Here’s a summary of the latest insurance market results, highlighting the key figures recently published.
AG : Resilient performance in 2024
- Total premium income: 7.1 billion euros (+5% compared to 2023)
- Non-Life Results : Combined ratio: 91.8% (before reinsurance), slightly lower than in 2023
- Life Technical Reserves – Assets under management: 61.3 billion euros (+2% compared to 2023
- Net Operating Result – Net result: 683 million euros (before reinsurance)
- Solvency Margin : 235%
Branch 21 :
- Guaranteed rate on reserves: 1.75% (for the year 2024).
- Additional return: AG grants an additional return of 0.75% on the average increase in premiums, bringing the total net return to 2.50% for 2024.
- Reserve distribution:More than 90% of the reserves in group insurance are invested in Branch 21 products.
- Guaranteed interest rate for 2025: 1.75% for new premiums starting January 1, 2025.
Branch 23:
- Rainbow Green Fund:Composed of 50% stocks and 50% bonds.
- Return for 2024: 12.47%.
Strong growth in 2024 AXA financial results
- 2024 Revenue Total: 4.4 billion euros (+7% compared to 2023)
- Non-Life Insurance: 2.6 billion euros (+6%)
- Health Insurance: 287 million euros (+9%)
- Life Insurance: 1.6 billion euros (+7%)
- 2024 Operating Result: 431 million euros (Slightly higher than 2023 and in line with the set objectives)
Belfius : A driving force of the Belgian economy with an extremely strong annual result in 2024
- Total revenue: 4,241 million euros (+4.7% compared to 2023)
- Adjusted insurance service charges: -761 million euros (+7.5%)
- Total charges: -1,834 million euros (+5.4%)
- Gross result: 1,646 million euros (+2.7%)
- Risk cost: -133 million euros (+22%)
- Net result before tax: 1,513 million euros (+1.3%)
- Net result after tax: 1,129 million euros (+1.1%)
- Net result attributable to the group: 1,127 million euros (+1.1%)
- Non-life premium income: 868 million euros (+5.6%)
- Life insurance reserves: 14,975 million euros (+5.1%)
AGEA : Strong financial performance in 2024
Key Financial Results
- Net Operating Profit: 1.24 billion euros (Return on Equity: 16.3%)
- Net Profit: 1.118 billion euros
- Operational Capital Generation: 2.2 billion euros
- Free Operational Capital Generation: 1.5 billion euros
Premium Growth
- Total Premiums: 18.5 billion euros (+10%)
- Life Insurance: 11.7 billion euros (+9%), driven by growth in Belgium, Europe, and strong performance in Asia
- Non-Life Insurance: 6.8 billion euros (+14%), with significant growth across all segments and product lines
Operational Performance
- Combined Ratio: 93.3% (indicating strong underwriting profitability)
- Guaranteed Rate Product Margin: 149 bps
- Unit-Linked Product Margin: 41 bps
- Expanded Equity: 16.1 billion euros (88.14 euros per share)
Balance Sheet Strength
- Solvency II Ratio (Pillar II): 218% (well above the Group’s neutral risk appetite)
- Total General Account Liquidity (as of Dec 31, 2024): 1.066 billion euros
- Life Insurance Liabilities (excluding unit-linked products): 91.4 billion euros
Ethias: Outstanding financial results for 2024
- Total Premiums: 3.54 billion euros (+5% vs. 2023)
- Non-Life Insurance: 1.84 billion euros (+10%)
- Life Insurance: 1.71 billion euros (driven by the success of Ethias Savings 21 and Ethias Savings 26)
- Operating Profit: 248 million euros
- Non-Life: 210 million euros
- Life: 78 million euros
- Non-Life: 210 million euros
- Net Profit: 212 million euros (+12 million euros vs. 2023, or +6%)
- Solvency II Ratio: 192.3%
- Proposed Dividend: 113 million euros (pending approval in May 2025)
Athora : Strong 2024 financial performance with robust growth and strategic progress
- Operating Capital Generation (OCG): 657 million euros (↑ from 567 million euros in 2023)
- Group BSCR Solvency Ratio (estimated): 187% (↑ from 182% in 2023)
- Cash Remittances by Business Units: 310 million euros (2023: €nil)
- Organic New Business Volumes: 3.7 billion euros (↑ from 3.0 billion euros in 2023)
- Assets Under Management & Administration (AuMA): 76.0 billion euros (↑ from 73.3 billion euros in 2023)
- IFRS Result Before Tax: Profit of 54 million euros (↓ from 1,082 million euros in 2023)
- IFRS Shareholders’ Equity & CSM Net of Tax: 5,945 million euros (↓ from 6,076 million euros in 2023)
- Financial Leverage: 26% (↑ from 25% in 2023)
- Credit Rating: ‘A’ (Stable), reaffirmed by Fitch Ratings
Strategic Progress
- Business Growth:
- 21% increase in organic new business volumes (3.7 billion euros)
- Three Dutch external pension risk transfer (PRT) transactions worth ~0.9 billion euros
- 21% increase in organic new business volumes (3.7 billion euros)
- OCG Growth: 657 million euros, supported by investment performance and asset deployment
- Athora Netherlands Performance: 522 million euro contribution to Group OCG; 310 million euro remittances declared
- Successful Capital Issuance:
- 750 million euros Tier 2 notes issued by Athora Holding Ltd.
- 400 million euros Restricted Tier 1 notes issued by Athora Netherlands
- 750 million euros Tier 2 notes issued by Athora Holding Ltd.
- Regulatory Adjustments: Compliance with Bermuda Monetary Authority (BMA) Amendment Rules enhancing BSCR computation
- Operational Improvements:
- Expense reduction and transformation initiatives
- Outsourcing of select operations to Tata Consultancy Services (TCS)
- Expense reduction and transformation initiatives
Financial Strength & Solvency
- Undrawn Equity Capital: 2.2 billion euros, including 1.7 billion euros from the 2022 capital raise
- Revolving Credit Facility: 765 million euros remained undrawn as of 31 Dec 2024
- Business Unit Solvency Ratios:
- Netherlands: 201% (↓ from 206%)
- Belgium: 175% (↑ from 159%)
- Germany: 135% (↓ from 163%)
- Italy: 195% (↓ from 211%)
- Reinsurance: 173% (↓ from 186%)
- Netherlands: 201% (↓ from 206%)
- Fitch Ratings: Reaffirmed ‘A’ (Stable) rating in August 2024