Ageas reports first half-year results 2024
August 28 2024 - 1:30AM
UK Regulatory
Ageas reports first half-year results 2024
Ageas reports first
half-year results 2024
- Net Operating Result of EUR 613 million fuelled by excellent
insurance results in both Life and Non-Life
- Solid commercial performance underpinned by significant growth
in Non-Life along with a marked rise in Life
- Interim gross cash dividend of EUR 1.50 per share
- EUR 200 million share buyback announced
|
Key Figures (Group) |
|
Earnings |
- Net
Operating Result amounted to
EUR 613 million,
representing a 16.4 % Return on Equity
- Net Result amounted
to EUR 642 million
- Operational Capital
Generation amounted to EUR 1.2
billion
- Operational
Free Capital Generation amounted to EUR 934
million
|
Inflows
(at constant exchange rate and scope) |
-
Inflows increased 14% amounting to EUR
10.2 billion
- Life
inflows increased by 10% to EUR 6.5
billion, primarily driven by solid growth in Asia and
strong recovery in Europe
-
Non-Life inflows grew
significantly by 23% reaching EUR 3.7 billion with
growth in most markets and across all business lines
-
Reinsurance completed a successful 1
January 2024 renewals campaign with protection inflows
growing in line with the business plan
|
|
Operating Performance |
- Combined
ratio remained strong at 94.1%
- Guaranteed
Margin stood at 164 bps and Unit
Linked Margin amounted to 41 bps
|
|
Balance Sheet |
- Comprehensive Equity
increased to EUR 15.9 billion or EUR 86.58 per
share
- Pillar II
Solvency II ratio slightly improved compared to the
full year 2023, reaching 219%
- General account Total Liquid
Assets on 30 June 2024 exceeded EUR 1.3
billion
- Life
Liabilities excl. UG/L stood at EUR 87.7
billion
|
Impact24 -- Non-financial and Sustainability
Achievements
|
|
|
- The Ageas share has been included in the
BEL®ESG index on Euronext Brussels,
thanks to the Group’s continuous efforts in the field of
sustainability.
- Ageas’s Belgian subsidiary AG achieved the Ecovadis
Platinum label placing it among the top 1% best performing
companies in the world on sustainability.
- Ageas Corporate Centre along with various operating entities
have been awarded for their persistent commitment to creating a
Great place to Grow for their employees.
- Various Ageas entities made good progress in the
implementation of Impact24 earning recognition for
their dedication to pursuing excellence in customer
experience, reflecting the range of products offered,
inclusivity, and the application of technology, data, and AI.
|
Hans De Cuyper, CEO Ageas
said: "Once again we
delivered on our Impact24 growth strategy, driven by an excellent
overall Non-Life performance and significant growth in Life
bolstered by a solid increase in inflows in Asia and a strong
recovery in Europe. These excellent insurance results in both Life
and Non-Life allowed us to deliver a robust Net Operating Result
for the first half of 2024. This places us in a strong position to
sustain our full-year guidance for a Net Operating Result of EUR
1.2 to 1.25 billion. And in line with our commitment, we will be
distributing an interim gross cash dividend of EUR 1.50 to our
shareholders. Furthermore, we decided to launch a new share buyback
programme of EUR 200 million. Alongside our operational and
financial successes, we are increasingly being recognised for our
commitment to our non-financial goals, and as we approach the
conclusion of our 3-year strategic plan, we are confident that we
will meet all targets set under Impact24."
- Read the full press release
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