Half year results 2010
(Thomson Reuters ONE) -
First half year marked by robust inflow levels
· Increased inflows at EUR 9.6 billion, +22%
o Inflows in Asia up 59%
o Steady growth in both Life (+23%) and Non-Life (+18%)
o Inflows on a consolidated basis up 8% to EUR 6.4 billion
· Net profit Insurance of EUR 180 million
o Strong Life contribution of EUR 178 million driven by Belgium and
Asia
o Non-Life EUR 6 million negatively impacted by adverse winter
conditions in some markets, weak performance Workmen's Compensation and capital
losses in Belgium on sale of Southern European sovereign bonds
o Other Insurance growing steadily at EUR 8 million
· Group net profit of EUR 455 million
o Positive net result General Account, enhanced by recognition
deferred tax assets partially offset by lower valuation call option on BNP
Paribas shares and higher valuation RPN(I)
o Valuation call option on BNP Paribas shares positively impacted by
Board decision to move to a gradual exercise
o Positive net result related to Royal Park Investments (EUR 23
million)
· Further strengthening and de-risking of balance sheet
o Southern European sovereign bond exposures halved to EUR 8.9 billion
o Capital position remains strong at 226%; EUR 6.0 billion above
regulatory minimum
o Shareholders' equity up to EUR 9.2 billion from EUR 8.4 billion end
2009
CEO Bart De Smet said: "Ageas maintained its strong commercial performance in
the 2nd quarter with inflow levels up more than 20% in the first six months.
Based on this result and taking into account the uncertain economic outlook, we
remain confident and reconfirm our expectations that 2010 group inflows should
exceed 2009 levels.
We reduced significantly our concentration risk to Southern European sovereign
bonds, both in Life and Non-Life and an important part of the negative impact
has been offset so far. Adjusting our investment strategy remains a key priority
in order to optimize future yields. In Non-Life, combined ratios improved in the
second quarter reflecting the corrective measures taken, but remained overall
above the level of previous year. Comparison with past periods is difficult, but
I would describe our first half net results in Insurance as resilient, despite
the challenging market conditions. The positive net tax impact related to the
planned liquidation of Fortis Brussels, led to a positive second quarter' net
result in the General Account. Together with the announced divestment of our
Turkish insurance operations, these initiatives illustrate our deliberate and
ongoing efforts to simplify and streamline our Group structure. At the same time
we continue to grow our business, both organically and through selective
acquisitions, as evidenced by the recent acquisition of Kwik-Fit's insurance
business in our core UK market.
In summary, these results demonstrate that we continue to manage our businesses
vigilantly and proactively while being alert to opportunities to strengthen our
group and our future profit generation."
[HUG#1440063]
Pdf full version of the press release:
http://hugin.info/134212/R/1440063/384441.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Ageas via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2010 - 07:33 Uhr
Sprache: Deutsch
News-ID 39967
Anzahl Zeichen: 0
contact information:
Town:
Brussel
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 172 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Half year results 2010"
steht unter der journalistisch-redaktionellen Verantwortung von
Ageas (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
