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Ageas publishes Q1 2022 numbers

Ageas publishes Q1 2022 numbers | Insurance Business UK

Ageas publishes Q1 2022 numbers

Results season isn’t over just yet, with Belgian insurance group Ageas taking its turn to release the company’s key figures for the first quarter of 2022.

Here’s how the insurer performed in the three-month period:

Segment

Net result Q1 2022

Net result Q1 2021

Belgium

€121.8 million

€101.3 million

Europe

€74.4 million

€47.4 million

Asia

€39.1 million

€147.6 million

Reinsurance

€3.5 million

€22.1 million

General account & elimination

€33.1 million

€(22.5 million)

Group

€271.8 million

€295.9 million

 

‘Europe’ is the new segment within Ageas that combines previously separate units Continental Europe and the UK.

By insurance type, life contributed €145 million to the group’s net result. The sum represents a decrease from last year’s €227 million. Non-life, meanwhile, saw an increase from €91.4 million in Q1 2021 to €93.8 million this time around.

In terms of operating performance, the firm’s combined ratio stood at 96.7%. Additionally, Ageas’ balance sheet shows a strong Solvency II ratio of 203%.

“I am pleased to see that we have made a good start to the year commercially in both life and non-life and across all regions,” commented Ageas chief executive Hans De Cuyper, whose camp posted higher group inflows during the quarter.

Both up 5%, life and non-life inflows amounted to €3.5 billion and €1.4 billion, respectively.

“In a difficult economic environment, including the ongoing impact of COVID in China and of course the conflict at the borders of Europe touching us and the entire world deeply, Ageas is continuing to deliver as a trusted insurer for so many,” said the CEO.

“Even against the background of volatile financial markets, inflation, and storms, the business continues to perform on track, giving us confidence for the year ahead.”