11th August 2019

Ageas produced best ever half year result says CEO De Smet

Ageas has reported half year financials-highlights are:
-Group inflows (at 100%) of E21bn, up 11%, excluding Luxembourg
-Q2 Group inflows(at 100%) of E8.2bn, up 7%, excluding Luxembourg Life inflows up 5% scope-on-scope to E6.6bn and Non-Life up 13% at EUR 1.6 billion (both at 100%)
Q2 Group inflows(Ageas’s part) up 4% at E3.5bn, excluding Luxembourg
-Combined ratio at 95.7 versus 97.8
-Shareholders’ equity at E10.2bn or E53.07 per share
-Group Solvency IIageas ratio at 201% including the benefit from the new debt issue
-General Account Total Liquid Assets at E1.7bn, of which E0.6bn is ring-fenced for the Fortis settlement
-Life Technical Liabilities excluding shadow accounting of the consolidated entities at 30th June increased by 3% to E73.9bn.
Ageas ceo Bart De Smet, comments, "Ageas achieved its best half-year result ever. This was thanks to a strong performance in Life and Non-Life, an exceptional result in Asia and the positive impact of the Ogden interest rate review in the UK. With the exception of the UK, where we exited underperforming schemes and maintained our strict pricing policy, inflows at six months continued to progress. Given the Group’s strong solvency and cash position, the Ageas Board has decided to launch the ninth consecutive share buyback programme. On the 28th of July the claims filing period for the Fortis settlement ended. Against the backdrop of an enormous number of claims filed, claims processing and initial payments remain ongoing. We are satisfied with the progress that has been made so far and look forward to being able to close this chapter in the interest of the claimaints, Ageas and its stakeholders."

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