Brussels-headquartered multinational insurer Ageas, has reported a group net result of €111 million for the third quarter of 2022.
At the same time, for the year so far, Ageas’ net result sits at €567 million.
The company specified that both of these figures exclude RPN(i), a financial instrument held by Ageas used for payments to Fortis Bank.
Ageas’ group inflows for its Life business decreased 1% to €2.56 billion in the quarter, compared to €2.58 billion from the same period last year, whilst Non-Life increased 2% to €1.24 billion from €1.21 billion from the third quarter of 2021.
For the year so far, the company’s group inflows are currently up by 3% as they rose to €3 billion with increases in both its Life and Non-Life businesses.
Life inflows increased by 3% to €9 billion, which was driven by new business in China, and Non-Life inflows were up 5% to €4 billion.
Ageas also reported a combined ratio of 93.6% for the quarter compared to 99.3% from 2021.
In addition, for the year so far, combined ratio stands at 94.4%, including 3pp impact from adverse weather events in Belgium and the UK during the first quarter of 2022.
Hans De Cuyper, CEO Ageas, commented: “Ageas continued to perform well commercially and operationally in the third quarter of 2022. This translated into sustained growth in inflows in the Life business in China and an increase across the business in Non-Life. The strong combined ratio and good margins in Life indicate that the insurance activities continue to perform within the Impact24 operating targets. It is mainly the low interest rates in China and the net capital losses in Asia that have affected the Group net result in the third quarter.
“In the context of our Impact24 strategy, we took important steps that will drive our business forward in terms of growth, commercial excellence, integration of data & technology and sustainability. I want to thank our people around the world for demonstrating their strong focus on value added growth under extreme volatile market circumstances.”