Ageas expands into third party reinsurance

Ageas is developing third-party reinsurance activities through Ageas Re. The Belgian group will gradually introduce its offer during the upcoming 1 January 2023 renewals.

The insurer has been conducting reinsurance activities since 2018, reserved solely for internal entities. Ageas has also held a 25% stake in Hong Kong-based reinsurer Taiping Re since 2020.

In 2021, reinsurance has become a key growth driver for the group with a turnover of 1.6 billion EUR (1.8 billion USD) and a net profit of 87 million EUR (98.5 million USD).