(News Bulletin 247) – Belgian insurance group Ageas unveiled slightly better-than-expected results for the 2022 financial year on Wednesday, but reported a disappointing solvency ratio, which caused its share price to decline on the stock market. from Brussels.
Net income thus increased by 20% over the past year, to more than 1.01 billion euros, compared to 844.8 million in 2021, a figure 3% higher than the average analyst forecasts.
In a press release, the insurer explains that it benefited from a solid operational performance which it explains by an excellent performance in non-life in Belgium and its results in Asia.
Its Solvency II ratio increased by 21 percentage points
over the year to stand at 218%, well above the target of 175% set by the group, but below the consensus of 220%.
In a note of reaction, UBS analysts deplore results ‘draft’, marked by a large number of exceptional elements.
Ageas notably explained that a successful transaction on hybrid instruments inherited from the past, baptized ‘Fresh’, had contributed positively to its results by releasing a capital gain of 146 million euros.
Around 10:30 a.m., the Ageas share fell by more than 3%, while its benchmark index, the BEL 20, only lost 0.8%.
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