The net inflows of international insurance group Ageas increased by 9% year-on-year to 19.6 billion euros. Supported by the continued expansion and solid performance of the reinsurance business, net operating results will increase by 33% in 2025, reaching 1.65 billion euros.
Reinsurance third-party business inflows will increase to EUR 905 million in 2025 from EUR 213 million in 2024, driven by an inflow of EUR 630 million from the quota share agreement related to the car insurance business allocated by Prima and Italian Insurtech.
Fortis said its reinsurance third-party business continued to grow, with “a more balanced portfolio across business lines and a significant increase in capital inflows.”
As we discussed last month, Ageas Re (the reinsurance arm of Ageas) had strong renewal business on January 1, 2026, with a 21% increase in total business underwritten compared to January 2025 renewal business.
Elsewhere, inflows increased to Belgium from €5.331 billion to €5.615 billion in 2025, to Europe from €4.163 billion to €4.404 billion, and to Asia from €8.599 billion to €8.699 billion. Overall, life insurance inflows totaled €12.077 billion and non-life insurance inflows totaled €7.545 billion in 2025, compared with €11.713 billion and €6.593 billion respectively in 2024.
Group-wide, Ageas’ net profit increased from €1.118 billion in 2024 to €1.712 billion in 2025, with a net operating result of €1.655 billion, compared with €1.24 billion in the previous year.
The reinsurance business performed well again, with net profit reaching 208 million euros, higher than the previous year’s 164 million euros. Ageas Re CEO Joachim Racz revealed that 65 million euros of this came from third-party business and 18 million euros from group procurement. He also confirmed that the business had a combined ratio of 76.5% and working capital generation of €213 million.
Returning to Fortis Group, net income in Belgium increased from 468 million euros to 497 million euros, in Europe net income increased from 203 million euros to 241 million euros, and in Asia net income increased from 527 million euros to 860 million euros. As a result, life insurance net income increased from 909 million euros to 1.259 billion euros, and non-life insurance net income increased from 454 million euros to 548 million euros.
Thanks to strong performance across all non-life business areas, Fortis Group’s non-life combined ratio achieved 92.5% in 2025, an improvement from 93.6% in 2024.
Shareholders’ equity for the entire group increased from €7.752 billion in 2024 to €9.441 billion in 2025, with a return on equity of 19.3% compared with 16.3% in 2024.
Hans De Cuyper, CEO of Fortis, commented: “2025 is a landmark year for Fortis, in which we strengthened the foundations of the Group and achieved results that demonstrate the resilience and ambition of our strategy.
“The acquisition of esure makes us the third largest personal insurer in the UK and takes full ownership of AG, Belgium’s largest insurance company, and marks an important step in the future profile of Fortis Group. These two transactions are consistent with our diversification strategy, which is focused on expanding our integrated cash-generating entities in Europe, maintaining a strong presence in the growing Asian market and establishing reinsurance as a premier business.
“Our Elevate27 strategy has also gained real momentum, allowing us to raise financial targets twice during the year and make meaningful progress on key strategic initiatives such as aging, SMEs and expanding the use of data and artificial intelligence.
“In terms of capital inflows, we managed to achieve significant growth of 9%, with the Life business delivering an excellent commercial performance in all regions. Our net operating results soared by 33% to €1.65 billion, supported by the excellent performance of the non-life business and supported by various divisions. The performance of the Life business was driven by improved life insurance margins in Belgium and Europe and the renewal of the tax base in China. The strong performance and the continued increase in upstream cash in the business enabled us to propose a gross cash dividend to our shareholders. 3.75 euros, fully in line with our commitments.
“I’m equally proud of the progress we’ve made on sustainability and the positive recognition we’ve received from our employees and customers, which reflects our ongoing commitment to fostering a supportive workplace and delivering exceptional customer service. Our sustainable portfolio continues to grow, and so does customer and employee trust wherever we operate. Our ESG ratings are a testament to these significant achievements, as we rank in the top quartile of three of the five rating agencies we work with.”
“I would like to sincerely thank all our customers for their trust, our partners for their continued strong cooperation, our shareholders for their continued support and above all our employees across the Group. Their daily commitment and enthusiasm make our strategy a reality. Together we are proud of what we have achieved in 2025 and are ready to reap this strong momentum in the coming years.”