Belgian insurer Ageas targets average EPS growth of 6-8% until 2027
Adds details, CEO and CFO comments, rewrite throughout
By Mathias de Rozario and Dagmarah Mackos
Sept 23 (Reuters) -Ageas said on Monday that it aims to grow its earnings per share by 6% to 8% on average annually under its new strategic plan through 2027, which focuses on expanding products for SMEs, capitalizing on aging population markets, strengthening technical insurance offerings, and increasing margins through new technologies.
The Belgium-based companyaims to reach a holding free cash flow of more than 2.2 billion euros ($2.45 billion) by 2027 and expectsits shareholder remunerations to be more than 1.9 billion euros over the next three years.
Ageas is set to capitalize on growing demand in the pension and savings segment as populations in Europe and Asia age faster.
"We have a tailwind for the coming years in the pension and savings segment, and we are convinced that that will outgrow the traditional life market", CEO Hans De Cuyper said during the company's investor day in London.
Ageas also seeks to extend its offering in the SME market saying it will outperform the rest of the non-life market in the coming years.
It added it has shifted its strategy in the health and protection segment by adopting a localized approach and keeping limited direct involvement to address continued inflation-related pressures following the pandemic.
The company said it was working to sustain and improve its margins with investment in digitalization and AI aiming to drive one third of the margin improvement.
Under the new plan, Ageas will prioritize acquiring cash-generating, controlled entities in existing markets but doesn’t rule out entering new markets, the CFO said. "We will keep looking to add another business, but it's not something we need." Ages confirmed it was on track to reach its 2022 to 2024 targets by the end of the year.
($1 = 0.8965 euros)
Reporting by Mathias de Rozario and Dagmarah Mackoś;
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