Ageas Re Announces Robust Growth for 2024
Ageas Re, the reinsurance division of the global insurance conglomerate Ageas, has reported a remarkable 21% increase in gross written premiums (GWP) for the year 2024, reaching a total of €2.19 billion. This growth has been fueled by strong performances in both Capital Management and Protection, alongside a notable improvement in their combined ratio, underscoring the company’s commitment to maintaining healthy underwriting discipline.
The Protection business of Ageas Re saw its combined ratio improve from 84.1% in 2023 to a robust 80.6% in 2024. CEO Joachim Racz attributes this progress to a focus on bottom-line underwriting, coupled with a period of benign large loss activity and minimal catastrophic (CAT) charges.
The Protection segment witnessed a significant increase in non-life inflows, soaring 52% to €396 million in 2024 from €261 million in the previous year. Meanwhile, Capital Management non-life inflows also experienced a healthy rise of 16%, climbing to €1.794 billion from €1.551 billion in 2023. This growth is largely credited to the acquisition of new non-proportional external premiums and the expansion across all ceding operating entities.
Ageas Re’s underwriting excellence has supported a substantial 62% increase in net earnings, reaching €164 million in 2024, compared to €101 million in the prior year. This surge in net earnings reflects improved outcomes in the Capital Management business within the UK, alongside the impressive profitable growth seen in the external protection sector.
CEO Racz highlighted the significant contribution of third-party reinsurance capital, which added €23 million in its second operational year, a dramatic increase from €1.6 million in 2023, achieving a combined ratio of 78.4%. Additionally, operational capital witnessed a year-on-year increase from €114 million in 2023 to €211 million in 2024, underpinned by business expansion.
“Please join me in congratulating the team on this impressive set of results!” said CEO Racz.
As previously reported, Ageas Re successfully expanded its portfolio during the January 1st, 2025 renewals, generating €145 million in premiums.
