Ageas announces appointment of Chief Operating Officer and management changes

Tue Jan 8, 2013 11:41am EST

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Ageas communicated at its 2012 Investor Day its strategic choices and financial targets towards
2015. To reflect the importance Ageas is placing on execution and delivery, a new role of Chief
Operating Officer (COO) has been created. The role will report to Bart De Smet, Group CEO of
Ageas. The COO will be responsible for the implementation of the Group strategy, the achievement
of the targets set by Ageas at its Investor Day in 2012 and the further realization of knowledge
transfer and sharing of best practices within the Group. The four Business CEOs (Belgium, United
Kingdom, Continental Europe and Asia) will report to the COO. As a consequence of this appointment
the Group CEO will be in a position to further strengthen his focus on the strategic development
of Ageas and on the relationships with investors, partners and the external market. Bart De Smet
will continue to be actively involved in a number of operating entity Boards.

Barry Smith, currently Business CEO of Ageas UK has been named to the new position of COO with
immediate effect. This appointment recognizes Barry Smith's significant contribution to the Group,
together with his development and leadership of the UK business over the past 11 years. 

Andy Watson, currently MD of Ageas UK Retail, has been appointed to the role of Business CEO for
Ageas UK replacing Barry Smith. Andy joined Ageas in 2010 and is well respected within Ageas UK.
He brings with him a wealth of experience from other  leading UK insurance companies such as
RBS/Direct Line, HSBC and Cooperative Insurance, where he covered both manufacturing and retailing
as part of his remit. 

Commenting on the appointments, Bart De Smet, Ageas Group CEO said:

"As we expand our business in Europe and Asia, we are delighted to appoint excellent and proven
business leaders such as Barry Smith and Andy Watson to take us through the next stage of our
development together with the other members of the Executive and Management Committees of Ageas.
They bring talent and expertise to our Group and a track record of delivering strong results which
I'm confident will continue in their new roles. Appointing such experienced internal candidates is
a positive reflection on the strength of Ageas's management team."

An updated chart with the composition of the Executive Committee and the Management Committee of
Ageas is attached. The composition of the Executive Committee remains unchanged and Andy Watson
will join the Management Committee.

Ageas is an international insurance Group with a heritage spanning more than 180 years. Ranked
among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business
activities in Europe and Asia, which together make up the largest share of the global insurance
market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and
Asia and served through a combination of wholly owned subsidiaries and partnerships with strong
financial institutions and key distributors around the world. Ageas operates successful
partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and
Thailand and has subsidiaries in France, Hong Kong and UK. It is the market leader in Belgium for
individual life and employee benefits, as well as a leading non-life player, through AG Insurance,
and in the UK, it has a strong presence as the fourth largest player in private car insurance and
the over 50's market. It employs more than 13,000 people and has annual inflows of more than EUR
17 billion. 


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New management structure 
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