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 deferred tax benefit in China.

• Completed major acquisitions: esure in the UK, making the group the 3rd largest personal lines insurer in the UK, and full ownership of Belgium's AG Insurance, reinforcing diversification and cash generation.

• Raised financial targets twice during the year under the Elevate27 strategy, reflecting strong operational momentum and strategic progress.

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

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

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 across all regions.

• 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%, reflecting strong performance and benign weather in Belgium.

• Recurring cash upstream reached EUR 949 million, up 18% year-over-year and above guidance, expected to reach EUR 1.2 billion in 2026.

• Earnings per share rose to EUR 8.80, and holding free cash flow increased 19% to EUR 774 million.

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, a significant increase from 2025.

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

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

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