Ageas presents strategy for the next 3 years
19 September 2018 - 8:30PM
At today's annual
Investor Day, Ageas set out its next 3-year strategic plan for
2019-2021, Connect21. Connect21 is a natural evolution of the
previous strategic plans, Vision 2015 and Ambition 2018,
underpinned by renewed choices and targets, with a focus on the
customer, technology and an offer going beyond insurance.
Whilst Connect21 builds on Ageas's
achievements so far, it also takes into consideration the Group's
longer-term view on the future of insurance. Technology and
customer needs are changing fast, and this also impacts the world
of insurance. Through Connect21, Ageas aims to respond to these
emerging trends and needs, allowing it to continue to deliver to
all stakeholders.
In summary, Connect21 incorporates
7 strategic choices:
-
A great customer
experience: Ageas's ambition starts with a strong commitment
towards its customers, by offering a great customer experience
across the entire customer journey. Ageas is convinced that all
stakeholders will benefit from putting this choice
first.
-
To prevent, prepare, protect
& assist: By moving beyond the traditional insurance
activities (prepare and protect), Ageas intends to also become a
relevant player in the domain of services linked to the wellbeing
of customers (prevent and assist).
-
By leveraging technology:
Technology will be front and centre to the way Ageas responds to
evolving trends and customer needs.
-
With partners and through
alliances: Ageas will evolve with its existing partners and
with new less traditional partners, to respond to the new needs and
priorities.
-
Creating smart synergies:
Ageas will strengthen its proven role as a synergy manager to
facilitate innovation and the sharing of knowledge and skills
across the Group, with a focus on technological developments.
-
Empowering local autonomy:
Being local allows Ageas to be close to the customer and to
society. The Group continues to believe in a strong decentralised
business model that will become even more relevant in the future,
offering competitive advantage.
-
Focussing on Europe and
Asia: Ageas will maintain a good diversification between its
presence in Europe and Asia, allowing it to be where the growth is
(Asia) by relying on gained competencies and stable home markets
(Europe).
These strategic choices will support
the future achievements of Ageas measured with the following
6 financial targets:
-
Non-Life combined ratio of
96%
-
Group Solvency II ratio of
175 %
-
Life operating margins of
85-95 bps for Guaranteed and 30-40 bps for Unit-Linked
products
-
Group earnings per share
CAGR of 5-7% over the 3 years of the plan
-
Dividend pay-out ratio of
at least 50% of the Group net result
-
Share Buy-Back programme of
minimum EUR 150 million per year, except in case of a sizeable
M&A operation
Besides the 3-year strategic plan,
Connect21 also sets out what Ageas wants to be in the long term,
for who it exists and how it will deliver on its promises,
translated into a new strapline, 5 key stakeholders and 4
values:
-
Group wide strapline:
Supporter of your life
-
5 key stakeholders:
Customers, Employees, Partners, Investors and Society
-
4 Group wide values: Care,
Dare, Deliver and Share
CEO Bart De Smet
commented: "In 10 years Ageas evolved from a
company in crisis towards the sustainable, profitable growth
company it is today. Connect21 will ensure that we will continue
this growth path and that we will keep on delivering for all
stakeholders. The expectations of our customers are changing and
the next 3 years we will ensure that we have the right response to
these changing needs. This means that we will have to focus more on
new territories outside of the traditional world of insurance,
using new technologies and evolving more towards ecosystems. I am
convinced that we have the mind-set, talent and commitment to make
this happen. Exciting times are ahead and I am looking forward to
working towards the realisation of our new strategy, together with
all our stakeholders."
For more information about the new
strategic plan, visit the dedicated website
Connect21.ageas.com.
Ageas is a
listed international insurance Group with a heritage spanning 190
years. It offers Retail and Business customers Life and Non-Life
insurance products designed to suit their specific needs, today and
tomorrow. 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, Luxembourg,
France, Portugal, Turkey, 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 over 50,000 people and
reported annual inflows close to EUR 34 billion in 2017 (all
figures at 100%).
Pdf version of the press
release
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ageas via Globenewswire
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