Ageas: reports best ever full-year net profit

(CercleFinance.com) - Belgian insurance group Ageas posted a record full-year profit on Wednesday, helped by its Belgian business, the "exceptionally high" result of its Asian life operations and a strong operating performance in non-life in continental Europe.


The company's 2019 net income reached a record 979 million euros, up 21%, with group inflows also at an all-time high, up 11% at 35.9 billion euros.

Its combined ratio - a key business indicator for the sector, which compares costs and claims to revenues - rose to 95% from 94.3%, which was still better than the group's target of 96%.

Ageas also said that it will pay shareholders an all time high gross cash dividend of 2.65 euros per share for 2019, up 20% compared to last year.

While the direct impact of insurance claims related to the 2019-nCoV is expected to be limited, Ageas says, the indirect impact from the economic slowdown and volatility in financial markets and interest rates could affect the Asian commercial activity and results, it warned.

Ageas shares were down 5% on Euronext Brussels after the report.

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