In what was an extraordinary year for Ageas marked by the need for us to show resilience but also commitment and determination to deliver on our promises, we share here some of the key highlights of the year. 20 key moments from 2020 that illustrate a year in the life of the Group. Moments that gave us reason to feel proud.
At the end of 2019, Ageas launched, through Ageasfinlux S.A., an offer to purchase the outstanding FRESH securities. In total 65.50% (EUR 818,750,000) of the aggregate principal amount of the FRESH securities outstanding were tendered and accepted for purchase.
Ageas reaches an out-of-court settlement with the seven parties who opted out of the Fortis settlement to settle the case that was initiated in the Netherlands in July 2009. The two remaining legal cases initiated by former Mandatory Convertible Securities holders and former Fortis-shareholders represented by M. Modrikamen were closed, bringing an end to almost all Fortis legacy issues.
Ageas reports a Group net result of EUR 979 million and excellent combined ratios over 2019. The Board of Ageas proposes a dividend of EUR 2.65.
Ageas celebrates the 10th anniversary of the Ageas Brand.
Click here and discover some of the highlights of those 10 years.
Ageas UK donated EUR 250,000 towards the PIONEER study, an international research programme focused on potential treatments for mild to moderate COVID-19.
Ant Middle, former Chief Customer Officer, succeeds Andy Watson as CEO of Ageas UK and joins the Ageas Management Committee.
Ageas & AG donate EUR 750,000 to support the research efforts conducted by the team of Professor Johan Neyts (KU Leuven university) in Belgium to develop a vaccine and treatment for COVID-19. A few months later, AG donated another EUR 250,000 to support the Belgian research centre ‘imec’ in the development of a COVID-19 rapid test, able to detect the virus within a few minutes.
Ageas announces an agreement with China Taiping Insurance Holdings to subscribe to a capital increase of 24.99% of its wholly controlled subsidiary Taiping Reinsurance Co. Ltd. Through this transaction, Ageas reinforces its strong long-term strategic partnership with China Taiping.
Ageas announces Hans De Cuyper as CEO Ageas. He succeeds Bart De Smet who becomes Chairman of the Group, replacing Jozef De Mey.
Ageas joins more than 600 other companies around the world collectively calling on governments to adopt policies to reverse nature loss. More than half the world’s GDP is at moderate or severe risk due to nature loss.
As a Group we no longer invest in coal, tobacco and weapons and we commit to being fully divested by 2030. We need ambitious policies on nature to create a stable environment in which we can all prosper long-term. We owe it to our stakeholders and the next generation of stakeholders to protect nature and help secure the future of our planet.
The UK-based Non-Life joint venture Tesco Underwriting Ltd. provided Motor and Household insurance to the UK market. The sale allows Ageas to focus on its core business in the UK and to further develop its partnerships in the broker market and the direct business.
The special General Shareholders Meeting of October approved the payment of the intermediary gross cash dividend of EUR 2.38 per share. A first dividend payment of EUR 0.27 per share was already paid to shareholders in May. This reflects the guidance issued by EIOPA and the National Bank of Belgium in the context of the global COVID-19 outbreak, which resulted in Ageas adjusting its dividend distribution for 2019.
Heidi Delobelle is the new CEO of Ageas’s Belgian entity AG, succeeding Hans De Cuyper. In this role, she also joins the Management Committee of the Group.
Ageas endorses the UNEP FI Principles for Sustainable Insurance. The purpose of this initiative is to better understand, prevent and reduce environmental, social and governance risks, and better manage opportunities to provide quality and reliable risk protection.
Ageas appoints Filip Coremans MD Asia & Antonio Cano MD Europe. These functions reflect the growing importance of a dedicated regional focus for the Group at the level of the Exco. It responds to the different challenges and opportunities between the regions.
The net proceeds from the Notes will be used for general corporate purposes and to optimise the capital structure and strengthen the regulatory solvency of the Group and its operating subsidiaries.
Ageas acquires an additional 23% stake in its Life insurance joint venture in India, previously known as IDBI Federal Life Insurance Company Ltd. Ageas is now the largest shareholder with a 49% stake in the JV that it operates with IDBI Bank and Federal Bank. The JV has been rebranded Ageas Federal Life Insurance Company.