With the customer in mind

Slide 2

Peace of mind in numbers

Peace of mind in numbers

2017 was a year in which our core insurance businesses delivered a strong operating performance driving the Group result to a historic high. It was also a year in which the Group continued to demonstrate good progress against its Ambition 2018 targets.

Gross inflows


In a continuously changing economic environment with customer needs and expectations influencing our business, we achieved excellent results both in Life and Non-Life with Belgium, Continental Europe and Asia delivering excellent operating performances. Our UK operations, although still affected by the Ogden discount rate review, showed encouraging progress in what has been a transitional year for the UK business. In Non-Life, the good performances especially in Belgium and Continental Europe allowed us to do much better than the combined ratio target set out as part of our Ambition 2018.Inflows continued to increase and our robust balance sheet is underpinned by a solvency level, ahead of the Ambition 2018 target, and supported by a solid net cash position.

Insurance net result


Based on these excellent results and confident in our capacity to generate cash, Ageas will propose to shareholders a gross cash dividend of EUR 2.10 per share or a 24% increase compared to the regular 2016 dividend.

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Slide 5

Business discipline twinned with an innovative push towards the customer in the UK

Business discipline twinned with an innovative push towards the customer in the UK

Underlying performance continued to improve

Arguably, the most significant event in 2017 for the UK insurance sector was the sudden and unexpectedly severe reduction by the UK government to the Personal Injury Discount Rate (often referred to as the Ogden rate).

Overnight, the cost of unsettled claims increased by some EUR 8 billion, with a direct impact on Ageas of around EUR 200 million. Not surprisingly insurers increased their premiums to compensate for the change. The UK government carried out a consultation before summer on how the rate should be set in the future, by whom and when. The consultation reported in September proposing a new methodology and draft legislation which, if passed, would result in a Discount rate considered fair to claimants and consumers alike. As of late 2017 there is no clarity as to when this legislation may be debated in Parliament, but we remain hopeful that it will progress in 2018 to a satisfactory conclusion. 


As we look at events beyond the Discount rate, the underlying performance and evolution of Ageas in the UK has continued to improve with encouraging momentum both in operational efficiency and progress in getting closer to the customer. Performance improvements reflect among other things: disciplined pricing and underwriting and a thorough portfolio review. From an expense perspective we are seeing the business benefit of tough decisions made in the past, including the closure of our Glasgow operation announced in late 2016.


A strategic approach reflecting customer needs

The continued roll out of the Ageas Way sits at the heart of our efforts to improve the ease by which our customers interact with us and with it our operational efficiency. By consciously looking at each core process from the perspective of the customers we can focus on what really adds value and stop everything that does not.

As an insurer we are in business to support the customer, and as such a significant amount of work has been done towards better understanding and improving the customer journey. 

From start to finish the service was excellent.

Mr K. Griffiths

Policyholder Rias car/home insurance


By listening to what our customers are telling us and by working with them directly we are well placed to identify what works and what still needs to be improved.

Investment in artificial intelligence and process automation is also an area of focus. We are investing in the automation of routine processes through Robotics with the benefit of 24/7 service and increased accuracy. Artificial Intelligence is being applied to our Motor business to enhance accuracy and speed of response. Working in partnership with “Tractable” we are now able to check recommendations on car repairs within 3 minutes of uploading an image.

As an insurer we are in business to support the customer

Being close to the customer also means being where our customers need us to be. In the UK market this means participating competitively through the aggregator channel. We have been working hard to ensure we are well placed to compete through this channel by continuously improving our capabilities in pricing, underwriting and antifraud processes. This will remain an area of special focus in 2018.

We expect the outlook to remain challenging in 2018. There remains a lot of uncertainty in what is a highly competitive and fragmented market. But we will build on the momentum of 2017, focusing on further improvements in our operational efficiency which ultimately flows through to the customer.

Andy Watson

CEO United Kingdom

Slide 6

Where customer satisfaction meets operational excellence

Where customer satisfaction meets operational excellence

Exceptional performance across Continental Europe

Across Continental Europe, which performed exceptionally in 2017, our main focus was on operational excellence, and this goes hand in hand with customer satisfaction.


With the integration of the Portuguese Ageas Seguros successfully completed, focus turned to ways of improving the customer experience and expanding technical capabilities. Also in 2017 we took the decision to divest our Italian Non-Life business.


Make it easy

In Portugal efforts are underway to explore every conceivable touch point with the customer with the end goal of making their life easier. Eighty different customer journeys were mapped out, and, one step at a time, the business has been learning, adapting and enhancing what it does. The positive trend of the net Promoter scores proves that the steps being taken are appreciated by our customers.

Operational excellence goes hand in hand with customer satisfaction

Many tactics have been employed to get closer to the customer. A 24 hour Hackathon with teams from Ageas alongside students from Nova School of Business & Economics challenged participants to think disruptively about insurance topics, from how to make health insurance more relevant in the life of millennials, to how not to die of boredom while addressing life and death insurance.

Médis is working closely with the Portuguese association of pharmacies, representing a network of 2,800 pharmacies, so that the adequate services can be given to our customers.

During the devastating fires in Portugal in 2017, Ageas proved again how close it is to its customers. Ageas organised itself to provide rapid response to the requests of clients, agents and employees including a simplified claims management process achieved by sending the Claims team directly into the field. “Being where our customers need us to be” translated to a physical relocation of staff to the affected regions.

To improve operational efficiency Ageas is also moving away from paper-based communications in favour of online. For customers that opt for online communications 1 euro is donated to the foundation allowing us to fulfil our social role in society.

2017 saw the launch of Healthcare City focused on Fintechs. From 240 cases presented, 40 were analysed and 10 start-ups have been launched.

In Turkey where Aksigorta is one of the best performing companies, the investment in technical and professional skills has provided a tangible competitive advantage. In the bancassurance channel progress was made in better client segmentation. And to meet the demands of this young, dynamic and highly competitive market, the development of mobile solutions continued to be a priority.

In France the move towards full digitisation in the broker environment saw positive returns with a healthy growth in volumes, and work also got underway on a B2C proposition.


A clear course

For the future we will continue to look for ways to integrate digitisation and specifically the use of artificial intelligence in our insurance propositions and operations. We expect brand recognition in Portugal to continue to grow thanks to innovative marketing initiatives. And we want to be the reference point for healthcare, the connected and digitised world, and for elderly. Our new “Silver” initiative will take a holistic approach to the challenges that go along with the trend of aging population.

We want to be the reference point for healthcare, the connected and digitised world, and for elderly

The main focus will continue to be on operational excellence and to further improve the customer experience, with a clear objective in mind: to constantly surprise.

Steven Braekeveldt

CEO Continental Europe

Slide 7

Strong growth momentum and extended customer reach in Asia

Strong growth momentum and extended customer reach in Asia

Another strong year

2017 was another strong year for our operations in Asia where the customers have been front and centre. We continued to expand our customer reach, particularly in China, but we have also made good progress in newly launched greenfield operations in Vietnam and the Philippines.


Innovation including enhancements to our digital capabilities, and data analytics to help better understand customer needs, allowed us to further improve and tailor our product offering. These efforts are enabling us to deliver against Ambition 2018, whilst strengthening our relationship with the customer.


Continuing to expand and deliver

Looking back at 2017, exceptional sales across the agency and bank channel helped drive another remarkable year in China which also reflects the success of campaigns to shift from single premium to more profitable regular premium products.

To increase its customer reach, China Taiping Life recruited more than 150,000 new agents taking the total to 410,000, around 15% of the total growth in agents across the market. This was part of a conscious effort to balance the bancassurance and agency channels, and was achieved whilst maintaining overall high productivity and persistency levels.

Also in 2017 we signed a Strategic Cooperation Agreement with China Taiping allowing the partnership to explore new initiatives and opportunities in the future.

Innovation and data analytics allowed us to further improve and tailor our product offering

Thailand, an increasingly competitive market, enjoyed another strong year driven in particular by the bancassurance channel. Muang Thai Life was named Asia’s Life Company of the Year for the 2nd time reflecting its success in getting closer to the customer, and a number of new innovations that have emerged through Muang Thai’s new innovation centre, Fuschia.

A tie up with “Health at Home” which serves customers by providing medical assistance at home following a period of hospitalisation is aiding recovery and helping families in the process. In the same context of a shift in health insurance from curative to preventative care, ThaiDNA, a wellness focused DNA analysis is another complimentary service offered to selected customers of Muang Thai.

Our new joint venture in Vietnam, now active in both the bank and agency channels, is showing very positive results. Along with the Philippines, another greenfield operation, both entities have exceeded business plans.

Malaysia and India both saw stronger growth in the bank channel, and our move into Singapore alongside our Malaysian partner is already working well.


Data deep dive

Across the region our investment in data analytics is gaining real momentum. In Malaysia we are using analytics to explore new ways of improving motor renewals and across the region we are applying what we learn to how we generate leads in the bancassurance environment.

Working as knowledge brokers in the regional office, we are supporting partners across the region to help build their capabilities which among other things enables greater personalisation to customers.


The way forward

As we look forward, the outlook remains positive. We are reaching more customers than ever before. And whilst there continues to be economic uncertainty in some markets, the strong platform we have established will allow us to continue to deliver for the customer and the Group.

The strong platform we have established will allow us to continue to deliver for the customer

We will look at new market opportunities and in-market expansion with existing partnerships. We welcome proactive regulatory reform geared to delivering value to the customer and the enforcement of robust professional sales practices. Momentum around data analytics will continue to deliver further applications in 2018, and we anticipate a real growth in digital capabilities in the coming 12 months.

Gary Crist

CEO Asia

Slide 9

Simply solidarity

Simply solidarity

A role beyond insurance

Ageas in Portugal plays an active role in society beyond insurance. Volunteering, entrepreneurship and social innovation are the drivers that steer the actions of the Ageas Foundation.

In 2017 this translated to 198 initiatives, 730 volunteers and more than 5,300 hours in the areas of health, education, employability and social inclusion.

Slide 10

104,538 students enjoy a new school

104,538 students enjoy a new school

Schools of tomorrow

It has taken less than 4 years to AG Real Estate and its partners in 'Schools of Tomorrow', to open its 150th new school construction as part of Europe’s largest community infrastructure project.

Slide 11

The street store with heart

The street store with heart

IDBI Federal Life supports "Street Store" initiative

When IDBI Federal Life decided to throw its support behind the “Street Store” initiative in Mumbai it did so with the strong conviction that every person has a right to basic necessities in life. It was a perfect reflection of IDBI’s brand philosophy. Street Store initiatives have been tried and tested successfully around the world, but this was a first for Mumbai. The Street Store concept provides a rent-free, premises-free, pop-up clothing store for the homeless and a platform to donate and receive clothing for those less fortunate in society and in need.

Items are collected, processed and then displayed in an eclectic store where people can browse and choose what they want. These pop up stores include cardboard stands designed to mimic the “aisles” in a shop with imprinted clothes hanger prints doubling as fashion displays seen in commercial shops.

More than 2000 people benefitted from this local community initiative.

Slide 13

Save now, invest for later

Save now, invest for later


Our digital expertise has also helped the development of new innovative products such as award-winning Yongo which harnesses the power and influence of social media to promote a learn-save-grow approach through a flexible digital savings plan for children.

What particularly appealed to us in the approach of AG is the concept itself: far beyond the scope of its activities, AG has adopted a role in educating young people about money. And this objective is in line with our concerns.

Patrick Binot

Director of the ‘Ligue des Familles’

Slide 14

The perfect travel companion

The perfect travel companion

Have a good trip with Etiqa

Etiqa Insurance Singapore first insurer in South East Asia to offer Travel Insurance with automatic “Real Time Flight Delay” claim payments. This innovative feature is a key offering within Etiqa’s ePROTECT online travel insurance.

When flights are on time, customers receive a message from Etiqa saying, “Have a good trip”. Should there be a delay of over 3 hours; a proactive message is sent explaining that Etiqa has approved their travel delay claim.

Slide 15

Thanks to customers and to hard work!

Thanks to customers and to hard work!

A five star company

Ageas Seguros picked up the prestigious Cinco Estrelas (five star) award for top brands in Portugal from U-Scoot for being best in class on brand, products and services level.

Thanks to the hard work of Ageas Seguros’s employees throughout the year brand awareness also grew positively to 38%, a remarkable achievement for a brand that is just 20 months old.

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