Q2 2026 Ageas SA Earnings Call

August 27, 2026

Speaker #2: Your line is muted.

Speaker #3: Call recording is on.

Speaker #4: Welcome to this Ageas conference call. I am pleased to present Mr. Hans De Cuyper, Chief Executive Officer, and Mr. Wim Guilliams, Chief Financial Officer.

Operator 2: Welcome to this Ageas conference call. I am pleased to present Mr. Hans De Cuyper, Chief Executive Officer, and Mr. Wim Guilliams, Chief Financial Officer. For the first part of the call, let me remind you that all participants will remain on a listen-only mode, and afterwards there will be a question and answer session. Please note that the conference is being recorded. I would now like to hand over to Mr. Hans De Cuyper and Mr. Wim Guilliams. Gentlemen, please go ahead.

Operator: Welcome to this Ageas conference call. I am pleased to present Mr. Hans De Cuyper, Chief Executive Officer, and Mr. Wim Guilliams, Chief Financial Officer. For the first part of the call, let me remind you that all participants will remain on a listen-only mode, and afterwards there will be a question and answer session. Please note that the conference is being recorded. I would now like to hand over to Mr. Hans De Cuyper and Mr. Wim Guilliams. Gentlemen, please go ahead.

Speaker #4: For the first part of the call, let me remind you that all participants will remain in listen-only mode. Afterwards, there will be a question-and-answer session.

Speaker #4: Please note that the conference is being recorded. I would now like to hand over to Mr. Hans De Cuyper and Ms. Wim Guilliams. Gentlemen, please go ahead.

Speaker #5: Good morning, ladies and gentlemen. Thank you all for dialing into this conference call and for joining the presentation of Ageas results for the first half-year of 2026.

Hans De Cuyper: Good morning, ladies and gentlemen. Thank you all for dialing into this conference call and for joining the presentation of Ageas results over the H1 2026. In the H1, Ageas delivered strong growth across both life and non-life, with inflows up 17% at constant exchange rate, supported by excellent commercial momentum in life and the inorganic strategic initiatives we took last year. Before diving into the commercial performance, let me clarify one point on comparability. As usual, growth rates are presented at constant foreign exchange rates. For H1 2026, where relevant, we also refer to figures at constant scope, excluding the additional 2 months of contribution from the extra 25% in AG Insurance following the closing of the transaction in late April, as well as the contribution from esure and Saga, which was not included in the H1 2025 results.

Speaker #5: In the first half of the year, Ageas delivered strong growth across both Live and Online, with inflows up 17% at constant exchange rates, supported by excellent commercial momentum in Live and the inorganic strategic initiatives we took last year.

Speaker #5: Before diving into the commercial performance, let me clarify one point on comparability. As usual, growth rates are presented at constant foreign exchange rates. For H1 2026, where relevant, we also refer to figures at constant scope, excluding the additional two months of contribution from the extra 25% in AG Insurance following the closing of the transaction in late April, as well as the contribution from Issuer and SAGA, which was not included in the half-year 2025 results.

Speaker #5: This provides a like-for-like view of the underlying business performance. At constant scope, the total inflows were up 8% compared to last year. In Life, we continue to see strong commercial momentum, with inflows increasing by more than 12%, or more than 9% at constant scope, across all segments.

Hans De Cuyper: This provides a like-for-like view of the underlying business performance. At constant scope, the total inflows were up 8% compared to last year. In Life, we continue to see strong commercial momentum, with inflows increasing by more than 12%, or more than 9% at constant scope across all segments. Belgium delivered another excellent performance, with inflows up 28% or 14% at constant scope, supported by successful commercial campaigns in both unit-linked and guaranteed. Europe recorded very strong growth as well of 41% at constant exchange rate, driven by Türkiye and Portugal. In Asia, inflows increased by 4%, supported by the successful jumpstart campaign in China, where inflows grew by 3% and by a strong commercial performance in Thailand with growth of 9%. Our emerging markets also continue to deliver attractive growth, particularly in India and the Philippines, where inflows increased by 16% and 9% respectively.

Speaker #5: Belgium delivered another excellent performance, with inflows up 28%, or 14% at constant scope, supported by successful commercial campaigns in both unit-linked and guaranteed. Europe recorded very strong growth as well, of 41% at constant exchange rate, driven by Türkiye and Portugal.

Speaker #5: In Asia, inflows increased by 4%, supported by the successful Jumpstart campaign in China, where inflows grew by 3%, and by a strong commercial performance in Thailand, with growth of 9%.

Speaker #5: Our emerging markets also continue to deliver attractive growth, particularly in India and the Philippines, where inflows increased by 16% and 9%, respectively. Non-life also continued to deliver solid growth, with inflows up more than 26%, or an increase of 6% compared to last year when at constant scope.

Hans De Cuyper: Non-life also continued to deliver solid growth, with inflows up more than 26%, or an increase of 6% compared to last year when at constant scope. Belgium and Europe both recorded growth of 5% at constant FX and constant scope, supported by pricing actions, portfolio growth, and strong momentum across markets. In Asia, inflows remained broadly stable, while our reinsurance business once again demonstrated its strength, delivering strong growth of 28%, driven by new business and the continued diversification of the portfolio. When looking at our results, Ageas delivered a strong net operating result of EUR 776 million in the H1 of the year, translating into a return on equity of 15.8%. This performance was driven by excellent Life results across all segments and resilient Non-life results despite the impact from adverse weather.

Speaker #5: Belgium and Europe both recorded growth of 5% at constant FX and constant scope, supported by pricing actions, portfolio growth, and strong momentum across markets.

Speaker #5: In Asia, inflows remained broadly stable, while our reinsurance business once again demonstrated its strength, delivering strong growth of 28%, driven by new business and the continued diversification of the portfolio.

Speaker #5: When looking at our results, Ageas delivered strong net operating results of €776 million in the first half of the year, translating into a return on equity of 15.8%.

Speaker #5: This performance was driven by excellent life results across all segments, and resilient non-life results despite the impact from adverse weather. Life delivered an excellent performance with a net operating result of €629 million, significantly above last year.

Hans De Cuyper: Life delivered an excellent performance with a net operating result of EUR 629 million, significantly above last year. This was driven by a strong commercial momentum across all segments. The growth in net operating result was driven by a stronger operating insurance service results in Belgium and Europe, complemented by a solid contribution from Asia, further supported by higher investment results. Looking at Non-life, despite severe weather events in Belgium and Portugal, our Non-life business delivered a resilient net operating result of EUR 240 million, supported by disciplined underwriting and healthy technical margins. Based on the strong performance delivered in the H1 of the year and the continued progress of our strategic transformation, we are raising our full year 2026 net operating result guidance to above EUR 1.95 billion.

Speaker #5: This was driven by strong commercial momentum across all segments. The growth in net operating result was driven by a stronger operating insurance service result in Belgium and Europe, complemented by a solid contribution from Asia, further supported by higher investment results.

Speaker #5: When looking at Non-Life, despite severe weather events in Belgium and Portugal, our Non-Life business delivered a resilient net operating result of €240 million.

Speaker #5: Supported by disciplined underwriting and healthy technical margins. Based on the strong performance delivered in the first half of the year and the continued progress of our strategic transformation, we are raising our full-year 2026 net operating result guidance to above €1.95 billion.

Speaker #5: This updated guidance includes the €450 million net capital gain and reflects a lower contribution of around €30 million for Malaysia, following the sale of our stake in Attica.

Hans De Cuyper: This updated guidance includes the EUR 450 million of net capital gain and reflects a lower contribution of around EUR 30 million from Malaysia sale of our stake in Etiqa. The guidance also includes the assumption of a full year revenue impact of around 3 percentage points on the combined ratio. Our operational resilience is equally reflected in our capital generation and cash creation. Operating Capital Generation remains strong at EUR 1.1 billion, while we now anticipate a cash upstream above EUR 1.4 billion on the full year 2026, significantly above our original guidance of EUR 1.2 billion and 49% higher than last year. This increased guidance reflects a substantially higher upstream from Asia, driven by exceptionally higher dividends from China and Thailand. This strong cash generation provides a strong foundation for shareholders' returns and future growth investments.

Speaker #5: The guidance also includes the assumption of a full-year weather impact of around 3 percentage points on the combined ratio. Our operational resilience is equally reflected in our capital generation and cash creation.

Speaker #5: Operational capital generation remains strong at €1.1 billion, while we now anticipate a cash upstream above €1.4 billion for the full year 2026. This is significantly above our original guidance of €1.2 billion, and 49% higher than last year.

Speaker #5: This increased guidance reflects a substantially higher upstream from Asia, driven by exceptionally higher dividends from China and Thailand. This strong cash generation provides a solid foundation for shareholders' returns and future growth investments.

Speaker #5: At the same time, we remain committed to our dividend policy and will pay an interim dividend of €1.50 per share in December. The first half of 2026 once again demonstrated the strength of Ageas.

Hans De Cuyper: At the same time, we remain committed to our dividend policy and will pay an interim dividend of EUR 1.5 per share in December. The H1 of 2026 once again demonstrated the strength of Ageas. Our diversified exposure across Life and Non-life, developed and emerging markets, and a balanced mix of consolidated businesses and partnerships enables us to remain resilient and continue delivering value through different market cycles. To conclude, let me briefly reflect on the progress we have made so far on Elevate27. Ageas accelerated its data and AI agenda, deploying solutions that enhance customer service and operational efficiency across key markets. Ageas data and AI agenda focuses on two main areas, strengthening the foundation by upgrading data platforms and relying on strong governance for responsible AI to ensure a future-proof architecture that maximizes AI value and capture value from data and AI use cases.

Speaker #5: Our diversified exposure across life and non-life, developed and emerging markets, and a balanced mix of consolidated businesses and partnerships enables us to remain resilient and continue delivering value through different market cycles.

Speaker #5: To conclude, let me briefly reflect on the progress we have made so far on Elevate 27. Ageas accelerated its data and AI agenda, deploying solutions that enhance customer service and operational efficiency across key markets.

Speaker #5: AGEAS data and AI agenda focuses on two main areas: strengthening the foundations by upgrading data platforms, and relying on strong governance for responsible AI to ensure a future-proof architecture that maximizes AI value.

Speaker #5: And capture value from data and AI use cases. AGEAS is deploying more than 300 use cases, with about 40 identified as shareable and impactful across the group.

Hans De Cuyper: Ageas is deploying more than 300 use cases, with about 40 identified as shareable and impactful across the group. Of these, 35% target claims and fraud, 20% focus on underwriting, another 20% improve customer experience, and the remainder are transversal use cases, among others, in IT. Halfway through Elevate27, we have also significantly strengthened Ageas through targeted acquisitions, disciplined portfolio management, and consistent operational delivery. From the 25% step-up to full ownership of AG Insurance and expanding our presence in the UK through our acquisitions of Saga and esure, to unlocking value through the Etiqa transaction while investing in future growth opportunities in China through our stake in Taiping Pension, all these actions illustrate the disciplined way in which we are executing our strategy.

Speaker #5: Of these, 35% target claims and fraud, 20% focus on underwriting, another 20% aim to improve customer experience, and the remainder are transversal use cases, among others in IT.

Speaker #5: Halfway through Elevate 27, we have also significantly strengthened Ageas through targeted acquisitions, disciplined portfolio management, and consistent operational delivery. From the 25% step-up to full ownership of AG Insurance and expanding our presence in the UK through our acquisitions of Saga and eSure, to unlocking value through the Attica transaction while investing in future growth opportunities in China through our stake in Taiping Pensions, all these actions illustrate the disciplined way in which we are executing our strategy.

Speaker #5: Creating a more diversified, more scalable, and increasingly cash-generative group that is better equipped to deliver sustainable growth and shareholder value over the long term.

Hans De Cuyper: Creating a more diversified, more scalable, and increasingly cash-generative group that is better equipped to deliver sustainable growth and shareholder value over the long term. Before handing over to Wim, let me also briefly touch upon esure. The integration of esure is progressing well, with key integration milestones achieved, including a new and integrated management team since 2025. On 8 October, at our deep dive event in London, we will provide a comprehensive update on both the integration journey of esure, as well as the progress we are making in delivering Elevate27. With that, I will now hand over to Wim, who will take you through our results in more detail.

Speaker #5: Before handing over to Wim, let me also briefly touch upon eSure. The integration of eSure is progressing well, with key integration milestones achieved, including a new and integrated management team since 2025.

Speaker #5: On October 8, at our Deep Dive event in London, we will provide a comprehensive update on both the integration journey of eSure, as well as the progress we are making in delivering Elevate 27.

Speaker #5: With that, I will now hand over to Wim, who will take you through our results in more detail.

Speaker #2: Thank you, Hans, and good morning, ladies and gentlemen, also from my side. As Hans mentioned, Ageas delivered a strong first half of 2026. The net operating result reached €776 million, up 6% compared to last year, despite a significantly higher level of weather-related claims in Belgium and Portugal, amounting to a total weather impact of €180 million.

Wim Guilliams: Thank you, Hans, and good morning, ladies and gentlemen, also from my side. As Hans mentioned, Ageas delivered a strong H1 of 2026. The net operating result reached EUR 776 million, up 6% compared to last year, despite a significantly higher level of weather-related claims in Belgium and Portugal, amounting to a total weather impact of EUR 180 million. This performance was driven by a strong life result across all segments, resilient non-life earnings, and excellent commercial momentum across the group. Life net operating result was strongly up, +17% compared to last year, driven by an excellent insurance result illustrating the quality of the business in all segments.

Speaker #2: This performance was driven by a strong Life result across all segments, resilient Non-Life earnings, and excellent commercial momentum across the group. The Life net operating result was strongly up, plus 17% compared to last year, driven by an excellent insurance result illustrating the quality of the business in all segments.

Speaker #2: In Belgium, the life net operating result was up, plus 20% at constant scope, significantly higher than last year, driven by a higher operating insurance service result, further supported by net capital gains. This resulted in a life guaranteed margin of 106 basis points, up 14 basis points compared to last year.

Wim Guilliams: In Belgium, the life net operating result was up +20% at constant scope, significantly higher than last year, driven by a higher operating insurance service result, further supported by net capital gains, resulting in a life guaranteed margin of 106 basis points, up 14 basis points compared to last year. In Europe, the life net operating result was up 33% compared to last year, driven by an excellent performance in both Turkey and Portugal, thanks to a higher CSM release and a continued solid result on short-term life. In Asia, the life net operating result increased by 6%, driven by a higher CSM release and a positive development in experience variances.

Speaker #2: In Europe, the life net operating result was up 33% compared to last year, driven by an excellent performance in both Türkiye and Portugal, thanks to a higher CSM release and a continued solid result on short-term life.

Speaker #2: In Asia, the life net operating result increased by 6%, driven by a higher CSM release and a positive development in experience variances. The CSM balance increased from €9.4 billion at year-end '25 to €11.1 billion at the end of June.

Wim Guilliams: The CSM balance increased from EUR 9.4 billion at year-end 2025 to EUR 11.1 billion at the end of June, driven by a strong operating CSM movement corresponding to a growth rate of 3.6%, and further supported by the 25% step-up to full ownership of AG Insurance. Looking at the drivers of the life Value of New Business, the present value of new business premium showed strong growth, up 15% at constant exchange rate, driven by Belgium, Portugal, and China. Group life new business margin stood at 7.9%. This margin was mainly impacted by the new product mix in China and higher sales of unit-linked products in Belgium. In Belgium, the new business margin is expected to recover towards normal levels by the end of 2026. Moving now to non-life. The reported group combined ratio stood at 95.2% compared to 92.1% last year.

Speaker #2: Driven by a strong operating CSM movement, corresponding to a growth rate of 3.6%, and further supported by the 25% step-up to full ownership of AG Insurance.

Speaker #2: Looking at the drivers of the life value of new business, the present value of new business premiums showed strong growth, up 15% at constant foreign exchange rates, driven by Belgium, Portugal, and China.

Speaker #2: The group life new business margins stood at 7.9%. This margin was mainly impacted by the new product mix in China and higher sales of investment products in Belgium.

Speaker #2: In Belgium, the new business margin is expected to recover towards normal levels by the end of '26. Moving now to Non-Life, the reported group combined ratio stood at 95.2%, compared to 92.1% last year.

Speaker #2: This increase was driven by a significantly higher weather impact, which added around 5 percentage points to the combined ratio, compared with around 1 percentage point last year.

Wim Guilliams: This increase was driven by a significantly higher weather impact, which added around 5 percentage points to the combined ratio compared with around 1 percentage point last year. Excluding weather, the underlying combined ratio remained strong, demonstrating the continued quality of the non-life portfolio. Despite a significantly higher impact from adverse weather of around EUR 180 million, the non-life net operating result remained resilient, amounting to EUR 240 million. The non-life net operating result in Belgium stood at EUR 75 million. As mentioned, the result was impacted by severe storms and hail in late May and June, which had an impact of EUR 59 million. Thanks to a well-diversified portfolio, the impact was partly offset. In Europe, the combined ratio increased compared to last year, mainly due to storms in Portugal at the beginning of the year.

Speaker #2: Excluding weather, the underlying combined ratio remained strong, demonstrating the continued quality of the non-life portfolio. Despite the significantly higher impact from adverse weather of around €180 million, the non-life net operating result remained resilient, amounting to €240 million.

Speaker #2: The non-life net operating result in Belgium stood at €75 million. As mentioned, the result was impacted by severe storms and hail in late May and June, which had an impact of €59 million.

Speaker #2: Thanks to a well-diversified portfolio, the impact was partly offset. In Europe, the combined ratio increased compared to last year, mainly due to storms in Portugal at the beginning of the year.

Speaker #2: These weather events added 3.5 percentage points to the combined ratio, compared to less than 1 percentage point last year. The weather impact was partially offset by the strong growth in the results in accident and health.

Wim Guilliams: These weather events added 3.5 percentage points to the combined ratio, compared to less than 1 percentage point last year. The weather impact was partially offset by the strong growth in the results in accident and health. In Asia, the non-life net operating result increased, mainly driven by Taiping Reinsurance, supported by an improved combined ratio and a stronger investment result. Finally, in reinsurance, the net operating result was also impacted by the severe weather in Belgium and Portugal, as shown in the results from group purchasing and from capital management. The combined ratio of the reinsurance third-party business, on the other hand, stood at a strong 82.1%, supported by strong business growth and favorable claims development. The non-life net operating result in reinsurance third-party business increased considerably. This growth was achieved in a softening capital market, disciplined while selectively expanding into specialty lines, where we see attractive risk-return opportunities.

Speaker #2: In Asia, the non-life net operating result increased, mainly driven by Taiping Re, supported by an improved combined ratio and a stronger investment result. Finally, in reinsurance, the net operating result was also impacted by the severe weather in Belgium and Portugal, as shown in the results from group purchasing and from capital management.

Speaker #2: The combined ratio of the reinsurance third-party business, on the other hand, stood at a strong 82.1%, supported by strong business growth and favorable claims development.

Speaker #2: The non-life net operating result in reinsurance third-party business increased considerably. This growth was achieved in a softening cap market. We remained disciplined while selectively expanding into specialty lines, where we see attractive risk-return opportunities.

Speaker #2: Let me now turn to the balance sheet and cash. Regarding the balance sheet evolution, our comprehensive equity increased by €2.2 billion to €19.7 billion.

Wim Guilliams: Let me now turn to the balance sheet and cash. Regarding the balance sheet evolution, our comprehensive income increased by EUR 2.2 billion to EUR 19.7 billion. This was supported by the strong earnings contribution and the 25% step-up to full ownership of AG Insurance. Shareholders' equity stood at EUR 10.2 billion. Our cash position stood at a solid EUR 1.2 billion. The decrease compared with year-end 2025 mainly reflects our dividend payment and the financing of the acquisition of the remaining 25% stake in AG Insurance, partly offset by higher dividend upstreams from our operating entities. For the full year, cash remittances are expected to amount to more than EUR 1.4 billion, of which more than EUR 1.1 billion has already been received in the H1 of 2026.

Speaker #2: This was supported by the strong earnings contribution and the 25% step-up to full ownership of AG Insurance. Shareholders' equity stood at €10.2 billion.

Speaker #2: Our cash position stood at a solid €1.2 billion. The decrease compared with year-end '25 mainly reflects our dividend payment and the financing of the acquisition of the remaining 25% stake in AG Insurance.

Speaker #2: Partly offset by higher dividend upstreams from our operating entities. For the full year, cash remittances are expected to amount to more than €1.4 billion, of which more than €1.1 billion has already been received in the first half of 2026.

Speaker #2: This includes exceptionally high dividends from China and Thailand, as well as increased remittances from other segments, highlighting our Group’s increased ability to convert earnings and capital generation into cash at Group level.

Wim Guilliams: This includes exceptionally high dividends from China and Thailand, as well as increased remittances from other segments, highlighting our group's increased ability to convert earnings and capital generation into cash at group level. To conclude, I would like to add a word on solvency and Operating Capital Generation. The Solvency II ratio stood at 195% at the end of June, lower compared to year-end 2025. The movement mainly reflects a number of previously flagged items. The closing of the Taiping Pension capital increase, with an impact of around -3 percentage points. The end of the grandfathering of the RT1 instrument, around -4 percentage points. The repayment of two debt instruments with an impact of -3 percentage points. The downgrade of the Belgian sovereign debt with an impact of around -8 percentage points. The insurance operations contributed +12 percentage points.

Speaker #2: To conclude, I would like to add a word on solvency and operational capital generation. The Solvency II ratio stood at 195% at the end of June, lower compared to year-end 2025.

Speaker #2: The movement mainly reflects a number of previously flagged items: the closing of the Typing Pension capital increase, with an impact of around minus 3 percentage points; the end of the grandfathering of the FRESH instruments, around minus 4 percentage points; the repayment of two debt instruments with an impact of minus 3 percentage points; and the downgrade of the Belgian sovereign debt with an impact of around minus 8 percentage points.

Speaker #2: The insurance operations contributed plus 12 percentage points. It is important to mention that the recently announced sale of our Malaysian activities will add 23 percentage points to the solvency at the moment of closing.

Wim Guilliams: It is important to mention that the recently announced sale of our Malaysian activities will add 23 percentage points to the solvency at the moment of closing. The solvency of the non-Solvency II scope companies stood at 230%. This mainly reflects the interest rate environment in China, the capital consumption linked with the strong new business growth, and the increased equity exposure. Operational capital generation remained strong at EUR 1.1 billion, in line with last year's strong performance despite the impact from adverse weather. This demonstrates the resilience of the group capital generation capacity and the quality of the underlying operating performance. In the Solvency II scope, Operating Capital Generation proved resilient and increased compared with last year, reaching EUR 558 million despite the weather impact in Belgium and Portugal. In the non-Solvency II scope, Operating Capital Generation stood at EUR 627 million.

Speaker #2: The solvency of the non-Solvency II scope companies stood at 230%. This mainly reflects the interest rate environment in China, the capital consumption linked with the strong new business growth, and the increased equity exposure.

Speaker #2: Operational capital generation remained strong at €1.1 billion, in line with last year's strong performance, despite the impact from adverse weather. This demonstrates the resilience of the Group's capital generation capacity and the quality of the underlying operating performance.

Speaker #2: In the Solvency II scope, operational capital generation proved resilient and increased compared with last year, reaching €558 million, despite the weather impact in Belgium and Portugal.

Speaker #2: In the non-Solvency II scope, operational capital generation stood at €627 million. The operational free capital generation, including both the Solvency II and non-Solvency II scope, amounted to €484 million, impacted by increased operational capital consumption in Belgium, Europe, and China.

Wim Guilliams: The Operating Free Capital Generation, including both the Solvency II and non-Solvency II scope, amounted to EUR 484 million, impacted by an increased operational capital consumption in Belgium, Europe, and China. I have now reached the end of my presentation, and we are ready to answer any questions you may have.

Speaker #2: I've now reached the end of my presentation, and we are ready to answer any questions you may have.

Speaker #1: Ladies and gentlemen, this concludes the introduction, and we will now open the call for questions from the analysts. May I ask you to please limit yourself to two questions?

Operator 2: Ladies and gentlemen, this concludes the introduction, and we now open the call for questions from the analysts. May I ask you to limit yourself to two questions. If you wish to ask a question, please press pound key five on your telephone keypad. That's pound key five on your telephone keypad. If you wish to withdraw your question, please press pound key six. Our first question is coming from Michael Huttner from Berenberg. Your line is now open. Please go ahead.

Operator: Ladies and gentlemen, this concludes the introduction, and we now open the call for questions from the analysts. May I ask you to limit yourself to two questions. If you wish to ask a question, please press pound key five on your telephone keypad. That's pound key five on your telephone keypad. If you wish to withdraw your question, please press pound key six. Our first question is coming from Michael Huttner from Berenberg. Your line is now open. Please go ahead.

Speaker #1: If you wish to ask a question, please press pound key five on your telephone keypad—that's pound key five on your telephone keypad. If you wish to withdraw your question, please press pound key six.

Speaker #1: Our first question is coming from Michael Hootner from Berenberg. Your line is now open. Please go ahead.

Speaker #2: Fantastic, thank you. My two questions—or, if you like, my lot of questions—would be on China, please. And well done for the results there.

Michael Huttner: Fantastic. Thank you. My two questions, or if you like, my lot of questions, would be on China, please. Well done for the results. They are extraordinary. Little Ageas getting bigger. The first question, a little bit provocative, is since you have obviously sold Malaysia, would you ever consider selling China? The reason I ask for that is I know the cash is good, but the growth is 4% or whatever in premiums. It looks lower than Belgium. I thought Asia was growth, but it is clearly not growth, so I am clearly missing something, and I wonder if you could do a little mini deep dive into what is happening in China, because it does not seem as strong as we would like, and I do not understand it. Also, I was a little bit surprised that the growth was in guaranteed. I thought the growth would be in participating.

Speaker #2: They're extraordinary—little ideas getting bigger. So the first question, a little bit provocative, is: since you've obviously sold Malaysia, would you ever consider selling China?

Speaker #2: The reason I asked for that is that I know the cash is good, but the growth is 4% or whatever in premiums. It looks lower than Belgium.

Speaker #2: I thought Asia was growth, but it's clearly not growth. So I'm clearly missing something, and I wonder if you could kind of do a little mini deep dive into what's happening in China.

Speaker #2: Because it doesn't seem as strong as we'd like, and I don't understand it. Also, I was a little bit surprised that the growth wasn't guaranteed.

Michael Huttner: Also, I was a little bit surprised that the growth was in guaranteed. I thought the growth would be in participating. Anyway, anything on China and well done for the results.

Speaker #2: I thought the growth would be in participating. Anyway, anything on China? And well done on the results.

Michael Huttner: Anyway, anything on China and well done for the results.

Speaker #3: Okay, thanks, Michael, for your question. On your first point, would you consider selling China? My answer is very short: no. I think we had the opportunity to have a very attractive valuation for Malaysia, where our partner also saw a future of Etiqa more integrated in the bank.

Hans De Cuyper: Okay, thanks, Michael, for your question. On your first point, would you consider selling China? My answer is very short, no. I think we had the opportunity to have a very attractive valuation for Malaysia, where our partner also saw a future of Etiqa more integrated in the bank, and that is why I think we went into the transaction with Maybank in Malaysia. This is a standalone event, so this is not changing our strategy and positioning for Asia. We are a group focused on Europe and Asia, and I absolutely continue to believe into the growth potential of the Asian region. On the growth of China, you are right that the top-line growth was lower and in line this time below Belgium, and I would say congratulate Belgium for that than complaining to China.

Speaker #3: And so that's why I think we went into the transaction with Maybank in Malaysia. This is a standalone event, so this is not changing our strategy and positioning for Asia.

Speaker #3: We are a group on Europe and Asia, and I absolutely continue to believe in the growth potential of the Asian region. On the growth of China—you're right, the top-line growth was lower, and in Life this time, below Belgium—and I would say I would rather congratulate Belgium for that than complain about China.

Speaker #3: First of all, if you look, for instance, at the growth of technical liabilities in China, that is still going up by 10%. So this is a young company.

Hans De Cuyper: First of all, if you look, for instance, at the growth of technical liabilities in China, that is still going up with 10%. This is a young company, so the relationship between new volumes and building up technical liabilities, which at the end of the day is your foundation for the margin and the result, is very different if you compare that between China and Belgium. So in that sense, the portfolio is growing nicely into the Chinese market. What has happened? Well, of course, we have the low interest rate environment, very well known to you, but we have also seen specifically in bancassurance that the regulator is asking for more market discipline by the insurers.

Speaker #3: So the relationship between new volumes and building up technical liabilities, which at the end of the day is your foundation for the margin and the results, is very different if you compare that between China and Belgium.

Speaker #3: So in that sense, the portfolio is growing nicely into the Chinese market. What has happened? Well, of course, we have the low interest rate environment, very well known to you, but we have also seen, specifically in bancassurance, that the regulator is asking for more market discipline.

Speaker #3: By the insurers, there is a very specific circular, circular 65, that China has issued where you see that they want to better align your real economics on expansion and on expenses, sorry, and commissions with the pricing assumptions that you use in pricing your products.

Hans De Cuyper: There is a very specific circular, Circular 65, that China has issued, where you see that they want to better align your real economics on expansion and on expenses, sorry, and commissions with the pricing assumptions that you use in pricing your products, which is a move that we, and you have heard CTIH saying that yesterday as well, it is a move that we support, because at the end of the day, that will improve the quality of the business and the quality of the market, and that is something you see happening in China in general. There is a move from volumes, both in agency and in bancassurance, to quality of business, activity levels of agents, and so on. With that, you know that my view on the future potential of the market has not changed.

Speaker #3: That is a move that we, and your efforts at CTIA, mentioned yesterday as well. It's a move that we support because, at the end of the day, it will improve the quality of the business and the quality of the market.

Speaker #3: And that is something you see happening in China in general. There is a move from volumes, both in agency and in bancassurance, to quality of business, activity levels of agents, and so on.

Speaker #3: With that, you know that my view on the future potential of the market has not changed. Aging population is an important topic in China, and I remain confident in the growth potential both for the market, but definitely also for our business there.

Hans De Cuyper: Aging population is an important topic in China, and I remain confident in the growth potential, both for the market, but definitely also for our business there. Your final comment is participation versus guaranteed. Participation is part of guaranteed, so I think you have to combine the two.

Speaker #3: Your final comment is: participation versus guaranteed. Participation is part of guaranteed, so I think you have to combine the two.

Speaker #2: Okay. Brilliant. Thank you.

Michael Huttner: Okay. Brilliant. Thank you.

Speaker #1: The next question is coming from Andrew Baker from Goldman Sachs. Your line is now open. Please go ahead.

Operator 2: The next question is coming from Andrew Baker from Goldman Sachs. Your line is now open. Please go ahead.

Operator: The next question is coming from Andrew Baker from Goldman Sachs. Your line is now open. Please go ahead.

Speaker #2: Great, thanks for taking my questions. First one, just on the higher cash remittances for the year. I guess you highlight the exceptionally high dividends from China and Thailand for 2026.

Andrew Baker: Great. Thanks for taking my questions. First one, just on the higher cash remittances for the year. I guess you highlight the exceptionally high dividends from China and Thailand for 2026. Were there any one-offs here, or are these good levels that we can think about growth, I guess, going forward, so using as a base going forward? Secondly, can you just help me think a little bit more about the year-on-year development of the Operating Free Capital Generation? I know you mentioned higher capital consumption driven by Belgium, Europe, and China, but I guess the decline year-on-year is quite high. Are you able to give a bit more detail here, and again, how we should think about the development in the H2 and just going forward more generally? Thank you.

Speaker #2: Were there any one-offs here, or are these good levels that we can think about for growth going forward? So, using this as a base going forward.

Speaker #2: And then secondly, can you just help me think a little bit more about the year-on-year development of the operational free capital generation? I know you mentioned higher capital consumption driven by Belgium, Europe, and China, but I guess the decline year-on-year is quite high.

Speaker #2: So, are you able to give a bit more detail here? And again, how should we think about the development in the second half and, just going forward, more generally?

Speaker #2: Thank you.

Speaker #3: Thank you, Andrew. I will take the first one, and I will give the second one to our CRO, Christophe. Indeed, we have raised the total upstreaming for the group from the guidance of €1.2 billion at the beginning of the year to €1.4 billion now.

Hans De Cuyper: Thank you, Andrew. I will take the first one, and I will give the second one to our CRO, Christophe. Indeed, we have raised the total upstreaming for the group from the guidance EUR 1.2 billion in the beginning of the year to EUR 1.4 billion now, and this EUR 200 million you can almost fully link to China and Thailand. I think there is one-off effects in there. Clearly, also in China, because if you look at the evolution of payout ratio, we see a slow and gradual growth. But that has delivered a lot higher number over the year, also because of the tax effect. You know the change in the tax regulation that we have announced with EUR 300 million extra profit at the end of last year, and we see that now coming through also in the dividend.

Speaker #3: And this €200 million, you can almost fully link to China and Thailand. I think there are some one-off effects in there, clearly also in China, because if you look at the evolution of the payout ratio, we see a slow and gradual growth.

Speaker #3: But that has delivered a much higher number over the year, also because of the tax effect. You know, the change in the tax regulation that we have announced—that was €300 million extra profit at the end of last year.

Speaker #3: And you see that now coming through also in the dividend. So, yes, indeed, there is some one-off effect in this. But we are aligned with the announcement I saw yesterday, our partner making, China Taiping Insurance Holding, that they do expect a growing dividend towards the future.

Hans De Cuyper: So yes, indeed, there is some one-off effect in this, but we are aligned with announcement I saw yesterday our partner making, China Taiping Insurance Holdings, that they do expect a growing dividend towards the future, but please base that on, I would say, the historic evolution and not on that specific number that we have seen this year. Last for China, you know that we said that earlier. Together with our partner, we always keep the long-term view on solvency. You know that this long-term view is impacted by the low interest rate environment, and that's also an important guidance for our dividend evolution. Similarly, we saw that increased dividend out of Thailand. I think also in there are some one-off effects. Can I give OFCG to Christophe?

Speaker #3: But please, base that on, I would say, the historical evolution and not on that specific number that we have seen this year, last for China.

Speaker #3: And you know that we said that earlier. Together with our partner, we always keep the long-term view on solvency, and you know that this long-term view is impacted by the low interest rate environment.

Speaker #3: And that's also an important guidance for our dividend evolution. Similarly, we saw that increased dividend out of Thailand. I think there are also some one-off effects in there.

Speaker #3: Can I give OFCG to Christophe?

Speaker #4: Yeah. So, on the operational free capital generation—well, you can follow it on slide 20. Of course, we have two elements there. We have the operational capital generation itself.

Christophe Boizard: Well, on the operational free capital generation, you can follow it on slide 20. Of course, we have two elements there. We have the Operating Capital Generation itself. There you see that we go from EUR 1.1 billion to EUR 1.06 billion, so a slight drop. Now, of course, you see that the general account is weighting a bit, but we have, of course, more depth compared to last year, so that weighs a bit there. You see that the Solvency II scope is actually doing better. So that is helped by Belgium, but also growth in Turkey, for example. The non-Solvency II scope is also going down a bit. Even Thailand is doing relatively well in there. It's going up.

Christophe Vandeweghe: Well, on the operational free capital generation, you can follow it on slide 20. Of course, we have two elements there. We have the Operating Capital Generation itself. There you see that we go from EUR 1.1 billion to EUR 1.06 billion, so a slight drop. Now, of course, you see that the general account is weighting a bit, but we have, of course, more depth compared to last year, so that weighs a bit there. You see that the Solvency II scope is actually doing better. So that is helped by Belgium, but also growth in Turkey, for example. The non-Solvency II scope is also going down a bit. Even Thailand is doing relatively well in there. It's going up.

Speaker #4: There you see that we go from €1.1 billion to €1.06 billion, so a slight drop. Now, of course, you see that the general account is waiting a bit, but we have, of course, more depth compared to last year.

Speaker #4: So that weighs a bit there. And you see that the Solvency II scope is actually doing better. So that is helped by Belgium, but also growth in Turkey, for example.

Speaker #4: And the non-Solvency II scope is also going down a bit. Even Thailand is doing relatively well in there; it's going up. But the big driver there is China, where you do see a slight drop in the value of new business margins because of, indeed, the shift to more participating products, more short-term products.

Christophe Boizard: But the big driver there is China, where you do see a slight drop in the Value of New Business margins because of indeed the shift to more participating products, more short-term products. So overall, in the Operating Capital Generation, a slight down. So what explains the fact that our Operating Free Capital Generation goes down from EUR 713 million to EUR 484 million, so about EUR 230 million, is indeed on the operational capital requirements. And there you see, compared to last year, that indeed on our Solvency II scope, we do lock in quite a lot more capital. Now, there are two things in there. There are one-offs in there, which are linked to asset management actions, and there is growth in there. So for Belgium, it is mostly the first one. It is linked to long-term reinvestments in the H1 of the year. On Europe, it is more growth.

Christophe Vandeweghe: But the big driver there is China, where you do see a slight drop in the Value of New Business margins because of indeed the shift to more participating products, more short-term products. So overall, in the Operating Capital Generation, a slight down. So what explains the fact that our Operating Free Capital Generation goes down from EUR 713 million to EUR 484 million, so about EUR 230 million, is indeed on the operational capital requirements. And there you see, compared to last year, that indeed on our Solvency II scope, we do lock in quite a lot more capital. Now, there are two things in there.

Speaker #4: So overall, in the operational capital generation, a slight down. So what explains the fact that our operational free capital generation goes down from 700 to 513 to 484?

Speaker #4: So about €230 million is indeed on the operational capital requirements. And there you see, compared to last year, that indeed on our Solvency II scope, we do lock in quite a lot more capital.

Speaker #4: Now, there are also quite a few—so there are two things in there. First, there are one-offs in there, which are linked to asset management actions.

Christophe Vandeweghe: There are one-offs in there, which are linked to asset management actions, and there is growth in there. So for Belgium, it is mostly the first one. It is linked to long-term reinvestments in the H1 of the year. On Europe, it is more growth.

Speaker #4: And there is growth in there. So for Belgium, it's mostly the first one. It's linked to long-term reinvestments in the first half of the year.

Speaker #4: On Europe, it's more growth. There are some shorter-term penalties and so on. I will not go into detail about that, but it's mainly the increase in growth that we see over the first half-year.

Christophe Boizard: There are some shorter-term penalties and so on, I will not go into detail into that, but it is mainly the increase in the growth that we see over the H1. Then on the non-Solvency II scope, it is a relatively limited increase, but you also have two factors in there. If you would do the same basis, we have an increase in our equity allocation in China in the H1, which we did not have last year. So if you would remove that, actually you would have a lower operational capital requirements than last year. So all in all, when you put everything together, of course, our operational capital requirements go up more than last year, and that is indeed the main driver of the drop in the Operating Free Capital Generation.

Christophe Vandeweghe: There are some shorter-term penalties and so on, I will not go into detail into that, but it is mainly the increase in the growth that we see over the H1. Then on the non-Solvency II scope, it is a relatively limited increase, but you also have two factors in there. If you would do the same basis, we have an increase in our equity allocation in China in the H1, which we did not have last year. So if you would remove that, actually you would have a lower operational capital requirements than last year. So all in all, when you put everything together, of course, our operational capital requirements go up more than last year, and that is indeed the main driver of the drop in the Operating Free Capital Generation.

Speaker #4: Then, on the non-Solvency II scope, it is relatively limited to increase, but you also have two factors in there. You actually, if you would do the same basis, we have an increase in our equity allocation in China in the first half-year, which we did not have last year.

Speaker #4: So if you would remove that, actually, you would have a lower operational capital requirement than last year. So all in all, when you put everything together, of course, our operational capital requirements go up more than last year.

Speaker #4: And that's indeed the main driver of the drop in the operational free capital generation. In terms of going forward, well, I explained a bit.

Christophe Boizard: Well, I explained a bit the one-offs, it is always difficult to predict that. So we usually do not provide guidance going forward on OFCG.

Christophe Vandeweghe: Well, I explained a bit the one-offs, it is always difficult to predict that. So we usually do not provide guidance going forward on OFCG.

Speaker #4: The one-offs—it's always difficult to predict that. So, usually, we do not provide guidance going forward on OFCG.

Speaker #2: Great. Thank you.

Andrew Baker: Great. Thank you.

Speaker #1: The next question is coming from Nazib Ahmed from UBS. Your line is now open. Please go ahead.

Operator 2: The next question is coming from Nasib Ahmed from UBS. Your line is now open. Please go ahead.

Operator: The next question is coming from Nasib Ahmed from UBS. Your line is now open. Please go ahead.

Speaker #5: Okay, thanks for taking my questions. My first one is a broader question around capital management. I'm kind of flipping Michael's question around—your free cash flow generation is higher than what you need to return to shareholders, i.e., dividends.

Nasib Ahmed: Hey, thanks for taking my questions. First one is a broader question around capital management. I am kind of flipping Michael's question around on your free cash flow generation is higher than what you need to return to capital to shareholders, i.e., dividends. Can you talk about what is your preference for a regular share buyback or dividend upgrades? Then also on the uses of capital, you said you do not want to sell, but in terms of buying more stakes or increasing your participation in some of the stakes, I know Thailand is the second biggest, China maybe not possible. How much can you increase in Thailand? Maybe talk about Ethias, the file there as well. So that is on capital management. Second is just on UK Motor. What have you seen in the market over the H1 in terms of pricing? Where have you been?

Speaker #5: So can you talk about kind of what's your preference on for a regular share buyback or dividend upgrades? And then also on the uses of capital, you said you don't want to sell, but in terms of buying more stakes or increasing your participation in some of the stakes, I know Thailand is the second biggest, China maybe not possible.

Speaker #5: How much can you increase in Thailand, and maybe talk about Etiqa, the file there as well? So that's on capital management. And the second is just on UK Motor.

Speaker #5: What have you seen in the market over the first half, up until the pricing? Where have you been? And then maybe the latest on pricing—some data points have been pretty positive.

Nasib Ahmed: Then maybe the latest on pricing. Some data points have been pretty positive. What is the latest on the pricing trends there? Thank you.

Speaker #5: What's the latest on the pricing trends there? Thank you.

Speaker #3: All right. Thank you, Nazib. I will take both questions. Well, first of all, in capital management, I would say there is no change in our view.

Hans De Cuyper: Well, first of all, in capital management, I would say there is no change in our view. We are running a sustainable growth strategy. So our first preference is if we see good opportunities to further grow our business, we will definitely consider that. If we have excess or less opportunities and growth, by the way, that can be Europe, that can be Belgium, that can also be Asia. Let me be clear on that one, that can also be Asia. Of course, we have that pool of reinsurance, which today is not in demand to significantly increase that capital within the plan Elevate27. But that is something always we can consider.

Speaker #3: We are running a sustainable growth strategy. So our first preference is, if we see good opportunities to further grow our business, we will definitely consider that.

Speaker #3: If we have access to fewer opportunities and less growth—by the way, that can be Europe, that can be Belgium, that can also be Asia.

Speaker #3: Let me be clear on that one. That can also be Asia. And we, of course, we have that pool of reinsurance, which today is not in demand to significantly increase that capital within the plan Elevate 27, but that's something we can always consider.

Speaker #3: If, beyond that, we have excess capital, of course, on the dividend, we know we have a dividend commitment, and that, of course, we will try to — and we will honor in the first place.

Hans De Cuyper: If beyond that, we have excess capital, of course, on the dividend, we know we have a dividend commitment, and that, of course, we will try to and we will honor in the first place. If beyond that capital remains available and there is low opportunity for investing in growth, then of course, we do not exclude the option of a share buyback in the future. You also asked about increasing your stake in participations that we have. Also there, no change. We have said that if our partner, wherever in the world, would like or to diversify our participation, you have seen we have done that many years ago into AG Insurance, for instance, where we went from non-life also into life. Then, of course, we are open to explore that opportunity and to widen our partnership. Same if our partnership wants to step up in the market.

Speaker #3: If, beyond that, capital remains available and there is low opportunity for investing in growth, then of course we do not exclude the option of a share buyback in the future.

Speaker #3: You also asked about increasing our stake in participations that we have. Also, there is no change. We have said that if our partner, wherever in the world, would like to diversify our participation, you have seen we have done that many years ago in Kia, for instance, where we went from non-life also into life.

Speaker #3: Then, of course, we are open to exploring that opportunity and to widening our partnership. Similarly, if our partnership wants to step up in the market, of course, that is also something for which we keep some funds available, in case these opportunities arise, so that we can support that as well, because the strategy is clear in the countries where we are.

Hans De Cuyper: Of course, that is also something for which we keep some funds available in case these opportunities would arise, so that we can also support that because the strategy is clear. In the countries where we are, we would have that ambition to become a top 3, with maybe an exception for China, top 5 type of position. You mentioned China, by the way. Let me remind you that we closed the transaction with Taiping Pension in the H1 of the year. So there we recently did an expansion of our partnership into the pension business. Well, UK motor pricing, we have seen the market in motor slightly going up in the H1 of the year. That was mid-single digit, 4% to 5%. I can tell you that we did a little bit more, and we went high single digit, 9% to 10%.

Speaker #3: We would have that ambition to become like a top three—with maybe an exception for China, top five—type of position. You mentioned China, by the way.

Speaker #3: Let me remind you that we closed the transaction with Taiping Pension in the first half of the year. So there, we recently did an expansion of our partnership into the pension business.

Speaker #3: And UK Motor pricing—well, we have seen the market in Motor slightly going up in the first half of the year. That was mid-single-digit, 4% to 5%.

Speaker #3: I can tell you that we did a little bit more, and we went lower—sorry, high single digit, 9 to 10%. But what is also interesting for us is that we now have a more diversified presence in the market, across different distribution channels and different customer groups.

Hans De Cuyper: But what is also interesting for us is that we have now a more diversified presence in the market towards different distribution channels and different customer groups. I see that the team in the UK can now, I would say, fine-tune the pricing adjustments to balance, I would say, growth where it remains interesting, but also hold back where profitable growth comes under challenge. We have, I would say, a little bit more agility and flexibility in doing that. By the way, we have also launched an AI engine on dynamic pricing, and there we also see some first positive effects coming in. So that's what we see. H2, latest data point I saw, and that was over summer, that it seems to be a slight continuation of the increase in pricing in the UK motor. Claims inflation remains high in the UK.

Speaker #3: And I see that the team in the UK can now, I would say, fine-tune the pricing adjustments to balance, I would say, growth where it remains interesting, but also hold back where profitable growth comes, and the challenge.

Speaker #3: And so we have, I would say, a little bit more agility and flexibility in doing that. By the way, we have also launched an AI engine on dynamic pricing, and there we also see some first positive effects coming in.

Speaker #3: So that's what we see. Second half, latest data point I saw—and that was over the summer—is that it seems to be a slight continuation of the increase in pricing in the UK motor.

Speaker #3: Claims inflation remains high in the UK. We talk about, say, 5% to 10% continued claims inflation. And honestly, I think the outlook for inflation, for me, is not overly positive.

Hans De Cuyper: We talk about 5% to 10% continued claims inflation. Honestly, I think the outlook for inflation for me is not overly positive that it would come down in the short term.

Speaker #3: That it would come down in the short term.

Speaker #5: Perfect. Thank you. That's very good.

Nasib Ahmed: Okay. Thank you. That's very good.

Speaker #1: The next question is coming from Michele Ballatore from KBW. Your line is now open. Please go ahead.

Operator 2: The next question is coming from Michele Ballatore from KBW. Your line is now open. Please go ahead.

Operator: The next question is coming from Michele Ballatore from KBW. Your line is now open. Please go ahead.

Speaker #2: Yes, thank you for taking my question. I have one question about the growth in Belgium, which of course was quite strong. Can you give me more color on this growth, both in Life—in terms of what drove the demand there?

Michele Ballatore: Yes, thank you for taking my question. I have one question about the growth in Belgium, which of course was quite strong. Can you give me more color on this growth, both in life in terms of what drove the demand there, if it's a byproduct of how the market perform in the H1 or something else? Also in terms of the products that you're selling. In non-life, also in Belgium, you mentioned tariff increases and portfolio growth. Maybe if you give more color on these two dynamics. Where are you increasing tariffs, and what is the growth? Thank you.

Speaker #2: I mean, is it a by-product of how the market performed in the first half, or is it something else? And also, in terms of the products that you are selling.

Speaker #2: And in Non-Life, also in Belgium, you mentioned tariff increases and portfolio growth. Maybe if you could give more color on these two dynamics: where are you increasing tariffs, and what is the growth?

Speaker #2: Thank you.

Speaker #3: Okay, thanks, Michele. Indeed, we saw a very strong performance on the Life side in Belgium. The Life side grew 27%. The Non-Life side grew 13%.

Hans De Cuyper: Okay. Thanks, Michele. Indeed, we saw a very strong performance on the life side in Belgium. The life side grew 27%, the non-life side 13%. Of course, we have also to look scope on scope. Because in Belgium, of course, we took two more months at 100% in the numbers that you have in front of you. So if we bring Belgium back, we see a growth of 13%, which is a mix of 14% in life and 5% in non-life. On the life side, strong performance by bancassurance. Of course, you know we have renewed that bancassurance agreement into a 15-year contract, and we see that there is more effort invested in further building the bancassurance relationship with BNP. So we talk here more about the investment type of products, also with a higher proportion of unit-linked than usual.

Speaker #3: But of course, we also have to look at scope on scope. Because in Belgium, of course, we took two more months at 100% in the numbers that you have in front of you.

Speaker #3: So, if we bring Belgium back, we see our growth of 13%, which is a mix of 14% in Life and 5% in Non-Life. On the Life side, we had strong performance by bank assurance.

Speaker #3: And of course, you know we have renewed that bancassurance agreement into a 15-year contract. And we see that there is more effort invested in further building the bancassurance relationship with BNP.

Speaker #3: So we talk here more about the investment-type products, also with a higher proportion of unit-linked than usual. If you look at the fiscal products, they are anyway more focused on the second half of the year.

Hans De Cuyper: If you look at the fiscal products, they are anyway more focused on the H2. There is, I think, some continued pressure also by changing in tax regulations, stricter application of the tax deductibility. So that market for the time being is growing less. But of course, we are waiting to see what the performance there on the H2. The growth in non-life is 5%. I would say that is a nice continued growth. You know that almost two-thirds of the products on non-life in Belgium have an automatic indexation mechanism embedded, taking into account the inflation. There is in the market a slight increase in premium for the Nat Cat risk that we have seen, and also AG has applied a small increase in the property book. But 5%, I would say, is a healthy continued growth for non-life.

Speaker #3: But there is, I think, some continued pressure also from changes in tax regulations, stricter application of tax deductibility. So that market, for the time being, is growing less.

Speaker #3: But of course, we are waiting to see the performance there in the second half of the year. The growth in non-life is 5%. I would say that is a nice, continued growth.

Speaker #3: You know that almost two-thirds of the products are non-life in Belgium and have an automatic indexation mechanism embedded, taking into account the inflation. There is, in the market, a slight increase in premium for the cat nat risk that we have seen, and also, AG has applied a small increase in the property book.

Speaker #3: But 5%, I would say, is a healthy, continued growth for non-life. And there is also growth in volumes, and that's also an element. It is not only an element of tariff.

Hans De Cuyper: There is also growth in volumes. That is also an element. It is not only an element of tariff.

Michele Ballatore: Thank you. Thanks.

Speaker #2: Thank you. Thanks.

Speaker #1: The next question is coming from Faro Hanif from JP Morgan. Your line is now open. Please go ahead.

Operator 2: The next question is coming from Farooq Hanif from JPMorgan. Your line is now open. Please go ahead.

Operator: The next question is coming from Farooq Hanif from JPMorgan. Your line is now open. Please go ahead.

Speaker #2: Hi there. Thanks very much. The first question is about the comment you made regarding not sitting on capital. Obviously, you've made a decent gain on the ETHIAS transaction and have a lot of cash post that.

Farooq Hanif: Hi there. Thanks so much. The first question is the comment you made about not sitting on capital. You have made a decent gain on the Etiqa transaction. You have a lot of cash post that. How long would you wait? What is the timeframe for deciding whether you will return capital or use it for inorganic growth or growth? For example, hypothetical situation, let us say you think some file is going to come, for example, in your home market, but it is taking a bit longer than you think. Are you prepared to just wait for that because you would rather just be ready for when that happens? Or would you rather fund that when the time comes, and really want to deploy that cash quickly? I just want to understand the timing of that really. That is question one.

Speaker #2: How long would you wait? So, what is the timeframe for deciding whether you will return capital or use it for inorganic growth, or growth?

Speaker #2: So, for example, in a hypothetical situation, let's say you think some file is going to come, for example, in your home market, but it's taking a bit longer than you think.

Speaker #2: Are you prepared to just wait for that, because you'd rather be ready for when that happens? Or would you rather fund that when the time comes, if you really want to deploy that cash quickly?

Speaker #2: So I just want to understand the timing of that, really. That's question one. Question two is, on the combined ratio, I think you've really been supported by strong reserve releases.

Farooq Hanif: Question two is, on the combined ratio, I think you have really been supported by strong reserve releases. This is an area where I guess we have not had quite a lot of guidance from you guys. How much of that reserve release is structural and how much is you basically being able to offset some of the Nat Cat that you saw in H1? Can you give us some guidance on that? Are we still on a path to 92%, basically? Thank you.

Speaker #2: And this is an area where, I guess, we've not had quite a lot of guidance from you guys. So how much of that reserve release is structural, and how much is you basically being able to offset some of the NCCAT that you saw in H1?

Speaker #2: Can you give us some guidance on that? And then, are we still on a path to 92%, basically? Thank you.

Speaker #3: Good morning, Farouk. I will take the first question. The second question I give to Wim, who is very close to the reserve. We close the first half-year with a cash position between €1 and €1.1 billion.

Hans De Cuyper: Good morning, Farooq. I will take the first question. Second question I give to Wim, who is very close to the reserving. We close the first half year with the cash position between EUR 1 billion and EUR 1.1 billion. A similar amount is expected to come in at the closing of the transaction in Malaysia, so we can assume that EUR 2 billion to EUR 2.1 billion is probably a good reference for the evolution of the cash position. Your second part of the question is a lot more difficult. How quickly? Well, first of all, first things first, let us close the Malaysia transaction, before we can really think about how to deploy. Of course, there is a bit of noise of M&A also in our home market. Belgium, there is an opportunity. We have expressed our interest in that opportunity.

Speaker #3: A similar amount is expected to come in at the closing of the transaction in Malaysia, so we can assume that $2 billion to $2.1 billion is probably a good reference for the evolution of the cash position.

Speaker #3: Your second part of the question is a lot more difficult. How quickly—well, first of all, first things first, let's close the Malaysia transaction before we can really think about how to deploy.

Speaker #3: Of course, you know there is a bit of noise around M&A also in our home market, Belgium. There is an opportunity, and we have expressed our interest in that opportunity.

Speaker #3: But it's very hard to read today what the timing of this will be, so I can absolutely not comment. But I think you have enough confidence, I think, in how we manage the balance sheet and the cash position, and the M&A opportunity.

Hans De Cuyper: It is very hard to read today what the timing of this will be. I can absolutely not comment. But I think you have enough confidence, I think, in how we manage the balance sheet and the cash position and the M&A opportunities. If we truly believe we have excess capital for the longer run, we will consider that share buyback. But it is very, very hard today to put a timing on that one.

Speaker #3: So, if we truly believe we have excess capital for the longer run, we will consider that share buyback. But it is very, very hard today to put a timing on that one.

Speaker #2: Okay.

Farooq Hanif: Okay.

Hans De Cuyper: Reserving.

Speaker #3: Reserving?

Speaker #2: Good morning, Farouk. Your question on reserving—as you know, we are very disciplined in how we set reserves. Our confidence interval is 75%, but you know that's a confidence interval on top of a best estimate.

Wim Guilliams: Good morning, Farooq. Your question on reserving, as you know, we are very disciplined in how we set reserves. Our confidence interval is 75%, but you know that's a confidence interval on top of a Best Estimate. A Best Estimate is not a point estimate, it's a bit of range. So you have a bit of reflections on where you put yourself in the range. There we are very disciplined in how we put ourselves in the range. What you've seen happening over the H1 of the year is the normal evolutions of the claims. You see that we had a higher reserve release in Belgium, 3% compared to 2% last year, and also a higher reserve release in Europe. You may have seen similar trends with some of the peers who communicated in the UK market.

Speaker #2: And a best estimate is not a point estimate; it's a bit of a range. So you have a bit of reflection on where you put yourself in the range.

Speaker #2: And there, we are very disciplined in how we put ourselves in the range. What you've seen happening over the first half of the year is the normal evolution of the claims.

Speaker #2: And you see that we had a higher reserve release in Belgium—3%, compared to 2% last year—and also a higher reserve release in Europe.

Speaker #2: Now, you may have seen similar trends with some of the peers who communicated in the UK market. Also, there, the prior year development has been strong.

Wim Guilliams: Also there, the prior year development has been strong. That's a bit supporting, of course, the evolution of the reserve release as such. Of course, there is a bit of a link between how you look at the range of your Best Estimates and what you see in weather. That's the way you a bit look at it going forward. We've never given explicit guidance on that prior year development and how that will contribute. You should know H1 is always higher than H2. It's just a mechanical effect of a prior year release because you still have the claims of the end of last year running through, and that becomes a prior year release.

Speaker #2: So that's a bit supporting, of course, the evolution of the reserve release as such. And of course, that is a bit of a link between how you look at the range of your best estimates and what you see in weather.

Speaker #2: And so that's the way you look at it going forward. Now, we've never given explicit guidance on that prior year development and how that will contribute.

Speaker #2: You should know H1 is always higher than H2. It's just a mechanical effect of a prior year release, because you still have the claims from the end of last year running through.

Speaker #2: And that becomes a prior year release. Now, if you want to have a bit of an estimate, I would give more an indication of 2% going forward—higher in the first half of the year, lower in the second half of the year.

Wim Guilliams: If you want to have a bit of an estimate, I would give more an indication of 2% going forward, higher in the H1 of the year, lower in the H2 of the year. But you have also seen a bit of lower numbers in the previous years. On your reference point, path to 92. The fact that we stay very disciplined in the reserving is that we also stay very disciplined in what we see happening across the globe, and especially what's happening in the Strait and what that could have as an impact on the inflation. Where we are mostly monitoring that is, of course, the impact on the UK market, where you know that inflation has the most direct impact. In our market in Belgium and Portugal, that's more spread over time and can be better absorbed in the pricing.

Speaker #2: But you have also seen a bit lower numbers in the previous years. Now, on your reference point, part 292, the fact that we stay very disciplined in reserving is that we also stay very disciplined in what we see happening across the globe.

Speaker #2: And then, especially, what's happening in the strait and what impact that could have on inflation. Where we are mostly monitoring that is, of course, the impact on the UK market, where you know that inflation has the most direct impact. In our markets in Belgium and Portugal, that's more spread over time and can be better absorbed in the pricing.

Speaker #2: Now, we've done some scenario analysis on how long we think this is happening, and we put ourselves at the high end of that scenario analysis.

Wim Guilliams: We've done some scenario analysis on how long we think that this is happening, and we put ourselves at the high amount of that scenario analysis. If you would take that out, I can confirm that we're more in that 92 range. That is on track with the path to the 92%.

Speaker #2: So, if you would take that out, I can confirm that we're more in that 92% range. So, that is on track with the path to 92%.

Speaker #2: Okay, that's quite clear. Thank you very much.

Farooq Hanif: Okay, that's quite clear. Thank you very much.

Speaker #1: The next question is coming from Jason Calambusis from ING. Your line is now open. Please go ahead.

Operator 2: The next question is coming from Jason Kalamboussis from ING. Your line is now open. Please go ahead.

Operator: The next question is coming from Jason Kalamboussis from ING. Your line is now open. Please go ahead.

Speaker #3: Yes, good morning. I had some questions. The first one is: In Portugal, according to the news, you would be ready to take the stake to defend the bank insurance partnership.

Jason Kalamboussis: Yes. Good morning. I had some questions. The first one is, in Portugal, according to the news, you would be ready to take the stake to defend the bancassurance partnership. Could you remind us when it ends and the financial rationale for locking something like half to one billion of capital to defend such a bancassurance deal and what is the kind of length that you are looking, the duration. The second part are small questions. In China, comprehensive solvency, what's the Q3 outlook they give? Because difficult always to find. On Solvency II, the sensitivities in equities haven't exactly worked, so it would be interesting to understand why. Finally, you have 3% Nat Cat in the guidance. This seems high for the H2 because in the H1 with pretty bad Nat Cats, we had 3.5%.

Speaker #3: So, could you remind us when it ends, and the financial rationale for locking something like, whatever, half to one billion of capital to defend such a bancassurance deal?

Speaker #3: And what is the kind of length that you are looking at, the duration? The second part is kind of small questions. In China, solvency—comprehensive solvency—what's the third quarter outlook that you'll give?

Speaker #3: Because it's difficult always to find. On Solvency II, the sensitivities in equities haven't exactly worked, so it would be interesting to understand why. And finally, you have 3% net cap in the guidance.

Speaker #3: Now, this seems high for the second half because in the first half, with pretty bad net caps, we had 3.5%. So you assume nearly the same or a bit less for the second half.

Jason Kalamboussis: So you assume nearly the same or a bit less for the H2. Does it give you a bit of margin to beat your guidance? Thank you.

Speaker #3: Does that leave you a bit of margin to beat your guidance? Thank you.

Speaker #2: Okay, thank you, Jason. First one for me. The second one for Christophe. On Portugal, indeed, we have that successful bancassurance partnership with BCP.

Wim Guilliams: Okay. Thank you, Jason. First one for me, the second one for Christophe. On Portugal, indeed, we have that successful bancassurance partnership with Banco Comercial Português. Let me start by referring to the numbers. We have seen the live business in Portugal growing just below 50%, 48%, 49% in the H1 of the year. So I can tell you that the bancassurance business is functioning very well with our partner in Portugal. Indeed, there has been some noise in the media about stake that Fosun is holding into Banco Comercial Português. I've also said that together with you, and I've also seen that the CEO of Banco Comercial Português has commented that they prepare for a potential scenario of divesting by Fosun. Look, that's all that I can comment on this. But of course, it is a relationship which is very close and very important for us.

Hans De Cuyper: Okay. Thank you, Jason. First one for me, the second one for Christophe. On Portugal, indeed, we have that successful bancassurance partnership with Banco Comercial Português. Let me start by referring to the numbers. We have seen the live business in Portugal growing just below 50%, 48%, 49% in the H1 of the year. So I can tell you that the bancassurance business is functioning very well with our partner in Portugal. Indeed, there has been some noise in the media about stake that Fosun is holding into Banco Comercial Português. I've also said that together with you, and I've also seen that the CEO of Banco Comercial Português has commented that they prepare for a potential scenario of divesting by Fosun. Look, that's all that I can comment on this. But of course, it is a relationship which is very close and very important for us.

Speaker #2: Maybe let me start by referring to the numbers. We have seen the Life business in Portugal growing just below 50%—48, 49%—in the first half of the year.

Speaker #2: So I can tell you that the bancassurance business is functioning very well with our partner. In Portugal, indeed, there has been some noise in the media about the stake that Fosun is holding.

Speaker #2: Regarding BCP, as I mentioned together with you, I've also seen that the CEO of BCP has commented that they are preparing for the potential scenario of divesting. For now, that's all I can comment on this.

Speaker #2: But of course, it is a relationship which is very close and very important for us. The bancassurance agreement we are having now is still running for a few more years.

Wim Guilliams: The bancassurance agreement we are having now is still running a few more years. Christophe, on solvency.

Hans De Cuyper: The bancassurance agreement we are having now is still running a few more years. Christophe, on solvency.

Speaker #2: Christophe, on solvency?

Speaker #3: Yeah. Your question was why does the equity sensitivity does not work. It has to do with the size of the shock. So there is a mechanic in your equity that is in your equity SCR that they call the symmetric adjustment.

Christophe Boizard: Yeah, your question was why does the equity sensitivity does not work. It has to do with the size of the shock. There is a mechanic in your equity that is in your equity SCR that they call the Symmetric Adjustment. So that means if markets are very high or capital charge for equity is actually higher than if markets are quite low. So that means if you do a big shock like 25%, this can go outside of these boundaries because it ranges from a plus to minus 10 on top of a base shock. If you, for example, take European equities, the base shock under the Standard Formula will be 39%. It can basically be 10% higher or 10% lower in terms of capital requirements, depending if the markets at that moment are high or low.

Christophe Vandeweghe: Yeah, your question was why does the equity sensitivity does not work. It has to do with the size of the shock. There is a mechanic in your equity that is in your equity SCR that they call the Symmetric Adjustment. So that means if markets are very high or capital charge for equity is actually higher than if markets are quite low. So that means if you do a big shock like 25%, this can go outside of these boundaries because it ranges from a plus to minus 10 on top of a base shock. If you, for example, take European equities, the base shock under the Standard Formula will be 39%. It can basically be 10% higher or 10% lower in terms of capital requirements, depending if the markets at that moment are high or low.

Speaker #3: So that means if markets are very high, our capital charge for equity is actually higher than if markets are quite low. So, if you do a big shock, like 25%, this can go outside of these boundaries, because it ranges from plus to minus 10 on top of a base shock.

Speaker #3: So if you, for example, take European equities, the base shock under the standard formula will be 39%. It can basically be 10% higher or 10% lower in terms of capital requirements, depending on whether the markets at that moment are high or low.

Speaker #3: So that means if you do a big shock on 25%, you go beyond those boundaries. If you do a smaller shock, it behaves differently. So that's the reason that it's indeed difficult to use a big shock like 25% on, let's say, if you have a smaller movement during a quarter.

Christophe Boizard: So that means if you do a big shock on 25%, you go beyond those boundaries. If you do a smaller shock, it behaves differently. So that's the reason that it's difficult to use a big shock like 25% on, let's say, if you have a smaller movement during a quarter.

Christophe Vandeweghe: So that means if you do a big shock on 25%, you go beyond those boundaries. If you do a smaller shock, it behaves differently. So that's the reason that it's difficult to use a big shock like 25% on, let's say, if you have a smaller movement during a quarter.

Speaker #2: Okay, I will add a few comments on the weather. Maybe it's good to remind you of a few of the key numbers. So, we had a significant weather impact.

Wim Guilliams: Okay, I will add a few comments on the weather. Maybe good to remind a few of the key numbers. We had a significant weather impact. That is that EUR 180 million impact on the net operating result. If you look at that weather impact, that is an impact of almost 5 percentage points on the combined ratio. So in the combined ratio that we publish, we have 5 percentage points. In the guidance we did for the full year, we are referring to a guidance of 3% impact on the total combined ratio. That is for the full year impact. Which means that in the H2 of the year, we are expecting an impact of 1 percentage point. Now, this 1 percentage point is aligned with the impact of weather that we had over the last two years.

Speaker #2: That's that €180 million impact on the net operating result. If you look at that weather impact, that's an impact of almost 5 percentage points on the combined ratio.

Speaker #2: So in the combined ratio that we publish, we have a 5 percentage point impact. In the guidance we gave for the full year, we're referring to a guidance of a 3% impact on the total combined ratio.

Speaker #2: That's for the full-year impact, which means that in the second half of the year, we're expecting an impact of 1 percentage point. Now, this 1 percentage point is aligned with the impact of weather that we had over the last two years.

Speaker #2: Now, you may remember when it was 1%, I said be a bit careful. A normal through-the-cycle level is more 2%. So now, this year, we've taken in the guidance more that we're on the upper end of that guidance, going to the 3%.

Wim Guilliams: Now, you may remember when it was 1%, I said, "Be a bit careful." A normal through the cycle level is more 2%. So now, this year, we have taken in the guidance more that we are on the upper end of that guidance going to the 3%. So that is a bit to clarify the numbers. Because you mentioned the 3.5 percentage points. The 3.5 percentage points is the weather impact in Europe only, in the segment Europe. The numbers I am referring to are the one at the total level, at group level. So we are taking that analysis at group level.

Speaker #2: So that's a bit to clarify the numbers, because you mentioned the 3.5 percentage points. The 3.5 percentage points is the weather impact in Europe, only in the segment Europe.

Speaker #2: The numbers I'm referring to are the ones at the total level and at the group level. So we're taking that analysis at the group level.

Speaker #3: Thanks a lot for the clarification. And finally, just on the comprehensive solvency in China—what's the outlook that you give for the third quarter?

Jason Kalamboussis: Thanks a lot for the clarification. Finally, just the comprehensive solvency in China. What is the outlook they give for Q3?

Christophe Boizard: Solvency ratio. I think the outlook for TPL is 205%.

Christophe Vandeweghe: Solvency ratio. I think the outlook for TPL is 205%.

Speaker #2: Solvency ratio. I think the outlook for TPL is 205%.

Speaker #3: Superb. Thank you very much.

Jason Kalamboussis: Superb. Thank you very much.

Speaker #1: The next question is coming from Benoit Petrarque from Kepler Cheuvreux. Your line is now open. Please go ahead.

Operator 2: The next question is coming from Benoît Pétrarque from Kepler Cheuvreux. Your line is now open. Please go ahead.

Operator: The next question is coming from Benoît Pétrarque from Kepler Cheuvreux. Your line is now open. Please go ahead.

Speaker #3: Yes, good morning. So, a few questions on my side. First of all, on the UK remittances—it's up a bit in H1. I was wondering where you stand on the Solvency II ratio, and also versus your commitment to start to remit from Issuer in '28, whether you see that happening a bit upfront—potentially in '27 as well.

Benoît Pétrarque: Yes, good morning. A few questions on my side. First of all, on the UK remittances, it felt a bit in H1. I was wondering where you stand on the Solvency II ratio and also versus your commitment to start to remit from esure in 2028, whether you see that happening a bit upfront than expected also in 2027 potentially. On the remittance number above the EUR 1.4 billion for this year, if you clean for China and Thailand, could you strip out, say, EUR 175 million to get to a clean number for the future clean base for 2027? Just final on Ageas, I think there have been quite a number of political comments during the summer. What is your base case today? Do you think you could get a chance to get a deal by year-end or you have a stronger conviction that will happen in 2027?

Speaker #3: And on the remittance number, above the $1.4 billion for this year, if you clean for China and Thailand, could you strip out, say, $175 million to get to a clean number for the future clean base for '27?

Speaker #3: And just finally on ATS, I think there have been quite a number of political comments during the summer. What is your base case today?

Speaker #3: Do you think you could get a chance to get a deal by year-end? Or do you have a stronger conviction that that will happen in '27?

Speaker #3: Thank you.

Benoît Pétrarque: Thank you.

Speaker #2: Thank you, Benoit, for your questions. First of all, on the UK, we do not give solvency ratios for the specific entities. But what I can tell you is what we said.

Hans De Cuyper: Thank you, Benoît, for your questions. First of all, on UK, we do not give solvency ratios by the specific entities. What I can tell you is what we said at the beginning of the transaction, that it would become accretive as of 2028 and that until then, the issuer contribution, which we expect a normal evolution, and that is also what we see, that would be consumed by the integration cost and also, of course, the higher cost of debt. That is exactly what we have seen happening in the H1 of the year. So we are on schedules in this respect, but we will, as I said, come to you with a more deep dive on the UK business and the integration specifically at the beginning of October. So I hope to welcome you there.

Speaker #2: At the beginning of the transaction, it was said that it would become accretive as of 2028, and that until then, the issuer contribution—which we expect to follow a normal evolution, and that's also what we see—would be consumed by the integration cost and also, of course, the higher cost of debt.

Speaker #2: And that is exactly what we have seen happening in the first half of the year, so we are on schedule in this respect.

Speaker #2: But we will, as I said, come to you with a more in-depth dive on the UK business and the integration specifically, at the beginning of October.

Speaker #2: So, I hope to welcome you there. On the $1.4 billion coming with excessive—or excess—solvency, or, sorry, excess upstreaming from China and Thailand, I think you're right.

Hans De Cuyper: On the EUR 1.4 billion coming with excessive or excess solvency or, sorry, excess upstreaming from China and Thailand, I think you are right. EUR 175 million is probably a fair estimate for the two combined on the exceptional element in the upstreaming of solvency. Third, your question on Ethias. Again, we cannot comment a lot on M&A opportunities. What I can tell you is that our view on the opportunity of Ethias has not changed. So in that sense, timing, I would say, has by no means become more clear. If you follow a little bit the political environment about both files, the potential partial divestment by the government of Belgium and then the potential yes or no link on Ethias, you can imagine that at the moment it is a very complex situation and complex decision. You gave two options there. Will it happen in 2026 or 2027?

Speaker #2: $175 million is probably a fair estimate for the two combined on the exceptional element in the upstreaming of solvency. Third, your question on ATS.

Speaker #2: Again, we cannot comment a lot on M&A opportunities. What I can tell you is that our view on the opportunity of ATS has not changed.

Speaker #2: So in that sense, timing, I would say, has by no means become more clear. And if you follow a little bit the political environment about both files—the potential partial divestment by the government of Belfius, and then the potential yes-or-no link on ATS—you can imagine that at the moment it is a very complex situation and a complex decision.

Speaker #2: You gave two options there. Will it happen in '26 or '27? There is maybe a third option that it might even happen later, or never.

Hans De Cuyper: There is maybe a third option that it might even happen later or never.

Speaker #3: Berkeley, I thank you very much.

Benoît Pétrarque: Okay. Thank you very much.

Speaker #1: Ladies and gentlemen, I would like to return the conference call to the speakers for any closing remarks.

Operator 2: Ladies and gentlemen, I would like to return the conference call back to the speakers for any closing remarks.

Operator: Ladies and gentlemen, I would like to return the conference call back to the speakers for any closing remarks.

Speaker #2: Okay. Thank you, ladies and gentlemen, for your questions. To end this call, let me summarize the main conclusions. In addition to our strong top-line growth, our operations also delivered improved profitability, despite the impact from significant adverse weather—a clear reflection of the resilience of our insurance business.

Hans De Cuyper: Okay. Thank you, ladies and gentlemen, for your questions. To end this call, let me summarize the main conclusions. Next to our strong top-line growth, our operations also delivered an improved profitability despite the impact from significant adverse weather, a clear reflection of the resilience of our insurance business. In 2026, we expect to reach a net operating result above EUR 1.95 billion, including the contribution of the sale of our stake in Malaysia and assuming around 3% full-year weather impact on the combined ratio. In 2026, we expect to receive above EUR 1.4 billion cash upstream from our insurance entities, which is an increase of 49% compared to last year. In line with our dividend commitment, an interim cash dividend of EUR 1.5 per share will be paid in December this year. With these closing remarks, I would like to bring this call to an end.

Speaker #2: In 2026, we expect to reach a net operating result above €1.95 billion, including the contribution from the sale of our stake in Malaysia, and assuming around 3% full-year weather impact on the combined ratio.

Speaker #2: In 2026, we expect to receive over €1.4 billion in cash upstream from our insurance entities, which is an increase of 49% compared to last year.

Speaker #2: In line with our dividend commitment and interim cash dividend of €1.50 per share, which will be paid in December this year, I would like to bring this call to an end with these closing remarks.

Speaker #2: If you have any outstanding questions, please don't hesitate to contact our IR team. Thank you for your time, and I wish you a very nice day.

Hans De Cuyper: If you should have outstanding questions, don't hesitate to contact our IR team. Thank you for your time, and I wish you a very nice day.

Speaker #1: Ladies and gentlemen, this concludes today's conference call. Thank you very much for your attending. You may now disconnect your lines.

Operator 2: Ladies and gentlemen, this concludes today's conference call. Thank you very much for your attending. You may now disconnect your lines. The host has ended this call. Goodbye.

Operator: Ladies and gentlemen, this concludes today's conference call. Thank you very much for your attending. You may now disconnect your lines. The host has ended this call. Goodbye.

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Q2 2026 Ageas SA Earnings Call

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