ageas (AGS) Investor update summary

Elevate27 delivery and financial targets

• 2025–2027 average EPS growth target remains 6%–8%; 2027 EPS target is EUR 8–8.50, now expected at the upper end after two upgrades.

• FY26 net operating result guidance is >EUR 1.95bn; 2025–2027 HFCF target is >EUR 2.6bn and shareholder remuneration target >EUR 2.2bn, with progressive DPS growth of 6%.

• EPS growth drivers: 4%–6% business growth, 2%–3% margin expansion and 0%–1% capital redeployment; discounted combined ratio target ~92% by 2027, excluding exceptional adverse weather.

• Divested a 30.95% Etiqa stake for EUR 1.1bn cash consideration, generating a EUR 464m net capital gain.

Portfolio and growth priorities

• Portfolio actions strengthened competitive positions and scale, invested for long-term growth and crystallized value through the Malaysia sale; pro forma net operating results rise 13% and recurring upstream 24%.

• Full ownership of AG Insurance and renewed bancassurance agreement with BNP Paribas Fortis; UK expansion through esure and an exclusive 20-year Saga agreement.

• FY25 gross inflows reached EUR 19.6bn; Belgium outgrew its market, Europe benefited from Türkiye, Portugal and esure, and reinsurance grew as planned.

• Longevity initiatives target >EUR 2bn of additional Life and Pension liabilities by 2027, with progress on track to exceed the ambition; >EUR 100m of maturing liabilities retained through the nearly-retired program. SMEs represent ~25% of Non-Life inflows and are expanding.

• More than 300 AI use cases are running; initiatives generated ~EUR 54m in benefits and are on track to deliver one-third of the EUR 75m–100m Insurance Result increase.

Europe performance

• Europe represented ~22% of inflows, 20% of net operating profit and ~22% of cash upstream in 2025; post-M&A contribution is expected to reach ~25%.

• Europe net operating result CAGR was 49% from 2022 to 2025, with cumulative NOR of EUR 806m; Non-Life CAGR was 69% and Life CAGR 27%.

• Portugal ranked #2 in Life with 18.2% market share, #3 in Non-Life with 14.3%, and #1 in Pension with 31.4%.

• Türkiye ranked #1 in Private Pension AuM with 19.3% share and #1 in Life and Personal Accident with 13.4% share; private pension business grew 48% in H1 2026 YoY, with AuM nearly doubled.