Ageas reports full-year 2025 results
Strong performance in a transformational year for Ageas
INFLOWS
NETOPERATINGRESULT
HOLDINGFREECASH FLOW
GROSSDIVIDEND2025
EUR 19.6 billion
EUR 1.65 billion
EUR 774 million
EUR 3.75
+9% vs 2024
+33% vs 2024
+19% vs 2024
+7% vs 2024
Hans De Cuyper, CEO Ageas, comments:“2025 was a landmark year for Ageas – a year in which we strengthened the foundations of our Group and delivered results that speak to the resilience and ambition of our strategy.”
“The acquisition of esure, which positions us as the 3rd largest personal lines insurer in the UK, and securing the full ownership of Belgium’s number one insurer AG marked important steps in shaping the future profile of Ageas. The two transactions align with our diversification strategy, which centres on expanding our consolidated, cash-generating entities in Europe, sustaining a strong presence in growing Asian markets, and establishing Reinsurance as an overarching business.”
“Our Elevate27 strategy also gained real momentum, enabling us to raise our financial targets twice during the year and making meaningful progress on key strategic initiatives such as ageing, SMEs, and expanding our use of Data & AI.”
“In terms of inflows, we managed to deliver a marked 9% growth, with the excellent commercial performance of the Life business standing out, generated by all regions. Our Net operating result soared 33% to EUR 1.65 billion boosted by an outstanding Non-Life performance, supported by every segment. The Life result benefited from an improved Life margin in Belgium and Europe and a renewed tax basis in China. The strong results and consistently increasing cash upstream from the business allow us to propose to our shareholders, a total gross cash dividend of EUR 3.75, fully in line with our commitment.”
“I am equally proud of the progress we made on sustainability and the positive recognition we have earned from both our employees and customers, reflecting our ongoing commitment to fostering a supportive workplace and delivering outstanding customer service. Our portfolio of sustainable products continued to grow, as is the trust of our customers and employees wherever we operate. Our ESG ratings demonstrate these significant achievements, as we rank in the top quartile with three of the five rating agencies we engage with.”
“I want to extend my sincere thanks to all our customers for their confidence, to our partners for the continued strong collaboration, to our shareholders for their ongoing support, and above all to our employees across the Group. Their daily commitment and passion are what turn our strategy into reality. Together, we can be proud of what we have achieved in 2025, and we are ready to harvest on this strong momentum in the years ahead.”
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BNP Paribas Group sells its stake in AG Insurance and formalises long term partnership with Ageas
On 7 December, the BNP Paribas and Ageas Groups signed a framework agreement.
Centered on the Belgian bancassurance operations between AG Insurance and BNP Paribas Fortis, this partnership renews a long-standing exclusive collaboration and provides a sustainable framework for the activity’s accelerated development, particularly in the digital space. This partnership covers savings, protection and property & casualty insurance, and brings together BNP Paribas Fortis and AG Insurance’s expertise, as the leading insurer in Belgium, to serve their clients.
AG Insurance and BNP Paribas Asset Management are also entering into a long-term investment partnership in certain asset classes, leveraging BNP Paribas Asset Management’s new offering for insurers and pension funds, following its recent integration with AXA IM.
In this context, Ageas is consolidating its position in its core Belgian market, while purchasing BNP Paribas Fortis’ 25% stake in AG Insurance for a total amount of EUR 1.9 billion.
BNP Paribas Cardif, BNP Paribas’ insurance subsidiary, owning currently a 14.9% stake in Ageas, will make a EUR 1.1 billion contribution to Ageas capital. Based on an agreed price of EUR 60 per share, BNP Paribas Cardif would hold a 22.5% stake in Ageas, upon completion of the transaction.
As a long-term shareholder, the BNP Paribas Group will thereby strengthen Ageas’ capacity for growth while preserving its autonomy and independence.
The deal is expected to be finalised in 2Q26, after obtaining the necessary regulatory approvals.
This transaction would result in a net capital gain after tax of EUR 820 million in 2026 and a positive impact after pay-out on the CET1 ratio of +5 basis points. In addition, the BNP Paribas Group net income would increase on a recurring annual basis by EUR 40 million.
Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas, stated:
“We see significant potential in the growth prospects of BNP Paribas Fortis’ bancassurance business through the partnership with AG Insurance, as well as the deployment of our new asset management platform’s expertise created through the combination of BNP Paribas AM and AXA IM. We are also pleased to support Ageas’s long-term development, under the chairmanship of Bart De Smet and the leadership of Hans De Cuyper.”
Hans De Cuyper, Chief Executive Officer of Ageas, said:
“I am pleased to announce this new important milestone for Ageas and another significant step in implementing our Elevate27 strategy. Taking full ownership of AG enables us to further advance our Belgian operations, building on the re-confirmed bancassurance partnership with our long-standing partner, BNP Paribas Fortis. Only 1 year into the strategic cycle, this transaction marks the second occasion on which we have been able to raise our financial targets under Elevate27. We continue to chart our own path as a Group, with BNP Paribas as a committed shareholder who supports our vision and actively contributes to the growth of our business. I wish to extend my sincere gratitude to the management of BNP Paribas for their trust in Ageas.”
Στην BNP Paribas το 9% της ασφαλιστικής ageas έναντι 730 εκατ. ευρώ
Η BNP Paribas υπέγραψε συμφωνία με τον κινεζικό όμιλο Fosun για την εξαγορά του περίπου 9% του μεριδίου της στη βελγική ασφαλιστική ageas έναντι 730 εκατ. ευρώ (777 εκατ. δολάρια).
Πρόκειται για δύο μακροχρόνιους συνεργάτες μέσω κοινής συμμετοχής στην AG Insurance, την κορυφαία ασφαλιστική του Βελγίου. Η ageas κατέχει το 75% και η BNP το υπόλοιπο 25%.
«Η ageas βλέπει με ικανοποίηση ότι η BNP Paribas αναγνωρίζει, μέσω αυτής της επένδυσης, την αξία της συνεργασίας της μακροπρόθεσμα και τις δυνατότητες της εταιρείας για το μέλλον», ανέφερε η βελγική ασφαλιστική.
Τον περασμένο μήνα, η ageas εγκατέλειψε τα σχέδιά της για την εξαγορά της Direct Line αφού η βρετανική ασφαλιστική εταιρεία κατοικιών και αυτοκινήτων απέρριψε μια αναθεωρημένη προσφορά εξαγοράς ύψους 3,17 δισεκατομμυρίων λιρών (3,95 δισεκατομμυρίων δολαρίων) από τη βελγική ασφαλιστική εταιρεία.
Η δήλωση της BNP σχετικά με το μέγεθος της συμμετοχής και την αξία της συμφωνίας διέφερε ελαφρώς από μια ξεχωριστή δήλωση της Fosun.
Η Fosun International δήλωσε στο Χρηματιστήριο του Χονγκ Κονγκ ότι συμφώνησε στις 12 Απριλίου να πωλήσει έως και 15.401.253 μετοχές της ageas, που αντιπροσωπεύουν ποσοστό 8,19% του βελγικού ασφαλιστή, στην BNP Paribas Cardif, θυγατρική της γαλλικής τράπεζας, έναντι ποσού έως 670 εκατ. ευρώ.
BNP Paribas has signed an agreement with Fosun Group to acquire its stake in ageas
BNP Paribas Group announces the signature, through its insurance subsidiary BNP Paribas Cardif, of an agreement to acquire Fosun Group’s stake of approximately 9% in ageas.
The acquisition will be performed in two tranches:
4.8% of the issued shares in the coming days
The balance following the receipt of mandatory regulatory approvals.
The total consideration is estimated to approximately 730 million euros, corresponding to a marginal impact on BNP Paribas Group’s Common Equity Tier 1 (CET1) ratio of approximately 2 basis points.
BNP Paribas Group, through BNP Paribas Fortis, benefits from a partnership with ageas, through AG Insurance (AGI), the leading insurer in Belgium. This partnership is materialized by an exclusive distribution agreement for Life and Non-Life insurance between AGI and BNP Paribas Fortis and by a stake of 25% (plus one share) held by the latter in AGI. BNP Paribas Group acquisition of a minority stake in ageas does not modify any term of this historic and strategic partnership.
Ageas completes the acquisition of majority stake in the Indian Life insurance joint venture Ageas Federal Life
Ageas announced that it has completed the acquisition of the remaining 25% stake of IDBI Bank in the Indian Life insurance joint venture Ageas Federal Life Insurance Company Ltd. (AFLIC).
With this transaction, Ageas increases its interest in the joint venture, that it has operated to date together with IDBI Bank and Federal Bank, to 74%. Federal Bank maintains its 26% stake in AFLIC. IDBI exits as a shareholder but remains a distribution partner.
Ageas acquires the additional 25% stake for a total cash consideration of INR 5.8 billion (EUR 73 million) *. As from Q4 2022, AFLIC will enter into the consolidation scope for both IFRS and Solvency II. Under IFRS, this transaction is considered a step acquisition, hence the previously held interest of 49% is treated as if it had been disposed of and generates a non-cash capital gain of EUR 50 million. The impact of the transaction on the Group’s solvency position is neutral.
Ageas, IDBI Bank and Federal Bank established the Life insurance joint venture IDBI Federal Life Insurance Company Ltd at the end of 2006, and since that time its gross inflows have grown consistently to reach EUR 247 million** in 2021. Within six years the company was profitable and has continued to be, generating a net profit of EUR 9 million** in 2021.
* Based on: 1 EUR = 79.43 INR as per 19/09/2022** FX FY 2021
Ageas is a listed international insurance Group with a heritage spanning almost 200 years, offering Retail and Business customers Life and Non-Life insurance. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 40,000 people and reported annual inflows close to EUR 40 billion in 2021 (all figures at 100%).
Ageas appoints new CEO and Chairman
Today, Ageas announces that, subject to the necessary approvals, Hans De Cuyper will succeed Bart De Smet as CEO of Ageas with effect from 22 October 2020. At the same time, Bart De Smet will become the Chairman of the Group replacing Jozef De Mey who recently announced his decision to step down.
With Hans De Cuyper, the current CEO of Ageas’s Belgian subsidiary AG Insurance, Ageas appoints an experienced leader and people manager with extensive knowledge of the Group and the insurance sector. Through various senior management positions held in both Asia and Belgium Hans is extremely well equipped to bring the best of both cultures together and to successfully lead Ageas in the next phase of its development.
Hans joined the company in 2004 as Director Insurance Management Asia in Hong Kong. In 2007, he moved to Malaysia as Chief Financial Officer in Etiqa Insurance & Takaful, the joint venture between Maybank and Ageas. From 2011 until 2013, he was Chief Executive Officer for Etiqa and member of the Executive Committee of Maybank, the leading Malaysian bank. In September 2013, Hans returned to Belgium to take up the role of Chief Financial Officer of AG Insurance, Ageas’s Belgian subsidiary. Since 1 October, 2015, Hans held the position of Chief Executive Officer of AG Insurance and consequently CEO of the ‘Belgium’ segment within the Group.
Bart De Smet joined the company in 1998 as a member of the management committee of Fortis AG (now AG Insurance) with responsibility for Fortis Employee Benefits. In 2005, he took charge of the Non-Life business and Broker Channel at Fortis Insurance Belgium, assuming the position of CEO of Fortis Insurance Belgium in 2007. In June 2009 he became CEO of Fortis, which was renamed Ageas in 2010. Under his leadership, the legacies from the financial crisis were resolved and Ageas transformed into a strong and independent international insurance Group.
As newly appointed CEO, Hans will be proposed as member of the Ageas Board at the Shareholders’ Meeting of 22 October 2020. Following his appointment as CEO of Ageas, the selection process to appoint a new CEO for AG Insurance has been launched.
In the coming months, Bart and Hans will continue to work closely with their respective executive teams to support a smooth transition of responsibilities.
Both appointments are subject to the approval of the National Bank of Belgium.
Commenting on the appointments Jozef De Mey says: “I would like to congratulate Hans on his appointment as the new CEO of Ageas. The Board is confident that Hans’s extensive experience both in Europe and Asia will ensure that the company is well prepared for the future and ready to embark on the next exciting stage in its evolution.
I take this opportunity to also congratulate Bart on being appointed as Chairman of the Board of Ageas. On behalf of the Board, I would like to thank Bart for his exemplary performance as CEO for more than a decade. His leadership has been truly inspirational, and we know he will continue to add enormous value to the Group as Chairman.
It is testament to the breadth of management talent within the Group that both appointments have been filled internally following a full and independent review that assessed a range of internal and external candidates as part of our succession planning process.”
Hans De Cuyper: “I am honored to have been given this opportunity to lead the company through the next chapter in its history and I am grateful for the trust the Board has shown in me. Under Bart’s leadership, Ageas has transformed itself over the past decade into a successful independent international insurance group. I am looking forward to working together with the team that has written this amazing story over the last 10 years. I also want to thank the Executive Committee and all my colleagues at AG Insurance for all the great work! You never failed to deliver on your promise to the Group. I am eager to catch up with our developments in Asia since I left the region in 2013, and to guiding our businesses across Europe and Asia into a bright future. I’m excited about the many opportunities that lie ahead of us and to continuing the great work”
Bart De Smet: “As I look back on my tenure as CEO I do so with much pride. I had an incredible team of people behind me, and together we delivered on our promises. In accepting the role of Chairman of the Board of Ageas Group, I am pleased that I will continue to be a part of the Ageas growth story and to witness even more success in the coming years. I congratulate my successor and wish him well for the future. These are exciting times in our industry, and also challenging times for society, but I feel confident that under Hans’s leadership we will continue to deliver what our stakeholders expect from us.”
Ageas: Ant Middle replaces Chief Customer Officer with two new appointments
In his first month as CEO for Ageas UK, Ant Middle has created two new positions to replace his former Chief Customer Officer role.
Caroline King has been appointed Customer Operations Director, assuming responsibility for front line sales and service operations alongside the business-wide customer service strategy. Caroline joined Ageas in 2014 with extensive experience of leading customer operations within the industry. In her time with Ageas, she has significantly transformed the company’s front line sales and service function, delivering both financial benefits and award-winning customer delivery.
A Chief Distribution Officer will be appointed to lead both Ageas’s intermediated and direct to customer distribution channels. Significant progress has been made in the recruitment of this role, with the appointment to be announced in the coming months. The role will work with Mark Auchterlonie, Darren Whittaker and Russell White, who were appointed as Directors of Distribution last year further cementing Ageas’s commitment to the intermediated market.
Commenting on the appointments, Ant said: As I take on the role of CEO, my priority is to lead Ageas to emerge strongly from the current situation. We remain financially strong, we have a sound strategy, and the priorities we set out at the start of the year remain highly relevant. If anything, our experience in recent months has enhanced our focus on some elements of our strategic development, not least our desire to grow profitably over time and maintain our reputation for customer service and claims excellence.
I welcome the broad and valuable experience that Caroline brings to the executive team, ensuring both the customer and our customer facing colleagues are at the forefront of the strategic decisions we make. I am well advanced in the process of recruiting for the Chief Distribution Officer and look forward to announcing that news in the near future.
The appointments are subject to the usual regulatory approvals.
Post Office Insurance and Ageas enter exclusive home insurance partnership
Post Office Insurance and Ageas Insurance have agreed a new five year partnership to offer a range of home insurance products to new and existing customers. These have been designed to offer Post Office customers a choice of cover options.
Built from scratch, with customer need at the heart of the proposition, the new products offer three different levels of cover supported by a data driven, reduced question set, refreshed mobile first journeys and a clear policy wording.
Ed Dutton, Managing Director of Post Office Insurance, said:
“We have a close and enduring partnership with Ageas built up over many years and so we knew they were the people who could make insurance easy for our customers.”
“For us this isn’t just a new range of products it’s a completely different approach as we’ve now got an Ageas trained in-house team to deliver our customer sales and service.”
“This new product offering and exciting partnership offers us a significant platform to grow in one of our core verticals and we look forward to working with Ageas to build a substantial presence in this market.”
Ant Middle, Ageas’s Chief Customer Officer, said:
“Post Office Insurance is a well-known brand and we’re proud to be chosen as its trusted partner to continue to deliver its home insurance proposition. The teams on both sides have worked tremendously hard to create a fresh portfolio of products that make home insurance easy for Post Office customers.”
In addition to the core product underwritten by Ageas Insurance, Post Office is also partnering with a range of innovative businesses to support customers at all points. Premium Credit Limited will provide the premium finance offering, a new dedicated contact centre will be provided by FirstSource and refreshed ancillary products with enhanced cover levels will be underwritten and serviced by DAS UK.
Ageas reports on Q3 results
Net Result
– Nine months net result stood at EUR 877 million versus EUR 656 million thanks to the Asian Life business and the strong Non-Life performance in Belgium and Continental Europe.The revaluation of the RPN(i) liability had a EUR 106 million positive impact on the year-to-date Group net result.
– Q3 net result significantly up from EUR 214 million to EUR 271 million
– Q3 Life net result doubled from EUR 90 million to EUR 182 million driven by Belgium and AsiaNet result in Non-Life fell from EUR 99 million to EUR 86 million mainly due to the challenging UK Motor market
Inflows
– Nine months Group inflows (at 100%) of EUR 28.5 billion, up 11%, scope-on-scope
– Q3 Group inflows (at 100%) of EUR 7.5 billion, up 13%, scope-on-scopeLife inflows up 14% to EUR 5.9 billion and Non-Life up 9% at EUR 1.7 billion (both at 100% and scope-on-scope)
– Q3 Group inflows (Ageas’s part) up 2% at EUR 3.2 billion, scope-on-scope
Operating Performance (at nine months)
– Combined ratio at 94.7% versus 95.1%
– Operating Margin Guaranteed at 81 bps versus 93 bps but on track to reach target range of 85 bps to 95 bps
– Operating Margin Unit-Linked stable at 26 bps
Balance Sheet
– Shareholders’ equity at EUR 11.2 billion or EUR 58.58 per share
– Group Solvency IIageas ratio at 199% despite the continuing decrease in yield curve
– General Account Total Liquid Assets at EUR 1.6 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 September increased by 2% to EUR 73.2 billion
A complete overview of the figures can be viewed on the Ageas website.
Ageas CEO Bart De Smet said: « We delivered another solid operating performance this quarter. The net result continued to benefit from our strict Asset Liability Management in our European operations and the prudent valuation methodology of our assets.Thanks to the positive impact of the Chinese equity markets in the third quarter, we were able to realise important capital gains. We are equally very satisfied with the strong increase in inflows achieved in most segments this quarter and since the beginning of the year.»
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