Report
Ageas SA
Avenue du Boulevard 21
Phone: +32 25575711p:+32 25575711 BRUXELLES, 1210  Belgium Fax: +32 25575750f:+32 25575750

Ageas reports on interim results


Ageas reports on interim results

  • Solid 6 months result supported by strong second quarter
  • Contrasting Covid-19 impact on Life and Non-Life results
  • Solvency and cash position remain strong
 
Net Result
  • Six months Group net result stood at EUR 791 million and includes the gain on the FRESH transactions of EUR 332 million.
  • Net result in Non-Life grew significantly to EUR 181 millionthanks to a strong performance across all segments and supported by a positive impact from the Covid-19 lockdown measures compensating for the impact of the adverse weather in February.
  • Life net result of EUR 310 million affected by Covid-19 related impact on the investment result
  • Second quarter Groupnet result stood at EUR 339 millionthanks to the excellent Non-Life result more than compensating for the lower result in Life
Inflows
  • Six months Group inflows (at 100%) down 5% to EUR 20 billion, despite a strong recovery in Asia in the second quarter
  • Life inflows (at 100%) down 6% to EUR 16.5 billion due to reduced bancassurance activity in Belgium and Continental Europe
  • Non-Life inflows (at 100%) were up 3 % at EUR 3.5 billion
  • Second quarter Group inflows (at 100%) more or less stable at EUR 8 billion
Operating
Performance
  • Combined ratio at 91.7% supported by lower claims frequency
  • Operating Margin Guaranteed at 75 bps due to the absense of realisation of capital gains
  • Operating Margin Unit-Linked at 28 bps
Balance Sheet
  • Shareholders’ equity at EUR 11.4 billionor EUR 61.09 per share
  • Group Solvency IIageas ratio at 192% including the negative impact of the tender on the FRESH securities.
  • General Account Total Liquid Assets at EUR 1.5 billion, of which EUR 0.4 billion is ring-fenced for the Fortis settlement
  • Life Technical Liabilities excluding shadow accounting of the consolidated entities at 30 June 2020 decreased by 2% compared to end 2019 to EUR 72.4 billion
A complete overview of the figures can be viewed on the Ageas website.
Key figures and main highlights on the segments can be found in the Annexes of this press release

Ageas CEO Bart De Smet said: “The very good results of the second quarter, at the worst moment of the economic and social crisis caused by the pandemic, show the resilience of our economic model that benefits from geographical and product diversification and prudent management of our balance sheet. We have also maintained a high and stable solvency ratio and more than satisfying liquidity. Without material negative impact from the financial markets in the coming months, we feel confident we will be able to achieve a result close to our initial guidance, excluding the positive one off impact from the FRESH operation. As the Covid-19 pandemic continues to impact our lives and our economies, we also remain committed to backing local initiatives that support those in need and to funding the search for a medical treatment against the virus.On behalf of the Board, I would also like to thank all our employees for their hard work and continuous support in these unique and challenging times.”


 

 

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