%
Life: € 2,252 mio
* Inflow included non-consolidated partnerships @ 100%
Turkey - 36%
Non-Life: € 602 mio
Situation on 31 December 2013
1

3. Hong Kong (2007)
– Net investment of EUR 686m
composed of EUR 761m investments
and EUR-74m dividends
– Self-supporting
– Dividend paying since 2013
China (2001)
– Net investment of EUR 390m composed of EUR
397m investments and EUR-7m divestments
– Additional capital injections not excluded in next 3
years (2014-16) due to aggressive business plan
and Greenfield Taiping e-Commerce
Malaysia (2001)
– Net investment of EUR 148m
composed of EUR 203m
investments, EUR-36m redemptions
and EUR-18m dividends
– Self-supporting
– Entered dividend-paying mode in
2011
Thailand (2004)
– Net investment of EUR 9m composed
of EUR 62m investments, EUR
-17m dividends and EUR-36m
divestment
– Dividend-paying since 2010
Our Investments in Asia to date
Total net invested capital of EUR 1.3 billion
India (2008)
– Net investment of EUR 34m
– Greenfield; funding requirements
function of growth
– First profit recorded in 2012
Ageas Club 26062014 2

4. IDBI Federal (India) (26%)
• Gross inflows: € 108 million
• Technical Liabilities: € 322 million
• Net Profit: € 1.9 million
• Staff: 2,369
• Agents: 9,664
• Bank branches: 2,181
• Market position: #16 (in terms of new business)
Zooming in on our Asian Insurance Activities
Muang Thai (Thailand) (31% Life, 15% Non-Life)
• Gross inflows: € 1.69 billion (Life: € 1.48b; Non-Life: €
214m)
• Technical Liabilities (Life): € 3.55 billion
• Net Profit: € 48.3 million
• Staff : 2,988
• Agents: 27,513
• Bank branches: 1,190
• Market position:
Life #2 (in terms of total gross inflows)
Non-Life #5 (in terms total gross inflows)
Taiping Life (China) (24,9%)
• Gross inflows: € 6.40 billion
• Technical Liabilities: € 17.94 billion
• Net Profit: € 26.5 million
• Staff: 25,648
• Agents: 112,796
• Bank branches: 27,847
• Market position: #7 (in terms of total gross inflows)
Ageas Insurance Company Asia
(Hong Kong) (100%)
• Gross inflows: € 485 million
• Technical Liabilities: € 1.97 billion
• Net Profit: € 37.8 million
• Staff: 370
• Agents: 2,715
• Market position: #10 (in terms of new business)
Mayban Ageas (Malaysia) / eTiQa (30,95%)
• Gross inflows: € 1.15 billion (Life: € 594m; Non-Life: €
552m)
• Technical Liabilities (Life): € 4.13 billion
• Net Profit: € 43.7 million
• Staff: 2,265
• Agents: 14,266
• Bank branches: 423
• Market share:
Life - #5 (in terms of new business)
Non-Life - #2 (in terms of net premiums)
Ageas Asia Region for 2013
• Gross inflows: € 9.8 billion
• Technical Liabilities: € 28 billion
• Net Profit: € 142 million
• Staff: 33,640 – 418 Ageas staff
• Agents: +/- 167,000
• Bank branches: +/- 32,000
*Gross inflow and Funds under Management are at 100%Ageas Club 26062014 3

5. Ageas Club 26062014
Active under many local brands with solid market positions
Italy
UK
Portugal
Malaysia
China
# 7 Life
> 100,000 agents
India
Belgium
# 1 Life 27%
# 2 Non-Life 16%
Portugal
# 1 Life
Italy
# 1 Bancassurance
Non-Life
Malaysia #2 Non-Life
#5 Life
#1 in Islamic insurance
Thailand
# 2 in Life (#1 New Business),
# 5 in Non-Life
Turkey
# 4 Non-Life
*
Partners
Distributioncompanies
UK - # 2 Motor
3.6 million Motor policies
Largest Belgian Real
Estate Group
EUR 6.1 billion
Situation on 31 December 2013
4

6. Partnerships are in our DNA
In all our partnerships we strive to…
… select the
right partners“understanding partner
needs and whether we
have the right solution
is more productive in
the short and long
term
… focus on the
strategic, not
the tactical
rationale
“
we focus on alignment
of core competencies
… base
cooperation on
customer need,
not short term
product sales
“
quick returns and
inflated commissions
are unstable. Creating
the platform for a
wider deeper
relationship results in
the partner having no
reason to go
elsewhere for their
insurance needs
… build on long
term loyalty, not
on financial return
only
“
a pure financial
motivation will never
result in long term
partnership that is
mutually rewarding.
Ability to evolve and
be flexible creates
more value
Ageas Club 26062014 5

7. IDBI Federal (India) (26%)
IDBI Bank
• Government linked retail and corporate bank
with a very strong nationwide brand and solid
relationships with both RBI and IRDA
• Midsize listed bank with 1.129 branches, € 40
billion balance sheet total and € 2,2 bn market
capitalisation
• Its corporate relationship portfolio is second-to-
none in India
Zooming in on our Asian Joint Venture Partners
Taiping Life (China) (24,9%)
• China Taiping Group (CTG) is a Central Government
Enterprise with strong relationships with the Ministry of
Finance and the insurance regulator CIRC
• CTG’s principal unit is listed in Hong Kong with a market
capitalisation of € 3,1 bn; this listed entity is the majority
shareholder in TPL and TPAM
Mayban Ageas (Malaysia) / eTiQa (30,95%)
• Maybank, top tier listed bank with over 400 branches,
€ 123 bn balance sheet total and over € 20 bn market
capitalisation
• #1 bank in Malaysia with both top positions in retail and
corporate banking and outspoken regional/international
ambitions
Muang Thai (Thailand) (30.87% Life, 14.87%
Non-Life)
• Kasikorn Bank, top tier listed bank with 1.001 branches, €
51 billion balance sheet total and € 10,7 billion market
capitalisation
• Former Thai Farmer Bank, solid #3 retail bank with strong
enterprise network.
• Lamsam family, a leading and very successful family with
extensive business interests and connections
Federal Bank
• Small to midsize listed bank with 1.124 branches,
€ 10,2 bn balance sheet total and € 1,35 bn market
capitalisation
• Private, listed regional retail bank with dominant market
position in South India/Kerala.
Ageas Club 26062014 6

8. 3,303 3,959
5,620
6,722
7,935 8,8969,524
11,536
16,947
20,617
24,403
27,920
2008 2009 2010 2011 2012 2013
FUM at Ageas' Stake FUM at 100%
8.6
90.6 93.5
(64.1)
128.5
142.3
8.6
59.1
68.1
21.5
136.6 142.3
2008 2009 2010 2011 2012 2013
Reported net profit Net profit excluding Extraordinary
1.1 1.3
1.9 1.9
2.4
2.93.3
4.1
6.1 6.2
7.9
9.8
2008 2009 2010 2011 2012 2013
Inflow at Ageas' Stake Inflow at 100%
Evolution of Performance in Asia
Ageas’s growth engine
Evolution Gross Inflow (x Euro billion) Evolution Net Profit – Ageas’s part (x Euro million)
Technical Liabilities (x Euro million) Net Book Value per country (x Euro million)
Ageas Club 26062014 7

9. Asia has become a significant contributor to Ageas’s results
Belgium
38%
UK
17%
Continental
Europe
20%
Asia
25%
GrossInflow
(@ Ageas stake)
Belgium
51%
UK
15%
Continental
Europe
12%
Asia
22%
Net Profit
Belgium
56%
UK
3%
Continental
Europe
14%
Hong Kong
27%
VANB
Belgium
48%
UK
15%
Continental
Europe
16%
Asiaex Hong
Kong
11%
Hong Kong
10%
Shareholders'
equity
Ageas Club 26062014 8

10. (USDmn)
19,505
1,247
14,862
8,336
7,227 7,164
5,688
4,456 4,350 4,243
2,815 2,804
2,189
1,056
Prudential
(UK)
Zurich AIA Allianz Ageas HSBC BNPParibas
Cardif
Manulife MetLife AXA Aviva Sun Life Standard Life FWD
China Hong Kong India Indonesia South Korea Malaysia Philippines Singapore Taiw an Thailand Vietnam
Ageas Club 26062014 9
Leading international Life insurers premium income (Asia, exl-Japan)
# 1 #2 #3 #4 #5 #6 #7 #8 #9 #11#10 #12 #13 #14
Source: Towers Watson
Premiums are shown on a 100% basis

11. Ageas Club 26062014 10
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
5 25 125 625 3,125
North America
Western Europe
South Korea
Singapore
Hong Kong
Taiwan
MalaysiaThailand
China
Asia (ex Japan)
Indonesia
Vietnam
India
Philippines
Premium
penetration
(% of GDP)
Premium per capita (USD)
(Log scale)
Significant growth potential
Life insurance
Penetration vs. Life Premium per capita (2012)
Source: Swiss Re, Sigma Report, no. 3/2013

12. Building Asia
Hans De Cuyper
CFO AG Insurance (former CEO Maybank Ageas Holding)

13. Hong Kong (2004-2007):
the early days of Ageas in Asia
• Joined Ageas Group in 2004 for the opportunity to build insurance presence in Asia
• Insurance Management Division to create support functions for our partnerships
• Product Management
• Risk Management
• Corporate Governance
• Bancassurance Distribution
• Direct Marketing
• Investment Management and ALM
• Through multiple enablers
• Local visits and trainings
• Drafting of manuals and guidelines
• Study visits to Ageas’ established entities in Europe
• Conferences
• Participation in Risk Committees, Investment Committees, Audit Committees,….
Ageas Club 26062014 12

14. The chemistry of our success in Asia…
• Build on trust
• First support, then control
• Strong cultural flexibility
• Stay humble, let others glorify from your expertise
• Active participation by top management in the Board
• Continuously innovate your support
• Local player
Ageas Club 26062014 13

15. 2007-2010: the creation of Etiqa in Malaysia
Growing by
leveraging on the
strength of the two
partners
Maybank’s Strengths:
• Malaysia’s largest financial services group
 Strong financial position
• Offers an array of financial services ranging from retail banking, corporate
banking, merchant banking, offshore banking, asset management etc.
Ageas’ Strengths:
• An international group, a leader in the fields of insurance, investment and
bancassurance
• Offers a broad range of financial services through various distribution
channel
Ageas, one of the largest providers of insurance in
Europe entered into a joint venture with Maybank,
the biggest financial services group in Malaysia to
develop bancassurance in Malaysia
Specifically, Ageas was brought into for their contribution mainly in 2 areas:
• Developing bancassurance business, i.e. to bring successful bancassurance products into Malaysia
• Transferring business know-how, technology and capabilities, both insurance-specific and general
management
Ageas Club 26062014 14

16. 2010-2013: CEO of Etiqa Insurance & Takaful
The Brand Promise
“Humanizing Insurance & Takaful”
Insurance and Takaful is about helping people,
helping them to protect their assets, maintain
their Lifestyle and build a better future.
In everything we do, we keep things as simple as
possible, we deliver on our promise and
we place people over policies.
That's how we humanize
insurance and Takaful.
In doing so, we act with professionalism,
empathy, courage and integrity.
We make a difference by doing it
the Etiqa Way.
The brand implies changing the way Etiqa
employees behave. “The Etiqa Way” was
introduced…..
-Its about People not Policies
Ageas Club 26062014 15

17. THANKS