Business

Ageas welcomes ‘strong’ H1 performance

Its insurance net result increased from €491m (£416m) to €521m (£441m) year-on-year, while the net result in Non-Life remained at the same level as last year at €181m (£153m)

Ageas has welcomed a “strong” performance across the business in the first half of the year, reporting a net result of €407m (£344m).

Its insurance net result increased from €491m (£416m) to €521m (£441m) year-on-year, while the net result in Non-Life remained at the same level as last year at €181m (£153m).

Meanwhile, the life net result increased by €30m (£25.4m) to reach €340m (£288m) compared to last year.

It also mentioned that the shareholders’ equity was at €11.4bn (£9.6bn) or  €61.11 (£51.76) per share.

The recent floods in Belgium were mentioned, though the approximated damages were not factored into the above listed results.

The end of the report claimed that the total cost related to the claims of our customers with respect to the July floods in Belgium is estimated to be as high as €0.4bn and that the impact on the group’s net result is expected to be €55m (£46.5m) (after tax and net of reinsurance).

Hans De Cuyper, Ageas CEO, said: “Our businesses continue to post healthy commercial and operational performances in both Europe and Asia. We are seeing a reduced operational impact of disruption caused by the Covid pandemic, though it is still affecting our inflows. In Life, our inflows are gradually recovering to pre-Covid levels. 

“In Non-Life we are posting a remarkable growth thanks to the inclusion of Taiping Re and strong growth in Belgium. The underlying results over the first half of the year are stable, but the next quarter results will be impacted by the catastrophic floods in Belgium.” 

He added: “We remain confident that we can maintain the net profit guidance from the beginning of the year, €850m to €950m, reviewing the positive adjustment made in the wake of our very strong Q1 results. The recent floods in Belgium and other parts of Europe have devastated so many communities. 

“We are committed to do everything we can to support our clients, some of whom have lost family or loved ones with their home destroyed or severely damaged. These recent events re-emphasise the importance of long term commitments to our environment and its impact on societies, an area where Ageas is committed to be at the forefront.”

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