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2016-05-19

Ageas: Ageas reports 1st quarter 2016 Results

* Belgian and Asian Life business driving growth of Inflows
* Strong operating performance in all segments
* Group net result reflecting impact of Fortis settlement agreement

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| 1stquarter 2016 |
| Net Result * Insurance net profit stable atEUR 201 million versus EUR 198 million |
| * General Account net result ofEUR 834 million negative as a result of the |
| provision for the Fortis settlement agreement announced 14 March 2016 |
| * Group net result atEUR 633 million negative versus EUR 241 million positive |
| Inflows * Group inflows (at 100%) atEUR 11.1 billion , up 11% (including 3% negative |
| foreign exchange impact) - Group inflows (Ageas's part) grew 9% to EUR 4.6 |
| billion (including 2% negative foreign exchange impact) |
| * Life inflows up 14% to EUR 9.4 billion andNon-Life stable at EUR 1.7 |
| billion (both at 100%) |
| Operating * Combined ratio at97.8% versus 96.6% including the impact of the Brussels |
| terrorism events (4%) |
|Performance * Operating Margin Guaranteed at103 bps versus 91 bps |
| * Operating Margin Unit-Linked at25 bps versus 39 bps |
| * Life Technical Liabilities of the consolidated entities atEUR 75.9 billion |
| (+ 2% vs. the end of 2015) |
| Balance Sheet * Shareholders' equity atEUR 10.3 billion orEUR 49.10 per share |
| * Insurance solvency II ageasratio at182% andGroup solvency II at180% |
| * General Account Total Liquid Assets stood atEUR 1.2 billion versus EUR 1.6 |
| billion end 2015 |
| |
| Belgium * Solid results supported by capital gains on real estate partly offset by |
| the Brussels terrorism events |
| UK * Motor driving growth in inflows and improved results; First sign of price |
| increases in the Motor market |
| Continental * Lower net result despite solid operating performance both in Life and |
| Non-Life |
|Europe |
| Asia * Excellent growth in new business and renewal premiums especially in China |
| and Thailand |
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All 3 months 2016 figures are compared to the 3 months 2015 figures unless
otherwise stated.

Ageas CEO Bart De Smet said:
"The first quarter of 2016 showed a solid performance in all segments, with
the Asian and Belgium Life business driving the growth of Inflows. The
Insurance net profit remained stable benefitting from higher realised capital
gains on real estate. This was partly offset by the significant impact of the
tragic terrorism events in Brussels and also by a weaker result in Life in
Continental Europe.

Also in the first quarter we announced together with several claimants'
organisations a settlement agreement for the civil Fortis legacies. The
additional provision made for this settlement proposal impacted our General
Account and consequently the Group net result.

In line with Ageas's strategy to focus on promising emerging markets in Asia
and to shift its portfolio more towards Non-Life, we concluded, after closing
of the first quarter, the divestment of the Life business in Hong Kong and
the acquisition of AXA Portugal, positioning Ageas as the second largest
insurer by inflows in the Portuguese market"

Read the full press release
http://hugin.info/134212/R/2013796/746408.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ageas via Globenewswire

HUG#2013796

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