Slide 1: FY 2023 Results
FY 2023 RESULTS Periodical Financial Information
Slide 2: Main messages
Ageas Main messages Increase in Net Operating Result driven by excellent underwriting performance Inflows ● Inflows up 8% in local currency ● Significant increase in Non-Life inflows across all markets and all business lines supported by both continued pricing discipline and higher volumes ● Good sa
Slide 3: Proposed gross cash dividend consistently increasing
Ageas Proposed gross cash dividend consistently increasing Final dividend of EUR 1.75 after interim dividend of EUR 1.50 8.2% 6.9% 6.5% 5.6% 5.0% 5.3% 5.3% 5.0% 4.9% 5.1% 4.4% 0.40 3.25 3.00 2.65 2.65 2.75 2.10 2.20 1.55 1.65 1.70 1.40 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Gross div
Slide 4: Headlines
Ageas Headlines Group-wide view Net Operating Result at the upper end of the FY23 guidance Net Operating Result Inflows Solvency ratio EUR 1.17 bn EUR 17.1 bn Solvency II 217% up 9% when excluding up 8% @ constant FX one-offs Non-Solvency II 282% Operational Free Capital Shareholders’ equity Return
Slide 5: Volume metrics
Ageas Volume metrics Group-wide view @ ageas’ share Excellent commercial performance in Non-Life across all segments and in Life in China Life Inflows Non-Life inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 5,956 11,334 11,162 5,302 1,025 Unit-linked 1,311 720 Other 1,111 1,292
Slide 6: IFRS performance
Ageas IFRS performance Group-wide view @ ageas’ share Net Operating Result (excl. 2022 exceptionals) up 9% @ constant FX Net Operating Result Comprehensive equity Life CSM roll-forward In EUR mio In EUR bn In EUR mio – before tax 1,312 Operating FRESH Commercial 146 1,166 +3.2% lines UK 45 Non-Life
Slide 7: Operational metrics
Ageas Operational metrics Group-wide view @ ageas’ share Indicators showing group-wide performance Life Guaranteed margin Life Unit-Linked margin Non-Life Combined ratio In bps avg Life Guaranteed liabilities In bps avg Life Unit-Linked liabilities In % Insurance revenues 97.7 93.3 Reinsurance 5.2 7
Slide 8: Solvency performance
Ageas Solvency performance Group-wide view @ ageas’ share Long term sustainability of dividend underpinned by solid FCG Operational Capital Generation Operational Free Capital Generation Solvency ratio In % In EUR mio In EUR mio 282% 1,791 1,803 1,172 1,162 218% 217% 208% FY '22 FY '23 FY '22 FY '23
Slide 9: Cash metrics
Ageas Cash metrics Group-wide view @ ageas’ share Upstream more than covering cash outs – EUR 750-800 mio expected in 2024 Total liquid assets Upstream Holding costs In EUR mio In EUR mio In EUR mio Reinsurance Asia 959 Europe 191 176 624 Belgium FY '22 FY '23 FY '22 FY '23 • Increased cash position
Slide 10: Conclusion
Ageas Conclusion ● Strong net operating result of EUR 1,166 mio, up 9% when excluding one-offs ● Solid commercial performance, with inflows up by 8% at constant exchange rate, thanks to significant Non-Life growth across segments and Life sales in China ● Operational Life CSM movement of EUR 309 mio
Slide 11: Group details
Group details Periodical Financial Information I FY 2023 Results I 28 February 2024 I 11
Slide 12: Inflows
Ageas Inflows Group-wide view In EUR mio Excellent commercial performance in Non-Life and double-digit growth in Life in China Life Non-Life Total FY '22 FY '23 const. fx FY '22 FY '23 const. fx FY '22 FY '23 const. fx Belgium 75% 3,155 3,077 (2%) 1,802 1,994 11% 4,957 5,072 2% Portugal 51% - 100% 5
Slide 13: Net Operating result
Ageas Net Operating result Group-wide view In EUR mio Up 9% when excluding one-offs FY '22 FY '23 Life 356 331 Non-Life 160 163 Belgium 515 494 Life 28 60 Non-Life 88 84 Europe 115 144 Life 676 502 Non-Life (8) 42 Asia 668 544 Reinsurance (3) 101 Life 1,059 894 Net Operating Result excluding one-off
Slide 14: Capital gains
Ageas Capital gains Group-wide view In EUR mio Lower contribution of net capital gains to Net Operating result FY '22 FY '23 Life 114 64 Non-Life 17 5 Belgium 130 70 Life (7) 6 Non-Life 8 3 Europe 1 9 Life 53 (7) Non-Life (3) 3 Asia 49 (4) Reinsurance (0) 0 Life 160 64 Non-Life 21 11 General Account
Slide 15: Movement in Comprehensive equity
Ageas Movement in Comprehensive equity Group-wide view EUR ~1.5 bn contribution of operations In EUR bn After tax Comprehensive equity / share EUR 85.32 EUR 85.04 15.7 0.3 (0.1) 15.6 (0.5) (0.2) 1.2 (0.7) CSM 7.4 7.0 UG/L on RE 1.3 1.2 Shareholders’ 7.0 7.4 equity FY '22 Net Operating Net Operating
Slide 16: Comprehensive Equity links with Available Capital
Ageas Comprehensive Equity links with Available Capital Group-wide view In EUR bn After tax 0.1 0.1 15.6 2.6 (1.0) CSM 7.0 17.4 UG/L on RE 1.2 Shareholders’ equity 7.4 Comprehensive Intangibles Sub-debt Eligible / Valuation Available capital equity Uneligible capital differences Periodical Financial
Slide 17: Operational Capital Generation
Ageas Operational Capital Generation Group-wide view Group OCG of EUR 1.8 bn In EUR mio Available Capital Required Capital 1,424 7 1,803 383 1,244 (586) (84) (207) (122) 7,027 6,997 (1,424) 17,427 FY'22 Model Market Operational Capital Investment Dividend FY'23 14,959 & scope transaction in business
Slide 18: Operational Capital Generation
Ageas Operational Capital Generation Group-wide view In EUR mio Operational Capital Consumption driven by significant growth Operational Operational Operational Capital Generation Capital Consumption Free Capital Generation FY '22 FY '23 FY '22 FY '23 FY '22 FY '23 Solvency II Scope 683 857 (28) 194
Slide 19: Solvency
Ageas Solvency High solvency, significantly strengthened in the Non-solvency II scope Solvency II Pillar II FY ’22 ➔ FY ’23 Non-Solvency II scope FY ’22 ➔ FY ’23 218% ➔ 217% 208% ➔ 282% AC RC change AC RC change Operational 812 207 +10pp Operational 1,116 176 +20pp including NCP dividends 125 0 M&A
Slide 20: Belgium, Europe and Reinsurance investment portfolio
Belgium, Europe and Reinsurance 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
Slide 21: Operating segments
Operating segments Periodical Financial Information I FY 2023 Results I 28 February 2024 I 21
Slide 22: Belgium – Volume metrics
Belgium – Volume metrics In EUR mio, @ageas’ share Excellent growth in non-life more than compensating lower life Life Inflows Non-Life Inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 1,994 3,155 3,077 1,802 207 Unit-linked 482 Other 187 857 653 Household 591 579 44.3 45.0 Guara
Slide 23: Belgium - Performance metrics
Belgium - Performance metrics Net Operating Result Operational Capital Generation Solvency ratio In EUR mio In EUR mio In % 515 494 160 163 Non-Life 573 241% 243% 522 Life 356 331 FY '22 FY '23 FY '22 FY '23 FY '22 FY '23 • Life Net Operating Result • excellent operating insurance service • Operatio
Slide 24: Belgium – Life
Belgium – Life @ageas’ share Life Guaranteed margin Life Unit-Linked margin Life CSM roll-forward In bps avg Life Guaranteed liabilities In bps avg Life Unit-Linked liabilities In EUR mio +0.6% 200 81 199 (267) 106 100 2,455 2,668 40 43 FY '22 FY '23 FY '22 FY '23 BOP Time New Release Mvt on EOP Val
Slide 25: Belgium – Non-Life
Belgium – Non-Life In % Insurance revenues @ageas’ share Strong performance across all business lines 90.3 89.4 3.1 Expenses 35.1 36.4 ● Combined ratio improved thanks to lower claims frequency in A&H & relatively benign weather (2pp vs. 3pp in FY 22) Claims 56.0 ● COR includes 2.6% benefit from dis
Slide 26: Europe – Volume metrics
Europe – Volume metrics In EUR mio, @ageas’ share Higher Non-Life inflows more than compensating lower Life Life inflows Non-Life inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 2,800 976 69 2,402 821 565 Other 258 Unit-linked 454 238 Household 517 1,573 5.3 4.9 Motor 1,106 Guar
Slide 27: Europe – Performance metrics
Europe – Performance metrics Net Operating Result Operational Capital Generation Solvency ratio In EUR mio In EUR mio In % 144 115 Commercial 84 lines UK 45 183% 188% 158 Non-Life 43 60 99 Life 28 FY '22 FY '23 FY '22 FY '23 FY '22 FY '23 • Net Operating Result Life up on improved • Operational capi
Slide 28: Europe – Life
Europe – Life @ageas’ share Life Guaranteed margin Life Unit-Linked margin Life CSM roll-forward In bps avg Life Guaranteed liabilities In bps avg Life Unit-Linked liabilities In EUR mio +5.9% 27 (26) 5 (2) (3) 193 204 103 103 26 20 FY '22 FY '23 BOP Time New Release Mvt on FX EOP FY '22 FY '23 Valu
Slide 29: Europe – Non-Life
Europe – Non-Life In % Insurance revenues ,@ageas’ share 101.6 95.9 Reinsurance 5.5 5.0 Expenses 30.4 27.8 • COR significantly improved vs. LY thanks to a strong performance of Motor UK following continued technical pricing discipline • Improved expense ratio thanks to higher volume, lower expenses
Slide 30: Asia – Volume metrics
Asia – Volume metrics @ageas’ share Solid growth driven by both Life and Non-Life Life Inflows Non-Life inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 919 901 Other incl. Reinsurance 488 487 7,202 7,263 34.7 Household 33.5 92 74 Motor 284 279 A&H 56 60 FY '22 FY '23 FY '22 FY '
Slide 31: Asia - Performance metrics
Asia - Performance metrics In EUR mio, @ageas’ share Net Operating Result Operational Capital Generation Solvency ratio In EUR mio In EUR mio In % 668 544 Non-Life 42 284% 676 1,261 1,127 209% Life 502 (8) FY '22 FY '23 FY '22 FY '23 FY '22 FY '23 • Lower contribution from cap gains (EUR -4 • Operat
Slide 32: Asia – Life & Non-Life
Asia – Life & Non-Life @ageas’ share Life Guaranteed margin Life CSM roll-forward Non-Life Combined ratio In bps avg Life Guaranteed liabilities In EUR mio In % Insurance revenues +4.0% 101.2 97.2 578 (576) Reinsurance 12.3 15.5 287 (535) (431) Expenses 30.2 25.9 176 144 7,223 6,546 Claims 58.6 55.8
Slide 33: Reinsurance: Solid growth, successful 2024 renewal campaign
Reinsurance @ageas’ share Solid growth driven by capt mgmt. & protection – Successful 2024 renewal campaign Non-Life Inflows Combined ratio Protection In EUR mio In % Insurance revenues 103.3 1,813 1,546 84.1 Reinsurance 33.7 Expenses 6.9 39.9 Capital Management 1,551 1,368 Claims 62.8 38.4 Protecti
Slide 34: Reinsurance
Reinsurance @ageas’ share Net Operating Result Operational Capital Generation In EUR mio In EUR mio 101 100 Non-Life 114 Life 1 46 (3) FY '22 FY '23 FY '22 FY '23 • Net Operating Result strongly up • Operational Capital Generation up thanks to improved contribution from on increased contribution fro
Slide 35: General Information
General Information Periodical Financial Information I FY 2023 Results I 28 February 2024 I 35
Slide 36: Outstanding hybrids
Outstanding hybrids Financial leverage ratio of 18.3%* Fortis Bank Ageas SA/NV Ageasfinlux AG Insurance (Belgium) (BNPPF) Fixed Rate Reset Perp Fixed Rate Fixed to Floating Fixed-to-Floating Fixed-to-Floating Dated Reset Temporary FRESH CASHES Rate Notes Rate Callable Rate Callable Subordinated Writ
Slide 37: Targets for Impact24
Targets for Impact24 Progress up to FY 2023 Operational Non-Life combined 95% 92.1% targets ratio Life guaranteed 85 - 95 bps 107 bps margin Life unit-linked 30 - 40 bps 39 bps margin Financial targets Solvency IIageas 175% 217% Periodical Financial Information I FY 2023 Results I 28 February 2024 I
Slide 38: Ratings
Ratings S&P MOODY'S FITCH Holding ageas SA/NV A+ / Stable A1 / Stable AA- / Stable Last review 07/12/23 21/12/22 14/11/23 Operating entities AG Insurance (Belgium) A+ / Stable A1 / Stable AA- / Stable Last review 07/12/23 21/12/22 14/11/23 Ageas Insurance Limited A+ / Stable AA- / Stable Last review
Slide 39: ESG Ratings
ESG Ratings Steady improvement in our ESG ratings Rating agency 2019 2020 2021 2022 2023 ISS G 2 G 3 G 3 G 2 G 2 S 10 S 4 S 2 S 2 S 2 (The lower the score the better, max. 1 in each pillar being 100) E 7 E 6 E 5 E 4 E 3 Moody’s Analytics 46/100 51/100 No active survey No rating action 54/100 (The hi
Slide 40: Share Information
Share Information Ageas’ share Listed on Euronext Brussels Index BEL 20 ISIN BE0974264930 Bloomberg AGS BB Reuters AGES.BR Situation 31/12/2022 Situation 31/12/2023 Fosun Identified retail Total Issued Shares 189,731,187 187,971,187 investors 24% BlackRock, Shares not entitled to dividend nor voting
Slide 41: 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