Slide 1: H1 2024 Results
H1 2024 RESULTS Periodical Financial Information
Slide 2: Main messages
Ageas Main messages Net Operating Result driven by excellent insurance result in Life & Non-Life Inflows ● Inflows up 14% - first time above EUR 10 bn at HY ● Significant increase in Non-Life inflows (+23%) across most markets and all business lines supported by both continued pricing discipline and
Slide 3: Headlines
Ageas Headlines Group-wide view Net Operating Result Inflows Solvency ratio EUR 613 mio EUR 10.2 bn up 14% @ constant FX & Solvency II 219% Insurance result* constant scope Non-Solvency II 276% EUR 870 mio Operational Free Capital Shareholders’ equity Return on Generation Shareholders’ Equity EUR 7.
Slide 4: Volume metrics
Ageas Volume metrics Group-wide view @ ageas’ share Excellent commercial performance in both Non-Life and Life Life Inflows Non-Life inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 3,692 6,236 6,491 331 283 3,026 728 Unit-linked Other 587 722 Household 656 Guaranteed 5,905 6,208
Slide 5: IFRS performance
Ageas IFRS performance Group-wide view @ ageas’ share Net Operating Result Net Operating Result Comprehensive equity Life CSM roll-forward In EUR mio In EUR bn In EUR mio – before tax Operating 611 613 15.9 +5.9% 15.6 Non-Life 183 200 172 538 (435) (98) 45 CSM 7.0 7.2 Life 490 468 1.2 1.2 9,317 9,54
Slide 6: 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 93.3 94.1 Reinsurance 4.1 7
Slide 7: 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% 276% 1,218 1,026 217% 219% 934 492 FY '23 H1 '24 FY '23 H1 '24 H1
Slide 8: Cash metrics
Ageas Cash metrics Group-wide view @ ageas’ share Above EUR 800 mio recurring cash upstream expected in 2024 Total liquid assets Recurring Cash Upstream Holding costs In EUR mio In EUR mio Above In EUR mio 800 719 101 32 Reinsurance 127 126 Asia 96 83 Europe 200 1,339 Belgium 107 959 464 76 294 FY '
Slide 9: Conclusion
Ageas Conclusion ● Outstanding commercial performance, delivering on the Impact24 growth ambition ● Excellent insurance result leading to Net Operating Result expectation of EUR 1.2 - 1.25 bn for the year ● Launch of a new SBB of EUR 200 million, on top of the EUR 1.50 gross cash interim DPS Periodi
Slide 10: Group details
Group details Periodical Financial Information I H1 2024 Results I 28 August 2024 I 10
Slide 11: Inflows
Ageas Inflows Group-wide view In EUR mio Excellent commercial performance in Life & Non-Life – Up 14% excl. France LY Life Non-Life Total H1 '23 H1 '24 const. fx H1 '23 H1 '24 const. fx H1 '23 H1 '24 const. fx Belgium 75% 1,483 1,525 3% 1,066 1,151 8% 2,549 2,677 5% Portugal 51% - 100% 191 396 108%
Slide 12: Net Operating Result
Ageas Net Operating Result Group-wide view In EUR mio H1 '23 H1 '24 Life 167 168 Non-Life 96 64 Belgium 263 232 Life 28 41 Non-Life 19 60 Europe 47 101 Life 293 259 Non-Life 4 8 Asia 297 267 Reinsurance 66 67 Life 490 468 Non-Life 183 200 General Account (63) (55) Ageas Net Operating Result 611 613
Slide 13: Capital gains
Ageas Capital gains Group-wide view In EUR mio Higher contribution of net capital gains to Net Operating Result H1 '23 H1 '24 Life 30 29 Non-Life 2 3 Belgium 32 32 Life 2 2 Non-Life (1) 2 Europe 1 4 Life 4 39 Non-Life 0 2 Asia 4 41 Reinsurance 0 (2) Life 37 71 Non-Life 1 5 General Account 2 Ageas 40
Slide 14: Movement in Comprehensive equity
Ageas Movement in Comprehensive equity Group-wide view EUR 0.8 bn contribution of operations In EUR bn After tax Comprehensive equity / share EUR 85.04 EUR 86.58 15.6 15.9 0.2 (0.3) (0.3) 0.1 0.6 0.0 CSM 7.0 7.2 UG/L on RE 1.2 1.2 Shareholders’ 7.4 7.5 equity FY '23 Net Operating Net Operating UG/L
Slide 15: Comprehensive Equity links with Available Capital
Ageas Comprehensive Equity links with Available Capital Group-wide view In EUR bn After tax 15.9 1.0 2.5 (0.4) (1.1) 7.2 CSM 17.9 UG/L on RE 1.2 Shareholders’ 7.5 equity Comprehensive Intangibles Sub-debt Eligible / Valuation Available capital equity Uneligible capital differences Periodical Financi
Slide 16: Operational Capital Generation
Ageas Operational Capital Generation Group-wide view Group OCG of EUR 1.2 bn In EUR mio Available Capital Required Capital 1,218 (473) (280) 239 (270) 126 172 (0) (84) 6,997 7,211 17,427 17,861 FY'23 Model Market Operational Capital Dividend H1'24 & scope Transaction and M&A Free Capital 934 FY'23 M
Slide 17: Operational Capital Generation
Ageas Operational Capital Generation Group-wide view In EUR mio Operational Capital Generation driven by Solvency II Scope and China Operational Operational Operational Free Capital Capital Generation Capital Consumption Generation H1 '23 H1 '24 H1 '23 H1 '24 H1 '23 H1 '24 Solvency II Scope 421 533
Slide 18: Solvency
Ageas Solvency FY ’23 ➔ H1 ’24 FY ’23 ➔ H1 ’24 Solvency II Pillar II Non-Solvency II scope 217% ➔ 219% 282% ➔ 276% AC RC change AC RC change Operational 584 102 +10pp Operational 754 70 +16pp including NCP dividends 120 Capital transaction & M&A (103) 3 -3pp Capital transaction & M&A (369) (3) -10pp
Slide 19: 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 98% investment grade 99% investment grade - EUR 9.8 bn externally rated & EUR 1.2 bn internally
Slide 20: Operating segments
Operating segments Periodical Financial Information I H1 2024 Results I 28 August 2024 I 20
Slide 21: Belgium – Volume metrics
Belgium – Volume metrics In EUR mio, @ageas’ share Excellent growth in Non-Life Life Inflows Non-Life Inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 1,483 1,525 1,151 181 230 1,066 Unit-linked Other 123 113 Household 347 373 45.0 45.2 1,302 1,295 346 Motor 298 Guaranteed 308 31
Slide 22: Belgium - Performance metrics
Belgium - Performance metrics Net Operating Result Operational Capital Generation Solvency ratio In EUR mio In EUR mio In % 263 232 Non-Life 96 64 298 326 243% 234% Life 167 168 H1 '23 H1 '24 H1 '23 H1 '24 FY '23 H1 '24 • Life Net Operating Result driven by excellent insurance result thanks to • Ope
Slide 23: 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 -1.2% 36 78 (130) (30) 95 100 43 44 2,668 2,621 H1 '23 H1 '24 H1 '23 H1 '24 BOP Time New Release Mvt on EOP Valu
Slide 24: Belgium – Non-Life
Belgium – Non-Life In % Insurance revenues @ageas’ share Strong performance across all business lines 86.1 91.2 Reinsurance 3.3 3.1 37.7 ● Combined ratio includes more normalized impact from weather (2.7pp) while LY Expenses 37.2 was exceptionally benign ● COR includes 4.1% benefit from discounting
Slide 25: Europe – Volume metrics
Europe – Volume metrics In EUR mio, @ageas’ share Strong commercial performance in Life and Non-Life Life inflows Non-Life inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 1,747 470 38 395 53 1,305 306 Other Unit-linked 39 149 Household 255 1,039 4.9 4.9 416 Motor 697 Guaranteed
Slide 26: Europe – Performance metrics
Europe – Performance metrics Net Operating Result Operational Capital Generation Solvency ratio In EUR mio In EUR mio In % 101 60 47 138 185% 183% 19 Non-Life 72 41 Life 28 H1 '23 H1 '24 H1 '23 H1 '24 FY '23 H1 '24 • Life Net Operating Result up on improved • Operational capital generation driven •
Slide 27: 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 +21.2% 10 1 24 (16) 3 30 277 125 22 103 191 BOP Time New Release Mvt on FX EOP H1 '23 H1 '24 H1 '23 H1 '24 Value
Slide 28: Europe – Non-Life
Europe – Non-Life In % Insurance revenues @ageas’ share 98.1 95.1 Reinsurance 0.2 6.9 Expenses 28.6 • COR significantly improved vs. LY thanks to a strong performance of 25.8 Motor UK following continued technical pricing discipline and operational efficiency 69.3 • Improved expense ratio thanks to
Slide 29: Asia – Volume metrics
Asia – Volume metrics @ageas’ share Solid growth driven by Life Life Inflows Non-Life inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 515 514 4,357 4,496 Other incl. 288 Reinsurance 295 34.7 37.5 4,357 4,496 44 Household 55 Motor 135 145 A&H 30 38 H1 '23 H1 '24 H1 '23 H1 '24 FY
Slide 30: 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 % 297 4 267 8 Non-Life 281% 274% 293 Life 259 712 750 H1 '23 H1 '24 H1 '23 H1 '24 FY '23 H1 '24 • Net Operating Result driven by strongly • Operational cap
Slide 31: 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 +8.6% 101.8 97.9 11.4 4.5 437 (289) 45 Reinsurance 20.6 133 (78) 216 31.0 Expenses 6,546 6,793 131 72.9 59.4 BOP Time Ne
Slide 32: Reinsurance
Reinsurance @ageas’ share Solid growth driven by capital management & protection Non-Life Inflows Combined ratio Protection In EUR mio In % Insurance revenues 1,236 93.1 908 71.4 Reinsurance 41.6 Capital Management 957 Expenses 27.9 8.7 768 4.3 Claims 39.3 42.9 Protection 279 141 H1 '23 H1 '24 H1 '2
Slide 33: Reinsurance
Reinsurance @ageas’ share Net Operating Result Operational Capital Generation In EUR mio In EUR mio 66 67 Non-Life 73 65 67 38 Life 1 0 H1 '23 H1 '24 H1 '23 H1 '24 • Net Operating Result in line with LY with an • Operational Capital Generation strongly increased contribution from capital management
Slide 34: General Information
General Information Periodical Financial Information I H1 2024 Results I 28 August 2024 I 34
Slide 35: Outstanding hybrids
Outstanding hybrids Financial leverage ratio of 17.7%* Fortis Bank Ageas SA/NV Ageasfinlux AG Insurance (Belgium) (BNPPF) Perp Fixed Rate Fixed to Floating Fixed-to-Floating Fixed Rate Reset Dated Reset Temporary FRESH CASHES Rate Notes Rate Callable Subordinated Notes Write-Down Tier 2 Tier 1 Tier
Slide 36: Targets for Impact24 scope
Targets for Impact24 scope* Progress up to H1 2024 Operational Non-Life combined 95% 93.1% targets ratio Life guaranteed 85 - 95 bps 108 bps margin Life unit-linked 30 - 40 bps 41 bps margin Financial targets Solvency IIageas 175% 219% *Impact 24 scope: The Impact24 combined ratio and the Life Margi
Slide 37: Ratings
Ratings S&P MOODY'S FITCH Holding ageas SA/NV A+ / Stable A1 / Stable AA- / Stable Last review 07/12/23 21/12/23 14/11/23 Operating entities AG Insurance (Belgium) A+ / Stable A1 / Stable AA- / Stable Last review 07/12/23 21/12/23 14/11/23 Ageas Insurance Limited A+ / Stable AA- / Stable Last review
Slide 38: ESG Ratings
ESG Ratings Steady improvement in our ESG ratings – 2024 review on going... 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 ra
Slide 39: Share Information
Share Information BlackRock Ageas’ share Inc. 6.6% FPIM - SFPI 6.3% Fosun BNP Paribas 1.1% 9.8% Listed on Euronext Brussels Amundi Ageas 3% 2.3% Index BEL 20 Other Investors ISIN BE0974264930 Bloomberg AGS BB Reuters AGES.BR Situation 31/12/2022 Situation 31/12/2023 Total Issued Shares 189,731,187 1
Slide 40: 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