Slide 1: Corporate Presentation
ageas Corporate Presentation
Slide 2: Agenda
Agenda Ageas; 3 regions, 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; 3 regions, 14 countries
AGEAS; 3 REGIONS, 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 AGEAS SA/NV Internal Reinsurance with Life & Non-Life license BELGIUM Life & Non-Life #1 Life #2 Non-Life #1 Real estate EUROPE GROSS INFLOWS @Ageas’ share GROUP NET RESULT Life & Non-Life 2021 TOTAL: EUR 16.1 bn 2021 TOTAL: EUR 845 Mi
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 & 2021 TOTAL: EUR 1,070 Mio MOTOR HEALTH GUARANTEED UNIT-LINKED Life PRODUCTS PRODUCTS Non-
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 CEO CFO Van Grimbergen MD Europe MD Asia CRO MANAGEMENT COMMITTEE Heidi Delobelle Steven Braekeveldt Ant Middle Gary Crist Gilke Eeckhoudt CEO Belgium CEO Continental CEO United Kingdom CE
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 mio 37 bps Non-Life # Customers Unit-linked margin (2021) (2021) 5.0 5.0 4.6 4.6 4.3 1.6 1.7 4,000 97 bps 1.5 1.6 1.4 # Brokers Guaranteed margin (2021) (2021) 3.1 3.4 3.0 3.3 2.8 97.4% 2017 2018 2019 2020 20
Slide 9: Europe: Stable and profitable markets
Europe Stable and profitable markets GROSS INFLOW @Ageas’ share In EUR bn Life 10 mio 32 bps Non-Life # Customers Unit-linked margin (2021) (2021) 4.9 4.4 3.7 3.7 Banca, brokers 108 bps 3.4 2.7 2.5 & agents Guaranteed margin 2.5 2.5 Distribution (2021) 2.5 channels 2.1 1.9 1.2 0.9 1.3 93.2% 2017 201
Slide 10: Asia: Fast growing contribution
Asia Fast growing contribution GROSS INFLOW @Ageas’ share In EUR bn 25 mio EUR 501 mio Life 7.4 Non-Life # Customers Underlying net result 6.6 6.3 0.7 (2021) (2021) 0.4 0.4 5.2 5.4 0.2 0.2 471,000 EUR 126 bn 6.1 6.7 # Brokers Life technical liabilities 5.9 5.0 5.2 (2021) (2021)”@100% 101.5% 2017 201
Slide 11: Impact24; building on sustained performance
IMPACT24; BUILDING ON SUSTAINED PERFORMANCE Corporate Presentation I March 2022 I 11
Slide 12: Connect21 delivered on all financial targets in 2021
Connect21 delivered on all financial targets in 2021 95 91 95 99 88 90 35 28 29 2019 2020 2021 2019 2020 2021 2019 2020 2021 52% 11% CAGR 217% € 2.75 193% 197% € 5.1 € 2.20 € 3.7 2018 2021 2018 2021 2019 2020 2021 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 €1.1-1.2 bn €0.9 bn €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: 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 15: "Inorganic moves" could provide additional uplift
Impact24 first and foremost focuses on the full potential of the existing activities Strengthen & Unlock the full potential that we know exists within our grow our Core current core business New engines Translate long-term opportunities and investments in new growth engines, adding new capabilities
Slide 16: 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 Incre
Slide 17: "Think2030 world"
Looking beyond our current strategic cycle with new engines Protection Opportunities in covers in the personal integrity protection space, adjacent to Life & Savings activities, increasing customer demand Health Potential to replicate & leverage expertise in Europe & Asia, starting from market leadi
Slide 18: New markets could provide additional uplift
New markets could provide additional uplift BUSINESS-RELATED CRITERIA INVESTMENT CRITERIA I. Priority to strengthen and diversify positions in V. CRITICAL SIZE existing markets and with existing partners • Local presence • Compete effectively in its market or niche • Comply with Ageas’s quality stan
Slide 19: Targets for Impact24
Targets for Impact24 Operational Non-Life combined ratio 95% targets Life guaranteed margin 85 - 95 bps Life unit-linked margin 30 - 40 bps Financial Solvency IIageas 175% targets EUR 1.7 - 2.1bn Holding Free Cash Flow (Cumulative) Progressive DPS Dividend EUR 1.5 - 1.8bn (Cumulative) Average EPS gr
Slide 20: With sustainability at the heart of our business
With sustainability at the heart of our business Ageas committed to adhering to 10 of the Sustainable Development Goals Based on a detailed mapping of its current products and investments and its core competences, Ageas has chosen to actively work around 10 out of the 17 goals. Ageas Group has commi
Slide 21: Building a more inclusive and sustainable society and driving growth
Building a more inclusive and sustainable society and driving growth OUR PEOPLE OUR CUSTOMERS OUR INVESTMENTS OUR PLANET 70% 25% €10 bn Net zero by 2025 at the latest Ratio % of women in senior Fraction of GWP from Investments making a management / total % products that stimulate the positive contri
Slide 22: A glance at the numbers
A GLANCE AT THE NUMBERS Corporate Presentation I March 2022 I 22
Slide 23: Gross inflows: A well diversified business across markets
Gross inflows A well diversified business across markets Belgium Europe Asia In EUR bn, @Ageas’ share 16.1 ● Steady evolution in mature Belgium 15.0 14.4 14.5 14.5 13.7 14.1 ● High growth in Asia 5.2 5.4 6.3 7.4 ● Inflows in Europe down on strategic 4.8 4.7 6.6 divestments (Italy in 2017, Luxembourg
Slide 24: Insurance net profit
Insurance net profit Belgium Europe Asia Reinsurance In EUR mio 1,103 1,070 2016 960 960 87 ● Provision for all Ogden claims in UK 8 79 797 515 2017 721 755 2 293 8 403 ● Additional provisions for the legal 269 170 settlement of EUR 100 mio 272 394 222 2020 204 178 201 180 ● Set up of the internal q
Slide 25: Cash upstream
Cash upstream Covering more than dividend and holding cost CAGR +10.5% Belgium Europe Asia 725 Reinsurance In EUR mio 658 632 691 11 601 172 8 HQ & RO 87 123 expenses 516 92 151 487 77 130 98 142 SBB 55 440 86 89 43 48 66 103 Paid dividend 415 415 427 411 485 391 333 294 2015 2016 2017 2018 2019 202
Slide 26: 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% 1% 7% 3% 6% 13% 12% 7% 4% Belgium 7% 13% France 18% EUR 82.3 bn 43% Austria 7% EUR 35.5
Slide 27: Shareholders return
Shareholders return TOTAL RETURNED TO SHAREHOLDERS In EUR mio Paid dividend Share buy-back executed Capital reduction 664 615 600 617 579 582 590 540 247 132 95 208 184 55 244 EUR 2.75 250 Cash dividend (2022) 485 485 495 417 407 416 329 338 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 201
Slide 28: Shareholders return: Ageas' share
Shareholders return Ageas’ share Listed on Euronext Brussels 125% 54% Index BEL 20 Total shareholder return Simple shareholder return ISIN BE0974264930 (Since 2014) (Since 2014) Bloomberg AGS BB Reuters AGES.BR SHAREHOLDERS AS OF 31/12/2021 AGEAS’ SHARE PRICE Fosun In EUR 31/12/2021 Identified EUR 4
Slide 29: Conclusion
Conclusion BUSINESS MODEL FINANCIAL DISCIPLINE & AMBITION STRENGTHS LEGACIES SOLVED FOR THE FUTURE Balanced portfolio Strong capital position (FY 2021) Clear strategic priorities Markets/products/channels to prepare the Group for the future Shareholder’s equity Strong positions in mature EUR 11.9 bn
Slide 30: 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 31: Corporate Presentation I March 2021 I 31
Corporate Presentation I March 2021 I 31