Ageas - Third quarter 2010 results
(Thomson Reuters ONE) -
Third quarter shows a continued strong commercial performance
· Year-to-date inflows up 20% to EUR 13.7 billion
o Growth in Life (+21%) and Non-Life (+18%) in line with previous
quarters; Asian inflows remain strong at EUR 4.7 billion (+55%)
o Inflows on a consolidated basis at EUR 9.2 billion (+8%)
o Third quarter inflows EUR 4.1 billion, up 17% on last year
· Year-to-date net profit Insurance after non-controlling interests of
EUR 334 million
o Life net profit EUR 283 million; Non-Life net profit EUR 42
million; Other Insurance net profit EUR 9 million year-to-date
o Third quarter net profit Insurance after non-controlling
interests EUR 153 million, including a capital gain of EUR 55 million in Belgium
spread over Life and Non-Life.
· Year-to-date Group net profit of EUR 646 million
o General Account net profit year-to-date EUR 312 million, of
which EUR 37 million in third quarter
o Third quarter results include a EUR 163 million positive
contribution related to RPI
o Third quarter combined net negative impact of EUR 79 million
from fair value call option on BNP Paribas shares and RPN(I)
· Shareholders' equity at EUR 9.6 billion or EUR 3.90 per share
CEO Bart De Smet said : " The third quarter continued to be marked by strong
inflows, in line with the first half' performance. Based on this positive trend,
we are today reconfirming our full year outlook, with inflows expected to exceed
2009 levels.
All of our Insurance operations performed well this quarter with both Life and
Non-Life benefiting from strong financial results in Belgium, as a result of a
gradual asset reallocation. In Non-Life, we are seeing encouraging trends
reflecting the corrective measures adopted in Motor and Fire in the past
quarters. However, the net result in Belgium was impacted by heavy storms mid-
July.
With respect to the execution of our strategy, we continue to make good progress
in streamlining and developing our Insurance portfolio. We announced the
divestment of our Ukrainian operations; closed the sale of our Turkish
activities in mid-October; and began the integration of Kwik Fit Insurance
Services in the UK. On Saturday 16 October, the Tesco partnership started
underwriting. This illustrates our intention to grow and to take advantage of
attractive opportunities in our key insurance markets.
The recent evolution in certain legacies, illustrates the complexity of files
involving multiple parties. We have committed ourselves to finding solutions
which increase value for our shareholders and reduce the complexity of our
company."
[HUG#1460804]
Pdf version press release:
http://hugin.info/134212/R/1460804/399890.pdf
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Source: Ageas via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 10.11.2010 - 07:32 Uhr
Sprache: Deutsch
News-ID 48600
Anzahl Zeichen: 3681
contact information:
Town:
Brussel
Kategorie:
Business News
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