AGS Ageas SA/NV

Ageas reports first half-year results 2023

Ageas reports first half-year results 2023

Ageas reports first half-year results 2023

  • Net Operating Result of EUR 599 million confirmed by an excellent Operational Capital Generation
  • Net Operating Result came in 30% higher (under new accounting standards), confirming the strength of Ageas’s performance
  • Solid commercial performance in Life in China and in Non-Life across all segments
  • An interim dividend of EUR 1.5 per share will be paid out, consistent with last year
Key Figures (Group)
Result
  • Net Operating Result amounted to EUR 599 million, representing a 16.9 % Return on Equity
  • Net Result amounted to EUR 531 million
  • Operational Capital Generation amounted to EUR 1,026 million
  • Operational Free Capital Generation amounted to EUR 492 million
Inflows

(at constant exchange rate)
  • Inflows were up 6% amounting to EUR 9.3 billion
  • Life inflows up 4%, supported by strong growth in Asia
  • Non-Life inflows were up 11 % and stood at EUR 3.0 billion, increasing significantly across all segments
Operating Performance
  • Combined ratio stood at 93.3%, driven by a strong claims experience across all product lines and an improved expense ratio
  • Guaranteed Margin stood at 116 bps and Unit Linked Margin amounted to 39 bps
 
Balance Sheet
  • Comprehensive Equity amounted to EUR 15.6 billion or EUR 84.96 per share
  • Pillar II Solvency II ratio improved, reaching 220%, well within the Group’s risk appetite
  • General account Total Liquid Assets as at 30 June 2023 stood at EUR 0.8 billion
  • Life Liabilities excl. UG/L stood at EUR 83 billion

An overview of the figures and comparison with previous year can be found on page 5 of this press release and on the Ageas website.

Impact24 -- Non-financial and Sustainability Achievements



 
  



  • MSCI upgraded Ageas’s ESG rating from ‘A’ to ‘AA’, the second highest score and the Group’s 3rd upgrade since 2018, while the ISS rating also improved to an overall score of 7.
  • Ageas’s Belgian subsidiary AG achieved the Ecovadis GOLD label placing it among the top 5% best performing companies in the world for sustainability.
  • In efforts to further diversify and strengthen the Group’s distribution network in Asia, new agency channels and digital platforms were launched
  • Ageas Corporate Centre, AG and AG Real Estate in Belgium and Ageas UK have all been certified “Top Employer”, while Ageas Asia has been awarded “Best Companies to work for in Asia 2023.”
 

Hans De Cuyper, CEO Ageas commented : “We delivered a strong first half, with a solid commercial performance in Life in China and in Non-Life across all segments. All operating entities showed resilience under continued turbulence in the financial markets in Europe and China. Thanks to our strong business performance and Operational Capital Generation, we are confident we will reach a Net Operating Result between EUR 1.1 and 1.2 billion for 2023. The Ageas Board has decided to pay out an interim gross cash dividend of EUR 1.5 per share and we intend to repeat this on an annual basis going forward. These half year results are the first under the new IFRS accounting standards, and we welcome the greater transparency they offer as it better reflects our performance, especially in respect of the contribution made by both our Asian participations and our Life business. The new standards confirm our strong results and show the solidity of our company with a Comprehensive equity of almost EUR 16 billion. Having reached the midpoint of our Impact24 strategy, I am proud of the significant achievements realised so far, and of our resolute approach to delivering against all of our KPIs. To conclude, I would like to thank our finance teams across the Group for their exceptional efforts in ensuring a seamless transition to IFRS 17”.



Attachment



EN
30/08/2023

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