ageas (AGS) H1 2025 earnings summary

Executive summary

• Inflows rose 4% year-over-year to EUR 10.5 billion, led by strong Life segment growth and robust commercial performance in Belgium and Asia.

• Net Operating Result increased 20% to EUR 734 million, with Non-Life up 31% and Life also showing strong gains; Return on Equity improved to 18.6%.

• Upgraded full-year Net Operating Result guidance to EUR 1.3–1.35 billion, including esure, reflecting confidence in operational momentum.

• Operational Capital Generation reached EUR 1.1 billion, down 10% from H1 2024.

• Interim dividend of EUR 1.50 per share to be paid in December, in line with dividend policy.

Financial highlights

• Life inflows up 6% at constant FX, with Belgium up 10% and Asia up 5%; Non-Life inflows up 1% overall, with regional variations.

• Non-Life Net Operating Result rose 31% to EUR 263 million; Group combined ratio improved to 92.1%.

• Net Result for H1 2025 was EUR 677 million.

• Operational Capital Generation at EUR 1.1 billion; Operational Free Capital Generation at EUR 713 million.

• Solvency II ratio at 240%, pro forma 205% post-acquisitions; Non-Solvency II participations solvency at 294%.

Outlook and guidance

• Full-year Net Operating Result guidance raised to EUR 1.3–1.35 billion, including esure.

• Cash upstream from insurance entities projected at EUR 940 million for 2025, up 17% year-over-year.

• 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.