A well-balanced reinsurance portfolio and strong growth for Ageas Re in 2024

Since starting out in 2023, Ageas Re has firmly established itself as a key engine for future growth within the Ageas Group and this very much continues within the context of the Group’s new strategic plan Elevate27. 2024 was a year of robust growth and a year marked by further diversification of the portfolio.  

Established initially as a standalone segment alongside Europe, Asia, and Belgium, reinsurance was identified as one of the Group's key growth drivers within Impact24. The appointment of Emmanuel van Grimbergen as MD Reinsurance and Investments in the Executive Committee in early 2024, further confirmed the significance and long-term potential of this activity for the Group as a whole.  

Today AgeasRe is recognised as a fully-fledged insurance operation writing third party premiums in more than 50 countries around the world, while supporting the reinsurance needs of Ageas’s Joint Venture partners. The business offers property and casualty treaty reinsurance services to global third-party clients and has recently expanded its offerings to include credit & bonds and agriculture programmes. Its internal reinsurance operations address both life and non-life reinsurance requirements for the Group and its subsidiaries, enhancing the Group’s diversification while optimising the utilisation of capital.  

While initially the focus of Ageas Re’s third party business was on Property, 2024 saw the business fulfil its ambition to further diversify its portfolio, successfully balancing its Property and Casualty portfolios. That success translated to a significant growth in business, with GWP rising to EUR 140 million in 2024, representing an increase of 250% year on year, with strong financial results delivered well ahead of plan.  

As a “people” business and one where specialisation and experience matters, Ageas Re rolled out a successful recruitment campaign designed to attract the best talent in anticipation of first renewals in the Credit & Surety space in 2025.    

The performance in 2024 also reflects Ageas Re’s ability to collaborate with other key partners. Ageas Re has solidified its role as the leading reinsurance partner to China’s Taiping Re fuelling a healthy exchange of diversified business between the two entities.   

To respond to increased capacity, 2024 also saw Ageas Re open a new expanded branch in Zurich in 2024 which will handle all Casualty lines globally, as well as Property lines across Germany, Austria, Switzerland, Central and Eastern Europe, and the Nordic region. The new branch structure allows Zurich-based underwriters to manage contracts directly on behalf of Ageas SA/NV, providing continuity in risk security for clients.  

The Ageas Re journey continues, kicking off with a strong 2025 renewals season and pricing better than anticipated in a softening market underpinned by excess capacity in a low demand context.  

You are reading an article that is part of our Annual Report 2024.