Success comes from anticipating the needs of our local customers

And in Asia, there are no shortage of those in the insurance market. Some 39% of the world’s population live in the countries in which Ageas has a presence, with many untapped or underserved markets including the mass market and SMEs still ripe for exploration. Add to that the juxtaposition of fast-growing elderly populations and Gen Z ‘digital natives’, each with different needs and preferred solutions, and the breadth of that challenge becomes clear. In the coming years, some 700 million GenZ’s alone will enter the employment and consumer markets.

To be accessible for all means smart product management, profitable yet affordable offers and importantly, distribution diversification. And each theme resonates well within the Group’s Elevate27 strategic agenda. Ageas rose to the challenge in 2025, but it didn’t do so alone. Working in partnership continues to be the mainstay of the Group and a core success factor.

A 25-year partnership in China built on trust and shared values

In 2025 Ageas celebrated 25 years of partnership with China Taiping Group; a partnership that combines two centuries of insurance expertise with a strong, highly respected brand and market presence.

Since entering the Chinese market in 2001, China has grown exponentially from the 6^th largest economy in the world to the 2^nd with China’s Life insurance industry enjoying the No.2 slot in the world rankings. From a greenfield start-up, Taiping Life is today a significant player in the Chinese market with 230,000 agents, 15 million customers, and access to 70,000 bank branches.Taiping Asset Management today ranks 6th among insurance asset managers with EUR 200 billion assets under management, and Taiping Re has become an established name not only in Hong Kong but in the Chinese and Southeast Asian reinsurance space.

Elevating this partnership to the next level, Ageas was invited to participate in the fast-growing Pensions market, acquiring a 10% stake in Taiping Pension, a top 5 ranked player.

Reflecting on the longevity and sustainability of this 25-year partnership, ultimately it comes down to a joint ‘obsession’ with putting the customer first. A demonstrable long-term commitment through all economic cycles. Respect, cultural sensitivity and compatible values. And a willingness to openly share experience.

Concrete steps to support the ageing agenda

By incorporating Ageing into the Elevate27 agenda, Ageas is acknowledging an urgent societal reality; people are living longer; their needs still need to be met; and there is no brake available to slow down the ageing train. Nowhere is this more evident than in Asia. In China more than 30% of the population will soon be +50. The government has identified ageing finance as one of five major areas of national importance, with the silver economy projected to reach 25.5% of GDP by 2035.

From this perspective our investment in Taiping pension is well timed. It demonstrates again our shared commitment to supporting China’s socioeconomic development in addressing the ageing crisis.

Ageas is launching several initiatives to raise awareness and contribute to the social and regulatory debate while developing an adapted product and service offering in support of the silver generation. Ageas is investing in retirement savings products, post-retirement solutions in wealth decumulation, inheritance planning and in health management. In each of these domains Ageas is benefitting from the vast experience and market leading positions in employee benefits and healthcare in Belgium and Portugal and in general insurance for the 50+ segment in the UK.

And this expertise we can credibly share with our partners in Asia such as Taiping Pension. In 2025 this included hosting a special delegation from the Chinese regulatory authorities to learn more about the Belgium pensions market.

Being where our customers want us to be

2025 was also a year of distribution diversification. Distribution is King in the world of insurance, and in recent years Ageas has taken a proactive approach to broadening its distribution by diversifying into other channels, like agency and digital distribution.

Non-banca sales in Southeast Asia and India are now close to a third. Agency continues to grow well particularly in India and the Philippines. And the launch of new digital platforms has further evolved the landscape. Ultimately it is about remaining relevant in a world where customer behaviours are changing.

To fully serve the Gen Z generation, Ageas is rolling out an increasingly diverse distribution model, through digital platforms and affinities. Digital natives are typically mobile-first and rely heavily on social media and online platforms in their search for personalised, frictionless digital journeys.

And in 2025 Ageas also announced a number of new partnerships. In India alone, AFLI has been able to establish new distribution partnerships with CSB bank, Jio Credit, Vankrangee, and Muthoot Microfin next to existing platform initiatives in India and Vietnam.

How the evolution of AI and GenAI in Asia is inspiring innovation

In a market synonymous with innovation, Ageas is embracing AI as an opportunity to create value within the core business by improving operational efficiency and powering up technical excellence. But more than that, it is fast becoming an essential companion at key stages in the customer journey. AI has evolved from the more traditional machine-learning use cases that have focused more on underwriting, fraud detection and segmentation, to customer-facing GenAI assistants embedded in journeys with a focus on Responsible AI.

In 2025, Asia introduced several customer-facing GenAI initiatives. In Vietnam, as a way of engaging tech-savvy young customers with insurance products they need but aren’t actively seeking, Amazer went live. This internally built Gen-AI powered Agent has been integrated into the Vietnamese MB Bank’s mobile platform and made available to customers 24/7. Sally, an expert system assistant aimed at financial advisors was launched in the Philippines; Medi AI, a medical face recognition tool in Indiawent live; and Digital Coach, an AI tool to personalise and scale up training and coaching capabilities for agents and salespeople was made available in all OPCOs.

Another strong year for Asia. A year of growth. A year of doing what we do well even better. A year where Elevate27 gained traction and delivered in Asia. A year when Ageas once again acted on opportunity.