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Ageas reports good first quarter results 2021

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Ageas reports goodfirst quarter results 2021

  • Good start to the year
  • All segments contributing to the strong net result
  • Sound commercial performance in both Life and Non-Life

Net Result
  • The Group net result was EUR 296 million driven by a solid operating performance in both Life and Non-Life
  • Insurance net result increased from EUR 113 million to EUR 318 million
  • Net result in Non-Life amounted to EUR 91 million compared to EUR 24 million in last years’ first quarter
  • Life net result of EUR 227 million compared to EUR 89 million last year
Inflows
  • The Group inflows (at 100%) were up 6% to EUR 12.6 billion
  • Life inflows (at 100%) were up 4% to EUR 10.4 billion driven by Asia and Belgium
  • Non-Life inflows (at 100%) were signicantly up to EUR 2.2 billion including EUR 355 million contribution of Taiping Re
Operating
Performance
  • Excellent Combined ratio at 91.7%
  • Operating Margin Guaranteed at 92 bps and Operating Margin Unit-Linked at 34 bps. Both margins within the target range
Balance Sheet
  • Shareholders’ equity at EUR 11.7 billion or EUR 62.71 per share
  • Group Solvency IIageas ratio remained strong at 195%
  • General Account Total Liquid Assets as at 31 March 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

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:Both commercially and operationally, Ageas performed strongly in the first quarter of 2021. The growth in inflows both in Life and Non-Life and the overall solid operating performance reflects the resilience of our business and our people in a world still affected by Covid. The strong first-quarter performance gives us confidence that we can strengthen our guidance to EUR 900 – 950 million.

“We have also welcomed new colleagues from AvivaSA in Turkey. The investment we made in AvivaSA, provides us with a balanced Life and Non-Life presence in the fast-growing Turkish market. And in the UK, we say goodbye but also thank you to the employees of Tesco Underwriting, wishing them every success in the future development of their business.”

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