ageas (AGS) H1 2025 earnings summary

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.