Ageas: posts higher 2018 earnings, raises dividend

(CercleFinance.com) - Ageas on Wednesday said it achieved "a very solid result" for FY 2018, despite significant falls in equity markets, with the group boosting its dividend.


The Belgian insurer reported net attributable income of 809 million for the past year, versus 623 million euros in 2017.

The company's results benefited from a very strong performance in Belgium, notwithstanding adverse weather and lower net capital gains. However, earnings were affected by the evolution of equity markets, it said.

Its combined ratio fell to 94.3%, versus 95.2%, due to adverse weather in Belgium, Portugal and the UK.

Citing "continued good financial performance, improved solvency and strong cash generation," Ageas plans to propose shareholders a gross cash dividend of 2.20 euros, up 5%.

Analysts said earnings were broadly in line with the consensus, and the shares were up 1.3% on Euronext Brussels after the report.

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