Ageas discloses its comparative IFRS 17/9 figures for 2022, confirming last year’s strong performance
22 Giugno 2023 - 5:40PM
Ageas discloses its comparative IFRS 17/9 figures for 2022,
confirming last year’s strong performance
Ageas discloses its comparative IFRS 17/9
figures for 2022, confirming last year’s strong performance
Ageas has disclosed today its comparative IFRS
17/9 figures for both full-year and half-year 2022. IFRS17 and
IFRS9 are the new accounting standards for insurance contracts and
investments applicable from 1 January 2023. To ease future
comparability, the 2022 financials have been restated.
Under the previous accounting standards, Ageas
reported a Net Result of EUR 1,011 million. The comparative Net
Result over the year 2022 under the new accounting standards
amounts to EUR 1,097 million. For the full year 2022, the Net
Operating Result, which will give a better view on Ageas’s
operating performance, amounted to EUR 1,279 million, confirming
the strong 2022 performance.
IFRS17 introduces a new balance sheet item, the
Contractual Service Margin (CSM), which is the present value of
future profit on the existing business. Group-wide this Contractual
Service Margin amounted to EUR 9.8 billion at the end of 2022.
Together with a Shareholders' equity of EUR 7 billion,
this leads to a comprehensive equity of EUR 15.8 billion.
The presentation on the comparative figures,
together with a detailed Excel spreadsheet and an explanatory video
of Ageas’s CFO Wim Guilliams, are available on the Ageas
website.
The adoption of the new IFRS 17/9 accounting
standards does not change the underlying economics of Ageas’s
business but it will improve the consistency of the accounting
results of insurance companies active in different countries,
including the reporting for the non-consolidated
participations.
Ageas is a listed international
insurance Group with a heritage spanning almost 200 years. It
offers Retail and Business customers Life and Non-Life insurance
products designed to suit their specific needs, today and tomorrow,
and is also engaged in reinsurance activities. As one of Europe's
larger insurance companies, Ageas concentrates its activities in
Europe and Asia, which together make up the major part of the
global insurance market. It operates successful insurance
businesses in Belgium, the UK, France, Portugal, Turkey, China,
Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and
the Philippines through a combination of wholly owned subsidiaries
and long-term partnerships with strong financial institutions and
key distributors. Ageas ranks among the market leaders in the
countries in which it operates. It represents a staff force of
about 44,000 people and reported annual inflows of more than EUR 16
billion in 2022.
- Pdf version of the press release
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