Key-events at Ageas in 2025

Ageas was again recognised as Top Employer in Belgium through AG Insurance, AG Real Estate, Corporate Centre, the UK and Portugal reflecting excellence in its HR practices.

These awards reflect the Group’s approach to wellbeing, diversity, equity and inclusion, leadership, personal growth, and its commitment to building a strong, people-focused culture. Later in 2025, Regional Office Asia was named Best Company to Work For and Most Caring Company.

Ageas expanded its footprint into the Netherlands through its Belgian subsidiary AG Insurance, leveraging the growth opportunity identified in the Dutch Managing General Agent (MGA) market.

The decision to enter the Dutch MGA market aligns with Elevate27 and reflects the strong growth potential in this fast-growing market. With a focus on the SME market, AG Insurance will initially offer Property and Liability insurance to business customers through MGA partnerships (specialist insurance intermediaries authorised by insurers to act on their behalf).

The results of the annual Horizon Scan, based on AI-driven analysis and employee insights were published, highlighting the latest trends shaping the insurance industry.

Once more, Generative AI and AI remain top trends. The analysis also saw an acceleration in digital platforms and embedded insurance, with sustainability and wellbeing also gaining traction.

Ageas delivered strong 2024 results, successfully completing the 3-year strategic cycle Impact24 and meeting all financial targets.

The Net Operating Result reached EUR 1.24 billion, with ROE at 16.3%, and inflows grew 10% to EUR 18.5 billion. The Group maintained a solid solvency ratio of 218% and a holding cash position above EUR 1 billion. A total dividend of EUR 3.50 per share was proposed. Significant progress was also made on sustainability, with 29% of premiums from sustainable products.

esure is a leading digital personal lines insurer with strong positioning on price comparison websites (PCW) in the UK.

The combination of Ageas UK and esure will create the third largest UK personal lines platform with a balanced and diversified distribution spanning Direct, PCW, brokers, and partnerships. The proposed transaction is fully aligned with Ageas’s strategic priorities for M&A in Europe under Elevate27 as it increases Ageas’s presence in a core market. The acquisition enables Ageas UK to accelerate the diversification of its distribution strategy into the important PCW channel in the UK market. Its underwriting footprint will widen Ageas UK’s target customer demographics.

The deal includes a long-term partnership to distribute motor and home insurance under the Saga brand, serving customers over 50.

This strategic move supports the Group’s M&A strategy under Elevate27, leveraging Ageas’s strong European presence in Non-Life, while expanding its scale and multi-channel distribution and accelerating solutions for an ageing population – a strategic driver of Elevate27 – and a fast-growing segment, where Ageas and Ageas UK already hold strong expertise.

Ageas delivered outstanding first-half 2025 results, with inflows up 4% to EUR 10.5 billion and Net Operating Result rising 20% to EUR 734 million.

Operational Capital Generation reached EUR 1.1 billion. Strong results, favourable outlook, and strategic focus enabled an upward revision of Elevate27 targets, including higher holding free cash flow and sustained dividend growth. ESG ratings continued to improve significantly.

AG Real Estate’s daughter Interparking and parking facilities operator Saba have formed a strategic alliance that creates one of Europe’s largest parking networks.

The partnership combines Interparking’s strong presence in Belgium and Europe with Saba’s leadership in Spain and Portugal, creating a network of over 1,200 car parks in 11 countries. This alliance enhances the customer experience through innovation and sustainable mobility, while strengthening market position, with both brands retaining operational independence.

The appointment of Hans De Cuyper as CEO 5 years ago marked the start of a transformative journey for Ageas.

Under the leadership of Hans De Cuyper, the Group has navigated unprecedented challenges, while delivering a strong financial performance and advancing its position as a leading insurer. Key achievements include the successful completion of the largest M&A transaction in Ageas’s history, high customer and employee satisfaction, the close-out of the Impact24 strategy, and strong progress in embedding sustainable solutions to societal issues such as climate change and the insurance gap.

Through this acquisition, Ageas gained full ownership of AG Insurance by acquiring BNP Paribas Fortis’s 25% stake for EUR 1.9 billion^*, reinforcing its position as Belgium’s leading insurer.

This strategic move aligns with Elevate27, ensuring continued growth in Ageas’s core markets while strengthening the existing bancassurance collaboration with BNP Paribas Fortis in Belgium for the distribution of insurance products through its banking network. Ageas and BNP Paribas Group entered into a relationship agreement, providing for, among other things, a limit of up to 25% minus one share for BNP Paribas Group’s shareholding in Ageas.

^* Completion of the transaction is anticipated in the second quarter of 2026, subject to customary regulatory approvals.

Filip Coremans announced his decision to step down as Managing Director Asia, after more than 20 years with the Group.

Karolien brings extensive experience from her previous roles within Ageas, including leadership positions in strategy and international development. Under her leadership, Ageas aims to accelerate expansion in key Asian markets while fostering innovation and partnerships that support long-term sustainable growth.

Ageas continued to strengthen its ESG performance in 2025, achieving notable improvements in ratings from leading agencies.

Sustainalytics raised Ageas’s score to 13.0, ranking the Group ninth among nearly 300 insurers. S&P CSA increased its rating from 55 to 64 out of 100, and ISS improved its rating from 9 to 6 (Note: lower ISS scores reflect a better performance). Ratings from CDP and MSCI ESG remained stable. These advancements secured Ageas a top-quartile position with two of the five agencies it engages with, bringing the Group close to its Elevate27 objective.