Business delivering resilience, stability, and growth opportunities for Ageas

Did you know?

Reinsurance, Investments, Real Estate and Interparking have a lot in common and it’s why within Ageas they are grouped together organisationally, with the Asset Liability Management function being the link between the two sides of the balance sheet. While each is a distinct business line with its own strategy and targets, together they help strengthen the Group’s resilience, creating stability and opportunities for growth.

Turning the spotlight this year on Ageas Re, 2025 saw this relatively nascent business continue to establish itself as a dynamic force in the reinsurance market. Combining strategic vision with a commitment to talent, diversification, and agility, Ageas Re is attracting attention for its entrepreneurial spirit and rapid growth.

PEOPLE as a strategic asset

Ageas Re believes that people make the difference. The ability to draw in top talent has been a key driver from the very beginning.

Early on, Ageas Re onboarded the experienced Latam team, to provide a solid start to coverage of the Latin American market. And more recently, Asia enjoyed a boost with the appointment of a seasoned reinsurance professional for liaising with our Asian clients based in Hong Kong, bringing over 30 years of experience. In support of Ageas Re’s push into speciality lines and further geographic expansion, Ageas Re boosted the team in 2025 with more than 20 experienced professionals.

From a business that began with an exclusive focus on Property Catastrophe reinsurance, the business has since expanded into Casualty, and more recently into several speciality lines including Engineering, Agriculture and Credit & Bonds. At every stage, the initial focus is on hiring the right team, starting small, and testing the market before increasing the investment and capital allocation.

DIVERSIFICATION as a balancing asset

Diversification is another cornerstone of Ageas Re’s strategy. This means not only expanding across sectors and geographies, but also carefully balancing proportional and non-proportional business. Proportional business allows Ageas Re to take a fixed percentage of premiums and claims such as Quota Share treaties vs non-proportional business whereby the reinsurer covers losses only above a defined threshold.

In the short-term, Ageas Re is working towards an equal weighting between property, casualty and speciality lines and a portfolio consisting of two thirds proportional business and one third non-proportional business.

Diversification also means seizing opportunities to enter new markets in different ways. In 2025, Ageas Re partnered with another insurer in connection with the Italian Motor Insurance business distributed by Italian Insurtech Prima. Under this agreement, Ageas Re took a 45% Quota Share on the Prima business, meaning it assumes 45% of both premiums and claims. This collaboration has enabled Ageas to enter a promising European growth market in Non-Life insurance and achieve profitable growth through a partner with a strong market position. With this transaction, Ageas Re has gained the necessary experience to onboard large blocks of business and will replicate similar transactions in the future.

AGILITY as an adaptive asset

Being agile and alert to change can take many forms. Among others it allows us to adapt the capital allocation to ensure the right investment at the right time based on market trends and expected returns.

In 2025, in response to the softening of the Property Catastrophe market, Ageas Re adjusted its capital allocation ahead of the 2026 January renewal season in favour of increasing investment in speciality lines. Being agile in this way allows Ageas Re to accelerate growth while protecting the portfolio.

Agility also means building the right partnerships. Close collaboration over the past year with Taiping Re in China has allowed Ageas to leverage the strength of Taiping Re’s vast experience in Asia while Taiping Re tapped into Ageas’s expertise. Another example is the whole account quota share on Ageas’s third-party business with Cardif Re whereby Cardif Re benefits from Ageas’s technical expertise.

Three business lines united by common characteristics

Reinsurance, Investments, Real Estate, Interparking and ALM share similar characteristics and this underpins their success. All rely on top highly specialised talent; all embrace at their core the concept of diversification; and the ability to navigate changing markets is second nature. Those characteristics allowed Interparking to successfully join forces with Saba in a strategic alliance that created a major pan-European parking operator. Meanwhile AG Real Estate continued to navigate the current market by investing in diverse assets from offices and retail to warehouses and car parks. And in Investments, Ageas, through its subsidiary AG, entered a long-term investment partnership with BNP Paribas Asset Management focusing on specific asset classes.