Ageas first quarter 2019 result

Strong growth of inflows
Good net result in line with last year’s result
New internal Non-Life reinsurance agreements implemented

First quarter 2019
Net Result	Net result of EUR 251 million versus EUR 248 million General Account net result of EUR 7 million negative versus EUR 52 million negative Life net result down 11% to EUR 223 million versus EUR 252 million due to timing differences on capital gains Although stable operating performance, net result in Non-Life down 27% from EUR 48 million to EUR 35 million due to one-off expenses
Inflows	Group inflows (at 100%) of EUR 12.8 billion, up 8% Life inflows up 9% to EUR 11.1 billion and Non-Life up 3% at EUR 1.7 billion (both at 100%) Group inflows (Ageas’s part) up 11% at EUR 4.9 billion
Operating Performance	Combined ratio at 98.3% versus 98.8% Operating Margin Guaranteed at 88 bps versus 137 bps due to timing difference in the investment income Operating Margin Unit-Linked at 18 bps versus 32 bps due to costs related to a succesful commercial campaing in Belgium Life Technical Liabilities of the consolidated entities increased to EUR 75.9 billion
Balance Sheet	Shareholders’ equity of EUR 10.2 billion or EUR 52.05 per share Group Solvency IIageas ratio at 194% not yet including the benefit from the new debt issue General Account Total Liquid Assets at EUR 1.5 billion, out of which EUR 0.7 billion is ring-fenced for the Fortis settlement

All Q1 2019 figures are compared to the Q1 2018 figures unless otherwise stated. A complete overview of the figures can be consulted on the Ageas website.

Ageas CEO Bart De Smet said: « We are very pleased with the strong sales momentum recorded this first quarter, especially in Belgium, Portugal and Asia where we continued to strongly increase our inflows. Due to a timing difference on capital gains and the impact of the quota share re-insurance programme, which is for the first time reflected in our figures, the result of our Insurance activities was somewhat down compared to the first quarter of last year. These negative, however temporary, elements have been partly compensated by improved profits in Continental Europe and Asia. Our Asian activities benefited from a recovery in the Chinese equity markets and incorporated a positive, even though still small, contribution from our recent investment in India. All in all we are satisfied with this good start to the year.»

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