AGS Ageas SA/NV

Ageas reports on its full year 2019 results

Ageas reports on its full year 2019 results

Ageas reports on its full year 2019 results

  • Best ever full year results
  • Fourth quarter result influenced by RPN(i) revaluation and lower UK result
  • Proposed gross cash dividend up 20% to EUR 2.65
 
Net Result
  • 2019 net result stood at EUR 979 million versus EUR 809 million thanks to the good Non-Life performance in Belgium and Continental Europe and the Asian Life business.
  • Q4 net result fell from EUR 154 million to EUR 102 million mainly due to the RPN(i) revaluation over the quarter offsetting the earlier gains, and the lower UK net result
  • Q4 Life net result increased considerably from EUR 45 million to EUR 174 million driven by Asia and Belgium
  • Q4 Non-Life net result decreased from EUR 88 million to EUR 60 million mainly due to the challenging UK Motor market
Inflows
  • 2019 Group inflows (at 100%) of EUR 35.9 billion, up 11%, scope-on-scope
  • Q4 Group inflows (at 100%) of EUR 7.3 billion, up 9%, scope-on-scope

    Life inflows up 8% to EUR 5.7 billion and Non-Life up 10% at EUR 1.7 billion (both at 100% and scope-on-scope)
  • Q4 Group inflows (Ageas’s part) up 5% at EUR 3.3 billion, scope-on-scope
Operating

Performance
  • Combined ratio at 95.0% versus 94.3%,better than the Group target of 96%
  • Operating Margin Guaranteed stable at 88 bps and well within the target range of 85 bps to 95 bps
  • Operating Margin Unit-Linked up at 28 bps versus 25 bps in 2018 and only just below target range.
Balance Sheet
  • Shareholders’ equity at EUR 11.2 billion or EUR 58.89 per share
  • Group Solvency IIageas ratio stands at 217%. The ratio would have stand at 205% and the cash position at EUR 1.7 billion, taking into account the adjustment following the closing of the successful tender offer for the FRESH securities in January 2020.
  • General Account Total Liquid Assets at EUR 2.2 billion, of which EUR 0.5 billion is ring-fenced for the Fortis settlement
  • End of year Life Technical Liabilities excluding shadow accounting of the consolidated entities increased by 6 % to EUR 77.4 billion
Dividend§  The proposed cash dividend of EUR 2.65 represents a 50% pay-out ratio over a record result and is fully in line with our dividend policy

A complete overview of the figures can be viewed on the .

Ageas CEO Bart De Smet said: « 2019 was a remarkable year for Ageas. We closed the year with the best ever result and an Insurance net results of more than EUR 1 billion, thanks to strong performances in Belgium and Continental Europe supported by an exceptionally high result in Asia. Group inflows were also at an all-time high. Connect21, our new strategic plan took an excellent start achieving all targets but one, where we areclosing the gap. Based on these accomplishments, our solid balance sheet and our capacity to generate cash, the Board of Ageas proposes to increase the dividend significantly to EUR 2.65.

The direct impact of insurance claims related to the 2019-nCoV is expected to be limited. However, the indirect impact coming from the economic slowdown and the volatility in financial markets and interest rates could influence our Asian commercial activity and results.

Additionally to the strong 2019 performance and supported by our improved rating, we modernised our capital structure with the tender on the Fresh securities and the successful issuance of two new debt instruments.

As Connect21 is not only about short term targets but also about the Group’s ambitions and objective to create sustainable economic value for all its stakeholders, the Ageas Board of Directors adopted a new Corporate Governance Charter, confirming the Group’s commitment to live up to its purpose to be a ‘Supporter of your Life’.»

Attachment

EN
19/02/2020

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