Half Year 2026 Ageas SA/NV Earnings Call Transcript
Key Points
- Strong overall growth with total inflows up 17% at constant exchange rates, driven by excellent commercial momentum in life and strategic acquisitions.
- Life net operating result significantly increased by 17%, supported by strong performance across all segments and higher CSM release.
- Raised full-year 2026 net operating result guidance to above EUR1.95 billion, reflecting confidence in continued strong performance.
- Cash upstream guidance increased to over EUR1.4 billion for 2026, up 49% year-over-year, driven by higher dividends from Asia.
- Operational capital generation remained strong at EUR1.1 billion, demonstrating resilience despite adverse weather impacts.
- Successful execution of strategic initiatives, including the full ownership of AG Insurance and expansion in the UK through Saga and eSure.
- Non-life business showed resilience with a strong underlying combined ratio excluding weather, and reinsurance third-party combined ratio at a strong 82.1%.
- Significant adverse weather events in Belgium and Portugal led to a EUR180 million impact on net operating results and a 5 percentage point increase in the combined ratio.
- Group combined ratio deteriorated to 95.2% from 92.1% last year, primarily due to higher weather-related claims.
- Solvency II ratio decreased to 195% from year-end 2025, impacted by several one-off items including the Taiping Pension capital increase and Belgian sovereign debt downgrade.
- Operational free capital generation declined to EUR484 million from EUR713 million, due to increased operational capital consumption in Belgium, Europe, and China.
- Life new business margin fell to 7.9%, impacted by product mix shifts in China and higher sales of investment products in Belgium.
- China life inflows growth was modest at 3%, with the company acknowledging a shift towards quality over volume in the market.
- Uncertainty around the potential acquisition of ATIAS, with management noting it may happen later or never, adding to M&A uncertainty.
Welcome to this AGEAS conference call. I am pleased to present Mr. Hans de Kuiper, Chief Executive Officer and Mr. Wim Gilliams, Chief Financial Officer.
For the first part of the call, let me remind you that all participants will remain on a listen-only mode and afterwards there will be a question-and-answer session. Please note that the conference is being recorded. I would now like to hand over to Mr. Hans de Kuiper and.
Mr. Wim Gilliams. Gentlemen, please go ahead.
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Good morning, ladies and gentlemen.
Thank you all for dialing into this conference call and for joining the presentation of Egeas results over the first half year of 2026.
In the first half of the year, Aegis delivered strong growth across both live and non-live with inflows up 17% at constant exchange rate, supported by excellent commercial momentum in live and the inorganic strategic initiatives we took last
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