Ageas reports full-year results 2024

• Successful completion of Impact24, delivering on all financial targets

• Strong commercial performance accelerated across businesses and segments, resulting in a 10% growth

• Continued strengthening of the business profitability leading to a Net Operating Result of EUR 1.24 billion, at the top half of the 2024 full-year guidance

• Holding cash position above EUR 1.0 billion

• Proposed total dividend of EUR 3.50 per share. Final dividend of EUR 2.00 per share

Key Figures 2024

Result

• Net Operating Result of EUR 1,240 million, representing a Return on Equity of 16.3%

• Net Result of EUR 1,118 million

• Operational Capital Generation of EUR 2.2 billion

• Operational Free Capital Generation of EUR 1.5 billion

Inflows (at constant exchange rate and constant scope)

• Inflows amounted to EUR 18.5 billion, representing a strong growth of +10%

• Life inflows rose to EUR 11.7 billion (+9%) thanks to a return to growth in Belgium and Europe and a maintained solid performance in Asia

• Non-Life inflows increased to EUR 6.8 billion (+14%) with significant business growth in all segments and product lines

Operating Performance

• Combined ratio of 93.3%

• Guaranteed Margin of 149 bps and Unit Linked Margin of 41 bps

Balance Sheet

• Comprehensive Equity of EUR 16.1 billion or EUR 88.14 per share

• Pillar II Solvency II ratio improved, reaching 218%, well above the Group’s neutral risk appetite

• General account Total Liquid Assets as at 31 December 2024 stood at EUR 1,066 million

• Life Liabilities excl. UG/L stood at EUR 91.4 billion

Non-financial and Sustainability Targets

• During the Impact24 cycle, Ageas's scores from the six ESG rating agencies assessing the Group significantly improved, reaching Top Quartile with one.

• 29% of Gross Written Premiums comes from sustainable products, while EUR 14,6 billion was invested in sustainable assets.

• Six entities have achieved a Top Quartile cNPS score and five a Top Quartile eNPS score.

• Significant progress has been made in diversifying distribution, encompassing both agency and digital platforms.

Hans De Cuyper, CEO Ageas: “I am very pleased to announce an excellent performance in 2024. We grew inflows considerably, increased the profitability of our business and secured a Net Operating Result of 1.24 billion euro at the upper half of our guidance, while maintaining a strong cash and solvency position. This strong performance enables us to announce a total gross cash dividend of 3.50 euro for 2024, consistent with our Impact24 commitment. I am also proud that we successfully completed our Impact24 strategic cycle, achieving sustainable growth, strengthening profitability, and diversifying cash flows, while meeting all financial targets and most non-financial ones. While we have made significant progress in various aspects of our business, I am especially pleased that our ESG efforts have been recognised by rating agencies, which has led to the inclusion of the Ageas share in the BEL®ESG index. Barring unforeseen circumstances, we anticipate a cash upstream from the business between 850 to 900 million euro in 2025, giving us a good starting position to meet our Elevate27 dividend commitment.”