Ageas reports Full Year 2018 result

2/20/2019, 7:30 AM (Source: GlobeNewswire)
  • Strong operating performance
  • Net result affected by equity market evolutions
  • Proposed gross cash dividend of EUR 2.20
Full Year 2018            
Net Result
  • Group net result of EUR 809 million versus EUR 623 million. Gross cash dividend increased by 5%
  • General Account net result of 12 million versus EUR 337 million negative
  • Insurance net result down 17% to EUR 797 million versus EUR 960 million due to scope
    changes and equity market declines
  • Group inflows (at 100%) of EUR 34.4 billion, up 3.6% at constant exchange rate
    Group inflows (Ageas's part) slightly up at EUR 14.5 billion (including 1% negative 
    foreign exchange impact)
  • Life inflows up 3% to EUR 28.4 billion and Non-Life down 4% at EUR 5.9 billion (both at 100%)
  • Combined ratio at 94.3% versus 95.2% despite adverse weather in Belgium, Portugal and the UK
  • Operating Margin Guaranteed at 88 bps versus 93 bps
  • Operating Margin Unit-Linked at 25 bps versus 27bps
  • Life Technical Liabilities of the consolidated entities stable at EUR 73.4 billion
Balance Sheet
  • Shareholders' equity of EUR 9.4 billion or EUR 48.42 per share
  • Insurance Solvency IIageas ratio of 202% and Group Solvency IIageas ratio at 215%
  • General Account Total Liquid Assets stable of EUR 1.7 billion, out of which EUR 0.7 billion
    is ring-fenced for the Fortis settlement
  • Very strong performance notwithstanding adverse weather and lower net capital gains
  • Significantly improved result due to pricing, underwriting and cost discipline
  • Strong scope-on-scope performance in both Life and Non-Life
  • Strong commercial and operating performance with profit strongly impacted by equity market declines

All full year 2018 figures are compared to the full year 2017 figures unless otherwise stated.

Ageas CEO Bart De Smet said: " We have achieved a very solid result for the year despite significant equity market declines, achieving 5 out of 6 strategic goals, with an excellent combined ratio across all segments. Based on our continued good financial performance, improved solvency and strong cash generation we propose a gross cash dividend of EUR 2.20, an increase of 5%.
We are also very pleased that the finalisation of the Fortis settlement and the launch of re-insurance activities at holding level have resulted in several agencies improving our credit rating by three notches to solid investment grade."

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ageas via Globenewswire

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