Slides
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Halfway Elevate27 Delivering on Our Ambitions Hans De Cuyper – CEO Ageas
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 23 Sept 2024 Elevate27 announcement 8 October 2026 Halfway 25 Aug 2026 H1 2026 Results Closed on 28 April 2026 Closed on 29 Sept 2025 Closed on 11 Sept 2026 Well on track towards our Elevate27 upgraded targets Closed on 1 July 2025 25 Feb 2026 FY 2025 Results 27 Aug 2025 H1 2025 Results 1st Upgrade of Elevate27 targets 2nd Upgrade of Elevate27 targets > 2.6 bn Progressive DPS +6% EPS 2027 EUR 8.0 - 8.5 > 2.2 bn 6% - 8% Closed on 24 March 2026 The Elevate27 Journey so far… 2 Average EPS growth HFCF Shareholder Remuneration 2025-2027
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 3 BELGIUM Full ownership of AG Insurance Renewed bancassurance agreement re-confirming long- term nature of collaboration Strengthened strategic collaboration with BNP Paribas EUROPE Scaled and differentiated UK personal lines leader Acquisition of esure, created motor and home focused personal lines insurer in the UK with diversified distribution and customer base Exclusive 20-year agreement with Saga, strengthened Ageas’s offer in UK for people aged 50+ esure Market leader with highly diversified product mix and multi-channel distribution ASIA Acquisition of 10% stake of Taiping Pension Divestment of 30.95% stake in Etiqa for a total cash consideration of EUR 1.1 bn. Generated net capital gain of EUR 464m REINSURANCE An important source of diversification and cashflow contributor for the Group EUR 280 m of capital to the reinsurance 3rd Party business over the cycle (until the end 2027) Strong market positions in key markets for profitable growth A true transformational first half of Elevate27 Sensible capital allocation and strategic deals shape the Group profile 3
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 A true transformational first half of Elevate27 Diversified geographical footprint and cashflow profile allowing to capture further organic growth 4 Net Operating Result* Recurring upstream *Excluding General Account (EUR (152)m) and adjusted for EUR 300m one-off deferred tax benefit in China, assuming FY 25 tax rate in China @25%. **Pro forma FY 25 excluding Malaysia, including AG @100% & esure @FY run rate +13% +24% 33% 39% 4% 4% 6% 5% 4% 4%16% 19%4% 33% 29% FY 25 PF 25** 53% 49% 15% 17% 21% 18% 2% 11% 13% PF 25**FY 25
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Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Well-diversified and balanced profile driving broad-based growth Gross Inflows Belgium continuously outgrowing market and further enhancing market leading position Growth in Europe thanks to increased inflows from Türkiye and Portugal, supported by esure acquisition Strong market positions in key markets for profitable growth in Asia, allowing us to capture long-term growth and value potential Reinsurance growing as planned, while further diversifying product mix and geographical presence 5*Pro forma FY 25 excluding Malaysia and Prima, including AG @100% & esure @FY run rate 7.55.65.3 5.2 4.44.2 7.9 8.78.6 0.3 0.90.2 19.618.3 17.0 PF 25*FY 25FY 24 Reinsurance (3ʳᵈ Party Business) Asia Europe Belgium
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Profitable Growth Technical Insurance & Operational excellence Distribution excellence & Customer experience enablers 3 strategic drivers powered by Our PeopleTech, Data & AI Sustainability Our strategic pillars Halfway Elevate27 6
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Halfway Elevate27 A closer look at the progress on drivers of the plan Profitable growth in areas that play to our strengths Longevity Drive SMEs Expanding 50+ segment through customer insight, segmentation, and tailored retirement solutions Retain and deepen customer relationships at retirement via savings, investment, protection, and decumulation offerings Scale successful longevity products and services through targeted distribution, partnerships, and go-to-market execution ~¼ of Non-Life inflows and expanding Launching SME Life & Protection solutions in new countries Strengthening SME offerings through bundled & tailored solutions Expanding distribution and accelerate customer acquisition through bancassurance partnerships and digital channels 7
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Progress against profitable growth - Longevity On track to deliver more than EUR 2 bn of additional Life & Pension liabilities by 2027 Innovation Product & Pricing 8 Expanding with new innovative Longevity solutions • Nearly Retired program - turns retirement capital reinvestment into an advice-led journey, boosting retention and lifetime value among 50+ customers • Pension AuM significantly increased, demonstrating AgeSA's ability to capture structural growth in retirement savings • Enjoy Home - combines insurance-based financial protection with standardized home-based elderly care services • Médis Vintage - senior-oriented health insurance product designed for 55-75 customers
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Progress against profitable growth - SMEs ~¼ of Non-Life inflows and expanding 9 SMEs as dedicated LoB across multiple markets • Modulis - SME bundled package increasing the average number of products per client • SME Expansion via a dedicated branch entered the Dutch delegated authority (MGA) market, focusing on Commercial Fire and Liability insurance • SME Life & Protection business line leveraging bancassurance partnerships and digital ecosystems • SME Life products launched through the bancassurance channel and introduced an optimized digital health questionnaire for SME customers InnovationProduct & Pricing
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Progress against diversification and future-readiness Post-esure, accelerating shift towards a more diversified and resilient distribution model 10 15 years banca extended in Belgium between AG and BNPPF Ongoing assessment of digital banca strategies & capabilities across key OpCo’s Agency transformation focused on productivity esure capabilities acquired in UK, accelerating shift towards direct/aggregator-driven inflows FY 25 PF* FY 25 *Pro forma FY 25 including AG @100% & esure @FY run rate
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 11 Data & AI Integrated in Ageas Value Chain Progress against Data & AI Well on track to deliver one-third of the EUR 75-100m Insurance Result increase AI in IT Applying AI to transform customer experience, operations and financial performance Optimizing profitability, competitiveness and brand positioning • Improves operational efficiency, shortens turnaround times and simplifies collaboration across the distribution and underwriting value chain • Improving customer service, reducing average handling time, while also creating efficiencies across claims, complaints, fraud and document processing Customer ServiceUnderwriting & Pricing Reinventing how technology is designed, delivered and operated • AI partnerships being set-up from Group to drive AI at scale and unlock synergies
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 12 6% - 8% Shareholder Remuneration cash view 2025-2027 HFCF cash view 2025-2027 Average EPS growth 2025-2027 > 2.2 bn > 1.9 bn Targets raised in H1 2025 +4% Initial target +5% 2nd upgrade +13% +10% Progressive DPS +6% Successful Halfway 6% - 8% > 2.3 bn > 2.0 bn 6% - 8% > 2.6 bn > 2.2 bn EPS 2027 EUR 8.0-8.5 On track EUR 8.0-8.5 >1.9 bn Cumulative (FY 25 + FY 26e) >1.4 bn Cumulative (FY 25 + FY 26e) Guidance NOR FY 26e* > EUR 1.95 bn *Including sale of Etiqa stake and assuming ~3% FY 26 weather impact on COR Successful Halfway Elevate27 – Financial Targets Well on track to achieve our financial ambitions, already upgraded twice
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 A fast-changing environment demands unique capabilities Local empowerment enables agility making Ageas well positioned to win 13 Persistent inflation pressure Geopolitical uncertainty Low interest rate environment in China AI reshaping the competitive landscape Changing customer needs & Regulation
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Our priorities going forward 14 Reinforce our leadership position by in-market consolidation to further strengthen and diversify our position accelerating value creation and generating synergies Optimise positions in collaboration with our partners via consolidation, distribution diversification and product market optimisation Inorganic growthOrganic growth Prioritise organic opportunities to further support growth and value creation of our existing businesses Commercial momentum with strong profitability reducing the need for additional capital deployment from the group We remain committed to disciplined capital allocation Additional shareholder remuneration - SBBCapital optimisation
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Colors Purple ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. #72258E #A36DBB #C4A1D3 #DBC6E4 #EDE2F1 Click and type in the text boxes. Remove preset boxes by selecting and [ DELETE ] remove. EPS ambition remains firmly on track Business growth supporting the EPS ambition EPS GROWTH 6% - 8% Business growth 4% - 6% Close to 6% Thanks to strong growth Life & Non-Life Margin expansion 2% - 3% Capital redeployment 0% - 1% Successful halfway Upper end EUR 8.0 - 8.5 In the range Excluding weather volatility In the range 15
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Europe: a Strategic Pillar of Ageas Ben Coumans – Managing Director Europe 1
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. 44% 22% 5% 29% 13% 17% 5% 7% 5% 53% 37% 16% 4% 6% 4% 33% CASH UPSTREAM FY 2026e: EUR 1,417 m, with exceptional dividend from China & Thailand of EUR 175m A strategic pillar of Ageas A proven contributor, delivering a substantial share of the Group’s business 2 GROUP NET OPERATING RESULT FY 2025: EUR 1,355m* GROSS INFLOWS @constant fx FY 2025: EUR 19.6 bn General Account & Elimination: EUR (152) m *Adjusted for EUR 300m one-off deferred tax impact in China, assuming FY ‘25 tax rate in China @25% Group-wide view @ ageas’ share Of which EUR 108 m from UK
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Net Operating Result* @ageas’ share Cumulative NOR FY 2022-2025: EUR 806 m Non-Life Net Operating Result* @ageas’ share Cumulative NOR FY 2022-2025: EUR 509 m Life Net Operating Result @ageas’ share Cumulative NOR FY 2022-2025: EUR 297 m CAGR +49% CAGR +69% CAGR +27% 92 157 252 305 2022 2023 2024 2025 50 60 85 102 2022 2023 2024 2025 42 97 167 203 2022 2023 2024 2025 A proven track record of profitable growth Europe Net Operating Result CAGR +49% since 2022* 3*Before Capital Management, scope-on-scope comparison (excluding France for 2022 and 2023)
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Periodical Financial Information I FY 2025 Results I 25 February 2026 I Portugal: Ageas' second bancassurance champion Leading position, moving from healthcare payer to healthcare “companion” player Longevity & retirement Health ecosystem Bancassurance Insurance leading position: #2 in Life (18.2% market share), #3 in Non-Life (14.3% market share), #1 in Pension (31.4% market share) Exemplary partnership with Millennium bcp, one of the country’s leading banks Verticalization strategy in health: moving from healthcare payer to healthcare player Technological modernisation to grab potential in Non-Life 4
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Periodical Financial Information I FY 2025 Results I 25 February 2026 I Türkiye: leader in retirement and protection Combining pension scale, bancassurance reach and technology-enabled insurance Private Pension AuM Protection & Health Non-Life Challenger #1 in Private Pension AuM (19.3% market share),#1 Life & PA (13.4% market share) and #8 in Non-Life (3.4% market share) Leader in pension segment with further growth potential and government incentives Partner of Akbank, recognized for digital leadership Maximize synergies between companies to increase efficiency and cross-sell 5
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Periodical Financial Information I FY 2025 Results I 25 February 2026 I UK: leading personal lines platform Combining scale, technical expertise and diversified distribution Personal Lines Scale Diversified Distribution Pricing & digital expertise Top 3 Personal Lines P&C player Balanced profile across distribution channels and client footprints 6
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Transforming scale into differentiated capability and increased value Ant Middle, CEO Ageas UK
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. We have transformed our UK business and have confidence in our delivery Today we will show how our transformed position, execution progress and differentiated capabilities are driving value A top 3 player in a consolidating industry Integration progressing at pace Scale being converted into differentiated capability Confidence in outlook and increasing value to Ageas Group 2
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A scaled player in a consolidating industry 3
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. A snapshot of Ageas UK today Materially larger, data-led, personal lines-focused Pre-acquisitions Post-integration ~4m >7m +>1m +2.5m 1 Ageas’ direct business | 2 British Insurance Awards 2021-23; 25-26; Insurance Times Awards 2023, 2024 & 2025 Personal Lines Insurer of the Year – 6 consecutive years2 SCALE PERFORMANCE & DATA A STRONG, DIVERSIFIED BRAND PORTFOLIO >7m motor & home policies One of the UK’s largest personal lines insurance platforms >£1.2bn HY26 GWP Personal lines 93.8% Combined Operating Ratio (pre-capital management) Scale that creates a differentiated data advantage ~25k~35m customer profiles1 events processed every minute Serving customers through retail, broker and partnerships channels 4
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Achieving scale in a consolidating personal lines market We have moved from Ageas has become one of the largest players in the home and motor market* *Internal analysis of 2025 financial results versus estimated £23.5bn: £13.1bn personal motor, £10.3bn personal property GWP – Bank of England 2023 The top 5 insurers now control >70% of the UK total personal lines home and motor market share This was less than 50% only three years ago #7 for share of the UK personal Home and Motor insurance market #3 11% 60% 29% Top 5 players Rest of market 5
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Converting scale into differentiated capability Pure personal lines focus. Balanced distribution. Reaching the full UK personal lines market Our technology and data advantage Future ready: scaling our AI capabilities 6
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Pure personal lines focus. Balanced distribution. A scaled personal lines-focused business with complementary Direct and Broker & Partnerships growth engines focused on UK personal lines 100% Concentrated technical insurance expertise and investment across personal motor and home markets 50% 82% 50% 18% Combined business Pre-acquisition Broker & Partnerships Direct & PCW Distribution evolution Greater resilience Broader customer reach Richer customer insight Reduced reliance on any single distribution route and flexibility through market cycles Capacity deployed across attractive channels and segments Broader customer, channel and risk data enhancing pricing, underwriting and product development Two balanced growth engines Focused technical expertise Balanced earnings exposure Broader growth optionality ✦◎ 77
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Reaching the full UK personal lines market Two complementary growth engines connect Ageas UK to customers across the major routes to market Personal Lines Market Motor & Home ~£23.5bn1 PURE DIRECT PCW-LED BROKER & PARTNERSHIPS DIRECT Own-brand direct Digital acquisition and service journeys Price comparison PCW-led customer discovery and conversion Digital brands Complementary propositions across customer segments BROKER & PARTNERSHIPS Brokers Regional, national, specialist and non-standard Partners & affinity Strategic partnerships and affinity propositions Emerging models Embedded and OEM propositions Well-positioned for growth today Built to adapt to the distribution shifts of tomorrow: AI-enabled journeys | embedded insurance | subscription models 1£23.5bn: £13.1bn personal motor, £10.3bn personal property GWP – Bank of England 2023 8
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Our technology & data advantage Best-in-class platform puts the customer & data at the centre Combining the scale of Ageas with the agility of a digital insurer Built around our data Enabled by a modern, single, modular digital ecosystem Supported by specialist expertise across the business Designed to embed data, AI and automation at scale >90% cloud hosted services taking advantage of scale & innovation Cloud infrastructure Plug & play connectivity Propositions and partners can be added at speed Real-time event-driven Changes and interactions can be understood across the business as they happen for rich, unmatched context on customer behaviour Lean architecture At target state, no legacy infrastructure to maintain AI-proven and ready to scale Future engine ready to take advantage of AI and agentic AI Rich, unmatched customer context Customer, policy, operational information in one place 9
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Our technology & data advantage The strategic value is the distinctive ability to accelerate new propositions faster, more broadly and at lower incremental cost FASTER DELIVERY Shorter route from idea to market INTELLIGENCE ADVANTAGE More value from unmatched event-driven insights LOWER COST TO SCALE Growth without replicating the estate Launch products, partnerships and digital capabilities faster Scale successful propositions across channels Test, learn and respond with pace Increase sophistication across pricing, underwriting and claims Create more relevant customer interactions Scale analytics and AI across the portfolio Reuse components rather than rebuild Reduce duplication across technology and operations Lower the ongoing cost and risk of change The result is simple: better customer outcomes, more efficient operations and greater value from every investment BETTER CUSTOMER OUTCOMES Improving customer outcomes at scale Faster, simpler and more seamless customer journeys More personalised service through connected customer data Quicker response to changing customer needs and expectations 10
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Future ready: scaling our AI capabilities A common data foundation + dedicated AI capability WITH TANGIBLE OUTCOMES CUSTOMER EXPERIENCE Up to 3.5 mins reduction in average claim call handling time PROTECTING BUSINESS ~£1m benefit Combining data science, technology and AI for first stages of fraud investigations CUSTOMER EXPERIENCE Up to 90 seconds reduction in average handling time, including policy amends Next wave amplified by our enlarged scale Pricing Agentic pricing analytics and optimised integration of machine learning in live pricing environments Claims AI-enabled, omnichannel claims status support Customer Voice AI for simpler, more natural interactions IMPROVED EFFICIENCY ~1.05m Inbound documents summarised using AI this year INNOVATION ~16 GenAI and machine learning use cases delivered each quarter Insurer-first: Launch of motor new-business quotes through a leading LLM, developed in-house in just 4 weeks 11
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Integration progressing at pace Fast-tracking towards a single, modern digital insurance & data platform Road to one business Efficiency & simplification driving strong cost synergies 12
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#D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Click and type in the text boxes. Remove preset text boxes by selecting and [ DELETE ] remove. Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Ant Middle CEO, Ageas UK Adam Beckett MD, Broker & Partnerships Alan MacEwan Chief Customer & Operations Officer Alistair Smith Chief Finance Officer Eddy Debrulle Chief HR Officer Road to one business Combining best-in-class capabilities from across the businesses into a simpler, more efficient operating model Helen Cooper Chief Risk Officer Jason Selby Chief Technology Officer Jonathan Price MD, Direct Stephen Linklater Chief Claims Officer Tom Quirke Chief Underwriting Officer New to the business One unified UK Executive Team established at the outset with ~200 years’ insurance experience Includes extensive integration, transformation & cycle management expertise Blended leadership beyond the Executive team 58% Ageas 42% esure 13
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Fast-tracking towards a single, modern digital insurance and data platform A faster, lower-risk path to a single future-ready technology and data estate TODAY PROGRESSING TARGET END STATE First product live on platform: RIAS Motor end-to-end Live for new business across Saga Motor and Home, with controlled migration of renewals. Integration hub to keep colleagues updated throughout A common information security technology environment is in place, strengthening security esure ready to deploy generative AI-powered quoting capability for motor new business customers Consolidate policy & claims capabilities Connect customer, policy & operational data Expanding Saga migration to more customers Migrating colleagues to a common workplace platform New, enhanced workplace technology & colleague experience Retire legacy infrastructure Single customer view across the estate Real-time decision-making at scale Proven AI capability, ready to accelerate No legacy systems to maintain 14
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Efficiency & simplification driving strong cost synergies >4001 FTE reduction by the end of 2026 ~£130m cost to achieve 47% reduction in combined workforce by 2029 2025 2029 c.900 c.400 2.25x increase in outsourced roles 1 Includes anticipated reductions from forecast Q4 attrition, plus potential reductions associated with the Q4 restructuring >£130m cost synergies by end 2028 ~20% ~70% ~10% >£100m cost synergies by end 2028 April 2025 announcement Today clear ambition c. 50% esure cost base Rationalising property portfolio Leveraging scale efficiencies Greater purchasing power Using the common platform to reduce technology costs and unlock efficiencies across the business Technology 2025 2029 c.3,800 c.2,000 Integration progress has increased our confidence in delivering synergies beyond the original business case assumptions Carefully reshaping organisation design Operational excellence Claims & operations economies of scale Maintain disciplined claims cost control and optimise supply chain costs 15
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Confidence in outlook and value to Ageas Group 16
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Ready for what’s next: well-positioned for the next market cycle Targeted pricing protects near-term returns • Claims inflation continues to reflect geopolitical, macroeconomic and environmental trends • Soft market cycle with prices broadly flat in Q1 20261 • Household market continues to soften1 Continued underwriting & pricing discipline, with selective high-single-digit to low-double- digit rate increases ahead of the market, while maintaining strong retention ABI Premium Index Q1 2023-Q1 2026Motor Home Reflecting claims inflation High subsidence payouts UK Motor & Home market average premium QoQ change • Pricing discipline needed for market to return to profitability2 1 ABI Motor Premium Index Q1 2026 | 2Ernst & Young UK Motor market forecast COR 108% 2026e (published Jun 26) • Uncertain outlook due to the increasing frequency and severity of weather events • Increased subsidence risk in 2026 following extended period of dry weather and heatwaves Well positioned to capitalise as the market hardens, supported by greater scale, an efficiently combined business with a strong balance sheet, and backed by Ageas Group Motor Home Ageas advantage 17
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. Ready for what’s next: positioned to perform through the next market cycle Scale increasingly differentiates: strengthening our medium-term performance • The top five insurers control more than 70% of the market. • Continued regulatory and technology investment required. AGEAS UK ADVANTAGE • A top-three personal lines insurer with >7m policies • Diversified distribution • Modern technology and data platform • The capabilities to turn scale into sustainable returns 2026: Maintain technical discipline 2027: Technical discipline flows into performance 2028: Differentiated scaled player A MORE CONCENTRATED MARKET • Data depth, claims capability and lower unit costs strengthen cycle management • Integration creates further efficiencies and unlocks customer and data opportunities SCALED EXECUTION ADVANTAGE 18
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Click and type in the text boxes or choose element to insert (like picture, table, graphic etc.) . Remove preset boxes by selecting and [ DELETE ] remove. #D60D6D #DB6596 #E294B2 #F4BED7 #FADFEB Colors Magenta ▪ Select text or a shape. ▪ Go to the bucket for fill color or choose option text color. ▪ Choose eyedropper. ▪ Choose correct color. From transformation to value creation Ageas UK 2027 ambition (November 2023) Previously stated 2028 ambition (April 2025) 2028 ambition (October 2026) GWP Personal lines >£1.5bn x2 ~£3.25bn ~£3.25bn Combined ratio Pre-capital management <94% Undiscounted <92% Discounted <92% Discounted Cost synergies by 2028 - >£100m >£130m Net Operating Result Pre-capital management and internal funding costs >£100m x3 ~£300m >£300m Having built the platform for growth, we are well placed for long-term success 19