Consolidated interim financial statements for the first nine months of 2006

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(1)Brussels/Utrecht, 9 November 2006. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Consolidated interim financial statements for the first nine months of 2006.

(2) Interim Financial Statements. Contents Consolidated balance sheet...................................................................................................................................... 4 Consolidated income statement................................................................................................................................ 5 Consolidated statement of changes in equity ............................................................................................................ 6 Consolidated cash flow statement ............................................................................................................................ 7 Summary accounting principles and principles of consolidation ....................................................................... 8 1.1. Basis of accounting ............................................................................................................................. 8. 1.2. Changes in accounting principles......................................................................................................... 8. 1.3. Accounting estimates .......................................................................................................................... 8. 1.4. Determination of accounting principles ................................................................................................. 9. 1.5. Segment reporting............................................................................................................................. 10. 1.6. Scope of consolidation ...................................................................................................................... 10. 1.7. Presentation and disclosures ............................................................................................................. 11. 2. Acquisitions and divestments ....................................................................................................................... 12. 3. Information on segments.............................................................................................................................. 13 3.1. Banking ............................................................................................................................................ 13. 3.2. Insurance .......................................................................................................................................... 14. 3.3. General ............................................................................................................................................. 15. 3.4. Balance sheet by activity ................................................................................................................... 16. 3.5. Income statement by activity ............................................................................................................. 18. 3.6. Income statement of banking segments ............................................................................................. 23. 3.7. Income statement of insurance segments .......................................................................................... 28. 3.8. Income statement of insurance: Life and Non-life ............................................................................... 33. 4. Earnings per share and changes in outstanding shares ................................................................................. 38. 5. Assets under management........................................................................................................................... 39. 6. Solvency...................................................................................................................................................... 41. Explanatory notes to the balance sheet ................................................................................................................... 42 7. Assets held for trading and liabilities held for trading ..................................................................................... 43. 8. Due from banks ........................................................................................................................................... 45. 9. Due from customers .................................................................................................................................... 47. 10. Investments ................................................................................................................................................. 49. 2. 10.1. Investments available for sale............................................................................................................. 50. 10.2. Net unrealised gains and losses on available for sale investments included in equity ............................ 51. 10.3. Investments held at fair value through profit or loss ............................................................................ 52. 10.4. Land and buildings ............................................................................................................................ 53. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. 1.

(3) Interim Financial Statements. 11. Due to banks ............................................................................................................................................... 54. 12. Due to customers ........................................................................................................................................ 55. 13. Liabilities arising from insurance and investment contracts ............................................................................ 56. Explanatory notes to the income statement ............................................................................................................. 57 14. Interest income ............................................................................................................................................ 58. 15. Realised capital gains and losses on investments.......................................................................................... 59. 16. Other realised and unrealised gains and losses ............................................................................................. 60. 17. Fee and commission income ........................................................................................................................ 61. 18. Interest expense .......................................................................................................................................... 62. 19. Change in impairments ................................................................................................................................ 63. Explanatory notes to the insurance income statement ............................................................................................. 65 20. Insurance premiums..................................................................................................................................... 66. 21. Non-life insurance activities broken down by branch ..................................................................................... 68. 22. Technical results .......................................................................................................................................... 69 22.1. Technical result Life........................................................................................................................... 69. 22.2. Technical result Non-life .................................................................................................................... 69. 22.3. Non-technical result .......................................................................................................................... 70. 22.4. Reconciliation.................................................................................................................................... 70. 22.5. Technical result Life and Non-life ....................................................................................................... 71. 23. Dividend ...................................................................................................................................................... 74. 24. Contingent liabilities ..................................................................................................................................... 74. 25. Events after the balance sheet date .............................................................................................................. 74. Review report......................................................................................................................................................... 76. All amounts stated in the tables of these interim financial statements are denominated in millions of euros, unless otherwise indicated.. 3. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Additional explanatory notes ................................................................................................................................... 73.

(4) Interim Financial Statements. Consolidated balance sheet Note. 30 September 2006. 31 December 2005. 23,789.6. 21,822.0. 7. 67,623.6. 62,705.0. Assets Cash and cash equivalents Assets held for trading Due from banks. 8. 81,168.1. 81,001.9. Due from customers. 9. 292,946.7. 280,759.3. Investments:. 10. - Held to maturity - Available for sale. 4,714.1. 4,669.3. 184,790.4. 179,020.1. - Held at fair value through profit or loss. 6,533.8. 5,127.2. - Investment property. 2,938.6. 2,546.3. - Investments in associates and joint ventures. 1,676.9. 1,706.3 200,653.8. 193,069.2. 27,453.4. 25,666.7. Reinsurance, trade and other receivables. 7,330.6. 9,556.6. Property, plant and equipment. 3,225.4. 3,196.8. Unit-linked investments. Goodwill and other intangible assets Accrued interest and other assets Total assets. 1,956.5. 1,922.4. 66,877.0. 49,294.6. 773,024.7. 728,994.5. Liabilities held for trading. 7. 63,128.9. 50,562.2. Due to banks. 11. 185,212.9. 175,183.0. Due to customers. 12. 259,664.0. 259,063.8. Liabilities arising from insurance and investment contracts. 13. 59,147.9. 56,108.7. Liabilities related to unit-linked products. 27,762.9. 26,150.6. Debt certificates. 84,356.5. 77,266.6. Subordinated liabilities. 15,440.5. 13,757.2. 2,194.0. 1,699.3. Other borrowings Provisions Current and deferred tax liabilities Accrued interest and other liabilities Total liabilities Shareholders' equity Minority interests Total equity Total liabilities and total equity. 4. 786.1. 907.1. 3,240.6. 3,628.9. 51,463.3. 45,011.0. 752,397.6. 709,338.4. 19,898.2. 18,929.0. 728.9. 727.1. 20,627.1. 19,656.1. 773,024.7. 728,994.5. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Liabilities.

(5) Interim Financial Statements. Consolidated income statement First. First. Third. Third. Second. nine months. nine months. quarter. quarter. quarter. Note. 2006. 2005. 2006. 2005. 2006. Interest income. 14. 53,026.7. 51,312.2. 17,925.4. 17,003.5. 18,472.2. Insurance premiums. 20. 9,479.7. 9,320.2. 3,202.3. 3,147.6. 3,140.8. Dividend and other investment income. 771.0. 692.7. 208.8. 201.6. 373.8. Share in result of associates and joint ventures. 159.0. 132.9. 51.8. 43.8. 50.7. 1,550.9. 275.5. 278.4. 167.8. Income. Realised capital gains (losses) on investments. 15. 846.2. Other realised and unrealised gains and losses. 16. 1,059.0. 754.9. 90.9. 250.1. 519.8. Fee and commission income. 17. 2,794.8. 2,261.2. 891.7. 786.8. 939.5. 1,036.6. 2,618.6. 1,156.0. 919.9. ( 913.1 ). 488.1. 532.7. 88.0. 105.9. 274.7. 69,661.1. 69,176.3. 23,890.4. 22,737.6. 23,026.2. Income related to investments for unit-linked products Other income Total income Expenses. ( 47,510.1 ). ( 46,460.1 ). ( 16,131.0 ). ( 15,338.3 ). ( 16,540.1 ). Insurance claims and benefits. ( 8,700.7 ). ( 8,347.3 ). ( 2,887.7 ). ( 2,821.0 ). ( 3,116.4 ). Charges related to unit-linked products. ( 1,376.0 ). ( 3,092.8 ). ( 1,282.5 ). ( 1,041.8 ). Change in impairments. 18. 19. Fee and commission expense Depreciation and amortisation of tangible and intangible assets Staff expenses. 924.2. ( 99.1 ). ( 138.1 ). ( 23.4 ). ( 91.6 ). ( 57.9 ). ( 1,460.0 ). ( 1,225.1 ). ( 466.9 ). ( 384.9 ). ( 451.2 ). ( 417.9 ). ( 385.1 ). ( 139.5 ). ( 134.1 ). ( 142.6 ). ( 3,290.3 ). ( 2,998.5 ). ( 1,122.1 ). ( 1,028.8 ). ( 1,064.6 ). Other expenses. ( 2,303.8 ). ( 2,011.3 ). ( 763.8 ). ( 708.9 ). ( 814.0 ). Total expenses. ( 65,157.9 ). ( 64,658.3 ). ( 22,816.9 ). ( 21,549.4 ). ( 21,262.6 ). 4,503.2. 4,518.0. 1,073.5. 1,188.2. 1,763.6. Profit before taxation Income tax expense. ( 852.6 ). Net profit for the period. 3,650.6. ( 998.9 ) 3,519.1. ( 177.8 ). ( 242.1 ). 895.7. 946.1. ( 354.4 ) 1,409.2. Net profit attributable to minority interests. 49.1. 38.8. 12.0. 13.8. 18.9. Net profit attributable to shareholders. 3,601.5. 3,480.3. 883.7. 932.3. 1,390.3. Basic earnings per share. 2.80. 2.71. Diluted earnings per share. 2.74. 2.66. Per share data (EUR). 4. 5. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.

(6) Interim Financial Statements. Consolidated statement of changes in equity Unrealised. attributable. gains. Share-. Premium. Other. translation. to. and. holders'. Minority. Capital. reserve. reserves. reserve. shareholders. losses. equity. interests. Total. 6,306.8. 11,708.3. ( 8,622.1 ). ( 120.8 ). 2,353.5. 3,711.7. 15,337.4. 340.0. 15,677.4. 3,480.3. 38.8. 3,519.1. 1,575.8. 8.5. 1,584.3. 94.3. 1.6. Net profit for the period. 3,480.3. Revaluation of investments. 1,575.8. Translation differences. 142.4. Other. ( 48.1 ). 145.6 145.6. Transfer. 145.6 142.4. 2,353.5. Dividend paid. 3,480.3. 1,527.7. 48.9. 5,344.9. ( 2,353.5 ). ( 2,012.3 ). Treasury shares. 5,296.0. 95.9 145.6. ( 2,012.3 ). 28.1. ( 18.8 ) ( 2,031.1 ). 28.1. Other. 28.1 354.3. 354.3. Balance at 30 September 2005. 6,306.8. 11,708.3. ( 8,107.2 ). 21.6. 3,480.3. 5,239.4. 18,649.2. 724.4. 19,373.6. Balance at 1 January 2006. 6,307.0. 11,718.4. ( 8,206.4 ). 110.6. 3,940.5. 5,058.9. 18,929.0. 727.1. 19,656.1. 3,601.5. 49.1. 3,650.6. Net profit for the period. 3,601.5. Revaluation of investments. ( 1,082.9 ) ( 1,082.9 ). Translation differences. ( 286.1 ). Other. ( 7.9 ) Transfer. ( 286.1 ). 3,601.5. ( 980.4 ). 2,327.1. ( 1,574.1 ). 19.1. Treasury shares. 196.4 6,307.7. 11,737.5. ( 5,651.5 ). ( 192.0 ) ( 7.9 ). 32.6. 2,359.7. ( 175.5 ). 3,601.5. 4,078.5. ( 37.9 ) ( 1,612.0 ). 19.8. 19.8. 196.4. 196.4. Other Balance at 30 September 2006. ( 8.4 ). ( 3,940.5 ). ( 1,574.1 ) 0.7. ( 183.6 ) ( 7.9 ). 3,940.5. Dividend paid Increase of capital. 102.5. ( 7.9 ). ( 8.1 ) ( 1,091.0. 19,898.2. 7.1. 7.1. 728.9. 20,627.1. An amount of EUR 265.6 million (first nine months of 2005: EUR 265.6 million) is included in Other reserves related to the equity component of convertible loans.. 6. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Balance at 1 January 2005. Net profit Currency. Share. Share.

(7) Interim Financial Statements. Consolidated cash flow statement First nine months 2005. 21,822.0. 25,019.7. Cash flow from operating activities. 3,829.1. 14,095.9. Cash flow from investing activities. ( 11,348.6 ). ( 10,857.0 ). Cash flow from financing activities. 9,643.0. ( 3,742.5 ). Effect of exchange rate differences on cash and cash equivalents Cash and cash equivalents - balance at 30 September. ( 155.9 ) 23,789.6. 82.5 24,598.6. 7. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Cash and cash equivalents - balance at 1 January. First nine months 2006.

(8) Interim Financial Statements. 1. Summary accounting principles and principles of consolidation. 1.1. Basis of accounting. The Fortis consolidated interim financial statements, including the 2005 comparative figures, are prepared in accordance with IAS 34, Interim Financial Reporting, and include condensed financial statements (balance sheet, income statement, statement of changes in equity, cash flow statement) and selected explanatory notes. These consolidated interim financial statements should be read in conjunction with the audited Fortis 2005 Financial Statements.. The. Fortis. consolidated. 2005. annual. financial. statements. are. available. at. http://www.fortis.com/Press/annualreports.asp.. 1.2. Changes in accounting principles. The accounting principles used to prepare these consolidated interim financial statements at 30 September 2006 are consistent with those applied in the Fortis 2005 consolidated annual financial statements for the year ended 31 December 2005. A more extensive description of the accounting principles is included in the Fortis 2005 annual financial statements and also available at http://www.fortis.com/Shareholders/accountingpolicies.asp. On 11 January 2006 the European Commission endorsed IFRS 7, Financial Instruments: Disclosures, as well as some changes to other standards. IFRS 7 will be applied by Fortis as from 1 January 2007 and will have an impact on disclosures, but not on recognition or measurement. Changes in other standards had no material impact on Fortis. On 12 January 2006 the IASB published IFRIC 8, Scope of IFRS 2 and on 1 March 2006 IFRIC 9, Reassessment of embedded derivatives. These were endorsed by the European Commission on 8 September 2006. Neither of these had a material impact on Fortis during the first three quarters of 2006. On 8 May 2006 the European Commission endorsed IFRIC 7, Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies, and the Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign Operation. Neither of these had a material impact on Fortis during the. On 20 July 2006 the IASB published IFRIC 10, Interim Financial Reporting and Impairment. This interpretation doesn't change the accounting principles of Fortis.. 1.3. Accounting estimates. The preparation of these consolidated interim financial statements in conformity with IFRS requires the use of certain accounting estimates. It also requires management to exercise its judgment in the process of applying these accounting principles. Actual results may differ from these estimates and judgmental decisions. Interim results are not necessarily indicative of full year results.. 8. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. first three quarters of 2006..

(9) Interim Financial Statements. Judgments and estimates are principally made in the following areas: •. estimation of the recoverable amount of impaired assets. •. determination of fair values of non quoted financial instruments. •. determination of the useful life and the residual value of property, plant and equipment, investment property and intangible assets. •. measurement of liabilities for insurance contracts. •. actuarial assumptions related to the measurement of pension obligations and assets. •. estimation of present obligations resulting from past events in the recognition of provisions.. 1.4. Determination of accounting principles. IFRS allows in certain cases the application of different options. The following options were chosen by Fortis: •. Trade date accounting: all purchases and sales of financial assets requiring delivery within the time frame established by regulation or market convention are recognised on the trade date, which is the date when Fortis becomes a party to the contractual provisions of the financial assets.. •. Investment property, real estate held for own use, fixed assets and intangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.. •. Investments in joint ventures are accounted for using the equity method.. •. Fortis uses three types of hedges: fair value hedges, cash flow hedges and net investment hedges. Fair value hedge accounting is applied as from 1 January 2005 for portfolio hedges of interest rate risk ('macro hedging'). In this context, the difference between the fair value and the carrying value of the hedged item at designation of the hedging relationship is amortised over the remaining life of the hedged item. For macro hedges, Fortis uses the 'carved out' version of IAS 39 adopted by the European Union which removes some of the limitations on fair value hedges and the strict requirements on the effectiveness of those hedges. Under this version, the impact of the changes in the estimates of the repricing dates is only considered ineffective if it leads to underhedging.. •. Fortis applies 'shadow accounting' to the unrealised changes in fair value of the investments and assets and These changes in fair value are therefore not part of equity.. •. The whole of the remaining unrealised changes in fair value of the available-for-sale portfolio – after application of 'shadow accounting' – that are subject to discretionary participation features are classified as a component of equity.. •. The adequacy of insurance liabilities ('liability adequacy test') is tested at each reporting date on the level of homogeneous product groups.. •. Borrowing costs are generally expensed as incurred. Borrowing costs that are directly attributable to the acquisition or construction of an asset are capitalised while the asset is being constructed as part of the cost of that asset.. •. Pensions: under IFRS, Fortis uses the corridor approach, i.e. not recording actuarial differences within defined limits.. 9. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. liabilities held for trading that are linked to and therefore affect the measurement of the insurance liabilities..

(10) Interim Financial Statements. 1.5. Segment reporting. The primary format for reporting segment information is based on business segments. Fortis's core activities are banking and insurance. As such, Fortis is organised on a world-wide basis into six business segments: •. Retail Banking. •. Commercial & Private Banking. •. Merchant Banking. •. Insurance Belgium. •. Insurance Netherlands. •. Insurance International. Activities not related to banking or insurance and elimination differences are separately reported from the banking and insurance activities. Fortis reported geographical segments are as follows: •. Benelux (Belgium, The Netherlands, Luxembourg). •. Other European countries. •. United States of America. •. Asia. •. Other. 1.6. Scope of consolidation. The consolidated interim financial statements concern those of Fortis SA/NV and Fortis N.V. (the ‘Parent Companies’) and their subsidiaries. In combining the financial statements of Fortis SA/NV and Fortis N.V., Fortis applies consortium accounting in order to reflect in the most reliable manner its banking and insurance activities in accordance with the EU 7th directive dated 13 June 1983 (83/349/EEC).. bankruptcy-remote companies whose assets are not available to settle the claims of Fortis. SPEs are consolidated if in substance they are controlled by Fortis. Investments in joint ventures – contractual agreements whereby Fortis and other parties undertake an economic activity that is subject to joint control – are accounted for using the equity method. Investments in associates – investments whereby Fortis has significant influence, but which it does not control – are accounted for using the equity method.. 10. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Fortis sponsors the formation of Special Purpose Entities (‘SPEs’) primarily for the purpose of asset securitisation transactions, structured debt issuance, or to accomplish another narrow well defined objective. Some of the SPEs are.

(11) Interim Financial Statements. 1.7. Presentation and disclosures. The consolidated interim financial statements are stated in euros, which is the functional currency of the Parent Companies of Fortis. Where IFRS allows a choice or is not descriptive in presentation or disclosures, Fortis opted for the following: •. Interest on assets and liabilities held for trading and derivatives are reported in the interest margin.. •. Dividends received are included in investment income.. •. Realised and unrealised results on assets and liabilities held for trading are included in 'Other realised and unrealised gains and losses'.. •. Changes in the clean fair value (i.e. excluding the interest accruals) of derivatives are also reported under 'Other realised and unrealised gains and losses'.. •. Cash flow statement: Fortis reports cash flows from operating activities using the indirect method. Interest received and interest paid are presented as cash flows from operating activities. Dividends paid are classified as cash flows from financing activities, dividends received are classified as cash flow from operating activities.. In its consolidated financial statements for 2005, Fortis applied the fair value option as published on 16 June 2005 by the IASB and as adopted by the European Union on 15 November 2005.. Consequently the figures as at 30. September 2005 as formerly published have been adjusted. Certain reclassifications have been made to the prior period's consolidated financial reports to conform the current. 11. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. period's presentation consistent with the Fortis 2005 consolidated annual financial statements..

(12) Interim Financial Statements. 2. Acquisitions and divestments. The following major acquisitions and divestments were made in 2006 and 2005:. Acquired company. Capitalised. Goodwill/. Quarter of. Acquisition. Percentage. intangible. (negative. acquisition. amount. acquired. assets. goodwill). Segment. Fortis Lease SPA. Q1 2005. 51.6. 100.0. 22.8. 4.9. Millenniumbcp Fortis. Q1 2005. 514.1. 51.0. 528.0. 181.6. Insurance International. Able Brookers. Q3 2005. 26.9. 100.0. 2.8. 20.6. Insurance International. Dişbank. Q3 2005. 919.4. 93.3. 49.0. 333.1. Atradius. Q4 2005. 63.6. 100.0. 0.1. 36.1. Dryden. Q4 2005. 78.6. 100.0. 6.8. Dreieck Industrie Leasing AG. Q1 2006. 64.0. 100.0. 28.8. O'Connor & Company. Q1 2006. 57.9. 100.0. Von Essen KG Bankgesellschaft. Q1 2006. 92.7. 100.0. William Properties. Q3 2006. 100.0. C&P Banking. Multisegment Banking C&P Banking. ( 16.9 ) C&P Banking 3.5. C&P Banking. 13.8. Merchant Banking. 1.2. 24.4. Retail Banking. 14.9. 25.1. Insurance Netherlands. The amounts of the capitalised intangible assets and the goodwill/(negative goodwill) are the initial amounts, converted in EUR and taking into account changes that were necessary because the accounting for a business combination was only determined provisionally by the end of the period in which the combination was effected, but excluding subsequent changes due to net exchange differences and other changes. Except for the acquisitions of Milleniumbcp Fortis and Dişbank, the acquisitions did not have a substantial impact on the financial position and performance of Fortis regardless of the timing of the transactions. Detailed information on the acquisition of Milleniumbcp Fortis and Dişbank is provided in the Fortis 2005 consolidated annual financial statements. Although Dişbank, renamed Fortis Bank AS (Turkey), is active in all banking business segments of Fortis, all activities of Dişbank were reported during 2005 in the Fortis segment information as Other Banking. As from 2006 onwards Fortis Bank AS is reported within all relevant banking business segments in the Fortis segment information. IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, is effective from 1 January 2005. At year end. 12. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. 2005 as well as at 30 September 2006, Fortis had no assets or operations to which IFRS 5 applies..

(13) Interim Financial Statements. 3. Information on segments. Fortis is an international financial services provider. Fortis’s core activities are banking and insurance. The primary format for segment reporting information is based on business segments. As such, Fortis is organised on a world-wide basis into six business segments: •. Retail Banking. •. Merchant Banking. •. Commercial & Private Banking. •. Insurance Netherlands. •. Insurance Belgium. •. Insurance International. Activities not related to banking and insurance and elimination differences are reported separately from the banking and insurance activities. Fortis’s segment reporting reflects the full economic contribution of the segments within Fortis. The aim is direct allocation to the segments of all balance sheet and income statement items for which the segments have full management responsibility. Segment information is prepared based on the same accounting principles as those used in preparing and presenting Fortis’s consolidated financial statements (as described in note 1) and by applying appropriate allocation rules. Transactions between the different segments are executed under standard commercial terms and conditions.. 3.1. Banking. Retail Banking Retail Banking provides financial services to retail customers, independent professions and small-sized enterprises. In the Benelux countries, Fortis offers advice on all forms of daily banking, saving, investment, credit and insurance. Merchant Banking Merchant Banking offers financial solutions composed of a comprehensive range of wholesale products to corporate and institutional clients. Merchant Banking also offers expertise in niche markets with a regional or global scope.. Commercial & Private Banking Commercial & Private Banking offers worldwide integrated services and solutions for asset and liability management to high-net-worth private clients and their businesses as well as to corporate clients and their advisers. Medium-sized enterprises are served by a uniform product and service offering, with the same range of cross-border products, services and specialisms, at the network of Business Centres throughout Europe.. 13. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. through a variety of distribution channels. Fortis also provides retail banking services in France, Poland and Turkey..

(14) Interim Financial Statements. Other banking Balance sheet items, revenues and costs for support functions, operations and Asset and Liability Management (ALM) are reported in this section. The figures reported are those after allocation to the commercial segments. For 2005 Fortis Bank AS (Turkey), Fortis Hypotheek Bank and some other Fortis companies have been reported under this section. As from 2006 Fortis Bank AS is reported within all relevant banking segments. Also as from 2006 Belgolaise is reported in Other banking.. Allocation rules Segment reporting within the banking segments make use of balance sheet allocation rules, balance sheet squaring mechanisms, a fund transfer pricing system, rebilling of support and operation expenses and overhead allocation. The balance sheet allocation and squaring methodology aim at reporting information on segments to reflect Fortis’s business model. Under Fortis’s business model, segments do not act as their own treasurer in bearing the interest rate risk and the foreign exchange risk by funding their own assets with their own liabilities, or by having direct access to the financial markets. This is reflected in the fund transfer pricing system, which removes the interest and currency risks by transferring them from the segments to the central bankers. A key role in this system is attributed to Asset and Liability Management (ALM). The results of ALM are allocated to the segments based on the economic capital used and the interest margin generated within the segment. Support and operations departments provide services to the segments. These services include human resources, information technology, payment services, settlement of security transactions and ALM. The costs and revenues of these departments are charged to the segments via a rebilling system on the basis of service level agreements (SLAs) reflecting the economic consumption of the products and services provided. The SLAs ensure that the costs and revenues are charged based on actual use and at a fixed rate. Differences between the actual costs and the rebilled costs based on standard tariffs are passed through to the three segments in a final allocation.. 3.2. Insurance. Insurance Netherlands serves the market via independent insurance brokers and offers businesses and individuals a wide range of life, non-life, healthcare and disability insurances and mortgages and savings products.. Insurance Belgium Insurance Belgium works through intermediaries to offer a comprehensive range of life and non-life insurances to private individuals and small and medium-sized enterprises (SMEs). Insurance Belgium also offers group policies to large enterprises through Fortis Employee Benefits and sells a comprehensive range of life and non-life insurance products through bank branches.. Insurance International Insurance activities are carried out in Luxembourg, France and the United Kingdom via Fortis Insurance International and its subsidiaries. Insurance activities are performed in Portugal, Spain, China, Malaysia and Thailand in cooperation with local partners.. 14. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Insurance Netherlands.

(15) Interim Financial Statements. Eliminations Eliminations includes eliminations between insurance segments.. Allocation rules In accordance with Fortis’s business model, Insurance companies do not report support activities separately. When allocating balance sheet items to segments, a bottom-up approach is used based on the products sold to external customers. For the balance sheet items not related to products sold to customers, a tailor-made methodology adapted to the specific business model of each reportable segment is applied.. 3.3. General. This section comprises activities not related to the core banking and insurance business, such as treasury and finance. 15. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. and other holding activities..

(16) Interim Financial Statements. 3.4. Balance sheet by activity 30 September 2006 Banking. Insurance. General. Eliminations. Total. Cash and cash equivalents. 24,059.7. 1,705.2. 2,144.6. ( 4,119.9 ). Assets held for trading. 68,014.6. 186.7. 194.0. ( 771.7 ). 67,623.6. Due from banks. 80,252.1. 3,750.0. ( 2,834.0 ). 81,168.1. 291,516.8. 7,273.0. 4,335.8. ( 10,178.9 ). 292,946.7. ( 700.0 ). 4,714.1. 128,894.5. 56,263.8. 1,162.8. ( 1,530.7 ). 184,790.4. 3,559.7. 2,309.4. 968.8. ( 304.1 ). 438.1. 2,500.5. Assets. Due from customers. 23,789.6. Investments: - Held to maturity - Available for sale - Held at fair value through profit or loss - Investment property - Investments in associates and joint ventures. 5,414.1. 1,170.4. 521.9. 139,476.8. 61,595.6. Unit-linked investments. 6,533.8 2,938.6. 2,131.6. 27,635.0. ( 15.4 ). 1,676.9. ( 2,550.2 ). 200,653.8. ( 181.6 ). 27,453.4. ( 112.8 ). 7,330.6. Reinsurance, trade and other receivables. 3,928.2. 3,414.6. 100.6. Property, plant and equipment. 2,077.3. 1,147.8. 0.3. 678.8. 1,277.7. 65,311.6. 3,462.4. 369.7. ( 2,266.7 ). 66,877.0. 675,315.9. 111,448.0. 9,276.6. ( 23,015.8 ). 773,024.7. Goodwill and other intangible assets Accrued interest and other assets Total assets. 3,225.4 1,956.5. Liabilities 63,168.1. 17.8. 335.5. ( 392.5 ). 63,128.9. Due to banks. 185,000.5. 4,580.3. 1,628.2. ( 5,996.1 ). 185,212.9. Due to customers. 259,871.4. 285.3. 5,982.8. ( 6,475.5 ). 259,664.0. 36.5. 61,039.1. ( 1,927.7 ). 59,147.9. Liabilities arising from insurance and investment contracts Liabilities related to unit-linked products. 27,762.9. 27,762.9. Debt certificates. 84,050.0. 5.2. 644.8. ( 343.5 ). 84,356.5. Subordinated liabilities. 14,167.9. 1,420.5. 1,804.5. ( 1,952.4 ). 15,440.5. 3,491.6. 1,987.5. 812.2. ( 4,097.3 ). 2,194.0. Other borrowings Provisions Current and deferred tax liabilities Accrued interest and other liabilities Total liabilities Shareholders' equity Minority interests Total equity Total liabilities and total equity. 16. 671.4. 114.2. 0.5. 1,142.9. 1,761.5. 292.0. 786.1 44.2. 3,240.6. 47,393.9. 4,088.5. 616.4. ( 635.5 ). 51,463.3. 658,994.2. 103,062.8. 12,116.9. ( 21,776.3 ). 752,397.6. 16,127.4. 7,880.7. ( 1,239.5 ). 19,898.2. 194.3. 504.5. 16,321.7. 8,385.2. 675,315.9. 111,448.0. ( 2,870.4 ) 30.1. 728.9. ( 2,840.3 ). ( 1,239.5 ). 20,627.1. 9,276.6. ( 23,015.8 ). 773,024.7. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Liabilities held for trading.

(17) Interim Financial Statements. 31 December 2005 Banking. Insurance. General. Eliminations. Total. Cash and cash equivalents. 25,593.9. 2,420.8. 5,186.2. ( 11,378.9 ). Assets held for trading. 62,830.1. 398.7. 216.7. ( 740.5 ). 62,705.0. Due from banks. 80,054.2. 3,717.0. ( 2,769.3 ). 81,001.9. 277,862.2. 7,632.4. 6,745.1. ( 11,480.4 ). 280,759.3. ( 700.0 ). 4,669.3. 126,698.5. 52,923.8. 1,151.9. ( 1,754.1 ). 179,020.1. 2,289.5. 2,247.5. 845.2. ( 255.0 ). 401.9. 2,144.4. Assets. Due from customers. 21,822.0. Investments: - Held to maturity - Available for sale - Held at fair value through profit or loss - Investment property - Investments in associates and joint ventures. 5,369.3. 1,254.4. 475.8. 136,013.6. 57,791.5. Unit-linked investments. 5,127.2 2,546.3. 1,997.1. 25,906.9. ( 23.9 ). 1,706.3. ( 2,733.0 ). 193,069.2. ( 240.2 ). 25,666.7. ( 69.2 ). 9,556.6. Reinsurance, trade and other receivables. 6,309.8. 3,251.6. 64.4. Property, plant and equipment. 2,017.7. 1,178.7. 0.4. 634.5. 1,287.9. 47,879.6. 3,365.3. 417.5. ( 2,367.8 ). 49,294.6. 639,195.6. 106,950.8. 14,627.4. ( 31,779.3 ). 728,994.5. Goodwill and other intangible assets Accrued interest and other assets Total assets. 3,196.8 1,922.4. Liabilities 50,754.9. 28.9. 220.0. ( 441.6 ). 50,562.2. Due to banks. 174,780.0. 4,782.8. 3,475.8. ( 7,855.6 ). 175,183.0. Due to customers. 263,284.8. 231.8. 7,015.8. ( 11,468.6 ). 259,063.8. 29.5. 58,107.8. ( 2,028.6 ). 56,108.7. Liabilities arising from insurance and investment contracts Liabilities related to unit-linked products. 26,150.6. 26,150.6. Debt certificates. 76,826.8. 5.2. 711.2. ( 276.6 ). 77,266.6. Subordinated liabilities. 12,489.7. 1,591.7. 1,962.7. ( 2,286.9 ). 13,757.2. 5,022.9. 1,317.4. 820.6. ( 5,461.6 ). 1,699.3. Other borrowings Provisions Current and deferred tax liabilities Accrued interest and other liabilities Total liabilities Shareholders' equity Minority interests Total equity Total liabilities and total equity. 795.2. 111.2. 0.7. 1,309.0. 2,005.1. 278.8. 907.1 36.0. 3,628.9. 40,720.3. 4,414.5. 543.3. ( 667.1 ). 45,011.0. 626,013.1. 98,747.0. 15,028.9. ( 30,450.6 ). 709,338.4. 12,975.1. 7,712.3. ( 1,328.7 ). 18,929.0. 207.4. 491.5. 13,182.5. 8,203.8. 639,195.6. 106,950.8. ( 429.7 ) 28.2 ( 401.5 ) 14,627.4. 727.1 ( 1,328.7 ). 19,656.1. ( 31,779.3 ). 728,994.5. 17. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Liabilities held for trading.

(18) Interim Financial Statements. 3.5. Income statement by activity First nine months 2006 Banking. Insurance. General. Eliminations. Total. 51,417.1. 2,172.6. 521.7. 8.7. 9,520.3. 149.2. 623.2. Share in result of associates and joint ventures. 76.6. 83.2. ( 0.8 ). 159.0. Realised capital gains (losses) on investments. 407.0. 453.6. ( 14.4 ). 846.2. ( 12.4 ). 1,059.0. Income Interest income Insurance premiums Dividend and other investment income. 7.1. 53,026.7. ( 49.3 ). 9,479.7. ( 8.5 ). 771.0. Other realised and unrealised gains and losses. 1,059.6. ( 26.1 ). Fee and commission income. 2,674.2. 359.8. ( 239.2 ). 2,794.8. 1,054.2. ( 17.6 ). 1,036.6. Income related to investments for unit-linked products Other income Total income. 37.9. ( 1,084.7 ). 189.4. 375.0. 62.6. ( 138.9 ). 488.1. 55,981.8. 14,615.8. 629.3. ( 1,565.8 ). 69,661.1. ( 619.6 ). 1,025.8. ( 47,510.1 ). 123.0. ( 8,700.7 ). Expenses Insurance claims and benefits. ( 47,497.5 ). ( 418.8 ). ( 6.7 ). ( 8,817.0 ). Charges related to unit-linked products Change in impairments. ( 1,376.0 ). ( 1,376.0 ). ( 67.9 ). ( 31.2 ). Fee and commission expense. ( 606.2 ). ( 1,093.0 ). ( 99.1 ). Depreciation and amortisation of tangible and intangible assets. ( 252.5 ). ( 165.1 ). ( 0.3 ). 239.2. ( 1,460.0 ) ( 417.9 ). Staff expenses. ( 2,668.6 ). ( 595.3 ). ( 27.6 ). 1.2. Other expenses. ( 1,628.0 ). ( 721.4 ). ( 95.6 ). 141.2. ( 2,303.8 ). Total expenses. ( 52,727.4 ). ( 13,217.8 ). ( 743.1 ). 1,530.4. ( 65,157.9 ). Profit before taxation. 3,254.4. 1,398.0. ( 113.8 ). Income tax expense. ( 601.8 ). ( 281.2 ). Net profit for the period. 2,652.6. 1,116.8. Net profit attributable to minority interests. 9.0. 29.7. Net profit attributable to shareholders. 2,643.6. 1,087.1. 18. ( 35.4 ). 30.4 ( 83.4 ). 4,503.2 ( 852.6 ). ( 35.4 ). 3,650.6. ( 35.4 ). 3,601.5. 10.4 ( 93.8 ). ( 3,290.3 ). 49.1. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.

(19) Interim Financial Statements. First nine months 2005 Banking. Insurance. General. Eliminations. Total. 49,686.9. 2,022.7. 481.8. 10.2. 9,379.7. 135.5. 561.1. 6.2. ( 10.1 ). 692.7. Share in result of associates and joint ventures. 53.2. 74.1. 7.1. ( 1.5 ). 132.9. Realised capital gains (losses) on investments. 722.8. 393.0. 443.7. ( 8.6 ). 1,550.9. Other realised and unrealised gains and losses. 669.7. 39.2. 69.7. ( 23.7 ). 754.9. 2,099.5. 296.7. ( 135.0 ). 2,261.2. 2,636.1. ( 17.5 ). 2,618.6. Income Interest income Insurance premiums Dividend and other investment income. Fee and commission income Income related to investments for unit-linked products Other income Total income. ( 879.2 ). 51,312.2. ( 69.7 ). 9,320.2. 198.5. 343.0. 13.8. ( 22.6 ). 532.7. 53,576.3. 15,745.6. 1,022.3. ( 1,167.9 ). 69,176.3. Expenses Insurance claims and benefits. ( 46,295.7 ). ( 391.0 ). ( 3.3 ). ( 8,471.1 ). Charges related to unit-linked products ( 134.2 ). ( 3.9 ). Fee and commission expense. ( 448.0 ). ( 912.1 ). Staff expenses. 829.4. ( 46,460.1 ). 127.1. ( 8,347.3 ). ( 3,092.8 ). Change in impairments Depreciation and amortisation of tangible and intangible assets. ( 602.8 ). ( 3,092.8 ) ( 138.1 ) 135.0. ( 222.7 ). ( 162.2 ). ( 0.2 ). ( 2,362.4 ). ( 605.3 ). ( 24.9 ). ( 1,225.1 ) ( 385.1 ). ( 5.9 ). ( 2,998.5 ). Other expenses. ( 1,333.5 ). ( 651.0 ). ( 50.6 ). 23.8. ( 2,011.3 ). Total expenses. ( 50,799.8 ). ( 14,289.4 ). ( 678.5 ). 1,109.4. ( 64,658.3 ). Profit before taxation. 2,776.5. 1,456.2. 343.8. ( 58.5 ). Income tax expense. ( 642.5 ). ( 389.1 ). 32.5. 0.2. Net profit for the period. 2,134.0. 376.3. ( 58.3 ). 3,519.1. ( 58.3 ). 3,480.3. 1,067.1. Net profit attributable to minority interests. 10.7. 24.2. 3.9. Net profit attributable to shareholders. 2,123.3. 1,042.9. 372.4. 4,518.0 ( 998.9 ). 38.8. 19. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.

(20) Interim Financial Statements. Third quarter 2006 Banking. Insurance. General. Eliminations. Total. 17,450.1. 754.7. 116.9. 2.5. 3,216.0. Dividend and other investment income. 39.9. 171.2. Share in result of associates and joint ventures. 23.5. 28.5. ( 0.2 ). 51.8. Realised capital gains (losses) on investments. 142.1. 134.7. ( 1.3 ). 275.5. Income Interest income Insurance premiums. Other realised and unrealised gains and losses Fee and commission income. Total income. 49.5. 17,925.4. ( 16.2 ). 3,202.3. ( 3.9 ). 208.8. 53.6. 3.7. ( 15.9 ). 90.9. 857.3. 111.5. ( 77.1 ). 891.7. 1,165.1. ( 9.1 ). 1,156.0. Income related to investments for unit-linked products Other income. 1.6. ( 396.3 ). 50.9. 86.6. 18.5. ( 68.0 ). 88.0. 18,619.9. 5,672.0. 186.5. ( 588.0 ). 23,890.4. ( 181.3 ). 374.7. ( 16,131.0 ). 23.7. ( 2,887.7 ). Expenses Insurance claims and benefits. ( 16,173.4 ). ( 151.0 ). ( 3.3 ). ( 2,908.1 ). Charges related to unit-linked products Change in impairments Fee and commission expense Depreciation and amortisation of tangible and intangible assets Staff expenses Other expenses Total expenses. ( 1,282.5 ) ( 17.7 ). ( 5.7 ). ( 201.4 ). ( 342.7 ). ( 23.4 ) 77.2. ( 84.2 ). ( 55.1 ). ( 0.1 ). ( 0.1 ). ( 919.8 ). ( 199.0 ). ( 9.2 ). 5.9. ( 466.9 ) ( 139.5 ) ( 1,122.1 ). ( 541.2 ). ( 259.1 ). ( 32.8 ). 69.3. ( 763.8 ). ( 17,941.0 ). ( 5,203.2 ). ( 223.4 ). 550.7. ( 22,816.9 ). Profit before taxation. 678.9. 468.8. Income tax expense. ( 83.1 ). ( 93.9 ). Net profit for the period. 595.8. 374.9. Net profit attributable to minority interests. 2.8. 8.0. Net profit attributable to shareholders. 593.0. 366.9. 20. ( 1,282.5 ). ( 36.9 ). ( 37.3 ). ( 0.8 ) ( 37.7 ). 1,073.5 ( 177.8 ). ( 37.3 ). 895.7. 1.1. 0.1. 12.0. ( 38.8 ). ( 37.4 ). 883.7. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.

(21) Interim Financial Statements. Third quarter 2005 Banking. Insurance. General. Eliminations. Total. 16,473.9. 669.1. 161.0. 3.4. 3,170.4. Dividend and other investment income. 44.6. 158.9. Share in result of associates and joint ventures. 21.4. 22.8. ( 0.4 ). 43.8. Realised capital gains (losses) on investments. 101.5. 177.0. ( 0.1 ). 278.4. Income Interest income Insurance premiums. 1.3. 17,003.5. ( 26.2 ). 3,147.6. ( 3.2 ). 201.6. Other realised and unrealised gains and losses. 212.1. 10.2. ( 7.1 ). 250.1. Fee and commission income. 753.5. 87.8. ( 54.5 ). 786.8. 926.6. ( 6.7 ). 919.9. Income related to investments for unit-linked products Other income Total income. 34.9. ( 300.5 ). 36.6. 71.5. 7.5. ( 9.7 ). 105.9. 17,647.0. 5,294.3. 204.7. ( 408.4 ). 22,737.6. ( 201.7 ). 283.9. ( 15,338.3 ). 41.3. ( 2,821.0 ). Expenses Insurance claims and benefits. ( 15,279.4 ) 0.9. Charges related to unit-linked products Change in impairments Fee and commission expense Depreciation and amortisation of tangible and intangible assets Staff expenses Other expenses Total expenses Profit before taxation Income tax expense Net profit for the period. ( 141.1 ) ( 2,863.2 ) ( 1,041.8 ). ( 97.2 ) ( 155.6 ). ( 1,041.8 ). 5.5 ( 283.8 ). ( 79.3 ). ( 54.8 ). ( 815.5 ). ( 196.6 ). 0.1. ( 91.6 ). 54.5. ( 384.9 ). 1.3. ( 1,028.8 ). ( 134.1 ) ( 18.0 ). ( 459.8 ). ( 238.0 ). ( 21.2 ). 10.1. ( 708.9 ). ( 16,885.9 ). ( 4,813.8 ). ( 240.9 ). 391.2. ( 21,549.4 ). 761.1. 480.5. ( 36.2 ). ( 17.2 ). ( 136.8 ). ( 113.0 ). 7.6. 0.1. ( 242.1 ). 624.3. 367.5. ( 28.6 ). ( 17.1 ). 946.1. ( 17.1 ). 932.3. Net profit attributable to minority interests. 4.3. 8.6. Net profit attributable to shareholders. 620.0. 358.9. 0.9 ( 29.5 ). 1,188.2. 13.8. 21. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.

(22) Interim Financial Statements. Second quarter 2006 Banking. Insurance. General. Eliminations. Total. 17,840.9. 731.3. 244.5. 3.2. 3,154.2. Dividend and other investment income. 78.1. 295.6. Share in result of associates and joint ventures. 22.8. 28.5. ( 0.6 ). 50.7. Realised capital gains (losses) on investments. 16.0. 154.8. ( 3.0 ). 167.8. 12.6. 519.8. Income Interest income Insurance premiums. 4.2. 18,472.2. ( 16.6 ). 3,140.8. ( 4.1 ). 373.8. Other realised and unrealised gains and losses. 582.4. ( 26.1 ). Fee and commission income. 919.4. 110.6. ( 90.5 ). 939.5. ( 915.8 ). 2.7. ( 913.1 ). Income related to investments for unit-linked products Other income Total income. ( 49.1 ). ( 344.5 ). 66.8. 213.6. 39.0. ( 44.7 ). 274.7. 19,529.6. 3,746.7. 238.6. ( 488.7 ). 23,026.2. ( 233.0 ). 325.9. ( 16,540.1 ). 58.3. ( 3,116.4 ). Expenses Insurance claims and benefits. ( 16,498.3 ). ( 134.7 ). ( 3.4 ). ( 3,171.3 ). Charges related to unit-linked products Change in impairments Fee and commission expense Depreciation and amortisation of tangible and intangible assets Staff expenses Other expenses Total expenses. 924.2 ( 40.8 ). ( 17.1 ). ( 195.1 ). ( 346.5 ). ( 57.9 ) 90.4. ( 85.7 ). ( 56.9 ). ( 0.1 ). 0.1. ( 862.3 ). ( 191.9 ). ( 7.8 ). ( 2.6 ). ( 142.6 ) ( 1,064.6 ). ( 542.8 ). ( 265.2 ). ( 51.4 ). 45.4. ( 814.0 ). ( 3,259.4 ). ( 292.3 ). 517.5. ( 21,262.6 ). ( 53.7 ). 28.8. 1,763.6. 1,301.2. 487.3. Income tax expense. ( 280.2 ). ( 95.2 ). 1,021.0. 392.1. 21.0 ( 32.7 ). Net profit attributable to minority interests. 5.9. 11.1. 2.0. Net profit attributable to shareholders. 1,015.1. 381.0. ( 34.7 ). 22. ( 451.2 ). ( 18,228.4 ). Profit before taxation. Net profit for the period. 924.2. ( 354.4 ) 28.8 ( 0.1 ) 28.9. 1,409.2 18.9 1,390.3. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.

(23) Interim Financial Statements. 3.6. Income statement of banking segments First nine months 2006 Commercial Retail. Merchant. & Private. Other. banking. banking. banking. banking. Total Eliminations. banking. Income Interest income. 8,011.9. 53,126.7. 3,797.6. 11,369.2. ( 24,888.3 ). 51,417.1. Interest expense. ( 6,019.8 ). ( 52,366.6 ). ( 2,917.3 ). ( 11,082.1 ). 24,888.3. ( 47,497.5 ). Net interest income. 1,992.1. Fee and commission income. 1,348.5. Fee and commission expense Net fee and commission income. ( 330.8 ) 1,017.7. 760.1. 880.3. 628.0. 688.6. ( 203.7 ) 424.3. ( 65.8 ) 622.8. Insurance premiums. 287.1. 0.0. 3,919.6 2,674.2. 93.2. ( 84.1 ). ( 90.0 ). 84.1. 3.2. 0.0. 8.7. ( 606.2 ) 2,068.0 8.7. Dividend, share in result of associates and joint ventures 13.3. 71.0. 36.1. 106.0. Realised capital gains (losses) on investments. and other investment income. 11.8. 123.6. 8.5. 263.1. 407.0. Other realised and unrealised gains and losses. 36.0. 732.1. 60.4. 231.1. 1,059.6. ( 643.0 ). ( 58.2 ). 189.4. 256.2. ( 58.8 ). 7,878.1. Other income. 525.9. 127.8. 236.9. Total income, net of interest expense. 3,596.8. 2,238.9. 1,845.0. Change in impairments. ( 116.6 ). Net revenues. 3,480.2. 2,351.4. ( 919.6 ). ( 475.3 ). 112.5. ( 66.3 ) 1,778.7. ( 0.6 ). 2.5 258.7. 225.8. ( 67.9 ) ( 58.8 ). 7,810.2. Expenses Staff expenses. ( 533.7 ). ( 740.0 ). ( 2,668.6 ). Depreciation and amortisation of tangible ( 27.5 ). ( 5.5 ). ( 30.5 ). ( 189.0 ). ( 328.1 ). ( 244.2 ). ( 209.6 ). ( 915.2 ). Allocated expense. ( 1,002.3 ). ( 294.6 ). ( 291.4 ). Total expenses. ( 2,277.5 ). ( 1,019.6 ). ( 1,065.2 ). Profit before taxation. 1,202.7. 1,331.8. Income tax expense. ( 326.7 ). Insurance claims and benefits. Net profit for the period. ( 6.7 ). ( 119.2 ). 713.5. 1,212.6. 876.0. 1,208.5. 557.8. 1,820.4. 4.1. Net revenues from external customers. 2,052.2. 976.1. Net revenues internal. 1,428.0. 1,375.3. Net revenues. 3,480.2. 2,351.4. 1,598.6 ( 252.3 ). 557.6 ( 0.2 ). ( 41.7 ) 1,778.7. ( 1,628.0 ) ( 6.7 ). ( 10.3 ) 58.8. ( 4,555.8 ). 6.4. 3,254.4. 6.4. 2,652.6. ( 155.9 ). 876.0. Net profit attributable to minority interests Net profit attributable to shareholders. ( 252.5 ) 69.1. ( 601.8 ). 5.1. 9.0. 1.3. 2,643.6. 2,817.7 ( 2,559.0 ) 258.7. 7,666.4 ( 58.8 ). 143.8. ( 58.8 ). 7,810.2. 23. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. and intangible assets Other expenses.

(24) Interim Financial Statements. First nine months 2005 Commercial Retail. Merchant. & Private. Other. banking. banking. banking. banking. Total Eliminations. banking. Income Interest income. 7,758.8. 51,384.2. 3,208.5. 9,013.0. ( 21,677.6 ). 49,686.9. Interest expense. ( 5,940.7 ). ( 50,822.7 ). ( 2,455.0 ). ( 8,754.9 ). 21,677.6. ( 46,295.7 ). Net interest income. 1,818.1. Fee and commission income. 1,173.8. Fee and commission expense Net fee and commission income. 561.5. 753.5. 258.1. 498.1. 553.4. 123.0. ( 49.4 ). ( 97.6 ). ( 384.2 ). ( 165.6 ). 789.6. 332.5. 504.0. Insurance premiums. 25.4. 0.0 ( 248.8 ) 248.8 ( 0.0 ). 10.2. 3,391.2 2,099.5 ( 448.0 ) 1,651.5 10.2. Dividend, share in result of associates and joint ventures and other investment income Realised capital gains (losses) on investments Other realised and unrealised gains and losses Other income Total income, net of interest expense Change in impairments Net revenues. 10.8. 88.9. 25.8. 75.5. ( 12.3 ). 188.7. 59.0. 319.4. 9.9. 376.5. ( 42.0 ). 722.8. 27.9. 447.4. 43.6. 108.8. 42.0. 669.7. 450.0. 103.4. 198.2. ( 516.4 ). ( 36.7 ). 198.5. 3,155.4. 1,853.1. 1,535.0. 338.1. ( 49.0 ). 6,832.6. ( 90.6 ). 85.1. 3,064.8. 1,938.2. ( 810.9 ). ( 419.8 ). ( 94.0 ) 1,441.0. ( 34.7 ). ( 134.2 ). 303.4. ( 49.0 ). 6,698.4. ( 384.4 ). ( 747.4 ). 0.1. ( 2,362.4 ). Expenses Staff expenses Depreciation and amortisation of tangible ( 10.0 ). ( 6.8 ). ( 16.7 ). ( 189.2 ). ( 239.3 ). ( 205.9 ). ( 159.6 ). 62.6. ( 913.5 ). ( 287.2 ). ( 314.7 ). 675.2. ( 1,973.7 ). ( 919.7 ). ( 875.4 ). ( 202.1 ). 565.6. 101.3. Insurance claims and benefits Allocated expense Total expenses. ( 222.7 ) ( 791.3 ). ( 3.3 ). ( 3.3 ) 840.2 49.0. ( 3,921.9 ). Profit before taxation. 1,091.1. Income tax expense. ( 334.4 ). ( 121.1 ). ( 152.9 ). ( 34.1 ). 756.7. 897.4. 412.7. 67.2 4.8. 10.7. 756.7. 891.5. 412.7. 62.4. 2,123.3. 1,471.6. Net profit for the period Net profit attributable to minority interests Net profit attributable to shareholders. 1,018.5. ( 1,333.5 ). 5.9. Net revenues from external customers. 1,752.0. 949.0. Net revenues internal. 1,312.8. 989.2. Net revenues. 3,064.8. 1,938.2. 24. ( 30.6 ) 1,441.0. 2,776.5 ( 642.5 ) 2,134.0. 2,508.8 ( 2,205.4 ) 303.4. 6,681.4 ( 49.0 ). 17.0. ( 49.0 ). 6,698.4. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. and intangible assets Other expenses.

(25) Interim Financial Statements. Third quarter 2006 Commercial Retail. Merchant. & Private. Other. banking. banking. banking. banking. Total Eliminations. banking. Income Interest income. 2,740.7. 18,090.9. 1,371.3. 3,998.7. ( 8,751.5 ). 17,450.1. Interest expense. ( 2,087.5 ). ( 17,914.6 ). ( 1,068.4 ). ( 3,854.4 ). 8,751.5. ( 16,173.4 ). Net interest income. 653.2. 176.3. 302.9. Fee and commission income. 439.4. 212.7. 215.4. Fee and commission expense. ( 112.9 ). ( 80.2 ). ( 18.4 ). 132.5. 197.0. Net fee and commission income. 326.5. Insurance premiums. 144.3. 0.0. 1,276.7. 36.3. ( 46.5 ). 857.3. ( 36.4 ). 46.5. ( 201.4 ). ( 0.1 ). 0.0. 655.9. 2.5. 2.5. Dividend, share in result of associates and joint ventures and other investment income Realised capital gains (losses) on investments. 2.0. 21.9. 11.3. 26.8. 5.3. 55.4. 0.9. 80.5. 1.4. 63.4 142.1. Other realised and unrealised gains and losses. 13.7. 86.8. 17.5. ( 64.4 ). Other income. 95.7. 23.1. 47.3. ( 86.5 ). ( 28.7 ). 50.9. 1,096.4. 496.0. 576.9. 103.1. ( 27.3 ). 2,245.1. Total income, net of interest expense Change in impairments Net revenues. ( 43.8 ) 1,052.6. 39.0. ( 19.3 ). 53.6. 6.4. 535.0. 557.6. 109.5. ( 170.4 ). ( 183.3 ). ( 254.3 ). ( 17.7 ) ( 27.3 ). 2,227.4. Expenses Staff expenses. ( 311.8 ). ( 919.8 ). Depreciation and amortisation of tangible ( 10.4 ). ( 2.0 ). ( 9.6 ). ( 62.2 ). ( 120.0 ). ( 68.2 ). ( 74.1 ). ( 307.0 ). Allocated expense. ( 332.0 ). ( 105.6 ). ( 95.1 ). 533.5. ( 0.8 ). Total expenses. ( 774.2 ). ( 346.2 ). ( 362.1 ). ( 93.3 ). 27.3. 278.4. 188.8. 195.5. 16.2. Insurance claims and benefits. Profit before taxation. ( 84.2 ) 28.1. ( 3.3 ). ( 1,548.5 ) 678.9. ( 69.7 ). Net profit for the period. 208.7. 231.3. 2.5. 2.8. 208.7. 230.8. 152.7. 0.8. 593.0. Net revenues from external customers. 660.3. ( 181.4 ). 625.3. 1,064.8. Net revenues internal. 392.3. 716.4. ( 67.7 ). 1,052.6. 535.0. 557.6. Net profit attributable to shareholders. Net revenues. 0.5. ( 43.0 ). ( 3.3 ). Income tax expense. Net profit attributable to minority interests. 42.5. ( 541.2 ). 152.5 ( 0.2 ). ( 12.9 ). ( 83.1 ). 3.3. 595.8. 2,169.0. ( 955.3 ). ( 27.3 ). 58.4. 109.5. ( 27.3 ). 2,227.4. 25. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. and intangible assets Other expenses.

(26) Interim Financial Statements. Third quarter 2005 Commercial Retail. Merchant. & Private. Other. banking. banking. banking. banking. 1,132.7. Total Eliminations. banking. Income Interest income. 2,626.7. 17,163.9. Interest expense. ( 1,992.1 ). ( 17,013.0 ). Net interest income. ( 871.7 ). 634.6. 150.9. 261.0. Fee and commission income. 414.1. 177.1. 183.8. Fee and commission expense. ( 133.2 ). ( 50.9 ). ( 12.1 ). 126.2. 171.7. Net fee and commission income. 280.9. Insurance premiums. 3,187.1. ( 7,636.5 ). 16,473.9. ( 3,039.1 ). 7,636.5. ( 15,279.4 ). 148.0. 0.0. 1,194.5. 61.8. ( 83.3 ). 753.5. ( 42.7 ). 83.3. ( 155.6 ). 19.1. 0.0. 597.9. 3.4. 3.4. Dividend, share in result of associates and joint ventures and other investment income Realised capital gains (losses) on investments Other realised and unrealised gains and losses Other income Total income, net of interest expense Change in impairments Net revenues. 1.3. 37.0. 7.5. 23.1. ( 2.9 ). 66.0. 2.8. 27.3. 4.9. 69.4. ( 2.9 ). 101.5 212.1. 10.6. 153.8. 19.2. 26.1. 2.4. 105.8. 19.2. 62.1. ( 123.6 ). ( 26.9 ). 36.6. 1,036.0. 514.4. 526.4. 165.5. ( 30.3 ). 2,212.0. ( 12.6 ). ( 49.1 ). 501.8. 477.3. 165.2. ( 30.3 ). ( 137.1 ). ( 130.5 ). ( 270.1 ). 1.0. ( 35.2 ) 1,000.8. ( 0.3 ). ( 97.2 ) 2,114.8. Expenses Staff expenses. ( 278.8 ). ( 815.5 ). Depreciation and amortisation of tangible ( 3.6 ). ( 1.4 ). ( 5.4 ). ( 68.9 ). ( 86.6 ). ( 72.5 ). ( 63.4 ). ( 18.1 ). Allocated expense. ( 299.3 ). ( 96.4 ). ( 107.1 ). 254.3. Total expenses. ( 668.3 ). ( 307.4 ). ( 306.4 ). ( 101.9 ). 332.5. 194.4. 170.9. 63.3. Insurance claims and benefits. Profit before taxation Income tax expense Net profit for the period. 0.9. ( 112.4 ). 27.3. 220.1. 221.7. 220.1. Net profit attributable to minority interests Net profit attributable to shareholders. 0.9 248.5 30.3. ( 1,353.7 ) 761.1. ( 47.5 ). ( 4.2 ) 59.1 3.4. 4.3. 220.8. 123.4. 55.7. 620.0. 0.9. 596.2. 196.0. 510.5. Net revenues internal. 404.6. 305.8. ( 33.2 ). 1,000.8. 501.8. 477.3. 26. ( 459.8 ). 123.4. Net revenues from external customers Net revenues. ( 79.3 ) ( 219.2 ). ( 136.8 ) 624.3. 805.8. 2,108.5. ( 640.6 ). ( 30.3 ). 6.3. 165.2. ( 30.3 ). 2,114.8. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. and intangible assets Other expenses.

(27) Interim Financial Statements. Second quarter 2006 Commercial Retail. Merchant. & Private. Other. banking. banking. banking. banking. 1,289.3. Total Eliminations. banking. Income Interest income. 2,534.3. 18,119.9. Interest expense. ( 1,861.8 ). ( 17,766.9 ). ( 994.7 ). Net interest income. 672.5. 353.0. 294.6. Fee and commission income. 444.0. 212.8. 230.0. Fee and commission expense. ( 98.1 ). ( 58.4 ). Net fee and commission income. 345.9. 154.4. ( 7.1 ) 222.9. Insurance premiums. 3,648.8. ( 7,751.4 ). 17,840.9. ( 3,626.3 ). 7,751.4. ( 16,498.3 ). 22.5. 0.0. 1,342.6. 28.0. 4.6. 919.4. ( 26.9 ). ( 4.6 ). ( 195.1 ). 1.1. 0.0. 724.3. 3.2. 3.2. Dividend, share in result of associates and joint ventures 5.6. 26.7. 12.9. 57.6. Realised capital gains (losses) on investments. and other investment income. 4.0. 0.9. 4.4. 6.7. 16.0. Other realised and unrealised gains and losses. 10.4. 424.4. 21.4. 126.2. 582.4. 156.1. 40.2. 70.1. ( 180.9 ). ( 18.7 ). 66.8. 1,194.5. 999.6. 626.3. 36.4. ( 20.6 ). 2,836.2. ( 20.6 ). 2,795.4. Other income Total income, net of interest expense Change in impairments Net revenues. ( 51.1 ) 1,143.4. 43.9 1,043.5. ( 32.2 ). ( 1.4 ). 594.1. 35.0. ( 174.0 ). ( 236.5 ). ( 1.9 ). 100.9. ( 40.8 ). Expenses Staff expenses. ( 297.1 ). ( 154.7 ). ( 862.3 ). Depreciation and amortisation of tangible ( 10.9 ). ( 1.6 ). ( 9.9 ). ( 63.3 ). ( 111.3 ). ( 97.9 ). ( 69.7 ). ( 297.7 ). Allocated expense. ( 320.9 ). ( 85.2 ). ( 93.3 ). 512.6. Total expenses. ( 740.2 ). ( 339.4 ). ( 346.9 ). ( 88.3 ). 403.2. 704.1. 247.2. ( 53.3 ). ( 106.6 ). ( 154.5 ). 296.6. 549.6. 296.6. Insurance claims and benefits. Profit before taxation Income tax expense Net profit for the period. ( 3.4 ). Net profit attributable to minority interests Net profit attributable to shareholders. ( 45.0 ). ( 27.4 ). 545.2. 202.2. ( 28.9 ). 4.4. ( 3.4 ) 20.6. 680.0. 596.2. 607.3. 463.4. 447.3. ( 13.2 ). 1,143.4. 1,043.5. 594.1. ( 1,494.2 ) 1,301.2 ( 280.2 ) 1,021.0. 1.5. Net revenues internal. ( 542.8 ). ( 13.2 ). 25.9. 202.2. Net revenues from external customers Net revenues. ( 85.7 ) 33.8. 5.9 1,015.1. 869.6. 2,753.1. ( 834.6 ). ( 20.6 ). 42.3. 35.0. ( 20.6 ). 2,795.4. 27. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. and intangible assets Other expenses.

(28) Interim Financial Statements. 3.7. Income statement of insurance segments First nine months 2006. Life. Insurance. Insurance. Insurance. Netherlands. Belgium. International. Non-life. Life. Non-Life. Life. Total Eliminations. Insurance. Non-Life. Income Interest income Insurance premiums Dividend and other investment income. 744.4. 107.7. 984.7. 106.6. 147.6. 89.7. ( 8.1 ). 2,172.6. 2,057.0. 1,472.4. 2,878.5. 929.4. 927.9. 1,284.4. ( 29.3 ). 9,520.3. ( 14.9 ). 623.2. 210.3. 30.1. 338.4. 48.0. 6.6. 4.7. Share in result of associates and joint ventures. 21.2. 2.8. 0.8. 0.1. 43.3. 15.0. 83.2. Realised capital gains (losses) on investments. 140.2. 30.4. 213.0. 21.0. 45.8. 3.2. 453.6. Other realised and unrealised gains and losses. ( 0.9 ). Fee and commission income. 24.8. ( 19.1 ). ( 12.5 ). 0.2. 4.0. 2.2. 68.1. 80.1. 4.6. 82.2. 100.8. ( 0.8 ). ( 26.1 ) 359.8. Income related to investments for unit-linked products Other income Total income. 568.8. 284.3. 201.1. 1,054.2. 58.1. 50.8. 45.7. 34.6. 10.9. 193.6. ( 18.7 ). 375.0. 3,823.9. 1,743.2. 4,813.0. 1,144.5. 1,469.4. 1,693.6. ( 71.8 ). 14,615.8. Expenses Interest expense Insurance claims and benefits Charges related to unit-linked products Change in impairments Fee and commission expense. ( 205.0 ) ( 1,975.4 ). ( 135.4 ). ( 18.8 ). ( 9.6 ). ( 13.4 ). 7.2. ( 418.8 ). ( 903.2 ) ( 3,437.3 ). ( 43.8 ). ( 590.9 ). ( 852.8 ). ( 1,088.0 ). 30.6. ( 8,817.0 ). ( 802.3 ). ( 245.2 ). ( 328.5 ). ( 13.8 ). ( 4.0 ). ( 11.2 ). ( 1.0 ). 2.1. ( 151.4 ). ( 309.1 ). ( 203.2 ). ( 188.5 ). ( 45.2 ). ( 1,376.0 ) ( 3.3 ) ( 196.5 ). ( 31.2 ) 0.9. ( 1,093.0 ). Depreciation and amortisation of tangible and ( 51.2 ). ( 5.2 ). ( 34.6 ). ( 21.7 ). ( 46.2 ). ( 6.2 ). Staff expenses. ( 106.6 ). ( 105.1 ). ( 157.0 ). ( 102.6 ). ( 34.0 ). ( 90.0 ). Other expenses. ( 164.8 ). ( 120.2 ). ( 195.5 ). ( 100.9 ). ( 63.6 ). ( 109.5 ). 33.1. ( 721.4 ). ( 1,024.4 ) ( 1,377.8 ). ( 1,506.9 ). 71.8. ( 13,217.8 ). Total expenses Profit before taxation. ( 3,470.5 ) 353.4. ( 1,490.6 ) ( 4,419.4 ) 252.6. 393.6. 120.1. 91.6. ( 165.1 ) ( 595.3 ). 186.7. 1,398.0. Income tax expense. ( 65.7 ). ( 61.8 ). ( 61.4 ). ( 30.7 ). ( 12.0 ). ( 49.6 ). ( 281.2 ). Net profit for the period. 287.7. 190.8. 332.2. 89.4. 79.6. 137.1. 1,116.8. 2.3. 0.5. 17.0. 7.6. 29.7 1,087.1. Net profit attributable to minority interests. 2.3. Net profit attributable to shareholders. 285.4. 190.8. 329.9. 88.9. 62.6. 129.5. 3,719.4. 1,719.7. 4,682.2. 1,120.7. 1,455.4. 1,692.7. 104.5. 23.5. 130.8. 23.8. 14.0. 0.9. ( 71.8 ). 225.7. 3,823.9. 1,743.2. 4,813.0. 1,144.5. 1,469.4. 1,693.6. ( 71.8 ). 14,615.8. Total income from external customers Total income internal Total income. 28. 14,390.1. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. intangible assets.

(29) Interim Financial Statements. First nine months 2005. Life. Insurance. Insurance. Insurance. Netherlands. Belgium. International. Non-life. Life. Non-Life. Life. Total Eliminations. Insurance. Non-Life. Income Interest income Insurance premiums Dividend and other investment income. 761.1. 108.2. 883.8. 89.1. 142.5. 84.7. ( 46.7 ). 2,022.7. 1,987.3. 1,499.4. 2,748.6. 868.8. 1,079.8. 1,206.1. ( 10.3 ). 9,379.7 561.1. 192.7. 18.7. 293.9. 53.1. 8.8. 5.4. ( 11.5 ). Share in result of associates and joint ventures. 18.7. 4.6. 1.8. 0.5. 35.9. 12.5. 0.1. Realised capital gains (losses) on investments. 211.4. 71.2. 82.4. 8.8. 14.0. 5.2. 6.4. 34.2. ( 0.2 ). 67.7. 73.0. 8.5. 74.1 393.0. Other realised and unrealised gains and losses Fee and commission income. ( 0.8 ) 23.1. ( 0.5 ) 71.9. 0.1. 39.2. 71.7. ( 19.2 ). 296.7. Income related to investments for unit-linked products Other income Total income. 1,168.0. 852.9. 615.2. 2,636.1. 72.2. 69.3. 48.2. 46.0. 9.4. 121.0. ( 23.1 ). 343.0. 4,433.7. 1,845.5. 5,018.8. 1,074.6. 1,977.0. 1,506.7. ( 110.7 ). 15,745.6. Expenses Interest expense. ( 303.8 ). Insurance claims and benefits. ( 1,811.2 ). Charges related to unit-linked products. ( 1,514.3 ). Change in impairments Fee and commission expense. ( 85.4 ). ( 8.1 ). ( 12.3 ). ( 12.6 ). 46.7. ( 391.0 ). ( 984.0 ) ( 3,193.3 ). ( 15.5 ). ( 547.5 ). ( 964.5 ). ( 975.9 ). 5.3. ( 8,471.1 ). ( 823.5 ). ( 755.0 ). ( 8.6 ). ( 7.6 ). ( 2.2 ). ( 0.2 ). ( 116.0 ). ( 317.6 ). ( 130.5 ). ( 163.1 ). ( 37.0 ). ( 3,092.8 ) 14.7 ( 167.2 ). ( 3.9 ) 19.3. ( 912.1 ). Depreciation and amortisation of tangible and ( 41.0 ). ( 9.3 ). ( 33.7 ). ( 19.1 ). ( 53.4 ). ( 4.3 ). ( 1.4 ). ( 162.2 ). Staff expenses. ( 113.9 ). ( 134.3 ). ( 148.4 ). ( 100.3 ). ( 32.2 ). ( 75.5 ). ( 0.7 ). ( 605.3 ). Other expenses. ( 179.5 ). ( 87.5 ). ( 163.8 ). ( 96.9 ). ( 55.4 ). ( 109.5 ). 41.6. ( 651.0 ). ( 935.2 ) ( 1,909.8 ). ( 1,330.3 ). 110.8. ( 14,289.4 ). Total expenses Profit before taxation. ( 4,088.3 ) 345.4. ( 1,555.8 ) ( 4,580.8 ) 289.7. 438.0. 139.4. 67.2. 176.4. Income tax expense. ( 87.5 ). ( 84.5 ). ( 118.5 ). ( 42.4 ). ( 6.8 ). ( 49.4 ). Net profit for the period. 257.9. 205.2. 319.5. 97.0. 60.4. 127.0. 0.1. 1,456.2. 0.1. 1,067.1. ( 389.1 ). Net profit attributable to minority interests. 2.3. 3.5. 0.8. 10.5. 6.7. Net profit attributable to shareholders. 255.6. 205.2. 316.0. 96.2. 49.9. 120.3. 4,319.9. 1,841.5. 4,905.3. 1,054.7. 1,971.0. 1,481.6. 113.8. 4.0. 113.5. 19.9. 6.0. 25.1. ( 110.7 ). 171.6. 4,433.7. 1,845.5. 5,018.8. 1,074.6. 1,977.0. 1,506.7. ( 110.7 ). 15,745.6. Total income from external customers Total income internal Total income. 0.4 ( 0.3 ). 24.2 1,042.9. 15,574.0. 29. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. intangible assets.

(30) Interim Financial Statements. Third quarter 2006. Life. Insurance. Insurance. Insurance. Netherlands. Belgium. International. Non-life. Life. Non-Life. Life. Total Eliminations. Insurance. Non-Life. Income Interest income. 254.5. 39.9. 333.9. 51.8. 48.8. 30.9. ( 5.1 ). 754.7. Insurance premiums. 631.9. 497.4. 1,012.4. 317.0. 310.1. 451.7. ( 4.5 ). 3,216.0. 106.9. ( 5.9 ). 171.2. Dividend and other investment income. 43.3. 17.8. 6.4. 1.9. 0.8. Share in result of associates and joint ventures. 7.7. 1.2. ( 0.1 ). ( 0.1 ). 14.5. 5.3. 28.5. Realised capital gains (losses) on investments. 37.9. 6.8. 60.9. 10.3. 21.3. ( 2.5 ). 134.7. Other realised and unrealised gains and losses. ( 4.8 ). 2.5. 4.2. 16.1. Fee and commission income. ( 1.2 ). 0.4. 4.4. 2.4. 27.9. 2.2. 26.2. 33.8. 1.1. 3.7. 21.2. ( 5.7 ). 86.6. 543.6. ( 20.1 ). 5,672.0. 111.5. Income related to investments for unit-linked products Other income Total income. 576.5. 367.1. 221.5. 30.2. 4.5. 21.0. 16.4. 1,581.4. 586.2. 1,928.8. 404.4. ( 1.0 ) 647.7. 1,165.1. Expenses Interest expense. ( 67.5 ). Insurance claims and benefits. ( 622.0 ). Charges related to unit-linked products. ( 667.3 ). Change in impairments Fee and commission expense. ( 15.2 ). ( 54.5 ). ( 288.6 ) ( 1,167.2 ). ( 2.4 ). ( 3.4 ). 4.8. ( 151.0 ). ( 210.4 ) ( 293.7 ). ( 12.8 ). ( 330.7 ). 4.5. ( 2,908.1 ). ( 352.2 ). ( 263.0 ). ( 1,282.5 ). ( 1.2 ). 0.6. ( 4.5 ). ( 1.3 ). ( 0.1 ). 0.8. ( 39.4 ). ( 88.5 ). ( 73.3 ). ( 61.9 ). ( 16.3 ). ( 62.3 ). ( 5.7 ) ( 1.0 ). ( 342.7 ). Depreciation and amortisation of tangible and ( 15.5 ). ( 2.5 ). ( 10.6 ). ( 9.0 ). ( 15.3 ). ( 2.2 ). ( 55.1 ). Staff expenses. ( 36.3 ). ( 34.5 ). ( 55.9 ). ( 30.0 ). ( 11.4 ). ( 30.9 ). ( 199.0 ). Other expenses. ( 41.8 ). ( 55.5 ). ( 68.8 ). ( 38.7 ). ( 22.1 ). ( 44.0 ). 11.8. ( 259.1 ). ( 364.1 ) ( 624.3 ). ( 472.7 ). 20.1. ( 5,203.2 ). Total expenses Profit before taxation Income tax expense Net profit for the period. ( 1,491.0 ) 90.4. ( 484.2 ) ( 1,787.0 ) 102.0. ( 12.3 ). ( 24.1 ). 78.1. 77.9. 141.8. 40.3. 23.4. 70.9. ( 30.4 ). ( 4.6 ). ( 3.9 ). 111.4. 35.7. 19.5. ( 18.6 ) 52.3. 374.9. 0.9. 0.2. 4.0. 2.2. 8.0 366.9. Net profit attributable to minority interests. 0.7. Net profit attributable to shareholders. 77.4. 77.9. 110.5. 35.5. 15.5. 50.1. 1,545.9. 577.7. 1,885.5. 389.6. 643.8. 546.6. 35.5. 8.5. 43.3. 14.8. 3.9. 1,581.4. 586.2. 1,928.8. 404.4. 647.7. Total income from external customers Total income internal Total income. 30. 468.8. ( 3.0 ) 543.6. ( 93.9 ). 5,589.1 ( 20.1 ). 82.9. ( 20.1 ). 5,672.0. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. intangible assets.

(31) Interim Financial Statements. Third quarter 2005. Life. Insurance. Insurance. Insurance. Netherlands. Belgium. International. Non-life. Life. Non-Life. Life. Total Eliminations. Insurance. Non-Life. Income Interest income. 262.6. 33.5. 307.0. 32.7. 50.3. 28.7. ( 45.7 ). Insurance premiums. 528.6. 488.2. 881.7. 297.4. 543.3. 428.1. 3.1. Dividend and other investment income. 52.7. 6.3. 83.1. 17.9. 1.5. 1.2. ( 3.8 ). Share in result of associates and joint ventures. 6.2. 1.8. 0.2. 0.1. 10.5. 3.9. 0.1. Realised capital gains (losses) on investments. 98.3. 44.8. 21.9. 1.3. 6.9. 3.8. 6.2. 13.1. 0.2. 0.2. 19.6. 25.8. 2.8. 17.2. 669.1 3,170.4 158.9 22.8 177.0. Other realised and unrealised gains and losses Fee and commission income. ( 6.3 ) 16.2. ( 3.2 ). 10.2. 23.0. ( 16.8 ). 87.8. 28.1. ( 9.3 ). 71.5. 513.6. ( 72.4 ). 5,294.3. Income related to investments for unit-linked products Other income Total income. 398.6 ( 0.4 ) 1,356.5. ( 0.1 ). 327.5. 200.6. 22.2. 15.6. 16.7. 622.5. 1,675.9. 369.1. ( 1.4 ) 829.1. 926.6. Expenses Interest expense. ( 133.9 ). Insurance claims and benefits. ( 477.2 ). Charges related to unit-linked products. ( 473.1 ). Change in impairments Fee and commission expense. ( 2.7 ). ( 4.4 ). ( 303.4 ) ( 1,040.3 ). ( 8.3 ). ( 34.7 ). ( 210.1 ) ( 489.8 ). ( 330.4 ). ( 316.8 ). ( 251.9 ). ( 0.2 ). 0.9. ( 0.4 ). ( 47.8 ). ( 91.5 ). ( 43.6 ). ( 2.8 ). 45.7 ( 12.0 ). ( 141.1 ) ( 2,863.2 ) ( 1,041.8 ). 3.4. 1.8. ( 51.9 ). ( 14.8 ). ( 51.1 ). 5.5 16.9. ( 283.8 ). Depreciation and amortisation of tangible and ( 14.1 ). ( 2.8 ). ( 10.7 ). ( 6.3 ). ( 17.7 ). ( 1.8 ). ( 1.4 ). ( 54.8 ). Staff expenses. ( 34.6 ). ( 43.4 ). ( 49.6 ). ( 32.9 ). ( 10.2 ). ( 25.6 ). ( 0.3 ). ( 196.6 ). Other expenses. ( 60.2 ). ( 43.2 ). ( 56.3 ). ( 38.4 ). ( 18.2 ). ( 45.3 ). 23.6. ( 238.0 ). ( 342.4 ) ( 801.9 ). ( 456.8 ). 72.5. ( 4,813.8 ). 56.8. 0.1. Total expenses. ( 1,241.1 ). ( 491.7 ) ( 1,552.4 ). Profit before taxation. 115.4. 130.8. 123.5. Income tax expense. ( 22.2 ). ( 38.2 ). ( 26.4 ). 93.2. 92.6. 97.1. Net profit for the period. 26.7. 27.2. ( 6.0 ). ( 4.3 ). 20.7. 22.9. ( 15.9 ). 480.5 ( 113.0 ). 40.9. 0.1 0.1. 367.5. Net profit attributable to minority interests. 0.7. 1.4. 0.3. 4.9. 1.2. Net profit attributable to shareholders. 92.5. 92.6. 95.7. 20.4. 18.0. 39.7. 1,284.7. 627.5. 1,627.0. 360.5. 827.1. 503.6. 48.9. 8.6. 2.0. 10.0. ( 72.4 ). 63.9. 1,675.9. 369.1. 829.1. 513.6. ( 72.4 ). 5,294.3. Total income from external customers Total income internal Total income. 71.8 1,356.5. ( 5.0 ) 622.5. 8.6 358.9. 5,230.4. 31. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. intangible assets.

(32) Interim Financial Statements. Second quarter 2006. Life. Insurance. Insurance. Insurance. Netherlands. Belgium. International. Non-life. Life. Non-Life. Life. Total Eliminations. Insurance. Non-Life. Income Interest income. 246.0. 35.4. 332.5. 27.4. 46.3. 30.7. Insurance premiums. 578.6. 477.8. 1,046.5. 306.2. 306.5. 438.8. 13.0 ( 0.2 ). 3,154.2. 731.3. Dividend and other investment income. ( 9.0 ). 295.6. 111.7. 10.8. 152.1. 23.7. 3.1. 3.2. Share in result of associates and joint ventures. 6.7. 1.0. 0.9. 0.2. 15.5. 4.2. 28.5. Realised capital gains (losses) on investments. 31.5. 7.4. 87.8. 5.4. 17.9. 4.8. 154.8. Other realised and unrealised gains and losses. 7.2. ( 17.0 ). ( 14.1 ). ( 0.2 ). Fee and commission income. 7.5. 8.8. 26.7. 1.2. ( 2.3 ) 28.1. 0.3. ( 26.1 ). 33.4. 4.9. 110.6. Income related to investments for unit-linked products. ( 469.9 ). ( 320.7 ). ( 125.2 ). ( 915.8 ). Other income. 21.0. 29.6. 12.1. 9.2. 1.8. 143.5. ( 3.6 ). Total income. 540.3. 553.8. 1,323.8. 373.1. 291.7. 658.9. 5.1. 213.6 3,746.7. Expenses Interest expense Insurance claims and benefits Charges related to unit-linked products Change in impairments Fee and commission expense. ( 50.6 ) ( 672.3 ). ( 14.6 ). ( 43.8 ). ( 300.9 ) ( 1,278.8 ). 499.2. ( 3.6 ). ( 5.7 ). ( 13.3 ). ( 134.7 ). ( 185.4 ) ( 284.8 ). ( 3.1 ). ( 443.0 ). ( 6.1 ). ( 3,171.3 ). 330.6. 94.4. 924.2. ( 7.2 ). ( 3.9 ). ( 4.6 ). 0.3. 0.5. ( 2.2 ). ( 41.4 ). ( 96.8 ). ( 66.6 ). ( 59.1 ). ( 14.9 ). ( 62.8 ). ( 17.1 ) ( 4.9 ). ( 346.5 ). Depreciation and amortisation of tangible and ( 19.6 ). ( 1.3 ). ( 12.3 ). ( 6.3 ). ( 15.4 ). ( 2.0 ). ( 56.9 ). Staff expenses. ( 29.9 ). ( 32.1 ). ( 50.0 ). ( 37.4 ). ( 11.9 ). ( 30.6 ). ( 191.9 ). Other expenses. ( 72.5 ). ( 42.7 ). ( 68.6 ). ( 35.3 ). ( 21.8 ). ( 43.5 ). Total expenses. ( 394.3 ). ( 326.3 ) ( 257.5 ). ( 589.8 ). Profit before taxation. 146.0. Income tax expense. ( 26.7 ). Net profit for the period. 119.3. ( 492.3 ) ( 1,194.1 ) 61.5 ( 13.1 ) 48.4. 129.7 ( 19.1 ). 46.8 ( 15.0 ). 34.2 ( 2.9 ). ( 18.4 ). 392.1. 0.8. 0.2. 6.4. 2.9. 11.1 381.0. 109.8. 31.6. 24.9. 47.8. Total income from external customers. 518.8. 555.4. 1,277.5. 367.7. 282.9. 663.4. 46.3. 5.4. 8.8. 1,323.8. 373.1. 291.7. 32. 553.8. ( 95.2 ). 50.7. 48.4. 540.3. 487.3. 31.3. 118.5. Total income. ( 3,259.4 ). 31.8. Net profit attributable to shareholders. ( 1.6 ). ( 265.2 ). 110.6. 0.8. 21.5. ( 5.1 ). 69.1. Net profit attributable to minority interests. Total income internal. 19.2. ( 4.5 ) 658.9. 3,665.7 5.1. 81.0. 5.1. 3,746.7. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. intangible assets.

(33) Interim Financial Statements. 3.8. Income statement of insurance: Life and Non-life First nine months 2006 Life. Non-life. Eliminations. Total. Income Interest income. 1,876.6. 304.1. ( 8.1 ). 2,172.6. Insurance premiums. 5,863.5. 3,686.1. ( 29.3 ). 9,520.3. ( 14.9 ). 623.2. 555.2. 82.9. Share in result of associates and joint ventures. Dividend and other investment income. 65.3. 17.9. 83.2. Realised capital gains (losses) on investments. 399.1. 54.5. 453.6. Other realised and unrealised gains and losses Fee and commission income Income related to investments for unit-linked products Other income Total income. ( 9.4 ) 187.1. ( 16.7 ). ( 26.1 ). 173.5. ( 0.8 ). 114.7. 279.0. ( 18.7 ). 375.0. 10,106.3. 4,581.3. ( 71.8 ). 14,615.8. 1,054.2. 359.8 1,054.2. Expenses ( 349.9 ). ( 76.1 ). 7.2. ( 418.8 ). Insurance claims and benefits. ( 6,265.5 ). ( 2,582.1 ). 30.6. ( 8,817.0 ). Charges related to unit-linked products. ( 1,376.0 ). Change in impairments. ( 1,376.0 ). ( 22.9 ). ( 8.3 ). Fee and commission expense. ( 399.8 ). ( 694.1 ). Depreciation and amortisation of tangible and intangible assets. ( 132.0 ). ( 33.1 ). ( 165.1 ). Staff expenses. ( 297.6 ). ( 297.7 ). ( 595.3 ). Other expenses Total expenses Profit before taxation Income tax expense Net profit for the period. ( 31.2 ) 0.9. ( 1,093.0 ). ( 424.0 ). ( 330.5 ). 33.1. ( 721.4 ). ( 9,267.7 ). ( 4,021.9 ). 71.8. ( 13,217.8 ). 838.6. 559.4. ( 139.1 ). ( 142.1 ). 699.5. 417.3. 1,398.0 ( 281.2 ) 1,116.8. Net profit attributable to minority interests. 21.6. 8.1. 29.7. Net profit attributable to shareholders. 677.9. 409.2. 1,087.1. 9,857.0. 4,533.1. 249.3. 48.2. ( 71.8 ). 225.7. 10,106.3. 4,581.3. ( 71.8 ). 14,615.8. Total income from external customers Total income internal Total income. 14,390.1. 33. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.

(34) Interim Financial Statements. First nine months 2005 Life. Non-life. Eliminations. Total. Income Interest income. 1,787.4. 282.0. ( 46.7 ). 2,022.7. Insurance premiums. 5,815.7. 3,574.3. ( 10.3 ). 9,379.7 561.1. Dividend and other investment income. 495.4. 77.2. ( 11.5 ). Share in result of associates and joint ventures. 56.4. 17.6. 0.1. Realised capital gains (losses) on investments. 307.8. 85.2. Other realised and unrealised gains and losses Fee and commission income Income related to investments for unit-linked products Other income Total income. 74.1 393.0. 32.9. 6.3. 168.0. 147.9. ( 19.2 ). 39.2. 129.8. 236.3. ( 23.1 ). 343.0. 11,429.5. 4,426.8. ( 110.7 ). 15,745.6. 2,636.1. 296.7 2,636.1. Expenses ( 401.5 ). ( 36.2 ). 46.7. ( 391.0 ). Insurance claims and benefits. ( 5,969.0 ). ( 2,507.4 ). 5.3. ( 8,471.1 ). Charges related to unit-linked products. ( 3,092.8 ). Change in impairments Fee and commission expense. ( 10.8 ) ( 283.5 ). ( 3,092.8 ) 6.9 ( 647.9 ). ( 3.9 ) 19.3. ( 912.1 ). Depreciation and amortisation of tangible and intangible assets. ( 128.1 ). ( 32.7 ). ( 1.4 ). ( 162.2 ). Staff expenses. ( 294.5 ). ( 310.1 ). ( 0.7 ). ( 605.3 ). Other expenses Total expenses Profit before taxation Income tax expense Net profit for the period. ( 398.7 ). ( 293.9 ). 41.6. ( 651.0 ). ( 10,578.9 ). ( 3,821.3 ). 110.8. ( 14,289.4 ). 850.6. 605.5. ( 212.8 ). ( 176.3 ). 637.8. 429.2. 0.1. 1,456.2. 0.1. 1,067.1. ( 389.1 ). Net profit attributable to minority interests. 16.3. 7.5. Net profit attributable to shareholders. 621.5. 421.7. 11,196.2. 4,377.8. 233.3. 49.0. ( 110.7 ). 171.6. 11,429.5. 4,426.8. ( 110.7 ). 15,745.6. Total income from external customers Total income internal Total income. 34. 0.4 ( 0.3 ). 24.2 1,042.9. 15,574.0. WorldReginfo - b8dc5a5b-793b-4a50-b76f-85b87fdc15b0. Interest expense.