ageas (AGS) Corporate presentation summary

Business profile and 2025 performance

• Diversified life, non-life and reinsurance operations across Europe and Asia; 2025 gross inflows were €19.6bn and group insurance result was €1,761m.

• 2025 net operating result was €1,355m, adjusted for a €300m one-off deferred tax impact in China using a 25% FY25 tax rate assumption.

• Belgium held 28% life and 17% non-life market shares; 2025 combined ratio was 90.5% before the quota share reinsurance programme.

• Asia reported €860m net operating result in 2025; Belgium, Europe, Asia and third-party reinsurance contributed 44%, 22%, 29% and 5% of gross inflows, respectively.

Elevate27 strategy

• Strategy centers on profitable growth, technical insurance and operational excellence, and distribution excellence and customer experience.

• Growth priorities include ageing-society solutions, SME, retail P&C, reinsurance and a more locally driven Health & Protection approach.

• Enablers include technology, data and AI, people and sustainability, with focused group synergies and OpCo-led execution.

• FY25 non-financial progress included 45.8% women in senior and middle management, ESG products at 34% of GWP and top-quartile performance in three ESG ratings.

Financial targets and progress

• Elevate27 targets average EPS growth of 6%-8% in 2025-2027, HFCF cash view above €2.6bn and shareholder remuneration cash view above €2.2bn.

• The 2027 EPS target is €8.00-€8.50; FY25 EPS was €8.80, up 30%, including the €300m one-off deferred tax benefit in China.

• FY25 gross inflows reached €19.6bn, with growth in Asia, Portugal and the UK and third-party reinsurance contribution beginning in 2023.

• Recurring cash upstream reached €949m in 2025, with a 7% CAGR across 2017-2025.