A transformative year with exciting momentum for the future

There are many ways to define success. The numbers tell part of the story and always will. But we look at our performance through a much wider lens. Success is not just about achieving short term goals, it is also about creating momentum year after year towards longer term goals, while every day ensuring we make a positive and lasting impact on the lives of the people around us. What matters most, is that we never stand still. We make things happen. We keep moving forward, with a continuous focus to deliver on the promises we have made.

This year was no exception. 2025 has been a truly transformative year for the Group: we elevated our performance to new heights, ending the year as a leading European insurance group, with a strong and stable platform for future growth. We continued to expand our business, embraced new opportunities and explored how Tech, Data & AI can continue to add value to what we do. And finally, we delivered strong financial results, raising our targets twice in one year. So, the year can be captured in three words: Explore, Execute and Elevate, made possible by the tireless efforts of our people and our partners who turn strategy into everyday reality.

Meanwhile the outside world threw some challenges our way. From macro-economic events and trends that impact our business and performance, to geopolitical developments that always have the capacity to disrupt and cause significant instability in the market. While these cycles can be tough to navigate, we have consistently demonstrated our ability to adjust well to these fast-changing scenarios thanks to the agility which is truly baked into our DNA.

2025 kicked off a new 3-year strategic cycle

At the start of the year, we successfully launched our new strategy, Elevate27, designed around three strategic drivers allowing us to build on our strengths: driving profitable growth; leading in technical insurance and operational excellence; and future proofing our distribution capabilities while enriching the customer experience. The results in this first year have far exceeded our expectations, elevating our business and performance to new heights, and enabling us to confidently increase some of our targets and KPIs during the year.

Stronger as a result of significant strategic moves and new partnerships

Several key moves in 2025 helped elevate Ageas’s profile and position. The UK transaction, in particular, expanded our position in a crucial European market.

The acquisition of esure promoted Ageas to the position of top 3 personal lines insurer in the UK, while creating a well-balanced, well-diversified and more rounded distribution capability. As one of the most significant insurance markets in the world, scale matters in the UK, and esure helps deliver that, while also adding digital skills and Price Comparison Website expertise to the Group. The benefit for Ageas extends well beyond the UK with a positive impact on our capabilities and strengths as a Group.

In agreeing a 20-year partnership with Saga to operate Saga-branded motor and home insurance, the UK received a further boost, strengthening our presence in the over 50’s segment. Both transactions add significant scale to our Non-Life business.

And before the ink was dry on 2025, we were also able to announce that Ageas had taken full ownership of AG Insurance, acquiring BNP Paribas Fortis’s minority stake in the company, while formalising at the same time the relationship with BNP Paribas, respecting Ageas’s autonomy and strategic ambitions. AG Insurance and BNP Paribas Fortis also reconfirmed their leading bancassurance collaboration in Belgium for the next 15 years.

But there was more…with growth markets on the horizon

Our growth story in 2025 was not confined to existing markets as we explored new territories and horizons. Ageas Re partnered with Slovenian insurer Triglav Group in connection with the motor insurance business distributed by Italian Insurtech Prima. And AG Insurance explored new opportunities to grow beyond its Belgian borders, entering for the first time the Dutch SME market. And thanks to our successful engagement in digital platforms with banks, financial services, retail and real estate partners in Türkiye, Vietnam, India and the UK, we extended our reach and gained access to new customers.

Exploring Tech, Data & AI innovations to add value to what we do

In all aspects of our lives there is no escaping the increasing attention on the impact of Artificial Intelligence. Within Ageas we like to call it Augmented Reality, an enabler to help us do what we do even better. AI is a potential gamechanger for our industry in terms of helping us to achieve our ambitions faster, smarter and on a larger scale. But in exploring AI, we also know that experimentation in a safe environment is critical. That is why we created the AI Prairie in 2025 – a digital lab where business and AI experts, IT engineers and Insurtech partners can build and test innovative solutions in a safe environment. We also paid special attention to creating momentum behind the AI opportunity for our people, investing in skills training, and sharing best practices to create an enthusiastic workforce around this opportunity.

Sustainability remains critical for our business, products and investments

Developments in the field of Sustainability continue to evolve at speed, and from time-to-time, political and societal circumstances evolve and can force us to reflect on various topics and reaffirm our approach to them. This was certainly the case in 2025 with ESG and DEI all in the spotlight. While some may challenge the validity of these topics, our view is very clear – they have never been more important. As a stakeholder-driven company we take fair decisions towards our stakeholders, and our values are our north star in every decision we make. This will never change.

Thanks to the significant progress we have made over recent years in integrating Environmental, Social, and Governance considerations into our business operations and the notable rating advancements achieved throughout the year, Ageas secured, at the end of 2025, a top quartile ranking with three of the five agencies it engages with, thereby fulfilling its Elevate27 objective.

A well-executed strategy delivers a strong financial performance

We successfully closed out Impact24 at the start of 2025. And the positive momentum continued, with strong half-year 2025 results which provided us with the confidence to upgrade our guidance for the full year, allowing for a first uplift of the Elevate27 targets. The Ageas share hit new all-time highs during the year, and following the full ownership of AG Insurance, we were able to raise our Elevate27 targets for a second time in the first year of this new strategic cycle.

In 2025 we delivered a solid 9% increase in inflows, driven by an excellent commercial performance in Life across all regions and strong growth in Non-Life supported by Ageas Re. Our Net Operating Result rose by 33% to EUR 1.65 billion, reflecting the outstanding contribution of Non-Life, supported by every segment. The Life result benefited from an improved margin in Belgium and Europe, as well as a renewed tax basis in China. These strong results, combined with our robust solvency position and the continued increase in cash upstream from the business, enable us to propose to our shareholders a total gross cash dividend of EUR 3.75, consistent with the commitments we made under Elevate27.

Of course, successful execution can be expressed in more ways than the financials. People are our most important asset. It is why we place so much emphasis on the progress we are making in building a Great place to Grow for our people. We are particularly proud to have been recertified Top Employer in four entities – AG Insurance, AG Real Estate, Corporate Centre, and the UK – and we saw Portugal receive Top Employer status for the first time in 2025. Meanwhile Ageas Asia has been recognised for the 4th year as the Best Company to Work For and for the first time the Most Caring Company in Hong Kong.

As we close the door on 2025 with confidence for what lies ahead, we would like to take this moment to thank our people and our partners, without whom nothing would be possible. We truly feel that the One Ageas spirit is alive and kicking and that by sharing and learning from one another, we can continue to build on what has already been achieved. And a special thank you too to our shareholders and those that have placed their trust in our Group.

In recognising the important part people play in our success, it is a great pleasure to warmly welcome into the family our esure and Saga colleagues. And finally, we also say farewell to Filip Coremans, who announced his decision to end his career as Managing Director Asia, with our deep gratitude for everything he has contributed over his long career with Ageas.

2025 was a truly transformative year for the Group and one that allows us to move into a new year with an even stronger platform to support the continuation of our growth story in 2026 and beyond.