Ageas reports first half-year results 2024

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August 28, 2024 1:30 AM EDT

Ageas reports first half-year results 2024

  • Net Operating Result of EUR 613 million fuelled by excellent insurance results in both Life and Non-Life
  • Solid commercial performance underpinned by significant growth in Non-Life along with a marked rise in Life
  • Interim gross cash dividend of EUR 1.50 per share
  • EUR 200 million share buyback announced
Key Figures (Group)
Earnings
  • Net Operating Result amounted to EUR 613 million, representing a 16.4 % Return on Equity
  • Net Result amounted to EUR 642 million
  • Operational Capital Generation amounted to EUR 1.2 billion
  • Operational Free Capital Generation amounted to EUR 934 million
Inflows
(at constant exchange rate and scope)
  • Inflows increased 14% amounting to EUR 10.2 billion
  • Life inflows increased by 10% to EUR 6.5 billion, primarily driven by solid growth in Asia and strong recovery in Europe
  • Non-Life inflows grew significantly by 23% reaching EUR 3.7 billion with growth in most markets and across all business lines
  • Reinsurance completed a successful 1 January 2024 renewals campaign with protection inflows growing in line with the business plan
Operating Performance
  • Combined ratio remained strong at 94.1%
  • Guaranteed Margin stood at 164 bps and Unit Linked Margin amounted to 41 bps
Balance Sheet
  • Comprehensive Equity increased to EUR 15.9 billion or EUR 86.58 per share
  • Pillar II Solvency II ratio slightly improved compared to the full year 2023, reaching 219%
  • General account Total Liquid Assets on 30 June 2024 exceeded EUR 1.3 billion
  • Life Liabilities excl. UG/L stood at EUR 87.7 billion


Impact24 -- Non-financial and Sustainability Achievements

 
   

  • The Ageas share has been included in the BEL®ESG index on Euronext Brussels, thanks to the Group’s continuous efforts in the field of sustainability.
  • Ageas’s Belgian subsidiary AG achieved the Ecovadis Platinum label placing it among the top 1% best performing companies in the world on sustainability.
  • Ageas Corporate Centre along with various operating entities have been awarded for their persistent commitment to creating a Great place to Grow for their employees.
  • Various Ageas entities made good progress in the implementation of Impact24 earning recognition for their dedication to pursuing excellence in customer experience, reflecting the range of products offered, inclusivity, and the application of technology, data, and AI.
 

  

Hans De Cuyper, CEO Ageas said: "Once again we delivered on our Impact24 growth strategy, driven by an excellent overall Non-Life performance and significant growth in Life bolstered by a solid increase in inflows in Asia and a strong recovery in Europe. These excellent insurance results in both Life and Non-Life allowed us to deliver a robust Net Operating Result for the first half of 2024. This places us in a strong position to sustain our full-year guidance for a Net Operating Result of EUR 1.2 to 1.25 billion. And in line with our commitment, we will be distributing an interim gross cash dividend of EUR 1.50 to our shareholders. Furthermore, we decided to launch a new share buyback programme of EUR 200 million. Alongside our operational and financial successes, we are increasingly being recognised for our commitment to our non-financial goals, and as we approach the conclusion of our 3-year strategic plan, we are confident that we will meet all targets set under Impact24."

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