Insurer Ageas beats profit estimates on strong non-life, life products; keeps 2024 guidance (updated)

ASR Nederland NV

28/08/2024 07:55

(Adds context, details throughout)
    By Dagmarah Mackos and Mathias de Rozario
       Aug 28 (Reuters) - Insurer Ageas  AGES.BR  on Wednesday
beat expectations for half-year net operating profit, as higher
inflows into Asia and a recovery in Europe boosted its non-life
and life products, and maintained its outlook for the full year.
    The Belgium-based group also announced a 200-million-euro
share buy-back programme to run from Sept. 16 and an interim
gross dividend of 1.50 euros per share.
    Ageas' net operating profit for the first six months was 613
million euros ($683 million), beating company-compiled consensus
analyst expectations for 575 million euros.
    European rivals Generali  GASI.MI , Allianz  ALVG.DE  and
ASR Nederland  ASRNL.AS  also beat first-half expectations.    
    Group inflows increased 14% to 10.2 billion euros, including
5.01 billion euros from Asia that were driven by life product
sales and a strong opening campaign in China.
    Ageas has been looking to consolidate and diversify its
business focusing on non-life, health and life protection
opportunities in Europe and Asia to boost income and improve
dividend payouts. 
    In May, the group expanded into the Chinese pension market
through investment in a unit of China Taiping Insurance, betting
on growth potential in a rapidly aging population.     
    Ageas kept its full-year guidance for net operating income
of between 1.2 and 1.25 billion euros. 

    ($1 = 0.8975 euros)

 (Reporting by Dagmarah Mackos and Mathias de Rozario; Editing
by Tom Hogue and Bernadette Baum)
 ((dagmarah.mackos@tr.com))