Ageas reports 9M 2017 result
(Thomson Reuters ONE) -
Continued excellent operating performance
+--------------
|9M 2017
| |
| * The Insurance net result increased by 16% to EUR 686 million|
| from EUR 591 million (excluding the Hong Kong operations, |
| which were divested in 2016). Including Hong Kong, last |
| Net Result year's Insurance net result amounted to EUR 803 million |
| * General Account net result of EUR 326 million negative |
| versus EUR 686 million negative |
| * Group net result improved to EUR 360 million from EUR 118 |
| million |
+------------------------------------------------------------------------------+
| * Group inflows (at 100%) at EUR 27.1 billion, up 10% |
| (including 3% negative foreign exchange impact) |
| Inflows Group inflows (Ageas's part) at EUR 11.2 billion, up 3% |
| (including 2% negative foreign exchange impact) |
| * Life inflows up 13% to EUR 22.4 billion and Non-Life inflows|
| down 2% to EUR 4.7 billion (both at 100%) |
+------------------------------------------------------------------------------+
| * Combined ratio at 94.9% versus 97.0% |
| Operating * Operating Margin Guaranteed at 106 bps versus 97 bps |
| Performance * Operating Margin Unit-Linked at 26 bps versus 21 bps |
| * Life Technical Liabilities of the consolidated entities at |
| EUR 74.2 billion and stable compared to the end of 2016 |
+------------------------------------------------------------------------------+
| * Shareholders' equity at EUR 9.2 billion or EUR 46.02 per |
| share versus EUR 9.6 billion or EUR 46.56 per share end 2016|
|Balance Sheet * Insurance Solvency II( ageas) ratio at 194% and Group |
| Solvency II(ageas) ratio at 193% |
| * General Account Total Liquid Assets at EUR 1.7 billion |
| versus EUR 1.9 billion at the end of 2016 |
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+------------------------------------------------------------------------------+
|Q3 2017 |
| |
| Belgium * Sustained excellent operating performance |
+------------------------------------------------------------------------------+
| UK * Improved third quarter results in a difficult post-Ogden |
| market |
+------------------------------------------------------------------------------+
| Continental * Outstanding performance across the business, especially in |
| Europe Portugal |
+------------------------------------------------------------------------------+
| Asia * Growth in new business and renewal premiums remained good |
| and continued to drive results across the region |
+------------------------------------------------------------------------------+
| General * Additional provision of EUR 100 million for the potential |
| Account Fortis settlement |
+------------------------------------------------------------------------------+
All 9M 2017 figures are compared to the 9M 2016 figures unless otherwise stated.
Ageas CEO Bart De Smet said: "We are very satisfied with the strong nine-month
and third quarter results. The results show that we are delivering against the
promises in our Ambition 2018 strategic plan. The combined ratio, margins in
guaranteed Life, return on equity and solvency all exceed our targets.
The strong results are driven by an excellent operating performance across all
segments, both in Life and Non-Life. In the UK, the results are still affected -
as forecast - by the residual impact of the Ogden discount review, but we see an
improved performance in the third quarter as a first result of our restructuring
plan.
We also see an increase in innovative products and services across all operating
companies in the Group, where digitisation and a continued strong focus on the
customer play a dominant role.
With regard to the potential Fortis settlement, Ageas took an additional
provision of EUR 100 million which allows us to address the Amsterdam Court of
Appeal's main concerns on the initial proposal. In the meantime the Court has
extended the filing period by eight weeks, providing us with an opportunity to
continue to work on an amended and balanced agreement together with all parties
until 12 December 2017."
Read the full press release:
http://hugin.info/134212/R/2148013/823930.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ageas via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 08.11.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 567115
Anzahl Zeichen: 6227
contact information:
Town:
Brussels
Kategorie:
Business News
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