Ageas publishes 2009 pro forma financial statements to reflect new business structure
(Thomson Reuters ONE) -
On 12 May, Ageas announced its intention to publish 2009 pro forma financial
information reflecting the Group's new reporting structure. This updated
information also includes a positive impact of EUR 18 million on the 2009 net
result related to changes in local accounting principles applied to our
partnership in China. The adjusted group net result for 2009 including the
impact of the change in accounting principles amounts to EUR 1,210 million
compared to EUR 1,192 million previously.
The new reporting structure in place since 1 January 2010 is based on the four
geographic insurance businesses and reflects also the current Ageas Management
Committee structure: Belgium, United Kingdom, Continental Europe and Asia plus
the General Account.
The new insurance segments include the following activities:
* Belgium: scope remains unchanged
* United Kingdom: the Life and Non-life activities as well as the brokerage
activities, the latter will be reported under "Other Insurance".
* Continental Europe: the insurance activities in Portugal, Luxembourg,
France, Italy, Germany, Turkey and Ukraine and the European regional office.
* Asia: Fortis Asia Holding (FAH), the fully owned activity in Hong Kong and
the equity associates in Thailand, Malaysia, China and India as well as the
regional office in Hong Kong.
The Re-insurance operations (in run off) as well as some of the head office
costs, previously reported within the scope of the International Insurance
activities, have been re-allocated to the General Account. The latter also
includes all activities not related to the core insurance activities.
The 2009 pro forma financial information can be found on
http://www.ageas.com/Documents/Restated_Annual_Results_2009.xls and comprises:
* Half year and full year key figures for the respective businesses;
* Half year and full year income statement by insurance business and by
activity;
* Half year and full year balance sheet information by insurance business and
by activity.
On 10 March, Ageas reported a group net result for 2009 of EUR 1,192 million
comprising EUR 366 million for AG Insurance (Belgium); EUR 90 million for
Fortis Insurance International (FII) and EUR 736 million in the General Account
(including eliminations). The positive impact of EUR 18 million following the
applied change in accounting principles in China increases the 2009 net group
result to EUR 1,210 million.
Under the new structure, including the impact of the change in accounting
principles in China, the 2009 net result of the businesses, formerly reported
under FII, increased to EUR 139 million, up EUR 49 million. This result breaks
down as follows:
* United Kingdom : EUR 14 million
* Continental Europe : EUR 34 million
* Asia : EUR 91 million
The net result of Belgium remained unchanged at EUR 366 million while the net
result of the General Account (including eliminations) declined to EUR 705
million.
The total increase of EUR 49 million in net result for the International
Insurance activities includes an increase of EUR 31 million due to a
reallocation of the Re-insurance operations and corporate costs from FII to the
General Account. The remaining difference of EUR 18 million is due to the
aforementioned change in accounting standards in China, which took effect as
from 1 January 2009. Due to a change in the local accounting rules, Chinese
insurance companies were obliged to recalculate their insurance liabilities
based on a new methodology and more market consistent assumptions, compared to
the more conservative methodology and assumptions previously applied. As
foreseen under IFRS, Ageas has chosen to use these local valuation rules to
calculate their insurance liabilities.
This change in accounting principles was announced end of last year,
retrospective to January 1, 2009. However, due to the timing of the change, the
related impact could only be determined in the course of the second quarter of
2010. Ageas decided to adopt this change retrospective as of 1 January 2010 and
to adjust the 2009 comparative financial statements accordingly. For 2009, the
net effect of the change is a positive net result of EUR 18 million of which
EUR 10 million related to the first half of 2009. Shareholders' equity of EUR
6,795 million as at 1 January 2009 increased by EUR 63 million to EUR 6,858
million. End 2009 shareholders' equity increased with EUR 81 million from EUR
8,350 million to EUR 8,431 million.
Ageas is an international insurance company with a heritage spanning more than
180 years. Ranked among the top 20 insurance companies in Europe, Ageas has
chosen to concentrate its business activities in Europe and Asia, which together
make up the largest share of the global insurance market. They are grouped
around four segments: Belgium, United Kingdom, Continental Europe and Asia. It
is an undisputed leader in the Belgian market for individual life and employee
benefits, as well as a leading non-life player, through AG Insurance.
Internationally Ageas has a strong presence in the UK, where it is the third
largest player in private car insurance. The company also has subsidiaries
in France, Germany, Turkey, Ukraine and Hong Kong. Ageas has a track record in
developing partnerships with strong financial institutions and key distributors
in different markets around the world and successfully operates partnerships in
Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs
more than 11,000 people and has annual inflows of almost EUR 16 billion.
Press contact
+32 (0)2 557 57 37
Investor Relations
Brussels
+32 (0)2 557 57 33
Utrecht
+31 (0)30 252 53 05
Ageas
Rue du Marquis 1 - 1000 Brussels - Belgium
Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands
www.ageas.com
[HUG#1426268]
Pdf version press release: http://hugin.info/134212/R/1426268/374227.pdf
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Source: Ageas via Thomson Reuters ONE
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Datum: 22.06.2010 - 17:47 Uhr
Sprache: Deutsch
News-ID 22857
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