Regulated Information - First quarter results 2011
(Thomson Reuters ONE) -
Improved financial performance across all Insurance segments
* Insurance net profit of EUR 134 million, +44%
* Group combined ratio at 102.6% vs. 110.5%
* Gross inflows at EUR 4.8 billion, -3%
* Funds under management at EUR 78.5 billion, +1% vs. end 2010
Group net loss of EUR 154 million
* General Account net loss of EUR 288 million, RPN(I) liability up EUR 257
million
Total solvency ratio at 201%[1], shareholders' equity down from EUR 8.2 billion
to EUR 7.4 billion
* Mainly adverse evolution of unrealized gains and losses on fixed income
portfolio
CEO Bart De Smet said:
"We start the year with a significantly better financial and operational
performance across all Insurance segments compared to last year, with further
room for improvement in a number of areas.
The first quarter is traditionally considered quite challenging. Nevertheless,
in Non-Life the combined ratios of our UK and Belgian operations, particularly
in Motor, evolved positively, in line with our objectives. They reflect the
corrective actions taken in recent quarters. The recovery in Household related
activities has been somewhat slower due to the negative effect of the severe
winter conditions. The profitability of our Life operations held up well driven
by a good performance in Asia and Continental Europe while Belgium remains the
main contributor.
The commercial performance was broadly in line with expectations : Higher Non-
Life inflows were reported as a result of the UK benefiting from the further
development of Tesco Underwriting. Life inflows in Asia remained almost stable
consolidating the record levels reported last year while Continental Europe
recorded lower inflows.
The General Account is marked by the significantly higher fair value of the
RPN(I) liability which suffered from the appreciation of the price of the
CASHES, leading to a negative Group result.
Based on these results, we are comfortable in reconfirming our outlook for the
full year with inflow levels expected to be at least in line with 2010. We
continue to expect an improved financial performance of our Insurance operations
barring significant events outside of our control. The result of the General
Account is expected to remain volatile, as illustrated in the past quarter.
To summarize, this first quarter is an encouraging start of the year but with
more to do and with the full commitment of the management to do even better in
the quarters to come."
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[1] According to the Ageas's view on available capital
PDF version press release:
http://hugin.info/134212/R/1516731/453039.pdf
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Source: Ageas via Thomson Reuters ONE
[HUG#1516731]
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 54761
Anzahl Zeichen: 3615
contact information:
Town:
Brussel
Kategorie:
Business News
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"Regulated Information - First quarter results 2011"
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