Slide 1: Corporate Presentation
ageas Corporate Presentation
Slide 2: Agenda
Agenda Ageas – 2 continents, 14 countries 3 Impact24 - building on sustained performance 11 A glance at the numbers 22 Corporate Presentation I March 2022 I 2
Slide 3: Ageas 2 continents 14 countries
AGEAS 2 CONTINENTS 14 COUNTRIES Corporate Presentation I March 2022 I 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, France & UK #2 Life & #3 Non-Life in Portugal #3 Life & #4 Non-Life in Türkiye #6 persona motor insurer & domestic property insurer in
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 RESULT ACCIDENT & 2022 TOTAL: EUR 856 mio MOTOR HEALTH Life GUARANTEED UNIT-LINKED PRODUCTS PRODUCTS Non-Li
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 companies in their local market Other Ageas’s Insurance knowledge &
Slide 7: Management structure
Management structure EXECUTIVE COMMITTEE Hans De Cuyper Christophe Boizard Emmanuel Antonio Cano Filip Coremans Wim Guilliams CEO CFO Van Grimbergen MD Europe MD Asia Deputy CFO CRO MANAGEMENT COMMITTEE Heidi Delobelle Steven Braekeveldt Ant Middle Gary Crist Gilke Eeckhoudt CEO Belgium CEO Portugal
Slide 8: Belgium: Market leader with robust profit levels
Belgium Market leader with robust profit levels GROSS INFLOW @Ageas’ share In EUR bn Life 3.0 mio 41 bps Non-Life # Customers Unit-linked margin (2022) (2022) 5,0 5,0 5,0 4,6 4,6 4,3 1,6 1,7 1,8 1,5 1,6 3,700 89 bps 1,4 # Brokers Guaranteed margin (2022) (2022) 3,1 3,4 3,0 3,3 3,2 2,8 93.8% 2017 201
Slide 9: Europe: Stable and profitable markets
Europe Stable and profitable markets GROSS INFLOW @Ageas’ share In EUR bn Life 14.5 mio 31 bps Non-Life # Customers Unit-linked margin (2022) (2022) 4,9 4,4 3,7 3,7 3,4 3,4 Banca, brokers 105 bps 2,7 2,5 & agents Guaranteed margin 2,5 2,5 (2022) 2,5 2,4 Distribution channels 2,1 1,9 1,2 0,9 1,3 1,0
Slide 10: Asia: Fast growing contribution
Asia Fast growing contribution GROSS INFLOW @Ageas’ share In EUR bn 8,1 29.5 mio EUR 627 mio Life 7,4 Non-Life 0,9 # Customers Underlying net result 6,6 6,3 0,7 (2022) (2022) 0,4 0,4 5,2 5,4 0,2 0,2 471,000 EUR 140 bn 6,7 7,2 # Brokers Life technical liabilities 5,9 6,1 5,0 5,2 (2022) (2022) @100% 1
Slide 11: Reinsurance
Reinsurance Under Impact24, Reinsurance was positioned as one of the opportunities for growth EUR 1.6 bn EUR 32 mio OUR JOURNEY Gross Inflows Net result Reinsurance: Operating segment of (2022) (2022) Ageas group 2015 – Start Intreas (writing shares in open EUR 0.9b 99.3% market programs of BE, PT,
Slide 12: Impact24: Building on sustained performance
IMPACT24 BUILDING ON SUSTAINED PERFORMANCE Corporate Presentation I March 2022 I 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) Corporate Presentation I March 2022 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 2022 Non-Life combined Operational 95% 96.5% ratio targets Life guaranteed 85 - 95 bps 91 bps margin Life unit-linked 30 - 40 bps 36 bps margin Financial Solvency IIageas 175% 218% targets Holding Free Cash EUR 1.7 - 2.1bn ~EUR 700 mio Flow (Cumulative) (Over one yea
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 2022 OUR PEOPLE OUR CUSTOMERS OUR INVESTMENTS OUR PLANET 70% / 57% 25% / 21% €10 bn / €10.3 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 Corporate Presentation I March 2022 I 20
Slide 21: Gross inflows
Gross inflows A well diversified business across markets Belgium Europe Asia In EUR bn, @Ageas’ share 16,5 16,1 ● Steady evolution in mature 15,0 14,4 14,5 14,5 Belgium 14,1 4,8 5,2 5,4 6,3 7,4 8,1 ● High growth in Asia 6,6 ● Inflows in Europe down on strategic divestments (Italy in 4,7 4,9 4,4 3,7
Slide 22: Insurance net profit
Insurance net profit Belgium Europe Asia Reinsurance In EUR mio 1.103 1.071 87 960 960 2016 8 515 79 856 ● Provision for all Ogden 721 797 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 438 426 464 391 415 411
Slide 23: Cash upstream
Cash upstream Covering more than dividend and holding cost CAGR +5% Reas Asia Europe 753 753 Belgium 726 In EUR mio 87 658 HQ & RO expenses 632 11 163 172 601 8 87 123 144 516 92 SBB 96 534 77 130 98 143 86 122 89 48 66 Paid dividend 495 415 415 427 411 391 400 333 2016 2017 2018 2019 2020 2021 2022
Slide 24: Solid & diversified investment portfolio
Solid & diversified investment portfolio Stable asset mix & high-quality investments TOTAL INVESTMENT PORTFOLIO SOVEREIGN BOND PORTFOLIO CORPORATE BOND PORTFOLIO Over 99% investment grade 91% investment grade 2% 3% 9% 2% 6% 12% 13% 4% 6% Belgium 39% 7% 13% France EUR 69.9 bn Austria EUR 27.1 bn 49%
Slide 25: Shareholders return
Shareholders return TOTAL RETURNED TO SHAREHOLDERS In EUR mio Paid dividend Share buy-back executed Capital reduction 664 615 600 617 582 590 540 540 247 132 95 208 184 55 EUR 3.00 244 Cash dividend (2023) 540 485 485 495 417 407 416 338 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 20
Slide 26: Shareholders return: Ageas' share
Shareholders return Ageas’ share Listed on Euronext Brussels 127% 40% Index BEL 20 Total shareholder return Simple shareholder return ISIN BE0974264930 (Since 2014) (Since 2014) Bloomberg AGS BB Reuters AGES.BR SHAREHOLDERS AS OF 31/12/2022 AGEAS’ SHARE PRICE Fosun In EUR 30/12/2022 Vanguard EUR 41.
Slide 27: Conclusion
Conclusion BUSINESS MODEL FINANCIAL DISCIPLINE & AMBITION STRENGTHS LEGACIES SOLVED FOR THE FUTURE Balanced portfolio Strong capital position (FY 2022) Clear strategic priorities Markets/products/channels to prepare the Group for the future Shareholder’s equity Strong positions in mature EUR 7.6 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: Corporate Presentation I March 2021 I 29
Corporate Presentation I March 2021 I 29