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Ageas releases interim 2021 financial results

Ageas releases interim 2021 financial results | Insurance Business UK

Ageas releases interim 2021 financial results

Ageas has published its financial results for the first nine months of 2021, and it’s a mixed bag for the Brussels-headquartered insurance group.

Here’s how Ageas performed in the nine months ended September 30:

Segment

Net result 9M 2021

Net result 9M 2020

Belgium

€287.9 million

€254.3 million

UK

€49.4 million

€53.9 million

Continental Europe

€91.3 million

€111.4 million

Asia

€303.4 million

€257.4 million

Reinsurance

€44.6 million

€60.1 million

General account & elimination

€(208.9 million)

€256.6 million

Group

€567.8 million

€993.7 million

The negative result under general account was mainly due to the €(123.3 million) impact of RPN(i), a financial instrument held by Ageas that results in quarterly payments being made to, or received from, Fortis Bank.

Meanwhile, of the group net result, €541.1 million came from life insurance while €235.5 million was contributed by non-life. The latter saw a decline from the previous nine-month span; life, on the other hand, grew from €426 million. In the third quarter, Ageas posted a lower net result, at €161.1 million. The corresponding figure in 2020 was €202.7 million.

In the UK, Ageas said continued growth in household largely compensated for the lower motor premiums brought about by the market-wide premium discount as a result of fewer claims. In Belgium, year-to-date inflows posted solid growth in both life and non-life.

Continental Europe, meanwhile, contributed higher sales in the two insurance types, as well. In Asia, despite the resurgence of COVID-19, Ageas continued to enjoy stable operating performance.     

Commenting on the numbers, Ageas chief executive Hans De Cuyper said: “The excellent performance over the third quarter and year-to-date demonstrates the strength of our group. Even though the devastating floods this summer in Belgium and the UK led to claims way in excess of anything we experienced before from a single natural event, the strong results of all our businesses compensated for this.

“This shows the resilience of our group thanks to our geographical spread and our diversified portfolio in life, non-life, and reinsurance. We thus remain confident that we will achieve our profit guidance for 2021 of €850 to 950 million. Furthermore, we are fully on track to reach all the targets of our strategic plan Connect21 and are ready to kick off Impact24, our new strategic plan for 2022-2024.”