ageas (AGS) H2 2024 earnings summary

Executive summary

• Achieved all Impact24 financial and sustainability targets, with 10% inflow growth to EUR 18.5 billion, driven by strong commercial performance, pricing discipline, and customer acquisition.

• Net Operating Result reached EUR 1.24 billion, at the upper end of guidance, with ROE of 16.3% and Net Result of EUR 1.12 billion.

• Operational Capital Generation hit a record EUR 2.2 billion, exceeding EUR 2 billion for the first time, and holding cash position remained above EUR 1 billion.

• Proposed total dividend per share of EUR 3.50 for 2024, up 8% year-over-year, with EUR 1.50 interim already paid.

• Significant progress on non-financial and sustainability targets, including ESG ratings, carbon intensity reduction, and inclusion in BEL® ESG index.

Financial highlights

• Inflows rose to EUR 18.5 billion (+10% YoY), with Life inflows at EUR 11.7 billion (+9%) and Non-Life at EUR 6.8 billion (+14%).

• Net Operating Result: EUR 1.24 billion (up from EUR 1.17 billion in 2023); Insurance result: EUR 1.7 billion.

• Operational Capital Generation: EUR 2.2 billion (+23% YoY); Operational Free Capital Generation: EUR 1.5 billion (+29% YoY).

• Cash upstream from subsidiaries increased 12% to EUR 805 million; cash position exceeded EUR 1 billion.

• Solvency II ratio: 218% (+1pp YoY); Non-Solvency II: 296% (+14pp YoY); Return on Equity: 16.3%.

Outlook and guidance

• 2025 cash upstream expected between EUR 850–900 million.

• Net Operating Result guidance for 2025 set at EUR 1.3 billion, reflecting 5% YoY growth, barring exceptional adverse weather or volatile markets.

• Committed to Elevate27 dividend plan and expects gradual normalization of Asia tax rate, with mid-term expectation of 26–27%.