Ageas reports first half-year 2021 results
11 August 2021 - 07:30AM
Ageas reports first half-year 2021 results
Ageas reports first
half-year 2021
results
- Strong commercial
performance across the business
- Marked increase in
Life result
- Continued strong
combined ratio
These financial statements as at 30 June 2021 do not
include the impact of the July 2021 floods in Belgium |
Net Result |
- The Group first
half-year net result was
EUR 407
million
- Insurance net result
increased from EUR 491 million to EUR 521 million
year-on-year
- Net result in
Non-Life at the same level as last year at
EUR 181 million
- Life net result
amounted to EUR 340 million compared to EUR 310
million last year
- Group Q2
net result amounted to
EUR 111
million
|
Inflows |
- Group inflows (at
100%) increased 11% to EUR 22.2
billion
- Life inflows (at
100%) increased 9% to EUR 18.1
billion driven by Asia and Continental Europe
- Non-Life inflows (at
100%) increased 18% to EUR
4.1 billion
mainly thanks to the inclusion of Taiping Re and strong growth in
Belgium
- Q2 inflows (at 100%)
increased by 19% from EUR 8.1 billion to EUR 9.6
billion
|
OperatingPerformance |
- Excellent combined ratio at
93%
- Operating Margin Guaranteed at
86 bps and Operating Margin
Unit-Linked at 35
bps. Both within the target range
|
Balance Sheet |
- Shareholders’ equity at EUR
11.4 billion or EUR
61.11 per share
- Group Solvency IIageas ratio remained
strong at 196%
- General Account Total Liquid Assets at
30 June 2021 at EUR 1.2
billion
- Life Technical Liabilities excl.
shadow accounting of the consolidated entities up 1% compared to
end 2020 to
EUR 74
billion
|
Belgian floods |
- Total cost related to the claims of
our customers with respect to the July floods in Belgium is
estimated to be as high as EUR 0.4 billion
- Impact on the Group’s net result is
expected to be EUR 55 million (after tax and net of
reinsurance)
|
A complete overview of the figures and
comparison with previous year can be found on page 5 of this press
release and on the Ageas website. Key figures and main highlights
on the segments can be found in the Annexes of this press
release
Ageas CEO
Hans De Cuyper said: “Our
businesses continue to post healthy commercial and operational
performances in both Europe and Asia. We are seeing a reduced
operational impact of disruption caused by the COVID pandemic,
though it is still affecting our inflows. In Life, our inflows are
gradually recovering to pré-COVID levels. In Non-Life we are
posting a remarkable growth thanks to the inclusion of Taiping Re
and strong growth in Belgium. The underlying results over the first
half of the year are stable, but the next quarter results will be
impacted by the catastrophic floods in Belgium. We remain confident
that we can maintain the net profit guidance from the beginning of
the year, EUR 850mn to 950mn, reviewing the positive adjustment
made in the wake of our very strong Q1 results.The recent floods in
Belgium and other parts of Europe have devastated so many
communities. We are committed to do everything we can to support
our clients, some of whom have lost family or loved ones with their
home destroyed or severely damaged. These recent events
re-emphasise the importance of long term commitments to our
environment and its impact on societies, an area where Ageas is
committed to be at the forefront.”
- Read the full press release
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