Ageas reports full-year results 2023

Ageas

Ageas reports full-year results 2023

• Excellent commercial performance in Non-Life across all segments and double-digit growth in Life in China

• Net Operating Result at EUR 1,166 million, reflected by an excellent Operational Capital Generation

• Cash position increased significantly to EUR 959 million

• Proposed total dividend of EUR 3.25 per share, up more than 8%. Final dividend of EUR 1.75 per share

Key Figures (Group)
Result	Net Operating Result of EUR 1,166 million, representing a 16.2 % Return on Equity Net Result of EUR 953 million Operational Capital Generation of EUR 1,803 million Operational Free Capital Generation of EUR 1,162 million
Inflows (at constant exchange rate)	Inflows grew 8% at constant exchange rates, amounting to EUR 17.1 billion driven by the excellent commercial performance in Non-Life and strong sales in Life in China Life inflows stood at EUR 11.2 billion with lower inflows in Belgium and Europe, compensated by growth in Asia Non-Life inflows grew 17 % at constant exchange rates and stood at EUR 5.9 billion thanks to increases across all segments
Operating Performance	Combined ratio of 93.3%, Guaranteed Margin of 124 bps and Unit Linked Margin of 39 bps
Balance Sheet	Comprehensive Equity of EUR 15.6 billion or EUR 85.04 per share Pillar II Solvency II ratio improved, reaching 217%, well above the Group’s risk appetite General account Total Liquid Assets as at 31 December 2023 stood at EUR 959 million Life Liabilities excl. UG/L stood at EUR 84.7 billion

An overview of the figures and comparison with previous year can be found on page 7 of this press release and on the Ageas website.

Impact24 -- Non-financial and Sustainability Achievements

Due to the continued sustainability efforts throughout the company, Ageas improved its ratings with five out of the six ESG rating agencies that follow the Group. Several Group entities were awarded for their efforts in the field of Human Resources, which supports Ageas’s ambition to be a “Great place to Grow” for its employees. Ageas introduced several initiatives to strengthen its core business and distribution channels, improve customer experience, and integrate new technologies.

Hans De Cuyper, CEO Ageas, commented: “In 2023, we delivered a strong commercial performance. This was mainly driven by a remarkable growth in Non-Life across the Group and by the strong Life activities in China, while Reinsurance also successfully concluded its 1 January 2024 renewal campaign. The solid margins in Life and the strong combined ratio in Non-Life confirm the operational strength of our business now and going forward. In meeting our commitments with regards to the Net Operating Result, we are proud to announce a total gross cash dividend of EUR 3.25 over 2023, in line with our engagement under Impact24. Regarding the progress on our Impact24 strategy, again in 2023, we took important steps in delivering on our ambitions in terms of growth, commercial excellence, integration of tech & data, and sustainability. As a result, we made good progress against our non-financial and sustainability targets on many fronts, which was also recognised by the outside world, as evidenced by the rating increase throughout the year by five of the six ESG rating agencies that follow us. I’m very grateful to our dedicated people and valued partners for their significant contributions to our strong performance in 2023, and I want to thank our investors and customers for their unwavering trust in our company.”

 

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