AGS Ageas SA/NV

Ageas first quarter 2019 result

Ageas first quarter 2019 result

  • Strong growth of inflows
  • Good net result in line with last year’s result
  • New internal Non-Life reinsurance agreements implemented
First quarter 2019
Net Result
  • Net result of EUR 251 million versus EUR 248 million
  • General Account net result of EUR 7 million negative versus EUR 52 million negative
  • Life net result down 11% to EUR 223 million versus EUR 252 million due to timing differences on capital gains

    Although stable operating performance, net result in Non-Life down 27% from EUR 48 million to EUR 35 million due to one-off expenses
Inflows
  • Group inflows (at 100%) of EUR 12.8 billion, up 8%

    Life inflows up 9% to EUR 11.1 billion and Non-Life up 3% at EUR 1.7 billion (both at 100%)
  • Group inflows (Ageas’s part) up 11% at EUR 4.9 billion
Operating

Performance
  • Combined ratio at 98.3% versus 98.8%
  • Operating Margin Guaranteed at 88 bps versus 137 bps due to timing difference in the investment income
  • Operating Margin Unit-Linked at 18 bps versus 32 bps due to costs related to a succesful commercial campaing in Belgium
  • Life Technical Liabilities of the consolidated entities increased to EUR 75.9 billion
Balance Sheet
  • Shareholders’ equity of EUR 10.2 billion or EUR 52.05 per share
  • Group Solvency IIageas ratio at 194% not yet including the benefit from the new debt issue
  • General Account Total Liquid Assets at EUR 1.5 billion, out of which EUR 0.7 billion is ring-fenced for the Fortis settlement

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

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

 

Attachment

EN
15/05/2019

Underlying

AGSAgeas SA/NV

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Ageas SA/NV

Marc Zwartsenburg ... (+2)
  • Marc Zwartsenburg
  • CEFA
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV ... (+10)

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...

BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
WKL WOLTERS KLUWER NV
LOTB LOTUS BAKERIES NV
DIE D'IETEREN SA
ASM ASM INTERNATIONAL N.V.
ROYAL VOPAK NV
AED AEDIFICA SA
THEON THEON INTERNATIONAL PLC
02/16/26 February 16, 2026 1 EN
ING Helpdesk
  • ING Helpdesk
AGS AGEAS SA/NV
XIOR Xior Student Ho... ... (+6)

Benelux Morning Notes

Aalberts: Preview: Another quarter in no man's land? / Ahold Delhaize: Confirms the acquisition of Delfood / AGEAS: China – state to inject capital into insurers / AkzoNobel: Tepid 4Q25 results and FY26 outlook / D'Ieteren: Belgian car registrations down 19%, 65% of 2019 level, VW down only 5% / Xior Student Housing: Sound organic trends continue, two-year guidance revealed

AGS AGEAS SA/NV
XIOR XIOR STUDENT HOUSING N.V.
DIE D'IETEREN SA
AALB AALBERTS N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AKZA AKZO NOBEL N.V.
02/03/26 February 3, 2026 1 EN
David Vagman ... (+16)
  • David Vagman
  • CFA
  • Dirk Verbiesen
  • Francesca Ferragina
  • Jason Kalamboussis
  • Marc Hesselink
  • CFA
  • Marc Zwartsenburg
  • CEFA
  • Maxime Stranart
  • Michiel Vereycken
  • Quirijn Mulder
  • Reg Watson
  • CFA
  • Thymen Rundberg
  • Tijs Hollestelle
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV ... (+10)

ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...

We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...

BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
WKL WOLTERS KLUWER NV
LOTB LOTUS BAKERIES NV
DIE D'IETEREN SA
ASM ASM INTERNATIONAL N.V.
ROYAL VOPAK NV
AED AEDIFICA SA
THEON THEON INTERNATIONAL PLC
01/28/26 January 28, 2026 1 EN
Jason Kalamboussis
  • Jason Kalamboussis
AGS AGEAS SA/NV

Ageas/Shaking shackles, coming together/BUY

Moving away from dependence on Asian earnings (now c.30%), while carefully managing its M&A path, we believe AGEAS is well positioned to see an earnings acceleration in the coming years. China upstreams are coming through, while the share price of its Chinese partner CTIH has doubled in 12 months. BNP PARIBAS has increased its stake in the Group (from c.15% to c.23%) at the same time moving out of the Belgian entity AG, and the Belgian government is looking at options to increase its 6.3% stake....

01/28/26 January 28, 2026 1 EN
Ahmed Ben Salem ... (+3)
  • Ahmed Ben Salem
  • Emira Sagaama
  • Oddo Sustainability Team
FP TOTAL SE
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
AFX CARL ZEISS MEDITEC AG
AGS AGEAS SA/NV
KOMB KOMERCNI BANKA A.S.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
REP REPSOL SA
BKT BANKINTER SA
BP. BP P.L.C.
SHEL SHELL PLC
01/23/26 January 23, 2026 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch