Collaboration helps drive progress in Europe

2025 was a ground-breaking year for Ageas, and one which saw Europe elevated to new heights following the acquisitions of esure and Acromas – Saga’s Underwriting Business – in the UK. Aligned with the Group’s Elevate27 ambitions, Ageas has created a business of real scale in an important fast-developing market, placing Europe on a size closer to the Asia and Belgium-segments. The UK will become the third largest contributor to Ageas after Belgium and China.

Collaboration helps drive progress in Europe

Each of the 3 countries that make up Ageas’s Europe segment - the UK, Portugal and Türkiye – have distinct market profiles and areas of focus, yet they also share common challenges that benefit from collaborative solutions. By sharing experience across the Group in key domains such as technical excellence and Data & AI, each country is able to accelerate far more quickly than operating solo. From sharing vital expertise in data management to better understand the impact on personalisation, pricing and claims management, to exploring ways and means to increase confidence levels around the use of critical new tools like AI.

Ageas strengthens its position in the UK becoming No.3 in personal lines

In a market historically quite fragmented, the UK has been going through a period of considerable consolidation. This should create greater discipline and stability in the market going forward, with the top 5 players accounting for more than 55% market share and rising. From a mid-sized player largely focused on the intermediary market, Ageas UK has become one of those top 5 players, gaining critical news skills in the B2C way of working. esure’s large and highly sophisticated digital customer base and strong presence on price comparison websites combined with Ageas’s existing business and the Saga partnership has created the third largest personal lines insurer in the UK, and at the same time a more balanced profile.

Through an exclusive 20-year agreement with Saga, Ageas boosted its over 50’s proposition; a sector in which Ageas has already accumulated expertise and a strong reputation over several years.

Türkiye grows Life business while reshaping Non-Life for the future

In 2025, AgeSA continued its strong growth trajectory in Life and Pensions. The company is recognised as a modern, accessible insurer thanks to its investment in digital tools and customer centric services. AgeSA is playing an increasingly important role in the development of the pension system by helping to expand private pension participation. It offers diverse savings products, builds awareness and is gaining the trust of Turkish citizens.

Meanwhile, Aksigorta has been focusing on transformation in the Non-Life segment. 2025 was a year in which priorities focused on optimising profitability and solvency by making the right choices in product and distribution mix. And those selections are already delivering an improved return on equity. Towards the latter part of 2025, the focus shifted more towards distribution and ways to reshape and re-energise the agency channel while leveraging bancassurance on the back of an extended agreement with AKBank for Aksigorta.

Healthcare in Türkiye is in growth mode and Medisa is leading the way with a fresh approach to insurance. Medisa is also benefiting from shared knowledge from other more mature healthcare businesses such as Médis in Portugal, importing insights and expertise around products and services that are replicable.

Building from a position of strength in Portugal as the market reference

Portugal achieved strong results in both Life and Non-Life in 2025, earning recognition as a reputable player in the insurance market. This underscores Ageas Portugal’sposition as a trusted and innovative leader, committed to excellence and building lasting relationships with stakeholders.

In bancassurance the business is consistently viewed as among the very best in the market thanks to a long-standing partnership with Milleniumbcp, which celebrated its 20-year anniversary in 2024.

At the same time, Healthcare remains a key driver of growth and value creation. Médis, the No.2 player in the market, is evolving beyond a traditional health insurer towards becoming a leading health player, with a reputation for constantly adding new layers of value to an offering that is making healthcare accessible to all. In 2025 Médis acquired Fisio Share, adding 19 physiotherapy and rehabilitation clinics, bringing the total number of specialist clinics to 49, including Dental Clinics. Médis has also rolled out standalone teleconsultations, a digital health marketplace and a virtual health wallet complemented by an app for wellness tracking and service access.

In Non-Life, Ageas Portugal is No.3 in the market with a particularly strong profile in personal lines. In 2025, the focus has been on finding ways to unlock the full potential of the business while protecting the existing market-share with significant improvements seen in motor results.

A new leadership team established in 2025 is benefitting from highly experienced executives blended with fresh young talent bringing renewed energy and new ideas for the future. Their focus is very much on reconfirming certain choices and preparing an action plan for areas of acceleration through an ambitious new strategic plan.