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ageas (AGS) investor relations material
ageas H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary27 Aug, 2025
Executive summary
Net Operating Result reached EUR 734 million, up 20% year-over-year, driven by strong Non-Life and Life inflows, robust commercial momentum, and a low tax rate in China; adjusted figure was EUR 665 million excluding these effects.
Inflows rose 4% to EUR 10.5 billion, led by a 6% increase in Life across all regions and strong performance in Belgium and Asia.
Upgraded full-year Net Operating Result guidance to EUR 1.3–1.35 billion, including esure, reflecting confidence in operational momentum and raised Elevate27 financial targets.
Interim dividend of EUR 1.50 per share to be paid in December, in line with dividend policy.
Return on Equity improved to 18.6% from 16.3% a year earlier.
Financial highlights
Life inflows up 6% at constant FX, with Belgium up 10% and China up 5%; Non-Life inflows up 1%, with Belgium Non-Life up 5% and Asia up 3%.
Net Operating Result of EUR 734 million (up from EUR 613 million YoY); Insurance Result EUR 878 million.
Operational Capital Generation reached EUR 1.1 billion; Operational Free Capital Generation was EUR 713 million.
Solvency II ratio at 240% (temporarily elevated), pro forma 205% post-esure and Saga; Non-Solvency II participations solvency at 294%.
Shareholders’ equity stood at EUR 8.1 billion; comprehensive equity at EUR 16.0 billion; combined ratio for Non-Life improved to 92.1%.
Outlook and guidance
Full-year Net Operating Result guidance raised to EUR 1.3–1.35 billion, including esure.
Recurring cash upstream for 2025 expected at EUR 940 million, up 17% year-over-year and above previous guidance.
Holding free cash flow target increased to over EUR 2.3 billion for the Elevate27 cycle; shareholder remuneration target raised to over EUR 2 billion.
EPS growth target maintained at 6–8% despite share issuance.
Guidance assumes no exceptional adverse weather or major market volatility; China tax rate assumed at 25% for the year.
Pro forma Solvency II post-acquisitions
2025 cash upstream increase drivers
China product shift impact on Life NB Margin
How will China's tax rate evolve in H2 2025?
Assess Ageas's M&A firepower for future deals
UK Non-Life market pricing and claims outlook
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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.
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