Full year results 2010
(Thomson Reuters ONE) -
Sustained Insurance performance in a volatile environment
§ Gross inflows at EUR 17.9 billion, +14%
§ Insurance net profit of EUR 391 million, - 23% due to scope changes
and a non- recurring tax benefit in 2009
§ Funds under management at EUR 78.1 billion, +7%
§ Embedded Value at EUR 4.8 billion, -8%; VANB at EUR 66 million, -4%
Positive Group net result of EUR 223 million including MCS-related charge
§ General Account net loss of EUR 168 million; EUR 203 million charge
related to MCS conversion and legal disputes with Dutch State; no impact on
shareholder's equity
§ Shareholders' equity at EUR 8.2 billion or EUR 3.19 per share
§ Total solvency ratio Insurance at 227%, 234% end 2009
Proposed cash dividend unchanged at 8 eurocent per share
CEO Bart De Smet said:
"In its first entire year of operation as an insurer, Ageas has continued to
deliver against its strategic objectives. We experienced a strong commercial
performance across all regions but particularly in Asia and the UK. While the
financial performance of our Insurance activities was resilient, it remained
overall short of our expectations and financial targets. In line with our
strategic plan, good progress has been made both in streamlining and
strengthening our Insurance portfolio and in simplifying our legal structure.
The financial markets have continued to feel the fall-out from the financial
crisis, with the focus of attention turning to certain European sovereigns. In
this context we rebalanced our investment portfolio, reducing the overall
concentration risk while seeking out attractive yields and ways to sustain
future profitability but remain exposed to current uncertainties. In Non-Life,
we took action to increase the profitability of our operations, which were
hampered by the impact of extreme weather conditions at various times during the
year. Overall, Ageas expects the commercial performance to be at least in line
with 2010 and an improved financial performance barring significant events
outside our control.
Ageas's 2010 net Group result includes a negative non-cash charge related to the
legal disputes with the Dutch State in particular the MCS. At shareholders'
equity level, a capital increase for a similar amount neutralized the charge
taken. However, we also recognized the original EUR 2 billion claim against ABN
AMRO but have chosen for a prudent accounting and have subsequently provisioned
the disputes awaiting further evolutions. Meanwhile we will continue to
forcefully defend the company in the various outstanding legacy issues, as
illustrated in the recent Fresh judgment. However this will not distract us from
operating our core business and from improving our business results. Our capital
position remains solid and fundamentally sound allowing us to resist significant
shocks. We are committed to manage our capital in a disciplined way, ensuring
long term value creation.
Ageas proposes a dividend over 2010 payable in cash of 8 eurocent per share,
corresponding to a payout ratio of 50% of the net result of its Insurance
activities. This proposal is in line with the dividend policy announced at the
end of 2009."
Full press release in pdf:
http://hugin.info/134212/R/1495554/431327.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.
Source: Ageas via Thomson Reuters ONE
[HUG#1495554]
Unternehmensinformation / Kurzprofil:
Datum: 09.03.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 52264
Anzahl Zeichen: 4238
contact information:
Town:
Brussel
Kategorie:
Business News
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"Full year results 2010"
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