ANNUAL REPORT 2023
Acting on Impact

At the heart
of society,
in the lives
of people

4
Ageas Annual Report 2023
Table
of contents
A Report of the Board of Directors 8
1 Message from the CEO and Chairman 9
2 Key-events of 2023 12
3 Our 2023 performance 14
4 Strategy and business model of Ageas 22
5 Sustainability at the heart of everything we do 26
6 Corporate Governance Statement 68
B Consolidated Financial Statements 92
Consolidated statement of financial position 93
Consolidated income statement 94
Consolidated statement of comprehensive income 95
Consolidated statement of changes in equity 96
Comprehensive equity 98
Consolidated statement of cash flow 99
C Notes to the consolidated financial statements 100
Summary of accounting policies and estimates 101
Risk management and solvency 158
Risk management 159
Regulatory supervision and solvency 192
Notes to the consolidated statement of financial position 196
1 Cash and cash equivalents 197
2 Financial investments 198
3 Investment property 207
4 Equity accounted investments 209
5 Property and equipment 211
6 Goodwill and other intangible assets 213
7 Current and deferred tax assets and liabilities 215
8 Accrued interest and other assets 217
9 Insurance contracts assets and liabilities 218
10 Reinsurance contracts assets and liabilities 235
11 Borrowings 238
12 Subordinated liabilities 240
13 RPN(I) 243
14 Accrued interest and other liabilities 244
15 Provisions 246
16 Shareholders’ equity 247
17 Non-controlling interest 250

5
Ageas Annual Report 2023
Notes to the consolidated income statement 252
18 Insurance revenue 253
19 Insurance service expenses 254
20 Net finance result 255
21 Other income 258
22 Financing costs 259
23 Change in impairments 260
24 Other operating expenses 261
25 Income tax expense 263
Employee benefits 264
26 Remuneration and benefits 265
Information on operating segments 274
27 Information on operating segments 275
Additional information 288
28 Contingent liabilities 289
29 Legal structure 291
30 Acquisitions and disposals of subsidiaries and equity accounted investments 292
31 Commitments 294
32 Related parties 295
33 Audit fees 297
34 Fair value of financial assets and financial liabilities 298
35 Interests in unconsolidated structured entities 303
36 Events after the date of the statement of financial position 304
Statement of the Board of Directors 305
Independent Auditor’s Report 306
D Ageas SA/NV statutory accounts 2023 312
General information 313
Disclosure on items in the statement of financial position and income statement and regulatory requirements 314
Conflict of interest 349
Statutory Report 350
E Other information 356
Forward-looking statements to be treated with caution 357
Availability of company documents for public inspection 358
Registration of shares in dematerialised form 359
GRI Index 360
UN GC Progress report Index 363
UNEP FI PSI Index 365
Ageas’s response to the TCFD recommendations 366
Glossary and abbreviations 367

6
Ageas Annual Report 2023
Our
Purpose
Our strategy
Impact24

7
Ageas Annual Report 2023
Ageas is a listed international insurance Group with a heritage spanning 200
years. We offer Retail and Business customers Life and Non-Life insurance
products, and we are also engaged in reinsurance activities.
Our customers are at the heart of our business, and our products and services
are designed to anticipate, manage, and cover their risks through a wide range
of solutions designed for their needs, both today and in the future.
We are one of Europe’s larger insurance companies and also well represented
in Asia. Ageas is on the ground in 13 countries (Belgium, UK, Portugal,
Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia,
Singapore, and the Philippines) through a combination of wholly owned
subsidiaries and long-term partnerships with strong financial institutions and
key distributors.
Ageas ranks among the market leaders in the countries in which it operates.
Every day, more than 50,000 skilled and committed employees are at the
service of nearly 47 million customers. Our Group has at its foundation a
set of core values - Care, Dare, Deliver, and Share – representing who we
are and how we work. As a “Supporter of your life” we seek to create social
and economic value for our customers, employees, partners, investors, and
society at large. In 2023, Ageas reported annual inflows more than EUR 17
billion. Ageas is listed on Euronext Brussels and is included in the BEL20 and
BEL® ESG index.
United Kingdom
Belgium
Portugal
Türkiye
India
Malaysia
Philipinnes
Joint ventures in Laos, Cambodia and Singapore
China
Vietnam
Thailand
Active in 13 countries
across Europe and Asia
About Ageas

8
Ageas Annual Report 2023Ageas Annual Report 2023
1
The GRI Universal Standards 2021 represent global best practice for reporting publicly on a range
of economic, environmental and social impacts. Sustainability reporting based on the Standards
provides information about an organization’s positive or negative contributions to sustainable
development. Detailed information can be found in the GRI content index in note E.
A
Report of the
Board of Directors
The Ageas Annual Report 2023 includes the
Report of the Board of Directors of Ageas
prepared in accordance with the legal and
regulatory requirements applicable in
Belgium (pursuant to article 3:6 and 3:32
of the Belgian Code of Companies and
Associations) and the Ageas Consolidated
Financial Statements 2023, with comparative
figures of 2022, prepared in accordance with
International Financial Reporting Standards
(IFRS) as adopted by the European Union,
as well as the Financial Statements of Ageas
SA/NV.
The non-financial disclosure reports in
accordance with the EU directive on non-
financial information, the EU taxonomy
regulation, national ESG related legislation
and regulatory recommendations. The
information and data in the Annual Report
is prepared in accordance with the GRI
Universal Standards 2021
1
.
All amounts in the tables of this Annual
Report are denominated in millions of euros,
unless stated otherwise.

9
Ageas Annual Report 2023
Making progress in a complex world
The world is evolving faster than ever. The pace of change driven by new
opportunities, new risks, and new challenges in 2023 was at times breath-
taking. There is every indication it will continue to gather speed with new
impactful trends emerging on our horizon. It is how we prepare for and
react to these changing circumstances that will define our future and the
positive impact we will have on all our stakeholders.
In 2023, the impact of inflation made its mark particularly on the Non-Life
business in several markets, but we managed to respond with smart solutions
adapted to the local context. We also witnessed the Asian economies in slow-
down mode. The low interest rates remained challenging in China in particular,
while in Europe we noted an increase in rates after decades at low levels,
which benefitted our activities through higher returns on investments.
On the geopolitical front, the wars that the world is facing had an indirect
effect on our business, adding increased volatility to the financial markets.
But ultimately, we must remember that these remain first and foremost human
tragedies. And let us not forget the devastating earthquake in Türkiye at the
start of the year 2023. The support of the Ageas family around the world for
Turkish employees, partners and customers who lost their loved ones or their
homes, was quite remarkable. We came together to do what we do best, being
a supporter of people’s lives.
Throughout 2023, Ageas continued to benefit from a resilient and highly
diversified business model which helped absorb the effects of unstable
market conditions. As we enter the final straight in our Impact24 journey, we
are pleased that we remain on track to achieve our strategic and financial
objectives. And in preparation for a new strategic cycle, we have announced
the new composition of our Executive Committee, which aligns with our
strategic ambitions and better reflects our current business profile.
In 2023, we reported using the new IFRS 17 & 9 accounting standards for
the first time. Preparing for these new standards was an enormous logistical
task. We welcome the greater transparency these new standards offer, which
better reflects our performance. We are grateful to the countless colleagues
across the entire business who worked intensely over the past years to make
this transformation a success. And with the increased attention on ESG,
new non-financial reporting standards such as the CSRD requirements, are
already around the corner.
A continued strong commercial and operational
performance
In 2023, Ageas delivered a strong commercial performance. This was mainly
driven by a remarkable growth in Non-Life across the Group and by the strong
Life activities in China. Our strong operating performance is reflected in the
solid margins in Life and the combined ratio we achieved in Non-Life, but also
in the strong Operational Capital Generation that amounted to EUR 1.8 billion.
Thanks to all our efforts and solid performance, we have once again managed
to deliver on the commitments we made to our investors, achieving a Net
Operating Result of EUR 1.17 billion, well within the upper half of the initial
guidance of EUR 1.1 billion to 1.2 billion.
We remain on track to deliver on the EPS growth target of 6 to 8% in
Impact24. With this earnings growth, we are confident in the operating entities’
ability to upstream more than sufficient cash to ensure an attractive dividend
growth in line with the Impact24 ambition also beyond this strategic cycle.
With a total gross cash dividend of EUR 3.25 per share over 2023, investors
receive an attractive final dividend of EUR 1.75 on top of Ageas’s commitment
to pay-out going forward each year an interim dividend of EUR 1.5.
Message from the
Chairman & CEO
CEO Hans De Cuyper and Chairman Bart De Smet look back on the
past year at Ageas and give a sneak preview of what is in the pipeline
for the years to come.

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Ageas Annual Report 2023
MESSAGE FROM THE CHAIRMAN AND CEO
Bart De Smet, Chairman and Hans De Cuyper, CEO

11
Ageas Annual Report 2023
We are very grateful to our committed people and valued partners for their
significant contribution to our strong performance in 2023, and I want to thank
our investors and customers for their unwavering trust.
Regarding the progress on our Impact24 strategy, we took important steps
in delivering on our ambitions in terms of growth, commercial excellence,
integration of tech & data, and sustainability.
We decided to divest our business activities in France in line with our strategy
to focus on our core markets in Europe. Reinsurance is now a fully-fledged
business unit within Ageas, supported by a strong team of around thirty
reinsurance experts. It is already proving its added value in diversification of
capital and spreading risks. With a successful 1st of January 2024 renewal
campaign and a net operating result of EUR 101 million, Reinsurance is
already demonstrating its strong contribution to the Group.
While we remain committed to physical distribution including bancassurance,
brokers and agents, we also recognise that adapting our offer to
ecosystems and digital platforms keeps us close to the customer and
provides us with access to real scale. New B2B2C digital channels launched
in India already allowed us to reach a milestone of EUR 5 million inflows within
a year, providing coverage to more than 500,000 new customers that we
previously could not reach. As our traditional distribution partners progress
their own digital journeys, we have responded quickly to their call for new tools
and expertise. And at the same time, we are working with Next-Gen partners
to embed innovative insurance offers into their customer journeys.
Supporting the transition towards a more sustainable
world
Sustainability has been a deliberate strategic choice for Ageas. Its relevance
across the world continues to increase and remains a high priority for society
as evidenced by the recent COP28 meeting. We put clear targets on what
we promised to achieve under our current Impact24 cycle, and we are proud
to report that we are delivering ahead of plan. We already exceeded our
sustainable investments target, with more than EUR 13 billion invested in
sustainable assets. At the start of our Impact24 journey, we also set a goal
of 25% of gross written premiums coming from products that support our
customers in the transition to a more sustainable world. This target has
already been exceeded with 28% meeting the criteria. Achieving this requires
an innovation mindset, stimulated through events like our ESG Hackathon in
2023. We brought together 60 employees with diverse backgrounds who were
challenged to work on five important societal themes (Savings, Well-being,
Green Mobility, Sustainability Housing, and Inclusivity) with a goal to create
scalable and sustainable product propositions and inspire new concepts. Our
efforts were recognised by the ESG rating agencies we actively engage
with. Five out of the six increased their rating for Ageas over 2023.
Although we are proud of the new milestones reached, there is no room for
complacency in our sustainability story. We consider it work in progress, with
more to be done.
Humans at the centre… empowered by AI
There has been a lot of noise around AI and Generative AI (Gen AI) in the past
year. And there is no doubt that AI has the capacity to revolutionise our
business over time, benefitting every part of our value chain, as proven
by multiple AI-applications that already exist across the Group. But ultimately,
we believe insurance is fundamentally a people business. It’s our people who
make the difference. We view AI and Gen AI as a way of augmenting what
we do, for the good of our clients and for the growth of our own people. It has
the capacity to support us to further finetune risk models, hyper-personalise
our offer, improve operational efficiency and spark innovation. Our ethos is
simple in the AI arena – let’s do more with the same people. In line with
this, the Group developed a responsible approach to the deployment of AI and
Gen AI, monitoring the risks, setting clear priorities, creating synergies, and
respecting a transparent ethical framework.
Like everyone else, we are still in experimentation mode with Gen AI, learning
how best to adopt and integrate this new technology. Inversely, we are also
using Gen AI as a tool to learn! Gen AI is helping us to improve our agents’
and salespeople’s skills through an interactive sales conversation simulator,
one of the first of its kind in the insurance world. Our salesforce plays a
particularly important role in the world of Ageas as the face of our
Group. That’s why we continue to explore ways to support them to improve
the customer experience. In the agency channel, we have never been more
convinced it’s about quality over quantity. Over the past year, 74% more
agents achieved the requirements to qualify for the prestigious Million Dollar
Round Table (MDRT) membership, which is a true recognition of the quality
of their work.
AI may be the ‘cool kid on the block’ right now, but let’s not forget there is
more to digital transformation than AI. In many markets we have successfully
re-platformed our legacy systems as a prerequisite for further digitisation of
our services, while continuously improving data & management, the nutrients
that ‘feed’ AI.
As a people business we have continued to work hard to position Ageas as
a Great place to Grow: developing our talent and attracting new talent along
the way; paying attention to diversity and inclusion; and providing the best
environment to work which included welcoming employees to our new head
office in Brussels, attuned to the hybrid way of working. We were proud to
once again receive the recognition of ‘Top Employer’ in Belgium and UK,
while our entities in Türkiye, India and the regional office in Hong Kong have
received similar recognitions.
Who knows… by next year, Generative AI could be writing this letter to
stakeholders. Although we still prefer the personal touch. So let us end with a
personally written, sincere thank you to our 50,000 remarkable employees
and partners who made everything you read in this report happen. And we
also have our 47 million customers and valued investors across the globe
to thank for their continued trust in Ageas.
Bart De Smet,
Chairman
Hans De Cuyper,
CEO

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Ageas Annual Report 2023
KEY-EVENTS IN 2023
Key-events in 2023
Ageas re-certified as
“Top Employer” in key markets
The Top Employer certification recognises organisations
dedicated to the implementation of a stimulating working
environment for employees.
Ageas Corporate Centre, AG and AG Real Estate in Belgium,
and Ageas UK have all been re-certified by the Top Employers
Institute for among other things, company strategy & culture,
the onboarding & integration of new employees, training &
development offerings, employee involvement and a work
environment embracing new ways of working. Ageas Asia was
also named among “Best Companies to Work for in Asia 2023”
and similar recognitions were received in India and Türkiye.
19
-
01
Ageas hosts Groupwide
ESG Product Hackathon
Through Impact24, Ageas engaged to stimulate
its customers towards a more sustainable world
by developing and launching a wide range of
sustainable products.
Sixty participants, including underwriters, actuaries,
and product developers from different countries, came
together to participate in a two-day challenge to work
on five important societal themes (Savings, Well-being,
Green Mobility, Sustainability Housing and Inclusivity)
with a goal to create scalable and sustainable product
propositions and inspire new concepts.
15
-
02
Ageas moves headquarters to
“a Great place to Grow”
The move to a new headquarters building is part of
Ageas’s corporate strategy that puts well-being and
sustainability front and centre.
Close to 200 corporate centre employees made the move
to the recently renovated Manhattan building in Brussels,
underscoring the Group’s strong commitment to providing its
employees with a Great place to Grow. The new offices are
designed to encourage learning and innovation, collaboration
and teamwork, while promoting well-being and a positive
environment for daily performance.
20
-
04
Wim Guilliams takes up role of
Ageas Group CFO
Following the requisite regulatory approvals, Wim Guilliams
took up the reins of the Ageas Group CFO role and joins the
Ageas Board of Directors.
01
-
06
Ageas reports full year 2022 results
Ageas delivered solid results and momentum in first year
of Impact24 strategy.
Thanks to a strong operating performance across all regions,
the Group’s net result exceeded EUR 1 billion despite the
challenging market conditions. The Group’s solid balance sheet
allowed it to propose to its shareholders a total gross dividend
of EUR 3 over 2022.
22
-
02

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Ageas Annual Report 2023
Read more about these events on our
Annual report website.
Ageas announces first half-year results 2023 under IFRS 17 & 9
In its first report under the new accounting standards, Ageas delivered a strong performance.
The Group reported a EUR 599 million operating result, reflecting a solid performance in Life in
China and in Non-Life across all segments. The Group paid out an interim gross cash dividend
of EUR 1.5 per share and intends to repeat this on an annual basis going forward.
30
-
08
New digital B2B2C channel
exceeds expectations
Ageas reached a significant milestone in its embedded
insurance journey.
Through its first digital B2B2C sales channels in India, AFLI
reached EUR 5 million in inflows in its first year of operation,
covering more than 500,000 lives. Plans are underway to
export this success to other markets.
27
-
12
Ageas hosts Investor Day in London
Ageas used this event to confirm to investors its guidance
and dividend approach beyond Impact24, while reconfirming
its long-term strategy in China, expanding on the successful
turnaround of the Group’s business in the UK and sharing the
opportunities for future growth as a market leader in Belgium.
23
-
11
Ageas deploys a unique Gen AI
driven training tool for salesforce
Ageas has a long track record in safely deploying AI
applications across its value chain wherever it adds value to
our customers, our people and our business. Last year, Ageas
announced the roll-out of a unique digital training application
across Europe and Asia - the Ageas “Digital Coach”. This
interactive tool is designed to upskill insurance and financial
advisors through cutting-edge Generative AI technology.
21
-
12
Ageas sells its French business
activities to Carac
The decision to divest aligns with Ageas’s strategy to
streamline its European portfolio and to concentrate on
its core markets in the region.
Ageas transfers its French life insurance, savings and pension
business to La Mutuelle Epargne Retraite Prévoyance Carac
(“Carac”).
25
-
09

14
Ageas Annual Report 2023
OUR 2023 PERFORMANCE
Financial & Operational
performance
In my first full year as CFO of Ageas, I’m very
proud of the solid operating performance
our entities achieved across the Group,
allowing us to deliver on our engagements
towards the investor community with Net
Operating Results within the upper half
of our initial guidance, and a proposed
dividend increase fully in line with the
growth trajectory included in our Impact24
commitments.
Wim Guilliams,
CFO Ageas
Our 2023 performance
Outstanding business performance
Overall Ageas delivered a strong commercial performance
in 2023 with inflows up 8% in local currency. The
significant increase in Non-Life inflows across all
segments reflects increased volumes and the continued
strong technical pricing discipline in the face of inflation.
The growth in Life was driven by strong sales and solid
renewals in China.
The strong operating performance is reflected in solid
operating margins. The Net Operating Result of EUR
1,166 million falls well within the upper half of the
initial guidance of EUR 1.1 billion to EUR 1.2 billion.
The strong business performance was also reflected
in an Operational Capital Generation of EUR 1.8 billion
including both the Solvency II and the non-Solvency II
scope entities. The Operational Free Capital Generation
amounted to a strong EUR 1.2 billion. With these results
and a Pillar II Solvency ratio of 217%, the Board of
Directors has decided to propose a total gross cash
dividend of EUR 3.25 per share, representing an increase
of over 8% versus last year.

15
Ageas Annual Report 2023
Group inflows were 8% up at constant exchange rates compared to last
year amounting to EUR 17.1 billion. Growth in Life inflows was particularly
strong in China, driven by new business sales in the first half year ahead of
the regulatory pricing rate change coming into place in the second half year,
and solid renewals in the last six months of the year. In Belgium and Portugal
customer appetite for Life insurance products was impacted by the higher
interest rates and changed dynamics with short term banking products. The
actions taken in the first half to strengthen the commercial position proved
successful during the final months of the year. The Life Liabilities excluding
UG/L grew 5% to EUR 84.7 billion at constant exchange rates.
Non-Life inflows were up 17% at constant exchange rates with growth across
all segments, driven by portfolio growth and price increases in response to
increased inflation.
The third-party Reinsurance business successfully completed the 1 January
2024 renewal period.
The Net Operating Result for the Group amounted to EUR 1,166 million,
representing a 16.2% Return on Equity. At constant exchange rates, this
represents a 9% increase compared to last year’s Net Operating Result
excluding the capital gains related to the sale of the commercial lines in the
UK and the FRESH liability management action.
The Guaranteed margin of 124 bps and the Unit-Linked margin of 39 bps in
Life were driven by a strong underwriting performance, with the Life operating
insurance service result up 6% compared to last year. The Life Net Operating
result was EUR 894 million, driven by a strong underwriting performance
across all segments reflecting the quality of the Life business.
The Non-Life combined ratio of 93.3% is driven by a favourable claims
experience across all product lines, supported by relatively benign weather in
2023 and an improved expense ratio.
This translated into a Non-Life Net Operating Result of EUR 389 million, more
than double that of last year, excluding the capital gain realised on the sale of
the commercial lines in the UK in 2022.
The Life Contractual Service Margin (CSM) amounted to EUR 9.3 billion
with a New Business contribution to the CSM of EUR 805 million. The
Operating CSM movement amounted to EUR 309 million, representing an
increase of 3.2%, mainly driven by Asia.
The Comprehensive equity, comprising the sum of the Shareholders’ equity
of EUR 7.4 billion, the unrealised gains and losses on real estate and the CSM
of the Life business, stood at EUR 15.6 billion or EUR 85.04 per share. The
contribution from the Net Operating Result and Net Operating CSM movement
was offset by the payment of the final 2022 dividend and unfavourable
exchange rate evolution.
Ageas exhibits a very strong solvency level in both the Solvency II and the
non-Solvency II scope. Ageas’s Solvency II Pillar II ratio amounted to a
strong 217%, largely above the Group’s target of 175% and broadly in line
with the level of 218% at the end of the 2022, as the additional required
capital from the strong sales momentum in Non-Life and reinsurance was
fully compensated by the proceeds of the sale of the business in France. The
solvency of the non-Solvency II scope companies increased significantly to
282%, up 74 percentage points compared to the end of 2022, largely driven by
strengthening measures implemented in China.
The Operational Capital Generation over the period stood at EUR 1.8
billion, illustrating a solid operating performance across the Group and
confirming the strong Net Operating Result. This included EUR 857 million
generated by the Solvency II scope companies, and EUR 1,116 million from
the Non-Solvency scope entities, while the General Account consumed EUR
169 million.
Operational Free Capital Generation, including both the Solvency II and the
non-Solvency II scope, amounted to EUR 1.2 billion.
IMPACT24 - FINANCIAL & OPERATING TARGETS Performance 2023 Performance 2022
Non-Life Combined Ratio 92.1% 95.9%
Life Guaranteed margin 107 bps 113 bps
Life Unit-Linked margin 39 bps 37 bps
Group Solvency II
ageas
ratio 217% 218%

16
Ageas Annual Report 2023
OUR 2023 PERFORMANCE
KEY FIGURES AGEAS
FY 2023 H2 2023 FY 2022 H2 2022
in EUR million (unless mentioned otherwise)
Gross inflows
17,118 7,856 16,636 7,532
- Belgium
5,072 2,523 4,957 2,436
- Europe
3,621 1,921 3,378 1,612
- Asia
8,164 3,292 8,122 3,444
- Reinsurance Protection
261 120 179 40
- Life
11,162 4,926 11,334 5,068
- Non Life
5,956 2,930 5,302 2,465
Net Result Ageas
953 423 1,097 466
Net Operating Result Ageas
1
1,16 6 555 1,312 573
- Belgium 494 230 515 219
- Europe 144 97 115 9
- Asia 544 247 668 283
- Reinsurance 101 35 (3) (18)
- General Account (117) (54) 17 80
- Life 894 404 1,059 444
- Non-Life 389 205 236 49
- General Account (117) (54) 17 80
Life Guaranteed margin (in bps)
2
124 136 142 116
Life Unit-Linked margin (in bps)
2
39 40 37 40
Non-Life Combined ratio (in %)
2
93.3% 93.3% 97.7% 99.2%
Operational Capital Generation
1,803 777 1,791 906
Operational Free Capital Generation
1,162 670 1,172 604
Shareholders' equity
7,422 7,422 6,975 6,975
Comprehensive equity
3
15,620 15,620 15,670 15,670
Solvency Available Capital
17,428 17,428 14,959 14,959
Return on Shareholders' equity
16.2% 15.2% 17.3% 15.6%
Cum. Average number of outstanding shares (in m of shares)
184 184 184 -
Net Operating Earnings per share (in EUR)
6.35 3.02 7.13 3.12
Operational Capital Generation per share (in EUR)
9.82 4.23 9.75 4.94
Actual number of outstanding shares (in m of shares)
184 184 184 -
Comprehensive equity per share (in EUR)
85.04 85.04 85.32 -
(Interim) Dividend per share declared (in EUR)
3.25 1.75 3.00 1.50
Impact24 Targets
4
- Life Guaranteed margin (in bps) 107 114 113 89
- Life Unit-Linked margin (in bps) 39 40 37 38
- Non-Life Combined ratio (in %) 92.1% 93.7% 95.9% 97.8%
- Solvency II - Pillar II 217% 217% 218% 218%
1. Following amendments to the definition of Net Operating Result, the comparative amount of 2022 was restated for the impact hyperinflation
(IAS 29, other amendments were immaterial).
2. Group-wide Life margins and combined ratio: Scope includes all entities at Ageas’s share.
3. Comprehensive equity only includes CSM Life
4. Impact24 Targets: The same entities are considered as at the moment the Impact24 targets were defined. The Impact24 combined ratio and
the Life Margins are calculated at Ageas’s share for the entities Belgium, UK, Portugal and Reinsurance Protection.

17
Ageas Annual Report 2023
Non-financial &
Sustainability Performance
In setting clear non-financial and
sustainability targets as part of our
Impact24 strategy we deliberately wanted
to capture and hold ourselves accountable
for those elements of our performance that
were not traditionally visible in the core
financials but are increasingly important to
who we are as a company, and our impact
in this world. This year showed strong
results reflected in improved ESG ratings
and reaching some of our non-financial and
sustainability targets one year ahead of plan.
At the same time, we launched a number
of new initiatives to improve the customer
experience, expand our distribution reach
and increase our efficiency through the
use of new technologies and new types of
partnerships. So, we can be happy with our
progress and all teams are highly engaged
with more still to do.
Gilke Eeckhoudt,
CDSO Ageas
In the second year of Impact24, Ageas continued to
make significant steps toward its non-financial and
sustainability objectives. These efforts resulted in
improved ratings from five out of the six ESG rating
agencies that assess the Group’s performance.
Additionally, Ageas launched numerous initiatives aimed
at reinforcing its core business, enhancing the various
distribution channels, elevating the customer experience,
and seamlessly integrating new technologies into its
operations.
Regarding to the non-financial targets, we expanded the number of entities
where the Group assesses the competitive Net Promoter Score (NPS) to ten.
Additionally, we exceeded our initial target by achieving a higher percentage of
products that qualify for the 25% of Gross Written Premium (GWP) objective
of products actively contributing to the transition toward a more sustainable
world. The percentage increased from 21% at the end of 2022 to 28% at the
end of 2023. Furthermore, our total investments making a positive impact on
sustainability have grown to EUR 13.2 billion, surpassing the original ambition
set for 2024. Lastly, we’ve made good progress across all people KPIs in line
with our ambition to create a “Great place to Grow” for our employees.
IMPACT24 - NON-FINANCIAL & SUSTAINABILITY TARGETS Target Performance 2023 Performance 2022
Competitive NPS* Top quartile in all markets 25% 25%
Percentage of GWP from products that stimulate the transition to a more sustainable world 25% 28 % 21 %
Employee NPS Top quartile benchmark: 67 67.4 56
GLASS CEILING INDEX (Via Women in Finance):
Ratio % Women in senior management/ total % women in company 70% ratio 65% 57%
Balanced (M/F) Succession pipeline Top 800 50-50 62-38 63-37
GENDER DIVERSITY INDEX (via Women on Board):
Equal participation of women at decision level Top quartile 0.87 0.75
Investments making a positive contribution to transition towards a more sustainable world EUR 10 billion EUR 13.2 billion EUR 10.3 billion
Level of ESG-integration of investment decisions 100% 100% 99%
Carbon emissions of the operations (scope 1 & 2) Neutral Neutral Neutral
* % of consolidated entities with a top quartile cNPS

18
Ageas Annual Report 2023
OUR 2023 PERFORMANCE
million
vehicles
covered
N°
insurer
in Belgium
million
customers
year
heritage
Belgium
As the leading insurer in Belgium across both
life and now Non-Life, we continually set the
bar high in terms of our performance but also
the standards we set for ourselves. 2023 was
the perfect example. As market leader we have
a responsibility to set the right example but
also to drive and inspire the next generation
of insurance. As momentum builds around
our 200th anniversary we are reminded of the
fact that this has always been our mantra in a
market we helped create two centuries ago.
Heidi Delobelle,
CEO Belgium
2023 performance
Inflows increased by 2% thanks to very strong growth in Non-Life (+11%),
more than compensating for lower inflows in Life (-2%). Non-Life inflows
recorded an increase in all business lines driven by portfolio growth and price
increases, while Life inflows decreased due to lower sales related to higher
interest rates and volatile financial markets. Nevertheless, the contribution of
New Business to CSM combined with the time value more than covered the
release of the CSM to the Net Operating Result.
The Life Guaranteed margin reached a very strong 100 bps, significantly
above the target range mainly driven by an excellent operating insurance
service result in the second half of the year. The comparison with last year
is influenced by the exceptionally high level of capital gains realised in 2022.
The Life Unit-linked margin amounted to 43 bps, above the target range and
last year’s margin.
The Non-Life combined ratio stood at 89.4% driven by a strong performance
in all business lines and relatively benign weather.
The Net Operating Result in 2023 amounted to EUR 494 million of which
EUR 331 million in Life and EUR 163 million in Non-Life. The evolution of
the Life result compared to last year is fully related to a lower contribution
of realised net capital gains partially compensated by a higher operating
insurance service result. The strong operational performance was also
reflected in an Operational Capital Generation of EUR 573 million.
Read the full interview with Heidi Delobelle on the
2023 achievements & performance in Belgium.
1
3
1.3
200

million vehicles
covered in the UK
million
customers
N°
Life insurer
in Portugal
2
N°
insurer in Life and
Personal Accidents
in Türkiye
2
15 2.9
19
Ageas Annual Report 2023
Europe
Regardless of what economic scenario we
face, we are firm believers that innovation is
the key to success. This has been at the core
of our DNA as a brand since the beginning
and it has been evident in the way we have
chosen to navigate our way through 2023.
Steven Braekeveldt,
CEO Portugal
Our unwavering commitment to our
customers, bolstered by a focus on
enhancing our standout capabilities, has
propelled us closer to our vision of being
a premier personal lines insurer in the UK.
Our progress reflects the dedication of our
exceptional team and the steadfast support
of our valued partners.
Ant Middle,
CEO UK
Read the full interview with Ant Middle on the
2023 achievements & performance in the UK.
Read the full interview with Steven Braekeveldt
on the Portuguese performance and progress
against the Impact24 strategy
2023 performance
Inflows increased 15% at constant exchange rates with higher Non-Life
inflows more than compensating for lower Life inflows. Non-Life inflows
increased 26% at constant exchange rates mainly driven by a strong increase
in Portugal and the UK (+47% scope-on-scope for the UK) thanks to strong
growth in customer numbers and continued strong technical pricing discipline
in the face of inflation. Life inflows decreased 10% at constant exchange
rates mainly impacted by limited appetite in Unit- Linked products in Portugal
partially compensated by higher inflows in Türkiye. The actions taken in
Portugal to strengthen the commercial positioning have proved successful
during the last months of the year with the second half of the year recording an
important increase in Life inflows compared to the first half of the year.
The Life Guaranteed margin increased to 204 bps thanks to a better
investment result, while Life Unit-Linked margin amounted to 20 bps.
The Non-Life combined ratio stood at 95.9%, significantly improving
compared to last year thanks to a strong performance in the UK.
The Net Operating Result increased significantly compared to last year
to EUR 144 million of which EUR 60 million in Life and EUR 84 million in
Non-Life. The Life result increased compared to last year thanks to an
improved result on surplus assets. Adjusting last year’s Non-Life result for
the exceptional gain of EUR 45 million related to the sale of the commercial
lines book in the UK, the 2023 result increased thanks to a strongly improved
operating insurance service result in the UK and Türkiye.

20
Ageas Annual Report 2023
Asia
We are two thirds of our way through
Impact24, and we are comfortable with
achieving our main goals – driving change
and improving the long-term sustainability
of our business. We have a good plan. We
have a great team. Execution is solid and we
have strong prospects for the future.
Gary Crist,
CEO Asia
2023 performance
The Group recorded a strong commercial performance in Asia over 2023 with
inflows up 8% at constant exchange rates. The growth was driven by a good
sales momentum in Life, with high new business sales in China in the first half
of the year and solid renewals in the second half. In Non-Life, inflows were up
3% at constant exchange rates, supported by strong sales in Malaysia and
India. New Business contributed EUR 578 million to the CSM, resulting in an
Operating CSM movement of EUR 289 million.
The Net Operating Result, which amounted to a solid EUR 544 million,
included a EUR 42 million negative impact from the adverse evolution of the
foreign exchange rates. Last year’s net operating result benefitted from the
positive contribution of realised capital gains, a favourable claims experience
in the context of the covid lockdown and low tax expenses. The growth of the
business and the strong operating performance translated into an Operational
Capital Generation of EUR 1,127 million.
Read the full interview with Gary Crist on the
performance and progress against the Impact24
strategy of our Asian entities.
OUR 2023 PERFORMANCE
EUR
billion
gross
inflows
million
customers
agents
and brokers
8.2
28.4
300,000

21
Ageas Annual Report 2023
Reinsurance
I’m very proud of the dedication of the highly
experienced team of reinsurance experts
that we have been able to build, thanks to
whom Ageas’s Reinsurance business is
developing ahead of plan and Ageas Re is
already today a very well-respected trading
partner for clients and brokers in Europe and
abroad.
Antonio Cano,
MD Europe
2023 performance
Reinsurance protection inflows increased thanks to new non-proportional
external premiums related to the third-party reinsurance business via
Ageas Re.
The combined ratio of the Protection business improved to 84.1%, compared
to 103.3% in 2022 thanks to significantly lower claims.
The total Net Operating Result of the Reinsurance segment increased
to EUR 101 million significantly up compared to last year mainly thanks to
business growth and benign weather, while last year’s result was significantly
impacted by adverse weather in Belgium and the UK.
The growth of the protection business develops fully in line with the business
plan thanks to the successful 1 January 2024 renewal campaign with
Ageas Re writing EUR 108 million compared to EUR 29 million last year.
This shows that Ageas Re is already today a very well-respected trading
partner for clients and brokers in Europe and abroad. With the focus on
diversification, the product mix is now more balanced between property and
casualty lines.
Read the interview with Joachim Racz, Group
Director Reinsurance, on Ageas’s ambitions in
Reinsurance.
EUR
Team of
million
Net
Operating
Result
highly
skilled and
experienced
people
101
30

22
Ageas Annual Report 2023
STRATEGY AND BUSINESS MODEL
Strategy and business model
Ageas’s 3-year strategic cycle Impact24 kicked off in
2022. The plan aims to steer Ageas towards long-term
sustainable growth, built on the Group’s well-diversified
profile and strong core franchises.
A unique business model
Out of its group-wide purpose and values, a clear set of strategic choices and
unique business model, Ageas aims to create value for all its stakeholders:
customers, employees, partners, investors, and society.
Strong fundamentals
Ageas has a clear purpose to be a ‘Supporter of your life’ and puts forward a
set of core aspirational values: Care, Dare, Deliver and Share. These describe
the behaviours and principles that represent who Ageas is and how it works.
Ageas offers Life and Non-Life solutions to millions of Retail and Business
customers and is also engaged in reinsurance activities. Ageas helps
customers to anticipate, manage and cover their risks through a range of
products designed for their needs today and in the future. By developing
products and services beyond insurance, the company also aims to respond
to new needs and priorities in a rapidly changing world.
Active in 13 countries across Europe and Asia, Ageas is distinguished by
its expertise in partnerships. Ageas has developed long-term agreements
with market-leading local partners, financial institutions and distributors
allowing it to stay close to the customer. Ageas will continue to strengthen
those partnerships and is gradually exploring to move in ecosystems that
provide mutual benefit, now and for the future.
It goes without saying that Ageas can only deliver on its promises with the
support of appropriately skilled and committed employees and capital
provided by shareholders.
Ageas, alongside others in the sector, operates in a dynamic legislative
and regulatory context, taking into account Solvency II, Mifid, and the
updated IFRS reporting standards, GDPR data protection regulation, EU
taxonomy and SFDR. Regulation or voluntary frameworks also extend to the
UN Principles for Responsible Investments (PRI), UNEP FI Principles for
Sustainable Insurance (PSI), The United Nations Global Compact (UNGC)
and Sustainable Development Goals (UN SDG) and principles around climate
change such as the Task force for Climate related Financial Disclosures
(TCFD) guidelines. The Corporate Sustainability Reporting Directive (CSRD)
will come into force as of the accounting year 2024.
Different business activities
Ageas’s business model generates several types of income streams:
• Insurance underwriting: These results come from the inflows from
the collected insurance policy premiums minus the claims and related
expenses. The essence of insurance is the pooling or mutualisation of
the risk of insured individuals or corporates brought together into a larger
portfolio of insured assets. The customer pays single or regular premiums
to cover risks related to Life, Home, Car, Travel, and more specific type
of risks which Ageas insures. Ageas in turn pays out claims in case of an
adverse event. Fee income may also come from other sources in services
beyond insurance.
• Reinsurance underwriting: Ageas set up an internal reinsurance activity
in 2015 which allows it to pool group reinsurance protection, retain a part
of the risk coverage for its own account and manage the diversification
benefits intrinsic to its solvency framework. In 2020, ageas SA/NV also
started to participate in existing Non-Life reinsurance programmes of its
operational companies with the ambition to further develop the reinsurance
expertise and exposure. Ageas started underwriting reinsurance activities
for third parties, operating under the brand Ageas Re in 2023.
• Investments: The investment of premiums into revenue generating assets,
such as government or corporate bonds, loans, equities, or real estate,
generate additional financial returns. The Group invests in a wide and
diversified set of assets spread over many industries. In that way, Ageas
actively supports the economy and society while generating a financial
return that benefits in first instance its policyholders, and in a second step
flows back to its shareholders or debtholders.

23
Ageas Annual Report 2023
Ageas’s business model

24
Ageas Annual Report 2023
STRATEGY AND BUSINESS MODEL
Impact24, a long-term sustainable growth strategy
Ageas considers what we do today to be a stepping-stone towards where
we see ourselves in the future. The choices and investments we made with
Impact24 are not just for the next three years but for the years that follow on
through 2030 and beyond.
Long-term thinking
The Group’s internally developed Horizon Scan, using human and artificial
intelligence, allows Ageas to continuously monitor the most significant
emerging trends and risks, which have served as the backbone of our
strategic reflections around the Impact24 plan.
Impact24 provides Ageas with a clear direction going forward, but also allows
for flexibility to act upon a range of available global opportunities, changing
local market and environmental dynamics, and different evolving scenarios
along the way. The plan foresees in risk adjustment and investments in future
trends that are likely to impact the world, not only by 2024 but even by 2030
and beyond. By acting today, the Group can ensure that tomorrow it remains
relevant for its customers and a leader in the markets in which it operates.
Growing the business
IIn developing Impact24, Ageas continued to recognise the benefit of a well-
diversified and well-balanced portfolio, and the resilience this brings to the
Group.
Firstly, the plan aims to unlock the full potential of the Core, the existing
activities of the Group. This includes taking a growing share of the market
within each country and improving our distribution and commercial
excellence for our customers. The further deployment of technology and
data and enhancement of the operational efficiency allow to progress and
deal with fluctuating market dynamics.
Secondly, to fuel additional growth, Ageas focuses on opportunities in
adjacent business where Ageas has the capability to participate and
create impact. Home, Mobility and Life & Savings are some of our local
companies’ priorities. The Group stimulates the groupwide development of
new engines with opportunities for growth in the long run: Health, Protection,
Digital Platforms and Reinsurance.
Finally, the Group’s resilience is ensured through its unique footprint – a mix of
geographically spread mature markets and high growth markets. In Impact24,
Ageas confirms its belief in local empowerment allowing it to stay close to its
customers in each market, underpinned by Group synergies where it creates
additional value. The Group will continue to strengthen its market leader
positions in Europe and Asia, with an increased focus on Non-Life, Health
or Life protection. New capability or distribution partnerships will support the
Group in venturing into new areas of growth.
Putting Sustainability at the heart
Ageas recognises it has a duty of care and responsibility to today’s and future
generations. Through the Impact24 plan, Ageas wants to have a positive
and lasting impact on the lives of the people it works with – employees and
partners – and the people it works for – customers, investors, and society at
large. That is why sustainability needs to sit at the heart of everything Ageas
does.
Moving forward, Ageas intends to concentrate on four areas of impact where
it can best leverage its expertise and make the greatest difference, backed by
clear targets:
• People: Creating a Great place to Grow for employees.
• Products: Increasing the offer of transparent products and services that
create economic and societal value, stimulating customers in their own
journey and transition towards a more sustainable and inclusive world.
• Planet: Reducing the environmental impact across the globe.
• Investments: Strengthening the Group’s responsible investment approach
and contributing to solutions around societal issues.
In this context, Ageas is underwriting the UN Principles for Responsible
Investments and Net Zero Asset Owner Alliance (NZAOA) for its investments,
the UNEP FI Principles for Sustainable Insurance for underwriting and is
a signatory to the UN Global Compact. And Ageas made a commitment to
adhere to the UN Sustainable Development Goals (UN SDGs). Based on
Ageas’s core competences, it chose to actively work around the following ten
SDGs.
For more info on the Sustainability ambitions, please refer to chapter A5.
Delivering on promises
Impact24 is designed to deliver a top performance for all stakeholders.
Accountability is ensured through clear financial, operational, non-financial
and sustainability targets and KPIs, allowing Ageas and its stakeholders
to track the Group’s progress in a disciplined way. The targets strengthen
Ageas’s commitment to create both economic and societal value. Please refer
to chapter A3 for an overview of the performance on these targets during the
second year of Impact24.

25
Ageas Annual Report 2023
CARE
DARE
DELIVER
SHARE
Top
performance
in balance for ALL
Customers
and
People first
Strengthen
& Grow
the Core
Pursue new opportunities
for Growth in Health, Protection,
Digital platforms & Reinsurance
Partnering with
Current & Future winners
Reinforcing
Tech & Data
capabilities
Local model
with Group benefits
Leadership positions
in Europe & Asia
Sustainability
and
Long-term thinking
at the heart of everything
Find out more about Ageas’s strategic plan on
our dedicated Impact24 website

26
Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
5.1
Embedding sustainability in our
business
As an insurance group, Ageas activities are at the heart of a number of
societal themes which are very much present in all our lives. An ageing
population, health related matters, new forms of living, mobility, and climate
change, all create risks and opportunities for Ageas’s businesses.
Ageas’s strategy, Impact24 aims to create value for all its stakeholders whilst
taking into account the specific needs and challenges of the various countries
Ageas operates in. It puts sustainability at the heart of the business as a
strategic choice. Clear ambitions and targets have been defined and this plan
acts as a guide to the entire Group to ensure that managing the company in a
sustainable way is fully embedded, bringing to life the DNA of the company.
The sustainability ambitions have been clustered around four impact areas,
i.e:
• Our People;
• Our Customers;
• Our Society;
• Our Planet.
Our ambitions are that:
• We will work towards creating a diverse workforce, ensuring fair and equal
treatment of our employees, fostering a culture of continuous learning and
taking care of the health and wellbeing of our people.
• We will offer transparent products and services that create economic and
societal value, stimulating our customers in their transition towards a more
sustainable and inclusive world.
• We will strengthen our long-term, responsible approach to how we invest,
contributing to solutions around sustainable cities, local economies, and
climate change.
• Across the Group, we will reduce our environmental impact, with the aim to
be ‘GHG-neutral’ in our own operations.
This chapter deep dives into each of these impact areas and the progress
made in 2023, a year in which Ageas could proudly announce another
sustainability target being reached. Furthermore, it includes Ageas’s EU
taxonomy reporting and concludes with Ageas’s approach to responsible
governance and philanthropy. It also provides at the end of the chapter an
extended overview of the performance on all relevant sustainability and non-
financial performance indicators.
Ageas’s materiality assessment reconfirmed through
local materiality assessments
To gain detailed insight into the sustainability topics that are most relevant
for the business, Ageas performed its first materiality assessment in 2020
applying a double materiality approach when selecting the list of topics
stakeholders had to assess on their importance to the future of the Ageas
Group (Learn more about how Ageas went about this in the 2020 Annual
Report). The outcome of this ESG materiality assessment at Group level is
presented in the following materiality graph:
Sustainability at the heart
of everything we do
Significance of the reporting organization’s economic,
environmental and social impacts
Influence on stakeholder
assessments and decisions
MATERIALITY MATRIX AGEAS GROUP
HIGHLY MATERIAL TOPICS
9 Financial resilience
7 Responsible governance
MATERIAL TOPICS
11 Insurance products and services
protecting against societal challenges
14 Social responsible investments
focusing on societal challenges
12 Easy to understand, fair and
transparent information to customers
2 Health and well-being of our
employees
3 Personal and professional
development of our employees
10 Insurance products and services
incentivising responsible behaviour
MODERATELY MATERIAL TOPICS
1 Environmental footprint of our business
operations
4 Equal opportunities of our employees
6 Employees and customers’ data
protection
13 Financial inclusion of customers
(accessibility of protection)
8 Local community engagement
5 Public debate participation on societal
challenges

27
Ageas Annual Report 2023
Building on insights from the Group materiality assessment, AG in Belgium
and Ageas Portugal conducted their own materiality analysis in 2021.
AG extended the scope of its engagement to customers, both retail and
corporate clients, by more than 2,000 respondents, a stakeholder group
that was only indirectly covered in the Group assessment. The outcome for
both assessments is aligned with the Group outcome, while some topics
got a slightly higher or lower position on the materiality matrix, reflecting
the local societal realities. Compared to the list of material topics at group
level, each subsidiary identified and retained a few additional material topics,
considered more significant to the respective local stakeholders. In Portugal,
these concerned “sustainable and efficient processes” and “investment in the
community” and although the score of “sustainable procurement and partners”
was not among the highest, AG considers it as an area to develop given the
potential impact.
Ageas conducted its CSRD compliant double materiality assessment in the
second half of 2023 and is now consolidating the outcome which will serve
as input for Ageas’s next strategic exercise. At first sight, the outcome of the
first materiality assessment is largely re-confirmed in this new materiality
assessment. Detailed insights of the process and outcome will be shared in
the next annual report in accordance with the CSRD reporting requirements.
Governance
Implementation of the Impact24 strategy is under the lead of the Chief
Development and Sustainability Office (CDSO), having oversight over all
transversal initiatives in the domains of technology, business development
and sustainability across the Group. CDSO has a seat on Ageas’s
Management Committee. In addition, since September 2021, a dedicated
Steering Committee chaired by the Group CEO oversees all discussions
and preparation of decisions that may arise during the implementation
of the various sustainability ambitions. As from April 2024, the Executive
Committee will be enlarged with a new function, Managing Director Business
Development, which among other things will encompass sustainability.
Regular presentations and updates have been provided to the Executive
Committee and Management Committee as well as to the Board of Directors,
both on the overall progress as well as on more technical aspects, to enable
and stimulate the accumulation of expertise up to the highest level of the
organisation. As an example, a dedicated session to share an update on
the status of the strategy implementation, upcoming CSRD legislation with
amongst others a detailed discussion on activities in scope, outcome of the
new Double Materiality Assessment and ESG ratings was organised with the
Board.
Within the Board, the four subcommittees each take up a specific role related
to sustainability. The Nomination and Corporate Governance Committee
makes recommendations on environmental and societal matters alongside
governance matters and non-financial KPIs; the Remuneration Committee
advises on how to include sustainability in the performance KPIs (for more
information see note A 6.7 Report of the Remuneration Committee); the Risk
and Capital Committee follows-up on defining and monitoring ESG risks (see
note C Risk Management), and finally the Audit Committee has responsibility
for assessing, reviewing and approving the Annual Financial Statements
including the non-financial information disclosures.
The central Group Sustainability department has a pivotal role in defining
and implementing the sustainability strategy in conjunction with strong local,
decentralised involvement delivered through a network of ambassadors.
These ambassadors represent the various businesses, main subsidiaries,
and the most relevant central departments. Aside from the commercial
businesses represented, i.e., Belgium, UK, Portugal, India, Türkiye and the
Asian regional headquarters covering all the Asian countries, the network
includes ambassadors within the domains of Risk, HR, Communications,
and Investments. This team has over the past few years driven the various
initiatives taken across the organisation. In addition to the Sustainability
network, colleagues from other departments involved such as Legal,
Compliance and Finance representatives also intervened on a more ad hoc
basis to introduce specific competences which contributed to even better
and more balanced solutions, ensuring a smooth and fast integration of the
relevant sustainability principles in the daily processes. This model has proven
to be very successful, leading to a first wave of significant achievements and
progress and a proper and timely implementation of all relevant upcoming
legislation.
Scope and set-up of the sustainability disclosures
Disclosures are in accordance with the EU directive on non-financial
information, national ESG related legislation and regulatory recommendations
such as the Euronext guidance on ESG reporting issued in January 2020.
Disclosures elaborate on the progress made in each impact area linked to the
outcome of the ESG materiality survey conducted in 2020. Where possible
and appropriate, Ageas also provides qualitative information over and above
the progress against targets.
The information and data in the Annual Report are prepared in accordance
with the GRI Universal Standards 2021. These standards represent global
best practice for public reporting on a variety of economic, environmental
and social impacts. Sustainability reporting based on the standards provides
information about an organisation’s positive or negative contributions to
sustainable development. The GRI content index (see note E) shows against
which indicators Ageas reports, and where to find the respective information.
Ageas continues to apply the principles of Integrated Reporting wherever
possible. This chapter includes in note 5.6 the reporting under EU taxonomy,
more specifically on the taxonomy aligned and eligible activities and
investments.
Ageas is a signatory to United Nation Global Compact and underwrote the
Principles of Sustainable Insurance and continues its commitment to reporting
under TCFD. All progress reports are included in the form of reference indices
in this Annual Report in note E Other Information.
More information on Ageas’s strategy and business model can be found
in note A.4 of this report; ESG risks are addressed in the note C Risk
Management.
The present report covers the entire Ageas Group and matches the scope of
consolidation used for financial information in the consolidated annual report,
except for Touring and unless otherwise stated. As the acquisition of Touring
was only completed in July 2023, the collection of sustainability and non-
financial metrics is currently in execution.
Refer to the reporting page on Ageas’s
sustainability website for up to date information
on our efforts to meet the non-financial
expectations of stakeholders.

28
Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
5.2
Our employees
Impact24 targets
• Glass ceiling index
◦ ratio% women in senior management / total % of women in company –
70%
◦ balanced (M/F) succession pipeline Top 800 – 50/50
• Gender diversity index – equal participation of women at decision level –
top quartile
• Employee NPS – top quartile
• Impact24 skills plan – 100% achieved
In 2023 the headcount of Ageas’s consolidated entities grew by more than
10% mainly thanks to the organic growth in AFLI and the acquisition of Touring
in Belgium.
Impact24, Ageas’s sustainable growth strategy, transcends mere numbers
and charts. It’s a cohesive, fully integrated plan that propels Ageas toward a
future where sustainability, innovation, and inclusivity intersect.
The company recognizes that its people are the cornerstone of this journey.
At the heart of the strategic vision lies the commitment to foster a workplace
where growth is not just a goal, but a shared reality. Hence, Ageas’s
HR mission to be ‘a Great Place to Grow’ is twofold: to be a beacon for
professional growth and to cultivate an inspiring, inclusive environment for all
employees.
The ambition to be ‘A Great place to Grow’ drives Ageas in building an
attractive Employer Brand and in delivering a great Employee Experience,
in an extremely challenging environment given the scarcity of talent. As
such, while a major focus remains on the delivery of its operational HR and
the development of HR technology and People Insights, Ageas HR has also
defined a number of focal points within the broader HR plan:
• Diversity & Inclusion
• Employee Engagement & Employee Experience
• Talent Management & Talent Attraction, Retention and Development
• Health & Wellbeing
5.2.1 Diversity & Inclusion
Ageas is committed to ensuring that its organization is both diverse and
inclusive.
It considers a diverse and inclusive workforce as key in having the
best possible people to interact with, and deliver for its customers, and
consequently it is a critical element of its People and ESG commitments.
At Group level Ageas has a D&I strategy, which aims to deliver an inclusive
workplace for all no matter their sex, age, gender identity, disability, ethnicity,
nationality, sexual orientation etc. All the operating companies have put
in place a D&I strategy, supporting both local objectives as well as Group
targets.
This strategy includes Ageas’s Global Diversity Forum, made up of
representatives from Ageas’s businesses across the globe (including some
of its joint ventures), which continued to meet throughout 2023. This forum
spearheads efforts to deliver on the Impact24 diversity targets, and shares
examples of best practice across the business.
A few examples of the many local D&I initiatives include the following:
• AG ran its first Inclusion Week with almost 1.000 employees engaging in
keynotes, panel discussions, workshops, and theatre shows about D, E
& I, focusing mainly on awareness, as a first step towards being a fully
inclusive employer. AG has also developed an inclusion module as part of
its leadership track.
• AG, being a Great Place to Grow for All, in collaboration with ‘Onbeperkt
Jobstudent’ hired students with disabilities or neurodiverse conditions.
After one week of on-site onboarding, they provide support to the AG team
a few hours per week, remotely, with administrative tasks.
• Ageas Portugal established six employee Resource Groups covering
gender, ethnicity, LGBT+, work/life balance, disability & neurodiversity, and
age, with 95 people already signed up.
• Ageas Portugal has also implemented D&I training for all employees,
managers, and executive committee members, ensuring that everyone
understands and embodies inclusive values via an experiential journey.
• Recognizing the importance of diverse talent in driving success, Ageas
Portugal and Ageas UK are working with external partners in inclusive
recruitment. These collaborations aim to increase the pool of diverse
candidates by tapping into communities traditionally underrepresented in
the company.
• Ageas UK achieved Disability Confident Leader status, a government
accreditation awarded to companies who can demonstrate the highest
levels of inclusion for colleagues with a disability or neurodiverse condition.
• AG Real Estate ran employee surveys and focus groups to help shape their
new D&I strategy.
• A series of D&I training sessions were organised for 75 colleagues in the
Asia Regional Office.
• The head office in Belgium and the Asia Regional Office in Hong Kong
employs a high number of different nationalities, creating an environment
where diverse culture and backgrounds allow people to learn from each
other and together build a multicultural, diversified, team in line with the
international profile of Ageas.
2023 2022
Glass ceiling index
Ratio% women in senior management / total % of
women in company
65% 57%
Balanced (M/F) succession pipeline top 800 62% - 38% 63% - 37%
Gender diversity index – equal participation of women at
decision level
0.87 0.75

29
Ageas Annual Report 2023
Addressing the representation of a diverse workforce in all layers of the
organization is the focus of the D&I strategy, with particular attention still on
female representation at senior management level. In the Impact24 strategy,
KPIs were set to measure the progress in this area.
In 2023 Ageas has made good progress against these targets, including
a Glass Ceiling Index score of 65% (the proportion of women in senior
management as a proportion of women overall), up from 57% compared to
2022 and a Gender Diversity Index measuring the female representation at
Board and Executive Management up to 0.87 from 0.75 in 2022.
Several actions have been continued while some new actions have been
initiated to further strengthen these objectives:
• External partnerships with European Women on Boards and Women in
Finance were further established. Talented female managers are given
the opportunity to enrol for the development and mentoring programmes
offered by European Women on Boards.
• Ageas is piloting an internal mentoring programme for women in the Top
300 where the participants are mentored by senior Ageas leaders.
• Sessions with Executive managers to hear how they developed their
careers and what roles at that level involve are organized for senior women.
• Providing Gender Equality reports for all entities, including the Gender Pay
Gap, which shows the difference between the average male salary and
the average female salary. Analysis overall does not show an inequal pay
for equal work, but rather an over-representation of female employees in
lower-paying functions, and an under-representation of female employees
in higher-paying functions.
• Running two further cohorts of the ‘WIN’ development programme
for future female leaders. Close to 40 senior women have now been
through the global version of this programme. Local versions of the ‘WIN’
development programme for women in mid-management roles are being
developed in Portugal and Belgium, while the UK continues to run two
cohorts (of circa 25 people) a year.
And finally, to achieve a consistent view across the Group, the operating
companies follow-up on two D&I statements in their annual employee
engagement survey:
• “Ageas has an inclusive culture, where everyone is able to fully participate”.
• “Ageas values diversity, and provides opportunities for everyone to achieve
their potential”.
These statements achieved an approval rate of 85% and 82% respectively (vs
76% and 75% respectively last year).
Ageas has an inclusive culture,
where everyone is able to fully participate
6%
16%
46%
30%
1
%
2
%
13%
46%
39%
2
%
Ageas values diversity, and provides opportunities
for everyone to achieve their potential
18%
46%
29%
1
%
2
%
15%
46%
36%
5%
2
%
Strongly Disagree
(%)
Strongly Agree
(%)
Disagree
(%)
Agree
(%)
Neither
(%)

30
Ageas Annual Report 2023
5.2.2 Employee Engagement & Employee Experience
Annually, Ageas conducts a group-wide employee engagement survey. In
2023 engagement levels were once again high, and the outcome shows the
increasing trust and confidence employees have in the company.
With an Employee NPS (eNPS) score of 67.4 for the consolidated entities,
Ageas positions itself in the top quartile of the benchmark. Participation and
engagement rates varied by OpCo but remained high across Ageas Group,
with an average participation rate of 82.8% and an employee engagement
score of 79.3 (vs 87.8% and 78.4 respectively last year).
The percentage of people agreeing and strongly agreeing with the six
common statements in the survey further increased except one.
Over 2023 there has been a stronger focus on enhancing the employee
experience and supporting the lives of employees as a whole, both at and
beyond work. While building an Ageas customized response to the challenges
of the Future of Work, HR teams have prioritized all aspects of Employee
Experience and Employee Engagement and have made significant headway.
At the same time, employee participation in engagement activities remains
high and Ageas is building an increasingly collaborative culture where
employees can actively share their voice and contribute ideas to further enrich
working life at Ageas.
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
2023 2022
eNPS* 62.9 56.0
eNPS - consolidated entities 67.4 56.7
*scope is consolidated entities and the following JV’s: Turkey, Vietnam and the Philippines
I am proud to be part
of this organisation
I recommend my organisation
as a place to work
I enjoy the challenges
my work offers me
I enjoy working with
my team
I have trust and confidence
in my manager
I am prepared to go
the extra mile
13%
13%
43%
8%
40%
38%
48%
11%
13%
42%
39%
44%44%
50%
41%
36%
49%
41%
47%
1
%
1
%
3
%
1
%
1
%
1
%
1
%
2
%
1
%
2
%
54
%
1
%
1
%
12%
8%
9%
12%
45%
45%
34%
40%
15%
7%
34%58%
40%
45%
47%
36%
2
%
1
%
1
%
1
%
1
%
1
%
1
%
2
%
4
%
2
%
8
%
1
%
3
%
Strongly Disagree
(%)
Strongly Agree
(%)
Disagree
(%)
Agree
(%)
Neither
(%)

31
Ageas Annual Report 2023
5.2.3 Talent Management & Talent Attraction, Retention and
Development
The talent management approach in support of the Great Place to Grow
strategy is centered around 4 pillars.
A. Recurring Skills-assessment ensuring our people are equipped with
the necessary future-proof skills to perform at their best.
The Impact24 skills plan focuses on the leadership and behavioral skills
needed to become a ‘Great place to Grow’; on the commercial and digital
expertise to Grow the Core; expertise in ecosystems and platforms to develop
new Growth opportunities; and on proficiency in sustainability. This is reflected
through annual capability assessment done to identify common development
topics across the group.
This analysis is used to feed the Ageas Academy catalogue and the functional
learning initiatives in and between the different entities.
B. Transparency on Career & Mobility: revealing & supporting career
aspirations and stimulating a culture of mobility.
After the launch of the career preference template in 2022, a standard
template to indicate career preferences was introduced in three operating
companies facilitating the structural sharing of career information and
integration. Around 1,500 employees have completed the questionnaire to
trigger the conversation about their career aspirations. Furthermore, this
approach is now structurally embedded in the HR processes, such as talent
reviews, development planning and target setting.
In addition, the Ageas Management Committee made a commitment to
have a conversation with all Top 300 employees in the following 3 years to
demonstrate the importance of conversations that cover challenges ahead,
career aspirations and development needs. In 2023, 50 people already had
such conversations.
In the same spirit, C-level speakers were involved in 20 career sessions to
share their personal career story and provide career guidance based on their
own experiences.
C. Solid Succession Planning: Ageas generates a robust global and
diverse leadership pipeline for critical group positions.
In view of talent identification, talent retention and succession, Ageas has put
continued effort into
• Establishing succession plans for senior management to ensure
operational continuity and bench strength
• Identification of a gender balanced talent pool with the potential to be part
of the future leadership positions in the group;
• Identification of functional talent pools across Ageas entities to strengthen
the respective succession plans, adding potential successors to the local
plans;
• Functional talent conversations and talent reviews to broaden the talent
management actions with opportunities in the Group, such as cross-entity
mentorships, international assignments, and participation in Academy
programmes;
D. Continuous Learning & Development: offering tracks to develop,
advance and retain talent and enhance the diversity in its leadership
population.
As every year, the Ageas Academy continued its investments in leadership
skills to support the delivery of the Impact24 strategy by providing
• The ‘Leading for Growth’ programme for the Top 300 on engaging
in powerful conversations, giving and receiving feedback and taking
accountability;
• The Ageas Leadership Programme for potential future leaders tackling
leadership behaviours, strategic thinking and projects on topics such as
ESG Funds, e-commerce digital platforms, micro-insurance and the use of
drones in insurance processes;
• ‘Connecting Ageas’ with monthly virtual onboarding sessions by Ageas
C-level representatives for new joiners in the Top 300.
In support of the other critical skills and capabilities the Ageas Academy
developed supporting programmes, such as
• A Hackathon on sustainable products: in support of the target to reach 25%
of GWP from sustainable products in 2024, 60 product developers from
across all entities gathered to define new value propositions;
• Exploration Treks: virtual sessions with strategically curated speakers to
gain outside-in perspectives on the following topics: 1) Digital Platforms, 2)
CX and data driven customer journeys, 3) ESG Strategy.
In the delivery of its catalogue, the Academy has long lasting partnerships
with renown providers such as Vlerick Business school in Belgium, Nova SBE
Executive Education in Portugal, European Women on Board, etc. In 2023 the
Ageas Academy added the online development opportunities from Harvard
Business School to the catalogue to allow scalable and cost friendly access to
dedicated courses.
In addition to the Group development programmes, there are some local
initiatives worthwhile mentioning.
One outstanding example is the AG College – a creative approach to identify
and employ new colleagues in the scarce market for talents. The AG HR
Team, the AG Business Academy and Fopas collaborated in designing and
delivering a training trajectory, targeted at enthusiastic candidates who did not
obtain a degree in higher education They are assessed on their mindset and
are offered an intense, 6-month training and education to become full-fledged
File Managers at AG.
This initiative responds well to the high-volume recruitment challenge that AG
faces in Belgium. Overall, AG hired more than 400 new employees over 2023,
envisaging the recruitment of at least another 350 employees over the year
2024.
And to support growth within the UK business, Ageas UK needed to attract
a large number of new Claims handlers and technical pricing analysts. It re-
evaluated its ways of working across both disciplines and successfully offered
these roles as fully remote . It experienced a higher than usual number of
applications for these roles and since introducing fully remote working, Ageas
UK reported no reduction in productivity but improved retention rates. At the
same time, HR and the business continue to review these roles to ensure
people remain connected and engaged.

32
Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
5.2.4 Health and well-being
Embracing the role of a ‘Life Supporter’ extends beyond valued customers;
it equally encompasses Ageas’s dedicated employees. Its commitment to a
‘People First’ culture drives the company to introduce fresh health and well-
being initiatives across all local and group-wide entities. Throughout Ageas
Group, a workplace where every individual thrives is nurtured.
In 2023, the sustainability angle introduced in 2022 was further developed
throughout the whole programme of the Ageas Challenge.
The annual triathlon initiative moved from Lisbon to Paris, where around 90
Ageas employees participated in the Garmin Triathlon de Paris. Since 2019,
the Garmin Triathlon de Paris has been awarded the Accessible Sport and
Sustainable Triathlon Label. This label is used to highlight organisations that
adopt a sustainable approach and implement concrete actions, for example
waste management at the event village and finishing line zone; retrieval
of shoes left by competitors at the start of the swimming section by the
association Les Pinces à Linge, specialised in cleaning and rehabilitation of
shoes for the most underprivileged; distribution of remaining food at the end
of the event; etc.
Of course, there were also some more accessible virtual team challenges
through the year. Ageas kicked off 2023 with the Green Offices Challenge.
While participants virtually walked from one Ageas entity to another, they
discovered the sustainability efforts taken in each entity. And the Tour de
France challenge - during which virtual teams ride the same distance as
professional cyclists in the same period - became a little bit longer, including
also the female edition, Tour de France Femmes.
In addition to the global, group-wide Ageas Challenge, there are numerous
initiatives locally, with a focus on all aspects of wellbeing - from financial to
physical and at different life stages, such as the introduction of menopause
guidance; increased paternity leave; access to thematical leaves; and offers of
free health checks across different sites.

33
Ageas Annual Report 2023
5.3
Our products
Impact24 targets
• Percentage of GWP from products that stimulate the transition to a more
sustainable world - 25%
• Percentage of products that have been reviewed for transparency - 100%
• Customer NPS - Top quartile
Ageas set these targets in response to stakeholders’ expectations established
in the materiality assessment:
• Insurance products and services protecting against societal challenges
• Easy to understand, fair and transparent information to customers
• Insurance products and services incentivising responsible behaviour
The world continues to change at pace. Customers are increasingly looking to
their insurers for help in reducing and even preventing the risks that pervade
their lives. These risks centre largely on their home, car, health, and financial
well-being. As a global insurer, Ageas plays a role in protecting its customers
against adverse events so that people can continue to live, save, and invest
with peace of mind. Living its purpose – ‘Supporter of your life’ – means going
beyond this primary duty and making sure people can live their life to the
fullest.
Across the Group, Ageas serves close to 47 million customers directly or
indirectly in 13 countries across Europe and Asia through a combination of
wholly owned subsidiaries and long-term partnerships with strong financial
institutions and key distributors. Ageas offers Retail and Business customers
Life and Non-Life insurance products designed to suit their specific needs,
today and tomorrow.
With Impact24 unfolding at full speed, Ageas is moving beyond its targets with
a view to embedding sustainability by design in all its products and services as
illustrated by the many examples that bring this ambition to life in the different
businesses of Ageas.
5.3.1 Products that stimulate the transition to a more sustainable world
% of gross written premiums 2023 2022
Total 28% 21%
Of which Life 34% 22%
Non-Life 22% 19%
Ageas put sustainability at the core of its business to innovate, understand
risk, drive growth, and build a more inclusive and sustainable future for the
long term, combining economic success with added value for society. By
offering products and services that stimulate customers in the transition to a
more sustainable world, Ageas aims to create a positive impact on society.
To drive this ambition, one of the non-financial KPIs put forward within
Impact24 was the “% of gross written premiums (GWP) of products that
stimulate the transition to a more sustainable world”. Since no legal definition
or benchmark exists in the market, Ageas defined its own methodology. All
products and services were screened to identify sustainable features across
the entire value chain. Only those characteristics that incentivise customers
towards more sustainable behaviours meet Ageas’s definition, resulting in
a starting point of 16% of GWP towards an objective of 25% within Ageas’s
consolidated entities by end of 2024.
This mutual understanding and methodology of what sustainability looks like
created a momentum in the business, enabling further growth of the ESG
portfolio. A roadmap was developed to spark creativity and inspiration, with
a.o. external benchmarking exercises, an ESG catalogue with best practices
from the different Ageas markets and a hackathon to fuel innovation. This
two-day event brought together sixty plus participants including underwriters,
actuaries, and product developers from different countries around five
societal themes: savings, well-being, green mobility, sustainable housing,
and inclusivity. In addition to educating the audience on ESG product design
principles, the goal was to identify ways to build scalable product propositions,
generate brand-new concepts and look for ways to adapt the existing portfolio.
Proof of concepts in many different areas have been launched including the
use of digital solutions to come to state-of-art business solutions contributing
to our sustainable product ambition.
The EU sustainable development agenda also impacts the financial sector
with an aim to channel private investments into the transition to a climate
friendly and fair economy leaving no one behind. The EU Sustainable Finance
regulation with Sustainable Finance Disclosure Regulation (SFDR) and
Taxonomy consists of disclosure requirements on service and product levels
to standardise and create more transparency on sustainability performance.
These regulations provide an additional incentive on top of the strategic
choices made by Ageas, broadening its offer towards more impactful and
responsible products.
From a starting point of 16% at the end of 2021, Ageas moved to 28% by the
end of 2023 with value propositions corresponding to the definition identified
across all business lines and across all markets in which Ageas is present,
although only consolidated entities count towards the KPI. As described in the
chapter below, each market has its best practices, some of which could be
transferred to other geographies.

34
Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
LIFE BUSINESS
In Belgium, AG has been showing leadership by evolving almost exclusively
towards responsible investment products including pensions, long term
savings and unit-linked products. In total, nearly 100% of AG products
qualify as category Article 8 or Article 9
1
under the Sustainable Finance
Disclosure Regulation (SFDR). And many products of AG are going beyond
this regulation, respecting stricter ESG criteria such as the requirements of
the Towards Sustainability label or a more specific focus on environmental,
climate or social themes. More specifically, AG closed 2023 with 42 products
attaining the Belgian Towards Sustainability label
2
, representing almost 20%
of the products “pension, long term savings and investment insurance”. A very
strong result considering that the requirements of this label are getting more
demanding over time. Only those products with stricter criteria contributed to
the 25% target. In 2023, the total amount of GWP included in the KPI further
increased mainly thanks to new guaranteed (branch 21) products having
obtained the label ‘Towards Sustainability’ in combination with the benefits of
a temporary guaranteed return campaign.
ESG funds are also gaining traction in Ageas’s other consolidated Life
markets. In Portugal, a 100 % digital savings product, Easy Invest was
launched, offering the opportunity to subscribe for low amounts and to switch
between three portfolios with different risk profiles. These characteristics
extend the reach to those people that would otherwise not have access to
this savings universe making them more financially literate and providing the
opportunity to save for later.
In the non-consolidated markets, in Türkiye, AgeSA offers in its pension
business the Sustainability Equity Pension Fund among others which
invests in companies whose superior environmental, social and governance
performance qualifies them for inclusion in the BIST (Borsa Istanbul
Sustainability Index). Via the Digital Fund Management Service (FonPro),
AgeSA makes it easier to invest via an accessible platform educating and
empowering its customers. And AgeSA goes one step further by providing
solutions that meet the medium-term savings ambitions of customers with
the imminent need for protection. To face the high inflation and economic
uncertainty resulting in among others massive unemployment, AgeSA
launched a product offering an unemployment guarantee linked to life
credit protection. For instance, unpaid periods can be paid at the end of the
policy period and premiums can be adapted when needed. Around 100,000
customers a month are subscribing to this feature.
Most of Ageas’s businesses in the Asian market also offer sustainable
investment options to their clients. But in this region a lot of attention also
goes to developing solutions towards the underserved communities in an
effort to support long term savings and to close the protection gap.
In India, Ageas Federal Life Insurance, launched a digital sales channel. Via
this channel, AFLIC is offering easy and affordable microinsurance and credit
life protection products introduced via partners having access to the most
vulnerable members of society. This is the case with the Bima Group offering
was able to onboard various microfinance institutions and present micro credit
life coverage into micro-loans. Within just ten months, more than 500,000
lives
3
were insured providing insurance cover for those who need it most.
Ageas Federal Life also contributes towards the regulatory initiative to build a
base pension plan with the Ageas Federal Life Insurance Saral Pension, an
annuity product that caters to those who are less financially savvy. Also, in
line with the Insurance Regulatory and Development Authority of India (IRDAI)
vision of “Insurance for All by 2047”, a comprehensive State Insurance Plan
is underway to increase insurance penetration. The focus is to move towards
the underinsured segments of the country’s population, helping to lower the
protection gap and improve insurance density.
In Malaysia, Etiqa set out its ambition to improve the lives of almost 900,000
people by 2025. With 75% of this target already achieved, this ambition is
clearly within reach. A range of products and initiatives is putting inclusion at
the top of the agenda. These range from microinsurance initiatives targeted
at the bottom 40% income bracket to persons living with severe disabilities.
In 2023, the offering towards the bottom 40% was further broadened with
Rahmah insurance covering accidental death, accidental permanent disability,
and funeral allowance, available as a conventional or as a Takaful insurance.
In Singapore, similar initiatives were launched in collaboration with Maybank
bringing personal accident insurance coverage to families in need.
In Thailand, Ageas’s Joint Venture Muang Thang Life (MTL), has several micro
insurance solutions characterised by simple product design, easy processes,
and affordable low premiums. As an integral part of democratising insurance
direction, MTL has been engaging with Line BK, a leading social banking
platform to offer small-sized insurance tickets. Additional efforts also went
into more transparency and simplifying life insurance vocabulary for a more
effective self-purchase journey.
In China, Taiping Life (TPL) is actively participating in government sponsored
programmes targeted to people with lower income, building a basic pension
and broadening access to health and reaching more than 7 million citizens.
NON-LIFE BUSINESS
When performing the first zero- measurement of the KPI it was clear than
many of the Non-Life lines of business by nature contained ESG features.
For instance, the repair principle in claims, the automatic inclusion of covers
related to electric cars or the various prevention initiatives in Health. The
business examples below show how Ageas’s new developments are making
the offer more robust with an aim to embed ESG by design, and illustrating
how progress towards the KPI was achieved moving from an initial result of
14% to 22% in 2023.
The fight against climate change has a significant impact on how society
thinks about mobility. For example, a growing number of cities introduce
access restrictions for cars with high CO2 levels and consumers are
increasingly open to new mobility solutions, shifting from owning a car to
using alternative transportation options. The insurance sector must follow with
solutions. Within the hackathon initiative, three opportunities were identified:
multi-modality, e-mobility and circularity which are all being addressed in
Ageas’s Non-Life businesses.
1 Category Article 8 relates to products that promote environmental and social characteristics whereas Article 9 is for products with a sustainable investment objective.
2 The Towards Sustainability Label is an ESG label for products that stipulates a set of portfolio and process level requirements. A financial product should at least fulfil these requirements to receive the label.
They are a mix of exclusion, impact, engagement, transparency and accountability.
3 “Lives insured” does not equal number of new customers

35
Ageas Annual Report 2023
Faced with changing customer behaviours, multimodal solutions are a must.
In Belgium, AG for instance, has a dedicated bicycle product with covers
for the so called ‘soft’ mobility devices such as electric scooters and
monowheels, which is also one of the broadest covers in the market. With the
same mindset of multimodal transport, Ageas Portugal extended its Personal
Accident cover to include damage caused to third parties when riding a bike
or another “soft mobility device”. AG continues to stimulate the behaviour of
its customers to leave their cars at home, offering discounts to those who
drive less. In addition, AG is supporting the transition to green mobility with
partnerships that are increasingly important in building the new ecosystems.
A survey indicated that 1 out of 2 families is willing to switch to electrical
mobility, but there are still some burdens. Together with its mobility partners
Optimile, Touring and SoSimply, AG offers a range of guarantees and services
to facilitate the transition to electric driving including:
• easy access to one of the largest networks of public charging stations in
Europe via Optimile;
• the possibility of installing customer owned smart charging stations by
subsidiary SoSimply;
• a mobile speed-charging service in case of a flat battery via Touring.
In the standard home and private liability insurance policy, the cover for fire
and liability at home charging points and a compensation feature in the event
of a battery fire, are all included illustrating that AG is systematically adjusting
its core offer to respond to emerging needs strengthening protection for its
customers.
AG further stimulates the transition by giving a 10% discount, the Ecobonus,
for electrical vehicle owners. This Ecobonus is also offered in Household
insurance, to clients who invested in energy saving measures, like solar
panels, heat pumps, etc, or homeowners having an excellent energy
certificate.
Central to Seguro Directo’s ability to deliver a Mobility Ecosystem in
Portugal is a new app which is offering a pay per kilometre option. This
Drive Less, Pay Less option is adding more transparency and fairness
to the way each customer views his policy and premium. But as well as
pricing linked proportionally to usage, customers also receive educational
tips for safer driving with information on their driving behaviours, namely
speeding, cornering, distracted driving, etc. And this new app also includes
an embedded digital discount card and access to road assistance services
digitally.
In the non-consolidated Non-Life entities, new initiatives are also emerging:
in Türkiye, facing a boost of the sales of electric vehicles (EV) in 2023,
Aksigorta was the first to launch an exclusive insurance for EV including
specific features such as incorrect charging battery coverage or running
out of charge. It has also shown itself to be a frontrunner in the provision of
innovative mobility solutions, developed in close collaboration with members
of the Stellantis automotive group. With Fiat Connect for instance, Aksigorta is
tracking driving data stimulating the right driving behaviour, including driving
less. Drivers using this application and showing the right behaviour can benefit
from discounts of more than 10% on their motor insurance policy. Finally, one
of the latest innovations is a specific insurance for electric charging stations.
Building on its expertise in insuring renewable energy plants, Aksigorta is
taking a lead in the growing market for electric charging stations in anticipation
of mandatory regulation which will come into force in 2024.
Malaysia made a strong commitment as a country towards being carbon
neutral by 2050, and this has motivated Etiqa to develop a range of specific
insurance and takaful products aimed at contributing to this commitment.
Over the past years, Etiqa launched several products to cover electric cars.
Furthermore, new products aim to cover home chargers, charging equipment
and installation as well as nationwide unlimited mileage roadside assistance.
Faced with rising energy costs and governments imposing renovation and
energy labels, private homeowners are paying increasing attention to the
energy efficiency of their homes. Ageas designed and launched various
solutions offering integrated solutions to this challenge in its respective
markets.
Based on the belief that “home is where your heart is”, Ageas Portugal,
launched Livo an ecosystem platform delivering premium maintenance
services and solutions promoting communities’ sustainability and the
wellbeing of families. It began with a special focus on energy efficient windows
including features such as noise suppression and security improvements and
over time this will extend towards insulation and solar panels, leveraging the
expertise of home advisors and adding partners who can offer integrated and
certified global solutions. In Belgium, AG offers an immediate discount of 10%
on the household insurance policy for homes with a green energy certificate or
evidence of renewable energy installations such as solar panels, heat pumps
or domestic wind turbines.
With climate change becoming more tangible, additional solutions are
required.
In Portugal, seismic risk is the greatest catastrophic risk to which the national
territory is exposed but still the level of coverage is extremely low with less
than 20% of households insured according to the Portuguese Insurance
Association (APS). Ageas Portugal launched a communication campaign to
increase awareness and enhanced offers to cover for the seismic phenomena
with extended underwriting criteria allowing to include older buildings and
making the cover available to a larger audience.
Ageas UK signed up to the “Build Back Better scheme” in 2022, helping
fund the installation of flood prevention measures in the homes of qualifying
customers affected by flooding. In 2023 it established a Weather Taskforce
made up of experts from within and outside the business to help customers
better anticipate and prepare for big weather events with greater accuracy.
Ageas has been working closely with flood resilience campaigner Flood
Mary and other specialised organisations to learn from their expertise and
to provide preventative and preparatory measures to be taken in advance.
A weather surge plan was developed and already successfully activated for
instance in response to the impending arrival of Storm Ciaran in early 2023.
An online weather hub was also launched to provide practical advice and
education for customers in preparing their homes and keeping safe.
Recognising the vital role that brokers play in communicating with customers
during these devastating times, Ageas played host to a group of brokers and
industry experts to work through potential solutions and ideas to better help
customers which was very positively received.
In Türkiye, following the devastating earthquake in early 2023, Aksigorta
launched a sensibilisation campaign to highlight the difference between the
mandatory earthquake insurance and a home insurance, covering for instance
the content of the house. In addition, Aksigorta supported initiatives to help
the most affected cities and has set up a partnership with the highly respected
Disaster Management Institute who is carrying out research into earthquakes
and provides advice and support to make people’s homes more resistant.

36
Ageas Annual Report 2023
In Malaysia the recent introduction of the Solar Shortfall Insurance which
compensates solar farm operators for financial losses arising from any
shortfall in solar energy production has been viewed as an innovative
development in the insurance market. Power producers in India are working
to grow energy production from renewable energy sources like Wind, Solar,
Hydro and Green Hydrogen.
Lastly, RSGI is a niche player in the Renewable Energy segment with an in-
depth understanding of Power generation, insuring about 40% of the installed
wind capacity in India.
Other developments in the Non-Life business are linked to the claims
processes as these are crucial in making our offer more sustainable.
Water leakage is a frequent cause of claims in Household and in Belgium, AG
is investing in new sustainable repair techniques through its subsidiary AG Dry
Solutions. In collaboration with the University of Ghent, investigation is being
performed on controlled drying and non-destructive repair of water pipes for
instance. Also In Portugal, Ageas Repara offers water detection solutions and
technological assistance, helping in preventing water damage to the property
as well as avoiding unnecessary water consumption.
Recent research confirmed that Ageas UK remains a leader when promoting
the repair versus replace principle. According to the most recent State of the
Industry Report from the Auto Body Professionals Club (ABP), most UK body
shops use less than 10% of recycled parts whereas Ageas UK uses green
parts in neraly 30% of all qualifying invoiced repairs. And the commitment
towards the circular economy goes further including the salvage operation
into the green parts supply, meaning that parts from the customers’ cars that
have been written off can be reclaimed, reducing unnecessary waste and the
likelihood of damaged cars being scrapped.
The health care sector is facing serious challenges with the evolving
landscape of healthcare technologies and treatments, demographic shifts, and
the aging population. Add to this the growing importance of mental health and
rising healthcare costs, sustainability concerns for health insurance systems
are on the increase. This necessitates that insurers evolve from their role as a
health “payer” to a health “partner”, ensuring equitable access to quality care
across diverse populations, and focusing on wellbeing and prevention.
Médis in Portugal has an outstanding track record in acting as a health
player, developing an integrated healthcare journey within the insurance life
cycle. From prevention to bringing care closer to people, including critical
diseases and investing in health literacy, Médis developed several dedicated
solutions such as the Personalised Prevention Plan and partnerships to
offer screenings related to specific pathologies. Médis Health Care has
been further expanding with Médis Dental, Médis Light and Médis Vision
broadening access to health care with an eye on keeping it affordable.
The ageing population has been a specific point of attention for Ageas
Portugal with a dedicated approach named “MaisIdadeMais.” In 2023, several
initiatives benefiting the senior population were designed starting with the
review of the age limit for the entire Médis Portfolio to minimum 70 years with
75 years for the Médis Vintage and with no age limit for Médis Light. Volta
55+ has been launched offering an adapted personal accidents policy for
customers between 55 years and 79 years covering them in case of a major
event but also focusing on day-to-day services like health and home services
or travel and personal luggage support. A similar concept was recently added
with Vantagem+, an assistance insurance targeting Millenniumbcp customers
between 55 and 90 years who want to increase their protection with an
additional set of services ranging from health to home assistance services,
pharmacy services and hospital expenses coverage in case of accident. In
only 2 months, 2,000 people subscribed to this insurance.
By providing easy access at low cost to health and home assistance services,
Ageas Portugal is pushing the entry and access barriers of quality daily
services to the ageing population. But in the field of mental health also, Médis
further invested in developing an holistic approach, this time focussing on
individual customers.
Also in Belgium, AG has a longstanding tradition in healthcare and wellbeing.
Following the impressive track record of the “Return to work” programme as
part of the income protection offered to companies, a similar approach has
been designed for self-employed. Being self-employed comes with a lot of
pressure- and being fully financially reliant is an additional challenge when
facing mental health issues. Re-boost the income protection plan for the
self-employed has been reinforced by adding the re-integration programme.
With this coverage, self-employed who become disabled due to stress-related
factors like a burnout not only have a financial cushion to fall back on, but
they can count on individually tailored guidance speeding up their recovery
process. After a successful pilot in the last quarter of 2023, the program will
be rolled out in 2024.
Furthermore, AG incorporated MyMind in its MyAG Employee Benefits app,
offering mental health services linked to income protection, healthcare, and
pension products. Without any additional charges, self-care tools are made
available, with the addition of a Safe2Talk phone line where employees can
ask their questions on mental wellbeing. MyCare is another service that has
been incorporated in 2023 in AG’s Health offering, with access to Doktr,
a secure and innovative app for video consultation with a Belgian general
practitioner. And lastly AG Health Partner continues to expand its activities
and customer base. It was the first in the Belgian market to offer wellbeing as
a service, which fits well with the Group’s ambition to spark further growth in
Health.
Ageas’s Joint Ventures with Health businesses also invest in the concept of
being a true health partner to customers, by encouraging them to take care of
their health with a focus on prevention.
Muang Thai Life’s dedication to offer comprehensive health solutions
includes a focus on preventive care and wellness, exemplified by MTL Fit, its
one-stop health application. The application is available to all users for free
and is designed to support them in taking better care of their personal health
to promote good health in society and create a health ecosystem for the
company. MTL continued to broaden its health offer improving accessibility of
underserved people, for instance via D health Plus, MTL’s health insurance for
the young customers and informal workers of the GIG economy. It provides a
deductible option, standard single-room coverage, and a lump-sum benefit.
Taiping Life has continued this year to take advantage of the benefits provided
by the China Taiping Medical-Health-Retirement Alliance. This Alliance
comprises 26 partners in the health and retirement fields who are committed
to providing customers with diversified and high-quality services.
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO

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Ageas Annual Report 2023
In Türkiye governmental healthcare has broad coverage, but waiting lists are
long as capacity of doctors and hospitals is low. Private healthcare is often
the solution but to make it more affordable for youngsters, Aksigorta launched
two complementary health insurances for young Akbank customers. The
first called Aksaglik, for customers aged between 18 and 30 years, includes
a range of specific advantages like no medical underwriting and reduced
waiting periods for a set of diseases. Akbebek has been designed for children
from newborns to eighteen years old and comes with a lifetime policy renewal
guarantee amongst other benefits.
5.3.2 Products that have been reviewed for transparency
Through Impact24, Ageas explicitly aimed to make all products easy to
understand with a dedicated KPI, with clear alignment among the core
business teams on the definition of transparency:
• Communicate in simple and clear language with easy-to-understand
policies;
• Provide tools to help make informed decisions;
• Offer clear value for the customer and serve their interests.
A specific working group was created to assess how the different Ageas
businesses were performing against these dimensions. The first observation
was that communicating in a transparent and understandable way with
customers has always been high on the agenda, ensuring at the same time
that products offered correspond to customer needs and serve their interests.
As well as being the subject of multiple regulations including the Markets
in Financial Instruments Directive (MIFID II) and the Insurance Distribution
Directive (IDD), the topic has been emphasized internally through policies
such as the Product Approval Policy (PRAP) and the Treat Your Customer
Fairly Policy.
The Product Approval Policy (PRAP) sets out the high-level principles to be
followed when developing and launching new products or making material
changes to existing products in areas such as product features or target
markets.
For each product, the target market must be clearly identified to ensure
appropriate marketability and distribution. Businesses invest in research
and conduct market panels amongst other initiatives to ensure a clear
understanding of the different profiles of customers and to ensure
accessibility for different targets, taking into account the level of knowledge
of the customer and promoting financial literacy where applicable to avoid
creating vulnerable customers. Product design and pricing must reflect the
company’s commitment and ambitions in terms of sustainability and consider
opportunities to solve societal challenges. It must evidence consideration of
Environmental, Social, and Corporate Governance (ESG) factors, such as
climate and biodiversity, social inclusion, affordability and human rights, and
stakeholder expectations. Ageas’s businesses test products prior to launch
and customer feedback is taken into account.
The Product Approval Process includes an assessment of the extent a product
creates sustainable value and ensures a balanced distribution of financial
interests. Customer fairness is always a key consideration. Ageas will not
knowingly sell products with any “hidden” or difficult to understand charges,
risks or exclusions and should aim to offer products which offer value to the
customer. Consequently, both policy wordings and marketing material must be
easy to understand, in clear and transparent language. Specific attention must
be given to providing (educational) tools to allow customers to make informed
decisions and support customers in developing responsible behaviour.
Ageas’s businesses develop a wide range of information tools available in
different media and targeting both the end customer as well as the distribution
channel. Examples include dedicated websites, mandatory one pagers
showing clearly what is covered and what is not, educational videos, FAQ’s
etc. Customers can access their personal area with all information related
to their services and contracts. In addition, training on products is provided
to all relevant stakeholders (e.g., salesforce, marketing, tax, claims, contract
administration etc.) to ensure that staff and intermediaries have the necessary
skills to appropriately commercialise, manage and assess the product. This
includes the ESG related aspects of the product. Ageas’s businesses ensure
an understanding of the distribution chain and how a product will be sold,
avoiding any miss-selling or inappropriate cross selling. Some businesses
go as far as to put in place a system of mystery shopping to assess if the
distribution partners correctly present the information.
The PRAP also stipulates that alongside a rigorous approval process,
post-launch, product performance is subject to regular monitoring. Product
performance is periodically assessed to monitor customer take-up and
experience, and commercial value, with action taken where necessary, to
ensure that shared value is maintained. Customer complaints are monitored,
and improvement initiatives put in place; customer surveys are conducted in
all businesses with different formats providing input on customer perceptions
and expectations. In Ageas UK for example, “Your Voice” is a customer
research panel testing on a recurring basis different customer journeys related
to products, processes, and services.

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Ageas Annual Report 2023
On a broader level, Ageas’s Policy on Treating Customers Fairly (TCF) means
that customers are placed at the heart of the operations, ensuring that the
focus on the customer is an intrinsic element of the Ageas corporate vision
and values. The principle of Treating Customers Fairly is built into all of the
operating models and procedures. All employees are expected to adhere to
these operating policies and procedures in their dealings with internal and
external customers, to ensure the delivery of the required TCF outcomes,
with employees receiving training as needed to embed these values. Also in
this policy, principles are addressed around the importance of making sure
product and service solutions meet customers’ needs; caring, straightforward
and fair communication with customers, minimising customer complaints and
at all times, treating complaints fairly and where there is cause for complaints,
dealing with these in a timely fashion.
Bringing all existing processes and initiatives together and assessing
them against the definition set, Ageas considers that transparency is truly
embedded in the commercial processes of all businesses as part of a
responsible marketing approach, going beyond the minimum compliancy
requirements under the regulatory framework in all geographies. Regulations
require a periodic product review (annually for all Save & Invest products
and Health and every two years for all others). During these formal reviews,
Ageas’s businesses assess whether the products remain consistent with
the needs, the objectives and the characteristics of the identified market,
including its usefulness and understandability. Input related to complaints,
interpretation of the product, feedback and recommendations from distributors
and potentially changes in regulation are all taken into account. Specifically
in the UK the more recent Consumer Duty regulation is setting even higher
standards of customer protection across financial services, and additional
steps are included in the review such as the Target Market Statement
(illustrating that the target market is correctly assessed and identified,
including reference to the customers for whom the product is not appropriate)
and the Value Statement (illustrating that the price the customer pays is
reasonable compared to the overall benefits). These Products and Oversight
annual reviews are also published on the UK website.
This review process is also leveraged when measuring the Impact24 KPI
on transparency, as all the relevant dimensions are included. This approach
allows Ageas to fulfill its commitment to review 100% of its products for
transparency by 2024.
However, Ageas considers transparency to be a never-ending journey and
changing customer and market expectations are continuously raising the
bar. Consequently, continuous efforts are being made and new improvement
initiatives launched.
The following examples illustrate how specific initiatives in Ageas’s different
geographies go beyond the legal minimum representing good practice.
Continuous efforts are being made in responsible marketing to communicate
in a simple and clear language, providing tools to customers to help make
informed decisions while investing in literacy and paying specific attention to
vulnerable customers.
At AG in Belgium, the sound of C was launched to listen to the feedback of
customers and to better understand their needs. Colleagues that do not have
regular direct contacts with customers spent a full day on the phone resulting
in more than 1,500 conversations with customers. Insights were discussed
and will be incorporated in improvement initiatives.
The distribution partner has a crucial role in providing clear and transparent
communication to the customer. The AG Insurance School in Belgium,
located in the innovative AG Campus, is an example of how Ageas supports
its distribution partners. Brokers receive intensive training on products and
services including sales and communication practices and updates on new
regulation. During 2023, more than 9,800 people attended training classes
totalling more than 66,000 training hours.
Several other initiatives are being set up and organised including courses on
the various regulatory frameworks, webinars and last but not least the launch
of Go4Impact. This is a digital platform allowing brokers to take steps in their
personal sustainability journey supported by a tool to measure their own CO2
footprint. Launched just before the summer of 2023, already 400 brokers
opened an account and became active users.
Ageas Portugal continues to focus on literacy, specifically around health.
In 2023 mental health was the central theme, made concrete through a
series of podcasts and a new edition of Vida Sustentável. The goal of these
literacy partnerships is to inform citizens and to raise awareness via weekly
publications on behavioural change around five topics all related to a more
sustainable and inclusive world: Future of Work, Diversity & Inclusion,
Sustainable Finance, Climate Change and Health Prevention.
In Ageas UK, transparency is strongly embedded in the purpose of the
company: “to understand people + simplify insurance”. Within this strategy
sits a strong customer ambition statement translated into a care programme
throughout the entire company. The new regulation on Consumer Duty that
came into force in July 2023 was an opportunity to raise the bar for this care
programme, reviewing a set of initiatives. The Ageas care guidance was
updated, supported by a new set of tools including a policy system flag for
both Customer Operations and Claims enabling them to record the customers
vulnerability and their specific needs to help them manage their insurance.
Also, the call miner tool is being adapted to monitor and track vulnerable
customer calls, adding real-time prompts to alert consultants the customer
may be vulnerable. Additional investments in education and training of
employees are being made with a toolkit containing information about the
different types of vulnerabilities such as a monthly awareness page with
specific information about topics related to vulnerability such as dementia,
disabilities and mental ill health and a new soft skills training course for the
customer facing teams.
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Ageas Annual Report 2023
Ageas UK is making a continuous investment in customer journeys via both
the telephone and online around how to remove customer barriers. Deep
dives on the online journeys for vulnerable customers were completed which
highlighted the benefit of a digital/self-serve channel. A lot of attention has
been given to customer feedback during customer panel testing/customer
interviews which feed into the design of products and services.
In the non-consolidated entities, the topic of transparency is also embraced.
In Türkiye, financial literacy is still quite low. Financial education is particularly
important and the potential to speak to a real human being remains very much
needed. Therefore, AgeSA decided to invest substantially in a direct sales
force allowing face to face sales in the comfort of the customer’s home. As a
result of this unique proposition, AgeSA doubled the number of consultants in
2023 ensuring a nationwide reach well beyond the big cities.
Technology can play a critical role in making products more transparent and
when machine learning and natural language processing meet in generative
AI.
An illustration of this is the launch in 2022, of a special service Blindlook,
targeting blind and visually impaired people and available through the AgeSA
mobile app. This year, AgeSA took the concept a step further with a special
video call service for hearing impaired customers. The first people using the
service rated the service with a 4.8 score over 5 underscoring the feature’s
importance.
5.3.3 Customer NPS
2023 2022
% of entities with a top quartile cNPS 25% 25%
The CX programme is being rolled out across all entities in the group with
a focus on strengthening the CX capabilities and making sure that each
entity becomes self-sufficient in measuring and re-designing their customer
journeys, in line with Customer Expectations and Ageas’s Efficiency Goals.
CX is not a “soft play” - it must deliver real, tangible benefit. The UK model
serves as a proven model, replicable in other markets following a well-tested
methodology that has been successfully applied, delivering tangible results, in
a short timeframe.
Increasingly customers are looking for fully automated digital services that
are personalised to their needs. Progress depends largely on the further
deployment of technology and data. Ageas’s customers expect Ageas
to deliver consistently across all customer journeys, to provide the best
experience to them in line with their wants, needs and demands and with an
ambition to be top quartile in all markets.
Competitive NPS measures the ranking of the Customer’s Net Promotor
Score against main insurance competitors in the local market. Ageas’s target
is ambitious: a top quartile position in all markets in which Ageas is present.
Today 76% of Ageas entities are following competitive NPS as key indicator to
identify improvement areas against local competitors. In 2022 this was 65%,
coming from not even half of all entities in 2021. Ageas’s competitive NPS
target is realized in 25% of consolidated entities.

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
5.4
Our investments
Impact24 targets
• Level of ESG-integration in our investment decisions - 100%
• At least EUR 10 billion of investments making a positive contribution to
transition towards a more sustainable world -
• Carbon emissions of our investment portfolio - Net zero by 2050 at the
latest
These targets bring to life the material topic defined in the materiality
assessment in relation to investments: Socially responsible investments
focusing on societal challenges.
As these targets were set for the period 2022-2024 and Ageas Federal Life
Insurance India (AFLIC) only became part of the financial consolidation since
the last quarter of 2022, the scope for the targets is all consolidated entities
excluding AFLIC.
5.4.1 Level of ESG-integration in our investment decisions
2023 2022
Level of ESG integration in investment decisions 100% Above 99%
Ageas places a significant emphasis on responsible investing by integrating
environmental, social, and governance considerations (the so-called ESG
factors) into its investment decision-making process. Ageas believes
that these ESG considerations are crucial determinants of investment
performance, influencing both returns and risks.
Ageas integrates ESG considerations in all new investment decisions.
Investments cover a wide variety of direct investments such as equities or
corporate bonds, infrastructure loans, government bonds but also indirect
investments through mandates or third-party funds managed by external asset
managers.
Ageas portfolio managers are all committed to reach the 100% ESG
integration target set in the Impact24 strategy. At the end of 2023, the level
of ESG integration is 100% for internally managed assets and externally
managed assets.
For internally managed assets, the integration of ESG information either
happens via external ESG scores provided by 3rd party providers or internal
ESG analysis. For externally managed assets, Ageas selects asset managers
that embed ESG characteristics in their responsible investment framework,
most of them being UN Principles of Responsible Investment, (UN PRI)
signatories. At the end of 2023, 97% of the external managers were PRI
signatories.
Ageas has a long track record of integrating sustainability within its investment
strategy. The first sustainable investment solution was launched back in
2007 via AG, the Group’s Belgian subsidiary, representing nearly 80% of
Ageas’s investment portfolio. This strategy continuously evolved leading to the
signature of UN PRI by both Ageas and AG at the end of 2018.
By underwriting UN PRI, the entities formally commit to incorporate
environmental, social and governance aspects as a fundamental cornerstone
of their investment decision framework. Meanwhile, the framework has been
gradually rolled out within the organisation with both Ageas and AG Insurance
publishing their first UN PRI transparency report in 2020. In 2023, the third
UN PRI report has been submitted by both entities. These reports have been
released and published in January 2024.
Strengthening the approach
Ageas is continuously finetuning its responsible investment approach in
line with the increasing standards set by the Group. The main investment
principles applied are set out here:
We engage
We integrate
We exclude
ESG Integration
Voting & Engagement
Infrastructure projects for oil & gas extraction Food commodities derivatives
Controversial weapons Financial embargo Tax havens
Weapons
Unconventional oil & gas
Tobacco Gambling Thermal coal
UN Global Compact non-compliant Do no significant harm (DNSH) breach

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Ageas Annual Report 2023
With respect to the consolidated entities in scope, Ageas has a set
of exclusion criteria in place with respect to controversial weapons
(antipersonnel landmines, cluster munitions/bombs, nuclear weapons,
chemical and biological weapons, and depleted uranium munitions), tax haven
jurisdictions and countries subject to international sanctions and embargoes.
On top of these legal exclusions, Ageas also excludes controversial activities
and sectors such as manufacturing of tobacco, coal related activities such
as coal mining and coal-based electricity generation, production of arms,
gambling etc. For these sectoral exclusions, all companies generating more
than 10% of revenues from these activities are listed on Ageas’s exclusion
list which is usually updated twice a year. These exclusion rules apply to
all investments managed internally or externally via mandates, except for
historical bond positions which are allowed to mature. This is not the case
in the unit linked portfolios where there are no exceptions for historical bond
positions. Since 2022 Ageas strengthened its exclusion policy by formally
excluding from its investment universe companies that do not comply with
the United Nations Global Compact (UNGC) principles. Through these
exclusions and via the ESG analysis, Ageas does not invest in companies
that severely violate international norms and standards related to corruption,
the environment, human rights, and labour rights including child labour,
forced labour and discrimination. In 2023, Ageas added companies with coal
expansion plans to the exclusion list. Ageas also committed to not finance
new infrastructure projects related to oil and gas extraction, oil distribution and
storage and oil-fired power generation where the emissions cannot be aligned
with a 1.5 degrees Celsius pathway. Ageas also excludes the financing
of companies that do not respect the “Do No Significant Harm” principle
as defined per activity in the Climate Delegated Act of the EU Taxonomy
regulation.
The integration of sustainability (ESG) factors has become mainstream in
the investment decision process across all asset classes. These factors can
create risks and opportunities for companies and are therefore an integral part
of the investment analysis. For the entities where most assets are managed
internally, a proprietary ESG integration approach is in place. When the assets
are outsourced to third party asset managers, those where ESG is embedded
in their investment process are selected and those that are signatories of the
UN PRI are considered preferred partners. For infrastructure investments, the
Equator principles are embedded in the analysis.
Both in the context of the implementation of UN PRI and TCFD, Ageas and
more specifically AG in Belgium has taken the lead and made progress
with an engagement policy towards invested companies. The engagement
activities performed directly or indirectly via external asset managers or
through collective engagement initiatives confirm our commitment to the
following UN PRI principles (1) Be an active owner and incorporate ESG
issues into ownership policies and practices and (2) Seek appropriate
disclosure on ESG issues by the entities in which Ageas invests. Via direct
dialogues and its support to collective initiatives Ageas intends to improve the
ESG profile of the companies in which it invests aiming to reach its long-term
investment objectives.
Ageas joined several collective engagement initiatives. Ageas via AG joined
the Climate Action 100+ in 2020. This initiative unites investors, while
encouraging the world’s largest GHG emitters to take necessary action on
climate change to help achieve the Paris Agreement’s goals. In 2021, Ageas
became a signatory of the Carbon Disclosure Project (CDP), an initiative
which urges companies, cities, and governments to measure and publish
climate related data and to implement strategies to tackle the environmental
issues linked to climate change. In 2023 Ageas participated in the CDP SBTi
campaign, an initiative which urges companies to commit and to set SBTi
targets. Ageas also participated in the CDP non-disclosure campaign, an
initiative where the main objective is to motivate non-responding companies
to be more transparent by submitting completed questionnaires on climate
change, water security & forest. Ageas via AG also joined in 2023 Nature
Action 100 which is a global investor engagement initiative targeting 100
companies with a focus on driving greater corporate ambition and action to
reverse nature and biodiversity loss.
The Ageas responsible investment framework is implemented in all
European consolidated entities. This framework and Ageas practices
have also been shared with the other Asian entities via AGICO (Ageas
Investment Committee). In 2022, the newly consolidated entity AFLIC in India
implemented a similar framework based on three pillars namely exclusion of
controversial activities defined locally, integration of ESG factors and voting
and engagement with investee companies.

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
5.4.2 Investments making a positive contribution to transition towards a
more sustainable world
2023 2022
Investments making a positive contribution
to transition towards a more sustainable world
EUR 13.2 bn EUR 10.3 bn
In 2023 Ageas pursued its investments contributing to solutions related to
sustainable cities, the climate challenges, and strengthening local economies.
Within Impact24 Ageas confirmed its ambition to contribute to the transition
towards a more sustainable world also via its investment activities. Ageas
already passed its target to invest at least EUR 10 billion in assets that make
a positive contribution to the transition towards a more sustainable world
by 2024. To monitor the target, Ageas has developed a framework where
investments are assessed on their sustainable characteristics and value and
where only those assets that have a positive impact on the environment or
society are retained.
With respect to green investments having environmental and climate changes
dimensions, this includes:
• financing of infrastructure projects related to renewable energy a.o.
onshore and offshore wind farms and solar panels but also buildings owned
by AG Real Estate that have a certification such as BREEAM, WELL, LEED
(at least rated Good, Silver, or equivalent);
• financing of infrastructure projects related to green mobility such as public
transportation;
• use of proceeds bonds such as green and sustainable bonds;
• other green investments;
With respect to the social aspects this translates into practice via investments
in
• social housing loans;
• use of proceeds bonds such as social bonds and sustainable bonds;
• infrastructure for education, rest homes and hospitals.
At the end of 2023, Ageas invested EUR 13.2 billion in assets making a
positive contribution to the transition towards a more sustainable world. The
environmental part of these investments was EUR 6.8 billion.
Within the Impact24 definition of sustainable investments, investments
qualifying as taxonomy aligned activities are included. Data for this category
are obtained from an external ESG data service provider. More accurate
and reliable data will become available over time, and it is expected that
the amount qualifying will grow with increasing information, knowledge and
companies transitioning to aligned activities. Ageas’s disclosure on EU
taxonomy can be found in note 5.6 EU taxonomy.
In the course of 2023, Ageas invested more than EUR 2 billion in new
sustainable assets, of which the largest part being green bonds. It represents
one of the most important asset types of the Group’s framework to identify
assets that have a positive impact on the environment or society.
More than EUR 1.2 billion of this amount comes from green bonds including
some issued by the European Union to support the green and sustainable
transformation of the European Union’s economies. The funds collected
via the NextGeneration EU green bond framework are used to finance
sustainable solutions including energy efficiency, clean energy, and climate
change adaptation.
The sustainable investments include close to EUR 0.6 billion new investments
in infrastructure continuing the strategy of the previous years:
• Renewable energy infrastructure such as an investment in the largest
onshore wind farms in Europe, confirming our ambition to participate in the
energy transition.
• Development of infrastructure related to public transportation such as
the construction of tram infrastructure in a Belgian city. Efficient public
transportation helping to realise the green transition.
• Digital infrastructure such as telecom towers and data centres with the
social benefit of promoting connectivity, access to information, and
technological innovation. They play a crucial role in fostering social
connectivity and economic development. They enable widespread access
to information, education, and healthcare services, bridging geographical
gaps and fostering inclusivity.
Ageas also continued to invest in the Belgian federal and regional recovery
funds launched after the pandemic crisis and in companies developing
innovative solutions (recycling/reuse of waste and wastewaters).
Real estate
AG Real Estate, a wholly owned subsidiary of AG Insurance, is an integrated
property operator active in Belgium, France, Luxembourg and in certain
selected European markets (e.g., Germany and Spain) with expertise in
different lines of business: Asset & Property Management, Development &
Construction Management, PPP and real estate financing, as well as in Car
Park Management through its subsidiary Interparking. 2023 was the year of
continuing and stepping up by participating to a GRESB assessment and
setting net-zero targets in line with the CRREM pathways.
GRESB
In 2023 the first cycle of assessments on the Global Real Estate Sustainability
Benchmark initiative or in short, the GRESB initiative, took place. The results
of this very first assessment for the current portfolio and development projects
are very promising:
• Current Portfolio: a score of 61/100, with a green star;
• Development Projects: a score of 78/100, with two green stars.
Along the assessments also a CRREM monitoring (Carbon Risk Real Estate
Monitor) was set up: this compares the energy and carbon intensity of the
portfolio of the standing real estate assets to the CRREM “Paris proof”
decarbonisation pathway for the different real estate asset classes. The
CRREM pathway is part of the future target setting for the sub-portfolio real
estate at group level and complies with the expectations of the Net Zero Asset
Owner Alliance. All AG Real Estate’s directly-held real estate assets have
been included in the net-zero target-setting, different per asset class and
country, which are based on the CREEM 1.5 degrees Global Pathways (v2).
The targets are set on a whole-building and operational approach (i.e. energy-
related emissions from both base building/common spaces and tenant spaces
shall be included in target-setting).
In addition to the GRESB real estate assessment, AG Real Estate integrates
the European Taxonomy criteria as a tool to measure its environmental
impact. Taxonomy alignment for real estate assets will increasingly be
expected by the market as capital shifts more towards green investments, and
it is part of AG Real Estate’s investment criteria.

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Ageas Annual Report 2023
Reducing carbon emissions, integrating renewable energy, while
connecting with the client
AG Real Estate aims to significantly reduce - and where possible, eliminate –
carbon emissions over time by renovating and upgrading the existing portfolio
of commercial, healthcare, and other facilities to achieve better energy
efficiency and by integrating renewable energy sources into the portfolio, from
solar panels to geothermal energy, to improve energy autonomy. Currently,
the warehouse portfolio’s solar panels have a capacity of 73.5mWp or average
annual consumption of around 20,500 households.
Energy, water, and carbon footprint KPI’s are monitored in real time confirming
that what gets measured, gets done.
And initiatives continue:
• Extending efforts of BREEAM In Use certification, currently at 29% of the
portfolio under management;
• 75% of the office buildings portfolio assessed on indoor air quality by end
of 2023;
• Visual diagnostic tools for telemonitoring energy and water consumption
and energy audits;
• 43% of the current investment portfolio already has a water leak detection
system in place;
• Continued installation of EV charging points in all car parks serving office
buildings;
• And internally, limit the choice of company cars to EVs, by extending the life
of IT equipment and raising awareness on best environmental behaviour in
the employees’ day to day life.
Support the social fabric
Buildings are more than just bricks. They serve many purposes for people, as
a home, an office, a warehouse, and more. Improving the wellbeing of people
living and working in the communities AG Real Estate actively supports
solidarity actions and socio-cultural activities, integrating social elements into
its projects.
For instance, prior to the redevelopment of the CCN, a project that will
have an impact on the Espace Nord of Brussels, revitalising public spaces
in consultation with numerous parties (social, cultural, communal) will be
beneficial for all.
Or the new mural to the Canal Wharf residential project, in collaboration
with the City of Brussels, by Ukrainian artists Sister Feldman. This artwork
and embodiment of diversity, meant to strengthen our cultural ties and has
resonated positively with its residents: Initially hesitant, they’ve come around
after seeing the work and having the chance to talk to the artists.
Promoting mixed-use developments in multifunctional neighbourhoods
To stimulate vibrant and inclusive urban areas, AG Real Estate develops
mixed-use projects that promote multifunctional neighbourhoods where
people live, shop, work, and play.
A best-in-class example is the involvement in the non-profit organisation
Up4North. Aware of the district’s strategic position and its great accessibility,
the ASBL Up4North will deploy a large-scale plan to ensure the diversity
of the city’s different functions. This project aims to recreate diversity by
bringing together large companies and start-ups, the cultural and non-
profit organisations, residents and visitors, as well as local, national, and
international players. By bringing together all the real estate partners active in
the northern area, UP4North offers a global and well-thought-out vision of the
future district in line with the needs of its new users.
Improving on-site footprint, AG Real Estate strives to reduce its environmental
footprint, promoting biodiversity and preventing pollution in its construction
sites by developing eco-friendly designs and applying recycling. For example,
in Paris in one of the buildings recycled brick will be used to reconstruct the
façade, and in another project, a partnership with a specialised company
for the reconditioning and reuse of false floor slabs in the office operations
has been initiated. More generally, AG Real Estate France is integrating the
‘RE 2020’ environmental regulation in terms of energy consumption in new
development operations.
As cities are increasingly impacted, the search for ways to reduce urban heat
and loss of biodiversity is now systematically integrated into all projects e.g.,
by installing green roofs and walls, beehives, etc.

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
Public Car parks
Interparking operates a large network of over 1,000 public car parks in
nine European countries, serving approximately 120 million customers
annually. Convinced that successful green mobility hinges on multimodality,
Interparking provides parking near key transit hubs like metro, tram, bus, train
stations, and airports.
To facilitate access to its parking facilities, Interparking has introduced several
initiatives over the years such as the Pcard+, the “E-Park & Rail” at Berlin
or “Park&Bike” service in the Netherlands. These initiatives contribute to
the promotion of public transport for short distances, stimulating the change
towards sustainable and cleaner cities promoting the use of lower greenhouse
gas emitting public transportation instead of own transport.
In 2023, Interparking has outlined clear objectives and KPIs based on key
ESG topics crucial to their business and stakeholders: Green Mobility, CO2
Emissions Management, Air Quality Management, Digitalized Mobility,
Employee Health, Safety, and Wellbeing, and Community Engagement. The
company also conducted a Climate Risk Assessment, to better understand the
challenges and opportunities related to climate risks and to integrate them into
its overall strategy.
To support the transition towards low-polluting vehicles, Interparking is
increasing the number of charging terminals for electric and hybrid vehicles
in its car parks. In 2023 Interparking more than doubled the number of
parking spaces equipped with charging terminals to more than 5,600. This
substantially exceeds the commitment taken up in the underlying conditions
of its green bond issuance to increase the number of charging terminals for
electric and hybrid vehicles in their car parks by at least 300 every year.
Additionally, Interparking is actively pursuing innovations to enhance the
user experience. The company is currently testing an innovative solution in
Antwerp: a charging robot. This device autonomously approaches the vehicles
to provide charging services. Users simply need to park in a designated zone
and specify their desired energy level and estimated departure time. The robot
takes care of the rest! In line with this commitment to innovation, Interparking
has also integrated real-time availability of charging stations into the Pcard
app, providing users with up-to-the-minute information on charging options.
.In this context, Interparking supported the introduction of an innovative
training programme in secondary schools, aimed at educating the next
generation of electric vehicle charging station installers. This initiative
addresses the labour shortage in the field, which often leads to extended
waiting times for installation services.
In 2023, Interparking has also undertaken significant efforts to ensure the
safety of electric and hybrid vehicles within parking facilities. In a noteworthy
collaboration with the Brussels Fire Department, the company conducted
large-scale fire drills to thoroughly assess material and refine protocols for
evacuating electric and hybrid vehicles in the event of a fire.
Digitised mobility is a very material priority for Interparking’s business and
stakeholders. Consequently, Interparking has become a structural partner of
Campus 19. Free of charge for students, this coding school aims to fill the gap
in qualified personnel in the field of computer science (Developer, Network
Administrator, Cybersecurity Technician, Data Analyst, etc.). Currently, more
than 550 students have been trained, with a 100% guarantee of securing a
job. Since its inception in 2018, more than 250 jobs have been created and
internships have been completed at more than 100 distinct companies.
In France, the Voltaire project was launched with the goal to help Interparking
staff members and their families to improve their written communications and
upskill staff communications internally and with outside parties.
In the company’s ongoing commitment to Environmental, Social, and
Governance (ESG) principles, Interparking participated in 2023 for the third
time in the Global ESG Benchmark for Real Assets (GRESB). Its dedication to
sustainability and responsible business practices has been recognized with a
highly commendable score of 85%. This achievement reflects the company’s
unwavering efforts to integrate sustainable practices into its operations,
reduce its environmental footprint, and foster positive social impacts within the
communities it serves.
And finally, Community Engagement is a top ESG priority. For example,
to tackle affordable parking issues around Universitat Rovira i Virgili in
Tarragona, a heavily discounted parking solution for students was introduced
in 2023, in collaboration with the university. Through joint campaigns,
Interparking proposed over 350 discounted subscriptions via the Interparking
Hispania mobile app, demonstrating its commitment to both ESG goals and
the local community.
Read more about new sustainable initiatives
across the Group on the Annual Report website.

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Ageas Annual Report 2023
5.5
Our planet
Impact24 targets
• Carbon emissions of our investment portfolios – Net zero by 2050 at the
latest
• Carbon neutrality in our own operations at the latest by 2024
Ageas has set these targets to respond to stakeholders’ expectations more
specifically “Socially responsible investments focusing on societal challenges”.
Ageas is conscious of the impact it can have on the planet and considers this
in the context of its investments, operations, and insurance products. Within
Impact24 Ageas expressed explicitly its ambition to contribute towards global
efforts to mitigate climate change. More specifically, Ageas made concrete
commitments about ways to contribute to the Paris agreements by defining
two targets. With respect to the decarbonisation of its underwriting portfolio,
Ageas is closely following the activities developed by PCAF in defining its
plans while actively engaging with customers as they transition towards more
sustainable behaviours (see note 5.3 Our Products).
This chapter is not only related to Ageas’s Impact24 strategy but also Ageas’s
response to the voluntary recommendations set out by the TCFD (Task Force
for Climate-related Financial Disclosures). These recommendations provide
guidance to all market participants on the disclosure of information related to
the financial implications of climate-related risks and opportunities so that they
can be integrated into business and investment decisions.
5.5.1 Carbon emissions of the investment portfolio
5.5.1.1 NZAOA
In December 2022 Ageas joined the UN-convened Net Zero Asset Owner
Alliance (NZAOA), a member-led initiative of insurers, pension funds and
foundations, committed to transitioning their investment portfolios to net-zero
greenhouse gas (GHG) emissions by 2050. Ageas was the first Belgian based
asset owner to join the Alliance.
Through its investments, Ageas wants to support the net zero greenhouse
gas emission target set by 2050 in the European Green deal. To reach this
long-term target, and as 2050 is still relatively far away, Ageas has defined
an intermediate trajectory to reach its carbon reduction objectives. Ageas
commits as its first intermediate target to a 50% reduction of the GHG
intensity of its equities, corporate bonds and infrastructure portfolios held by
its European consolidated entities by 2030. The progress is calculated against
the reference levels set at the end of 2021. The 50% committed reduction is in
line with the Intergovernmental Panel on Climate Change (IPCC) no and low
overshoot 1.5°Celsius scenarios and its latest assessment report. IPCC is the
United Nations body for assessing the science related to climate change. For
its real estate portfolio, the decarbonisation will be in line with the CRREM
1.5° national pathways (Carbon Risk Real Estate Monitor). These objectives
are in line with the requirements of the NZAOA.
As a result, Ageas is moving away from a long term 2050 commitment to a
much closer 2030 intermediate target.
For equities and corporate bonds investment portfolio, at the end of 2023,
the scope 1 and 2 carbon intensity decreased by 34% from 149.1 tCO2e/
mio USD revenues at end of 2021 to 97.8 tCO2e/mio USD revenues. The
largest part of this decrease is due to changes in the portfolio. This means
Ageas decreased the exposure to higher emitting sectors and increased
exposure to lower emitting sectors. The other part of the decrease is thanks
to the companies which Ageas invested in, having decreased their emissions.
Ageas will continue to monitor the evolution of the carbon intensity of the
portfolio and will continue to monitor the top emitters. Furthermore, AG
actively monitors companies who have set SBTi targets. At the end of 2023,
those companies represent 33% of the AG equity and corporate bond portfolio
(based on market value). Ageas is on track to reach its 2030 commitment.
The calculations of the carbon intensity are aligned with the Partnership for
Carbon Accounting Financials (PCAF) methodology.
Although the Ageas NZAOA commitment is based on carbon intensity, Ageas
also monitors the absolute scope 1 and 2 CO2 emissions of its equities and
corporate bonds investment portfolio. These emissions have decreased by
27% from 1,285 ktCO2e at the end of 2021 to 935 ktCO2e at the end of 2023.
For infrastructure investments, Ageas issued a questionnaire to all its
counterparties requesting information on their environmental, social and
governance factors. Together with other major investors, Ageas is increasingly
demanding greater transparency with respect to ESG data (e.g. carbon
intensity) for infrastructure projects.

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
For real estate, the Global Real Estate Sustainability Benchmark (GRESB)
assessment was AG Real Estate’s first step in gathering and centralising
energy and carbon emission data. Given the diversity of AG Real Estate’s
portfolio, the decision was taken to set a target by asset class and country
expressed in kg/CO2e/m²/year. Most of the current buildings in the portfolio
are in line with CRREM 1.5°C national pathways for 2022. AG Real Estate
will achieve its net-zero ambitions by diligently screening new acquisition
opportunities, by rebalancing its portfolio, and by renovating existing buildings
(read more in note 5.4 Our investments, section Real Estate).
Ageas aims to influence companies’ behaviour with a view to favouring
good ESG business practices and tackling environmental issues such as
climate change. To this end, in line with the NZAOA requirements, Ageas
will focus on the 20 highest GHG emitters in its portfolio encouraging them
to decarbonise their activities to limit the global temperature increase to
maximum 1.5°Celsius.
In Belgium, AG is involved in 220 external engagements. Through collective
engagement via Climate Action 100+, via CDP through their Science-Based
Targets (SBT) campaign and through their non-disclosure campaign (NDC).
and via Nature Action 100: in total more than 200 companies of the AG
portfolio are covered. For the first time AG took the lead in a couple of these
engagements. In Portugal, engagement activities are externalised for some
pension portfolios. These cover about 170 companies for which engagement
topics like climate change, environmental stewardship, human rights, labour
standards or SDG involvement are brought forward.
AG has 17 bilateral engagements of which 8 started in 2023. This included
some top emitters of the portfolio requesting a net-zero ambition. First
reactions have been received and engagement will be continued with them.
Finally, as part of Ageas’s Impact24 ambition to invest at least EUR 10 billion
in assets making a positive contribution towards a more sustainable world,
Ageas committed to invest at least EUR 5 billion or half of this total ambition
into climate related investments by the end of 2024 (more information on
responsible investments can be found in note 5.4 Our investments). By the
end of 2023, EUR 6.8 billion were invested in environmental assets financing
the transition to a more sustainable world. The actual per year-end 2023 is
already above the 2024 target set but Ageas aims to continue to increase
investment in positive climate related solutions such as green bonds,
renewable energy infrastructure, green mobility infrastructure and taxonomy
aligned economic activities.
In addition to these commitments to accelerate the transition towards a net
zero investment portfolio, Ageas integrates the principles set out in the TCFD
recommendation as part of its Responsible Investment Framework. This
framework includes specific climate change related principles that consider
the transition to a low carbon economy.
5.5.1.2 Other mitigating actions
Specifically with respect to the environmental and climate issues, the following
principles have been embedded in the decision-making process implemented
in the European consolidated entities:
• Exclusion of the most sensitive industries:
◦ Exclusion of investments in thermal coal and any new thermal
coal projects including thermal coal plants, coal mines and related
infrastructures. Full divestment is targeted by 2030.
◦ No new investments in any infrastructure related to oil & gas extraction,
oil pipeline distribution and storage, oil-fired power generation
infrastructure;
◦ Exclusion of companies active in unconventional oil & gas i.e. arctic oil &
gas exploration, shale energy, oil sands.
• Additional restrictive criteria are in place for investments in conventional
energy industries specifically for investment products with a sustainability
focus. For products with the Towards sustainability label managed by AG a
full exclusion of the fossil fuel energy sector will be implemented in 2024.
• Supporting the greening of the economy via investments in companies
in transition and companies that have a credible strategy to make the
energy transition happens. In the ESG integration approach particular
attention is paid to environmental factors such as renewable energy use,
carbon footprint, greenhouse gas reduction programmes, environmental
policies, and qualitative information on the climate strategy of the company,
including commitment to SBTi (Science Based Target initiative). This
information is also fully embedded in the investment processes.
These decisions, affecting all investment activities, constitute a natural
evolution for Ageas as a prudent, long-term, and socially engaged investor
and confirm its intention to be a responsible investor.
5.5.2 Carbon neutrality in Ageas’s own operations
In tonnes CO
2
e 2023 2022
Carbon emissions of own operations 29,531 21,694
Within Impact24, Ageas has set a target towards reaching carbon neutrality of
its own measured operations.
In line with the principles set out in Ageas’s Environmental Policy, Ageas
is committed to develop a long-term process of continuous improvement
to mitigate the material impacts of its own operations on the environment.
The implementation of this policy entails measuring and reducing its carbon
emissions, using resources more efficiently, and offsetting the remaining
emissions, among others. Each entity across the Group develops its own
processes and actions to comply with this policy, depending on their local
specificities, and reports at least on an annual basis towards the Group the
progress made against the target in line with the Group’s ambition.
GHG measurement for scope 1, scope 2 and scope 3
Since 2018 Ageas measures its GHG emissions (in tonnes CO2e) in
accordance with the GHG protocol and has gradually extended the scope.
It includes scope 1, scope 2 and part of scope 3 sources of emissions. The
latter include those connected mainly to, employee commuting, business
travel, purchase of IT equipment, paper and waste.
As of 2023, the measurement covers all European consolidated entities (i.e.
Belgium, Portugal and UK) as well as the corporate headquarters in Brussels,
the Asian regional office in Hongkong and for the first time, AFLIC. It also
includes AG Insurance’s main subsidiaries AG Real Estate and Interparking
offices.

47
Ageas Annual Report 2023
How Ageas reached an important
milestone in its climate journey
Because of the Covid-19 impact, 2019 emissions have been considered as the
reference year, based on which Ageas targeted a 30% reduction for the end
of 2023, scope-on-scope compared to the base year 2019. This ambition is
increased to 40% by end of 2024.
The GHG emissions measurement for the year 2023 resulted in a total
amount of 29,531 tCO2e emissions This year the scope was enlarged with
the integration of AFLIC, representing 15% of the total amount. Compared to
end 2022, the emissions increased scope-on-scope by 17%, mainly due to
an update in the emission factors
4
(explaining two third of the increase) and
increased business travel. Compared to the reference year 2019, the Group
has reduced emissions scope-on-scope by more than 20%, considering the
updated emission factors by just below 30%.
An overview of the 2023 results can be found in the summary table in note 5.8
Sustainability and non-financial indicators. The most important contributors
to Ageas’s carbon footprint in 2023 have been identified within scope 1 car
fleet (31%) and scope 3 commuting (31%) and business travel (19%). In 2023,
besides the change in emission factors, business travel picked up, following
the organisational structure of the group with strong ties in Europe and Asia,
where in the case of Asia, activities are overlooked of the regional office in
Hong Kong and management duties require frequent visits.
An approach based on a structural reduction
To structurally reduce its GHG emissions, Ageas has continued the
implementation of several initiatives:
• The review of the lease car policies across the Group aimed at promoting
hybrid and electric cars for its employees and aiming for a 70% electric or
hybrid company cars in our car fleet by end of 2024. End of 2023, almost half
of the company car fleet was electric or hybrid.
• An adapted organisational and working environment named “Sm@rter
Together” whereby employees are offered the possibility to work more of
the regular working hours from home or e.g. Ageas UK promoting a cycle-
to-work scheme, with options to buy equipment free of tax and National
Insurance. To be noted that the GHG calculation takes into account the
effect of the emissions of a home office.
• A reviewed travel policy which aims to structurally reduce travel. For
instance, Ageas representatives on local Boards of the Asian joint ventures
will assist one on two local Board meetings virtually. In 2023, Ageas
representatives attended half of these sessions virtually.
• Monitor buildings occupancy and further optimise workspace and resources
usage. Various initiatives have been taken since 2022 such as the move
from five older to two new state-of-art buildings in Portugal with BREEAM
certification and the inauguration of the new AG Campus in Belgium.
In 2023, Ageas new headquarters in Belgium were also inaugurated at
the Manhattan building, which is in the process to obtain a BREEAM
certification. Such moves have however entailed some months of duplicated
energy consumption as preparatory works were made before the moving
took place. Furthermore, renovations have also started in 2023 at the main
Jacqmain building of AG in Belgium, introducing several energy saving
measures, linked to, for instance, the airtightness of the building, the heating
system (integrated in the ceiling) and the installation of a heat pump. The
renovations are planned to be continued during 2024.
• IT initiatives, such as, the extension of the lifetime of devices, regular clean-
up of IT storage and use of IT tools through an internal awareness campaign.
And continuing on this journey, Ageas concluded in 2023 a partnership with
‘Close The Gap’, an organization that provides a ‘second life’ to IT equipment
by re-cycling and/or re-using them in educational projects.
Going beyond…supporting our broker network in Belgium in their
climate journey
In 2023, AG has launched ‘Go4Impact’ in Belgium, a platform dedicated to
sustainability, targeting the 4,000 independent insurance brokers it relies on
for the distribution of its products and support to the end customer in the event
of claims. Through this online tool brokers can easily calculate the ecological
footprint of their activities in detail and get inspired to reduce their CO2
footprint through impactful actions tailored to their office.
After completing a questionnaire about their business activities, the
Go4Impact platform provides concrete actions for brokers to reduce their
emissions, such as, considering installing solar panels, making lease
bicycles available for commuting, greening the company fleet, switch to
electrical mobility, installing charging stations, among others. When brokers
select actions, they can visualize the expected impact for their office in a
personalised dashboard, allowing them to pick and choose those actions likely
to have most impact. Brokers can also register for projects with an ecological
or social approach.
Achieving carbon neutrality as a Group for the measured scope
In 2023, Ageas continued its climate journey to become carbon neutral at
Group level by obtaining a renewed carbon neutral certificate, granted by
CO2logic, for the scope of the measured GHG emissions of 2022, including
Scope 1, 2 and part of Scope 3 within own operations, Also for the 2023
measured emissions, the process will be continued, confirming commitments
and targets made at Group level, having reduction initiatives in place and
supporting various offsetting projects, certified with the highest standards,
such as the Gold Standard or Verified Carbon Standard. This recognition
reflects the continuous efforts and measures put in place over the past years
to progressively reduce the carbon footprint groupwide.
Beyond offsetting activities, the partnership started with Go Forest in 2022
has continued during 2023. Connected to certain corporate events in 2023,
such as Ageas Partnership Days and Ageas Management Forum, 2,000
trees have been planted in addition to those already planted in 2022 across
Belgium, Portugal, UK and India. Trees planted are monitored through satellite
or drone technology by Go Forest and information on progress is accessible
through their platform.
5.5.3 TCFD recommendations
Ageas also continues to adhere to the TCFD recommendations, deepening
and aligning further reporting. As Ageas aims to embed sustainability in
everything in everything it does, sustainability and climate matters are treated
in an integrated way throughout the different chapters in this Annual Report.
Ageas’s approach can be found in note E Ageas’s response to the TCFD
recommendations.
4 Emission factor of business travel increased compared to last year as the public database has been updated to reflect updated calculation science and post-covid load factors. Similarly, also the conversion factor
related to teleworking (included in the value of commuting) increased due to updates in the estimated heat need and emissions in households.

48
Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
5.6
EU Taxonomy
EU’s ambition towards financing sustainable growth
The EU’s ambition is to reach an economy with net-zero greenhouse gas
emissions in the EU by 2050. To achieve this, the implementation of the
European Green Deal foresees a reorientation of capital flows towards
sustainable investments, integration of sustainability as a factor of risk
management, encouragement for long-term and engaged investments and
market transparency. To facilitate the Green Deal, the EU has, amongst
others, issued two essential regulations which are the EU Taxonomy
Regulation and the Sustainable Finance Disclosure Regulation (SFDR).
The EU Taxonomy Regulation provides companies, investors and
policymakers with the definitions and criteria on which economic activities
can be considered as environmentally sustainable, increasing the ratio of
investments in more sustainable activities, and creating an environment
to incentivise competitors to improve their economic activity to meet the
sustainability standards as defined by the regulation.
Regulation (EU) 2020/852 (the ‘Taxonomy Regulation’) was published in the
Official Journal of the European Union on 22 June 2020 and came into force
on 12 July 2020. It sets out, among other things, transparency requirements
for financial and non-financial undertakings in respect of how and to what
extent the relevant undertaking’s activities are associated with economic
activities that qualify as environmentally sustainable. Under the Taxonomy
Regulation, the Commission has been empowered to adopt a delegated act to
specify the content and presentation of the information to be disclosed. This
delegated act (the ‘Taxonomy Disclosures Delegated Act’) was adopted on 6
July 2021.
The Taxonomy Regulation presents six environmental objectives to which
economic activities can contribute: climate change mitigation, climate change
adaptation, sustainable use and protection of water and marine resources,
transition to a circular economy, pollution prevention and control; and the
protection and restoration of biodiversity and ecosystems. The Commission
has been empowered to adopt technical screening criteria for determining
a.o. the conditions under which a specific economic activity qualifies as
contributing substantially to these environmental objectives.
The first delegated act establishing the technical screening criteria with
respect to climate change mitigation and climate change adaptation (the
‘Climate Delegated Act’) was adopted on 21 April 2021.
On 21 November 2023, the European Commission (EC) published the
Delegated Regulation (EU) 2023/2486 the ‘Taxonomy Environmental
Delegated Act’, which defines the technical screening criteria of the four
other environmental objectives of the Taxonomy Regulation, specifically:
sustainable use and protection of water and marine resources, transition
to a circular economy, pollution prevention and control, and protection and
restoration of biodiversity and ecosystems. The Environmental Delegated
Act also introduced changes to certain technical criteria of the Taxonomy
Disclosures Delegated Act and the Climate Delegated Act.
Reporting requirements for insurance and
reinsurance undertakings
Article 10 of the Taxonomy Disclosures Delegated Act provides for a phased
entry into force of the disclosure requirements as from 1 January 2022.
Until 2022, reporting of financial undertakings such as Ageas were only
required to report on the taxonomy-eligibility of their activities and their
investment assets. For the accounting year 2023 Ageas reports for the first
time on its key performance indicators over the taxonomy alignment of its
activity and investment assets regarding only the two first objectives, meaning,
climate change mitigation and climate change adaptation.
After publication of the Taxonomy Environmental Delegated Act, Ageas was
expected to also publish taxonomy-eligibility of its activities and its investment
assets for the four remaining objectives (sustainable use and protection
of water and marine resources, transition to a circular economy, pollution
prevention and control, and protection and restoration of biodiversity and
ecosystems). Analysis of the environmental delegated act revealed that (re)
insurance activities are not included as one of the sectors with the potential
to contribute substantially to one of the four environmental objectives
included. As for the disclosure of eligibility criteria of its investments to the
four remaining objectives, due to the lack of data as of the publication of this
report, Ageas is unable to disclose any level of eligibility based on reported or
even estimated data.
In accordance with the Taxonomy Disclosures Delegated Act a ‘taxonomy-
eligible economic activity’ means an economic activity that is described in
the Climate Delegated Act or in the Taxonomy Environmental Delegated Act,
irrespective of whether that economic activity meets any or all the technical
screening criteria laid down therein and has the potential to be taxonomy
aligned if it meets these requirements.
On the other hand, a ‘taxonomy-aligned activity’ means an economic activity
that: (i) contributes substantially to one or more of the six environmental
objectives, (ii) does not significantly harm any of these six objectives (DNSH),
and (iii) is carried out in compliance with minimum safeguards (MS), which
means that the necessary procedure are implemented to ensure alignment
with the OECD Guidelines for Multinational Enterprises and the UN Guiding
Principles on Human Rights, including the principles and rights set out in the
eight fundamental conventions identified in the Declaration of the International
Labour Organisation on Fundamental Principles and Rights at Work and the
International Bill of Human Rights.
This third taxonomy reporting has been drawn up in accordance with the
phase in calendar and requirements applicable to financial undertakings,
as set out in Article 10(3) and Annexes IX, X and XII of the Disclosure
Delegated Act, the provisions for the transition period and in accordance with
the additional guidance where possible, given by the EU Commission in the
different FAQs and Commission Notices in final version issued by the EU
Commission.
This disclosure covers the entire Ageas Group, i.e. the insurance as well
as reinsurance activities and other economic activities performed by other
affiliates within the same consolidation perimeter.

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Ageas Annual Report 2023
The same scope of consolidation used for financial information in the
consolidated annual report is used for the third report and as such, KPIs
are disclosed according to the requirements of insurance and reinsurance
undertakings, without separated disclosure of KPIs for the non-financial
entities of the group as mentioned in the last draft of Commission Notice
issued on December 21st, 2023. Ageas did not have sufficient time to perform
a proper assessment of the best possible split of KPIs, but also, to collect
data and develop a separate reporting. For next year and onwards, Ageas will
reassess its position and consider the suitability of splitting the reporting by
financials entities and non-financials entities.
Ageas’s Non-Life underwriting activities – eligibility
and alignment reporting
Considering the scope of the Climate and Environmental Delegated Acts, the
scope of reporting is limited to eight lines of business of Non-Life activities
underwriting climate related perils (Life activities are out of scope).
These lines of business (LoB) are the same as in the mandatory annual
Solvency and Financial Condition Report (SFCR), although only eight out of
twelve are retained in scope for taxonomy reporting. This existing reporting
is used as the starting point for the gross written premiums (GWP) eligibility
reporting on insurance activities. For the lines in scope of the EU taxonomy,
analysis of the terms and conditions of the insurance policies was performed
to validate climate peril coverage. As from 2023, for each LoB including at
least one policy with explicit climate peril coverage the full amount of GWP of
the LoB is considered as eligible, minus the GWP related to explicitly excluded
insurance activities (e.g., insurance of storage of fossil fuels). The 2022
reporting however included the full amount of GWP of each LOB with at least
one policy with explicit and/or implicit climate peril coverage. The change in
methodology follows the most recent FAQ of the European Commission which
clarifies the calculation of aligned GWP. The table below includes for 2022
two values for eligible premiums: one with only the explicit coverage and one,
as reported last year, with explicit and implicit coverage. As these data come
directly out of the financial information systems of Ageas, they are included in
the mandatory disclosures table and there are no voluntary disclosures.
Current disclosure includes for the first time reporting on taxonomy aligned
activities. Ageas has started its assessment of the different LOBs on the
technical screening criteria (TSC), do no significant harm criteria and minimum
safeguards. In summary, the TSC relate to modelling and pricing, product
design, innovative solutions, data sharing and post-disaster service level. The
current assessment of TSC and DNSH was focussed on one specific LOB for
one type of customers. Sharing results and learnings will enable leveraging
the assessment to other LOBs and types of customers, and over time to
incorporate expectations in product design. As Ageas carries out economic
activities in a responsible and respectful way, it is committed to complying
with the minimum safeguards. For its assessment on how these minimum
safeguards are implemented throughout the group, checks were performed
against the Final Report on Minimum Safeguards issued by the Platform
on Sustainable Finance, an independent advisory to the EU Commission
(published October 2022). There are four topics addressed: human rights,
bribery and corruption, taxation and fair competition. Furthermore, the report
specifies two criteria to determine compliance with the minimum safeguards:
(i) the implementation of adequate due diligence processes, internal controls,
and grievance mechanisms and (ii) the absence of certain negative impacts
or events, such as court convictions. The sustainability section of this annual
report describes for each of these topics the policies and procedures in
place and Ageas confirms that it did not have any interaction with an OECD
National Contact Point or a Business and Human Rights Contact Center, nor
has it been found liable by a court for violation of labour or human rights, anti-
corruption, tax or competitions laws.
As the assessment is still ongoing, the current disclosure includes the
outcome of the initial assessment only.

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
Substantial contribution to climate change
adaptation
DNSH (Do No Significant Harm)
Economic activities (1)
Absolute
premiums,
year 2023
(2)
Proportion
of
premiums,
year 2023
(3)
Proportion
of
premiums,
year 2022
(4)(*)
Proportion
of
premiums,
year 2022
(4)(**)
Climate
change
mitigation
(5)
Water and
marine
resources
(6)
Circular
economy
(7)
Pollution (8)
Biodiversity
and
ecosystems
(9)
Minimum
safeguards
(10)
Currency % % % Y/N Y/N Y/N Y/N Y/N Y/N
A.1. Non-life insurance and
reinsurance underwriting
Taxonomy-aligned activites
(environmentally sustainable)
244 5% 0% 0% Y Y Y Y Y Y
A.1.1. Of which reinsured 120 2% 0% 0% Y Y Y Y Y Y
A.1.2. Of which stemming from
reinsurance activity
0 0% 0% 0%
A.1.2.1 Of which reinsured
(retrocession)
0 0% 0% 0%
A.2. Non-life insurance and
reinsurance underwriting
Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities) (***)
1,926 39% 44% 91%
B. Non-life insurance and
reinsurance underwriting
Taxonomy-non-eligible activities
2,795 56% 56% 9%
Total (A.1 + A.2 + B) 4,965 100% 100% 100%
(#) refers to the reference as included in the mandatory reporting table for financial undertakings as required in accordance with the reporting delegated regulation
* at the 2023 Ageas approach
** at the 2022 Ageas approach
*** 2022 reporting includes all eligible GWP (aligned and not aligned) as no seperate reporting on alignment was required yet
Ageas’s investment activities - eligibility and
alignment reporting
Taxonomy Regulation has introduced mandatory disclosure obligations on
companies and investors in scope, requiring them to disclose their share of
taxonomy-eligible / -aligned activities. This disclosure of the proportion of
taxonomy-eligible / -aligned activities will enable a comparison of companies
and investment portfolios.
For Ageas, with respect to its investment disclosures, it implies collecting and
processing taxonomy-data (in accordance with the Taxonomy Disclosures
Delegated Act) from the companies and projects in which it invests to enable
compliant taxonomy-reporting. As such, Ageas relies on the availability,
quality and quantity of taxonomy data obtained from the investee entities in its
investment portfolio.
For the reporting of 2023 Ageas still faces limitations in terms of quantity and
quality of data; not only because it is still ‘work in progress’ for many sectors
of the economy, but also, because: (i) many investee companies are not
subject to mandatory taxonomy reporting and do not report on a voluntary
basis, (ii) differences between the annual date of publication of annual reports
and (iii) the data over taxonomy alignment for the investee companies that are
financial undertaking is, as it is for Ageas; to be published for the first time in
2024 and thus not available for this report.
Taxonomy disclosures must be based on actual information and estimates and
proxies may only be reported on a voluntary basis and must not form part of
the mandatory disclosures.
Consequently, the first section contains the mandatory disclosures of data
for which Ageas disposed of actual and reported information. This section
only contains data on its key performance indicators (KPIs) related to Ageas’s
investments activities and it is being draw up in accordance with the templates
provided in the Disclosures Delegated Act.
The KPIs related to investments are calculated as the proportion of the
investments that are associated with taxonomy-aligned economic activities in
relation to its investments. In order to calculate these, Ageas may only rely on
the underlying investee companies’ KPIs to compute its own investment KPI
and consequently the main investments for which Ageas disposed of data are
those related to its exposures to certain corporates issuers except financial
undertakings for the reasons explained above and certain real estate assets.
In accordance with provisions of art. 7 of the Disclosures Delegated Acts,
central governments, central banks, and supranational issuers are excluded
from the calculation of the numerator and denominator of the KPI.
The total investments examined for the purposes of this reporting include joint
ventures and intangibles.

51
Ageas Annual Report 2023
The proportion of the insurance or reinsurance undertaking’s investments that are directed at funding, or are associated with, Taxonomy-aligned in relation to total investments
The weighted average value of all the investments of insurance or reinsurance undertakings that are
directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of
total assets covered by the KPI, with following weights for investments in undertakings per below:
The weighted average value of all the investments of insurance or reinsurance undertakings that are
directed at funding, or are associated with Taxonomy-aligned economic activities, with following weights for
investments in undertakings per below:
Turnover-based: % 1.50% Turnover-based: [monetary amount] 987.52
Capital expenditures-based: % 2.25% Capital expenditures-based: [monetary amount] 1,458.40
The percentage of assets covered by the KPI relative to total investments of insurance or reinsurance
undertakings (total AuM). Excluding investments in sovereign entities.
The monetary value of assets covered by the KPI. Excluding investments in sovereign entities.
Coverage ratio: % 69.01% Coverage: [monetary amount] 65,738.91
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI. The value in monetary amounts of derivatives.
X % 0.23% [monetary amount] 148.45
The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a
of Directive 2013/34/EU over total assets covered by the KPI:
Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of
Directive 2013/34/EU:
For non-financial undertakings: 8.15% For non-financial undertakings: [monetary amount] 5,356.77
For financial undertakings: - For financial undertakings: [monetary amount] -
The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject
to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:
Value of exposures to financial and non-financial undertakings from non-EU countries not subject to
Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: 5.42% For non-financial undertakings: [monetary amount] 3,565.77
For financial undertakings: - For financial undertakings: [monetary amount] -
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of
Directive 2013/34/EU over total assets covered by the KPI:
Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive
2013/34/EU:
For non-financial undertakings: X % 8.97% For non-financial undertakings: [monetary amount] 5,897.98
For financial undertakings: X % - For financial undertakings: [monetary amount] -
The proportion of exposures to other counterparties and assets over total assets covered by the KPI: Value of exposures to other counterparties and assets:
X % 82.65% [monetary amount] 54,335.72
The proportion of the insurance or reinsurance undertaking’s investments other than investments held
in respect of life insurance contracts where the investment risk is borne by the policy holders, that are
directed at funding, or are associated with, Taxonomy-aligned economic activities:
Value of insurance or reinsurance undertaking’s investments other than investments held in respect of life
insurance contracts where the investment risk is borne by the policy holders, that are directed at funding,
or are associated with, Taxonomy-aligned economic activities:
X % 2.00% [monetary amount] 1,317.93
The value of all the investments that are funding economic activities that are not Taxonomy-eligible relative
to the value of total assets covered by the KPI:
Value of all the investments that are funding economic activities that are not Taxonomy-eligible:
X % 96.87% [monetary amount] 63,681.43
The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-
aligned relative to the value of total assets covered by the KPI:
Value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-
aligned:
X % 1.12% [monetary amount] 739.55
The second section contains the voluntary disclosures of data which Ageas
may not disclose in its mandatory Taxonomy report given the absence or
insufficient reported data. This section contains information on its exposures
to the infrastructure assets for which Ageas disposes sufficient information
about their eligibility to taxonomy and, that are likely to be aligned to
taxonomy; but it cannot report any degree of alignment due to insufficient data
and adequate evidence as reported by the investee companies that these
investments do not significantly harm to the remaining objectives and comply
with the minimum safeguard standards according to taxonomy regulation.
The investments are reported in the overview below at fair market value as per
31 December 2023.
Mandatory Disclosures
The proportion of the insurance or reinsurance undertaking’s investments that
are directed at funding, or are associated with, Taxonomy-aligned in relation to
total investments.

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SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
Additional, complementary disclosures: breakdown of numerator of the KPI
The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to
Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:
Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a
and 29a of Directive 2013/34/EU:
For non-financial undertakings: For non-financial undertakings:
Turnover-based: % 0.82% Turnover-based: [monetary amount] 535.99
Capital expenditures-based: % 1.60% Capital expenditures-based: [monetary amount] 1,049.91
For financial undertakings: For financial undertakings:
Turnover-based: % - Turnover-based: [monetary amount] -
Capital expenditures-based: % - Capital expenditures-based: [monetary amount] -
The proportion of the insurance or reinsurance undertaking’s investments other than investments held
in respect of life insurance contracts where the investment risk is borne by the policy holders, that are
directed at funding, or are associated with, Taxonomy-aligned:
Value of insurance or reinsurance undertaking’s investments other than investments held in respect of life
insurance contracts where the investment risk is borne by the policy holders, that are directed at funding,
or are associated with, Taxonomy-aligned:
Turnover-based: % 1.50% Turnover-based: [monetary amount] 987.52
Capital expenditures-based: % 2.22% Capital expenditures-based: [monetary amount] 1,458.40
The proportion of Taxonomy-aligned exposures to other counterparties and assets in over total assets
covered by the KPI:
Value of Taxonomy-aligned exposures to other counterparties and assets over total assets covered by the
KPI:
Turnover-based: % 0.69% Turnover-based: [monetary amount] 451.52
Capital expenditures-based: % 0.62% Capital expenditures-based: [monetary amount] 408.49
Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities – provided ‘do-not-significant-harm’(DNSH) and social safeguards positive assessment:
(1)
Climate change mitigation Transitional activities: A % (Turnover; CapEx)
Turnover: % 1.44% Turnover: % 0.01%
CapEx: % 1.97% CapEx: % 0.04%
Enabling activities: B % (Turnover; CapEx)
Turnover: % 0.42%
CapEx: % 0.70%
(2)
Climate change adaptation Enabling activities: B % (Turnover; CapEx)
Turnover: % 0.00% Turnover: % 0.00%
CapEx: % 0.01% CapEx: % 0.00%
(3)
The sustainable use and protection of water and marine resources Enabling activities: B % (Turnover; CapEx)
Turnover: % - Turnover: % -
CapEx: % - CapEx: % -
(4)
The transition to a circular economy Enabling activities: B % (Turnover; CapEx)
Turnover: % - Turnover: % -
CapEx: % - CapEx: % -
(5)
Pollution prevention and control Enabling activities: B % (Turnover; CapEx)
Turnover: % - Turnover: % -
CapEx: % - CapEx: % -
(6)
The protection and restoration of biodiversity and ecosystems Enabling activities: B % (Turnover; CapEx)
Turnover: % - Turnover: % -
CapEx: % - CapEx: % -
Nuclear and fossil gas related activities
This next part of the mandatory reporting is the section dedicated to the
investments in gas and nuclear activities which, since the publication of the
Complementary Climate Delegated Act 2022/1214 of 9 March 2022 amending
the Taxonomy Climate Delegated Act and the Taxonomy Disclosures
Delegated Act, can be included within Taxonomy as sustainable transitional
activities provided that they respond to specific circumstances and strict
conditions.
The data over taxonomy alignment collected so far for these specific activities
is very limited. Despite the limitations of the data, Ageas took the decision
to show what is available for the time being waiting for the evolution of the
availability and quality of this specific data and/or evolution of the regulatory
framework for these specific activities.

53
Ageas Annual Report 2023
Template 1 Nuclear and fossil gas related activities
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes
with minimal waste from the fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new
nuclear installations to produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production, as well as their safety upgrades, using
best available technologies.
YES
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations
that produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
YES
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.
NO
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
YES
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of
heat generation facilities that produce heat/cool using fossil gaseous fuels.
YES
Template 2 Taxonomy-aligned economic activities (denominator)
Economic activities
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
(CCM+CCA) Climate change mitigation Climate change adaptation
Amount % Amount % Amount %
1.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I
and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
2.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I
and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
3.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I
and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3.54 0.01% 3.54 0.01% 0.00 0.00%
4.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I
and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
5.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I
and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0.03 0.00% 0.03 0.00% 0.00 0.00%
6.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I
and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0.01 0.00% 0.01 0.00% 0.00 0.00%
7.
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows
1 to 6 above in the denominator of the applicable KPI
1,317.93 2.00% 1,242.71 1.20% 1.57 0.00%
8. Total applicable KPI 1,321.50 2.01% 1,246.28 1.21% 1.57 0.00%
Template 3 Taxonomy-aligned economic activities (numerator)
Economic activities
Proportion (the information is to be presented in monetary amounts and as percentages)
(CCM+CCA) Climate change mitigation Climate change adaptation
Amount % Amount % Amount %
1.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I
and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
2.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I
and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
3.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I
and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
1.68 0.00% 1.68 0.00% 0.00 0.00%
4.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I
and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
5.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I
and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0.03 0.00% 0.03 0.00% 0.00 0.00%
6.
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I
and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
0.01 0.00% 0.01 0.00% 0.00 0.00%
7.
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows
1 to 6 above in the numerator of the applicable KPI
987.52 1.50% 944.67 1.44% 1.57 0.00%
8.
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
989.23 1.50% 946.39 1.44% 1.57 0.00%

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
Template 4 Taxonomy-eligible but not taxonomy-aligned economic activities
Economic activities
Amount
(CCM+CCA) Climate change mitigation Climate change adaptation
Amount % Amount % Amount %
1.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
2.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0.00 0.00% 0.00 0.00% 0.00 0.00%
3.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0.16 0.00% 0.16 0.00% 0.00 0.00%
4.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0.24 0.00% 0.24 0.00% 0.00 0.00%
5.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
1.29 0.00% 1.29 0.00% 0.00 0.00%
6.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred
to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0.27 0.00% 0.27 0.00% 0.00 0.00%
7.
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic
activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
739.55 1.12% 673.91 1.03% 1,156.96 1.76%
8.
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic
activities in the denominator of the applicable KPI
741.52 1.12% 675.87 1.03% 1,156.96 1.76%
Template 5 Taxonomy non-eligible economic activities
Economic activities Amount Percentage
1.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-
eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
- -
2.
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-
eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
- -
3.
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-
eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
- -
4.
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-
eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
- -
5.
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-
eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
- -
6.
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-
eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
- -
7.
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in
rows 1 to 6 above in the denominator of the applicable KPI
63,681.43 96.87%
8.
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator
of the applicable KPI
63,681.43 96.87%
Further explanation on the tables above:
A. If gas & nuclear activities are taken into account, the total amount of taxonomy aligned economic activities in the denominator (Template 2, row 8) is higher than the amount of taxonomy aligned economic activities
without taking into account gas and nuclear (Template 2, row 7). Furthermore, if gas & nuclear activities are taken into account, the total amount of taxonomy eligible but not aligned economic activities in the denominator
(Template 4, row 8) is also higher than the amount of taxonomy eligible but not aligned economic activities without taking into account gas and nuclear (Template 2, row 7).
As a result, the total amount of taxonomy non eligible economic activities in the denominator (Template 5, row 8) is lower than the amount of taxonomy non eligible economic activities without taking into account gas and
nuclear (Template 5, row 7). The difference is explained by the gas and nuclear economic activities that are taxonomy eligible and aligned (Template 2, row 1 to 6) and taxonomy eligible but not aligned (Template 4, row
1 to 6).
B. Some companies only report consolidated taxonomy figures without any split between climate change mitigation (CCM) and climate change adaptation (CCA). Some companies report consolidated taxonomy figures
and taxonomy figures for CCM and CCA but the sum of CCM and CCA does not equal to the consolidated figures.

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Ageas Annual Report 2023
Additional information over the mandatory reporting
A. Corporate issuers
Ageas uses the data from an external ESG data provider to identify
companies with reported taxonomy aligned revenues and reported taxonomy
aligned capex. The coverage is rather limited as in terms of assets under
management only 17% of our corporate issuers disclosed taxonomy alignment
data.
B. Real estate
The information on these assets is built directly by Ageas following the
data as reported by investee companies and based upon an EU Taxonomy
screening assessment performed by an external consultant in accordance
with the detailed descriptions in the Delegated Acts. The real estate portfolio
represents about 9% of total assets under management of which 5% is aligned
to EU Taxonomy and almost entirely related to the activities of AG Real Estate.
C. Central governments, central banks and supranational issuers,
derivatives, non-NFRD
Regarding the exposure to central governments, central banks, and
supranational issuers, it is worth noting that these represent a significant
part of Ageas’s investment portfolio, i.e., some 31% of total Assets Under
Management which is explained by the fact that as an (re)insurance group
Ageas has mainly long-term Life liabilities with a long duration.
Derivatives which represent 0.1% of total assets under management are
also treated separately and form part of the denominator by default for the
purpose of calculating the KPI given that presently the EU’s current view is
that derivatives are primarily used in mitigating counterparty risk rather than to
finance an asset or an economic activity.
Companies not subject to Non-Financial Reporting Directive for which
specific data are available via a data provider, are part of the denominator but
excluded from the numerator.
Voluntary disclosures
Investments in infrastructure projects
Around EUR 1.2 billion is invested in taxonomy eligible infrastructures. These
represent about 1.3% of total assets under management and are investments
in infrastructure projects financed via loans or funds mainly through AG
(Belgium) that were reported up to last year in the mandatory section of the
reporting where only the eligibility to taxonomy was required to be disclosed,
and for which Ageas disposed of sufficient information so as to state its
eligibility given these represent investments, amongst others in renewable
energy infrastructure, public transportation and waste management. Although
these are likely to be aligned to taxonomy, because of the lack of information
or incomplete information regarding their compliance with the EU taxonomy,
especially regarding DNSH and MS criteria, Ageas is unable to state that
these activities are aligned to taxonomy and as such can only report their
eligibility to taxonomy instead.
Complementary Information about the Taxonomy
Reporting
As already mentioned, the scope of this reporting is still limited due to the
availability of the data over alignment and the constant evolution of the
regulatory environment that makes the provision of data by companies to
the standards expected, and disclosure of this information to its investors,
customers and other stakeholders complex.
Most of the investments made by Ageas that are aligned to taxonomy are
investments in corporate issuers. As said previously, the information over
alignment to taxonomy objectives obtained from our data provider is limited,
for the time being, to the two first objectives.
Given this situation, the weight of the financing of Taxonomy-aligned economic
activities in Ageas overall activity is still very low and represents 1.50%
(turnover) and 2.25% (capex) over total assets under management excluding
exposures to central governments, central banks, and supranational issuers.
It is important however to mention that although Ageas cannot state the
eligibility or alignment to taxonomy for the remaining investments, these are
nevertheless selected following the responsible investment approach which is
applicable to all its investments.
Ageas is conscious of its role in society and has clearly reflected this in its
Impact24 strategy, with strong targets in terms of products, services, and
investments.
As a global insurer, Ageas plays a role in protecting its customers against
adverse events so that people can continue to live, save, and invest with
peace of mind. There are three main targets focused on best-in-class service
to its customers: 25% of its gross written premiums should come from
products that stimulate the transition to a more sustainable world, ensuring
all products have been reviewed for transparency, with the aim of a top
quartile customer Net Promoter Score (NPS) demonstrating appreciation by
customers. Ageas is continuously searching for these kinds of opportunities
also in its Non-Life portfolio, for example, via its repair instead of replace
option, drive less option or “build back better” (more information to be found in
the note 5.3 Our products).
All the above is formalised in its product policy framework. For instance, the
product approval process policy (PRAP), explicitly includes ESG criteria within
the product design phase and an assessment by the relevant stakeholders of
the extent a product creates sustainable value.

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SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
For the Non-Life reinsurance activities that concern internal activities to pool
group reinsurance protection, the same principles are automatically applied
in its policies as explained above. In terms of managing its investments,
Ageas applies a long-term vision based on prudence, responsibility, and
sustainability. The company’s approach to sustainable and responsible
investing is based on three principles:
• the exclusion of controversial activities: in accordance with current
regulations and recognised standards and based on its own convictions
and beliefs, Ageas identifies and excludes countries, sectors and
companies that have a negative impact on society and the environment;
• the incorporation of environmental, social and governance factors in the
investment decision process: to mitigate the principal adverse impact of its
investments, the portfolio managers take into account relevant ESG factors
in all investment decisions; and
• the voting and engagement policies in respect of corporate issuers: as a
responsible investor, Ageas exercises its voting rights and engages with
some selected companies on ESG practices according to its policies in this
matter. The objective is to influence the activity or behaviour of a company
and to reduce the sustainability risk of its portfolios.
The responsible investment approach of Ageas is described in a general
framework for sustainable and responsible investments which is applicable
to all its investments in general. Specific responsible investment frameworks
have also been developed for investment-based insurance products that have
obtained a Belgian reference label, a quality standard for sustainable and
socially responsible financial products.
For its investment-based insurance products, Ageas and more specifically its
operating entities have been subject to the Sustainable Finance Disclosure
Regulation since March 2021 and comply when applicable to the requirements
that have become effective since then and believes that certain criteria,
such as for instance, the consideration of the principal adverse impacts of an
economic activity should be observed during a certain period of time in order
to give an appropriate interpretation and to establish measures that alleviate
the negative effects.
Ageas’s Impact24 strategy includes the commitment to invest at least EUR
10 billion in assets making a positive contribution towards a more sustainable
world by 2024 and to achieve net-zero carbon emissions in its investment
portfolio by 2050 at the latest. To support its ambition, in 2022 Ageas joined
the UN-convened Net Zero Asset Owner Alliance (NZAOA), a member-
led initiative of insurers, pension funds and foundations, committed to
transitioning their investment portfolios to net-zero greenhouse gas (GHG)
emissions by 2050. Concretely, Ageas targets to, along with its Impact24
strategy: (i) reduce Greenhouse gas emissions intensity in the equities,
corporate bonds and infrastructure portfolios (held by European consolidated
entities) by 50% by 2030 (base year: 2021), (ii) decarbonise real estate
investments based on CRREM 1.5°C national pathways by 2030 (iii) through
asset managers and/or collective engagement initiatives, focus on the
portfolio’s 20 highest GHG detractors and encourage them to take action to
meet the European Commission’s net-zero ambition. and (iv) to invest at least
EUR 10 billion in assets making a positive social and environmental impact by
2024 and dedicate at least EUR 5 billion towards climate related investments.
Ageas’s view on the way forward
The current regulation does not contain specific or detailed guidance or
requirements on how far reaching (some) of the TSC for (re)insurance are. It is
expected that this will become clearer with additional guidance.
In 2023 there has been an evolution in terms of the quantity and quality of data
available for reporting on investments yet, still not sufficient, and certainly it
did not meet all the requirements to the extent it had hoped for this year. It was
expected to already disclose the eligibility for the four remaining objectives
but unfortunately data is still lacking for a significant part of the assets that,
although eligible, Ageas does not have all elements in hand to determine its
alignment to taxonomy. The current approach to the production of taxonomy-
related disclosures will certainly evolve over the coming years.

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5.7
Safe, secure and compliant
insurance
The four impact areas reflect Ageas’s strategy and its ambition towards
its stakeholders. For an organisation to thrive it implies a solid base of
appropriate conduct and support for society as a whole. This links back
to one of the highly material topics: Responsible governance. The section
first elaborates on how Ageas brings ethics and integrity to life every
day: by being explicit about the responsible business conduct expected
of its employees; establishing how to handle sensitive data of employees
and customers, and clarifying what it expects from its suppliers; and as a
responsible taxpayer in society. Furthermore, Ageas has another role to play
in society, beyond its business activities. This is described in the second part
of this section, as a deep dive into Ageas’s philanthropic activities.
.
5.7.1 Ethics and integrity, the pillars of responsible business conduct
Sound business practices rest upon a consistent series of ethical
fundamentals: striving towards the highest integrity, fighting against corruption
and fraud, rejecting unacceptable practices and behaviours, preventing
criminal activities, contracting with trusted and reliable parties, and globally
maintaining an effective compliance culture.
At Ageas, these principles are translated into a consistent set of policies
and codes of conduct: the Ageas Policy Framework. This framework is an
essential element of the global group governance; it is based on the regulatory
environment in which Ageas operates while reflecting an analysis of the
risks to which the group is exposed from an integrity, governance, social and
environmental perspective.
The Ageas’s Policy Framework is carefully managed and followed-up,
according to well-defined processes, including their (re-)approval by the Board
of Directors. Its applicability extends to all subsidiaries of the group along a
consistent and relevant set of rules. It touches upon all aspects of Ageas’s
business, of which the most significant ones in relation to ethics and integrity
are corruption, conflict of interest, fit and proper, insider dealing, sanctions,
anti-money laundering and countering terrorist financing, treating customers
fairly, whistleblowing and complaints handling.
These topics are monitored in the context of the global control activities of
the group and reported upon up to the top management, being the Executive
Committee and the Board of Directors.
Zooming on the prevention of corruption
Ageas has a policy in place that is specifically dealing with anti-bribery and
corruption. It describes the frame of mind in which Ageas intends to operate
and to do business and sets out the principles and rules to abide by to avoid
committing or seeming to commit an act of active or passive corruption.
The leading principle is the prohibition of bribery, active or passive, direct or
indirect, in any form.
A series of controls are in place to prevent corruption. All staff members
are required to abide by strict criteria when receiving or proposing gifts,
advantages, invitations, and hospitalities, and are subject to a risk-based
approach, including an obligation of notification to the Compliance department
in certain cases. Any irregularity is reported to the top management bodies.
Other compliance policies provide for a series of processes that jointly form
a beam of protective, detective and monitoring requirements to preclude
corruption and more generally criminal activities, in the field of conflicts of
interest, personal financial transactions and insider dealing, anti-money
laundering, application of sanctions, and the fit and proper framework. The
whole Ageas Policy Framework includes principles and rules that contribute
to prevent corruption, specifically the acceptance and due diligence
requirements towards third parties, suppliers, vendors. Two major ones are
the Procurement and the Outsourcing policies.
Ageas’s positioning towards lobbying reflects its concern to prevent corruption:
it was outlined in a guidance note in 2021, approved by the Board of Directors.
Discussion at the Board and Executive Committee confirmed the commitment
included in the Anti-Bribery and Corruption policy that Ageas prohibits Ageas,
its employees or agents from making direct or indirect contributions to political
parties, organisations or individuals engaged in politics as a way of obtaining
advantage in business transactions. The 2023 total expenses on corporate
memberships to sector and professional associations across Ageas Group
equal EUR 3,9 mio. Reporting lobbying activities in the EU transparency
register is for companies that are performing these lobbying activities with the
aim of influencing the European institutions such as the European Parliament,
EU Council and/or the European Commission. Review of Ageas’s activities
revealed that Ageas does not perform any of these lobbying activities.
Therefore, Ageas has decided to cancel its registration in the EU transparency
register.
The number of convictions for violation of anti-corruption and anti-bribery laws
are carefully monitored by the holding company and all the subsidiaries and,
in 2023, no such convictions were reported involving Ageas staff members.
More info on topics covered by Ageas’s
policies is available on Ageas’s sustainability
website

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
Protecting your data carefully
(Personal) data is a vital asset for Ageas and is treated in that way. With
increasing digitalisation leading to a larger digital footprint and greater
complexity, its importance and attractiveness is growing, together with the
need to protect it. Combined with information, data can give insights about
customers, products, and services. It can also help innovate and reach
strategic goals. However, when not correctly managed it can be exposed to
information security risks and/or risks of non-compliance with regulatory and
legal requirements. That is why Ageas implemented a Data Management and
Information Security framework to ensure:
• safeguarding of (personal) data of all data subjects (customers, employees,
suppliers, investees);
• compliance with laws and regulations;
• the continuity of day-to-day operations;
• the ability to make consistent and ethical decisions about the value of data;
• the reputation of Ageas.
Ageas’s commitments:
• We implement leading industry standards on both information security (ISO
27 series / ISF SoGP) and data protection (ISO 27K / ENISA).
• We only collect and process personal data for its stated purpose.
• We do not sell personal data to third parties for commercial purposes.
• We ask for clear, specific, and informed consent when processing personal
data.
• We continuously invest in information security and data protection
measures.
• We treat data ethically.
The Data Management framework and Information Security framework
are part of Ageas Group’s Enterprise Risk Management framework (for
more information on Governance of such frameworks see General Notes
C Risk Management) and consist of policies and standards describing
the governance, roles and responsibilities, processes, and tools. The
Data Management policy and Information Security policy are inspired by
international standards such as ISO 27K series as well as by industry best
practices regarding data management (DAMA Guide to the Data Management
Body of Knowledge from the Data Management Association (DAMA-
DMBOK)) and information security (Standard of Good Practice (SoGP) from
the Information Security Forum (ISF)). The existing framework is reviewed on
a periodic basis to include any updates in line with global and local regulations
or industry standards. As with any other Ageas policy, these policies are
mandatory for all Ageas subsidiaries and should be implemented on a best
effort basis by Ageas affiliates. Based on these frameworks Ageas has
deployed a tight frame of controls throughout the group.
Ageas is committed to the protection of (personal) data, putting it at the
core of its processes. Ageas does this by complying with all legislative data
protection requirements of which the EU General Data Protection Regulation
(GDPR) is the most important. The Data Protection standard, being part of
the Data Management framework, is in line with GDPR. It consists of rules
and principles relative to the processing and protection of personal data
within Ageas’s consolidated entities. These rules give more rights to data
subjects, on the one hand, and provide strict and formal rules for Ageas when
processing personal data, on the other hand. The Privacy statements of each
European subsidiary explain how Ageas has translated GDPR into its day-
to-day operations. Adequate controls are in place around the processing of
personal data by third parties on behalf of Ageas.
All European consolidated entities within Ageas Group have adequate
processes in place to detect, analyse, register, report and mitigate data
breaches. Each data breach is evaluated in line with industry standards based
on an incident severity assessment and reported if necessary to the local
Data Protection Authority. Where needed, data subjects are also informed
appropriately. In 2023 0.3% of all reported data breaches were reported to
authorities (compared to 1% in 2022). Towards data subjects, the DPO is
making sure that the individual’s fundamental rights as defined in GDPR (e.g.,
facility to make a request to erase, restrict, rectify, or withdraw consent to
the processing of personal data or file a complaint) are fully respected. The
Data Protection Officer (DPO) escalates issues to the local Data Protection
Authority (DPA) in the event that the entity processes personal data that
may cause damage and/or distress to the data subjects. An annual GDPR
compliance maturity assessment is performed by each European controlled
entity, of which the results are included in the annual Group DPO report to the
Board of Directors.
The consequences of inadequate information security can have devasting
impacts on (personal) data managed by Ageas. The Information Security
framework is set up to protect all Ageas information assets (incl. (personal)
data) from a wide range of threats (e.g., malware, computer hacking,
denial-of-service attacks, computer fraud, phishing, social engineering,
unauthorized disclosure of data, fire, etc.). This is achieved by implementing
a suitable set of non-technical measures such as policies, processes,
procedures, guidelines, governed by organisational structures, and technical
controls including perimeter control, access control, monitoring, and secure
coding controls. For each information security aspect, the information
security framework defines a minimum level and/or an ambition level of
implementation. An annual information security maturity assessment (based
on the ISF Security Health Check questionnaire) is performed by each
controlled entity. This assessment is subject to an independent review, and
the results are reported to the applicable risk committees and the Board of
Directors. All controlled entities are in scope of the ISO27001 certification
programme. Currently, AG Insurance (Belgium), Ageas Regional Office Hong
Kong, and AFLIC (India) are already ISO27001 certified.
Ageas invests in permanent awareness and mandatory training related to
both information security and personal data management processes. A wide
programme of training is organized in every entity of the group throughout the
year. There is a mix of centralised training material cascaded from Corporate
Centre and subsequently tailored to local needs and decentralised material
that each business has developed. Similarly, there is a mix of mandatory and
voluntary training. Training initiatives can take various formats: e-learning,
interactive modules, presentations, workshops, deep-dive sessions. These
training sessions are tailored to the target audience in terms of content,
frequency, and timing, which can range from a selection of employees based
on their specific needs or areas of work, to all employees at any level (e.g.
regular phishing tests). The objective is to reach 100% of the defined target
audience. In each entity, there is a mandatory welcome programme for new
employees. This is complemented by regular awareness campaigns run via
internal communication channels such as corporate social network, intranet,
or e-mails.

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Supporting the Compliance Culture
The tone from the top
The Board of Directors and the Executive Committee set the tone from
the top. They are kept informed of the outcome of control and monitoring
activities, on a continuous basis, along a formal beam of channels,
committees, and reports, so that they are provided with a substantiated view
of the level of compliance of the group and a documented account of detected
areas where remedying actions are required. The robust control framework
and their in-depth understanding enables top management to set the tone
from the top and exercise their accountability.
Training and awareness
Training initiatives are essential to supporting the compliance culture and
maintaining awareness towards ethics and conduct in the whole group. A wide
programme of training is organised in every entity of the group. Besides the
technical and business-specific training, the Compliance function deploys
a wide and continuous compliance training programme for employees and
management.
Training initiatives can take various forms: eLearning, classroom training,
interactive modules, webinars, presentations, workshops, deep-dive sessions.
They include a series of mandatory and voluntary trainings, and participation
is followed up as part of the reporting towards the managing bodies. The
objective is to reach 100% of the target audience.
The curriculum is tailored to meet the training needs as adequately as
possible and includes relevant elements like ethics and deontology,
governance and policies, conflicts of interest, corruption, prevention of
criminal activities, anti-money laundering and countering terrorist financing,
treating customer fairly and product approval process, third party transactions.
The training sessions involve the relevant audience with respect to content,
frequency and timing, and the target audience can range from a selection of
employees based on their specific needs or areas of work, to all employees at
any level.
In each subsidiary, there is a mandatory welcome programme for new
employees, presenting and explaining the ethical principles and compliance
obligations, with an explicit focus on employees’ obligations as regards
governance and policies, how to deal with personal transactions, gifts and
advantages, conflicts of interest and complemented with a series of topics
such as the whistleblowing framework, and general rules on competition.
The training curriculum is under constant scrutiny to keep it fit for purpose and
upgraded as necessary. Weaker areas are identified so that the programme
can be adjusted accordingly.
Remaining in control
Ageas has deployed a tight frame of controls throughout the group. As owner
of key policies of direct importance in the fight against corruption, the Group
Compliance department or function, referred to as Group Compliance, being
a second-line independent control function, plays a determining role in the
group-wide deployment of the preventive frame. It is par excellence the
transmission belt to establish and maintain consistency of principles and
approaches in all subsidiaries to fight corruption.
Besides, Compliance Functions at holding and subsidiary levels are
responsible for monitoring and providing reasonable assurances across the
Group. Compliance Functions conduct their monitoring and control activities,
along a structured, appropriate and proportionate approach in detecting
potential and effective non-compliances, subsequently assessing the residual
compliance risks, and defining remedying actions. Those are followed up and
reported to the Group Executive Committee and Management Committee,
up to the Board of Directors. This monitoring is based on a well-defined and
regularly updated methodology, involving analysis and testing, and leading to
the issuance of formal compliance statements.
Compliance also verifies that appropriate controls and/or due diligence are
effectively conducted in a series of fields, such as third-party review for
proper identification, absence of conflict of interest, AML/CTF requirements,
Sanctions, FATCA and CRS status, in contract reviews by the Legal
department, in the monitoring of remunerations and inducements to and from
distributors, in the fit and proper monitoring.

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SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
Human rights
Respect for human rights by Ageas is a key underlying element of its global
policy framework. As a “supporter of your life”, Ageas is committed to
conducting its business in a manner that respects the rights of all human
beings. Ageas fully subscribes to the United Nations (UN) Universal
Declaration of Human Rights (UDHR) and the International Labour
Organisation’s (ILO) Core Conventions. Underpinned in Ageas’s culture of
integrity, Ageas is committed to complying with applicable legal requirements
and internal policies on the subject, and to respect internationally recognised
human rights, avoiding complicity in human rights abuses, as stated in the UN
Guiding Principles on Business and Human Rights.
In 2020, Ageas formally subscribed to the Ten Principles of the United Nations
Global Compact (UNGC) which includes two principles focused on the topic of
human rights, namely:
• Principle 1: Businesses should support and respect the protection of
internationally proclaimed human rights.
• Principle 2: Businesses should make sure that they are not complicit in
human rights abuses.
To support the identification, management and reporting of salient human
rights issues in line with the expectations set by the UNGC, a business-wide
human rights risk assessment was carried out for the first time in 2021. This
year, the assessment was updated.
1. Setup
Ageas updated its 2021 human rights risk questionnaire, based on the UNGC
self-assessment tool and upcoming European reporting requirements on the
topic of human rights. Internal stakeholders within the consolidated entities
were asked to complete the questionnaire. The assessment for Touring, a
recent acquisition, is still ongoing.
The purpose of this survey was to update the insights on how the consolidated
entities manage their salient human rights risks through policies and
procedures. The latter includes due diligence processes and grievance
mechanisms. In particular, businesses were asked the following types of
questions:
• What are the most salient human rights risks for the undertaking?
• Are human rights risks explicitly addressed in existing policies?
• Is there a due diligence process in place to proactively manage potential
and actual adverse human rights impacts that are related to the business
activity?
• Are operational-level grievance mechanisms in place?
2. Initial, high-level results
Identifying salient human rights issues is about assessing which rights are
most at risk through the company’s activities and business relationships, and
therefore where to focus attention and resources. Based on the responses
received from the entities, four frequently recurring salient human rights risks
were identified. These are shown in the table below. Similar to the previous
assessment in 2021, results indicate that the different businesses have in
place a wide range of policies and procedures to manage the identified risks,
in line with the policies and minimum standards defined at group level. Some
entities have more mature processes and controls in place than others,
highlighting opportunities to share best practices across the consolidated
entities.
Depending on the company’s activities, Ageas has multiple roles, each with a
(slightly) different approach according to the different salient risks identified.
Potentially impacted stakeholder group
Employees Customers Investee
Companies
Business
partners
Discrimination
Reputational risks
related to doing
business with
customers, sectors
and/or countries that
violate human rights
Digital security/privacy
Safe & healthy working
environment

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Ageas Annual Report 2023
As an employer
In line with the ambition to be a ‘Great place to Grow’, Ageas endeavours to
create an open, diverse, and inclusive environment, for all employees to feel
welcomed, respected and having the opportunity to realise their potential, as
is confirmed in Ageas’s Human and labour rights – Guiding principles.
As an employer, Ageas places significant importance on diversity and
inclusion in the workplace. A zero-tolerance approach is taken to any form of
bullying, harassment, or discrimination. Ageas’s commitments on this topic
are further detailed in its diversity and inclusion policy as well as its code of
conduct. Similar policies or codes are in place at the consolidated entities. In
the event of an incident of discrimination incident occurs, the affected party
can raise this via the Ageas Integrity Line or the Internal Alert System. Other
initiatives include employee engagement surveys to gauge staff sentiment.
Another important topic is health and safety in the workplace. Specific
guidelines are in place to ensure a safe and healthy working environment for
all employees. Finally, the confidentiality of employee data is crucial to Ageas
(see above in this note). The European General Data Protection Regulation
(GDPR) has imposed strict rules to all European companies on personal
data management, not only for employees but also for customers and other
stakeholders. To ensure that personal data is managed in a consistent way
across the organization, Ageas has implemented an appropriate set of both
non-technical and technical measures, ranging from policies and processes to
specific tools and controls.
And finally, Ageas’s Suitability Framework outlines the rules, standards and
processes designed to ensure that specific bodies and individuals entrusted
with managerial duties are at all times fit and proper.
More information on Ageas’s initiatives can be found in note 5.2 Our
employees.
As an insurer
As an insurance provider, Ageas strives to provide insurance products and
services that meet the demands and needs of its customers, protecting them
against adverse events so that they can continue to live, save, and invest
with peace of mind. Within the Impact24 strategy, Ageas has raised the
bar by focusing efforts on supporting customers in the transition to a more
sustainable world while reviewing its products for transparency.
As global insurer, Ageas is conscious of the potential adverse effects on its
customers’ well-being including standard of living, and eventual financial
distress, if their circumstances and needs are not adequately understood.
The principle of ‘Treating Customers Fairly’ (TFC) has been central to Ageas’s
culture and built into its operating models and procedures.
Ageas’s TCF Policy sets minimum standards to ensure fair outcomes for
customers, meaning that product and service solutions meet identified
customers’ needs, that customers are provided with clear, complete and
transparent information and sound advice, that customers are informed about
what is and what is not covered by the product and that they do not face
unreasonable post-sales barriers to change product, switch provider, and/
or submit a claim. Complementary, in accordance with Ageas’s Complaints
Handling policy, customers are able to submit a complaint via any ‘direct
channel’ (mail, email, fax, phone…) to ensure they are fairly treated.
Ageas’s Product Approval policy and process include considerations on ESG
factors (including, social inclusion, affordability, and human rights issues,
among others) when developing and launching new products or making
material changes to existing products.
A comprehensive suite of metrics exists to monitor product performance such
as claims volumes, claims repudiation rates, loss ratio, complaints, target
market coverage, … and action is taken to address any weaknesses identified
to minimise customer detriment. Through the Impact24 strategy, Ageas is
focusing even more on continuous improvement in the customer experience,
including an explicit target on customer NPS linked to management
performance.
Ageas also aims to take care of the most vulnerable in society, looking at
solutions that make insurance more affordable and more accessible.
Further information on initiatives taken through our Operating Companies can
be found in note 5.3. Our Products.
5 Complaint is defined in the Complaints Handling policy and means a statement of dissatisfaction addressed to an (insurance) undertaking by a person relating to the (insurance)
contract or service he/she has been provided with.

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
As an investor
Insurers are significant institutional investors and Ageas is no exception.
Having a long record in sustainable investments, Ageas is continuously
finetuning its responsible investment approach in line with stronger
sustainability ambitions set by the Impact24 strategy.
The signature of the UN Principles of Responsible Investment (PRI) at
the end of 2018, has progressively resulted in ESG factors becoming
a fundamental cornerstone in Ageas’s investment decision framework.
Integrating considerations on human rights related risks into negative and
positive screening processes is one of the elements considered within
Ageas’s Responsible Investment Framework. For instance, countries subject
to international sanctions or financial embargoes, amongst others for reasons
related to human rights violations, are excluded from the investment universe.
Ageas’s Responsible Investment Framework also sets an expectation for
companies to respect the ten principles of the UN GC in the area of human
rights, labour rights, environment, and business ethics. For screening
purposes in this respect, Ageas is supported by an external ESG data provider
to help identify companies in breach of one or more of the UNGC principles.
Specific exclusions lists are drawn up (and reviewed at least twice a year),
upon which internal managers and external managers via managing mandates
must comply.
Ageas’s Responsible Investment framework is implemented in all European
consolidated entities. AFLIC, the newly consolidated entity, has implemented
a similar investment framework.
Further information can be found in note 5.4. Our Investments.
As a procurer of goods and services
As a procurer of goods and services, Ageas has relationships with many
suppliers from which products or services are purchased.
Ageas’ expectations of vendors are established in the Procurement and
Outsourcing policies. All subsidiaries are expected to comply with these
policies. Policy principles include that vendors must respect all internationally
proclaimed human rights and be guided in the conduct of business by the
provisions of the UN UDHR and the International Labour Organisation core
conventions. Separate expectations are also set regarding health & safety
and discrimination in the workplace.Entering supplier and service provider
relationships is subject to satisfactory responses to human rights and ESG
related questions within the due diligence process. Clauses are included in
certain contracts that require third parties to alert Ageas to any breach of
laws, regulations, and internationally accepted standards in short notice.
Ageas usually has audit rights to ensure that such contractual clauses can be
enforced.
Within the Incident Reporting policy, Ageas Internal Alert System is also
available to temporary (agency) staff and people hired to work on specific
projects at Ageas.
Further information can be found below in sub-section “Setting sustainability
expectations to suppliers”.
Given the importance of this topic, Ageas will continue to provide an annual
update on efforts to respect human rights and further accelerate initiatives
to deliver positive social impact both internally and externally, leveraging
resources and expertise across the Group.

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Ageas Annual Report 2023
Follow this link for a detailed overview of the
initiatives Ageas supports.
Whistleblowing
The global reporting environment would not be complete without a path to
capture situations or circumstances that may have adverse consequences.
At Ageas, several channels serve this purpose and are all gathered under
Whistleblowing.
The Compliance Incident Reporting Policy (a.k.a. the Internal Alert System)
allows reporting of wrongful situations or incidents that have or could have
serious adverse consequences for the financial standing, performance and/or
reputation of Ageas via a well-structured process, available to employees and
third parties. There may be occasions when an employee or third party has
genuine concerns about such a wrongful situation. The process enables the
escalation of such concerns swiftly to the appropriate source for investigation
and resolution, in confidence and without fear of reprisal. Any case is always
handled with the highest respect for confidentiality.
Another channel through which incidents can be detected, is the Complaints
Handling process. A Complaints Handling policy is in place, that sets out the
implementation rules to deal with complaints
5
formulated by customers and
policyholders, shareholders, suppliers, and other external parties. It stems
from Ageas’s commitment to ensure that all its stakeholders are treated fairly.
This is translated into the company’s duty to inform policyholders and other
stakeholders about the arrangements in place for lodging complaints, as well
as the process for handling them.
Lastly, dedicated channels have been implemented in the consolidated
entities in scope in line with the EU directive on Whistleblower Protection and
national transposing laws.
Setting sustainability expectations to suppliers
Ageas not only focuses on a more environmentally friendly management of
its operations but aims to manage the organisation in a socially responsible
way, expecting the same from its suppliers. In addition to the update of the
Group procurement policy in 2022 by integrating ESG criteria formally into its
supplier assessment process, in 2023 an ESG questionnaire was created for
all key suppliers to be completed. All European consolidated entities are using
the questionnaire to be completed for all key suppliers and/or impose specific
local additional requirements when requesting an offer, e.g., in the case of the
purchase of IT equipment or when selecting the supplier for catering in Ageas
offices.
Ageas, a responsible taxpayer
Ageas always operates as a responsible taxpayer with adequate processes
and controls in place to enable all tax liabilities are accurately calculated
and all taxes due are paid in a timely fashion. As such, Ageas respects all
international and national tax legislation in all countries in which it operates.
Ageas does not engage in artificial structures that have no commercial
substance and are intended solely for tax avoidance. With this engagement
Ageas takes up its responsibility towards the local communities as an
employer and a local stakeholder with the aim to fundamentally support
the local economies and its citizens. All corporate and local taxes for the
consolidated entities are reported in a transparent way. As a result of the
implementation of IFRS 17/9 the 2022 reported figures have been adapted
and differ from the ones reported in the 2022 Annual Report.
5.7.2 Philanthropy activities
Ageas believes that it has a duty of responsibility to play a meaningful role in
supporting society, bringing to life its purpose as a supporter of the lives of its
stakeholders. For Ageas this support takes many forms and includes initiatives
that touch on poverty and hunger, education and literary, sport, art, health,
and inclusion. We pay particular attention to those areas of engagement that
align most naturally with our business, where we believe we can make most
impact, specifically education, with an emphasis on financial literacy, health
and wellbeing, and inclusion. In 2023, Ageas invested some EUR 4.9 million in
philanthropic initiatives, bringing to life its purpose as a “Supporter of your life”.
In focusing on financial literacy Ageas prioritises the education of young
people, recognising that financial literacy matters as it forms the backbone of
future societies. By investing both in the development of its own people and
more broadly in future generations at every level of their development, in an
inclusive way, Ageas believes that it is contributing towards the development
of a stronger and more stable society, while helping to create opportunities for
people to thrive and grow.
Health aligns with Ageas’s focus on the health sector and its increasing
engagement in different aspects of the health ecosystem. Support takes
many forms and comes at a time when so many healthcare services are
under increased stress. As well as expanding access to basic healthcare
services, Ageas believes in the importance of preventative health measures
encouraging good health and wellbeing practices.
In supporting the concept of Inclusion Ageas confirms its commitment
to inclusivity in its widest sense, starting with the accessibility of its core
products but going a step further. Ageas believes that inclusive societies are
strong societies and that all opportunities to increase accessibility to those
aspects of society and life we often take for granted are important.

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
Workforce 2023 2022
Headcount Ageas Group 50,395 44,230
Headcount consolidated entities 16,163 14,673
Average age (# years) 42.5 42.6
Average seniority (# years) 9.4 13.8
Turnover (%) 17% 11%
Vacancies (%) 6% 5%
Diversity & Inclusion
Male/female (total split in %) 50% - 50% 45% - 55%
Balanced succession pipeline top 300 (top 800 minus top 300, male / female) (*) 62% - 38% 63% - 37%
Male/female senior management (top 800, split in %) (*) 64% - 36% 65% - 35%
Male/female top management (top 300, split in %) (*) 67% - 33% 68% - 32%
Male/female executive management (split in %) 80% - 20% 80% - 20%
Male/female board of directors (split in %) 46% - 54% 60% - 40%
Nationalities at head office (number) 23 24
Nationalities at consolidated entities (number) 87 68
Glass Ceiling Index (GCI) 65% 57%
Gender Diversity Index (GDI) (**) 0.87 0.75
Gender pay gap (lowest / highest, in %) (***) 11% - 28% 14% - 27%
Gender pay gap (weighted average, in %) (***) 21% 23%
Employee engagement
(****)
eNPS score 62.9 56.0
eNPS score (consolidated entities) 67.4 56.7
Employee engagement score 79.3 78.4
Employee engagement survey (% participation rate) 83% 88%
Denison Global Organisation Culture Survey (participation rate in %) - 65%
Employee development - Ageas Academy
Number of participants
Instructor-led programmes 544 481
Dare Series 589 784
Online 1,763 3,303
Number of programmes (instructor-led & dare series and online) 40 49
Average quality & content score from 1 (lowest) -10 (highest) 8.8 8.7
Employee development
Training hours per headcount 34 34
Employee participation in training (in %) 88% 98%
Employee well-being
Total Absenteeism due to illness (%) 6.5% 5.9%
Short term absenteeism due to illness (%) 2.3% 1.8%
Long term absenteeism due to illness (%) 4.2% 4.1%
Remuneration
Total employment costs (in EUR mio) 1,048 922
Ratio of average to CEO salary 23.1 21.8
n/a Not applicable
The scope of the indicators above are all consolidated except Touring, unless otherwise indicated, except for headcount which also includes Touring.
For 2022, AFLIC, Anima and Interparking are only included in the KPIs “Headcount Ageas Group” and “Headcount consolidated entities”.
(*) Scope of indicator is all consolidated entities except for AFLIC, AG Real Estate, Interparking, Anima and Touring
(**) For 2022 and 2023, own estimate based on available information and methodology. To be confirmed by EWoB report(s)
(***) Scope of indicator is all consolidated entities except for Interparking, Anima and Touring
(****) Scope for the indicators under “Employee engagement” is consolidated entities and the following JV’s: Turkey, Vietnam and the Philippines.
5.8
Sustainability and non-financial indicators
This section includes a full set of the sustainability and non-financial indicators for the different impact areas, with comparable data as at 31 December 2023 and 2022.
More information on initiatives, actions and targets can be found in the related sections above.
5.8.1 Our employees

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Ageas Annual Report 2023
5.8.2 Our products
Number of customers incl. non-consolidated entities (in mio) 2023 2022
Belgium 2.95 2.94
Europe 15.13 14.27
Asia 28.44 29.42
Total 46.52 46.63
Presence
Number of countries with direct or indirect presence 13 14
Products that stimulate the transition to a more sustainable world - % of gross written premiums
Total 28% 21%
Of which Life 34% 22%
Non-Life 22% 19%
Customer satisfaction
% of entities with NPS benchmarking versus competitors (group) 76% 65%
% of consolidated entities with a top quartile cNPS 25% 25%
5.8.3 Our investments
Responsible investments (in EUR mio) 2023 2022
Total assets under management 87,476 84,641
- of which Life, Non-Life & Own funds 69,023 68,846
- of which unit-linked 18,453 15,795
Internally managed assets - Percentage new investments subject to ESG analysis 100% Above 99%
Externally managed assets - Percentage of externally managed assets that are managed by PRI signatory 97% 98%
Percentage of new investments in coal (*), tobacco (*), arms (*), unconventional oil & gas (*), gambling (*) 0% 0%
Sustainable investments (**) 13,239 10,269
Exposure to sustainble investments including sovereign bonds (**) 19% 14%
Environment (***) 6,801 3,848
- Renewable energy (including solar panels, winds farms) 883 868
- Green mobility (including train, metro, tramways, etc) 587 334
- Green buildings 1,046 935
- Green bonds 2,408 1,049
- Other green investments 1,877 662
Social and sustainable 6,438 6,421
- Social housing 2,836 2,780
- Other social and sustainable investments (including education, rest homes, hospitals, fiber-optic infrastructure) 3,602 3,641
(*) taken into account revenue thresholds
(**) excluding the assets of the Unit-Linked business; sustainable investments as defined in Impact24, double counting has been avoided
(***) In case of an investment ticking multiple categories, the investment is included in the first description in order to avoid double counting
Sustainable solutions (pension, long term saving and investment insurance products) 14,858 12,625
% versus total solutions 21% 21%
- Products with external sustainable certification (including Towards Sustainability label) 11,458 9,331
- Products without external sustainable certification (including ESG thematic funds) 3,400 3,293

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Ageas Annual Report 2023
SUSTAINABILITY AT THE HEART OF EVERYTHING WE DO
5.8.4 Our planet
5.8.4.1 Carbon footprint of own operations
Carbon footprint in tCO
2
e 2023(*) 2022
Scope Net total (tCO
2
e) Relative share Net total (tCO
2
e) Relative share
Scope 1
Direct energy – gas & heavy fuels 1,595 5% 1,891 9%
Refrigerants 636 2% 330 2%
Owned vehicles 8,998 31% 8,089 37%
Total scope 1 11,229 38% 10,309 48%
Scope 2
Electricity – net(**) 1,448 5% 760 4%
Total scope 2 1,448 5% 760 4%
Scope 3
Home – work commuting 9,224 31% 5,941 27%
Business travel 5,637 19% 1,497 7%
Purchased goods and services
Paper 289 1% 245 1%
IT 1,473 5% 2,711 12%
Waste 231 1% 229 1%
Total scope 3 17,301 57% 10,624 48%
TOTAL tonnes CO
2
e gross 29,531 21,694
Carbon offsetting (***) 29,531 21,694
TOTAL tonnes CO
2
e net 0 0
Tonnes CO
2
e per FTE 2.8 2.4
(*) 2023 is the first year AFLIC CO2e is measured
(**) including district heating
(***) based on signing of offsetting agreements
Electricity in detail (tCO
2
e) 2023 2022
Electricity - gross 4,251 4,605
CO
2
e avoided by green electricity 2,803 3,845
Electricity - net 1,448 760
5.8.4.2 Investments – carbon intensity
Scope 1 and 2 (tCO2e/mln USD) 2023 2021 (base year)
Ageas equity and corporate bonds portfolio (listed companies, excl. unit-linked) 97. 80 149.10
5.8.4.3 Investments – coal divestment
2023 2022
Divestment of coal related investments by 2030 Target on track Target on track
New investments in coal, unconventional oil & gas 0% 0%
5.8.4.4 Real estate activities – energy and water consumption
Reduction in owned office buildings since 2016 (83% (2023) and 94% (2022) of portfolio measured) 2023 2022
CO
2
e 41,9% 31.9%
Gaz 27,5% 14.4%
Electricity 28.7% 29.9%

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Ageas Annual Report 2023
5.8.5 Safe, secure and compliant insurance
Code of conduct 2023 2022
% of staff subject to a Code of Conduct, or Integrity Policy, or any Formal statement of ethical principles imposed by the undertaking 100% 100%
Participation rates to training sessions and questionnaires 2023 2022
Inception meetings* 100% 100%
Awareness initiative 96% 87%
Yearly Compliance questionnaire (control on personal transactions, gifts and hospitalities, conflict of interest (external functions))** 99% 100%
Yearly Legal questionnaire (memberships to professional and trade associations)*** 79% 82%
* scope 2022: Ageas Corporate Center
** scope: Ageas Corporate Center and Regional Office Asia
*** scope: Ageas Corporate Center
Whistleblowing and breaches 2023 2022
Number of whistleblowing cases, all relating to code of conduct actual breaches 1 4
Internal fraud – number of suspected cases 84 37
Number of effective cases of internal fraud 9 11
Lobbying - memberships (in EUR mio) 2023 2022
Lobbying activities 1.7 2.2
Political funding 0.0 -
Memberships 3.9 3.0
Income tax by segment (in EUR mio) 2023 2022
Ageas SA/NV 11 21
Belgium 184 147
Europe 54 37
Asia 2 0
Total corporate income tax charge 251 205
Philanthropy - Community investment (in EUR mio) 2023 2022
Cash donations 4.9 4.7
Investor Loyalty 2023 2022
% of outstanding shares represented by top 100 investors 54% 52%
Of which owned for at least 10 years 54% 46%
% of shares owned for min 10 years 33% 30%

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
Corporate Governance
Statement
6.1
Board of Directors
The Board of Directors operates within the framework defined by Belgian
legislation, National Bank of Belgium (NBB) requirements, the Belgian
Corporate Governance Code, normal governance practice in Belgium and the
Articles of Association. The roles and responsibilities of the Board of Directors
and its composition, structure and organisation are described in detail in
the Ageas Corporate Governance Charter which is available on the Ageas
website.
6.1.1 Composition
On 31 December 2023, the Board of Directors was composed of thirteen
members, namely: Bart De Smet (Chairman), Jane Murphy (Vice-Chair),
Richard Jackson, Lucrezia Reichlin, Yvonne Lang Ketterer, Katleen
Vandeweyer, Sonali Chandmal, Jean-Michel Chatagny, Carolin Gabor, Alicia
Garcia Herrero, Hans De Cuyper (CEO), Wim Guilliams (CFO) and Emmanuel
Van Grimbergen (CRO).
Alicia Garcia Herrero and Wim Guilliams were appointed as new members of
the Board of Directors at the general shareholders’ meeting of 17 May 2023
and the mandate of Emmanuel Van Grimbergen was renewed.
The mandates of Christophe Boizard, Filip Coremans and Guy de Selliers de
Moranville came to an end on 17 May 2023 and were not renewed. Antonio
Cano ended his mandate as a member of the Board of Directors at the same
date.
Both Filip Coremans and Antonio Cano remain members of the Executive
Committee, respectively as MD Asia and MD Europe.
With these changes the number of executive members in the Board reduced
and as a consequence, the balance independent / non-independent board
members improved. Out of the thirteen Board members, ten members are
non-executive directors, of which nine independent and three of them are
executive directors (CEO, CRO and CFO). Seven out of the thirteen directors
are female.
It should be noted that in line with the regulatory requirements, the Chief
Executive Officer (CEO) and the Chief Risk Officer (CRO) must be directors,
being recommended that the Chief Financial Officer (CFO) is also a director.
This ensures that a connection is kept between the Board, in his supervisory
role, and the Executive Committee (for more details about the Executive
Committee composition please refer to 6.2).
6.1.2 Meetings
The Board of Directors met seventeen times in 2023, including one meeting
without the presence of the Executive members (except for the CEO who
attended part of the meeting) in order to discuss their appraisal. Attendance
details can be found in section 6.5 Board of Directors.
In 2023, the Board dealt with, among others, the following matters:
• The ongoing development of each of the Ageas businesses;
• The preparation of the General Meetings of Shareholders;
• The consolidated semi-annual and annual financial statements; in this
respect, it is to be noted that as from year 2023, the company no longer
published quarterly audited statements;
• The 2022 Annual Report and mandatory reporting to the NBB (including
the RSR, SFCR, SOGA, and ORSA reports, quarterly Key and Emerging
Risk reporting), and updates on and approval of policies within the
Enterprise Risk Management Policy Framework;
• Press releases;
• The budget over the cycle 2024-2027;
• Dividend, capital and solvency matters of the company;
• The succession planning of the Board of Directors and of the Executive
Management;
• The performance of the Executive Committee and Management
Committee;
• The restructuring of the Executive Management (for details in this respect,
please refer to 6.2.2);
• The Remuneration Policy;
• The assessment of the independent control functions;
• Various merger and acquisition files;
• Reinsurance specific matters: governance, financials, risk appetite, capital
allocation, business plan;
• Sustainability matters, including the double materiality assessment, the
evolution of the regulatory landscape (with specific attention for the CSRD
and related ESRSs, ISSB….) and the integration of sustainability in the
strategy.

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Ageas Annual Report 2023
The members of the Executive committeee reported on the progress of the
results and the general performance of the different businesses at the Board
Meetings.
At the meeting that was held without the presence of the Executive members,
the following matters were discussed and decided on:
• The individual targets (quantitative and qualitative) 2023 for the members of
the Management and Executive Committee;
• The targets for the business KPIs 2023;
• The assessment of the results on the individual objectives and the business
KPIs 2022;
• The individual Short-term incentive (STI) and Long-term incentive (LTI) of
the members of the Management and Executive Committee based on the
above assessment.
6.1.3 Advisory Board Committees
The terms of reference, the role and responsibilities of each Advisory Board
Committee are described in the Ageas Corporate Governance Charter which
is available on the Ageas website.
Attendance details of the Board Committees can be found in section 6.5,
Attendance at Board and Committee meetings.
6.1.4 Nomination and Corporate Governance Committee
On 31 December 2023, the Nomination and Corporate Governance
Committee was composed of the following members: Bart De Smet
(Chairman), Jane Murphy, Richard Jackson and Yvonne Lang Ketterer. The
mandate of Guy de Selliers de Moranville ended on 17 May 2023.
The CEO attended the meetings, except during discussions relating to his own
situation.
In 2023, the Nomination and Corporate Governance Committee met on five
occasions. The following matters were dealt with:
• The succession planning of the non-executive board members;
• The search and review of new board candidates in view of the general
meeting 2024;
• The nomination of the Vice-Chair, in succession of Mr. Guy de Selliers de
Moranville;
• The review of the composition of the Board Committees;
• The succession planning of the Executive Management;
• The agenda of the 2023 Ordinary and Extraordinary Shareholders’
Meetings;
• The Reinsurance Governance Charter;
• The Competence matrix of the Board;
• The restructuring of the Executive Management (for details in this respect,
please refer to 6.2.2);
• The Assessment of the Board.
The Chairman reported on these topics to the Board of Directors after each
meeting and submitted the Committee’s recommendations to the Board for
final decision-making.
6.1.5 The Audit Committee
The composition of the Audit Committee did not change in the course of
2023. On 31 December 2023, the Audit Committee was composed of three
independent directors: Richard Jackson (Chair), Lucrezia Reichlin and Katleen
Vandeweyer.
The Executive Committee members, the internal auditor and the external
auditors attended the meetings.
The Audit Committee met on seven occasions in 2023, including one joint
meeting with the Risk and Capital Committee. The following matters were
considered:
• Monitoring the integrity of the half-yearly and annual consolidated financial
statements, including disclosures, consistent application of or changes to
the valuation and accounting principles, consolidation scope, quality of the
closing process and significant issues raised by the CFO or the external
auditors;
• Monitoring of the IFRS17 implementation and accounting choices;
• Monitoring the findings and the recommendations of the internal and
external auditors on the quality of internal control and accounting
processes;
• Reviewing the internal and external audit plans and reporting;
• Reviewing the design and operating effectiveness of the internal control
system in general and of the risk management system in particular;
• The assessment of the Internal Audit function.
During the joint meeting with the Risk and Capital Committee, the members
discussed :
• The renewal of the mandate of the external auditors;
• The 2023 Emerging Trends Report;
• The Internal Audit Charter;
• The Double Materiality Assessment in the context of the implementation of
the Corporate Sustainability Reporting Directive.
The Chair of the Audit Committee had regular one-on-one meetings with the
internal and external auditors. He reported on the outcome of the committee’s
deliberations to the Board of Directors after each meeting and presented the
recommendations of the Audit Committee to the Board for decision-making.
6.1.6 The Remuneration Committee
On 31 December 2023, the Remuneration Committee was composed of
the following members: Jane Murphy (Chair), Sonali Chandmal, Katleen
Vandeweyer and Jean-Michel Chatagny who replaced Guy de Selliers de
Moranville.
The Remuneration Committee is assisted by Willis Towers Watson, an
external professional services company that provides market information and
advice on commonly applied reward elements, best practices and expected
developments. Willis Towers Watson does not provide material compensation
nor benefits-related services to the Executive Committee of Ageas, or to any
other part of the Ageas organisation.
The CEO and the Group Human Resources Director attended the meetings,
apart from discussions relating to themselves.

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
The Remuneration Committee met on three occasions in 2023. The following
matters were discussed:
• The benchmarking and review of the remuneration of the members of
the Management Committee, the Executive Committee and the Board of
Directors against current market practices;
• The disclosure of the remuneration of Board and Executive Committee
Members in the notes to the Annual Consolidated Financial Statements;
• The report of the Remuneration Committee as included in the Corporate
Governance Statement;
• The feedback on the shareholder’s vote on the Remuneration Report;
• The share-linked incentive plan in favour of senior management;
• The remuneration framework for Ageas Re, including the remuneration of
the Group Director Reinsurance;
• The remuneration of the independent control functions;
• The review of the long term incentive plans for the Executive and senior
management;
• The individual targets (quantitative and qualitative) for the members of the
Management and Executive Committee for 2023;
• The targets for the business KPIs for 2023;
• The specific KPIs for the Chief Risk Officer; (see 6.7.2 for more details on
the specific KPIs) for 2023;
• The assessment of the results on the individual objectives and the business
KPIs for 2022;
• The individual Short-term incentive (STI) and Long-term incentive (LTI) of
the members of the Management and Executive Committee based on the
above assessments.
The Chair of the Remuneration Committee reported on the aforementioned
matters to the Board of Directors after each meeting and advised the Board
on decision-making when required. Further information on the Remuneration
Committee can be found in the Report of the Remuneration Committee (see
section 6.7 of this chapter).
6.1.7 The Risk and Capital Committee
On 31 December 2023, the Risk & Capital Committee comprised the following
members: Yvonne Lang Ketterer (Chair), Jean-Michel Chatagny and Alicia
Garcia Herrero. The mandate of Guy de Selliers de Moranville ended on 17
May 2023.
The Risk & Capital Committee met on six occasions including one joint
meeting with the Audit Committee. The meetings were attended by the
members of the Executive Committee.
The matters discussed in the Risk & Capital Committee in 2023 included:
• Monitoring of the group risk management, based on reports by
management and the reinsurance risk management;
• Monitoring of the performance of the asset management by segment and
by asset class, including for the reinsurance activities;
• Monitoring of the capital allocation and the solvency of the Ageas Group
and the reinsurance activities;
• Monitoring of the group and reinsurance key risks and emerging risks;
• Reviewing the risk policies prepared by management;
• The business risks, with dedicated sessions per segment and to the
reinsurance business;
• The Information Security report;
• The Actuarial Functions reports;
• Solvency II model changes and;
• The assessments of the Compliance function, the Actuarial function and
the Risk function.
Next to the Executive Committee members, the Head of the Actuarial function,
the Director of Compliance and the Head Finance joined all or part of the
meetings.
The Chair of the Risk & Capital Committee reported on the aforementioned
matters to the Board of Directors after each meeting and advised the Board on
decision-making when required.
During the joint meeting with the Audit Committee, the members discussed:
• The renewal of the mandate of the external auditors;
• The 2023 Emerging Trends Report;
• The Internal Audit Charter;
• The Double Materiality Assessment in the context of the implementation
of the Corporate Sustainability Reporting Directive.

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Ageas Annual Report 2023
6.2
Executive Management
6.2.1 As per 31 December 2023 (see section 6.2.2 for upcoming changes
as per 1 March 2024)
Ageas’s Executive Management is composed of the members of the Executive
Committee and the members of the Management Committee. The role of the
Executive Management is to manage Ageas in line with the values, strategies,
policies, plans and budgets endorsed by the Board.
Three of the members of the Executive Committee are members of the Board
of Directors as foreseen by Belgian regulation, namely the CEO, the CFO and
the CRO. Are also part of the Executive Committee the Managing Director
of Asia and the Managing Director of Europe. The CEO chairs the Executive
Committee, which meets once a week according to a predetermined
timetable. Further meetings are held whenever necessary.
At the end of 2023, the Executive Committee of Ageas was composed of:
• Hans De Cuyper, CEO, responsible for the Strategy, M&A, Audit, Human
Resources, Communications and Company Secretary;
• Wim Guilliams, CFO, responsible for Finance, Investments, Investor
Relations, Business Performance Management and Legal & Tax;
• Emmanuel Van Grimbergen, CRO, responsible for Risk, Compliance,
Actuarial function and Validation;
• Antonio Cano, MD Europe, responsible for monitoring of the performance
of the business in Europe, for the reinsurance activities and for real estate
within the Group;
• Filip Coremans, MD Asia, responsible for the monitoring of the
performance of the business in Asia and for the activities under the CDSO
office, including Business & Technology Development and ESG matters
within the Group.
At the end of 2023, the Management Committee was composed of:
• The five members of the Executive Committee;
• The Chief Development and Sustainability Officer, Gilke Eeckhoudt;
• The heads of the four business segments: Heidi Delobelle, CEO Belgium,
Steven Braekeveldt, CEO Portugal, Ant Middle, CEO United Kingdom, and
Gary Crist, CEO Asia.
6.2.2 New composition of the Executive Committee for 2024
Ageas is reinforcing the Group’s current Executive Committee by including
all its 4 business segments (Europe, Asia, Belgium, and Reinsurance),
complemented by a newly created function of Managing Director Business
Development. The latter function will be responsible for the development and
implementation of the Group’s strategy, and for the further evolution of its
footprint through organic and inorganic growth opportunities.
The changes are being implemented to:
• better reflect the current business profile taking into account the evolving
importance and size of the Group’s different activities.
• simplify and improve the integration of corporate and business decision
making, maximising group synergies.
• have a dedicated focus on strategy, combined with business development
opportunities.
The Ageas Executive Committee, entrusted with the daily management of the
Group, will be enlarged to eight members. Antonio Cano who has decided to
pursue new opportunities will end his mandate at Ageas as of 1 June 2024.
The Ageas Executive Committee will comprise the following functions:
• CEO and CFO: Hans De Cuyper and Wim Guilliams will remain Chief
Executive Officer and Chief Financial Officer, respectively.
• CRO: Christophe Vandeweghe, currently CFO of Ageas Portugal, will
succeed Emmanuel Van Grimbergen as Chief Risk Officer as of 1 June
2024. With a career starting at ING and Deloitte, Christophe joined Ageas
in 2014 as Head of Risk for Continental Europe. Since that time, he has
taken up various roles at Group level. In 2018 he transferred to Portugal to
become CRO for Grupo Ageas Portugal and later CFO. Since April 2023 he
has also assumed the role of Chief Business Development Officer for the
Portuguese activities.
• MD Belgium: Considering the importance of Belgium within the Group,
AG’s CEO Heidi Delobelle will join the Ageas Executive Committee as
Managing Director Belgium.
• MD Europe: Ben Coumans, currently Group Director Strategy and M&A,
will replace Antonio Cano as Managing Director Europe, covering Ageas
Portugal, Ageas UK and the Turkish joint ventures.
• MD Asia: Filip Coremans will continue his function as Managing Director
Asia.
• MD Reinsurance & Investments: Given the growth and ambitions of the
reinsurance activities within the Group, the role of Managing Director
Reinsurance & Investments will be created. Next to reinsurance, the scope
includes Real Estate, ALM and Investments. Emmanuel Van Grimbergen,
currently CRO and with extensive experience in capital optimisation for the
Group, will take up this new function as of 1 June 2024. Until then, Antonio
Cano will further fulfil this position. Within this new organisation Joachim
Racz will as CEO of Ageas Re report directly to the MD Reinsurance &
Investments.
• MD Business Development: Karolien Gielen will take up the position
of Managing Director Business Development. This role encompasses
Strategy, M&A, Communication and the Chief Development and
Sustainability Office that includes Business Development, Technology
Development and Sustainability. Karolien Gielen is currently Partner and
Managing Director at the Boston Consulting Group and Practice Area Lead
Insurance for the London-Amsterdam-Brussels system.
The succession for the new CRO and MD Reinsurance & Investments roles is
scheduled as of 1 June 2024, subject to the approval of the CRO-appointment
at the General Shareholders Meeting of 15 May 2024. The mandate of the MD
Business Development takes effect on 8 April 2024. The other nominations
are operational as of 1 March 2024. The Management Committee ceases to
exist as from that date.

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CORPORATE GOVERNANCE STATEMENT
6.3
Internal Risk Management
Being a holding company within the insurance business and being also a
reinsurance company, Ageas is subject to specific legal regulation related with
risk management system. In that note, the Chief Risk Officer (CRO) shall be
part of the Board of Directors, the body that has the final responsibility for the
effectiveness of the risk management system.
To this end, the Board approves appropriate frameworks for risk management
and control, having Ageas put in place a Group-wide key risk reporting
process to identify key (existing and emerging) risks that could impact the
realisation of its objectives. It also assesses the control framework in place
to ensure that these risks are managed on an ongoing basis. These risk
and control activities are continuously exercised by the Board of Directors,
Management, the four mandatory control functions (Audit, Compliance, Risk
and Actuarial) and all employees in order to provide reasonable assurance of:
• The effectiveness and efficiency of operations;
• Qualitative information;
• Compliance with laws and regulations, and with internal policies and
procedures with respect to the conduct of business;
• Safeguarding of assets and identification and management of liabilities;
• Achievement of company’s objectives while implementing the company’s
strategy.
In order to reinforce the effectiveness of the supervision and control by the
Board of Directors on the company’s activity, operation and risk profile, the
Risk and Capital Committee specialized in risk matters within the Board has
been set up. In that sense, the Risk and Capital Committee shall provide
advice to the Board of Directors on all aspects connected to the current and
future risk strategy and risk tolerance, support it on his duty to supervise the
risk strategy approved and enable the Board to form opinions and take the
necessary decisions and actions related with risk topics. With these goals
in mind, the Risk and Capital Committee agendas during the year usually
cover topics such as monitoring of risk management, based on reports by
management, monitoring of the key risks and emerging risks and business
risks, with dedicated sessions per segment and to the reinsurance business.
For more detailed information on the Risk and Capital Committee please
refer to note 6.1.7. above. For detailed information on the internal control
framework, please refer to Chapter C Risk Management in the Ageas General
Notes.

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Ageas Annual Report 2023
6.4
Corporate Governance
references and Diversity
6.4.1 Corporate Governance references
The Belgian Corporate Governance Code is based on the ‘comply or explain’
concept, which means that if a company chooses to deviate from any of the
Code’s principles, it must explain its reasons for doing so in the Corporate
Governance Statement.
6.4.2 Diversity
The Diversity Policy applies to all senior managers and members of the Board
of Directors across the group:
• Ageas is committed to attracting and retaining a Board of Directors whose
composition reflects a diversity of backgrounds, knowledge, experience
and abilities;
• Appointments to the Board will be based on merit, however it will also
consider issues of diversity and the mix of skills required to best achieve
Ageas’s strategy;
• Apply the legally required minimum of 33% of the opposite gender in the
Ageas Board.
As per 31 December 2023, the Ageas Board was composed of three male
Non–Executive directors and seven female Non–Executive directors next to
three male Executive directors. In terms of nationality, the Board is composed
of five directors of Belgian nationality, one director of Italian nationality, two
directors of Swiss nationality, one director of Belgian-Canadian nationality,
one director of British nationality, one director of Belgian-Indian nationality,
one director of German nationality and one director of Spanish nationality.
In the composition of the Board, Ageas ensures the diversity in terms of
competences and expertise in order to obtain a well-balanced and a well-
founded decision process.
The Ageas Executive Committee was composed of five male members
of which four of Belgian nationality and one of Dutch nationality. Specific
attention is given to diversity in terms of succession planning during the yearly
update to the Board of Directors. Overall the senior management population
at Ageas Group level consists of 67% male senior managers and 33% female
senior managers.
6.4.3. Board Assessment
During 2023 the Board of Directors and its Committees were submitted to
an external assessment performed by Deloitte. This analysis was mainly
conducted using a research methodology based on a written questionnaire
and complementary interviews with all Board members. For the analysis on
the Governance environment within Ageas, the main relevant internal policies
were used as reference, such as, for example, Conflict of Interests, Diversity
and Inclusion, Suitability, Corporate Governance Charter, Regular Regulatory
Report and Competence Matrix Memo.
The current functioning of Board and Committees was reviewed against the
relevant principles of applicable regulations and governance guidelines,
considering seven main subjects: Board’s structure, composition, role and
functioning, selection and evaluation of Directors, culture, Group Governance
and functioning of the Board’s Committees.
Aside from a few consideration points brought to further optimize the sound
governance, the overall outcome was positive in all the subjects assessed,
whether in terms of Board’s functioning, roles and tasks, in particular the time
dedicated to strategy and control matters and the compliance with regulatory
group governance requirements within governance system, risk management
system and operating entities. Also positive was the selection process of
Board members and the frequent training opportunities provided as well as the
specific expertise gained by being a member of other companies within Ageas
Group. A positive note was shared also on the functioning of Committees,
which has met the expectations.

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Ageas Annual Report 2023
6.5
Board of Directors
CORPORATE GOVERNANCE STATEMENT
Richerd Jackson
Chair AC
Yvonne Lang Ketterer
Chair RCC
Katleen Vandeweyer
Member
Sonali Chandmal
Member
Emmanuel Van Grimbergen
CRO
Wim Guilliams
CFO
Bart De Smet
Chair I Chair CGC
Hans De Cuyper
CEO
Alicia Garcia Herrero
Member
Jane Murphy
Vice Chair and Chair of the RemCo
Lucrezia Reichlin
Member
Carolin Gabor
Member
Jean-Michel Chatagny
Member

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Ageas Annual Report 2023
6.5 Board of Directors
Chairman
Bart De Smet
• 1957 – Belgian – Male
• On 31 December 2023: Chairman of the Board of Directors and Chairman
of the Nomination and Corporate Governance Committee
• First appointed in 2009. Term runs until Annual General Meeting of
Shareholders in 2025.
Non-Executive Board Members
Jane Murphy
• 1967 – Belgian / Canadian – Independent – Female
• On 31 December 2023, Vice-Chair of the Board of Directors, Chairwoman
of the Remuneration Committee and Member of the Nomination and
Corporate Governance Committee.
• First appointed in 2013. Term runs until Annual General Meeting of
Shareholders in 2024.
Richard Jackson
• 1956 – British – Independent – Male
• On 31 December 2023, Member of the Board of Directors and Chairman
of the Audit Committee and Member of the Nomination and Corporate
Governance Committee.
• First appointed in 2013. Term runs until Annual General Meeting of
Shareholders in 2024
Yvonne Lang Ketterer
• 1965 – Swiss – Independent – Female
• On 31 December 2023, Member of the Board of Directors, Chairwoman
of the Risk and Capital Committee and Member of the Nomination and
Corporate Governance Committee.
• First appointed in 2016. Term runs until Annual General Meeting of
Shareholders in 2024.
Lucrezia Reichlin
• 1954 – Italian – Independent – Female
• On 31 December 2023, Member of the Board of Directors and Member of
the Audit Committee.
• First appointed in 2013. Term runs until Annual General Meeting of
Shareholders in 2024.
Katleen Vandeweyer
• 1969 – Belgian – Independent – Female
• On 31 December 2023, Member of the Board of Directors, Member of the
Remuneration Committee and Member of the Audit Committee.
• First appointed in 2017. Term runs until Annual General Meeting of
Shareholders in 2025.
Jean-Michel Chatagny
• 1959 – Swiss – Independent – Male
• On 31 December 2023, Member of the Board of Directors and Member of
the Risk and Capital Committee and Remuneration Committee.
• First appointed in 2021. Term runs until Annual General Meeting of
Shareholders in 2025.
Sonali Chandmal
• 1968 – Belgian / Indian – Independent – Female
• On 31 December 2023, Member of the Board of Directors and Member of
the Remuneration Committee.
• First appointed in 2018. Term runs until Annual General Meeting of
Shareholders in 2026.
Carolin Gabor
• 1977 – German – Independent – Female
• On 31 December 2023, Member of the Board of Directors.
• First appointed in 2022. Term runs until Annual General Meeting of
Shareholders in 2026.
Alicia Garcia Herrero
• 1968 – Spanish – Independent – Female
• On 31 December 2023, Member of the Board of Directors and Member of
the Risk and Capital Committee.
• First appointed in 2023. Term runs until Annual General Meeting of
Shareholders in 2027.
A full overview of our Board, Management
and Executive Committee members’ profiles
(including other positions held) can be found on
the Management-section of Ageas’s corporate
website.

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
Emmanuel Van Grimbergen
CRO
Filip Coremans
MD Asia
Wim Guilliams
CFO
Antonio Cano
MD Europe
Hans De Cuyper
CEO
• 1968 – Belgian – Executive – Male
• Chief Risk Officer
• First appointed as Board member in 2019. Term as Board member runs until
Annual General Meeting of Shareholders in 2027.
• 1963 – Dutch – Executive – Male
• Managing Director Europe
Executive Board Members
• 1969 – Belgian – Executive – Male
• Chief Executive Officer
• First appointed in 2020. Term as Board member runs until Annual General
Meeting of Shareholders in 2024.
• 1973 – Belgian – Executive – Male
• Chief Financial Officer
• First appointed as Board member in 2023. Current term as Board member runs
until Annual General Meeting of Shareholders in 2027.
Other Members of the Executive Committee
• 1964 – Belgian – Executive – Male
• Managing Director Asia
Company Secretary
• Valérie Van Zeveren

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Ageas Annual Report 2023
full overview of our Board, Management and
Executive Committee members’ profiles
Attendance at Board and Committee meetings
Attendance at the meetings of the Board, Audit Committee, Risk & Capital Committee, Remuneration Committee and Nomination and Corporate Governance
Committee was as follows:
Audit
Committee
meetings**
Corporate
Governance
Committee meetings
Remuneration
Committee meetings
Risk & Capital
Committee
meetings**
Board meetings*
Name Held*** Attended
Held** Attended Held Attended Held Attended Held** Attended
Bart De Smet (Chairman) 17 17 (100%)
5 5
Jane Murphy (Vice-Chair) 17 16 (94%)
5 5 3 3
Katleen Vandeweyer 17 17 (100%)
6 6 3 3
Lucrezia Reichlin 17 16 (94%)
6 6
Richard Jackson 17 17 (100%)
6 6 5 5
Sonali Chandmal 17 16 (94%)
3 3
Yvonne Lang Ketterer 17 15 (88%)
5 5 5 5
Jean-Michel Chatagny 17 16 (94%)
2 2 5 5
Carolin Gabor 17 16 (94%)
Hans De Cuyper (CEO) 17 17 (100%)
Emmanuel Van Grimbergen (CRO) 16 16 (100%)
New Board members as per 17 May 2023 (held meetings are since the General Meeting)
Alicia Garcia Herrero 9 9 (100%) 3 3
Wim Guilliams (CFO) 9 9 (100%)
Board members whose mandates came to an end as per 17 May 2023 (held meetings are until the General Meeting)
Guy de Selliers de Moranville 8 8 (100%) 1 1 1 1 3 3
Christophe Boizard 7 7 (100%)
Filip Coremans 7 7 (100%)
Antonio Cano 7 7 (100%)
* Including one Board meeting with the non-executive members only (and Mr. De Cuyper, partially)-
** In addition, there was one the joint meeting RCC / AC.
*** Board members are expected to attend at least 80% of the meetings on a yearly basis.
Note that the members of the Executive Committee attended the committee meetings as invitees and not as members. Hence their attendance is not indicated in the table.

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
6.6
Consolidated information
related to the implementation
of the EU Takeover Directive and
the Ageas Annual Report
For legal purposes, the Board of Directors hereby declares that the Ageas
Annual Report 2023 has been prepared in accordance with the statutory rules
implementing the EU Takeover Directive that came into force in Belgium on 1
January 2008. The Board hereby gives the following explanations concerning
the respective elements to be addressed under these rules:
• Comprehensive information on the prevailing capital structure can be found
in note 16 Shareholders’ equity and note 12 Subordinated liabilities in the
Ageas Consolidated Financial Statements 2023;
• Restrictions on the transfer of shares extend only to preference shares (if
issued) and the securities described in note 12 Subordinated liabilities in
the Ageas Consolidated Financial Statements 2023;
• Ageas lists in note 29 Legal structure of the Consolidated Financial
Statements as well as under the heading ‘Specifications of equity –
Shareholder structure of the company at the balance sheet date’ in the
Ageas SA/NV Company Financial Statements any major shareholdings of
(third) parties that exceed the threshold laid down by law in Belgium and by
the Articles of Association of Ageas SA/NV
• No special rights are attached to issued shares other than those mentioned
in note 16 Shareholders’ equity and note 12 Subordinated liabilities in the
Ageas Consolidated Financial Statements 2023;
• Share option and share purchase plans, if any, are outlined in note 26
section 6.2 Employee share and share-linked incentive plans in the Ageas
Consolidated Financial Statements 2023. The Board of Directors decides
on the issuance of share plans and options, as applicable, subject to local
legal constraints;
• Except for the information provided in note 16 Shareholders’ equity,
note 32 Related parties and note 12 Subordinated liabilities in the Ageas
Consolidated Financial Statements 2023, Ageas is unaware of any
agreement between shareholders that may restrict either the transfer of
shares or the exercise of voting rights;
• Board Members are elected or removed by a majority of votes cast at the
General Meeting of Shareholders of Ageas SA/NV. Any amendment to the
Articles of Association requires the General Meeting of Shareholders to
pass a resolution to that effect. If fewer than 50% of the shareholders are
represented, a second meeting must be convened, which will be able to
adopt the resolution with 75% of the votes without any need for attendance
quorum;
• The Ageas Board is entitled both to issue and to buy back shares, in
accordance with authorisations granted by the General Meeting of
Shareholders of Ageas SA/NV. The current authorisation with regard to the
shares of Ageas SA/NV will expire on 30 May 2025;
• Ageas SA/NV is not a direct party to any major agreement that would either
become effective, be amended and/or be terminated due to any change
of control over the company as a result of a public takeover bid. However,
certain of its subsidiaries are subject to such clauses in case of a direct
and/or indirect change of control;
• Ageas SA/NV has not entered into any agreement with its Board Members
or employees, which would allow the disbursement of special severance
pay in the case of termination of employment as a result of a public
takeover bid;
• Neither different share classes nor any preferential shares have
been issued. Additional information on Ageas shares is set out in
note 16 Shareholders’ equity of the Consolidated Financial Statements.
• Ageas shareholders are under an obligation to meet certain notification
requirements when their shareholding exceeds or drops below certain
thresholds, as prescribed by Belgian legislation and by the Articles of
Association of Ageas SA/NV. Shareholders must notify the Company as
well as the FSMA when their shareholding exceeds or drops below 3%
or 5% of the voting rights or any multiple of 5%. Ageas publishes such
information on its website.
Related Party Transactions
With the implementation of the second Shareholders Directive (SRD II) within
Belgian legal regime, the regime applicable to the Related Party Transactions
(RPT Regime) was reinforced, aiming mainly to protect the listed entities
and their shareholders against undue influence and to avoid the direct or
indirect extraction of value from listed entities by parties related to them, with
detriment of their shareholders.
The RPT Regime covers transactions between Ageas SA/NV or any one of its
subsidiaries and a related party of Ageas SA/NV.
Shall be noted that there are exemptions to the RPT, being out of scope, for
example, Intragroup transactions. The transactions that fall within the RPT
Regime shall comply with strict transparency obligations require the prior
approval of the Board of Directors and a record of them shall be kept updated.
The necessary measures have been implemented to assess, in a regular
basis, the existence and related information on these types of transactions,
including an annual assessment promoted to the members of the Board of
Directors that allow the identification of potential RPT.
For detailed information on the Related Party Transactions please refer to
note 32 Related Parties.

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Ageas Annual Report 2023
6.7
Report of the Remuneration
Committee
On behalf of the Remuneration Committee, I am pleased to present our
Remuneration Report for 2023.
At Ageas, we are committed to providing customers with peace of mind. As an
insurer and “supporter of your life”, our role is to help customers at every stage
of their life to mitigate risks related to property, casualty, life and pensions.
Our reward offering is designed to attract, develop and retain talented people
who can support us in navigating in an increasingly complex, dynamic and
global environment. Our priority is to reflect in our rewards, the strong cultural
foundation shared by all our colleagues, to help drive the value that we aim to
create for all our stakeholders, while fostering a work environment where our
people can thrive.
This report details how our 2023 performance, amongst others in terms
of sustainability and social responsibility, is reflected in our executive
remuneration.
The report is divided in three parts:
• The application of our Remuneration Policy in 2023.
• The Remuneration and performance outcomes for 2023.
• A summary of the main elements of our Remuneration policy for Executive
Management and Non-Executive directors.
2023 Company performance and evolution
Our results over 2023 show delivery of solid financial performance and ability
to deliver on our commitments for our stakeholders.
• Ageas delivered a strong commercial performance which was mainly
driven by a remarkable growth in Non-Life across the Group and by the
strong Life activities in China while our Reinsurance activities successfully
concluded its 1 January 2024 renewal campaign. We observe solid margins
in Life, a strong combined ratio in Non-Life and a Net Operating result up to
our commitments.
• Ageas launched numerous initiatives aimed at reinforcing its core
business, enhancing the distribution channels and elevating the customer
experience. Ageas has been integrating new technologies including AI
into its operations, generating business and customer benefits across the
entire value chain. In this regard can be mentioned the launch of ‘Symptom
checker’, an AI solution to triage incoming calls from customers, to assess
symptoms online and provide personalised health recommendations, and
the development of a Generative Artificial Intelligence (Gen AI) application,
named “Digital Coach”, a ground-breaking digital training application.
• In the second year of Impact24, Ageas continued to make significant steps
toward its non-financial and sustainability objectives. These efforts resulted
in improved ratings from five out of the six ESG rating agencies that assess
the Group’s performance.
• The customer Net Promotor score (cNPS) for the European consolidated
entities remained constant, with all scores at or above the median level,
and Ageas UK once again achieving the top quartile target.
• With a score of 67.4, the Employee NPS (eNPS) for our consolidated
entities positions in the top quartile of the benchmark (provided by Peakon).
Including our joint ventures in Vietnam, Türkiye and the Philippines
the employee NPS positions at 62.9 just below the top quartile of the
benchmark.
• For the third consecutive year, Ageas Corporate Centre, AG and AG Real
Estate in Belgium and Ageas UK have all been certified “Top Employer”,
while Ageas Asia has been awarded “Best Companies to work for in Asia
2024” and many other Group entities have received similar recognition in
their respective markets.
• The continued efforts on Diversity and Inclusion resulted in an
improvement of our Gender Diver Index (GDI as measured by Women on
Boards) from 0.75 to 0.87. Also the Glass Ceiling index which measures the
percentage of women in senior management versus the total percentage of
women in the company showed a considerable improvement to 65 %, close
to our Impact24 – target of 70%.
• In December 2022 Ageas joined as first Belgian based asset owner the
UN-convened Net Zero Asset Owner Alliance (NZAOA), a member-
led initiative of insurers, pension funds and foundations, committed to
transitioning their investment portfolios to net-zero greenhouse gas
(GHG) emissions by 2050. Compared to end 2022, the Greenhouse Gas
emissions (GHG) increased scope- on-scope by 17%, mainly due to an
imposed update in the emission factors by the International Energy Agency
and increased business travel.
At the end of September 2023, Ageas completed the sale of its French Life
Insurance activities.
2023 remuneration outcomes
• In 2023, the total remuneration including pension contributions and
fringe benefits of the Executive Committee amounted to EUR 6,325,510
compared to EUR 6,695,953 in 2022.
• The Board determined the score of the business component for the annual
incentive at 140.5% for an on target of 100%. In determining the annual
incentive, the Board carefully considered individual performance in addition
to the abovementioned business performance.
• The relative Total Shareholder Return (TSR) over the performance period
for the Long Term Investment Plan (LTIP) of 2019 positioned below the
25th percentile of the peer group , as a result there was no vesting of the
LTI-plan 2019.
• Total CEO–pay for 2023 versus the average employee remuneration
results in a comparative ratio of 23.1, in relation to the lowest employee
remuneration at Ageas SA/NV this results in a comparative ratio of 28.7

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
Shareholder vote and feedback
We strongly value the dialogue with our shareholders and integrate their
feedback in the agenda and discussions of the Remuneration Committee.
The Remuneration Policy was submitted for approval to the General
Meeting of Shareholders of May 2020. According to the requirements of
the Shareholders’ Rights Directive the renewed Remuneration Policy will
be submitted for approval to the General Meeting of Shareholders of 15
May 2024. The Remuneration Report 2022 was validated with 94.82% of
shareholder votes.
Looking ahead
Looking forward to 2024 the following topics have to be mentioned:
• The Remuneration Committee discussed the competitive benchmarking
of the remuneration of the Board of Directors against current market
practices. Based on this benchmark and the fact that no adjustments
happened since 2018, the Remuneration Committee recommended,
and the Board approved to increase the fixed fee of the Chair from EUR
120.000 to EUR 150.000 gross/year. It was also recommended to increase
the attendance fees for the Board Committees to EUR 2.500 for the
Chair of a Committee and to EUR 2.000 for a Committee member. These
increases will apply as of January 2024.
• The Remuneration Committee discussed the changes in the Ageas
Executive Committee which will be enlarged to eight members by including
all its 4 business segments (Europe, Asia, Belgium, and Reinsurance),
complemented by a newly created function of Managing Director Business
Development.
• A review of the LTI-plan was conducted in collaboration with Willis Towers
Watson with the objective to update the plan with Ageas’s business profile
and ensure further alignment with Shareholders’ interest and market
benchmarks. The Remuneration Committee discussed the proposal for a
renewed LTI-plan applicable as of 2024. The main changes include:
◦ An alignment of the LTI-plan for executive and senior management
◦ A tightening of the performance conditions for vesting
◦ A revision of the peer group in line with the profile of Ageas
◦ The integration of an ESG- component in the performance conditions
next to relative TSR - performance
• The new LTI-plan will be integrated in the Remuneration Policy which is
submitted for approval to the General Shareholders’ Meeting of 15 May
2024.
Conclusion
The second year of the Impact24 plan, Ageas shows strong delivery both
in terms of financial performance and commitments on its non- financial
ambitions. As a committee we aim to support the achievement of our business
and ESG ambitions while continuing to align with best practice remuneration
and governance.
The Remuneration Report includes a summary of how our Board of Directors
and Executive Committee Remuneration Policy was implemented in 2023 and
provides a transparent disclosure of the actual remuneration levels, including
variable and share-based remuneration.
I look forward to presenting our Remuneration Report at the General Meeting
of Shareholders on 15 May 2024.
Jane Murphy
Chair of the Remuneration Committee
6.7.1 The application of our Remuneration Policy in 2023.
The Remuneration Committee
On 31 December 2023, the Remuneration Committee was composed of
the following members: Jane Murphy (Chair), Sonali Chandmal, Katleen
Vandeweyer and Jean-Michel Chatagny who replaced Guy de Selliers de
Moranville. The committee held 3 meetings during the year under review. A
specific Board meeting, not including the Executive Directors was dedicated
to the appraisal and target setting of the CEO and the Executive Committee
members. The CEO and the Group HR Director attended the meetings of
the Remuneration Committee, except for matters relating to themselves.
Attendance details can be found in section 6.5 Board of Directors.
The Remuneration Committee is assisted by Willis Towers Watson an
external professional services company. WTW does not provide material
compensation or benefits-related services to the Executive Committee of
Ageas, or to any other part of the Ageas organisation.
Committee activities in 2023
In 2023, the Committee discussed and submitted recommendations to the
Board of Directors on:
• The benchmarking and review of the remuneration of the members of
the Management Committee, the Executive Committee and the Board of
Directors against current market practices;
• The disclosure of the remuneration of Board and Executive Committee
Members in the notes to the Annual Consolidated Financial Statements;
• The report of the Remuneration Committee as included in the Corporate
Governance Statement;
• The feedback on the shareholder’s vote on the Remuneration Report;
• The share-linked incentive plan in favour of senior management;
• The remuneration framework for Ageas Re, including the remuneration of
the Group Director Reinsurance.
• The remuneration of the independent control functions;
• The review of the long term incentive plans for the Executive and senior
management;
• The individual targets (quantitative and qualitative) for the members of the
Management and Executive Committee for 2023;
• The targets for the business KPIs for 2023;
• The specific KPI’s for the Chief Risk Officer (see 6.7.2 for more details on
the specific KPIs) for 2023;
• The assessment of the results on the individual objectives and the business
KPIs for 2022;
• The individual Short-term incentive (STI) and Long-term incentive (LTI) of
the members of the Management and Executive Committee based on the
above assessments.
Key objectives of our Remuneration Policy
Our Remuneration Policy focuses on meritocracy and performance,
maximizing return in a responsible and sustainable way while enhancing
Ageas’s ability to ensure market competitiveness, observe sound principles of
risk management, provide full transparency on remuneration and guarantee
compliance with Belgian legislation and European regulations.
Compliance with existing and upcoming legislation
Ageas is closely monitoring existing and upcoming legislation and
anticipates changes when appropriate. The Ageas Remuneration Policy
and Remuneration Report are drafted taking into account, the Solvency
II Directive, the EU Shareholder Rights’ Directive II, its implementation in
Belgian legislation, the Belgian Corporate Governance Code 2021 and the

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Ageas Annual Report 2023
updated Circular NBB 2016_31 (on the expectations of the National Bank of
Belgium regarding the governance system for the insurance and reinsurance
sector). The Remuneration Policy is reviewed annually by the Remuneration
Committee. According to the requirements of the Shareholders’ Rights
Directive, the renewed Remuneration Policy will be submitted for approval to
the General Meeting of Shareholders of 15 May 2024.
6.7.2 Actual Remuneration 2023
6.7.2.1 Board of Directors
Changes in the Board of Directors in 2023
On 31 December 2023, the Board of Directors was composed of thirteen
members, namely: Bart De Smet (Chair), Jane Murphy (Vice-Chair), Richard
Jackson, Lucrezia Reichlin, Yvonne Lang Ketterer, Katleen Vandeweyer,
Sonali Chandmal, Jean-Michel Chatagny, Carolin Gabor, Alicia Garcia
Herrero, Hans De Cuyper (CEO), Wim Guilliams (CFO) and Emmanuel Van
Grimbergen (CRO).
Alicia Garcia Herrero and Wim Guilliams were appointed as new members of
the Board of Directors at the General Shareholders’ Meeting of 17 May 2023
and the mandate of Emmanuel Van Grimbergen was renewed.
The mandates of Christophe Boizard, Filip Coremans and Guy de Selliers de
Moranville came to an end on 17 May 2023 and were not renewed. Antonio
Cano ended his mandate as a member of the Board of Directors at the same
date.
Both Filip Coremans and Antonio Cano remain as members of the Executive
Committee, respectively as MD Asia and MD Europe.
Regarding Board membership of Non-Executive Board Members at Ageas
subsidiaries, Bart De Smet and Richard Jackson are member of the Board of
Directors of Ageas UK Ltd, Katleen Vandeweyer and Jean-Michel Chatagny
are members of the Board of AG insurance. Jane Murphy was member of the
Board of Directors of Ageas France SA until 22 September 2023 and Yvonne
Lang Ketterer and Sonali Chandmal are members of the Board of Directors
of Ageas Portugal Holdings SGSP (PT), of Médis (Companhia Portuguesa
de Seguros de Saude S.A.), Ageas Portugal - Companhia Portuguesa de
Seguros S.A. and Ageas Portugal - Companhia Portuguesa de Seguros de
Vida SA.
To the extent that these positions are remunerated, the amounts paid out are
disclosed in the tables below.
Remuneration of the Board of Directors
Total remuneration of Non-Executive Board Members amounted to EUR
1.56 million in the 2023 financial year (2022: EUR 1.49 million). This
remuneration includes the basic remuneration for Board Membership and the
attendance fees for Board Meetings and Board Committee meetings both at
the level of Ageas and at its subsidiaries.
The remuneration received by Board of Directors Members in 2023 is detailed
in the table below. The number of Ageas shares held by Board Members at
31 December 2023 is reported in the same table.
Fixed fees Attendance fees Ageas Shares
Incumbent Name (1) Function (2)
2023 2023 Total (4) at 31/12/2023
Bart De Smet Chair 120,000 55,000 175,000 45,121
Jane Murphy Vice-chair (as of 17 May 2023) 60,000 47,500 107,500 0
Guy de Selliers de Moranville Vice-chair ( until 17 May 2023) 25,000 25,500 50,500 Na (5)
Yvonne Lang Ketterer Non-executive Board member 60,000 51,000 111,00 0 0
Richard Jackson Non-executive Board member 60,000 57, 50 0 117,500 0
Lucrezia Reichlin Non-executive Board member 60,000 44,500 104,500 0
Katleen Vandeweyer Non-executive Board member 60,000 49,000 109,000 0
Sonali Chandmal Non-executive Board member 60,000 38,500 98,500 0
Jean-Michel Chatagny Non-executive Board member 60,000 46,000 106,000 0
Alicia Garcia Herrero (1) Non-executive Board member 35,000 22,500 57,50 0 0
Carolin Gabor Non-executive Board member 60,000 32,000 92,000 0
Hans De Cuyper Chief Executive Officer (CEO) (3) - - see infra 9,161
Wim Guilliams Chief Financial Officer (CFO) (3) - - see infra 3,500
Emmanuel Van Grimbergen Chief Risk Officer (CRO) (3) - - see infra 10,829
Total 660,000 469,000 1,129,000 68,611
(1) Alicia Garcia Herrero was appointed as new member of the Board at the general shareholder’s meeting of 17 May 2023
(2) Board Members also receive an attendance fee for committee meetings they attend as invitee.
(3) The Executive Board members are not remunerated as Board Members, but as Executive Committee members.
(4) Excluding reimbursement of expenses.
(5) Guy de Selliers stepped down from his Board mandate at the general shareholder’s meeting of 17 May 2023

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
The remuneration received by Board of Directors Members in 2023 for their mandates in subsidiaries of Ageas is mentioned in the table below.
Incumbent Name (1) Function Fixed fees 2023
Attendance fees
2023
Total (2)
Bart De Smet Chair 45,000 12,000 57,000
Jane Murphy Vice - chair ( as of 17 May 2023) 33,750 14,000 47,750
Guy de Selliers de Moranville Vice - chair ( until 17 May 2023) 20,000 7,000 27,000
Yvonne Lang Ketterer Non-executive Board member 45,000 17,000 62,000
Richard Jackson Non-executive Board member 45,000 14,000 59,000
Lucrezia Reichlin Non-executive Board member - -
Katleen Vandeweyer Non-executive Board member 45,000 26,000 71,000
Sonali Chandmal Non-executive Board member 45,000 18,000 63,000
Jean-Michel Chatagny Non-executive Board member 30,000 10,000 40,000
Alicia Garcia Herrero Non-executive Board member
Carolin Gabor Non-executive Board member
Hans De Cuyper Chief Executive Officer (CEO) - - -
Christophe Boizard Chief Financial Officer (CFO) - - -
Emmanuel Van Grimbergen Chief Risk Officer (CRO) - -
Total 308,750 118,000 426,750
(1) The Executive Board members are not remunerated as Board Members, but as Executive Committee members.
(2) Excluding reimbursement of expenses.
6.7.2.2. Executive Committee Members.
The Executive Committee in 2023
On 31st December 2023, the Executive Committee of Ageas was composed
of Hans De Cuyper (CEO), Wim Guilliams (CFO), Filip Coremans (MD
Asia), Antonio Cano (MD Europe) and Emmanuel Van Grimbergen (CRO).
Christophe Boizard stepped down from his function as CFO following the
General Shareholders’ Meeting and was succeeded by Wim Guilliams.
Total Remuneration of the Executive Committee for 2023
In 2023, the total remuneration including pension contributions and fringe
benefits of the Executive Committee amounted to EUR 6,325,510 compared to
EUR 6,695,953 in 2022. This was comprised of:
• a fixed remuneration of EUR 3,457,068 (compared to EUR 3,103,624
in 2022) consisting of a base compensation of EUR 2,790,000 and other
benefits (health, death & disability cover and company car) of EUR 667,068
• a variable remuneration of EUR 1,876,001 (compared to EUR 2,586,500 in
2022) consisting of a one-year variable remuneration (STI) awarded of EUR
1,876,001 payable in cash over a period of 3 years.
• pension expenses of EUR 992,441 (excluding taxes) (compared to EUR
1,005,829 (excluding taxes) in 2022).
The graph below illustrates the different components of remuneration for each
of the Exco-members.
Hans De Cuyper
(CEO)
2023 Total Remuneration
EUR 2.000.000
EUR 1.500.000
EUR 1.000.000
EUR 500.000
Christophe Boizard
(CFO)
(until 01/06/2023)
Wim Guilliams
(CFO)
(as of 01/06/2023)
Emmanuel
Van Grimbergen
(CRO)
Antonio Cano
(MD Europe)
Filip Coremans
(MD Asia)
Pension Expenses
Variable Remuneration
Fixed Remuneration

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Ageas Annual Report 2023
The table below gives an overview of all pay elements for members of the Executive Committee.
- 1 - - 2 - - 3 - - 4 - - 5 -
Fixed Variable Extraordinary Pension Total Proportion
Remuneration Remuneration Items Expense Remuneration of
Incumbent Name
Base
Compensation
Fees
Other
Benefits
One-Year
Variable
Multi-year
Variable (1)
Fixed
(1+4)/5
Variable
(2+3)/5
H. De Cuyper 750,000 - 104,738 515,064 0 - 262,797 1,632,599 68% 32%
C. Boizard
(until 01/06/2023) 212,500 - 49,484 136,370 0 - 79,101 477,45 5 71% 29%
W. Guilliams
(as of 01/06/2023) 297, 50 0 37,8 58 202,524 0 74,375 612,257 67% 33%
E. Van Grimbergen 510,000 - 71,003 328,440 0 - 190,926 1,100,369 70% 30%
A. Cano 510,000 - 84,16 6 346,419 0 - 191,850 1,132,435 69% 31%
F. Coremans (2) 510,000 - 319,820 347,18 4 0 - 193,392 1,370,396 75% 25%
Total 2,790,000 - 667,068 1,876,001 0 0 992,441 6,325,510
(1) Market value of multi-year variable at granting.
The vesting after 3.5 years is subject to a relative TSR performance measurement as compared to a peer group.
(2) Including Asia housing cost in other benefits
(3) All amounts related to Christophe Boizard and Wim Guilliams are on a pro rata base.
A. FIXED REMUNERATION
Fixed remuneration consists of base compensation, fees and other benefits
such as health, death & disability cover and company car.
Base Compensation
The table below shows the 2023 base compensation levels of the Executive
Committee and how they compare to 2022.
Incumbent Name 2023 (1) 2022 (1) %
Hans De Cuyper (CEO) 750,000 750,000 100%
Christophe Boizard ( CFO) (1) 212,500 485,000
Wim Guilliams (CFO) (2) 297,50 0 Na
Emmanuel Van Grimbergen (CRO) 510,000 485,000 105%
Antonio Cano (MD Europe) 510,000 485,000 105%
Filip Coremans (MD Asia) 510,000 485,000 105%
Total 2,790,000 2,690,000 105%
Fees
The Members of the Executive Committee did not receive any fees for their
participation in the meetings of the Board of Directors.
Other Benefits
The Members of the Executive Committee received a total aggregated
amount of EUR 667.068 representing other benefits (health, death and
disability cover and a company car) in line with the remuneration policy.
(1) until 01/06/2023
(2) as of 01/06/2023

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
B. VARIABLE REMUNERATION
Variable remuneration consists of the Short-term incentive (STI - one year
variable) and the Long-term incentive (LTI - multi-year variable).
Short-Term incentive (STI)
The Ageas Business Score for the year under review as well as the individual
performance score (and function performance for the CRO), has led to the
following actual STI pay-out percentages (target = 50% of base compensation,
range 0-100% of base compensation):
• Hans De Cuyper (CEO) : 137% of target;
• Wim Guilliams (CFO): 136 % of target;
• Emmanuel Van Grimbergen (CRO): 129 % of target;
• Antonio Cano (MD Europe): 136 % of target;
• Filip Coremans (MD Asia): 136 % of target;
• Christophe Boizard : 128 % of target.
For the performance year 2023, a STI for a total amount of EUR 1,876,001
was awarded. 50% of this amount will be paid in 2024, 25 % is deferred to
2025 and 25 % is deferred to 2026 and will be adjusted for performance
accordingly.
The STI paid in 2024 consists of 50% of the STI earned for the performance
year 2023, 25% of the STI earned for 2022 and 25% of the STI earned for
2021. The pay-outs corresponding to performance years 2021 and 2022 were
adjusted based on performance over the years 2023 and 2022.
You will find below the individual amounts awarded for each member of the
Executive Committee:
Incumbent Name
Ageas
Performance
Score (1)
Weight
Individual
Performance
Score
Weight
Risk
Performance
Score
Weight
Total
Performance
Score
Hans De Cuyper 141% 70% 130% 30% na 0% 137%
Wim Guilliams 141% 70% 126% 30% na 0% 136%
Christophe Boizard 141% 70% 100% 30% na 0% 128%
Emmanuel Van Grimbergen (2) 141% 40% 122% 30% 120% 30% 129%
Antonio Cano 141% 70% 125% 30% na 0% 136%
Filip Coremans 141% 70% 126% 30% na 0% 136%
(1) Detail of Ageas Business Score: please see detail below
(2) For the CRO the Ageas Business performance weighs for 40%, the additional 30% is linked to the performance of the Risk Function.
STI granted STI paid in 2024
for performance for performance years
year 2023 2022 2021
Incumbent Name 2023 50% 25% 25% Total
Hans De Cuyper (CEO) 515,064 257,532 113,162 97,536 468,230
Christophe Boizard (CFO) (1) 136,370 68,185 70,633 70,228 209,046
Wim Guilliams (CFO) (2) 202,524 101,262 - - 101,262
Emmanuel Van Grimbergen (CRO) 328,440 164,220 70,760 71,103 306,083
Antonio Cano (MD Europe) 346,419 173,210 70,633 71,503 315,346
Filip Coremans (MD Asia) 347,18 4 173,592 72,270 72,778 318,640
Total 1,876,001 1,718,607
(1) until 01/06/2023
(2) as of 01/06/2023
Performance criteria for the 2023 STI
All variable remuneration in relation to the 2023 performance was determined
in line with the Remuneration Policy. The one-year variable remuneration
(STI) for the Executive Committee Members is determined by reference to the
achievement of individual performance criteria (weight 30%) and company
performance criteria (weight 70%).
The company performance criteria consist of both financial and non- financial
(stakeholder related) Key Performance Indicators (KPI’s.) For the CRO
specific criteria related to the risk function apply.
Individual performance is measured on specific strategic actions and on an
assessment against the criteria of the Ageas leadership framework. The table
below gives an overview of the KPI’s their respective weight and the level of
achievement as assessed by the Board of Directors.

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Ageas Annual Report 2023
• The individual performance score weighting of 30% includes an individual
assessment based on the Ageas Leadership framework. This framework
defines 11 leadership behaviors linked to the Ageas values ‘Care’, ‘Dare’,
‘Share’ and’ Deliver’, role modeling the expected behaviors for Ageas
leaders. The scoring for this component is based on a self-assessment, the
input from the peer review, the input from the CEO for the ExCo – members
and from the Chair for the CEO. The final score is assigned following the
calibration discussion at the Board of Directors. Next to this leadership
score, each ExCo- member was assessed on specific objectives linked to
his area of responsibility and the implementation of the Impact24 plan.
• The Ageas performance score is determined by the performance on
financial KPI’s and non- financial (stakeholder related KPI). These KPI’s are
common for all members of the ExCo. The weight of this component is 70%
with the exception for the CRO where it is 40%.
• For the CRO specific KPIs related to the Risk function are weighting for
30% in the assessment. These KPIs include qualitative and operational
objectives on model validation and the actuarial function, on Enterprise
Risk Management (ERM), information security and GDPR, on Reinsurance
and Solvency.
The financial KPI set are fully aligned with the Impact24 strategic plan and
budget.
The stakeholder KPIs include
• People KPIs : Ageas achieved two of the targets for 2024, with a score of
67.4, the Employee NPS (eNPS) for our consolidated entities positions in
the top quartile of the benchmark (provided by Peakon).
The Gender Diversity Index which measures the presence of the different
genders at executive level (GDI as measured by Women on Board)
improved from 0.75 to 0.87.
• For the Glass Ceiling Index which measures the ratio of women in
senior management versus the total of women in the company showed a
considerable improvement from 57% to 65%, close to our Impact24 – target
of 70%. The balance in our succession pipeline for senior management
showed a small improvement to a ratio of 67% Men and 33% Women.
Above achievements resulted in overall score of 125% for this KPI.
• Customer NPS: customer net promotor score is measured based on
competitive and transactional NPS. The average score for all operational
companies resulted in score of 125% on a range of 0-200%.
• ESG- KPIs : We observed an improvement of our position on 5 of the 6
ESG- rating agencies. Also, the targets on sustainable assets, on ESG
integration in investment decisions and GWP in sustainable products were
largely met while the target on Carbon emission was not achieved. Overall
this resulted in a 150% score for the ESG- KPIs.
For more detailed information on the stakeholder KPIs we refer to note “A.5.
Sustainability at the heart of everything we do”.
Detail of Ageas Business Score (1)
Ageas Metrics Weight Threshold Target Maximum Actual Achievement
Pay-out as % of
Target
Financial
Net Operating
Result
14.0% 872.90 1091.10 1309.30 1,165.90 18.80% 134.30%
Earnings per
share (EPS)
7.0% 4.80 6.00 7.20 6.35 9.04% 129.20%
Free Cash flow 7.0% 499.00 624.00 749.00 646.00 8.16% 116.50%
Growth 3.5% weigted average score of the business segments 127.00% 4.45% 127.0 0%
Combined Ratio 7.0% 96.70% 94.00% 92.00% 92.10% 13.52% 193.20%
Operating
margin
guaranteed
7.0% 0.90% 1.00% 1.10% 1.07% 11.62% 166.00%
Operating
margin unit
linked
3.5% 0.33% 0.38% 0.48% 0.39% 3.88% 110.90%
Stakeholders People (2) 5.3%
no improvement
on people KPIs
Improvement on
2 KPIs & 1 target
2024 achieved
all targets 2024
achieved
6.56% 125.00%
Customer NPS 5.3% average of operational companies 6.56% 125.00%
Society (3) 5.3%
no improvement
on society KPIs
Improvement on
1 KPI & 3 targets
achieved
all targets
achieved of which
one 2024
7.88% 150.00%
ESG-rating 5.3%
1 or less rating
better
4 of 6 ratings
better
5 of 6 ratings
better with a 10%
increase for 3
ratings
7.88% 150.00%
Total 70% 98% 140.50%
(1) Scores range from 0%, to 100% for on target performance, to max 200% for overperformance.
(2) four people KPIs: Employee NPS, Gender diversity index, Glass Ceiling Index, Balanced succession pipeline
(3) Society KPIs: % sustainable products, € sustainable investments, ESG in investment decisions , Carbon emissions

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
Outstanding grants
The table below gives an overview of the number of shares granted in
previous years. These shares only vest on 30 June of N+4 and are subject to
the relative TSR-performance over the performance period.
Number of shares
committed to be
granted for 2020
Number of shares
committed to be
granted for 2021
Number of shares
committed to be
granted for 2022
Incumbent name
Bart De Smet 8,617 0 0
Hans De Cuyper (1) 5,293 10,090 7,820
Christophe Boizard 7,165 7,529 5,057
Emmanuel Van Grimbergen 5,909 7,529 5,057
Antonio Cano 7,16 5 7, 529 5,057
Filip Coremans 7,16 5 7, 529 5,057
Total 41,314 40,206 28,048
(1) Shares granted until 22 October 2020 relate to his mandate as CEO of AG Insurance. 1,600 shares
for 2020 relate to the CEO Ageas function.
Shareholding requirement
The ExCo members are subject to a shareholding requirement of 100% of
gross base compensation. You find below the valuation of this shareholding
requirement at 31/12/2023. In case the threshold is not met, the Exco member
is restricted from selling shares which vest under the LTI-plan (excluding the
sale of shares to cover taxes on vesting).
Incumbent
Number of
shares
Share price at
29-12-2023
Value at
31-12-2023
Base salary Ratio
Hans De Cuyper 9,161 39.31 3 60,119 750,000 48%
Wim Guilliams 3,500 39.31 137,5 85 297,500 46%
Emmanuel Van Grimbergen 10,829 39.31 425,688 510,000 83%
Antonio Cano 15,982 39.31 628,252 510,000 123%
Filip Coremans 18,407 39.31 723,579 510,000 142%
2023 vesting
The 2019- LTI plan vested on 30 June 2023. According to the terms and
conditions of the LTI Plan 2019, the initial number of Ageas shares granted
was adjusted based on the relative TSR performance of Ageas against a
predefined peer group.
Ageas’s relative TSR was below the 25
th
percentile of the peer group. As
such, there was no vesting of the LTI-plan 2019.
Number of shares
committed to be
granted for 2019
Adjusted
number vested
on 30 June 2023
Number of
shares sold to
finance income tax
Number of
shares blocked
till 1 January 2025
Incumbent Name
Hans De Cuyper (1) 4,19 6 0.00 0.00 0.00
Christophe Boizard 6,783 0.00 0.00 0.00
Emmanuel Van Grimbergen (2) 4,504 0.00 0.00 0.00
Antonio Cano 6,783 0.00 0.00 0.00
Filip Coremans 6,783 0.00 0.00 0.00
Total 29,049 0.00 0.00 0.00
(1) Relates to restricted shares awarded in the role of CEO AG Insurance.
(2) Relates to restricted shares awarded in the role of Group Risk officer.
Long Term Incentive (LTI)
Grants
In collaboration with Willis Towers Watson a new LTI-plan was discussed with
the Remuneration Committee and validated by the Board of Directors to be
submitted to the General Shareholders’ Meeting of 15 May 2024. The grant
will be performed according to these new plan rules subject to the approval of
General Shareholders’ Meeting.

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Ageas Annual Report 2023
C. EXTRAORDINARY ITEMS AND PENSION EXPENSES
A total aggregated amount of EUR 992,441 was contributed to a defined
contribution pension plan for the Executive Committee members.
Incumbent Name Pension Contribution
Hans De Cuyper 262,797
Christophe Boizard
( until 01/06/2023) 79,101
Wim Guilliams
( as of 01/06/2023) 74,375
Emmanuel Van Grimbergen 190,926
Antonio Cano 191,850
Filip Coremans 193,392
Total 992,441
6.7.2.3 Additional disclosure and derogations from the policy
Ageas did not apply any clawback provision during the year under review.
There were no derogations from the policy during working year 2023.
6.7.2.4. Annual Change in Remuneration of Executive Committee Members
versus the Wider Workforce & Company Performance
The table below gives an overview of the evolution of the total remuneration
of the ExCo members in comparison with the evolution of the average
remuneration of employees. The pay ratio is expressed both for the CEO
remuneration versus the average employee remuneration and versus the
lowest employee remuneration at the level of Ageas SA/NV.
Total CEO–pay for 2023 versus the average employee remuneration results
in a comparative ratio of 23.1 (21.8 in 2022) In relation to the lowest employee
remuneration at Ageas SA/NV this results in a comparative ratio of 28.7 (31
in 2022.
Annual change 2019 2020 Var 2021 Var 2022 var 2023 var
Exco total remuneration (1)
Hans De Cuyper
(as of 22/10/2020) 0 292,097 1,736,678 1,8 07,253 4% 1,632,599 (9.7%)
Christophe Boizard
(until 01/06/2023) 1,396,680 1,419,062 2% 1,390,926 (2%) 1,238,935 (11%) 477,4 55 na
Wim Guilliams
(as of 01/06/2023) 612,257 na
Filip Coremans 1,376,144 1,405,707 2% 1,375,878 (2%) 1,223,503 (11%) 1,370,396 12.0%
Antonio Cano 1,381,156 1,402,383 2% 1,373,483 (2%) 1,219,882 (11%) 1,132,435 (7.2%)
Emmanuel Van Grimbergen
(as of 01/06/2019) 619,993 1,090,275 1,320,567 21% 1,206,380 (9%) 1,10 0,369 (8.8%)
Company performance
Ageas Business score % (2) 130% 136% 116% 92% 141%
TSR 01-01/31-12 of YR (3) 40.86% (10.70%) 10.00% 0.90% 2.80%
Average remuneration of employees
on full- time base
77,372 83,029 7.0% 84,355 7% 82,903 (2%) 70,639 (15%)
FTE at 31/12 (4) 10,741.5 10,044.7 10,100.2 11,121.5 14,836
Total staff expenses (5) 831,100,000 834,000,000 852,000,000 922,000,000 1,048,000,000
Pay ratio average remuneration to CEO remuneration (6) 26.0 24.1 20.6 21.8 23.1
Pay ratio lowest remuneration (7) to CEO remuneration (6) 33.4 31.0 28.7
(1) Total remuneration as defined in table for 6.7.2.2.
(2) Range is 0-200%.
(3) Total Shareholder Return.
(4) FTE for Ageas consolidated entities.
(5) As reported in the annual accounts.
(6) For comparison with previous years, CEO remuneration 2020 is calculated as the sum of total remuneration of B. De Smet and H. De Cuyper.
(7) Salary in lowest salary band at the level of ageas SA/NV.

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Ageas Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
6.7.3 Our Remuneration policy 2023 at a glance
At the start of 2024, Ageas conducted an assessment of the Remuneration
policy which was discussed at the Remuneration Committee and validated by
the Board of Directors. The main changes in comparison to the Remuneration
Policy presented in 2020 include:
• An update on the scope and the governance of the Policy
• An update on the specific rules for ‘Identified staff receiving significant
variable remuneration.’
• An adjustment of the fixed fee for the Chair of the Board and the
attendance fees for the Board Committees
• An adjustment of the weights for the calculation of the STI in view of the
new Exco-structure.
• The introduction of of a new LTI-plan to be submitted for validation at the
General Shareholders Meeting of 15 May 2024.
In line with the Shareholder’s Rights Directive, the revised Remuneration
Policy will be submitted for validation at the General Shareholders Meeting of
15 May 2024. In this section of the report, you will find a summary of the main
elements of our Remuneration policy for Executive management and Non-
Executive Directors as applicable in 2023
6.7.3.1. Executive Committee
The total remuneration package of the Executive Committee Members
consists of the following elements that will be further explained below:
The pie charts below show the pay mix (base compensation vs. STI vs. LTI)
for an Executive Committee Member both on target and at maximum:
Short- term incentive Long -term incentive Extraordinary
Items
Pension
Expense
Base
Compensation
Other
Benefits
Short term
incentive ( STI)
Long term
incentive ( LTI)
Extraordinary
Items
Pension
Expense
= Fixed Remuneration = Variable Remuneration
TOTAL REMUNERATION
The pie charts below show the pay mix (base compensation vs. STI vs. LTI)
for an Executive Committee Member both on target and at maximum:
51%
23%
On target
Base
Compensation
STILTI
Maximum
26%
31% 35%
34%
Base
Compensation
STILTI

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Ageas Annual Report 2023
In line with the Shareholder’s Rights Directive, the revised Remuneration
Policy will be submitted for validation at the General Shareholders Meeting of
15 May 2024. In this section of the report, you will find a summary of the main
elements of our Remuneration policy for Executive management and Non-
Executive Directors as applicable in 2023
6.7.3.1. Executive Committee
The total remuneration package of the Executive Committee Members
consists of the following elements that will be further explained below:
The pie charts below show the pay mix (base compensation vs. STI vs. LTI)
for an Executive Committee Member both on target and at maximum:
Short- term incentive Long -term incentive Extraordinary
Items
Pension
Expense
Variable Remuneration
1. Short- Term Incentive (STI)
Principles
The Short-Term Incentive (STI) on target is set at 50% of base compensation,
with a maximum opportunity equal to 100% of base compensation.
The STI is subject to a deferral period of three years, i.e. STI for performance
year N is paid out as follows:
• 50% during N + 1
• 25% during N + 2
• 25% during N + 3
In line with the Remuneration Policy, deferred amounts are subject to the
achievement of sustained performance over the deferral period and are
therefore subject to upwards or downwards adjustments.
The Short-Term Incentive Plan includes a claw-back provision.
Performance Criteria
Annual performance is assessed against both business and individual
performance criteria for all Executive Committee Members. For the CRO,
there are specific criteria linked to the Risk function.
Fixed Remuneration
Fixed Remuneration Principles
Base Compensation
Base Compensation is reviewed annually and compared with that of other BEL 20 companies (except from AB Inbev) and
major European-based insurance firms. The objective of Ageas is to position the base compensation of the Executive
Committee within a range of 80% to 120% of the chosen median market reference.
Other Benefits The Executive Committee Members receive benefits in line with Ageas’s remuneration policy, including health care, death
anddisability coverage and a company car.
Corporate
Performance
Criteria
Executive
Committee
Members
Individua
l
Corporat
e
30%
70%
14.0%
7.0%
7.0%
7%
7%
3.5%
3.5%
5.25%
5.25%
5.25%
5.25%
CRO
Individual
Corporate
Function
30%30%
40%
Net operating result
EPS
Free cash flow
Growth
Combined ratio
Operating margin guaranteed
Operating margin unit linked
People KPI
Customer NPS
Society
ESG- rating
Corporate
Performance
Criteria
Executive
Committee
Members
Individual
Corporate
30%
70%
14.0%
7.0%
7.0%
7%
7%
3.5%
3.5%
5.25%
5.25%
5.25%
5.25%
CRO
Individual
Corporate
Function
30%30%
40%
Net operating result
EPS
Free cash flow
Growth
Combined ratio
Operating margin guaranteed
Operating margin unit linked
People KPI
Customer NPS
Society
ESG- rating
Corporate
Performance
Criteria
Executive
Committee
Members
Individual
Corporate
30%
70%
14.0%
7.0%
7.0%
7%
7%
3.5%
3.5%
5.25%
5.25%
5.25%
5.25%
CRO
Individual
Corporate
Function
30%30%
40%
Net operating result
EPS
Free cash flow
Growth
Combined ratio
Operating margin guaranteed
Operating margin unit linked
People KPI
Customer NPS
Society
ESG- rating
Corporate
Performance
Criteria
Executive
Committee
Members
Individual
Corporate
30%
70%
14.0%
7.0%
7.0%
7%
7%
3.5%
3.5%
5.25%
5.25%
5.25%
5.25%
CRO
Individual
Corporate
Function
30%30%
40%
Net operating result
EPS
Free cash flow
Growth
Combined ratio
Operating margin guaranteed
Operating margin unit linked
People KPI
Customer NPS
Society
ESG- rating

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CORPORATE GOVERNANCE STATEMENT
2. Long-Term Incentive (LTI)
Principles
The Long-Term Incentive Plan target is set at 45% of base compensation for
all Executive Committee Members, with a maximum opportunity equal to 90%
of base compensation.
Performance/Vesting and Holding Period
The performance shares vest 3.5 years after grant. After vesting, the shares
will have to be held for an additional 1.5 years (5 years in total as of date of
grant). After this blocking period, the beneficiaries may sell the vested shares
under certain conditions, in line with the Remuneration Policy.
Performance Criteria
A two-step methodology is used to determine the number of shares that will
be granted (step 1) and the number of shares that will vest at the end of the
performance period (step 2).
Step 1 - Grant methodology
The number of shares to be granted under this plan is based on the “Ageas
Business Score” which is the result of the achievement on the corporate KPIs
(please refer to the STI section just above for further details) and is calculated
as follows:
Step 2 - Vesting methodology
The vesting level is subject to relative TSR performance assessed against the
pre-determined peer group outlined. Performance is measured over a period
of 3.5 years. The rank which the Ageas’s TSR achieves over the performance
period will determine how many shares will vest under this measure, as
outlined. Please see the tables below for further details. In any case the total
number of shares attributed at vesting will never exceed an amount of shares
equal to 90% of base compensation divided by the share price at initial grant.
Grant
AGEAS Business Score % of Target % of Base Compensation
<3 0% 0%
3 50% 22.50%
4 (on target) 100% 45%
5 150% 67.50%
6 or 7 200% 90%
Percentile TSR Ranking Vesting %
≥75% 200%
≥60%-<75% 150%
≥40%-<60% 100%
≥25%-<40% 50%
<25% 0%
Peer Group
The following companies, which have a comparable business model and include
several competitors, constitute the peer group for the grant:
AEGON NV KBC GROEP NV
ALLIANZ SE-REG MAPFRE SA
ASSICURAZIONI GENERALI NATIONALE NEDERLANDEN
AVIVA PLC PRUDENTIAL PLC
AXA SA SAMPO OYJ-A SHS
BALOISE INSURANCE SWISS LIFE HOLDING AG-REG
BNP PARIBAS VIENNA INSURANCE GROUP AG
CNP ASSURANCES ZURICH INSURANCE GROUP AG
Shareholding requirement
Members of the Executive Committee are subject to a shareholding
requirement of 100% of gross base compensation. As long as they have not
reached or respected this threshold, they will be restricted from selling shares
which vest under the LTI-plan (excluding the sale of shares to cover taxes on
vesting).
The valuation of the requirement will happen annually based on the
shareholding by the Executive Director at 31/12.

91
Ageas Annual Report 2023
Extraordinary items and Pension
Pay Element Principles
Extraordinary items
For each Member of the Executive Committee, severance pay equals
12 months’ salary which can in specific circumstances be increased
to 18 months (including the non-competition provision). More detailed
information on termination arrangements applicable to the Executive
Committee is available in our Remuneration Policy which can be found on
Ageas’s website.
Pension
Executive Committee Members benefit from a Defined Contribution
pension plan. The pension contribution for Executive Committee Members
is equal to 25% of (base compensation + variable pay). This plan includes
death coverage as well.
In accordance with the Remuneration Policy, Non-Executive Board Members
do not receive variable and or equity-related remuneration and are not entitled
to pension rights.
In line with principle 7.6 of the new Belgian Corporate Governance Code 2020,
Non-Executive Board members will receive up to a maximum of 20% of their
fixed remuneration in the form of Ageas shares. This principle will be applied
as of any future increase in Board remuneration.
The remuneration of the Executive Board Members (i.e. the Executive
Committee Members) is related exclusively to their position as Executive
Committee Members.
Representing Ageas SA/NV in Ageas Group consolidated entities
The remuneration of the Non-Executive Directors representing Ageas SA/NV
in Ageas Group consolidated entities has been aligned since 1 January 2019
according to the table below:
6.7.3.2 Board of Directors
Board of Ageas SA/NV
As per Remuneration Policy terms, Non-Executive Board Members of Ageas
receive a fixed fee and an attendance fee, whereas Committee Members only
receive attendance fees. The table below gives an overview of the fixed fees
and attendance fees applicable to the Ageas Board since 1 January 2018.
Board Committee
Chair Member Chair Member
Fixed Fee EUR 120,000 EUR 60,000 N/A N/A
Attendance Fee EUR 2,500 EUR 2,000 EUR 2,000 EUR 1,500
Board Committee
Chair Member Chair Member
Fixed Fee EUR 60,000 EUR 45,000 N/A N/A
Attendance Fee EUR 2,500 EUR 2,000 EUR 2,000 EUR 1,500

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Ageas Annual Report 2023
B
Consolidated
fi nancial statements

Note 31 December 2023 31 December 2022 Restated (*) Assets Cash and cash equivalents 1 1,875 1,176 Financial investments 2 79,541 76,489 Investment property 3 2,975 3,030 Insurance contract assets 9 21 18 Reinsurance contract assets 10 653 677 Equity-accounted investments 4 4,459 4,680 Property and equipment 5 2,411 2,227 Goodwill and other intangible assets 6 1,480 1,416 Deferred tax assets 7 901 1,174 Accrued interest and other assets 8 2,377 2,193 Assets held for sale 4,212 Total assets 96,693 97,292 Liabilities Repurchase agreements 2,560 2,135 Investment contract liabilities 14,112 13,378 Insurance contract liabilities 9 64,054 62,572 Borrowings 11 1,667 1,592 Subordinated liabilities 12 2,520 2,517 RPN(I) 13 398 334 Deferred tax liabilities 7 412 417
Accrued interest and other liabilities 14 2,406 2,282
Provisions 15 65 72 Liabilities related to assets held for sale 4,057 Total liabilities 88,194 89,356 Equity Shareholders' equity 16 7,422 6,975 - Share capital and share premium 3,553 3,553
- Other reserves 3,869 3,422
Non-controlling interests 17 1,077 961 Total equity 8,499 7,936 Total liabilities and equity 96,693 97,292
(*) See ‘Summary of accounting policies and estimates’, section 2.
93
Ageas Annual Report 2023
Consolidated statement
of fi nancial position

Note 2023 2022 Restated (*)
Insurance revenue 18 6,437 6,029
Insurance service expenses 19 (5,076) (5,023) Net result from reinsurance contracts held (246) (120) Insurance service result 1,115 886
Interest, dividend and other investment income non-related to unit-linked investments 20 2,813 2,477
Net gain on derecognition and changes in fair value non-related to unit-linked investments 20 162 159 Investment income related to unit-linked investments 1,711 (2,935) Net impairment loss on financial assets (27) (2) Net investment income 4,659 (301)
Finance expenses from insurance contracts 20 (2,259) (471)
Finance income from reinsurance contracts 20 14 7 Movement in investment contract liabilities (1,088) 1,906 Net finance result 20 1,326 1,141 Net insurance and finance result 2,441 2,027 Other income 21 318 272 Financing costs 22 (275) (153) Change in impairments 23 (35) (66)
Change in provisions 15 10 (1)
Unrealised gain (loss) on RPN(I) (64) 139 Other operating expenses 24 (1,406) (1,237) Share in the results of equity-accounted investments 4 439 508 Total other income and expenses (1,013) (538) Result before tax 1,428 1,489 Income tax expense 25 (251) (205) Net result for the period 1,177 1,284 Net result attributable to non-controlling interests 224 187 Net result attributable to shareholders 953 1,097 Per share data (EUR) Basic earnings per share 5.19 5.96 Diluted earnings per share 5.19 5.95
(*) See ‘Summary of accounting policies and estimates’, section 2.
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Ageas Annual Report 2023
CONSOLIDATED FINANCIAL STATEMENTS 2023
Consolidated
income statement

Note 2023 2022 Restated (*) Net result for the period 1,177 1,284 Items that will not be reclassified to the income statement: Remeasurement of defined benefit liability/asset 26 (56) 265 Net change in fair value of equity investments designated at FVOCI 370 (255) Net change in fair value of hedging instruments (14) 9 Net realised gains/(losses) on equity investments designated at FVOCI and hedging instruments reclassified to retained earnings (31) (65) Share of other comprehensive income of equity-accounted investments 4 32 (156) Related income tax (2) (18) Total of items that will not be reclassified to the income statement 299 (220) Items that are or may be reclassified subsequently to the income statement: Net change in fair value of financial investments measured at FVOCI 2,372 (13,813) Net change in fair value of hedging instruments (10) 89 Net finance expenses from insurance contracts 20 (1,911) 12,943 Net finance income from reinsurance contracts held 20 25 (216) Foreign currency translation differences (262) (14) Share of other comprehensive income of equity-accounted investments 4 (360) (261) Related income tax 61 282 Total of items that are or may be reclassified subsequently to the income statement (85) (990) Other comprehensive income for the period 214 (1,210) of which: Other comprehensive income relating to disposal group held for sale 26 (44) Total comprehensive income for the period 1,391 74 Net result attributable to non-controlling interests 224 187 Other comprehensive income attributable to non-controlling interests 142 (134)
Total comprehensive income attributable to non-controlling interests 366 53
Total comprehensive income attributable to shareholders 1,025 21
(*) See ‘Summary of accounting policies and estimates’, section 2.
95
Ageas Annual Report 2023
Consolidated statement of
comprehensive income

Attributable to shareholders
Re- measurement
Net result post- Insurance Share attributable employment Currency and Share- Non- Share premium Other to share- benefits translation Financial reinsurance holders’ controlling Total capital reserve reserves holders plans reserve investments contracts equity interests equity Balance as at 1 January 2022 as previously reported 1,502 2,051 3,744 845 (104) 29 3,862 (15) 11,914 2,258 14,172 Impact of initial application of IFRS 17 182 1,506 (7,646) (5,958) (1,735) (7,693) Impact of initial application of IFRS 9 703 (4) 1,169 1,868 590 2,458 Restated balance as at
1 January 2022 IFRS17/9 1,502 2,051 4,629 845 (104) 25 6,537 (7,661) 7,824 1,113 8,937
Impact of initial application of IAS 29 1 10 11 11 Restated balance as at 1 January 2022 1,502 2,051 4,630 845 (104) 35 6,537 (7,661) 7,835 1,113 8,948 of which amounts recognised in OCI and accumulated in equity relating to
disposal group held for sale 266 (249)
Net result for the period 1,097 1,097 187 1,284 Other comprehensive income 150 (9) (8,633) 7,416 (1,076) (134) (1,210) of which:
Transfer from OCI to retained
earnings upon disposal of equity
investments designated at FVOCI (58) (58) (16) (74) Total comprehensive income for the period (restated) 1,097 150 (9) (8,633) 7,416 21 53 74
Transfer 845 (845)
Dividend (765) (765) (268) (1,033) Treasury shares (91) (91) (91) Other changes in equity
(1)
(25) (25) 63 38
of which:
Transfer from OCI to retained
earnings upon disposal of equity
investments designated at FVOCI 22 22 (7) 15 Restated balance as at
31 December 2022 1,502 2,051 4,594 1,097 46 26 (2,096) (245) 6,975 961 7,936
of which amounts recognised in OCI and accumulated in equity relating to
disposal group held for sale 1 (230) 203
(1) Next to the transfer to retained earnings of amounts in OCI upon disposal of equity investments designated at FVOCI, other changes in equity include changes in the fair value of the put option
written on Interparking shares (Note 17), indemnities paid to BNP Paribas Fortis SA/NV for Ageas shares held related to the CASHES securities (see Note 28.2) and capital distributions, if and
when applicable, to holders of FRESH and CASHES securities because Ageas’s dividend yield exceeded 5%
.
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Ageas Annual Report 2023
CONSOLIDATED FINANCIAL STATEMENTS 2023
Consolidated statement
of changes in equity

Attributable to shareholders Re- measurement Net result post- Insurance Share attributable employment Currency and Share- Non- Share premium Other to share- benefits translation Financial reinsurance holders’ controlling Total capital reserve reserves holders plans reserve investments contracts equity interests equity Restated balance as at 31 December 2022 1,502 2,051 4,594 1,097 46 26 (2,096) (245) 6,975 961 7,936 Net result for the period 953 953 224 1,177 Other comprehensive income (38) (259) 2,577 (2,208) 72 142 214 of which: Transfer from OCI to retained earnings upon disposal of equity investments designated at FVOCI (34) (34) (8) (42) Total comprehensive income for the period 953 (38) (259) 2,577 (2,208) 1,025 366 1,391 Transfer 1,097 (1,097) Dividend (540) (540) (242) (782) Treasury shares Other changes in equity
(1)
(36) (2) (38) (8) (46) of which:
Transfer from OCI to retained
earnings upon disposal of equity investments designated at FVOCI 56 56 16 72 Balance as at 31 December 2023 1,502 2,051 5,115 953 6 (233) 481 (2,453) 7,422 1,077 8,499
(1) Next to the transfer to retained earnings of amounts in OCI upon disposal of equity investments designated at FVOCI, other changes in equity include changes in the fair value of the put option
written on Interparking shares (Note 17), indemnities paid to BNP Paribas Fortis SA/NV for Ageas shares held related to the CASHES securities (see Note 28.2) and capital distributions, if and
when applicable, to holders of FRESH and CASHES securities because Ageas’s dividend yield exceeded 5%
.
97
Ageas Annual Report 2023
Consolidated statement
of changes in equity (continued)

For Ageas’ definition of Comprehensive Equity, refer to note 27 ‘Information on operating segments’, section ‘Alternative performance measures’.
31 December 31 December
Note 2023 2022 Restated (*) Shareholders’ equity 7,422 6,975 Non-recognised net unrealised gains/(losses) of fully consolidated subsidiaries on:
- Investment property 3 941 1,237
- Land and buildings held for own use and car parks 5 828 733 - Car park concession and other intangibles (real estate) 6 242 196 - Related income tax (580) (589) Total non-recognised gains/(losses) of fully consolidated subsidiaries after income taxes 1,431 1,577 Attributable to non-controlling interests 360 395 Total non-recognised gains/(losses) of fully consolidated subsidiaries after income taxes, attributable to shareholders 1,071 1,182 Non-recognised gains/(losses) of equity-accounted investments after income taxes, attributable to shareholders 119 144 Total non-recognised gains/(losses) after income taxes, attributable to shareholders 1,190 1,326 Contractual service margin (life business) of fully consolidated subsidiaries: - From insurance contracts 9 3,718 3,460 - From reinsurance contracts held 10
- Related income tax (932) (864)
Total contractual service margin (life business) of fully consolidated subsidiaries after income taxes 2,786 2,596 Attributable to non-controlling interests 711 660 Total contractual service margin (life business) of fully consolidated subsidiaries after income taxes, attributable to shareholders 2,075 1,936 Contractual service margin (life business) of equity-accounted investments after income taxes, attributable to shareholders 4,933 5,433 Total contractual service margin (life business) after income taxes, attributable to shareholders 7,008 7,369 Comprehensive shareholders’ equity 15,620 15,670
(*) See ‘Summary of accounting policies and estimates’, section 2.
98
Ageas Annual Report 2023
CONSOLIDATED FINANCIAL STATEMENTS 2023
Comprehensive
equity

Note 2023 2022 Restated (*) Cash and cash equivalents as at 1 January, from continued operations 1 1,176 2,142 Cash and cash equivalents as at 1 January, from disposal group held for sale 89 Cash and cash equivalents as at 1 January 1,265 2,142 Result before taxation 1,428 1,489 Adjustments to non-cash items included in result before taxation: Remeasurement RPN(I) 13 64 (139) Net insurance service and finance result and result on sales and revaluations 18 & 19 & 20 409 776 Share in result of equity-accounted investments 4 (439) (508) Depreciation, amortisation and accretion (non-attributable to insurance contracts) 24 342 389 Net impairment loss on financial assets and change in impairment 23 62 68 Provisions (10) 1 Share-based compensation expense 24 (2) 3 Total adjustments to non-cash items included in result before taxation 426 590 Changes in operating assets and liabilities: Insurance contracts assets and liabilities 9 (943) (1,576) Reinsurance contracts assets and liabilities 10 (169) (176) Investment contracts liabilities (415) 605 Net changes in all other operational assets and liabilities 23 247 Income tax paid (226) (160) Total changes in operating assets and liabilities (1,730) (1,060) Cash flow from operating activities 124 1,019 Investing activities within the group (4) (15) Purchases of financial investments 2 (10,994) (14,313) Proceeds from sales and redemptions of financial investments 2 11,781 13,858 Derivatives assets and liabilities (relating to investing activities) 116 (76) Cash flows relating to repurchase agreements 426 76 Purchases of investment property 3 (256) (162) Proceeds from sales of investment property 3 239 451 Purchases of property and equipment 5 (146) (82) Proceeds from sales of property and equipment 5 21 21 Acquisitions of subsidiaries and associates (including capital increases in associates) (91) (493) Divestments of subsidiaries and associates (including capital repayments of associates) 180 Dividend received from associates 4 171 184 Purchases of intangible assets 6 (93) (78) Proceeds from sales of intangible assets 6 3 12 Cash flow from investing activities 1,353 (617)
Proceeds from the issuance of borrowings 11 34 34
Payment of borrowings 11 (117) (167) Purchases of treasury shares (91)
Dividends paid to shareholders of parent companies (540) (765)
Dividends paid to non-controlling interests (242) (268) Repayment of capital (including minority interest) (3) (2) Cash flow from financing activities (868) (1,259) Effects of foreign exchange differences on cash and cash equivalents 1 (20) Cash and cash equivalents as at 31 December, from continued operations 1 1,875 1,176 Cash and cash equivalents as at 31 December, from disposal group held for sale 89 Cash and cash equivalents as at 31 December 1,875 1,265 Supplementary disclosure of operating cash flow information Interest received 75 179 Dividend received from financial investments 1,777 1,573 Interest paid (242) (174)
(*) See ‘Summary of accounting policies and estimates’, section 2.
99
Ageas Annual Report 2023
Consolidated statement
of cash fl ow

100
Ageas Annual Report 2023
Notes to the consolidated
fi nancial statements
C

101
Ageas Annual Report 2023
Summary of accounting policies and estimates
Summary of
accounting
policies and
estimates

These Consolidated Financial Statements over the annual reporting period 2023 (‘Consolidated Financial Statements’) include
the financial statements of Ageas SA/NV (the parent company) and its subsidiaries. The principal activities of Ageas and its
subsidiaries and the nature of the Ageas’s operations are set out in notes 27 and 29.
These Consolidated Financial Statements are prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU).
These consolidated financial statements are presented in euro, which is the
functional currency of Ageas. All amounts have been rounded to the nearest
million, unless indicated otherwise.
The Board of Directors of Ageas authorised these consolidated financial
statements for issue on 10 April 2024.
1. Basis of accounting
The accounting policies applied for the year ended on 31 December 2023 are
consistent with those applied for the year ended on 31 December 2022,
except for the changes listed in section 2 below.
These consolidated financial statements are prepared on a going concern
basis.
The consolidated statement of financial position is not presented using a
current/non-current classification. Assets and liabilities recorded in the
consolidated statement of financial position of Ageas generally have a
duration of more than twelve months, except for cash and cash equivalents,
insurance contract assets and other receivables, accrued interest, other
assets, assets held for sale, repurchase agreements, Non-Life insurance
contract liabilities for remaining coverage, accrued interest, other liabilities,
current tax assets and liabilities related to assets held for sale.
The most significant IFRS standards applied for the measurement of assets
and liabilities are:
● IAS 1 for presentation of financial statements;
● IAS 16 for property, plant and equipment;
● IAS 19 for employee benefits;
● IAS 21 for the effects of changes in foreign exchange rates;
● IAS 23 for borrowing costs (loans);
● IAS 28 for investments in associates and joint ventures;
● IAS 32 for financial instruments – presentation;
● IAS 36 for impairment of assets;
● IAS 38 for intangible assets;
● IAS 40 for investment property;
● IFRS 3 for business combinations;
● IFRS 7 for financial instruments – disclosures;
● IFRS 8 for operating segments;
● IFRS 9 for financial instruments;
● IFRS 10 for consolidated financial statements;
● IFRS 12 for disclosure of interests in other entities;
● IFRS 13 for fair value measurement;
● IFRS 15 for revenue from contracts with customers;
● IFRS 16 for leases; and
● IFRS 17 for insurance contracts.
102
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

2. Changes in material accounting policies and impact of initial application of IFRS 9 and IFRS 17
2.1 Current-year changes in IFRS standards
2.1.1 Adoption of IFRS 9 and IFRS 17 including any consequential
amendments
In these consolidated financial statements, Ageas initially applied the
standards IFRS 9 ‘Financial instruments’ and IFRS 17 ‘Insurance contracts’,
including any consequential amendments to other IFRS standards effective
as from 1 January 2023.
The adoption of IFRS 9 and IFRS 17 resulted in significant changes
compared to the previously applied accounting policies. Ageas recognised
the impact of the adoption of IFRS 9 and IFRS 17 in equity at the transition
date.
The transition date towards IFRS 9 and IFRS 17 is 1 January 2022, because
IFRS 17 requires an entity to restate information in respect of the reporting
period 2022 in its financial statements over the reporting period ending on 31
December 2023.
In view of this requirement, Ageas decided to also restate comparative
information for 2022 on financial instruments, applying the requirements in
IFRS 9 on ‘classification and measurement’ and on ‘impairment’ to all its
financial assets, using reasonable and supportable information available on 1
January 2022. This follows from the application of the ‘classification overlay’
included in the amendments to IFRS 17 ‘Initial application of IFRS 17 and
IFRS 9 – comparative information’, which have been issued by the IASB in
December 2021 and as endorsed by the EU in September 2022.
103
Ageas Annual Report 2023
Summary of accounting policies and estimates

The table below includes the main impacts of the adoption of IFRS 9 and IFRS 17 on 1 January 2022.
Balance as at Adjustments Adjustments 1 January 2022 due to due to Restated as previously adoption of adoption of balance as at IFRS4/IAS39 as previously reported IFRS 17/IFRS 9 restated reported IFRS 9 Transfer IFRS 17 1 January 2022 Cash and cash equivalents Cash and cash equivalents 1,937 205 2,142 Financial investments (incl. loans) Financial investments (incl. loans) 74,444 684 33 (518) 74,643 Investments related to UL contracts UL Financial investments 18,899 2,258 9 21,166 Investment property Investment property 3,117 44 3,161 Life/Non-Life insurance contract assets 32 32 Reinsurance and other receivables 2,149 (1,298) 851 Reinsurance contract assets 846 846 Current tax assets Current tax assets 53 53 Equity-accounted investments Equity-accounted investments 5,328 103 (645) 4,786 Property and equipment Property and equipment 1,732 1,732 Goodwill and other intangible assets Goodwill and other intangible assets 1,322 (33) 1,289 Deferred tax assets Deferred tax assets 100 (1,391) 2,330 1,039 Accrued interests and other assets Accrued interests and other assets 2,039 27 (62) (433) 1,571 Assets held for sale Assets held for sale 19 19 Total assets Total assets 111,139 1,930 (20) 281 113,330 Repurchase agreements Repurchase agreements 2,078 (20) 2,058 Current tax liabilities Current tax liabilities 16 16 Liabilities related to UL contracts Investment contract liabilities 18,901 60 3,137 (7,701) 14,397 Life/Non-Life insurance contract liabilities 80,359 80,359 Liabilities from Life/Non-life insurance contracts 36,562 (3,137) (33,425) Liabilities from Life investment contracts 30,617 (30,617) Reinsurance contract liabilities 2 2 Borrowings Borrowings 1,538 (74) 1,464 Provisions Provisions 182 182 Deferred tax liabilities Deferred tax liabilities 971 (615) (38) 318 Subordinated liabilities Subordinated liabilities 2,748 2,748 RPN(I) RPN(I) 520 520 Accrued interest and other liabilities Accrued interest and other liabilities 2,834 27 (532) 2,329 Total liabilities Total liabilities 96,967 (528) (20) 7,974 104,393 Share capital and retained earnings Share capital and retained earnings 8,142 703 182 9,027 Other comprehensive income Other comprehensive income 3,772 1,165 (6,140) (1,203) Non-controlling interest Non-controlling interest 2,258 590 (1,735) 1,113 Total equity Total equity 14,172 2,458 (7,693) 8,937 Total liabilities and equity Total liabilities and equity 111,139 1,930 (20) 281 113,330
The line ‘Life/Non-Life insurance liabilities’ above includes an amount of
contractual service margin (CSM) of EUR 3,321 million.
Sections A. and B. below highlight the changes from the adoption of IFRS 9
and IFRS 17 and the transition impacts pertaining to Ageas SA/NV and its
subsidiaries. Section C. below summarises the transition impacts from equity
accounted associates and joint ventures.
104
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

A. Changes brought by and transition impact of IFRS 9 pertaining to
Ageas SA/NV and its subsidiaries
IFRS 9 is a comprehensive new accounting standard for financial
instruments, covering the (de)recognition, classification and measurement of
financial instruments, new requirements on impairments of financial assets
and guidance on hedge accounting.
The IASB issued IFRS 9 ‘Financial instruments’ in July 2014 and the EU
endorsed IFRS 9 in November 2016. IFRS 9 replaced IAS 39 ‘Financial
instruments – recognition and measurement’ for reporting periods starting on
1 January 2018 or later.
However, Ageas continued to apply IAS 39 in the reporting periods 2018 until
2022 because it was permitted to do so by amendments to IFRS 4 ‘Extension
of the temporary exemption from applying IFRS 9’, which have been
published by the IASB in June 2020 and were endorsed by the EU in
December 2020.
A.1 Classification and measurement of financial assets
Under IAS 39, Ageas classified financial assets at their acquisition date as
‘held-to-maturity’, ‘loans and receivables’, ‘available-for-sale’, ‘held-for-
trading’ or as financial assets designated at fair value through profit or loss.
The measurement of financial assets followed their classification.
The classification and measurement categories under IAS 39 have been
replaced under IFRS 9 by three principal measurement bases (i.e. amortised
cost, fair value through other comprehensive income and fair value through
profit or loss). At the transition date, Ageas reclassified all financial assets to
their new classification category under IFRS 9, using reasonably available
information at that date. Ageas applied the classification categories under
IFRS 9 retrospectively, as if the financial assets had always been measured
as such since their initial recognition.
Debt instruments
Under IFRS 9, Ageas classifies debt instruments and cash and cash
equivalents based on their contractual cash flow characteristics and on the
business model in which the financial asset is managed.
The largest part of the investments of Ageas SA/NV and its subsidiaries in
debt instruments has contractual cash flows that consist solely of payments
of principal and interest on the principal amount outstanding (SPPI-test).
Using reasonably available information at the transition date, Ageas SA/NV
and its subsidiaries determined that the largest part of their investments in
debt instruments that pass the SPPI-test are managed within the ‘hold to
collect and sell’ business model. Consequently, those debt instruments are
measured at fair value through other comprehensive income (FVOCI). This
business model includes:
● Most of their investments in government and corporate debt instruments
that were classified as ‘available-for-sale’ under IAS 39. Except for the
remeasurement of the loss allowance for expected credit losses (see
below), there was no impact on transition for those debt instruments.
● Most of their investments in loans, government bonds and other debt
instruments that were classified as ‘held-to-maturity’ or as ‘loans and
receivables’ and measured at amortised cost (AC) under IAS 39. For
those investments, Ageas SA/NV and its subsidiaries recognised at the
transition date their cumulative fair value changes since their initial
recognition in other comprehensive income (OCI) and remeasured the
loss allowance for expected credit losses (see below). At the transition
date, Ageas reclassified EUR 4,351 million of government bonds (mainly
Belgian and Portuguese government bonds), and EUR 12,187 million of
loans from an AC measurement under IAS 39 to a FVOCI measurement
under IFRS 9, resulting in a revaluation of EUR 3,026 million (before tax)
through OCI.
Ageas SA/NV and its subsidiaries continue to measure some untransferable
loans at AC. Those loans were classified as ‘loans and receivables’ under
IAS 39. At the transition date, Ageas SA/NV and its subsidiaries assessed
that those untransferable loans pass the SPPI-test and that they are
managed within the ‘hold to collect’ business model.
Some investments in debt instruments, mainly investments in unquoted
investment funds or exchange traded funds, do not pass the SPPI-test under
IFRS 9. At the transition date, Ageas SA/NV and its subsidiaries mandatorily
reclassified and remeasured those investments at fair value through profit or
loss (FVTPL), while those investments were measured at AC or at FVOCI
under IAS 39.
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Ageas Annual Report 2023
Summary of accounting policies and estimates

At the transition date, Ageas SA/NV and its subsidiaries decided to designate
as measured at FVTPL financial assets that cover unit-linked contracts,
because such designation reduces measurement or recognition
inconsistencies (‘accounting mismatch’) with the measurement of the
corresponding insurance or investment contract liabilities.
Under IAS 39, Ageas SA/NV and its subsidiaries recognised policyholder
loans as financial assets. In line with the requirements in IFRS 17, Ageas
SA/NV and its subsidiaries included the policyholder loans in the
measurement of the insurance contract liabilities (see below) at the transition
date.
Equity instruments
Under IFRS 9, investments in equity instruments are always measured at fair
value. Under IAS 39, Ageas SA/NV and its subsidiaries classified the largest
part of their investments in equity instruments as ‘available-for-sale’ and
consequently measured those investments at FVOCI.
At the transition date, Ageas SA/NV and its subsidiaries decided to continue
to measure the largest part of their investments in equity instruments at
FVOCI, by applying the irrevocable election in IFRS 9 to present subsequent
changes in their fair value in OCI (rather than in the income statement). On
the date of derecognition of an investment in equity instruments, for which
Ageas SA/NV and its subsidiaries have elected to present subsequent
changes in their fair value in OCI, Ageas SA/NV and its subsidiaries
reclassify the unrealised gains or losses, that were previously recognised in
OCI, to retained earnings.
The remaining part of their investments in equity instruments, including
amongst other equity instruments that cover unit-linked contracts, are
measured at FVTPL.
Loss allowance for expected credit losses
Under IAS 39, Ageas recognised impairments of financial assets using the
‘incurred loss’ model. Ageas considered a financial asset (or group of
financial assets) classified as either ‘available-for-sale’, ‘loans and
receivables’ or ‘held-to-maturity’ to be impaired if there was objective
evidence of impairment as a result of one or more loss events or triggers that
had occurred after initial recognition of the financial asset and if the loss
event (or events) had an impact on the estimated future cash flows of the
financial asset (or group of financial assets) that could be reliably measured.
For investments in equity instruments, Ageas considered that there was
objective evidence of impairment if the fair value of the equity instrument
decreased significantly (i.e. 25%) below its carrying value or when the fair
value of the equity instrument had been below its carrying value for a
prolonged period (i.e. 365 consecutive days) on the date of the statement of
financial position.
IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with a forward looking
‘expected credit loss’ (ECL) model. The new ECL model applies to
investments in debt instruments that are measured at AC or at FVOCI, to
lease receivables, trade receivables and contract assets. Investments in
equity instruments are out of scope of the ECL model.
For investments in debt instruments for which the credit risk has not
increased significantly since their initial recognition (i.e. classified in Stage 1),
IFRS 9 requires an entity to recognise a loss allowance at an amount equal
to 12-month ECL. For investments in debt instruments for which the credit
risk has increased significantly since their initial recognition (i.e. classified in
Stage 2) or for investments in debt instruments that are in default, for
example because of material arrears in contractual payments (i.e. classified
in Stage 3), a loss allowance at an amount equal to lifetime ECL shall be
recognised. At Ageas, the ECL is estimated on a line-by-line basis and the
probabilities of defaults (PD) and loss given defaults (LGD) used take into
account the current and expected point in the credit/economic cycle.
At the transition date, Ageas used reasonable and supportable information to
determine the credit risk of a debt instrument at the date of its initial
recognition. For debt instruments that had a low credit risk on 1 January
2022, Ageas concluded that there has been no significant increase in credit
risk since initial recognition (i.e. classified in Stage 1).
Within Ageas SA/NV and its subsidiaries, the adoption of the ECL model
resulted in the recognition of a loss allowance for ECL on their investments in
debt instruments that is marginally higher than the amount of impairments
that those entities recognised under IAS 39 for the same instruments. This
follows from the fact that the majority of their investments in debt instruments
are ‘investment grade’ (i.e. having a credit risk rating of Baa3 or BBB- or
above) and are consequently not characterised by a significant increase in
credit risk since their initial recognition date (i.e. classified in Stage 1). For
those investments, Ageas SA/NV and its subsidiaries recognised a loss
allowance at an amount equal to 12-month ECL.
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The table below reconciles the impairments recognised under IAS 39 on the transition date with the loss allowance for ECL recognised under IFRS 9.
31 December 2021 Reclassifications 1 January 2022 Impairment Reclassified Reclassified Reclassified Impairment amount from AC to from AC to from FVOCI to No amount IAS39 as previously reported IFRS 9 restated IAS39 FVOCI FVTPL FVTPL reclassifications Remeasurement IFRS 9 Cash and cash equivalents Cash and cash equivalents Financial investments Financial investments 355 (170) (114) 71 - Held to maturity (AC) - AC - Available for sale - FVOCI 327 (170) (120) 37 - Debt securities - Debt securities 20 17 37 - Equity securities - Equity securities 306 (170) (136) - Loans (AC) - Loans AC 28 (28) 2 2 - Loans FVOCI 28 4 32 Trade & other receivables Trade & other receivables 52 (8) 44 Total impairment allowances 407 (170) (122) 115
A.2 Classification and measurement of financial liabilities
Ageas did not reclassify any financial liability following the adoption of IFRS
9.
A.3 Hedge accounting
Ageas now applies the requirements in IFRS 9 on hedge accounting.
At the transition date, this resulted into the designation as a fair value hedge
of existing hedging relationships related to forward sales of investments in
equity instruments that were designated as a cash flow hedge under IAS 39.
This had no impact on the carrying amounts recognised in the statement of
financial position and in OCI; the unrealised results on the hedging
instruments and the hedged items remain recognised in OCI. The adoption of
the hedge accounting requirements under IFRS 9 had no impact on the other
ongoing hedging relationships.
B. Changes brought by and transition impact of IFRS 17 pertaining to
Ageas SA/NV and its subsidiaries
IFRS 17 is a comprehensive new accounting standard for insurance
contracts, reinsurance contracts and investment contracts with discretionary
participation features, covering the recognition, measurement, presentation
and disclosure of new and in-force groups of contracts. IFRS 17 replaces
IFRS 4 ‘Insurance contracts’ for reporting periods starting on 1 January 2023
or later.
The IASB issued IFRS 17 ‘Insurance contracts’ in May 2017 and amended
IFRS 17 in June 2020. The EU endorsed IFRS 17, including the June 2020
amendments, in November 2021. This endorsement includes an (optional)
European carve-out of the annual cohort requirements in IFRS 17 for groups
of insurance contracts with direct participation features and groups of
investment contracts with discretionary participation features and with cash
flows that affect or are affected by cash flows to policyholders of other
contracts. Ageas SA/NV and its subsidiaries apply this carve-out for a limited
set of insurance contracts with direct participation features, to align with local
market practice.
B.1 Changes to the classification, measurement and presentation of
insurance contracts
Under IFRS 4, Ageas was permitted to account for insurance contracts,
reinsurance contracts and investment contracts with and without
discretionary participation features using its local generally accepted
accounting principles (GAAP). A liability adequacy test (LAT-test) was
performed at each reporting period to ensure that the reported insurance
liabilities were adequate.
Under IFRS 4, Ageas reported the following line items in its income
statement:
● Premium income;
● Insurance claims and benefits; and
● Changes in liabilities arising from insurance and investment contracts.
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IFRS 17 establishes new principles for the recognition, measurement,
presentation and disclosure of insurance contracts, reinsurance contracts
and investment contracts with discretionary participation features.
All references below to ‘insurance contracts’ or ‘contracts’ equally apply to
reinsurance contracts (both reinsurance contracts held and reinsurance
contracts issued) and investment contracts with discretionary participation
features, unless specifically stated otherwise.
For presentation and measurement purposes, contracts are divided into
portfolios, annual cohorts and groups of contracts.
A group of contracts is measured based on the sum of (except for the liability
for remaining coverage of groups of contracts measured applying the
Premium Allocation Approach):
● The present value of their estimated future cash flows;
● An explicit risk adjustment for non-financial risk; and
● The amount of unearned profit in the group of contracts (i.e. the
contractual service margin – CSM), unless the group of contracts is
onerous.
The liability for remaining coverage of a group of contracts measured
applying the Premium Allocation Approach is based on the premiums
received minus the amount recognised as insurance revenue for services
provided in that period.
In the statement of financial position, the carrying amounts of following
portfolios of contracts are presented separately:
● Insurance contracts issued that are assets;
● Insurance contracts issued that are liabilities;
● Reinsurance contracts held that are assets; and
● Reinsurance contracts held that are liabilities.
In the income statement, insurance revenue, insurance service expense,
insurance finance income or expenses and income or expenses from
reinsurance contracts held are presented separately. Profit from a group of
contracts is recognised over each reporting period in which Ageas provides
insurance contract services and as Ageas is released from the underlying
risk. If a group of contracts is (expected to be) onerous (i.e. loss making), the
loss is recognised immediately in the income statement. Investment
components are no longer included in insurance revenue and insurance
service expenses.
B.2 Changes to the classification and measurement of investment
property
With the adoption of IFRS 17, Ageas changed the way it measures
investment property that is backing liabilities that pay a return linked directly
to the fair value of, or returns from, specified assets including that investment
property. Previously, Ageas measured such investment property at cost less
accumulated depreciation. Following an amendment to IAS 40 ‘Investment
property’, such investment property is now initially measured at cost and
subsequently measured at fair value, with changes in fair value recognised in
the income statement. As such, Ageas reduces measurement or recognition
inconsistencies (‘accounting mismatch’) with the measurement of the
corresponding insurance or investment contract liabilities.
B.3 Impact at transition pertaining to Ageas SA/NV and its subsidiaries
At the transition date, Ageas identified, measured and recognised each group
of insurance contracts, reinsurance contracts and investment contracts with
discretionary participation features retrospectively, as if the requirements of
IFRS 17 applied to those groups of contracts since their initial recognition
(i.e. the ‘full retrospective approach’), unless impracticable. This included the
identification, measurement and recognition of any (asset for) insurance
acquisition cash flows. At the transition date, a recoverability assessment
was performed on the (asset for) insurance acquisition cash flows. No
recoverability assessment was performed before that date.
Existing balances, that would not exist had IFRS 17 always been applied,
were derecognised at the transition date. For Ageas SA/NV and its
subsidiaries, these included deferred acquisition costs that were recognised
under IFRS 4 (EUR 418 million), intangible assets related to insurance
contracts (previously referred to as ‘value of business acquired’) (EUR 33
million), (re)insurance receivables and payables etc. that are attributable to
existing contracts. Under IFRS 17, these amounts are included in the
measurement of the (re)insurance contract liabilities. Any resulting net
difference was recognised in equity.
In some situations, Ageas was not able to measure a group of contracts fully
retrospectively at the transition date. This was the case where:
● The information in the existing reporting systems of Ageas about
historical cash flows was based on assumptions that were developed
using hindsight;
● Some reasonable and supportable information about historical cash
flows was not available in the existing reporting systems of Ageas, or
was only available at a higher or at different levels of aggregation than
the requirements on grouping of contracts under IFRS 17;
● The information in the existing reporting systems of Ageas did not permit
to appropriately estimate the movement of the CSM before the transition
date. These movements have an impact on the CSM at the transition
date.
In these instances, Ageas measured those groups of contracts at the
transition date applying the ‘modified retrospective approach’ or applying the
‘fair value approach’ (see below). The objective of those alternative
measurement approaches at transition was to achieve the closest outcome
possible to the full retrospective approach, using reasonable and supportable
information that was available without undue cost or effort at the transition
date.
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The transition approaches used by Ageas SA/NV and its subsidiaries can be summarised as follows:
Business LRC / LIC IFRS 17 measurement approach Year of issue IFRS 17 transition approach Life & similar-to-Life Liability for remaining coverage General Measurement Model 2018 – 2021 Full retrospective approach Prior to 2018 Modified retrospective approach or fair value approach Liability for remaining coverage Variable Fee Approach All years Modified retrospective approach Non-life & similar-to-Non-Life Liability for remaining coverage Premium Allocation Approach All years Full retrospective approach Liability for incurred claims General Measurement Model 2016 – 2021 Full retrospective approach Prior to 2016 Modified retrospective approach
The applicable approach at transition affected the calculation of the CSM of a
group of contracts at the transition date:
● Full retrospective approach: the CSM at inception of the group of
contracts was calculated using the assumptions at the date the group of
contracts was initially recognised by Ageas and was rolled forward to the
transition date to IFRS 17, as if Ageas had always applied IFRS 17;
● Modified retrospective approach: the CSM at inception of the group of
contracts was calculated using simplifications in the assumptions, but
considering the pre-transition fulfilment cash flows (see below);
● Fair value approach: any pre-transition cash flows and experience was
not considered. The group of contracts (including CSM) was measured
applying IFRS 13 ‘Fair value measurement’ at the transition date (see
below).
Modified retrospective approach
Ageas SA/NV and its subsidiaries applied the modified retrospective
approach to measure:
● The liability for remaining coverage of groups of insurance contracts with
direct participation features; and
● The liability for incurred claims for groups of insurance contracts in their
Non-Life business for accident years prior to 2016.
Different groupings were applied for contracts that were issued more than
one year apart, depending on the availability of the relevant discount rates. If
these discount rates were available for the different years, the relevant
locked-in rates of those different years have been applied. Otherwise, all
contracts were grouped into one group and the relevant locked-in rate at the
transition date has been applied. This resulted in different discount rates
used at the transition date, differences in future accretion rates and
differences in the amounts recognised in OCI (as a result of Ageas’ election
to disaggregate insurance finance income or expenses between amounts
presented in the income statement and amounts presented in OCI – see
below).
Ageas SA/NV and its subsidiaries used the following procedure to estimate
the CSM at the initial recognition date of those groups of contracts:
● Ageas SA/NV and its subsidiaries estimated future cash flows at the
date of initial recognition of the group of contracts as the amount of
future cash flows at the transition date, adjusted by the actual cash flows
that have occurred between the date of initial recognition and the
transition date;
● A similar approach was applied to the estimates of the risk adjustment
for non-financial risk, which were determined at the transition date and
were adjusted for the expected release of risk before the transition date.
In estimating the release of risk, reference was made to the release of
risk for similar contracts.
The CSM at the transition date was determined by reducing the CSM on
initial recognition for allocations to the income statement for services
provided before the transition date, this by comparing the remaining number
of coverage units (i.e. the quantity of insurance contract services provided) at
the transition date with the number of coverage units provided under the
group of contracts before the transition date. Where the calculated CSM
resulted in a loss component, Ageas SA/NV and its subsidiaries adjusted the
loss component to nil and increased the liability for remaining coverage
excluding loss component by the same amount.
Ageas SA/NV and its subsidiaries have elected to disaggregate insurance
finance income or expenses between amounts presented in the income
statement and amounts presented in OCI. The cumulative amount of
insurance finance income or expenses recognised in OCI at the transition
date was set equal to the cumulative amount in OCI for the underlying
assets.
Fair value approach
Ageas SA/NV and its subsidiaries applied the fair value approach to measure
the liability for remaining coverage of most of the groups of contracts in their
Life business that were issued prior to 2018. Applying the fair value
approach, Ageas determined the CSM at the transition date as the difference
between the fair value of the group of contracts and the fulfilment cash flows
measured according to IFRS 17 at that date. In determining the fair value of
the group of contracts, Ageas applied the requirements in IFRS 13 ‘Fair value
measurement’.
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The fair value of an insurance liability is the price that a market participant
would be willing to receive at the transition date to assume the obligation and
the remaining risk of the in-force insurance contracts at that date. Where
available, recent market transactions were used to estimate the fair value of
groups of insurance contracts. In absence of recent market transactions for
similar insurance contracts, Ageas measured the fair value of a group of
insurance contracts as the sum of:
● The present value of the net cash flows expected to be generated by the
insurance contracts, determined using a discounted cash flow
technique; and
● An additional margin.
In determining the fair value of a group of insurance contracts, Ageas used
the following considerations:
● Only future cash flows within the boundaries of the group of insurance
contracts were considered, excluding future renewals and new business
that would be outside the contract boundary under IFRS 17;
● Assumptions about expected future cash flows and risk allowances were
adjusted for the market participant’s view, as required by IFRS 13;
● Discount rates used in measuring the fulfilment cash flows were
increased to reflect the risk of non-performance by Ageas; and
● Profit margins were included to reflect what a market participant would
require for accepting obligations under the group of insurance contracts,
beyond the risk adjustment for non-financial risk.
Ageas SA/NV and its subsidiaries have elected to disaggregate insurance
finance income or expenses between amounts presented in the income
statement and amounts presented in OCI. The fair value approach permits to
make a retrospective calculation for the determination of the cumulative
amounts for insurance finance income or expenses to be recognised in OCI
at transition for the related insurance contract assets and insurance contract
liabilities, but only if Ageas SA/NV and its subsidiaries had reasonable and
supportable information to do so. In determining the amount of insurance
finance income or expenses to be recognised in OCI, Ageas SA/NV and its
subsidiaries split the fair value of a group of insurance contracts in an
amortised cost amount and in unrealised capital gains or losses.
Applying the fair value approach, Ageas SA/NV and its subsidiaries grouped
contracts from multiple annual cohorts into a single unit for measurement
purposes, because its existing reporting systems did not have reasonable
and supportable information to aggregate insurance contracts in groups
including only insurance contracts issued within one year.
Aggregation of contracts in groups of expected profitability was assessed at
the transition date. For this assessment, Ageas SA/NV and its subsidiaries
estimated the fulfilment cash flows at the transition date. To aggregate non-
onerous contracts into groups of contracts that had no significant possibility
to become onerous subsequently, or groups of remaining contracts, Ageas
SA/NV and its subsidiaries assessed prospectively the likelihood of changes
in insurance, financial and other exposures, and their impact, on the
fulfilment cash flows as at the transition date.
Furthermore, Ageas SA/NV and its subsidiaries applied the following in
measuring groups of contracts at transition using the fair value approach:
● The applicable discount rates at the dates of initial recognition of the
groups of contracts were determined at the transition date;
● The fulfilment cash flows were estimated prospectively as at the
transition date;
● Ageas SA/NV and its subsidiaries did not recognise any insurance
acquisition cash flow assets at the transition date.
C. Transition impacts of IFRS 9 and IFRS 17 on the carrying amounts of
the equity accounted associates and joint ventures
All material associates and joint ventures initially applied IFRS 9 and IFRS 17
as from 1 January 2023. Comparative information (including the carrying
amounts of these associates and joint ventures at the transition date) for
2022 was restated. Some other associates and joint ventures have not yet
implemented IFRS 9 and IFRS 17. Ageas assessed that the aggregate
impact thereof is not material to its consolidated financial statements. For
these associates and joint ventures, Ageas will apply IFRS 9 and IFRS 17 as
and when their financial statements under these standards will become
available.
In applying IFRS 9 and IFRS 17, an entity takes various accounting policy
choices. Some of these choices apply on a transaction-by-transaction basis
(IFRS 9) or on the level of a group or a portfolio of contracts (IFRS 17), while
others apply at entity level (i.e. Ageas consolidated level). The associates
and joint ventures apply accounting policies at entity level consistently to
those applied by Ageas and, where this is not the case, adjustments are
made in the consolidated financial statements (if material).
IFRS 9 ‘Financial instruments’
Adopting IFRS 9, some associates and joint ventures continue to measure an
important part of their investments in debt instruments at AC. Under IAS 39,
those investments in debt instruments were classified as ‘held-to-maturity’.
Under IFRS 9, those investments in debt instruments pass the SPPI-test and
are managed within the ‘hold to collect’ business model.
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To align with local market practice or regulatory regimes, some associates
and joint ventures measured an important part of their investments in equity
instruments at FVTPL under IAS 39. Those entities will continue to measure
their investments in equity instruments at FVTPL under IFRS 9 and will not
apply the irrevocable election in IFRS 9 to present subsequent changes in
fair value in OCI.
In determining the loss allowance for ECL, the associates and joint ventures
use thresholds that are based on the characteristics of the financial assets in
their asset portfolio and on the historical default patterns for comparable
financial assets, to determine the Stage in which a financial asset is
classified.
IFRS 17 ‘Insurance contracts’
Several associates and joint ventures issue insurance contracts with direct
participation features, which under IFRS 17 are mandatorily measured
applying the Variable Fee Approach.
In general, the associates and joint ventures measure eligible groups of
short-term (i.e. the coverage period is one year or less) insurance contracts
in their Non-Life business and reinsurance contracts held applying the
Premium Allocation Approach, unless they are of the opinion that it is more
appropriate to measure those groups of insurance contracts applying the
General Measurement Model. For groups of insurance contracts that are
measured applying the Premium Allocation Approach, in contrast to the
accounting policies applied by Ageas SA/NV and its subsidiaries, some
associates and joint ventures do not expense insurance acquisition costs as
incurred and/or do not discount the cash flows of the liability for incurred
claims that are expected to be paid in one year or less. These differences in
accounting policies have no material impact on the consolidated financial
statements of Ageas.
In determining the risk adjustment for non-financial risk, some associates and
joint ventures apply a different confidence level than the 75
th
percentile target
confidence level used by Ageas SA/NV and its subsidiaries, to reflect their
local degree of risk aversion, emerging risks, diversification, or to align with
local market practice or regulatory regimes.
Some associates and joint ventures decided not to disaggregate insurance
finance income or expenses between the income statement and OCI for a
part of their portfolios of (re)insurance contracts.
Like Ageas SA/NV and its subsidiaries, the associates and joint ventures
identified, recognised and measured each group of insurance contracts,
reinsurance contracts and investment contracts with discretionary
participation features retrospectively at the transition date, as if they had
always applied IFRS 17, unless impracticable. Where an associate or joint
venture was not able to apply the full retrospective approach, it applied the
modified retrospective approach or the fair value approach at transition,
depending on the information about historical cash flows available in its
existing reporting systems.
2.1.2. Other current-year changes in IFRS standards
In addition to IFRS 9 and IFRS 17, following new or revised IFRS standards,
interpretations, and amendments to IFRS standards and interpretations
became effective for reporting periods starting on 1 January 2023. None of
those changes had a significant impact on the present consolidated
statement of financial position and income statement of Ageas:
A. Material accounting policy information
Ageas adopted Disclosure of Accounting Policies (Amendments to IAS 1 and
IFRS Practice Statement 2) from 1 January 2023. The amendments require
the disclosure of ‘material’, rather than ‘significant’ accounting policies.
However, in this Annual Report, Ageas continued to disclose significant
accounting policies on IFRS 17 and IFRS 9 as it is the first year that these
standards have been implemented.
B. Amendments to IAS 12 ‘Income taxes’ on ‘International tax reform –
Pillar Two model rules’ (not yet endorsed by the EU).
To address concerns about uneven profit distribution and tax contributions of
large multinational corporations, various agreements have been reached at
the global level, including an agreement by over 135 jurisdictions to introduce
a global minimum tax rate of 15%. In December 2021, the Organisation for
Economic Co-operation and Development (OECD) released a draft legislative
framework, followed by a detailed commentary released in March 2022, and
administrative guidance in February and July 2023, that is expected to be
used by individual jurisdictions that signed the agreement to amend their
local tax laws. Once changes to the tax laws in any jurisdiction in which the
Group operates are enacted of substantively enacted, the Group may be
subject to the top-up tax.
In compliance with the IAS12 Amendments published in May 2023, the
Group has applied a temporary mandatory relief from deferred tax accounting
for the impacts of the top-up tax and accounts for it as a current tax when it is
incurred. The Group operates in various jurisdictions which have enacted
new legislation to implement the global minimum top-up tax per 31 December
2023. Management has been working together with its advisers (based on
the Transitional Safe Harbour rules as well as the full set of Global Minimum
Tax rules) to assess if and to which extent the group would be subject to
Top-Up Tax in any of its operational jurisdictions. The analyses performed to
date indicate that the group is unlikely to bear material top-up tax amounts in
relation to its operations in any of these jurisdictions. The Group continues to
work on these assessments, to further finetune and update these initial
findings.
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● As the newly enacted legislations are only effective as from 1 January
2024, there is no current tax impact for the year ended 31 December
2023.
● If the top-up tax had applied in 2023, then, under the applicable rules,
the group expects only limited amounts of minimum top-up tax could
potentially be due for some of these jurisdictions (subject to further
assessment)
C. Other amendments
● Amendments to IAS 8 ‘Accounting policies, changes in accounting
estimates and errors’ on ‘Definition of accounting estimates’;
● Amendments to IAS 12 ‘Income taxes’ on ‘Deferred tax related to assets
and liabilities arising from a single transaction’.
2.2 Upcoming changes in IFRS standards
The following new or revised IFRS standards, interpretations and
amendments to IFRS standards and interpretations will become effective for
reporting periods starting on 1 January 2024 or later:
● Amendments to IAS 1 ‘Presentation of financial statements’ on:
- ‘Classification of liabilities as current or non-current’; and
- ‘Non-current liabilities with covenants’.
● Amendments to IFRS 16 ‘Leases’ on ‘Lease liability in a sale and
leaseback’.
● Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange
Rates’ on ‘Lack of Exchangeability’.
Ageas does not expect that any of those changes will have a significant
impact on its consolidated statement of financial position and income
statement.
Ageas has not early adopted any IFRS standard, interpretation or
amendment that has been issued but that is not yet effective or has not yet
been endorsed by the EU.
3. Significant judgements, estimates and assumptions
In preparing these consolidated financial statements, Ageas has made
certain judgements, estimates and assumptions, which are reflected in the
reported amounts of assets and liabilities, revenues and expenses and in the
amounts reported in the notes to these consolidated financial statements.
The judgements, estimates and assumptions used are based on experience
and on supportable information that is reasonably available at the time these
consolidated financial statements are prepared. Estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to estimates are
recognised prospectively. Each judgement, estimate and assumption carries
by its nature some degree of uncertainty and a risk of material adjustment
(positive or negative) to the carrying amounts of assets and liabilities during
(a) future reporting period(s).
The significant judgements, estimates and assumptions used are:
Acquisition and consolidation of a subsidiary
● Determining whether Ageas controls an investee
● Fair value of the consideration transferred (including contingent
consideration)
● Identifying and measuring separately identifiable assets acquired and
liabilities assumed
Equity accounted investments
● Determining whether Ageas has a significant influence over an investee
Disposal groups
● Determining the fair value less costs to sell of the disposal group based
on significant unobservable inputs
Hyperinflationary economies
● Application of the requirements for hyperinflationary economies and
assessing the selection of a general price index
Financial instruments
● Determination of fair value:
- Assessment if there is an active market
- The valuation model used
- The assumptions used
- The non-market observable inputs used (if applicable)
● Assessing the business model for managing debt instruments
● Assessing the contractual cash flow characteristics (SPPI-test)
● Measurement of the loss allowance for expected credit losses:
- Criteria for classification in ‘Stages’ and criteria for determining
whether there is a significant increase in credit risk since initial
recognition
- Choosing the appropriate models and determining the inputs in the
model, including key assumptions used in estimating recoverable
cash flows and incorporating forward-looking information
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Property, investment property and equipment
● Determining the useful life and residual value
● Measurement of fair value based on significant unobservable inputs
Leases
● Determination of the incremental borrowing rate
(Re)insurance contract assets and liabilities
● Assessing if the contract transfers significant insurance risk or whether
the contract meets the definition of an investment contract with
discretionary participation features
● Assessing if a contract contains direct participation features
● Level of aggregation: identifying portfolios and groups of contracts
● Determination of the contract boundaries
● For contracts measured applying the General Measurement Model, the
approach used to distinguish changes of future cash flows arising from
the effect of discretion from other changes
● Actuarial assumptions used (relating to mortality, morbidity, longevity,
lapse and surrender rates, claims development, crediting rates, discount
rates including illiquidity premiums, …) in determining the best estimate
● Assessing the directly attributable cash flows
● Techniques for determination and level of the risk adjustment for non-
financial risk
● Identification of any investment components
● Determination of coverage units, representing the expected quantity of
insurance contract services, for (future) release of the contractual
service margin
Impairment of non-financial assets and goodwill
● Key assumptions underlying recoverable amounts
Other intangible assets
● Determination of the useful life and residual value
Deferred tax assets
● Amount and timing of future taxable income against which deductible
temporary differences and tax losses carried forward can be used
Pension obligations
● The actuarial assumptions used to measure defined benefit obligations
Provisions
● The assumptions regarding the likelihood and magnitude of an outflow
of resources
The notes to these consolidated financial statements provide a description of
the application of these judgements, estimates and assumptions and their
effect on the reported figures. Note ‘Risk Management’ of these consolidated
financial statements describes the way Ageas mitigates the various risks of
its insurance operations.
4. Events after the date of statement of financial position
Events after the date of financial position are those events, favourable and
unfavourable, that occur between the date of the statement of financial
position and the date when these consolidated financial statements are
authorised for issue by the Board of Ageas.
Two types of events can be identified:
● Events that provide evidence of conditions that existed at the date of the
statement of financial position, that result in an adjustment of the
amounts recognised in these consolidated financial statements; and
● Events that are indicative of conditions that arose after the date of the
statement of financial position, that do not result in an adjustment of the
amounts recognised in these consolidated financial statements, but for
which the nature and an estimate of their financial effect, or a statement
that such an estimate cannot be made, are disclosed.
An overview of events after the reporting period is included in note 36
‘Events after the date of the statement of financial position’ of these
consolidated financial statements.
5. Information on operating segments
The reportable operating segments of Ageas are primarily based on
geographical regions. The regional split is based on the fact that the activities in
these regions share the same nature and economic characteristics and are
managed as such.
The operating segments of Ageas are:
● Belgium;
● Europe (excluding Belgium);
● Asia;
● Reinsurance; and
● General account.
Activities not related to insurance and group eliminations are reported
separately from the core insurance activities, in the operating segment
‘General account’, that also includes items such as group financing and other
holding activities, as well as the investment in Royal Park Investments and
the liabilities related to CASHES/RPN(I).
Transactions or transfers between the operating segments occur under
normal commercial terms and conditions that would be available to unrelated
third parties. Group eliminations are reported separately.
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6. Consolidation principles
These consolidated financial statements include the financial statements of
Ageas SA/NV (the parent company) and its subsidiaries.
A. Business combinations
When a set of acquired activities and assets meets the definition of a
business and control is transferred to Ageas, Ageas accounts for a business
combination using the acquisition method. For the acquisition to be
considered a business, the acquired set of activities and assets shall include
an input and a substantive process applied to the input, that together
significantly contribute to the ability to create outputs. The acquired process
(or group of processes) is substantive if it is critical to the ability to develop or
convert an acquired input into output or if it is critical to the ability to continue
producing outputs.
The cost of an acquisition is measured as the aggregate of the consideration
transferred, measured as the sum of the fair value at acquisition date and the
amount of any non-controlling interest in the acquiree. For each business
combination, Ageas has an option to measure any non-controlling interests in
the acquiree either at fair value or at the non-controlling interest’s
proportionate share of the acquiree’s identifiable net assets.
If the business combination is achieved in stages, the previously held equity
interest in the acquiree is remeasured at fair value at the acquisition date and
any resulting gain or loss is recognised in the income statement.
B. Subsidiaries
Subsidiaries are those entities over which Ageas, either directly or indirectly,
has the power to govern the financial and operating policies to obtain
benefits from the activities (‘control’). In assessing whether Ageas controls
another entity, the existence and effect of potential voting rights that are
substantive in nature, presently exercisable or presently convertible, are
considered.
Subsidiaries are consolidated as of the date on which effective control is
transferred to Ageas and are no longer consolidated from the date on which
control ceases.
Subsidiaries acquired exclusively with a view to resale are classified and
accounted for as non-current assets held for sale.
Intercompany transactions (balances and gains or losses on transactions
between the parent company and a subsidiary or between different
subsidiaries) are eliminated.
C. Sale of a portion of ownership interest in a subsidiary
Gains or losses on the sale of a portion of ownership interest in a subsidiary
are recognised as follows:
● If there is no loss of control, the transaction is accounted for as an equity
transaction (i.e. transaction with owners in their capacity as owner); or
● If there is a loss of control, the transaction is accounted for in the income
statement, calculated on the total participation. Any interest retained in
the former subsidiary is measured at fair value at the time of loss of
control. However, if the loss of control results from a non-monetary
contribution of a subsidiary to an associate or joint venture, the gain or
loss is recognised only to the extent of the portion of ownership interest
that has been transferred to other investors, resulting in a partial gain
recognition.
D. Associates and joint ventures
Associates are investments in those entities over which Ageas has a
significant influence, i.e. power to participate in the financial and operating
policy decisions of the investee, but over which it is not in control or joint
control.
Investments in associates are accounted for using the equity method. On
initial recognition, the investment is recognised at cost, which includes
transaction costs. Subsequently, the investment is adjusted for Ageas’ share
of the investee’s profit or loss (which is recognised in the consolidated
income statement under the line ‘Share in the results of equity-accounted
investments’). Distributions received from associates reduce the carrying
amount of the investment. Adjustments to the carrying amount are also made
for Ageas’ share in the investee arising from changes in the investee’s other
comprehensive income (OCI). Ageas’ share of those changes is recognised
in ‘other comprehensive income.’
Interests in joint ventures, whereby joint control of an arrangement provides
Ageas rights to the net assets of that joint arrangement, are accounted for
using the equity method.
Gains on transactions between Ageas and investments accounted for using
the equity method are eliminated to the extent of Ageas’ interest. Losses are
also eliminated unless the transaction provides evidence of an impairment of
the asset transferred. Losses are recognised until the carrying amount of the
investment is reduced to zero. Additional losses are only recognised to the
extent that Ageas has incurred legal or constructive obligations or made
payments on behalf of an associate.
E. Disposal of subsidiaries, businesses and non-current assets
A non-current asset (or disposal group, such as a subsidiary), is classified as
‘held for sale’ if it is available for immediate sale in its present condition and if
its sale is highly probable.
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A sale is highly probable if:
● There is evidence of management commitment;
● There is an active programme to locate a buyer and complete the plan;
● The asset is actively marketed for sale at a reasonable price compared
to its fair value;
● The sale is expected to be completed within twelve months of the date
of classification; and
● Actions required to complete the plan indicate that it is unlikely that there
will be significant changes to the plan or that it will be withdrawn.
A non-current asset (or disposal group) classified as held for sale is
measured at the lower of its carrying amount and its fair value less costs to
sell. Furthermore, following characteristics apply to these assets:
● Measurement at the lower of the carrying amount and fair value less
costs to sell does not apply to assets that are exempt from this rule,
such as (re)insurance contract liabilities within the scope of IFRS 17
‘Insurance contracts’, financial assets within the scope of IFRS 9
‘Financial instruments’, deferred tax assets within the scope of IAS 12
‘Income taxes’ and assets arising from employee benefits within the
scope of IAS 19 ‘Employee benefits’;
● Current assets and all liabilities are measured applying the applicable
IFRS standard;
● They are not depreciated or amortised; and
● They are presented separately in the statement of financial position,
without offsetting of assets and liabilities.
The date of disposal of a subsidiary or disposal group is the date on which
control passes.
The consolidated income statement includes the results of a subsidiary or
disposal group up to the date of disposal. The gain or loss on disposal is the
difference between:
● The proceeds of the sale; and
● The carrying amount of the net assets plus any attributable goodwill and
amounts accumulated in OCI (for example, foreign translation
adjustments).
A discontinued operation is a part of Ageas that has been disposed of or is
classified as held for sale and:
● Represents a separate major line of business or geographical area of
operations;
● Is part of a single co-ordinated plan to dispose of a separate major line
of business or geographical area of operations; or
● Is a subsidiary acquired exclusively with a view to resale.
Results on discontinued operations are presented separately in the
consolidated income statement.
7. Foreign currency transactions and balances
Individual entities of Ageas account for foreign currency transactions using
the exchange rate at the date of the transaction.
At the end of a reporting period, outstanding balances in foreign currencies of
monetary items (such as groups of (re)insurance contracts) are translated at
the exchange rate prevailing at the date of the statement of financial position.
To determine foreign exchange gains and losses on a monetary item that is
measured at fair value through other comprehensive income (FVOCI), the
item is treated as an item measured at amortised cost in the foreign
currency. Exchange differences on the amortised cost are recognised in the
income statement and other changes in the carrying amount are recognised
in other comprehensive income (OCI).
Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate at the date of the
transaction. Non-monetary items that are measured at fair value in a foreign
currency are translated using the exchange rate at the date when the fair
value is measured. The resulting exchange gains or losses are recognised in
the income statement as foreign currency translation differences, except for
those non-monetary items whose fair value change is recognised in OCI.
Foreign currency translation
Upon consolidation, Ageas translates the statement of financial position of
foreign entities, whose functional currency is not denominated in euro, and
whose economy is not considered hyperinflationary at the reporting date,
using the exchange rate prevailing at the date of the statement of financial
position. The income statement and cash flow statement of those foreign
entities are translated at the average daily exchange rates for the current
reporting period (or exceptionally at the exchange rate at the date of the
transaction if exchange rates fluctuate significantly).
Ageas recognises exchange differences on foreign entities in OCI. On
disposal of a foreign entity, previously recognised exchange differences are
recycled and are reclassified from OCI to the income statement as part of the
gain or loss on the sale.
Exchange differences arising on monetary items, borrowings and other
currency instruments, designated as hedges of a net investment in a foreign
operation, are recognised in OCI, until the disposal of the net investment,
except for any hedge ineffectiveness that is immediately recognised in the
income statement.
Goodwill and fair value adjustments arising on the acquisition of a foreign
entity are treated as assets and liabilities of the foreign entity and are
translated at the closing exchange rate on the date of the statement of
financial position. Ageas recognises all resulting exchange differences in OCI
until disposal of the foreign entity. At that moment, the previously recognised
exchange differences are recycled and are reclassified from OCI to the
income statement.
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Hyperinflationary economies
In each reporting period, Ageas assesses whether an economy shall be
considered as being hyperinflationary, applying the criteria in IAS 29
‘Financial reporting in hyperinflationary economies’.
The Türkiye economy is considered to be hyperinflationary since May 2022.
IAS 29 requires that the results of the Türkiye associates are reported as if
these were highly inflationary as of 1 January 2022.
On 31 December 2023, the three-year cumulative inflation in Türkiye
exceeds 100% (268%), based on the consumer price index as published by
the Türkiye Statistical Institute. Consequently, Ageas applies in these
consolidated financial statements the requirements in IAS 29 and in IAS 21 to
the financial statements of its associates ‘Aksigorta’ and ‘AgeSA’.
Under IAS 29, to calculate its share in the net assets and results of these
associates, Ageas adjusts non-monetary assets and liabilities stated at
historical cost, equity and items in the income statement for changes in
purchasing power, using the consumer price index. In a second step, the re-
measured financial statements are translated into euro at the closing
exchange rate.
In accordance with IAS 21, corresponding figures for the previous reporting
period in these consolidated financial statements are those that were
presented as current year amounts in the relevant 2022 financial statements
(i.e. not adjusted for subsequent changes in the price level or subsequent
changes in exchange rates).
Exchange rates
The following table shows the exchange rates of the most relevant currencies for Ageas.
Rates at end of period Average rates 1 euro = 31 December 2023 31 December 2022 2023 2022 Pound sterling 0.87 0.89 0.87 0.85 US dollar 1.11 1.07 1.08 1.05 Hong Kong dollar 8.63 8.32 8.47 8.24 Turkish lira 32.65 19.96 25.81 17.42 Chinese yuan renminbi 7.85 7.36 7.66 7.08 Indian Rupee 91.90 88.17 89.31 82.68 Malaysian ringgit 5.08 4.70 4.93 4.63 Philippine Peso 61.28 59.32 60.17 57.31 Thai baht 37.97 36.84 37.64 36.85 Vietnamese Dong 26,838 25,182 25,786 24,613
8. Financial assets and financial liabilities
A. Definition of a financial instrument
A financial instrument is any contract that gives rise to a financial asset of
one entity and a financial liability or equity instrument of another entity.
Ageas recognises and measures financial instruments applying the
requirements in IFRS 9 ‘Financial instruments’ and in IFRS 13 ‘Fair value
measurement’.
B. Initial recognition and measurement of financial instruments
B.1 Initial recognition of financial instruments
On initial recognition of a financial instrument, Ageas classifies the financial
instrument as cash and cash equivalent, debt instrument, equity instrument,
financial liability or derivative. Such classification is performed in accordance
with the substance of the contractual arrangement – rather than the legal
form of the financial instrument – and the definitions on financial liability and
equity instrument in IAS 32 ‘Financial instruments – presentation’. Judgement
may be required in determining the appropriate classification.
Ageas initially recognises financial assets and financial liabilities in its
statement of financial position when Ageas becomes party to the contractual
provisions of the financial instrument.
For purchases or sales of financial assets under a contract whose terms
require delivery of the asset within the time frame established generally by
regulation or convention in the marketplace concerned (‘regular-way
purchase’), Ageas becomes or ceases to be party to the contractual
provisions of the financial asset at the trade date. The trade date is the date
on which Ageas commits to purchase or sell the financial asset.
Forward purchases or sales of financial assets, other than those requiring
delivery within the time frame established by regulation or convention in the
marketplace concerned, are recognised as derivative transactions until
settlement.
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B.2 Initial measurement of financial instruments
On initial recognition, financial assets and financial liabilities are recognised
at their fair value. The fair value on initial recognition generally corresponds
to the transaction price. If the fair value differs from the transaction price on
initial recognition, Ageas recognises the difference as follows:
● The difference is recognised as a gain or loss when the fair value of the
financial instrument is evidenced by a quoted price in an active market
for an identical financial instrument (i.e. a Level 1 input), or when the fair
value is based on a valuation technique that uses only observable
market data (i.e. a Level 2 input).
● In all other cases, the difference is deferred. After initial recognition of
the financial instrument, the deferred difference is recognised as a gain
or loss only to the extent that it arises from a change in a factor that
market participants would consider when pricing the financial instrument.
Consequently, it is either amortised over the expected life of the
instrument, deferred until the fair value of the instrument can be
determined using observable market inputs, or realised at the time of
(early) settlement of the underlying instrument.
Transaction costs refer to the incremental costs that are directly attributable
to the acquisition, issuance, or disposal of a financial instrument. Transaction
costs include, amongst others, fees and commissions paid to agents,
advisors, brokers and dealers, levies imposed by regulatory agencies and
securities exchanges, transfer taxes and duties. Transaction costs do not
include debt premiums or discounts, financing costs or internal administrative
or custody costs.
Transaction costs are accounted for as follows:
● For financial instruments that are recognised at fair value through profit
or loss (FVTPL), transaction costs are immediately expensed in the
income statement; and
● For financial instruments that are not recognised at FVTPL, transaction
costs are added to or deducted from the amount initially recognised.
For loans that are not recognised at FVTPL, loan origination fees earned in
securing a loan are deferred and are amortised over the life of the
instrument, as an adjustment of the yield.
For debt instruments that are measured at amortised cost (AC) or at fair
value through other comprehensive income (FVOCI), Ageas recognises a
loss allowance for expected credit losses (ECL) as from the first reporting
date after initial recognition of the financial asset (see section 8 G. below).
C. Classification and subsequent measurement of financial assets
C.1 Classification and subsequent measurement of debt instruments
A debt instrument is a financial instrument that meets the definition of a
financial liability from the issuer’s perspective. Examples are loans,
government bonds, corporate bonds and funds that are puttable and/or with a
predetermined life that do not meet the definition of an equity instrument
according to IAS 32 ‘Financial instruments – presentation’. In the statement
of financial position of Ageas, funds that do not meet the definition of an
equity instrument are referred to as ‘(Un)quoted investment funds & other’.
Ageas does not recognise in its statement of financial position loan
commitments, that allow for a drawdown of a loan within the timeframe
generally established by regulation or convention in the marketplace.
Classification of debt instruments
On initial recognition, debt instruments are classified into one of the following
measurement categories, based on the business model in which they are
managed and on their contractual cash flow characteristics:
● Amortised cost (AC). This measurement category applies to debt
instruments that are managed in a ‘hold to collect’ business model, for
which the contractual cash flows are solely payments of principal and
interest on the principal amount outstanding, and that are not irrevocably
designated at FVTPL on initial recognition.
● Fair value through other comprehensive income (FVOCI). This
measurement category applies to debt instruments that are managed in
a ‘hold to collect and sell’ business model, for which the contractual
cash flows are solely payments of principal and interest on the principal
amount outstanding, and that are not irrevocably designated at FVTPL
on initial recognition.
● Fair value through profit or loss (FVTPL). This measurement category
applies to debt instruments that are managed in the ‘other’ business
model, or for which the contractual cash flows are not solely payments
of principal and interest on the principal amount outstanding, or that are
irrevocably designated to this measurement category on initial
recognition because the management of Ageas assesses that their
measurement at FVTPL eliminates or significantly reduces a
measurement or recognition inconsistency (‘accounting mismatch’) that
would otherwise arise. For example, debt instruments that are
designated at FVTPL because they relate to (insurance) contract
liabilities that are measured at FVTPL. Those debt instruments are
managed and their performance is evaluated and reported on a fair
value basis.
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Business model for managing debt instruments
The business model reflects how Ageas manages groups of debt instruments
together to generate cash flows.
Ageas manages groups of debt instruments under the following business
models:
● ‘Hold to collect’ business model. Ageas uses this business model when
it has the objective to manage the debt instrument – or portfolio of debt
instruments – to collect the contractual cash flows over the life of the
instrument(s). Sales may occur before the maturity date of the debt
instrument(s) if the sales are infrequent (even if significant in value),
insignificant in value (even if frequent), due to credit risk management
activities, imposed by regulatory requirements or if the debt instrument
does not longer meet the investment policy of Ageas.
● ‘Hold to collect and sell’ business model. Ageas uses this business
model when it has the objective to manage the debt instrument – or
portfolio of debt instruments – to collect both the contractual cash flows
and the cash flows arising from selling the instrument(s). Compared to
the ‘hold to collect’ business model, selling instruments is integral to the
objective of the ‘hold to collect and sell’ business model.
● ‘Other’ business model. Ageas uses this business model for debt
instruments that are not managed in one of both business models
above. This business model typically includes active selling and buying
of debt instruments based on the fair value of the underlying
instrument(s).
Ageas determines the applicable business model at a level that reflects how
groups of financial assets are managed together to achieve the objective of
the business model and for which information about those assets is reported
to the management of Ageas. The applicable business models are
determined based on an overall assessment including, amongst others, the
following:
● All relevant information that is available at the assessment date, for
scenarios that are reasonably expected to occur;
● The policies and objectives for managing the group of financial assets
and how those are applied in practice;
● Past experience regarding the collection of the (contractual) cash flows,
including the frequency, volume and timing of sales, the reasons for
such sales and expectations about future sales;
● The way how the performance of the financial assets is evaluated and
reported to the management of Ageas;
● The way in which the risks that affect the performance of the business
model (and the financial assets in that business model) are managed.
Ageas mainly applies the ‘hold to collect and sell’ business model. It
manages most of the loans, loan funds, government bonds and corporate
bonds in its asset portfolio with the objective to match the duration of the
financial instruments to the duration of the (insurance) contract liabilities they
cover. The ‘hold to collect’ business model mainly applies to untransferable
loans, for which Ageas collects their contractual cash flows. The ‘other’
business model applies to only a very small part of the debt instruments in
the asset portfolio of Ageas.
If subsequently to the initial assessment of the business model, the
(contractual) cash flows are realised in a way that is different from Ageas’
initial expectations, the classification of the remaining debt instruments
managed in that business model is not changed. However, the updated
information is used in assessing the applicable business model(s) of newly
originated and newly purchased debt instruments.
Changes in an existing business model may occur very exceptionally, as a
result of an acquisition, disposal or termination of an activity or business line
that is significant for the operations of Ageas and that is demonstrable to
external parties. If applicable, a change in business model results in a
reclassification of the underlying debt instrument(s) and is accounted for
prospectively as from the reclassification date.
Contractual cash flow characteristics of debt instruments
For debt instruments that are managed in the ‘hold to collect’ business model
or the ‘hold to collect and sell’ business model, Ageas assesses whether the
contractual terms of the debt instrument give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal
amount outstanding. This assessment is also referred to as the solely
payments of principal and interest test (SPPI- test).
For the purpose of the SPPI-test, ‘principal’ is defined as the fair value of the
debt instrument on initial recognition. The principal may change over the life
of the instrument, for example when there are repayments of principal or due
to amortisation of a premium or discount. ‘Interest’ is defined as a
consideration for the time value of money and the credit risk associated with
the principal amount outstanding during a particular period of time and may
include a consideration for other basic lending risks and costs such as
liquidity risk and administrative costs, as well as a profit margin that is
consistent with a basic lending arrangement. Under extreme economic
circumstances, interest may be negative.
Ageas performs the SPPI-test considering the contractual terms of the debt
instrument, including contractual terms that could change the timing or
amount of contractual cash flows. All relevant factors are considered,
including, amongst others, the following:
● The currency in which the debt instrument is denominated;
● The period for which the interest rate is set;
● Features that modify the consideration for the time value of money, such
as a periodical reset of interest rates;
● Leverage features, which increase the variability of the contractual cash
flows;
● Contingent events, prepayment options or extension options, that could
change the timing or amount of the contractual cash flows, including
potential compensation for early termination or extension;
● Terms that limit Ageas’ claim to cash flows from specified assets (e.g.
non-recourse loans).
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Financial assets including embedded derivatives are considered in their
entirety when performing the SPPI-test.
Most of the debt instruments managed by Ageas pass the SPPI-test.
Investment funds, that are classified as ‘(Un)quoted investment funds &
other’ in the statement of financial position of Ageas, are a typical example of
debt instruments for which the contractual cash flows are not solely
payments of principal and interest on the principal amount outstanding,
except for some SPPI compliant loan funds. Ageas also manages some
loans that do not pass the SPPI-test due to their interest characteristics.
Subsequent measurement of debt instruments
The measurement of debt instruments after their initial recognition depends
on the applicable measurement category:
● Debt instruments that are classified as measured at AC are
subsequently measured at AC, representing the amount at which the
debt instrument is measured on initial recognition minus repayments of
principal, plus or minus the cumulative amortisation of any premium or
discount using the effective interest rate method. The carrying amount of
debt instruments measured at AC is adjusted for any loss allowance for
ECL.
● Debt instruments that are classified as measured at FVOCI are
subsequently measured at fair value. Fair value changes are recognised
in other comprehensive income (OCI) under the line item ‘Net change in
fair value of financial investments measured at FVOCI’.
● Debt instruments that are classified as measured at FVTPL are
subsequently measured at fair value. Fair value changes are recognised
in the income statement under the line item ‘Net gain on derecognition
and changes in fair value’.
Interest income on debt instruments is recognised on an accrual basis in the
income statement, using the effective interest rate method.
C.2 Classification and subsequent measurement of cash and cash
equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents
comprise short-term, highly liquid investments that are readily convertible to
known amounts of cash and that are subject to an insignificant risk of
changes in value. Examples of cash equivalents are money market funds and
money market paper.
Because cash and cash equivalents are held for the purpose of meeting
short-term cash commitments, rather than for investment or other purposes,
those financial assets have a maturity of three months or less from their date
of acquisition.
After initial recognition, cash and cash equivalents are measured at AC. As
an exception, Ageas measures the majority of its money market funds at
FVTPL because their contractual cash flows are not SPPI compliant.
C.3 Classification and subsequent measurement of equity instruments
An equity instrument is a financial instrument that evidences a residual
interest in the issuer’s net assets. Ordinary shares are an example of equity
instruments.
Investments in open-end or closed-end funds and real estate certificates are
generally puttable instruments and/or instruments with a pre-determined life
that do not meet the definition of equity instruments according to IAS 32
‘Financial instruments – presentation’.
After initial recognition, all equity instruments are measured at fair value, also
those that are not quoted. Changes in fair value are recognised in OCI or in
the income statement, depending on their irrevocable classification on initial
recognition in one of the following measurement categories:
● Fair value through other comprehensive income (FVOCI): fair value
changes on those equity instruments are recognised in OCI under the
line item ‘Net change in fair value of equity investments designated at
FVOCI’; or
● Fair value through profit or loss (FVTPL): fair value changes on those
equity instruments are recognised in the income statement under the
line item ‘Net gain on derecognition and changes in fair value’.
Ageas determines on an instrument-by-instrument and purchase line basis
for which equity instruments it is more appropriate to apply the FVOCI
measurement category. Ageas does not apply the FVOCI measurement
category for equity instruments that are held for trading or that represent a
contingent consideration recognised by an acquirer in a business
combination.
Dividends on equity instruments are recognised in the income statement.
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D. Classification and subsequent measurement of financial liabilities
D.1 Classification of financial liabilities
A financial instrument is classified as a financial liability if Ageas has a
contractual obligation to:
● Deliver cash or another financial asset to the holder of the instrument or
to exchange another financial instrument with the holder under
conditions that are potentially unfavourable to Ageas; or
● Settle the financial instrument in a variable number of its own shares.
Examples of financial liabilities are debt certificates, subordinated liabilities
issued by Ageas, investment contracts that do not fall in the scope of IFRS
17 ‘Insurance contracts’ and other borrowings.
After initial recognition, financial liabilities are classified and measured at AC,
except if they are measured at FVTPL.
IFRS 9 requires that some financial liabilities, such as financial liabilities held
for trading and derivative liabilities that have not been designated in a
hedging relationship, are mandatorily measured at FVTPL. Financial liabilities
that are not mandatorily measured at FVTPL can be irrevocably designated
as measured at FVTPL on their initial recognition if:
● The financial liability is managed, its performance is evaluated, and it is
reported internally on a fair value basis;
● Designation of the financial liability at FVTPL eliminates or significantly
reduces measurement or recognition inconsistencies (‘accounting
mismatch’); or
● The financial liability contains one or more embedded derivatives that
are not closely related to the host contract, but for which it is not
possible to separate the non-closely related embedded derivative from
the host contract, and IFRS 9 permits the entire hybrid contract to be
designated at FVTPL.
Ageas designates some investment contracts without discretionary
participation features (DPF) at FVTPL on their initial recognition. Those
contracts are financial liabilities whose fair value is depending on the fair
value of the underlying financial assets and the underlying assets are
managed and their performance is evaluated on a fair value basis.
Consequently, the changes in fair value of those investment contracts are
fully offset by the changes in fair value of the underlying financial assets.
When an investment contract without DPF has an embedded put or
surrender option, the fair value of the financial liability is never less than the
amount payable on surrender.
D.2 Subsequent measurement of financial liabilities
The amortised cost of a financial liability is the amount at which the financial
liability is measured on initial recognition minus repayments of principal, plus
or minus the cumulative amortisation of any premium or discount recognised
initially, using the effective interest rate method. The amortisation of any
premium or discount recognised initially is recognised in the income
statement as interest expense or interest income.
Ageas recognises fair value changes of financial liabilities that are measured
at FVTPL in the income statement. For financial liabilities that are irrevocably
designated at FVTPL, the changes in the liability’s fair value that are related
to changes in own credit risk are recognised in OCI, unless this creates more
measurement inconsistency compared to presenting those changes in the
income statement. Such measurement inconsistency may arise for
investment contracts. The remaining amount of fair value change is
presented in the income statement.
Interest expense on debt instruments is recognised on an accrual basis in the
income statement, using the effective interest rate method.
E. Derecognition, modification and reclassification of financial
instruments
E.1 Derecognition and modification of financial assets
Derecognition of financial assets
A financial asset, or a part of it, is derecognised from the statement of
financial position when the contractual rights to receive cash flows from the
financial asset expire or when Ageas transfers substantially all the risks and
rewards of ownership of the financial asset to a third party.
On derecognition of a financial asset, the difference between the carrying
amount of the derecognised asset (or the carrying amount allocated to the
derecognised part of the asset) and the consideration received is recognised
in the income statement. The consideration received includes the fair value
of any new asset obtained less new liability assumed.
On derecognition of a financial asset, cumulative gains and losses which
were previously recognised in OCI are reclassified as described in section 8
K.2 below.
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Sale and repurchase agreements
Financial assets sold subject to a commitment to repurchase the same, or
substantially similar, financial instruments at a fixed price at a future date
(‘repo’ agreement) are not derecognised from the statement of financial
position of Ageas because all risks and rewards of ownership remain with
Ageas. Those financial assets remain valued applying the measurement
category to which they belonged. The cash consideration received from such
sales is recognised as a financial asset and a corresponding financial liability.
The corresponding liability represents the obligation to pay the repurchase
price and is valued at AC. As per 31 December 2023, this liability is
recognised under the line item ‘Repurchase agreements’ instead of
‘Borrowings’ in view of enhancing the readability of the consolidated
statement of financial position. The comparative periods have been restated
accordingly.
Financial assets purchased subject to a commitment to resell the same, or
substantially similar, financial instruments at a fixed price at a future date
(‘reverse repo’ agreement) are not recognised in the statement of financial
position of Ageas but are recorded as off-balance sheet items. The right to
receive cash from the counterparty is measured at AC and is recognised
under the line item ‘Loans’. The difference between the purchase and resell
price is treated as interest income and is accrued over the life of the
agreement using the effective interest rate method.
Securities lending
Financial assets lent to third parties are not derecognised from the statement
of financial position of Ageas. Similarly, financial assets borrowed from third
parties are not recognised in the statement of financial position of Ageas.
Fees related to such lending and borrowing transactions are recognised in
the income statement under the line item ‘Net result from interest, dividend
and other income non-related to unit-linked investments’.
If Ageas subsequently sells borrowed financial assets to third parties, Ageas
recognises the proceeds from the sale together with the obligation to deliver
the borrowed financial securities. The obligation to deliver the borrowed
securities is measured at FVTPL.
Modification of financial assets
If the terms of a financial asset are modified, Ageas evaluates whether the
contractual cash flows of the modified financial asset are substantially
different:
● If the contractual cash flows are substantially different, then the
contractual rights to receive the cash flows from the original financial
asset are deemed to have expired. Ageas then derecognises the original
financial asset, or a part of it, from its statement of financial position and
recognises a new financial asset at fair value plus any eligible
transaction costs. Any difference is recognised in the income statement.
● If the contractual cash flows are not substantially different, then the
original financial asset is not derecognised from the statement of
financial position. The gross carrying amount of the financial asset is
recalculated by discounting the modified contractual cash flows using
the original effective interest rate. The resulting adjustment in carrying
amount is recognised in the income statement as a modification gain or
loss. Any costs or fees incurred adjust the carrying amount of the
modified financial asset and are amortised over the remaining term of
the modified financial asset.
E.2 Derecognition and modification of financial liabilities
A financial liability, or a part of it, is derecognised from the statement of
financial position when its contractual obligations are discharged or cancelled
or expire (i.e. the liability is extinguished).
On derecognition of a financial liability, the difference between the carrying
amount of the derecognised liability (or the carrying amount allocated to the
derecognised part of the liability) and the consideration paid is recognised in
the income statement. The consideration paid includes the fair value of any
non-cash asset transferred or liability assumed.
On derecognition of a financial liability that has been irrevocably designated
at FVTPL on initial recognition, any cumulative changes in the liability’s credit
risk, which were previously recognised in OCI, are transferred from OCI to
retained earnings. Those are never reclassified to the income statement.
An exchange between Ageas and the existing lenders of debt instruments
with substantially different terms, as well as a substantial modification of the
contractual terms of an existing financial liability (or a part of it), is accounted
for as an extinguishment of the original financial liability and the recognition
of a new financial liability.
The terms of a financial liability are substantially different from the original
terms if the present value of the cash flows under the new terms, including
any fees paid net of any fees received, and discounted using the original
effective interest rate, is at least 10 per cent different from the present value
of the remaining cash flows of the original financial liability. In determining
those fees paid net of fees received, Ageas includes only fees paid or
received between Ageas and the lender, including fees paid or received by
either Ageas or the lender on the other’s behalf.
In addition, other qualitative factors, such as a change in currency, changes
in the type of interest rate, new conversion features or changes in covenants,
may be considered in assessing whether the terms of a financial liability are
substantially different from the original terms.
If the exchange of debt instruments or modification of contractual terms is
accounted for as an extinguishment, any costs or fees incurred are
recognised as part of the gain or loss on the extinguishment.
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If the exchange of debt instruments or modification of contractual terms is not
accounted for as an extinguishment, the amortised cost of the financial
liability is recalculated by discounting the modified contractual cash flows
using the original effective interest rate. The resulting adjustment is
recognised in the income statement as a modification gain or loss. Any costs
or fees incurred adjust the carrying amount of the modified liability and are
amortised over the remaining term of the modified liability.
E.3 Reclassification of financial instruments
Debt instruments, equity instruments and financial liabilities are not
reclassified subsequently to their initial recognition, except in the exceptional
case of a change in business model.
F. Offsetting of financial assets and financial liabilities
Ageas offsets a financial asset and a financial liability, resulting in only their
net amount being presented in its statement of financial position, if and only
if:
● Ageas currently has a legally enforceable right to set off the recognised
amounts; and
● Ageas intends to either settle the financial asset and financial liability on
a net basis or intends to realise the financial asset and settle the
financial liability simultaneously.
Sale and repurchase agreements and derivatives that meet the two criteria
above are offset in the statement of financial position of Ageas.
G. Loss allowance for expected credit losses
Ageas recognises a loss allowance for expected credit losses (ECL) on
following financial assets that are not measured at FVTPL:
● Debt instruments (measured at AC or at FVOCI);
● Lease receivables;
● Trade receivables;
● Broker receivables (if the broker is acting on behalf of Ageas);
● Contract assets;
● Loan commitments; and
● Financial guarantee contracts.
No loss allowance for ECL is recognised on equity instruments and
derivatives.
Ageas recognises and measures a loss allowance for ECL as from the first
reporting date after initial recognition of a financial asset.
G.1 Determination of the loss allowance for ECL
The loss allowance for ECL is determined at an amount equal to lifetime ECL
if the credit risk on an asset has increased significantly since initial
recognition (see ‘Stage 2’ and ‘Stage 3’ below). Otherwise, the loss
allowance for ECL is determined at an amount equal to 12-month ECL (see
‘Stage 1’ below).
A loss allowance for ECL determined at an amount equal to lifetime ECL
represents a probability-weighted estimation of all cash shortfalls (i.e. the
difference between all contractual cash flows that are due in accordance with
the contract and all the cash flows that the entity expects to receive), that
result from all possible default events over the expected life of the financial
asset, discounted using the initial effective interest rate of the financial asset.
A loss allowance for ECL determined at an amount equal to 12-month ECL
represents the portion of the lifetime ECL that result from default events on
the financial asset that are possible within twelve months after the reporting
date.
The loss allowance for ECL is determined using a three-stage model.
Stage 1 – No significant increase in credit risk since initial recognition
A financial asset that is not credit impaired on initial recognition or on
origination is classified in ‘Stage 1’. The asset remains in ‘Stage 1’ as long as
the credit risk on the asset has not increased significantly since initial
recognition (see ‘Stage 2’ below).
For financial assets classified in ‘Stage 1’ and that are determined to have a
low credit risk at the reporting date, or that have no low credit risk at the
reporting date, but for which the credit risk rating grade has not yet
decreased by three or more credit risk rating steps (‘notches’) since initial
recognition of the financial asset, the loss allowance for ECL is determined at
an amount equal to 12-month ECL.
Ageas considers that financial assets have a low credit risk at the reporting
date if their contractual payments are less or equal than 30 days past due
(see ‘Significant increase in credit risk since initial recognition’ below).
Additionally, a debt instrument is considered to have a low credit risk at the
reporting date when its external or internal credit risk rating at that date
qualifies for the common definition of ‘investment grade’ (i.e. having a credit
risk rating of at least Baa3 or BBB-).
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Stage 2 – Significant increase in credit risk since initial recognition
A financial asset is classified in ‘Stage 2’ at the reporting date if the credit risk
on the asset has increased significantly since initial recognition, but the asset
is not credit-impaired at that date (see ‘Stage 3’ below).
To assess whether the credit risk on a financial asset has increased
significantly since initial recognition, the risk of default occurring on the
financial asset as at the reporting date is compared with the risk of default
occurring on the same financial asset as at the date of initial recognition. This
assessment is performed using reasonably available and supportable past
due and forward-looking information, that considers the characteristics of the
financial asset (or group of financial assets).
For financial assets classified in ‘Stage 2’, the loss allowance for ECL is
determined at an amount equal to lifetime ECL.
Ageas applies quantitative thresholds based on forward-looking information
and a (rebuttable) presumption to assess whether, at the reporting date, the
credit risk of an asset has increased significantly since its initial recognition.
For debt instruments with an external or internal credit risk rating, the credit
risk is deemed to have increased significantly since initial recognition if both
of the following thresholds are met:
● At the reporting date, the debt instrument has a credit risk rating of
below ‘investment grade’ (i.e. having a credit risk rating of Ba1 or BB+ or
below); and
● The credit risk rating of the debt instrument at the reporting date has
decreased by three or more ‘notches’ since initial recognition date of the
debt instrument.
The credit risk ratings used are based on a variety of data that are
considered to be predictive of the probability of credit default in future cash
flow cycles during the remaining lifetime of the financial assets.
The decision to apply the ‘investment grade’ threshold should be linked to the
practical expedient for financial assets with a low credit risk at the reporting
date (see ‘Stage 1’ above). Financial assets that have a credit risk rating of
‘investment grade’ are generally considered to have following characteristics:
● They have a strong capacity to meet their contractual cash flows in the
near term;
● They have a low risk of incurring losses; and
● Adverse changes in economic and business conditions in the longer
term may, but will not necessarily, reduce the ability to meet their
contractual cash flows.
The decision to consider a decrease of the credit risk rating by three
‘notches’ or more as significant finds its rationale in the width of credit rating
grades as defined by the credit rating agencies (e.g. Fitch, Moody’s, S&P)
and aligns to the definition of credit quality steps (CQS) used under Solvency
II.
The (Asian) associates of Ageas apply comparable thresholds, considering
the characteristics of the financial assets in their asset portfolio and the
historic default patterns for comparable financial assets.
For debt instruments without credit risk rating (external or internal), the credit
risk is deemed to have increased significantly since initial recognition if the
contractual payments are more than 30 days past due.
The assessment whether the credit risk on a financial instrument has
increased significantly since initial recognition is performed at each reporting
date and at purchase-line level. If Ageas is not able to identify significant
changes in credit risk for individual financial assets before the financial asset
becomes past due, the assessment is performed on a collective basis.
Regardless of the thresholds above, Ageas considers that the credit risk on a
financial asset has increased significantly since initial recognition if the
contractual payments are more than 30 days past due. This criterion is
considered to be a back stop criterion. Although the 30 days past due
threshold is considered to be the latest point at which a loss allowance for
ECL determined at an amount equal to lifetime ECL should be recognised,
the local Credit Risk Committee (or equivalent) can rebut this back stop
criterion if it has reasonable and supportable information that demonstrates
that, even if the contractual payments become more than 30 days past due,
this does not represent a significant increase in the credit risk of the financial
asset. In the other way around, the local Credit Risk Committee may decide,
based on reasonably and supportable available information, that the credit
risk has increased significantly since initial recognition, even if the
contractual payments are not more than 30 days past due.
Stage 3 – Credit-impaired
A financial asset is considered to be credit-impaired (or in default) when one
or more events have occurred that have a detrimental impact on the
estimated future cash flows of the asset. Numerous factors are considered in
the assessment whether a financial asset is or has become credit-impaired,
including amongst others following criteria:
● Regular payment problems by the issuer or borrower;
●
Breach of covenants or other important commitments by the issuer or
borrower;
● Significant financial difficulty of the issuer or borrower;
● Significant probability that the issuer or borrower will enter into
bankruptcy or another kind of financial reorganisation;
● Request by the issuer or borrower for consolidation or re-negotiation of
debt;
● Negative equity of the issuer;
● Other creditors are initiating legal actions towards the issuer or
borrower.
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In addition to the qualitative criteria above, Ageas determines that a financial
asset is or has become credit-impaired if the contractual payments are more
than 90 days past due. The 90 days past due criterium can be rebutted by
the local Credit Risk Committee (or equivalent) if this Committee has
reasonable and supportable information to do so.
The qualitative and quantitative criteria above are aligned with those used by
Ageas for internal credit risk management purposes.
The local Credit Risk Committee (or equivalent) is competent to determine
whether a financial asset is credit-impaired at the reporting date.
A financial asset that is credit-impaired is classified in ‘Stage 3’. For financial
assets classified in ‘Stage 3’, the loss allowance for ECL is determined at an
amount equal to lifetime ECL.
Simplified approach
For operating lease receivables, trade and broker receivables and contract
assets, Ageas applies the simplified approach. Under the simplified
approach, the loss allowance is always measured at an amount equal to
lifetime ECL, based on moving forward average loss rates from previous
periods, in forthcoming cases adjusted with reasonable and supportable
forward-looking information. Ageas does not apply the simplified approach to
finance lease receivables.
G.2 Measurement of the loss allowance for ECL
To measure the loss allowance for ECL, Ageas uses reasonable and
supportable information that is available without undue cost or effort. The
information used considers historical information, current conditions and
forecasts of future economic conditions.
The loss allowance for ECL is measured as the discounted product of the
‘probability of default’, ‘exposure at default’ and ‘loss given default’, which are
defined as follows:
● Probability of default (PD): is an estimate of the ‘point-in-time’ likelihood
of the borrower defaulting on its financial obligation, either over the next
twelve months after the reporting period, or over the remaining lifetime
of the obligation.
● Exposure at default (EAD): is an estimate of the amounts that Ageas
expects to be owed at a future default date, considering expected
changes in the exposure after the reporting date, including repayments
of principal and interest, whether scheduled by the contract or otherwise,
and accrued interest from missed payments. The EAD of a financial
asset is its nominal outstanding amount plus accrued interest (including
any inflation-linked amounts) at the time of default.
● Loss given default (LGD): is an estimate of the difference between the
contractual cash flows and the expected cash flows, including cash
flows from the realisation of any collateral or credit enhancement, i.e.
the loss arising when a default occurs. It represents the current and
expected position in the current credit life cycle. The LGD varies by type
of counterparty, type and seniority of the claim and availability of
collateral or other support. The LGD is estimated based on the history of
recovery rates of claims against defaulted counterparties and is
expressed as a percentage of the EAD.
For PD and LGD, each of the key input factors used to measure the loss
allowance for ECL rely on a broad range of forward-looking macro-economic
variables, which are estimated for different scenarios and which consider the
industry and region of the counterparty. Those macro-economic variables are
updated on a quarterly basis. The outcome of the model represents an
unbiased and probability-weighted best estimate that is determined by
evaluating a range of possible scenarios.
The maximum period considered in measuring the loss allowance for ECL is
the maximum contractual period (including extension options) over which
Ageas is exposed to credit risk.
The loss allowance for ECL is (re)measured at the end of each reporting
period, based on the ‘Stage’ in which the financial asset is classified at that
date. The applicable ‘Stage’ is determined at purchase line level and is
symmetrical, i.e. it can evolve in both directions. For financial assets with an
external or internal credit risk rating, Ageas records favourable transitions
between ‘Stages’ without delay. For financial assets without an external or
internal credit risk rating, a rebuttable probation period of three months is
applied for each favourable transition between successive ‘Stages’ (i.e. a
rebuttable probation period of six months is applied for a favourable transition
from ‘Stage 3’ to ‘Stage 1’).
Use of forward-looking information
The main macro-economic variables that Ageas considers in estimating
changes in credit risk and in estimating their impact on the loss allowance for
ECL are the variation in:
● Gross domestic product (GDP) growth;
● Unemployment rate;
● Real income;
● Industrial production;
● Wholesale and retail sales;
● Different indices (including energy and non-energy indices); and
● Proportion of downgrades.
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The estimates of macro-economic variables reflect the country and industry
risk of the counterparty by considering whether the counterparty is a
financial, corporate or sovereign and considering the main region of activity
of the counterparty. The main regions of activity are as follows and may be
further split-up if this significantly improves the estimates:
● Africa, with a potential further split between North- and Sub-Saharan
Africa;
● America, with a potential further split between North-, Central- and
South America;
● Asia, with a potential further split between Central-, East-, South and
Southeast Asia;
● Australia and New-Zealand;
● Europe, with a potential further split between Eastern- and Western
Europe;
● Middle East; and
● Pacific Islands.
The impact of each macro-economic variable on the key input factors PD and
LGD is determined by performing a statistical analysis, to understand the
impact that changes in these macro-economic variables historically had on
default rates and on the LGD, considering the type of financial instrument,
collateral type as well as borrower characteristics.
Ageas estimates the macro-economic variables under three scenarios
(positive, neutral and negative scenario). Each scenario includes reliable
estimates for the first five years. After the first five years, a mean reversion
approach is used to project the macro-economic variables over the expected
remaining lifetime of the financial assets, which means that the projections of
the macro-economic variables tend to either a long run average rate (e.g.
unemployment rate) or a long run average growth rate (e.g. growth of gross
domestic product).
The neutral scenario represents the most likely path of the economy over the
projection horizon. Therefore, Ageas generally gives the highest weight to
the outcome of the neutral scenario. The management of Ageas may
however decide to attribute a higher weight to the outcome of the positive or
the negative scenario. The choice to do so is (re)assessed each quarter and
is mainly based on forecasts of gross domestic product growth, and expected
changes therein, as estimated and published by the World Bank. Although
Ageas maximises the use of consensus information that is not produced in-
house (including, amongst others, data from the World Bank and from the
World Economic Outlook database of the International Monetary Fund (IMF)),
economic forecasts remain subject to a high degree of uncertainty, implying
that actual outcomes may differ significantly from such forecasts. However,
Ageas considers that the forecasts used represent the best estimate of future
macro-economic circumstances, considering reasonable and supportable
information that is available without undue cost or effort at the assessment
date.
The macro-economic variables used may not always capture all
characteristics of the market at the reporting date. Therefore, the use of other
forward-looking considerations not otherwise incorporated within the three
scenarios, such as the impact of any regulatory, legislative or political
changes, is also considered. Because currently they are not deemed to have
a material impact, no adjustment has been made for such considerations.
The impact of other forward-looking considerations is reviewed on a quarterly
basis, together with the update of the macro-economic variables and the
relative weights of the different scenarios.
Loss allowance for ECL for modified financial assets
When the contractual terms of a financial asset are renegotiated or modified,
or an existing financial asset is derecognised and replaced by a new one, the
‘Stage’ in which the modified or new financial asset is classified at the
reporting date is determined as follows:
● If the original financial asset is not derecognised, the assessment of
whether there has been a significant increase in credit risk since initial
recognition is performed by comparing the risk of default occurring at the
reporting date (using the modified contractual terms) with the risk of
default occurring on initial recognition (using the original, unmodified
contractual terms).
● If the original financial asset, or a part of it, is derecognised and a new
financial asset is recognised based on the modified contractual terms,
the date of renegotiation of the contractual terms is the date of initial
recognition for assessing subsequently whether there has been a
significant increase in credit risk. The loss allowance for ECL is
calculated based on the modified contractual terms.
Purchased or originated credit-impaired financial assets
Purchased or originated credit-impaired financial assets are assets that are
credit-impaired on initial recognition (i.e. those assets meet the definition of
default on initial recognition).
No loss allowance for ECL is recognised for financial assets that are credit-
impaired on initial recognition, because a loss allowance for lifetime ECL is
already included in the estimated cash flows when calculating the effective
interest rate at that date. After initial recognition, any change in the loss
allowance for lifetime ECL is recognised in the income statement. Favourable
changes in the loss allowance for lifetime ECL are recognised as an
impairment gain, even if the loss allowance for lifetime ECL is less than the
amount of loss allowance for ECL that was included in the estimated cash
flows on initial recognition. Such impairment gain is recognised as a direct
adjustment to the gross carrying amount.
G.3 Presentation of the loss allowance for ECL
Ageas recognises a new loss allowance for ECL and changes in the existing
loss allowance for ECL as compared to a previous reporting period, in the
income statement under the line item ‘Net impairment loss on financial
assets’.
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In the statement of financial position, Ageas presents the loss allowance for
ECL as follows:
● Debt instruments, receivables and contract assets measured at AC: the
loss allowance for ECL is presented as a deduction from the gross
carrying amount.
● Debt instruments measured at FVOCI: the loss allowance for ECL does
not reduce the gross carrying amount but is presented as an opposite
component in OCI under the line item ‘Net change in fair value of
financial investments measured at FVOCI’, together with the cumulative
fair value changes since initial recognition.
● Loan commitments and financial guarantee contracts: as a provision,
under the line item ‘Provisions’.
Write-off
A write-off consists in the reduction of the gross carrying amount of a
financial asset. Ageas recognises a write-off when it does not reasonably
expect to recover the financial asset in its entirety or a portion thereof. A
write-off constitutes a (partial) derecognition of the financial asset.
Financial assets that are written off can still be subject to debt collection
activities for recovery of amounts due.
When a financial asset is written off, the cumulative amount of a previously
recognised loss allowance for ECL is not reversed but is offset with the
reduction of the gross carrying amount of the financial instrument written off.
If the amount of write-off exceeds the cumulative amount of a previously
recognised loss allowance for ECL, the difference is first considered as an
additional loss allowance for ECL. Any subsequent recoveries after a write-
off are directly recognised in the income statement under the line item ‘Net
impairment loss on financial assets’.
H. Derivatives and financial instruments used for hedging
H.1 Derivatives
A derivative is a financial instrument or other contract with all three of the
following characteristics:
● Its value changes in response to the change in a specified interest rate,
financial instrument price, commodity price, foreign exchange rate, index
of prices or rates, credit rating or credit index, or other variable, provided
in the case of a non-financial variable that the variable is not specific to
a party to the contract;
● It requires no initial net investment or an initial net investment that is
smaller than would be required for other types of contracts that would be
expected to have a similar response to changes in market factors; and
● It is settled at a future date.
Examples of derivatives are swaps, forward and future contracts and options.
Ageas initially recognises a derivative in its statement of financial position on
the date that the derivative contract is entered into.
Derivatives are measured at fair value, both on initial recognition and
subsequently. Derivatives that are not designated in a hedging relationship
(see below for derivatives held for hedging purposes) are deemed to be held-
for-trading. Changes in their carrying ‘clean’ fair value (i.e. excluding any
unrealised interest accruals) are recognised in the income statement.
Derivatives are carried as an asset when their fair value is positive and as a
liability when their fair value is negative.
H.2 Embedded derivatives
An embedded derivative is a component of a hybrid contract that also
includes a non-derivative host. An example of an embedded derivative is a
conversion option in a convertible bond.
If the hybrid contract contains a host that is a financial asset, then the entire
hybrid contract is classified and measured as a single financial instrument.
If the hybrid contract contains a host that is not a financial asset, then the
embedded derivative is separated from the host and is accounted for as a
separate derivative if following criteria are fulfilled:
● The economic characteristics and risks of the embedded derivative are
not closely related to the economic characteristics and risks of the host.
In particular, an embedded derivative is closely related to a host
insurance contract if both are so interdependent that the embedded
derivative cannot be measured separately, i.e. without considering the
host contract;
● A separate instrument with the same terms as the embedded derivative
would meet the definition of a derivative; and
● The hybrid contract is not measured at FVTPL.
The host, that is not a financial asset, is accounted for applying the
applicable requirements for the relevant category of non-financial assets.
H.3 Financial instruments held for hedging purposes
For risk management purposes, Ageas formally designates certain
derivatives and non-derivative financial instruments as hedging instruments
in a qualifying hedging relationship. Those hedging relationships are
accounted for applying the requirements in IFRS 9 ‘Financial instruments’.
The accounting for hedging relationships follows their designation. Following
designations are possible:
● Fair value hedge;
● Cash flow hedge; or
● Hedge of a net investment in a foreign operation.
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A fair value hedge is a hedge of the exposure to changes in fair value of a
recognised asset or liability, an unrecognised firm commitment, or a
component of any such item, that is attributable to a particular risk and that
could affect the income statement. Under a fair value hedge relationship, the
fair value gain or loss on the hedging instrument is recognised in the income
statement, along with the corresponding change in fair value of the hedged
item. If the hedged item is measured at cost or amortised cost, its carrying
amount is adjusted for the gains or losses due to changes in the hedged risk.
Hedges of firm commitments are fair value hedges, except for hedges of the
foreign currency risk of a firm commitment, which may be accounted for as a
fair value hedge or a cash flow hedge.
If the hedged item in a fair value hedge is an equity instrument, for which
Ageas has elected at its initial recognition to present changes in fair value in
OCI, the hedged exposure must be one that could affect OCI. An example of
such a fair value hedge is a forward sale of equity instruments for which
Ageas has elected at their initial recognition to present the changes in fair
value of the equity instruments in OCI. In such a fair value hedge
relationship, fair value gains or losses on the hedging instrument, including
any hedge ineffectiveness, are recognised in OCI under the line item ‘Net
change in fair value of equity instruments designated at FVOCI’, together
with the fair value changes on the equity instruments. At the maturity date of
the forward sale transaction, the cumulative amounts that were previously
recognised in OCI are not reclassified to the income statement, but directly
from OCI to retained earnings.
A cash flow hedge is a hedge of the exposure to variability in cash flows that
is attributable to a particular risk associated with (a component of) a
recognised asset or liability or a highly probable forecast transaction and that
could affect the income statement. Ageas uses cash flow hedges for example
to hedge interest rate risk on floating rate financial instruments and to hedge
foreign exchange risk on highly probable forecast transactions. Under a cash
flow hedge relationship, the portion of fair value gains or losses on the
hedging instrument, that is determined to be an effective hedge, is
recognised in OCI under the line item ‘Net change in fair value of financial
investments measured at FVOCI’, along with the corresponding changes in
fair value of the hedged item. Any ineffective portion of fair value gains or
losses on the hedging instrument is directly recognised in the income
statement. In designating a hedge relationship, Ageas tries to maximise
hedge effectiveness.
When a hedge of a forecast transaction subsequently results in the
recognition of a non-financial asset or non-financial liability, or the hedged
forecast transaction for a non-financial asset or non-financial liability
becomes a firm commitment for which fair value hedge accounting is applied,
the cumulative amounts previously recognised in OCI adjust the initial cost or
other carrying amount of the recognised non-financial asset or non-financial
liability. For all other cash flow hedges, the cumulative amounts previously
recognised in OCI are reclassified from OCI to the income statement in the
same period(s) during which the hedged expected future cash flows affect
the income statement (i.e. the period(s) when the forecast transaction is
ultimately recognised in the income statement) or at the moment it becomes
clear that the forecasted transaction is no longer expected to occur.
A hedge of a net investment in a foreign operation is a hedge of the foreign
currency exposure arising from Ageas’ share in the net assets of a foreign
operation with a different functional currency than the functional currency of
Ageas. Hedges of a net investment in a foreign operation are accounted for
similarly to cash flow hedges. The portion of the fair value gains or losses on
the hedging instrument, that is determined to be an effective hedge, is
recognised in OCI under the line item ‘Foreign currency translation
differences’. Any ineffective portion of the fair value gains or losses on the
hedging instrument is directly recognised in the income statement. On
disposal or partial disposal of the foreign operation, the cumulative amounts
previously recognised in OCI are fully or partially reclassified OCI to the
income statement, as part of the gain or loss on (partial) disposal.
I. Determination of fair value
Fair value is the price that would be received to sell an asset or paid to
transfer a liability at the measurement date in an orderly transaction (i.e. not
an involuntary liquidation or distress sale) between market participants in the
principal market (or in its absence, the most advantageous market to which
Ageas has access at that date) under current market conditions (i.e. an exit
price), regardless of whether that price is directly observable or estimated
using a valuation technique.
The fair value presented in the statement of financial position is the ‘clean’
fair value, which is the total fair value (or ‘dirty’ fair value) less accrued
interest and transaction costs. Accrued interest is presented separately.
The fair value of a liability reflects its non-performance risk, which includes,
but may not be limited to, the entity’s own credit risk.
The fair value of a financial instrument is generally determined at the level of
an individual financial asset or an individual financial liability. A portfolio-
based measurement approach may be applied to financial assets and
financial liabilities with offsetting positions in market risk or counterparty
credit risk.
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When available, the fair value of a financial instrument is determined using its
quoted price in an active market for identical assets or liabilities. A market is
considered as ‘active’ if quoted prices for the asset or liability are readily and
regularly available from an exchange dealer, broker, industry group, pricing
service or regulatory agency, and those prices are based on a sufficient
frequency and volume of market transactions on an arm’s length basis.
Whenever available, the quoted price in an active market provides the most
reliable evidence of fair value and shall be used without adjustment to
determine the fair value of a financial instrument. Adjustments to the quoted
price in an active market are made only if:
● Ageas holds a large number of similar (but not identical) assets or
liabilities that are measured at fair value and a quoted price in an active
market is available, but not readily accessible for each of those assets
or liabilities individually;
● The quoted price in an active market does not represent the fair value at
the measurement date (e.g. a binding agreement to sell shares at a
price other than the market price); or
● The quoted price of a liability is adjusted for factors specific to the item.
Any adjustment to the quoted price in an active market results in a fair value
measurement categorised within a lower level of the fair value hierarchy (i.e.
Level 2 or Level 3 – see below).
In the notes to these consolidated financial statements, financial instruments
that are measured at fair value are categorised into one of the following
levels of the fair value hierarchy, depending on the inputs used to determine
their fair value:
● Level 1: the fair value of a financial instrument is determined using the
(unadjusted) quoted price in an active market for identical assets or
liabilities.
● Level 2: the fair value of a financial instrument is determined based on a
valuation technique, using inputs – other than quoted prices included in
Level 1 – that are observable in the market for the asset or liability,
either directly (i.e. prices) or indirectly (i.e. derived from prices, such as
interest or exchange rate).
● Level 3: the fair value of a financial instrument is determined based on a
valuation technique, using inputs that are not (completely) based on
observable market data.
A financial instrument is categorised in its entirety in the same level of the fair
value hierarchy as the lowest level input that is significant to the entire fair
value measurement.
If applicable, transfers between levels of the fair value hierarchy are
recognised as at the date of the change in circumstances that caused the
transfer.
If a financial instrument measured at fair value has a bid price and an ask
price, then the bid price is used to determine the fair value of an asset held or
liability to be issued and the ask price is used to determine the fair value of
an asset to be acquired or liability held. Mid-market prices are used as a
basis for establishing the fair value of assets and liabilities with offsetting
market risks.
When the frequency and volume of market activity for a financial instrument
significantly decrease, Ageas reviews the transactions or quoted prices and
may decide to apply an alternative valuation technique or multiple valuation
techniques (e.g. present value techniques) to determine the fair value. The
financial instrument is then categorised within a lower level of the fair value
hierarchy (Level 2 or Level 3).
Non-exchange traded financial instruments are often traded in over-the-
counter (OTC) markets by dealers or other intermediaries from whom market
prices can be obtained. Various sources provide quotations for many
financial instruments that are regularly traded in the OTC market. Those
sources include the financial press, various publications of financial reporting
services and individual market makers.
If no quoted price in an active market is available, the fair value of a financial
asset or financial liability is determined using a valuation technique. The
chosen valuation technique has the following characteristics:
● It maximises the use of relevant observable market inputs and
minimises the use of unobservable inputs (such as internal assumptions
and estimates); and
● It incorporates all factors that market participants would consider in
pricing a transaction at the measurement date under current market
conditions.
When Ageas uses quantitative unobservable inputs in determining fair value,
those are preferably not developed in house.
If there is a valuation technique that is commonly used by market participants
to price a financial instrument, and that valuation technique has
demonstrated to provide reliable estimates of prices obtained in actual
market transactions, Ageas applies that valuation technique. Well-
established valuation techniques in financial markets include recent market
transactions involving identical or comparable assets or liabilities, discounted
cash flow models (including option-pricing models) and current replacement
cost.
Ageas applies valuation techniques in a consistent way. Changes in
valuation techniques, or changes in their application, only occur if the change
results in a measurement that is equally or more representative of fair value
or if a change is necessary because of changes in market conditions or
changes in availability of information.
Methods and assumptions used in determining fair value
The methods and assumptions used by Ageas in determining fair value
largely depend on whether the financial instrument is traded on financial
markets and on the information that is available to be incorporated in the
valuation model.
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Ageas uses the following methods and assumptions in determining the fair
value of financial instruments:
● The fair value of financial instruments (including loans and asset-backed
securities) that are measured or disclosed at fair value, is determined
using quoted prices in active markets. If no quoted prices in active
markets are available, the fair value is determined using discounted
cash flow models. For variable rate loans that re-price frequently and
that have no significant change in credit risk, fair values are determined
using the carrying amount. Option pricing models are used for valuing
caps and a prepayment option embedded in a loan. Discount factors are
based on a swap yield curve plus a spread, reflecting the risk
characteristics of the instruments. In particular for asset-backed
securities, the expected cash flows used in the discounted cash flow
model take into account original underwriting criteria, borrower attributes
(such as age and credit scores), loan-to-value ratios, expected house
price movements and expected prepayment rates.
● The fair value of unquoted equity securities and investment funds is
estimated using applicable market multiples (e.g. price/earnings or
price/cash flow ratios), refined to reflect the specific characteristics of
the issuer. Level 3 valuations for unquoted investment funds make use
of the fair values disclosed in the audited financial statements of the
concerned funds.
● The fair value of borrowings and issued subordinated loans is
determined using discounted cash flow models, based on Ageas’ current
incremental lending rates for a similar type of borrowing.
● The fair value of derivatives is determined using quoted prices in active
markets or using, as appropriate, discounted cash flow models and
option pricing models. For derivatives traded on a recognised exchange,
quoted market prices provide the most reliable fair value. For derivatives
that are not traded on a recognised exchange, the fair value is
considered to be the value that could be realised through termination or
assignment of the derivative. Factors that influence the valuation of an
individual derivative include the counterparty’s credit rating and the
complexity of the derivative. If these factors differ from the basic factors
underlying the quote, an adjustment to the quoted price may be
considered. A common valuation technique for an interest rate swap
incorporates a comparison of the yield of the swap with the current swap
yield curve, whereby the swap yield curve is derived from quoted swap
rates. Dealer bid and offer quotes are generally available for basic
interest rate swaps involving counterparties whose securities are
investment grade.
● The fair value of off-balance sheet commitments and guarantees is
determined based on fees currently charged to enter into similar
agreements, considering the terms of the agreements and the
counterparties’ credit standings.
The fair value of financial instruments that are categorised into Level 3 of the
fair value hierarchy is mainly sensitive to changes in the level of expected
future cash flows.
The relevant notes to these consolidated financial statements provide further
information on the application of these valuation methods and assumptions.
J. Net result from interest and dividend
J.1 Interest income and expense
Interest income and expense on all interest-bearing financial instruments is
recognised in the income statement on an accrual basis, using the effective
interest rate method.
Interest income includes coupons earned on fixed and floating rate income
financial instruments and the amortisation or accretion of transaction costs,
premium or discount.
The effective interest rate of a financial instrument is the rate that exactly
discounts estimated future cash receipts or payments through the expected
life of the financial instrument to the gross carrying amount of the financial
asset (i.e. its amortised cost before deducting any loss allowance for ECL) or
to the amortised cost of the financial liability. The calculation of the effective
interest rate is based on the actual purchase or issue price and includes
directly attributable transaction costs, fees, other costs and any discount or
premium on acquisition of the financial asset or issuance of the financial
liability.
For a financial instrument that is not measured at FVTPL, examples of fees
that are an integral part of the effective interest rate are:
● Origination fees received as a compensation for activities such as
evaluating the borrower’s financial condition, evaluating and recording
guarantees, collateral and other security arrangements, negotiating the
terms of the instrument, preparing and processing documents and
closing the transaction.
● Origination fees received on issuing financial liabilities.
When the financial instrument is measured at FVTPL, the fees relating to the
issuance of the financial instrument are recognised in the income statement
when the instrument is initially recognised.
Interest income and expense is calculated by applying the effective interest
method to the gross carrying amount of a financial asset or to the amortised
cost of a financial liability, unless the financial asset is credit-impaired:
● Financial assets that have become credit-impaired subsequent to initial
recognition: interest income is calculated by applying the effective
interest rate to the amortised cost of the financial asset (i.e. its gross
carrying amount less any loss allowance for ECL). If the financial asset
is no longer credit-impaired, the calculation basis reverts to the gross
carrying amount.
● Financial assets that are purchased or originated credit-impaired:
interest income is calculated by applying the credit-adjusted effective
interest rate (i.e. including a loss allowance for lifetime ECL) to the
amortised cost of the financial asset on initial recognition. The
calculation basis for the interest income does not change when the
credit risk of the financial asset improves in a subsequent reporting
period, implying that it is no longer credit-impaired.
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J.2 Dividend income
Ageas recognises dividends on equity instruments and investment funds in
its income statement if and when:
● The dividend represents a remuneration on investment;
● The right to receive payment of the dividend is established;
● It is probable that the economic benefits associated with the dividend
will flow to Ageas; and
● The amount of dividend can be measured reliably.
Dividends that represent a repayment of capital are accounted for as a
reduction of the carrying amount of the investment.
K Realised gains and losses on financial instruments
K.1 Financial instruments measured at AC
For financial instruments measured at AC, realised gains or losses on
derecognition represent the difference between the proceeds received or
paid and the gross carrying amount of the derecognised financial instrument,
minus any ‘Stage 3’ loss allowance for ECL recognised. Realised gains or
losses are recognised in the income statement under the line item ‘Net gain
on derecognition and changes in fair value’.
K.2 Financial instruments measured at FVOCI
On derecognition of a financial instrument measured at FVOCI, the realised
gains or losses are accounted for as follows:
● For debt instruments, the cumulative fair value gains or losses
previously recognised in OCI (including any adjustment for the impact of
hedge accounting and any ‘Stage 3’ loss allowance for ECL recognised,
but excluding any ‘Stage 1’ or ‘Stage 2’ loss allowance for ECL
recognised) are reclassified from OCI to the income statement and are
recognised under the line item ‘Net gain on derecognition and changes
in fair value’.
● For equity instruments, the cumulative fair value gains or losses
previously recognised in OCI (including any adjustment for the impact of
hedge accounting) are transferred from OCI to retained earnings, but
are never reclassified to the income statement. The amount reclassified
as such is recognised in equity under the line item ‘Net realised
gains/(losses) on equity investments designated at FVOCI and on
hedging instruments reclassified to retained earnings’.
9. Property, investment property and equipment
A. Classification and measurement of property held for own use and
equipment
Property classified as held for own use and equipment mainly include:
● Office buildings that Ageas occupies;
● Buildings used to operate a business (such as car parks); and
● Other property and equipment.
Ageas measures equipment at cost. On initial recognition, cost is the amount
of cash or cash equivalents paid or the fair value of any other consideration
given to acquire an asset at the time of its acquisition or construction.
Ageas measures property held for own use at cost (including transaction
costs), except for owner-occupied property that is held as underlying item of
a group of insurance contracts with direct participation features, which is
initially measured at cost and subsequently at fair value, with changes in fair
value recognised in the income statement.
After initial recognition, property and equipment that is measured at cost is
measured at the amount at the end of the previous reporting period, less
accumulated depreciation and any accumulated impairment losses.
Ageas depreciates components of property and equipment using the straight-
line method, reducing the cost to their residual values over their estimated
useful lives. Both the residual values and the useful lives are reviewed at the
end of each reporting year.
The useful life of IT, office and other equipment is determined individually for
each type of asset. The useful life of buildings is determined separately for
each of the following significant parts (component approach): structure,
closing, techniques and equipment, heavy finishing and light finishing.
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The maximum useful life of the components is as follows:
Structure 50 years for car parks, offices, nursing homes and retail 70 years for residential Closing 30 years for offices, nursing homes and retail 40 years for residential 15 years for car parks Techniques and equipment 20 years for offices and nursing homes 25 years for retail 40 years for residential 15 years for car parks 20 years for offices and nursing homes Heavy finishing 25 years for retail 40 years for residential Light finishing 10 years for offices, nursing homes, retail and residential
● Land has an unlimited useful life and is therefore not depreciated.
● Generally, residual values are considered to be zero.
Repairs and maintenance expenses are charged to the income statement when the expenditure is incurred. Expenditures that enhance or extend the benefits of
buildings or fixed assets beyond their original use are capitalised and subsequently depreciated.
B. Classification and measurement of investment property
Investment property is property that Ageas holds to earn rental income or for
capital appreciation or both.
Ageas may use certain investment property for own use. If the own use
portions can be sold separately or leased out separately under a finance
lease, these portions are accounted for as property held for own use. If the
own use portions cannot be sold separately, the property is treated as
investment property only if Ageas holds an insignificant portion for own use.
Ageas measures investment property at cost (including transaction costs). As
an exception to the above, investment property backing insurance contract
liabilities that pay a return linked directly to the fair value of, or returns from,
specified assets including that investment property, is measured initially at
cost and subsequently at fair value, with changes in fair value recognised in
the income statement.
After initial recognition, investment property that is measured at cost is
measured at the amount at the end of the previous reporting period, less
accumulated depreciation and any accumulated impairment losses.
Ageas depreciates investment property using the straight-line method. Both
the residual values and the useful lives of investment property are reviewed
at the end of each reporting year. The useful life of investment property is
determined separately for each significant part (component approach), using
the same components and same maximal useful life of components as
applied for property held for own use.
Ageas leases its investment property under various non-cancellable rental
contracts. Certain contracts contain renewal options for various periods of
time. The rental income associated with these contracts is recognised over
time as investment income, on a straight-line basis over the rental term.
Transfers to, or from, investment property are only made when there is a
change in use:
● Into investment property: at the end of owner-occupation, at the start of
an operating lease to another party, or at the end of construction or
development; and
● Out of investment property: at the commencement of owner-occupation
or at the start of development with a view to sale.
When the outcome of a construction contract can be estimated reliably,
contract revenue and contract costs associated with the construction contract
are recognised by reference to the stage of completion of the contract activity
at the reporting date. When it is probable that the total contract costs will
exceed the total contract revenue, the expected loss is recognised
immediately in the income statement.
C. Impairment of property, investment property and equipment
Property held for own use, investment property and equipment are impaired
when their carrying amount exceeds their recoverable amount.
The recoverable amount is determined as the higher of the asset’s ‘fair value
less costs to sell’ and its ‘value in use’, whereby:
● ‘Fair value less costs to sell’ is the price that would be received to sell an
asset in an orderly transaction between market participants (based on
observable and non-observable market data), after deducting any direct
incremental disposal costs; and
● ‘Value in use’ is the present value of estimated future cash flows
expected to arise from continuing use of the asset and from its disposal
at the end of its useful life, without deduction of transfer tax.
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At the end of each reporting period, Ageas assesses whether there is an
objective indication that an asset may be impaired, considering various
external (e.g. significant changes in the economic environment) and internal
(e.g. plan to dispose) sources of information. If, and only if, any such
indication exists, Ageas reduces the carrying amount of the impaired asset to
its estimated recoverable amount, with the reduction in carrying amount
being recognised in the income statement.
After the recognition of an impairment, Ageas adjusts the depreciation for
future reporting periods based on the revised carrying amount, the asset’s
residual value and its remaining useful life.
If, in a subsequent reporting period, the amount of an impairment of an asset
decreases due to an event occurring after recognition of that impairment, the
previously recognised impairment loss is reversed in the income statement.
The carrying amount after reversal of a previously recognised impairment
cannot exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior
reporting periods.
D. Borrowing costs
Ageas capitalises borrowing costs that are directly attributable to the
acquisition or construction of an asset while that asset is being constructed,
as part of the cost of that asset. Capitalisation of borrowing costs should
commence when:
● Expenditures for the asset and borrowing costs are being incurred; and
● Activities necessary to prepare the asset for its intended use or sale are
in progress.
Capitalisation of borrowing costs ceases when the asset is substantially
ready for its intended use or sale. If active development is interrupted for an
extended period, capitalisation is suspended. Where construction occurs
piecemeal, and use of each part is possible as construction continues,
capitalisation for each part ceases upon substantial completion of that part.
Borrowing costs to finance the construction of property and equipment are
treated in the same way as borrowing costs on investment property.
For a borrowing associated with a specific asset, the actual rate on that
borrowing is applied. Otherwise, a weighted average cost of borrowings is
applied.
10. Leases
A. Ageas as a lessor
Ageas acts as a lessor under non-cancellable lease contracts for investment
property and certain properties held for own use. The lease contracts may
contain renewal options.
As lessor, Ageas makes the distinction whether the asset is leased under a
finance lease transaction or under an operating lease transaction. Under a
finance lease transaction, substantially all the risks and rewards related to
ownership of the leased asset, other than the legal title, are transferred to the
lessee.
Ageas presents assets leased under a finance lease as a receivable at an
amount equal to the net investment in the lease. The net investment in the
lease comprises the present value of the lease payments and any
unguaranteed residual value. The difference between the gross investment
and the net investment in the lease is recognised as unearned finance
income. Finance income is recognised over the term of the lease, based on a
pattern reflecting a constant periodic rate of return on the outstanding net
investment in the finance lease. Initial direct costs incurred by Ageas are
included in the initial measurement of the net investment in the lease and
reduce the amount of income recognised over the lease term.
Ageas recognises assets leased under an operating lease transaction in its
statement of financial position under the line items ‘investment property’
(buildings) and ‘property and equipment’ (equipment). Those assets are
recorded at cost less accumulated depreciation. Initial direct costs incurred
by Ageas are added to the carrying amount of the leased asset and are
recognised as an expense over the lease term, on the same basis as the
rental income.
Ageas recognises rental income, net of lease incentives granted to lessees,
on a straight-line basis, unless there is compelling evidence that benefits do
not accrue evenly over the period of the lease.
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B. Ageas as a lessee
Ageas leases land, buildings, car parks, nursing homes, equipment and
motor vehicles. The lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions.
Ageas applies a single measurement model to assets leased under both
operating or finance lease transactions. At inception of the lease, Ageas
recognises a right-of-use asset and a lease liability.
At inception of the lease, the lease liability comprises the present value of
following lease payments that are not paid at the commencement date,
including lease payments to be made under reasonably certain extension
options:
● Fixed payments (including in-substance fixed payments) less any lease
incentives receivable;
● Variable lease payments that depend on an index or a rate, initially
measured using the index or rate as at the commencement date;
● Amounts expected to be payable by Ageas under residual value
guarantees;
● The exercise price of a purchase option if Ageas is reasonably certain to
exercise that option; and
● Payments of penalties for terminating the lease, if the lease term reflects
Ageas exercising that option.
The lease liability is discounted applying the interest rate implicit in the lease.
If that rate cannot be readily determined, Ageas applies its incremental
borrowing rate. Ageas determines its incremental borrowing rate using a
global available composite curve, which is based on a sample of existing
secondary bonds from financial issuers in the A-range, increased by a risk
premium. For car parks, a risk-free rate equal to the interest rate swap for a
similar duration, increased by a risk premium, is applied.
In a subsequent reporting period, the carrying amount of the lease liability is
increased to reflect the interest on the lease liability and is reduced to reflect
the lease payments made. Furthermore, the lease liability is remeasured to
reflect lease modifications or changes in the lease payments, including for a
change in an index or a rate used to determine those payments.
The interest on the lease liability in a reporting period represents the amount
that produces a constant periodic rate of interest on the remaining balance of
the lease liability. Ageas recognises interest on the lease liability in its
income statement, together with the variable lease payments that are not
included in the measurement of the lease liability. The variable lease
payments are recognised in the period in which the event or condition that
triggers those variable lease payments occurs.
At inception of the lease, Ageas measures the right-of-use asset at cost. This
comprises the initially recognised lease liability, adjusted for any lease
payments made at or before the commencement of the lease, any lease
incentives received, any initial direct costs incurred by Ageas and an
estimate of the costs to be incurred in dismantling and removing the
underlying asset.
In a subsequent reporting period, the right-of-use asset is measured at cost,
less accumulated depreciation and any impairment losses. The right-of-use
asset is depreciated on a straight-line basis over the shorter of the asset’s
useful life and the lease term. Similar to other non-financial assets, the right-
of-use asset is impaired when its carrying amount exceeds it recoverable
amount. Ageas recognises the depreciation of the right-of-use asset and the
potential recognition of any impairment loss on the right-of-use asset in its
income statement.
If Ageas remeasures a lease liability to reflect lease modifications or changes
in the lease payments, the right-of-use asset is adjusted for this
remeasurement.
Ageas does not apply the measurement model above to leases of assets that
are of low value to Ageas or to short-term leases, of which the lease term at
commencement of the lease is twelve months or less. For those leases, the
lease payments made are recognised as an expense in the income
statement on a straight-line basis over the lease term.
Cash flow statement
In its consolidated statement of cash flow, Ageas presents lease payments
as part of the cash flows from investing activities. The largest part of the
lease payments relates to real estate backing (insurance) contract liabilities.
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11. Goodwill and other intangible assets
A. Goodwill
A.1 Goodwill from business combinations as from 1 January 2010
On initial recognition, Ageas measures goodwill at cost, being the excess of
the fair value of the consideration transferred over:
● Ageas’ share in the net identifiable assets acquired and liabilities
assumed; and
● Net of the fair value of any previously held equity interest in the
acquiree.
After initial recognition, Ageas measures goodwill at cost less any
accumulated impairment losses.
A.2 Goodwill from business combinations prior to 1 January 2010
In comparison with the above-mentioned requirements, the following
differences apply:
● Business combinations were accounted for using the purchase method.
Transaction costs directly attributable to the acquisition formed part of
the acquisition costs. The non-controlling interest (formerly known as
minority interest) was measured at the proportionate share of the
acquiree’s identifiable net assets.
● Business combinations achieved in stages were accounted for as
separate steps. Any additional acquired share of interest did not affect
previously recognised goodwill.
● A contingent consideration was recognised if, and only if, Ageas had a
present obligation, economic outflow was more likely than not and a
reliable estimate was determinable. Subsequent adjustments to the
contingent consideration affected goodwill.
A.3 Impairment of goodwill
Goodwill is an intangible asset with an indefinite life. Like all other intangible
assets with indefinite lives, the carrying value of goodwill is assessed
annually, or more frequently, if events or changes in circumstances indicate
that the carrying value may not be recoverable. If such indication exists, the
recoverable amount is determined for the cash-generating unit to which the
goodwill belongs. This amount is then compared to the carrying amount of
the cash-generating unit and an impairment loss is recognised if the
recoverable amount is less than the carrying amount. Impairment losses are
recognised immediately in the income statement.
In the event of an impairment loss, Ageas first reduces the carrying amount
of goodwill allocated to the cash-generating unit and then reduces the
amount of the other assets in the cash-generating unit (pro-rata, based on
the carrying amount of each asset in the cash generating unit). Ageas does
not reverse previously recognised impairment losses relating to goodwill.
B. Intangible assets
An intangible asset is an identifiable non-monetary asset without physical
substance. Ageas recognises an intangible asset if, and only if, it is probable
that the intangible asset will create future economic benefits and if the cost of
the intangible asset can be measured reliably.
Ageas measures an intangible asset at cost less any accumulated
amortisation and any accumulated impairment losses.
The residual value and useful life of an intangible asset are reviewed at the
end of each reporting period. Intangible assets with finite lives are amortised
over their estimated useful life using the straight-line method. Intangible
assets with indefinite lives, such as goodwill, are not amortised, but are
instead tested for impairment at least annually. Any impairment loss
identified is recognised in the income statement.
B.1 Internally generated intangible assets
Ageas capitalises only intangible assets arising from internal development.
All other internally generated intangible assets are not capitalised and are
expensed in the income statement of the reporting period in which the
expenditure is incurred.
Ageas capitalises internally developed intangible assets if it can demonstrate
all of the following:
● The technical feasibility of completing the intangible asset so that it will
be available for use or sale;
● Its intention to complete the intangible asset and use or sell it;
● Its ability to use or sell the intangible asset;
● How the intangible asset will generate probable future economic
benefits;
● The availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset; and
● Its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
B.2 Software
Software for computer hardware that cannot operate without that specific
software, such as an operating system, is an integral part of the related
hardware and is treated as property and equipment. If the software is not an
integral part of the related hardware, Ageas capitalises the costs incurred
during the development phase, for which Ageas can demonstrate all of the
above-mentioned criteria, as an intangible asset that is amortised over their
estimated useful life using the straight-line method. In general, such software
is amortised over a maximum of five years.
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B.3 Other intangible assets with finite lives
Other intangible assets with finite lives, such as car park concessions,
trademarks and licenses, are generally amortised over their estimated useful
lives using the straight-line method. Intangible assets with finite lives are
reviewed for indicators of impairment at each reporting date.
Ageas recognises car park concessions as intangible assets when it has the
right to charge for the usage of the concession infrastructure. The intangible
asset received is measured at fair value on initial recognition, as
consideration for providing construction or upgrade services in a service
concession arrangement. The applicable fair value is determined by
reference to the fair value of the construction or upgrade services provided.
Subsequent to initial recognition, Ageas measures the car park concessions
at cost less accumulated amortisation and any accumulated impairment
losses. The estimated useful life of an intangible asset in a service
concession arrangement is the period that starts at the time Ageas is able to
charge for the use of the concession infrastructure until the end of the
concession period. Ageas applies the same impairment principles to car park
concessions as those applicable to investment properties.
12. (Re)insurance and investment contracts
A. Classification of insurance, reinsurance and investment contracts
Contracts issued or purchased by Ageas in the normal course of business
comprise:
● Insurance contracts issued. These are contracts under which Ageas
accepts significant insurance risk from a policyholder by agreeing to
compensate the policyholder if a specified uncertain future event – the
insured event – adversely affects the policyholder;
● Reinsurance contracts issued. These are insurance contracts under
which Ageas compensates other entities for claims arising from one or
more insurance contracts issued by those entities;
● Reinsurance contracts purchased (also referred to as ‘reinsurance
contracts held’). These are insurance contracts under which Ageas
transfers significant insurance risk related to underlying insurance
contracts to a reinsurer, to mitigate its risk exposure; and
● Investment contracts issued (with or without discretionary participation
features).
Some investment contracts issued by Ageas contain discretionary
participation features (DPF). Such investment contracts provide the investor
with the contractual right to receive, as a supplement to the amount not
subject to Ageas’ discretion, potentially significant additional benefits that are
based on the return of specified pools of underlying assets.
Ageas recognises and measures insurance contracts, reinsurance contracts
and investment contracts with DPF applying the requirements in IFRS 17
‘Insurance contracts’. Those contracts are referred to as ‘Life / Non-Life
insurance contract assets / liabilities’ and ‘Reinsurance contract assets /
liabilities’ in the statement of financial position of Ageas.
Investment contracts without DPF (such as most unit-linked contracts) and
other contracts, that have the legal form of an insurance contract, but that do
not transfer significant insurance risk, are classified as financial instruments
and are referred to as ‘Investment contract liabilities’ in the statement of
financial position of Ageas. These contracts are measured applying the
requirements in IFRS 9 ‘Financial instruments’ (see section 8 D. above).
All references in these accounting policies to ‘insurance contracts’ or
‘contracts’ equally apply to reinsurance contracts (both reinsurance contracts
held and reinsurance contracts issued) and investment contracts with DPF,
unless specifically stated otherwise. All references to insurance contracts
issued also apply to contracts (other than reinsurance contracts held)
acquired by Ageas in a business combination or in a transfer of contracts that
do not form a business.
B. Insurance and reinsurance contract assets and liabilities
B.1 Unit of account (combination of contracts and separating components)
Usually, insurance contracts are designed in a way that reflect their
substance and a contract with the legal form of a single contract usually
reflects the substance of its contractual rights and obligations. However, the
substance of (a) contract(s) sometimes differs from what is considered as a
contract for other purposes (e.g. legal contract or management view).
Therefore, before recognising and measuring insurance contracts, Ageas first
assesses whether:
● A set or series of (legal) contracts must be combined and recognised
together for accounting purposes; and/or
● Component(s) of the (legal) contract or of the combined (legal) contracts
must be separated and accounted for separately.
Ageas may enter into a set or series of contracts with the same or a related
counterparty and this set or series of contracts may achieve, or be designed
to achieve, an overall commercial effect, thereby reflecting a single insurance
contract in substance. In such case, the set or series of contracts is
combined and treated as one insurance contract for accounting purposes.
Ageas assesses on a contract-by-contract basis whether a set or series of
(legal) contracts shall be combined.
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An insurance contract may include one or more components that need to be
separated from the host insurance contract and be accounted for applying
another IFRS standard than IFRS 17. At contract inception, Ageas assesses
on a contract-by-contract basis whether this might be the case. Examples of
components that may require separation are:
● Not closely related embedded derivatives;
● Distinct investment components; and
● Promises to transfer distinct goods or services other than insurance
contract services to a policyholder.
Embedded derivatives, such as interest rate options or options linked to an
equity index, are separated from the host insurance contract when the
economic characteristics and risks of the embedded derivative are not
closely related to the economic characteristics and risks of the host
insurance contract and when a separate instrument with the same terms as
the embedded derivative would meet the definition of a derivative.
Investment components are defined as the amounts that an insurance
contract requires Ageas to pay to a policyholder in all circumstances,
regardless of whether an insured event occurs. Investment components are
separated from the host insurance contract when they are distinct, which is
the case if both of the following conditions are met:
● The investment component and the insurance component are not highly
interrelated. This is the case when the policyholder is able to benefit
from one component irrespective of whether the other component is also
present, e.g. because the lapse or maturity of one component in the
contract does not cause the lapse or maturity of the other component, or
because Ageas is able to price one component without considering the
other component; and
● A contract with equivalent terms to those of the investment component is
sold, or could be sold, separately in the same market or the same
jurisdiction, either by Ageas or by other parties.
Separated embedded derivatives and distinct investment components are
accounted for as if they were stand-alone financial instruments.
After separating any financial instrument components, Ageas separates from
the host insurance contract any promise to transfer distinct goods or
services, other than insurance contract services, to a policyholder (such as
pension administration, risk management, assistance, asset management or
custody services) and accounts for them as separate contracts with
customers (i.e. not as insurance contracts), applying IFRS 15 ‘Revenue from
contracts with customers’. A good or service is distinct if both of the following
conditions are met:
● The cash flows and risks associated with the goods or services are not
highly interrelated with those of the insurance components of the
contract; and
● The policyholder can benefit from the goods or services on its own, or
together with other resources that are readily available to the
policyholder, e.g. because the goods or services are sold separately.
Hereafter, all references in this section 12 to embedded derivatives and to
investment components refer to derivatives and investment components that
have not been separated from the host insurance contract.
B.2 Transfer of significant insurance risk
For accounting purposes, a contract is classified and measured as an
insurance contract if it transfers significant insurance risk from the holder to
the issuer of the contract.
Ageas assesses on initial recognition of a contract whether significant
insurance risk is transferred. No reassessment is performed subsequently,
unless the terms of the contract are modified. In assessing whether
significant insurance risk is transferred, Ageas considers the unit of account
and all substantive rights and obligations arising from the contract, including
those arising from law or regulation.
Insurance risk is deemed to be significant if, and only if, the insured event
could cause the issuer of the contract (i.e. Ageas) to pay additional amounts
that are significant in any scenario that has commercial substance. Ageas
assesses this by comparing, on a present value basis, the benefits payable
after the insured event occurred with the benefits payable if the insured event
does not occur.
Reinsurance contracts are deemed to transfer significant insurance risk if
they transfer to the reinsurer substantially all the insurance risk relating to the
reinsured portions of the underlying insurance contracts, irrespective of
whether the reinsurer is exposed to the possibility of a significant loss.
In addition to significant insurance risk, insurance contracts may also expose
Ageas to financial risk. Financial risk is the risk of a possible future change in
one or more of the following variables: a specified interest rate, financial
instrument price, commodity price, currency exchange rate, index of prices or
rates, credit rating or credit index or other variable, provided in the case of a
non-financial variable that the variable is not specific to a party to the
contract.
B.3 Aggregation of insurance contracts
For presentation and measurement purposes, Ageas identifies portfolios and
groups of insurance contracts.
A portfolio of insurance contracts includes contracts that are subject to
similar risk and that are managed together. In assessing the ‘similar risk’
criterion, Ageas considers both the insurance risk and financial risk that is
transferred from the policyholder to Ageas, but excludes risks that are
created by the contracts such as lapse and expense risk. The ‘managed
together’ criterion is assessed by considering how information is reported to
the key management personnel of the associate or subsidiary of Ageas that
issued the insurance contract (further referred to as ‘issuing entity’).
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Portfolios of insurance contracts are identified at the level of the issuing
entity. Examples of portfolios in the Non-Life business of Ageas are Accident,
Health, Property, Motor… Upon initial recognition, insurance contracts are
added to the applicable portfolio.
For measurement purposes, portfolios of insurance contracts are further
divided into groups of insurance contracts. A group of insurance contracts is
determined by first dividing the portfolio of insurance contracts into annual
cohorts (e.g. by year of issue), to guarantee that each cohort does not
include contracts that are issued more than one year apart.
Each annual cohort is then further divided into (a minimum of) three groups
of insurance contracts, based on the expected profitability of the underlying
contracts:
● A group of insurance contracts that are onerous on initial recognition, if
any;
● A group of insurance contracts that on initial recognition have no
significant possibility of becoming onerous subsequently, if any; and
● A group of the remaining insurance contracts, if any.
Issuing entities apply judgement to determine the group to which insurance
contracts belong, using, amongst others, information used for pricing
purposes, experiences on similar insurance contracts issued and estimates
about the likelihood of changes in assumptions.
Insurance contracts that would fall into different groups only because law or
regulation specifically constrains the practical ability of the issuing entity to
set a different price or level of benefits for policyholders with different
characteristics are included in the same group.
Ageas assesses the aggregation of reinsurance contracts held separately
from the aggregation of insurance and reinsurance contracts it issued. In
aggregating reinsurance contracts held, the same principles are applied as
above, except that the references to onerous contracts are replaced with a
reference to contracts on which there is a net gain on initial recognition.
When an insurance contract is initially recognised, it is added to an existing
group of contracts or, if the contract does not qualify for inclusion in an
existing group, it forms a new group of insurance contracts to which future
contracts can be added. The composition of a group of insurance contracts is
not revised once no more contracts will be added to the group.
B.4 Contract boundary
Ageas uses the concept of ‘contract boundary’ to determine which cash flows
are included in the measurement of a group of insurance contracts.
The contract boundary is determined for each unit of account that transfers
significant insurance risk from the holder to the issuer of the contract. The
unit of account may include renewal options and/or riders. Riders represent
additional benefits to the policyholder at additional premiums.
In determining the applicable contract boundary of groups of (re)insurance
contracts, Ageas considers the contractual terms, law or regulation and
customary business practices in the jurisdiction in which the insurance
contract has been issued. Restrictions that have no commercial substance
do not bind Ageas and are therefore not considered. Consequently, the
contract boundary is determined at the level of the issuing entity.
The contract boundary of a group of insurance contracts includes all cash
flows that arise from substantive rights and obligations that exist during the
reporting period in which Ageas can compel the policyholder to pay
premiums or in which Ageas has a substantive obligation to provide
insurance contract services to the policyholder.
The substantive obligation to provide insurance contract services to the
policyholder ends when:
● Ageas has the practical ability to reassess the risks of the particular
policyholder and, as a result, can set a price or level of benefits that fully
reflects the risks of that policyholder; or
● Ageas has the practical ability to reassess the risks of the portfolio of
insurance contracts that contains the particular contract and, as a result,
can set a price or level of benefits that fully reflects the risks of that
portfolio. The pricing of premiums up to the date when the risks are
reassessed does not reflect the risks that relate to periods after the
reassessment date.
In assessing its ability to reassess the risks, Ageas only considers insurance
and/or financial risks that are transferred from the policyholder to Ageas.
For investment contracts with DPF, cash flows are included in the contract
boundary if they result from a substantive obligation for Ageas to deliver cash
at a present or future date.
Cash flows are within the contract boundary of a group of reinsurance
contracts held if they arise from substantive rights and obligations that exist
during the reporting period in which Ageas has the substantive obligation to
pay amounts to the reinsurer and has a substantive right to receive services
from the reinsurer. The substantive right to receive services from the
reinsurer ends when:
●
The reinsurer has the practical ability to reassess the risks that are
transferred to the reinsurer and the reinsurer can set a price or level of
benefits for the contract that fully reflects those reassessed risks; or
● The reinsurer has a substantive right to terminate the coverage.
Cash flows that are outside the contract boundary relate to future insurance
contracts and are only recognised when those insurance contracts meet the
recognition criteria.
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B.5 Insurance acquisition cash flows
Insurance acquisition cash flows are cash flows that arise from the costs of
selling, underwriting and starting a group of insurance contracts (issued or
expected to be issued) and that are directly attributable to the portfolio of
insurance contracts to which the group belongs. Therefore, insurance
acquisition cash flows are included in the carrying amount of the related
portfolio of insurance contracts issued.
Insurance acquisition cash flows are allocated to groups of insurance
contracts on a systematic and rational basis, considering, in an unbiased
way, all reasonable and supportable information that is available without
undue cost or effort.
Insurance acquisition cash flows that are directly attributable to a group of
insurance contracts are allocated to:
● That group; and
● To groups that will include insurance contracts that are expected to arise
from renewals of the insurance contracts in that group.
Insurance acquisition cash flows that are not directly attributable to a group
of contracts are allocated to groups of contracts in the portfolio or to groups
of contracts that are expected to be in the portfolio.
The allocation of insurance acquisition cash flows related to expected
renewals is based on how Ageas expects to recover those insurance
acquisition cash flows in the future. Ageas revises the allocation of insurance
acquisition cash flows at the end of each reporting period, to reflect any
changes in assumptions that determine the inputs to the method of allocation
used. Once no more contracts will be added to a group of insurance
contracts, the amounts allocated to that group are not revised anymore.
If insurance acquisition cash flows arise before Ageas recognises the related
insurance contracts in its statement of financial position, then Ageas
recognises an asset reflecting those pre-recognition insurance acquisition
cash flows. Such asset is recognised for each new group to which insurance
acquisition cash flows will be allocated. The asset is derecognised in function
of when the insurance acquisition cash flows are included in the
measurement of the group of insurance contracts.
As an exception to the above, Ageas expenses pre-recognition insurance
acquisition cash flows as incurred for insurance contracts that are measured
applying the Premium Allocation Approach (PAA) and for which the coverage
period of each contract in the group is one year or less at inception.
At the end of a reporting period, Ageas assesses the recoverability of the
carrying amount of an asset for pre-recognition insurance acquisition cash
flows. If facts and circumstances indicate that the asset may be impaired,
Ageas reduces the carrying amount of the asset to the extent that the
carrying amount of the asset does not exceed the expected net cash inflows
of the other fulfilment cash flows of the related group on initial recognition
and recognises an impairment loss in the income statement (as part of
insurance service expenses) for the same amount. If the asset relates to a
group of insurance contracts that includes expected future contract renewals,
the asset for pre-recognition insurance acquisition cash flows should not
exceed the expected net cash inflows of the other fulfilment cash flows of the
group, including the expected renewals.
If the impairment conditions do no longer exist or have improved in a
subsequent reporting period, Ageas increases the carrying amount of the
recognised asset for pre-recognition insurance acquisition cash flows and
reverses the previously recognised impairment loss in the income statement
(as part of insurance service expenses), both to the extent of the
improvement.
B.6 Other pre-recognition cash flows within the contract boundary
If Ageas pays or receives cash flows, other than insurance acquisition cash
flows, before the related insurance contracts are recognised, Ageas
recognises an asset or liability for cash flows related to those insurance
contracts. Those cash flows relate to the group of insurance contracts in
whose fulfilment cash flows they would have been included on initial
recognition, if they had been paid or received after that date. Such pre-
recognition cash flows are included in the carrying amount of the related
portfolio of insurance contracts issued or the related portfolio of reinsurance
contracts held.
B.7 Risk adjustment for non-financial risk
Ageas adjusts the present value of the estimates of future cash flows for all
non-financial risks associated with fulfilling the insurance contract services
under a group of insurance contracts. This adjustment is estimated
separately from the other estimates related to the fulfilment of insurance
contract services and is referred to as the risk adjustment for non-financial
risk (further abbreviated to ‘risk adjustment’).
The risk adjustment reflects the compensation that the issuing entity requires
for bearing the uncertainty about the amount and the timing of cash flows of
groups of insurance contracts, that arise from non-financial risk. It covers
insurance risk and other non-financial risks, such as lapse and expense risk.
Non-financial risks that are not related to the fulfilment of the group of
insurance contracts, such as general operational risk, are not covered by the
risk adjustment.
Each issuing entity of Ageas estimates the risk adjustment at the level that
reflects the entity’s degree of risk aversion and the degree of diversification
benefit it includes when determining the compensation that it requires for
bearing that risk. Consequently, the risk adjustment reflects an amount that
the issuing entity would rationally require to remove the uncertainty that
future outgoing cash flows will exceed the expected value amount.
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The subsidiaries and most associates and joint ventures of Ageas apply the
confidence level technique to derive the estimate for the risk adjustment. For
the subsidiaries, the target confidence level for the risk adjustment is set at
the 75
th
percentile. The associates and joint ventures determine the
applicable confidence level based on their own insights and on practices in
the local market. Subject to appropriate management level approval, the risk
adjustment should include an allowance to adequately reflect emerging risks
and uncertainties. No group diversification effects are applied. The estimated
risk adjustment is allocated to each underlying group of insurance contracts.
In its European entities, Ageas derives the risk adjustment from relevant
1/200 shocks in the Solvency II reporting framework. The impact of each
shock (calculated at current rates) is scaled down to the 75
th
percentile,
assuming a normal probability distribution. Scenarios are combined using the
core correlation matrix derived from Ageas’ risk management and the
Solvency II reporting framework to finally obtain the risk adjustment. The
relevant shocks derived from the Solvency II reporting framework are:
● For Life products (scenario based): mortality, longevity, expense, lapse
up, lapse down;
● For Health-similar-to-Life products (scenario based): mortality, longevity,
expense, lapse up, lapse down, disability, revision;
● For Health-non-similar-to-Life (NSTL) products (factor based): premium
risk and reserve risk;
● For Non-Life products (property and casualty, excluding workmen’s
compensation), the risk adjustment is based on the full probability
distribution of internal models.
The risk adjustment obtained at current rate is expressed as a percentage of
future cash outflows. This allows to disaggregate the change in the risk
adjustment between the insurance service result and insurance finance
income or expenses (i.e. the accounting policy taken by Ageas for presenting
changes in the risk adjustment in most of its portfolios).
Some Asian associates and joint ventures of Ageas derive the risk
adjustment from the insurance risk minimum capital, as calculated for
regulatory purposes, and applying local risk appetite.
For reinsurance contracts held, Ageas determines the risk adjustment so that
it represents the amount of risk that is transferred by Ageas to the reinsurer.
Consequently, it is measured as the difference between:
● The risk adjustment calculated on the gross future cash flows of the
group(s) of underlying insurance contracts issued (excluding
reinsurance); and
● The risk adjustment calculated on the net future cash flows of the
group(s) of underlying insurance contracts issued (including
reinsurance).
B.8 Recognition
Ageas recognises groups of insurance contracts (other than investment
contracts with DPF and reinsurance contracts held) in its statement of
financial position from the earliest of:
● The beginning of their coverage period, which is the beginning of the
period during which Ageas provides insurance contract services in
respect of any premiums within the boundary of the contracts;
● The date when the first payment from a policyholder in the group
becomes due, or when there is no due date, when the first payment from
the policyholder is received; and
● When facts and circumstances indicate that the group of insurance
contracts becomes onerous.
Ageas recognises groups of investment contracts with DPF in its statement
of financial position when Ageas becomes party to the contract.
Ageas recognises groups of reinsurance contracts held in its statement of
financial position on following dates:
● Quota-share or other reinsurance contracts held that provide
proportionate coverage are recognised at the later of the date that any
underlying insurance contract is initially recognised and the beginning of
the coverage period of the group of reinsurance contracts purchased.
● Other reinsurance contracts held, such as excess-of-loss and stop-loss
reinsurance contracts, are recognised at the date that the coverage
period of the group of reinsurance contracts purchased begins.
However, if Ageas recognises an onerous group of underlying insurance
contracts before the date that the coverage period of the group of
reinsurance contracts purchased begins, and the related reinsurance
contract was purchased before that earlier date, then the group of
reinsurance contracts purchased is recognised on that earlier date.
Insurance contracts that have been acquired in a transfer of insurance
contracts that do not form a business or in a business combination, are
recognised on the date of the transfer or acquisition transaction.
C. Measurement
C.1 Measurement approaches used
Ageas measures groups of insurance contracts applying the following
measurement approaches:
● The General Measurement Model (GMM), also referred to as Building
Block Approach (BBA);
●
The Premium Allocation Approach (PAA); and
● The Variable Fee Approach (VFA).
General Measurement Model (GMM) / Building Block Approach (BBA)
Ageas applies the GMM to measure the carrying amount of the liability for
remaining coverage (LRC) or asset for remaining coverage (ARC) of groups
of insurance and reinsurance contracts that are not measured applying the
PAA or the VFA (see below). Examples of such groups of contracts are:
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● Groups of insurance contracts in its Non-Life business that, on initial
recognition, do not fulfil one of the eligibility criteria for applying the PAA;
● Almost all groups of insurance contracts in its Life business in Belgium
and in Portugal;
● Groups of insurance contracts in its Life business in Asia that are not
measured applying the VFA; and
● Groups of reinsurance contracts that are not measured applying the
PAA.
Ageas also applies the GMM to measure the carrying amount of the liability
for incurred claims (LIC), irrespective of the measurement approach used for
the measurement of the carrying amount of the LRC.
Premium Allocation Approach (PAA)
The PAA is an optional measurement approach that may be applied to
measure the carrying amount of the ARC or the LRC if one of the following
criteria is met at inception of a group of contracts:
● The coverage period of each insurance contract in the group is one year
or less; or
● For groups of insurance contracts with a coverage period of more than
one year, for which, based on multiple scenarios that Ageas reasonably
expects to occur in future reporting periods during the coverage period
of the group of insurance contracts, Ageas reasonably expects that
measuring the carrying amount of the LRC applying the PAA will not
result in a materially different outcome than measuring the same
carrying amount of the LRC applying the GMM or the VFA.
The second criterion is not met if, at inception of the group, Ageas expects
significant variability in the fulfilment cash flows that would affect the
measurement of the LRC during the period before a claim is incurred.
The eligibility criteria for applying the PAA are assessed on initial recognition
of a group of insurance contracts and are not reassessed subsequently,
unless the contractual terms are subsequently modified in such a way that
Ageas is required to derecognise the original insurance contract and to
recognise a new insurance contract based on the modified contractual terms
(see subsection E below).
Examples of groups of contracts that Ageas measures applying the PAA are:
● The majority of groups of insurance contracts in its Non-Life business
that fulfil one of the eligibility criteria for applying the PAA on initial
recognition;
● Some groups of insurance contracts in its Life business, for which the
coverage period of each contract in the group is one year or less; and
● The majority of groups of reinsurance contracts held (both in its Life and
Non-Life business).
Variable Fee Approach (VFA)
Ageas applies the VFA to measure the carrying amount of the LRC of
insurance contracts with direct participation features.
Insurance contracts with direct participation features are insurance contracts
that are substantially investment-related service contracts, under which
Ageas shares an investment return on the underlying items with the
policyholder. To be classified as insurance contract with direct participation
features, all of the following criteria shall be met at inception:
● The contractual terms specify that the policyholder participates in a
share of a clearly identified pool of underlying items;
● Ageas expects to pay to the policyholder an amount equal to a
substantial share of the fair value returns on the underlying items; and
● Ageas expects a substantial proportion of any change in the amounts to
be paid to the policyholder to vary with the change in fair value of the
underlying items.
Ageas assesses whether a contract is an insurance contract with direct
participation features at inception, using its expectations at that date. The
three criteria are not reassessed subsequently, unless the contractual terms
are modified subsequently in a such way that Ageas is required to
derecognise the original insurance contract and to recognise a new
insurance contract based on the modified contractual terms (see subsection
E below).
In assessing whether a contract is an insurance contract with direct
participation features, Ageas considers the law or regulation and the
customary business practices in the jurisdiction in which the insurance
contract has been issued. To be classified as an insurance contract with
direct participation features, the contract should specify the enforceable
relationship between the underlying items, that determine some of the
amounts payable to the policyholder, and the share of fair value (returns) of
those underlying items that are payable to the policyholder. Ageas is not
required to hold all the underlying items.
At inception of an insurance contract, Ageas exercises judgement in
assessing its expectations on the amounts payable to the policyholder over
the entire coverage period of the insurance contract. These expectations are
based on a probability-weighted average of multiple scenarios that are
reasonably expected to occur during the coverage period of the insurance
contract and consider both the guaranteed amounts payable to the
policyholder and the amounts over which Ageas has discretion.
Ageas issues insurance contracts with direct participation features in its Life
business in France and in its Life business in its associates and joint
ventures in Asia.
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Reinsurance contracts cannot be classified as insurance contracts with direct
participation features. Consequently, the carrying amount of the LRC of a
group of reinsurance contracts is measured applying either the GMM or the
PAA.
C.2 Initial measurement – groups of insurance contracts not measured
applying the PAA
On initial recognition, Ageas measures a group of insurance contracts as the
total of:
● The fulfilment cash flows, which comprise current estimates of future
cash flows within the contract boundary, adjusted to reflect the time
value of money and associated financial risks, and a risk adjustment;
and
● The contractual service margin (CSM), representing the unearned profit
that Ageas will recognise as it provides services under the insurance
contracts in the group.
If a group of insurance contracts is non-profitable, the group of insurance
contracts is considered as onerous and a CSM of zero is recognised.
The fulfilment cash flows of a group of insurance contracts issued by Ageas
do not reflect the risk of non-performance by Ageas.
Estimates of future cash flows
Estimates of future cash flows include all directly attributable future cash
inflows, such as the collection of premiums, and directly attributable future
cash outflows, such as the pay-out of claims, benefits and expenses, that are
within the boundary of each insurance contract in the group.
Future cash flows relate to activities that are required to fulfil the services
provided by the insurance contract. Cash outflows that are not directly
attributable to a portfolio of insurance contracts are not part of the estimates
of future cash flows and are recognised in other operating expenses as
incurred.
Estimates of future cash outflows are not limited to acquisition costs, costs
relating to claims handling, policy administration and maintenance costs
(including an allocation of fixed and variable overheads directly attributable to
fulfilling insurance contracts), taxes or levies specifically chargeable to the
policyholder under the contractual terms, but also include cash outflows that
Ageas incurs by providing investment-return or investment-related services,
to the extent that those activities generate an investment return from which
policyholders will benefit when an insured event occurs.
The main characteristics of estimates of future cash flows are:
● They are current, reflecting the conditions that exist at the measurement
date and including assumptions about the future that are available on
the same date;
● They incorporate, in an unbiased way, all reasonable and supportable
internal and external information available at the measurement date
about the amount, timing and uncertainty of future cash flows;
● They reflect a probability-weighted average of multiple scenarios that
are reasonably expected to occur during the coverage period of the
group of contracts; and
● They reflect the perspective of Ageas, provided that estimates of any
relevant market variables are consistent with observable market prices
for those variables.
The subsidiaries of Ageas use a similar cash flow and valuation modelling
under IFRS 17 as the models used under Solvency II. For the products in
scope of the GMM, the fixed cash flows are modelled on a contract-by-
contract basis. Next, these projected cash flows are grouped in meaningful
model points. The cash flows related to these model points are stochastically
projected to derive the variable cash flows and the option adjusted value (at
total portfolio level or for a group of new business). Both the cash flows and
valuation capture the dependency to risk neutral variable movements (e.g.
interest rates, share price movements, real estate valuation). Finally, the
variable cash flows are allocated to the groups of contracts recognised under
IFRS 17.
The Model Control Board of Ageas oversees and validates the methods and
processes used for the projection and valuation of cash flows. Any changes
in the methods and processes for estimating inputs used to measure
contracts, the reason for each change, and the type of contracts affected are
documented and validated.
Each issuing entity of Ageas individually develops, by product type,
assumptions about insurance underwriting risks that it uses in its best
estimate of future cash outflows, reflecting recent experience and the profile
of policyholders in a group of insurance contracts.
Assumptions used on mortality/longevity, morbidity and lapse and surrender
rate are developed using a blend of national mortality data, industry trends
and the local entity’s recent experience. Experience is monitored through
regular studies, the results of which are reflected both in the pricing of new
products and in the measurement of existing contracts.
If the issuing entity estimates future cash flows at a higher level than the
level of a group of insurance contracts, then those estimates are allocated in
a systematic way to the respective groups of insurance contracts.
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In Non-Life, the LIC is estimated by using a range of standard actuarial claim
projection techniques, such as the chain ladder method. The main
assumption underlying these techniques is that an entity’s past claims
development experience can be used to project future claims development
and hence ultimate claims costs. Qualitative judgement is used to assess the
extent to which past trends may not apply in the future (e.g. levels of claim
inflation, changes in external market factors such as public attitudes to
claiming, judicial decisions and legislation). These methods extrapolate the
development of paid and incurred claims, average costs per claim (including
claim handling costs) and claim numbers based on the observed
development of earlier years and expected loss ratios. Each issuing entity
analyses historical claims development by accident years as well as by
insurance portfolio and type of claim. Large claims are usually estimated
separately. Estimates of salvage recoveries and subrogation reimbursements
are considered as an allowance in the measurement of the ultimate claim
costs.
Discounting estimates of future cash flows
Ageas adjusts estimates of future cash flows of a group of insurance
contracts using current discount curves, to reflect the time value of money
and the financial risks related to those future cash flows, to the extent that
financial risks are not included in the estimates of future cash flows. Ageas
exercises judgement in determining the applicable discount curves.
The main characteristics of discount curves used are:
● They reflect the time value of money, the characteristics of future cash
flows and the liquidity characteristics of the insurance contracts;
● They are consistent with observable market prices (if any) for financial
instruments with cash flows whose characteristics are consistent with
those of the insurance contracts, in terms of timing, currency, liquidity,
…; and
● They exclude the effect of factors that influence such observable market
prices but that do not affect the future cash flows of the insurance
contracts.
The subsidiaries of Ageas determine the applicable discount curves applying
the top-down approach whereas the associates and joint ventures of Ageas
apply the bottom-up approach.
Under the top-down approach, the discount curves are determined based on
the yield curve that reflects the current market rates of return implicit in the
fair value measurement of the asset portfolio of the issuing entity, adjusted to
eliminate any factors that are not relevant to the insurance contracts issued
by that entity. As an example, an issuing entity eliminates the effect of credit
risk by applying existing methodologies, such as the methodology used for
calculation of the fundamental spread under Solvency II pillar 2.
The actual asset allocation at portfolio level is considered to represent the
best possible reference portfolio to be used. The interaction between assets
and liabilities will allow to derive the characteristics of the cash flows, the
liquidity characteristics of the insurance contracts and the risk limits (i.e. the
risk appetite). The discount curve derived from the asset portfolio will be
adjusted for the fundamental spread (i.e. expected loss model) using the
calculation techniques developed under Solvency II pillar 2. To capture in the
most appropriate way the returns on fixed income assets beyond a certain
point in time, the same ultimate forward rate (UFR) is used under IFRS 17 as
under Solvency II.
Under the bottom-up approach, the discount curves are determined as the
risk-free yield, adjusted for differences in liquidity characteristics between the
financial assets used to derive the risk-free yield and the relevant liability
cash flows. Risk-free rates are determined by reference to home market
swap rates or the yields of government bonds. Management uses judgement
to assess the liquidity characteristics of the liability cash flows.
For both the bottom-up and the top-down approaches, the yield curve is
interpolated between the last available market data point and an ultimate
forward rate.
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The table below includes the discount rates used to discount the cash flows of insurance contracts by geographical region.
31 December 2023 Belgium Portugal UK India Reinsurance 1 year 3.65% 3.67% 4.92% 7.12% 2.58% 5 years 2.62% 2.68% 3.07% 7.12% 2.51% 10 years 2.69% 2.74% 3.68% 7.30% 2.67% 15 years 2.76% 2.81% 3.81% 7.24% 2.85% 20 years 2.70% 2.75% 3.69% 7.06% 2.93% 30 years 2.79% 2.76% 2.92% 6.70% 3.07% 31 December 2022 Belgium Portugal UK India Reinsurance 1 year 3.41% 3.51% 4.61% 6.81% 3.60% 5 years 3.37% 3.50% 3.75% 7.26% 3.54% 10 years 3.33% 3.50% 3.52% 7.40% 3.88% 15 years 3.26% 3.42% 3.58% 7.33% 4.17% 20 years 3.00% 3.16% 3.32% 7.13% 4.25% 30 years 2.93% 3.06% 3.17% 6.75% 4.21%
Cash flows that vary based on the return of underlying financial items are
adjusted for the effect of that variability using risk-neutral measurement
techniques and are discounted using the risk-free rate, adjusted for illiquidity.
IFRS 17 does not require an entity to divide estimated cash flows into those
that vary based on the returns on the underlying items and those that do not.
If an entity does not divide the estimated cash flows in such a way, the entity
shall apply discount rates that are appropriate for the estimated cash flows
as a whole. Ageas has elected to use blended rates both on the fixed cash
flows and on the certainty equivalent variable cash flows (fulfilment cash
flows) of a single group of insurance contracts.
For most of its portfolios of insurance contracts, Ageas has elected to
disaggregate insurance finance income or expenses into amounts presented
in profit or loss and amounts presented in other comprehensive income
(OCI). Ageas determines the insurance finance income or expenses
recognised in the income statement by using a so-called accretion rate.
Following accretion rate is applied at future measurement dates:
● For fulfilment cash flows for which there is no substantial asset
dependency, the locked-in rate on initial recognition is applied.
● For fulfilment cash flows for which there is a substantial asset
dependency, the ‘constant rate / effective yield’ approach or ‘projected
crediting rate’ approach is applied. For groups of insurance contracts
that are characterised by a crediting rate (i.e. a guaranteed rate
increased with a periodic profit sharing), Ageas will apply the projected
crediting rate increased with a margin. IFRS 17 explicitly allows an entity
to use the amounts expected to be credited in the period and expected
to be credited in future periods (‘actual crediting rate’). Therefore, for the
past period, Ageas adjusts the insurance finance expenses for the
difference between the projected credit rate at the start of the period and
the actual crediting rate (‘provisioned’) over the period.
Contractual Service Margin (CSM)
The CSM is a component of the LRC that results in no income or expenses
being recognised at the date of initial recognition of a group of insurance
contracts (unless the group is onerous on that date). The CSM represents
the unearned revenue that Ageas expects to recognise over the remaining
duration of coverage of the group of insurance contracts as it provides the
insurance contract services promised under the insurance contracts in that
group.
The CSM is measured at the level of a group of insurance contracts. On
initial recognition of a group of insurance contracts, Ageas measures the
CSM of the group as the equal and opposite amount of the net inflow of the
following:
● The risk-adjusted present value of the fulfilment cash flows relating to
future services allocated to the insurance contracts in the group;
● Any cash flows arising from insurance contracts in the group at that
date; and
● Any amounts arising from the derecognition at that date of any asset for
pre-recognition insurance acquisition cash flows and any other asset or
liability recognised before initial recognition of the group.
If the sum of the above results in a net outflow on the date of initial
recognition of a group of insurance contracts, then the group is onerous and
no CSM is recognised.
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Onerous contracts
Groups of insurance contracts are onerous at the date of their initial
recognition if the sum of the risk-adjusted present value of the expected cash
flows to fulfil the insurance contracts in the group, any cash flows arising
from the insurance contracts in the group at that date and any insurance
acquisition or other cash flows incurred before the recognition of the group of
insurance contracts result in a net outflow.
Ageas aggregates and measures groups of insurance contracts that are
onerous at the date of their initial recognition separately from insurance
contracts that are not onerous at that date.
For a group of insurance contracts that is onerous, Ageas recognises the
following for the amount of the net outflow of the group:
● A loss component of the LRC; and
● A loss in the income statement (part of insurance service expenses).
The loss component of the LRC is a component of the fulfilment cash flows of
that group. The CSM of a group of onerous insurance contracts is zero.
Insurance contracts acquired in a transfer of contracts or in a business
combination
Ageas measures a group of insurance contracts it acquired in a transfer of
contracts or in a business combination using the same measurement
approaches as those that are used for measuring groups of insurance
contracts it issued. The criteria for classifying contracts as insurance
contracts with direct participation features and the eligibility criteria for
applying the PAA are assessed at the date of the acquisition transaction.
On initial recognition of a group of insurance contracts acquired, Ageas
determines the CSM of the group by using the consideration received (or
consideration paid for acquired reinsurance contracts), as a proxy for the
premiums received. The consideration received or paid excludes the
consideration paid or received for any other assets and liabilities that were
acquired in the same transaction.
In a business combination, the consideration received or paid is considered
to be the fair value at the acquisition date of the group of insurance contracts
acquired.
A group of insurance contracts acquired is onerous on initial recognition if the
fulfilment cash flows of the group exceed the consideration received. In this
case, Ageas establishes a loss component of the LRC for the excess and
recognises the net outflow as follows:
● For insurance contracts acquired in a business combination, as part of
goodwill or gain on a bargain purchase.
● For insurance contracts acquired in a transfer of contracts, in the income
statement.
At the date that Ageas acquires a group of insurance contracts in a transfer
of contracts that do not form a business or in a business combination, Ageas
recognises an asset for insurance acquisition cash flows at its fair value for
the rights to obtain:
● Renewals for insurance contracts that have been recognised at the date
of the acquisition transaction and for which the acquiree has already
paid acquisition cash flows; and
● Other insurance contracts that will be issued after the acquisition date,
and for which the acquiree has already paid acquisition cash flows that
are directly attributable to the related portfolio of insurance contracts.
C.3 Subsequent measurement – groups of insurance contracts not
measured applying the PAA
The carrying amount of a group of insurance contracts at a reporting date is
the sum of the LRC, including any CSM or loss component, and the LIC.
The liability for remaining coverage (LRC) represents the obligation for Ageas
to:
● Investigate and pay valid claims under existing insurance contracts for
insured events that have not yet occurred (i.e. the obligation that relates
to the unexpired portion of the insurance coverage); and
● Pay amounts under existing insurance contracts that are not included in
the obligation above and that relate to the future provision of insurance
contract services, or to any investment components or other amounts
that are not related to the provision of insurance contract services and
that have not been transferred to the LIC.
The carrying amount of the LRC of a group of insurance contracts is the sum
of the fulfilment cash flows and any remaining CSM at that date (unless the
group is onerous), using the same measurement approach as used on initial
recognition of the group of insurance contracts.
Changes in the estimates of fulfilment cash flows in the LRC are accounted
for as follows:
●
Changes that relate to current or past services are recognised in the
income statement as insurance service expenses;
● Changes that relate to future services are recognised as an adjustment
of the CSM or, for onerous contracts, as an adjustment of the loss
component of the LRC; and
● Changes in fulfilment cash flows that arise from the effects of the time
value of money and other financial risks, and changes therein, are
recognised as insurance finance income or expenses.
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The liability for incurred claims (LIC) represents the obligation for Ageas to:
● Investigate and pay valid claims for insured events that have already
occurred, including events that have occurred but for which claims have
yet not been reported, and other incurred insurance expenses; and
● Pay amounts that are not included in the obligation above and that relate
to insurance contract services that have already been provided, or to
any investment components or other amounts that are not related to the
provision of insurance contract services and that are not included in the
LRC.
The carrying amount of the LIC of a group of insurance contracts includes the
amount of fulfilment cash flows relating to incurred claims and expenses that
have not yet been paid. Those fulfilment cash flows are discounted for the
effect of time value of money and financial risk, using current curves. The LIC
also includes an explicit risk adjustment.
The fulfilment cash flows of groups of insurance contracts are remeasured at
each reporting date, using current estimates of future cash flows, current
discount curves and current estimates of the risk adjustment.
The carrying amount of groups of insurance contracts that are recognised in
these consolidated financial statements is measured applying the year-to-
date method.
CSM – groups of insurance contracts measured applying the GMM
The CSM of a group of insurance contracts is updated at each reporting date
to reflect changes in the unearned profit that Ageas expects to recognise
over the remaining duration of coverage of the group. At each reporting date,
the carrying amount of the CSM of a group is the amount of the CSM at the
beginning of that reporting period, adjusted for the following:
● The CSM of any new insurance contracts that have been added to the
group during the reporting period;
● Interest accretion on the carrying amount of the CSM in the reporting
period, measured using locked-in discount curves on nominal cash flows
that do not vary based on the returns on any underlying items;
● Any changes in fulfilment cash flows in the LRC that relate to future
services (see just below), to the extent that the group of insurance
contracts is not onerous;
● The effect of any currency exchange differences on the CSM, if
applicable; and
● The amount of insurance revenue recognised in the income statement of
the reporting period, reflecting the insurance contract services provided
during that period. Ageas determines this adjustment after all other
adjustments above.
Following changes in the fulfilment cash flows in the LRC relate to future
services:
● Experience adjustments arising from premiums received during the
reporting period and any related cash flows, such as insurance
acquisition cash flows, that relate to future services;
● Changes in estimates of the present value of future cash flows in the
LRC, except for changes that arise from the effects of the time value of
money, financial risk, and changes therein;
● Differences between the amount of any non-separated investment
component that is expected to become payable in the reporting period,
determined as the payment expected at the beginning of the period plus
any insurance finance income or expenses related to that payment
before it becomes payable, and the actual amount that becomes
payable during the period;
● Differences between the amount of any loan to a policyholder that is
expected to become repayable in the reporting period and the actual
amount that becomes repayable during the period;
● Changes in the risk adjustment that relate to future services; and
● Changes in cash flows to policyholders over which the issuing entity has
some discretion regarding the amount or timing. At inception of the
insurance contract, the issuing entity specifies the basis over which it
expects to determine its commitment to the policyholder.
The adjustments to the CSM, resulting from changes in fulfilment cash flows
as detailed above, are measured using discount curves determined on initial
recognition of the group of contracts.
A group of insurance contracts becomes onerous if unfavourable changes
relating to future services, arising from changes in the estimates of future
cash flows in the LRC for that group or from changes in the risk adjustment,
exceed the (existing) carrying amount of the CSM of that group of insurance
contracts. In such case, the CSM is reduced to zero and Ageas recognises
the following for the excess:
● A loss component of the LRC; and
● A loss in the income statement (insurance service expenses).
For groups of insurance contracts that are onerous at the beginning of the
reporting period:
● Any unfavourable changes in the fulfilment cash flows in the LRC, that
relate to future services, will increase the loss component of the LRC
and will result in the recognition of an additional loss in the income
statement for the same amount (part of insurance service expenses);
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● Any favourable changes in the fulfilment cash flows in the LRC, that
relate to future services, are accounted for as follows:
- If the favourable change arises from changes in the estimates of
future cash flows or from changes in the risk adjustment relating to
future service, the change is allocated to the loss component of the
LRC until it is reduced to zero;
- If the favourable change arises from changes in the estimates of
future cash flows for claims and expenses released from the LRC
because of incurred service expenses or from changes in the risk
adjustment recognised in profit or loss because of the release from
risk, the change is allocated on a systematic basis to the loss
component of the LRC and the LRC excluding loss component.
Consequently, Ageas excludes favourable changes relating to future services
from insurance revenue in the income statement and recognises such
changes as a reversal of previously recognised losses (as negative
insurance service expenses), to the extent of the remaining loss component.
Ageas reinstates a CSM if favourable changes relating to future services
exceed the carrying amount of the remaining loss component.
CSM – groups of insurance contracts measured applying the VFA
The subsequent measurement of a group of insurance contracts with direct
participation features reflects the fact that under those contracts Ageas is
obliged to pay to the policyholders an amount equal to the fair value (returns)
of the underlying items, less a variable fee for future services. The variable
fee for future services comprises Ageas’ share of the fair value (returns) of
the underlying items – being Ageas’ remuneration for the investment-related
services provided – less the fulfilment cash flows in the LRC that do not vary
with the fair value (returns) of the underlying items.
Ageas recognises any changes in its obligation to pay to the policyholders an
amount equal to the fair value (returns) of the underlying items in the income
statement or in OCI, just the same way as changes in fair value on most
underlying items are recognised.
Any changes in Ageas’ share of the fair value (returns) of the underlying
items adjust the CSM of the group, unless the group of insurance contracts is
or becomes onerous.
At each reporting date, the carrying amount of the CSM of a group of
insurance contracts with direct participation features is the amount of the
CSM at the beginning of that reporting period, adjusted for the following:
● The CSM of any new insurance contracts that have been added to the
group during the reporting period;
● Any changes in Ageas’ share of the fair value (returns) of the underlying
items, to the extent that the group of insurance contracts is not onerous
and except to the extent that Ageas has applied the risk mitigation
option, to exclude from the CSM changes in the effect of the time value
of money and financial risk on the amount of its share of the underlying
items or fulfilment cash flows;
● Any changes in the fulfilment cash flows in the LRC that relate to future
services (see just below), to the extent that the group of contracts is not
onerous;
● The effect of any currency exchange differences on the CSM, if
applicable; and
● The amount of insurance revenue recognised in the income statement of
the reporting period, reflecting the insurance contract services provided
during that period. Ageas determines this adjustment after all other
adjustments above.
For groups of insurance contracts with direct participation features, the
following changes in the fulfilment cash flows in the LRC relate to future
services:
● The changes in the fulfilment cash flows that relate to future services, as
specified above for groups of insurance contracts measured applying
the GMM, excluding changes in the discretionary cash flows to
policyholders; and
● The changes in the effect of the time value of money and financial risks
that do not arise from underlying items, including e.g. the effect of
financial guarantees.
The adjustments to the CSM, resulting from changes in fulfilment cash flows
as detailed above, are measured using current discount curves.
A group of insurance contracts with direct participation features may become
onerous in a subsequent reporting period. Also, may groups that are onerous
at the beginning of the reporting period become more or less onerous. Ageas
applies the same principles to those groups of contracts as it applies for
groups of insurance contracts that are measured applying the GMM i.e.:
●
The CSM is reduced to zero; and
● Ageas recognises a loss component of the LRC and a loss in the income
statement (part of insurance service expenses), reflecting the net
outflow.
C.4 Initial measurement – groups of insurance contracts measured
applying the PAA
For groups of insurance contracts that are measured applying the PAA and
that are not onerous on initial recognition, Ageas measures the carrying
amount of the LRC on initial recognition at an amount equal to:
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● The amount of premiums received on initial recognition;
● Adjusted for any insurance acquisition cash flows that are not expensed
as incurred and that are allocated to the group of insurance contracts at
that date;
● Adjusted for amounts arising from the derecognition of any asset for pre-
recognition insurance acquisition cash flows that are not expensed as
incurred and any other pre-recognition cash flows that relate to the
group at that date.
If the coverage period of each insurance contract in a group is one year or
less at inception, Ageas expenses any insurance acquisition cash flows as
incurred. Consequently, those insurance acquisition cash flows are not
included in the carrying amount of the LRC. For other groups of insurance
contracts, the insurance acquisition cash flows are deferred and are
recognised over the coverage period of the insurance contracts in the group.
For groups of insurance contracts that include a significant financing
component, Ageas adjusts the carrying amount of the LRC for the effect of
time value of money and financial risk, by discounting the expected cash
flows using discount curves determined on initial recognition.
Ageas expects that a group of insurance contracts that is measured applying
the PAA is not onerous, unless facts and circumstances indicate the contrary.
Ageas assesses whether such a group of insurance contracts could be
onerous on initial recognition or could become onerous subsequently using
information provided by its internal reporting system, including amongst
others a combined ratio that is modified based on the requirements in IFRS
17 and that excludes the effect of reinsurance.
If the assessment above reveals that a group of insurance contracts could be
or could become onerous, then Ageas increases the carrying amount of the
LRC, measured applying the PAA, to the amount of the discounted fulfilment
cash flows, measured applying the GMM. Ageas also recognises a loss in the
income statement (part of insurance service expenses) equal to the increase
in the carrying amount of the LRC.
C.5 Subsequent measurement – groups of insurance contracts measured
applying the PAA
In a subsequent reporting period, the carrying amount of the LRC of a group
of insurance contracts that is measured applying the PAA is the amount at
the beginning of that reporting period, adjusted for:
● Any premiums received during the reporting period;
● Any insurance acquisition cash flows that are not expensed as incurred
and that are allocated to the reporting period;
● Amounts arising from the derecognition of any asset for pre-recognition
insurance acquisition cash flows that are not expensed as incurred and
any other pre-recognition cash flows allocated to the reporting period;
● Any adjustments to the financing component (including interest
accretion, using locked-in discount curves), if applicable;
● The amount of insurance revenue recognised in the income statement of
the reporting period, reflecting the insurance contract services provided
during that period;
● Any investment component paid or transferred to the LIC.
At the end of a subsequent reporting period, Ageas assesses whether a
group of insurance contracts has become or still is onerous, applying the
same methodology as on initial recognition. If necessary, the carrying amount
of the LRC is adjusted. This assessment may result in a (partial) reversal of a
previously recognised loss component.
The carrying amount of the LIC of a group of insurance contracts includes the
amount of the risk-adjusted discounted fulfilment cash flows, discounted at
current rates, relating to incurred claims and claims expenses that have not
yet been paid.
D. Measurement of reinsurance contracts held
Ageas measures and presents groups of reinsurance contracts it purchased
(‘reinsurance contracts held’) separately from groups of insurance contracts it
issued. Except for the differences stated below, Ageas measures groups of
reinsurance contracts held using the same accounting policies as those
applied to groups of insurance contracts issued.
The carrying amount of a group of reinsurance contracts held at a reporting
date is the sum of the asset for remaining coverage (ARC) and the asset for
incurred claims (AIC).
The carrying amount of the ARC of a group of reinsurance contracts held is
measured applying either the GMM or the PAA.
The carrying amount of the AIC of a group of reinsurance contracts held
represents the risk-adjusted present value of the fulfilment cash flows of
incurred claims that Ageas has not yet received from the reinsurer.
D.1 Measurement of the ARC applying the GMM
The carrying amount of the ARC of a group of reinsurance contracts held at
the reporting date is the sum of the risk-adjusted present value of the
fulfilment cash flows that relate to the services that Ageas will receive under
the reinsurance contracts held and any remaining CSM at that date.
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Estimates of future cash flows of a group of reinsurance contracts held
include all future cash inflows, such as claim recoveries and other benefits,
and cash outflows, such as ceded premiums and broker fees due, that are
within the boundary of the group of reinsurance contracts held.
Ageas measures estimates of the present value of expected future cash
flows of groups of reinsurance contracts held using assumptions that are
consistent with those used to measure the estimates of the present value of
future cash flows of the group(s) of underlying insurance contracts issued. In
addition, Ageas adjusts these estimates for the effect of any risk of non-
performance by the reinsurer that issued the contract(s). The risk of non-
performance by the reinsurer is reassessed at each reporting date, and the
effect of changes in this risk is recognised in the income statement (as part of
net income or expenses from reinsurance contracts).
On the date of initial recognition of a group of reinsurance contracts held, the
CSM of that group represents the net cost or net gain on purchasing the
reinsurance coverage. Ageas recognises the net cost or net gain on
purchasing reinsurance coverage as a reinsurance expense over the
coverage period of the group of reinsurance contracts held, as Ageas
benefits from the services under those contracts, unless the net cost on
purchasing reinsurance coverage relates to events that have occurred before
Ageas purchased the group of reinsurance contracts, in which case Ageas
recognises the net cost directly in its income statement.
When Ageas recognises a loss on initial recognition of an onerous group of
underlying insurance contracts issued, or when adding onerous underlying
insurance contracts to an existing group of insurance contracts issued results
in a loss, then Ageas adjusts the CSM of the group of reinsurance contracts
held by recognising income in the income statement (part of net income or
expenses from reinsurance contracts) and a loss-recovery component of the
asset for remaining coverage for the same amount.
Ageas determines the loss-recovery component of the asset for remaining
coverage by multiplying:
● The loss that relates to the underlying insurance contracts issued; and
● The percentage of claims on the underlying insurance contracts issued
that Ageas expects to recover from the reinsurance contracts.
The loss-recovery component of the ARC reflects the amounts that Ageas
subsequently presents in the income statement (as part of net income or
expenses from reinsurance contracts) as reversals of recoveries of losses.
Those amounts are excluded from the allocation of premiums paid to the
reinsurer.
On the date of initial recognition, Ageas measures the CSM of a group of
reinsurance contracts held as the equal and opposite amount of:
● The risk adjusted (including an adjustment for the effect of any risk of
non-performance) present value of fulfilment cash flows relating to future
services allocated to the reinsurance contracts held in the group;
● Any amounts arising from the derecognition of any asset or liability for
pre-recognition cash flows relating to the group;
● Any cash flows arising from the reinsurance contracts held in the group;
and
● Any income recognised, because Ageas recognised a loss on initial
recognition of an onerous group of underlying insurance contracts
issued.
At a subsequent reporting date, Ageas measures the CSM of a group of
reinsurance contracts held as the amount of the CSM of the group at the
beginning of the reporting period, adjusted for:
● The CSM of any new reinsurance contracts held that have been added
to the group during the reporting period;
● Interest accretion on the carrying amount of the CSM in the reporting
period, measured using locked-in discount curves;
● Any changes in the risk adjusted (including an adjustment for the effect
of any risk of non-performance) present value of fulfilment cash flows in
the ARC that relate to future services, measured using locked-in
discount curves, unless those changes result from changes in the
fulfilment cash flows of an onerous group of underlying insurance
contracts issued or from the addition of onerous underlying insurance
contracts to an existing group of insurance contracts issued that results
in a loss, in which case Ageas recognises those changes in the income
statement and creates or adjusts the loss-recovery component of the
ARC;
● Any reversal of the loss-recovery component of the ARC, other than
changes in the fulfilment cash flows of the group of reinsurance
contracts held;
●
The effect of any currency exchange differences on the CSM, if
applicable; and
● The amount of reinsurance expense recognised in the income statement
of the reporting period, reflecting the reinsurance coverage services
received in that period. Ageas determines this adjustment after all other
adjustments above.
If a group of reinsurance contracts held only covers some of the contracts
included in an onerous group of underlying insurance contracts issued, then
Ageas uses a systematic and rational method to determine which portion of
the losses, that Ageas recognised on the onerous group of underlying
insurance contracts issued, relates to contracts that are covered by the group
of reinsurance contracts held.
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D.2 Measurement of the ARC applying the PAA
On initial recognition, the ARC of a group of reinsurance contracts held
equals:
● The amount of ceding premiums paid on initial recognition;
● Plus, brokerage fees paid to a party other than the reinsurer;
● Adjusted for amounts arising from the derecognition of any pre-
recognition cash flows that relate to the group at that date.
The ARC of a group of reinsurance contracts held is subsequently measured
as the amount of the ARC at the beginning of the reporting period, adjusted
for:
● Ceding premiums paid during the reporting period;
● Brokerage fees paid during the reporting period;
● The amount of reinsurance expense recognised in the income statement
of the reporting period, reflecting the reinsurance coverage services
received in that period.
Both on initial recognition and at each subsequent reporting date, the
carrying amount of the ARC of a group of reinsurance contracts held is
adjusted to reflect the risk of non-performance of the reinsurer.
For a group of reinsurance contracts held that is measured applying the PAA,
Ageas recognises a loss-recovery component of the ARC by directly
adjusting the ARC of the group.
E. Modification and derecognition of an insurance contract
Ageas derecognises an insurance contract from its statement of financial
position when:
● The insurance contract is extinguished because the obligation specified
in the insurance contract expires or is discharged or cancelled;
● The contractual terms are modified in such a way that IFRS 17 requires
Ageas to derecognise the original insurance contract and to recognise a
new insurance contract based on the modified contractual terms.
Ageas derecognises an existing insurance contract and recognises a new
insurance contract if it concludes the following based on the modifications in
its contractual terms:
● If the modified terms had been included at contract inception:
- The contract would not be in the scope of IFRS 17;
- A different contract would have been recognised because different
components would have been separated;
- The contract would have a substantially different contract boundary;
or
- The contract would have been included in a different group of
insurance contracts.
● The original contract met the definition of an insurance contract with
direct participation features, but the modified contract no longer meets
that definition, or vice versa; or
● The original insurance contract was measured applying the PAA, but the
modifications imply that the insurance contract no longer meets the
eligibility criteria for applying the PAA.
If a new contract is recognised based on the modified contractual terms and
it falls in the scope of IFRS 17, then the new contract is recognised from the
date of the modification of the contractual terms. The requirements on unit of
account, aggregation of contracts for presentation and measurement,
eligibility criteria for a contract to be classified as an insurance contract with
direct participation features and eligibility criteria for measuring an insurance
contract applying the PAA shall be assessed at the date of modification of
the contractual terms.
Modifications in contractual terms that do not require Ageas to derecognise
the original insurance contract and to recognise a new insurance contract,
e.g. due to an agreement with counterparties or by a change in regulation,
are treated as changes in estimates of fulfilment cash flows in the LRC.
The exercise of a right included in the original contractual terms is not a
contract modification.
When an insurance contract is derecognised from a group of insurance
contracts that is not measured applying the PAA, then Ageas adjusts:
● The fulfilment cash flows allocated to the group of insurance contracts,
to eliminate the present value of future cash flows and the risk
adjustment relating to the rights and obligations that have been
derecognised from the group of insurance contracts;
● The CSM of the group of insurance contracts, except where the
decrease of the fulfilment cash flows is allocated to a loss component;
and
● The number of coverage units for expected remaining insurance contract
services, to reflect the number of coverage units derecognised from the
group of insurance contracts.
When an insurance contract is derecognised because it is transferred to a
third party, then the CSM of the group from which the insurance contract has
been derecognised is adjusted for the difference between the change in
carrying amount of the group following the derecognition of the contract and
the premium charged by the third party, unless the group of insurance
contracts is onerous.
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When an insurance contract is derecognised and a new insurance contract is
recognised because its contractual terms are modified, then the CSM of the
group from which the insurance contract has been derecognised is adjusted
for the difference between the change in carrying amount of the group
following the derecognition of the contract and the premium that Ageas would
have charged if it had entered into an insurance contract with equivalent
terms as the new contract at the date of contract modification, less any
additional premium charged for the modification.
When an insurance contract is derecognised from a group of insurance
contracts that is measured applying the PAA and a new insurance contract is
recognised because its contractual terms are modified, the insurance
revenue of the concerned groups of insurance contracts is adjusted
prospectively from the date of the contract modification, to remove the
related rights and obligations under the derecognised contract and to
recognise the related rights and obligations under the modified contract.
F. Presentation in the statement of financial position and presentation of
income and expenses
In the statement of financial position, the carrying amounts of following
portfolios of contracts are presented separately:
● Insurance and reinsurance contracts issued that are in an asset position,
further referred to as ‘Life / Non-Life insurance contract assets’ in the
statement of financial position of Ageas;
● Insurance and reinsurance contracts issued that are in a liability
position, further referred to as ‘Life / Non-Life insurance contract
liabilities’ in the statement of financial position of Ageas;
● Reinsurance contracts held that are in an asset position, further referred
to as ‘Reinsurance contract assets’ in the statement of financial position
of Ageas; and
● Reinsurance contracts held that are in a liability position, further referred
to as ‘Reinsurance contract liabilities’ in the statement of financial
position of Ageas.
The carrying amount of a portfolio of insurance contracts includes any asset
or liability recognised for cash flows that arise before the recognition of any
contracts that are part of the portfolio.
Income and expenses from insurance and reinsurance contracts are
allocated between the income statement and OCI into:
● Insurance service result, comprising:
- Insurance revenue;
- Insurance service expenses; and
- Net income or expenses from reinsurance contracts held; and
● Insurance finance income or expenses.
Insurance revenue and insurance service expenses recognised exclude any
investment components.
Income or expenses from reinsurance contracts held, other than insurance
finance income or expenses, are presented on a net basis as ‘Net result from
reinsurance contracts held’ in the insurance service result.
F.1 Insurance revenue
Ageas recognises insurance revenue as it provides insurance contract
services to the policyholders for the groups of insurance contracts it issued.
Insurance contract services include the following services that Ageas
provides to the policyholders of insurance contracts:
● Insurance coverage: Ageas stands ready to pay valid claims that arise
within the coverage period of a contract;
● Investment-return service: Ageas generates an investment return for the
policyholder of an insurance contract without direct participation
features; and
● Investment-related service: Ageas manages the underlying assets of an
insurance contract with direct participation features on behalf of the
policyholder of the contract.
For insurance contracts without direct participation features, the insurance
contract services provided to the policyholders during the coverage period
include both insurance coverage and investment-return services.
For insurance contracts with direct participation features, the insurance
contract services provided to the policyholders during the coverage period
include both insurance coverage and investment-related services.
For contracts that provide investment-return or investment-related services,
the period of those services ends no later than the date on which all amounts
due to the current policyholders relating to those services have been paid,
without considering payments to future policyholders included in the
fulfilment cash flows of the group of contracts.
Insurance revenue – groups of insurance contracts not measured applying
the PAA
Insurance revenue recognised in a reporting period reflects the reduction of
the LRC that relates to the delivery of promised insurance contract services
to policyholders, for which Ageas expects to receive consideration. Insurance
revenue comprises the following:
● Claims and other insurance service expenses (excluding investment
components) that Ageas incurred in the reporting period, generally
measured at the amounts that were expected at the beginning of the
reporting period. This includes amounts arising from the derecognition of
any assets for pre-recognition cash flows (other than insurance
acquisition cash flows) at the date of initial recognition of a group of
insurance contracts, which are recognised as insurance revenue and
insurance service expenses at that date.
● Changes in the risk adjustment that relate to current services, reflecting
the release of non-financial risks associated with fulfilling the insurance
contract services, excluding any changes that are included in insurance
finance income or expenses due to the disaggregation of changes in the
risk adjustment between insurance service result and insurance finance
income or expenses;
● A release of the CSM, reflecting the profit recognition for insurance
contract services provided during the reporting period;
● Other amounts, including experience adjustments for premiums related
to current or past services.
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In addition, a portion of the premiums that relate to recovering insurance
acquisition cash flows is allocated in a systematic way to insurance revenue.
The allocated insurance acquisition cash flows are adjusted for interest
accretion, using locked-in discount curves determined on initial recognition of
the related group of insurance contracts.
Release of the CSM
The carrying amount of the CSM of a group of insurance contracts reflects
the unearned profit that Ageas expects to recognise over the remaining
duration of coverage of the group.
The coverage period of a group of insurance contracts is the period during
which Ageas provides insurance contract services under the insurance
contracts in that group. It includes insurance contract services that relate to
all premiums that fall within the contract boundary of the relating insurance
contracts and is determined considering the applicable contractual terms and
regulatory environment.
Ageas uses the concept of coverage units to recognise insurance revenue
over the coverage period of the group and to release the carrying amount of
the CSM of a group of insurance contracts.
The number of coverage units in a group is the quantity of insurance contract
services provided to the policyholders of the insurance contracts in the
group, determined by considering for each insurance contract the quantity of
benefits provided and its expected coverage period. The number of coverage
units of each group is reassessed at each reporting date.
IFRS 17 does not specify a particular method to determine the number of
coverage units in a group of contracts. To achieve the objective of reflecting
the quantity of insurance contract services provided in each reporting period,
Ageas applies the following number of coverage units:
● The capital at risk for mortality covers;
● The survival capital for risk life covers;
● The disability annuity for disability covers; and
● The premium amounts for premium waiver covers and medical care
products.
For investment-return or investment-related services, a method based on the
amount of investment component in the period, the surrender value or the
account balance is used.
Where insurance contracts provide different types of benefits, or where they
contain both insurance coverage and investment-return or investment-related
services, the number of coverage units is determined for each benefit or
service, and a weighting is applied to convert the benefits or services into a
compound number of coverage units that reflects the relative level of benefits
provided for each type of benefit or service. The relative weighting of the
benefits is based on the underlying CSM’s of the different components. Using
the underlying CSM’s as the relative weightings is equivalent to calculating
the release of the CSM of each of the underlying components (services) and
adding them up.
At each reporting date, the carrying amount of the CSM of a group of
insurance contracts (before any release) is allocated equally to:
● Each coverage unit for insurance contract services provided to the
policyholders of that group during the reporting period; and
● The coverage units for insurance contract services expected to be
provided over the remaining duration of coverage of the group.
The number of coverage units that has been allocated to the reporting period
determines the release of the carrying amount of the CSM of the group of
insurance contracts and consequently the amount that Ageas recognises as
insurance revenue for that group of insurance contracts during the reporting
period.
For most groups of insurance contracts, Ageas discounts the coverage units
to reflect the timing of the expected provision of services, if this results in a
more representative allocation of the insurance contract services provided
during the period.
For groups of insurance contracts with DPF, Ageas recognises the CSM as
insurance revenue in a systematic way that reflects the transfer of investment
services under those contracts.
Insurance revenue – groups of insurance contracts measured applying the
PAA
For groups of insurance contracts measured applying the PAA, Ageas
recognises insurance revenue in a reporting period based on the
consideration that it expects to receive in that period for the provided
insurance contract services.
Ageas generally allocates the premiums that it expects to receive for a group
of contracts to insurance revenue based on the passage of time over the
coverage period of the group of insurance contracts. If the expected pattern
of release of risk during the coverage period significantly differs from the
passage of time, then the expected premiums are allocated to the respective
periods of service based on the expected timing of incurred insurance service
expenses. The latter may e.g. occur for groups of insurance contracts with
important seasonal effects in the expected timing of incurred claims.
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For groups of insurance contracts that include a significant financing
component, Ageas considers the effect of the significant financing
component in the revenue recognition (as part of insurance finance income
or expenses).
If an insurance contract is modified, and the modification does not result in
the derecognition of the original contract, the recognition of insurance
revenue is adjusted prospectively from the date of the contract modification.
F.2 Insurance service expenses
Insurance service expenses arising from a group of insurance contracts are
recognised in the income statement as incurred. Insurance service expenses
include:
● Claims incurred during the reporting period (excluding investment
components);
● Other incurred insurance service expenses, including amounts arising
from the derecognition of any asset for pre-recognition cash flows (other
than insurance acquisition cash flows) at the date of initial recognition of
a group of insurance contracts, which are recognised in insurance
revenue and insurance service expenses at that date;
● Release of insurance acquisition cash flows. For groups of insurance
contracts not measured applying the PAA, this equals the amounts
recognised in insurance revenue that relate to recovering insurance
acquisition cash flows. For groups of insurance contracts measured
applying the PAA, this equals the amounts of insurance acquisition cash
flows incurred during the reporting period;
● Impairment losses on assets for insurance acquisition cash flows and
any reversals of such impairment losses;
● Adjustments to the LIC that do not arise from the effects of time value of
money, financial risk and changes therein; and
● Losses on onerous contracts and reversals of such losses.
Other expenses, not meeting the above categories and not being part of
insurance finance income or expenses, are included as incurred in other
operating expenses in the income statement.
F.3 Net result from reinsurance contracts held
Income and expenses from groups of reinsurance contracts held are
presented separately from income and expenses from groups of insurance
contracts issued.
Ageas recognises reinsurance expenses in its income statement in a similar
way as insurance revenue. Ageas presents the allocation of ceding premiums
paid, less the amounts that Ageas recovered from the reinsurers (excluding
insurance finance income or expenses), on a net basis in the insurance
service result.
For groups of reinsurance contracts held that are measured applying the
GMM, the reinsurance expenses recognised in the reporting period reflect
the reduction of the ARC that relates to reinsurance contract services
received, for which Ageas paid consideration.
For groups of reinsurance contracts held that are measured applying the
PAA, the reinsurance expenses recognised in the reporting period reflect the
consideration that Ageas expects to pay in that reporting period for receiving
reinsurance contract services.
Adjustments to any loss-recovery component of the ARC of a group of
reinsurance contracts held, reflecting the (reversal of) recovery of losses
recognised on onerous groups of underlying insurance contracts, are
presented as part of ‘Net result from reinsurance contracts held’.
Ageas recognises ceding commissions as follows:
● Ceding commissions that are contingent on claims on the underlying
insurance contracts issued increase the amount of claims that Ageas
expects to recover from the reinsurer; and
● Ceding commissions that are not contingent on claims on the underlying
insurance contracts issued are recognised as a decrease of the ceding
premiums.
F.4 Insurance finance income or expenses
Insurance finance income or expenses comprise changes in the carrying
amount of a group of insurance and reinsurance contracts that arise from the
effects of the time value of money, financial risk and changes therein, unless
such changes are allocated to any loss component and are included in
insurance service expenses.
For groups of insurance contracts measured applying the GMM, the
insurance finance income or expenses recognised mainly relate to:
● Interest accretion on the fulfilment cash flows and on the CSM;
●
The effects of changes in interest rates and other financial variables;
and
● Foreign exchange differences, if applicable.
For groups of insurance contracts measured applying the VFA, insurance
finance income or expenses comprise additionally changes in the fair value
of the underlying items (excluding additions and withdrawals).
For groups of insurance contracts measured applying the PAA, the insurance
finance income or expenses mainly relate to accreted interest on the
fulfilment cash flows in the LIC and the effects of changes in interest rates
and other financial variables.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

To minimise accounting mismatches between the accounting for financial
assets and insurance assets and liabilities, Ageas disaggregates insurance
finance income or expenses between the income statement and OCI for most
of its portfolios of insurance contracts. For portfolios to which disaggregation
is applied, the amount to be included in the income statement for the
reporting period is determined by a systematic allocation of the expected
total insurance finance income or expenses over the duration of the group of
insurance contracts, as explained below.
For groups of insurance contracts that are measured applying the PAA, the
systematic allocation to the income statement is performed using discount
curves that are determined on the date the claim occurred.
For groups of insurance contracts that are measured applying the GMM, for
which changes in assumptions that relate to financial risk do not have a
substantial effect on the amounts paid to the policyholders, the systematic
allocation of the expected total insurance finance income or expenses to the
income statement is performed using discount curves determined at the date
of initial recognition of the group of insurance contracts.
For groups of insurance contracts that are measured applying the GMM, for
which changes in assumptions that relate to financial risk have a substantial
effect on the amounts paid to policyholders, the systematic allocation of the
expected total insurance finance income or expenses to the income
statement is performed using following rates:
● Related to the fulfilment cash flows, the projected crediting rate
approach;
● Related to the CSM, discount curves determined at the date of initial
recognition of the group of insurance contracts.
For groups of insurance contracts with direct participation features, that are
measured applying the VFA, only where Ageas holds the underlying items,
disaggregation means presenting in the income statement as insurance
finance income or expenses an amount that eliminates the accounting
mismatches with the finance income or expenses arising on the underlying
items.
The amounts of insurance finance income or expenses recognised in OCI are
recognised under the line item ‘Net finance expense from insurance
contracts’ (or under the line item ‘Net finance income from reinsurance
contracts held’ for reinsurance contracts held).
When Ageas transfers a group of insurance contracts without direct
participation features or derecognises an insurance contract from a group of
insurance contracts without direct participation features, any remaining
amounts for the transferred group of insurance contracts or the derecognised
contract, that were previously recognised in OCI, are reclassified to the
income statement as a reclassification adjustment. For groups of insurance
contracts with direct participation features, the amounts previously
recognised in OCI remain there.
13. Employee benefits
A. Pension liabilities
Throughout its global activities, Ageas operates a number of defined benefit
(DB) and defined contribution (DC) pension plans, in accordance with local
conditions or industry practices. The pension plans are generally funded
through payments to insurance companies or to trustee administered plans.
The funding is determined by periodic actuarial calculations. Qualified
actuaries calculate the pension assets and liabilities at least annually.
A DB plan is a pension plan that defines an amount of pension benefit that an
employee will receive on retirement, usually dependent on one or more
factors such as age and years of service.
A DC plan is a pension plan under which Ageas pays fixed contributions.
However, under IAS 19 ‘Employee benefits’, a DC plan with a guaranteed
return is treated as a DB plan instead of a DC plan due to the (legally
determined) guaranteed return included in those plans.
For DB plans, the pension costs and related pension assets or liabilities are
estimated using the projected unit credit (PUC) method. Under this method:
● Each period of service gives rise to an additional unit of benefit
entitlement and each unit is measured separately in order to build up the
final liability;
● The cost of providing these benefits is charged to the income statement
to spread the pension cost over the service lives of the employees;
● The pension liability is measured at the present value of the estimated
future cash outflows using discount rates determined by reference to
market yields on high quality corporate bonds, which have terms to
maturity approximating the terms of the related liability.
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Ageas recognises remeasurements, comprising actuarial gains and losses,
the effect of the asset ceiling (see below) and the return on plan assets
(excluding net interest), immediately through OCI in the reporting period in
which they occur. Remeasurements are not reclassified to the income
statement in subsequent periods. Net interest is calculated by applying the
discount rate to the net defined benefit liability or asset.
Past service costs are recognised in the income statement on the earlier of:
● The date of a pension plan amendment or curtailment; and
● The date that Ageas recognises restructuring-related costs.
Assets that support the pension liabilities of an entity must meet certain
criteria in order to be classified as ‘qualifying pension plan assets’. These
criteria relate to the fact that these assets should be legally separate from
Ageas or its creditors. If this is not the case, the assets are included in the
relevant line item on the statement of financial position (such as financial
investments). If the assets meet the criteria, they are netted against the
pension liability.
When the fair value of the plan assets is netted against the present value of a
DB plan liability, the resulting amount could be negative (an asset). If this is
the case, the recognised asset cannot exceed the present value of any
economic benefits available in the form of refunds from the plan or reductions
in future contributions to the plan (‘asset ceiling’).
The costs and liabilities of other benefit plans that provide long-term service
benefits, but that are not pension plans, are also measured at present value
using the PUC method.
The contributions of Ageas to DC pension plans are charged to the income
statement in the year to which they relate, except for DC plans with a
guaranteed return, that follow the accounting treatment of a DB plan as
described above.
B. Other post-retirement liabilities
Some subsidiaries or associates and joint ventures of Ageas provide other
post-retirement employee benefits to retirees, such as preferential interest
rate loans and health care insurance. Entitlement to these benefits is usually
based on the employee remaining in service up to retirement age and the
completion of a minimum service period. Expected costs of these benefits
are accrued over the period of employment, using a methodology similar to
that for DB pension plans. These liabilities are determined based on actuarial
calculations.
C. Share options and equity participation plans
Ageas grants share options and restricted shares, both equity-settled and
cash-settled plans, to directors and employees for services received. The fair
value of the services received is determined by reference to the fair value of
the share options and restricted shares granted. The expense of share
options and equity participation plans is measured at the grant date based on
the fair value of the options and restricted shares and is recognised in the
income statement, either immediately at grant date if there is no vesting
period, or over the vesting period of the options and restricted shares.
Equity-settled plans are accounted for as an increase in equity and are
remeasured for the number of shares until the vesting conditions are met.
Cash-settled plans are accounted for as an increase in liability and are
remeasured both for:
● The number of shares until the vesting conditions are met; and
● The change in the fair value of the restricted shares.
Expenses relating to remeasurement are recognised in the income statement
during the vesting period. Expenses related to current and past periods are
directly recognised in the income statement.
The fair value of the share options is determined using an option-pricing
model that considers the following:
● The stock price at the grant date;
● The exercise price;
● The expected life of the option;
● The expected volatility of the underlying stock and expected dividends
on it; and
● The risk-free interest rate over the expected life of the option.
When the options are exercised and new shares are issued, the proceeds
received, net of any transaction costs, are credited to share capital (par
value) and to share premium (the surplus). If for this purpose own shares
have been repurchased, these will be eliminated from the treasury shares.
D. Employee entitlements
Employee entitlements to annual leave and long-service leave are
recognised when they accrue to employees. A provision is recognised for the
estimated liability for annual leave and long-service leave as a result of
services rendered by employees up to the date of the statement of financial
position.
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Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

14. Provisions and contingent liabilities
A. Provisions
Provisions are liabilities involving uncertainties in the amount or timing of
future payments. Ageas recognises a provision if there is a present obligation
(legal or constructive) to transfer economic benefits, such as cash flows, as a
result of past events and if a reliable estimate can be made at the reporting
date. Ageas establishes provisions for certain guarantee contracts, for which
Ageas is responsible to pay upon default of payment by a third party.
Provisions are estimated based on all relevant factors and information
existing at the date of the statement of financial position and are typically
discounted at the risk-free rate. The unwind of the discount is recognised as
‘Financing costs’.
B. Contingencies
Contingencies are possible obligations that arise from past events and:
● Whose existence will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events, not wholly within the
control of Ageas;
● For which it is not probable that an outflow of resources will be required
to settle the obligation; or
● For which the amount of the obligation cannot be measured with
sufficient reliability.
Ageas does not recognise contingent liabilities in its statement of financial
position.
15. Fee and commission income
A. Fees recognised as services are provided
Fees arising from services provided are generally recognised as revenue as
the services are provided. If it is unlikely that a specific lending arrangement
will be entered into and the loan commitment is not considered a derivative,
the commitment fee is recognised as revenue on a straight-line basis over
the commitment period.
B. Fees recognised upon completion of the underlying transaction
Fees arising from negotiating, or participating in the negotiation of a
transaction for a third party, are recognised upon completion of the
underlying transaction. Commission revenue is recognised when the
performance obligation is complete.
C. Fees from investment contracts
Fees arising from investment contracts, of which the covered insurance risk
is not significant, consist of fees for providing investment and administration
services. Those fees are recognised as revenue as the related services are
provided.
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16. Share capital and other equity components
A. Share capital and share issue costs
Incremental costs directly attributable to the issue of new shares or share
options, other than those incurred in a business combination, are deducted
from equity net of any related income taxes.
B. Treasury shares
When the parent company or its subsidiaries purchase Ageas shares, or
obtain rights to purchase Ageas shares, the consideration paid, including any
attributable transaction costs, net of income taxes, are shown as a deduction
from equity.
Dividends paid/received on treasury shares held by Ageas companies are
eliminated when preparing the consolidated financial statements.
Ageas shares held by Ageasfinlux S.A. in the context of FRESH capital
securities are not entitled to dividend or capital distributions. These shares
are eliminated in calculating dividend, net profit and equity per share. The
cost price of the shares is deducted from equity.
C. Compound financial instruments
Components of compound financial instruments (i.e. liability and equity parts)
are classified in their respective area of the statement of financial position.
D. Other equity components
Other elements recognised in equity relate to:
Direct equity movements of associates (see section 6.);
Changes in foreign exchange rates (see section 7.);
Investments measured at FVOCI (see section 8.);
Cash flow hedges and fair value hedges (see section 8.);
Actuarial gains and losses on DB plans (see section 13.);
● Share options and restricted share plans (see section 13.); and
● Dividend, treasury shares and cancellation of shares.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

17. Income taxes
A. Current tax
Current tax is the amount of income taxes payable (recoverable) in respect of
the taxable profit (tax loss) for a period.
Income tax payable on profits is recognised as an expense based on the
applicable tax laws in each jurisdiction in the period in which profits arise.
The tax effects of income tax losses that are available to be carried forward
are recognised as a deferred tax asset if it is probable that future taxable
profit will be available against which those losses can be utilised.
If a legal entity assesses that it is not probable that the relevant taxation
authority will accept the applied tax treatment, that legal entity reflects the
effect of uncertainty for each uncertain tax treatment by using either the most
likely amount or the expected value based on a range of possible outcomes,
depending on which method better predicts the resolution of the uncertainty.
B. Deferred tax
Deferred tax liabilities (DTL) are the amounts of income taxes payable in
future periods in respect of taxable temporary differences.
Deferred tax assets (DTA) are the amounts of income taxes recoverable in
future periods in respect of deductible temporary differences, the carry
forward of unused tax losses and of unused tax credits.
Deferred tax is recognised in full on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the
financial statements.
Deferred taxes are determined based on the rates enacted or substantively
enacted at the date of the statement of financial position.
DTA are recognised to the extent that it is probable that sufficient future
taxable profit will be available to allow part of or the entire deferred tax asset
to be utilised.
DTL are recognised on taxable temporary differences arising from
investments in subsidiaries, associates and joint ventures, except where the
timing of the reversal of the temporary difference can be controlled and it is
probable that the difference will not reverse in the foreseeable future.
Deferred tax related to fair value remeasurement of items in the statement of
financial position which is charged or credited directly to equity (such as
unrealised capital gains or losses on investments measured at FVOCI or on
cash flow hedges) is also credited or charged directly to equity.
Deferred income tax assets and liabilities are offset when Ageas has a
legally enforceable right to settle the amount payable and the amount
receivable at the net amount, and when the DTA and DTL relate to income
taxes levied by the same tax authorities.
18. Earnings per share
Basic earnings per share are calculated by dividing the net result attributable
to ordinary shareholders by the weighted average number of ordinary shares
in circulation during the year, excluding the average number of ordinary
shares purchased by Ageas or its subsidiaries and held as treasury shares.
For the calculation of the diluted earnings per share, the weighted average
number of ordinary shares in circulation is adjusted assuming conversion of
all dilutive potential ordinary shares, such as convertible debt, preferred
shares, share options and restricted shares granted to employees. Potential
or contingent share issuances are considered to be dilutive when their
conversion to shares would decrease net earnings per share.
The impact of discontinued operations on the basic and diluted earnings per
share is shown by dividing the net result before discontinuation of the
operations by the weighted average number of ordinary shares in circulation
during the year, excluding the average number of ordinary shares purchased
by Ageas or its subsidiaries and held as treasury shares.
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158
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Risk
management
and solvency

Risk management
1. Risk Management Objectives
As a multinational insurance provider, Ageas creates value through the proper and effective management of insurance risks
at an individual and overall portfolio level. Ageas’s insurance operations provide both Life and Non-life insurances and
consequently face a number of risks that may affect the achievement of company objectives.
Ageas only seeks to take on risks:
● for which it has a good understanding;
● that can be adequately assessed and managed either at the individual
or at the overall portfolio level;
● that are affordable (i.e. within the Ageas risk appetite);
● that have an acceptable risk-reward trade-off (mindful of Ageas’s
commitment to its stakeholders, to society, as well as corporate and risk
culture values);
● The main objectives of Ageas’s risk management are:
● Risk-taking is consistent with the strategy and within risk appetite.
● Appropriate incentives are in place to promote a common understanding
of our risk culture.
● Appropriate, timely and correct information is available to allow
appropriate strategic decision- making.
● An appropriate risk governance is in place, is adequate and effective,
and can be evidenced.
● An appropriate Enterprise Risk Management (ERM) policy framework
(including limits & minimum standards) is in place, understood and
embedded in day-to-day business activities.
● Risk processes are high caliber and efficient, facilitating accurate and
informative risk reporting that reinforces the decision-making process
1. RISK CULTURE
2. RISK STRATEGY, OBJECTIVES & RISK APPETITE
3. RISK GOVERNANCE, RISK TAXONOMY, ERM POLICY FRAMEWORK & MODEL FRAMEWORK
4. RISK IN EXECUTION*
Risk Identification
- Identify current & emerging risks
- Covers risk taxonomy
Risk Monitoring & Reporting
Continuous monitoring
& follow up on exposure & actions
Risk Assessment & Prioritisation
- Risk likelihood & impact
- Inherent / Residual / Forecasted Risk
Risk Response & Control
- Mitigate, avoid, accept or transfer
- Actions to ensure within risk appetite
4A. Key Risk & Emerging Risk Reporting
4B. ORSA Process
5. DATA, IT & INFRASTRUCTURE
Note - Internal Control, Information Securit
y
and Data Mana
g
ement are mana
g
ed as
p
art of the ERM framework.
Ageas ERM Framework
Ageas ERM Framework – title will be in the next version.
Fred will add it.
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Risk management and solvency

Risk culture forms an essential part of the overall corporate culture that the
Ageas Board of Directors, Management Committee and Executive Committee
seek to promote and embed. Ageas’s risk culture, outlined below, stems from
the Ageas corporate culture. The principles of corporate culture and key
components of risk culture provide guidance to actions and decisions, and
reflect the mind-set and attitude expected in the company.
The key elements of Ageas’s desired risk (and corporate) culture are depicted below.
OUR RISK CULTURE VALUES
We always act ethically and with integrity
We share responsibility for maintaining
our culture of risk awareness at all levels
We promote an environment of open
communication and effective challenge in which
decision-making processes encourage taking
a broad range of views and promote engagement
We understand both the good (upside risk)
and the harm (downside risk) that can arise from
the decisions we make
We take ownership and individual
accountability, making timely decisions
and openly reporting on the risks we take
We have the right people profiles, incentives,
reward, and remuneration structure consistent
with our desired risk culture
OUR CORPORATE VALUES
WE CARE - showing respect & helping hose
around us, and staying true to who we are
WE DARE - pushing boundaries and
not being afraid to take a chance
WE DELIVER - making things happen,
keeping the promisses we make
WE SHARE - learning together, inspiring others,
and sharing success with all stakeholders
To help promote risk awareness and embed the risk culture values across
the organisation, risk training in the form of e-learning or classroom sessions,
takes place regularly within the group at all levels including the Board of
Directors. There is a mix of centralised training material cascaded from
Corporate Centre and subsequently tailored to local needs and decentralised
material that each business has developed. Similarly, there is a mix of
mandatory and voluntary training.Risk education and awareness sessions
include but are not limited to; Risk Framework, Risk Governance – Three
Lines of Defence model, Risk Incident Reporting, Anti-Fraud training; Code of
Conduct, Information Security, Internal Control, Business Continuity. This is
complemented by regular awareness campaigns run via internal
communication channels such as corporate social network, intranet or e-
mails.
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2. Risk Management Framework
Ageas defines risk as the deviation from anticipated outcomes that may have
an impact on the solvency, earnings or liquidity of Ageas, its business
objectives or future opportunities.
Ageas has established and implemented an Enterprise Risk Management
(“ERM”) framework inspired by COSO
1F
1
ERM and Internal Control
frameworks, which encompasses key components that act as a supporting
foundation of the risk management and internal control system (this includes
climate-related risks).
ERM can be defined as the process of systematically and comprehensively
identifying critical risks, assessing their impact and implementing integrated
strategies to provide reasonable assurance regarding the achievement of the
company’s objectives. Ageas’s ERM framework (depicted in the diagram
above) sets the following high-level objectives:
● Defines a risk appetite to ensure that the risk of insolvency is
constantly managed within acceptable levels, and that the risk profile is
kept within set limits.
● Influences a strong culture of risk awareness whereby managers
carry out their duty to understand and be aware of the risks to their
business, to manage them adequately, and report them transparently.
● Ensures identification & validation, assessment & prioritisation,
recording, monitoring, and management of risks which affect, or can
affect, the achievement of strategic and business objectives.
● Supports the decision-making process by ensuring that consistent,
reliable, and timely risk information is available to decision makers.
● Embeds strategic risk management into the overall decision- making
process.
3. Risk Management organisation and governance
A strong and effective risk governance framework, underpinned by a sound
risk culture, is critical to the overall effectiveness of Ageas’s risk
management arrangements. The Board is ultimately responsible for the
overall Risk Management. It is assisted in the discharge of its duties by
several key governance bodies as depicted below and explained further
in this section (responsibilities related to risk management and internal
control are explained in this section – please refer to note “A.6 Corporate
Governance Statement” of this Annual Report for governance details related
to Board level committees, Executive Committee, and Management
Committee).
The following bodies provide advice – ultimately to the Executive Committee
and/or the Board, unless they have been explicitly mandated by Executive
Committee and/or Board to take decisions on specific tasks.
BOARD OF
DIRECTORS
LEVEL 1
BOARD OF DIRECTORS
RISK & CAPITAL COMMITTEE
AUDIT
COMMITTEE
GROUP
LEVEL 2
Executive Committee (CEO, CFO, CRO, MDA & MDE)
Management Committee
Ageas
Investment
Committee
Ageas
Risk
Committee
Group Risk
Function
Group CISO
Group Actuarial
Function
Validation
Group
Compliance
Group
DPO
Group
Audit
Ageas Risk
Forum
Model
Control
Board
Risk specific
Technical committees
REGIONAL
& OPCO
LEVEL 3
Business
Management
Audit, Risk and Asset-Liability
Management Committees
Risk Management Network
(incl. Regional Risk Coordinators,
Local Operating Company
Risk Officers & CISOs*)
Local Actuarial Function
Local
Compliance
Local
DPO
Local
Audit
Level 1
Risk Taking
Level 2
Risk / Compliance Control
Level 3
Assurance
* Local CISOs have a functional reporting line to local risk management
1 Committee of sponsoring organisations of the treadway commission.
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Ageas Investment Committee
Ageas Investment Committee (AGICO) advises the Executive Committee and
monitors overall asset exposures. It advises management on decisions
regarding investments. Its role also includes making recommendations
relating to the Strategic Asset Allocation and Asset & Liability management
and aims to optimise the overall investment strategy in accordance with the
risk framework and within agreed limits. Group Risk participates to ensure
risk mitigating actions are taken when necessary. This committee is split into
an Asian part and a European part to ensure relevant regional focus.
Ageas Risk Committee (ARC)
Ageas Risk Committee (ARC) advises the Executive Committee on all risk
related topics ensuring that all risks that affect the achievement of strategic,
operational and financial objectives are promptly identified, measured,
managed, reported and monitored (through adequate risk appetite limits) and
that adequate risk management governance and organisations are in place
and followed (as stipulated in the context of the ERM Framework). The
Group, regional and local Chief Risk Officers and Chief Financial Officers
from the regions are members of the ARC, which ensures that decisions or
recommendations made by the ARC take into account the views and
expertise of the operations. The most significant risk issues and
methodologies are also reviewed and decided upon by the Executive
Committee and by the Board. The ARC is itself advised by the Ageas Risk
Forum on topics related to the risk management framework and by the Ageas
Model Control Board that makes sure the models used are appropriate and
suited to the task they are used for.
Ageas Risk Forum (ARF)
Ageas Risk Forum (ARF) advises the Ageas Risk Committee on topics
related to the enterprise risk management framework. Group, regional and
local Risk Officers are members of the ARF, ensuring knowledge and best
practice sharing to further develop and continuously improve the Group’s
ERM framework. The ARF itself is advised by Risk-Specific Technical
Committees where appropriate.
Ageas Model Control Board (MCB)
Ageas Model Control Board (MCB) advises (and escalates when appropriate
to) the Ageas Risk Committee on topics related to the models and
methodology. The MCB is composed of Group Risk Model Managers,
regional and local representatives, allowing for the proper
interactions with the local Model Control Boards. The MCB ensures that the
models used are appropriate and fit for purpose. The MCB is itself advised by
Risk-Specific Technical Committees where appropriate. A dedicated Model
Control Board is organised for model-related topics specific to Ageas SA/NV,
focussing on holding specific activities and reinsurance.
Risk-specific technical committees
Risk-specific technical committees, such as the Ageas Financial Risk
Technical Committee, Ageas Life Risk Technical Committee, Ageas Non-life
Risk Technical Committee and Ageas Operational Risk Technical Committee
act as technical expert bodies. They assure consistency of methodology and
modelling approaches across Ageas’s local operating companies. They
facilitate the collection of business requirements and align Ageas Group
platforms supporting the relevant risk assessments with business
requirements and overall regulatory requirements. They act as advisory
bodies to the ARF and MCB.
Group Risk Function
The Group Risk Function - headed by the Group Chief Risk Officer (CRO) - is
responsible for monitoring and reporting on the overall risk profile of the
Group including the aggregate risk profile of the insurance companies. It
develops, proposes and implements the ERM framework that it documents
through regularly updated ERM policies. It ensures the appropriateness of
the overall model governance taking into account remarks made by Ageas’s
independent Model Validation team. It also coordinates major risk related
projects. Group Risk (also being part of the Sustainability Network) follows
the topic of sustainability, and monitors developments - such as European
Commission action plans, EIOPA (European Insurance and Occupational
Pensions Authority) opinions, Regulatory statements and changes in
regulation - and prepares appropriate actions.
Information Security is part of the ERM framework – the Board is ultimately
accountable for the design of the information security policy. The Executive
Committee (ExCo) is responsible for theimplementation of this policy and
correct operation of the related controls. Day-to-day responsibility for
designing Information Security Framework and oversight of the framework
implementation including correct operations of the related controls is
assigned to the Group Chief Information Security Officer (CISO) who reports
to Senior Management within the Group Risk organisation. The Group (and
local) CISOs develop and maintain the information security strategy and
policy that supports information security governance framework, and
coordinate information security across the organisation. They also oversee
information security programmes and related initiatives, and report regularly
on information security related risks and level of maturity to appropriate
Steering and Risk Committees, Executive Management and Board of
Directors.
Group Data Protection Function
The Data Protection Officer (DPO) is an independent function that provides
adequate support to the management team with regard to their accountability
for ensuring compliance with GDPR by informing and advising on personal
data processing obligations. The DPO monitors compliance with GDPR and
any relevant data protection laws and regulations (including Ageas's internal
policies) through appropriate management structures and controls, and
performs analysis of security, privacy and data protection risks; The results of
these analyses are reported to the Board of Directors at least annually. Data
breaches are reported to the Board of Directors every quarter. The DPO
escalates issues to the local Data Protection Authority (DPA) when it is clear
that the entity will process personal data that may cause damage and/or
distress to the data subjects. The DPO also organises educational
programmes for staff making sure that accountabilities and responsibilities
within the entity are understood. Towards data subjects, the DPO is making
sure that individual’s fundamental rights as defined in GDPR are being
respected (e.g., facility to make a request or file a complaint via Privacy Web
Form.
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Group Actuarial Function
An independent function directly reporting to the CRO to facilitate the
collaboration with the Risk Management System. The main role of the
Actuarial function is to issue Actuarial Opinions on three key subjects
(Technical Provisions, Underwriting and Reinsurance), and additionally,
coordinates the calculation of technical provisions and assures a level of
consistency throughout the Group.
Group Compliance Function
An independent control function within Ageas that aims to provide reasonable
assurance that the company and its employees comply with laws,
regulations, internal rules and ethical standards.
Group Internal Audit Function
The internal audit function contributes to the achievement of Ageas’s
objectives by providing professional and independent assurance on the
effectiveness of governance, risk management and control processes. If and
when appropriate, Audit formulates recommendations to optimize these
processes.
Local Operating Companies (OpCos)
Each OpCo is responsible for ensuring that it has a comprehensive risk
management framework in place, and for managing its risks within the limits,
policies and guidelines set by Regulators, Ageas Group and its local Board of
Directors.
Furthermore, each OpCo is required to have the following in place:
● a Board level Risk Committee and Audit Committee to assist the Board
in fulfilling its supervision;
● a Management Risk Committee, which supports its management team in
ensuring that key risks are well understood, and appropriate risk
management procedures are in place;
● an ALM Committee whose role includes the monitoring of market risks to
ensure they are managed in accordance with the risk framework and
within agreed limits and to make specific decisions or recommendations
relating to ALM;
● a local Model Control Board which coordinates with the Ageas MCB;
● a Risk Function (or Risk Officer) to support the work of the Risk
Committee and to provide risk reporting and opinions to the local CEO,
local Board and to Group management;
● an Actuarial Function in line with Solvency II regulatory requirements;
● a Compliance Function that advises the administrative or management
body on compliance with laws, regulations and administrative
requirements and Group and local policies where these set additional
requirements. Compliance assesses the possible impact of any changes
in the legal environment on the operations of the undertaking concerned
and identifies any compliance risk;
● a Chief Information Security Officer (CISO) supports local Senior
Management;
● a Data Protection Officer (DPO) that reports to the highest local
management level and is contact person for the local DPA; and
▪ an Internal Audit Function assessing the adequacy and effectiveness of
the internal control system and other elements of the risk governance
system.
Three Lines of Defence
Ageas has implemented a 3 lines of defence model - the three lines share the ultimate aim of helping the organisation to achieve its objectives while effectively
managing risk.
FIRST LINE OF DEFENCE
(Business Owner)
Implements the enterprise risk management framework
Embeds an appropriate risk culture
Identifies, owns, measures and manages risks in the business, ensuring
Ageas does not suffer from unexpected events
Implements policies and controls to manage risks (in line with Group
requirements and risk appetite) and ensure that these are operating
effectively on a day to day basis
Identifies and implements actions to manage existing and emerging risks
Reports on risk management including analysing whether key business
objectives are likely to be achieved
Demonstrate to the Board of Directors and Regulator that risk controls
are adequate and effective
Operating in line with regulations
SECOND LINE OF DEFENCE
(Risk Management, Compliance, DPO, CISO and Actuarial Functions)
Advises Senior Management and the Board of Directors on the setting
of high level strategies and risk appetite aggregation
Establishes and maintains the enterprise risk management framework
Facilitates, assesses and monitors the effective operation of the risk
management system
Provides risk education and training
Acts as an independent risk advisor
Oversight & challenge of key risks and how they are measured and
managed
Monitors adherence with risk appetite and policies
Oversees effective use of risk processes and controls
Monitors compliance with regulations and informs business of
requirements
THIRD LINE OF DEFENCE
(Internal Audit)
Provides a reasonable level of independent assurance to Senior Management and Board of Directors on the adequacy
& effectiveness of governance, risk management and controls
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Risk management and solvency

4. Capital Management Objectives
Capital is a scarce and strategic resource, which requires a clearly defined,
rigorous and disciplined management approach in order to ensure efficient
and effective deployment. The Capital Management approach that Ageas
follows aims to balance the needs and requirements of all stakeholders
including shareholders, debt investors, regulators, rating agencies and
customers.
The main objectives of capital management at Ageas are:
● to optimise the capital structure, composition and allocation of capital
within Ageas;
● to ensure value creation by funding profitable growth, as well as
protecting the viability and profitability of the business;
● to ensure optimal dividend levels, both for the Group as well as its
subsidiaries.
Capital Management Framework
Ageas’s objectives with respect to capital management are to be achieved by
adhering to clearly defined processes. These are governed by clearly defined
policies and procedures to ensure that capital management practices
throughout the Group and the OpCos are understood, documented and
monitored (with corrective actions taken if necessary).
The Capital Management Framework at Ageas defines rules and principles in
respect of the following:
● Capital planning, i.e. defining the capital level the Group wants to hold,
which is a function of:
- Legal requirements and anticipated changes;
- Regulatory requirements and anticipated changes;
- Growth ambitions and future capital commitments;
- The Risk Appetite Policy.
● Capital allocation, i.e. determining the capital use that Ageas foresees,
which is a function of:
- Optimisation of risk reward;
- The Dividend Policy (and future capital raising);
● Capital structuring, i.e. maintaining an efficient balance between equity
and debt;
● Capital Management governance, i.e. setting clear roles and
responsibilities on people and decisional bodies involved in Capital
Management Processes.
5. Assessing Solvency & Capital
5.1 Measuring capital adequacy
Under Solvency II, Ageas uses a Partial Internal Model (PIM) to measure its
Solvency Capital Requirement under Pillar 1. The PIM combines the
Solvency II Standard Formula with the Internal Model for Non-life
Underwriting Risk for the main entities engaging in Non-life business. Ageas
supplements the Pillar I PIM with its own internal view to measure its
Solvency Capital Requirements (called SCR
ageas
) under Pillar 2. On top of the
Partial Internal Model Non-life, the SCR
ageas
enhances the Standard Formula
with the following elements:
● Reviewed spread risk treatment;
● Inclusion of fundamental spread for EU sovereign (& equivalent)
exposures;
● Exclusion of non-fundamental spread on other debt;
● Internal model for Real Estate;
● Inflation risk charge for Workers’ Compensation;
● Exclusion of transitional measures.
This SCR
ageas
is then compared with qualifying own funds to determine the
Group’s overall capital adequacy, providing the Solvency II
ageas
ratio.
For more information on Solvency II, please see also note Regulatory
supervision and solvency.
Overall capital adequacy is verified on a Group-wide basis, quarterly and
annually :
● Through a quarterly Solvency and Capital report, Ageas’s Board of
Directors ensures that capital adequacy continues to be met on a
current basis;
● Ageas’s Board also proactively assesses and steers the Group’s capital
adequacy on a multi-year basis, taking into account strategy and
forecasted business and risk assumptions. This is done through a
process called Own Risk & Solvency Assessment, which is embedded
into Ageas’s multi-year budgeting and planning process.
5.2 Risk Appetite Framework
The Risk Appetite Framework consists of criteria which are used to formulate
the willingness of management to take on risk in a specific area. Ageas’s
Risk Appetite Framework applies to all OpCos of Ageas (defined as entities
of which Ageas, directly or indirectly is a shareholder, and holds operational
control), and on a best effort basis to affiliates (defined as entities of which
Ageas, directly or indirectly is a shareholder, but does not hold operational
control).
The main objectives of the risk appetite framework are to ensure that :
● The exposure to a number of key risks of each OpCo and the Group as
a whole remain within known, acceptable and controlled levels;
● Risk Appetite criteria are clearly defined, so that actual exposures and
activities can be compared to the criteria agreed at Board level, allowing
monitoring and positive confirmation that risks are controlled and that
the Board is able and willing to accept these exposures;
● Risks limits are linked to the actual risk-taking capacity of an OpCo and
Group in a transparent and straightforward way.
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Due to their importance for the continued operation of Ageas, and its ability
to adhere to its commitments to its stakeholders, the following criteria are
set :
● Solvency
- Risk Consumption (RC, being the level of buffer capital consumed
by the current risk profile, consistent with a 1 in 30 year loss)
remains below the Risk Appetite (RA) budget, set at 40% of Own
Funds, net of expected dividends.
- Capital Consumption (CC) remains below the Target Capital (TC),
set at 175% of SCRageas.
● Earnings
- The deviation from year-end budgeted IFRS earnings due to a
combined 1/10 financial loss event is limited to 100%.
- With the following early warning mechanism : The deviation from
year end forecasted IFRS earnings (or budgeted IFRS earnings
should the forecast be lower than the budget) due to a combined
1/10 financial loss event is limited to 100%.
● Liquidity
- The base liquidity ratio is at least 100%.
- The stressed liquidity ratio is at least 100%.
6. Risk taxonomy
In order to ensure a consistent and comprehensive approach to risk identification, Ageas has defined a Risk Taxonomy encompassing the key risks that can impact
the Group. The Risk Taxonomy (below) is aligned with Solvency II risk categories, which facilitates the alignment of internal and external reporting.
TOTAL RISK
RISK TAXONOMY
FINANCIAL
RISKS
Market risk - Default risk - Liquidity risk (assets & liabilities) - Intangible assets risk
INSURANCE
RISKS
Life risk - Non-life risk - Health risk
OPERATIONAL
RISKS
Employment practices & workplace safety - Execution, delivery & process management -
Technology - Internal fraud - External fraud - Damage to physical assets (incl. physical security) -
Clients, products, business & legal practices - Conduct - Regulatory compliance Third party -
Statutory reporting, disclosure & tax - Business continuity, crisis management & operational
resilience - Data management - Information Security (incl. cyber) - Model
STRATEGIC &
BUSINESS RISKS
Strategic risk - Change risk - Industry risk - Systemic risk - Sustainability risk
The Taxonomy was updated in 2020 to explicitly include Sustainability Risk,
that itself includes environmental risk and climate change, as part of an
update to Ageas’s Risk Policy, one of the overarching policies within our
suite of risk policies. Other risk polices that include ESG considerations are
the Product Approval Policy, the Outsourcing Policy, the Procurement Policy,
and the Investment policy. The ESG considerations for underwriting will be
included in the Underwriting policy in 2024.
As part of our approach to responsible insurance we actively seek to provide
transparent product offerings and services that evidence consideration of
ESG risk factors including changing customer behaviours, promote economic
inclusion and encourage environmentally and socially responsible behaviours
by customers. We also seek to limit our net exposure to physical risks that
may occur should the Paris Agreement target not be met. Through
responsible investment, we seek to manage potential vulnerabilities and take
advantage of opportunities arising from the transition to a low carbon
economy.
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The policies require that ; processes and controls will continue to be updated
and assurance provided on their design and effectiveness ; Products and
services will continue to be adjusted through formal governance structures,
evidencing environmental (not least climate change) considerations, and
responding to changing customer demands and needs ; Limits are set and
targets evolve ; Third party management must include appropriate ESG
consideration and evidence. On an annual basis, an exercise is performed to
assess adherence to all risk policy requirements and action plans are drawn
up for any gaps that are identified.
The risk in execution cycle (depicted in the ERM framework visual – section
6.1) and the Risk Taxonomy are fundamental to our Key Risk Reporting
(KRR) and Emerging Risk Reporting (ERR) processes.
6.1 Key Risk Reporting (KRR)
KRR consists of a systematic approach to identify and mitigate key (existing)
risks that threaten the realisation of Ageas’s business and strategic
objectives. The process considers all types of risks of the Ageas risk
taxonomy to identify key risks, analyses risk causes and deploys appropriate
risk response strategies. During this process, identified risks are assessed
and managed using Ageas’s risk rating methodology.
Likelihood and impact criteria (financial and non-financial) are used to
determine a level of concern, which guides when actions need to be taken.
Each region (set of OpCos and/or Joint Ventures with common regional
oversight) and/or OpCo re-evaluates key risks on at least a quarterly basis,
and the most significant risks are also monitored and reported on at Group
level. The key outputs of the process are documented in a quarterly Group
Top Risk Report.
The top key risks that Ageas faced at Q4 2023 are :
● Interest Rate Risk.
● Increased regulation, legislation & scrutiny.
● Volatile / unfavourable market movements.
Interest Rate Risk
In a context of economic uncertainty and inflationary pressure, interest rate
volatility, including a recent phase of fast-increasing rates and inverted yield
curve structure has raised the question of higher client return in the Life
Insurance business and led to fierce competition, especially on the Life Retail
invest segment from the banking sector. This requires an increased reactivity
and responsiveness in the Life Retail business in order to avoid losing
significant inflow, while at the same time being confronted with the possibility
that interest rates decrease again in a context of lower inflation. Short term
interest rate spikes keep representing a threat to the agility of the
organisation. In the current situation of volatile interest rates, more
alternative and attractive banking products have become available leading to
potential risk to volumes in bancassurance. Monitoring the evolution and the
volatility of interest rates remains a necessity and is an integral part of the
business-as-usual activities in the Life Insurance business.
Increased regulation, legislation & scrutiny
The insurance market is being affected by more regulation on a global level,
along with tighter supervisory oversight of (re)insurance businesses, which is
having an impact on the (re)insurance market. Locally, legislative attempts
regarding corporate taxes of insurance firms, taxation of insurance goods,
and a number of other non-fiscal measures influencing the insurance
industry, can be observed. On top of the local national legislative measures,
other published or upcoming European regulations are multiplying (e.g.
sustainability regulations, DORA, AI legislation, review of the Distance
Marketing Directive, etc.). Parts of these policies have already come into
effect, while some parts are still in the planning stages. A Legal Overview at
the level of the entire firm is created and used to implement close monitoring
of all these measures, both current and future, and to report on a regular
basis to the governance authorities.
Volatile / unfavourable market movements
In addition to medium-term risks (e.g. post-Brexit EU/UK trade tensions,
US/China tensions, Russia/Ukraine war, Israel/Palestine war…), the
remaining post-pandemic effects, coupled with volatile market movements
leads to potential adverse impacts on earnings, solvency and liquidity. Ageas
closely monitors this risk through regular monitoring processes and
subsequent reporting, as well as through governance bodies such as the
Ageas Investment Committee.
For all key risks, Ageas has processes to closely monitor risk evolutions and
has defined actions to mitigate risk exposures.
6.2 Emerging Risk Reporting
Ageas has also implemented an Emerging Risk Process.
(Re)Insurers face a degree of change and uncertainty that appears to be
evolving at an ever-quickening pace. Understanding these changes can help
to either enable Ageas to explore new opportunities or develop measures to
mitigate the potential associated risks.
Emerging risks are derived from emerging trends (current and future
developments linked to the internal and external environment, including
strategic objectives) that could become a possible threat or risk for the
business and that, by their nature, are uncertain and difficult to quantify.
Emerging risks can also include those trends that are not yet well understood
(and which ultimately, with greater knowledge, could be opportunities).
Group Strategy has a well-established annual Horizon Scan process,
whereby, identified emerging trends are scored, on the one hand, based on
artificial intelligence analysis, and on the other hand, resulting from the
opinion of Ageas’s employees from across the Group (using a survey-based
approach). The Horizon Scan process is further reinforced by a Think2030
working group – a forward looking strategically focused group comprised of
stakeholders spanning the Ageas Group entities.
In 2023 the Ageas Horizon Risk Scan was developed in addition to the
already existing Horizon Scan radar. Whilst the Horizon Scan radar mainly
looks at the emerging trends form an opportunity and strategic view the
Ageas Horizon Risk Scan looks to the trends through a risk lens.
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The Ageas Horizon Risk Scan and Regional / Operating Companies’
emerging risk reports are the main source for the 2023 Group Emerging Risk
Report.
Ageas follows six dimensions (PESTLE) in identifying possible emerging
risks, creating a clear link with its strategy (most of the time the six
dimensions are inextricably intertwined) :
● Political
● Economy
● Social
● Technological
● Legal
● Environmental
Ageas has developed an emerging risk rating methodology using proximity
and impact criteria to guide the most appropriate course of action. Each
relevant trend (and associated risks) is assessed to conclude management’s
response, and prioritized into three categories:
● ACT – risks the organisation should mitigate;
● ANALYSE – risks that require further analysis (highly uncertain or risks
frequently mentioned by external sources whose impact for the
organisation is difficult to assess);
● AWARE – risks that should be monitored.
The annual Group Emerging Risk Report is presented at risk governing
bodies including the Board of Directors. Actions and emerging risk evolutions
are then followed up on a quarterly basis within the Group Top Risk Report.
The 2023 Group Emerging Risk Radar reflects areas considered most
relevant to both the industry and Ageas’ strategy, business lines and model.
Emerging Trends are heavily interconnected, hence viewing the full
landscape is essential to have clear sight of how different trends impact each
other and how this may affect current and future material risk exposures.
Compared to 2022, the emerging trends and risks already reported in the
Ageas Group Top Risk Report or the emerging trends already integrated into
Ageas’ strategy were not removed from the radar to maintain a complete
overview.
For all trends reported in the Act and Analyse area, adequate actions have
been taken across the Group.
The top (high proximity, moderate to major impact) Emerging Risks for Ageas
as at end 2023 are:
● Future of banking & financial services
● Consumer behaviour change
● Technology & Data
● Future of work
● Cyber Crime Risks
● Changing Geopolitical Landscape
● World economy
● Climate change
Future of banking & financial services (PESTLE category – Economic)
The insurance sector is witnessing a surge in digital innovation emphasizing
data-driven decision-making, customer-centric services, and operational
efficiency. With the emergence of the Insurance-as-a-Service model, which
emphasis is on trust-based partnerships and reinventing conventional
insurance value chains.
Numerous Group transversal and local initiatives as part of Ageas’ Impact24
strategy are underway to explore opportunities and mitigate risks. These
include initiatives for digital platforms, health ecosystem, partnerships,
operational efficiency, salvage, ….
Consumer behaviour change (PESTLE category – Social)
Consumer behaviour change refers to the shift in how individuals make
purchasing decisions and interact with brands due to various internal and
external factors such as changes in technology, economic conditions, social
norms, and personal values.
The insurance sector is undergoing a significant shift driven by advanced
data analytics, digital technology, leading to hyper-personalization, enhanced
customer convenience and improved customer service.
Hyper-personalization is that part of the customer experience that relates to
the use of data to provide customers with highly personalised, targeted and
relevant products, services, and content. Through hyperpersonalisation,
companies identify the subtle details about their customers that traditional
levels of personalisation are yet to capture.
Additionally, Covid-19 has had a profound effect on the number of customers
who have become tech savvy, as they had to adopt online journeys to
support their day-to-day activities. This will impact the future where there are
far fewer direct interactions with customers through traditional channels, with
the majority of interactions moving online.
Customer and market expectations with respect to sustainability and social
responsibility are changing. Companies are increasingly incorporating
Corporate Social Responsibility (CSR) and Environmental, Social, and
Governance (ESG) principles into their business strategy, models, and
governance.
At Ageas, Impact24 prioritises sustainability and has achieved specific
targets, including 25% of inflows coming from ESG products, being top
quartile on ESG ratings, and exceeding 10B EUR ESG investments, 50%
social and 50% environmental. There are also actions in protection and
healthcare, targeting megatrends like longevity and social protections, and
tapping into the growing micro-finance market.
Next to the sustainability initiatives, several actions are ongoing across the
Group, such as the customer experience & efficiency initiative on improving
the customer journey through a structural program, implementing tech and
data to increase efficiency and customer experience. Key indicators include
Competitive Net Promoter Score and top-quartile ambition in all markets.
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Technology & Data (PESTLE category – Technological)
Technology and data have an important impact on insurance sector’s
operations, products, and services. It includes factors such as automation,
digitalization, and the adoption of new technologies that can affect the
organization’s competitiveness and sustainability.
Generative Artificial Intelligence (AI), with its significant advancements and
growing maturity, is anticipated to substantially impact the insurance industry.
However, the technology’s integration also introduces new challenges,
including the emergence of new risks like data privacy concerns, intellectual
property rights, and ethical use.
Ageas has several Group communities and task forces that are working on
technology development, including AI & Robotics Communities, Data
Management & Governance Taskforce. Smart Automation Community, and
Group Technology Development. In addition to the Group transversal
projects, there are local initiatives in every operating company.
Future of work (PESTLE category – Economy)
The insurance sector is undergoing a significant transformation with
technological advancements and global changes.
Technology developments like digitalisation, AI, and automation are
increasing the need for reskilling and upskilling to drive responsible
innovation and to retain the best employees.
Covid-19 has instigated a significant shift towards remote and hybrid work.
Studies suggest that remote work can lead to greater efficiency and higher
quality work. However, the effects of remote work on employee mental health
vary. Mental well-being is pivotal for an employee’s performance at work and
their societal role.
Both the gig economy and Covid-19 have introduced new challenges for
employee engagement and well-being, necessitating strategic adaptations for
remote workers and enhanced workplace support systems. The future of
work is uncertain, but adaptability and flexibility will be key for success.
‘A great place to grow’ for all employees is part of Ageas’ Impact 24 strategy.
Several Group transversal and local initiatives are underway, including Ageas
Academy, Talent Management initiatives, Tech/Risk/Finance Talent Pools,
building Group capabilities in areas as Tech & Digital platforms and ensure
knowledge transfer between the different regions (e.g. Health, Protection,
Sustainability…).
Cyber Crime Risks (PESTLE category – Technological)
The insurance sector is facing a significant increase in cyber-attacks. Making
the industry a prime target for cybercrime due to its vast size and sensitive
personal, medical, and corporate data,
As cyber threats continue to evolve and intensify, the insurance sector is
predicted to innovate and transform, emphasizing the need for improved
security measures, and partnerships in the tech industry to bolster
cybersecurity solutions.
Across the Group several initiatives are ongoing, including an ISO27001
certification project with the aim to have all operating companies ISO27001
certified at the end of the Impact24 strategic cycle. Furthermore, Ageas has
established a central Security Operating Centre (SOC) for 24/7 monitoring of
critical infrastructure. This allows for immediate responses to security threats,
including cyberattacks. The yearly Information Security Health Check results
score above Gartner’s benchmark Insurance World Wide.
Changing Geopolitical Landscape (PESTLE category – Economic)
Worldwide, there is a surge in political instability and uncertainties, with wars
ongoing both in Ukraine, leading to tensions between the West and Russia,
and in the Middle East. Simultaneously, the situation between North and
South Korea, as well as the strained relations between China and Taiwan,
remains highly precarious.
The invasion of Ukraine intensified international trade conflicts and
geopolitical tensions. In response, countries, states, and companies are
evaluating their dependencies on specific countries or partners, exploring
strategies such as onshoring and diversification to reduce reliance.
Cyberattacks are a growing geopolitical risk, becoming larger, more intricate,
and more relentless. They are a significant threat to individual organisations
and national security.
The ongoing increase in migration flows in certain European nations may
contribute to heightened social tensions. The migration crisis, a root cause of
the rise of identity politics, has propelled nationalist and populist parties to
the forefront in numerous European nations, this trend being extremely
current with the situation in Middle East and with Gaza – Israel conflict.
The growth of nationalism, protectionism and populist movements in recent
years has created an environment of increasing uncertainty and could
potentially lead to deglobalization – a reversal or slowdown of globalization.
Risk scenarios and corresponding mitigation actions are regularly discussed
at the Board including risk mitigating actions.
Whilst geo-political developments are outside of Ageas’ control, Ageas Group
and its local entities continue to closely monitor evolutions of geo-political
conflicts and instability and resulting impacts on the business and strategy to
prepare response plans where appropriate.
Monitoring is performed within the key risk reporting process (current risk
impacts are mainly covered under the Top Risk Report Executive Summary)
and within the emerging trends reporting (future risk).
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World economy (PESTLE category – Economic)
While the world economy has successfully skirted a recession for now,
escalating geopolitical tensions threaten to impose new obstacles. The
ongoing battle against inflation, coupled with the continuing Russia-Ukraine
war, is already placing significant strain on the global economic framework.
Further complicating matters are the instabilities in the Middle East and the
evolving dynamics of global supply chains, which could adversely affect
economic growth worldwide.
To be able to face, predict and mitigate those economic shocks Ageas is
closely monitored within Group Strategy/Think2030, Investor Relations,
Finance and Risk.
Climate Change (PESTLE category – Environmental)
Climate change is a significant concern due to an increased risk of natural
disasters and related claims. The insurance industry is undergoing a t
transition toward a net-zero emissions economy.
At Ageas, Impact24 strategy prioritises sustainability and has achieved
specific targets, please refer to note A5 ‘Sustainablilithy’ of this Annual
Report. As from 2021 different climate change scenarios are included in
Ageas’ ORSA – – please refer to note “C. 2.6.3 Spotlight : Climate Change
Risk Assessment” of this Annual Report.
The Group Emerging Risk Radar below reflects the emerging risks most relevant to business activities that have been identified as part of the 2023 Emerging Risk
Process :
Proximity
0-2 years
2 to 5 years More than 5 years
High Medium Low
MT12
MT13
Analyse
AwareAware
MT10
Act
Analyse
Aware
MT11
MT09
MT08
MT04
MT06
Act
MT07
Act Analyse
MT01
MT02
MT05
MT03
Major Moderate Minor
*Horizon adapted to Trendtracker Radar
Political Economic Social Technology Legal Environmental
Impact
Heat
Map Ref
MegaTrend Sub-Trends
Proximity Impact Priority
MT01
Future of banking &
financial services
Future financial services, Open insurance, InsurTech,
Insurance as a service
33
Act
MT02
Consumer behaviour
change
New customer needs & expectations, Phygital,
Customer convenience, Hyper-personalization
Embracing, robotics, Platform economy
33
Act
MT03
Technology & Data
Big Data / Data accessibility, availability & ethical
use, Cryptocurrency, Distributed ledger
3 2
Act
MT04
Technology & Data
Internet of things, AI management, (Generative) AI,
Deep fake, Metaverse, Robotics
3 2
Act
MT05
Future of work
Reskilling – Upskilling, Remote working Employee
well-being, Work-life balance, Artificial intelligence
3 2
Act
MT06
Cyber Crime Risks
Cybercrime, Cyber attack, Internet fraud, Botnet,
Catfishing, Cryptojacking
3 2
Act
MT07
Changing Geopolitical
Landscape
Political instability, Geopolitical tensions, Geopolitics,
Wars, Social conflicts
3 2
Act
MT08
World economy
Market development, Inflation, Higher cost of living,
Economic recession, Government debt, Economic
inequality, Monetary policies
3 2
Act
MT09
Environment
Climate change mitigation, Extreme weather events,
Climate movement, Greenwashing
22
Act/
Analyse
MT10
Societal & health evolution
Social inequality, Health spendings, Digital health,
Gender equality, Genomics
22
Analyse
MT11
Legal & regulation evolution
Increased regulation and supervisory scrutiny,
Business Continuity & Resilience, Privacy Regulation,
Artificial intelligence act, Corporate transparency,…
22
Analyse
MT12
Mobility & urbanization
Autonomous Vehicles, Zero-emission vehicle,
Mobility-as-a-service, Smart city, Sustainable mobility
1 2
Aware
MT13
Demographic evolution
Human migration, Urbanisation, Longevity, Fertility
11
Aware
*
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6.3 Spotlight: Climate Change Risk Assessment
Context
Climate change creates risks to the global economy and consequently to the
stability of the financial system. These risks are already starting to
materialise and have the potential to increase substantially in the future.
They include:
● physical risks associated with an increase in claims and losses due to
climate events (such as floods, droughts, storms) and changes in
climate change patterns (such as sea level rise).
● transition risks related to asset value losses and increased operating
costs resulting from disruptions and shifts associated with a (sudden)
transition to a low-carbon economy.
As a large investor and insurer, Ageas is exposed to climate-related financial
and insurance risks.
On the asset side of Ageas’ balance sheet, both physical and transition risks
could impact asset prices. This could occur either directly or indirectly
through the impact of these risks on macro-economic variables such as
interest rates and inflation. Some assets could see a more significant
decrease in value than others, either through a higher cost of capital or a
higher perceived risk related to the nature of their underlying activities or
location. This could directly impact Ageas and its subsidiaries through
changes in the value of its investment portfolio, as well as the economic
value of its insurance and reinsurance liabilities, over different time horizons.
On the liabilities side of Ageas’ balance sheet, changing climate conditions
could have a potentially adverse impact on the frequency and/or severity of
the perils for which Ageas and its subsidiaries underwrite insurance and
reinsurance covers. These perils are mainly covered by non-life insurance
contracts, however changes in mortality rates might also impact life
insurance. Modelling the effects of the abovementioned climate risks is an
important focus area for Ageas, as it helps to understand and manage
climate impacts. This is essential to be able to form a strategic response and
to maintain Ageas’ long-term resilience.
Scenario analysis and climate stress tests based on different trajectories for
future climatic, macro and financial conditions are relevant tools to conduct a
forward-looking assessment of potential vulnerabilities related to climate
change risks. Two types of studies were carried out for the 2023 ORSA, in
line with previous exercises in 2021 and 2022 for the European consolidated
entities (representing more than 95% of the total balance sheet at Q4 2023):
● A climate stress test whereby long-term projections of investment assets
were made under different climate scenarios.
● Specific scenario analyses, both quantitative and qualitative, related to
insurance liabilities.
See below an illustration of climate risks translation to traditional risk categories:
Climate
risks
Transition risks
• Policy and regulation
• Technology
• Market behavior
• Reputation
Physical risks
• Chronic (e.g., temperature,
precipitation, agricultural
productivity, sea levels)
• Acute (e.g., heatwaves, floods,
cyclones and wildfires)
Transmission
channels
Climate risks to
traditional risks
“Traditional”
risks
Market risks
Market shocks may impact
investees’ creditworthiness
Hence, impacting equity prices,
spreads, ets. and so the value of
the investment portfolio
Default risk
Defaults by investee companies
on bonds or (re)insurance
companies on premiums
Insurance risk
More severe and frequent climate
events push insured losses upward
Operational risks
New graphic comes from Fred
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Climate Stress Test Setup
To better understand the potential impacts of transition and physical risks on
our balance sheet, a climate stress test was carried out as part of the annual
Own Risk and Solvency Assessment (ORSA). The stress test covers both
sides of the balance sheet by measuring asset and liability specific stress
impacts over long-term time horizons over which climate change could take
place. This exercise was based on Q2 2023 balance sheet figures covering
the European consolidated insurance entities. Projections were made,
assuming a static balance sheet, of the impact of three different climate
scenarios (early, late & current policies) on investment assets. This portfolio
mainly includes bonds (corporate and sovereign), equities and real estate.
Shocks were applied to the market value of these assets considering four
different time horizons (2026, 2032, 2050, 2100) to enable Ageas to
determine the respective impacts on a short- medium- and long-term basis.
For the implementation of the climate stress test, Ageas selected three long-
term scenario narratives provided by Moody’s, based on the NGFS reference
scenarios representing different levels of transition and physical risks.
In the shocks for the early and late policies scenarios, Moody’s considers
both physical and transition risks, the latter mainly driven by carbon price
forecasts. In the current policies scenario, only physical risks are considered.
Hereby, both acute (floods, wildfires, hurricanes, and typhoons) and chronic
(heat stress, sea-level rise, and water stress) physical risks are taken into
account.
The narrative underlying the three scenarios was the following:
● Early Policy Scenario (Net zero 2050): Global policymakers act
immediately, i.e., in the first year of the forecast (2023), to stymie
climate change and curtail carbon emissions, achieving net-zero carbon
emissions by 2050 and a global temperature change of 1.5°C from
preindustrial levels. The early policies scenario assumes that countries
deliver on their commitments to decarbonize the global economy by
2050. Rapid global action means that physical risk is lowest in this
scenario. Since action begins immediately, policy implementation can be
gradual. While transition risk is present in this scenario from the first
year of the forecast, it is low given the small incremental progress that is
inherent in this scenario. Gradual changes to climate policy produce
inflation by raising costs for fossil fuels but avoid an abrupt economic
shock.
● Late Policy Scenario (Delayed transition): Global policymakers put off
action to curtail climate change and abate carbon emissions until 2030.
As in the early policies scenario, countries with current commitments to
reach net-zero emissions by 2050 meet their goals. Unlike the early
policies scenario, the late policies scenario does not assume that those
countries without commitments reach net-zero emissions. The emissions
trajectory is therefore higher than in the early policies scenario, and
global warming reaches 1.8°C compared with preindustrial levels by
2050. Because the action necessary to curtail carbon emissions is
delayed, once action is taken, it must be more substantial. Once
abatement policies begin, economic effects mount rapidly. The transition
is much more disruptive to the global economy, forcing a recession in
the early 2030s.
● Current Policy Scenario: This is a “hothouse world” scenario in which
temperatures exceed 3°C and there is low use of carbon sequestration.
Policy actions announced before 2021 are assumed to have taken
place, but no new policies thereafter. Without any action to curtail
climate change, transition risk is non-existent, but with carbon emissions
left to rise unchecked, physical risks are maximized. The shock
develops slowly throughout the forecast horizon. Physical damages take
time to materialize, as carbon emissions lead to higher temperatures
and economic dislocation only over the long term.
The three scenarios described above give rise to alternate trajectories of
macro-economic variables such as GDP, interest rates, and inflation, as well
as asset values and other financial variables. These are then compared with
a so-called “reference scenario”, in which no climate change impacts exist.
This allows us to express climate impacts as shocks to be applied to the
existing balance sheet.
Climate Stress Test Results
Ageas’ results show the resilience of its investment portfolio to transition
risks. The stress test results are largely in line with the findings from prior
climate stress tests carried out in 2021 and 2022.
Mitigating actions essentially consist of judiciously choosing the sectors in
which to invest. Ageas general investment principles notably include
maintaining a high degree of diversification.
Through its investments, Ageas wants to support the net-zero greenhouse
gas emissions target set by Europe for 2050:
● The Responsible Investment Framework requires ESG to be integrated
within the investment analysis and decision-making process.
● As the first Belgian Asset Owner to join NZAOA, Ageas has made a
strong commitment to reduce the carbon intensity of the equities and
corporate bonds of its European consolidated entities by 50% by 2030.
For its real estate portfolio, the decarbonization will be in line with the
CRREM pathways (Carbon Risk Real Estate Monitor). These objectives
are in line with the requirements of the NZAOA. As a result, Ageas is
moving away from a long term 2050 commitment to a much closer 2030
intermediate target.
Putting sustainability as a focal point within Ageas’s strategy and taking into
account ESG criteria in investment decisions enables Ageas to give priority
to the sectors resilient to transition risks.
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Specific analysis: Non-Life
A number of specific analyses were carried out by the European consolidated
entities related to the impact of climate change on insurance liabilities.
In particular, Ageas has previously analysed the impacts of climate change
on the non-life portfolios of AG insurance and UK operations focusing on
flood risks (inland and coastal) with a link to the interactions with windstorm
perils (so-called extra tropical cyclones) and the wildfire peril for the
Portuguese entities. The stress test provided impacts for different times
horizons (up to 2050) based on the Intergovernmental Panel on Climate
Change pathways, so-called Representative Concentration Pathways (RCPs)
4.5 and RCP 8.5.
Key overarching observations were derived from the assessment. Inland
flooding in Belgium and the UK are among the main drivers for the impacts in
the scenarios. It was also observed that under a 3°C warming scenario, the
wildfire peril would extend substantially to the North and could become a
relevant peril as well for the Northern European countries where Ageas is
active. These observations have led Ageas to zoom in on specific items this
year.
AG Insurance zoomed in on the net cost of an inland flooding event, taking
into account the impact of reinsurance and Belgian state intervention.
Currently, AG’s risk mitigation activities are sufficient to continue respecting
the company’s risk appetite. Given that the market is evolving rapidly on the
topic of climate change, evolutions with respect to the applicable legislation,
the reinsurance market and catastrophe modelling are closely monitored.
Ageas Insurance Limited (AIL) also performed an impact analysis for inland
flooding based on RCP 2.6 and 8.5, concluding that the increased average
loss projections do not currently indicate a likelihood of excessive or
unmanageable price rises being necessary given flood’s small contribution to
peril-pricing in household insurance.
AG Insurance also zoomed in on the impact of subsidence on the P&C
portfolio. In their initial assessment in 2021, they concluded that the
estimated average yearly claims cost is unlikely to be material. Given the
absence of any new information, subsidence is currently still considered as a
minor peril in the context of climate change. It will however continue to be
monitored given that the uncertainties around its modelling are even greater
than for other natural perils. AIL also performed an analysis for this risk and
reached similar conclusions.
Finally, Ageas Portugal zoomed in on its exposure to climate change events
by region and by personal lines for the perils storm, flood, and fire.
Specific analysis: Life
Increased mortality due to heatwaves is a well-known phenomenon in
continental Europe and given the trend of increased summer temperatures it
could be expected that both the frequency and severity of heatwaves would
be impacted by climate change.
While increased mortality due to heatwaves is indeed observed, this effect is
mostly restricted to the elderly population, especially when combined with
age-related morbidities such as Alzheimer. A major part of death covers at
the European consolidated entities are related to working-age individuals
(e.g., Savings & Employee Benefits), leading to the conclusion that the effect
on this portfolio should be limited. Nonetheless, Ageas will continue to
closely monitor the evolution of this risk.
It is important to highlight that the views expressed above were formed
relying on the information available at the time of assessment and that there
remains inherent uncertainty of modelling climate change impacts. We
acknowledge that climate change modelling is in its relative infancy and that
our views will be updated and deepened regularly as more information and
recognized models become available.
Actions
While climate change modelling has come a long way, considerable
modelling uncertainties remain. Our climate stress testing framework will
evolve over the coming years as more information and standardized industry
models become available. Nonetheless, a number of actions have already
been identified to further develop our climate stress testing methodology, in
particular:
● Develop a consolidated climate stress test, which will, amongst others
require the development of capacity for performing similar studies at the
non-European subsidiaries.
● Continue to develop and challenge the scenarios for measuring
transition and physical risk impacts on investments & ALM.
● Continue to refine investment portfolio granularity in terms of sensitivity
to climate risks.
● Develop a group-level approach to assess insurance risks as part of the
annual climate stress test.
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7. Details of various risk exposures
The following sections explain Ageas’s risk types and various risk exposures in more detail.
7.1 Financial risk
Financial risk encompasses all risks relating to the value and performance of
assets and liabilities that may affect solvency, earnings, and liquidity due to
changes in financial circumstances. These include :
● Market risk;
● Default risk;
● Liquidity risk;
● Intangible assets risk.
Financial risk is the most material risk for many of Ageas’s operations. The
risk framework in place at all operations combines investment policies, limits,
stress tests and regular monitoring to control the nature and level of financial
risks and to ensure that risks being taken are appropriate for both customer
and shareholder and are appropriately rewarded.
The overall asset mix is determined by local businesses based on asset mix
studies to identify the appropriate strategic assets, their adequacy from an
ALM perspective and on regular monitoring of the market situation and
prospects to decide on the tactical allocation. The decision process needs to
balance risk appetite, capital requirements, long-term risks and return,
policyholder expectations, profit sharing requirements, tax and liquidity
issues to arrive at an appropriate target mix. The mission of the Group Risk
function includes monitoring aggregate exposures against risk appetite
regarding financial risks and working with the local businesses to develop
policies and best practice, which must be adopted by the local Boards to
ensure they become part of the local regular activity.
7.1.1 Market risk
Market risk arises from adverse change in the financial situation resulting,
directly or indirectly, from fluctuations in the level and in the volatility of
market prices of assets and liabilities.
It is composed of the following sub-risks :
a. Interest rate risk;
b. Equity risk;
c. Spread risk;
d. Currency risk;
e. Property risk;
f. Market concentration risk;
g. Inflation risk;
h. Market risk sensitivity.
The market risk section also includes sensitivities of Ageas’ Pillar 2 Solvency
Ratio to instantaneous movement in the individual sub-risks.
A. Interest rate risk
Interest rate risk exists for all assets and liabilities sensitive to changes in the
term structure of interest rates or interest rate volatility. This applies to both
real and nominal term structures. The risk arises as a result of a mismatch
between the sensitivity of assets and liabilities to changes in interest rates
and associated volatility, which can adversely impact the earnings and
solvency position. Changes in risk-free rates can also affect the products the
insurance companies sell, for example, through guarantees or profit sharing.
Ageas measures, monitors, and controls its interest rate risk using a number
of indicators including cash flow mismatch analysis and stress testing. The
investment and ALM policies usually require close matching unless
specifically approved otherwise. Longer-term business can be difficult to
match due to lack of availability of suitable assets. The matching strategy will
be determined taking into account risk appetite, availability of (long-term)
assets, current and prospective market rates and levels of guarantee.
Derivatives are sometimes used to hedge interest rate risk. Note that low
interest rates have been defined as a strategic risk with focus on
fixed/variable cost structure.
B. Equity risk
Equity risk arises from the sensitivity of assets and liabilities and financial
instruments to changes in the level or volatility of market prices for equities or
their yield, which can impact earnings and the solvency position.
This risk is controlled through limit setting based on the risk appetite and by
investment policies that require a range of controls to be in place including
the action that will be taken in the event of significant decreases in value.
Pro-active management of this risk can result in the rapid reduction in
exposure to equity risk through sales and hedging. This helps to limit losses
and to ensure that the insurance companies remain solvent throughout a
financial crisis.
For risk management purposes, Ageas bases its definition of equity exposure
on the economic reality of underlying assets and risks. Taking a risk-based
approach; the total economic exposure to equities at fair value is given in the
table below together with the reconciliation to the IFRS reported figures.
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31 December 2023 31 December 2022 Type of asset Direct equity investments 2,885 2,272 Equity funds 1 30 Private equity 6 Total Economic equity exposure 2,892 2,302 Debt funds Money market funds Real estate funds (SICAFI/REITS) 305 286 Total IFRS equity exposure 3,197 2,588 of which: Measured at FVTPL (see note 2) 154 120 Measured at FVOCI (see note 2) 3,043 2,468
C. Spread risk
Spread risk results from the sensitivity of the value of assets and liabilities
and financial instruments to changes in the level or in the volatility of spreads
over the risk-free interest rate term structure.
A significant portion of Ageas’s liabilities are relatively illiquid. Ageas
generally aims to hold credit assets to maturity. This limits the long-term
impact of spread risk significantly because Ageas typically holds these
assets to maturity in line with its long-term illiquid liabilities. Although short-
term volatility can be significant, it is unlikely that Ageas would be forced to
sell at distressed prices, even though Ageas can choose to liquidate these
assets if it considers this the best course of action.
For internal risk management purposes, Ageas considers the sensitivity to
long-term fundamental spread risk, similar to the Solvency II “Volatility
Adjustment” concept, but taking into account its specific portfolio
characteristics. This is considered more in line with Ageas’s business model,
where realising capital losses is generally avoided, compared to a pure mark-
to-market approach.
Ageas’s spread risk treatment in the SCR
ageas
is as follows:
● Inclusion of fundamental spread for EU sovereign and equivalent
exposures;
● Exclusion of non-fundamental spread for other debt.
D. Currency risk
Currency risk arises from the sensitivity of assets and liabilities to changes in
the level of currency exchange rates when there is a mismatch between the
relevant currency of the assets and liabilities. At Group level, this includes
situations where Ageas has assets (in subsidiaries and equity associates) or
liabilities (from funding) that are non-euro denominated.
Ageas’s investment policy limits this risk by requiring the currency mismatch
between assets and liabilities within subsidiaries to be minimised and in most
cases it is eliminated entirely.
Ageas’s policy is not to hedge equity investments and permanent funding for
subsidiaries and equity associates in foreign currency. Ageas accepts the
mismatch arising from ownership of local operating companies in non-euro
currencies as a consequence of being an international group.
The main currency risk exposures to foreign currencies at 31 December are stated in the following table. The exposures shown are net (assets minus liabilities),
after any hedging denominated in euros.
31 December 2023 HKD GBP USD CNY INR MYR PHP THB VND RON TRY Other Total assets 384 3,112 768 2,121 2,076 463 55 817 23 26 176 64 Total liabilities 23 2,503 36 1,621 11 1 21 Total assets minus liabilities 361 609 732 2,121 455 463 55 806 23 25 176 43 Net notional amount of derivatives - to receive 57 Net notional amount of derivatives - to deliver 19 346 3 31 December 2022 HKD GBP USD CNY INR MYR PHP THB VND RON TRY Other Total assets 334 2,895 849 2,204 1,920 599 57 767 23 26 188 53 Total liabilities 11 2,441 40 1,493 1 6 Total assets minus liabilities 323 454 809 2,204 427 599 57 767 23 25 188 47 Net notional amount of derivatives - to receive 53 Net notional amount of derivatives - to deliver 20 506 3
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E. Property risk
Property risk arises as a result of sensitivity of assets and liabilities to the
level or volatility of market prices of property or their yield.
For risk management purposes, Ageas defines the exposure to real estate
based on the market value of these assets, including assets held for own use
and IFRS 16 lease assets. The exposure considered differs from the
exposure reported under IFRS definitions, which excludes unrealised gains
or losses. The table below identifies what Ageas considers economic
exposure to real estate and how this is reconciled to the figures reported
under IFRS.
For internal risk management purposes, Ageas applies an internal model for
real estate in its main subsidiaries, in which real estate risk is treated
according to the underlying economic exposure, rather than IFRS
classification of the assets.
31 December 2023 31 December 2022 Type of asset Carrying amount Investment properties (see note 3) 2,975 3,030 PP&E: land and buildings for own use and Car parks (see note 5) 2,187 2,038 Property intended for sale (see note 8) 270 240 Total (at amortised cost) 5,432 5,308 Real estate funds (at fair value) 305 286 Total IFRS real estate exposure 5,737 5,594 Unrealised capital gain (Economic exposure) Investment properties (see note 3) 941 1,237 PP&E: land and buildings for own use (see note 5) 828 733 Total Economic real estate exposure 7,506 7,564
F. Market Concentration risk
Market risk concentration refers to risks stemming from a lack of
diversification in the asset portfolio stemming from a large exposure by a
single issuer of securities or a group of related issuers.
Concentration risk can arise due to large aggregate exposures to single
counterparties or an aggregate of exposures to a number of positively
correlated counterparties (i.e., tendency to default under similar
circumstances) with the potential to produce a significant number of
impairments due to a bankruptcy or failure to pay.
Avoidance of concentration is therefore fundamental to Ageas’s credit risk
strategy of maintaining granular, liquid and diversified portfolios. Each local
business is responsible for its own counterparty limits, taking into account its
particular situation and any Group requirements. Each local business is in
charge of continuous monitoring. Periodic reporting allows the Group to
check these limits and monitor the overall position.
To manage the concentration of credit risk, Ageas’s investment limits aim to
spread the credit risk across different sectors and countries. Ageas monitors
its largest exposures to individual entities, groups of companies (Total One
Obligor) and other potential concentrations such as sectors and geographic
areas to ensure adequate diversification and identification of significant
concentration risk.
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The table below provides information on the concentration of credit risk at 31 December by type and by location of the Ageas entity.
Government and official Credit Corporate Retail 31 December 2023 institutions Institutions Customers Customers Other Total Belgium 28,017 107 20,403 1,005 1,086 50,618 Europe (excluding Belgium) 3,406 132 3,988 177 280 7,983 Asia 830 70 345 51 1,296 Reinsurance 550 909 502 1,961 General Account and eliminations* 598 52 (1,391) 115 (626) Total 32,851 911 24,254 1,182 2,034 61,232 Government and official Credit Corporate Retail 31 December 2022 institutions Institutions Customers Customers Other Total Belgium 27,397 211 18,947 1,044 741 48,340 Europe (excluding Belgium) 3,853 117 3,841 183 285 8,279 Asia 770 73 317 48 1,208 Reinsurance 535 978 336 1,849 General Account and eliminations* 478 (102) (1,346) 21 (949) Total 32,498 834 22,737 1,227 1,431 58,727
* The line ‘General Account and eliminations’ is mainly linked to the reinsurance program and Group Treasury.
The table below provides information on the concentration of credit risk at 31 December by type and location of counterparty.
Government and official Credit Corporate Retail 31 December 2023 institutions Institutions Customers Customers Other Total Belgium 15,192 135 3,200 66 732 19,325 Europe (excluding Belgium) 16,788 206 17,839 177 1,142 36,152 Asia 830 570 595 160 2,155 Other countries 41 2,620 939 3,600 Total 32,851 911 24,254 1,182 2,034 61,232 Government and official Credit Corporate Retail 31 December 2022 institutions Institutions Customers Customers Other Total Belgium 15,927 198 3,263 75 709 20,172 Europe (excluding Belgium) 15,756 313 16,640 183 724 33,616 Asia 770 283 581 35 1,669 Other countries 45 40 2,253 969 (37) 3,270 Total 32,498 834 22,737 1,227 1,431 58,727
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Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The table below shows the highest exposures to ultimate parents measured at fair value and nominal value with their ratings.
Highest Exposure Top 10 Group Rating Fair Value Nominal Value Kingdom of Belgium AA- 14,357 14,438 French Republic AA 4,306 4,019 Kingdom of Spain A- 2,352 2,387 Portuguese Republic A- 2,341 2,261 European Union AAA 1,595 1,682 Republic of Austria AA+ 1,580 1,478 Kingdom of the Netherlands AAA 1,235 1,364 Republic of Italy BBB 1,079 1,305 Federal Republic of Germany AAA 1,020 877 European Investment Bank AAA 980 1,008 Total 30,845 30,819
The Kingdom of Belgium remains the top counterparty. Large exposures in Life insurance subsidiaries typically result from the practice of holding large domestic
sovereign positions.
G. Inflation Risk
Inflation risk arises through the impact of the level or volatility of inflation
rates on the value of assets & liabilities.
Ageas does not actively seek to take on inflation risk; however, it may
choose to hold assets whose returns are explicitly linked to inflation.
Moreover, some insurance liabilities are explicitly or implicitly dependent on
inflation rates. Inflation risk can manifest in different ways, such as higher
than anticipated expenses and claims costs.
Life insurance obligations are typically expressed in nominal terms, however
for Non-Life and Health lines inflation can result in claims that are higher than
assumed in terms of pricing. This can be mitigated through periodic review of
product pricing and through controls in the claims management process.
Where Ageas considers that the inflation risk is not adequately covered in
under the regulatory capital regime or through indirect methods, it may
consider an explicit add-on for inflation risk under Pillar II. This is currently
done in countries with material inflation risk related to annuities stemming
from Workers’ Compensation policies.
H. Market risk sensitivity
On an annual basis, Ageas runs an analysis of the impacts associated to the
key market risk factors. The results are available in the table below. They
show the sensitivity of the Pillar 2 Solvency Ratio (SCR
Ageas
) as at Q4 2023
and Q4 2022 to the specific stand-alone risk factors. Sensitivity of the Pillar 1
Solvency Ratio (SCR
PIM
) will be disclosed in the Solvency and Financial
Condition Report. The selection and the calibration of the scenarios do not
express Ageas’ expectations of future market evolution.
Key conclusions for each sensitivity are as follows:
Solvency Capital Impact Impact Based on Solvency II ageas SII Own Funds Requirement Solvency Ratio S/R S/R 2022 Base case Before stress 7,665 3,533 217% Yield curve Down -50bps 7,777 3,643 213% (3%) (8%) Yield curve Up +50bps 7,509 3,481 216% (1%) (12%) Yield curve Steepening 7,740 3,541 219% 2% 7% Equity Down -25% 7,145 3,487 205% (12%) (11%) Spreads Corporate spreads up +50bps 7,660 3,545 216% (1%) (3%) Spreads Government spreads up +50bps 7,480 3,621 207% (10%) (9%) Property Down -10% 7,465 3,634 205% (11%) (12%) Inflation Parallel Shock +50bps 7,652 3,503 218% 2% (5%)
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Key elements for interpreting each sensitivity are:
Interest Rates: Yield Curve
● Down: - 50bps
- Sensitivity applies a shock on the yield curve of -50 bps. The shock
is applied on the non-extrapolated part of the yield curve impacting
both assets & liabilities. This shocked market data is extrapolated to
the UFR reaching 3.45%, in line with the EIOPA guidance. No floor
is applied, allowing negative interest rates.
- The impact on the solvency ratio is reduced, mainly due to changes
in the profit sharing model introduced to improve the Loss
Absorbing Capacity of the Technical Provisions in a mass lapse
scenario
.
● Up + 50bps
- Sensitivity applies a shock on the yield curve of +50 bps. The shock
is applied on the non-extrapolated part of the yield curve impacting
both assets & liabilities. This shocked market data is extrapolated to
the UFR reaching 3.45%, in line with the EIOPA guidance.
- Among other impacts, the yield curve shock also has an impact on
the capital requirements for life underwriting risk.The calculation of
the Group solvency capital requirements includes capital for a mass
lapse shock that is calibrated at 40% in the Solvency II standard
formula. An increase in the yield curve leads to an increase in the
capital requirements for life underwriting risks and, as a
consequence, in the risk margin.
- In the Q4 2023 results, the positive impacts of the yield curve
increase on the own funds and the SCR are offset by the increase
in the life underwriting risk and its impact on the risk margin. The
offset is however reduced thank to the improved Loss Absorbing
Capacity of the Technical Provisions in a mass lapse scenario.
- The mass lapse shock calibration in the standard formula is overly
conservative, in particular when comparing with historical lapse
figures in Belgium, where various strong incentives apply to
encourage policyholders to keep their contracts (State’s guarantee
on deposits and surrender penalties).
● Yield curve steepening
- Sensitivity applies a non-parallel shock on the yield curve using the
tenor difference between 20 years and 2 years to define the
steepness of the curve; The steepness is set to +1.5% and -1,5%
respectively. The shock is applied on the non-extrapolated part of
the yield curve impacting both assets & liabilities. This shocked
market data is extrapolated to the UFR reaching 3.45%, in line with
the EIOPA guidance.
Equity -25%
This sensitivity applies a shock on the equity portfolio of -25%.
● The impact on the Own Funds is partially mitigated by a corresponding
decrease of the equity shock in the SCR thanks to a review of the
EIOPA equity symmetric adjustment to -10%. As at Q4 2023, the
symmetric adjustment was +1,5pp vs –3pp in 2022.
● The equity symmetric adjustment does not apply on the equity shock of
specific equity exposures such as Long-Term Equity or portfolios which
are protected to a maximum shock which is below the equity shock after
application of the equity symmetric adjustment.
● In the Q4 2023 results, the sensitivity to Equity increases mainly due to
higher equity exposure, partially offset by the buffering of the symmetric
adjustment..
● On average, the equity SCR shock decreased compared to 2022 given
an increasing part of the portfolio is treated as Long Term Equity
charged at a fixed capital charge of 22% without application of the
symmetric adjustment while another part is invested in equity funds
benefiting from embedded downward protection.
Credit Spread: Corporate vs Sovereign Spread +50bps
● This sensitivity applies a credit spread shock of +50bps for the corporate
respectively the sovereign fixed income portfolios.
● For Pillar 2, the credit spread modelling refinement introduced in 2017
reduced strongly the impact of credit spread volatility thanks to the
better compensation between assets and liabilities. The Expected Loss
Model (ELM) is introduced in core Life companies, materially exposed to
spread volatility. ELM replaces the EIOPA VA to absorb short term
spread volatility by a reflection of realized losses due to credit losses.
● The Company EIOPA VA was introduced in the other companies and
absorbs also better credit spreads shocks thanks to the elimination of
the basis risk between the own assets and the EIOPA reference portfolio
embedded in the EIOPA VA.
● Credit ratings are not impacted as part of these credit spread
sensitivities and consequently no downgrade of credit ratings is
assumed. Considering that the implementation of the credit spread
modelling refinement determines the fundamental spread risk mainly
based on the credit rating, credit rating downgrade of material exposures
will also have a negative impact on the pillar 2 solvency ratio.
Property - 10%
● This sensitivity applies a shock on property of -10%.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Inflation +50bps
● This sensitivity assesses the impact of market inflation on direct
exposure where an explicit modelling of inflation is taken into account.
● An increase in inflation may also lead to yield curve movements, yet a
global yield curve change has not been assumed. Also, the sensitivity
does not reflect secondary impacts (e.g., on the value of equities, real
estate, specific claim inflation, yield curve movements). Finally, the
inflation wedge assumptions remain unchanged, in line with quarterly
calculation.
● The Q4 2023 results show that the inflation shock would have a positive
impact on the solvency, mainly reflecting investments in inflation-linked
bonds done during the year.
7.1.2 Default risk
Default risk is composed of two sub-risks:
a. investment default risk;
b. counterparty default risk.
The credit exposures can be found in Note 2 Financial investments and Note
8 Accrued interest and other assets.
A. Investment default risk
The investment default risk represents the risk of actual default of Ageas’ s
investments. Value movements due to market short-term volatility are
covered under market risk. This does not include contracts covered under
counterparty default risk (see section B).
This risk is managed through limits which take into account the type of credit
exposure, credit quality and, where needed, maturity, and through regular
monitoring and early warning systems.
Investment exposures are monitored through a quarterly Limit Breach
Report. Limits are monitored on fair values based on asset classification. The
limits are defined by the following categories.
Limits on government bonds are defined by country in multiple ways:
● ‘macro limits’, defined as percentages of gross domestic product (GDP),
government debt and investment assets;
● Total One Obligor (TOO) limits defined as maximum exposure to one
obligor based on credit ratings;
● (re-)investment restrictions: Increases in exposure to sovereigns rated
BBB are only allowed on the condition of having a stable outlook. No
new investments in sovereign debt with a rating below BBB without the
approval of the Ageas Risk Committee.
Limits on corporate bonds are also defined on multiple criteria:
● Total corporate bonds exposure as a percentage of the portfolio;
● Limits in function of the solvency capital required for spread risk;
● Limits by sector based on the credit ratings;
● Monitoring of concentrated exposure;
● Total One Obligor.
At the Group level, a quarterly overview is provided of the largest single
name exposures across the Group. This overview is used as a basis for a
more in-depth credit review of large exposures in the Ageas Risk Committee.
Ageas regularly assesses the impact of negative credit scenarios such as
defaults & downgrades on its investment assets as part of its regular stress
testing.
The credit rating applied by Ageas is based on the second best available
rating from Moody’s, Fitch and Standard & Poor’s. For specific exposure
types, other rating agencies can be used, for example AM Best for
reinsurance counterparties. In the paragraphs hereafter, more detail is
provided on the credit quality of: loans; interest bearing investments;
government bonds; corporate bonds; banks and other financials.
Within the Risk Appetite framework, each local entity monitors earning
impacts linked to defaults and movements in ECL related to changes in the
economic cycle or stage migration.
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Risk management and solvency

Debt securities
The table below outlines the credit quality of debt securities showing a constant proportion of investment grade investments at 31 December.
Lifetime ECL Lifetime ECL Purchased not credit credit or originated 12-month ECL impaired impaired credit- 31 December 2023 (stage 1) (stage 2) (stage 3) impaired Total AAA 3,931 3,931 AA 20,151 20,151 A 11,288 11,288 BBB 8,373 8,373 Investment Grade 43,743 43,743 Below investment grade 292 45 14 351 Unrated 4,240 4,240 Maximum credit risk exposure of debt securities measured at amortised cost and FVOCI 48,275 45 14 48,334 Impairments ECL (32) (1) (14) (47) Amortised cost of debt securities measured at amortised cost and FVOCI 48,243 44 48,287 Net carrying amount of debt securities measured at amortised cost and FVOCI 46,718
Lifetime ECL Lifetime ECL Purchased not credit credit or originated 12-month ECL impaired impaired credit 31 December 2022 (stage 1) (stage 2) (stage 3) -impaired Total AAA 2,992 2,992 AA 21,774 21,774 A 8,967 8,967 BBB 10,450 10,450 Investment Grade 44,183 44,183 Below investment grade 307 64 371 Unrated 3,912 20 3,939 Maximum credit risk exposure of debt securities measured at amortised cost and FVOCI 48,402 64 20 48,493 Impairments ECL (12) (1) (20) (33) Amortised cost of debt securities measured at amortised cost and FVOCI 48,390 63 48,460 Net carrying amount of debt securities measured at amortised cost and FVOCI 45,269
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Loans
The table below provides information on the credit quality of loans.
Lifetime ECL Lifetime ECL Purchased not credit credit or originated 12-month ECL impaired impaired credit- 31 December 2023 (stage 1) (stage 2) (stage 3) impaired Total AAA 1,173 1,173 AA 2,283 2,283 A 2,259 2,259 BBB 1,650 1,650 Investment Grade 7,365 7,365 Below investment grade 10 20 30 Unrated 1,744 6 11 14 1,775 Maximum credit risk exposure of loans measured at amortised cost and FVOCI 9,119 6 31 14 9,170 Impairments ECL (9) (21) (30) Amortised cost of loans measured at amortised cost and FVOCI 9,110 6 10 14 9,140 Net carrying amount of loans measured at amortised cost and FVOCI 8,743 Lifetime ECL Lifetime ECL Purchased not credit credit or originated 12-month ECL impaired impaired credit- 31 December 2022 (stage 1) (stage 2) (stage 3) impaired Total AAA 1,276 1,276 AA 2,272 2,272 A 2,249 2,249 BBB 1,565 1,565 Investment Grade 7,362 7,362 Below investment grade 10 20 30 Unrated 1,854 5 16 19 1,894 Maximum credit risk exposure of loans measured at amortised cost and FVOCI 9,226 5 36 19 9,286 Impairments ECL (5) (23) (28) Amortised cost of loans measured at amortised cost and FVOCI 9,221 5 13 19 9,258 Net carrying amount of loans measured at amortised cost and FVOCI 8,583
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Lease and Trade Receivables
The table below outlines the credit quality of trade and lease receivables with the loss allowance under simplified approach.
Gross Loss Weighted Credit 31 December 2023 carrying amount allowance average loss rate impaired Current, not past due 694 (2) 0.29% No 1-30 days past due 38 No 31-60 days past due 20 No 61-90 days past due 36 No More than 90 days past due 128 (36) 28.13% Yes Total trade and lease receivables 916 (38) 4.15%
Gross Loss Weighted Credit 31 December 2022 carrying amount allowance average loss rate impaired Current, not past due 592 (4) 0.68% No 1-30 days past due 40 No 31-60 days past due 16 No 61-90 days past due 33 No More than 90 days past due 66 (35) 53.03% Yes Total trade and lease receivables 747 (39) 5.22%
Change in Fair Value of Financial Assets and Liabilities Designated at FVTPL
due to change in credit risk
The changes in fair value attributable to changes in own credit risk of these
financial liabilities are recognised in other comprehensive income unless
such recognition would create an accounting mismatch in the income
statement.
The financial liabilities not related to policyholders are measured at amortised
cost.
B. Counterparty default risk
Counterparty default risk reflects possible losses due to unexpected default,
or deterioration in the credit standing, of counterparties and debtors. The
scope of the counterparty default risk category includes risk-mitigating
contracts (such as reinsurance arrangements, securitisations, and
derivatives), cash, receivables from intermediaries, diversified mortgage
portfolios, and other credit exposure not covered elsewhere.
Counterparty default risk can arise due to the purchase of reinsurance or
other risk mitigation contracts. Ageas minimises this risk through policies on
counterparty selection, collateral requirements, and diversification.
Within Ageas, this risk is mitigated through the application of Ageas’s Default
Risk Policy and close monitoring of outstanding counterparty default
positions. Diversification and avoidance of low rated exposures are key
elements in the mitigation of this risk.
Impairment for specific credit risk is established if there is objective evidence
that Ageas will not be able to collect all amounts due in accordance with
contractual terms. The amount of the impairment is the difference between
the carrying amount and the recoverable amount. In the case of market
traded securities, the recoverable amount is the fair value.
Impairments are based on Ageas’s latest estimate of the recoverable amount
and represent the loss that Ageas considers it will incur. Conditions for write-
off may be that the obligor’s bankruptcy proceedings have been finalised and
securities have been exhausted, the obligor and/or guarantors are insolvent,
all normal recovery efforts have been exhausted, or the economic loss period
(i.e., the period within which all expenses will exceed the recoverable
amount) has been reached.
182
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Reinsurance contract assets
The table below outlines the credit quality of reinsurance contract assets at 31 December.
31 December 2023 31 December 2022 AAA AA 209 254 A 502 461 BBB 1 2 Investment Grade 712 717 Below investment grade Unrated 4 13 Maximum credit risk exposure of reinsurance contract assets 716 730 Net carrying amount of reinsurance contract assets 653 677
7.1.3 Liquidity risk
Liquidity risk is the risk of being unable to liquidate investments and other
assets to settle financial obligations when they fall due. For example, this can
occur when unexpected cash demands of policyholders, and other contract
holders, cannot be met without suffering losses or without endangering the
business franchise due to constraints on liquidating assets. These
constraints may be structural or due to market disruption.
The financial commitments of Ageas and its local businesses are often long-
term, and generally assets held to back these would be long-term and may
not be liquid. Claims and other outflows can be unpredictable and may differ
significantly from expected amounts. If liquid resources are not available to
meet a financial commitment as it falls due, liquid funds will need to be
borrowed and/or illiquid assets sold (which may trigger a significant loss in
value) to meet the commitment. Losses would arise from any discount that
would need to be offered to liquidate assets.
As an insurance group, Ageas is normally cash accretive and hence this risk
is relatively remote. Ageas keeps a cash position to be able to withstand
adverse liquidity conditions if and when arising. Special attention is paid to
the messages from central banks on potential changes in monetary policy
stance. Dividend payments to shareholders together with holding costs are
financed by dividend upstream from Ageas operating insurance entities.
Reinsurance operations at the holding level are also managed separately
from a liquidity perspective.
Causes of liquidity risk can be split into elements that can create a sudden
increase in the need for cash and elements that can reduce unexpectedly the
availability of expected resources to cover cash needs. Types of liquidity risk
are the following:
● Underwriting liquidity risk is the risk that Ageas or a local business
needs to pay a material amount to cover unanticipated changes in
customer behaviour (lapse risk), sudden rise in frequency claims or
sudden large claims resulting from large or catastrophic events such as
windstorms, ash clouds, flu pandemic, etc.;
● Market liquidity risk is the risk that the process of selling in itself results
in losses due to market conditions or high concentrations;
● Funding liquidity risk is the risk that Ageas or a local business will not be
able to obtain sufficient outside funding, in case its assets are illiquid, at
the time it is needed (for example, to meet an unanticipated large claim).
Each business has to ensure they can meet all liquidity requirements by
identifying and monitoring liquidity risk, so that the circumstances under
which liquidity issues could be possible are known and understood (i.e.
unexpected adverse change in liability run-off profile, mass lapse event,
slowdown in new business, change in rating), as well as the business’s ability
to respond to such issues (i.e. liquidity of assets in a crisis) is clear.
Management of liquidity risk is performed through a limit framework. Limits
are in place locally and provide an indication of the net liquidity position.
Ratios are considered where liquid assets are compared against liquid
liabilities over different time horizons (3 months/1year) according to liquidity
risk events. Minimum levels of these ratios are defined and actively used in
the liquidity profile. In setting these limits, consideration has been given to
the circumstances under which liquidity is assessed (stressed versus normal
conditions).
The following table provides an overview of the expected outflows stemming
from insurance contracts and the amounts from insurance contract liabilities
that are payable on demand. Note that liquidity is managed within the
individual insurance companies.
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Undiscounted estimate of future cash outflows Amount Less than More than Effect of payable 31 December 2023 one year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5 years discounting Total on demand Insurance contracts issued not measured under the PAA Insurance contract assets - Life (1) (1) (1) (1) (1) (21) 7 (19) Insurance contract assets - Non-life Insurance contract liabilities - Life 4,468 2,658 3,405 4,228 3,696 51,630 (21,651) 48,434 48,359 Insurance contract liabilities - Non-life (36) (32) (30) (27) (10) 1,009 (733) 141 Total net cash outflows from insurance contracts issued not measured under the PAA 4,431 2,625 3,374 4,200 3,685 52,618 (22,377) 48,556 48,359
Undiscounted estimate of future cash outflows Amount Less than More than Effect of payable 31 December 2022 one year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5 years discounting Total on demand Insurance contracts issued not measured under the PAA Insurance contract assets - Life (1) (1) (1) (1) (25) 9 (20) Insurance contract assets - Non-life Insurance contract liabilities - Life 4,270 3,881 2,835 3,518 4,415 51,346 (22,771) 47,494 47,385 Insurance contract liabilities - Non-life (24) (24) (23) (21) (4) 929 (697) 136 Total net cash outflows from insurance contracts issued not measured under the PAA 4,246 3,856 2,811 3,496 4,410 52,250 (23,459) 47,610 47,385
7.1.4 Intangible assets risk
Intangible assets risk is the risk of loss or adverse change in the value of
intangible assets due to a change in expected future benefits to be gained
from the intangible assets. Intangible assets can consist among others of
parking concessions and intellectual property. Assets that are classified as
intangible assets under IFRS but economically are subject to specific risks
(e.g. property) are included in the internal capital view under Pillar 2.
31 December 2023 31 December 2022 Carrying amount (IFRS exposure) Car park concessions (see note 6) 502 502 Other intangible assets (see note 6) 139 134 Total IFRS real estate exposure (Intangible assets) 641 636 Unrealised capital gain (Economic exposure) Car park concessions (see Comprehensive Equity) 197 196 Other intangible assets (see Comprehensive Equity) 45 Total Economic real estate exposure (Intangible assets) 883 832
184
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

7.2 Insurance liability risks
Insurance liability risks refer to all insurance underwriting risks due to
deviations in claims arising from uncertainty and timing of the claims as well
as deviations in expenses and lapses, compared to underlying assumptions
made at the point of underwriting of the policy.
Life risks include mortality risk, longevity risk, disability, morbidity risk (i.e.,
critical illness risk), lapse and persistency risk, expense risk, catastrophe risk
and revision risk.
Non-life risks include reserve risk, premium risk, and catastrophe risks.
Reserve risk is related to outstanding claims, while premium risk is related to
future claims from which catastrophe claims are excluded. Catastrophe risk is
related to claims arising from catastrophic events, either natural disasters or
man-made events.
Each business manages insurance risks through a combination of
Underwriting Policy, Product Approval Policy, Reserving Policy, Claims
Management Policy, and Reinsurance Policy. Particular attention is paid to
ensuring that the customer segment that buys the product is consistent with
the underlying assumptions made about the customers when the product was
designed and priced.
Underwriting policies are adopted as part of the overall Enterprise Risk
Management framework and are revised by actuarial staff, who examine the
actual loss experience. A range of indicators and statistical analysis tools are
employed to refine underwriting standards to improve loss experience and/or
ensure pricing is adjusted appropriately.
Ageas and its subsidiaries aim to set premiums at a level that will ensure that
premiums received plus the investment income earned on them exceed total
claims, costs of handling those claims and the cost of managing the
business. The appropriateness of pricing is tested using a range of
techniques and key performance indicators appropriate to a particular
portfolio, on both a priori basis (e.g., profit testing) and a posteriori basis
(e.g., embedded value, combined ratios, risks accepted during period)
The factors taken into consideration when pricing insurance vary by product
according to the cover and benefits offered. In general, they include:
● expected claims by policyholders and related expected pay-outs and
their timing;
● the level and nature of variability associated with the expected benefits.
This includes analysis of claims statistics as well as consideration of the
evolution of court rulings, the economic climate and demographic trends;
● other costs of producing the relevant product, such as distribution,
marketing, policy administration, and claim administration costs;
● financial conditions, reflecting the time value of money;
● solvency capital requirements;
● target levels of profitability;
● insurance market conditions, notably competitor pricing of similar
products.
In its exposures to the above-mentioned risks, Ageas benefits from
diversification across geographical regions, product lines and even across
the different insurance risk factors so that Ageas is not exposed to significant
concentrations of insurance risks. Moreover, Ageas and its subsidiaries have
built in specific mitigation measures to minimise their risk exposures.
Examples are, lapse supported products via lapse penalties and/or market
value adjustments mitigate the loss to the insurance company and
reinsurance treaties leading to limited exposure to large losses.
For risk monitoring Ageas considers the Pillar 2 Solvency II Solvency Capital
Requirement (SCR
Ageas
) per sub-risk (also referred to as the Ageas view). In
the tables below, the SCR
Ageas
and the risk consumption for each type of
Underwriting Risk are displayed, dnet of the loss absorbency of the technical
provisions (LACTP). They indicate the relative levels of risk and capital
consumption on a 1/200 year event respectively on a 1/30 year event (basis
for Ageas’ Risk Appetite).
Composition of SCR related to insurance risk (1/200, net of LACTP) 31 December 2023 31 December 2022 Life Underwriting Risk 864 1,081 Health Underwriting Risk 386 395 Non-Life Underwriting Risk 1,117 887 Total 2,367 2, 363
Composition of SCR related to insurance risk (1/30) 31 December 2023 31 December 2022 Life Underwriting Risk 452 559 Health Underwriting Risk 218 234 Non-Life Underwriting Risk 523 434 Total 1,193 1,227
The Life Underwriting risk SCR decreased mainly due to reduced mass lapse risk sensitivity to yield curve movement. The Non -Life Underwriting risk increased
mainly due to the underlying business growth.
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7.2.1 Life underwriting risks
Life underwriting risk reflects the risk arising from Life insurance obligations,
in relation to the perils covered and the processes used in the conduct of
business.
Life underwriting risks are mainly composed of mortality/longevity,
disability/morbidity, lapse and persistency, life expense, revision as well as
catastrophe risks. This section will first describe these risks (sub-sections A
to F). It will then provide an overview of their management within Ageas
operating companies (sub-section G).
A. Mortality/longevity risk
Mortality risk is the risk of loss or of adverse change in the value of insurance
liabilities, resulting from changes in the level, trend, or volatility of mortality
rates, where an increase in the mortality rate leads to an increase in the
value of insurance liabilities. The mortality tables used in pricing include
prudential margins. As per industry practice, Ageas and its subsidiaries use
the population experience tables with adequate safety loadings. Yearly
review of the assumptions is necessary to compare the expected mortality of
the portfolio with the experience. This analysis takes a number of criteria into
account such as age, policy year, sum assured and other underwriting
criteria.
Longevity risk is the risk of loss or of adverse change in the value of
insurance liabilities, resulting from changes in the level, trend, or volatility of
mortality rates, where a decrease in the mortality rate leads to an increase in
the value of insurance liabilities. This risk is managed through yearly revision
of the mortality experience within the portfolio. Where longevity is found to be
rising faster than assumed in the mortality tables, additional provisions are
set up and pricing of new products is adjusted accordingly.
B. Disability/morbidity risk
Disability/morbidity risk is the risk of loss or of adverse change in the value of
insurance liabilities, resulting from changes in the level, trend or volatility of
disability, sickness, and morbidity rates. This can, for example, arise in the
disability business, health business and workers’ compensation. Ageas and
its subsidiaries mitigate disability risk through medical selection strategies
and appropriate reinsurance cover.
C. Lapse and Persistency risks
Lapse risk is the risk of loss or of adverse change in the value of insurance
liabilities, resulting from changes in the level or volatility of the rates of policy
lapses and persistency, which include renewals, surrenders, premium
reductions, and other premium reducing factors. Note that persistency risk is
another name sometimes used to describe the volatility in the policy premium
lapses and reinstatements of lapsed policies, free look cancellations or
surrenders.
When designing and pricing insurance policies, assumptions also need to be
made relating to the costs of selling and then administering the policies until
they lapse or mature and relating to the rate of persistency that will be
experienced. The risks that in actual experience may be different from the
potential impact are identified during the product development stage and can
be mitigated by thorough product design. For example, the use of early
redemption penalties/loyalty bonuses, initial charges or spreading the
commission paid to distributors to align interests or a market value
adjustment where the risks are completely born by the policyholders in case
of lapse. In some markets, fiscal incentives also mitigate the lapse risk.
D. Life-expense risk
Life-expense risk is the risk of loss or of adverse change in the value of
insurance liabilities, resulting from changes in the level, trend, or volatility of
the expenses incurred in servicing insurance or reinsurance contracts.
Expense risk arises if the expenses anticipated when pricing a guarantee are
insufficient to cover the actual costs accruing in the following years.
E. Revision risk
Revision risk is the risk of loss or of adverse change in the value of insurance
liabilities, resulting from fluctuations in the level, trend, or volatility of the
revision rates applied to annuities, due to changes in the legal environment
or in the state of health of the person insured.
F. Catastrophe Risk
Life catastrophe risk is the risk related to claims generated by catastrophic
life events, such as nuclear explosions, pandemics, terrorism, and natural
disasters (such as storms, floods, earthquakes, freezes, tsunamis).
G. Management of life risks AT Ageas insurance companies
Life underwriting risks are monitored via internal quarterly risk reporting to
better understand their exposure to certain events and their evolution. Most
of the Life insurance operating companies are exposed to similar events,
such as (mass) lapse events, expenses, or mortality/longevity.
At Group level a number of reporting schemes related to the above are in
place e.g., adequacy testing on reserves, reporting on capital requirements
and within the context of the actuarial function. In addition, a thorough follow-
up of model changes, assumption changes, legislation change at operating
company level is performed and reported to the Group.
H. Sensitivities on technical provisions
Ageas’s main tool for monitoring the sensitivity of the life insurance liabilities
to underwriting risks is the quarterly risk reporting, which contains the capital
requirements by sub-risk. For consolidated entities subject to Solvency II or
equivalent regimes, these capital requirements reflect the impact on
Solvency II Own Funds under highly stressed underwriting assumptions (e.g.,
lapse rates, mortality rates, disability and morbidity rates, expenses, …)
corresponding to a 1 in 200 stress.
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The majority of Life technical provisions at Ageas relate to Savings &
Pension business. As a result, the main uncertainties to Ageas’s life
insurance liabilities are related to market risks such as the level of fixed
income spread levels, risk asset returns, and the term structure of interest
rates, rather than underwriting risks such as lapse, mortality, or expense
risks. For Protection, Annuity or Health products, the relative importance of
underwriting risks can be more important for individual entities, however
these are not the main risks at the Group level.
Based on this, Ageas does not regularly report quantitative first order
sensitivities on a Group-wide basis. Instead, these risks are monitored as
part of the regular risk reporting which takes an economic view.
7.2.2 Non-life underwriting risks
Non-life underwriting risks are mainly composed of reserve, premium,
catastrophe, and lapse risks. This section will first describe these risks (sub-
sections A to D). It will then provide an overview of their management within
Ageas operating companies (sub-section E) and loss ratios (sub-section F),
Non-life risk sensitivities (sub-section G) and loss reserve tables (sub-section
H).
A. Reserve risk
Reserve risk is related to outstanding claims and represents the risk of
adverse change in the value of insurance liabilities resulting from fluctuations
in the timing and amount of claim settlements and claims expenses.
To mitigate the risk of adverse change in value, Ageas’ insurance companies
have adopted claims management rules to proactively manage the claims
considering their expected evolution (e.g changes in legislation). Risks are
also mitigated by the operating companies’ reinsurance strategy.
B. Premium risk
Non-life premium risk is the risk that the premium will not be sufficient to
cover all liabilities including claims and expenses resulting from fluctuations
in frequency and/or severity of the claims as well as adverse changes in
expenses.
Claims losses can differ from the expected outcome for a range of reasons.
Analysis of claims will generally treat differently short and long-tail claims.
Short-tail claims, such as motor damage and property damage claims, are
generally reported within a few days or weeks and are settled soon
afterwards. The resolution of long-tail claims, such as bodily injury or liability
claims, can take years to complete. In the case of long-tail claims,
information concerning the event, such as medical treatment required, may,
due to its very nature, not be readily obtainable. Analysis of long-tail losses is
also more difficult, requires more detailed work and is subject to greater
uncertainties than analysis of short-tail losses.
Ageas and its subsidiaries take into account experience with similar cases
and historical trends, such as reserving patterns, exposure growth, loss
payments, pending levels of unpaid claims, as well as court decisions and
economic conditions. In the event that experience is either deemed
insufficient or lacking altogether due to the specific nature of the claim
event
4F
2
, Ageas draws from reliable (external or other) sources and
assessments while respecting its Risk position.
To mitigate the claims risk, Ageas and its subsidiaries adopt acceptance
rules and underwriting policies. The pricing is defined by client segment and
class of business based on knowledge or expectations of future movements
in claims frequency and severity. Ageas and its subsidiaries also benefit from
diversification effects by engaging in a wide range of Non-life insurance
classes and geographies. This does not reduce average claims, although it
does significantly reduce the variation in the total claims book and therefore
the risk. The risk of unexpectedly large claims is contained by policy limits,
concentration risk management and reinsurance.
C. Catastrophe risk
Catastrophe risk is related to claims generated by catastrophic events, such
as natural disasters (such as storms, floods, earthquakes, freezes,
tsunamis), or man-made events (such as terrorist attacks, explosions or train
accidents).
The mitigation of the catastrophe risk is done via concentration risk
management and reinsurance.
To quantify the concentration risk in property, an assessment is performed by
Ageas non-life entities on their address level exposure data in order to
identify their top concentration clusters taking into account the total sum
insured of all buildings, covered for damages caused by fire, explosion,
terrorism attack, partially or fully located in a given radius. This analysis is
the basis of the severity component of the Property Cat Man Made module of
the Non-Life Internal Model.
D. Lapse risk
Lapse risk is related to future premiums included in the premium provision
where an expected profit is foreseen. Lapse risk is the risk that more lapses
will occur than the expected ones, generating less profit than foreseen.
E. Management of non-life risks AT Ageas insurance companies
The management of Non-life risk at Ageas follows underwriting and risk
taking management instructions and guidance issued at each Non-life entity
of the Group. This includes, amongst other things, risk acceptance rules,
claims guidance, reinsurance taking activity and management.
2 E.g. ENID (Events not in data) events
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At Group level a number of reporting schemes related to the above are in
place e.g., KPI reports and adequacy testing both on claims- and premium
reserves.
In addition, an internal model has been built to better manage the non-life
underwriting risks of the entities and of the group, The model is used to find
the optimal reinsurance programs to mitigate the non-life risks of the entities
but also to avoid risk concentration across the Group. Weather-related claims
is a typical example of concentration of risks for the group. Climate change
has a particular focus in this context. For the modelling of natural events,
external models are used. Ageas ensures a permanent follow-up of the
implication of climate change on those models and a permanent discussion
takes place with the providers of the models.
F. Loss Ratios
A loss ratio is the single measure used for assessing the appropriateness of
the part of premium rates marketed to cover insurance claims. It is defined as
the ratio of total claim cost (estimated) divided by premiums earned.
Combined ratio is the sum of loss ratio and expense ratio (including
commissions).
Generally speaking, one may expect to experience a combined ratio below
100 percent. For reasons of intrinsic variability of the claims process and/or
premium inefficiency one might from time to time observe a combined ratio
above 100 percent. The latter situation is tackled in the management of the
Non-life risks (see point E. above).
The combined ratio and loss ratio can be found in the note 27 Information on
operating segments.
G. Loss Reserve Tables
The reserves for claims and claim expenses that appear in the statement of
financial position are analysed by the actuaries and claims management
departments by accident year. Payments and loss reserves are therefore
represented in a two time-related dimension table: accident year (year of loss
occurrence, in the columns) and calendar year (or development year, in the
rows). This so-called run-off triangle shows how best estimate loss reserve
develops over time due to payments made and new estimates of the ultimate
loss at the respective date of the statement of financial position.
All claims concerned are resulting from insurance contracts as defined by
IFRS, including all accident & health, property and casualty contracts whose
reserves can be reported in a triangular format. All figures quoted in the body
of the triangle are undiscounted and reconciled with the liabilities for incurred
claims in the statement of financial position, after deducting the cumulative
claims payment and taking into account the effect of discounting and risk
adjustment for non-financial risk.
All amounts in the table are calculated at the applicable exchange rates at
year-end 2023.
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The loss reserve development tables per accident year gross and net of reinsurance are as follows.
Accident Year: Gross of reinsurance 2016 2017 2018 2019 2020 2021 2022 2023 Total Estimates of undiscounted gross cumulative claims At the end of accident year 2,773 2,624 2,618 2,733 2,541 3,048 3,145 3,247 1 year later 2,856 2,535 2,731 2,652 2,428 3,009 3,078 2 years later 2,761 2,561 2,651 2,651 2,421 2,955 3 years later 2,685 2,539 2,626 2,629 2,389 4 years later 2,678 2,544 2,580 2,523 5 years later 2,673 2,508 2,582 6 years later 2,693 2,505 7 years later 2,711 Cumulative gross claims payment 2,435 2,309 2,330 2,230 2,016 2,374 2,255 1,561 Gross undiscounted liabilities for incurred claims for accident years from 2016 to 2023 275 196 252 294 374 581 823 1,686 4,481 Gross undiscounted liabilities for incurred claims for accident years prior to 2016 measured under modified retrospective & fair value approach 2,599 Effect of discounting (1,474) Effect of the risk adjustment for non-financial risk 198 Gross liabilities for incurred claims in the statement of financial position 5,804 Accident Year: Net of reinsurance 2016 2017 2018 2019 2020 2021 2022 2023 Total Estimates of undiscounted net cumulative claims At the end of accident year 2,630 2,518 2,533 2,575 2,328 2,694 2,979 3,067 1 year later 2,676 2,493 2,611 2,511 2,243 2,725 2,825 2 years later 2,612 2,484 2,586 2,452 2,265 2,678 3 years later 2,552 2,468 2,546 2,469 2,240 4 years later 2,543 2,460 2,509 2,410 5 years later 2,540 2,443 2,503 6 years later 2,569 2,441 7 years later 2,578 Cumulative net claims payment 2,366 2,260 2,271 2,135 1,911 2,169 2,108 1,498 Net undiscounted liabilities for incurred claims for accident years from 2016 to 2023 213 181 232 274 329 509 717 1,569 4,024 Net undiscounted liabilities for incurred claims for accident years prior to 2016 measured under modified retrospective & fair value approach 2,115 Effect of discounting (1,136) Effect of the risk adjustment for non-financial risk 161 Net liabilities for incurred claims in the statement of financial position 5,164
The loss reserve development table per accident year shows the
development of the estimates of undiscounted cumulative claims for each
individual accident year (as indicated in the column) and for each
development year (as indicated in the row) since the year of occurrence
through to the reporting year 2023. The triangle data is not available for
accident years prior to 2016 which are measured under modified
retrospective and fair value approaches.
The undiscounted cumulative claims, also known as ultimate total loss, for
each individual accident year comprise of the sum of cumulative payments
and outstanding claims reserve including IBN(E)R. The changes in ultimate
total loss year on year reflects the fact that the estimate fluctuates with the
knowledge and information gained on the claims. The longer the period of
development of the claims, the more accurate is the estimate of the ultimate
loss.
The amount of total liabilities for incurred claims as part of the insurance
contract liabilities in the statement of financial position is further disclosed in
section 9.2 Assets and liabilities arising from Non-Life insurance contracts
issued.
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7.2.3 Health Risk
Health underwriting risk reflects the risk arising from the underwriting of
health insurance obligations, whether it is pursued on a similar technical
basis to that of life insurance or not, following from both the perils covered
and the processes used in the conduct of business.
The components of health insurance risk are to split depending on the type of
liabilities: if similar to life risk or modelled based on similar techniques as for
life liabilities – please refer to section 7.2.1 Life underwriting risks. For
liabilities similar to Non-life liabilities or modelled on a similar way, please
refer to section 7.2.2 Non-life underwriting risks.
7.3 Operational risks
Operational risk is defined as the risk of losses arising from inadequate or
failed internal processes, personnel, systems, or external events.
Ageas views operational risk as an ‘umbrella’ risk, encompassing a number
of sub-risks: Employment Practices and Workplace Safety, Execution,
Delivery and Process Management, Technology, Internal Fraud, External
Fraud, Damage to Physical Assets (including physical security), Clients,
Products Business & Legal Practice, Conduct, Regulatory Compliance, Third
Party, Statutory Reporting, Disclosure & Tax, Business Continuity, Crisis
Management & Operational Resilience, Data Management, Information
Security (including Cyber), and Model risk. In order to ensure adequate
management of operational risks, Ageas has implemented Group-wide
policies and processes, which covers topics, amongst others, that include:
● Business Continuity Management.
● Fraud Risk Management.
● Information Security.
● Data Management.
● Outsourcing & Procurement.
● Treat Your Customer Fairly.
● Incident Management and Loss Data Collection.
● Internal Control Adequacy Assessment.
● Key Risk Identification and Reporting process.
Ageas’s operational risk mitigating strategy is to minimise operational failures
or disruption, whether caused by internal or external factors which may
damage our reputation and/or incur financial losses via a strong and robust
Internal Control System (ICS). Risk awareness training and education
initiatives are part of Ageas entities’ activities since they are vital to ensure
that employees have an adequate understanding of their roles and
responsibilities towards risk management.
Ageas applies the standard formula to calculate operational risk capital.
Ageas has also implemented a scenario-based approach which uses expert
judgement, internal and external data. The estimated frequency and severity
are translated into the most likely potential loss and the worst case potential
loss related for each operational risk scenario. The scenario outputs are used
to determine whether or not the operational risk capital based on standard
formula is sufficient to cover our key operational risks.
7.4 Strategic & Business risks
This risk category covers external and internal factors that can impact
Ageas’s ability to meet its current business plan and objectives and also to
position itself for achieving ongoing growth and value creation.
One of the top strategic and business risks faced by Ageas Group in 2023
was Interest Rate Risk. Further details are provided in section 6.1.
7.4.1 Strategic risk
Risks to the organisation arising from unclear understanding and translation
of the strategy, inadequately determined levels of uncertainty (risk)
associated to the strategy, and/or challenges faced during implementation
stages. It includes:
● Business Model Risk:
risk to the organisation arising from our business model (and that has an
influence on the business decisions that we make).
● Partnership Risk:
risk to the organisation arising from partnerships, dependence on
partner-related distribution channels, limited operational control inherent
for joint ventures, the offering of insurance services as part of a broader
‘partnership eco-system’ (e.g. coupling insurance products with service
providers such as Amazon, utility players in the connected home
space…).
Ageas Group has a strong strategic risk management framework to
anticipate, report on, and mitigate these risks. The ORSA report provides an
assessment on the overall adequacy of solvency for the 4 year budgeted
period (Multi-Year Budget or MYB), which comprises strategic risks.
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7.4.2 Change risk
Risks to the organisation arising from managing change (e.g. programmes
and projects) or an inability to adapt sufficiently quickly to industry and
market changes (e.g. regulations and products).
7.4.3 Industry risk
Risks arising from internal and/or external environmental factors, such as:
● Macro-economic arising from economic factors (e.g. inflation, deflation,
unemployment, changing consumer confidence / behaviour…) that can
impact the business. Interest rates / Inflation / deflation can also
materialise through financial and/or insurance risks.
● Geopolitical that may impact our ability to maintain / develop business in
different countries where we operate / intend to operate;
● Propensity / Changing client behaviours;
● Innovation from internal (own insurance services & products launched…)
and external (e.g. blockchain, self-driving cars…) factors;
● Competition risks arising from changes within the competitor landscape
or market position.
7.4.4 Systemic risk
The risk of disruption to financial services organisations that has the potential
to have serious consequences for the financial system and/or
the real economy. Systemic risk events can originate in, propagate through,
or remain outside of Ageas.
7.4.5 Sustainability risk
A sustainability risk is an uncertain environmental, social or governance
(ESG) event that, if it occurs, can cause a significant negative impact on
Ageas. It includes the opportunities that may be available to Ageas because
of changing environmental or social factors.
Environmental relates to the quality and functioning of the natural
environment and natural systems, and our positive contribution towards it.
Social relates to the rights, well-being and interests of people and
communities.
Governance relates to elements such as Board structure, size, Executive
pay, shareholder rights, stakeholder interaction…
The impacts of ESG risks are considered & reported along two axes:
● Physical Risk (risks that arise from the physical effects of climate
change) – assess the impact on the business due to physical risks
materialising (e.g. damage to real estate portfolio, people well-being due
to prolonged confinements / rapid changes in work culture,
technology…).
● Transition risk – (risks that arise from the transition to a low-carbon and
climate-resilient economy) – assess the impact on the business due to
the transition measures taken / being deployed towards an ESG
supported economy.
7.5 Reinsurance
Where appropriate, Ageas’s insurance companies enter into reinsurance
contracts to limit their exposure to underwriting losses. This reinsurance may
be on a policy-by-policy basis (per risk), or on a portfolio basis (per event).
The latter events are mostly natural catastrophes (e.g. hurricanes,
earthquakes and floods) or man-made, multiple claims triggered by a single
event. Reinsurance companies are selected based primarily on pricing and
counterparty default risk considerations. The management of counterparty
default risk is integrated into the overall management of credit risk.
In 2018, Ageas obtained a life and non-life reinsurance licence for Ageas
SA/NV in Belgium.
The reinsurance licence for Ageas SA/NV supports the optimisation of the
Ageas Group reinsurance programme by harmonising risk profiles among
controlled entities and the fungibility of capital.
The companies within the scope of internal reinsurance are:
● AG Insurance, Belgium;
● Ageas Insurance Limited, UK;
● Ageas Ocidental Vida, Portugal;
● Ageas Seguros Non-Life, Portugal;
● Medis, Portugal;
● Specific NCPs (non-controlled participations), in China, Thailand,
Malaysia, Türkiye and India.
As of Jan 1st 2023, Ageas SA/NV has started underwriting non-life third party
reinsurance under the brand name “Ageas Re”.
In line with its Risk Appetite, Ageas SA/NV mitigates part of its risk on the
assumed business through the purchase of group retrocession covers, thus
protecting its own balance sheet. Ageas SA/NV also underwrites proportional
treaties, taking a share of the non-life business of the controlled
participations.
The governance of the reinsurance activities operates within the Ageas Risk
Management Framework and controls on processes follow Group standards.
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Regulatory supervision
and solvency
Ageas SA/NV is the ultimate parent of the Ageas Group. The National Bank of Belgium (NBB) had designated Ageas SA/NV as
an Insurance Holding. In June 2018, the NBB has granted Ageas SA/NV a license to underwrite life and non-life reinsurance
activities. The NBB is the group supervisory authority and in that capacity receives specific reports which form the basis of
prudential supervision at group level. In its role as group supervisory authority the NBB facilitates group supervision via a
college of supervisors. Supervisors in the EEA member countries where Ageas is active are represented in this college. The
college, operating on the basis of European regulations, ensures that the collaboration, exchange of information and mutual
consultation between the supervisory authorities takes place and furthermore promotes convergence of supervisory
activities.
1. Requirements and available capital under Solvency II - Partial Internal Model (Pillar 1)
Since 1 January 2016, Ageas is supervised on a consolidated level based on
the Solvency II framework, applying a Partial Internal Model (PIM) for pillar 1
reporting, where the main part of the Non-life risks are modelled according to
Ageas specific formulas, instead of the standard formula approach.
For fully consolidated entities, the consolidation scope for Solvency II is
comparable to the IFRS consolidation scope. Since Q4 2023, Interparking is
consolidated as an equity participation in Solvency II. After the disposal of
Ageas France in September 2023, it was removed from the consolidation
scope.
AgeSA, the Turkish equity associate, provides Ageas with Solvency II
calculations that are included pro rata, without any diversification benefits. All
other equity associates have been excluded from own funds and required
solvency, as the applicable solvency regimes are deemed non-equivalent
with Solvency II.
In the Partial Internal Model (PIM), Ageas applies transitional measures
relating to technical provisions in Portugal and the grandfathering of issued
hybrid debt.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The reconciliation of the IFRS Equity to the Eligible Own Funds under Solvency II and the resulting solvency ratio according to the Partial Internal Model approach is
as follows.
31 December 2023 31 December 2022 IFRS Equity 8,499 7,936 Shareholders' equity 7,422 6,975 Non-controlling interest 1,077 961 Qualifying Subordinated Liabilities at IFRS value 2,520 2,517 Scope changes at IFRS value (4,568) (4,665) Exclusion of expected dividend (315) (270) Proportional consolidation / Minorities Equity Associates (306) (318) Derecognition of Equity Associates (3,946) (4,077) Valuation differences - (unaudited) 2,013 2,329 Revaluation of Property Investments 1,163 1,673 Derecognition of concessions and other intangibles (368) (577) Derecognition of goodwill (607) (603) Revaluation of Insurance related balance sheet items 2,516 2,889 Revaluation of assets which, under IFRS are not accounted for at fair value 490 71 Tax impact on valuation differences (1,133) (1,227) Other (48) 102 Total Solvency II Own Funds - (unaudited) 8,464 8,117 Non Transferable Own Funds (1,054) (980) Total Eligible Solvency II Own Funds - (unaudited) 7,409 7,137 Group Required Capital under Partial Internal Model (SCR) 3,546 3,460 Capital Ratio 209.0% 206.3% 31 December 2023 31 December 2022 Total Eligible Solvency II Own Funds, of which - (unaudited): 7,409 7,137 Tier 1 unrestricted 5,190 5,024 Tier 1 restricted 842 802 Tier 2 1,327 1,254 Tier 3 51 58
Own Funds increased from EUR 7,137 million at Q4 2022 to EUR 7,409 million
at Q4 2023 explained mainly
by the strong operational capital generation
and the favourable financial market movements (equities and interest
rates). This was partially offset by the dividends paid in 2023 (EUR 540
million) and the foreseeable dividends accrued for the full-year (EUR 315
million).
Non-transferable Own Funds relate to third party interests.
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The composition of the capital solvency requirements can be summarised as follows:
31 December 2023 31 December 2022 Market Risk 4,343 4,263 Counterparty Default Risk 225 200 Life Underwriting Risk 1,657 1,681 Health Underwriting Risk 339 322 Non-Life Underwriting Risk 1,034 966 Diversification between above mentioned risks (2,063) (2,001) Risks 567 574 Loss-Absorption through Technical Provisions (1,936) (1,922) Loss-Absorption through Deferred Taxes (622) (624) Group Required Capital under Partial Internal Model (SCR) - (unaudited) 3,546 3,460 Impact of Non-Life Internal Model on Non-Life Underwriting Risk 168 141 Impact of Non-Life Internal Model on Diversification between risks (69) (62) Impact of Non-Life Internal Model on Loss-Absorption through Deferred Taxes 17 16 Group Required Capital under the SII Standard Formula - (unaudited) 3,662 3,555
2. Ageas capital management under Solvency II – SCR
ageas
(Pillar 2 - unaudited)
Ageas considers a strong capital base at the individual insurance operations
a necessity, on the one hand as a competitive advantage and on the other
hand as solid funding for the planned growth.
For its capital management Ageas uses an internal approach based on the
Partial Internal Model with an adjusted spread risk, applying an Internal
Model for Real Estate (as from 2016), the removal of transitional measures
(with the exception of the grandfathering of issued hybrid debt and the
extension of reporting deadlines) and an adjustment for the fair valuation of
IAS19 reserves.
In this adjustment, spread risk is calculated on the fundamental part of the
spread risk for all bonds. This introduces an SCR charge for EU- and high
rated government bonds and decreases the spread risk charge for all other
bonds. Technical provisions are net present valued using an interest curve as
prescribed by EIOPA, but instead of using the standard volatility adjustment,
the companies apply a company specific volatility adjustment or use an
expected loss model, based on the composition of their specific asset
portfolio. This SCR is called the SCR
ageas
.
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The SCR
ageas
can be reconciled to the SCR Partial Internal Model as follows:
31 December 2023 31 December 2022 Group Partial Internal Model SCR 3,546 3,460 Exclude impact General Account (116) (79) Insurance Partial Internal Model SCR 3,430 3,381 Impact of Real Estate Internal Model 14 (125) Additional Spread Risk 160 3 Less Diversification 125 68 Less adjustment Technical Provision (242) 3 Less Deferred Tax Loss Mitigation (60) (46) Insurance SCR ageas 3,428 3,284 31 December 2023 31 December 2022 Group Eligible Solvency II Own Funds under Partial Internal Model 7,409 7,137 Exclusion of General Account (207) (103) Revaluation of Technical Provision 182 (127) Recognition of Concessions 184 499 Recalculation of Non Transferable (109) (171) Insurance Eligible Solvency II ageas Own Funds 7,460 7,235
Insurance SCR
ageas
increased from EUR 3,284 million at Q4 2022 to EUR
3,428 million at Q4 2023 mainly explained by the following drivers:
● Non-life underwriting risks increased mainly due to the planned
business growth in the UK and Ageas Re.
● Market risk increased due to higher equity, lower interest rates and
some re-risking on maturities. This was partially offset by the disposal of
Ageas France.
● Life underwriting risks decreased mainly due to model changes
targeting an increase in the Loss Absorbing Capacity of the Technical
Provisions in a mass lapse scenario.
Since 2021, the Loss Absorbing Capacity of Technical Provisions includes
the overflow account. This overflow account was introduced in the modelling
framework to better reflect how the financial result is managed in going
concern. The previous model realized capital gains and losses in a way
consistent with Solvency II contract boundaries (run-off view), which gave a
distorted view of the future financial margin realized in going concern.
31 December 2023 31 December 2022 Own Solvency Own Solvency Funds SCR Ratio Funds SCR Ratio Belgium 5,562 2,293 243% 5,261 2,182 241% Europe 1,742 929 187% 1,795 979 183% AFLIC 279 131 214% 272 114 237% Ageas Re 940 537 175% 905 441 205% General Account 843 257 731 232 Elimination / Diversification (1,701) (614) (1,627) (585) Total Ageas 7,665 3,533 217% 7,337 3,363 218%
The Target capital ratio is set at 175% based on SCR
ageas
.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to
the consolidated
statement of
fi nancial
position

Cash and cash equivalents
Cash includes cash on hand, current accounts with banks and other financial instruments with a term of less than three months from the date on which they were
acquired.
31 December 2023 31 December 2022 FVTPL Money market paper & Money market funds 271 23 Other Total cash and cash equivalents measured at FVTPL 271 23 Amortised cost Cash on hand, bank accounts and deposits 1,367 979 Money market paper & Money market funds 221 155 Other 16 19 Total cash and cash equivalents measured at amortised cost 1,604 1,153 Total cash and cash equivalents 1,875 1,176
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Notes to the consolidated statement of fi nancial position

The composition of financial investments is as follows.
FVOCI FVOCI designated Hedging FVTPL FVTPL excl. equity equity Amortised Total
31 December 2023 instruments mandatory designated investments investments cost carrying value
Debt securities 1,846 131 46,648 70 48,695 Loans 233 7,210 1,533 8,976 Equity Investments 154 3,043 3,197 Derivatives 99 14 113
Unit-linked financial investments 18,453 18,453
Other investments 107 107 Total financial investments 99 2,354 18,584 53,858 3,043 1,603 79,541 FVOCI
FVOCI designated
Hedging FVTPL FVTPL excl. equity equity Amortised Total 31 December 2022 instruments mandatory designated investments investments cost carrying value Debt securities 1,730 124 45,194 75 47,123
Loans 188 7,087 1,496 8,771
Equity Investments 120 2,468 2,588
Derivatives 110 122 232 Unit-linked financial investments 17,659 17,659 Other investments 116 116 Total financial investments 110 2,276 17,783 52,281 2,468 1,571 76,489
Other investments held at fair value through profit or loss relate to
investments in property funds.
Ageas holds some financial investments as underlying items of its
participating contracts. See note 9, section 1.1.
Of the total financial investments, EUR 3,931 million is expected to be
recovered within one year (31 December 2022: EUR 3,758 million).
Financial investments
The composition of financial investments is as follows.
FVOCI FVOCI designated Hedging FVTPL FVTPL excl. equity equity Amortised Total 31 December 2023 instruments mandatory designated investments investments cost carrying value Debt securities 1,846 131 46,648 70 48,695 Loans 233 7,210 1,533 8,976 Equity Investments 154 3,043 3,197 Derivatives 99 14 113 Unit-linked financial investments 18,453 18,453 Other investments 107 107 Total financial investments 99 2,354 18,584 53,858 3,043 1,603 79,541 FVOCI FVOCI designated Hedging FVTPL FVTPL excl. equity equity Amortised Total 31 December 2022 instruments mandatory designated investments investments cost carrying value Debt securities 1,730 124 45,194 75 47,123 Loans 188 7,087 1,496 8,771 Equity Investments 120 2,468 2,588 Derivatives 110 122 232 Unit-linked financial investments 17,659 17,659 Other investments 116 116 Total financial investments 110 2,276 17,783 52,281 2,468 1,571 76,489
Other investments held at fair value through profit or loss relate to
investments in property funds.
Ageas holds some financial investments as underlying items of its
participating contracts. See note 9, section 1.1.
Of the total financial investments, EUR 3,931 million is expected to be
recovered within one year (31 December 2022: EUR 3,758 million).
198
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. Debt securities
The following table shows the breakdown of debt securities by measurement category.
31 December 2023 31 December 2022 of which of which Carrying Changes in values Carrying Changes in values value recognised in OCI value recognised in OCI FVTPL mandatory Government bonds 145 141 Corporate debt securities 12 34 Unquoted investment funds & others 1,689 1,555 Total debt securities mandatorily measured at FVTPL 1,846 1,730 FVTPL designated Government bonds Corporate debt securities 131 124 Unquoted investment funds & others Total debt securities designated at FVTPL 131 124 FVOCI Government bonds 29,338 (270) 29,009 (1,470) Corporate debt securities 14,413 (802) 13,487 (1,411) Unquoted investment funds & others 2,897 (647) 2,698 (604) Total debt securities measured at FVOCI 46,648 (1,719) 45,194 (3,485) Amortised cost Government bonds 50 55 Corporate debt securities 20 20 Total debt securities measured at amortised cost before impairment 70 75 Less impairment allowances Total debt securities measured at amortised cost 70 75 Total carrying amount of debt securities 48,695 47,123
The “Unquoted investment funds & others” (FVTPL mandatory) are mainly
investments in unconsolidated structured credit instruments and equity funds
of which the contractual cash flows do not consist of solely payments of
principal and interest on the principal amount outstanding.
Repurchase agreements are essentially secured short-term loans that are
used to hedge specific investments with resettable interest rates and for cash
management purposes. An amount of EUR 2,624 million of financial
instruments has been pledged as collateral (2022: EUR 2,114 million) for
repurchase agreement transactions.
199
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

The following table shows the changes in the provision for impairment on debt securities measured at fair value through OCI.
Lifetime ECL Lifetime ECL Purchased Total 12-month ECL not credit impaired credit impaired or originated expected 2023 (Stage 1) (Stage 2) (Stage 3) credit impaired credit loss Balance as at 1 January 14 7 23 44 New financial assets acquired 2 2 Maturity, redemption or repayment (2) (2) Reversal due to sales (1) (1) Effect of changes as result of acquisitions and divestments (1) (6) (7) Net remeasurement of loss allowance 26 4 16 46 Transfer from Stage 1 1 1 Transfer from Stage 2 Transfer from Stage 3 Write-offs without further legal enforcement Write-offs with further legal enforcement Other changes 3 6 9 Balance as at 31 December 41 12 39 92
Lifetime ECL Lifetime ECL Purchased Total 12-month ECL not credit impaired credit impaired or originated expected 2022 (Stage 1) (Stage 2) (Stage 3) credit impaired credit loss Balance as at 1 January 6 10 21 37 New financial assets acquired 3 (1) 2 Maturity, redemption or repayment (1) (1) Reversal due to sales (1) (1) (2) Effect of changes as result of acquisitions and divestments Net remeasurement of loss allowance 7 (2) 3 8 Transfer from Stage 1 Transfer from Stage 2 Transfer from Stage 3 Write-offs without further legal enforcement Write-offs with further legal enforcement Other changes Balance as at 31 December 14 7 23 44
200
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

2 Loans
The following table shows the breakdown of loans by measurement category.
31 December 2023 31 December 2022 of which of which Carrying Changes in values Carrying Changes in values value recognised in OCI value recognised in OCI FVTPL mandatory Government and official institutions Commercial loans 233 188 Residential mortgages Interest bearing deposits Loans to banks Total loans mandatorily measured at FVTPL 233 188 FVOCI Government and official institutions 3,244 (307) 3,224 (432) Commercial loans 2,706 (279) 2,547 (378) Residential mortgages 1,182 (68) 1,227 (117) Interest bearing deposits 20 32 Loans to banks 58 (1) 57 (3) Total loans measured at FVOCI 7,210 (655) 7,087 (930) Amortised cost Government and official institutions Commercial loans 941 926 Residential mortgages Interest bearing deposits 550 535 Loans to banks 46 37 Total loans measured at amortised cost before impairment 1,537 1,498 Less impairment allowances (4) (2) Total loans measured at amortised cost 1,533 1,496 Total carrying amount of loans 8,976 8,771
An amount of EUR 29 million of loans has been pledged as collateral. (31 December 2022: EUR 30 million).
Ageas has granted credit lines for a total amount of EUR 410 million (31 December 2022: EUR 523 million).
The following table shows the breakdown of commercial loans.
31 December 2023 31 December 2022 Real Estate 152 176 Infrastructure 1,889 1,688 Corporate loans 1,560 1,513 Consumer loans Financial Reinsurance Finance Lease Receivables 265 271 Other 14 13 Total commercial loans 3,880 3,661
201
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

The following table shows the changes in the provision for impairment for loans measured at fair value through OCI.
Lifetime ECL Lifetime ECL Purchased Total 12-month ECL not credit impaired credit impaired or originated expected 2023 (Stage 1) (Stage 2) (Stage 3) credit impaired credit loss Balance as at 1 January 5 23 28 New financial assets acquired 1 1 Maturity, redemption or repayment Reversal due to sales (2) (2) Effect of changes as result of acquisitions and divestments Net remeasurement of loss allowance 3 3 Transfer from Stage 1 2 2 Transfer from Stage 2 (2) 1 (1) Transfer from Stage 3 (1) (1) Write-offs without further legal enforcement Write-offs with further legal enforcement Other changes Balance as at 31 December 9 21 30
Lifetime ECL Lifetime ECL Purchased Total 12-month ECL not credit impaired credit impaired or originated expected 2022 (Stage 1) (Stage 2) (Stage 3) credit impaired credit loss Balance as at 1 January 8 1 23 32 New financial assets acquired Maturity, redemption or repayment Reversal due to sales (2) (2) Effect of changes as result of acquisitions and divestments Net remeasurement of loss allowance (3) 1 (2) Transfer from Stage 1 Transfer from Stage 2 (4) 1 (3) Transfer from Stage 3 3 3 Write-offs without further legal enforcement Write-offs with further legal enforcement Other changes Balance as at 31 December 5 23 28
202
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The following table shows the changes in the provision for impairment for loans measured at amortised cost.
Lifetime ECL Lifetime ECL Purchased Total 12-month ECL not credit impaired credit impaired or originated expected 2023 (Stage 1) (Stage 2) (Stage 3) credit impaired credit loss Balance as at 1 January 1 1 2 New financial assets acquired Maturity, redemption or repayment 2 2 Reversal due to sales Effect of changes as result of acquisitions and divestments Net remeasurement of loss allowance Transfer from Stage 1 Transfer from Stage 2 Transfer from Stage 3 Write-offs without further legal enforcement Write-offs with further legal enforcement Other changes Balance as at 31 December 3 1 4 Lifetime ECL Lifetime ECL Purchased Total 12-month ECL not credit impaired credit impaired or originated expected 2022 (Stage 1) (Stage 2) (Stage 3) credit impaired credit loss Balance as at 1 January 1 1 2 Transfer to Held for Sale New financial assets acquired Maturity, redemption or repayment Reversal due to sales Effect of changes as result of acquisitions and divestments Net remeasurement of loss allowance Transfer from Stage 1 Transfer from Stage 2 Transfer from Stage 3 Write-offs without further legal enforcement Write-offs with further legal enforcement Other changes Balance as at 31 December 1 1 2
The following table provides details of the finance lease receivables analysis by maturity.
31 December 2023 31 December 2022 Less than 1 year 7 7 1 year to 2 years 7 7 2 years to 3 years 7 7 3 years to 4 years 8 7 4 years to 5 years 8 7 More than 5 years 228 236 Finance Lease Receivables 265 271
203
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Collateral on loans
The following table provides details of collateral and guarantees received as security for loans.
Total credit exposure loans 31 December 2023 31 December 2022 Carrying amount 8,976 8,771 Collateral received Financial instruments 361 376 Property and equipment 1,492 1,612 Other collateral and guarantees 146 116 Unsecured exposure 6,977 6,667 Collateral amounts in excess of credit exposure (1) 863 989
(1) Collateral amounts in excess of credit exposure relate to loans for which the collateral is higher than the underlying individual loan.
The following table provides details of collateral and guarantees received as security for impaired loans.
Total impaired credit exposure on loans 31 December 2023 31 December 2022 Impaired outstanding (Stage 3 and purchased or originated credit-impaired) 45 55 Collateral received Property and equipment 25 36 Unsecured impaired credit exposure 20 19 Collateral and guarantees in excess of impaired credit exposure (1) 3 14
(1) Collateral amounts in excess of credit exposure relate to loans for which the collateral is higher than the underlying individual loan.
3. Equity investments
The following table shows the breakdown of equity investments by measurement category.
31 December 2023 31 December 2022 of which of which Carrying Changes in values Carrying Changes in values value recognised in OCI value recognised in OCI FVTPL Private equities and venture capital 154 120 Equity securities Total equity investments measured at FVTPL 154 120 FVOCI Private equities and venture capital 1 (5) Equity securities 3,042 345 2,468 (320) Total equity investments measured at FVOCI 3,043 340 2,468 (320) Total carrying amount of equity investments 3,197 2,588
204
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The following table shows the derecognised equity investments at fair value through OCI.
31 December 2023 31 December 2022 Fair value at Cumulative Fair value Cumulative derecognition gains or at derecognition gains or date losses on disposal date losses on disposal Private equities Equity securities 226 (57) 337 (4) Total derecognised equity investment at FVOCI 226 (57) 337 (4)
4. Derivatives
Foreign exchange contracts
Futures are contracts that require settlement at a specified price and on a
specified future date and can be traded in similar markets. Forwards are
customised contracts between two entities where settlement takes place on a
specific date in the future at today’s pre-agreed price. The currency futures
and forward contracts are mainly held to hedge the currency risk on foreign
currency denominated assets.
Swaps
Swap contracts are agreements between two parties to exchange one set of
cash flows for another set of cash flows. Payments are made on the basis of
the swap’s notional value. Ageas uses interest rate swap contracts primarily
to manage cash flows arising from interest received or paid and cross-
currency swap contracts to manage foreign currency denominated cash
flows.
Carrying amounts (fair value) and notional contract amounts of derivatives
The fair value of the derivatives are recognised in the consolidated statement
of financial position on the line 'Financial Investments' (or 'Other liabilities'),
depending on whether the derivative is in an asset (or liability) position
The following table shows the carrying amounts (fair value) and the notional amounts of derivatives held for trading and designated for hedge accounting.
31 December 2023 31 December 2022 Carrying amount Notional Carrying amount Notional Assets Liabilities amount Assets Liabilities amount Derivatives held for trading Foreign exchange contracts 14 1 511 34 3 640 Interest rate contracts 22 88 408 Other derivatives Total derivatives held for trading 14 1 533 122 3 1,048 Derivatives designated as fair value hedges Foreign exchange derivatives Interest rate derivatives Other derivatives 9 14 190 10 56 Total derivatives designated as fair value hedges 9 14 190 10 56 Derivatives designated as cash flow hedges Foreign exchange derivatives Interest rate derivatives 90 3 879 100 1 783 Other derivatives Total derivatives designated as cash flow hedges 90 3 879 100 1 783 Total derivatives 113 18 1,602 232 4 1,887
205
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Profile of the timing of the notional amount of derivatives
The following table shows the timing of the receipt and payment of notional amounts of derivatives.
Total notional 31 December 2023 Less than 1 year 1 to 5 years More than 5 years amount Derivatives held for trading Foreign exchange contracts 511 511 Interest rate contracts 4 16 2 22 Other derivatives Total derivatives held for trading 515 16 2 533 Derivatives designated for hedge accounting Foreign exchange derivatives Interest rate derivatives 120 522 237 879 Other derivatives 78 112 190 Total derivatives designated for hedge accounting 198 634 237 1,069 Total derivatives 713 650 239 1,602 Total notional 31 December 2022 Less than 1 year 1 to 5 years More than 5 years amount Derivatives held for trading Foreign exchange contracts 640 640 Interest rate contracts 22 195 191 408 Other derivatives Total derivatives held for trading 662 195 191 1,048 Derivatives designated for hedge accounting Foreign exchange derivatives Interest rate derivatives 50 546 187 783 Other derivatives 56 56 Total derivatives designated for hedge accounting 106 546 187 839 Total derivatives 768 741 378 1,887
5. Securities lending
Under securities lending agreements, Ageas has authorised third parties to
use certain of our securities for a limited period of time, after which they
return the securities to Ageas. During such time, Ageas continues to earn the
revenues that these securities generate. Ageas also benefits from collateral
under the form of other securities with a coverage rate of at least 105%. As
at year-end, such agreements covered an amount of EUR 756 million (EUR
691 million last year).
6. Reclassification of financial assets
The fair value of financial assets that have been reclassified in 2022 from
FVTPL to FVOCI amounts to EUR 4 million as at 31 December 2023 (EUR 2
million as at 31 December 2022). There was no fair value gain or loss that
would have been recognised in the income statement of the reporting period
2023 and 2022, if these financial assets had not been reclassified.
7. Accumulated OCI impact due to IFRS 17 and 9 transition
The fair value movements of the financial assets measured at FVOCI related to the groups of insurance contracts measured at the modified retrospective approach
and/or fair value approach, on transition to IFRS 17 were as follows.
2023 2022 Cumulative amounts included in OCI, balance as at 1 January (168) 222 Gains or losses recognised in OCI 182 (505) Gains or losses reclassified from OCI to P&L 5 (18) Income tax related to those items (45) 133 Cumulative amounts included in OCI, balance as at 31 December (26) (168)
206
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Investment property
Investment property comprises mainly of office buildings, nursing homes and retail space.
Reconciliation of carrying amount
Measurement Model Amortised cost Fair value 2023 2022 2023 2022 Acquisition cost as at 1 January 3,841 3,898 59 Transfer to Held for Sale (59) Acquisitions and divestments of subsidiaries 13 95 Additions/purchases 172 58 Capital improvements 84 104 Disposals (150) (350) Transfer from (to) property and equipment (90) Other 36 Acquisition cost as at 31 December 3,870 3,841 Accumulated depreciation as at 1 January (804) (792) Acquisitions and divestments of subsidiaries Depreciation expense (90) (95) Reversal of depreciation due to disposals 40 93 Transfer from (to) property and equipment 1 Other (1) (10) Accumulated depreciation as at 31 December (854) (804) Accumulated impairments as at 1 January (7) (3) Acquisitions/disposals of subsidiaries Increase in impairments (37) (4) Reversal of impairments 3 Accumulated impairments as at 31 December (41) (7) Net investment property as at 31 December 2,975 3,030
An amount of EUR 18 million was pledged as collateral (2022: EUR 18 million) (see also note 11 Borrowings).
207
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Fair values
Annual appraisals, whereby the independent appraisers are rotated every
three years, cover almost all of the investment properties. Fair values (level
3) are based on non-observable market data and/or discounted cash flows.
Expected property cash flows take into account expected rental income
growth rates, void periods, occupancy rates, lease incentive costs, such as
rent-free periods, and other costs not paid by tenants. Expected net cash
flows are then discounted using risk-adjusted discount rates.
Among other factors, the discount rate estimation considers the quality of a
building and its location (prime vs secondary), tenant credit quality
and lease terms. For development property (i.e. under construction), the fair
value is set to cost until the property is operational.
31 December 2023 31 December 2022 Fair values supported by market evidence 620 579 Fair value subject to an independent valuation 3,232 3,627 Total fair value of investment property 3,852 4,206 Carrying amount (excluding investment property measured at fair value) 2,975 3,030 Less: lease liabilities (64) (61) Gross unrealised gains (losses) 941 1,237 Taxation (288) (343) Net unrealised gains (losses) (not recognised in equity) 653 894
Property rented out under operating lease
Ageas rents out certain assets – mainly property held for investment purposes – to external parties based on operating lease agreements. As at 31 December the
minimum payments to be received from irrevocable lease agreements amounted to:
2023 2022 Less than 3 months 57 54 3 months to 1 year 162 156 1 year to 2 years 192 180 2 years to 3 years 162 143 3 years to 4 years 127 120 4 years to 5 years 108 103 More than 5 years 740 635 Total undiscounted lease payments receivable 1,548 1,391
An amount of EUR 85 million in 2023 of the total minimum payments to be received from irrevocable lease agreements relates to property and equipment (2022:
EUR 97 million). The remainder relates to investment property.
208
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Equity accounted investments
The following table provides an overview of the most significant associates and joint ventures. The percentage of interest may vary in case there are several
associates and joint ventures in one country with different shareholdings’ percentages held by the group.
2023 2022 % Carrying Carrying Country interest amount amount Associates and joint ventures Taiping Life Insurance Company Limited China 24.90% 1,917 2,097 Taiping Reinsurance Company Limited China 24.99% 373 323 Turkish entities Türkiye 36.00% - 40.00% 176 188 Other Asian entities 7.83% - 40.00% 1,626 1,646 Non-insurance entities 367 426 Total 4,459 4,680
The following table summarizes the financial information of the equity-accounted investments and the reconciliation to their carrying amount:
Total Total Net result from Other Total assets liabilities Equity Equity continued operations comprehensive income comprehensive income (100% (100% (100% (Ageas (100% (Ageas (100% (Ageas (100% (Ageas Dividend 2023 interest) interest interest) share) interest) share) interest) share) interest) share) received Taiping Life Insurance Company Limited 132,273 124,585 7,688 1,917 1,316 328 (1,243) (310) 73 18 95 Taiping Reinsurance Company Limited 5,580 4,289 1,291 323 42 11 253 63 295 74 1 Turkish entities 1,617 1,293 324 125 (40) (16) 84 37 44 21 3 Other Asian entities 1,475 131 2 133 53 Non-insurance entities 379 (15) (15) (30) 19 Related goodwill and impairment 240 Total 4,459 439 (223) 216 171 Total Total Net result from Other Total assets liabilities Equity Equity continued operations comprehensive income comprehensive income (100% (100% (100% (Ageas (100% (Ageas (100% (Ageas (100% (Ageas Dividend 2022 interest) interest Interest) share) interest) share) interest) share) interest) share) received Taiping Life Insurance Company Limited 119,598 111,177 8,421 2,097 1,819 453 (974) (243) 845 210 115 Taiping Reinsurance Company Limited 6,955 5,870 1,085 271 63 16 (245) (61) (182) (45) Turkish entities 1,570 1,204 366 142 (75) (27) 66 27 (9) Other Asian entities 1,488 49 (155) (106) 37 Non-insurance entities 423 17 102 119 32 Related goodwill and impairment 259 Total 4,680 508 (330) 178 184
209
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Equity associates and joint ventures are subject to dividend restrictions
arising from minimum capital and solvency requirements imposed by
regulators in the countries in which they operate. Dividend payments are
sometimes subject to shareholder agreements with the partners in the
company. In certain situations, consensus is required before dividend is
declared.
In addition, shareholder agreements (related to parties having an interest in
equity-accounted investments of Ageas) may include:
● specific articles on voting rights or dividend distribution;
● lock-up periods during which all parties having shares are not allowed to
sell shares before a certain period or without prior approval of the other
parties involved;
● options to sell or resell shares to the other party/parties involved in the
shareholder agreement, including the underlying calculation
methodology to value the shares;
● earn-out mechanisms which allow the party originally selling the shares
additional revenues when certain objectives are realised;
● exclusivity clauses or non-compete clauses related to the sales of
insurance products.
210
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Property and equipment
The breakdown of property and equipment is as follows:
31 December 2023 31 December 2022 Car Parks 1,463 1,430 Land and buildings held for own use 724 608 Leasehold improvements 62 47 Equipment, motor vehicles and IT equipment 162 142 Buildings under construction Total 2,411 2,227
Reconciliation of carrying amount
Land & building held Equipment, motor vehicles for own use and car parks and IT equipment Leased Leased 2023 Owned (right of use) Owned (right of use) Acquisition cost as at 1 January 2,334 748 370 59 Acquisitions through business combinations 11 8 65 Additions 83 92 39 29 Disposals (2) (36) (28) (17) Foreign exchange differences 1 Transfer from (to) investment property 90 Other 1 (8) (3) Acquisition cost as at 31 December 2,518 804 443 71 Accumulated depreciation as at 1 January (813) (219) (257) (30) Acquisitions through business combinations (4) (52) Depreciation expense (50) (67) (35) (14) Reversal of depreciation due to disposals 28 27 9 Transfer from (to) investment property (1) Foreign exchange differences Other (2) 3 Accumulated depreciation as at 31 December (870) (255) (317) (35) Accumulated impairments as at 1 January (12) Increase in impairments Reversal of impairments 2 Foreign exchange differences Other Accumulated impairments as at 31 December (10) Total as at 31 December 1,638 549 126 36
211
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Land & building held Equipment, motor vehicles for own use and car parks and IT equipment Leased Leased 2022 Owned (right of use) Owned (right of use) Acquisition cost as at 1 January 1,899 641 334 47 Transfer to Held for Sale (7) (3) Acquisitions through business combinations 378 31 25 Additions 39 90 36 23 Disposals (13) (7) (19) (10) Foreign exchange differences (5) (2) Other 36 (1) (1) Acquisition cost as at 31 December 2,334 748 370 59 Accumulated depreciation as at 1 January (767) (171) (245) (25) Transfer to Held for Sale 5 3 Acquisitions through business combinations (1) (4) Depreciation expense (43) (60) (33) (12) Disposals 2 7 18 6 Foreign exchange differences 1 1 Other (5) 3 1 Accumulated depreciation as at 31 December (813) (219) (257) (30) Accumulated impairments as at 1 January (10) Transfer to Held for Sale Increase in impairments (2) Reversal of impairments Foreign exchange differences Other Accumulated impairments as at 31 December (12) Total as at 31 December 1,509 529 113 29
An amount of EUR 103 million of property and equipment has been pledged as collateral (31 December 2022: EUR 108 million).
Fair values
Property, other than car parks, is externally appraised each year, whereby
the independent appraisers are rotated every three years. Fair values are
based on level 3 valuation.
Ageas determines car park fair values using in-house models that also use
unobservable market data (level 3). The resulting fair values are calibrated
based on available market data and/or transactions. Level 3 valuation
techniques are used for measuring car parks primarily using discounted cash
flows. Expected car park cash flows take into account expected inflation, and
economic growth in individual car park areas, among other factors. The
expected net cash flows are discounted using risk-adjusted discount rates.
The discount rate estimation considers the quality of the car park and its
location, among other factors.
Fair value of land and buildings held for own use and car parks
31 December 2023 31 December 2022 Total fair value of Land and buildings held for own use and car parks 2,456 2,231 Total carrying amount 2,187 2,038 Less: lease liabilities (559) (540) Gross unrealised gains (losses) 828 733 Taxation (224) (200) Net unrealised gains (losses) (not recognised in equity) 604 533
212
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Goodwill and other intangible assets
31 December 2023 31 December 2022 Goodwill 607 603 Public car park service concessions 502 502 Purchased software 22 17 Internally developed software 126 84 Other intangible assets 223 210 Total 1,480 1,416
Reconciliation of carrying amount
Changes in goodwill and public car park service concessions are shown below.
Goodwill Public Car Park Service Concessions 2023 2022 2023 2022 Acquisition cost as at 1 January 634 648 828 844 Transfer to Held for Sale (10) Acquisitions and divestments of subsidiaries 1 11 Additions 28 24 Reversal of cost due to disposals (1) (4) (2) Foreign exchange differences 5 (15) Other 1 (38) Acquisition cost as at 31 December 640 634 852 828 Accumulated amortisation as at 1 January (315) (296) Transfer to Held for Sale Amortisation expense (27) (27) Reversal of amortisation due to disposals 3 2 Foreign exchange differences Other 6 Accumulated amortisation as at 31 December (339) (315) Accumulated impairments as at 1 January (31) (32) (11) (11) Transfer to Held for Sale Acquisitions and divestments of subsidiaries Increase in impairments (2) (4) Reversal of impairments 4 Foreign exchange differences 1 Other Accumulated impairments as at 31 December (33) (31) (11) (11) Total as at 31 December 607 603 502 502
213
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Impairment testing of goodwill
Impairment testing of goodwill is performed annually at the end of the year by
comparing the recoverable amount of cash-generating units (CGU) with their
carrying amount. The recoverable amount is the higher of the value in use
and fair value less costs to sell. The type of acquired entity, the level of
operational integration and common management, determines the definition
of the CGU. Based on these criteria, Ageas has designated CGUs on country
level.
The recoverable amount of a CGU is assessed by means of a discounted
cash-flow model of the anticipated future cash flows of the CGU. The key
assumptions used in the cash flow model depend on input reflecting various
financial and economic variables, including the risk-free rate in a given
country and a premium to reflect the inherent risk of the entity being
evaluated.
These variables are determined on the basis of management’s judgement. If
the entity is listed on a stock market, the market price will also be considered
an element in the evaluation.
The breakdown of goodwill and impairments for the main cash-generating
units as at 31 December 2023, whose carrying amount is significant in
comparison with the entity’s total carrying amount of goodwill, is as follows.
Goodwill Net Method used for amount Impairments amount Segment recoverable amount Cash-generating unit (CGU) Ageas Portugal 338 338 Europe Value in use Ageas (UK) 271 29 242 Europe Value in use Other 31 4 27 Value in use Total 640 33 607
Ageas Portugal
The reported goodwill for Ageas Portugal amounts to EUR 338 million (2022:
EUR 337 million).
The value in use calculation uses expected dividends, based on business
plans approved by local and Ageas’s management over a period of three
years.
Estimates for after this period have been extrapolated using a growth rate of
2.0 percent, which represents expected inflation in Portugal. The discount
rate of 8.6 percent (2022: 8.6 percent) is based on the risk-free interest rate,
equity risk premium and a beta coefficient. The impairment test showed that
the recoverable amount exceeded the carrying value of the CGU including
goodwill. Consequently, goodwill for Ageas Portugal was not impaired.
Based on the sensitivity analysis with regard to the assumptions, goodwill for
Ageas Portugal would not be impaired if the growth rate was largely negative
or the discount rate increased by 18 percentage points.
Ageas UK
Goodwill for Ageas UK amounts to GBP 235 million (2022: GBP 235 million).
The net goodwill after impairment amounts to GBP 210 million (2022: GBP
210 million).
The value in use calculation uses expected dividends based on business
plans approved by local and Ageas’s management over a period of three
years. Estimates for after this period have been extrapolated using a growth
rate of 2.0 percent, which represents expected inflation.
The discount rate of 6.8 percent (2022: 5.9 percent) is based on the risk-free
interest rate, equity risk premium and a beta coefficient. The impairment test
showed that the recoverable amount exceeded the carrying value of the CGU
including goodwill and goodwill was not impaired.
Based on the sensitivity analysis with regard to the assumptions, goodwill for
the UK business would not be impaired if the long-term growth rate was
negative and the discount rate increased by more than 4 percentage points.
Other
Other includes goodwill in Belgium and India.
214
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Current and deferred tax assets
and liabilities
The components of deferred tax assets and deferred tax liabilities as at 31 December are shown below.
Statement of financial position Recognised in income statement Recognised in OCI 2023 2022 2023 2022 2023 2022 Deferred tax assets related to: Cash and cash equivalents Financial investments 23 90 3 (5) (71) 14 Investment property 8 13 (5) Property and equipment 31 40 (10) (1) Intangible assets (excluding goodwill) 8 8 Insurance contract assets and liabilities 95 (163) (61) (188) 330 (2,824) Reinsurance contract assets and liabilities Investment contract liabilities Borrowings and subordinated liabilities Provisions for pensions and post-retirement benefits 172 23 4 145 (61) Tax losses available for offsetting against future taxable 66 63 2 (7) Other 25 148 14 1 (137) (1) Total deferred tax assets 428 222 (53) (200) 267 (2,872) Deferred tax liabilities related to: Cash and cash equivalents Financial investments (507) (964) 21 (170) 430 (3,035) Investment property 83 87 (5) (7) Property and equipment 180 175 (6) (8) Intangible assets (excluding goodwill) 103 102 (1) Insurance contract assets and liabilities 24 22 4 Reinsurance contract assets and liabilities Investment contract liabilities Debt certificates and subordinated liabilities 1 1 Provisions for pensions and post-retirement benefits 1 1 (1) Other 54 42 10 4 4 (50) Total deferred tax liabilities (61) (535) 20 (181) 437 (3,085) Deferred tax income (expense) (73) (19) Movement in OCI related to deferred tax (170) 213 Net deferred tax 489 757
215
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the
deferred income taxes relate to the same taxation authority. The amounts in the statement of financial position after such offsetting are as follows.
31 December 2023 31 December 2022 Current tax receivables 112 93 Current tax payables 58 87 Net current tax 54 6 Deferred tax assets 901 1,174 Deferred tax liabilities 412 417 Net deferred tax 489 757
Deferred tax assets are recognised only to the extent that it is probable that
there will be sufficient future taxable profit against which the deferred tax
asset can be utilised. Ageas has tax losses of EUR 233 million as at 31
December 2023 (as at 31 December 2022: EUR 261 million) for which
deferred tax assets have been recognized. These tax losses are available
indefinitely for offsetting against future taxable profits of the companies in
which the losses arose.
Ageas has EUR 3.6 billion of deferred tax assets that have not been
recognised as at 31 December 2023. A significant portion of these
unrecognised deferred tax assets relate to tax losses and unused tax credit,
which are available indefinitely for offsetting against future taxable profits of
the companies (mainly Ageas SA/NV) in which these tax losses and unused
tax credit arose.
216
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Accrued interest and other assets
31 December 2023 31 December 2022 Receivables designated at FVTPL 1 Receivables measured at amortised cost 916 746 Accrued income and deferred expenses 1,048 1,034 Current income tax receivable 112 93 Property intended for sale 270 240 Defined benefit assets 46 52 Other assets 28 67 Total accrued interest and other assets before impairment 2,420 2,233 Impairments (43) (40) Total carrying amount of accrued interest and other assets 2,377 2,193
Accrued income consists mainly of accrued interest income on government bonds (2023: EUR 601 million; 2022: EUR 626 million) and corporate bonds (2023: EUR
184 million; 2022: EUR 167 million).
The table below shows the changes in expected credit loss (ECL) relating to receivables.
2023 2022 Balance as at 1 January, as previously reported 52 Transfer to Held for Sale Impact of initial application of IFRS 17 and IFRS 9 (8) Net balance as at 1 January 39 44 Effect of changes in accounting policy Net remeasurement of loss allowance 2 (3) Effects of movements in exchange rates Reversal due to sales (2) (1) Effect of changes as result of acquisitions and divestments Write-offs without further legal enforcement Write-offs with further legal enforcement Other changes (1) (1) Net balance as at 31 December 38 39
217
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Insurance contracts assets
and liabilities
The following tables and reconciliations show the insurance contracts assets and liabilities for Life and Non-Life contracts issued. Of the total insurance contracts
liabilities, EUR 7,648 million is expected to be settled within one year (31 December 2022: EUR 7,600 million).
1. Assets and liabilities of Life insurance contracts issued
An analysis of the amounts presented in the statement of financial position is included in the table below:
31 December 2023 Notes Assets Liabilities Total Cash flows included in measurement of group of insurance contracts BBA 9.1.1 (7) 51,569 51,562 VFA 9.1.1 929 929 PAA 9.1.2 4,071 4,071 Cash flows not included in measurement of group of insurance contracts Acquisition costs - Immediatelyexpensed(PAA) - Not yet included in measurement Other Total liabilities/(assets) of life insurance contracts issued (7) 56,569 56,562 31 December 2022 Notes Assets Liabilities Total Cash flows included in measurement of group of insurance contracts BBA 9.1.1 (5) 50,425 50,420 VFA 9.1.1 831 831 PAA 9.1.2 4,157 4,157 Cash flows not included in measurement of group of insurance contracts Acquisition costs - Immediatelyexpensed(PAA) - Not yet included in measurement Other 37 37 Total liabilities/(assets) of life insurance contracts issued (5) 55,450 55,445
218
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The table below shows another split of the insurance and investment contract assets and liabilities, relating to whether the risks of market movements are borne by
the policyholder or not. The market risk of unit-linked insurance and investment contracts are borne by the policyholders.
31 December 2023 31 December 2022 of which of which Carrying changes in value Carrying changes in value value recognised in OCI value recognised in OCI Insurance contract liabilities/(assets) 64,033 267 62,554 (1,619) Investment contract liabilities 14,112 13,378 Total insurance and investment contract liabilities/(assets) 78,145 267 75,932 (1,619) Represented by: Life insurance and investment contract liabilities/(assets) for which risks are borne by insurer 52,286 559 51,199 (1,190) Non-life insurance contract liabilities/(assets) for which risks are borne by insurer 7,471 (290) 7,109 (429) Unit-linked insurance and investment contract liabilities/(assets) 18,388 (2) 17,624 Total insurance and investment contract liabilities/(assets) 78,145 267 75,932 (1,619)
219
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

1.1 Roll-forwards of net asset or liability for Life insurance contracts – Contracts not measured under PAA
Analysis by remaining coverage and incurred claims – Contracts not measured under PAA (Life)
Liabilities for remaining coverage Excluding Loss Loss Liabilities for 2023 component component incurred claims Total Opening assets (7) 2 (5) Opening liabilities 50,837 93 326 51,256 Net balance as at 1 January 50,830 93 328 51,251 Contracts under the modified retrospective approach Contracts under fair value approach (831) (831) Contracts under full retrospective approach and post transition (411) (411) Insurance revenue (1,242) (1,242) Incurred claims and other insurance service expense (4) 812 808 Amortisation of insurance acquisition cash flows 24 24 Adjustments to liabilities for incurred claims 7 7 Losses and reversals of losses on onerous contracts (30) (30) Insurance service expenses 24 (34) 819 809 Insurance service result (1,218) (34) 819 (433) Net finance expenses from insurance contracts 3,081 3,081 - Of which foreign exchange differences (64) (64) Total changes in the income statement and OCI 1,863 (34) 819 2,648 Investment components (5,307) 5,307 Premiums received 4,761 4,761 Insurance acquisition cash flows (51) (51) Claims and other insurance service expense paid (6,107) (6,107) Total cash flows 4,710 (6,107) (1,397) Other changes in net carrying amounts (11) (11) Acquisitions and divestments of subsidiaries Net balance as at 31 December 52,085 59 347 52,491 Closing assets (8) 1 (7) Closing liabilities 52,093 59 346 52,498 Net balance as at 31 December 52,085 59 347 52,491
220
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Liabilities for remaining coverage Excluding Loss Loss Liabilities for 2022 component component incurred claims Total Opening assets (14) 2 (12) Opening liabilities 66,476 108 321 66,905 Net balance as at 1 January 66,462 108 323 66,893 Transfer to Held for Sale (4,868) (4,868) Contracts under the modified retrospective approach Contracts under fair value approach (735) (735) Contracts under full retrospective approach and post transition (340) (340) Insurance revenue (1,075) (1,075) Incurred claims and other insurance service expense (7) 670 663 Amortisation of insurance acquisition cash flows 17 17 Adjustments to liabilities for incurred claims 9 9 Losses and reversals of losses on onerous contracts (8) (8) Insurance service expenses 17 (15) 679 681 Insurance service result (1,058) (15) 679 (394) Net finance expenses from insurance contracts (10,255) (1) (10,256) - Of which foreign exchange differences (159) (159) Total changes in the income statement and OCI (11,313) (15) 678 (10,650) Investment components (4,825) 4,825 Premiums received 3,813 3,813 Insurance acquisition cash flows (57) (57) Claims and other insurance service expense paid (5,498) (5,498) Total cash flows 3,757 (5,498) (1,741) Other changes in net carrying amounts 12 12 Acquisitions and divestments of subsidiaries 1,605 1,605 Net balance as at 31 December 50,830 93 328 51,251 Closing assets (7) 2 (5) Closing liabilities 50,837 93 326 51,256 Net balance as at 31 December 50,830 93 328 51,251
221
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Analysis by component - Contracts not measured under PAA (Life)
Contractual service margin Estimates of Risk Contracts Contracts Contracts present value adjustment for under modified under fair under full of future non-financial retrospective value retrospective Total 2023 cash flows risk approach approach approach CSM Total Opening assets (20) 5 10 10 (5) Opening liabilities 47,494 312 2,469 981 3,450 51,256 Net balance as at 1 January 47,474 317 2,479 981 3,460 51,251 Changes that relate to future service Changes in the estimates that adjust the CSM (115) 25 (47) 137 90 Changes in estimates that result in losses and reversal of losses on onerous contracts (26) (4) (30) Contracts initially recognised in the period (346) 33 313 313 Changes that relate to current service CSM recognised for current services (279) (107) (386) (386) Change in the risk adjustment for non-financial risk (32) (32) Experience adjustment 7 7 Changes that relate to past service Changes in fulfilment cash flows relating to incurred claims 8 8 Insurance service result (472) 22 (326) 343 17 (433) Net finance expenses from insurance contracts 2,809 19 223 29 252 3,080 - Of which foreign exchange differences (62) (1) (1) (1) (64) Total changes in the income statement and OCI 2,337 41 (103) 372 269 2,647 Net cash flows (1,396) (1,396) Other changes in the net carrying amount (11) (11) (11) Acquisitions and divestments of subsidiaries Net balance as at 31 December 48,415 358 2,365 1,353 3,718 52,491 Closing assets (19) 4 8 8 (7) Closing liabilities 48,434 354 2,357 1,353 3,710 52,498 Net balance as at 31 December 48,415 358 2,365 1,353 3,718 52,491
222
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Contractual service margin Estimates of Risk Contracts Contracts Contracts present value adjustment for under modified under fair under full of future non-financial retrospective value retrospective Total 2022 cash flows risk approach approach approach CSM Total Opening assets (32) 8 11 11 (13) Opening liabilities 63,397 334 53 2,544 576 3,173 66,904 Net balance as at 1 January 63,365 342 53 2,555 576 3,184 66,891 Transfer to Held for Sale (4,761) (54) (53) (53) (4,868) Changes that relate to future service Changes in the estimates that adjust the CSM (389) 73 67 248 315 (1) Changes in estimates that result in losses and reversal of losses on onerous contracts (2) (5) (7) Contracts initially recognised in the period (250) 24 226 226 Changes that relate to current service CSM recognised for current services (281) (75) (356) (356) Change in the risk adjustment for non-financial risk (21) (21) Experience adjustment (18) (18) Changes that relate to past service Changes in fulfilment cash flows relating to incurred claims 9 9 Insurance service result (650) 71 (214) 399 185 (394) Net finance expenses from insurance contracts (10,281) (60) 79 6 85 (10,256) - Of which foreign exchange differences (151) (2) (6) (6) (159) Total changes in the income statement and OCI (10,931) 11 (135) 405 270 (10,650) Net cash flows (1,741) (1,741) Other changes in the net carrying amount 12 12 Acquisitions and divestments of subsidiaries 1,530 18 59 59 1,607 Net balance as at 31 December 47,474 317 2,479 981 3,460 51,251 Closing assets (20) 5 10 10 (5) Closing liabilities 47,494 312 2,469 981 3,450 51,256 Net balance as at 31 December 47,474 317 2,479 981 3,460 51,251
Composition of underlying items of contracts measured under the variable fee approach
Note 31 December 2023 31 December 2022 Cash and cash equivalents 1 19 10 Financial investments 2 - Debt securities 2.1 556 532 - Equity investments 2.3 387 305 - Other investments 6 22 Investment property 3 Total underlying items of contracts measured at variable fee approach 968 869
223
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

1.2. Roll-forwards of net asset or liability for Life insurance contracts – Contracts measured under PAA
Analysis by remaining coverage and incurred claims – Contracts measured under PAA (Life)
Liabilities for remaining coverage Liabilities for incurred claims Excl. Loss Loss Estimates of Risk 2023 component component future cash flows adjustment Total Opening assets Opening liabilities 4,051 105 1 4,157 Net balance as at 1 January 4,051 105 1 4,157 Insurance revenue (236) (236) Incurred claims and other insurance service expense 114 1 115 Amortisation of insurance acquisition cash flows Adjustments to liabilities for incurred claims (7) (1) (8) Losses and reversals of losses on onerous contracts Insurance service expenses 107 107 Insurance service result (236) 107 (129) Net finance expenses from insurance contracts 358 1 359 - Of which foreign exchange differences Total changes in the income statement and OCI 122 108 230 Investment components (396) 395 (1) Premiums received 202 202 Insurance acquisition cash flows Claims and other insurance service expense paid (517) (517) Total cash flows 202 (517) (315) Other changes in net carrying amounts Acquisitions and divestments of subsidiaries Net balance as at 31 December 3,979 91 1 4,071 Closing assets Closing liabilities 3,979 91 1 4,071 Net balance as at 31 December 3,979 91 1 4,071
224
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Liabilities for remaining coverage Liabilities for incurred claims Excl. Loss Loss Estimates of Risk 2022 component component future cash flows adjustment Total Opening assets Opening liabilities 5,178 90 1 5,269 Net balance as at 1 January 5,178 90 1 5,269 Insurance revenue (222) (222) Incurred claims and other insurance service expense 106 106 Amortisation of insurance acquisition cash flows Adjustments to liabilities for incurred claims (7) (7) Losses and reversals of losses on onerous contracts Insurance service expenses 99 99 Insurance service result (222) 99 (123) Net finance expenses from insurance contracts (715) (1) (716) - Of which foreign exchange differences Total changes in the income statement and OCI (937) 98 (839) Investment components (391) 391 Premiums received 203 203 Insurance acquisition cash flows (2) (2) Claims and other insurance service expense paid (474) (474) Total cash flows 201 (474) (273) Other changes in net carrying amounts Acquisitions and divestments of subsidiaries Net balance as at 31 December 4,051 105 1 4,157 Closing assets Closing liabilities 4,051 105 1 4,157 Net balance as at 31 December 4,051 105 1 4,157
225
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

1.3 Effect of Life insurance contracts initially recognised in the period
Of which acquired Profitable Onerous Profitable Onerous 31 December 2023 contracts contracts Total contracts contracts Estimates of present value of cash outflows, including: 3,967 3,967 - Insurance acquisition cash flows 57 57 - Claims and other insurance service expenses payable 3,910 3,910 Estimates of present value of cash inflows (4,313) (4,313) Total estimates of present value of future cash flows (346) (346) Risk adjustment for non-financial risk 33 33 Contractual service margin recognised on initial recognition 313 313 Losses recognised on initial recognition
Of which acquired Profitable Onerous Profitable Onerous 31 December 2022 contracts contracts Total contracts contracts Estimates of present value of cash outflows, including: 3,426 7 3,433 - Insurance acquisition cash flows 65 65 - Claims and other insurance service expenses payable 3,361 7 3,368 Estimates of present value of cash inflows (3,677) (6) (3,683) Total estimates of present value of future cash flows (251) 1 (250) Risk adjustment for non-financial risk 25 25 Contractual service margin recognised on initial recognition 226 226 Losses recognised on initial recognition 1 1
226
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

2. Assets and liabilities arising from Non-Life insurance contracts issued
An analysis of the amounts presented in the statement of financial position is included in the table below:
31 December 2023 Notes Assets Liabilities Total Cash flows included in measurement of group of insurance contracts BBA 9.2.1 346 346 PAA 9.2.2 (14) 7,139 7,125 Cash flows not included in measurement of group of insurance contracts Acquisition costs - Immediately expensed (PAA) - Not yet included in measurement Other Total liabilities/(assets) of non-life insurance contracts issued (14) 7,485 7,471 31 December 2022 Notes Assets Liabilities Total Cash flows included in measurement of group of insurance contracts BBA 9.2.1 338 338 PAA 9.2.2 (14) 6,740 6,726 Cash flows not included in measurement of group of insurance contracts Acquisition costs - Immediately expensed (PAA) - Not yet included in measurement Other 1 44 45 Total liabilities/(assets) of non-life insurance contracts issued (13) 7,122 7,109
227
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

2.1. Roll-forwards of net asset or liability for Non-Life insurance contracts – Contracts not measured under PAA
Analysis by remaining coverage and incurred claims – Contracts not measured under PAA (Non-Life)
Liabilities for remaining coverage Excluding Loss Loss Liabilities for 2023 component component incurred claims Total Opening assets Opening liabilities 280 58 338 Net balance as at 1 January 280 58 338 Contracts under the modified retrospective approach (56) (56) Contracts under fair value approach Contracts under full retrospective approach and post transition (18) (18) Insurance revenue (74) (74) Incurred claims and other insurance service expense (5) 52 47 Amortisation of insurance acquisition cash flows 1 1 Adjustments to liabilities for incurred claims 20 20 Losses and reversals of losses on onerous contracts (5) (5) Insurance service expenses 1 (10) 72 63 Insurance service result (73) (10) 72 (11) Net finance expenses from insurance contracts (10) 2 (8) - Of which foreign exchange differences Total changes in the income statement and OCI (83) (8) 72 (19) Investment components Premiums received 101 101 Insurance acquisition cash flows (3) (3) Claims and other insurance service expense paid (71) (71) Total cash flows 98 (71) 27 Other changes in net carrying amounts Acquisitions and divestments of subsidiaries Net balance as at 31 December 295 50 1 346 Closing assets Closing liabilities 295 50 1 346 Net balance as at 31 December 295 50 1 346
228
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Liabilities for remaining coverage Excluding Loss Loss Liabilities for 2022 component component incurred claims Total Opening assets Opening liabilities 288 72 2 362 Net balance as at 1 January 288 72 2 362 Contracts under the modified retrospective approach (55) (55) Contracts under fair value approach 1 1 Contracts under full retrospective approach and post transition (18) (18) Insurance revenue (72) (72) Incurred claims and other insurance service expense (4) 45 41 Amortisation of insurance acquisition cash flows 1 1 Adjustments to liabilities for incurred claims 19 19 Losses and reversals of losses on onerous contracts (10) (10) Insurance service expenses 1 (14) 64 51 Insurance service result (71) (14) 64 (21) Net finance expenses from insurance contracts (24) (24) - Of which foreign exchange differences Total changes in the income statement and OCI (95) (14) 64 (45) Investment components Premiums received 91 91 Insurance acquisition cash flows (3) (3) Claims and other insurance service expense paid (66) (66) Total cash flows 87 (66) 21 Other changes in net carrying amounts Acquisitions and divestments of subsidiaries Net balance as at 31 December 280 58 338 Closing assets Closing liabilities 280 58 338 Net balance as at 31 December 280 58 338
229
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Analysis by component – Contracts not measured under PAA (Non-Life)
Contractual service margin Estimates of Risk Contracts Contracts Contracts present value adjustment for under modified under fair under full of future non-financial retrospective value retrospective Total 2023 cash flows risk approach approach approach CSM Total Opening assets Opening liabilities 136 24 127 51 178 338 Net balance as at 1 January 136 24 127 51 178 338 Changes that relate to future service Changes in the estimates that adjust the CSM 5 (3) (2) (5) Changes in estimates that result in losses and reversal of losses on onerous contracts (12) 4 (8) Contracts initially recognised in the period (4) 2 5 5 3 Changes that relate to current service CSM recognised for current services (4) (2) (6) (6) Change in the risk adjustment for non-financial risk (2) (2) Experience adjustment (19) (19) Changes that relate to past service Changes in fulfilment cash flows relating to incurred claims 21 21 Insurance service result (9) 4 (7) 1 (6) (11) Net finance expenses from insurance contracts (13) 2 3 3 (8) - Of which foreign exchange differences Total changes in the income statement and OCI (22) 6 (4) 1 (3) (19) Net cash flows 27 27 Other changes in the net carrying amount Acquisitions and divestments of subsidiaries Net balance as at 31 December 141 30 123 52 175 346 Closing assets Closing liabilities 141 30 123 52 175 346 Net balance as at 31 December 141 30 123 52 175 346
230
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Contractual service margin Estimates of Risk Contracts Contracts Contracts present value adjustment for under modified under fair under full of future non-financial retrospective value retrospective Total 2022 cash flows risk approach approach approach CSM Total Opening assets Opening liabilities 171 43 112 35 147 361 Net balance as at 1 January 171 43 112 35 147 361 Changes that relate to future service Changes in the estimates that adjust the CSM (27) (1) 15 13 28 Changes in estimates that result in losses and reversal of losses on onerous contracts (9) (12) (21) Contracts initially recognised in the period 1 4 6 6 11 Changes that relate to current service CSM recognised for current services (3) (3) (6) (6) Change in the risk adjustment for non-financial risk (3) (3) Experience adjustment (21) (21) Changes that relate to past service Changes in fulfilment cash flows relating to incurred claims 19 19 Insurance service result (37) (12) 12 16 28 (21) Net finance expenses from insurance contracts (19) (7) 3 3 (23) - Of which foreign exchange differences Total changes in the income statement and OCI (56) (19) 15 16 31 (44) Net cash flows 21 21 Other changes in the net carrying amount Acquisitions and divestments of subsidiaries Net balance as at 31 December 136 24 127 51 178 338 Closing assets Closing liabilities 136 24 127 51 178 338 Net balance as at 31 December 136 24 127 51 178 338
231
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

2.2 Roll-forwards of net asset or liability for Non-Life insurance contracts – Contracts measured under PAA
Analysis by remaining coverage and incurred claims – Contracts measured under PAA (Non-Life)
Liabilities for remaining coverage Liabilities for incurred claims Excl. Loss Loss Estimates of Risk 2023 component component future cash flows adjustment Total Opening assets 1 (15) (14) Opening liabilities 1,070 5,459 211 6,740 Net balance as at 1 January 1,071 5,444 211 6,726 Insurance revenue (4,884) (4,884) Incurred claims and other insurance service expense 3,420 57 3,477 Amortisation of insurance acquisition cash flows 2 2 Adjustments to liabilities for incurred claims (233) (83) (316) Losses and reversals of losses on onerous contracts Insurance service expenses 2 3,187 (26) 3,163 Insurance service result (4,882) 3,187 (26) (1,721) Net finance expenses from insurance contracts 11 315 14 340 - Of which foreign exchange differences 11 35 2 48 Total changes in the income statement and OCI (4,871) 3,502 (12) (1,381) Investment components (16) 16 Premiums received 5,117 5,117 Insurance acquisition cash flows (3) (3) Claims and other insurance service expense paid (3,364) (3,364) Total cash flows 5,114 (3,364) 1,750 Other changes in net carrying amounts Acquisitions and divestments of subsidiaries 24 6 30 Net balance as at 31 December 1,322 5,604 199 7,125 Closing assets 2 (16) (14) Closing liabilities 1,320 5,620 199 7,139 Net balance as at 31 December 1,322 5,604 199 7,125
232
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Liabilities for remaining coverage Liabilities for incurred claims Excl. Loss Loss Estimates of Risk 2022 component component future cash flows adjustment Total Opening assets 1 (21) (20) Opening liabilities 1,155 13 6,316 259 7,743 Net balance as at 1 January 1,156 13 6,295 259 7,723 Insurance revenue (4,594) (4,594) Incurred claims and other insurance service expense 3,368 65 3,433 Amortisation of insurance acquisition cash flows 2 2 Adjustments to liabilities for incurred claims (157) (71) (228) Losses and reversals of losses on onerous contracts (13) (13) Insurance service expenses 2 (13) 3,211 (6) 3,194 Insurance service result (4,592) (13) 3,211 (6) (1,400) Net finance expenses from insurance contracts (29) (981) (41) (1,051) - Of which foreign exchange differences (29) (97) (6) (132) Total changes in the income statement and OCI (4,621) (13) 2,230 (47) (2,451) Investment components (13) 13 Premiums received 4,554 4,554 Insurance acquisition cash flows (3) (3) Claims and other insurance service expense paid (3,092) (3,092) Total cash flows 4,551 (3,092) 1,459 Other changes in net carrying amounts (2) (2) (1) (5) Acquisitions and divestments of subsidiaries Net balance as at 31 December 1,071 5,444 211 6,726 Closing assets 1 (15) (14) Closing liabilities 1,070 5,459 211 6,740 Net balance as at 31 December 1,071 5,444 211 6,726
233
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

2.3 Effect of Non-Life insurance contracts initially recognised in the period
The tables below show the effect for the contracts not measured under the PAA.
Of which acquired Profitable Onerous Profitable Onerous 31 December 2023 contracts contracts Total contracts contracts Estimates of present value of cash outflows, including: 60 11 71 - Insurance acquisition cash flows 2 1 3 - Claims and other insurance service expenses payable 58 10 68 Estimates of present value of cash inflows (65) (10) (75) Total estimates of present value of future cash flows (5) 1 (4) Risk adjustment for non-financial risk 2 2 Contractual service margin recognised on initial recognition 5 5 Losses recognised on initial recognition 3 3
Of which acquired Profitable Onerous Profitable Onerous 31 December 2022 contracts contracts Total contracts contracts Estimates of present value of cash outflows, including: 75 19 94 - Insurance acquisition cash flows 2 2 4 - Claims and other insurance service expenses payable 73 17 90 Estimates of present value of cash inflows (81) (13) (94) Total estimates of present value of future cash flows (6) 6 Risk adjustment for non-financial risk 4 4 Contractual service margin recognised on initial recognition 6 6 Losses recognised on initial recognition 10 10
3 Contractual service margin release
The following table sets out the expected recognition of the remaining contractual service margin (before tax) in the income statement after the reporting date for
insurance contracts not measured under PAA.
31 December 2023 31 December 2022 Life Non-Life Life Non-Life Less than 1 year 348 5 327 5 1 year to 2 years 309 5 289 5 2 years to 3 years 275 5 254 5 3 years to 4 years 249 5 228 5 4 years to 5 years 228 5 209 5 5 years to 10 years 881 24 836 25 More than 10 years 1,428 126 1,317 128 Total contractual service margin of insurance contracts issued 3,718 175 3,460 178
234
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Reinsurance contracts assets
and liabilities
1. Assets and liabilities arising from reinsurance contracts
An analysis of the amounts presented in the statement of financial position is included in the table below:
31 December 2023 Assets Liabilities Total Life reinsurance PAA 11 11 Non-life reinsurance PAA 642 642 Total assets/(liabilities) of reinsurance contracts held 653 653 31 December 2022 Assets Liabilities Total Life reinsurance PAA 7 7 Non-life reinsurance PAA 670 670 Total assets/(liabilities) of reinsurance contracts held 677 677
Of the total reinsurance contracts assets, EUR 174 million is expected to be recovered within one year (31 December 2022: EUR 194 million).
235
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

2. Roll-forward of net asset or liability for reinsurance contracts by measurement model: PAA
Analysis by remaining coverage and incurred claims – PAA (Reinsurance)
Remaining coverage component Incurred claims component Excl. Loss Loss recovery Estimates of Risk adjustment for 2023 recovery component component future cash flows non-financial risk Total Opening assets 43 593 41 677 Opening liabilities Net balance as at 1 January 43 593 41 677 Allocation of reinsurance premiums (*) (339) (339) Recoveries of incurred claims and other insurance service expenses 132 6 138 Recoveries and reversals of recoveries of losses on onerous underlying contracts Adjustments to assets for incurred claims (25) (13) (38) Amounts recoverable from reinsurers (*) 107 (7) 100 Effect of changes in non-performance risk of reinsurers Net expenses from reinsurance contracts held (339) 107 (7) (239) Net finance income from reinsurance contracts held 42 4 46 - Of which foreign exchange differences 6 1 7 Total changes in the income statement and OCI (339) 149 (3) (193) Investment components (78) 78 Premiums paid (*) 377 377 Amounts received from reinsurance (*) (208) (208) Total cash flows 377 (208) 169 Other changes in the net carrying amount Acquisitions and divestments of subsidiaries Net balance as at 31 December 3 612 38 653 Closing assets 3 612 38 653 Closing liabilities Net balance as at 31 December 3 612 38 653
236
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Remaining coverage component Incurred claims component Excl. Loss Loss recovery Estimates of Risk adjustment for 2022 recovery component component future cash flows non-financial risk Total Opening assets 30 759 59 848 Opening liabilities (6) 4 (2) Net balance as at 1 January 24 763 59 846 Allocation of reinsurance premiums (*) (294) (294) Recoveries of incurred claims and other insurance service expenses 161 6 167 Recoveries and reversals of recoveries of losses on onerous underlying contracts Adjustments to assets for incurred claims 21 (6) 15 Amounts recoverable from reinsurers (*) 182 1 183 Effect of changes in non-performance risk of reinsurers Net expenses from reinsurance contracts held (294) 182 1 (111) Net finance income from reinsurance contracts held (1) (210) (19) (230) - Of which foreign exchange differences (20) (2) (22) Total changes in the income statement and OCI (295) (28) (18) (341) Investment components (78) 78 Premiums paid (*) 392 392 Amounts received from reinsurance (*) (220) (220) Total cash flows 392 (220) 172 Other changes in the net carrying amount Acquisitions and divestments of subsidiaries Net balance as at 31 December 43 593 41 677 Closing assets 43 593 41 677 Closing liabilities Net balance as at 31 December 43 593 41 677
(*) In presenting the reinsurance premiums paid and amounts recoverable from reinsurers, Ageas recognises ceding commissions as follows:
- Ceding commissions that are contingent on claims on the underlying insurance contracts issued increase the amount of claims t hat Ageas expects to recover from the reinsurer; and
- Ceding commissions that are not contingent on claims on the underlying insurance contracts issued are recognised as a reduction of the reinsurance premiums.
237
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Borrowings
31 December 2023 31 December 2022 Amortised cost Due to banks 864 899 Lease liabilities 656 630 Other borrowings 109 63 Debt certificates 38 Total borrowings and debt certificates measured at amortised cost 1,667 1,592
An amount of EUR 159 million of financial instruments and property has been
pledged as collateral (2022: EUR 164 million) for other borrowings.
The carrying value of the borrowings is a reasonable approximation of their
fair value as contract maturities are less than one year. Accordingly, the fair
value is based upon observable market data (level 2).
The lease liabilities are discounted using the lessee’s incremental borrowing
rate and the interest expense on the lease liability is presented separately
from the depreciation expense of the right-of-use asset.
31 December 2023 31 December 2022 Balance as at 1 January 1,592 1,386 Transfer to Held for Sale (3) Change in accounting policy Acquisitions and divestments of subsidiaries 9 150 Proceeds from issuance 186 226 Payments (117) (167) Foreign exchange differences Realised and unrealised gains (losses) Other (3) Balance at end of period 1,667 1,592
The following table shows the undiscounted cash flows of the borrowings, except for lease liabilities classified by relevant maturity group.
31 December 2023 31 December 2022 Less than 1 year 231 232 1 year to 3 years 55 61 3 years to 5 years 40 39 More than 5 years 685 630 Total 1,011 962
238
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Lease obligations as lessee (undiscounted)
31 December 2023 31 December 2022 Finance lease Present value Finance lease Present value Minimum lease of the minimum lease Minimum lease of the minimum lease payments payments payments payments Less than 1 year 93 78 86 67 1 year to 2 years 86 67 80 63 2 years to 3 years 76 59 73 58 3 years to 4 years 67 52 62 48 4 years to 5 years 56 42 56 44 More than 5 years 512 358 495 350 Total 890 656 852 630 Annual rental expense 6 4 Future finance charges 234 222
239
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Subordinated liabilities
31 December 2023 31 December 2022 Amortised cost Issued by Ageasfinlux S.A. FRESH Restricted Tier 1 Notes 151 151 Issued by Ageas SA/NV Perpetual Subordinated Fixed Rate Resettable Temporary Write-Down Restricted Tier 1 Notes 746 744 Subordinated Fixed to Floating Rate Tier 2 Notes 992 991 Issued by AG Insurance Subordinated Fixed to Floating Rate Tier 2 Loan 74 74 Fixed Rate Reset Dated Subordinated Tier 2 Notes 398 398 Fixed to Floating Callable Subordinated Tier 2 Notes 100 100 Issued by Millenniumbcp Ageas Fixed to Floating Rate Callable Subordinated Restricted Tier 1 Loan 59 59 Total subordinated liabilities measured at amortised cost 2,520 2,517
Changes in subordinated liabilities during the period are as follows.
31 December 2023 31 December 2022 Balance as at 1 January 2,517 2,748 Proceeds from issuance Redemption Realised gains (losses) Foreign exchange differences Other 3 (231) Balance at end of period 2,520 2,517
Other EUR (231) million is related to the acquisition of FRESH securities in the fourth quarter of 2022.
Most of the outstanding subordinated liabilities as at 31 December 2023 are balances with a maturity of more than 5 years.
240
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. FRESH Grandfathered Restricted Tier 1 Notes
On 7 May 2002, Ageasfinlux S.A. issued undated Floating Rate Equity-linked
Subordinated Hybrid capital securities (FRESH) for a total principal amount
of EUR 1,250 million at a floating rate of 3-month Euribor + 135 basis points.
The securities have no maturity date, but may be exchanged for Ageas
shares at a price of EUR 315 per share at the discretion of the holder. The
securities will automatically convert into Ageas shares if the price of the
Ageas share is equal to or higher than EUR 472.50 on twenty consecutive
stock exchange business days.
The securities qualify as Grandfathered Tier 1 capital under Solvency II and
are rated A- by Standard & Poor’s, Baa2 by Moody’s and BBB by Fitch. The
securities were issued by Ageasfinlux S.A., with Ageas SA/NV acting as co-
obligor. The principal amount of the securities will not be repaid in cash. The
sole recourse of the holders of the FRESH against the co-obligors with
respect to the principal amount are the currently outstanding 1.2 million
Ageas shares that Ageasfinlux S.A. pledged in favour of such holders.
Pending the exchange of the FRESH for Ageas shares, these Ageas shares
do not have any dividend rights or voting rights (the reported number of
outstanding Ageas shares as at 31 December 2023 already includes the 1.2
million Ageas shares issued for the purpose of such exchange).
In the event that dividends are not paid on the Ageas shares, or that the
dividends to be declared are below a threshold with respect to any financial
year (dividend yield less than 0.5%) and in certain other exceptional
circumstances, payment of coupons will be made in accordance with the so-
called alternative coupon settlement method (ACSM). The ACSM implies that
new Ageas shares will be issued and delivered to the holders of the FRESH.
To date all coupons have been paid in cash. If the ACSM is triggered and
there is insufficient available authorised capital to enable Ageas SA/NV to
meet the ACSM obligation, the coupon settlement will be postponed until
such time as the ability to issue shares is restored.
On 19 November 2019 Ageas launched, through its wholly owned subsidiary
Ageasfinlux S.A., an offer to purchase in cash any and all of the outstanding
FRESH securities. Ageasfinlux S.A. simultaneously launched a consent
solicitation to permit the purchase of the FRESH securities. Consent of at
least a majority of the aggregate principal amount of the FRESH outstanding
was necessary for the proposed amendment to the conditions of the FRESH
to be adopted.
On 3 January 2020, Ageas announced that in total 65.50% (EUR
818,750,000) of the aggregate principal amount of the FRESH securities
outstanding were tendered and accepted for purchase. Subsequently, at the
beginning of Q2 2020 Ageas purchased FRESH securities representing an
aggregate principal amount of EUR 47,250,000 following a reverse inquiry by
a third-party holder. All the purchased FRESH securities in 2020 were
exchanged into 2,749,206 underlying shares of Ageas SA/NV. These shares
are recognised on the Group’s balance sheet as treasury shares and are not
entitled to dividends or voting rights. The total number of outstanding shares
of Ageas SA/NV as an effect from the operation remains unchanged.
In the course of the fourth quarter of 2022, Ageas SA/NV acquired an
aggregate principal amount of EUR 233.25 million of FRESH securities which
were issued in 2002 by Ageasfinlux S.A. The EUR 233.25 million of FRESH
securities acquired are currently held by Ageas SA/NV and have not yet been
exchanged into Ageas shares. Therefore as at 31 December 2023, EUR 384
million in aggregate principal amount remains outstanding at the level of
Ageasfinlux S.A. The EUR 233.25 million is eliminated at Ageas group level.
Please refer to note 20 for the resulting impact on the prior year consolidated
income statement.
2. Ageas SA/NV Subordinated Fixed to Floating Rate Tier 2 Notes
On 24 November 2020 Ageas SA/NV issued debt securities in the form of
EUR 500 million Subordinated Fixed to Floating Rate Tier 2 Notes maturing
in 2051.
The Notes have a fixed coupon rate of 1.875% payable annually until the first
reset date (24 November 2031). As of the first reset date, the coupon
becomes payable quarterly at a 3-month Euribor floating rate increased with
an initial credit spread and a points step-up.
Note that Ageas at its option may choose to call the instrument as of 24 May
2031, which is 6 months prior to the first reset date.
The instrument qualifies as Tier 2 capital for both Ageas Group and Ageas
SA/NV under Solvency II and is rated A- by both Standard & Poor’s and
Fitch.The instrument is listed on the regulated market of the Luxembourg
Stock Exchange.
241
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

3. Ageas SA/NV Perpetual Subordinated Fixed Rate
Resettable Temporary Write-Down Restricted Tier 1
Notes
On 10 December 2019 Ageas SA/NV issued subordinated debt securities for
an aggregate principal amount of EUR 750 million in the form of Perpetual
Subordinated Fixed Rate Resettable Temporary WriteDown Restricted Tier 1
Notes;
These notes have a fixed coupon rate of 3.875% payable annually with reset
in June 2030 (no step-up) and every 5 years thereafter. They have no
scheduled maturity date and, except in certain limited circumstances, may
not be redeemed by Ageas SA/NV before the period preceding June 2030.
They qualify as restricted Tier 1 capital for both Ageas Group and Ageas
SA/NV under Solvency II and are rated BBB+ by Standard & Poor’s and BBB
by Fitch. They are listed on the regulated market of the Luxembourg Stock
Exchange.
The net proceeds from the issuance of this instrument were used for general
corporate purposes and to strengthen the regulatory solvency of the Ageas
Group and its operating subsidiaries, including by way of replacing the
FRESH securities that were tendered as part of the offer launched by Ageas
in 2019.
4. Ageas SA/NV Subordinated Fixed to Floating Rate
Tier 2 Notes
On 10 April 2019 Ageas SA/NV issued its inaugural debt securities in the
form of EUR 500 million Subordinated Fixed to Floating Rate Tier 2 Notes
maturing in 2049.
These notes have a fixed coupon rate of 3.25% payable annually until the
first call date (2 July 2029). As of the first call date, the coupon becomes
payable quarterly at a 3-month Euribor floating rate increased with an initial
credit spread and a 100 basis points step-up.
This instrument qualifies as Tier 2 capital for both Ageas Group and Ageas
SA/NV under Solvency II and is rated A- by both Standard & Poor’s and
Fitch. It is listed on the regulated market of the Luxembourg Stock Exchange.
5. AG Insurance Subordinated Fixed to Floating Rate
Tier 2 Loan
On 27 June 2019, Ageas and BNP Paribas Cardif granted a EUR 300 million
(Ageas: EUR 225 million; BNP Paribas Cardif: EUR 75 million) subordinated
loan to AG Insurance at an interest rate of 3.25%. The intercompany loan
between Ageas and AG Insurance is eliminated at Ageas group level. The
loan may be repaid at the option of AG Insurance, in whole but not in part, on
the first call date at 27 June 2029 or at any interest payment date thereafter.
On their first call date the Notes will bear interest at a floating rate of 3 month
Euribor plus 3.800% per annum, payable quarterly.
6. AG Insurance Fixed Rate Reset Dated Subordinated
Tier 2 Notes
On 31 March 2015, AG Insurance issued EUR 400 million Fixed Rate Reset
Dated Subordinated Tier 2 Securities due 2047 at an interest rate of 3.5%
and with a maturity of 32 years. The securities may be redeemed at the
option of AG Insurance, in whole but not in part, on the first call date at 30
June 2027 or at any interest payment date thereafter. On the first call date
and on each fifth anniversary of the first call date the interest rate will be
reset equal to the sum of the five-year euro mid swap rate plus 3.875%. The
Notes are listed on the Luxembourg Stock Exchange and qualify as Tier 2
capital under Solvency II. They are rated A- by both Standard & Poor’s and
Fitch.
7. AG Insurance Fixed-to Floating Callable Subordinated
Tier 2 Notes
On 18 December 2013, AG Insurance issued EUR 450 million Fixed-to-
Floating Callable Subordinated Tier 2 Notes due 2044 at an interest rate of
5.25% and with a maturity of 31 years. The notes may be redeemed at the
option of AG Insurance, in whole but not in part, on the first call date at 18
June 2024 or at any interest payment date thereafter. On their first call date
the Notes will bear interest at a floating rate of 3 month Euribor plus 4.136%
per annum, payable quarterly.
The Notes are subscribed by Ageas SA/NV (EUR 350 million) and by BNP
Paribas Fortis SA/NV (EUR 100 million) and are listed on the Luxembourg
Stock Exchange. The Notes qualify as Tier 2 capital under Solvency II and
are rated A- by both Standard & Poor’s and Fitch. The part underwritten by
Ageas SA/NV is eliminated as intercompany transaction.
8. Millenniumbcp Ageas Fixed-to-Floating Callable
Subordinated Grandfathered Restricted Tier 1 Loan
On 5 December 2014, Ageas Insurance International N.V. (51%) (AII) and
BCP Investments B.V. (49%) granted a subordinated loan of EUR 120 million
to Millenniumbcp Ageas at 4.75% per annum up to the first call date in
December 2019 and 6-month Euribor + 475 basis points per annum
thereafter. As of Q2 2020 the loan previously owned by Ageas Insurance
International has been transferred to the balance sheet of Ageas SA/NV. The
part underwritten by Ageas SA/NV is eliminated because it is an
intercompany transaction. The Notes qualify as Grandfathered Tier 1 capital
under Solvency II.
242
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

RPN(I)
The RPN(I) is a financial instrument that results in quarterly
payments being made to,or received from, BNP Paribas
Fortis SA/NV.
BNP Paribas Fortis SA/NV issued CASHES securities in 2007 with Ageas
SA/NV as co-obligor (see Note 28 Contingent liabilities). CASHES are
exchangeable securities that are exchanged into Ageas shares at a pre-set
price of EUR 239.40 per share. BNP Paribas Fortis SA/NV and Ageas
SA/NV, at that point in time both part of the Fortis group, introduced a
Relative Performance Note, designed to avoid accounting volatility on the
Ageas shares and on the CASHES valued at fair value in the books of BNP
Paribas Fortis SA/NV. Upon the break-up of Fortis in 2009, BNP Paribas
Fortis SA/NV and Ageas agreed to pay interest on a reference amount stated
in this Relative Performance Note. The quarterly interest payment is valued
as a financial instrument and referred to as RPN(I).
The RPN(I) exists to the extent that CASHES securities remain outstanding.
Originally, 12,000 CASHES securities were issued in 2007.
In February 2012 BNP Paribas launched a public tender on CASHES at a
price of 47.5% and exchanged 7,553 tendered CASHES securities into
Ageas shares; Ageas agreed to pay a EUR 287 million indemnity to BNP
Paribas as the exchange triggered a pro rata cancellation of the RPN(I)
liability.
In May 2015 Ageas and BNP Paribas agreed that BNP Paribas could
purchase CASHES from individual investors at any given time, under the
condition that the purchased securities would be exchanged into Ageas
shares; at such exchange the pro rata part of the RPN(I) liability would be
paid to BNP Paribas, while Ageas would receive a break-up fee which was
subject to the price at which BNP Paribas succeeded in purchasing
CASHES.
BNP Paribas purchased and exchanged 656 CASHES under this agreement
in the first nine months of 2016; Ageas paid EUR 44 million for the pro rata
settlement of the RPN(I), after the deduction of the received break-up fee.
The agreement between Ageas and BNP Paribas expired at year-end 2016
and was not renewed.
In the second half of 2022 Ageas settled part of the RPN(I) for an amount of
EUR 46.6 million.
At 31 December 2023, 3,326 CASHES remained outstanding.
Reference amount and interest paid
The reference amount is calculated as follows:
● the difference between EUR 2,350 million and the market value of 13
million Ageas shares in which the instrument is exchanged, less
● the difference between EUR 3,000 million (the aggregate principal
amount of CASHES originally issued in 2007) and the market value of
the CASHES as quoted by the Luxembourg Stock Exchange, multiplied
by
● the number of CASHES securities outstanding (3,326 at 31 December
2023) divided by the number of CASHES securities originally issued
(12,000).
Ageas pays interest to BNP Paribas Fortis SA/NV on the average reference
amount in the quarter (if the above outcome becomes negative BNP Paribas
Fortis SA/NV will pay Ageas); the interest amounts to Euribor plus 90 basis
points. Ageas pledged 5.5% of the total AG Insurance shares outstanding in
favour of BNP Paribas Fortis SA/NV.
Valuation
Ageas applies a transfer notion to arrive at the fair value of the RPN(I)
liability. Fair value is defined in IFRS 13 as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The definition is explicitly
described as an exit price, linked with the price 'paid to transfer a liability'.
When such pricing is not available and the liability is held by another entity as
an asset, the liability needs to be valued from the perspective of the market
participant that holds the asset. Ageas values its liability at the reference
amount.
The RPN reference amount is based on the CASHES price and the Ageas
share price. The reference amount increased from EUR 334.3 million at year-
end 2022 to EUR 398.4 million at 31 December 2023, driven by the increase
in the CASHES price from 79.17% at 31 December 2022 to 86.00% at 31
December 2023 and by the decrease in the Ageas share price from EUR
41.42 to EUR 39.31 over the same period.
Sensitivity of RPN(I) Value
At 31 December 2023, each 1% increase in the CASHES price, expressed as
a percentage of its nominal value, leads to an increase of EUR 8.3 million in
the reference amount, while each EUR 1.00 increase in the Ageas share
price decreases the reference amount by EUR 3.5 million.
243
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Accrued interest and other liabilities
31 December 2023 31 December 2022 Derivatives held for trading and hedging 18 4 Liabilities related to written put options on NCI 119 114 Deferred revenues and accrued expenses 299 236 Liabilities for employee benefits Defined benefit pension liabilities 628 576 Defined benefit liabilities other than pension 97 89 Termination benefits 5 5 Other long-term employee benefit liabilities 18 14 Short-term employee benefit liabilities 144 124 Total liabilities for employee benefits 892 808 Payables Accounts payable 236 236 Due to agents, policyholders and intermediaries 284 197 Current income tax payable 58 87 VAT and other taxes payable 99 83 Dividends payable 20 19 Other liabilities 381 498 Total payables 1,078 1,120 Total other liabilities 2,406 2,282
Details of employee benefit liabilities can be found in note 26, section 26.1
Employee benefits.
The line item ‘Other liabilities’ includes payables related to the clearing of
securities transactions, cash received awaiting allocation to investments and
small expenses to be paid.
Details on derivatives can be found in note 2 Financial investments.
244
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Deferred revenues and accrued amounts are considered to be short term liabilities with a maturity of less than one year.
The following tables show the maturity of the payables by undiscounted cash flow.
More Total Total than undiscounted Effect of carrying 31 December 2023 Less than 1 year 1 to 3 years 3 to 5 years 5 years cash flows discounting amount Undiscounted cashflow 868 18 27 107 1,020 1,020 Total 868 18 27 107 1,020 1,020 More Total Total than undiscounted Effect of carrying 31 December 2022 Less than 1 year 1 to 3 years 3 to 5 years 5 years cash flows discounting amount Undiscounted cashflow 780 182 50 21 1,033 1,033 Total 780 182 50 21 1,033 1,033
245
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Provisions
The provisions mainly relate to legal disputes and reorganisations and are based on best estimates available at period-end
based on management judgement, in most cases supported by the opinion of legal advisors. The timing of the outflow of cash
related to these provisions is by nature uncertain given the unpredictability of the outcome and the time involved in
concluding litigations/disputes. We refer to note 28 Contingent liabilities, which describes the various ongoing litigation
proceedings, which as at 31 December 2023 constitute contingent liabilities without provisions.
The only provision for legal proceedings, the remaining provision for the
Fortis settlement (EUR 1.3 million as at 31 December 2022 and EUR 0.9
million as at 30 June 2023), was released at the end of the third quarter of
2023 and Ageas booked a payable of EUR 1.2 million for outstanding
amounts payable resulting from rejected payments.
The amounts are presented under the line item ‘Provisions’ in the statement
of financial position and the line item ‘Change in provisions’ in the income
statement.
Changes in provisions during the period are shown as follows.
31 December 2023 31 December 2022 Balance as at 1 January 72 182 Transfer to Held for Sale (3) Acquisitions and divestments of subsidiaries Increase (Decrease) in provisions (10) 1 Utilised during the year (109) Foreign exchange differences (1) Other 3 2 Balance at end of period 65 72
246
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Shareholders’ equity
Shares issued, outstanding and potential number of shares
Shares Treasury Shares In thousands issued shares outstanding Number of shares as at 1 January 2022 191,033 (5,296) 185,737 Cancelled shares (1,302) 1,302 Balance (acquired)/sold (2,152) (2,152) Used for management share plans 71 71 Number of shares as at 31 December 2022 189,731 (6,075) 183,656 Cancelled shares (1,760) 1,760 Balance (acquired)/sold 15 15 Used for management share plans Number of shares as at 31 December 2023 187,971 (4,300) 183,671
To the extent rules and regulations permit, and in the interest of the
company, the Board of Ageas was authorised for a period of three years
(2023-2026) by the General Meeting of Shareholders of 17 May 2023 to
increase the share capital by a maximum amount of EUR 150,000,000.
Applied to an accounting par value of EUR 7.99, this authorisation enables
the issuance of up to 18,765,000 shares, representing approximately 10% of
the total current share capital of the company. In addition to its use for
general purposes, this authorisation enables the company to meet its
potential obligations to issue new shares pursuant to the so-called alternative
coupon settlement method (ACSM) included in certain hybrid financial
instruments (for details see note 12 Subordinated liabilities and note 28
Contingent liabilities).
Treasury shares
Treasury shares are issued ordinary shares that have been bought back by
Ageas. The shares are deducted from shareholders’ equity and reported in
‘Other reserves’.
Share buy-back programme
No new share buy-back programme has been announced by Ageas SA/NV
after the last one was terminated on 29 July 2022, for an amount of EUR 150
million.
The Extraordinary General Meeting of Shareholders of Ageas SA/NV of 17
May 2023 approved the cancellation of 1,760,000 shares. As a result, the
total number of issued shares is reduced to 187,971,187.
Restricted share programme
Ageas created restricted share programmes for the members of the
Executive and Management Committee (see also note 26 section 2.
Employee share and share-linked incentive plans).
247
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Shares entitled to dividend and voting rights
In thousands Number of shares issued as at 31 December 2023 187,971 Shares not entitled to dividend and voting rights: Shares held by Ageas SA/NV (treasury shares) 3,081 Shares related to FRESH (treasury shares) 1,219 Shares related to CASHES held by BNP Paribas Fortis SA/NV (see note 28) 3,473 Shares entitled to voting rights and dividend 180,197
Currency translation reserve
The currency translation reserve is a separate component of shareholders’
equity in which the exchange differences arising from translation of the
results and financial positions of foreign operations that are included in the
Ageas Consolidated Financial Statements are reported.
Ageas does not hedge net investments in operations that do not have euro
as their functional currency unless the impact of potential foreign exchange
movements is considered beyond Ageas’s Risk Appetite.
Dividend capacity
Ageas and its subsidiaries, associates and joint ventures are subject to legal
restrictions regarding the amount of dividend they may pay to their
shareholders.
Under the Belgian Code of Companies and Associations, 5% of a company’s
annual net profit must be placed in a legal reserve fund until this fund
reaches 10% of the share capital. No dividends may be paid if the value of
the company’s net assets falls below, or following payment of a dividend
would fall below, the sum of its paid-up capital and non-distributable
reserves.
Subsidiaries and associates or joint ventures are also subject to dividend
restrictions arising from minimum capital and solvency requirements imposed
by regulators in the countries in which they operate and from shareholders’
agreements with the partners in the company. In certain situations consensus
between the shareholders is required before dividend is declared.
In addition, shareholders’ agreements may include:
● specific articles on voting rights or dividend distribution;
● lock-up periods during which all parties having shares are not allowed to
sell shares before a certain period or without the prior approval of the
other parties involved;
● options to sell or resell shares to the other party (parties) involved in the
shareholders’ agreement including the underlying calculation
methodology to value the shares;
● earn-out mechanisms which allow the party originally selling the shares
to additional revenues when certain objectives are realised;
● exclusivity clauses or non-competition clauses related to the sales of
insurance products.
Proposed dividend for 2023
Given the continued strong capital position, the Board of Directors proposes
for approval at the Annual Shareholders’ Meeting, a final dividend of EUR
1.75 per share in addition to the EUR 1.50 interim dividend paid in October
2023. This brings the total dividend to EUR 3.25 per share, up by more than
8% compared to last year, representing an amount of EUR 585 million in
dividend payment.
248
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Return on equity
Ageas calculates return on equity by dividing the net operating result (refer to note 27 Information on operating segment, section Alternative performance measures)
by the average shareholders’ equity of the year.
2023 2022 Return on equity 16.2% 17.3%
Earnings per share
The following table details the calculation of earnings per share.
2023 2022 Net result attributable to shareholders 953 1,097 Weighted average number of ordinary shares for basic earnings per share (in thousands) 183,671 184,162 Adjustments for: - restricted shares (in thousands) expected to be awarded 150 159 Weighted average number of ordinary shares for diluted earnings per share (in thousands) 183,821 184,321 Basic earnings per share (in euro per share) 5.19 5.96 Diluted earnings per share (in euro per share) 5.19 5.95
Treasury shares are excluded from the calculation of earnings per share as
they are not entitled to dividend nor do they have voting rights.
Ageas shares issued in relation to CASHES are included in the ordinary
shares although they are not entitled to dividend nor do they have voting
rights.
249
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

Non-controlling interest
Non-controlling interest (NCI) represent the proportion of ownership interest held by a third party in the equity of subsidiaries.
The following table provides information about Ageas subsidiaries that have non-controlling interests (NCI).
Allocated to NCI NCI Other Total NCI % of as at comprehensive comprehensive Dividends as at 2023 NCI 1 January Result income income paid Other 31 December Subsidiary AG Insurance (Belgium) 25.0% 390 140 137 277 186 28 509 AG Real Estate (part of AG Insurance) mainly Interparking for 49% held by minority shareholders 25.0% 417 40 (17) 23 53 (19) 368 Ageas Federal Life Insurance (Asia) 26.0% 65 4 3 7 2 70 Millenniumbcp Ageas (Europe) 49.0% 88 38 18 56 (2) (17) 129 Other 1 2 1 3 3 1 Total NCI 961 224 142 366 242 (8) 1,077 Allocated to NCI NCI restated Other Total NCI restated % of as at comprehensive comprehensive Dividends as at 2022 NCI 1 January Result income income paid Other 31 December Subsidiary AG Insurance (Belgium) 25.0% 574 81 (193) (112) 83 11 390 AG Real Estate (part of AG Insurance) mainly Interparking for 49% held by minority shareholders 25.0% 353 76 47 123 52 (7) 417 Ageas Federal Life Insurance (Asia) 26.0% (7) (7) 72 65 Millenniumbcp Ageas (Europe) 49.0% 185 30 21 51 133 (15) 88 Other 1 (2) (2) 2 1 Total NCI 1,113 187 (134) 53 268 63 961
250
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AG Insurance granted to Parkimo, a minority shareholder of Interparking, an
unconditional put option on its 10.05% ownership in interparking. The put
option was measured at the fair value of the expected settlement amounting
to EUR 119 million (2022: EUR 114 million). See note 14 Accrued interest
and other liabilities.
Ageas’s subsidiaries in which non-controlling interests are held
The details of the statement of financial position of AG Insurance are
included in note 27 Information on operating segments. The details of the
statement of financial position of Millenniumbcp Ageas in Portugal and Ageas
Federal Life Insurance in India are shown below:
31 December 2023 31 December 2022 Financial information (100% interest) Assets Liabilities Equity Assets Liabilities Equity Millenniumbcp Ageas 7,947 7,888 59 8,407 8,431 (25) Ageas Federal Life Insurance 1,922 1,641 281 1,769 1,509 260
251
Ageas Annual Report 2023
Notes to the consolidated statement of fi nancial position

252
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the
consolidated
income
statement

Insurance revenue
2023 Life Non-Life Total Contracts not measured under the PAA Amounts relating to the changes in the liability for remaining coverage - Expected incurred claims and other insurance service expenses 802 65 867 - Change in risk adjustment for non-financial risk 32 2 34 - CSM recognised for services provided 386 6 392 - Experience adjustment related to premiums (1) (1) Recovery of insurance acquisition cash flows 23 1 24 Total insurance revenue for contracts not measured under the PAA 1,242 74 1,316 Total insurance revenue for contracts measured under the PAA 237 4,884 5,121 Total insurance revenue 1,479 4,958 6,437 2022 Life Non-Life Total Contracts not measured under the PAA Amounts relating to the changes in the liability for remaining coverage - Expected incurred claims and other insurance service expenses 738 61 799 - Change in risk adjustment for non-financial risk 23 3 26 - CSM recognised for services provided 364 6 370 - Experience adjustment related to premiums Recovery of insurance acquisition cash flows 17 1 18 Total insurance revenue for contracts not measured under the PAA 1,142 71 1,213 Total insurance revenue for contracts measured under the PAA 222 4,594 4,816 Total insurance revenue 1,364 4,665 6,029
253
Ageas Annual Report 2023
Notes to the consolidated income statement

2023 Life Non-Life Total Contracts not measured under the PAA Incurred claims and other insurance service expense (808) (47) (855)
Adjustments to liabilities for incurred claims (7) (20) (27)
Losses and reversals of losses on onerous contracts 29 5 34 Amortisation of insurance acquisition cash flows (23) (1) (24) Net impairment loss on assets related to insurance acquisition cash flows Total insurance service expenses for contracts not measured under the PAA (809) (63) (872) Contracts measured under the PAA Incurred claims and other insurance service expense (115) (3,477) (3,592) Adjustments to liabilities for incurred claims 8 316 324 Losses and reversals of losses on onerous contracts Amortisation of insurance acquisition cash flows (2) (2)
Insurance acquisition cash flows immediately expensed (25) (909) (934)
Net impairment loss on assets related to insurance acquisition cash flows Total insurance service expenses for contracts measured under the PAA (132) (4,072) (4,204) Total insurance service expenses (941) (4,135) (5,076) 2022 Life Non Life Total Contracts not measured under the PAA
Incurred claims and other insurance service expense (722) (41) (763) Adjustments to liabilities for incurred claims (9) (19) (28)
Losses and reversals of losses on onerous contracts 7 10 17 Amortisation of insurance acquisition cash flows (17) (1) (18) Net impairment loss on assets related to insurance acquisition cash flows Total insurance service expenses for contracts not measured under the PAA (741) (51) (792) Contracts measured under the PAA Incurred claims and other insurance service expense (107) (3,433) (3,540) Adjustments to liabilities for incurred claims 8 228 236 Losses and reversals of losses on onerous contracts 13 13 Amortisation of insurance acquisition cash flows (2) (2)
Insurance acquisition cash flows immediately expensed (28) (910) (938)
Net impairment loss on assets related to insurance acquisition cash flows
Total insurance service expenses for contracts measured under the PAA (127) (4,104) (4,231) Total insurance service expenses (868) (4,155) (5,023)
Insurance service expenses
2023 Life Non-Life Total Contracts not measured under the PAA Incurred claims and other insurance service expense (808) (47) (855) Adjustments to liabilities for incurred claims (7) (20) (27) Losses and reversals of losses on onerous contracts 29 5 34 Amortisation of insurance acquisition cash flows (23) (1) (24) Net impairment loss on assets related to insurance acquisition cash flows Total insurance service expenses for contracts not measured under the PAA (809) (63) (872) Contracts measured under the PAA Incurred claims and other insurance service expense (115) (3,477) (3,592) Adjustments to liabilities for incurred claims 8 316 324 Losses and reversals of losses on onerous contracts Amortisation of insurance acquisition cash flows (2) (2) Insurance acquisition cash flows immediately expensed (25) (909) (934) Net impairment loss on assets related to insurance acquisition cash flows Total insurance service expenses for contracts measured under the PAA (132) (4,072) (4,204) Total insurance service expenses (941) (4,135) (5,076) 2022 Life Non Life Total Contracts not measured under the PAA Incurred claims and other insurance service expense (722) (41) (763) Adjustments to liabilities for incurred claims (9) (19) (28) Losses and reversals of losses on onerous contracts 7 10 17 Amortisation of insurance acquisition cash flows (17) (1) (18) Net impairment loss on assets related to insurance acquisition cash flows Total insurance service expenses for contracts not measured under the PAA (741) (51) (792) Contracts measured under the PAA Incurred claims and other insurance service expense (107) (3,433) (3,540) Adjustments to liabilities for incurred claims 8 228 236 Losses and reversals of losses on onerous contracts 13 13 Amortisation of insurance acquisition cash flows (2) (2) Insurance acquisition cash flows immediately expensed (28) (910) (938) Net impairment loss on assets related to insurance acquisition cash flows Total insurance service expenses for contracts measured under the PAA (127) (4,104) (4,231) Total insurance service expenses (868) (4,155) (5,023)
254
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Net fi nance result
The following table analyses net finance result in OCI and profit or loss.
2023 2022 General General Life Non-Life Account Total Life Non-Life Account Total Investment return: Net investment income /(expense) 4,291 356 12 4,659 (806) 344 161 (301) Change in fair value of financial investments recognised in OCI 2,407 287 (7) 2,687 (12,634) (1,455) 54 (14,035) Total investment return 6,698 643 5 7,346 (13,440) (1,111) 215 (14,336) Finance expenses from insurance contracts Change in fair value of underlying items of direct participating contracts (525) (525) 717 717 Interest accreted and changes in financial assumptions recognised in P&L (1,884) (120) (2,004) (496) (76) (572) Effect of changes in interest rates and other financial assumptions recognised in OCI (1,477) (164) (1,641) 11,308 1,019 12,327 Foreign exchange differences 62 (48) 14 159 132 291 Total finance expenses from insurance contracts (3,824) (332) (4,156) 11,688 1,075 12,763 - Recognised in profit or loss (2,139) (120) (2,259) (395) (76) (471) - Recognised in OCI (1,685) (212) (1,897) 12,083 1,151 13,234 Finance income from reinsurance contracts held Interest accreted and changes in financial assumptions recognised in P&L 14 14 (1) 8 7 Effect of changes in interest rates and other financial assumptions recognised in OCI 25 25 (216) (216) Foreign exchange differences 7 7 (21) (21) Total finance income from reinsurance contracts held 46 46 (1) (229) (230) - Recognised in profit or loss 14 14 (1) 8 7 - Recognised in OCI 32 32 (237) (237) Movement in investment contract liabilities (1,088) (1,088) 1,906 1,906 Total net finance result for subsidiaries before tax 1,786 357 5 2,148 153 (265) 215 103 - Recognised in profit or loss 1,064 250 12 1,326 704 276 161 1,141 - Recognised in OCI 722 107 (7) 822 (551) (541) 54 (1,038)
The line ‘Net investment income (expense)’ includes 4 items:
● Interest, dividend and other investment income non-related to unit-linked investments’;
● Net gain on derecognition and changes in fair value non-related to unit-linked investments;
● Investment income related to unit-linked investments;
● Net impairment loss on financial assets
255
Ageas Annual Report 2023
Notes to the consolidated income statement

Interest, dividend and other investment income non-related to unit-linked investments
2023 2022 Interest income of financial assets mandatorily measured at FVTPL Cash and cash equivalents Debt securities 11 11 Loans 10 10 Derivatives 6 Total interest income of financial assets mandatorily measured at FVTPL 27 21 Interest income of financial assets designated at FVTPL Debt securities 2 1 Total interest income of financial assets designated at FVTPL 2 1 Interest income of financial assets measured at FVOCI Debt securities 1,443 1,330 Loans 224 180 Total interest income of financial assets measured at FVOCI 1,667 1,510 Interest income of financial assets measured at amortised cost Cash and cash equivalents 35 5 Debt securities Loans 43 25 Other assets 2 11 Total interest income of financial assets measured at amortised cost 80 41 Total interest income 1,776 1,573 Dividend and other investment income Dividend income from equity investments mandatorily measured at FVTPL 61 85 Dividend income from debt securities measured at FVOCI 1 Dividend income from equity investments measured at FVOCI - Related to investments derecognised during the period 1 3 - Related to investments held at the end of the reporting period 88 69 Rental income from investment property 207 203 Revenues of parking garages 513 455 Other investment income 166 89 Total dividend and other investment income 1,037 904 Total interest, dividend and other investment income non-related to unit-linked investments 2,813 2,477
256
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Net gain on derecognition and changes in fair value non-related to unit-linked investments
2023 2022 Financial instruments mandatorily measured at FVTPL 54 (204) - Of which realised gains (losses) during the year 9 82 - Of which unrealised gains (losses) during the year 45 (286) Financial instruments designated at FVTPL 7 (18) Gains on derecognition of financial instruments measured at FVOCI, excluding equity investments (28) (17) Gains on derecognition of financial instruments measured at amortised cost Net gain on derecognition and changes in fair value of financial instruments non-related to unit-linked investments 33 (239) Gain on disposal of investment property 132 195 Gain (loss) on sale of shares of subsidiaries (22) Gain on disposal of equity accounted investments 33 5 Gain on disposal of property and equipment 2 5 Hedging results (2) 93 Other (14) 100 Net gain on derecognition and changes in fair value to non-related to unit-linked investments 162 159
Hedging results relate to hedging reclassified from OCI to the income
statement and to hedging ineffectiveness recognized in the income
statement.
As described in the note 12, Ageas SA/NV acquired in the course of the
fourth quarter of 2022 an aggregate principal amount of EUR 233,250,000 of
FRESH securities, issued in 2002 by its subsidiary Ageasfinlux S.A. The
acquisition resulted in the derecognition of the corresponding liability in the
consolidated statement of financial position of Ageas group, generating a
gain of EUR 146.3 million. This mainly included the combined effect of the
gain on extinguishment of the liability and the gain on the result on the
associated cash flow hedge (interest rate swap), reflected in both the lines
‘Other’ and ‘Hedging result’ in the table above.
Also included in the line “Other” is GBP 47.5 million (before tax) gain on the
sale in 2022 of the commercial lines front book business in the UK.
The line ‘Gain on disposal of equity accounted investments’ in 2022 includes
the gain from the step-up in AFLIC (see note 30 Acquisition and disposals of
subsidiaries and equity accounted investments).
257
Ageas Annual Report 2023
Notes to the consolidated income statement

Other income
2023 2022 Proceeds of sale of property intended for sale 78 128 Recovery of staff and other expenses from third parties 47 32 Other income 193 112 Total other income 318 272
Other income includes proceeds from the sale of real estate development
projects, income on rental activities, service companies and the re-billing of
staff and other expenses to third parties.
The increase in Other income in 2023 is explained by the acquisitions of
Anima (in 2022) and Touring in 2023.
258
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Financing costs
2023 2022 Financing costs of financial liabilities measured at FVTPL Derivatives (1) (3) Total financing costs of financial liabilities measured at FVTPL (1) (3) Financing costs of financial liabilities measured at amortised cost Subordinated liabilities (92) (87) Due to banks (114) (27) Lease liabilities (22) (18) Other borrowings (3) (2) Debt certificates Other liabilities (43) (16) Total financing costs of financial liabilities measured at amortised cost (274) (150) Total financing costs (275) (153)
259
Ageas Annual Report 2023
Notes to the consolidated income statement

Change in impairments
2023 2022 Investment property (37) (4) Investment in subsidiaries 23 (23) Investment in equity accounted investments (11) (36) Property and equipment 2 (2) Goodwill and other intangible assets (7) (1) Accrued interest and other assets (5) Total change in impairments (35) (66)
260
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Other operating expenses
2023 2022 Net fee and commission (14) (96) Staff expenses (1,048) (915) Depreciation on tangible assets (253) (241) Amortization of intangible assets (46) (43) Other operating expenses: - Professional fees (158) (145) - Marketing and public relation cost (65) (60) - Information technology cost (236) (212) - Maintenance and repair expenses (28) (26) Lease and rental related expenses - Expenses relating to leases of low-values assets (1) - Expenses relating to leases of short-term assets - Other rental expenses and related expenses (15) (13) - Variable Lease Payments (96) (88) - Operating and other direct expenses relating to investment property (52) (52) - Operating and other direct expenses relating to property for own use (81) (66) Cost of sale of property sold (73) (117) Other (328) (245) Amounts attributed to prepaid and renewal acquisition costs Operating expenses (2,494) (2,319) Represented by: Allocated to insurance service expenses (712) (629) Allocated to acquisition expenses (376) (453) Non allocated costs (1,406) (1,237)
The line item ‘Operating and other direct expenses relating to investment property’ is partly offset by income accounts as reported in note 21 Other Income.
261
Ageas Annual Report 2023
Notes to the consolidated income statement

Net fee and commission
2023 2022 Fee and commission Income Reinsurance commissions Insurance and investment fees 145 149 Assets management 19 30 Guarantees and commitment fees 1 1 Other Service fees 56 38 Total fee and commission income 221 218 Fee and commission expense Securities (2) (1) Intermediaries (194) (263) Asset management fees (3) (4) Custodian fees (6) (3) Other fee and commission expenses (30) (43) Total fee and commission expense (235) (314) Total net fee and commission (14) (96)
Staff expenses
The table below shows the details on staff expenses.
2023 2022 Staff expenses Salaries and wages (766) (647) Social security charges (163) (142) Pension expenses relating to defined benefit pension plans (38) (50) Defined contribution plan expenses (9) (10) Share-based compensation 2 (3) Other (74) (63) Total staff expenses (1,048) (915)
The line item ‘Other’ includes mainly other short-term employee benefits. Note 26 - section 1. Employee benefits contains further details of post-
employment benefits and other long-term employee benefits, including
pension costs related to defined benefit plans and defined contribution plans.
Depreciation of tangible assets and amortisation of intangible assets
2023 2022 Depreciation on tangible assets Buildings held for own use and car parks (117) (106) Leasehold improvements (8) (5) Investment property (90) (95) Equipment (38) (35) Total depreciation on tangible assets (253) (241) Amortisation of intangible assets Purchased software (3) (4) Internally developed software (12) (8) Other intangible assets (31) (31) Total amortisation of intangible assets (46) (43)
262
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Income tax expense
2023 2022 Current tax expenses for the current period (183) (191) Adjustments recognised in the period for prior periods 5 5 Total current tax expense (178) (186) Deferred tax arising from the current period (64) (13) Impact of changes in tax rates on deferred taxes (3) Deferred tax arising from the write-down or (reversal) of a deferred tax asset Previously unrecognised tax losses, tax credits and temporary differences reducing deferred tax expense (9) (3) Total deferred tax income (expense) (73) (19) Total income tax income (expense) (251) (205)
Below is a reconciliation from expected to actual income tax expense. Given that Ageas SA/NV is domiciled in Belgium, the group tax rate is determined at the
prevailing corporate income tax rate in Belgium.
2023 2022 Result before taxation 1,428 1,489 Applicable group tax rate 25.00% 25.00% Expected income tax expense (357) (372) Reduction (increase) against local tax rates resulting from: Tax exempt income (including dividend and capital gains) 26 76 Share in net result of equity accounted investments and joint ventures 111 117 Disallowed items (23) (23) Previously unrecognised tax losses and temporary differences (2) Write-down and reversal of write-down of deferred tax assets, including current year tax-losses deemed non-recoverable (27) Impact of changes in tax rates on temporary differences (3) Foreign tax rate differential (3) (1) Adjustments for current and deferred tax of previous years 5 6 Deferred tax on investments in subsidiaries, equity accounted investments (6) (4) Local income taxes (state/city/cantonal/communal taxes) Other 23 1 Actual income tax income (expenses) (251) (205)
263
Ageas Annual Report 2023
Notes to the consolidated income statement

264
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Employee
Benefi ts

Remuneration and benefi ts
1. Employee benefits
This note covers post-employment benefits, other long-term employee
benefits and termination benefits. Post-employment benefits are employee
benefits, such as pensions and post-employment medical care, which are
payable after the end of employment. Other long-term employee benefits are
employee benefits that are not (fully) due within twelve months of the period
in which the employees rendered the related service, including long-service
awards and long-term disability benefits. Termination benefits are employee
benefits payable as a result of the premature end of the employee’s
employment contract.
The table below shows an overview of all the employee benefits’ liabilities (assets) at Ageas.
2023 2022 Post-employment benefits - defined benefit plans - pensions 581 524 Other post-employment benefits 97 88 Other long-term employee benefits 18 14 Termination benefits 5 5 Total net defined benefits liabilities (assets) 701 631
Liabilities and related service cost are calculated according to the Projected
Unit Credit Method. The objective of this method is to expense each
participant’s benefits as they would accrue taking into account future
compensation increases and the plan’s benefit allocation principles.
The defined benefit obligation is the net present value of the participant’s
attributed benefits measured at the reporting date. The current service cost is
the net present value of the participant’s benefits attributed to service during
the year.
The pension cost includes net interest expense, calculated by applying the
discount rate to the net pension liability. The discount rate is a high-quality
corporate bond rate where there is an active market in such bonds, and a
government bond rate in other markets.
Some assets might be restricted to their recoverable amount in the form of a
reduction in future contributions or a cash refund (asset ceiling). Additionally,
there might be recognition of a liability from a minimum funding requirement.
The recognition of actuarial gains and losses for post-employment benefits
occurs in other comprehensive income, whereas those for other long-term
employee benefits and termination benefits occur in the income statement.
265
Ageas Annual Report 2023
Employee Benefi ts

1.1 Post-employment benefits
Defined benefit pension plans and other post-employment benefits
Ageas operates defined benefit pension plans covering the majority of its
employees.
Under defined benefit pension plans, benefits are calculated based on years
of service and level of salary. Pension obligations are determined on the
basis of mortality tables, employee turnover, wage drift and economic
assumptions such as inflation and discount rate. Discount rates are set per
country or region on the basis of the yield (at closing date) of corporate AA
bonds. These defined benefit plans expose the Group to actuarial risks, such
as longevity, currency, interest rate and market risk.
In addition to pensions, post-employment benefits may also include other
expenses such as reimbursement of part of health insurance premiums,
which continue to be granted to employees after retirement.
Defined contribution plans
Ageas operates a number of defined contribution plans worldwide. The
employer’s commitment to a defined contribution plan is limited to the
payment of contributions calculated in accordance with the plan’s
regulations. Employer contributions to defined contribution plans amounted to
EUR 9 million in 2023 (2022: EUR 10 million) and are included in staff
expenses (see note 24).
In Belgium, Ageas has defined contribution plans in accordance with the Law
of 28 April 2003 regarding occupational pensions (WAP/LPC plans). These
plans commit the employer to the payment of contributions as the plan’s
terms provide, and to guarantee a minimum return linked to Belgian
government bonds yields, subject to a floor of 1.75% and a cap of 3.75%.
The law of 18 December 2015 to ensure the sustainability and social nature
of occupational pensions, and to ensure the strengthening of the additional
character relative to the retirement pensions, modifies the commitment of the
employer to these plans. As of 1 January 2016, the
interest rate guaranteed by the employer is equal to a percentage of the
average return on the Belgian linear bonds with a term of 10 years over the
24 months preceding to 1 June. This rate will take effect on 1 January of the
following year. This calculation results in a guaranteed interest rate of 1.75%
on 1 January 2023 (1.75% on 1 January 2022).
Because of these minimum return guarantees, WAP/LPC plans do not meet,
in a strict sense, the definition of defined contribution plans of IAS 19.
Although IAS 19 does not address the accounting for hybrid plans, the law
change as at 1 January 2016 facilitated accounting for those plans applying
the Projected Unit Credit Method. Accordingly, Ageas has estimated the
defined obligation liabilities as of 1 January 2016 under IAS 19.
The following table provides details of the amounts shown in the statement of financial position as at 31 December, regarding defined benefit pension obligations
and other post-employment benefits.
Defined benefit pension plans Other post-employment benefits 2023 2022 2023 2022 Present value of funded obligations 220 190 2 Present value of unfunded obligations 613 560 97 88 Defined benefit obligation 833 750 99 88 Fair value of plan assets (264) (238) (2) 569 512 97 88 Unrecognised actuarial gains (losses) Unrecognised past service cost Asset ceiling / minimum funding requirement 9 10 Other amounts recognised in the statement of financial position 3 2 Net defined benefit liabilities (assets) 581 524 97 88 Amounts in the statement of financial position: Defined benefit liabilities 628 576 97 88 Defined benefit assets (47) (52) Net defined benefit liabilities (assets) 581 524 97 88
266
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Defined benefit liabilities are classified under other liabilities (see note 14)
and defined benefit assets are classified under other assets (see note 8).
As Ageas is a financial institution specialising in the management of
employee benefits, some of its employees’ pension plans are insured by
Ageas insurance companies. Under IFRS, the assets backing these pension
plans are non-qualifying and consequently may not be considered plan
assets. For this reason, these plans are classified as ‘unfunded’.
From an economic point of view, the net defined liability is offset by the non-
qualifying plan assets that are held within Ageas (2023: EUR 562 million;
2022: EUR 543 million), resulting in a net liability (asset) of EUR 20 million in
2023 (2022: EUR (19) million) for defined benefit pension obligations.
The following table reflects the changes in net defined benefit liabilities (assets) as recognised in the statement of financ ial position.
Defined benefit pension plans Other post-employment benefits 2023 2022 2023 2022 Net defined benefit liabilities (assets) as at 1 January 524 727 88 137 Total defined benefit expense 57 56 5 4 Employer's contributions (5) (4) Participants' contributions paid to the employer 2 2 Benefits directly paid by the employer (36) (48) (3) (3) Foreign exchange differences 2 Other 6 4 (1) Remeasurement 33 (215) 8 (50) Net defined benefit liabilities (assets) as at 31 December 581 524 97 88
The table below shows the changes in the defined benefit obligation.
Defined benefit pension plans Other post-employment benefits 2023 2022 2023 2022 Defined benefit obligation as at 1 January 750 1,079 88 137 Current service cost 36 51 2 3 Interest cost 31 11 3 1 Remeasurement 32 (322) 8 (50) Participants' contributions paid to the employer 2 2 Benefits paid (12) (11) Benefits directly paid by the employer (36) (48) (3) (3) Foreign exchange differences 3 (12) Other 27 1 Defined benefit obligation as at 31 December 833 750 99 88
267
Ageas Annual Report 2023
Employee Benefi ts

The following table shows the changes in the fair value of plan assets.
Defined benefit pension plans 2023 2022 Fair value of plan assets as at 1 January 238 363 Interest income 11 6 Remeasurement (return on plan assets, excluding effect of interest rate) (2) (107) Employer's contributions 4 3 Benefits paid (11) (10) Foreign exchange differences 3 (14) Other 21 (3) Fair value of plan assets as at 31 December 264 238
The following table shows the changes in the asset ceiling and/or minimum funding requirement.
2023 2022 Asset ceiling / minimum funding requirement as at 1 January 10 10 Remeasurement (1) Asset ceiling / minimum funding requirement as at 31 December 9 10
The asset ceiling relates to Ageas entities in Portugal.
The following table shows the components affecting the income statement that relate to the defined benefit pension plans and other post-employment benefits for
the year ended 31 December.
Defined benefit pension plans Other post-employment benefits 2023 2022 2023 2022 Current service cost 36 51 2 3 Net interest cost 21 5 3 1 Total defined benefit expense 57 56 5 4
Net interest cost and other are included in financing costs (see note 22). All other items are included in other operating expenses (see note 24).
The following table shows the composition of remeasurements for the year ended 31 December.
Defined benefit pension plans Other post-employment benefits 2023 2022 2023 2022 Return on plan assets, excluding effect of interest rate 2 107 Remeasurement on asset ceiling / minimum funding requirement (1) Actuarial (gains) losses with regard to: change in demographic assumptions (4) (14) 1 5 change in financial assumptions 12 (308) 7 (53) experience adjustments 24 (2) Remeasurement on net defined liability (asset) 33 (215) 8 (50)
Remeasurement of the net defined benefit liability is recognised in other
comprehensive income. Remeasurements of plan assets are mainly the
difference between actual return on plan assets and expected discount rate.
Remeasurements of defined benefit obligations reflect the change in actuarial
assumptions (i.e. demographic and financial assumptions) and the
experience adjustment.
Experience adjustments are actuarial gains and losses that arise because of
differences between the actuarial assumptions made at the beginning of the
year and actual experience during the year.
268
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The following table reflects the weighted average duration of the defined benefit obligation in years.
Defined benefit Other post- 2023 pension plans employment benefits Weighted average duration of defined benefit obligation 10.8 17.8
The following table shows the principal actuarial assumptions made for the eurozone countries.
Defined benefit pension plans Other post-employment benefits 2023 2022 2023 2022 Low High Low High Low High Low High Discount rate 3.2% 3.4% 3.8% 4.1% 3.6% 3.7% 3.9% 4.0% Future salary increases (price inflation included) 2.3% 4.6% 2.9% 5.9% Future pension increases (price inflation included) 2.1% 2.1% 2.2% 3.4% Medical cost trend rates 2.1% 4.1% 2.0% 4.1%
The discount rate for pensions is weighted by the net defined benefit liability
(asset) on pensions. The largest pension schemes are in Belgium, with
discount rates varying from 0.01% to 0.64%. The future salary increases
varied in 2023 from 1.50% for the older employee group to 4.10% for the
younger ones.
The following table shows the principal actuarial assumptions made for other
countries.
Defined benefit pension plans 2023 2022 Discount rate 4.5% 4.8%
The eurozone represents 84% of Ageas’s total defined benefit obligations.
Other countries include only obligations in the United Kingdom. Post-
employment benefits in countries outside the euro-zone and the United
Kingdom are not regarded as significant.
A one percent change in the actuarial assumptions would have the following
effect on the defined benefit obligation for defined benefit pension plans and
other post-employment benefits.
Defined benefit pension plans Other post-employment benefits 2023 2022 2023 2022 Defined benefit obligation 833 750 99 88 Effect of changes in assumed discount rate: One-percent increase (9.0%) (11.0%) (14.3%) (16.8%) One-percent decrease 10.5% 12.3% 17.7% 18.3% Effect of changes in assumed future salary increase: One-percent increase 10.6% 12.8% One-percent decrease (8.9%) (10.6%) Effect of changes in assumed pension increase: One-percent increase 6.4% 8.4% One-percent decrease (5.5%) (7.3%)
269
Ageas Annual Report 2023
Employee Benefi ts

A one percent change in assumed medical cost trend rates would have the following effect on the defined benefit obligation for medical costs.
Medical Care 2023 2022 Defined benefit obligation 97 88 Effect of changes in assumed medical costs and trend rates: One-percent increase 16.6% 20.3% One-percent decrease (13.1%) (15.9%)
The asset mix of the plan assets for pension obligations is as follows.
31 December 2023 % 31 December 2022 % Equity securities 10 3.8% 33 13.9% Debt securities 162 61.4% 151 63.3% Investment contracts 47 17.8% 24 10.1% Real estate 22 8.3% 24 10.1% Cash and cash equivalents 20 7.6% 3 1.3% Convertible bonds Other 3 1.1% 3 1.3% Total 264 100.0% 238 100.0%
The plan assets comprise predominantly fixed income securities, followed by
equity securities, real estate (funds) and investment contracts with insurance
companies. Ageas’s internal investment policy stipulates that investment in
derivatives and emerging markets for the purpose of funding pension plans is
to be avoided. The amount in ‘Other’ relates to two diversified funds in the
United Kingdom.
The mix of the unqualified assets for pension obligations is as follows.
31 December 2023 % 31 December 2022 % Equity securities 43 7.7% 40 7.4% Debt securities 446 79.4% 430 79.2% Insurance contracts Real estate 52 9.3% 55 10.1% Convertible bonds 14 2.5% 14 2.6% Cash and cash equivalents 7 1.2% 4 0.7% Total 562 100.0% 543 100.0%
Ageas gradually adjusts its asset allocation policy to ensure a close match
between the duration of assets and that of pension liabilities.
The employer’s contributions expected to be paid into post-employment
benefit plans for the year ending 31 December 2023 are as follows.
Defined benefit pension plans Expected contribution next year to plan assets 1 Expected contribution next year to unqualified plan assets 32
270
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.2 Other long-term employee benefits
Other long-term employee benefits include long-service awards. The table below shows net liabilities. The liabilities related to other long-term employee benefits are
included in the statement of financial position under other liabilities (see note 14).
2023 2022 Defined benefit obligation 18 14 Net defined benefit liabilities (assets) 18 14
The following table shows the changes in liabilities for other long-term employee benefits during the year.
2023 2022 Net liability as at 1 January 14 17 Total expense 3 (2) Benefits directly paid by the employer (1) (1) Other 2 Net liability as at 31 December 18 14
The table below provides the range of actuarial assumptions applied when calculating the liabilities for other long-term employee benefits.
2023 2022 Low High Low High Discount rate 2.60% 4.60% 3.17% 3.82% Future salary increases 2.40% 4.60% 3.00% 5.90%
Expenses related to other long-term employee benefits are shown below. Interest cost is included in financing costs (see note 22), all other expenses are included in
staff expenses (see note 24).
2023 2022 Current service cost 1 1 Interest cost 1 Expected return on plan assets Net actuarial losses (gains) recognised immediately 1 (3) Past service costs recognised immediately Losses (gains) of curtailments or settlements Total expense 3 (2)
271
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Employee Benefi ts

1.3 Termination benefits
Termination benefits are employee benefits payable as a result of either an
enterprise’s decision to terminate an employee’s employment before the
normal retirement date, or an employee’s decision to accept voluntary
redundancy in exchange for those benefits.
The table below shows liabilities related to termination benefits included in
the statement of financial position under other liabilities (see note 14).
2023 2022 Defined benefit obligation 5 5 Net defined benefit liabilities (assets) 5 5
The following table shows the changes in liabilities for termination benefits during the year.
2023 2022 Net liability as at 1 January 5 5 Total expense 1 1 Benefits directly paid by the employer (1) (1) Foreign exchange differences Acquisitions and divestments of subsidiaries Transfer Net liability as at 31 December 5 5
Expenses related to termination benefits are shown below. Interest cost is included in financing costs (see note 22). All other expenses are included in staff
expenses (see note 24).
2023 2022 Current service cost 1 1 Total expense 1 1
272
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

2. Employee share and share-linked incentive plans
Ageas’s remuneration package for its employees and Executive Committee
and Management Committee Members may include share-related
instruments.
These benefits can take the form of:
● Restricted shares;
● Share-linked incentives.
2.1 Restricted shares
The members of the Executive and Management Committee benefit from a
Long-term incentive plan (LTI). This plan consists of the granting of
performance shares which vest 3.5 years after grant. The vesting after 3.5
years is subject to a relative total shareholder return (TSR) performance
measurement as compared to a peer group. After vesting, the shares will
have to be held for an additional 1.5 years (5 years in total as of date of
grant). After this blocking period, the beneficiaries may sell the vested shares
under certain conditions in line with the Remuneration Policy. You find more
details on the plan in the Report of the Remuneration Committee section A
.06;7.
For 2019 a total of 51,393 performance shares were committed to be
granted, for 2020 a total of 53,269 shares were committed to be granted and
for 2021 a total of 53,918 performance shares were committed to be granted.
For performance year 2022, a total of 42.530 performance shares were
committed to be granted to the Executive and Management Committee
Members.
In collaboration with Willis towers Watson, a new LTI-plan was discussed
with the Remuneration Committee and validated by the Board of Directors to
be submitted to the General Shareholders’ Meeting of 15 May 2024. The
grant will be performed according to these new plan rules subject to the
approval of General Shareholders’ Meeting.
The table below shows the changes in commitments of restricted shares during the year for ExCo and Mco Members.
(number of shares in '000) 2024 2023 Number of shares newly granted - Number of restricted shares committed to be granted as at 1 March 150 201 Restricted shares (cancelled) 51 Restricted shares vested Number of restricted shares committed to be granted as at 31 December 150
2.2 Share-linked incentives
In 2021, 2022 and 2023 Ageas launched a share-linked incentive plan for its
senior management. Depending on the relative performance of the Ageas
share in relation to a peer group over a period of the three years following the
launch of each of the plans and the condition of continued employment, the
senior managers will be awarded a cash payment equal to a value:
● between 0 and the value of 141,400 Ageas shares on 1 April 2024 (plan
2021).
● between 0 and the value of 151.200 Ageas shares on 1 April 2025 (plan
2022);
● between 0 and the value of 131.750 Ageas shares on 1 April 2026 (plan
2023);
The liability of these cash-settled transactions is determined at fair value at
each reporting date.
273
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Employee Benefi ts

274
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Information
on operating
segments

Information on operating segments
General information
Operating segments
Ageas is organised in five operating segments:
● Belgium;
● Europe (excluding Belgium)
● Asia;
● Reinsurance; and
● General Account.
Ageas has determined that the most appropriate way of reporting operating
segments under IFRS is per region in which Ageas operates, i.e. Belgium,
Europe (excluding Belgium), Asia and Reinsurance. In addition, Ageas
reports activities that are not related to the core insurance business, such as
Group financing and other holding activities, in the General Account, which is
treated as a separate operating segment.
This segment approach is consistent with the scopes of management
responsibilities.
Transactions between the different businesses are executed under standard
commercial terms and conditions.
Allocation rules
In accordance with Ageas’s business model, insurance companies report
support activities directly in their operating segments.
When allocating items from the statement of financial position to operating
segments, a bottom-up approach is used based on the products sold to
external customers.
For the items in the statement of financial position not related to products
sold to customers, a tailor-made methodology adapted to the specific
business model of each reportable segment is applied.
Belgium
The Belgian insurance activities, operating under the name of AG Insurance,
have a longstanding history. AG Insurance is also 100% owner of AG Real
Estate, which manages AG’s real estate activities, including Interparking
(parking business) and Anima (a large player in nursing homes, service flats
and recovery accommodations). In 2023, together with BNPPF, AG acquired
full ownership of the strong Touring brand (AG’s share 75%), unlocking new
opportunities in dynamic sectors like mobility and travel.
AG Insurance targets private individuals as well as small, medium-sized and
large companies. It offers its customers a comprehensive range of Life and
Non-life insurance through various channels such as independent brokers
and via the bank channels of BNP Paribas Fortis SA/NV and its subsidiaries.
AG Employee Benefits is the dedicated business unit offering group pension
and health care solutions, mainly to larger enterprises.
Europe (excluding Belgium)
Europe consists of the insurance activities of Ageas in Europe, excluding
Belgium. Ageas is active in Portugal, UK, France (until September 2023) and
Türkiye. The product range includes Life (in Portugal, France and Türkiye)
and Non-life (in Portugal, UK and Türkiye). Access to markets is facilitated by
a number of key partnerships with companies having a sizeable position in
their respective markets.
Ageas’s UK business is one of the established general insurers in the UK,
adopting a multi-channel distribution strategy across brokers, affinity partners
and direct distribution. The vision is to profitably grow in the UK general
insurance market through the delivery of a wide range of insurance solutions,
focusing on personal lines.
In Portugal, Médis, Ageas Seguros and Millenniumbcp Ageas hold leading
positions in the local insurance market and their products can be seen as a
reference in the Portuguese market. Ageas Portugal provides a wide range
of products and services and distributes these through a multitude of
channels: bancassurance, agents, brokers, partners and its direct channel.
Its offerings include personal and commercial lines, and all lines of business,
including life, non-life, health and pension funds.
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Information on operating segments

In Türkiye, Ageas operates Life and Non-Life insurance businesses. AgeSa,
a joint venture with long standing partner Sabanci Holding has become the
2nd largest life insurance and private pension provider in Türkiye. As one of
the most important players in the Turkish Non-Life insurance market, another
joint venture with the same group, Aksigorta, focuses on the provision of
clear, simple and accessible insurance products and services through its
“Next Generation Insurance” approach.
Asia
Ageas is active in a number of countries in Asia. It has a regional office
based in Hong Kong. The activities are organised in the form of joint ventures
with leading local partners and financial institutions in China, Malaysia,
Thailand, India, The Philippines and Vietnam. These activities are accounted
for as equity associates under IFRS, except for India Life (AFLIC) which is
fully consolidated since 2022.
Reinsurance
The reinsurance activities of Ageas SA/NV are reported in the Reinsurance
Segment. These activities comprise intra-group inward reinsurance and
reinsurance of third parties.
General Account
The General Account comprises activities not related to the core
insurance business, such as Group financing and other holding activities. In
addition, General Account also includes the investment in Royal Park
Investments and the liability related to RPN(I).
Statement of financial position by operating segment
General Group 31 December 2023 Belgium Europe Asia Reinsurance Account Eliminations Total Assets Cash and cash equivalents 929 308 82 131 425 1,875 Financial investments 64,870 10,587 1,750 1,655 1,492 (813) 79,541 Investment property 2,714 261 2,975 Insurance contract assets 21 21 Reinsurance contract assets 801 1,283 37 (1,468) 653 Equity-accounted investments 361 205 3,891 3 (1) 4,459 Property and equipment 2,180 185 16 1 29 2,411 Goodwill and other intangible assets 735 731 14 1,480 Deferred tax assets 801 100 901 Accrued interest and other assets 1,632 677 78 35 196 (241) 2,377 Assets held for sale Total assets 75,023 14,358 5,831 1,859 2,145 (2,523) 96,693 Liabilities Repurchase agreements 2,560 2,560 Investment contract liabilities 9,773 4,340 (1) 14,112 Insurance contract liabilities 55,108 7,357 1,557 1,519 (1,487) 64,054 Borrowings 1,678 10 1 1 16 (39) 1,667 Subordinated liabilities 1,145 258 1,889 (772) 2,520 RPN(I) 398 398 Deferred tax liabilities 314 48 25 25 412 Accrued interest and other liabilities 1,875 350 67 148 188 (222) 2,406 Provisions 36 29 65 Liabilities related to assets held for sale Total liabilities 72,489 12,392 1,650 1,668 2,516 (2,521) 88,194 Equity Shareholders' equity 1,664 1,836 4,111 191 (371) (9) 7,422 Non-controlling interests 870 130 70 7 1,077 Total equity 2,534 1,966 4,181 191 (371) (2) 8,499 Total liabilities and equity 75,023 14,358 5,831 1,859 2,145 (2,523) 96,693 Number of employees 8,081 3,434 3,122 4 196 14,837
276
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General Group 31 December 2022 Belgium Europe Asia Reinsurance Account Eliminations Total Assets Cash and cash equivalents 592 288 71 66 159 1,176 Financial investments 61,840 10,871 1,607 1,405 1,630 (864) 76,489 Investment property 2,684 346 3,030 Insurance contract assets 18 3 (3) 18 Reinsurance contract assets 683 1,329 48 (1,383) 677 Equity-accounted investments 446 193 4,041 1 (1) 4,680 Property and equipment 2,081 104 16 26 2,227 Goodwill and other intangible assets 724 680 12 1,416 Deferred tax assets 962 212 1,174 Accrued interest and other assets 1,573 589 81 42 222 (314) 2,193 Assets held for sale 4,212 4,212 Total assets 71,585 18,842 5,828 1,564 2,038 (2,565) 97,292 Liabilities Repurchase agreements 2,135 2,135 Investment contract liabilities 9,099 4,281 (2) 13,378 Insurance contract liabilities 53,350 7,764 1,446 1,411 (1,399) 62,572 Reinsurance contract liabilities 2 (2) Borrowings 1,598 14 2 17 (39) 1,592 Subordinated liabilities 1,144 255 1,887 (769) 2,517 RPN(I) 334 334 Deferred tax liabilities 335 38 22 22 417 Accrued interest and other liabilities 1,650 387 51 222 269 (297) 2,282 Provisions 39 32 1 72 Liabilities related to assets held for sale 4,112 (55) 4,057 Total liabilities 69,350 16,885 1,521 1,633 2,530 (2,563) 89,356 Equity Shareholders' equity 1,438 1,866 4,242 (69) (492) (10) 6,975 Non-controlling interests 797 91 65 8 961 Total equity 2,235 1,957 4,307 (69) (492) (2) 7,936 Total liabilities and equity 71,585 18,842 5,828 1,564 2,038 (2,565) 97,292 Number of employees 7,369 3,429 2,249 185 13,232
277
Ageas Annual Report 2023
Information on operating segments

Income statement by operating segment
General Group 2023 Belgium Europe Asia Reinsurance Account Eliminations Total Insurance revenue 3,725 2,526 118 713 (645) 6,437 Insurance service expenses (2,856) (2,039) (113) (525) 457 (5,076) Net result from reinsurance contracts held (143) (202) (88) 187 (246) Insurance service result 726 285 5 100 (1) 1,115 Interest, dividend and other investment income non-related to unit-linked investments 2,445 210 96 34 74 (46) 2,813 Net gain on derecognition and changes in fair value non-related to unit-linked investments 173 (18) 2 3 (2) 4 162 Investment income related to unit-linked investments 1,205 395 111 1,711 Net impairment loss on financial assets (23) (3) (1) (27) Net investment income 3,800 584 209 36 72 (42) 4,659 Finance expenses from insurance contracts (1,823) (239) (195) (26) 24 (2,259) Finance income from reinsurance contracts 12 24 1 (23) 14 Movement in investment contract liabilities (760) (328) (1,088) Net finance result 1,229 41 14 11 72 (41) 1,326 Net insurance and finance result 1,955 326 19 111 72 (42) 2,441 Other income 280 53 1 2 14 (32) 318 Financing costs (210) (25) (1) (84) 45 (275) Change in impairments (62) 28 (1) (35) Change in provisions 6 3 1 10 Unrealised gain (loss) on RPN(I) (64) (64) Other operating expenses (1,111) (171) (34) (9) (113) 32 (1,406) Share in the results of equity-accounted investments (15) (16) 469 1 439 Total other income and expenses (1,112) (128) 436 (8) (245) 44 (1,013) Result before taxation 843 198 455 103 (173) 2 1,428 Income tax expense (184) (54) (2) (11) (251) Net result for the period 659 144 453 103 (184) 2 1,177 Net result attributable to non-controlling interests 181 39 4 224 Net result attributable to shareholders 478 105 449 103 (184) 2 953
278
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General Group 2022 Belgium Europe Asia Reinsurance Account Eliminations Total Insurance revenue 3,414 2,566 618 (569) 6,029 Insurance service expenses (2,749) (2,227) (582) 535 (5,023) Net result from reinsurance contracts held (30) (83) (43) 36 (120) Insurance service result 635 256 (7) 2 886 Interest, dividend and other investment income non-related to unit-linked investments 2,241 208 23 45 (40) 2,477 Net gain on derecognition and changes in fair value non-related to unit-linked investments (1) (3) 6 (1) 155 3 159 Investment income related to unit-linked investments (2,238) (697) (2,935) Net impairment loss on financial assets (2) (2) Net investment income 2 (494) 6 22 200 (37) (301) Finance expenses from insurance contracts (489) 17 (9) 10 (471) Finance income from reinsurance contracts 4 12 (1) (8) 7 Movement in investment contract liabilities 1,368 540 (2) 1,906 Net finance result 885 75 6 12 200 (37) 1,141 Net insurance and finance result 1,520 331 6 5 200 (35) 2,027 Other income 237 46 13 (24) 272 Financing costs (100) (19) (1) (69) 36 (153) Change in impairments (7) (30) (29) (66) Change in provisions 1 (7) 4 1 (1) Unrealised gain (loss) on RPN(I) 139 139 Other operating expenses (952) (164) (29) (5) (110) 23 (1,237) Share in the results of equity-accounted investments 17 (27) 518 508 Total other income and expenses (804) (201) 460 (6) (23) 36 (538) Result before taxation 716 130 466 (1) 177 1 1,489 Income tax expense (147) (37) (21) (205) Net result for the period 569 93 466 (1) 156 1 1,284 Net result attributable to non-controlling interests 157 30 187 Net result attributable to shareholders 412 63 466 (1) 156 1 1,097
279
Ageas Annual Report 2023
Information on operating segments

Statement of financial position split into Life and Non-life
General Group 31 December 2023 Life Non-Life Account Eliminations Total Assets Cash and cash equivalents 924 526 425 1,875 Financial investments 70,600 8,306 1,492 (857) 79,541 Investment property 2,749 226 2,975 Insurance contract assets 7 14 21 Reinsurance contract assets 11 642 653 Equity-accounted investments 3,667 790 3 (1) 4,459 Property and equipment 2,150 232 29 2,411 Goodwill and other intangible assets 1,086 394 1,480 Deferred tax assets 615 286 901 Accrued interest and other assets 1,583 878 196 (280) 2,377 Assets held for sale Total assets 83,392 12,294 2,145 (1,138) 96,693 Liabilities Repurchase agreements 2,396 164 2,560 Investment contract liabilities 14,113 (1) 14,112 Insurance contract liabilities 56,589 7,485 (20) 64,054 Borrowings 1,522 168 16 (39) 1,667 Subordinated liabilities 977 471 1,889 (817) 2,520 RPN(I) 398 398 Deferred tax liabilities 289 98 25 412 Accrued interest and other liabilities 1,780 749 188 (311) 2,406 Provisions 29 36 65 Liabilities related to assets held for sale Total liabilities 77,695 9,171 2,516 (1,188) 88,194 Equity Total Shareholders' equity 5,061 2,682 (371) 50 7,422 Non-controlling interests 636 441 1,077 Total equity 5,697 3,123 (371) 50 8,499 Total liabilities and equity 83,392 12,294 2,145 (1,138) 96,693 Number of employees 8,053 6,588 196 14,837
280
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General Group 31 December 2022 Life Non-Life Account Eliminations Total Assets Cash and cash equivalents 693 324 159 1,176 Financial investments 68,424 7,340 1,630 (905) 76,489 Investment property 2,807 223 3,030 Insurance contract assets 5 13 18 Reinsurance contract assets 7 670 677 Equity-accounted investments 3,931 749 1 (1) 4,680 Property and equipment 2,027 174 26 2,227 Goodwill and other intangible assets 1,085 331 1,416 Deferred tax assets 867 307 1,174 Accrued interest and other assets 1,559 911 222 (499) 2,193 Assets held for sale 4,211 1 4,212 Total assets 85,616 11,042 2,038 (1,404) 97,292 Liabilities Repurchase agreements 2,018 117 2,135 Investment contract liabilities 13,380 (2) 13,378 Insurance contract liabilities 55,466 7,122 (16) 62,572 Borrowings 1,462 153 17 (40) 1,592 Subordinated liabilities 1,052 388 1,887 (810) 2,517 RPN(I) 334 334 Deferred tax liabilities 309 86 22 417 Accrued interest and other liabilities 1,809 694 269 (490) 2,282 Provisions 33 36 1 2 72 Liabilities related to assets held for sale 4,112 (55) 4,057 Total liabilities 79,641 8,596 2,530 (1,411) 89,356 Equity Total Shareholders' equity 5,476 1,990 (492) 1 6,975 Non-controlling interests 499 456 6 961 Total equity 5,975 2,446 (492) 7 7,936 Total liabilities and equity 85,616 11,042 2,038 (1,404) 97,292 Number of employees 7,149 5,898 185 13,232
281
Ageas Annual Report 2023
Information on operating segments

Income statement split into Life and Non-life
General Group 2023 Life Non-Life Account Eliminations Total Insurance revenue 1,480 4,958 (1) 6,437 Insurance service expenses (941) (4,136) 1 (5,076) Net result from reinsurance contracts held (2) (244) (246) Insurance service result 537 578 1,115 Interest, dividend and other investment income non-related to unit-linked investments 2,441 348 74 (50) 2,813 Net gain on derecognition and changes in fair value non-related to unit-linked investments 166 10 (2) (12) 162 Investment income related to unit-linked investments 1,711 1,711 Net impairment loss on financial assets (23) (4) (27) Net investment income 4,295 354 72 (62) 4,659 Finance expenses from insurance contracts (2,140) (120) 1 (2,259) Finance income from reinsurance contracts 14 14 Movement in investment contract liabilities (1,088) (1,088) Net finance result 1,067 248 72 (61) 1,326 Net insurance and finance result 1,604 826 72 (61) 2,441 Other income 180 156 14 (32) 318 Financing costs (183) (56) (84) 48 (275) Change in impairments (34) 9 (10) (35) Change in provisions 5 4 1 10 Unrealised gain (loss) on RPN(I) (64) (64) Other operating expenses (875) (451) (113) 33 (1,406) Share in the results of equity-accounted investments 397 41 1 439 Total other income and expenses (510) (297) (245) 39 (1,013) Result before taxation 1,094 529 (173) (22) 1,428 Income tax expense (156) (84) (11) (251) Net result for the period 938 445 (184) (22) 1,177 Net result attributable to non-controlling interests 166 58 224 Net result attributable to shareholders 772 387 (184) (22) 953
282
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General Group 2022 Life Non-Life Account Eliminations Total Insurance revenue 1,362 4,665 2 6,029 Insurance service expenses (869) (4,156) 2 (5,023) Net result from reinsurance contracts held (118) (2) (120) Insurance service result 493 391 2 886 Interest, dividend and other investment income non-related to unit-linked investments 2,216 257 45 (41) 2,477 Net gain on derecognition and changes in fair value non-related to unit-linked investments (82) 84 155 2 159 Investment income related to unit-linked investments (2,935) (2,935) Net impairment loss on financial assets (2) (2) Net investment income (803) 341 200 (39) (301) Finance expenses from insurance contracts (396) (76) 1 (471) Finance income from reinsurance contracts (1) 8 7 Movement in investment contract liabilities 1,906 1,906 Net finance result 706 273 200 (38) 1,141 Net insurance and finance result 1,199 664 200 (36) 2,027 Other income 210 74 13 (25) 272 Financing costs (97) (25) (69) 38 (153) Change in impairments (33) (36) 3 (66) Change in provisions (5) 4 (1) Unrealised gain (loss) on RPN(I) 139 139 Other operating expenses (827) (324) (110) 24 (1,237) Share in the results of equity-accounted investments 513 (5) 508 Total other income and expenses (234) (321) (23) 40 (538) Result before taxation 965 343 177 4 1,489 Income tax expense (105) (79) (21) (205) Net result for the period 860 264 156 4 1,284 Net result attributable to non-controlling interests 130 57 187 Net result attributable to shareholders 730 207 156 4 1,097
283
Ageas Annual Report 2023
Information on operating segments

Alternative performance measures
To evaluate & report performance and shareholder equity by business (Life,
Non-Life), by segment and for Ageas as a whole, Ageas primarily uses the
following alternative measures: operating insurance & investment result, net
operating result, Life margin, combined ratio, inflow and comprehensive
equity. These measures are reported at Ageas’ interest in the consolidated
entities and equity accounted investments.
Operating insurance & investment result
The operating insurance & investment result is a pre-tax performance
measure. It is the sum of:
1. Insurance service result as determined under IFRS 17;
2. Non-directly attributable expenses;
3. Insurance related other income & expenses; and
4. Investment result on assets backing investment and insurance contract
liabilities (net of reinsurance) as defined below.
The sum of line items 1. to 3. is referred to as ‘operating insurance service
result’.
Net operating result
Net operating result is used to evaluate performance and is considered a
proxy of the cash generated. Net operating result is an after-tax performance
measure and it is the sum of:
1. Operating insurance & investment result
2. Non-insurance related other income & expenses;
3. Investment result on surplus assets; and
4. Income taxes on the items above.
The investment result (on the assets backing investment and insurance
contract liabilities (net of reinsurance) and on surplus assets) is the net
finance result (determined under IFRS 9, IFRS 17 and other IFRS standards
as applicable) of the consolidated entities, associates and joint ventures (all
at Ageas’ interest therein):
1. Including realised capital gains/losses on equity instruments held at
FVOCI (other than backing insurance contracts measured under the
VFA approach). The effect of this item is reported in the row ‘Realised
gains/losses on FVOCI equities’ in the tables below.
2. Excluding changes in fair value on financial instruments measured at
FVTPL backing surplus assets or backing insurance contracts measured
under the BBA and PAA approaches for which the option to
disaggregate insurance finance income or expense was selected.
3. Excluding gains or losses from stage 1 & stage 2 expected credit losses.
4. Including the effect of elimination of income statement volatility resulting
from accounting mismatches for selected insurance portfolios. The
accounting mismatch arises for example when covering assets are
measured at amortised cost whereas insurance contract liabilities are
measured at FVTPL. In that case, the elimination restates covering
assets to FVOCI and insurance contract liabilities using the
disaggregation approach which is the preferred measurement model of
Ageas for portfolios not measured under the VFA approach.
5. Excluding the impact of applying IAS 29 Financial Reporting in
Hyperinflationary Economies and any consequential impairment impacts
under IAS 36.
The combined effect of items 2.-4. is reported in the row ‘Unrealised
gains/losses on FVTPL’ in the tables below. Item 5. is reported in the row
‘Other adjustments’. Items 3., 4. and 5. were not adjusted in the net operating
results as reported in the Half-year 2023 Interim Financial Statements. With
these changes, net operating result gives a more reliable and more relevant
information on the cash generated and the underlying performance of Ageas
as non-cash items and accounting volatility are stripped.
The reconciliation between the net operating result and the net result of the
period attributable to shareholders consists of unrealised gain/losses on
RPN(I) and the reversal of the items 1.-5. above and associated tax impacts.
These reconciling items are all after non-controlling interests or at the Ageas’
share for associates and joint ventures. The reconciliation to the net result
attributable to shareholders by segment and for Ageas as a whole is shown
in the tables below.
Within its insurance operating segments, Ageas manages its Life and Non-
life businesses separately. Life business includes insurance contracts
covering risks related to the life and death of individuals. Life business also
includes direct participating insurance contracts and investment contracts
with and without discretionary participation features. Non-life comprises four
lines of business: Accident & Health, Motor, Fire & other damage to property,
and Other (including reinsurance). To determine net operating result Life and
Non-Life, allocations are made where no direct allocation is possible.
284
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Life margin and combined ratio
While Ageas uses the net operating result Life and Non-Life to measure the
absolute amount of profit generated, it uses the life margin as a relative
measure of the profitability of its Life business and the combined ratio as a
relative measure for the underwriting profitability of its Non-Life business.
The definitions are as follows:
Life margin: the annualised operating insurance service result and
investment result of the period divided by the average Life insurance and
investment contract liabilities of the period, excluding unrealised gains/losses
thereon.
Combined ratio: this is total of (Non-Life) expenses, claims incurred and
reinsurance result as a percentage of (Non-Life) insurance revenues. The
lower the ratio, the better the profitability. The combined ratio is the sum of
the expense ratio, the claims ratio and the reinsurance ratio as follows:
● expense ratio: the expenses as a percentage of insurance revenues.
The expenses include directly attributable and (an allocation of) non-
directly attributable expenses;
● claims ratio: the cost of gross claims incurred as a percentage of
insurance revenues;
● reinsurance ratio: the net reinsurance result as a percentage of
insurance revenues. For purposes of calculating the reinsurance ratio,
the net reinsurance result of the segments excludes their net result on
intra-group LPT & quota share reinsurance programmes (referred to as
‘capital management’).
The combined ratio does not capture the relative contribution from the
investment result.
Inflow
Inflow is a measure of the business written during a particular period. Inflows
comprise both gross written premiums from insurance contracts and inflows
from investment contracts. Inflow is reported at Ageas’ interest. Inflow is
different from insurance revenue as the latter is a reflection of the
consideration for the insurance services of the period.
Comprehensive equity
Comprehensive equity is shareholders’ equity plus (Ageas’ interest in) non-
recognized unrealised gains or losses (after-tax) on real estate (investment
property, car parks and other real estate related intangibles) measured at
amortised cost (unless they are part of the underlying items for insurance
contracts measured under the VFA approach) plus (Ageas’ interest in) the
after-tax CSM of life insurance contracts of subsidiaries and equity
accounted investments.
Non-Life intra-group quota-share programs
The alternative performance measures for the different segments and lines of
business are shown below. In these tables, the amounts of “gross inflow
Non-Life” and “insurance revenue – Non-Life” reported in the segment
Reinsurance exclude inward reinsurance gross inflow and insurance revenue
pertaining to the intra-group Non-Life LPT & quota-share programs (referred
to as ‘capital management’). The operating insurance & investment results of
the non-life business lines in the segments Belgium, Europe and
Reinsurance include their respective results of the capital management
programs. In the column ‘Total’, these intra-group results are eliminated from
the results of the affected lines of business.
285
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Information on operating segments

General 2023 Belgium Europe Asia Reinsurance Account Total Gross inflow - Life 3,078 821 7,263 11,162 Gross inflow - Non-life 1,994 2,800 901 261 5,956 Insurance revenue - Life 834 181 2,143 3,158 Insurance revenue - Non-life 1,959 2,495 812 221 5,487 Operating insurance & investment result - Life 389 62 486 937 - Life Guaranteed 346 57 486 889 - Life Unit linked 43 5 48 Operating insurance & investment result - Non-life 202 132 50 95 479 - Accident & Health 79 46 (1) 145 - Motor 24 75 105 - Fire & other damage to property 67 (23) 8 69 - Other 32 34 43 95 160 Net operating result - Life 331 60 502 1 894 Net operating result - Non-life 163 84 42 100 389 Net operating result - General Account (117) (117) Net operating result 494 144 544 101 (117) 1,166 Unrealised gains/(losses) on RPN(I) (64) (64) Unrealised gains/(losses) on FVTPL 23 1 (104) 2 (1) (79) Realised gains/(losses) on FVOCI equities (36) (5) (20) (61) Other adjustments (36) (36) Tax (3) 1 29 27 Net result attributable to shareholders 478 105 449 103 (182) 953 Key performance indicators Life Life margin - Guaranteed products 1.00% 2.04% 1.44% 1.24% Life margin - Unit linked products 0.43% 0.20% 0.39% Key performance indicators Non-life Claims ratio 50.0% 63.1% 55.8% 38.4% 56.3% Expense ratio 36.4% 27.8% 25.9% 5.8% 29.7% Reinsurance ratio 3.1% 5.0% 15.5% 39.9% 7.3% Combined ratio (Net/Gross) 89.4% 95.9% 97.2% 84.1% 93.3% General 31 December 2023 Belgium Europe Asia Reinsurance Account Total Equity indicators Shareholders' equity 1,664 1,836 4,111 191 (380) 7,422 Plus/(minus): unrealised gains/(losses) on real estate at amortised cost 1,031 38 120 1 1,190 Plus: CSM after taxation 2,001 74 4,936 (3) 7,008 Comprehensive shareholders' equity 4,696 1,948 9,167 191 (382) 15,620
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General 2022 Belgium Europe Asia Reinsurance Account Total Gross inflow Life 3,155 976 7,203 11,334 Gross inflow Non-life 1,802 2,402 919 179 5,302 Insurance revenue - Life 794 207 2,298 3,299 Insurance revenue - Non-life 1,767 2,439 866 130 5,202 Operating insurance & investment result - Life 409 67 546 1,022 - Life Guaranteed 368 61 546 975 - Life Unit linked 41 6 47 Operating insurance & investment result - Non-life 197 71 33 (1) 300 - Accident & Health 45 37 10 118 - Motor 52 48 (17) 59 - Fire & other damage to property 75 (19) 9 53 - Other 25 5 31 (1) 70 Net operating result - Life 355 28 676 1,059 Net operating result - Non-life 160 87 (8) (3) 236 Net operating result - General Account 17 17 Net operating result 515 115 668 (3) 17 1,312 Unrealised gains/(losses) on RPN(I) 139 139 Unrealised gains/(losses) on FVTPL (125) (37) (262) 2 1 (421) Realised gains/(losses) on FVOCI equities (22) 12 (13) (23) Other adjustments (33) 6 (27) Tax 44 6 67 117 Net result attributable to shareholders 412 63 466 (1) 157 1,097 Key performance indicators Life Life margin - Guaranteed products 1.06% 1.93% 1.67% 1.42% Life margin - Unit linked products 0.40% 0.26% 0.37% Key performance indicators Non-life Claims ratio 56.0% 65.7% 58.6% 62.8% 61.2% Expense ratio 35.1% 30.4% 30.2% 6.9% 31.4% Reinsurance ratio (0.9%) 5.5% 12.3% 33.7% 5.2% Combined ratio (Net/Gross) 90.3% 101.6% 101.2% 103.4% 97.7%
General 31 December 2022 Belgium Europe Asia Reinsurance Account Total Equity indicators Shareholders' equity 1,438 1,866 4,242 (69) (502) 6,975 Plus/(minus): unrealised gains/(losses) on real estate at amortised cost 1,140 40 146 1,326 Plus: CSM after taxation 1,845 74 5,453 (3) 7,369 Comprehensive shareholders' equity 4,423 1,980 9,841 (69) (505) 15,670
The adjustments from Net result to Net operating result are explained in the
section ‘Net operating result’.
The net operating result in the table above agrees to the Excel tables
available on Ageas’ web site, which includes the restatement of item 5
(IAS29 adjustment).
The impact of items 3 and 4, amounts to EUR (7) million, have not been
restated for the year 2022.
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Information on operating segments

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Additional
information

Contingent liabilities
1. Contingent liabilities related to legal proceedings
Ageas group is involved as a defendant in various claims, disputes and legal proceedings arising in the ordinary course of its
business.
In addition, as a result of the events and developments surrounding the
former Fortis group between May 2007 and October 2008 (e.g. the
acquisition of parts of ABN AMRO and the capital increase in
September/October 2007, the announcement of the solvency plan in June
2008, the divestment of banking activities and Dutch insurance activities in
September/October 2008), Ageas became involved in various legal
proceedings.
Ageas entered into a EUR 1.3 billion settlement agreement with several
claimant organisations that represented a series of shareholders in collective
claims relating to the Fortis events before the Belgian and Dutch courts. The
Fortis settlement was declared binding on 13 July 2018 by the Amsterdam
Appeal Court in accordance with the Dutch Act on Collective Settlement of
Mass Claims (Wet Collectieve Afwikkeling Massaschade). The administration
of the more than 300,000 claims filed in the Fortis settlement is completely
over since 2023 and the Fortis settlement has been fully finalised. The
remaining provision for the Fortis settlement (EUR 1.3 million as at 31
December 2022 and EUR 0.9 million as at 30 June 2023) was released at the
end of the third quarter of 2023 and Ageas booked a payable of EUR 1.2
million for outstanding amounts payable resulting from rejected payments.
Residual proceedings relating to the Fortis events
The parties which supported the Fortis settlement committed to terminate
their legal proceedings.
The parties which timely submitted an opt-out notice in the Fortis settlement
may resume their legal proceedings in the Netherlands or, as the case may
be, resume or continue their legal proceedings in Belgium.
The sections below provide a comprehensive update of all residual
proceedings relating to the Fortis events which were either terminated in
2023 or not terminated by 31 December 2023. These constitute contingent
liabilities without provisions.
1.1 In the Netherlands
On 14 July 2020, Dutch investment company Cebulon initiated legal
proceedings against Ageas and some co-defendants regarding alleged
misleading communication in 2007-2008. In its capacity of former Fortis
shareholder, Cebulon claims a compensation for the allegedly suffered
damages. Parties filed written submissions and a hearing was held on 11
December 2023 before the Utrecht court of first instance. On 24 January
2024 Ageas received a favourable judgment which dismissed the claim
initiated by Cebulon in its entirety.
1.2 In Belgium
Modrikamen
On 28 January 2009, a series of (former) Fortis shareholders represented by
Mr Modrikamen brought an action before the Brussels Enterprise (former
Commercial) Court initially requesting the annulment of the sale of ASR to
the Dutch State and the sale of Fortis Bank to SFPI (and subsequently to
BNP Paribas), or alternatively damages. On 7 June 2020, Ageas entered into
a settlement agreement with Mr Modrikamen and his clients who timely filed
an opt-out notice in the Fortis settlement, pursuant to which these persons no
longer continue these proceedings against Ageas. Mr Modrikamen’s clients
now only continue these proceedings against FPIM/SFPI and BNP Paribas.
The hearings on the merits of these proceedings are expected to be held in
the second half of 2024 (exact dates are not yet officially confirmed by the
court).
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Additional information

Deminor
On 13 January 2010, a series of (former) Fortis shareholders associated with
Deminor International (currently under the name DRS Belgium) brought an
action before the Brussels Enterprise (former Commercial) Court, seeking
damages based on alleged lack of/or misleading information by Fortis during
the period from March 2007 to October 2008. On 12 December 2017,
Deminor supported and endorsed the final Fortis settlement. The parties are
in the course of terminating these legal proceedings. The court already
confirmed several rounds of requested withdrawals of actions of certain
claimants respectively in 2021 and 2023.
Other claims on behalf of individual shareholders
On 12 September 2012, Patripart, a (former) Fortis shareholder, and its
parent company Patrinvest, brought an action before the Brussels
Commercial Court, seeking damages based on alleged lack of or misleading
information in the context of the 2007 rights issue. On 1 February 2016 the
court fully rejected the claim. On 16 March 2016, Patrinvest filed an appeal
before the Brussels Appeal Court. The parties have exchanged written
submissions and are now awaiting hearing dates to be set by the Court (likely
in the second half of 2024).
On 29 April 2013, a series of (former) Fortis shareholders represented by Mr
Arnauts brought an action before the Brussels Enterprise (former
Commercial) Court, seeking damages based on alleged incomplete or
misleading information by the former Fortis group in 2007 and 2008. On 18
May 2016, Ageas reached an agreement with Mr. Arnauts to support and
endorse the Fortis settlement. The parties are in the course of terminating
these proceedings.
On 19 September 2013, certain (former) Fortis shareholders represented by
Mr Lenssens initiated a similar action before the Brussels Civil Court. On 27
June 2016, Ageas reached an agreement with Mr. Lenssens to support and
endorse the Fortis settlement. The parties are in the course of terminating
these proceedings.
1.3 Hold harmless undertakings
In 2008, Fortis granted certain former executives and directors, at the time of
their departure, a contractual hold harmless protection covering legal
expenses and, in certain cases, also the financial consequences of any
judicial decisions should legal proceedings be brought against them on the
basis of their mandates exercised within the Fortis group. Ageas contests the
validity of the contractual hold harmless commitments to the extent they
relate to the financial consequences of any judicial decisions.
Furthermore, and as standard market practice in this kind of operations,
Ageas entered into agreements with certain financial institutions facilitating
the placing of Fortis shares in the context of the capital increases of 2007
and 2008. These agreements contain indemnification clauses that imply hold
harmless obligations for Ageas subject to certain terms and conditions. Some
of these financial institutions are involved in certain legal proceedings
mentioned in this chapter.
In the context of a settlement with the underwriters of D&O liability insurance
and Public Offering of Securities Insurance policies relating to the events and
developments surrounding the former Fortis group in 2007 - 2008, Ageas
granted a hold harmless undertaking in favour of the insurers for the
aggregate amount of coverage under the policies concerned. In addition,
Ageas granted certain indemnity and hold harmless undertakings in favour of
certain former Fortis executives and directors and of BNP Paribas Fortis
relating to future defence costs, as well as in favour of the directors of the
two Dutch foundations created in the context of the Fortis settlement.
2. Contingent liabilities for hybrid instruments of former subsidiaries
In 2007 BNP Paribas Fortis SA/NV issued CASHES (Convertible And
Subordinated Hybrid Equity-linked Securities), with Ageas SA/NV acting as
co-obligor (BNP Paribas Fortis SA/NV was at that point in time a subsidiary).
From the original 12,000 securities issued, 3,326 securities remain
outstanding, representing an aggregate principal amount of EUR 831.5
million.
The securities have no maturity date and cannot be repaid in cash, they can
only be exchanged into Ageas shares at a price of EUR 239.40 per Ageas
share. A mandatory exchange takes place if the price of the Ageas share is
equal to or higher than EUR 359.10 on twenty consecutive stock exchange
business days. BNP Paribas Fortis SA/NV owns 3,473,271 Ageas shares for
the purpose of the potential exchange of the CASHES.
The sole recourse of the holders of the CASHES against any of the co-
obligors with respect to the principal amount are the Ageas shares that BNP
Paribas Fortis SA/NV holds, these shares are pledged in favour of such
holders.
BNP Paribas Fortis SA/NV pays the coupon on the CASHES, in quarterly
arrears, at a variable rate of Euribor plus 200 basis points, up to the
exchange of the securities for Ageas shares. In the event that Ageas
declares no dividend on its shares, or that the dividends to be declared are
below a threshold with respect to any financial year (dividend yield less than
0.5%), and in certain other circumstances, coupons will mandatorily need to
be settled by Ageas SA/NV via issuance of new shares in accordance with
the so called Alternative Coupon Settlement Method (ACSM), while BNP
Paribas Fortis SA/NV would need to issue instruments that qualify as hybrid
Tier 1 instruments to Ageas as compensation for the coupons paid by Ageas
SA/NV. If the ACSM is triggered and there is insufficient available authorised
capital to enable Ageas SA/NV to meet the ACSM obligation, the coupon
settlement will be postponed until such time as the ability to issue shares is
restored.
In an agreement reached in 2012, that amongst others led to a tender and
subsequent exchange of CASHES, Ageas agreed to pay an annual indemnity
to BNP Paribas Fortis SA/NV that equals the dividend on the shares that
BNP Paribas Fortis SA/NV holds.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Legal structure
Ageas SA/NV, incorporated in Belgium with its registered office at Manhattan Center Brussels, Avenue du Boulevard /
Bolwerklaan 21, 1210 Brussels, Belgium, is the parent company of the Ageas group. This Annual Report includes the
Consolidated Financial Statements of the Ageas group and the Financial Statements of Ageas SA/NV. Ageas group carries out
life, non-life insurance and reinsurance business in Europe and Asia.
Ageas shares are listed on the regulated market of Euronext Brussels. Ageas has a sponsored ADR programme in the United States.
Known shareholders of Ageas SA/NV, based on the official notifications, as
at 31 December 2023 are:
● Fosun ...................................................................................... 10.01%;
● BlackRock, Inc .......................................................................... 6.59%;
● FPIM-SFPI ................................................................................ 6.33%.
Ageas SA/NV and its subsidiaries hold 2.30% of its own shares. This interest
is related to the FRESH (see note 16 Shareholders’ equity and note 12
Subordinated liabilities), restricted share programmes and the share buy-
back programmes (see note 16 Shareholders’ equity).
Ageas SA/NV
100% Ageas Insurance International NV
100%
Ageas RE Services
Switzerland AG
100%
Ageas UK
Ltd.
Various legal
entities part of
Ageas Asia
Presence in China,
Thailand, Malaysia, India,
Philippines, Vietnam,
Hong Kong, Laos,
Cambodia and Singapore
Various legal
entities and
subsidiaries part of
Continental Europe
Presence in Portugal
and Türkiye
75%
AG Insurance
SA/NV
50.67%
Royal Park
Investments
SA/NV
100%
Ageasfinlux SA
100%
Goldpark
International
Investments
BV
Fully consolidated entities of Ageas in Europe are in UK, Ageas UK Ltd. (100%) and in Portugal, Millenniumbcp Ageas (51%), Médis (100%), Ageas Portugal Vida
(100%) and Ageas Portugal Seguros (100%). The full list of undertakings in the scope of the Group is published in the ‘Group Public Disclosure QRTs’ which can be
found on the website: https://www.ageas.com/investors/financial-results
The legal structure of Ageas is per 31 December 2023 as follows.
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Additional information

Acquisitions and disposals of subsidiaries
and equity accounted investments
The following significant acquisitions and disposals were made in 2023 and 2022. Details of acquisitions and disposals, if any,
which took place after the date of the statement of financial position, are included in note 36 Events after the date of the
statement of financial position.
Disposals in 2023
Ageas France (Europe)
In the last quarter of 2022, Ageas SA/NV decided to engage in a process to
dispose of its activities in France. On 21 April 2023, Ageas signed an
agreement with La Mutuelle Epargne Retraite Prévoyance Carac regarding
the sale. This disposal met the criteria of IFRS 5 to be classified as held for
sale. The assets and liabilities at 31 December 2022 related to Ageas France
(and its subsidiaries) were classified as a disposal group and were shown as
“Assets held for sale” (mainly Financial investments) and “Liabilities related
to assets held for sale” (mainly insurance liabilities) in the consolidated
statement of financial position. The disposal group was reported in the
segment ‘Europe’.
The transaction was finalised in the third quarter of 2023, resulting in a net
result of EUR (1) million.
AG Insurance (Belgium)
In the first half of 2023, AG Insurance sold its interests in the equity
associate Eurocommercial Properties Belgium for a total consideration of
EUR 70 million, resulting in a capital gain of EUR 15 million.
Acquisitions in 2022
Additional interest in AFLIC (Asia)
On 20 May 2022, Ageas signed an agreement to increase its interest in the
joint venture Ageas Federal Life Insurance Company Ltd (AFLIC) from 49%
to 74% for a cash consideration of INR 5.8 billion. This transaction was
closed on 19 September 2022. Under IFRS, this transaction is considered a
step acquisition, hence the previously held interest of 49% was treated as if it
had been disposed of resulting in a non-cash capital gain of EUR 6 million.
AFLIC was fully consolidated by Ageas group as from the last quarter of
2022.
Real estate companies (Europe)
Two real estate companies were jointly acquired by several group entities in
Portugal. Campolide XXI was acquired at the end of 2021 for an amount of
EUR 30 million and SPPP in the first quarter of 2022 for EUR 82 million.
These companies are fully consolidated by Ageas group as per 31 December
2022.
AG Insurance (Belgium)
In July 2022, AG Insurance acquired 100% of the shares of Anima Group
(5th largest Belgian nursing home operator) for an amount of EUR 335
million. This acquisition is considered a business combination under IFRS 3.
No goodwill was recognised in the opening balance.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Assets and liabilities of acquisitions and disposals
The table below summarises the assets and liabilities resulting from the acquisition or disposal of subsidiaries and/or associates at the date of acquisition or
disposal.
2023 2022 Acquisitions Disposals Acquisitions Disposals Assets and liabilities of acquisitions and disposals Cash and cash equivalents 16 (64) 77 Financial investments 17 (4,052) 1,786 Investment property 13 (59) 95 Reinsurance contract assets (4) Equity-accounted investments (including capital repayments) 63 (80) 44 (136) Property and equipment 31 (2) 433 Goodwill and other intangible assets 23 (20) 179 Current and deferred tax assets (11) 24 Other assets 30 (11) 109 Insurance contract liabilities 30 (4,027) 1,605 Borrowings 9 (1) 150 Provisions (2) Current and deferred tax liabilities 5 139 Other liabilities 42 (74) 71 Non-controlling interests 71 Net assets acquired / Net assets disposed of 107 (199) 711 (136) Result of disposal, gross (including recycling of OCI and related costs) 11 5 Result on discontinued operations, net of taxes (including recycling of OCI and related costs) 11 5 Cash used for acquisitions / received from disposals: Total purchase consideration / Proceeds from sale (107) 244 (711) 141 Less: Cash and cash equivalents acquired / divested 16 (64) 77 Less: Non-cash movement 141 (141) Cash used for acquisitions / received from disposals (91) 180 (493)
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Additional information

Commitments
Commitments received and given are detailed as follows.
Commitments 31 December 2023 31 December 2022 Commitment Received Credit lines 1,468 1,527 Collateral and guarantees received 5,121 4,574 Other off-balance sheet rights and commitments 23 21 Total received 6,612 6,122 Commitment Given Guarantees, Financial and Performance Letters of Credit 107 170 Available credit lines 410 523 Collateral and guarantees given 2,809 2,287 Entrusted assets and receivables 756 691 Capital rights & commitments 326 399 Real Estate commitments 239 345 Other off-balance sheet commitments 706 776 Total given 5,353 5,191
The collateral and guarantees received relate mainly to residential mortgages
and to a lesser extent on policyholder loans and commercial loans.
Other off-balance sheet commitments as at 31 December 2023 include
EUR 185 million in outstanding credit bids (31 December 2022:
EUR 250 million).
Collateral and guarantees given are mainly related to the repurchase
agreements.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Related parties
The law of 28 April 2020 implementing Directive 2017/828 of the European Parliament and the Council (the Second
Shareholder Rights Directive or SRD II) introduced a new regime for related party transactions, which is applicable to all the
members of the Ageas group and entered into force on 16 May 2020. Among other elements, this new regime entails a
reinforced obligation for Ageas to report on the application of the related party transactions procedure, both immediately
upon occurrence of the transaction as well as in the annual report for the relevant financial year.
Parties related to Ageas include associates and joint ventures, pension
funds, Board Members (i.e. Non-Executive and Executive Members of the
Ageas Board of Directors), executive managers, close family members of any
individual referred to above, entities controlled or significantly influenced by
any individual referred to above and other related entities. Ageas frequently
enters into transactions with related parties in the course of its business
operations. Such transactions mainly concern loans, deposits and
reinsurance contracts and are entered into under the same commercial and
market terms that apply to non-related parties.
Ageas companies may grant credits, loans or guarantees in the normal
course of business to Board Members and executive managers or to close
family members of the Board Members or close family members of executive
managers.
As at 31 December 2023, no outstanding or new loans, credits or bank
guarantees had been granted to Board Members and executive managers or
to close family members of the Board members and close family members of
executive managers. Hence, during financial year 2023, no transactions took
place within the Ageas group which triggered the application of the
procedure.
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Additional information

Related party transactions
Transactions and outstanding balances between fully consolidated entities of Ageas group are eliminated. The tables below show the outstanding balances with
associates and joint ventures as related parties.
2023 2022 Income statement - related parties Insurance revenue 38 27 Insurance service expense (38) (16) Interest, dividend and other investment income not related to unit-linked investments 26 17 Net gain on derecognition and changes in fair value non-related to unit-linked investments 18 Finance expenses from insurance contracts (3) Other income 8 9 Other operating expenses (33) (28) 2023 2022 Statement of financial position - related parties Financial investments 526 485 Investment property 34 57 Insurance contract assets 50 Other assets 62 12 Insurance contract liabilities 42 62 Borrowings 3 2 Other liabilities 9
The changes in Loans to related parties during the year ended 31 December are as follows.
2023 2022 Related party loans as at 1 January 484 479 Additions or advances 85 21 Repayments (39) (16) Foreign exchange differences and other (39) Related party loans as at 31 December 491 484
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Audit fees
The audit fees can be broken down into the following components:
● audit fees, which include fees for auditing the statutory, consolidated financial statements and the review of the interim financial statements;
● audit-related fees, which include fees for work performed on prospectuses, non-standard auditing and advisory services not related to statutory
● auditing;
● fees for tax advice;
● other non-audit fees, which include fees for support and advice.
2023 2022 Ageas Other Ageas Other Statutory Ageas Statutory Ageas Auditors Auditors Auditors Auditors Audit fees 4 3 4 3 Audit-related fees 1 1 Tax fees Other non-audit fees Total 5 3 5 3
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Additional information

Fair value of fi nancial assets
and fi nancial liabilities
The fair value (FV) calculation of financial instruments not actively traded on financial markets can be summarised as follows.
Instrument Type Ageas Products Fair Value Calculation Instruments with no stated maturity Current accounts, saving accounts Nominal value. Instruments without optional Straight loans, deposits etc. Discounted cash flow methodology; discounting yield curve is the swap curve features plus spread (assets) or the swap curve minus spread (liabilities); spread is based on commercial margin computed based on the average of new production during last three months. Instruments with optional features Mortgage loans and other instruments Product is split and linear (non-optional) component is valued using a discounted with option features cash flow methodology and option component valued based on option pricing model. Subordinated bonds or receivables Subordinated assets Valuation is based on broker quotes in an in-active market (level 3). Private equity Private equity and non-quoted In general based on the European Venture Capital Association's valuation participations investments guidelines, using enterprise value/EBITDA, price/cash flow and price/earnings etc. Preference shares (non-quoted) Preference shares If the share is characterised as a debt instrument, a discounted cash flow model is used.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Ageas pursues a policy aimed at quantifying and monitoring pricing
uncertainties related to the calculation of fair values using valuation
techniques and internal models. Related uncertainties are a feature of the
‘model risk’ concept.
Model risk arises when the product pricing requires valuation techniques
which are not yet standardised or for which input data cannot be directly
observed in the market, leading to assumptions about the input data
themselves.
The introduction of new, sophisticated products in the market has resulted in
the development of mathematical models to price them. These models in turn
depend on assumptions regarding the stochastic behaviour of underlying
variables, numerical algorithms and other possible approximations needed to
replicate the complexity of the financial instruments.
Furthermore, the underlying hypotheses of a model depend on the general
market conditions (e.g. specific interest rates, volatilities) prevailing at the
time the model is developed. There is no guarantee that the model will
continue to yield adequate results should market conditions change
drastically.
Any related model uncertainty is quantified as accurately as possible and is
the basis for adjusting the fair value calculated by the valuation techniques
and internal models.
Fair value hierarchy
The valuation of financial instruments is based on:
● Level 1: quoted prices in active markets;
● Level 2: observable market data in active markets;
● Level 3: non-observable inputs (counterparty quotes).
Derivatives held for trading are based on level 2 valuation (observable inputs
from active markets).
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Additional information

Fair value of financial assets and liabilities
Fair value Carrying 31 December 2023 Level 1 Level 2 Level 3 Total value Financial assets measured at FVTPL Cash and cash equivalents 271 271 271 Debt securities 118 1,279 580 1,977 1,977 Equity investments 12 142 154 154 Loans 52 181 233 233 Derivatives 113 113 113 Investment contract covering assets 6,378 12,037 38 18,453 18,453 Other investments 75 32 107 107 Receivables Total financial assets measured at FVTPL 6,508 13,827 973 21,308 21,308 Financial assets measured at FVOCI Debt securities 39,742 3,845 3,061 46,648 46,648 Equity investments 2,798 245 3,043 3,043 Loans 5,303 1,907 7,210 7,210 Total financial assets measured at FVOCI 42,540 9,148 5,213 56,901 56,901 Financial assets measured at amortised cost Cash and cash equivalents 1,432 172 1,604 1,604 Debt securities 51 21 72 70 Loans 596 31 820 1,447 1,533 Receivables 164 743 9 916 916 Total financial assets measured at amortised cost 2,243 967 829 4,039 4,123 Total financial assets 51,291 23,942 7,015 82,248 82,332 Financial liabilities measured at FVTPL Borrowings Subordinated liabilities Investment contract liabilities 4,304 8,665 5 12,974 12,974 Derivative liabilities 18 18 18 Total financial liabilities measured at FVTPL 4,304 8,683 5 12,992 12,992 Financial liabilities measured at amortised cost Repurchase agreements 2,693 2,693 2,560 Borrowings, excluding lease liabilities 47 58 922 1,027 1,011 Subordinated liabilities 2,283 2,283 2,520 Investment contract liabilities 871 871 1,138 Total financial liabilities measured at amortised cost 47 5,905 922 6,874 7,229 Total financial liabilities 4,351 14,588 927 19,866 20,221
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Fair value Carrying 31 December 2022 Level 1 Level 2 Level 3 Total value Financial assets measured at FVTPL Cash and cash equivalents 23 23 23 Debt securities 113 1,253 488 1,854 1,854 Equity investments 20 100 120 120 Loans 21 167 188 188 Derivatives 232 232 232 Investment contract covering assets 5,974 11,423 262 17,659 17,659 Other investments 80 36 116 116 Receivables 1 1 1 Total financial assets measured at FVTPL 6,107 13,033 1,053 20,193 20,193 Financial assets measured at FVOCI Debt securities 38,752 3,684 2,759 45,195 45,195 Equity investments 2,377 19 72 2,468 2,468 Loans 5,200 1,886 7,086 7,086 Total financial assets measured at FVOCI 41,129 8,903 4,717 54,749 54,749 Financial assets measured at amortised cost Cash and cash equivalents 997 156 1,153 1,153 Debt securities 52 23 75 75 Loans 571 96 805 1,472 1,496 Receivables 11 733 2 746 746 Total financial assets measured at amortised cost 1,631 1,008 807 3,446 3,470 Total financial assets 48,867 22,944 6,577 78,388 78,412 Financial liabilities measured at FVTPL Borrowings Subordinated liabilities Investment contract liabilities 12,297 12,297 12,297 Derivative liabilities 4 4 4 Total financial liabilities measured at FVTPL 12,301 12,301 12,301 Financial liabilities measured at amortised cost Repurchase agreements 2,130 2,130 2,135 Borrowings, excluding lease liabilities 62 24 858 944 962 Subordinated liabilities 2,156 2,156 2,517 Investment contract liabilities 826 826 1,081 Total financial liabilities measured at amortised cost 62 5,136 858 6,056 6,695 Total financial liabilities 62 17,437 858 18,357 18,996
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Additional information

Changes in level 3 valuation
Level 3 valuations for private equities and venture capital use fair values
disclosed in the audited financial statements of the relevant participations.
Level 3 valuations for equities and asset-backed securities use a discounted
cash flow methodology. Expected cash flows take into account original
underwriting criteria, borrower attributes (such as age and credit scores),
loan-to-value ratios, expected house price movements and expected
prepayment rates etc. Expected cash flows are discounted at risk-adjusted
rates. Market participants often use such discounted cash flow techniques to
price private equities and venture capital. We rely also on these quotes to a
certain extent when valuing these instruments. These techniques are subject
to inherent limitations, such as estimation of the appropriate risk-adjusted
discount rate, and different assumptions and inputs would yield different
results.
The level 3 positions are mainly sensitive to a change in the level of expected
future cash flows and, accordingly, their fair values vary in proportion to
changes of these cash flows. Quantitative unobservable inputs used when
measuring fair value are not developed by the entity.
Financial assets measured at Financial liabilities measured at FVTPL FVTPL FVTPL FVTPL 2023 mandatory designated FVOCI Total mandatory designated Total Balance as at 1 January 791 262 4,717 5,770 Acquisitions and divestments of subsidiaries 2 2 Maturity/redemption or repayment (51) (230) (335) (616) Acquisition 158 6 769 933 Proceeds from sales (12) (8) (20) Realised and unrealised gains (losses) recognised in profit or loss 14 (1) 13 5 5 Realised and unrealised gains (losses) recognised in equity 71 71 Transfers between valuation categories (2) (2) Foreign exchange differences and other adjustments 35 35 Balance as at 31 December 935 38 5,213 6,186 5 5
Financial assets measured at Financial liabilities measured at FVTPL FVTPL FVTPL FVTPL 2022 mandatory designated FVOCI Total mandatory designated Total Balance as at 1 January 485 262 5,595 6,342 Transfer to Held for Sale (385) (385) Acquisitions and divestments of subsidiaries 2 2 Maturity/redemption or repayment (34) (3) (400) (437) Acquisition 322 3 796 1,121 Proceeds from sales (50) (61) (111) Realised and unrealised gains (losses) recognised in profit or loss 29 2 31 Realised and unrealised gains (losses) recognised in equity (905) (905) Transfers between valuation categories 48 48 Foreign exchange differences and other adjustments 39 25 64 Balance as at 31 December 791 262 4,717 5,770
302
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Interests in unconsolidated
structured entities
Ageas holds interests in unconsolidated structured entities that invest in
mortgage receivables, lease receivables, private equity and corporate loans.
Those structured entities generally have the following characteristics:
● The entity is financed through the issuance of notes, units or shares to
investors; and
● The entity distributes the receipt of principal, interest and dividends on
the invested mortgage and lease receivables, private equity or loans to
the holders of the issued notes, units or shares.
Ageas recognises the carrying amount of structured entities that do not meet
the criteria for consolidation in the line item ‘Unquoted investment funds &
other’ in Financial investments (see note 2).
Committed but yet undrawn investment amounts are disclosed in the note
‘Commitments’, in the line item ‘Collateral and guarantees given’ (see note
31).
The table below describes the type of structured entities that Ageas does not consolidate but in which it holds an interest.
31 December 2023 Carrying amount Total assets Maximum exposure Total commitment Structured entity type of interest held of the structured entities to loss to invest Fund of mortgage-backed securities 2,681 2,708 3,310 Fund of mortgage loans Corporate loans 78 40 103 Lease-backed receivables 22 148 22 Private equity 240 2,615 240 167 31 December 2022 Carrying amount Total assets Maximum exposure Total commitment Structured entity type of interest held of the structured entities to loss to invest Fund of mortgage-backed securities 2,520 2,548 3,099 Fund of mortgage loans Corporate loans 74 74 103 Lease-backed receivables 28 189 28 Private equity 173 2,321 173 151
303
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Additional information

Events after the date of the statement
of fi nancial position
There have been no material events after 31 December 2023 that would require adjustment or additional disclosure in these con solidated financial statements.
304
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The Board of Directors of Ageas is responsible for preparing the Ageas Consolidated Financial Statements as at 31 December
2023 in accordance with International Financial Reporting Standards as adopted by the European Union, as well as with the
European Transparency Directive (2004/109/EC), and for presenting the Report of the Board of Directors in accordance with
the legal and regulatory requirements applicable in Belgium.
The Board of Directors has reviewed the Ageas Consolidated Financial
Statements and the Report of the Board of Directors on 10 April 2024 and
has authorised their issue.
The Board of Directors of Ageas declares that, to the best of its knowledge,
the Ageas Consolidated Financial Statements give a true and fair view of the
assets, liabilities, financial position, and profit or loss of Ageas, and of the
uncertainties that Ageas is facing and that the information contained therein
has no omissions likely to modify significantly the scope of any statements
made.
The Board of Directors of Ageas also declares that the Report of the Board of
Directors gives a fair overview of the development and performance of the
businesses of the Group.
The Ageas Annual Report consisting of the Consolidated Financial
Statements and Report of the Board of Directors will be submitted to the
Annual General Meeting of Shareholders for approval on 15 May 2024.
Brussels, 10 April 2024
Board of Directors
Chairman Bart De Smet
Vice-Chairman Jane Murphy
Chief Executive Officer Hans De Cuyper
Chief Financial Officer Wim Guilliams
Chief Risk Officer Emmanuel Van Grimbergen
Independent Directors Richard Jackson
Yvonne Lang Ketterer
Lucrezia Reichlin
Katleen Vandeweyer
Sonali Chandmal
Jean-Michel Chatagny
Carolin Gabor
Alicia Garcia Herrero
(appointed 17 May 2023)
305
Ageas Annual Report 2023
Additional information
Statement of the Board of Directors

Statutory Auditor's Report
to the general shareholders’ meeting
of Ageas on the consolidated financial statements
for the year ended 31 December 2023
We present to you our Statutory auditor’s report in the context of our statutory audit of the consolidated financial statements
of Ageas (the “Company”) and its subsidiaries (jointly “the Group”). This report includes our report on the consolidated
financial statements, as well as the other legal and regulatory requirements. This forms part of an integrated whole and is
indivisible.
We have been appointed as Statutory auditor by the General meeting d.d.19 May 2021, following the proposal formulated by the Board of directors and following the
recommendation by the Audit committee. Our mandate will expire on the date of the General meeting which will deliberate on the annual financial statements for the
year ended 31 December 2023. We have performed the statutory audit of the Company’s consolidated financial statements for six consecutive years.
Report on the consolidated financial statements
Unqualified opinion
We have performed the statutory audit of the Group’s consolidated financial
statements, which comprise the consolidated statement of financial position
as at 31 December 2023, the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flow
for the year then ended, and notes to the consolidated financial statements,
including a summary of accounting policies and estimates and other
explanatory information, and which is characterised by a consolidated
statement of financial position total of EUR 96,693 million and a consolidated
income statement which results in a profit for the year (“Net result for the
period”) of EUR 1,177 million.
In our opinion, the consolidated financial statements give a true and fair view
of the Group’s net equity and consolidated financial position as at 31
December 2023, and of its consolidated financial performance and its
consolidated cash flows for the year then ended, in accordance with
International Financial Reporting Standards as adopted by the European
Union and with the legal and regulatory requirements applicable in Belgium.
Basis for unqualified opinion
We conducted our audit in accordance with International Standards on
Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the
International Standards on Auditing as approved by the IAASB which are
applicable to the year-end and which are not yet approved at the national
level. Our responsibilities under those standards are further described in the
“Statutory auditor’s responsibilities for the audit of the consolidated financial
statements” section of our report. We have fulfilled our ethical responsibilities
in accordance with the ethical requirements that are relevant to our audit of
the consolidated financial statements in Belgium, including the requirements
related to independence.
We have obtained from the Board of directors and Company officials the
explanations and information necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
306
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Independent Auditor’s Report

Key audit matters
Key audit matters are those matters that, in our professional judgement, were
of most significance in our audit of the consolidated financial statements of
the current period. These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Estimation uncertainty with respect to transition to and first time
application of IFRS 17 and IFRS 9
Description of the key audit matter
The financial year ended 31 December 2023 is the Group’s first year of
application of IFRS 17 “Insurance Contracts”, which significantly modifies the
accounting criteria for the recognition and measurement of insurance
contracts compared to IFRS 4. On 1 January 2023, the Group also started
the application of IFRS 9 “Financial Instruments”, thereby modifying the
classification and measurement of financial assets and liabilities in the
Group’s consolidated financial statements.
As part of the initial application of these accounting standards, comparative
information at 1 January 2022 (transition balance sheet) needs to be
prepared and the year-end 2022 corresponding figures in the Group’s
consolidated financial statements need to be restated. The transition to IFRS
17 and IFRS 9 has a significant impact on equity and involves a complex
process that requires the application of assumptions and estimates.
The transition to and first time application of IFRS 17 and IFRS 9 have
therefore been considered a key audit matter.
Information regarding the transition to and first time application of IFRS 17
and IFRS 9, is disclosed in the Note C “Summary of accounting policies and
estimates” to the consolidated financial statements.
How our Audit addressed the key audit matter
We evaluated the compliance of the Group’s accounting policies with IFRS
17 and IFRS 9.
We obtained an understanding and performed an evaluation of the internal
control environment (including the IT infrastructure) related to the financial
reporting process under the new standards.
We assessed and tested the applied transition methods to define the
transition balance sheet.
We also assessed the accounting policies, the methodology and
reasonableness of the actuarial models and assumptions used in the
calculations of the Present Value of Fulfilment Cash Flows (“PVFCF”),
Contractual Service Margin (“CSM”) and the Risk Adjustment for non-
financial risk (“RA”).
We reperformed actuarial calculations of the fulfilment cash flows, CSM and
CSM movements, RA, included in the Liability for Remaining Coverage
(“LRC”) for a sample of product groups measured under the Building Block
Approach (“BBA”).
We also independently assessed the actuarial models used to value the
Liability for Incurred Claims (“LIC”) measured under the Premium Allocation
Approach (“PAA”) for a risk based sample of product groups.
For the application of the PAA, we assessed the eligibility criteria.
We also assessed the appropriateness of the disclosures in the consolidated
accounts regarding the transition, considering the requirements of the
International Financial Reporting Standards as adopted by the European
Union.
Our internal actuarial experts assisted us in performing the above listed audit
procedures.
Estimation uncertainty with respect to the valuation of insurance
contract liabilities
Description of the key audit matter
The liabilities of life insurance contracts measured using the BBA amount to
EUR 51,569 million. The LRC of contracts measured using the BBA includes
the PVFCF relating to future insurance services, as well as the CSM and the
RA. The assumptions used for the projections of the said cash flows relate,
mainly, to mortality, longevity, lapse, profitability and the defining of directly
attributable expenses. The actuarial calculation of the cash flows arising from
such insurance contracts is complex and highly judgmental as it is based on
assumptions which are affected by future economic and political conditions
and government regulations. Furthermore, the determination of the
appropriate discounting of the said cash flows using the top-down approach
is considered complex and highly judgmental, leading us to consider this as a
key audit matter.
The liabilities of non life insurance contracts measured using the PAA
amount to EUR 7,139 million. The LIC of contracts measured using the PAA
accounts for the estimated cost of claims occurring up to the reporting date.
The actuarial projection methods of the present value of expected future cash
flows related to past insurance services arising from such insurance
contracts are complex and highly judgmental as they are based on a number
of key assumptions derived from historical information, mainly relating to the
amount of the claim and claim payment patterns including expected future
development. Furthermore, the determination of the appropriate discounting
of the said cash flows using the bottom-up approach is considered complex
and highly judgmental, leading us to consider this as a key audit matter.
Information on the valuation of insurance contract liabilities is included in
Note 9 “Insurance contract assets and liabilities” to the consolidated financial
statements, in application of the policies as described in Note C “Summary of
accounting policies and estimates”.
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Ageas Annual Report 2023
Additional information

How our Audit addressed the key audit matter
We performed procedures on the design and operating effectiveness of the
Group’s controls to ascertain that the data used in the valuation and
measurement of the insurance contract liabilities are adequate and complete.
We performed testing of the Group’s procedures to determine the
aforementioned assumptions, testing of the assumptions based on market
observable data and actuarial analysis through backtesting of the
assumptions used.
Our substantive procedures on the LRC for insurance contracts measured
under BBA mainly consisted of the following procedures:
● Assessing the accounting policies, the methodology and reasonableness
of the actuarial models and assumptions used in the calculations of the
PVFCF;
● Testing the completeness and accuracy of the data used in determining
the assumptions, as well as data used in actuarial calculations;
● Verifying the accuracy of the fulfilment cash flows on a sample basis
resulting from our risk assessment;
● Verifying the methodology and reasonableness of the RA;
● Reviewing the analysis of change and testing the CSM movements
based on coverage units for a selection of cohorts;
● Performing a recalculation of the CSM related to new business for one
cohort of one portfolio; and
● Verifying the locked-in and current discount rates (top-down).
Our substantive procedures on the LIC for insurance contracts measured
under the PAA mainly consisted of the following procedures:
● Assessing the accounting policies, the methodology and reasonableness
of the actuarial models and assumptions used in the calculation of the
present value of fulfilment cash flows;
● Testing the completeness and accuracy of the data used in actuarial
calculations; and
● Independently assessing the actuarial models for a risk based sample of
product groups.
Finally, we assessed the completeness and accuracy of the disclosures
regarding insurance contracts to assess compliance with disclosure
requirements included in the International Financial Reporting Standards as
adopted by the European Union.
We have been supported by our in-house actuarial experts to perform the
above audit procedures.
Our procedures have allowed us to assess the valuation and measurement of
the insurance contracts.
Valuation of financial assets for which a quoted price on an active
market is not available
Description of the key audit matter
The Group holds financial assets for which a quoted price on an active
market is not available. These mainly consist of debt securities and loans,
detail of which can be found in Note 34 “Fair value of financial assets and
financial liabilities” to the consolidated financial statements. The techniques
and models used to value these financial assets involve a variety of
assumptions that include, for many of them, some degree of judgement. In
addition, the number of elements that might affect the determination of the
fair value depends both on the type of instrument and the instrument itself.
As a result, the use of various valuation techniques and assumptions could
lead to significantly different fair value estimates.
The uncertainty associated with these valuation techniques and models
selected per type of instrument is considered more complex and
judgemental, leading us to consider this as a key audit matter.
Our audit procedures related to the key audit matter
We performed procedures on the design and operating effectiveness of the
internal control system for the valuation of financial assets, including controls
over pricing and the model validation process.
We selected a sample of financial assets and, with the assistance of our
experts on the valuation of financial assets, reviewed the estimates made
and the main assumptions used in determining their fair value, taking into
account market data. Where necessary, we also tested the standing data
used in the determination of fair value. Our internal experts in valuation
assisted us to recalculate the fair value of a sample of selected financial
assets. Finally, we verified compliance with the application of the disclosure
requirements included in the International Financial Reporting Standards as
adopted by the European Union.
Based on our controls, we estimate that the market values assigned to these
investments are reasonable.
Responsibilities of the Board of directors for the preparation of the
consolidated financial statements
The Board of directors is responsible for the preparation of consolidated
financial statements that give a true and fair view in accordance with
International Financial Reporting Standards as adopted by the European
Union and with the legal and regulatory requirements applicable in Belgium,
and for such internal control as the Board of directors determines is
necessary to enable the preparation of consolidated financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of directors is
responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of directors either
intends to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
308
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Statutory auditor’s responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial
statements.
In performing our audit, we comply with the legal, regulatory and normative
framework applicable to the audit of the consolidated financial statements in
Belgium. A statutory audit does not provide any assurance as to the Group’s
future viability nor as to the efficiency or effectiveness of the Board of
directors’ current or future business management at Group level. Our
responsibilities in respect of the use of the going concern basis of accounting
by the Board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional
judgement and maintain professional scepticism throughout the audit. We
also:
● identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control;
● obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control;
● evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the Board of directors;
● conclude on the appropriateness of the Board of directors’ use of the
going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our Statutory auditor’s report
to the related disclosures in the consolidated financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our Statutory
auditor’s report. However, future events or conditions may cause the
Group to cease to continue as a going concern;
● evaluate the overall presentation, structure and content of the
consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation;
● obtain sufficient and appropriate audit evidence regarding the financial
information of the entities or business activities within the Group to
express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the Group
audit. We remain solely responsible for our audit opinion.
We communicate with the Audit committee regarding, among other matters,
the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during
our audit.
We also provide the Audit committee with a statement that we have complied
with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the Audit committee, we determine
those matters that were of most significance in the audit of the consolidated
financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter.
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Ageas Annual Report 2023
Additional information

Other legal and regulatory requirements
Responsibilities of the Board of directors
The Board of directors is responsible for the preparation and the content of
the directors’ report on the consolidated financial statements.
Statutory auditor’s responsibilities
In the context of our engagement and in accordance with the Belgian
standard which is complementary to the International Standards on Auditing
(ISAs) as applicable in Belgium, our responsibility is to verify, in all material
respects, the directors’ report on the consolidated financial statements and to
report on these matters.
Aspects related to the directors’ report on the consolidated financial
statements
In our opinion, after having performed specific procedures in relation to the
directors’ report on the consolidated financial statements, this directors’
report is consistent with the consolidated financial statements for the year
under audit and is prepared in accordance with article 3:32 of the
Companies' and Associations' Code.
In the context of our audit of the consolidated financial statements, we are
also responsible for considering, in particular based on the knowledge
acquired resulting from the audit, whether the directors’ report is materially
misstated or contains information which is inadequately disclosed or
otherwise misleading. In light of the procedures we have performed, there
are no material misstatements we have to report to you.
The non-financial information required by virtue of article 3:32, §2 of the
Companies' and Associations' Code is included in the directors’ report on the
consolidated financial statements. The Company has prepared the non-
financial information, based on the Global Reporting Initiative (GRI) Universal
Standards. However, in accordance with article 3:80, §1, 5° of the
Companies' and Associations' Code, we do not express an opinion as to
whether the non-financial information has been prepared in accordance with
the said framework as disclosed in the directors’ report on the consolidated
financial statements.
Statements related to independence
● Our registered audit firm and our network did not provide services which
are incompatible with the statutory audit of the consolidated financial
statements and our registered audit firm remained independent of the
Group in the course of our mandate.
● The fees for additional services which are compatible with the statutory
audit of the consolidated financial statements referred to in article 3:65
of the Companies' and Associations' Code are correctly disclosed and
itemised in the notes to the consolidated financial statements.
European Uniform Electronic Format (ESEF)
We have also verified, in accordance with the draft standard on the
verification of the compliance of the financial statements with the European
Uniform Electronic Format (hereinafter “ESEF”), the compliance of the ESEF
format with the regulatory technical standards established by the European
Delegate Regulation No. 2019/815 of 17 December 2018 (hereinafter:
“Delegated Regulation”).
The board of directors is responsible for the preparation, in accordance with
ESEF requirements, of the consolidated financial statements in the form of
an electronic file in ESEF format (hereinafter “digital consolidated financial
statements”) included in the annual financial report.
Our responsibility is to obtain sufficient appropriate evidence to conclude that
the format and marking language of the digital consolidated financial
statements comply in all material respects with the ESEF requirements under
the Delegated Regulation.
Based on our procedures performed, we believe that the format of and
marking of information in the digital consolidated financial statements
included in the annual financial report of Ageas per 31 December 2023
comply in all material respects with the ESEF requirements under the
Delegated Regulation.
Other statement
This report is consistent with the additional report to the Audit committee
referred to in article 79 of the law of 13 March 2016 on the legal status and
supervision of insurance or reinsurance companies, which makes reference
to article 11 of the Regulation (EU) N° 537/2014.
Diegem, 10 April 2024
The Statutory auditor
PwC Reviseurs d'Entreprises SRL / PwC Bedrijfsrevisoren BV
Represented by
Kurt Cappoen*
Réviseur d’Entreprises / Bedrijfsrevisor
* Acting on behalf of Kurt Cappoen BV / SRL
310
Ageas Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

311
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Additional information

312
Ageas Annual Report 2023
D
Ageas SA/NV
statutory accounts 2023

1. Foreword
Most ‘general information’ is included in the Report of the Board of Directors
of Ageas. This section of general information contains solely information on
Ageas SA/NV that has not been provided elsewhere.
2. Identification
The company is a public limited liability company bearing the name
Ageas SA/NV. Its registered office is at Avenue du Boulevard 21,
1210 Brussels. The company is registered in the Brussels register of legal
entities under no. 0451.406.524.
3. Incorporation and publication
The company was incorporated on 6 November 1993 under the name
Fortis Capital Holding.
4. Places where the public can verify company
documents
The Articles of Association of Ageas SA/NV are available at the Registry of
the Commercial Court at Brussels, at the company’s registered office and at
the website of Ageas.
Decisions on the appointment and resignation of Board Members of the
companies are published, among other places, in the annexes to the Belgian
Official Gazette. Financial reports on the companies and notices convening
General Meetings are published in the financial press, newspapers and
periodicals. The financial statements of the company are available at the
registered office and are also filed with the National Bank of Belgium. They
are sent each year to registered shareholders and to others on request.
5. Audit opinion
PwC issued an unqualified auditor’s report on the Ageas SA/NV company
financial statements.
6. Incoming reinsurance
Next to being the ultimate parent of an international insurance group, Ageas
also writes reinsurance business. Ageas SA/NV has a reinsurance licence for
both Life and Non-Life activities.
Ageas writes Non-Life proportional and non-proportional reinsurance with
several affiliated companies and joint ventures. Since 2022 the reinsurance
activity was expanded to third parties. External reinsurance protection is
bought, in line with Ageas’ risk appetite.
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General information

1. Statutory results of Ageas SA/NV under Belgian Accounting Principles
Ageas SA/NV reported for the financial year 2023 a net profit of EUR 160 million (2022: EUR 1,036 million) and a shareholders’
equity of EUR 5,510 million (2022: EUR 6,009 million).
2. Review of the balance sheet and income statement
2.1 Assets
2.1.1 Intangible fixed assets
(December 2023: EUR 9 million; December 2022: EUR 10 million)
2.1.2 Investments
(December 2023: EUR 9,575 million; December 2022: EUR 9,357 million)
Investments in affiliated enterprises and participations (EUR 7,490 million)
The investment in Ageas Insurance International (EUR 6,436 million)
remained stable compared to 31 December 2022.
Notes, bonds and receivables consist of loans to affiliates (December 2023:
EUR 993 million; December 2022: EUR 1,040 million). As part of the sale
agreement of the group’s interest in affiliate Ageas France, the outstanding
loan was redeemed in 2023.
Other investments (EUR 1,273 million)
These consist of an equity portfolio (EUR 126 million), fixed income securities
(EUR 946 million), and deposits with credit institutions (EUR 200 million). The
increase reflects the growth of the reinsurance business.
Deposits with ceding companies (EUR 812 million)
These relate to reinsurance agreements with funds withheld arrangements.
2.1.3 Part of the reinsurer in the technical provisions
(December 2023: EUR 65 million; December 2022: EUR 60 million)
2.1.4 Debtors
(December 2023: EUR 180 million; December 2022: EUR 470 million)
Short-term loans towards affiliate Ageas Insurance International decreased
significantly.
2.1.5 Other assets
(December 2023: EUR 213 million; December 2022: EUR 282 million)
Treasury shares
(December 2023: EUR 121 million; December 2022: EUR 201 million)
These are treasury shares acquired through share-buy back programmes,
purchase of treasury shares from affiliates and treasury shares acquired to
cover the restricted share plans for some members of staff and directors of
the company.
2.1.6 Deferred charges and accrued income
(December 2023: EUR 43 million; December 2022: EUR 45 million)
Accrued income relates mainly to accrued interests on intercompany loans.
2.2 Liabilities
2.2.1 Equity
(December 2023: EUR 5,510 million; December 2022: EUR 6,009 million)
Subscribed capital
(December 2023: EUR 1,502 million; December 2022: EUR 1,502 million)
Share premium reserve
(December 2023: EUR 2,051 million; December 2022: EUR 2,051 million)
Legal reserve
(December 2023: EUR 150 million; December 2022: EUR 150 million)
Reserves not available for distribution
(December 2023: EUR 141 million; December 2022: EUR 221 million)
Reserves not available for distribution are set up for own shares held by
Ageas or by affiliates.
In 2023 EUR 73 million of own shares were cancelled or settled through
share plans. An impairment on treasury shares of EUR 7 million was
recorded to reflect their market value at the date of the balance sheet.
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AGEAS SA/NV STATUTORY ACCOUNTS 2023
Disclosure on items in the statement of fi nancial position
and income statement and regulatory requirements

Reserves available for distribution
(December 2023: EUR 761 million; December 2022: EUR 754 million)
Profit/loss carried forward
(December 2023: EUR 904 million; December 2022: EUR 1,330 million)
The profit of the year amounts to EUR 160 million. A final dividend for a
gross amount of EUR 1.75 per share proposed for a total amount of EUR 315
million (in addition to the EUR 1.50 per share interim dividend paid in
October 2023). This brings the total dividend to EUR 3.25 per share, up by
more than 8% compared to last year, representing an amount of EUR 586
million. The profit to be carried forward amounts to EUR 904 million.
2.2.2 Subordinated liabilities
(December 2023: EUR 1,747 million; December 2022: EUR 1,747 million)
3 subordinated liabilities are outstanding:
x On 10 April 2019 Ageas SA/NV issued its inaugural debt securities in
the form of EUR 500 million Subordinated Fixed to Floating Rate Notes
maturing in 2049.
x On 10 December 2019 Ageas SA/NV issued subordinated debt
securities for an aggregate principal amount of EUR 750 million in the
form of Perpetual Subordinated Fixed Rate Resettable Temporary Write-
Down Restricted Tier 1 Notes.
x In 17 November 2020 Ageas SA/NV issued subordinated debt securities
in the form of EUR 500 million Subordinated Fixed to Floating Rate
Notes maturing in 2051.
2.2.3 Technical Provisions
(December 2023: EUR 1,964 million; December 2022: EUR 1,744 million)
The unearned premiums reserves (EUR 423 million) and claims reserves
(EUR 1,361 million) relate to the incoming reinsurance programs.
The technical provisions also include an equalization reserve (EUR 90
million) which is updated annually, and a reserve for profit sharing (EUR 90
million).
2.2.4 Provisions
(December 2023: EUR 398 million; December 2022: EUR 336 million)
The increase in the provisions is fully explained by increase in the RPN(I)
provision. See note 23 ‘RPN(I)’ of the Consolidated Financial Statements for
more details.
2.2.5 Payables
(December 2023: EUR 431 million; December 2022: EUR 356 million)
Other amounts payable relate mainly to the proposed final dividend of EUR
315 million (in total a dividend of EUR 586 million is proposed, an interim
dividend of EUR 270 million was paid in October during 2023).
2.2.6 Accruals and deferred costs
(December 2023: EUR 34 million; December 2022: EUR 34 million)
2.3 Income statement
2.3.1 Balance on the technical account non-life business
(2023: EUR 47 million; 2022: EUR -80 million)
The result was positively impacted by an improved contribution from intra-
group business and joint ventures and by the new external business. Next to
that the reserve for profit sharing increased in 2023 with EUR 5 million (2022:
EUR 85 million).
2.3.2 Balance on the technical account life business
(2023: EUR 1.2 million; 2022: EUR -0.2 million)
2.3.3 Non-technical account: Investment income
(2023: EUR 368 million; December 2022: EUR 1,195 million)
Investment income includes mainly the dividend received from subsidiary
Ageas Insurance International (2023: EUR 300 million) and the interests on
loans to affiliates (EUR 61 million).
2.3.4 Non-technical account: Investments expenses
(2023: EUR 99 million; 2022: EUR 99 million)
Investment expense includes mainly the interests on the subordinated
liabilities (EUR 57 million), interest on RPN(I) (EUR 18 million) and the
Cashes annual indemnification (EUR 19 million).
2.3.5 Other income
(2023: EUR 23 million; 2022: EUR 157 million)
Other income in 2022 included a release in the RPN(I) provision of EUR 139
million.
2.3.6 Other charges
(2023: EUR 180 million; 2022: EUR 138 million)
Other charges comprise a charge of EUR 64 million on the RPN(I) provision
(as opposed to a release in 2022 – see above).
315
Ageas Annual Report 2023

3. Regulatory requirements (art. 3:6 and 3:32 of the Belgian Company Code)
Conflict of interest
Due to a conflict of interest and as required by article 7:96 of the Company Code, extract of the minutes of the relevant
meetings of the Board of Directors are included in the Report of the Board of Directors attached to the statutory financial
statements of Ageas SA/NV.
3.1 Information on circumstances that could profoundly influence the
development of the company
See note ‘Forward-looking statements to be treated with caution’.
3.2 Information on research and development
The company did not carry out any research and development activities.
3.3 Branches
None.
3.4 Events after the date of the statement of financial position
There have been no material events after the date of the financial statements
that would require adjustment or amounts recognised or disclosed in the
Financial Statements as of 31 December 2023.
3.5 Other information that according to the Belgian Company Code should
be included in the Annual Report
Discharge of the directors and external auditor
As prescribed by law and the company’s Articles of Association, we will
request the General Meeting of Shareholders to grant the company’s Board
of Directors and Auditor discharge in respect of the execution of their
mandate.
Capital increase and issue of warrants
In 2023 no capital increase or issue of warrants was made.
Non-audit assignments carried out by the auditor in 2023
In 2023, the external auditor carried out an additional assignment on tax
consultancy.
Use of financial instruments
See section C. Notes to the Consolidated Financial Statements.
Corporate Governance Statement
See Report of the Board of Directors, part 6 ‘Corporate Governance
Statement’, in the Annual Report.
Remuneration report
See Report of the Board of Directors, part 6.7 ‘Report of the Remuneration
Committee’, in the Annual Report.
316
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

10
EUR
NAT.
Date of the deposition
N°
P.
U.
D.
C1.
ANNUAL ACCOUNTS IN EUROS
NAME .................................................................................................................................. : AGEAS
Legal form
............................................................................................................................ : NV
Address ................................................................................................................................ : Bolwerklaan 21
Postal code
........................................................................................................................... : 1210
Munici pali ty ............................................................................................................................................. : Brussels
Register of Legal Persons (RLP) - Office of the commercial court at
............................................... : Brussels, Dutch
Internet address...................................................................................................................................... : www.ageas.com
Company number .................................................................................................................. : 451.406.524
Date .................................................................................................................................... : 2023-05-30 of the deposition of the partnership deed OR of the most
recent document mentioning the date of publication of the
partnership deed and the act changing the articles of
association
ANNUAL ACCOUNTS approved by the General Meeting of
.......................................................... : 2024-05-15
concerning the financial year covering the period from ................................................................. : 2023-01-01 to 2023-12-31
previous period from
.............................................................................................................. : 2022-01-01 to 2022-12-31
The amounts of the previous financial year are identical to those previously published ......................... : yes / no **
COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality)
and position with the enterprise of the DIRECTORS, MANAGERS and AUDITORS
x DE SMET Bart, Bolwerklaan 21, 1210 Brussels, Belgium, Chairman of the Board, mandate from 22/10/2020 to 19/05/2021 and from 19/05/2021 to 21/05/2025
x DE CUYPER Hans, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 22/10/2020 to 15/05/2024
x CANO Antonio, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 20/05/2020 to 15/05/2024
x de SELLIERS de MORANVILLE Guy, Bolwerklaan 21, 1210 Brussels, Belgium, Vice Chairman of the Board, mandate from 15/05/2019 to 17/05/2023
x VANDEWEYER Kathleen, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 17/05/2017 to 19/05/2021 and from 19/05/2021 to 21/05/2025
x MURPHY Jane, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 20/05/2020 to 15/05/2024
x COREMANS Filip, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 15/05/2019 to 17/05/2023
x BOIZARD Christophe, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 15/05/2019 to 17/05/2023
(Page C1.a continued, if applicable)
Attached to these annual accounts are the following: - the statutory auditors' report**
- the management report**
Total number of pages deposited: .......................................................................................................... :
Number of the pages of the standard form not deposited for not being of service
............................. :
Signature Signature
(name and function) (name and function)
Bart De Smet - Chairman of the Board Hans De Cuyper - CEO
* Optional statement.
** Delete where appropriate.
317
Ageas Annual Report 2023

10
EUR
NAT.
Date of the deposition
N°
P.
U.
D.
C1.
COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality)
and position with the enterprise of the DIRECTORS, MANAGERS and AUDITORS
x JACKSON Richard, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 20/05/2020 to 15/05/2024
x LANG KETTERER Yvonne, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 20/05/2020 to 15/05/2024
x REICHLIN Lucrezia, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 20/05/2020 to 15/05/2024
x CHANDMAL Sonali, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 16/05/2018 to 18/05/2022 and from 18/05/2022 to 20/05/2026
x VAN GRIMBERGEN Emmanuel, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 15/05/2019 to 17/05/2023 and from 17/05/2023 to 19/05/2027
x CHATAGNY Jean-Michel, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 19/05/2021 to 21/05/2025
x GABOR Carolin, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 18/05/2022 to 20/05/2026
x GARCIA HERRERO Alicia, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 17/05/2023 to 19/05/2027
x GUILLIAMS Wim, Bolwerklaan 21, 1210 Brussels, Belgium, Director, mandate from 17/05/2023 to 19/05/2027
PwC Reviseurs d'Entreprises srl / Bedrijfsrevisoren bv, Culliganlaan 5, 1831 Diegem, Belgium
Statutory auditor, represented by Mr. CAPPOEN Kurt (membership number A01969)
Mandate from 16/05/2018 to 19/05/2021 and from 19/05/2021 to 15/05/2024
318
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

VAT
EUR
C1.a
The managing board declares that the assignment neither regarding auditing nor adjusting has been given to a person who was not authorised by law pursuant to art. 34 and 37 of the
Law of 22nd April 1999 concerning the auditing and tax professions.
Have the annual accounts been audited or adjusted by an external accountant or auditor who is not a statutory auditor? YES / NO (1).
If YES, mention here after: name, first names, profession, residence-address of each external accountant or auditor, the number of membership with the professional Institute ad hoc and
the nature of this engagement:
A. Bookkeeping of the undertaking (2),
B. Preparing the annual accounts (2),
C. Auditing the annual accounts,
D. Adjusting the annual accounts.
If the assignment mentioned either under A (Bookkeeping of the undertaking) or B (Preparing the annual accounts) is performed by authorised accountants or authorised accountants-tax
consultants, information will be given on: name, first names,
(1) Delete where appropriate.
(2) Optional statement.
Name, first names, profession and residence-address
Number of membership
Nature of the engagement
(A, B, C and/or D)
319
Ageas Annual Report 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
Current
Previous
Current
Previous
Assets
Codes
period
period
Liabilities
Codes
period
period
A. -
-
A. Shareholders’ equity (statement 5)
11
5,510,483,124
6,009,238,490
I. Subscribed capital
B. Intangible assets (statement 1)
21
8,790,372
10,176,961
or fund equivalent,
I. Formation expenses
211
8,750,890
10,176,962
net of capital uncalled
111
1,502,364,273
1,502,364,273
II. Intangible assets
212
39,482
(0)
1. Subscribed capital
111.1
1,502,364,273
1,502,364,273
1. Goodwill
212.1
2. Uncalled capital (-)
111.2
2. Other intangible assets
212.2
39,482
(0)
II. Share premium reserve
112
2,050,976,359
2,050,976,359
3. Prepayments
212.3
III. Revaluation reserve
113
IV. Reserves
114
1,053,164,311
1,126,063,511
C. Investments (statements 1, 2 and 3)
22
9,574,903,019
9,357,256,926
1. Legal reserve
114.1
150,236,427
150,236,427
I. Land and buildings (statement 1)
221
2. Unavailable reserve
114.2
141,455,048
221,475,962
1. Real estate for own activities
a) for own shares
114.21
141,455,048
221,475,962
as part of its own business
221.1
b) other
114.22
2. Other
221.2
3. Untaxed reserve
114.3
II. Investments in affiliated undertakings and
4. Available reserve
114.4
761,472,836
754,351,122
participating interests (statements 1, 2 and 18)
222
7,490,198,068
7,542,167,188
V. Result carried forward
115
903,978,181
1,329,834,347
- Affiliated undertakings
222.1
7,429,117,574
7,476,370,192
1. Profit carried forward
115.1
903,978,181
1,329,834,347
1. Participating interests
222.11
6,436,261,750
6,436,159,584
2. Loss carried forward (-)
115.2
2. Notes, bonds and receivables
222.12
992,855,824
1,040,210,608
VI. -
-
- Undertakings linked by virtue
of a participating interest
222.2
61,080,494
65,796,996
B. Subordinated liabilities
3. Participating interests
222.21
223,773
29,927
(statements 7 and 18)
12
1,746,561,580
1,745,994,610
4. Notes, bonds and receivables
222.22
60,856,721
65,767,070
III. Other financial investments
223
1,273,030,287
1,026,159,457
Bbis Funds for future
1. Equities, shares and other
dotations
13
variable income securities (statement 1)
223.1
126,242,551
93,996,314
2. Debt securities and other
C. Technical provisions
fixed-income securities (statement 1)
223.2
946,762,273
741,140,988
(statement 7)
14
1,964,357,567
1,744,043,421
3. Participating in investment
I. Provisions for unearned
pools
223.3
premiums and unexpired risks
141
422,729,078
315,214,060
4. Loans and mortgages
223.4
II. Life insurance provision
142
5. Other loans
223.5
III. Claims reserve
143
1,361,331,682
1,285,460,405
6. Deposits with other credit institutions
223.6
200,025,462
191,022,155
IV. Provision for bonuses
7. Other
223.7
and rebates
144
90,078,839
84,780,845
IV. Deposits with ceding undertakings
224
811,674,665
788,930,280
V. Provision for equalization and
catastrophes
145
90,217,968
58,588,111
D. Investments relating to
VI. Other technical provisions
146
operations linked to an
investment fund group's "life"
D. Technical provisions relating
activities where the risk is
to operations linked to an
not borne by the company
investment fund group's "Life"
i.e. Unit-Linked products
23
activities where the risk is not
borne by the company i.e.
Unit-Linked products
(statement 7)
15
320
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AGEAS SA/NV STATUTORY ACCOUNTS 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
Current
Previous
Current
Previous
Assets
Codes
period
period
Liabilities
Codes
period
period
Dbis Reinsurers' share
E. Provisions for other risks
of technical provisions
24
65,227,043
60,030,229
and charges
16
398,400,000
335,622,096
I. Provisions for unearned
I. Provisions for pensions and
premiums and unexpired risks
241
2,288,187
1,550,132
similar obligations
161
II. Life insurance provision
242
II. Provisions for taxes
162
III. Claims outstanding
243
62,938,856
58,480,097
III. Other provisions (statement 6)
163
398,400,000
335,622,096
IV. Provision for profit-sharing
and retrocessions
244
F. Deposits received from
V. Other technical provisions
245
reinsurers
17
VI. Provisions related to operations
related to an investment fund
of the "life" business group when the
investment risk is not
borne by the company
246
G. Debts (statements 7 and 18)
42
430,626,165
355,657,557
E. Receivables (statements 18 and 19)
41
180,167,778
470,465,958
I. Payables from direct
I. Receivables from direct
insurance operations
421
insurance operations
411
II. Reinsurance payables
422
78,265,780
53,170,029
1. Policyholders
411.1
III. Unsubordinated bonds
423
2. Insurance intermediaries
411.2
1. Convertible bonds
423.1
3. Other
411.3
2. Non-convertible bonds
423.2
II. Receivables from
IV. Amounts payable to
reinsurance operations
412
130,739,843
82,377,116
credit institutions
424
III. Other receivables
413
49,427,935
388,088,842
V. Other amounts payable
425
352,360,385
302,487,528
IV. Subscribed capital called but not paid
414
1. Tax, salary and social liabilities
425.1
7,726,970
7,666,213
a) Taxes
425.11
48,485
26,4346
F. Other assets
25
212,649,633
281,643,587
b) Remuneration
I. Tangible assets
251
14,740,355
8,669,199
social charges
425.12
7,678,485
7,639,778
II. Cash at bank and in hand
252
76,768,750
72,433,002
2. Other
425.2
344,633,416
294,821,315
III. Own shares
253
121,128,026
200,528,883
IV. Other
254
12,503
12,503
H. Accrued charges and deferred
income (statement 8)
434/436
33,962,641
34,112,151
G. Deferred charges and accrued
income (statement 4)
431/433
42,653,230
45,094,664
I. Accrued interest
and rent
431
30,255,678
26,515,456
II. Acquisition costs carried forward
432
1. Non-life insurance operations
432.1
2. Life insurance operations
432.2
III. Other accrued charges and deferred income
433
12,397,553
18,579,209
TOTAL
21/43
10,084,391,077
10,224,668,325
TOTAL
11/43
10,084,391,077
10,224,668,325
321
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Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
I. Non-life technical account
Current
Previous
Name
Codes
period
period
1. Premiums earned, net of reinsurance
710
1,568,169,313
1,471,400,381
a) Gross premiums written (statement 10)
710.1
1,807,194,778
1,544,086,624
b) Outward reinsurance premiums (-)
710.2
(132,248,504)
(89,867,547)
c) Change in the gross provisions for unearned premiums and in the
provision for unexpired risks, gross amount
710.3
(107,515,018)
(17,233,424)
d) Change in provisions for unearned premiums and unexpired risks,
reinsurers’ share
710.4
738,056
(52,121)
2. Allocated investment income transferred from the non-technical account
(item 6)
711
2
bis
Investment income
712
35,368,881
23,040,522
a) Income from investments in affiliated undertakings or in
712.1
undertakings by a participating interest
aa) Affiliated undertakings
712.11
1 Participations
712,111
2 Notes, bonds and receivables
712,112
bb) Undertakings linked by virtue of a participating interest
712.12
1 Participations
712,121
2 Notes, bonds and receivables
712,122
b) Income from other investments
712.2
35,368,881
23,040,522
aa) Income from land and buildings
712.21
bb) Income from other investments
712.22
35,368,881
23,040,522
c) Reversals of valuation adjustments on investments
712.3
d) Gains on the realisation of investments
712.4
3. Other technical income, net of reinsurance
714
4. Claims incurred, net of reinsurance (-)
610
(951,033,686)
(892,685,967)
a) Claims paid, net of reinsurance
610.1
877,527,308
794,827,326
aa) gross amounts (statement 10)
610.11
911,589,536
829,245,136
bb) reinsurers’ share (-)
610.12
(34,062,227)
(34,417,811)
b) Change in provision for claims,
gross of reinsurance (increase +, decrease -)
610.2
73,506,377
97,858,641
aa) Change in provisions for claims, gross amount
(statement 10) (increase +,decrease -)
610.21
77,965,136
99,367,595
bb) Change in provisions for claims, reinsurers' share
(increase -, decrease +)
610.22
(4,458,759)
(1,508,954)
322
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AGEAS SA/NV STATUTORY ACCOUNTS 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
I. Non-life technical account
Current
Previous
Name
Codes
period
period
5. Change in other technical provisions,
net of reinsurance (increase -, decrease +)
611
6. Bonus and rebates, net of reinsurance (-)
612
(5,297,994)
(84,780,845)
7. Net operating expenses (-)
613
(586,449,811)
(527,531,319)
a) Acquisition costs
613.1
588,402,630
530,187,207
b) Change in the amount of acquisition costs carried
expensed in assets (increase -, decrease +)
613.2
c) Administration expenses
613.3
8,204,723
4,190,501
d) Commissions received from reinsurers and profit-sharing (-)
613.4
(10,157,543)
(6,846,389)
7
bis
Investment expenses (-)
614
(1,335,182)
(4,497,056)
a) Investment management expenses
614.1
642,225
1,096,267
b) Valuation adjustments on investments
614.2
c) Losses on disposals
614.3
692,957
3,400,789
8. Other technical costs, net of reinsurance (-)
616
(19,473,063)
(40,014,176)
9. Change in provisions for equalisation and disasters,
net of reinsurance (increase -, decrease +)
619
(31,629,857)
(24,531,229)
10. Result of the non-life technical account
Profit (+)
710 / 619
47,264,728
Loss (-)
619 / 710
(79,599,689)
323
Ageas Annual Report 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
II. Life technical account
Current
Previous
Name
Codes
period
period
1. Net reinsurance premiums
720
399,223
30,192,777
a) Gross premiums written (statement 10)
720.1
399,223
30,192,777
b) Outward reinsurance premiums (-)
720.2
2. Investment income
722
a) Income from investments in affiliated undertakings or in
undertakings by a participating interest
722.1
aa) Affiliated undertakings
722.11
1 Participations
722,111
2 Notes, bonds and receivables
722,112
bb) Undertakings linked by virtue of a participating interest
722.12
1 Participations
722,121
2 Notes, bonds and receivables
722,122
b) Income from other investments
722.2
aa) Income from land and buildings
722.21
bb) Income from other investments
722.22
c) Reversals of valuation adjustments on investments
722.3
d) Gains on the realisation of investments
722.4
3. Valuation adjustments on investments of item D. in assets (income)
723
4. Other technical income, net of reinsurance
724
1,500,000
5. Cost of claims, net of reinsurance (-)
620
(153,754)
(29,513,979)
a) Net amounts paid
620.1
2,247,613
39,709,017
aa) gross amounts
620.11
2,247,613
39,709,017
bb) reinsurers’ share (-)
620.12
b) Change in provision for claims, net of reinsurance (increase +, decrease -)
620.2
(2,093,859)
(10,195,038)
aa) Change in provisions for claims,
gross from reinsurance (increase +, decrease -)
620.21
(2,093,859)
(10,195,038)
bb) Change in provisions for claims,
share of reinsurers (increase -, decrease +)
620.22
324
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AGEAS SA/NV STATUTORY ACCOUNTS 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
II. Life technical account
Current
Previous
Name
Codes
period
period
6. Change in other technical provisions,
net of of reinsurance (increase -, decrease +)
621
0
0
a) Change in provision for life insurance, net from reinsurance (increase -, decrease +)
621.1
0
0
aa) change in life insurance provision,
gross of reinsurance (increase -,decrease +)
621.11
0
0
bb) change in life insurance provision,
reinsurers’ share (increase +, decrease -)
621.12
0
0
b) Change in other technical provisions
net of reinsurance (increase -, decrease +)
621.2
0
0
7. Profit-sharing and retrocessions, net of reinsurance (-)
622
0
0
8. Net operating expenses (-)
623
(500,000)
(907,261)
a) Acquisition costs
623.1
0
161,879
b) Change in the amount of acquisition costs carried expensed in assets
(increase -, decrease +)
0
0
c) Management costs
623.3
500,000
745,382
d) Commissions received from reinsurers and profit-sharing (-)
623.4
0
0
9. Investment expenses (-)
624
0
0
a) Investment management expenses
624.1
0
0
b) Valuation adjustments on investments
624.2
0
0
c) Losses on disposals
624.3
0
0
10. Valuation adjustments on investments of item D. in assets (costs) (-)
625
0
0
11. Other technical costs, net of reinsurance (-)
626
0
0
12. Allocated investment income transferred to the non-technical account
(item 4) (-)
627
0
0
12
bis
Change in fund for future provisions (increase -, decrease +)
628
0
0
13. Result of the life technical account
Profit (+)
720 / 628
1,245,470
0
Loss (-)
628 / 720
0
228,463
325
Ageas Annual Report 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
III. Non-technical account
Current
Previous
Name
Codes
period
period
1. Result of the technical account - non-life insurance business (item 10)
Profit (+)
(710 / 619)
47,264,728
0
Loss (-)
(619 / 710)
0
79,599,689
2. Result of the technical account - life insurance business (item 13)
Profit (+)
(720 / 628)
1,245,470
0
Loss (-)
(628 / 720)
0
228,463
3. Investment income
730
367,651,309
1,195,171,953
a) Income from investments in affiliated undertakings or in
undertakings by a participating interest
730.1
364,038,220
1,194,034,768
b) Income from other investments
730.2
3,613,089
1,137,185
aa) Income from land and buildings
730.21
0
0
bb) Income from other investments
730.22
3,613,089
1,137,185
c) Reversals of valuation adjustments on investments
730.3
0
0
d) Gains on the realisation of investments
730.4
0
0
4. Allocated investment income, transferred from
731
0
0
the life technical account (item 12)
5. Investment expenses (-)
630
(99,018,794)
(98,826,590)
a) Investment management expenses
630.1
97,933,424
98,826,590
b) Valuation adjustments on investments
630.2
1,085,370
0
c) Losses on the realisation of investments
630.3
0
0
6. Allocated investment income, transferred to the
non-life technical account (item 2) (-)
631
0
0
7. Other income (statement 13)
732
22,588,493
156,849,307
8. Other charges (statement 13) (-)
632
(179,801,200)
(137,707,190)
8
bis
Profit or loss on ordinary activities before tax
Profit (+)
710 / 632
159,930,006
1,035,659,327
Loss (-)
632 / 710
0
0
9. -
-
0
0
10. -
-
0
0
326
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
III. Non-technical account
Current
Previous
Name
Codes
period
period
11. Extraordinary income (statement 14)
733
0
0
12. Extraordinary expenses (statement 14) (-)
633
0
0
13. Extraordinary result
Profit (+)
733 / 633
0
0
Loss (-)
633 / 733
0
0
14. -
-
0
0
15. Taxes on income (-/+)
634 / 734
144,251
150,498
15
bis
Deferred taxes (-/+)
635 / 735
0
0
16. Profit/(loss) for the financial year
Profit (+)
710 / 635
159,785,755
1,035,508,830
Loss (-)
635 / 710
0
0
17. a) Withdrawals from untaxed reserves
736
0
0
b) Transfers to untaxed reserves (-)
636
0
0
18. Profit/(loss) for the financial year
Profit (+)
710 / 636
159,785,755
1,035,508,830
Loss (-)
636 / 710
0
0
327
Ageas Annual Report 2023

Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 31/12/2023 (in Euro units)
III. Non-technical account
Current
Previous
Name
Codes
period
period
A. Profit to be appropriated
710 / 637.1
1,489,620,102
1,895,642,995
Loss to be appropriated (-)
637.1 / 710
0
0
1. Profit for the financial year available for appropriation
710 / 636
159,785,755
1,035,508,830
Loss for the financial year available for appropriation (-)
636 / 710
0
0
2. Profit carried forward from the previous financial year
737.1
1,329,834,347
860,134,165
Loss carried forward from the previous financial year (-)
637.1
0
0
B. Transfers from shareholders’ equity
737.2 / 737.3
0
0
1. from the capital and share premium reserves
737.2
0
0
2. from reserves
737.3
0
0
C. Allocations to equity (-)
637.2 / 637.3
0
(25,176,130)
1. to the capital and share premium reserves
637.2
0
0
2. to legal reserve
637.31
0
25,176,130
3. to other reserves
637.32
0
0
D. Result to be carried forward
1. Profit to be carried forward (-)
637.4
(903,978,181)
(1,329,834,347)
2. Loss to be carried forward
737.4
0
0
E. Partners’ participation in the loss
737.5
0
0
F. Profit to be distributed (-)
637.5 / 637.7
(585,641,921)
(540,632,518)
1. Dividends
637.5
585,641,921
540,632,518
2. Directors or managers
637.6
0
0
3. Other recipients
637.7
0
0
328
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

No. 1 Statement of intangible assets, investment property and investment securities
Asset items
Asset items
Asset items
concerned
concerned
concerned
B.
C.I.
C.II.1.
C.II.2.
C.II.3.
C.II.4.
C.III.1.
C.III.2.
Names
Codes
Intangible
Land and
Participations in
Notes, bonds and
Participations in
Notes, bonds and
Equities, shares
Debt securities
assets
buildings
affiliated
receivables in
entities with
receivables in
and other
and other
entreprises
affiliated
which there is a
entities with
variable income
fixed income
entreprises
participation link
which there is a
securities
securities
participation link
1
2
3
4
5
6
7
8
a)
ACQUISITION VALUES
During the previous financial year
08.01.01
15,207,946
0
6,436,159,584
1,046,154,619
29,927
65,767,070
93,996,314
741,140,988
Changes during the financial year:
39,482
0
102,166
(57,065,693)
193,846
0
32,246,237
205,621,285
- Acquired
8.01.021
39,482
0
102,166
0
193.846
0
32,246,237
208,187,091
- New start-up costs incurred
8.01.022
0
0
0
0
0
0
0
0
- Disposals and
withdrawals
(-)
8.01.023
0
0
0
0
0
0
0
(2,043,000)
- Transfers to another category
(+)(-)
8.01.024
0
0
0
0
0
0
0
0
- Other changes
(+)(-)
8.01.025
0
0
0
(57,065,693)
0
0
(522,806)
During the financial year
08.01.03
15,247,428
0
6,436,261,750
988,592,941
223,773
65,767,070
126,242,551
946,762,273
b)
CAPITAL GAINS
During the previous financial year
08.01.04
0
0
0
0
0
0
0
0
Changes during the financial year:
0
0
0
0
0
0
0
0
- Recognised
8.01.051
0
0
0
0
0
0
0
0
- Acquired from third parties
8.01.052
0
0
0
0
0
0
0
0
- Cancelled
(-)
8.01.053
0
0
0
0
0
0
0
0
- Transfers to another category
(+)(-)
8.01.054
0
0
0
0
0
0
0
0
During the financial year
08.01.06
0
0
0
0
0
0
0
0
c)
DEPRECIATION AND
IMPAIRMENTS
During the previous financial year
08.01.07
5,030,985
0
0
0
0
0
0
0
Changes during the financial year:
1,426,071
0
0
0
0
0
0
0
- Recognised
8.01.081
1,426,071
0
0
0
0
0
0
0
- Reversed as excess
(-)
8.01.082
0
0
0
0
0
0
0
0
- Acquired from third parties
8.01.083
0
0
0
0
0
0
0
0
- Cancelled
(-)
8.01.084
0
0
0
0
0
0
0
0
- Transfers to another category
(+)(-)
8.01.085
0
0
0
0
0
0
0
0
During the financial year
08.01.09
6,457,056
0
0
0
0
0
0
0
d)
AMOUNTS NOT CALLED
(Art. 29, § 1.)
During the previous financial year
08.01.10
0
0
0
0
0
0
0
0
Changes during the financial year:
(+)(-)
08.01.11
0
0
0
0
0
0
0
0
During the financial year
08.01.12
0
0
0
0
0
0
0
0
e)
CURRENCY CONVERSION
SPREADS
During the previous financial year
(+)(-)
08.01.13
0
0
0
(7,275,956)
0
0
0
0
Changes during the financial year:
(+)(-)
08.01.14
0
0
0
11,042,854
0
(4,910,349)
0
0
During the financial year
(+)(-)
08.01.15
0
0
0
3,766,898
0
(4,910,349)
0
0
NET CARRYING AMOUNT AT THE
END OF THE FINANCIAL YEAR
(a) + (b) - (c) - (d) +/- (e)
08.01.16
8,790,372
0
6,436,261,750
992,855,824
223,773
60,856,721
126,242,551
946,762,273
329
Ageas Annual Report 2023

No. 2. Statement of participations and social rights held in other companies
The following are the companies in which the company has a participation within the meaning of the Royal Decree of 17 November 1994 (included in items C.II.1.,
C.II.3., D.II.1. and D.II.3. under assets) as well as other entities in which the company holds social rights (included in items C.III.1. and D.III.1. under assets)
representing at least 10% of the subscribed capital.
Social rights held
Data from the latest available annual accounts
NAME, full address of the HEADQUARTERS
by the
and for the companies under Belgian law,
directly
subsidiaries
Annual
Monetary
Equity
Net result
VAT NUMBER or NATIONAL NUMBER.
accounts
unit (*)
closed at
(+) of (-)
Figures
%
%
(in thousands of monetary units)
(*) as per official coding.
Royal Park Investments NV
Markiesstraat 1
B - 1000 Brussel
NN 0807.882.811
4,306,667
51
0
31/12/2022
EUR
568
-261
Ageas Insurance International NV
Markiesstraat 1
B - 1000 Brussel
NN 0718.677.849
729,001,700
100
0
31/12/2022
EUR
5,783,085
514,107
Ageas Re Services Switzerland AG
Genferstrasse 2
8002 Zürich
CHE-437.728.090
100,000
100
0
-
330
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

No. 3. Present value of investments (art. 38)
Asset items
Codes
Amounts
C. Investments
08.03
9,469,972,922
I. Land and buildings
8.03.221
0
II. Investments in affiliated enterprises and participations
8.03.222
7,487.215.109
- Affiliated enterprises
8.03.222.1
7,426,929,935
1. Participating interests
8.03.222.11
6,436,261,750
2. Notes. bonds and receivables
8.03.222.12
990,668,185
- Undertakings linked by virtue of a participating interest
8.03.222.2
60,285,174
3. Participating interests
8.03.222.21
287,895
4. Notes. bonds and receivables
8.03.222.22
59,997,279
III. Other financial investments
8.03.223
1,180,276,394
1. Equities, shares and other variable income securities
8.03.223.1
130,070,694
2. Debt securities and other fixed income securities
8.03.223.2
850,180,238
3. Participating in investment pools
8.03.223.3
0
4. Loans and mortgages
8.03.223.4
0
5. Other loans
8.03.223.5
0
6. Deposits with credit institutions
8.03.223.6
200,025,462
7. Other
8.03.223.7
0
IV. Deposits with ceding undertakings
8.03.224
802,481,419
331
Ageas Annual Report 2023

No. 3
bis
Information concerning the non-usage of the fair value measurement method
A. Estimation of fair value for each class of derivative financial
Net book value
Fair value
instruments not measured based on fair value, stating the size, nature and
hedged risk of the instruments
B. For the financial fixed assets listed under headings C.II. and C.III. which are
Net book value
Fair value
taken into account at an amount higher than their fair value: the net book value and the fair value of the
individual assets or of appropriate groups of these individual assets.
C.II.2 Notes. bonds and receivables
673,614,592
646,336,354
C.II.4 Notes. bonds and receivables
60,856,721
59,997,279
C.III.1 Equities, shares and other variable income securities
61,433,381
58,375,725
C.III.2 Debt securities and other fixed income securities
712,654,797
605,461,782
For each of the financial fixed assets referred to in B., or the appropriate groups of such individual
assets referred to in B., which are taken into account at an amount higher than their fair value, the
reasons why the book value has not been reduced must also be stated below, together with the nature
of the indications underlying the assumption that the book value will be recoverable:
C.II.2 Notes. bonds and receivables: see valuation rules in statement No. 20 Valuation rules
C.II.4 Notes. bonds and receivables: see valuation rules in statement No. 20 Valuation rules
C.III.1 Equities, shares and other variable income securities: see valuation rules in statement No. 20 Valuation rules
C.III.2 Debt securities and other fixed income securities: see valuation rules in statement No. 20 Valuation rules
No. 4. Statement relating to other accruals and deferrals
Amounts
Breakdown of asset item G.III if it represents a significant amount.
Deferred charges
12,397,553
332
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

No. 5. Specifications of equity
Codes
Amounts
Number of shares
A. SHARE CAPITAL
1. Subscribed capital (liability item A.I.1.)
- During the previous financial year
8.05.111.101
1,502,364,273
xxxxxxxxxxxxxxxxxxxxxxx
- Changes during the year
8.05.111.103
- During the financial year
8.05.111.102
1,502,364,273
xxxxxxxxxxxxxxxxxxxxxxx
2. Presentation of capital
2.1. Share classes under company law
8.05.1.20
1,502,364,273
187,971,187
2.2. Registered or dematerialised shares
Registered
8.05.1.21
xxxxxxxxxxxxxxxxxxxxxxx
11,348,435
Dematerialised
8.05.1.22
xxxxxxxxxxxxxxxxxxxxxxx
176,622,752
Uncalled amount
Called amount
Codes
(liability item A.I.2.)
(asset item E.I.V.)
B. UNPAID CAPITAL (art.51 - C.L.C.C.)
Shareholders liable for payment
8.05.3
TOTAL
8.05.2
No. 5. Specifications of equity (cont.)
Codes
Amount of share capital held
Corresponding number of shares
C. COMPANY SHARES held by
- the company itself
8.05.3.1
121,128,026
3,081,354
- its subsidiaries
8.05.3.2
20,327,021
1,219,048
D. SHARE ISSUANCE OBLIGATIONS
1. Following the exercise of CONVERSION rights
- Amount of convertible loans outstanding
8.05.4.1
- Amount of share capital to be subscribed
8.05.4.2
- Corresponding maximum number of shares to be issued
8.05.4.3
2. Following the exercise of SUBSCRIPTION rights
- Number of subscription rights outstanding
8.05.4.4
- Amount of share capital to be subscribed
8.05.4.5
- Corresponding maximum number of shares to be issued
8.05.4.6
3. Following payment of dividends in shares
- Amount of share capital to be subscribed
8.05.4.7
- Corresponding maximum number of shares to be issued
8.05.4.8
333
Ageas Annual Report 2023

No. 5. Specifications of equity (cont.)
Codes
Amount
E. AUTHORISED CAPITAL NOT SUBSCRIBED
8.05.5
150,000,000
Number of votes
Codes
Number of shares
attached to it
F. NON-REPRESENTATIVE CAPITAL SHARES
8.05.6
of which:
- held by the company itself
8.05.6.1
- held by subsidiaries
8.05.6.2
No. 5. Specifications of equity (cont. and end)
G. THE SHAREHOLDER STRUCTURE OF THE COMPANY AT THE BALANCE SHEET DATE IS BROKEN DOWN AS FOLLOWS:
x shareholder structure of the company at the balance sheet date, as evidenced by the notifications received by the company pursuant to Article 631, §2, last paragraph, and
Article 632, §2, last paragraph, of the Belgian companies code:
x shareholder structure of the company at the balance sheet date, as evidenced by the notifications received by the company pur suant to Article 14, fourth paragraph, of the Act
of 2 May 2007 on the disclosure of major shareholdings or pursuant to Article 5 o f the Royal Decree of 21 August 2008 on more detailed rules regarding certain multilateral
trading facilities:
Main shareholders (above the statutory threshold of 3%) on 31/12/2023
x Fosun................................. 10.01%
x BlackRock Inc. ..................... 6.59%
x FPIM-SFPI .......................... 6.33%
On 31 December 2023 the members of the Board of Ageas SA/NV jointly held 68,611 shares of Ageas SA/NV.
No. 6. Statement of provisions for other risks and charges - other provisions
Amounts
Breakdown of liability item E.III if it represents a significant amount.
Provision Fortis settlement
0
Provision RPN(I)
398,400,000
334
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

No. 7. Statement of technical provisions and liabilities
a) Breakdown of amounts payable (or part of amounts payable) with a residual maturity of more than 5 years.
Liability items concerned
Codes
Amounts
B. Subordinated liabilities
8.07.1.12
1,746,561,580
I. Convertible bonds
8.07.1.121
II. Non-convertible bonds
8.07.1.122
1,746,561,580
G. Debts
8.07.1.42
I. Payables from direct insurance operations
8.07.1.421
II. Reinsurance payables
8.07.1.422
III. Unsubordinated bonds
8.07.1.423
1. Convertible bonds
8.07.1.423.1
2. Non-convertible bonds
8.07.1.423.2
IV. Amounts payable to credit institutions
8.07.1.424
V. Other amounts payable
8.07.1.425
TOTAL
8.07.1.5
1,746,561,580
No. 7. Statement of technical provisions and liabilities (cont.)
(b) amounts payable (or part of the amounts payable) and technical provisions (or part of the technical provisions) guaranteed by real or irrevocably
promised collateral against the assets of the entity.
Liability items concerned
Codes
Amounts
B. Subordinated liabilities
8.07.2.12
I. Convertible bonds
8.07.2.121
II. Non-convertible bonds
8.07.2.122
C. Technical provisions
8.07.2.14
813,173,244
D. Technical provisions related to investment fund operations of the
life' activities group when the risk of investment is not borne by the company
8.07.2.15
G. Debts
8.07.2.42
I. Payables from direct insurance operations
8.07.2.421
II. Reinsurance payables
8.07.2.422
III. Unsubordinated bonds
8.07.2.423
1. Convertible bonds
8.07.2.423.1
2. Non-convertible bonds
8.07.2.423.2
IV. Amounts payable to credit institutions
8.07.2.424
V. Other amounts payable
8.07.2.425
- tax, salary and social liabilities
8.07.2.425.1
a) taxes
8.07.2.425.11
b) remuneration and social charges
8.07.2.425.12
- finance lease and similar amounts payable
8.07.2.425.26
- other
8.07.2.425.3
TOTAL
8.07.2.5
813,173,244
335
Ageas Annual Report 2023

No. 7. Statement of technical provisions and liabilities (cont. and end)
c) tax, salary and social liabilities
Liability items concerned
Codes
Amounts
1. Taxes (liability item G.V.1.a)
a) tax liabilities - overdue
8.07.3.425.11.1
b) tax liabilities – not overdue
8.07.3.425.11.2
48,485
2. Remuneration and social security charges (liability item G.V.1.b)
a) Amounts due to the National Social Security Office
8.07.3.425.12.1
b) Other salaries and social liabilities
8.07.3.425.12.2
7,678,485
No. 8. Statement of the composition of accruals and deferred income under liabilities
Amounts
Breakdown of liability item H if it represents a significant amount.
Accrued charges – Share plans
2,146,814
Accrued charges – Other
1,457,251
Accrued charges – Interests
30,358,576
0
33,962,641
No. 9. Assets and liabilities relating to the management on own account for the benefit of third parties of
collective pension funds (art. 40)
Asset items and sub-items concerned (*)
Current period
Liability items and sub-items concerned (*)
Current period
TOTAL
TOTAL
(*) with figures and letters relating to the wording of the item or sub-item concerned in the balance sheet (example : C.III.2. obligations and other fixed income securities).
336
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

No. 10. Information concerning the technical accounts
I. Non-life insurance
Name
Codes
Total
DIRECT
DIRECT
DIRECT
BUSINESS
BUSINESS
BUSINESS
BUSINESS
ACCEPTED
Tot.
Accident
Motor,
Motor
Marine
Fire
General
Credit
Miscel-
Legal
Assis-
& Health
Third
Other
Aviation
and other
Third
and
laneous
protect-
tance
Party
lines
Transport
damage
Party
Security
pecuniary
ion
liability
to property
Liability
losses
lines
line 10
lines
lines
lines
line 13
lines 1
line 16
line 17
line 18
1 and 2
3 and 7
4, 5, 6, 7,
8 and 9
4 and 15
11 and 12
0
1
2
3
4
5
6
7
8
9
10
11
12
Gross premiums
8.10.01.710.1
1.807.194.778
1,807,194,778
Gross earned premiums
8.10.02
1.699.679.761
1,699,679,761
Gross cost of claims
8.10.03
989.554.672
989,554,672
Gross operating expense
8.10.04
596.607.353
596,607,353
Reinsurance balance
8.10.05
(85.777.785)
(85,777,785)
Commissions (art. 37)
8.10.06
II. Life Insurance
Name
Codes
Amounts
A. Direct business
1) Gross premiums:
8.10.07.720.1
0
a) 1. Individual premiums:
08.10.08
0
2. Premiums for group contracts:
08.10.09
0
b) 1. Periodic premiums:
08.10.10
0
2.Single premiums:
08.10.11
0
c) 1. Premiums from non profit-sharing contracts:
08.10.12
0
2. Premiums from profit-sharing contracts:
08.10.13
0
3. Contract premiums when the risk of investment is not borne by the company
08.10.14
0
2) Reinsurance balance
08.10.15
0
3) Commissions (art. 37)
08.10.16
0
B. Business accepted
399,223
Gross premiums:
8.10.17.720.1
399,223
III. Non-life and life insurance, direct business
Gross premiums:
- in Belgium
08.10.18
- in other EEC countries:
08.10.19
- in other countries:
08.10.20
337
Ageas Annual Report 2023

No. 11. Statement on number of employees
As regards to staff:
A. The following data for the financial year and for the previous financial year relating to the employees recorded in the personnel register and linked to the
company by an employment contract or a starter's job contract
Current
Previous
Description
Codes
period
period
a) the total number on the closing date of the financial year
8.11.10
202
182
b) the average number of employees employed by the company during the financial year
and the previous financial year, calculated in full-time equivalents in accordance
with Article 15, § 4 of the Companies Code, and broken down into the following categories
8.11.11
194
173
- Management staff
8.11.11.1
- Employees
8.11.11.2
194
173
- Workers
8.11.11.3
- Other
8.11.11.4
c) the numbers of hours worked
8.11.12
283,119
255,440
B. The following data for the financial year and for the previous financial year relating to temporary workers and the persons placed at the disposal of the
company
Current
Previous
Description
Codes
period
period
a) the total number on the closing date of the financial year
8.11.20
0
0
b) the average number in full-time equivalents calculated in a similar
way as the employees recorded in the personnel register
8.11.21
0
0
c) the numbers of hours worked
8.11.22
0
392
338
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No.12. Statement relating to all administrative and management costs, broken down by type
(An asterisk (*) to the right of the wording of an item or sub-item indicates that there is a definition or explanatory note
in Chapter III of the Annex to the Decree)
Names
Codes
Amounts
I. Staff expenses*
8.12.1
3,592,308
1. a) Remuneration
8.12.111
3,592,308
b) Pensions
8.12.112
0
c) Other direct social benefits
8.12.113
0
2. Employer social insurance contributions
8.12.12
0
3. Allowances and employer's premiums for non-statutory insurance
8.12.13
0
4. Other staff expenses
8.12.14
0
5. Provisions for pensions, salaries and social security contributions
8.12.15
0
a) Provisions (+)
8.12.15.1
0
b) Uses and reversals (-)
8.12.15.2
0
6. Temporary staff or individuals made available to the company
8.12.16]
0
II. Miscellaneous goods and services*
8.12.2
5,112,415
III. Depreciation and amounts written down on intangible assets and property,
plant and equipment other than investments*
8.12.3
0
IV. Provisions for other risks and charges*
8.12.4
0
1. Provisions (+)
8.12.41
0
2. Uses and reversals (-)
8.12.42
0
V. Other current expenses*
8.12.5
1,395,394
1. Operating tax expense*
8.12.51
0
a) Property withholding tax
8.12.511
0
b) Other
8.12.512
0
2. Contributions to public institutions*
8.12.52
0
3. Theoretical expenses*
8.12.53
0
4. Other
8.12.54
1,395,394
VI. Administrative expenses recovered and other current income (-)
8.12.6
0
1. Administrative expenses recovered
8.12.61
0
a) Fees received for collective pension fund management
services on behalf of third parties
8.12.611
0
b) Other*
8.12.612
0
2. Other current income
8.12.62
0
TOTAL
8.12.7
10,100,117
As amended by Article 10, § 2 of the Royal Decree of 4 August 1996.
339
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No. 13. Other income, other expenses
Amounts
A. Breakdown of OTHER INCOME (item 7. of the non-technical account), if material.
22,588,493
- Re-invoicing staff expenses
13,502,529
- Change provision Fortis Settlement
572,096
- Other
8,513,869
B. Breakdown of OTHER EXPENSES (item 8. of the non-technical account), if material.
179,801,200
- Services & goods
69,840,728
- Staff expenses
34,445,722
- Depreciation on treasury shares
6,501,657
- Depreciations
1,326,783
- Costs related to foundations
3,208,591
- Other
377,719
- Provision compensation RPN(I)
64,100,000
No. 14. Extraordinary results
Amounts
A. Breakdown of EXTRAORDINARY INCOME
(item 11. of the non-technical account), if material.
B. Breakdown of EXTRAORDINARY EXPENSES
(item 12. of the non-technical account), if material.
340
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AGEAS SA/NV STATUTORY ACCOUNTS 2023

No. 15. Taxes on income
Codes
Amounts
A. ITEM 15 a) 'Taxes':
8.15.1.634
144,251
1. Tax on income for the financial year
8.15.1.634.1
a. Advance payments and refundable prepayments
8.15.1.634.11
b. Other attributable assets
8.15.1.634.12
c. Excess of advance payments and/or refundable prepayments recorded as assets (-)
8.15.1.634.13
d. Estimated additional taxes (included in liability item G.V.1.a)
8.15.1.634.14
2. Tax on income for previous financial years
8.15.1.634.2
144,251
a) Additional taxes due or paid:
8.15.1.634.21
144,251
b) Estimated additional taxes (included in liability item G.V.1.a)
or provisioned (included in liability item E.II.2.)
8.15.1.634.22
B. PRINCIPAL SOURCES OF DISPARITIES BETWEEN PRE-TAX PROFIT, expressed in the
accounts AND THE ESTIMATED TAXABLE PROFIT, with particular reference to those
arising from time differences between accounting profit and taxable profit
(to the extent that the result of the financial year is significantly affected in terms of taxes)
Result before taxes
159,930,006
Definitively taxed income (DTI)
(159,930,006)
C. IMPACT OF EXTRAORDINARY ITEMS ON THE AMOUNT OF
TAX ON THE PROFIT/(LOSS) FOR THE FINANCIAL YEAR
D. SOURCES OF DEFERRED TAX (to the extent that these indications are
important for the assessment of the company’s financial situation)
1. Deferred assets
8.15.4.1
13,623,699,757
- Accumulated tax losses deductible from subsequent taxable profits
8.15.4.11
10,551,989,298
- DTI deduction
3,071,710,460
2. Deferred liabilities
8.15.4.2
341
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No. 16. Other taxes payable by third parties
Amounts for the
Amounts for the
Codes
current period
previous period
A. Taxes:
1. Taxes on insurance contracts borne by third parties
8.16.11
2. Other taxes payable by the company
8.16.12
B. Amounts withheld from third parties in respect of:
1. Withholding tax on earned income
8.16.21
11,758,796
11,709,665
2. Withholding tax (on dividends)
8.16.22
144,722,896
208,674,483
No. 17. Off-balance sheet rights and commitments (Art. 14)
(An asterisk (*) to the right of the wording of an item or sub-item indicates that there is a definition or explanatory note in Chapter III of the Annex to
the Decree of 17/11/1994)
Codes
Amounts
A. Guarantees issued or irrevocably promised by third parties on behalf of the company*:
8.17.00
B. Guarantees personally issued or irrevocably promised by the company on behalf of third parties*:
8.17.01
C. Guarantees actually issued or irrevocably promised by the company on its own assets
as a security for debts or commitments
a) of the company:
8.17.020
813,173,244
b) of third-parties:
8.17.021
D. Guarantees received* (non-cash):
a) reinsurers' securities
(see Chapter III, Definitions and explanatory notes: asset item C.III.1 and 2 and liability item F.):
8.17.030
b) other:
8.17.031
E. Forward markets*:
a) securities transactions (purchases):
8.17.040
b) securities transactions (sales):
8.17.041
c) currency transactions (receivable):
8.17.042
d) currency transactions (to be delivered):
8.17.043
e) interest rate transactions (purchases, etc.) :
8.17.044
f) interest rate transactions (sales, etc.) :
8.17.045
g) other operations (purchases, etc.) :
8.17.046
h) other operations (sales, etc.) :
8.17.047
F. Property and securities of third parties held by the company*:
8.17.05
G. The nature and business purpose of off-balance sheet transactions, and the financial impact of
such transactions, provided that the risks or rewards arising from such transactions are material and
to the extent that the disclosure of such risks or rewards is necessary for the assessment
of the company's financial situation.
8.17.06
G
bis
The nature and financial impact of material events occurring after the balance sheet date
that are not reflected in the income statement or balance sheet:
Please refer to note 36 – Events after the date of the statement of
financial position in the Ageas’s Consolidated Financial Statements.
8.17.06B
H. Other (please specify): Credit lines received
8.17.07
500,000,000
342
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No. 18. Relations with affiliates and entities with which there is a participating interest
Affiliated
Entities with a
entreprises
participation link
Current
Previous
Current
Previous
Balance sheet items concerned
Codes
period
period
period
period
C. II. Investments in affiliated enterprises and participations
8.18.222
7,429,117,574
7,476,370,192
61,080,494
65,796,996
1 + 3 Participations
8.18.222.01
6,436,261,750
6,436,159,584
223,773
29,927
2 + 4 Notes, bonds and receivables
8.18.222.02
992,855,824
1,040,210,608
60,856,721
65,767,070
- subordinated
8.18.222.021
572,757,871
- other
8.18.222.022
420,097,953
1,040,210,608
60,856,721
65,767,070
D. II. Investments in affiliated enterprises and participations
8.18.232
1 + 3 Participations
8.18.232.01
2 + 4 Notes, bonds and receivables
8.18.232.02
- subordinated
8.18.232.021
- other
8.18.232.022
E. Receivables
8.18.41
80,238,062
457,819,119
I. Receivables from direct insurance operations
8.18.411
II. Receivables from reinsurance operations
8.18.412
42,119,937
82,377,116
III. Other receivables
8.18.413
38,118,125
375,442,003
F. Subordinated liabilities
8.18.12
G. Debts
8.18.42
36,384,885
47,190,805
I. Direct insurance payables
8.18.421
II. Reinsurance payables
8.18.422
36,387,885
47,190,805
III. Unsubordinated bonds
8.18.423
IV. Debt owed to credit institutions
8.18.424
V. Other amounts payable
8.18.425
No. 18. Relations with affiliates and entities with which there is a participating interest
(continuation and end)
Associates
Codes
Current period
Previous period
- PERSONAL AND ACTUAL GUARANTEES, constituted or irrevocably
promised by the company as security for debts or commitments of associates
8.18.50
- PERSONAL AND ACTUAL GUARANTEES, constituted or irrevocably promised by associates
as security for debts or commitments of the company
8.18.51
- Other significant financial commitments
8.18.52
- Income from land and buildings
8.18.53
- Income from other investments
8.18.54
21,457,879
16,920,255
343
Ageas Annual Report 2023

No. 19. Financial relations with:
A. the directors or managers;
B. natural or legal persons who directly or indirectly control the entity without being linked to it;
C. other entities controlled directly or indirectly by the persons listed under B.
Codes
Amounts
1. Receivables from the aforementioned persons
8.19.1
2. Guarantees given in their favour
8.19.2
3. Other significant commitments undertaken in their favour
8.19.3
4. Direct and indirect remuneration and pensions allocated, charged to the income statement,
- to the directors and managers
8.19.41
7,037,299
- to the former directors and former managers
8.19.42
The interest rate, the main conditions and any amounts redeemed or written off
that have been waived relating to points 1., 2. and 3. above.
No. 19
bis
Financial relations with:
The statutory auditor(s) and their associates
Codes
Amounts
1. Fees of the statutory auditor(s)
8.19.5
906,423
2. Fees for exceptional services or special missions performed within
the company by the statutory auditor(s)
8.19.6
273,982
- Other attestation missions
8.19.61
273,982
- Tax consultancy
8.19.62
0
- Other missions external to the audit
8.19.63
0
3. Fees for exceptional services or special missions performed within
the company by persons with whom the statutory auditor(s) is (are) linked
8.19.7
0
- Other audit missions
8.19.71
0
- Tax consultancy missions
8.19.72
0
- Other missions outside the audit mission
8.19.73
0
Indication in application of Article 133 §6 of the Companies Code
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AGEAS SA/NV STATUTORY ACCOUNTS 2023

No. 20. Valuation rules
(This statement is covered in particular by articles: 12 bis, § 5; 15; 19, paragraph 3; 22bis, paragraph 3; 24, paragraph 2; 27, 1°, last paragraph and 2°, last
paragraph; 27 bis, § 4, last paragraph 3; 28, § 2, paragraph 1 and 4; 34, paragraph 2; 34 quinquies, paragraph 1; 34 sexies, 6°, last paragraph; 34 septies, § 2 and
Chapter III. ‘Definitions and explanatory notes', Section II, item 'notional rent').
A. Rules governing valuations in the inventory (excluding investments in asset item D.)
1. Formation and depreciation adjustments
2. Write-downs
3. Provisions for risks and charges
4. Technical provisions
5. Revaluations
6. Other
B. Rules governing valuations in the inventory with respect to investments in asset item D.
1. Investments other than land and buildings
2. Land and buildings
3. Other
These accounting principles are defined in accordance with the Royal Decree
of 17 November 1994 on the annual accounts of insurance and reinsurance
companies.
Formation expenses
Expenses relating to a capital increase are amortized over a maximum period
of 5 years. Borrowing costs are amortized over the shorter of the first call
date or the lifetime of the loan.
Intangible assets
Purchased computer software is accounted for at acquisition value, less
accumulated amortization. These assets are amortized over a period of 5
years.
Investments in affiliated enterprises and participations
Investments in affiliated enterprises and participations are accounted for at
acquisition value, including transaction expenses, less any accumulated
impairment losses.
An impairment loss on participating interests, shares or interests equivalent
to shares, included in this section of the balance sheet, is recognized in case
of durable reduction in value justified by the financial position, profitability or
future prospects of the company in which the participating interests or shares
are held. Impairment losses are reversed to the extent that at the reporting
date they are higher compared to what is required by a current assessment.
Impairments on receivables and fixed-income securities are applied when
uncertainty exists at the reporting date with regard the payment (partial or in
full) of the receivables.
Other financial investments
Equities, shares and other variable income securities are accounted for at
acquisition value, less accumulated impairment losses. Directly attributable
transaction costs are recorded in the income statement of the financial year
in which the acquisition was performed. At reporting date, the shares are
subject to an assessment in order to determine whether the unrealized
losses are durable based on their prolonged decline and the evolution of the
stock markets.
For listed shares and other equivalent interests, an impairment is
automatically accounted for if the stock price on the reporting date has
declined by 25% or more in comparison to its acquisition value during 365
consecutive days on the balance sheet date. If during the financial year a
share price is established that exceeds 75% of the acquisition value, a
reversal of the impairment is recorded equal to the impairment losses
previously recorded. If during the financial year the share price has not yet
reached 75% of the acquisition value but leads to a higher value than the
book value on the closing date, a reversal of the impairment will be recorded
equal to the difference between the share price on the closing date and the
book value. For non-listed shares and participating interests, a valuation is
made similar to the one on participating interests in affiliated companies and
participations as explained above, based on the intrinsic value.
Bonds, receivables, loans and other fixed-income securities are accounted
for at acquisition value, excluding directly attributable acquisition costs less
accumulated impairment losses. If, the effective interest rate calculated at
acquisition date, taking into account the amount payable at maturity, differs
from the nominal rate, the difference between the acquisition value and the
amount payable at maturity is accounted for in the income statement on a pro
rata temporis basis over the remaining term of the financial assets as a
component of the interest income from these assets and, depending on the
situation, added to or deducted from the acquisition value of the financial
assets. Directly attributable costs are recognized in the income statement of
the financial year in which they are incurred.
The prospective evaluation of this risk is carried out periodically, including at
the end of the financial year, based on facts indicating significant financial
difficulties on the part of the issuer/debtor,
which usually manifest themselves in the form of significant delays in
contractual payments.
Realised gains and losses from the sale of fixed-income securities pertaining
to arbitrage transactions may be spread in income together with the future
revenues of the securities acquired or sold in the context of the arbitrage.
345
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Deposits with ceding entities
Deposits with ceding entities include receivables on the ceding companies
which correspond to the guarantees given to or withheld from these
companies or from a third party.
Impairment losses are recognized in accordance with the above described
valuation rules for "other financial investments - bonds, receivables, loans
and other fixed-income securities".
Receivables
Receivables are accounted at their nominal value or acquisition value, as
appropriate. Receivables are subject to write-downs to the extent that there
is a risk that the debtor will not or not entirely fulfil his obligations. The
prospective evaluation of this risk is carried out periodically, including at the
end of the financial year, based on facts indicating significant financial
difficulties on the part of the issuer/debtor,
which usually manifest themselves in the form of significant delays in
contractual payments.
Tangible fixed assets
Electronic equipment, furniture and furnishing are measured at acquisition
value, less accumulated depreciation and any accumulated impairment
losses. Furniture and electronic equipment is depreciated over a period of 3
years. Furnishing is depreciated over a period of 9 years.
Cash and cash equivalents
Impairment losses are recognised on cash and cash equivalents when the
recoverable amount at reporting date is lower than the nominal value.
Treasury shares
With respect to treasury shares presented on the asset side of the balance
sheet a reserve not available for distribution is set up, equal to the value for
which the purchased shares are registered. At reporting date an impairment
loss is recorded when the fair value is below acquisition value.
Foreign currency transactions and foreign currency translation of monetary
assets and liabilities
Transactions in foreign currency are translated into EUR using the exchange
rate at the transaction date. Monetary assets and liabilities in foreign
currencies are translated into EUR using the exchange rates at reporting
date. The gains or losses arising from this translation, and realized exchange
rate differences, are recognized in the income statement. Translation
differences related to technical provisions denominated in foreign currency,
are included in the item "Other technical charges, gross of reinsurance" in
the technical account "non-life insurance".
Subordinated liabilities
Subordinated liabilities are initially recognized at fair value. If the effective
interest rate calculated at the issuance date differs from the nominal interest
rate, taking into account the amount payable at maturity, the difference
between the initial fair value and the amount payable at maturity is included
in the income statement on a pro rata temporis basis over the remaining term
of the liability as a component of the interest cost, and depending on the
situation, added to or deducted from the initial fair value.
Technical provisions
The provision for unearned premiums represents that portion of the assumed
reinsurance premiums received that relates to the next financial year or
subsequent financial years to cover claims and administration costs. The
provision for unearned premiums is, in principle, calculated according to the
pro rata temporis method.
A provision for premium deficiency is established to supplement the provision
for unearned premiums when it appears that the estimated claims and
administrative costs relating to current and renewed contracts will be higher
than the total of the unearned premium provision related to these
agreements.
The claims provision is based on the estimated ultimate cost of settling all
claims, whether reported or not, that are incurred up to the end of the
financial year, less the amounts that have already been paid in respect of
such claims. The provision is determined separately for each assumed
reinsurance contract based on the information communicated by the ceding
companies per product category, coverage and year and all other available
elements. If necessary, the provision is supplemented on the basis of
available statistical information.
The equalization and catastrophe provision is a regulatory provision
recognized with the aim of either compensating for the non-recurring
technical loss in the coming years or leveling the fluctuations in the claims
ratio. The target amount of the provision is determined according to the lump
sum method (National Bank of Belgium - communication D151).
Provisions for other risks and charges
Provisions for other risks and charges are intended to cover, by their nature,
clearly defined losses or costs that are probable or certain at the reporting
date, however for which the amount is not fixed. The provisions for other
risks and charges must meet the principles of prudence, sincerity and good
faith.
The provision for other risks and charges are set up on an individual basis
according to the risks and charges they intend to cover.
Provisions for pensions and similar obligations
For its employees the Company set up pension plans of the type “defined
benefits” and "defined contribution", with a minimum return guaranteed by
law. The first are subject to additional provisions within the technical
provisions recognized on the balance sheet. The additional provisions reflect
the obligations specific to the employer and are accounted for according to
accounting principles similar to IAS 19. The Company accounts for the
defined contribution pension plans in accordance with the intrinsic value
method. According to this method, the pension obligation is based on the
sum of the positive differences between the minimum legal reserve, on the
calculation date (calculated by capitalizing past contributions at the minimum
guaranteed return rate, as defined in Article 24 of the law on occupational
pensions (WAP/LPC), up to the calculation date) and the actual accrued
reserves (the reserves are calculated by capitalising the past contributions at
the technical interest rate, taking into account profit sharing up to the
calculation date).
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No. 21. Amendments to the valuation rules (art. 16)(art. 17)
A. Statement of changes and the reasoning behind those changes
Rules regarding depreciation and reversal of depreciation on shares and equivalent units
x From the 2023 financial year, a change was made to estimate impairments and reversal of impairments for listed shares and uni ts.
x Under the former valuation rule, an impairment was recorded if the market value was at least 25% lower than the acquisition v alue of the share OR when the market
value was lower than the acquisition value for 365 consecutive days.
x Under to the new valuation rule, both conditions are combined, which means that an impairment is recorded if the stock price is at least 25% lower than
x the acquisition value for 365 consecutive days. The rules for the reversal of impairments have been adjusted accordingly.
x This change is justified as it is considered a better approach to determine the durable nature of the depreciation. This cha nge in estimate had no impact on the profit
or loss of the year nor would it have any impact on the profit or loss of the previous year.
B. Difference in estimate resulting from the changes
(to be indicated for the first time for the financial year during which these changes were made)
Items and sub-items concerned (*)
Amounts
Items and sub-items concerned (*)
Amounts
223.1 Equities, shares and other variable income securities
0
(*) with figures and letters relating to the wording of the item or sub-item concerned in the balance sheet (example : CIII.2. Bonds and other fixed income securities)
No. 22. Declaration relating to the consolidated financial statements
A. Information to be completed by all companies.
- The company prepares and publishes consolidated accounts and a consolidated management report in accordance with the provisions of the Royal Decree on the
consolidated accounts of insurance and reinsurance companies:
yes/no (*):
- The company does not prepare consolidated accounts or a consolidated management report for the following reason(s) (*):
* the company does not control, alone or jointly, one or more subsidiaries under Belgian or foreign law
yes/no (*):
* the company is itself a subsidiary of a parent company that prepares and publishes consolidated accounts:
yes/no (*):
- Substantiation of compliance with the conditions laid down in Article 8(2) and (3) of the Royal Decree of 6 March 1990 on the consolidated accounts of companies:
- Name, full address of the headquarters and for a company under Belgian law, VAT number or the national number of the parent c ompany that prepares and publishes
consolidated accounts under which the exemption is authorised:
(*) Delete where appropriate.
No. 22. Declaration relating to the consolidated financial statements (cont. and end).
B. Information to be completed by the company if it is a joint subsidiary.
- Name, full address of the headquarters and for a company under Belgian law, VAT number or the national number of the parent c ompany(ies) and an indication of whether
the parent company(ies) prepare(s) and publish(es) consolidated accounts in which its annual accounts are consolidated(**):
- If the parent company(ies) is (are) incorporated abroad, the location where the consolidated accounts referred to above can be obtained (**):
(**) If the accounts of the company are consolidated at more than one level, the information shall be given first for the largest group and then for the smallest gro up of companies of
which the company is a subsidiary and for which consolidated accounts are drawn up and published.
347
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No. 23. Additional information to be provided by the company on the basis of the present
decree of 17 November 1994.
The company shall mention any additional information that may be required:
- by articles:
2 bis; 4, paragraph 2; 10, paragraph 2; 11, paragraph 3; 19, paragraph 4; 22; 27 bis, § 3, last paragraph; 33, paragraph 2; 34 sexies, § 1, 4°; 39.
- Chapter III, Section I of the Annex:
for asset items C.II.1., C.II.3, C.III.7.c) and F.IV.
and
for liability item C.I.b) in C.IV.
Indication in application of Article 27bis, §3, last paragraph:
The impact on the income statement for 2023, pro rata temporis over the remaining life of the securities, of the difference between the
acquisition cost and the redemption value represents an income of EUR 5,141,587.
RPN(I) Valuation
Ageas applies a transfer notion to arrive at the fair value of the RPN(I) liability.
Fair value is defined in IFRS 13 as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The definition is explicitly described as
an exit price, linked with the price 'paid to transfer a liability'. When such pricing
is not available and the liability is held by another entity as an asset, the liability
needs to be valued from the perspective of the market participant that holds the
asset. Ageas values its liability at the reference amount.
The RPN reference amount is based on the price of the CASHES and the
price of the Ageas share. The reference amount increased from EUR 334.3
million at the end of 2022 to EUR 398.4 million on 31 December 2023”,
mainly as a result of a rise in the CASHES price from 79.17% to 86.00% in
2023, and a decrease in the Ageas share price from EUR 41.42 to EUR
39.31 over the same period.
Contingent liabilities related to legal proceedings
Please refer to the note 28 ‘Contingent liabilities’ in the Ageas’s Consolidated
Financial Statements.
No. 24. Transactions carried out by the entity with related parties at non-market conditions.
The company shall disclose transactions with related parties, including the
amount of such transactions, the nature of the relationship with the related
party and any other information on the transactions that would be necessary
for the assessment of the company’s financial position, where such
transactions are material and have not been concluded under normal market
conditions.
The above information may be aggregated by their nature except where
separate information is necessary to understand the effects of related party
transactions on the financial position of the company.
This information is not required for transactions that take place between two
or more members of a group, provided that the subsidiaries that are parties
to the transaction are wholly owned by such member.
The term "related parties" has the same meaning as in the International
Accounting Standards adopted in accordance with Regulation (EC)
1606/2002.
NIHIL. For the purposes of this appendix, the concept of 'market conditions'
has been equated with the concept of 'on an arm's length basis used by the
international reporting standards IFRS.
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AGEAS SA/NV STATUTORY ACCOUNTS 2023

Due to a conflict of interest, extracts of the minutes of the meetings are included in the Report of the Board of Directors
attached to the statutory financial statements of Ageas SA/NV.
Board meeting of 12 December
Conflict of interest for the members of the Executive Committee and remuneration of the Chairman of the Board
Mr. De Smet informed the Board that the members of the Executive Committee, except for Hans De Cuyper, will be asked to leave the meeting for the reports on the
Nomination and Corporate Governance Committee and for the report on the Remuneration Committee. He also mentioned that he will leave the meeting for the
discussion relating to the review of the remuneration of the Chairman of the Board.
349
Ageas Annual Report 2023
Confl ict of interest

Statutory Auditor’s Report
to the general shareholders’ meeting of Ageas
on the annual accounts for the year ended 31 December 2023
We present to you our Statutory auditor’s report in the context of our statutory audit of the annual accounts of Ageas (the
“Company”). This report includes our report on the annual accounts, as well as the other legal and regulatory requirements.
This forms part of an integrated whole and is indivisible.
We have been appointed as Statutory auditor by the General meeting d.d. 19 May 2021, following the proposal formulated by the Board of directors and following
the recommendation by the Audit committee. Our mandate will expire on the date of the General meeting which will deliberate on the annual accounts for the year
ended 31 December 2023. We have performed the statutory audit of the Company’s annual accounts for six consecutive years.
Report on the annual accounts
Unqualified opinion
We have performed the statutory audit of the Company’s annual accounts,
which comprise the balance sheet as at 31 December 2023, and the profit
and loss account for the year then ended, and the notes to the annual
accounts, characterised by a balance sheet total of EUR 10,084,391,077 and
a profit and loss account showing a profit for the year of EUR 159,785,755.
In our opinion, the annual accounts give a true and fair view of the
Company’s net equity and financial position as at 31 December 2023, and of
its results for the year then ended, in accordance with the financial-reporting
framework applicable in Belgium.
Basis for unqualified opinion
We conducted our audit in accordance with International Standards on
Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the
International Standards on Auditing as approved by the IAASB which are
applicable to the year-end and which are not yet approved at the national
level. Our responsibilities under those standards are further described in the
“Statutory auditor’s responsibilities for the audit of the annual accounts”
section of our report. We have fulfilled our ethical responsibilities in
accordance with the ethical requirements that are relevant to our audit of the
annual accounts in Belgium, including the requirements related to
independence.
We have obtained from the Board of directors and Company officials the
explanations and information necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key audit matter
A key audit matter is this matter that, in our professional judgement, is of
most significance in our audit of the annual accounts of the current period.
This matter was addressed in the context of our audit of the annual accounts
as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on this matter.
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AGEAS SA/NV STATUTORY ACCOUNTS 2023
Statutory Report

Adequacy of the amount of the technical provisions
Description of the key audit matter
As per 31 December 2023, the technical provisions amount to EUR
1,964,357,567. For detailed information regarding the valuation of the
technical provisions, please refer to Note 20 to the annual accounts (point
“technical provisions”). The provisions are determined based on the
information communicated by ceding companies, which are mainly
subsidiaries of the Company.
The adequacy test of technical provisions is based on actuarial techniques. It
is relatively complex in that it is based on a number of assumptions that
require significant judgement regarding future events. The latter may be
influenced by future economic or business conditions as well as by laws and
regulations specific to the insurance sector.
The assumptions used within the adequacy test depend mainly on the
amounts paid for claims, the number of claims incurred but not yet reported
and claims expenses.
The aforementioned different elements, combined with the possible
uncertainty related to modelling techniques and the discretionary nature of
the assumptions used in the adequacy test, are the main reasons why we
considered this topic as a key audit matter.
Our audit procedurs related to the key audit matter
We carried out verifications regarding the operational effectiveness of the
controls implemented by the subsidiaries of the Company in order to ensure
the quality of the data used within the adequacy test of technical provisions.
We have independently recalculated the best estimate of claims reserves
based on recognised actuarial techniques. We then compared our results
with those of the Company and obtained satisfying documentation regarding
the significant differences observed.
Finally, we corroborated our conclusions with the Company’s actuarial
function.
Based on the aforementioned audit procedures, we believe that the
assumptions used in the adequacy test of technical provisions are
reasonable in relation to the current market conditions and the technical
results of the past financial year.
Responsibilities of the Board of directors for the preparation of the
annual accounts
The Board of directors is responsible for the preparation of annual accounts
that give a true and fair view in accordance with the financial-reporting
framework applicable in Belgium, and for such internal control as the Board
of directors determines is necessary to enable the preparation of annual
accounts that are free from material misstatement, whether due to fraud or
error.
In preparing the annual accounts, the Board of directors is responsible for
assessing the Company’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of directors either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do
so.
Statutory auditor’s responsibilities for the audit of the annual
accounts
Our objectives are to obtain reasonable assurance about whether the annual
accounts as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken
on the basis of these annual accounts.
In performing our audit, we comply with the legal, regulatory and normative
framework applicable to the audit of the annual accounts in Belgium. A
statutory audit does not provide any assurance as to the Company’s future
viability nor as to the efficiency or effectiveness of the Board of directors’
current or future business management. Our responsibilities in respect of the
use of the going concern basis of accounting by the Board of directors are
described below.
351
Ageas Annual Report 2023

As part of an audit in accordance with ISAs, we exercise professional
judgement and maintain professional scepticism throughout the audit. We
also:
x identify and assess the risks of material misstatement of the annual
accounts, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal
control.
x obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
x evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the Board of directors.
x conclude on the appropriateness of the Board of directors’ use of the
going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our Statutory auditor’s report
to the related disclosures in the annual accounts or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our Statutory auditor’s report.
However, future events or conditions may cause the Company to cease
to continue as a going concern.
x evaluate the overall presentation, structure and content of the annual
accounts, including the disclosures, and whether the annual accounts
represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with the Audit committee regarding, among other matters,
the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during
our audit.
We also provide the Audit committee with a statement that we have complied
with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the Audit committee, we determine
those matters that were of most significance in the audit of the annual
accounts of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter.
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AGEAS SA/NV STATUTORY ACCOUNTS 2023

Other legal and regulatory requirements
Responsibilities of the Board of directors
The Board of directors is responsible for the preparation and the content of
the directors’ report, of the documents required to be deposited by virtue of
the legal and regulatory requirements, as well as for the compliance with the
legal and regulatory requirements regarding bookkeeping, with the
Companies’ and Associations’ Code and the Company’s articles of
association.
Statutory auditor’s responsibilities
In the context of our engagement and in accordance with the Belgian
standard which is complementary to the International Standards on Auditing
(ISAs) as applicable in Belgium, our responsibility is to verify, in all material
respects, the directors’ report, certain documents required to be deposited by
virtue of legal and regulatory requirements, as well as compliance with the
articles of association and of certain requirements of the Companies’ and
Associations’ Code, and to report on these matters.
Aspects related to the directors’ report
In our opinion, after having performed specific procedures in relation to the
directors’ report, the directors’ report is consistent with the annual accounts
for the year under audit, and it is prepared in accordance with the articles 3:5
and 3:6 of the Companies’ and Associations’ Code.
In the context of our audit of the annual accounts, we are also responsible for
considering, in particular based on the knowledge acquired resulting from the
audit, whether the directors’ report is materially misstated or contains
information which is inadequately disclosed or otherwise misleading. In light
of the procedures we have performed, there are no material misstatements
we have to report to you.
The non-financial information required by virtue of article 3:6, §4 of the
Companies’ and Associations’ Code is included in the directors’ report. The
Company has prepared the non-financial information, based on the Global
Reporting Initiative (GRI) Universal Standards. However, in accordance with
article 3:75, §1, 6° of the Companies’ and Associations’ Code, we do not
express an opinion as to whether the non-financial information has been
prepared in accordance with said framework as disclosed in the director’s
report to the annual accounts.
Statement related to the social balance sheet
The social balance sheet, to be deposited in accordance with article 3:12, §1,
8° of the Companies’ and Associations’ Code, includes, both in terms of form
and content, the information required under this Code, including, but not
limited to, in relation to salaries and education, and does not present any
material inconsistencies with the information we have at our disposition in our
engagement.
Statements related to independence
x Our registered audit firm and our network did not provide services which
are incompatible with the statutory audit of the annual accounts and our
registered audit firm remained independent of the Company in the
course of our mandate.
x The fees for additional services which are compatible with the statutory
audit of the annual accounts referred to in article 3:65 of the Companies’
and Associations’ Code are correctly disclosed and itemised in the notes
to the annual accounts.
Other statements
x Without prejudice to formal aspects of minor importance, the accounting
records were maintained in accordance with the legal and regulatory
requirements applicable in Belgium.
x The appropriation of results proposed to the general meeting complies
with the legal provisions and the provisions of the articles of association.
x There are no transactions undertaken or decisions taken in breach of
the Company‘s articles of association or the Companies’ and
Associations’ Code that we have to report to you.
x This report is consistent with the additional report to the Audit committee
referred to in article 79 of the law of 13 March 2016 on the legal status
and supervision of insurance or reinsurance companies, which makes
reference to article 11 of the Regulation (EU) N° 537/2014.
x We have evaluated the property effects resulting from the decisions of
the Board of directors dated 12 December 2023 as described in the
section “Conflict of interest” included in the annual report and we have
no additional remarks to make in this respect.
x By virtue of article 7:213 of the Companies’ and Associations’ Code,
during the year an interim dividend has been distributed in relation to
which we have prepared the attached report, in accordance with the
legal requirements.
Diegem, 10 April 2024
The Statutory auditor
PwC Reviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV
Represented by
Kurt Cappoen*
Réviseur d’Entreprises / Bedrijfsrevisor
* Acting on behalf of Kurt Cappoen BV / SRL
Appendix:
Statutory auditor’s review report on the statement of assets and liabilities in connection with the distribution of an interim dividend (art. 7:213 of the Companies’ and
Associations’ Code)).
353
Ageas Annual Report 2023

To the attention of the board of directors
Statutory auditor’s review report of Ageas SA/NV on the statement of
assets and liabilities in connection with the distribution of an interim dividend (art. 7:213 cac)
In our capacity of statutory auditor, we issue our review report on the
statement of assets and liabili-ties as of 30 June 2023 to the board of
directors of Ageas SA/NV (hereafter “Company”), in accord-ance with article
7:213 of the Companies’ and Associations’ Code (hereafter “CAC”) and the
Compa-ny’s articles of Articles of Association.
We have performed the review of the accompanying statement of assets and
liabilities of the Com-pany as of 30 June 2023 prepared in accordance with
the financial reporting framework applicable in Belgium.
Responsibility of the board of directors for the preparation of the statement of
assets and liabilities
The board of directors is responsible for the preparation of this statement of
assets and liabilities of the Company as of 30 June 2023 in accordance with
the financial reporting framework applicable in Belgium and with the
principles of article 3:1, §1, 1° CAC, and for the compliance with the require-
ments of article 7:213, 2° of the Companies’ and Associations’ Code.
Responsibility of the statutory auditor
We are responsible for formulating a conclusion on the statement of assets
and liabilities based on our review. We conducted our review in accordance
with ISRE 2410, “Review of Interim Financial In-formation Performed by the
Independent Auditor of the Entity”. Such review of the Statement consists of
making inquiries, primarily of persons responsible for financial and
accounting matters, and apply-ing analytical and other review procedures. A
review is substantially less in scope than an audit con-ducted in accordance
with International Standards on Auditing. Consequently, a review does not
ena-ble us to obtain assurance that we would become aware of all material
matters that might be identified in an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the accompa-nying statement of assets and liabilities of the
Company as of 30 June 2023, showing a balance sheet total of EUR
10.287.665.913 and retained earnings of EUR 1.264.745.796, has not been
pre-pared, in all material respects, in accordance with the financial reporting
framework applicable in Bel-gium.
Limitation of use of our report
This report is prepared solely to address the requirements of article 7:213 of
the Companies’ and As-sociations’ Code, and may not be used for any other
purpose.
Diegem, 29 August 2023
The statutory auditor
PwC Bedrijfsrevisoren BV/PwC Reviseurs d’Entreprises SRL
represented by
Kurt Cappoen
Bedrijfsrevisor / Réviseur d’Entreprises
Appendix:
Statement of assets and liabilities as of 30 June 2023
354
Ageas Annual Report 2023
AGEAS SA/NV STATUTORY ACCOUNTS 2023

TABEL appendix ENGELS
Assets
Codes 30/06/2023 31/12/2022
Liabilities
Codes 30/06/2023 31/12/2022
A.
-
-
A.
11 5.871.250.738 6.009.238.490
I.
B.
21 372.463.205.1372.463.205.1111169.671.01804.305.9
I. 211 9.463.926 10.176.962 1. Subscribed capital 372.463.205.1372.463.205.11.111
II.
0284.93212 2. Uncalled capital (-) )0()0(2.111
1. Goodwill 001.212 II. 953.679.050.2953.679.050.2211
2. Other
intangible
assets
0284.932.212
III.
00311
3. Advances paid 003.212 IV. 115.360.621.1113.461.350.1411
1. Legal reserve 724.632.051724.632.0511.411
C.
22 9.457.414.903 9.357.256.926 2. Reserves not available for distribution 269.574.122267.675.8412.411
I.
00122 a) for treasury shares 269.574.122267.675.84112.411
1. Buildings used
by the company
b) other
0022.411
as part of its
own business
001.122 3. Untaxed reserves 003.411
2. Other 002.122 4. Reserves available for distribution 221.153.457221.153.4574.411
II.
V.
743.438.923.1697.547.462.1511
222 7.542.464.485 7.542.167.188
1. Profit carried forward 743.438.923.1697.547.462.11.511
Affiliated entreprises 222.1 7.481.508.241 7.476.370.192 2. Loss carried forward (-) )0()0(2.511
1. Participating interests 222.11 6.436.261.750 6.436.159.584 VI. - 00-
2. Notes, bonds and receivables 222.12 1.045.246.492 1.040.210.608
- Other companies with
which there
is a participation link
222.2 60.956.243 65.796.996
B.
016.499.547.1590.872.647.121
3. Participating interests 222.21 29.927 29.927
4. Notes, bonds and receivables 222.22 60.926.317 65.767.070
III.
223 1.143.283.475 1.026.159.457
B a.
13 00
1. Equities, shares and other
variable income securities (statement 1)
223.1 94.142.495 93.996.314
2. Bonds and other
C.
14 1.911.583.890 1.744.043.421
Fixed income securities(statement 1)
223.2 858.179.728 741.140.988 I.
060.412.513709.105.844141
3. Shares in investment funds 003.322 II. 00241
4. Loans and mortgages
004.322
III.
504.064.582.1917.506.713.1341
5. Other loans 0760.6395.322 IV.
6. Deposits with other credit
548.087.48351.888.68441
institutions 223.6 190.025.186 191.022.155 V.
7. Other
111.885.85111.885.85541007.322
IV. 224 771.666.943 788.930.280 VI. 00641
D. D.
23 00 15 00
Dbis. E.
24 118.016.522 60.030.229 16 402.811.962 335.622.096
I. 0 I.
00161231.055.1085.783.55142
II. 00242 II. 00261
III. 243 62.628.942 58.480.097 III. 690.226.533269.118.204361
IV.
00442
F.
0071
V. 00542
VI.
00642
E.
41 415.907.960 470.465.958
G.
42 337.795.645 355.657.557
I. I.
001240050.316.31114
1. Policyholders 0050.316.311.114
II.
920.071.35960.014.53224
2. Insurance intermediaries 002.114
III.
00324
3. Other 003.114 1. Convertible bonds 001.324
II. 0 2. Non-convertible bonds 002.324
412 74.561.486 82.377.116
IV.
III.
00424248.880.883424.337.723314
IV. 00414 V. 825.784.203575.583.203524
1. Tax, salary and
social liabilities
312.666.7019.135.71.524
F.
25 247.841.115 281.643.587
a) Taxes
534.62534.6211.524
I. 251 13.418.278 8.669.199 B) Remuneration and social charges 877.936.7474.505.721.524
II. 252 106.780.652 72.433.002 2. Other 513.128.492666.358.4922.524
III. 253 127.629.683 200.528.883
IV. 305.21305.21452
G.
431/433 38.982.005 45.094.664
H.
434/436 17.945.583 34.112.151
I.
431 18.872.514 26.515.456
II. 00234
1. Non-life insurance operations
001.234
2. Life insurance operations
002.234
III. 433 20.109.492 18.579.209
Total
21/43 10.287.665.913 10.224.668.325
Total
11/43 10.287.665.913 10.224.668.325
Deferred charges and accrued income
Subscribed capital, called but
not paid up
Other amounts payable
Other assets
Property, plant and equipment
Liquid assets
Treasury shares
Other
Deferred charges and accrued income
(statement 4)
Accrued charges and deferred income
(statement 8)
Accrued interest and rent
Acquisition costs carried forward
Unsubordinated bonds
Receivables from
reinsurance Amounts payable to
Other receivables credit institutions
Reinsurance payables
Provisions related to operations
related to an investment fund
of the "life" business group when the
investment risk is not
borne by the compan
y
Receivables (statements 18 and 19) Payables (statements 7 and 18)
Receivables from direct Payables from direct
insurance operations insurance operations
Other technical provisions
Provisions for unearned Provisions for pensions and
premiums and current risks similar obligations
Life insurance provision Provisions for taxes
Claims provision Other provisions (statement 6)
Provision for participations in
Profit and restorno Deposits received from reinsurers
borne by the company by the company (statement 7)
Reinsurers' share of Provisions for other risks and
technical provisions expense
s
related to an investment fund to transactions related to a fund
of the "life" business group, and whose
of the group's investment
investment risk is not
of 'life' activities when the risk
of investment is not borne
disasters
Deposits with ceding entities Other technical provisions
Investments related to operations Relative technical provisions
Provision for equalisation and
participations
Subordinated liabilities
(statements 7 and 18)
Other financial investments
Funds for future provisions
Technical provisions
Provisions for unearned
premiums and current risks
Life insurance provision
Claims provision
Provision for participations in
profits and dividends
Capital gain from
revaluation
Re
serves
Investments
(statements 1, 2 and 3)
Land and buildings
(statement 1)
Investments in affiliated enterprises and Result carried forward
Share premium reserve
Annex to the Royal Decree on the annual accounts of insurance companies
Chapter I. Structure of the annual accounts
Section I. Balance sheet at 30/06/2023 (in Euro units )
Shareholders’ equity (statement 5)
Subscribed capital or fund equivalent, net of
capital
Intangible assets
(statement 1)
uncalled
Formation expenses
Intangible assets
355
Ageas Annual Report 2023

356
Ageas Annual Report 2023
E
Other
information

Some of the statements contained in this Annual Report refer to future expectations and other forward-looking perceptions
that are based on management’s current views, estimates and assumptions concerning future events. These forward-looking
statements are subject to certain risks and uncertainties, which means actual results, performance or events may differ
substantially from what those statements express or imply, including but not limited to our expectations regarding the level of
provisions relating to our credit and investment portfolios.
Other more general factors that may impact our results include but are not limited to:
x general economic conditions;
x changes in interest rates and the performance of financial markets;
x frequency and severity of insured loss events;
x mortality, morbidity and persistency levels and trends;
x foreign exchange rates, including euro / US dollar exchange rate;
x changes in competitive and pricing environments;
x changes in domestic and foreign legislation, regulations and taxes;
x regional or general changes in asset valuations;
x occurrence of significant natural or other disasters;
x inability to economically reinsure certain risks;
x adequacy of loss reserves;
x regulatory changes relating to the insurance, investment and/or securities industries;
x changes in the policies of central banks and/or foreign governments;
x general competitive factors on a global, regional and/or national scale.
357
Ageas Annual Report 2023
Forward-looking statements to be
treated with caution

The Articles of Association of ageas SA/NV are available amongst others at the Registry of the Enterprise Court in Brussels
(ageas SA/NV), at the company’s registered office and on the website of Ageas.
Resolutions on the (re)election and removal of Ageas Board members are
published amongst others in the annexes to the Belgian Official Gazette
(ageas SA/NV).
Financial reports on the companies and notices convening AGMs and EGMs
are published in the financial press, and other newspapers and periodicals.
The Annual Report, as well as a list of all participations of Ageas, is available
at Ageas’s registered office and is also filed with the National Bank of
Belgium. The Annual Report is sent each year to registered shareholders and
to others on request.
Provision of information to shareholders and investors
Listed shares
Ageas shares are currently listed on Euronext Brussels. Ageas also has a
sponsored ADR programme in the United States.
Types of shares
Shares in Ageas may be registered or dematerialised shares.
358
Ageas Annual Report 2023
OTHER INFORMATION
Availability of company documents
for public inspection

The company offers shareholders the opportunity to register their securities free of charge in dematerialised form. Ageas has
developed a rapid conversion process for securities in the form of dematerialised shares, enabling delivery at short notice.
ageas SA/NV, Corporate Administration
Avenue du Boulevard 21/Bolwerklaan 21,
1210 Brussels, Belgium
E-mail: corporate.adm@ageas.com
Information and communications
The company sends communications to holders of registered dematerialised
shares free of charge, including the annual report. The company personally
invites each holder of dematerialised shares registered with the company to
attend General Meetings and provides them with the agenda, the proposed
resolutions as well as proxies for their representation and participation in the
voting. On the date that payment of the dividend becomes due, the company
automatically pays the amount of the dividend due into the bank accounts
indicated by the holders of dematerialised shares registered with the
company.
359
Ageas Annual Report 2023
Registration of shares in
dematerialised form

The GRI Content Index provides an overview of material sustainability related disclosures contained in the Ageas Annual
Report 2023 as well as on the website, if deemed relevant. Ageas reports in accordance with the Global Reporting Initiative’s
GRI Universal Standards 2021. This entails that at least one indicator for the material topics is included, unless otherwise
stated. In case more indicators are reported upon, these are also included in the table.
AGEAS - GRI CONTENT INDEX
GRI
standard
reference
Disclosure
Section in the annual report 2023 (AR)
GRI 1
Foundation 2021
Publish a GRI content index
AR
x E. Other information - GRI Index
Statement of use
AR
x A Report of Board of Directors - first page
GRI 2
General disclosures 2021
2-1
Organizational details
AR
x Frontpage and first page of the annual report
x A Report of Board of Directors - About Ageas
x C Additional information - 29 Legal structure
2-2
Entities included in the organization’s
sustainability reporting
AR
x Report of Board of Directors - 5.1 Embedding sustainability in our business - Scope and set-up of
the non-financial information disclosure note
x C Additional information - 29 Legal structure
2-3
Reporting period, frequency and contact point
AR/
Website
x A Report of Board of Directors - first page
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x Investors relations - https://www.ageas.com/contact/investors-relations
2-4
Restatements of information
AR
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
2-5
External assurance
x NA
2-6
Activities, value chain, and other business relationships
AR
x A Report of Board of Directors - About Ageas
x A Report of Board of Directors - 4 Strategy and business model of Ageas
x C Additional information - 29 Legal structure
2-7
Employees
AR
x A Report of Board of Directors - About Ageas
x A Report of Board of Directors - 5.2 Our employees
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
2-8
Workers who are not employees
AR
x A Report of Board of Directors - 5.2 Our employees
2-9
Governance structure and composition
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 6. Corporate Governance Statement
2-10
Nomination and selection of the highest governance body
AR
x A Report of Board of Directors - 6. Corporate Governance Statement
2-11
Chair of the highest governance body
AR
x A Report of Board of Directors - 6. Corporate Governance Statement
2-12
Role of the highest governance body in
overseeing the management of impacts
AR
x A Report of Board of Directors - 6. Corporate Governance Statement
2-13
Delegation of responsibility for managing impacts
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 6. Corporate Governance Statement
2-14
Role of the highest governance body in sustainability reporting
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 6. Corporate Governance Statement
2-15
Conflicts of interest
AR
x C Additional information - 32 Related parties
2-16
Communication of critical concerns
AR
x A Report of Board of Directors - 5.7 Safe, secure and compliance insurance - Whistleblowing
360
Ageas Annual Report 2023
OTHER INFORMATION
GRI Index

GRI
standard
reference
Disclosure
Section in the annual report 2023 (AR)
2-17
Collective knowledge of the highest governance body
Website
x https://www.ageas.com/about/leadership
2-18
Evaluation of the performance of the highest governance body
AR
x A Report of Board of Directors - 6. Corporate Governance Statement
2-19
Remuneration policies
AR
x A Report of Board of Directors - 6.7 Report of remuneration committee
2-20
Process to determine remuneration
AR
x A Report of Board of Directors - 6.7 Report of remuneration committee
2-21
Annual total compensation ratio
AR
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
x A Report of Board of Directors - 6.7 Report of remuneration committee
2-22
Statement on sustainable development strategy
AR
x A Report of Board of Directors - 4 Strategy and business model of Ageas
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
2-23
Policy commitments
AR
x A Report of Board of Directors - 4 Strategy and business model of Ageas
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 5.7 Safe, secure and compliant insurance
2-24
Embedding policy commitments
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 5.7 Safe, secure and compliant insurance
2-25
Processes to remediate negative impacts
AR
x A Report of Board of Directors - 5.7 Safe, secure and compliance insurance
2-26
Mechanisms for seeking advice and raising concerns
AR
x A Report of Board of Directors - 5.7 Safe, secure and compliance insurance - Whistleblowing
2-27
Compliance with laws and regulations
AR
x A Report of Board of Directors - 5.7 Safe, secure and compliance insurance
2-28
Membership associations
AR
x Lobbying and membership disclosure 2023 on https://sustainability.ageas.com/reporting
2-29
Approach to stakeholder engagement
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
2-30
Collective bargaining agreements
Website
x Guidance on human and labour rights - https://sustainability.ageas.com/reporting
GRI 3
General disclosures 2021
3-1
Process to determine material topics
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
3-2
List of material topics
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
3-3
Management of material topics
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
Economic
201
Economic performance
103-2
Management approach
AR
x A Report of Board of Directors - 4 Strategy and business model of Ageas
x A Report of Board of Directors - 5.7 Safe, secure and compliant insurance
x A Report of Board of Directors - 6 Corporate governance statement
x C Risk management
103-3
Evaluation of the management approach
AR
x A Report of Board of Directors - 3 Our 2023 performance
x A Report of Board of Directors - 6 Corporate governance statement
201-1
Direct economic value generated and distributed
AR
x A Report of Board of Directors - 3 Our 2023 performance
x B Consolidated financial statements 2023 - Consolidated income statement
x C Information on Operating Segments - 27 Information on operating segments
x C Notes to the Consolidated Income Statement
201-3
Defined benefit plan obligations and other retirement plans
AR
x C Employee benefits - 26 Remuneration and benefits
203
Indirect economic impacts
103-2
Management approach
AR
x A Report of Board of Directors - 5. Sustainability at the heart of everything we do
x A Report of Board of Directors - 5.7 Safe, secure and compliant insurance
x A Report of Board of Directors - 6 Corporate governance statement
x C Risk management
103-3
Evaluation of the management approach
AR
x A Report of Board of Directors - 3 Our 2023 performance
x A Report of Board of Directors - 6 Corporate governance statement
203-1
Infrastructure investments and services supported
AR
x A Report of Board of Directors - 5.4 Our investments
207
Tax
103-2
Management approach
AR
Website
x A Report of Board of Directors - 6 Corporate governance statement
x Tax policy - https://sustainability.ageas.com/reporting
103-3
Evaluation of the management approach
AR
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
x A Report of Board of Directors - 6 Corporate governance statement
207-4
Country-by-country reporting
AR
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
361
Ageas Annual Report 2023

GRI
standard
reference
Disclosure
Section in the annual report 2023 (AR)
Environmental
305
Emissions
103-2
Management approach
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 5.5 Our planet
103-3
Evaluation of the management approach
AR
x A Report of Board of Directors - 3 Our 2023 performance
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
305-1
Direct (Scope 1) GHG emissions
AR
x A Report of Board of Directors - 5.5 Our planet
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
305-2
Energy indirect (Scope 2) GHG emissions
AR
x A Report of Board of Directors - 5.5 Our planet
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
305-3
Other indirect (Scope 3) GHG emissions
AR
x A Report of Board of Directors - 5.5 Our planet
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
305-4
GHG emissions intensity
AR
x A Report of Board of Directors - 5.5 Our planet
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
Social
103-2
Management approach
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 5.2 Our employees
x A Report of Board of Directors - 6 Corporate governance statement
103-3
Evaluation of the management approach
AR
x A Report of Board of Directors - 3 Our 2023 performance
x A Report of Board of Directors - 6 Corporate governance statement
403
Occupational Health and Safety
403-6
Promotion of worker health
AR
x A Report of Board of Directors - 5.2 Our employees
404
Training and education
404-2
Programs for upgrading employee skills
and transition assistance programs
AR
x A Report of Board of Directors - 5.2 Our employees
405
Diversity and equal opportunity
405-1
Diversity of governance bodies and employees
AR
x A Report of Board of Directors - 5.2 Our employees
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
x A Report of Board of Directors - 6 Corporate governance statement
Other material topics
103-2
Management approach
AR
x A Report of Board of Directors - 5.1 Embedding sustainability in our business
x A Report of Board of Directors - 5.3 Our products
x A Report of Board of Directors - 5.4 Our investments
x A Report of Board of Directors - 6 Corporate governance statement
103-3
Evaluation of the management approach
AR
x A Report of Board of Directors - 3 Our 2023 performance
x A Report of Board of Directors - 5.8 Sustainability and non-financial indicators
x A Report of Board of Directors - 6 Corporate governance statement
Insurance products and services protecting
against societal challenges
AR
x In addition to GR305
x A Report of Board of Directors - 5.3 Our products
Insurance products and services incentivising
responsible behaviour
AR
x In addition to GR305
x A Report of Board of Directors - 5.3 Our products
Easy to understand, fair and transparent
information to customers
AR
x In addition to GR302
x A Report of Board of Directors - 5.3 Our products
Social responsible investments focusing
on societal challenges
AR
x In addition to GR305
x A Report of Board of Directors - 5.4 Our investments
362
Ageas Annual Report 2023
OTHER INFORMATION

Ageas has been a signatory of the United Nations Global Compact since
August 2020. Ageas is committed to supporting the Ten Principles of the
UN Global Compact relating to Human Rights, labour standards, the
environment and the fight against corruption as well as reporting and
communicating annually to its stakeholders on progress made to
implement these principles. Impact24 Strategy reaffirms Ageas’s
commitments to the Ten Principles of the UN Global Compact.
The table below contains information and detailed references to material in the 2023 Ageas Annual Report or on the Ageas sustainability webpages that addresses
the UN Global Compact principles.
UN Global Compact 10 Principles
Reference
1. Governance
Policies and Responsibilities
x Overall: AR Note 6 Corporate Governance Statement
x Specifically in relation to sustainability: AR note 5.1 Embedding sustainability in our business -
Governance
x Policies: https://sustainability.ageas.com/reporting
Prevention
x Overall in policies: https://sustainability.ageas.com/reporting
x Specific update on investments - exclusion in case of recurrent and severe breaches of UN GC
Principles: AR Note 5.5.1 Level of ESG-integration in our investment decisions
x Specifically on ethical behaviour: AR Note 5.7.1 Ethics and integrity, the pillars of responsible
business conduct
x Awareness creation on sustainability: AR Note 5.2.3 Talent management, talent retention and talent
development
Concerns and Grievance
Mechanisms
x Whistleblowing: AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct -
Whistleblowing
Lessons
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct
Executive Pay
x AR Note 6.7 Remuneration policy
Board Composition
x AR Note 6.5 Board of Directors
Data Assurance
x NA
2. Human rights
PRINCIPLE 1:
Businesses should support and respect
the protection of internationally proclaimed
human rights; and
PRINCIPLE 2:
Make sure they are not complicit in
human rights abuses.
Materiality
x AR Note 4 Strategy and business model of Ageas
x AR Note 5.1 Embedding sustainability in our business - Ageas’s materiality assessment reconfirmed
through local materiality assessments
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct - Human rights
Commitment
x AR Note 4 Strategy and business model of Ageas
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct - Human rights
Prevention
x Overall in policies: https://sustainability.ageas.com/reporting
x Specific update on investments - exclusion in case of recurrent and severe breaches of UN GC
Principles: AR Note 5.5.1 Level of ESG-integration in our investment decisions
x Specifically on ethical behaviour: AR Note 5.7.1 Ethics and integrity, the pillars of responsible
business conduct
x Awareness creation on sustainability: AR Note 5.2.3 Talent management, talent retention and talent
development
Response and reporting
x Overall: AR Note 5.8 Sustainability and non-financial indicators
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct - Human rights
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct - Protecting your data
carefully
363
Ageas Annual Report 2023
UN GC
Progress report Index

UN Global Compact 10 Principles
Reference
3. Labour principles
PRINCIPLE 3:
Businesses should uphold freedom of association
and the effective recognition of the right
to collective bargaining;
PRINCIPLE 4:
The elimination of all forms of forced
and compulsory labour;
PRINCIPLE 5:
The effective abolition of child labour; and
PRINCIPLE 6:
The elimination of discrimination in respect
of employment and occupation.
Commitment
x AR Note 4 Strategy and business model of Ageas
x AR Note 5.2 Our people - targets
Prevention
x Overall in policies: https://sustainability.ageas.com/reporting
x Specific update on investments - exclusion in case of recurrent and severe breaches of UN GC
Principles: AR Note 5.5.1 Level of ESG-integration in our investment decisions
x Awareness creation and training: AR Note 5.2.3 Talent management, talent retention and talent
development
Performance
x Overall: AR Note 5.8 Sustainability and non-financial indicators - Our employees
x AR Note 5.2.1 Diversity & inclusion
Response and reporting
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct - whistleblowing
4. Environment
PRINCIPLE 7:
Businesses should support a precautionary
approach to environmental challenges;
PRINCIPLE 8:
Undertake initiatives to promote greater
environmental responsibility; and
PRINCIPLE 9:
Encourage the development and diffusion of
environmentally friendly technologies.
Commitment
x AR Note 4 Strategy and business model of Ageas
x AR Note 5.4 Our investments - targets
x AR Note 5.5 Our planet – targets
Prevention
x Overall in policies: https://sustainability.ageas.com/reporting
x Specific update on investments - exclusion in case of recurrent and severe breaches of UN GC
Principles: AR Note 5.5.1 Level of ESG-integration in our investment decisions
x Risk assessment and reduction measures : AR Note 5.5 Our planet and AR Note C Risk
management
Climate action
x Overall: AR Note 5.8 Sustainability and non-financial indicators - Our investments and Our planet
x Towards suppliers: AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct -
Setting sustainability expectations to suppliers
x EU taxonomy: AR Note 5.6 EU Taxonomy
x Environmental disclosure: https://sustainability.ageas.com/reporting
Energy resource use
x AR Note 5.8 Sustainability and non-financial indicators - Our planet
Technology
x NA
Overall Environment and additional
topic-specific matters
x AR Note 5.5 Our planet
x Environmental disclosure: https://sustainability.ageas.com/reporting
5. Anti-corruption
PRINCIPLE 10:
Businesses should work against corruption in all its
forms, including extortion and bribery.
Commitment
x Overall in policies: https://sustainability.ageas.com/reporting
x Specific update on investments - exclusion in case of recurrent and severe breaches of UN GC
Principles: AR Note 5.5.1 Level of ESG-integration in our investment decisions
x Specifically on ethical behaviour: AR Note 5.7.1 Ethics and integrity, the pillars of responsible
business conduct
Prevention
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct
x AR Note 5.2.3 Talent management, talent retention and talent development
Performance
x Overall: AR Note 5.8 Sustainability and non-financial indicators - Safe, secure and compliant
insurance
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct
Response and reporting
x AR Note 5.7.1 Ethics and integrity, the pillars of responsible business conduct
364
Ageas Annual Report 2023
OTHER INFORMATION

Ageas officially became a signatory to the United Nations Environment
Programme Finance Initiative (UNEP FI) Principles for Sustainable
Insurance (PSI) on September 15, 2020. This insurance industry initiative
encourages an industry-wide commitment to ESG integration.
As a PSI signatory, Ageas will disclose on an annual basis the progress made in embedding the Principles into all aspects of its operations, in line with the timing of
its Annual Report. The table below references to the activities Ageas has undertaken in 2023 to demonstrate its commitment to the PSI.
Principles of Sustainable Insurance
Ageas's actions in 2023
Reference
1
We will embed in our decision-making
environmental, social and governance
issues relevant to our insurance
business.
x Second year of Impact24 strategy with non-financial targets and
performance disclosed) on the four impact areas, and reconfirmed
commitment to the SDGs
x Sustainability governance as part of the overall Group governance
x Continued TCFD implementation and reporting hereon, integrated in
the annual report for the first time
x Update of policies e.g. Responsible Investment Framework
x E-learning on sustainability rolled out to the all Ageas employees
x Follow-up on the first human rights risk assessment
x Note A.4 Strategy and business model of Ageas
x Note A.5.1 Embedding sustainability in our business - Governance
x Note E. Ageas's response to the TCFD recommendations
x https://sustainability.ageas.com/reporting
x Note A.5.2 Our employees
x Note A.5.7 Safe, secure and compliant insurance - Human rights
2
We will work together with our clients
and business partners to raise
awareness of environmental, social and
governance issues, manage risk and
develop solutions.
x Second year of Impact24 strategy with first time sustainability targets
for the four impact areas, including action plan for realisation, and
e.g. active promotion of sustainable products, such as drive less,
green parts, and sustainable investments, including in real estate,
and active engagement directly and through Action 100+, and
awareness raising
x Continued TCFD implementation and reporting hereon
x Update of policies e.g. Responsible Investment Framework
x Reporting on EU taxonomy
x Note A.5.3 Our products
x Note A.5.4 Our investments
x Note A.5.7.2 Philanthropy activities
x Note E. Ageas's response to the TCFD recommendations
x https://sustainability.ageas.com/reporting
x Note A.5.6 EU taxonomy
3
We will work together with governments,
regulators and other key stakeholders to
promote widespread action across
society on environmental, social and
governance issues.
x Active promotion of societal related initiatives such as Road Safety,
financial literacy
x Chair at University of Antwerp on Sustainable Insurance
x Collaboration with several universities on e.g. ethics, insurance
x Multiple memberships to actively promote ESG aspects in insurance
and in the world e.g. World Economic Forum, commitment to PRI
x Note A.5.7.2 Philanthropy activities
4
We will demonstrate accountability and
transparency in regularly disclosing
publicly our progress in implementing
the Principles.
x Annual disclosure in the Ageas's Annual Report in accordance with
GRI Universal Standards 2021
x Thematic disclosures on e.g. TCFD, CO2, taxes, lobbying,
memberships, UN GC principles
x Responding to several ESG rating agancies, amongst others CDP
x Chapter A. Report of the Board of Directors
x https://www.ageas.com/investors/quarterly-results
x https://sustainability.ageas.com/reporting
365
Ageas Annual Report 2023
UNEP FI PSI
Index

This is Ageas’s third report detailing its approach to managing climate risks and opportunities in line with the voluntary
recommendations set out by the TCFD (Task Force for Climate-related Financial Disclosures). These recommendations
provide guidance to all market participants on the disclosure of information on the financial implications of climate-related
risks and opportunities so that they can be integrated into business and investment decisions.
The 2021 TCFD report can be consulted on the Ageas's website: 2021 TCFD report.
Ageas is increasing its efforts to contribute to the Paris agreements, strengthening its response to the TCFD recommendations.
TCFD recommendations
Reference (AR = Annual Report)
Governance
Disclose the company’s governance around climate-related risks and
opportunities.
a) Describe the board’s oversight of climaterelated risks and opportunities
b) Describe management’s role in assessing and managing climaterelated
risks and opportunities.
TCFD 2021 report - 2. Governance
Strategy
Disclose the actual and potential impacts of climate-related risks and
opportunities on the company’s businesses, strategy, and financial planning
where such information is material.
a) Describe the climaterelated risks and opportunities the company has
identified over the short, medium, and long term.
b) Describe the impact of climate-related risks and opportunities on the
company’s businesses, strategy, and financial planning.
c) Describe the resilience of the company’s strategy, taking into
consideration different climate-related scenarios, including a 2°C or
lower scenario
TCFD 2021 report - 3. Strategy. In addition:
x strategy and business model of Ageas - AR 2023 note A.4 Strategy and
business model of Ageas
x updated Responsible Investment Framework - AR 2023 note A.5.4.1 Level
of ESG integration in our investment decisions
x member of the UN-convened Net Zero Asset Owner Alliance (NZAOA) -
AR 2023 note A.5.5.1 Carbon emissions of our investment portfolio
Risk management
Disclose how the company identifies, assesses, and manages climate-related
risks.
a) Describe the company’s processes for identifying and assessing climate
related risks
b) Describe the company’s processes for managing climate related risks.
c) Describe how processes for identifying, assessing, and managing climate
related risks are integrated into the company’s overall risk management.
2021 TCFD report - 4. Risk management. In addition:
x ERM risk taxonomy & update on climate change risk assessment - AR
2023 note C. Risk management, also specifically "Spotlight: Climate
Change Risk Assessment"
Metrics and targets
Disclose the metrics and targets used to assess and manage relevant
climate-related risks and opportunities where such information is material.
a) Disclose the metrics used by the company to assess climate-related risks
and opportunities in line with its strategy and risk management process.
b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas
(GHG) emissions, and the related risks.
c) Describe the targets used by the company to manage climate-related
risks and opportunities and performance against targets.
2021 TCFD report - 5. Metrics and targets. In addition:
x all updated metrics compared to targets - AR 2023 note 5.8 Sustainability
and non-financial indicators
x detailed information on products - AR 2023 note 5.3 Our products
x detailed information on investments - AR 2023 note 5.4 Our investments
x detailed information on CO2 targets - AR 2023 note 5.5 Our planet
366
Ageas Annual Report 2023
OTHER INFORMATION
Ageas’s response to the
TCFD recommendations

Amortised cost
The amount at which a financial asset or liability is measured at initial
recognition minus principal repayments, plus or minus the cumulative
amortisation/accretion of any premium/discount, and minus any write-down
for impairment.
Asset backed security
A bond or a note backed by debt instruments (not being mortgages) or
accounts receivable.
Asset for Incurred Claims (AIC)
See Liability for Incurred Claims, but in a receivable position for Ageas.
Asset for Remaining Coverage (ARC)
See Liability for Remaining Coverage, but in a receivable position for Ageas.
Associate
A company on which Ageas has significant influence but which it does not
control.
Basis point (bp)
One hundredth of a percentage point (0.01%).
Building Block Approach (BBA)
See General Measurement Model (GMM).
Cash flow hedge
A hedge to mitigate exposure to fluctuations in the cash flow of a recognised
asset or liability, or forecasted transaction, as a consequence of movements
in variable rates or prices.
Clean fair value
The fair value excluding the unrealised portion of interest accruals.
Clearing
Administrative settlement of securities, futures and options transactions
through a clearing organisation and the financial institutions associated with it
(clearing members).
Contract boundaries
Under Solvency II, in principle all obligations relating to an insurance
contract, including obligations relating to unilateral rights of the insurance
undertaking to renew or extend the scope of the contract and obligations that
relate to paid premium, belong to the boundary of the contract. The
obligations that relate to insurance cover provided by the insurance
undertaking after the future date where the insurance undertaking has a
unilateral right (a) to terminate the contract, (b) to reject premiums payable
under the contract or (c) to amend the premiums or the benefits payable
under the contract in such a way that the premiums fully reflect the risks, do
not belong to the boundary of the contract, unless the insurance undertaking
can compel the policyholder to pay the premium for those obligations.
Under IFRS 17, the contract boundary of a group of insurance contracts
includes all cash flows that arise from substantive rights and obligations that
exist during the reporting period in which Ageas can compel the policyholder
to pay premiums or in which Ageas has a substantive obligation to provide
insurance contract services to the policyholder.
Contractual Service Margin (CSM)
A component of the carrying amount of the asset or liability for a group of
insurance contracts representing the unearned profit the entity will recognise
as it provides insurance contract services under the insurance contracts in
the group.
Credit losses
The difference between all contractual cash flows that are due to an entity in
accordance with the contract and all the cash flows that the entity expects to
receive (i.e. all cash shortfalls), discounted at the original effective interest
rate.
Credit spread
The yield differential between government bonds and corporate bonds or
credits.
Custody
An agreement, usually between an investor and a bank (or possibly an agent
or a trust company), whereby the investor deposits for safekeeping
securities, gold or other valuables with the bank, which in turn takes the
valuables into safekeeping for a fee.
Deferred acquisition cost
The cost of acquiring new and renewed insurance business, principally
commissions, underwriting, agency and policy issue expenses, all of which
vary with and are primarily related to the production of new business.
Derivative
A financial instrument such as a swap, forward contract, futures contract or
option (both written and purchased). This financial instrument has a value
that changes in response to changes in various underlying variables. It
requires little or no net initial investment, and is settled at a future date.
Disability insurance
Insurance against the financial consequences of long-term disability.
367
Ageas Annual Report 2023
Glossary and
abbreviations

Discounted cash flow method
An approach to valuation, whereby projected future cash flows are
discounted at an interest rate that reflects the time value of money and a risk
premium that reflects the extra return investors demand for the risk that the
cash flow might not materialise after all.
Discretionary Participation Feature (DPF)
A contract with discretionary participation features provides the investor with
a contractual right to receive, as a supplement to the amount not subject to
Ageas’ discretion, potentially significant additional benefits that are based on
the return of specified pools of underlying assets.
Embedded derivative
A derivative instrument that is embedded in another contract – the host
contract. The host contract might be a debt or equity instrument, a lease, an
insurance contract or a sale or purchase contract.
Employee benefits
All forms of considerations given by an entity in exchange for service
rendered by employees, in addition to their pay or salary.
Exposure at Default (EAD)
The exposure at default is an estimate of the amounts that Ageas expects to
be owed at a future default date, considering expected changes in the
exposure after the reporting date, including repayments of principal and
interest, whether scheduled by the contract or otherwise, and accrued
interest from missed payments.
Expected Credit Loss allowance (ECL)
The weighted average of credit losses with the respective risks of a default
occurring as the weights.
Fair value
The amount for which an asset (liability) can be bought (incurred) or sold
(settled), between knowledgeable, willing parties in an arm’s length
transaction.
Fair value hedge
A hedge of an exposure to changes in the fair value of a recognised asset or
liability (or a portion thereof) or a firm commitment. The exposure is
attributable to a particular risk and will affect reported net income.
Finance lease
A lease that transfers substantially all the risks and rewards incidental to
ownership of an asset. Title may or may not eventually be transferred.
Fair Value Through Other Comprehensive Income (FVOCI)
The financial instrument is subsequently measured at fair value. Fair value
changes are recognised in OCI.
Fair Value Through Profit or Loss (FVTPL)
The financial instrument is subsequently measured at fair value. Fair value
changes are recognised in the income statement.
Fulfilment cash flows
An explicit, unbiased and probability-weighted estimate (ie expected value) of
the present value of the future cash outflows minus the present value of the
future cash inflows that will arise as the entity fulfils insurance contracts,
including a risk adjustment for non-financial risk.
General Measurement Model (GMM)
Measurement approach to measure groups of insurance contracts at the total
of:
a) The fulfilment cash flows, which comprise:
i) Estimates of future cash flows;
ii) An adjustment to reflect the time value of money and the financial
risks related to the future cash flows, to the extent that the financial
risks are not included in the estimates of the future cash flows; and
iii) A risk adjustment for non-financial risk.
b) The Contractual Service Margin
Goodwill
This represents the amount by which the fair value of the assets acquired,
liabilities incurred or assumed, and equity instruments issued, plus any costs
directly attributable to the business, exceeds Ageas’s interest in the fair value
of assets acquired and liabilities and contingent liabilities assumed.
Gross written premiums
Total premiums (whether or not earned) for insurance contracts written or
accepted during a specific period, without deduction for premiums ceded.
Hedge accounting
Hedge accounting recognises the offsetting effects on profit or loss of
changes in the fair values of the hedging instrument and the hedged item.
IFRS
International Financial Reporting Standards have been used as the
accounting standards for all listed companies within the European Union
since 1 January 2005 to ensure transparent and comparable accounting and
disclosure.
Impairment
A decline in value whereby the carrying amount of the asset exceeds the
recoverable amount. In such a case, the carrying amount will be reduced to
its recoverable amount through the income statement.
Insurance contract
A contract under which one party (Ageas, its subsidiaries or associates)
accepts significant insurance risk from another party (the policyholder) by
agreeing to compensate the policyholder if a specified uncertain future event
adversely affects the policyholder.
Insurance contract with direct participation features
Insurance contracts with direct participation features are insurance contracts
that are substantially investment-related service contracts under which an
entity promises an investment return based on underlying items. Hence, they
are defined as insurance contracts for which:
a)
The contractual terms specify that the policyholder participates in a share
of a clearly identified pool of underlying items;
b) The entity expects to pay to the policyholder an amount equal to a
substantial share of the fair value returns on the underlying items; and
c) The entity expects a substantial proportion of any change in the amounts
to be paid to the policyholder to vary with the change in fair value of the
underlying items.
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OTHER INFORMATION

Investment component
The amounts that an insurance contract requires an entity to repay to a
policyholder in all circumstances, regardless of whether an insured event
occurs.
Investment contract
A life insurance policy contract that transfers financial risk without
transferring significant insurance risk.
Intangible asset
An identifiable non-monetary asset, which is recognised at cost if and only if
it will generate future economic benefits and if the cost of the asset can be
measured reliably.
Investment property
Property held by Ageas to earn rental income or for capital appreciation.
ISO Currency code list
AUD ............................................ Australia, Dollars
CAD ............................................ Canada, Dollars
CHF ............................................ Switzerland, Francs
CNY ............................................ China, Yuan Renminbi
DKK ............................................ Denmark, Kroner
GBP ............................................ Great Britain (United Kingdom), Pounds
HKD ............................................ Hong Kong, dollar
HUF ............................................ Hungary, Forint
INR ............................................. India, Rupee
MAD ........................................... Morocco, Dirham
MYR ........................................... Malaysia, Ringgits
PHP ............................................ Philippines Peso
PLN ............................................ Poland, Zloty
RON ........................................... Romania, Leu
SEK ............................................ Sweden, Kronor
THB ............................................ Thailand, Baht
TRY ............................................ Turkey, New Lira
TWD ........................................... Taiwan, New Dollars
USD ............................................ United States of America, Dollars
ZAR ............................................ South Africa, Rand
Liability for Incurred Claims (LIC)
Ageas’ obligation to :
a) Investigate and pay valid claims for insured events that have already
occurred, including events that have occurred but for which claims have
not been reported, and other incurred insurance expenses; and
b) Pay amounts that are not included in a) and that relate to:
i) Insurance contract services that have already been provided; or
ii) Any investment components or other amounts that are not related to
the provision of insurance contract services and that are not in the
Liability for Remaining Coverage.
Liability for Remaining Coverage (LRC)
Ageas’ obligation to:
a) Investigate and pay valid claims under existing insurance contracts for
insured events that have not yet occurred (i.e. the obligation that relates
to the unexpired portion of the insurance coverage); or
b) Pay amounts under existing insurance contracts that are not included in
a) and that relate to:
i) Insurance contract services not yet provided (i.e. the obligations that
relate to future provision of insurance contract services); or
ii) Any investment component or other amounts that are not related to
the provision of insurance contract services and that have not been
transferred to the Liability for Incurred Claims.
Liquidity ratio
A metric that allows assessing if the Ageas’s cash inflows ensure the liquidity
position to operate efficiently, maintain the Ageas’s reputation in the market
and allow to cover cash outflows in standard market conditions.
Loss Given Default (LGD)
The loss given default is an estimate of the difference between the
contractual cash flows and the expected cash flows (i.e. the loss arising)
when a default occurs.
Market capitalisation
Value attributed to the company by the stock market. Market capitalisation
corresponds to the number of shares outstanding multiplied by the share
price at a given time.
NCI
Non-controlling interest.
Net investment hedge
A hedge used to reduce the financial risks of a reporting entity’s share of the
net assets of a foreign entity by entering into transactions that give an
offsetting risk profile.
Notional amount
Amount of currency units, number of shares, a number of units of weight or
volume or other units specified in a derivative contract.
Other Comprehensive Income (OCI)
Items of income and expense (including reclassification adjustments) that are
not recognised in profit or loss as required or permitted by IFRS’s.
Operating lease
A contract that allows the use of an asset in return for periodic payments, but
does not convey rights similar to legal ownership of the asset and where the
financial risks related to the asset are borne by the lessor.
Operating margin
Operating income divided by net premium. Operating income is the profit or
loss stemming from all operations, including underwriting and investments.
Option
A privilege sold by one party to another that offers the buyer the right, but not
the obligation, to buy (call) or sell (put) a security at an agreed price during a
certain period of time or on a specific date.
Over-The-Counter (OTC)
An over-the-counter market is a decentralised market in which market
participants trade financial instruments.
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Premium Allocation Approach (PAA)
Optional measurement approach for groups of insurance contracts that meet
following conditions:
a) Ageas reasonably expects that such simplification would produce a
measurement of the Liability for Remaining Coverage for the group that
would not differ materially from the one that would be produced using the
General Measurement Model; or
b) The coverage period for each contract in the group (including insurance
contract services arising from all premiums within the contract boundary
determined at that date) is one year or less.
Private equity
Equity securities of companies that are not listed on a public exchange.
Investors wishing to sell their stake in a private company have to find a buyer
themselves owing to the lack of a marketplace.
Present value of future cash flows
An explicit, unbiased and probability-weighted estimate (ie expected value) of
the present value of the future cash outflows minus the present value of the
future cash inflows that will arise as the entity fulfils insurance contracts.
Probability of Default (PD)
The probability of default is an estimate of the likelihood of the borrower
defaulting on its financial obligation, either over the next 12 months after the
reporting period, or over the remaining lifetime of the obligation.
Provision
Provisions are liabilities involving uncertainties in the amount or timing of
payments. Provisions are recognised if there is a present obligation to
transfer economic benefits, such as cash flows, as a result of past events
and a reliable estimate can be made at the date of the statement of financial
position.
Reverse repurchase agreement
The purchase of securities with an agreement to resell them at a higher price
at a specific future date.
Risk adjustment for non-financial risk (Risk adjustment)
The compensation an entity requires for bearing the uncertainty about the
amount and timing of the cash flows that arises from non-financial risk as the
entity fulfils insurance contracts.
Securities lending transaction
A loan of a security from one counterparty to another who must eventually
return the same security as repayment. The loan is often collateralised.
Securities lending allows an entity in possession of a particular security to
earn enhanced returns.
Solely Payments of Principal and Interest (SPPI)
Assessment on whether the contractual terms of the financial instrument give
rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Stress liquidity ratio
A set of metrics that allows assessing if the Ageas’s cash inflows ensure
sufficiently the liquidity position to operate efficiently, maintain the Ageas’s
reputation in the market and avoid losses from obligations in its liabilities
under stressed liquidity conditions.
Structured credit instruments
Securities created by repackaging cash flows from financial contracts and
encompassing asset-backed securities (ABS), mortgage-backed securities
(MBS) and collateralised debt obligations (CDO).
Subordinated bond (loan)
A loan (or security) that ranks below other loans (or securities) with regard to
claims on assets or earnings.
Subsidiary
Any company, of which Ageas, either directly or indirectly, has the power to
govern the financial and operating policies so as to obtain the benefits from
its activities (‘control’).
Trade date
The date when Ageas becomes a party to the contractual provisions of a
financial asset.
VaR
Abbreviation of value at risk. A technique that uses the statistical analysis of
historical market trends and volatilities to estimate the likelihood that a given
portfolio’s losses will exceed a certain amount.
Variable Fee Approach (VFA)
Mandatory measurement approach for groups of insurance contracts with
direct participation features.
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OTHER INFORMATION

Abbreviations
AIC ............................................. Asset for incurred claims
ALM ............................................ Asset and liability management
ARC ............................................ Asset for remaining coverage
BBA ............................................ Building Block Approach
CASHES ..................................... Convertible and subordinated hybrid equity-linked securities
CDS ............................................ Cred it default swap
CEU ............................................ Continental Europe
CGU ........................................... Cash generating unit
CSM ........................................... Contractual Service Margin
DPF ............................................ Discretionary participation features
EAD ............................................ Exposure at de fault
ECL ............................................ Expected credit losses
EPS ............................................ Earnings per share
Euribor ........................................ Euro interbank offered rate
EV .............................................. Embedded value
FRESH ....................................... Floating rate equity linked subordinated hybrid bond
FVOCI ........................................ Fair value through Other Comprehensive Income
FVTPL ........................................ Fair value through profit or loss
GDPR ......................................... General Data Protection Regulation
GMM .......................................... General Measurement Model
IBNR ........................................... Incu rred but not reported
IFRIC .......................................... International Financial Reporting Interpretations Committee
IFRS ........................................... International Financial Reporting Standards
LGD ............................................ Loss given default
LIC ............................................. Liability for incurred claims
LRC ............................................ Liability for remaining coverage
MCS ........................................... Mandatory convertible securities
OCI ............................................. Othe r comp rehensive income
OTC ............................................ Over the counter
PAA ............................................ Premium Allocation Approach
PD .............................................. Probability of default
SPPI ........................................... Solely payments of principal and interest
SPV ............................................ Special purpose vehicle
UK .............................................. United Kingdom
VFA ............................................ Variable Fee Approach
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Ageas and Ageas SA/NV
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Av. Du Boulevard 21
1210 Brussels, Belgium
Tel: +32 (0) 2 557 57 11
Internet: www.ageas.com
E-mail: info@ageas.com