Ageas publishes first-half financials

Ageas publishes first-half financials | Insurance Business Asia

Insurance News

Ageas publishes first-half financials

CEO “proud of the significant achievements” under company’s strategy

Insurance News

By
Terry Gangcuangco

Insurer Ageas has published its financial results for the first half of 2023.

According to the insurance group, which operates in Europe and Asia, here’s how it performed in the period:

Metric

H1 2023

H1 2022

Gross inflows

€9.26 billion

€9.10 billion

Net operating result

€599 million

€723 million

Net result

€531 million

€631 million

Operational capital generation

€1.03 billion

€884 million

Of the net operating result, €297 million came from Asia; €263 million, Belgium; €66 million, reinsurance; and €36 million, Europe.

Commenting on the numbers, Ageas chief executive Hans De Cuyper said in a release: “We delivered a strong first half, with a solid commercial performance in life in China and in non-life across all segments. All operating entities showed resilience under continued turbulence in the financial markets in Europe and China. Thanks to our strong business performance and operational capital generation, we are confident we will reach a net operating result between €1.1 and 1.2 billion for 2023.

“The Ageas board has decided to pay out an interim gross cash dividend of €1.5 per share, and we intend to repeat this on an annual basis going forward. These half-year results are the first under the new IFRS (International Financial Reporting Standards) accounting standards, and we welcome the greater transparency they offer as it better reflects our performance, especially in respect of the contribution made by both our Asian participations and our life business.

“The new standards confirm our strong results and show the solidity of our company with a comprehensive equity of almost €16 billion. Having reached the midpoint of our Impact24 strategy, I am proud of the significant achievements realised so far, and of our resolute approach to delivering against all of our KPIs (key performance indicators).”

The company’s combined ratio for the first half stood at 93.3%.

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