Regulated Information - Ageas 3 months results 2013
(Thomson Reuters ONE) -
Ageas announces positive start to the year
-------------------------+-----------------------------------------------------
Insurance net profit of|Life net profit at EUR 108 million (vs. a net profit
EUR 157 million|of EUR 126 million), mainly due to lower results in
(vs. a net profit of|Belgium and Asia
EUR 155 million)|
|Non-Life & Other Insurance net profit at EUR 49
|million
|(vs. a net profit of EUR 29 million), marked by
|strongly improved underwriting results in
|Household in Belgium and the UK
|
|Group inflows (at 100%) of EUR 6.8 billion, up 20%,
|driven by growth in Asia;
|§ Life inflows at EUR 5.1 billion, +25%
|§ Non-Life inflows at EUR 1.6 billion, +4%
|§ Group inflows at Ageas's part of EUR 3.2 billion,
|up 10%
|
|Group combined ratio improved to 99.5% (vs.101.9%)
|
|Life Technical Liabilities of consolidated entities
|at EUR 69.5billion, nearly stable vs. end 2012
-------------------------+-----------------------------------------------------
Group net profit of|General Account net profit of EUR 136 million (vs. a
EUR 293 million|net loss of EUR 239 million),
(vs. a net loss of|mainly supported by the positive impact of the
EUR 84 million)|combined result of the disposal of the
|assets of Royal Park Investments (RPI) and the sale
|of the call option on BNP Paribas shares[1]
-------------------------+-----------------------------------------------------
|Shareholders' equity at EUR 9.8 billion, EUR
Shareholders' equity and|42.74per share, vs. EUR 42.27[2] per share at the end
solvency stable|of 2012
|
|Insurance solvency at 203%; Group solvency ratio at
|229%; General Account net cash position at the end of
|March of EUR 1.1 billion (an additional net amount of
|almost EUR 1 billion is expected as a result of the
|agreements with RPI and the Belgian State and the
|proposed distribution to shareholders)
-------------------------+-----------------------------------------------------
CEO Bart De Smet said:
" 2013 started well with first quarter net insurance result broadly in line
with last year. Record quarterly inflows close to EUR 7 billion were fuelled
in particular by strong sales in Asia. Ageas's part in inflows exceeded the
EUR 3 billion mark for the first time. Inflows in Belgium held up reasonably
well taken into account the lower guarantees offered and the negative impact
of the higher tax rate applied to Life investment products. The decrease in
sales of Guaranteed products was partly offset by higher sales in Group Life
and Unit-linked products.
Profit in the insurance business was overall good but especially encouraging
in Non-Life. The Non-Life activities performed well with a combined ratio
below 100% in a quarter that is traditionally impacted by the winter
conditions. Life results slightly decreased due to lower investment margins
in Belgium and higher acquisition costs in Asia.
Finally we made important progress again in solving a number of legacies. We
restructured our debt with the successful placement of new debt instruments by
our Belgian and Hong Kong entities, the partial buy back of a hybrid
instrument and the call of the NITSH II instrument. Recently, Royal Park
Investments disposed its assets and we reached an agreement with the Belgian
State on the sale of the call option on BNP Paribas shares that further
reduces complexity and uncertainty and strengthens our net cash position. As a
result of both of these transactions and our commitment to the European
commission, an additional pay-out of EUR 1.00 per share will be proposed in
the form of a capital reduction to our shareholders."
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--------------------------------------------------------------------------------
[1] See press release of 27 April 2013
[2] Restated for IAS 19 'Employee Benefits' adjustments
Pdf version press release:
http://hugin.info/134212/R/1701900/562106.pdf
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Source: Ageas via Thomson Reuters ONE
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