Periodic Financial Information - Q1 2010
(Thomson Reuters ONE) -
First quarter shows a continued strong commercial performance
·        Strong inflow levels up 20% on last year to EUR 5.0 billion
o        Increased inflow in both Life, EUR 4.0 billion (+20%) and Non-Life,
EUR 1.0 billion (+16%)
o        Continued growth in Asia with total inflow first quarter at EUR 1.8
billion (+59%)
o        Inflow on a consolidated basis at EUR 3.3 billion (+5%)
·        Net profit Insurance after minorities up from EUR 21 million to EUR
85 million
o        Life net profit at EUR 91 million driven by strong recovery in all
business segments
o        Non-Life net loss of EUR 10 million impacted by adverse weather
conditions and an increased claims frequency and severity in Motor in both
Belgium and UK
o        Net profit UK Other Insurance at EUR 4 million
·        Group net loss of EUR 209 million, due to a non-cash change in the
General Account of EUR 271 million
o        Additional charge on RPN(I) of EUR 126 million and negative
revaluation of the call option on the BNP Paribas shares of EUR 145 million
·        Further rebalancing government bond portfolio
o        Since 1 January and up to 10 May, divestments of South-European
government bonds for EURÂ 4.0Â billion
·        Capital position remains strong; total insurance solvency stable at
229%
o        Excess capital of EUR 5.8 billion above regulatory minimum, including
General Account
CEO Bart De Smet said : "Exceptional growth from our partnerships in Asia
contributed towards a strong overall commercial performance in the first
quarter. For the full year we expect total inflows to exceed the 2009 levels
however growth rates will be below the first quarter's levels. The financial
results of our Life operations remained solid and in line with the past
quarters. Our Non-Life activities continued to be hit by extreme and adverse
weather conditions. Despite the first positive impacts of tariff increases, it
will take time before the full impact of the corrective measures is felt.
Overall, the Insurance net result quadrupled compared to last year. The Group
net result was negative due to volatility in the General Account related to the
legacy issues. We have also taken steps to simplify the structure of the company
with the announcement to liquidate Fortis Brussels. The positive financial tax
impact of this action will only be visible in the second quarter but
importantly, this will also result in higher potential returns for shareholders
on the call option on the BNP Paribas shares. In line with previous
announcements, Ageas took additional initiatives to adjust the risk
concentration on government bonds. It reduced its position in Southern European
government bonds and redeployed the proceeds into other fixed income securities.
Going forward Ageas will continue to manage its investment portfolio in line
with its overall investment strategy. Finally, we are pleased with the support
for the name change to "Ageas". This is an important next step in creating a new
identity and moving forward as an international insurance company."
[HUG#1415053]
Pdf version press release: http://hugin.info/134212/R/1415053/366325.pdf
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2010 - 07:34 Uhr
Sprache: Deutsch
News-ID 20735
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Town:
Brussel
Kategorie:
Business News
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