Slide 1: FY 2024 Results
FY 2024 RESULTS Periodical Financial Information
Slide 2: Main messages
Ageas Main messages Successful delivery of Impact24 strategy Inflows ● Inflows up 10% to EUR 18.5 bn in 2024 ● Sizeable increase in Non-Life Inflows (+14%) across most markets and all business lines supported by both continued pricing discipline and customer acquisition ● Strong increase in Life Inf
Slide 3: Headlines
Ageas Headlines Group-wide view Net Operating Result Inflows Solvency ratio EUR 1.24 bn EUR 18.5 bn up 10% @ constant FX & Solvency II 218% Insurance result* constant scope Non-Solvency II 296% EUR 1.7 bn Operational Free Capital Shareholders’ equity Return on Generation Shareholders’ Equity EUR 7.8
Slide 4: Impact24: strong growth trajectory in a challenging macro-environment
Ageas Impact24 Group-wide view @ ageas’ share Strong growth trajectory in a challenging macro-environment @ constant scope Life Liabilities Non-Life Inflows EPS EUR bn, excl. UG/L EUR bn EUR per share CAGR* Average growth* CAGR* + ~3% + ~14% + ~7% 84.6 93.3 6.8 6.78 4.9 5.58 FY '21 FY '24 FY '21 FY
Slide 5: Impact24 operational and financial targets delivered
Ageas Impact24 Impact24 view We delivered on Impact24 operational and financial targets Operational targets FY 2024 Non-Life Combined ratio 92.4% 95% Continued focus on Life Guaranteed margin 106 bps 85-95 bps Underwriting Life Unit-Linked margin 41 bps 30-40 bps Financial targets Solvency IIageas 2
Slide 6: Impact24 non-financial and sustainability targets
Ageas Impact24 Impact24 view We delivered on most Impact24 non-financial and sustainability targets FY 2024 Non-Financial & Sustainability targets Fraction of GWP from products that stimulate the transition to a more sustainable world 29% 25% Fraction of products that have been reviewed for transpar
Slide 7: 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 8: 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 6,775 11,713 5,956 11,162 1,154 Unit-linked 636 Other 720 1,025 1,417 Household 1,292 11,077 84.7
Slide 9: 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 1,240 Operating 1,166 +4.6% Non-Life 389 454 15.6 16.1 906 (865) 382 (461) 258 CSM 7.0 7.2 Life 894 909 UG/L on RE 1
Slide 10: 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 93.3 Reinsurance 7.3 7
Slide 11: Solvency performance
Ageas Solvency performance Group-wide view @ ageas’ share Long term sustainability of dividend underpinned by solid OFCG Operational Capital Generation Operational Free Capital Generation Solvency ratio In % In EUR mio In EUR mio 1,501 282% 296% 2,212 1,803 1,162 217% 218% FY '23 FY '24 FY '23 FY '2
Slide 12: Cash metrics
Ageas Cash metrics Group-wide view @ ageas’ share Above EUR 800 mio recurring cash upstream received in 2024 Total liquid assets Recurring Cash Upstream Holding costs In EUR mio In EUR mio In EUR mio 805 719 101 Reinsurance 32 127 126 Asia Europe 96 85 1,066 176 959 Belgium 154 464 494 FY '23 FY '24
Slide 13: Conclusion
Ageas Conclusion ● Accelerated commercial performance across businesses and segments with strong inflow growth of 10%, delivering on the Impact24 growth ambition ● Continued strengthening of the business profitability with a Net Operating Result of EUR 1.24 bn in 2024, at the top half of the 2024 fu
Slide 14: Group details
Group details Periodical Financial Information I FY 2024 Results I 27 February 2025 I 14
Slide 15: Inflows
Ageas Inflows Group-wide view In EUR mio Excellent commercial performance in Life & Non-Life – Up 10% excl. France LY Life Non-Life Total FY '23 FY '24 const. fx FY '23 FY '24 const. fx FY '23 FY '24 const. fx Belgium 75% 3,077 3,181 3% 1,994 2,150 8% 5,072 5,331 5% Portugal 51% - 100% 480 697 45% 1
Slide 16: Net Operating Result
Ageas Net Operating Result Group-wide view In EUR mio FY '23 FY '24 Life 331 330 Non-Life 163 139 Belgium 494 468 Life 60 85 Non-Life 84 119 Europe 144 203 Life 502 495 Non-Life 42 32 Asia 544 527 Reinsurance 101 164 Life 894 909 Non-Life 389 454 General Account (117) (122) Ageas Net Operating Resul
Slide 17: Capital gains
Ageas Capital gains Group-wide view In EUR mio Contribution of net capital gains to Net Operating Result FY '23 FY '24 Life 64 81 Non-Life 5 8 Belgium 70 89 Life 6 4 Non-Life 3 0 Europe 9 4 Life (7) 14 Non-Life 3 4 Asia (4) 18 Reinsurance 0 (2) Life 64 99 Non-Life 11 10 General Account 3 Ageas 77 10
Slide 18: 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 85.04 EUR 88.14 15.6 16.1 0.3 (0.5) (0.6) 1.2 (0.4) 0.3 CSM 7.0 7.2 UG/L on RE 1.2 1.1 Shareholders’ 7.4 7.8 equity FY '23 Net Operating Net Operating UG/
Slide 19: IFRS Sensitivities
Ageas IFRS 17 Sensitivities Ageas Group Results As per 31/12/24 EUR m % Comprehensive equity 16,050 100% Interest Rate Up 50 bps +177 1.1% Down 50 bps -248 -1.5% Equity Market Up 25% +1,361 8.5% Down 25% -1,382 -8.6% Real Estate Up 10% +269 1.7% Down 10% -290 -1.8% Credit Spread Government bonds Up
Slide 20: Comprehensive Equity links with Available Capital
Ageas Comprehensive Equity links with Available Capital Group-wide view In EUR bn After tax 2.2 16.1 0.2 2.7 (1.1) CSM 7.2 20.1 UG/L on RE 1.1 Shareholders’ 7.8 equity Comprehensive Intangibles Sub-debt Eligible / Valuation Available capital equity Uneligible capital differences Periodical Financial
Slide 21: Operational Capital Generation
Ageas Operational Capital Generation Group-wide view Group OCG of EUR 2.2 bn In EUR mio Available Capital Required Capital 2,212 (572) (628) 415 (94) 424 299 1,337 7,743 6,997 20,076 17,427 FY'23 Model Market Operational Capital Dividend FY '24 & scope Transaction and M&A Free Capital 1,501 (572) (6
Slide 22: Operational Capital Generation by scope
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 FY '23 FY '24 FY '23 FY '24 FY '23 FY '24 Solvency II Scope 857 1,09
Slide 23: Solvency
Ageas Solvency FY ’23 ➔ FY '24 FY ’23 ➔ FY '24 Solvency II Pillar II Non-Solvency II scope 217% ➔ 218% 282% ➔ 296% AC RC change AC RC change Operational 1,049 74 +25pp Operational 1,285 341 +8pp including NCP dividends 121 Capital transactions & Capital transactions & M&A (203) 3 -6pp (370) (3) -11p
Slide 24: 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 99% investment grade 99% investment grade - EUR 10.0 bn externally rated & EUR 1.3 bn internall
Slide 25: Operating segments
Operating segments Periodical Financial Information I FY 2024 Results I 27 February 2025 I 25
Slide 26: Belgium – Volume metrics
Belgium – Volume metrics In EUR mio, @ageas’ share Excellent growth in Non-Life, return to growth in Life Life Inflows Non-Life Inflows Life Liabilities In EUR mio In EUR mio In EUR bn, excl. UG/L 3,077 3,181 2,150 1,994 482 483 223 Unit-linked Other 207 701 Household 653 45.0 46.0 Guaranteed 2,596
Slide 27: Belgium - Performance metrics
Belgium - Performance metrics Net Operating Result Operational Capital Generation Solvency ratio In EUR mio In EUR mio In % 494 468 Non-Life 163 139 651 573 243% 235% Life 331 330 FY '23 FY '24 FY '23 FY '24 FY '23 FY '24 • Life Net Operating Result driven by solid • Operational Capital Generation •
Slide 28: 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 -0.2% 178 (258) 75 (202) 100 98 2,668 2,461 43 45 BOP Time New Release Mvt on EOP FY '23 FY '24 FY '23 FY '24 Va
Slide 29: Belgium – Non-Life
Belgium – Non-Life In % Insurance revenues @ageas’ share Strong performance across all business lines 89.4 91.8 Reinsurance 3.1 3.3 36.4 35.7 ● Combined ratio includes more normalised impact from weather (2.8)pp while LY Expenses was more benign (2.1)pp ● COR includes 3.8pp benefit from discounting
Slide 30: 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 3,310 821 853 2,800 68 153 69 632 Unit-linked 238 Other 565 Household 1,931 4.9 4.9 700 Motor 1,573 Guarante
Slide 31: Europe – Performance metrics
Europe – Performance metrics Net Operating Result Operational Capital Generation Solvency ratio In EUR mio In EUR mio In % 203 144 119 229 185% 191% Non-Life 84 158 Life 85 60 FY '23 FY '24 FY '23 FY '24 FY '23 FY '24 • Life Net Operating Result up on improved • Operational Capital Generation mainly
Slide 32: 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 +20.7% 46 (34) 12 (1) 9 343 135 204 24 103 20 FY '23 FY '24 FY '23 FY '24 BOP Time New Release Mvt on FX EOP Valu
Slide 33: Europe – Non-Life
Europe – Non-Life In % Insurance revenues @ageas’ share 95.9 94.8 Reinsurance 5.0 8.2 • COR improved vs. LY thanks to a strong performance in the UK Expenses 27.8 25.6 following continued technical pricing discipline and operational efficiency • Improved expense ratio thanks to higher volume Claims
Slide 34: 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 901 920 Other incl. Reinsurance 487 467 7,263 7,679 40.5 34.7 Household 74 84 Motor 279 299 A&H 60 70 FY '23 FY '24 FY '23 FY '24 FY '23 FY '24 •
Slide 35: 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 % 544 527 Non-Life 42 32 281% 292% Life 502 495 1,286 1,127 FY '23 FY '24 FY '23 FY '24 FY '23 FY '24 • Net Operating Result driven by strongly • Operation
Slide 36: 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 97.1 96.4 +6.2% Reinsurance 15.5 7.3 682 (572) 298 (271) 259 21.5 Expenses 25.9 183 6,943 144 6,546 Claims 67.6 55.8 BOP
Slide 37: Reinsurance: strong growth driven by Capital Management & Protection
Reinsurance @ageas’ share Strong growth driven by Capital Management & Protection Non-Life Inflows Combined ratio Protection In EUR mio In % Insurance revenues 2,190 1,813 84.1 80.6 Capital Reinsurance 39.9 1,794 37.3 Management 1,551 Expenses 5.8 8.4 Claims 38.4 34.9 Protection 261 396 FY '23 FY '2
Slide 38: Reinsurance
Reinsurance @ageas’ share Net Operating Result Operational Capital Generation In EUR mio In EUR mio 164 101 164 211 Non-Life 100 114 Life 1 0 FY '23 FY '24 FY '23 FY '24 • Net Operating Result significantly up thanks to the • Operational Capital Generation strongly improved result recorded in the Ca
Slide 39: General Information
General Information Periodical Financial Information I FY 2024 Results I 27 February 2025 I 39
Slide 40: Outstanding hybrids
Outstanding hybrids Financial leverage ratio of 17.6%* 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 41: Ratings
Ratings S&P MOODY'S FITCH Holding ageas SA/NV A+ / Stable A1 / Stable AA- / Stable Last review 18/11/24 16/10/24 06/11/24 Operating entities AG Insurance (Belgium) A+ / Stable A1 / Stable AA- / Stable Last review 18/11/24 16/10/24 06/11/24 Ageas Insurance Limited (AIL) A+ / Stable AA- / Stable Last
Slide 42: ESG Ratings
ESG Ratings Steady improvement in our ESG ratings Rating agency 2020 2021 2022 2023 2024/2025 ISS G 3 G 3 G 2 G 2 G 3 S 4 S 2 S 2 S 2 S 2 (The lower the score the better, max. 1 in each pillar being 100) E 6 E 5 E 4 E 3 E 4 Moody’s Analytics 46/100 51/100 No active survey No active survey 54/100 (Th
Slide 43: Share Information
Share Information BlackRock Ageas’ share BNP Paribas; 15.1% Inc.; 7.0% FPIM - SFPI; 6.3% Listed on Euronext Brussels Ageas; 3.0% Index BEL 20 Other Investors ISIN BE0974264930 Bloomberg AGS BB Reuters AGES.BR Situation 31/12/2023 Situation 31/12/2024 Identified Total Issued Shares 187.971.187 187.97
Slide 44: 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