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Investor Relations14 Oct 2025
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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 €734 million, up 20% year-over-year, driven by strong Non-Life and Life performance, with inflows rising 4% to €10.5 billion, especially in Belgium and Asia.
Upgraded full-year Net Operating Result guidance to €1.3–1.35 billion, including esure, reflecting confidence in operational momentum and Elevate '27 targets.
Interim dividend of €1.5 per share to be paid in December, with upgraded financial targets for holding free cash flow and shareholder remuneration.
Return on Equity improved to 18.6% from 16.3% a year earlier.
Major strategic acquisitions included esure (pending completion) and Saga’s AICL, expanding UK market presence.
Financial highlights
Inflows up 4% at constant FX, with Life inflows growing 6% (Belgium up 10%, Asia up 5%) and Non-Life up in Belgium and Asia but down in Europe.
Net Operating Result of €734 million (up from €613 million YoY); Insurance Result €878 million.
Operational Capital Generation at €1.1 billion; Operational Free Capital Generation at €713 million.
Solvency II ratio at 240% (temporarily elevated), pro forma 205% post-acquisitions; Non-Solvency II participations solvency at 294%.
Shareholders’ equity stood at €8.1 billion; comprehensive equity at €16.0 billion.
Outlook and guidance
Full-year Net Operating Result guidance raised to €1.3–1.35 billion, including esure, assuming a 25% corporate tax rate in China.
Cash upstream from insurance entities projected at €940 million for 2025, up 17% year-over-year and above previous guidance.
Holding free cash flow target increased to over €2.3 billion for the Elevate '27 cycle, with shareholder remuneration target above €2 billion.
EPS growth target maintained at 6–8% despite share issuance.
Interim dividend of €1.5 per share to be paid in December 2025.
Pro forma Solvency II post-acquisitions
2025 cash upstream increase drivers
China product shift impact on Life NB Margin
China tax rate H1 vs H2 dynamics?
Solvency impact of Saga and Taiping Pension?
Drivers of holding free cash flow target upgrade?
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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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