Zoom in on Ageas's 2024 performance across business segments

• Inflows increased by 5% thanks to strong growth in Non-Life (+8%) and were supported by Life inflows that returned to growth (+3%). New business sales and price increases equally contributed to Non-Life inflow growth. Life inflows rose thanks to higher Group Life & Invest sales. 

• Life Guaranteed margin stood at a very strong 98 bps significantly above the target range, driven by an excellent insurance result. The Unit-Linked margin reached 45 bps, up compared to last year, surpassing the target range. 

• The Non-Life Combined ratio stood at a strong 91.8% and included the weather impact that was in line with the long-term average (-2.8pp) but higher compared to last year (-2.1pp).  

• The Net Operating Result amounted to a solid EUR 468 million with EUR 330 million from Life and EUR 139 million from Non-Life. The decrease compared to last year is explained by an exceptionally strong Non-Life result in 2023 that benefited from high prior year releases in Accident & Health. The solid operational performance and margin improvement were also reflected in an Operational Capital Generation of EUR 651 million. 

• Inflows increased 24% at constant scope (excluding France) thanks to solid growth recorded in both Life and Non-Life. Life inflows strongly recovered in 2024 increasing 53% at constant scope. This growth was driven by new savings products in Portugal while inflows from Türkiye almost doubled thanks to progress in all business lines. Non-Life inflows increased 18%, recording double-digit growth in all countries. The strong growth in the UK (+21%) was driven by expansion of the customer base and premium growth primarily in Motor. Inflows in Portugal were up 11% with growth in all business lines supported by repricing actions in Health Care and Motor.   

• The Life Guaranteed margin increased significantly to 343 bps thanks to an excellent insurance result in Türkiye, while the Life Unit-Linked margin increased to 24 bps driven by higher fees. 

• The Non-Life Combined ratio stood at 94.8%. The substantial improvement compared to last year was mainly the result of a strong technical performance in the UK. 

• The Net Operating Result rose significantly compared to last year amounting to EUR 203 million, EUR 85 million of which came from Life and EUR 119 million from Non-Life. This sizeable increase compared to 2023 is attributable to a strong result recorded in the UK and Türkiye. 

• Asia recorded a strong commercial performance in 2024 with inflows up 7% at constant exchange rates. The solid growth was driven by high persistency, a continued good sales momentum in China and very strong growth in Malaysia and India.  

• In Non-Life, inflows increased 3% at constant exchange rates mainly supported by strong sales in Malaysia. New Business contributed EUR 682 million to the CSM, leading to an Operating CSM movement of EUR 409 million, which is a strong increase compared to last year. 

• The Net Operating Result in Asia amounted to a solid EUR 527 million. This included a EUR 8 million negative impact from the adverse evolution of the foreign exchange rates. However, it benefitted from a strongly improved insurance result in Life, supported by an increased contribution from short-term life and experience variances, and a higher investment result, which, in turn, was more than offset by higher tax. The business growth and strong contribution in China translated into an Operational Capital Generation of EUR 1.3 billion. 

• Reinsurance protection inflows increased 52% thanks to strong growth in new non-proportional external premiums related to the third-party reinsurance business via Ageas Re. 

• The Combined ratio of the Protection business was 80.6%, an improvement compared to last year thanks to the absence of significant weather events and overall business growth, which resulted in lower claims.  

• The total Net Operating Result of the Reinsurance segment increased to EUR 164 million. It was significantly up compared to last year thanks to the improved result recorded in the capital management business in the UK and the strong profitable growth observed in the protection business. 

• During the 1 January 2025 renewal campaign Ageas Re successfully expanded its book of business with 29%, writing EUR 145 million compared to EUR 110 million last year whilst maintaining underwriting margins and improving diversification. Ageas Re maintained a healthy balance between Property and Casualty for the 2025 renewals. 

You are reading an article that is part of our Annual Report 2024.