Ageas Re said its premium inflows rose 84% at the January 1 reinsurance renewals, reaching €379 million (US$445.3 million) compared with €206 million a year earlier.
The reinsurer attributed the increase to portfolio expansion and geographic diversification despite what it described as a market that softened faster than expected.
The results build on momentum from last year. In the first half of 2025, Ageas reported that its reinsurance third-party business expanded with inflows up 49%, supported in part by a quota share agreement with Triglav Group related to Italian insurtech Prima.
The company said it accelerated diversification across lines of business by expanding its specialty book and increasing its presence in Asia. It also made selective reductions in unprofitable accounts and expanded its use of retrocession.
A new partnership with a UK-based managing general agent contributed approximately €130 million in income on a multi-class book focused primarily on household insurance.
Ageas Re pointed to elevated capital levels across the sector as a driver of softer pricing. "Following three years of above average returns and insufficient capital returned to shareholders across the sector, the reinsurance market now holds historically high levels of capital while (insurance-linked securities) markets raised funds rapidly," the company said.
The reinsurer noted that the resulting supply-demand imbalance led to accelerated price softening between September and December, with double-digit rate cuts occurring in many lines.
The company reported an in-force book of €262 million excluding partnerships at January 1, with €206 million up for renewal. Ageas Re nonrenewed €15 million in contracts, citing pricing as the primary reason.
The risk-adjusted rate change for the renewal book was -5.3%. The property account saw the largest movement at -8.6%, while the casualty account was less affected.
New business totaled €54 million across geographies, with total production rising 21% during the renewal campaign. The in-force book stood at €306 million following the renewals.
The specialty book more than doubled its inflows and contributed margin from a pricing perspective, though Ageas Re described the specialty market as "highly competitive, leading to less signings on some key accounts."
The company's premium split shifted from 40% proportional to 47% proportional contracts, reflecting the increased portfolio share of specialty lines.
