Regulated Information - First nine months results 2011
(Thomson Reuters ONE) -
Insurance net result affected by financial market turmoil
Intrinsic Insurance performance remains solid
* Insurance net result, excluding impact financial turmoil[1] (EUR 615
million), at EUR 406 million, +22%
Including impact financial market turmoil, Insurance net result at EUR 209
million negative (vs. EUR 334 million positive)
* Improvement Non-Life operating performance confirmed
Group combined ratio at 101.2%, vs. 104.5%
* Inflows at EUR 12.9 billion, -6%;
Life inflows at EUR 9.2 billion, -16%, reflecting market trends; Non-Life
inflows at EUR 3.7 billion, +33%
* Funds under management at EUR 70.2 billion, stable compared to end 2010;
Group net result at EUR 534 million negative
* General Account net result at EUR 325 million negative, including EUR 258
million legacy charges
* 95% outstanding Fortis Bank Tier 1 Debt Securities acquired; fair value at
80% of par;
Strong balance sheet despite impairments
* Despite financial turmoil, resilient Insurance solvency at 210%; Group
solvency ratio at 270%
* Shareholders' equity up to EUR 7.9 billion or EUR 3.15 per share;
CEO Bart De Smet said:
"The past quarter has been marked again by significant volatility in the
financial markets. In response and taking into account the current situation in
the financial markets, we have decided to further impair all outstanding Greek
debt to reflect the fair value at the end of September. In addition, we were
confronted with the considerable decline in equity markets which impacted our
Insurance results. Inflows, especially in Life, remained below the levels of
last year, under pressure due to the banking sector's focus on liquidity.
Notwithstanding this, our capital buffer remained strong and in line with
previous quarters with shareholders' equity further increasing. Non-Life
activities are strong and showing improvement, particularly in the UK. In
Belgium, the good results in Motor were somewhat masked by the impact of adverse
weather events, while our Combined ratio levels have improved on last year and
are in line with the first half of 2011.
For the full year, we expect inflows close to the level of 2010 as Non-Life
activities compensate to a large extent the lower inflows in Life. With respect
to the financial performance, the impact of the impairments combined with the
current situation in the financial markets means we are unable to maintain the
earlier provided outlook and it remains difficult to provide any updated
forecast for the 2011 net result. Nevertheless, based on the strength of the
balance sheet and the net cash position, and taking into account the
profitability of our insurance activities - excluding impairments - we expect
that Ageas will be in a position to propose to shareholders a dividend payment
for the financial year 2011. "
--------------------------------------------------------------------------------
[1] Net financial turmoil impact includes impairments on Greek sovereign bonds
and equities after tax, non-controlling interests and profit sharing
Pdf version press release:
http://hugin.info/134212/R/1562270/483919.pdf
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originality of the information contained therein.
Source: Ageas via Thomson Reuters ONE
[HUG#1562270]
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 85646
Anzahl Zeichen: 4088
contact information:
Town:
Brussel
Kategorie:
Business News
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"Regulated Information - First nine months results 2011"
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