Unfavorable financial markets in China and the strong impact of inflation in the UK and Türkiye impacting Ageas’s third quarter 2022 net result. Dividend obligation maintained.
On August 10, 2022, while commenting on the performance of the first half of 2022, Ageas confirmed its forecast of EUR 1 billion for the full year 2022 result excluding the impact of RPN(i) and subject to the impact of extremely negative developments in the financial markets.
Since then, inflation has continued to develop and stock markets in China have been particularly volatile. The impact of these developments could not be offset by the solid underlying performance.
The impact on the Group’s net income through negative net capital gains including IFRS1 impairment charges in Asia, and high inflation in the UK and Türkiye amounted to EUR 175 million for Q3 2022.
Based on the strength of the Group’s balance sheet and solid net cash position, Ageas maintains its dividend outlook for the year of 9% DPS2 growth, including an interim dividend of EUR 1.5 to be paid later this week.
For more details, Ageas refers to the publication of the nine month 2022 results on Wednesday 9 November 2022 at 07:30 am CET.
Under the IFRS guidelines, Ageas recognizes an impairment loss on shares in the following two situations: The value of an individual share at the closing date of a quarter is 25% or more below its historical acquisition price The value of an individual share at the end of a quarterly closing date of a quarter has consistently been below the historic purchase price for 4 consecutive quarters.DPS: Dividend per share
Ageas is a listed international insurance group with a history of almost 200 years. It offers private and corporate customers Life and Non-life insurance products that are tailored to their specific needs, today and tomorrow. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the largest share of the global insurance market. It operates successful insurance operations in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas is one of the market leaders in the countries in which it operates. It represents a workforce of around 40,000 people and reported an annual inflow of nearly €40 billion in 2021 (all figures at 100%).
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