The insurance company Ageas Portugal closed the year 2023 with a profit of 120 million, the economic group said this Friday in a statement.
Results fell by 7.6% but the insurer highlights that “despite the adverse economic context it managed to close the year with positive contributions from all segments†.
Last year, “the solvency ratio of the Ageas Portugal Group was 268%,†which “reflects “the group’s stability, “even though the turnover suffered a reduction compared to the previous year†, from 2 billion euros to 1.8 billion euros, although the insurer states that it is prepared to “face market challenges and continue to grow sustainably in the coming years”.
The company’s executive president, Steven Braekeveldt, notes that the last year “was a particularly complex period with significant consequences at an economic and social level†, highlighting that the group maintained its financial solidity†.
At the end of 2023, “the Ageas Portugal Group’s solvency ratio was 268%, reflecting the group’s stability,†says the statement sent to the newsroom.
The executive president of Ageas Portugal, Braekeveldt – who will leave his position in October, to be taken over by LuÃs Menezes, – states that it was possible to maintain financial strength, in a year in which there was “a context of inflationary pressure, high levels of interest rates, combined with an international context of war in Europe and the Middle East†which explains “it did not allow for the long-awaited recovery in economic growth†.
With a global market share of 15.2%, the Non-Life Sector (includes property, liability and personal property insurance) recorded an increase of 13%, reaching €1 billion for the first time, with greater share of the Health sectors, (grew 15.7%) Automobile (more 10.2% and Fires and Other damages (more 12.6%).
This was a factor, continues the insurer, “the increase in prices in some lines of business, one of the factors responsible for coping with the increase in the frequency of claims and the costs of providers†.
As regards the Life Branch (which includes life-risk, financial or investment fund insurance) there was a decrease of 19% to 800 million euros, as had already been the trend from 2021 to 2022. The “sale of Unit Linked products – which includes insurance contracts linked to investment funds” mainly contributed to this. A reduction “partially offset by the growth in capitalization products, with emphasis on Retirement Savings Plans†.
As for Pension Funds, Ageas Pensões recorded a growth of 3.5% in the amounts managed, contrary to the downward trend “verified in the market and which was less than 11%†.
