Ageas reports first half year 2015 Results
(Thomson Reuters ONE) -
* Net insurance result up by 48%
* Group inflows (at 100%) rose 21%
* Asia main contributor to the growth of inflows and results
+------------------------------------------------------------------------------+
| * Insurance net profit up by 48% to EUR 504 million, with |
| outstanding contribution from Asia and Non-Life business |
| and supported by positive foreign exchange rates |
| Profit * Life net profit benefited from exceptional investment |
| results in China of around EUR 100 million |
| * Group net profit at EUR 469 million; General Account net |
| result of EUR 35 million negative mainly |
| due to the increased RPN(I) liability |
+------------------------------------------------------------------------------+
| * Group inflows (at 100%) at EUR 16.6 billion, up 21% (13% |
| positive foreign exchange impact) |
| Inflows Group inflows (Ageas's part) grew 13% to reach EUR 7.3 |
| billion |
| * Life inflows up 25% to EUR 13.3 billion and Non-Life up 5% |
| to EUR 3.3 billion (both at 100%) |
+------------------------------------------------------------------------------+
| * Combined ratio improved to 95.2 % versus 102.0% supported by|
| all consolidated entities |
| Operating * Operating Margin Guaranteed at 90 bps versus 99 bps, within |
| Performance the target range |
| * Life Technical Liabilities of consolidated entities at EUR |
| 73.7 billion (- 1% vs. the end of 2014) |
+------------------------------------------------------------------------------+
| * Shareholders' equity up to EUR 11.1 billion or EUR 51.58 per|
| share |
|Balance Sheet * Insurance solvency ratio at 234% and Group solvency at 235% |
| * General Account net cash position slightly down vs. end |
| 2014 to EUR 1.5 billion |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| * Insurance net profit at EUR 306 million, up 57% compared to |
| Q2 2014 |
| Q2 2015 * Group net profit at EUR 228 million |
| * Investment of EUR 100 million related to the start-up of |
| Intreas, an intra-group Non-Life reinsurance vehicle |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| * Strong operating result in Non-Life offset for lower |
| Belgium realised capital gains in Life |
| * Lower inflows reflecting reduced sales in short term |
| investment products |
+------------------------------------------------------------------------------+
| UK * Better performance in Household and Other lines partly |
| offsets by adverse Motor results |
+------------------------------------------------------------------------------+
| Continental * Increased net profit driven by both Life and Non-Life |
| Europe |
+------------------------------------------------------------------------------+
| Asia * Continued solid growth in inflows. Excellent net result |
| including exceptional investment results in China |
+------------------------------------------------------------------------------+
All 6 months 2015 figures are compared to the 6 months 2014 figures unless
otherwise stated.
Ageas CEO Bart De Smet said: "The first half year provided further evidence of
progress against our strategic goals. We have extended our reach in the growth
markets of Asia entering the Philippines through a joint venture initiative with
EastWest Bank. Asia, especially China and Thailand, was the main contributor to
the improvement of our results with a strong intrinsic performance positively
impacted by continued growth in volumes, favourable foreign exchange rates and
boosted by exceptional investment results in China. At the same time the Non-
Life activities, especially in Europe are showing good momentum with combined
ratios far better than the target. Based on a strong first half year and our
overall operating performance we are confident that 2015 will be a good year for
Ageas. And finally we decided to initiate a new share buy-back programme."
Pdf version of the press release:
http://hugin.info/134212/R/1943700/703952.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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.
Source: Ageas via GlobeNewswire
[HUG#1943700]
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 411570
Anzahl Zeichen: 6415
contact information:
Town:
Brussels
Kategorie:
Business News
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