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Ageas: Ageas Delivers Strong FY2025 Results, Upgrades Financial Targets

Ageas reported a robust financial performance for FY2025, with a net operating result of EUR 1.655 billion, exceeding the company's latest guidance. The earnings per share (EPS) came in at EUR 3.98, surpassing analyst estimates of EUR 3.66. The company's revenue growth was driven by both Life and Non-Life businesses, with inflows up 9% at constant FX. The Reinsurance segment delivered an exceptional performance, mainly driven by third-party business. According to Wim Guilliams, CFO, "the combined ratio reached an excellent 92.5%, leading to a 21% increase in the net operating result to EUR 548 million."

AGS.BR

EUR 63.15

-0.08%

A-Score: 7.1/10

Publication date: February 25, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Strong Financial Performance: Net operating result surged to EUR 1.655 billion, exceeding guidance, with recurring cash upstream of EUR 949 million (18% YoY growth).
  • Strategic Expansion: Ageas strengthened its U.K. presence via Saga partnership and esure acquisition, while gaining full ownership of AG in Belgium.
  • Life Business Growth: Europe Life inflows rose 21%, driven by Türkiye and Portugal, with Life net operating result up 39% to EUR 548 million.
  • Dividend Increase: Proposed total gross cash dividend of EUR 3.75 per share, reflecting over 7% growth compared to prior year.
  • Reinsurance Success: Reinsurance inflows jumped 29% to EUR 275 million, supported by diversified portfolio and third-party business growth.

Segment Performance

The Life segment saw a significant increase in inflows, driven by continued excellent performance in Türkiye and a remarkable growth in savings products in Portugal. The Non-Life business in Belgium is in a very attractive situation for profitability, as mentioned by Hans J. De Cuyper. The Reinsurance inflow increased by 29% to EUR 275 million in 2025, with the company allocating EUR 200 million of solvency capital requirement to Reinsurance, including the Triglav deal.

Valuation and Dividend

Ageas' valuation metrics appear reasonable, with a Price-to-Book Ratio (P/B) of 1.44 and a Dividend Yield of 5.58%. The company's Board of Directors has proposed a total gross cash dividend of EUR 3.75 per share. The current cash position stands at a very solid EUR 1.45 billion, firmly supported by the EUR 949 million of dividend upstreams during FY2025.

Outlook and Guidance

Ageas expects to receive EUR 1.2 billion in cash in '26 and is on track with the integration of esure and the AG acquisition. The company has upgraded its financial targets, increasing holding free cash flow and shareholder renovation targets. Analysts estimate next year's revenue growth at 6.0%. The company's strong solvency ratio above 200% and a stable dividend development in China provide a solid foundation for future growth.

Ageas's A-Score