Strong performance in a transformational year

In 2025, Ageas sustained its commercial growth, with inflows rising over 9% at constant exchange rate compared to previous year, reaching EUR 19.6 billion.

Life inflows rose 6% at constant exchange rate, with all segments achieving solid growth. In Belgium, inflows increased 6% driven by significantly improved Unit-Linked sales in the Bank channel due to successful commercial campaigns. Europe posted a strong commercial performance (up 21%) with excellent growth in Türkiye and remarkable growth in Portugal thanks to a strong recovery in sales of savings products during the second half of the year. Life inflows in Asia were up 4% at constant exchange rate mainly thanks to a successful strategic transition from non-participating to participating products in China (+4%) as well as strong growth in the emerging markets including India (+11%), Vietnam (+14%) and the Philippines (+31%).

Non-Life inflows were up across all markets and business lines. In Belgium, Non-Life inflows increased 5% driven by portfolio growth and tariff adjustments, while Asia recorded over 7% increase reflecting growth in all countries within the region. Non-Life inflows in Europe increased 6% at constant exchange rate with a continued focus on profitability over volume. Moreover, growth in the UK during the second half of the year was supported by the initial contributions from esure and AICL, notwithstanding the softening market environment.

The Reinsurance 3rd Party Business continued to expand its activities, progressing toward a more balanced portfolio across the various business lines and achieving a significant increase in inflows. This growth was further supported by EUR 630 million inflows resulting from a Quota Share agreement related to the Motor insurance business distributed by Italian Insurtech Prima.

The Group Net Operating Result increased to EUR 1.65 billion. This represents a 19.3% Return on Equity and corresponds to a Net Result of EUR 1.71 billion. The strong result was driven by the outstanding Non-Life result that benefited from benign weather, and by a one-off deferred tax impact in China following a change in the local tax regime. Adjusted for this one-off impact, assuming a 25% tax rate, the Net Operating Result would amount to EUR 1.35 billion, representing a marked year-on-year growth of more than 9%.

The Non-Life performance was strong across all segments, which led to an improved Group combined ratio of 92.5%. This translated into a Net Operating Result for the Non-Life business of EUR 548 million, representing a 21% increase year-on-year. This strong growth was attributable to an excellent performance across all segments and favourableweather conditions in Belgium.

The Life Net Operating Result rose to EUR 1,259 million, representing a significant improvement compared to last year. This growth was achieved despite a weaker investment result, driven by a stronger operating insurance service result reflecting the quality of the business, and the low tax rate in China as already mentioned.

The contribution of New Business to the Contractual Service Margin (CSM) amounted to EUR 695 million, a decline compared to last year due to the strategic product mix transition in China from non-participating to participating products. The Operating CSM movement amounted to EUR 170 million and was mainly driven by Asia. This translated into an Operating CSM growth of 1.8%.

The Life New Business Margin amounted to 7.9%, a decrease compared to last year related to China’s move towards promoting more capital efficient and less interest-sensitive participating products in the low-interest rate environment with comparatively lower margins. Life New Business Margin in Belgium increased.

The CSM at the end of 2025 amounted to EUR 9.4 billion, a decrease compared to last year due to adverse foreign exchange effects.

At the end of December, the Comprehensive equity amounted to EUR 91.85 per share. This represents a significant increase compared to the end of 2024 that resulted from the strong contribution of the Net Operating Result and from the Operating CSM movement, further supported by the capital increase related to the esure acquisition more than compensating the negative impact from foreign exchange. The Comprehensive equity of EUR 17.5 billion is comprised of the sum of the Shareholders’ equity of EUR 9.4 billion, the unrealised gains and losses on real estate of EUR 1.0 billion and the CSM of the Life business (after tax) of EUR 7.1 billion.

Solvency and Capital Generation

Throughout 2025, Ageas maintained its solid solvency position. The Solvency II ratio reached a comfortable 211%, a decrease of 7 percentage points during 2025 mainly related to the recent acquisitions in the UK. The negative market movements stem from the upward yield curve shift. The insurance operations contributed 26 percentage points, more than covering the accrual of the expected dividend (-20 pp). The solvency of the non-Solvency II scope companies stood at 244% driven by the interest rate environment and business evolution in China.

Operational Capital Generation reached EUR 1.9 billion. This included close to EUR 1.2 billion generated by the Solvency II scope companies, a year-on-year increase by 10%, while the General Account consumed EUR 187 million. The non-Solvency II scope entities generated EUR 892 million, down compared to last year on a further drop in interest rates and new business contribution from China related to the shift to participating savings products.

Operational Free Capital Generation, including both the Solvency II and the non-Solvency II scope, amounted to EUR 793 million. Operational Free Capital Generation of Solvency II scope exceeded EUR 1 billion on higher operational capital generation.

At the end of December, the General Account reported total liquid assets of EUR 1.45 billion, marking an increase compared to the previous year primarily due to the EUR 450 million RT1 debt issuance. The acquisition of esure, closed on 30 September, was cash neutral as it was fully funded by external capital. In 2025, the Group insurance entities delivered a cash upstream of EUR 949 million, representing an 18 % increase compared to the previous year. This amount exceeds earlier projections of EUR 850 to 900 million, thanks to higher remittances from Asia.

Successful first year of the Elevate27 strategic cycle

Ageas began its Elevate27 cycle on a very strong note, enabling the company to raise its targets twice in the very first year of the Elevate27 strategy. Thanks to the strong first half 2025 results and the acquisition of the remaining 25% stake in AG Insurance in Belgium, expected to be closed in Q2 2026, the Group could increase the target for Holding Free Cash Flow from EUR 2.2 billion to EUR 2.6 billion by 2027, while the Shareholder Remuneration target, originally set at EUR 1.9 billion, has been raised to EUR 2.2 billion. As for the average earnings per share growth target, Ageas remains committed to achieving a 6 to 8% growth throughout the strategic cycle.

In 2025, Ageas reported earnings per share of EUR 8.80 and generated a Holding Free Cash Flow of EUR 774 million. The proposed gross dividend per share for the fiscal year stands at EUR 3.75, representing a 7% increase in the dividend per share.