Slide 1: Corporate Presentation
Lilt = = ageas Corporate Presentation
Slide 2: Agenda
Agenda Ageas – 2 continents, 13 countries 3 Impact24 - building on sustained performance 12 A glance at the numbers 20 2
Slide 3: Ageas: 2 Continents, 13 Countries
AGEAS 2 CONTINENTS 13 COUNTRIES 3
Slide 4: An international insurance group with a focus on Europe and Asia
An international insurance group with a focus on Europe and Asia BELGIUM Life & Non-Life #1 Life #2 Non-Life #1 Real estate EUROPE Life & Non-Life Portugal, Türkiye & UK #2 Life & #3 Non-Life in Portugal #3 Life & #4 Non-Life in Türkiye #6 personal motor insurer & domestic property insurer in UK GRO
Slide 5: Diversified product portfolio, focus on Individuals & SME
Diversified product portfolio Focus on Individuals & SME AGEAS OPERATES IN LIFE, LIFE NON-LIFE NON-LIFE, AND REINSURANCE Driven by Guaranteed Products Driven by Motor & Household INSURANCE NET OPERATING RESULT ACCIDENT & 2023 TOTAL: EUR 1,283 mio MOTOR HEALTH GUARANTEED UNIT-LINKED Life PRODUCTS PRO
Slide 6: Distribution development and commercial excellence
Distribution development and commercial excellence A diversified distribution landscape following the local customer Proven competency in developing Bancassurance strong, long-term and dynamic Broker partnerships with leading Agency Other companies in their local market Ageas’s Insurance knowledge &
Slide 7: Ageas Executive Committee to be: organisational chart
Ageas Executive Committee to be*: organisational chart Note: *New composition as reported in the press release of January 24, 2024 7
Slide 8: Belgium: Market leader with robust profit levels
Belgium Market leader with robust profit levels GROSS INFLOWS @Ageas’ share In EUR bn 3.0 mio 43 bps Non-Life # Customers Unit-linked margin Life (2022) (2023) 5.0 5.0 5.0 5.1 4.6 1.6 1.7 1.8 2.0 3,700 100 bps 1.6 # Brokers Guaranteed margin (2022) (2023) 3.4 3.0 3.3 3.2 3.1 89.4% Combined ratio (20
Slide 9: Europe: Stable and profitable markets
Europe Stable and profitable markets GROSS INFLOWS @Ageas’ share In EUR bn 14.5 mio 20 bps Life Non-Life # Customers Unit-linked margin (2022) (2023) 3.7 3.7 3.6 3.4 3.4 Banca, brokers 204 bps 2.5 2.5 & agents Guaranteed margin 2.5 2.4 2.8 Distribution (2023) channels 1.2 1.3 1.0 95.9% 0.9 0.8 Combi
Slide 10: Asia: Fast growing contribution
Asia Fast growing contribution GROSS INFLOWS @Ageas’ share In EUR bn 29.5 mio EUR 544 mio # Customers Net Operating Result Life (2022) (2023) Non-Life 8.1 8.2 7.4 0.9 0.9 6.3 6.6 0.7 0.4 0.4 471,000 144 bps # Brokers Guaranteed margin (2022) (2023) 6.7 7.2 7.3 5.9 6.1 97.2% Combined ratio (2023)* 20
Slide 11: Reinsurance
Reinsurance Under Impact24, Reinsurance was positioned as one of the opportunities for growth EUR 1.8 bn EUR 101 mio OUR JOURNEY Reinsurance: Operating segment of Gross Inflows Net Operating Result (2023) Ageas group (2023) 2015 – Start Intreas (writing shares in open 86.8% market programs of BE, PT
Slide 12: Impact24: Building on Sustained Performance
IMPACT24 BUILDING ON SUSTAINED PERFORMANCE 12
Slide 13: The plan is designed to deliver 6-8% earnings growth
The plan is designed to deliver 6-8% earnings growth EUR 1.1-1.2 bn EUR 0.9 bn EUR 0.7 bn 6-8% Avg. EPS growth 2018 2021 2024 Target Note: Excluding RPN(i) 13
Slide 14: Strengthen & grow our core to unlock its full potential
Strengthen & grow our core to unlock its full potential Empowering our existing positions to reach their full potential can deliver 80% of the earnings growth Market evolution Capturing growth in markets that grow & taking share as market leader Distribution development & commercial excellence Poten
Slide 15: Looking beyond our current strategic cycle with new engines
Looking beyond our current strategic cycle with new engines Translate long-term opportunities and investments in new growth engines, adding new capabilities that complement our strengths, to keep Ageas future-proof Protection Opportunities in covers in the personal integrity protection space, adjace
Slide 16: M&A strategy: Inorganic moves could provide additional uplift
M&A strategy “Inorganic moves” could provide additional uplift Mature markets Growth markets Transforming insurance ▪ Consider 4th entity with ▪ Market consolidation for Anticipating new trends Diversified similar characteristics positions in dividend ▪ Next-generation partnerships strategy contribu
Slide 17: Step up from Connect21 choices to Impact24 focus
Step up from Connect21 choices to Impact24 focus A great Customers and People first customer experience To prevent, prepare, protect, To Strengthen & Grow the Core and Pursue new opportunities for and assist growth in Health, Protection, Digital platforms & Reinsurance By leveraging Reinforcing Tech
Slide 18: Targets for Impact24
Targets for Impact24 Progress in 2023 Non-Life combined Operational 95% 92.1% ratio targets Life guaranteed 85 - 95 bps 107 bps margin Life unit-linked 30 - 40 bps 39 bps margin Financial Solvency IIageas 175% 217% targets 18
Slide 19: Building a more inclusive and sustainable society and driving growth
Building a more inclusive and sustainable society and driving growth Goal / Progress in 2023 OUR PEOPLE OUR CUSTOMERS OUR INVESTMENTS OUR PLANET 70% / 65% 25% / 28% €10 bn / €13.2 bn Net zero by 2050 at Ratio % of women in Fraction of GWP from Investments making a the latest senior management / prod
Slide 20: A Glance at the Numbers
A GLANCE AT THE NUMBERS 20
Slide 21: Gross inflows: a well diversified business across markets
Gross inflows A well diversified business across markets In EUR bn,@Ageas’share, @constant FX for 2022 & 2023 Belgium Europe Asia 16.1 16.5 17.1 ● Steady evolution in mature 15.0 Belgium 14.5 ● High growth in Asia 7.4 8.2 8.1 6.3 6.6 ● Growth in Europe mainly thanks to increased inflows from Portuga
Slide 22: Historical insurance net profit under IFRS
Historical insurance net profit under IFRS 4 Belgium Europe Asia Reinsurance In EUR mio 1.103 1.071 87 960 960 2016 8 79 856 ● Provision for all Ogden 721 797 515 32 3 293 8 403 claims in UK 269 170 245 394 2017 222 204 178 201 180 116 ● Additional provisions for the legal settlement of EUR 100 mio
Slide 23: Cash upstream: covering more than dividend and holding cost
Cash upstream Covering more than dividend and holding cost CAGR +8% 919 Reas Asia 32 Europe 753 Belgium 726 127 In EUR mio 87 658 632 11 601 172 96 HQ & RO expenses 8 87 123 144 176 516 92 534 200 77 130 98 143 86 122 89 48 66 415 415 427 464 391 411 400 333 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 24: Solid & diversified investment portfolio
Solid & diversified investment portfolio In EUR bn, @ageas share Stable asset mix & high-quality investments SOVEREIGN BOND PORTFOLIO UNQUOTED INVESTMENT FUNDS & OTHER CORPORATE BOND PORTFOLIO 97% investment grade (NEW IFRS 9 CATEGORY) 99% investment grade - EUR 10.0 bn externally rated & EUR 1.2 bn
Slide 25: Shareholder return
Shareholder return TOTAL RETURNED TO SHAREHOLDERS In EUR mio Paid dividend Share buy-back executed Capital reduction 664 615 600 617 582 590 585 540 540 247 132 95 208 55 EUR 3.25 244 184 Cash dividend (2023) 585 495 540 485 485 417 407 416 338 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016
Slide 26: Shareholder return: Ageas' share
Shareholder return Ageas’ share Listed on Euronext Brussels 134% 33% Index BEL 20 Total shareholder return Simple shareholder return ISIN BE0974264930 (Since 2015) (Since 2015) Bloomberg AGS BB Reuters AGES.BR SHAREHOLDERS AS OF 31/12/2023 AGEAS’ SHARE PRICE In EUR 29/12/2023 Fosun EUR 39.31 Identif
Slide 27: Conclusion
Conclusion BUSINESS MODEL FINANCIAL DISCIPLINE & AMBITION STRENGTHS LEGACIES SOLVED FOR THE FUTURE Balanced portfolio Strong capital position (FY 2023) Clear strategic priorities Markets/products/channels to prepare the Group for the future Comprehensive Strong positions in mature equity EUR 15.6 bn
Slide 28: Investor Relations
Investor Relations Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on Tel: + 32 2 557 57 32 management's current views and assumptions and involve known and E-mail: ir@ageas.com unknown risks and uncertainties that
Slide 29: Impact24
IMPACTeY CARE DARE Top, DELIVER Polanco to ALL. SHARE Fonoices) ex=p aD Customers @ Reinforcing Tech & Data Financial and People first capabilities Targets Strengthen @ Local model Non-Financial & Grow the Core with Group benefits Targets Pursuehnhe@W Opportunities @ Leadership positions . for Growt