Belgian insurance group Ageas (AGES.BR) has announced its expectations for a robust performance in its European markets in 2025, forecasting strong annual growth despite potential slowdowns in its Asian operations. The company reported a full-year net operating profit at the higher end of its forecast, bolstered by solid results across both its non-life and life insurance segments.
Ageas’ total inflows for 2024 increased by 10%, reaching 18.49 billion euros, with 8.60 billion euros generated from its largest market, Asia. However, while the company’s European business showed impressive growth, with inflows rising 24%, its Asian market saw slower growth at 7%, a notable decline after several years of double-digit expansion. This slower pace is attributed to challenges faced by its operations in China, including the ongoing low-interest-rate environment and its impact on local accounting standards.
“I believe the growth in Europe has significantly outpaced that of Asia in 2024, and this trend is likely to continue in 2025,” stated Hans De Cuyper, CEO of Ageas, during an interview with Reuters. He noted that despite the headwinds in China, Ageas had a solid technical performance before tax.
Despite the slowdown in Asia, Ageas has managed to deliver strong profitability. The company exceeded market expectations by reporting a net operating profit of 1.24 billion euros ($1.30 billion) for the year. De Cuyper highlighted the company’s increased profitability and the overall strong performance, which has enabled them to announce a total gross cash dividend of 3.50 euros for 2024.
Looking ahead, Ageas anticipates a profit of 1.3 billion euros for 2025, although this forecast does not account for potential impacts from adverse weather conditions and volatile financial markets. Despite these uncertainties, the company remains optimistic about its outlook, particularly in Europe, where it expects continued growth.
Ageas’ performance mirrors that of other European insurers such as NN Group and ASR Nederland, which also reported strong results in 2024 driven by recovery and new income streams.
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