Press release

Ageas reports on interim results

  • Solid six months results supported by a strong second quarter
  • Second quarter net result marked by a solid Non-Life performance supplemented by exceptional items in Asia and the UK
  • 9th consecutive buy-back programme launched
Net Result
  • Six months net result stood at EUR 606 million versus EUR 441 million. Good start to the year continued
  • Q2 net result of EUR 355 million versus EUR 194 million
  • Q2 Life net result more than doubled from EUR 121 million to EUR 262 million as a result of an exceptional result in Asia Net result in Non-Life up 48% from EUR 55 million to EUR 81 million driven by strong performances in Belgium and Portugal and by the Ogden release in the UK
  • Six months Group inflows (at 100%) of EUR 21 billion, up 11%, excluding Luxembourg
  • Q2 Group inflows (at 100%) of EUR 8.2 billion, up 7%, excluding Luxembourg Life inflows up 5% scope-on-scope to EUR 6.6 billion and Non-Life up 13% at EUR 1.6 billion (both at 100%)
  • Q2 Group inflows (Ageas’s part) up 4% at EUR 3.5 billion, excluding Luxembourg
Operating Performance
  • Combined ratio at 95.7% versus 97.8%
  • Operating Margin Guaranteed at 79 bps versus 110 bps due to timing difference in the investment income Operating Margin Unit-Linked at 22 bps versus 28 bps
Balance Sheet
  • Shareholders’ equity at EUR 10.2 billion or EUR 53.07 per share
  • Group Solvency IIageas ratio at 201% including the benefit from the new debt issue
  • General Account Total Liquid Assets at EUR 1.7 billion, of which EUR 0.6 billion is ring-fenced for the Fortis settlement
  • Life Technical Liabilities excluding shadow accounting of the consolidated entities at 30 June increased by 3% to EUR 73.9 billion

A complete overview of the figures can be viewed on the Ageas website.

Ageas CEO Bart De Smet said: « Ageas achieved its best half-year result ever. This was thanks to a strong performance in Life and Non-Life, an exceptional result in Asia and the positive impact of the Ogden interest rate review in the UK. With the exception of the UK, where we exited underperforming schemes and maintained our strict pricing policy, inflows at six months continued to progress. Given the Group’s strong solvency and cash position, the Ageas Board has decided to launch the ninth consecutive share buyback programme. On the 28th of July the claims filing period for the Fortis settlement ended. Against the backdrop of an enormous number of claims filed, claims processing and initial payments remain ongoing. We are satisfied with the progress that has been made so far and look forward to being able to close this chapter in the interest of the claimaints, Ageas and its stakeholders.»