AGESF - ageas SA/NV (AGESY) Q4 2024 Earnings Conference Call Transcript
2025-02-28 10:36:03 ET
ageas SA/NV (AGESY)
Q4 2024 Earnings Conference Call
February 27, 2025, 04:30 AM ET
Company Participants
Hans De Cuyper - CEO
Wim Guilliams - CFO
Christophe Vandeweghe - Chief Risk Officer
Filip Coremans - MD, Asia
Conference Call Participants
David Barma - Bank of America Merrill Lynch
Anthony Yang - Goldman Sachs
Michael Huttner - Berenberg
Farquhar Murray - Autonomous
Michele Ballatore - KBW
Alessia Magni - Barclays Bank
Jason Kalamboussis - ING
Presentation
Operator
Welcome to this Ageas Conference Call. I am pleased to present Mr. Hans de Cuyper, Chief Executive Officer; and Mr. Wim Guilliams, Chief Financial Officer. For the first phase of this call, let me remind you that all participants will remain on a listen-only mode. And afterwards there will be a question-and-answer session. Please note that this call is being recorded.
I would now like to hand over to Mr. Hans de Cuyper and Mr. Wim Guilliams. Gentlemen, please go ahead.
Hans De Cuyper
Good morning, ladies and gentlemen. I want to thank you for dialing into this conference call and for joining the presentation of Ageas 2024 full year results. I am proud and pleased to report that Ageas successfully completed its Impact24 growth strategy with 2024 inflows up 10% at constant FX and scope on scope for the divestment of our French operations. This remarkable commercial performance in 2024 was powered by an impressive growth in non-life with inflows up 14%, thanks to significant business growth in all segments and product lines.
The exceptional inflows in the UK and Portugal is steered by new business growth and customer acquisitions as well as by tariff increases. And this is visible in the improved combined ratio in the Europe segment. The Reinsurance Protection business, so not the part related to the internal capital management, maintained a steady growth in line with our five-year plan with inflows increasing more than 50% during its second year of operation.
Last year, the portfolio was rather skewed towards NatCat coverage. This year with an emphasis on diversification, the range of products is more balanced between NatCat, property and casualty lines. In Life, inflows benefited from a strong growth in Europe. In Portugal, inflows increased sharply by 45%, which is the result of the successful introduction of a new product offering more adapted to the new interest rate environment. Also in Belgium, Life inflows returned to growth, mainly driven by group Life and Invest products. The growth in Asia was realized with strong persistency rates, building on the new business that was sold in previous year in China....
ageas SA/NV (AGESY) Q4 2024 Earnings Conference Call Transcript