Half Year 2024 Ageas SA Earnings Call Transcript
Key Points
- Ageas SA/ NV (AGESF) reported a 14% increase in inflows at constant FX, reaching EUR10 billion for the first half of 2024.
- Non-life inflows grew by 23%, driven by strong performance in the U.K. and Portugal.
- Reinsurance protection volumes more than doubled, showing a balanced portfolio between property and casualty lives.
- Life inflows saw a significant recovery in Portugal and growth in Belgium, driven by Group Life.
- The net operating result reached EUR613 million, with strong performance in both Life and Non-Life segments.
- The net operating result in Asia was negatively impacted by elevated deferred tax in China.
- The combined ratio in Turkey remains high, affecting the overall performance of the Europe segment.
- Prior year releases in Belgium were lower than the normal run rate, impacting the Non-Life segment.
- The transition to IFRS 17/9 in China has led to elevated deferred taxes, affecting the net operating result.
- The solvency ratio in China remains a concern, with potential impacts from regulatory changes and market conditions.
Welcome to today's Ageas Conference Call. I am pleased to present Mr. Hans De Cuyper, Chief Executive Officer; and Mr. Wim Guilliams, Chief Financial Officer. (Operator Instructions) Please note that conference is being recorded.
I would now like to hand over to Mr. Hans De Cuyper and Mr. Wim Guilliams. Gentlemen, please go ahead.
Good morning, ladies and gentlemen. Thank you all for dialing into this conference call and for being with us for the presentation of Ageas' results for the first half of 2024. I'm joined here in the room by the new executive committee that we have installed in the first half of this year.
I'm happy and proud to report that Ageas continues to deliver against the Impact24 growth strategy with inflows up 14% at constant FX and scope on scope the divestment of our French operations last year. Our inflows reached for the first time ever, the EUR10 billion mark over only half year. We achieved a remarkable growth in
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