Ageas reports first half-year 2021 results

Ageas reportsfirst half-year2021 results

• Strong commercial performance across the business
• Marked increase in Life result
• Continued strong combined ratio
  
  

These financial statements as at 30 June 2021 do not include the impact of the July 2021 floods in Belgium
Net Result	The Group first half-year net result was EUR 407 million Insurance net result increased from EUR 491 million to EUR 521 million year-on-year Net result in Non-Life at the same level as last year at EUR 181 million Life net result amounted to EUR 340 million compared to EUR 310 million last year Group Q2 net result amounted to EUR 111 million
Inflows	Group inflows (at 100%) increased 11% to EUR 22.2 billion Life inflows (at 100%) increased 9% to EUR 18.1 billion driven by Asia and Continental Europe Non-Life inflows (at 100%) increased 18% to EUR 4.1 billion mainly thanks to the inclusion of Taiping Re and strong growth in Belgium Q2 inflows (at 100%) increased by 19% from EUR 8.1 billion to EUR 9.6 billion
Operating Performance	Excellent combined ratio at 93% Operating Margin Guaranteed at 86bps and Operating Margin Unit-Linked at 35bps. Both within the target range
Balance Sheet	Shareholders’ equity at EUR 11.4 billion or EUR 61.11 per share Group Solvency IIageas ratio remained strong at 196% General Account Total Liquid Assets at 30 June 2021 at EUR 1.2 billion Life Technical Liabilities excl. shadow accounting of the consolidated entities up 1% compared to end 2020 to EUR 74  billion
Belgian floods	Total cost related to the claims of our customers with respect to the July floods in Belgium is estimated to be as high as EUR 0.4 billion Impact on the Group’s net result is expected to be EUR 55 million (after tax and net of reinsurance)

A complete overview of the figuresand comparison with previous year can be found on page 5 of this press release and on the Ageas website.
Key figures and main highlights on the segments can be found in the Annexes of this press release

AgeasCEOHans De Cuypersaid: “Our businesses continue to post healthy commercial and operational performances in both Europe and Asia. We are seeing a reduced operational impact of disruption caused by the COVID pandemic, though it is still affecting our inflows. In Life, our inflows are gradually recovering to pré-COVID levels. In Non-Life we are posting a remarkable growth thanks to the inclusion of Taiping Re and strong growth in Belgium. The underlying results over the first half of the year are stable, but the next quarter results will be impacted by the catastrophic floods in Belgium. We remain confident that we can maintain the net profit guidance from the beginning of the year, EUR 850mn to 950mn, reviewing the positive adjustment made in the wake of our very strong Q1 results.
The recent floods in Belgium and other parts of Europe have devastated so many communities. We are committed to do everything we can to support our clients, some of whom have lost family or loved ones with their home destroyed or severely damaged. These recent events re-emphasise the importance of long term commitments to our environment and its impact on societies, an area where Ageas is committed to be at the forefront.”

Attachment

• Read the full press release

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.