Ageas announces full-year financial results

Source

FY22 net result

FY21 net result

Belgium life

€324 million

€322 million

Belgium non-life

€140 million

€79 million

Europe life

€58 million

€57 million

Europe non-life

€59 million

€123 million

Asia life

€250 million

€362 million

Asia non-life

€(6 million)

€40 million

Reinsurance life

–

€1 million

Reinsurance non-life

€32 million

€86 million

RPN(i)

€140 million

€(101 million)

Ageas life

€632 million

€742 million

Ageas non-life

€225 million

€328 million

Group net result in 2022 stood at €1.01 billion, an increase from 2021’s €845 million.

Commenting on the numbers, chief executive Hans De Cuyper said in a release: “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 €1 billion.”

The CEO, whose camp is donating €1 million following the Turkey-Syria earthquake, added that Ageas’s solid balance sheet allows the insurance group to offer a total gross dividend of €3 per share to shareholders over 2022.

“Throughout the year,” highlighted De Cuyper, “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.”

Ageas employs 40,000 people and operates in 14 countries including Portugal, Turkey, France, the UK, and nine countries in Asia.