Regulated information - Ageas reports first quarter 2015 Results
(Thomson Reuters ONE) -
Brussels, 8 May 2015 - 7:30 (CET)
Insurance net profit up 37% at EUR 198 million
Combined Ratio at 96.5%
Gross inflows (at 100%) up 28 % and reached EUR 10 billion mark
Profit
* Insurance net profit up 37 % to EUR 198 million, with all segments
contributing
* Group net profit at EUR 241 million, positively impacted by General Account
net profit of EUR 44 million mainly due to the reduced RPN(I) liability
Inflows
* Group inflows (at 100%) at EUR 10.0 billion up 28% led by Asia and
Continental Europe
* Group inflows (Ageas part) grew 19% to reach EUR 4.2 billion
* Life inflows up 34% to EUR 8.3 billion and Non-Life up 5% to EUR 1.7 billion
(both at 100%)
Operating Performance
* Combined ratio at 96.5 % versus 102.6%
* Operating Margin Guaranteed at 91 bps versus 98 bps
* Life Technical Liabilities of consolidated entities up 3% to ?77.1 billion
compared to the end of 2014
Balance Sheet
* Shareholders' equity up to EUR 12.0 billion or EUR 55.04 per share
* Insurance solvency ratio at 222% and Group solvency at 226%
* General Account net cash position fairly stable compared to the end of 2014
at EUR 1.6 billion
Belgium
Net profit up 9% with solid Life margins and a strong combined ratio backed by
an improved prior year claims ratio
UK
Improved operating performance in Household and Other lines partly offset by
Motor
Continental Europe
Increased net profit driven by both Life and Non-Life; marked sales increase in
Life across all countries
Asia
New business and high persistency drove strong growth in both inflows and profit
Ageas CEO Bart De Smet said: "2015 has started well, illustrated by continued
growth in inflows and a higher net result despite a lower level of realized
capital gains compared to the same quarter last year. While all segments
contributed to these encouraging figures, Asia was once again a significant
contributor to commercial growth. And with a significant presence in non-euro
countries, we have also benefitted from favourable exchange rates in the first
quarter.
Our combined ratio is ahead of our 97% target helped to a great extent by the
release of prior year reserves. We will continue to look for ways to improve our
operational performance as we move forward.
And finally as we look at the overall environment, it is fair to say that
prolonged low interest rates continue to represent a challenge particularly for
our European Life activities. Because of our very careful asset/liability
management, this will not affect fundamentally the profitability of our existing
book. It could however have an impact on growth prospects in Life in Belgium,
where we are seeing reduced customer appetite for certain types of savings
products. As a consequence, product innovation and diversification have never
been more important. And the continued growth in our Asian operations more than
compensates the reduced new business volume in Life in Europe"
Full version of the press release:
http://hugin.info/134212/R/1919970/687700.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ageas via GlobeNewswire
[HUG#1919970]
Unternehmensinformation / Kurzprofil:
Datum: 08.05.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 391839
Anzahl Zeichen: 4042
contact information:
Town:
Brussels
Kategorie:
Business News
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