Key-events at Ageas in 2024

Ageas’s Corporate Centre, along with its Belgian subsidiaries AG and AG Real Estate, and the UK-based entity Ageas UK, have once again all achieved a re-certification as "Top Employers” for 2024. At the start of 2025, this has once more been reconfirmed. And elsewhere, other Ageas entities around the world have received similar recognition. 

This year we were proud to also welcome a new addition to the Top Employer family in Europe, with Grupo Ageas Portugal attaining the Top Employer 2025 certification for the first time. Ageas stands out especially for its empowering strategy and culture, driving impact and innovation, leadership strategy and dedication to continuous learning initiatives for skill development and professional growth, which is a true recognition of the Group’s efforts to create a Great place to Grow.

The objective of this change is to align the governance model to the strategic ambitions of the Group. 

Ageas reinforces the Group’s Executive Committee by including all its 4 business segments (Europe, Asia, Belgium, and Reinsurance), complemented by a newly created function of Managing Director Business Development.

No less than 10 new trends were detected by Ageas’s Horizon scan, and 5 of them immediately entered the top 20 of most impactful trends, demonstrating the speed of change. 

The most impactful trends were mostly found in the Tech and ESG space. Cybersecurity, Artificial Intelligence, Big Tech companies and Extreme Weather Events top the list. The scan also indicates the strongest rise in Generative AI, Web 3.0, and Home/Alternative Care. Currently in its 6^th cycle, the AI-powered Horizon Scan is a vital compass in setting the strategic direction of the Group and its local businesses. 

Ageas delivered a strong commercial performance in 2023, with an excellent commercial performance in Non-Life across all segments and double-digit growth in Life in China.  

The Net Operating Result at EUR 1,166 million was also reflected in a strong Operational Capital Generation. The cash position significantly increased to EUR 959 million. Ageas proposed a total dividend of EUR 3.25 per share, marking an increase of more than 8%. 

This index identifies the 20 highest ranking listed companies in Belgium demonstrating, among others, the best Environmental, Social and Governance (ESG) practices.  

This recognises the strong progress Ageas has made in delivering on its commitment to embed sustainability at the heart of its business. 

The Group concluded an agreement with its long-standing partner China Taiping Insurance Holdings (CTIH) to subscribe to the capital increase of its wholly controlled subsidiary Taiping Pension Co., Ltd (“TPP”) for a total consideration of RMB 1,075 million*.  

After closing, Ageas holds 10% of the enlarged share capital of TPP. As one of the largest pension insurance companies in the Chinese market, TPP is well placed to respond to the growing demand for retirement savings solutions.

* At the time of the agreement, the amount corresponded to around EUR 137 million. 

Ageas, through its Belgian business AG, celebrates 200 years in business.  

From modest beginnings in 1824 Ageas has grown into one of Europe’s larger insurance groups and enjoys a strong on the ground presence in some of the fastest growing Asian markets. The Group is proud of the legacy it has created by playing an integral role in the development of the financial markets over 200 years, alongside an influential role in responding to critical societal challenges. Celebrations spanned a series of events and initiatives ending in a visit by the King of Belgium to the offices of AG in December.

Ageas shared a new whitepaper on sustainable investing, authored together with the Federation of Enterprises in Belgium (FEB).  

This paper is a starting point for anyone interested in sustainable investing. At Ageas, we invest responsibly to support a more sustainable environment. At the end of 2024, Ageas had EUR 14.6 billion invested in sustainable initiatives, largely reaching its target of EUR 10 billion set under Impact24.

Our Belgian subsidiary has received the coveted EcoVadis platinum label, listing AG officially among the top 1% best-performing companies in the world for sustainability.  

As one of the leading providers of business sustainability assessments, rating agency EcoVadis provides an objective basis of comparison with peers. The award provides a strong endorsement for AG’s efforts in putting sustainability at the heart of its decision making.

The Net Operating Result at EUR 613 million was driven by excellent insurance results in both Life and Non-Life.  

This solid commercial performance was underpinned by significant growth in Non-Life and a marked rise in Life. The Group announced the distribution of an interim gross cash dividend of EUR 1.50 to its shareholders. Furthermore, Ageas decided to launch a new share buyback programme of EUR 200 million.

This new three-year strategy (2025-2027) is about taking the Group’s strong performance to the next level, building on Ageas’s unique growth profile and strong long-term track record.

Elevate27 is built on three strategic drivers: driving profitable growth, leading in technical insurance and operational excellence to sustain and improve margins, and future-proofing distribution and enriching the customer experience. The Group’s actions are guided and influenced by a commitment to sustainability, long-term thinking, and a partnership DNA. 

Luis brings extensive experience and a record of success that will help steer Ageas’s Portuguese activities in the future.   

Luis succeeds Steven Braekeveldt as CEO of Ageas Portugal, who successfully delivered an outstanding contribution to the Portuguese activities and the entire Ageas Group over the past 15 years.

AG Real Estate, the majority shareholder in Interparking, reached an agreement with CriteriaCaixas to integrate Saba, a major Spanish-based player in the public car park sector, into Interparking. 

Together, they will operate more than 2,000 car parks, totalling close to 800,000 parking spaces in 16 European countries, as well as nearly 8,000 electric charging points. The new entity is ideally placed to seize growth opportunities arising from new trends in mobility and expand the opportunities to reduce urban pollution. 

The agreement establishes a 20-year partnership between Ageas UK and Saga Services Limited (SSL) for distributing personal lines Motor and Home insurance products to Saga's customers in the UK.

At the same time, Ageas UK acquires Saga's Insurance Underwriting business, Acromas Insurance Company Limited (AICL)*. Saga plc is a specialist provider of products and services for individuals aged over 50 in the UK. 

 * The completion of the AICL transaction remains conditional on regulatory approvals.