Ageas has published its financial results for the first half of 2025, reporting inflows of €10.5 billion, a 4% increase at constant exchange rates compared to the same period last year.
The group’s net operating result for the period reached €734 million, yielding a return on equity of 18.6%. Management expects the full-year net operating result to be between €1.3 billion and €1.35 billion, including esure, provided there are no significant adverse weather events or major market volatility. Cash upstream for 2025 is projected at €940 million, up 17% from the previous year.
The esure transaction, expected to close in the second half of 2025, will create what the company expects to be the third-largest personal lines insurance provider in the UK, with a portfolio of over 2.1 million policies and annual gross written premiums exceeding £1 billion.
The Life segment saw inflows rise by 6% at constant exchange rates, with growth recorded across all regions. In Belgium, Life inflows increased by 10%, supported by improved unit-linked sales in the bank channel following a commercial campaign. Europe also posted growth, with Türkiye’s performance offsetting lower sales in Portugal.
“In addition to these strong results, I am incredibly proud that our efforts in sustainable entrepreneurship continue to be recognised, as evidenced by our significantly improved scores with two leading ESG rating agencies, ISS and Sustainalytics,” CEO Hans De Cuyper (pictured above) said.
Non-Life inflows increased in most markets, with Belgium up 5% due to tariff increases and portfolio growth. Asia recorded a 3% rise in Non-Life inflows, while Europe saw an 8% decline, attributed to a focus on profitability over volume in the UK motor market and reduced exposure in certain segments.
The Non-Life net operating result was €263 million, up 31% year-on-year, and the combined ratio for the group stood at 92.1%. The reinsurance third-party business continued to expand, with inflows up 49%, supported by a quota share agreement with Triglav Group related to Italian insurtech Prima.
The net operating result for the period translated into a net result of €677 million. The CSM at the end of June was €9.0 billion, down from last year due to foreign exchange effects. Comprehensive equity at the end of June was €83.78 per share, reflecting a decrease from the end of 2024, mainly due to the increased number of shares following the esure acquisition.
Total comprehensive equity was €16.0 billion, consisting of €8.1 billion in shareholders’ equity, €1.1 billion in unrealised real estate gains and losses, and €6.8 billion in after-tax CSM from the Life business. The comprehensive equity position remained stable compared to the end of 2024, supported by the net operating result, operating CSM movement, and capital increase, which offset the negative impact of foreign exchange.
In December, Ageas also entered a 20-year partnership with Saga to manage motor and home insurance operations. The agreement includes the acquisition of Saga’s underwriting business, Acromas Insurance Company Limited, for £65 million. The partnership, which is set to launch in late 2025, will see Ageas take responsibility for pricing, underwriting, claims handling, and customer servicing, while Saga retains control over branding and direct marketing.
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