Reinsurance News

Ageas grows insurance result to €777m

11th November 2021 - Author: Matt Sheehan

Brussels-headquartered multinational insurer Ageas has reported an insurance net result of €777 million for the first nine months of 2021, up from €737 million for the same period last year.

This result included a net result in non-life of €236 million, down from €311 million for the 9M period last year.

But this was offset by growth in the life segment, which increased from €426 million last year to €541 million in 9M of this year.

Ageas’s overall group net result was recorded at €568 million for 9M, including a Q3 net result of €161 million.

Notably, group inflows were up 11% to €31 billion for the nine-month period, with life inflows accounting for €25 billion and non-life for €6 billion. Q3 inflows increased 13% to €8.8 billion.

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Ageas also reported a combined ratio of 95.2%, including a 5% impact from adverse weather events.

“The excellent performance over the third quarter and year-to-date demonstrates the strength of our Group,” said Ageas CEO Hans De Cuyper.

“Even though the devastating floods this summer in Belgium and the UK led to claims way in excess of anything we experienced before from of a single natural event, the strong results of all our businesses compensated for this. This shows the resilience of our Group thanks to our geographical spread and our diversified portfolio in Life, Non-Life and Reinsurance,” he continued.

“We thus remain confident that we will achieve our profit guidance for 2021 of EUR 850 to 950 million. Furthermore, we are fully on track to reach all the targets of our strategic plan Connect21 and are ready to kick off Impact24, our new strategic plan for 2022-2024.”

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