Fortis discontinues Russian insurance activities
(Thomson Reuters ONE) - In its recently published strategic review, Fortis confirmed itsintention to streamline its current portfolio against certaincriteria. Specifically, businesses are expected to reach a criticalsize, make a meaningful contribution to the net result and have thecapacity to generate returns that exceed the cost of equity.Following a thorough review of Fortis' insurance activities inRussia, the Management concluded that these conditions could not bemet within a reasonable time frame. Consequently, the FortisManagement has decided to discontinue its insurance activities inRussia, which it had begun as a Greenfield life operation in 2007.The discontinuation will have no material impact on the net resultand solvency of Fortis.With insurance as core business, Fortis (www.fortis.com) employs over10,000 people in in Belgium and internationally. Its four key marketsare Belgium, the United Kingdom, Continental Europe and Asia.Fortis's 75%-owned subsidiary AG Insurance is the long-establishedleader in its domestic Belgian Life and Non-Life insurance markets.It is also a leading player in the Employee Benefits segment.Outside Belgium, the wholly-owned subsidiary Fortis InsuranceInternational is active in the three other markets through directsubsidiaries, joint ventures and local partnerships. Fortis is set tobecome the second largest motor insurer in the UK and the company isalso applying its know-how in Asia to build high value-addedpartnerships.In 2008, 54% of Fortis's insurance revenues were generated by theBelgian market and 46% by the three other markets.Fortis additionally holds a 45% interest in the structured creditportfolio entity Royal Park Investments, and is the 100% owner ofseveral financing vehicles, of which it manages the assets andliabilities.The company is listed on Euronext (Brussels - Amsterdam).Fortis's robust commitment to social responsibility is expressedthrough the activities of its Fortis Foundations, which are dedicatedto philanthropy and promoting volunteer work.Press Contacts:Brussels: +32 (0)2 565 22 66Investor Relations:Brussels: +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 65 66http://hugin.info/134212/R/1350883/326209.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 17:31 Uhr
Sprache: Deutsch
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