Ageas
Material Topics
Sustainability statement, in full
The complete text of Ageas’s FY2025 sustainability statement is held here – 138 pages, 576k characters, captured from the published report. Every disclosure below also links to its own passage.
ESRS 2 – General Disclosures
GOV-1The role of the administrative, management and supervisory bodiesReported
The role of the administrative, management and supervisory bodies
Reference: page 55; pages 20-41, 56.
As at 31 December 2025 the Ageas Board of Directors comprised twelve members: three male non-executive directors, six female non-executive directors and three male executive directors, of seven Belgian, two Swiss, one Belgian-Indian, one German and one Spanish nationality. Members were chaired by Bart De Smet, with Yvonne Lang Ketterer as Vice Chair, and included CEO Hans De Cuyper, CFO Wim Guilliams and CRO Christophe Vandeweghe. The Executive Committee comprised six male and two female members, all of Belgian nationality. Four Board subcommittees take up sustainability roles: the Nomination and Corporate Governance Committee makes recommendations on environmental and societal matters, the Remuneration Committee advises on sustainability in performance KPIs, the Risk and Capital Committee follows up on ESG risks, and the Audit Committee reviews the consolidated sustainability reporting. The Board holds ultimate responsibility for overseeing material IROs and ensuring they are reflected in Ageas's ESG strategy and policies.
GOV-2Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodiesReported
Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies
Reference: page 56.
Board members provided a self-assessment of their expertise across topics the DMA identified as being of special interest, including climate change effects on insurance and investment business, privacy and data protection, corporate culture and business conduct, ESG-related investment trends, and the environmental effects (biodiversity, water, pollution, circularity) on the business. The assessment found the majority of non-executive members have sufficient expertise on all listed matters, with at least two members rating themselves highly on each. Day-to-day sustainability management sits with the group sustainability department, supported by a network of local ambassadors across entities. Dedicated governance bodies feed information upward: the ESG Steering Committee (chaired by the MD Business Development, co-chaired by the CDSO), the Ageas Investment Committee (AGICO), and the CSRD Steering Committee, led by the Group CFO and dedicated to overseeing non-financial reporting.
GOV-2(was GOV-3)Integration of sustainability-related performance in incentive schemesReported
Integration of sustainability-related performance in incentive schemes
Reference: page 57.
Non-financial KPIs feed into the Short-Term Incentives (STIs) of Executive Committee members' variable remuneration. Company performance objectives, which include financial and non-financial (stakeholder and ESG-related) KPIs tied to the Elevate27 strategy, account for 70% of the STI for the CEO, CFO and MD Business Development, and 40% for other Executive Committee members. The non-financial KPIs used are: Competitive Net Promoter Score (cNPS); People KPIs, including employee Net Promoter Score (eNPS) and diversity in management and senior management; and Society/ESG KPIs, covering the percentage of Gross Written Premium from Sustainable Products, investments in sustainable assets, and Scope 1, 2 and 3 (business travel and commuting) GHG emissions. Overall, non-financial KPIs make up 21% of variable remuneration linked to STIs for the CEO, CFO and MD Business Development, and 12% for other Executive Members.
GOV-3(was GOV-4)Statement on due diligenceReported
Statement on due diligence
Reference: page 58.
Ageas maps its sustainability due diligence practices against five components in a table: embedding due diligence in governance, strategy and business model (via the DMA at 6.1.3, strategy and business model design at 6.3.3.2, governance at 6.2, and risk management at 6.2.3); engaging with affected stakeholders (via strategy design, supplier relations at 6.7.7, the DMA, and engagement with employees, customers and via the responsible investment framework); identifying and assessing adverse impacts using a risk-based approach (grievance channels for employees and customers, the responsible investment framework, supplier relations, and EU Taxonomy at 6.4.4); taking action to address impacts (climate change, own workforce, customers, business conduct, fraud prevention and sanctions policy); and tracking effectiveness of actions and communicating (actions on climate change, own workforce, customers and investments). Ageas states it focuses due diligence at a minimum on its own operations, subsidiaries, and business partners in the upstream supply chain.
GOV-4(was GOV-5)Risk management and internal controls over sustainability reportingReported
Risk management and internal controls over sustainability reporting
Reference: pages 57-58.
The Board of Directors and Executive Committee conduct periodic reviews of strategy and business plans, informed by an internally developed Horizon Scan tool that monitors emerging trends and risks, and an emerging risk radar discussed at the Group Risk Committee, Executive Committee and Board levels. Ageas applies internal controls intended to ensure ESG disclosures are complete, accurate and reported with integrity, including periodic monitoring of companies, technical checks on calculations, consistency checks comparing results, trend analysis to detect outliers against baseline, and a centralised data glossary defining key terms. The main risks identified in periodic reporting are missing data, misinterpretation and reporting delays; findings from monitoring and controls are reported to the administrative, management and supervisory bodies and integrated into relevant internal functions through data owners and controllers.
SBM-1Strategy, business model and value chainReported
Strategy, business model and value chain
Reference: pages 59-61; pages 62-65.
Ageas is a Belgian-rooted international insurance group offering Life, Non-Life and Health solutions in 13 countries across Europe and Asia, generating EUR 8,063 million of insurance revenue in 2025 across consolidated entities, split roughly 60/40 between Life and Non-Life. The business model rests on three core activities: insurance (pooling risk from Life, Home, Car and Liability products), reinsurance (via the internal Ageas Re activity launched in 2015 and extended to third parties in 2023), and investment (deploying premiums across a diversified asset base). Ageas is predominantly retail- and SME-focused, with 2025 marking the launch of the three-year Elevate27 strategy (2025-2027), which prioritises profitable growth, technical insurance and operational excellence, distribution capabilities and sustainability. Ageas identified no activities, regions or business relationships within its own operations that give rise to a heightened risk of adverse impacts.
SBM-2Interests and views of stakeholdersReported
Interests and views of stakeholders
Reference: page 64; pages 51-54.
Ageas maps engagement channels, needs and expectations against each stakeholder group and links them to the relevant chapters addressing them. Customers are engaged through periodic surveys (cNPS, tNPS), independent market research and complaints channels, and expect transparency, personalisation and understandable products. Employees are engaged via direct line-manager dialogue, periodic surveys, the Horizon Scan and topical engagement platforms, and want career development, adequate remuneration and an inclusive workplace. Business partners are engaged through relationship managers and partnership days and expect robust data security and ethical conduct. Investors are engaged via investor days, calls, the shareholders' meeting and ESG ratings, and prioritise stable returns. Society's expectations, gathered via independent market research, centre on solutions to societal and environmental challenges and support for the net-zero transition. Stakeholder input, including a Group-wide DMA survey, fed directly into the 2025 update of the double materiality assessment.
SBM-3Material impacts, risks and opportunities and their interaction with strategy and business modelReported
Material impacts, risks and opportunities and their interaction with strategy and business model
Reference: pages 53-54; pages 65, 125-126.
Following the DMA, Ageas grouped its material sustainability matters into four ESRS-mapped topics: Climate Change (E1); Own workforce, covering diversity & equal opportunities and human capital management (S1); Consumers and end-users, covering responsible products and services (S4); and Business conduct, covering responsible & ethical governance, business partners & suppliers, and data privacy & security (G1); plus two entity-specific topics, Responsible investments and Responsible communication. Not material at Group level: pollution, water and marine resources, biodiversity and ecosystems, circularity (material only for AG Real Estate), workers in the value chain, affected communities, local engagement (material only in Portugal and India), business conduct sub-topics of animal welfare, payment practices and lobbying, own-workforce disability metrics, and climate change internal carbon pricing. IROs linked to diversity, human capital and governance sit mainly in own operations; climate, investment and product IROs sit mainly downstream; business partner and supplier IROs span both directions of the value chain. A full list of material IROs by topic appears in Annex 6.10.1.
IRO-1Description of the processes to identify and assess material impacts, risks and opportunitiesReported
Description of the processes to identify and assess material impacts, risks and opportunities
Reference: pages 51-54.
Ageas ran its first DMA under CSRD/ESRS in the second half of 2023 and updated it during 2025 through a three-step process: desktop research on external trends and peer benchmarking (drawing on the Ageas Key & Emerging Risk Report, Allianz Risk Barometer, PwC Insurance 2025 and World Economic Forum sources); stakeholder engagement through workshops with internal topical experts across risk, environment, compliance, employees, communications, products and investments, followed by local validation with Operating Companies; and consolidation and validation by the CSRD and ESG Steering Committees, and the Management and Audit Committees. Impact materiality assessed scale, scope, remediability and likelihood on a gross basis (before mitigation); financial materiality assessed likelihood and the magnitude of profit-and-loss impact, from under 5% to over 40%. Dedicated DMA sessions for the 2025 acquisitions (esure, Saba) confirmed no new material topics or IROs. Two new material risks emerged from the update: reputational damage from own-operations misalignment with climate ambitions (E1), and reputational damage or sanctions from failing to comply with evolving regulatory frameworks (G1).
IRO-2Disclosure requirements in ESRS covered by the undertaking's sustainability statementReported
Disclosure requirements in ESRS covered by the undertaking's sustainability statement
Reference: pages 125-128.
Chapter 6.10.2's Content index lists, for every applicable ESRS disclosure requirement, the report chapter(s) and page range(s) where it is addressed, together with cross-references to other EU legislation (SFDR, Pillar 3, Benchmark Regulation, EU Climate Law) and flags for phase-in provisions, including on the Article 40(d) sector exemption for SBM-1, the Article 48(e) phase-in for SBM-2, and the "no fully ESRS compliant transition plan" flag on E1-1. It records E1-9 as not applicable under the phase-in relief. A separate line lists non-material datapoints by paragraph reference across ESRS E2, E3, E4, E5, S2 and S3. Chapter 6.10.1 precedes it with the full list of material impacts, risks and opportunities by ESG sub-topic, IRO type, description, time horizon and affected stakeholder group, underpinning the index.
E1 – Climate Change
E1-1Transition plan for climate change mitigationReported
Transition plan for climate change mitigation
Reference: pages 69-71; pages 66-69, 73.
Ageas states plainly that it "is not yet able to publish a fully developed climate transition plan stipulated by CSRD/ESRS" but "continues working towards an internal climate transition plan across the Group," building on the previous strategic cycle's climate pillar, the updated DMA and the Elevate27 strategy, with the plan "expected to be ready for the Group by the end of the strategic cycle" (2027). A high-level table sets out policies, actions, metrics and Elevate27 targets by activity: insurance (measuring Insurance Associated Emissions), investment (EUR 15+ billion in sustainable assets by 2027; 55% GHG intensity reduction by 2030 vs 2021 for listed equities, corporate bonds and direct infrastructure equity), and supporting activities (30% own-operations emissions reduction by 2027 vs 2023). Monetary CapEx/OpEx amounts are disclosed only for supporting-activity actions with dedicated budgets (over EUR 30 million for renovation, solar panels and fleet greening); investment and insurance actions sit within general multi-year budgets. None of the targets are externally assured or SBTi-validated.
E1-2(was covered under ESRS 2 IRO-1)Identification of climate-related risks and scenario analysisReported
Identification of climate-related risks and scenario analysis
Back-filled from ESRS 2 IRO-1 and the E1 climate DMA/resilience section (chapter 6.4.1), where this content is disclosed in the FY2025 report (pages 67-69). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.
The DMA classifies climate-related material risks by activity: in own operations, reputational damage from misalignment with climate ambitions; in insurance, underwriting losses from inadequate assessment of changing claims patterns tied to physical risks (floods, droughts, storms, rising sea levels); in investments, risks from inadequate assessment of transition risk within ERM models. For scenario analysis, Ageas Group Risk uses three NGFS Phase V scenarios (Net Zero 2050, Delayed Transition, Current Policies) covering market and underwriting risk across investment, P&C and L&H underwriting activities, over short (0-3 years), medium (4-10 years) and long term (to 2075). The short-term impact of Net Zero 2050 was assessed qualitatively only, given its low probability. Assumptions and methodology detail sit in the annex (chapter 6.10.5.1). Climate-specific risk identification is also presented under IRO-1 and the topical climate chapter (6.4).
E1-3(was covered under ESRS 2 SBM-3)Resilience in relation to climate changeReported
Resilience in relation to climate change
Back-filled from ESRS 2 SBM-3 and the E1 resilience section (chapter 6.4.1.4), where this content is disclosed in the FY2025 report (page 69). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.
Ageas concludes that "the assessment of all three climate scenarios indicates potential adverse impacts on Ageas's Solvency Ratio, but none threatens its financial strength, demonstrating Ageas's resilience to climate-related risks." Under the most severe physical scenario (Current Policies), impacts stay minimal short term and grow over time without threatening solvency, partly because reinsurance coverage is adjusted annually to absorb projected gross losses, though growing catastrophe frequency may raise reinsurance cost and availability over time. The analysis was run on the Group balance sheet at Q4 2024, holding the investment portfolio fixed while allowing for anticipated non-life mitigation actions such as reinsurance and repricing; results are flagged as uncertain given evolving climate science and modelling assumptions. Resilience is also addressed under SBM-3 and the topical climate chapter (6.4.1).
E1-4(was E1-2)Policies related to climate change mitigation and adaptationReported
Policies related to climate change mitigation and adaptation
Reference: pages 69-71.
Insurance activities are governed by the Product Approval, Underwriting (with Standards for Responsible Underwriting for Commercial P&C) and Claims policies, which integrate climate factors into product design, underwriting and claims handling; Ageas reports only limited exposure to thermal coal and unconventional oil & gas in its commercial P&C book, with no thermal coal exposure identified. Investment activities are governed by the Ageas Responsible Investment Framework, endorsed by the Ageas Investment Committee, which excludes thermal coal, Arctic drilling, oil sands, shale oil and gas and new oil & gas infrastructure investments, and phases out coal-fired electricity exposure in European consolidated entities in line with 1.5°C pathways by 2030 (none remained at year-end 2025). Supporting activities are governed by an Environmental policy covering business travel, commuting and IT equipment, targeting continuous improvement and legal compliance. Real estate activities carry their own climate policy under chapter 6.9.
E1-5(was E1-3)Actions and resources in relation to climate change policiesReported
Actions and resources in relation to climate change policies
Reference: pages 69-76.
For insurance, actions include measuring Insurance Associated Emissions via the PCAF standard (now reported for a second year) and favouring repair over replacement in claims, e.g. Ageas UK repairing one in three motor incidents with a recycled part. For investments, actions include ESG integration, exclusions, engagement (bilateral engagements with 114 companies in H2 2025, plus collective initiatives Climate Action 100+, CDP and Nature Action 100) and voting; Ageas appointed an external service provider in 2025 to broaden engagement scope. For supporting activities, actions include transitioning to green electricity, improving building energy efficiency, greening the car fleet, and reducing business travel and commuting, backed by a dedicated multi-year budget of over EUR 30 million for renovation, solar panels and fleet greening. Ageas also continued supporting Gold Standard and Verified Carbon Standard credit projects in Vietnam, Belgium and Burkina Faso, cancelling 16,730 tCO2eq of credits in 2025 (down from 42,065 tCO2eq in 2024).
E1-6(was E1-4)Targets related to climate change mitigation and adaptationReported
Targets related to climate change mitigation and adaptation
Reference: page 73; pages 71, 75, 123.
Ageas discloses three headline climate targets, none externally validated by SBTi. Investment portfolio: a 55% reduction in GHG intensity of equities, corporate bonds of listed issuers and direct infrastructure equity by 2030 versus a 2021 baseline (149 tCO2eq/million USD revenue for equities/bonds; 30 tCO2eq/million EUR for infrastructure); the Group reported a 54% reduction at end-2025. Real estate: decarbonisation aligned to CRREM 1.5°C national pathways from a 2021 base year (GHG intensity fell 13%, from 16.5 to 14.3 kg CO2eq/m² by end-2025), plus AG Real Estate's own commitment to cut its carbon footprint 43% by 2030 (interim 30% by 2027) from a 2023 base. Own operations: a 30% cut in Scope 1, 2 and 3 (business travel and commuting) emissions of consolidated insurance entities by 2027 versus an updated 2023 baseline; the Group reported a 5% reduction against that baseline in 2025. All targets cover the seven ESRS E1 GHGs except the real estate target, which covers CO2 only.
E1-7(was E1-5)Energy consumption and mixReported
Energy consumption and mix
Reference: pages 75-76; pages 122-123.
Total energy consumption from own operations was 244,579 MWh in 2025 (down from 260,068 MWh in 2024), of which 35% came from fossil sources (84,883 MWh), 1% from nuclear (3,419 MWh) and 64% from renewable sources (156,277 MWh, including 2,907 MWh self-generated, mainly solar at AG Insurance offices). Energy intensity for high-impact activities stood at 233 MWh per million EUR net revenue. 84.43% of Scope 2 GHG emissions were covered by contractual instruments (green electricity certificates), all of it bundled with the energy purchase. Overall, "energy was not considered as a material topic for Ageas." Real estate activities are reported separately: AG Real Estate's GHG intensity fell to 14.3 kg CO2eq/m² at end-2025 from 16.5 kg CO2eq/m² in the 2021 base year, a 13% reduction, tracked via participation in the GRESB benchmark (scores of 76/100 for standing investments and 91/100 for developments in 2025).
E1-8(was E1-6)Gross Scopes 1, 2, 3 and Total GHG emissionsReported
Gross Scopes 1, 2, 3 and Total GHG emissions
Reference: pages 72-75.
For the consolidated Group in 2025: gross Scope 1 emissions were 16,383 tCO2eq (2024: 16,238); gross location-based Scope 2 was 28,517 tCO2eq (down from 35,153) and gross market-based Scope 2 was 5,475 tCO2eq (up from 5,368). Total Scope 3 (location-based) was 5,412,385 tCO2eq, dominated by category 15 financed emissions (5,283,713 tCO2eq, chiefly sovereign bonds, corporate bonds/equity and Insurance Associated Emissions of 444,815 tCO2eq, down 3% year on year). Total GHG emissions were 5,412,385 tCO2eq location-based and 5,388,808 tCO2eq market-based, each up about 2% versus 2024. Measurement follows PCAF methodologies for financed emissions and the GHG Protocol elsewhere; 2025 extended scope to infrastructure and mortgages and increased unlisted-company coverage. The 2025 figures exclude a full year of esure and Saba, whose combined impact is estimated at roughly 6% of Group emissions (market-based) once fully consolidated from 2026.
E1-9(was E1-7)GHG removals and GHG mitigation projects financed through carbon creditsReported
GHG removals and GHG mitigation projects financed through carbon credits
Reference: page 76.
Ageas continued supporting carbon-credit projects certified by the Gold Standard and Verified Carbon Standard, including renewable-energy projects in Vietnam, hemp-concrete-block production in Belgium and cookstove distribution in Burkina Faso, as well as uncertified local tree-planting activity. In 2025 the Group cancelled 16,730 tCO2eq of carbon credits outside the value chain, down from 42,065 tCO2eq in 2024. All cancelled credits (100%) were verified against recognised quality standards; the share originated from reduction projects rose to 100% (from 97%), while the share from removal projects and from EU-based projects each fell (to 0% and 0% respectively, from 3% and 5%). No carbon credits qualified as a corresponding adjustment, and no future cancellations were planned as at year-end. Ageas does not disclose GHG removals from its own operations or value chain.
S1 – Own Workforce
S1-1Policies related to own workforceReported
Policies related to own workforce
Reference: pages 85, 88-94, 95-96, 106-107.
Ageas's own-workforce policies rest on three Group-level HR policies: Great Place to Grow (covering training & skills development, health & safety, and work-life balance), Diversity, Equity & Inclusion (covering diversity & inclusion), and Remuneration (covering adequate wages, social protection and pay). All three "reflect Ageas's commitment to international frameworks such as the International Labour Organisation Core Conventions, the United Nations Declaration of Human Rights and the United Nations Global Compact" (page 88). Local entities may set additional targets and action plans, informed by engagement surveys, grievance procedures, deviation from targets, regulatory or policy change, external benchmarking, and local HR strategy. Ageas states it "does not track the effectiveness of its actions individually," relying instead on a holistic view informed by the annual engagement survey results (page 88).
S1-2Processes for engaging with own workforce and workers' representatives about impactsReported
Processes for engaging with own workforce and workers' representatives about impacts
Reference: pages 85-87, 93-94.
Ageas conducts a Group-wide engagement survey at least once a year covering engagement, diversity, equity, inclusion, health, safety and transformation, alongside internal channels (VivaEngage, podcasts, webinars) and regular dialogue sessions with employee representatives (the employee resource group in Portugal, the employee forum in the UK, Working Environment Meetings at Ageas Corporate Centre, and "let's talk" sessions at AG). The 2025 participation rate was 71.5%, down from 80.2% in 2024 but still described as high by external benchmarks; the overall engagement score held broadly stable at 82.9 (from 83.2). A European Works Council gathers worker representatives from Belgium (eight seats), the UK (three) and Portugal (two), meeting every six months with top management. HR and line managers additionally engage day-to-day at "moments that matter" such as onboarding and performance reviews.
S1-2(was S1-3)Processes to remediate negative impacts and channels for own workforce to raise concernsReported
Processes to remediate negative impacts and channels for own workforce to raise concerns
Reference: pages 88, 109.
Ageas operating companies publish local grievance procedures on their intranets, discussed at induction, tailored to local legislation and covering HR matters (remuneration, performance reviews) via local HR departments and well-being grievances via various support roles; in Belgium and Portugal, union representatives and third-party mechanisms also play a role. A Group-wide "Speak Up" whistleblowing procedure additionally covers discrimination and other human-rights breaches, with dedicated channels compliant with the EU Whistleblower Protection Directive and available to internal and external stakeholders. In 2025, one whistleblowing case was reported and, after investigation, confirmed as a breach of internal rules and policies within the scope of the EU whistleblower directive. Operating companies monitor grievance-procedure effectiveness through routine engagement processes, including specific psychological-safety questions in the engagement survey.
S1-3(was S1-4)Taking action on material impacts on own workforceReported
Taking action on material impacts on own workforce
Reference: pages 89-92.
Actions delivering the policy commitments span training and career development (the Ageas Academy's Gear Up and Risk-Based Capital courses, DARE Series, LinkedIn Learning, Sustainability for Impact, and Essentials of AI & GenAI, with participation growing across most series in 2025), internal and international mobility (9 short-term and 5 virtual assignments completed in the first year of Elevate27, plus a global internal job board), the Leadership Scan 360-degree feedback tool (over 850 completed since inception), and career-preference conversations embedded in local performance-review processes. Health and safety actions cover a mandatory health and safety management system at every operating company (100% employee coverage), with 284 recordable work-related accidents in 2025 (up from 178) and no fatalities. Well-being initiatives include the "We are AG" programme, entity-specific schemes such as AFLIC's Childcare Assistance Policy (287 employees supported since inception) and Ageas Portugal's Nutrium Care nutrition programme.
S1-4(was S1-5)Targets related to own workforceReported
Targets related to own workforce
Reference: pages 85-87.
Under Elevate27, Ageas targets a top-quartile employee Net Promoter Score (eNPS); the 2025 US-methodology eNPS was 45.8, above the 39 top-quartile market benchmark. A second Elevate27 target commits to 40% women in management and senior management by 2027; the reported split was 64%/36% male/female in management and senior management, and 67.5%/31.5% in top management, in 2025. Ageas states no target is set for average training hours, performance-review participation, work-related ill-health metrics, family-related leave coverage, discrimination incidents, the gender pay gap, the total remuneration ratio, or social protection coverage; these are tracked as metrics without targets (page 85). The gender pay gap for 2025 was 4.0%, down from 7.6% (or "halved," per page 96) mainly reflecting the integration of newly acquired entities.
S1-5(was S1-6)Characteristics of the undertaking's employeesReported
Characteristics of the undertaking's employees
Reference: page 84; page 97.
Headcount reached 21,565 at end-2025 (up from 17,677 in 2024), driven mainly by the esure, AICL and Saba acquisitions: 11,276 male (52.3%), 10,020 female (46.5%), 6 other, and 263 not reported. By country: Belgium 12,352 (57.3%), UK 3,831 (17.8%), India 3,869 (17.9%), Portugal 1,435 (6.7%), Hong Kong 78 (0.4%). Of the total, 19,116 were permanent employees, 766 temporary and 1,683 non-guaranteed-hours (mostly AFLIC agency leaders). Employee turnover was 14.0% (2,628 leavers), up from 12.7% in 2024, calculated on permanent-contract leavers against average permanent headcount. Average age was 42.4 years and average seniority 8.7 years across the wider Ageas Group headcount of 54,623 (including equity associates and joint ventures).
S1-7(was S1-8)Collective bargaining coverage and social dialogueReported
Collective bargaining coverage and social dialogue
Reference: pages 86-87.
Collective Bargaining Agreements (CBAs) exist in Belgium (at AG, across national, sectoral and company levels) and Portugal (a single ACT agreement covering both unions), but not at Ageas Corporate Centre; the 2025 coverage table shows 80-100% collective bargaining coverage in Belgium and Portugal versus 0-19% in the UK, Hong Kong and India. Workplace representation (EEA only) is likewise concentrated in Belgium and Portugal. No formal Global Framework Agreement is in place, but Ageas states its "adherence to local and international law, and its structured social dialogue, ensure that the human rights of employees (such as the right of privacy and freedom of expression) are respected in the engagement process." A European Works Council gathers representatives from Belgium, the UK and Portugal, meeting with top management every six months.
S1-8(was S1-9)Diversity metricsReported
Diversity metrics
Reference: page 93.
Top management (senior managers, excluding Executive Committee members) was 67.5% male and 31.5% female in 2025 (486 total headcount), broadly stable versus 68.0%/31.8% in 2024. By age group, 15.4% of employees were under 30, 51.6% were 30-50, and 33.0% were above 50. The DEI policy names racial and ethnic origin, colour, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction and social origin as specifically covered grounds for discrimination. 24 cases of discrimination were reported during 2025 (the workforce-KPI table on page 97 separately shows 25 for the wider Ageas Group). Elevate27 sets a Group target of 40% women in management and senior management, tracked at 64%/36% male/female for that combined population in 2025.
S1-9(was S1-10)Adequate wagesReported
Adequate wages
Reference: pages 95-96.
Ageas states that "Group employees are paid an adequate wage" and that the Group "continues to monitor and benchmark its remuneration packages in order to remain competitive and attractive." Local frameworks support this: a job-grading system for roles not covered by legal pay scales, regular external pay benchmarking, and regular pay-gap analysis between employee groups. The 2025 gender pay gap stood at 4.0%, down from prior-year levels; Ageas attributes it to over-representation of female employees in lower-paying functions and under-representation in higher-paying ones, rather than unequal pay for equal work, with the year-on-year improvement driven mainly by the integration of newly acquired entities with different workforce compositions. No quantified minimum- or living-wage benchmark is disclosed against which "adequate" is independently verified.
S1-10(was S1-11)Social protectionReported
Social protection
Reference: pages 95-96.
Ageas reports that 82% of all employees have full social protection coverage against loss of income from sickness, unemployment, employment injury or acquired disability, parental leave and retirement, with the remainder concentrated among AFLIC's 3,869 non-guaranteed-hours employees, who have partial coverage: none are covered for sickness, unemployment, employment injury/disability, parental leave or retirement gaps of varying scope, per the 2025 social-protection table. Coverage for the Group's permanent and temporary workforce (17,696 and associated categories) is reported as complete for the listed contingencies. The disclosure does not break down coverage sources (statutory versus company-provided) or state a target, consistent with the "no target" metric noted for social protection coverage on page 85.
S1-12(was S1-13)Training and skills development metricsReported
Training and skills development metrics
Reference: pages 89-92, 95-96.
Average training hours per employee fell to 29 in 2025 from 33 in 2024, split 29 hours for both male and female employees (versus 31 male / 34 female in 2024); Ageas attributes the decline to the inclusion of acquired entities with different historical training cultures rather than reduced focus on learning. Regular performance and career-development-review participation was 74% for male and 70% for female employees in 2025 (up from 73%/66% in 2024), rising to 89% Group-wide when excluding Anima (still building a formal review process) and non-guaranteed-hours employees. Ageas Academy participation rose across most course series in 2025, including Gear Up (481 participants, up from 295) and the DARE Series (420, up from 272), with an average quality score of 8.8 out of 10.
S1-13(was S1-14)Health and safety metricsReported
Health and safety metrics
Reference: pages 89-92.
100% of employees were covered by a health and safety management system in 2025. There were 284 recordable work-related accidents (up from 178 in 2024), zero fatalities (unchanged), and 5,019 days lost due to work-related injuries and fatalities (broadly flat versus 5,018), producing a rate of 9.5 work-related accidents per million hours worked (up from 8.1). Belgium's accident count includes commuting incidents. Every operating company maintains a health and safety system tailored to local regulation; because insurance work is primarily desk-based, systems focus on workplace ergonomics, comfort and psychosocial risk, with entity-specific initiatives such as Ageas UK's "Smart Working" hybrid policy and AG's "We are AG" well-being programme supplementing the core framework.
S1-14(was S1-15)Work-life balance metricsReported
Work-life balance metrics
Reference: pages 89-92.
91% of male and 94% of female employees were entitled to take family-related leave in 2025 (up from 92%/84% in 2024), with every employee entitled except AFLIC's non-guaranteed-hours agency leaders. Take-up was 17% for male and 20% for female employees in 2025 (versus 9%/17% in 2024). Entity-specific arrangements extend beyond statutory minimums: AG offers a 90% full-time-equivalent option for parents of children under 18 and a "Cafeteria Plan" allowing leave to be bought, sold or saved; AFLIC's Childcare Assistance Policy has supported 287 employees since inception (141 in 2025 alone) with a monthly allowance up to the child's second birthday; and Ageas UK offers one week of paid carers' leave (beyond the UK's one week statutory unpaid entitlement), taken up by 55 employees for 115 days in its first six months.
S1-15(was S1-16)Compensation metrics (pay gap and total compensation)Reported
Compensation metrics (pay gap and total compensation)
Reference: page 95.
The gender pay gap was 4.0% in 2025, defined as the difference in average pay levels between female and male employees as a percentage of average male pay, down from a materially higher 2024 figure that Ageas describes as "halved," driven mainly by the integration of newly acquired entities with different workforce compositions alongside ongoing structural efforts to narrow the gap. The annual total remuneration ratio was 55 in 2025 (up from 54 in 2024), defined as the ratio of the highest-paid individual's remuneration to the median annual total remuneration of all other employees; this figure excludes esure and Saba. The Group-level workforce KPI table separately shows the ratio of average to CEO salary at 36.8 (up from 32.5).
S1-16(was S1-17)Incidents, complaints and severe human rights impactsReported
Incidents, complaints and severe human rights impacts
Reference: pages 93-94, 111.
In 2025, 25 incidents of discrimination were reported at Group level (down from 64 in 2024), a decrease Ageas attributes to a tightened AG definition rather than an improvement in underlying incidence. 41 complaints for social and human rights matters (excluding discrimination or harassment) were filed through channels for own workers to raise concerns (up from 1 in 2024, reflecting the integration of Saba), and zero were filed through OECD National Contact Points. There were no severe human-rights incidents connected to the own workforce under the UN Guiding Principles or ILO Declaration, and zero fines, penalties or compensation for damages related to social and human rights violations. Separately, anti-corruption training reached 91.03% of functions identified as most at risk in the three years to 2025, with zero convictions and zero fines for anti-bribery and anti-corruption violations.
S4 – Consumers and End-Users
S4-1Policies related to consumers and end-usersReported
Policies related to consumers and end-users
Reference: page 100; pages 99, 106-107.
Consumer-facing conduct rests on the Product Approval policy (PRAP), the Underwriting policy (with Standards for Responsible Underwriting for Commercial P&C) and the Claims Management policy, supplemented by cross-cutting policies also covering governance: Human Rights, the Code of Conduct, the Conflict-of-Interest policy and the Complaints-Handling policy. Ageas Re carries its own Underwriting policy adapted to reinsurance, where each contract is individually analysed rather than distributed via channels. The Treating Customers Fairly (TCF) policy ensures customers "are treated honestly, fairly, and professionally, with a focus on their best interests and adherence to sustainability and human-rights principles." The Human Rights policy separately commits Ageas to making no unauthorised distinctions based on gender, age, religion, background or sexual orientation in customer-facing services, and to screening customers to avoid relationships with human-rights violators.
S4-2Processes for engaging with consumers and end-users about impactsReported
Processes for engaging with consumers and end-users about impacts
Reference: pages 100-101.
Ageas engages customers throughout the product lifecycle via the Voice of the Customer (VOC) programme, adapted to local market specifics, and tracks a competitive Net Promoter Score (cNPS) benchmarked against local insurance competitors; cNPS is a Group Elevate27 strategic KPI feeding into management variable remuneration, and 25% of consolidated entities reached the top quartile in 2025 (unchanged from 2024). Entity examples include AG's Employee Benefits Lab workshops and annual "Sound of Customer" phone-based engagement (over 1,500 employees completed the customer-experience discovery course), Ageas UK's "Your Voice" recurring customer research panel testing product, process and service journeys, and Ageas UK's quarterly VOC survey gathering roughly 25,000 responses to guide the customer journey, including support for vulnerable customers.
S4-2(was S4-3)Processes to remediate negative impacts and channels for consumers and end-users to raise concernsReported
Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
Reference: pages 101-102.
Customers can submit complaints through multiple channels (phone, email, mail, ombudsman) under the Complaints-Handling policy, with responses typically issued within one month and the CEO and senior management responsible for compliance oversight; customers can also use whistleblowing channels. Distribution partners handle initial dissatisfaction before escalation to formal complaints. In 2025, 23,643 total complaints were recorded (down from 25,706 in 2024), of which 22,241 (94%) were resolved within the Maximum Handling Time and 2,301 (10%) were filed through an insurance ombudsman. Entity-level mechanisms include Ageas UK's internal Complaints Forum, AFLIC's Policy Protection Board, and Ageas Portugal's periodic operations-and-claims review meetings; AG analyses complaints on an ongoing basis to identify recurring or systemic causes.
S4-3(was S4-4)Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actionsReported
Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
Reference: pages 102-104.
Actions span product performance monitoring for target-market alignment, enhanced distributor collaboration and training (including 80-hour mandatory training with 15-hour annual refreshers in Portugal, and Groupwide ESG-by-design sessions for product and pricing managers), and sustainability-linked product features across healthcare (Médis Dental/Light/Vision, AFLIC's Saral Pension and State Insurance Plan for underserved segments), mobility (AG's EcoBonus for electric-vehicle insurance, Ageas UK's green-parts repair programme, close to 30% of qualifying repairs), home (AG's 10% premium discount for green-certified homes, Ageas Portugal's seismic-risk campaign lifting coverage penetration from 19% to 45%), and new technology (AFLIC's SPARK underwriting platform, symptom-checker and "am I covered" AI tools). Effectiveness is tracked via the Elevate27 GWP-from-sustainable-products metric: 34% in 2025, unchanged from 2024, against a 35%+ by 2027 target.
S4-4(was S4-5)Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunitiesReported
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Reference: page 100; pages 102-104.
Ageas targets a top-quartile competitive Net Promoter Score (cNPS) across all consolidated entities under Elevate27; 25% of entities achieved the top quartile in both 2025 and 2024. A second Elevate27 target commits to 35%+ of Gross Written Premium coming from products that stimulate customers' transition to a more sustainable and inclusive world by 2027, refined to include taxonomy-aligned GWP; the metric stood at 34% in both 2025 and 2024, described as confirming "the starting position" under the refined methodology. No target is set for the number of complaints, which is tracked as a metric only (23,643 in 2025, of which 94% resolved within the Maximum Handling Time).
G1 – Business Conduct
G1-1Business conduct policies and corporate cultureReported
Business conduct policies and corporate culture
Reference: pages 106-107; pages 109-111.
Ageas's Code of Conduct and Policy Framework set expectations for staff and guide interactions with external partners, comprising named policies including Anti-Bribery and Corruption, Anti-Money Laundering and Countering Financing of Terrorism, the Compliance Charter, Complaints-Handling, Conflict of Interest, Human Rights (developed 2024), Integrity, Lobbying, Outsourcing, Personal Transactions, Procurement (with a Code of Conduct for Suppliers), Sanctions, Speak Up and Suitability. The Board and Executive Committee "set the tone from the top," defining, supervising and implementing Conduct policies, reviewed at least every three years; subsidiaries have one year to adopt new Group policies. Ageas evaluated its corporate culture via a bi-yearly ethical climate survey (last run 2024, next in 2026). A high-level table (page 106) sets out policies, actions (e.g. ISO27K-aligned information security, business-conduct and anti-bribery training) and metrics, explicitly labelled "No targets."
G1-2Management of relationships with suppliersReported
Management of relationships with suppliers
Reference: page 110.
Ageas screens all new and renewed supplier relationships against sanctions lists under the Sanctions policy, requires suppliers to adhere to human-rights principles, and requires potential suppliers to complete an ESG questionnaire before onboarding or being listed as preferred; contracts or renewals above EUR 100,000 additionally require an updated financial health check and detailed ESG questionnaire covering adherence to the UN Guiding Principles on Business and Human Rights. Implementation of the ESG questionnaire among key suppliers stands at 80%. Where non-compliance with the 2024 Code of Conduct for Suppliers is reported or alleged, Ageas first engages the supplier to agree corrective action, escalating to management review of the relationship where required, subject to contract terms.
G1-2(was G1-3)Prevention and detection of corruption and briberyReported
Prevention and detection of corruption and bribery
Reference: pages 110-114.
The Anti-Bribery and Corruption policy prohibits active or passive, direct or indirect bribery in any form, with particular focus on gifts and hospitality (all staff must abide by strict criteria and notify Compliance in certain cases). Suspected internal violations are investigated promptly, objectively and independently, with confirmed breaches addressed through disciplinary measures and new mitigation actions where existing controls prove insufficient. Functions identified as most exposed to bribery and corruption risk (by default, all administrative, management and supervisory body members and key decision-makers in underwriting, claims, distribution and procurement) received training reaching 91.03% coverage over the three years to 2025. New Board members complete an induction programme including specific anti-bribery and corruption training. The Compliance function operates as an independent second line of control in deploying these safeguards.
G1-4Incidents of corruption or briberyReported
Incidents of corruption or bribery
Reference: page 111.
Ageas reported zero convictions for violation of anti-corruption and anti-bribery laws in both 2025 and 2024, and zero euros in fines for such violations in either year. The disclosure sits alongside the training coverage metric (91.03% of at-risk functions trained over the three years to 2025) and confirms no material irregularities were escalated to the Executive Committee or Board of Directors requiring disciplinary action beyond routine control operation. No further breakdown by geography or business line is provided, consistent with the zero-incident outcome reported.
G1-5Political influence and lobbying activitiesReported
Political influence and lobbying activities
Reference: page 114.
Ageas's Lobbying policy "states that Ageas does not make any political contributions," and the company confirms none were made during 2025. Lobbying spend equated to EUR 3.4 million in 2025 (up from EUR 2.4 million restated 2024 figure, following a data-collection refinement), and total membership contributions to sector and professional associations reached EUR 5.1 million, with the three largest memberships (EUR 3.7 million, 73% of the total) covering car-safety research and testing, employee-benefits collaboration among insurers, and a broker marketing platform. Lobbying activities are overseen by Ageas Executive Committee members aligned to their areas of expertise, with local efforts reported to local Executive Committees and an annual Group survey assessing subsidiary lobbying activity. This DR is voluntarily disclosed with a full chapter and page reference despite the DMA finding political influence and lobbying not material as a standalone topic (page 53).
G1-3(part of MDR-T/GDR-T disclosures)Targets related to business conductReported
Targets related to business conduct
Back-filled from the business conduct chapter (6.7.1), where effectiveness is tracked as part of the MDR-T/GDR-T disclosures rather than as a numbered disclosure requirement, disclosed in the FY2025 report (page 106). G1-3 became a standalone DR only in the 2025/2026 ESRS.
Ageas sets no numerical target for business conduct, data privacy, information security or supplier-relations IROs: the policies-actions-metrics overview table for this area is headed "Metrics – (No targets)" (page 106). In place of a target, effectiveness is tracked through four recurring metrics: incidents of bribery and corruption; training coverage on business conduct and anti-bribery and anti-corruption (91.03% of at-risk functions over the three years to 2025); human rights incidents (25 discrimination incidents and 41 workforce complaints in 2025); and lobbying and membership contributions (EUR 3.4 million and EUR 5.1 million respectively in 2025). This mirrors the MDR-T "tracking effectiveness in the absence of a target" limb rather than the "stated target" limb. Governance disclosures also state elsewhere that "not all identified material IROs have associated targets" is the operating norm across this topic area.