Ageas provides business update at the Investor Day in London
22 November 2023 - 4:15AM
Ageas provides business update at the Investor Day in London
Ageas provides business update at the Investor Day
in London
Today, Ageas held its Investor Day at which the
Group provided an update on its Impact24 strategy, its performance,
and other selected topics.
Ageas confirms Group
commitments
Ageas reconfirmed its guidance for the 2023 net
operating result to reach the upper end of the EUR 1.1 to 1.2
billion range, even taking into account the recent storms in
Belgium, the UK and France. The Group also re-iterated its
confidence in the operating entities’ ability to upstream more than
sufficient cash to deliver on the Group’s DPS growth target of 6 to
10% set under Impact24. The Group’s solid foundation assures an
attractive dividend growth in line with the Impact24 ambition also
beyond this strategic cycle.
Continued growth potential in
China
The business in Asia, and more specifically in
China, continues to deliver a strong operating performance with
excellent top line growth and sound margin developments, with a
clear focus on quality over quantity. This robust performance is
reflected in both the strong IFRS 17 results and Operational
Capital Generation, while high New Business Value and New Business
CSM are supportive of future profits. The Group is convinced of the
potential of the Chinese Life, Health and Pensions Market and
confirmed its participation in the recently launched capital
increase tender of Taiping Pension for a 10% stake, which could
represent an investment of about EUR 140 million.
Successful transformation of Ageas
UK
Ageas UK has undergone a considerable and
successful transformation since 2020 by making a clear choice to
focus the business on the UK personal lines market and by investing
in differentiating capabilities in data, technical insurance
skills, technology and efficiency. As a result, Ageas UK is well
positioned to build on the progress made through further growth in
its chosen markets and to generate a net profit after tax of GBP
100 million by 2027.
AG’s growth story continues
As the Belgian market leader, consistently
delivering strong results and sustainable growth, AG continues to
see opportunities to grow in the Belgian market by entering niche
markets adjacent to its core business, by remaining a frontrunner
in innovative products and services and by adopting new
technologies. From its strong foundation, AG aims to deliver
profitable and above market growth across all its business lines in
the future.
Hans De Cuyper, CEO
Ageas:“Ageas is an international Group of
local winners that benefit from synergies not only on the cost side
but also on the revenue side, thanks to the sharing of expertise
and innovative solutions in terms of sales, operations, and
technology. Our diversification between regions and businesses,
allows us to deliver a consistent strong performance for the
future.”
The presentations and recordings from the
Investor Day 2023 will be made available on the Ageas website.
Ageas is a listed international
insurance Group with a heritage spanning almost 200 years. It
offers Retail and Business customers Life and Non-Life insurance
products designed to suit their specific needs, today and tomorrow,
and is also engaged in reinsurance activities. As one of Europe's
larger insurance companies, Ageas concentrates its activities in
Europe and Asia, which together make up the major part of the
global insurance market. It operates successful insurance
businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia,
India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the
Philippines through a combination of wholly owned subsidiaries and
long term partnerships with strong financial institutions and key
distributors. Ageas ranks among the market leaders in the countries
in which it operates. It represents a staff force of about 44,000
people and reported annual inflows of more than EUR 16 billion in
2022.
- Pdf version of the press release
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