Ageas reports 2020 results
24 Febbraio 2021 - 7:30AM
Ageas reports 2020 results
Ageas reports 2020 results
- Excellent Group results in a challenging Covid-19 context
- Strong Insurance performance both in Life and Non-Life
mitigated lower contribution of net capital gains
- Resilient commercial performance
- Proposed gross cash dividend of EUR 2.65 per share
|
Net Result |
- The 2020 Group net result stood at EUR
1,141 million, thanks to a strong underwriting performance
and the positive impact of the FRESH transactions on the General
account
- Net result in Non-Life (including Reinsurance)
grew significantly to EUR 391 million thanks to a
strong performance across all segments and a lower claims frequency
compensating for the impact of the adverse weather in Belgium and
UK
- Life net result of EUR 570
million was affected by Covid-19 related impact on the
investment result and net capital gains.
- Fourth quarter Group net
result stood at EUR 147 million compared
to EUR 102 million in the fourth quarter of 2019
|
Inflows |
- Group inflows (at 100%) down 1% to EUR
35.6 billion - Group inflows at Ageas’s
part at EUR 14.5 billion
- Life inflows (at 100%) down 1% to EUR
28.8 billion marked by strong recovery in Asia
compensating for reduced activity in Europe
- Non-Life inflows (at 100%) were up 1 % at
EUR 6.8 billion
- Fourth quarter Group inflows (at 100%) up 6%
to EUR 7.7 billion thanks to growth in Asia
|
Operating Performance |
- Strong Combined ratio at 91.3 %
- Operating Margin Guaranteed at 90 bps driven
by the underwriting performance
- Improvement of the Operating Margin Unit-Linked at 29
bps
|
Balance Sheet |
- Shareholders’ equity at EUR 11.6 billion or
EUR 61.80 per share
- Group Solvency IIageas ratio remained strong at
193% - Regulatory PIM SolvencyII ratio at
199%
- General Account Total Liquid Assets as at 31 December 2020 at
EUR 1.2 billion
- Life Technical Liabilities excluding shadow accounting of the
consolidated entities stood at
EUR 73.7 billion
|
Dividend |
§ The proposed grosss cash dividend of EUR
2.65 represents a 56% pay-out ratio, fully in line with
Ageas’s dividend policy |
A complete overview of the figuresand comparison with previous
year can be found on page 5 of this press release and on the Ageas
website. Key figures and main highlights on the segments can be
found in the Annexes of this press release
Ageas CEO Hans De Cuyper said:
“We can be proud of the way we navigated through a challenging
2020. Our top line revenue decreased only marginally compared
to 2019. This is impressive, considering that our distribution is
mainly “customer facing”, through agents, brokers and
bancassurance! I want to thank our people and partners for their
resilience and dedication, serving our customers remotely and
bringing in new clients in difficult circumstances. Despite the
Covid-19 context, we delivered excellent results, benefitting more
than ever from the geographic diversification, our well-balanced
product portfolio, our solid balance sheet and prudent
management. 2020 was the second year of our 3-year strategic
plan Connect21 and it was important that we kept our minds firmly
focused on our strategic goals, targets and ESG commitments that
remain an ongoing priority for the long term. The excellent result,
our strong balance sheet, the comfortable cash position and stable
solvency margin, allow us to propose a gross cash dividend of EUR
2.65 per share to our shareholders.
- Read the full press release
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