ageas (AGS) Corporate presentation summary

Group profile and market presence

• Operates as a diversified (re)insurance group across Europe and Asia, with leading positions in Belgium, Portugal, Türkiye, UK, China, Malaysia, and Thailand.

• Maintains a balanced business mix: 44% Asia, 29% Belgium, 22% Europe, and 5% reinsurance by gross inflows.

• Focuses on both life and non-life insurance, with strong local partnerships and distribution channels.

• Holds #1 market positions in Belgium for life, non-life, and real estate; top 5 in key Asian markets.

Financial performance and business mix

• Gross inflows projected at EUR 19.6 bn in 2025, with 38% from life and 62% from non-life insurance.

• Group net operating result expected at EUR 1,355 mio in 2025, adjusted for tax impacts.

• Investment portfolio is high quality, with 98% of sovereign and 99% of corporate bonds investment grade.

• Recurring cash upstream covers dividends and holding costs, with a CAGR of +7% since 2017.

Regional highlights

• Belgium: Market leader with 28.2% life and 17% non-life market share, robust profit levels, and a combined ratio of 90.5%.

• Europe: Stable, profitable markets in Portugal, UK, and Türkiye, with a combined ratio of 94.0%.

• Asia: Fast-growing, with 26 million customers and EUR 860 mio net operating result in 2025.

• Reinsurance: Organic growth and diversification, with a combined ratio of 76.5% for third-party business.