Regulated Information - Half year results 2011
(Thomson Reuters ONE) -
Solid Insurance performance before Greek impairment charge
* Insurance net profit EUR 261 million, +44%;
Including Greek impairment, Insurance net profit EUR 111 million, -39%
* Q2 confirmed improvement in Non-Life : Group combined ratio Q2 2011 at
99.8%;
H1 2011 combined ratio down to 101.2% vs.105.8%
* Life inflows at EUR 6.5 billion, -16%, in line with industry trends;
Funds under management stable
* Non-Life inflows at EUR 2.4 billion, +30%, up across all segments
Group net result at EUR 59 million negative
* Net loss General Account EUR 170 million, including EUR 130 million non-cash
legacy related charge
Strong insurance solvency at 207%
* EIOPA solvency II stress tests well above industry averages
* Shareholders' equity EUR 2.89 per share, stable vs. Q1 2011, despite
volatile financial markets
* Net exposure to Southern European sovereigns down from EUR 6.0 billion end
2010 to EUR 4.3 billion[1]
Share buy-back programme announced of up to EUR 250 million
CEO Bart De Smet said: "Ageas reported a good Insurance performance for the
first six months compared to last year. The net results have been negatively
impacted by an impairment related to the Greek bond portfolio, but this should
not detract from the encouraging progress that has been made. The impairment has
not impacted our solvency ratios which have remained as strong as in previous
quarters as our solvency methodology takes unrealized losses on fixed income
into account. Our Group capital remained substantially above regulatory minimum
requirements. In addition, Ageas' main European operations passed very
successfully the EIOPA solvency II stress tests with simulated solvency ratios
largely exceeding the average of the European industry in all stress test
scenarios adopted. Shareholders' equity remained stable compared to end of March
and also factors in any impact from the volatile financial markets. All these
indicators underscore our solidity and ability to withstand difficult and
uncertain market conditions.
With respect to the business performance, Non-Life showed a continued and
significant improvement illustrated by substantially better combined ratios and
strong top line growth across all the segments. Life performance is also
encouraging taking into account the difficult commercial environment and the
volatile financial markets.
For 2011 and based on our experience in the first half, we expect inflows to be
close to the level of last year. Taking into account the first half' impairment
charge related to the Greek sovereigns and barring any other significant events
outside of our control, the financial performance of the Insurance operations
for the full year is expected to be in line with 2010. The result of the General
Account is expected to remain volatile."
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[1] As per 19 August 2011 after non-controlling interests and at amortized cost
Pdf version of the press release:
http://hugin.info/134212/R/1540703/471111.pdf
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originality of the information contained therein.
Source: Ageas via Thomson Reuters ONE
[HUG#1540703]
Unternehmensinformation / Kurzprofil:
Datum: 24.08.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 58594
Anzahl Zeichen: 4015
contact information:
Town:
Brussel
Kategorie:
Business News
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"Regulated Information - Half year results 2011"
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