Press release

Ageas reports 9M 2018 result

  • Solid result
  • Strong sales momentum in Belgium and China
  • Expanding Non-Life presence in growth markets
9M 2018
Net Result
  • Group net result at EUR 656 million versus EUR 360 million
  • General Account net result of EUR 8 million negative versus EUR 326 million negative
  • Insurance net result down 3% to EUR 664 million versus EUR 686 million due to the low level of net capital gains
  • Group inflows (at 100%) at EUR 27.4 billion, up 3% at constant exchange rate Group inflows (Ageas's part) slightly up at EUR 11.2 billion (including 2% negative foreign exchange impact)
  • Life inflows up 2% to EUR 22.8 billion and Non-Life stable scope-on-scope at EUR 4.5 billion (both at 100%)
Operating Performance
  • Combined ratio at 95.1% versus 94.9% despite adverse weather in Belgium and the UK in the first half of 2018
  • Operating Margin Guaranteed at 93 bps versus 106 bps
  • Operating Margin Unit-Linked stable at 26 bps
  • Life Technical Liabilities of the consolidated entities stable at EUR 73.6 billion
Balance Sheet
  • Shareholders' equity at EUR 9.4 billion or EUR 47.82 per share
  • Insurance Solvency IIageas ratio at 206% and Group Solvency IIageas ratio at 215%
  • General Account Total Liquid Assets stable at EUR 1.8 billion
  • Strong growth in inflows in both Life and Non-Life. Adverse weather in the first half and lower capital gains impacted net result
  • Continued improvement. Good operating performance driven by Motor and despite adverse weather impact in the first half
Continental Europe
  • Strong scope-on-scope Non-Life result. Good performance in Life despite lower Unit-Linked sales
  • Strong upward trend in sales in China and good result though impacted by equity impairments

All 9M 2018 figures are compared to the 9M 2017 figures unless otherwise stated.

Ageas CEO Bart De Smet said: "The solid results we realised over the first nine months demonstrate that we are well on track to deliver on our Ambition2018 promises. They also represent a strong basis for the commitments made for the next 3 years under Ageas's strategic plan Connect21. An excellent third quarter in Non-Life underscored a good performance across all of our businesses leading to a strong 9 months Non-Life result notwithstanding the adverse weather in the first half of the year. In Life, growth in inflows continued, although the result was impacted somewhat by lower net capital gains in Belgium and the recent challenging equity markets in Asia. On the M&A front, the acquisition of a 40% stake in Royal Sundaram General Insurance Co. Limited in India, that we announced today, gives us a strong foothold in the large and fast growing Non-Life market in India. Together with the recent sale of our minority stake in Cardif Lux Vie in Luxemburg, this illustrates our determination to prioritise growth markets and Non-Life activities."