ageas SA/NV · EURONEXT:AGS
ageas SA/NV — Investor Presentation (2025)
35 slides from ageas SA/NV's investor presentation, Apr 14, 2025
Slide 1: Corporate Presentation
ag CdS. Corporate Presentation ageas.
Slide 2: Agenda
Agenda Ageas – 2 continents, 13 countries Elevate27 - Our new strategic plan A glance at the numbers 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 #1 Non-Life #1 Real estate EUROPE Life & Non-Life Portugal, Türkiye & UK #2 Life & #3 Non-Life in Portugal #2 Life & #6 Non-Life in Türkiye #6 personal motor insurer & #7 domestic property insurer in UK
Slide 5: Diversified product portfolio
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 GROUP INSURANCE RESULT ACCIDENT & 2024 TOTAL: EUR 1,739 mio MOTOR HEALTH GUARANTEED UNIT-LINKED Life PRODUCTS PRODUCTS No
Slide 6: Distribution development and commercial excellence
Distribution development and commercial excellence A diversified distribution* landscape following the local customer Proven competency in developing Banca strong, long-term and dynamic Agency partnerships with leading Broker companies in their local market Other Ageas’s Insurance knowledge & expert
Slide 7: Ageas Executive Committee: organisational chart
Ageas Executive Committee: organisational chart 7
Slide 8: Belgium
Belgium Market leader with robust profit levels GROSS INFLOWS @Ageas’ share In EUR bn 3.0 mio 45 bps Non-Life # Customers Unit-linked margin Life (2024) (2024) 5.1 5.3 5.0 5.0 4.6 1.7 1.8 2.0 2.1 1.6 3,900 98 bps # Brokers Guaranteed margin (2024) (2024) 3.0 3.3 3.2 3.1 3.2 91.8% 2020 2021 2022 2023
Slide 9: Europe
Europe Stable and profitable markets GROSS INFLOWS @Ageas’ share In EUR bn 12.7 mio 24 bps Life # Customers Unit-linked margin Non-Life (2024) (2024) 3.6 3.4 3.4 3.7 3.7 Banca, brokers 343 bps & agents 2.5 3.3 Guaranteed margin 2.5 2.4 2.8 Distribution (2024) channels 0.9 1.3 1.0 0.9 0.8 94.8% Combi
Slide 10: Asia
Asia Fast growing contribution GROSS INFLOWS @Ageas’ share In EUR bn 27.0 mio EUR 527 mio Life Non-Life # Customers Net Operating Result (2024) (2024) 0.9 0.9 0.9 0.7 0.4 237,000 183 bps # agents Guaranteed margin 7.2 7.3 7.7 6.1 6.7 (2024) (2024) 96.4% Combined ratio 2020 2021 2022 2023 2024 (2024)
Slide 11: Reinsurance
Reinsurance Over Elevate27, organic growth to continue according to the plan EUR 2.2 bn EUR 164 mio OUR JOURNEY Reinsurance: Operating segment of Gross Inflows Net Operating Result (2024) Ageas group (2024) 2015 – 83.2% Start Intreas (writing shares in open market programs of BE, PT, UK, Italy) Comb
Slide 12: Elevate27: Our new strategic plan
Elevate27 Our new strategic plan 12
Slide 13: From Impact to Elevate
From Impact 24 to Elevate 27 ● Continue growth trajectory (accelerating on ageing solutions and SME), balanced with focus on margin expansion ● Simplified and sharpened strategic choices, with a clear link to financial ambition (6-8% EPS growth) ● Steer on Capital productivity in portfolio managemen
Slide 14: 3 strategic drivers powered by enablers
From Impact24 to Elevate27 Outperforming in highly attractive growth segments, by leveraging group-wide assets 3 strategic drivers Profitable Technical Insurance & Distribution excellence Growth Operational excellence & Customer experience powered by enablers Tech, Data & AI Our Sustainability Peopl
Slide 15: Assumptions of the new strategic plan: Continue and Elevate
From Impact24 to Elevate27 Assumptions of the new strategic plan Each driver follows two dynamics: Continue to do what we do well and doing it even better. Taking into account our past experience, including the things we learned from Impact24, and the specificities of local markets. Elevate the Grou
Slide 16: Drive profitable growth
A closer look at the drivers of the plan Continue • Growth in Retail P&C • Reinsurance - allocate capital for organic growth according to the plan • Refocused approach in Health & Protection, more Drive locally driven Profitable growth in areas that play to our strengths Elevate • Solutions for an a
Slide 17: What we started before and will continue
What we started before and will continue 6.8 4.9 Growth in Retail P&C CAGR +14% at constant fx FY '21 FY '24 Reinsurance - allocate capital for organic growth according to the plan Refocused approach in Health & Protection, more locally driven 17
Slide 18: Technical Insurance & Operational excellence
A closer look at the drivers of the plan Continue Initiatives on Technical Insurance & Operational excellence at local level Sustain & improve margins via Technical Insurance & Operational excellence Elevate Further step up our leadership on Technical Insurance & Operational excellence – leveraging
Slide 19: Distribution Excellence & Customer experience
A closer look at the drivers of the plan Continue • Distribution diversification to offer channel of choice to all customers • Group-wide CX & Efficiency focus Strengthen Distribution Excellence & Customer experience Elevate • Develop future-ready Partnership Capabilities • Innovate our client inter
Slide 20: Three drivers powered by enablers
Three drivers powered by enablers Continue • Sustainability in the heart of everything we do • Focus on the Group’s capital management and capital productivity Deliver Group Empowered Initiatives and execution capabilities to ensure we create advantage Elevate Strengthen our joint efforts on Technol
Slide 21: Three drivers powered by enablers: local outperformance and group synergies
Three drivers powered by enablers Focused, lean approach in areas with highest potential for impact Local Outperformance We are a group of local outperformers. By excelling in our respective markets, we aim to achieve superior results and set benchmarks for excellence Focused areas for Group synergi
Slide 22: Long-term thinking and sustainability are part of how we work
Long-term thinking and sustainability are part of how we work Non-Financial Targets 2025-2027 Competitive NPS: Top Quartile Customer Experience Employee NPS: Top Quartile Employee Experience Women in senior & middle Gender Diversity management >40% Sustainable Reputation ESG Ratings: Top Quartile >3
Slide 23: Elevate27: a targeted performance
Elevate27: a targeted performance Financial Targets 2025-2027 average EPS growth 6% - 8% 2025-2027 HFCF cash view > 2.2 bn 2025-2027 Shareholder Remuneration cash view > 1.9 bn Progressive DPS 2025-2027 23
Slide 24: Steady growth in Shareholder Remuneration across strategic cycles
Steady growth in Shareholder Remuneration across different strategic cycles EUR bn, cash view (paid dividends) > 1.9 1.6 1.4 1.2 2016-2018 2019-2021 2022-2024e 2025e-2027e 24
Slide 25: Elevate27 Financial Targets
Elevate27 3 Financial Targets to evaluate performance and give shareholders perspective 2022-2024 2025-2027 average EPS growth ~ 7% 6% - 8% up 25-30% HFCF cash view ~ 1.7 bn > 2.2 bn up ~ 20% Shareholder > 1.9 bn 1.6 bn Progressive Remuneration DPS cash view Note: The HFCF and Shareholder Remunerati
Slide 26: Long-term growth in average EPS illustrates the strength of our business model
Long-term growth in average EPS illustrates the strength of our business model EUR per share + 6-8% 8.50 + ~7% 8.00 6.78 + 8% 5.58 4.44 IFRS 17-alike IFRS 17-alike EPS 2018 EPS 2021 EPS 2024 EPS 2027e Note: The HFCF and Shareholders’ Remuneration are shown using a cash view over the period 2021-2024
Slide 27: Focus on capital productivity to ensure long term value creation
Focus on capital productivity to ensure long term value creation Market Growth High RoC 85% RoC Average (2022-2024) of NOR We have a healthy and diversified business model 10% Low Growth High Growth of NOR Low RoC Moderate RoC 5% of NOR Inflow Growth (2022-2024) 27
Slide 28: A glance at the numbers
A glance at the numbers 28
Slide 29: Gross inflows @Ageas' share
Gross inflows @Ageas’ share A well diversified business across markets Inflows Belgium Europe Asia 18.5 16.5 17.1 ● Steady evolution in mature 16.1 Belgium 14.5 8.6 7.4 8.1 8.2 ● High growth in Asia 6.6 ● Growth in Europe mainly thanks to increased inflows 4.2 3.4 3.7 3.4 3.6 from Portugal and the U
Slide 30: Recurring cash upstream
Recurring cash upstream Covering more than dividend and holding cost CAGR Reinsurance +6.5% Asia Europe 805 Belgium In EUR mio 753 101 726 719 87 658 32 632 126 11 172 601 127 8 87 123 144 516 92 85 488 96 77 130 98 143 86 122 89 48 66 415 415 427 464 391 411 400 494 333 2016 2017 2018 2019 2020 202
Slide 31: Solid & diversified investment portfolio
Solid & diversified investment portfolio Stable asset mix & high-quality investments In EUR bn, @ageas share SOVEREIGN BOND PORTFOLIO UNQUOTED INVESTMENT FUNDS & OTHER CORPORATE BOND PORTFOLIO 99% investment grade 99% investment grade - EUR 10.0 bn externally rated & EUR 1.3 bn internally Belgium, E
Slide 32: Proposed gross cash dividend progressively increasing
Ageas Proposed gross cash dividend progressively increasing Final DPS of EUR 2.00 after interim dividend of EUR 1.50 Shareholder remuneration yield 8.3%* 0.40** Average DPS growth > 8% 0.40 3.50 3.25 3.00 2.65 2.65 2.75 2.10 2.20 1.65 1.70 1.55 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 33: Shareholder return
Shareholder return Ageas’ share Listed on Euronext Brussels 199% Index BEL 20 ISIN BE0974264930 Total shareholder return over last 10 years (31/12/14 – 31/12/24) Bloomberg AGS BB Reuters AGES.BR Shareholders as of end of February 2025 AGEAS’ SHARE PRICE In EUR BlackRock BNP Paribas, Inc., 7.0% 31/12
Slide 34: Drivers and Enablers
. Drivers ————_. Enablers a Dri a profitable growth 33) People Lead in Tech, Data & Al technical insurance & operational excellence Values Care a Future-proof Dare distribution capabilities Deliver & enrich customer experience Share \ Guiding principles CLAEVALA QQ even Stakeholders © . Long-term th
Slide 35: 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