Continued strong commercial performance across the business
Excellent operating performance in both Life and Non-Life
On track to reach 2021 profit guidance and Connect21 targets
Net Result
The Group net result was EUR 568 million driven by an excellent performance in Life, but hampered by RPN(i)
Insurance net result increased from EUR 737 million to EUR 777 million
Net result in Non-Life amounted to EUR 236 million compared to EUR 311 million in last year
Life net result of EUR 541 million compared to EUR 426 million last year
Group Q3 net result amounted to EUR 161 million
Inflows
The Group inflows (at 100%) were up 11% to EUR 31 billion
Life inflows (at 100%) were up 9% to EUR 25 billion driven by a solid commercial performance across the regions
Non-Life inflows (at 100%) were significantly up to EUR 6 billion mainly thanks to Belgium and the inclusion of Taiping Re
Q3 inflows (at 100%) increased by 13% from EUR 7.8 billion to EUR 8.8 billion
Operating Performance
Excellent Combined ratio at 95.2%, including 5% impact from adverse weather events
Operating Margin Guaranteed at 96 bps and Operating Margin Unit-Linked at 34 bps. Both margins within the target range
Balance Sheet
Shareholders’ equity at EUR 11.5 billion or EUR 61.79 per share
Group Solvency IIageas ratio remained strong at 187%, well within our risk appetite and Solvency target
General Account Total Liquid Assets as at 30 September 2021 at EUR 1.3 billion
Life Technical Liabilities excl. shadow accounting of the consolidated entities up 1% compared to end 2020 to EUR 74.6 billion
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.
AgeasCEOHans De Cuypersaid: “The excellent performance over the third quarter and year-to-date demonstrates the strength of our Group. Even though the devastating floods this summer in Belgium and the UK led to claims way in excess of anything we experienced before from of a single natural event, the strong results of all our businesses compensated for this. This shows the resilience of our Group thanks to our geographical spread and our diversified portfolio in Life, Non-Life and Reinsurance. We thus remain confident that we will achieve our profit guidance for 2021 of EUR 850 to 950 million. Furthermore, we are fully on track to reach all the targets of our strategic plan Connect21 and are ready to kick off Impact24, our new strategic plan for 2022-2024.”
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