Ageas reports full-year results 2024

Ageas reports full-year results 2024

Successful completion of Impact24, delivering on all financial targets
Strong commercial performance accelerated across businesses and segments, resulting in a 10% growth
Continued strengthening of the business profitability leading to a Net Operating Result of EUR 1.24 billion, at the top half of the 2024 full-year guidance
Holding cash position above EUR 1.0 billion
Proposed total dividend of EUR 3.50 per share. Final dividend of EUR 2.00 per share

Key Figures 2024
Result	Net Operating Result of EUR 1,240 million, representing a Return on Equity of 16.3% Net Result of EUR 1,118 million Operational Capital Generation of EUR 2.2 billion Operational Free Capital Generation of EUR 1.5 billion
Inflows (at constant exchange rate and constant scope)	Inflows amounted to EUR 18.5 billion, representing a strong growth of +10% Life inflows rose to EUR 11.7 billion (+9%) thanks to a return to growth in Belgium and Europe and a maintained solid performance in Asia Non-Life inflows increased to EUR 6.8 billion (+14%) with significant business growth in all segments and product lines
Operating Performance	Combined ratio of 93.3% Guaranteed Margin of 149 bps and Unit Linked Margin of 41 bps
Balance Sheet	Comprehensive Equity of EUR 16.1 billion or EUR 88.14 per share Pillar II Solvency II ratio improved, reaching 218%, well above the Group’s neutral risk appetite General account Total Liquid Assets as at 31 December 2024 stood at EUR 1,066 million Life Liabilities excl. UG/L stood at EUR 91.4 billion

Non-financial and Sustainability Targets

During the Impact24 cycle, Ageas's scores from the six ESG rating agencies assessing the Group significantly improved, reaching Top Quartile with one.
29% of Gross Written Premiums comes from sustainable products, while EUR 14,6 billion was invested in sustainable assets.
Six entities have achieved a Top Quartile cNPS score and five a Top Quartile eNPS score.
Significant progress has been made in diversifying distribution, encompassing both agency and digital platforms.

Hans De Cuyper, CEO Ageas: “I am very pleased to announce an excellent performance in 2024. We grew inflows considerably, increased the profitability of our business and secured a Net Operating Result of 1.24 billion euro at the upper half of our guidance, while maintaining a strong cash and solvency position. This strong performance enables us to announce a total gross cash dividend of 3.50 euro for 2024, consistent with our Impact24 commitment. I am also proud that we successfully completed our Impact24 strategic cycle, achieving sustainable growth, strengthening profitability, and diversifying cash flows, while meeting all financial targets and most non-financial ones. While we have made significant progress in various aspects of our business, I am especially pleased that our ESG efforts have been recognised by rating agencies, which has led to the inclusion of the Ageas share in the BEL®ESG index. Barring unforeseen circumstances, we anticipate a cash upstream from the business between 850 to 900 million euro in 2025, giving us a good starting position to meet our Elevate27 dividend commitment.”

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