trimestrale aegeas/fortis
PRESS RELEASE
Periodic Financial Information
Brussels/Utrecht, 12 May 2010
First quarter 2010
First quarter shows a continued strong commercial performance
Strong inflow levels up 20% on last year to EUR 5.0 billion
Increased inflow in both Life, EUR 4.0 billion (+20%) and Non-Life, EUR 1.0 billion (+16%)
Continued growth in Asia with total inflow first quarter at EUR 1.8 billion (+59%)
Inflow on a consolidated basis at EUR 3.3 billion (+5%)
Net profit Insurance after minorities up from EUR 21 million to EUR 85 million
Life net profit at EUR 91 million driven by strong recovery in all business segments
Non-Life net loss of EUR 10 million impacted by adverse weather conditions and an increased claims
frequency and severity in Motor in both Belgium and UK
Net profit UK Other Insurance at EUR 4 million
Group net loss of EUR 209 million, due to a non-cash change in the General
Account of EUR 271 million
Additional charge on RPN(I) of EUR 126 million and negative revaluation of the call option on the BNP
Paribas shares of EUR 145 million
Further rebalancing government bond portfolio
Since 1 January and up to 10 May, divestments of South-European government bonds for
EUR 4.0 billion
Capital position remains strong; total insurance solvency stable at 229%
Excess capital of EUR 5.8 billion above regulatory minimum, including General Account
http://www.ageas.com/Documents/EN_PR_Q1_2010.pdf
CEO Bart De Smet said :
”Exceptional growth from our partnerships in Asia contributed towards a strong overall commercial performance in the
first quarter. For the full year we expect total inflows to exceed the 2009 levels however growth rates will be below the first quarter’s levels. The
financial results of our Life operations remained solid and in line with the past quarters. Our Non-Life activities continued to be hit by extreme
and adverse weather conditions. Despite the first positive impacts of tariff increases, it will take time before the full impact of the corrective
measures is felt. Overall, the Insurance net result quadrupled compared to last year. The Group net result was negative due to volatility in the
General Account related to the legacy issues. We have also taken steps to simplify the structure of the company with the announcement to
liquidate Fortis Brussels. The positive financial tax impact of this action will only be visible in the second quarter but importantly, this will also
result in higher potential returns for shareholders on the call option on the BNP Paribas shares. In line with previous announcements, Ageas
took additional initiatives to adjust the risk concentration on government bonds. It reduced its position in Southern European government bonds
and redeployed the proceeds into other fixed income securities. Going forward Ageas will continue to manage its investment portfolio in line with
its overall investment strategy. Finally, we are pleased with the support for the name change to “Ageas”. This is an important next step in
creating a new identity and moving forward as an international insurance company.”
mi devo ancora guardare bene il tutto, ma a me i numeri non sembrano male. hanno fatto una perdita dovuta all'abbassamento del valore delle azioni bnp.
che però è come un volano e presto tornerà a essere un utile.
il core business in GRANDE CRESCITA
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