Brussels-headquartered multinational insurer Ageas has reported a group net result, excluding RPN(i) of €210 million for Q122, compared to €294 million from last year’s quarter.
The company’s group inflows were up 5% as they rose to €5 billion due to increases in both its Life and Non-Life businesses, and across all regions.
At the same time, Ageas’ life inflows increased by 5% to €3.5 billion, driven by new business in China and Unit-Linked in Belgium and Portugal. Non-Life inflows were also up by 5% to €1.4 billion, increasing across all regions.
In addition, Combined ratio stood at 96.7%, compared to last years period of 91.7%. The combined ratio also included an 8.5pp impact from adverse weather events in Belgium and the UK.
However, motor reported a positive combined ratio at 91.8%, mostly attributable to a strong performance across all segments.
Reinsurance inflows were €516 million, which included €392 million from quota share agreements. However Ageas noted that the reinsurance result for the quarter was significantly impacted by its share in the negative results related to adverse weather in Belgium and the UK. Overall, Ageas’ reinsurance combined ratio was 100.8%.
Ageas’ Group Solvency II ratio remained strong as it increased to 203%, driven by the solid operating performance and the sharp increase in the risk-free curve.
Hans De Cuyper, CEO Ageas said: “I am pleased to see that we have made a good start to the year commercially in both Life and Non-Life and across all regions. In a difficult economic environment, including the on-going impact of Covid in China and of course the conflict at the borders of Europe touching us and the entire world deeply, Ageas is continuing to deliver as a trusted insurer for so many.
“Even against the background of volatile financial markets, inflation and storms, the business continues to perform on track, giving us confidence for the year ahead.”
