ageas SA/NV — Interim / Quarterly Report 2011

Aug 24, 2011

Solvability of Ageas as per June 30, 2011

The information required by the CBFA has been collected in the Ageas consolidation tool Magnitude. The information in Magnitude is provided by the operating companies on a quarterly basis. The external auditors of the most significant operating companies perform, on a quarterly basis a review on selected financial data provided by these companies in Magnitude. The Ageas external auditors provide a review report on the Ageas Consolidated Interim Financial Statements on a quarterly basis. The Ageas external auditors perform a full scope audit on the Ageas annual Consolidated Financial Statements.

The Own Funds per sector are based on the Consolidated Financial Statements. The following adjustments were made to arrive at the Own Funds used for solvency testing:

Banking

Not applicable anymore

Insurance

The Own Funds for the insurance sector are based on the consolidated IFRS equity and subordinated loans.

• The following adjustments are made: * Real estate is valued at fair value and unrealised gains (after tax) are added to the Own Funds, with exception
• of AG Insurance that can only add 90% * elimination from Own Funds of the expected dividends outflows related to the results
• * elimination from Own Funds of 10% of revaluation of bonds AFS and equities, (net of shadow accounting)
• * elimination from Own Funds of participations and joint ventures in financial institutions
• * elimination from Own Funds of other intangibles (excluding Value Of Business Acquired "VOBA")
• * elimination from Own Funds of the Equalisation reserve of AG Insurance as recorded in local books
• * deduction of the goodwill on participations

General.

The following adjustments are made:

• * deduction of the goodwill on participations
• * elimination from Own Funds of 10% of the revaluation on bonds and equity investments AFS
• * elimination from Own Funds of the expected dividend paid

This report is made up by Ageas Accounting, Reporting and Control.

Utrecht June 30, 2011

Contents

• 1 Consolidated published annual accounts (Q4)
• 2 Consolidated published half-yearly accounts (Q2)
• 3. Calculation of Own Funds
• 4. Solvency Requirements
• 5. Large exposures
• 6. Significant intragroup transactions
• 7. Financial relations of the consolidated whole with affiliated enterprises excluded from the consolidated account and other enterprises linked by participating interests
• 8. Informations about the subsidiaries and joint subsidiaries included in the consolidated accounts (Q4)
• 9. Informations about the subsidiaries included in the consolidated accounts according to the equity method (Q4)
• 10. Informations about subsidiaries not included in the consolidated accounts, other affiliated and participating interests (Q4)

Exchange rates

For the calculation of the figures from their original exchange rates to Euro, the following rates have been used as per

30-6-2011

US dollar 1 =	0,6918980 €
British Pound 1 =	1,1079720 €
Hong Kong Dollar 1 =	0,0889090 €
Chinese Yuan Renminbi 1 =	0,1070480 €
Malaysian Ringgit 1 =	0,2292210 €
New Turkish Lira 1 =	0,4255320 €

3. Calculation of Own Funds of Ageas
3.1 Cross sectoral Capital	Insurance Belgium	Insurance Continetal Europe	Insurance UK	Insurance Asia	Insurance Total	Sector General incl. eliminations	Ageas Group Consolidated
Net equity (exclusive profit for the year)	2.211	770	828	1.345	5.154	2.382	7.536
Profit for the year	23	4	30	54	111	-170	-59
Tier 1 Loans	248	0	0	0	248	1.746	1.994
Third party interests	877	447	70	0	1.394	33	1.427
Group Equity	3.359	1.221	929	1.398	6.907	3.991	10.898
Subordinated liabilities (excl. Tier 1 loans)
Insurance companies under supervision of BNB - AG Insurance	646				646	-646	0
Other Insurance companies - Ageas France, Ageas Asia Holdings and UBI Assicurazioni		28	149	70	248	-206	42
Other companies						26	26
Total subordinated liabilites (excl. Tier 1 loans)	646	28	149	70	893	-825	68
Own Funds	4.004	1.249	1.078	1.469	7.800	3.166	10.966

3.2 Deduction in relation to double gearing I have placed all the ICO's in Gen column. These are ICO's with other sectors, so they are only deducted at Ageas level and not from sector Own Funds!	Insurance Belgium	Insurance Continetal Europe	Insurance UK	Insurance Asia	Insurance Total	Sector General incl. eliminations	Ageas Group Consolidated
Intercompany subordinated liabilities - by Ageas Insurance International Holding N.V. to Ageas Assurances France						-25
- by Ageas Hybrid Financing to AG Insurance - by Ageas SA/NV to AG Insurance - by Ageas Insurance International Holding N.V. to Ageas UK Ltd. - by Ageas Insurance International Holding N.V. to Ageas Asia Holding Ltd.						-496 -150 -110 -70
Total Intercompany subordinated liabilities	0	0	0	0	0	-852	0
Total Own Funds	4.004	1.249	1.078	1.469	7.800	3.166	10.966

3.3 Adjustments in accordance with four party agreement		Insurance	Insurance	Insurance	Insurance		Insurance	Sector	Ageas
		Belgium	Continetal Europe	UK	Asia		Total	General incl.	Group Consolidated
								eliminations
Group Equity (including Tier 1 loans)		3.359	1.221	929	1.398		6.907	3.991	10.898
Subordinated loans		646	28	149	70		893	-825	68
Total Own Funds according to quarterly statement		4.004	1.249	1.078	1.469		7.800	3.166	10.966
Adjustments in accordance with four party agreement
+ Revaluation real estate to fair value (100%, 90% for AGI)		680	13	7	0		700	0	700
- Equalisation reserve (AGI)		-109	0	0	0		-109		-109
- 10% pos. or neg. reval. on AFS Bonds (Ins&Gen)		0	0	-3	-4		-7	0	-7
- 10% pos. or neg. reval. on AFS Equities (Ins&Gen)		-7	-1	0	0		-8	0	-8
- Goodwill participations		-24	-280	-255	-276		-835	0	-835
- Participation Royal Park Investments								-899	-899
- Other intangibles		-359	-14	-32	-2		-406	0	-407
- Expected dividend		-15	0	0	0		-15	15	0
- Expected dividend related to call option BNP Paribas shares		0	0	0	0		0	-694	-694
- Deduction participations and joint ventures in financial institutions		-39	0	0	-556		-594		-594
- Deferred tax asset not recoverable within 5 years
+ Valuation adjustments for Credit risk positions in standardised									0
- Other differences		2	0	0	-77		-75	-2	-77
- Prudential filter for subordinated loans		0	0	0	-43	43	0	-522	-522
+ Scope differences
Subtotal adjustments		129	-282	-284	-958	43	-1.350	-2.101	-3.452
Subtotal		4.134	967	795	511	43	6.450	1.065	7.514
Own Funds (CBFA-rules) inclusive subordinated loans (after intercompany)		4.134	967	795	511	43	6.450	1.065	7.514
To go from 4PC Own Funds to CAM Own Funds we need to make two adj.on INS & Gen: Internal reconciliation 4PC-CAM
- deduct 90% of the reval of Bonds from 4PC INS & Gen Own Funds	Bonds	0	0	-28	-34	0	-62	0	-62
- add 10% of the neg reval of equities to 4PC INS & Gen Own Funds or	Equities								0,0
	CAM	4.134	967	766	477	43	6.388	1.065	7.453
	Check	0	0	0	0	0	0	0	0

4. Calculation of solvency requirements Ageas
4.1 Solvency margin (summary)		Own Funds	Own Funds re quirements	Margin
Banks under supervision of BNB (excl. interco. subordinated. liab.)	10			0
Banks under supervision of DNB	20
Insurance companies under supervision of BNB	30	4.134	2.210	1.924
Insurance companies under supervision of DNB (allocated to sector General)	40	0	0	0
Other insurance companies	50	1.795	870	925
Total Group Companies under supervision	60	5.929	3.080	2.849
Of which: - Total banks	70	0	0	0
- Total insurance companies	80	5.929	3.080	2.850
Other companies of the Ageas Group
- Other companies of the Banking sector	90			0
- Other companies of the Insurance sector	100	521		521
Sector General not under supervision	110	1.065		1.065
Total group companies	120	7.515	3.080	4.435

4.2 Detail of solvency margin by banks and insurance companies	Own funds	Own funds re quirements	Margin
Banks under supervision of BNB
Insurance companies under supervision of DNB
- Intreinco (former Ageas Reinsurance)	0	0	0
Subtotal Insurance companies under supervision of DNB	0	0	0
Insurance companies under supervision of BNB
- AG Insurance	4.134	2.210	1.924
Other Insurance companies
- Ageas (UK) Ltd	-397	0	-397
- Ageas Insurance Ltd.	389	176	213
- RIAS Plc.	0	2	-2
- AIS Ltd	0	0	-1
- Tesco Insurance Ltd	174	109	65
- Kwik-Fit Insurance Ltd	-12	3	-15
- Castle Cover Ltd	-8	1	-8
- Ageas Protect Ltd, life	150	26	124
- Ageas Assurances France	177	105	72
- Fortis Luxembourg - Vie S.A.	0	0	0
- Millenium BCP, Lissabon (51%)	700	347	353
- Fortis Life Insurance (Russia)	0	0	0
- Ageas Deutschland Lebensversicherung AG	19	6	13
- BK BeteiligungsKonzept-GmbH	0	0	0
- UBI Assicurazioni	66	41	25
- Ageas Asia Holdings Ltd	539	55	484
Subtotal Other Insurance companies	1.795	870	925
Total	5.929	3.080	2.849
	Own	Own	Margin
	funds	funds re quirements
Other Insurance companies, Equity Associates

• Mayban General Assurance Berhad (30,95%) 56 30 26 - Mayban Life Assurance Berhad (30,95%) 153 118 35 - Muang Thai Insurance Public Company (12,68%) 19 1 17 - Muang Thai Life (30,87%) 101 11 89

- Tai Ping Life (24,9%)	208	122	86
- IDBI Fortis Life Insurance Com (26%)	19	2	17
Total	556	285	271

4.3 Information about companies not included in the consolidated supervision of Banking and Insurance activities	Own	Own	Own
		funds	funds held by	funds re quirements
			third
			parties
	Main activity
- Ageas (UK) Ltd	Holding	413	0
- Ageas Insurance Ltd.	Holding	1	0
- RIAS Plc.	Holding	14	0
- AIS Ltd	Holding	2	0
- Tesco Insurance Ltd	Holding	0	0
- Kwik-Fit Insurance Ltd	Holding	60	0
- Castle Cover Ltd	Holding	10	0
- Ageas Deutschland Lebensversicherung AG	Holding	0	0
- BK BeteiligungsKonzept-GmbH	Holding	5	0
- AII - Reg Office Asia	Holding	-554	0
- Muang Thai Fortis Holding (7,83%)	Holding	10	118
- MUANGTHAIHOLDING (21,16%)	Holding	2	9
- Taiping Pension Company (10%)	Holding	1	7
- Taiping Asset Management Cy (8%)	Asset manager	1	14
Subtotal		-35	147
Other Insurance companies, Equity Associates
- Mayban General Assurance Berhad (30,95%)	Insurance	56	125	30
- Mayban Life Assurance Berhad (30,95%)	Insurance	153	342	118
- Muang Thai Insurance Public Company (12,68%)	Insurance	19	128	1
- Muang Thai Life (30,87%)	Insurance	101	225	11
- Tai Ping Life (24,9%)	Insurance	208	627	122
- IDBI Fortis Life Limited (26%)	Insurance	19	55	2
Subtotal Other Insurance companies, Equity Associates		556	1.502	285
Total Insurance		521	1.649	285
ageas SA/NV	Holding	32	0
F&B Insurance Holdings SA	Holding	-21	0
Ageas International Insurance Holding	Holding	-806	0
ageas N.V.	Holding	972	0
Ageas B.V.	Holding	654	0
Ageas Finance N.V.	Financial management	52	0
Ageasinvestlux S.A.	Holding	462	0
FGF Lux S.A.	Holding	1	0
Ageasfinlux S.A.	Holding	1.253	0
Ageas Hybrid Financing	Holding	1.644	0
Royal Park Investments	Financial management	899	1.112
Eliminations (Subsidiaries, Pensions, Treasury Stock)		-4.078	0
Subtotal General		1.065	1.112
Total		1.586	2.761	285

5. Large Exposures
IDENTIFICATION OF LARGE EXPOSURE
> 10% of the Own Funds of the Group
10% of Own Funds
1.097		Exposure on the Group
Name of the beneficiaries	Gross exposure before guaran- tees and write- downs or provisions	Part covered by a guaran tee or for which amounts have been written down or provisions made	Net exposure before weighting	Total net exposure, i.e. after weighting
BNP-Paribas
- exposure of the Banking part - exposure of the Insurance part - exposure of the General sector - Total exposure of the Group	2.107 1.263 3.370		2.107 1.263 3.370	2.107 1.263 3.370
European Investment Bank - exposure of the Banking part - exposure of the Insurance part - exposure of the General sector - Total exposure of the Group	2.131 2.131		2.131 2.131	2.131 2.131
KfW Bankengruppe (Kreditanstalt fur Wiederafbau) - exposure of the Banking part - exposure of the Insurance part - exposure of the General sector - Total exposure of the Group	1.758 1.758		1.758 1.758	1.758 1.758
CADES (Caisse d'Amortissement de la Dette Sociale) - exposure of the Banking part - exposure of the Insurance part - exposure of the General sector - Total exposure of the Group	1.235 1.235		1.235 1.235	1.235 1.235
Banco Commercial Portugues SA - exposure of the Banking part - exposure of the Insurance part - exposure of the General sector - Total exposure of the Group	1.232 1.232		1.232 1.232	1.232 1.232

	6. Significant Intragroup transactions
Identification of intragroup transactions	Intercompany transactions
(when in total larger than 20% of the solvency requirements)
20% of Group Own Funds requirement
616
	Loans	Sight	Invest-	Guaran-	Other
Name debtor / beneficiary		accounts	ments	tees granted	commit ments
Insurance companies under supervision of DNB
- Ageas Reinsurance N.V.	<20%	<20%	<20%	<20%	<20%
Total	<20%	<20%	<20%	<20%	<20%
Insurance Companies under supervision of CBFA
- AG Insurance	894	<20%	<20%	<20%	<20%
Total	894	<20%	<20%	<20%	<20%
Other Insurance Companies
- Fortis Insurance UK	<20%	<20%	<20%	<20%	<20%
- Fortis Insurance UK, life	<20%	<20%	<20%	<20%	<20%
- Tesco Insurance Ltd	<20%	<20%	<20%	<20%	<20%
- Fortis Assurances	<20%	<20%	<20%	<20%	<20%
- Fortis Luxembourg - Vie S.A.	<20%	<20%	<20%	<20%	<20%
- Millenniumbcp Ageas (Portugal, 51%)	<20%	<20%	<20%	<20%	<20%
- Fortis Life Insurance (Russia)	<20%	<20%	<20%	<20%	<20%
- Fortis Deutschland Lebensversicherung AG	<20%	<20%	<20%	<20%	<20%
- Fortis Versicherungen Beteiligungs-GmbH	<20%	<20%	<20%	<20%	<20%
- Fortis Consulting Group	<20%	<20%	<20%	<20%	<20%
- UBI Assicurazioni	<20%	<20%	<20%	<20%	<20%
- Ageas Asia Holdings Ltd	<20%	<20%	<20%	<20%	<20%
Total	<20%	<20%	<20%	<20%	<20%
Total	894	0	0	0	0

7. Financial relations of the consolidated whole with affiliated enterprises excluded from the consolidated account and other enterprises linked by participating interests.

		ווטטוויטט טווויטווי
ъ.

Identification of transactions	Intercompany transactions
(when in total larger than 20% of the solvency requirements)
20% of Group Own Funds requirement	Loans	Sight	Invest-	Guaran-	Other
616		accounts	ments	ties	commit
Name debtor / beneficiary				granted	ments
Banks under supervision of CBFA	0	0	0	0	0
Banks under supervision of DNB	0	0	0	0	0
Insurance companies under supervision of CBFA	0	0	0	0	0
					0
Insurance companies under supervision of DNB	0	0	0	0	0
Totaal	0	0	0	0	0

8. Financial information about subsidiaries and joint subsidiaries included in the consolidated accounts (Q4 only)

9. Financial information about subsidiaries included in the consolidated accounts according to the equity method (Q4 only)

10. Financial information about subsidiaries not included in the consolidated accounts, other affiliated and participating interests (Q4 only)