Ageas reports 1st quarter 2016 Results
(Thomson Reuters ONE) -
* Belgian and Asian Life business driving growth of Inflows
* Strong operating performance in all segments
* Group net result reflecting impact of Fortis settlement agreement
+------------------------------------------------------------------------------+
|1(st) quarter 2016 |
+------------------------------------------------------------------------------+
| * Insurance net profit stable at EUR 201 million versus |
| EUR 198 million |
| * General Account net result of EUR 834 million negative |
| Net Result as a result of the provision for the Fortis settlement |
| agreement announced 14 March 2016 |
| * Group net result at EUR 633 million negative versus EUR|
| 241 million positive |
+------------------------------------------------------------------------------+
| * Group inflows (at 100%) at EUR 11.1 billion, up 11% |
| (including 3% negative foreign exchange impact) - Group|
| Inflows inflows (Ageas's part) grew 9% to EUR 4.6 billion |
| (including 2% negative foreign exchange impact) |
| * Life inflows up 14% to EUR 9.4 billion and Non-Life |
| stable at EUR 1.7 billion (both at 100%) |
+------------------------------------------------------------------------------+
| * Combined ratio at 97.8% versus 96.6% including the |
| impact of the Brussels terrorism events (4%) |
| Operating * Operating Margin Guaranteed at 103 bps versus 91 bps |
| Performance * Operating Margin Unit-Linked at 25 bps versus 39 bps |
| * Life Technical Liabilities of the consolidated entities|
| at EUR 75.9 billion (+ 2% vs. the end of 2015) |
+------------------------------------------------------------------------------+
| * Shareholders' equity at EUR 10.3 billion or EUR 49.10 |
| per share |
| Balance Sheet * Insurance solvency II( ageas) ratio at 182% and Group |
| solvency II at 180% |
| * General Account Total Liquid Assets stood at EUR 1.2 |
| billion versus EUR 1.6 billion end 2015 |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| Belgium * Solid results supported by capital gains on real estate|
| partly offset by the Brussels terrorism events |
+------------------------------------------------------------------------------+
| UK * Motor driving growth in inflows and improved results; |
| First sign of price increases in the Motor market |
+------------------------------------------------------------------------------+
| Continental * Lower net result despite solid operating performance |
| Europe both in Life and Non-Life |
+------------------------------------------------------------------------------+
| Asia * Excellent growth in new business and renewal premiums |
| especially in China and Thailand |
+------------------------------------------------------------------------------+
All 3 months 2016 figures are compared to the 3 months 2015 figures unless
otherwise stated.
Ageas CEO Bart De Smet said: "The first quarter of 2016 showed a solid
performance in all segments, with the Asian and Belgium Life business driving
the growth of Inflows. The Insurance net profit remained stable benefitting from
higher realised capital gains on real estate. This was partly offset by the
significant impact of the tragic terrorism events in Brussels and also by a
weaker result in Life in Continental Europe.
Also in the first quarter we announced together with several claimants'
organisations a settlement agreement for the civil Fortis legacies. The
additional provision made for this settlement proposal impacted our General
Account and consequently the Group net result.
In line with Ageas's strategy to focus on promising emerging markets in Asia and
to shift its portfolio more towards Non-Life, we concluded, after closing of the
first quarter, the divestment of the Life business in Hong Kong and the
acquisition of AXA Portugal, positioning Ageas as the second largest insurer by
inflows in the Portuguese market"
Read the full press release:
http://hugin.info/134212/R/2013796/746408.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#2013796]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2016 - 07:31 Uhr
Sprache: Deutsch
News-ID 472187
Anzahl Zeichen: 6100
contact information:
Town:
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Kategorie:
Business News
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