Brussels-headquartered multinational insurer Ageas has reported a 16.5% improvement in its net result for 2020, despite significant operation challenges and losses due to the pandemic.
The 2020 Group net result stood at €1.14 billion, thanks to a strong underwriting performance and the positive impact of FRESH transactions on its general account
This compares with a net result of €979 million in 2019, which was itself considered to be the best ever full-year results for the company at the time.
The improvement was helped by a Q4 result of €147 million, which was substantially up on the €102 million recorded for the same period in the previous year.
Over 2020, the net result for non-life business (including Reinsurance) grew significantly to €391 million thanks to a strong performance across all segments and a lower claims frequency compensating for the impact of the adverse weather in Belgium and UK.
However, the life net result of €570 was negatively affected by the impact of COVID-19 on the investment results and net capital gains, Ageas said.
Group inflows decreased 1% to €35.6 billion, as a small increase in non-life inflows (which totaled €6.8 billion) failed to offset a mild downward trend in life inflows (€28.8 million).
“We can be proud of the way we navigated through a challenging 2020,” said Ageas CEO Hans De Cuyper. “Our top line revenue decreased only marginally compared to 2019. This is impressive, considering that our distribution is mainly “customer facing”, through agents, brokers and bancassurance!
“Despite the Covid-19 context, we delivered excellent results, benefitting more than ever from the geographic diversification, our well-balanced product portfolio, our solid balance sheet and prudent management,” the CEO continued.
“2020 was the second year of our 3-year strategic plan Connect21 and it was important that we kept our minds firmly focused on our strategic goals, targets and ESG commitments that remain an ongoing priority for the long term.”
