- Strong operating performance
- Net result affected by equity market evolutions
- Proposed gross cash dividend of EUR 2.20
Full Year 2018 |
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Net Result |
- Group net result of EUR 809 million versus EUR 623 million. Gross cash dividend increased by 5%
- General Account net result of 12 million versus EUR 337 million negative
- Insurance net result down 17% to EUR 797 million versus EUR 960 million due to scope changes and equity market declines
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Inflows |
- Group inflows (at 100%) of EUR 34.4 billion, up 3.6% at constant exchange rate Group inflows (Ageas's part) slightly up at EUR 14.5 billion (including 1% negative foreign exchange impact)
- Life inflows up 3% to EUR 28.4 billion and Non-Life down 4% at EUR 5.9 billion (both at 100%)
|
Operating Performance |
- Combined ratio at 94.3% versus 95.2% despite adverse weather in Belgium, Portugal and the UK
- Operating Margin Guaranteed at 88 bps versus 93 bps
- Operating Margin Unit-Linked at 25 bps versus 27bps
- Life Technical Liabilities of the consolidated entities stable at EUR 73.4 billion
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Balance Sheet |
- Shareholders' equity of EUR 9.4 billion or EUR 48.42 per share
- Insurance Solvency IIageas ratio of 202% and Group Solvency IIageas ratio at 215%
- General Account Total Liquid Assets stable of EUR 1.7 billion, out of which EUR 0.7 billion is ring-fenced for the Fortis settlement
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Belgium |
- Very strong performance notwithstanding adverse weather and lower net capital gains
|
UK |
- Significantly improved result due to pricing, underwriting and cost discipline
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Continental Europe |
- Strong scope-on-scope performance in both Life and Non-Life
|
Asia |
- Strong commercial and operating performance with profit strongly impacted by equity market declines
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All full year 2018 figures are compared to the full year 2017 figures unless otherwise stated.
Ageas CEO Bart De Smet said: " We have achieved a very solid result for the year despite significant equity market declines, achieving 5 out of 6 strategic goals, with an excellent combined ratio across all segments. Based on our continued good financial performance, improved solvency and strong cash generation we propose a gross cash dividend of EUR 2.20, an increase of 5%. We are also very pleased that the finalisation of the Fortis settlement and the launch of re-insurance activities at holding level have resulted in several agencies improving our credit rating by three notches to solid investment grade."