International insurance firm, Ageas has reconfirmed its guidance for the 2023 net operating result to reach the upper end of the €1.1 to 1.2 billion range, even taking into account the recent storms that have taken place across Belgium, the UK and France.
At the company’s recent Investor Day event, the group also re-iterated its confidence in the operating entities’ ability to upstream more than sufficient cash to deliver on the group’s DPS growth target of 6 to 10% set under Impact24.
Meanwhile, the company also highlighted how it’s UK branch (Ageas UK) has undergone a successful transformation since 2020 by making a clear choice to focus the business on the UK personal lines market, as well as by investing in differentiating capabilities in data, technical insurance skills, technology and efficiency.
As a result of this transformation, the branch is now well positioned to build on the progress made through further growth in its chosen markets and to generate a net profit after tax of GBP 100 million by 2027.
Further, Ageas also highlighted how there is still continued growth opportunities in China.
This comes as the business in Asia, and more specifically in China, continues to deliver a strong operating performance, with solid top line growth and sound margin developments.
This substantial performance is also highly reflected in both the strong IFRS 17 results and Operational Capital Generation, while high New Business Value and New Business CSM are supportive of future profits.
Hans De Cuyper, CEO Ageas, commented: “Ageas is an international Group of local winners that benefit from synergies not only on the cost side but also on the revenue side, thanks to the sharing of expertise and innovative solutions in terms of sales, operations, and technology. Our diversification between regions and businesses, allows us to deliver a consistent strong performance for the future.”
