Ageas has raised its 2025 profit outlook by 23%, citing a favorable China tax change impacting its life insurance joint venture. The Belgian insurer now expects a net operating result of €1.6 billion to €1.65 billion, up from €1.3 billion to €1.35 billion.

The adjustment stems from a clarification by Chinese tax authorities on deferred tax income under new accounting standards IFRS 17 and IFRS 9. This change provides a one-time boost to the results of Taiping Life, in which Ageas holds a stake.

Investors are watching how one-off gains translate into sustainable performance. Analysts expect Ageas to detail how much of the increase is recurring versus a transient benefit when it reports full-year figures.

The revised guidance could support investor confidence in Ageas’s Asia strategy, particularly as European markets face muted growth. Further updates may hinge on broader IFRS adoption trends in Asia.