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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ageas
ageas (AGS) investor relations material
ageas Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor update summary8 Oct, 2026
Elevate27 delivery and financial targets
2025–2027 average EPS growth target remains 6%–8%; 2027 EPS target is EUR 8–8.50, now expected at the upper end after two upgrades.
FY26 net operating result guidance is >EUR 1.95bn; 2025–2027 HFCF target is >EUR 2.6bn and shareholder remuneration target >EUR 2.2bn, with progressive DPS growth of 6%.
EPS growth drivers: 4%–6% business growth, 2%–3% margin expansion and 0%–1% capital redeployment; discounted combined ratio target ~92% by 2027, excluding exceptional adverse weather.
Divested a 30.95% Etiqa stake for EUR 1.1bn cash consideration, generating a EUR 464m net capital gain.
Portfolio and growth priorities
Portfolio actions strengthened competitive positions and scale, invested for long-term growth and crystallized value through the Malaysia sale; pro forma net operating results rise 13% and recurring upstream 24%.
Full ownership of AG Insurance and renewed bancassurance agreement with BNP Paribas Fortis; UK expansion through esure and an exclusive 20-year Saga agreement.
FY25 gross inflows reached EUR 19.6bn; Belgium outgrew its market, Europe benefited from Türkiye, Portugal and esure, and reinsurance grew as planned.
Longevity initiatives target >EUR 2bn of additional Life and Pension liabilities by 2027, with progress on track to exceed the ambition; >EUR 100m of maturing liabilities retained through the nearly-retired program. SMEs represent ~25% of Non-Life inflows and are expanding.
More than 300 AI use cases are running; initiatives generated ~EUR 54m in benefits and are on track to deliver one-third of the EUR 75m–100m Insurance Result increase.
Europe performance
Europe represented ~22% of inflows, 20% of net operating profit and ~22% of cash upstream in 2025; post-M&A contribution is expected to reach ~25%.
Europe net operating result CAGR was 49% from 2022 to 2025, with cumulative NOR of EUR 806m; Non-Life CAGR was 69% and Life CAGR 27%.
Portugal ranked #2 in Life with 18.2% market share, #3 in Non-Life with 14.3%, and #1 in Pension with 31.4%.
Türkiye ranked #1 in Private Pension AuM with 19.3% share and #1 in Life and Personal Accident with 13.4% share; private pension business grew 48% in H1 2026 YoY, with AuM nearly doubled.
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Latest events from ageas
- Insurance growth and strong solvency offset lower Group profit and RPN volatility.AGS
H2 2013 - Net profit rose 30% as Non-Life strength lifted results despite equity impairments.AGSH2 2018
- UK charges and the Fortis settlement drove profit sharply lower despite 6% inflow growth.AGSH2 2016
- Record €960m Insurance profit and a 24% higher proposed dividend, despite settlement costs.AGSH2 2017
- Insurance profit and inflows advanced; General Account losses lowered Group profit.AGSH2 2014
- Record €979m result and proposed €2.65 dividend, with UK Motor and rate pressures.AGSH2 2019
- Elevate27 targets 6%-8% EPS growth through 2027, with €2.6bn+ HFCF.AGSCorporate presentation
- Net Operating Result up 6% to EUR 776m on 17% higher inflows and robust segment growth.AGSH1 2026
- EUR 1.1 billion MAHB stake sale delivers EUR 450 million gain and 25-point solvency boost.AGSStatus update
Next ageas earnings date
H2 202624 Feb, 2027
ageas
Next ageas earnings date
H2 202624 Feb, 2027
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Frequently asked questions
Ageas SA/NV is a multinational insurance group with a strong presence in Europe and Asia, engaging in the provision of a wide range of insurance services. The company operates across several segments, including Belgium, Europe, Asia, Reinsurance, and General Account, primarily offering property, casualty, life insurance products, and pension products. Its life insurance portfolio covers risks related to life and death, while its non-life insurance offerings encompass accident and health, motor, fire, and other damages to property. Ageas focuses on serving private individuals as well as small, medium-sized, and large companies, distributing its products through independent brokers and bank channels. The company is headquartered in Brussels, Belgium, and its shares are listed on the Brussels Stock Exchange.