Ageas reports full year 2022 results
- Group net result at EUR 1,011 million
- Strong operating performance thanks to an excellent performance in Non-Life Belgium and underlying result in Asia, and a high Operational Free Capital Generation in all regions
- Successful liability management action on the Fresh contributed EUR 146 million to the result
- Proposed final gross cash dividend of EUR 1.50 per share, bringing the total dividend to EUR 3.00 per share
| Key Figures |
| Result |
- Group net result at EUR 1,011 million
- Group net result excluding RPN(i) amounted to EUR 871 million
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| Inflows |
- Group inflows were up 2% to EUR 16.4 billion with increases in both Life and Non-Life
- Life inflows increased by 1% to EUR 11.3 billion mainly driven by new business in China
- Non-Life inflows were up 4% to EUR 5.1 billion mainly thanks to Belgium and Asia
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| Operating Performance |
- Combined ratio stood at 96.5%, including a 4.3 pp impact from adverse weather events in Belgium and the UK
- Operating Margin Guaranteed stood at 91 bps and Operating Margin Unit-Linked amounted to 36 bps
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| Balance Sheet |
- Shareholders’ equity amounted to EUR 7.6 billion or EUR 41.29 per share
- Group Solvency IIageas ratio improved to 218%, well above the Group’s risk appetite
- The Operational Capital Generation and the Operational Free Capital Generation respectively amounted to EUR 1,791 million and EUR 1,172 million, evidencing the strong operating performance of the Group
- General Account Total Liquid Assets as at 31 December 2022 stood at EUR 0.6 billion
- Life Technical Liabilities excl. shadow accounting of the consolidated entities were at EUR 74 billion,down 1% compared to end 2021
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Hans De Cuyper, CEO Ageas says: “ 2022, the first year of our Impact24 strategy, was a challenging year, but also one in which Ageas again delivered a solid performance. Commercially we continued to make progress thanks to Asia and the Non-Life business. And as a result of the strong operating performance reported in all regions, the Group’s net results exceeded EUR 1 billion. The Group’s solid balance sheet allows Ageas to offer shareholders a total gross dividend of EUR 3,00 over 2022. Throughout the year, we also took important steps in delivering on our Impact24 strategic ambitions in terms of growth, commercial excellence, integration of data & technology and sustainability. As a result, our non-financial and sustainability targets, reported for the first time, showed good progress on many fronts. I’m very grateful to our people and partners for their valued contribution to this excellent 2022 performance and I want to thank all our stakeholders for their sustained trust in our company. Today, our thoughts are with the people of Türkiye and Syria who lost relatives and friends in the devastating earthquake. Together with our Turkish partner Sabanci, we are providing support wherever we can and decided to donate financial support for an amount of EUR 1 million for immediate support and to fund recovery projects in the longer term. “
| Impact24 – Q4 Initiatives |
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- East West Ageas Life launched its Agency Channel in the Philippines as part of the Group’s ambition to grow its core business.
- Benefitting from the partnership between Ageas and eBaoTech, Ageas Federal Life Insurance Company Ltd. (AFLIC) built a new digital sales B2B2C distribution channel in a noticeably short timeframe as a complement to its traditional channels, which helps keep the company relevant and future proof.
- To offer customers services beyond insurance and to develop new engines for growth, AG, Belgian’s market leader in health insurance, teamed up with Doktr, the developer of a health app that allows patients to digitally connect with health care providers.
- In line with the Group’s strategy to leverage the strengths of digital platforms, Ageas UK, in a new electronically traded partnership, launched a car insurance proposition on the insurance panel of Yoga, a fully self-service online insurance broker.
- Ageas joined the UN-convened Net Zero Asset Owner Alliance, the first Belgian asset owner to do so.
- Ageas Re started to write inward treaty business from unaffiliated insurers, underwriting premiums at the upper end of the EUR 20- 30 million guidance
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