ageas (AGS) H1 2026 earnings summary

Executive summary

• Inflows rose 17% year-over-year to EUR 12.1 billion, driven by strong Life and Non-Life commercial performance and recent acquisitions.

• Net Operating Result increased 6% to EUR 776 million, with Life up significantly and Non-Life resilient despite adverse weather in Belgium and Portugal.

• Strategic actions included full ownership of AG Insurance, sale of Malaysian stake for EUR 1.1 billion, and expansion in the Chinese pension market.

• Comprehensive equity per share increased to EUR 94.33, reflecting strong results and the AG Insurance acquisition.

• Net Result reached EUR 846 million, and Return on Equity improved to 15.8%.

Financial highlights

• Life inflows up 12% (9% at constant scope), with Belgium up 28% and Europe up 41%.

• Non-Life inflows up 26% (6% at constant scope), with Belgium up 13% and Europe up 45%.

• Non-Life combined ratio at 95.2% (vs. 92.1% last year), with weather adding about 5 percentage points.

• Operational Capital Generation at EUR 1.1 billion; Operational Free Capital Generation at EUR 484 million.

• Life Net Operating Result EUR 629 million; Non-Life Net Operating Result EUR 240 million.

Outlook and guidance

• FY 2026 Net Operating Result expected to exceed EUR 1.95 billion, including a EUR 450 million capital gain from the Malaysian stake sale and assuming a 3% weather impact on the combined ratio.

• Cash upstream for FY 2026 projected above EUR 1.4 billion, up 49% year-over-year, supported by exceptional Asian dividends.

• Interim dividend of EUR 1.50 per share to be paid in December 2026.