Regulated Information - Full Year results 2011
(Thomson Reuters ONE) -
Insurance results affected by adverse financial markets
Strong operational improvement in Non-Life
* Insurance net result at EUR 313 million negative (vs. EUR 391 million
positive in 2010), including total net impairment charges of EUR 908 million
and partly offset by realized capital gains of EUR 167 million
* Life net result at EUR 425 million negative (vs. EUR 377 million
positive in 2010), including impairment charges of EUR 871 million ,
partly offset by net realized capital gains
* Non-Life net result increased to EUR 82 million (vs. EUR 2 million in
2010)
Operating performance improved; Group combined ratio at 101.1% vs.
107.3%
* Group inflows at EUR 17.2 billion, -4%
* Life inflows down 13%, at EUR 12.3 billion, market shares stable;
* Non-Life inflows up 31%, at EUR 4.9 billion, growth across all segments;
* Funds under management scope-on-scope stable at EUR 70.6 billion
Group net result at EUR 578 million negative
* General Account at EUR 265 million negative, including EUR 215 million
impact legacies
Resilient balance sheet
* Shareholders' equity at EUR 7.8 billion, EUR 3.23 per share, -1%
* Insurance solvency at 207%; Group solvency ratio at 237%
Proposed gross cash dividend at EUR 8 eurocent per share, stable on 2010
CEO Bart De Smet said:
"2011 has been marked by a tough financial environment. Our results were
severely impacted by impairment charges on Greek sovereigns, equities and on
goodwill related to the Hong Kong activity. In Non-Life, our UK activities
reported impressive growth. However, our operational results showed good
improvement, in particular in the UK. Combined ratios improved across all
segments, underscoring the importance of our strategic choice for a balanced
portfolio of activities. In Life, our inflows in Europe declined following the
challenging market circumstances and increased competition. In Asia the
outstanding inflow levels of 2010 have been repeated. Our capital position and
shareholders' equity per share showed resilience, despite the volatility in the
market.
The General Account remained volatile as a result of the valuation of the
various legacy issues including the Tier 1 Debt Securities. The recently
concluded transaction with BNP Paribas with respect to the CASHES and the Tier
1 Debt Securities will result in a reduction of the RPN(I) volatility going
forward and is evidence of our determination to solve legacy issues. As a result
of the settlement, our net cash position is expected to double to around EUR
1.3 billion.
Ageas executed a EUR 250 million share buy-back programme, announced in August
last year which has been completed at the start of 2012. In addition, Ageas's
Board has decided to propose for approval by the shareholders a gross cash
dividend of 8 eurocent per share for 2011. This dividend proposal reflects our
strong belief in the strength of the company and in the underlying profitability
of our business."
Full version of the press release:
http://hugin.info/134212/R/1587289/497888.pdf
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originality of the information contained therein.
Source: Ageas via Thomson Reuters ONE
[HUG#1587289]
Unternehmensinformation / Kurzprofil:
Datum: 20.02.2012 - 07:30 Uhr
Sprache: Deutsch
News-ID 116273
Anzahl Zeichen: 4108
contact information:
Town:
Brussel
Kategorie:
Business News
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"Regulated Information - Full Year results 2011"
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