KBC Group reports Q3 2024 results

KBC Group held its earnings call on November 7, 2024. Highlights:

• KBC was recognized by Sia Partners as having the best-performing mobile banking app globally, winning the award for the second time. This highlights the results of KBC’s efforts and achievements in leveraging technology, including AI, across the group.
• KBC’s digital assistant, Kate, has engaged with over 5 million customers, contributing to a productivity gain of 1% to 1.5%. Over the past 12 months, Kate independently facilitated the sale of 236,000 products, equivalent to the workload of approximately 300 employees, with usage and efficiency continuing to grow exponentially.
• The bank-to-insurance split is 88% to 12%, consistent with the long-term average.
• The insurance business grew by 8% year-over-year, with contributions of 6% in Belgium and over 10% in Central European currencies. The combined ratio stands at 89%, impacted by natural catastrophes like Storm Boris, which caused significant damage in Central Europe. The storm resulted in gross costs of €77 million, with a net pretax impact of €33 million after reinsurance.
• Life insurance sales had an excellent quarter, up 28% from the previous quarter and 80% year-over-year. This growth was driven by successful commercial campaigns, which traditionally boost results.