Ageas Sa/nv · EURONEXT:AGS
Ageas Sa/nv — Ageas Nv S/Adr New — H1 2026 Earnings Presentation
43 slides from Ageas Sa/nv's earnings presentation, Aug 27, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS Periodical Financial Information
Slide 2: Main messages
Ageas Main messages Net Operating Result driven by excellent insurance results in Life and resilient Non-Life results despite adverse weather impact Inflows ● Inflows up 17% to EUR 12.1 bn thanks to an excellent commercial performance in Life and strong growth in Non-Life ● Life Inflows up 12%, supp
Slide 3: Headlines
Ageas Headlines Inflows Solvency ratio Net Operating Result EUR 12.1 bn EUR 776 m Up 17%* Solvency II 195% at constant FX Non-Solvency II 230% Shareholders’ Equity Return on EUR 10.2 bn Operational Shareholders’ Equity Capital Generation Comprehensive Equity 15.8% EUR 1.1 bn EUR 19.7 bn * up 8% at c
Slide 4: Volume metrics
Ageas Volume metrics Excellent commercial performance in Life – Strong Non-Life growth Group-wide view @ ageas’ share Life Inflows Non-Life Inflows Life Liabilities & Pension AuM In EUR m In EUR m In EUR bn 4,480 7,596 6,834 822 17.4 768 3,616 503 Unit-linked Other 735 6.3 863 Pension AuM Household
Slide 5: IFRS performance
Ageas IFRS performance Strong Life performance across all segments & resilient Non-Life despite impact from adverse weather Group-wide view @ ageas’ share Net Operating Result Comprehensive Equity* Life CSM roll-forward In EUR m In EUR bn In EUR m – before tax 776 734 19.7 240 17.5 +3.6% 365 1,172 2
Slide 6: Operational metrics
Ageas Operational metrics Present Value New Business Premium strongly up – Combined ratio impacted by adverse weather Group-wide view @ ageas’ share Life New Business Non-Life Combined ratio In % of Insurance revenues 92.1 95.2 New Business 7.9% 2.6 8.7% Reinsurance 5.6 Margin (NBM)* 29.8 Expenses 2
Slide 7: Solvency performance
Ageas Solvency performance OCG in line with last year’s strong performance Group-wide view @ ageas’ share Operational Capital Generation Operational Free Capital Generation Solvency ratio In EUR m In EUR m In % Solvency II Non-Solvency II 1,106 1,063 713 484 211% 195% 244% 230% FY '25 H1 '26 FY '25
Slide 8: Cash metrics
Ageas Cash metrics Above EUR 1.4 bn cash upstream expected in 2026, significantly higher than last year Group-wide view @ ageas’ share Total liquid assets Holding costs Cash Upstream In EUR m In EUR m In EUR m 1,417 208 949 332 269 Reinsurance 164 1,450 Asia 215 119 of which China 149 110 108 1,167
Slide 9: Ageas sells its stake in Malaysia to Maybank
Ageas sells its stake in Malaysia to Maybank An opportunity to crystallise value, demonstrating Cash proceeds the strength and strategic relevance of our partnership model EUR 1.1 bn Sale of 30.95% stake in Etiqa for EUR 1.1 bn, delivering a net capital gain of EUR 450 m and Price-to-book (P/B) addi
Slide 10: Conclusion
Ageas Conclusion • Next to our strong topline growth, our operations also delivered an improved profitability, despite the impact from significant adverse weather, a clear reflection of the resilience of our insurance business • Strong H1 2026 Net Operating Result driven by excellent Life performanc
Slide 11: Save the Date: Ageas Deep Dive October 2026
Save the Date Ageas Deep Dive 8 October 2026 Four Seasons Hotel London at Tower Bridge 11
Slide 12: Group details
Group details 12
Slide 13: Inflows
Ageas Inflows Excellent commercial performance in Life – Strong Non-Life performance further supported by inorganic growth Group-wide view @ ageas’ share In EUR m Life Non-Life Total % ownership H1 '25 H1 '26 const. fx H1 '25 H1 '26 const. fx H1 '25 H1 '26 const. fx Belgium 100%* 1,682 2,148 28% 1,2
Slide 14: Net Operating Result
Ageas Net Operating Result Solid operating performance across the group Group-wide view @ ageas’ share Belgium In EUR m H1 '25 H1 '26 Life Net Operating Result up at constant scope* on higher operating insurance service result further supported by net capital gains Life 164 221 Non-Life 84 75 Resili
Slide 15: Capital gains
Ageas Capital gains Contribution of net capital gains to Net Operating Result Group-wide view @ ageas’ share In EUR m H1 '25 H1 '26 Life 43 63 Non-Life 6 15 Belgium 49 78 Higher net capital gains on equities and real estate Life 3 4 Non-Life 1 1 Europe 5 5 Life (13) 18 Non-Life 2 3 Asia (11) 21 H1 ’
Slide 16: Movement in Comprehensive Equity
Ageas Movement in Comprehensive Equity Increase driven by strong operating performance further supported by 100% ownership of AG Insurance Group-wide view In EUR bn After tax Comprehensive Equity / share EUR 91.85 EUR 94.33 0.4 0.5 19.7 0.9 0.8 0.1 (0.5) 17.5 (0.0) 8.4 CSM 7.1 1.1 UG/L on RE 1.0 Sha
Slide 17: IFRS Sensitivities
Ageas IFRS 17 Sensitivities Neutral interest rate sensitivity with underlying regional differences As per 2025 EUR m % Comprehensive Equity 17,519 100% Interest Rate Up 50 bps -78 -0.4% Down 50 bps 7 0.0% Equity Market Up 25% +1,588 9.1% Down 25% -1,612 -9.2% Real Estate Up 10% +229 1.3% Down 10% -2
Slide 18: Comprehensive Equity links with Available Capital
Ageas Comprehensive Equity links with Available Capital Movements mainly related to the 25% step-up to full ownership of AG Insurance Group-wide view In EUR bn After tax 19.7 (0.0) (0.8) 4.1 (2.5) CSM 8.4 UG/L on RE 1.1 20.6 Shareholders’ Equity 10.2 Comprehensive Intangibles Sub-debt Eligible / Val
Slide 19: Operational Capital Generation
Ageas Operational Capital Generation Group OCG of EUR 1.1 bn Group-wide view In EUR m Required Capital 337 40 424 Available Capital 299 1,063 417 190 (214) (75) (309) 9,644 8,545 19,485 20,558 FY '25 Model Market Operational Capital Capital Dividend H1 '26 & scope transaction tiering & and M&A other
Slide 20: Operational Capital Generation
Ageas Operational Capital Generation Operational Capital Generation in line with last year’s strong performance despite impact adverse weather Group-wide view In EUR m Operational Operational Solvency Operational Free Capital Generation Capital Requirements Capital Generation (OCG) (OSCR) (OFCG) H1
Slide 21: Solvency
Ageas Solvency FY 2025 H1 2026 FY 2025 H1 2026 Solvency II scope 211% 195% Non-Solvency II scope 244% 230% AC RC Change AC RC Change Operational 767 117 +12pp Operational 627 220 +2pp including NCP dividends 330 Capital transaction & M&A ( 298) 0 -7pp Capital transaction & M&A 84 40 0pp Dividend ( 3
Slide 22: Solid & diversified investment portfolio
Solid & diversified investment portfolio Stable asset mix & high-quality investments Belgium*, Europe and @ageas’ share Reinsurance 3% Sovereign bonds 6% Corporate bonds 7% Ageas Group Loans & other 9% 42% Real Estate EUR 70.8 bn 4% Sovereign bonds 4% Unquoted Investment funds 12% 6% Corporate bonds
Slide 23: Belgium, Europe and Reinsurance investment portfolio
Belgium, Europe and Reinsurance investment portfolio Stable asset mix & high-quality investments @ageas’ share SOVEREIGN BOND PORTFOLIO UNQUOTED INVESTMENT FUNDS & OTHER CORPORATE BOND PORTFOLIO 99% investment grade 99% investment grade - EUR 13.3 bn externally rated & EUR 1.5 bn internally Belgium*
Slide 24: Operating segments
Operating segments 24
Slide 25: Belgium – Volume metrics
Belgium – Volume metrics Excellent growth in Life – Continued robust performance in Non-Life @ageas’ share Life Inflows Non-Life Inflows Life Liabilities In EUR m In EUR m In EUR bn, excl. UG/L 1,362 2,148 1,209 145 1,682 Other 131 649 442 Unit-linked 428 Household 390 427 64.5 1,498 Motor 372 Guara
Slide 26: Belgium - Performance metrics
Belgium - Performance metrics @ageas’ share Net Operating Result Operational Capital Generation Solvency ratio In EUR m In EUR m In % 297 248 75 84 Non-Life 358 239% 317 202% 221 Life 164 H1 '25 H1 '26 H1 '25 H1 '26 FY '25 H1 '26 • Life Net Operating Result up on higher • Operational Capital Generat
Slide 27: Belgium – Life
Belgium – Life @ageas’ share Life Guaranteed margin Life New Business Life CSM roll-forward In bps avg Life Guaranteed Liabilities In EUR m New Business 5.4% 1,095 Margin (NBM)* 6.4% -0.6% 45 91 (144) 3,700 106 Value New 92 Business (VNB) 132 144 2,614 In EUR m BOP Time New Release Mvt on EOP H1 '25
Slide 28: Belgium – Non-Life
Belgium – Non-Life Resilient performance despite significant impact from adverse weather In % Insurance revenues @ageas’ share 89.6 96.0 2.4 Reinsurance 2.8 36.6 ● Combined ratio (COR) includes significant impact from adverse weather (9.3pp) Expenses 38.0 while LY was very benign (0.4pp) ● COR inclu
Slide 29: Europe – Volume metrics
Europe – Volume metrics Excellent performance in Life – Strong underlying growth in Non-Life further supported by esure and AICL @ageas’ share Life Inflows Non-Life Inflows Life Liabilities & Pension AuM In EUR m In EUR m In EUR bn 646 2,249 118 56 470 1,589 379 Unit-linked 75 Other 37 6.3 6.6 House
Slide 30: Europe – Performance metrics
Europe – Performance metrics @ageas’ share Net Operating Result Operational Capital Generation Solvency ratio In EUR m In EUR m In % 145 115 80 Non-Life 66 179 181% 166% 110 65 Life 49 H1 '25 H1 '26 H1 '25 H1 '26 FY '25 H1 '26 • Life Net Operating Result driven by • Operational Capital Generation •
Slide 31: Europe – Life
Europe – Life @ageas’ share Life New Business Life CSM roll-forward 12.5% In EUR m New Business +22.0% Margin (NBM)* 14.0% 41 (30) 4 (4) 7 81 Value New Business (VNB) 66 163 181 In EUR m BOP Time New Release Mvt on FX EOP H1 '25 H1 '26 Value Business portfolio • Value New Business up 30% at constant
Slide 32: Europe – Non-Life
Europe – Non-Life In % Insurance revenues @ageas’ share 93.3 95.4 0.3 Reinsurance 5.6 27.9 Expenses 25.9 • Combined Ratio (COR) includes 3.5pp impact from weather (vs 0.9pp LY) • COR includes 3.9pp benefit from discounting of CY claims (in line with LY) Claims 61.8 67.2 • A&H improved thanks to lowe
Slide 33: Asia – Volume metrics
Asia – Volume metrics Solid growth driven by Life @ageas’ share Life Inflows Non-Life Inflows Life Liabilities & Pension AuM In EUR m In EUR m In EUR bn 541 513 Pension AuM 10.9 Other incl. 290 Reinsurance 265 4,682 4,802 Household 56 43 47.2 Life Liabilities 41.5 excl. UG/L Motor 148 154 A&H 47 51
Slide 34: Asia - Performance metrics
Asia - Performance metrics @ageas’ share Net Operating Result Operational Capital Generation Solvency ratio In EUR m In EUR m In % 376 351 33 26 Non-Life 343 662 628 325 242% 228% Life H1 '25 H1 '26 H1 '25 H1 '26 FY '25 H1 '26 • Life Net Operating Result supported by a • Operational Capital Generati
Slide 35: Asia – Life & Non-Life
Asia – Life & Non-Life @ageas’ share Life New Business Life CSM roll-forward Non-Life Combined ratio In EUR m In % Insurance revenues 95.6 95.0 Reinsurance 13.3 14.4 New Business 9.3% 8.8% Margin (NBM)* +4.7% Expenses 22.3 23.6 325 (294) 369 128 74 Value New 7,246 Claims 339 328 6,644 60.0 Business
Slide 36: Reinsurance
Reinsurance Excellent performance in 3rd Party Business further supported by contribution from partnerships @ageas’ share Non-Life Inflows Combined ratio 3rd Party Business In EUR m In % Insurance revenues 1,405 83.7 1,297 82.1 3rd Party Business 5.1 5.8 including Partnership 277 355 Reinsurance Exp
Slide 37: Reinsurance
Reinsurance Net Operating Result impacted by adverse weather partially compensated by strong 3rd Party Business result @ageas’ share Net Operating Result Operational Capital Generation In EUR m In EUR m 87 Result from Capital 52 Management 68 18 Investment Result Capital Mgmt, 6 105 Group Purchasing
Slide 38: General Information
~ General Information 38
Slide 39: Outstanding debt
Outstanding debt Financial leverage ratio of 21.2%* Fortis Bank Ageas SA/NV Ageasfinlux AG Insurance (Belgium) esure Group plc (UK) (BNPPF) Perp Fixed Rate Perp Fixed Rate Fixed-to-Floating Fixed-to-Floating Fixed-to-Floating Fixed Rate Reset Dated Reset Temporary Reset Temporary GBP Senior Fixed FR
Slide 40: Ratings
Ratings S&P MOODY'S FITCH Holding ageas SA/NV A+ / Stable A1 / Stable AA- / Stable Last review 25/11/2025 29/10/2025 20/10/2025 Entities and NCP's AG Insurance (Belgium) A+ / Stable A1 / Stable AA- / Stable Last review 25/11/2025 29/10/2025 20/10/2025 Ageas Insurance Limited (AIL) A+ / Stable AA- /
Slide 41: ESG Ratings
ESG Ratings Top quartile ESG rating confirmed Rating agency 2022 2023 2024 2025 2026 ISS QualityScore G 2 G 2 G 3 G 2 G 2 (The lower the score the better, S 2 S 2 S 2 S 2 S 1 max. 1 in each pillar) E 4 E 3 E 4 E 2 E 1 (31.12.2024) (02.01.2026) (03.08.2026 - Partial update) MSCI ESG AA AA A AA (22.05
Slide 42: Share Information
Share Information Ownership structure Ageas’ share Listed on Euronext Brussels BNP Paribas Index BEL 20 22.5% 1.6%* ISIN BE0974264930 FPIM-SFPI Bloomberg AGS BB Other 6% Investors Reuters AGES.BR Situation 31/12/2025 Situation 01/07/2026 Belgian Retail Total Issued Shares 198,938,286 213,938,286 Ide
Slide 43: 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