Belgian insurer Ageas reported a 6% rise in first-half operating profit, driven by strength in life insurance and portfolio reshaping, while raising its full-year outlook on higher cash generation expectations.
Net operating profit increased to €776 million ($840 million) in the six months to June 30, 2026, compared with €734 million a year earlier. Net profit totaled €846 million, up from €677 million in the same period of 2025. Total inflows surged 17% to €12.1 billion, with like-for-like growth of 8%, supported by acquisitions including esure and the full takeover of AG Insurance.
Life insurance inflows rose 12%, while non-life inflows climbed 26%. However, the non-life combined ratio deteriorated to 95.2% from 92.1%, reflecting higher claims costs from storms in Belgium and Portugal, which added roughly five percentage points to expenses. Life earnings improved to €629 million from €538 million a year ago.
Ageas raised its full-year net operating profit guidance to above €1.95 billion, incorporating an estimated €450 million net capital gain from the planned sale of its 30.95% stake in Malaysia’s Etiqa to Maybank. The transaction, valued at about €1.1 billion, is expected to close in 2026. Cash generation from insurance units is now projected to exceed €1.4 billion, a 49% increase from last year and above the prior guidance of €1.2 billion.
CEO Hans De Cuyper highlighted the company’s portfolio reshaping, including the completion of full ownership of AG Insurance, expansion into China’s pension market via a stake in Taiping Pension, and the initiation of the Etiqa sale. The higher cash generation outlook reflects increased dividend remittances from operations in China and Thailand.
Ageas maintained its interim dividend at €1.50 per share, payable in December, unchanged from the prior year.
