At the Benelux level, premium income increased by 1.6% (€2.8 billion). For the Life activities, it amounted to €1,544 million Euro, an increase of 1,7% compared with 2020 (€1,519 million). In Belgium, the premium volume decreased slightly compared to 2020, while in the Netherlands the increase is significant. The premium income of the Non-Life activities reaches €1,228 million in the Benelux. This represents an increase of 1,4% compared to 2020 (€1,211 million).
In Life, the operating result is €99.4 million, a decrease of 14,4% compared to 2020 (€116 million). This difference is mainly explained by an exceptional income generated in 2020. Non-Life operating income was €73.3 million (€126.5 million in 2020), due to the one-off effect of an intra-group reinsurance transaction. Life and Non-Life operating profit was €172.7 million (€242.6 million in 2020).
Net profit of Allianz Benelux was €102 million (€146 million in 2020) for the 3rd quarter of 2021.
KBC Group’s profit for the quarter under review amounted to €601 million, despite a one-off negative effect of €319 million related to ongoing sales transactions in Ireland. Total revenues increased on a quarterly basis, as higher net interest income, net fee and commission income and other net income more than offset the decline in non-life insurance results (negatively affected by the floods in Belgium) and the seasonal contraction in dividend income. Excluding non-recurring and non-operating items (including currency effects and bank taxes), costs remained virtually stable quarter-on-quarter.
Technical income from non-life insurance activities (earned premiums minus technical expenses, plus result from ceded reinsurance) contributed €174 million to total income (€1,884 million), down 18% quarter-on-quarter and 23% compared to the 3rd quarter of 2020. In both cases, the increase in earned premiums and the improvement in the reinsurance result were more than offset by a significant increase in technical expenses, as the quarter under review included €100 million of claims related to the severe floods suffered in some provinces of Belgium (note that after reinsurance, the net amount is about €79 million, of which €38 million above the legal limit (which is the ceiling introduced in the Belgian law on the intervention of insurers in case of very severe floods). Overall, the combined ratio for the first nine months of 2021 stands at 87%, which remains excellent, compared to 85% for the full year 2020.
Ageas Group’s net income amounted to €568 million, supported by a strong performance in Life.
Net income in Insurance increased from €737 million to €777 million.
Non-Life net profit was €236 million compared to €311 million in 2020. And Life net income of €541 million compared to €426 million in 2020.
Group net income in the third quarter amounted to €161 million.
Group inflow (at 100%) increased by 11% to €31 billion.
Life outstandings (at 100%) increased by 9% to €25 billion, driven by a strong commercial performance across all regions. Non-Life inflow increased strongly to €6 billion, mainly driven by Belgium and the inclusion of Taiping Re. Third quarter inflow (at 100%) increased by 13% from €7.8 billion to €8.8 billion.
In Belgium, year-to-date inflow showed solid growth in both Life and Non-Life.
Life inflow has seen strong growth in unit-linked products (+46% compared to 2020), supported by commercial campaigns in the broker and bank network. Non-Life premium income grew by an exceptional 9% year-on-year, with all business lines showing an increase thanks to the joint efforts of AG and its distribution partners.