ageas SA/NV

Ageas reported full-year 2025 net operating result of more than EUR 1.655 billion. Non-Life delivered EUR 548 million of net operating result, up 21%, with a combined ratio of 92.5%; Life net operating result was EUR 1.259 billion, up 39%. Recurring cash upstream was EUR 949 million, up 18% year over year and above the EUR 850 million to EUR 900 million guided range. Comprehensive equity reached EUR 17.5 billion, current cash position was EUR 1.45 billion, Pillar 2 solvency ratio was 211%, and operational capital generation was EUR 1.9 billion. Management said 2026 recurring cash upstream is expected at EUR 1.2 billion, and it reiterated full-year 2026 net operating profit guidance of well above EUR 1.5 billion, assuming Asia tax at around 5%, half-year contribution from AG, and a normal cat nat year with combined ratio below 93%.

Hans de Cuyper described 2025 as a transformational year and said Ageas completed the first year of Elevate27 with stronger geographic and business balance, especially through the U.K. acquisitions and the planned full ownership of AG in Belgium. He emphasized that the group is focusing on cash-generative entities, diversification, and resilience across Life, Non-Life, and reinsurance. His tone was confident and upbeat, while acknowledging macro volatility, claims inflation in the U.K., and the need to keep monitoring China and weather-related risks.

Wim Guilliams said the strong result came from an excellent Non-Life insurance result and a solid Life performance, with a low tax rate in China adding support. He highlighted Life net operating result of EUR 1.259 billion, a 39% increase, Non-Life combined ratio of 92.5%, third-party reinsurance combined ratio of 76.5%, comprehensive equity of EUR 17.5 billion, cash of EUR 1.45 billion, solvency of 211% on the Solvency II scope, and operational free capital generation of EUR 793 million. He also explained that the China tax benefit was a deferred tax one-off tied to the IFRS 17/9 transition and said the future China tax rate should be in a 0% to 10% range, likely above 5%, depending on portfolio mix and bond deductibility.

Analysts focused on China’s participating-product mix, the deferred tax benefit and future tax rate in Asia, cash fungibility at holding level, and the sustainability of reinsurance profits after Prima. Management said China has already made a substantial shift toward participating products, now at 70% to 80% on an annual premium equivalent basis, and that full-year margin is a better reference than second-half volatility. On cash, they clarified that cash pooling is mainly a liquidity-management tool and does not change normal remittance expectations; on reinsurance, they said Prima contributed EUR 7 million in 2025, may add about EUR 8 million in 2026, and should fade by the end of Elevate27, while the broader third-party business grew 29% excluding Prima and had more than 20% growth in January renewals.