Ageas combines wholly controlled insurers with material non-controlled partnerships across Europe and Asia. Gross inflows, consolidated earnings, participation results and group solvency therefore do not describe the same ownership or accounting perimeter.
What to read first
The 2025 annual report maps the controlled group and report-defined segments. Full-year results give the period's headline measures, the SFCR explains solvency consolidation, and ratings or Euronext material identifies the particular parent, subsidiary or security.
Reporting perimeter and reporting period
Ageas reports in EUR for a calendar year. Inflows are not equivalent to IFRS insurance revenue, and results from equity-accounted partnerships enter the group differently from fully consolidated subsidiaries.
Official sources and what they establish
Annual report
- Publisher: Ageas
- Period: FY2025
- Scope: Ageas group and report-defined entities/segments
Full-year results
- Publisher: Ageas
- Period: FY2025, released 2026-02-25
- Scope: Ageas group, with Belgium, Europe, Asia, reinsurance, Life and Non-Life segments
Gross inflows were EUR 19.6 billion and net operating result was EUR 1.65 billion. The Pillar II Solvency II ratio was 211% at FY2025.
Solvency/SFCR
- Publisher: Ageas
- Period: 31 Dec 2025
- Scope: Ageas group under the SFCR's consolidation and participation rules
Public ratings document
- Publisher: S&P Global Ratings, linked by Ageas
- Period: Rating action 2025-04-17
- Scope: ageas SA/NV and specifically named core subsidiaries
Exchange/listing
- Publisher: Euronext
- Period: Current listing
- Scope: ageas SA/NV, ISIN BE0974264930, Euronext Brussels
Group, legal-entity and subsidiary boundaries
ageas SA/NV is the Belgian listed parent of the consolidated Ageas group. Fully controlled subsidiaries enter the consolidated accounts on a different basis from non-controlled or equity-accounted partnerships. The group solvency perimeter follows the regulatory consolidation described by Ageas and therefore is not interchangeable with the solo position of a subsidiary or the economic scale of a partnership.
Interpretation notes and limitations
The Pillar II group ratio follows the SFCR's participation rules. A rating for AG Insurance or another core subsidiary cannot stand for every Ageas operation. Acquisition and partnership changes also make perimeter consistency essential in year-on-year analysis.
Related intelligence
Sources and methodology
- Annual report — Ageas; FY2025; Ageas group and report-defined entities/segments.
- Full-year results — Ageas; FY2025, released 2026-02-25; Ageas group, with Belgium, Europe, Asia, reinsurance, Life and Non-Life segments.
- Solvency/SFCR — Ageas; 31 Dec 2025; Ageas group under the SFCR's consolidation and participation rules.
- Public ratings document — S&P Global Ratings, linked by Ageas; Rating action 2025-04-17; ageas SA/NV and specifically named core subsidiaries.
- Exchange/listing — Euronext; Current listing; ageas SA/NV, ISIN BE0974264930, Euronext Brussels.