ageas (AGS) H2 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, with inflows up 9% to EUR 19.6 billion and net operating result up 33% to EUR 1.65 billion, driven by robust Life and Non-Life performance and a EUR 300 million one-off tax benefit in China, with EPS at EUR 8.80.

• Completed first year of Elevate27 strategy with transformational achievements, including Saga and Esure acquisitions, making the group the 3rd largest personal lines insurer in the UK and reinforcing Belgian market leadership.

• Raised financial targets twice during the year, reflecting strong operational momentum and strategic progress.

• Advanced sustainability agenda, achieving top quartile ESG ratings with three of five agencies and 34% of GWP from sustainable products.

• Proposed a gross dividend of EUR 3.75 per share, up over 7% year-over-year, supported by increased cash upstream from business units.

Financial highlights

• Inflows rose 9% year-over-year to EUR 19.6 billion, with Life up 6% and Non-Life up 16% at constant FX, reflecting robust commercial execution and strategic product shifts.

• Net operating result increased 33% to EUR 1.65 billion, including a EUR 300 million one-off deferred tax benefit in China.

• Non-Life combined ratio improved to 92.5%, and Non-Life net operating result grew 21% to EUR 548 million.

• Recurring cash upstream reached EUR 949 million, up 18% year-over-year and above guidance, with cash position at EUR 1.45 billion.

• Comprehensive equity reached EUR 17.5 billion, with return on equity at 19.3%.

Outlook and guidance

• Net operating result for 2026 expected above EUR 1.5 billion, barring exceptional adverse weather or volatile markets.

• Cash upstream projected to reach EUR 1.2 billion in 2026.

• Upgraded holding free cash flow target to over EUR 2.6 billion and shareholder remuneration to over EUR 2.2 billion by 2027.

• Combined ratio guidance below 93% for 2026, assuming normal Cat Nat events.

• Committed to 6–8% average EPS growth throughout the Elevate27 cycle.