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Ageas reports first half-year results 2022

·3 min read
Ageas
Ageas

Ageas reports first half-year results 2022

  • The strong commercial start continued across the business

  • Excelling on all operating targets

  • Interim dividend of EUR 1.5 per share

Key Figures

Result

 

  • Group net result excluding RPN(i) amounted to EUR 456 million

Inflows

  • Group inflows were up 5% to EUR 9 billion with increases in both Life and Non-Life

  • Life inflows increased by 5% to EUR 6.3 billion driven by Belgium and new business in China

  • Non-Life inflows were up 5% to EUR 2.7 billion mainly thanks to Belgium and Portugal

Operating Performance

  • Combined ratio stood at 94.9%, including 5pp impact from adverse weather events in Belgium and the UK during the first quarter

  • Operating Margin Guaranteed stood at 95 bps and Operating Margin Unit-Linked amounted to 39 bps

Balance Sheet

  • Shareholders’ equity amounted to EUR 9 billion or EUR 49.11 per share

  • Group Solvency IIageas ratio improved to 221%, well within the Group’s risk appetite

  • The Operational Capital Generation and the Operational Free Capital Generation respectively amounted to EUR 844 million and 569 million EUR, illustrating the strong performance of the Group

  • General Account Total Liquid Assets as at 30 June 2022 stood at EUR 1.2 billion

  • Life Technical Liabilities excl. shadow accounting of the consolidated entities were down 3% compared to end 2021 to EUR 73 billion

A complete overview of the figures and comparison with previous year can be found on page 5 of this press release and on the Ageas website. Key figures and main highlights on the segments can be found in the Annexes of this press release.

Impact24 -- Non-financial and Sustainability Achievements

 

  • AG in Belgium has maintained its ‘Towards Sustainability Label’, making AG the biggest provider of Sustainable Financial Insurances in Belgium. Also at AG, all Life insurance products now meet the requirements of Article 8 of the SFDR Regulation.

  • In the UK, Ageas was recognised as Personal Lines Insurer of the Year for the second consecutive year at the independently judged British Insurance Awards.

Hans De Cuyper, CEO Ageas:
“ I am very pleased that we are building further on the positive start we made at the beginning of this year with an exceptionally strong second quarter. Both operationally and commercially, we performed very well across regions and product lines. Also notable is the post-covid sales momentum in most Asian countries.
Thanks to the solid underlying performance in both Europe and the non-controlled partnerships in Asia, reflected in improving Life margins and a strong combined ratio, we feel confident in confirming the outlook of EUR 1 billion net profit for 2022.
Our strong capital position and free capital generation allows us to strengthen the growth commitment we made for our dividend under Impact 24, and consequently we are happy to announce today an interim dividend of EUR 1.5 per share for our shareholders.
Ageas continues to perform well in terms of its core business, and at the same time it is taking important steps in living up to its non-financial commitments under Impact24 in the field of sustainability, climate and health and wellbeing. “

 

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