International insurance group Ageas saw a 9% year-on-year rise in net inflows to €19.6 billion, with a 33% improvement in the net operating result to €1.65 billion in 2025, supported by the continued expansion and solid performance of its reinsurance business in the year.
During 2025, reinsurance third-party business inflows increased to €905 million from €213 million in 2024, supported by €630 million inflows resulting from a quota share agreement related to the Motor insurance business distributed by Prima, and Italian Insurtech firm.
Ageas says that its reinsurance third-party business continues to grow, “progressing toward a more balanced portfolio across the various business lines and achieving a significant increase in inflows.”
As we discussed last month, Ageas Re, the reinsurance arm of Ageas, had a strong January 1st, 2026, renewal, increasing total business written by 21% when compared to the January 2025 renewal.
Elsewhere, inflows from Belgium increased to €5.615 billion in 2025 from €5.331 billion, as inflows in Europe increased to €4.404 billion from €4.163 billion, and inflows in Asia increased to €8.699 billion from €8.599 billion. In total, life inflows totalled €12.077 billion and non-life inflows hit €7.545 billion in 2025, compared with €11.713 billion and €6.593 billion, respectively, in 2024.
Group-wide, Ageas’ net result increased to €1.712 billion in 2025 from €1.118 billion in 2024, with a net operating result of €1.655 billion, compared with €1.240 billion in the prior year.
Again, the reinsurance business performed well with a net result of €208 million, up on the prior year’s €164 million. Joachim Racz, CEO of Ageas Re, has revealed that of this total, €65 million is from third-party business and €18 million from Group purchasing. He has also confirmed that the business produced a combined ratio of 76.5% and an operating capital generation of €213 million.
Back to Ageas Group, and the net result in Belgium increased to €497 million from €468 million, in Europe increased to €241 million from €203 million, and in Asia increased to €860 million from €527 million. So, the life net result improved to €1.259 billion from €909 million, and the non-life result increased to €548 million from €454 million.
Ageas achieved a non-life combined ratio of 92.5% in 2025, an improvement on 2024’s 93.6%, supported by a strong performance across all non-life segments.
Group-wide, shareholders equity rose to €9.441 billion in 2025 from €7.752 billion in 2024, with a return on shareholders’ equity of 19.3%, compared with 16.3% in 2024.
Hans De Cuyper, CEO of Ageas, commented: “2025 was a landmark year for Ageas – a year in which we strengthened the foundations of our Group and delivered results that speak to the resilience and ambition of our strategy.
“The acquisition of esure, which positions us as the 3rd largest personal lines insurer in the UK, and securing the full ownership of Belgium’s number one insurer AG marked important steps in shaping the future profile of Ageas. The two transactions align with our diversification strategy, which centres on expanding our consolidated, cash-generating entities in Europe, sustaining a strong presence in growing Asian markets, and establishing Reinsurance as an overarching business.
“Our Elevate27 strategy also gained real momentum, enabling us to raise our financial targets twice during the year and making meaningful progress on key strategic initiatives such as ageing, SMEs, and expanding our use of Data & AI.
“In terms of inflows, we managed to deliver a marked 9% growth, with the excellent commercial performance of the Life business standing out, generated by all regions. Our Net operating result soared 33% to EUR 1.65 billion boosted by an outstanding Non-Life performance, supported by every segment. The Life result benefited from an improved Life margin in Belgium and Europe and a renewed tax basis in China. The strong results and consistently increasing cash upstream from the business allow us to propose to our shareholders, a total gross cash dividend of EUR 3.75, fully in line with our commitment.
“I am equally proud of the progress we made on sustainability and the positive recognition we have earned from both our employees and customers, reflecting our ongoing commitment to fostering a supportive workplace and delivering outstanding customer service. Our portfolio of sustainable products continued to grow, as is the trust of our customers and employees wherever we operate. Our ESG ratings demonstrate these significant achievements, as we rank in the top quartile with three of the five rating agencies we engage with.
“I want to extend my sincere thanks to all our customers for their confidence, to our partners for the continued strong collaboration, to our shareholders for their ongoing support, and above all to our employees across the Group. Their daily commitment and passion are what turn our strategy into reality. Together, we can be proud of what we have achieved in 2025, and we are ready to harvest on this strong momentum in the years ahead.”
