Belgian insurer Ageas has reported strong financial results for 2024, achieving its financial targets and delivering a 10% increase in total inflows.
It posted a net operating result of €1.24 billion, reaching the upper half of its guidance range. The insurer’s return on equity stood at 16.3%, while its net result amounted to €1.12 billion. Operational capital generation exceeded €2 billion for the first time, reaching €2.2 billion, while operational free capital generation stood at €1.5 billion.
The company reported a balance sheet with a Pillar II Solvency II ratio of 218%, well above its target level. Its general account total liquid assets amounted to €1.07 billion at the end of 2024.
Total inflows rose to €18.5 billion, reflecting a 10% increase at constant exchange rates and scope. Life insurance inflows grew by 9% to €11.7 billion, driven by renewed growth in Belgium and Europe and continued solid performance in Asia. Non-life inflows increased by 14% to €6.8 billion, supported by strong growth across all segments and product lines.
In Belgium, inflows rose by 5%, with non-life increasing by 8%. Life inflows also returned to growth, increasing by 3%. In Europe, excluding France, inflows surged by 24%, with life growing by 53% and non-life by 18%. Asia’s inflows rose by 7% at constant exchange rates, with significant contributions from China, Malaysia, and India.
Ageas reported a strong non-life combined ratio of 93.3%. The life guaranteed margin stood at 149 basis points, while the unit-linked margin was 41 basis points. The company’s net operating result for life was €909 million, while non-life contributed €454 million, a 17% increase from 2023.
In light of its financial performance, Ageas has proposed a total gross cash dividend of €3.50 per share for 2024, an 8% increase from the previous year. This includes a final dividend of €2.00 per share, following an interim dividend of €1.50 already paid in December 2024.
Looking ahead, Ageas expects a cash upstream from its business of €850 million to €900 million in 2025. The company anticipates a net operating result of €1.3 billion, assuming stable financial markets and no significant weather-related events.
“We grew inflows considerably, increased the profitability of our business, and secured a net operating result of €1.24 billion at the upper half of our guidance, while maintaining a strong cash and solvency position. This strong performance enables us to announce a total gross cash dividend of €3.50 for 2024, consistent with our Impact24 commitment,” stated CEO Hans De Cuyper.
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