Key events for the Ageas Group in 2021
Another year, another set of challenges but also a number of remarkable achievements for the Ageas Group. Here are some of the key highlights of the year.
Ageas reported a strong and resilient Insurance performance for the full year across both Life and Non-Life allowing the Group to propose a gross cash dividend of EUR 2.65 per share.
Rating upgrade reflected perceived improvements in the Group’s credit profile and resilience to credit shocks.
Moody’s upgraded Ageas and AG Insurance to A1. Resolution of legal legacy issues, improvements in underlying earnings, strong capitalisation and reduction in leverage were all cited, as well as the Group’s ability to maintain strong earnings and capital throughout the coronavirus crisis in 2020.
This EUR 140 million acquisition further strengthens Ageas’s position in the fast-growing Turkish market.
Ageas has established a presence in the fast-growing Life market in Turkey through our new partnership with the listed Life insurance and pensions company AvivaSA which has since been rebranded AgeSA. Ageas already enjoys a presence in Non-Life in Turkey through Aksigorta since 2012.
Ageas agreed the sale of its 50.1% interest in Tesco Underwriting Ltd. to Tesco Bank.
The Non-Life insurance joint venture between Ageas and Tesco Bank was formed in 2010 to underwrite Tesco Bank-branded car and home insurance policies. The sale allows Ageas UK to further focus on its core business.
Impact24 represents the next chapter for Ageas with a clear focus on and one that focuses on growth.
As Connect21 neared the finish line, Ageas announced a new 3-year strategic plan for the period 2022-24 making choices for the long-term. Impact24 is a long-term sustainable growth strategy that builds on the Group’s core strengths and emerging growth opportunities, putting sustainability at the centre.
Upgrade reflects Ageas’s sustained strong financial performance and capital strength.
Fitch Ratings upgraded the Insurer Financial Strength (IFS) Rating of ageas SA/NV, AG Insurance and Ageas Insurance Limited to ‘AA-’. The upgrade reflects the strong financial performance, and very strong capitalisation, despite adverse and volatile market conditions caused by the pandemic, alongside a strong business profile.
On this day we remembered the victims of the worst natural disaster to hit Belgium in recent decades.
Our employees, agents, brokers, and partners did everything within their reach to compensate customers who lost their homes and possessions as quickly as possible. As leading home insurer, AG participated in consultations with the government and provided necessary support, data, and expertise in managing the crisis.
Continued efforts to improve ESG disclosures and transparency reflected in better ESG risk score.
Ageas is actively responding to six of the leading ESG rating agencies with a steady improvement in ESG scores for each of them year on year. As such, Sustainalytics improved its rating from a medium risk score of 28.7 to a low-risk score of 18.8 bringing Ageas close to a top quartile performance within the insurance industry ranking.
Gilke Eeckhoudt named as new CDSO to help drive Impact24 implementation.
On behalf of the Group, she will lead all transversal business initiatives within Business Development, Technology Development & Sustainability in support of the implementation of the new strategic plan Impact24. Gilke also joins the Group Management Committee.
In collaboration with the University of Antwerp, Ageas commits to research programme focused on sustainable insurance.
Insurers have the tools to make a difference in areas such as financial inclusion and solidarity. And they can encourage sustainable behaviour through responsible investments or the insurance products and services they offer. This Chair in Sustainable Insurance allows Ageas to be at the centre of the debate.
Ageas will move its headquarters to the Manhattan building in Brussels reflecting the Group’s ambition to be a Great place to Grow for its employees.
Ageas is creating a sustainable workplace in line with its strategy to put sustainability at the heart of everything it does. And the trend continues elsewhere, with new buildings in Portugal and a new AG Campus in Brussels. These moves deliver an inspiring and sustainable physical work environment, with sufficient room to connect and collaborate, supported by a digitally smart work environment.
Ageas is proud to celebrate its longest standing joint venture with China Taiping Group: 20 years of successful collaboration demonstrating that partnerships are part of the Ageas DNA.
Ageas already recognised the growth potential in China back in 2001. Leveraging the unique position of China Taiping Group combined with the global insurance experience of Ageas, Taiping Life Insurance is today one of the leading and most respected insurers in China with 19,000 employees, 387,000 agents and 1,400 branches and sale offices. It is also one of the most trusted insurance brands in the marketplace, serving 15 million customers. This year is also the 20th year of partnership with Maybank in Malaysia.
Related articles:
Key financials of 2021
Ageas in a nutshell
