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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Ageas SA/NV    AGS   BE0974264930

AGEAS SA/NV

(AGS)
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ageas / : reports on third quarter results 2020

11/13/2020 | 01:30am EST

Ageas reports on third quarter results 2020

  • Third consecutive strong quarterly net result, driven by an excellent Non-Life
  • Solid underlying operating performance both in Life and Non-Life for the quarter, mitigating specific impairments in Asia
  • Solvency position up and well above the target level
 
Net Result
  • The nine month Group net result stood at EUR 994 million, to a large extent supported by the positive result of the General account following the gain on the FRESH transactions
  • Net result in Non-Life (including Reinsurance) grew significantly to EUR 311 millionthanks to a strong performance across all segments and  a lower claims frequency compensating for the impact of the adverse weather in Belgium and UK
  • Life net result of EUR 426 million affected by Covid-19 related impact on the investment result
  • Third quarter Group net result stood at EUR 203 million thanks to the excellent Life and Non-Life operating performance partly offset by impairments in Asia and lower recurring investment income
Inflows
  • Nine months Group inflows (at 100%) down 2% to EUR 27.9 billion
  • Life inflows (at 100%) down 3% to EUR 22.8 billion due to reduced Guaranteed bancassurance activity in Europe
  • Non-Life inflows (at 100%) were up 1 % at EUR 5.1 billion
  • Third quarter Group inflows (at 100%) up 4% to EUR 7.8 billion thanks to growth across most regions
Operating
Performance
  • Combined ratio at 90 % supported by lower claims frequency
  • Operating Margin Guaranteed at 79 bps supported by a strong third quarter
  • Operating Margin Unit-Linked at 28 bps
Balance Sheet
  • Shareholders’ equity at EUR 11.3 billionor EUR 60.18 per share
  • Group Solvency IIageas ratio remained strong at 194%
  • General Account Total Liquid Assets as at 30 September 2020 at EUR 1.5 billion, of which EUR 0.4 billion is ring-fenced for the Fortis settlement
  • Life Technical Liabilities excluding shadow accounting of the consolidated entities decreased by 1% compared to end 2019 to EUR 72.7 billion

A complete overview of the figures can be viewed on the Ageas website.
Key figures and main highlights on the segments can be found in the Annexes of this press release

Ageas CEO Hans De Cuyper said:I am very pleased that even in these persistently challenging times caused by the pandemic, our activities continue to show strong resilience. The third quarter saw inflows increase in most segments and an improved underlying operational performance in both Life and Non-Life. Specific impairments on equity in Asia and lower recurring investment income from dividends and real estate revenues resulted in slightly lower insurance net profits. Year-to-date profits as well as our solvency and cash position remain strong. Consequently, and assuming no material impact from the financial markets in the last weeks of the year, we remain confident that we will be able to achieve a result close to our initial guidance. I want to thank all our employees and partners for their commitment in helping all our customers and engagement towards society through these exceptional times.”

Attachment

  • Read the full press release

© OMX, source OMX

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Financials
Sales 2020 8 412 M 10 168 M 10 168 M
Net income 2020 1 146 M 1 385 M 1 385 M
Net Debt 2020 1 402 M 1 695 M 1 695 M
P/E ratio 2020 7,19x
Yield 2020 6,12%
Capitalization 8 060 M 9 750 M 9 743 M
EV / Sales 2020 1,12x
EV / Sales 2021 1,07x
Nbr of Employees 10 741
Free-Float 90,2%
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Technical analysis trends AGEAS SA/NV
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Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 46,05 €
Last Close Price 43,10 €
Spread / Highest target 30,2%
Spread / Average Target 6,85%
Spread / Lowest Target -23,4%
EPS Revisions
Managers and Directors
NameTitle
Hans de Cuyper Chief Executive Officer
Bart Karel de Smet Chairman
Christophe Boizard Chief Financial Officer & Executive Director
Guy Jacques Marie de Selliers de Moranville Vice Chairman
Lionel Perl Independent Non-Executive Director
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