Ageas
Ageas is a Belgian-rooted, listed international insurance group operating across 13 countries in Europe and Asia, serving 43 million customers with life and non-life insurance, reinsurance, and health products through a multi-brand, multi-channel distribution platform anchored by bancassurance, brokers, direct sales, and digital channels.
- Company typePublic
- Founded1824
- HeadquartersBrussels, Belgium
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What Ageas does
Ageas SA/NV is a Belgian-rooted, listed international insurance Group headquartered in Brussels, with a heritage dating to 1824. The company operates across 13 countries in Europe and Asia, serving 43 million customers through a multi-brand portfolio that includes AG Insurance (Belgium market leader), Ageas UK, esure, Rias, Saga (underwriting partnership), Ageas Re (global reinsurance), AgeSa and Aksigorta (Türkiye), Médis (Portugal), and joint ventures in India (Ageas Federal Life Insurance, Royal Sundaram General Insurance). With 55,000 employees, Ageas reported FY2025 gross inflows of EUR 19.6 billion (+9% at constant exchange rate), a Net Operating Result of EUR 1.65 billion (+33% YoY), 19.3% Return on Equity, and a 211% Solvency II ratio.
The company offers life and non-life insurance products — savings, pensions, protection, motor, home, health, and travel — distributed through a diversified omni-channel model: long-tenured bancassurance partnerships (BNP Paribas Fortis, Millennium bcp, Federal Bank, AKBank), a 4,301-broker network in Belgium, direct sales (Ageas and Rias serving 4 million UK customers), price comparison websites via esure, and 23,200 agents across Asia. Reinsurance is provided through Ageas Re to over 260 clients in more than 50 countries. Core technology investment includes AI Prairie (a digital lab for AI solution development), ADA 4.0 (a Gen AI-powered assistant at Aksigorta), Polaris (core insurance process transformation in Portugal), and SPARK (an underwriting tool at Ageas Federal Life Insurance). Complementary businesses include AG Real Estate (EUR 6.1 billion portfolio) and Interparking (European parking network).
Ageas's revenue model is built on recurring insurance premiums (subscription/recurring) across life and non-life segments, supplemented by investment income from the Asset Liability Management function. Life insurance inflows of EUR 12.077 billion exceed Non-Life inflows of EUR 7.545 billion in 2025. The Elevate27 strategic plan (2025–2027) is anchored in three drivers: driving profitable growth, extending leadership in technical insurance, and future-proofing distribution through Data and AI. Under CEO Hans De Cuyper (appointed 2021), the company has executed one of the most active European insurance M&A programs in recent years, completing the GBP 1.295 billion acquisition of esure, the acquisition of Saga's underwriting business, and the EUR 1.9 billion full-ownership acquisition of AG Insurance from BNP Paribas Fortis.
Ageas firmographics
Firmographics- Name
- Ageas
- Legal name
- Ageas SA/NV
- Website
- https://ageas.com
- Company type
- Public
- Founded year
- 1824
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Ageas is a Belgian-rooted, listed international insurance group operating across 13 countries in Europe and Asia, serving 43 million customers with life and non-life insurance, reinsurance, and health products through a multi-brand, multi-channel distribution platform anchored by bancassurance, brokers, direct sales, and digital channels.
- Ownership category
- akta.pro rank
Ageas industry classification
Industry- Product category
- Multi-line Insurance Services
- NAICS
- Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113), Insurance Carriers (5241), Insurance Agencies and Brokerages (524210)
- SIC
- Life Insurance (6311), Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)
- akta.pro primary industry
- Level Term Life Insurance (FSAIAAAA)
- akta.pro secondary industry
- Annuity + LTC / Long-Term Care Riders (FSAIAJAC)
Keywords
Where Ageas is headquartered
LocationHeadquarters
- HQ city
- Brussels
- HQ country
- Belgium
- HQ region
- Europe
Offices3 records
Markets served
Ageas business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Life Insurance: Ageas generates revenue through life insurance products including savings, pensions, and protection products across Belgium, Europe, and Asia. Life inflows reached EUR 12.077 billion in 2025, representing the largest segment of the company's business.
- Non-Life Insurance: Revenue from property, casualty, motor, and home insurance products. Non-Life inflows reached EUR 7.545 billion in 2025, with strong performance across all markets including contributions from esure and AICL in the UK.
- Reinsurance: Ageas Re operates as a full-service reinsurer writing Property and Casualty, Credit & Bond, Engineering, and Agriculture reinsurance. The business serves over 260 major clients in more than 50 countries and writes on the balance sheet of ageas SA/NV.
- Investment Income: Returns on investment portfolio managed through the Asset Liability Management function, supporting both life insurance liabilities and general account operations.
Go-to-market motion3 records
Distribution channels6 records
Marketing channels4 records
Ageas product offering
Product offeringCore offering
Ageas is a multinational insurance group that underwrites and distributes life insurance (savings, pensions, protection) and non-life insurance (motor, home, property & casualty, health) for retail and corporate customers, alongside a global full-service reinsurance business. Products are sold through subsidiaries and joint ventures across 13 countries in Europe and Asia, distributed via bancassurance, brokers, direct sales, price comparison websites, digital platforms, and a 23,200-strong agent network.
Product overview
Ageas is a Belgian-rooted, listed international insurance Group operating across Europe and Asia through a multi-brand, multi-channel portfolio. The company offers life and non-life insurance products and services through distinct subsidiaries and joint ventures: AG Insurance (Belgium, life and non-life leader), Ageas UK including esure (UK personal lines), Ageas Re (global reinsurance), AgeSa and Aksigorta (Türkiye), Médis (Portugal health), Ageas Federal Life Insurance and Royal Sundaram (India). The Group also operates complementary businesses including AG Real Estate and Interparking. Distribution spans bancassurance partnerships, brokers, direct, price comparison websites, and digital platforms. Ageas Re provides Property & Casualty, Credit & Bond, Engineering, and Agriculture reinsurance to over 260 clients globally.
Differentiator
Problem solved
Functional benefit
Brands
- Médis: Health insurance brand in Portugal, clear market leader in local health insurance market
- Ageas Seguros
- AgeSA
- Aksigorta
- Rias
- esure
- AG Real Estate
- Interparking
Products and services
- AG Insurance (Belgium Life and Non-Life) Life and non-life insurance products for retail, SME, employee benefits, and property & casualty coverage in Belgium, distributed through brokers and bancassurance channels.
- Ageas UK (Personal Lines) UK personal lines insurance (motor and home) protecting over 4 million customers through brokers, intermediaries, and the Rias brand.
- esure (UK Digital Personal Lines) Leading digital personal lines insurer in the UK with strong positioning on price comparison websites, providing car and home insurance through digital channels.
- Ageas Re (Global Reinsurance) Full-service global reinsurer serving over 260 major clients in more than 50 countries, offering Property and Casualty Reinsurance, Credit & Bond, Engineering, and Agriculture reinsurance on the balance sheet of ageas SA/NV.
- Ageas Federal Life Insurance (India) Joint venture (70% Ageas, 30% Federal Bank) in India ranked 12th in the Indian life insurance market, offering life insurance products with focus on term, annuity, and pension products.
- Royal Sundaram General Insurance (India) Non-life insurance joint venture (40% Ageas, 60% Sundaram Finance) in India ranked 15th in the non-life insurance market.
- AgeSa (Türkiye Life) Joint venture with Sabanci Holding in Türkiye, the 2nd largest life insurance company and leading private pension provider in the country.
- Aksigorta (Türkiye Non-Life)
- Médis (Portugal Health) Clear market leader in Portuguese health insurance and reference point for healthcare, offering health insurance and operating specialist clinics including dental and physiotherapy.
- Saga Insurance (UK Over-50s)
- AG Real Estate Manages a diversified portfolio of real estate assets valued at around EUR 6.1 billion, making it the largest private real estate group in Belgium.
- Interparking European parking network operator managing car parks across Belgium and Europe, now in strategic alliance with Saba creating one of Europe's largest parking networks.
Quantifiable outcome
- EUR 19.6 billion in gross inflows in 2025, representing 9% growth at constant exchange rate
- +3 more outcomes
Companies that use Ageas
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles4 records
Ageas technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature4 records
Ageas partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered minor and core.
- John Lewis MoneyminorJohn Lewis Money car insurance offer through regulated broker status, partnering with Ageas, Axa, and Covea. Expanded network enables coverage for electric vehicles and higher value cars.
- Connells Groupcore30-year extended partnership creating a bespoke digital insurance platform enabling Connells Group's advisers across 1,200-branch network to offer home insurance services from quote to purchase through servicing and renewal.
- BNP Paribas Fortiscore15-year renewal of bancassurance partnership for distribution of AG Insurance products through BNP Paribas Fortis branches, Fintro, and bpost bank in Belgium. AG Insurance and BNP Paribas Fortis maintain leading bancassurance collaboration.
- SagacoreExclusive 20-year partnership for motor and home insurance under the Saga brand, serving customers over 50 in the UK. Saga leads marketing and proposition development while Ageas handles underwriting, pricing, claims, and customer service. Partnership triggered GBP 10.5 million contingent payment.
- Federal Bank (India)coreJoint venture for Ageas Federal Life Insurance (70% Ageas ownership), ranked 12th in Indian life insurance market. Company targets top-10 position with plans to triple business over three years.
- Sundaram Finance (India)coreJoint venture partner for Royal Sundaram General Insurance (40% Ageas stake), ranked 15th in non-life insurance in India. Ageas remains open to inorganic opportunities and increasing stake.
- Triglav GroupminorSlovenian insurer partnered with Ageas Re for motor insurance business distributed by Italian Insurtech Prima. Ageas Re took 45% Quota Share on Prima business, entering promising European growth market.
- Millennium bcpcore20-year bancassurance partnership with Millennium bcp in Portugal, celebrating 20-year anniversary in 2024. Consistent top performer in Portuguese market.
- AKBankminorExtended agreement with AKBank for distribution of Aksigorta non-life insurance products in Türkiye, reshaping and re-energizing the agency channel.
- SabaminorStrategic alliance between AG Real Estate's Interparking and Saba creating one of Europe's largest parking networks with over 1,200 car parks in 11 countries.
- Médis (Portugal)minorHealth insurance operations acquired Fisio Share adding 19 physiotherapy and rehabilitation clinics (total 49 specialist clinics including Dental Clinics). Shares knowledge with Medisa in Türkiye.
- Taiping ReminorCollaboration with Taiping Re in China leveraging Taiping's vast Asian experience while Taiping taps into Ageas expertise.
Scale indicators13 records
Recent moves10 records
Expansion highlights6 records
Ageas competitors and assessment
Company assessmentDirect peers
- AXA: Global insurer headquartered in Paris with operations in Europe and Asia across life, P&C, and health insurance. Directly comparable to Ageas in multi-channel bancassurance distribution, European market leadership, and broad Life and Non-Life product mix.
- Zurich Insurance Group: Swiss-headquartered global insurer with comparable Life and Non-Life segments across Europe and Asia. Similar partnership-driven bancassurance strategy and comparable scale profile make it a close peer for European international insurers.
- Generali: Italian-headquartered global insurer with strong European and growing Asian presence. Similar continental European roots, multi-channel distribution, and life/non-life balance make Generali a close geographic and product peer.
- Aviva: UK-headquartered life and general insurer with significant European operations. Highly comparable on product mix (life, savings, motor, home), UK personal lines competition, and bancassurance partnerships.
- NN Group: Dutch-headquartered life and pensions insurer with European and Japanese operations. Closely comparable to Ageas on bancassurance-heavy distribution model and European life insurance focus.
- Baloise Group: Swiss-headquartered insurer with European life and non-life operations plus a bancassurance model similar to Ageas. Comparable continental European scale, partnership distribution, and retail insurance focus.
Broad incumbents
- Allianz: World's largest insurance group with multi-line life and P&C operations across Europe and Asia. Comparable in product breadth and geographic diversification, but operates at materially larger scale with broader asset management and corporate capabilities.
- Sampo Group: Nordic insurance group with P&C, life, and digital insurance holdings (including If and Hastings). Comparable in Nordic/European P&C and life focus, though more P&C-weighted and smaller in Asia.
Regional players
- Direct Line Group: UK-focused personal lines insurer competing directly with Ageas UK, esure, and Rias in motor and home. Comparable product set and UK distribution channels, though it lacks Ageas's broader European and Asian footprint.
- Admiral Group: UK-headquartered personal lines insurer with strong PCW presence through Compare the Market. Directly comparable to esure on UK motor/home PCW positioning and pricing-driven digital distribution.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Ageas social profiles
Digital presenceAgeas compliance and trust
Trust signalCompliance9 records
Ageas financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ageas leadership team
Management profileNumber of profiles
Profiles17 records
Ageas subsidiaries and ownership
Company hierarchySubsidiaries14 records
Ageas funding detail
Funding detailFunding overview
Funding rounds7 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ageas M&A and investment
M&A and investmentM&A4 records
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ageas
What does Ageas do?
Ageas is a multinational insurance group that underwrites and distributes life insurance (savings, pensions, protection) and non-life insurance (motor, home, property & casualty, health) for retail and corporate customers, alongside a global full-service reinsurance business. Products are sold through subsidiaries and joint ventures across 13 countries in Europe and Asia, distributed via bancassurance, brokers, direct sales, price comparison websites, digital platforms, and a 23,200-strong agent network.
Is Ageas a public or private company?
Ageas is a public company. It is classified as public and is currently operating.
When was Ageas founded?
Ageas was founded in 1824. It employs 5,001 to 10,000 people.
Where is Ageas based?
Ageas is headquartered in Brussels, Belgium, in the Europe region.
How does Ageas make money?
Four revenue lines are on record. Life Insurance is the primary driver. The others are non-Life Insurance, reinsurance and investment Income.
Who are Ageas's main competitors?
Direct peers on record are AXA, Zurich Insurance Group, Generali, Aviva, NN Group and Baloise Group. Broad incumbents are Allianz and Sampo Group. Regional players are Direct Line Group and Admiral Group.
Does Ageas have an API?
No public API is recorded for Ageas.
What industry is Ageas in?
Ageas's product category is Multi-line Insurance Services. Its primary akta.pro industry code is FSAIAAAA, Level Term Life Insurance, with a secondary code of FSAIAJAC, Annuity + LTC / Long-Term Care Riders. Its NAICS code is 52411 and its SIC code is 6311.