Ageas Re achieves 21% GWP growth in 2024 as net earnings rise to €164m
- May 27, 2025
- Posted by: Luke Gallin
- Category: Insurance
Ageas Re, the reinsurance arm of international insurance group Ageas, recorded year-on-year gross written premium (GWP) growth of 21% in 2024 to €2.19 billion, driven by a solid performance in both Capital Management and Protection, while the combined ratio strengthened amid “healthy underwriting discipline.”
The reinsurer’s Protection business combined ratio improved to 84.1% in 2023, and has strengthened further in 2024 to 80.6%, which CEO Joachim Racz attributes to “bottom-line underwriting focus and benign large loss activity and low CAT charges.”
Ageas Re’s Protection arm delivered non-life inflows of €396 million in 2024, up 52% on 2023’s €261 million, while Capital Management non-life inflows rose to €1.794 billion in 2024 from €1.551 billion in 2023, an increase of 16%.
The firm attributes the rise in Protection GWP to new non-proportional external premiums, and the Capital Management growth to expansion at all ceding operating entities.
An impressive underwriting performance supported a 62% year-on-year rise in net earnings at Ageas Re to €164 million for 2024, compared with €101 million in 2023.
According to Ageas Re, the stronger net earnings reflects improved result recorded in the Capital Management business in the UK, and the strong profitable growth recorded in the external protection business.
CEO Racz explains that third-party reinsurance capital contributed €23 million in its second year of operations, a huge increase on 2023’s €1.6 million, with a combined ratio of 78.4%.
Operational capital also increased year-on-year, from €114 million in 2023 to €211 million in 2024, driven by business growth.
“Please join me in congratulating the team on this impressive set of results!” said CEO Racz.
As we wrote previously, the reinsurer grew its book at the January 1st, 2025, renewals, writing premiums of €145 million.
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