Continued solid commercial and operating performance
Group net result affected by financial markets in Asia and inflation in Europe.
Groupnine months netresult excluding RPN(i) amounted to EUR567million
Group third quarter net result excluding RPN(i) amounted to EUR 111 million, affected by net capital losses in Asia and inflation in Europe for an amount of EUR 175 million
Group inflows were up 3% to EUR 13 billion with increases in both Life and Non-Life
Life inflows increased by 3% to EUR 9 billion driven by new business in China
Non-Life inflows were up 5% to EUR 4 billion supported by all regions
Combined ratio stood at 94.4%, including 3pp impact from adverse weather events in Belgium and the UK during the first quarter
Operating Margin Guaranteed stood at 87 bps and Operating Margin Unit-Linked amounted to 39 bps
Shareholders’ equity amounted to EUR 8 billion or EUR 42.32 per share
Group Solvency IIageas ratio improved and reached 225%, well within the Group’s risk appetite
General Account Total Liquid Assets as at 30 September 2022 stood at EUR 1 billion
Life Technical Liabilities excl. shadow accounting stood at the same level as at end 2021 at EUR91 billion at Ageas’s part
Acompleteoverviewofthefiguresandcomparisonwithpreviousyearcanbefoundonpage5ofthispressreleaseandontheAgeaswebsite. Key figures and main highlights on the segments can be found in theAnnexes of this press release.
Impact24 -- Achievements
Ageas opened its reinsurance activity to third parties trading under the brand Ageas Re
To support the development of its core business, Ageas invested in its agency distribution channel by partnering with Million Dollar Round Table
Exploring new partnerships with the ambition to participate in ecosystems and the platform economy, Ageas teamed up with eBaoTech Corporation at Group level and with Amazon in the UK
Ageas obtained the CO2-neutral label issued by CO2 Logic
Hans De Cuyper,CEO Ageas:
« Ageas continued to perform well commercially and operationally in the third quarter of 2022. This translated into sustained growth in inflows in the Life business in China and an increase across the business in Non-Life. The strong combined ratio and good margins in Life indicate that the insurance activities continue to perform within the Impact24 operating targets. It is mainly the low interest rates in China and the net capital losses in Asia that have affected the Group net result in the third quarter. In the context of our Impact24 strategy, we took important steps that will drive our business forward in terms of growth, commercial excellence, integration of data & technology and sustainability. I want to thank our people around the world for demonstrating their strong focus on value added growth under extreme volatile market circumstances. »
Immigration to Britain is stunningly high, with more than one million people arriving in 2022. If this migration was driven by the world’s best and brightest coming to enrich our economy, that might be just about tolerable. Instead, too many migrants are benefiting from the largesse of the British government.
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